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, 2011

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, 2011

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					12

Performance Chart					17

First Eagle Global Fund:

Fund Overview					20

Schedule of Investments					22

First Eagle Overseas Fund:

Fund Overview					44

Schedule of Investments					46

First Eagle U.S. Value Fund:

Fund Overview					62

Schedule of Investments					64

First Eagle Gold Fund:

Fund Overview					74

Consolidated Schedule of Investments					76

First Eagle Fund of America:

Management's Discussion of Fund Performance					81

Fund Overview					84

Schedule of Investments					86

Statements of Assets and Liabilities					94

Statements of Operations					98

Statements of Changes in Net Assets					100

Financial Highlights					104

Notes to Financial Statements					114

Fund Expenses					142

General Information					146

Consideration of Investment Advisory Agreements					147

Letter from the President

John P. Arnhold

Dear Fellow Shareholders,

Since I last wrote to you in December, financial markets around the world have continued their upward trajectory. Both the S&P 500 Index and the MSCI World Index are up over 9% year to date through April 30^th despite an abundance of geopolitical turmoil. Whether it is recent catastrophic natural disasters, widespread political upheaval in the Middle East or European sovereign debt issues, world markets have faced several disturbances with uncertain outcomes.

At First Eagle, we accept that there will always be uncertainty in the market and that we are unable to predict the future with any accuracy. That is why our primary focus — identifying quality businesses trading at a discount to what we believe are their intrinsic values — remains unchanged in all market environments. We keep an eye toward the macro landscape, but we do not let it distract us from our global search for quality companies to purchase at prices which we believe afford us a margin of safety. Investing in sound business models with a margin of safety makes it easier to weather unexpected market fluctuations.

Following the March 11^th earthquake in Fukushima, Japan we promptly updated you on our exposures. We concluded that we felt any losses to our holdings would likely be limited and temporary in nature. The resulting volatility in the Japanese markets following the earthquake provided us with an opportunity to add to our existing holdings. At First Eagle, we have often said that volatility is our friend, offering greater opportunity to effectively deploy capital.

Despite the market's positive momentum, we continue to find investment opportunities that provide us with our required margin of safety. Our cash position has grown slightly since my last letter as valuations have increased across the board, and we continue to hold gold as a potential hedge against unforeseen events.

Our Global Value Team is hard at work, with the solid leadership of Matt McLennan alongside Portfolio Managers Abhay Deshpande,

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Letter from the President (continued)

Kimball Brooker, Rachel Benepe and Matt Lamphier. The Portfolio Managers and analyst team continue to demonstrate their unwavering commitment to striving to protect shareholders' capital and building wealth over the long term.

First Eagle Fund of America maintains an impressive 24-year track record with managers Harold Levy and David Cohen of Iridian Asset Management. The Fund of America provides a strong complement to the First Eagle Fund family with its unique event-driven approach and commitment to seek downside protection.

Please be assured that your investments in our Funds will continue to be managed in the same prudent manner as they have been for over 30 years. Our portfolio managers and other senior executives have substantial investments alongside of yours and we are grateful for your continued confidence.

Sincerely,

John P. Arnhold

President

June 2011

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 tragic events in Japan serve as a reminder of the need to accept that as a society we operate on fault lines that can behave in complex, unpredictable and potentially disruptive ways. In the case of Japan, the fault line was geophysical. But as a metaphor for the broader global system, fault lines extend beyond the geophysical to the less tangible realms of the geopolitical and the underlying financial architecture of our global economy.

Just as no forecaster predicted the specific timing and devastating magnitude of the Japanese earthquake, nor the Egyptian riots and surprise leadership transition, it is extremely challenging to know what financial fissure could surface next. Global financial stability is influenced by a number of factors, including exchange rates, capital flows and reserve currencies. Our recent period of global financial crisis has demonstrated the inherent vulnerability of the long-term, large-scale monetary and fiscal imbalances that exist in our current system.

Our global financial architecture faces challenges. At the heart of the challenge is the notion of the United States Dollar reserve and the complications it creates. As the export driven economies (who are also the structural United States Dollar reserve accumulators) have grown in economic scale relative to earlier generations, the past decade's current account deficit in the United States has averaged between 4% and 5% of GDP compared to closer to 1% for the prior three decades. The structural foreign demand for dollar assets, which facilitates these substantial current account deficits, first manifested itself in equity and real estate bubbles which in turn fueled savings deficits and leverage growth in the private sector. More recently, with a more prudent private sector in saving surplus alongside less extreme asset values, the foreign demand for dollar assets shows up in the government running structural deficits well above 5% of GDP. Either asset bubbles with a leveraging private sector or a more normal private sector with structurally high fiscal deficits both represent breaks from the post-World War II financial order and are not the recipe for a sustainable AAA sovereign credit. Thus, we face the paradox of the world's reserve currency foundation being a questionable one as long as too many countries want to accumulate it as a reserve! We hope that a recovery in private sector confidence, solid productivity trends and perhaps a moderation of the global reserve accumulation pace could lead to a better outcome, but we must recognize there is a potentially complex and uncertain path that the global capital markets could fall prey to if recent trends do not abate. As with any fault line, a

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From left to right: Matthew McLennan, Abhay Deshpande, Kimball Brooker, Jr., Rachel Benepe and Matt Lamphier

cumulative vulnerability to crisis builds yet the precise form and timing of such crisis is unpredictable. Against such a back drop, we feel that a portfolio primarily invested in enterprise with some cash and gold as deferred purchasing power enables investors to participate in the progress of the global economy in order to preserve purchasing power, but also remain resilient in the face of distress and capitalize on the opportunities provided by such distress.

Over the past half year, most risk assets performed strongly given the easy monetary policy stance pursued by the Federal Reserve along with recovering confidence and earnings power. Not only did equities fare well, but, in parallel with issues of global financial stability, gold has also continued to perform well as a universal currency outside of the current architecture. In fact, after what was a window of private sector purchases of gold for the past few years, central banks have now commenced restocking gold for the first time in a generation which is starting to bring gold back into the financial foundation. We have kept our gold exposure in terms of both bullion and equities to around 10% of the portfolios rather than let it grow unbounded. We own gold as a potential hedge, not as a directional view, so we are mindful of not letting the exposure become outsized as prices have moved higher. While we recognize that gold is clearing at higher real prices than we have seen for some time, it is hard not to observe that the quality of the fiat money alternative is hardly alluring. Gold remains a potential source of ballast for us if the G20 wanders further down the path of fiscal unsustainability. Other than gold, the portfolio also benefitted from strong price performance of certain equities representing ownership interest in scarce real assets from silver to timberlands and energy to cement.

But the news was not all good. We had some declines in the portfolio, most notably our holding in Cisco which has a dominant market position in routers and switches, the basic nuts, bolts and software that make the internet tick. In recent months, the market has fretted about cutbacks in government spending budgets (perhaps a sneak preview of things to come more broadly), product cycle issues in their switching business and fears of competitors encroaching on their territory. Our team feels that Cisco is deeply embedded in its customers' technology

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Letter from the Global Value Team Portfolio Managers (continued)

platforms and serves as part of an entrenched, interlinked mesh of hardware and software. Cisco also stands to benefit from the growth in video-based traffic over the internet. While we wait for better times ahead, Cisco is exceptionally well capitalized with net cash and has returned substantial capital to shareholders through repurchases and a recently initiated dividend. As such, we have committed some incremental capital to this investment as the valuation margin of safety expanded. In our top ten list, you'll also see the emergence of Sysco, not a router company but rather a route company which distributes food to the away-from-home eating market — restaurants, hotels, hospitals, schools and the like. They are the largest player in this market across the United States, and this is a business where route density helps provide a structural cost advantage and therefore serves as a competitive advantage. They are also investing in widening the gap through specialized systems. We believe this is a company with a degree of pricing power over time, yet it offers a dividend yield above the yield of a 10 year treasury investment. Ironically, what gave us the opportunity to purchase Sysco at what we believe is a reasonable price were shorter term investor fears over their ability to pass through food price inflation. We are likely to own this stock for the long term assuming the valuation remains attractive.

Over the past half year we were also hurt by some of our partial hedges on the Euro. We have maintained a conservative stance in our approach to hedging currencies and our philosophy is simple: we do not want to lose what we make on a cheap stock to an expensive currency. The basket of currencies which comprise the Euro have historically traded at closer to €1.20 than the recent levels in the mid €1.40 range. The Euro had strengthened on the basis of the ECB being more hawkish than the Fed, having raised rates while the Fed embarked on QE2, and on positive sentiment regarding the resolution of fiscal crisis (with the banks having performed well early in the calendar year). It is not, however, clear to us that we are out of the woods on the fiscal adjustment in Europe so we maintain a partial hedge against the Euro and we're not owners of the big European banks. Our concern is straightforward — the peripheral countries are running large current account and fiscal deficits. In a floating currency regime, they would likely devalue to address this competitive challenge and to stimulate growth thus cushioning the path of fiscal adjustment. Under the aegis of the Euro, they are subject to the discipline of having to undertake fiscal austerity measures which are deflationary in nature and run counter to engrained historical policy responses from these countries. The political will for deflation is limited. Meanwhile, Germany is running large current account

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Letter from the Global Value Team Portfolio Managers (continued)

surpluses and has a very modest fiscal deficit by comparison. The Deutschmark is arguably undervalued within the Euro wrapper. This could lead to a build in inflationary pressures in Germany, which also runs counter to the political grain of that country. So the Euro requires its people to do what does not come naturally in order to work towards a more harmonized balance of fundamentals. The markets are skeptical and thus facilities have had to be extended to provide liquidity to the peripherals but this is just adding more debt to an already unsustainable dynamic. Meanwhile, if the talk of a "voluntary restructuring" of some of the peripheral debt comes to fruition, what does it mean for the value of banking sector equity if sovereign debt is devalued and equity to asset ratios are less than 10%? Creative proposals are starting to surface on how to cross this river of trouble but the fact remains that the architecture was not in place to deal with this challenge up front and there will be a degree of improvisation required, with the potential for unpredictable consequences.

In emerging markets, much of our exposure is indirect through the ownership of globally strong businesses listed in developed markets that have meaningful presence in those markets such as Nestle in consumer products or Heidelberg Cement in aggregates and cement. Our direct emerging market investments span a range of intriguing businesses from dominant franchises in spirits, tobacco, and gaming, to holding companies owning unique underlying consumer businesses to owners of scarce real assets, but we remain conspicuously absent from direct equity holdings in China. China has become the marginal bid for base metals and may well be a key driver of the global price of risk going forward. China is so big that it is shifting the global equilibrium for everything from iron ore to French wines so why should the global price of risk be any less impacted? The monetary authorities have been tightening the reins in China to try and keep a lid on inflation through a series of interest rate hikes and raised bank reserve requirements. Beyond that, China must transition from a capital expenditure and low cost labor export story to one driven more by services, domestic demand and factory automation. The combination of tighter financial conditions and a phase transition in economic structure may move China to a structurally lower but more sustainable growth rate, but the path from here to there is very uncertain. We are open-minded about investing in China and are deeply impressed by the commerciality of the Chinese diaspora throughout

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Letter from the Global Value Team Portfolio Managers (continued)

South East Asia, but await the right businesses at the right prices rather than betting on a theme. If inflation pressures ebb and the market rallies, we may well have missed an opportunity, but we remain focused on investing with a margin of safety.

Over the past six months our cash levels have built from the low double digit level to the mid to high teens as a percent of the portfolio. This is not a reflection of lack of hard work; in fact our analyst and trading team have been as diligent and dedicated as ever to uncovering opportunities. It is rather a reflection of our patience — we are still finding opportunities but, in a market that has rallied strongly, the margin of safety we seek is a bit harder to come by. Valuation multiples are not exorbitant relative to the low real rates on offer in the fixed income markets but there is an air of complacency in markets today with low levels of implied volatility, above-average business expectations and all this against a backdrop of unusually high corporate profit margins despite close to double digit unemployment. Were it not for the demand support of near double digit fiscal deficits, where would earnings be for the corporate sector? Record levels of stimulus have supported earnings power and put in place the seed for future capital expenditures and hiring growth but the poor state of public finance means that the stimulus may need to be withdrawn ahead of the recovery in private sector confidence so the future path of earnings power is less certain than with a traditional cyclical recovery. Our hats go off to the hard work of the analyst team as they toggle between globe-trotting company visits and burying their heads in annual reports — we are told that their lifestyle is fine "on average" but we know that a great deal of gumption is required beyond the patient temperament. Likewise, our trading team worked with fiduciary zeal in the past half year, with unrelenting, around-the-clock commitment during the crisis in Japan.

On a final note, we would like to express our gratitude to our investors — most of whom share our long term perspective. If you are new to the fund and you do not share our three to five year horizon, you should consider closely the appropriateness of this investment as we will not attempt to mirror shorter term market movements. Whilst we remain philosophically focused on seeking to avoid a permanent impairment of capital in each of our investments, we are primarily invested in enterprise and thus will not be immune to any adverse changes in sentiment over the short term. We are investing for the long haul, not the next quarter, so we ask that you think carefully about your time horizon. When we look to the horizon, our goal is to extend our legacy track record but

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Letter from the Global Value Team Portfolio Managers (continued)

we want you to be realistic — high real returns are hard to come by in a world of negative real yields in fixed income, an equity market that has doubled off the bottom and even our potential hedge, gold, hitting record prices. The Federal Reserve has ironically succeeded in reducing the margin of safety available while risks abound.

Matthew McLennan

Head of the Global Value Team
Portfolio Manager

Abhay Deshpande

Portfolio Manager

June 2011

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Management's Discussion of Fund Performance

Despite one of the worst natural disasters in Japan's history, turbulence in the Middle East and the ongoing sovereign debt crisis in Europe, markets around the world rose during the six months ended April 30, 2011. The MSCI World Index increased 14.8%. In Europe, the German DAX Index rose 13.8% while the French CAC 40 Index rose 7.1%. In Japan, the Nikkei 225 Index rose 7.0% and in the U.S., the S&P 500 Index rose 16.4%. Crude oil rose 40.0% to a record high of $114 a barrel — the result of the civil unrest in oil-producing nations and global concerns about supply — and gold rose 15.0% to $1,564 an ounce. The U.S. dollar rose a modest 1.0% against the yen and it fell 5.8% against the Euro as the Euro strengthened on hopes that the European Central Bank would raise interest rates.

First Eagle Global Fund

The net asset value ("NAV") of the Fund's Class A shares increased 13.4% for the six month period while the MSCI World Index rose 14.8%. The Fund's position in cash and cash equivalents increased from 11.4% at the end of October to 15.8% on April 30, 2011.

The five largest contributors to the performance of First Eagle Global Fund over the period were Gold bullion (gold, U.S.), Weyerhaeuser Company (forest products, U.S.), Heidelberg Cement AG (building products, Germany), ConocoPhillips (energy, U.S.) and Industrias Penoles S.A.B. de C.V. (mining, Mexico) collectively accounting for 2.6% of this period's performance.

The five largest detractors were Cisco Systems, Inc. (networking, U.S.), Carrefour SA (supermarkets, France), Alliant Techsystems, Inc. (defense systems, U.S.), NKSJ Holdings, Inc. (insurance, Japan) and Newmont Mining Corporation (gold mining, U.S.). Their combined negative performance over the six month period subtracted 0.39% 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, 2011, the Fund was approximately 35% hedged versus the Japanese yen and 45% hedged versus the Euro.

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

First Eagle Overseas Fund

The NAV of the Fund's Class A shares rose 12.4% for the six month period while the MSCI EAFE Index increased 12.7%. The Fund's position in cash and cash equivalents was unchanged at 15.8% from the end of October through April 30, 2011.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were Gold bullion (gold, U.S.), Heidelberg Cement AG (building products, Germany), Pargesa Holding SA (holding company, Switzerland), SMC Corporation (electrical machinery, Japan) and Wendel (holding company, France) collectively accounting for 3.1% of this period's performance.

The five largest detractors were Newmont Mining Corporation (gold mining, U.S.), Carrefour SA (supermarkets, France), NKSJ Holdings, Inc. (insurance, Japan), Gaumont SA (film distributor, France) and Singapore Airport Terminal Services Limited (airline catering services, Singapore). Their combined negative performance over the six month period subtracted 0.17% 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, 2011, the Fund was approximately 35% hedged versus the Japanese yen and 45% hedged versus the Euro.

First Eagle U.S. Value Fund

The NAV of the Fund's Class A shares increased 12.9% for the six month period while the S&P 500 Index rose 16.4%. The Fund's position in cash and cash equivalents rose from 17.3% at the beginning of the period to 24.2% on April 30, 2011.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Weyerhaeuser Company (forest products), Conoco Phillips (energy), Gold bullion (gold), Helmerich & Payne, Inc. (oil & gas drilling) and Comcast Corporation (cable company) collectively accounting for 3.6% of this period's performance.

The five largest detractors were Cisco Systems, Inc. (networking), Alliant Techsystems, Inc. (defense systems), Amdocs Limited (IT services), Mercury General Corporation (insurance) and Microsoft Corporation (software). Their combined negative performance over the six month period subtracted 0.41% from the Fund's performance.

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Management's Discussion of Fund Performance (continued)

First Eagle Gold Fund

The NAV of the Fund's Class A shares rose 13.6% for the six month period while the FT Gold Mines Index increased 6.4%. The Fund's position in cash and cash equivalents decreased from 4.1% in October to 2.4% on April 30, 2011.

The five largest contributors to the performance of First Eagle Gold Fund over the period were Gold bullion (U.S.), Goldcorp, Inc. (Canada), New Gold, Inc. (Canada), Harmony Gold Mining Company (South Africa) and Fresnillo PLC (U.K.) collectively accounting for 6.7% of this period's performance.

The five largest detractors were Kinross Gold Corporation (Canada), Rangold Resources Limited (U.K.), Agnico-Eagle Mines Limited (Canada), Centamin Egypt (U.K.) and Kingsgate Consolidated (Australia). Their combined negative performance over the six month period subtracted 1.44% 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 the 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 EU is facing major issues and the Euro is facing its most critical challenge in its 10 year history and the yen also lacks appeal. Gold is currently playing the role of a substitute currency.

Investment in gold and gold related investments present certain risks. 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. Investment in gold and gold related investments may be speculative and may be subject to greater price volatility than investments in other assets and types of companies.

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

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



Matthew McLennan				Abhay Deshpande

Head of the Global Value Team Portfolio Manager Global, Overseas and U.S. Value Funds				Portfolio Manager Global, Overseas, U.S. Value and Gold Funds



Kimball Brooker, Jr.				Rachel Benepe

Portfolio Manager Overseas and U.S. Value Funds Associate Portfolio Manager Global Fund				Portfolio Manager Gold Fund

Matt Lamphier

Associate Portfolio Manager
U.S. Value Fund

June 2011

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Management's Discussion of Fund Performance (continued)

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. Hedging can reduce exposure to currency exchange movements, but cannot eliminate that exposure. It is possible to lose money under a hedge. Results from hedging transactions, which for the Funds are primarily currency forward contracts, are further described in the financial statements that follow this commentary.

The commentary represents the opinion of the Global Value Team Portfolio Managers as of June 2011 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 (unaudited)

	_ONE-YEAR			_THREE-YEARS			_FIVE-YEARS			_TEN-YEARS			_SINCE_INCEPTION			_INCEPTION_DATE
First Eagle Global Fund
Class A (SGENX)
without sales charge		18.20	%		6.39	%		7.77	%		13.17	%		14.67	%	01/01/79²
with sales charge		12.29			4.58			6.67			12.59			14.53		01/01/79²
Class C (FESGX)		16.32			5.59			6.96			12.33			12.70		06/05/00
Class I (SGIIX)		18.51			6.65			8.04			13.45			13.02		07/31/98
MSCI World Index³		18.25			-0.57			2.32			3.90			10.00		01/01/79
First Eagle Overseas Fund
Class A (SGOVX)
without sales charge		19.07	%		5.94	%		6.90	%		13.69	%		12.91	%	08/31/93
with sales charge		13.10			4.16			5.80			13.11			12.66		08/31/93
Class C (FESOX)		17.18			5.13			6.09			12.86			12.78		06/05/00
Class I (SGOIX)		19.35			6.20			7.16			13.96			13.69		07/31/98
MSCI EAFE Index⁴		19.18			-2.85			1.54			5.29			5.51		08/31/93
First Eagle U.S. Value Fund
Class A (FEVAX)
without sales charge		13.79	%		5.25	%		6.49	%		—			9.96	%	09/04/01
with sales charge		8.10			3.47			5.40			—			9.37		09/04/01
Class C (FEVCX)		11.87			4.47			5.68			—			9.13		09/04/01
Class I (FEVIX)		14.01			5.51			6.73			—			10.21		09/04/01
Standard & Poor's 500 Index⁵		17.22			1.73			2.95			—			3.91		09/04/01
First Eagle Gold Fund
Class A (SGGDX)
without sales charge		31.82	%		19.16	%		14.73	%		26.48	%		11.73	%	08/31/93
with sales charge		25.23			17.14			13.56			25.83			11.49		08/31/93
Class C (FEGOX)		29.82			18.26			13.87			—			19.60		05/15/03
Class I (FEGIX)		32.11			19.45			15.02			—			20.79		05/15/03
FTSE Gold Mines Index⁶		19.97			13.27			8.58			18.19			4.36		08/31/93
MSCI World Index³		18.25			-0.57			2.32			3.90			6.57		08/31/93

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
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Performance Chart (unaudited) (continued)

	_ONE-YEAR			_THREE-YEARS			_FIVE-YEARS			_TEN-YEARS			_SINCE_INCEPTION			_INCEPTION_DATE
First Eagle Fund of America
Class A (FEFAX)
without sales charge		25.37	%		4.68	%		7.51	%		8.24	%		8.35	%	11/20/98
with sales charge		19.10			2.91			6.41			7.69			7.90		11/20/98
Class C (FEAMX)		23.45			3.90			6.69			7.48			7.57		03/02/98
Class Y (FEAFX)⁷		25.44			4.68			7.50			8.29			12.30		04/10/87
Standard & Poor's 500 Index⁵		17.22			1.73			2.95			2.82			9.07		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 www.firsteaglefunds.com or by calling 800.334.2143. The average annual returns shown on the prior page are historical and reflect changes in share price, reinvested dividends and are net of expenses. The average annual returns for Class A Shares "with sales 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 maximum 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 sales charge.

² Commencement 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.

³ 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.

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

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
18

Average Annual Returns as of April 30, 2011 (unaudited)

⁵ The Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 75% coverage of U.S. equities, it is also considered a proxy for the total market. The Standard & Poor's 500 Index includes dividends reinvested.

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

⁷ As 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		1.16	%		1.91	%		0.91	%		—
First Eagle Overseas Fund		1.17			1.92			0.92			—
First Eagle U.S. Value Fund		1.24			1.99			1.00			—
First Eagle Gold Fund		1.22			1.97			0.97			—
First Eagle Fund of America		1.49			2.24			—			1.49	%

These expense ratios are presented as of October 31, 2010 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).

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
19

Fund Overview | Data as of April 30, 2011 (unaudited)

INVESTMENT OBJECTIVE

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. 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		18.20	%		7.77	%		13.17	%
with sales charge		12.29			6.67			12.59
MSCI World Index		18.25			2.32			3.90
Consumer Price Index		3.16			2.22			2.43

Asset Allocation

Asset Allocation and Countries percentages are based on total investments in the portfolio. The Fund's portfolio composition is subject to change at any time.

Countries
United States	37.12	%
Japan	17.90
France	6.59
Germany	3.18
Switzerland	3.05
Mexico	2.65
United Kingdom	1.98
South Korea	1.84
South Africa	1.62
Hong Kong	1.25
Singapore	0.96
Italy	0.88
Canada	0.87
Belgium	0.73
Australia	0.72
Thailand	0.59
Malaysia	0.57
Spain	0.45
Taiwan	0.42
Brazil	0.39
Austria	0.24
Sweden	0.10
Netherlands	0.08
Norway	0.05

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
20

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 above are historical and reflect changes in share price, reinvested dividends and are net of expenses.

The average annual returns for Class A Shares give effect to the deduction of the maximum sales 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)	5.88	%
Secom Company, Limited (Japanese security services provider)	1.87
Fanuc Limited (Japanese industrial manufacturing company)	1.73
SMC Corporation (Japanese automated control devices manufacturer)	1.58
Keyence Corporation (Japanese sensors manufacturer)	1.33
Cintas Corporation (U.S. uniform designer and manufacturer)	1.32
Shimano, Inc. (Japanese bicycle parts manufacturer)	1.29
Comcast Corporation, Class 'A' (U.S. cable/satellite television company)	1.28
Pargesa Holding SA (Swiss diversified financials company)	1.27
Microsoft Corporation (U.S. software developer)	1.26
Total	18.81	%

* Excludes cash, commercial paper and money market funds.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
21

First Eagle Global Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 74.24%
U.S. Common Stocks — 30.77%
Consumer Discretionary 5.03%
	13,051,511	Cintas Corporation (a)	$	438,387,413	$	405,249,416
	16,016,312	Comcast Corporation, Class 'A'		266,139,825		393,200,460
	5,571,290	Omnicom Group, Inc.		162,938,225		274,051,755
	5,300,650	Home Depot, Inc.		131,119,191		196,866,141
	2,051,045	Wal-Mart Stores, Inc.		101,774,692		112,766,454
	1,075,480	Costco Wholesale Corporation		33,417,180		87,027,842
	1,381,358	Unifirst Corporation		30,865,195		71,499,090
	2,485	JG Boswell Company (b)		573,840		1,963,150
	184,753	St. John Knits International, Inc. (b)(c)		3,174,837		1,110,366
				1,168,390,398		1,543,734,674
Consumer Staples 2.46%
	13,171,404	Sysco Corporation		374,099,914		380,785,290
	1,837,950	Lorillard, Inc.		135,716,878		195,741,675
	2,132,090	Colgate-Palmolive Company		164,260,763		179,841,791
				674,077,555		756,368,756
Energy 2.34%
	4,700,563	ConocoPhillips		230,084,270		371,015,438
	1,442,501	Apache Corporation		90,693,919		192,386,358
	3,975,644	San Juan Basin Royalty Trust (a)		141,567,357		99,232,074
	851,950	Helmerich & Payne, Inc.		18,084,022		56,518,363
				480,429,568		719,152,233
Financials 5.75%
	7,551,993	American Express Company		318,860,508		370,651,817
	2,624	Berkshire Hathaway, Inc., Class 'A' (c)		209,446,032		327,344,000
	8,975,246	Cincinnati Financial Corporation (a)		229,993,905		284,335,793
	8,500,496	Bank of New York Mellon Corporation		220,277,942		246,174,364
	567,206	Mastercard, Inc., Class 'A'		115,777,628		156,486,463
	5,728,995	BB&T Corporation		154,967,404		154,224,545
	4,386,051	WR Berkley Corporation		117,583,057		143,029,123
	1,033,330	Visa, Inc., Class 'A'		74,587,533		80,723,740
	34,924	Mills Music Trust (a)(b)		1,055,337		1,344,574
				1,442,549,346		1,764,314,419
Health Care 0.88%
	2,594,970	WellPoint, Inc.		122,915,513		199,267,746

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
22

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 30.77% — (continued)
Health Care 0.88% — (continued)
	1,059,980	Johnson & Johnson	$	59,610,843	$	69,661,886
				182,526,356		268,929,632
Industrials 3.88%
	3,375,980	3M Company		263,499,538		328,179,016
	3,256,818	Alliant Techsystems, Inc. (a)		294,573,629		230,094,191
	2,860,552	Lockheed Martin Corporation		202,039,274		226,698,746
	9,049,000	Blount International, Inc. (a)(c)		115,722,600		150,213,400
	2,365,411	Automatic Data Processing, Inc.		85,148,200		128,560,088
	1,911,836	Northrop Grumman Corporation		117,301,337		121,611,888
	149,923	Huntington Ingalls Industries, Inc. (c)		5,649,077		5,996,920
				1,083,933,655		1,191,354,249
Information Technology 3.63%
	14,892,064	Microsoft Corporation		365,199,954		387,491,505
	10,697,110	Intel Corporation		174,210,286		248,065,981
	5,703,320	Linear Technology Corporation		160,046,637		198,475,536
	4,203,010	Texas Instruments, Inc.		102,357,670		149,332,945
	3,010,552	KLA-Tencor Corporation (d)		86,433,226		132,163,233
				888,247,773		1,115,529,200
Materials 3.75%
	10,535,770	Weyerhaeuser Company		187,506,558		242,428,068
	4,387,079	Vulcan Materials Company		223,679,544		198,295,971
	3,987,548	Plum Creek Timber Company, Inc., REIT		147,118,846		171,823,443
	1,709,260	Martin Marietta Materials, Inc.		152,089,232		155,867,419
	2,342,121	Rayonier, Inc., REIT		38,588,260		155,423,150
	1,780,037	Newmont Mining Corporation		45,037,176		104,327,969
	1,258,500	Deltic Timber Corporation (a)		62,903,243		85,326,300
	626,842	Ashland, Inc.		32,273,130		38,914,351
				889,195,989		1,152,406,671
Telecommunication Services 1.01%
	17,684,458	Cisco Systems, Inc.		314,957,660		310,539,083
Utilities 2.04%
	9,003,021	FirstEnergy Corporation		325,646,875		359,760,719
	4,117,660	IDACorporation, Inc. (a)		136,695,396		161,453,449
	1,513,630	Entergy Corporation		100,134,585		105,530,284
				562,476,856		626,744,452
Total U.S. Common Stocks				7,686,785,156		9,449,073,369

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
23

Global Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 43.47%
Australia 0.72%
	4,843,236	Newcrest Mining Limited	$	163,187,463	$	220,004,265
Austria 0.24%
	1,626,729	OMV AG		67,045,549		74,306,531
Belgium 0.73%
	2,271,065	Groupe Bruxelles Lambert SA		189,789,405		225,570,465
Brazil 0.39%
	3,625,916	Petroleo Brasileiro SA, ADR		68,857,936		120,996,817
Canada 0.65%
	3,358,189	Cenovus Energy, Inc.		84,672,345		128,954,457
	2,773,965	Penn West Petroleum Limited		52,580,541		71,041,244
				137,252,886		199,995,701
France 6.36%
	4,179,227	Sanofi-Aventis SA		323,385,924		331,084,848
	4,070,936	Sodexo		110,028,806		317,734,713
	2,044,437	Neopost SA (a)		184,799,958		195,387,394
	3,733,423	Carrefour SA		230,370,943		177,294,377
	2,359,340	Total SA		130,161,165		151,278,560
	1,162,042	Wendel		25,161,141		145,794,199
	956,044	Guyenne et Gascogne SA (a)		108,257,344		138,160,378
	1,400,548	Rémy Cointreau SA		41,298,503		115,607,819
	2,078,658	Bouygues SA		100,326,768		103,661,680
	806,452	Société BIC SA		38,193,195		78,532,457
	63,019	Sucrière de Pithiviers-Le-Vieil (a)		35,947,627		78,065,666
	721,719	Cie Generale d'Optique Essilor International SA		14,254,370		60,516,302
	157,260	Robertet SA (a)		20,623,058		28,927,241
	42,252	Robertet SA CI (b)(e)(h)		800,508		5,829,043
	385,000	Sabeton SA (a)		4,841,233		7,653,633
	104,457	Gaumont SA		6,087,824		7,213,721
	12,000,000	FINEL (a)(b)(c)(e)(f)(g)		—		6,408,935
	69,500	NSC Groupe (a)(b)(c)		12,298,421		4,222,219
				1,386,836,788		1,953,373,185
Germany 2.74%
	4,485,848	HeidelbergCement AG		242,684,169		343,596,528
	2,680,681	Daimler AG		128,871,063		207,555,632
	1,193,748	Fraport AG		38,267,364		95,686,289

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
24

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 43.47% — (continued)
Germany 2.74% — (continued)
	2,464,510	Tognum AG	$	26,236,180	$	94,696,175
	517,675	Pfeiffer Vacuum Technology AG (a)		42,989,536		71,807,679
	386,842	Hornbach Baumarkt AG		21,504,161		28,390,799
				500,552,473		841,733,102
Hong Kong 0.52%
	12,693,580	Guoco Group Limited		115,086,260		157,791,316
	20,738,780	City e-Solutions Limited (a)(b)(c)		936,898		2,403,103
				116,023,158		160,194,419
Italy 0.88%
	18,139,395	Italcementi S.p.A. RSP		249,186,230		102,798,848
	4,682,069	Italcementi S.p.A.		86,201,872		51,435,736
	1,734,972	Italmobiliare S.p.A. RSP		121,356,934		47,617,467
	1,021,137	Italmobiliare S.p.A.		107,360,738		44,735,217
	3,208,913	Gewiss S.p.A.		18,972,618		24,183,756
				583,078,392		270,771,024
Japan 17.81%
	11,590,430	Secom Company Limited		528,330,685		573,239,424
	3,204,100	Fanuc Limited		270,423,910		530,859,140
	2,673,456	SMC Corporation		292,290,699		485,753,585
	1,571,990	Keyence Corporation		313,389,646		409,747,578
	7,449,590	Shimano, Inc. (a)		181,501,011		397,348,173
	8,977,860	Astellas Pharma, Inc.		362,418,345		341,729,335
	12,811,860	MISUMI Group, Inc. (a)		221,342,849		321,795,794
	12,970,300	MS&AD Insurance Group Holdings		325,978,421		301,809,518
	5,211,900	Ono Pharmaceutical Company Limited		237,044,526		264,190,299
	38,276,900	NKSJ Holdings, Inc.		284,279,705		244,240,382
	4,896,260	Canon, Inc.		232,564,293		229,191,771
	1,930,700	Hirose Electric Company Limited		208,019,877		199,776,792
	9,672,280	Mitsubishi Estate Company Limited		143,042,330		167,757,702
	24,702	KDDI Corporation		153,433,464		163,706,282
	21,141	Inpex Corporation		105,392,518		160,419,512
	6,166,510	THK Company Limited		107,947,983		156,251,676
	71,439	NTT DoCoMo, Inc.		108,868,051		131,385,104
	3,383,520	Nissin Foods Holdings Company Limited		119,507,437		119,536,036
	3,501,380	Chofu Seisakusho Company Limited (a)		63,721,317		84,925,071

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
25

Global Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 43.47% — (continued)
Japan 17.81% — (continued)
	5,147,000	T. Hasegawa Company Limited (a)	$	79,849,658	$	78,745,676
	2,719,100	Meitec Corporation (a)		79,203,905		52,251,737
	1,725,100	Ariake Japan Company Limited (a)		29,754,119		29,027,921
	2,002,100	Seikagaku Corporation		21,143,745		23,133,405
	232,910	Unihair Company Limited (c)		5,287,339		2,240,733
				4,474,735,833		5,469,062,646
Malaysia 0.57%
	134,626,930	Genting Malaysia Berhad		116,786,948		167,261,007
	1,655,665	Genting Berhad		2,727,877		6,484,036
				119,514,825		173,745,043
Mexico 2.65%
	8,766,773	Industrias Peñoles S.A.B. de C.V.		14,740,763		341,307,811
	12,512,115	Grupo Televisa SA, ADR (c)		236,037,035		296,787,368
	6,414,687	Fresnillo PLC		43,993,880		175,876,691
				294,771,678		813,971,870
Netherlands 0.08%
	1,042,730	TNT N.V.		24,788,935		25,717,906
Singapore 0.22%
	10,153,710	Fraser and Neave Limited		8,655,703		52,042,640
	13,467,250	ComfortDelgro Corporation Limited		3,279,184		16,843,695
				11,934,887		68,886,335
South Africa 1.62%
	20,830,304	Gold Fields Limited, ADR		231,208,540		371,612,623
	8,092,307	Harmony Gold Mining Company Limited, ADR		69,852,451		125,997,220
				301,060,991		497,609,843
South Korea 1.12%
	3,979,661	KT&G Corporation		216,773,359		235,441,149
	51,900	Lotte Confectionery Company Limited		21,157,499		76,906,826
	39,989	Namyang Dairy Products Company Limited (a)		7,325,466		30,113,491
				245,256,324		342,461,466
Spain 0.45%
	2,176,646	Red Electrica Corporation SA		105,631,283		139,112,318
Sweden 0.10%
	1,215,304	Investor AB, Class 'A'		26,759,103		29,405,283

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
26

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 43.47% — (continued)
Switzerland 3.05%
	3,783,070	Pargesa Holding SA	$	237,781,696	$	388,601,217
	4,643,250	Nestlé SA		118,121,050		288,107,372
	39,705	Lindt & Spruengli AG PC (c)		65,203,420		131,669,478
	800	Lindt & Spruengli AG (c)		16,046,392		29,760,240
	614,726	Kuehne & Nagel International AG		19,542,476		98,162,960
				456,695,034		936,301,267
Thailand 0.59%
	30,251,300	Bangkok Bank PCL NVDR		98,647,613		172,285,461
	577,000	OHTL PCL (b)		2,636,472		9,085,092
				101,284,085		181,370,553
United Kingdom 1.98%
	9,342,277	Berkeley Group Holdings PLC (a)(c)		114,104,302		165,456,122
	7,387,420	GlaxoSmithKline PLC		140,774,624		161,136,491
	2,714,983	Anglo American PLC		62,810,160		141,551,845
	3,387,940	Willis Group Holdings PLC		87,537,759		139,989,681
				405,226,845		608,134,139
Total International Common Stocks				9,780,283,873		13,352,724,178
Total Common Stocks				17,467,069,029		22,801,797,547
Preferred Stocks — 1.27%
U.S. Preferred Stocks — 0.06%
Utilities 0.06%
	335,000	Calenergy Capital Trust III 6.50% (b)(i)		14,782,813		16,900,750
International Preferred Stocks — 1.21%
Canada 0.13%
	2,750,391	Postmedia Network (b)		18,719,011		39,880,670
Germany 0.43%
	877,242	Hornbach Holding AG		63,837,360		134,047,503
South Korea 0.65%
	338,589	Samsung Electronics Company Limited		49,993,100		199,049,195
Total International Preferred Stocks				132,549,471		372,977,368
Total Preferred Stocks				147,332,284		389,878,118

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
27

Global Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Warrant — 0.25%
United States — 0.25%
	4,716,220	JPMorgan Chase & Co. Warrant expire 10/28/18 (c)	$	61,320,499	$	78,289,252
_OUNCES
Commodity — 5.88%
	1,155,839	Gold bullion (c)		648,342,611		1,805,594,108
_{PRINCIPAL AMOUNT}
Bonds — 2.58%
U.S. Bonds — 0.15%
Corporate Bonds 0.15%
$	5,467,000	Bausch & Lomb, Inc. 7.125% due 08/01/28 (b)		4,741,169		4,543,022
	5,000,000	Pulte Group, Inc. 5.20% due 02/15/15		4,453,496		5,000,000
	12,554,000	Yankee Acquisition Corporation, Series 'B' 8.50% due 02/15/15		12,489,400		13,150,315
	22,554,000	Yankee Acquisition Corporation, Series 'B' 9.75% due 02/15/17		21,932,851		24,189,165
Total U.S. Bonds				43,616,916		46,882,502
International Notes and Bonds — 2.43%
International Corporate Notes and Bonds — 0.37%
Canada 0.09%
	28,460,000 USD	Catalyst Paper Corporation 11.00% due 12/15/16 (b)(j)		24,858,141		28,709,025
France 0.23%
	15,000,000 EUR	Emin Leydier SA FRN 6.511% due 07/31/16 (b)(e)(f)		21,410,094		22,253,245
	12,000,000 EUR	FINEL 9.50% due 06/30/17 (b)(e)(f)		14,474,400		13,351,947
	12,050,000 EUR	Wendel 4.375% due 08/09/17		11,178,962		15,999,712
	3,500,000 EUR	Wendel 4.875% due 05/26/16		2,690,019		4,887,369
	10,000,000 EUR	Wendel 4.875% due 09/21/15 (k)		10,530,962		14,464,609
				60,284,437		70,956,882

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
28

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Corporate Notes and Bonds — 0.37% — (continued)
Norway 0.05%
	5,500,000 USD	Den Norske Bank ASA FRN 0.625% due 08/31/11 (b)	$	3,888,750	$	3,451,250
	3,170,000 USD	Den Norske Creditbank FRN 0.563% due 05/31/11 (b)		2,059,625		1,981,250
	3,500,000 USD	Den Norske Creditbank FRN 0.65% due 08/31/11 (b)		2,610,000		2,152,500
	10,000,000 USD	Nordea Bank Norge ASA FRN 0.625% due 11/21/11 (b)		6,826,750		6,300,000
				15,385,125		13,885,000
Total International Corporate Notes and Bonds				100,527,703		113,550,907
International Government Bonds — 2.06%
Hong Kong 0.73%
	371,900,000 HKD	Hong Kong Government Bond 0.48% due 09/03/12		48,030,896		47,866,791
	732,250,000 HKD	Hong Kong Government Bond 2.66% due 12/17/12		98,101,071		97,587,514
	586,700,000 HKD	Hong Kong Government Bond 4.20% due 09/17/12		79,766,565		79,415,703
				225,898,532		224,870,008
Japan 0.09%
	2,163,399,300 JPY	Japanese Government CPI Linked Bond 1.40% due 06/10/18 (l)		19,795,759		27,274,235
Singapore 0.74%
	275,440,000 SGD	Singapore Government Bond 3.625% due 07/01/11		200,224,328		226,425,730
South Korea 0.08%
	24,494,400,000 KRW	Inflation Linked Korea Treasury Bond 2.75% due 03/10/17 (l)		23,337,721		23,924,125
Taiwan 0.42%
	1,767,500,000 TWD	Taiwan Government Bond 2.00% due 07/20/12		54,308,701		62,740,094
	1,826,000,000 TWD	Taiwan Government Bond 2.375% due 01/16/13		59,266,472		65,512,711
				113,575,173		128,252,805
Total International Government Bonds				582,831,513		630,746,903
Total International Notes and Bonds				683,359,216		744,297,810
Total Notes and Bonds				726,976,132		791,180,312

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
29

Global Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Commercial Paper — 15.76%
International Commercial Paper — 8.56%
France 2.08%
	6,066,000 USD	Électricité de France 0.17% due 05/02/11	$	6,065,971	$	6,065,971
	50,000,000 USD	Électricité de France 0.19% due 06/15/11		49,988,125		49,988,125
	46,815,000 USD	Électricité de France 0.26% due 06/20/11		46,798,095		46,798,095
	58,000,000 USD	Électricité de France 0.26% due 06/21/11		57,978,637		57,978,637
	100,000,000 USD	Électricité de France 0.27% due 05/16/11		99,988,750		99,988,750
	25,400,000 USD	GDF Suez SA 0.19% due 06/13/11		25,394,236		25,394,236
	25,000,000 USD	GDF Suez SA 0.26% due 05/27/11		24,995,306		24,995,306
	15,560,000 USD	GDF Suez SA 0.27% due 06/10/11		15,555,332		15,555,332
	51,000,000 USD	GDF Suez SA 0.28% due 06/22/11		50,979,373		50,979,373
	40,000,000 USD	GDF Suez SA 0.34% due 05/02/11		39,999,622		39,999,622
	47,500,000 USD	GDF Suez SA 0.35% due 05/06/11		47,497,757		47,497,757
	25,000,000 USD	GDF Suez SA 0.35% due 05/20/11		24,995,514		24,995,514
	45,229,000 USD	Sanofi-Aventis SA 0.28% due 09/12/11		45,181,861		45,180,985
	25,000,000 USD	Sanofi-Aventis SA 0.30% due 09/12/11		24,972,083		24,973,460
	18,000,000 USD	Sanofi-Aventis SA 0.32% due 05/10/11		17,998,560		17,998,560
	27,255,000 USD	Sanofi-Aventis SA 0.33% due 10/13/11		27,215,026		27,214,161
	10,733,000 USD	Sanofi-Aventis SA 0.38% due 05/24/11		10,730,428		10,730,428
	22,000,000 USD	Sanofi-Aventis SA 0.38% due 06/01/11		21,992,896		21,992,896
Germany 0.21%
	14,855,000 USD	BASF AG 0.13% due 06/02/11		14,853,284		14,853,284
	50,000,000 USD	BASF AG 0.18% due 06/29/11		49,985,250		49,984,415

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
30

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 8.56% — (continued)
Germany 0.21% — (continued)
	100,000 USD	BMW 0.31% due 05/02/11	$	99,999	$	99,999
Italy 0.60%
	50,000,000 USD	Eni S.p.A. 0.20% due 06/01/11		49,991,389		49,991,389
	50,000,000 USD	Eni S.p.A. 0.32% due 06/08/11		49,983,639		49,983,639
	43,000,000 USD	Eni S.p.A. 0.35% due 06/20/11		42,979,694		42,979,694
	9,000,000 USD	Eni S.p.A. 0.37% due 07/11/11		8,993,610		8,995,566
	32,699,000 USD	Eni S.p.A. 0.37% due 07/29/11		32,669,898		32,677,428
Japan 3.24%
	10,000,000 USD	Mitsubishi Company 0.25% due 05/20/11		9,998,681		9,998,681
	50,000,000 USD	Mitsubishi Company 0.25% due 07/13/11		49,974,653		49,974,480
	30,000,000 USD	Mitsubishi Company 0.25% due 07/26/11		29,982,083		29,981,079
	34,000,000 USD	Mitsubishi Company 0.26% due 07/06/11		33,983,793		33,984,714
	20,000,000 USD	Mitsubishi Company 0.26% due 07/29/11		19,987,144		19,986,806
	50,000,000 USD	Mitsubishi Company 0.27% due 05/17/11		49,994,000		49,994,000
	39,893,000 USD	Mitsubishi Company 0.27% due 06/13/11		39,880,135		39,880,134
	40,391,000 USD	Mitsui & Company, Limited 0.23% due 05/10/11		40,388,678		40,388,678
	50,000,000 USD	Mitsui & Company, Limited 0.23% due 07/05/11		49,979,236		49,977,945
	20,000,000 USD	Mitsui & Company, Limited 0.23% due 07/26/11		19,989,011		19,987,386
	30,000,000 USD	Mitsui & Company, Limited 0.24% due 06/24/11		29,989,200		29,989,200
	44,000,000 USD	Mitsui & Company, Limited 0.27% due 07/18/11		43,974,260		43,975,554
	40,000,000 USD	Mitsui & Company, Limited 0.30% due 07/22/11		39,972,667		39,976,292
	50,000,000 USD	Sumitomo Corporation 0.23% due 07/13/11		49,976,681		49,974,480

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
31

Global Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 8.56% — (continued)
Japan 3.24% — (continued)
	50,000,000 USD	Sumitomo Corporation 0.26% due 07/07/11	$	49,975,806	$	49,977,095
	38,500,000 USD	Sumitomo Corporation 0.27% due 07/28/11		38,474,590		38,474,975
	35,000,000 USD	Sumitomo Corporation 0.28% due 06/24/11		34,985,300		34,985,300
	20,000,000 USD	Sumitomo Corporation 0.31% due 07/05/11		19,989,167		19,991,178
	25,000,000 USD	Sumitomo Corporation 0.32% due 07/25/11		24,981,701		24,984,472
	35,000,000 USD	Sumitomo Corporation 0.36% due 09/21/11		34,951,340		34,954,465
	20,000,000 USD	Toyota Motor Corporation 0.20% due 06/23/11		19,994,111		19,994,111
	30,000,000 USD	Toyota Motor Corporation 0.21% due 06/15/11		29,992,125		29,992,125
	25,000,000 USD	Toyota Motor Corporation 0.23% due 08/18/11		24,982,590		24,984,275
	50,000,000 USD	Toyota Motor Corporation 0.24% due 08/01/11		49,969,333		49,974,805
	19,000,000 USD	Toyota Motor Corporation 0.24% due 07/06/11		18,991,640		18,993,971
	25,000,000 USD	Toyota Motor Corporation 0.25% due 09/23/11		24,974,826		24,977,645
	30,000,000 USD	Toyota Motor Corporation 0.27% due 07/01/11		29,986,275		29,991,444
	50,000,000 USD	Toyota Motor Corporation 0.27% due 08/05/11		49,964,000		49,973,460
	35,000,000 USD	Toyota Motor Corporation 0.31% due 05/05/11		34,998,794		34,998,794
Switzerland 1.88%
	17,525,000 USD	Nestlé SA 0.19% due 07/12/11		17,518,341		17,519,956
	30,000,000 USD	Nestlé SA 0.19% due 08/16/11		29,983,058		29,986,737
	38,078,000 USD	Nestlé SA 0.20% due 09/09/11		38,050,288		38,053,805
	48,000,000 USD	Nestlé SA 0.20% due 09/16/11		47,963,200		47,965,838
	25,361,000 USD	Nestlé SA 0.21% due 10/24/11		25,334,963		25,335,921
	41,000,000 USD	Nestlé SA 0.23% due 06/13/11		40,988,736		40,988,736

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
32

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 8.56% — (continued)
Switzerland 1.88% — (continued)
	30,000,000 USD	Nestlé SA 0.23% due 06/14/11	$	29,991,567	$	29,991,567
	9,755,000 USD	Nestlé SA 0.25% due 07/20/11		9,749,581		9,751,889
	40,789,000 USD	Nestlé SA 0.25% due 07/21/11		40,766,056		40,775,833
	18,965,000 USD	Novartis International AG 0.21% due 10/11/11		18,946,967		18,937,184
	50,000,000 USD	Novartis International AG 0.22% due 06/14/11		49,986,556		49,986,556
	20,000,000 USD	Novartis International AG 0.23% due 06/17/11		19,993,994		19,993,994
	25,000,000 USD	Novartis International AG 0.23% due 07/14/11		24,988,181		24,988,600
	35,000,000 USD	Novartis International AG 0.23% due 09/15/11		34,969,365		34,961,486
	45,035,000 USD	Novartis International AG 0.23% due 10/11/11		44,988,101		44,968,947
	40,000,000 USD	Novartis International AG 0.24% due 07/19/11		39,978,933		39,980,112
	40,000,000 USD	Novartis International AG 0.25% due 09/15/11		39,961,944		39,955,984
	21,700,000 USD	Novartis International AG 0.26% due 08/08/11		21,684,484		21,685,329
United Kingdom 0.11%
	15,000,000 USD	Reckitt Benckiser Group PLC 0.25% due 06/16/11		14,995,208		14,995,208
	20,000,000 USD	Reckitt Benckiser Group PLC 0.39% due 09/26/11		19,968,756		19,972,500
Venezuela 0.44%
	58,257,000 USD	Corporación Andina de Fomento 0.37% due 08/25/11		58,189,422		58,202,005
	77,554,000 USD	Corporación Andina de Fomento 0.40% due 07/08/11		77,496,869		77,517,806
Total International Commercial Paper				2,629,660,725		2,629,726,159
U.S. Commercial Paper — 7.20%
$	23,055,000	Abbott Laboratories 0.16% due 05/31/11		23,051,926		23,051,926
	19,000,000	Abbott Laboratories 0.17% due 06/07/11		18,996,680		18,996,680
	20,000,000	Abbott Laboratories 0.19% due 06/06/11		19,996,200		19,996,200

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
33

Global Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 7.20% — (continued)
$	25,000,000	Archer Daniels Midland Company 0.30% due 05/04/11	$	24,999,375	$	24,999,375
	34,271,000	Bemis Company, Inc. 0.26% due 05/18/11		34,266,792		34,266,792
	45,000,000	Campbell Soup Company 0.23% due 07/27/11		44,974,988		44,981,086
	33,133,000	Campbell Soup Company 0.24% due 08/10/11		33,110,691		33,116,506
	26,555,000	Campbell Soup Company 0.25% due 08/08/11		26,536,743		26,542,036
	29,482,000	Campbell Soup Company 0.26% due 08/08/11		29,460,920		29,467,607
	64,912,000	Cisco Systems, Inc. 0.19% due 05/05/11		64,910,630		64,910,630
	50,000,000	Coca-Cola Company 0.20% due 08/04/11		49,973,611		49,976,830
	50,000,000	Coca-Cola Company 0.22% due 09/02/11		49,962,111		49,966,750
	6,658,000	Coca-Cola Company 0.22% due 09/07/11		6,652,751		6,653,203
	25,000,000	Coca-Cola Company 0.22% due 09/13/11		24,979,375		24,980,210
	12,050,000	Coca-Cola Company 0.25% due 05/31/11		12,047,490		12,047,490
	23,532,000	Coca-Cola Company 0.25% due 06/20/11		23,523,829		23,523,829
	4,539,000	Coca-Cola Company 0.25% due 07/01/11		4,537,077		4,537,650
	25,000,000	Coca-Cola Company 0.25% due 07/18/11		24,986,458		24,990,555
	70,000,000	Coca-Cola Company 0.25% due 07/28/11		69,957,222		69,970,250
	25,000,000	Coca-Cola Company 0.25% due 07/29/11		24,984,549		24,989,257
	49,370,000	ConocoPhillips 0.20% due 07/25/11		49,346,686		49,349,719
	39,000,000	ConocoPhillips 0.22% due 05/09/11		38,998,093		38,998,093
	17,941,000	ConocoPhillips 0.22% due 06/07/11		17,936,943		17,936,943
	11,300,000	ConocoPhillips 0.22% due 06/09/11		11,297,307		11,297,307

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
34

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 7.20% — (continued)
$	34,050,000	ConocoPhillips 0.22% due 07/07/11	$	34,036,058	$	34,038,907
	10,100,000	ConocoPhillips 0.22% due 07/11/11		10,095,618		10,096,519
	49,600,000	ConocoPhillips 0.23% due 05/16/11		49,595,247		49,595,247
	34,050,000	ConocoPhillips 0.25% due 07/07/11		34,034,157		34,038,907
	7,615,000	Dover Corporation 0.07% due 05/02/11		7,614,985		7,614,985
	25,000,000	DuPont 0.29% due 06/16/11		24,990,736		24,990,736
	45,000,000	DuPont 0.31% due 06/30/11		44,976,750		44,982,018
	44,220,000	H.J. Heinz Company Limited 0.25% due 05/26/11		44,212,323		44,212,323
	38,000,000	Honeywell International, Inc. 0.22% due 06/27/11		37,986,763		37,986,763
	60,651,000	ITT Corporation 0.34% due 05/13/11		60,644,328		60,644,328
	15,338,000	Johnson & Johnson 0.16% due 07/25/11		15,332,206		15,332,811
	19,695,000	Johnson & Johnson 0.18% due 07/25/11		19,686,630		19,688,337
	27,000,000	Johnson & Johnson 0.20% due 05/13/11		26,998,200		26,998,200
	18,995,000	Johnson & Johnson 0.20% due 09/06/11		18,981,492		18,983,544
	31,589,000	Johnson & Johnson 0.21% due 09/06/11		31,565,414		31,569,949
	42,000,000	Johnson & Johnson 0.21% due 09/14/11		41,966,680		41,971,020
	10,000,000	Kraft Foods, Inc. 0.15% due 05/02/11		9,999,958		9,999,958
	1,125,000	Kraft Foods, Inc. 0.36% due 05/12/11		1,124,876		1,124,876
	34,546,000	Kraft Foods, Inc. 0.37% due 05/24/11		34,538,054		34,538,054
	2,063,000	Kraft Foods, Inc. 0.38% due 05/27/11		2,062,449		2,062,449
	14,732,000	Kraft Foods, Inc. 0.43% due 07/07/11		14,720,485		14,722,429

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
35

Global Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 7.20% — (continued)
$	12,034,000	Kraft Foods, Inc. 0.45% due 06/22/11	$	12,026,352	$	12,026,352
	12,059,000	Kraft Foods, Inc. 0.45% due 06/27/11		12,050,599		12,050,599
	85,000,000	Medtronic, Inc. 0.17% due 07/25/11		84,965,882		84,953,369
	34,495,000	Medtronic, Inc. 0.19% due 09/13/11		34,470,422		34,457,849
	50,000,000	Medtronic, Inc. 0.20% due 06/13/11		49,988,056		49,988,056
	43,000,000	Medtronic, Inc. 0.21% due 10/19/11		42,957,108		42,931,604
	5,000,000	PepsiCo, Inc. 0.17% due 06/06/11		4,999,150		4,999,150
	15,000,000	PepsiCo, Inc. 0.17% due 06/10/11		14,997,167		14,997,167
	40,000,000	PepsiCo, Inc. 0.18% due 05/31/11		39,994,000		39,994,000
	21,640,000	Philip Morris International, Inc. 0.13% due 05/25/11		21,638,125		21,638,125
	25,000,000	Proctor & Gamble Company 0.12% due 06/23/11		24,995,583		24,995,583
	12,500,000	Proctor & Gamble Company 0.13% due 06/30/11		12,497,292		12,496,986
	25,000,000	Proctor & Gamble Company 0.18% due 05/31/11		24,996,250		24,996,250
	30,000,000	Proctor & Gamble Company 0.18% due 06/09/11		29,994,150		29,994,150
	25,500,000	Proctor & Gamble Company 0.19% due 05/18/11		25,497,712		25,497,712
	32,500,000	Proctor & Gamble Company 0.19% due 05/23/11		32,496,226		32,496,226
	32,564,000	Proctor & Gamble Company 0.19% due 05/24/11		32,560,047		32,560,047
	20,000,000	Sherwin-Williams Company 0.26% due 06/08/11		19,994,511		19,994,511
	25,000,000	Sherwin-Williams Company 0.26% due 06/14/11		24,992,056		24,992,056
	19,000,000	Sherwin-Williams Company 0.26% due 06/28/11		18,992,041		18,992,041
	50,000,000	Verizon Communications, Inc. 0.37% due 05/03/11		49,998,972		49,998,972

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
36

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 7.20% — (continued)
$	25,000,000	Verizon Communications, Inc. 0.39% due 05/20/11	$	24,994,986	$	24,994,986
	30,199,000	Verizon Communications, Inc. 0.41% due 05/25/11		30,190,947		30,190,947
	25,000,000	Verizon Communications, Inc. 0.46% due 07/11/11		24,977,813		24,982,613
	13,749,000	Verizon Communications, Inc. 0.47% due 06/29/11		13,738,409		13,740,902
	42,000,000	Verizon Communications, Inc. 0.49% due 07/15/11		41,957,125		41,968,828
	50,000,000	Verizon Communications, Inc. 0.55% due 08/11/11		49,923,500		49,945,980
	45,000,000	Walt Disney Company 0.15% due 07/14/11		44,986,125		44,981,950
	4,420,000	WellPoint, Inc. 0.36% due 06/08/11		4,418,367		4,418,367
	8,920,000	WellPoint, Inc. 0.36% due 07/11/11		8,913,843		8,914,754
	20,000,000	WellPoint, Inc. 0.37% due 07/20/11		19,983,556		19,986,788
	17,300,000	WellPoint, Inc. 0.38% due 06/23/11		17,290,576		17,290,576
	20,000,000	WellPoint, Inc. 0.38% due 06/28/11		19,988,078		19,988,078
Total U.S. Commercial Paper				2,211,116,882		2,211,194,858
Total Commercial Paper				4,840,777,607		4,840,921,017
Total Investment Portfolio Excluding Options Written — 99.98%			$	23,891,818,162	$	30,707,660,354

_CONTRACTS			_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (0.01)%
	2,500	KLA-Tencor Corporation	$	46.00	June 2011	$	(337,500	)
	2,500	KLA-Tencor Corporation		46.00	September 2011		(587,500	)
	2,500	KLA-Tencor Corporation		47.00	September 2011		(537,500	)
	Total Covered Call Options Written (Premiums Received: $2,664,915)						(1,462,500	)
	Total Investments — 99.97% (Cost $23,889,153,247)						30,706,197,854
	Other Assets in Excess of Liabilities — 0.03%						8,410,475
	Net Assets — 100.00%					$	30,714,608,329

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
37

Global Fund

(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.

(b) Security is deemed illiquid. At April 30, 2011, the value of these securities amounted to $171,890,141 or 0.56% of net assets.

(d) At April 30, 2011, all or a portion of this security was segregated to cover collateral requirement for options.

(e) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $47,843,170 or 0.16% of net assets.

(f) 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, 2011, the value of these securities amounted to $42,014,127 or 0.14% of net assets.

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

(h) Represents non-voting class of shares.

(i) This security is convertible until September 1, 2027 and is subject to a call feature and may be called in full or partially on or anytime after May 20, 2011.

(j) 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.

(k) 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.

(l) Inflation protected security.

At April 30, 2011, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	7,500,576,181
Gross unrealized depreciation		(683,531,574	)
Net unrealized appreciation	$	6,817,044,607

Abbreviations used in this schedule include:

ADR — American Depository Receipt

CPI — Consumer Price Index

FRN — Floating Rate Note

NVDR — Non-Voting Depository Receipt

PC — Participation Certificate

PCL — Public Company Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

RSP — Represents Non-Voting Shares

Currencies

EUR — Euro

HKD — Hong Kong Dollar

JPY — Japanese Yen

KRW — South Korean Won

SGD — Singapore Dollar

TWD — Taiwan Dollar

USD — United States Dollar

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
38

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{RESTRICTED SECURITIES}	_ACQUISITION_DATE	_COST		_{CARRYING VALUE PER}_{SHARE/PRINCIPAL}
Emin Leydier SA 6.51% due 7/31/16	07/30/09	$	21,410,094	$	1.48
FINEL 9.50% due 6/30/17	06/22/05		14,474,400		1.11
FINEL	07/30/09		—		0.53

Foreign Currency Exchange Contracts — Sales

_SETTLEMENT_DATES_THROUGH	_{FOREIGN CURRENCY}_{TO BE DELIVERED}			_{U.S. $}_{TO BE}_RECEIVED		_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₁		_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₁		_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₁
08/17/11		356,421,000	Euro	$	492,006,004	$	527,616,474	$	—	$	(35,610,470	)
06/15/11		165,092,000	Euro		219,611,982		244,637,356		—		(25,025,374	)
07/20/11		241,705,000	Euro		327,759,231		357,808,257		—		(30,049,026	)
09/21/11		328,310,000	Euro		473,987,713		484,978,882		—		(10,991,169	)
08/17/11		70,301,428,000	Japanese Yen		846,432,640		866,369,663		—		(19,937,023	)
06/15/11		22,444,444,000	Japanese Yen		271,576,560		276,526,898		—		(4,950,338	)
07/20/11		30,763,925,000	Japanese Yen		369,727,607		379,104,094		—		(9,376,487	)
09/21/11		27,143,141,000	Japanese Yen		322,978,832		334,656,069		—		(11,677,237	)
				$	3,324,080,569	$	3,471,697,693	$	—	$	(147,617,124	)

Affiliated Securities

_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₀		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₁		_{MARKET VALUE}_{APRIL 30,}₂₀₁₁		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
Alliant Techsystems, Inc.		2,864,349		392,469		—		3,256,818	$	230,094,191	$	—		$	572,870
Ariake Japan Company Limited		1,725,100		—		—		1,725,100		29,027,921		—			390,438
Berkeley Group Holdings PLC		8,354,385		987,892		—		9,342,277		165,456,122		—			—
Blount International, Inc.		9,778,961		—		729,961		9,049,000		150,213,400		(304,062	)		—
Chofu Seisakusho Company Limited		3,501,380		—		—		3,501,380		84,925,071		—			593,274
Cincinnati Financial Corporation		8,975,246		—		—		8,975,246		284,335,793		—			7,180,197
Cintas Corporation		13,051,511		—		—		13,051,511		405,249,416		—			6,395,240
City e-Solutions Limited		20,738,780		—		—		20,738,780		2,403,103		—			—

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
39

Global Fund

(continued)
_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₀		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₁		_{MARKET VALUE}_{APRIL 30,}₂₀₁₁		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
Deltic Timber Corporation		1,258,500		—		—		1,258,500	$	85,326,300	$	—		$	188,775
FINEL		12,000,000		—		—		12,000,000		6,408,935		—			—
Guyenne et Gascogne SA		956,044		—		—		956,044		138,160,378		—			—
IDA Corporation, Inc.		4,117,660		—		—		4,117,660		161,453,449		—			2,470,596
Meitec Corporation		2,719,100		—		—		2,719,100		52,251,737		—			736,935
Mills Music Trust		34,924		—		—		34,924		1,344,574		—			69,122
MISUMI Group, Inc.		13,629,830		—		817,970		12,811,860		321,795,794		4,959,635			1,348,662
Namyang Dairy Products Company Limited		39,989		—		—		39,989		30,113,491		—			29,128
Neopost SA		2,306,626		—		262,189		2,044,437		195,387,394		(3,063,134	)		4,277,053
NSC Groupe		69,500		—		—		69,500		4,222,219		—			—
Pfeiffer Vacuum Technology AG		1,172,304		—		654,629		517,675		71,807,679		18,387,503			—
Robertet SA		160,048		—		2,788		157,260		28,927,241		(23,422	)		—
Sabeton SA		385,000		—		—		385,000		7,653,633		—			—
San Juan Basin Royalty Trust		3,975,644		—		—		3,975,644		99,232,074		—			2,460,383
Shimano, Inc.		7,096,370		353,220		—		7,449,590		397,348,173		—			2,444,899
Sucrière de Pithiviers- Le-Vieil		63,019		—		—		63,019		78,065,666		—			3,244,742
T. Hasegawa Company Limited		5,147,000		—		—		5,147,000		78,745,676		—			583,067
Total									$	3,109,949,430	$	19,956,520		$	32,985,381

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
40

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		5.03	%
Consumer Staples		2.46
Energy		2.34
Financials		5.75
Health Care		0.88
Industrials		3.88
Information Technology		3.63
Materials		3.75
Telecommunication Services		1.01
Utilities		2.04
Total U.S. Common Stocks		30.77
International Common Stocks
Consumer Discretionary		5.51
Consumer Staples		4.77
Energy		2.29
Financials		5.96
Health Care		3.85
Industrials		9.54
Information Technology		3.37
Materials		6.77
Telecommunication Services		0.96
Utilities		0.45
Total International Common Stocks		43.47
U.S. Preferred Stocks
Utilities		0.06
Total U.S. Preferred Stocks		0.06
International Preferred Stocks
Consumer Discretionary		0.43
Energy		0.13
Information Technology		0.65
Total International Preferred Stocks		1.21

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
41

Global Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
Warrant		0.25	%
Commodity		5.88
U.S. Bonds
Consumer Discretionary		0.15
Total U.S. Bonds		0.15
International Notes and Bonds
Financials		0.16
Government Issues		2.06
Industrials		0.05
Materials		0.16
Total International Notes and Bonds		2.43
Commercial Paper
International Commercial Paper		8.56
U.S. Commercial Paper		7.20
Total Commercial Paper		15.76
Covered Call Options Written		(0.01	)
Total Investments		99.97	%

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
42

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Fund Overview | Data as of April 30, 2011 (unaudited)

INVESTMENT OBJECTIVE

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

Average Annual Returns
	_ONE-YEAR			_FIVE-YEARS			_TEN-YEARS
First Eagle Overseas Fund (A Shares)
without sales charge		19.07	%		6.90	%		13.69	%
with sales charge		13.10			5.80			13.11
MSCI EAFE Index		19.18			1.54			5.29
Consumer Price Index		3.16			2.22			2.43

Asset Allocation

Asset Allocation and Countries percentages are based on total investments in the portfolio. The Fund's portfolio composition is subject to change at any time.

Countries
Japan	28.31	%
France	10.07
United States	7.31
Germany	5.85
Switzerland	4.75
Singapore	3.67
South Korea	3.56
Mexico	2.47
Hong Kong	2.41
South Africa	1.93
Thailand	1.87
United Kingdom	1.83
Canada	1.73
Italy	1.18
Australia	1.04
Netherlands	0.91
Malaysia	0.85
Taiwan	0.84
Brazil	0.83
Spain	0.70
Austria	0.64
Bermuda	0.61
Belgium	0.34
Greece	0.26
Sweden	0.15
Turkey	0.07

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
44

Overseas Fund

Growth of a $10,000 Initial Investment

The average annual returns for Class A Shares give 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)	6.94	%
Shimano, Inc. (Japanese bicycle parts manufacturer)	2.41
Pargesa Holding SA (Swiss diversified financials company)	2.08
Fanuc Limited (Japanese automated machine tools manufacturer)	2.08
SMC Corporation (Japanese automated control devices manufacturer)	1.99
Secom Company, Limited (Japanese security services provider)	1.90
HeidelbergCement AG (German building materials manufacturer)	1.72
MS&AD Insurance Group Holdings (Japanese insurance company)	1.54
Keyence Corporation (Japanese sensors manufacturer)	1.47
Gold Fields Limited, ADR (South African gold mining company)	1.43
Total	23.56	%

* Excludes cash, commercial paper and money market funds.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
45

First Eagle Overseas Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 71.27%
International Common Stocks — 70.89%
Australia 1.05%
	1,991,110	Newcrest Mining Limited	$	67,088,242	$	90,446,283
	10,636,295	Spotless Group Limited		28,448,633		22,846,379
				95,536,875		113,292,662
Austria 0.64%
	889,525	OMV AG		36,661,516		40,632,162
	1,351,248	Wienerberger AG (a)		22,316,084		28,937,029
				58,977,600		69,569,191
Belgium 0.34%
	366,943	Groupe Bruxelles Lambert SA		27,696,696		36,446,118
Bermuda 0.61%
	1,365,900	Jardine Matheson Holdings Limited		40,577,021		65,563,200
Brazil 0.83%
	2,707,494	Petroleo Brasileiro SA, ADR		37,277,860		90,349,075
Canada 1.19%
	1,321,427	Cenovus Energy, Inc.		18,791,533		50,742,797
	1,100,050	EnCana Corporation		14,298,776		36,873,676
	989,931	Penn West Petroleum Limited		18,763,266		25,352,133
	332,036	Cogeco Cable, Inc.		14,536,855		15,918,093
				66,390,430		128,886,699
France 9.60%
	1,748,375	Sodexo		48,634,328		136,459,878
	1,660,633	Sanofi-Aventis SA		135,351,026		131,557,923
	827,900	Neopost SA		44,073,366		79,122,626
	630,208	Wendel		14,922,055		79,068,287
	1,608,488	Carrefour SA		69,265,330		76,384,561
	563,378	Laurent-Perrier (b)		20,236,693		72,045,894
	943,121	Total SA		58,346,454		60,471,991
	1,110,655	Bouygues SA		53,605,943		55,387,834
	348,206	Guyenne et Gascogne SA		40,270,290		50,320,145
	39,143	Sucrière de Pithiviers-Le-Vieil (b)		15,598,306		48,488,938
	235,837	Robertet SA (b)		20,591,064		43,381,113
	513,850	Rémy Cointreau SA		13,882,400		42,415,596
	442,830	Société Foncière Financière et de Participations		29,139,582		36,770,068
	895,904	Fregate (a)(b)(c)(d)(e)		23,101,992		34,729,855

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
46

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 70.89% — (continued)
France 9.60% — (continued)
	297,268	Société BIC SA	$	11,253,819	$	28,948,017
	364,373	Gaumont SA		21,698,753		25,163,321
	258,984	Cie Generale d'Optique Essilor International SA		4,968,106		21,715,867
	51,500	Robertet SA CI (d)(e)(f)		2,151,628		7,104,888
	11,593,581	FINEL (a)(b)(c)(d)(e)(g)		9,152,131		6,191,875
	1,000	Société Vermandoise de Sucreries		854,846		2,498,298
	100,000	Sabeton SA		1,463,142		1,987,956
				638,561,254		1,040,214,931
Germany 4.88%
	2,433,048	HeidelbergCement AG		130,732,832		186,360,939
	1,314,843	Daimler AG		64,046,716		101,803,635
	6,418,531	Deutsche Wohnen AG (a)(b)		67,969,040		101,268,698
	1,392,952	Tognum AG		21,316,812		53,522,699
	510,427	Fraport AG		16,339,785		40,913,882
	186,209	Pfeiffer Vacuum Technology AG		5,412,516		25,829,403
	381,004	Hamburger Hafen und Logistik AG		12,551,847		18,511,556
				318,369,548		528,210,812
Greece 0.26%
	3,488,350	Jumbo SA		22,414,086		28,204,515
Hong Kong 1.11%
	7,806,340	Guoco Group Limited		57,283,838		97,039,028
	7,069,700	Hopewell Holdings Limited		7,819,937		21,344,723
	10,851,720	City e-Solutions Limited (a)(e)		323,358		1,257,441
				65,427,133		119,641,192
Italy 1.18%
	6,116,020	Gewiss S.p.A. (b)		23,508,434		46,092,971
	7,315,306	Italcementi S.p.A. RSP		87,341,485		41,457,007
	1,197,736	Italmobiliare S.p.A. RSP		50,324,929		32,872,665
	168,142	Italmobiliare S.p.A.		19,250,153		7,366,170
				180,425,001		127,788,813
Japan 28.34%
	4,886,870	Shimano, Inc. (b)		81,201,320		260,657,146
	1,361,840	Fanuc Limited		121,493,378		225,631,288
	1,187,390	SMC Corporation		152,820,186		215,742,825
	4,170,700	Secom Company Limited		178,984,614		206,274,458

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
47

Overseas Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 70.89% — (continued)
Japan 28.34% — (continued)
	7,175,100	MS&AD Insurance Group Holdings	$	169,497,975	$	166,959,398
	610,300	Keyence Corporation		120,033,342		159,077,950
	20,997,700	NKSJ Holdings, Inc.		155,345,297		133,983,846
	2,552,600	Ono Pharmaceutical Company Limited		105,639,342		129,390,848
	3,260,440	Astellas Pharma, Inc.		133,084,592		124,103,962
	4,119,770	MISUMI Group, Inc.		70,730,692		103,476,362
	927,500	Hirose Electric Company Limited		103,636,842		95,971,914
	2,035,070	Canon, Inc.		97,083,761		95,260,729
	11,565	Inpex Corporation		57,873,206		87,756,098
	13,072	KDDI Corporation		81,226,239		86,631,387
	2,699,196	Nitto Kohki Company Limited (b)		47,367,728		65,667,801
	1,831,860	Nissin Foods Holdings Company Limited		64,705,384		64,717,596
	3,729,250	Mitsubishi Estate Company Limited		54,944,112		64,680,759
	2,737,860	Nomura Research Institute Limited		52,533,035		58,615,431
	6,577,300	Japan Wool Textile Company Limited (b)		49,871,284		58,011,170
	2,252,610	THK Company Limited		36,188,958		57,078,329
	6,036,330	Kansai Paint Company Limited		46,990,834		53,983,439
	3,452,591	T. Hasegawa Company Limited (b)		47,344,131		52,822,346
	2,022,800	Chofu Seisakusho Company Limited (b)		33,096,084		49,062,493
	26,230	NTT DoCoMo, Inc.		39,858,813		48,240,195
	2,485,480	Daiichikosho Company Limited		27,081,144		43,322,915
	2,819,780	OSG Corporation		33,175,151		37,617,908
	1,472,300	Meitec Corporation		43,510,664		28,292,535
	1,006,662	Nagaileben Company Limited (b)		19,961,972		26,834,400
	1,570,700	Ariake Japan Company Limited		32,942,453		26,429,862
	1,286,140	AS One Corporation (b)		26,246,127		25,982,626
	861,660	Icom, Inc. (b)		22,557,750		25,431,601
	2,184,600	Seikagaku Corporation		17,648,500		25,242,114
	1,058,246	Matsumoto Yushi-Seiyaku Company Limited (b)		25,950,562		24,442,119
	2,535,900	Yomeishu Seizo Company Limited (b)		22,847,623		22,772,494
	2,068,330	Maezawa Kasei Industries Company Limited (b)		31,939,631		20,815,787
	5,316,000	Okumura Corporation		26,721,400		20,627,494
	508,106	SK Kaken Company Limited		9,470,131		17,259,205
	639,200	Fuji Seal International, Inc.		12,089,732		13,314,698
	493,250	Mandom Corporation		6,249,764		12,966,192

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
48

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 70.89% — (continued)
Japan 28.34% — (continued)
	806,280	Chudenko Corporation	$	12,295,496	$	9,912,139
	2,572,675	TOMONY Holdings, Inc.		17,372,743		9,000,243
	1,223,670	Sansei Yusoki Company Limited (b)		10,265,159		6,858,461
	1,424,100	Shingakukai Company Limited (b)		10,266,277		5,262,749
	784,900	Asahi Broadcasting Corporation		4,255,296		3,819,112
				2,514,398,724		3,070,002,424
Malaysia 0.85%
	72,262,570	Genting Malaysia Berhad		62,743,594		89,779,290
	607,050	Genting Berhad		999,650		2,377,374
				63,743,244		92,156,664
Mexico 2.48%
	6,494,097	Grupo Televisa SA, ADR (a)		126,518,946		154,039,981
	2,931,292	Industrias Peñoles S.A.B. de C.V.		2,500,676		114,120,995
				129,019,622		268,160,976
Netherlands 0.91%
	539,055	HAL Trust		18,095,972		84,649,818
	555,630	TNT NV		13,209,269		13,704,066
				31,305,241		98,353,884
Singapore 2.37%
	23,192,830	Haw Par Corporation Limited (b)		76,875,317		117,736,838
	62,622,735	ComfortDelgro Corporation Limited		60,129,362		78,323,212
	15,238,450	Singapore Airport Terminal Services Limited		16,538,036		32,138,642
	5,640,520	Fraser and Neave Limited		6,680,505		28,910,374
				160,223,220		257,109,066
South Africa 1.93%
	8,701,891	Gold Fields Limited, ADR		113,631,009		155,241,735
	3,446,659	Harmony Gold Mining Company Limited, ADR		32,680,302		53,664,481
				146,311,311		208,906,216
South Korea 2.48%
	1,660,372	KT&G Corporation		90,106,497		98,229,445
	35,325	Lotte Confectionery Company Limited		12,445,892		52,345,542
	186,884	Nong Shim Company Limited		43,886,371		43,510,062
	119,080	Pacific Corporation		18,151,496		23,445,976
	872,463	Fursys, Inc. (b)		10,110,165		22,022,231

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
49

Overseas Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 70.89% — (continued)
South Korea 2.48% — (continued)
	22,950	Namyang Dairy Products Company Limited	$	4,912,653	$	17,282,368
	1,182,040	Dong Ah Tire & Rubber Company Limited		5,161,359		10,313,138
	75,866	Teems, Inc. (a)(b)		1,401,053		1,868,952
				186,175,486		269,017,714
Spain 0.70%
	1,190,720	Red Electrica Corporation SA		57,683,751		76,100,486
Sweden 0.15%
	660,107	Investor AB, Class 'A'		14,534,528		15,971,834
Switzerland 4.76%
	2,196,591	Pargesa Holding SA		115,479,876		225,636,305
	2,378,850	Nestlé SA		64,791,575		147,604,420
	164,816	Rieter Holding AG (a)		28,754,529		71,033,991
	260,960	Kuehne & Nagel International AG		8,287,573		41,671,584
	792	Lindt & Spruengli AG (a)		5,105,206		29,462,638
				222,418,759		515,408,938
Taiwan 0.46%
	20,184,980	Taiwan Secom Company Limited		32,105,415		38,765,085
	13,102,028	Taiwan Sogo Shin Kong Security Company Limited		11,831,241		11,483,175
				43,936,656		50,248,260
Thailand 1.87%
	463,467,885	Thai Beverage PCL		82,153,734		107,977,068
	15,979,859	Bangkok Bank PCL NVDR		56,870,621		91,007,572
	250,000	OHTL PCL (e)		1,152,073		3,936,348
				140,176,428		202,920,988
Turkey 0.07%
	895,639	Yazicilar Holding AS		6,807,909		7,957,830
United Kingdom 1.83%
	3,995,640	GlaxoSmithKline PLC		76,140,895		87,154,028
	3,378,628	Berkeley Group Holdings PLC (a)		41,275,902		59,837,092
	978,218	Anglo American PLC		22,102,752		51,001,632
				139,519,549		197,992,752
Total International Common Stocks				5,407,907,932		7,678,475,240

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
50

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 0.38%
Materials 0.38%
	707,683	Newmont Mining Corporation	$	18,468,982	$	41,477,300
Total Common Stocks				5,426,376,914		7,719,952,540
International Preferred Stocks — 2.01%
Canada 0.11%
	822,828	Postmedia Network (e)		5,591,396		11,931,006
Germany 0.82%
	581,442	Hornbach Holding AG		39,598,446		88,847,602
South Korea 1.08%
	186,879	Samsung Electronics Company Limited		23,663,909		109,862,147
	27,183	Namyang Dairy Products Company Limited		387,445		6,683,824
				24,051,354		116,545,971
Total International Preferred Stocks				69,241,196		217,324,579
_OUNCES
Commodity — 6.94%
	481,210	Gold bullion (a)		240,147,323		751,722,100
_{PRINCIPAL AMOUNT}
Term Loans — 0.16%(j)
Germany 0.16%
	1,647,055 EUR	Pfleiderer AG Term 1A due 12/31/13 (a)(k)		1,639,425		1,710,441
	5,000,000 EUR	Pfleiderer AG Term Loan due 12/31/13 (a)(k)		5,391,975		5,192,424
	5,000,000 EUR	Pfleiderer AG Term Loan due 12/31/13 (a)(k)		5,003,535		5,192,424
	441,014 EUR	Pfleiderer AG Term Facility 1A due 12/31/13 (a)(k)		465,783		457,993
	2,488,890 CAD	Pfleiderer AG Term Facility 2A due 12/31/13 (a)(k)		1,868,045		1,836,800
	799,835 EUR	Pfleiderer AG Revolving Credit Facility due 12/31/13 (a)(k)		844,758		830,629
	468,914 CAD	Pfleiderer AG Revolving Credit Facility due 12/31/13 (a)(k)		351,945		346,058
	2,578,274 USD	Pfleiderer AG Revolving Credit Facility due 12/31/13 (a)(k)		1,835,493		1,804,714
Total Term Loans				17,400,959		17,371,483

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
51

Overseas Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Bonds — 3.90%
International Corporate Bonds — 0.68%
Canada 0.43%
	17,142,000 USD	Catalyst Paper Corporation 7.375% due 03/01/14 (e)	$	15,229,769	$	11,999,400
	34,110,000 USD	Catalyst Paper Corporation 11.00% due 12/15/16 (e)(h)		30,603,986		34,408,462
				45,833,755		46,407,862
France 0.25%
	10,000,000 EUR	Emin Leydier SA FRN 6.511% due 07/31/16 (c)(d)(e)		14,273,396		14,835,497
	8,000,000 EUR	FINEL 9.50% due 06/30/17 (c)(d)(e)		9,649,600		8,901,298
	1,950,000 EUR	Wendel 4.875% due 09/21/15 (i)		1,613,313		2,820,599
				25,536,309		26,557,394
Total International Corporate Bonds				71,370,064		72,965,256
International Government Bonds — 3.22%
France 0.23%
	15,764,006 EUR	France Government Bond OAT 3.00% due 07/25/12 (l)		19,253,995		24,806,516
Hong Kong 1.31%
	137,300,000 HKD	Hong Kong Government Bond 0.48% due 09/03/12		17,732,299		17,671,714
	415,700,000 HKD	Hong Kong Government Bond 2.66% due 12/17/12		55,553,734		55,400,655
	359,500,000 HKD	Hong Kong Government Bond 4.20% due 09/17/12		48,774,191		48,661,915
	145,500,000 HKD	Hong Kong Government Bond 4.49% due 11/26/12		19,849,501		19,908,341
				141,909,725		141,642,625
Singapore 1.30%
	120,000,000 SGD	Singapore Government Bond 3.50% due 07/01/12		97,294,655		101,624,099
	48,254,000 SGD	Singapore Government Bond 3.625% due 07/01/11		34,633,389		39,667,249
				131,928,044		141,291,348

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
52

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Government Bonds — 3.22% — (continued)
Taiwan 0.38%
	582,300,000 TWD	Taiwan Government Bond 2.00% due 07/20/12	$	18,046,438	$	20,669,622
	574,500,000 TWD	Taiwan Government Bond 2.375% due 01/16/13		18,484,655		20,611,748
				36,531,093		41,281,370
Total International Government Bonds				329,622,857		349,021,859
Total International Bonds				400,992,921		421,987,115
Commercial Paper — 15.84%
International Commercial Paper — 13.65%
France 2.89%
	22,850,000 USD	Électricité de France 0.19% due 05/31/11		22,846,382		22,846,382
	36,000,000 USD	Électricité de France 0.26% due 06/21/11		35,986,740		35,986,740
	50,000,000 USD	Électricité de France 0.27% due 05/16/11		49,994,375		49,994,375
	25,026,000 USD	GDF Suez SA 0.20% due 06/20/11		25,019,049		25,019,049
	50,000,000 USD	GDF Suez SA 0.20% due 07/01/11		49,983,055		49,979,615
	15,000,000 USD	GDF Suez SA 0.35% due 05/05/11		14,999,433		14,999,433
	15,000,000 USD	GDF Suez SA 0.35% due 05/06/11		14,999,292		14,999,292
	38,000,000 USD	Sanofi-Aventis SA 0.32% due 05/10/11		37,996,960		37,996,960
	39,267,000 USD	Sanofi-Aventis SA 0.38% due 05/24/11		39,257,592		39,257,592
	22,000,000 USD	Sanofi-Aventis SA 0.38% due 06/01/11		21,992,896		21,992,896
Germany 0.53%
	58,000,000 USD	BASF AG 0.18% due 06/29/11		57,982,890		57,981,921
Italy 0.95%
	50,000,000 USD	Eni S.p.A. 0.34% due 07/01/11		49,972,042		49,979,615
	20,000,000 USD	Eni S.p.A. 0.35% due 06/20/11		19,990,556		19,990,556
	8,361,000 USD	Eni S.p.A. 0.35% due 08/01/11		8,353,735		8,355,237

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
53

Overseas Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 13.65% — (continued)
Italy 0.95% — (continued)
	25,000,000 USD	Eni S.p.A. 0.39% due 09/22/11	$	24,962,000	$	24,967,047
Japan 4.06%
	40,000,000 USD	Mitsubishi Company 0.25% due 05/20/11		39,994,722		39,994,722
	25,000,000 USD	Mitsubishi Company 0.25% due 05/27/11		24,995,486		24,995,486
	10,000,000 USD	Mitsubishi Company 0.26% due 07/06/11		9,995,233		9,995,504
	30,000,000 USD	Mitsubishi Company 0.26% due 07/29/11		29,980,717		29,980,209
	22,017,000 USD	Mitsui & Company, Limited 0.13% due 05/02/11		22,016,920		22,016,920
	30,107,000 USD	Mitsui & Company, Limited 0.23% due 05/10/11		30,105,269		30,105,269
	40,000,000 USD	Mitsui & Company, Limited 0.23% due 07/26/11		39,978,022		39,974,772
	20,000,000 USD	Mitsui & Company, Limited 0.24% due 06/24/11		19,992,800		19,992,800
	10,000,000 USD	Mitsui & Company, Limited 0.30% due 07/22/11		9,993,167		9,994,073
	30,000,000 USD	Sumitomo Corporation 0.26% due 06/06/11		29,992,200		29,992,200
	15,000,000 USD	Sumitomo Corporation 0.30% due 06/24/11		14,993,250		14,993,250
	9,575,000 USD	Sumitomo Corporation 0.31% due 05/02/11		9,574,918		9,574,918
	5,000,000 USD	Sumitomo Corporation 0.31% due 07/05/11		4,997,292		4,997,795
	25,000,000 USD	Sumitomo Corporation 0.31% due 07/27/11		24,981,875		24,983,993
	25,000,000 USD	Sumitomo Corporation 0.33% due 05/26/11		24,994,271		24,994,271
	10,000,000 USD	Toyota Motor Corporation 0.20% due 06/23/11		9,997,056		9,997,056
	10,000,000 USD	Toyota Motor Corporation 0.21% due 06/15/11		9,997,375		9,997,375
	25,000,000 USD	Toyota Motor Corporation 0.24% due 07/06/11		24,989,000		24,992,067
	10,000,000 USD	Toyota Motor Corporation 0.25% due 05/10/11		9,999,375		9,999,375
	10,000,000 USD	Toyota Motor Corporation 0.26% due 08/03/11		9,993,211		9,994,827

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
54

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 13.65% — (continued)
Japan 4.06% — (continued)
	22,707,000 USD	Toyota Motor Corporation 0.27% due 06/23/11	$	22,697,974	$	22,697,974
	15,000,000 USD	Toyota Motor Corporation 0.27% due 07/01/11		14,993,137		14,995,722
Switzerland 3.13%
	10,000,000 USD	Nestlé SA 0.18% due 08/02/11		9,995,350		9,996,253
	15,000,000 USD	Nestlé SA 0.20% due 05/02/11		14,999,917		14,999,917
	8,771,000 USD	Nestlé SA 0.20% due 09/09/11		8,764,617		8,765,427
	2,824,000 USD	Nestlé SA 0.21% due 10/24/11		2,821,101		2,821,207
	7,000,000 USD	Nestlé SA 0.22% due 06/03/11		6,998,588		6,998,588
	30,000,000 USD	Nestlé SA 0.22% due 08/08/11		29,981,850		29,987,880
	10,000,000 USD	Nestlé SA 0.23% due 06/14/11		9,997,189		9,997,189
	12,450,000 USD	Nestlé SA 0.24% due 08/03/11		12,442,198		12,445,285
	29,595,000 USD	Nestlé SA 0.25% due 07/20/11		29,578,558		29,585,562
	10,000,000 USD	Novartis International AG 0.22% due 06/14/11		9,997,311		9,997,311
	50,000,000 USD	Novartis International AG 0.23% due 06/13/11		49,986,264		49,986,264
	15,000,000 USD	Novartis International AG 0.23% due 09/15/11		14,986,871		14,983,494
	14,000,000 USD	Novartis International AG 0.24% due 05/09/11		13,999,253		13,999,253
	20,000,000 USD	Novartis International AG 0.24% due 07/14/11		19,990,133		19,990,880
	10,000,000 USD	Novartis International AG 0.24% due 07/19/11		9,994,733		9,995,028
	10,000,000 USD	Novartis International AG 0.25% due 09/12/11		9,990,694		9,989,384
	20,000,000 USD	Roche Holdings, Inc. 0.17% due 05/02/11		19,999,906		19,999,906
	35,000,000 USD	Roche Holdings, Inc. 0.18% due 05/17/11		34,997,200		34,997,200
	29,000,000 USD	Roche Holdings, Inc. 0.18% due 05/19/11		28,997,390		28,997,390

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
55

Overseas Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 13.65% — (continued)
United Kingdom 0.95%
	30,000,000 USD	Reckitt Benckiser Group PLC 0.35% due 06/13/11	$	29,987,458	$	29,987,458
	25,000,000 USD	Reckitt Benckiser Group PLC 0.39% due 09/26/11		24,960,944		24,965,625
	29,379,000 USD	Reckitt Benckiser Group PLC 0.40% due 07/13/11		29,355,170		29,364,005
	18,221,000 USD	Reckitt Benckiser Group PLC 0.41% due 07/13/11		18,206,221		18,211,700
Venezuela 1.14%
	20,000,000 USD	Corporación Andina de Fomento 0.29% due 08/15/11		19,982,922		19,983,320
	10,000,000 USD	Corporación Andina de Fomento 0.37% due 08/25/11		9,988,400		9,990,560
	94,000,000 USD	Corporación Andina de Fomento 0.44% due 07/12/11		93,917,280		93,952,850
Total International Commercial Paper				1,478,507,785		1,478,596,224
U.S. Commercial Paper — 2.19%
$	19,995,000	Campbell Soup Company 0.25% due 08/08/11		19,981,253		19,985,238
	32,500,000	Cisco Systems, Inc. 0.21% due 05/18/11		32,496,777		32,496,777
	4,559,000	ConocoPhillips 0.22% due 06/07/11		4,557,969		4,557,969
	22,385,000	Dover Corporation 0.07% due 05/02/11		22,384,956		22,384,956
	25,000,000	DuPont 0.29% due 06/16/11		24,990,736		24,990,736
	20,000,000	Johnson & Johnson 0.20% due 05/13/11		19,998,667		19,998,667
	12,500,000	Medtronic, Inc. 0.19% due 09/13/11		12,491,094		12,486,538
	12,500,000	Proctor & Gamble Company 0.13% due 06/30/11		12,497,292		12,496,986
	20,000,000	Proctor & Gamble Company 0.18% due 05/31/11		19,997,000		19,997,000
	14,123,000	Proctor & Gamble Company 0.19% due 05/24/11		14,121,286		14,121,286
	1,807,000	Sysco Corporation 0.07% due 05/02/11		1,806,996		1,806,996
	20,998,000	Verizon Communications, Inc. 0.38% due 05/25/11		20,992,821		20,992,821

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
56

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{PRINCIPAL AMOUNT}

_DESCRIPTION

_{COST (NOTE 1)}

_{VALUE (NOTE 1)}

U.S. Commercial Paper — 2.19% — (continued)

11,080,000

WellPoint, Inc.
0.36% due 07/11/11

11,072,352

11,073,484

20,000,000

Wisconsin Electric Power Company
0.11% due 05/02/11

19,999,939

Total U.S. Commercial Paper

237,389,138

237,389,393

Total Commercial Paper

1,715,896,923

1,715,985,617

Total Investments — 100.12%

7,870,056,236

10,844,343,434

Liabilities in Excess of Other Assets — (0.12)%

(12,752,499

)

Net Assets — 100.00%

10,831,590,935

(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) 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, 2011, the value of these securities amounted to $64,658,525 or 0.60% of net assets.

(d) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $71,763,413 or 0.66% of net assets.

(e) Security is deemed illiquid. At April 30, 2011, the value of these securities amounted to $135,296,070 or 1.25% of net assets.

(f) Represents non-voting class of shares.

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

(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) 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.

(j) Term loans are generally subject to legal or contractual restrictions on resale. A Fund's ability to receive payments of principal, interest and other amounts in connection with term loans will depend primarily on the financial condition of the borrower. A Fund's failure to receive scheduled payments on a term loan due to a default, bankruptcy or other reason may affect the Fund's income and would likely reduce the value of its assets.

(k) All or a portion of this position represents unsettled loan commitment.

(l) Inflation protected security.

At April 30, 2011, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	3,170,181,594
Gross unrealized depreciation		(195,894,396	)
Net unrealized appreciation	$	2,974,287,198

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
57

Overseas Fund

Abbreviations used in this schedule include:

ADR — American Depository Receipt

FRN — Floating Rate Note

NVDR — Non-Voting Depository Receipt

OAT — French Treasury Obligation

PCL — Public Company Limited

PLC — Public Limited Company

RSP — Represents Non-Voting Shares

Currencies

EUR — Euro

HKD — Hong Kong Dollar

SGD — Singapore Dollar

TWD — Taiwan Dollar

USD — United States Dollar

_{RESTRICTED SECURITIES}	_ACQUISITION_DATE	_COST		_{CARRYING VALUE PER}_{SHARE/PRINCIPAL}
Emin Leydier SA FRN 6.51% due 7/31/16	07/30/09	$	14,273,396	$	1.48
FINEL 9.50% due 6/30/17	06/22/05		9,649,600		1.11
FINEL	07/14/99		9,152,131		0.53
Fregate	04/30/04		23,101,992		38.77

Foreign Currency Exchange Contracts — Sales
_SETTLEMENT_DATES_THROUGH	_{FOREIGN CURRENCY}_{TO BE DELIVERED}			_{U.S. $}_{TO BE}_RECEIVED		_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₁		_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₁		_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₁
06/15/11		103,846,000	Euro	$	138,140,103	$	153,881,538	$	—	$	(15,741,435	)
07/20/11		115,797,000	Euro		157,024,206		171,420,214		—		(14,396,008	)
08/17/11		228,262,000	Euro		314,181,164		337,944,983		—		(23,763,819	)
09/21/11		176,174,000	Euro		254,345,928		260,243,884		—		(5,897,956	)
06/15/11		11,874,054,000	Japanese Yen		143,675,412		146,294,349		—		(2,618,937	)
07/20/11		20,256,240,000	Japanese Yen		243,443,941		249,617,807		—		(6,173,866	)
08/17/11		38,354,912,000	Japanese Yen		461,593,797		472,659,884		—		(11,066,087	)
09/21/11		13,696,552,000	Japanese Yen		162,976,582		168,868,969		—		(5,892,387	)
				$	1,875,381,133	$	1,960,931,628	$	—	$	(85,550,495	)

Affiliated Securities

_AFFILIATED_SECURITIES		_SHARES_{OCTOBER 31,}₂₀₁₀		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₁		_MARKET_VALUE_{APRIL 30,}₂₀₁₁		_REALIZED_GAIN/(LOSS)		_DIVIDEND_INCOME
	AS One Corporation		1,286,140		—		—		1,286,140	$	25,982,626	$	—	$	262,072
	Chofu Seisakusho Company Limited		2,022,800		—		—		2,022,800		49,062,493		—		342,743

See Notes to Financial Statements.

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58

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

(continued)
_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₀		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₁		_MARKET_VALUE_{APRIL 30,}₂₀₁₁		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
Deutsche Wohnen AG		6,418,531		—		—		6,418,531	$	101,268,698	$	—		$	—
FINEL		11,593,581		—		—		11,593,581		6,191,875		—			—
Fregate		895,904		—		—		895,904		34,729,855		—			—
Fursys, Inc.		948,330		—		75,867		872,463		22,022,231		—			444,851
Gewiss S.p.A.		6,116,020		—		—		6,116,020		46,092,971		—			—
Haw Par Corporation Limited		23,192,830		—		—		23,192,830		117,736,838		—			—
Icom, Inc.		861,660		—		—		861,660		25,431,601		—			97,509
Japan Wool Textile Company Limited		6,577,300		—		—		6,577,300		58,011,170		—			728,028
Laurent- Perrier		563,378		—		—		563,378		72,045,894		—			—
Maezawa Kasei Industries Company Limited		2,068,330		—		—		2,068,330		20,815,787		—			292,257
Matsumoto Yushi-Seiyaku Company Limited		1,058,246		—		—		1,058,246		24,442,119		—			597,516
Nagaileben Company Limited		1,005,672		990		—		1,006,662		26,834,400		—			—
Nitto Kohki Company Limited		2,832,150		—		132,954		2,699,196		65,667,801		653,699			382,336
Pfeiffer Vacuum Technology AG*		895,398		—		709,189		186,209		25,829,403		51,381,855			—
Robertet SA		235,944		—		107		235,837		43,381,113		(1,332	)		—
Sansei Yusoki Company Limited		1,223,670		—		—		1,223,670		6,858,461		—			96,933
Shimano, Inc.		4,886,870		—		—		4,886,870		260,657,146		—			1,683,664
Shingakukai Company Limited		1,424,100		—		—		1,424,100		5,262,749		—			160,818
Sucrière de Pithiviers- Le-Vieil		39,143		—		—		39,143		48,488,938		—			2,015,407
T. Hasegawa Company Limited		3,452,591		—		—		3,452,591		52,822,346		—			391,120
Teems, Inc.		—		75,866		—		75,866		1,868,952		—			—

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
59

Overseas Fund

(continued)
_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₀		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₁		_MARKET_VALUE_{APRIL 30,}₂₀₁₁		_REALIZED_GAIN/(LOSS)		_DIVIDEND_INCOME
Yomeishu Seizo Company Limited		2,535,900		—		—		2,535,900	$	22,772,494	$	—	$	515,463
Total									$1,164,277,961		$52,034,222		$8,010,717

* Not an affiliated issuer as of April 30, 2011.

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
International Common Stocks
Consumer Discretionary		10.69	%
Consumer Staples		8.68
Energy		3.61
Financials		10.07
Health Care		5.28
Industrials		17.13
Information Technology		4.74
Materials		8.74
Telecommunication Services		1.25
Utilities		0.70
Total International Common Stocks		70.89
U.S. Common Stocks
Materials		0.38
Total U.S. Common Stocks		0.38
International Preferred Stocks
Consumer Discretionary		0.82
Consumer Staples		0.06
Energy		0.11
Information Technology		1.02
Total International Preferred Stocks		2.01
Commodity		6.94
Term Loans		0.16

See Notes to Financial Statements.

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60

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
International Bonds
Financials		0.08	%
Government Issues		3.22
Industrials		0.03
Materials		0.57
Total International Bonds		3.90
Commercial Paper
International Commercial Paper		13.65
U.S. Commercial Paper		2.19
Total Commercial Paper		15.84
Total Investments		100.12	%

See Notes to Financial Statements.

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61

Fund Overview | Data as of April 30, 2011 (unaudited)

INVESTMENT OBJECTIVE

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. 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		13.79	%		6.49	%		9.96	%
with sales charge		8.10			5.40			9.37
Standard & Poor's 500 Index		17.22			2.95			3.91
Consumer Price Index		3.16			2.22			2.48

Asset Allocation

Sector/Industry*
Financials	12.23	%
Consumer Discretionary	11.74
Industrials	9.07
Materials	8.87
Information Technology	8.32
Consumer Staples	5.11
Energy	4.85
Commodity (Gold Bullion)	4.79
Health Care	4.44
Utilities	3.25
Telecommunication Services	2.04
Investment Company	0.58
Warrant	0.51

* percentages exclude option positions

Asset Allocation and Sector/Industry percentages are based on total investments in the portfolio. The Fund's portfolio composition is subject to change at any time.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
62

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)	4.78	%
Sysco Corporation (U.S. wholesale distributor)	2.39
Comcast Corporation, Class 'A' (U.S. cable/satellite television company)	2.33
Cintas Corporation (U.S. uniform designer and manufacturer)	2.07
Cisco Systems, Inc. (U.S. networking company)	2.03
ConocoPhillips (U.S. energy company)	2.00
3M Company (U.S. industrial conglomerate)	1.95
American Express Company (U.S. credit card and travel services company)	1.90
Microsoft Corporation (U.S. software developer)	1.82
Newmont Mining Corporation (U.S. gold mining company)	1.78
Total	23.05	%

* Excludes cash, commercial paper and money market funds.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
63

First Eagle U.S. Value Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 66.53%
U.S. Common Stocks — 61.77%
Consumer Discretionary 10.27%
	1,626,946	Comcast Corporation, Class 'A'	$	25,954,315	$	39,941,524
	1,143,570	Cintas Corporation		34,510,670		35,507,848
	573,750	Omnicom Group, Inc.		17,421,015		28,222,763
	744,610	Home Depot, Inc.		17,004,979		27,654,815
	310,834	Wal-Mart Stores, Inc.		14,497,317		17,089,653
	524,496	International Speedway Corporation, Class 'A'		18,296,765		16,049,578
	132,122	Unifirst Corporation		3,467,476		6,838,635
	62,900	Costco Wholesale Corporation		2,566,072		5,089,868
	590	St. John Knits International, Inc. (a)(b)		18,290		3,546
				133,736,899		176,398,230
Consumer Staples 4.82%
	1,419,161	Sysco Corporation		40,467,087		41,027,945
	199,910	Lorillard, Inc.		14,817,964		21,290,415
	243,070	Colgate-Palmolive Company		18,724,902		20,502,954
				74,009,953		82,821,314
Energy 4.47%
	435,648	ConocoPhillips		20,515,610		34,385,697
	154,753	Apache Corporation		10,032,993		20,639,408
	352,139	San Juan Basin Royalty Trust		10,234,184		8,789,389
	66,671	SEACOR Holdings, Inc.		4,706,611		6,589,095
	96,200	Helmerich & Payne, Inc.		1,773,877		6,381,908
				47,263,275		76,785,497
Financials 11.32%
	665,890	American Express Company		19,687,007		32,681,881
	953,848	Bank of New York Mellon Corporation		25,752,325		27,623,438
	832,550	Cincinnati Financial Corporation		21,580,935		26,375,184
	145	Berkshire Hathaway, Inc., Class 'A' (a)		11,905,798		18,088,750
	640,411	BB&T Corporation		17,315,379		17,239,864
	520,235	WR Berkley Corporation		13,980,972		16,964,864
	48,897	Alleghany Corporation (a)		13,907,571		16,087,034
	398,045	Mercury General Corporation		16,845,049		15,818,308
	51,759	Mastercard, Inc., Class 'A'		10,626,144		14,279,791
	116,750	Visa, Inc., Class 'A'		8,427,216		9,120,510
				160,028,396		194,279,624

See Notes to Financial Statements.

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64

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 61.77% — (continued)
Health Care 2.69%
	309,780	WellPoint, Inc.	$	14,454,331	$	23,788,006
	296,570	Johnson & Johnson		17,865,833		19,490,581
	79,310	DENTSPLY International, Inc.		1,696,098		2,977,297
				34,016,262		46,255,884
Industrials 8.71%
	344,360	3M Company		23,938,700		33,475,236
	365,667	Alliant Techsystems, Inc.		30,163,088		25,834,373
	320,795	Lockheed Martin Corporation		22,855,964		25,423,004
	317,471	Automatic Data Processing, Inc.		11,701,372		17,254,549
	375,535	Rofin-Sinar Technologies, Inc. (a)(c)		8,544,636		16,264,421
	215,814	Northrop Grumman Corporation		13,242,093		13,727,928
	771,165	Blount International, Inc. (a)		7,560,148		12,801,339
	267,100	Insteel Industries, Inc.		2,988,830		3,987,803
	16,939	Huntington Ingalls Industries, Inc. (a)		638,265		677,560
				121,633,096		149,446,213
Information Technology 7.07%
	1,202,227	Microsoft Corporation		28,343,767		31,281,946
	1,218,104	Intel Corporation		21,638,683		28,247,832
	785,560	Linear Technology Corporation		20,156,649		27,337,488
	449,730	Texas Instruments, Inc.		11,019,620		15,978,907
	332,733	KLA-Tencor Corporation (c)		9,552,516		14,606,979
	250,000	Dell, Inc. (a)(c)		2,921,969		3,877,500
				93,633,204		121,330,652
Materials 7.40%
	521,812	Newmont Mining Corporation		24,247,219		30,583,401
	963,365	Weyerhaeuser Company		14,976,807		22,167,029
	414,372	Vulcan Materials Company		19,096,262		18,729,615
	259,500	Rayonier, Inc., REIT		8,431,039		17,220,420
	174,580	Martin Marietta Materials, Inc.		15,555,076		15,919,950
	260,137	Plum Creek Timber Company, Inc., REIT		8,483,182		11,209,303
	101,150	Deltic Timber Corporation		4,802,970		6,857,970
	68,879	Ashland, Inc.		3,546,254		4,276,008
				99,138,809		126,963,696
Telecommunication Services 2.03%
	1,987,129	Cisco Systems, Inc.		36,634,104		34,893,985

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
65

U.S. Value Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 61.77% — (continued)
Utilities 2.99%
	753,583	FirstEnergy Corporation	$	27,205,057	$	30,113,177
	170,860	Entergy Corporation		11,303,420		11,912,359
	236,150	IDACorporation, Inc.		7,470,208		9,259,441
				45,978,685		51,284,977
Total U.S. Common Stocks				846,072,683		1,060,460,072
International Common Stocks — 4.76%
Canada 1.24%
	379,197	Franco-Nevada Corporation		7,074,309		15,023,729
	244,199	Penn West Petroleum Limited		4,630,169		6,253,937
				11,704,478		21,277,666
France 1.74%
	754,462	Sanofi-Aventis SA, ADR		28,866,657		29,816,338
United Kingdom 1.78%
	370,363	Willis Group Holdings PLC		9,103,778		15,303,399
	496,990	Amdocs Limited (a)		11,894,360		15,282,443
				20,998,138		30,585,842
Total International Common Stocks				61,569,273		81,679,846
Total Common Stocks				907,641,956		1,142,139,918
U.S. Preferred Stocks — 0.54%
Consumer Staples 0.28%
	168,915	Seneca Foods Corporation, Series '2003' (a)(b)(d)(e)		2,542,171		4,722,863
Utilities 0.26%
	88,100	Calenergy Capital Trust III 6.50% (b)(f)(g)		3,778,988		4,444,645
Total U.S. Preferred Stocks				6,321,159		9,167,508
Investment Company — 0.58%
	292,960	PowerShares DB Agriculture Fund, ETF (a)		7,191,808		9,978,218
Warrant — 0.51%
United States 0.51%
	526,579	JPMorgan Chase & Co. Warrant expire 10/28/18 (a)		6,827,718		8,741,211

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
66

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_OUNCES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Commodity — 4.78%
	52,516	Gold bullion (a)	$	34,140,381	$	82,038,104
_{PRINCIPAL AMOUNT}
Bonds — 2.73%
International Corporate Bond — 0.59%
Canada 0.59%
	10,000,000 USD	Catalyst Paper Corporation 11.00% due 12/15/16 (b)(h)		8,734,413		10,087,500
U.S. Bonds — 2.14%
Corporate Bonds 2.14%
$	600,000	Bausch & Lomb, Inc. 7.125% due 08/01/28 (b)		516,609		498,594
	5,975,000	Mueller Water Products, Inc. 7.375% due 06/01/17		4,789,467		5,960,063
	2,000,000	Pulte Homes, Inc. 6.25% due 02/15/13		1,908,487		2,092,500
	3,800,000	Sanmina-SCI Corporation 6.75% due 03/01/13		3,582,439		3,838,000
	2,000,000	Sanmina-SCI Corporation 8.125% due 03/01/16		1,816,389		2,095,000
	10,169,000	Sealy Mattress Company 8.25% due 06/15/14		7,873,879		10,245,267
	5,424,000	Yankee Acquisition Corporation, Series 'B' 8.50% due 02/15/15		5,486,372		5,681,640
	5,877,000	Yankee Acquisition Corporation, Series 'B' 9.75% due 02/15/17		5,871,827		6,303,083
Total U.S. Bonds				31,845,469		36,714,147
Total Bonds				40,579,882		46,801,647
U.S. Treasury Bills — 6.58%
	15,000,000	U.S. Treasury Bill 0.07% due 08/18/11		14,996,707		14,997,885
	8,000,000	U.S. Treasury Bill 0.10% due 10/20/11		7,996,093		7,996,696
	15,000,000	U.S. Treasury Bill 0.14% due 08/18/11		14,993,642		14,997,885
	15,000,000	U.S. Treasury Bill 0.14% due 09/15/11		14,992,294		14,996,490
	15,000,000	U.S. Treasury Bill 0.14% due 10/20/11		14,990,325		14,993,805

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
67

U.S. Value Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Treasury Bills — 6.58% — (continued)
$	15,000,000	U.S. Treasury Bill 0.16% due 05/19/11	$	14,998,838	$	14,998,838
	15,000,000	U.S. Treasury Bill 0.18% due 06/23/11		14,996,025		14,996,025
	15,000,000	U.S. Treasury Bill 0.18% due 07/21/11		14,994,094		14,999,430
Total U.S. Treasury Bills				112,958,018		112,977,054
Commercial Paper — 17.62%
International Commercial Paper — 2.76%
France 0.16%
	2,745,000 USD	Sanofi-Aventis SA 0.33% due 10/13/11		2,740,974		2,740,887
Italy 0.70%
	12,000,000 USD	Eni S.p.A. 0.35% due 06/20/11		11,994,333		11,994,333
Japan 1.28%
	22,050,000 USD	Mitsui & Company, Limited 0.13% due 05/02/11		22,049,920		22,049,920
Switzerland 0.62%
	10,650,000 USD	Nestlé SA 0.25% due 07/20/11		10,644,083		10,646,604
Total International Commercial Paper				47,429,310		47,431,744
U.S. Commercial Paper — 14.86%
$	16,000,000	Abbott Laboratories 0.17% due 06/07/11		15,997,204		15,997,204
	5,000,000	Campbell Soup Company 0.23% due 07/27/11		4,997,221		4,997,899
	10,000,000	Campbell Soup Company 0.24% due 08/10/11		9,993,267		9,995,022
	7,500,000	Cisco Systems, Inc. 0.19% due 05/05/11		7,499,842		7,499,842
	7,500,000	Cisco Systems, Inc. 0.21% due 05/18/11		7,499,256		7,499,256
	5,000,000	Coca-Cola Company 0.19% due 07/19/11		4,997,915		4,998,087
	3,342,000	Coca-Cola Company 0.22% due 09/07/11		3,339,365		3,339,592
	5,461,000	Coca-Cola Company 0.25% due 07/01/11		5,458,687		5,459,375

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
68

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 14.86% — (continued)
$	5,000,000	Coca-Cola Company 0.25% due 07/13/11	$	4,997,465	$	4,998,229
	11,730,000	ConocoPhillips 0.22% due 05/09/11		11,729,427		11,729,427
	5,000,000	ConocoPhillips 0.22% due 07/07/11		4,997,953		4,998,371
	5,000,000	ConocoPhillips 0.25% due 07/07/11		4,997,674		4,998,371
	5,000,000	DuPont 0.31% due 06/30/11		4,997,417		4,998,002
	14,581,000	ITT Corporation 0.34% due 05/13/11		14,579,396		14,579,396
	3,662,000	Johnson & Johnson 0.16% due 07/25/11		3,660,617		3,660,761
	3,000,000	Johnson & Johnson 0.20% due 05/13/11		2,999,800		2,999,800
	2,005,000	Johnson & Johnson 0.20% due 09/06/11		2,003,574		2,003,791
	12,000,000	Johnson & Johnson 0.25% due 05/03/11		11,999,833		11,999,833
	5,437,000	Kraft Foods, Inc. 0.38% due 05/27/11		5,435,547		5,435,547
	12,941,000	Kraft Foods, Inc. 0.45% due 06/27/11		12,931,984		12,931,984
	15,000,000	Medtronic, Inc. 0.17% due 07/25/11		14,993,979		14,991,771
	2,000,000	Medtronic, Inc. 0.21% due 10/19/11		1,998,005		1,996,819
	5,000,000	PepsiCo, Inc. 0.17% due 06/06/11		4,999,150		4,999,150
	10,000,000	PepsiCo, Inc. 0.18% due 05/31/11		9,998,500		9,998,500
	3,360,000	Philip Morris International, Inc. 0.13% due 05/25/11		3,359,709		3,359,709
	5,000,000	Proctor & Gamble Company 0.18% due 05/31/11		4,999,250		4,999,250
	7,500,000	Proctor & Gamble Company 0.19% due 05/23/11		7,499,129		7,499,129
	3,313,000	Proctor & Gamble Company 0.19% due 05/24/11		3,312,598		3,312,598
	10,000,000	Sherwin-Williams Company 0.26% due 06/14/11		9,996,822		9,996,822

See Notes to Financial Statements.

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69

U.S. Value Fund

_{PRINCIPAL AMOUNT}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 14.86% — (continued)
$	6,000,000	Sherwin-Williams Company 0.26% due 06/28/11	$	5,997,487	$	5,997,487
	6,251,000	Verizon Communications, Inc. 0.47% due 06/29/11		6,246,185		6,247,318
	8,000,000	Verizon Communications, Inc. 0.49% due 07/15/11		7,991,833		7,994,062
	5,000,000	Walt Disney Company 0.15% due 07/14/11		4,998,458		4,997,995
	10,889,000	WellPoint, Inc. 0.14% due 05/02/11		10,888,958		10,888,958
	10,000,000	WellPoint, Inc. 0.34% due 07/18/11		9,992,850		9,993,556
	2,700,000	WellPoint, Inc. 0.37% due 06/23/11		2,698,529		2,698,529
	Total U.S. Commercial Paper			255,084,886		255,091,442
	Total Commercial Paper			302,514,196		302,523,186
	Total Investment Portfolio Excluding Options Written — 99.87%		$	1,418,175,118	$	1,714,366,846

_CONTRACTS			_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (0.03)%
	625	Dell, Inc.	$	15.00	May 2011	$	(50,000	)
	625	Dell, Inc.		16.00	May 2011		(18,750	)
	1,250	Dell, Inc.		16.00	August 2011		(96,250	)
	280	KLA-Tencor Corporation		46.00	June 2011		(37,800	)
	280	KLA-Tencor Corporation		46.00	September 2011		(65,800	)
	280	KLA-Tencor Corporation		47.00	September 2011		(60,200	)
	1,000	Rofin-Sinar Technologies, Inc.		45.00	June 2011		(120,000	)
	Total Covered Call Options Written (Premiums Received: $522,648)						(448,800	)
	Total Investments — 99.84% (Cost: $1,417,652,470)						1,713,918,046
	Other Assets in Excess of Liabilities — 0.16%						2,793,985
	Net Assets — 100.00%					$	1,716,712,031

See Notes to Financial Statements.

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70

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

(a) Non-income producing security/commodity.

(b) Security is deemed illiquid. At April 30, 2011, the value of these securities amounted to $19,757,148 or 1.15% of net assets.

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

(e) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $4,722,863 or 0.28% of net assets.

(f) This security is subject to a call feature and may be called in full or partially on or anytime after May 20, 2011.

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

At April 30, 2011 cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	307,592,820
Gross unrealized depreciation		(11,327,244	)
Net unrealized appreciation	$	296,265,576

Abbreviations used in this schedule include:

ADR — American Depository Receipt

ETF — Exchange Traded Fund

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Currencies

USD — United States Dollar

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		10.27	%
Consumer Staples		4.82
Energy		4.47
Financials		11.32
Health Care		2.69
Industrials		8.71
Information Technology		7.07
Materials		7.40
Telecommunication Services		2.03
Utilities		2.99
Total U.S. Common Stocks		61.77

See Notes to Financial Statements.

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U.S. Value Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
International Common Stocks
Energy		0.36	%
Financials		0.89
Health Care		1.74
Information Technology		0.89
Materials		0.88
Total International Common Stocks		4.76
U.S. Preferred Stocks
Consumer Staples		0.28
Utilities		0.26
Total U.S. Preferred Stocks		0.54
Investment Company		0.58
Warrant		0.51
Commodity		4.78
U.S. Bonds
Consumer Discretionary		1.45
Industrials		0.35
Information Technology		0.34
Total U.S. Bonds		2.14
International Bond
Materials		0.59
Total International Bond		0.59
U.S. Treasury Bills		6.58

See Notes to Financial Statements.

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72

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
Commercial Paper
International Commercial Paper		2.76	%
U.S. Commercial Paper		14.86
Total Commercial Paper		17.62
Covered Call Options Written		(0.03)
Total Investments		99.84	%

See Notes to Financial Statements.

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73

Fund Overview | Data as of April 30, 2011 (unaudited)

INVESTMENT OBJECTIVE

The First Eagle Gold Fund is a non-diversified fund whose investment objective is to provide exposure to the investment characteristics of gold and, to a limited extent, other precious metals. In seeking to achieve its objective, the Fund invests primarily in 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		31.82	%		14.73	%		26.48	%
with sales charge		25.23			13.56			25.83
FTSE Gold Mines Index		19.97			8.58			18.19
MSCI World Index		18.25			2.32			3.90
Consumer Price Index		3.16			2.22			2.43

Asset Allocation

Countries
Canada	41.08	%
United States	22.12
South Africa	13.67
Australia	10.05
Mexico	5.56
Africa	3.43
United Kingdom	1.67

Asset Allocation and Countries percentages are based on total investments in the portfolio. The Fund's portfolio composition is subject to change at any time.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
74

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)	14.85	%
Newcrest Mining Limited (Australia)	6.14
Goldcorp, Inc. (Canada)	5.92
AngloGold Ashanti Limited, ADR (South Africa)	5.04
IAMGOLD Corporation (Canada)	4.91
Barrick Gold Corporation (Canada)	4.30
Harmony Gold Mining Company Limited, ADR (South Africa)	3.96
Newmont Mining Corporation (United States)	3.96
Kinross Gold Corporation (Canada)	3.73
Gold Fields Limited, ADR (South Africa)	3.46
Total	56.27	%

* Excludes cash, commercial paper and money market funds.

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First Eagle Gold Fund

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 81.04%
International Common Stocks — 73.90%
Africa 3.41%
	1,405,836	Randgold Resources Limited, ADR (a)	$	35,887,547	$	121,703,223
Australia 10.00%
	4,818,953	Newcrest Mining Limited		146,512,280		218,901,209
	10,790,230	CGA Mining Limited (a)(b)		21,440,352		34,410,237
	2,943,481	Kingsgate Consolidated Limited		9,873,862		25,031,904
	3,173,890	Independence Group NL		11,667,659		23,339,166
	11,598,427	Intrepid Mines Limited (a)		18,806,320		23,197,057
	2,613,520	Medusa Mining Limited		12,846,050		22,999,178
	8,263,115	St. Augustine Gold and Copper Limited (a)(c)		9,337,709		8,725,570
				230,484,232		356,604,321
Canada 39.98%
	3,781,920	Goldcorp, Inc.		129,619,026		211,144,594
	8,437,992	IAMGOLD Corporation		69,800,684		175,264,311
	3,009,934	Barrick Gold Corporation		110,970,131		153,536,733
	8,404,412	Kinross Gold Corporation		125,033,153		133,125,886
	1,505,663	Agnico-Eagle Mines Limited		90,980,997		104,808,136
	8,333,451	New Gold, Inc. (a)		18,188,041		93,542,328
	2,051,140	Detour Gold Corporation (a)(b)		49,645,561		69,266,586
	1,721,883	Franco-Nevada Corporation		36,820,248		68,220,750
	8,351,290	Gabriel Resources Limited (a)		49,761,903		63,670,870
	13,935,220	Lake Shore Gold Corporation (a)		48,172,940		59,743,393
	4,679,200	Alacer Gold Corporation (a)(b)		19,514,511		48,768,431
	3,207,400	Osisko Mining Corporation (a)(b)		25,178,940		46,908,648
	2,651,590	European Goldfields Limited (a)		7,220,475		36,847,861
	3,702,396	Dundee Precious Metals, Inc. (a)(b)		13,462,262		35,811,983
	11,244,411	Northgate Minerals Corporation (a)		33,139,737		33,958,121
	3,857,550	Aurizon Mines Limited (a)		5,296,594		26,273,704
	4,138,370	Orezone Gold Corporation (a)(b)		15,713,538		19,664,905
	1,872,803	Guyana Goldfields, Inc. (a)		16,698,724		18,490,716
	722,000	Eldorado Gold Corporation		8,458,455		13,425,998
	2,447,600	Primero Mining Corporation (a)(b)		12,683,195		11,966,619
	552,000	Eurasian Minerals, Inc. (a)		1,623,583		1,812,798
				887,982,698		1,426,253,371

See Notes to Financial Statements.

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76

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 73.90% — (continued)
Mexico 5.53%
	4,197,841	Fresnillo PLC	$	16,620,435	$	115,095,621
	2,109,555	Industrias Peñoles S.A.B. de C.V.		10,573,599		82,129,148
				27,194,034		197,224,769
South Africa 13.32%
	3,526,279	AngloGold Ashanti Limited, ADR		128,078,396		179,769,703
	9,080,083	Harmony Gold Mining Company Limited, ADR		96,024,836		141,376,892
	6,921,044	Gold Fields Limited, ADR		93,344,394		123,471,425
	11,567,600	Great Basin Gold Limited (a)		15,774,951		30,659,637
				333,222,577		475,277,657
United Kingdom 1.66%
	1,600,000	Vallar PLC (a)		24,085,667		37,399,167
	416,864	Anglo American PLC		19,462,003		21,734,158
				43,547,670		59,133,325
Total International Common Stocks				1,558,318,758		2,636,196,666
U.S. Common Stocks — 7.14%
Materials 7.14%
	2,412,617	Newmont Mining Corporation		106,060,099		141,403,482
	1,371,501	Royal Gold, Inc.		31,907,515		83,634,131
	1,302,590	Tahoe Resources, Inc. (a)(b)		17,461,621		29,600,567
Total U.S. Common Stocks				155,429,235		254,638,180
Total Common Stocks				1,713,747,993		2,890,834,846
Investment Company — 0.01%
	381,045	State Street Institutional U.S. Government Money Market Fund, Institutional Class		381,045		381,045
International Preferred Stocks — 0.19%
South Africa 0.19%
	120,000	AngloGold Ashanti Limited 6.00% (d)		6,000,000		6,768,000
Warrant — 0.02%
Canada 0.02%
	666,680	Primero Mining Corporation Warrants expire 07/15/20 (a)(b)		558,606		774,391

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
77

Gold Fund

_OUNCES

_DESCRIPTION

_{COST (NOTE 1)}

_{VALUE (NOTE 1)}

Commodity — 14.85%

338,964

Gold bullion (a)

169,482,646

529,513,273

_{PRINCIPAL AMOUNT}

International Convertible Bonds — 0.92%

Canada 0.84%

30,000,000
USD

Detour Gold Corporation
5.50% due 11/30/17 (e)(f)

30,000,000

South Africa 0.08%

2,000,000
CAD

Great Basin Gold Limited
8.00% due 11/30/14 (b)(g)

1,900,057

2,903,907

Total International Convertible Bonds

31,900,057

32,903,907

Commercial Paper — 2.41%

International Commercial Paper — 1.15%

Japan 0.87%

30,933,000
USD

Mitsui & Company, Limited
0.13% due 05/02/11

30,932,888

United Kingdom 0.28%

10,000,000
USD

Reckitt Benckiser Group PLC
0.25% due 06/16/11

9,996,806

Total International Commercial Paper

40,929,694

U.S. Commercial Paper — 1.26%

10,000,000

Cisco Systems, Inc.
0.21% due 05/18/11

9,999,008

25,000,000

Kraft Foods, Inc.
0.38% due 05/16/11

24,996,042

10,000,000

Proctor & Gamble Company
0.19% due 05/23/11

9,998,839

Total U.S. Commercial Paper

44,993,889

Total Commercial Paper

85,923,583

Total Investments — 99.44%

2,007,993,930

3,547,099,045

Other Assets in Excess of Liabilities — 0.56%

19,944,795

Net Assets — 100.00%

3,567,043,840

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
78

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2011 (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) Represents a security registered under Regulation D. Regulation D provides exemptions for small companies to offer and sell their securities without having to register the securities under the Securities Act of 1933.

(d) This security is convertible until September 15, 2013.

(e) This security is convertible until November 30, 2017.

(f) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $30,000,000 or 0.84% of net assets.

(g) This security is convertible until November 30, 2014.

At April 30, 2011, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	1,540,433,830
Gross unrealized depreciation		(1,328,715	)
Net unrealized appreciation	$	1,539,105,115

Abbreviations used in this schedule include:

ADR — American Depository Receipt

PLC — Public Limited Company

Currencies

CAD — Canadian Dollar

USD — United States Dollar

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
International Common Stocks
Materials		73.90	%
Total International Common Stocks		73.90
U.S. Common Stocks
Materials		7.14
Total U.S. Common Stocks		7.14
Investment Company		0.01
International Preferred Stocks
Materials		0.19
Total International Preferred Stocks		0.19
Warrant		0.02

See Notes to Financial Statements.

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Gold Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
Commodity		14.85%
International Convertible Bonds
Materials		0.92
Total International Convertible Bonds		0.92
Commercial Paper
International Commercial Paper		1.15
U.S. Commercial Paper		1.26
Total Commercial Paper		2.41
Total Investments		99.44	%

See Notes to Financial Statements.

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80

Management's Discussion of Fund Performance

Harold Levy

The value of the Fund's Class Y shares increased by 17.6% for the six month period compared to an increase of 16.4% for the S&P 500 index for the same period. The Fund's position in cash and cash equivalents increased from 6.04% to 7.54% from the end of October 2010 to April 30, 2011. Over the period, much went well for the companies we are invested in and fortunately little in the way of negative developments occurred. The five largest contributors to performance were Valeant Pharmaceuticals International, Inc., Eastman Chemical Company, Dresser-Rand Group, Inc., Devon Energy Corporation and Rockwood Holdings, Inc., collectively accounting for 10.9% of the Fund's performance. The Fund's only detractors for the period were AOL, Inc., Exterran Holdings, Inc. and Amgen, Inc., which accounted for -0.76% of Fund performance.

Much of what was written in the annual letter six months ago is still true today. The Federal Reserve continues its accommodative monetary policy attempting to drive inflation higher and the value of the dollar lower. They have been very successful in achieving the latter as measured by currency and commodities prices and, to some extent, stock prices. (A portion of the gains we have experienced in equities reflects a lower dollar value.) Our concern is that the Fed will be equally successful in achieving inflation as well. Specifically, the question is how successful and over what period of time. A little inflation would likely prove beneficial for equities; however, a high degree of inflation would curtail consumer demand and result in negative consequences for equity values.

Federal deficits continue to be huge and intractable, although at least they have become a topic of conversation among government officials. Whether serious policy changes occur as a result of these conversations is certainly speculation at this point.

We continue to focus on finding suitable investment opportunities regardless of macroeconomic uncertainties. Despite the significant price improvements of the last six months we still find our portfolio holdings compelling from a valuation perspective. In general, our companies are strong financially, continue to

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
81

Management's Discussion of Fund Performance (continued)

generate free cash flows and are making investments to grow their value over time. In addition, the recent uptick in merger and acquisition activity should be beneficial for equities in general and our portfolio in particular.

We remain dedicated to doing what we have always done — managing your money in a prudent manner and seeking to maintain and grow your purchasing power over time, while remaining cognizant of all the risks investors face in today's world.

We thank you for your continued confidence.

Harold Levy

Portfolio Manager

June 2011

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
82

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. Selling covered call options generates fee income ("premiums") from parties buying the options. When the security underlying a covered call option appreciates in value sufficiently, the Fund may be required to deliver securities or cash to the buyer of the option. Results from options trading are further described in the financial statements that follow this commentary. 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 Standard & Poor's 500 Index includes dividends reinvested.

The commentary represents the opinion of Harold Levy as of June 2011 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, 2011
83

Fund Overview | Data as of April 30, 2011 (unaudited)

INVESTMENT OBJECTIVE

The First Eagle Fund of America is a non-diversified U.S. equity fund that seeks long-term capital appreciation by investing primarily in U.S. stocks and to a lesser extent in debt and foreign 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)		25.44	%		7.50	%		8.29	%
Standard & Poor's 500 Index		17.22			2.95			2.82

Asset Allocation

Sector/Industry*
Materials	23.59	%
Health Care	22.31
Energy	12.80
Industrials	12.69
Information Technology	11.76
Consumer Discretionary	6.82
Exchange Traded Fund	4.23
Consumer Staples	1.02
Telecommunication Services	0.51
Rights	0.27

* percentages exclude option positions

Asset Allocation and Sector/Industry percentages are based on total investments in the portfolio. The Fund's portfolio composition is subject to change at any time.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
84

Fund of America

Growth of a $10,000 Initial Investment

* Excludes cash, commercial paper and money market funds.

The Fund's average annual returns shown above 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. The Standard & Poor's 500 Index includes dividends reinvested.

Top 10 Holdings*
Eastman Chemical Company (chemicals company)	5.89	%
Valeant Pharmaceuticals International (pharmaceuticals company)	5.07
Baxter International, Inc. (health technology company)	5.00
SPDR Gold Trust (exchange traded fund)	4.23
Devon Energy Corporation (energy company)	4.17
Rockwood Holdings, Inc. (inorganic chemicals company)	4.16
Computer Sciences Corporation (information technology company)	4.11
General Dynamics Corporation (aerospace and defense manufacturer)	4.08
Ball Corporation (containers and packaging manufacturer)	3.66
TE Connectivity Limited (electronics company)	3.37
Total	43.74	%

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
85

First Eagle Fund of America

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 91.23%
U.S. Common Stocks — 82.55%
Consumer Discretionary 6.83%
	132,100	AutoZone, Inc. (a)(b)	$	23,380,272	$	37,302,398
	804,900	Wyndham Worldwide Corporation (b)		24,397,211		27,857,589
	217,100	Sherwin-Williams Company (b)		12,560,771		17,865,159
	378,400	Tenneco, Inc. (a)(b)		15,753,015		17,485,864
				76,091,269		100,511,010
Consumer Staples 1.02%
	779,240	Sara Lee Corporation (b)		12,164,373		14,961,408
Energy 10.84%
	675,200	Devon Energy Corporation (b)		49,881,484		61,443,200
	1,133,200	Arch Coal, Inc. (b)		37,449,563		38,868,760
	1,289,550	Covanta Holding Corporation (b)		22,101,824		22,141,573
	409,090	Dresser-Rand Group, Inc. (a)(b)		9,432,228		21,493,589
	722,000	Exterran Holdings, Inc. (a)(b)		18,866,961		15,674,620
				137,732,060		159,621,742
Health Care 21.99%
	1,417,032	Valeant Pharmaceuticals International (b)		18,065,700		74,578,394
	1,292,700	Baxter International, Inc. (b)		67,055,362		73,554,630
	1,382,500	Omnicare, Inc. (b)		34,508,310		43,438,150
	1,265,300	Health Net, Inc. (a)(b)		31,889,842		42,134,490
	1,388,100	Pfizer, Inc. (b)		28,277,373		29,094,576
	462,010	Amgen, Inc. (a)(b)		24,483,635		26,265,268
	1,213,387	Enzon Pharmaceuticals, Inc. (a)		10,244,912		13,929,683
	1,466,860	Celera Corporation (a)		10,223,009		11,602,863
	326,710	Theravance, Inc. (a)		6,029,780		9,066,203
				230,777,923		323,664,257
Industrials 9.35%
	824,590	General Dynamics Corporation (b)		50,557,056		60,046,644
	254,500	Precision Castparts Corporation (b)		22,526,586		39,325,340
	567,700	Owens Corning, Inc. (a)(b)		12,635,848		21,481,768
	137,340	Rockwell Collins, Inc. (b)		6,443,126		8,666,154
	167,900	Raytheon Company		8,322,041		8,151,545
				100,484,657		137,671,451

See Notes to Financial Statements.

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86

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 82.55% — (continued)
Information Technology 8.40%
	1,187,210	Computer Sciences Corporation (b)	$	57,690,600	$	60,523,966
	3,040,826	LSI Corporation (a)(b)		17,264,659		22,289,254
	927,440	AOL, Inc. (a)		22,671,976		18,901,227
	768,110	Seagate Technology (b)		12,447,092		13,534,098
	269,160	Nvidia Corporation (a)(b)		3,721,032		5,383,200
	192,160	Atmel Corporation (a)		932,094		2,940,048
				114,727,453		123,571,793
Materials 23.61%
	808,000	Eastman Chemical Company (b)		48,997,918		86,658,000
	1,080,370	Rockwood Holdings, Inc. (a)(b)		44,703,832		61,300,194
	1,442,560	Ball Corporation (b)		31,136,230		53,821,913
	1,152,070	Crown Holdings, Inc. (a)(b)		23,372,817		43,087,418
	1,452,700	Packaging Corporation of America (b)		33,843,716		41,445,531
	302,830	Praxair, Inc. (b)		22,540,957		32,227,169
	736,770	Valspar Corporation (b)		15,562,118		28,962,429
				220,157,588		347,502,654
Telecommunication Services 0.51%
	506,960	Leap Wireless International, Inc. (a)		17,067,583		7,523,286
Total U.S. Common Stocks				909,202,906		1,215,027,601
International Common Stocks — 8.68%
Bahamas 1.96%
	850,790	Teekay Corporation (b)		30,625,904		28,918,352
Ireland 1.18%
	344,200	Ingersoll-Rand PLC (b)		13,513,788		17,382,100
Switzerland 5.54%
	1,383,990	TE Connectivity Limited (b)		42,114,503		49,616,041
	654,900	Tyco International Limited (b)		30,037,316		31,919,826
				72,151,819		81,535,867
Total International Common Stocks				116,291,511		127,836,319
Total Common Stocks				1,025,494,417		1,342,863,920
Exchange Traded Fund — 4.23%
	408,600	SPDR Gold Trust (a)(b)		41,000,137		62,254,296

See Notes to Financial Statements.

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87

Fund of America

_{NUMBER OF SHARES}		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Investment Company — 7.55%
	111,101,932	State Street Institutional U.S.	$	111,101,932	$	111,101,932
		Government Money Market Fund,
		Institutional Class
Rights — 0.27%
France 0.27%
	1,610,183	Sanofi-Aventis SA Right expire 12/31/20 (a)		4,099,062		3,993,254
_{PRINCIPAL AMOUNT}
Bond — 0.34%
U.S. Convertible Bond 0.34%
$	3,730,000	Omnicare, Inc. 3.75% due 12/15/25 (c)		3,730,000		4,988,875

_CONTRACTS			_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Purchased Options — 0.19%
	2,799	Seagate Technology	$	12.50	January 2012	$	1,519,857
	2,869	Seagate Technology		13.00	June 2011		1,319,740
	Total Purchased Options (Cost: $1,806,590)						2,839,597
	Total Investment Portfolio Excluding Options Written — 103.81% (Cost: $1,187,232,138)					$	1,528,041,874
Covered Call Options Written — (3.73)%
	323	Amgen, Inc.	$	55.00	May 2011	$	(66,538	)
	343	Amgen, Inc.		55.00	July 2011		(102,900	)
	300	Arch Coal, Inc.		33.00	July 2011		(79,500	)
	1,700	Arch Coal, Inc.		35.00	July 2011		(290,700	)
	580	Arch Coal, Inc.		36.00	July 2011		(75,400	)
	270	Arch Coal, Inc.		37.00	July 2011		(27,000	)
	3,546	Arch Coal, Inc.		38.00	July 2011		(308,502	)
	637	AutoZone, Inc.		230.00	June 2011		(3,385,655	)
	119	AutoZone, Inc.		270.00	June 2011		(196,350	)
	719	Ball Corporation		35.00	May 2011		(172,560	)
	1,120	Ball Corporation		37.50	August 2011		(190,400	)
	670	Baxter International, Inc.		50.00	May 2011		(482,400	)
	1,628	Baxter International, Inc.		52.50	May 2011		(739,112	)

See Notes to Financial Statements.

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88

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_CONTRACTS		_DESCRIPTION	_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (3.73)% — (continued)
	232	Baxter International, Inc.	$	55.00	August 2011	$	(84,448	)
	387	Baxter International, Inc.		57.50	August 2011		(87,849	)
	819	Computer Sciences Corporation		47.50	June 2011		(343,980	)
	2,068	Computer Sciences Corporation		50.00	June 2011		(537,680	)
	81	Computer Sciences Corporation		52.50	May 2011		(8,100	)
	8,843	Covanta Holding Corporation		17.50	June 2011		(309,505	)
	1,631	Crown Holdings, Inc.		33.00	May 2011		(717,640	)
	197	Crown Holdings, Inc.		37.00	July 2011		(33,490	)
	1,026	Crown Holdings, Inc.		38.00	July 2011		(117,990	)
	160	Devon Energy Corporation		90.00	June 2011		(62,880	)
	2,324	Devon Energy Corporation		90.00	July 2011		(1,050,448	)
	107	Devon Energy Corporation		95.00	June 2011		(17,120	)
	511	Devon Energy Corporation		95.00	July 2011		(118,552	)
	210	Dresser-Rand Group, Inc.		50.00	May 2011		(63,000	)
	970	Dresser-Rand Group, Inc.		50.00	June 2011		(400,610	)
	406	Dresser-Rand Group, Inc.		55.00	May 2011		(30,450	)
	697	Dresser-Rand Group, Inc.		55.00	June 2011		(94,095	)
	1,431	Eastman Chemical Company		90.00	June 2011		(2,718,900	)
	70	Eastman Chemical Company		95.00	May 2011		(96,600	)
	2,637	Eastman Chemical Company		95.00	June 2011		(3,652,245	)
	144	Exterran Holdings, Inc.		25.00	August 2011		(8,280	)
	1,177	General Dynamics Corporation		70.00	May 2011		(388,410	)
	280	General Dynamics Corporation		72.50	June 2011		(61,600	)
	902	General Dynamics Corporation		75.00	August 2011		(207,460	)
	166	General Dynamics Corporation		80.00	May 2011		(664	)
	2,838	Health Net, Inc.		30.00	July 2011		(1,121,010	)
	2,497	Health Net, Inc.		32.50	July 2011		(543,098	)
	847	Ingersoll-Rand PLC		47.00	June 2011		(351,505	)
	7,650	LSI Corporation		6.00	July 2011		(1,090,125	)
	1,008	LSI Corporation		7.00	July 2011		(67,536	)
	673	Nvidia Corporation		18.00	May 2011		(155,463	)
	1,346	Nvidia Corporation		19.00	May 2011		(219,398	)
	672	Nvidia Corporation		20.00	May 2011		(68,544	)
	232	Omnicare, Inc.		30.00	May 2011		(42,340	)
	6,341	Omnicare, Inc.		30.00	June 2011		(1,521,840	)
	991	Omnicare, Inc.		32.00	June 2011		(96,606	)
	789	Owens Corning, Inc.		36.00	May 2011		(177,525	)

See Notes to Financial Statements.

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Fund of America

_CONTRACTS		_DESCRIPTION	_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (3.73)% — (continued)
	1,643	Owens Corning, Inc.	$	37.00	May 2011	$	(230,020	)
	567	Owens Corning, Inc.		37.00	June 2011		(111,982	)
	394	Owens Corning, Inc.		38.00	May 2011		(35,460	)
	1,148	Owens Corning, Inc.		38.00	June 2011		(154,980	)
	1,136	Owens Corning, Inc.		39.00	June 2011		(107,920	)
	3,402	Packaging Corporation of America		30.00	July 2011		(204,120	)
	906	Pfizer, Inc.		20.00	June 2011		(108,720	)
	1,695	Pfizer, Inc.		21.00	May 2011		(66,105	)
	6,819	Pfizer, Inc.		21.00	June 2011		(381,864	)
	1,106	Pfizer, Inc.		21.00	July 2011		(69,661	)
	424	Praxair, Inc.		90.00	May 2011		(697,480	)
	846	Praxair, Inc.		95.00	May 2011		(972,900	)
	521	Praxair, Inc.		95.00	July 2011		(622,595	)
	1,647	Precision Castparts Corporation		140.00	June 2011		(2,536,380	)
	601	Precision Castparts Corporation		150.00	May 2011		(396,660	)
	297	Precision Castparts Corporation		150.00	June 2011		(247,995	)
	201	Rockwell Collins, Inc.		65.00	May 2011		(5,025	)
	4,374	Rockwood Holdings, Inc.		40.00	May 2011		(6,604,740	)
	1,443	Rockwood Holdings, Inc.		45.00	May 2011		(1,702,740	)
	3,222	Rockwood Holdings, Inc.		50.00	May 2011		(2,190,960	)
	1,109	Rockwood Holdings, Inc.		50.00	August 2011		(930,451	)
	519	Rockwood Holdings, Inc.		55.00	August 2011		(246,525	)
	1,264	Sara Lee Corporation		17.00	July 2011		(303,360	)
	94	Seagate Technology		17.00	June 2011		(11,513	)
	1,878	Seagate Technology		18.00	June 2011		(137,094	)
	255	Sherwin-Williams Company		80.00	June 2011		(91,800	)
	927	Sherwin-Williams Company		85.00	May 2011		(40,788	)
	989	Sherwin-Williams Company		85.00	June 2011		(108,790	)
	207	SPDR Gold Trust		138.00	May 2011		(294,975	)
	100	SPDR Gold Trust		140.00	May 2011		(124,500	)
	225	SPDR Gold Trust		144.00	June 2011		(209,475	)
	100	SPDR Gold Trust		148.00	June 2011		(66,000	)
	3,189	TE Connectivity Limited		35.00	May 2011		(398,625	)
	561	TE Connectivity Limited		35.00	June 2011		(95,370	)
	1,157	TE Connectivity Limited		35.00	July 2011		(237,185	)
	2,113	TE Connectivity Limited		40.00	July 2011		(52,825	)
	5,293	Teekay Corporation		35.00	July 2011		(635,160	)

See Notes to Financial Statements.

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90

Schedule of Investments | Six-Month Period Ended April 30, 2011 (unaudited)

_CONTRACTS		_DESCRIPTION	_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (3.73)% — (continued)
	731	Tenneco, Inc.	$	41.00	May 2011	$	(380,120	)
	481	Tenneco, Inc.		42.00	May 2011		(203,944	)
	1,136	Tenneco, Inc.		43.00	May 2011		(374,880	)
	347	Tenneco, Inc.		43.00	June 2011		(157,885	)
	1,562	Tyco International Limited		46.00	July 2011		(613,085	)
	2,241	Tyco International Limited		47.00	July 2011		(750,735	)
	900	Tyco International Limited		48.00	July 2011		(238,500	)
	481	Tyco International Limited		49.00	July 2011		(101,242	)
	810	Tyco International Limited		50.00	June 2011		(97,200	)
	555	Tyco International Limited		50.00	July 2011		(101,010	)
	3,491	Valeant Pharmaceuticals International		40.00	July 2011		(4,520,845	)
	597	Valeant Pharmaceuticals International		44.00	July 2011		(573,120	)
	1,013	Valeant Pharmaceuticals International		55.00	May 2011		(167,145	)
	567	Valeant Pharmaceuticals International		55.00	June 2011		(128,992	)
	737	Valspar Corporation		40.00	July 2011		(84,755	)
	3,213	Wyndham Worldwide Corporation		30.00	May 2011		(1,477,980	)
	833	Wyndham Worldwide Corporation		31.00	May 2011		(308,210	)
	959	Wyndham Worldwide Corporation		34.00	August 2011		(249,340	)
	381	Wyndham Worldwide Corporation		35.00	May 2011		(24,765	)
	583	Wyndham Worldwide Corporation		35.00	August 2011		(119,515	)
	Total Covered Call Options Written (Premiums Received: $31,543,058)						(54,890,014	)
	Total Investments — 100.08% (Cost: $1,155,689,080)						1,473,151,860
	Liabilities in Excess of Other Assets — (0.08)%						(1,201,476	)
	Net Assets — 100.00%					$	1,471,950,384

(a) Non-income producing security/commodity.

(b) At April 30, 2011, all or a portion of this security was segregated to cover collateral requirement for options.

At April 30, 2011, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	363,037,113
Gross unrealized depreciation		(45,574,333	)
Net unrealized appreciation	$	317,462,780

Abbreviations used in this schedule include:

PLC — Public Limited Company

SPDR — Standard & Poor's Depository Receipts

See Notes to Financial Statements.

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91

Fund of America

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		6.83	%
Consumer Staples		1.02
Energy		10.84
Health Care		21.99
Industrials		9.35
Information Technology		8.40
Materials		23.61
Telecommunication Services		0.51
Total U.S. Common Stocks		82.55
International Common Stocks
Energy		1.96
Industrials		3.35
Information Technology		3.37
Total International Common Stocks		8.68
Investment Companies		11.78
U.S. Convertible Bond
Health Care		0.34
Total U.S. Convertible Bond		0.34
Rights		0.27
Purchased Options		0.19
Covered Call Options Written		(3.73	)
Total Investments		100.08	%

See Notes to Financial Statements.

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Statements of Assets and Liabilities

* First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Gold Cayman Fund, Ltd.

** The amount of $1,457,500 represents restricted cash used as collateral for covered call options of the cash balance.

	_{FIRST EAGLE}_{GLOBAL FUND}		_{FIRST EAGLE}_{OVERSEAS FUND}		_{FIRST EAGLE}_{U.S. VALUE FUND}
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	20,635,079,969	$	6,932,449,070	$	1,384,034,737
Affiliated issuers		2,608,395,582		697,459,843		—
Gold bullion		648,342,611		240,147,323		34,140,381
Foreign currency		—		160,241		—
Total Investments, at Cost		23,891,818,162		7,870,216,477		1,418,175,118
Investments, at Value (Note 1)
Unaffiliated issuers		25,792,116,816		8,954,172,776		1,632,328,742
Affiliated issuers		3,109,949,430		1,138,448,558		—
Gold bullion		1,805,594,108		751,722,100		82,038,104
Foreign currency		—		162,575		—
Total Investments, at Value		30,707,660,354		10,844,506,009		1,714,366,846
Cash		—		22,668		5,419
Receivable for investment securities sold		46,820,097		15,605,858		396,823
Receivable for premiums for written options		—		—		—
Receivable for Fund shares sold		143,429,242		40,736,854		9,329,389
Accrued interest and dividends receivable		103,726,476		55,160,340		1,838,556
Investment for trustee deferred compensation plan (Note 2)		1,352,568		1,530,344		922,476
Other assets		441,552		162,233		26,647
Total Assets		31,003,430,289		10,957,724,306		1,726,886,156
Liabilities
Option contracts written, at value (premiums received $2,664,915, $0, $522,648, $0, and $31,543,058, respectively) (Note 1)		1,462,500		—		448,800
Payable for Fund shares redeemed		32,346,837		16,487,116		2,251,195
Payable for investment securities purchased		62,807,755		7,235,565		4,621,775
Payable for forward currency contracts held, at value (Note 1)		147,617,124		85,550,495		—
Investment advisory fees payable (Note 2)		18,244,730		6,455,270		1,026,201
Distribution fees payable (Note 3)		7,985,333		1,745,844		417,831
Services fees payable (Note 3)		1,667,488		220,639		78,727
Trustee deferred compensation plan (Note 2)		1,352,568		1,530,344		922,476
Administrative fees payable (Note 2)		320,548		116,877		17,671
Due to custodian		102,078		—		—
Trustee fees payable		82,648		25,944		5,971
Accrued expenses and other liabilities		14,832,351		6,765,277		383,478
Total Liabilities		288,821,960		126,133,371		10,174,125
Net Assets	$	30,714,608,329	$	10,831,590,935	$	1,716,712,031

See Notes to Financial Statements.

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94

April 30, 2011 (unaudited)

	_{FIRST EAGLE}_{GOLD FUND*}		_{FIRST EAGLE}_{FUND OF AMERICA}
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	1,838,511,284	$	1,187,232,138
Affiliated issuers		—		—
Gold bullion		169,482,646		—
Foreign currency		4		—
Total Investments, at Cost		2,007,993,934		1,187,232,138
Investments, at Value (Note 1)
Unaffiliated issuers		3,017,585,772		1,528,041,874
Affiliated issuers		—		—
Gold bullion		529,513,273		—
Foreign currency		3		—
Total Investments, at Value		3,547,099,048		1,528,041,874
Cash		8,792		3,165,667	**
Receivable for investment securities sold		16,351,887		1,127,837
Receivable for premiums for written options		—		566,753
Receivable for Fund shares sold		13,277,927		15,102,028
Accrued interest and dividends receivable		2,407,967		701,234
Investment for trustee deferred compensation plan (Note 2)		195,943		539,514
Other assets		67,449		22,782
Total Assets		3,579,409,013		1,549,267,689
Liabilities
Option contracts written, at value (premiums received $2,664,915, $0, $522,648, $0, and $31,543,058, respectively) (Note 1)		—		54,890,014
Payable for Fund shares redeemed		5,969,819		1,658,761
Payable for investment securities purchased		2,483,776		18,359,953
Payable for forward currency contracts held, at value (Note 1)		—		—
Investment advisory fees payable (Note 2)		2,176,387		1,163,057
Distribution fees payable (Note 3)		827,792		364,989
Services fees payable (Note 3)		142,283		37,112
Trustee deferred compensation plan (Note 2)		195,943		539,514
Administrative fees payable (Note 2)		35,096		14,836
Due to custodian		—		—
Trustee fees payable		43,548		5,489
Accrued expenses and other liabilities		490,529		283,580
Total Liabilities		12,365,173		77,317,305
Net Assets	$	3,567,043,840	$	1,471,950,384

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
95

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)	$	621,840		$	450,079		$	97,286
Capital surplus		24,184,161,429			8,014,501,079			1,383,181,612
Net unrealized appreciation (depreciation) on:
Investments (net of $9,628,409, $4,430,420, $0, $0, and $0 deferred capital gain country tax, respectively)		6,806,213,783			2,969,856,778			296,191,728
Foreign currency and forward contract related translation		(143,455,034	)		(83,539,288	)		—
Written options		1,202,415			—			73,848
Undistributed net realized gains on investments		43,068,187			188,851,079			38,044,497
Undistributed net investment loss		(177,204,291	)		(258,528,792	)		(876,940	)
Net Assets	$	30,714,608,329		$	10,831,590,935		$	1,716,712,031
Class A
Net assets	$	15,023,389,774		$	5,446,946,989		$	911,458,175
Shares outstanding		302,974,415			227,066,065			51,683,360
Net asset value per share and redemption proceeds per share	$	49.59		$	23.99		$	17.64
Offering price per share (NAV per share plus maximum sales charge)¹	$	52.20		$	25.25		$	18.57
Class C
Net assets	$	8,421,218,574		$	1,110,529,805		$	393,351,612
Shares outstanding		172,846,636			47,491,853			22,501,940
Net asset value per share	$	48.72		$	23.38		$	17.48
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)²	$	48.23		$	23.15		$	17.31
Class I
Net assets	$	7,269,999,981		$	4,274,114,141		$	411,902,244
Shares outstanding		146,019,278			175,520,905			23,100,998
Net asset value per share and redemption proceeds per share	$	49.79		$	24.35		$	17.83
Class Y
Net assets		—			—			—
Shares outstanding		—			—			—
Net asset value per share and redemption proceeds per share		—			—			—

* First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Gold Cayman Fund, Ltd.

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

²The 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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April 30, 2011 (unaudited)

	_{FIRST EAGLE}_{GOLD FUND*}			_{FIRST EAGLE}_{FUND OF AMERICA}
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	99,857		$	52,777
Capital surplus		2,062,973,343			1,122,361,632
Net unrealized appreciation (depreciation) on:
Investments (net of $9,628,409, $4,430,420, $0, $0, and $0 deferred capital gain country tax, respectively)		1,539,105,115			340,809,736
Foreign currency and forward contract related translation		9,283			—
Written options		—			(23,346,956	)
Undistributed net realized gains on investments		106,255,237			32,558,080
Undistributed net investment loss		(141,398,995	)		(484,885	)
Net Assets	$	3,567,043,840		$	1,471,950,384
Class A
Net assets	$	1,997,922,898		$	557,133,016
Shares outstanding		55,751,389			19,818,048
Net asset value per share and redemption proceeds per share	$	35.84		$	28.11
Offering price per share (NAV per share plus maximum sales charge)¹	$	37.73		$	29.59
Class C
Net assets	$	712,436,430		$	189,968,519
Shares outstanding		20,478,637			7,619,932
Net asset value per share	$	34.79		$	24.93
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)²	$	34.44		$	24.68
Class I
Net assets	$	856,684,512			—
Shares outstanding		23,626,501			—
Net asset value per share and redemption proceeds per share	$	36.26			—
Class Y
Net assets		—		$	724,848,849
Shares outstanding		—			25,338,741
Net asset value per share and redemption proceeds per share		—		$	28.61

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Statements of Operations

	_{FIRST EAGLE}_{GLOBAL FUND}			_{FIRST EAGLE}_{OVERSEAS FUND}			_{FIRST EAGLE}_{U.S. VALUE FUND}
Investment Income
Interest (net of $198,326, $63,718, $0, $0, and $0, foreign taxes withheld, respectively)	$	19,307,602		$	8,139,377		$	3,818,720
Dividends from: (net of $14,985,902, $7,610,792, $25,258, $499,470 and $318,815, foreign taxes withheld, respectively)
Unaffiliated issuers		200,115,350			64,833,055			12,012,713
Affiliated issuers		32,985,381			8,010,717			—
Other Income		1,412			755			5,862
Total Income		252,409,745			80,983,904			15,837,295
Expenses
Investment advisory fees (Note 2)		100,923,555			36,501,080			5,587,821
Administrative costs (Note 2)		1,400,569			528,818			82,887
Distribution fees (Note 3)
Class A		16,830,806			6,272,282			973,597
Class C		27,561,347			3,755,732			1,314,249
Class Y		—			—			—
Service fees - Class C (Note 3)		9,187,116			1,251,911			438,083
Shareholder servicing agent fees		11,394,737			4,218,157			947,339
Custodian and accounting fees		2,030,641			1,026,297			87,631
Shareholder reporting fees		985,353			358,951			88,215
Trustees' fees		376,337			132,948			21,321
Registration and filing fees		518,080			227,355			96,546
Professional fees		303,121			158,016			63,380
Other Expenses		323,395			128,550			23,731
Total Expenses		171,835,057			54,560,097			9,724,800
Expense reductions due to earnings credits (Note 1)		(1,349	)		(518	)		(264	)
Net Expenses		171,833,708			54,559,579			9,724,536
Net Investment Income (Loss) (Note 1)		80,576,037			26,424,325			6,112,759
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		378,693,390			107,605,687			45,005,922
Investment transactions of affiliated issuers		19,956,520			52,034,222			—
Foreign currency and forward contract related transactions		(104,280,100	)		(57,174,640	)		1,050
Written options		—			—			(7,854	)
Net increase from payments by affiliate (Note 2)		—			714,808			7,854
		294,369,810			103,180,077			45,006,972
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of increase in deferred capital gain country tax accruals of $3,061,146, $1,618,246, $0, $0, and $0, respectively)		2,969,745,270			1,000,175,335			130,204,260
Foreign currency and forward contract related translation		38,471,389			17,020,625			(234	)
Written options		1,202,415			—			73,848
		3,009,419,074			1,017,195,960			130,277,874
Net realized and unrealized gains on investments, foreign currency and forward contract related transactions and written options		3,303,788,884			1,120,376,037			175,284,846
Net Increase in Net Assets Resulting from Operations	$	3,384,364,921		$	1,146,800,362		$	181,397,605

* First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Gold Cayman Fund, Ltd.

See Notes to Financial Statements.

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Six-Months Ended April 30, 2011 (unaudited)

	_{FIRST EAGLE}_{GOLD FUND*}			_{FIRST EAGLE}_{FUND OF AMERICA}
Investment Income
Interest (net of $198,326, $63,718, $0, $0, and $0, foreign taxes withheld, respectively)	$	916,129		$	58,698
Dividends from: (net of $14,985,902, $7,610,792, $25,258, $499,470 and $318,815, foreign taxes withheld, respectively)
Unaffiliated issuers		9,235,052			8,133,590
Affiliated issuers		—			—
Other Income		1,054			—
Total Income		10,152,235			8,192,288
Expenses
Investment advisory fees (Note 2)		12,412,636			6,275,079
Administrative costs (Note 2)		190,535			69,162
Distribution fees (Note 3)
Class A		2,373,882			564,486
Class C		2,430,272			560,232
Class Y		—			817,539
Service fees - Class C (Note 3)		810,091			186,744
Shareholder servicing agent fees		1,746,328			708,809
Custodian and accounting fees		325,076			87,647
Shareholder reporting fees		142,452			55,635
Trustees' fees		62,622			18,122
Registration and filing fees		177,216			85,225
Professional fees		120,835			70,583
Other Expenses		73,179			21,254
Total Expenses		20,865,124			9,520,517
Expense reductions due to earnings credits (Note 1)		(393	)		(236	)
Net Expenses		20,864,731			9,520,281
Net Investment Income (Loss) (Note 1)		(10,712,496	)		(1,327,993	)
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		98,076,458			95,087,797
Investment transactions of affiliated issuers		9,270,922			—
Foreign currency and forward contract related transactions		223,780			—
Written options		—			(36,650,729	)
Net increase from payments by affiliate (Note 2)		—			544
		107,571,160			58,437,612
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of increase in deferred capital gain country tax accruals of $3,061,146, $1,618,246, $0, $0, and $0, respectively)		331,812,515			159,009,867
Foreign currency and forward contract related translation		5,250			—
Written options		—			(11,997,988	)
		331,817,765			147,011,879
Net realized and unrealized gains on investments, foreign currency and forward contract related transactions and written options		439,388,925			205,449,491
Net Increase in Net Assets Resulting from Operations	$	428,676,429		$	204,121,498

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Statements of Changes in Net Assets

	_{FIRST EAGLE}_{GLOBAL FUND}						_{FIRST EAGLE}_{OVERSEAS FUND}
	_SIX-MONTHS_ENDED_{APRIL 30,}₂₀₁₁_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₀			_SIX-MONTHS_ENDED_{APRIL 30,}₂₀₁₁_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₀
Operations
Net investment income (loss)	$	80,576,037		$	261,070,340		$	26,424,325		$	59,676,774
Net realized gain from investments, foreign currency and forward contract related transactions and written options		294,369,810			717,773,345			103,180,077			389,944,027
Change in unrealized appreciation of investments, foreign currency and forward contract related transactions and written options		3,009,419,074			2,170,300,536			1,017,195,960			680,529,450
Net increase in net assets resulting from operations		3,384,364,921			3,149,144,221			1,146,800,362			1,130,150,251
Distribution to Shareholders
Dividends paid from net investment income
Class A		(179,125,249	)		(156,973,830	)		(68,667,245	)		(124,712,908	)
Class C		(53,722,987	)		(50,152,071	)		(7,990,749	)		(20,270,175	)
Class I		(94,957,034	)		(56,542,814	)		(56,678,049	)		(71,876,457	)
Distributions paid from net realized gains from investment transactions
Class A		—			—			(44,782,633	)		—
Class C		—			—			(9,220,791	)		—
Class I		—			—			(31,995,749	)		—
Decrease in net assets resulting from distributions		(327,805,270	)		(263,668,715	)		(219,335,216	)		(216,859,540	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		5,637,843,692			5,983,606,868			2,002,711,486			2,718,513,835
Net asset value of shares issued for reinvested dividends and distributions		261,507,604			216,340,170			184,257,841			182,833,092
Cost of shares redeemed		(2,305,791,010	)		(4,080,271,834	)		(1,157,671,174	)		(1,967,558,448	)
Redemption fees		532,459			580,971			305,298			545,912
Increase in net assets from Fund share transactions		3,594,092,745			2,120,256,175			1,029,603,451			934,334,391
Net increase in net assets		6,650,652,396			5,005,731,681			1,957,068,597			1,847,625,102
Net Assets (Note 1)
Beginning of period		24,063,955,933			19,058,224,252			8,874,522,338			7,026,897,236
End of period	$	30,714,608,329		$	24,063,955,933		$	10,831,590,935		$	8,874,522,338
Undistributed net investment income (loss)	$	(177,204,291	)	$	70,024,942		$	(258,528,792	)	$	(151,617,074	)

* First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Gold Cayman Fund, Ltd.

See Notes to Financial Statements.

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	_{FIRST EAGLE}_{U.S. VALUE FUND}						_{FIRST EAGLE}_{GOLD FUND*}
	_SIX-MONTHS_ENDED_{APRIL 30,}₂₀₁₁_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₀			_SIX-MONTHS_ENDED_{APRIL 30,}₂₀₁₁_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₀
Operations
Net investment income (loss)	$	6,112,759		$	23,706,578		$	(10,712,496	)	$	(16,630,800	)
Net realized gain from investments, foreign currency and forward contract related transactions and written options		45,006,972			18,613,556			107,571,160			131,930,991
Change in unrealized appreciation of investments, foreign currency and forward contract related transactions and written options		130,277,874			102,060,384			331,817,765			582,457,912
Net increase in net assets resulting from operations		181,397,605			144,380,518			428,676,429			697,758,103
Distribution to Shareholders
Dividends paid from net investment income
Class A		(14,601,729	)		(7,510,123	)		(41,372,108	)		(19,206,629	)
Class C		(4,588,209	)		(1,828,449	)		(10,828,155	)		(4,203,516	)
Class I		(7,711,426	)		(3,213,302	)		(16,752,495	)		(4,149,787	)
Distributions paid from net realized gains from investment transactions
Class A		—			—			(68,368,215	)		—
Class C		—			—			(23,482,892	)		—
Class I		—			—			(25,391,355	)		—
Decrease in net assets resulting from distributions		(26,901,364	)		(12,551,874	)		(186,195,220	)		(27,559,932	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		373,560,240			486,075,265			595,933,035			1,391,677,772
Net asset value of shares issued for reinvested dividends and distributions		21,330,711			10,092,866			137,426,605			22,128,723
Cost of shares redeemed		(160,614,293	)		(309,421,451	)		(619,397,680	)		(726,113,835	)
Redemption fees		—			—			112,713			266,030
Increase in net assets from Fund share transactions		234,276,658			186,746,680			114,074,673			687,958,690
Net increase in net assets		388,772,899			318,575,324			356,555,882			1,358,156,861
Net Assets (Note 1)
Beginning of period		1,327,939,132			1,009,363,808			3,210,487,958			1,852,331,097
End of period	$	1,716,712,031		$	1,327,939,132		$	3,567,043,840		$	3,210,487,958
Undistributed net investment income (loss)	$	(876,940	)	$	19,911,665		$	(141,398,995	)	$	(61,733,741	)

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Statements of Changes in Net Assets (continued)

	_{FIRST EAGLE}_{FUND OF AMERICA}
	_SIX-MONTHS_ENDED_{APRIL 30, 2011}_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₀
Operations
Net investment income (loss)	$	(1,327,993	)	$	5,216,525
Net realized gain from investments, foreign currency and forward contract related transactions and written options		58,437,612			42,187,399
Change in unrealized appreciation of investments, foreign currency and forward contract related transactions and written options		147,011,879			164,849,816
Net increase in net assets resulting from operations		204,121,498			212,253,740
Distribution to Shareholders
Dividends paid from net investment income
Class A		(2,737,506	)		—
Class C		(253,288	)		—
Class Y		(3,991,165	)		—
Distributions paid from net realized gains from investment transaction
Class A		—			—
Class C		—			—
Class Y		—			—
Decrease in net assets resulting from distributions		(6,981,959	)		—
Fund Share Transactions (Note 6)
Net proceeds from shares sold		259,735,660			195,796,652
Net asset value of shares issued for reinvested dividends and distributions		6,163,174			—
Cost of shares redeemed		(90,395,670	)		(177,951,130	)
Increase in net assets from Fund share transactions		175,503,164			17,845,522
Net increase in net assets		372,642,703			230,099,262
Net Assets (Note 1)
Beginning of period		1,099,307,681			869,208,419
End of period	$	1,471,950,384		$	1,099,307,681
Undistributed net investment income (loss)	$	(484,885	)	$	7,825,067

See Notes to Financial Statements.

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Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2011 (UNAUDITED)}									₂₀₁₀
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		44.36			43.47			44.59			38.74		38.07		38.92
Income from investment operations:
Net investment income ($)		0.17			0.00	**		0.24			0.56		0.26		0.69
Net realized and unrealized gains (losses) on investments		5.70			5.60			5.72			5.63		5.51		5.63
Total income (loss) from investment operations		5.87			5.60			5.96			6.19		5.77		6.32
Less distributions:
Dividends from net investment income ($)		-0.64			-0.35			-0.76			-0.57		-0.37		-0.65
Distributions from capital gains		—			—			—			—		—		—
Total distributions		-0.64			-0.35			-0.76			-0.57		-0.37		-0.65
Net asset value, end of period ($)		49.59			48.72			49.79			44.36		43.47		44.59
Total return^(c) (%)		13.35	^(a)		12.94	^(a)		13.51	^(a)		16.13		15.23		16.40
Ratios and supplemental data
Net assets, end of period (millions) ($)		15,023			8,421			7,270			12,195		6,524		5,345
Ratio of operating expenses to average net assets including earnings credits (%)		1.13	^(b)		1.88	^(b)		0.88	^(b)		1.16		1.91		0.91
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.13	^(b)		1.88	^(b)		0.88	^(b)		1.16		1.91		0.91
Ratio of net investment income to average net assets including earnings credits (%)		0.74	^(b)		0.00	***^(b)		1.01	^(b)		1.36		0.63		1.68
Ratio of net investment income to average net assets excluding earnings credits (%)		0.74	^(b)		0.00	***^(b)		1.01	^(b)		1.36		0.63		1.68
Portfolio turnover rate (%)		7.16	^(a)		7.16	^(a)		7.16	^(a)		17.37		17.37		17.37

* 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

(c) Does not take into account the sales charge of 5.00% for Class A shares and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares.

See Notes to Financial Statements.

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Global Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₀₉							₂₀₀₈						₂₀₀₇						₂₀₀₆
	_{CLASS A}		_{CLASS C}			_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		34.45		33.99			34.62		51.09		50.46		51.32		48.36		47.83		48.56		42.47		42.06		42.62
Income from investment operations:
Net investment income ($)		0.39		0.13			0.47		0.64		0.31		0.76		0.67		0.31		0.79		0.59		0.25		0.71
Net realized and unrealized gains (losses) on investments		6.35		6.26			6.39		-11.82		-11.69		-11.88		6.91		6.84		6.94		7.82		7.77		7.85
Total income (loss) from investment operations		6.74		6.39			6.86		-11.18		-11.38		-11.12		7.58		7.15		7.73		8.41		8.02		8.56
Less distributions:
Dividends from net investment income ($)		-0.14		-0.00	**		-0.25		-1.07		-0.70		-1.19		-1.22		-0.89		-1.34		-0.84		-0.57		-0.94
Distributions from capital gains		-2.31		-2.31			-2.31		-4.39		-4.39		-4.39		-3.63		-3.63		-3.63		-1.68		-1.68		-1.68
Total distributions		-2.45		-2.31			-2.56		-5.46		-5.09		-5.58		-4.85		-4.52		-4.97		-2.52		-2.25		-2.62
Net asset value, end of period ($)		38.74		38.07			38.92		34.45		33.99		34.62		51.09		50.46		51.32		48.36		47.83		48.56
Total return^(c) (%)		20.81		19.93			21.13		-24.41		-24.99		-24.21		16.91		16.03		17.19		20.73		19.86		21.06
Ratios and supplemental data
Net assets, end of period (millions) ($)		10,562		5,158			3,338		9,784		4,623		2,898		13,451		5,593		3,193		11,854		4,928		2,641
Ratio of operating expenses to average net assets including earnings credits (%)		1.19		1.94			0.94		1.14		1.89		0.89		1.12		1.87		0.87		1.13		1.88		0.88
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.19		1.94			0.94		1.14		1.89		0.89		1.12		1.87		0.87		1.14		1.89		0.89
Ratio of net investment income to average net assets including earnings credits (%)		1.14		0.38			1.37		1.48		0.73		1.74		1.40		0.65		1.64		1.31		0.56		1.57
Ratio of net investment income to average net assets excluding earnings credits (%)		1.14		0.38			1.37		1.48		0.73		1.74		1.39		0.64		1.64		1.30		0.56		1.57
Portfolio turnover rate (%)		12.52		12.52			12.52		29.69		29.69		29.69		37.58		37.58		37.58		28.59		28.59		28.59

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
105

Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2011 (UNAUDITED)}									₂₀₁₀
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}		_{CLASS C}			_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		21.86			21.26			22.20			19.51		19.03			19.80
Income (loss) from investment operations:
Net investment income (loss) ($)		0.06			-0.02			0.09			0.15		0.00	**		0.21
Net realized and unrealized gains (losses) on investments		2.60			2.53			2.64			2.80		2.72			2.82
Total income (loss) from investment operations		2.66			2.51			2.73			2.95		2.72			3.03
Less distributions:
Dividends from net investment income ($)		-0.32			-0.18			-0.37			-0.60		-0.49			-0.63
Distributions from capital gains		-0.21			-0.21			-0.21			—		—			—
Total distributions		-0.53			-0.39			-0.58			-0.60		-0.49			-0.63
Net asset value, end of period ($)		23.99			23.38			24.35			21.86		21.26			22.20
Total return^(c) (%)		12.37	^(a)		11.96	^(a)		12.52	^(a)		15.45		14.55			15.68
Ratios and supplemental data
Net assets, end of period (millions) ($)		5,447			1,111			4,274			4,676		914			3,284
Ratio of operating expenses to average net assets including earnings credits (%)		1.14	^(b)		1.89	^(b)		0.89	^(b)		1.17		1.92			0.92
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.14	^(b)		1.89	^(b)		0.89	^(b)		1.17		1.92			0.92
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.51	^(b)		-0.23	^(b)		0.80	^(b)		0.76		0.01			1.03
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.51	^(b)		-0.23	^(b)		0.80	^(b)		0.76		0.01			1.03
Portfolio turnover rate (%)		6.48	^(a)		6.48	^(a)		6.48	^(a)		15.53		15.53			15.53

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

** Amount represents less than $0.01 per share.

(a) Not Annualized

(b) Annualized

(c) Does not take into account the sales charge of 5.00% for Class A shares and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares.

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
106

Overseas Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₀₉							₂₀₀₈						₂₀₀₇						₂₀₀₆
	_{CLASS A}		_{CLASS C}			_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		17.21		16.93			17.41		28.09		27.66		28.38		26.70		26.33		26.94		24.13		23.83		24.33
Income (loss) from investment operations:
Net investment income (loss) ($)		0.26		0.13			0.30		0.35		0.18		0.40		0.41		0.21		0.48		0.39		0.20		0.46
Net realized and unrealized gains (losses) on investments		3.72		3.63			3.78		-7.21		-7.10		-7.28		4.05		4.00		4.10		4.57		4.53		4.60
Total income (loss) from investment operations		3.98		3.76			4.08		-6.86		-6.92		-6.88		4.46		4.21		4.58		4.96		4.73		5.06
Less distributions:
Dividends from net investment income ($)		-0.02		0.00	**		-0.03		-0.87		-0.66		-0.94		-0.87		-0.68		-0.94		-0.81		-0.65		-0.87
Distributions from capital gains		-1.66		-1.66			-1.66		-3.15		-3.15		-3.15		-2.20		-2.20		-2.20		-1.58		-1.58		-1.58
Total distributions		-1.68		-1.66			-1.69		-4.02		-3.81		-4.09		-3.07		-2.88		-3.14		-2.39		-2.23		-2.45
Net asset value, end of period ($)		19.51		19.03			19.80		17.21		16.93		17.41		28.09		27.66		28.38		26.70		26.33		26.94
Total return^(c) (%)		24.95		23.96			25.26		-28.15		-28.67		-27.97		18.20		17.31		18.52		22.24		21.33		22.53
Ratios and supplemental data
Net assets, end of period (millions) ($)		4,024		792			2,211		3,518		737		1,968		5,974		1,203		3,942		5,785		1,145		4,031
Ratio of operating expenses to average net assets including earnings credits (%)		1.20		1.95			0.95		1.15		1.90		0.90		1.12		1.87		0.87		1.12		1.87		0.87
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.20		1.95			0.95		1.15		1.90		0.90		1.12		1.87		0.87		1.12		1.87		0.87
Ratio of net investment income (loss) to average net assets including earnings credits (%)		1.51		0.76			1.75		1.57		0.82		1.76		1.54		0.79		1.80		1.57		0.81		1.82
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		1.51		0.76			1.75		1.57		0.82		1.76		1.54		0.78		1.79		1.56		0.81		1.82
Portfolio turnover rate (%)		8.65		8.65			8.65		15.72		15.72		15.72		34.29		34.29		34.29		27.98		27.98		27.98

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
107

Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2011 (UNAUDITED)}									₂₀₁₀
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		15.94			15.75			16.12			14.21		14.06		14.37
Income from investment operations:
Net investment income ($)		0.08			0.02			0.10			0.32		0.21		0.38
Net realized and unrealized gains (losses) on investments		1.95			1.93			1.98			1.60		1.58		1.59
Total income (loss) from investment operations		2.03			1.95			2.08			1.92		1.79		1.97
Less distributions:
Dividends from net investment income ($)		-0.33			-0.22			-0.37			-0.19		-0.10		-0.22
Distributions from capital gains		—			—			—			—		—		—
Total distributions		-0.33			-0.22			-0.37			-0.19		-0.10		-0.22
Net asset value, end of period ($)		17.64			17.48			17.83			15.94		15.75		16.12
Total return^(c) (%)		12.93	^(a)		12.52	^(a)		13.10	^(a)		13.64		12.75		13.84
Ratios and supplemental data
Net assets, end of period (millions) ($)		912			393			412			680		320		328
Ratio of operating expenses to average net assets including earnings credits (%)		1.19	^(b)		1.94	^(b)		0.94	^(b)		1.23		1.98		0.99
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.19	^(b)		1.94	^(b)		0.94	^(b)		1.23		1.98		0.99
Ratio of net investment income to average net assets including earnings credits (%)		0.93	^(b)		0.19	^(b)		1.19	^(b)		2.15		1.41		2.46
Ratio of net investment income to average net assets excluding earnings credits (%)		0.93	^(b)		0.19	^(b)		1.19	^(b)		2.15		1.41		2.46
Portfolio turnover rate (%)		16.85	^(a)		16.85	^(a)		16.85	^(a)		12.23		12.23		12.23

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

(a) Not Annualized

(b) Annualized

(c) Does not take into account the sales charge of 5.00% for Class A shares and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares.

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
108

U.S. Value Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₀₉						₂₀₀₈						₂₀₀₇						₂₀₀₆
	_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		12.75		12.63		12.89		17.01		16.87		17.19		16.19		16.08		16.34		14.95		14.90		15.07
Income from investment operations:
Net investment income ($)		0.21		0.12		0.24		0.36		0.24		0.40		0.33		0.21		0.38		0.29		0.17		0.33
Net realized and unrealized gains (losses) on investments		1.58		1.56		1.60		-3.65		-3.63		-3.69		1.45		1.44		1.46		1.46		1.47		1.48
Total income (loss) from investment operations		1.79		1.68		1.84		-3.29		-3.39		-3.29		1.78		1.65		1.84		1.75		1.64		1.81
Less distributions:
Dividends from net investment income ($)		-0.22		-0.14		-0.25		-0.31		-0.19		-0.35		-0.30		-0.20		-0.33		-0.24		-0.19		-0.27
Distributions from capital gains		-0.11		-0.11		-0.11		-0.66		-0.66		-0.66		-0.66		-0.66		-0.66		-0.27		-0.27		-0.27
Total distributions		-0.33		-0.25		-0.36		-0.97		-0.85		-1.01		-0.96		-0.86		-0.99		-0.51		-0.46		-0.54
Net asset value, end of period ($)		14.21		14.06		14.37		12.75		12.63		12.89		17.01		16.87		17.19		16.19		16.08		16.34
Total return^(c) (%)		14.52		13.63		14.78		-20.56		-21.17		-20.36		11.47		10.65		11.78		12.05		11.26		12.35
Ratios and supplemental data
Net assets, end of period (millions) ($)		547		263		199		271		167		104		324		233		104		254		161		115
Ratio of operating expenses to average net assets including earnings credits (%)		1.26		2.00		1.01		1.20		1.96		0.95		1.20		1.95		0.95		1.25		1.99		0.99
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.26		2.00		1.01		1.21		1.96		0.96		1.20		1.95		0.96		1.25		2.00		1.00
Ratio of net investment income to average net assets including earnings credits (%)		1.63		0.93		1.90		2.28		1.53		2.53		2.04		1.29		2.32		1.87		1.13		2.13
Ratio of net investment income to average net assets excluding earnings credits (%)		1.63		0.93		1.90		2.28		1.52		2.53		2.04		1.28		2.32		1.87		1.12		2.12
Portfolio turnover rate (%)		14.88		14.88		14.88		21.75		21.75		21.75		32.54		32.54		32.54		31.76		31.76		31.76

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
109

Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2011 (UNAUDITED)}									₂₀₁₀
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		33.42			32.44			33.81			25.15		24.52		25.43
Income (loss) from investment operations:
Net investment loss ($)		-0.09			-0.21			-0.05			-0.17		-0.38		-0.11
Net realized and unrealized gains (losses) on investments		4.45			4.33			4.51			8.82		8.58		8.92
Total income (loss) from investment operations		4.36			4.12			4.46			8.65		8.20		8.81
Less distributions:
Dividends from net investment income ($)		-0.73			-0.56			-0.80			-0.38		-0.28		-0.43
Distributions from capital gains		-1.21			-1.21			-1.21			—		—		—
Total distributions		-1.94			-1.77			-2.01			-0.38		-0.28		-0.43
Net asset value, end of period ($)		35.84			34.79			36.26			33.42		32.44		33.81
Total return^(c) (%)		13.56	^(a)		13.15	^(a)		13.71	^(a)		34.73		33.66		35.01
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,998			712			857			1,900		616		695
Ratio of operating expenses to average net assets including earnings credits (%)		1.17	^(b)		1.92	^(b)		0.92	^(b)		1.22		1.97		0.97
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.17	^(b)		1.92	^(b)		0.92	^(b)		1.22		1.97		0.97
Ratio of net investment loss to average net assets including earnings credits (%)		-0.56	^(b)		-1.31	^(b)		-0.29	^(b)		-0.60		-1.35		-0.36
Ratio of net investment loss to average net assets excluding earnings credits (%)		-0.56	^(b)		-1.31	^(b)		-0.29	^(b)		-0.60		-1.35		-0.36
Portfolio turnover rate (%)		7.04	^(a)		7.04	^(a)		7.04	^(a)		5.50		5.50		5.50

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

(a) Not Annualized

(b) Annualized

(c) Does not take into account the sales charge of 5.00% for Class A shares and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares.

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
110

Gold Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₀₉						₂₀₀₈						₂₀₀₇						₂₀₀₆
	_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}		_{CLASS A}		_{CLASS C}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		14.85		14.60		14.98		27.28		26.86		27.48		23.48		23.17		23.62		17.45		17.25		17.55
Income (loss) from investment operations:
Net investment loss ($)		-0.14		-0.30		-0.09		-0.09		-0.27		-0.05		-0.12		-0.28		-0.07		-0.13		-0.30		-0.08
Net realized and unrealized gains (losses) on investments		11.50		11.28		11.60		-10.61		-10.43		-10.66		7.72		7.61		7.78		6.65		6.60		6.69
Total income (loss) from investment operations		11.36		10.98		11.51		-10.70		-10.70		-10.71		7.60		7.33		7.71		6.52		6.30		6.61
Less distributions:
Dividends from net investment income ($)		—		—		—		-0.78		-0.61		-0.84		-0.74		-0.58		-0.79		-0.49		-0.38		-0.54
Distributions from capital gains		-1.06		-1.06		-1.06		-0.95		-0.95		-0.95		-3.06		-3.06		-3.06		—		—		—
Total distributions		-1.06		-1.06		-1.06		-1.73		-1.56		-1.79		-3.80		-3.64		-3.85		-0.49		-0.38		-0.54
Net asset value, end of period ($)		25.15		24.52		25.43		14.85		14.60		14.98		27.28		26.86		27.48		23.48		23.17		23.62
Total return^(c) (%)		78.93		77.62		79.27		-41.56		-41.99		-41.36		37.57		36.55		37.93		37.97		36.95		38.29
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,325		362		165		480		109		71		890		196		166		774		158		147
Ratio of operating expenses to average net assets including earnings credits (%)		1.26		2.01		1.01		1.21		1.96		0.95		1.20		1.95		0.95		1.21		1.96		0.96
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.26		2.01		1.01		1.21		1.96		0.96		1.20		1.95		0.95		1.22		1.97		0.97
Ratio of net investment loss to average net assets including earnings credits (%)		-0.65		-1.40		-0.40		-0.38		-1.13		-0.20		-0.55		-1.30		-0.30		-0.59		-1.33		-0.34
Ratio of net investment loss to average net assets excluding earnings credits (%)		-0.65		-1.40		-0.40		-0.38		-1.14		-0.20		-0.56		-1.31		-0.31		-0.59		-1.34		-0.34
Portfolio turnover rate (%)		3.00		3.00		3.00		8.74		8.74		8.74		16.37		16.37		16.37		32.26		32.26		32.26

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
111

Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2011 (UNAUDITED)}									₂₀₁₀
	_{CLASS A}			_{CLASS C}			_{CLASS Y}			_{CLASS A}		_{CLASS C}		_{CLASS Y}
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		24.06			21.32			24.47			19.32		17.25		19.66
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.02			-0.10			-0.01			0.13		-0.03		0.14
Net realized and unrealized gains (losses) on investments		4.24			3.75			4.31			4.61		4.10		4.67
Total income (loss) from investment operations		4.22			3.65			4.30			4.74		4.07		4.81
Less distributions:
Dividends from net investment income ($)		-0.17			-0.04			-0.16			—		—		—
Distributions from capital gains		—			—			—			—		—		—
Total distributions		-0.17			-0.04			-0.16			—		—		—
Net asset value, end of period ($)		28.11			24.93			28.61			24.06		21.32		24.47
Total return^(c) (%)		17.61	^(a)		17.15	^(a)		17.65	^(a)		24.53		23.59		24.47
Ratios and supplemental data
Net assets, end of period (millions) ($)		557			190			725			379		122		599
Ratio of operating expenses to average net assets including earnings credits (%)		1.43	^(b)		2.17	^(b)		1.43	^(b)		1.47		2.22		1.47
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.43	^(b)		2.17	^(b)		1.43	^(b)		1.47		2.22		1.47
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.13	^(b)		-0.89	^(b)		-0.11	^(b)		0.61		-0.14		0.62
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.13	^(b)		-0.89	^(b)		-0.11	^(b)		0.61		-0.14		0.62
Portfolio turnover rate (%)		23.92	^(a)		23.92	^(a)		23.92	^(a)		40.00		40.00		40.00

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

(a) Not Annualized

(b) Annualized

(c) Does not take into account the sales charge of 5.00% for Class A shares and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares.

(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 new 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, 2011
112

Fund of America

	_{YEAR ENDED OCTOBER 31,}
	₂₀₀₉						₂₀₀₈						₂₀₀₇									₂₀₀₆
	_{CLASS A}		_{CLASS C}		_{CLASS Y}		_{CLASS A}		_{CLASS C}		_{CLASS Y}		_{CLASS A}			_{CLASS C}			_{CLASS Y}			_{CLASS A}		_{CLASS C}		_{CLASS Y}
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		18.92		17.14		19.23		29.79		27.39		30.22		27.92			26.12			28.28			26.11		24.74		26.42
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.06		-0.18		-0.07		-0.06		-0.20		-0.01		0.05	^(d)		-0.13	^(d)		0.07	^(d)		-0.08		-0.26		-0.08
Net realized and unrealized gains (losses) on investments		1.61		1.44		1.65		-7.85		-7.16		-8.03		5.30			4.88			5.35			4.23		3.98		4.28
Total income (loss) from investment operations		1.55		1.26		1.58		-7.91		-7.36		-8.04		5.35			4.75			5.42			4.15		3.72		4.20
Less distributions:
Dividends from net investment income ($)		—		—		—		-0.07		—		-0.06		—			—			—			—		—		—
Distributions from capital gains		-1.15		-1.15		-1.15		-2.89		-2.89		-2.89		-3.48			-3.48			-3.48			-2.34		-2.34		-2.34
Total distributions		-1.15		-1.15		-1.15		-2.96		-2.89		-2.95		-3.48			-3.48			-3.48			-2.34		-2.34		-2.34
Net asset value, end of period ($)		19.32		17.25		19.66		18.92		17.14		19.23		29.79			27.39			30.22			27.92		26.12		28.28
Total return^(c) (%)		9.13		8.34		9.14		-29.20		-29.74		-29.23		21.28			20.34			21.25			16.81		15.93		16.80
Ratios and supplemental data
Net assets, end of period (millions) ($)		276		90		503		127		61		501		82			65			756			46		48		671
Ratio of operating expenses to average net assets including earnings credits (%)		1.50		2.25		1.50		1.41		2.16		1.41		1.40			2.15			1.40			1.41		2.16		1.41
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.50		2.25		1.50		1.42		2.17		1.42		1.41			2.16			1.41			1.41		2.16		1.41
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.34		-1.10		-0.37		-0.23		-0.87		-0.06		0.18	^(d)		-0.51	^(d)		0.26	^(d)		-0.30		-1.05		-0.30
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.34		-1.10		-0.37		-0.24		-0.88		-0.07		0.17	^(d)		-0.52	^(d)		0.25	^(d)		-0.30		-1.05		-0.30
Portfolio turnover rate (%)		40.41		40.41		40.41		63.97		63.97		63.97		50.26			50.26			50.26			40.38		40.38		40.38

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113

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. 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").

a) Investment in Subsidiary — The First Eagle Gold Fund (the "Gold Fund") may invest in certain precious metals through its investment in the First Eagle Gold Cayman Fund, Ltd., a wholly owned subsidiary (the "Subsidiary"). The Gold Fund may invest up to 25% of its total assets in shares of the Subsidiary. The Subsidiary has the ability to invest in commodities and securities consistent with the investment objective of the Gold Fund.

The Subsidiary, established on May 28, 2010, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Gold Fund and the Subsidiary. All intercompany transactions and balances have been eliminated. As of April 30, 2011, the Subsidiary has $40,898,869 in net assets, representing 1.15% of the Gold Fund's net assets.

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(continued)

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

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

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

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115

Notes to Financial Statements (unaudited)

venue for the particular security shall be used. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be "stale" as a result of limited market activity for a particular holding, or in other circumstances when market prices are unavailable, such as for private placements, or determined to be unreliable for a particular holding, such holdings may be "fair valued" in accordance with procedures approved by the Board of Trustees ("Board"). Additionally, with respect to foreign holdings, specifically in circumstances leading the Adviser to believe that significant events occurring after the close of a foreign market have materially affected the value of a Fund's holdings in that market, such holdings may be fair valued to reflect the events in accordance with procedures approved by the Board. The determination of whether a particular foreign investment should be fair valued will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets and security-specific events. The values assigned to a Fund's holdings therefore may differ on occasion from reported market values.

Certain Funds with 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 foreign 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.

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116

(continued)

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 Funds' investments and are summarized in the following fair value hierarchy:

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

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

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

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117

Notes to Financial Statements (unaudited)

The following is a summary of the Funds' inputs used to value the Funds' investments as of April 30, 2011:

First Eagle Global Fund
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}^_(a)		_TOTAL
Assets: †
U.S. Common Stocks	$	9,444,655,279	$	4,418,090	$	—	$	9,449,073,369
International Common Stocks		13,324,775,786		15,710,414		12,237,978		13,352,724,178
U.S. Preferred Stocks		—		16,900,750		—		16,900,750
International Preferred Stocks		333,096,698		39,880,670		—		372,977,368
Warrant		78,289,252		—		—		78,289,252
Commodity*		1,805,594,108		—		—		1,805,594,108
U.S. Bonds		—		46,882,502		—		46,882,502
International Corporate Notes and Bonds		—		77,945,715		35,605,192		113,550,907
International Government Bonds		—		630,746,903		—		630,746,903
International Commercial Paper		—		2,629,726,159		—		2,629,726,159
U.S. Commercial Paper		—		2,211,194,858		—		2,211,194,858
Total	$	24,986,411,123	$	5,673,406,061	$	47,843,170	$	30,707,660,354
Liabilities:
Covered Call Options Written	$	—	$	1,462,500	$	—	$	1,462,500
Foreign Currency Contracts**		147,617,124		—		—		147,617,124
Total	$	147,617,124	$	1,462,500	$	—	$	149,079,624

^(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 value at net unrealized appreciation (depreciation) on the investment.

For the six-month period ended April 30, 2011, 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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118

(continued)

Fair Value Level 3 activity for the period ended April 30, 2011 was as follows:

First Eagle Global Fund — (continued)
			_{INTERNATIONAL}			_{INTERNATIONAL}
	_{INTERNATIONAL}		_PREFERRED			_CORPORATE
	_{COMMON STOCKS}		_STOCKS			_BONDS			_{TOTAL VALUE}
Beginning Balance — market value	$	5,478,123	$	26,991,080		$	29,212,067		$	61,681,270
Purchases (Sales)		—		—			—	#		—
Transfer In — Level 3^		—		—			—			—
Transfer Out — Level 3^		—		(26,991,080	)		—			(26,991,080	)
Accrued Amortization		—		—			—			—
Realized Gains (Losses)*		—		—			(16,339,337	)		(16,339,337	)
Change in Unrealized Appreciation (Depreciation)**		6,759,855		—			22,732,462			29,492,317
Ending Balance — market value	$	12,237,978	$	—		$	35,605,192		$	47,843,170
Change in unrealized gains or losses relating to assets still held at reporting date	$	6,759,855	$	—		$	6,393,125		$	13,152,980

* Statements of Operations location: Net realized gains (losses) from investment transactions.

** Statements of Operations location: Changes in unrealized appreciation (depreciation) of investment transactions.

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

International Preferred Stocks valued at $26,991,080 were transferred from Level 3 to Level 2 during the six-month period ended April 30, 2011. At October 31, 2010 these securities were valued based on the fair value procedures approved by the Board of Trustees; at April 30, 2011, these securities were valued using broker-dealer bid quotations based on inputs observable to the Fund.

^# Security was matured as such there was no sale amount associated with the realized gains (losses) balance.

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119

Notes to Financial Statements (unaudited)

First Eagle Overseas Fund
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}^_(a)		_TOTAL
Assets: †
International Common Stocks	$	7,623,385,881	$	7,062,741	$	48,026,618	$	7,678,475,240
U.S. Common Stocks		41,477,300		—		—		41,477,300
International Preferred Stocks		205,393,573		11,931,006		—		217,324,579
Commodity*		751,722,100		—		—		751,722,100
Term loans		—		17,371,483		—		17,371,483
International Corporate Bonds		—		49,228,461		23,736,795		72,965,256
International Government Bonds		—		349,021,859		—		349,021,859
International Commercial Paper		—		1,478,596,224		—		1,478,596,224
U.S. Commercial Paper		—		237,389,393		—		237,389,393
Total	$	8,621,978,854	$	2,150,601,167	$	71,763,413	$	10,844,343,434
Liabilities:
Foreign Currency Contracts**	$	85,550,495	$	—	$	—	$	85,550,495
Total	$	85,550,495	$	—	$	—	$	85,550,495

^(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 value at net unrealized appreciation (depreciation) on the investment.

For the six-month period ended April 30, 2011, 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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120

(continued)

Fair Value Level 3 activity for the period ended April 30, 2011 was as follows:

First Eagle Overseas Fund — (continued)
			_{INTERNATIONAL}			_{INTERNATIONAL}
	_{INTERNATIONAL}		_PREFERRED			_CORPORATE
	_{COMMON STOCKS}		_STOCKS			_BONDS			_{TOTAL VALUE}
Beginning Balance — market value	$	39,030,672	$	8,074,858		$	19,474,711		$	66,580,241
Purchases (Sales)		—		—			—	#		—
Transfer In — Level 3^		—		—			—			—
Transfer Out — Level 3^		—		(8,074,858	)		—			(8,074,858	)
Accrued Amortization		—		—			—			—
Realized Losses*		—		—			(27,682,258	)		(27,682,258	)
Change in Unrealized Appreciation (Depreciation)**		8,995,946		—			31,944,342			40,940,288
Ending Balance — market value	$	48,026,618	$	—		$	23,736,795		$	71,763,413
Change in unrealized gains or losses relating to assets still held at reporting date	$	8,995,946	$	—		$	4,262,084		$	13,258,030

* Statements of Operations location: Net realized gains (losses) from investment transactions.

** Statements of Operations location: Changes in unrealized appreciation (depreciation) of investment transactions.

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

International Preferred Stocks valued at $8,074,858 were transferred from Level 3 to Level 2 during the six-month period ended April 30, 2011. At October 31, 2010 these securities were valued based on the fair value procedures approved by the Board of Trustees; at April 30, 2011, these securities were valued using broker-dealer bid quotations based on inputs observable to the Fund.

^# Security was matured as such there was no sale amount associated with the realized gains (losses) balance.

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121

Notes to Financial Statements (unaudited)

First Eagle U.S. Value Fund
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}^_(a)		_TOTAL
Assets: †
U.S. Common Stocks	$	1,060,456,526	$	3,546	$	—	$	1,060,460,072
International Common Stocks		81,679,846		—		—		81,679,846
U.S. Preferred Stocks		—		4,444,645		4,722,863		9,167,508
Investment Company		9,978,218		—		—		9,978,218
Warrant		8,741,211		—		—		8,741,211
Commodity*		82,038,104		—		—		82,038,104
International Corporate Bond		—		10,087,500		—		10,087,500
U.S. Bonds		—		36,714,147		—		36,714,147
U.S. Treasury Bills		—		112,977,054		—		112,977,054
International Commercial Paper		—		47,431,744		—		47,431,744
U.S. Commercial Paper		—		255,091,442		—		255,091,442
Total	$	1,242,893,905	$	466,750,078	$	4,722,863	$	1,714,366,846
Liabilities:
Covered Call Options Written	$	—	$	448,800	$	—	$	448,800
Total	$	—	$	448,800	$	—	$	448,800

^(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.

For the six-month period ended April 30, 2011, 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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122

(continued)

Fair Value Level 3 activity for the period ended April 30, 2011 was as follows:

First Eagle U.S. Value Fund — (continued)
	_{U.S. PREFERRED STOCK}
Beginning Balance — market value	$	3,901,937
Purchases (Sales)		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued Amortization		—
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)**		820,926
Ending Balance — market value	$	4,722,863
Change in unrealized gains or losses relating to assets still held at reporting date	$	820,926
First Eagle Gold Fund

_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}^_(a)		_TOTAL
Assets: †
International Common Stocks	$	2,636,196,666	$	—	$	—	$	2,636,196,666
U.S. Common Stocks		254,638,180		—		—		254,638,180
Investment Company		—		381,045		—		381,045
International Preferred Stocks		6,768,000		—		—		6,768,000
Warrant		774,391		—		—		774,391
Commodity*		529,513,273		—		—		529,513,273
International Convertible Bonds		—		2,903,907		30,000,000		32,903,907
International Commercial Paper		—		40,929,694		—		40,929,694
U.S. Commercial Paper		—		44,993,889		—		44,993,889
Total	$	3,427,890,510	$	89,208,535	$	30,000,000	$	3,547,099,045

* Represents gold bullion.

** Statements of Operations location: Changes in unrealized appreciation (depreciation) of investment transactions.

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

^† See Consolidated Schedule of Investments for additional detailed categorizations.

For the six-month period ended April 30, 2011, 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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123

Notes to Financial Statements (unaudited)

Fair Value Level 3 activity for the period ended April 30, 2011 was as follows:

First Eagle Gold Fund — (continued)
	_{U.S. PREFERRED STOCK}
Beginning Balance — market value	$	—
Purchases (Sales)		30,000,000
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued Amortization		—
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		—
Ending Balance — market value	$	30,000,000
Change in unrealized gains or losses relating to assets still held at reporting date	$	—
First Eagle Fund of America

_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}		_TOTAL
Assets: †
U.S. Common Stocks	$	1,215,027,601	$	—	$	—	$	1,215,027,601
International Common Stocks		127,836,319		—		—		127,836,319
Investment Companies		62,254,296		111,101,932		—		173,356,228
Rights		3,993,254		—		—		3,993,254
U.S. Bond		—		4,988,875		—		4,988,875
Purchased Options		—		2,839,597		—		2,839,597
Total	$	1,409,111,470	$	118,930,404	$	—	$	1,528,041,874
Liabilities:
Covered Call Options Written	$	—	$	54,890,014	$	—	$	54,890,014
Total	$	—	$	54,890,014	$	—	$	54,890,014

^† See Schedule of Investments for additional detailed categorizations.

For the six-month period ended April 30, 2011, 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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(continued)

c) 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 issuer.

d) 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.

e) 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.

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125

Notes to Financial Statements (unaudited)

f) 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 First Eagle Global and Overseas Funds enter into foreign exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. 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 denominated in that currency. Hedging can reduce exposure to currency exchange movements, but cannot eliminate that exposure. It is possible to lose money under a hedge. 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.

Funds' investing in foreign exchange contracts are exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Forward 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.

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.

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126

(continued)

At April 30, 2011, 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	$	—	$	147,617,124	$	(101,302,927	)	$	36,900,271
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	$	—	$	85,550,495	$	(54,683,012	)	$	16,298,385

g) Options — In order to produce incremental earnings or protect against declines in the value of portfolio securities, First Eagle Global Fund, First Eagle U.S. Value Fund and First Eagle Fund of America write 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 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.

¹Any balances would be located in Statements 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.

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127

Notes to Financial Statements (unaudited)

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 Fund gives 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.

For the six-month period ended April 30, 2011, First Eagle Global Fund, First Eagle U.S. Value, and First Eagle Fund of America had the following options transactions.

First Eagle Global Fund
_{WRITTEN OPTIONS}	_NUMBER_{OF CONTRACTS}		_PREMIUMS_RECEIVED
Options outstanding at October 31, 2010		—	$	—
Option written		7,500		2,664,915
Options assigned		—		—
Options expired/closed		—		—
Options outstanding April 30, 2011		7,500	$	2,664,915

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(continued)

As of April 30, 2011, portfolio securities valued at $32,925,000 were segregated to cover collateral requirements for written options.

First Eagle U.S. Value Fund
_{WRITTEN OPTIONS}	_NUMBER_{OF CONTRACTS}			_PREMIUMS_RECEIVED
Options outstanding at October 31, 2010		—		$	—
Option written		5,590			546,381
Options assigned		—			—
Options expired/closed		(1,250	)		(23,733	)
Options outstanding April 30, 2011		4,340		$	522,648

As of April 30, 2011, portfolio securities valued at $11,896,100 were segregated to cover collateral requirements for written options.

First Eagle Fund of America
_{WRITTEN OPTIONS}	_NUMBER_{OF CONTRACTS}			_PREMIUMS_RECEIVED
Options outstanding at October 31, 2010		99,493		$	19,064,884
Option written		327,205			75,013,506
Options assigned		(44,870	)		(8,073,933	)
Options expired/closed		(242,523	)		(54,461,399	)
Options outstanding April 30, 2011		139,305		$	31,543,058
_{PURCHASED OPTIONS}	_NUMBER_{OF CONTRACTS}			_COST
Options outstanding at October 31, 2010		—		$	—
Option purchased		5,668			1,806,590
Options closed		—			—
Options outstanding April 30, 2011		5,668		$	1,806,590

As of April 30, 2011, portfolio securities valued at $620,101,443 were segregated to cover collateral requirements for written options.

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

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129

Notes to Financial Statements (unaudited)

At April 30, 2011, the Funds had the following options grouped into appropriate risk categories illustrated below:

First Eagle Global Fund
			_{GAIN OR (LOSS) ON}_{DERIVATIVES RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_{GAIN (LOSS)}^₃			_{CHANGE IN}_APPRECIATION^₄
Covered call option written	$	1,462,500	$	—		$	1,202,415
First Eagle U.S. Value Fund
			_{GAIN OR (LOSS) ON}_{DERIVATIVES RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_{REALIZED LOSS}^₃			_{CHANGE IN}_APPRECIATION^₄
Covered call option written	$	448,800	$	(7,854	)	$	73,848
First Eagle Fund of America

					_{GAIN OR (LOSS) ON}_{DERIVATIVES RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{ASSET DERIVATIVE}_{FAIR VALUE}^₁		_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_{GAIN (LOSS)}^₃			_{CHANGE IN}_APPRECIATION_{(DEPRECIATION)}^₄
Covered call option written	$	—	$	54,890,014	$	(36,650,729	)	$	(11,997,988	)
Purchased option		2,839,597		—		—			1,033,007

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

¹Statements of Assets and Liabilities location: Investments, at value, unaffiliated issuers.

²Statements of Assets and Liabilities location: Option contracts written, at value.

³Statements of Operations location: Net realized gains (losses) from: Written options & Investment transactions of unaffiliated issuers.

⁴Statements of Operations location: Changes in unrealized appreciation (depreciation) of: Written options.

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(continued)

i) 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.

j) 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.

k) United States income taxes — No provision has been made for U.S. federal income taxes since it is the intention of each Fund to distribute to shareholders all taxable net investment income and net realized gains on investments, if any, within the allowable time limit, and to comply with the provisions of the Code for a Regulated Investment Company. 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.

l) 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.

m) 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

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131

Notes to Financial Statements (unaudited)

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.

n) Redemption Fee — A redemption fee of 2% will be applied to the First Eagle Global Fund, First Eagle Overseas Fund and First Eagle Gold Fund for the sale or exchange within 60 days of the purchase of such shares.

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

First Eagle Investment Management, LLC (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 personnel, related overhead and other costs) related to those services. For the six-month period ended April 30, 2011, the Funds reimbursed and had payable to the Adviser amounts shown below:

_FUND	_{PAID TO ADVISER}		_{PAYABLE TO ADVISER}
First Eagle Global Fund	$	1,421,021	$	320,548
First Eagle Overseas Fund		533,626		116,877
First Eagle U.S. Value Fund		84,064		17,671
First Eagle Gold Fund		200,116		35,096
First Eagle Fund of America		70,073		14,836

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

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(continued)

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 Co. ("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 sub-custodial agreements to maintain the custody of gold bullion in the Funds. 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.

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, a wholly owned subsidiary of the Adviser, serves as the Funds' principal underwriter. For the six-month period ended April 30, 2011, FEF Distributors, LLC realized $1,706,995, $280,356, $132,812, $174,393 and $95,512, 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, 2011, balances to the Plan are recorded on the Statements of Assets and Liabilities.

For the six-month period ended April 30, 2011, the Adviser reimbursed First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Fund of America $714,808, $7,854 and $544, respectively, for losses incurred in connection with trading errors.

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133

Notes to Financial Statements (unaudited)

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 Plan. For the six-month period ended April 30, 2011, the distribution fees incurred by the Funds are disclosed in the Statements of Operations.

The Distributor receives an annual service fee with respect to Class C at the annual rate of 0.25% of each Fund's average daily net assets, payable 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, 2011, the services 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, 2011, the cost of purchases of investments, excluding U.S. Government and short-term securities, totaled $2,833,643,708, $1,020,438,047, $221,575,323, $227,220,365 and $396,299,197 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 $1,432,046,202, $527,613,415, $156,694,068,

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(continued)

$275,750,860 and $298,568,277 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 $225,124,227, $0, $39,628,601, $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 13, 2010, 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. 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 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, 2011, 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				$	2,998,664				5			$	493				1.48	%

As of April 30, 2011 there were no outstanding borrowings from the credit facility.

Note 6 — Capital Stock

At April 30, 2011, 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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135

Notes to Financial Statements (unaudited)

Transactions in shares of capital stock were as follows:

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2011}
	_{FIRST EAGLE GLOBAL FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		46,999,562			31,716,041			42,010,061
Shares issued for reinvested dividends and distributions		3,377,141			815,954			1,528,605
Shares redeemed		(22,330,062	)		(9,759,431	)		(17,386,099	)
Net increase		28,046,641			22,772,564			26,152,567

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2011}
	_{FIRST EAGLE GOLD FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		8,244,183			2,851,077			6,749,247
Shares issued for reinvested dividends and distributions		2,866,928			787,656			535,343
Shares redeemed		(12,223,331	)		(2,137,630	)		(4,201,061	)
Net increase (decrease)		(1,112,220	)		1,501,103			3,083,529

	_{YEAR ENDED OCTOBER 31, 2010}
	_{FIRST EAGLE GLOBAL FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		56,104,057			35,584,529			54,269,413
Shares issued for reinvested dividends and distributions		3,444,109			889,953			1,030,798
Shares redeemed		(57,239,727	)		(21,890,851	)		(21,198,794	)
Net increase		2,308,439			14,583,631			34,101,417

	_{YEAR ENDED OCTOBER 31, 2010}
	_{FIRST EAGLE GOLD FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		22,560,831			7,211,831			17,424,005
Shares issued for reinvested dividends and distributions		591,466			116,850			97,788
Shares redeemed		(18,973,371	)		(3,103,005	)		(3,481,174	)
Net increase (decrease)		4,178,926			4,225,676			14,040,619

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(continued)

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2011}
	_{FIRST EAGLE OVERSEAS FUND}									_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		42,736,940			7,252,446			37,848,602			12,550,918			3,718,215			5,963,266
Shares issued for reinvested dividends and distributions		4,608,501			588,534			3,075,256			770,417			204,916			335,285
Shares redeemed		(34,207,249	)		(3,343,679	)		(13,331,072	)		(4,329,093	)		(1,737,085	)		(3,508,456	)
Net increase		13,138,192			4,497,301			27,592,786			8,992,242			2,186,046			2,790,095

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2011}
	_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold		5,595,765			2,281,619			2,220,407
Shares issued for reinvested dividends and distributions		91,034			8,600			142,915
Shares redeemed		(1,609,500	)		(377,170	)		(1,496,110	)
Net increase (decrease)		4,077,299			1,913,049			867,212

	_{YEAR ENDED OCTOBER 31, 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		63,800,432			9,029,755			61,460,804			16,510,083			5,318,538			10,241,203
Shares issued for reinvested dividends and distributions		5,754,113			784,521			2,725,898			441,268			88,898			146,754
Shares redeemed		(61,841,533	)		(8,421,330	)		(27,960,441	)		(12,748,260	)		(3,838,500	)		(3,904,178	)
Net increase		7,713,012			1,392,946			36,226,261			4,203,091			1,568,936			6,483,779

	_{YEAR ENDED OCTOBER 31, 2010}
	_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold		5,478,006			1,552,419			2,092,973
Shares issued for reinvested dividends and distributions		—			—			—
Shares redeemed		(3,994,098	)		(1,083,277	)		(3,227,060	)
Net increase (decrease)		1,483,908			469,142			(1,134,087	)

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137

Notes to Financial Statements (unaudited)

Transactions in dollars of capital stock were as follows:

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2011}
	_{FIRST EAGLE GLOBAL FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	2,200,893,773		$	1,461,405,931		$	1,975,543,988
Shares issued for reinvested dividends and distributions		154,537,968			36,791,366			70,178,270
Shares redeemed		(1,044,822,074	)		(448,636,331	)		(811,800,146	)
Net increase	$	1,310,609,667		$	1,049,560,966		$	1,233,922,112

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2011}
	_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	210,387,816		$	61,848,466		$	101,323,958
Shares issued for reinvested dividends and distributions		12,519,283			3,309,400			5,502,028
Shares redeemed		(72,524,585	)		(28,770,614	)		(59,319,094	)
Net increase (decrease)	$	150,382,514		$	36,387,252		$	47,506,892

	_{YEAR ENDED OCTOBER 31, 2010}
	_{FIRST EAGLE GLOBAL FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	2,310,390,017		$	1,440,881,738		$	2,232,335,113
Shares issued for reinvested dividends and distributions		139,107,607			35,464,634			41,767,929
Shares redeemed		(2,329,396,908	)		(881,251,536	)		(869,042,419	)
Net increase	$	120,100,716		$	595,094,836		$	1,405,060,623

	_{YEAR ENDED OCTOBER 31, 2010}
	_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	249,887,613		$	79,766,902		$	156,420,750
Shares issued for reinvested dividends and distributions		6,570,564			1,316,582			2,205,720
Shares redeemed		(192,467,396	)		(57,364,539	)		(59,589,516	)
Net increase (decrease)	$	63,990,781		$	23,718,945		$	99,036,954

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(continued)

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2011}
	_{FIRST EAGLE OVERSEAS FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	970,259,284		$	160,543,295		$	871,908,907
Shares issued for reinvested dividends and distributions		102,262,636			12,771,196			69,224,009
Shares redeemed		(776,473,509	)		(73,808,248	)		(307,084,119	)
Net increase	$	296,048,411		$	99,506,243		$	634,048,797

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2011}
	_{FIRST EAGLE GOLD FUND}									_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold	$	276,638,497		$	93,141,390		$	226,153,148		$	147,206,403		$	53,280,851		$	59,248,406
Shares issued for reinvested dividends and distributions		94,379,255			25,236,503			17,810,847			2,298,611			193,070			3,671,493
Shares redeemed		(405,912,725	)		(68,416,844	)		(144,955,398	)		(41,886,566	)		(8,713,121	)		(39,795,983	)
Net increase (decrease)	$	(34,894,973	)	$	49,961,049		$	99,008,597		$	107,618,448		$	44,760,800		$	23,123,916

	_{YEAR ENDED OCTOBER 31, 2010}
	_{FIRST EAGLE OVERSEAS FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	1,285,277,712		$	178,038,513		$	1,255,197,610
Shares issued for reinvested dividends and distributions		113,298,593			15,125,573			54,408,926
Shares redeemed		(1,235,178,673	)		(164,770,456	)		(567,063,407	)
Net increase	$	163,397,632		$	28,393,630		$	742,543,129

	_{YEAR ENDED OCTOBER 31, 2010}
	_{FIRST EAGLE GOLD FUND}									_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold	$	650,143,781		$	202,617,937		$	538,916,054		$	119,245,037		$	30,126,386		$	46,425,229
Shares issued for reinvested dividends and distributions		16,271,246			3,140,932			2,716,545			—			—			—
Shares redeemed		(537,112,467	)		(85,301,292	)		(103,434,046	)		(85,893,877	)		(20,888,300	)		(71,168,953	)
Net increase (decrease)	$	129,302,560		$	120,457,577		$	438,198,553		$	33,351,160		$	9,238,086		$	(24,743,724	)

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Notes to Financial Statements (unaudited)

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 securities 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

The redemption in-kind policy for all of the Funds reserves 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 have been no redemptions in-kind as of April 30, 2011.

Note 9 — Accounting Pronouncements

In May 2011, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update 2011-4, Amendment to Achieve Common Fair Value Measurement and Disclosures Requirements in U.S. GAAP and IFRS. This update contains amendments that will result in common fair value measurement and disclosure requirements in U.S. GAAP and IFRS. Consequently, the amendments change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. The amendments also clarify that a reporting entity should disclose quantitative information about the unobservable inputs used in a fair value measurement that is categorized within Level 3 of the fair value hierarchy.

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(continued)

This update is effective during interim and annual periods beginning after December 15, 2011 for public entities and is to be applied prospectively. Early application is not permitted. Management of the Trust is currently evaluating the effect of this update to the Trust's financial statement.

Note 10 — 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 (loads), and (2) ongoing costs, including advisory fees; distribution (12b-1) and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each of the First Eagle Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

This Example is based on an investment of $1,000 invested on November 1, 2010 and held for the six-months ended April 30, 2011.

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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(continued)

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		13.35	%	$	1,000.00	$	1,133.50		1.13	%	$	5.98
Class C		12.94			1,000.00		1,129.40		1.88			9.93
Class I		13.51			1,000.00		1,135.10		0.88			4.66
First Eagle Overseas Fund
Class A		12.37			1,000.00		1,123.70		1.14			6.00
Class C		11.96			1,000.00		1,119.60		1.89			9.93
Class I		12.52			1,000.00		1,125.20		0.89			4.69
First Eagle U.S. Value Fund
Class A		12.93			1,000.00		1,129.30		1.19			6.28
Class C		12.52			1,000.00		1,125.20		1.94			10.22
Class I		13.10			1,000.00		1,131.00		0.94			4.97
First Eagle Gold Fund Consolidated
Class A		13.56			1,000.00		1,135.60		1.17			6.20
Class C		13.15			1,000.00		1,131.50		1.92			10.15
Class I		13.71			1,000.00		1,137.10		0.92			4.87
First Eagle Fund of America
Class A		17.61			1,000.00		1,176.10		1.43			7.72
Class C		17.15			1,000.00		1,171.50		2.17			11.68
Class Y		17.65			1,000.00		1,176.50		1.43			7.72

¹ For the six-months ended April 30, 2011.

² Past 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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Fund Expenses (unaudited) (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, 2010 and held for the six-months ended April 30, 2011.

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

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(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	$	1,019.19		1.13	%	$	5.66
Class C		5.00			1,000.00		1,015.47		1.88			9.39
Class I		5.00			1,000.00		1,020.43		0.88			4.41
First Eagle Overseas Fund
Class A		5.00			1,000.00		1,019.14		1.14			5.71
Class C		5.00			1,000.00		1,015.42		1.89			9.44
Class I		5.00			1,000.00		1,020.38		0.89			4.46
First Eagle U.S. Value Fund
Class A		5.00			1,000.00		1,018.89		1.19			5.96
Class C		5.00			1,000.00		1,015.47		1.94			9.69
Class I		5.00			1,000.00		1,020.13		0.94			4.71
First Eagle Gold Fund Consolidated
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 Fund of America
Class A		5.00			1,000.00		1,017.70		1.43			7.15
Class C		5.00			1,000.00		1,014.03		2.17			10.84
Class Y		5.00			1,000.00		1,017.70		1.43			7.15

¹ For the six-months ended April 30, 2011.

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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145

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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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 16, 2010.

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 the Gold Fund, the Trustees commented on (and management discussed) the two Funds' trailing one-year relative performance. The Trustees also commented on each Fund's performance against benchmarks and peers during the down market of 2008, noting relative outperformance during that period as an indicator of solid market risk management. Performance for each Fund was determined to be excellent given its returns relative to benchmarks and peers (looking primarily to medium- and longer-term returns in the case of the Gold Fund).

• 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 First Eagle Fund of America, was generally similar to or lower than its reviewed peer group average and peer group median. After noting that First Eagle Fund of America's net management

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147

Consideration of Investment Advisory Agreements (continued)

fee was higher than any of its reviewed peers, the Trustees 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 considered the 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 that expense ratios for the Funds generally had decreased over the prior fiscal year, after generally experiencing increases in the 2009 period (except that the expense ratio for Overseas Variable Fund had increased in the 2010 period after a decrease in 2009). All changes in the expense ratios during those two periods were viewed as modest. The Trustees also considered the effect on expense ratios of Fund asset size and of particular categories of expenses, both currently and 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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148

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

Senior Vice President

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

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 Avenue
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.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2011
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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 at this time.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

Item 9. Purchases of Equity Securities by Closed-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, Principal Executive Officer

Date: July 7, 2011

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, 2011

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

	Joseph T. Malone, Principal Financial Officer

Date: July 7, 2011

* 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)