First Eagle Global Fund (SGIIX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________

FORM N-CSR
___________________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number811-7762
___________________

First Eagle Funds
(Exact name of registrant as specified in charter)
___________________

1345 Avenue of the Americas
New York, NY 10105-4300
(Address of principal executive offices) (Zip code)

Robert Bruno
First Eagle Funds
1345 Avenue of the Americas
New York, NY 10105-4300
(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-212-632-2700

Date of fiscal year end: October 31, 2008

Date of reporting period: April 30, 2008

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

First Eagle Funds

Semi-Annual Report

April 30, 2008

First Eagle Global Fund

First Eagle Overseas Fund

First Eagle U.S. Value Fund

First Eagle Gold Fund

First Eagle Fund of America

ADVISED BY ARNHOLD AND S. BLEICHROEDER ADVISERS, LLC

FIRST EAGLE FUNDS
Table of Contents
Letter from the President	1
Performance Chart	4
Letter from the Portfolio Manager	6
Management’s Discussion of Fund Performance: First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund	8
First Eagle Global Fund:
Fund Overview	11
Schedule of Investments	12
First Eagle Overseas Fund:
Fund Overview	25
Schedule of Investments	26
First Eagle U.S. Value Fund:
Fund Overview	35
Schedule of Investments	36
First Eagle Gold Fund:
Fund Overview	41
Schedule of Investments	42
First Eagle Fund of America:
Management’s Discussion of Fund Performance	44
Fund Overview	45
Schedule of Investments	46
Statements of Assets and Liabilities	50
Statements of Operations	51
Statements of Changes in Net Assets	52
Notes to Financial Statements	54
Financial Highlights	66
Fund Expenses	79
Additional Information	81
Consideration of Investment Advisory Agreements	85

The First Eagle Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. To obtain information on the Form N-Q from the Funds, shareholders can call 1-800-334-2143.

A copy of the Trust’s policies and procedures with respect to the voting of proxies relating to the Trust’s portfolio investments and information regarding the proxy-voting record of the Trust for the most recent twelve-month period ended June 30 is available by calling the Trust at 1-800-334-2143. This information also is available on the SEC’s website at http://www.sec.gov.

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’’, “seem’’, “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.

FIRST EAGLE FUNDS

LETTER FROM THE PRESIDENT

John P. Arnhold

Dear Fellow Shareholder,

Since my last letter six months ago, we have continued to experience market volatility, increasing fears of rising inflation, a further decline in the U.S. dollar versus other major currencies, and escalating commodity prices. The credit crisis and sub-prime meltdown continue to plague financial institutions and consumers are affected each day by rising gas and food prices. During these uncertain times I am reminded as to why our investment team has remained successful through time. By adhering to a disciplined investment philosophy, the team has continued to focus on producing positive absolute returns. Our first concern is preparing for what can go wrong. We attempt to position the portfolios to avoid losses and appreciate over time for our shareholders. We have always believed that the key to preserving wealth is to start by not losing it and by focusing first and foremost on preserving capital, we can help our clients achieve their long-term investment goals.

Our global investment approach, which has served our shareholders so well for many years, continues. The Global Value Team is now comprised of twelve investment professionals who continue to evaluate companies one by one, seeking to uncover quality businesses trading at discounts based on our estimation of their intrinsic values. In order to do this successfully, we adhere to a thorough and comprehensive research process and seek to minimize risk to our shareholders by requiring a quantifiable margin of safety from each investment.

At First Eagle, we have never focused on benchmark returns and have often been criticized for underperforming on a relative basis, typically during bull-market environments. However, the investment philosophy and discipline that Jean-Marie created has allowed us to avoid being directly affected by the last six market bubbles and continues to serve us during this difficult period. It is at times like these when we appreciate our team’s true discipline and unwillingness to follow the herd by investing in misunderstood risks and non-transparent securities. As a stakeholder, we hope you understand that our investment process and focus on limiting downside risk may help protect your assets on an absolute basis over the long-term, which is what we believe matters most.

I am also very pleased that our First Eagle Fund of America, managed by Harold Levy and David Cohen of Iridian Asset Management, continued to deliver consistently strong performance as it looked for undervalued companies poised to benefit from a corporate event. It has served its shareholders well over the long-term and we believe it is an undiscovered mutual fund treasure. There are few peers with the long-term performance record, risk profile and the same management team since inception available for investment today.

In closing, please be assured that your investments continue to be managed in the same manner as they have for years. As Jean-Marie recently stated in our semi-annual conference call, he will remain actively engaged in the management of your portfolios through March 2009 and will serve as an adviser and significant investor in the funds for many years to come. We here at First Eagle continue to build out the team with his help and that of Abhay Deshpande, Associate Portfolio Manager of First Eagle Global,

Overseas and U.S. Value Funds and Bruce Greenwald, Director of Research. Further, our investors can be confident that Jean-Marie has instilled his investment wisdom and discipline deeply within each member of this team.

Thank you for your continued confidence in our investment team and its disciplined approach to value investing.

Sincerely,

John P. Arnhold
President

May 2008

Past performance is no guarantee of future result. Portfolio actively managed. Portfolio and opinions expressed herein are subject to change.

2

PERFORMANCE
FIRST EAGLE FUNDS	Average Annual Returns1 as of April 30, 2008 (Unaudited)

	ONE-YEAR		THREE-YEARS		FIVE-YEARS		TEN-YEARS		SINCE INCEPTION		INCEPTION DATE
FIRST EAGLE GLOBAL FUND
First Eagle Global Fund - Class A (SGENX)
without sales load	5.69	%	15.48	%	19.05	%	13.90	%	15.54	%	1/1/79	2
with sales load	0.41	%	13.53	%	17.84	%	13.47	%	15.40	%	1/1/79	2
First Eagle Global Fund - Class I (SGIIX)	5.97	%	15.78	%	19.35	%	—		15.03	%	7/31/98
First Eagle Global Fund - Class C (FESGX)	3.89	%	14.63	%	18.17	%	—		15.52	%	6/5/00
MSCI World Index3	(2.47	%)	12.36	%	15.18	%	5.02	%	11.14	%	1/1/79
FIRST EAGLE OVERSEAS FUND
First Eagle Overseas Fund - Class A (SGOVX)
without sales load	2.20	%	15.57	%	20.78	%	15.17	%	14.38	%	8/31/93
with sales load	(2.91	%)	13.61	%	19.55	%	14.73	%	14.08	%	8/31/93
First Eagle Overseas Fund - Class I (SGOIX)	2.46	%	15.86	%	21.09	%	—		16.06	%	7/31/98
First Eagle Overseas Fund - Class C (FESOX)	0.44	%	14.70	%	19.88	%	—		15.81	%	6/5/00
MSCI EAFE Index4	(1.78	%)	16.25	%	20.42	%	6.66	%	7.30	%	8/31/93
FIRST EAGLE U.S. VALUE FUND
First Eagle U.S. Value Fund - Class A (FEVAX)
without sales load	5.20	%	9.68	%	13.67	%	—		12.13	%	9/4/01
with sales load	(0.06	%)	7.82	%	12.51	%	—		11.27	%	9/4/01
First Eagle U.S. Value Fund - Class I (FEVIX)	5.43	%	9.95	%	13.94	%	—		12.39	%	9/4/01
First Eagle U.S. Value Fund - Class C (FEVCX)	3.31	%	8.85	%	12.82	%	—		11.29	%	9/4/01
Standard & Poor’s 500 Index5	(4.68	%)	8.23	%	10.62	%	—		4.91	%	9/4/01
FIRST EAGLE GOLD FUND
First Eagle Gold Fund - Class A (SGGDX)
without sales load	20.72	%	28.36	%	22.61	%	16.48	%	10.26	%	8/31/93
with sales load	14.68	%	26.18	%	21.36	%	16.03	%	9.98	%	8/31/93
First Eagle Gold Fund - Class I (FEGIX)	21.02	%	28.67	%	—		—		21.59	%	5/15/03
First Eagle Gold Fund - Class C (FEGOX)	18.54	%	27.39	%	—		—		20.40	%	5/15/03
MSCI World Index3	(2.47	%)	12.36	%	15.18	%	5.02	%	8.09	%	8/31/93
FTSE Gold Mines Index6	18.97	%	24.28	%	19.99	%	7.79	%	2.63	%	8/31/93
FIRST EAGLE FUND OF AMERICA
First Eagle Fund of America - Class A (FEFAX)
without sales load	5.10	%	13.60	%	14.54	%	—		9.53	%	11/20/98
with sales load	0.06	%	11.73	%	13.43	%	—		8.94	%	11/20/98
First Eagle Fund of America - Class C (FEAMX)	3.31	%	12.73	%	13.71	%	8.14	%	8.68	%	3/2/98
First Eagle Fund of America - Class Y (FEAFX)	5.07	%	13.56	%	14.54	%	8.96	%	13.44	%	4/10/87
Standard & Poor’s 500 Index5	(4.68	%)	8.23	%	10.62	%	3.89	%	10.16	%	4/10/87

Please see the following page for important notes to this table.

4

FIRST EAGLE FUNDS PERFORMANCE—(Continued)

(1)	The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the funds’ 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.firsteaglefunds.com or by calling (800) 334-2143. The average annual returns shown on the prior page are historical and reflect changes in share price, reinvested dividends and are net of expenses. The average annual returns for Class A Shares “with sales load’’ of First Eagle Global Fund, First Eagle Overseas Fund and First Eagle Gold Fund give effect to the deduction of the maximum sales load of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter. The average annual returns for Class A Shares “with sales load’’ of First Eagle U.S. Value Fund and First Eagle Fund of America give effect to the deduction of the maximum sales load of 5.00%.
	The average annual returns for Class C Shares reflect the CDSC (Contingent Deferred Sales Charge) of 1.00% which pertains to the first year or less of investment only.
	Class I Shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, and First Eagle Gold Fund require $1mm minimum investment and are offered without load.
	Class Y Shares of First Eagle Fund of America are offered without load.
(2)	Commencement of management by Mr. Jean-Marie Eveillard since January 1, 1979.
(3)	The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. This index is a trademark of Morgan Stanley Capital International SA in Geneva, Switzerland.
(4)	The MSCI EAFE Index is a total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of approximately 1,100 companies from 21 countries and is not available for purchase.
(5)	The Standard & Poor’s 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor’s 500 Index focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also considered a proxy for the total market.
(6)	The FTSE Gold Mines Index is an unmanaged index composed of approximately 19 mining companies and is only available without dividends reinvested and is not available for purchase.

Expense Ratios As Stated In The Most Recent Prospectus
Total Annual Gross Operating Expense Ratios⁷

	Class A	Class I		Class C	Class Y
First Eagle Global Fund	1.12%	0.87	%	1.87%	—
First Eagle Overseas Fund	1.12%	0.87	%	1.87%	—
First Eagle U.S. Value Fund	1.20%	0.95	%	1.95%	—
First Eagle Gold Fund	1.20%	0.95	%	1.95%	—
First Eagle Fund of America	1.40%	—		2.15%	1.40	%

⁽⁷⁾ These expense ratios are presented as of October 31, 2007 and may differ from corresponding ratios shown elsewhere in this report because of differing time periods (and/or, if applicable, because these expense ratios do not include expense credits or waivers).

5

FIRST EAGLE FUNDS

First Eagle Global Fund • First Eagle Overseas Fund
First Eagle U.S. Value Fund • First Eagle Gold Fund

LETTER FROM THE PORTFOLIO MANAGER

Jean-Marie Eveillard

Dear Fellow Shareholder,

Over the past two months or so, equity markets have improved. Investors want to believe that the financial crisis has come and gone. They remember the five or six previous crises in the past twenty years and the opportunities they provided after a few uncomfortable months. They assume, in a Pavlovian reflex, a similar outcome.

This is the worst financial crisis since the Great Depression. It came after a 25-year long credit boom (briefly interrupted in 1990). Toward the end of the boom, the financial acrobatics in the residential real estate market were truly extraordinary. Then the credit cycle turned. Since last August, when the sub-prime housing problem surfaced, the Fed has taken major, sometimes unusual, steps to slow and arrest the de-leveraging, and then get credit expansion going again.

Admittedly, the quasi-panic that briefly gripped the markets has receded. However, housing prices are still declining, the negative economic consequences of the financial crisis are still to come, and there may be unintended consequences (dollar’s status, domestic inflation…) to the bold initiatives of the Fed.

There may also be political consequences: for years, incomes of many Americans have barely budged, the value of their main asset—housing—has declined (thereby reducing or eliminating their access to home equity loans), oil and food prices have moved up sharply, financial firms (now begging for—and getting—help from Washington) contributed to the crisis that may lead to rising unemployment. Resentment (and associated populist policies) may be around the corner.

The lesson here is that the monetary authorities should have paid attention to the writings in the 1930’s of the Austrian School of Economics pointing to the financial excesses of the 1920’s as the leading cause of the Great Depression.

Investing is a matter of balancing circumstances and prices. Circumstances are somewhat dubious. As for equity prices in the U.S. and Europe, they were at their March lows briefly and barely off 20% from their October 2007 highs, which themselves came after a 5-year bull market. Accordingly, pickings there have been slim. They included American Express Company in the U.S.

In Japan, however, equity prices declined for longer, and much more. We saw value in the stocks of a few industrial companies, some of them world-class. Even if we assumed a 30% decline in operating profits over the next twelve months, valuations were still in our view moderate. We bought shares in FANUC Limited, and added to our Keyence Corporation and SMC Corporation.

In emerging countries, some markets are sharply down. Therefore, in the next few months, we shall look at a number of businesses there, particularly in India. Asia is—probably—the future.

6

All told, circumstances are such that we still own some gold as insurance against “extreme outcomes.” And from the bottom up, we do not see—so far—enough opportunities in equities, so there is some cash as a residual. We also own some fixed-income securities in Asian currencies, some high-yield bonds and some U.S. dollar, euro and Swedish krone-denominated inflation-indexed bonds.

As I wrote in my letters in June and November 2007, we are long-term investors and we hope that the Funds’ shareholders are too.

Jean-Marie Eveillard
Portfolio Manager

May 2008

Past performance is no guarantee of future result. Portfolio actively managed. Portfolio and opinions expressed herein are subject to change.

7

FIRST EAGLE FUNDS

First Eagle Global Fund • First Eagle Overseas Fund
First Eagle U.S. Value Fund • First Eagle Gold Fund

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

	For the six months ended April 30, 2008 global markets were negatively impacted by the U.S.-centered credit crisis. What began early last year as a localized credit problem in the sub-prime mortgage market spread in the beginning months of the year into higher quality credit instruments. The resulting turmoil led to especially poor performance among highly leveraged companies and instruments tied to them but most securities and equity markets suffered at least a little collateral damage. For instance, indices in countries as unrelated as Japan, Germany, and India were down 17%, 14%, and 13%, respectively. From October 31, 2007 to April 30, 2008 the MSCI World Index declined 9.37% and the MSCI EAFE Index by 9.21%. The Standard & Poor’s 500 Index declined 9.64%. Gold increased in price by 10.2% while the dollar lost 7.3% of its value versus the euro and 10% versus the yen.
Jean-Marie Eveillard
	First Eagle Global Fund
	The net asset value (“NAV”) of the Fund’s Class A shares decreased 0.16% for the six month period while the MSCI World Index declined 9.37%. The Fund’s cash position decreased from 18% at the beginning of the period to 12% on April 30, 2008.
	Though global mergers and acquisitions declined in the period, we did benefit from some activity. Koninklijke Grolsch NV (Netherlands), Phoenixtec Power Company, Limited (Taiwan) and Getty Images, Inc. (U.S.) were subject to offers that we viewed as adequate.
Abhay Deshpande	The five largest contributors to the performance of First Eagle Global Fund over the period were gold bullion (gold, U.S.), Apache Corporation (energy, U.S), Industrias Peñoles, SAB de C.V. (mining, Mexico), Shimano Inc. (bicycle parts, Japan) and Kirin Holdings Company, Limited (brewery, Japan) collectively accounting for 1.75% points of this period’s performance.

The five largest detractors were SK Telecom Company, Limited ADR (telecom, South Korea), Gold Fields Limited ADR (gold mining, South Africa), Cintas Corporation (uniform rentals, U.S.), Microsoft Corporation (software, U.S.) and Wendel (holding company, France). Their combined negative performance over the six month period subtracted 1.33% points from the Fund’s performance.

In most of these instances, prices declined in the absence of changes in our estimates of business value. In some cases, the Fund seized these opportunities to add to the positions at prices we deemed attractive.

As of April 30, 2008, our yen position remained unhedged against the U.S. dollar but our euro position was hedged 55% against the U.S. dollar. We were also 10% hedged on the Swiss franc and 100% hedged on the British pound.

8

First Eagle Overseas Fund

The NAV of the Fund’s Class A shares decreased 2.06% for the six month period while the MSCI EAFE Index declined 9.21%. The Fund’s cash position decreased from 12% at the beginning of the period to 6% on April 30, 2008.

Though global mergers and acquisitions declined in the period, we did benefit from some activity. Koninklijke Grolsch NV (Netherlands), Phoenixtec Power Company, Limited (Taiwan) and Hilti AG (Switzerland) were subject to offers that we viewed as adequate.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were Shimano Inc. (bicycle parts, Japan), gold bullion (gold, U.S.), Industrias Peñoles, SAB de C.V. (mining, Mexico), Koninklijke Grolsch NV (beer, Netherlands) and Petroleo Brasileiro SA ADR (energy, Brazil) collectively accounting for 2.20% points of this period’s performance.

The five largest detractors were SK Telecom Company, Limited (telecom, South Korea), Gold Fields Limited ADR (gold mining, South Africa), Société BIC SA (office supplies, France), Guoco Group Limited (financial services, Hong Kong) and Laurent-Perrier (champagne, France). Their combined negative performance over the six month period subtracted 1.52% points from the Fund’s performance.

In most of these instances, prices declined in the absence of changes in our estimates of business value. In some cases, the Fund seized these opportunities to add to the positions at prices we deemed attractive.

As of April 30, 2008, our yen position remained unhedged against the U.S. dollar but our euro position was hedged 55% against the U.S. dollar. We were also 10% hedged on the Swiss franc and 100% hedged on the British pound.

First Eagle U.S. Value Fund

The NAV of the Fund’s Class A shares increased 0.13% for the six month period while the Standard & Poor’s 500 Index declined 9.64%. The Fund’s cash position decreased from 16% at the beginning of the period to 5% on April 30, 2008.

Though mergers and acquisitions declined in the period, we did benefit from some activity. Getty Images, Inc. (media) was subject to an offer that we viewed as adequate.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Apache Corporation (energy), Helmerich & Payne, Inc. (oil and gas drilling), Wal-Mart Stores, Inc. (retail), gold bullion (gold) and UniFirst Corporation (uniform rental), collectively accounting for 3.0% points of this period’s performance.

The five largest detractors were Sanofi-Aventis ADR (pharmaceutical), Cintas Corporation (uniform rental), Tronox Inc. (chemicals), Yankee Acquisition Corporation (retail) and Microsoft Corporation (software). Their combined negative performance over the six month period subtracted 2.26% points from the Fund’s performance.

In most of these instances, prices declined in the absence of changes in our estimates of business value. In some cases, the Fund seized these opportunities to add to the positions at prices we deemed attractive.

9

First Eagle Gold Fund

The NAV of the Fund’s Class A shares declined 5.44% for the six month period while the FTSE Gold Mines Index declined 12.63%. The Fund’s cash position decreased from 2.5% at the beginning of the period to 2.4% on April 30, 2008.

The five largest contributors to the performance of First Eagle Gold Fund over the period were gold bullion (U.S.), Randgold Resources Limited (South Africa), Industrias Peñoles, SAB de C.V. (Mexico), Metallica Resources Inc. (Canada) and Independence Group NL (Australia) collectively accounting for 4.77% points of this period’s performance.

The five largest detractors were Lihir Gold Limited (Australia), Gold Fields Limited ADR (South Africa), IAMGOLD Corporation (Canada), AngloGold Ashanti Limited ADR (South Africa) and Newcrest Mining Limited (Australia). Their combined negative performance over the six month period subtracted 5.84% points from the Fund’s performance.

In most of these instances, prices declined in the absence of changes in our estimates of business value. In some cases, the Fund seized these opportunities to add to the positions at prices we deemed attractive.

We look at gold as insurance, insurance against “extreme outcomes.” In the U.S., the current financial crisis is the worst since the Great Depression. The status of the U.S. dollar as the world’s reserve currency is suspect, and the other major currencies (the euro, the yen) are not particularly appealing. There is a scarcity side to gold: as we pointed out a year ago, the value of all above ground gold is about 1% of the value of global real estate plus financial assets. So, from a long-term standpoint, gold as insurance still makes sense, we believe.

General Commentary

Our focus has always been, and remains, on preservation of capital. To the Global Value team, minimizing loss is more important than maximizing gain. Together with our team of analysts, we continue to search the globe for what we believe are mispriced securities and recent declines have allowed us to make use of excess cash. In particular, we continue to find value in Japan and have begun looking at some high yield opportunities as well.

As always, we appreciate your confidence and thank you for your support.

Jean-Marie Eveillard	Abhay Deshpande
Portfolio Manager	Associate Portfolio Manager,
	First Eagle Global, Overseas
May 2008	and U.S. Value Funds

Past performance is no guarantee of future result. Portfolio actively managed. Portfolio and opinions expressed herein are subject to change.

10

FUND OVERVIEW
FIRST EAGLE GLOBAL FUND	Data as of April 30, 2008 (Unaudited)

THE INVESTMENT STYLE

The First Eagle Global Fund seeks long-term growth of capital by investing in a wide range of asset classes from markets in the United States and around the world. This truly global fund is managed with a highly disciplined, bottom-up, value oriented style that helps minimize risk.

ASSET ALLOCATION

COUNTRIES

United States	32.07%	Brazil	0.53%
Japan	21.19%	India	0.50%
France	13.27%	United Kingdom	0.49%
Switzerland	4.25%	Taiwan	0.25%
South Korea	3.65%	Canada	0.24%
Italy	2.27%	Belgium	0.19%
Germany	1.44%	Sweden	0.11%
Mexico	1.36%	Other	0.32%
Hong Kong	1.34%
Singapore	1.30%
South Africa	1.03%
Netherlands	0.95%
Malaysia	0.86%
Thailand	0.55%

The Fund’s portfolio composition (represented as a percentage of net assets) is subject to change at any time.

AVERAGE ANNUAL RETURNS

	ONE-YEAR		FIVE-YEARS		TEN-YEARS
First Eagle Global Fund (A Shares)
without sales load	5.69	%	19.05	%	13.90	%
with sales load	0.41	%	17.84	%	13.47	%
MSCI World Index	(2.47	%)	15.18	%	5.02	%
Consumer Price Index	3.94	%	3.17	%	2.83	%

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. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. The average annual returns for Class A Shares give effect to the deduction of the maximum sales load of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter. The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. This index is a trademark of Morgan Stanley Capital International SA in Geneva, Switzerland. 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)	4.80	%
Berkshire Hathaway Inc., Class ‘A’ (U.S. holding company)	2.55	%
Sodexo (French food management services provider)	2.03	%
Pargesa Holding SA (Swiss diversified financials company)	1.91	%
SMC Corporation (Japanese automated control devices manufacturer)	1.72	%
Secom Company, Limited (Japanese security services provider)	1.68	%
Wendel (French holding company)	1.67	%
Sanofi-Aventis (French health care company)	1.63	%
Keyence Corporation (Japanese sensors manufacturer)	1.58	%
Shimano Inc. (Japanese bicycle parts manufacturer)	1.37	%

11

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—U.S. (25.01%)
		Consumer Discretionary (1.47%)
	3,385,151	McDonald’s Corporation	$	76,677,208	$	201,687,297
	2,837,980	International Speedway Corporation, Class ‘A’ (c)		142,336,484		120,387,112
	390,000	Weyco Group, Inc.		1,285,374		10,650,900
	185,000	St. John Knits International Inc. (a)		3,180,703		4,509,375
				223,479,769		337,234,684
		Consumer Staples (0.00%)
	4,369	Seneca Foods Corporation, Class ‘A’ (a)		65,753		89,564
		Energy (3.66%)
	3,033,633	ConocoPhillips Company		143,979,202		261,347,483
	1,868,081	Apache Corporation		121,326,511		251,593,149
	3,536,320	San Juan Basin Royalty Trust (c)		124,324,979		135,900,778
	1,107,340	Murphy Oil Corporation		45,709,775		100,037,096
	1,042,780	Helmerich & Payne, Inc.		30,576,616		56,049,425
	1,141,326	BJ Services Company		30,827,279		32,265,286
				496,744,362		837,193,217
		Financials (1.85%)
	5,456,933	American Express Company		238,198,544		262,041,923
	1,545,470	Legg Mason, Inc.		108,404,247		93,160,932
	1,912,740	Willis Group Holdings Limited		63,879,298		66,467,715
	65,674	East Texas Financial Services, Inc. (c)		492,555		981,826
				410,974,644		422,652,396
		Health Care (1.40%)
	2,913,470	Johnson & Johnson		171,652,603		195,464,702
	2,499,370	Wellpoint Inc. (a)		118,103,478		124,343,657
				289,756,081		319,808,359
		Holding Companies (2.56%)
	4,349	Berkshire Hathaway Inc., Class ‘A’ (a)		363,235,288		582,113,650
	2,485	J.G. Boswell Company		573,840		2,460,150
				363,809,128		584,573,800
		Industrials (3.84%)
	9,973,631	Cintas Corporation (c)		361,277,175		295,319,214
	3,342,210	3M Company		272,794,353		257,015,949
	1,175,510	Alliant Techsystems Inc. (a)		130,466,425		129,282,590
	9,778,961	Blount International, Inc. (a)(c)		127,911,050		120,965,748
	1,576,258	UniFirst Corporation		37,181,601		73,784,637

See Notes to Financial Statements.

12

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—U.S.—(continued)
		Industrials—(continued)
	4,654	Conbraco Industries, Inc. (a)(c)	$	1,494,362	$	1,419,470
	365,000	Kaiser Ventures LLC (a)(b)(c)(d)(e)(f )		—		1,047,550
				931,124,966		878,835,158
		Materials (0.46%)
	1,523,330	Vulcan Materials Company		102,434,431		104,835,571
		Media (1.75%)
	14,156,665	Comcast Corporation-Special Class ‘A’		298,898,125		286,530,900
	3,400,450	Getty Images, Inc. (a)(c)		133,280,462		111,024,693
	34,924	Mills Music Trust (c)		1,055,337		1,314,015
				433,233,924		398,869,608
		Paper and Forest Products (2.40%)
	5,905,362	Rayonier Inc. (c)		132,354,108		248,202,365
	5,998,248	Plum Creek Timber Company, Inc.		213,655,422		244,968,448
	1,028,158	Deltic Timber Corporation (c)		50,721,718		54,235,334
				396,731,248		547,406,147
		Precious Metals (0.76%)
	7,231,612	Newmont Mining Corporation Holding Company		141,938,366		173,199,002
		Real Estate (0.01%)
	137,785	Price Legacy Corporation Pfd., Series ‘A’		1,343,932		1,687,866
	192,250	LandCo LLC (a)(b)(d)(e)(f )		669,030		669,030
	21,124	Security Capital European Realty (a)(d)(f )		—		—
				2,012,962		2,356,896
		Retail (2.67%)
	2,236,590	Costco Wholesale Corporation		82,585,202		159,357,038
	4,637,446	Barnes & Noble, Inc. (c)		130,777,398		149,696,757
	2,408,250	Tiffany & Company		73,591,936		104,855,205
	3,598,150	The Home Depot, Inc.		94,046,983		103,626,720
	797,725	Wal-Mart Stores, Inc.		34,878,845		46,252,095
	2,219,567	Dillard’s Inc., Class ‘A’		40,158,446		45,279,167
				456,038,810		609,066,982
		Technology and Telecommunications (1.49%)
	4,792,737	Microsoft Corporation		108,243,282		136,688,859
	5,470,010	Maxim Integrated Products, Inc.		138,929,570		115,034,310
	2,534,490	Linear Technology Corporation		82,493,960		88,605,770
				329,666,812		340,328,939

See Notes to Financial Statements.

13

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—U.S.—(continued)
		Utilities (0.69%)
	4,440,260	IDACORP, Inc. (c)	$	148,334,642	$	144,042,034
	325,000	CalEnergy Capital Trust 6 ½% Conv. Pfd.		14,327,813		14,300,000
				162,662,455		158,342,034
		Total Common and Preferred Stocks—U.S.		4,740,673,711		5,714,792,357
		Common and Preferred Stocks—Non-U.S. (52.31%)
		Belgium (0.19%)
	2,210,071	Deceuninck (c)(1)		55,268,004		43,002,443
		Brazil (0.53%)
	1,196,220	Petroleo Brasileiro SA ADR (3)		33,538,839		120,937,842
		Canada (0.24%)
	1,864,130	Harry Winston Diamond Corporation (9)		49,623,285		55,227,998
		Chile (0.07%)
	7,600,803	Quinenco SA (8)		5,676,192		16,943,679
		France (12.35%)
	6,914,732	Sodexo (1)		258,358,340		462,829,143
	2,773,458	Wendel (c)(7)		205,711,877		382,630,189
	4,771,587	Sanofi-Aventis (6)		389,867,805		372,486,617
	2,912,639	Neopost SA (c)(8)		282,256,376		303,765,433
	1,836,680	Air Liquide (9)		233,583,884		276,520,080
	3,715,033	Rémy Cointreau SA (c)(2)		156,953,568		230,445,319
	2,892,943	Carrefour SA (2)		195,311,694		203,677,640
	3,008,319	Essilor International SA (6)		122,689,871		187,075,778
	2,179,805	Société BIC SA (8)		123,366,196		111,564,582
	422,686	Guyenne et Gascogne SA (c)(2)		57,835,938		72,440,606
	1,683,950	Vivendi SA (10)		63,417,857		68,335,616
	657,810	Total SA (3)		44,053,939		55,231,686
	55,978	Société Sucrière de Pithiviers-le-Vieil (c)(2)		30,226,768		45,397,506
	158,407	Robertet SA (2)		20,913,866		20,862,817
	42,252	Robertet SA C.I. (2)		800,508		4,538,092
	104,457	Gaumont SA (10)		6,087,824		9,754,237
	385,000	Sabeton SA (c)(7)		4,841,233		7,730,851
	70,000	NSC Groupe (c)(8)		12,400,388		7,082,528
				2,208,677,932		2,822,368,720

See Notes to Financial Statements.

14

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—Non-U.S.—(continued)
		Germany (1.44%)
	1,594,305	Fraport AG (16)	$	53,543,202	$	115,249,887
	872,521	Hornbach Holding AG Pfd. (14)		63,413,466		80,131,780
	697,298	Pfeiffer Vacuum Technology AG (c)(8)		59,860,743		66,752,944
	1,337,532	Bertelsmann AG D.R.C. (10)		33,414,943		46,220,437
	386,842	Hornbach Baumarkt AG (14)		21,504,161		21,376,611
				231,736,515		329,731,659
		Hong Kong (0.65%)
	8,128,650	Guoco Group Limited (7)		74,964,068		87,136,817
	24,198,970	Shaw Brothers (Hong Kong) Limited (c)(10)		24,380,422		58,991,209
	20,738,780	City e-Solutions Limited (c)(1)		936,898		2,687,456
				100,281,388		148,815,482
		India (0.50%)
	4,362,480	Tata Motors Limited (1)		59,322,590		71,550,486
	1,001,999	Nestlé India Limited (2)		12,190,035		43,497,861
				71,512,625		115,048,347
		Italy (2.27%)
	16,294,025	Italcementi S.p.A. RNC (c)(9)		228,613,091		260,227,164
	3,210,039	Italcementi S.p.A. (9)		63,866,506		69,704,595
	1,291,611	Italmobiliare S.p.A. RNC (9)		96,844,550		92,745,336
	844,422	Italmobiliare S.p.A. (9)		91,683,994		80,324,626
	2,373,788	Gewiss S.p.A. (8)		14,488,035		15,112,702
				495,496,176		518,114,423
		Japan (21.19%)
	3,392,000	SMC Corporation (8)		408,105,342		392,578,299
	8,254,790	Secom Company, Limited (8)		372,594,261		382,784,993
	1,425,230	Keyence Corporation (15)		312,957,895		361,308,606
	6,887,970	Shimano Inc. (c)(1)		154,872,876		312,144,652
	26,505,650	Sompo Japan Insurance Inc. (4)		289,674,998		293,815,924
	2,724,570	FANUC Limited (8)		252,723,797		285,313,055
	5,211,900	Ono Pharmaceutical Company, Limited (6)		237,044,527		274,639,042
	11,490,100	Toho Company, Limited (c)(10)		216,544,758		262,001,801
	4,567,060	Canon Inc. (15)		218,295,606		227,532,570
	9,448,600	THK Company, Limited (c)(8)		183,755,498		208,661,298
	1,684,610	Hirose Electric Company, Limited (15)		189,811,382		198,844,505
	10,972,000	Kirin Holdings Company, Limited (2)		145,500,358		194,473,772
	4,329,700	Astellas Pharma Inc. (6)		181,371,971		176,299,162
	27,577,100	Aioi Insurance Company, Limited (4)		110,358,117		173,058,687

See Notes to Financial Statements.

15

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks—Non-U.S.—(continued)
	Japan—(continued)
4,348,874	Mitsui Sumitomo Insurance Group Holdings, Inc. (a)(4)	$	154,023,656	$	172,496,671
7,522,450	MISUMI Group Inc. (c)(8)		125,229,010		145,584,182
3,663,695	Meitec Corporation (c)(8)		109,855,533		104,426,277
5,141,460	Aiful Corporation (4)		88,728,107		100,489,374
10,215,760	PARK24 Company, Limited (c)(8)		102,739,103		92,786,017
5,102,700	T. Hasegawa Company, Limited (c)(2)		79,177,152		84,869,817
3,045,610	Shimachu Company, Limited (c)(14)		76,929,113		83,453,361
8,453,000	NIPPONKOA Insurance Company, Limited (4)		41,599,718		82,039,655
2,937,480	Chofu Seisakusho Company, Limited (c)(1)		53,277,954		60,508,570
3,113,500	Circle K Sunkus Company, Limited (2)		54,512,401		46,952,326
3,169,992	Nissin Healthcare Food Service Company, Limited (2)		44,621,605		36,445,417
1,725,100	Ariake Japan Company, Limited (c)(2)		29,754,119		24,180,324
2,060,700	Seikagaku Corporation (6)		21,875,804		22,704,719
407,830	Mabuchi Motor Company, Limited (15)		24,369,065		20,122,869
1,051,300	Aderans Company, Limited (2)		24,356,774		19,761,922
188,760	Shoei Company, Limited (7)		491,308		2,777,824
64	Cosel Company, Limited (8)		1,031		696
			4,305,152,839		4,843,056,387
	Malaysia (0.58%)
65,658,435	Genting Berhad (1)		149,283,413		133,021,204
	Mexico (1.36%)
10,607,020	Industrias Peñoles, SAB de C.V. (12)		22,303,247		309,827,131
	Netherlands (0.39%)
1,733,453	Heineken Holding NV (2)		43,207,659		89,043,639
	Singapore (0.49%)
3,238,180	United Overseas Bank Limited (4)		41,783,813		48,649,609
12,704,120	Fraser & Neave Limited (2)		12,799,700		44,721,945
13,467,250	ComfortDelgro Corporation Limited (16)		3,279,184		17,356,621
			57,862,697		110,728,175
	South Africa (1.03%)
13,448,440	Gold Fields Limited ADR (12)		213,626,143		181,553,940
749,210	Gold Fields Limited (12)		2,173,737		9,896,440
2,876,557	Harmony Gold Mining Company, Limited ADR (a)(12)		35,612,420		33,626,951
1,000,000	Harmony Gold Mining Company, Limited (a)(12)		4,591,642		11,399,511
			256,003,942		236,476,842

See Notes to Financial Statements.

16

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks—Non-U.S.—(continued)
	South Korea (3.65%)
560,890	Samsung Electronics Company, Limited Pfd. (15)	$	109,912,101	$	288,654,306
1,862,671	KT&G Corporation (2)		87,524,545		154,193,081
6,526,491	SK Telecom Company, Limited ADR (15)		155,122,977		147,302,902
5,219,873	Kangwon Land Inc. (1)		103,995,236		109,327,615
51,900	Lotte Confectionery Company, Limited (2)		21,157,499		61,804,817
39,989	Nam Yang Dairy Products Company, Limited (c)(2)		7,325,466		31,507,814
124,183	SK Holdings Company Limited (3)		15,948,637		19,259,419
1,589,160	Daeduck GDS Company, Limited (c)(15)		14,042,994		12,410,236
1,869,420	Daeduck Electronics Company, Limited (15)		13,292,480		9,863,095
			528,321,935		834,323,285
	Switzerland (4.25%)
3,820,052	Pargesa Holding SA (7)		241,364,420		437,479,174
496,303	Nestlé SA (2)		118,927,370		236,981,881
40,274	Lindt & Spruengli AG PC (2)		67,067,587		123,818,802
2,080	Lindt & Spruengli AG (2)		60,901,565		67,824,566
847,356	Kuehne & Nagel International AG (16)		4,831,442		90,853,562
39,740	Edipresse SA (10)		10,811,875		13,344,027
			503,904,259		970,302,012
	Thailand (0.55%)
26,375,300	Bangkok Bank Public Company Limited NVDR (4)		84,757,791		114,783,709
448,850	Bangkok Bank Public Company Limited (4)		1,459,292		1,981,678
577,000	The Oriental Hotel Public Company, Limited (1)		2,636,472		9,971,492
			88,853,555		126,736,879
	United Kingdom (0.46%)
1,609,143	Anglo American Plc (12)		35,465,322		104,332,506
	Miscellaneous (0.12%)
1,404,222	Banco Latinoamericano de Exportaciones SA ADR (4)		22,983,667		26,399,374
	Total Common and Preferred Stocks—Non U.S.		9,265,153,491		11,954,438,027
Ounces
	Commodity (4.80%)
1,249,002	Gold bullion (a)		693,749,790		1,096,061,595

See Notes to Financial Statements.

17

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008 (Unaudited)

	Principal Amount		Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds (6.04%)
		U.S. Treasury Notes (1.35%)
$	79,217,526	U.S. Treasury Inflation Index Note 41/4% due 1/15/2010 (g)(5)	$	81,441,126	$	85,090,792
	132,615,903	U.S. Treasury Inflation Index Note 23/8% due 4/15/2011 (g)(5)		136,956,348		140,137,744
	79,792,185	U.S. Treasury Inflation Index Note 17/8% due 7/15/2013 (g)(5)		83,848,603		83,837,968
				302,246,077		309,066,504
		U.S. Dollar Notes and Bonds (0.99%)
	13,500,000	GATX Corporation 87/8% due 6/1/2009 (4)		13,319,318		14,002,821
	4,910,000	American Standard Companies Inc. 81/4% due 6/1/2009 (8)		4,968,816		5,113,927
	12,721,000	Pulte Homes, Inc. 81/8% due 3/1/2011 (1)		12,416,837		12,593,790
	30,962,000	Pulte Homes, Inc. 77/8% due 8/1/2011 (1)		29,814,196		30,342,760
	5,000,000	Pulte Homes, Inc. 5.2% due 2/15/2015 (1)		4,129,206		4,437,500
	6,900,000	Briggs & Stratton Corporation 87/8% due 3/15/2011 (1)		7,079,804		7,176,000
	3,500,000	Toys ‘R’ Us, Inc. 75/8% due 8/1/2011 (14)		3,451,298		3,080,000
	28,930,000	Blount International, Inc. 87/8% due 8/1/2012 (8)		28,958,612		29,219,300
	21,147,000	Tronox Worldwide LLC 91/2% due 12/1/2012 (9)		21,623,491		18,292,155
	12,522,000	Sirius Satellite Radio Inc. 95/8% due 8/1/2013 (10)		12,264,285		10,612,395
	2,810,655	Avis Budget Car Rental LLC 75/8% due 5/15/2014 (8)		2,756,224		2,582,289
	14,500,000	Level 3 Financing, Inc. 91/4% due 11/1/2014 (15)		14,025,902		13,267,500
	12,554,000	Yankee Acquisition Corporation 81/2% due 2/15/2015 (1)		12,451,108		10,670,900
	22,554,000	Yankee Acquisition Corporation 93/4% due 2/15/2017 (1)		21,736,983		18,212,355
	28,622,000	Valassis Communications, Inc. 81/4% due 3/1/2015 (10)		26,157,519		25,616,690
	2,000,000	Legrand SA 81/2% due 2/15/2025 (8)		1,957,275		2,155,604
	4,200,000	Bausch & Lomb Inc. 71/8% due 8/1/2028 (6)		3,561,775		3,528,000
	10,000,000	Christiania Bank Floating Rate Perpetual Notes (3.0261% @ 4/30/2008) (4)		6,826,750		6,350,000
	3,500,000	Den Norske Bank Floating Rate Perpetual Notes (2.9886% @ 4/30/2008) (4)		2,610,000		2,368,236
	3,170,000	Den Norske Bank Floating Rate Perpetual Notes (3.0447% @ 4/30/2008) (4)		2,059,625		1,997,100
	5,500,000	Bergen Bank Floating Rate Perpetual Notes (2.9636% @ 4/30/2008) (4)		3,888,750		3,795,000
				236,057,774		225,414,322
		Non U.S. Dollar Notes and Bonds (3.70%)
EUR	2,959,000	Koninklijke Ahold NV 57/8% due 5/9/2008 (14)		3,391,364		4,604,873
SEK	125,000,000	Sweden Government I/L 4.6745% due 12/1/2008 (g)(5)		17,287,391		25,552,187
HKD	199,650,000	Hong Kong Government 3.34% due 12/19/2008 (5)		25,612,102		26,003,336
HKD	675,950,000	Hong Kong Government 2.52% due 3/24/2009 (5)		87,205,895		87,825,323
HKD	324,050,000	Hong Kong Government 3.63% due 12/19/2011 (5)		43,462,373		43,602,698
MYR	165,000,000	Malaysian Government 4.305% due 2/27/2009 (5)		43,535,957		52,643,618
MYR	37,014,000	Malaysian Government 3.756% due 4/28/2011 (5)		9,915,147		11,820,882

See Notes to Financial Statements.

18

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008 (Unaudited)

	Principal Amount		Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds—(continued)
		Non U.S. Dollar Notes and Bonds—(continued)
EUR	2,500,000	Independent News & Media Plc 53/4% due 5/17/2009 (10)	$	2,850,468	$	3,696,924
SGD	52,947,000	Singapore Government 23/8% due 10/1/2009 (5)		32,235,350		39,731,716
SGD	154,630,000	Singapore Government 45/8% due 7/1/2010 (5)		110,772,512		122,534,810
SGD	30,327,000	Singapore Government 35/8% due 7/1/2011 (5)		21,774,392		23,913,784
EUR	13,650,000	Waterford Wedgwood Plc 97/8% due 12/1/2010 (b)(1)		16,030,383		8,605,271
GBP	3,000,000	Marks & Spencer Group Plc 63/8% due 11/7/2011 (14)		5,191,409		5,788,839
TWD	1,741,500,000	Taiwan Government 2% due 7/20/2012 (5)		52,804,175		56,517,831
EUR	106,082,529	Republic of France O.A.T. I/L 3% due 7/25/2012 (g)(5)		141,641,180		174,515,540
EUR	31,750,000	UPC Holding BV 85/8% due 1/15/2014 (b)(10)		37,244,134		48,866,037
EUR	50,300,000	UPC Holding BV 73/4% due 1/15/2014 (b)(10)		58,565,257		75,556,562
EUR	5,000,000	Wendel 47/8% 9/21/2015 (7)		5,914,606		6,508,143
EUR	5,000,000	Wendel 43/8% 8/9/2017 (7)		5,635,338		5,863,952
EUR	12,000,000	FINEL 91/2% due 6/30/2017 (b)(d)(e)(f)(11)		14,474,400		9,339,597
EUR	15,000,000	FINEL 91/2% due 10/15/2017 (b)(d)(e)(f)(11)		18,067,500		11,674,496
				753,611,333		845,166,419
		Total Notes, Bonds and Convertible Bonds		1,291,915,184		1,379,647,245
		Short-Term Investments (12.17%)
$	25,000,000	7-Eleven Inc. 2.26% due 5/2/2008		24,998,431		24,998,431
	12,300,000	7-Eleven Inc. 2.23% due 5/6/2008		12,296,190		12,296,190
	11,379,000	7-Eleven Inc. 2.2% due 5/9/2008		11,373,437		11,373,437
	10,500,000	7-Eleven Inc. 2.25% due 5/9/2008		10,494,750		10,494,750
	50,000,000	Altria Group, Inc. 3.01% due 5/19/2008		49,924,750		49,924,750
	25,000,000	Altria Group, Inc. 3.08% due 5/21/2008		24,957,222		24,957,222
	25,000,000	Altria Group, Inc. 3.1% due 5/28/2008		24,941,875		24,941,875
	25,000,000	Altria Group, Inc. 3.1% due 6/6/2008		24,922,500		24,922,500
	3,240,000	Altria Group, Inc. 3.15% due 6/13/2008		3,227,810		3,227,810
	50,581,000	AT&T Corporation 2.25% due 5/9/2008		50,555,710		50,555,710
	20,000,000	AT&T 2.25% due 5/12/2008		19,986,250		19,986,250
	47,053,000	AT&T 2.25% due 5/19/2008		47,000,065		47,000,065
	18,746,000	AT&T 2.15% due 5/22/2008		18,722,489		18,722,489
	29,176,000	AT&T 2.2% due 5/27/2008		29,129,643		29,129,643
	25,000,000	BASF Corporation 2.25% due 6/4/2008		24,946,875		24,946,875
	30,000,000	BASF Corporation 2.2% due 6/6/2008		29,934,000		29,934,000
	50,000,000	BASF Corporation 2.25% due 6/10/2008		49,875,000		49,875,000
	26,145,000	BASF Corporation 2.25% due 6/25/2008		26,055,127		26,055,127
	30,000,000	BASF Corporation 2.2% due 7/7/2008		29,877,167		29,877,167
	25,000,000	BMW US Capital LLC 2.13% due 5/8/2008		24,989,646		24,989,646
	12,670,000	Cintas Corporation 2.25% due 5/1/2008		12,670,000		12,670,000
	20,000,000	Cintas Corporation 2.3% due 5/2/2008		19,998,722		19,998,722

See Notes to Financial Statements.

19

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Principal Amount			Cost (Note 1)		Value (Note 1)
		Short-Term Investments—(continued)
$	14,500,000	Cintas Corporation 2.24% due 5/5/2008	$	14,496,391	$	14,496,391
	9,500,000	Cintas Corporation 2.22% due 5/12/2008		9,493,556		9,493,556
	21,354,000	The Clorox Company 2.85% due 5/2/2008		21,352,309		21,352,309
	15,200,000	The Clorox Company 2.95% due 5/5/2008		15,195,018		15,195,018
	22,742,000	The Clorox Company 2.9% due 5/7/2008		22,731,008		22,731,008
	35,393,000	The Clorox Company 2.95% due 5/15/2008		35,352,396		35,352,396
	45,000,000	ConocoPhillips Company 2.23% due 5/13/2008		44,966,550		44,966,550
	25,000,000	Diageo Capital Plc 3.38% due 5/1/2008		25,000,000		25,000,000
	31,496,000	Diageo Capital Plc 3.38% due 5/2/2008		31,493,043		31,493,043
	24,100,000	Diageo Capital Plc 2.85% due 5/7/2008		24,088,553		24,088,553
	25,000,000	Diageo Capital Plc 2.4% due 5/9/2008		24,986,667		24,986,667
	15,019,000	Diageo Capital Plc 2.85% due 5/9/2008		15,009,488		15,009,488
	26,431,000	Diageo Capital Plc 2.9% due 5/9/2008		26,413,967		26,413,967
	14,095,000	Diageo Capital Plc 2.87% due 5/12/2008		14,082,639		14,082,639
	20,000,000	Diageo Capital Plc 2.75% due 6/9/2008		19,940,417		19,940,417
	10,000,000	The Dow Chemical Company 3.15% due 6/17/2008		9,958,875		9,958,875
	25,000,000	The Dow Chemical Company 3.12% due 6/23/2008		24,885,167		24,885,167
	37,983,000	The Dow Chemical Company 3.17% due 6/23/2008		37,805,735		37,805,735
	25,000,000	The Dow Chemical Company 3.12% due 6/24/2008		24,883,000		24,883,000
	20,000,000	Henkel AG & Company KGaA 2.17% due 5/2/2008		19,998,794		19,998,794
	52,224,000	Henkel AG & Company KGaA 2.2% due 5/6/2008		52,208,043		52,208,043
	21,700,000	Henkel AG & Company KGaA 2.2% due 5/9/2008		21,689,391		21,689,391
	20,500,000	Henkel AG & Company KGaA 2.22% due 5/16/2008		20,481,038		20,481,038
	30,000,000	Henkel AG & Company KGaA 2.17% due 6/2/2008		29,942,133		29,942,133
	27,000,000	Hitachi Limited 2.9% due 5/27/2008		26,943,450		26,943,450
	18,000,000	Hitachi Limited 2.85% due 5/30/2008		17,958,675		17,958,675
	20,000,000	H.J. Heinz Company 2.75% due 5/2/2008		19,998,472		19,998,472
	25,000,000	H.J. Heinz Company 2.85% due 5/9/2008		24,984,167		24,984,167
	20,717,000	H.J. Heinz Company 2.75% due 5/12/2008		20,699,592		20,699,592
	25,000,000	H.J. Heinz Company 3.05% due 5/13/2008		24,974,583		24,974,583
	22,000,000	H.J. Heinz Company 2.8% due 6/2/2008		21,945,244		21,945,244
	16,125,000	H.J. Heinz Company 2.8% due 6/6/2008		16,079,850		16,079,850
	33,325,000	H.J. Heinz Company 2.9% due 6/6/2008		33,228,358		33,228,358
	28,000,000	H.J. Heinz Company 2.95% due 6/13/2008		27,901,339		27,901,339
	13,250,000	H.J. Heinz Company 2.85% due 6/25/2008		13,192,307		13,192,307
	25,000,000	H.J. Heinz Company 2.9% due 6/25/2008		24,889,236		24,889,236
	25,000,000	The Home Depot, Inc. 2.9% due 5/2/2008		24,997,986		24,997,986
	15,000,000	ITT Corporation 2.9% due 5/2/2008		14,998,792		14,998,792
	23,000,000	ITT Corporation 2.75% due 5/8/2008		22,987,701		22,987,701
	20,539,000	ITT Corporation 2.85% due 5/8/2008		20,527,618		20,527,618
	30,000,000	ITT Corporation 2.87% due 5/9/2008		29,980,867		29,980,867

See Notes to Financial Statements.

20

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Principal Amount			Cost (Note 1)		Value (Note 1)
		Short-Term Investments—(continued)
$	27,619,000	ITT Corporation 2.9% due 5/9/2008	$	27,601,201	$	27,601,201
	13,540,000	ITT Corporation 2.4% due 5/13/2008		13,529,168		13,529,168
	13,804,000	ITT Corporation 2.9% due 5/13/2008		13,790,656		13,790,656
	11,841,000	ITT Corporation 2.9% due 5/16/2008		11,826,692		11,826,692
	50,498,000	ITT Corporation 3% due 5/16/2008		50,434,877		50,434,877
	17,661,000	ITT Corporation 3% due 5/20/2008		17,633,037		17,633,037
	16,050,000	ITT Corporation 3% due 6/10/2008		15,996,500		15,996,500
	19,825,000	ITT Corporation 3.02% due 6/10/2008		19,758,476		19,758,476
	30,000,000	Kraft Foods Inc. 2.78% due 5/1/2008		30,000,000		30,000,000
	25,000,000	Kraft Foods Inc. 2.75% due 5/2/2008		24,998,090		24,998,090
	45,000,000	Kraft Foods Inc. 2.69% due 5/5/2008		44,986,550		44,986,550
	23,023,000	Kraft Foods Inc. 2.73% due 5/5/2008		23,016,016		23,016,016
	30,000,000	Kraft Foods Inc. 2.7% due 5/6/2008		29,988,750		29,988,750
	30,460,000	Kraft Foods Inc. 2.81% due 5/7/2008		30,445,735		30,445,735
	31,325,000	Kraft Foods Inc. 2.81% due 5/13/2008		31,295,659		31,295,659
	28,276,000	Kraft Foods Inc. 2.82% due 5/22/2008		28,229,486		28,229,486
	11,815,000	L’Oréal SA 2.18% due 5/16/2008		11,804,268		11,804,268
	50,000,000	L’Oréal SA 2.22% due 5/16/2008		49,953,750		49,953,750
	10,480,000	Nestlè Capital Corporation 2.2% due 5/9/2008		10,474,876		10,474,876
	25,000,000	PepsiCo, Inc. 2.08% due 5/29/2008		24,959,556		24,959,556
	54,923,000	Philip Morris USA 2.42% due 5/2/2008		54,919,307		54,919,307
	23,369,000	Philip Morris USA 2.44% due 5/14/2008		23,348,409		23,348,409
	25,000,000	Philip Morris USA 2.45% due 5/14/2008		24,977,882		24,977,882
	25,000,000	Philip Morris USA 2.42% due 5/23/2008		24,963,028		24,963,028
	50,000,000	Philip Morris USA 2.45% due 5/23/2008		49,925,139		49,925,139
	44,762,000	Procter and Gamble Company 2.1% due 5/5/2008		44,751,556		44,751,556
	10,000,000	The Sherwin-Williams Company 2.94% due 5/16/2008		9,987,750		9,987,750
	16,000,000	The Sherwin-Williams Company 3% due 5/19/2008		15,976,000		15,976,000
	20,000,000	The Sherwin-Williams Company 3% due 5/27/2008		19,956,667		19,956,667
	10,000,000	The Sherwin-Williams Company 3% due 5/30/2008		9,975,833		9,975,833
	18,000,000	The Sherwin-Williams Company 3.13% due 6/3/2008		17,948,355		17,948,355
	10,000,000	The Sherwin-Williams Company 2.95% due 6/9/2008		9,968,042		9,968,042
	29,298,000	Starbucks Corporation 2.85% due 5/1/2008		29,298,000		29,298,000
	15,000,000	Starbucks Corporation 2.85% due 5/5/2008		14,995,250		14,995,250
	20,225,000	Starbucks Corporation 2.9% due 5/6/2008		20,216,854		20,216,854
	8,000,000	Telstra Corporation Limited 2.65% due 5/16/2008		7,991,167		7,991,167
	25,000,000	Time Warner Inc. 2.94% due 5/2/2008		24,997,958		24,997,958
	21,009,000	Time Warner Inc. 2.93% due 5/5/2008		21,002,160		21,002,160
	50,000,000	Time Warner Inc. 2.93% due 5/7/2008		49,975,583		49,975,583
	51,904,000	Time Warner Inc. 2.93% due 5/9/2008		51,870,205		51,870,205

See Notes to Financial Statements.

21

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2008
(Unaudited)

	Principal Amount			Cost (Note 1)			Value (Note 1)
		Short-Term Investments—(continued)
$	25,000,000	Time Warner Inc. 3.09% due 5/22/2008	$	24,954,937		$	24,954,937
	25,000,000	Time Warner Inc. 3.03% due 5/28/2008		24,943,187			24,943,187
	32,147,000	Time Warner Inc. 2.93% due 6/3/2008		32,060,659			32,060,659
	15,000,000	Unilever N.V. 2.18% due 5/23/2008		14,980,017			14,980,017
	25,000,000	Vulcan Materials Company 3.05% due 5/5/2008		24,991,528			24,991,528
	13,555,000	Vulcan Materials Company 2.97% due 5/14/2008		13,540,462			13,540,462
	21,725,000	Vulcan Materials Company 3% due 5/14/2008		21,701,465			21,701,465
	15,725,000	Wisconsin Electric Power Company 2.4% due 5/7/2008		15,718,710			15,718,710
	27,000,000	Wisconsin Electric Power Company 2.45% due 5/9/2008		26,985,300			26,985,300
		Total Short-Term Investments		2,781,264,827			2,781,264,827
		Total Investments (100.33%)	$	18,772,757,003	*		22,926,204,051	**
		Liabilities in excess of other assets (–0.33%)					(74,580,167	)
		Net Assets (100.00%)				$	22,851,623,884

*	At April 30, 2008 cost is substantially identical for both book and federal income tax purposes.
**	Gross unrealized appreciation and depreciation of securities at April 30, 2008 were $4,567,162,936 and $413,715,888, respectively (net appreciation was $4,153,447,048).

Foreign Currency Exchange Contracts

Sales

Settlement Dates Through		Foreign Currency To Be Delivered		U.S. $ To Be Received			U.S. $ Value at April 30, 2008			Unrealized Appreciation at April 30, 2008			Unrealized Depreciation at April 30, 2008
	6/11/2008	1,209,628,000	euro		$	1,791,032,306		$	1,880,735,663			—		$	(89,703,357)
	6/11/2008	311,799,000	euro			481,482,408			484,786,644			—			(3,304,236)
	7/16/2008	54,784,000	pound sterling			106,823,869			108,171,830			—			(1,347,961)
	10/15/2008	96,225,000	Swiss franc			94,907,213			92,518,612		$	2,388,601			—
					$	2,474,245,796		$	2,566,212,749		$	2,388,601		$	(94,355,554)

See Notes to Financial Statements.

22

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

April 30, 2008
(Unaudited)

Foreign Currencies			Sector/Industry Classifications		Percent of Net Assets
EUR	—	euro	(1)	Consumer Discretionary	7.15%
GBP	—	pound sterling	(2)	Consumer Staples	8.04%
HKD	—	Hong Kong dollar	(3)	Energy	4.51%
MYR	—	Malaysian ringgit	(4)	Financials	6.41%
SEK	—	Swedish krona	(5)	Government Issues	4.26%
SGD	—	Singapore dollar	(6)	Health Care	5.94%
TWD	—	Taiwan dollar	(7)	Holding Companies	6.63%
			(8)	Industrials	13.35%
			(9)	Materials	4.19%
			(10)	Media	4.48%
			(11)	Paper and Forest Products	2.49%
			(12)	Precious Metals	8.40%
			(13)	Real Estate	0.01%
			(14)	Retail	3.54%
			(15)	Technology and Telecommunications	7.09%
			(16)	Transportation	0.98%
			(17)	Utilities	0.69%

(a)	Non-income producing security/commodity.
(b)	All or a portion of the security is exempt from registration under the Securities Act of 1933. Rule 144A securities may only be sold to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

See Notes to Financial Statements.

23

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

(c) Affiliate as defined by the Investment Company Act of 1940. An affiliate is defined as a company in which the Fund directly or indirectly owns, controls, or holds power to vote 5% or more of the outstanding voting securities. Following is a summary of transactions with each such affiliate for the six months ended April 30, 2008.

	Purchases				Sales				Realized Gain (Loss)			Dividend Income
Affiliate	Shares		Cost		Shares		Cost
Ariake Japan Company, Limited		511,900	$	7,316,821		—		—		—		$	219,702
Barnes & Noble, Inc.		3,290,296		100,611,034		—		—		—			857,703
Blount International, Inc.		967,810		11,606,321		—		—		—			—
Chofu Seisakusho Company, Limited		1,085,080		18,294,743		—		—		—			235,105
Cintas Corporation		2,623,100		85,614,509		—		—		—			4,492,682
City e-Solutions Limited		—		—		—		—		—			79,886
Conbraco Industries, Inc.		—		—		151	$	73,688	($	24,859	)		—
Daeduck GDS Company, Limited		—		—		—		—		—			340,190
Deceuninck		275,696		6,662,060		—		—		—			—
Deltic Timber Corporation		638,528		31,718,310		—		—		—			96,087
East Texas Financial Services, Inc.		—		—		49,076		370,133		372,045			9,983
Getty Images, Inc.		—		—		—		—		—			—
Guyenne et Gascogne SA		237,630		35,771,253		—		—		—			—
IDACORP, Inc.		1,864,980		64,351,045		—		—		—			2,104,662
International Speedway Corporation, Class ‘A’		—		—		690,050		35,960,290		(8,473,915	)		—
Italcementi S.p.A. RNC		3,993,897		58,748,465		—		—		—			—
Kaiser Ventures LLC		—		—		—		—		—			—
Meitec Corporation		—		—		—		—		—			1,122,857
Mills Music Trust		—		—		—		—		—			50,769
MISUMI Group Inc.		4,131,750		67,061,814		—		—		—			745,605
Nam Yang Dairy Products Company, Limited		—		—		7,403		1,807,636		5,335,322			27,528
Neopost SA		2,214,187		229,282,165		—		—		—			—
NSC Groupe		—		—		—		—		—			—
PARK 24 Company, Limited		—		—		1,213,040		13,918,521		(3,077,642	)		—
Pfeiffer Vacuum Technology AG		608,204		54,211,564		—		—		—			—
Rayonier Inc.		—		—		—		—		—			5,905,362
Rémy Cointreau SA		1,319,373		77,931,651		—		—		—			—
Sabeton SA		—		—		—		—		—			—
San Juan Basin Royalty Trust		1,748,682		63,452,158		—		—		—			3,048,297
Shaw Brothers (Hong Kong) Limited		760,000		1,466,125		—		—		—			151,449
Shimachu Company, Limited		1,666,510		43,979,005		—		—		—			192,216
Shimano Inc.		1,936,400		70,917,066		—		—		—			944,702
Société Sucrière de Pithiviers-le-Vieil		3,835		3,028,607		—		—		—			1,943,753
T. Hasegawa Company, Limited		1,271,000		20,041,773		—		—		—			577,013
THK Company, Limited (8)		6,806,800		129,676,944		—		—		—			1,136,270
Toho Company, Limited		3,453,020		77,064,690		—		—		—			1,632,927
Wendel		1,308,259		172,660,682		—		—		—			—
Total									($	5,869,049	)	$	25,914,748

(d)	Security for which there is less than three market makers.
(e)	Represents interest in a restricted security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. Information concerning each restricted security holding on April 30, 2008 is shown below.

Security	Acquisition Date		Cost		Carrying Value Per Share/Principal
Kaiser Ventures LLC		6/24/1993		—	$ 2.87
FINEL 9½% due 6/30/2017		6/22/2005	$	14,474,400	0.78
FINEL 9½% due 10/15/2017		10/11/2005		18,067,500	0.78
LandCo LLC		9/6/2006		669,030	3.48

(f)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing 0.10% of net assets.
(g)	Inflation protected security.

See Notes to Financial Statements.

24

FUND OVERVIEW
FIRST EAGLE OVERSEAS FUND	Data as of April 30, 2008 (Unaudited)

THE INVESTMENT STYLE

The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. Management’s research-driven process seeks to minimize risk by focusing on undervalued securities.

ASSET ALLOCATION

COUNTRIES

Japan	29.98	%	Mexico	1.24	%
France	17.99	%	South Africa	1.12	%
United States	7.06	%	Malaysia	1.10	%
South Korea	6.11	%	Chile	0.58	%
Switzerland	5.05	%	India	0.51	%
Singapore	3.95	%	Belgium	0.43	%
Germany	3.28	%	Australia	0.36	%
Italy	2.82	%	Ireland	0.15	%
Hong Kong	2.48	%	Sweden	0.12	%
Thailand	2.07	%	Other	0.36	%
Netherlands	2.02	%
Canada	1.55	%
Brazil	1.43	%
United Kingdom	1.41	%
Taiwan	1.31	%

The Fund’s portfolio composition (represented as a percentage of net assets) is subject to change at any time.

AVERAGE ANNUAL RETURNS

	ONE-YEAR		FIVE-YEARS		TEN-YEARS
First Eagle Overseas Fund (A Shares)
without sales load	2.20	%	20.78	%	15.17	%
with sales load	(2.91	%)	19.55	%	14.73	%
MSCI EAFE Index	(1.78	%)	20.42	%	6.66	%
Consumer Price Index	3.94	%	3.17	%	2.83	%

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. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. The average annual returns for Class A Shares give effect to the deduction of the maximum sales load of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter. The MSCI EAFE Index is a total return index, reported in U.S. Dollars, based on share prices and reinvested net dividends of approximately 1,100 companies from 21 countries and is not available for purchase. 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)	6.22	%
Pargesa Holding SA (Swiss diversified financials company)	2.86	%
Shimano Inc. (Japanese bicycle parts manufacturer)	2.78	%
Sodexo (French food management services provider)	2.73	%
Republic of France O.A.T. I/L (French government bonds)	2.07	%
Sompo Japan Insurance Inc. (Japanese insurance company)	2.01	%
Samsung Electronics Company, Limited (Pfd.)	1.79	%
(South Korean electronics company)
Keyence Corporation (Japanese sensors manufacturer)	1.55	%
SMC Corporation (Japanese automated control devices manufacturer)	1.55	%
Sanofi-Aventis (French health care company)	1.55	%

25

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS
April 30, 2008
(Unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks (81.80%)
	Australia and New Zealand (0.41%)
11,118,174	Spotless Group Limited (c)(8)	$	33,300,592	$	32,996,215
5,750,000	Tasman Farms (a)(c)(2)		1,054,354		4,899,619
			34,354,946		37,895,834
	Belgium (0.43%)
2,027,619	Deceuninck (c)(1)		47,275,994		39,452,384
	Brazil (1.43%)
1,302,232	Petroleo Brasiliero SA ADR (3)		29,184,526		131,655,655
	Canada (1.11%)
905,890	EnCana Corporation (3)		18,012,558		73,204,971
782,650	Harry Winston Diamond Corporation (9)		17,836,894		23,187,327
225,892	Calfrac Well Services Limited (3)		4,211,062		5,474,607
			40,060,514		101,866,905
	Chile (0.58%)
24,062,197	Quinenco SA (8)		16,182,017		53,639,353
	Commonwealth of Independent States (0.00%)
100,000	First NIS Regional Fund SICAV (a)(b)(f )(7)		1,000,000		50,000
9,000	Baltic Republic Fund (a)(d)(7)		185,750		6,750
			1,185,750		56,750
	France (15.64%)
3,758,044	Sodexo (1)		111,683,443		251,540,086
1,825,563	Sanofi-Aventis (6)		151,179,916		142,509,774
1,028,510	Wendel (7)		44,759,990		141,894,695
1,186,430	Neopost SA (8)		83,868,726		123,735,356
814,500	Air Liquide SA (9)		102,537,324		122,626,481
1,477,554	Rémy Cointreau SA (2)		43,919,771		91,653,399
1,202,898	Carrefour SA (2)		69,676,803		84,690,029
527,048	Laurent-Perrier (c)(2)		17,208,120		76,223,611
1,111,540	Société BIC SA (8)		57,345,321		56,889,720
842,903	Essilor International SA (6)		20,908,156		52,416,893
613,300	Total SA (3)		41,767,710		51,494,494
378,980	Société Foncière Financière et de Participations (7)		26,414,747		41,141,027
358,791	Gaumont SA (10)		21,181,289		33,504,049
39,143	Société Sucrière de Pithiviers-le Vieil (c)(2)		15,598,306		31,744,517
227,140	Robertet SA (c)(2)		19,306,879		29,915,220
51,500	Robertet SA C.I. (2)		2,151,628		5,531,376
540,680	Zodiac SA (8)		29,615,032		28,926,556

See Notes to Financial Statements.

26

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks—(continued)
	France—(continued)
591,120	Vivendi SA (10)	$	22,290,481	$	23,987,974
120,246	Guyenne et Gascogne SA (2)		20,523,158		20,607,953
300,000	Frégate SAS 2% Conv. Pfd. due 3/31/2013 (a)(d)(e)(f)(7)		3,620,400		8,766,716
258,573	Trigano SA (1)		11,554,542		8,693,884
3,593,581	FINEL (b)(c)(d)(e)(f)(h)(11)		9,152,131		5,537,828
26,499	NSC Groupe (8)		4,385,060		2,681,142
100,000	Sabeton SA (7)		1,463,142		2,008,013
1,000	Société Vermandoise de Sucreries (2)		854,846		1,902,943
			932,966,921		1,440,623,736
	Germany (3.28%)
915,140	Pfeiffer Vacuum Technology AG (c)(8)		39,449,539		87,607,148
784,725	Fraport AG (16)		29,042,784		56,726,578
581,442	Hornbach Holding AG Pfd. (14)		39,598,447		53,399,268
1,358,769	Bertelsmann AG D.R.C. (10)		30,601,684		46,954,313
1,309,950	Tognum AG (a)(8)		32,519,141		37,722,749
175,755	Axel Springer AG (10)		8,171,772		19,377,682
			179,383,367		301,787,738
	Hong Kong (1.75%)
7,073,120	Guoco Group Limited (7)		52,605,628		75,821,835
17,482,440	Shaw Brothers (Hong Kong) Limited (10)		15,754,118		42,617,941
7,000,000	Hopewell Holdings Limited (13)		7,763,618		30,536,114
10,000,000	SmarTone Telecommunications Holdings Limited (15)		11,260,665		10,520,846
10,851,720	City e-Solutions Limited (1)		323,358		1,406,231
			87,707,387		160,902,967
	India (0.51%)
1,592,150	Tata Motors Limited (1)		19,869,354		26,113,382
482,001	Nestlé India Limited (2)		6,511,864		20,924,185
			26,381,218		47,037,567
	Italy (2.82%)
7,315,306	Italcementi S.p.A. RNC (9)		87,341,485		116,830,638
1,197,736	Italmobiliare S.p.A. RNC (9)		50,324,929		86,004,554
165,635	Italmobiliare S.p.A. (9)		19,155,452		15,755,830
6,486,195	Gewiss S.p.A. (c)(8)		26,275,520		41,294,309
			183,097,386		259,885,331

See Notes to Financial Statements.

27

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—(continued)
		Japan (29.98%)
	5,654,500	Shimano Inc. (c)(1)	$	104,329,498	$	256,247,042
	16,714,550	Sompo Japan Insurance Inc. (4)		189,083,834		185,281,287
	564,600	Keyence Corporation (15)		122,592,037		143,131,171
	1,231,500	SMC Corporation (8)		156,971,922		142,529,533
	2,915,900	Secom Company, Limited (8)		124,795,839		135,213,950
	2,528,100	Ono Pharmaceutical Company, Limited (6)		104,432,562		133,217,246
	1,015,780	Hirose Electric Company, Limited (15)		120,877,616		119,898,535
	4,569,010	Toho Company, Limited (10)		70,977,622		104,184,372
	926,600	FANUC Limited (8)		85,439,855		97,032,220
	2,273,020	Astellas Pharma Inc. (6)		96,480,690		92,554,108
	1,838,970	Canon Inc. (15)		88,676,122		91,618,146
	13,002,200	Aioi Insurance Company, Limited (4)		41,005,681		81,594,644
	1,878,480	Mitsui Sumitomo Insurance Group Holdings, Inc. (a)(4)		51,364,673		74,509,291
	7,500,930	NIPPONKOA Insurance Company, Limited (4)		33,069,082		72,799,445
	3,710,400	MISUMI Group Inc. (8)		63,141,616		71,808,460
	2,387,767	Meitec Corporation (c)(8)		73,219,254		68,058,509
	10,414,300	Nissay Dowa General Insurance Company, Limited (4)		52,846,046		60,465,301
	3,374,991	T. Hasegawa Company, Limited (c)(2)		46,044,962		56,133,982
	2,614,150	Nitto Kohki Company, Limited (c)(8)		45,743,799		53,472,673
	9,513,700	Okumura Corporation (8)		49,089,448		46,759,551
	2,371,880	AIFUL Corporation (4)		40,753,039		46,358,182
	3,005,000	OSG Corporation (8)		35,696,828		42,120,383
	2,022,800	Chofu Seisakusho Company, Limited (c)(1)		33,096,084		41,667,258
	5,453,000	Kansai Paint Company, Limited (9)		41,956,987		37,250,194
	2,016,000	Fuji Seal International, Inc. (c)(9)		45,363,163		32,198,055
	3,341,200	Japan Wool Textile Company, Limited (1)		24,718,163		26,793,623
	1,716,770	Circle K Sunkus Company, Limited (2)		30,450,607		25,889,303
	936,347	Mandom Corporation (2)		15,567,941		24,759,930
	1,760,700	Ariake Japan Company, Limited (c)(2)		38,204,234		24,679,321
	2,181,200	Seikagaku Corporation (6)		17,605,118		24,032,383
	2,068,330	Maezawa Kasei Industries Company, Limited (c)(8)		31,939,631		23,680,521
	2,369,900	Yomeishu Seizo Company, Limited (c)(2)		21,291,577		23,318,681
	2,376,980	Daiichikosho Company, Limited (10)		25,716,873		23,228,930
	807,000	Shimachu Company, Limited (14)		16,965,249		22,112,766
	1,017,260	Kose Corporation (2)		28,090,890		21,928,958
	1,897,056	Nissin Healthcare Food Service Company, Limited (2)		32,039,654		21,810,464
	853,360	Icom Inc. (c)(15)		22,353,412		20,112,724
	1,584,170	Cosel Company, Limited (8)		26,081,305		17,226,663
	100,000	ASAHI Broadcasting Corporation (10)		6,141,481		16,220,359
	1,058,246	Matsumoto Yushi-Seiyaku Company, Limited (c)(9)		25,950,562		15,563,187
	2,681,675	The Tokushima Bank, Limited (4)		18,101,280		15,338,539

See Notes to Financial Statements.

28

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—(continued)
		Japan—(continued)
	303,200	Mabuchi Motor Company, Limited (15)	$	18,025,224	$	14,960,287
	1,547,100	PARK24 Company, Limited (8)		13,768,972		14,051,744
	507,106	SK Kaken Company, Limited (8)		9,442,605		13,045,074
	798,380	Chudenko Corporation (8)		12,166,734		12,506,360
	654,602	Nagaileben Company, Limited (6)		12,342,356		11,916,108
	594,300	Aderans Company, Limited (2)		11,805,545		11,171,417
	435,730	As One Corporation (6)		9,859,070		9,392,982
	1,214,470	Sansei Yusoki Company, Limited (c)(8)		10,203,089		8,843,087
	1,460,000	Shingakukai Company, Limited (c)(1)		10,500,469		7,301,749
	378,370	Doshisha Corporation, Limited (1)		6,380,105		5,876,290
	69,500	ROHM Company. Limited (15)		4,514,438		4,827,545
	312,785	Shoei Company, Limited (7)		1,376,325		4,602,997
	423,700	Tachi-S Company, Limited (1)		3,263,755		3,426,135
	325,000	Sonton Food Industry Company, Limited (2)		3,298,777		2,519,042
	37,100	Tachihi Enterprise Company, Limited (13)		1,374,762		2,438,381
	122,100	Milbon Company, Limited (2)		3,584,409		2,339,641
				2,430,172,871		2,762,018,729
		Malaysia (0.73%)
	32,980,460	Genting Berhad (1)		74,275,581		66,817,013
		Mexico (1.24%)
	3,901,620	Industrias Peñoles SAB de C.V. (12)		3,475,240		113,964,877
		Netherlands (1.07%)
	496,018	Hal Trust NV (7)		13,919,475		62,540,211
	698,529	Heineken Holding NV (2)		16,264,846		35,881,887
				30,184,321		98,422,098
		Singapore (2.90%)
	19,044,420	Haw Par Corporation Limited (c)(8)		56,465,761		105,190,669
	3,132,020	United Overseas Bank Limited (4)		40,462,665		47,054,688
	9,974,000	Fraser & Neave Limited (2)		10,285,189		35,111,183
	16,750,000	Singapore Airport Terminal Services Limited (16)		20,204,311		28,742,129
	10,000,000	United Overseas Land Limited (7)		12,162,423		27,985,418
	17,549,625	ComfortDelgro Corporation Limited (16)		6,946,456		22,617,994
				146,526,805		266,702,081
		South Africa (1.12%)
	6,294,170	Gold Fields Limited ADR (12)		93,879,639		84,971,295
	1,591,010	Harmony Gold Mining Company, Limited ADR (a)(12)		17,567,971		18,598,907
				111,447,610		103,570,202

See Notes to Financial Statements.

29

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—(continued)
		South Korea (6.11%)
	320,074	Samsung Electronics Company, Limited Pfd. (15)	$	47,837,245	$	164,721,672
	1,077,369	KT&G Corporation (2)		47,344,293		89,185,286
	3,424,534	SK Telecom Company, Limited ADR (15)		78,442,399		77,291,732
	33,070	Lotte Confectionery Company, Limited (2)		10,159,503		39,381,220
	2,189,230	Kangwon Land Inc. (1)		42,463,170		45,852,321
	120,620	Nong Shim Company, Limited (2)		31,736,226		22,195,572
	39,708	Nong Shim Holding Company, Limited (2)		3,625,272		2,799,936
	939,030	Fursys Inc. (c)(8)		11,308,973		20,931,851
	494,900	Hankuk Paper Manufacturing Company, Limited (c)(11)		17,020,271		19,422,844
	22,950	Nam Yang Dairy Products Company, Limited (2)		4,912,653		18,082,581
	28,850	Nam Yang Dairy Products Company, Limited Pfd. (2)		479,094		8,459,482
	117,880	Pacific Corporation (2)		18,010,606		15,460,250
	1,182,040	Dong Ah Tire & Rubber Company, Limited (1)		5,161,359		11,070,020
	71,177	SK Holdings Company, Limited (3)		9,160,124		11,038,771
	1,042,250	Daeduck GDS Company, Limited (c)(15)		8,149,986		8,139,248
	1,087,440	Daeduck Electronics Company, Limited (15)		7,707,302		5,737,354
	290,204	Sam-A Pharmaceutical Company, Limited (6)		2,323,904		2,043,425
	23,136	Daekyo Company, Limited Pfd. (1)		905,979		1,003,756
				346,748,359		562,817,321
		Switzerland (5.05%)
	2,300,398	Pargesa Holding SA (7)		128,181,891		263,445,685
	226,015	Nestlé SA (2)		48,733,932		107,920,887
	441,106	Kuehne & Nagel International AG (16)		2,511,589		47,295,412
	1,072	Lindt & Spruengli AG (2)		9,210,853		34,955,738
	35,000	Edipresse SA (10)		11,616,314		11,752,414
				200,254,579		465,370,136
		Taiwan (1.12%)
	44,372,545	Compal Electronics Inc. (15)		45,382,197		49,622,634
	18,842,980	Taiwan Secom Company, Limited (8)		30,321,751		41,154,715
	12,908,067	Taiwan-Sogo Shinkong Security Company, Limited (8)		11,933,785		12,760,746
				87,637,733		103,538,095
		Thailand (2.07%)
	592,872,785	Thai Beverage Public Company Limited (2)		102,744,140		120,072,184
	14,789,489	Bangkok Bank Public Company Limited NVDR (4)		47,460,044		64,362,961
	496,220	Bangkok Bank Public Company Limited (4)		1,613,300		2,190,817
	250,000	The Oriental Hotel Public Company, Limited (1)		1,152,073		4,320,404
				152,969,557		190,946,366

See Notes to Financial Statements.

30

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—(continued)
		United Kingdom (1.39%)
	2,986,700	Spirax-Sarco Engineering Plc (8)	$	20,282,387	$	64,925,041
	892,218	Anglo American Plc (12)		18,748,394		57,849,017
	1,819,844	JZ Equity Partners, Plc (4)		3,167,687		4,186,993
	656,219	Chrysalis Group Plc (a)(10)		3,646,833		1,503,283
				45,845,301		128,464,334
		United States (0.84%)
	1,597,613	Newmont Mining Corporation Holding Company (12)		51,732,028		70,630,471
	34,500	Third Avenue Global Value Fund L.P. (a)(b)(d)(7)		3,450,000		6,970,757
	14,083	Security Capital European Realty (a)(d)(f)(13)		—		—
				55,182,028		77,601,228
		Miscellaneous (0.22%)
	1,094,523	Banco Latinoamericano de Exportaciones SA ADR (4)		13,960,676		20,577,032
		Total Common and Preferred Stocks		5,276,460,687		7,535,613,732

Ounces
		Commodity (6.22%)
	652,751	Gold bullion (a)	343,206,873	572,821,259

Principal Amount
		Notes, Bonds and Convertible Bond (6.46%)
		U.S. Dollar Notes and Bonds (0.47%)
$	1,000,000	YPF Sociedad Anonima SA 91/8% due 2/24/2009 (3)	947,617	1,036,000
	5,000,000	Catalyst Paper Corporation 85/8% due 6/15/2011 (11)	4,438,713	4,312,500
	47,142,000	Catalyst Paper Corporation 73/8% due 3/01/2014 (11)	38,621,365	35,827,920
	2,000,000	Legrand SA 81/2% due 2/15/2025 (8)	2,061,744	2,155,604
			46,069,439	43,332,024
		Non U.S. Dollar Notes and Bonds (5.95%)
EUR	9,766,000	Koninklijke Ahold NV 57/8% due 5/9/2008 (14)	11,116,584	15,198,102
SEK	55,000,000	Sweden Government I/L 4.6745% due 12/1/2008 (g)(5)	7,524,078	11,242,962
HKD	164,250,000	Hong Kong Government 3.34% due 12/19/2008 (5)	21,070,814	21,392,677
HKD	351,150,000	Hong Kong Government 2.52% due 3/24/2009 (5)	45,273,297	45,624,473
MYR	50,260,000	Malaysian Government 4.305% due 2/27/2009 (5)	13,258,835	16,035,565
MYR	56,664,000	Malaysian Government 3.756% due 4/28/2011 (5)	15,178,898	18,096,354
EUR	5,500,000	Independent News & Media Plc 53/4% due 5/17/2009 (10)	6,238,558	8,133,232
EUR	13,869,993	Republic of France O.A.T. I/L 3% due 7/25/2009 (g)(5)	13,250,734	21,982,617
EUR	102,708,440	Republic of France O.A.T. I/L 3% due 7/25/2012 (g)(5)	135,066,942	168,964,853

See Notes to Financial Statements.

31

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Principal Amount			Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bond—(continued)
		Non U.S. Dollar Notes and Bonds—(continued)
SGD	56,842,000	Singapore Government 23/8% due 10/1/2009 (5)	$	34,591,318	$	42,654,545
SGD	53,282,000	Singapore Government 45/8% due 7/1/2010 (5)		38,495,840		42,222,723
SGD	15,010,000	Singapore Government 35/8% due 7/1/2011 (5)		10,777,003		11,835,852
EUR	22,300,000	Waterford Wedgwood Plc 97/8% due 12/1/2010 (b)(1)		27,566,598		14,058,428
GBP	1,000,000	Marks & Spencer 63/8% due 11/7/2011 (1)		1,726,043		1,929,613
TWD	538,700,000	Taiwan Government 2% due 7/20/2012 (5)		16,376,974		17,482,719
EUR	29,150,000	UPC Holding BV 73/4% due 1/15/2014 (b)(10)		33,926,339		43,786,755
EUR	18,450,000	UPC Holding BV 85/8% due 1/15/2014 (b)(10)		21,648,633		28,396,169
EUR	4,000,000	Wendel 47/8% due 11/4/2014 (7)		4,909,325		5,119,457
EUR	8,000,000	FINEL 91/2% due 6/30/2017 (b)(d)(e)(f)(11)		9,649,600		6,226,398
EUR	10,000,000	FINEL 91/2% due 10/15/2017 (b)(d)(e)(f)(11)		12,045,000		7,782,998
				479,691,413		548,166,492
		Non U.S. Dollar Convertible Bond (0.04%)
EUR	243,500	Havas SA 4% due 1/01/2009 (10)		1,986,854		4,087,405
		Total Notes, Bonds and Convertible Bond		527,747,706		595,585,921
		Short-Term Investments (5.52%)
$	15,621,000	7-Eleven Inc. 2.2% due 5/9/2008		15,613,363		15,613,363
	39,419,000	AT&T Corporation 2.25% due 5/9/2008		39,399,291		39,399,291
	20,000,000	AT&T Corporation 2.25% due 5/12/2008		19,986,250		19,986,250
	25,000,000	BASF Corporation 2.25% due 6/4/2008		24,946,875		24,946,875
	28,600,000	The Clorox Company 2.9% due 5/8/2008		28,583,873		28,583,873
	30,000,000	ConocoPhillips Company 2.23% due 5/13/2008		29,977,700		29,977,700
	10,000,000	The Dow Chemical Company 3.15% due 6/17/2008		9,958,875		9,958,875
	12,776,000	Henkel AG & Company KGaA 2.2% due 5/6/2008		12,772,096		12,772,096
	20,500,000	Henkel AG & Company KGaA 2.22% due 5/16/2008		20,481,038		20,481,038
	20,000,000	H.J. Heinz Company 2.75% due 5/2/2008		19,998,472		19,998,472
	10,000,000	ITT Corporation 2.9% due 5/2/2008		9,999,194		9,999,194
	19,461,000	ITT Corporation 2.85% due 5/8/2008		19,450,215		19,450,215
	20,000,000	ITT Corporation 2.87% due 5/9/2008		19,987,245		19,987,245
	23,460,000	ITT Corporation 2.4% due 5/13/2008		23,441,232		23,441,232
	6,496,000	ITT Corporation 2.9% due 5/13/2008		6,489,721		6,489,721
	1,977,000	Kraft Foods Inc. 2.73% due 5/5/2008		1,976,400		1,976,400
	19,540,000	Kraft Foods Inc. 2.81% due 5/7/2008		19,530,849		19,530,849
	22,194,000	L’Oréal SA 2.18% due 5/16/2008		22,173,840		22,173,840
	43,719,000	Philip Morris USA 2.42% due 5/2/2008		43,716,061		43,716,061
	26,631,000	Philip Morris USA 2.44% due 5/14/2008		26,607,535		26,607,535
	20,238,000	Procter and Gamble Company 2.1% due 5/5/2008		20,233,278		20,233,278
	25,172,000	Starbucks Corporation 2.85% due 5/1/2008		25,172,000		25,172,000

See Notes to Financial Statements.

32

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Principal Amount			Cost (Note 1)			Value (Note 1)
		Short-Term Investments—(continued)
$	21,008,000	Time Warner Inc. 2.93% due 5/5/2008	$	21,001,161		$	21,001,161
	20,000,000	Vulcan Materials Company 3.05% due 5/5/2008		19,993,222			19,993,222
	6,775,000	Wisconsin Electric Power Company 2.4% due 5/7/2008		6,772,290			6,772,290
		Total Short-Term Investments		508,262,076			508,262,076
		Total Investments (100.00%)	$	6,655,677,342	*		9,212,282,988	**
		Other assets in excess of liabilities (0.00%)					368,518
		Net Assets (100.00%)				$	9,212,651,506

*	At April 30, 2008 cost is substantially identical for both book and federal income tax purposes.
**	Gross unrealized appreciation and depreciation of securities at April 30, 2008 were $2,776,608,267 and $220,002,621, respectively (net appreciation was $2,556,605,646).

Foreign Currency Exchange Contracts

Sales

Settlement Dates Through	Foreign Currency To Be Delivered		U.S. $ To Be Received		U.S. $ Value at April 30, 2008		Unrealized Appreciation at April 30, 2008			Unrealized Depreciation at April 30, 2008
6/11/2008	885,999,000	euro	$	1,310,369,938	$	1,377,555,675			—	$	(67,185,737	)
6/11/2008	97,937,000	euro		151,650,000		152,272,937			—		(622,937	)
7/16/2008	63,991,000	pound sterling		124,776,690		126,351,189			—		(1,574,499	)
10/15/2008	47,189,000	Swiss franc		46,542,754		45,371,377		$	1,171,377		—
			$	1,633,339,382	$	1,701,551,178		$	1,171,377	$	(69,383,173	)

Foreign Currencies	Sector/Industry Classifications		Percent of Net Assets
EUR — euro	(1)	Consumer Discretionary	8.83	%
GBP — pound sterling	(2)	Consumer Staples	12.07	%
HKD — Hong Kong dollar	(3)	Energy	2.97	%
MYR — Malaysian ringgit	(4)	Financials	7.32	%
SEK — Swedish krona	(5)	Government Issues	4.53	%
SGD — Singapore dollar	(6)	Health Care	5.08	%
TWD — Taiwan dollar	(7)	Holding Companies	6.95	%
	(8)	Industrials	15.84	%
	(9)	Materials	4.88	%
	(10)	Media	4.43	%
	(11)	Paper and Forest Products	0.86	%
	(12)	Precious Metals	9.97	%
	(13)	Real Estate	0.36	%
	(14)	Retail	0.99	%
	(15)	Technology and Telecommunications	7.71	%
	(16)	Transportation	1.69	%

(a)	Non-income producing security/commodity.
(b)	All or a portion of this security is exempt from registration under the Securities Act of 1933. Rule 144A securities may only be sold to qualified institutional buyers under the Securities Act of 1933.

See Notes to Financial Statements.

33

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

(c) Affiliate as defined by the Investment Company Act of 1940. An affiliate is defined as a company in which the Fund directly or indirectly owns, controls, or holds power to vote 5% or more of the outstanding voting securities. Following is a summary of transactions with each such affiliate for the six months ended April 30, 2008.

	Purchases			Sales
							Realized			Dividend
Affiliate	Shares	Cost		Shares	Cost		Gain/(Loss)			Income
Ariake Japan Company, Limited	—		—	—		—		—		$	226,429
Chofu Seisakusho Company, Limited	444,700	$	7,828,181	—		—		—			186,503
Daeduck GDS Company, Limited	—		—	—		—		—			223,113
Deceuninck	—		—	—		—		—			—
FINEL	—		—	—		—		—			—
Fuji Seal International, Inc.	469,700		7,396,350	—		—		—			250,747
Fursys Inc.	—		—	—		—		—			402,035
Gewiss S.p.A.	657,477		4,346,349	—		—		—			—
Hankuk Paper Manufacturing Company, Limited	—		—	—		—		—			105,943
Haw Par Corporation Limited	2,969,770		13,819,942	—		—		—			—
Icom Incorporated	—		—	—		—		—			146,324
Laurent-Perrier	—		—	14,570	$	663,000	$	2,012,667			—
Maezawa Kasei Industries Company, Limited	38,000		517,168	—		—		—			292,588
Matsumoto Yushi-Seiyaku Company, Limited	450,000		11,183,186	—		—		—			499,003
Meitec Corporation	—		—	—		—		—			696,025
Nitto Kohki Company, Limited	352,300		7,485,614	10,000		226,271		(13,610	)		655,030
Pfeiffer Vacuum Technology AG	—		—	—		—		—			—
Robertet SA	—		—	—		—		—			—
Sansei Yusoki Company, Limited	179,180		1,055,791	—		—		—			72,640
Shimano Inc.	256,000		9,144,700	—		—		—			854,841
Shingakukai Company, Limited	434,000		2,565,382	—		—		—			200,276
Société Sucrière de Pithiviers-le Vieil	393		288,868	—		—		—			1,103,891
Spotless Group Limited	—		—	762,987		3,082,206		(283,745	)		904,630
T. Hasegawa Company, Limited	227,500		3,884,872	—		—		—			281,259
Tasman Farms	—		—	—		—		—			—
Yomeishu Seizo Company, Limited	1,384,400		13,089,611	—		—		—			184,659
Total							$	1,715,312		$	7,285,936

(d)	Security for which there is less than three market makers.
(e)	Represents interest in a restricted security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. Information concerning each restricted security holding on April 30, 2008 is shown below.

Security	Acquisition Date		Cost		Carrying Value Per Share/Principal
FINEL		7/14/1999	$	9,152,131		$	1.54
FINEL 91/2% due 6/30/2017		6/22/2005		9,649,600			0.78
FINEL 91/2% due 10/15/2017		10/11/2005		12,045,000			0.78
Fregaté SAS 2% Conv. Pfd. due 3/31/2013		4/30/2004		3,620,400			29.22

(f)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing 0.31% of net assets.
(g)	Inflation protected security.
(h)	Held through Financiere Bleue, LLC.
See Notes to Financial Statements.

34

FUND OVERVIEW
FIRST EAGLE U.S. VALUE FUND	Data as of April 30, 2008 (Unaudited)

THE INVESTMENT STYLE

The First Eagle U.S. Value Fund seeks long-term growth of capital by investing primarily in equities issued by U.S. corporations. Management utilizes a highly disciplined, bottom-up, value-oriented approach in achieving its investment objective.

ASSET ALLOCATION

SECTOR / INDUSTRY
Industrials	14.45%
Media	10.83%
Energy	10.57%
Consumer Discretionary	9.76%
Health Care	8.32%
Technology	7.70%
Precious Metals	7.44%
Retail	7.39%
Holding Companies	5.01%
Paper & Forest Products	3.40%
Financials	3.25%
Materials	3.01%
Utilities	1.84%
Consumer Staples	1.19%
Government Bonds	0.69%

The Fund’s portfolio composition (represented as a percentage of net assets) is subject to change at any time.

AVERAGE ANNUAL RETURNS
	ONE-YEAR		FIVE-YEARS		SINCE INCEPTION (9-04-01)
First Eagle U.S. Value Fund (A Shares)
without sales load		5.20%		13.67%	12.13	%
with sales load		(0.06%)		12.51%	11.27	%
Standard & Poor’s 500 Index		(4.68%)		10.62%	4.91	%
Consumer Price Index		3.94%		3.17%	2.90	%
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. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. The average annual returns for Class A Shares with a sales load gives effect to the deduction of the maximum sales load of 5.00%. The Standard & Poor’s 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor’s 500 Index focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also considered a proxy for the total market. 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)	5.68%
Berkshire Hathaway Inc., Class ‘A’(holding company)	5.01%
Getty Images, Inc. (media)	4.23%
Sanofi-Aventis ADR (French health care company)	3.71%
Apache Corporation (energy company)	3.44%
Blount International Inc. 87/8% due 8/01/2012 (outdoor industrial equipment manufacturer)	3.04%
Johnson & Johnson (health care products manufacturer)	2.68%
Yankee Acquisition Corporation (Notes) (consumer retail)	2.66%
Cintas Corporation (uniform designer and manufacturer)	2.62%
Blount International, Inc. (outdoor industrial equipment manufacturer)	2.52%

35

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks—U.S. (66.42%)
	Consumer Discretionary (4.19%)
279,880	International Speedway Corporation, Class ‘A’	$	13,757,768	$	11,872,510
157,990	McDonald’s Corporation		4,162,250		9,413,044
129,710	Weyco Group, Inc.		2,262,417		3,542,380
70,000	Hampshire Group, Limited (a)		1,171,963		679,000
600	St. John Knits International Inc. (a)		18,600		14,625
			21,372,998		25,521,559
	Consumer Staples (1.15%)
168,915	Seneca Foods Corporation 0% Conv. Pfd. due 12/31/2049 (a)(c)		2,542,171		3,462,757
54,364	Anheuser-Busch Companies Inc.		2,351,957		2,674,709
43,516	Seneca Foods Corporation, Class ‘A’ (a)		654,916		892,078
			5,549,044		7,029,544
	Energy (10.57%)
155,340	Apache Corporation		10,336,200		20,921,191
126,970	Murphy Oil Corporation		6,509,946		11,470,470
161,760	Helmerich & Payne, Inc.		4,793,133		8,694,600
100,808	ConocoPhillips Company		3,261,785		8,684,609
187,320	San Juan Basin Royalty Trust		6,926,898		7,198,708
179,422	BJ Services Company		4,887,125		5,072,260
27,131	SEACOR Holdings Inc. (a)		2,047,306		2,309,119
			38,762,393		64,350,957
	Financials (3.03%)
186,160	American Express Company		8,168,523		8,939,403
117,655	Willis Group Holdings Limited		3,929,706		4,088,511
48,800	Legg Mason, Inc.		3,428,603		2,941,664
49,620	Mercury General Corporation		2,712,236		2,475,542
			18,239,068		18,445,120
	Health Care (4.53%)
242,850	Johnson & Johnson		14,777,933		16,292,807
111,522	Covidien Limited		3,829,380		5,206,962
90,840	Wellpoint Inc. (a)		5,010,131		4,519,290
40,000	Dentsply International Inc.		580,150		1,554,800
			24,197,594		27,573,859
	Holding Companies (5.01%)
228	Berkshire Hathaway Inc., Class ‘A’ (a)		20,623,345		30,517,800

See Notes to Financial Statements.

36

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks—U.S. — (continued)
	Industrials (11.20%)
538,210	Cintas Corporation	$	19,947,819	$	15,936,398
1,239,695	Blount International, Inc. (a)		13,695,961		15,335,027
290,862	UniFirst Corporation		8,235,507		13,615,250
108,150	3M Company		8,823,357		8,316,735
165,270	Copart, Inc (a)		4,842,500		6,754,585
39,810	Alliant Techsystems		4,390,499		4,378,304
175,010	UTI Worldwide, Inc.		3,615,331		3,846,720
			63,550,974		68,183,019
	Materials (0.97%)
63,090	Vulcan Materials Company		4,260,470		4,341,854
484,470	Tronox Inc. Class ‘A’		5,166,267		1,550,304
			9,426,737		5,892,158
	Media (7.75%)
789,390	Getty Images, Inc. (a)		28,065,728		25,773,584
473,085	Comcast Corporation-Special Class ‘A’		10,311,701		9,575,240
336,742	Liberty Interactive (a)		5,856,746		5,094,906
102,830	CBS Corporation, Class ‘B’		2,969,115		2,372,288
58,216	Liberty Entertainment (a)		84,175		1,510,705
72,795	News Corporation, Class ‘A’		1,162,784		1,303,031
33,410	Viacom Inc. (a)		1,141,884		1,284,280
14,554	Liberty Capital (a)		711,727		223,695
			50,303,860		47,137,729
	Paper and Forest Products (3.40%)
242,315	Plum Creek Timber Company, Inc.		8,168,606		9,896,145
168,900	Rayonier Inc.		5,603,666		7,098,867
70,292	Deltic Timber Corporation		3,415,633		3,707,903
			17,187,905		20,702,915
	Precious Metals (1.76%)
242,222	Newmont Mining Corporation Holding Company		11,430,875		10,708,635
	Real Estate (0.00%)
8,000	LandCo LLC (a)(b)(c)(d)		27,840		27,840
	Retail (7.39%)
237,034	Wal-Mart Stores, Inc.		10,698,940		13,743,231
172,800	Costco Wholesale Corporation		7,069,497		12,312,000
202,416	Barnes & Noble, Inc.		6,559,266		6,533,988
143,090	Tiffany & Company		4,845,079		6,230,139

See Notes to Financial Statements.

37

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—U.S. — (continued)
		Retail—(continued)
	121,510	The Home Depot, Inc.	$	3,161,756	$	3,499,488
	129,220	Dillard’s Inc., Class ‘A’		2,516,729		2,636,088
				34,851,267		44,954,934
		Technology and Telecommunications (3.63%)
	228,375	Microsoft Corporation		5,124,793		6,513,255
	149,870	Linear Technology Corporation		4,906,570		5,239,455
	225,174	Intel Corporation		4,418,164		5,012,373
	175,370	Maxim Integrated Products		4,957,115		3,688,031
	73,955	Dell Inc. (a)		1,662,205		1,377,782
	150,000	Sanmina-SCI Corporation (a)		306,315		232,500
				21,375,162		22,063,396
		Utilities (1.84%)
	194,840	IDACORP, Inc.		6,265,544		6,320,610
	88,100	CalEnergy Capital Trust 6 ½ % Conv. Pfd.		3,778,987		3,876,400
	40,000	Hawaiian Electric Industries, Inc.		845,477		986,000
				10,890,008		11,183,010
		Total Common and Preferred Stocks—U.S.		347,789,070		404,292,475
		Common Stocks—Non U.S. (4.71%)
		Canada (0.50%)
	170,597	Franco-Nevada (a)(7)		2,615,303		3,031,857
		France (3.71%)
	585,440	Sanofi-Aventis ADR (5)		23,933,179		22,586,275
		United Kingdom (0.50%)
	90,110	Amdocs Limited (a)(9)		3,134,747		2,827,652
	108,139	JZ Equity Partners, Plc (3)		215,410		248,800
				3,350,157		3,076,452
		Total Common Stocks—Non U.S.		29,898,639		28,694,584
	Ounces
		Commodity (5.68%)
	39,366	Gold bullion (a)		22,847,023		34,545,613

See Notes to Financial Statements.

38

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Principal Amount			Cost (Note 1)			Value (Note 1)
		Notes, Bonds and Convertible Bonds (18.04%)
		U.S. Treasury Note (0.69%)
$	3,988,448	U.S. Treasury Inflation Index Note 23/8% due 4/15/2011 (e)(4)	$	4,119,236		$	4,214,669
		U.S. Dollar Notes and Bonds (17.35%)
	1,075,000	GATX Corporation 8 7/8% due 6/1/2009 (3)		1,059,315			1,115,039
	500,000	American Standard Companies Inc. 8¼% due 6/1/2009 (6)		505,456			520,767
	3,000,000	Pulte Homes, Inc. 4.875% due 7/15/2009 (1)		2,816,632			2,910,000
	2,000,000	Pulte Homes, Inc. 6¼% due 2/15/2013 (1)		1,784,159			1,870,000
	1,000,000	Briggs & Stratton Corporation 87/8% due 3/15/2011 (1)		1,024,476			1,040,000
	8,000,000	Beazer Homes USA, Inc. 85/8% due 5/15/2011 (1)		6,667,671			6,940,000
	6,814,000	Celestica Inc. 7 7/8% 7/1/2011 (9)		6,565,519			6,890,658
	18,300,000	Blount International, Inc. 87/8% due 8/1/2012 (6)		18,554,568			18,483,000
	9,681,000	Tronox Worldwide LLC 9½% due 12/1/2012 (7)		9,903,967			8,374,065
	3,800,000	Sanmina-SCI Corporation 6¾% due 3/1/2013 (9)		3,301,470			3,458,000
	3,520,000	Celestica Inc. 7 5/8% 7/1/2013 (9)		3,292,967			3,467,200
	1,000,000	Texas Industries, Inc. 7¼% due 7/15/2013 (7)		1,000,000			995,000
	12,786,000	Sirius Satellite Radio Inc. 9 5/8% due 8/1/2013 (8)		12,320,720			10,836,135
	250,000	Jostens, Inc. 10¼% due 12/1/2013 (a)(1)		189,101			241,250
	250,000	Elizabeth Arden Inc. 7¾% due 1/15/2014 (2)		250,000			247,500
	814,345	Avis Budget Car Rental LLC 75/8% due 5/15/2014 (6)		798,574			748,179
	6,862,000	Level 3 Financing, Inc. 9¼% due 11/1/2014 (9)		6,630,181			6,278,730
	5,424,000	Yankee Acquisition Corporation 8½% due 2/15/2015 (1)		5,524,001			4,610,400
	14,356,000	Yankee Acquisition Corporation 9¾% due 2/15/2017 (1)		14,355,891			11,592,470
	8,808,000	Valassis Communications, Inc 8¼ due 3/1/2015 (8)		8,035,218			7,883,160
	2,000,000	Sanmina-SCI Corporation 81/8% due 3/1/2016 (9)		1,740,661			1,850,000
	5,000,000	Lear Corporation 8¾% due 12/1/2016 (1)		4,726,514			4,725,000
	600,000	Bausch & Lomb Inc. 7 1/8% due 8/1/2028 (5)		510,925			504,000
				111,557,986			105,580,553
		Total Notes, Bonds and Convertible Bonds		115,677,222			109,795,222
		Short-Term Investment (4.79%)
	29,181,000	Starbucks Corporation 2.85% due 5/1/2008		29,181,000			29,181,000
		Total Investments (99.64%)	$	545,392,954	*		606,508,894	**
		Other assets in excess of liabilities (0.36%)					2,179,314
		Net assets (100.00%)				$	608,688,208

*	At April 30, 2008 cost is substantially identical for both book and federal income tax purposes.
**	Gross unrealized appreciation and depreciation of securities at April 30, 2008 were $89,095,873 and $27,979,933, respectively (net appreciation was $61,115,940).

See Notes to Financial Statements.

39

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Sector/Industry Classifications

(1)   Consumer Discretionary

(2)   Consumer Staples

(3)   Financials

(4)   Government Issues

(5)   Health Care

(6)   Industrials

(7)   Materials

(8)   Media

(9)   Technology and Telecommunications

(a)	Non-income producing security.
(b)	Represents interest in a restricted security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. Information concerning each restricted security holding on April 30, 2008 is shown below.

Security	Acquisition Date	Cost		Carrying Value Per Share/Principal
LandCo LLC	9/6/2006	$	27,840	$3.48

(c)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing 0.57% of net assets.
(d)	Security for which there is less than three market makers.
(e)	Inflation protected security.

See Notes to Financial Statements.

40

FUND OVERVIEW

FIRST EAGLE GOLD FUND Data as of April 30, 2008 (Unaudited)

THE INVESTMENT STYLE

The First Eagle Gold Fund is a non-diversified fund whose investment objective is to provide exposure to the investment characteristics of gold and, to a limited extent, other precious metals. In seeking to achieve its objective, the Fund invests primarily in securities of companies engaged in mining, processing, dealing in or holding gold or other precious metals such as silver, platinum and palladium, both in the United States and in foreign countries.

ASSET ALLOCATION

COUNTRIES
United States	35.22	%
Canada	28.52	%
South Africa	15.09	%
Australia	12.25	%
Mexico	5.37	%
United Kingdom	1.11	%

The Fund’s portfolio composition (represented as a percentage of net assets) is subject to change at any time.

AVERAGE ANNUAL RETURNS

	ONE-YEAR		FIVE-YEARS		TEN-YEARS
First Eagle Gold Fund (A Shares)
without sales load	20.72	%	22.61	%	16.48	%
with sales load	14.68	%	21.36	%	16.03	%
FTSE Gold Mines Index	18.97	%	19.99	%	7.79	%
MSCI World Index	(2.47	%)	15.18	%	5.02	%
Consumer Price Index	3.94	%	3.17	%	2.83	%

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. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. The average annual returns for Class A Shares with a sales load give effect to the deduction of the maximum sales load of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter. The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. This index is a trademark of Morgan Stanley Capital International SA in Geneva, Switzerland. The FTSE Gold Mines Index is an unmanaged index composed of approximately 19 mining companies and is only available without dividends reinvested and is not available for purchase. 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 (United States)	27.14	%
Randgold Resources Limited ADR (South Africa)	6.33	%
Newcrest Mining Limited (Australia)	5.42	%
Industrias Peñoles, SAB de C.V. (Mexico)	5.37	%
Newmont Mining Corporation Holding Company (United States)	4.84	%
Gold Fields Limited ADR (South Africa)	4.77	%
Kinross Gold Corporation (Canada)	4.41	%
Lihir Gold Limited (Australia)	4.21	%
Barrick Gold Corporation (Canada)	3.84	%
Harmony Gold Mining Company Limited ADR (South Africa)	3.38	%

41

FIRST EAGLE GOLD FUND

SCHEDULE OF INVESTMENTS
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common Stocks and Warrants (70.42%)
		Australia (12.25%)
	2,219,140	Newcrest Mining Limited	$	29,675,217	$	60,423,050
	16,958,455	Lihir Gold Limited (a)		19,567,450		46,973,586
	3,354,037	Kingsgate Consolidated Limited (a)		12,203,733		14,694,029
	1,850,800	Independence Group NL		8,497,001		14,490,408
				69,943,401		136,581,073
		Canada (28.52%)
	2,598,122	Kinross Gold Corporation		22,681,595		49,130,487
	1,108,594	Barrick Gold Corporation		30,763,163		42,813,900
	1,042,020	Goldcorp Inc.		29,297,244		37,220,954
	6,098,112	IAMGOLD Corporation		34,189,335		36,750,933
	2,046,209	Yamana Gold Inc.		23,982,805		26,227,719
	2,136,414	Minefinders Corporation (a)		17,893,103		22,611,371
	4,621,350	Aurizon Mines Limited (a)		6,761,828		20,647,414
	2,819,290	Metallica Resources Inc. (a)		3,861,514		18,978,144
	2,257,640	Dundee Precious Metals, Inc., Class ‘A’ (a)		15,821,906		14,457,683
	1,588,178	NovaGold Resources Inc. (a)		16,285,174		11,657,226
	1,418,981	Gammon Gold Inc. (a)		11,555,599		10,833,959
	98,763	Agnico-Eagle Mines Limited		841,823		6,202,105
	345,963	Franco-Nevada Corporation (a)		5,594,461		6,148,469
	1,787,980	Richmont Mines, Inc. (a)(b)		5,728,117		6,071,179
	1,440,280	Aurelian Resources Inc. (a)		9,491,327		5,862,935
	1,187,050	Etruscan Resources Inc. (a)		2,920,234		2,474,985
				237,669,228		318,089,463
		Mexico (5.37%)
	2,049,100	Industrias Peñoles, SAB de C.V.		5,322,604		59,853,453
		South Africa (15.09%)
	1,550,810	Randgold Resources Limited ADR		27,767,398		70,592,871
	3,938,424	Gold Fields Limited ADR		57,682,621		53,168,724
	3,225,243	Harmony Gold Mining Company Limited ADR (a)		35,036,507		37,703,091
	202,053	AngloGold Ashanti Limited ADR		5,724,303		6,894,048
				126,210,829		168,358,734

See Notes to Financial Statements.

42

FIRST EAGLE GOLD FUND

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number of Shares			Cost (Note 1)			Value (Note 1)
		Common Stocks and Warrants—(continued)
		United States (8.08%)
	1,221,987	Newmont Mining Corporation Holding Company	$	50,188,200		$	54,024,045
	1,276,851	Royal Gold, Inc.		27,030,638			36,122,115
	400,000	Canyon Resources Corporation warrants exp 12/01/2008 (a)(c)(d)		—			—
				77,218,838			90,146,160
		United Kingdom (1.11%)
	190,764	Anglo American Plc		11,916,794			12,368,625
		Total Common Stocks and Warrants		528,281,694			785,397,508
	Ounces
		Commodity (27.14%)
	344,969	Gold bullion (a)		151,703,605			302,727,153
	Principal Amount
		Short-Term Investment (2.17%)
$	24,167,000	Starbucks Corporation 2.85% due 5/1/2008		24,167,000			24,167,000
		Total Investments (99.73%)	$	704,152,299	*		1,112,291,661	**
		Other assets in excess of liabilities (0.27%)					3,005,663
		Net Assets (100.00%)				$	1,115,297,324

*	At April 30, 2008 cost is substantially identical for both book and federal income tax purposes.
**	Gross unrealized appreciation and depreciation of securities at April 30, 2008 were $423,440,709 and $15,301,347, respectively (net appreciation was $408,139,362).
(a)	Non-income producing security/commodity.
(b)	Affiliate as defined by the Investment Company Act of 1940. An affiliate is defined as a company in which the Fund directly or indirectly owns, controls, or holds power to vote 5% or more of the outstanding voting securities.
	Following is a summary of transactions with each such affiliate for the six months ended April 30, 2008.

	Sales
					Realized (Loss)
Affiliate	Shares		Cost
Richmont Mines, Inc.		10,500	$	55,288	($	14,185	)

(c)	Security for which there is less than three market makers.
(d)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing 0.00% of net assets.

See Notes to Financial Statements.

43

FIRST EAGLE FUNDS

First Eagle Fund of America

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Harold Levy

The first six months of fiscal 2008 produced modestly negative returns for FEA shareholders of 1.40% vs. negative 9.64% for the Standard & Poor’s 500 Index.

When we wrote in our annual letter last November that we expected the current environment to be difficult we were, unfortunately, accurate. As the financial implications of the sub-prime debacle worked its way through the economic system stock markets worldwide were roiled. Our damage was modest due to our lack of exposure to financial and consumer oriented companies.

We don’t know where we are in the process of stock market adjustment but, since we are absolute return focused and are cognizant of but not frozen by macroeconomic events, the current environment has also created very interesting opportunities for us to exploit. Several new positions have been initiated. The most significant event in the period, however, was the purchase of one of our top holdings, Millennium Pharmaceuticals Inc. at a very significant premium by Takeda of Japan. We also note several other transactions of non-portfolio companies that were done at very significant premiums. This has to say something about the attractiveness of at least some companies, if not the stock market overall.

The process we anticipated of shareholders of financial institutions being diluted while the rest of the world goes on is well underway. Post Bear Stearns, financial markets are functioning better and if economic growth is not robust, it is not significantly negative. We believe superior research and stock selection can produce positive results for our owners even in difficult times such as these and that is the mission we are pursuing.

Sincerely,

Harold Levy
Portfolio Manager

May 2008

First Eagle Fund of America Class Y will only accept additional investments from existing shareholders. However, Class A and Class C remain open to all investors.

Past performance is no guarantee of future result. Portfolio actively managed. Portfolio and opinions expressed herein are subject to change.

44

FUND OVERVIEW

FIRST EAGLE FUND OF AMERICA Data as of April 30, 2008 (Unaudited)  

THE INVESTMENT STYLE

The First Eagle Fund of America is a non-diversified U.S. equity fund that seeks long-term capital appreciation. The Fund has a unique event-driven bias that focuses on identifying companies poised to benefit from change that the market has not yet recognized.

ASSET ALLOCATION

SECTOR/INDUSTRY*

Energy	19.40%
Materials	15.89%
Health Care Services	12.61%
Information Technology	11.86%
Industrials	11.19%
Consumer Discretionary	10.49%
Pharmaceuticals	8.51%
Telecommunication Services	3.32%
Consumer Staples	1.79%

*percentages exclude option positions

The Fund’s portfolio composition (represented as a percentage of net assets) is subject to change at any time.

AVERAGE ANNUAL RETURNS

	ONE-YEAR	FIVE-YEARS	TEN-YEARS
First Eagle Fund of America (Y Shares)	5.07%	14.54%	8.96%
Standard & Poor’s 500 Index	(4.68%)	10.62%	3.89%

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. The Fund’s average annual returns shown above are historical and reflect changes in share price, reinvested dividends and is net of expenses. The Standard & Poor’s 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor’s 500 Index focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also considered a proxy for the total market.

TOP 10 HOLDINGS

Devon Energy Corporation (energy company)	4.34%
Baxter International Inc. (diversified medical products and services)	4.09%
General Dynamics Corporation (aerospace and defense manufacturer)	3.87%
Teekay Corporation (marine transportation)	3.83%
Agilent Technologies Inc. (electronic equipment provider)	3.76%
DST Systems Inc. (data processing services provider)	3.46%
Millennium Pharmaceuticals Inc. (biopharmaceutical company)	3.43%
Edwards Lifesciences Corporation (health care equipment provider)	2.98%
Autoliv Inc. (automobile components supplier)	2.89%
Eastman Chemical Company (chemicals manufacturer)	2.86%

45

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS
April 30, 2008
(Unaudited)

Number			Cost		Value
of Shares			(Note 1)		(Note 1)
		Common and Preferred Stocks—U.S. (89.60%)
		Consumer Discretionary (10.49%)
	400,940	Autoliv Inc.	$	17,468,511	$	24,553,566
	897,920	The DIRECTV Group, Inc. (a)		21,402,142		22,124,749
	439,550	The Stanley Works		21,414,766		21,203,892
	173,553	WABCO Holdings Inc. (b)		6,349,269		8,288,891
	141,500	Starwood Hotels & Resorts Worldwide, Inc. (b)		7,518,555		7,387,715
	296,290	Domino’s Pizza Inc.		4,572,334		3,934,731
	43,710	Harley-Davidson, Inc.		2,253,889		1,671,908
				80,979,466		89,165,452
		Consumer Staples (1.79%)
	517,390	Dean Foods Company (a)		7,242,854		12,024,144
	141,940	Treehouse Foods Inc. (a)		2,978,566		3,217,780
				10,221,420		15,241,924
		Energy (17.10%)
	325,550	Devon Energy Corporation (b)		22,062,255		36,917,370
	713,670	Teekay Corporation		30,376,147		32,571,899
	293,930	Atlas America Inc.		12,796,200		20,445,771
	506,390	Dresser-Rand Group Inc. (a)		16,603,067		18,518,682
	523,600	Denbury Resources Inc. (a)(b)		9,091,835		16,001,216
	440,250	McMoran Exploration Company (a)(b)		5,780,009		12,071,655
	98,400	Halliburton Company		3,331,503		4,517,544
	190,830	Teekay Tankers Limited, Class ‘A’		3,567,512		3,850,949
	22,300	Teekay Offshore Partners LP		468,300		479,227
				104,076,828		145,374,313
		Health Care Services (11.65%)
	557,600	Baxter International Inc.		22,535,835		34,749,632
	457,800	Edwards Lifesciences Corporation (a)		19,271,419		25,371,276
	791,640	HealthSouth Corporation (a)		19,523,294		15,571,559
	193,380	Covidien Limited (b)		8,358,798		9,028,912
	249,280	Chemed Corporation		13,016,342		8,500,448
	643,290	Odyssey Healthcare Inc. (a)		6,380,896		5,886,104
				89,086,584		99,107,931

See Notes to Financial Statements.

46

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS — (Continued)
April 30, 2008
(Unaudited)

Number			Cost		Value
of Shares			(Note 1)		(Note 1)
		Common and Preferred Stocks—U.S.—(continued)
		Industrials (11.19%)
	363,700	General Dynamics Corporation (b)	$	20,579,243	$	32,885,754
	185,600	Precision Castparts Corporation (b)		12,829,173		21,819,136
	880,160	DynCorp International Inc. (a)		11,703,582		15,798,872
	321,840	WESCO International Inc. (a)		17,608,488		11,975,666
	251,540	J.B. Hunt Transport Services, Inc.		6,868,559		8,544,814
	114,670	Armstrong World Industries, Inc.		4,678,042		4,081,105
				74,267,087		95,105,347
		Information Technology (11.19%)
	1,059,080	Agilent Technologies Inc. (a)(b)		32,056,304		31,994,807
	491,210	DST Systems Inc. (a)		26,498,212		29,394,006
	3,395,338	LSI Corporation (a)		24,938,909		21,051,096
	441,210	SAVVIS, Inc. (a)(b)		8,611,426		6,463,726
	398,090	Brooks Automation, Inc. (a)		5,021,403		4,124,212
	146,500	L-1 Identity Solutions, Inc. (a)		2,007,145		2,111,065
				99,133,399		95,138,912
		Materials (15.89%)
	330,970	Eastman Chemical Company (b)		20,473,745		24,326,295
	265,030	Praxair, Inc. (b)		18,641,271		24,199,889
	874,520	Crown Holdings Inc. (a)		15,848,464		23,472,117
	502,320	Celanese Corporation, Series ‘A’		19,665,661		22,478,820
	343,750	Ball Corporation		10,533,105		18,486,875
	425,060	Eagle Materials Inc.		17,862,474		15,421,177
	239,430	Valspar Corporation		5,098,822		5,262,671
	12,660	Freeport-McMoRan Copper & Gold Inc., Class ‘B’		912,406		1,440,075
				109,035,948		135,087,919
		Pharmaceuticals (6.98%)
	1,171,520	Millennium Pharmaceuticals Inc. (a)		12,708,862		29,135,702
	918,500	PDL BioPhama, Inc. (a)		12,846,525		12,179,310
	633,810	Valeant Pharmaceuticals International (a)		8,003,494		8,416,997
	862,095	Enzon Pharmaceuticals, Inc. (a)		7,675,756		7,517,468
	59,300	Onyx Pharmaceuticals, Inc. (a)(b)		2,068,034		2,084,988
				43,302,671		59,334,465
		Telecommunication Services (3.32%)
	315,650	Leap Wireless International Inc. (a)		13,541,371		16,877,805
	1,111,712	General Communication Inc. (a)		7,101,497		6,903,732
	265,600	Global Crossing Limited (a)		5,380,649		4,440,832
				26,023,517		28,222,369
		Total Common and Preferred Stocks—U.S.		636,126,920		761,778,632

See Notes to Financial Statements.

47

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

Number			Cost		Value
of Shares			(Note 1)		(Note 1)
		Common Stocks—Non U.S. (5.46%)
		Canada (3.26%)
	3,641,070	UTS Energy Corporation (1)(a)	$	19,671,647	$	19,557,376
	406,110	MDS Inc. (2)(a)		7,104,569		8,085,650
				26,776,216		27,643,026
		Singapore (0.67%)
	267,930	Verigy Limited (3)(a)		4,777,285		5,725,664
		United Kingdom (1.53%)
	236,850	Shire Plc ADR (4)		6,264,382		13,012,539
		Total Common Stocks—Non U.S.		37,817,883		46,381,229
		Warrant—U.S. (0.00%)
	1,470,588	Regen Biologics Inc. (a)(c)(d)(e)(2)		—		—
		Total Investment Portfolio Excluding Options Written		673,944,803		808,159,861

Contracts
		Covered Call Options Written (–0.44%)
	594	Agilent Technologies Inc. @ $32.5 May 2008					(15,741	)
	496	Covidien Limited @ $45 May 2008					(131,440	)
	162	Denbury Resources Inc. @ $25 May 2008					(89,910	)
	260	Devon Energy Corporation @ $110 Jun 2008					(219,700	)
	110	Devon Energy Corporation @ $90 May 2008					(259,050	)
	106	Eastman Chemical Company @ $60 May 2008					(144,160	)
	315	Eastman Chemical Company @ $65 May 2008					(274,050	)
	344	General Dynamics Corporation @ $80 May 2008					(359,480	)
	534	McMoran Exploration Company @ $22.5 May 2008					(267,000	)
	593	Onyx Pharmaceuticals, Inc. @ $35 May 2008					(118,600	)
	669	Praxair, Inc. @ $75 May 2008					(1,097,160	)
	160	Precision Castparts Corporation @ $105 May 2008					(214,400	)
	118	Precision Castparts Corporation @ $110 June 2008					(137,470	)
	141	Precision Castparts Corporation @ $110 May 2008					(132,540	)
	19	Precision Castparts Corporation @ $115 May 2008					(10,830	)
	850	SAVVIS, Inc. Communications @ $20 Jun 2008					(21,250	)
	161	Starwood Hotels & Resorts Worldwide, Inc. @ $55 Jun 2008					(30,187	)
	1,254	Starwood Hotels & Resorts Worldwide, Inc. @ $55 May 2008					(87,780	)
	167	WABCO Holdings Inc. @ $45 Jun 2008					(63,460	)
	184	WABCO Holdings Inc. @ $45 May 2008					(57,960	)
		Total Covered Call Options Written (premium received $3,709,060)					(3,732,168	)
		Total Investment Portfolio (94.62%)	$	670,235,743	*		804,427,693	**
		Other assets in excess of liabilities (5.38%)					45,740,094
		Net Assets (100.00%)				$	850,167,787

See Notes to Financial Statements.

48

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS—(Continued)
April 30, 2008
(Unaudited)

*	At April 30, 2008 cost is substantially identical for both book and federal income tax purposes.
**	Gross unrealized appreciation and depreciation of securities at April 30, 2008 were $163,130,935 and $28,938,985, respectively (net appreciation was $134,191,950).

Sector/Industry Classification
(1)	Energy
(2)	Health Care Services
(3)	Information Technology
(4)	Pharmaceuticals

(a)	Non-income producing security.
(b)	At April 30, 2008 all or a portion of this security was segregated to cover collateral requirement for options.
(c)	Security for which there is less than three market makers.
(d)	Securities valued in accordance with the fair value procedures under the supervision of the Board of Trustees, representing 0.00% of net assets
(e)	All or a portion of the security is exempt from registration under the Securities Act of 1933.

49

FIRST EAGLE FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2008

(Unaudited)

	First Eagle Global Fund			First Eagle Overseas Fund			First Eagle U.S. Value Fund		First Eagle Gold Fund			First Eagle Fund of America
Assets:
Investments in: (Note 1)
Unaffiliated issuers, at value (cost: $15,145,607,696, $5,845,871,182, $545,392,954, $698,424,182 and $673,944,803, respectively)	$	18,637,979,158		$	8,077,650,736		$	606,508,894	$	1,106,220,182		$	808,159,861
Non-controlled affiliates, at value (cost: $3,627,149,307, $809,806,160, $0, $5,728,117 and $0, respectively)		4,288,224,893			1,134,632,252			—		6,071,479			—
Cash		2,726,951			367,103			687		40			44,974,680
Foreign cash (cost: $35,790,383 and $26,738,445, respectively)		37,257,617			27,561,678			—		—			—
Receivable for forward currency contracts held, at value (Note 1)		2,388,601			1,171,377			—		—			—
Receivable for investment securities sold		3,689,203			9,869,612			55,580		7,579,371			4,221,180
Receivable for premiums for written options		—			—			—		—			—
Receivable for Fund shares sold		79,028,767			16,156,452			971,893		2,098,811			627,458
Accrued interest and dividends receivable		66,023,757			41,925,256			3,095,376		167,858			249,480
Investment for trustee deferred compensation plan (Note 2)		361,023			406,316			98,831		34,454			240,853
Other assets		428,289			187,994			13,449		26,631			24,679
Total Assets		23,118,108,259			9,309,928,776			610,744,710		1,122,198,826			858,498,191
Liabilities:
Options written, at value (premiums received $3,709,060) (Note 3)		—			—			—		—			3,732,169
Payable for Fund shares redeemed		9,750,846			5,257,207			795,337		1,414,854			141,000
Payable for investment securities purchased		128,160,515			8,244,579			241,416		1,676,193			2,999,894
Payable for forward currency contracts held,at value (Note 1)		94,355,554			69,383,173			—		2,140,426			—
Investment advisory fees payable (Note 2)		13,759,569			5,636,750			370,992		738,977			679,353
Administrative costs payable (Note 2)		311,884			127,766			8,409		16,750			11,549
Distribution fees payable (Note 4)		6,214,517			1,747,147			189,328		302,546			195,354
Services fees payable (Note 4)		1,179,432			221,218			42,791		40,457			12,758
Trustee deferred compensation plan (Note 2)		361,023			406,316			98,831		34,454			240,853
Accrued expenses and other liabilities		12,391,035			6,253,114			309,398		536,845			317,474
Total Liabilities		266,484,375			97,277,270			2,056,502		6,901,502			8,330,404
Net Assets:
Capital stock (par value, $0.001 per share)		503,202			392,053			37,898		46,490			32,074
Capital surplus		18,290,182,290			6,579,955,423			537,301,440		707,730,245			662,841,215
Net unrealized appreciation (depreciation) on:
Investments		4,153,447,048			2,556,605,646			61,115,940		408,139,362			134,215,058
Foreign currency related transactions		(95,507,950	)		(70,014,406	)		—		—			—
Written Options		—			—			—		—			(23,108	)
Undistributed net realized gains on investments		845,655,122			470,356,682			6,733,685		39,851,975			55,597,694
Undistributed net investment income (loss)		(342,655,828	)		(324,643,892	)		3,499,245		(40,470,748	)		(2,495,146	)
Net Assets	$	22,851,623,884		$	9,212,651,506		$	608,688,208	$	1,115,297,324		$	850,167,787
Class A share capital	$	13,275,426,527		$	5,308,689,799		$	301,806,651	$	819,474,281		$	89,091,153
Shares of beneficial interest outstanding (Class A) (Note 6)		291,782,932			226,256,487			18,779,695		34,105,687			3,379,927
Net asset value per share	$	45.50		$	23.46		$	16.07	$	24.03		$	26.36
Maximum offering price per share	$	47.89		$	24.69		$	16.92	$	25.29		$	27.75
Class I share capital	$	3,670,172,087		$	2,810,599,647		$	98,769,031	$	111,720,551			—
Shares of beneficial interest outstanding (Class I) (Note 6)		80,370,388			118,590,563			6,090,486		4,619,134			—
Net asset value per share	$	45.67		$	23.70		$	16.22	$	24.19			—
Class C share capital	$	5,906,025,270		$	1,093,362,060		$	208,112,526	$	184,102,492		$	64,499,654
Shares of beneficial interest outstanding (Class C) (Note 6)		131,048,204			47,205,675			13,027,938		7,764,929			2,690,823
Net asset value per share	$	45.07		$	23.16		$	15.97	$	23.71		$	23.97
Class Y share capital		—			—			—		—		$	696,576,980
Shares of beneficial interest outstanding (Class Y) (Note 6)		—			—			—		—			26,003,096
Net asset value per share		—			—			—		—		$	26.79

See Notes to Financial Statements.

50

FIRST EAGLE FUNDS

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED APRIL 30, 2008

(Unaudited)

	First Eagle Global Fund			First Eagle Overseas Fund			First Eagle U.S. Value Fund			First Eagle Gold Fund			First Eagle Fund of America
Investment Income:
Income:
Interest	$	104,830,290		$	33,672,626		$	7,194,241		$	342,684		$	318,319
Dividends from: (net of $11,507,526, $8,058,820, $0, $165,966, $7,860, foreign taxes withheld, respectively)
Unaffiliated issuers		128,635,753			69,331,999			3,054,377			2,736,397			3,127,832
Non-controlled affiliates		25,914,748			7,285,936			—			—			—
Other Income		293,993			44,332			—			—			66,872
Total income		259,674,784			110,334,893			10,248,618			3,079,081			3,513,023
Expenses:
Investment advisory fees (Note 2)		80,060,166			35,792,243			2,314,699			4,508,774			4,079,670
Administrative costs (Note 2)		2,001,463			899,168			58,089			111,836			76,757
Distribution fees (Note 4)
Class A		15,925,648			6,649,130			375,769			1,094,762			100,497
Class C		20,267,760			4,052,112			812,277			729,792			226,521
Class Y		—			—			—			—			843,913
Service fees—Class C (Note 4)		6,755,920			1,350,704			270,759			243,264			75,507
Shareholder servicing agent fees		8,432,652			3,587,011			418,291			631,930			441,186
Custodian fees		1,715,007			1,401,607			18,920			162,093			16,613
Printing fees		955,172			392,535			39,226			65,998			34,476
Accounting fees		505,700			281,876			16,438			28,262			19,445
Trustees’ fees		296,743			150,924			8,986			17,846			11,405
Legal fees		191,317			103,835			5,838			11,351			7,385
Registration and filing fees		171,916			98,590			48,637			38,424			46,792
Insurance fees		158,000			87,047			4,540			8,527			5,979
Professional fees		145,204			54,224			23,805			40,053			30,696
Miscellaneous fees		26,067			14,214			787			1,329			6,797
Total expenses		137,608,735			54,915,220			4,417,061			7,694,241			6,023,639
Expense reductions due to earnings credits (Note 1)		(351,420	)		(192,781	)		(9,049	)		(18,013	)		(43,424	)
Net expenses		137,257,315			54,722,439			4,408,012			7,676,228			5,980,215
Net investment income (loss) (Note 1)		122,417,469			55,612,454			5,840,606			(4,597,147	)		(2,467,192	)
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency Related Transactions and Written Options (Note 1):
Net realized gains (losses) from:
Unaffiliated issuers		774,859,834			478,028,445			6,807,532			41,633,294			47,986,852
Non-controlled affiliates		—			1,715,312			—			—			—
Foreign currency related transactions		(90,004,286	)		(71,089,658	)		(390	)		(203,913	)		—
Written Options		—			—			—			—			11,028,855
		684,855,548			408,654,099			6,807,142			41,429,381			59,015,707
Change in unrealized appreciation (depreciation) of:
Investments		(816,840,841	)		(725,785,377	)		(14,739,007	)		(106,699,488	)		(73,405,606	)
Foreign currency related transactions		(23,117,193	)		(5,245,034	)		—			—			—
Written Options		—			—			—			—			1,891,303
		(839,958,034	)		(731,030,411	)		(14,739,007	)		(106,699,488	)		(71,514,303	)
Net (losses) on investments, foreign currency related transactions and written options		(155,102,486	)		(322,376,312	)		(7,931,865	)		(65,270,107	)		(12,498,596	)
Net Decrease in Net Assets Resulting from Operations	($	32,685,017	)	($	266,763,858	)	($	2,091,259	)	($	69,867,254	)	($	14,965,788	)

See Notes to Financial Statements.

51

FIRST EAGLE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	First Eagle Global Fund						First Eagle Overseas Fund
	Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007			Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007
Operations:
Net investment income (loss)	$	122,417,469		$	262,550,196		$	55,612,454		$	178,924,456
Net realized gain from investments, foreign currency related transactions and written options		684,855,548			2,229,151,330			408,654,099			1,483,048,927
Increase in unrealized appreciation (depreciation) of investments, foreign currency translation and written options		(839,958,034	)		753,238,101			(731,030,411	)		248,570,641
Net increase (decrease) in net assets resulting from operations		(32,685,017	)		3,244,939,627			(266,763,858	)		1,910,544,024
Distributions to Shareholders:
Dividends paid from net investment income		(429,976,039	)		(466,827,023	)		(329,968,079	)		(357,741,423	)
Distributions paid from net realized gains from investment transactions
Class A		(1,149,497,546	)		(890,383,733	)		(652,293,124	)		(474,701,910	)
Class I		(273,763,610	)		(199,381,200	)		(406,827,856	)		(329,439,371	)
Class C		(481,349,457	)		(374,703,576	)		(133,975,356	)		(95,188,701	)
Class Y		—			—			—			—
Decrease in net assets resulting from distributions		(2,334,586,652	)		(1,931,295,532	)		(1,523,064,415	)		(1,257,071,405	)
Fund Share Transactions (Note 6):
Net proceeds from shares sold		3,497,682,124			2,599,172,960			1,022,509,819			1,215,645,963
Net asset value of shares issued for reinvested dividends and distributions		1,934,139,194			1,592,691,429			1,295,750,389			1,061,174,198
Cost of shares redeemed		(2,450,218,158	)		(2,691,012,778	)		(2,434,885,633	)		(2,771,757,783	)
Increase (decrease) in net assets from Fund share transactions		2,981,603,160			1,500,851,611			(116,625,425	)		(494,937,622	)
Net increase (decrease) in net assets		614,331,491			2,814,495,706			(1,906,453,698	)		158,534,997
Net Assets (Note 1):
Beginning of period		22,237,292,393			19,422,796,687			11,119,105,204			10,960,570,207
End of period (including undistributed net investment (loss) income of ($342,655,828), $56,362,031, ($324,643,892), ($50,288,264), $3,499,245, $8,101,890, $(40,470,748), ($2,137,143), ($2,495,146) and $1,561,650, respectively)	$	22,851,623,884		$	22,237,292,393		$	9,212,651,506		$	11,119,105,204

See Notes to Financial Statements.

52

First Eagle U.S. Value Fund						First Eagle Gold Fund						First Eagle Fund of America
Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007			Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007			Six Months Ended April 30, 2008 (Unaudited)			Year Ended October 31, 2007
$	5,840,606		$	11,885,737		($	4,597,147	)	($	6,735,703	)	($	2,467,192	)	$	1,632,810
	6,807,142			27,345,319			41,429,381			81,074,679			59,015,707			87,674,002
	(14,739,007	)		28,496,843			(106,699,488	)		277,311,717			(71,514,303	)		66,112,225
	(2,091,259	)		67,727,899			(69,867,254	)		351,650,693			(14,965,788	)		155,419,037
	(10,476,212	)		(9,311,493	)		(33,736,458	)		(33,158,082	)		(1,589,571	)		—
	(12,287,319	)		(10,814,242	)		(30,818,251	)		(100,864,904	)		(8,095,784	)		(5,917,839	)
	(3,944,580	)		(4,725,972	)		(4,799,864	)		(19,372,844	)		—			—
	(9,027,699	)		(6,912,351	)		(6,948,463	)		(21,208,209	)		(6,936,699	)		(6,484,100	)
	—			—			—			—			(71,479,766	)		(81,196,044	)
	(35,735,810	)		(31,764,058	)		(76,303,036	)		(174,604,039	)		(88,101,820	)		(93,597,983	)
	69,007,695			246,698,098			135,814,274			130,832,536			54,653,699			134,432,746
	29,227,280			22,893,687			62,146,503			141,010,689			77,214,426			78,266,917
	(113,258,802	)		(173,473,004	)		(188,397,516	)		(275,883,221	)		(81,547,498	)		(137,169,995	)
	(15,023,827	)		96,118,781			9,563,261			(4,039,996	)		50,320,627			75,529,668
	(52,850,896	)		132,082,622			(136,607,029	)		173,006,658			(52,746,981	)		137,350,722
	661,539,104			529,456,482			1,251,904,353			1,078,897,695			902,914,768			765,564,046
$	608,688,208		$	661,539,104		$	1,115,297,324		$	1,251,904,353		$	850,167,787		$	902,914,768

53

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1—Significant Accounting Policies

First Eagle Funds (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust consists of five separate portfolios, First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America (each individually a “Fund” or collectively the “Funds”). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Fund of America, which are non-diversified. The Trust is a Delaware statutory trust and was, until April 23, 2004, a Maryland corporation operating under the name First Eagle Funds, Inc. (First Eagle SoGen Funds, Inc. prior to December 31, 2002). First Eagle Fund of America, previously a portfolio of a separate Delaware statutory trust, was reorganized as a portfolio of the Trust effective December 31, 2002. The First Eagle Global Fund seeks long-term growth of capital by investing in a wide range of asset classes from markets in the United States and around the world. The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. The First Eagle U.S. Value Fund seeks long-term growth of capital by investing primarily in equities issued by U.S. corporations. The First Eagle Gold Fund’s investment objective is to provide exposure to the investment characteristics of gold and, to a limited extent, other precious metals. The First Eagle Fund of America is a U.S. equity fund with a unique event-driven bias that seeks capital appreciation.

The following is a summary of significant accounting policies adhered to by the Funds and are in conformity with U.S. generally accepted accounting principles (“GAAP”).

a) Investment valuation—Each 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 Exchange is closed on the following days: New Year’s Day, Rev. Dr. Martin Luther King, Jr. Day, Presidents’ Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The net asset value per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation.

A portfolio security (including an option), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is normally valued at the price of the last sale on the exchange as of the close of business on the date on which assets are valued. If there are no sales on such date, such portfolio investment 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 such bid or asked price for long or short positions, respectively), except if such unlisted security traded on the NASDAQ in which case it is valued at its last sale price (or, if available in the case of NASDAQ securities, the NASDAQ Official Closing Price (“NOCP”)).

54

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Commodities (such as physical metals) are valued at the spot price at the time trading on the New York Stock Exchange closes (normally 4:00 p.m. E.S.T.). Forward currency contracts are valued at the current cost of covering or offsetting such contracts.

All bonds, whether listed on an exchange or traded in the over-the-counter market (and except for short-term investments as described in the next sentence), for which market quotations are readily available are valued at the mean between the last bid and asked prices received from dealers in the over-the-counter market in the United States or abroad, except that when no asked price is available, bonds are valued at the last bid price alone. Short-term investments maturing in sixty days or less are valued at cost plus interest earned (or discount amortized, as the case may be), which is deemed to approximate value.

London closing exchange rates typically 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 relevant quotation on the exchange or market deemed to be the primary trading venue for that security. In the absence of such a quotation, a quotation from the exchange or market deemed by Arnhold and S. Bleichroeder Advisers, LLC (the “Adviser”) to be the secondary trading venue for the particular security shall be used. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be “stale” as a result of limited market activity for a particular holding, 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”).

Additionally, with respect to foreign holdings, specifically in circumstances leading the Adviser to believe that significant events occurring after the close of a foreign market have materially affected the value of a Fund’s holdings in that market, such holdings may be fair valued to reflect the events in accordance with procedures approved by the Board. The determination of whether a particular foreign investment should be fair valued will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and security-specific events. The Funds have adopted procedures under which movements in the prices for U.S. securities (beyond specified thresholds) occurring after the close of a foreign market may require fair valuation of securities traded on that foreign market. The values assigned to a Fund’s holdings therefore may differ on occasion from reported market values. The Trust and the Adviser believe relying on the procedures described above will result in prices that are more reflective of the actual market value of portfolio securities held by the Funds.

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, each Fund accretes discounts and amortizes premiums on debt obligations using the interest method. Investment income is allocated to each Fund’s share class in proportion to its relative net assets. Payments received from certain investments held by

55

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

the Funds may be comprised of dividends, capital gains and return capital. The Funds originally estimate 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 that Fund. Expenses common to all Funds are allocated to each Fund in proportion to its relative net assets. Certain expenses are shared with the First Eagle Variable Funds, an affiliated fund group. Such costs are generally allocated using the ratio of the Fund’s average daily net assets relative to the total average daily net assets of the First Eagle Variable Funds. Earnings credits reduce custody fees, shareholder servicing agent fees and accounting fees by the amount of interest earned on balances with such service provider.

d) Foreign currency translation—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 dividends, interest and withholding taxes are accrued at the rates of exchange prevailing on the respective dates of such transactions.

The net assets of each of the Funds are presented at the foreign exchange rates and market values at the close of the period. The Funds do 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 equity securities. However, for federal income tax purposes each 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 currency contracts—In connection with portfolio purchases and sales of securities denominated in foreign currencies, the Funds may enter into forward currency contracts. Additionally, each Fund may enter into such contracts to hedge certain other foreign currency denominated investments. These contracts are valued at the current cost of covering or offsetting such contracts, and the related realized and unrealized foreign exchange gains and losses are included in the statement of operations. In the event that counterparties fail to settle these currency contracts or the related foreign security trades, a Fund could be exposed to foreign currency fluctuations.

f) Repurchase agreements—The First Eagle Fund of America may enter into repurchase agreement transactions with institutions that meet the advisor’s credit guidelines. Each repurchase agreement is valued at amortized cost. The Fund requires that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Fund to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited.

56

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

g) Options—In order to produce incremental earnings or protect against changes in the value of portfolio securities, the First Eagle Fund of America may buy and sell put and call options, write covered call options on portfolio securities and write cash-secured put options.

First Eagle Fund of America generally purchases put options or writes covered call options to hedge against adverse movements in the value of portfolio holdings. First Eagle Fund of America may also use options for speculative purposes, although it does not employ options for this purpose at the present time. First Eagle Fund of America will segregate assets to cover its obligations under option contracts.

Options contracts are valued daily based upon the last sale price on the principal exchange on which the option is traded and unrealized appreciation/depreciation is recorded. If there is no sale on such day, the mean between the last bid and asked prices is used. First Eagle Fund of America will realize a gain or loss upon the expiration or closing of the option transaction. When an option is exercised, the proceeds on the sale of a written call option, the purchase cost of a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. When a written option expires, First Eagle Fund of America will realize a gain equal to the amount of the premium received. When First Eagle Fund of America enters into a closing purchase transaction, First Eagle Fund of America will realize a gain (or loss, if the cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated.

The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in writing a put option is that First Eagle Fund of America may incur a loss if the market price of the security decreases and the option is exercised. First Eagle Fund of America also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. The Fund may also write over-the-counter options where the completion of the obligation is dependent upon the credit standing of the counterparty.

h) Treasury Inflation-Protected Securities—The Funds 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, as measured by the U.S. Consumer Price Index (“CPI”). The inflation (deflation) adjustment is applied to the principal of each bond on a monthly basis and is accounted for as interest income on the Statements of Operations. TIPS are subject to interest rate risk.

i) Structured notes—In order to qualify as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. One of these requirements is that the Fund derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other

57

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

disposition of stock, securities or foreign currencies, other income derived with respect to its business of investing in such stock, securities or currencies or net income derived from interests in certain publicly traded partnerships (“Qualifying Income”). There currently is some uncertainty as to the status of income from commodity-linked structured notes in which certain of the First Eagle Funds have invested, and these Funds have treated such income as Qualifying Income. If any Fund fails to qualify as a RIC, the Fund will be subject to federal, state and local income tax on its net income and capital gains at regular corporate rates (without reduction for distributions to shareholders). When distributed, that income would also be taxable to shareholders as an ordinary dividend to the extent attributable to each Fund’s earnings and profits. None of the Funds held structured notes as of April 30, 2008.

j) Short Sales—The First Eagle Fund of America may seek to realize additional gains through short sale transactions in securities listed on one or more national security exchanges, or in unlisted securities. At the time a short sale is effected, the Fund incurs an obligation to replace the security borrowed at whatever its price may be at the time the Fund purchases it for delivery to the lender. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividend or interest that accrues during the period of the loan. To borrow the security, the Fund may also be required to pay a premium. The proceeds of the short sale will be retained by the broker, to the extent necessary to meet margin requirements, until the short position is closed. There were no open short sales as of April 30, 2008.

k) United States income taxes—It is the intention of each 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 the Internal Revenue Code for a regulated investment company. First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America declare and pay such income, dividends and capital gains distributions on an annual basis. In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 – Accounting for Uncertainty in Income Taxes that 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 percent likelihood of being sustained upon examination. FASB Interpretation No. 48 is effective for fiscal periods beginning after December 15, 2006. At implementation, the financial statements must be adjusted to reflect only those tax positions that are more likely than not of being sustained. Since the Funds’ fiscal year ends October 31st, the Funds are subject to the new rules effective November 1, 2007. Management of the Trust has evaluated its tax positions and determined that FASB Interpretation No. 48 has no impact on the Trust’s financial statements.

l) Distributions to shareholders—Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date.

58

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

m) Class Accounting—Investment income, common expenses and realized/unrealized gain (loss) on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that class.

n) Use of estimates—The preparation of financial statements in conformity with generally accepted accounting principles 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.

o) Recently issued accounting pronouncements—In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements (“SFAS 157”).” SFAS 157 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. SFAS 157 applies to reporting periods beginning after November 15, 2007. Management of the Trust is currently evaluating the impact the adoption of SFAS 157 will have on the Funds’ financial statements disclosures.

Note 2—Investment Advisory Agreement and Transactions with Related Persons

Arnhold and S. Bleichroeder Advisers, LLC (the “Adviser”), a wholly owned subsidiary of Arnhold and S. Bleichroeder Holdings, Inc. (“ASB Holdings”), manages the Funds. For its services, the Adviser receives, pursuant to an Investment Advisory Agreement between the Funds and the Adviser (the “Advisory Agreement”) an annual advisory fee as follows: First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund at 0.75% of each Fund’s average daily net assets and First Eagle Fund of America at 1% of the Fund’s average daily net assets. Prior to March 1, 2004, First Eagle Global Fund’s annual advisory fee was at a rate of 1% of the first $25,000,000 and 0.75% in excess of $25,000,000.

The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the Funds, and in accordance with its agreement with them, the Funds reimburse the Adviser for costs (including personnel, related overhead and other costs) related to those services. For the six months ended April 30, 2008, the Funds reimbursed the Adviser amounts as disclosed in the Statements of Operations.

Prior to December 31, 2002, the Adviser had agreed to reimburse the First Eagle U.S. Value Fund to the extent that the aggregate annualized expenses exceeded 1.50% for Class A, 1.25% for Class I and 2.25% for Class C of average daily net assets. If necessary, the Adviser agreed to reimburse the First Eagle Gold Fund to the extent that the aggregate annualized expenses exceeded 2% for Class I and 3% for Class C of average daily net assets until February 29, 2004. For the period from November 1, 2003 to February 29, 2004, the Adviser did not need to reimburse or waive any of First Eagle Gold Fund’s fees.

59

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Pursuant to a subadvisory agreement, dated December 10, 2002 (“Subadvisory Agreement”) with the Adviser/Iridian Asset Management LLC (“Iridian” or the “Subadviser”) manages the investments of the First Eagle Fund of America. Iridian, a registered investment adviser whose primary office is at 276 Post Road West, Westport, CT 06880, is a majority-owned subsidiary of BIAM (US), Inc., a U.S. subsidiary of The Governor and Company of The Bank of Ireland. The fees paid to Iridian by the Adviser under the Subadvisory Agreement are based on a reference amount equal to 50% of the combined (i) fees received by the Adviser for advisory services on behalf of the Fund and (ii) the fees received by the Fund’s distributor for its shareholder liaison services on behalf of the Fund. These amounts are reduced by certain direct marketing costs borne by the Adviser in connection with the Fund and are further reduced by the amount paid by the Adviser for certain administrative expenses incurred in providing services to the Fund.

On December 6, 2002, First Eagle Funds Distributors, a division of ASB Securities LLC, a wholly owned subsidiary of ASB Holdings, assumed the duties of the Funds’ principal underwriter. Previously, Arnhold and S. Bleichroeder, Inc. (“ASB”) acted as the Funds’ principal underwriter. For the six months ended April 30, 2008, First Eagle Funds Distributors realized $931,769, $180,066, $16,809, $87,659 and $15,516, pertaining to the sales of shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America, respectively.

Included in the accrued expenses, on the accompanying statements of assets and liabilities of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America are fees that are payable to trustees in the amounts of $19,297, $28,940, $1,121, $1,283 and $904, respectively. The Trust adopted a Trustee Deferred Compensation 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 Trustee Deferred Compensation Plan.

Note 3—Options

For the six months ended April 30, 2008, First Eagle Fund of America had the following written options transactions:

	Number of Contracts				Premium
Options outstanding at October 31, 2007		30,492		$	15,679,877
Options written		46,075			22,164,156
Options assigned		(2,192	)		(847,589	)
Options expired/closed		(67,138	)		(33,287,384	)
Options outstanding at April 30, 2008		7,237		$	3,709,060

As of April 30, 2008, portfolio securities valued at $41,201,651 were segregated to cover collateral requirements for written options.

60

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 4—Plans of Distribution

Under the terms of the Distribution Plans and Agreements (“the Plans”) with First Eagle Funds Distributors, a division of ASB Securities LLC (“the Distributor”), pursuant to the provisions of Rule 12b-1 under the 1940 Act, the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund pay the Distributor quarterly, a distribution fee with respect to Class A and Class C shares at an annual rate of up to 0.25% and 0.75%, respectively, of each Fund’s average daily net assets. In the case of First Eagle Fund of America, it pays the Distributor quarterly, a distribution fee with respect to Class Y, Class C and Class A shares at an annual rate of up to 0.25%, 0.75% and 0.25%, respectively of the average daily net assets. Prior to March 1, 2005, First Eagle Fund of America’s distribution fee for its Class A shares was at an annual rate of 0.50% of average daily net assets. Under the Plan, the Distributor is obligated to use the amounts received under the Plans for payments to qualifying dealers for their assistance in the distribution of a Fund’s shares and the provision of shareholder services and for other expenses such as advertising costs and the payment for the printing and distribution of prospectuses to prospective investors.

The Distributor bears distribution costs of a Fund to the extent they exceed payments received under the Plan. For the six months ended April 30, 2008, the distribution fees incurred by the Funds were as disclosed in the Statements of Operations.

The Distributor receives an annual service fee with respect to Class C at the annual rate of 0.25% of each Fund’s average daily net assets, payable quarterly to cover expenses incurred by the Distributor for providing shareholder liaison services, including assistance with subscriptions, redemptions and other shareholder questions. For the year six months ended April 30, 2008, the services fees incurred by the Funds were as disclosed in the Statement of Operations.

Note 5—Purchases and Sales of Securities

During the six months ended April 30, 2008, the aggregate cost of purchases of investments, excluding short-term securities, totaled $5,682,384,426, $801,133,545, $87,526,477, $65,618,008 and $192,844,331 for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America, respectively. Proceeds from sales of investments, excluding short-term securities, totaled $3,547,284,566, $1,470,457,239, $59,104,660, $108,290,499 and $234,893,416 for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America, respectively.

61

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited)—(Continued)

Note 6—Capital Stock

At April 30, 2008, the Funds have an unlimited number of shares authorized for issuance. The Funds have the ability to issue multiple classes of shares.

Transactions in shares of capital stock were as follows:

	Six months ended April 30, 2008
	First Eagle Global Fund						First Eagle Overseas Fund						First Eagle U.S. Value Fund
	Class A		Class I		Class C		Class A		Class I		Class C		Class A		Class I		Class C
Shares sold	35,134,611		24,038,347		19,901,812		24,537,840		14,879,967		4,999,469		2,127,484		1,177,597		1,038,726
Shares issued for reinvested dividends and distributions	28,071,819		5,754,096		9,114,495		32,392,050		18,060,451		5,046,138		985,725		284,778		545,993
Shares redeemed	(34,696,526	)	(11,629,847	)	(8,819,546	)	(43,324,885	)	(53,267,435	)	(6,312,530	)	(3,360,180	)	(1,447,236	)	(2,392,776	)
Net increase (decrease)	28,509,904		18,162,596		20,196,761		13,605,005		(20,327,017	)	3,733,077		(246,971	)	15,139		(808,057	)

	Year ended October 31, 2007
	First Eagle Global Fund						First Eagle Overseas Fund						First Eagle U.S. Value Fund
	Class A		Class I		Class C		Class A		Class I		Class C		Class A		Class I		Class C
Shares sold	29,423,126		13,408,641		11,833,957		25,527,944		17,695,896		2,943,615		8,319,730		1,806,798		5,219,216
Shares issued for reinvested dividends and distributions	23,202,772		4,328,546		7,497,567		24,146,635		14,846,977		3,553,059		870,048		157,706		435,662
Shares redeemed	(34,474,198	)	(9,914,371	)	(11,511,953	)	(53,710,207	)	(43,244,940	)	(6,500,188	)	(5,829,160	)	(2,921,414	)	(1,827,587	)
Net increase (decrease)	18,151,700		7,822,816		7,819,571		(4,035,628	)	(10,702,067	)	(3,514	)	3,360,618		(956,910	)	3,827,291

62

Six months ended April 30, 2008
First Eagle Gold Fund						First Eagle Fund of America
Class A		Class I		Class C		Class Y		Class A		Class C
4,147,231		114,277		919,910		978,912		752,342		429,290
1,974,866		307,964		358,191		2,452,363		292,451		224,578
(4,643,672	)	(1,847,290	)	(802,846	)	(2,434,273	)	(420,220	)	(343,926	)
1,478,425		(1,425,049	)	475,255		997,002		624,573		309,942

Year ended October 31, 2007
First Eagle Gold Fund						First Eagle Fund of America
Class A		Class I		Class C		Class Y		Class A		Class C
3,911,647		915,411		1,085,929		2,845,188		1,320,584		666,151
4,971,320		934,960		928,749		2,621,034		219,398		213,865
(9,216,431	)	(2,043,469	)	(1,532,639	)	(4,201,617	)	(433,618	)	(338,596	)
(333,464	)	(193,098	)	482,039		1,264,605		1,106,364		541,420

63

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) — (Continued)

Transactions in dollars of capital stock were as follows:

	Six Months Ended April 30, 2008
	First Eagle Global Fund									First Eagle Overseas Fund
	Class A			Class I			Class C			Class A			Class I			Class C
Shares sold	$	1,565,737,854		$	1,058,650,764		$	873,293,506		$	564,620,472		$	344,638,195		$	113,251,152
Shares issued for reinvested dividends and distributions		1,265,758,306			260,142,643			408,238,245			754,734,774			424,601,202			116,414,413
Shares redeemed		(1,538,933,651	)		(517,759,342	)		(393,525,165	)		(1,017,752,537	)		(1,271,606,544	)		(145,526,552	)
Net increase (decrease)	$	1,292,562,509		$	801,034,065		$	888,006,586		$	301,602,709		$	(502,367,147	)	$	84,139,013
	Year Ended October 31, 2007
	First Eagle Global Fund									First Eagle Overseas Fund
	Class A			Class I			Class C			Class A			Class I			Class C
Shares sold	$	1,405,054,425		$	639,851,362		$	554,267,173		$	673,109,394		$	467,501,394		$	75,035,175
Shares issued for reinvested dividends and distributions		1,055,958,184			197,468,312			339,264,933			601,009,577			372,510,660			87,653,961
Shares redeemed		(1,660,695,277	)		(480,504,284	)		(549,813,217	)		(1,429,894,742	)		(1,170,779,059	)		(171,083,982	)
Net increase (decrease)	$	800,317,332		$	356,815,390		$	343,718,889		$	(155,775,771	)	$	(330,767,005	)	$	(8,394,846	)

Note 7—Indemnification and Foreign Investment Risk

In the normal course of business the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

The Funds may have elements of risk not typically associated with investments in the United States of America due to their investments in foreign countries or regions. Such foreign investments may subject the Funds 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.

64

Six Months Ended April 30, 2008
First Eagle U.S. Value Fund									First Eagle Gold Fund									First Eagle Fund of America
Class A			Class I			Class C			Class A			Class I			Class C			Class Y			Class A			Class C
$	33,812,766		$	18,689,742		$	16,505,188		$	109,096,075		$	3,008,457		$	23,709,742		$	25,517,993		$	19,102,681		$	10,033,025
	15,850,446			4,619,106			8,757,729			46,508,074			7,292,576			8,345,853			64,374,523			7,551,098			5,288,805
	(52,934,875	)		(22,850,105	)		(37,473,823	)		(120,618,965	)		(47,223,877	)		(20,554,673	)		(63,103,979	)		(10,545,325	)		(7,898,194	)
$	(3,271,663	)	$	458,743		$	(12,210,906	)	$	34,985,184		$	(36,922,844	)	$	11,500,922		$	26,788,537		$	16,108,454		$	7,423,636
Year Ended October 31, 2007
First Eagle U.S. Value Fund									First Eagle Gold Fund									First Eagle Fund of America
Class A			Class I			Class C			Class A			Class I			Class C			Class Y			Class A			Class C
$	133,936,401		$	29,137,821		$	83,623,876		$	86,695,475		$	19,969,661		$	24,167,400		$	79,945,230		$	37,384,703		$	17,102,813
	13,607,553			2,485,438			6,800,696			102,608,042			19,400,427			19,002,220			67,648,890			5,581,501			5,036,526
	(96,094,297	)		(47,792,894	)		(29,585,813	)		(197,397,958	)		(46,005,974	)		(32,479,289	)		(116,426,130	)		(12,092,526	)		(8,651,339	)
$	51,449,657		$	(16,169,635	)	$	60,838,759		$	(8,094,441	)	$	(6,635,886	)	$	10,690,331		$	31,167,990		$	30,873,678		$	13,488,000

65

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS

	Six Months Ended April 30, 2008 (Unaudited)									Year Ended October 31,
										2007									2006
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
First Eagle Global Fund
Selected Per Share Data*
Net asset value, beginning of period	$	51.09		$	51.32		$	50.46		$	48.36		$	48.56		$	47.83		$	42.47		$	42.62		$	42.06
Income from investment operations:
Net investment income		0.29			0.36			0.12			0.67			0.79			0.31			0.59			0.71			0.25
Net realized and unrealized (losses) gains on investments		(0.42	)		(0.43	)		(0.42	)		6.91			6.94			6.84			7.82			7.85			7.77
Total from investment operations		(0.13	)		(0.07	)		(0.30	)		7.58			7.73			7.15			8.41			8.56			8.02
Less distributions:
Dividends from net investment income		(1.07	)		(1.19	)		(0.70	)		(1.22	)		(1.34	)		(0.89	)		(0.84	)		(0.94	)		(0.57	)
Distributions from capital gains		(4.39	)		(4.39	)		(4.39	)		(3.63	)		(3.63	)		(3.63	)		(1.68	)		(1.68	)		(1.68	)
Total distributions		(5.46	)		(5.58	)		(5.09	)		(4.85	)		(4.97	)		(4.52	)		(2.52	)		(2.62	)		(2.25	)
Net asset value, end of period	$	45.50		$	45.67		$	45.07		$	51.09		$	51.32		$	50.46		$	48.36		$	48.56		$	47.83
Total Returnc		(0.16	%)b		(0.02	%)b		(0.54	%)b		16.91	%		17.19	%		16.03	%		20.73	%		21.06	%		19.86	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	13,276		$	3,670		$	5,906		$	13,451		$	3,193		$	5,593		$	11,854		$	2,641		$	4,928
Ratio of operating expenses to average net assetse		1.13	%a		0.88	%a		1.88	%a		1.12	%		0.87	%		1.87	%		1.13	%		0.88	%		1.88	%
Ratio of net investment income to average net assetsf		1.31	%a		1.59	%a		0.57	%a		1.40	%		1.64	%		0.65	%		1.31	%		1.57	%		0.56	%
Portfolio turnover rate		19.24	%b		19.24	%b		19.24	%b		37.58	%		37.58	%		37.58	%		28.59	%		28.59	%		28.59	%

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

See Notes to Financial Highlights.

See Notes to Financial Statements.

66

Year Ended October 31,
2005									2004									2003
Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
$	36.53		$	36.64		$	36.30		$	32.37		$	32.41		$	32.15		$	24.34		$	24.36		$	24.15
	0.48			0.60			0.19			0.50			0.56			0.23			0.53			0.59			0.30
	6.07			6.06			6.01			5.18			5.22			5.18			8.39			8.41			8.38
	6.55			6.66			6.20			5.68			5.78			5.41			8.92			9.00			8.68
	(0.43	)		(0.50	)		(0.26	)		(0.67	)		(0.70	)		(0.41	)		(0.49	)		(0.55	)		(0.28	)
	(0.18	)		(0.18	)		(0.18	)		(0.85	)		(0.85	)		(0.85	)		(0.40	)		(0.40	)		(0.40	)
	(0.61	)		(0.68	)		(0.44	)		(1.52	)		(1.55	)		(1.26	)		(0.89	)		(0.95	)		(0.68	)
$	42.47		$	42.62		$	42.06		$	36.53		$	36.64		$	36.30		$	32.37		$	32.41		$	32.15
	18.15	%		18.42	%		17.23	%		18.18	%		18.47	%		17.31	%		37.75	%		38.14	%		36.77	%
$	9,526		$	1,752		$	3,828		$	5,972		$	641		$	1,986		$	3,255		$	242		$	617
	1.20	%		0.95	%		1.95	%		1.24	%		0.99	%		1.99	%		1.32	%		1.06	%		2.07	%
	1.21	%		1.48	%		0.47	%		1.46	%		1.67	%		0.66	%		1.91	%		2.11	%		1.07	%
	12.29	%		12.29	%		12.29	%		4.94	%		4.94	%		4.94	%		7.20	%		7.20	%		7.20	%

67

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS—(Continued)
	Six Months Ended April 30, 2008 (Unaudited)									Year Ended October 31,
										2007									2006
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
First Eagle Overseas Fund
Selected Per Share Data*
Net asset value, beginning of period	$	28.09		$	28.38		$	27.66		$	26.70		$	26.94		$	26.33		$	24.13		$	24.33		$	23.83
Income from investment operations:
Net investment income		0.14			0.17			0.05			0.41			0.48			0.21			0.39			0.46			0.20
Net realized and unrealized (losses) gains on investments		(0.75	)		(0.76	)		(0.74	)		4.05			4.10			4.00			4.57			4.60			4.53
Total from investment operations		(0.61	)		(0.59	)		(0.69	)		4.46			4.58			4.21			4.96			5.06			4.73
Less distributions:
Dividends from net investment income		(0.87	)		(0.94	)		(0.66	)		(0.87	)		(0.94	)		(0.68	)		(0.81	)		(0.87	)		(0.65	)
Distributions from capital gains		(3.15	)		(3.15	)		(3.15	)		(2.20	)		(2.20	)		(2.20	)		(1.58	)		(1.58	)		(1.58	)
Total distributions		(4.02	)		(4.09	)		(3.81	)		(3.07	)		(3.14	)		(2.88	)		(2.39	)		(2.45	)		(2.23	)
Net asset value, end of period	$	23.46		$	23.70		$	23.16		$	28.09		$	28.38		$	27.66		$	26.70		$	26.94		$	26.33
Total Returnc		(2.06	%)b		(1.94	%)b		(2.43	%)b		18.20	%		18.52	%		17.31	%		22.24	%		22.53	%		21.33	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	5,309		$	2,811		$	1,093		$	5,974		$	3,942		$	1,203		$	5,785		$	4,031		$	1,145
Ratio of operating expenses to average net assetse		1.15	%a		0.89	%a		1.90	%a		1.12	%		0.87	%		1.87	%		1.12	%		0.87	%		1.87	%
Ratio of net investment income to average net assetsf		1.19	%a		1.38	%a		0.44	%a		1.54	%		1.80	%		0.79	%		1.57	%		1.82	%		0.81	%
Portfolio turnover rate		9.03	%b		9.03	%b		9.03	%b		34.29	%		34.29	%		34.29	%		27.98	%		27.98	%		27.98	%

*	Per share amounts have been calculated using the average shares method.
See Notes to Financial Highlights.
See Notes to Financial Statements.

68

Year Ended October 31,
2005									2004									2003
Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
$	20.25		$	20.37		$	19.97		$	17.50		$	17.57		$	17.28		$	12.45		$	12.48		$	12.30
	0.27			0.33			0.10			0.17			0.22			0.03			0.18			0.22			0.07
	3.96			3.99			3.93			3.20			3.22			3.17			5.09			5.10			5.04
	4.23			4.32			4.03			3.37			3.44			3.20			5.27			5.32			5.11
	(0.24	)		(0.25	)		(0.06	)		(0.47	)		(0.49	)		(0.36	)		(0.21	)		(0.22	)		(0.12	)
	(0.11	)		(0.11	)		(0.11	)		(0.15	)		(0.15	)		(0.15	)		(0.01	)		(0.01	)		(0.01	)
	(0.35	)		(0.36	)		(0.17	)		(0.62	)		(0.64	)		(0.51	)		(0.22	)		(0.23	)		(0.13	)
$	24.13		$	24.33		$	23.83		$	20.25		$	20.37		$	19.97		$	17.50		$	17.57		$	17.28
	21.16	%		21.47	%		20.28	%		19.77	%		20.09	%		18.89	%		42.96	%		43.29	%		41.91	%
$	4,866		$	3,028		$	994		$	3,846		$	2,152		$	804		$	2,345		$	1,084		$	390
	1.18	%		0.93	%		1.93	%		1.25	%		1.00	%		2.00	%		1.31	%		1.05	%		2.05	%
	1.21	%		1.46	%		0.46	%		0.90	%		1.17	%		0.17	%		1.23	%		1.48	%		0.45	%
	19.40	%		19.40	%		19.40	%		5.88	%		5.88	%		5.88	%		3.46	%		3.46	%		3.46	%

69

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS—(Continued)

										Year Ended October 31,
	Six Months Ended April 30, 2008
	(Unaudited)									2007									2006
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
First Eagle U.S. Value Fund
Selected Per Share Data*
Net asset value, beginning of period	$	17.01		$	17.19		$	16.87		$	16.19		$	16.34		$	16.08		$	14.95		$	15.07		$	14.90
Income from investment operations:
Net investment income		0.17			0.19			0.11			0.33			0.38			0.21			0.29			0.33			0.17
Net realized and unrealized (losses) gains on investments		(0.14	)		(0.15	)		(0.16	)		1.45			1.46			1.44			1.46			1.48			1.47
Total from investment operations		0.03			0.04			(0.05	)		1.78			1.84			1.65			1.75			1.81			1.64
Less distributions:
Dividends from net investment income		(0.31	)		(0.35	)		(0.19	)		(0.30	)		(0.33	)		(0.20	)		(0.24	)		(0.27	)		(0.19	)
Distributions from capital gains		(0.66	)		(0.66	)		(0.66	)		(0.66	)		(0.66	)		(0.66	)		(0.27	)		(0.27	)		(0.27	)
Total distributions		(0.97	)		(1.01	)		(0.85	)		(0.96	)		(0.99	)		(0.86	)		(0.51	)		(0.54	)		(0.46	)
Net asset value, end of period	$	16.07		$	16.22		$	15.97		$	17.01		$	17.19		$	16.87		$	16.19		$	16.34		$	16.08
Total Returnc		0.13	%b		0.22	%b		(0.32	%)b		11.47	%		11.78	%		10.65	%		12.05	%		12.35	%		11.26	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	302		$	99		$	208		$	324		$	104		$	233		$	254		$	115		$	161
Ratio of operating expenses to average net assetse		1.21	%a		0.96	%a		1.96	%a		1.20	%		0.95	%		1.95	%		1.25	%		0.99	%		1.99	%
Ratio of net investment income to average net assetsf		2.11	%a		2.36	%a		1.37	%a		2.04	%		2.32	%		1.29	%		1.87	%		2.13	%		1.13	%
Portfolio turnover rate		10.66	%b		10.66	%b		10.66	%b		32.54	%		32.54	%		32.54	%		31.76	%		31.76	%		31.76	%

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

See Notes to Financial Highlights.
See Notes to Financial Statements.

70

Year Ended October 31,
2005									2004									2003
Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
$	13.95		$	14.05		$	13.92		$	12.71		$	12.76		$	12.61		$	10.56		$	10.59		$	10.48
	0.20			0.24			0.10			0.22			0.27			0.13			0.19			0.23			0.11
	1.35			1.36			1.35			1.66			1.65			1.64			2.46			2.45			2.43
	1.55			1.60			1.45			1.88			1.92			1.77			2.65			2.68			2.54
	(0.20	)		(0.23	)		(0.12	)		(0.32	)		(0.31	)		(0.14	)		(0.16	)		(0.17	)		(0.07	)
	(0.35	)		(0.35	)		(0.35	)		(0.32	)		(0.32	)		(0.32	)		(0.34	)		(0.34	)		(0.34	)
	(0.55	)		(0.58	)		(0.47	)		(0.64	)		(0.63	)		(0.46	)		(0.50	)		(0.51	)		(0.41	)
$	14.95		$	15.07		$	14.90		$	13.95		$	14.05		$	13.92		$	12.71		$	12.76		$	12.61
	11.35	%		11.65	%		10.56	%		15.38	%		15.58	%		14.43	%		26.10	%		26.34	%		25.03	%
$	150		$	68		$	97		$	62		$	54		$	29		$	41		$	49		$	20
	1.28	%		1.04	%		2.02	%		1.38	%		1.13	%		2.13	%		1.51	%		1.26	%		2.26	%
	1.40	%		1.63	%		0.67	%		1.66	%		2.00	%		0.95	%		1.72	%		1.99	%		0.97	%
	17.22	%		17.22	%		17.22	%		23.47	%		23.47	%		23.47	%		33.45	%		33.45	%		33.45	%

71

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS—(Continued)

										Year Ended October 31,
	Six Months Ended April 30, 2008
	(Unaudited)									2007									2006
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
First Eagle Gold Fund
Selected Per Share Data*
Net asset value, beginning of period	$	27.28		$	27.48		$	26.86		$	23.48		$	23.62		$	23.17		$	17.45		$	17.55		$	17.25
Income from investment operations:
Net investment (loss) income		(0.09	)		(0.06	)		(0.18	)		(0.12	)		(0.07	)		(0.28	)		(0.13	)		(0.08	)		(0.30	)
Net realized and unrealized (losses) gains on investments		(1.43	)		(1.44	)		(1.40	)		7.72			7.78			7.61			6.65			6.69			6.60
Total from investment operations		(1.52	)		(1.50	)		(1.58	)		7.60			7.71			7.33			6.52			6.61			6.30
Less distributions:
Dividends from net investment income		(0.78	)		(0.84	)		(0.62	)		(0.74	)		(0.79	)		(0.58	)		(0.49	)		(0.54	)		(0.38	)
Distributions from capital gains		(0.95	)		(0.95	)		(0.95	)		(3.06	)		(3.06	)		(3.06	)		—			—			—
Total distributions		(1.73	)		(1.79	)		(1.57	)		(3.80	)		(3.85	)		(3.64	)		(0.49	)		(0.54	)		(0.38	)
Net asset value, end of period	$	24.03		$	24.19		$	23.71		$	27.28		$	27.48		$	26.86		$	23.48		$	23.62		$	23.17
Total Returnc		(5.44	%)b		(5.31	%)b		(5.79	%)b		37.57	%		37.93	%		36.55	%		37.97	%		38.29	%		36.95	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	819		$	112		$	184		$	890		$	166		$	196		$	774		$	147		$	158
Ratio of operating expenses to average net assetse		1.18	%a		0.93	%a		1.93	%a		1.20	%		0.95	%		1.95	%		1.21	%		0.96	%		1.96	%
Ratio of net investment (loss) income to average net assetsf		(0.67	%)a		(0.43	%)a		(1.42	%)a		(0.55	%)		(0.30	%)		(1.30	%)		(0.59	%)		(0.34	%)		(1.33	%)
Portfolio turnover rate		5.56	%b		5.56	%b		5.56	%b		16.37	%		16.37	%		16.37	%		32.26	%		32.26	%		32.26	%

*	Per share amounts have been calculated using the average shares method.
**	Amount represents less than $0.01 per share.

See Notes to Financial Highlights.
See Notes to Financial Statements.

72

Year Ended October 31,
2005									2004									2003
Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class Id			Class Cd
$	16.82		$	16.88		$	16.76		$	15.99		$	16.03		$	15.96		$	10.41		$	12.41		$	12.41
	(0.04	)		0.00	**		(0.16	)		(0.10	)		(0.05	)		(0.21	)		(0.06	)		(0.02	)		(0.09	)
	0.67			0.67			0.65			1.49			1.48			1.47			5.72			3.64			3.64
	0.63			0.67			0.49			1.39			1.43			1.26			5.66			3.62			3.55
	—			—			—			(0.56	)		(0.58	)		(0.46	)		(0.08	)		—			—
	—			—			—			—			—			—			—			—			—
	—			—			—			(0.56	)		(0.58	)		(0.46	)		(0.08	)		—			—
$	17.45		$	17.55		$	17.25		$	16.82		$	16.88		$	16.76		$	15.99		$	16.03		$	15.96
	3.75	%		3.97	%		2.92	%		8.59	%		8.82	%		7.79	%		54.64	%		29.17	%b		28.61	%b
$	570		$	84		$	115		$	516		$	75		$	92		$	374		$	30		$	32
	1.29	%		1.04	%		2.04	%		1.39	%		1.14	%		2.14	%		1.49	%		1.23	%a		2.19	%a
	(0.24	%)		0.02	%		(0.98	%)		(0.62	%)		(0.35	%)		(1.34	%)		(0.43	%)		(0.24	)%a		(1.26	)%a
	21.73	%		21.73	%		21.73	%		3.61	%		3.61	%		3.61	%		0.98	%		0.98	%b		0.98	%b

73

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS—(Continued)

	Six Months Ended April 30, 2008 (Unaudited)									Year Ended October 31,
										2007									2006
	Class Y			Class C			Class A			Class Y			Class C			Class A			Class Y			Class C			Class A
First Eagle Fund of America
Selected Per Share Data*
Net asset value, beginning of period	$	30.22		$	27.39		$	29.79		$	28.28		$	26.12		$	27.92		$	26.42		$	24.74		$	26.11
Income from investment operations:
Net investment (loss) income		(0.07	)		(0.16	)		(0.10	)		0.07	g		(0.13	)g		0.05	g		(0.08	)		(0.26	)		(0.08	)
Net realized and unrealized (losses) gains on investments		(6.31	)		(6.15	)		(6.29	)		5.35			4.88			5.30			4.28			3.98			4.23
Total from investment operations		(6.38	)		(6.31	)		(6.39	)		5.42			4.75			5.35			4.20			3.72			4.15
Less distributions:
Dividends from net investment income		0.06			—			0.07			—			—			—			—			—			—
Distributions from capital gains		2.89			2.89			2.89			(3.48	)		(3.48	)		(3.48	)		(2.34	)		(2.34	)		(2.34	)
Total distributions		2.95			2.89			2.96			(3.48	)		(3.48	)		(3.48	)		(2.34	)		(2.34	)		(2.34	)
Net asset value, end of period	$	26.79		$	23.97		$	26.36		$	30.22		$	27.39		$	29.79		$	28.28		$	26.12		$	27.92
Total Returnc		(1.40	%)b		(1.75	%)b		(1.36	%)b		21.25	%		20.34	%		21.28	%		16.80	%		15.93	%		16.81	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	697		$	64		$	89		$	756		$	65		$	82		$	671		$	48		$	46
Ratio of operating expenses to average net assetse		1.41	%a		2.16	%a		1.41	%a		1.40	%		2.15	%		1.40	%		1.41	%		2.16	%		1.41	%
Ratio of net investment loss to average net assetsf		(0.52	%)a		(1.35	%)a		(0.75	%)a		0.26	%g		(0.51	%)g		0.18	%g		(0.30	%)		(1.05	%)		(0.30	%)
Portfolio turnover rate		24.05	%b		24.05	%b		24.05	%b		50.26	%		50.26	%		50.26	%		40.38	%		40.38	%		40.38	%

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

See Notes to Financial Highlights.

See Notes to Financial Statements.

74

Year Ended October 31,
2005									2004									2003
Class Y			Class C			Class A			Class Y			Class C			Class A			Class Y			Class C			Class A
$	25.81		$	24.44		$	25.54		$	23.03		$	21.99		$	22.80		$	19.47		$	18.73		$	19.29
	(0.07	)		(0.26	)		(0.09	)		(0.16	)		(0.33	)		(0.22	)		(0.17	)		(0.31	)		(0.22	)
	2.38			2.26			2.36			3.41			3.25			3.43			3.73			3.57			3.73
	2.31			2.00			2.27			3.25			2.92			3.21			3.56			3.26			3.51
	—			—			—			—			—			—
	(1.70	)		(1.70	)		(1.70	)		(0.47	)		(0.47	)		(0.47	)		—			—			—
	(1.70	)		(1.70	)		(1.70	)		(0.47	)		(0.47	)		(0.47	)		—			—			—
$	26.42		$	24.74		$	26.11		$	25.81		$	24.44		$	25.54		$	23.03		$	21.99		$	22.80
	9.23	%		8.43	%		9.16	%		14.30	%		13.46	%		14.27	%		18.28	%		17.41	%		18.20	%
$	684		$	36		$	29		$	601		$	14		$	17		$	554		$	11		$	6
	1.43	%		2.17	%		1.49	%		1.46	%		2.21	%		1.72	%		1.50	%		2.25	%		1.75	%
	(0.27	%)		(1.03	%)		(0.34	%)		(0.63	%)		(1.39	%)		(0.91	%)		(0.79	%)		(1.55	%)		(1.07	%)
	54.54	%		54.54	%		54.54	%		44.68	%		44.68	%		44.68	%		47.88	%		47.88	%		47.88	%

75

FIRST EAGLE FUNDSNOTES TO FINANCIAL HIGHLIGHTS

a	Annualized
b	Not annualized
c	Does not give effect to the deduction of the CDSC (Contingent Deferred Sales Charge) of 1.00%
d	May 15, 2003 inception date
e	The ratio of operating expenses to average net assets without the effect of earnings credits and in the case of the First Eagle U.S. Value Fund, without the effect of earnings credits and expense reimbursements are as follows:

	Six Months Ended April 30, 2008a (Unaudited)							Year Ended October 31,
								2007						2006
		Class A		Class I		Class C		Class A		Class I		Class C		Class A		Class I		Class C
First Eagle Global Fund		1.14	%	0.89	%	1.89	%	1.12	%	0.87	%	1.87	%	1.14	%	0.89	%	1.89	%
First Eagle Overseas Fund		1.15	%	0.90	%	1.90	%	1.12	%	0.87	%	1.87	%	1.12	%	0.87	%	1.87	%
First Eagle U.S. Value Fund		1.21	%	0.96	%	1.96	%	1.20	%	0.96	%	1.95	%	1.25	%	1.00	%	2.00	%
First Eagle Gold Fund		1.19	%	0.94	%	1.94	%	1.20	%	0.95	%	1.95	%	1.22	%	0.97	%	1.97	%

	Six Months Ended April 30, 2008a (Unaudited)								Year Ended October 31,
								2007						2006
		Class Y		Class C		Class A		Class Y		Class C		Class A		Class Y		Class C		Class A
First Eagle Fund of America		1.42	%	2.17	%	1.42	%	1.41	%	2.16	%	1.41	%	1.41	%	2.16	%	1.41	%

f The ratio of net investment income (loss) to average net assets without the effect of earnings credits and in the case of the First Eagle U.S. Value Fund, without the effect of earnings credits and expense reimbursements are as follows:

	Six Months Ended April 30, 2008a (Unaudited)								Year Ended October 31,
								2007						2006
		Class A		Class I		Class C		Class A		Class I		Class C		Class A		Class I		Class C
First Eagle Global Fund		1.29	%	1.57	%	0.55	%	1.39	%	1.64	%	0.64	%	1.30	%	1.57	%	0.56	%
First Eagle Overseas Fund		1.18	%	1.38	%	0.43	%	1.54	%	1.79	%	0.78	%	1.56	%	1.82	%	0.81	%
First Eagle U.S. Value Fund		2.11	%	2.36	%	1.37	%	2.04	%	2.32	%	1.28	%	1.87	%	2.12	%	1.12	%
First Eagle Gold Fund		(0.67	%)	(0.43	%)	(1.42	%)	(0.56	%)	(0.31	%)	(1.31	%)	(0.59	%)	(0.34	%)	(1.34	%)

	Six Months Ended April 30, 2008a (Unaudited)									Year Ended October 31,
								2007							2006
		Class Y		Class C		Class A			Class Y		Class C		Class A		Class Y		Class C		Class A
First Eagle Fund of America		(0.53	%)	(1.36	%)	(0.76	%)		0.25	%g	(0.52	%)g	0.17	%g	(0.30	%)	(1.05	%)	(0.30	%)

g Investment income (loss) per share reflects special dividends received in the First Eagle Fund of America (Class Y, C and A) which amounted to $0.13, $0.12, and $0.13 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets both with and without the effect of earnings credits in First Eagle Fund of America (Class Y, C and A) would have been (0.22%), (0.99%), and (0.30%).

76

Year Ended October 31,
2005								2004										2003
	Class A			Class I			Class C		Class A			Class I			Class C			Class A			Class I			Class C
	1.20	%		0.95	%		1.95%		1.24	%		0.99	%		1.99	%		1.32	%		1.07	%		2.07	%
	1.18	%		0.93	%		1.93%		1.25	%		1.00	%		2.00	%		1.31	%		1.06	%		2.05	%
	1.28	%		1.04	%		2.02%		1.38	%		1.13	%		2.13	%		1.51	%		1.26	%		2.26	%
	1.30	%		1.05	%		2.05%		1.39	%		1.14	%		2.14	%		1.50	%		1.23	%ad		2.19	%ad
Year Ended October 31,
2005								2004										2003
Class Y			Class C			Class A		Class Y			Class C			Class A			Class Y			Class C			Class A
	1.43	%		2.17	%		1.49%		1.46	%		2.21	%		1.72	%		1.50	%		2.25	%		1.75	%

Year Ended October 31,
2005							2004							2003
	Class A		Class I		Class C			Class A		Class I		Class C		Class A		Class I		Class C
	1.20	%	1.48	%	0.47%			1.46	%	1.67	%	0.66	%	1.91	%	2.10	%	1.07	%
	1.21	%	1.46	%	0.46%			0.90	%	1.17	%	0.17	%	1.23	%	1.48	%	0.45	%
	1.40	%	1.63	%	0.66%			1.66	%	2.00	%	0.95	%	1.72	%	1.99	%	0.97	%
	(0.24	%)	(0.01	%)	(0.98%	)		(0.62	%)	(0.35	%)	(1.34	%)	(0.43	%)	(0.25	%)ad	(1.26	%)ad
Year Ended October 31,
2005							2004							2003
	Class Y		Class C		Class A			Class Y		Class C		Class A		Class Y		Class C		Class A
	(0.27	%)	(1.04	%)	(0.34%	)		(0.57	%)	(1.32	%)	(0.84	%)	(0.79	%)	(1.55	%)	(1.07	%)

77

FIRST EAGLE FUNDS

Fund Expenses
(Unaudited)

Example

As a shareholder of the First Eagle Funds, you may incur two types of costs: (1) transaction costs, including front-end and contingent deferred sales charges (loads), and (2) ongoing costs, including advisory fees; distribution (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 each of the First Eagle Funds 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 November 1, 2007 and held for the six months ended April 30, 2008.

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”.

Based on Actual Total Return (1)

	Actual Total Return Without Sales Charges(2)			Beginning Account Value		Ending Account Value		Expenses Paid During the Period(3)
First Eagle Global Fund Class A		(0.16%	)	$	1,000.00	$	998.40	$	5.61
First Eagle Global Fund Class I		(0.02%	)		1,000.00		999.80		4.38
First Eagle Global Fund Class C		(0.54%	)		1,000.00		994.60		9.32
First Eagle Overseas Fund Class A		(2.06%	)		1,000.00		979.40		5.66
First Eagle Overseas Fund Class I		(1.94%	)		1,000.00		980.60		4.38
First Eagle Overseas Fund Class C		(2.43%	)		1,000.00		975.70		9.33
First Eagle U.S. Value Fund Class A		0.13%			1,000.00		1,001.30		6.02
First Eagle U.S. Value Fund Class I		0.22%			1,000.00		1,002.20		4.78
First Eagle U.S. Value Fund Class C		(0.32%	)		1,000.00		996.80		9.73
First Eagle Gold Fund Class A		(5.44%	)		1,000.00		945.60		5.71
First Eagle Gold Fund Class I		(5.31%	)		1,000.00		946.90		4.50
First Eagle Gold Fund Class C		(5.79%	)		1,000.00		942.10		9.32
First Eagle Fund of America Class A		(1.36%	)		1,000.00		986.40		6.96
First Eagle Fund of America Class C		(1.75%	)		1,000.00		982.50		10.65
First Eagle Fund of America Class Y		(1.40%	)		1,000.00		986.00		6.96

(1)	For the six months ended April 30, 2008.
(2)	Assumes reinvestment of all dividends and capital gain distributions, if any, at net asset value and does not reflect the deduction of the applicable sales charge. Had the effect of sales charges been reflected, expenses would have been higher and returns lower. 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 of 1.13%, 0.88%, 1.88%, 1.15%, 0.89%, 1.90%, 1.21%, 0.96%, 1.96%, 1.18%, 0.93%, 1.93%, 1.41%, 2.16% and 1.41% for the First Eagle Global Fund Class A, I and C; First Eagle Overseas Fund Class A, I and C; First Eagle U.S. Value Fund Class A, I and C; First Eagle Gold Fund Class A, I and C; and First Eagle Fund of America Class A, C and Y, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

79

FIRST EAGLE FUNDS

Fund Expenses—(Continued)
(Unaudited)

Hypothetical Example for Comparison Purposes

The table below 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 5.00% per year before expenses, which is not the First Eagle 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 First Eagle Funds and other funds. To do so, compare the 5.00% hypothetical example relating to the First Eagle Funds with the 5.00% hypothetical examples that appear in the shareholder reports of other funds.

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.

Based on Hypothetical Total Return (1)

	Hypothetical Annualized Total Return			Beginning Account Value		Ending Account Value		Expenses Paid During the Period(2)
First Eagle Global Fund Class A		5.00	%	$	1,000.00	$	1,019.24	$	5.67
First Eagle Global Fund Class I		5.00	%		1,000.00		1,020.49		4.42
First Eagle Global Fund Class C		5.00	%		1,000.00		1,015.51		9.42
First Eagle Overseas Fund Class A		5.00	%		1,000.00		1,019.14		5.77
First Eagle Overseas Fund Class I		5.00	%		1,000.00		1,020.39		4.47
First Eagle Overseas Fund Class C		5.00	%		1,000.00		1,015.42		9.52
First Eagle U.S. Value Fund Class A		5.00	%		1,000.00		1,018.85		6.07
First Eagle U.S. Value Fund Class I		5.00	%		1,000.00		1,020.09		4.82
First Eagle U.S. Value Fund Class C		5.00	%		1,000.00		1,015.12		9.82
First Eagle Gold Fund Class A		5.00	%		1,000.00		1,019.00		5.92
First Eagle Gold Fund Class I		5.00	%		1,000.00		1,020.24		4.67
First Eagle Gold Fund Class C		5.00	%		1,000.00		1,015.27		9.67
First Eagle Fund of America Class A		5.00	%		1,000.00		1,017.85		7.07
First Eagle Fund of America Class C		5.00	%		1,000.00		1,014.12		10.82
First Eagle Fund of America Class Y		5.00	%		1,000.00		1,017.85		7.07

(1)

For the six months ended April 30, 2008.

(2)

Expenses are equal to the annualized expense ratio of 1.13%, 0.88%, 1.88%, 1.15%, 0.89%, 1.90%, 1.21%, 0.96%, 1.96%, 1.18%, 0.93%, 1.93%, 1.41%, 2.16%, and 1.41% for the First Eagle Global fund Class A, I, and C; First Eagle Overseas Fund Class A, I, and C; First Eagle U.S. Value Fund Class A, I, and C; First Eagle Gold Fund Class A, I, and C; and First Eagle Fund of America Class A, C, and Y, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

80

FIRST EAGLE FUNDS

ADDITIONAL INFORMATION
(Unaudited)

MANAGEMENT OF THE TRUST

          The business of the Trust is managed by its Board of Trustees, which elects officers responsible for the day to day operations of the Funds and for the execution of the policies formulated by the Board of Trustees.

          Pertinent information regarding the members of the Board of Trustees and principal officers of the Trust is set forth below. Some of the Trustees and officers are employees of the Adviser and its affiliates. At least a majority of the Trust’s Board of Trustees are not “interested persons” as that term is defined in the Investment Company Act.

INDEPENDENT TRUSTEES(1)

Name, Age and Address	Position(s) Held with the Trust	Term of Office(2) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Fund Complex Overseen by Trustee	Other Directorships/ Trusteeships Held by Trustee
Lisa Anderson    1345 Avenue of the Americas    New York, New York 10105    (born October 1950)	Trustee	December 2005 to present	James T. Shotwell Professor of International Relations and Dean, School of International and Public Affairs, Columbia University; President, Middle East Studies Association	6	Chair, Social Science Research Council; Member, Carnegie Council on Ethics and International Affairs; Member Emerita, Human Rights Watch; Trustee, First Eagle Variable Funds (1 portfolio)
Candace K. Beinecke    One Battery Park Plaza    New York, New York 10004    (born December 1946)	Trustee (Chair)	December 1999 to present(3)	Chair, Hughes Hubbard & Reed LLP	6	Director, ALSTOM; Trustee, Vornado Realty Trust; Director, Rockefeller Financial Services, Inc.; Director, Rockefeller & Company, Inc.; Trustee, The Wallace Foundation; Director, Vice Chair, and member of the Executive Committee, Partnership for New York City; Board of Advisors, Yale Law School Center for the Study of Corporate Law; Trustee, First Eagle Variable Funds (Chair) (1 portfolio)

(1)	Trustees who are not “interested persons” of the Trust as defined in the Investment Company Act.
(2)	The term of office of each Independent Trustee expires on his/her 70th birthday.
(3)	Ms. Beinecke also served as a trustee of a predecessor fund to First Eagle Fund of America since 1996.

81

Name, Age and Address	Position(s) Held with the Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Fund Complex Overseen by Trustee	Other Directorships/ Trusteeships Held by Trustee
Jean D. Hamilton    1345 Avenue of the Americas    New York, New York 10105    (born January 1947)	Trustee	March 2003 to present	Private Investor/ Independent Consultant/ Member, Brock Capital Group LLC; prior to November 2002, Chief Executive Officer, Prudential Institutional; Executive Vice President, Prudential Financial, Inc.	6	Director, RenaissanceRe Holdings Ltd.; Director, Four Nations; Trustee, First Eagle Variable Funds (1 portfolio)
James E. Jordan    1345 Avenue of the Americas    New York, New York 10105    (born April 1944)	Trustee	December 1999 to present	Private Investor and Independent Consultant; prior to July 2005, Managing Director, Arnhold and S. Bleichroeder Advisers, LLC and Director, ASB Securities LLC and ASB Advisers UK, Limited; prior to July 2002, private investor and consultant to The Jordan Company (private investment banking firm) since June 1997	6	Director, Leucadia National Corporation; Director, JZ Equity Partners, Plc. (U.K. investment trust company); Director, Columbia University School of International and Public Affairs; Chairman’s Council, Conservation International; Trustee, First Eagle Variable Funds (1 portfolio)
William M. Kelly    500 Fifth Avenue,    50th Floor    New York, New York 10110    (born February 1944)	Trustee	December 1999 to present(2)	President, Lingold Associates	6	Treasurer and Trustee, Black Rock Forest Preservation and Consortium; Trustee, St. Anselm College; Trustee, First Eagle Variable Funds (1 portfolio)
Paul J. Lawler    One Michigan Avenue    East Battle Creek,    Michigan 49017    (born May 1948)	Trustee	March 2002 to present	Vice President Investments and Chief Investment Officer, W.K. Kellogg Foundation	6	Finance and Investment Committee Member, Battle Creek Community Foundation; Custody Advisory Committee Member, The Bank of New York; Advisory Committee, Common Fund Capital; Advisory Committee, TA Realty Advisors; Trustee, First Eagle Variable Funds (1 portfolio)
Dominique M. Raillard    15 Boulevard Delessert    75016 Paris France    (born June 1938)	Trustee	April 1987 to present	Private Investor and Independent Consultant	6	Trustee, First Eagle Variable Funds (1 portfolio)

(1)	The term of office of each Independent Trustee expires on his/her 70th birthday.
(2)	Mr. Kelly also served as a trustee of a predecessor fund to First Eagle Fund of America since 1998.

82

INTERESTED TRUSTEES

Name, Age and Address	Position(s) Held with the Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Fund Complex Overseen by Trustee	Other Directorships/ Trusteeships Held by Trustee
John P. Arnhold    1345 Avenue of the Americas    New York, New York 10105    (born December 1953)	President and Trustee	December 1999 to present	Co-President, Co-CEO and Director, Arnhold and S. Bleichroeder Holdings, Inc.; Chairman, CEO and Director, Arnhold and S. Bleichroeder Advisers, LLC and ASB Securities LLC; prior to March 2005, President and Director, Natexis Bleichroeder, Inc. and Natexis Bleichroeder, UK	6	Director, Arnhold Ceramics; Director, The Arnhold Foundation; Director, The Mulago Foundation; Director, Hanseatic Asset Management LBG; Director, Quantum Endowment Fund; Director, Educational Broadcasting Corporation; Trustee, Trinity Episcopal Schools Corp.; Trustee, Vassar College; Trustee, Sports and Arts in Schools Foundation; Trustee, Jazz at Lincoln Center; President and Trustee, First Eagle Variable Funds (1 portfolio)
Jean-Marie Eveillard    1345 Avenue of the Americas    New York, New York 10105    (born January 1940)	Portfolio Manager and Trustee	June 2008 to present (with portfolio management tenure described in next column)	Portfolio Manager of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, and First Eagle Variable Funds since March 2007 and prior to December 2004 (portfolio management responsibilities commenced 1979); Senior Advisor to Arnhold and S. Bleichroeder Advisers, LLC since January 2005	6	Portfolio Manager and Trustee, First Eagle Variable Funds (1 portfolio)

(1) The term of office of each Interested Trustee is indefinite.

83

	OFFICERS
Name, Age and Address	Position(s) Held with the Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) During Past Five (5) Years
John P. Arnhold    1345 Avenue of the Americas    New York, New York 10105    (born December 1953)	President and Trustee	December 1999 to present	See table on preceding page related to Interested Trustees
Robert Bruno    1345 Avenue of the Americas    New York, New York 10105    (born June 1964)	Chief Operations and Financial Officer	December 1999 to present	Senior Vice President, Arnhold and S. Bleichroeder Advisers, LLC; President and Chief Compliance Officer, ASB Securities LLC; Chief Operations and Financial Officer, First Eagle Variable Funds
Mark D. Goldstein    1345 Avenue of the Americas    New York, New York 10105    (born October 1964)	Chief Compliance Officer	February 2005 to present	General Counsel, Chief Compliance Officer and Senior Vice President, Arnhold and S. Bleichroeder Advisers, LLC; General Counsel and Secretary of Arnhold and S. Bleichroeder Holdings, Inc., and Chief Compliance Officer, First Eagle Variable Funds from February 2005; Chief Compliance Officer, Good Hope Advisers, LLC from January 2006; Senior Counsel and Chief Compliance Officer, MacKay Shields LLC from April 2004; Senior Associate General Counsel, UBS Financial Services, Inc. from May 1998
Suzan J. Afifi    1345 Avenue of the Americas    New York, New York 10105    (born October 1952)	Vice President and Secretary	December 1999 to present	Vice President, Arnhold and S. Bleichroeder Advisers, LLC; Vice President, ASB Securities LLC; Vice President and Secretary, First Eagle Variable Funds
Michael Luzzatto    1345 Avenue of the Americas    New York, New York 10105    (born April 1977)	Assistant Vice President	December 2004 to present	Vice President, Arnhold and S. Bleichroeder Advisers, LLC; Vice President, ASB Securities LLC; Assistant Vice President, First Eagle Variable Funds
Winnie Chin    1345 Avenue of the Americas    New York, New York 10105    (born July 1974)	Assistant Treasurer	March 2001 to present	Vice President, Arnhold and S. Bleichroeder Advisers, LLC; Assistant Treasurer, First Eagle Variable Funds
Philip Santopadre    1345 Avenue of the Americas    New York, New York 10105    (born August 1977)	Assistant Treasurer	September 2005 to present	Vice President, Arnhold and S. Bleichroeder Advisers, LLC; Assistant Treasurer, First Eagle Variable Funds

(1) The term of office of each officer is indefinite. Length of time served represents time served as an officer of the Trust (or its predecessor entities), although various positions may have been held during the period.

84

CONSIDERATION OF INVESTMENT ADVISORY AGREEMENTS

On December 22, 1999, the shareholders of the Global Fund, the Overseas Fund and the Gold Fund approved the Advisory Agreement between the Trust and the Adviser. The shareholders of the U.S. Value Fund approved the Advisory Agreement applicable to that Fund on August 31, 2001, and the shareholders of the First Eagle Fund of America approved the Advisory Agreement applicable to that Fund on December 10, 2002. The Board of Trustees of the Trust approved the Advisory Agreement most recently on December 11, 2007. In doing so, the Trustees considered the desirability of continuing the Fund’s historic relationship with the Adviser in light of the total compensation to be received by the Adviser, the expenses incurred by the Adviser in performing services under the Advisory Agreement and the total cost to the Fund of using the Adviser’s services, taking into account any expenses that the Adviser may pass to the Fund. The Trustees determined that the compensation to be received by the Adviser and the expenses both incurred by the Adviser and passed to the Fund are reasonable and appropriate in light of the nature, extent and quality of the services provided by the Adviser. Turnover among investment personnel was commented on, with the Trustees expressing their appreciation that management had secured the return of longtime portfolio manager Mr. Jean-Marie Eveillard, maintained the depth of the analyst team and added key resources in promoting Mr. Abhay Deshpande and hiring Mr. Bruce Greenwald as the Global Value team’s Director of Research. The Trustees also considered the effects of indirect compensation to the Adviser, such as soft dollar and other service benefits, and the effect of the advisory fee on the ratio of total expenses to total assets (including the allocation of the benefits of economies of scale among the parties as the Fund grows), which the Trustees determined are reasonable and appropriate. The Trustees noted, in particular, the generally low levels of soft dollars and the absence of any affiliated broker-dealer relationships. The Trustees also noted that the Fund’s expense ratio has declined over a period of years as the Fund has grown, suggesting that the shareholders are benefiting from economies of scale in the operation of the Fund. In addition, they compared competitive prices for comparable services and advisory fees charged to institutional clients of the Adviser and evaluated the Adviser’s past performance and reliability as well as its profitability, capabilities and financial condition. Among other things, the Trustees determined that the Adviser’s fees were competitive to those charged by investment advisers to similar funds (i.e., the Fund’s net management fee was approximately the same as or lower than its reviewed peer group average, except in the case of First Eagle Fund of America, whose net management fee was higher than average) and, given differences in the legal and practical requirements of such clients, to institutional clients of the Adviser, total compensation was reasonable, and the Fund’s expense ratio was reasonable both on an absolute basis and when compared to those of similar funds. The Trustees also determined that the Adviser’s past performance and reliability on behalf of the Fund were excellent (i.e., generally higher and more consistent on a medium- and long-term basis than the reviewed group average) when compared with investment advisers to similar funds and the Adviser’s profitability and financial condition were satisfactory. Attention was given to the fact that the advisory fee charged to the First Eagle Fund of America is higher than the reviewed peer group median. The Trustees determined this was appropriate in light of the superior service record delivered. They referred to the Fund’s consistent long-term performance and stability of the management team. The Trustees also noted their confidence in the capability and integrity of the senior management and staff of the Adviser. Accordingly, they concluded that the Advisory Agreement serves the interests of the Fund and its shareholders.

The shareholders of the First Eagle Fund of America approved the Subadvisory Agreement on December 10, 2002. The Board of Trustees approved the Agreement most recently on December 11, 2007. In doing so, the Trustees considered the desirability of continuing the Fund’s historic relationship with Messrs. Levy and Cohen and the Adviser’s commitment to supervise their provision of portfolio management services delivered by the Subadviser. They also noted that the fees paid to the Subadviser are paid by the Adviser and do not increase the advisory fees borne directly by Fund shareholders. In this regard, they noted positively the quality of the services (measured in terms of investment performance, which generally was higher and more consistent on a long-term basis than that of its reviewed peer group average) delivered by the Subadviser. They also considered the costs incurred by the Subadviser relative to these services

85

and to the fees paid under the Subadvisory Agreement. In doing so, they considered the effects of other benefits to the Subadviser resulting from its relationship to the Fund, including soft dollar and other service benefits. The Trustees concluded that the Subadvisory Agreement serves the interest of the Fund and its shareholders. (A number of the factors evaluated by the Trustees in considering the Advisory Agreement were found not to be additionally relevant in respect of the Subadvisory Agreement, principally because the payments in question had been separately evaluated in respect of the Advisory Agreement.)

The Advisory Agreement, and additionally with respect to the First Eagle Fund of America, the Subadvisory Agreement, will continue in effect only so long as such continuance is specifically approved at least annually in conformity with the Investment Company Act. The Advisory Agreement provides that the Adviser will not be liable for any error of judgment or for any loss suffered by the Fund in connection with the matters to which the Advisory Agreement relates, except a loss resulting from willful misfeasance, bad faith, gross negligence or reckless disregard of duty. The Advisory Agreement provides that it will terminate automatically if assigned, within the meaning of the Investment Company Act, and that it may be terminated without penalty by either party upon not more than 60 days’ nor less than 30 days’ written notice. The Subadvisory Agreement provides that Iridian will not be liable for any error of judgment or for any loss suffered by the First Eagle Fund of America in connection with the matters to which the Subadvisory Agreement relates, except a loss resulting from willful misfeasance, bad faith, gross negligence or reckless disregard of duty. The Subadvisory Agreement provides that it will terminate automatically if assigned, within the meaning of the Investment Company Act, and that it may be terminated without penalty by either party upon not more than 60 days’ nor less than 30 days’ written notice.

86

This prospectus is printed on recycled paper which is 30% post-industrial recycled fiber and manufactured using biogas energy.

First Eagle Funds	Investment Adviser
1345 Avenue of the Americas	Arnhold and S. Bleichroeder
New York, NY 10105	Advisers, LLC
www.firsteaglefunds.com	1345 Avenue of the Americas
	New York, NY 10105
Trustees
Lisa Anderson	Legal Counsel
John P. Arnhold	Shearman & Sterling LLP
Candace K. Beinecke (Chair)	599 Lexington Avenue
Jean-Marie Eveillard	New York, NY 10022
Jean D. Hamilton
James E. Jordan	Custodian
William M. Kelly	State Street Bank and Trust Company
Paul J. Lawler	801 Pennsylvania
Dominique Raillard	Kansas City, MO 64105
Officers	Shareholder Servicing Agent
John P. Arnhold	DST Systems, Inc.
President	330 West 9th Street
	Kansas City, MO 64105
Robert Bruno	(800) 334-2143
Chief Operations & Financial Officer
	Underwriter
Mark D. Goldstein	First Eagle Funds Distributors,
Chief Compliance Officer	a division of ASB Securities LLC
	1345 Avenue of the Americas
Suzan J. Afifi	New York, NY 10105
Vice President & Secretary
	Independent Registered
Michael Luzzatto	Public Accounting Firm
Assistant Vice President	PricewaterhouseCoopers LLP
	300 Madison Avenue
Winnie Chin	New York, NY 10017
Assistant Treasurer
Philip Santopadre
Assistant Treasurer

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of First Eagle Funds.

The financial information included herein is taken from records of the Funds without examination by the Funds’ independent auditors, who do not express an opinion thereon.

Item 2.           Code of Ethics.

The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer. Copies of the code of ethics may be requested free of charge by calling 1-800-334-2143 (toll free).

Item 3.           Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.           Principal Accountant Fees and Services

Not applicable to this semi-annual report.

Item 5.           Audit Committee of Listed Registrants.

Not applicable at this time.

Item 6.           Schedule of Investments.

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7.           Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable at this time.

Item 8.           Purchases of Equity Securities by Close-End Management Investment Company and Affiliated Purchasers.

Not applicable at this time.

Item 9.           Submission of Matters to a Vote of Security Holders.

Not applicable at this time.

Item 10.         Controls and Procedures.

(a) In the opinion of the principal executive officer and principal financial officer, based on their evaluation, the registrant's disclosure controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared; and (ii) that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that

have materially affected or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 11.         Exhibits.

(a)(1) Not applicable to this semi-annual report.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a -2(a)): Attached hereto.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a -2(b)): Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	First Eagle Funds
By (Signature and Title)*	/s/ John P. Arnhold
	John P. Arnhold, President

Date: July 2, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ John P. Arnhold
	John P. Arnhold, Principal Executive Officer
Date: July 2, 2008
By (Signature and Title)*	/s/ Robert Bruno
	Robert Bruno, Principal Financial Officer

Date: July 2, 2008

*          Print the name and title of each signing officer under his or her signature.