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, 2006

Date of reporting period: April 30, 2006

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

Advised by
Arnhold and S. Bleichroeder Advisers, LLC

SEMI-ANNUAL REPORT
April 30, 2006

First Eagle
Global Fund

First Eagle
Overseas Fund

First Eagle
U.S. Value Fund

First Eagle
Gold Fund

First Eagle
Fund of America

S e m i - A n n u a l  R e p o r t

FIRST EAGLE FUNDS

TABLE OF CONTENTS

Letter from the President		1
Performance Chart		2
Letter from the Portfolio Manager		5
Management’s Discussion of Fund Performance: First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund		7
Fund Expenses		9
First Eagle Global Fund:
	Fund Overview	11
	Schedule of Investments	12
First Eagle Overseas Fund:
	Fund Overview	29
	Schedule of Investments	30
First Eagle U.S. Value Fund:
	Fund Overview	45
	Schedule of Investments	46
First Eagle Gold Fund:
	Management’s Discussion of Fund Performance	51
	Fund Overview	52
	Schedule of Investments	53
First Eagle Fund of America:
	Management’s Discussion of Fund Performance	57
	Fund Overview	58
	Schedule of Investments	59
Statements of Assets and Liabilities		64
Statements of Operations		65
Statements of Changes in Net Assets		66
Notes to Financial Statements		68
Financial Highlights		82
Additional Information		94
Consideration of Investment Advisory Agreements		98

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.

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

Dear Shareholder,

Since our last communication, six months ago, we have seen many major world markets continue to rise. This has made our task of uncovering value for our shareholders increasingly difficult. That said, we strongly believe that our time-tested value approach which has been established over decades will continue to serve our investors well.

Our approach continues to focus on capital preservation and a research-driven, disciplined technique to security selection. By focusing first on what can go wrong, we try to protect our shareholders’ investments and hopefully increase them over the long-term. Our investors should understand that our investment goals are long-term and we are not concerned with outperforming indexes or comparing ourselves with benchmarks over a short time period. What makes First Eagle Funds unique is the flexibility our team has in selecting investments (or in husbanding cash resources until such time as we uncover opportunities). At times, our

John P. Arnhold

investment decisions may seem unpopular or contrary to market sentiment. It is precisely these decisions which we believe could lead to significant outperformance in the long-run.

At the beginning of May we closed the First Eagle Gold Fund to new investors. This decision is due to the fact that it has become increasingly difficult to manage the fund in the manner we have in the past—which is to provide a more pure level of exposure to the metal as we believe it is a valuable hedge against both inflation and deflation. The investment universe for the fund has narrowed due to gold-linked notes becoming more expensive, rapid consolidations of more established mining companies, and a growing emergence of poly-metallic mines. We believe this course of action is in the best interest of the shareholders.

Many market strategists predict the road ahead could be a bumpy one. We never engage in market forecasts, as doing so is much like consulting a crystal ball. We prefer to stay with our bottom-up analysis which has withstood the test of time through all market environments. Thank you for your continued confidence and support.

Sincerely,

John P. Arnhold
President

May 2006

PERFORMANCE

FIRST EAGLE FUNDS Average Annual Returns¹ as of April 30, 2006 (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	27.56	%	25.59	%	18.83	%	14.20	%	15.97	%	1/1/79	2
with sales load	21.18	%	23.46	%	17.62	%	13.77	%	15.81	%	1/1/79	2
First Eagle Global Fund - Class I (SGIIX)	27.91	%	25.91	%	19.14	%	–		16.32	%	7/31/98
First Eagle Global Fund - Class C (FESGX)	25.40	%	24.66	%	17.97	%	–		17.80	%	6/5/00
MSCI World Index3	24.32	%	21.12	%	5.51	%	7.37	%	11.46	%	1/1/79
FIRST EAGLE OVERSEAS FUND
First Eagle Overseas Fund - Class A (SGOVX)
without sales load	31.50	%	29.86	%	20.91	%	15.51	%	15.37	%	8/31/93
with sales load	24.93	%	27.66	%	19.67	%	15.07	%	15.02	%	8/31/93
First Eagle Overseas Fund - Class I (SGOIX)	31.81	%	30.19	%	21.20	%	–		18.07	%	7/31/98
First Eagle Overseas Fund - Class C (FESOX)	29.24	%	28.89	%	20.05	%	–		18.77	%	6/5/00
MSCI EAFE Index4	33.49	%	29.10	%	9.18	%	6.68	%	7.12	%	8/31/93
FIRST EAGLE U.S. VALUE FUND
First Eagle U.S. Value Fund - Class A (FEVAX)
without sales load	12.38	%	17.36	%	–		–		13.80	%	9/4/01
with sales load	6.76	%	15.37	%	–		–		12.55	%	9/4/01
First Eagle U.S. Value Fund - Class I (FEVIX)	12.69	%	17.65	%	–		–		14.07	%	9/4/01
First Eagle U.S. Value Fund - Class C (FEVCX)	10.43	%	16.50	%	–		–		12.95	%	9/4/01
Standard & Poor’s 500 Index8	15.42	%	14.68	%	–		–		4.95	%	9/4/01
Russell 2000 Index6	33.47	%	25.67	%	–		–		12.45	%	9/4/01
FIRST EAGLE GOLD FUND
First Eagle Gold Fund - Class A (SGGDX)
without sales load	79.94	%	33.09	%	39.42	%	10.68	%	10.56	%	8/31/93
with sales load	70.95	%	30.83	%	38.00	%	10.26	%	10.23	%	8/31/93
First Eagle Gold Fund - Class I (FEGIX)5	80.36	%	–		–		–		31.20	%	5/15/03
First Eagle Gold Fund - Class C (FEGOX)5	77.00	%	–		–		–		29.93	%	5/15/03
MSCI World Index3	24.32	%	21.12	%	5.51	%	7.37	%	8.29	%	8/31/93
FTSE Gold Mines Index7	84.80	%	33.79	%	28.64	%	1.30	%	2.74	%	8/31/93
FIRST EAGLE FUND OF AMERICA
First Eagle Fund of America - Class Y (FEAFX)	17.04	%	16.37	%	9.08	%	12.73	%	13.60	%	4/10/87
First Eagle Fund of America - Class C (FEAMX)	15.09	%	15.54	%	8.28	%	–		8.12	%	3/2/98
First Eagle Fund of America - Class A (FEFAX)
without sales load	17.09	%	16.34	%	8.98	%	–		8.91	%	11/20/98
with sales load	11.41	%	14.46	%	7.92	%	–		8.16	%	11/20/98
Standard & Poor’s 500 Index8	15.42	%	14.68	%	2.70	%	8.94	%	10.73	%	4/10/87

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

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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, predecessor to current management.
(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.
(5)	Due to First Eagle Gold Fund’s C and I shares inception date (May 15, 2003), the performance data shown on the previous page is of a very limited time period and should not be misconstrued to reflect future performance.
(6)	The Russell 2000 Index is an unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index and is not available for purchase.
(7)	The FTSE Gold Mines Index is an unmanaged index composed of 32 gold mining companies and is not available for purchase.
(8)	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. Although the Standard & Poor’s 500 Index focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, it is also considered a proxy for the total market.

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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

Charles de Vaulx

Dear Shareholder:

The six month period ending April 30, 2006 has been good for all the First Eagle Funds we manage as equity prices have gone up sharply around the world. But some of these gains may have been “borrowed’’ from the future as a severe downturn is taking place in May.

Just a few weeks ago, the Market believed in a Goldilocks world, with synchronized global economic growth and low inflation. Today, the Market appears spooked by the prospect of stagflation, i.e. low economic growth combined with some inflation (particularly in the U.S.), a lethal combination for financial assets. We try to remain agnostic, although our focus on capital preservation forces us to worry about what can go wrong instead of fantasizing about perpetual prosperity.

I would like to make three points:

1.	After a huge run-up over the past three years, foreign stocks appear as expensive today as U.S. stocks. As a result, we have become net sellers of foreign stocks (in the Global and Overseas Funds), in places such as Europe, Japan and South Korea. Nonetheless, our quest for new investment ideas is ongoing and we have found a few securities to buy overseas including in the retail and telephony sectors. Conversely, we have become net buyers of U.S. stocks, including in the media, technology and food & beverage sectors. Still, we find the U.S. market pricey and the Global Fund has still more in foreign than in U.S. equities while the U.S. Value Fund struggles to put its cash “to work’’.
2.	Corporate activity (takeovers, going private transactions, shareholder activism) has been vibrant around the world. I would not interpret this as a sign that stocks are under priced in the market place (trading well below their “intrinsic value’’), but rather a sign of over abundant liquidity, the result of years of ultra low interest rates and the corresponding temptation for investors to reach out for yield.
3.	Until a few weeks ago, every asset class had done well (stocks, emerging markets, commodities, real estate, collectibles, art), including gold. As a result, traditional asset allocation may not yield the diversification benefits that were sought after. Also after its recent run-up, gold may not act—in the short term—as the hedge we look for. In the seventies, gold had a major run (from $35 an

5

ounce in 1971 to $850 in January 1980), yet fell almost 50% from late December 1974 to August 1976 (from $195 to almost $103 an ounce) before resuming its advance. Today a plausible scenario would entail an end to the current boom in commodities followed in a few years from now by a renewed surge of gold discounting various governments’ efforts to inflate their way out of an asset price decline: Gold can be a good hedge against inflation, it may be an even better one against deflation.

My team of nine analysts—co-led by the ever-smiling and tireless Charles de Lardemelle (“Chuck’’)—three traders, my assistant and myself appreciate your continued confidence and thank you for your support.

Charles de Vaulx
Chief Investment Officer and Portfolio Manager

May 24, 2006

Though First Eagle Global Fund, First Eagle Overseas Fund and First Eagle Gold Fund (effective May 8, 2006) will only accept additional investments from existing shareholders, First Eagle U.S. Value Fund remains open to all investors.

6

FIRST EAGLE FUNDS

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

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Global markets rose over the six months ending April 30, 2006 as evidenced by the 16.01% increase in the MSCI World Index. European, Japanese and South Korean stocks did particularly well due to higher corporate earnings, increased signs of economic recovery and vibrant merger activity. U.S. stocks were up as well, particularly smaller stocks. Oil continued to climb over $12 to almost $72 per barrel as of April 30, 2006. The U.S. dollar fell 5% against the euro during the six month period. Gold reached a high of $654 an ounce on April 28th, an increase of $189 during the six month period fueled by still low, if not negative, real interest rates, rising energy prices and concerns about global economic imbalances.

First Eagle Global Fund

The net asset value of the Fund’s Class ‘A’ shares rose 16.71% between November 1, 2005 and April 30, 2006 while the MSCI World Index was up 16.01% over that period.

Precious metals, consumer discretionary and consumer staples companies made the greatest positive contributions to the portfolio for the six-month period with names such as Samsung Electronics Company, Limited (South Korea), Toyota Motor Corporation (Japan), Pargesa Holding SA (Switzerland), Kuehne & Nagel International AG (Switzerland) and Sodexho Alliance SA (France).

Corporate activity was high during the period. Benefiting the Fund in particular was the announced takeover of Elior SA (France), the acquisition of Burlington Resources, Inc. by ConocoPhillips Company, the going private transaction with Allen Organ Company (U.S.), shareholder activism directed towards McDonald’s Corporation (U.S.) and HJ Heinz Company (U.S.) as well as the possible takeovers of Longview Fibre Company (U.S.), Associated British Ports Holdings Plc (U.K.) and KT&G Corporation (South Korea).

We reduced our hedge against a possible decline in the Japanese yen to 10% (down from 15% on October 31, 2005) as we believe Asian currencies should ultimately be revalued against the U.S. dollar. We also reduced the hedge against the euro to 10% (down from 30% on October 31, 2005) believing the latter to be undervalued against the U.S. dollar.

First Eagle Overseas Fund

The net asset value of the Fund’s Class ‘A’ shares rose 20.55% between November 1, 2005 and April 30, 2006 while the MSCI EAFE Index was up 22.89% over that period.

Precious metals, consumer staples and holding companies made the greatest positive contributions to the portfolio for the six-month period with names such as Samsung Electronics Company, Limited (South Korea), Kuehne & Nagel International AG (Switzerland), Wendel Investissement (France), Pargesa Holding SA (Switzerland) and Sodexho Alliance SA (France).

7

Corporate activity was high during the period and benefited the Fund in particular the announced takeover of Elior SCA (France), the acquisition of Burlington Resources, Inc. by ConocoPhillips Company, as well as the possible takeovers of Associated British Ports Holdings Plc (UK) and KT&G Corporation (South Korea).

We reduced our hedge to attempt to protect against a possible decline in the Japanese yen to 10% as of April 30, 2006 (down from 15% on October 31, 2005) as we believe Asian currencies should ultimately be revalued against the U.S. dollar. We also reduced the hedge against the euro to 0% (down from 25% on October 31, 2005) believing the latter to be undervalued against the U.S. dollar.

First Eagle U.S. Value Fund

The net asset value of the Fund’s Class ‘A’ shares rose 6.51% between November 1, 2005 and April 30, 2006 while the S&P 500 Index was up 9.64% over that period and the Russell 2000 Index rose 18.91%.

Precious metals, consumer discretionary and energy companies made the greatest positive contributions to the portfolio for the six-month period. Individual stocks that added to returns were Newmont Mining Corporation (precious metals), Costco Wholesale Corporation (consumer discretionary), Waste Management Inc. (industrials) and Manpower Inc. (services).

Corporate activity was high during the period. Benefiting the Fund in particular was the acquisition of Burlington Resources by ConocoPhillips Company, the going private transaction of Allen Organ Company (U.S.), shareholder activism directed towards McDonald’s Corporation (U.S.) and HJ Heinz Company (U.S.) and the possible takeover of Longview Fibre Company (U.S.).

 

Charles de Vaulx

Chief Investment Officer and Portfolio Manager

May 2006

8

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, 2005 and held for the six months ended April 30, 2006.

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		16.71	%	$	1,000.00	$	1,167.10		$	6.07
First Eagle Global Fund Class I		16.90	%		1,000.00		1,169.00			4.73
First Eagle Global Fund Class C		16.30	%		1,000.00		1,163.00			10.08
First Eagle Overseas Fund Class A		20.55	%		1,000.00		1,205.50			6.07
First Eagle Overseas Fund Class I		20.71	%		1,000.00		1,207.10			4.71
First Eagle Overseas Fund Class C		20.09	%		1,000.00		1,200.90			10.15
First Eagle U.S. Value Fund Class A		6.51	%		1,000.00		1,065.10			6.55
First Eagle U.S. Value Fund Class I		6.71	%		1,000.00		1,067.10			5.23
First Eagle U.S. Value Fund Class C		6.14	%		1,000.00		1,061.40			10.38
First Eagle Gold Fund Class A		52.72	%		1,000.00		1,527.20			7.52
First Eagle Gold Fund Class I		52.92	%		1,000.00		1,529.20			5.96
First Eagle Gold Fund Class C		52.20	%		1,000.00		1,522.00			12.13
First Eagle Fund of America Class Y		11.59	%		1,000.00		1,115.90			7.40
First Eagle Fund of America Class C		11.23	%		1,000.00		1,112.30			11.31
First Eagle Fund of America Class A		11.62	%		1,000.00		1,116.20			7.45

(1)	For the six months ended April 30, 2006.
(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%, 1.11%, 0.86%, 1.86%, 1.28%, 1.02%, 2.03%, 1.20%, 0.95%, 1.94%, 1.41%, 2.16%, and 1.42% 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 Y, C, and A, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

9

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	$	1,019.19		$	5.66
First Eagle Global Fund Class I		5.00	%		1,000.00		1,020.43			4.41
First Eagle Global Fund Class C		5.00	%		1,000.00		1,015.47			9.39
First Eagle Overseas Fund Class A		5.00	%		1,000.00		1,019.29			5.56
First Eagle Overseas Fund Class I		5.00	%		1,000.00		1,020.53			4.31
First Eagle Overseas Fund Class C		5.00	%		1,000.00		1,015.57			9.30
First Eagle U.S. Value Fund Class A		5.00	%		1,000.00		1,018.45			6.41
First Eagle U.S. Value Fund Class I		5.00	%		1,000.00		1,019.74			5.11
First Eagle U.S. Value Fund Class C		5.00	%		1,000.00		1,014.73			10.14
First Eagle Gold Fund Class A		5.00	%		1,000.00		1,018.84			6.01
First Eagle Gold Fund Class I		5.00	%		1,000.00		1,020.08			4.76
First Eagle Gold Fund Class C		5.00	%		1,000.00		1,015.17			9.69
First Eagle Fund of America Class Y		5.00	%		1,000.00		1,017.80			7.05
First Eagle Fund of America Class C		5.00	%		1,000.00		1,014.08			10.79
First Eagle Fund of America Class A		5.00	%		1,000.00		1,017.75			7.10

(1)

For the six months ended April 30, 2006.

(2)

Expenses are equal to the annualized expense ratio of 1.13%, 0.88%, 1.88%, 1.11%, 0.86%, 1.86%, 1.28%, 1.02%, 2.03%, 1.20%, 0.95%, 1.94%, 1.41%, 2.16%, and 1.42% 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 Y, C, and A, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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  FUND OVERVIEW

  FIRST EAGLE GLOBAL FUND Data as of April 30, 2006 (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

Commodity-Linked Notes
0.98%

Commodities
2.21%

U.S. Dollar Cash
and Equivalents
16.94%

U.S. Dollar
Bonds and Notes
2.04%

Foreign Currency
Bonds and Notes
2.83%

U.S. Stocks
28.47%

Foreign
Stocks
46.53%

  COUNTRIES

United States	33.71	%	India	0.69	%
France	11.69	%	Brazil	0.36	%
Japan	9.58	%	Denmark	0.32	%
Switzerland	6.60	%	Belgium	0.31	%
South Korea	4.99	%	Malaysia	0.30	%
United Kingdom	3.74	%	China	0.19	%
Germany	1.71	%	New Zealand	0.11	%
Netherlands	1.62	%	Sweden	0.11	%
Spain	1.24	%	Commonwealth
Canada	0.93	%	of Independent
Hong Kong	0.93	%	States	0.11	%
Italy	0.89	%	Other	0.54	%
Singapore	0.85	%
Mexico	0.78	%
South Africa	0.76	%

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	27.56	%	18.83	%	14.20	%
with sales load	21.18	%	17.62	%	13.77	%
MSCI World Index	24.32	%	5.51	%	7.37	%
Consumer Price Index	3.55	%	2.64	%	2.57	%

  GROWTH OF A $10,000 INITIAL INVESTMENT

$36,365

$20,358

$12,900

First Eagle Global Fund (A Shares)

MSCI World Index

Consumer Price Index

$40,000

30,000

20,000

10,000

0

4/96

4/97

4/98

4/99

4/00

4/01

4/02

4/03

4/04

4/05

4/06

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. It 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

Samsung Electronics Company, Limited (CS & Pfd.)
(South Korean electronics company)	2.64%
Liberty Media Corporation (U.S. media company)	2.60%
Costco Wholesale Corporation (U.S. multiline retailer)	2.40%
Sodexho Alliance SA (French food management services provider)	2.23%
Gold bullion (precious metal)	2.19%
Berkshire Hathaway Inc., Class ‘A’ (U.S. holding company)	2.15%
Nestlé SA (Swiss food manufacturer)	2.10%
Toyota Motor Corporation (Japanese automobile manufacturer)	2.10%
Pargesa Holding AG (Swiss diversified financials company)	1.93%
Johnson & Johnson Inc. (U.S. health care products manufacturer)	1.76%

11

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – U.S. (28.47%)
		Consumer Discretionary (1.13%)
	4,761,140	McDonald’s Corporation	$	121,834,244	$	164,592,610
	192,250	Allen Organ Company, Class ‘B’		6,030,883		15,716,438
	391,210	Foot Locker, Inc.		7,822,638		9,068,248
	390,000	Weyco Group, Inc.		1,285,375		8,240,700
	185,000	St. John Knits International Inc. (a)		3,180,703		8,048,425
	500,000	A.T. Cross Company, Class ‘A’ (a)		4,150,673		2,750,000
				144,304,516		208,416,421
		Consumer Staples (0.71%)
	2,005,018	Anheuser-Busch Companies Inc.		86,673,958		89,383,702
	495,891	HJ Heinz Company		16,881,358		20,584,435
	250,000	Altria Group, Inc.		7,640,522		18,290,000
	82,570	Seneca Foods Corporation 0% Conv. Pfd. due 12/31/2049 (a)(j)		1,242,679		1,713,327
				112,438,517		129,971,464
		Energy (2.08%)
	4,721,433	ConocoPhillips Company		244,762,591		315,863,868
	556,404	SEACOR Holdings Inc. (a)		23,217,111		49,213,934
	355,990	Murphy Oil Corporation		7,188,911		17,863,578
				275,168,613		382,941,380
		Financials (0.01%)
	114,750	East Texas Financial Services, Inc. (c)		862,687		1,711,496
	8,200	Redwood Financial, Inc. (a)(e)		71,750		170,150
				934,437		1,881,646
		Health Care (2.13%)
	5,545,400	Johnson & Johnson Inc.		337,561,978		325,015,894
	1,378,730	Bausch & Lomb Inc.		65,283,621		67,488,833
				402,845,599		392,504,727
		Holding Companies (2.23%)
	4,455	Berkshire Hathaway Inc., Class ‘A’ (a)		372,864,079		396,495,000
	7,432	Case Pomeroy & Company, Inc., Class ‘A’		7,366,948		12,894,520
	2,485	J.G. Boswell Company		573,840		1,699,740
				380,804,867		411,089,260

See Notes to Financial Statements.

12

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – U.S. – (continued)
		Industrials (3.39%)
	9,640,620	Tyco International Limited	$	225,550,668	$	254,030,337
	2,682,760	Waste Management Inc.		75,434,447		100,496,190
	6,325,991	Blount International Inc. (a)(c)		86,444,988		97,989,601
	870,960	Manpower Inc.		34,320,745		56,743,044
	2,066,590	Cendant Corporation		35,227,872		36,020,664
	651,227	Banta Corporation		28,938,738		32,939,062
	805,690	UniFirst Corporation (c)		14,304,733		24,992,504
	350,960	Franklin Electric Company, Inc.		6,485,330		20,471,497
	4,805	Conbraco Industries, Inc. (a)		1,568,050		1,369,425
	365,000	Kaiser Ventures LLC (a)(e)(i)(j)		–		1,047,550
				508,275,571		626,099,874
		Materials (0.10%)
	216,585	Vulcan Materials Company		6,725,390		18,401,062
		Media (5.31%)
	57,346,247	Liberty Media Corporation (a)		458,188,556		478,841,162
	4,158,190	Clear Channel Communications Inc.		129,199,522		118,633,161
	3,067,730	Comcast Corporation-Special Class ‘A’ (a)		86,166,451		94,578,116
	5,326,820	News Corporation Class ‘A’		81,374,022		91,408,231
	2,636,140	CBS Corporation Class ‘B’		68,991,095		67,142,486
	1,575,000	Valassis Communications, Inc. (a)		45,909,183		46,100,250
	1,513,105	The DIRECTV Group, Inc. (a)		18,282,702		25,843,833
	1,000,000	Liberty Global Inc. (a)		17,404,043		20,710,000
	1,000,000	Liberty Global Inc. Series ‘C’ (a)		15,957,746		19,970,000
	281,791	Dow Jones & Company Inc.		10,444,173		10,417,813
	126,620	Tribune Company		3,568,114		3,650,455
	34,924	Mills Music Trust (c)		1,055,337		1,679,844
				936,540,944		978,975,351
		Paper and Forest Products (1.88%)
	6,400,702	Rayonier Inc. (c)		137,292,717		263,452,894
	2,043,000	Plum Creek Timber Company, Inc.		60,628,488		74,160,900
	207,460	Longview Fibre Company		1,210,375		5,406,408
	74,450	Deltic Timber Corporation		2,818,227		4,297,254
				201,949,807		347,317,456

See Notes to Financial Statements.

13

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – U.S. – (continued)
		Precious Metals (1.52%)
	7,103,370	Newmont Mining Corporation Holding Company	$	120,881,115	$	221,171,159
	830,850	Freeport-McMoRan Copper & Gold Inc., Class ‘B’		26,631,492		53,656,293
	925,000	Freeport-McMoRan Copper & Gold Inc., Preferred Series ‘D’ (d)		9,690,611		6,197,500
				157,203,218		281,024,952
		Real Estate (0.08%)
	500,000	Crescent Real Estate Equities Company		7,671,061		10,000,000
	258,133	Price Legacy Corporation Pfd., Series ‘A’		2,935,244		3,807,462
	21,124	Security Capital European Realty (a)(e)		422,475		340,308
				11,028,780		14,147,770
		Retail (4.30%)
	8,139,500	Costco Wholesale Corporation		338,913,474		443,032,985
	2,638,450	Wal-Mart Stores Inc.		119,597,289		118,809,403
	2,171,440	Tiffany & Company		61,804,700		75,761,542
	1,252,510	The Sherwin-Williams Company		46,850,221		63,802,859
	881,450	Barnes & Noble, Inc.		12,781,803		39,735,766
	1,000,000	Dillard’s Inc., Class ‘A’		16,266,643		26,080,000
	218,050	Federated Department Stores Inc.		3,759,110		16,975,192
	94,750	Autozone Inc. (a)		8,753,628		8,869,548
				608,726,868		793,067,295
		Technology and Telecommunications (3.24%)
	10,626,480	Microsoft Corporation		273,840,565		256,629,492
	6,574,140	Intel Corporation		131,949,975		131,351,317
	3,606,630	American Power Conversion Corporation		64,237,405		80,211,451
	2,638,952	Sprint Nextel Corporation		67,516,945		65,446,010
	1,316,760	Lexmark International Group Inc. Class ‘A’ (a)		73,268,273		64,126,212
				610,813,163		597,764,482
		Utilities (0.36%)
	1,517,660	IDACORP, Inc.		47,937,719		51,676,323
	325,000	CalEnergy Capital Trust 6½% Conv. Pfd.		14,327,813		15,275,000
				62,265,532		66,951,323
		Total Common and Preferred Stocks – U.S.		4,420,025,822		5,250,554,463

See Notes to Financial Statements.

14

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – Non U.S. (46.53%)
		Australia and New Zealand (0.14%)
	6,650,000	News & Media NZ Limited exchangeable preference shares (10)	$	17,173,423	$	20,111,761
	1,455,468	Spotless Group Limited (8)		2,806,421		5,471,508
				19,979,844		25,583,269
		Belgium (0.31%)
	1,686,589	Deceuninck (c)(1)		42,104,284		56,438,162
		Brazil (0.37%)
	757,225	Petroleo Brasileiro SA ADR (3)		26,975,043		67,309,730
		Canada (0.87%)
	2,025,000	Aber Diamond Corporation (9)		66,056,173		79,423,111
	908,020	EnCana Corporation (3)		6,449,303		45,446,401
	3,825,000	IAMGOLD Corporation (12)		28,318,173		36,207,358
				100,823,649		161,076,870
		Chile (0.05%)
	700,000	Quinenco SA ADR (8)		4,366,596		8,729,000
		China (0.19%)
	305,179	PetroChina Company, Limited ADR (3)		11,088,107		34,302,120
		Commonwealth of Independent States (0.11%)
	556,624	Firebird Fund, L.P. (a)(b)(e)(7)		1,000,000		19,869,568
		Denmark (0.32%)
	638,270	Carlsberg A/S, ‘B’ (2)		23,294,465		42,996,058
	265,000	Carlsberg A/S, ‘A’ (2)		11,736,822		16,640,291
				35,031,287		59,636,349
		France (11.09%)
	8,525,605	Sodexho Alliance SA (1)		256,375,588		410,712,075
	2,113,113	Wendel Investissement (7)		64,260,703		265,632,804
	7,257,095	Vivendi Universal SA (10)		188,367,961		265,203,381
	2,385,546	L’Oréal SA (2)		179,076,236		221,407,769
	3,147,074	Rémy Cointreau SA (2)		111,002,708		172,072,937
	1,465,000	Essilor International SA (6)		71,835,914		147,069,452
	1,581,280	Carrefour SA (2)		77,085,555		91,811,158
	810,000	Société BIC SA (8)		37,045,867		56,971,537
	1,653,560	Télévision Française 1 SA (a)(10)		43,471,274		54,915,309
	477,000	Neopost SA (8)		27,488,265		53,999,084
	52,250	Société Sucrière de Pithiviers-le-Vieil (c)(2)		27,284,263		52,717,013

See Notes to Financial Statements.

15

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – Non U.S. – (continued)
		France – (continued)
	1,809,900	PagesJaunes Groupe SA (a)(10)	$	31,956,885	$	52,359,729
	179,900	Total SA (3)		47,146,517		49,795,424
	488,210	Financière Marc de Lacharrière SA (7)		19,239,651		46,390,697
	1,230,730	Elior SCA (1)		18,173,347		20,918,261
	130,493	Robertet SA (2)		16,659,259		20,317,394
	42,252	Robertet SA C.I. (2)		800,508		4,559,078
	156,730	Guyenne Et Gascogne SA (2)		16,980,472		18,306,764
	448,490	Safran SA (15)		8,923,327		11,524,840
	92,987	Gaumont SA (10)		5,094,361		7,127,359
	70,000	NSC Groupe (c)(8)		12,400,388		6,315,649
	385,000	Sabeton SA (c)(7)		4,841,233		5,688,062
	104,080	Cap Gemini SA (a)(15)		3,576,004		5,575,139
	17,845	Société Foncière Financière et de Participations (7)		3,933,965		4,486,478
				1,273,020,251		2,045,877,393
		Germany (1.68%)
	1,721,525	Fraport AG (16)		58,775,040		130,366,229
	735,000	Hornbach Holding AG Pfd. (1)		46,863,613		80,096,927
	1,133,937	Bertelsmann AG D.R.C. (10)		26,746,576		36,405,551
	528,000	Vossloh AG (16)		27,439,158		27,822,748
	580,856	Praktiker Bau-und Heimwerkermaerkte Holding AG (a)(1)		10,181,301		17,412,732
	123,750	Axel Springer AG (10)		10,919,089		16,096,903
	38,035	Hornbach Baumarkt AG (1)		1,581,134		2,077,243
				182,505,911		310,278,333
		Hong Kong (0.62%)
	6,225,000	Guoco Group Limited (7)		52,462,656		77,356,370
	25,000,000	Shaw Brothers (Hong Kong) Limited (c)(10)		25,226,481		34,178,334
	21,500,000	City e-Solutions Limited (c)(1)		971,287		2,662,041
				78,660,424		114,196,745
		India (0.69%)
	2,325,000	Tata Motors Limited (1)		23,275,395		48,046,374
	7,150,000	Hindustan Lever Limited (2)		19,866,524		46,288,603
	1,174,999	Nestlé India Limited (2)		14,548,375		33,710,533
				57,690,294		128,045,510

See Notes to Financial Statements.

16

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – Non U.S. – (continued)
		Italy (0.89%)
	6,832,670	Italcementi S.p.A. RNC (9)	$	74,198,057	$	123,034,722
	331,301	Italmobiliare S.p.A. RNC (9)		17,151,943		24,829,112
	2,102,593	Gewiss S.p.A. (8)		12,927,323		17,098,531
				104,277,323		164,962,365
		Japan (9.58%)
	6,605,800	Toyota Motor Corporation (1)		247,768,650		386,833,975
	3,775,100	Ono Pharmaceutical Company, Limited (6)		165,867,433		187,543,436
	5,675,000	Shimano Inc. (c)(1)		93,079,216		187,120,812
	24,025,000	Aioi Insurance Company, Limited (4)		89,923,374		174,066,649
	2,669,200	Secom Company, Limited (8)		97,692,351		145,746,347
	12,000,000	NIPPONKOA Insurance Company, Limited (4)		54,518,219		107,306,779
	1,947,440	Kose Corporation (2)		60,431,532		71,061,954
	3,554,600	Toho Company, Limited (10)		50,737,794		68,916,671
	1,860,700	Olympus Corporation (6)		38,427,760		53,335,813
	3,236,000	T. Hasegawa Company, Limited (c)(2)		49,107,821		52,439,532
	1,250,000	Fuji Photo Film Company, Limited (1)		36,015,119		42,534,951
	1,379,100	Shimachu Company, Limited (1)		32,950,108		37,590,873
	819,000	Astellas Pharma Inc. (6)		33,519,260		34,206,014
	1,429,600	Chofu Seisakusho Company, Limited (1)		27,525,671		33,687,928
	1,000,000	Aderans Company, Limited (2)		23,155,963		29,719,511
	372,400	Canon Inc. (15)		19,299,690		28,520,215
	1,775,900	Nissin Healthcare Food Service Company, Limited (2)		27,700,245		27,154,578
	1,591,700	Wacoal Holdings Corporation (2)		12,828,488		21,538,963
	1,362,500	Mitsui Sumitomo Insurance Company, Limited (4)		6,280,901		18,389,497
	1,508,680	Iino Kaiun Kaisha, Limited (16)		3,309,538		14,419,548
	410,900	Shoei Company, Limited (7)		1,790,550		13,765,313
	1,079,900	Seikagaku Corporation (6)		11,099,559		12,486,314
	310,450	Makita Corporation (1)		1,702,446		9,226,422
	249,600	Mandom Corporation (2)		6,001,198		6,243,841
	108,900	Nissin Food Products Company, Limited (2)		3,118,708		3,475,838
				1,193,851,594		1,767,331,774
		Mexico (0.78%)
	12,725,000	Industrias Peñoles, SA de C.V. (12)		28,034,478		114,923,240
	6,842,100	Embotelladoras Arca SA de C.V. (2)		12,460,765		17,897,221
	330,400	Grupo Aeroportuario del Pacifico SA de C.V. ADR (a)(16)		8,104,464		10,995,712
				48,599,707		143,816,173

See Notes to Financial Statements.

17

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – Non U.S. – (continued)
		Netherlands (1.15%)
	4,657,720	Heineken Holding NV (2)	$	129,500,145	$	166,271,152
	767,500	Telegraaf Media Groep NV (10)		14,080,509		21,321,551
	473,438	Koninklijke Grolsch NV (2)		12,444,932		17,576,329
	130,222	Arcadis NV (8)		1,782,576		6,186,156
				157,808,162		211,355,188
		Singapore (0.38%)
	4,000,000	Fraser & Neave Limited (2)		25,007,469		55,905,138
	13,467,250	ComfortDelgro Corporation Limited (2)		3,279,184		13,712,109
				28,286,653		69,617,247
		South Africa (0.76%)
	7,150,000	Mvelaphanda Resources Limited (a)(12)		23,702,956		41,587,038
	1,425,000	Gold Fields Limited (12)		18,096,753		36,209,250
	749,210	Gold Fields Limited ADR (12)		2,173,736		18,832,656
	1,660,730	Harmony Gold Mining Company, Limited ADR (a)(12)		17,121,672		27,900,264
	1,000,000	Harmony Gold Mining Company, Limited (a)(12)		4,591,642		16,452,015
				65,686,759		140,981,223
		South Korea (4.99%)
	732,080	Samsung Electronics Company, Limited Pfd. (15)		167,790,769		396,641,976
	133,350	Samsung Electronics Company, Limited (15)		94,717,338		91,053,809
	4,600,218	SK Telecom Company, Limited ADR (15)		94,343,082		122,825,821
	1,665,420	KT&G Corporation (2)		42,897,335		93,234,561
	46,250	Lotte Confectionery Company, Limited (2)		14,466,853		62,327,042
	65,500	Nam Yang Dairy Products Company, Limited (c)(2)		14,805,002		50,349,891
	501,000	Kukdong Electric Wire Company, Limited (c)(e)(i)(j)(15)		10,918,559		23,903,939
	966,000	Kangwon Land Inc. (1)		14,292,625		19,870,010
	1,589,160	Daeduck GDS Company, Limited (c)(15)		14,042,994		17,691,968
	1,869,420	Daeduck Electronics Company, Limited (15)		13,292,480		17,660,534
	10,360	Lotte Chilsung Beverage Company (2)		5,901,967		12,522,292
	157,480	SK Corporation (3)		11,029,724		11,587,883
				498,498,728		919,669,726
		Spain (1.24%)
	3,500,000	Corporacion Financiera Alba SA (c)(7)		75,163,515		195,789,543
	694,670	Altadis SA (2)		20,275,546		33,000,085
				95,439,061		228,789,628

See Notes to Financial Statements.

18

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – Non U.S. – (continued)
		Switzerland (6.60%)
	1,272,251	Nestlé SA (2)	$	340,865,527	$	387,884,529
	3,505,225	Pargesa Holding SA (7)		211,682,335		355,989,481
	672,511	Kuehne & Nagel International AG (16)		58,106,835		243,793,030
	40,509	Sika AG (a)(9)		8,010,260		47,344,577
	21,200	Lindt & Spruengli AG PC (2)		8,190,224		43,232,177
	1,100	Lindt & Spruengli AG (2)		9,327,039		23,132,229
	660,800	Schindler Holding PC (8)		18,666,819		36,218,434
	56,250	Edipresse SA (10)		18,522,780		26,251,360
	1,031,490	Micronas Semiconductor Holding AG (a)(15)		36,668,303		26,106,304
	103,822	Affichage Holding (10)		11,577,439		15,565,141
	7,164	Zehnder Group AG-B (8)		8,677,237		12,241,712
				730,294,798		1,217,758,974
		Taiwan (0.09%)
	15,527,784	Phoenixtec Power Company, Limited (8)		15,645,050		16,303,030
		Thailand (0.03%)
	577,000	The Oriental Hotel Public Company, Limited (1)		2,636,472		5,690,032
		United Kingdom (3.47%)
	3,547,580	Anglo American Plc (12)		81,331,630		150,972,656
	10,000,000	Associated British Ports Holdings Plc (16)		81,638,196		133,228,332
	17,055,890	Tesco Plc (2)		98,237,907		99,317,199
	11,910,840	Millennium & Copthorne Hotel Plc (1)		68,001,250		92,802,083
	1,375,000	Amdocs Limited (a)(15)		29,218,760		51,150,000
	17,680,400	Vodafone Group Plc (15)		37,546,834		41,729,297
	12,428,070	Enodis Plc (8)		7,973,679		33,976,150
	4,394,000	easyJet Plc (a)(16)		18,402,838		25,386,249
	3,000,000	McBride Plc (2)		7,569,080		9,144,640
	700,000	JZ Equity Partners, Plc (4)		1,316,267		2,347,443
				431,236,441		640,054,049
		Miscellaneous (0.13%)
	1,375,000	Banco Latinoamericano de Exportaciones SA ADR (4)		22,535,552		23,155,000
		Total Common and Preferred Stocks – Non U.S.		5,228,041,990		8,580,827,458
Ounces
		Commodities (2.21%)
	620,171	Gold bullion (a)		290,321,798		404,370,030
	297,790	Silver bullion (a)		2,094,453		4,043,990
		Total Commodities		292,416,251		408,414,020

See Notes to Financial Statements.

19

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal Amount			Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds (5.85%)
		Commodity-Linked Notes (0.98%)
$	2,200,000	UBS Gold-Linked Note 0% due 5/26/2006 (a)(b)(d)(e)(g)(12)	$	2,200,000	$	3,897,521
	2,600,000	UBS Gold-Linked Note 0% due 6/02/2006 (a)(b)(d)(e)(g)(12)		2,600,000		4,695,659
	6,000,000	UBS Gold-Linked Note 0% due 6/29/2006 (a)(b)(d)(e)(g)(12)		6,000,000		10,508,160
	1,750,000	UBS Gold-Linked Note 0% due 7/17/2006 (a)(b)(d)(e)(g)(12)		1,750,000		2,990,126
	5,750,000	UBS Gold-Linked Note 0% due 7/25/2006 (a)(b)(d)(e)(g)(12)		5,750,000		10,207,091
	1,850,000	UBS Gold-Linked Note 0% due 8/11/2006 (a)(b)(d)(e)(g)(12)		1,850,000		3,293,112
	1,350,000	UBS Gold-Linked Note 0% due 8/18/2006 (a)(b)(d)(e)(g)(12)		1,350,000		2,298,765
	2,550,000	UBS Gold-Linked Note 0% due 8/25/2006 (a)(b)(d)(e)(g)(12)		2,550,000		4,278,212
	1,300,000	UBS Gold-Linked Note 0% due 9/13/2006 (a)(b)(d)(e)(g)(12)		1,300,000		2,265,521
	1,300,000	UBS Gold-Linked Note 0% due 10/31/2006 (a)(b)(d)(e)(g)(12)		1,300,000		1,997,734
	1,250,000	UBS Gold-Linked Note 0% due 11/01/2006 (a)(b)(d)(e)(g)(12)		1,250,000		1,934,143
	1,200,000	UBS Gold-Linked Note 0% due 11/03/2006 (a)(b)(d)(e)(g)(12)		1,200,000		1,896,677
	1,250,000	UBS Gold-Linked Note 0% due 11/15/2006 (a)(b)(d)(e)(g)(12)		1,250,000		2,002,131
	1,400,000	UBS Gold-Linked Note 0% due 12/20/2006 (a)(b)(d)(e)(g)(12)		1,400,000		1,983,278
	2,550,000	UBS Gold-Linked Note 0% due 12/21/2006 (a)(b)(d)(e)(g)(12)		2,550,000		3,507,161
	2,400,000	UBS Gold-Linked Note 0% due 12/22/2006 (a)(b)(d)(e)(g)(12)		2,400,000		3,216,615
	1,350,000	UBS Gold-Linked Note 0% due 12/28/2006 (a)(b)(d)(e)(g)(12)		1,350,000		1,823,066
	1,400,000	UBS Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(h)(12)		1,400,000		2,277,221
	1,500,000	UBS Gold-Linked Note 0% due 1/11/2007 (a)(b)(d)(e)(h)(12)		1,500,000		2,229,321
	1,450,000	UBS Gold-Linked Note 0% due 1/12/2007 (a)(b)(d)(e)(h)(12)		1,450,000		2,186,185
	2,450,000	UBS Silver-Linked Note 0% due 5/26/2006 (a)(b)(d)(e)(g)(12)		2,450,000		5,893,896
	2,700,000	UBS Silver-Linked Note 0% due 7/12/2006 (a)(b)(d)(e)(g)(12)		2,700,000		6,254,829
	2,550,000	UBS Silver-Linked Note 0% due 7/18/2006 (a)(b)(d)(e)(g)(12)		2,550,000		6,118,512
	2,450,000	UBS Silver-Linked Note 0% due 10/04/2006 (a)(b)(d)(e)(g)(12)		2,450,000		5,576,348
	5,860,000	HSBC Gold-Linked Note 0% due 6/28/2006 (a)(b)(d)(e)(g)(12)		5,860,000		10,045,798
	1,140,000	HSBC Gold-Linked Note 0% due 6/29/2006 (a)(b)(d)(e)(g)(12)		1,140,000		1,944,156
	1,330,000	HSBC Gold-Linked Note 0% due 6/30/2006 (a)(b)(d)(e)(g)(12)		1,330,000		2,254,217
	3,930,000	HSBC Gold-Linked Note 0% due 7/17/2006 (a)(b)(d)(e)(g)(12)		3,930,000		6,958,065
	6,240,000	HSBC Gold-Linked Note 0% due 7/24/2006 (a)(b)(d)(e)(g)(12)		6,240,000		11,251,968
	1,830,000	HSBC Gold-Linked Note 0% due 8/02/2006 (a)(b)(d)(e)(g)(12)		1,830,000		3,253,191
	1,250,000	HSBC Gold-Linked Note 0% due 8/07/2006 (a)(b)(d)(e)(g)(12)		1,250,000		2,184,375
	1,311,000	HSBC Gold-Linked Note 0% due 8/09/2006 (a)(b)(d)(e)(g)(12)		1,311,000		2,277,076
	1,362,000	HSBC Gold-Linked Note 0% due 8/11/2006 (a)(b)(d)(e)(g)(12)		1,362,000		2,313,493
	1,332,000	HSBC Gold-Linked Note 0% due 8/16/2006 (a)(b)(d)(e)(g)(12)		1,332,000		2,297,434
	1,100,000	HSBC Gold-Linked Note 0% due 9/12/2006 (a)(b)(d)(e)(g)(12)		1,100,000		1,840,960
	1,138,000	HSBC Gold-Linked Note 0% due 9/13/2006 (a)(b)(d)(e)(g)(12)		1,138,000		1,902,622
	1,177,000	HSBC Gold-Linked Note 0% due 9/15/2006 (a)(b)(d)(e)(g)(12)		1,177,000		1,943,462
	1,153,000	HSBC Gold-Linked Note 0% due 9/19/2006 (a)(b)(d)(e)(g)(12)		1,153,000		1,905,217
	1,172,000	HSBC Gold-Linked Note 0% due 10/03/2006 (a)(b)(d)(e)(g)(12)		1,172,000		1,863,246

See Notes to Financial Statements.

20

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal Amount			Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds – (continued)
		Commodity-Linked Notes – (continued)
$	1,179,000	HSBC Gold-Linked Note 0% due 10/04/2006 (a)(b)(d)(e)(g)(12)	$	1,179,000	$	1,861,995
	1,132,000	HSBC Gold-Linked Note 0% due 10/31/2006 (a)(b)(d)(e)(g)(12)		1,132,000		1,777,014
	1,133,000	HSBC Gold-Linked Note 0% due 11/01/2006 (a)(b)(d)(e)(g)(12)		1,133,000		1,746,973
	980,000	HSBC Gold-Linked Note 0% due 11/06/2006 (a)(b)(d)(e)(g)(12)		980,000		1,517,726
	1,087,000	HSBC Gold-Linked Note 0% due 11/08/2006 (a)(b)(d)(e)(g)(12)		1,087,000		1,736,156
	1,928,000	HSBC Gold-Linked Note 0% due 11/22/2006 (a)(b)(d)(e)(g)(12)		1,928,000		3,005,174
	1,130,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(g)(12)		1,130,000		1,646,975
	1,111,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(g)(12)		1,111,000		1,642,725
	1,118,000	HSBC Gold-Linked Note 0% due 12/07/2006 (a)(b)(d)(e)(g)(12)		1,118,000		1,617,411
	1,152,000	HSBC Gold-Linked Note 0% due 12/11/2006 (a)(b)(d)(e)(g)(12)		1,152,000		1,639,181
	1,141,000	HSBC Gold-Linked Note 0% due 12/28/2006 (a)(b)(d)(e)(g)(12)		1,141,000		1,684,915
	1,175,000	HSBC Gold-Linked Note 0% due 12/29/2006 (a)(b)(d)(e)(g)(12)		1,175,000		1,681,660
	1,194,000	HSBC Gold-Linked Note 0% due 1/03/2007 (a)(b)(d)(e)(g)(12)		1,194,000		1,687,003
	1,255,000	HSBC Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(g)(12)		1,255,000		1,728,637
	1,208,000	HSBC Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(g)(12)		1,208,000		1,673,684
	1,130,000	HSBC Silver-Linked Note 0% due 10/05/2006 (a)(b)(d)(e)(g)(12)		1,130,000		2,564,309
	1,136,000	HSBC Silver-Linked Note 0% due 10/06/2006 (a)(b)(d)(e)(g)(12)		1,136,000		2,524,533
	1,128,000	HSBC Silver-Linked Note 0% due 11/06/2006 (a)(b)(d)(e)(g)(12)		1,128,000		2,342,066
				105,192,000		181,644,701
		U.S. Treasury Notes (0.86%)
	10,000,000	U.S. Treasury Zero Coupon Strip due 11/15/2007 (a)(5)		9,133,771		9,286,290
	37,790,080	U.S. Treasury Inflation Index Note 4¼% due 1/15/2010 (k)(5)		39,253,057		40,698,178
	99,453,600	U.S. Treasury Inflation Index Note 3% due 7/15/2012 (k)(5)		105,859,245		103,692,114
	5,000,000	U.S. Treasury Note 5⅜% due 2/15/2031 (5)		4,720,305		5,076,565
				158,966,378		158,753,147
		U.S. Dollar Bonds and Notes (1.09%)
	2,750,000	Westpoint Stevens Inc. 7⅞% due 6/15/2005 (e)(f)(j)(1)		2,504,977		275
	3,500,000	American Standard Companies Inc. 7⅛% due 6/01/2006 (8)		3,125,901		4,433,329
	4,910,000	American Standard Companies Inc. 8¼% due 6/01/2009 (8)		5,066,067		5,235,931
	20,000,000	Lucent Technologies Inc. 7¼% due 7/15/2006 (15)		19,263,350		20,075,000
	4,384,000	Lear Corporation 8⅛% due 4/01/2008 (1)		5,099,049		5,701,977
	30,742,000	Lear Corporation 8.11% due 5/15/2009 (1)		29,049,889		30,204,015
	3,500,000	Computer Associates International Inc. 6½% due
		4/15/2008 (15)		3,225,753		3,555,548
	22,000,000	Level 3 Communications, Inc. 9⅛% due 5/01/2008 (15)		17,175,243		22,000,000
	2,385,000	Longview Fibre Company 10% due 1/15/2009 (11)		2,433,723		2,510,212
	4,850,000	Crescent Real Estate Equities Company 9¼% due
		4/15/2009 (13)		4,893,471		5,074,313

See Notes to Financial Statements.

21

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost		Value
Amount			(Note 1)		(Note 1)
		Notes, Bonds and Convertible Bonds – (continued)
		U.S. Dollar Bonds and Notes – (continued)
$	13,500,000	GATX Corporation 8⅞% due 6/01/2009 (4)	$	13,034,490	$	14,567,836
	1,250,000	Freeport McMoRan Copper & Gold, Inc. 10⅛% due 2/01/2010 (12)		1,272,250		1,346,875
	610,000	Ethyl Corporation 8⅞% due 5/01/2010 (9)		637,066		640,500
	3,728,000	Columbus McKinnon Corporation 10% due 8/01/2010 (8)		3,813,995		4,119,440
	20,500,000	Tyco International Group SA 6¾% due 2/15/2011 (8)		17,793,505		21,348,700
	6,900,000	Briggs & Stratton Corporation 8⅞% due 3/15/2011 (1)		7,183,407		7,624,500
	3,500,000	Toys ‘R’ Us, Inc. 7⅝% due 8/01/2011 (14)		3,427,400		2,940,000
	5,812,000	Blount International Inc. 8⅞% due 8/01/2012 (c)(8)		5,812,000		6,073,540
	5,500,000	Greif Inc. 8⅞% due 8/01/2012 (9)		5,490,557		5,857,500
	646,000	Manitowoc Company Inc. 10½% due 8/01/2012 (8)		646,000		707,370
	10,492,000	Sirius Satellite Radio Inc. 9⅝% due 08/01/2013 (10)		10,305,148		10,308,390
	2,000,000	Legrand SA 8½% due 2/15/2025 (8)		1,955,531		2,450,000
	4,200,000	Bausch & Lomb Inc. 7⅛% due 8/01/2028 (6)		3,539,938		4,032,323
	10,000,000	Christiania Bank Floating Rate Perpetual Notes (5.46625% @ 4/30/2006) (4)		6,826,750		8,911,500
	3,500,000	Den Norske Bank Floating Rate Perpetual Notes (5.13% @ 4/30/2006) (4)		2,610,000		3,033,800
	3,170,000	Den Norske Bank Floating Rate Perpetual Notes (5.0625% @ 4/30/2006) (4)		2,059,625		2,838,405
	5,500,000	Bergen Bank Floating Rate Perpetual Notes (5.125% @ 4/30/2006) (4)		3,888,750		4,633,750
				182,133,835		200,225,029
		U.S. Dollar Convertible Bonds (0.09%)
	2,000,000	TriQuint Semiconductor Inc. 4% due 3/01/2007 (15)		1,876,706		1,970,000
	15,000,000	SCI Systems Inc. 3% due 3/15/2007 (15)		13,368,493		14,606,250
	2,500,000	Medya International Limited 10% due 6/28/2049 (e)(f)(j)(10)		2,482,264		25,000
				17,727,463		16,601,250
		Non U.S. Dollar Notes and Bonds (2.81%)
SGD	85,000,000	Singapore Government 2⅝% due 10/01/2007 (5)		50,998,755		53,511,538
SGD	52,947,000	Singapore Government 2⅜% due 10/01/2009 (5)		31,803,779		32,698,795
CAD	8,500,000	Shaw Communications Inc. 7.4% due 10/17/2007 (10)		5,350,442		7,865,498
HKD	205,000,000	Hong Kong Government 3.57% due 12/17/2007 (5)		26,797,754		26,220,762
HKD	199,650,000	Hong Kong Government 3.34% due 12/19/2008 (5)		25,267,112		25,174,499
HKD	44,250,000	Hong Kong Government 2.52% due 3/24/2009 (5)		5,497,195		5,435,032
EUR	2,959,000	Koninklijke Ahold NV 5⅞% due 5/09/2008 (14)		2,750,615		3,871,928
GBP	15,000,000	EMI Group Plc 8¼% due 5/20/2008 (10)		23,883,460		29,421,409
EUR	1,500,000	EMI Group Plc 8⅝% due 10/15/2013 (b)(10)		1,733,805		2,134,870

See Notes to Financial Statements.

22

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost		Value
Amount			(Note 1)		(Note 1)
		Notes, Bonds and Convertible Bonds – (continued)
		Non U.S. Dollar Notes and Bonds – (continued)
SEK	125,000,000	Sweden Government I/L 4.526% due 12/01/2008 (5)	$	18,551,625	$	21,058,249
EUR	2,000,000	Independent News & Media Plc 8% due 12/15/2008 (10)		2,417,480		2,737,139
EUR	2,500,000	Independent News & Media Plc 5¾% due 5/17/2009 (10)		2,731,444		3,255,688
MYR	165,000,000	Malaysian Government 4.305% due 2/27/2009 (5)		43,858,408		45,954,116
MYR	37,014,000	Malaysian Government 3.756% due 4/28/2011 (5)		9,924,625		10,016,162
EUR	14,560,130	Republic of France O.A.T. I/L 3% due 7/25/2009 (k)(5)		11,516,226		19,331,677
EUR	3,750,000	ProSiebenSat.1 Media AG 11¼% due 7/31/2009 (10)		3,586,841		5,102,303
EUR	14,000,000	Waterford Wedgwood Plc 9⅞% due 12/01/2010 (b)(1)		15,729,190		15,866,466
EUR	4,000,000	Riverdeep Group Limited 9¼% due 4/15/2011 (b)(15)		4,789,933		5,631,869
EUR	8,500,000	The Manitowoc Company, Inc. 10⅜% due 5/15/2011 (8)		8,790,080		11,431,053
GBP	3,000,000	Marks & Spencer Group Plc 6⅜% due 11/07/2011 (1)		5,036,499		5,670,776
GBP	5,875,000	Enodis Plc 10⅜% due 4/15/2012 (8)		9,101,319		11,755,750
EUR	32,950,000	UPC Holding BV 8⅝% due 1/15/2014 (b)(10)		38,444,800		41,919,703
EUR	33,750,000	UPC Holding BV 7¾% due 1/15/2014 (b)(10)		38,137,361		41,179,494
EUR	47,450,000	Ray Acquisition SCA 9⅜% due 3/15/2015 (b)(8)		56,895,486		65,010,525
EUR	12,000,000	FINEL 9½% due 6/30/2017 (b)(e)(i)(j)(11)		14,474,400		11,364,759
EUR	15,000,000	FINEL 9½% due 10/15/2017 (b)(e)(i)(j)(11)		18,067,500		14,205,949
				476,136,134		517,826,009
		Non U.S. Dollar Convertible Bonds (0.02%)
EUR	1,000,000	Aegis Group Plc 2% due 5/15/2006 (10)		1,021,794		1,376,399
CAD	1,600,000	Noranda Inc. 5% due 4/30/2007 (12)		1,207,323		2,278,978
				2,229,117		3,655,377
		Total Notes, Bonds and Convertible Bonds		942,384,927		1,078,705,513
		Short Term Investments (16.76%)
$	25,790,000	ConocoPhillips Company 4.85% due 5/01/2006		25,790,000		25,790,000
	19,064,000	ConocoPhillips Company 4.87% due 5/01/2006		19,064,000		19,064,000
	30,000,000	ConocoPhillips Company 4.86% due 5/02/2006		29,995,967		29,995,967
	20,000,000	ConocoPhillips Company 4.88% due 5/05/2006		19,989,156		19,989,156
	9,500,000	ConocoPhillips Company 4.80% due 5/08/2006		9,490,986		9,490,986
	20,000,000	ConocoPhillips Company 4.95% due 5/12/2006		19,969,750		19,969,750
	18,000,000	ConocoPhillips Company 4.88% due 5/15/2006		17,965,840		17,965,840
	25,000,000	BMW US Capital LLC 4.72% due 5/01/2006		25,000,000		25,000,000
	20,730,000	BMW US Capital LLC 4.74% due 5/01/2006		20,730,000		20,730,000
	8,700,000	BMW US Capital LLC 4.72% due 5/01/2006		8,700,000		8,700,000
	23,537,000	BMW US Capital LLC 4.64% due 5/08/2006		23,515,764		23,515,764
	20,000,000	BMW US Capital LLC 4.79% due 5/22/2006		19,944,117		19,944,117
	9,000,000	BMW US Capital LLC 4.78% due 5/22/2006		8,974,905		8,974,905

See Notes to Financial Statements.

23

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost		Value
Amount			(Note 1)		(Note 1)
		Short Term Investments – (continued)
$	24,510,000	BMW US Capital LLC 4.78% due 5/23/2006	$	24,438,404	$	24,438,404
	3,759,000	BMW US Capital LLC 4.86% due 6/12/2006		3,737,686		3,737,686
	25,000,000	BMW US Capital LLC 4.85% due 6/16/2006		24,845,069		24,845,069
	15,000,000	HJ Heinz Company 4.82% due 5/01/2006		15,000,000		15,000,000
	32,937,000	HJ Heinz Company 4.85% due 5/03/2006		32,928,125		32,928,125
	29,396,000	HJ Heinz Company 4.86% due 5/03/2006		29,388,063		29,388,063
	25,000,000	HJ Heinz Company 4.92% due 5/09/2006		24,972,667		24,972,667
	13,012,000	Pearson Holdings Inc. 4.82% due 5/01/2006		13,012,000		13,012,000
	16,700,000	Pearson Holdings Inc. 4.82% due 5/05/2006		16,691,056		16,691,056
	10,000,000	Pearson Holdings Inc. 4.86% due 5/09/2006		9,989,200		9,989,200
	35,600,000	Pearson Holdings Inc. 4.89% due 5/17/2006		35,522,629		35,522,629
	15,000,000	Pearson Holdings Inc. 4.96% due 5/24/2006		14,952,467		14,952,467
	30,000,000	Atlantic Asset Security 4.72% due 5/02/2006		29,996,066		29,996,066
	25,862,000	Atlantic Asset Security 4.71% due 5/03/2006		25,855,232		25,855,232
	6,232,000	Atlantic Asset Security 4.77% due 5/04/2006		6,229,522		6,229,522
	26,200,000	Atlantic Asset Security 4.72% due 5/08/2006		26,175,953		26,175,953
	26,666,000	Wal-Mart Stores Inc. 4.70% due 5/02/2006		26,662,518		26,662,518
	30,000,000	Wal-Mart Stores Inc. 4.70% due 5/09/2006		29,968,666		29,968,666
	6,732,000	Wal-Mart Stores Inc. 4.79% due 5/23/2006		6,712,293		6,712,293
	22,000,000	Wal-Mart Stores Inc. 4.75% due 5/31/2006		21,912,916		21,912,916
	25,711,000	Hitachi Limited 4.82% due 5/02/2006		25,707,558		25,707,558
	17,000,000	Hitachi Limited 4.75% due 5/05/2006		16,991,028		16,991,028
	25,000,000	Hitachi Limited 4.88% due 5/11/2006		24,966,111		24,966,111
	25,000,000	Republic of Austria 4.68% due 5/02/2006		24,996,750		24,996,750
	19,296,000	Republic of Austria 4.68% due 5/02/2006		19,293,492		19,293,492
	38,100,000	Republic of Austria 4.68% due 5/08/2006		38,065,329		38,065,329
	28,347,000	Republic of Austria 4.68% due 5/08/2006		28,321,204		28,321,204
	20,000,000	Republic of Austria 4.68% due 5/08/2006		19,981,800		19,981,800
	25,000,000	Republic of Austria 4.70% due 5/10/2006		24,970,625		24,970,625
	22,125,000	Republic of Austria 4.72% due 5/11/2006		22,095,992		22,095,992
	18,500,000	Republic of Austria 4.84% due 5/23/2006		18,445,281		18,445,281
	25,000,000	Siemens AG 4.70% due 5/02/2006		24,996,736		24,996,736
	22,812,000	Siemens AG 4.72% due 5/08/2006		22,791,064		22,791,064
	26,197,000	Siemens AG 4.84% due 6/02/2006		26,084,295		26,084,295
	20,000,000	Siemens AG 4.82% due 6/02/2006		19,914,311		19,914,311
	17,850,000	Siemens AG 4.85% due 6/08/2006		17,758,618		17,758,618
	14,540,000	Siemens AG 4.86% due 6/09/2006		14,463,447		14,463,447
	15,000,000	Siemens AG 4.86% due 6/16/2006		14,906,850		14,906,850
	25,000,000	BellSouth Corporation 4.75% due 5/02/2006		24,996,701		24,996,701
	8,721,000	BellSouth Corporation 4.75% due 5/02/2006		8,719,849		8,719,849

See Notes to Financial Statements.

24

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost		Value
Amount			(Note 1)		(Note 1)
		Short Term Investments – (continued)
$	15,000,000	BellSouth Corporation 4.82% due 5/04/2006	$	14,993,975	$	14,993,975
	25,000,000	BellSouth Corporation 4.77% due 5/08/2006		24,976,813		24,976,813
	17,500,000	BellSouth Corporation 4.77% due 5/09/2006		17,481,450		17,481,450
	16,500,000	BellSouth Corporation 4.78% due 5/09/2006		16,482,473		16,482,473
	20,204,000	BellSouth Corporation 4.75% due 5/12/2006		20,174,676		20,174,676
	20,064,000	BellSouth Corporation 4.91% due 6/02/2006		19,976,432		19,976,432
	25,000,000	Federated Department Stores Inc 4.81% due 5/02/2006		24,996,660		24,996,660
	21,762,000	France Telecom SA 4.85% due 5/02/2006		21,759,068		21,759,068
	25,000,000	France Telecom SA 4.83% due 5/08/2006		24,976,521		24,976,521
	25,000,000	France Telecom SA 5.02% due 5/19/2006		24,937,250		24,937,250
	29,631,000	France Telecom SA 5.04% due 6/06/2006		29,481,660		29,481,660
	19,100,000	L’Oréal SA 4.74% due 5/03/2006		19,094,970		19,094,970
	27,250,000	L’Oréal SA 4.75% due 5/05/2006		27,235,618		27,235,618
	35,000,000	L’Oréal SA 4.76% due 5/12/2006		34,949,094		34,949,094
	20,000,000	L’Oréal SA 4.78% due 5/15/2006		19,962,822		19,962,822
	28,987,000	L’Oréal SA 4.79% due 5/16/2006		28,929,147		28,929,147
	25,000,000	L’Oréal SA 4.83% due 5/22/2006		24,929,563		24,929,563
	17,000,000	Henkel Corporation 4.81% due 5/03/2006		16,995,457		16,995,457
	22,000,000	Henkel Corporation 4.80% due 5/05/2006		21,988,267		21,988,267
	31,000,000	Henkel Corporation 4.78% due 5/08/2006		30,971,187		30,971,187
	14,600,000	Unilever Capital Corporation 4.71% due 5/03/2006		14,596,180		14,596,180
	15,546,000	Unilever Capital Corporation 4.69% due 5/08/2006		15,531,823		15,531,823
	15,000,000	Unilever Capital Corporation 4.70% due 5/09/2006		14,984,333		14,984,333
	10,000,000	Unilever Capital Corporation 4.70% due 5/10/2006		9,988,250		9,988,250
	17,500,000	Unilever Capital Corporation 4.76% due 5/15/2006		17,467,606		17,467,606
	15,000,000	Unilever Capital Corporation 4.75% due 5/19/2006		14,964,375		14,964,375
	6,506,000	Unilever Capital Corporation 4.86% due 5/30/2006		6,480,529		6,480,529
	12,772,000	Sara Lee Corporation 4.81% due 5/03/2006		12,768,587		12,768,587
	11,057,000	Sara Lee Corporation 4.82% due 5/03/2006		11,054,039		11,054,039
	19,100,000	Sara Lee Corporation 4.87% due 5/04/2006		19,092,249		19,092,249
	32,000,000	Sara Lee Corporation 4.81% due 5/08/2006		31,970,071		31,970,071
	13,255,000	Sara Lee Corporation 4.81% due 5/12/2006		13,235,519		13,235,519
	12,076,000	Sara Lee Corporation 4.94% due 5/26/2006		12,034,573		12,034,573
	20,000,000	Sara Lee Corporation 4.87% due 5/30/2006		19,921,539		19,921,539
	25,793,000	American Express Credit Corporation 4.73% due 5/04/2006		25,782,833		25,782,833
	35,000,000	American Express Credit Corporation 4.70% due 5/05/2006		34,981,722		34,981,722
	30,000,000	American Express Credit Corporation 4.73% due 5/15/2006		29,944,817		29,944,817
	35,000,000	American Express Credit Corporation 4.80% due 5/16/2006		34,930,000		34,930,000
	20,000,000	American Express Credit Corporation 4.73% due 5/16/2006		19,960,583		19,960,583
	34,000,000	American Express Credit Corporation 4.78% due 5/23/2006		33,900,682		33,900,682

See Notes to Financial Statements.

25

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost		Value
Amount			(Note 1)		(Note 1)
		Short Term Investments – (continued)
$	525,000	American Express Credit Corporation 4.80% due 5/23/2006	$	523,460	$	523,460
	27,000,000	American Express Credit Corporation 4.78% due 5/24/2006		26,917,545		26,917,545
	24,290,000	American Express Credit Corporation 4.80% due 6/01/2006		24,189,601		24,189,601
	35,361,000	American Express Credit Corporation 4.82% due 6/02/2006		35,209,498		35,209,498
	13,463,000	General Electric Capital Corporation 4.7% due 5/04/2006		13,457,727		13,457,727
	25,000,000	General Electric Capital Corporation 4.68% due 5/05/2006		24,987,000		24,987,000
	15,000,000	General Electric Capital Corporation 4.71% due 5/10/2006		14,982,338		14,982,338
	25,000,000	General Electric Capital Corporation 4.71% due 5/19/2006		24,941,125		24,941,125
	20,000,000	Nestlé Capital Corporation 4.6% due 5/05/2006		19,989,778		19,989,778
	25,000,000	Nestlé Capital Corporation 4.73% due 5/09/2006		24,973,722		24,973,722
	30,000,000	Nestlé Capital Corporation 4.83% due 5/16/2006		29,939,625		29,939,625
	8,414,000	Nestlé Capital Corporation 4.765% due 5/17/2006		8,396,181		8,396,181
	23,492,000	Nestlé Capital Corporation 4.89% due 5/30/2006		23,399,461		23,399,461
	20,000,000	Nestlé Capital Corporation 4.795% due 6/16/2006		19,877,461		19,877,461
	2,700,000	7-Eleven Inc. 4.73% due 5/05/2006		2,698,581		2,698,581
	17,351,000	7-Eleven Inc. 4.77% due 5/09/2006		17,332,608		17,332,608
	13,500,000	7-Eleven Inc. 4.77% due 5/17/2006		13,471,380		13,471,380
	25,000,000	Shell Finance UK Plc 4.70% due 5/08/2006		24,977,153		24,977,153
	25,000,000	Shell Finance UK Plc 4.71% due 5/10/2006		24,970,563		24,970,563
	18,236,000	Shell Finance UK Plc 4.71% due 5/10/2006		18,214,527		18,214,527
	10,000,000	Shell Finance UK Plc 4.72% due 5/10/2006		9,988,200		9,988,200
	15,565,000	Shell Finance UK Plc 4.73% due 5/12/2006		15,542,504		15,542,504
	32,049,000	Shell Finance UK Plc 4.84% due 6/08/2006		31,885,265		31,885,265
	16,352,000	Dover Corporation 4.68% due 5/08/2006		16,337,120		16,337,120
	25,000,000	The Coca-Cola Company 4.61% due 5/09/2006		24,974,389		24,974,389
	25,000,000	The Coca-Cola Company 4.62% due 5/15/2006		24,955,083		24,955,083
	20,000,000	The Coca-Cola Company 4.70% due 5/15/2006		19,963,444		19,963,444
	13,500,000	Caterpillar Financial Services Corporation 4.72% due 5/09/2006		13,485,840		13,485,840
	34,000,000	Caterpillar Financial Services Corporation 4.80% due 5/22/2006		33,904,800		33,904,800
	11,500,000	The Sherwin-Williams Company 4.84% due 5/09/2006		11,487,631		11,487,631
	25,000,000	The Sherwin-Williams Company 4.84% due 5/16/2006		24,949,583		24,949,583
	15,000,000	The Sherwin-Williams Company 4.84% due 5/16/2006		14,969,750		14,969,750
	4,200,000	The Sherwin-Williams Company 4.95% due 5/23/2006		4,187,295		4,187,295
	26,941,000	RaboBank USA Finance Corporation 4.735% due 5/11/2006		26,905,565		26,905,565
	24,098,000	RaboBank USA Finance Corporation 4.735% due 5/15/2006		24,053,626		24,053,626
	30,000,000	RaboBank USA Finance Corporation 4.875% due 5/26/2006		29,898,438		29,898,438
	25,000,000	RaboBank USA Finance Corporation 4.91% due 6/01/2006		24,894,299		24,894,299
	30,000,000	RaboBank USA Finance Corporation 4.89% due 6/23/2006		29,784,025		29,784,025
	25,000,000	Merrill Lynch & Company Inc. 4.75% due 5/11/2006		24,967,014		24,967,014
	31,887,000	Merrill Lynch & Company Inc. 4.78% due 5/12/2006		31,840,427		31,840,427

See Notes to Financial Statements.

26

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost			Value
Amount			(Note 1)			(Note 1)
		Short Term Investments – (continued)
$	30,513,000	Merrill Lynch & Company Inc. 4.84% due 5/22/2006	$	30,426,852		$	30,426,852
	25,000,000	Merrill Lynch & Company Inc. 4.89% due 6/23/2006		24,820,021			24,820,021
	20,295,000	DuPont Ei Nemour 4.73% due 5/11/2006		20,268,335			20,268,335
	10,500,000	Clorox Company 4.86% due 5/17/2006		10,477,320			10,477,320
	30,100,000	Pearson Plc 4.92% due 5/19/2006		30,025,954			30,025,954
	5,605,000	Pearson Plc 4.97% due 5/24/2006		5,587,203			5,587,203
	20,000,000	Pearson Plc 4.94% due 5/25/2006		19,934,133			19,934,133
	30,000,000	Monsanto Company 4.83% due 5/22/2006		29,915,475			29,915,475
	28,000,000	Monsanto Company 5.01% due 5/31/2006		27,883,100			27,883,100
	28,000,000	Monsanto Company 4.97% due 6/19/2006		27,810,588			27,810,588
	17,760,000	AT&T Corporation 4.92% due 6/05/2006		17,675,048			17,675,048
	25,000,000	AT&T Corporation 4.91% due 6/08/2006		24,870,431			24,870,431
	24,245,000	AT&T Corporation 4.93% due 6/19/2006		24,082,309			24,082,309
		Total Short-Term Investments		3,091,671,872			3,091,671,872
		Total Investments (99.82%)	$	13,974,540,862	*		18,410,173,326	**
		Other assets in excess of liabilities (0.18%)					33,454,976
		Net Assets (100.00%)				$	18,443,461,178

*	At April 30, 2006 cost is substantially identical for both book and federal income tax purposes.
**	Gross unrealized appreciation and depreciation of securities at April 30, 2006 were $4,531,780,457 and $96,147,993 respectively (net appreciation was $4,435,632,464).

Foreign Currencies	Sector/Industry Classifications
CAD — Canadian dollar	(1)	Consumer Discretionary	(9)	Materials
EUR — euro	(2)	Consumer Staples	(10)	Media
GBP — pound sterling	(3)	Energy	(11)	Paper and Forest Products
HKD — Hong Kong dollar	(4)	Financials	(12)	Precious Metals
MYR — Malaysian ringgit	(5)	Government Issues	(13)	Real Estate
SEK — Swedish krona	(6)	Health Care	(14)	Retail
SGD — Singapore dollar	(7)	Holding Companies	(15)	Technology and Telecommunications
	(8)	Industrials	(16)	Transportation

(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.
(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, 2006.

See Notes to Financial Statements.

27

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

	Purchases
				Dividend Income
Affiliate	Shares	Cost
Blount International, Inc.	549,450	$	8,409,912		–
City e-Solutions Limited	–		–	$	83,128
Corporacion Financiera Alba SA	–		–		209,416
Daeduck GDS Company, Limited	804,210		9,012,512		226,581
Deceuninck	–		–		–
East Texas Financial Services, Inc.	–		–		11,475
Kukdong Electric Wire Company, Limited	–		–		264,244
Mills Music Trust	–		–		79,819
Nam Yang Dairy Products Company Limited	–		–		51,319
NSC Groupe	–		–		–
Rayonier Inc.	–		–		6,016,660
Sabeton SA	–		–		–
Shaw Brothers (Hong Kong) Limited	–		–		193,510
Shimano Inc.	–		–		703,670
Société Sucrière de Pithiviers-le-Vieil	–		–		1,618,769
T. Hasegawa Company, Limited	466,000		7,477,348		–
UniFirst Corporation	105,690		3,560,813		56,463

(d)	Commodity-linked security whereby the coupon, dividend and/or redemption amount is linked to the price of an underlying commodity.
(e)	Security for which there is less than three market makers.
(f)	In default as to principal and/or interest.
(g)	Leveraged 1½ to 1 to the price of bullion.
(h)	Leveraged 2 to 1 to the price of bullion.
(i)	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, 2006 is shown below.

				Carrying
	Acquisition			Value Per
Security	Date	Cost		Share/Principal
Kaiser Ventures LLC	6/24/1993		–	$	2.87
FINEL 9½% due 6/30/2017	6/22/2005	$	14,474,400		0.95
FINEL 9½% due 10/15/2017	10/11/2005		18,067,500		0.95
Kukdong Electric Wire Company, Limited	6/18/2004		10,918,559		47.71

(j)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees.
(k)	Inflation protected security.

See Notes to Financial Statements.

28

  FUND OVERVIEW

  FIRST EAGLE OVERSEAS FUND Data as of April 30, 2006 (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

U.S. Dollar Cash and
Equivalents
23.11%

Commodities
2.76%

U.S. Dollar
Bonds
0.03%

Foreign Currency
Bonds 5.02%

U.S. Stocks
2.16%

Commodity-Linked
Notes 1.05%

Foreign
Stocks
65.87%

  COUNTRIES

France	17.81%	Brazil	0.36%
Japan	13.80%	Ireland	0.34%
Switzerland	7.86%	Australia	0.30%
United States	6.09%	Norway	0.28%
South Korea	6.05%	Chile	0.27%
United Kingdom	5.01%	Malaysia	0.27%
Germany	2.68%	China	0.19%
Netherlands	2.50%	Commonwealth
Singapore	2.05%	of Independent
Italy	1.96%	States	0.16%
Hong Kong	1.71%	New Zealand	0.12%
Canada	1.52%	Taiwan	0.09%
Spain	1.46%	Sweden	0.08%
Mexico	1.09%	Other	0.23%
South Africa	1.05%
Belgium	0.60%
India	0.59%
Denmark	0.37%

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		31.50	%		20.91	%		15.51	%
with sales load		24.93	%		19.67	%		15.07	%
MSCI EAFE Index		33.49	%		9.18	%		6.68	%
Consumer Price Index		3.55	%		2.64	%		2.57	%

  GROWTH OF A $10,000 INITIAL INVESTMENT

$45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

4/96

4/97

4/98

4/99

4/00

4/01

4/02

4/03

4/04

4/05

4/06

$40,703

$19,090

$12,900

First Eagle Overseas Fund (A Shares)

MSCI EAFE Index

Consumer Price Index

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 price and reinvested net dividends of approximately 1,100 companies from 21 countries. 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)	2.73%
Samsung Electronics Company, Limited (CS & Pfd.)	2.51%
(South Korean electronics company)
Sodexho Alliance SA (French food management services provider)	2.43%
Nestlé SA (Swiss food manufacturer)	2.40%
Wendel Investissement (French holding company)	2.30%
Toyota Motor Corporation (Japanese automobile manufacturer)	2.12%
Pargesa Holding AG (Swiss diversified financials company)	2.04%
Kuehne & Nagel International AG (Swiss transportation company)	1.86%
Vivendi Universal SA (French multimedia company)	1.59%
Shimano Inc. (Japanese manufacturer of bicycle parts)	1.52%

29

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks (68.03%)
		Australia and New Zealand (0.42%)
	8,547,991	Spotless Group Limited (8)	$	23,537,364	$	32,134,270
	3,804,345	News and Media NZ Limited exchangeable preference shares (10)		9,769,634		11,505,576
	5,750,000	Tasman Farms (a)(c)(2)		1,054,354		1,665,766
	1,100,000	Evergreen Forests Limited (a)(11)		288,223		224,118
				34,649,575		45,529,730
		Belgium (0.60%)
	1,945,309	Deceuninck (c)(1)		44,793,371		65,095,683
		Brazil (0.36%)
	443,546	Petroleo Brasiliero SA ADR (3)		15,475,619		39,426,804
		Canada (1.38%)
	1,068,190	EnCana Corporation (3)		12,610,943		53,462,910
	1,291,300	Aber Diamond Corporation (9)		33,227,521		50,646,451
	1,529,000	Yellow Pages Income Fund (a)(10)		17,036,741		22,461,198
	1,500,000	IAMGOLD Corporation (12)		4,433,304		14,198,964
	3,000,000	Catalyst Paper Corporation (a)(11)		10,065,599		8,653,331
	50,000	Metallica Resources Inc. (a)(12)		59,469		173,692
				77,433,577		149,596,546
		Chile (0.27%)
	2,375,300	Quinenco SA ADR (8)		15,508,046		29,619,991
		China (0.19%)
	179,150	PetroChina Company, Limited ADR (3)		4,143,368		20,136,460
		Commonwealth of Independent States (0.16%)
	352,296	Firebird Fund, L.P. (a)(b)(e)(7)		353,178		12,192,624
	4,919	Firebird Republic Fund, Limited Class ‘A’ (a)(b)(e)(7)		719,082		4,139,878
	100,000	First NIS Regional Fund SICAV (b)(7)		1,000,000		725,000
	9,000	Baltic Republic Fund (e)(7)		185,750		33,750
				2,258,010		17,091,252
		Denmark (0.37%)
	380,050	Carlsberg A/S, ‘B’ (2)		13,042,854		25,601,473
	225,000	Carlsberg A/S, ‘A’ (2)		9,948,430		14,128,549
				22,991,284		39,730,022

See Notes to Financial Statements.

30

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – (continued)
		France (15.69%)
	5,448,804	Sodexho Alliance SA (1)	$	164,464,859	$	262,490,415
	1,982,115	Wendel Investissement (7)		45,681,476		249,165,457
	4,693,490	Vivendi Universal SA (a)(10)		110,838,834		171,518,964
	1,438,263	L’Oréal SA (2)		107,286,274		133,488,351
	1,265,000	Essilor International SA (6)		55,902,323		126,991,711
	1,875,000	Rémy Cointreau SA (2)		56,931,230		102,519,597
	1,537,070	Carrefour SA (2)		74,974,131		89,244,269
	617,100	Neopost SA (8)		23,484,142		69,859,193
	3,775,000	Elior SCA (1)		29,459,811		64,162,272
	700,000	Société BIC SA (8)		27,529,842		49,234,661
	615,917	Laurent-Perrier (c)(2)		21,745,843		46,003,901
	172,220	Société Foncière Financière et de Participations (7)		22,591,007		43,298,472
	38,750	Société Sucrière de Pithiviers-le-Vieil (c)(2)		15,309,438		39,096,349
	1,051,060	Télévision Française 1 SA (a)(10)		27,663,943		34,906,072
	326,670	Financière Marc de Lacharrière SA (7)		10,643,051		31,040,841
	1,054,410	PagesJaunes Groupe SA (a)(10)		18,958,091		30,503,686
	195,000	Robertet SA (c)(2)		14,252,005		30,360,954
	51,500	Robertet SA C.I. (2)		2,151,628		5,556,957
	106,280	Total SA (3)		27,859,045		29,417,775
	275,000	Gaumont SA (10)		13,978,318		21,078,471
	311,140	Cap Gemini SA (a)(15)		10,795,596		16,666,493
	208,690	Accor SA (1)		9,763,953		13,147,188
	3,593,581	FINEL (b)(e)(i)(j)(11)		9,152,131		9,574,754
	149,479	Carbone Lorraine SA (a)(8)		3,297,163		8,633,643
	264,120	Safran SA (15)		5,299,937		6,787,087
	300,000	Frégate SAS 2% Conv. Pfd. due 3/31/2013 (a)(e)(i)(j)(7)		3,620,400		5,194,229
	26,499	NSC Groupe (8)		4,385,060		2,390,834
	1,000	Société Vermandoise de Sucreries (2)		854,846		1,838,565
	20,000	Didot-Bottin SA (7)		1,934,129		1,616,321
	100,000	Sabeton SA (7)		1,463,142		1,477,419
	3,270	Guyenne et Gascogne SA (2)		363,375		381,951
				922,635,023		1,697,646,852

See Notes to Financial Statements.

31

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – (continued)
		Germany (2.62%)
	917,125	Fraport AG (a)(16)	$	35,695,044	$	69,451,288
	750,000	Pfeiffer Vacuum Technology AG (c)(8)		25,104,199		52,562,010
	475,000	Hornbach Holding AG Pfd. (14)		26,548,192		51,763,320
	1,405,000	Bertelsmann AG D.R.C. (10)		31,678,271		45,108,149
	255,000	Axel Springer AG (10)		13,458,494		33,169,375
	405,000	Vossloh AG (16)		8,157,152		21,341,313
	340,086	Praktiker Bau-und Heimwerkermaerkte Holding AG (a)(1)		5,961,070		10,194,999
				146,602,422		283,590,454
		Hong Kong (1.40%)
	7,085,000	Guoco Group Limited (7)		51,929,828		88,043,355
	20,749,500	Shaw Brothers (Hong Kong) Limited (c)(10)		20,005,022		28,367,333
	7,000,000	Hopewell Holdings Limited (13)		7,763,618		20,403,820
	10,000,000	SmarTone Telecommunications Holdings Limited (15)		11,260,665		11,220,811
	12,000,000	China-Hong Kong Photo Products Holdings Limited (1)		949,952		1,408,405
	11,250,000	City e-Solutions Limited (1)		336,425		1,392,928
	10,000,000	Lerado Group Holding Company Limited (1)		1,533,725		670,669
				93,779,235		151,507,321
		India (0.59%)
	4,250,000	Hindustan Lever Limited (2)		11,835,191		27,514,205
	1,150,000	Tata Motors Limited (1)		11,635,888		23,764,873
	425,001	Nestlé India Limited (2)		5,290,300		12,193,211
				28,761,379		63,472,289
		Indonesia (0.03%)
	4,500,000	PT Bat Indonesia Tbk (a)(c)(2)		4,735,462		3,534,031
		Italy (1.96%)
	4,858,626	Italcementi S.p.A. RNC (9)		41,848,298		87,488,449
	865,000	Italmobiliare S.p.A. RNC (9)		20,885,294		64,826,795
	7,325,000	Gewiss S.p.A. (c)(8)		29,406,314		59,567,753
				92,139,906		211,882,997

See Notes to Financial Statements.

32

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – (continued)
		Japan (13.80%)
	3,919,100	Toyota Motor Corporation (1)	$	147,074,582	$	229,501,504
	5,000,000	Shimano Inc. (1)		83,968,600		164,864,152
	15,450,000	Aioi Insurance Company, Limited (4)		51,428,099		111,938,802
	2,247,000	Ono Pharmaceutical Company, Limited (6)		90,875,008		111,628,858
	10,000,000	NIPPONKOA Insurance Company, Limited (4)		43,234,195		89,422,316
	1,555,600	Secom Company, Limited (8)		51,821,159		84,940,438
	2,210,950	Nitto Kohki Company, Limited (c)(8)		37,130,091		57,932,217
	2,924,991	T. Hasegawa Company, Limited (c)(2)		38,402,243		47,399,617
	3,189,600	Mitsui Sumitomo Insurance Company, Limited (4)		15,084,508		43,049,644
	1,142,570	Kose Corporation (2)		32,460,720		41,692,302
	2,078,600	Toho Company, Limited (10)		20,987,632		40,299,947
	1,359,000	Olympus Corporation (6)		29,387,816		38,954,893
	259,000	Nintendo Company, Limited (15)		18,797,614		38,714,499
	1,514,990	Mandom Corporation (c)(2)		30,105,086		37,898,062
	1,000,000	Fuji Photo Film Company, Limited (1)		29,054,325		34,027,961
	200,000	Nippon Television Network Corporation (10)		28,448,858		30,247,076
	1,000,000	Chofu Seisakusho Company, Limited (1)		14,518,405		23,564,583
	300,000	Canon Inc. (15)		15,750,090		22,975,468
	807,000	Shimachu Company, Limited (14)		16,965,249		21,996,835
	1,395,600	Nissin Healthcare Food Service Company, Limited (2)		25,241,430		21,339,562
	480,520	Astellas Pharma Inc. (6)		19,668,779		20,069,199
	1,431,300	Wacoal Holdings Corporation (2)		11,312,794		19,368,423
	860,600	Maezawa Kasei Industries Company, Limited (c)(8)		15,225,469		17,366,368
	1,397,200	Seikagaku Corporation (6)		8,770,523		16,155,087
	500,000	Aderans Company, Limited (2)		9,598,197		14,859,756
	475,000	Matsumoto Yushi-Seiyaku Company, Limited (9)		11,518,365		14,534,424
	427,500	SK Kaken Company, Limited (8)		7,390,751		13,757,584
	100,000	ASAHI Broadcasting Corporation (10)		6,141,481		12,705,531
	385,770	Makita Corporation (1)		2,322,144		11,464,896
	1,000,000	Sansei Yusoki Company, Limited (c)(8)		8,885,636		9,249,978
	259,800	Icom Inc. (15)		5,425,280		8,954,682
	258,550	Shoei Company, Limited (7)		1,376,597		8,661,527
	885,600	Iino Kaiun Kaisha, Limited (16)		1,738,980		8,464,321
	493,100	Yomeishu Seizo Company, Limited (2)		3,118,626		5,978,940
	730,000	Shingakukai Company, Limited (1)		6,128,280		5,712,653

See Notes to Financial Statements.

33

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number				Cost		Value
of Shares				(Note 1)		(Note 1)
		Common and Preferred Stocks – (continued)
		Japan – (continued)
	88,900	Tachihi Enterprise Company, Limited (13)	$	3,337,895	$	4,525,903
	325,000	Sonton Food Industry Company, Limited (2)		3,298,777		3,543,480
	111,300	Nagaileben Company, Limited (6)		2,158,074		3,063,123
	64,000	Nissin Food Products Company, Limited (2)		1,832,850		2,042,733
				949,985,208		1,492,867,344
		Mexico (1.09%)
	9,366,290	Industrias Peñoles, SA de C.V. (12)		12,892,467		84,589,736
	7,019,220	Grupo Modelo SA de C.V. (2)		25,966,941		26,760,429
	193,600	Grupo Aeroportuario del Pacifico SA de C.V. ADR (a)(16)		4,748,863		6,443,008
				43,608,271		117,793,173
		Netherlands (1.94%)
	2,707,439	Heineken Holding NV (2)		69,529,334		96,650,078
	564,948	Hal Trust NV (7)		16,178,190		43,552,377
	1,000,000	Koninklijke Grolsch NV (c)(2)		23,826,083		37,124,879
	825,000	Telegraaf Media Groep NV (10)		14,452,839		22,918,931
	299,620	Wegener NV (10)		2,070,144		5,675,182
	75,957	Arcadis NV (8)		807,896		3,608,314
				126,864,486		209,529,761
		Norway (0.28%)
	2,993,710	Tandberg ASA (15)		18,463,830		30,478,673
		Singapore (1.58%)
	15,104,850	Haw Par Corporation Limited (c)(8)		38,068,723		59,225,341
	3,369,500	Fraser & Neave Limited (2)		20,643,694		47,093,091
	16,750,000	Singapore Airport Terminal Services Limited (16)		20,204,311		27,117,787
	10,000,000	United Overseas Land Limited (7)		12,162,423		19,351,779
	17,549,625	ComfortDelgro Corporation Limited (16)		6,946,456		17,868,709
				98,025,607		170,656,707
		South Africa (1.04%)
	1,918,300	Gold Fields Limited ADR (12)		22,768,174		48,744,003
	5,650,000	Mvelaphanda Resources Limited (a)(12)		19,564,905		32,862,484
	1,875,570	Harmony Gold Mining Company, Limited ADR (a)(12)		21,859,688		31,509,576
				64,192,767		113,116,063

See Notes to Financial Statements.

34

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number				Cost		Value
of Shares				(Note 1)		(Note 1)
		Common and Preferred Stocks – (continued)
		South Korea (6.05%)
	437,510	Samsung Electronics Company, Limited Pfd. (15)	$	80,372,730	$	237,043,535
	49,780	Samsung Electronics Company, Limited (15)		35,358,395		33,990,691
	54,664	Lotte Confectionery Company, Limited (2)		24,560,972		73,665,847
	2,683,248	SK Telecom Company, Limited ADR (15)		54,875,497		71,642,722
	2,004,805	Samsung Corporation (15)		16,389,749		62,494,054
	977,545	KT&G Corporation (2)		24,613,147		54,725,522
	741,500	Fursys Inc. (c)(8)		5,637,805		24,686,529
	22,950	Nam Yang Dairy Products Company, Limited (2)		4,912,653		17,641,679
	28,850	Nam Yang Dairy Products Company, Limited Pfd. (2)		479,094		9,635,530
	591,500	Kangwon Land Inc. (1)		8,751,592		12,166,782
	225,000	Kukdong Electric Wire Company, Limited (c)(e)(i)(j)(15)		3,821,270		10,735,302
	949,450	Daeduck GDS Company, Limited (15)		7,317,887		10,570,137
	1,087,440	Daeduck Electronics Company, Limited (15)		7,707,302		10,273,117
	1,111,890	Dong Ah Tire & Rubber Company, Limited (a)(1)		4,731,509		7,120,623
	91,460	SK Corporation (3)		6,405,648		6,729,920
	2,515,000	Nexans Korea Limited (c)(e)(i)(j)(8)		2,949,159		5,333,192
	110,810	Hankuk Paper Manufacturing Company, Limited (11)		5,119,456		3,994,635
	28,920	Daekyo Company, Limited Pfd. (1)		1,159,606		1,257,191
	96,700	Sam-A Pharmaceutical Company, Limited (6)		813,291		782,294
				295,976,762		654,489,302
		Spain (1.46%)
	2,469,224	Corporacion Financiera Alba SA (7)		52,112,750		138,128,068
	407,790	Altadis SA (2)		11,538,297		19,371,939
				63,651,047		157,500,007
		Switzerland (7.85%)
	849,900	Nestlé SA (2)		224,406,473		259,117,942
	2,170,226	Pargesa Holding SA (7)		112,955,090		220,407,428
	555,000	Kuehne & Nagel International AG (16)		36,902,113		201,193,931
	1,782	Lindt & Spruengli AG (2)		11,801,214		37,474,211
	23,500	Sika AG (a)(9)		4,526,595		27,465,442
	385,300	Schindler Holding PC (8)		7,460,045		21,118,285
	4,715	Metall Zug PC AG (1)		4,971,624		18,131,838
	35,000	Edipresse SA (10)		11,616,314		16,334,180
	616,270	Micronas Semiconductor Holding AG (a)(15)		24,008,811		15,597,371
	78,857	Affichage Holding (10)		8,596,169		11,822,353
	4,459	Zehnder Group AG – B (8)		4,577,161		7,619,458

See Notes to Financial Statements.

35

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number				Cost		Value
of Shares				(Note 1)		(Note 1)
		Common and Preferred Stocks – (continued)
		Switzerland – (continued)
	7,000	Hilti AG (a)(e)(i)(j)(8)	$	4,485,845	$	5,077,983
	159	Metall Zug AG (1)		1,931,462		4,998,186
	10,000	PubliGroupe SA (10)		1,436,389		3,222,101
				459,675,305		849,580,709
		Taiwan (0.09%)
	9,034,040	Phoenixtec Power Company, Limited (8)		9,113,369		9,485,077
		Thailand (0.02%)
	250,000	The Oriental Hotel Public Company, Limited (1)		1,152,073		2,465,352
		United Kingdom (4.46%)
	17,633,080	Tesco Plc (2)		102,097,658		102,678,202
	2,286,240	Anglo American Plc (12)		50,337,463		97,294,416
	8,347,390	Millennium & Copthorne Hotel Plc (1)		36,779,430		65,037,829
	3,705,780	Spirax-Sarco Engineering Plc (8)		27,715,395		62,980,730
	4,175,000	Associated British Ports Holdings Plc (16)		34,536,884		55,622,829
	10,382,370	Vodafone Group Plc (15)		22,040,361		24,504,480
	7,387,970	Enodis Plc (8)		4,499,307		20,197,406
	2,655,000	easyJet Plc (a)(16)		11,119,493		15,339,210
	5,000,000	McBride Plc (2)		6,379,400		15,241,066
	300,000	Amdocs Limited (a)(15)		6,197,557		11,160,000
	3,146,000	JZ Equity Partners, Plc (4)		5,873,374		10,550,080
	775,000	Trans-Siberian Gold Limited (a)(12)		1,123,590		1,737,345
				308,699,912		482,343,593
		United States (2.16%)
	5,332,285	News Corporation, Class ‘A’ (10)		80,617,364		91,502,011
	1,500,000	Newmont Mining Corporation Holding Company (12)		42,258,067		87,540,000
	484,595	Freeport-McMoRan Copper & Gold Inc., Class ‘B’ (12)		6,060,390		31,295,145
	400,000	Liberty Global Inc. (a)(10)		6,921,203		8,284,000
	400,000	Liberty Global Inc. Series ‘C’ (a)(10)		6,346,043		7,988,000
	34,500	Third Avenue Global Value Fund, L.P. (a)(b)(e)(7)		3,450,000		6,545,261
	14,083	Security Capital European Realty (a)(e)(13)		281,660		226,877
				145,934,727		233,381,294
		Miscellaneous (0.17%)
	1,094,523	Banco Latinoamericano de Exportaciones SA ADR (4)		13,960,676		18,431,767
		Total Common and Preferred Stocks		4,105,210,317		7,359,979,254

See Notes to Financial Statements.

36

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Ounces
		Commodities (2.76%)
	453,634	Gold bullion (a)	$	217,298,247	$	295,783,000
	189,161	Silver bullion (a)		1,329,803		2,568,808
		Total Commodities		218,628,050		298,351,808
Principal
Amount
		Notes, Bonds and Convertible Bonds (6.10%)
		Commodity-Linked Notes (1.05%)
$	1,100,000	UBS Gold-Linked Note 0% due 5/26/2006 (a)(b)(d)(e)(g)(12)		1,100,000		1,948,760
	1,300,000	UBS Gold-Linked Note 0% due 6/02/2006 (a)(b)(d)(e)(g)(12)		1,300,000		2,347,830
	6,000,000	UBS Gold-Linked Note 0% due 6/29/2006 (a)(b)(d)(e)(g)(12)		6,000,000		10,508,160
	5,250,000	UBS Gold-Linked Note 0% due 7/25/2006 (a)(b)(d)(e)(g)(12)		5,250,000		9,319,518
	1,250,000	UBS Gold-Linked Note 0% due 8/11/2006 (a)(b)(d)(e)(g)(12)		1,250,000		2,225,076
	1,350,000	UBS Gold-Linked Note 0% due 8/18/2006 (a)(b)(d)(e)(g)(12)		1,350,000		2,298,765
	1,250,000	UBS Gold-Linked Note 0% due 8/24/2006 (a)(b)(d)(e)(g)(12)		1,250,000		2,186,851
	1,250,000	UBS Gold-Linked Note 0% due 8/25/2006 (a)(b)(d)(e)(g)(12)		1,250,000		2,097,163
	1,600,000	UBS Gold-Linked Note 0% due 9/13/2006 (a)(b)(d)(e)(g)(12)		1,600,000		2,788,334
	1,300,000	UBS Gold-Linked Note 0% due 10/31/2006 (a)(b)(d)(e)(g)(12)		1,300,000		1,997,734
	1,250,000	UBS Gold-Linked Note 0% due 11/01/2006 (a)(b)(d)(e)(g)(12)		1,250,000		1,934,143
	1,200,000	UBS Gold-Linked Note 0% due 11/03/2006 (a)(b)(d)(e)(g)(12)		1,200,000		1,896,677
	1,600,000	UBS Gold-Linked Note 0% due 11/15/2006 (a)(b)(d)(e)(g)(12)		1,600,000		2,562,728
	2,150,000	UBS Gold-Linked Note 0% due 12/20/2006 (a)(b)(d)(e)(g)(12)		2,150,000		3,045,747
	1,350,000	UBS Gold-Linked Note 0% due 12/21/2006 (a)(b)(d)(e)(g)(12)		1,350,000		1,856,732
	1,350,000	UBS Gold-Linked Note 0% due 12/28/2006 (a)(b)(d)(e)(g)(12)		1,350,000		1,823,066
	1,400,000	UBS Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(h)(12)		1,400,000		2,277,221
	1,500,000	UBS Gold-Linked Note 0% due 1/11/2007 (a)(b)(d)(e)(h)(12)		1,500,000		2,229,321
	2,900,000	UBS Gold-Linked Note 0% due 1/12/2007 (a)(b)(d)(e)(h)(12)		2,900,000		4,372,370
	1,200,000	UBS Silver-Linked Note 0% due 5/26/2006 (a)(b)(d)(e)(g)(12)		1,200,000		2,886,806
	1,350,000	UBS Silver-Linked Note 0% due 7/12/2006 (a)(b)(d)(e)(g)(12)		1,350,000		3,127,415
	1,250,000	UBS Silver-Linked Note 0% due 7/18/2006 (a)(b)(d)(e)(g)(12)		1,250,000		2,999,270
	4,530,000	HSBC Gold-Linked Note 0% due 6/28/2006 (a)(b)(d)(e)(g)(12)		4,530,000		7,765,779
	1,140,000	HSBC Gold-Linked Note 0% due 6/29/2006 (a)(b)(d)(e)(g)(12)		1,140,000		1,944,156
	5,230,000	HSBC Gold-Linked Note 0% due 7/17/2006 (a)(b)(d)(e)(g)(12)		5,230,000		9,259,715
	2,550,000	HSBC Gold-Linked Note 0% due 7/24/2006 (a)(b)(d)(e)(g)(12)		2,550,000		4,598,160
	1,310,000	HSBC Gold-Linked Note 0% due 8/09/2006 (a)(b)(d)(e)(g)(12)		1,310,000		2,275,339
	1,363,000	HSBC Gold-Linked Note 0% due 8/11/2006 (a)(b)(d)(e)(g)(12)		1,363,000		2,315,192
	1,332,000	HSBC Gold-Linked Note 0% due 8/16/2006 (a)(b)(d)(e)(g)(12)		1,332,000		2,297,434
	600,000	HSBC Gold-Linked Note 0% due 9/07/2006 (a)(b)(d)(e)(g)(12)		600,000		1,035,000
	637,000	HSBC Gold-Linked Note 0% due 9/14/2006 (a)(b)(d)(e)(g)(12)		637,000		1,062,325
	310,000	HSBC Gold-Linked Note 0% due 9/20/2006 (a)(b)(d)(e)(g)(12)		310,000		516,460

See Notes to Financial Statements.

37

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost		Value
Amount			(Note 1)		(Note 1)
		Notes, Bonds and Convertible Bonds – (continued)
		Commodity-Linked Notes – (continued)
$	1,308,000	HSBC Gold-Linked Note 0% due 10/09/2006 (a)(b)(d)(e)(g)(12)	$	1,308,000	$	2,013,012
	692,000	HSBC Gold-Linked Note 0% due 10/13/2006 (a)(b)(d)(e)(g)(12)		692,000		1,070,316
	979,000	HSBC Gold-Linked Note 0% due 11/06/2006 (a)(b)(d)(e)(g)(12)		979,000		1,516,177
	1,950,000	HSBC Gold-Linked Note 0% due 11/13/2006 (a)(b)(d)(e)(g)(12)		1,950,000		3,106,545
	2,023,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(g)(12)		2,023,000		2,948,522
	673,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(g)(12)		673,000		995,098
				66,777,000		113,448,917
		U.S. Dollar Notes and Bonds (0.03%)
	1,000,000	YPF Sociedad Anonima SA 9⅛% due 2/24/2009 (3)		844,379		1,057,500
	2,000,000	Legrand SA 8½% due 2/15/2025 (8)		2,064,994		2,450,000
				2,909,373		3,507,500
		U.S. Dollar Convertible Bonds (0.00%)
	2,000,000	Medya International Limited 10% due 6/28/2049 (e)(f)(j)(10)		1,987,057		20,000
		Non U.S. Dollar Notes and Bonds (4.89%)
EUR	17,541,659	Vivendi Universal SA 6.70% due 6/21/2006 (10)		18,035,980		22,246,971
EUR	3,500,000	ALSTOM 5% due 7/26/2006 (8)		3,982,875		4,437,992
SGD	24,900,000	Singapore Government 2⅝% due 10/01/2007 (5)		15,053,726		15,675,733
SGD	56,842,000	Singapore Government 2⅜% due 10/01/2009 (5)		34,125,429		35,104,253
CAD	16,500,000	Shaw Communications Inc. 7.4% due 10/17/2007 (10)		10,417,180		15,268,320
HKD	67,500,000	Hong Kong Government 3.57% due 12/17/2007 (5)		8,852,210		8,633,666
HKD	164,250,000	Hong Kong Government 3.34% due 12/19/2008 (5)		20,787,012		20,710,801
HKD	37,100,000	Hong Kong Government 2.52% due 3/24/2009 (5)		4,608,908		4,556,829
EUR	9,766,000	Koninklijke Ahold NV 5⅞% due 5/09/2008 (14)		9,275,835		12,779,062
GBP	11,000,000	EMI Group Plc 8¼% due 5/20/2008 (10)		17,076,861		21,575,700
EUR	7,500,000	EMI Group Plc 8⅝% due 10/15/2013 (10)		8,729,328		10,674,350
EUR	2,500,000	EMI Group Plc 8⅝% due 10/15/2013 (b)(10)		2,938,227		3,558,117
SEK	55,000,000	Sweden Government I/L 4.526% due 12/01/2008 (5)		7,943,835		9,265,630
EUR	3,000,000	Independent News & Media Plc 8% due 12/15/2008 (10)		3,626,220		4,105,709
EUR	5,500,000	Independent News & Media Plc 5¾% due 5/17/2009 (10)		5,899,011		7,162,513
MYR	50,260,000	Malaysian Government 4.305% due 2/27/2009 (5)		13,348,665		13,997,902
MYR	56,664,000	Malaysian Government 3.756% due 4/28/2011 (5)		15,193,409		15,333,544
EUR	48,776,436	Republic of France O.A.T. I/L 3% due 7/25/2009 (k)(5)		55,122,154		64,761,118
EUR	51,993,398	Republic of France O.A.T. I/L 3% due 7/25/2012 (k)(5)		69,594,766		71,262,613
EUR	5,500,000	ProSiebenSat.1 Media AG 11¼% due 7/31/2009 (10)		5,536,948		7,483,378
EUR	1,250,000	Rémy Cointreau SA 6½% due 7/01/2010 (b)(2)		1,425,429		1,673,145
EUR	22,300,000	Waterford Wedgwood Plc 9⅞% due 12/01/2010 (b)(1)		27,293,010		25,273,014
EUR	7,500,000	The Manitowoc Company, Inc. 10⅜% due 5/15/2011 (8)		8,141,560		10,086,224

See Notes to Financial Statements.

38

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost		Value
Amount			(Note 1)		(Note 1)
		Notes, Bonds and Convertible Bonds – (continued)
		Non U.S. Dollar Notes and Bonds – (continued)
GBP	1,000,000	Marks & Spencer Group Plc 6⅜% due 11/07/2011 (1)	$	1,672,439	$	1,890,259
GBP	8,425,000	Enodis Plc 10⅜% due 4/15/2012 (8)		13,033,380		16,858,246
EUR	18,850,000	UPC Holding BV 8⅝% due 1/15/2014 (b)(10)		21,995,641		23,981,378
EUR	19,650,000	UPC Holding BV 7¾% due 1/15/2014 (b)(10)		22,197,596		23,975,616
EUR	28,800,000	Ray Acquisition SCA 9⅜% due 3/15/2015 (b)(8)		34,536,499		39,458,443
EUR	8,000,000	FINEL 9½% due 6/30/2017 (b)(e)(i)(j)(11)		9,649,600		7,576,506
EUR	10,000,000	FINEL 9½% due 10/15/2017 (b)(e)(i)(j)(11)		12,045,000		9,470,633
				482,138,733		528,837,665
		Non U.S. Dollar Convertible Bonds (0.13%)
EUR	3,750,000	Aegis Group Plc 2% due 5/15/2006 (10)		4,006,283		5,161,495
EUR	71,339	Club Mediterranee SA 3% due 11/01/2008 (1)		3,934,742		5,981,537
EUR	243,500	Havas SA 4% due 1/01/2009 (10)		1,986,854		3,309,652
				9,927,879		14,452,684
		Total Notes, Bonds and Convertible Bonds		563,740,042		660,266,766
		Short-Term Investments (23.14%)
$	25,000,000	Monsanto Company 4.80% due 5/01/2006		25,000,000		25,000,000
	20,000,000	Monsanto Company 4.85% due 5/30/2006		19,921,861		19,921,861
	25,000,000	BMW US Capital LLC 4.72% due 5/01/2006		25,000,000		25,000,000
	20,000,000	BMW US Capital LLC 4.74% due 5/01/2006		20,000,000		20,000,000
	26,463,000	BMW US Capital LLC 4.64% due 5/08/2006		26,439,124		26,439,124
	8,591,000	BMW US Capital LLC 4.64% due 5/10/2006		8,581,034		8,581,034
	30,000,000	BMW US Capital LLC 4.78% due 5/22/2006		29,916,350		29,916,350
	20,000,000	BMW US Capital LLC 4.79% due 5/22/2006		19,944,117		19,944,117
	2,025,000	BMW US Capital LLC 4.86% due 6/12/2006		2,013,518		2,013,518
	20,000,000	Burlington Northern Santa Fe 4.85% due 5/01/2006		20,000,000		20,000,000
	20,000,000	Pearson Holdings Inc. 4.82% due 5/01/2006		20,000,000		20,000,000
	16,700,000	Pearson Holdings Inc. 4.82% due 5/05/2006		16,691,056		16,691,056
	6,000,000	Pearson Holdings Inc. 4.86% due 5/09/2006		5,993,520		5,993,520
	32,000,000	Pearson Holdings Inc. 4.90% due 5/17/2006		31,930,311		31,930,311
	30,100,000	Pearson Holdings Inc. 4.92% due 5/19/2006		30,025,954		30,025,954
	10,000,000	Pearson Holdings Inc. 4.96% due 5/24/2006		9,968,311		9,968,311
	3,800,000	Pearson Holdings Inc. 4.97% due 5/24/2006		3,787,934		3,787,934
	13,150,000	Pearson Holdings Inc. 4.94% due 5/25/2006		13,106,693		13,106,693
	19,065,000	ConocoPhillips Company 4.87% due 5/01/2006		19,065,000		19,065,000
	6,754,000	ConocoPhillips Company 4.84% due 5/02/2006		6,753,092		6,753,092
	20,000,000	ConocoPhillips Company 4.88% due 5/05/2006		19,989,156		19,989,156
	20,500,000	ConocoPhillips Company 4.88% due 5/08/2006		20,480,548		20,480,548

See Notes to Financial Statements.

39

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost		Value
Amount			(Note 1)		(Note 1)
		Notes, Bonds and Convertible Bonds – (continued)
		Short-Term Investments – (continued)
$	20,000,000	ConocoPhillips Company 4.98% due 5/12/2006	$	19,969,750	$	19,969,750
	15,000,000	HJ Heinz Company 4.82% due 5/01/2006		15,000,000		15,000,000
	29,396,000	HJ Heinz Company 4.86% due 5/03/2006		29,388,063		29,388,063
	25,000,000	HJ Heinz Company 4.92% due 5/09/2006		24,972,667		24,972,667
	15,000,000	Unilever Capital Corporation 4.68% due 5/01/2006		15,000,000		15,000,000
	20,000,000	Unilever Capital Corporation 4.69% due 5/04/2006		19,992,183		19,992,183
	15,000,000	Unilever Capital Corporation 4.70% due 5/08/2006		14,986,292		14,986,292
	9,454,000	Unilever Capital Corporation 4.69% due 5/08/2006		9,445,378		9,445,378
	17,500,000	Unilever Capital Corporation 4.76% due 5/15/2006		17,467,606		17,467,606
	10,000,000	Unilever Capital Corporation 4.75% due 5/19/2006		9,976,250		9,976,250
	6,506,000	Unilever Capital Corporation 4.86% due 5/30/2006		6,480,529		6,480,529
	28,229,000	Republic of Austria 4.68% due 5/02/2006		28,225,330		28,225,330
	25,000,000	Republic of Austria 4.68% due 5/02/2006		24,996,750		24,996,750
	38,100,000	Republic of Austria 4.68% due 5/08/2006		38,065,329		38,065,329
	34,693,000	Republic of Austria 4.68% due 5/08/2006		34,661,429		34,661,429
	16,960,000	Republic of Austria 4.68% due 5/08/2006		16,944,566		16,944,566
	25,000,000	Republic of Austria 4.70% due 5/10/2006		24,970,625		24,970,625
	2,875,000	Republic of Austria 4.72% due 5/11/2006		2,871,231		2,871,231
	18,500,000	Republic of Austria 4.84% due 5/23/2006		18,445,281		18,445,281
	26,666,000	Wal-Mart Stores, Inc. 4.70% due 5/02/2006		26,662,519		26,662,519
	33,700,000	Wal-Mart Stores, Inc. 4.71% due 5/09/2006		33,664,727		33,664,727
	30,000,000	Wal-Mart Stores, Inc. 4.70% due 5/09/2006		29,968,667		29,968,667
	25,710,000	Hitachi Limited 4.82% due 5/02/2006		25,706,558		25,706,558
	17,000,000	Hitachi Limited 4.75% due 5/05/2006		16,991,028		16,991,028
	25,000,000	Hitachi Limited 4.88% due 5/11/2006		24,966,111		24,966,111
	25,000,000	Siemens AG 4.70% due 5/02/2006		24,996,736		24,996,736
	22,813,000	Siemens AG 4.72% due 5/08/2006		22,792,063		22,792,063
	26,197,000	Siemens AG 4.84% due 6/02/2006		26,084,295		26,084,295
	20,000,000	Siemens AG 4.85% due 6/08/2006		19,897,611		19,897,611
	14,539,000	Siemens AG 4.86% due 6/09/2006		14,462,452		14,462,452
	20,000,000	Siemens AG 4.86% due 6/16/2006		19,875,800		19,875,800
	25,000,000	BellSouth Corporation 4.75% due 5/02/2006		24,996,701		24,996,701
	20,000,000	BellSouth Corporation 4.75% due 5/04/2006		19,992,083		19,992,083
	25,000,000	BellSouth Corporation 4.75% due 5/08/2006		24,976,910		24,976,910
	25,000,000	BellSouth Corporation 4.77% due 5/08/2006		24,976,813		24,976,813
	20,000,000	BellSouth Corporation 4.78% due 5/09/2006		19,978,755		19,978,755
	17,500,000	BellSouth Corporation 4.77% due 5/09/2006		17,481,450		17,481,450
	20,000,000	BellSouth Corporation 4.75% due 5/12/2006		19,970,972		19,970,972
	20,855,000	BellSouth Corporation 4.92% due 6/02/2006		20,763,794		20,763,794

See Notes to Financial Statements.

40

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost		Value
Amount			(Note 1)		(Note 1)
		Notes, Bonds and Convertible Bonds – (continued)
		Short-Term Investments – (continued)
$	19,936,000	BellSouth Corporation 4.91% due 6/02/2006	$	19,848,990	$	19,848,990
	12,645,000	BellSouth Corporation 4.90% due 6/02/2006		12,589,924		12,589,924
	25,000,000	Federated Department Stores Inc. 4.81% due 5/02/2006		24,996,660		24,996,660
	21,762,000	France Telecom SA 4.85% due 5/02/2006		21,759,068		21,759,068
	25,000,000	France Telecom SA 4.83% due 5/08/2006		24,976,521		24,976,521
	25,000,000	France Telecom SA 5.02% due 5/19/2006		24,937,250		24,937,250
	21,956,000	France Telecom SA 5.04% due 6/06/2006		21,845,342		21,845,342
	25,863,000	Atlantic Asset Security 4.71% due 5/03/2006		25,856,233		25,856,233
	11,850,000	Atlantic Asset Security 4.73% due 5/03/2006		11,846,886		11,846,886
	11,630,000	Atlantic Asset Security 4.72% due 5/03/2006		11,626,950		11,626,950
	25,000,000	Nestlé Capital Corporation 4.72% due 5/03/2006		24,993,444		24,993,444
	20,000,000	Nestlé Capital Corporation 4.60% due 5/05/2006		19,989,778		19,989,778
	9,000,000	Nestlé Capital Corporation 4.71% due 5/08/2006		8,991,757		8,991,757
	25,000,000	Nestlé Capital Corporation 4.73% due 5/09/2006		24,973,722		24,973,722
	30,000,000	Nestlé Capital Corporation 4.83% due 5/16/2006		29,939,625		29,939,625
	20,194,000	Nestlé Capital Corporation 4.725% due 5/22/2006		20,138,340		20,138,340
	14,869,000	Nestlé Capital Corporation 4.795% due 6/16/2006		14,777,898		14,777,898
	16,600,000	7-Eleven Inc. 4.75% due 5/03/2006		16,595,619		16,595,619
	15,000,000	7-Eleven Inc. 4.73% due 5/05/2006		14,992,117		14,992,117
	17,300,000	7-Eleven Inc. 4.83% due 5/10/2006		17,279,110		17,279,110
	1,228,000	Sara Lee Corporation 4.81% due 5/03/2006		1,227,672		1,227,672
	24,050,000	Sara Lee Corporation 4.90% due 5/09/2006		24,023,812		24,023,812
	10,000,000	Sara Lee Corporation 4.91% due 5/11/2006		9,986,361		9,986,361
	13,254,000	Sara Lee Corporation 4.81% due 5/12/2006		13,234,520		13,234,520
	20,000,000	Sara Lee Corporation 4.87% due 5/30/2006		19,921,539		19,921,539
	1,794,000	American Express Credit Corporation 4.73% due 5/04/2006		1,793,293		1,793,293
	30,000,000	American Express Credit Corporation 4.73% due 5/15/2006		29,944,817		29,944,817
	20,000,000	American Express Credit Corporation 4.73% due 5/16/2006		19,960,583		19,960,583
	34,000,000	American Express Credit Corporation 4.78% due 5/23/2006		33,900,682		33,900,682
	27,000,000	American Express Credit Corporation 4.78% due 5/24/2006		26,917,545		26,917,545
	27,562,000	American Express Credit Corporation 4.80% due 6/01/2006		27,448,077		27,448,077
	34,569,000	American Express Credit Corporation 4.82% due 6/02/2006		34,420,891		34,420,891
	27,250,000	L’Oréal SA 4.75% due 5/05/2006		27,235,618		27,235,618
	20,000,000	L’Oréal SA 4.78% due 5/15/2006		19,962,822		19,962,822
	25,000,000	L’Oréal SA 4.83% due 5/22/2006		24,929,563		24,929,563
	25,000,000	General Electric Capital Corporation 4.68% due 5/05/2006		24,987,000		24,987,000
	15,000,000	General Electric Capital Corporation 4.71% due 5/10/2006		14,982,337		14,982,337
	25,000,000	General Electric Capital Corporation 4.71% due 5/19/2006		24,941,125		24,941,125
	32,000,000	Henkel Corporation 4.75% due 5/08/2006		31,970,444		31,970,444
	12,000,000	Henkel Corporation 4.81% due 5/11/2006		11,983,967		11,983,967

See Notes to Financial Statements.

41

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost			Value
Amount			(Note 1)			(Note 1)
		Notes, Bonds and Convertible Bonds – (continued)
		Short-Term Investments – (continued)
$	25,000,000	Shell Finance UK Plc 4.70% due 5/08/2006	$	24,977,153		$	24,977,153
	25,000,000	Shell Finance UK Plc 4.71% due 5/10/2006		24,970,562			24,970,562
	7,624,000	Shell Finance UK Plc 4.72% due 5/10/2006		7,615,004			7,615,004
	9,435,000	Shell Finance UK Plc 4.73% due 5/12/2006		9,421,364			9,421,364
	23,648,000	Dover Corporation 4.68% due 5/08/2006		23,626,480			23,626,480
	13,500,000	Caterpillar Financial Services Corporation 4.72% due 5/09/2006		13,485,840			13,485,840
	34,000,000	Caterpillar Financial Services Corporation 4.80% due 5/22/2006		33,904,800			33,904,800
	5,200,000	The Sherwin-Williams Company 4.81% due 5/09/2006		5,194,442			5,194,442
	10,000,000	The Sherwin-Williams Company 4.84% due 5/16/2006		9,979,833			9,979,833
	25,571,000	RaboBank USA Finance Corporation 4.735% due 5/11/2006		25,537,367			25,537,367
	25,902,000	RaboBank USA Finance Corporation 4.735% due 5/15/2006		25,854,304			25,854,304
	30,000,000	RaboBank USA Finance Corporation 4.875% due 5/26/2006		29,898,438			29,898,438
	25,000,000	RaboBank USA Finance Corporation 4.91% due 6/01/2006		24,894,299			24,894,299
	30,000,000	RaboBank USA Finance Corporation 4.89% due 6/23/2006		29,784,025			29,784,025
	25,000,000	Merrill Lynch & Company Inc. 4.75% due 5/11/2006		24,967,014			24,967,014
	31,887,000	Merrill Lynch & Company Inc. 4.78% due 5/12/2006		31,840,427			31,840,427
	30,000,000	Merrill Lynch & Company Inc. 4.84% due 5/22/2006		29,915,300			29,915,300
	25,000,000	Merrill Lynch & Company Inc. 4.89% due 6/23/2006		24,820,021			24,820,021
	11,365,000	The Coca-Cola Company 4.70% due 5/15/2006		11,344,227			11,344,227
	25,000,000	AT&T Corporation 4.91% due 6/08/2006		24,870,431			24,870,431
	24,245,000	AT&T Corporation 4.93% due 6/19/2006		24,082,309			24,082,309
		Total Short-Term Investments		2,503,384,425			2,503,384,425
		Total Investments (100.03%)	$	7,390,962,834	*		10,821,982,253	**
		Liabilities in excess of other assets (-0.03%)					(3,590,118	)
		Net Assets (100.00%)				$	10,818,392,135

*	At April 30, 2006 cost is substantially identical for both book and federal income tax purposes.
**	Gross unrealized appreciation and depreciation of investments at April 30, 2006 were $3,461,627,754 and $30,608,335, respectively (net appreciation was $3,431,019,419).
See Notes to Financial Statements.

42

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Foreign Currencies	Sector/Industry Classifications
CAD  —  Canadian dollar	(1)	Consumer Discretionary	(9)	Materials
EUR  —  euro	(2)	Consumer Staples	(10)	Media
GBP  —  pound sterling	(3)	Energy	(11)	Paper and Forest Products
HKD  —  Hong Kong dollar	(4)	Financials	(12)	Precious Metals
MYR  —  Malaysian ringgit	(5)	Government Issues	(13)	Real Estate
SEK   —  Swedish krona	(6)	Health Care	(14)	Retail
SGD   —  Singapore dollar	(7)	Holding Companies	(15)	Technology and Telecommunications
	(8)	Industrials	(16)	Transportation

(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.
(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, 2006.
See Notes to Financial Statements.

43

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

	Purchases				Sales				Realized gain		Dividend Income
Affiliate	Shares		Cost		Shares		Cost
Deceuninck		—		—		—		—		—		—
Fursys Inc.		91,500	$	2,999,833		—		—		—	$	214,430
Gewiss S.p.A.		—		—		—		—		—		—
Haw Par Corporation Limited		—		—		—		—		—		—
Koninklijke Grolsche NV		—		—		—		—		—		587,790
Kukdong Electric Wire Company, Limited		—		—		—		—		—		111,339
Laurent-Perrier		4,333		221,073		—		—		—		—
Maezawa Kasei Industries Company, Limited		—		—		—		—		—		113,195
Mandom Corporation		—		—		—		—		—		362,304
Nexans Korea Limited		—		—		—		—		—		82,968
Nitto Kohki Company, Limited		—		—		69,100	$	1,422,457	$	541,846		352,494
Pfeiffer Vacuum Technology AG		—		—		—		—		—		—
PT Bat Indonesia TBK		—		—		—		—		—		—
Robertet SA		—		—		—		—		—		—
Sansei Yusoki Company, Limited		—		—		—		—		—		55,801
Shaw Brothers (Hong Kong) Limited		—		—		—		—		—		160,609
Société Sucrière de Pithiviers-le Vieil		—		—		—		—		—		1,059,285
T. Hasegawa Company, Limited		—		—		—		—		—		—
Tasman Farms		—		—		—		—		—		—

(d)	Commodity-linked security whereby the coupon, dividend and/or redemption amount is linked to the price of an underlying commodity.
(e)	Security for which there is less than three market makers.
(f)	In default as to principal and interest.
(g)	Leveraged 1½ to 1 to the price of bullion.
(h)	Leveraged 2 to 1 to the price of bullion.
(i)	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, 2006 is shown below.

Security	Acquisition Date	Cost			Carrying Value Per Share/Principal
FINEL	7/14/1999	$	2,407,421	$		2.66
FINEL 9½% due 6/30/2017	6/22/2005		9,649,600			0.95
FINEL 9½% due 10/15/2017	10/11/2005		12,045,000			0.95
Frégate SAS 2% Conv. Pfd. due 3/31/2013	4/30/2004		3,620,400			17.31
Hilti AG	11/30/2001		4,485,845			725.43
Kukdong Electric Wire Company, Limited	2/20/2004		3,821,270			47.71
Nexans Korea Limited	9/19/2003		5,439,879			2.12

(j)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees.
(k)	Inflation protected security.

See Notes to Financial Statements.

44

  FUND OVERVIEW

  FIRST EAGLE U.S. VALUE FUND Data as of April 30, 2006 (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 approach in achieving its investment objective.

  ASSET ALLOCATION

Foreign Stocks
0.39%

U.S. Dollar Cash
and Equivalents
40.56%

U.S. Dollar Bonds
2.83%

Gold Linked Notes
1.36%

U.S. Stocks
51.91%

Gold Commodity
2.95%

  SECTOR/INDUSTRY

Industrials	9.03%
Media	8.04%
Retail	6.36%
Precious Metals	6.28%
Technology	5.55%
Health Care	4.24%
Holding Companies	3.77%
Consumer Discretionary	3.11%
Paper & Forest Products	2.86%
Consumer Staples	2.86%
Energy	2.80%
Utilities	2.66%
Financials	0.94%
Materials	0.86%
Real Estate	0.08%

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

  AVERAGE ANNUAL RETURNS

	ONE-YEAR			THREE-YEARS			SINCE INCEPTION (9-04-01)
First Eagle U.S. Value Fund (A Shares)
without sales load		12.38	%		17.36	%		13.80	%
with sales load		6.76	%		15.37	%		12.55	%
Standard & Poor’s 500 Index		15.42	%		14.68	%		4.95	%
Russell 2000 Index		33.47	%		25.67	%		12.45	%
Consumer Price Index		3.55	%		3.11	%		2.76	%

  GROWTH OF A $10,000 INITIAL INVESTMENT

$20,000

15,000

10,000

5,000

0

9/01

4/02

4/03

4/04

4/05

4/06

$17,354

$17,293

$12,537

$11,320

First Eagle U.S. Value Fund (A Shares)

Consumer Price Index

Russell 2000 Index

Standard & Poor’s 500 Index

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 Russell 2000 Index is an unmanaged index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index and is not available for purchase. 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. Although the Standard & Poor’s 500 Index focuses on the large-cap segment of the market, with over 80% 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

Liberty Media Corporation (media company)	3.43%
Berkshire Hathaway Inc., Class ‘A’ (holding company)	3.38%
Gold bullion (precious metal)	2.95%
Johnson & Johnson Inc. (health care products manufacturer)	2.76%
Costco Wholesale Corporation (multiline retailer)	2.47%
Tyco International Limited (industrial conglomerate)	2.25%
ConocoPhillips Company (integrated energy company)	1.91%
Microsoft Corporation (software developer)	1.79%
Newmont Mining Corporation Holding Company
(precious metals and mining company)	1.67%
UniFirst Corporation (commercial services and supplies provider)	1.64%

45

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS
April 30, 2006
(Unaudited)

Number			Cost		Value
of Shares			(Note 1)		(Note 1)
		Common and Preferred Stocks – U.S. (51.91%)
		Consumer Discretionary (2.64%)
	150,000	McDonald’s Corporation	$	3,851,228	$	5,185,500
	119,600	Weyco Group, Inc.		2,043,013		2,527,148
	70,000	Hampshire Group, Limited (a)		1,171,963		1,418,347
	53,880	Foot Locker, Inc.		1,194,350		1,248,938
	8,000	Allen Organ Company, Class ‘B’		307,040		654,000
	600	St. John Knits International Inc. (a)		18,600		26,103
				8,586,194		11,060,036
		Consumer Staples (2.79%)
	218,915	Seneca Foods Corporation 0% Conv. Pfd. due 12/31/2049 (a)(f)		3,294,671		4,542,487
	98,364	Anheuser-Busch Companies Inc.		4,291,380		4,385,067
	44,997	HJ Heinz Company		1,532,845		1,867,825
	12,000	Altria Group, Inc.		480,416		877,920
				9,599,312		11,673,299
		Energy (2.80%)
	119,928	ConocoPhillips Company		4,247,616		8,023,183
	50,000	CNX Gas Corporation (a)		800,000		1,425,000
	24,310	Murphy Oil Corporation		1,239,579		1,219,876
	12,241	SEACOR Holdings Inc. (a)		631,754		1,082,716
				6,918,949		11,750,775
		Financials (0.33%)
	60,000	Interpool Inc.		1,083,544		1,209,000
	10,000	First Internet Bancorp (a)		170,300		168,500
				1,253,844		1,377,500
		Health Care (4.10%)
	197,500	Johnson & Johnson Inc.		12,069,840		11,575,475
	90,180	Bausch & Lomb Inc.		4,272,068		4,414,311
	20,000	Dentsply International Inc.		580,150		1,193,400
				16,922,058		17,183,186
		Holding Companies (3.77%)
	159	Berkshire Hathaway Inc., Class ‘A’ (a)		13,134,544		14,151,000
	557	Case Pomeroy & Company, Inc., Class ‘A’		538,848		966,395
	6,610	Loews Corporation		555,488		701,651
				14,228,880		15,819,046
		Industrials (8.65%)
	357,340	Tyco International Limited		8,842,987		9,415,909
	221,370	UniFirst Corporation		5,765,952		6,866,897
	173,960	Waste Management Inc.		4,961,709		6,516,542
	73,475	Banta Corporation		2,921,328		3,716,365

See Notes to Financial Statements.

46

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number			Cost		Value
of Shares			(Note 1)		(Note 1)
		Common and Preferred Stocks – U.S. – (continued)
		Industrials – (continued)
	48,980	Manpower Inc.	$	2,059,795	$	3,191,047
	153,760	Cendant Corporation		2,633,062		2,680,037
	161,273	Blount International Inc. (a)		2,322,241		2,498,119
	22,480	Franklin Electric Company, Inc.		406,203		1,311,258
	5,000	Hardinge Inc.		54,150		80,500
				29,967,427		36,276,674
		Materials (0.32%)
	7,355	Vulcan Materials Company		341,434		624,881
	25,000	Tronox Inc. Class ‘A’		377,812		435,000
	426	Central Steel & Wire Company		167,885		294,366
				887,131		1,354,247
		Media (8.04%)
	1,721,493	Liberty Media Corporation (a)		13,608,790		14,374,466
	104,900	Comcast Corporation-Special Class ‘A’ (a)		2,946,791		3,234,067
	182,295	News Corporation Class ‘A’		2,889,189		3,128,182
	107,835	Clear Channel Communications Inc.		3,393,174		3,076,533
	111,170	CBS Corporation Class ‘B’		2,881,361		2,831,500
	70,000	Valassis Communications, Inc. (a)		2,022,112		2,048,900
	50,000	Dow Jones & Company Inc.		1,831,509		1,848,500
	60,275	The DIRECTV Group, Inc. (a)		808,954		1,029,497
	36,000	Liberty Global Inc. (a)		625,061		745,560
	36,000	Liberty Global Inc. Series ‘C’ (a)		573,118		718,920
	50,000	Interpublic Group of Companies, Inc. (a)		777,610		479,000
	7,200	Tribune Company		202,894		207,576
				32,560,563		33,722,701
		Paper and Forest Products (2.48%)
	162,660	Rayonier Inc.		3,800,973		6,695,086
	77,835	Plum Creek Timber Company, Inc.		2,277,954		2,825,410
	9,090	Deltic Timber Corporation		209,712		524,675
	12,680	Longview Fibre Company		115,438		330,441
				6,404,077		10,375,612
		Precious Metals (1.97%)
	120,230	Newmont Mining Corporation Holding Company		4,419,901		7,016,623
	19,000	Freeport-McMoRan Copper & Gold Inc., Class ‘B’		213,034		1,227,020
				4,632,935		8,243,643
		Real Estate (0.02%)
	1,595	Prologis Trust 8.54% Pfd. Series ‘C’		82,039		88,473

See Notes to Financial Statements.

47

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number			Cost		Value
of Shares			(Note 1)		(Note 1)
		Common and Preferred Stocks – U.S. – (continued)
		Retail (6.36%)
	190,220	Costco Wholesale Corporation	$	7,212,927	$	10,353,675
	123,770	Wal-Mart Stores Inc.		5,638,774		5,573,363
	103,190	Tiffany & Company		3,166,658		3,600,299
	55,970	The Sherwin-Williams Company		1,866,582		2,851,112
	40,480	Barnes & Noble, Inc.		1,267,423		1,824,838
	55,000	Dillard’s Inc., Class ‘A’		798,967		1,434,400
	8,380	Autozone Inc. (a)		774,199		784,452
	3,115	Federated Department Stores Inc.		115,998		242,503
				20,841,528		26,664,642
		Technology and Telecommunications (4.98%)
	310,025	Microsoft Corporation		8,007,216		7,487,105
	256,520	Intel Corporation		5,131,006		5,125,269
	150,000	American Power Conversion Corporation		2,325,204		3,336,000
	111,160	Sprint Nextel Corporation		2,850,877		2,756,768
	45,030	Lexmark International Inc. Class ‘A’ (a)		2,523,365		2,192,961
				20,837,668		20,898,103
		Utilities (2.66%)
	174,200	IDACORP, Inc.		5,077,328		5,931,510
	88,100	CalEnergy Capital Trust 6½% Conv. Pfd.		3,778,988		4,140,700
	40,000	Hawaiian Electric Industries, Inc.		845,477		1,074,800
				9,701,793		11,147,010
		Total Common and Preferred Stocks – U.S.		183,424,398		217,634,947
		Common Stocks – Non U.S. (0.39%)
		United Kingdom (0.39%)
	378,920	JZ Equity Partners, Plc (3)		756,972		1,270,704
	10,000	Amdocs Limited (a)(11)		184,186		372,000
		Total Common Stocks – Non U.S.		941,158		1,642,704

Ounces
		Commodity (2.95%)
	18,970	Gold bullion (a)	9,041,734	12,369,138

Principal
Amount
		Notes and Bonds and Convertible Bonds (4.19%)
		Commodity-Linked Notes (1.36%)
$	1,300,000	UBS Gold-Linked Note 0% due 6/02/2006 (a)(b)(c)(d)(e)(8)	1,300,000	2,347,829
	1,300,000	HSBC Gold-Linked Note 0% due 6/28/2006 (a)(b)(c)(d)(e)(8)	1,300,000	2,228,591

See Notes to Financial Statements.

48

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost		Value
Amount			(Note 1)		(Note 1)
		Notes and Bonds and Convertible Bonds – (continued)
		Commodity-Linked Notes – (continued)
$	644,000	HSBC Gold-Linked Note 0% due 8/09/2006 (a)(b)(c)(d)(e)(8)	$	644,000	$	1,118,564
				3,244,000		5,694,984
		U.S. Dollar Bonds and Notes (2.77%)
	1,200,000	Level 3 Communications, Inc. 9⅛% due 5/01/2008 (11)		814,704		1,200,000
	525,000	Longview Fibre Company 10% due 1/15/2009 (7)		547,538		552,563
	250,000	Crescent Real Estate Equities Company 9¼% due 4/15/2009 (9)		250,000		261,563
	521,000	Lear Corporation 8.11% due 5/15/2009 (1)		491,926		511,883
	1,075,000	GATX Corporation 8⅞% due 6/01/2009 (3)		1,034,585		1,160,031
	500,000	American Standard Companies Inc. 8¼% due 6/01/2009 (5)		514,460		533,190
	650,000	Columbus McKinnon Corporation 10% due 8/01/2010 (5)		658,932		718,250
	1,000,000	Briggs & Stratton Corporation 8⅞% due 3/15/2011 (1)		1,038,562		1,105,000
	179,000	Domino’s Inc. 8¼% due 7/01/2011 (1)		178,073		186,160
	1,000,000	Greif Inc. 8⅞% due 7/01/2012 (7)		1,064,191		1,065,000
	300,000	Blount International Inc. 8⅞% due 8/01/2012 (5)		300,000		313,500
	1,180,000	Tronox Worldwide 9½% due 12/01/2012 (b)(6)		1,242,483		1,244,900
	125,000	R.H. Donnelley Finance Corporation 10⅞% due 12/15/2012 (b)(3)		125,000		139,375
	1,000,000	Texas Industries, Inc. 7¼% due 7/15/2013 (6)		1,000,000		1,030,000
	592,000	Sirius Satellite Radio Inc. 9⅝% due 8/01/2013 (11)		581,463		581,640
	250,000	Jostens, Inc. 10¼% due 12/01/2013 (a)(1)		171,113		194,375
	250,000	Elizabeth Arden Inc. 7¾% due 1/15/2014 (2)		250,000		255,625
	600,000	Bausch & Lomb Inc. 7⅛% due 8/01/2028 (4)		507,862		576,046
				10,770,892		11,629,101
		U.S. Dollar Convertible Bond (0.06%)
	250,000	SCI Systems Inc. 3% due 3/15/2007 (11)		222,952		243,437
		Total Notes, Bonds and Convertible Bonds		14,237,844		17,567,522
		Short-Term Investments (40.61%)
	20,000,000	ConocoPhillips Company 4.87% due 5/01/2006		20,000,000		20,000,000
	10,000,000	L’Oréal SA 4.75% due 5/01/2006		10,000,000		10,000,000
	10,000,000	L’Oréal SA 4.79% due 5/16/2006		9,980,042		9,980,042
	1,234,000	Federated Department Stores Inc. 4.88% due 5/01/2006		1,234,000		1,234,000
	6,476,000	France Telecom SA 4.85% due 5/02/2006		6,475,128		6,475,128
	5,970,000	France Telecom SA 4.83% due 5/05/2006		5,966,796		5,966,796
	15,499,000	General Electric Capital Corporation 4.70% due 5/04/2006		15,492,929		15,492,929
	6,000,000	Hitachi Limited 4.75% due 5/05/2006		5,996,833		5,996,833
	1,609,000	7-Eleven Inc. 4.77% due 5/09/2006		1,607,294		1,607,294
	11,226,000	Merrill Lynch & Company 4.78% due 5/12/2006		11,209,604		11,209,604
	4,179,000	Sara Lee Corporation 4.81% due 5/12/2006		4,172,858		4,172,858
	10,000,000	Sara Lee Corporation 4.94% due 5/26/2006		9,965,694		9,965,694
	10,000,000	Unilever Capital Corporation 4.75% due 5/15/2006		9,981,528		9,981,528
	18,268,000	Wal-Mart Stores Inc. 4.79% due 5/23/2006		18,214,526		18,214,526
	15,000,000	BMW U.S. Capital LLC 4.78% due 5/23/2006		14,956,183		14,956,183

See Notes to Financial Statements.

49

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost			Value
Amount			(Note 1)			(Note 1)
		Short-Term Investments – (continued)
$	14,000,000	The Sherwin-Williams Company 4.96% due 6/05/2006	$	13,932,489		$	13,932,489
	7,240,000	AT&T Inc. 4.92% due 6/05/2006		7,205,369			7,205,369
	3,921,000	Siemens AG 4.86% due 6/09/2006		3,900,356			3,900,356
		Total Short-Term Investments		170,291,629			170,291,629
		Total Investments (100.05%)	$	377,936,763	*		419,505,940	**
		Liabilities in excess of other assets (-0.05%)					(225,415	)
		Net assets (100.00%)				$	419,280,525

*	At April 30, 2006 cost is substantially identical for both book and federal income tax purposes.
**	Gross unrealized appreciation and depreciation of investments at April 30, 2006 were $43,765,930 and $2,196,753 respectively (net appreciation was $41,569,177).

Sector/Industry Classifications
(1)	Consumer Discretionary
(2)	Consumer Staples
(3)	Financials
(4)	Health Care
(5)	Industrials
(6)	Materials
(7)	Paper and Forest Products
(8)	Precious Metals
(9)	Real Estate
(10)	Retail
(11)	Technology and Telecommunications

(a)	Non-income producing security.
(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 pursuant to Rule 144A under the Securities Act of 1933.
(c)	Commodity-linked security whereby the coupon, dividend and/or redemption amount is linked to the price of an underlying commodity.
(d)	Security for which there is less than three market makers.
(e)	Leveraged 1½ to 1 to the price of bullion.
(f)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees.

See Notes to Financial Statements.

50

FIRST EAGLE FUNDS

First Eagle Gold Fund

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Charles de Vaulx	The net asset value of the Fund’s Class ‘A’ shares rose 52.72% between November 1, 2005 and April 30, 2006. Over the same period, the FTSE Gold Mines Index increased by 47.45%, while the gold price increased by 42%, from $459 per ounce to $654 per ounce.
	The rise in the gold price can be attributed to a combination of factors including: increased investment demand for gold as exchange traded funds (“ETF’s”) gained broader appeal, concerns over global trading imbalances and their potential impact on the US dollar, further unwinding of producer hedge books, and rising tensions surrounding Iran’s nuclear program. These factors overcame a more recent weakening in gold jewelry demand. Silver performed even better than gold, rising 81% over the period, due to the introduction of the first silver ETF.
	The Fund’s performance was satisfactory, both in absolute terms and compared to the index. However, it continued to lag many of its peers due to our aversion to a drift towards high base metals exposure (many base metals have seen stronger price appreciation than gold). The dearth of quality, un-hedged, reasonably priced companies engaged purely in the mining of gold and/or silver was a key factor in our decision to close the fund to new investors (effective May 8, 2006).
Simon Fenwick	The leverage of most gold shares was modest compared to the change in the gold price over the period, as the industry continued to face cost inflation, share dilution and more recently rising political risks in some mining countries (e.g. Bolivia). The news is not all bad. The recent strong run in the gold price should allow the gold mining industry to overcome rising replacement costs and finally generate meaningful free cash flow. However, it remains to be seen how industry management will allocate this new found capital.
	All portfolio securities registered gains over the period. The best performers for the fund were junior mining companies (i.e. those seeking to develop new gold projects) including: Miramar Mining Corporation, Cumberland Resources Limited and Metallica Resources Inc. We were also helped by announced corporate activity in another junior, Wesdome Gold Mines Inc. Poor performers included: Barrick Gold Corporation, Newcrest Mining Limited and Richmont Mines, Inc.

Charles de Vaulx	Simon Fenwick
Chief Investment Officer and Portfolio Manager	Associate Portfolio Manager
May 2006

51

  FUND OVERVIEW

  FIRST EAGLE GOLD FUND Data as of April 30, 2006 (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

U.S. Stocks
       14.24%

Foreign Stocks
            46.34%

Commodities
        22.87%

Commodity-
        Linked
        Notes
       12.21%

   U.S. Dollar
    Cash and
Equivalents
         4.34%

  COUNTRIES

United States	49.32%
Canada	21.56%
South Africa	12.57%
Australia	6.32%
Mexico	4.06%
United Kingdom	0.17%
Other	1.66%

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	79.94%	39.42%	10.68%
with sales load	70.95%	38.00%	10.26%
FTSE Gold Mines Index	84.80%	28.64%	1.30%
MSCI World Index	24.32%	5.51%	7.37%
Consumer Price Index	3.55%	2.64%	2.57%

  GROWTH OF A $10,000 INITIAL INVESTMENT

First Eagle Gold Fund (A Shares)

FTSE Gold Mines Index

MSCI World Index

Consumer Price Index

$30,000

25,000

20,000

15,000

10,000

5,000

0

4/96

4/97

4/98

4/99

4/00

4/01

4/02

4/03

4/04

4/05

4/06

$26,508

$20,358

$12,900

$11,377

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. It is a trademark of Morgan Stanley Capital International SA in Geneva, Switzerland. The FTSE Gold Mines Index is an unmanaged index composed of 32 gold 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)	20.73%
Newmont Mining Corporation Holding Company (United States)	11.75%
HSBC Gold-Linked Notes (United States)	7.32%
Barrick Gold Corporation (Canada)	5.27%
Kinross Gold Corporation (Canada)	4.81%
Gold Fields Limited ADR (South Africa)	4.47%
Industrias Peñoles, SA de C.V. (Mexico)	4.06%
Harmony Gold Mining Company, Limited (South Africa)	3.67%
Lihir Gold Limited (Australia)	3.48%
UBS Gold-Linked Notes (United States)	3.37%

52

FIRST EAGLE GOLD FUND

SCHEDULE OF INVESTMENTS
April 30, 2006
(Unaudited)

Number			Cost		Value
of Shares			(Note 1)		(Note 1)
		Common and Preferred Stocks and Warrants (60.58%)
		Australia (6.32%)
	18,938,745	Lihir Gold Limited (a)	$	23,365,903	$	45,594,205
	1,674,810	Newcrest Mining Limited		20,005,111		29,000,106
	1,834,264	Kingsgate Consolidated Limited		7,158,169		8,135,306
				50,529,183		82,729,617
		Canada (21.56%)
	2,260,768	Barrick Gold Corporation		66,438,154		68,908,209
	5,137,920	Kinross Gold Corporation (a)		40,345,395		62,939,520
	4,291,210	IAMGOLD Corporation		23,430,819		40,620,491
	4,281,010	Cambior Inc. (a)		14,490,080		17,127,098
	1,000,000	Dundee Precious Metals, Inc., Class ‘A’ (a)		3,742,602		12,591,534
	5,052,930	Aurizon Mines Limited (a)(c)		7,597,274		12,454,087
	3,250,940	Miramar Mining Corporation (a)		2,761,310		12,135,139
	1,220,070	Minefinders Corporation (a)		9,763,853		11,214,070
	2,819,290	Metallica Resources Inc. (a)		3,861,514		9,793,747
	2,506,010	Cumberland Resources (a)		6,187,547		9,421,595
	230,000	Aber Diamond Corporation		5,584,278		9,020,897
	259,158	Pan American Silver Corporation (a)		1,668,272		6,410,677
	1,212,360	Richmont Mines, Inc. (a)(c)		4,078,894		5,413,288
	750,000	Golden Star Resources Limited (a)(b)		970,106		2,565,000
	765,600	Wesdome Gold Mines Inc. (a)(b)		662,515		1,572,495
				191,582,613		282,187,847
		Mexico (4.06%)
	5,880,590	Industrias Peñoles, SA de C.V.		12,799,674		53,109,348
		South Africa (12.57%)
	2,302,120	Gold Fields Limited ADR		26,938,632		58,496,869
	2,860,980	Harmony Gold Mining Company, Limited (a)		31,289,259		48,064,464
	650,000	AngloGold Ashanti Limited ADR		23,724,841		35,542,000
	3,850,000	Mvelaphanda Resources Limited (a)		12,648,482		22,393,020
				94,601,214		164,496,353
		United Kingdom (0.17%)
	1,000,000	Trans-Siberian Gold Limited (a)		2,303,773		2,241,735
		United States (14.24%)
	4,956,595	Newmont Mining Corporation Holding Company		106,891,948		153,813,041
	600,000	Royal Gold, Inc.		8,163,406		20,562,000
	111,540	Freeport-McMoRan Copper & Gold Inc., Class ‘B’		1,842,523		7,203,253
	215,500	Freeport-McMoRan Copper & Gold Inc., Preferred Series ‘D’ (d)		1,760,012		1,443,850
	3,282,800	Canyon Resources Corporation (a)(c)		4,261,003		3,282,800
	200,000	Canyon Resources Corporation warrants exp 12/01/2006 (a)(h)		—		—
	400,000	Canyon Resources Corporation warrants exp 12/01/2008 (a)(h)		—		—
				122,918,892		186,304,944

See Notes to Financial Statements.

53

FIRST EAGLE GOLD FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number			Cost		Value
of Shares			(Note 1)		(Note 1)
		Common and Preferred Stocks and Warrants – (continued)
		Miscellaneous (1.66%)
	892,330	Randgold Resources Limited ADR (a)	$	14,789,831	$	21,719,312
		Total Common and Preferred Stocks and Warrants		489,525,180		792,789,156
Ounces
		Commodities (22.87%)
	416,071	Gold bullion (a)		190,757,566		271,290,938
	2,055,806	Silver bullion (a)		12,486,344		27,917,840
		Total Commodities		203,243,910		299,208,778
Principal
Amount
		Commodity-Linked Notes (12.21%)
$	3,570,000	HSBC Gold-Linked Note 0% due 6/28/2006 (a)(b)(d)(e)(f)		3,570,000		6,120,051
	570,000	HSBC Gold-Linked Note 0% due 6/29/2006 (a)(b)(d)(e)(f)		570,000		972,078
	1,830,000	HSBC Gold-Linked Note 0% due 8/02/2006 (a)(b)(d)(e)(f)		1,830,000		3,253,191
	1,250,000	HSBC Gold-Linked Note 0% due 8/07/2006 (a)(b)(d)(e)(f)		1,250,000		2,184,375
	2,621,000	HSBC Gold-Linked Note 0% due 8/09/2006 (a)(b)(d)(e)(f)		2,621,000		4,552,415
	1,363,000	HSBC Gold-Linked Note 0% due 8/11/2006 (a)(b)(d)(e)(f)		1,363,000		2,315,192
	666,000	HSBC Gold-Linked Note 0% due 8/16/2006 (a)(b)(d)(e)(f)		666,000		1,148,717
	1,340,000	HSBC Gold-Linked Note 0% due 8/21/2006 (a)(b)(d)(e)(f)		1,340,000		2,218,504
	1,970,000	HSBC Gold-Linked Note 0% due 8/22/2006 (a)(b)(d)(e)(f)		1,970,000		3,296,992
	1,290,000	HSBC Gold-Linked Note 0% due 8/23/2006 (a)(b)(d)(e)(f)		1,290,000		2,161,395
	1,300,000	HSBC Gold-Linked Note 0% due 8/25/2006 (a)(b)(d)(e)(f)		1,300,000		2,198,820
	1,300,000	HSBC Gold-Linked Note 0% due 8/30/2006 (a)(b)(d)(e)(f)		1,300,000		2,201,160
	1,294,000	HSBC Gold-Linked Note 0% due 8/31/2006 (a)(b)(d)(e)(f)		1,294,000		2,186,989
	600,000	HSBC Gold-Linked Note 0% due 9/07/2006 (a)(b)(d)(e)(f)		600,000		1,035,000
	1,098,000	HSBC Gold-Linked Note 0% due 9/08/2006 (a)(b)(d)(e)(f)		1,098,000		1,858,475
	1,100,000	HSBC Gold-Linked Note 0% due 9/12/2006 (a)(b)(d)(e)(f)		1,100,000		1,840,960
	1,138,000	HSBC Gold-Linked Note 0% due 9/13/2006 (a)(b)(d)(e)(f)		1,138,000		1,902,622
	637,000	HSBC Gold-Linked Note 0% due 9/14/2006 (a)(b)(d)(e)(f)		637,000		1,062,325
	1,177,000	HSBC Gold-Linked Note 0% due 9/15/2006 (a)(b)(d)(e)(f)		1,177,000		1,943,462
	1,153,000	HSBC Gold-Linked Note 0% due 9/19/2006 (a)(b)(d)(e)(f)		1,153,000		1,905,217
	930,000	HSBC Gold-Linked Note 0% due 9/20/2006 (a)(b)(d)(e)(f)		930,000		1,549,380
	1,172,000	HSBC Gold-Linked Note 0% due 10/03/2006 (a)(b)(d)(e)(f)		1,172,000		1,863,246
	1,179,000	HSBC Gold-Linked Note 0% due 10/04/2006 (a)(b)(d)(e)(f)		1,179,000		1,861,995
	1,962,000	HSBC Gold-Linked Note 0% due 10/09/2006 (a)(b)(d)(e)(f)		1,962,000		3,019,518
	692,000	HSBC Gold-Linked Note 0% due 10/13/2006 (a)(b)(d)(e)(f)		692,000		1,070,316
	566,000	HSBC Gold-Linked Note 0% due 10/31/2006 (a)(b)(d)(e)(f)		566,000		888,507
	1,133,000	HSBC Gold-Linked Note 0% due 11/01/2006 (a)(b)(d)(e)(f)		1,133,000		1,746,973
	653,000	HSBC Gold-Linked Note 0% due 11/06/2006 (a)(b)(d)(e)(f)		653,000		1,011,301
	544,000	HSBC Gold-Linked Note 0% due 11/08/2006 (a)(b)(d)(e)(f)		544,000		868,877

See Notes to Financial Statements.

54

FIRST EAGLE GOLD FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost		Value
Amount			(Note 1)		(Note 1)
		Commodity-Linked Notes – (continued)
$	650,000	HSBC Gold-Linked Note 0% due 11/13/2006 (a)(b)(d)(e)(f)	$	650,000	$	1,035,515
	1,927,000	HSBC Gold-Linked Note 0% due 11/22/2006 (a)(b)(d)(e)(f)		1,927,000		3,003,615
	1,802,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(f)		1,802,000		2,626,415
	1,111,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(f)		1,111,000		1,642,725
	673,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(f)		673,000		995,098
	1,118,000	HSBC Gold-Linked Note 0% due 12/07/2006 (a)(b)(d)(e)(f)		1,118,000		1,617,411
	1,152,000	HSBC Gold-Linked Note 0% due 12/11/2006 (a)(b)(d)(e)(f)		1,152,000		1,639,181
	2,177,000	HSBC Gold-Linked Note 0% due 12/13/2006 (a)(b)(d)(e)(f)		2,177,000		3,353,669
	4,768,000	HSBC Gold-Linked Note 0% due 12/19/2006 (a)(b)(d)(e)(g)		4,768,000		6,627,520
	1,141,000	HSBC Gold-Linked Note 0% due 12/28/2006 (a)(b)(d)(e)(f)		1,141,000		1,684,915
	1,175,000	HSBC Gold-Linked Note 0% due 12/29/2006 (a)(b)(d)(e)(f)		1,175,000		1,681,660
	1,194,000	HSBC Gold-Linked Note 0% due 1/03/2007 (a)(b)(d)(e)(f)		1,194,000		1,687,003
	1,255,000	HSBC Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(f)		1,255,000		1,728,637
	1,208,000	HSBC Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(f)		1,208,000		1,673,684
	1,590,000	HSBC Gold-Linked Note 0% due 2/07/2007 (a)(b)(d)(e)(g)		1,590,000		2,040,606
	1,988,000	HSBC Gold-Linked Note 0% due 2/09/2007 (a)(b)(d)(e)(f)		1,988,000		2,493,946
	1,130,000	HSBC Silver-Linked Note 0% due 10/05/2006 (a)(b)(d)(e)(f)		1,130,000		2,564,309
	1,136,000	HSBC Silver-Linked Note 0% due 10/06/2006 (a)(b)(d)(e)(f)		1,136,000		2,524,533
	2,188,000	HSBC Silver-Linked Note 0% due 12/08/2006 (a)(b)(d)(e)(f)		2,188,000		4,065,742
	2,760,000	HSBC Silver-Linked Note 0% due 12/18/2006 (a)(b)(d)(e)(f)		2,760,000		4,719,876
	3,600,000	UBS Gold-Linked Note 0% due 6/29/2006 (a)(b)(d)(e)(f)		3,600,000		6,304,896
	1,950,000	UBS Gold-Linked Note 0% due 7/25/2006 (a)(b)(d)(e)(f)		1,950,000		3,461,535
	600,000	UBS Gold-Linked Note 0% due 8/11/2006 (a)(b)(d)(e)(f)		600,000		1,068,036
	500,000	UBS Gold-Linked Note 0% due 8/18/2006 (a)(b)(d)(e)(f)		500,000		851,395
	2,650,000	UBS Gold-Linked Note 0% due 8/24/2006 (a)(b)(d)(e)(f)		2,650,000		4,636,123
	950,000	UBS Gold-Linked Note 0% due 9/13/2006 (a)(b)(d)(e)(f)		950,000		1,655,573
	1,300,000	UBS Gold-Linked Note 0% due 10/31/2006 (a)(b)(d)(e)(f)		1,300,000		1,997,734
	1,250,000	UBS Gold-Linked Note 0% due 11/01/2006 (a)(b)(d)(e)(f)		1,250,000		1,934,143
	1,200,000	UBS Gold-Linked Note 0% due 11/03/2006 (a)(b)(d)(e)(f)		1,200,000		1,896,677
	900,000	UBS Gold-Linked Note 0% due 11/15/2006 (a)(b)(d)(e)(f)		900,000		1,441,534
	700,000	UBS Gold-Linked Note 0% due 12/20/2006 (a)(b)(d)(e)(f)		700,000		991,639
	2,550,000	UBS Gold-Linked Note 0% due 12/21/2006 (a)(b)(d)(e)(f)		2,550,000		3,507,161
	1,200,000	UBS Gold-Linked Note 0% due 12/22/2006 (a)(b)(d)(e)(f)		1,200,000		1,608,308
	1,350,000	UBS Gold-Linked Note 0% due 12/28/2006 (a)(b)(d)(e)(f)		1,350,000		1,823,066
	1,400,000	UBS Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(g)		1,400,000		2,277,221
	1,500,000	UBS Gold-Linked Note 0% due 1/11/2007 (a)(b)(d)(e)(g)		1,500,000		2,229,321
	5,000,000	UBS Gold-Linked Note 0% due 2/08/2007 (a)(b)(d)(e)(g)		5,000,000		6,411,781
	1,200,000	UBS Silver-Linked Note 0% due 10/04/2006 (a)(b)(d)(e)(f)		1,200,000		2,731,272
	1,720,000	UBS Silver-Linked Note 0% due 12/13/2006 (a)(b)(d)(e)(f)		1,720,000		3,288,714
		Total Commodity-Linked Notes		99,761,000		159,760,242
		Short-Term Investments (4.49%)
	20,000,000	ConocoPhillips Company 4.87% due 5/01/2006		20,000,000		20,000,000
	2,819,000	L’Oréal SA 4.75% due 5/01/2006		2,819,000		2,819,000
	11,819,000	Hitachi Limited 4.82% due 5/02/2006		11,817,418		11,817,418

See Notes to Financial Statements.

55

FIRST EAGLE GOLD FUND

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Principal			Cost			Value
Amount			(Note 1)			(Note 1)
		Short-Term Investments – (continued)
$	5,095,000	Procter and Gamble Company 4.73% due 5/03/2006	$	5,093,661		$	5,093,661
	2,781,000	HJ Heinz Company 4.84% due 5/03/2006		2,780,252			2,780,252
	7,140,000	7-Eleven Inc. 4.77% due 5/09/2006		7,132,432			7,132,432
	9,170,000	BMW US Capital LLC 4.78% due 5/23/2006		9,143,213			9,143,213
		Total Short-Term Investments		58,785,976			58,785,976
		Total Investments (100.15%)	$	851,316,066	*		1,310,544,152	**
		Liabilities in excess of other assets (-0.15%)					(2,020,573	)
		Net assets (100.00%)				$	1,308,523,579

*	At April 30, 2006 cost is substantially identical for both book and federal income tax purposes.
**	Gross unrealized appreciation and depreciation of investments at April 30, 2006 were $460,584,488 and $1,356,402 respectively (net appreciation was $459,228,086).
(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 pursuant to Rule 144A under the Securities Act of 1933.
(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, 2006.

	Purchases
Affiliate	Shares		Cost
Aurizon Mines Limited		1,729,030	$	3,902,193
Canyon Resources Corporation		1,194,200		954,098
Richmont Mines, Inc.		412,360		1,488,320

(d)	Commodity-linked security whereby the coupon, dividend and/or redemption amount is linked to the price of an underlying commodity.
(e)	Security for which there is less than three market makers.
(f)	Leveraged 1½ to 1 to the price of bullion.
(g)	Leveraged 2 to 1 to the price of bullion.
(h)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees.

See Notes to Financial Statements.

56

FIRST EAGLE FUNDS

First Eagle Fund of America

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Harold Levy

For the six-month period ending April 30, 2006, First Eagle Fund of America appreciated 11.6% vs. 9.6% for the Standard & Poor’s 500. Our outlook continues unchanged from our letter in December 2005 where we noted some degree of surprise at the relatively positive performance of equity markets in the context of rapidly rising short-term interest rates. However, in contrast to 2005 when long-term rates were relatively unaffected by the increase in short rates, long-term rates have now increased. This is not good for equity prices. Nevertheless, we know there will come a time when the Fed will no longer be raising interest rates and that hopefully that time is getting closer. We have stayed relatively highly invested since we believe that equity valuations in general have already incorporated higher interest rates and the securities we own seem even more favorably priced. Thus, our near term goal is to be patient with modest returns absent significant portfolio events and await much more positive results when the rate cycle comes to an end.

The major contributors to performance for the first six months were Shire Plc ADR, Autoliv Inc., Flowserve Corporation and Manor Care Inc., which appreciated unrelated to each other and without any external event, and Andrx Corporation which agreed to be purchased by Watson Pharmaceuticals. Securities which detracted from performance very slightly include Sepracor Inc., Toll Brothers Inc. and Boston Scientific Corporation.

We appreciate your continued confidence and support.

Sincerely,

Harold Levy
Portfolio Manager

June 2006

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.

57

  FUND OVERVIEW

  FIRST EAGLE FUND OF AMERICA Data as of April 30, 2006 (Unaudited)   

  THE INVESTMENT STYLE

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

  ASSET ALLOCATION

Foreign Stock
5.80%

U.S. Dollar
Cash and Equivalents
5.11%

U.S. Stocks
and Options
89.09%

  SECTOR/INDUSTRY*

Industrials	15.77%
Energy	13.58%
Health Care	10.55%
Pharmaceuticals	10.48%
Consumer Discretionary	9.52%
Materials	8.47%
Biotechnology	7.57%
Telecommunication Services	7.09%
Information Technology	6.43%
Consumer Staples	3.90%
Utilities	2.86%

*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)	17.04%	9.08%	12.73%
Standard & Poor’s 500 Index	15.42%	2.70%	8.94%

  GROWTH OF A $10,000 INITIAL INVESTMENT

$40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

4/96

4/97

4/98

4/99

4/00

4/01

4/02

4/03

4/04

4/05

4/06

$23,506

$33,147

First Eagle Fund of America (Y Shares)

Standard & Poor’s 500 Index

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. Although the Standard & Poor’s 500 Index focuses on the large-cap segment of the market, with over 80% coverage of U.S. equities, it is also considered a proxy for the total market.

  TOP 10 HOLDINGS

General Dynamics Corporation (aerospace and defense manufacturer)	4.14%
Shire Plc ADR (prescription medicines manufacturer)	3.66%
Dean Foods Company (dairy foods distributor)	3.52%
DST Systems Inc. (data processing services provider)	3.33%
Autoliv Inc. (automobile components supplier)	3.25%
Teekay Shipping Corporation (marine transportation)	3.23%
Agilent Technologies Inc. (electronic equipment provider)	3.10%
Tyco International Limited (industrial conglomerate)	2.97%
Constellation Energy Group Inc. (electricity supplier)	2.86%
Ball Corporation (packaging and aerospace manufacturer)	2.67%

58

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – U.S. (90.42%)
		Biotechnology (7.57%)
	421,100	Biogen Idec Inc. (a)(c)	$	16,125,782	$	18,886,335
	1,070,200	Celera Genomics Group-Applera Corporation (a)		13,003,148		12,831,698
	373,900	Medimmune Inc. (a)(c)		9,498,983		11,766,633
	132,500	Cephalon Inc. (a)(c)		6,732,927		8,699,950
	415,300	InterMune Inc. (a)		7,062,372		6,640,647
				52,423,212		58,825,263
		Consumer Discretionary (9.52%)
	456,600	Autoliv Inc. (c)		19,673,091		25,249,980
	184,800	The Black & Decker Corporation (c)		15,758,800		17,299,128
	164,000	Lennar Corporation, Class ‘A’ (c)		8,397,385		9,008,520
	159,200	The Stanley Works		7,083,307		8,318,200
	98,500	Fortune Brands Inc.		8,393,884		7,909,550
	181,800	GTECH Holdings Corporation		4,648,947		6,210,288
				63,955,414		73,995,666
		Consumer Staples (3.90%)
	691,650	Dean Foods Company (a)		15,082,436		27,396,257
	110,650	Treehouse Foods Inc. (a)		2,105,254		2,899,030
				17,187,690		30,295,287
		Energy (13.58%)
	653,300	Teekay Shipping Corporation		28,002,219		25,132,451
	554,400	Pride International Inc. (a)(c)		16,827,194		19,343,016
	314,300	Devon Energy Corporation (c)		14,025,014		18,892,573
	240,200	EOG Resources Inc. (c)		17,503,582		16,869,246
	146,400	Transocean Inc. (a)(c)		10,638,891		11,868,648
	202,500	Grant Prideco Inc. (a)(c)		8,836,406		10,368,000
	99,400	Teekay LNG Partners LP		2,287,928		3,081,400
				98,121,234		105,555,334
		Health Care Services (10.55%)
	410,700	Manor Care Inc. (c)		8,713,256		18,009,195
	766,400	Andrx Corporation (a)		14,976,258		17,864,784
	314,600	Edwards Lifesciences Corporation (a)(c)		12,203,313		13,980,824
	287,300	Baxter International Inc. (c)		9,326,898		10,831,210
	298,700	Community Health Systems Inc. (a)(c)		5,998,397		10,824,888
	1,251,500	HealthSouth Corporation (a)		6,624,613		5,731,870
	5,726,281	Regen Biologics Inc. (a)		4,867,339		4,065,660
	26,057	Assistive Technology Inc. Ser. F (a)(b)(d)(e)		342,000		342,000
	67,777	Assistive Technology Inc. Ser. E-1 (a)(b)(d)(e)		883,921		220,980
	51,966	Assistive Technology Inc. Ser. E-2 (a)(b)(d)(e)		500,000		125,000
				64,435,995		81,996,411
		Industrials (15.77%)
	490,000	General Dynamics Corporation (c)		24,668,661		32,153,800
	875,400	Tyco International Limited		14,005,529		23,066,790

See Notes to Financial Statements.

59

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks – U.S. – (continued)
		Industrials – (continued)
	431,600	American Standard Companies Inc. (c)	$	11,808,795	$	18,787,548
	808,300	UAP Holding Corporation		13,050,878		16,699,478
	253,300	Flowserve Corporation (a)		8,839,734		14,569,816
	141,100	Precision Castparts Corporation (c)		5,346,089		8,886,478
	103,200	L-3 Communications Holdings Inc. (c)		4,500,967		8,431,440
				82,220,653		122,595,350
		Information Technology (6.43%)
	420,400	DST Systems Inc. (a)(c)		21,079,495		25,863,008
	627,800	Agilent Technologies Inc. (a)(c)		19,645,209		24,120,076
				40,724,704		49,983,084
		Materials (6.33%)
	519,400	Ball Corporation (c)		13,133,112		20,765,612
	167,500	Weyerhaeuser Company (c)		11,388,909		11,803,725
	586,000	Crown Holdings Inc. (a)(c)		10,565,773		9,393,580
	322,100	Packaging Corporation of America		6,065,907		7,240,808
				41,153,701		49,203,725
		Pharmaceuticals (6.82%)
	994,600	Valeant Pharmaceuticals International		19,514,850		17,803,340
	508,700	Theravance Inc. (a)		11,134,244		14,274,122
	1,547,400	Millennium Pharmaceuticals Inc. (a)(c)		15,404,423		14,050,392
	155,000	Sepracor Inc. (a)		8,167,415		6,919,200
				54,220,932		53,047,054
		Telecommunication Services (7.09%)
	243,800	Alltel Corporation (c)		14,236,468		15,693,405
	254,100	Leap Wireless International Inc. (a)		7,887,809		11,675,895
	1,177,182	Dobson Communications Corporation (a)(c)		5,296,476		10,594,638
	417,200	Rural Cellular Corporation Class ‘A’ (a)		5,110,634		6,737,780
	5,567	Rural Cellular Corporation 12¼% due 5/15/2011 Conv. Pfd. (a)		5,130,316		6,123,700
	3,724	Rural Cellular Corporation 11⅜% due 5/15/2010 Conv. Pfd.		4,187,396		4,291,910
				41,849,099		55,117,328
		Utilities (2.86%)
	405,300	Constellation Energy Group Inc. (c)		18,319,534		22,259,076
		Total Common and Preferred Stocks – U.S.		574,612,168		702,873,578
		Common Stocks – Non U.S. (5.80%)
		Canada (2.14%)
	241,800	Teck Cominco Limited Class ‘B’ (a)(2)		16,015,378		16,669,692
		United Kingdom (3.66%)
	600,800	Shire Plc ADR (c)(3)		14,555,595		28,453,888
		Total Common Stocks – Non U.S.		30,570,973		45,123,580

See Notes to Financial Statements.

60

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Warrants – U.S. (0.00%)
	9,873	Assistive Technology Inc. (a)(b)(d)(e)(1)	$	382	$	382
	37,234	Assistive Technology Inc. Ser. E-1 (a)(b)(d)(e)(1)		—		—
	1,470,588	Regen Biologics Inc. (a)(d)(e)(f)(1)		—		—
		Total Warrants – U.S.		382		382
		Short-Term Investment (4.39%)
	34,250,000	United States Treasury Bill 4.54% due 5/25/2006		34,149,762		34,149,762
	Contracts
		Call Option Purchased (0.08%)
	839	Tyco International Limited @ $27.5 exp. Jan 2007		390,727		146,825
	4,968	Tyco International Limited @ $30 exp. Jan 2007		1,377,144		434,700
				1,767,871		581,525
		Total Investment Portfolio Excluding Options Written		641,101,156		782,728,827
		Covered Call Options Written (-1.41%)
	92	Agilent Technologies Inc. @ $32.5 exp. May 2006				(55,200	)
	1,385	Agilent Technologies Inc. @ $35 exp. May 2006				(505,525	)
	2,197	Agilent Technologies Inc. @ $37.5 exp. May 2006				(373,490	)
	314	Agilent Technologies Inc. @ $40 exp. May 2006				(14,130	)
	628	Agilent Technologies Inc. @ $40 exp. June 2006				(51,810	)
	726	Alltel Corporation @ $65 exp. May 2006				(65,340	)
	244	Alltel Corporation @ $65 exp. June 2006				(36,600	)
	432	American Standard Companies Inc. @ $45 exp. May 2006				(18,360	)
	525	American Standard Companies Inc. @ $45 exp. July 2006				(73,500	)
	457	Autoliv Inc. @ $55 exp. June 2006				(82,260	)
	1,086	Ball Corporation @ $45 exp. May 2006				(16,290	)
	664	Baxter International Inc. @ $37.5 exp. May 2006				(56,440	)
	634	Baxter International Inc. @ $40 exp. May 2006				(9,510	)
	1,094	Biogen Idec Inc. @ $45 exp. May 2006				(114,870	)
	211	Biogen Idec Inc. @ $45 exp. June 2006				(47,475	)
	872	The Black & Decker Corporation @ $90 exp. May 2006				(401,120	)
	46	The Black & Decker Corporation @ $95 exp. May 2006				(5,290	)
	368	Cephalon Inc. @ $60 exp. May 2006				(235,520	)
	192	Cephalon Inc. @ $70 exp. May 2006				(14,400	)
	66	Cephalon Inc. @ $70 exp. June 2006				(11,880	)
	179	Community Health Systems Inc. @ $35 exp. June 2006				(36,695	)
	477	Community Health Systems Inc. @ $40 exp. June 2006				(8,347	)
	203	Constellation Energy Group Inc. @ $55 exp. June 2006				(30,450	)
	405	Constellation Energy Group Inc. @ $55 exp. July 2006				(78,975	)
	893	Crown Holdings Inc @ $17.5 exp. May 2006				(8,930	)
	1,114	Crown Holdings Inc @ $17.5 exp. July 2006				(55,700	)
	2,092	Crown Holdings Inc @ $20 exp. July 2006				(52,300	)
	416	DST Systems Inc. @ $60 exp. May 2006				(95,680	)
	396	Devon Energy Corporation @ $60 exp. May 2006				(87,120	)
	552	Devon Energy Corporation @ $65 exp. May 2006				(27,600	)

See Notes to Financial Statements.

61

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Contracts		Cost (Note 1)			Value (Note 1)
	Covered Call Options Written – (continued)
152	Devon Energy Corporation @ $65 exp. June 2006				$	(21,280	)
3,533	Dobson Communications Corporation @ $7.5 exp. May 2006					(538,782	)
2,202	Dobson Communications Corporation @ $7.5 exp. June 2006					(368,835	)
676	EOG Resources Inc @ $70 exp. May 2006					(209,560	)
1,552	EOG Resources Inc @ $75 exp. May 2006					(256,080	)
174	EOG Resources Inc @ $70 exp. July 2006					(103,530	)
181	Edwards Lifesciences Corporation @ $45 exp. May 2006					(10,860	)
544	General Dynamics Corporation @ $60 exp. May 2006					(337,280	)
544	General Dynamics Corporation @ $62.5 exp. May 2006					(190,400	)
1,279	General Dynamics Corporation @ $65 exp. May 2006					(198,245	)
272	General Dynamics Corporation @ $67.5 exp. May 2006					(12,240	)
245	General Dynamics Corporation @ $70 exp. June 2006					(8,575	)
1,738	Grant Prideco Inc. @ $50 exp. July 2006					(869,000	)
142	L-3 Communications Holdings Inc. @ $85 exp. June 2006					(14,910	)
890	L-3 Communications Holdings Inc. @ $85 exp. July 2006					(164,650	)
984	Lennar Corporation, Class ‘A’ @ $60 exp. May 2006					(24,600	)
410	Lennar Corporation, Class ‘A’ @ $65 exp. May 2006					(4,100	)
1,344	Manor Care Inc. @ $40 exp. May 2006					(530,880	)
1,175	Manor Care Inc. @ $45 exp. May 2006					(44,064	)
1,108	Medimmune Inc. @ $35 exp. June 2006					(55,400	)
2,760	Millennium Pharmaceuticals Inc @ $10 exp. May 2006					(27,600	)
599	Precision Castparts Corporation @ $60 exp. May 2006					(221,630	)
406	Precision Castparts Corporation @ $50 exp. June 2006					(533,890	)
406	Precision Castparts Corporation @ $55 exp. June 2006					(351,190	)
1,112	Pride International Inc. @ $35 exp. May 2006					(122,320	)
554	Pride International Inc. @ $35 exp. June 2006					(96,950	)
1,359	Pride International Inc. @ $30 exp. July 2006					(781,425	)
1,360	Pride International Inc. @ $35 exp. July 2006					(333,200	)
1,808	Shire Plc ADR @ $47.5 exp. May 2006					(180,800	)
600	Shire Plc ADR @ $47.5 exp. June 2006					(126,000	)
1,154	Shire Plc ADR @ $45 exp. July 2006					(519,300	)
906	Shire Plc ADR @ $50 exp. July 2006					(167,610	)
415	Weyerhaeuser Company @ $75 exp. May 2006					(6,225	)
630	Weyerhaeuser Company @ $70 exp. July 2006					(190,575	)
630	Weyerhaeuser Company @ $75 exp. July 2006					(61,425	)
508	Transocean Inc. @ $75 exp. May 2006					(368,300	)
410	Transocean Inc. @ $80 exp. May 2006					(151,700	)
546	Transocean Inc. @ $85 exp. May 2006					(87,360	)
	Total Covered Call Options Written (premium $12,952,649)					(10,961,578	)
	Total Investment Portfolio (99.28%)	$	628,148,507	*		771,767,249	**
	Other assets in excess of liabilities (0.72%)					5,634,319
	Net Assets (100.00%)				$	777,401,568

*	At April 30, 2006 cost is substantially identical for both book and federal income tax purposes.
**	Gross unrealized appreciation and depreciation of securities and options at April 30, 2006 were $159,628,508 and $16,009,766 respectively (net appreciation was $143,618,742).

See Notes to Financial Statements.

62

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS – (Continued)
April 30, 2006
(Unaudited)

Sector/Industry Classification

  (1)  Health Care Services

  (2)  Materials

  (3)  Pharmaceuticals

(a)	Non-income producing security.
(b)	Represents ownership interest in a 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, 2006 is shown below:

Security	Acquisition Date	Cost		Carrying Value Per Share/Warrant
Assistive Technology Inc. Ser. E-1	10/31/1995	$	883,921		$	3.26
Assistive Technology Inc. Ser. E-2	12/19/1996		500,000			2.41
Assistive Technology Inc. Ser. F	12/07/2001		342,000			13.13
Assistive Technology Inc. Warrants	10/21/1998		382			0.04
Assistive Technology Inc. Ser. E-1 Warrants	10/21/1998		—			—

(c)	At April 30, 2006, all or a portion of this security was segregated to cover collateral requirement for options.
(d)	Security for which there is less than three market makers.
(e)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees.
(f)	All or a portion of the security is exempt from registration under the Securites Act of 1933.

See Notes to Financial Statements.

63

FIRST EAGLE FUNDS

STATEMENTS OF ASSETS AND LIABILITIES
April 30, 2006
(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, at value (cost: $13,974,540,862, $7,390,962,834, $377,936,763, $851,316,066, $641,101,156, respectively) (Note 1)	$	18,410,173,326		$	10,821,982,253		$	419,505,940		$	1,310,544,152		$	782,728,827
Cash		564,379			1,139,672			254			—			1,990,201
Foreign cash		123,798			173,343			—			—			—
Receivable for forward currency contracts held, at value (Notes 1 and 7)		232,214			15,839			—			4,477			—
Receivable for investment securities sold		86,310,403			17,494,801			28,891			4,832,269			3,935,601
Receivable for premiums for written options		—			—			—			—			287,163
Receivable for Fund shares sold		24,326,637			4,596,059			1,418,867			6,000,190			439,067
Accrued interest and dividends receivable		45,102,564			33,030,722			378,216			1,204,686			421,390
Other assets		385,533			225,247			8,599			22,843			49,058
Total Assets		18,567,218,854			10,878,657,936			421,340,767			1,322,608,617			789,851,307
Liabilities:
Options written, at value (premiums received $12,952,649) (Note 3)		—			—			—			—			10,961,578
Payable to custodian bank		—			—			—			1,362			—
Payable for Fund shares redeemed		9,128,092			3,801,178			162,587			1,452,599			55,792
Payable for investment securities purchased		65,603,886			34,474,458			1,367,319			11,194,024			372,873
Payable for forward currency contracts held, at value (Notes 1 and 7)		25,878,675			9,828,312			—			335			—
Investment advisory fees payable (Note 2)		11,151,971			6,497,224			256,280			754,014			644,515
Administrative costs payable (Note 2)		195,243			121,282			4,784			14,075			9,023
Distribution fees payable (Note 4)		5,123,787			1,879,237			117,043			298,535			180,052
Services fees payable (Note 4)		946,050			235,441			26,111			38,868			9,462
Accrued expenses and other liabilities (Note 1)		5,729,972			3,428,669			126,118			331,226			216,444
Total Liabilities		123,757,676			60,265,801			2,060,242			14,085,038			12,449,739
Net Assets:
Capital stock (par value, $0.001 per share)		395,064			410,237			27,213			50,382			28,922
Capital surplus		13,323,029,477			7,033,129,952			367,145,885			782,482,127			574,593,264
Net unrealized appreciation (depreciation) on:
Investments		4,435,632,464			3,431,019,419			41,569,177			459,228,086			141,627,671
Forward currency contracts		(25,646,461	)		(9,812,473	)		—			4,142			—
Foreign currency related transactions		(334,901	)		(352,222	)		—			1,840			—
Written Options		—			—			—			—			1,991,071
Undistributed net realized gains on investments		834,512,904			563,118,785			10,701,534			97,705,188			60,696,072
Undistributed net investment loss		(124,127,369	)		(199,121,563	)		(163,284	)		(30,948,186	)		(1,535,432	)
Net Assets (Note 1)	$	18,443,461,178		$	10,818,392,135		$	419,280,525		$	1,308,523,579		$	777,401,568
Class Y share capital		—			—			—			—		$	691,101,742
Shares of beneficial interest outstanding (Class Y) (Note 6)		—			—			—			—			25,574,374
Net asset value per share		—			—			—			—		$	27.02
Class A share capital	$	11,332,268,712		$	5,860,332,536		$	189,568,189		$	945,997,129		$	39,995,671
Shares of beneficial interest outstanding (Class A) (Note 6)		242,378,956			222,585,932			12,316,002			36,392,022			1,499,059
Net asset value per share	$	46.75		$	26.33		$	15.39		$	25.99		$	26.68
Maximum offering price per share	$	49.21		$	27.72		$	16.20		$	27.36		$	28.08
Class I share capital	$	2,418,368,539		$	3,785,019,558		$	101,250,310		$	159,504,693			—
Shares of beneficial interest outstanding (Class I) (Note 6)		51,579,172			142,636,723			6,525,334			6,105,646			—
Net asset value per share	$	46.89		$	26.54		$	15.52		$	26.12			—
Class C share capital	$	4,692,823,927		$	1,173,040,041		$	128,462,026		$	203,021,757		$	46,304,155
Shares of beneficial interest outstanding (Class C) (Note 6)		101,105,704			45,014,702			8,371,963			7,884,571			1,848,086
Net asset value per share	$	46.41		$	26.06		$	15.34		$	25.75		$	25.06

See Notes to Financial Statements.

64

FIRST EAGLE FUNDS

STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2006
(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	$	78,636,757		$	58,276,518		$	4,270,977		$	2,725,517		$	32,552
Dividends (net of $7,122,321, $5,567,154, $0, $69,547, $0, foreign taxes withheld, respectively)		102,961,269			50,314,573			1,352,798			948,142			4,055,434
Other Income		136,554			20,131			5,359			—			—
Total income		181,734,580			108,611,222			5,629,134			3,673,659			4,087,986
Expenses:
Investment advisory fees (Note 2)		62,062,161			36,242,454			1,393,194			3,777,391			3,864,436
Administrative costs (Note 2)		1,127,401			676,526			26,006			70,512			54,102
Distribution fees (Note 4)		28,670,940			10,570,210			643,624			1,498,555			1,070,278
Service fees (Note 4)		5,266,572			1,332,712			142,460			193,441			52,085
Shareholder servicing agent fees		6,508,409			2,486,720			348,450			600,101			416,359
Custodian fees		1,306,206			1,081,749			17,465			172,040			62,198
Printing fees		870,697			446,403			37,360			54,621			32,403
Accounting fees		452,996			191,193			8,575			19,348			14,064
Trustees’ fees		238,927			124,358			8,985			8,604			4,545
Registration and filing fees		231,065			153,930			51,116			56,692			45,480
Legal fees		204,485			101,761			1,023			6,260			5,096
Insurance fees		142,754			96,437			2,198			8,903			8,683
Professional fees		111,239			68,710			26,833			42,476			30,604
Miscellaneous fees		7,737			4,095			198			791			6,196
Total expenses		107,201,589			53,577,258			2,707,487			6,509,735			5,666,529
Expense reductions due to earnings credits (Note 1)		(269,038	)		(123,563	)		(10,869	)		(29,385	)		(43,111	)
Net expenses		106,932,551			53,453,695			2,696,618			6,480,350			5,623,418
Net investment income (loss) (Note 1)		74,802,029			55,157,527			2,932,516			(2,806,691	)		(1,535,432	)
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency Related Transactions and Written Options (Notes 1 and 7):
Net realized gains from:
Investment transactions		890,843,963			554,147,339			10,772,323			101,622,709			63,036,770
Foreign currency related transactions		73,690,910			62,435,545			640			713			—
Written Options		—			—			—			—			5,016,706
		964,534,873			616,582,884			10,772,963			101,623,422			68,053,476
Change in unrealized appreciation (depreciation) of:
Investments		1,625,206,981			1,225,197,366			9,325,043			326,393,507			18,789,183
Foreign currency related transactions		(90,561,388	)		(62,375,145	)		—			5,982			—
Written Options		—			—			—			—			(397,369	)
		1,534,645,593			1,162,822,221			9,325,043			326,399,489			18,391,814
Net gains on investments, foreign currency related transactions and written options		2,499,180,466			1,779,405,105			20,098,006			428,022,911			86,445,290
Net Increase in Net Assets Resulting from Operations	$	2,573,982,495		$	1,834,562,632		$	23,030,522		$	425,216,220		$	84,909,858

See Notes to Financial Statements.

65

FIRST EAGLE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	First Eagle Global Fund						First Eagle Overseas Fund
	Six Months Ended April 30, 2006 (Unaudited)			Year Ended October 31, 2005			Six Months Ended April 30, 2006 (Unaudited)			Year Ended October 31, 2005
Operations:
Net investment income (loss)	$	74,802,029		$	135,731,821		$	55,157,527		$	97,681,313
Net realized gain from investments, foreign currency related transactions and written options		964,534,873			535,592,896			616,582,884			617,989,675
Increase (decrease) in unrealized appreciation (depreciation) of investments, foreign currency related transactions and written options		1,534,645,593			1,290,194,235			1,162,822,221			784,330,112
Net increase in net assets resulting from operations		2,573,982,495			1,961,518,952			1,834,562,632			1,500,001,100
Distributions to Shareholders:
Dividends paid from net investment income		(283,481,302	)		(103,165,953	)		(301,669,893	)		(75,280,621	)
Distributions paid from net realized gains from investment transactions		(605,613,957	)		(46,896,198	)		(585,400,849	)		(37,702,044	)
Decrease in net assets resulting from distributions		(889,095,259	)		(150,062,151	)		(887,070,742	)		(112,982,665	)
Fund Share Transactions (Note 6):
Net proceeds from shares sold		1,803,143,343			5,582,099,144			868,579,739			1,539,370,654
Net asset value of shares issued for reinvested dividends and distributions		737,750,018			126,290,595			741,975,762			94,759,204
Cost of shares redeemed		(888,220,826	)		(1,013,239,026	)		(628,296,930	)		(935,423,939	)
Increase in net assets from Fund share transactions		1,652,672,535			4,695,150,713			982,258,571			698,705,919
Net increase (decrease) in net assets		3,337,559,770			6,506,607,514			1,929,750,461			2,085,724,354
Net Assets (Note 1):
Beginning of period		15,105,901,408			8,599,293,894			8,888,641,674			6,802,917,320
End of period (including undistributed net investment (loss) income of $(124,127,369), $84,551,902, $(199,121,563), $47,390,803, $(163,284), $2,108,422, $(30,948,186), $(6,638,974) and $(1,535,432), $0 respectively	$	18,443,461,178		$	15,105,901,408		$	10,818,392,135		$	8,888,641,674

See Notes to Financial Statements.

66

First Eagle U.S. Value Fund						First Eagle Gold Fund						First Eagle Fund of America
Six Months Ended April 30, 2006 (Unaudited)			Year Ended October 31, 2005			Six Months Ended April 30, 2006 (Unaudited)			Year Ended October 31, 2005			Six Months Ended April 30, 2006 (Unaudited)			Year Ended October 31, 2005
$	2,932,516		$	2,714,728		$	(2,806,691	)	$	(2,182,209	)	$	(1,535,432	)	$	(2,353,897	)
	10,772,963			7,414,334			101,623,422			27,422,486			68,053,476			76,905,165
	9,325,043			9,607,166			326,399,489			(2,497,094	)		18,391,814			(15,378,696	)
	23,030,522			19,736,228			425,216,220			22,743,183			84,909,858			59,172,572
	(5,204,224	)		(2,121,675	)		(21,502,523	)		—			—			—
	(6,046,034	)		(3,830,393	)		—			—			(65,878,290	)		(42,151,511	)
	(11,250,258	)		(5,952,068	)		(21,502,523	)		—			(65,878,290	)		(42,151,511	)
	121,812,303			175,176,864			226,864,400			266,464,758			39,817,102			184,549,813
	8,022,369			3,956,475			17,043,394			—			58,571,211			37,345,789
	(37,724,824	)		(22,536,673	)		(108,073,417	)		(203,313,116	)		(88,541,737	)		(123,151,013	)
	92,109,848			156,596,666			135,834,377			63,151,642			9,846,576			98,744,589
	103,890,112			170,380,826			539,548,074			85,894,825			28,878,144			115,765,650
	315,390,413			145,009,587			768,975,505			683,080,680			748,523,424			632,757,774
$	419,280,525		$	315,390,413		$	1,308,523,579		$	768,975,505		$	777,401,568		$	748,523,424

67

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. Additionally, effective May 23, 2000, the Funds’ fiscal year end changed from March 31 to October 31 of each year.

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 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 investment (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). 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), 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’)). 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.

68

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) – (Continued)

London closing exchange rates typically are used to convert foreign security prices into U.S. dollars, while Commodities (such as physical metals) normally are valued at the price of the last sale on the COMEX exchange as of the close of business on the date on which the assets are valued. 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 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 trade 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 values assigned to a Fund’s holdings therefore may differ on occasion from reported market values.

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 premiums on debt obligations. Investment income is allocated to each Fund’s share class in proportion to its relative net assets.

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 Funds’ average daily net assets relative to the total average daily net assets of the First Eagle Variable Funds. Earnings credits reduce custody 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.

69

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) – (Continued)

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) 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

70

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) – (Continued)

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.

g) 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 at April 30, 2006.

h) United States income taxes—No provision has been made for U.S. federal income taxes since 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.

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

j) 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.

k) 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.

Note 2 – Investment Advisory Agreements 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

71

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) – (Continued)

net assets and First Eagle Fund of America at 1% of each 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 and accounting services on behalf of the Funds, and, in accordance with its agreement with them, the Funds reimburse the Adviser for costs (including personnel, overhead and other costs) related to those services. For the six months ended April 30, 2006, First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America reimbursed the Adviser $1,127,401, $676,526, $26,006, $70,512 and $54,102, respectively.

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.

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 Fund’s principal underwriter. For the six months ended April 30, 2006, First Eagle Funds Distributors realized $758,157, $102,858, $56,594, $160,418 and $13,215, 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

72

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) – (Continued)

Eagle Fund of America are fees that are payable to trustees in the amounts of $35,178, $19,343, $731, $1,922 and $1,572, respectively.

Note 3 – Options

For the six months ended April 30, 2006, First Eagle Fund of America had the following written options transactions:

	Number of Contracts		Premium
Options outstanding at October 31, 2005	50,096		$	13,509,543
Options written	159,743			37,662,695
Options assigned	(23,121	)		(5,033,269	)
Options expired/closed	(132,450	)		(33,186,320	)
Options outstanding at April 30, 2006	54,268		$	12,952,649

As of April 30, 2006, portfolio securities valued at $232,726,524 were segregated to cover collateral requirements for written options.

Additionally, First Eagle Fund of America had the following long options transactions:

	Number of Contracts		Premium
Options outstanding at October 31, 2005	461		$	118,938
Options opened	7,304			2,580,395
Options expired/closed	(1,958	)		(931,462	)
Options outstanding at April 30, 2006	5,807		$	1,767,871

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 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.

73

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) – (Continued)

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, 2006, the distribution fees incurred by First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America were $28,670,940, $10,570,210, $643,624, $1,498,555 and $1,070,278, respectively.

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 six months ended April 30, 2006, the services fees incurred by First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America were $5,266,572, $1,332,712, $142,460, $193,441 and $52,085, respectively.

Note 5 – Purchases and Sales of Securities

During the six months ended April 30, 2006, the aggregate cost of purchases of investments, excluding short-term securities, totaled $2,747,198,241, $871,257,149, $93,128,651, $241,165,727 and $191,190,330 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 $1,605,815,309, $1,099,984,106, $21,479,271, $147,930,214 and $280,159,430 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.

74

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) – (Continued)

Note 6 – Capital Stock

At April 30, 2006, 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, 2006
	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		20,230,932			11,264,579			9,862,091			17,876,398			14,867,139			3,090,389			3,359,245			2,403,533			2,322,628
Shares issued for reinvested dividends and distributions		12,214,232			1,781,748			3,641,882			19,245,274			10,302,236			2,877,882			324,121			50,463			166,361
Shares redeemed		(14,388,244	)		(2,573,668	)		(3,393,956	)		(16,171,817	)		(6,983,644	)		(2,662,388	)		(1,432,815	)		(421,051	)		(643,808	)
Net increase (decrease)		18,056,920			10,472,659			10,110,017			20,949,855			18,185,731			3,305,883			2,250,551			2,032,945			1,845,181

	Year Ended October 31, 2005
	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		77,035,287			25,502,060			40,236,271			35,964,259			27,601,806			5,237,972			6,180,409			902,518			4,898,084
Shares issued for reinvested dividends and distributions		2,564,220			267,110			532,241			2,924,712			1,397,775			224,286			163,568			56,986			59,910
Shares redeemed		(18,751,598	)		(2,156,959	)		(4,486,921	)		(27,195,821	)		(10,223,751	)		(4,026,844	)		(747,631	)		(320,527	)		(479,622	)
Net increase		60,847,909			23,612,211			36,281,591			11,693,150			18,775,830			1,435,414			5,596,346			638,977			4,478,372

Transactions in dollars of capital stock were as follows:

	Six Months Ended April 30, 2006
	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	$	885,309,271		$	491,049,921		$	426,784,151		$	434,753,223		$	360,921,159		$	72,905,356		$	50,564,426		$	36,355,399		$	34,892,478
Shares issued for reinvested dividends and distributions		511,287,732			74,705,038			151,757,248			439,754,509			236,950,898			65,270,355			4,803,478			753,419			2,465,472
Shares redeemed		(627,375,394	)		(112,698,733	)		(148,146,699	)		(392,961,294	)		(171,011,302	)		(64,324,333	)		(21,615,124	)		(6,402,790	)		(9,706,910	)
Net increase (decrease)	$	769,221,609		$	453,056,226		$	430,394,700		$	481,546,438		$	426,860,755		$	73,851,378		$	33,752,780		$	30,706,028		$	27,651,040

	Year Ended October 31, 2005
	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	$	3,018,790,542		$	995,740,619		$	1,567,567,983		$	805,514,053		$	618,277,687		$	115,578,914		$	90,254,563		$	13,298,106		$	71,624,195
Shares issued for reinvested dividends and distributions		96,312,120			10,046,015			19,932,460			60,863,298			29,255,433			4,640,473			2,303,039			806,910			846,526
Shares redeemed		(748,574,593	)		(86,427,833	)		(178,236,600	)	��	(612,140,239	)		(234,099,989	)		(89,183,711	)		(10,857,928	)		(4,694,531	)		(6,984,214	)
Net increase	$	2,366,528,069		$	919,358,801		$	1,409,263,843		$	254,237,112		$	413,433,131		$	31,035,676		$	81,699,674		$	9,410,485		$	65,486,507

76

	Six Months Ended April 30, 2006
First Eagle Gold Fund									First Eagle Fund of America
Class A			Class I			Class C			Class Y			Class A			Class C
	7,145,362			1,376,217			1,909,179			722,835			391,162			419,166
	676,086			106,997			94,725			2,071,253			101,510			118,604
	(4,078,209	)		(164,716	)		(801,956	)		(3,096,130	)		(118,101	)		(126,256	)
	3,743,239			1,318,498			1,201,948			(302,042	)		374,571			411,514

Year Ended October 31, 2005
First Eagle Gold Fund									First Eagle Fund of America
Class A			Class I			Class C			Class Y			Class A			Class C
	12,119,307			1,543,430			2,633,080			5,548,125			716,136			835,374
	–			–			–			1,395,920			35,706			43,934
	(10,135,627	)		(1,232,265	)		(1,417,375	)		(4,376,746	)		(191,756	)		(132,177	)
	1,983,680			311,165			1,215,705			2,567,299			560,086			747,131

	Six Months Ended April 30, 2006
First Eagle Gold Fund									First Eagle Fund of America
Class A			Class I			Class C			Class Y			Class A			Class C
$	156,055,554		$	29,684,998		$	41,123,848		$	19,218,268		$	10,269,970		$	10,328,864
	13,129,705			2,086,440			1,827,249			53,169,070			2,572,259			2,829,882
	(87,257,331	)		(3,706,104	)		(17,109,982	)		(82,336,800	)		(3,096,129	)		(3,108,808	)
$	81,927,928		$	28,065,334		$	25,841,115		$	(9,949,462	)	$	9,746,100		$	10,049,938

	Year Ended October 31, 2005
First Eagle Gold Fund									First Eagle Fund of America
Class A			Class I			Class C			Class Y			Class A			Class C
$	198,660,680		$	24,773,070		$	43,031,008		$	145,195,280		$	18,665,506		$	20,689,027
	–			–			–			35,400,625			895,143			1,050,021
	(161,184,427	)		(19,421,382	)		(22,707,307	)		(114,883,208	)		(5,002,996	)		(3,264,809	)
$	37,476,253		$	5,351,688		$	20,323,701		$	65,712,697		$	14,557,653		$	18,474,239

77

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) – (Continued)

Note 7 – Commitments

As of April 30, 2006, First Eagle Global Fund, First Eagle Overseas Fund and First Eagle Gold Fund had entered into forward currency contracts, as summarized on the following pages, resulting in net unrealized appreciation (depreciation) of ($25,646,461), and ($9,812,473) and $4,142, respectively.

FIRST EAGLE GLOBAL FUND

Transaction Hedges:

Foreign Currency Purchases

Settlement   Dates Through	Foreign Currency To Be Received			U.S. $ Value at April 30, 2006		U.S. $ To Be Delivered		Unrealized Appreciation at April 30, 2006		Unrealized Depreciation at April 30, 2006
5/02/06		27,769,428	Japanese yen	$	244,170	$	243,527	$	643		—
5/02/06		193,167	euro		243,321		241,960		1,361		—
5/04/06		28,474,664	Swiss franc		22,951,408		22,941,238		10,170		—
5/08/06		47,620,251	Japanese yen		418,713		416,764		1,949		—
					23,857,612		23,843,489		14,123		—

Foreign Currency Sales

Settlement   Dates Through	Foreign Currency To Be Delivered			U.S. $ To Be Recevied		U.S. $ Value at April 30, 2006		Unrealized Appreciation at April 30, 2006		Unrealized Depreciation at April 30, 2006
5/02/06		1,012,182,795	Japanese yen		8,876,461		8,899,875		—	$	(23,414	)
5/03/06		5,349,020	euro		6,700,182		6,754,480		—		(54,298	)
5/04/06		3,711,463	Swiss franc		2,990,222		2,991,547		—		(1,325	)
5/04/06		1,051,693	euro		1,318,099		1,328,026		—		(9,927	)
5/08/06		3,127,947,934	Japanese yen		27,385,921		27,503,279		—		(117,358	)
					47,270,885		47,477,207		—		(206,322	)

Portfolio Hedges:

Foreign Currency Purchases

Settlement   Dates Through	Foreign Currency To Be Delivered			U.S. $ Value at April 30, 2006		U.S. $ To Be Delivered		Unrealized Appreciation at April 30, 2006		Unrealized Depreciation at April 30, 2006
5/17/06		725,407,000	Japanese yen		6,389,225		6,171,134		218,091		—

Foreign Currency Sales

Settlement   Dates Through	Foreign Currency To Be Delivered			U.S. $ To Be Received		U.S. $ Value at April 30, 2006		Unrealized Appreciation at April 30, 2006		Unrealized Depreciation at April 30, 2006
8/09/06		232,251,000	euro		271,870,059		293,109,848		—		(21,239,789	)
8/09/06		11,866,000	euro		14,404,969		15,004,608		—		(599,639	)
8/16/06		4,977,287,000	Japanese yen		43,253,090		43,839,262		—		(586,172	)
8/16/06		14,526,435,000	Japanese yen		126,321,793		129,568,546		—		(3,246,753	)
					455,849,911		481,522,264		—		(25,672,353	)
				$	533,367,633	$	559,014,094	$	232,214	$	(25,878,675	)

78

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) – (Continued)

FIRST EAGLE OVERSEAS FUND

Transaction Hedges:

Foreign Currency Purchases

Settlement   Dates Through	Foreign Currency To Be Received			U.S. $ Value at April 30, 2006		U.S. $ To Be Delivered		Unrealized Appreciation at April 30, 2006		Unrealized Depreciation at April 30, 2006
5/02/06		23,510,094	Japanese yen	$	206,719	$	206,175	$	544		—
5/02/06		7,506,920	Mexican peso		678,515		675,204		3,311		—
5/03/06		11,424,801	Mexican peso		1,032,634		1,033,451		—	$	(817	)
5/04/06		30,045,182	Swiss franc		24,217,291		24,206,560		10,731		—
5/04/06		4,363,402	pound sterling		7,952,514		8,025,605		—		(73,091	)
5/08/06		36,247,735	Japanese yen		318,717		317,521		1,196		—
					34,406,390		34,464,516		15,782		(73,908	)

Foreign Currency Sales

Settlement   Dates Through	Foreign Currency To Be Delivered			U.S. $ To Be Received		U.S. $ Value at April 30, 2006		Unrealized Appreciation at April 30, 2006		Unrealized Depreciation at April 30, 2006
5/02/06		55,810,135	Japanese yen		489,434		490,725		—		(1,291	)
5/02/06		575,820	Hong Kong dollar		74,253		74,266		—		(13	)
5/03/06		1,639,010	euro		2,053,024		2,069,662		—		(16,638	)
5/03/06		960,576	Hong Kong dollar		123,886		123,890		—		(4	)
5/03/06		799,811	Mexican peso		72,348		72,291		57		—
5/04/06		5,248,955	euro		6,552,463		6,628,122		—		(75,659	)
5/04/06		2,756,715	Swiss franc		2,221,008		2,221,992		—		(984	)
5/08/06		610,189,869	Japanese yen		5,311,135		5,365,250		—		(54,115	)
					16,897,551		17,046,198		57		(148,704	)

Portfolio Hedges:

Foreign Currency Purchases

Settlement   Dates Through	Foreign Currency To Be Received			U.S. $ Value at April 30, 2006		U.S. $ To Be Delivered		Unrealized Appreciation at April 30, 2006		Unrealized Depreciation at April 30, 2006
8/09/06		3,252,000	euro		4,081,032		10,381,879		—		(6,300,847	)

Foreign Currency Sales

Settlement   Dates Through	Foreign Currency To Be Delivered			U.S. $ To Be Received		U.S. $ Value at April 30, 2006		Unrealized Appreciation at April 30, 2006		Unrealized Depreciation at April 30, 2006
8/09/06		3,252,000	euro		3,993,206		4,113,986		—		(120,780	)
8/16/06		13,072,747,000	Japanese yen		113,703,635		116,621,489		—		(2,917,854	)
8/16/06		3,053,654,000	Japanese yen		26,630,259		26,896,478		—		(266,219	)
					144,327,100		147,631,953		—		(3,304,853	)
				$	199,712,073	$	209,524,546	$	15,839	$	(9,828,312	)

79

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS (Unaudited) – (Continued)

FIRST EAGLE GOLD FUND

Transaction Hedges:

Foreign Currency Purchases

Settlement   Dates Through	Foreign Currency To Be Received			U.S. $ Value at April 30, 2006	U.S. $ To Be Delivered		Unrealized Appreciation at April 30, 2006		Unrealized Depreciation at April 30, 2006
5/02/06	1,696,151	Australian dollar	$	1,288,142	$	1,284,835	$	3,307		—
5/02/06	474,336	Canadian dollar		423,590		422,420		1,170		—
5/03/06	3,432,412	Canadian dollar		3,065,201		3,065,536		—	$	(335	)
			$	4,776,933	$	4,772,791	$	4,477	$	(335	)

80

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS

		Six Months Ended April 30, 2006 (Unaudited)								Year Ended October 31,
										2005									2004
	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	$	42.47		$	42.62		$	42.06		$	36.53		$	36.64		$	36.30		$	32.37		$	32.41		$	32.15
Income from investment operations:
Net investment income		0.23			0.29			0.07			0.48			0.60			0.19			0.50			0.56			0.23
Net realized and unrealized gains (losses) on investments		6.57			6.60			6.53			6.07			6.06			6.01			5.18			5.22			5.18
Total from investment operations		6.80			6.89			6.60			6.55			6.66			6.20			5.68			5.78			5.41
Less distributions:
Dividends from net investment income		(0.84	)		(0.94	)		(0.57	)		(0.43	)		(0.50	)		(0.26	)		(0.67	)		(0.70	)		(0.41	)
Distributions from capital gains		(1.68	)		(1.68	)		(1.68	)		(0.18	)		(0.18	)		(0.18	)		(0.85	)		(0.85	)		(0.85	)
Total distributions		(2.52	)		(2.62	)		(2.25	)		(0.61	)		(0.68	)		(0.44	)		(1.52	)		(1.55	)		(1.26	)
Net asset value, end of period	$	46.75		$	46.89		$	46.41		$	42.47		$	42.62		$	42.06		$	36.53		$	36.64		$	36.30
Total Returnc		16.71	%b		16.90	%b		16.30	%b		18.15	%		18.42	%		17.23	%		18.18	%		18.47	%		17.31	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	11,332		$	2,418		$	4,693		$	9,526		$	1,752		$	3,828		$	5,972		$	641		$	1,986
Ratio of operating expenses to average net assetsf		1.13	%a		0.88	%a		1.88	%a		1.20	%		0.95	%		1.95	%		1.24	%		0.99	%		1.99	%
Ratio of net investment income to average net assets g		1.06	%a		1.33	%a		0.31	%a		1.21	%		1.48	%		0.47	%		1.46	%		1.67	%		0.66	%
Portfolio turnover rate		11.73	%b		11.73	%b		11.73	%b		12.29	%		12.29	%		12.29	%		4.94	%		4.94	%		4.94	%

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

See Notes to Financial Highlights.

See Notes to Financial Statements.

82

Year Ended October 31,
2003									2002									2001
Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
$	24.34		$	24.36		$	24.15		$	22.87		$	22.89		$	22.68		$	25.47		$	25.53		$	25.44
	0.53			0.59			0.30			0.53			0.27			0.72			0.53			0.58			0.26
	8.39			8.41			8.38			1.66			1.98			1.29			1.45			1.44			1.53
	8.92			9.00			8.68			2.19			2.25			2.01			1.98			2.02			1.79
	(0.49	)		(0.55	)		(0.28	)		(0.63	)		(0.69	)		(0.45	)		(1.39	)		(1.47	)		(1.36	)
	(0.40	)		(0.40	)		(0.40	)		(0.09	)		(0.09	)		(0.09	)		(3.19	)		(3.19	)		(3.19	)
	(0.89	)		(0.95	)		(0.68	)		(0.72	)		(0.78	)		(0.54	)		(4.58	)		(4.66	)		(4.55	)
$	32.37		$	32.41		$	32.15		$	24.34		$	24.36		$	24.15		$	22.87		$	22.89		$	22.68
	37.75	%		38.14	%		36.77	%		9.76	%		10.03	%		8.98	%		8.96	%		9.15	%		8.10	%
$	3,255		$	242		$	617		$	1,785		$	85		$	104		$	1,512		$	35		$	11
	1.32	%		1.06	%		2.07	%		1.34	%		1.09	%		2.10	%		1.38	%		1.14	%		2.14	%
	1.91	%		2.11	%		1.07	%		2.14	%		2.37	%		1.31	%		2.24	%		2.47	%		1.12	%
	7.20	%		7.20	%		7.20	%		19.75	%		19.75	%		19.75	%		28.98	%		28.98	%		28.98	%

83

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS – (Continued)

										Year Ended October 31,
	Six Months Ended April 30, 2006 (Unaudited)
										2005									2004
	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	$	24.13		$	24.33		$	23.83		$	20.25		$	20.37		$	19.97		$	17.50		$	17.57		$	17.28
Income from investment operations:
Net investment income (losses)		0.14			0.17			0.05			0.27			0.33			0.10			0.17			0.22			0.03
Net realized and unrealized gains (losses) on investments		4.45			4.49			4.41			3.96			3.99			3.93			3.20			3.22			3.17
Total from investment operations		4.59			4.66			4.46			4.23			4.32			4.03			3.37			3.44			3.20
Less distributions:
Dividends from net investment income		(0.81	)		(0.87	)		(0.65	)		(0.24	)		(0.25	)		(0.06	)		(0.47	)		(0.49	)		(0.36	)
Distributions from capital gains		(1.58	)		(1.58	)		(1.58	)		(0.11	)		(0.11	)		(0.11	)		(0.15	)		(0.15	)		(0.15	)
Total distributions		(2.39	)		(2.45	)		(2.23	)		(0.35	)		(0.36	)		(0.17	)		(0.62	)		(0.64	)		(0.51	)
Net asset value, end of period	$	26.33		$	26.54		$	26.06		$	24.13		$	24.33		$	23.83		$	20.25		$	20.37		$	19.97
Total Returnc		20.55	% b		20.71	% b		20.09	%b		21.16	%		21.47	%		20.28	%		19.77	%		20.09	%		18.89	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	5,860		$	3,785		$	1,173		$	4,866		$	3,028		$	994		$	3,846		$	2,152		$	804
Ratio of operating expenses to average net assetsf		1.11	% a		0.86	% a		1.86	% a		1.18	%		0.93	%		1.93	%		1.25	%		1.00	%		2.00	%
Ratio of net investment income (loss) to average net assetsg		1.13	%a		1.39	% a		0.38	% a		1.21	%		1.46	%		0.46	%		0.90	%		1.17	%		0.17	%
Portfolio turnover rate		16.37	%b		16.37	% b		16.37	% b		19.40	%		19.40	%		19.40	%		5.88	%		5.88	%		5.88	%

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

See Notes to Financial Highlights.

See Notes to Financial Statements.

84

Year Ended October 31,
2003									2002									2001
Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
$	12.45		$	12.48		$	12.30		$	11.21		$	11.21		$	11.15		$	14.31		$	14.34		$	14.31
	0.18			0.22			0.07			0.12			0.15			0.02			0.11			0.13			(0.01	)
	5.09			5.10			5.04			1.12			1.12			1.13			0.19			0.19			0.21
	5.27			5.32			5.11			1.24			1.27			1.15			0.30			0.32			0.20
	(0.21	)		(0.22	)		(0.12	)		—			—			—			(0.76	)		(0.81	)		(0.72	)
	(0.01	)		(0.01	)		(0.01	)		—			—			—			(2.64	)		(2.64	)		(2.64	)
	(0.22	)		(0.23	)		(0.13	)		—			—			—			(3.40	)		(3.45	)		(3.36	)
$	17.50		$	17.57		$	17.28		$	12.45		$	12.48		$	12.30		$	11.21		$	11.21		$	11.15
	42.96	%		43.29	%		41.91	%		11.06	%		11.33	%		10.31	%		2.01	%		2.19	%		1.19	%
$	2,345		$	1,084		$	390		$	766		$	209		$	66		$	409		$	61		$	6
	1.31	%		1.05	%		2.05	%		1.39	%		1.15	%		2.15	%		1.53	%		1.28	%		2.26	%
	1.23	%		1.48	%		0.45	%		0.96	%		1.17	%		0.19	%		0.91	%		1.10	%		(0.08	%)
	3.46	%		3.46	%		3.46	%		10.52	%		10.52	%		10.52	%		17.27	%		17.27	%		17.27	%

85

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS — (Continued)

	Six Months Ended April 30, 2006 (Unaudited)									Year Ended October 31,
										2005									2004
	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	$	14.95		$	15.07		$	14.90		$	13.95		$	14.05		$	13.92		$	12.71		$	12.76		$	12.61
Income from investment operations:
Net investment income (loss)		0.13			0.15			0.07			0.20			0.24			0.10			0.22			0.27			0.13
Net realized and unrealized gains on investments		0.82			0.84			0.83			1.35			1.36			1.35			1.66			1.65			1.64
Total from investment operations		0.95			0.99			0.90			1.55			1.60			1.45			1.88			1.92			1.77
Less distributions:
Dividends from net investment income		(0.24	)		(0.27	)		(0.19	)		(0.20	)		(0.23	)		(0.12	)		(0.32	)		(0.31	)		(0.14	)
Distributions from capital gains		(0.27	)		(0.27	)		(0.27	)		(0.35	)		(0.35	)		(0.35	)		(0.32	)		(0.32	)		(0.32	)
Total distributions		(0.51	)		(0.54	)		(0.46	)		(0.55	)		(0.58	)		(0.47	)		(0.64	)		(0.63	)		(0.46	)
Net asset value, end of period	$	15.39		$	15.52		$	15.34		$	14.95		$	15.07		$	14.90		$	13.95		$	14.05		$	13.92
Total Returnc		6.51	%b		6.71	%b		6.14	%b		11.35	%		11.65	%		10.56	%		15.38	%		15.58	%		14.43	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	190		$	101		$	128		$	150		$	68		$	97		$	62		$	54		$	29
Ratio of operating expenses to average net assetsf		1.28	%a		1.02	%a		2.03	%a		1.28	%		1.04	%		2.02	%		1.38	%		1.13	%		2.13	%
Ratio of net investment income (loss) to average net assetsg		1.75	%a		2.00	%a		1.00	%a		1.40	%		1.63	%		0.67	%		1.66	%		2.00	%		0.95	%
Portfolio turnover rate		10.79	%b		10.79	%b		10.79	%b		17.22	%		17.22	%		17.22	%		23.47	%		23.47	%		23.47	%

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

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

86

Year Ended October 31,
																		Period from September 4, 2001d to October 31, 2001
2003									2002
Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
$	10.56		$	10.59		$	10.48		$	10.16		$	10.16		$	10.14		$	10.00		$	10.00		$	10.00
	0.19			0.23			0.11			0.13			0.14			0.13			—			—			(0.02	)
	2.46			2.45			2.43			0.29			0.31			0.23			0.16			0.16			0.16
	2.65			2.68			2.54			0.42			0.45			0.36			0.16			0.16			0.14
	(0.16	)		(0.17	)		(0.07	)		—			—			—			—			—			—
	(0.34	)		(0.34	)		(0.34	)		(0.02	)		(0.02	)		(0.02	)		—			—			—
	(0.50	)		(0.51	)		(0.41	)		(0.02	)		(0.02	)		(0.02	)		—			—			—
$	12.71		$	12.76		$	12.61		$	10.56		$	10.59		$	10.48		$	10.16		$	10.16		$	10.14
	26.10	%		26.34	%		25.03	%		4.12	%		4.41	%		3.53	%		1.60	%b		1.60	%b		1.40	%b
$	41		$	49		$	20		$	22		$	31		$	10		$	7		$	17		$	2
																						��
	1.51	%		1.26	%		2.26	%		1.50	%		1.25	%		2.25	%		1.50	%a		1.25	%a		2.25	%a
	1.72	%		1.99	%		0.97	%		1.65	%		1.85	%		0.93	%		(0.21	%)a		0.10	%a		(1.02	%)a
	33.45	%		33.45	%		33.45	%		22.66	%		22.66	%		22.66	%		2.57	%		2.57	%		2.57	%

87

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS — (Continued)

										Year Ended October 31,
	Six Months Ended April 30, 2006 (Unaudited)
										2005
	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	$	17.45		$	17.55		$	17.25		$	16.82		$	16.88		$	16.76
Income from investment operations:
Net investment (loss) income		(0.05	)		(0.02	)		(0.13	)		(0.04	)		0.00	**		(0.16	)
Net realized and unrealized gains on investments		9.08			9.13			9.01			0.67			0.67			0.65
Total from investment operations		9.03			9.11			8.88			0.63			0.67			0.49
Less distributions:
Dividends from net investment income		(0.49	)		(0.54	)		(0.38	)		—			—			—
Total distributions		(0.49	)		(0.54	)		(0.38	)		—			—			—
Net asset value, end of period	$	25.99		$	26.12		$	25.75		$	17.45		$	17.55		$	17.25
Total Returnc		52.72	%b		52.92	%b		52.20	%b		3.75	%		3.97	%		2.92	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	946	��	$	160		$	203		$	570		$	84		$	115
Ratio of operating expenses to average net assetsf		1.20	%a		0.95	%a		1.94	%a		1.29	%		1.04	%		2.04	%
Ratio of net investment (loss) income to average net assetsg		(0.47	%)a		(0.21	%)a		(1.22	%)a		(0.24	%)		0.02	%		(0.98	%)
Portfolio turnover rate		17.42	%b		17.42	%b		17.42	%b		21.73	%		21.73	%		21.73	%

*	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.

88

Year Ended October 31,
2004									2003									2002			2001
Class A			Class I			Class C			Class A			Class Ie			Class Ce			Class A			Class A
$	15.99		$	16.03		$	15.96		$	10.41		$	12.41		$	12.41		$	6.17		$	4.44
	(0.10	)		(0.05	)		(0.21	)		(0.06	)		(0.02	)		(0.09	)		0.01			0.02
	1.49			1.48			1.47			5.72			3.64			3.64			4.30			1.92
	1.39			1.43			1.26			5.66			3.62			3.55			4.31			1.94
	(0.56	)		(0.58	)		(0.46	)		(0.08	)		—			—			(0.07	)		(0.21	)
	(0.56	)		(0.58	)		(0.46	)		(0.08	)		—			—			(0.07	)		(0.21	)
$	16.82		$	16.88		$	16.76		$	15.99		$	16.03		$	15.96		$	10.41		$	6.17
	8.59	%		8.82	%		7.79	%		54.64	%		29.17	%b		28.61	%b		70.70	%		45.19	%
$	516		$	75		$	92		$	374		$	30		$	32		$	90		$	13
	1.39	%		1.14	%		2.14	%		1.49	%		1.23	%a		2.19	%a		1.66	%		2.65	%
	(0.62	%)		(0.35	%)		(1.34	%)		(0.43	%)		(0.24	%)a		(1.26	%)a		0.09	%		0.36	%
	3.61	%		3.61	%		3.61	%		0.98	%		0.98	%		0.98	%		4.27	%		29.16	%

89

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS – (Continued)

	Six Months Ended April 30, 2006 (Unaudited)									Year Ended October 31,
										2005									2004
	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	$	26.42		$	24.74		$	26.11		$	25.81		$	24.44		$	25.54		$	23.03		$	21.99		$	22.80
Income from investment operations:
Net investment loss		(0.05	)		(0.14	)		(0.05	)		(0.07	)		(0.26	)		(0.09	)		(0.16	)		(0.33	)		(0.22	)
Net realized and unrealized gains on investments		2.99			2.80			2.96			2.38			2.26			2.36			3.41			3.25			3.43
Total from investment operations		2.94			2.66			2.91			2.31			2.00			2.27			3.25			2.92			3.21
Less distributions:
Distributions from capital gains		(2.34	)		(2.34	)		(2.34	)		(1.70	)		(1.70	)		(1.70	)		(0.47	)		(0.47	)		(0.47	)
Total distributions		(2.34	)		(2.34	)		(2.34	)		(1.70	)		(1.70	)		(1.70	)		(0.47	)		(0.47	)		(0.47	)
Net asset value, end of period	$	27.02		$	25.06		$	26.68		$	26.42		$	24.74		$	26.11		$	25.81		$	24.44		$	25.54
Total Returnc		11.59	%b		11.23	%b		11.62	%b		9.23	%		8.43	%		9.16	%		14.30	%		13.46	%		14.27	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	691		$	46		$	40		$	684		$	36		$	29		$	601		$	14		$	17
Ratio of operating expenses to average net assetsf		1.41	%a		2.16	%a		1.42	%a		1.43	%		2.17	%		1.49	%		1.46	%		2.21	%		1.72	%
Ratio of net investment loss to average net assetsg		(0.35	%)a		(1.11	%)a		(0.36	%)a		(0.27	%)		(1.03	%)		(0.34	%)		(0.63	%)		(1.39	%)		(0.91	%)
Portfolio turnover rate		24.61	%b		24.61	%b		24.61	%b		54.54	%		54.54	%		54.54	%		44.68	%		44.68	%		44.68	%

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

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

90

Year Ended October 31,
2003									2002									2001
Class Y			Class C			Class A			Class Y			Class C			Class A			Class Y			Class C			Class A
$	19.47		$	18.73		$	19.29		$	20.87		$	20.24		$	20.72		$	20.07		$	19.62		$	19.98
	(0.17	)		(0.31	)		(0.22	)		(0.17	)		(0.32	)		(0.22	)		(0.06	)		(0.21	)		(0.11	)
	3.73			3.57			3.73			(0.66	)		(0.62	)		(0.64	)		1.01			0.98			1.00
	3.56			3.26			3.51			(0.83	)		(0.94	)		(0.86	)		0.95			0.77			0.89
	—			—			—			(0.57	)		(0.57	)		(0.57	)		(0.15	)		(0.15	)		(0.15	)
	—			—			—			(0.57	)		(0.57	)		(0.57	)		(0.15	)		(0.15	)		(0.15	)
$	23.03		$	21.99		$	22.80		$	19.47		$	18.73		$	19.29		$	20.87		$	20.24		$	20.72
	18.28	%		17.41	%		18.20	%		(4.21	%)		(4.90	%)		(4.39	%)		4.8	%		4.0	%		4.5	%
$	554		$	11		$	6		$	473		$	6		$	2		$	393		$	6		$	1
	1.50	%		2.25	%		1.75	%		1.51	%		2.26	%		1.76	%		1.4	%		2.2	%		1.7	%
	(0.79	%)		(1.55	%)		(1.07	%)		(0.82	%)		(1.57	%)		(1.07	%)		(0.3	%)		(1.0	%)		(0.5	%)
	47.88	%		47.88	%		47.88	%		51.25	%		51.25	%		51.25	%		83	%		83	%		83	%

91

NOTES 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	September 4, 2001 inception date.
e	May 15, 2003 inception date.
f	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, 2006									Year Ended October 31,
	(Unaudited)									2005									2004									2003
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
First Eagle Global Fund		1.13	%a		0.88	%a		1.88	%a		1.20	%		0.95	%		1.95	%		1.24	%		1.00	%		1.99	%		1.32	%		1.07	%		2.07	%
First Eagle Overseas Fund		1.11	%a		0.86	%a		1.86	%a		1.18	%		0.93	%		1.93	%		1.25	%		1.00	%		2.00	%		1.31	%		1.06	%		2.05	%
First Eagle U.S. Value Fund		1.28	%a		1.03	%a		2.03	%a		1.28	%		1.04	%		2.02	%		1.38	%		1.13	%		2.13	%		1.51	%		1.26	%		2.26	%
First Eagle Gold Fund		1.20	%a		0.95	%a		1.95	%a		1.30	%		1.05	%		2.05	%		1.39	%		1.14	%		2.14	%		1.50	%		1.23	%ae		2.19	%ae

	Six Months Ended April 30, 2006									Year Ended October 31,
	(Unaudited)									2005									2004									2003
	Class Y			Class C			Class A			Class Y			Class C			Class A			Class Y			Class C			Class A			Class Y			Class C			Class A
First Eagle Fund of America		1.43	%a		2.17	%a		1.43	%a		1.43	%		2.17	%		1.49	%		1.46	%		2.21	%		1.72	%		1.50	%		2.25	%		1.75	%

^g The ratio of net investment income 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, 2006									Year Ended October 31,
	(Unaudited)									2005									2004									2003
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
First Eagle Global Fund		1.06	%a		1.33	%a		0.31	%a		1.20	%		1.48	%		0.47	%		1.46	%		1.67	%		0.66	%		1.91	%		2.10	%		1.07	%
First Eagle Overseas Fund		1.13	%a		1.39	%a		0.38	%a		1.21	%		1.46	%		0.46	%		0.90	%		1.17	%		0.17	%		1.23	%		1.48	%		0.45	%
First Eagle U.S. Value Fund		1.75	%a		2.00	%a		1.00	%a		1.40	%		1.63	%		0.66	%		1.66	%		2.00	%		0.95	%		1.72	%		1.99	%		0.97	%
First Eagle Gold Fund		(0.48	%)a		(0.22	)%a		(1.22	%)a		(0.24	%)		(0.01	%)		(0.98	%)		(0.62	%)		(0.35	%)		(1.34	%)		(0.43	%)		(0.25	%)ae		(1.26	%)ae

	Six Months Ended April 30, 2006									Year Ended October 31,
	(Unaudited)									2005									2004									2003
	Class Y			Class C			Class A			Class Y			Class C			Class A			Class Y			Class C			Class A			Class Y			Class C			Class A
First Eagle Fund of America		(0.36	%)a		(1.12	%)a		(0.37	%)a		(0.27	%)		(1.04	%)		(0.34	%)		(0.57	%)		(1.32	%)		(0.84	%)		(0.79	%)		(1.55	%)		(1.07	%)

92

Year Ended October 31,
2002								2001
Class A		Class I			Class C			Class A			Class I			Class C
1.34	%		1.10	%		2.10	%		1.39	%		1.14	%		2.14	%
1.40	%		1.15	%		2.15	%		1.53	%		1.28	%		2.26	%
1.92	%		1.69	%		2.67	%		3.33	%ad		3.16	%ad		4.05	%ad
1.67	%		—			—			2.66	%		—			—

Year Ended October 31,
2002								2001
Class Y		Class C			Class A			Class Y			Class C			Class A
1.51	%		2.26	%		1.76	%		1.4	%		2.2	%		1.7	%

Year Ended October 31,
2002								2001
Class A		Class I			Class C			Class A			Class I			Class C
2.14	%		2.37	%		1.31	%		2.24	%		2.47	%		1.12	%
0.96	%		1.17	%		0.19	%		0.91	%		1.10	%		(0.08	%)
2.08	%		2.29	%		1.35	%		1.62	%ad		2.02	%ad		0.80	%ad
0.08	%		—			—			0.35	%		—			—

93

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	6	Chair, Social Science Research Council; Member, American Political Science Association; 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	6	Director, ALSTOM; Director, Partnership for New York City; Director, Merce Cunningham Dance Foundation, Inc.; Director, Rockefeller Financial Services, Inc.; Director, Rockefeller & Company, Inc.; 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 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.

94

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, and Executive Vice President, Prudential Financial, Inc.; prior to November 1998, various executive positions within the Prudential organization	6	Director, RenaissanceRe Holdings Ltd; Member, The University of Chicago Council on the Graduate School of Business; Director, Four Nations; Trustee, First Eagle Variable Funds (1 portfolio)
William M. Kelly 500 Fifth Avenue, 50th Floor New York, New York 10110 (born February1944)	Trustee	December 1999 to present(2)	President, Lingold Associates	6	Treasurer and Trustee, Black Rock Forest 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; prior to June 1997, Vice President for Finance, Rensselaer Polytechnic Institute	6	Director, Junior Achievement of Southwest Michigan; Finance Committee Member, Battle Creek Community Foundation; Custody Advisory Committee Member, The Bank of New York; Trustee, First Eagle Variable Funds (1 portfolio)
Dominique M. Raillard, 15 Boulevard Delessert 75016 Paris France (born June 1938)	Trustee	April 1987 to present	Independent Consultant/ Private Investor; prior to December 2001, Managing Director of Act 2 International (Consulting)	6	Trustee, First Eagle Variable Funds (1 portfolio)

(1)	The term of office of each 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.

95

INTERESTED 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
John P. Arnhold(3) 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; 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)
James E. Jordan(4) 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, Empire Insurance Company; Director JZ Equity Partners, Plc. (U.K. investment trust company); Director, Florida East Coast Industries; Director, Columbia University School of International and Public Affairs; Chairman’s Council, Conservation International; Trustee, First Eagle Variable Funds (1 portfolio)

(1)	Trustees who are “interested persons” of the Trust as defined in the Investment Company Act.
(2)	The term of office of each Trustee expires on his/her 70th birthday.
(3)	Mr. Arnhold is an Interested Trustee because he is an officer and director of the Trust’s investment adviser and principal underwriter.
(4)	The Trust has determined to consider Mr. Jordan as an Interested Trustee because of his prior affiliation with the Trust’s investment adviser and principal underwriter. (He is not, however, an “interested person’’ of the Trust within the meaning of the Investment Company Act.)

96

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
Charles de Vaulx 1345 Avenue of the Americas New York, New York 10105 (born October 1961)	Senior Vice President (portfolio manager)	December 1999 to present (with portfolio management responsibility since December 1996)	Senior Vice President, Arnhold and S. Bleichroeder Advisers, LLC; Senior Vice President, First Eagle Variable Funds; Chief Investment Officer, Global Value Group (a department of Arnhold and S. Bleichroeder Advisers, LLC) since January 2005; Senior Vice President, Société Générale Asset Management Corp. since 1998, Associate Portfolio Manager from December 1996, Securities Analyst, prior to December 1996
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; Chief Compliance Officer and Senior Vice President, 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, Senior Vice President and Secretary, 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; 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
Stefanie Spritzler 1345 Avenue of the Americas New York, New York 10105 (born July 1973)	Vice President and Treasurer	May 2000 to present	Vice President, Arnhold and S. Bleichroeder Advisers, LLC; Vice President, ASB Securities LLC; Vice President and Treasurer, First Eagle Variable Funds
Edwin S. Olsen 1345 Avenue of the Americas New York, New York 10105 (born September 1939)	Vice President	November 2000 to present	Vice President, Arnhold and S. Bleichroeder Advisers, LLC; Vice President, First Eagle Variable Funds; Vice President, SG Cowen Securities Corp. from prior to 1999
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 from December 2004
Winnie Chin 1345 Avenue of the Americas New York, New York 10105 (born July 1974)	Assistant Treasurer	March 2001 to present	Assistant 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	Assistant Vice President, Arnhold and S. Bleichroeder Advisers, LLC; Assistant Treasurer, First Eagle Variable Funds; Senior Accountant, Bank of New York from prior to July 2001

⁽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.

97

CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

KPMG LLP (“KPMG”) was previously the independent registered public accountant for the Funds. On January 30, 2006, that firm’s appointment as independent registered public accountant was terminated and PricewaterhouseCoopers LLP was engaged as independent registered public accountants. The decision to change accountants was approved by the Board of Trustees. In connection with the audits of the two fiscal years ended October 31, 2005, and the subsequent interim period through January 30, 2006, there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements if not resolved to their satisfaction would have caused them to make reference in connection with their opinion to the subject matter of the disagreement. The audit reports of KPMG on the financial statements of the Funds as of and for the years ended October 31, 2005 and 2004 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.

CONSIDERATION OF INVESTMENT ADVISORY AGREEMENTS

The Board of Trustees approved the Investment Advisory Agreement between the Trust and Arnhold and S. Bleichroeder Advisers LLC most recently on December 8, 2005. In doing so, the Trustees considered the desirability of continuing the Funds’ 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 Agreements and the total cost to the Funds of using the Adviser’s services, taking into account any expenses that the Adviser may pass to the Funds. The Trustees determined that the compensation to be received by the Adviser and the expenses both incurred by the Adviser and passed to the Funds are reasonable and appropriate in light of the nature, extent and quality of the services provided by the Adviser. 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 Funds grow), which the Trustees determined are reasonable and appropriate.

The Trustees 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. each Fund’s net management fee was approximately the same as or lower than its renewed peer group average, except in the case of First Eagle Fund of America, whose net management fee was higher than that 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 ratios were 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 Funds were excellent (i.e., generally higher and more consistent on a medium- and long-term basis than the reviewed peer group average) when compared with investment advisers to similar funds and the Adviser’s profitability and financial condition were satisfactory. 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 Investment Advisory Agreement with the Adviser serves the interests of the Funds and their shareholders.

At the same time as the Board of Trustees considered the Investment Advisory Agreement, they also considered and approved the Subadvisory Agreement between the Adviser and Iridian Asset Management LLC (“Iridian’’) in respect of the First Eagle Fund of America. In doing so, the Trustees considered the desirability of continuing that Fund’s historic relationship with Messrs. Harold J. Levy and David L. Cohen (previously employees of the Adviser and now minority owners of Iridian) and the Adviser’s commitment to supervise their provision of portfolio management services under the Agreement. They also noted that the fees paid to Iridian 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 Iridian. They also considered the costs incurred by Iridian relative to these services and to the fees paid under the Subadvisory Agreement. In doing so, they considered the effects of other benefits to Iridian 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 First Eagle Fund of America and its shareholders. (A number of the factors evaluated by the Trustees in considering the Investment 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 Investment Advisory Agreement.)

98

First Eagle Funds 1345 Avenue of the Americas New York, NY 10105 www.firsteaglefunds.com
TRUSTEES AND OFFICERS Trustees Lisa Anderson John P. Arnhold Candace K. Beinecke (Chair) Jean D. Hamilton James E. Jordan William M. Kelly Paul J. Lawler Dominique RaillardOfficersJohn P. ArnholdPresidentCharles de VaulxSenior Vice PresidentRobert BrunoChief Operations &Financial OfficerMark D. GoldsteinChief Compliance OfficerSuzan J. AfifiVice President & SecretaryStefanie SpritzlerVice President & TreasurerEdwin S. OlsenVice President Michael LuzzattoAssistant Vice PresidentWinnie ChinAssistant TreasurerPhilip SantopadreAssistant Treasurer	INVESTMENT ADVISERArnhold and S. Bleichroeder    Advisers, LLC 1345 Avenue of the Americas New York, NY 10105LEGAL COUNSELShearman & Sterling LLP 599 Lexington Avenue New York, NY 10022CUSTODIANState Street Bank and Trust Company 801 Pennsylvania Kansas City, MO 64105SHAREHOLDER SERVICING AGENTDST Systems, Inc.330 West 9th Street Kansas City, MO 64105 (800) 334-2143UNDERWRITERFirst Eagle Funds Distributors,    a division of ASB Securities LLC 1345 Avenue of the Americas New York, NY 10105INDEPENDENT REGISTERED PUBLICACCOUNTING FIRMPricewaterhouseCoopers LLP 300 Madison Avenue New York, NY 10017
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.
This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of First Eagle Funds.

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 6, 2006
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 6, 2006
By (Signature and Title)*	/s/ Robert Bruno
	Robert Bruno, Principal Financial Officer
Date: July 6, 2006

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