First Eagle Global Fund (SGIIX) N-CSR Certified 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 number			811-7762
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, 2007
Date of reporting period:		October 31, 2007

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

Annual Report

October 31, 2007

First Eagle Global Fund

First Eagle Overseas Fund

First Eagle U.S. Value Fund

First Eagle Gold Fund

First Eagle Fund of America

Advised by Arnhold and S. Bleichroeder Advisers, LLC

FIRST EAGLE FUNDS

Table of Contents

Letter from the President	1
Performance Chart	2
Letter from the Portfolio Manager	4
Management's Discussion of Fund Performance: First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund	5
First Eagle Global Fund:
Fund Overview	8
Schedule of Investments	9
First Eagle Overseas Fund:
Fund Overview	24
Schedule of Investments	25
First Eagle U.S. Value Fund:
Fund Overview	36
Schedule of Investments	37
First Eagle Gold Fund:
Fund Overview	42
Schedule of Investments	43
First Eagle Fund of America:
Management's Discussion of Fund Performance	45
Fund Overview	46
Schedule of Investments	47
Statements of Assets and Liabilities	52
Statements of Operations	53
Statements of Changes in Net Assets	54
Notes to Financial Statements	57
Financial Highlights	70
Report of Independent Registered Public Accounting Firm	82
Fund Expenses	83
Tax Information	85
Additional Information	86

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

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

FORWARD-LOOKING STATEMENT DISCLOSURE

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

John P. Arnhold

FIRST EAGLE FUNDS

LETTER FROM THE PRESIDENT

Dear Fellow Shareholder,

Since my last communication in April of this year, we have witnessed more market volatility, particularly on the downside, than we have seen in the past five years. It is in these uncertain times that I am reminded why our investment team has been so successful over the long term by adhering to its investment philosophy. The credit crisis and the resulting slowdown due to the sub-prime problems, which has caused much angst for so many financial institutions, is on the minds of our team and we continue to be concerned. Although we are not macro-economic forecasters, we worry a lot about what can go wrong and try to properly prepare the portfolios in any way we can to avoid losses for our shareholders. For decades we have believed that focusing first and foremost on attempting to avoid losers and preserving capital is the best way to help our clients achieve their long-term investment goals.

During a raging bull market as we have experienced in most markets these past five years, where every sector and asset class has risen sharply, we have sometimes been criticized for not "keeping up with the Joneses"—(underperforming benchmarks or peers in the short term). It is at times like these when our team shows its true discipline, as it is un-willing to follow the herd and invest in what it believes are overpriced securities. As a shareholder you should understand that while the funds may give up some relative performance on the upside, our conservative posturing and focus on avoiding downside risk should serve you well on an absolute basis which to us (and we believe to you) is what matters most.

I am pleased to announce that we have broadened our global value team with the additions of Bruce Greenwald and Abhay Deshpande. Bruce Greenwald has joined the First Eagle team as our Director of Research. Professor Greenwald is a respected expert on value investing and is the Director of the Helibrunn Center for Graham and Dodd Investing at Columbia Business School. We are delighted to have Bruce on board and believe he will assist our analyst team to continue to apply and refine our value investing techniques. I am also happy to announce that Abhay Deshpande has been named Associate Portfolio Manager of the Global, Overseas, and U.S. Value Funds. Abhay has re-joined the global value team, where he had been a senior analyst from 2000-2004. Although he left the group in 2005, he remained with the firm and managed a number of private client accounts. His investment style and philosophy which was crafted under the tutelage of Jean - -Marie Eveillard, is very much the same, thus making his return to the team a natural fit. I am confident with Abhay and Bruce joining the already talented team of analysts, that the investment style established by Jean-Marie will continue to serve our shareholders well for decades into the future, as it has for decades past.

In closing, as a shareholder of the funds, you should be assured that your investments continue to be managed in the same manner they have for years. Although we have some new additions to our team, you should remain confident that Jean-Marie has instilled his investment wisdom and discipline very deeply within each member of our team. Also, as the year comes to a close, I would be remiss by not mentioning again how proud we are of our First Eagle Fund of America in its 20th anniversary year. A 20th anniversary is quite an accomplishment in itself, but coupled with the impressive long-term track record this fund has makes it truly extraordinary.

Sincerely,

John P. Arnhold

November 2007

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

PERFORMANCE

FIRST EAGLE FUNDS  Average Annual Returns¹ as of October 31, 2007 (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		16.91	%		18.59	%		22.11	%		14.79	%		15.84	%	1/01/792
with sales load		11.06	%		16.58	%		20.86	%		14.35	%		15.69	%	1/01/792
First Eagle Global Fund - Class I (SGIIX)		17.19	%		18.88	%		22.42	%		—			15.90	%	7/31/98
First Eagle Global Fund - Class C (FESGX)		14.90	%		17.69	%		21.20	%		—			16.73	%	6/05/00
MSCI World Index3		20.39	%		18.27	%		18.31	%		7.90	%		11.72	%	1/01/79

FIRST EAGLE OVERSEAS FUND
First Eagle Overseas Fund - Class A (SGOVX)
without sales load	18.20	%	20.52	%	24.55	%	16.52	%	15.10	%	8/31/93
with sales load	12.29	%	18.48	%	23.28	%	16.07	%	14.79	%	8/31/93
First Eagle Overseas Fund - Class I (SGOIX)	18.52	%	20.83	%	24.86	%	—		17.24	%	7/31/98
First Eagle Overseas Fund - Class C (FESOX)	16.16	%	19.63	%	23.63	%	—		17.35	%	6/05/00
MSCI EAFE Index4	24.91	%	23.44	%	23.21	%	9.26	%	8.30	%	8/31/93

FIRST EAGLE U.S. VALUE FUND
First Eagle U.S. Value Fund - Class A (FEVAX)
without sales load	11.47	%	11.62	%	15.14	%	—	13.15	%	9/04/01
with sales load	5.89	%	9.73	%	13.96	%	—	12.21	%	9/04/01
First Eagle U.S. Value Fund - Class I (FEVIX)	11.78	%	11.93	%	15.41	%	—	13.42	%	9/04/01
First Eagle U.S. Value Fund - Class C (FEVCX)	9.57	%	10.83	%	14.26	%	—	12.31	%	9/04/01
Standard &Poor's 500 Index7	14.56	%	13.16	%	13.88	%	—	7.06	%	9/04/01
Russell 2000 Index5	9.27	%	13.69	%	18.67	%	—	11.03	%	9/04/01

FIRST EAGLE GOLD FUND
First Eagle Gold Fund - Class A (SGGDX)
without sales load	37.57	%	25.34	%	27.02	%	16.87	%	11.08	%	8/31/93
with sales load	30.69	%	23.22	%	25.73	%	16.42	%	10.78	%	8/31/93
First Eagle Gold Fund - Class I (FEGIX)	37.93	%	25.64	%	—		—		25.81	%	5/15/03
First Eagle Gold Fund - Class C (FEGOX)	35.32	%	24.39	%	—		—		24.58	%	5/15/03
MSCI World Index3	20.39	%	18.27	%	18.31	%	7.90	%	9.14	%	8/31/93
FTSE Gold Mines Index6	35.14	%	21.05	%	24.05	%	9.75	%	3.70	%	8/31/93

FIRST EAGLE FUND OF AMERICA
First Eagle Fund of America - Class A (FEFAX)
without sales load	21.28	%	15.64	%	15.87	%	—		10.26	%	11/20/98
with sales load	15.35	%	13.75	%	14.73	%	—		9.62	%	11/20/98
First Eagle Fund of America - Class C (FEAMX)	19.17	%	14.79	%	15.04	%	—		9.34	%	3/02/98
First Eagle Fund of America - Class Y (FEAFX)	21.25	%	15.65	%	15.90	%	11.52	%	13.86	%	4/10/87
Standard &Poor's 500 Index7	14.56	%	13.16	%	13.88	%	7.10	%	10.96	%	4/10/87

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

2

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 Firs t Eagle Global Fund, First Eagle Overseas Fund and First Eagle Gold Fund give effect to the deduction of the maximum sales load of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter. The average annual returns for Class A Shares "with sales load" of First Eagle U.S. Value Fund and First Eagle Fund of America give effect to the deduction of the maximum sales load of 5.00%.

  The average annual returns for Class C Shares reflect the CDSC (Contingent Deferred Sales Charge) of 1.00% which pertains to the first year or less of investment only.

  Class I Shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, and First Eagle Gold Fund require $1mm minimum investment and are offered without load.

  Class Y Shares of First Eagle Fund of America are offered without load.

⁽²⁾  Commencement of management by Mr. Jean-Marie Eveillard since January 1, 1979.

⁽³⁾  The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. This index is a trademark of Morgan Stanley Capital International SA in Geneva, Switzerland.

⁽⁴⁾  The MSCI EAFE Index is a total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of approximately 1,100 companies from 21 countries and is not available for purchase.

⁽⁵⁾  The 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.

⁽⁶⁾  The FTSE Gold Mines Index is an unmanaged index composed of approximately 19 mining companies and is only available without dividends reinvested and is not available for purchase.

⁽⁷⁾  The Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also considered a proxy for the total market.

	Expense Ratios As Stated In The Most Recent Prospectus Total Annual Gross Operating Expense Ratios8
	Class A			Class I			Class C			Class Y
First Eagle Global Fund		1.15	%		0.90	%		1.90	%		—
First Eagle Overseas Fund		1.14	%		0.89	%		1.89	%		—
First Eagle U.S. Value Fund		1.25	%		1.00	%		2.00	%		—
First Eagle Gold Fund		1.22	%		0.97	%		1.97	%		—
First Eagle Fund of America		1.41	%		—			2.16	%		1.41	%

⁽⁸⁾  These expense ratios are presented as of October 31, 2006 and may differ from corresponding ratios shown elsewhere in this report because of differing time periods (and/or, if applicable, because these expense ratios do not include expense credits or waivers).

3

Jean-Marie Eveillard

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

Dear Fellow Shareholder,

We are "value" investors, so we are "bottom up" (as opposed to "top down") investors. In other words, we analyze individual securities in an attempt to establish—through quantitative and qualitative means—their "intrinsic" value. We do not pay too much attention to the "top down", i.e. the "big picture" of the economy, interest rates, etc ...or even themes (they turn too easily into fads ...). We only worry about economic and financial circumstances turning so negative—for an extended period of time—that our "intrinsic" values would prove temporarily too high.

In that respect, we have been faced since August with the so-called sub-prime housing problem, which is financial crisis no. 6 in only twenty years. No. 1 was the October 1987 crash, no. 2 the real estate debacle of 1990, no. 3 the Mexican devaluation of late 1994, no. 4, the Asian and then Russian crises of 1997-1998 culminating in the Long Term Capital Management hedge fund collapse, no. 5 the bursting of the technology-media-telecom bubble in the spring of 2000.

In all five cases, the Federal Reserve flooded the system with liquidity, and the crisis came and went in a few months, without price inflation accelerating, thanks to a large extent to improvements in productivity associated with the technological revolution and to the low-cost Chinese economy becoming the manufacturing center of the world.

The odds may be good that crisis no. 6 too shall pass in the next few months. However, speculators have been bolder (the Fed will bail us out, so why worry?), the housing bubble was big, the leverage in the system (some of it hidden) has increased. Sometimes, what matters is not so much how low the odds are that circumstances would turn quite negative, what matters possibly more is what the consequences would be if that happened.

Therefore, we are on the side of caution, as indicated by the stakes in gold (as potential insurance against "extreme outcomes"), in cash (so far in dollars, since we have a large exposure to foreign securities on an unhedged-yen or 30% hedged-euro-basis). As well, "value" stocks may be less vulnerable than other securities in difficult markets.

At the same time, we remain alert to investment opportunities, as circumstances and prices change.

In 2006 and so far in 2007, your funds have continued to deliver positive absolute returns but they have lagged their peers and the benchmarks. That is not a surprise: as bull markets age, investors get bolder (a paradox, of course ...) and, as I have said, we have been on the side of caution: too much in cash and too little in emerging markets for instance. However, the long-term record (see page 2) remains good. Of course, we cannot promise future returns.

As I wrote at the end of my letter back in June, we are patient long-term investors and we hope that the Funds' shareholders will be as well.

Jean-Marie Eveillard
Portfolio Manager

November 2007

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

4

Jean-Marie Eveillard

Abhay Deshpande

FIRST EAGLE FUNDS

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

Despite a downturn in worldwide markets in February and August related to problems in the U.S. sub-prime housing market, equity markets finished the year higher on October 31, 2007. Corporate profits were strong while interest rates remained low. European stocks benefited from increased M&A activity in a variety of industries. The German DAX Index rose 27.9% and the French CAC 40 Index rose 9.3% during the twelve month period. In South Korea, the Kospi Large Cap Index rose 45.6% during the year as a result of improved corporate earnings and attractively valued Korean equities relative to equities in other markets like China. Japan's Nikkei 225 Index rose only a modest 2.1% for the year. Returns were further boosted by the dollar weakening against several currencies. The U.S. dollar fell 1.3% against the Japanese yen and 11.9% against the euro during the year. The MSCI World Index increased 20.4% while in the U.S, the S&P 500 Index rose 14.6%. Crude oil rose 61% during the twelve month period to a year high of $95 on October 31st fueling concerns about inflation. Gold also reached a peak of $797 an ounce on October 31st, an increase of 31% over last year, mostly on the back of higher energy prices.

First Eagle Global Fund

The net asset value ("NAV") of the Fund's Class 'A' shares rose 16.91% for the year ended October 31, 2007, while the MSCI World Index was up 20.39%. The Fund's cash position remained in the 13.8% to 19.7% range throughout the period and was 18.2% on October 31, 2007.

The five largest contributors to the performance of the First Eagle Global Fund over the period were gold bullion, Sodexho Alliance SA (corporate services, France), Industrias Peñoles, SAB de C.V. (mining, Mexico), Nestlé SA (food company, Switzerland) and Berkshire Hathaway Inc., Class 'A' (holding company, U.S.) collectively accounting for 4.29% of the year's performance.

The five largest detractors were Comcast Corporation-Special Class 'A' (cable, U.S.), Getty Images, Inc. (media, U.S.), International Speedway Corporation Class 'A' (racetracks, U.S.), Aioi Insurance Company, Limited (insurance, Japan) and Wal-Mart Stores, Inc. (retail, U.S.). Their combined negative performance over the twelve month period subtracted 0.72% points from the Fund's performance.

As of October 31, 2007, the Fund was approximately 30% hedged against the euro, which is up from 0% last year, as we believe the euro may be overvalued against the U.S. dollar. We also initiated a 10% hedge on the Swiss Franc and a 70% hedge on the British Pound. The Fund remained 0% hedged against the Japanese yen as we believe Asian currencies should ultimately be revalued against the U.S. dollar. The Fund is also somewhat protected against a sharp rise of the U.S. dollar by having all of its cash in U.S. dollar denominated commercial paper and by having in the portfolio the stock of quite a few European and Japanese companies that have major operations in the U.S. or export significantly to U.S. dollar-based countries, thus having a natural built-in hedge.

5

First Eagle Overseas Fund

The NAV of the Fund's Class 'A' shares rose 18.20% for the fiscal year ended October 31, 2007, while the MSCI EAFE Index increased 24.91% over the same period. The Fund's cash position was between 12.4% and 24.7% throughout the period and was at 12.4% on October 31, 2007.

The five largest contributors to the performance of the First Eagle Overseas Fund over the period were gold bullion, Nestlé SA (food company, Switzerland), Sodexho Alliance SA (corporate services, France), Industrias Peñoles, SAB de C.V. (mining, Mexico) and Wendel (holding company, France) collectively accounting for 5.02% of the year's performance.

The five largest detractors were Aioi Insurance Company, Limited (insurance, Japan), Takefuji Corporation (consumer loan company, Japan), Kose Corporation (cosmetics, Japan), Fuji Seal International, Inc. (packaging materials company, Japan) and Télévision Française 1 SA (media, France). Their combined negative performance over the twelve month period subtracted 0.57% from the Fund's performance.

Again, we believe in most cases that the negative performance is nothing more than a temporary (rather than permanent) impairment of capital. In some cases, the Fund seized the opportunity to add to the positions at prices we deemed attractive. In particular, four of the five detractors were Japanese securities. We believe that the Japanese market currently offers attractive investment opportunities.

As of October 31, 2007, the Fund was approximately 30% hedged against the euro, which is up from 0% last year, as we believe the euro may be overvalued against the U.S. dollar. We also initiated a 10% hedge on the Swiss Franc and a 70% hedge on the British Pound. The Fund remained 0% hedged against the Japanese yen as we believe Asian currencies should ultimately be revalued against the U.S. dollar. The Fund is also somewhat protected against a sharp rise of the U.S. dollar by having all of its cash in U.S. dollar denominated commercial paper and by having in the portfolio the stock of quite a few European and Japanese companies that have major operations in the U.S. or export significantly to U.S. dollar-based countries, thus having a natural built-in hedge.

First Eagle U.S. Value Fund

The NAV of the First Eagle U.S. Value Fund's Class 'A' shares rose 11.47% for the year ended October 31, 2007, while the S&P 500 Index and the Russell 2000 Index rose 14.56% and 9.27%, respectively. The Fund held cash positions between 15.9% and 36.5% of net assets during the twelve month period and was at 15.9% on October 31, 2007. The high cash positions reflect our inability to find securities in the U.S. that we feel provide enough of a margin of safety, and our refusal to buy what we believe are fully priced—not to mention overpriced—securities.

The five largest contributors to the performance of the First Eagle U.S. Value Fund over the period were Apache Corporation (energy), gold bullion, Berkshire Hathaway Inc., Class 'A' (holding company), McDonald's Corporation (restaurant) and Costco Wholesale Corporation (retail), collectively accounting for 4.43% of the year's performance.

The five largest detractors were Getty Images, Inc. (media), International Speedway Corporation, Class 'A' (racetracks), Comcast Corporation—Special Class 'A' (cable), Cintas Corporation (uniform rental) and New York Times Company, Class 'A' (publishing). Their combined negative performance over the twelve month period subtracted 1.55% from the Fund's performance.

6

First Eagle Gold Fund

The NAV of the First Eagle Gold Fund's Class 'A' shares rose 37.57% for the year ended October 31, 2007, while the FTSE Gold Mines Index rose 35.14%. The Fund held cash positions between 0.9% and 4.3% of net assets during the twelve month period and was at 2.5% on October 31, 2007.

The three largest contributors to the performance of the First Eagle Gold Fund over the period were gold bullion, Industrias Peñoles, SAB de C.V. (Mexico) and Lihir Gold Limited (Australia), collectively accounting for 15.81% of the year's performance.

The three largest detractors were Harmony Gold Mining Limited ADR (South Africa), Dundee Precious Metals, Inc., Class 'A' (Canada) and IAMGOLD Corporation (Canada). Their combined negative performance over the twelve month period subtracted 2.06% from the Fund's performance.

General Commentary

Our focus has always been, and remains, on preservation of capital. To the First Eagle team, downside matters more than the upside. Together with our group of analysts, we continue to search the globe for mispriced securities. The discounts to intrinsic values (intrinsic value defined as the amount that a knowledgeable buyer would pay in cash for the whole business) remain narrower than we would like, especially in the U.S. and in Europe. We are, however, finding what we believe are decent investment opportunities in Asia, most notably in Japan and South Korea.

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

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

November 2007

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

7

FUND OVERVIEW

FIRST EAGLE GLOBAL FUND  Data as of October 31, 2007 (Unaudited)

THE INVESTMENT STYLE

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

ASSET ALLOCATION

COUNTRIES

United States	32.77	%
Japan	15.24	%
France	10.60	%
Switzerland	5.36	%
South Korea	5.27	%
Italy	1.54	%
Netherlands	1.51	%
Germany	1.34	%
South Africa	1.19	%
Mexico	1.14	%
Hong Kong	1.11	%
Singapore	1.06	%
United Kingdom	0.67	%
Thailand	0.48	%
Brazil	0.46	%
India	0.38	%
Malaysia	0.28	%
Spain	0.25	%
Belgium	0.21	%
Taiwan	0.21	%
Canada	0.19	%
Sweden	0.11	%
Other	0.42	%

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		16.91	%		22.11	%		14.79	%
with sales load		11.06	%		20.86	%		14.35	%
MSCI World Index		20.39	%		18.31	%		7.90	%
Consumer Price Index		3.54	%		2.88	%		2.60	%

GROWTH OF A $10,000 INITIAL INVESTMENT

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. The average annual returns for Class A Shares give effect to the deduction of the maximum sales load of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter. The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. This index is a trademark of Morgan Stanley Capital International SA in Geneva, Switzerland. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

TOP 10 HOLDINGS

Gold bullion (precious metal)	4.46	%
Berkshire Hathaway Inc., Class 'A' (U.S. holding company)	2.93	%
Nestlé SA (Swiss food manufacturer)	2.11	%
Sanofi-Aventis (French health care company)	2.11	%
Johnson & Johnson (U.S. health care products manufacturer)	2.04	%
Pargesa Holding SA (Swiss diversified financials company)	1.95	%
SK Telecom Company, Limited ADR (South Korean wireless telecommunications company)	1.85	%
Microsoft Corporation (U.S. software developer)	1.76	%
McDonald's Corporation (U.S. restaurant)	1.70	%
Sodexho Alliance SA (French food management services provider)	1.56	%

8

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—U.S. (25.88%)
		Consumer Discretionary (2.49%)
	6,346,169	McDonald's Corporation	$	174,009,852	$	378,866,289
	3,528,030	International Speedway Corporation, Class 'A' (c)		178,296,774		156,750,373
	390,000	Weyco Group, Inc.		1,285,375		12,464,400
	185,000	St. John Knits International Inc. (a)		3,180,703		5,850,625
				356,772,704		553,931,687
		Consumer Staples (0.52%)
	2,235,148	Anheuser-Busch Companies, Inc.		97,185,155		114,618,389
	5,025	Seneca Foods Corporation, Class 'A' (a)		75,626		136,178
				97,260,781		114,754,567
		Energy (3.97%)
	3,154,041	Apache Corporation		210,743,103		327,420,996
	3,850,673	ConocoPhillips Company		191,679,756		327,153,178
	1,107,340	Murphy Oil Corporation		45,709,775		81,533,444
	1,787,638	San Juan Basin Royalty Trust		60,872,821		66,231,988
	1,883,846	BJ Services Company		51,505,506		47,454,081
	1,042,780	Helmerich & Payne, Inc.		30,576,616		32,972,704
				591,087,577		882,766,391
		Financials (0.01%)
	114,750	East Texas Financial Services, Inc. (c)		862,688		1,893,375
		Health Care (2.29%)
	6,964,100	Johnson & Johnson		427,078,919		453,850,397
	706,840	Wellpoint Inc. (a)		52,614,057		56,002,933
				479,692,976		509,853,330
		Holding Companies (2.94%)
	4,915	Berkshire Hathaway Inc., Class 'A' (a)		414,943,985		651,237,500
	2,485	J.G. Boswell Company		573,840		2,516,063
				415,517,825		653,753,563
		Industrials (2.09%)
	7,350,531	Cintas Corporation		275,662,666		269,029,435
	8,811,151	Blount International, Inc. (a)(c)		116,304,729		107,760,377
	1,576,258	UniFirst Corporation		37,181,601		59,314,588
	304,940	3M Company		26,195,578		26,334,618

See Notes to Financial Statements.

9

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—U.S.—(continued)
		Industrials—(continued)
	4,805	Conbraco Industries, Inc. (a)(c)	$	1,568,050	$	1,518,380
	365,000	Kaiser Ventures LLC (a)(c)(d)(e)(f)		—		1,047,550
				456,912,624		465,004,948
		Media (2.14%)
	10,287,835	Comcast Corporation-Special Class 'A' (a)		226,820,210		214,707,116
	3,400,450	Getty Images, Inc. (a)(c)		133,280,462		96,062,713
	2,901,070	News Corporation, Class 'A'		43,437,715		62,866,187
	3,135,120	New York Times Company, Class 'A'		76,647,143		61,322,947
	1,886,124	Liberty Interactive (a)		28,860,750		40,042,413
	34,924	Mills Music Trust (c)		1,055,337		1,510,463
				510,101,617		476,511,839
		Paper and Forest Products (2.36%)
	5,905,362	Rayonier Inc. (c)		132,354,108		285,169,931
	4,869,138	Plum Creek Timber Company, Inc.		164,045,755		217,504,394
	389,630	Deltic Timber Corporation		19,003,408		21,788,110
				315,403,271		524,462,435
		Precious Metals (0.89%)
	7,231,612	Newmont Mining Corporation Holding Company		141,938,366		198,202,847
		Real Estate (0.02%)
	258,133	Price Legacy Corporation Pfd., Series 'A'		2,935,244		3,678,395
	192,250	LandCo LLC (a)(d)(e)(f)		669,030		669,030
	21,124	Security Capital European Realty (a)(d)(f)		—		—
				3,604,274		4,347,425
		Retail (2.83%)
	4,716,640	Costco Wholesale Corporation		186,369,556		317,241,206
	2,775,690	Wal-Mart Stores, Inc.		124,330,190		125,488,945
	1,528,010	Tiffany & Company		42,153,738		82,787,582
	2,267,707	Dillard's Inc., Class 'A'		44,501,141		52,225,292
	1,347,150	Barnes & Noble, Inc.		30,166,364		52,053,876
				427,520,989		629,796,901
		Technology and Telecommunications (2.85%)
	10,615,417	Microsoft Corporation		251,005,195		390,753,500
	3,757,950	Intel Corporation		70,587,311		101,088,855

See Notes to Financial Statements.

10

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—U.S.—(continued)
		Technology and Telecommunications—(continued)
	2,534,490	Linear Technology Corporation	$	82,493,960	$	83,688,860
	2,141,250	Maxim Integrated Products, Inc.		67,784,801		58,027,875
				471,871,267		633,559,090
		Utilities (0.48%)
	2,575,280	IDACORP, Inc. (c)		83,983,597		89,851,519
	325,000	CalEnergy Capital Trust 61/2% Conv. Pfd.		14,327,813		15,518,750
				98,311,410		105,370,269
		Total Common and Preferred Stocks—U.S.		4,366,858,369		5,754,208,667
		Common and Preferred Stocks—Non-U.S. (46.07%)
		Australia (0.06%)
	3,184,178	Spotless Group Limited (8)		8,887,624		13,183,573
		Belgium (0.21%)
	1,934,375	Deceuninck (c)(1)		48,605,944		47,708,801
		Brazil (0.46%)
	1,242,090	Petroleo Brasileiro SA ADR (3)		35,187,758		103,329,467
		Canada (0.19%)
	3,516,160	IAMGOLD Corporation (12)		27,681,714		30,642,885
	267,580	Aber Diamond Corporation (9)		7,505,475		11,699,056
				35,187,189		42,341,941
		Chile (0.07%)
	7,277,480	Quinenco SA (8)		4,986,964		16,380,047
		France (9.77%)
	5,352,800	Sanofi-Aventis (6)		455,918,570		468,766,834
	4,830,342	Sodexho Alliance SA (1)		132,562,556		347,759,470
	1,465,199	Wendel (7)		33,051,195		251,264,779
	1,488,880	Air Liquide (9)		186,400,677		204,583,699
	2,395,660	Rémy Cointreau SA (2)		79,021,917		183,841,694
	1,878,813	Carrefour SA (2)		123,201,648		135,047,328
	1,391,933	Essilor International SA (6)		28,046,415		88,573,894
	1,094,410	Société BIC SA (8)		57,679,683		84,934,322
	698,452	Neopost SA (8)		52,974,211		80,999,417
	481,017	L'Oréal SA (2)		35,409,835		63,068,683
	657,810	Total SA (3)		44,053,939		52,954,038
	1,034,165	Vivendi SA (10)		26,670,799		46,494,790

See Notes to Financial Statements.

11

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—Non-U.S.—(continued)
		France—(continued)
	52,143	Société Sucrière de Pithiviers-le-Vieil (c)(2)	$	27,198,161	$	46,011,502
	185,056	Guyenne et Gascogne SA (2)		22,064,685		34,502,919
	133,493	Robertet SA (2)		17,101,230		24,717,350
	42,252	Robertet SA C.I. (2)		800,508		5,256,288
	443,640	Trigano SA (1)		20,272,620		23,212,005
	70,000	NSC Groupe (c)(8)		12,400,388		8,251,555
	92,987	Gaumont SA (10)		5,094,361		8,097,523
	385,000	Sabeton SA (c)(7)		4,841,233		7,239,983
	35,690	Société Foncière Financière et de Participations (7)		3,933,965		5,903,590
				1,368,698,596		2,171,481,663
		Germany (1.34%)
	1,795,985	Fraport AG (16)		63,995,065		139,927,314
	763,089	Hornbach Holding AG Pfd. (14)		50,442,554		96,034,635
	1,337,532	Bertelsmann AG D.R.C. (10)		33,414,943		43,823,376
	168,299	Hornbach Baumarkt AG (14)		8,109,997		10,967,554
	89,094	Pfeiffer Vacuum Technology AG (8)		5,649,179		7,584,525
				161,611,738		298,337,404
		Hong Kong (0.75%)
	7,424,650	Guoco Group Limited (7)		67,965,963		113,995,478
	23,438,970	Shaw Brothers (Hong Kong) Limited (c)(10)		22,914,297		48,386,385
	20,738,780	City e-Solutions Limited (c)(1)		936,898		3,478,494
				91,817,158		165,860,357
		India (0.38%)
	2,325,000	Tata Motors Limited (1)		23,275,395		44,807,844
	1,001,999	Nestlé India Limited (2)		12,190,035		39,820,309
				35,465,430		84,628,153
		Italy (1.54%)
	12,300,128	Italcementi S.p.A. RNC (9)		169,864,626		204,616,624
	1,028,651	Italmobiliare S.p.A. RNC (9)		78,786,482		86,154,915
	307,283	Italmobiliare S.p.A. (9)		43,113,981		37,653,613
	2,041,133	Gewiss S.p.A. (8)		12,508,882		14,940,161
				304,273,971		343,365,313
		Japan (15.24%)
	4,923,300	Secom Company, Limited (8)		204,435,787		252,586,510
	1,879,700	SMC Corporation (8)		245,870,240		250,963,896

See Notes to Financial Statements.

12

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—Non-U.S.—(continued)
		Japan—(continued)
	1,018,000	Keyence Corporation (15)	$	221,689,014	$	233,920,396
	19,206,950	Sompo Japan Insurance Inc. (4)		218,327,190		224,090,809
	141,975	NTT DoCoMo Inc. (15)		219,205,019		204,590,911
	4,951,570	Shimano Inc. (c)(1)		83,955,810		179,674,140
	3,179,400	Ono Pharmaceutical Company, Limited (6)		135,077,099		163,944,928
	8,037,080	Toho Company, Limited (10)		139,480,068		159,771,806
	3,521,900	Astellas Pharma Inc. (6)		149,737,802		155,618,482
	3,050,060	Canon Inc. (15)		152,377,061		152,244,846
	10,184,000	Kirin Brewery Company, Limited (2)		134,098,071		141,892,617
	1,013,500	Hirose Electric Company, Limited (15)		121,853,743		120,710,274
	11,428,800	PARK24 Company, Limited (c)(8)		116,657,624		113,102,409
	3,663,695	Meitec Corporation (c)(8)		109,855,533		107,816,538
	18,411,400	Aioi Insurance Company, Limited (4)		62,469,076		106,445,526
	4,190,500	Aiful Corporation (4)		71,636,438		98,400,994
	1,655,420	Toyota Motor Corporation (1)		59,710,902		94,414,770
	3,236,000	Kose Corporation (c)(2)		97,344,390		82,869,916
	8,453,000	NIPPONKOA Insurance Company, Limited (4)		41,599,718		77,048,917
	3,831,700	T. Hasegawa Company, Limited (c)(2)		59,135,379		67,523,339
	2,641,800	THK Company, Limited (8)		54,078,554		57,906,550
	3,390,700	MISUMI Group Inc. (8)		58,167,196		57,073,374
	3,113,500	Circle K Sunkus Company, Limited (2)		54,512,401		47,542,398
	1,379,100	Shimachu Company, Limited (14)		32,950,108		39,507,183
	2,668,292	Nissin Healthcare Food Service Company, Limited (2)		38,972,304		32,706,526
	1,852,400	Chofu Seisakusho Company, Limited (c)(1)		34,983,211		30,311,854
	407,830	Mabuchi Motor Company, Limited (15)		24,369,065		27,473,074
	1,213,200	Ariake Japan Company, Limited (2)		22,437,298		25,065,463
	2,060,700	Seikagaku Corporation (6)		21,875,804		24,489,763
	1,680,500	Mitsui Sumitomo Insurance Company, Limited (4)		13,640,866		19,139,859
	1,323,650	Cosel Company, Limited (8)		22,653,585		18,844,446
	1,051,300	Aderans Company, Limited (2)		24,356,774		16,892,715
	188,760	Shoei Company, Limited (7)		491,308		3,391,928
				3,048,004,438		3,387,977,157
		Mexico (1.14%)
	10,693,250	Industrias Peñoles, SAB de C.V. (12)		22,816,662		252,770,452
		Netherlands (0.87%)
	2,945,303	Heineken Holding NV (2)		80,551,195		173,957,358
	473,438	Koninklijke Grolsch NV (2)		12,444,932		18,634,816
				92,996,127		192,592,174

See Notes to Financial Statements.

13

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—Non-U.S.—(continued)
		Singapore (0.53%)
	12,704,120	Fraser & Neave Limited (2)	$	12,799,700	$	52,617,761
	3,238,180	United Overseas Bank Limited (4)		41,783,813		48,059,138
	13,467,250	ComfortDelgro Corporation Limited (16)		3,279,184		17,942,079
				57,862,697		118,618,978
		South Africa (1.19%)
	11,490,840	Gold Fields Limited ADR (12)		185,736,111		207,639,479
	749,210	Gold Fields Limited (12)		2,173,736		13,395,184
	2,876,557	Harmony Gold Mining Company, Limited ADR (a)(12)		35,612,421		32,217,438
	1,000,000	Harmony Gold Mining Company, Limited (a)(12)		4,591,642		11,250,908
				228,113,910		264,503,009
		South Korea (5.27%)
	13,328,201	SK Telecom Company, Limited ADR (15)		307,511,342		410,641,873
	679,300	Samsung Electronics Company, Limited Pfd. (15)		149,636,480		320,531,253
	1,862,671	KT&G Corporation (2)		87,524,545		149,725,081
	3,490,053	Kangwon Land Inc. (1)		67,186,812		92,995,750
	51,900	Lotte Confectionery Company, Limited (2)		21,157,499		85,222,716
	47,392	Nam Yang Dairy Products Company, Limited (2)		9,133,102		47,881,337
	124,183	SK Holdings Company Limited (3)		15,948,637		36,950,199
	1,869,420	Daeduck Electronics Company, Limited (15)		13,292,480		14,217,305
	1,589,160	Daeduck GDS Company, Limited (c)(15)		14,042,994		14,132,532
				685,433,891		1,172,298,046
		Spain (0.25%)
	727,652	Corporacion Financiera Alba SA (7)		13,645,609		54,418,644
		Switzerland (5.36%)
	1,019,173	Nestlé SA (2)		285,931,385		469,934,410
	3,820,052	Pargesa Holding SA (7)		241,364,420		434,666,027
	1,709,736	Kuehne & Nagel International AG (16)		14,749,723		183,186,000
	21,200	Lindt & Spruengli AG PC (2)		8,190,224		73,153,899
	310	Lindt & Spruengli AG (2)		2,394,516		11,793,478
	39,740	Edipresse SA (10)		10,811,874		19,009,515
				563,442,142		1,191,743,329
		Taiwan (0.21%)
	45,464,474	Phoenixtec Power Company, Limited (c)(8)		46,785,849		47,218,505

See Notes to Financial Statements.

14

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—Non-U.S.—(continued)
		Thailand (0.48%)
	26,375,300	Bangkok Bank Public Company Limited NVDR (4)	$	84,757,791	$	97,010,814
	448,850	Bangkok Bank Public Company Limited (4)		1,459,292		1,677,327
	577,000	The Oriental Hotel Public Company, Limited (1)		2,636,472		8,760,688
				88,853,555		107,448,829
		United Kingdom (0.64%)
	1,609,143	Anglo American Plc (12)		35,465,322		110,848,275
	3,434,002	Mondi Plc (11)		31,636,962		31,818,060
				67,102,284		142,666,335
		Miscellaneous (0.12%)
	1,375,000	Banco Latinoamericano de Exportaciones SA ADR (4)		22,535,552		26,771,250
		Total Common and Preferred Stocks—Non U.S.		7,032,315,088		10,245,643,427
Ounces
		Commodity (4.46%)
	1,249,002	Gold bullion (a)		693,749,790		992,494,359
Principal Amount
		Notes, Bonds and Convertible Bonds (5.38%)
		U.S. Treasury Notes (1.65%)
$	10,000,000	U.S. Treasury Zero Coupon Strip due 11/15/2007 (a)(5)		9,976,069		9,984,820
	64,872,052	U.S. Treasury Inflation Index Note 41/4% due 1/15/2010 (g)(5)		66,969,595		68,434,955
	11,117,860	U.S. Treasury Inflation Index Note 23/8% due 4/15/2011 (g)(5)		11,285,413		11,294,190
	266,593,000	U.S. Treasury Note 51/8% due 6/30/2011 (5)		266,916,223		276,569,443
				355,147,300		366,283,408
		U.S. Dollar Notes and Bonds (0.87%)
	3,500,000	Computer Associates International Inc. 61/2% due 4/15/2008 (15)		3,430,854		3,539,973
	13,500,000	GATX Corporation 87/8% due 6/01/2009 (4)		13,243,066		14,321,313
	4,910,000	American Standard Companies Inc. 81/4% due 6/01/2009 (8)		4,994,267		5,125,210
	6,900,000	Briggs & Stratton Corporation 87/8% due 3/15/2011 (1)		7,107,143		7,383,000
	3,500,000	Toys 'R' Us, Inc. 75/8% due 8/01/2011 (14)		3,444,976		3,150,000
	28,930,000	Blount International Inc. 87/8% due 8/01/2012 (c)(8)		28,964,209		29,508,600
	21,147,000	Tronox Worldwide LLC 91/2% due 12/01/2012 (9)		21,667,317		20,512,590
	12,522,000	Sirius Satellite Radio Inc. 95/8% due 8/01/2013 (10)		12,246,308		12,506,347
	2,810,655	Avis Budget Car Rental LLC 75/8% due 5/15/2014 (8)		2,752,778		2,796,602
	14,500,000	Level 3 Financing, Inc. 91/4% due 11/01/2014 (15)		14,000,375		13,738,750

See Notes to Financial Statements.

15

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Principal Amount			Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds—(continued)
		U.S. Dollar Notes and Bonds—(continued)
$	12,554,000	Yankee Acquisition Corporation 81/2% due 2/15/2015 (1)	$	12,445,663	$	11,831,635
	22,554,000	Yankee Acquisition Corporation 93/4% due 2/15/2017 (1)		21,710,408		20,975,220
	28,622,000	Valassis Communications, Inc 81/4 due 3/01/2015 (10)		26,039,359		24,257,145
	2,000,000	Legrand SA 81/2% due 2/15/2025 (8)		1,956,808		2,350,000
	4,200,000	Bausch & Lomb Inc. 71/8% due 8/01/2028 (6)		3,556,000		3,864,000
	10,000,000	Christiania Bank Floating Rate Perpetual Notes (5.5625% @ 10/31/2007) (4)		6,903,005		7,997,480
	3,500,000	Den Norske Bank Floating Rate Perpetual Notes (5.65% @ 10/31/2007) (4)		2,651,444		2,836,750
	3,170,000	Den Norske Bank Floating Rate Perpetual Notes (5.8125% @ 10/31/2007) (4)		2,177,816		2,585,357
	5,500,000	Bergen Bank Floating Rate Perpetual Notes (5.5625% @ 10/31/2007) (4)		3,970,882		4,400,000
				193,262,678		193,679,972
		Non U.S. Dollar Notes and Bonds (2.86%)
HKD	205,000,000	Hong Kong Government 3.57% due 12/17/2007 (5)		26,350,531		26,503,046
HKD	199,650,000	Hong Kong Government 3.34% due 12/19/2008 (5)		25,523,746		25,886,186
HKD	217,650,000	Hong Kong Government 2.52% due 3/24/2009 (5)		27,756,943		27,931,516
EUR	2,959,000	Koninklijke Ahold NV 57/8% due 5/09/2008 (14)		3,197,605		4,299,603
SEK	125,000,000	Sweden Government I/L 4.6745% due 12/01/2008 (g)(5)		17,644,048		23,924,065
MYR	165,000,000	Malaysian Government 4.305% due 2/27/2009 (5)		43,623,401		49,995,346
MYR	37,014,000	Malaysian Government 3.756% due 4/28/2011 (5)		9,917,721		11,180,703
EUR	2,500,000	Independent News & Media Plc 53/4% due 5/17/2009 (10)		2,816,098		3,625,416
SGD	52,947,000	Singapore Government 23/8% due 10/01/2009 (5)		32,118,393		36,787,831
SGD	109,583,000	Singapore Government 45/8% due 7/01/2010 (5)		78,981,506		80,484,445
EUR	13,650,000	Waterford Wedgwood Plc 97/8% due 12/01/2010 (b)(1)		15,815,759		17,672,139
GBP	3,000,000	Marks & Spencer Group Plc 63/8% due 11/07/2011 (14)		5,149,742		6,262,696
EUR	107,178,066	Republic of France O.A.T. I/L 3% due 7/25/2012 (g)(5)		144,228,979		162,874,382
EUR	37,300,000	UPC Holding BV 85/8% due 1/15/2014 (b)(10)		44,099,174		55,844,785
EUR	57,200,000	UPC Holding BV 73/4% due 1/15/2014 (b)(10)		66,673,273		82,949,516
EUR	12,000,000	FINEL 91/2% due 6/30/2017 (b)(d)(e)(f)(11)		14,474,400		8,679,300
EUR	15,000,000	FINEL 91/2% due 10/15/2017 (b)(d)(e)(f)(11)		18,067,500		10,849,125
				576,438,819		635,750,100
		Total Notes, Bonds and Convertible Bonds		1,124,848,797		1,195,713,480
		Short-Term Investments (18.77%)
$	25,000,000	3M Company 4.68% due 11/27/2007		24,915,500		24,915,500
	12,193,000	7-Eleven Inc. 4.72% due 11/01/2007		12,193,000		12,193,000
	20,000,000	7-Eleven Inc. 4.7% due 11/06/2007		19,986,944		19,986,944

See Notes to Financial Statements.

16

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Principal Amount			Cost (Note 1)		Value (Note 1)
		Short-Term Investments—(continued)
$	15,000,000	7-Eleven Inc. 4.69% due 11/07/2007	$	14,988,275	$	14,988,275
	10,000,000	7-Eleven Inc. 4.71% due 11/20/2007		9,975,142		9,975,142
	13,000,000	7-Eleven Inc. 4.65% due 11/21/2007		12,966,417		12,966,417
	10,010,000	Air Liquide 4.71% due 11/02/2007		10,008,690		10,008,690
	20,085,000	Air Liquide 4.78% due 11/05/2007		20,074,333		20,074,333
	25,120,000	Air Liquide 4.76% due 11/13/2007		25,080,143		25,080,143
	15,067,000	Air Liquide 4.75% due 11/19/2007		15,031,216		15,031,216
	50,000,000	Air Liquide 4.68% due 11/29/2007		49,818,000		49,818,000
	25,559,000	Air Liquide 4.65% due 11/29/2007		25,466,562		25,466,562
	25,113,000	Air Liquide 4.6% due 11/29/2007		25,023,151		25,023,151
	20,000,000	AstraZeneca 4.88% due 11/02/2007		19,997,289		19,997,289
	10,384,000	AstraZeneca 5.45% due 11/05/2007		10,377,712		10,377,712
	26,753,000	AstraZeneca 4.85% due 11/06/2007		26,734,979		26,734,979
	15,650,000	AstraZeneca 4.86% due 11/09/2007		15,633,098		15,633,098
	13,300,000	AstraZeneca 4.88% due 11/13/2007		13,278,365		13,278,365
	25,000,000	AstraZeneca 4.87% due 12/10/2007		24,868,104		24,868,104
	25,841,000	BASF Corporation 5.3% due 11/05/2007		25,825,783		25,825,783
	55,000,000	BASF Corporation 4.75% due 12/14/2007		54,687,951		54,687,951
	35,792,000	BMW US Capital LLC 4.73% due 11/09/2007		35,754,379		35,754,379
	30,112,000	BMW US Capital LLC 4.73% due 12/10/2007		29,957,701		29,957,701
	20,000,000	BP Capital Markets PLC 4.96% due 11/15/2007		19,961,422		19,961,422
	25,000,000	Caterpillar Financial Services Corporation 4.72% due 11/05/2007		24,986,889		24,986,889
	28,273,000	Cintas Corporation 4.78% due 11/01/2007		28,273,000		28,273,000
	49,000,000	Cintas Corporation 4.77% due 11/02/2007		48,993,507		48,993,507
	25,000,000	Cintas Corporation 4.72% due 11/02/2007		24,996,722		24,996,722
	30,000,000	Cintas Corporation 4.78% due 11/05/2007		29,984,067		29,984,067
	20,000,000	Cintas Corporation 4.68% due 11/05/2007		19,989,600		19,989,600
	14,500,000	Cintas Corporation 4.77% due 11/05/2007		14,492,315		14,492,315
	11,000,000	Cintas Corporation 4.76% due 11/06/2007		10,992,728		10,992,728
	18,000,000	Cintas Corporation 4.74% due 11/07/2007		17,985,780		17,985,780
	15,000,000	Cintas Corporation 4.77% due 11/14/2007		14,974,163		14,974,163
	11,000,000	Cintas Corporation 4.77% due 11/15/2007		10,979,595		10,979,595
	52,085,000	Cintas Corporation 4.77% due 11/16/2007		51,981,482		51,981,482
	19,000,000	The Coca-Cola Company 4.54% due 11/19/2007		18,956,870		18,956,870
	20,000,000	The Clorox Company 5.05% due 11/05/2007		19,988,778		19,988,778
	15,200,000	Colgate-Palmolive Company 4.67% due 11/20/2007		15,162,536		15,162,536
	29,250,000	ConocoPhillips Company 4.87% due 11/27/2007		29,147,121		29,147,121
	24,165,000	Diageo Capital Plc 5.23% due 11/01/2007		24,165,000		24,165,000
	6,077,000	Diageo Capital Plc 5.2% due 11/01/2007		6,077,000		6,077,000
	26,323,000	Diageo Capital Plc 5.25% due 11/02/2007		26,319,161		26,319,161
	25,000,000	Diageo Capital Plc 5.3% due 11/02/2007		24,996,319		24,996,319
	15,000,000	Diageo Capital Plc 5.2% due 11/02/2007		14,997,833		14,997,833

See Notes to Financial Statements.

17

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Principal Amount				Cost (Note 1)		Value (Note 1)
			Short-Term Investments—(continued)
$	25,000,000		Diageo Capital Plc 5.27% due 11/05/2007	$	24,985,361	$	24,985,361
	15,000,000		Diageo Capital Plc 5.27% due 11/06/2007		14,989,021		14,989,021
	15,780,000		Diageo Capital Plc 5.15% due 11/08/2007		15,764,198		15,764,198
	36,494,000		Diageo Capital Plc 5.28% due 11/09/2007		36,451,180		36,451,180
	15,000,000		Diageo Capital Plc 5.27% due 11/13/2007		14,973,650		14,973,650
	11,172,000		Diageo Capital Plc 5.29% due 11/13/2007		11,152,300		11,152,300
	25,972,000		Diageo Capital Plc 5.28% due 11/14/2007		25,922,480		25,922,480
	1,956,000		Diageo Capital Plc 5.22% due 11/14/2007		1,952,313		1,952,313
	32,547,000		Diageo Capital Plc 5.2% due 11/15/2007		32,481,183		32,481,183
	11,813,000		Diageo Capital Plc 5.28% due 11/15/2007		11,788,744		11,788,744
	12,214,000		Diageo Capital Plc 5.28% due 11/16/2007		12,187,129		12,187,129
	24,000,000		Diageo Capital Plc 4.75% due 12/04/2007		23,895,500		23,895,500
	13,426,000		Diageo Capital Plc 5.3% due 12/10/2007		13,348,912		13,348,912
	12,000,000		Diageo Capital Plc 5.31% due 12/14/2007		11,923,890		11,923,890
	25,000,000		Dover Corporation 4.8% due 11/06/2007		24,983,333		24,983,333
	33,049,000		Dover Corporation 4.68% due 11/20/2007		32,967,369		32,967,369
	23,380,000		The Dow Chemical Company 5.2% due 11/08/2007		23,356,360		23,356,360
	2,300,000		Emerson Electric Company 4.7% due 11/02/2007		2,299,700		2,299,700
	20,000,000		Emerson Electric Company 4.6% due 11/05/2007		19,989,778		19,989,778
	10,145,000		Estèe Lauder Inc. 4.75% due 11/06/2007		10,138,307		10,138,307
	10,000,000		Estèe Lauder Inc. 4.75% due 11/19/2007		9,976,250		9,976,250
	5,075,000		Estèe Lauder Inc. 4.71% due 12/07/2007		5,051,097		5,051,097
	9,000,000		Estèe Lauder Inc. 4.72% due 12/11/2007		8,952,800		8,952,800
	4,000,000		Estèe Lauder Inc. 4.72% due 12/12/2007		3,978,498		3,978,498
	15,915,000		Genentech Inc. 4.67% due 11/09/2007		15,898,484		15,898,484
	25,000,000		Hitachi Limited 5% due 11/01/2007		25,000,000		25,000,000
	11,500,000		Hitachi Limited 5.15% due 11/01/2007		11,500,000		11,500,000
	20,000,000		Hitachi Limited 4.9% due 11/02/2007		19,997,278		19,997,278
	20,000,000		Hitachi Limited 4.75% due 11/27/2007		19,931,389		19,931,389
	15,000,000		Hitachi Limited 4.85% due 11/27/2007		14,947,458		14,947,458
	23,141,000		The Home Depot U.S.A. Inc. 5.065% due 11/01/2007		23,141,000		23,141,000
	30,000,000		Honeywell International Inc. 4.71% due 12/04/2007		29,870,475		29,870,475
	20,000,000		ITT Corporation 5.3% due 11/05/2007		19,988,222		19,988,222
	20,000,000		ITT Corporation 5% due 11/06/2007		19,986,111		19,986,111
	15,600,000		ITT Corporation 5.25% due 11/14/2007		15,570,425		15,570,425
	30,000,000		ITT Corporation 5.2% due 11/19/2007		29,922,000		29,922,000
	25,000,000		ITT Corporation 4.95% due 11/19/2007		24,938,125		24,938,125
	24,487,000		ITT Corporation 5% due 11/19/2007		24,425,783		24,425,783
	18,456,000		ITT Corporation 4.85% due 12/06/2007		18,368,975		18,368,975
	18,000,000		Johnson & Johnson 4.65% due 11/13/2007		17,972,100		17,972,100
	6,686,000	��	Johnson & Johnson 4.6% due 12/10/2007		6,652,681		6,652,681
	25,000,000		Kraft Foods Inc. 4.86% due 11/01/2007		25,000,000		25,000,000

See Notes to Financial Statements.

18

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Principal Amount			Cost (Note 1)		Value (Note 1)
		Short-Term Investments—(continued)
$	25,000,000	Kraft Foods Inc. 4.87% due 11/01/2007	$	25,000,000	$	25,000,000
	5,000,000	Kraft Foods Inc. 4.84% due 11/01/2007		5,000,000		5,000,000
	23,000,000	Kraft Foods Inc. 5.35% due 11/02/2007		22,996,582		22,996,582
	23,486,000	Kraft Foods Inc. 4.75% due 11/08/2007		23,464,308		23,464,308
	10,000,000	Kraft Foods Inc. 4.78% due 11/08/2007		9,990,706		9,990,706
	13,050,000	Kraft Foods Inc. 4.8% due 11/09/2007		13,036,080		13,036,080
	25,000,000	Kraft Foods Inc. 4.86% due 11/19/2007		24,939,250		24,939,250
	25,000,000	Kraft Foods Inc. 4.63% due 12/07/2007		24,884,250		24,884,250
	20,000,000	L'Orèal SA 4.75% due 11/02/2007		19,997,361		19,997,361
	22,845,000	L'Orèal SA 4.73% due 11/05/2007		22,832,994		22,832,994
	17,500,000	L'Orèal SA 4.73% due 11/16/2007		17,465,510		17,465,510
	21,250,000	L'Orèal SA 4.72% due 11/19/2007		21,199,850		21,199,850
	20,000,000	L'Orèal SA 4.72% due 11/20/2007		19,950,178		19,950,178
	30,000,000	L'Orèal SA 4.72% due 11/21/2007		29,921,333		29,921,333
	20,000,000	L'Orèal SA 4.7% due 11/26/2007		19,934,722		19,934,722
	25,000,000	Monsanto Company 5.25% due 11/26/2007		24,908,854		24,908,854
	9,697,000	Monsanto Company 5.27% due 11/26/2007		9,661,512		9,661,512
	20,000,000	Monsanto Company 4.9% due 11/29/2007		19,923,778		19,923,778
	20,000,000	Monsanto Company 5% due 11/29/2007		19,922,222		19,922,222
	26,860,000	Monsanto Company 5.05% due 11/30/2007		26,750,732		26,750,732
	18,563,000	Monsanto Company 5.25% due 11/30/2007		18,484,494		18,484,494
	16,202,000	Nestlè Capital Corporation 5.25% due 11/13/2007		16,173,647		16,173,647
	10,108,000	Nestlè Capital Corporation 4.54% due 11/26/2007		10,076,132		10,076,132
	25,000,000	Nestlè Capital Corporation 4.29% due 12/04/2007		24,901,687		24,901,687
	7,400,000	NetJets Inc. 4.55% due 12/20/2007		7,354,171		7,354,171
	15,700,000	Pitney Bowes Inc. 4.7% due 11/08/2007		15,685,652		15,685,652
	18,850,000	Praxair Inc. 4.72% due 11/01/2007		18,850,000		18,850,000
	20,000,000	Praxair Inc. 4.72% due 11/08/2007		19,981,644		19,981,644
	13,560,000	Praxair Inc. 4.71% due 11/08/2007		13,547,581		13,547,581
	20,000,000	Praxair Inc. 4.7% due 11/09/2007		19,979,111		19,979,111
	25,000,000	Praxair Inc. 4.67% due 11/13/2007		24,961,083		24,961,083
	19,073,000	Praxair Inc. 4.67% due 11/13/2007		19,043,310		19,043,310
	25,000,000	Praxair Inc. 4.67% due 11/14/2007		24,957,840		24,957,840
	26,910,000	Praxair Inc. 4.65% due 11/15/2007		26,861,338		26,861,338
	25,000,000	Praxair Inc. 4.65% due 11/16/2007		24,951,563		24,951,563
	24,650,000	Praxair Inc. 4.58% due 11/19/2007		24,593,552		24,593,552
	20,786,000	Praxair Inc. 4.6% due 11/19/2007		20,738,192		20,738,192
	28,028,000	Praxair Inc. 4.55% due 11/26/2007		27,939,439		27,939,439
	25,000,000	Procter & Gamble Company 4.78% due 11/05/2007		24,986,722		24,986,722
	25,000,000	Procter & Gamble Company 4.79% due 11/05/2007		24,986,694		24,986,694
	25,000,000	Procter & Gamble Company 4.73% due 11/09/2007		24,973,722		24,973,722
	19,865,000	Procter & Gamble Company 4.73% due 11/14/2007		19,831,069		19,831,069

See Notes to Financial Statements.

19

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Principal Amount			Cost (Note 1)		Value (Note 1)
		Short-Term Investments—(continued)
$	13,203,000	Procter & Gamble Company 4.77% due 11/14/2007	$	13,180,258	$	13,180,258
	28,239,000	Procter & Gamble Company 4.98% due 11/16/2007		28,180,404		28,180,404
	30,000,000	Procter & Gamble Company 4.73% due 11/19/2007		29,929,050		29,929,050
	25,000,000	Procter & Gamble Company 4.75% due 11/19/2007		24,940,625		24,940,625
	25,000,000	Procter & Gamble Company 4.74% due 12/03/2007		24,894,667		24,894,667
	30,000,000	Procter & Gamble Company 4.74% due 12/10/2007		29,845,950		29,845,950
	25,000,000	Siemens AG 4.79% due 11/07/2007		24,980,042		24,980,042
	25,000,000	Siemens AG 4.78% due 11/09/2007		24,973,444		24,973,444
	14,849,000	Siemens AG 4.79% due 11/14/2007		14,823,315		14,823,315
	25,000,000	Siemens AG 4.75% due 11/15/2007		24,953,819		24,953,819
	28,525,000	Siemens AG 4.81% due 11/20/2007		28,452,586		28,452,586
	25,000,000	Siemens AG 4.81% due 11/21/2007		24,933,194		24,933,194
	11,300,000	Siemens AG 4.8% due 12/06/2007		11,247,267		11,247,267
	24,708,000	Siemens AG 4.7% due 12/17/2007		24,559,615		24,559,615
	10,992,000	Siemens AG 4.68% due 12/17/2007		10,926,268		10,926,268
	20,000,000	Siemens AG 4.65% due 12/21/2007		19,870,833		19,870,833
	25,000,000	Starbucks Corporation 5.3% due 11/01/2007		25,000,000		25,000,000
	21,931,000	Starbucks Corporation 5.3% due 11/01/2007		21,931,000		21,931,000
	24,000,000	Starbucks Corporation 5.25% due 11/02/2007		23,996,500		23,996,500
	28,041,000	Starbucks Corporation 5.25% due 11/05/2007		28,024,643		28,024,643
	25,000,000	Starbucks Corporation 5.25% due 11/05/2007		24,985,417		24,985,417
	21,421,000	Starbucks Corporation 5.2% due 11/05/2007		21,408,623		21,408,623
	23,950,000	Starbucks Corporation 4.85% due 11/06/2007		23,933,867		23,933,867
	19,143,000	Starbucks Corporation 4.85% due 11/15/2007		19,106,894		19,106,894
	15,644,000	Starbucks Corporation 5.25% due 11/15/2007		15,612,060		15,612,060
	25,000,000	Telstra Corporation Limited 5% due 11/02/2007		24,996,528		24,996,528
	30,000,000	Telstra Corporation Limited 5.5% due 11/05/2007		29,981,667		29,981,667
	25,000,000	Telstra Corporation Limited 5.2% due 11/05/2007		24,985,556		24,985,556
	15,000,000	Telstra Corporation Limited 5.45% due 11/05/2007		14,990,917		14,990,917
	50,000,000	Telstra Corporation Limited 5.43% due 11/07/2007		49,954,750		49,954,750
	18,944,000	Telstra Corporation Limited 5.55% due 11/07/2007		18,926,477		18,926,477
	90,012,000	Telstra Corporation Limited 5.55% due 11/09/2007		89,900,985		89,900,985
	30,000,000	Telstra Corporation Limited 5.5% due 11/09/2007		29,963,333		29,963,333
	29,988,000	Telstra Corporation Limited 5% due 11/09/2007		29,954,680		29,954,680
	25,000,000	Telstra Corporation Limited 5% due 11/13/2007		24,958,333		24,958,333
	25,000,000	Telstra Corporation Limited 4.9% due 11/15/2007		24,952,361		24,952,361
	35,000,000	Telstra Corporation Limited 4.81% due 11/16/2007		34,929,854		34,929,854
	44,000,000	Telstra Corporation Limited 5.15% due 11/21/2007		43,874,111		43,874,111
	30,000,000	Telstra Corporation Limited 5.5% due 11/21/2007		29,908,333		29,908,333
	25,000,000	Telstra Corporation Limited 5.45% due 11/21/2007		24,924,306		24,924,306
	50,000,000	Telstra Corporation Limited 4.94% due 12/06/2007		49,759,861		49,759,861
	30,000,000	Telstra Corporation Limited 4.95% due 12/12/2007		29,830,875		29,830,875

See Notes to Financial Statements.

20

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Principal Amount			Cost (Note 1)			Value (Note 1)
		Short-Term Investments—(continued)
$	25,000,000	Telstra Corporation Limited 4.55% due 12/14/2007	$	24,864,132		$	24,864,132
	25,000,000	Time Warner Inc. 5.06% due 11/19/2007		24,936,750			24,936,750
	21,446,000	Time Warner Inc. 5.08% due 11/19/2007		21,391,527			21,391,527
	25,000,000	Time Warner Inc. 5.01% due 11/26/2007		24,913,021			24,913,021
	25,000,000	Time Warner Inc. 4.94% due 11/27/2007		24,910,806			24,910,806
	25,000,000	Time Warner Inc. 5.06% due 11/27/2007		24,908,639			24,908,639
	16,380,000	Time Warner Inc. 4.98% due 11/27/2007		16,321,087			16,321,087
	25,000,000	Time Warner Inc. 5.33% due 11/30/2007		24,892,660			24,892,660
	23,000,000	Time Warner Inc. 5.32% due 12/03/2007		22,891,236			22,891,236
	30,000,000	Time Warner Inc. 5.2% due 12/06/2007		29,848,333			29,848,333
	28,893,000	Time Warner Inc. 4.97% due 12/26/2007		28,673,614			28,673,614
	25,000,000	The Walt Disney Company 5.06% due 11/09/2007		24,971,889			24,971,889
	25,000,000	The Walt Disney Company 5.08% due 11/13/2007		24,957,667			24,957,667
	12,500,000	The Walt Disney Company 4.78% due 11/13/2007		12,480,083			12,480,083
	25,000,000	The Walt Disney Company 5.1% due 11/15/2007		24,950,417			24,950,417
	13,411,000	The Walt Disney Company 4.75% due 11/16/2007		13,384,457			13,384,457
	25,000,000	Unilever N.V. 5.31% due 11/05/2007		24,985,250			24,985,250
	4,031,000	United Technologies Corporation 4.7% due 11/02/2007		4,030,474			4,030,474
		Total Short-Term Investments		4,173,098,656			4,173,098,656
		Total Investments (100.56%)	$	17,390,870,700	*		22,361,158,589	**
		Liabilities in excess of other assets (–0.56%)					(123,866,196	)
		Net Assets (100.00%)				$	22,237,292,393

  *  At October 31, 2007 cost of investments for federal income tax purposes was $17,710,281,903.

  **  Gross unrealized appreciation and depreciation of securities at October 31, 2007 for federal income tax purposes were $4,860,040,288 and $209,163,602 respectively (net appreciation was $4,650,876,686).

See Notes to Financial Statements.

21

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Foreign Currency Exchange Contracts
Purchases
Settlement Dates Through	Foreign Currency To Be Received			U.S. $ Value at October 31, 2007		U.S. $ To Be Delivered		Unrealized Appreciation at October 31, 2007		Unrealized Depreciation at October 31, 2007
12/12/07		8,179,000	euro	$	11,834,719	$	11,565,924	$	268,795	$	—
Sales
Settlement Dates Through	Foreign Currency To Be Delivered			U.S. $ To Be Received		U.S. $ Value at October 31, 2007		Unrealized Appreciation at October 31, 2007		Unrealized Depreciation at October 31, 2007
12/12/07		713,035,000	euro	$	965,000,964	$	1,031,735,976	$	—	$	(66,735,012	)
1/09/08		38,427,000	pound sterling		77,512,552		79,664,935		—		(2,152,383	)
1/09/08		11,630,000	pound sterling		23,775,209		24,110,734		—		(335,525	)
4/09/08		140,899,000	Swiss franc		120,870,721		122,536,107		—		(1,665,386	)
					1,187,159,446		1,258,047,752		—		(70,888,306	)
				$	1,198,994,165	$	1,269,613,676	$	268,795	$	(70,888,306	)

Foreign Currencies	Sector/Industry Classifications				Percent of Net Assets
EUR— euro		(1	)	Consumer Discretionary		6.68	%
GBP— pound sterling		(2	)	Consumer Staples		9.65	%
HKD— Hong Kong dollar		(3	)	Energy		4.84	%
MYR— Malaysian ringgit		(4	)	Financials		3.29	%
SEK— Swedish krona		(5	)	Government Issues		3.65	%
SGD— Singapore dollar		(6	)	Health Care		6.36	%
		(7	)	Holding Companies		6.86	%
		(8	)	Industrials		7.36	%
		(9	)	Materials		2.54	%
		(10	)	Media		4.41	%
		(11	)	Paper and Forest Products		2.59	%
		(12	)	Precious Metals		8.31	%
		(13	)	Real Estate		0.02	%
		(14	)	Retail		3.55	%
		(15	)	Technology and Telecommunications		9.67	%
		(16	)	Transportation		1.53	%
		(17	)	Utilities		0.48	%

(a)  Non-income producing security/commodity.

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

See Notes to Financial Statements.

22

FIRST EAGLE GLOBAL FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

(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 year ended October 31, 2007.

	Purchases				Sales				Realized			Dividend
Affiliate	Shares		Cost		Shares		Cost		Gain (Loss)			Income
Blount International, Inc.		505,180	$	5,831,104		—		—		—			—
Chofu Seisakusho Company, Limited		422,800		7,457,540		—		—		—		$	306,925
City e-Solutions Limited		—		—		761,220	$	34,389	$	131,504			165,100
Conbraco Industries, Inc.		—		—		—		—		—			—
Daeduck GDS Company, Limited		—		—		—		—		—			428,117
Deceuninck		—		—		—		—		—			478,637
East Texas Financial Services, Inc.		—		—		—		—		—			17,213
Getty Images, Inc.		3,400,450		133,280,462		—		—		—			—
IDACORP, Inc.		1,847,350		61,722,388		10,150		322,590		74,032			873,516
International Speedway Corporation, Class 'A'		3,038,000		156,219,744		244,570		13,026,189		(1,759,069	)		257,494
Kaiser Ventures LLC		—		—		—		—		—			—
Kose Corporation		1,162,100		31,613,678		278,800		8,185,277		(859,121	)		976,854
Meitec Corporation		2,859,105		83,992,185		—		—		—			1,364,556
Mills Music Trust		—		—		—		—		—			126,732
Nam Yang Dairy Products Company, Limited		—		—		18,108		5,671,900		11,825,372			55,878
NSC Groupe		—		—		—		—		—			175,619
PARK 24 Company, Limited		11,428,800		116,657,624		—		—		—			2,800,857
Phoenixtec Power Company, Limited		13,801,970		14,028,896		—		—		—			1,690,434
Rayonier Inc.		242,880		11,054,555		251,850		6,433,928		3,400,514			10,815,341
Sabeton SA		—		—		—		—		—			69,618
Shaw Brothers (Hong Kong) Limited		—		—		864,400		1,247,052		320,125			1,352,295
Shimano Inc.		495,100		15,479,890		1,792,630		41,020,217		13,096,621			1,610,364
Société Sucrière de Pithiviers-le-Vieil		—		—		—		—		—			1,564,778
T. Hasegawa Company, Limited		471,200		7,958,020		—		—		—			717,638
Total									$	26,229,978		$	25,847,966

(d)  Security for which there is less than three market makers.

(e)  Represents interest in a restricted security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. Information concerning each restricted security holding on October 31, 2007 is shown below.

Security	Acquisition Date	Cost		Carrying Value Per Share/Principal
Kaiser Ventures LLC	6/24/1993		—	$	2.87
FINEL 91/2% due 6/30/2017	6/22/2005	$	14,474,400		0.72
FINEL 91/2% due 10/15/2017	10/11/2005		18,067,500		0.72
LandCo LLC	9/06/2006		669,030		3.48

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

(g)  Inflation protected security.

See Notes to Financial Statements.

23

FUND OVERVIEW

FIRST EAGLE OVERSEAS FUND  Data as of October 31, 2007 (Unaudited)

THE INVESTMENT STYLE

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

ASSET ALLOCATION

COUNTRIES

Japan	24.11	%
France	17.37	%
South Korea	7.34	%
Switzerland	7.08	%
United States	5.81	%
Singapore	2.94	%
Germany	2.84	%
Netherlands	2.57	%
Italy	2.37	%
Hong Kong	2.13	%
Mexico	1.83	%
Canada	1.72	%
Thailand	1.50	%
United Kingdom	1.42	%
South Africa	1.19	%
Brazil	1.07	%
Taiwan	0.82	%
Malaysia	0.69	%
Chile	0.48	%
Belgium	0.45	%
Australia	0.44	%
Spain	0.42	%
India	0.37	%
Ireland	0.33	%
Other	0.36	%

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		18.20	%		24.55	%		16.52	%
with sales load		12.29	%		23.28	%		16.07	%
MSCI EAFE Index		24.91	%		23.21	%		9.26	%
Consumer Price Index		3.54	%		2.88	%		2.60	%

GROWTH OF A $10,000 INITIAL INVESTMENT

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. The average annual returns for Class A Shares give effect to the deduction of the maximum sales load of 3.75% for periods prior to March 1, 2000 and of 5.00% thereafter. The MSCI EAFE Index is a total return index, reported in U.S. Dollars, based on share prices and reinvested net dividends of approximately 1,100 companies from 21 countries and is not available for purchase. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

TOP 10 HOLDINGS

Gold bullion (precious metal)	4.67	%
Nestlé SA (Swiss food manufacturer)	3.16	%
Sanofi-Aventis (French health care company)	2.53	%
Sodexho Alliance SA (French food management services provider)	2.37	%
Pargesa Holding SA (Swiss diversified financials company)	2.35	%
SK Telecom Company, Limited ADR (South Korean wireless telecommunications company)	2.05	%
Shimano Inc. (Japanese bicycle parts manufacturer)	1.76	%
Samsung Electronics Company, Limited Pfd. (South Korean electronics company)	1.76	%
Sompo Japan Insurance Inc. (Japanese insurance company)	1.68	%
Republic of France O.A.T. I/L 3% due 7/25/2012 (French government bond)	1.51	%

24

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks (78.11%)
		Australia and New Zealand (0.49%)
	11,881,161	Spotless Group Limited (c)(8)	$	36,382,798	$	49,192,022
	5,750,000	Tasman Farms (a)(c)(2)		1,054,354		4,862,026
				37,437,152		54,054,048
		Belgium (0.45%)
	2,027,619	Deceuninck (c)(1)		47,275,994		50,008,540
		Brazil (1.07%)
	1,436,872	Petroleo Brasiliero SA ADR (3)		33,865,845		119,533,382
		Canada (1.38%)
	905,890	EnCana Corporation (3)		18,012,558		63,140,533
	2,960,580	IAMGOLD Corporation (12)		18,361,679		25,801,076
	659,400	Goldcorp Inc. (12)		16,153,559		23,164,722
	525,720	Aber Diamond Corporation (9)		10,955,057		22,985,379
	583,062	Calfrac Well Services Limited (3)		9,961,243		12,371,887
	3,638,271	Catalyst Paper Corporation (a)(11)		10,981,521		5,437,685
				84,425,617		152,901,282
		Chile (0.48%)
	23,895,802	Quinenco SA (8)		15,827,311		53,784,327
		Commonwealth of Independent States (0.00%)
	100,000	First NIS Regional Fund SICAV (b)(f)(7)		1,000,000		50,000
	9,000	Baltic Republic Fund (d)(7)		185,750		6,750
				1,185,750		56,750
		France (15.37%)
	3,218,890	Sanofi-Aventis (6)		273,471,188		281,891,510
	3,657,394	Sodexho Alliance SA (1)		105,532,249		263,313,322
	834,577	Wendel (7)		18,222,426		143,120,358
	1,477,554	Rémy Cointreau SA (2)		43,919,771		113,386,720
	760,240	Air Liquide SA (9)		95,168,038		104,462,893
	541,618	Laurent-Perrier (c)(2)		17,871,120		100,904,068
	728,170	Neopost SA (8)		36,266,681		84,445,811
	1,078,850	Société BIC SA (8)		55,417,087		83,726,750
	1,084,568	Carrefour SA (2)		61,330,991		77,957,738
	344,440	Société Foncière Financière et de Participations (7)		22,591,007		56,974,850
	613,300	Total SA (3)		41,767,710		49,370,961
	735,683	Essilor International SA (6)		14,575,627		46,814,256
	227,140	Robertet SA (c)(2)		19,306,879		42,056,878

See Notes to Financial Statements.

25

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—(continued)
		France—(continued)
	51,500	Robertet SA C.I. (2)	$	2,151,628	$	6,406,770
	540,680	Zodiac SA (8)		29,937,796		37,385,367
	38,750	Société Sucrière de Pithiviers-le Vieil (c)(2)		15,309,438		34,193,386
	250,182	L' Oréal SA (2)		18,415,523		32,802,685
	619,193	Trigano SA (1)		29,362,325		32,397,238
	1,007,646	Télévision Française 1 SA (10)		26,502,643		27,825,781
	279,361	Gaumont SA (10)		14,354,980		24,327,401
	533,620	Vivendi SA (10)		17,346,777		23,990,901
	102,796	Guyenne et Gascogne SA (2)		17,226,064		19,165,885
	300,000	Frégate SAS 2% Conv. Pfd due 3/31/2013 (a)(d)(e)(f)(7)		3,620,400		8,101,172
	3,593,581	FINEL (b)(c)(d)(e)(f)(h)(11)		9,152,131		5,146,311
	26,499	NSC Groupe (8)		4,385,060		3,123,685
	20,000	Didot-Bottin SA (a)(7)		1,934,129		2,004,629
	1,000	Société Vermandoise de Sucreries (2)		854,846		1,938,377
	100,000	Sabeton SA (7)		1,463,142		1,880,515
				997,457,656		1,709,116,218
		Germany (2.84%)
	915,140	Pfeiffer Vacuum Technology AG (c)(8)		39,449,539		77,905,380
	917,125	Fraport AG (16)		35,695,044		71,454,293
	553,222	Hornbach Holding AG Pfd. (14)		35,962,361		69,622,905
	1,358,769	Bertelsmann AG D.R.C. (10)		30,601,684		44,519,193
	195,535	Axel Springer AG (10)		9,333,359		30,200,017
	1,644,040	Singulus Technologies (a)(8)		20,586,775		20,048,108
	39,239	Grenkeleasing AG (4)		1,523,059		1,690,915
				173,151,821		315,440,811
		Hong Kong (1.71%)
	6,776,030	Guoco Group Limited (7)		49,652,331		104,036,793
	17,482,440	Shaw Brothers (Hong Kong) Limited (10)		15,754,118		36,089,985
	7,000,000	Hopewell Holdings Limited (13)		7,763,618		36,035,920
	10,000,000	SmarTone Telecommunications Holdings Limited (15)		11,260,665		12,205,507
	10,851,720	City e-Solutions Limited (1)		323,358		1,820,148
				84,754,090		190,188,353
		India (0.37%)
	1,150,000	Tata Motors Limited (1)		11,635,888		22,163,020
	482,001	Nestlé India Limited (2)		6,511,864		19,155,138
				18,147,752		41,318,158

See Notes to Financial Statements.

26

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—(continued)
		Indonesia (0.02%)
	4,500,000	PT Bat Indonesia Tbk (a)(c)(2)	$	4,735,462	$	2,324,942
		Italy (2.37%)
	6,971,566	Italcementi S.p.A. RNC (9)		81,896,049		115,974,265
	1,126,696	Italmobiliare S.p.A. RNC (9)		45,280,095		94,366,698
	85,325	Italmobiliare S.p.A. (9)		11,927,829		10,455,491
	5,828,718	Gewiss S.p.A. (8)		21,929,171		42,663,551
				161,033,144		263,460,005
		Japan (24.11%)
	5,398,500	Shimano Inc. (c)(1)		95,184,798		195,891,575
	16,004,250	Sompo Japan Insurance Inc. (4)		181,680,296		186,724,354
	100,097	NTT DoCoMo Inc. (15)		156,505,175		144,243,257
	1,052,900	SMC Corporation (8)		137,686,217		140,575,563
	2,717,900	Secom Company, Limited (8)		114,814,839		139,439,984
	564,600	Keyence Corporation (15)		122,592,037		129,736,204
	996,680	Hirose Electric Company, Limited (15)		119,146,885		118,706,972
	2,240,100	Ono Pharmaceutical Company, Limited (6)		90,296,952		115,510,170
	2,273,020	Astellas Pharma Inc. (6)		96,480,690		100,435,538
	1,724,870	Toyota Motor Corporation (1)		62,362,453		98,375,762
	1,712,270	Canon Inc. (15)		83,350,232		85,468,575
	4,155,310	Toho Company, Limited (10)		62,538,089		82,604,800
	13,699,900	Aioi Insurance Company, Limited (4)		43,912,843		79,205,985
	2,936,700	Kose Corporation (2)		85,642,014		75,205,217
	2,387,767	Meitec Corporation (c)(8)		73,219,254		70,268,068
	7,500,930	NIPPONKOA Insurance Company, Limited (4)		33,069,082		68,370,819
	3,147,491	T. Hasegawa Company, Limited (c)(2)		42,160,090		55,466,007
	10,460,000	Okumura Corporation (8)		54,694,686		55,207,952
	2,152,900	AIFUL Corporation (4)		36,805,548		50,554,230
	2,271,850	Nitto Kohki Company, Limited (c)(8)		38,484,456		49,501,658
	2,805,900	MISUMI Group Inc. (8)		48,180,532		47,229,829
	5,453,000	Kansai Paint Company, Limited (9)		41,956,987		40,851,938
	1,760,700	Ariake Japan Company, Limited (c)(2)		38,204,234		36,377,152
	3,189,600	Mitsui Sumitomo Insurance Company, Limited (4)		15,084,508		36,327,577
	296,400	FANUC Limited (8)		28,488,769		32,265,775
	2,079,020	Cosel Company, Limited (c)(8)		34,721,250		29,598,444
	1,546,300	Fuji Seal International, Inc. (c)(9)		37,966,813		28,927,267
	2,030,330	Maezawa Kasei Industries Company, Limited (c)(8)		31,422,463		27,741,998
	1,716,770	Circle K Sunkus Company, Limited (2)		30,450,607		26,214,666
	2,181,200	Seikagaku Corporation (6)		17,605,118		25,921,809
	1,578,100	Chofu Seisakusho Company, Limited (1)		25,267,903		25,823,330

See Notes to Financial Statements.

27

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—(continued)
		Japan—(continued)
	1,897,056	Nissin Healthcare Food Service Company, Limited (2)	$	32,039,654	$	23,253,119
	936,347	Mandom Corporation (2)		15,567,941		23,247,124
	807,000	Shimachu Company, Limited (14)		16,965,249		23,118,191
	853,360	Icom Inc. (c)(15)		22,353,412		22,297,961
	303,200	Mabuchi Motor Company, Limited (15)		18,025,224		20,424,775
	2,681,675	The Tokushima Bank, Limited (4)		18,101,280		18,157,963
	798,380	Chudenko Corporation (8)		12,166,734		16,252,451
	100,000	ASAHI Broadcasting Corporation (10)		6,141,481		15,452,060
	1,547,100	PARK24 Company, Limited (8)		13,768,972		15,310,508
	608,246	Matsumoto Yushi-Seiyaku Company, Limited (c)(9)		14,767,376		15,259,611
	427,500	SK Kaken Company, Limited (8)		7,390,751		14,102,175
	894,400	Daiichikosho Company, Limited (10)		9,256,567		10,559,347
	985,500	Yomeishu Seizo Company, Limited (2)		8,201,966		9,838,318
	594,300	Aderans Company, Limited (2)		11,805,545		9,549,453
	1,026,000	Shingakukai Company, Limited (c)(1)		7,935,087		6,466,218
	1,035,290	Sansei Yusoki Company, Limited (c)(8)		9,147,298		6,111,352
	456,000	OSG Corporation (8)		5,581,793		5,739,832
	312,785	Shoei Company, Limited (7)		1,376,325		5,620,599
	175,600	As One Corporation (6)		4,732,542		4,070,072
	211,364	Nagaileben Company, Limited (6)		4,361,527		3,899,028
	423,700	Tachi-S Company, Limited (1)		3,263,755		3,210,991
	122,100	Milbon Company, Limited (2)		3,584,409		3,201,024
	325,000	Sonton Food Industry Company, Limited (2)		3,298,777		2,736,664
	37,100	Tachihi Enterprise Company, Limited (13)		1,374,762		2,045,097
	120,600	Doshisha Corporation, Limited (1)		2,390,102		2,040,448
				2,333,574,349		2,680,736,856
		Malaysia (0.39%)
	17,724,610	Genting Berhad (1)		39,307,907		43,846,486
		Mexico (1.83%)
	6,510,750	Industrias Peñoles SAB de C.V. (12)		6,770,859		153,903,184
	10,734,970	Grupo Modelo SA de C.V. (2)		39,834,954		49,938,263
				46,605,813		203,841,447
		Netherlands (1.72%)
	1,589,959	Heineken Holding NV (2)		38,301,461		93,907,169
	496,018	Hal Trust NV (7)		13,919,475		58,090,000
	1,000,000	Koninklijke Grolsch NV (c)(2)		23,826,083		39,360,625
				76,047,019		191,357,794

See Notes to Financial Statements.

28

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—(continued)
		Singapore (2.43%)
	16,074,650	Haw Par Corporation Limited (c)(8)	$	42,645,819	$	87,660,743
	3,132,020	United Overseas Bank Limited (4)		40,462,665		46,483,574
	9,974,000	Fraser & Neave Limited (2)		10,285,189		41,310,185
	10,000,000	United Overseas Land Limited (7)		12,162,423		36,240,638
	16,750,000	Singapore Airport Terminal Services Limited (16)		20,204,311		34,687,468
	17,549,625	ComfortDelgro Corporation Limited (16)		6,946,456		23,380,924
				132,706,863		269,763,532
		South Africa (1.19%)
	5,947,430	Gold Fields Limited ADR (12)		88,910,618		107,470,060
	1,591,010	Harmony Gold Mining Company, Limited ADR (a)(12)		17,567,971		17,819,312
	669,619	Mondi Limited (11)		5,448,700		6,750,223
				111,927,289		132,039,595
		South Korea (7.34%)
	7,400,144	SK Telecom Company, Limited ADR (15)		167,547,629		227,998,437
	414,774	Samsung Electronics Company, Limited Pfd. (15)		72,531,622		195,713,279
	1,077,369	KT&G Corporation (2)		47,344,293		86,600,994
	36,226	Lotte Confectionery Company, Limited (2)		11,571,325		59,485,127
	2,110,930	Kangwon Land Inc. (1)		40,812,240		56,247,718
	117,880	Pacific Corporation (2)		18,010,606		26,698,701
	120,620	Nong Shim Company, Limited (2)		31,736,226		26,649,695
	39,708	Nong Shim Holding Company, Limited (2)		3,625,272		3,725,243
	939,030	Fursys Inc. (c)(8)		11,308,973		23,613,889
	22,950	Nam Yang Dairy Products Company, Limited (2)		4,912,653		23,186,966
	28,850	Nam Yang Dairy Products Company, Limited Pfd. (2)		479,094		12,139,614
	71,177	SK Holdings Company, Limited (3)		9,160,124		21,178,457
	494,900	Hankuk Paper Manufacturing Company, Limited (c)(11)		17,020,271		19,725,669
	1,182,040	Dong Ah Tire & Rubber Company, Limited (1)		5,161,359		11,417,506
	1,042,250	Daeduck GDS Company, Limited (c)(15)		8,149,986		9,268,816
	1,087,440	Daeduck Electronics Company, Limited (15)		7,707,302		8,270,194
	290,204	Sam-A Pharmaceutical Company, Limited (6)		2,323,904		2,519,591
	23,136	Daekyo Company, Limited Pfd. (1)		905,979		1,258,648
				460,308,858		815,698,544
		Spain (0.42%)
	621,910	Corporacion Financiera Alba SA (7)		11,881,966		46,510,556
		Switzerland (7.08%)
	762,865	Nestlé SA (2)		207,054,279		351,752,366
	2,300,398	Pargesa Holding SA (7)		128,181,891		261,751,636

See Notes to Financial Statements.

29

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—(continued)
		Switzerland—(continued)
	1,065,286	Kuehne & Nagel International AG (16)	$	7,762,368	$	114,137,786
	992	Lindt & Spruengli AG (2)		6,439,975		37,739,130
	35,000	Edipresse SA (10)		11,616,314		16,742,150
	7,000	Hilti AG (d)(e)(f)(8)		4,485,845		5,434,783
				365,540,672		787,557,851
		Taiwan (0.82%)
	28,936,495	Compal Electronics Inc. (15)		31,238,207		36,661,825
	24,970,522	Phoenixtec Power Company, Limited (c)(8)		25,716,769		25,933,891
	15,207,560	Taiwan Secom Company, Limited (8)		24,546,981		23,280,709
	5,318,607	Taiwan-Sogo Shinkong Security Company, Limited (8)		5,029,979		5,408,892
				86,531,936		91,285,317
		Thailand (1.50%)
	592,872,785	Thai Beverage Public Company Limited (2)		102,744,140		106,407,293
	14,789,489	Bangkok Bank Public Company Limited NVDR (4)		47,460,044		54,397,120
	496,220	Bangkok Bank Public Company Limited (4)		1,613,300		1,854,346
	250,000	The Oriental Hotel Public Company, Limited (1)		1,152,072		3,795,792
				152,969,556		166,454,551
		United Kingdom (1.40%)
	2,986,700	Spirax-Sarco Engineering Plc (8)		20,282,387		66,987,665
	892,218	Anglo American Plc (12)		18,748,394		61,461,801
	1,831,655	Mondi Plc (11)		16,770,956		16,971,367
	2,282,289	JZ Equity Partners, Plc (4)		4,089,888		6,831,482
	1,640,549	Chrysalis Group Plc (10)		3,646,837		3,785,245
				63,538,462		156,037,560
		United States (1.14%)
	1,597,613	Newmont Mining Corporation Holding Company (12)		51,732,028		81,254,597
	1,754,615	News Corporation, Class 'A' (10)		25,499,954		38,022,507
	34,500	Third Avenue Global Value Fund L.P. (a)(b)(d) (7)		3,450,000		7,550,761
	14,083	Security Capital European Realty (a)(d)(f)(13)		—		—
				80,681,982		126,827,865
		Miscellaneous (0.19%)
	1,094,523	Banco Latinoamericano de Exportaciones SA ADR (4)		13,960,676		21,310,363
		Total Common and Preferred Stocks		5,634,880,942		8,685,455,133

See Notes to Financial Statements.

30

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Ounces			Cost (Note 1)		Value (Note 1)
		Commodity (4.67%)
	652,751	Gold bullion (a)	$	343,206,873	$	518,695,182
Principal Amount
		Notes, Bonds and Convertible Bonds (4.87%)
		U.S. Dollar Notes and Bonds (0.38%)
$	1,000,000	YPF Sociedad Anonima SA 91/8% due 2/24/2009 (3)		918,943		1,043,000
	5,000,000	Catalyst Paper Corporation 85/8% due 6/15/2011 (11)		4,368,228		3,975,000
	47,142,000	Catalyst Paper Corporation 73/8% due 3/01/2014 (11)		38,124,386		34,767,225
	2,000,000	Legrand SA 81/2% due 2/15/2025 (8)		2,062,600		2,350,000
				45,474,157		42,135,225
		Non U.S. Dollar Notes and Bonds (4.45%)
HKD	67,500,000	Hong Kong Government 3.57% due 12/17/2007 (5)		8,684,874		8,726,613
HKD	164,250,000	Hong Kong Government 3.34% due 12/19/2008 (5)		20,998,129		21,296,299
HKD	125,300,000	Hong Kong Government 2.52% due 3/24/2009 (5)		15,965,858		16,080,032
EUR	9,766,000	Koninklijke Ahold NV 57/8% due 5/09/2008 (14)		10,564,222		14,190,579
SEK	55,000,000	Sweden Government I/L 4.6745% due 12/01/2008 (g)(5)		7,620,833		10,526,588
MYR	50,260,000	Malaysian Government 4.305% due 2/27/2009 (5)		13,283,208		15,228,885
MYR	56,664,000	Malaysian Government 3.756% due 4/28/2011 (5)		15,182,839		17,116,317
EUR	5,500,000	Independent News & Media Plc 53/4% due 5/17/2009 (10)		6,140,141		7,975,915
EUR	24,443,454	Republic of France O.A.T. I/L 3% due 7/25/2009 (g)(5)		26,181,026		35,864,448
EUR	110,252,718	Republic of France O.A.T. I/L 3% due 7/25/2012 (g)(5)		146,670,407		167,546,812
SGD	56,842,000	Singapore Government 23/8% due 10/01/2009 (5)		34,465,057		39,494,096
SGD	23,270,000	Singapore Government 45/8% due 7/01/2010 (5)		16,884,767		17,090,909
EUR	22,300,000	Waterford Wedgwood Plc 97/8% due 12/01/2010 (b)(1)		27,485,625		28,870,968
GBP	1,000,000	Marks & Spencer 63/8% due 11/07/2011 (1)		1,711,618		2,087,565
EUR	33,100,000	UPC Holding BV 73/4% due 1/15/2014 (b)(10)		38,567,975		48,000,506
EUR	21,600,000	UPC Holding BV 85/8% due 1/15/2014 (b)(10)		25,560,898		32,339,071
EUR	10,000,000	FINEL 91/2% due 10/15/2017 (b)(d)(e)(f)(11)		12,045,000		7,232,750
EUR	8,000,000	FINEL 91/2% due 6/30/2017 (b)(d)(e)(f)(11)		9,649,600		5,786,200
				437,662,077		495,454,553
		Non U.S. Dollar Convertible Bonds (0.04%)
EUR	243,500	Havas SA 4% due 1/01/2009 (10)		1,986,854		3,861,833
		Total Notes, Bonds and Convertible Bonds		485,123,088		541,451,611
		Short-Term Investments (12.99%)
$	50,000,000	Air Liquide SA 4.68% due 11/29/2007		49,818,000		49,818,000
	15,541,000	Air Liquide SA 4.65% due 11/29/2007		15,484,793		15,484,793
	26,000,000	AstraZeneca 4.88% due 11/02/2007		25,996,476		25,996,476

See Notes to Financial Statements.

31

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Principal Amount			Cost (Note 1)		Value (Note 1)
		Short-Term Investments—(continued)
$	24,159,000	BASF Corporation 5.3% due 11/05/2007	$	24,144,773	$	24,144,773
	20,000,000	BP Capital Markets Plc 4.9% due 11/15/2007		19,961,422		19,961,422
	25,000,000	Caterpillar Financial Services Corporation 4.72% due 11/05/2007		24,986,889		24,986,889
	15,000,000	Caterpillar Financial Services Corporation 4.57% due 11/19/2007		14,965,725		14,965,725
	23,236,000	Cintas Corporation 4.7% due 11/02/2007		23,232,966		23,232,966
	15,000,000	Cintas Corporation 4.77% due 11/14/2007		14,974,163		14,974,163
	36,915,000	Cintas Corporation 4.77% due 11/16/2007		36,841,631		36,841,631
	19,000,000	The Coca-Cola Company 4.54% due 11/19/2007		18,956,870		18,956,870
	7,776,000	Colgate-Palmolive Company 4.65% due 11/26/2007		7,750,890		7,750,890
	29,250,000	ConocoPhillips Company 4.87% due 11/27/2007		29,147,121		29,147,121
	23,677,000	Diageo Capital Plc 5.25% due 11/02/2007		23,673,547		23,673,547
	21,156,000	Diageo Capital Plc 5.25% due 11/09/2007		21,131,177		21,131,177
	15,000,000	Diageo Capital Plc 5.27% due 11/13/2007		14,973,650		14,973,650
	32,044,000	Diageo Capital Plc 5.22% due 11/14/2007		31,983,597		31,983,597
	11,184,000	Diageo Capital Plc 5.28% due 11/15/2007		11,161,036		11,161,036
	24,000,000	Diageo Capital Plc 4.75% due 12/04/2007		23,895,500		23,895,500
	12,000,000	Diageo Capital Plc 5.31% due 5/08/2007		11,923,890		11,923,890
	25,000,000	The Walt Disney Company 5.08% due 11/13/2007		24,957,667		24,957,667
	12,500,000	The Walt Disney Company 4.78% due 11/13/2007		12,480,083		12,480,083
	26,589,000	The Walt Disney Company 4.75% due 11/16/2007		26,536,376		26,536,376
	25,000,000	Dover Corporation 4.8% due 11/06/2007		24,983,333		24,983,333
	23,380,000	The Dow Chemical Company 5.2% due 11/08/2007		23,356,360		23,356,360
	20,000,000	Emerson Electric Company 4.6% due 11/05/2007		19,989,778		19,989,778
	25,000,000	Hitachi Limited 5% due 11/01/2007		25,000,000		25,000,000
	30,000,000	Honeywell International Inc. 4.71% due 12/04/2007		29,870,475		29,870,475
	20,000,000	ITT Corporation 5.3% due 11/05/2007		19,988,222		19,988,222
	15,600,000	ITT Corporation 5.25% due 11/14/2007		15,570,425		15,570,425
	20,614,000	Johnson & Johnson 4.6% due 12/10/2007		20,511,274		20,511,274
	19,799,000	Kraft Foods Inc. 4.87% due 11/01/2007		19,799,000		19,799,000
	17,500,000	L'Oréal SA 4.73% due 11/16/2007		17,465,510		17,465,510
	21,250,000	L'Oréal SA 4.72% due 11/19/2007		21,199,850		21,199,850
	8,460,000	Monsanto Company 5.25% due 11/26/2007		8,429,156		8,429,156
	21,220,000	Monsanto Company 5.02% due 11/29/2007		21,137,148		21,137,148
	25,000,000	Nestlé Capital Corporation 4.29% due 12/04/2007		24,901,688		24,901,688
	18,850,000	Praxair Inc. 4.72% due 11/01/2007		18,850,000		18,850,000
	20,000,000	Praxair Inc. 4.72% due 11/08/2007		19,981,644		19,981,644
	21,208,000	Praxair Inc. 4.72% due 11/09/2007		21,185,849		21,185,849
	25,000,000	Praxair Inc. 4.72% due 11/16/2007		24,951,563		24,951,563
	25,000,000	Procter and Gamble Company 4.79% due 11/05/2007		24,986,694		24,986,694
	34,797,000	Procter and Gamble Company 4.77% due 11/14/2007		34,737,062		34,737,062
	11,761,000	Procter and Gamble Company 4.98% due 11/16/2007		11,736,596		11,736,596
	25,000,000	Procter and Gamble Company 4.74% due 12/03/2007		24,894,667		24,894,667

See Notes to Financial Statements.

32

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Principal Amount			Cost (Note 1)			Value (Note 1)
		Short-Term Investments—(continued)
$	25,000,000	Siemens AG 4.79% due 11/07/2007	$	24,980,042		$	24,980,042
	25,000,000	Siemens AG 4.78% due 11/09/2007		24,973,444			24,973,444
	8,717,000	Siemens AG 4.79% due 11/14/2007		8,701,922			8,701,922
	20,000,000	Siemens AG 4.65% due 12/21/2007		19,870,833			19,870,833
	25,000,000	Starbucks Corporation 5.3% due 11/02/2007		24,996,319			24,996,319
	11,959,000	Starbucks Corporation 5.25% due 11/05/2007		11,952,024			11,952,024
	26,050,000	Starbucks Corporation 4.85% due 11/06/2007		26,032,452			26,032,452
	25,000,000	Telstra Corporation 5% due 11/02/2007		24,996,528			24,996,528
	25,000,000	Telstra Corporation 5.2% due 11/05/2007		24,985,556			24,985,556
	50,000,000	Telstra Corporation 5.43% due 11/07/2007		49,954,750			49,954,750
	25,000,000	Telstra Corporation 5% due 11/13/2007		24,958,333			24,958,333
	25,000,000	Telstra Corporation 4.9% due 11/15/2007		24,952,361			24,952,361
	30,000,000	Telstra Corporation 4.95% due 12/12/2007		29,830,875			29,830,875
	12,743,000	Telstra Corporation 4.93% due 12/12/2007		12,671,452			12,671,452
	25,000,000	Time Warner Inc. 5.06% due 11/19/2007		24,936,750			24,936,750
	18,554,000	Time Warner Inc. 5.08% due 11/19/2007		18,506,873			18,506,873
	25,000,000	Time Warner Inc. 4.94% due 11/27/2007		24,910,806			24,910,806
	20,000,000	Time Warner Inc. 5.33% due 11/30/2007		19,914,128			19,914,128
	20,000,000	Time Warner Inc. 4.97% due 12/26/2007		19,848,139			19,848,139
	20,000,000	Vulcan Materials Company 4.9% due 11/06/2007		19,986,389			19,986,389
		Total Short-Term Investments		1,444,464,512			1,444,464,512
		Total Investments (100.64%)	$	7,907,675,415	*		11,190,066,438	**
		Liabilities in excess of other assets (–0.64%)					(70,961,234	)
		Net Assets (100.00%)				$	11,119,105,204

  *  At October 31, 2007 cost of investments for federal income tax purposes was $8,268,898,804.

  **  Gross unrealized appreciation and depreciation of investments at October 31, 2007 for federal income tax purposes were $3,026,435,216 and $105,267,582, respectively (net appreciation was $2,921,167,634).

See Notes to Financial Statements.

33

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Foreign Currency Exchange Contracts
Purchases
Settlement Dates Through	Foreign Currency To Be Received			U.S. $ Value at October 31, 2007		U.S. $ To Be Delivered		Unrealized Appreciation at October 31, 2007		Unrealized Depreciation at October 31, 2007
12/12/07		53,253,000	euro	$	77,055,174	$	75,305,067	$	1,750,107	$	—
Sales
Settlement Dates Through	Foreign Currency To Be Delivered			U.S. $ To Be Received		U.S. $ Value at October 31, 2007		Unrealized Appreciation at October 31, 2007		Unrealized Depreciation at October 31, 2007
12/12/07		662,275,000	euro	$	896,370,592	$	958,288,083	$	—	$	(61,917,491	)
1/09/08		38,707,000	pound sterling		77,921,575		80,245,417		—		(2,323,842	)
1/09/08		14,000,000	pound sterling		28,620,200		29,024,100		—		(403,900	)
4/09/08		92,023,000	Swiss franc		78,942,266		80,029,952		—		(1,087,686	)
					1,081,854,633		1,147,587,552		—		(65,732,919	)
				$	1,158,909,807	$	1,222,892,619	$	1,750,107	$	(65,732,919	)

Foreign Currencies	Sector/Industry Classifications				Percent of Net Assets
EUR— euro		(1	)	Consumer Discretionary		7.64	%
GBP— pound sterling		(2	)	Consumer Staples		15.10	%
HKD— Hong Kong dollar		(3	)	Energy		2.40	%
MYR— Malaysian ringgit		(4	)	Financials		5.15	%
SEK— Swedish krona		(5	)	Government Issues		3.14	%
SGD— Singapore dollar		(6	)	Health Care		5.23	%
		(7	)	Holding Companies		6.58	%
		(8	)	Industrials		12.07	%
		(9	)	Materials		3.90	%
		(10	)	Media		4.01	%
		(11	)	Paper and Forest Products		0.95	%
		(12	)	Precious Metals		8.90	%
		(13	)	Real Estate		0.34	%
		(14	)	Retail		0.96	%
		(15	)	Technology and Telecommunications		9.09	%
		(16	)	Transportation		2.19	%

(a)  Non-income producing security/commodity.

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

See Notes to Financial Statements.

34

FIRST EAGLE OVERSEAS FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

(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 year ended October 31, 2007.

	Purchases				Sales				Realized		Dividend
Affiliate	Shares		Cost		Shares		Cost		Gain		Income
Ariake Japan Company, Limited		1,032,900	$	22,045,905		—		—		—	$	422,229
Cosel Company Limited		1,814,900		30,080,304		25,500	$	440,672	$	84,362		286,858
Daeduck GDS Company, Limited		—		—		—		—		—		280,780
Deceuninck		82,310		2,482,623		—		—		—		501,710
FINEL		—		—		—		—		—		—
Fuji Seal International, Inc.		785,300		17,814,004		—		—		—		168,363
Fursys Inc.		197,530		5,671,168		—		—		—		332,931
Hankuk Paper Manufacturing Company, Limited		267,710		8,547,478		—		—		—		135,166
Haw Par Corporation Limited		969,800		4,577,096		—		—		—		2,116,092
Icom Incorporated		528,400		14,517,598		—		—		—		203,064
Koninklijke Grolsch NV		—		—		—		—		—		1,020,038
Laurent-Perrier		—		—		74,299		3,874,725		4,092,896		734,689
Maezawa Kasei Industries Company, Limited		1,169,730		16,196,994		—		—		—		275,285
Matsumoto Yushi-Seiyaku Company, Limited		133,246		3,249,011		—		—		—		205,979
Meitec Corporation		1,446,367		42,958,359		—		—		—		1,090,102
Nitto Kohki Company, Limited		—		—		—		—		—		726,409
Pfeiffer Vacuum Technology AG		118,530		11,435,945		—		—		—		2,267,414
Phoenixtec Power Company, Limited		6,457,732		6,557,952		—		—		—		924,469
PT Bat Indonesia Tbk		—		—		—		—		—		—
Robertet SA		7,140		1,124,981		—		—		—		438,077
Sansei Yusoki Company, Limited		24,400		178,348		—		—		—		162,654
Shimano Inc.		232,300		6,545,671		—		—		—		1,570,420
Shingakukai Company, Limited		296,000		1,806,807		—		—		—		92,089
Société Sucrière de Pithiviers-le Vieil		—		—		—		—		—		1,162,862
Spotless Group Limited		2,501,980		9,922,287		—		—		—		1,826,242
T. Hasegawa Company, Limited		222,500		3,757,847		—		—		—		607,032
Tasman Farms		—		—		—		—		—		—
Total									$	4,177,258	$	17,550,954

(d)  Security for which there is less than three market makers.

(e)  Represents interest in a restricted security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. Information concerning each restricted security holding on October 31, 2007 is shown below.

Security	Acquisition Date	Cost		Carrying Value Per Share/Principal
FINEL	7/14/1999	$	9,152,131	$	1.43
FINEL 91/2% due 6/30/2017	6/22/2005		9,649,600		0.72
FINEL 91/2% due 10/15/2017	10/11/2005		12,045,000		0.72
Fregaté SAS 2% Conv. Pfd. due 3/31/2013	4/30/2004		3,620,400		27.00
Hilti AG	11/30/2001		4,485,845		776.40

(f)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing 0.29% of net assets.

(g)  Inflation protected security.

(h)  Held through Financiere Bleue, LLC.

See Notes to Financial Statements.

35

FUND OVERVIEW

FIRST EAGLE U.S. VALUE FUND  Data as of October 31, 2007 (Unaudited)

THE INVESTMENT STYLE

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

ASSET ALLOCATION

SECTOR/INDUSTRY

Industrials	11.11	%
Consumer Discretionary	10.57	%
Media	9.28	%
Health Care	9.04	%
Technology	8.74	%
Energy	8.62	%
Retail	6.64	%
Precious Metals	5.62	%
Holding Companies	4.83	%
Paper & Forest Products	3.14	%
Materials	2.24	%
Consumer Staples	1.84	%
Utilities	1.65	%
Financials	0.72	%
Government Bonds	0.05	%
Real Estate	0.02	%

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

AVERAGE ANNUAL RETURNS

	ONE-YEAR			FIVE-YEARS			SINCE INCEPTION
							(9-04-01)
First Eagle U.S. Value Fund (A Shares)
without sales load		11.47	%		15.14	%		13.15	%
with sales load		5.89	%		13.96	%		12.21	%
Standard & Poor's 500 Index		14.56	%		13.88	%		7.06	%
Russell 2000 Index		9.27	%		18.67	%		11.03	%
Consumer Price Index		3.54	%		2.88	%		2.68	%

GROWTH OF A $10,000 INITIAL INVESTMENT

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. The average annual returns for Class A Shares with a sales load gives effect to the deduction of the maximum sales load of 5.00%. The 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 and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also considered a proxy for the total market. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

TOP 10 HOLDINGS

Berkshire Hathaway Inc., Class 'A' (holding company)	4.83	%
Gold bullion (precious metal)	4.73	%
Sanofi-Aventis ADR (French health care company)	3.89	%
Yankee Acquisition Corporation (Notes)(consumer retail)	3.68	%
Johnson & Johnson (health care products manufacturer)	3.64	%
Apache Corporation (energy company)	3.08	%
Cintas Corporation (uniform designer and manufacturer)	2.83	%
Blount International Inc. 87/8% due 8/01/2012 (outdoor industrial equipment manufacturer)	2.82	%
Costco Wholesale Corporation (multiline retail)	2.47	%
Blount International Inc. (outdoor industrial equipment manufacturer)	2.29	%

36

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—U.S. (58.14%)
		Consumer Discretionary (5.02%)
	330,260	International Speedway Corporation, Class 'A'	$	16,387,537	$	14,673,452
	226,400	McDonald's Corporation		6,443,554		13,516,080
	129,710	Weyco Group, Inc.		2,262,417		4,145,532
	70,000	Hampshire Group, Limited (a)		1,171,963		857,500
	600	St. John Knits International Inc. (a)		18,600		18,975
				26,284,071		33,211,539
		Consumer Staples (1.80%)
	116,664	Anheuser-Busch Companies Inc.		5,143,798		5,982,530
	168,915	Seneca Foods Corporation 0% Conv. Pfd. due 12/31/2049 (a)(c)		2,542,171		4,577,596
	50,000	Seneca Foods Corporation, Class 'A' (a)		752,500		1,355,000
				8,438,469		11,915,126
		Energy (8.62%)
	196,340	Apache Corporation		13,222,585		20,382,055
	119,928	ConocoPhillips Company		4,247,616		10,189,083
	126,970	Murphy Oil Corporation		6,509,946		9,348,801
	161,760	Helmerich & Payne, Inc.		4,793,133		5,114,851
	199,362	BJ Services Company		5,443,336		5,021,929
	121,870	San Juan Basin Royalty Trust		4,494,880		4,515,284
	27,131	SEACOR Holdings Inc. (a)		2,047,306		2,486,556
				40,758,802		57,058,559
		Financials (0.49%)
	49,620	Mercury General Corporation		2,712,236		2,546,002
	48,900	First Internet Bancorp (a)		802,923		667,485
				3,515,159		3,213,487
		Health Care (5.06%)
	369,400	Johnson & Johnson		22,850,944		24,073,798
	111,522	Covidien Limited		3,829,380		4,639,315
	39,590	Wellpoint Inc. (a)		2,979,244		3,136,716
	40,000	Dentsply International Inc.		580,150		1,659,200
				30,239,718		33,509,029
		Holding Companies (4.83%)
	241	Berkshire Hathaway Inc., Class 'A' (a)		21,817,785		31,932,500
		Industrials (8.09%)
	512,310	Cintas Corporation		19,131,528		18,750,546
	1,239,695	Blount International, Inc. (a)		13,695,961		15,161,470

See Notes to Financial Statements.

37

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—U.S.—(continued)
		Industrials—(continued)
	290,862	UniFirst Corporation	$	8,235,507	$	10,945,137
	165,270	Copart, Inc (a)		4,842,500		6,343,063
	60,940	UTI Worldwide, Inc.		1,349,681		1,554,579
	9,120	3M Company		783,447		787,603
				48,038,624		53,542,398
		Materials (0.67%)
	484,470	Tronox Inc. Class 'A'		5,166,266		4,122,840
	426	Central Steel & Wire Company		167,885		282,225
				5,334,151		4,405,065
		Media (6.22%)
	319,120	Getty Images, Inc. (a)		12,954,807		9,015,140
	416,523	Liberty Interactive (a)		7,182,492		8,842,783
	367,595	Comcast Corporation-Special Class 'A' (a)		8,361,047		7,671,708
	197,385	News Corporation, Class 'A'		3,343,154		4,277,333
	190,848	New York Times Company, Class 'A'		4,611,454		3,732,987
	102,830	CBS Corporation, Class 'B'		2,969,115		2,951,221
	14,554	Liberty Capital (a)		795,902		1,818,959
	37,988	Clear Channel Communications, Inc.		1,147,587		1,434,807
	33,410	Viacom Inc. (a)		1,141,884		1,379,499
				42,507,442		41,124,437
		Paper and Forest Products (3.14%)
	222,045	Plum Creek Timber Company, Inc.		7,295,639		9,918,750
	168,900	Rayonier Inc.		5,603,666		8,156,181
	48,020	Deltic Timber Corporation		2,307,309		2,685,278
				15,206,614		20,760,209
		Precious Metals (0.89%)
	116,468	Newmont Mining Corporation Holding Company		5,194,147		5,923,562
		Real Estate (0.02%)
	1,595	Prologis Trust 8.54% Pfd. Series 'C'		82,039		96,597
	8,000	LandCo LLC (a)(b)(c)(d)		27,840		27,840
				109,879		124,437
		Retail (6.64%)
	242,790	Costco Wholesale Corporation		10,584,824		16,330,056
	298,410	Wal-Mart Stores, Inc.		13,546,499		13,491,116
	118,290	Tiffany & Company		3,962,174		6,408,952

See Notes to Financial Statements.

38

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—U.S.—(continued)
		Retail—(continued)
	113,560	Barnes & Noble, Inc.	$	4,002,218	$	4,387,958
	142,320	Dillard's Inc., Class 'A'		2,819,918		3,277,630
				34,915,633		43,895,712
		Technology and Telecommunications (5.00%)
	400,135	Microsoft Corporation		9,293,123		14,728,969
	290,680	Intel Corporation		5,482,727		7,819,292
	149,870	Linear Technology Corporation		4,906,570		4,948,707
	108,980	Maxim Integrated Products		3,491,903		2,953,358
	73,955	Dell Inc. (a)		1,662,205		2,263,023
	150,000	Sanmina-SCI Corporation (a)		306,315		331,500
				25,142,843		33,044,849
		Utilities (1.65%)
	166,350	IDACORP, Inc.		5,284,998		5,803,952
	88,100	CalEnergy Capital Trust 61/2% Conv. Pfd.		3,778,987		4,206,775
	40,000	Hawaiian Electric Industries, Inc.		845,477		928,000
				9,909,462		10,938,727
		Total Common and Preferred Stocks—U.S.		317,412,799		384,599,636
		Common Stocks—Non U.S. (4.42%)
		France (3.89%)
	585,440	Sanofi-Aventis ADR (5)		23,933,180		25,765,214
		United Kingdom (0.53%)
	90,110	Amdocs Limited (a)(10)		3,134,747		3,099,784
	135,619	JZ Equity Partners, Plc (3)		270,370		405,943
				3,405,117		3,505,727
		Total Common Stocks—Non U.S.		27,338,297		29,270,941
Ounces
		Commodity (4.73%)
	39,366	Gold bullion (a)		22,847,023		31,281,386

See Notes to Financial Statements.

39

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Principal Amount			Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds (16.82%)
		U.S. Treasury Note (0.05%)
$	335,222	U.S. Treasury Inflation Index Note 23/8% due 4/15/2011 (e)(4)	$	340,274	$	340,539
		U.S. Dollar Notes and Bonds (16.77%)
	1,075,000	GATX Corporation 87/8% due 6/01/2009 (3)		1,052,695		1,140,401
	500,000	American Standard Companies Inc. 81/4% due 6/01/2009 (6)		507,814		521,916
	1,000,000	Briggs & Stratton Corporation 87/8% due 3/15/2011 (1)		1,028,194		1,070,000
	7,505,000	Beazer Homes USA, Inc. 85/8 due 5/15/2011 (1)		6,102,397		6,191,625
	6,814,000	Celestica Inc. 77/8% 7/01/2011 (10)		6,532,584		6,694,755
	3,520,000	Celestica Inc. 75/8% 7/01/2013 (10)		3,276,184		3,396,800
	18,300,000	Blount International Inc. 87/8% due 8/01/2012 (6)		18,582,577		18,666,000
	9,681,000	Tronox Worldwide LLC 91/2% due 12/01/2012 (7)		9,925,514		9,390,570
	3,800,000	Sanmina-SCI Corporation 63/4% due 3/01/2013 (10)		3,262,530		3,334,500
	2,000,000	Sanmina-SCI Corporation 81/8% due 3/01/2016 (10)		1,730,228		1,765,000
	1,000,000	Texas Industries, Inc. 71/4% due 7/15/2013 (7)		1,000,000		1,005,000
	12,786,000	Sirius Satellite Radio Inc. 95/8% due 8/01/2013 (8)		12,288,391		12,770,018
	250,000	Jostens, Inc. 101/4% due 12/01/2013 (a)(1)		184,460		235,000
	250,000	Elizabeth Arden Inc. 73/4% due 1/15/2014 (2)		250,000		250,625
	814,345	Avis Budget Car Rental LLC 75/8% due 5/15/2014 (6)		797,576		810,273
	6,862,000	Level 3 Financing, Inc. 91/4% due 11/01/2014 (10)		6,617,710		6,501,745
	6,424,000	Yankee Acquisition Corporation 81/2% due 2/15/2015 (1)		6,551,569		6,054,620
	19,697,000	Yankee Acquisition Corporation 93/4% due 2/15/2017 (1)		19,742,572		18,318,210
	8,808,000	Valassis Communications, Inc 81/4 due 3/01/2015 (8)		7,998,396		7,464,780
	5,000,000	Lear Corporation 83/4% due 12/01/2016 (1)		4,716,494		4,825,000
	600,000	Bausch & Lomb Inc. 71/8% due 8/01/2028 (5)		510,115		552,000
				112,658,000		110,958,838
		Total Notes, Bonds and Convertible Bonds		112,998,274		111,299,377
		Short-Term Investments (17.66%)
	11,865,000	Air Liquide 4.79% due 11/05/2007		11,858,685		11,858,685
	20,000,000	BMW US Capital LLC 4.73% due 11/09/2007		19,978,978		19,978,978
	26,100,000	Cintas Corporation 4.8% due 11/01/2007		26,100,000		26,100,000
	9,028,000	Diageo Capital Plc 5.28% due 11/14/2007		9,010,787		9,010,787
	2,855,000	Estèe Lauder Inc. 4.75% due 11/06/2007		2,853,117		2,853,117
	5,000,000	Genentech Inc. 4.73% due 11/05/2007		4,997,372		4,997,372
	5,000,000	Hitachi Limited 4.9% due 11/02/2007		4,999,319		4,999,319
	7,000,000	Hitachi Limited 4.75% due 11/27/2007		6,975,986		6,975,986
	8,648,000	Kraft Foods Inc. 4.78% due 11/08/2007		8,639,962		8,639,962

See Notes to Financial Statements.

40

FIRST EAGLE U.S. VALUE FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Principal Amount			Cost (Note 1)			Value (Note 1)
		Short-Term Investments—(continued)
$	13,050,000	PPG Industries 4.75% due 11/02/2007	$	13,048,278		$	13,048,278
	8,357,000	Starbucks Corporation 4.85% due 11/15/2007		8,341,238			8,341,238
		Total Short-Term Investments		116,803,722			116,803,722
		Total Investments (101.77%)	$	597,400,115	*		673,255,062	**
		Liabilities in excess of other assets (–1.77%)					(11,715,958	)
		Net assets (100.00%)				$	661,539,104

  *  At October 31, 2007 cost of investments for federal income tax purposes was $597,218,620.

  **  Gross unrealized appreciation and depreciation of securities at October 31, 2007 for federal income tax purposes were $88,475,453 and $12,439,011 respectively (net appreciation was $76,036,442).

Sector/Industry Classifications
	(1	)	Consumer Discretionary
	(2	)	Consumer Staples
	(3	)	Financials
	(4	)	Government Issues
	(5	)	Health Care
	(6	)	Industrials
	(7	)	Materials
	(8	)	Media
	(9	)	Real Estate
	(10	)	Technology and Telecommunications

(a)  Non-income producing security.

(b)  Represents interest in a restricted security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. Information concerning each restricted security holding on October 31, 2007 is shown below.

Security	Acquisition Date		Cost		Carrying Value Per Share/Principal
LandCo LLC		9/6/06	$	27,840	$	3.48

(c)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing 0.70% of net assets.

(d)  Security for which there is less than three market makers.

(e)  Inflation protected security.

See Notes to Financial Statements.

41

FUND OVERVIEW

FIRST EAGLE GOLD FUND  Data as of October 31, 2007 (Unaudited)

THE INVESTMENT STYLE

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

ASSET ALLOCATION

COUNTRIES

Canada	33.54	%
United States	31.14	%
South Africa	15.66	%
Australia	12.97	%
Mexico	4.18	%

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		37.57	%		27.02	%		16.87	%
with sales load		30.69	%		25.73	%		16.42	%
FTSE Gold Mines Index		35.14	%		24.05	%		9.75	%
MSCI World Index		20.39	%		18.31	%		7.90	%
Consumer Price Index		3.54	%		2.88	%		2.60	%

GROWTH OF A $10,000 INITIAL INVESTMENT

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. The average annual returns for Class A Shares with a sales load give effect to the deduction of the maximum sales load of 3.75%for periods prior to March 1, 2000 and of 5.00% thereafter. The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. This index is a trademark of Morgan Stanley Capital International SA in Geneva, Switzerland. The FTSE Gold Mines Index is an unmanaged index composed of approximately 19 mining companies and is only available without dividends rei nvested 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)	21.90	%
Barrick Gold Corporation (Canada)	7.30	%
Newmont Mining Corporation Holding Company (United States)	5.65	%
Lihir Gold Limited (Australia)	5.48	%
Newcrest Mining Limited (Australia)	5.42	%
Kinross Gold Corporation (Canada)	4.78	%
Gold Fields Limited ADR (South Africa)	4.53	%
Randgold Resources Limited ADR (South Africa)	4.51	%
IAMGOLD Corporation (Canada)	4.49	%
Industrias Peñoles, SAB de C.V. (Mexico)	4.18	%

42

FIRST EAGLE GOLD FUND

SCHEDULE OF INVESTMENTS

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common Stocks and Warrants (75.59%)
		Australia (12.97%)
	17,928,675	Lihir Gold Limited (a)	$	21,334,280	$	68,584,586
	2,260,300	Newcrest Mining Limited		30,349,876		67,832,741
	2,690,234	Kingsgate Consolidated Limited (a)		9,860,009		13,256,533
	1,850,800	Independence Group NL		8,497,001		12,668,704
				70,041,166		162,342,564
		Canada (33.54%)
	2,070,814	Barrick Gold Corporation		59,335,747		91,385,022
	3,038,690	Kinross Gold Corporation (a)		27,388,391		59,801,419
	6,449,712	IAMGOLD Corporation		36,772,119		56,208,415
	1,069,030	Goldcorp Inc.		30,230,983		37,555,024
	915,530	Meridian Gold Inc. (a)		22,306,076		36,569,165
	2,029,350	Minefinders Corporation (a)		16,778,990		26,058,383
	4,621,350	Aurizon Mines Limited (a)		6,761,828		19,650,831
	2,850,940	Miramar Mining Corporation (a)		2,526,866		19,324,338
	2,819,290	Metallica Resources Inc. (a)		3,861,514		16,320,487
	1,559,950	Dundee Precious Metals, Inc., Class 'A' (a)		11,250,260		15,827,721
	1,326,000	Aurelian Resources Inc. (a)		8,591,431		13,677,297
	1,275,580	Gammon Gold Inc. (a)		10,530,848		13,157,230
	127,173	Agnico-Eagle Mines Limited		1,104,231		7,226,682
	1,798,480	Richmont Mines, Inc. (a)(b)		5,783,406		7,079,587
				243,222,690		419,841,601
		Mexico (4.18%)
	2,213,750	Industrias Peñoles, SAB de C.V.		6,297,860		52,329,328
		South Africa (15.66%)
	3,139,250	Gold Fields Limited ADR		46,599,630		56,726,248
	1,569,710	Randgold Resources Limited ADR		28,215,528		56,415,377
	1,004,630	AngloGold Ashanti Limited ADR		38,755,378		46,665,064
	3,243,370	Harmony Gold Mining Company Limited ADR (a)		35,590,644		36,325,744
				149,161,180		196,132,433
		United States (9.24%)
	1,391,207	Newmont Mining Corporation Holding Company		58,218,989		70,756,788
	1,270,320	Royal Gold, Inc.		26,933,843		44,893,109
	400,000	Canyon Resources Corporation warrants exp 12/01/2008 (a)(c)(d)		—		—
				85,152,832		115,649,897
		Total Common Stocks and Warrants		553,875,728		946,295,823

See Notes to Financial Statements.

43

FIRST EAGLE GOLD FUND

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Ounces			Cost (Note 1)			Value (Note 1)
		Commodity (21.90%)
	344,969	Gold bullion (a)	$	151,703,605		$	274,122,360
Principal Amount
		Short-Term Investment (2.52%)
$	31,626,000	Hitachi Limited 5% due 11/01/2007		31,626,000			31,626,000
		Total Investments (100.01%)	$	737,205,333	*		1,252,044,183	**
		Liabilities in excess of other assets (–0.01%)					(139,830	)
		Net Assets (100.00%)				$	1,251,904,353

  *  At October 31, 2007 cost of investments for federal income tax purposes was $774,653,815.

  **  Gross unrealized appreciation and depreciation of investments at October 31, 2007 for federal income tax purposes were $477,390,368 and $0 respectively (net appreciation was $477,390,368).

(a)  Non-income producing security/commodity.

(b)  Affiliate as defined by the Investment Company Act of 1940. An affiliate is defined as a company in which the Fund directly or indirectly owns, controls, or holds power to vote 5% or more of the outstanding voting securities. Following is a summary of transactions with each such affiliate for the year ended October 31, 2007.

	Purchases
Affiliate	Shares		Cost
Richmont Mines, Inc.		544,920	$	1,514,101

(c)  Security for which there is less than three market makers.

(d)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing 0.00% of net assets.

See Notes to Financial Statements.

44

Harold Levy

FIRST EAGLE FUND OF AMERICA

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

The deal frenzy so apparent in the first half of calendar 2007 has given way to a much more subdued equity environment. Lenders are pulling in their horns to compensate for excessive risk taking and the somewhat surprising extent of mortgage borrowers being unable to maintain their payments, and the implications of large scale defaults are working their way through the financial system. We have not participated in this debacle since we tend to avoid financials and in fact have not owned any now for several years. Nevertheless, a much less credit friendly environment is not positive for the real economy and may add significant nervousness to equity valuations.

We have no particular view on when this crisis will end but continue to believe that it is likely the system will reliquidify, lenders will take their well deserved losses and companies that create value for customers and owners will still be prized assets. We continue to own equities and find more on a regular basis. Some environments are good for realizing value and some for finding value. Ultimately we will switch to an environment where realization is king, but today we are clearly in the latter environment.

In terms of performance of the Fund during the period, top contributors were Teekay Corporation (marine transportation), Precision Castparts Corporation (industrial technology), and Rural Cellular Corporation (wireless telecommunications). Those that detracted did so very minimally and included names such as LSI Corporation (electronic technology), HealthSouth Corporation (health care services), and Wesco International Inc. (electrical supplies and equipment distribution).

We are doing nothing different from what we have done in the past; we are not panicked nor surprised by significant volatility both in individual stocks and the market overall and believe that investments at today's prices may be well rewarded several years hence.

Sincerely,

Harold Levy
Portfolio Manager

November 2007

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

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

45

FUND OVERVIEW

FIRST EAGLE FUND OF AMERICA  Data as of October 31, 2007 (Unaudited)

THE INVESTMENT STYLE

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

ASSET ALLOCATION

SECTOR/INDUSTRY*

Energy	22.66	%
Industrials	14.46	%
Materials	13.87	%
Consumer Discretionary	10.76	%
Information Technology	9.44	%
Health Care Services	8.99	%
Telecommunication Services	7.99	%
Pharmaceuticals	5.48	%
Biotechnology	3.20	%
Consumer Staples	1.91	%
*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)		21.25	%		15.90	%		11.52	%
Standard & Poor's 500 Index		14.56	%		13.88	%		7.10	%

GROWTH OF A $10,000 INITIAL INVESTMENT

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The Fund's average annual returns shown above are historical and reflect changes in share price, reinvested dividends and is net of expenses. The Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also considered a proxy for the total market.

TOP 10 HOLDINGS

Teekay Corporation (marine transportation)	4.37	%
Baxter International Inc. (diversified medical products and services)	4.25	%
Devon Energy Corporation (energy company)	3.90	%
DST Systems Inc. (data processing services provider)	3.89	%
Agilent Technologies Inc. (electronic equipment provider)	3.71	%
General Dynamics Corporation (aerospace and defense manufacturer)	3.66	%
American Standard Companies Inc. (building products manufacturer)	3.43	%
Autoliv Inc. (automobile components supplier)	2.82	%
The DIRECTV Group, Inc. (cable/satellite television services provider)	2.63	%
UTS Energy Corporation (energy company)	2.59	%

46

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks - U.S. (90.96%)
		Biotechnology (3.20%)
	390,510	Amgen Inc. (a)(c)	$	21,443,309	$	22,692,536
	1,135,996	Isolagen Inc. (a)		3,335,919		3,532,948
	135,521	InterMune Inc. (a)		2,007,756		2,699,578
				26,786,984		28,925,062
		Consumer Discretionary (10.76%)
	402,600	Autoliv Inc. (c)		17,456,288		25,436,268
	897,920	The DIRECTV Group, Inc. (a)		21,402,142		23,776,922
	251,040	The Stanley Works (c)		11,837,403		14,447,352
	449,720	Virgin Media Inc.		12,102,279		9,943,309
	173,553	WABCO Holdings Inc.		6,349,269		8,819,963
	97,900	Whirlpool Corporation (c)		8,763,798		7,751,722
	28,700	The Black & Decker Corporation (c)		2,160,249		2,580,417
	43,710	Harley-Davidson, Inc.		2,253,889		2,251,065
	140,130	Domino's Pizza Inc. (c)		2,491,310		2,163,607
				84,816,627		97,170,625
		Consumer Staples (1.91%)
	517,390	Dean Foods Company		7,525,646		14,367,920
	102,740	Treehouse Foods Inc. (a)		2,077,487		2,866,446
				9,603,133		17,234,366
		Energy (20.06%)
	705,600	Teekay Corporation (c)		29,944,634		39,478,320
	377,550	Devon Energy Corporation (c)		24,196,543		35,263,170
	443,590	Grant Prideco Inc. (a)(c)		19,412,901		21,806,884
	483,800	Halliburton Company (c)		15,670,528		19,071,396
	296,480	Denbury Resources Inc. (a)(c)		10,246,637		16,780,768
	350,620	Dresser-Rand Group Inc. (a)(c)		12,069,179		13,568,994
	270,455	Atlas Pipeline Partners, L.P. (e)(f)		11,900,020		12,706,144
	77,777	Atlas Pipeline Holdings, L.P. (e)(f)		2,099,979		2,706,536
	208,110	Atlas America Inc.		7,716,956		12,007,947
	87,800	GlobalSantaFe Corporation (c)		5,413,286		7,114,434
	22,300	Teekay Offshore Partners LP		468,300		647,369
				139,138,963		181,151,962

See Notes to Financial Statements.

47

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks—U.S.—(continued)
		Health Care Services (8.46%)
	639,110	Baxter International Inc. (c)	$	25,011,293	$	38,352,991
	395,400	Edwards Lifesciences Corporation (a)		16,363,221		19,856,988
	791,640	HealthSouth Corporation (a)		19,523,294		15,872,382
	40,000	Chemed Corporation (c)		2,214,972		2,292,800
	67,777	Assistive Technology Inc. Ser. E-1 (a)(b)(d)(e)		883,921		—
	51,966	Assistive Technology Inc. Ser. E-2 (a)(b)(d)(e)		500,000		—
	26,057	Assistive Technology Inc. Ser. F Pfd. (a)(b)(d)(e)		342,000		—
				64,838,701		76,375,161
		Industrials (14.46%)
	363,700	General Dynamics Corporation (c)		20,579,243		33,082,152
	831,410	American Standard Companies Inc. (c)		23,011,919		30,986,651
	792,900	DynCorp International Inc. (a)(c)		10,024,728		17,951,256
	119,800	Precision Castparts Corporation (c)		5,486,008		17,947,238
	290,610	WESCO International Inc. (a)		16,315,056		13,556,957
	449,370	J.B. Hunt Transport Services, Inc. (c)		12,271,718		12,456,536
	110,590	Tyco International Limited		3,029,564		4,552,990
				90,718,236		130,533,780
		Information Technology (8.81%)
	415,200	DST Systems Inc. (a)(c)		21,491,416		35,171,592
	908,700	Agilent Technologies Inc. (a)(c)		27,120,420		33,485,595
	1,646,898	LSI Corporation (a)		15,548,151		10,869,527
				64,159,987		79,526,714
		Materials (12.07%)
	265,030	Praxair, Inc. (c)		18,641,271		22,654,764
	874,520	Crown Holdings Inc. (a)		15,848,464		21,688,096
	359,810	Ball Corporation (c)		10,899,915		17,839,380
	392,550	Celanese Corporation, Series 'A' (c)		15,294,751		16,471,398
	201,100	Eastman Chemical Company (c)		12,207,242		13,391,249
	306,300	Eagle Materials Inc.		13,726,166		12,101,913
	40,700	Freeport-McMoRan Copper & Gold Inc., Class 'B'		2,928,609		4,789,576
				89,546,418		108,936,376
		Pharmaceuticals (3.24%)
	1,305,340	Millennium Pharmaceuticals Inc. (a)(c)		13,284,403		15,429,119
	375,863	Theravance Inc. (a)		8,078,013		9,404,092
	465,800	Enzon Pharmaceuticals, Inc. (a)		4,032,747		4,439,074
				25,395,163		29,272,285

See Notes to Financial Statements.

48

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Number of Shares			Cost (Note 1)			Value (Note 1)
		Common and Preferred Stocks—U.S.—(continued)
		Telecommunication Services (7.99%)
	301,730	Leap Wireless International Inc. (a)(c)	$	13,030,326		$	21,516,366
	1,168,462	Dobson Communications Corporation (a)		5,702,182			15,119,898
	188,940	Alltel Corporation		10,644,680			13,443,081
	302,439	Rural Cellular Corporation, Class 'A' (a)		3,658,416			13,419,218
	410,870	Global Crossing Limited (a)(c)		9,227,934			8,665,248
				42,263,538			72,163,811
		Total Common and Preferred Stocks—U.S.		637,267,750			821,290,142
		Common Stocks—Non U.S. (7.80%)
		Canada (4.93%)
	3,641,070	UTS Energy Corporation (1)(a)		19,671,648			23,415,366
	324,200	Teck Cominco Limited, Class 'B' (4)(c)		11,788,739			16,210,000
	214,900	MDS Inc. (2)(a)		3,896,934			4,833,102
				35,357,321			44,458,468
		Singapore (0.63%)
	248,700	Verigy Limited (3)(a)		4,437,322			5,717,613
		United Kingdom (2.24%)
	268,830	Shire Plc ADR (5)(c)		6,985,359			20,202,575
		Total Common Stock—Non U.S.		46,780,002			70,378,656
		Warrants—U.S. (0.00%)
	9,873	Assistive Technology Inc. (a)(b)(d)(e)(2)		382			—
	37,234	Assistive Technology Inc. Ser. E-1 (a)(b)(d)(e)(2)		—			—
	1,470,588	Regen Biologics Inc. (a)(d)(e)(f)(2)		—			—
		Total Warrants—U.S.		382			—
		Repurchase Agreement (3.77%)
	34,076,839	State Steet Bank and Trust 33/4%, dated 10/31/2007, due 11/01/2007, repurchase value $34,080,389 (collateralized by U.S. Treasury Bonds)		34,076,839			34,076,839
		Total Investment Portfolio Excluding Options Written	$	718,124,973	*		925,745,637	**
Contracts
		Covered Call Options Written (–1.95%)
	137	Agilent Technologies Inc. @ $35 exp. Nov 2007					(34,318	)
	641	American Standard Companies Inc. @ $35 exp. Jan 2008					(249,990	)
	795	Amgen Inc. @ $55 exp. Nov 2007					(142,230	)

See Notes to Financial Statements.

49

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Contracts			Value (Note 1)
		Covered Call Options Written—(continued)
	431	Amgen Inc. @ $60 exp. Jan 2008	$	(147,870	)
	403	Autoliv Inc. @ $65 exp. Dec 2007		(44,330	)
	360	Ball Corporation @ $55 exp. Nov 2007		(5,400	)
	310	Baxter International Inc. @ $55 exp. Nov 2007		(162,750	)
	287	The Black & Decker Corporation @ $85 exp. Nov 2007		(157,850	)
	1,787	Celanese Corporation, Series 'A' @ $40 exp. Nov 2007		(442,282	)
	1,914	Celanese Corporation, Series 'A' @ $40 exp. Dec 2007		(641,190	)
	400	Chemed Corporation @ $60 exp. Dec 2007		(56,000	)
	448	Denbury Resources Inc. @ $50 exp. Dec 20007		(331,520	)
	144	Devon Energy Corporation @ $85 exp. Nov 2007		(128,160	)
	763	Devon Energy Corporation @ $80 exp. Nov 2007		(1,030,050	)
	746	Devon Energy Corporation @ $90 exp. Jan 2008		(559,500	)
	395	Domino's Pizza Inc. @ $16.50 exp. Dec 2007		(13,825	)
	2,568	Dresser-Rand Group Inc. @ 35 exp. Dec 2007		(1,194,120	)
	116	DST Systems Inc. @ $80 exp. Jan 2008		(79,460	)
	1,233	DynCorp International Inc. @ $22.50 exp. Dec 2007		(206,527	)
	248	DynCorp International Inc. @ $20 exp. Dec 2007		(80,600	)
	1,422	Eastman Chemical Company @ $65 exp. Dec 2007		(412,380	)
	736	General Dynamics Corporation @ $80 exp. Nov 2007		(809,600	)
	781	Global Crossing Limited @ $22.5 exp. Dec 2007		(113,245	)
	1,084	Global Crossing Limited @ $20 exp. Dec 2007		(298,100	)
	379	GlobalSantaFe Corporation @ $67.50 exp. Nov 2007		(509,755	)
	383	GlobalSantaFe Corporation @ $65 exp. Nov 2007		(610,885	)
	422	Grant Prideco Inc. @ $55 exp. Nov 2007		(12,660	)
	222	Grant Prideco Inc. @ $50 exp. Jul 2007		(29,970	)
	217	Grant Prideco Inc. @ $50 exp. Dec 2007		(67,270	)
	283	Halliburton Company @ $37.50 exp. Nov 2007		(69,335	)
	699	Halliburton Company @ $35 exp. Nov 2007		(318,045	)
	612	Halliburton Company @ $32.50 exp. Nov 2007		(428,400	)
	321	J.B. Hunt Transport Services, Inc. @ $30 exp. Dec 2007		(23,272	)
	91	Leap Wireless International Inc. @ $70 exp. Nov 2007		(39,130	)
	337	Leap Wireless International Inc. @ $65 exp. Nov 2007		(249,380	)
	1,149	Millennium Pharmaceuticals Inc. @ $10 exp. Nov 2007		(195,330	)
	299	Praxair, Inc. @ $85 exp. Nov 2007		(46,345	)
	759	Praxair, Inc. @ $75 exp. Nov 2007		(815,925	)
	239	Praxair, Inc. @ $85 exp. Jan 2008		(102,770	)
	536	Praxair, Inc. @ $75 exp. Jan 2008		(589,600	)
	1,109	Precision Castparts Corporation @ $105 exp. Dec 2007		(5,023,770	)
	1,106	Shire Plc ADR @ $70 exp. Nov 2007		(702,310	)
	352	The Stanley Works @ $60 exp. Nov 2007		(12,320	)
	9	Teck Cominco Limited, Class 'B' @ $55 exp. Nov 2007		(157	)
	324	Teck Cominco Limited, Class 'B' @ $50 exp. Nov 2007		(48,600	)

See Notes to Financial Statements.

50

FIRST EAGLE FUND OF AMERICA

SCHEDULE OF INVESTMENTS—(Continued)

October 31, 2007

Contracts			Value (Note 1)
		Covered Call Options Written—(continued)
	246	Teck Cominco Limited, Class 'B' @ $45 exp. Nov 2007	$	(115,620	)
	259	Teck Cominco Limited, Class 'B' @ $50 exp. Dec 2007		(78,995	)
	563	Teekay Shipping Corporation @ $55 exp. Nov 2007		(143,565	)
	979	Whirlpool Corporation @ $90 exp. Nov 2007		(19,580	)
		Total Covered Call Options Written (premiums received $15,679,875)		(17,594,286	)
		Total Investment Portfolio (100.58%)		908,151,351
		Liabilities in excess of other assets (–0.58%)		(5,236,583	)
		Net Assets (100.00%)	$	902,914,768

  *  At October 31, 2007 cost of investments for federal income tax purposes was $718,286,795.

  **  Gross unrealized appreciation and depreciation of investments at October 31, 2007 for federal income tax purposes were $225,961,292 and $18,502,450 respectively (net appreciation was $207,458,842).

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

(a)  Non-income producing security.

(b)  Restricted security priced at fair value by the Valuation Committee of the Board of Trustees. 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 October 31, 2007 is shown below:

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

(c)  At October 31, 2007, 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 the fair value procedures under the supervision of the Board of Trustees, representing 1.71% of net assets.

(f)  All or a portion of the security is exempt from registration under the Securities Act of 1933.

See Notes to Financial Statements.

51

FIRST EAGLE FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2007

	First Eagle Global Fund			First Eagle Overseas Fund			First Eagle U.S. Value Fund		First Eagle Gold Fund			First Eagle Fund of America
Assets:
Investments in: (Note 1)
Unaffiliated issuers, at value (cost: $16,054,374,142, $7,142,903,268, $597,400,115, $731,421,927 and $718,124,973, respectively )	$	20,767,986,618		$	10,074,001,941		$	673,255,062	$	1,244,964,596		$	925,745,637
Non-controlled affiliates, at value (cost: $1,336,496,558, $764,772,147, $0, $5,783,406 and $0, respectively)		1,593,171,971			1,116,064,497			—		7,079,587			—
Cash		1,077,909			237,963			256		796			—
Foreign cash (cost: $3,041,944 and $1,806,290, respectively)		3,097,115			1,802,292			—		—			—
Receivable for forward currency contracts held, at value (Note 1)		268,795			1,750,107			—		—			—
Receivable for investment securities sold		4,296,107			5,968,979			98,077		14,927,022			1,624,204
Receivable for Fund shares sold		27,544,357			9,992,003			826,782		2,956,666			440,505
Accrued interest and dividends receivable		47,755,135			26,871,467			3,776,987		—			213,545
Investment for trustee deferred compensation plan (Note 2)		240,424			274,091			65,455		24,077			164,600
Other assets		157,484			88,056			4,529		8,446			19,280
Total Assets		22,445,595,915			11,237,051,396			678,027,148		1,269,961,190			928,207,771
Liabilities:
Options written, at value (premiums received $15,679,875) (Note 3)		—			—			—		—			17,594,286
Payable for Fund shares redeemed		39,143,304			19,946,079			2,062,056		1,563,890			567,177
Payable for investment securities purchased		67,835,277			18,274,928			13,397,865		14,877,529			5,675,823
Payable for forward currency contracts held, at value (Note 1)		70,888,306			65,732,919			—		—			—
Investment advisory fees payable (Note 2)		13,933,071			7,113,745			428,317		747,516			755,726
Administrative costs payable (Note 2)		330,786			168,918			10,172		17,739			13,457
Distribution fees payable (Note 4)		6,318,506			2,023,772			218,823		291,597			216,002
Services fees payable (Note 4)		1,170,423			253,530			49,029		38,582			13,535
Trustee deferred compensation plan (Note 2)		240,424			274,091			65,455		24,077			164,600
Accrued expenses and other liabilities		8,443,425			4,158,210			256,327		495,907			292,397
Total Liabilities		208,303,522			117,946,192			16,488,044		18,056,837			25,293,003
Net Assets:
Capital stock (par value, $0.001 per share)		436,332			395,042			38,938		45,961			30,142
Capital surplus		15,308,646,000			6,696,577,859			552,324,226		698,167,512			612,522,520
Net unrealized appreciation (depreciation) on:
Investments		4,970,287,889			3,282,391,023			75,854,947		514,838,850			207,620,664
Foreign currency related transactions		(72,390,757	)		(64,769,372	)		—		—			—
Written Options		—			—			—		—			(1,914,411	)
Undistributed net realized gains on investments		1,973,950,898			1,254,798,916			25,219,103		40,989,173			83,094,203
Undistributed net investment income (loss)		56,362,031			(50,288,264	)		8,101,890		(2,137,143	)		1,561,650
Net Assets	$	22,237,292,393		$	11,119,105,204		$	661,539,104	$	1,251,904,353		$	902,914,768
Class A share capital	$	13,450,956,087		$	5,974,242,569		$	323,714,918	$	890,021,438		$	82,085,686
Shares of beneficial interest outstanding (Class A) (Note 6)		263,273,028			212,651,482			19,026,666		32,627,262			2,755,354
Net asset value per share	$	51.09		$	28.09		$	17.01	$	27.28		$	29.79
Maximum offering price per share	$	53.78		$	29.57		$	17.91	$	28.72		$	31.36
Class I share capital	$	3,192,749,307		$	3,942,323,899		$	104,423,328	$	166,079,947			—
Shares of beneficial interest outstanding (Class I) (Note 6)		62,207,792			138,917,580			6,075,347		6,044,183			—
Net asset value per share	$	51.32		$	28.38		$	17.19	$	27.48			—
Class C share capital	$	5,593,586,999		$	1,202,538,736		$	233,400,858	$	195,802,968		$	65,219,010
Shares of beneficial interest outstanding (Class C) (Note 6)		110,851,443			43,472,598			13,835,995		7,289,674			2,380,881
Net asset value per share	$	50.46		$	27.66		$	16.87	$	26.86		$	27.39
Class Y share capital		—			—			—		—		$	755,610,072
Shares of beneficial interest outstanding (Class Y) (Note 6)		—			—			—		—			25,006,094
Net asset value per share		—			—			—		—		$	30.22

See Notes to Financial Statements.

52

FIRST EAGLE FUNDS

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2007

	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	$	258,717,213		$	140,407,261		$	15,141,865		$	1,951,595		$	2,614,303
Dividends from: (net of $22,274,839, $18,712,135, $0, $185,117 and $43,971, foreign taxes withheld, respectively) Unaffiliated issuers		246,686,431			147,116,445			5,652,606			4,963,797			10,892,833
Non-controlled affiliates		25,847,966			17,550,954			—			—			—
Other Income		459,963			417,897			37,158			—			—
Total income		531,711,573			305,492,557			20,831,629			6,915,392			13,507,136
Expenses:
Investment advisory fees (Note 2)		158,615,873			86,136,880			4,812,126			8,025,824			8,160,464
Administrative costs (Note 2)		4,030,447			2,201,445			119,891			208,769			157,172
Distribution fees (Note 4)
Class A		32,013,581			15,122,600			801,960			1,893,275			149,210
Class C		40,090,262			8,996,191			1,547,631			1,215,840			422,840
Class Y		—			—			—			—			1,746,293
Service fees - Class C (Note 4)		13,363,421			2,998,730			515,877			405,280			140,947
Shareholder servicing agent fees		14,313,562			6,527,689			845,373			1,184,110			803,406
Custodian fees		2,901,907			2,627,588			34,856			349,193			35,590
Trustees' fees		532,753			294,669			15,854			27,476			21,103
Other fees		4,662,195			2,231,184			300,850			422,155			315,471
Total expenses		270,524,001			127,136,976			8,994,418			13,731,922			11,952,496
Expense reductions due to earnings credits (Note 1)		(1,362,624	)		(568,875	)		(48,526	)		(80,827	)		(78,170	)
Net expenses		269,161,377			126,568,101			8,945,892			13,651,095			11,874,326
Net investment income (loss) (Note 1)		262,550,196			178,924,456			11,885,737			(6,735,703	)		1,632,810
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency Related Transactions and Written Options (Note 1 ):
Net realized gains (losses) from:
Unaffiliated issuers		2,167,052,091			1,451,609,859			27,345,487			72,934,602			110,912,014
Non-controlled affiliates		26,229,978			4,177,258			—			—			—
Commodity related transactions		—			—			—			7,904,208			—
Foreign currency related transactions		35,869,261			27,261,810			(168	)		235,869			—
Written Options		—			—			—			—			(23,238,012	)
		2,229,151,330			1,483,048,927			27,345,319			81,074,679			87,674,002
Change in unrealized appreciation (depreciation) of:
Investments		828,202,985			313,601,026			28,496,843			277,311,717			67,939,938
Foreign currency translation		(74,964,884	)		(65,030,385	)		—			—			—
Written Options		—			—			—			—			(1,827,713	)
		753,238,101			248,570,641			28,496,843			277,311,717			66,112,225
Net gains on investments, foreign currency related transactions and written options		2,982,389,431			1,731,619,568			55,842,162			358,386,396			153,786,227
Net Increase in Net Assets Resulting from Operations	$	3,244,939,627		$	1,910,544,024		$	67,727,899		$	351,650,693		$	155,419,037

See Notes to Financial Statements.

53

FIRST EAGLE FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

	First Eagle Global Fund						First Eagle Overseas Fund						First Eagle U.S. Value Fund
	Year Ended October 31,						Year Ended October 31,						Year Ended October 31,
	2007			2006			2007			2006			2007			2006
Operations:
Net investment income (loss)	$	262,550,196		$	202,086,191		$	178,924,456		$	160,352,124		$	11,885,737		$	7,140,779
Net realized gain from investments, foreign currency related transactions and written options		2,229,151,330			1,729,022,968			1,483,048,927			1,110,693,744			27,345,319			25,876,243
Increase in unrealized appreciation (depreciation) of investments, foreign currency translation and written options		753,238,101			1,269,653,522			248,570,641			711,018,507			28,496,843			15,113,970
Net increase in net assets resulting from operations		3,244,939,627			3,200,762,681			1,910,544,024			1,982,064,375			67,727,899			48,130,992
Distributions to Shareholders:
Dividends paid from net investment income		(466,827,023	)		(283,481,518	)		(357,741,423	)		(301,669,892	)		(9,311,493	)		(5,204,225	)
Distributions paid from net realized gains from investment transactions
Class A		(890,383,733	)		(380,311,467	)		(474,701,910	)		(320,085,336	)		(10,814,242	)		(2,885,328	)
Class I		(199,381,200	)		(70,203,372	)		(329,439,371	)		(199,381,304	)		(4,725,972	)		(1,280,821	)
Class C		(374,703,576	)		(155,099,118	)		(95,188,701	)		(65,934,209	)		(6,912,351	)		(1,879,885	)
Class Y		—			—			—			—			—			—
Decrease in net assets resulting from distributions		(1,931,295,532	)		(889,095,475	)		(1,257,071,405	)		(887,070,741	)		(31,764,058	)		(11,250,259	)
Fund Share Transactions (Note 6):
Net proceeds from shares sold		2,599,172,960			3,058,013,044			1,215,645,963			1,611,386,621			246,698,098			243,977,278
Net asset value of shares issued for reinvested dividends and distributions		1,592,691,429			737,750,171			1,061,174,198			741,975,762			22,893,687			8,022,368
Cost of shares redeemed		(2,691,012,778	)		(1,790,535,142	)		(2,771,757,783	)		(1,376,427,484	)		(173,473,004	)		(74,814,310	)
Increase in net assets from Fund share transactions		1,500,851,611			2,005,228,073			(494,937,622	)		976,934,899			96,118,781			177,185,336
Net increase in net assets		2,814,495,706			4,316,895,279			158,534,997			2,071,928,533			132,082,622			214,066,069
Net Assets (Note 1):
Beginning of year		19,422,796,687			15,105,901,408			10,960,570,207			8,888,641,674			529,456,482			315,390,413
End of year (including undistributed net investment (loss) income of $56,362,031, $101,080,362,$(50,288,264), $20,593,575, $8,101,890, $6,110,042, $(2,137,143), $969,257, $1,561,650 and $100,216, respectively)	$	22,237,292,393		$	19,422,796,687		$	11,119,105,204		$	10,960,570,207		$	661,539,104		$	529,456,482

See Notes to Financial Statements.

54

	First Eagle Gold Fund						First Eagle Fund of America
	Year Ended October 31,						Year Ended October 31,
	2007			2006			2007			2006
Operations:
Net investment income (loss)	$	(6,735,703	)	$	(7,303,097	)	$	1,632,810		$	(2,638,843	)
Net realized gain from investments, foreign currency related transactions and written options		81,074,679			197,637,626			87,674,002			106,682,335
Increase in unrealized appreciation (depreciation) of investments, foreign currency translation and written options		277,311,717			104,692,554			66,112,225			14,367,100
Net increase in net assets resulting from operations		351,650,693			295,027,083			155,419,037			118,410,592
Distributions to Shareholders:
Dividends paid from net investment income		(33,158,082	)		(21,502,525	)		—			—
Distributions paid from net realized gains from investment transactions
Class A		(100,864,904	)		—			(5,917,839	)		(2,779,103	)
Class I		(19,372,844	)		—			—			—
Class C		(21,208,209	)		—			(6,484,100	)		(3,556,274	)
Class Y		—			—			(81,196,044	)		(59,542,911	)
Decrease in net assets resulting from distributions		(174,604,039	)		(21,502,525	)		(93,597,983	)		(65,878,288	)
Fund Share Transactions (Note 6):
Net proceeds from shares sold		130,832,536			339,700,156			134,432,746			67,272,045
Net asset value of shares issued for reinvested dividends and distributions		141,010,689			17,043,395			78,266,917			58,571,211
Cost of shares redeemed		(275,883,221	)		(320,345,919	)		(137,169,995	)		(161,334,938	)
Increase in net assets from Fund share transactions		(4,039,996	)		36,397,632			75,529,668			(35,491,682	)
Net increase in net assets		173,006,658			309,922,190			137,350,722			17,040,622
Net Assets (Note 1):
Beginning of year		1,078,897,695			768,975,505			765,564,046			748,523,424
End of year (including undistributed net investment (loss) income of $56,362,031, $101,080,362,$(50,288,264), $20,593,575, $8,101,890, $6,110,042, $(2,137,143), $969,257, $1,561,650 and $100,216, respectively)	$	1,251,904,353		$	1,078,897,695		$	902,914,768		$	765,564,046

55

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS

Note 1—Significant Accounting Policies

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

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

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

A portfolio security (including an option), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is normally valued at the price of the last sale on the exchange as of the close of business on the date on which assets are valued. If there are no sales on such date, such portfolio investment will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security traded on the NASDAQ in whic h case it is valued at its last sale price (or, if available in the case of NASDAQ securities, the NASDAQ Official Closing Price ('NOCP')).

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

57

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS—(Continued)

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

London closing exchange rates typically are used to convert foreign security prices into U.S. dollars. Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the relevant quotation on the exchange or market deemed to be the primary trading venue for that security. In the absence of such a quotation, a quotation from the exchange or market deemed by Arnhold and S. Bleichroeder Advisers, LLC (the "Adviser") Adviser to be the secondary trading venue for the particular security shall be used. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be "stale" as a result of limited market activity for a particular holding, or in other circumstances when market prices are unavailable, such as for private placements, or determined to be unreliable for a particular holding, such holdings may be "fair valued" in accordance with procedures approved by the Board of Trustees ("Board"). Additionally, with respect to foreign holdings, specifically in circumstances leading the Adviser to believe that significant events occurring after the close of a foreign market have materially affected the value of a Fund's holdings in that market, such holdings may be fair valued to reflect the events in accordance with procedures approved by the Board. The determination of whether a particular foreign investment should be fair valued will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and security-specific events. The 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 amortizes premiums on debt obligations using the interest method. Investment income is allocated to each Fund's share class in proportion to its relative net assets. Payments received from certain investments held by the Funds may be comprised of dividends, capital gains and return of capital. The Funds originally estimate the expected classification of such payments. The amounts m ay subsequently be reclassified upon receipt of information from the issuer.

c)  Expenses—Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to all Funds are allocated to each Fund in proportion to its relative net assets. Certain expenses are shared with the First Eagle Variable Funds, an affiliated fund group. Such costs are generally allocated using the ratio of the Fund's average daily net assets relative to the total average daily net assets of the First Eagle Variable Funds. Earnings credits reduce custody fees, shareholder servicing agent fees and accounting fees by the amount of interest earned on balances with such service provider.

d)  Foreign currency translation—The market values of securities which are not traded in U.S. currency are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rates at the end of the period. The costs of such securities are translated at exchange rates prevailing when acquired. Related dividends,

58

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS—(Continued)

interest and withholding taxes are accrued at the rates of exchange prevailing on the respective dates of such transactions.

The net assets of each of the Funds are presented at the foreign exchange rates and market values at the close of the period. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the equity securities. However, for federal income tax purposes each Fund does isolate the effect of changes in foreign exchange rates from the changes in market prices for realized gains and losses on debt obligations.

e)  Forward currency contracts—In connection with portfolio purchases and sales of securities denominated in foreign currencies, the Funds may enter into forward currency contracts. Additionally, each Fund may enter into such contracts to hedge certain other foreign currency denominated investments. These contracts are valued at the current cost of covering or offsetting such contracts, and the related realized and unrealized foreign exchange gains and losses are included in the statement of operations. In the event that counterparties fail to settle these currency contracts or the related foreign security trades, a Fund could be exposed to foreign currency fluctuations.

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

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

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

Options contracts are valued daily based upon the last sale price on the principal exchange on which the option is traded and unrealized appreciation/depreciation is recorded. If there is no sale on such day, the mean between the last bid and asked prices is used. First Eagle Fund of America will realize a gain or loss upon the expiration or closing of the option transaction. When an option is exercised, the proceeds on the sale of a written call option, the purchase cost of a written put option, or the cost of the security for a purchased put or call option is adjusted by the amount of premium received or paid. When a written option expires, First Eagle Fund of America will realize a gain equal to the amount of the premium received. When First Eagle Fund of America enters into a closing purchase transaction, First Eagle Fund of America will realize a gain (or loss, if the cost of the closing purchase transaction exceeds the pre mium 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.

59

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS—(Continued)

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

h)  Treasury Inflation-Protected Securities—The Funds may invest in Treasury Inflation-Protected Securities ("TIPS") which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation, as measured by the U.S. Consumer Price Index ("CPI"). The inflation (deflation) adjustment is applied to the principal of each bond on a monthly basis and is accounted for as interest income on the Statements of Operations. TIPS are subject to interest rate risk.

i)  Structured notes—In order to qualify as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code") , the Fund must meet certain requirements regarding the source of its income, the diversification of its assets and the distribution of its income. One of these requirements is that the Fund derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income derived with respect to its business of investing in such stock, securities or currencies or net income derived from interests in certain publicly traded partnerships ("Qualifying Income"). There curr ently is some uncertainty as to the status of income from commodity-linked structured notes in which certain of the First Eagle Funds have invested, and these Funds have treated such income as Qualifying Income. If any Fund fails to qualify as a RIC, the Fund will be subject to federal, state and local income tax on its net income and capital gains at regular corporate rates (without reduction for distributions to shareholders). When distributed, that income would also be taxable to shareholders as an ordinary dividend to the extent attributable to each Fund's earnings and profits. None of the Funds held structured notes as of October 31, 2007.

j)  Short Sales—The First Eagle Fund of America may seek to realize additional gains through short sale transactions in securities listed on one or more national security exchanges, or in unlisted securities. At the time a short sale is effected, the Fund incurs an obligation to replace the security borrowed at whatever its price may be at the time the Fund purchases it for delivery to the lender. The price at such time may be more or less than the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividend or interest that accrues during the period of the loan. To borrow the security, the Fund may also be required to pay a premium. The proceeds of the short sale will be retai ned by the broker, to the extent necessary to meet margin requirements, until the short position is closed. There were no open short sales as of October 31, 2007.

k)  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.

60

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS—(Continued)

At October 31, 2007, the components of distributable earnings on a tax basis were as follows:

	Undistributed Net Investment Income		Undistributed Net Realized Gains (Losses)		Net Unrealized Appreciation (Depreciation)
First Eagle Global Fund	$	453,145,760	$	1,826,343,484	$	4,649,105,439
First Eagle Overseas Fund		341,421,051		1,160,564,781		2,920,381,072
First Eagle U.S. Value Fund		12,537,867		20,622,265		76,036,442
First Eagle Gold Fund		38,975,435		37,345,615		477,390,368
First Eagle Fund of America		5,420,568		82,678,134		202,304,056

The differences between the components of distributable earnings on a tax basis and the amounts reflected in the statements of net assets are primarily due to wash sales, investments in partnerships and the treatment of passive foreign investment companies.

l)  Reclassification of capital accounts—On the statements of assets and liabilities, as a result of certain differences in the computation of net investment income and net realized capital gains under federal income tax rules and regulations versus generally accepted accounting principles, a reclassification has been made to increase (decrease) undistributed net investment income, undistributed net realized gains on investments and capital surplus 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 as follows:

	Undistributed Net Investment Income			Undistributed Net Realized Gains (Losses)			Capital Surplus
First Eagle Global Fund	$	159,558,496		$	(245,229,471	)	$	85,670,975
First Eagle Overseas Fund		107,935,128			(223,015,749	)		115,080,621
First Eagle U.S. Value Fund		(582,396	)		(2,204,277	)		2,786,673
First Eagle Gold Fund		36,787,385			(39,738,413	)		2,951,028
First Eagle Fund of America		(171,376	)		(2,417,683	)		2,589,059

The primary permanent differences causing such reclassification include the tax treatment of currency gains and losses, dividend redesignations, distributions paid in connection with the redemption of Fund shares, investments in passive foreign investment companies, distributions from real estate investment trusts, investments in partnerships, gold-linked notes and the disallowance of net operating losses.

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

61

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS—(Continued)

For the year ended October 31, 2007 and 2006, the tax character of distributions paid by the Funds was as follows:

	Ordinary Income				Long Term Capital Gains
	2007		2006		2007		2006
First Eagle Global Fund	$	547,199,121	$	387,362,891	$	1,384,096,410	$	501,732,584
First Eagle Overseas Fund		395,332,681		335,828,826		861,738,724		551,241,915
First Eagle U.S. Value Fund		11,464,478		6,321,321		20,299,580		4,928,938
First Eagle Gold Fund		43,450,846		21,502,525		131,153,193		—
First Eagle Fund of America		24,638,156		3,941,436		68,959,827		61,936,852

n)  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.

o)  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.

p)  Recently issued accounting pronouncements—In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48—Accounting for Uncertainty in Income Taxes that require the tax effects of certain tax positions to be recognized. These tax positions must meet a "more likely than not" standard that based on their technical merits, have a more than 50 percent likelihood of being sustained upon examination. FASB Interpretation No. 48 is effective for fiscal periods beginning after December 15, 2006. At adoption, the financial statements must be adjusted to reflect only those tax positions that are more likely than not of being sustained. Management of the Trust has evaluated its tax positions and determined that FASB Interpretation No. 4 8 has no impact on the Trust's financial statements.

In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements ("SFAS 157")." SFAS 157 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. SFAS 157 applies to reporting periods beginning after November 15, 2007. Management of the Trust is currently evaluating the impact the adoptio n of SFAS 157 will have on the Funds' financial statements disclosures.

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 net assets and First Eagle Fund of America at 1% of the Fund's average daily net assets. Prior to March 1, 2004, First Eagle Global Fund's annual advisory fee was at a rate of 1% of the first $25,000,000 and 0.75% in excess of $25,000,000.

62

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS—(Continued)

The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the Funds, and in accordance with its agreement with them, the Funds reimburse the Adviser for costs (including personnel, related overhead and other costs) related to those services. For the year ended October 31, 2007, the Funds reimbursed the Adviser amounts as disclosed in the Statements of Operations.

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

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 Advise r for certain administrative expenses incurred in providing services to the Fund.

On December 6, 2002, First Eagle Funds Distributors, a division of ASB Securities LLC, a wholly owned subsidiary of ASB Holdings, assumed the duties of the Funds' principal underwriter. Previously, Arnhold and S. Bleichroeder, Inc. ("ASB") acted as the Funds' principal underwriter. For the year ended October 31, 2007, First Eagle Funds Distributors realized $901,189, $118,524, $115,157, $56,236 and $24,762, pertaining to the sales of shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America, respectively.

Included in the accrued expenses, on the accompanying statements of assets and liabilities of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America are fees that are payable to trustees in the amounts of $61,525, $33,599, $1,865, $3,094 and $2,362, respectively. The Trust adopted a Trustee Deferred Compensation Plan which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various First Eagle Funds until distribution in accordance with the Trustee Deferred Compensation Plan.

63

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS—(Continued)

Note 3—Options

For the year ended October 31, 2007, First Eagle Fund of America had the following written options transactions:

	Number of Contracts			Premium Received
Options outstanding at October 31, 2006		54,352		$	13,742,018
Options written		233,751			90,377,773
Options assigned		(21,938	)		(8,566,870	)
Options expired/closed		(236,121	)		(79,873,046	)
Options outstanding at October 31, 2007		30,044		$	15,679,875

As of October 31, 2007, portfolio securities valued at approximately $168,000,000 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 Paid
Options outstanding at October 31, 2006		839		$	390,727
Options expired/closed		(839	)		(390,727	)
Options outstanding at October 31, 2007		—		$	—

Note 4—Plans of Distribution

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

The Distributor bears distribution costs of a Fund to the extent they exceed payments received under the Plan. For the year ended October 31, 2007, the distribution fees incurred by the Funds were as disclosed in the Statements of Operations.

The Distributor receives an annual service fee with respect to Class C at the annual rate of 0.25% of each Fund's average daily net assets, payable quarterly to cover expenses incurred by the Distributor for providing shareholder liaison services, including assistance with subscriptions, redemptions and other shareholder questions. For the year ended October 31, 2007, the services fees incurred by the Funds were as disclosed in the Statement of Operations.

64

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS—(Continued)

Note 5—Purchases and Sales of Securities

During the year ended October 31, 2007, the aggregate cost of purchases of investments, excluding short-term securities, totaled $6,596,324,038, $3,237,381,945, $307,455,374, $169,331,874 and $426,438,811 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 $7,166,027,096, $3,354,054,516, $145,490,181, $289,104,876 and $388,723,360 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.

65

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS—(Continued)

Note 6—Capital Stock

At October 31, 2007, 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:

	Year ended October 31, 2007
	First Eagle Global Fund									First Eagle Overseas Fund									First Eagle U.S. Value Fund
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
Shares sold		29,423,126			13,408,641			11,833,957			25,527,944			17,695,896			2,943,615			8,319,730			1,806,798			5,219,216
Shares issued for reinvested dividends and distributions		23,202,772			4,328,546			7,497,567			24,146,635			14,846,977			3,553,059			870,048			157,706			435,662
Shares redeemed		(34,474,198	)		(9,914,371	)		(11,511,953	)		(53,710,207	)		(43,244,940	)		(6,500,188	)		(5,829,160	)		(2,921,414	)		(1,827,587	)
Net increase (decrease)		18,151,700			7,822,816			7,819,571			(4,035,628	)		(10,702,067	)		(3,514	)		3,360,618			(956,910	)		3,827,291
	Year ended October 31, 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		35,583,874			16,936,625			15,968,391			31,491,864			28,485,440			4,335,354			7,931,207			3,378,844			4,664,020
Shares issued for reinvested dividends and distributions		12,214,236			1,781,748			3,641,882			19,245,274			10,302,236			2,877,882			324,121			50,463			166,361
Shares redeemed		(26,998,818	)		(5,439,910	)		(7,574,088	)		(35,686,105	)		(13,619,021	)		(5,445,943	)		(2,654,731	)		(889,439	)		(1,348,459	)
Net increase (decrease)		20,799,292			13,278,463			12,036,185			15,051,033			25,168,655			1,767,293			5,600,597			2,539,868			3,481,922

66

	Year ended October 31, 2007
	First Eagle Gold Fund									First Eagle Fund of America
	Class A			Class I			Class C			Class Y			Class A			Class C
Shares sold		3,911,647			915,411			1,085,929			2,845,188			1,320,584			666,151
Shares issued for reinvested dividends and distributions		4,971,320			934,960			928,749			2,621,034			219,398			213,865
Shares redeemed		(9,216,431	)		(2,043,469	)		(1,532,639	)		(4,201,617	)		(433,618	)		(338,596	)
Net increase (decrease)		(333,464	)		(193,098	)		482,039			1,264,605			1,106,364			541,420
	Year ended October 31, 2006
	First Eagle Gold Fund									First Eagle Fund of America
	Class A			Class I			Class C			Class Y			Class A			Class C
Shares sold		10,404,322			1,884,960			2,710,203			1,258,857			690,423			623,809
Shares issued for reinvested dividends and distributions		676,086			106,997			94,725			2,071,253			101,510			118,604
Shares redeemed		(10,768,465	)		(541,824	)		(2,679,916	)		(5,465,037	)		(267,431	)		(339,524	)
Net increase (decrease)		311,943			1,450,133			125,012			(2,134,927	)		524,502			402,889

67

FIRST EAGLE FUNDS

NOTES TO FINANCIAL STATEMENTS—(Continued)

Transactions in dollars of capital stock were as follows:

	Year ended October 31, 2007
	First Eagle Global Fund									First Eagle Overseas Fund									First Eagle U.S. Value Fund
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
Shares sold	$	1,405,054,425		$	639,851,362		$	554,267,173		$	673,109,394		$	467,501,394		$	75,035,175		$	133,936,401		$	29,137,821		$	83,623,876
Shares issued for reinvested dividends and distributions		1,055,958,184			197,468,312			339,264,933			601,009,577			372,510,660			87,653,961			13,607,553			2,485,438			6,800,696
Shares redeemed		(1,660,695,277	)		(480,504,284	)		(549,813,217	)		(1,429,894,742	)		(1,170,779,059	)		(171,083,982	)		(96,094,297	)		(47,792,894	)		(29,585,813	)
Net increase (decrease)	$	800,317,332		$	356,815,390		$	343,718,889		$	(155,775,771	)	$	(330,767,005	)	$	(8,394,846	)	$	51,449,657		$	(16,169,635	)	$	60,838,759
	Year ended October 31, 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	$	1,596,531,159		$	754,220,639		$	707,261,246		$	787,524,279		$	719,043,046		$	104,819,296		$	121,442,539		$	51,563,403		$	70,971,336
Shares issued for reinvested dividends and distributions		511,287,885			74,705,038			151,757,248			439,754,509			236,950,899			65,270,354			4,803,478			753,419			2,465,472
Shares redeemed		(1,207,582,500	)		(243,958,680	)		(338,993,962	)		(897,093,982	)		(344,196,140	)		(135,137,362	)		(40,509,067	)		(13,759,193	)		(20,546,051	)
Net increase (decrease)	$	900,236,544		$	584,966,997		$	520,024,532		$	330,184,806		$	611,797,805		$	34,952,288		$	85,736,950		$	38,557,629		$	52,890,757

Note 7—Indemnification and Foreign Investment Risk

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

68

	Year ended October 31, 2007
	First Eagle Gold Fund									First Eagle Fund of America
	Class A			Class I			Class C			Class Y			Class A			Class C
Shares sold	$	86,695,475		$	19,969,661		$	24,167,400		$	79,945,230		$	37,384,703		$	17,102,813
Shares issued for reinvested dividends and distributions		102,608,042			19,400,427			19,002,220			67,648,890			5,581,501			5,036,526
Shares redeemed		(197,397,958	)		(46,005,974	)		(32,479,289	)		(116,426,130	)		(12,092,526	)		(8,651,339	)
Net increase (decrease)	$	(8,094,441	)	$	(6,635,886	)	$	10,690,331		$	31,167,990		$	30,873,678		$	13,488,000
	Year ended October 31, 2006
	First Eagle Gold Fund									First Eagle Fund of America
	Class A			Class I			Class C			Class Y			Class A			Class C
Shares sold	$	236,601,779		$	42,023,295		$	61,075,082		$	33,619,327		$	18,235,645		$	15,417,073
Shares issued for reinvested dividends and distributions		13,129,705			2,086,441			1,827,249			53,169,070			2,572,259			2,829,882
Shares redeemed		(247,252,691	)		(13,257,098	)		(59,836,130	)		(145,954,594	)		(7,020,402	)		(8,359,942	)
Net increase (decrease)	$	2,478,793		$	30,852,638		$	3,066,201		$	(59,166,197	)	$	13,787,502		$	9,887,013

69

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS

	Year ended October 31,
	2007									2006
	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 year	$	48.36		$	48.56		$	47.83		$	42.47		$	42.62		$	42.06
Income from investment operations:
Net investment income		0.67			0.79			0.31			0.59			0.71			0.25
Net realized and unrealized gains on investments		6.91			6.94			6.84			7.82			7.85			7.77
Total from investment operations		7.58			7.73			7.15			8.41			8.56			8.02
Less distributions:
Dividends from net investment income		(1.22	)		(1.34	)		(0.89	)		(0.84	)		(0.94	)		(0.57	)
Distributions from capital gains		(3.63	)		(3.63	)		(3.63	)		(1.68	)		(1.68	)		(1.68	)
Total distributions		(4.85	)		(4.97	)		(4.52	)		(2.52	)		(2.62	)		(2.25	)
Net asset value, end of year	$	51.09		$	51.32		$	50.46		$	48.36		$	48.56		$	47.83
Total Returnc		16.91	%		17.19	%		16.03	%		20.73	%		21.06	%		19.86	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	13,451		$	3,193		$	5,593		$	11,854		$	2,641		$	4,928
Ratio of operating expenses to average net assetse		1.12	%		0.87	%		1.87	%		1.13	%		0.88	%		1.88	%
Ratio of net investment income to average net assetsf		1.40	%		1.64	%		0.65	%		1.31	%		1.57	%		0.56	%
Portfolio turnover rate		37.58	%		37.58	%		37.58	%		28.59	%		28.59	%		28.59	%

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

See Notes to Financial Highlights.

See Notes to Financial Statements.

70

	Year ended October 31,
	2005									2004									2003
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
First Eagle Global Fund
Selected Per Share Data*
Net asset value, beginning of year	$	36.53		$	36.64		$	36.30		$	32.37		$	32.41		$	32.15		$	24.34		$	24.36		$	24.15
Income from investment operations:
Net investment income		0.48			0.60			0.19			0.50			0.56			0.23			0.53			0.59			0.30
Net realized and unrealized gains on investments		6.07			6.06			6.01			5.18			5.22			5.18			8.39			8.41			8.38
Total from investment operations		6.55			6.66			6.20			5.68			5.78			5.41			8.92			9.00			8.68
Less distributions:
Dividends from net investment income		(0.43	)		(0.50	)		(0.26	)		(0.67	)		(0.70	)		(0.41	)		(0.49	)		(0.55	)		(0.28	)
Distributions from capital gains		(0.18	)		(0.18	)		(0.18	)		(0.85	)		(0.85	)		(0.85	)		(0.40	)		(0.40	)		(0.40	)
Total distributions		(0.61	)		(0.68	)		(0.44	)		(1.52	)		(1.55	)		(1.26	)		(0.89	)		(0.95	)		(0.68	)
Net asset value, end of year	$	42.47		$	42.62		$	42.06		$	36.53		$	36.64		$	36.30		$	32.37		$	32.41		$	32.15
Total Returnc		18.15	%		18.42	%		17.23	%		18.18	%		18.47	%		17.31	%		37.75	%		38.14	%		36.77	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	9,526		$	1,752		$	3,828		$	5,972		$	641		$	1,986		$	3,255		$	242		$	617
Ratio of operating expenses to average net assetse		1.20	%		0.95	%		1.95	%		1.24	%		0.99	%		1.99	%		1.32	%		1.06	%		2.07	%
Ratio of net investment income to average net assetsf		1.21	%		1.48	%		0.47	%		1.46	%		1.67	%		0.66	%		1.91	%		2.11	%		1.07	%
Portfolio turnover rate		12.29	%		12.29	%		12.29	%		4.94	%		4.94	%		4.94	%		7.20	%		7.20	%		7.20	%

71

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS — (Continued)

	Year ended October 31, 2007
	2007									2006
	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 year	$	26.70		$	26.94		$	26.33		$	24.13		$	24.33		$	23.83
Income from investment operations:
Net investment income (losses)		0.41			0.48			0.21			0.39			0.46			0.20
Net realized and unrealized gains on investments		4.05			4.10			4.00			4.57			4.60			4.53
Total from investment operations		4.46			4.58			4.21			4.96			5.06			4.73
Less distributions:
Dividends from net investment income		(0.87	)		(0.94	)		(0.68	)		(0.81	)		(0.87	)		(0.65	)
Distributions from capital gains		(2.20	)		(2.20	)		(2.20	)		(1.58	)		(1.58	)		(1.58	)
Total distributions		(3.07	)		(3.14	)		(2.88	)		(2.39	)		(2.45	)		(2.23	)
Net asset value, end of year	$	28.09		$	28.38		$	27.66		$	26.70		$	26.94		$	26.33
Total Returnc		18.20	%		18.52	%		17.31	%		22.24	%		22.53	%		21.33	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	5,974		$	3,942		$	1,203		$	5,785		$	4,031		$	1,145
Ratio of operating expenses to average net assetse		1.12	%		0.87	%		1.87	%		1.12	%		0.87	%		1.87	%
Ratio of net investment income to average net assetsf		1.54	%		1.80	%		0.79	%		1.57	%		1.82	%		0.81	%
Portfolio turnover rate		34.29	%		34.29	%		34.29	%		27.98	%		27.98	%		27.98	%

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

See Notes to Financial Highlights.

See Notes to Financial Statements.

72

	Year ended October 31, 2007
	2005									2004									2003
	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 year	$	20.25		$	20.37		$	19.97		$	17.50		$	17.57		$	17.28		$	12.45		$	12.48		$	12.30
Income from investment operations:
Net investment income (losses)		0.27			0.33			0.10			0.17			0.22			0.03			0.18			0.22			0.07
Net realized and unrealized gains on investments		3.96			3.99			3.93			3.20			3.22			3.17			5.09			5.10			5.04
Total from investment operations		4.23			4.32			4.03			3.37			3.44			3.20			5.27			5.32			5.11
Less distributions:
Dividends from net investment income		(0.24	)		(0.25	)		(0.06	)		(0.47	)		(0.49	)		(0.36	)		(0.21	)		(0.22	)		(0.12	)
Distributions from capital gains		(0.11	)		(0.11	)		(0.11	)		(0.15	)		(0.15	)		(0.15	)		(0.01	)		(0.01	)		(0.01	)
Total distributions		(0.35	)		(0.36	)		(0.17	)		(0.62	)		(0.64	)		(0.51	)		(0.22	)		(0.23	)		(0.13	)
Net asset value, end of year	$	24.13		$	24.33		$	23.83		$	20.25		$	20.37		$	19.97		$	17.50		$	17.57		$	17.28
Total Returnc		21.16	%		21.47	%		20.28	%		19.77	%		20.09	%		18.89	%		42.96	%		43.29	%		41.91	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	4,866		$	3,028		$	994		$	3,846		$	2,152		$	804		$	2,345		$	1,084		$	390
Ratio of operating expenses to average net assetse		1.18	%		0.93	%		1.93	%		1.25	%		1.00	%		2.00	%		1.31	%		1.05	%		2.05	%
Ratio of net investment income to average net assetsf		1.21	%		1.46	%		0.46	%		0.90	%		1.17	%		0.17	%		1.23	%		1.48	%		0.45	%
Portfolio turnover rate		19.40	%		19.40	%		19.40	%		5.88	%		5.88	%		5.88	%		3.46	%		3.46	%		3.46	%

73

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS — (Continued)

	Year ended October 31,
	2007									2006
	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 year	$	16.19		$	16.34		$	16.08		$	14.95		$	15.07		$	14.90
Income from investment operations:
Net investment income		0.33			0.38			0.21			0.29			0.33			0.17
Net realized and unrealized gains on investments		1.45			1.46			1.44			1.46			1.48			1.47
Total from investment operations		1.78			1.84			1.65			1.75			1.81			1.64
Less distributions:
Dividends from net investment income		(0.30	)		(0.33	)		(0.20	)		(0.24	)		(0.27	)		(0.19	)
Distributions from capital gains		(0.66	)		(0.66	)		(0.66	)		(0.27	)		(0.27	)		(0.27	)
Total distributions		(0.96	)		(0.99	)		(0.86	)		(0.51	)		(0.54	)		(0.46	)
Net asset value, end of year	$	17.01		$	17.19		$	16.87		$	16.19		$	16.34		$	16.08
Total Returnc		11.47	%		11.78	%		10.65	%		12.05	%		12.35	%		11.26	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	324		$	104		$	233		$	254		$	115		$	161
Ratio of operating expenses to average net assetse		1.20	%		0.95	%		1.95	%		1.25	%		0.99	%		1.99	%
Ratio of net investment income to average net assetsf		2.04	%		2.32	%		1.29	%		1.87	%		2.13	%		1.13	%
Portfolio turnover rate		32.54	%		32.54	%		32.54	%		31.76	%		31.76	%		31.76	%

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

See Notes to Financial Highlights.

See Notes to Financial Statements.

74

	Year ended October 31,
	2005									2004									2003
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
First Eagle U.S. Value Fund
Selected Per Share Data*
Net asset value, beginning of year	$	13.95		$	14.05		$	13.92		$	12.71		$	12.76		$	12.61		$	10.56		$	10.59		$	10.48
Income from investment operations:
Net investment income		0.20			0.24			0.10			0.22			0.27			0.13			0.19			0.23			0.11
Net realized and unrealized gains on investments		1.35			1.36			1.35			1.66			1.65			1.64			2.46			2.45			2.43
Total from investment operations		1.55			1.60			1.45			1.88			1.92			1.77			2.65			2.68			2.54
Less distributions:
Dividends from net investment income		(0.20	)		(0.23	)		(0.12	)		(0.32	)		(0.31	)		(0.14	)		(0.16	)		(0.17	)		(0.07	)
Distributions from capital gains		(0.35	)		(0.35	)		(0.35	)		(0.32	)		(0.32	)		(0.32	)		(0.34	)		(0.34	)		(0.34	)
Total distributions		(0.55	)		(0.58	)		(0.47	)		(0.64	)		(0.63	)		(0.46	)		(0.50	)		(0.51	)		(0.41	)
Net asset value, end of year	$	14.95		$	15.07		$	14.90		$	13.95		$	14.05		$	13.92		$	12.71		$	12.76		$	12.61
Total Returnc		11.35	%		11.65	%		10.56	%		15.38	%		15.58	%		14.43	%		26.10	%		26.34	%		25.03	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	150		$	68		$	97		$	62		$	54		$	29		$	41		$	49		$	20
Ratio of operating expenses to average net assetse		1.28	%		1.04	%		2.02	%		1.38	%		1.13	%		2.13	%		1.51	%		1.26	%		2.26	%
Ratio of net investment income to average net assetsf		1.40	%		1.63	%		0.67	%		1.66	%		2.00	%		0.95	%		1.72	%		1.99	%		0.97	%
Portfolio turnover rate		17.22	%		17.22	%		17.22	%		23.47	%		23.47	%		23.47	%		33.45	%		33.45	%		33.45	%

75

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS — (Continued)

	Year Ended October 31,
	2007									2006
	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 year	$	23.48		$	23.62		$	23.17		$	17.45		$	17.55		$	17.25
Income from investment operations:
Net investment (loss) income		(0.12	)		(0.07	)		(0.28	)		(0.13	)		(0.08	)		(0.30	)
Net realized and unrealized gains on investments		7.72			7.78			7.61			6.65			6.69			6.60
Total from investment operations		7.60			7.71			7.33			6.52			6.61			6.30
Less distributions:
Dividends from net investment income		(0.74	)		(0.79	)		(0.58	)		(0.49	)		(0.54	)		(0.38	)
Distributions from capital gains		(3.06	)		(3.06	)		(3.06	)		—			—			—
Total distributions		(3.80	)		(3.85	)		(3.64	)		(0.49	)		(0.54	)		(0.38	)
Net asset value, end of year	$	27.28		$	27.48		$	26.86		$	23.48		$	23.62		$	23.17
Total Returnc		37.57	%		37.93	%		36.55	%		37.97	%		38.29	%		36.95	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	890		$	166		$	196		$	774		$	147		$	158
Ratio of operating expenses to average net assetse		1.20	%		0.95	%		1.95	%		1.21	%		0.96	%		1.96	%
Ratio of net investment (loss) income to average net assetsf		(0.55	%)		(0.30	%)		(1.30	%)		(0.59	%)		(0.34	%)		(1.33	%)
Portfolio turnover rate		16.37	%		16.37	%		16.37	%		32.26	%		32.26	%		32.26	%

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

  **  Amount represents less than $0.01 per share.

See Notes to Financial Highlights.

See Notes to Financial Statements.

76

	Year Ended October 31,
	2005									2004									2003
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class Id			Class Cd
First Eagle Gold Fund
Selected Per Share Data*
Net asset value, beginning of year	$	16.82		$	16.88		$	16.76		$	15.99		$	16.03		$	15.96		$	10.41		$	12.41		$	12.41
Income from investment operations:
Net investment (loss) income		(0.04	)		0.00	**		(0.16	)		(0.10	)		(0.05	)		(0.21	)		(0.06	)		(0.02	)		(0.09	)
Net realized and unrealized gains on investments		0.67			0.67			0.65			1.49			1.48			1.47			5.72			3.64			3.64
Total from investment operations		0.63			0.67			0.49			1.39			1.43			1.26			5.66			3.62			3.55
Less distributions:
Dividends from net investment income		—			—			—			(0.56	)		(0.58	)		(0.46	)		(0.08	)		—			—
Distributions from capital gains		—			—			—			—			—			—			—			—			—
Total distributions		—			—			—			(0.56	)		(0.58	)		(0.46	)		(0.08	)		—			—
Net asset value, end of year	$	17.45		$	17.55		$	17.25		$	16.82		$	16.88		$	16.76		$	15.99		$	16.03		$	15.96
Total Returnc		3.75	%		3.97	%		2.92	%		8.59	%		8.82	%		7.79	%		54.64	%		29.17	%b		28.61	%b
Ratios and Supplemental Data
Net assets, end of period (millions)	$	570		$	84		$	115		$	516		$	75		$	92		$	374		$	30		$	32
Ratio of operating expenses to average net assetse		1.29	%		1.04	%		2.04	%		1.39	%		1.14	%		2.14	%		1.49	%		1.23	%a		2.19	%a
Ratio of net investment (loss) income to average net assetsf		(0.24	%)		0.02	%		(0.98	%)		(0.62	%)		(0.35	%)		(1.34	%)		(0.43	%)		(0.24	%)a		(1.26	%)a
Portfolio turnover rate		21.73	%		21.73	%		21.73	%		3.61	%		3.61	%		3.61	%		0.98	%		0.98	%b		0.98	%b

77

FIRST EAGLE FUNDS

FINANCIAL HIGHLIGHTS — (Continued)

	Year ended October 31,
	2007									2006
	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 year	$	28.28		$	26.12		$	27.92		$	26.42		$	24.74		$	26.11
Income from investment operations:
Net investment income (loss)		0.07	g		(0.13	)g		0.05	g		(0.08	)		(0.26	)		(0.08	)
Net realized and unrealized gains on investments		5.35			4.88			5.30			4.28			3.98			4.23
Total from investment operations		5.42			4.75			5.35			4.20			3.72			4.15
Less distributions:
Distributions from capital gains		(3.48	)		(3.48	)		(3.48	)		(2.34	)		(2.34	)		(2.34	)
Total distributions		(3.48	)		(3.48	)		(3.48	)		(2.34	)		(2.34	)		(2.34	)
Net asset value, end of year	$	30.22		$	27.39		$	29.79		$	28.28		$	26.12		$	27.92
Total Returnc		21.25	%		20.34	%		21.28	%		16.80	%		15.93	%		16.81	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	756		$	65		$	82		$	671		$	48		$	46
Ratio of operating expenses to average net assetse		1.40	%		2.15	%		1.40	%		1.41	%		2.16	%		1.41	%
Ratio of net investment income (loss) to average net assetsf		0.26	%g		(0.51	%)g		0.18	%g		(0.30	%)		(1.05	%)		(0.30	%)
Portfolio turnover rate		50.26	%		50.26	%		50.26	%		40.38	%		40.38	%		40.38	%

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

See Notes to Financial Highlights.

See Notes to Financial Statements.

78

	Year ended October 31,
	2005									2004									2003
	Class Y			Class C			Class A			Class Y			Class C			Class A			Class Y			Class C			Class A
First Eagle Fund of America
Selected Per Share Data*
Net asset value, beginning of year	$	25.81		$	24.44		$	25.54		$	23.03		$	21.99		$	22.80		$	19.47		$	18.73		$	19.29
Income from investment operations:
Net investment income (loss)		(0.07	)		(0.26	)		(0.09	)		(0.16	)		(0.33	)		(0.22	)		(0.17	)		(0.31	)		(0.22	)
Net realized and unrealized gains on investments		2.38			2.26			2.36			3.41			3.25			3.43			3.73			3.57			3.73
Total from investment operations		2.31			2.00			2.27			3.25			2.92			3.21			3.56			3.26			3.51
Less distributions:
Distributions from capital gains		(1.70	)		(1.70	)		(1.70	)		(0.47	)		(0.47	)		(0.47	)		—			—			—
Total distributions		(1.70	)		(1.70	)		(1.70	)		(0.47	)		(0.47	)		(0.47	)		—			—			—
Net asset value, end of year	$	26.42		$	24.74		$	26.11		$	25.81		$	24.44		$	25.54		$	23.03		$	21.99		$	22.80
Total Returnc		9.23	%		8.43	%		9.16	%		14.30	%		13.46	%		14.27	%		18.28	%		17.41	%		18.20	%
Ratios and Supplemental Data
Net assets, end of period (millions)	$	684		$	36		$	29		$	601		$	14		$	17		$	554		$	11		$	6
Ratio of operating expenses to average net assetse		1.43	%		2.17	%		1.49	%		1.46	%		2.21	%		1.72	%		1.50	%		2.25	%		1.75	%
Ratio of net investment income (loss) to average net assetsf		(0.27	%)		(1.03	%)		(0.34	%)		(0.63	%)		(1.39	%)		(0.91	%)		(0.79	%)		(1.55	%)		(1.07	%)
Portfolio turnover rate		54.54	%		54.54	%		54.54	%		44.68	%		44.68	%		44.68	%		47.88	%		47.88	%		47.88	%

79

FIRST EAGLE FUNDS

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  May 15, 2003 inception date.

e  The ratio of operating expenses to average net assets without the effect of earnings credits and in the case of the First Eagle U.S. Value Fund,without the effect of earnings credits and expense reimbursements are as follows:

	Year ended October 31,
	2007									2006									2005
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
First Eagle Global Fund		1.12	%		0.87	%		1.87	%		1.14	%		0.89	%		1.89	%		1.20	%		0.95	%		1.95	%
First Eagle Overseas Fund		1.12	%		0.87	%		1.87	%		1.12	%		0.87	%		1.87	%		1.18	%		0.93	%		1.93	%
First Eagle U.S. Value Fund		1.20	%		0.96	%		1.95	%		1.25	%		1.00	%		2.00	%		1.28	%		1.04	%		2.02	%
First Eagle Gold Fund		1.20	%		0.95	%		1.95	%		1.22	%		0.97	%		1.97	%		1.30	%		1.05	%		2.05	%
	Year ended October 31,
	2007									2006									2005
	Class Y			Class C			Class A			Class Y			Class C			Class A			Class Y			Class C			Class A
First Eagle Fund of America		1.41	%		2.16	%		1.41	%		1.41	%		2.16	%		1.41	%		1.43	%		2.17	%		1.49	%

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

	Year ended October 31,
	2007									2006									2005
	Class A			Class I			Class C			Class A			Class I			Class C			Class A			Class I			Class C
First Eagle Global Fund		1.39	%		1.64	%		0.64	%		1.30	%		1.57	%		0.56	%		1.20	%		1.48	%		0.47	%
First Eagle Overseas Fund		1.54	%		1.79	%		0.78	%		1.56	%		1.82	%		0.81	%		1.21	%		1.46	%		0.46	%
First Eagle U.S. Value Fund		2.04	%		2.32	%		1.28	%		1.87	%		2.12	%		1.12	%		1.40	%		1.63	%		0.66	%
First Eagle Gold Fund		(0.56	%)		(0.31	%)		(1.31	%)		(0.59	%)		(0.34	%)		(1.34	%)		(0.24	%)		(0.01	%)		(0.98	%)
	Year ended October 31,
	2007									2006									2005
	Class Y			Class C			Class A			Class Y			Class C			Class A			Class Y			Class C			Class A
First Eagle Fund of America		0.25	%g		(0.52	%)g		0.17	%g		(0.30	%)		(1.05	%)		(0.30	%)		(0.27	%)		(1.04	%)		(0.34	%)

g  Investment income (loss) per share reflects special dividends received in the First Eagle Fund of America (Class Y, C and A) which amounted to $0.13, $0.12, and $0.13 per share. Excluding the special dividends, the ratio of net investment income (loss) to average net assets both with and without the effect of earnings credits in First Eagle Fund of America (Class Y, C, and A) would have been (0.22%), (1.00%), and (0.31%).

80

	Year ended October 31,
	2004									2003
	Class A			Class I			Class C			Class A			Class I			Class C
First Eagle Global Fund		1.24	%		0.99	%		1.99	%		1.32	%		1.07	%		2.07	%
First Eagle Overseas Fund		1.25	%		1.00	%		2.00	%		1.31	%		1.06	%		2.05	%
First Eagle U.S. Value Fund		1.38	%		1.13	%		2.13	%		1.51	%		1.26	%		2.26	%
First Eagle Gold Fund		1.39	%		1.14	%		2.14	%		1.50	%		1.23	%ad		2.19	%ad
	Year ended October 31,
	2004									2003
	Class Y			Class C			Class A			Class Y			Class C			Class A
First Eagle Fund of America		1.46	%		2.21	%		1.72	%		1.50	%		2.25	%		1.75	%

	Year ended October 31,
	2004									2003
	Class A			Class I			Class C			Class A			Class I			Class C
First Eagle Global Fund		1.46	%		1.67	%		0.66	%		1.91	%		2.10	%		1.07	%
First Eagle Overseas Fund		0.90	%		1.17	%		0.17	%		1.23	%		1.48	%		0.45	%
First Eagle U.S. Value Fund		1.66	%		2.00	%		0.95	%		1.72	%		1.99	%		0.97	%
First Eagle Gold Fund		(0.62	%)		(0.35	%)		(1.34	%)		(0.43	%)		(0.25	%)ad		(1.26	%)ad
	Year ended October 31,
	2004									2003
	Class Y			Class C			Class A			Class Y			Class C			Class A
First Eagle Fund of America		(0.57	%)		(1.32	%)		(0.84	%)		(0.79	%)		(1.55	%)		(1.07	%)

81

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees and Shareholders of
First Eagle Funds:

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position 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 (collectively hereafter referred to as the "Funds") at October 31, 2007, the results of each of their operations for the year then ended, and the changes in each of their net assets and the financial highlights for the two years then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2007 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial highlights for each of the three years ended October 31, 2005 were audited by another independent registered public accounting firm, whose report dated December 22, 2005 was unqualified.

PricewaterhouseCoopers LLP
New York, New York
December 21, 2007

82

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 May 1, 2007 and held for the six months ended October 31, 2007.

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		5.86	%	$	1,000.00	$	1,058.60	$	5.81
First Eagle Global Fund Class I		5.99	%		1,000.00		1,059.90		4.52
First Eagle Global Fund Class C		5.48	%		1,000.00		1,054.80		9.69
First Eagle Overseas Fund Class A		4.35	%		1,000.00		1,043.50		5.77
First Eagle Overseas Fund Class I		4.49	%		1,000.00		1,044.90		4.48
First Eagle Overseas Fund Class C		3.95	%		1,000.00		1,039.50		9.61
First Eagle U.S. Value Fund Class A		5.06	%		1,000.00		1,050.60		6.15
First Eagle U.S. Value Fund Class I		5.20	%		1,000.00		1,052.00		4.86
First Eagle U.S. Value Fund Class C		4.65	%		1,000.00		1,046.50		10.01
First Eagle Gold Fund Class A		27.66	%		1,000.00		1,276.60		6.89
First Eagle Gold Fund Class I		27.81	%		1,000.00		1,278.10		5.45
First Eagle Gold Fund Class C		27.18	%		1,000.00		1,271.80		11.17
First Eagle Fund of America Class A		6.55	%		1,000.00		1,065.50		7.29
First Eagle Fund of America Class C		6.12	%		1,000.00		1,061.20		11.17
First Eagle Fund of America Class Y		6.56	%		1,000.00		1,065.60		7.29

⁽¹⁾  For the six months ended October 31, 2007.

⁽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 1.12%, 0.87%, 1.87%, 1.12%, 0.87%, 1.87%, 1.19%, 0.94%, 1.94%, 1.20%, 0.95%, 1.95%, 1.40%, 2.15%, and 1.40% for the First Eagle Global Fund Class A, I and C; First Eagle Overseas Fund Class A, I, and C; First Eagle U.S. Value Fund Class A, I, and C; First Eagle Gold Fund Class A, I and C ; and First Eagle Fund of America Class A, C, and Y, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

83

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 contingent deferred 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	$	1,019.56	$	5.70
First Eagle Global Fund Class I		5.00	%		1,000.00		1,020.82		4.43
First Eagle Global Fund Class C		5.00	%		1,000.00		1,015.78		9.50
First Eagle Overseas Fund Class A		5.00	%		1,000.00		1,019.56		5.70
First Eagle Overseas Fund Class I		5.00	%		1,000.00		1,020.82		4.43
First Eagle Overseas Fund Class C		5.00	%		1,000.00		1,015.78		9.50
First Eagle U.S. Value Fund Class A		5.00	%		1,000.00		1,019.21		6.06
First Eagle U.S. Value Fund Class I		5.00	%		1,000.00		1,020.47		4.79
First Eagle U.S. Value Fund Class C		5.00	%		1,000.00		1,015.43		9.86
First Eagle Gold Fund Class A		5.00	%		1,000.00		1,019.16		6.11
First Eagle Gold Fund Class I		5.00	%		1,000.00		1,020.42		4.84
First Eagle Gold Fund Class C		5.00	%		1,000.00		1,015.38		9.91
First Eagle Fund of America Class A		5.00	%		1,000.00		1,018.15		7.12
First Eagle Fund of America Class C		5.00	%		1,000.00		1,014.37		10.92
First Eagle Fund of America Class Y		5.00	%		1,000.00		1,018.15		7.12

⁽¹⁾  For the six months ended October 31, 2007.

⁽²⁾  Expenses are equal to the annualized expense ratio of 1.12%, 0.87%, 1.87%, 1.12%, 0.87%, 1.87%, 1.19%, 0.94%, 1.94%, 1.20%, 0.95%, 1.95%, 1.40%, 2.15%, and 1.40% for the First Eagle Global Fund Class A, I and C; First Eagle Overseas Fund Class A, I, and C; First Eagle U.S. Value Fund Class A, I, and C; First Eagle Gold Fund Class A, I and C ; and First Eagle Fund of America Class A, C, and Y, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

84

FIRST EAGLE FUNDS

TAX INFORMATION

Fiscal Year Ended October 31, 2007
(Unaudited)

Each portfolio designates the following amounts (or the maximum amount allowable) distributed during the fiscal year ended October 31, 2007, if any, as capital gain dividends, dividends eligible for the corporate dividends received deduction and/or qualified dividend income:

	% of Qualifying			% of Dividends Eligible for the Dividends Received			Long-Term Capital Gains**
	Dividend Income			Deduction			2007
First Eagle Global Fund		37.87	%		12.12	%	$	1,450,916,799
First Eagle Overseas Fund*		27.05	%		1.00	%		943,616,712
First Eagle U.S. Value		24.10	%		24.10	%		21,935,538
First Eagle Gold Fund		7.01	%		2.32	%		132,595,518
First Eagle Fund of America		11.27	%		11.27	%		71,270,795

*  First Eagle Overseas Fund paid foreign taxes of $18,583,314 and recognized foreign source income of $213,764,034. Pursuant to Section 853 of the Internal Revenue Code, the Fund designates such amounts as having been paid in connection with dividends distributed from investment taxable income during the fiscal year ended October 31, 2007.

**  First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund First Eagle Gold Fund and First Eagle Fund of America distributed long-term gains at rates of 15% and 28% as follows: $1,415,976,385 and $34,940,414, $923,547,622 and $20,069,090, $21,296,432 and $639,106, $115,435,275 and $17,160,243 and $71,270,795 and $0, respectively.

85

FIRST EAGLE FUNDS

ADDITIONAL INFORMATION
(Unaudited)

MANAGEMENT OF THE TRUST

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

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

INDEPENDENT TRUSTEES(1)

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

⁽¹⁾  Trustees who are not "interested persons' of the Trust as defined in the Investment Company Act.

⁽²⁾  The term of office of each 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.

86

Name, Age and Address	Position(s) Held with the Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Fund Complex Overseen by Trustee		Other Directorships/ Trusteeships Held by Trustee
Jean D. Hamilton 1345 Avenue of the Americas New York, New York 10105 (born January 1947)	Trustee	March 2003 to present	Private Investor/ Independent Consultant; Member, Brock Capital Group LLC; prior to November 2002, Chief Executive Officer, Prudential Institutional; Executive Vice President, Prudential Financial, Inc.		6	Director, RenaissanceRe Holdings Ltd.; Director, Four Nations; Trustee, First Eagle Variable Funds (1 portfolio)
James E. Jordan 1345 Avenue of the Americas New York, New York 10105 (born April 1944)	Trustee	December 1999 to present	Private Investor and Independent Consultant; prior to July 2005, Managing Director, Arnhold and S. Bleichroeder Advisers, LLC and Director, ASB Securities LLC and ASB Advisers UK, Limited; prior to July 2002, private investor and consultant to The Jordan Company (private investment banking firm) since June 1997		6	Director, Leucadia National Corporation; Director, Consolidated-Tomoka Land Company; Director, JZ Equity Partners, Plc. (U.K. investment trust company); Director, Columbia University School of International and Public Affairs; Chairman's Council, Conservation International; Trustee, First Eagle Variable Funds (1 portfolio)
William M. Kelly 500 Fifth Avenue, 50th Floor New York, New York 10110 (born February 1944)	Trustee	December 1999 to present(2)	President, Lingold Associates		6	Treasurer and Trustee, Black Rock Forest Preservation and Consortium; Trustee, St. Anselm College; Trustee, First Eagle Variable Funds (1 portfolio)

⁽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.

87

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
Paul J. Lawler One Michigan Avenue East Battle Creek, Michigan 49017 (born May 1948)	Trustee	March 2002 to present	Vice President Investments and Chief Investment Officer, W.K. Kellogg Foundation		6	Finance and Investment Committee Member, Battle Creek Community Foundation; Custody Advisory Committee Member, The Bank of New York; Advisory Committee, Common Fund Capital; Advisory Committee, TA Realty Advisors; Trustee, First Eagle Variable Funds (1 portfolio)
Dominique M. Raillard 15 Boulevard Delessert 75016 Paris France (born June 1938)	Trustee	April 1987 to present	Private Investor and Independent Consultant		6	Trustee, First Eagle Variable Funds (1 portfolio)

⁽¹⁾  The term of office of each Trustee expires on his/her 70th birthday.

88

INTERESTED TRUSTEE

Name, Age and Address	Position(s) Held with the Trust	Term of Office(1) and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in the Fund Complex Overseen by Trustee		Other Directorships/ Trusteeships Held by Trustee
John P. Arnhold(2) 1345 Avenue of the Americas New York, New York 10105 (born December 1953)	President and Trustee	December 1999 to present	Co-President, Co-CEO and Director, Arnhold and S. Bleichroeder Holdings, Inc.; Chairman, CEO and Director, Arnhold and S. Bleichroeder Advisers, LLC and ASB Securities LLC; prior to March 2005, President and Director, Natexis Bleichroeder, Inc. and Natexis Bleichroeder, UK		6	Director, Arnhold Ceramics; Director, The Arnhold Foundation; Director, The Mulago Foundation; Director, Hanseatic Asset Management LBG; Director, Quantum Endowment Fund; Director, Educational Broadcasting Corporation; Trustee, Trinity Episcopal Schools Corp.; Trustee, Vassar College; Trustee, Sports and Arts in Schools Foundation; Trustee, Jazz at Lincoln Center; President and Trustee, First Eagle Variable Funds (1 portfolio)

⁽¹⁾  The term of office of each Trustee expires on his/her 70th birthday.

⁽²⁾  Mr. Arnhold is an Interested Trustee (i.e., an "interested persons" of the Trust as defined in the Investment Company Act) because he is an officer and director of the Trust's investment adviser and principal underwriter.

89

OFFICERS

Name, Age and Address	Position(s) Held with the Trust	Term of Office and Length of Time Served(1)	Principal Occupation(s) During Past Five (5) Years
John P. Arnhold 1345 Avenue of the Americas New York, New York 10105 (born December 1953)	President and Trustee	December 1999 to present	See table on preceding page related to Interested Trustees
Robert Bruno 1345 Avenue of the Americas New York, New York 10105 (born June 1964)	Chief Operations and Financial Officer	December 1999 to present	Senior Vice President, Arnhold and S. Bleichroeder Advisers, LLC; 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 and Senior Vice President, Arnhold and S.Bleichroeder Advisers, LLC; General Counsel and Secretary of Arnhold and S.Bleichroeder Holdings, Inc., and Chief Compliance Officer, First Eagle Variable Funds from February 2005; Chief Compliance Officer, Good Hope Advisers, LLC from January 2006; Senior Counsel and Chief Compliance Officer, MacKay Shields LLC from April 2004; Senior Associate General Counsel, UBS Financial Services, Inc. from May 1998
Suzan J. Afifi 1345 Avenue of the Americas New York, New York 10105 (born October 1952)	Vice President and Secretary	December 1999 to present	Vice President, Arnhold and S. Bleichroeder Advisers, LLC; Vice President, ASB Securities LLC; Vice President and Secretary, First Eagle Variable Funds
Stefanie Hempstead 1345 Avenue of the Americas New York, New York 10105 (born July 1973)	Vice President and Treasurer	May 2000 to present	Senior Vice President, Arnhold and S.Bleichroeder Advisers, LLC; Vice President, ASB Securities LLC; Vice President and Treasurer, First Eagle Variable Funds
Michael Luzzatto 1345 Avenue of the Americas New York, New York 10105 (born April 1977)	Assistant Vice President	December 2004 to present	Vice President, Arnhold and S. Bleichroeder Advisers, LLC; Vice President, ASB Securities LLC; Assistant Vice President, First Eagle Variable Funds from December 2004
Winnie Chin 1345 Avenue of the Americas New York, New York 10105 (born July 1974)	Assistant Treasurer	March 2001 to present	Vice President, Arnhold and S. Bleichroeder Advisers, LLC; Assistant Treasurer, First Eagle Variable Funds
Philip Santopadre 1345 Avenue of the Americas New York, New York 10105 (born August 1977)	Assistant Treasurer	September 2005 to present	Vice President, Arnhold and S. Bleichroeder Advisers, LLC; Assistant Treasurer, First Eagle Variable Funds

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

90

First Eagle Funds

1345 Avenue of the Americas
New York, NY 10105
www.firsteaglefunds.com

Trustees

Lisa Anderson
John P. Arnhold
Candace K. Beinecke (Chair)
Jean D. Hamilton
James E. Jordan
William M. Kelly
Paul J. Lawler
Dominique Raillard

Officers

John P. Arnhold
President

Robert Bruno
Chief Operations & Financial Officer

Mark D. Goldstein
Chief Compliance Officer

Suzan J. Afifi
Vice President & Secretary

Stefanie Hempstead
Vice President & Treasurer

Michael Luzzatto
Assistant Vice President

Winnie Chin
Assistant Treasurer

Philip Santopadre
Assistant Treasurer

Investment Adviser

Arnhold and S. Bleichroeder
  Advisers, LLC
1345 Avenue of the Americas
New York, NY 10105

Legal Counsel

Shearman & Sterling LLP
599 Lexington Avenue
New York, NY 10022

Custodian

State Street Bank and Trust Company
801 Pennsylvania
Kansas City, MO 64105

Shareholder Servicing Agent

DST Systems, Inc.
330 West 9th Street
Kansas City, MO 64105
(800) 334-2143

Underwriter

First Eagle Funds Distributors,
  a division of ASB Securities LLC
1345 Avenue of the Americas
New York, NY 10105

Independent Registered
Public Accounting Firm

PricewaterhouseCoopers LLP
300 Madison Avenue
New York, NY 10017

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.

The Board of Trustees of the registrant has designated Paul J. Lawler and William M. Kelly as Audit Committee Financial Experts.  Mr. Lawler and Mr. Kelly are both considered by the Board to be independent trustees.

Item 4.Principal Accountant Fees and Services

(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant’s principal accountant were as follows:

	2007		2006
Audit Fees	$	318,981	$	206,818
Audit-Related Fees
Tax Fees	183,690		$	123,228
	��
All Other Fees

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.  Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements, in particular the issuance of a report on internal controls.  Tax fees include amounts related to tax compliance, tax planning, and tax advice.  Other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Trustees.

(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval by the committee or a designated member thereof.  If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting.  Waiver of pre-approval for audit and non-audit services requiring fees of a de minimis amount is not permitted.

(e)(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Other than as described in the table above, the aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant was $0 in both 2007 and 2006.

(h) Not applicable.

Item 5.Audit Committee of Listed Registrants

Not applicable at this time.

Item 6.Schedule of Investments

Included as part of the Report to Stockholders filed pursuant to Item 1.

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

Not applicable at this time.

Item 8.Portfolio Managers of Closed-End Investment Companies.

Not applicable at this time.

Item 9.Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable at this time.

Item 10.Submission of Matters to a Vote of Security Holders.

No material change to report at this time.

Item 11.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 12.Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR.

(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 1/7/2008

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

By (Signature and Title)*	/s/ John P. Arnhold
	John P. Arnhold, Principal Executive Officer

Date 1/7/2008

By (Signature and Title)*	/s/ Robert Bruno
	Robert Bruno, Principal Financial Officer

Date 1/7/2008

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