First Eagle Global Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file 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

Date of reporting period:		April 30, 2010

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.

Semi-Annual Report

APRIL 30, 2010

Global Fund

Overseas Fund

U.S. Value Fund

Gold Fund

Fund of America

ADVISED BY FIRST EAGLE INVESTMENT MANAGEMENT, LLC

Forward-Looking Statement Disclosure

One of our most important responsibilities as mutual fund managers is to communicate with shareholders in an open and direct manner. Some of our comments in our letters to shareholders are based on current management expectations and are considered "forward-looking statements". Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "may", "will", "believe", "attempt", "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.

Table of Contents

Letter from the President					4

Letter from the Global Value Team Portfolio Managers					6

Management's Discussion of Fund Performance: First Eagle Global, Overseas, U.S. Value and Gold Funds					11

Performance Chart					15

First Eagle Global Fund:

Fund Overview					18

Schedule of Investments					20

First Eagle Overseas Fund:

Fund Overview					40

Schedule of Investments					42

First Eagle U.S. Value Fund:

Fund Overview					58

Schedule of Investments					60

First Eagle Gold Fund:

Fund Overview					70

Schedule of Investments					72

First Eagle Fund of America:

Management's Discussion of Fund Performance					77

Fund Overview					80

Schedule of Investments					82

Statements of Assets and Liabilities					88

Statements of Operations					92

Statements of Changes in Net Assets					94

Financial Highlights					98

Notes to Financial Statements					108

Fund Expenses					133

General Information					137

Privacy Notice					138

Consideration of Investment Advisory Agreements					140

Letter from the President

Dear Fellow Shareholders,

After a year which concluded with strong performance across world equity markets, investors entered 2010 with a sense of optimism and faith in the stability of the global financial system. However, the complacent environment of low volatility and advancing share prices was rudely interrupted several weeks ago with the prospect of sovereign defaults in Southern Europe and a deterioration of the euro. Although the latest debt crisis should not be viewed as surprising, it is a reminder that the credit bubble will continue to haunt global economies. There is no quick and easy fix.

With the one trillion euro support package, a bruised, if not crippled Eurozone, pending financial reform and fragile trade imbalances, uncertainty and fear have returned to equity markets.

At First Eagle we do not speculate on potential economic developments or on future market movements. Rather, we scour the universe to uncover what we feel are good businesses whose shares can be acquired at prices which we believe afford us a margin of safety. We are mindful of and respectful of the macro environment and we try to factor every conceivable (and sometimes inconceivable) risk into our investment decisions. And volatility, which can provide opportunity, is our friend.

Our mission has never changed through the many ups and downs over the decades - we act as the stewards of our clients' capital and we are committed to our goal of preserving the purchasing power of this capital over time.

Our capable portfolio management teams have been strengthened with the appointment of seasoned analyst Kimball Brooker, Jr. to an associate portfolio management position on the First Eagle Overseas and First Eagle U.S. Value Funds. Along with Matt McLennan and Abhay Deshpande as portfolio managers, and Rachel Benepe as co-portfolio manager of the First Eagle Gold Fund, Bruce Greenwald as Director of Research, Jean-Marie Eveillard in his capacity as Senior Adviser and a team of nine additional analysts, we are confident that we have an excellent investment team to guide us through uncharted territories.

John P. Arnhold

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First Eagle Fund of America, managed by Harold Levy and David Cohen, continues to find opportunities where corporate change has the potential to provide a catalyst for capital appreciation. As merger and acquisition activity increases there are more situations where potential for positive value creation might be found.

In December of last year, the adviser to the Funds, Arnhold and S. Bleichroeder Advisers, LLC, announced its new corporate name, First Eagle Investment Management, LLC ("FEIM"). The change reflects the Firm's exclusive commitment to asset management and the strong value our shareholders rightly associate with the First Eagle Funds.

Please be assured that your investments in our Funds will continue to be managed in the same diligent manner as they have been for over 30 years. Many of our Portfolio Managers, senior executives and employees have substantial investments alongside yours, and we are grateful for the confidence that you continue to place in our Firm.

Sincerely,

John P. Arnhold

President

June 2010

Past performance is no guarantee of future results. The portfolios are actively managed. The portfolio and opinions expressed herein are subject to change. Current and future portfolio holdings are subject to risk.

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Letter from the Global Value Team Portfolio Managers

The public's appetite for deflation is limited. Who desires it in a world of fixed nominal debt? Deflation, and our system of populist democracy with a fiat money architecture, is like oil and water. Yet we are in a squeeze. Were gold money, we'd likely be seeing deflation in parts of the manufacturing economy. There is not only cyclical excess capacity, but a secular decline in labor intensity due to both technology and cheap substitute labor from Asia. Excess capacity is pressuring real incomes for the blue collar worker in developed economies, whether they're in Detroit or in Greece. This negative impact on wages is further exacerbated by rising energy prices and a growing tax burden to fund the redistributional demands of an aging demographic. Pressure on real disposable incomes of the average worker would no doubt, in a world where gold were money, have pressured demand from this segment of the population and had a multipli er effect rippling throughout the economy. Yet the last vestiges of metallic backing for currency have long since gone as the central banks and governments have tried to address this deflationary pulse by doing "whatever it takes" to keep the stock of money growing—namely substituting government debt for private sector debt. What is the value of something in potentially infinite supply?

The Austrian economists sound a warning on such policies. Von Mises warned that one cannot make all people truly wealthier by printing money. This seems self evident, yet today monetary expansionism is conducted under the cloak of responsible economic policy on a global basis. The result, in our opinion, is that the price of money is fake: short-term interest rates are negative in real terms; long-term government bond yields are being partially supported by direct central bank purchases; risky bank debt was state guaranteed; exchange rate pegs are being blindly adhered to despite major imbalances. When the price of money is fake, mal-investment and real economic dislocation may follow.

While much of the recent media attention has been on the excess of the last U.S. credit cycle, liberal monetary trends have been more broadly based. For example, China is arguably one of the greatest monetary experiments of all time. The stock of Chinese M2 in dollar terms has grown over six fold in the past decade. Whether they are ignorant, indifferent or appreciative of this fact, many respected pundits continue to laud China's "effective" centralized policy management. There is substance to the assertion that China has and can still play productivity catch-up by improving property rights and by investing in cities, roads and routers. But why is it that China with one fifth the world's population and a below average Gross Domestic Product ("GDP") per capita has suddenly

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Pictured: (from left to right) Abhay Deshpande, Matthew McLennan and Jean-Marie Eveillard

become the source of the world's marginal bid for platinum jewelry, first growth Bordeaux, Antwerp diamonds and high-end New York condos? Why is China close to half the world's installed cement and steel capacity without any real advantage in the required raw materials? Could it be because the price of money is fake?

Why did the euro trade at $1.50 when the real purchasing power of its constituent currencies (not just the deutschemark but the franc, lira, peseta, drachma, etc.) had averaged closer to $1.20 over the prior two decades, when there was no meaningful interest rate carry to the dollar and where the Eurozone had dipped into a current account deficit position like its American counterpart? Could it have been forced reserve accumulation as a second order consequence of the fake price of money in pegged currency regimes? In the spirit of keeping the price of money fake, European governments have decided to prop up Greek government debt, even though a restructuring would impose fiscal discipline on other would-be-offenders lest they suffer the same fate. A restructuring would have also reminded the banks, who "arbed" the higher Greek yields, that a higher yield is often a return of capital, not a return on capital. Why did the central bank feel compelled to intervene to correct market pricing? We have made great strides in opening up the world economy and in the diffusion of property rights and technology so the scope for a market based system has never been broader, but we are frequently reminded of the parallel and growing market distortion from governments.

As we survey the globe, the aftermath of the financial crisis has produced fiscal deficits around the developed world that are larger as a percentage of GDP than the trend growth rate of nominal GDP in those economies, which means that without tough adjustment we are, in our view, on an unsustainable policy course. We live in a world of negative real rates borne out of a lack of political will for deflationary adjustment, but we believe there is now a further backlog of deflationary fiscal adjustment to come if the political will exists and inflationary adjustment if it doesn't. Either way, it may be a long time before money earns

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Letter from the Global Value Team Portfolio Managers (continued)

an attractive real return. Is it any surprise that gold, which some view as nature's currency, which cannot be printed, has appreciated recently relative to paper money?

So what are we to do in a world of "State Capitalism" dominated by G7 Keynesian largesse, OPEC oil supply constraints and Chinese single party monetary experimentalism with rising political tensions from an underlying real squeeze on the average worker? Is it a lost cause?

Well it ain't all bad! Growth in productivity, the fruit of business endeavor, helps absorb these imperfections over time. Whether it absorbs all of them and more we have no idea. History gives us hope in this regard, but it also teaches us that the river can meander before it reaches the sea. Monetary and fiscal stimulus measures have been undertaken to "kick the can down the road" in the hope that productivity buffers the adjustment over time. Fortunately, productivity, at least from a bottom-up stand point, looks pretty good right now. Corporations around the world prepared for Great Depression II. They slashed operating expenses, capital expenditures and working capital levels in anticipation of big sales declines, but the top line fell somewhat less than expected due to both the stimulus and a normalization of consumer confidence. The favorable gap between revenues and outgoings has produced dramatic margin and free cash fl ow improvement from a depressed base. Corporate profits are the kernel of sustainable economic recovery as they fuel investment and hiring; they fuel growing intrinsic value for equities and declining debt spreads; they fuel higher corporate rents and real estate values. Further to this, increased profits and the resultant increase in wages and capital gains will drive better tax revenues and will meaningfully help abate the current fiscal deficits in the advanced world. Policy stimulus is an amortization of economic pain, not a miracle drug. Productivity and the related rebound of corporate profits provide the key potential buffer to help absorb what will need to be a prudent policy tightening at some point in the future. Were it not for the strong recent free cash flow performance of business around the world, one would be far more worried about the coming policy adjustment.

Perhaps counter-intuitively, we have seen equities (carefully selected) as the least worst alternative in a world of fake money as they represent real claims on real businesses which are the source of productivity required to solve our problems. To the extent that many of the businesses we own today are held at single digit multiples of what we believe are their sustainable operating profits,

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Letter from the Global Value Team Portfolio Managers (continued)

we have the opportunity for high single digit free cash flow yields and participation in the growing "nominal" stream of world activity. This stacks up well relative to bonds in our view.

However, as markets rallied substantially off their lows, our cash and short-dated government bond positions have built to a mid-teens level as a percent of our portfolio. This is not us being enamored with the return available on such paper but rather our discipline to trim or sell some of our positions approaching what we feel is intrinsic value and a recognition that it has become harder, though not impossible, to find good businesses at good prices. The cash is a residual of our investment approach and a reflection of our patience as we acknowledge that in a complex world, with so many counteracting forces, there will be panics to take advantage of in future years.

We continued to hold gold at a low double digit percentage of the portfolio during the period via both bullion and equities as a potential store of value which is independent of the all too human financial architecture. The unorthodox actions by the Federal Reserve Bank, the European Central Bank and People's Bank of China have led people to question the stability of our fiat money architecture. Investors' faith in the security of principal for their cash held in banks and in government obligations has weakened in response to bank failures and anticipated sovereign restructurings. Gold's value has been bid up inversely to that erosion of faith—bid up to levels where it now faces principal risk too in our view. We urge caution as gold may not always glitter from current levels and as such our allocation to gold should not be construed as a directional bet. Rather, we recognize that gold has moved to a higher price given the backdrop, and gold has the potential to counterbalance to a portfolio predominantly invested in man-made enterprise.

Our team of analysts is working hard to uncover businesses that look like eclectic royalties on a slice of global activity that will endure if not expand over time; to find scarce real assets that will keep pace with if not exceed the inflationary tendency and that we aim to buy cheaper through the equity market than through the physical commodity markets; and to identify discounted securities by virtue of the gap between economic earnings and GAAP earnings resulting from complexities such as holding company structures, insurance float or asset run-off dynamics. This is how it should be when prices are neither bargain nor bubble—good old fashioned analysis, discriminating questioning and hard work will make the difference. What we're looking for is a margin of

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Letter from the Global Value Team Portfolio Managers (continued)

safety at the bottom up level given the lack of obvious mispricing at the top-down level. What we're looking for is business resilience in a world of macro turbulence. This must be done security by security—there is no shortcut index, swap, derivative or CDS instrument that will get us there. But that's how we like it!

Matthew McLennan

Head of the Global Value Team Portfolio Manager

Abhay Deshpande

Portfolio Manager

June 2010

Past performance is no guarantee of future results. The portfolios are actively managed. Current and future portfolio holdings are subject to risk.

There are risks associated with investing in funds that invest in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. Investment in gold and gold related investments present certain risks, and returns on gold related investments have traditionally been more volatile than investments in broader equity or debt markets. Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of risk than funds whose investments are diversified and may not be suitable for all investors.

The commentary represents the opinion of the Global Value Team Portfolio Managers as of June 2010 and is subject to change based on market and other conditions. These materials are provided for informational purpose only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. The views expressed herein may change at any time subsequent of the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

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Management's Discussion of Fund Performance

Although fears about Greece's debt crisis and its effect on markets and governments throughout Europe impacted some European markets negatively, those fears were counter-balanced by the economic recovery taking place in the U.S. and Asia. As a result, worldwide markets were strong for the six-months ended April 30, 2010. The MSCI World Index increased 9.4%. In Europe, the German DAX Index rose 13.3% while the French CAC 40 Index rose 5.8%. In Japan, the Nikkei 225 Index rose 10.2% and in the U.S., the S&P 500 Index rose 15.7%. The U.S. dollar increased relative to other major currencies, particularly the euro and yen, against which it rose 10.7% and 4.2% respectively. Gold, in response to continued foreign exchange volatility, reached $1,179 an ounce representing a 13% increase. Crude oil rose 12% to $86 as of the end of April.

First Eagle Global Fund

The net asset value ("NAV") of the Fund's Class A shares increased 11.4% for the six-month period while the MSCI World Index rose 9.4%. The Fund's cash position increased from 8.8% as of the end of October to 12.8% on April 30, 2010.

The five largest contributors to the performance of First Eagle Global Fund over the period were Gold bullion (commodity, U.S.), Fanuc Limited (industrial automation, Japan), American Express Company (credit cards, U.S), SMC Corporation (electrical machinery, Japan) and Berkshire Hathaway, Inc., Class 'A' (holding company, U.S) collectively accounting for 3.1% of this period's performance.

The five largest detractors were Ono Pharmaceutical Company Limited (pharmaceuticals, Japan), Secom Company Limited (security services, Japan), Italcementi S.p.A. (cement, Italy), Neopost SA (electronic mailing systems, France) and Astellas Pharma, Inc. (pharmaceuticals, Japan). Their combined negative performance over the six-month period subtracted 0.6% from the Fund's performance.

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

As of April 30, 2010, the Fund was approximately 30% hedged versus the Japanese yen and approximately 45% hedged versus the euro. We also aim to be 100% hedged on the Mexican peso on our non-mining holdings.

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Management's Discussion of Fund Performance (continued)

First Eagle Overseas Fund

The NAV of the Fund's Class A shares rose 9.0% for the six-month period while the MSCI EAFE Index increased 2.5%. The Fund's cash position rose from 9.6% at the end of October to 14.1% on April 30, 2010.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were Gold bullion (commodity, U.S.), Fanuc Limited (industrial automation, Japan), Shimano, Inc. (bicycle parts, Japan), SMC Corporation (electrical machinery, Japan) and Keyence Corporation (electronic measuring instruments, Japan) collectively accounting for 2.9% of this period's performance.

The five largest detractors were Deutsche Wohnen AG (real estate, Germany), Ono Pharmaceutical Company Limited (pharmaceuticals, Japan), Frégate (holding company, France), Italcementi S.p.A. (cement, Italy) and Secom Company Limited (security services, Japan). Their combined negative performance over the six-month period subtracted 0.9% from the Fund's performance.

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

First Eagle U.S. Value Fund

The NAV of the Fund's Class A shares increased 12.8% for the six-month period while the S&P 500 Index rose 15.7%. The Fund's cash position decreased slightly from 19.4% at the beginning of the period to 18.8% on April 30, 2010.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Home Depot, Inc. (home improvement retailer), American Express Company (credit cards), Comcast Corporation, Class 'A' (cable company), Gold bullion (commodity) and Willis Group Holdings Limited (insurance broker) collectively accounting for 3.8% of this period's performance.

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First Eagle Global, Overseas, U.S. Value and Gold Funds

The five largest detractors were Sanofi-Aventis SA, ADR (pharmaceuticals), Allegheny Energy, Inc. (energy), Murphy Oil Corporation (energy), Powershares DB Agriculture Fund, ETF (agricultural commodities) and Blount International, Inc. 8.875% due 08/01/12 (diversified manufacturing). Their combined negative performance over the six-month period subtracted 0.2% from the Fund's performance.

First Eagle Gold Fund

The NAV of the Fund's Class A shares rose 16.1% for the six-month period while the FTSE Gold Mines Index increased 16.4%. The Fund's cash position began and ended the period at approximately 5.6%.

The five largest contributors to the performance of First Eagle Gold Fund over the period were Gold bullion (U.S.), IAMGOLD Corporation (Canada), Lihir Gold Limited (Papua New Guinea), Newmont Mining Corporation (U.S.) and Randgold Resources Limited, ADR (Africa), collectively accounting for 8.1% of this period's performance.

The five largest detractors were Harmony Gold Mining Company Limited, ADR (South Africa), Etruscan Resources, Inc. (Africa), Great Basin Gold Limited (South Africa), Dundee Precious Metals, Inc. (Europe) and Cia de Minas Buenaventura SA, ADR (Peru). Their combined negative performance over the six-month period subtracted 0.04% from the Fund's performance.

We view gold as a hedge against "extreme outcomes," which might include such things as inflation, deflation or outright currency debasement. While we may view any of these outcomes as low probability, we believe gold can at least partially protect a portfolio against potential negative developments that these events could cause. Currently, we see the fiat currency system facing a number of challenges. The status of the U.S. dollar as the world's reserve currency is suspect, the E.U. is facing major issues, the euro is facing its most critical challenge in its 10 year history and the yen also lacks appeal. We feel that gold is currently playing the role of a substitute currency.

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Management's Discussion of Fund Performance (continued)

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



Matthew McLennan				Abhay Deshpande

Head of the Global Value Team				Portfolio Manager

Portfolio Manager				Global, Overseas,

Global, Overseas				U.S. Value and Gold Funds

and U.S. Value Funds



Rachel Benepe				Kimball Brooker, Jr.

Portfolio Manager				Associate Portfolio Manager

Gold Fund				Overseas and U.S. Value Funds

June 2010

Past performance is no guarantee of future results. The portfolios are actively managed. Current and future portfolio holdings are subject to risk.

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

The commentary represents the opinion of the Global Value Team Portfolio Managers as of June 2010 and is subject to change based on market and other conditions. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. The views expressed herein may change at any time subsequent of the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

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

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Performance Chart¹

	_ONE-YEAR			_THREE-YEARS			_FIVE-YEARS			_TEN-YEARS			_SINCE_INCEPTION			_INCEPTION_DATE
First Eagle Global Fund
Class A (SGENX)
without sales charge		31.90	%		2.49	%		9.43	%		13.11	%		14.55	%	01/01/79²
with sales charge		25.31			0.76			8.31			12.53			14.41		01/01/79²
Class C (FESGX)		29.92			1.73			8.61			—			12.24		06/05/00
Class I (SGIIX)		32.21			2.75			9.70			13.39			12.54		07/31/98
MSCI World Index³		37.02			-6.75			3.35			0.41			9.74		01/01/79
First Eagle Overseas Fund
Class A (SGOVX)
without sales charge		33.52	%		0.68	%		9.04	%		13.15	%		12.54	%	08/31/93
with sales charge		26.84			-1.02			7.93			12.57			12.29		08/31/93
Class C (FESOX)		31.54			-0.09			8.21			—			12.24		06/05/00
Class I (SGOIX)		33.87			0.93			9.31			13.41			13.19		07/31/98
MSCI EAFE Index⁴		34.43			-8.91			3.86			1.64			4.74		08/31/93
First Eagle U.S. Value Fund
Class A (FEVAX)
without sales charge		27.60	%		2.54	%		6.22	%		—			9.51	%	09/04/01
with sales charge		21.22			0.80			5.14			—			8.87		09/04/01
Class C (FEVCX)		25.73			1.76			5.43			—			8.70		09/04/01
Class I (FEVIX)		27.98			2.79			6.49			—			9.78		09/04/01
Standard & Poor's 500 Index⁵		38.84			-5.05			2.63			—			2.48		09/04/01
First Eagle Gold Fund
Class A (SGGDX)
without sales charge		47.42	%		15.71	%		22.10	%		24.46	%		10.62	%	08/31/93
with sales charge		40.05			13.75			20.86			23.83			10.37		08/31/93
Class C (FEGOX)		45.28			14.85			21.19			—			18.06		05/15/03
Class I (FEGIX)		47.75			16.01			22.41			—			19.24		05/15/03
FTSE Gold Mines Index⁶		47.56			12.96			18.38			15.98			3.49		08/31/93
MSCI World Index³		37.02			-6.75			3.35			0.41			5.90		08/31/93

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

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Performance Chart (continued) (unaudited)

	_ONE-YEAR			_THREE-YEARS			_FIVE-YEARS			_TEN-YEARS			_SINCE_INCEPTION			_INCEPTION_DATE
First Eagle Fund of America
Class A (FEFAX)
without sales charge		33.25	%		-1.31	%		6.04	%		7.10	%		6.97	%	11/20/98
with sales charge		26.59			-2.98			4.96			6.56			6.49		11/20/98
Class C (FEAMX)		31.23			-2.06			5.24			6.38			6.29		03/02/98
Class Y (FEAFX)⁷		33.28			-1.32			6.02			7.18			11.77		04/10/87
Standard & Poor's 500 Index⁵		38.84			-5.05			2.63			-0.19			8.73		04/10/87

¹The 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 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 charge" of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle Gold Fund, First Eagle U.S. Value Fund and First Eagle Fund of America give effect to the deduction of the maxim um sales charge 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 sales charge.

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

²Commencement of management by Jean-Marie Eveillard. Mr. Eveillard transitioned to senior adviser on March 26, 2009, a position he also held from January 2005 to March 2007, and continues to be a member of First Eagle Fund's Board of Trustees and a Senior Vice President of First Eagle Investment Management, LLC. The Fund commenced operation April 28, 1970. Performance for periods prior to January 1, 2000 occurred while Mr. Eveillard was affiliated with another firm.

³The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested.

⁴The 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.

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
16

Average Annual Returns as of April 30, 2010 (unaudited)

⁵The 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.

⁶The 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.

⁷As of September 1, 2005 First Eagle Fund of America Class Y is closed to new accounts.

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

	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS Y}
First Eagle Global Fund		1.19	%		1.94	%		0.94	%		—
First Eagle Overseas Fund		1.20			1.95			0.95			—
First Eagle U.S. Value Fund		1.26			2.00			1.01			—
First Eagle Gold Fund		1.26			2.01			1.01			—
First Eagle Fund of America		1.51			2.26			—			1.51	%

These expense ratios are presented as of October 31, 2009 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).

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
17

Fund Overview | Data as of April 30, 2010 (unaudited)

INVESTMENT OBJECTIVE

First Eagle Global Fund seeks long-term growth of capital by investing in a 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 may help to minimize risk.

Average Annual Returns

	_ONE-YEAR			_FIVE-YEARS			_TEN-YEARS
First Eagle Global Fund (A Shares)
without sales charge		31.90	%		9.43	%		13.11	%
with sales charge		25.31			8.31			12.53
MSCI World Index		37.02			3.35			0.41
Consumer Price Index		2.24			2.30			2.44

Asset Allocation

Countries

United States	36.22	%
Japan	19.97
France	9.03
Switzerland	3.76
Germany	3.12
Mexico	2.23
South Korea	1.82
South Africa	1.77
United Kingdom	1.68
Italy	1.20
Singapore	1.17
Hong Kong	0.95
Malaysia	0.76
Papua New Guinea	0.71
Netherlands	0.60
Belgium	0.55
Taiwan	0.54
Brazil	0.52
Thailand	0.49
Canada	0.07
Norway	0.06
Panama	0.02

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
18

Global Fund

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 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 charge gives effect to the deduction of the maximum sales charge of 5.00%.

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings

Gold Bullion (precious metal)	6.28	%
SMC Corporation (Japanese automated control devices manufacturer)	2.01
Fanuc Limited (Japanese industrial manufacturing company)	1.99
Secom Company, Limited (Japanese security services provider)	1.94
Keyence Corporation (Japanese sensors manufacturer)	1.69
Berkshire Hathaway, Inc. Class 'A' (U.S. holding company)	1.68
American Express Company (U.S. credit card and travel services company)	1.67
Cintas Corporation (U.S. uniform designer and manufacturer)	1.60
MS&AD Insurance Group Holdings (Japanese insurance company)	1.60
Sodexo (French food management services provider)	1.57
Total	22.03	%

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
19

First Eagle Global Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 75.69%
U.S. Common Stocks — 28.31%
Consumer Discretionary 6.23%
	13,051,511	Cintas Corporation (a)	$	438,387,413	$	355,653,675
	16,016,312	Comcast Corporation, Class 'A'		266,139,825		301,907,481
	5,571,290	Omnicom Group, Inc.		162,938,225		237,671,231
	5,300,650	Home Depot, Inc.		131,119,192		186,847,913
	2,051,045	Wal-Mart Stores, Inc.		101,774,692		110,038,564
	1,636,780	Costco Wholesale Corporation		58,113,486		96,700,962
	1,381,358	Unifirst Corporation		30,865,195		67,506,965
	772,408	WABCO Holdings, Inc. (b)		16,032,313		25,636,222
	2,485	JG Boswell Company (c)		573,840		1,545,670
	185,000	St. John Knits International, Inc. (b)(c)		3,180,703		860,250
				1,209,124,884		1,384,368,933
Consumer Staples 0.40%
	2,787,320	Sysco Corporation		75,932,783		87,912,073
Energy 3.51%
	5,133,863	ConocoPhillips		250,527,413		303,873,351
	2,196,331	Apache Corporation		147,925,837		223,498,643
	3,975,644	San Juan Basin Royalty Trust (a)		141,567,358		98,317,676
	2,327,880	Helmerich & Payne, Inc.		57,215,205		94,558,486
	1,008,530	Murphy Oil Corporation		39,438,919		60,663,079
				636,674,732		780,911,235
Financials 4.33%
	3,245	Berkshire Hathaway, Inc., Class 'A' (b)		264,150,120		374,229,625
	8,054,133	American Express Company		341,727,342		371,456,614
	7,577,866	Cincinnati Financial Corporation		191,871,404		215,211,394
	34,924	Mills Music Trust (a)(c)		1,055,337		1,352,432
	192,250	LandCo Real Estate LLC (b)(c)(d)(e)		669,030		246,080
				799,473,233		962,496,145
Health Care 0.91%
	2,499,370	WellPoint, Inc. (b)		118,103,478		134,466,106
	1,059,980	Johnson & Johnson		59,610,842		68,156,714
				177,714,320		202,622,820
Industrials 3.25%
	3,649,560	3M Company		286,479,143		323,606,485
	2,293,679	Alliant Techsystems, Inc. (a)(b)		222,807,831		185,581,568

See Notes to Financial Statements.
20

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 28.31% — (continued)
Industrials 3.25% — (continued)
	9,778,961	Blount International, Inc. (a)(b)	$	127,911,050	$	109,719,942
	2,365,411	Automatic Data Processing, Inc.		85,148,200		102,564,221
	4,169	Conbraco Industries, Inc. (a)(b)(c)(e)		1,258,498		—
				723,604,722		721,472,216
Information Technology 2.95%
	11,097,717	Microsoft Corporation		270,593,300		338,924,277
	5,483,320	Linear Technology Corporation		154,211,819		164,828,599
	6,694,310	Intel Corporation		91,240,768		152,831,098
				516,045,887		656,583,974
Materials 4.43%
	5,275,011	Rayonier, Inc., REIT (a)		102,375,275		258,370,039
	3,985,970	Weyerhaeuser Company		173,552,922		197,385,235
	3,987,548	Plum Creek Timber Company, Inc., REIT		147,118,846		158,704,410
	2,710,004	Vulcan Materials Company		157,213,649		155,229,029
	2,675,137	Newmont Mining Corporation		82,419,975		150,021,683
	1,258,500	Deltic Timber Corporation (a)		62,903,243		66,222,270
				725,583,910		985,932,666
Telecommunication Services 0.65%
	5,391,150	Cisco Systems, Inc. (b)		86,351,072		145,129,758
Utilities 1.65%
	4,117,660	IDACorporation, Inc. (a)		136,695,396		148,565,173
	3,217,653	FirstEnergy Corporation		124,862,408		121,852,519
	4,453,703	Allegheny Energy, Inc.		101,571,987		97,001,651
				363,129,791		367,419,343
Total U.S. Common Stocks				5,313,635,334		6,294,849,163
International Common Stocks — 47.38%
Belgium 0.55%
	1,442,429	Groupe Bruxelles Lambert SA		128,455,497		122,132,053
Brazil 0.52%
	3,031,450	Petroleo Brasileiro SA, ADR		50,673,221		115,013,213
France 8.75%
	5,678,160	Sodexo (a)		181,559,490		348,434,380
	4,735,547	Sanofi-Aventis SA (b)		370,785,007		325,075,320
	2,548,374	Neopost SA (a)		239,391,100		202,296,249
	3,733,423	Carrefour SA		230,370,944		182,762,153

See Notes to Financial Statements.
21

Global Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 47.38% — (continued)
France 8.75% — (continued)
	2,922,176	Rémy Cointreau SA (a)	$	106,589,773	$	158,367,581
	2,147,945	Wendel (a)		111,924,050		139,869,492
	2,359,340	Total SA		130,161,165		128,444,627
	1,406,349	Société BIC SA		67,542,347		109,322,215
	1,679,319	Cie Generale d'Optique Essilor International SA		41,699,271		102,502,951
	956,044	Guyenne et Gascogne SA (a)		108,257,344		98,379,060
	63,019	Sucrière de Pithiviers-Le-Vieil (a)		35,947,628		58,533,990
	430,186	Air Liquide SA		46,743,359		50,206,344
	165,085	Robertet SA (a)		21,842,347		20,727,786
	42,252	Robertet SA CI (c)(e)		800,508		3,567,979
	104,457	Gaumont SA (b)		6,087,824		7,911,737
	385,000	Sabeton SA (a)		4,841,233		5,832,101
	69,500	NSC Groupe (a)(c)		12,298,421		3,647,887
	12,000,000	FINEL (a)(b)(c)(d)(e)(f)		—		797,280
				1,716,841,811		1,946,679,132
Germany 2.73%
	3,044,124	HeidelbergCement AG		167,272,790		189,165,845
	3,198,075	Daimler AG (b)		156,674,454		164,948,238
	1,815,438	Fraport AG		61,560,708		94,310,943
	1,172,304	Pfeiffer Vacuum Technology AG (a)		105,767,273		87,234,388
	2,464,510	Tognum AG		26,236,180		51,283,988
	386,842	Hornbach Baumarkt AG		21,504,161		20,150,189
				539,015,566		607,093,591
Hong Kong 0.95%
	12,693,580	Guoco Group Limited		115,086,260		132,424,041
	13,770,850	Wharf Holdings Limited		28,612,588		75,644,521
	20,738,780	City e-Solutions Limited (a)(b)(c)		936,898		2,430,649
				144,635,746		210,499,211
Italy 1.20%
	18,139,395	Italcementi S.p.A. RSP		249,186,230		114,552,447
	4,682,069	Italcementi S.p.A.		86,201,872		53,474,057
	1,734,972	Italmobiliare S.p.A. RSP (b)		121,356,934		49,151,765
	1,021,137	Italmobiliare S.p.A. (b)		107,360,738		37,585,751
	2,897,743	Gewiss S.p.A.		17,398,762		12,389,046
				581,504,536		267,153,066

See Notes to Financial Statements.
22

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 47.38% — (continued)
Japan 19.87%
	3,101,720	SMC Corporation	$	348,422,208	$	446,236,074
	3,734,480	Fanuc Limited		301,020,846		443,555,124
	9,908,830	Secom Company Limited		449,677,654		430,933,220
	1,571,990	Keyence Corporation		313,389,646		375,927,004
	12,348,917	MS&AD Insurance Group Holdings		312,994,683		355,714,989
	7,096,370	Shimano, Inc. (a)		164,739,178		323,711,280
	8,977,860	Astellas Pharma, Inc.		362,418,345		315,506,697
	13,644,430	MISUMI Group, Inc. (a)		237,270,596		272,177,688
	5,211,900	Ono Pharmaceutical Company Limited		237,044,527		215,857,839
	4,567,060	Canon, Inc.		218,295,606		211,489,673
	24,724,305	NKSJ Holdings, Inc. (b)		189,086,262		179,296,890
	1,504,110	Hirose Electric Company Limited		165,653,805		162,334,164
	6,328,510	THK Company Limited		111,182,097		138,958,723
	7,365,720	Mitsubishi Estate Company Limited		109,999,808		133,459,375
	69,732	NTT DoCoMo, Inc.		107,301,448		108,551,914
	3,501,380	Chofu Seisakusho Company Limited (a)		63,721,317		79,860,281
	5,147,000	T. Hasegawa Company Limited (a)		79,849,658		75,580,913
	2,719,100	Meitec Corporation (a)		79,203,905		57,044,865
	3,461,892	Nissin Healthcare Food Service Company Limited		47,886,384		43,400,188
	1,725,100	Ariake Japan Company Limited (a)		29,754,119		25,735,715
	2,002,100	Seikagaku Corporation		21,143,745		20,139,153
	257,500	Aderans Holdings Company Limited (b)		5,849,064		3,167,925
				3,955,904,901		4,418,639,694
Malaysia 0.76%
	57,549,665	Genting Berhad		115,295,027		125,599,049
	48,669,360	Genting Malaysia Berhad		43,413,739		44,321,289
				158,708,766		169,920,338
Mexico 2.23%
	9,745,693	Industrias Peñoles S.A.B. de C.V.		17,199,241		207,329,866
	6,653,993	Grupo Televisa SA, ADR		118,630,535		138,269,974
	5,207,150	Grupo Televisa S.A.B. CPO		17,371,195		21,702,107
	10,588,875	Fresnillo PLC		74,662,434		129,634,410
				227,863,405		496,936,357

See Notes to Financial Statements.
23

Global Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 47.38% — (continued)
Netherlands 0.22%
	1,209,813	Heineken Holding NV	$	28,832,839	$	49,546,197
Panama 0.02%
	336,567	Banco Latinoamericano de Exportaciones SA		5,061,815		4,765,789
Papua New Guinea 0.71%
	44,727,990	Lihir Gold Limited		104,608,015		157,871,246
Singapore 0.27%
	12,704,120	Fraser and Neave Limited		12,799,700		45,697,940
	13,467,250	ComfortDelgro Corporation Limited		3,279,184		15,427,078
				16,078,884		61,125,018
South Africa 1.77%
	22,550,390	Gold Fields Limited, ADR		259,787,234		303,077,242
	9,252,833	Harmony Gold Mining Company Limited, ADR		84,568,705		90,400,178
				344,355,939		393,477,420
South Korea 0.90%
	2,439,370	KT&G Corporation		139,982,043		123,250,526
	51,900	Lotte Confectionery Company Limited		21,157,499		57,221,816
	39,989	Namyang Dairy Products Company Limited (a)		7,325,466		19,194,431
				168,465,008		199,666,773
Switzerland 3.76%
	3,783,070	Pargesa Holding SA		237,781,696		309,101,291
	5,417,450	Nestlé SA		135,598,090		265,534,183
	992,781	Kuehne & Nagel International AG		24,102,278		104,319,116
	40,274	Lindt & Spruengli AG PC		67,067,587		89,456,276
	2,170	Lindt & Spruengli AG		58,314,637		56,501,507
	39,740	Edipresse SA		10,811,874		10,586,891
				533,676,162		835,499,264
Thailand 0.49%
	27,196,750	Bangkok Bank PCL NVDR		87,761,714		97,926,793
	448,850	Bangkok Bank PCL		1,459,292		1,664,719
	577,000	OHTL PCL (c)		2,636,472		8,684,871
				91,857,478		108,276,383

See Notes to Financial Statements.
24

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 47.38% — (continued)
United Kingdom 1.68%
	6,687,516	Willis Group Holdings Limited	$	188,606,586	$	230,384,926
	2,714,983	Anglo American PLC (b)		62,810,160		116,344,092
	2,028,119	Berkeley Group Holdings PLC (b)		25,474,709		25,805,090
				276,891,455		372,534,108
Total International Common Stocks				9,073,431,044		10,536,828,853
Total Common Stocks				14,387,066,378		16,831,678,016
Preferred Stocks — 1.28%
U.S. Preferred Stock — 0.07%
Utilities 0.07%
	335,000	Calenergy Capital Trust III 6.50% (c)(g)(m)		14,782,812		15,493,750
International Preferred Stocks — 1.21%
Germany 0.39%
	877,242	Hornbach Holding AG		63,837,360		86,563,300
South Korea 0.82%
	384,607	Samsung Electronics Company Limited		58,939,842		182,873,541
Total International Preferred Stocks				122,777,202		269,436,841
Total Preferred Stocks				137,560,014		284,930,591
Warrant — 0.10%
United States 0.10%
	1,631,737	JPMorgan Chase & Co. Warrant exp 10/28/18 (b)		21,676,220		22,664,826
_OUNCES
Commodity — 6.28%
	1,185,857	Gold bullion (b)		669,597,270		1,397,532,453
_{PRINCIPAL AMOUNT}
Bonds — 3.89%
U.S. Bonds — 1.46%
Corporate Bonds 0.45%
$	5,467,000	Bausch & Lomb, Inc. 7.125% due 08/01/28 (c)		4,723,136		4,824,627

See Notes to Financial Statements.
25

Global Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Bonds — 1.46% — (continued)
Corporate Bonds 0.45% — (continued)
$	28,930,000	Blount International, Inc. 8.875% due 08/01/12		$28,933,546		$29,363,950
	5,000,000	Pulte Homes, Inc. 5.20% due 02/15/15		4,335,702		4,900,000
	10,867,000	Texas Industries, Inc. 7.25% due 07/15/13		8,509,227		10,880,584
	12,554,000	Yankee Acquisition Corporation, Series 'B' 8.50% due 02/15/15		12,475,487		13,087,545
	22,554,000	Yankee Acquisition Corporation, Series 'B' 9.75% due 02/15/17		21,859,903		23,681,700
	12,400,750	Yankee Candle Company, Inc. 2.28% due 02/06/14 (h)		8,751,263		12,183,737
				89,588,264		98,922,143
Government Obligations 1.01%
	78,869,467	United States Treasury Inflation Indexed Bond 1.875% due 07/15/13 (i)		81,058,531		84,106,873
	135,790,686	United States Treasury Inflation Indexed Bond 2.375% due 04/15/11 (i)		137,214,090		140,076,511
				218,272,621		224,183,384
Total U.S. Bonds				307,860,885		323,105,527
International Notes and Bonds — 2.43%
International Corporate Notes and Bonds — 0.79%
Canada 0.07%
	33,260,000 USD	CanWest LP 9.25% due 08/01/15 (b)(c)(j)(k)		29,121,477		15,465,900
France 0.28%
	15,000,000 EUR	Emin Leydier SA 5.882% due 07/31/16 (c)(d)(e)		21,410,094		19,931,992
	12,000,000 EUR	FINEL 9.50% due 06/30/17 (b)(c)(d)(e)		14,474,400		7,972,797
	2,000,000 USD	Legrand SA 8.50% due 02/15/25		1,959,414		2,366,632
	12,050,000 EUR	Wendel 4.375% due 08/09/17		10,637,414		13,730,319
	330,000 EUR	Wendel 4.875% due 11/04/14		273,788		428,637
	10,000,000 EUR	Wendel 4.875% due 09/21/15 (l)		10,010,562		12,457,495

See Notes to Financial Statements.
26

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Corporate Notes and Bonds — 0.79% — (continued)
France 0.28% — (continued)
	3,500,000 EUR	Wendel 4.875% due 05/26/16		$2,467,437		$4,255,480
				61,233,109		61,143,352
Ireland 0.00%
	13,650,000 EUR	Waterford Wedgwood PLC 9.875% due 12/01/10 (b)(c)(e)(j)(k)		16,339,337		—
Netherlands 0.38%
	39,700,000 EUR	UPC Holding BV 7.75% due 01/15/14 (l)		46,705,882		54,077,448
	22,660,000 EUR	UPC Holding BV 8.625% due 01/15/14 (l)		26,757,958		31,089,190
				73,463,840		85,166,638
Norway 0.06%
	5,500,000 USD	Den Norske Bank ASA FRN 0.563% due 08/31/10 (c)		3,888,750		3,355,000
	3,170,000 USD	Den Norske Creditbank FRN 0.50% due 08/31/10 (c)		2,059,625		1,981,250
	3,500,000 USD	Den Norske Creditbank FRN 0.541% due 08/31/10 (c)		2,610,000		1,785,000
	10,000,000 USD	Nordea Bank Norge ASA FRN 0.688% due 11/19/10 (c)		6,826,750		6,050,000
				15,385,125		13,171,250
Total International Corporate Notes and Bonds				195,542,888		174,947,140
International Government Bonds — 1.64%
Japan 0.10%
	2,170,015,200 JPY	Japanese Government CPI Linked Bond 1.40% due 06/10/18 (i)		19,908,084		22,863,739
Singapore 0.90%
	60,827,000 SGD	Singapore Government Bond 3.625% due 07/01/11		44,191,270		46,026,540
	211,030,000 SGD	Singapore Government Bond 4.625% due 07/01/10		142,966,026		155,058,664
				187,157,296		201,085,204
South Korea 0.10%
	23,440,200,000 KRW	Inflation Linked Korea Treasury Bond 2.75% due 03/10/17 (i)		22,356,971		21,739,926
Taiwan 0.54%
	1,767,500,000 TWD	Taiwan Government Bond 2.00% due 07/20/12		54,069,795		58,219,548

See Notes to Financial Statements.
27

Global Fund

_{PRINCIPAL AMOUNT}	_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Government Bonds — 1.64% — (continued)
Taiwan 0.54% — (continued)
1,826,000,000 TWD	Taiwan Government Bond 2.375% due 01/16/13	$	59,188,445	$	61,014,842
			113,258,240		119,234,390
Total International Government Bonds			342,680,591		364,923,259
Total International Notes and Bonds			538,223,479		539,870,399
Total Notes and Bonds			846,084,364		862,975,926
Commercial Paper — 12.29%
International Commercial Paper — 4.36%
Finland 0.23%
51,803,000 USD	Nokia Corporation 0.17% due 05/14/10		51,799,820		51,799,820
France 0.74%
50,000,000 USD	GDF Suez SA 0.20% due 05/17/10		49,995,555		49,995,555
18,081,000 USD	GDF Suez SA 0.22% due 06/01/10		18,077,575		18,077,575
12,262,000 USD	Électricité de France 0.20% due 05/19/10		12,260,774		12,260,774
35,000,000 USD	Électricité de France 0.21% due 05/19/10		34,996,325		34,996,325
50,000,000 USD	Total SA 0.21% due 06/28/10		49,983,083		49,983,083
Germany 0.93%
50,000,000 USD	BASF SE 0.20% due 06/14/10		49,987,778		49,987,778
50,000,000 USD	BASF SE 0.20% due 06/25/10		49,984,722		49,984,722
23,826,000 USD	BMW 0.30% due 05/10/10		23,824,213		23,824,213
14,804,000 USD	BMW 0.30% due 06/11/10		14,798,942		14,798,942
34,072,000 USD	BMW 0.33% due 05/06/10		34,070,438		34,070,438
26,364,000 USD	BMW 0.33% due 05/21/10		26,359,166		26,359,166
7,000,000 USD	Henkel AG & Co. KGaA 0.30% due 06/07/10		6,997,842		6,997,842
Italy 0.68%
5,669,000 USD	Eni S.p.A. 0.18% due 05/14/10		5,668,632		5,668,632

See Notes to Financial Statements.
28

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 4.36% — (continued)
Italy 0.68% — (continued)
	25,000,000 USD	Eni S.p.A. 0.19% due 05/21/10		$24,997,361		$24,997,361
	25,000,000 USD	Eni S.p.A. 0.19% due 05/24/10		24,996,965		24,996,965
	23,249,000 USD	Eni S.p.A. 0.19% due 06/18/10		23,243,110		23,243,110
	33,000,000 USD	Eni S.p.A. 0.21% due 06/21/10		32,990,183		32,990,183
	40,000,000 USD	Eni S.p.A. 0.21% due 06/24/10		39,987,400		39,987,400
Japan 0.67%
	100,000,000 USD	Toyota Motor Credit Corporation 0.24% due 05/04/10		99,998,000		99,998,000
	50,000,000 USD	Toyota Motor Credit Corporation 0.28% due 05/03/10		49,999,222		49,999,222
Switzerland 1.11%
	7,854,000 USD	Nestlé Capital Corporation 0.13% due 06/21/10		7,852,553		7,852,554
	44,925,000 USD	Nestlé Capital Corporation 0.15% due 05/12/10		44,922,941		44,922,941
	39,668,000 USD	Nestlé Capital Corporation 0.16% due 05/18/10		39,665,003		39,665,003
	24,000,000 USD	Nestlé Capital Corporation 0.16% due 05/26/10		23,997,333		23,997,333
	24,748,000 USD	Nestlé Capital Corporation 0.17% due 06/21/10		24,742,040		24,742,040
	50,000,000 USD	Nestlé Capital Corporation 0.21% due 07/27/10		49,974,625		49,981,665
	32,291,000 USD	Nestlé Capital Corporation 0.22% due 07/15/10		32,276,200		32,280,773
	23,101,000 USD	Nestlé Capital Corporation 0.23% due 07/15/10		23,089,931		23,093,684
Total International Commercial Paper				971,537,732		971,553,099
U.S. Commercial Paper — 7.93%
$	15,000,000	7-Eleven, Inc.		14,999,688		14,999,688
		0.15% due 05/06/10
	15,000,000	7-Eleven, Inc. 0.15% due 05/07/10		14,999,625		14,999,625
	3,456,000	7-Eleven, Inc. 0.22% due 05/25/10		3,455,493		3,455,493
	25,000,000	Abbott Laboratories 0.16% due 05/17/10		24,998,222		24,998,222

See Notes to Financial Statements.
29

Global Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 7.93% — (continued)
$	19,491,000	Abbott Laboratories 0.16% due 05/24/10		$19,489,008		$19,489,008
	25,000,000	Abbott Laboratories 0.17% due 05/18/10		24,997,993		24,997,993
	55,452,000	Abbott Laboratories 0.17% due 05/19/10		55,447,287		55,447,287
	26,000,000	Abbott Laboratories 0.20% due 06/29/10		25,991,478		25,991,478
	40,000,000	Abbott Laboratories 0.20% due 07/07/10		39,985,111		39,988,668
	28,000,000	Abbott Laboratories 0.20% due 07/20/10		27,987,556		27,990,550
	10,800,000	Altria Group, Inc. 0.30% due 05/17/10		10,798,560		10,798,560
	19,833,000	Altria Group, Inc. 0.32% due 05/10/10		19,831,413		19,831,413
	1,956,000	Altria Group, Inc. 0.32% due 05/14/10		1,955,774		1,955,774
	44,373,000	AT&T, Inc. 0.20% due 06/15/10		44,361,907		44,361,907
	16,750,000	Bemis Company, Inc. 0.27% due 05/03/10		16,749,749		16,749,749
	6,750,000	Bemis Company, Inc. 0.28% due 05/20/10		6,749,003		6,749,003
	18,000,000	Bemis Company, Inc. 0.33% due 06/02/10		17,994,720		17,994,720
	68,000,000	CME Group Inc. 0.17% due 05/10/10		67,997,110		67,997,110
	45,338,000	CME Group Inc. 0.19% due 05/18/10		45,333,932		45,333,932
	30,000,000	Coca-Cola Company 0.18% due 05/20/10		29,997,150		29,997,150
	35,000,000	Coca-Cola Company 0.18% due 05/25/10		34,995,800		34,995,800
	35,000,000	Coca-Cola Company 0.18% due 05/26/10		34,995,625		34,995,625
	15,000,000	Coca-Cola Company 0.20% due 06/18/10		14,996,000		14,996,000
	62,000,000	ConocoPhillips 0.15% due 05/05/10		61,998,967		61,998,967
	50,000,000	ConocoPhillips 0.21% due 06/14/10		49,987,167		49,987,167
	24,681,000	ConocoPhillips 0.21% due 06/21/10		24,673,657		24,673,657

See Notes to Financial Statements.
30

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 7.93% — (continued)
	$25,000,000	E. I. du Pont de Nemours & Company 0.18% due 05/07/10		$24,999,250		$24,999,250
	22,500,000	H.J. Heinz Company Limited 0.30% due 06/22/10		22,490,250		22,490,250
	25,000,000	H.J. Heinz Company Limited 0.33% due 07/01/10		24,986,021		24,986,653
	60,000,000	H.J. Heinz Company Limited 0.35% due 07/19/10		59,953,917		59,958,666
	10,596,000	H.J. Heinz Company Limited 0.35% due 07/27/10		10,587,038		10,587,970
	25,000,000	Honeywell International, Inc. 0.22% due 07/01/10		24,990,681		24,990,958
	35,000,000	Merck & Co., Inc. 0.18% due 05/05/10		34,999,300		34,999,300
	42,760,000	Merck & Co., Inc. 0.20% due 06/07/10		42,751,210		42,751,210
	50,000,000	Merck & Co., Inc. 0.20% due 06/16/10		49,987,222		49,987,222
	10,000,000	Merck & Co., Inc. 0.21% due 06/11/10		9,997,608		9,997,608
	25,000,000	Microsoft Corporation 0.16% due 05/13/10		24,998,667		24,998,667
	5,700,000	Microsoft Corporation 0.16% due 05/26/10		5,699,367		5,699,367
	8,000,000	Microsoft Corporation 0.17% due 06/08/10		7,998,564		7,998,564
	5,000,000	Microsoft Corporation 0.18% due 06/08/10		4,999,050		4,999,050
	18,070,000	Microsoft Corporation 0.20% due 07/28/10		18,061,166		18,063,300
	36,000,000	Moody's Corporation 0.19% due 05/03/10		35,999,620		35,999,620
	35,000,000	Moody's Corporation 0.27% due 06/17/10		34,987,663		34,987,663
	19,967,000	Moody's Corporation 0.29% due 05/21/10		19,963,783		19,963,783
	10,992,000	NYSE Euronext 0.31% due 05/21/10		10,990,107		10,990,107
	25,534,000	NYSE Euronext 0.32% due 05/11/10		25,531,730		25,531,730
	20,800,000	PepsiCo, Inc. 0.18% due 06/08/10		20,796,048		20,796,048
	30,000,000	PepsiCo, Inc. 0.18% due 06/22/10		29,992,200		29,992,200

See Notes to Financial Statements.
31

Global Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 7.93% — (continued)
$	20,000,000	PepsiCo, Inc. 0.19% due 06/18/10		$19,994,933		$19,994,933
	41,000,000	PepsiCo, Inc. 0.19% due 07/09/10		40,985,069		40,985,650
	29,000,000	Philip Morris International, Inc. 0.16% due 05/07/10		28,999,227		28,999,227
	30,000,000	Philip Morris International, Inc. 0.17% due 05/13/10		29,998,300		29,998,300
	11,916,000	Philip Morris International, Inc. 0.19% due 06/04/10		11,913,862		11,913,862
	25,000,000	Procter & Gamble Company 0.18% due 05/12/10		24,998,625		24,998,625
	11,878,000	Procter & Gamble Company 0.18% due 05/20/10		11,876,872		11,876,872
	19,000,000	Procter & Gamble Company 0.18% due 05/24/10		18,997,815		18,997,815
	24,200,000	Procter & Gamble Company 0.18% due 05/27/10		24,196,854		24,196,854
	13,692,000	Procter & Gamble Company 0.19% due 05/27/10		13,690,121		13,690,121
	45,000,000	Procter & Gamble Company 0.19% due 06/03/10		44,992,163		44,992,163
	18,000,000	Procter & Gamble Company 0.20% due 06/04/10		17,996,600		17,996,600
	18,000,000	Questar Corporation 0.30% due 05/25/10		17,996,400		17,996,400
	25,989,000	Wal-Mart Stores, Inc. 0.15% due 05/05/10		25,988,567		25,988,567
	33,000,000	Wal-Mart Stores, Inc. 0.17% due 05/06/10		32,999,221		32,999,221
	60,000,000	Walt Disney Company 0.14% due 05/11/10		59,997,667		59,997,667
	50,000,000	Walt Disney Company 0.16% due 05/10/10		49,998,000		49,998,000
	5,000,000	WellPoint, Inc. 0.28% due 06/17/10		4,998,172		4,998,172
Total U.S. Commercial Paper				1,762,146,925		1,762,162,781
Total Commercial Paper				2,733,684,657		2,733,715,880
Total Investments — 99.53%			$	18,795,668,903		22,133,497,692
Other Assets in Excess of Liabilities — 0.47%						104,052,399
Net Assets — 100.00%					$	22,237,550,091

(a) An affiliate of the Fund 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.

See Notes to Financial Statements.
32

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

(b) Non-income producing security/commodity.

(c) Security is deemed illiquid. At April 30, 2010, the value of these securities amounted to $99,993,414 or 0.45% of net assets.

(d) Represents interest in a restricted security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. At April 30, 2010, the value of these securities amounted to $28,948,149 or 0.13% of net assets.

(e) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $32,516,128 or 0.15% of net assets.

(f) Held through Financiere Rouge, LLC, a wholly owned subsidiary and disregarded entity for U.S. tax purposes.

(g) This security is subject to a call feature and may be called in full or partially on or anytime after May 27, 2010.

(h) A term loan security.

(i) Inflation protected security.

(j) Issuer is in default.

(k) 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.

(l) Represents a security registered under Regulation S. Bonds sold under Regulation S may not be offered, sold or delivered within the U.S., or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

(m) This security is convertible until September 1, 2027.

At April 30, 2010 cost is substantially identical for both book and federal income tax purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	4,230,378,370
Gross unrealized depreciation		(892,549,581	)
Net unrealized appreciation	$	3,337,828,789

Abbreviations Used in this Schedule Include:

ADR — American Depository Receipt

CME — Chicago Mercantile Exchange

CPI — Consumer Price Index

CPO — Ordinary Participation Certificate

FRN — Floating Rate Note

NVDR — Non-Voting Depository Receipt

NYSE — New York Stock Exchange

PC — Participation Certificate

PCL — Public Company Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

RSP — Represents Non-Voting Shares

Currencies

EUR — Euro

JPY — Japanese Yen

KRW — South Korean Won

SGD — Singapore Dollar

TWD — Taiwan Dollar

USD — United States Dollar

See Notes to Financial Statements.
33

Global Fund

_SECURITY	_ACQUISITION_DATE	_COST		_{CARRYING VALUE PER}_{SHARE/PRINCIPAL}
Restricted Securities
Emin Leydier SA 5.88% due 07/31/16	07/30/09	$	21,410,094	$	1.33
FINEL 9.50% due 06/30/17	06/22/05		14,474,400		0.66
FINEL	07/30/09		—		0.07
LandCo Real Estate LLC	09/06/06		669,030		1.28

_SETTLEMENT_DATES_THROUGH	_{FOREIGN CURRENCY}_{TO BE DELIVERED}			_{U.S. $}_{TO BE}_RECEIVED		_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₀		_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₀		_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₀
Foreign Currency Exchange Contracts — Sales
06/16/10		195,534,000	Euro	$	282,908,368	$	260,197,289	$	22,711,079	$	—
07/21/10		335,505,000	Euro		486,305,931		446,431,505		39,874,426		—
08/18/10		333,704,000	Euro		455,908,073		444,103,294		11,804,779		—
09/15/10		236,620,000	Euro		319,595,536		314,897,682		4,697,854		—
06/16/10		30,727,340,000	Japanese Yen		336,557,246		327,028,192		9,529,054		—
07/21/10		40,669,925,000	Japanese Yen		458,421,787		432,830,269		25,591,518		—
08/18/10		23,398,805,000	Japanese Yen		258,341,945		249,202,883		9,139,062		—
09/15/10		29,523,533,000	Japanese Yen		319,889,190		314,558,669		5,330,521		—
06/16/10		282,032,000	Mexican Peso		21,736,570		22,834,693		—		(1,098,123	)
07/21/10		788,757,000	Mexican Peso		59,420,871		63,851,572		—		(4,430,701	)
08/18/10		415,906,000	Mexican Peso		32,399,003		33,444,016		—		(1,045,013	)
09/15/10		531,478,000	Mexican Peso		42,828,317		42,596,247		232,070		—
				$	3,074,312,837	$	2,951,976,311	$	128,910,363	$	(6,573,837	)

_SECURITY	_SHARES_{OCTOBER 31,}₂₀₀₉		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₀		_VALUE_{APRIL 30,}₂₀₁₀		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
Affiliated Securities
Aioi Insurance Company Limited*		64,994,300		—		64,994,300		—	$	—	$	—		$	—
Alliant Techsystems, Inc.		1,898,339		395,340		—		2,293,679		185,581,568		—			—
Ariake Japan Company Limited		1,725,100		—		—		1,725,100		25,735,715		—			346,641
Barnes & Noble, Inc.*		3,654,083		—		3,654,083		—		—		(8,593,918	)		—
Blount International, Inc.		9,778,961		—		—		9,778,961		109,719,942		—			—

See Notes to Financial Statements.
34

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_SECURITY	_SHARES_{OCTOBER 31,}₂₀₀₉		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₀		_VALUE_{APRIL 30,}₂₀₁₀		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
Affiliated Securities — (continued)
Chofu Seisakusho Company Limited		3,501,380		—		—		3,501,380	$	79,860,281	$	—		$	497,468
Cintas Corporation		11,138,751		1,912,760		—		13,051,511		355,653,675		—			6,264,725
City e-Solutions Limited		20,738,780		—		—		20,738,780		2,430,649		—			—
Conbraco Industries, Inc.		4,169		—		—		4,169		—		—			—
Deltic Timber Corporation		1,258,500		—		—		1,258,500		66,222,270		—			188,775
FINEL		12,000,000		—		—		12,000,000		797,280		—			—
Guyenne et Gascogne SA		912,153		43,891		—		956,044		98,379,060		—			—
IDA Corporation, Inc.		4,117,660		—		—		4,117,660		148,565,173		—			2,470,596
Meitec Corporation		2,719,100		—		—		2,719,100		57,044,865		—			—
Mills Music Trust		34,924		—		—		34,924		1,352,432		—			56,615
MISUMI Group, Inc.		14,640,730		—		996,300		13,644,430		272,177,688		(1,260,060	)		1,004,443
Namyang Dairy Products Company Limited		39,989		—		—		39,989		19,194,431		—			27,107
Neopost SA		2,807,336		—		258,962		2,548,374		202,296,249		(8,964,775	)		5,780,924
NSC Groupe		69,500		—		—		69,500		3,647,887		—			—
Pfeiffer Vacuum Technology AG		1,172,304		—		—		1,172,304		87,234,388		—			—
Rayonier, Inc. REIT		5,275,011		—		—		5,275,011		258,370,039		—			5,275,011
Rémy Cointreau SA		3,976,126		—		1,053,950		2,922,176		158,367,581		(5,290,298	)		—
Robertet SA		165,085		—		—		165,085		20,727,786		—			—
Sabeton SA		385,000		—		—		385,000		5,832,101		—			—
San Juan Basin Royalty Trust		3,975,644		—		—		3,975,644		98,317,676		—			3,079,768
Shimano, Inc.		7,086,170		10,200		—		7,096,370		323,711,280		—			2,193,357

See Notes to Financial Statements.
35

Global Fund

_SECURITY	_SHARES_{OCTOBER 31,}₂₀₀₉		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₀		_VALUE_{APRIL 30,}₂₀₁₀		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
Affiliated Securities — (continued)
SMC Corporation*		3,853,720		—		752,000		3,101,720	$	446,236,074	$	581,583		$	1,693,632
Sodexo		6,059,452		—		381,292		5,678,160		348,434,380		299,472			9,877,370
Sucrière de Pithiviers- Le-Vieil		63,019				—		63,019		58,533,990		—			1,773,950
T. Hasegawa Company Limited		5,147,000		—		—		5,147,000		75,580,913		—			517,119
THK Company Limited*		9,730,350		—		3,401,840		6,328,510		138,958,723		(7,148,078	)		476,869
Wendel		2,147,945		—		—		2,147,945		139,869,492		—			—
Total									$	3,788,833,588	$	(30,376,074	)	$	41,524,370

* Not an affiliated issuer as of April 30, 2010.

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		6.23	%
Consumer Staples		0.40
Energy		3.51
Financials		4.33
Health Care		0.91
Industrials		3.25
Information Technology		2.95
Materials		4.43
Telecommunication Services		0.65
Utilities		1.65
Total U.S. Common Stocks		28.31

See Notes to Financial Statements.
36

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
International Common Stocks
Consumer Discretionary		6.14	%
Consumer Staples		5.36
Energy		1.10
Financials		7.40
Health Care		4.40
Industrials		11.03
Information Technology		4.28
Materials		7.18
Telecommunication Services		0.49
Total International Common Stocks		47.38
U.S. Preferred Stocks
Utilities		0.07
International Preferred Stocks
Consumer Discretionary		0.39
Information Technology		0.82
Total International Preferred Stocks		1.21
Warrant		0.10
Commodity		6.28
U.S. Bonds
Consumer Discretionary		0.27
Energy		0.13
Materials		0.05
Government Issues		1.01
Total U.S. Bonds		1.46

See Notes to Financial Statements.
37

Global Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
International Notes and Bonds
Financials		0.24	%
Government Issues		1.64
Industrials		0.01
Information Technology		0.38
Materials		0.09
Telecommunication Services		0.07
Total International Notes and Bonds		2.43
Commercial Paper
International Commercial Paper		4.36
U.S. Commercial Paper		7.93
Total Commercial Paper		12.29
Total Investments		99.53	%

See Notes to Financial Statements.
38

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Fund Overview | Data as of April 30, 2010 (unaudited)

INVESTMENT OBJECTIVE

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.

Average Annual Returns

	_ONE-YEAR			_FIVE-YEARS			_TEN-YEARS
First Eagle Overseas Fund (A Shares)
without sales charge		33.52	%		9.04	%		13.15	%
with sales charge		26.84			7.93			12.57
MSCI EAFE Index		34.43			3.86			1.64
Consumer Price Index		2.24			2.30			2.44

Asset Allocation

Countries

Japan	30.77	%
France	11.46
United States	8.61
Germany	5.44
Switzerland	5.02
Singapore	3.60
South Korea	3.36
South Africa	2.09
Mexico	1.92
Thailand	1.70
Hong Kong	1.65
Netherlands	1.51
United Kingdom	1.47
Italy	1.40
Canada	1.31
Brazil	1.11
Taiwan	0.88
Malaysia	0.87
Papua New Guinea	0.75
Bermuda	0.63
Australia	0.30
Other	0.09

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
40

Overseas Fund

Growth of a $10,000 Initial Investment

The average annual returns for Class A Shares with a sales charge gives effect to the deduction of the maximum sales charge of 5.00%.

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)	7.64	%
Shimano, Inc. (Japanese bicycle parts manufacturer)	2.80
MS&AD Insurance Group Holdings (Japanese insurance company)	2.51
Pargesa Holding SA (Swiss diversified financials company)	2.16
Fanuc Limited (Japanese automated machine tools manufacturer)	2.05
SMC Corporation (Japanese automated control devices manufacturer)	2.03
Secom Company Limited (Japanese security services provider)	1.84
Keyence Corporation (Japanese sensors manufacturer)	1.83
Sodexo (French food management services provider)	1.63
Gold Fields Limited ADR (South African gold mining company)	1.58
Total	26.07	%

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
41

First Eagle Overseas Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 73.30%
International Common Stocks — 72.42%
Australia 0.30%
	9,217,342	Spotless Group Limited	$	25,816,120	$	24,165,223
Bermuda 0.63%
	1,365,900	Jardine Matheson Holdings Limited		40,577,021		50,292,438
Brazil 1.11%
	2,334,704	Petroleo Brasileiro SA, ADR		25,923,912		88,578,670
Canada 0.80%
	1,025,450	EnCana Corporation		11,996,047		33,911,631
	1,025,450	Cenovus Energy, Inc.		11,297,247		30,045,685
				23,293,294		63,957,316
France 10.78%
	2,113,114	Sodexo		59,661,184		129,669,042
	1,622,633	Sanofi-Aventis SA (a)		133,050,131		111,386,909
	919,300	Neopost SA		54,325,848		72,976,314
	1,066,019	Rémy Cointreau SA		30,286,287		57,772,992
	563,378	Laurent-Perrier (b)		20,236,693		52,552,871
	791,228	Wendel		17,493,408		51,523,041
	888,121	Total SA		55,749,821		48,350,119
	510,237	Société BIC SA		19,871,924		39,663,155
	599,453	Cie Generale d'Optique Essilor International SA		14,782,044		36,589,654
	39,143	Sucrière de Pithiviers-Le-Vieil (b)		15,598,306		36,357,225
	348,206	Guyenne et Gascogne SA		40,270,290		35,831,174
	236,140	Robertet SA (b)		20,639,502		29,649,328
	51,500	Robertet SA CI (c)(d)		2,151,628		4,348,928
	540,680	Zodiac Aerospace		29,615,032		28,192,186
	364,373	Gaumont SA (a)		21,698,753		27,598,183
	232,868	Air Liquide SA		25,332,821		27,177,665
	442,830	Société Foncière Financière et de Participations		29,139,582		25,891,020
	900,000	Frégate (b)(c)(d)(e)		23,235,900		20,330,632
	397,878	Carrefour SA		18,361,975		19,477,311
	1,000	Société Vermandoise de Sucreries		854,846		1,953,349
	100,000	Sabeton SA		1,463,143		1,514,831
	11,593,581	FINEL (a)(b)(c)(d)(e)(f)		9,152,131		770,277
				642,971,249		859,576,206

See Notes to Financial Statements.
42

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 72.42% — (continued)
Germany 4.72%
	1,402,745	HeidelbergCement AG	$	76,991,380	$	87,168,408
	1,418,680	Daimler AG (a)		70,588,798		73,171,757
	915,140	Pfeiffer Vacuum Technology AG (b)		39,449,539		68,098,103
	6,418,531	Deutsche Wohnen AG (a)(b)		67,969,040		57,996,796
	2,707,670	Tognum AG		54,386,147		56,343,904
	652,927	Fraport AG		21,196,148		33,919,176
				330,581,052		376,698,144
Hong Kong 1.65%
	7,863,340	Guoco Group Limited		57,886,750		82,033,221
	4,987,400	Wharf Holdings Limited		10,104,447		27,396,238
	7,069,700	Hopewell Holdings Limited		7,819,937		20,805,822
	10,851,720	City e-Solutions Limited (a)(c)		323,358		1,271,855
				76,134,492		131,507,136
Italy 1.40%
	7,315,306	Italcementi S.p.A. RSP		87,341,485		46,197,031
	1,197,736	Italmobiliare S.p.A. RSP (a)		50,324,929		33,931,867
	165,635	Italmobiliare S.p.A. (a)		19,155,452		6,096,651
	6,004,580	Gewiss S.p.A. (b)		22,944,785		25,672,055
				179,766,651		111,897,604
Japan 30.77%
	4,886,870	Shimano, Inc. (b)		81,201,320		222,921,711
	6,958,220	MS&AD Insurance Group Holdings		164,966,352		200,434,026
	1,379,090	Fanuc Limited		118,121,420		163,798,557
	1,125,890	SMC Corporation		142,549,860		161,978,752
	3,379,100	Secom Company Limited		143,423,724		146,956,446
	610,300	Keyence Corporation		120,033,342		145,947,653
	3,260,440	Astellas Pharma, Inc.		133,084,592		114,580,830
	15,593,435	NKSJ Holdings, Inc. (a)		118,482,384		113,081,213
	2,552,600	Ono Pharmaceutical Company Limited		105,639,342		105,719,358
	1,856,870	Canon, Inc.		89,360,001		85,987,228
	4,119,770	MISUMI Group, Inc.		70,730,692		82,180,749
	688,170	Hirose Electric Company Limited		79,866,257		74,272,162
	2,832,150	Nitto Kohki Company Limited (b)		50,121,709		61,163,237
	36,623	NTT DoCoMo, Inc.		56,345,936		57,011,082
	6,577,300	Japan Wool Textile Company Limited (b)		49,871,284		51,684,031

See Notes to Financial Statements.
43

Overseas Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 72.42% — (continued)
Japan 30.77% — (continued)
	2,313,510	THK Company Limited	$	37,237,493	$	50,799,066
	3,452,591	T. Hasegawa Company Limited (b)		47,344,131		50,699,433
	2,684,990	Mitsubishi Estate Company Limited		40,106,729		48,649,295
	2,022,800	Chofu Seisakusho Company Limited (b)		33,096,084		46,136,488
	5,507,100	Kansai Paint Company Limited		42,397,659		41,869,068
	3,034,800	OSG Corporation		35,992,231		36,045,208
	9,608,600	Okumura Corporation		49,462,587		32,694,476
	2,403,680	Daiichikosho Company Limited		26,089,055		31,897,417
	1,472,300	Meitec Corporation		43,510,664		30,887,850
	2,535,900	Yomeishu Seizo Company Limited (b)		22,847,623		24,133,452
	1,152,900	Fuji Seal International, Inc.		24,926,357		23,905,099
	861,660	Icom, Inc. (b)		22,557,750		23,684,312
	2,184,600	Seikagaku Corporation		17,648,500		21,974,923
	1,443,600	Ariake Japan Company Limited		30,991,137		21,536,188
	1,227,710	AS One Corporation (b)		25,204,184		21,461,590
	1,058,246	Matsumoto Yushi-Seiyaku Company Limited (b)		25,950,562		20,254,589
	2,068,330	Maezawa Kasei Industries Company Limited (b)		31,939,631		19,925,642
	854,602	Nagaileben Company Limited		16,344,689		19,355,652
	1,532,856	Nissin Healthcare Food Service Company Limited		24,558,922		19,216,728
	306,100	Mabuchi Motor Company Limited		18,167,961		16,892,541
	508,106	SK Kaken Company Limited		9,470,131		14,398,453
	493,250	Mandom Corporation		6,249,764		13,112,074
	806,280	Chudenko Corporation		12,295,496		10,013,664
	2,572,675	TOMONY Holdings, Inc. (a)		17,372,743		8,835,919
	1,223,670	Sansei Yusoki Company Limited (b)		10,265,159		6,505,768
	100,000	Asahi Broadcasting Corporation		6,141,481		5,731,299
	1,424,100	Shingakukai Company Limited (b)		10,266,277		4,997,108
				2,212,233,215		2,453,330,337
Malaysia 0.87%
	20,596,910	Genting Berhad		42,948,986		44,951,648
	26,498,290	Genting Malaysia Berhad		23,628,983		24,130,960
				66,577,969		69,082,608

See Notes to Financial Statements.
44

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 72.42% — (continued)
Mexico 1.92%
	3,552,612	Industrias Peñoles S.A.B. de C.V.	$	3,110,554	$	75,578,265
	3,356,716	Grupo Televisa SA, ADR		60,731,033		69,752,559
	1,866,300	Grupo Televisa S.A.B. CPO		6,226,292		7,778,274
				70,067,879		153,109,098
Netherlands 0.89%
	496,018	HAL Trust		13,919,475		52,497,989
	444,929	Heineken Holding NV		10,373,759		18,221,444
				24,293,234		70,719,433
New Zealand 0.05%
	5,750,000	Tasman Farms Limited (a)(b)(c)(d)		1,054,354		4,181,976
Panama 0.04%
	240,137	Banco Latinoamericano de Exportaciones SA		2,293,328		3,400,340
Papua New Guinea 0.75%
	16,906,460	Lihir Gold Limited		39,780,691		59,672,789
Singapore 2.73%
	23,192,830	Haw Par Corporation Limited (b)		76,875,316		103,056,682
	28,195,900	Singapore Airport Terminal Services Limited		32,580,982		58,014,985
	10,073,300	Fraser and Neave Limited		10,564,974		36,234,628
	17,725,525	ComfortDelgro Corporation Limited		7,149,142		20,305,041
				127,170,414		217,611,336
South Africa 2.09%
	9,398,560	Gold Fields Limited, ADR		126,216,156		126,316,646
	4,135,680	Harmony Gold Mining Company Limited, ADR		41,206,086		40,405,594
				167,422,242		166,722,240
South Korea 2.04%
	896,063	KT&G Corporation		51,445,274		45,274,081
	33,225	Lotte Confectionery Company Limited		10,303,934		36,631,885
	948,330	Fursys, Inc. (b)		11,511,219		23,700,763
	120,620	Nong Shim Company Limited		31,736,226		23,234,872
	119,080	Pacific Corporation		18,151,496		13,752,190
	22,950	Namyang Dairy Products Company Limited		4,912,653		11,015,834
	1,182,040	Dong Ah Tire & Rubber Company Limited		5,161,359		8,233,274

See Notes to Financial Statements.
45

Overseas Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 72.42% — (continued)
South Korea 2.04% — (continued)
	91,653	Sam-A Pharm Company Limited	$	631,033	$	412,226
				133,853,194		162,255,125
Switzerland 5.02%
	2,111,661	Pargesa Holding SA		109,671,397		172,536,364
	2,307,150	Nestlé SA		50,656,059		113,084,050
	154,216	Rieter Holding AG (a)		26,194,009		47,126,522
	360,194	Kuehne & Nagel International AG		8,845,881		37,848,347
	792	Lindt & Spruengli AG		5,105,206		20,621,748
	35,000	Edipresse SA		11,616,314		9,324,136
				212,088,866		400,541,167
Taiwan 0.69%
	20,184,980	Taiwan Secom Company Limited		32,105,415		32,849,384
	8,687,749	Compal Electronics, Inc.		7,972,106		12,156,417
	13,102,028	Taiwan Sogo Shin Kong Security Company Limited		11,831,241		9,908,675
				51,908,762		54,914,476
Thailand 1.70%
	410,911,885	Thai Beverage PCL		70,309,861		85,447,366
	12,301,859	Bangkok Bank PCL NVDR		39,320,705		44,295,057
	496,220	Bangkok Bank PCL		1,613,300		1,840,408
	250,000	OHTL PCL (c)		1,152,073		3,762,942
				112,395,939		135,345,773
United Kingdom 1.47%
	2,928,900	Spirax-Sarco Engineering PLC		19,703,018		68,895,715
	901,118	Anglo American PLC (a)		19,057,951		38,615,253
	731,689	Berkeley Group Holdings PLC (a)		9,190,582		9,309,760
				47,951,551		116,820,728
Total International Common Stocks				4,614,155,429		5,774,380,163
U.S. Common Stocks — 0.88%
Materials 0.88%
	1,256,683	Newmont Mining Corporation		35,948,526		70,474,783
Total Common Stocks				4,650,103,955		5,844,854,946

See Notes to Financial Statements.
46

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Investment Companies — 0.09%
	100,000	First NIS Regional Fund SICAV (a)(c)(d)(e)		$1,000,000		$50,000
	34,500	Third Avenue Global Value Fund, L.P. (a)(c)(e)		3,450,000		7,082,061
Total Investment Companies				4,450,000		7,132,061
International Preferred Stocks — 2.04%
Germany 0.72%
	581,442	Hornbach Holding AG		39,598,446		57,374,748
South Korea 1.32%
	207,489	Samsung Electronics Company Limited		26,556,568		98,657,195
	28,600	Namyang Dairy Products Company Limited		440,234		6,876,799
				26,996,802		105,533,994
Total International Preferred Stocks				66,595,248		162,908,742
_OUNCES
Commodity — 7.64%
	516,610	Gold bullion (a)		261,939,228		608,824,608
_{PRINCIPAL AMOUNT}
International Bonds — 2.87%
International Corporate Bonds — 1.53%
Canada 0.51%
	10,000,000 USD	CanWest LP 9.25% due 08/01/15 (a)(c)(g)(h)		8,690,560		4,650,000
	47,142,000 USD	Catalyst Paper Corporation 7.375% due 03/01/14 (c)		40,927,549		32,174,415
	4,400,000 USD	Catalyst Paper Corporation 11.00% due 12/15/16 (c)(g)		4,735,818		4,334,000
				54,353,927		41,158,415
France 0.40%
	10,000,000 EUR	Emin Leydier SA 5.882% due 07/31/16 (c)(d)(e)		14,273,396		13,287,995
	8,000,000 EUR	FINEL 9.50% due 06/30/17 (a)(c)(d)(e)		9,649,600		5,315,198
	2,000,000 USD	Legrand SA 8.50% due 02/15/25		2,057,942		2,366,632

See Notes to Financial Statements.
47

Overseas Fund

_{PRINCIPAL AMOUNT}

_DESCRIPTION

_{COST (NOTE 1)}

_{VALUE (NOTE 1)}

International Corporate Bonds — 1.53% — (continued)

France 0.40% — (continued)

6,352,000
EUR

Wendel
4.875% due 11/04/14

$7,060,011

$8,250,622

1,950,000
EUR

Wendel
4.875% due 09/21/15 (i)

1,476,999

2,429,211

34,517,948

31,649,658

Ireland 0.00%

22,300,000
EUR

Waterford Wedgwood PLC
9.875% due 12/01/10 (a)(c)(d)(g)(h)

27,682,258

—

Netherlands 0.62%

23,350,000
EUR

UPC Holding BV
7.75% due 01/15/14 (i)

27,481,977

31,806,257

12,740,000
EUR

UPC Holding BV
8.625% due 01/15/14 (i)

15,044,326

17,479,095

42,526,303

49,285,352

Total International Corporate Bonds

159,080,436

122,093,425

International Government Bonds — 1.34%

France 0.28%

15,401,253
EUR

France Government Bond OAT
3.00% due 07/25/12 (j)

19,110,803

22,357,591

Singapore 0.87%

50,000,000
SGD

Singapore Government Bond
3.125% due 02/01/11

37,209,171

37,228,157

11,564,000
SGD

Singapore Government Bond
3.625% due 07/01/11

8,021,422

8,750,241

32,082,000
SGD

Singapore Government Bond
4.625% due 07/01/10

21,948,145

23,572,914

67,178,738

69,551,312

Taiwan 0.19%

462,700,000
TWD

Taiwan Government Bond
2.00% due 07/20/12

14,174,639

15,240,840

Total International Government Bonds

100,464,180

107,149,743

Total International Bonds

259,544,616

229,243,168

Commercial Paper — 13.05%

International Commercial Paper — 6.57%

Finland 0.29%

23,197,000
USD

Nokia Corporation
0.17% due 05/14/10

23,195,576

See Notes to Financial Statements.
48

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{PRINCIPAL AMOUNT}	_DESCRIPTION	_{COST (NOTE 1)}	_{VALUE (NOTE 1)}
International Commercial Paper — 6.57% — (continued)
France 2.25%
7,500,000 USD	GDF Suez SA 0.20% due 05/17/10	$7,499,333	$7,499,333
75,000,000 USD	GDF Suez SA 0.23% due 07/02/10	74,970,292	74,961,285
6,687,000 USD	Électricité de France 0.20% due 05/19/10	6,686,331	6,686,331
10,000,000 USD	Électricité de France 0.21% due 05/19/10	9,998,950	9,998,950
50,000,000 USD	Électricité de France 0.22% due 07/06/10	49,979,833	49,971,895
30,268,000 USD	Total SA 0.21% due 06/28/10	30,257,760	30,257,760
Germany 1.16%
19,997,000 USD	BASF SE 0.20% due 06/14/10	19,992,112	19,992,112
35,000,000 USD	BASF SE 0.20% due 06/25/10	34,989,305	34,989,305
8,174,000 USD	BMW 0.30% due 05/10/10	8,173,387	8,173,387
12,228,000 USD	BMW 0.33% due 05/06/10	12,227,440	12,227,440
17,382,000 USD	BMW 0.33% due 05/21/10	17,378,813	17,378,813
Italy 0.67%
15,000,000 USD	Eni S.p.A. 0.19% due 05/21/10	14,998,417	14,998,417
25,000,000 USD	Eni S.p.A. 0.19% due 05/24/10	24,996,965	24,996,965
1,751,000 USD	Eni S.p.A. 0.19% due 06/18/10	1,750,557	1,750,556
12,000,000 USD	Eni S.p.A. 0.21% due 06/21/10	11,996,430	11,996,430
Japan 1.22%
17,011,000 USD	Sumitomo Corporation 0.25% due 07/08/10	17,002,967	17,001,056
35,000,000 USD	Toyota Motor Credit Corporation 0.24% due 05/04/10	34,999,300	34,999,300
25,000,000 USD	Toyota Motor Credit Corporation 0.28% due 05/03/10	24,999,611	24,999,611
20,000,000 USD	Toyota Motor Credit Corporation 0.31% due 07/26/10	19,985,189	19,983,760

See Notes to Financial Statements.
49

Overseas Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 6.57% — (continued)
Switzerland 0.98%
	4,494,000 USD	Nestlé Capital Corporation 0.13% due 06/21/10		$4,493,172		$4,493,172
	10,332,000 USD	Nestlé Capital Corporation 0.16% due 05/18/10		10,331,219		10,331,219
	12,904,000 USD	Nestlé Capital Corporation 0.17% due 06/21/10		12,900,892		12,900,892
	15,000,000 USD	Nestlé Capital Corporation 0.22% due 07/15/10		14,993,125		14,995,250
	15,000,000 USD	Nestlé Capital Corporation 0.23% due 07/15/10		14,992,813		14,995,250
	20,000,000 USD	Nestlé Capital Corporation 0.26% due 08/02/10		19,986,567		19,991,802
Total International Commercial Paper				523,776,356		523,765,867
U.S. Commercial Paper — 6.48%
$	3,000,000	7-Eleven, Inc.		2,999,560		2,999,560
		0.22% due 05/25/10
	10,000,000	Abbott Laboratories 0.16% due 05/17/10		9,999,289		9,999,289
	7,509,000	Abbott Laboratories 0.16% due 05/24/10		7,508,232		7,508,232
	5,281,000	Altria Group, Inc. 0.30% due 05/17/10		5,280,296		5,280,296
	2,506,000	Altria Group, Inc. 0.32% due 05/07/10		2,505,866		2,505,866
	10,000,000	Altria Group, Inc. 0.32% due 05/10/10		9,999,200		9,999,200
	5,000,000	Bemis Company, Inc. 0.28% due 05/20/10		4,999,261		4,999,261
	2,076,000	CME Group Inc. 0.19% due 05/18/10		2,075,814		2,075,814
	20,000,000	Coca-Cola Company 0.18% due 05/20/10		19,998,100		19,998,100
	20,000,000	Coca-Cola Company 0.18% due 05/25/10		19,997,600		19,997,600
	10,000,000	Coca-Cola Company 0.18% due 05/26/10		9,998,750		9,998,750
	7,000,000	Coca-Cola Company 0.20% due 06/18/10		6,998,133		6,998,133
	38,000,000	ConocoPhillips 0.15% due 05/05/10		37,999,367		37,999,367
	16,000,000	ConocoPhillips 0.21% due 06/14/10		15,995,893		15,995,893

See Notes to Financial Statements.
50

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}	_{VALUE (NOTE 1)}
U.S. Commercial Paper — 6.48% — (continued)
	$10,000,000	ConocoPhillips 0.21% due 06/21/10	$9,997,025	$9,997,025
	15,000,000	Honeywell International, Inc. 0.22% due 07/01/10	14,994,408	14,994,575
	15,000,000	Merck & Co., Inc. 0.18% due 05/05/10	14,999,700	14,999,700
	7,240,000	Merck & Co., Inc. 0.20% due 06/07/10	7,238,512	7,238,512
	25,000,000	Merck & Co., Inc. 0.20% due 06/16/10	24,993,611	24,993,611
	6,947,000	Merck & Co., Inc. 0.21% due 06/11/10	6,945,339	6,945,339
	6,000,000	Microsoft Corporation 0.16% due 05/26/10	5,999,333	5,999,333
	6,500,000	Microsoft Corporation 0.17% due 06/08/10	6,498,834	6,498,834
	15,000,000	Microsoft Corporation 0.18% due 06/08/10	14,997,150	14,997,150
	6,000,000	Moody's Corporation 0.19% due 05/03/10	5,999,937	5,999,937
	5,000,000	Moody's Corporation 0.27% due 06/17/10	4,998,238	4,998,238
	10,000,000	Moody's Corporation 0.29% due 05/21/10	9,998,389	9,998,389
	4,266,000	NYSE Euronext 0.32% due 05/11/10	4,265,621	4,265,621
	35,988,000	NYSE Euronext 0.33% due 05/03/10	35,987,340	35,987,340
	10,000,000	PepsiCo, Inc. 0.18% due 06/08/10	9,998,100	9,998,100
	11,500,000	PepsiCo, Inc. 0.18% due 06/22/10	11,497,010	11,497,010
	7,500,000	PepsiCo, Inc. 0.19% due 06/18/10	7,498,100	7,498,100
	13,500,000	Philip Morris International, Inc. 0.16% due 05/07/10	13,499,640	13,499,640
	15,000,000	Philip Morris International, Inc. 0.17% due 05/13/10	14,999,150	14,999,150
	13,084,000	Philip Morris International, Inc. 0.19% due 06/04/10	13,081,652	13,081,652
	9,006,000	Procter & Gamble Company 0.18% due 05/20/10	9,005,144	9,005,144
	6,000,000	Procter & Gamble Company 0.18% due 05/24/10	5,999,310	5,999,310

See Notes to Financial Statements.
51

Overseas Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 6.48% — (continued)
$	13,669,000	Procter & Gamble Company	$	13,667,223	$	13,667,223
		0.18% due 05/27/10
	8,378,000	Procter & Gamble Company 0.19% due 05/27/10		8,376,850		8,376,850
	6,000,000	Procter & Gamble Company 0.20% due 06/04/10		5,998,867		5,998,867
	15,000,000	Questar Corporation 0.30% due 05/20/10		14,997,625		14,997,625
	20,000,000	Wal-Mart Stores, Inc. 0.15% due 05/05/10		19,999,667		19,999,667
	12,000,000	Wal-Mart Stores, Inc. 0.17% due 05/06/10		11,999,717		11,999,717
	8,000,000	Walt Disney Company 0.14% due 05/11/10		7,999,689		7,999,689
	23,500,000	Walt Disney Company 0.16% due 05/10/10		23,499,060		23,499,060
Total U.S. Commercial Paper				516,385,602		516,385,769
Total Commercial Paper				1,040,161,958		1,040,151,636
Total Investments — 98.99%			$	6,282,795,005		7,893,115,161
Other Assets in Excess of Liabilities — 1.01%						80,415,856
Net Assets — 100.00%					$	7,973,531,017

(a) Non-income producing security/commodity.

(b) An affiliate of the Fund 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.

(c) Security is deemed illiquid. At April 30, 2010, the value of these securities amounted to $101,560,279 or 1.27% of net assets.

(d) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $48,285,006 or 0.61% of net assets.

(e) Represents interest in a restricted security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. At April 30, 2010, the value of these securities amounted to $46,836,163 or 0.59% of net assets.

(f) Held through Financiere Bleue, LLC, a wholly owned subsidiary and disregarded entity for U.S. tax purposes.

(g) 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.

(h) Issuer is in default.

(i) Represents a security registered under Regulation S. Bonds sold under Regulation S may not be offered, sold or delivered within the U.S., or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

See Notes to Financial Statements.
52

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

(j) Inflation protected security.

At April 30, 2010 cost is substantially identical for both book and federal income tax purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	1,935,069,031
Gross unrealized depreciation		(324,748,875	)
Net unrealized appreciation	$	1,610,320,156

Abbreviations Used in this Schedule Include:

ADR — American Depository Receipt

CME — Chicago Mercantile Exchange

CPO — Ordinary Participation Certificate

NVDR — Non-Voting Depository Receipt

NYSE — New York Stock Exchange

OAT — French Treasury Obligation

PCL — Public Company Limited

PLC — Public Limited Company

RSP — Represents Non-Voting Shares

Currencies

EUR — Euro

SGD — Singapore Dollar

TWD — Taiwan Dollar

USD — United States Dollar

_SECURITY	_ACQUISITION_DATE	_COST		_{CARRYING VALUE PER}_{SHARE/PRINCIPAL}
Restricted Securities
Emin Leydier SA 5.88% due 07/31/16	07/30/09	$	14,273,396	$	1.33
FINEL 9.50% due 06/30/17	06/22/05		9,649,600		0.66
FINEL	07/14/99		9,152,131		0.07
First NIS Regional Fund SICAV	11/22/94		1,000,000		0.50
Frégate	04/30/04		23,235,900		22.59
Third Avenue Global Value Fund, L.P.	06/30/97		3,450,000		205.28

See Notes to Financial Statements.
53

Overseas Fund

_SETTLEMENT_DATES_THROUGH	_{FOREIGN CURRENCY}_{TO BE DELIVERED}			_{U.S. $}_{TO BE}_RECEIVED		_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₀		_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₀		_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₀
Foreign Currency Exchange Contracts — Sales
06/16/10		89,728,000	Euro	$	129,822,957	$	119,401,139	$	10,421,818	$	—
07/21/10		174,897,000	Euro		252,046,385		232,726,030		19,320,355		—
08/18/10		161,579,000	Euro		220,750,038		215,034,181		5,715,857		—
09/15/10		112,191,000	Euro		151,533,018		149,305,578		2,227,440		—
06/16/10		16,444,611,000	Japanese Yen		180,118,194		175,018,450		5,099,744		—
07/21/10		22,990,895,000	Japanese Yen		258,962,217		244,687,392		14,274,825		—
08/18/10		11,680,678,000	Japanese Yen		128,964,239		124,402,021		4,562,218		—
09/15/10		18,290,209,000	Japanese Yen		198,175,474		194,873,147		3,302,327		—
06/16/10		134,712,000	Mexican Peso		10,382,428		10,906,944		—		(524,516	)
07/21/10		413,301,000	Mexican Peso		31,159,877		33,461,737		—		(2,301,860	)
08/18/10		205,251,000	Mexican Peso		15,989,016		16,504,734		—		(515,718	)
09/15/10		224,901,000	Mexican Peso		18,123,293		18,025,089		98,204		—
				$	1,596,027,136	$	1,534,346,442	$	65,022,788	$	(3,342,094	)

_SECURITY	_SHARES_{OCTOBER 31,}₂₀₀₉		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₀		_VALUE_{APRIL 30,}₂₀₁₀		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
Affiliated Securities
AS One Corporation		906,660		321,050		—		1,227,710	$	21,461,590	$	—		$	255,429
Chofu Seisakusho Company Limited		2,022,800		—		—		2,022,800		46,136,488		—			287,395
Deutsche Wohnen AG		6,418,531		—		—		6,418,531		57,996,796		—			—
FINEL		11,593,581		—		—		11,593,581		770,277		—			—
Frégate		900,000		—		—		900,000		20,330,632		—			—
Fuji Seal International, Inc.*		1,687,000		—		534,100		1,152,900		23,905,099		(2,982,762	)		194,198
Fursys, Inc.		948,330		—		—		948,330		23,700,763		—			405,993
Gaumont SA*		364,373		—		—		364,373		27,598,183		—			—
Gewiss S.p.A.		6,004,580		—		—		6,004,580		25,672,055		—			—
Haw Par Corporation Limited		23,192,830		—		—		23,192,830		103,056,682		—			—
Icom, Inc.		861,660		—		—		861,660		23,684,312		—			86,571
Japan Wool Textile Company Limited		6,577,300		—		—		6,577,300		51,684,031		—			699,153

See Notes to Financial Statements.
54

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_SECURITY	_SHARES_{OCTOBER 31,}₂₀₀₉		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₀		_VALUE_{APRIL 30,}₂₀₁₀		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
Affiliated Securities — (continued)
Laurent- Perrier		563,378		—		—		563,378	$	52,552,871	$	—		$	—
Maezawa Kasei Industries Company Limited		2,068,330		—		—		2,068,330		19,925,642		—			259,756
Matsumoto Yushi-Seiyaku Company Limited		1,058,246		—		—		1,058,246		20,254,589		—			531,610
Nissay Dowa General Insurance Company Limited*		20,991,930		—		20,991,930		—		—		—			1,687,246
Nitto Kohki Company Limited		2,832,150		—		—		2,832,150		61,163,237		—			284,546
Pfeiffer Vacuum Technology AG		915,140		—		—		915,140		68,098,103		—			—
Robertet SA		236,140		—		—		236,140		29,649,328		—			—
Sansei Yusoki Company Limited		1,223,670		—		—		1,223,670		6,505,768		—			86,059
Shimano, Inc.		5,055,070		—		168,200		4,886,870		222,921,711		2,743,574			1,512,615
Shingakukai Company Limited		1,424,100		—		—		1,424,100		4,997,108		—			71,540
Sucrière de Pithiviers- Le-Vieil		39,143		—		—		39,143		36,357,225		—			1,331,977
T. Hasegawa Company Limited		3,452,591		—		—		3,452,591		50,699,433		—			346,882
Tasman Farms Limited		5,750,000		—		—		5,750,000		4,181,976		—			—
Yomeishu Seizo Company Limited		2,535,900		—		—		2,535,900		24,133,452		—			458,607
Total									$	1,027,437,351	$	(239,188	)	$	8,499,577

* Not an affiliated issuer as of April 30, 2010.

See Notes to Financial Statements.
55

Overseas Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
International Common Stocks
Consumer Discretionary		10.86	%
Consumer Staples		7.91
Energy		2.52
Financials		10.71
Health Care		5.43
Industrials		19.75
Information Technology		5.42
Materials		9.11
Telecommunication Services		0.71
Total International Common Stocks		72.42
U.S. Common Stocks
Materials		0.88
Total U.S. Common Stocks		0.88
Investment Companies		0.09
International Preferred Stocks
Consumer Discretionary		0.72
Consumer Staples		0.08
Information Technology		1.24
Total International Preferred Stocks		2.04
Commodity		7.64
International Bonds
Financials		0.20
Government Issues		1.34
Industrials		0.03
Information Technology		0.62
Materials		0.62
Telecommunication Services		0.06
Total International Bonds		2.87

See Notes to Financial Statements.
56

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
Commercial Paper
International Commercial Paper		6.57	%
U.S. Commercial Paper		6.48
Total Commercial Paper		13.05
Total Investments		98.99	%

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
57

Fund Overview | Data as of April 30, 2010 (unaudited)

INVESTMENT OBJECTIVE

First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, primarily in equity and debt securities issued by U.S. corporations. Management utilizes a highly disciplined, bottom-up, value-oriented approach in achieving its investment objective.

Average Annual Returns

	_ONE-YEAR			_FIVE-YEARS			_SINCE_INCEPTION_(09-04-01)
First Eagle U.S. Value Fund (A Shares)
without sales charge		27.60	%		6.22	%		9.51	%
with sales charge		21.22			5.14			8.87
Standard & Poor's 500 Index		38.84			2.63			2.48
Consumer Price Index		2.24			2.30			2.40

Asset Allocation

Sector/Industry

Consumer Discretionary	17.82	%
Energy	10.00
Financials	9.60
Materials	9.29
Information Technology	8.86
Industrials	6.55
Health Care	5.25
Commodity (Gold Bullion)	5.05
Government Issues	3.15
Utilities	2.49
Telecommunication Services	1.22
Consumer Staples	1.14
Investment Company	0.60
Warrant	0.20

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
58

U.S. Value Fund

Growth of a $10,000 Initial Investment

The average annual returns for Class A Shares with a sales charge gives effect to the deduction of the maximum sales charge of 5.00%.

The Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also considered a proxy for the total market. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings

Gold Bullion (precious metal)	5.05	%
United States Treasury Inflation Indexed Bond 1.875% due 07/15/13 (U.S. Treasury Bond)	2.81
American Express Company (U.S. credit card and travel services company)	2.71
ConocoPhillips (U.S. energy company)	2.69
Home Depot, Inc. (U.S. home improvement retailer)	2.66
Cintas Corporation (U.S. uniform designer and manufacturer)	2.54
Comcast Corporation Class 'A' (U.S. cable/satellite television company)	2.50
Microsoft Corporation (U.S. software developer)	2.35
Willis Group Holdings Limited (U.K. insurance broker services)	2.29
Sanofi-Aventis SA, ADR (French health care company)	2.10
Total	27.70	%

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
59

First Eagle U.S. Value Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 64.99%
U.S. Common Stocks — 58.41%
Consumer Discretionary 15.20%
	923,950	Home Depot, Inc.	$	21,860,523	$	32,569,238
	1,143,570	Cintas Corporation		34,510,670		31,162,283
	1,626,946	Comcast Corporation, Class 'A'		25,954,315		30,667,932
	573,750	Omnicom Group, Inc.		17,421,015		24,476,175
	310,834	Wal-Mart Stores, Inc.		14,497,317		16,676,244
	339,640	International Speedway Corporation, Class 'A'		13,364,563		10,379,399
	344,770	Ascent Media Corporation (a)		8,045,252		10,177,610
	197,022	Unifirst Corporation		5,132,780		9,628,465
	92,760	McDonald's Corporation		2,230,743		6,547,928
	90,900	Costco Wholesale Corporation		4,001,026		5,370,372
	144,110	Copart, Inc. (a)		4,002,002		5,143,286
	102,912	WABCO Holdings, Inc. (a)		2,288,816		3,415,649
	600	St. John Knits International, Inc. (a)(b)		18,600		2,790
				153,327,622		186,217,371
Consumer Staples 0.66%
	257,290	Sysco Corporation		7,044,375		8,114,927
Energy 8.56%
	557,548	ConocoPhillips		26,191,328		33,001,266
	525,360	Helmerich & Payne, Inc.		13,540,310		21,340,123
	207,750	Apache Corporation		14,255,770		21,140,640
	236,280	Murphy Oil Corporation		12,352,648		14,212,242
	352,139	San Juan Basin Royalty Trust		10,234,184		8,708,398
	76,371	SEACOR Holdings, Inc. (a)		5,628,763		6,428,147
				82,203,003		104,830,816
Financials 6.74%
	720,080	American Express Company		22,119,712		33,210,090
	181	Berkshire Hathaway, Inc., Class 'A' (a)		15,457,822		20,873,825
	642,560	Cincinnati Financial Corporation		16,153,022		18,248,704
	174,420	Mercury General Corporation		7,908,811		7,847,156
	8,140	Alleghany Corporation (a)		2,357,486		2,418,882
	8,000	LandCo Real Estate LLC (a)(b)(c)(d)		27,840		10,240
				64,024,693		82,608,897
Health Care 3.15%
	296,570	Johnson & Johnson		17,865,833		19,069,451
	309,780	WellPoint, Inc. (a)		14,454,331		16,666,164

See Notes to Financial Statements.
60

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 58.41% — (continued)
Health Care 3.15% — (continued)
	79,310	DENTSPLY International, Inc.	$	1,696,098	$	2,905,918
				34,016,262		38,641,533
Industrials 6.10%
	284,660	3M Company		18,692,378		25,240,802
	240,970	Alliant Techsystems, Inc. (a)		20,978,123		19,496,883
	1,239,695	Blount International, Inc. (a)		13,695,961		13,909,378
	317,471	Automatic Data Processing, Inc.		11,701,372		13,765,542
	85,150	Rofin-Sinar Technologies, Inc. (a)		2,082,590		2,261,584
				67,150,424		74,674,189
Information Technology 7.08%
	942,725	Microsoft Corporation		21,769,751		28,790,822
	1,050,804	Intel Corporation		18,194,850		23,989,855
	736,560	Linear Technology Corporation		18,857,076		22,140,994
	732,835	Dell, Inc. (a)		10,250,899		11,857,270
				69,072,576		86,778,941
Materials 7.54%
	457,010	Weyerhaeuser Company		17,864,525		22,631,135
	341,112	Newmont Mining Corporation		14,660,921		19,129,561
	373,700	Rayonier, Inc., REIT		12,134,905		18,303,826
	289,792	Vulcan Materials Company		14,289,400		16,599,286
	260,137	Plum Creek Timber Company, Inc., REIT		8,483,183		10,353,452
	101,150	Deltic Timber Corporation		4,802,970		5,322,513
				72,235,904		92,339,773
Telecommunication Services 1.22%
	412,650	Cisco Systems, Inc. (a)		7,402,799		11,108,538
	270,390	USA Mobility, Inc. (a)		2,799,280		3,769,237
				10,202,079		14,877,775
Utilities 2.16%
	255,330	FirstEnergy Corp.		9,916,137		9,669,347
	236,150	IDACorporation, Inc.		7,470,208		8,520,292
	377,691	Allegheny Energy, Inc.		8,606,371		8,226,110
				25,992,716		26,415,749
Total U.S. Common Stocks				585,269,654		715,499,971
International Common Stocks — 6.58%
Canada 0.89%
	379,197	Franco-Nevada Corporation		7,074,309		10,922,664

See Notes to Financial Statements.
61

U.S. Value Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 6.58% — (continued)
France 2.10%
	754,462	Sanofi-Aventis SA, ADR (a)	$	28,866,657	$	25,734,699
United Kingdom 3.59%
	815,059	Willis Group Holdings Limited		21,750,931		28,078,782
	496,990	Amdocs Limited (a)		11,894,360		15,873,861
				33,645,291		43,952,643
Total International Common Stocks				69,586,257		80,610,006
Total Common Stocks				654,855,911		796,109,977
U.S. Preferred Stocks — 0.79%
Consumer Staples 0.46%
	168,915	Seneca Foods Corporation, Series '2003' (a)(b)(c)(e)		2,542,171		5,547,168
Utilities 0.33%
	88,100	Calenergy Capital Trust III 6.50% (b)(f)(j)		3,778,987		4,074,625
Total U.S. Preferred Stocks				6,321,158		9,621,793
Investment Company — 0.60%
	292,960	PowerShares DB Agriculture Fund, ETF (a)		7,191,808		7,294,704
Warrant — 0.20%
United States 0.20%
	178,908	JPMorgan Chase & Co. Warrant exp 10/28/18 (a)		2,376,639		2,485,032
_OUNCES
Commodity — 5.05%
	52,516	Gold bullion (a)		34,140,381		61,890,283
_{PRINCIPAL AMOUNT}
U.S. Bonds — 9.59%
Corporate Bonds 5.87%
$	600,000	Bausch & Lomb, Inc. 7.125% due 08/01/28 (b)		514,545		529,500
	17,429,000	Blount International, Inc. 8.875% due 08/01/12		17,545,130		17,690,435
	250,000	Elizabeth Arden, Inc. 7.75% due 01/15/14		250,000		252,500

See Notes to Financial Statements.
62

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Bonds — 9.59% — (continued)
Corporate Bonds 5.87% — (continued)
	$5,975,000	Mueller Water Products, Inc. 7.375% due 06/01/17		$4,664,164		$5,467,125
	2,000,000	Pulte Homes, Inc. 6.25% due 02/15/13		1,863,142		2,100,000
	3,800,000	Sanmina-SCI Corporation 6.75% due 03/01/13		3,478,883		3,809,500
	2,000,000	Sanmina-SCI Corporation 8.125% due 03/01/16		1,788,390		2,035,000
	10,169,000	Sealy Mattress Company 8.25% due 06/15/14		7,400,568		10,321,535
	10,500,000	Texas Industries, Inc. 7.25% due 07/15/13		8,686,139		10,513,125
	250,000	Visant Holding Corporation 10.25% due 12/01/13 (b)		199,321		259,375
	5,424,000	Yankee Acquisition Corporation, Series 'B' 8.50% due 02/15/15		5,499,976		5,654,520
	12,697,000	Yankee Acquisition Corporation, Series 'B' 9.75% due 02/15/17		12,692,435		13,331,850
				64,582,693		71,964,465
Government Obligations 3.15%
	32,216,184	United States Treasury Inflation Indexed Bond 1.875% due 07/15/13 (g)		31,063,314		34,355,532
	4,083,930	United States Treasury Inflation Indexed Bond 2.375% due 04/15/11 (g)		4,126,820		4,212,827
				35,190,134		38,568,359
Convertible Bond 0.57%
	6,808,000	Boston Properties LP 3.625% due 02/15/14 (h)(i)		5,198,990		7,037,770
Total U.S. Bonds				104,971,817		117,570,594
U.S. Treasury Bills 4.89%
	15,000,000	U.S. Treasury Bill 0.15% due 07/22/10		14,995,046		14,994,765
	15,000,000	U.S. Treasury Bill 0.17% due 08/19/10		14,992,208		14,992,035
	15,000,000	U.S. Treasury Bill 0.18% due 09/16/10		14,989,650		14,989,125
	15,000,000	U.S. Treasury Bill 0.23% due 10/21/10		14,983,781		14,983,965
Total U.S. Treasury Bills				59,960,685		59,959,890

See Notes to Financial Statements.
63

U.S. Value Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Commercial Paper — 13.51%
International Commercial Paper — 1.46%
Finland 0.41%
	5,000,000 USD	Nokia Corporation 0.17% due 05/14/10		$4,999,693		$4,999,693
France 0.67%
	5,000,000 USD	GDF Suez SA 0.20% due 05/17/10		4,999,556		4,999,556
	3,256,000 USD	Total SA 0.21% due 06/28/10		3,254,898		3,254,898
Switzerland 0.38%
	2,709,000 USD	Nestlé Capital Corporation 0.22% due 07/15/10		2,707,758		2,708,142
	1,899,000 USD	Nestlé Capital Corporation 0.23% due 07/15/10		1,898,090		1,898,399
Total International Commercial Paper				17,859,995		17,860,688
U.S. Commercial Paper — 12.05%
$	2,274,000	7-Eleven, Inc.		2,273,666		2,273,666
		0.22% due 05/25/10
	14,000,000	Abbott Laboratories 0.20% due 07/20/10		13,993,778		13,995,275
	6,451,000	Altria Group, Inc. 0.32% due 05/07/10		6,450,656		6,450,656
	3,000,000	Altria Group, Inc. 0.32% due 05/10/10		2,999,760		2,999,760
	3,000,000	Bemis Company, Inc. 0.28% due 05/20/10		2,999,557		2,999,557
	2,586,000	CME Group Inc. 0.19% due 05/18/10		2,585,768		2,585,768
	4,000,000	Coca-Cola Company 0.18% due 05/25/10		3,999,520		3,999,520
	5,000,000	Coca-Cola Company 0.28% due 08/23/10		4,995,567		4,996,454
	5,000,000	Coca-Cola Company 0.30% due 09/20/10		4,994,083		4,994,677
	4,381,000	ConocoPhillips 0.21% due 06/21/10		4,379,697		4,379,697
	2,500,000	H.J. Heinz Company Limited 0.30% due 06/22/10		2,498,917		2,498,917
	5,000,000	H.J. Heinz Company Limited 0.33% due 07/01/10		4,997,204		4,997,331
	10,000,000	Honeywell International, Inc. 0.22% due 07/01/10		9,996,272		9,996,383

See Notes to Financial Statements.
64

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 12.05% — (continued)
$	6,000,000	Merck & Co., Inc. 0.23% due 07/19/10		$5,996,972		$5,998,000
	8,000,000	Merck & Co., Inc. 0.23% due 08/02/10		7,995,247		7,996,721
	6,000,000	Microsoft Corporation 0.17% due 06/08/10		5,998,923		5,998,923
	8,000,000	Microsoft Corporation 0.20% due 07/28/10		7,996,089		7,997,034
	7,000,000	Moody's Corporation 0.30% due 07/06/10		6,996,150		6,995,414
	7,000,000	Moody's Corporation 0.32% due 08/06/10		6,993,964		6,992,416
	8,241,000	NYSE Euronext 0.33% due 05/03/10		8,240,849		8,240,849
	5,000,000	PepsiCo, Inc. 0.19% due 06/18/10		4,998,733		4,998,733
	9,000,000	PepsiCo, Inc. 0.19% due 07/09/10		8,996,723		8,996,850
	5,000,000	Philip Morris International, Inc. 0.17% due 05/13/10		4,999,717		4,999,717
	1,199,000	Wal-Mart Stores, Inc. 0.15% due 05/05/10		1,198,980		1,198,980
	5,000,000	Wal-Mart Stores, Inc. 0.17% due 05/06/10		4,999,882		4,999,882
	5,000,000	WellPoint, Inc. 0.28% due 06/17/10		4,998,172		4,998,172
Total U.S. Commercial Paper				147,574,846		147,579,352
Total Commercial Paper				165,434,841		165,440,040
Total Investments — 99.62%			$	1,035,253,240		1,220,372,313
Other Assets in Excess of Liabilities — 0.38%						4,673,038
Net Assets — 100.00%					$	1,225,045,351

(a) Non-income producing security/commodity.

(b) Security is deemed illiquid. At April 30, 2010, the value of these securities amounted to $10,423,698 or 0.85% of net assets.

(c) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $5,557,408 or 0.46% of net assets.

(e) This security is convertible until December 31, 2049.

(f) This security is subject to a call feature and may be called in full or partially on or anytime after June 29, 2010.

See Notes to Financial Statements.
65

U.S. Value Fund

(g) Inflation protected security.

(h) 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.

(i) This security is convertible until February 15, 2014

(j) This security is convertible until September 1, 2027.

At April 30, 2010 cost is substantially identical for both book and federal income tax purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	198,316,987
Gross unrealized depreciation		(13,197,914	)
Net unrealized appreciation	$	185,119,073

Abbreviations Used in this Schedule Include:

ADR — American Depository Receipt

CME — Chicago Mercantile Exchange

ETF — Exchange Traded Fund

NYSE — New York Stock Exchange

REIT — Real Estate Investment Trust

Currency

USD — United States Dollar

_SECURITY

_ACQUISITION_DATE

_COST

_{CARRYING VALUE}_{PER SHARE}

Restricted Security

LandCo Real Estate LLC

09/06/06

27,840

1.28

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		15.20	%
Consumer Staples		0.66
Energy		8.56
Financials		6.74
Health Care		3.15
Industrials		6.10
Information Technology		7.08
Materials		7.54
Telecommunication Services		1.22
Utilities		2.16
Total U.S. Common Stocks		58.41

See Notes to Financial Statements.
66

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
International Common Stocks
Financials		2.29	%
Health Care		2.10
Information Technology		1.30
Materials		0.89
Total International Common Stocks		6.58
U.S. Preferred Stocks
Consumer Staples		0.46
Utilities		0.33
Total U.S. Preferred Stocks		0.79
Investment Company		0.60
Warrant		0.20
Commodity		5.05
U.S. Bonds
Consumer Discretionary		2.62
Consumer Staples		0.02
Energy		1.44
Financials		0.57
Government Issues		3.15
Industrials		0.45
Information Technology		0.48
Materials		0.86
Total U.S. Bonds		9.59
U.S. Treasury Bills		4.89

See Notes to Financial Statements.
67

U.S. Value Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
Commercial Paper
International Commercial Paper		1.46	%
U.S. Commercial Paper		12.05
Total Commercial Paper		13.51
Total Investments		99.62	%

See Notes to Financial Statements.
68

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Fund Overview | Data as of April 30, 2010 (unaudited)

INVESTMENT OBJECTIVE

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 gold, gold related securities and issuers principally engaged in the gold industry.

Average Annual Returns

	_ONE-YEAR			_FIVE-YEARS			_TEN-YEARS
First Eagle Gold Fund (A Shares)
without sales charge		47.42	%		22.10	%		24.46	%
with sales charge		40.05			20.86			23.83
FTSE Gold Mines Index		47.56			18.38			15.98
MSCI World Index		37.02			3.35			0.41
Consumer Price Index		2.24			2.30			2.44

Asset Allocation

Countries

Canada	35.09	%
United States	24.37
South Africa	12.31
Australia	6.01
Africa	5.91
Papua New Guinea	5.44
Mexico	4.07
United Kingdom	0.79
Peru	0.22

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
70

Gold Fund

Growth of a $10,000 Initial Investment

The average annual returns for Class A Shares with a sales charge give effect to the deduction of the maximum sales charge of 5.00%.

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested. The FTSE Gold Mines Index is an unmanaged index composed of approximately 19 mining companies and is only available without dividends reinvested and is not available for purchase. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings

Gold Bullion (United States)	16.70	%
Lihir Gold Limited (Papua New Guinea)	5.44
IAMGOLD Corporation (Canada)	5.32
GoldCorp, Inc. (Canada)	5.15
Randgold Resources Limited, ADR (Africa)	4.88
Kinross Gold Corporation (Canada)	4.48
Newmont Mining Corporation (United States)	4.45
Newcrest Mining Limited (Australia)	4.11
AngloGold Ashanti Limited, ADR (South Africa)	4.04
Gold Fields Limited, ADR (South Africa)	3.66
Total	58.23	%

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
71

First Eagle Gold Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 77.36%
International Common Stocks — 69.69%
Africa 5.91%
	1,318,886	Randgold Resources Limited, ADR	$	27,620,623	$	111,102,957
	11,181,200	Centamin Egypt Limited (a)		13,252,882		23,539,368
				40,873,505		134,642,325
Australia 6.01%
	3,054,279	Newcrest Mining Limited		50,651,254		93,627,656
	2,943,481	Kingsgate Consolidated Limited		9,873,862		23,423,569
	5,020,580	CGA Mining Limited (a)(b)		10,131,532		10,915,378
	2,093,857	Independence Group NL		7,607,116		9,000,439
				78,263,764		136,967,042
Canada 35.04%
	6,780,072	IAMGOLD Corporation		41,189,263		121,260,904
	2,716,350	GoldCorp, Inc.		83,627,036		117,427,810
	5,384,802	Kinross Gold Corporation		73,293,474		102,149,694
	1,878,874	Barrick Gold Corporation		59,949,439		81,824,963
	10,475,171	New Gold, Inc. (a)(b)		22,206,368		61,315,561
	5,390,769	Yamana Gold, Inc.		51,302,851		58,813,210
	1,764,563	Franco-Nevada Corporation		37,639,458		50,827,747
	3,955,534	Minefinders Corporation (a)(c)		29,225,637		39,652,623
	4,241,350	Aurizon Mines Limited (a)		5,870,851		24,158,796
	1,501,500	Eldorado Gold Corporation (a)		18,528,184		23,043,187
	3,054,730	European Goldfields Limited (a)		6,973,054		22,328,228
	2,079,130	Osisko Mining Corporation (a)(b)		10,103,134		21,987,848
	4,228,830	Anatolia Minerals Development Limited (a)(b)		8,890,707		19,594,480
	5,590,480	Northgate Minerals Corporation (a)		16,291,134		18,001,346
	4,065,396	Dundee Precious Metals, Inc. (a)(b)		16,845,479		16,197,594
	219,123	Agnico-Eagle Mines Limited		7,594,642		13,888,928
	1,244,770	Richmont Mines, Inc. (a)		3,474,041		5,730,963
				493,004,752		798,203,882
Mexico 4.07%
	4,197,841	Fresnillo PLC		16,620,434		51,392,111
	1,945,710	Industrias Peñoles S.A.B. de C.V.		7,519,596		41,393,033
				24,140,030		92,785,144
Papua New Guinea 5.44%
	35,128,610	Lihir Gold Limited		61,051,342		123,989,417

See Notes to Financial Statements.
72

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 69.69% — (continued)
Peru 0.22%
	154,050	Cia de Minas Buenaventura SA, ADR	$	2,894,009	$	5,066,704
South Africa 12.21%
	2,200,839	AngloGold Ashanti Limited, ADR		70,294,367		92,127,121
	6,201,044	Gold Fields Limited, ADR		82,147,473		83,342,031
	8,165,183	Harmony Gold Mining Company Limited, ADR		86,005,170		79,773,838
	12,118,250	Great Basin Gold Limited (a)		16,629,981		23,008,581
				255,076,991		278,251,571
United Kingdom 0.79%
	416,864	Anglo American PLC (a)		19,462,003		17,863,708
Total International Common Stocks				974,766,396		1,587,769,793
U.S. Common Stocks — 7.67%
Materials 7.67%
	1,807,587	Newmont Mining Corporation		73,644,072		101,369,479
	1,435,401	Royal Gold, Inc.		33,695,339		73,463,823
Total U.S. Common Stocks				107,339,411		174,833,302
Total Common Stocks				1,082,105,807		1,762,603,095
Warrant — 0.05%
Canada 0.05%
	650,000	Dundee Precious Metals, Inc. Warrants exp 11/20/15 (a)(b)		—		1,055,091
_OUNCES
Commodity — 16.70%
	322,873	Gold bullion (a)		139,679,146		380,505,703
_{PRINCIPAL AMOUNT}
International Convertible Bond — 0.10%
South Africa 0.10%
	2,000,000 CAD	Great Basin Gold Limited 8.00% due 11/30/14 (b)(d)		1,900,057		2,233,153

See Notes to Financial Statements.
73

Gold Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Commercial Paper — 5.31%
International Commercial Paper — 0.79%
France 0.44%
	10,000,000 USD	GDF Suez SA 0.20% due 05/17/10		$9,999,111		$9,999,111
Italy 0.35%
	8,000,000 USD	Eni S.p.A. 0.21% due 05/17/10		7,999,253		7,999,253
Total International Commercial Paper				17,998,364		17,998,364
U.S. Commercial Paper — 4.52%
$	3,919,000	Altria Group, Inc. 0.30% due 05/17/10		3,918,477		3,918,477
	5,167,000	Altria Group, Inc. 0.32% due 05/10/10		5,166,587		5,166,587
	3,070,000	AT&T, Inc. 0.20% due 06/15/10		3,069,233		3,069,233
	5,000,000	Bemis Company, Inc. 0.28% due 05/20/10		4,999,261		4,999,261
	8,600,000	H.J. Heinz Company Limited 0.33% due 07/01/10		8,595,191		8,595,408
	10,000,000	H.J. Heinz Company Limited 0.35% due 07/19/10		9,992,319		9,993,111
	6,081,000	Merck & Co., Inc. 0.21% due 06/11/10		6,079,546		6,079,546
	8,000,000	Moody's Corporation 0.19% due 05/03/10		7,999,916		7,999,916
	5,000,000	Moody's Corporation 0.27% due 06/17/10		4,998,238		4,998,238
	1,537,000	Moody's Corporation 0.29% due 05/21/10		1,536,752		1,536,752
	3,000,000	Moody's Corporation 0.32% due 08/06/10		2,997,413		2,996,750
	20,000,000	NYSE Euronext 0.33% due 05/03/10		19,999,633		19,999,633
	10,000,000	PepsiCo, Inc. 0.19% due 06/18/10		9,997,467		9,997,467
	12,131,000	Procter & Gamble Company 0.18% due 05/27/10		12,129,423		12,129,423
	1,577,000	Wal-Mart Stores, Inc. 0.15% due 05/05/10		1,576,974		1,576,974
Total U.S. Commercial Paper				103,056,430		103,056,776
Total Commercial Paper				121,054,794		121,055,140
Total Investments — 99.52%			$	1,344,739,804		2,267,452,182
Other Assets in Excess of Liabilities — 0.48%						11,014,745
Net Assets — 100.00%					$	2,278,466,927

See Notes to Financial Statements.
74

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

(a) Non-income producing security/commodity.

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

(c) An affiliate of the fund 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.

(d) This security is convertible until November 30, 2014

At April 30, 2010 cost is substantially identical for both book and federal income tax purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	931,190,553
Gross unrealized depreciation		(8,478,175	)
Net unrealized appreciation	$	922,712,378

Abbreviations Used in this Schedule Include:

ADR — American Depository Receipt

NYSE — New York Stock Exchange

PLC — Public Limited Company

Currencies

CAD — Canadian Dollar

USD — United States Dollar

_SECURITY	_SHARES_{OCTOBER 31,}₂₀₀₉		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₀		_VALUE_{APRIL 30,}₂₀₁₀		_REALIZED_GAIN		_DIVIDEND_INCOME
Affiliated Securities
Minefinders Corporation		3,955,534		—		—		3,955,534	$	39,652,623	$	—	$	—
Richmont Mines, Inc.*		1,787,980		—		543,210		1,244,770		5,730,963		53,040		—
Total									$	45,383,586	$	—	$	—

* Not an affiliated issuer as of April 30, 2010.

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
International Common Stocks
Materials		69.69	%
Total International Common Stocks		69.69
U.S. Common Stocks
Materials		7.67
Total U.S. Common Stocks		7.67

See Notes to Financial Statements.
75

Gold Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
Warrant		0.05	%
Commodity		16.70
International Convertible Bond
Materials		0.10
Total International Convertible Bond		0.10
Commercial Paper
International Commercial Paper		0.79
U.S. Commercial Paper		4.52
Total Commercial Paper		5.31
Total Investments		99.52	%

See Notes to Financial Statements.
76

Management's Discussion of Fund Performance

First Eagle Fund of America Class Y increased 16.7% for the six-months ended April 30, 2010 versus an increase of 15.7% for the S&P 500 Index. The five largest contributors to the performance were Valeant Pharmaceuticals International, Owens Corning, Inc., DIRECTV, Class 'A', General Dynamics Corporation, and Precision Castparts Corporation, collectively accounting for 7.3% of the Fund's performance. The five largest detractors from performance were Baxter International, Inc., Dean Foods Company, DynCorp International, Inc., PDL BioPharma, Inc. and Crown Holdings, Inc., collectively subtracting 1.3% from the Fund's performance.

The casino-like atmosphere reminiscent of the post-Lehman environment has, at least temporarily, returned to the marketplace. What else of intelligence can really be said about a market that allows stocks to trade at pennies, even if just temporarily?

However, as much as a well functioning marketplace is important, our approach to investing does not require the ability to dispose of our holdings 24 hours a day, 365 days a year. And, ultimately the success of investing is not dependent on being on the right side of someone's sell program at 3:30 on a Friday afternoon. Thus, more than ever, our approach is long-term, focusing on trying to find companies with businesses currently generating substantial free cash flow, or the prospect for that to happen soon, and with management who are working to use that cash flow for the benefit of the owners of the business, not for their own ego fulfillment.

There are many problems in the world today as there have always been and always will be. The flavor du jour is the European sovereign debt crisis and the potential abandonment of the euro. This is a serious matter with no easy solution. Nevertheless, businesses exist because they solve problems or meet needs, and they will continue to do so whether Lehman exists, whether Greece defaults on its debt or whether the euro is abandoned. Our philosophy is to invest in businesses that we believe are essential to meeting those needs with the staying power (i.e., balance sheet strength and business model flexibility) to

Harold Levy

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
77

Management's Discussion of Fund Performance (continued)

weather those temporary storms no matter how violent they may be. In that regard the post-Lehman business response was a good indicator of how prepared companies are, and one can take comfort at how quickly and efficiently they adjusted to a new reality.

No matter how distasteful or unsettling the current stock market environment is, it is a fact that short-term government rates are effectively zero, long-term rates are not zero but in our opinions do not adequately price in the risk of significant diminution of the U.S. dollar. Having a portfolio of gold and canned goods is probably not prudent. The free cash flow yield on our portfolio is about 8% and hopefully that free cash will grow as a result of the operating activities of our companies. Therefore, while we don't always sleep well, we do sleep believing that our investing activities have a reasonable chance of helping our owners maintain and grow their capital.

Harold Levy

Portfolio Manager

June 2010

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
78

First Eagle Fund of America

The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at firsteaglefunds.com or by calling 800.334.2143. As of September 1, 2005, Class Y Shares are closed to new accounts. Class Y shares are offered without sales charge. The portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.

The event-driven investment style used by First Eagle Fund of America carries the additional risk that the event anticipated occurs later than expected, does not occur at all or does not have the desired effect on the market price of the securities. Investment in gold and gold related investments present certain risks, and returns on gold related investments have traditionally been more volatile than investments in broader equity or debt markets. 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 commentary represents the opinion of Harold Levy as of June 2010 and is subject to change based on market and other conditions. The opinions expressed are not necessarily those of the firm. These materials are provided for informational purpose only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
79

Fund Overview | Data as of April 30, 2010 (unaudited)

INVESTMENT OBJECTIVE

First Eagle Fund of America is a non-diversified fund that seeks capital appreciation by investing primarily in U.S. stocks and, to a lesser extent, in debt and international equity securities. 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.

Average Annual Returns

	_ONE-YEAR			_FIVE-YEARS			_TEN-YEARS
First Eagle Fund of America (Y Shares)		33.28	%		6.02	%		7.18	%
Standard & Poor's 500 Index		38.84			2.63			-0.19

Asset Allocation

Sector/Industry*

Health Care	23.10	%
Materials	17.88
Energy	15.73
Information Technology	14.73
Industrials	14.28
Consumer Discretionary	9.02
Investment Company	3.95
Telecommunication Services	0.91
Consumer Staples	0.87
* percentages exclude option positions

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
80

Fund of America

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 are historical and reflect changes in share price, reinvested dividends and is net of expenses. Class Y shares are offered without a sales charge.

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. As of September 1, 2005, First Eagle Fund of America Class Y is closed to new accounts.

Top 10 Holdings

Valeant Pharmaceuticals International (pharmaceuticals company)	5.37	%
General Dynamics Corporation (aerospace and defense manufacturer)	4.71
Dresser-Rand Group, Inc. (oilfield services and equipment)	4.58
Ball Corporation (containers and packaging manufacturer)	4.25
Amgen, Inc. (biotechnology company)	4.11
Baxter International, Inc. (health technology company)	4.07
Devon Energy Corporation (energy company)	3.97
SPDR Gold Trust (exchange traded fund)	3.95
Eastman Chemical Company (chemicals company)	3.94
Precision Castparts Corporation (metal components manufacturer)	3.72
Total	42.67	%

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
81

First Eagle Fund of America

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 96.52%
U.S. Common Stocks — 92.33%
Consumer Discretionary 9.02%
	886,040	DIRECTV, Class 'A' (a)(b)	$	20,860,214	$	32,101,229
	292,500	Sherwin-Williams Company (b)		16,378,053		22,835,475
	106,600	AutoZone, Inc. (a)(b)		17,115,407		19,722,066
	241,300	McDonald's Corporation (b)		14,740,473		17,033,367
				69,094,147		91,692,137
Consumer Staples 0.87%
	621,940	Sara Lee Corporation		7,732,817		8,843,987
Energy 12.20%
	1,320,490	Dresser-Rand Group, Inc. (a)(b)		33,187,629		46,586,887
	599,600	Devon Energy Corporation (b)		42,850,189		40,371,068
	569,455	Atlas Energy, Inc. (a)(b)		19,380,926		20,545,937
	570,000	Exterran Holdings, Inc. (a)(b)		15,099,521		16,615,500
				110,518,265		124,119,392
Health Care 23.10%
	1,213,280	Valeant Pharmaceuticals International (a)(b)		22,118,925		54,597,600
	729,440	Amgen, Inc. (a)(b)		40,575,651		41,840,678
	877,190	Baxter International, Inc. (b)		46,478,049		41,420,912
	475,730	Chemed Corporation (b)		19,928,991		26,169,907
	452,600	Biogen Idec, Inc. (a)(b)		21,450,582		24,100,950
	2,267,140	PDL BioPharma, Inc.		16,315,376		13,194,755
	1,213,387	Enzon Pharmaceuticals, Inc. (a)		10,244,912		12,837,634
	445,530	Health Net, Inc. (a)(b)		8,973,251		9,810,571
	326,710	Theravance, Inc. (a)		4,627,507		5,478,927
	732,470	Celera Corporation (a)		5,158,139		5,471,551
				195,871,383		234,923,485
Industrials 13.78%
	627,390	General Dynamics Corporation (b)		36,104,786		47,907,500
	295,000	Precision Castparts Corporation (b)		26,637,526		37,860,300
	1,031,400	Owens Corning, Inc. (a)(b)		23,041,770		36,134,767
	159,000	Raytheon Company (b)		7,908,468		9,269,700
	137,340	Rockwell Collins, Inc. (b)		6,443,125		8,927,100
				100,135,675		140,099,367

See Notes to Financial Statements.
82

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 92.33% — (continued)
Information Technology 14.57%
	468,700	Computer Sciences Corporation (a)(b)	$	24,431,463	$	24,555,193
	1,388,950	Nvidia Corporation (a)(b)		19,463,730		21,834,294
	1,267,740	Symantec Corporation (a)(b)		22,507,576		21,260,000
	499,720	Agilent Technologies, Inc. (a)(b)		12,744,439		18,119,847
	1,874,377	L-1 Identity Solutions, Inc. (a)(c)		24,318,664		16,250,849
	659,980	AOL, Inc. (a)(b)		16,466,332		15,417,133
	1,844,580	Atmel Corporation (a)		7,219,449		10,034,515
	438,820	CA, Inc. (b)		9,687,182		10,009,484
	1,612,356	LSI Corporation (a)		8,907,886		9,706,383
	54,600	Seagate Technology (a)(b)		1,026,687		1,003,002
				146,773,408		148,190,700
Materials 17.88%
	812,430	Ball Corporation (b)		29,526,222		43,229,400
	599,400	Eastman Chemical Company (b)		32,440,543		40,111,848
	1,171,070	Crown Holdings, Inc. (a)(b)		22,172,786		30,447,820
	295,830	Praxair, Inc. (b)		21,613,003		24,781,679
	736,770	Valspar Corporation		15,562,118		23,075,637
	815,800	Packaging Corporation of America (b)		15,227,018		20,174,734
				136,541,690		181,821,118
Telecommunication Services 0.91%
	506,960	Leap Wireless International, Inc. (a)		17,067,583		9,287,507
Total U.S. Common Stocks				783,734,968		938,977,693
International Common Stocks — 4.19%
Bahamas 2.33%
	945,590	Teekay Corporation		34,964,269		23,687,029
Canada 1.20%
	4,692,800	UTS Energy Corporation (a)		18,746,923		12,187,892
Ireland 0.50%
	139,200	Ingersoll-Rand PLC (b)		5,163,309		5,147,616
Switzerland 0.16%
	51,310	Tyco Electronics Limited (b)		1,549,431		1,648,077
Total International Common Stocks				60,423,932		42,670,614
Total Common Stocks				844,158,900		981,648,307

See Notes to Financial Statements.
83

Fund of America

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Investment Company — 3.95%
	348,000	SPDR Gold Trust (a)(b)	$	32,422,069	$	40,145,280
_{PRINCIPAL AMOUNT}
Repurchase Agreement — 2.24%
$	22,750,402	State Street Bank and Trust Company, 0.01% dated 04/30/10 due 05/03/10 (collateralized by United States Treasury Bill, 0.19% due 09/16/10 valued at $23,208,743); proceeds $22,750,421		22,750,402		22,750,402
Total Investment Portfolio Excluding Options Written—102.71%			$	899,331,371	$	1,044,543,989

_CONTRACTS			_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (2.30)%
	998	Agilent Technologies, Inc.	$	30.00	May 2010	$	(626,245	)
	998	Agilent Technologies, Inc.		31.00	May 2010		(531,435	)
	996	Agilent Technologies, Inc.		33.00	May 2010		(341,129	)
	500	Agilent Technologies, Inc.		34.00	May 2010		(128,250	)
	455	Amgen, Inc.		60.00	July 2010		(68,705	)
	65	AOL, Inc.		25.00	July 2010		(6,500	)
	1,860	AOL, Inc.		26.00	July 2010		(130,200	)
	189	AOL, Inc.		27.00	July 2010		(9,450	)
	655	AOL, Inc.		28.00	July 2010		(22,925	)
	1,138	Atlas Energy, Inc.		35.00	June 2010		(386,920	)
	1,709	Atlas Energy, Inc.		40.00	June 2010		(158,082	)
	98	AutoZone, Inc.		165.00	June 2010		(210,700	)
	794	AutoZone, Inc.		170.00	June 2010		(1,397,440	)
	94	AutoZone, Inc.		180.00	June 2010		(88,360	)
	500	Ball Corporation		50.00	May 2010		(175,000	)
	216	Ball Corporation		55.00	August 2010		(39,960	)
	115	Baxter International, Inc.		57.50	May 2010		(575	)
	1,124	Baxter International, Inc.		60.00	August 2010		(11,240	)
	465	Biogen Idec, Inc.		55.00	May 2010		(37,200	)
	858	Biogen Idec, Inc.		55.00	July 2010		(210,210	)
	688	CA, Inc.		22.50	May 2010		(61,920	)
	1,425	Chemed Corporation		55.00	June 2010		(277,875	)
	246	Computer Sciences Corporation		52.50	June 2010		(46,125	)
	693	Computer Sciences Corporation		55.00	June 2010		(62,370	)
	592	Computer Sciences Corporation		60.00	June 2010		(10,360	)

See Notes to Financial Statements.
84

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_CONTRACTS		_DESCRIPTION	_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (2.30)% — (continued)
	99	Crown Holdings, Inc.	$	25.00	July 2010	$	(18,810	)
	150	Devon Energy Corporation		65.00	July 2010		(91,500	)
	623	Devon Energy Corporation		70.00	July 2010		(218,050	)
	7	Devon Energy Corporation		75.00	July 2010		(1,302	)
	1,014	DIRECTV, Class 'A'		35.00	May 2010		(169,845	)
	1,904	Dresser-Rand Group, Inc.		30.00	June 2010		(894,880	)
	280	Eastman Chemical Company		55.00	June 2010		(341,600	)
	1,958	Eastman Chemical Company		60.00	June 2010		(1,458,710	)
	313	Eastman Chemical Company		65.00	June 2010		(115,810	)
	375	Eastman Chemical Company		70.00	June 2010		(47,812	)
	3,898	Exterran Holdings, Inc.		25.00	May 2010		(1,695,630	)
	363	Exterran Holdings, Inc.		30.00	June 2010		(49,913	)
	1,439	Exterran Holdings, Inc.		30.00	August 2010		(316,580	)
	155	General Dynamics Corporation		80.00	August 2010		(40,920	)
	599	Health Net, Inc.		22.50	May 2010		(65,890	)
	301	Health Net, Inc.		25.00	May 2010		(7,525	)
	206	Health Net, Inc.		25.00	July 2010		(13,905	)
	1,392	Ingersoll-Rand PLC		37.50	June 2010		(194,880	)
	620	McDonald's Corporation		62.50	June 2010		(536,300	)
	938	McDonald's Corporation		65.00	June 2010		(553,420	)
	3,867	Nvidia Corporation		16.00	June 2010		(332,562	)
	5,309	Nvidia Corporation		17.00	June 2010		(291,995	)
	1,401	Nvidia Corporation		18.00	June 2010		(39,228	)
	4,854	Owens Corning, Inc.		25.00	May 2010		(4,852,088	)
	2,841	Packaging Corporation of America		22.50	July 2010		(795,480	)
	699	Packaging Corporation of America		25.00	July 2010		(87,375	)
	127	Praxair, Inc.		75.00	July 2010		(120,650	)
	145	Praxair, Inc.		80.00	July 2010		(81,200	)
	121	Praxair, Inc.		85.00	July 2010		(36,784	)
	530	Precision Castparts Corporation		115.00	June 2010		(821,500	)
	1,059	Precision Castparts Corporation		120.00	June 2010		(1,207,260	)
	157	Precision Castparts Corporation		125.00	June 2010		(178,980	)
	612	Raytheon Company		55.00	May 2010		(269,280	)
	139	Rockwell Collins, Inc.		60.00	July 2010		(102,860	)
	138	Rockwell Collins, Inc.		65.00	June 2010		(29,670	)
	417	Rockwell Collins, Inc.		65.00	July 2010		(116,760	)
	546	Seagate Technology		20.00	June 2010		(28,938	)

See Notes to Financial Statements.
85

Fund of America

_CONTRACTS		_DESCRIPTION	_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (2.30)% — (continued)
	843	Sherwin-Williams Company	$	65.00	June 2010	$	(1,112,760	)
	584	Sherwin-Williams Company		80.00	June 2010		(97,821	)
	17	SPDR Gold Trust		105.00	June 2010		(18,403	)
	10	SPDR Gold Trust		106.00	June 2010		(9,925	)
	2,299	Symantec Corporation		17.00	July 2010		(218,405	)
	1,189	Symantec Corporation		18.00	July 2010		(77,285	)
	679	Symantec Corporation		19.00	July 2010		(23,765	)
	353	Tyco Electronics Limited		30.00	June 2010		(95,310	)
	1,819	Valeant Pharmaceuticals International		45.00	June 2010		(445,655	)
Total Covered Call Options Written (Premiums Received: $14,143,921)						(23,364,397)
Total Investments — 100.41% (Cost: $885,187,450)						1,021,179,592
Liabilities in Excess of Other Assets — (0.41)%						(4,151,641)
Net Assets — 100.00%						$1,017,027,951

(a) Non-income producing security/commodity.

(b) At April 30, 2010 all or a portion of this security was segregated to cover collateral requirement for options.

(c) 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.

At April 30, 2010 cost is substantially identical for both book and federal income tax purposes; and net unrealized appreciation consisted of:

Gross unrealized appreciation	$	194,508,904
Gross unrealized depreciation		(58,516,762	)
Net unrealized appreciation	$	135,992,142

Abbreviations Used in this Schedule Include:

PLC — Public Limited Company

SPDR — Standard & Poor's Depository Receipts, a gold-tracking Exchange Traded Fund.

See Notes to Financial Statements.
86

Schedule of Investments | Six-Month Period Ended April 30, 2010 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		9.02	%
Consumer Staples		0.87
Energy		12.20
Health Care		23.10
Industrials		13.78
Information Technology		14.57
Materials		17.88
Telecommunication Services		0.91
Total U.S. Common Stocks		92.33
International Common Stocks
Energy		3.53
Industrials		0.50
Information Technology		0.16
Total International Common Stocks		4.19
Investment Company		3.95
Repurchase Agreement		2.24
Covered Call Options		(2.30	)
Total Investments		100.41	%

See Notes to Financial Statements.
87

Statements of Assets and Liabilities

	_{FIRST EAGLE}_{GLOBAL FUND}		_{FIRST EAGLE}_{OVERSEAS FUND}		_{FIRST EAGLE}_{U.S. VALUE FUND}
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	15,299,890,436	$	5,301,523,278	$	1,001,112,859
Affiliated issuers		2,826,181,197		719,332,499		—
Gold bullion		669,597,270		261,939,228		34,140,381
Foreign currency		2,033,275		818,357		—
Total Investments, at Cost		18,797,702,178		6,283,613,362		1,035,253,240
Investments, at Value (Note 1)
Unaffiliated issuers		17,532,326,448		6,308,356,484		1,158,482,030
Affiliated issuers		3,203,638,791		975,934,069		—
Gold bullion		1,397,532,453		608,824,608		61,890,283
Foreign currency		2,041,407		818,938		—
Total Investments, at Value		22,135,539,099		7,893,934,099		1,220,372,313
Cash		25,044		1,669		884
Receivable for forward currency contracts held, at value (Note 1)		128,910,363		65,022,788		—
Receivable for investment securities sold		9,954,010		3,213,156		—
Receivable for premiums for written options		—		—		—
Receivable for Fund shares sold		104,658,448		29,817,874		7,035,627
Accrued interest and dividends receivable		59,783,183		33,538,552		2,060,427
Investment for trustee deferred compensation plan (Note 2)		912,134		1,022,335		524,720
Other assets		1,116,961		166,116		52,023
Total Assets		22,440,899,242		8,026,716,589		1,230,045,994
Liabilities
Option contracts written, at value (premiums received $14,143,921) (Note 1)		—		—		—
Payable for Fund shares redeemed		24,129,881		19,070,332		2,022,330
Payable for investment securities purchased		144,039,639		20,129,102		944,527
Payable for forward currency contracts held, at value (Note 1)		6,573,837		3,342,094		—
Investment advisory fees payable (Note 2)		13,541,191		4,904,694		740,819
Distribution fees payable (Note 3)		6,028,820		1,432,015		314,288
Services fees payable (Note 3)		1,223,167		175,767		61,755
Trustee deferred compensation plan (Note 2)		912,134		1,022,335		524,720
Administrative fees payable (Note 2)		330,000		117,760		17,596
Trustee fees payable		148,886		68,074		8,007
Accrued expenses and other liabilities		6,421,596		2,923,399		366,601
Total Liabilities		203,349,151		53,185,572		5,000,643
Net Assets	$	22,237,550,091	$	7,973,531,017	$	1,225,045,351

See Notes to Financial Statements.

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88

April 30, 2010 (unaudited)

	_{FIRST EAGLE}_{GOLD FUND}		_{FIRST EAGLE}_{FUND OF AMERICA}
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	1,175,835,021	$	899,331,371
Affiliated issuers		29,225,637		—
Gold bullion		139,679,146		—
Foreign currency		—		—
Total Investments, at Cost		1,344,739,804		899,331,371
Investments, at Value (Note 1)
Unaffiliated issuers		1,847,293,856		1,044,543,989
Affiliated issuers		39,652,623		—
Gold bullion		380,505,703		—
Foreign currency		—		—
Total Investments, at Value		2,267,452,182		1,044,543,989
Cash		868		—
Receivable for forward currency contracts held, at value (Note 1)		—		—
Receivable for investment securities sold		1,961,854		3,906,050
Receivable for premiums for written options		—		412,264
Receivable for Fund shares sold		14,924,774		2,500,031
Accrued interest and dividends receivable		117,484		257,000
Investment for trustee deferred compensation plan (Note 2)		122,420		389,734
Other assets		46,061		21,333
Total Assets		2,284,625,643		1,052,030,401
Liabilities
Option contracts written, at value (premiums received $14,143,921) (Note 1)		—		23,364,397
Payable for Fund shares redeemed		1,703,940		1,256,485
Payable for investment securities purchased		1,739,161		8,477,861
Payable for forward currency contracts held, at value (Note 1)		—		—
Investment advisory fees payable (Note 2)		1,329,399		841,274
Distribution fees payable (Note 3)		552,571		255,527
Services fees payable (Note 3)		89,287		22,604
Trustee deferred compensation plan (Note 2)		122,420		389,734
Administrative fees payable (Note 2)		14,830		14,596
Trustee fees payable		7,822		4,111
Accrued expenses and other liabilities		599,286		375,861
Total Liabilities		6,158,716		35,002,450
Net Assets	$	2,278,466,927	$	1,017,027,951

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89

Statements of Assets and Liabilities (continued)

	_{FIRST EAGLE}_{GLOBAL FUND}			_{FIRST EAGLE}_{OVERSEAS FUND}			_{FIRST EAGLE}_{U.S. VALUE FUND}
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	524,676		$	385,656		$	77,390
Capital surplus		19,730,898,338			6,571,830,967			1,057,820,306
Net unrealized appreciation (depreciation) on:
Investments		3,337,828,789			1,610,320,156			185,119,073
Foreign currency and forward contract related translation		121,315,492			60,930,773			—
Written options		—			—			—
Undistributed net realized losses on investments		(794,571,127	)		(68,296,826	)		(18,824,201	)
Undistributed net investment income (loss)		(158,446,077	)		(201,639,709	)		852,783
Net Assets	$	22,237,550,091		$	7,973,531,017		$	1,225,045,351
Class A
Net assets	$	11,578,356,101		$	4,407,098,849		$	638,106,038
Shares outstanding		272,201,820			213,638,706			40,326,612
Net asset value per share and redemption proceeds per share	$	42.54		$	20.63		$	15.82
Offering price per share (NAV per share plus maximum sales charge)¹	$	44.78		$	21.72		$	16.65
Class C
Net assets	$	6,015,152,988		$	858,034,905		$	306,008,970
Shares outstanding		143,737,631			42,594,623			19,492,397
Net asset value per share	$	41.85		$	20.14		$	15.70
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)²	$	41.43		$	19.94		$	15.54
Class I
Net assets	$	4,644,041,002		$	2,708,397,263		$	280,930,343
Shares outstanding		108,736,642			129,422,511			17,570,679
Net asset value per share and redemption proceeds per share	$	42.71		$	20.93		$	15.99
Class Y
Net assets		—			—			—
Shares outstanding		—			—			—
Net asset value per share and redemption proceeds per share		—			—			—

¹ The maximum sales charge is 5.00% for Class A shares. Classes C, I and Y have no front-end sales charges.

² The maximum CDSC (Contingent Deferred Sales Charge) is 1.00% for Class C shares, which is charged on the lesser of the offering price or the net asset value at the time of sale by shareholder. This pertains to investments of one year or less.

See Notes to Financial Statements.

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90

April 30, 2010 (unaudited)

	_{FIRST EAGLE}_{GOLD FUND}			_{FIRST EAGLE}_{FUND OF AMERICA}
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	79,415		$	45,249
Capital surplus		1,414,494,044			932,049,830
Net unrealized appreciation (depreciation) on:
Investments		922,712,378			145,212,618
Foreign currency and forward contract related translation		1,510			—
Written options		—			(9,220,476	)
Undistributed net realized losses on investments		(4,433,383	)		(55,283,130	)
Undistributed net investment income (loss)		(54,387,037	)		4,223,860
Net Assets	$	2,278,466,927		$	1,017,027,951
Class A
Net assets	$	1,468,609,740		$	339,358,159
Shares outstanding		51,006,775			15,038,573
Net asset value per share and redemption proceeds per share	$	28.79		$	22.57
Offering price per share (NAV per share plus maximum sales charge)¹	$	30.31		$	23.76
Class C
Net assets	$	455,213,994		$	109,737,148
Shares outstanding		16,220,961			5,468,500
Net asset value per share	$	28.06		$	20.07
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)²	$	27.78		$	19.87
Class I
Net assets	$	354,643,193			—
Shares outstanding		12,186,950			—
Net asset value per share and redemption proceeds per share	$	29.10			—
Class Y
Net assets		—		$	567,932,644
Shares outstanding		—			24,741,544
Net asset value per share and redemption proceeds per share		—		$	22.95

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91

Statements of Operations

	_{FIRST EAGLE}_{GLOBAL FUND}			_{FIRST EAGLE}_{OVERSEAS FUND}			_{FIRST EAGLE}_{U.S. VALUE FUND}
Investment Income
Interest	$	18,000,511		$	7,330,761		$	4,057,292
Dividends from: (net of $11,020,079, $5,375,082, $7,157, $386,598 and $571,143, foreign taxes withheld, respectively)
Unaffiliated issuers		110,367,030			43,766,490			6,716,610
Affiliated issuers		41,524,370			8,499,577			—
Other Income		—			44			10
Total Income		169,891,911			59,596,872			10,773,912
Expenses
Investment advisory fees (Note 2)		76,389,083			27,709,247			4,138,231
Administrative costs (Note 2)		1,991,000			710,483			64,896
Distribution fees (Note 3)
Class A		13,753,772			5,225,577			735,946
Class C		20,682,170			3,051,169			1,053,708
Class Y		—			—			—
Service fees - Class C (Note 3)		6,894,057			1,017,056			351,236
Shareholder servicing agent fees		9,570,761			3,270,180			746,633
Custodian and accounting fees		1,959,265			1,115,123			85,193
Shareholder reporting fees		878,444			301,921			58,617
Trustees' fees		313,342			113,346			15,714
Registration and filing fees		215,811			120,037			82,142
Professional fees		1,273,324			486,127			60,582
Other Expenses		335,446			123,634			16,552
Total Expenses		134,256,475			43,243,900			7,409,450
Expense reductions due to earnings credits (Note 1)		(913	)		(397	)		(86	)
Net expenses		134,255,562			43,243,503			7,409,364
Net investment income (loss) (Note 1)		35,636,349			16,353,369			3,364,548
Realized and Unrealized Gains (Losses) on Investments, Foreign
Currency Related Transactions and Written Options (Note 1)
Net realized gains (losses) from:
Investment transactions of unaffiliated issuers		189,142,551			133,870,232			7,753,416
Investment transactions of affiliated issuers		(30,376,074	)		(239,188	)		—
Commodity related transactions		47,912,591			21,726,924			—
Foreign currency and forward contract related transactions		(35,213,324	)		(13,862,822	)		—
Written options		—			—			—
		171,465,744			141,495,146			7,753,416
Changes in unrealized appreciation (depreciation) of:
Investment transactions		1,734,924,535			364,632,373			121,191,755
Foreign currency and forward contract related translation		239,978,192			118,026,476			—
Written options		—			—			—
		1,974,902,727			482,658,849			121,191,755
Net realized and unrealized gains on investments, foreign currency and forward contract related transactions and written options		2,146,368,471			624,153,995			128,945,171
Net Increase in Net Assets Resulting from Operations	$	2,182,004,820		$	640,507,364		$	132,309,719

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
92

Six-Months Ended April 30, 2010 (unaudited)

	_{FIRST EAGLE}_{GOLD FUND}			_{FIRST EAGLE}_{FUND OF AMERICA}
Investment Income
Interest	$	148,287		$	14,287
Dividends from: (net of $11,020,079, $5,375,082, $7,157, $386,598 and $571,143, foreign taxes withheld, respectively)
Unaffiliated issuers		4,394,201			12,103,794
Affiliated issuers		—			—
Other Income		—			108,358
Total Income		4,542,488			12,226,439
Expenses
Investment advisory fees (Note 2)		7,646,027			4,761,601
Administrative costs (Note 2)		45,958			88,596
Distribution fees (Note 3)
Class A		1,696,103			385,388
Class C		1,529,268			380,285
Class Y		—			678,251
Service fees - Class C (Note 3)		509,756			126,762
Shareholder servicing agent fees		1,192,381			606,694
Custodian and accounting fees		252,213			83,897
Shareholder reporting fees		97,810			46,228
Trustees' fees		30,831			14,574
Registration and filing fees		93,298			48,514
Professional fees		193,984			97,277
Other Expenses		23,801			14,305
Total Expenses		13,311,430			7,332,372
Expense reductions due to earnings credits (Note 1)		(170	)		(50	)
Net expenses		13,311,260			7,332,322
Net investment income (loss) (Note 1)		(8,768,772	)		4,894,117
Realized and Unrealized Gains (Losses) on Investments, Foreign
Currency Related Transactions and Written Options (Note 1)
Net realized gains (losses) from:
Investment transactions of unaffiliated issuers		9,077,564			10,716,446
Investment transactions of affiliated issuers		53,040			—
Commodity related transactions		—			—
Foreign currency and forward contract related transactions		32,058			—
Written options		—			(775,424	)
		9,162,662			9,941,022
Changes in unrealized appreciation (depreciation) of:
Investment transactions		297,938,924			145,593,399
Foreign currency and forward contract related translation		(63,757	)		—
Written options		—			(15,202,342	)
		297,875,167			130,391,057
Net realized and unrealized gains on investments, foreign currency and forward contract related transactions and written options		307,037,829			140,332,079
Net Increase in Net Assets Resulting from Operations	$	298,269,057		$	145,226,196

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93

Statements of Changes in Net Assets

	_{FIRST EAGLE}_{GLOBAL FUND}						_{FIRST EAGLE}_{OVERSEAS FUND}
	_SIX-MONTHS						_SIX-MONTHS
	_ENDED			_{YEAR ENDED}			_ENDED			_{YEAR ENDED}
	_{APRIL 30, 2010}_(unaudited)			_{OCTOBER 31,}₂₀₀₉			_{APRIL 30, 2010}_(unaudited)			_{OCTOBER 31,}₂₀₀₉
Operations
Net investment income (loss)	$	35,636,349		$	163,665,510		$	16,353,369		$	91,638,617
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		171,465,744			(355,368,307	)		141,495,146			152,694,986
Change in unrealized appreciation of investments, foreign currency and forward contract related translation and written options		1,974,902,727			3,317,966,812			482,658,849			1,115,913,041
Net increase in net assets resulting from operations		2,182,004,820			3,126,264,015			640,507,364			1,360,246,644
Distribution to Shareholders
Dividends paid from net investment income
Class A		(156,972,670	)		(39,081,783	)		(124,712,917	)		(3,998,540	)
Class C		(50,152,164	)		(7,250	)		(20,270,175	)		(7,588	)
Class I		(56,542,813	)		(19,540,281	)		(71,876,458	)		(2,929,304	)
Distributions paid from net realized gains from investment transactions
Class A		—			(631,563,973	)		—			(317,087,294	)
Class C		—			(302,779,457	)		—			(69,460,426	)
Class I		—			(178,533,975	)		—			(174,084,325	)
Class Y		—			—			—			—
Decrease in net assets resulting from distributions		(263,667,647	)		(1,171,506,719	)		(216,859,550	)		(567,567,477	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		3,248,253,742			4,078,185,668			1,385,000,867			1,995,432,080
Net asset value of shares issued for reinvested dividends and distributions		216,340,170			964,568,563			182,833,092			487,753,631
Cost of shares redeemed		(2,203,845,647	)		(5,245,297,583	)		(1,045,006,170	)		(2,472,285,641	)
Redemption fees		240,401			1,182,746			158,178			577,129
Increase (decrease) in net assets from Fund share transactions		1,260,988,666			(201,360,606	)		522,985,967			11,477,199
Net increase in net assets		3,179,325,839			1,753,396,690			946,633,781			804,156,366
Net Assets (Note 1)
Beginning of period		19,058,224,252			17,304,827,562			7,026,897,236			6,222,740,870
End of period	$	22,237,550,091		$	19,058,224,252		$	7,973,531,017		$	7,026,897,236
Undistributed net investment income (loss)	$	(158,446,077	)	$	69,585,221		$	(201,639,709	)	$	(1,133,528	)

See Notes to Financial Statements.

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94

	_{FIRST EAGLE}_{U.S. VALUE FUND}						_{FIRST EAGLE}_{GOLD FUND}
	_SIX-MONTHS						_SIX-MONTHS
	_ENDED			_{YEAR ENDED}			_ENDED			_{YEAR ENDED}
	_{APRIL 30, 2010}_(unaudited)			_{OCTOBER 31,}₂₀₀₉			_{APRIL 30, 2010}_(unaudited)			_{OCTOBER 31,}₂₀₀₉
Operations
Net investment income (loss)	$	3,364,548		$	11,458,225		$	(8,768,772	)	$	(10,042,764	)
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		7,753,416			(26,526,311	)		9,162,662			(11,668,969	)
Change in unrealized appreciation of investments, foreign currency and forward contract related translation and written options		121,191,755			142,188,621			297,875,167			640,308,076
Net increase in net assets resulting from operations		132,309,719			127,120,535			298,269,057			618,596,343
Distribution to Shareholders
Dividends paid from net investment income
Class A		(7,510,127	)		(5,591,065	)		(19,206,629	)		—
Class C		(1,828,449	)		(2,430,964	)		(4,203,516	)		—
Class I		(3,213,302	)		(2,247,106	)		(4,149,787	)		—
Distributions paid from net realized gains from investment transactions
Class A		—			(2,846,360	)		—			(34,328,380	)
Class C		—			(1,987,359	)		—			(7,932,453	)
Class I		—			(1,015,200	)		—			(4,616,129	)
Class Y		—			—			—			—
Decrease in net assets resulting from distributions		(12,551,878	)		(16,118,054	)		(27,559,932	)		(46,876,962	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		240,354,489			647,979,182			551,536,998			945,966,437
Net asset value of shares issued for reinvested dividends and distributions		10,092,866			12,783,370			22,128,723			40,225,122
Cost of shares redeemed		(154,523,653	)		(304,688,397	)		(418,409,010	)		(366,291,764	)
Redemption fees		—			—			169,994			428,905
Increase (decrease) in net assets from Fund share transactions		95,923,702			356,074,155			155,426,705			620,328,700
Net increase in net assets		215,681,543			467,076,636			426,135,830			1,192,048,081
Net Assets (Note 1)
Beginning of period		1,009,363,808			542,287,172			1,852,331,097			660,283,016
End of period	$	1,225,045,351		$	1,009,363,808		$	2,278,466,927		$	1,852,331,097
Undistributed net investment income (loss)	$	852,783		$	10,040,113		$	(54,387,037	)	$	(18,058,333	)

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95

Statements of Changes in Net Assets (continued)

	_{FIRST EAGLE}_{FUND OF AMERICA}
	_SIX-MONTHS_ENDED_{APRIL 30, 2010}_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₀₉
Operations
Net investment income (loss)	$	4,894,117		$	(3,168,525	)
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		9,941,022			(62,499,440	)
Change in unrealized appreciation of investments, foreign currency and forward contract related translation and written options		130,391,057			138,282,562
Net increase in net assets resulting from operations		145,226,196			72,614,597
Distribution to Shareholders
Dividends paid from net investment income
Class A		—			—
Class C		—			—
Class I		—			—
Distributions paid from net realized gains from investment transactions
Class A		—			(8,260,417	)
Class C		—			(4,348,195	)
Class I		—			—
Class Y		—			(28,605,629	)
Decrease in net assets resulting from distributions					(41,214,241	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		96,174,328			312,006,550
Net asset value of shares issued for reinvested dividends and distributions		—			34,915,645
Cost of shares redeemed		(93,580,992	)		(198,158,229	)
Redemption fees		—			—
Increase (decrease) in net assets from Fund share transactions		2,593,336			148,763,966
Net increase in net assets		147,819,532			180,164,322
Net Assets (Note 1)
Beginning of period		869,208,419			689,044,097
End of period	$	1,017,027,951		$	869,208,419
Undistributed net investment income (loss)	$	4,223,860		$	(670,257	)

See Notes to Financial Statements.

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Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2010}_(unaudited)									₂₀₀₉
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}		_{CLASS C}			_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		38.74			38.07			38.92			34.45		33.99			34.62
Income from investment operations:
Net investment income (loss) ($)		0.10			-0.05			0.16			0.39		0.13			0.47
Net realized and unrealized gains (losses) on investments		4.27			4.20			4.28			6.35		6.26			6.39
Total income (loss) from investment operations		4.37			4.15			4.44			6.74		6.39			6.86
Less distributions:
Dividends from net investment income ($)		-0.57			-0.37			-0.65			-0.14		-0.00	**		-0.25
Distributions from capital gains		—			—			—			-2.31		-2.31			-2.31
Total distributions		-0.57			-0.37			-0.65			-2.45		-2.31			-2.56
Net asset value, end of period ($)		42.54			41.85			42.71			38.74		38.07			38.92
Total return^(c) (%)		11.37	^(a)		10.94	^(a)		11.49	^(a)		20.81		19.93			21.13
Ratios and supplemental data
Net assets, end of period (millions) ($)		11,578			6,015			4,644			10,562		5,158			3,338
Ratio of operating expenses to average net assets including earnings credits (%)		1.16	^(b)		1.91	^(b)		0.91	^(b)		1.19		1.94			0.94
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.16	^(b)		1.91	^(b)		0.91	^(b)		1.19		1.94			0.94
Ratio of net investment income to average net assets including earnings credits (%)		0.50	^(b)		-0.24	^(b)		0.77	^(b)		1.14		0.38			1.37
Ratio of net investment income to average net assets excluding earnings credits (%)		0.50	^(b)		-0.24	^(b)		0.77	^(b)		1.14		0.38			1.37
Portfolio turnover rate (%)		9.17	^(a)		9.17	^(a)		9.17	^(a)		12.52		12.52			12.52

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

** Amount represents less than $0.01 per share.

(a) Not Annualized

(b) Annualized

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
98

Global Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₀₈						₂₀₀₇
	_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		51.09		50.46		51.32		48.36		47.83		48.56
Income from investment operations:
Net investment income (loss) ($)		0.64		0.31		0.76		0.67		0.31		0.79
Net realized and unrealized gains (losses) on investments		-11.82		-11.69		-11.88		6.91		6.84		6.94
Total income (loss) from investment operations		-11.18		-11.38		-11.12		7.58		7.15		7.73
Less distributions:
Dividends from net investment income ($)		-1.07		-0.70		-1.19		-1.22		-0.89		-1.34
Distributions from capital gains		-4.39		-4.39		-4.39		-3.63		-3.63		-3.63
Total distributions		-5.46		-5.09		-5.58		-4.85		-4.52		-4.97
Net asset value, end of period ($)		34.45		33.99		34.62		51.09		50.46		51.32
Total return^(c) (%)		-24.41		-24.99		-24.21		16.91		16.03		17.19
Ratios and supplemental data
Net assets, end of period (millions) ($)		9,784		4,623		2,898		13,451		5,593		3,193
Ratio of operating expenses to average net assets including earnings credits (%)		1.14		1.89		0.89		1.12		1.87		0.87
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.14		1.89		0.89		1.12		1.87		0.87
Ratio of net investment income to average net assets including earnings credits (%)		1.48		0.73		1.74		1.40		0.65		1.64
Ratio of net investment income to average net assets excluding earnings credits (%)		1.48		0.73		1.74		1.39		0.64		1.64
Portfolio turnover rate (%)		29.69		29.69		29.69		37.58		37.58		37.58


	₂₀₀₆						₂₀₀₅
	_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		42.47		42.06		42.62		36.53		36.30		36.64
Income from investment operations:
Net investment income (loss) ($)		0.59		0.25		0.71		0.48		0.19		0.60
Net realized and unrealized gains (losses) on investments		7.82		7.77		7.85		6.07		6.01		6.06
Total income (loss) from investment operations		8.41		8.02		8.56		6.55		6.20		6.66
Less distributions:
Dividends from net investment income ($)		-0.84		-0.57		-0.94		-0.43		-0.26		-0.50
Distributions from capital gains		-1.68		-1.68		-1.68		-0.18		-0.18		-0.18
Total distributions		-2.52		-2.25		-2.62		-0.61		-0.44		-0.68
Net asset value, end of period ($)		48.36		47.83		48.56		42.47		42.06		42.62
Total return^(c) (%)		20.73		19.86		21.06		18.15		17.23		18.42
Ratios and supplemental data
Net assets, end of period (millions) ($)		11,854		4,928		2,641		9,526		3,828		1,752
Ratio of operating expenses to average net assets including earnings credits (%)		1.13		1.88		0.88		1.20		1.95		0.95
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.14		1.89		0.89		1.20		1.95		0.95
Ratio of net investment income to average net assets including earnings credits (%)		1.31		0.56		1.57		1.21		0.47		1.48
Ratio of net investment income to average net assets excluding earnings credits (%)		1.30		0.56		1.57		1.20		0.47		1.48
Portfolio turnover rate (%)		28.59		28.59		28.59		12.29		12.29		12.29

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
99

Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2010}_(unaudited)									₂₀₀₉
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}		_{CLASS C}			_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		19.51			19.03			19.80			17.21		16.93			17.41
Income from investment operations:
Net investment income (loss) ($)		0.04			-0.03			0.07			0.26		0.13			0.30
Net realized and unrealized gains (losses) on investments		1.68			1.63			1.69			3.72		3.63			3.78
Total income (loss) from investment operations		1.72			1.60			1.76			3.98		3.76			4.08
Less distributions:
Dividends from net investment income ($)		-0.60			-0.49			-0.63			-0.02		-0.00	**		-0.03
Distributions from capital gains		—			—			—			-1.66		-1.66			-1.66
Total distributions		-0.60			-0.49			-0.63			-1.68		-1.66			-1.69
Net asset value, end of period ($)		20.63			20.14			20.93			19.51		19.03			19.80
Total return^(c) (%)		8.95	^(a)		8.51	^(a)		9.06	^(a)		24.95		23.96			25.26
Ratios and supplemental data
Net assets, end of period (millions) ($)		4,407			858			2,708			4,024		792			2,211
Ratio of operating expenses to average net assets including earnings credits (%)		1.17	^(b)		1.92	^(b)		0.92	^(b)		1.20		1.95			0.95
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.17	^(b)		1.92	^(b)		0.92	^(b)		1.20		1.95			0.95
Ratio of net investment income to average net assets including earnings credits (%)		0.43	^(b)		-0.32	^(b)		0.72	^(b)		1.51		0.76			1.75
Ratio of net investment income to average net assets excluding earnings credits (%)		0.43	^(b)		-0.32	^(b)		0.72	^(b)		1.51		0.76			1.75
Portfolio turnover rate (%)		6.92	^(a)		6.92	^(a)		6.92	^(a)		8.65		8.65			8.65

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

** Amount represents less than $0.01 per share.

(a) Not Annualized

(b) Annualized

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | April 30, 2010
100

Overseas Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₀₈						₂₀₀₇
	_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		28.09		27.66		28.38		26.70		26.33		26.94
Income from investment operations:
Net investment income (loss) ($)		0.35		0.18		0.40		0.41		0.21		0.48
Net realized and unrealized gains (losses) on investments		-7.21		-7.10		-7.28		4.05		4.00		4.10
Total income (loss) from investment operations		-6.86		-6.92		-6.88		4.46		4.21		4.58
Less distributions:
Dividends from net investment income ($)		-0.87		-0.66		-0.94		-0.87		-0.68		-0.94
Distributions from capital gains		-3.15		-3.15		-3.15		-2.20		-2.20		-2.20
Total distributions		-4.02		-3.81		-4.09		-3.07		-2.88		-3.14
Net asset value, end of period ($)		17.21		16.93		17.41		28.09		27.66		28.38
Total return^(c) (%)		-28.15		-28.67		-27.97		18.20		17.31		18.52
Ratios and supplemental data
Net assets, end of period (millions) ($)		3,518		737		1,968		5,974		1,203		3,942
Ratio of operating expenses to average net assets including earnings credits (%)		1.15		1.90		0.90		1.12		1.87		0.87
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.15		1.90		0.90		1.12		1.87		0.87
Ratio of net investment income to average net assets including earnings credits (%)		1.57		0.82		1.76		1.54		0.79		1.80
Ratio of net investment income to average net assets excluding earnings credits (%)		1.57		0.82		1.76		1.54		0.78		1.79
Portfolio turnover rate (%)		15.72		15.72		15.72		34.29		34.29		34.29


	₂₀₀₆						₂₀₀₅
	_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		24.13		23.83		24.33		20.25		19.97		20.37
Income from investment operations:
Net investment income (loss) ($)		0.39		0.20		0.46		0.27		0.10		0.33
Net realized and unrealized gains (losses) on investments		4.57		4.53		4.60		3.96		3.93		3.99
Total income (loss) from investment operations		4.96		4.73		5.06		4.23		4.03		4.32
Less distributions:
Dividends from net investment income ($)		-0.81		-0.65		-0.87		-0.24		-0.06		-0.25
Distributions from capital gains		-1.58		-1.58		-1.58		-0.11		-0.11		-0.11
Total distributions		-2.39		-2.23		-2.45		-0.35		-0.17		-0.36
Net asset value, end of period ($)		26.70		26.33		26.94		24.13		23.83		24.33
Total return^(c) (%)		22.24		21.33		22.53		21.16		20.28		21.47
Ratios and supplemental data
Net assets, end of period (millions) ($)		5,785		1,145		4,031		4,866		994		3,028
Ratio of operating expenses to average net assets including earnings credits (%)		1.12		1.87		0.87		1.18		1.93		0.93
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.12		1.87		0.87		1.18		1.93		0.93
Ratio of net investment income to average net assets including earnings credits (%)		1.57		0.81		1.82		1.21		0.46		1.46
Ratio of net investment income to average net assets excluding earnings credits (%)		1.56		0.81		1.82		1.21		0.46		1.46
Portfolio turnover rate (%)		27.98		27.98		27.98		19.40		19.40		19.40

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
101

Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2010}_(unaudited)									₂₀₀₉
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		14.21			14.06			14.37			12.75		12.63		12.89
Income from investment operations:
Net investment income ($)		0.06			0.00	**		0.07			0.21		0.12		0.24
Net realized and unrealized gains (losses) on investments		1.74			1.74			1.77			1.58		1.56		1.60
Total income (loss) from investment operations		1.80			1.74			1.84			1.79		1.68		1.84
Less distributions:
Dividends from net investment income ($)		-0.19			-0.10			-0.22			-0.22		-0.14		-0.25
Distributions from capital gains		—			—			—			-0.11		-0.11		-0.11
Total distributions		-0.19			-0.10			-0.22			-0.33		-0.25		-0.36
Net asset value, end of period ($)		15.82			15.70			15.99			14.21		14.06		14.37
Total return^(c) (%)		12.78	^(a)		12.40	^(a)		12.92	^(a)		14.52		13.63		14.78
Ratios and supplemental data
Net assets, end of period (millions) ($)		638			306			281			547		263		199
Ratio of operating expenses to average net assets including earnings credits (%)		1.20	^(b)		1.95	^(b)		0.95	^(b)		1.26		2.00		1.01
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.20	^(b)		1.95	^(b)		0.95	^(b)		1.26		2.00		1.01
Ratio of net investment income to average net assets including earnings credits (%)		0.75	^(b)		0.00	^(b)^†		0.98	^(b)		1.63		0.93		1.90
Ratio of net investment income to average net assets excluding earnings credits (%)		0.75	^(b)		0.00	^(b)^†		0.98	^(b)		1.63		0.93		1.90
Portfolio turnover rate (%)		5.64	^(a)		5.64	^(a)		5.64	^(a)		14.88		14.88		14.88

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

** Amount represents less than $0.01 per share.

^† Amount is less than 0.01%.

(a) Not Annualized

(b) Annualized

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | April 30, 2010
102

U.S. Value Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₀₈						₂₀₀₇
	_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		17.01		16.87		17.19		16.19		16.08		16.34
Income from investment operations:
Net investment income ($)		0.36		0.24		0.40		0.33		0.21		0.38
Net realized and unrealized gains (losses) on investments		-3.65		-3.63		-3.69		1.45		1.44		1.46
Total income (loss) from investment operations		-3.29		-3.39		-3.29		1.78		1.65		1.84
Less distributions:
Dividends from net investment income ($)		-0.31		-0.19		-0.35		-0.30		-0.20		-0.33
Distributions from capital gains		-0.66		-0.66		-0.66		-0.66		-0.66		-0.66
Total distributions		-0.97		-0.85		-1.01		-0.96		-0.86		-0.99
Net asset value, end of period ($)		12.75		12.63		12.89		17.01		16.87		17.19
Total return^(c) (%)		-20.56		-21.17		-20.36		11.47		10.65		11.78
Ratios and supplemental data
Net assets, end of period (millions) ($)		271		167		104		324		233		104
Ratio of operating expenses to average net assets including earnings credits (%)		1.20		1.96		0.95		1.20		1.95		0.95
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.21		1.96		0.96		1.20		1.95		0.96
Ratio of net investment income to average net assets including earnings credits (%)		2.28		1.53		2.53		2.04		1.29		2.32
Ratio of net investment income to average net assets excluding earnings credits (%)		2.28		1.52		2.53		2.04		1.28		2.32
Portfolio turnover rate (%)		21.75		21.75		21.75		32.54		32.54		32.54


	₂₀₀₆						₂₀₀₅
	_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		14.95		14.90		15.07		13.95		13.92		14.05
Income from investment operations:
Net investment income ($)		0.29		0.17		0.33		0.20		0.10		0.24
Net realized and unrealized gains (losses) on investments		1.46		1.47		1.48		1.35		1.35		1.36
Total income (loss) from investment operations		1.75		1.64		1.81		1.55		1.45		1.60
Less distributions:
Dividends from net investment income ($)		-0.24		-0.19		-0.27		-0.20		-0.12		-0.23
Distributions from capital gains		-0.27		-0.27		-0.27		-0.35		-0.35		-0.35
Total distributions		-0.51		-0.46		-0.54		-0.55		-0.47		-0.58
Net asset value, end of period ($)		16.19		16.08		16.34		14.95		14.90		15.07
Total return^(c) (%)		12.05		11.26		12.35		11.35		10.56		11.65
Ratios and supplemental data
Net assets, end of period (millions) ($)		254		161		115		150		97		68
Ratio of operating expenses to average net assets including earnings credits (%)		1.25		1.99		0.99		1.28		2.02		1.04
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.25		2.00		1.00		1.28		2.02		1.04
Ratio of net investment income to average net assets including earnings credits (%)		1.87		1.13		2.13		1.40		0.67		1.63
Ratio of net investment income to average net assets excluding earnings credits (%)		1.87		1.12		2.12		1.40		0.66		1.63
Portfolio turnover rate (%)		31.76		31.76		31.76		17.22		17.22		17.22

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
103

Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2010}_(unaudited)									₂₀₀₉
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		25.15			24.52			25.43			14.85		14.60		14.98
Income from investment operations:
Net investment income (loss) ($)		-0.10			-0.20			-0.07			-0.14		-0.30		-0.09
Net realized and unrealized gains (losses) on investments		4.12			4.02			4.17			11.50		11.28		11.60
Total income (loss) from investment operations		4.02			3.82			4.10			11.36		10.98		11.51
Less distributions:
Dividends from net investment income ($)		-0.38			-0.28			-0.43			—		—		—
Distributions from capital gains		—			—			—			-1.06		-1.06		-1.06
Total distributions		-0.38			-0.28			-0.43			-1.06		-1.06		-1.06
Net asset value, end of period ($)		28.79			28.06			29.10			25.15		24.52		25.43
Total return^(c) (%)		16.06	^(a)		15.61	^(a)		16.20	^(a)		78.93		77.62		79.27
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,469			455			355			1,325		362		165
Ratio of operating expenses to average net assets including earnings credits (%)		1.19	^(b)		1.94	^(b)		0.94	^(b)		1.26		2.01		1.01
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.19	^(b)		1.94	^(b)		0.94	^(b)		1.26		2.01		1.01
Ratio of net investment income to average net assets including earnings credits (%)		-0.75	^(b)		-1.49	^(b)		-0.48	^(b)		-0.65		-1.40		-0.40
Ratio of net investment income to average net assets excluding earnings credits (%)		-0.75	^(b)		-1.49	^(b)		-0.48	^(b)		-0.65		-1.40		-0.40
Portfolio turnover rate (%)		1.54	^(a)		1.54	^(a)		1.54	^(a)		3.00		3.00		3.00

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

** Amount represents less than $0.01 per share.

(a) Not Annualized

(b) Annualized

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
104

Gold Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₀₈						₂₀₀₇
	_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		27.28		26.86		27.48		23.48		23.17		23.62
Income from investment operations:
Net investment income (loss) ($)		-0.09		-0.27		-0.05		-0.12		-0.28		-0.07
Net realized and unrealized gains (losses) on investments		-10.61		-10.43		-10.66		7.72		7.61		7.78
Total income (loss) from investment operations		-10.70		-10.70		-10.71		7.60		7.33		7.71
Less distributions:
Dividends from net investment income ($)		-0.78		-0.61		-0.84		-0.74		-0.58		-0.79
Distributions from capital gains		-0.95		-0.95		-0.95		-3.06		-3.06		-3.06
Total distributions		-1.73		-1.56		-1.79		-3.80		-3.64		-3.85
Net asset value, end of period ($)		14.85		14.60		14.98		27.28		26.86		27.48
Total return^(c) (%)		-41.56		-41.99		-41.36		37.57		36.55		37.93
Ratios and supplemental data
Net assets, end of period (millions) ($)		480		109		71		890		196		166
Ratio of operating expenses to average net assets including earnings credits (%)		1.21		1.96		0.95		1.20		1.95		0.95
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.21		1.96		0.96		1.20		1.95		0.95
Ratio of net investment income to average net assets including earnings credits (%)		-0.38		-1.13		-0.20		-0.55		-1.30		-0.30
Ratio of net investment income to average net assets excluding earnings credits (%)		-0.38		-1.14		-0.20		-0.56		-1.31		-0.31
Portfolio turnover rate (%)		8.74		8.74		8.74		16.37		16.37		16.37


	₂₀₀₆						₂₀₀₅
	_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		17.45		17.25		17.55		16.82		16.76		16.88
Income from investment operations:
Net investment income (loss) ($)		-0.13		-0.30		-0.08		-0.04		-0.16		0.00	**
Net realized and unrealized gains (losses) on investments		6.65		6.60		6.69		0.67		0.65		0.67
Total income (loss) from investment operations		6.52		6.30		6.61		0.63		0.49		0.67
Less distributions:
Dividends from net investment income ($)		-0.49		-0.38		-0.54		—		—		—
Distributions from capital gains		—		—		—		—		—		—
Total distributions		-0.49		-0.38		-0.54		—		—		—
Net asset value, end of period ($)		23.48		23.17		23.62		17.45		17.25		17.55
Total return^(c) (%)		37.97		36.95		38.29		3.75		2.92		3.97
Ratios and supplemental data
Net assets, end of period (millions) ($)		774		158		147		570		115		84
Ratio of operating expenses to average net assets including earnings credits (%)		1.21		1.96		0.96		1.29		2.04		1.04
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.22		1.97		0.97		1.30		2.05		1.05
Ratio of net investment income to average net assets including earnings credits (%)		-0.59		-1.33		-0.34		-0.24		-0.98		0.02
Ratio of net investment income to average net assets excluding earnings credits (%)		-0.59		-1.34		-0.34		-0.24		-0.98		-0.01
Portfolio turnover rate (%)		32.26		32.26		32.26		21.73		21.73		21.73

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
105

Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2010}_(unaudited)									₂₀₀₉
	_{CLASS A}			_{CLASS C}			_{CLASS Y}			_{CLASS A}		_{CLASS C}		_{CLASS Y}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		19.32			17.25			19.66			18.92		17.14		19.23
Income from investment operations:
Net investment income (loss) ($)		0.12			0.04			0.12			-0.06		-0.18		-0.07
Net realized and unrealized gains (losses) on investments		3.13			2.78			3.17			1.61		1.44		1.65
Total income (loss) from investment operations		3.25			2.82			3.29			1.55		1.26		1.58
Less distributions:
Dividends from net investment income ($)		—			—			—			—		—		—
Distributions from capital gains		—			—			—			-1.15		-1.15		-1.15
Total distributions		—			—			—			-1.15		-1.15		-1.15
Net asset value, end of period ($)		22.57			20.07			22.95			19.32		17.25		19.66
Total return^(c) (%)		16.77	^(a)		16.29	^(a)		16.73	^(a)		9.13		8.34		9.14
Ratios and supplemental data
Net assets, end of period (millions) ($)		339			110			568			276		90		503
Ratio of operating expenses to average net assets including earnings credits (%)		1.46	^(b)		2.21	^(b)		1.46	^(b)		1.50		2.25		1.50
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.46	^(b)		2.21	^(b)		1.46	^(b)		1.50		2.25		1.50
Ratio of net investment income to average net assets including earnings credits (%)		1.11	^(b)		0.35	^(b)		1.11	^(b)		-0.34		-1.10		-0.37
Ratio of net investment income to average net assets excluding earnings credits (%)		1.11	^(b)		0.35	^(b)		1.11	^(b)		-0.34		-1.10		-0.37
Portfolio turnover rate (%)		16.85	^(a)		16.85	^(a)		16.85	^(a)		40.41		40.41		40.41

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

(a) Not Annualized

(b) Annualized

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

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
106

Fund of America

	_{YEAR ENDED OCTOBER 31,}
	₂₀₀₈						₂₀₀₇
	_{CLASS A}		_{CLASS C}		_{CLASS Y}		_{CLASS A}			_{CLASS C}			_{CLASS Y}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		29.79		27.39		30.22		27.92			26.12			28.28
Income from investment operations:
Net investment income (loss) ($)		-0.06		-0.20		-0.01		0.05	^(d)		-0.13	^(d)		0.07	^(d)
Net realized and unrealized gains (losses) on investments		-7.85		-7.16		-8.03		5.30			4.88			5.35
Total income (loss) from investment operations		-7.91		-7.36		-8.04		5.35			4.75			5.42
Less distributions:
Dividends from net investment income ($)		-0.07		—		-0.06		—			—			—
Distributions from capital gains		-2.89		-2.89		-2.89		-3.48			-3.48			-3.48
Total distributions		-2.96		-2.89		-2.95		-3.48			-3.48			-3.48
Net asset value, end of period ($)		18.92		17.14		19.23		29.79			27.39			30.22
Total return^(c) (%)		-29.20		-29.74		-29.23		21.28			20.34			21.25
Ratios and supplemental data
Net assets, end of period (millions) ($)		127		61		501		82			65			756
Ratio of operating expenses to average net assets including earnings credits (%)		1.41		2.16		1.41		1.40			2.15			1.40
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.42		2.17		1.42		1.41			2.16			1.41
Ratio of net investment income to average net assets including earnings credits (%)		-0.23		-0.87		-0.06		0.18	^(d)		-0.51	^(d)		0.26	^(d)
Ratio of net investment income to average net assets excluding earnings credits (%)		-0.24		-0.88		-0.07		0.17	^(d)		-0.52	^(d)		0.25	^(d)
Portfolio turnover rate (%)		63.97		63.97		63.97		50.26			50.26			50.26


	₂₀₀₆						₂₀₀₅
	_{CLASS A}		_{CLASS C}		_{CLASS Y}		_{CLASS A}		_{CLASS C}		_{CLASS Y}
Selected data for a share of beneficial interest outstanding throughout each period:*
Net asset value, beginning of period ($)		26.11		24.74		26.42		25.54		24.44		25.81
Income from investment operations:
Net investment income (loss) ($)		-0.08		-0.26		-0.08		-0.09		-0.26		-0.07
Net realized and unrealized gains (losses) on investments		4.23		3.98		4.28		2.36		2.26		2.38
Total income (loss) from investment operations		4.15		3.72		4.20		2.27		2.00		2.31
Less distributions:
Dividends from net investment income ($)		—		—		—		—		—		—
Distributions from capital gains		-2.34		-2.34		-2.34		-1.70		-1.70		-1.70
Total distributions		-2.34		-2.34		-2.34		-1.70		-1.70		-1.70
Net asset value, end of period ($)		27.92		26.12		28.28		26.11		24.74		26.42
Total return^(c) (%)		16.81		15.93		16.80		9.16		8.43		9.23
Ratios and supplemental data
Net assets, end of period (millions) ($)		46		48		671		29		36		684
Ratio of operating expenses to average net assets including earnings credits (%)		1.41		2.16		1.41		1.49		2.17		1.43
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.41		2.16		1.41		1.49		2.17		1.43
Ratio of net investment income to average net assets including earnings credits (%)		-0.30		-1.05		-0.30		-0.34		-1.03		-0.27
Ratio of net investment income to average net assets excluding earnings credits (%)		-0.30		-1.05		-0.30		-0.34		-1.04		-0.27
Portfolio turnover rate (%)		40.38		40.38		40.38		54.54		54.54		54.54

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107

Notes to Financial Statements (unaudited)

Note 1 — Significant Accounting Policies

First Eagle Funds (the "Trust"), is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of five separate portfolios, First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America (each individually a "Fund" or collectively the "Funds"). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Fund of America, which are non-diversified. The Trust is a Delaware statutory trust and was, until April 23, 2004, a Maryland corporation operating under the name First Eagle Funds, Inc. First Eagle Fund of America, previously a portfoli o of a separate Delaware statutory trust, was reorganized as a portfolio of the Trust effective December 31, 2002. The First Eagle Global Fund seeks long-term growth of capital by investing in a 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, under normal market conditions, primarily in equity and debt securities issued by U.S. corporations. 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. The First Eagle Fund of America is a non-diversified fund that seeks capital appreciation by investing primarily in U.S. stocks and, to a lesser extent, in debt and international equity securities.

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").

Effective December 7, 2009, Arnhold and S. Bleichroeder Advisers, LLC, has changed its corporate name to First Eagle Investment Management, LLC (the "Adviser").

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
108

(continued)

business on the date on which assets are valued. If there are no sales on such date, such portfolio investment will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security traded on the NASDAQ in which case it is valued at its last sale price (or, if available, 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.).

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.

The 2:00 p.m. E.S.T. 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 the Adviser to be the secondary trading venue for the particular security shall be used. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be "stale" as a result of limited market activity for a particular holding, or in other circumstances when market prices are unavailable, such as for private placements, or determined to be unreliable for a particular holding, such holdings may be "fair valued" in accordance with procedures a pproved by the Board of Trustees ("Board"). Additionally, with respect to foreign holdings, specifically in circumstances

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109

Notes to Financial Statements (unaudited)

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.

The Funds with significant non-U.S. holdings have adopted procedures under which movements in U.S. securities markets (beyond specified thresholds) occurring after the close of a foreign market may require fair valuation of securities traded in that foreign market. The values assigned to a Fund's holdings therefore may differ on occasion from reported market values. The Trust and the Adviser believe relying on the procedures described above will result in prices that are more reflective of the actual market value of portfolio securities held by the Funds as of 4:00 p.m. E.S.T.

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

The Funds adopted updated provisions surrounding fair value measurements and disclosures effective April 30, 2010. This update applies to the Funds' disclosures about transfers in and out of Level 1 and Level 2 of the fair value hierarchy.

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

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

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2010
110

(continued)

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

The following is a summary of the inputs used to value the Fund's investments as of April 30, 2010:

First Eagle Global Fund
_DESCRIPTION	_{LEVEL 1}			_{LEVEL 2}		_{LEVEL 3}^_(a)		_TOTAL
Assets: †
U.S. Common Stocks	$	6,290,844,731		$	3,758,352	$	246,080	$	6,294,849,163
International Common Stocks		10,517,700,187			14,763,407		4,365,259		10,536,828,853
U.S. Preferred Stock		—			15,493,750		—		15,493,750
International Preferred Stocks		269,436,841			—		—		269,436,841
Warrant		22,664,826			—		—		22,664,826
Commodity*		1,397,532,453			—		—		1,397,532,453
U.S. Bonds		—			323,105,527		—		323,105,527
International Corporate Notes and Bonds		—			147,042,351		27,904,789		174,947,140
International Government Bonds		—			364,923,259		—		364,923,259
International Commercial Paper		—			821,555,877		—		821,555,877
U.S. Commercial Paper		—			1,912,160,003		—		1,912,160,003
Foreign Currency Contracts**		128,910,363			—		—		128,910,363
Total	$	18,627,089,401		$	3,602,802,526	$	32,516,128	$	22,262,408,055
Liabilities:
Foreign Currency Contracts**	$	(6,573,837	)	$	—	$	—	$	(6,573,837	)
Total	$	(6,573,837	)	$	—	$	—	$	(6,573,837	)

^(a) Level 3 securities are identified in the Schedule of Investments with footnote (e).

^† See Schedule of Investments for additional detailed categorizations.

* Represents gold bullion.

** Foreign currency contracts are valued at net unrealized appreciation (depreciation) on the investment.

For the six-month period ended April 30, 2010, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

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111

Notes to Financial Statements (unaudited)

Fair Value Level 3 activity for the period ended April 30, 2010 was as follows:

First Eagle Global Fund — (continued)
	_{U.S. COMMON}_STOCKS		_{INTERNATIONAL}_{COMMON STOCKS}			_{INTERNATIONAL}_{CORPORATE BONDS}			_{TOTAL VALUE}
Beginning Balance — market value	$	246,080	$	884,250		$	30,948,757		$	32,079,087
Purchases (Sales)		—		—			—			—
Transfer In — Level 3^		—		3,487,058			—			3,487,058
Transfer Out — Level 3^		—		—			—			—
Accrued Amortization		—		—			—			—
Realized Gains (Losses)		—		—			—			—
Change in Unrealized Appreciation (Depreciation)		—		(6,049	)		(3,043,968	)		(3,050,017	)
Ending Balance— market value	$	246,080	$	4,365,259		$	27,904,789		$	32,516,128
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	—	$	(6,049	)	$	(3,043,968	)	$	(3,050,017	)

^ Transfers into/out of Level 3 represent values as of the beginning of the period.

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112

(continued)

First Eagle Overseas Fund
_DESCRIPTION	_{LEVEL 1}			_{LEVEL 2}		_{LEVEL 3}^_(a)		_TOTAL
Assets: ^†
International Common Stocks	$	5,739,713,553		$	5,034,797	$	29,631,813	$	5,774,380,163
U.S. Common Stocks		70,474,783			—		—		70,474,783
Investment Companies		—			7,082,061		50,000		7,132,061
International Preferred Stocks		162,908,742			—		—		162,908,742
Commodity*		608,824,608			—		—		608,824,608
International Corporate Bonds		—			103,490,232		18,603,193		122,093,425
International Government Bonds		—			107,149,743		—		107,149,743
International Commercial Paper		—			443,783,196		—		443,783,196
U.S. Commercial Paper		—			596,368,440		—		596,368,440
Foreign Currency Contracts **		65,022,788			—		—		65,022,788
Total	$	6,646,944,474		$	1,262,908,469	$	48,285,006	$	7,958,137,949
Liabilities:
Foreign Currency Contracts**	$	(3,342,094	)	$	—	$	—	$	(3,342,094	)
Total	$	(3,342,094	)	$	—	$	—	$	(3,342,094	)

^(a) Level 3 securities are identified in the Schedule of Investments with footnote (d).

^† See Schedule of Investments for additional detailed categorizations.

* Represents gold bullion.

** Foreign currency contracts are valued at net unrealized appreciation (depreciation) on the investment.

For the six-month period ended April 30, 2010, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

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113

Notes to Financial Statements (unaudited)

Fair Value Level 3 activity for the period ended April 30, 2010 was as follows:

First Eagle Overseas Fund — (continued)
	_{INTERNATIONAL}_{COMMON STOCKS}			_INVESTMENT_COMPANIES		_{INTERNATIONAL}_{CORPORATE BONDS}			_{TOTAL VALUE}
Beginning Balance — market value	$	27,525,719		$	50,000	$	20,632,504		$	48,208,223
Purchases (Sales)		—			—		—			—
Transfer In^ — Level 3		4,250,296			—		—			4,250,296
Transfer Out^ — Level 3		—			—		—			—
Accrued Amortization		—			—		—			—
Realized Gains (Losses)		—			—		—			—
Change in Unrealized Appreciation (Depreciation)		(2,144,202	)		—		(2,029,311	)		(4,173,513	)
Ending Balance — market value	$	29,631,813		$	50,000	$	18,603,193		$	48,285,006
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(2,144,202	)	$	—	$	(2,029,311	)	$	(4,173,513	)

^ Transfers into/out of Level 3 represent values as of the beginning of the period.

First Eagle U.S. Value Fund
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}^_(a)		_TOTAL
Assets:^†
U.S. Common Stocks	$	715,486,941	$	2,790	$	10,240	$	715,499,971
International Common Stocks		80,610,006		—		—		80,610,006
U.S. Preferred Stocks		—		4,074,625		5,547,168		9,621,793
Investment Company		7,294,704		—		—		7,294,704
Warrant		2,485,032		—		—		2,485,032
Commodity*		61,890,283		—		—		61,890,283
U.S. Bonds		—		117,570,594		—		117,570,594
U.S. Treasury Bills		—		59,959,890		—		59,959,890
International Commercial Paper		—		17,860,688		—		17,860,688
U.S. Commercial Paper		—		147,579,352		—		147,579,352
Total	$	867,766,966	$	347,047,939	$	5,557,408	$	1,220,372,313

^(a) Level 3 securities are identified in the Schedule of Investments with footnote (c).

^† See Schedule of Investments for additional detailed categorizations.

* Represents gold bullion.

For the six-month period ended April 30, 2010, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

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114

(continued)

Fair Value Level 3 activity for the period ended April 30, 2010 was as follows:

First Eagle U.S. Value Fund — (continued)
	_{U.S. COMMON}_STOCKS		_{U.S. PREFERRED}_STOCK		_{TOTAL VALUE}
Beginning Balance — market value	$	10,240	$	4,677,256	$	4,687,496
Purchases (Sales)		—		—		—
Transfer In — Level 3		—		—		—
Transfer Out — Level 3		—		—		—
Accrued Amortization		—		—		—
Realized Gains (Losses)		—		—		—
Change in Unrealized Appreciation (Depreciation)		—		869,912		869,912
Ending Balance — market value	$	10,240	$	5,547,168	$	5,557,408
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	—	$	869,912	$	869,912
First Eagle Gold Fund

_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}		_TOTAL
Assets:^†
International Common Stocks	$	1,587,769,793	$	—	$	—	$	1,587,769,793
U.S. Common Stocks		174,833,302		—		—		174,833,302
Warrant		1,055,091		—		—		1,055,091
Commodity*		380,505,703		—		—		380,505,703
International Convertible Bond		—		2,233,153		—		2,233,153
International Commercial Paper		—		17,998,364		—		17,998,364
U.S. Commercial Paper		—		103,056,776		—		103,056,776
Total	$	2,144,163,889	$	123,288,293	$	—	$	2,267,452,182

^† See Schedule of Investments for additional detailed categorizations.

* Represents gold bullion.

For the six-month period ended April 30, 2010, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

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115

Notes to Financial Statements (unaudited)

First Eagle Fund of America
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}			_{LEVEL 3}		_TOTAL
Assets:^†
U.S. Common Stocks	$	938,977,693	$	—		$	—	$	938,977,693
International Common Stocks		42,670,614		—			—		42,670,614
Investment Company		40,145,280		—			—		40,145,280
Repurchase Agreement		—		22,750,402			—		22,750,402
Total	$	1,021,793,587	$	22,750,402		$	—	$	1,044,543,989
Liabilities:
Covered Call Options Written	$	—	$	(23,364,397	)	$	—	$	(23,364,397	)
Total	$	—	$	(23,364,397	)	$	—	$	(23,364,397	)

^† See Schedule of Investments for additional detailed categorizations.

For the six-month period ended April 30, 2010, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

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 may subsequently be reclassified upon receipt of information from the i ssuer.

c) Expenses — Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to all Funds are generally 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 may reduce shareholder servicing agent fees by the amount of interest earned on balances with such service provider.

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(continued)

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

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

e) Forward currency contracts — In connection with portfolio purchases and sales of securities denominated in foreign currencies, each Fund may enter into forward currency contracts. The Funds' currency transactions include portfolio hedging on portfolio positions. Portfolio hedging is the use of a forward contract (or other cash management position) with respect to one or more portfolio security positions denominated or quoted in a particular currency. Currency exchange transactions involve currencies of the different countries that the Fund invests in and serves as hedges against possible variations in the exchange rates between the currencies and U.S. dollar. Each Fund may engage in portfolio hedging with respect to the currency of a particular country in amounts approximating actual or anticipated positions in securities denominate d in that currency. 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 Statements of Operations.

Each Fund could be exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Forward currency contracts outstanding at period end, if any, are listed after the Fund's portfolio. Outstanding contracts at period-end are indicative of the volume of activity during the period.

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117

Notes to Financial Statements (unaudited)

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

At April 30, 2010, the Funds had the following foreign forward currency contracts grouped into appropriate risk categories illustrated below:

First Eagle Global Fund
					_{GAIN OR (LOSS) ON}_{DERIVATIVES RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{ASSET DERIVATIVE}_{FAIR VALUE}^₁		_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_LOSS^₃			_{CHANGE IN}_APPRECIATION^₄
Foreign currency contract	$	128,910,363	$	6,573,837	$	(35,434,193	)	$	242,051,967
First Eagle Overseas Fund
					_{GAIN OR (LOSS) ON}_{DERIVATIVES RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{ASSET DERIVATIVE}_{FAIR VALUE}^₁		_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_LOSS^₃			_{CHANGE IN}_APPRECIATION^₄
Foreign currency contract	$	65,022,788	$	3,342,094	$	(13,974,558	)	$	119,391,050

¹Statements of Assets and Liabilities location: Receivable for forward currency contracts held, at value.

²Statements of Assets and Liabilities location: Payable for forward currency contracts held, at value.

³Statements of Operations location: Net realized gains (losses) from: foreign currency and forward contract related transactions.

⁴Statements of Operations location: Changes in unrealized appreciation (depreciation) of: foreign currency and forward contract related translation.

f) Options — In order to produce incremental earnings or protect against declines in the value of portfolio securities, First Eagle Fund of America writes covered call options on portfolio securities. The Fund may also use options for speculative purposes, although it generally does not employ options for this purpose.

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. When an option is

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(continued)

exercised, the proceeds on the sale of a written call option is adjusted by the amount of premium received or paid. When a written option expires, the Fund will realize a gain equal to the amount of the premium received. When the Fund enters into a closing purchase transaction, the Fund will realize a gain (or loss, if the cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated.

The Fund will earmark assets to cover its obligations under option contracts. A call option is covered if the Fund holds, on a share-for-share basis, either the underlying shares or a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written (or greater than the exercise price of the call written if the difference is maintained by the Fund in cash, Treasury bills or other high grade short-term obligations in a segregated account with its custodian). One reason for writing options is to attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Another reason for writing options is to hedge against a moderate decline in the value of securities owned by a Fund in the case of a call option. If an increase occurs in the underlying security or stock index sufficient to result in the exercise of a call written by the Fund, it may be required to deliver securities or cash and may thereby forego some or all of the gain that otherwise may have been realized on the securities underlying the call option. This "opportunity cost" may be partially or wholly offset by the premium received for the covered call written by the Fund. The risk in writing a covered call option is that the Funds give up the opportunity for profit if the market price of the underlying security increases and the option is exercised. The Fund 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.

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119

Notes to Financial Statements (unaudited)

For the six-month period ended April 30, 2010, First Eagle Fund of America had the following options transactions:

	_NUMBER_{OF CONTRACTS}			_PREMIUMS_RECEIVED
Options outstanding at October 31, 2009		64,654		$	17,273,666
Options written		136,536			31,316,733
Options assigned		(17,863	)		(5,351,835	)
Options expired/closed		(118,467	)		(29,094,643	)
Options outstanding at April 30, 2010		64,860		$	14,143,921
	_NUMBER_{OF CONTRACTS}			_COST
Options outstanding at October 31, 2009		—		$	—
Options purchased		30			4,455
Options closed		(30	)		(4,455	)
Options outstanding at April 30, 2010		—		$	—

As of April 30, 2010, portfolio securities valued at $261,178,785 were segregated to cover collateral requirements for written options.

Outstanding contracts at period-end are indicative of the volume of activity during the period.

At April 30, 2010, the Funds had the following options grouped into appropriate risk categories illustrated below:

First Eagle Fund of America
			_{GAIN OR (LOSS) ON}_{DERIVATIVES RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₁		_{REALIZED LOSS}^₂			_{CHANGE IN}_DEPRECIATION^₃
Covered call options written	$	23,364,397	$	(855,824	)	$	(15,202,342	)
Covered call options purchased		—		(1,005	)		—

¹Statements of Assets and Liabilities location: Option contracts written, at value.

²Statements of Operations location: Net realized gains (losses) from: Written options & Investment transactions of unaffiliated issuers.

³Statements of Operations location: Changes in unrealized appreciation (depreciation) of: Written options.

g) Repurchase agreements — The Funds may enter into repurchase agreement transactions with institutions that meet the adviser's credit guidelines.

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(continued)

Each repurchase agreement is valued at amortized cost. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds 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 Funds may be delayed or limited.

h) Treasury Inflation-Protected Securities — The Funds invest in Treasury Inflation-Protected Securities ("TIPS") which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation. The 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) Restricted Securities — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund's Schedule of Investments.

j) 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 Code for a RIC. The Funds declare and pay such income, dividends and capital gains distributions on an annual basis.

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

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121

Notes to Financial Statements (unaudited)

k) Class Accounting — Investment income, common expenses and realized/unrealized gain or 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.

l) 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.

m) Redemption Fee — Effective May 1, 2008, the redemption fee period was shortened for the First Eagle Global Fund, First Eagle Overseas Fund and First Eagle Gold Fund. The sale or exchange of shares of these Funds will be subject to a redemption fee if sold or exchanged within 60 days of the purchase of such shares, rather than if sold or exchanged within 90 days of the purchase of such shares. The redemption fee of 2% remains the same.

Also on May 1, 2008, the redemption fee was removed for the First Eagle U.S. Value Fund and the First Eagle Fund of America. The sale or exchange of shares of these Funds will no longer be subject to a redemption fee.

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

The Adviser, a 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.

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

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(continued)

personnel, related overhead and other costs) related to those services. For the six-month period ended April 30, 2010, the Funds reimbursed and had payable to the Adviser amounts shown below:

_FUND	_{PAID TO ADVISER}		_{PAYABLE TO ADVISER}
First Eagle Global Fund	$	2,002,000	$	330,000
First Eagle Overseas Fund		722,981		117,760
First Eagle U.S. Value Fund		58,750		17,596
First Eagle Gold Fund		50,584		14,830
First Eagle Fund of America		89,500		14,596

Pursuant to a subadvisory agreement, dated December 10, 2002 (agreement was amended and restated most recently in September 2009) ("Subadvisory Agreement") Iridian Asset Management LLC ("Iridian") manages the investments of the First Eagle Fund of America. The fees paid to Iridian by the Adviser under the Subadvisory Agreement are based on a reference amount equal to 50% of the combined (i) fees received by the Adviser for advisory services on behalf of the Fund and (ii) the fees received by the Fund's distributor for its shareholder liaison services on behalf of the Fund. These amounts are reduced by certain direct marketing costs borne by the Adviser in connection with the Fund and are further reduced by the amount paid by the Adviser for certain administrative expenses incurred in providing services to the Fund.

The Funds have entered into Custody Agreements with State Street Bank and Trust Company ("SSB"). The Custody Agreements provide for an annual fee based on the amount of assets under custody plus transaction charges. SSB serves as custodian of the Funds' portfolio securities and other assets. SSB has directly entered into a sub-custodian agreement to maintain the custody of gold bullion. Under the terms of the Custody Agreement between the Funds and SSB, SSB maintains and deposits in separate accounts, cash, securities and other assets of the Funds. SSB is also required, upon the order of the Funds, to deliver securities held by SSB and the sub-custodian, and to make payments for securities purchased by the Funds. SSB has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities.

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Notes to Financial Statements (unaudited)

The Funds have also entered into an Administration Agreement with SSB, pursuant to which SSB provides certain tax-related and other administrative services. SSB, as the Funds' Administrator, receives annual fees separate from and in addition to the fees it receives for its services as the Funds' custodian.

FEF Distributors, LLC, serves as the Funds' principal underwriter. For the six-month period ended April 30, 2010, FEF Distributors, LLC realized $839,679, $177,584, $74,265, $199,110 and $29,451, 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.

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. As of April 30, 2010, balances to the Plan can be seen on the Statements of Assets and Liabilities.

Note 3 — Plans of Distribution

Under the terms of the Distribution Plans and Agreements ("the Plans") with FEF Distributors, 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 monthly, 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 monthly, a distribution fee with respect to Class A, Class C and Class Y shares at an annual rate of up to 0.25%, 0.75% and 0.25%, respectively of the average daily net assets. Under the Plans, 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 Plans. For the six-month period ended April 30, 2010, the distribution fees incurred by the Funds are disclosed in the Statements of Operations.

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(continued)

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 monthly to cover expenses incurred by the Distributor for providing shareholder liaison services, including assistance with subscriptions, redemptions and other shareholder questions. For the six-month period ended April 30, 2010, the service fees incurred by the Funds are disclosed in the Statements of Operations.

Note 4 — Purchases and Sales of Securities

During the six-month period ended April 30, 2010, the cost of purchases of investments, excluding U.S. Government and short-term securities, totaled $1,744,381,992, $453,957,607, $101,866,325, $120,519,526 and $176,688,242 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 U.S. government securities and short-term securities, totaled $1,585,235,724, $475,560,689, $50,299,755, $29,648,431 and $158,816,784 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.

There were no purchases of U.S. Government securities, excluding short-term securities 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. Proceeds from sales of U.S. government securities, totaled $80,927,026, $0, $0, $0 and $0 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.

Note 5 — Line of Credit

As of September 8, 2009, the Board of Trustees approved continuing a $200 million committed, unsecured line of credit ("Credit Facility") with State Street Bank and Trust Company for the Funds, to be utilized for temporarily financing the purchase or sale of securities for prompt delivery in the ordinary course of business or for temporarily financing the redemption of shares of each Fund at the request of shareholders and other temporary or emergency purposes. Interest on amounts borrowed is calculated based on the higher of overnight Federal Funds rate plus 1.25% per annum or overnight LIBOR plus 1.25% per annum. Under the Credit Facility arrangement, each Fund has agreed to pay an annual commitment fee on the unused balance, allocated pro rata, based on the

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Notes to Financial Statements (unaudited)

relative asset size of the Funds. Commitment fees related to the line of credit are paid by the Funds and are included in miscellaneous expenses in the Statements of Operations. During the six-month period ended April 30, 2010, the Funds had borrowings under the agreement as follows:

_FUND	_AVERAGE_{DAILY LOAN}_BALANCE		_{NUMBER OF DAYS}_OUTSTANDING		_INTEREST_EXPENSE		_WEIGHTED_AVERAGE_ANNUALIZED_{INTEREST RATE}
First Eagle Global Fund	$	1,161,787		1	$	48.60		1.51	%
First Eagle Overseas Fund		—		—		—		—
First Eagle U.S. Value Fund		—		—		—		—
First Eagle Gold Fund		—		—		—		—
First Eagle Fund of America		—		—		—		—

As of April 30, 2010, there were no outstanding borrowings from the credit facility.

Note 6 — Capital Stock

As of April 30, 2010, the Funds have an unlimited number of shares authorized for issuance. The Funds have the ability to issue multiple classes of shares.

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Notes to Financial Statements

Transactions in shares of capital stock were as follows:

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2010}
	_{FIRST EAGLE GLOBAL FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		29,099,199			18,550,360			32,389,677
Shares issued for reinvested dividends and distributions		3,444,109			889,953			1,030,798
Shares redeemed		(32,960,823	)		(11,193,123	)		(10,449,127	)
Net increase (decrease)		(417,515	)		8,247,190			22,971,348

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2010}
	_{FIRST EAGLE OVERSEAS FUND}									_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		34,575,382			4,728,903			30,235,780			7,831,792			2,650,740			5,451,171
Shares issued for reinvested dividends and distributions		5,754,113			784,521			2,725,898			441,268			88,898			146,754
Shares redeemed		(32,905,650	)		(4,520,407	)		(15,241,025	)		(6,434,475	)		(1,994,199	)		(1,854,370	)
Net increase (decrease)		7,423,845			993,017			17,720,653			1,838,585			745,439			3,743,555

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2010}
	_{FIRST EAGLE GOLD FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		10,210,154			3,202,706			6,684,390
Shares issued for reinvested dividends and distributions		591,466			116,850			97,788
Shares redeemed		(12,479,528	)		(1,850,453	)		(1,097,581	)
Net increase (decrease)		(1,677,908	)		1,469,103			5,684,597

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(continued)

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2010}
	_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold		2,788,164			782,382			1,002,428
Shares issued for reinvested dividends and distributions		—			—			—
Shares redeemed		(2,006,432	)		(551,623	)		(1,866,500	)
Net increase (decrease)		781,732			230,759			(864,072	)

	_{YEAR ENDED OCTOBER 31, 2009}
	_{FIRST EAGLE GLOBAL FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		55,110,698			29,641,180			34,998,883
Shares issued for reinvested dividends and distributions		18,109,693			6,631,410			4,549,282
Shares redeemed		(84,638,482	)		(36,786,291	)		(37,483,189	)
Net increase (decrease)		(11,418,091	)		(513,701	)		2,064,976

	_{YEAR ENDED OCTOBER 31, 2009}
	_{FIRST EAGLE OVERSEAS FUND}									_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		66,485,198			10,278,070			39,988,853			28,759,687			12,843,208			10,537,802
Shares issued for reinvested dividends and distributions		17,644,515			3,153,125			8,732,564			609,076			273,853			178,097
Shares redeemed		(82,273,077	)		(15,337,273	)		(50,077,157	)		(12,133,532	)		(7,643,669	)		(4,932,395	)
Net increase (decrease)		1,856,636			(1,906,078	)		(1,355,740	)		17,235,231			5,473,392			5,783,504

	_{YEAR ENDED OCTOBER 31, 2009}									_{YEAR ENDED OCTOBER 31, 2009}
	_{FIRST EAGLE GOLD FUND}									_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold		32,675,633			8,950,595			2,724,349			11,199,021			2,706,863			4,093,325
Shares issued for reinvested dividends and distributions		1,576,368			342,567			236,404			438,430			213,945			1,425,578
Shares redeemed		(13,910,049	)		(2,039,915	)		(1,165,446	)		(4,091,076	)		(1,259,729	)		(5,961,245	)
Net increase (decrease)		20,341,952			7,253,247			1,795,307			7,546,375			1,661,079			(442,342	)

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Notes to Financial Statements

Transactions in dollars of capital stock were as follows:

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2010}									_{SIX-MONTH PERIOD ENDED APRIL 30, 2010}
	_{FIRST EAGLE GLOBAL FUND}									_{FIRST EAGLE OVERSEAS FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	1,187,111,475		$	744,731,971		$	1,316,410,296		$	687,095,276		$	92,029,904		$	605,875,687
Shares issued for reinvested dividends and distributions		139,107,607			35,464,634			41,767,929			113,298,593			15,125,573			54,408,926
Shares redeemed		(1,329,129,965	)		(447,960,162	)		(426,515,119	)		(649,545,985	)		(87,794,228	)		(307,507,779	)
Net increase (decrease)	$	(2,910,883	)	$	332,236,443		$	931,663,106		$	150,847,884		$	19,361,249		$	352,776,834

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2010}
	_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	117,925,335		$	39,724,910		$	82,704,244
Shares issued for reinvested dividends and distributions		6,570,564			1,316,582			2,205,720
Shares redeemed		(96,624,206	)		(29,709,326	)		(28,190,121	)
Net increase (decrease)	$	27,871,693		$	11,332,166		$	56,719,843

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2010}
	_{FIRST EAGLE GOLD FUND}									_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold	$	279,377,007		$	85,501,254		$	186,658,737		$	59,622,569		$	14,833,151		$	21,718,608
Shares issued for reinvested dividends and distributions		16,271,246			3,140,932			2,716,545			—			—			—
Shares redeemed		(340,121,635	)		(48,379,720	)		(29,737,661	)		(42,479,942	)		(10,461,515	)		(40,639,535	)
Net increase (decrease)	$	(44,473,382	)	$	40,262,466		$	159,637,621		$	17,142,627		$	4,371,636		$	(18,920,927	)

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(continued)

	_{YEAR ENDED OCTOBER 31, 2009}									_{YEAR ENDED OCTOBER 31, 2009}
	_{FIRST EAGLE GLOBAL FUND}									_{FIRST EAGLE OVERSEAS FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	1,877,816,801		$	1,001,226,224		$	1,199,142,643		$	1,130,619,297		$	171,958,689		$	692,854,094
Shares issued for reinvested dividends and distributions		597,629,082			216,449,222			150,490,259			290,958,051			51,049,093			145,746,487
Shares redeemed		(2,795,198,241	)		(1,205,982,145	)		(1,242,934,451	)		(1,373,073,363	)		(250,700,205	)		(847,934,944	)
Net increase (decrease)	$	(319,752,358	)	$	11,693,301		$	106,698,451		$	48,503,985		$	(27,692,423	)	$	(9,334,363	)

	_{YEAR ENDED OCTOBER 31, 2009}
	_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	359,149,389		$	155,855,041		$	132,974,752
Shares issued for reinvested dividends and distributions		7,333,267			3,286,223			2,163,880
Shares redeemed		(149,306,331	)		(93,069,544	)		(62,312,522	)
Net increase (decrease)	$	217,176,325		$	66,071,720		$	72,826,110

	_{YEAR ENDED OCTOBER 31, 2009}
	_{FIRST EAGLE GOLD FUND}									_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold	$	695,070,658		$	191,674,461		$	59,221,318		$	195,825,006		$	42,370,149		$	73,811,395
Shares issued for reinvested dividends and distributions		29,478,076			6,286,099			4,460,947			7,356,862			3,224,158			24,334,625
Shares redeemed		(299,916,979	)		(42,132,110	)		(23,813,770	)		(73,124,361	)		(19,744,007	)		(105,289,861	)
Net increase (decrease)	$	424,631,755		$	155,828,450		$	39,868,495		$	130,057,507		$	25,850,300		$	(7,143,841	)

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Notes to Financial Statements (continued)

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. The sec urities markets in many emerging-market countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of developed countries.

Note 8 — Redemption In-Kind Transactions

At the December 15, 2009 Board meeting, a redemption in-kind policy had been approved for the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and the First Eagle Gold Fund, effective March 1, 2010. First Eagle Fund of America currently has a redemption in-kind policy in place. The redemption in-kind policy for all of the Funds will reserve the right of the Funds to pay redemptions in-kind (i.e., payments in the form of marketable securities or, as needed, other traded assets, rather than cash) if the redemption request is large enough to affect a Fund's operations (for example, if it represents more than $250,000 or 1% of the Fund's assets). When receiving assets distributed in-kind, the recipient will bear applicable commissions or other costs on their sale. There were no redemptions in-kind as of April 30, 2010.

Note 9 — Subsequent Events

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

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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, and (2) ongoing costs, including advisory fees; distribution (12b-1) and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each of the First Eagle Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

This Example is based on an investment of $1,000 invested on November 1, 2009 and held for the six-months ended April 30, 2010.

Actual Expenses

The table 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 column heading entitled "Expenses Paid During the Period".

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Fund Expenses (unaudited)

Based on Actual Total Return¹

	_{ACTUAL TOTAL}_RETURN_WITHOUT_{SALES CHARGE}^₂			_BEGINNING_ACCOUNT_VALUE		_ENDING_ACCOUNT_VALUE		_ANNUALIZED_EXPENSE_RATIO			_EXPENSES_PAID_{DURING THE}_PERIOD^₃
First Eagle Global Fund
Class A		11.37	%	$	1,000.00	$	1,113.70		1.16	%	$	6.08
Class C		10.94			1,000.00		1,109.40		1.91			9.99
Class I		11.49			1,000.00		1,114.90		0.91			4.77
First Eagle Overseas Fund
Class A		8.95			1,000.00		1,089.50		1.17			6.06
Class C		8.51			1,000.00		1,085.10		1.92			9.93
Class I		9.06			1,000.00		1,090.60		0.92			4.77
First Eagle U.S. Value Fund
Class A		12.78			1,000.00		1,127.80		1.20			6.33
Class C		12.40			1,000.00		1,124.00		1.95			10.27
Class I		12.92			1,000.00		1,129.20		0.95			5.02
First Eagle Gold Fund
Class A		16.06			1,000.00		1,160.60		1.19			6.37
Class C		15.61			1,000.00		1,156.10		1.94			10.37
Class I		16.20			1,000.00		1,162.00		0.94			5.04
First Eagle Fund of America
Class A		16.77			1,000.00		1,167.70		1.46			7.85
Class C		16.29			1,000.00		1,162.90		2.21			11.85
Class Y		16.73			1,000.00		1,167.30		1.46			7.85

¹ For the six-months ended April 30, 2010.

²Past performance does not guarantee future results. 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, exchange fees or redemption fees. 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 multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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(continued)

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% 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% hypothetical example relating to the First Eagle Funds with the 5% hypothetical examples that appear in the shareholder reports of other funds.

This Example is based on an investment of $1,000 invested on November 1, 2009 and held for the six-months ended April 30, 2010.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or back-end sales charges. 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.

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Fund Expenses (unaudited) (continued)

Based on Hypothetical Total Return¹

	_HYPOTHETICAL_ANNUALIZED_TOTAL_RETURN			_BEGINNING_ACCOUNT_VALUE		_ENDING_ACCOUNT_VALUE		_ANNUALIZED_EXPENSE_RATIO			_EXPENSES_PAID_{DURING THE}_PERIOD^₂
First Eagle Global Fund
Class A		5.00	%	$	1,000.00	$	1,019.04		1.16	%	$	5.81
Class C		5.00			1,000.00		1,015.32		1.91			9.54
Class I		5.00			1,000.00		1,020.28		0.91			4.56
First Eagle Overseas Fund
Class A		5.00			1,000.00		1,018.99		1.17			5.86
Class C		5.00			1,000.00		1,015.27		1.92			9.59
Class I		5.00			1,000.00		1,020.23		0.92			4.61
First Eagle U.S. Value Fund
Class A		5.00			1,000.00		1,018.84		1.20			6.01
Class C		5.00			1,000.00		1,015.12		1.95			9.74
Class I		5.00			1,000.00		1,020.08		0.95			4.76
First Eagle Gold Fund
Class A		5.00			1,000.00		1,018.89		1.19			5.96
Class C		5.00			1,000.00		1,015.17		1.94			9.69
Class I		5.00			1,000.00		1,020.13		0.94			4.71
First Eagle Fund of America
Class A		5.00			1,000.00		1,017.55		1.46			7.30
Class C		5.00			1,000.00		1,013.84		2.21			11.03
Class Y		5.00			1,000.00		1,017.55		1.46			7.30

¹ For the six-months ended April 30, 2010.

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

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General Information

Quarterly Form N-Q portfolio schedule

The First Eagle Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available on the SEC's Web site at www.sec.gov. The Funds' Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1.800.SEC.0330. Additionally, you may obtain copies of Forms N-Q from the Funds upon request by calling 1.800.334.2143.

Proxy voting policies, procedures and record

You may obtain a description of the Funds' (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Funds voted any proxies related to portfolio securities during the most recent twelve-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Funds directly at 1.800.334.2143 or on the EDGAR Database on the SEC's Web site at www.sec.gov.

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Privacy Notice

The Trust is committed to protecting your privacy. We are providing you with this privacy notice to inform you of how we handle your personal information that we collect and may disclose to our affiliates. If the Trust changes its information practices, we will provide you with notice of any material changes. This privacy policy supersedes any of our previous policies relating to the information you disclose to us.

Why this Privacy Policy Applies to You

You obtained a financial product or service from or through us for personal, family or household purposes when you opened a shareholder account with the Trust, and are therefore covered by this privacy policy.

What We do to Protect Your Personal Information

We protect personal information provided to us by our individual shareholders according to strict standards of security and confidentiality. These standards apply to both our physical facilities and any online services we may provide. We maintain physical, electronic and procedural safeguards that comply with federal standards to guard consumer information. We permit only authorized individuals, who are trained in the proper handling of individual shareholder information and need to access this information to do their job, to have access to this information.

Personal Information that We Collect and May Disclose

As part of providing you with the Trust's products and services, we may obtain nonpublic personal information about you from the following sources:

• Information we receive from you on subscription applications or other forms, such as your name, address, telephone number, Social Security number, occupation, assets and income;

• Information about your transactions with us, our affiliates, or unaffiliated third parties, such as your account balances, payment history and account activity; and

• Information from public records we may access in the ordinary course of business.

Categories of Affiliates to Whom We May Disclose Personal Information

We may share personal information about you with affiliates. Our affiliates do business under names that include Arnhold and S. Bleichroeder Holdings, Inc., First Eagle Investment Management, LLC and FEF Distributors, LLC.

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(continued)

You May Limit Marketing Solicitations by Choosing to Opt Out

We offer you the right to opt out from many types of marketing by our affiliates based on your personal information that we collect and share in accordance with this privacy policy. To limit those marketing solicitations, you may call 800.334.2143 indicating your desire not to receive marketing from our affiliates. Should you choose to opt out, your choice will remain in our records until you notify us otherwise, although we may choose to contact you in the future to modify your preference.

When We May Disclose Your Personal Information to Unaffiliated Third Parties

We will only share your personal information collected, as described above, with unaffiliated third parties:

• At your request;

• When you authorize us to process or service a transaction or product (unaffiliated third parties in this instance may include service providers such as the Trust's distributors, registrar and transfer agent for shareholder transactions, and other parties providing individual shareholder servicing, accounting and recordkeeping services);

• With companies that perform sales and marketing services on our behalf with whom we have agreements to protect the confidentiality of your information and to use the information only for the purposes for which we disclose the information to them; or

• When required by law to disclose such information to appropriate authorities.

We do not otherwise provide information about you to outside firms, organizations or individuals except to our attorneys, accountants and auditors and as permitted by law.

What We do with Personal Information about Our Former Customers

If you decide to discontinue doing business with us, the Trust will continue to adhere to this privacy policy with respect to the information we have in our possession about you and your account following the termination of our shareholder relationship.

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Consideration of Investment Advisory Agreements

On December 22, 1999, the shareholders of the Global Fund, the Overseas Fund and the Gold Fund, and on August 31, 2001, the shareholders of the U.S. Value Fund approved the Advisory Agreement between the Trust and the Adviser applicable to those Funds. On December 10, 2002, the shareholders of the Fund of America approved the Advisory Agreement between the Trust and the Adviser applicable to that Fund. The Board of Trustees approved these Advisory Agreements most recently on December 15, 2009.

During the course of their most recent review, the Trustees covered the following, among other topics:

• The Trustees reviewed each Fund's long-standing historical relationship with the Adviser and the institutional resources available to the Adviser.

• The Trustees reviewed the performance of each Fund on both an absolute and a relative basis. Significant short-term and long-term outperformance (over most periods reviewed) was noted for all Funds relative to the Funds' benchmarks, to the performance of peer mutual funds and to Morningstar, Lipper and similar composites. While longer-term outperformance was noted for each of the Gold Fund and Fund of America, the Trustees commented on (and management discussed) the two Funds' trailing one-year relative performance. The Trustees also noted a return to positive absolute returns for all Funds after losses experienced in 2008. Performance for each Fund was determined to be excellent given its returns relative to benchmarks and peers (looking to medium- and longer-term returns only in the case of the Gold Fund and Fund of America).

• The Trustees reviewed the total compensation to be received by the Adviser and the Funds' total cost for using the Adviser's services, taking into account expenses incurred by the Adviser that are passed through to the Funds. They concluded that this compensation was commensurate with the nature, extent, and quality of the services provided and therefore reasonable under the circumstances. As part of their analysis, the Trustees considered competitive prices for services comparable to those provided by the Adviser. In doing so, they considered fees charged by investment advisers to peer mutual funds and determined that the Adviser's fees were competitive, as each Fund's net management fee, except that of the Fund of America, was generally similar to or lower than its reviewed peer group average and peer group median. After noting that Fund of America's net management fee was higher than any of its reviewed peer s, the Trustees

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(continued)

determined that the fee was justified by the superior service record, consistent long-term performance, and management team stability achieved. The Trustees also considered the advisory fees charged to institutional clients of the Adviser, taking into consideration the differing requirements of such clients. While analyzing the effects of indirect compensation to the Adviser, such as soft dollar and other service benefits, the Trustees noted the generally low levels of soft dollars and absence of affiliated broker-dealer relationships.

• The Trustees' reviewed the Funds' expense ratios, which were deemed reasonable both on an absolute basis and in comparison to peer funds. The Trustees discussed the impact of the advisory fee on the ratio of total expenses to total assets and noted that the Funds' expense ratios decreased over several years as the Funds grew, highlighting a benefit to shareholders resulting from the development of economies of scale in the operation of the Funds. The Trustees also noted, however, that expense ratios for each of the Funds had increased over the prior fiscal year. These generally rising expense ratios were considered in light of industry-wide expense ratio increases over the same period and were not found to have changed the overall competitiveness of the Funds' expense profiles. The Trustees also considered the effect on expense ratios of Fund asset size and of particular categories of expenses, both currently a nd relative to prior periods.

• The Trustees' reviewed the Adviser's financial condition and profitability. They commented that profits appear healthy and that the Adviser has always shown the willingness to commit resources to support investment in the business. The Trustees noted the effect of particular categories of expenses, including compensation, on the Adviser's financial condition.

At the conclusion of their review, with no single factor being determinative, the Trustees determined that the Advisory Agreements serve the interests of the Funds and their shareholders and should be continued.

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First Eagle Funds

Trustees

Lisa Anderson

John P. Arnhold

Candace K. Beinecke (Chair)

Jean-Marie Eveillard

Jean D. Hamilton

James E. Jordan

William M. Kelly

Paul J. Lawler

Officers

John P. Arnhold

President

Robert Bruno

Chief Operations Officer

Joseph T. Malone

Chief Financial Officer

Mark D. Goldstein

Chief Compliance Officer

Suzan J. Afifi

Secretary & Vice President

Philip Santopadre

Treasurer

Michael Luzzatto

Vice President

Winnie Chin

Assistant Treasurer

Investment Adviser

First Eagle Investment Management, 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 9^th Street
Kansas City, MO 64105
800.334.2143

Underwriter

FEF Distributors, 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.

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

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This page was intentionally left blank.

1345 Avenue of the Americas | New York, NY | 10105-4300

800.334.2143 | firsteaglefunds.com

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants

Not applicable to this semi-annual report.

Item 6. Schedule of Investments.

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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) Not applicable to this semi-annual report.

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

(a)(3) Not applicable.

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

SIGNATURES

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

(Registrant)	First Eagle Funds

By (Signature and Title)*	/s/ John P. Arnhold

	John P. Arnhold, President

Date: July 7, 2010

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

By (Signature and Title)*	/s/ John P. Arnhold

	John P. Arnhold, Principal Executive Officer

Date: July 7, 2010

By (Signature and Title)*	/s/ Joseph T. Malone

	Joseph T. Malone, Principal Financial Officer

Date: July 7, 2010

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

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