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
(Address of principal executive offices)					(Zip code)

Robert Bruno First Eagle Funds 1345 Avenue of the Americas New York, NY 10105
(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, 2012

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.

Semi-Annual Report

APRIL 30, 2012

Global Fund

Overseas Fund

U.S. Value Fund

Gold Fund

High Yield Fund

Fund of America

ADVISED BY FIRST EAGLE INVESTMENT MANAGEMENT, LLC

Forward-Looking Statement Disclosure

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

Table of Contents

Letter from the President					4

Letter from the Global Value Team Portfolio Managers					6

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

Performance Chart					15

First Eagle Global Fund:

Fund Overview					20

Schedule of Investments					22

First Eagle Overseas Fund:

Fund Overview					46

Schedule of Investments					48

First Eagle U.S. Value Fund:

Fund Overview					64

Schedule of Investments					66

First Eagle Gold Fund:

Fund Overview					78

Consolidated Schedule of Investments					80

First Eagle High Yield Fund:

Letter from the High Yield Team Portfolio Managers					86

Management's Discussion of Fund Performance					88

Fund Overview					92

Schedule of Investments					94

First Eagle Fund of America:

Management's Discussion of Fund Performance					102

Fund Overview					104

Schedule of Investments					106

Statements of Assets and Liabilities					114

Statements of Operations					120

Statements of Changes in Net Assets					124

Financial Highlights					128

Notes to Financial Statements					140

Fund Expenses					170

General Information					174

Consideration of Investment Advisory Agreements					175

Letter from the President

John P. Arnhold

Dear Fellow Shareholders,

Since I last wrote to you in December, financial markets have experienced all the action of a roller coaster but little of the amusement. Equities rallied through March, drifted in April, and then swooned in May. In an environment of ongoing uncertainty, many countries continue to struggle to meet a variety of structural, fiscal, and demographic challenges. Leadership changes in recent and upcoming elections around the world have amplified this uncertainty.

At First Eagle, we recognize that the future is always uncertain and we seek to invest accordingly. Our primary focus remains unchanged: protecting and growing our shareholders' purchasing power over time. We believe the best method of accomplishing this is, first and foremost, attempting to avoid permanent impairments to our shareholders' capital. By targeting quality companies at attractive prices, we seek what we feel is a margin of safety that affords us a measure of downside protection. These concepts are central to the value philosophy of our firm and extend across all of our investment products.

The Global Value Team continues to seek investments in enterprise with the potential to protect and build wealth over time. In this effort, they continue to view cash as a source of deferred purchasing power and gold as a potential hedge against unforeseen events.

This year we celebrate First Eagle Fund of America's 25^th anniversary. With Portfolio Manager Harold Levy of Iridian Asset Management at the helm since inception, the Fund maintains a long-term perspective and an impressive track record to match.

In my last letter I mentioned the addition of an investment team dedicated to analyzing high yield credits. We are delighted to welcome Portfolio Managers Edward Meigs and Sean Slein and their seasoned team of analysts to First Eagle Investment Management. The four senior members of the team have worked

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Letter from the President (continued)

together for almost ten years, through two credit cycles. As with all of our mutual funds, the High Yield Fund's portfolio is built security-by-security through bottom-up fundamental research.

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

Sincerely,

John P. Arnhold

President

June 2012

Past performance is no guarantee of future results. The portfolios are actively managed. The portfolios and opinions expressed herein are subject to change. All investments involve the risk of loss of principal. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not.

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Letter from the Global Value Team Portfolio Managers

Market Overview

After three years of economic turbulence, the world today feels to many as though it is returning to something closer to a normal state. Equity valuations have improved from distressed to more standard levels. Credit spreads have narrowed from extreme to more customary levels. Cyclical commodity prices look more rational than they were in the depths of the crisis. And business sentiment surveys like the Institute of Supply Management Index, which tracks the changes in the amount of manufacturing activity per month, would suggest that the dark days of 2008 are behind us.

Despite this evidence, however, we believe that we are experiencing what might be described as a collision of macroeconomic tectonic plates. One example of this disequilibrium is the shifting economic relationship between the U.S. and China. Back in 2000, the United States was the uncontested prime mover in the world economy; it was the dominant source of savings and investment activity in the world, generating approximately $1.8 trillion in gross national savings, or about 25% of global gross savings. At that time China was a distant player generating around $440 billion of gross national savings.¹

Looking at the same numbers in 2011, the U.S. has essentially spent a lost decade in terms of its competitiveness. Gross national savings in 2011 were $1.9 trillion, virtually identical to where they were in 2000 in dollar terms, but this represents only 12% of global savings. On the other hand, China's gross national savings in 2011 is estimated at $3.7 trillion, nearly twice that of the United States and up eightfold since 2000.¹

This reflects what we percieve to be a massive sea change in the competitive structure of the world economy — a change which can create enormous social tensions that may drag on for a generation. From a policy standpoint, there is no silver bullet. The only approach to solving an issue of this nature is realism, reinvention and even, in some cases, relocation of human capital. Governments can experiment with monetary policy to force nominal income growth on the economy, or with fiscal policy aimed at transferring income and sustaining demand, but neither action will address the root cause of a rapidly changing competitive landscape.

If the U.S. tries to avoid deflation by using accommodative policy to force nominal GDP growth, the countries on the other side of the exchange rate misalignment — specifically China and the Middle East — may ultimately experience unusually high inflation if they continue to peg their currencies to

¹International Monetary Fund, World Economic Outlook Database, April 2012

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

the dollar. What impact could this have on social stability in those regions? Can we even identify the key political players who will be tasked with managing these complex issues in the U.S., China, the Middle East and beyond in 2013?

Sometimes a policy attempt to immunize against social unrest in one location can cause it to spread elsewhere. Consider that the problems in Europe today are not dissimilar to the savings and investment imbalance between China and the U.S. After a decade of wage moderation, Germany has become quite competitive, running a large trade surplus compared to its peripheral neighbors who run deficits. And just as the U.S.'s desire to avoid deflation could lead to an inflationary outcome in China and the Middle East, Germany's desire to retain its fiscal prudence requires the members of the European Union to adopt a deflationary stance should their currencies remain intertwined as the Euro.

We do not yet know what the new sociopolitical-economic equilibrium will be in the next generation or what consequences policy reforms might have. All we do know is that the future remains uncertain.

Portfolio Overview

In the context of this global tectonic shift, how do we position our portfolios?

We believe that maintaining a clear goal is the most important navigational tool. At First Eagle, our goal is to attempt to preserve and grow real purchasing power, first and foremost by trying to avoid the permanent impairment of capital. We do this by investing in companies one security at a time, with what we feel is an appropriate margin of safety in price, capital structure and management temperament. In selecting these securities, we seek to identify some form of scarcity — as opposed to following the popular market trends of the day. In our view, one of the most disturbing characteristics of the investment landscape is the widespread adoption of thematic investing, where people feel the need to be heavily invested in broad sectors or geographic regions offering the promise of macro growth.

A significant portion of our portfolios is invested in equity securities that we believe embody some element of scarcity — be it a real asset, an intangible asset, or a discount to our estimate of intrinsic value — that we believe can help us

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Letter from the Global Value Team Portfolio Managers (continued)

achieve our goal of seeking long-term growth of capital on behalf of our shareholders. The volatility of equities as an asset class allows us to identify scarcity and then invest when stocks trade at what we consider to be the right price.

One way that scarcity may exist is in the form of a business owning supplyconstrained real assets. If we can buy into a timberland when the acreage available for timberlands is shrinking across time, or if we can buy into a long-lived conventional oilfield at a time when the marginal barrel of oil is being extracted at a higher cost in an unconventional oilfield, we will. We seek to purchase such equities when we feel they are trading at a material discount to the liquidation value of those reserves. Weyerhaeuser Company in timberlands and ConocoPhillips in oil are examples of current supply-constrained holdings in our portfolios.

Scarcity may also exist in intangible assets. We define intangible assets as businesses with hard-to-replicate market positions. These are the royalty-like businesses that capture a narrow slice of the world economy. We own a range of securities that have dominant market positions with economies of scale, from Microsoft Corporation in software, to Nestlé SA in food products. We feel these attributes create sustainable competitive advantages that are not easy to replicate.

Finally, scarcity may also exist in price. These opportunities are typically found in "bargain" businesses that don't own a supply-constrained real asset, nor do they have a monopoly-like market position. Instead, these businesses trade at a substantial discount to our view of their intrinsic value. From holding companies like Pargesa Holding SA to heavily discounted Japanese pharmaceuticals such as Astellas Pharma, Inc. and telecom companies such as KDDI Corporation, we hold a variety of securities at what we consider a substantial discount to intrinsic value. This discount may both provide an opportunity for appreciation and help protect the investment against the fault lines in a changing world economy.

We typically maintain some part of our portfolios in cash and cash equivalents, which we are willing to hold as a residual of our disciplined investment approach. Ultimately, our goal is to find good businesses at good prices. However, during periods when we can't find investments at prices we like, we are willing to wait. We believe that we will eventually find opportunities to deploy that cash in windows of market distress. Right now, we have approximately a fifth of our portfolios in cash and short-dated sovereigns. The goal of this strategy is to enable us to both take advantage of opportunities when the market weakens, and to avoid becoming forced sellers of securities we hold in the portfolios at a time when they are undervalued in order to be able to invest in new opportunities.

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Letter from the Global Value Team Portfolio Managers (continued)

Finally, about 10% of our portfolios are in gold and gold equities. We use gold as a potential hedge — as nature's currency, although volatile, gold may serve as ballast in a world where the man-made financial architecture is fraying at the edges. Going forward, we don't know what will happen to the price of gold. If policies are prudent and productivity continues on its current course, we could see a recovery in the private sector of the world economy, a recovery in real interest rates, or an improvement in the creditworthiness of sovereigns. If this occurs, gold may become less valuable in real terms. The reason we own gold is because we have no assurances that a prudent fiscal path will be taken. Instead, the world's major central banks seem to remain committed to creating money out of thin air through quantitative easing, direct long-term bank lending and other unconventional means.

Amidst all of the global competitive uncertainty, however, we still see some reasons for optimism. We live in an age where good ideas are being generated in abundance, and can be transmitted around the globe in a fraction of a second. The most important asset in the global economy is intangible human capital. This provides some shield against the severe scenarios of doomsayers, and keeps us focused on meeting our investment objective of seeking long-term growth of capital on behalf of our shareholders.

We appreciate your confidence and thank you for your support.

Sincerely,



Matthew McLennan				T. Kimball Brooker, Jr.

Head of the Global Value Team Portfolio Manager				Portfolio Manager

Abhay Deshpande

Portfolio Manager

June 2012

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Letter from the Global Value Team Portfolio Managers (continued)

¹Source: Factset and MSCI

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. The average annual returns for Class A Shares "with sales charge" of First Eagle Global, Overseas, U.S. Value and Gold Funds give effect to the deduction of the maximum sales charge of 5.00%.

There are risks associated with investing in funds that invest in securities of foreign countries, such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates. Investment in gold and gold related investments present certain risks, and returns on gold related investments have traditionally been more volatile than investments in broader equity or debt markets.

The commentary represents the opinion of the Global Value Team Portfolio Managers as of June 2012 and is subject to change based on market and other conditions. The opinions expressed are not necessarily those of the firm. First Eagle Investment Management, LLC (FEIM) became investment adviser to the Global Fund commencing January 1, 2000. 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.

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Management's Discussion of Fund Performance

In the six months ending April 30, 2012, the MSCI World Index increased 7.5% while in the U.S. the S&P 500 Index increased 12.8%. In Europe, the German DAX Index rose 10.1% while the French CAC 40 Index fell 0.9% during the period. The Nikkei 225 Index increased 5.9% during the six months. Crude oil jumped 12.5% to nearly $105 a barrel, and the price of gold fell 2.9% to $1,665 an ounce on April 30th. The U.S. Dollar gained 2.1% against the Japanese Yen and it rose 4.7% against the Euro.

First Eagle Global Fund

The net asset value ("NAV") of the Fund's Class A shares increased 5.6% for the six-month period while the MSCI World Index rose 7.5%. The Fund's cash position increased from 13.1% at the end of October to 18.0% on April 30, 2012.

The five largest contributors to the performance of First Eagle Global Fund over the period were Cintas Corporation (uniform rentals, U.S.), Comcast Corporation (cable, U.S.), Shimano, Inc. (bicycle parts, Japan), Microsoft Corporation (software, U.S.) and BB&T Corporation (banks, U.S.), collectively accounting for 1.8% of this period's performance.

The five largest detractors were Gold Fields Limited (mining, South Africa), Bouygues SA (diversified industrials, France), Newcrest Mining Limited (mining, Australia), Gold bullion (commodity, U.S.) and Pargesa Holding SA (holding company, Switzerland). Their combined negative performance over the six months subtracted 1.0% from the Fund's performance.

As of April 30, 2012, the Fund was approximately 40% hedged versus the Japanese Yen and 35% hedged versus the Euro.

First Eagle Overseas Fund

The NAV of the Fund's Class A shares rose 2.8% for the six-month period while the MSCI EAFE Index increased 2.4%. The Fund's cash position increased from 11.1% at the end of October to 14.2% on April 30, 2012.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were Shimano, Inc. (bicycle parts, Japan), HeidelbergCement AG (cement, Germany), Thai Beverage PCL (beverages, Thailand), Bangkok Bank PCL (banks, Thailand) and TNT Express NV (postal services, Netherlands), collectively accounting for 1.9% of this period's performance.

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Management's Discussion of Fund Performance (continued)

The five largest detractors were Gold Fields Limited (mining, South Africa), Bouygues SA (diversified industrials, France), Pargesa Holding SA (holding company, Switzerland), Gold bullion (commodity, U.S.) and Société Television Francaise 1 (media, France). Their combined negative performance over the six-month period subtracted 1.3% from the Fund's performance.

As of April 30, 2012, the Fund was approximately 40% hedged versus the Japanese Yen and 35% hedged versus the Euro.

First Eagle U.S. Value Fund

The NAV of the Fund's Class A shares increased 8.0% for the six-month period while the S&P 500 Index rose 12.8%. The Fund's cash position rose from 15.9% at the beginning of the period to 20.3% on April 30, 2012.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Comcast Corporation (cable), Cintas Corporation (uniform rentals), Microsoft Corporation (software), BB&T Corporation (Banks) and Home Depot, Inc. (home improvement), collectively accounting for 3.0% of this period's performance.

The five largest detractors were Newmont Mining Corporation (mining), Newcrest Mining Limited (mining), Gold bullion (commodity), San Juan Basin Royalty Trust (E&P trust) and Gold Fields Limited (mining). Their combined negative performance over the six-month period subtracted 1.2% from the Fund's performance.

First Eagle Gold Fund

The NAV of the Fund's Class A shares fell 16.7% for the six-month period while the FTSE Gold Mines Index declined 22.5%. The Fund's cash position decreased from 5.2% in October to 3.4% on April 30, 2012.

The five largest contributors to the performance of First Eagle Gold Fund over the period were Industrias Peñoles S.A.B. de C.V. (Mexico), Franco-Nevada Corporation (Canada), Agnico-Eagle Mines Limited (Canada), European Goldfields Limited (Canada) and Anglo American PLC (United Kingdom), collectively accounting for 0.8% of this period's performance.

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

The five largest detractors were IAMGOLD Corporation (Canada), Kinross Gold Corporation (Canada), Newmont Mining Corporation (U.S.), Newcrest Mining Limited (Australia) and AngloGold Ashanti Limited (South Africa). They collectively subtracted 7.4% from the Fund's performance over the six-month period.

We view gold as a hedge against "extreme outcomes," which might include such things as inflation, deflation or outright currency debasement. While we may view any of these outcomes as low probability, we believe gold can at least partially protect a portfolio against potential negative developments that these events could cause. Currently, we see the "fiat currency" system facing a number of challenges. The status of the U.S. Dollar as the world's reserve currency is suspect, the 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.

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 and U.S. Value Funds



Kimball Brooker, Jr.				Rachel Benepe

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

June 2012

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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 2012 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) Average Annual Returns as of April 30, 2012

	_ONE-YEAR			_THREE-YEARS			_FIVE-YEARS			_TEN-YEARS			_SINCE_INCEPTION			_INCEPTION_DATE
First Eagle Global Fund
Class A (SGENX)
without sales charge		-0.16	%		15.90	%		4.91	%		11.59	%		14.19	%	01/01/79²
with sales charge		-5.15			13.93			3.84			11.02			14.06		01/01/79²
Class C (FESGX)		-1.87			15.03			4.12			10.76			11.49		06/05/00
Class I (SGIIX)		0.09			16.18			5.17			11.88			12.03		07/31/98
MSCI World Index³		-4.63			15.61			-1.78			4.96			9.53		01/01/79
First Eagle Overseas Fund
Class A (SGOVX)
without sales charge		-4.66	%		14.87	%		2.99	%		11.80	%		11.89	%	08/31/93
with sales charge		-9.42			12.92			1.94			11.23			11.66		08/31/93
Class C (FESOX)		-6.26			14.02			2.21			10.97			11.13		06/05/00
Class I (SGOIX)		-4.42			15.16			3.24			12.08			12.26		07/31/98
MSCI EAFE Index⁴		-12.82			11.78			-4.72			5.42			4.43		08/31/93
First Eagle U.S. Value Fund
Class A (FEVAX)
without sales charge		4.84	%		15.03	%		5.16	%		8.00	%		9.46	%	09/04/01
with sales charge		-0.41			13.09			4.09			7.44			8.94		09/04/01
Class C (FEVCX)		3.10			14.19			4.37			7.18			8.65		09/04/01
Class I (FEVIX)		5.13			15.33			5.42			8.25			9.73		09/04/01
Standard & Poor's 500 Index⁵		4.76			19.46			1.01			4.71			3.99		09/04/01
First Eagle Gold Fund
Class A (SGGDX)
without sales charge		-21.20	%		15.27	%		9.99	%		15.63	%		9.66	%	08/31/93
with sales charge		-25.14			13.32			8.87			15.04			9.43		08/31/93
Class C (FEGOX)		-22.53			14.39			9.17			—			14.07		05/15/03
Class I (FEGIX)		-21.01			15.53			10.25			—			15.20		05/15/03
FTSE Gold Mines Index⁶		-26.85			9.00			4.81			8.96			2.39		08/31/93
MSCI World Index³		-4.63			15.61			-1.78			4.96			5.93		08/31/93

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

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Performance Chart¹ (unaudited) (continued)

	_ONE-YEAR			_THREE-YEARS			_FIVE-YEARS			_TEN-YEARS			_SINCE_INCEPTION			_INCEPTION_DATE
First Eagle High Yield
Class A (FEHAX)
without sales charge		—			—			—			—			5.86	%	01/03/12
with sales charge		—			—			—			—			1.13		01/03/12
Class C (FEHCX)		—			—			—			—			5.47		01/03/12
Class I (FEHIX)		4.86	%		21.63	%		—			—			13.33		11/19/07⁷
Barclays Capital U.S. Corporate High Yield Index⁸		5.92			19.65			—			—			9.79		11/19/07
First Eagle Fund of America
Class A (FEFAX)
without sales charge		1.48	%		19.25	%		4.12	%		7.73	%		7.82	%	11/20/98
with sales charge		-3.60			17.24			3.05			7.17			7.41		11/20/98
Class C (FEAMX)		-0.21			18.36			3.33			6.95			7.07		03/02/98
Class Y (FEAFX)⁹		1.45			19.26			4.10			7.75			11.85		04/10/87
Standard & Poor's 500 Index⁵		4.76			19.46			1.01			4.71			8.90		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 U.S. Value Fund, First Eagle Gold Fund, First Eagle High Yield Fund and First Eagle Fund of America give effect to the deduction of the maximum sales charge of 5.00% (4.50% in the case of First Eagle High Yield Fund).

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, First Eagle Gold Fund and First Eagle High Yield Fund require $1mm minimum investment and are offered without sales charge.

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
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Average Annual Returns as of April 30, 2012

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

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

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

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

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

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

⁷First Eagle High Yield Fund commenced operations in its present form on December 30, 2011, and is successor to another mutual fund pursuant to a reorganization on December 30, 2011. Information prior to December 30, 2011 is for the Predecessor Fund. Immediately after the reorganization, changes in net asset value of the Class I shares were partially impacted by differences in how the Fund and the Predecessor Fund price portfolio securities.

⁸The Barclays Capital U.S Corporate High Yield Bond Index is composed of fixed-rate, publicly issued, non-investment grade debt, is unmanaged, with dividends reinvested, and is not available for purchase. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The index is presented here for comparison purposes only. One cannot invest directly in an index.

⁹As of September 1, 2005 First Eagle Fund of America Class Y is closed to new accounts.

Expense Ratios as stated in the Funds' most recent Prospectuses
Total Annual Gross Operating Expense Ratios

	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS Y}
First Eagle Global Fund		1.13	%		1.88	%		0.88	%		—
First Eagle Overseas Fund		1.14			1.89			0.89			—
First Eagle U.S. Value Fund		1.18			1.93			0.93			—
First Eagle Gold Fund		1.20			1.95			0.95			—
First Eagle Fund of America		1.45			2.20			—			1.45	%
First Eagle High Yield Fund**		1.51			2.26			1.26

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
17

Performance Chart¹ (unaudited) (continued)

**These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to limit operating expenses of the Fund to an annual rate of 0.80% for I Shares, 1.25% for A Shares, and 2.00% for C Shares. This limitation excludes certain expenses as described in the Fees and Expenses section of the prospectus. This limitation will continue until 2013 for I Shares, and until 2012 for A and C Shares. The expense limitation may be terminated by the Adviser in future years.

These expense ratios are presented as of October 31, 2011 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).

Funds whose investments are concentrated in a specific industry or sector may be subject to a higher degree of risk than funds whose investments are diversified and may not be suitable for all investors.

The 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.

First Eagle High Yield Fund invests in high yield securities that are non-investment grade. High yield securities are rated lower than investment-grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
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Fund Overview | Data as of April 30, 2012 (unaudited)

INVESTMENT OBJECTIVE

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

Average Annual Returns
	_ONE-YEAR			_FIVE-YEARS			_TEN-YEARS
First Eagle Global Fund (A Shares)
without sales load		-0.16	%		4.91	%		11.59	%
with sales load		-5.15			3.84			11.02
MSCI World Index		-4.63			-1.78			4.96
Consumer Price Index		2.30			2.17			2.49

Asset Allocation*

Countries*
United States	39.52	%
Japan	17.03
France	4.99
Germany	2.39
Mexico	2.30
United Kingdom	2.20
Switzerland	2.01
Canada	1.65
South Korea	1.36
Australia	1.06
South Africa	0.99
Hong Kong	0.94
Singapore	0.65
Thailand	0.56
Belgium	0.55
Netherlands	0.47
Malaysia	0.47
Sweden	0.44
Spain	0.41
Austria	0.37
Italy	0.36
Taiwan	0.35
Brazil	0.27
Bermuda	0.22
Ireland	0.22
Israel	0.16
Norway	0.03

* Asset Allocation and Countries percentages are based on total investments in the portfolio. Country allocations reflect country of the issuer (not currency of issue) and exclude short term investments and options positions. Bonds of non-U.S. issuers may be U.S. dollar denominated.

The Fund's portfolio composition is subject to change at any time.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
20

Global 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 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)	5.00	%
Cisco Systems, Inc. (U.S. computer communications company)	1.81
Microsoft Corporation (U.S. software developer)	1.59
Secom Company Limited (Japanese security services provider)	1.57
Comcast Corporation, Class 'A' (U.S. cable/satellite television company)	1.48
Cintas Corporation (U.S. uniform designer and manufacturer)	1.46
Sysco Corporation (U.S. food services distributor)	1.44
Shimano, Inc. (Japanese bicycle parts manufacturer)	1.43
Fanuc Corporation (Japanese automated machine tools manufacturer)	1.40
American Express Company (U.S. credit card and travel services company)	1.29
Total	18.47	%

* Holdings in cash, commercial paper, and money market funds have been excluded. Percentages are based on total net assets.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
21

First Eagle Global Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 73.88%
U.S. Common Stocks — 34.16%
Consumer Discretionary 2.66%
	17,414,912	Comcast Corporation, Class 'A'	$	296,976,000	$	519,486,825
	6,208,490	Omnicom Group, Inc.		186,093,077		318,557,622
	1,772,900	Home Depot, Inc.		38,798,585		91,818,491
	2,485	JG Boswell Company (a)		573,840		1,863,750
	184,753	St. John Knits International, Inc. (a)(b)		3,174,837		1,043,854
				525,616,339		932,770,542
Consumer Staples 3.10%
	17,479,577	Sysco Corporation		495,705,689		505,159,775
	1,837,950	Lorillard, Inc.		135,716,878		248,656,255
	2,132,090	Colgate-Palmolive Company		164,260,763		210,948,985
	2,051,045	Wal-Mart Stores, Inc.		101,774,692		120,827,061
				897,458,022		1,085,592,076
Energy 1.86%
	5,684,663	ConocoPhillips		292,995,737		407,192,411
	1,442,501	Apache Corporation		90,693,920		138,393,546
	3,908,035	San Juan Basin Royalty Trust (c)		138,744,050		66,202,113
	806,395	Helmerich & Payne, Inc.		17,026,317		41,440,639
				539,460,024		653,228,709
Financials 8.85%
	7,529,993	American Express Company		317,870,387		453,380,878
	17,571,107	Bank of New York Mellon Corporation		441,008,506		415,556,681
	9,542,046	Cincinnati Financial Corporation (c)		244,508,555		339,887,678
	2,714	Berkshire Hathaway, Inc., Class 'A' (b)		218,995,900		327,851,200
	9,693,682	BB&T Corporation		245,863,323		310,585,571
	13,816,985	Weyerhaeuser Company REIT		243,497,569		281,313,815
	7,819,459	U.S. Bancorp		192,949,644		251,551,996
	5,719,208	Plum Creek Timber Company, Inc., REIT		212,342,604		240,435,504
	4,386,051	WR Berkley Corporation		117,583,057		165,178,681
	2,858,553	Rayonier, Inc., REIT		27,837,041		129,635,379
	202,406	Mastercard, Inc., Class 'A'		40,702,513		91,542,162
	743,437	Visa, Inc., Class 'A'		53,618,674		91,427,882
	33,892	Mills Music Trust (a)(c)		1,015,863		1,327,719
				2,357,793,636		3,099,675,146

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
22

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 34.16% — (continued)
Health Care 0.91%
	3,659,870	WellPoint, Inc.	$	193,780,807	$	248,212,384
	1,059,980	Johnson & Johnson		59,610,842		68,994,098
				253,391,649		317,206,482
Industrials 4.90%
	13,051,511	Cintas Corporation (c)		438,387,413		511,227,686
	4,069,880	3M Company		315,646,156		363,684,477
	3,069,252	Lockheed Martin Corporation		217,057,860		277,890,076
	3,867,416	Northrop Grumman Corporation		231,724,655		244,730,085
	3,337,753	Alliant Techsystems, Inc. (c)		300,315,627		177,902,235
	1,228,236	Unifirst Corporation		26,322,487		74,627,619
	4,192,137	Blount International, Inc. (b)(c)		46,116,234		67,786,855
				1,575,570,432		1,717,849,033
Information Technology 7.40%
	31,413,268	Cisco Systems, Inc.		527,420,636		632,977,350
	17,364,486	Microsoft Corporation		428,582,776		556,010,842
	12,418,960	Intel Corporation		210,916,626		352,698,464
	8,019,789	Linear Technology Corporation		227,165,656		262,327,298
	7,449,311	Oracle Corporation		212,479,421		218,935,251
	6,036,580	Texas Instruments, Inc.		154,258,827		192,808,365
	258,827	Google, Inc., Class 'A' (b)		135,332,180		156,649,865
	2,365,411	Automatic Data Processing, Inc.		85,148,200		131,564,160
	1,671,000	KLA-Tencor Corporation (d)		47,230,930		87,142,650
				2,028,535,252		2,591,114,245
Materials 2.28%
	4,387,079	Vulcan Materials Company		223,679,544		187,810,852
	2,733,820	Ashland, Inc.		142,133,813		180,076,723
	1,752,640	Martin Marietta Materials, Inc.		155,134,877		145,258,803
	2,384,222	Scotts Miracle-Gro Company, Class 'A'		103,882,048		124,933,233
	1,780,037	Newmont Mining Corporation		45,037,176		84,818,763
	1,258,500	Deltic Timber Corporation (c)		62,903,243		76,869,180
				732,770,701		799,767,554
Utilities 2.20%
	9,696,381	FirstEnergy Corporation		353,449,107		453,984,558
	2,491,660	Entergy Corporation		164,249,120		163,353,230

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
23

Global Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 34.16% — (continued)
Utilities 2.20% — (continued)
	3,760,485	IDACorp, Inc. (c)	$	124,066,738	$	153,202,159
				641,764,965		770,539,947
Total U.S. Common Stocks				9,552,361,020		11,967,743,734
International Common Stocks — 39.72%
Australia 1.06%
	13,519,473	Newcrest Mining Limited		428,192,580		370,424,690
Austria 0.37%
	3,857,199	OMV AG		157,989,372		130,535,803
Belgium 0.55%
	2,788,865	Groupe Bruxelles Lambert SA		234,732,253		193,412,086
Bermuda 0.22%
	1,583,870	Jardine Matheson Holdings Limited		78,676,125		78,639,145
Brazil 0.27%
	4,218,336	Petroleo Brasileiro SA, ADR		77,523,745		93,478,326
Canada 1.60%
	4,588,522	Goldcorp, Inc.		179,943,343		175,556,852
	9,423,645	Penn West Petroleum Limited		175,578,987		161,521,275
	4,207,036	Cenovus Energy, Inc.		112,423,564		152,505,055
	1,655,732	Agnico-Eagle Mines Limited		53,969,366		66,152,164
	2,927,036	Postmedia Network Canada Corporation (a)(b)(e)		18,719,012		4,445,455
	29,610	Nexen, Inc.		560,532		572,954
				541,194,804		560,753,755
France 4.80%
	4,179,227	Sanofi		323,385,924		318,869,189
	3,736,582	Sodexo		100,240,083		297,457,075
	9,287,648	Bouygues SA		358,271,606		252,188,374
	4,702,249	Total SA		247,298,454		224,436,621
	2,044,437	Neopost SA (c)		184,799,958		117,504,775
	11,803,362	Société Télévision Francaise 1 (c)		184,371,882		114,017,245
	956,044	Guyenne et Gascogne SA (c)		108,257,344		102,471,916
	3,733,423	Carrefour SA		230,370,943		74,968,333
	921,669	Wendel SA		19,716,342		68,931,716
	512,523	Société BIC SA		23,173,120		56,432,701
	157,260	Robertet SA (c)		20,623,058		24,971,319
	42,252	Robertet SA CI (a)(f)(i)		800,508		5,031,897

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
24

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 39.72% — (continued)
France 4.80% — (continued)
	385,000	Sabeton SA (c)	$	4,841,233	$	6,826,648
	104,457	Gaumont SA		6,087,824		6,302,957
	12,000,000	FINEL (a)(b)(c)(f)(g)(h)		—		5,716,441
	69,500	NSC Groupe (a)(b)(c)		12,298,421		5,517,953
				1,824,536,700		1,681,645,160
Germany 2.01%
	7,345,731	HeidelbergCement AG		415,128,999		403,730,159
	4,106,813	Daimler AG		192,484,558		226,965,251
	693,440	Fraport AG		20,976,007		45,044,719
	773,684	Hornbach Baumarkt AG		21,504,161		25,906,689
	28,693	Pfeiffer Vacuum Technology AG		1,800,763		3,480,908
				651,894,488		705,127,726
Hong Kong 0.31%
	12,693,580	Guoco Group Limited		115,086,260		106,352,500
	20,738,780	City e-Solutions Limited (a)(b)(c)		936,898		1,911,347
				116,023,158		108,263,847
Ireland 0.22%
	3,763,310	CRH PLC		62,926,191		76,073,249
Israel 0.16%
	4,905,210	Israel Chemicals Limited		51,354,915		56,292,286
Italy 0.35%
	18,139,395	Italcementi S.p.A. RSP		249,186,230		55,014,778
	4,682,069	Italcementi S.p.A.		86,201,872		29,404,074
	1,734,972	Italmobiliare S.p.A. RSP		121,356,934		20,432,638
	1,021,137	Italmobiliare S.p.A.		107,360,738		19,335,954
				564,105,774		124,187,444
Japan 17.00%
	11,590,430	Secom Company Limited		528,330,685		551,648,722
	7,609,390	Shimano, Inc. (c)		189,904,791		501,320,032
	2,888,400	Fanuc Corporation		255,486,281		491,650,250
	2,693,956	SMC Corporation		294,992,485		452,479,333
	1,876,590	Keyence Corporation		347,482,571		445,643,116
	8,977,860	Astellas Pharma, Inc.		362,418,345		364,894,235
	55,424	KDDI Corporation		355,586,922		364,448,898
	14,917,300	NKSJ Holdings, Inc.		402,645,728		309,220,084
	12,811,860	MISUMI Group, Inc. (c)		221,342,849		301,361,136

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
25

Global Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 39.72% — (continued)
Japan 17.00% — (continued)
	5,211,900	Ono Pharmaceutical	$	237,044,526	$	295,062,475
		Company Limited
	13,535,700	MS&AD Insurance Group Holdings		337,272,005		251,420,880
	2,318,500	Hirose Electric Company Limited (c)		246,194,572		244,220,754
	4,896,260	Canon, Inc.		232,564,293		225,066,060
	12,493,780	Mitsubishi Estate Company Limited		189,561,430		222,834,954
	8,271,240	Hoya Corporation		179,494,458		190,619,759
	4,137,470	Nissin Foods Holdings Company Limited		147,016,041		155,725,167
	6,109,710	THK Company Limited		106,814,295		122,745,176
	65,072	NTT DoCoMo, Inc.		99,072,518		111,007,094
	1,569,860	Shin-Etsu Chemical Company Limited		73,766,639		91,234,349
	3,526,280	Chofu Seisakusho Company Limited (c)		64,322,537		84,270,319
	5,147,000	T. Hasegawa Company Limited (c)		79,849,658		72,976,002
	2,251,494	Meitec Corporation (c)		64,892,626		46,417,324
	1,725,100	Ariake Japan Company Limited (c)		29,754,119		34,830,426
	2,002,100	Seikagaku Corporation		21,143,745		21,515,554
	231,740	Aderans Company Limited (b)		5,260,612		2,577,469
				5,072,214,731		5,955,189,568
Malaysia 0.47%
	129,693,980	Genting Malaysia Berhad		112,349,393		164,581,918
Mexico 2.29%
	15,044,166	Grupo Televisa S.A.B., ADR		289,394,928		330,520,327
	6,612,311	Industrias Peñoles S.A.B. de C.V.		7,723,116		310,235,235
	6,399,253	Fresnillo PLC		43,883,996		162,086,370
				341,002,040		802,841,932
Netherlands 0.47%
	12,052,607	TNT Express NV		143,260,900		146,089,306
	4,391,426	PostNL NV		46,252,787		19,048,311
				189,513,687		165,137,617
Singapore 0.21%
	10,153,710	Fraser and Neave Limited		8,655,703		57,772,665
	13,467,250	ComfortDelgro Corporation Limited		3,279,184		16,653,110
				11,934,887		74,425,775

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
26

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 39.72% — (continued)
South Africa 0.99%
	20,830,304	Gold Fields Limited, ADR	$	231,208,540	$	268,086,012
	8,092,307	Harmony Gold Mining Company Limited, ADR		69,852,451		78,495,378
				301,060,991		346,581,390
South Korea 0.97%
	3,476,566	KT&G Corporation		187,647,559		238,718,303
	51,900	Lotte Confectionery Company Limited		21,157,499		78,622,099
	39,989	Namyang Dairy Products Company Limited (c)		7,325,466		22,999,978
				216,130,524		340,340,380
Spain 0.41%
	3,295,234	Red Electrica Corporation SA		165,292,750		143,414,179
Sweden 0.44%
	5,939,940	Investor AB, Class 'A'		116,378,542		116,606,249
	1,803,110	Investor AB, Class 'B'		35,647,923		35,932,949
				152,026,465		152,539,198
Switzerland 2.01%
	5,091,560	Nestlé SA		146,056,200		311,808,279
	3,783,070	Pargesa Holding SA		237,781,696		253,135,260
	27,925	Lindt & Spruengli AG PC		28,106,172		91,043,066
	388,803	Kuehne & Nagel International AG		7,503,142		47,235,346
				419,447,210		703,221,951
Thailand 0.56%
	30,251,300	Bangkok Bank PCL, NVDR		98,647,613		187,902,384
	577,000	OHTL PCL (a)		2,636,472		9,006,829
				101,284,085		196,909,213
United Kingdom 1.98%
	9,342,277	Berkeley Group Holdings PLC (b)(c)		114,104,302		194,309,702
	7,387,420	GlaxoSmithKline PLC		140,774,624		170,922,908
	3,387,940	Willis Group Holdings PLC		87,537,760		123,524,292
	3,052,693	Anglo American PLC		74,109,213		117,370,092
	19,378,458	WM Morrison Supermarkets PLC		89,832,350		88,287,557
				506,358,249		694,414,551
Total International Common Stocks				12,377,765,117		13,918,431,189
Total Common Stocks				21,930,126,137		25,886,174,923

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
27

Global Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Preferred Stocks — 0.69%
International Preferred Stocks — 0.69%
Germany 0.37%
	1,754,484	Hornbach Holding AG	$	63,837,360	$	130,010,790
South Korea 0.32%
	154,579	Samsung Electronics Company Limited		19,335,684		110,655,379
Total International Preferred Stocks				83,173,044		240,666,169
Total Preferred Stocks				83,173,044		240,666,169
Warrant — 0.21%
United States — 0.21%
	5,806,899	JPMorgan Chase & Co. Warrant expire 10/28/18 (b)		75,108,859		72,586,237
_OUNCES
Commodity — 5.00%
	1,051,086	Gold bullion (b)		586,146,006		1,751,034,959
_PRINCIPAL
Notes and Bonds — 2.06%
U.S. Corporate Bonds — 0.10%
$	5,467,000	Bausch & Lomb, Inc. 7.125% due 08/01/28 (a)		4,760,431		4,373,600
	5,000,000	Pulte Group, Inc. 5.20% due 02/15/15		4,581,333		5,175,000
	387,000	Yankee Candle Company, Inc. Series 'B' 8.50% due 02/15/15		384,861		397,646
	22,554,000	Yankee Candle Company, Inc. Series 'B' 9.75% due 02/15/17		22,013,235		23,681,700
Total U.S. Corporate Bonds				31,739,860		33,627,946
International Notes and Bonds — 1.96%
International Corporate Notes and Bonds — 0.26%
Canada 0.05%
	28,460,000 USD	Catalyst Paper Corporation 11.00% due 12/15/16 (a)(j)(k)		24,518,587		15,368,400

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
28

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Corporate Notes and Bonds — 0.26% — (continued)
France 0.18%
	15,000,000 EUR	Emin Leydier SA FRN 6.01% due 07/31/16 (a)(f)(g)	$	21,435,024	$	19,848,753
	12,000,000 EUR	FINEL 9.50% due 06/30/17 (a)(f)(g)		14,494,344		11,909,251
	12,050,000 EUR	Wendel SA 4.375% due 08/09/17		11,809,963		14,789,140
	10,000,000 EUR	Wendel SA 4.875% due 09/21/15 (l)		11,136,766		13,232,502
	3,500,000 EUR	Wendel SA 4.875% due 05/26/16		2,957,348		4,538,748
				61,833,445		64,318,394
Norway 0.03%
	5,500,000 USD	Den Norske Bank ASA FRN 0.938% due 08/31/12 (a)(m)		3,888,750		3,052,500
	3,170,000 USD	Den Norske Creditbank FRN 0.813% due 05/31/12 (a)(m)		2,059,625		1,711,800
	3,500,000 USD	Den Norske Creditbank FRN 0.963% due 08/31/12 (a)(m)		2,610,000		1,942,500
	10,000,000 USD	Nordea Bank Norge ASA FRN 0.938% due 05/18/12 (a)(m)		6,826,750		4,600,000
				15,385,125		11,306,800
Total International Corporate Notes and Bonds				101,737,157		90,993,594
International Government Bonds — 1.70%
Hong Kong 0.63%
	371,900,000 HKD	Hong Kong Government Bond 0.48% due 09/03/12		47,992,977		47,998,829
	732,250,000 HKD	Hong Kong Government Bond 2.66% due 12/17/12		95,885,144		95,867,552
	586,700,000 HKD	Hong Kong Government Bond 4.20% due 09/17/12		76,826,579		76,804,989
				220,704,700		220,671,370
Singapore 0.43%
	45,343,000 SGD	Singapore Government Bond 2.50% due 10/01/12		37,263,955		36,989,268
	141,626,000 SGD	Singapore Government Bond 3.50% due 07/01/12		116,025,005		115,066,632
				153,288,960		152,055,900
South Korea 0.07%
	25,370,100,000 KRW	Inflation Linked Korea Treasury Bond 2.75% due 03/10/17 (n)		24,148,168		24,415,212

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
29

Global Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Government Bonds — 1.70% — (continued)
Taiwan 0.35%
	1,767,500,000 TWD	Taiwan Government Bond 2.00% due 07/20/12	$	54,562,858	$	60,677,198
	1,826,000,000 TWD	Taiwan Government Bond 2.375% due 01/16/13		59,349,568		63,232,045
				113,912,426		123,909,243
United Kingdom 0.22%
	46,790,000 GBP	United Kingdom Gilt 5.25% due 06/07/12		75,199,670		76,328,060
Total International Government Bonds				587,253,924		597,379,785
Total International Notes and Bonds				688,991,081		688,373,379
Total Notes and Bonds				720,730,941		722,001,325
Commercial Paper — 18.00%
International Commercial Paper — 5.77%
Belgium 0.13%
	20,000,000 USD	Anheuser Busch InBev WorldWide, Inc. 0.33% due 05/04/12		19,999,450		19,999,450
	25,000,000 USD	Anheuser Busch InBev WorldWide, Inc. 0.36% due 05/01/12		25,000,000		25,000,000
Canada 0.22%
	15,990,000 USD	Potash Corporation of Saskatchewan 0.31% due 05/14/12		15,988,210		15,988,210
	15,000,000 USD	Potash Corporation of Saskatchewan 0.33% due 05/17/12		14,997,800		14,997,800
	27,206,000 USD	Potash Corporation of Saskatchewan 0.33% due 05/24/12		27,200,264		27,200,264
	18,793,000 USD	Potash Corporation of Saskatchewan 0.35% due 05/09/12		18,791,538		18,791,538
France 1.06%
	13,824,000 USD	Air Liquide SA 0.19% due 06/29/12		13,819,695		13,819,695
	31,094,000 USD	EI du Pont de Nemours & Company 0.16% due 06/14/12		31,087,919		31,087,919
	13,641,000 USD	GDF Suez SA 0.20% due 05/08/12		13,640,470		13,640,470
	40,055,000 USD	GDF Suez SA 0.21% due 05/23/12		40,049,860		40,049,860
	36,918,000 USD	GDF Suez SA 0.21% due 05/25/12		36,912,831		36,912,831
	25,000,000 USD	Sanofi 0.12% due 05/10/12		24,999,250		24,999,250

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
30

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 5.77% — (continued)
France 1.06% — (continued)
	130,000,000 USD	Sanofi 0.13% due 05/04/12	$	129,998,592	$	129,998,592
	25,000,000 USD	Sanofi 0.13% due 05/10/12		24,999,187		24,999,187
	25,000,000 USD	Total SA 0.12% due 05/25/12		24,998,000		24,998,000
	30,607,000 USD	Total SA 0.16% due 07/10/12		30,597,478		30,585,450
Germany 1.23%
	50,000,000 USD	BASF AG 0.12% due 05/29/12		49,995,333		49,995,333
	50,000,000 USD	BASF AG 0.12% due 06/25/12		49,990,833		49,990,833
	22,900,000 USD	BMW 0.18% due 05/30/12		22,896,679		22,896,679
	10,000,000 USD	Henkel Corporation 0.12% due 05/08/12		9,999,767		9,999,767
	10,000,000 USD	Henkel Corporation 0.12% due 05/15/12		9,999,533		9,999,533
	5,000,000 USD	Henkel Corporation 0.16% due 06/12/12		4,999,067		4,999,067
	26,719,000 USD	Siemens Company 0.11% due 05/14/12		26,717,939		26,717,939
	85,000,000 USD	Siemens Company 0.12% due 05/02/12		84,999,717		84,999,717
	28,000,000 USD	Siemens Company 0.13% due 05/02/12		27,999,899		27,999,899
	38,353,000 USD	Siemens Company 0.13% due 05/07/12		38,352,169		38,352,169
	50,000,000 USD	Siemens Company 0.13% due 05/15/12		49,997,472		49,997,472
	56,520,000 USD	Siemens Company 0.13% due 06/14/12		56,511,020		56,511,020
Italy 0.12%
	43,689,000 USD	Eni S.p.A. 0.53% due 06/11/12		43,663,126		43,663,126
Japan 0.38%
	22,432,000 USD	Mitsubishi Company 0.37% due 05/14/12		22,429,084		22,429,084
	20,000,000 USD	Mitsui & Company, Limited 0.22% due 05/04/12		19,999,633		19,999,633
	40,000,000 USD	Panasonic Corporation 0.29% due 05/10/12		39,997,100		39,997,100

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
31

Global Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 5.77% — (continued)
Japan 0.38% — (continued)
	40,000,000 USD	Panasonic Corporation 0.31% due 05/15/12	$	39,995,178	$	39,995,178
	11,000,000 USD	Panasonic Corporation 0.48% due 05/21/12		10,997,128		10,997,128
Panama 0.18%
	43,189,000 USD	Carnival Corporation 0.32% due 05/08/12		43,186,313		43,186,313
	19,187,000 USD	Carnival Corporation 0.38% due 05/22/12		19,182,859		19,182,859
Switzerland 1.47%
	30,000,000 USD	Nestlé SA 0.08% due 05/03/12		29,999,867		29,999,867
	25,000,000 USD	Nestlé SA 0.08% due 06/01/12		24,998,278		24,998,278
	14,500,000 USD	Nestlé SA 0.10% due 05/29/12		14,498,872		14,498,872
	27,945,000 USD	Nestlé SA 0.13% due 05/29/12		27,942,174		27,942,174
	36,812,000 USD	Nestlé SA 0.13% due 06/11/12		36,806,550		36,806,550
	53,888,000 USD	Nestlé SA 0.13% due 06/12/12		53,879,827		53,879,827
	50,000,000 USD	Nestlé SA 0.15% due 06/05/12		49,992,708		49,992,708
	30,000,000 USD	Nestlé SA 0.15% due 06/08/12		29,995,250		29,995,250
	25,757,000 USD	Nestlé SA 0.15% due 07/17/12		25,748,737		25,751,419
	11,602,000 USD	Nestlé SA 0.16% due 07/16/12		11,598,081		11,599,568
	31,828,000 USD	Novartis International AG 0.12% due 05/10/12		31,827,045		31,827,045
	50,407,000 USD	Novartis International AG 0.12% due 05/15/12		50,404,648		50,404,648
	52,800,000 USD	Novartis International AG 0.18% due 06/15/12		52,788,120		52,788,120
	25,000,000 USD	Roche Holdings, Inc. 0.05% due 05/08/12		24,999,757		24,999,757
	25,000,000 USD	Roche Holdings, Inc. 0.10% due 06/15/12		24,996,875		24,996,875
	10,000,000 USD	Roche Holdings, Inc. 0.10% due 08/15/12		9,997,056		9,994,481
	14,000,000 USD	Roche Holdings, Inc. 0.11% due 07/06/12		13,997,177		13,995,519

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
32

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 5.77% — (continued)
United Kingdom 0.98%
	20,000,000 USD	BP PLC 0.23% due 05/08/12	$	19,999,106	$	19,999,106
	31,161,000 USD	BP PLC 0.25% due 05/14/12		31,158,187		31,158,187
	64,000,000 USD	BP PLC 0.31% due 05/14/12		63,992,835		63,992,835
	10,249,000 USD	BP PLC 0.33% due 07/02/12		10,243,175		10,247,117
	44,555,000 USD	BP PLC 0.35% due 06/22/12		44,533,119		44,533,119
	30,000,000 USD	BP PLC 0.47% due 09/17/12		29,946,716		29,976,666
	75,000,000 USD	BP PLC 0.49% due 08/20/12		74,889,000		74,959,867
	40,000,000 USD	BP PLC 0.49% due 08/28/12		39,936,533		39,976,000
	10,015,000 USD	Reckitt Benckiser Group PLC 0.30% due 05/01/12		10,015,000		10,015,000
	17,278,000 USD	Reed Elsevier, Inc. 0.46% due 05/23/12		17,273,249		17,273,249
Total International Commercial Paper				2,021,448,335		2,021,580,469
U.S. Commercial Paper — 12.23%
$	71,800,000	Abbott Laboratories 0.10% due 05/01/12		71,800,000		71,800,000
	30,000,000	Abbott Laboratories 0.10% due 05/08/12		29,999,417		29,999,417
	26,277,000	Abbott Laboratories 0.11% due 05/22/12		26,275,314		26,275,314
	46,024,000	Abbott Laboratories 0.11% due 06/06/12		46,018,937		46,018,937
	25,000,000	Abbott Laboratories 0.12% due 06/05/12		24,997,083		24,997,083
	28,000,000	Abbott Laboratories 0.12% due 06/12/12		27,996,080		27,996,080
	45,294,000	Abbott Laboratories 0.13% due 07/10/12		45,282,551		45,286,137
	43,000,000	Abbott Laboratories 0.14% due 06/19/12		42,991,806		42,991,806
	39,320,000	Abbott Laboratories 0.14% due 07/24/12		39,307,155		39,309,604
	59,317,000	Archer Daniels Midland Company 0.12% due 05/11/12		59,315,023		59,315,023

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
33

Global Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 12.23% — (continued)
$	63,872,000	Archer Daniels Midland Company 0.12% due 05/21/12	$	63,867,742	$	63,867,742
	41,752,000	Archer Daniels Midland Company 0.13% due 05/02/12		41,751,849		41,751,849
	30,000,000	Archer Daniels Midland Company 0.13% due 05/10/12		29,999,025		29,999,025
	19,797,000	Arrow Electronics, Inc. 0.66% due 05/01/12		19,797,000		19,797,000
	10,788,000	Avery Dennison Corporation 0.41% due 05/01/12		10,788,000		10,788,000
	50,000,000	Campbell Soup Company 0.15% due 05/14/12		49,997,292		49,997,292
	34,557,000	Caterpillar Corporation 0.12% due 05/25/12		34,554,235		34,554,235
	20,000,000	Coca-Cola Company 0.12% due 05/04/12		19,999,800		19,999,800
	24,000,000	Coca-Cola Company 0.13% due 05/23/12		23,998,093		23,998,093
	14,000,000	Coca-Cola Company 0.14% due 05/07/12		13,999,673		13,999,673
	25,000,000	Coca-Cola Company 0.14% due 05/21/12		24,998,056		24,998,056
	25,000,000	Coca-Cola Company 0.15% due 06/06/12		24,996,250		24,996,250
	10,745,000	Coca-Cola Company 0.15% due 06/13/12		10,743,075		10,743,075
	50,000,000	Coca-Cola Company 0.16% due 05/11/12		49,997,778		49,997,778
	30,000,000	Coca-Cola Company 0.16% due 06/18/12		29,993,600		29,993,600
	14,500,000	Coca-Cola Company 0.17% due 06/21/12		14,496,508		14,496,508
	40,000,000	Coca-Cola Company 0.18% due 05/03/12		39,999,600		39,999,600
	45,000,000	Coca-Cola Company 0.21% due 08/15/12		44,972,175		44,977,662
	65,533,000	Coca-Cola Company 0.22% due 05/18/12		65,526,192		65,526,192
	8,095,000	Coca-Cola Company 0.22% due 08/02/12		8,090,399		8,091,745
	47,000,000	Coca-Cola Company 0.22% due 09/12/12		46,961,512		46,965,634
	18,786,000	Computer Sciences Corporation 0.45% due 05/09/12		18,784,163		18,784,163

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
34

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 12.23% — (continued)
$	55,350,000	ConocoPhillips 0.18% due 05/02/12	$	55,349,723	$	55,349,723
	25,000,000	ConocoPhillips 0.20% due 05/07/12		24,999,167		24,999,167
	14,560,000	ConocoPhillips 0.20% due 05/09/12		14,559,353		14,559,353
	18,100,000	ConocoPhillips 0.20% due 05/22/12		18,097,888		18,097,888
	10,750,000	ConocoPhillips 0.20% due 06/07/12		10,747,790		10,747,790
	25,000,000	ConocoPhillips 0.20% due 06/20/12		24,993,056		24,993,056
	26,700,000	ConocoPhillips 0.22% due 07/09/12		26,688,741		26,693,926
	15,303,000	ConocoPhillips 0.22% due 07/18/12		15,295,706		15,298,567
	25,052,000	ConocoPhillips 0.23% due 07/11/12		25,040,636		25,045,987
	48,440,000	ConocoPhillips 0.23% due 07/13/12		48,417,408		48,427,754
	36,805,000	ConocoPhillips 0.25% due 06/06/12		36,795,799		36,795,799
	19,584,000	Dell, Inc. 0.15% due 05/07/12		19,583,510		19,583,510
	50,000,000	Dell, Inc. 0.15% due 05/29/12		49,994,167		49,994,167
	60,000,000	Dell, Inc. 0.15% due 06/01/12		59,992,250		59,992,250
	50,000,000	Dell, Inc. 0.20% due 07/09/12		49,980,833		49,984,735
	35,000,000	Dell, Inc. 0.36% due 07/09/12		34,976,521		34,989,314
	31,500,000	Dell, Inc. 0.36% due 07/11/12		31,478,256		31,490,046
	28,071,000	Dell, Inc. 0.36% due 07/18/12		28,049,713		28,060,959
	20,000,000	Ebay, Inc 0.13% due 05/10/12		19,999,350		19,999,350
	32,000,000	Emerson Electric Company 0.13% due 05/23/12		31,997,458		31,997,458
	26,064,000	Emerson Electric Company 0.13% due 05/29/12		26,061,365		26,061,365
	30,000,000	Emerson Electric Company 0.14% due 06/07/12		29,995,683		29,995,683

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
35

Global Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 12.23% — (continued)
$	38,353,000	General Electric Corporation 0.07% due 05/03/12	$	38,352,851	$	38,352,851
	20,000,000	Google, Inc. 0.08% due 05/11/12		19,999,556		19,999,556
	44,695,000	Google, Inc. 0.09% due 05/07/12		44,694,330		44,694,330
	10,000,000	Google, Inc. 0.09% due 05/22/12		9,999,475		9,999,475
	70,000,000	Google, Inc. 0.10% due 05/16/12		69,997,083		69,997,083
	24,750,000	Google, Inc. 0.11% due 05/24/12		24,748,261		24,748,261
	24,073,000	Google, Inc. 0.14% due 07/20/12		24,065,511		24,065,364
	30,000,000	Honeywell International, Inc. 0.12% due 06/27/12		29,994,300		29,994,300
	50,000,000	Honeywell International, Inc. 0.12% due 06/28/12		49,990,333		49,990,333
	46,700,000	Honeywell International, Inc. 0.13% due 06/26/12		46,690,556		46,690,556
	25,000,000	Honeywell International, Inc. 0.15% due 06/26/12		24,994,167		24,994,167
	40,000,000	Honeywell International, Inc. 0.20% due 09/26/12		39,967,111		39,965,400
	12,000,000	Honeywell International, Inc. 0.20% due 09/27/12		11,990,067		11,989,500
	95,000,000	Johnson & Johnson 0.05% due 05/16/12		94,998,021		94,998,021
	30,000,000	Johnson & Johnson 0.05% due 05/23/12		29,999,083		29,999,083
	35,000,000	Johnson & Johnson 0.06% due 05/02/12		34,999,942		34,999,942
	29,550,000	Johnson & Johnson 0.09% due 05/24/12		29,548,301		29,548,301
	15,303,000	Johnson & Johnson 0.10% due 07/09/12		15,300,067		15,300,411
	39,354,000	Johnson & Johnson 0.10% due 08/13/12		39,342,631		39,338,506
	32,469,000	Johnson & Johnson 0.11% due 05/01/12		32,469,000		32,469,000
	28,075,000	Johnson & Johnson 0.17% due 09/26/12		28,055,379		28,054,199
	25,914,000	Kraft Foods, Inc. 0.28% due 05/03/12		25,913,597		25,913,597

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
36

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 12.23% — (continued)
$	9,000,000	McDonald's Corporation 0.10% due 06/11/12	$	8,998,975	$	8,998,975
	19,700,000	McDonald's Corporation 0.13% due 06/27/12		19,695,945		19,695,945
	28,516,000	Medtronic, Inc. 0.09% due 05/17/12		28,514,859		28,514,859
	14,158,000	Medtronic, Inc. 0.10% due 05/08/12		14,157,725		14,157,725
	44,308,000	Medtronic, Inc. 0.10% due 06/21/12		44,301,723		44,301,723
	50,000,000	Merck & Company, Inc. 0.08% due 05/11/12		49,998,889		49,998,889
	15,000,000	Merck & Company, Inc. 0.08% due 05/17/12		14,999,467		14,999,467
	35,000,000	Merck & Company, Inc. 0.08% due 05/21/12		34,998,444		34,998,444
	40,000,000	Merck & Company, Inc. 0.09% due 05/10/12		39,999,100		39,999,100
	51,826,000	Merck & Company, Inc. 0.10% due 06/08/12		51,820,529		51,820,529
	50,000,000	Merck & Company, Inc. 0.12% due 05/21/12		49,996,667		49,996,667
	25,000,000	Merck & Company, Inc. 0.12% due 06/25/12		24,995,417		24,995,417
	66,072,000	Merck & Company, Inc. 0.12% due 07/03/12		66,058,125		66,062,955
	24,548,000	Merck & Company, Inc. 0.13% due 06/04/12		24,544,986		24,544,986
	38,013,000	Merck & Company, Inc. 0.13% due 07/06/12		38,003,940		38,007,199
	19,790,000	NYSE Euronext, Inc. 0.41% due 05/18/12		19,786,262		19,786,262
	25,000,000	NYSE Euronext, Inc. 0.44% due 05/17/12		24,995,222		24,995,222
	6,205,000	Parker-Hannifin Corporation 0.16% due 05/04/12		6,204,917		6,204,917
	35,000,000	Parker-Hannifin Corporation 0.16% due 05/07/12		34,999,067		34,999,067
	25,000,000	Parker-Hannifin Corporation 0.16% due 05/08/12		24,999,222		24,999,222
	45,000,000	PepsiCo, Inc. 0.12% due 05/07/12		44,999,100		44,999,100
	75,000,000	PepsiCo, Inc. 0.12% due 05/09/12		74,998,000		74,998,000

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
37

Global Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 12.23% — (continued)
$	30,000,000	Pfizer, Inc. 0.10% due 05/17/12	$	29,998,667	$	29,998,667
	38,700,000	Pfizer, Inc. 0.12% due 05/17/12		38,697,936		38,697,936
	25,000,000	Philip Morris International, Inc. 0.06% due 05/04/12		24,999,875		24,999,875
	17,000,000	Philip Morris International, Inc. 0.08% due 05/02/12		16,999,962		16,999,962
	23,000,000	Philip Morris International, Inc. 0.08% due 05/31/12		22,998,467		22,998,467
	30,000,000	Philip Morris International, Inc. 0.09% due 05/22/12		29,998,425		29,998,425
	17,325,000	Philip Morris International, Inc. 0.15% due 06/04/12		17,322,546		17,322,546
	55,991,000	Philip Morris International, Inc. 0.16% due 05/09/12		55,989,009		55,989,009
	60,000,000	Proctor & Gamble Company 0.12% due 05/17/12		59,996,800		59,996,800
	20,000,000	Proctor & Gamble Company 0.12% due 05/24/12		19,998,467		19,998,467
	30,000,000	Proctor & Gamble Company 0.12% due 06/01/12		29,996,900		29,996,900
	75,000,000	Proctor & Gamble Company 0.13% due 06/13/12		74,988,354		74,988,354
	5,000,000	Proctor & Gamble Company 0.14% due 06/11/12		4,999,203		4,999,203
	10,788,000	Safeway, Inc. 0.66% due 05/01/12		10,788,000		10,788,000
	4,519,000	Sara Lee Corporation 0.35% due 05/01/12		4,519,000		4,519,000
	15,000,000	Sherwin-Williams Company 0.19% due 05/16/12		14,998,812		14,998,812
	38,353,000	Sysco Corporation 0.15% due 05/02/12		38,352,840		38,352,840
	34,980,000	Verizon Communications, Inc. 0.30% due 05/14/12		34,976,210		34,976,210
	32,779,000	Wal-Mart Stores, Inc. 0.09% due 05/18/12		32,777,607		32,777,607
	100,000,000	Walt Disney Company 0.07% due 06/05/12		99,993,194		99,993,194
	65,000,000	Walt Disney Company 0.07% due 06/06/12		64,995,450		64,995,450
	45,000,000	Walt Disney Company 0.08% due 05/03/12		44,999,800		44,999,800

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
38

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 12.23% — (continued)
$	25,000,000	Walt Disney Company 0.10% due 05/21/12	$	24,998,611	$	24,998,611
	64,188,000	Walt Disney Company 0.11% due 06/18/12		64,178,586		64,178,586
	50,000,000	Walt Disney Company 0.12% due 07/12/12		49,988,000		49,983,880
	20,000,000	WellPoint, Inc. 0.36% due 05/18/12		19,996,694		19,996,694
	2,000,000	WellPoint, Inc. 0.37% due 05/24/12		1,999,540		1,999,540
	10,000,000	WellPoint, Inc. 0.39% due 05/22/12		9,997,783		9,997,783
	25,000,000	WellPoint, Inc. 0.41% due 05/07/12		24,998,333		24,998,333
	15,000,000	WellPoint, Inc. 0.42% due 05/01/12		15,000,000		15,000,000
	8,630,000	Western Union Company 0.38% due 05/01/12		8,630,000		8,630,000
Total U.S. Commercial Paper				4,286,739,030		4,286,816,077
Total Commercial Paper				6,308,187,365		6,308,396,546
Total Investment Portfolio Excluding Option Written — 99.84%			$	29,703,472,352	$	34,980,860,159

_CONTRACTS

_{STRIKE PRICE}

_{EXPIRATION DATE}

_{VALUE (NOTE 1)}

Covered Call Option Written — (0.01)%

(Premium Received: $4,499,162)

14,617

KLA-Tencor Corporation

55.00

September 2012

(2,923,400

)

Total Investments — 99.83% (Cost: $29,698,973,190)

34,977,936,759

Other Assets in Excess of Liabilities — 0.17%

57,477,430

Net Assets — 100.00%

35,035,414,189

(a) Security is deemed illiquid. At April 30, 2012, the value of these securities amounted to $98,672,049 or 0.28% of net assets.

(b) Non-income producing security/commodity.

(c) An affiliate of the Fund as defined by the Investment Company Act of 1940. An affiliate is defined as a company in which the Fund directly or indirectly owns, controls, or holds power to vote 5% or more of the outstanding voting securities.

(d) At April 30, 2012, all or a portion of this security was segregated to cover collateral requirement for options.

(e) Represents variable voting shares.

(f) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $42,506,342 or 0.12% of net assets.

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
39

Global Fund

(g) Represents securities that are subject to legal or contractual restrictions on resale. At April 30, 2012, the value of these securities amounted to $37,474,445 or 0.11% of net assets.

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

(i) Represents non-voting class of shares.

(j) Issuer is in default.

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

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

(m) Floating rate security. Rate shown is the rate in effect at April 30, 2012.

(n) Inflation protected security.

At April 30, 2012, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	6,895,588,227
Gross unrealized depreciation		(1,616,624,658	)
Net unrealized appreciation	$	5,278,963,569

Abbreviations used in this schedule include:

ADR — American Depository Receipt

FRN — Floating Rate Note

NVDR — Non-Voting Depository Receipt

NYSE — New York Stock Exchange

PC — Participation Certificate

PCL — Public Company Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

RSP — Represents Non-Voting Shares

Currencies

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

KRW — South Korean Won

SGD — Singapore Dollar

TWD — Taiwan Dollar

USD — United States Dollar

_{RESTRICTED SECURITIES}	_ACQUISITION_DATE	_COST		_{CARRYING VALUE PER}_{SHARE/PRINCIPAL}
Emin Leydier SA FRN 6.01% due 07/31/16	07/30/09	$	21,435,024	$	1.32
FINEL 9.50% due 06/30/17	06/22/05		14,494,344		0.99
FINEL	07/30/09		—		0.48

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
40

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

Foreign Currency Exchange Contracts — Sales

_SETTLEMENT_DATES_THROUGH	_{FOREIGN CURRENCY}_{TO BE DELIVERED}			_{U.S. $}_{TO BE}_RECEIVED		_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₂		_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₂		_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₂
07/18/12		258,529,000	Euro	$	346,892,304	$	342,203,988	$	4,688,316	$	—
08/15/12		368,691,000	Euro		491,168,073		488,055,574		3,112,499		—
09/12/12		240,798,000	Euro		315,296,085		318,941,778		—		(3,645,693	)
10/17/12		73,123,000	Euro		96,489,455		96,889,372		—		(399,917	)
06/13/12		59,119,825,000	Japanese Yen		743,429,395		740,656,747		2,772,648		—
08/15/12		83,566,925,000	Japanese Yen		1,082,894,368		1,047,666,592		35,227,776		—
09/12/12		40,696,581,000	Japanese Yen		507,900,692		510,504,815		—		(2,604,123	)
10/17/12		27,948,651,000	Japanese Yen		346,667,134		350,779,270		—		(4,112,136	)
				$	3,930,737,506	$	3,895,698,136	$	45,801,239	$	(10,761,869	)
Foreign Currency Exchange Contracts — Purchases
_SETTLEMENT_DATES_THROUGH	_{FOREIGN CURRENCY}_{TO BE RECEIVED}			_{U.S. $}_{TO BE}_DELIVERED		_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₂		_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₂		_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₂
05/16/12		54,000,000	Euro	$	70,405,200	$	71,459,019	$	1,053,819	$	—

Affiliated Securities

_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₁		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₂		_{MARKET VALUE}_{APRIL 30,}₂₀₁₂		_REALIZED_GAIN/(LOSS)		_DIVIDEND_INCOME
Alliant Techsystems, Inc.		3,333,753		—		—		3,337,753	$	177,902,235	$	—	$	1,335,101
Ariake Japan Company Limited		1,725,100		—		—		1,725,100		34,830,426		—		387,019
Berkeley Group Holdings PLC		9,342,277		—		—		9,342,277		194,309,702		—		—
Blount International, Inc.		7,574,592		—		3,382,455		4,192,137		67,786,855		11,720,825		—
Chofu Seisakusho Company Limited		3,526,280		—		—		3,526,280		84,270,319		—		630,904
Cincinnati Financial Corporation		9,542,046		—		—		9,542,046		339,887,678		—		7,681,347
Cintas Corporation		13,051,511		—		—		13,051,511		511,227,686		—		7,047,816
City e-Solutions Limited		20,738,780		—		—		20,738,780		1,911,347		—		—

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
41

Global Fund

Affiliated Securities — (continued)

_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₁		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₂		_{MARKET VALUE}_{APRIL 30,}₂₀₁₂		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
Deltic Timber Corporation		1,258,500		—		—		1,258,500	$	76,869,180	$	—		$	188,775
FINEL		12,000,000		—		—		12,000,000		5,716,441		—			—
Guyenne et Gascogne SA		956,044		—		—		956,044		102,471,916		—			—
Hirose Electric Company Limited		2,318,500		—		—		2,318,500		244,220,754		—			1,430,291
IDACorp, Inc.		3,760,485		—		—		3,760,485		153,202,159		—			2,369,106
Meitec Corporation		2,719,100		—		467,606		2,251,494		46,417,324		(4,717,732	)		754,747
Mills Music Trust		34,924		—		1,032		33,892		1,327,719		2,054			56,088
MISUMI Group, Inc.		12,811,860		—		—		12,811,860		301,361,136		—			3,357,982
Namyang Dairy Products Company Limited		39,989		—		—		39,989		22,999,978		—			28,894
Neopost SA		2,044,437		—		—		2,044,437		117,504,775		—			4,124,099
NSC Groupe		69,500		—		—		69,500		5,517,953		—			—
Robertet SA		157,260		—		—		157,260		24,971,319		—			—
Sabeton SA		385,000		—		—		385,000		6,826,648		—			—
San Juan Basin Royalty Trust		3,975,644		—		67,609		3,908,035		66,202,113		(1,199,360	)		2,668,541
Shimano, Inc.		7,609,390		—		—		7,609,390		501,320,032		—			2,769,314
Société Télévision Francaise 1		11,533,583		342,719		72,940		11,803,362		114,017,245		(633,504	)		7,300,138
Sucrière de Pithiviers- Le-Vieil*		63,019		—		63,019		—		—		105,965,690			—
T. Hasegawa Company Limited		5,147,000		—		—		5,147,000		72,976,002		—			577,293
Total									$	3,276,048,942	$	111,137,973		$	42,707,455

* Represents an unaffiliated issuer as of April 30, 2012, as such, amounts represented above will not agree to balances in the Statements of Assets and Liabilities and Statements of Operations.

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
42

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		2.66	%
Consumer Staples		3.10
Energy		1.86
Financials		8.85
Health Care		0.91
Industrials		4.90
Information Technology		7.40
Materials		2.28
Utilities		2.20
Total U.S. Common Stocks		34.16
International Common Stocks
Consumer Discretionary		5.59
Consumer Staples		3.45
Energy		2.18
Financials		5.36
Health Care		3.34
Industrials		7.69
Information Technology		3.48
Materials		6.86
Telecommunication Services		1.36
Utilities		0.41
Total International Common Stocks		39.72
International Preferred Stocks
Consumer Discretionary		0.37
Information Technology		0.32
Total International Preferred Stocks		0.69
Warrant		0.21
Commodity		5.00

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
43

Global Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
U.S. Corporate Bonds
Consumer Discretionary		0.10	%
Total U.S. Corporate Bonds		0.10
International Notes and Bonds
Financials		0.15
Government Issues		1.70
Materials		0.11
Total International Notes and Bonds		1.96
Commercial Paper
International Commercial Paper		5.77
U.S. Commercial Paper		12.23
Total Commercial Paper		18.00
Covered Call Option Written		(0.01)
Total Investments		99.83	%

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
44

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Fund Overview | Data as of April 30, 2012 (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 load		-4.66	%		2.99	%		11.80	%
with sales load		-9.42			1.94			11.23
MSCI EAFE Index		-12.82			-4.72			5.42
Consumer Price Index		2.30			2.17			2.49

Asset Allocation*

Countries*
Japan	30.18	%
France	8.76
United States	7.28
Germany	5.53
Switzerland	3.77
Singapore	3.46
Canada	3.22
United Kingdom	2.88
South Korea	2.74
Mexico	2.66
Thailand	2.15
Hong Kong	2.15
Netherlands	1.44
Austria	1.31
South Africa	1.26
Australia	1.20
Taiwan	0.77
Spain	0.70
Sweden	0.68
Malaysia	0.68
Bermuda	0.47
Brazil	0.47
Greece	0.45
Ireland	0.38
Italy	0.37
Belgium	0.28
Israel	0.25
Turkey	0.21
Norway	0.13

* Asset Allocation and Countries percentages are based on total investments in the portfolio. Country allocations reflect country of the issuer (not currency of issue) and exclude short term investments. Bonds of non-U.S. issuers may be U.S. dollar denominated.

The Fund's portfolio composition is subject to change at any time.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
46

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)	6.90	%
Shimano, Inc. (Japanese bicycle parts manufacturer)	2.97
Fanuc Corporation (Japanese automated machine tools manufacturer)	2.09
SMC Corporation (Japanese automated control devices manufacturer)	1.88
HeidelbergCement AG (German building materials manufacturer)	1.87
Secom Company Limited (Japanese security services provider)	1.86
Grupo Televisa S.A.B., ADR (Mexican media company)	1.65
Keyence Corporation (Japanese sensors manufacturer)	1.50
Nestlé SA (Swiss food product manufacturer)	1.50
NKSJ Holdings, Inc. (Japanese insurance provider)	1.42
Total	23.64	%

* Holdings in cash, commercial paper, and money market funds have been excluded. Percentages are based on total net assets.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
47

First Eagle Overseas Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 73.01%
International Common Stocks — 72.70%
Australia 1.19%
	3,089,899	Newcrest Mining Limited	$	101,305,087	$	84,661,205
	15,791,758	Spotless Group Limited (a)		38,417,424		42,116,751
				139,722,511		126,777,956
Austria 1.30%
	2,047,932	OMV AG		83,876,284		69,306,367
	5,915,786	Wienerberger AG (a)		88,605,267		68,863,486
				172,481,551		138,169,853
Belgium 0.28%
	366,943	Groupe Bruxelles Lambert SA		27,696,696		25,448,063
	57,420	Sofina SA		4,474,251		4,607,489
				32,170,947		30,055,552
Bermuda 0.46%
	994,200	Jardine Matheson Holdings Limited		29,348,034		49,362,030
Brazil 0.46%
	2,218,940	Petroleo Brasileiro SA, ADR		25,903,065		49,171,710
Canada 3.00%
	3,000,311	Agnico-Eagle Mines Limited		105,249,766		119,872,700
	4,773,441	Penn West Petroleum Limited		91,218,197		81,816,779
	1,914,012	Cenovus Energy, Inc.		38,341,076		69,382,935
	485,215	Cogeco Cable, Inc.		21,284,295		24,072,834
	1,100,050	EnCana Corporation		14,298,775		23,035,047
	875,938	Postmedia Network Canada Corporation (b)(c)(d)		5,591,396		1,330,337
	13,660	Nexen, Inc.		258,591		264,321
				276,242,096		319,774,953
France 8.24%
	1,660,899	Sodexo		46,115,630		132,218,738
	1,660,633	Sanofi		135,351,026		126,703,981
	4,285,607	Bouygues SA		168,464,325		116,367,487
	1,883,280	Total SA		106,841,885		89,888,264
	5,931,165	Société Télévision Francaise 1		93,465,134		57,293,430
	558,938	Laurent-Perrier (a)		19,851,603		56,388,232
	827,900	Neopost SA		44,073,366		47,583,860
	505,501	Wendel SA		10,862,584		37,806,470
	235,837	Robertet SA (a)		20,591,064		37,448,562

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
48

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 72.70% — (continued)
France 8.24% — (continued)
	51,500	Robertet SA CI (c)(e)(f)	$	2,151,628	$	6,133,265
	348,206	Guyenne et Gascogne SA		40,270,290		37,321,855
	1,608,488	Carrefour SA		69,265,330		32,298,956
	212,794	Société BIC SA		7,748,681		23,430,247
	364,373	Gaumont SA		21,698,753		21,986,342
	896,416	Fregate (a)(c)(e)(g)		23,119,325		21,790,175
	442,830	Société Foncière Financière et de Participations		29,139,582		17,283,329
	118,996	BioMerieux		9,311,020		9,756,313
	11,593,581	FINEL (a)(b)(c)(e)(g)(h)		9,165,470		5,522,835
	100,000	Sabeton SA		1,463,142		1,773,155
				858,949,838		878,995,496
Germany 4.58%
	3,619,240	HeidelbergCement AG		200,929,134		198,917,758
	8,023,163	Deutsche Wohnen AG (a)		87,465,090		117,897,918
	1,811,605	Daimler AG		86,510,108		100,119,334
	1,523,903	Hamburger Hafen und Logistik AG		53,961,357		50,513,448
	296,503	Fraport AG		8,930,449		19,260,346
	10,320	Pfeiffer Vacuum Technology AG		262,791		1,251,977
				438,058,929		487,960,781
Greece 0.44%
	9,753,438	Jumbo SA (a)		59,290,510		47,365,895
Hong Kong 0.83%
	7,806,340	Guoco Group Limited		57,283,838		65,405,014
	8,166,100	Hopewell Holdings Limited		11,153,124		21,946,789
	10,851,720	City e-Solutions Limited (b)(c)		323,358		1,000,126
				68,760,320		88,351,929
Ireland 0.37%
	1,970,920	CRH PLC		32,976,584		39,841,067
Israel 0.25%
	2,302,220	Israel Chemicals Limited		24,102,992		26,420,322
Italy 0.37%
	7,315,306	Italcementi S.p.A. RSP		87,341,485		22,186,514
	1,197,736	Italmobiliare S.p.A. RSP		50,324,929		14,105,649
	168,142	Italmobiliare S.p.A.		19,250,153		3,183,888
				156,916,567		39,476,051

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
49

Overseas Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 72.70% — (continued)
Japan 29.87%
	4,810,170	Shimano, Inc. (a)	$	79,407,045	$	316,902,482
	1,309,840	Fanuc Corporation		119,983,748		222,954,980
	1,193,590	SMC Corporation		153,637,312		200,476,477
	4,170,700	Secom Company Limited		178,984,614		198,505,261
	671,300	Keyence Corporation		120,027,879		159,416,934
	7,316,700	NKSJ Holdings, Inc.		201,780,857		151,667,566
	21,057	KDDI Corporation		134,141,915		138,463,490
	7,175,100	MS&AD Insurance Group Holdings		169,497,975		133,274,966
	3,260,440	Astellas Pharma, Inc.		133,084,592		132,516,631
	2,253,100	Ono Pharmaceutical Company Limited		90,166,908		127,555,261
	1,050,800	Hirose Electric Company Limited		115,774,722		110,686,723
	4,092,170	MISUMI Group, Inc.		70,195,915		96,256,203
	2,035,070	Canon, Inc.		97,083,761		93,545,928
	3,910,930	Hoya Corporation		84,971,495		90,131,653
	7,627,430	Kansai Paint Company Limited		60,795,887		82,350,259
	3,498,960	Nomura Research Institute Limited		68,063,992		80,856,478
	2,107,490	Nissin Foods Holdings Company Limited		74,661,603		79,321,236
	4,400,050	Mitsubishi Estate Company Limited		65,929,737		78,477,846
	2,657,590	Nitto Kohki Company Limited (a)		46,435,145		59,416,310
	2,485,480	Daiichikosho Company Limited		27,081,143		50,120,526
	6,577,300	Japan Wool Textile Company Limited (a)		49,871,284		49,510,988
	2,023,800	Chofu Seisakusho Company Limited (a)		33,120,144		48,364,359
	793,980	Shin-Etsu Chemical Company Limited		37,295,453		46,143,126
	3,206,911	T. Hasegawa Company Limited (a)		43,073,853		45,468,728
	2,252,610	THK Company Limited		36,188,958		45,255,341
	24,034	NTT DoCoMo, Inc.		36,485,166		40,999,885
	1,570,700	Ariake Japan Company Limited		32,942,453		31,713,031
	2,013,324	Nagaileben Company Limited (a)		19,961,972		31,016,890
	1,286,140	As One Corporation (a)		26,246,127		28,319,566
	1,549,790	OSG Corporation		17,248,953		24,632,810
	2,068,330	Maezawa Kasei Industries Company Limited (a)		31,939,631		24,429,298
	2,535,900	Yomeishu Seizo Company Limited (a)		22,847,623		24,329,902
	2,184,600	Seikagaku Corporation		17,648,500		23,476,789

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
50

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 72.70% — (continued)
Japan 29.87% — (continued)
	1,058,246	Matsumoto Yushi-Seiyaku Company Limited (a)(c)	$	25,950,562	$	22,923,803
	508,106	SK Kaken Company Limited		9,470,131		20,492,251
	793,336	Meitec Corporation		22,791,025		16,355,599
	493,250	Mandom Corporation		6,249,764		12,485,700
	2,387,843	TOMONY Holdings, Inc.		16,083,861		10,946,274
	453,900	Fuji Seal International, Inc.		8,026,006		8,743,715
	806,280	Chudenko Corporation		12,295,496		8,179,945
	1,424,100	Shingakukai Company Limited (a)		10,266,277		5,422,425
	832,570	Sansei Yusoki Company Limited		6,238,288		4,171,192
	141,550	Icom, Inc.		2,901,480		3,556,479
	486,400	Asahi Broadcasting Corporation		2,159,939		2,717,114
	420,440	Okumura Corporation		1,988,349		1,542,947
				2,620,997,540		3,184,095,367
Malaysia 0.67%
	56,223,130	Genting Malaysia Berhad		48,368,781		71,347,263
Mexico 2.63%
	7,987,622	Grupo Televisa S.A.B., ADR		158,160,868		175,488,055
	2,246,692	Industrias Peñoles S.A.B. de C.V.		1,833,690		105,409,897
				159,994,558		280,897,952
Netherlands 1.43%
	6,299,709	TNT Express NV		74,730,217		76,358,594
	539,055	HAL Trust		18,095,972		65,945,012
	2,340,827	PostNL NV		24,654,872		10,153,604
				117,481,061		152,457,210
Norway 0.13%
	1,845,269	Orkla ASA		13,682,658		13,549,882
Singapore 2.51%
	23,192,830	Haw Par Corporation Limited (a)		76,875,317		113,967,838
	70,167,015	ComfortDelgro Corporation Limited		68,385,814		86,765,969
	16,373,450	Singapore Airport Terminal Services Limited		18,528,182		34,538,677
	5,640,520	Fraser and Neave Limited		6,680,505		32,093,478
				170,469,818		267,365,962
South Africa 1.25%
	7,868,291	Gold Fields Limited, ADR		99,463,345		101,264,905
	3,275,059	Harmony Gold Mining Company Limited, ADR		30,822,097		31,768,073
				130,285,442		133,032,978

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
51

Overseas Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 72.70% — (continued)
South Korea 2.14%
	1,318,522	KT&G Corporation	$	70,025,885	$	90,536,275
	35,325	Lotte Confectionery Company Limited		12,445,892		53,513,019
	186,884	Nong Shim Company Limited		43,886,371		37,455,349
	872,463	Fursys, Inc. (a)		10,110,165		23,546,175
	22,950	Namyang Dairy Products Company Limited		4,912,653		13,199,867
	784,738	Dong Ah Tire & Rubber Company Limited		2,731,347		7,777,074
	139,510	Teems, Inc. (a)		1,095,526		1,227,058
	3,675	Amorepacific Group		481,060		925,152
				145,688,899		228,179,969
Spain 0.69%
	1,688,700	Red Electrica Corporation SA		84,248,760		73,495,091
Sweden 0.68%
	3,013,030	Investor AB, Class 'A'		59,333,861		59,148,430
	654,517	Investor AB, Class 'B'		12,947,662		13,043,423
				72,281,523		72,191,853
Switzerland 3.73%
	2,610,500	Nestlé SA		79,226,015		159,867,606
	2,196,591	Pargesa Holding SA		115,479,876		146,979,737
	193,016	Rieter Holding AG		26,177,079		33,590,184
	707	Lindt & Spruengli AG		4,541,472		27,691,288
	137,452	Kuehne & Nagel International AG		1,733,811		16,698,927
	225,026	Autoneum Holding AG (b)		12,062,900		12,417,450
				239,221,153		397,245,192
Taiwan 0.39%
	20,184,980	Taiwan Secom Company Limited		32,105,415		41,463,916
Thailand 2.13%
	465,099,885	Thai Beverage PCL		82,585,978		124,046,684
	15,979,859	Bangkok Bank PCL, NVDR		56,870,621		99,257,010
	250,000	OHTL PCL (c)		1,152,073		3,902,439
				140,608,672		227,206,133
Turkey 0.21%
	3,205,889	Yazicilar Holding AS		21,541,251		22,066,817
United Kingdom 2.47%
	3,995,640	GlaxoSmithKline PLC		76,140,895		92,447,215
	3,378,628	Berkeley Group Holdings PLC (b)		41,275,902		70,271,969
	11,272,065	WM Morrison Supermarkets PLC		52,576,658		51,355,123
	1,295,388	Anglo American PLC		32,786,526		49,805,142
				202,779,981		263,879,449
Total International Common Stocks				6,514,679,456		7,750,198,629

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
52

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stock — 0.31%
Materials 0.31%
	691,883	Newmont Mining Corporation	$	17,601,872	$	32,968,225
Total Common Stocks				6,532,281,328		7,783,166,854
International Preferred Stocks — 1.38%
Germany 0.81%
	1,160,182	Hornbach Holding AG		39,421,559		85,971,817
South Korea 0.57%
	75,023	Samsung Electronics Company Limited		9,052,295		53,705,216
	27,183	Namyang Dairy Products Company Limited		387,445		7,167,821
				9,439,740		60,873,037
Total International Preferred Stocks				48,861,299		146,844,854
_OUNCES
Commodity — 6.90%
	441,517	Gold bullion (b)		217,894,842		735,536,841
_PRINCIPAL
Term Loans — 0.08%
Germany 0.08%
	1,976,466 EUR	Pfleiderer AG Term Facility 1A due 06/30/17 (b)		1,973,783		823,838
	2,488,890 CAD	Pfleiderer AG Term Facility 2A due 06/30/17 (b)		1,843,818		1,037,428
	10,000,000 EUR	Pfleiderer AG Term Loan due 01/07/13		10,395,510		4,168,238
	1,299,726 USD	Pfleiderer AG Revolving Credit Facility 1A due 06/30/17 (b)		946,291		541,757
	701,307 EUR	Pfleiderer AG Revolving Credit Facility 1A due 06/30/17 (b)		731,169		292,321
	218,754 CAD	Pfleiderer AG Revolving Credit Facility 1A due 06/30/17 (b)		162,057		91,182
	1,076,176 USD	Pfleiderer AG Revolving Credit Facility 2A due 06/30/17 (b)		783,531		448,576
	250,160 CAD	Pfleiderer AG Revolving Credit Facility 2A due 06/30/12 (b)		185,323		104,273
	168,813 EUR	Pfleiderer AG Revolving Credit Facility 2A due 06/30/17 (b)		171,701		70,365
	1,292,659 EUR	Pfleiderer AG Term Loan B 4.415% due 05/12/18 (c)(i)		1,804,582		1,479,593
Total Term Loans				18,997,765		9,057,571

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
53

Overseas Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Bonds — 3.57%
International Corporate Bonds — 0.41%
Canada 0.19%
	33,554,000 USD	Catalyst Paper Corporation 7.375% due 03/01/14 (c)(j)	$	24,961,832	$	1,342,160
	34,110,000 USD	Catalyst Paper Corporation 11.00% due 12/15/16 (c)(j)(k)		30,320,584		18,419,400
				55,282,416		19,761,560
France 0.22%
	10,000,000 EUR	Emin Leydier SA FRN 6.01% due 07/31/16 (c)(e)(g)(i)		14,284,902		13,232,501
	8,000,000 EUR	FINEL 9.50% due 06/30/17 (c)(e)(g)		9,658,805		7,939,501
	1,950,000 EUR	Wendel SA 4.875% due 09/21/15 (l)		1,775,397		2,580,338
				25,719,104		23,752,340
Total International Corporate Bonds				81,001,520		43,513,900
International Government Bonds — 3.16%
France 0.21%
	16,185,495 EUR	France Government Bond OAT 3.00% due 07/25/12 (m)		19,499,262		21,919,442
Hong Kong 1.30%
	137,300,000 HKD	Hong Kong Government Bond 0.48% due 09/03/12		17,718,300		17,720,460
	415,700,000 HKD	Hong Kong Government Bond 2.66% due 12/17/12		54,317,409		54,424,229
	359,500,000 HKD	Hong Kong Government Bond 4.20% due 09/17/12		46,972,163		47,062,202
	145,500,000 HKD	Hong Kong Government Bond 4.49% due 11/26/12		19,095,497		19,220,347
				138,103,369		138,427,238
Singapore 0.91%
	120,000,000 SGD	Singapore Government Bond 3.50% due 07/01/12		94,272,244		97,496,193
Taiwan 0.37%
	582,300,000 TWD	Taiwan Government Bond 2.00% due 07/20/12		18,040,595		19,990,004
	574,500,000 TWD	Taiwan Government Bond 2.375% due 01/16/13		18,127,922		19,894,200
				36,168,517		39,884,204
United Kingdom 0.37%
	24,448,000 GBP	United Kingdom Gilt 5.25% due 06/07/12		39,292,189		39,881,779
Total International Government Bonds				327,335,581		337,608,856
Total International Bonds				408,337,101		381,122,756

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
54

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Commercial Paper — 14.02%
International Commercial Paper — 8.90%
Belgium 0.28%
	30,000,000 USD	Anheuser Busch InBev WorldWide, Inc. 0.33% due 05/04/12	$	29,999,175	$	29,999,175
Canada 0.17%
	6,832,000 USD	Potash Corporation of Saskatchewan 0.31% due 05/14/12		6,831,235		6,831,235
	7,179,000 USD	Potash Corporation of Saskatchewan 0.33% due 05/24/12		7,177,486		7,177,486
	4,348,000 USD	Potash Corporation of Saskatchewan 0.35% due 05/09/12		4,347,662		4,347,662
France 2.11%
	5,089,000 USD	Air Liquide SA 0.19% due 06/29/12		5,087,415		5,087,415
	8,204,000 USD	EI du Pont de Nemours & Company 0.16% due 06/14/12		8,202,396		8,202,396
	3,156,000 USD	GDF Suez SA 0.20% due 05/08/12		3,155,877		3,155,877
	17,115,000 USD	GDF Suez SA 0.21% due 05/23/12		17,112,804		17,112,804
	9,742,000 USD	GDF Suez SA 0.21% due 05/25/12		9,740,636		9,740,636
	13,000,000 USD	Sanofi 0.10% due 05/04/12		12,999,892		12,999,892
	50,000,000 USD	Sanofi 0.12% due 05/10/12		49,998,500		49,998,500
	20,000,000 USD	Sanofi 0.13% due 05/04/12		19,999,783		19,999,783
	23,000,000 USD	Sanofi 0.13% due 05/10/12		22,999,252		22,999,252
	24,000,000 USD	Total SA 0.12% due 05/25/12		23,998,080		23,998,080
	35,000,000 USD	Total SA 0.13% due 05/25/12		34,996,967		34,996,967
	16,821,000 USD	Total SA 0.16% due 07/10/12		16,815,767		16,809,156
Germany 1.55%
	30,000,000 USD	BASF AG 0.12% due 06/27/12		29,994,300		29,994,300
	55,000,000 USD	BASF AG 0.13% due 06/25/12		54,989,076		54,989,076
	8,432,000 USD	BMW 0.18% due 05/30/12		8,430,777		8,430,777

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
55

Overseas Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 8.90% — (continued)
Germany 1.55% — (continued)
	10,000,000 USD	Henkel Corporation 0.14% due 06/05/12	$	9,998,639	$	9,998,639
	5,000,000 USD	Henkel Corporation 0.16% due 06/12/12		4,999,067		4,999,067
	14,685,000 USD	Siemens Company 0.11% due 05/14/12		14,684,417		14,684,417
	15,000,000 USD	Siemens Company 0.12% due 05/02/12		14,999,950		14,999,950
	18,000,000 USD	Siemens Company 0.13% due 05/02/12		17,999,935		17,999,935
	8,874,000 USD	Siemens Company 0.13% due 05/07/12		8,873,808		8,873,808
Italy 0.20%
	21,120,000 USD	Eni S.p.A. 0.71% due 08/15/12		21,076,470		21,087,484
Japan 0.61%
	19,216,000 USD	Panasonic Corporation 0.32% due 05/11/12		19,214,292		19,214,292
	17,000,000 USD	Panasonic Corporation 0.33% due 05/07/12		16,999,065		16,999,065
	19,527,000 USD	Panasonic Corporation 0.33% due 05/18/12		19,523,957		19,523,957
	9,000,000 USD	Panasonic Corporation 0.48% due 05/21/12		8,997,650		8,997,650
Panama 0.12%
	4,709,000 USD	Carnival Corporation 0.32% due 05/08/12		4,708,707		4,708,707
	8,199,000 USD	Carnival Corporation 0.38% due 05/22/12		8,197,230		8,197,230
Switzerland 2.56%
	20,000,000 USD	Nestlé SA 0.08% due 05/03/12		19,999,911		19,999,911
	22,055,000 USD	Nestlé SA 0.13% due 05/29/12		22,052,770		22,052,770
	13,188,000 USD	Nestlé SA 0.13% due 06/11/12		13,186,047		13,186,047
	20,000,000 USD	Novartis International AG 0.12% due 05/11/12		19,999,333		19,999,333
	44,593,000 USD	Novartis International AG 0.12% due 05/15/12		44,590,919		44,590,919
	30,000,000 USD	Novartis International AG 0.18% due 06/11/12		29,993,850		29,993,850

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
56

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 8.90% — (continued)
Switzerland 2.56% — (continued)
	18,000,000 USD	Novartis International AG 0.19% due 08/08/12	$	17,990,595	$	17,977,000
	20,000,000 USD	Roche Holdings, Inc. 0.06% due 06/13/12		19,998,567		19,998,567
	25,000,000 USD	Roche Holdings, Inc. 0.07% due 05/15/12		24,999,319		24,999,319
	25,000,000 USD	Roche Holdings, Inc. 0.08% due 06/14/12		24,997,556		24,997,556
	25,000,000 USD	Roche Holdings, Inc. 0.09% due 07/10/12		24,995,625		24,991,420
	10,000,000 USD	Roche Holdings, Inc. 0.10% due 08/15/12		9,997,056		9,994,481
United Kingdom 1.30%
	30,000,000 USD	BP PLC 0.23% due 05/08/12		29,998,658		29,998,658
	10,000,000 USD	BP PLC 0.25% due 05/14/12		9,999,097		9,999,097
	7,000,000 USD	BP PLC 0.31% due 05/14/12		6,999,217		6,999,217
	14,751,000 USD	BP PLC 0.33% due 07/02/12		14,742,616		14,748,290
	5,445,000 USD	BP PLC 0.35% due 06/22/12		5,442,326		5,442,326
	10,000,000 USD	BP PLC 0.47% due 09/17/12		9,982,239		9,992,222
	20,000,000 USD	BP PLC 0.49% due 08/20/12		19,970,400		19,989,298
	10,000,000 USD	Reckitt Benckiser Group PLC 0.59% due 06/06/12		9,994,200		9,994,200
	25,000,000 USD	Reed Elsevier, Inc. 0.45% due 05/24/12		24,992,972		24,992,972
	6,362,000 USD	Reed Elsevier, Inc. 0.46% due 05/23/12		6,360,251		6,360,251
Total International Commercial Paper				948,433,791		948,452,374
U.S. Commercial Paper — 5.12%
$	20,000,000	Abbott Laboratories 0.11% due 05/22/12		19,998,717		19,998,717
	10,648,000	Abbott Laboratories 0.11% due 06/06/12		10,646,829		10,646,829
	9,706,000	Abbott Laboratories 0.13% due 07/10/12		9,703,546		9,704,315
	4,683,000	Archer Daniels Midland Company 0.12% due 05/11/12		4,682,844		4,682,844

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
57

Overseas Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 5.12% — (continued)
$	6,964,000	Archer Daniels Midland Company 0.12% due 05/21/12	$	6,963,536	$	6,963,536
	25,000,000	Archer Daniels Midland Company 0.13% due 05/02/12		24,999,910		24,999,910
	36,587,000	Arrow Electronics, Inc. 0.66% due 05/01/12		36,587,000		36,587,000
	19,936,000	Avery Dennison Corporation 0.41% due 05/01/12		19,936,000		19,936,000
	12,724,000	Caterpillar Corporation 0.12% due 05/25/12		12,722,982		12,722,982
	8,411,000	ConocoPhillips 0.22% due 07/18/12		8,406,991		8,408,563
	8,617,000	ConocoPhillips 0.23% due 05/07/12		8,616,670		8,616,670
	5,368,000	ConocoPhillips 0.23% due 07/11/12		5,365,565		5,366,712
	5,416,000	Dell, Inc. 0.15% due 05/07/12		5,415,865		5,415,865
	5,000,000	Dell, Inc. 0.15% due 05/29/12		4,999,417		4,999,417
	8,874,000	General Electric Corporation 0.07% due 05/03/12		8,873,965		8,873,965
	20,000,000	Google, Inc. 0.08% due 05/11/12		19,999,555		19,999,555
	7,000,000	Honeywell International, Inc. 0.12% due 06/27/12		6,998,670		6,998,670
	12,000,000	Honeywell International, Inc. 0.12% due 06/28/12		11,997,680		11,997,680
	5,000,000	Honeywell International, Inc. 0.13% due 06/26/12		4,998,989		4,998,989
	10,000,000	Honeywell International, Inc. 0.20% due 09/26/12		9,991,778		9,991,350
	20,000,000	Johnson & Johnson 0.09% due 05/24/12		19,998,850		19,998,850
	8,411,000	Johnson & Johnson 0.10% due 07/09/12		8,409,388		8,409,577
	10,646,000	Johnson & Johnson 0.10% due 08/13/12		10,642,924		10,641,809
	2,825,000	Kraft Foods, Inc. 0.28% due 05/03/12		2,824,956		2,824,956
	6,108,000	Medtronic, Inc. 0.09% due 05/17/12		6,107,756		6,107,756
	5,168,000	Medtronic, Inc. 0.10% due 05/08/12		5,167,899		5,167,899

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
58

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 5.12% — (continued)
$	11,691,000	Medtronic, Inc. 0.10% due 06/21/12	$	11,689,344	$	11,689,344
	35,000,000	Merck & Company, Inc. 0.08% due 05/11/12		34,999,222		34,999,222
	10,000,000	Merck & Company, Inc. 0.08% due 05/17/12		9,999,644		9,999,644
	15,000,000	Merck & Company, Inc. 0.08% due 05/21/12		14,999,333		14,999,333
	5,651,000	Merck & Company, Inc. 0.10% due 06/08/12		5,650,403		5,650,403
	19,250,000	Merck & Company, Inc. 0.12% due 05/21/12		19,248,717		19,248,717
	17,435,000	Merck & Company, Inc. 0.12% due 07/03/12		17,431,339		17,432,613
	13,996,000	Merck & Company, Inc. 0.13% due 07/06/12		13,992,664		13,993,864
	4,579,000	NYSE Euronext, Inc. 0.40% due 05/18/12		4,578,135		4,578,135
	7,295,000	Parker-Hannifin Corporation 0.16% due 05/04/12		7,294,903		7,294,903
	4,009,000	Philip Morris International, Inc. 0.16% due 05/09/12		4,008,857		4,008,857
	25,000,000	Proctor & Gamble Company 0.13% due 06/13/12		24,996,118		24,996,118
	19,936,000	Safeway, Inc. 0.66% due 05/01/12		19,936,000		19,936,000
	8,874,000	Sysco Corporation 0.15% due 05/02/12		8,873,963		8,873,963
	9,230,000	Verizon Communications, Inc. 0.30% due 05/14/12		9,229,000		9,229,000
	14,006,000	Wal-Mart Stores, Inc. 0.09% due 05/18/12		14,005,405		14,005,405
	14,148,000	Walt Disney Company 0.11% due 06/18/12		14,145,925		14,145,925
	15,949,000	Western Union Company 0.38% due 05/01/12		15,949,000		15,949,000
Total U.S. Commercial Paper				546,086,254		546,090,862
Total Commercial Paper				1,494,520,045		1,494,543,236
Total Investments — 98.96%			$	8,720,892,380		10,550,272,112
Other Assets in Excess of Liabilities — 1.04%						110,655,629
Net Assets — 100.00%					$	10,660,927,741

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
59

Overseas 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) Non-income producing security/commodity.

(c) Security is deemed illiquid. At April 30, 2012, the value of these securities amounted to $105,016,135 or 0.99% of net assets.

(d) Represents variable voting shares.

(e) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $54,618,277 or 0.51% of net assets.

(f) Represents non-voting class of shares.

(g) Represents securities that are subject to legal or contractual restrictions on resale. At April 30, 2012, the value of these securities amounted to $48,485,012 or 0.45% of net assets.

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

(i) Floating rate security. Rate shown is the rate in effect at April 30, 2012.

(j) Issuer is in default.

(m) Inflation protected security.

At April 30, 2012, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	2,413,871,695
Gross unrealized depreciation		(584,491,963	)
Net unrealized appreciation	$	1,829,379,732

Abbreviations used in this schedule include:

ADR — American Depository Receipt

FRN — Floating Rate Note

NVDR — Non-Voting Depository Receipt

NYSE — New York Stock Exchange

OAT — French Treasury Obligation

PCL — Public Company Limited

PLC — Public Limited Company

RSP — Represents Non-Voting Shares

Currencies

CAD — Canadian Dollar

EUR — Euro

GBP — British Pound

HKD — Hong Kong Dollar

SGD — Singapore Dollar

TWD — Taiwan Dollar

USD — United States Dollar

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
60

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_{RESTRICTED SECURITIES}	_ACQUISITION_DATE	_COST		_{CARRYING VALUE PER}_{SHARE/PRINCIPAL}
Emin Leydier SA FRN 6.01% due 07/31/16	07/30/09	$	14,284,902	$	1.32
FINEL 9.50% due 06/30/17	06/22/05		9,658,805		0.99
FINEL	07/14/99		9,165,470		0.48
Fregate	04/30/04		23,119,325		24.31

Foreign Currency Exchange Contracts — Sales

_SETTLEMENT_DATES_THROUGH	_{FOREIGN CURRENCY}_{TO BE DELIVERED}			_{U.S. $}_{TO BE}_RECEIVED		_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₂		_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₂		_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₂
07/18/12		167,687,000	Euro	$	223,865,114	$	221,960,487	$	1,904,627	$	—
08/15/12		213,244,000	Euro		284,885,708		282,269,610		2,616,098		—
09/12/12		129,656,000	Euro		169,768,973		171,731,971		—		(1,962,998	)
10/17/12		50,575,000	Euro		66,736,241		67,012,841		—		(276,600	)
06/13/12		28,549,187,000	Japanese Yen		368,807,622		357,662,368		11,145,254		—
08/15/12		46,344,017,000	Japanese Yen		595,039,079		580,991,937		14,047,142		—
09/12/12		24,920,285,000	Japanese Yen		309,663,209		312,604,282		—		(2,941,073	)
10/17/12		13,316,567,000	Japanese Yen		165,174,917		167,134,208		—		(1,959,291	)
				$	2,183,940,863	$	2,161,367,704	$	29,713,121	$	(7,139,962	)

Foreign Currency Exchange Contracts — Purchases

_SETTLEMENT_DATES_THROUGH	_{FOREIGN CURRENCY}_{TO BE RECEIVED}			_{U.S. $}_{TO BE}_DELIVERED		_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₂		_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₂		_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₂
05/16/12		35,400,000	Euro	$	46,154,520	$	46,845,357	$	690,837	$	—
Affiliated Securities

_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₁		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₂		_{MARKET VALUE}_{APRIL 30,}₂₀₁₂		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
As One Corporation		1,286,140		—		—		1,286,140	$	28,319,566	$	—		$	659,276
Chofu Seisakusho Company Limited		2,023,800		—		—		2,023,800		48,364,359		—			362,088
Deutsche Wohnen AG		6,418,531		1,604,632		—		8,023,163		117,897,918		—			—
FINEL		11,593,581		—		—		11,593,581		5,522,835		—			—
Fregate		895,904		512		—		896,416		21,790,175		—			13,724,302
Fursys, Inc.		872,463		—		—		872,463		23,546,175		—			441,271
Haw Par Corporation Limited		23,192,830		—		—		23,192,830		113,967,838		—			—
Icom, Inc.*		815,690		—		674,140		141,550		3,556,479		(1,421,876	)		26,720

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
61

Overseas Fund

Affiliated Securities — (continued)
_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₁		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₂		_{MARKET VALUE}_{APRIL 30,}₂₀₁₂		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
Japan Wool Textile Company Limited		6,577,300		—		—		6,577,300	$	49,510,988	$	—		$	784,518
Jumbo SA		7,182,037		2,571,401		—		9,753,438		47,365,895		—			2,074,071
Laurent- Perrier		558,938		—		—		558,938		56,388,232		—			—
Maezawa Kasei Industries Company Limited		2,068,330		—		—		2,068,330		24,429,298		—			290,014
Matsumoto Yushi-Seiyaku Company Limited		1,058,246		—		—		1,058,246		22,923,803		—			593,660
Nagaileben Company Limited		2,013,324		—		—		2,013,324		31,016,890		—			—
Nitto Kohki Company Limited		2,657,590		—		—		2,657,590		59,416,310		—			476,976
Robertet SA		235,837		—		—		235,837		37,448,562		—			—
Sansei Yusoki Company Limited*		1,215,770		—		383,200		832,570		4,171,192		(2,039,385	)		70,361
Shimano, Inc.		4,886,870		—		76,700		4,810,170		316,902,482		3,180,938			1,778,497
Shingakukai Company Limited		1,424,100		—		—		1,424,100		5,422,425		—			159,780
Spotless Group Limited		15,791,758		—		—		15,791,758		42,116,751		—			847,070
Sucrière de Pithiviers- Le-Vieil*		39,143		—		39,143		—		—		72,548,333			—
T. Hasegawa Company Limited		3,206,911		—		—		3,206,911		45,468,728		—			359,688
Teems, Inc.		146,969		—		7,459		139,510		1,227,058		(106,523	)		21,238
Wienerberger AG		5,294,031		621,755		—		5,915,786		68,863,486		—			—
Yomeishu Seizo Company Limited		2,535,900		—		—		2,535,900		24,329,902		—			512,136
Total									$	1,199,967,347	$	72,161,487		$	23,181,666

* Represents an unaffiliated issuer as of April 30, 2012, as such, amounts represented above will not agree to balances in the Statements of Assets and Liabilities and Statements of Operations.

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
62

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
International Common Stocks
Consumer Discretionary		11.41	%
Consumer Staples		7.83
Energy		3.59
Financials		9.72
Health Care		5.36
Industrials		16.89
Information Technology		5.51
Materials		10.01
Telecommunication Services		1.69
Utilities		0.69
Total International Common Stocks		72.70
U.S. Common Stock
Materials		0.31
Total U.S. Common Stock		0.31
International Preferred Stocks
Consumer Discretionary		0.81
Consumer Staples		0.07
Information Technology		0.50
Total International Preferred Stocks		1.38
Commodity		6.90
Term Loans		0.08
International Bonds
Financials		0.10
Government Issues		3.16
Materials		0.31
Total International Bonds		3.57
Commercial Paper
International Commercial Paper		8.90
U.S. Commercial Paper		5.12
Total Commercial Paper		14.02
Total Investments		98.96	%

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
63

Fund Overview | Data as of April 30, 2012 (unaudited)

INVESTMENT OBJECTIVE

The First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its assets in domestic equity and debt securities. Management utilizes a highly disciplined, bottom-up, value-oriented approach in achieving its investment objective.

Average Annual Returns
	_ONE-YEAR			_FIVE-YEARS			_TEN-YEARS
First Eagle U.S. Value Fund (A Shares)
without sales charge		4.84	%		5.16	%		8.00	%
with sales charge		–0.41			4.09			7.44
Standard & Poor's 500 Index		4.76			1.01			4.71
Consumer Price Index		2.30			2.17			2.49

Asset Allocation*

Sector/Industry*
Financials	17.51	%
Information Technology	14.58
Materials	13.10
Industrials	9.51
Consumer Discretionary	6.02
Consumer Staples	5.91
Energy	5.69
Utilities	3.29
Health Care	3.21
Warrant	0.44
Exchange Traded Fund	0.44

* Asset Allocation and Sector/Industry percentages are based on total investments in the portfolio. Sector/Industry allocations exclude short term investments and options positions.

The Fund's portfolio composition is subject to change at any time.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
64

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)	4.43	%
Cisco Systems, Inc. (U.S. computer communications company)	2.91
Microsoft Corporation (U.S. software developer)	2.79
Comcast Corporation, Class 'A' (U.S. cable/satellite television company)	2.69
Sysco Corporation (U.S. food services distributor)	2.61
Bank of New York Mellon Corporation (U.S. financial services company)	2.30
ConocoPhillips (U.S. energy company)	2.30
FirstEnergy Corporation (U.S. diversified energy company)	2.05
3M Company (U.S. industrial conglomerate)	2.00
Cintas Corporation (U.S. uniform designer and manufacturer)	1.77
Total	25.85	%

* Holdings in cash, commercial paper, money market funds and other short term cash equivalents have been excluded. Percentages are based on total net assets.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
65

First Eagle U.S. Value Fund

_SHARES			_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 71.81%
U.S. Common Stocks — 65.52%
Consumer Discretionary 5.28%
	2,438,946		Comcast Corporation, Class 'A'	$	44,510,095	$	72,753,759
	865,380		Omnicom Group, Inc.		29,142,116		44,402,648
	265,270		Home Depot, Inc.		6,637,007		13,738,333
	441,276		International Speedway Corporation, Class 'A'		13,039,953		11,777,656
	590		St. John Knits International, Inc. (a)(b)		18,290		3,334
					93,347,461		142,675,730
Consumer Staples 5.74%
	2,440,500	��	Sysco Corporation		69,941,483		70,530,450
	230,910		Lorillard, Inc.		18,274,767		31,239,814
	310,470		Colgate-Palmolive Company		24,884,464		30,717,902
	384,634		Wal-Mart Stores, Inc.		18,668,026		22,658,789
					131,768,740		155,146,955
Energy 3.72%
	866,408		ConocoPhillips		50,515,022		62,060,805
	182,753		Apache Corporation		12,681,438		17,533,323
	109,071		SEACOR Holdings, Inc. (a)		8,291,938		10,135,968
	350,718		San Juan Basin Royalty Trust		10,175,122		5,941,163
	94,454		Helmerich & Payne, Inc.		1,871,008		4,853,991
					83,534,528		100,525,250
Financials 16.90%
	2,634,204		Bank of New York Mellon Corporation		64,331,532		62,298,925
	1,322,150		Cincinnati Financial Corporation		35,979,608		47,094,983
	767,090		American Express Company		24,587,690		46,186,489
	1,388,386		BB&T Corporation		34,964,656		44,483,888
	350		Berkshire Hathaway, Inc., Class 'A' (a)		34,177,989		42,280,000
	117,066		Alleghany Corporation (a)		34,293,700		40,141,931
	1,802,569		Weyerhaeuser Company REIT		29,787,045		36,700,305
	1,133,543		U.S. Bancorp		28,174,022		36,466,078
	753,107		Plum Creek Timber Company, Inc., REIT		26,873,535		31,660,618
	671,735		WR Berkley Corporation		18,780,775		25,297,540
	370,729		Rayonier, Inc., REIT		8,796,435		16,812,560
	30,859		Mastercard, Inc., Class 'A'		7,849,654		13,956,600
	111,272		Visa, Inc., Class 'A'		8,072,605		13,684,231
					356,669,246		457,064,148

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
66

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 65.52% — (continued)
Health Care 2.05%
	551,680	WellPoint, Inc.	$	30,538,715	$	37,414,938
	276,970	Johnson & Johnson		16,704,054		18,027,977
				47,242,769		55,442,915
Industrials 9.23%
	606,440	3M Company		44,995,065		54,191,478
	1,219,970	Cintas Corporation		36,915,327		47,786,225
	655,085	Northrop Grumman Corporation		38,909,740		41,453,779
	749,475	Alliant Techsystems, Inc.		51,821,140		39,947,018
	439,695	Lockheed Martin Corporation		31,929,898		39,809,985
	887,051	Insteel Industries, Inc. (c)		9,879,258		10,085,770
	513,899	Blount International, Inc. (a)		4,856,281		8,309,747
	132,850	Unifirst Corporation		3,833,192		8,071,966
				223,139,901		249,655,968
Information Technology 14.51%
	3,908,302	Cisco Systems, Inc.		68,009,148		78,752,285
	2,351,954	Microsoft Corporation		58,927,317		75,309,567
	1,676,994	Intel Corporation		32,150,578		47,626,630
	1,642,310	Rofin-Sinar Technologies, Inc. (a)(c)		38,127,421		41,386,212
	1,172,960	Linear Technology Corporation		31,631,584		38,367,522
	1,144,341	Oracle Corporation		32,654,268		33,632,182
	863,730	Texas Instruments, Inc.		23,090,716		27,587,536
	38,850	Google, Inc., Class 'A' (a)		21,034,673		23,513,185
	353,471	Automatic Data Processing, Inc.		13,637,378		19,660,057
	125,300	KLA-Tencor Corporation (d)		4,277,599		6,534,395
				323,540,682		392,369,571
Materials 4.81%
	598,612	Newmont Mining Corporation		29,016,804		28,523,862
	419,714	Ashland, Inc.		22,291,570		27,646,561
	624,872	Vulcan Materials Company		27,379,122		26,750,770
	255,880	Martin Marietta Materials, Inc.		22,000,503		21,207,334
	329,352	Scotts Miracle-Gro Company, Class 'A'		14,442,294		17,258,045
	142,850	Deltic Timber Corporation		7,367,015		8,725,278
				122,497,308		130,111,850

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
67

U.S. Value Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 65.52% — (continued)
Utilities 3.28%
	1,184,103	FirstEnergy Corporation	$	45,783,800	$	55,439,703
	371,420	Entergy Corporation		24,857,694		24,350,295
	216,687	IDACorp, Inc.		6,780,723		8,827,828
				77,422,217		88,617,826
Total U.S. Common Stocks				1,459,162,852		1,771,610,213
International Common Stocks — 6.29%
Australia 1.24%
	1,225,614	Newcrest Mining Limited		41,726,094		33,581,020
Canada 2.16%
	774,300	Agnico-Eagle Mines Limited		36,656,269		30,935,937
	1,594,102	Penn West Petroleum Limited		28,883,329		27,322,908
				65,539,598		58,258,845
France 1.14%
	808,762	Sanofi, ADR		30,754,162		30,878,533
Mexico 0.50%
	532,000	Fresnillo PLC		14,750,494		13,475,002
South Africa 0.72%
	1,511,400	Gold Fields Limited, ADR		23,059,859		19,451,718
United Kingdom 0.53%
	392,763	Willis Group Holdings PLC		9,953,607		14,320,139
Total International Common Stocks				185,783,814		169,965,257
Total Common Stocks				1,644,946,666		1,941,575,470
U.S. Preferred Stock — 0.15%
Consumer Staples 0.14%
	168,915	Seneca Foods Corporation, Series '2003' (a)(b)(e)(f)		2,542,171		3,934,030
Exchange Traded Fund — 0.42%
	430,360	PowerShares DB Agriculture Fund, ETF (a)		11,134,920		11,744,524

See Notes to Financial Statements.

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68

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Warrant — 0.43%
United States — 0.43%
	939,766	JPMorgan Chase & Co. Warrant expire 10/28/18 (a)	$	11,329,284	$	11,747,075
_OUNCES
Commodity — 4.43%
	71,835	Gold bullion (a)		72,521,699		119,672,002
_PRINCIPAL
Bonds — 2.09%
International Corporate Bond — 0.20%
Canada 0.20%
	10,000,000	Catalyst Paper Corporation USD11.00% due 12/15/16 (b)(g)(h)		8,615,105		5,400,000
U.S. Corporate Bonds — 1.89%
$	600,000	Bausch & Lomb, Inc. 7.125% due 08/01/28 (b)		518,806		480,000
	22,411,000	Citgo Petroleum Corporation 11.50% due 07/01/17 (g)		24,998,698		25,324,430
	5,975,000	Mueller Water Products, Inc. 7.375% due 06/01/17		4,930,228		6,019,813
	2,000,000	PulteGroup, Inc. 6.25% due 02/15/13		1,957,894		2,050,000
	167,000	Sanmina-SCI Corporation 8.125% due 03/01/16		154,246		173,054
	10,169,000	Sealy Mattress Company 8.25% due 06/15/14		8,452,919		10,169,000
	599,000	Yankee Candle Company, Inc. Series 'B' 8.50% due 02/15/15		609,112		615,478
	5,877,000	Yankee Candle Company, Inc. Series 'B' 9.75% due 02/15/17		5,872,531		6,170,850
Total U.S. Corporate Bonds				47,494,434		51,002,625
Total Bonds				56,109,539		56,402,625
U.S. Treasury Bills — 5.55%
	30,000,000	U.S. Treasury Bill 0.07% due 05/17/12		29,999,067		29,999,067
	20,000,000	U.S. Treasury Bill 0.08% due 06/21/12		19,997,677		19,997,677

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
69

U.S. Value Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Treasury Bills — 5.55% — (continued)
$	15,000,000	U.S. Treasury Bill 0.09% due 06/21/12	$	14,998,087	$	14,998,087
	20,000,000	U.S. Treasury Bill 0.09% due 07/19/12		19,996,269		19,996,380
	20,000,000	U.S. Treasury Bill 0.10% due 07/19/12		19,995,831		19,996,380
	15,000,000	U.S. Treasury Bill 0.13% due 08/23/12		14,993,825		14,995,020
	30,000,000	U.S. Treasury Bill 0.14% due 08/23/12		29,987,175		29,990,040
Total U.S. Treasury Bills				149,967,931		149,972,651
Commercial Paper — 14.68%
International Commercial Paper — 0.97%
Canada 0.12%
	2,178,000 USD	Potash Corporation of Saskatchewan 0.31% due 05/14/12		2,177,756		2,177,756
	615,000 USD	Potash Corporation of Saskatchewan 0.33% due 05/24/12		614,870		614,870
	362,000 USD	Potash Corporation of Saskatchewan 0.35% due 05/09/12		361,972		361,972
France 0.34%
	263,000 USD	GDF Suez SA 0.20% due 05/08/12		262,990		262,990
	5,457,000 USD	GDF Suez SA 0.21% due 05/23/12		5,456,300		5,456,300
	834,000 USD	GDF Suez SA 0.21% due 05/25/12		833,883		833,883
	2,572,000 USD	Total SA 0.16% due 07/10/12		2,571,200		2,570,189
Germany 0.11%
	2,246,000 USD	Siemens Company 0.11% due 05/14/12		2,245,911		2,245,911
	739,000 USD	Siemens Company 0.13% due 05/07/12		738,984		738,984
Italy 0.23%
	6,311,000 USD	Eni S.p.A. 0.53% due 06/11/12		6,307,262		6,307,262

See Notes to Financial Statements.

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70

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 0.97% — (continued)
Panama 0.17%
	2,102,000 USD	Carnival Corporation 0.32% due 05/08/12	$	2,101,869	$	2,101,869
	2,614,000 USD	Carnival Corporation 0.38% due 05/22/12		2,613,436		2,613,436
Total International Commercial Paper				26,286,433		26,285,422
U.S. Commercial Paper — 13.71%
$	20,000,000	Abbot Laboratories 0.10% due 05/01/12		20,000,000		20,000,000
	887,000	Abbot Laboratories 0.11% due 06/06/12		886,903		886,903
	5,680,000	Abbot Laboratories 0.14% due 07/24/12		5,678,145		5,678,498
	3,109,000	Archer Daniels Midland Company 0.12% due 05/21/12		3,108,793		3,108,793
	10,248,000	Archer Daniels Midland Company 0.13% due 05/02/12		10,247,963		10,247,963
	5,939,000	Arrow Electronics, Inc. 0.66% due 05/01/12		5,939,000		5,939,000
	3,236,000	Avery Dennison Corporation 0.41% due 05/01/12		3,236,000		3,236,000
	6,000,000	Coca-Cola Company 0.14% due 05/07/12		5,999,860		5,999,860
	4,500,000	Coca-Cola Company 0.17% due 06/21/12		4,498,916		4,498,916
	10,000,000	Coca-Cola Company 0.18% due 05/03/12		9,999,900		9,999,900
	9,467,000	Coca-Cola Company 0.22% due 05/18/12		9,466,017		9,466,017
	6,000,000	Coca-Cola Company 0.22% due 08/02/12		5,996,590		5,997,587
	3,000,000	Coca-Cola Company 0.22% due 09/12/12		2,997,543		2,997,806
	2,714,000	Computer Sciences Corporation 0.45% due 05/09/12		2,713,735		2,713,735
	10,000,000	ConocoPhillips 0.20% due 06/20/12		9,997,222		9,997,222
	1,286,000	ConocoPhillips 0.22% due 07/18/12		1,285,387		1,285,628
	5,000,000	ConocoPhillips 0.25% due 06/06/12		4,998,750		4,998,750
	10,000,000	Dell, Inc. 0.15% due 06/01/12		9,998,708		9,998,708

See Notes to Financial Statements.

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71

U.S. Value Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 13.71% — (continued)
$	10,000,000	Dell, Inc. 0.36% due 07/11/12	$	9,993,097	$	9,996,840
	10,000,000	Ebay, Inc 0.13% due 05/10/12		9,999,675		9,999,675
	702,000	EI du Pont de Nemours & Company 0.16% due 06/14/12		701,863		701,863
	3,936,000	Emerson Electric Company 0.13% due 05/29/12		3,935,602		3,935,602
	739,000	General Electric Corporation 0.07% due 05/03/12		738,997		738,997
	5,000,000	Google, Inc. 0.09% due 05/07/12		4,999,925		4,999,925
	10,000,000	Google, Inc. 0.09% due 05/22/12		9,999,475		9,999,475
	13,927,000	Google, Inc. 0.14% due 07/20/12		13,922,667		13,922,582
	8,000,000	Honeywell International, Inc. 0.12% due 06/28/12		7,998,453		7,998,453
	18,000,000	Honeywell International, Inc. 0.20% due 09/27/12		17,985,100		17,984,250
	5,000,000	Johnson & Johnson 0.05% due 05/16/12		4,999,896		4,999,896
	5,000,000	Johnson & Johnson 0.05% due 05/23/12		4,999,847		4,999,847
	5,000,000	Johnson & Johnson 0.06% due 05/02/12		4,999,992		4,999,992
	1,286,000	Johnson & Johnson 0.10% due 07/09/12		1,285,753		1,285,782
	10,000,000	Johnson & Johnson 0.11% due 05/01/12		10,000,000		10,000,000
	1,261,000	Kraft Foods, Inc. 0.28% due 05/03/12		1,260,980		1,260,980
	5,300,000	McDonald's Corporation 0.13% due 06/27/12		5,298,909		5,298,909
	1,001,000	Medtronic, Inc. 0.10% due 06/21/12		1,000,858		1,000,858
	10,000,000	Merck & Company, Inc. 0.09% due 05/10/12		9,999,775		9,999,775
	2,523,000	Merck & Company, Inc. 0.10% due 06/08/12		2,522,734		2,522,734
	4,500,000	Merck & Company, Inc. 0.12% due 06/25/12		4,499,175		4,499,175

See Notes to Financial Statements.

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72

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 13.71% — (continued)
$	1,493,000	Merck & Company, Inc. 0.12% due 07/03/12	$	1,492,686	$	1,492,796
	382,000	NYSE Euronext, Inc. 0.41% due 05/18/12		381,928		381,928
	15,000,000	PepsiCo, Inc. 0.12% due 05/09/12		14,999,600		14,999,600
	5,000,000	Pfizer, Inc. 0.10% due 05/17/12		4,999,778		4,999,778
	8,000,000	Philip Morris International, Inc. 0.08% due 05/02/12		7,999,982		7,999,982
	2,000,000	Philip Morris International, Inc. 0.08% due 05/31/12		1,999,867		1,999,867
	15,000,000	Proctor & Gamble Company 0.07% due 05/04/12		14,999,913		14,999,913
	9,600,000	Proctor & Gamble Company 0.14% due 06/11/12		9,598,469		9,598,469
	3,236,000	Safeway, Inc. 0.66% due 05/01/12		3,236,000		3,236,000
	652,000	Sara Lee Corporation 0.35% due 05/01/12		652,000		652,000
	20,000,000	Sherwin-Williams Company 0.20% due 05/09/12		19,999,111		19,999,111
	739,000	Sysco Corporation 0.15% due 05/02/12		738,997		738,997
	790,000	Verizon Communications, Inc. 0.30% due 05/14/12		789,914		789,914
	4,465,000	Wal-Mart Stores, Inc. 0.09% due 05/18/12		4,464,810		4,464,810
	25,000,000	Walt Disney Company 0.07% due 06/05/12		24,998,299		24,998,299
	444,000	Walt Disney Company 0.11% due 06/18/12		443,935		443,935
	8,000,000	WellPoint, Inc. 0.37% due 05/24/12		7,998,160		7,998,160
	2,589,000	Western Union Company 0.38% due 05/01/12		2,589,000		2,589,000
Total U.S. Commercial Paper				370,574,654		370,579,455
Total Commercial Paper				396,861,087		396,864,877
Total Investment Portfolio Excluding Option Written — 99.56%			$	2,345,413,297	$	2,691,913,254

See Notes to Financial Statements.

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73

U.S. Value Fund

_CONTRACTS

_{STRIKE PRICE}

_{EXPIRATION DATE}

_{VALUE (NOTE 1)}

Covered Call Option Written — (0.01)%

(Premium Received: $375,887)

1,253

KLA-Tencor Corporation

55.00

September 2012

(250,600

)

Total Investments — 99.55% (Cost: $2,345,037,410)

2,691,662,654

Other Assets in Excess of Liabilities — 0.45%

12,193,498

Net Assets — 100.00%

2,703,856,152

(a) Non-income producing security/commodity.

(b) Security is deemed illiquid. At April 30, 2012, the value of these securities amounted to $9,817,364 or 0.36% of net assets.

(d) At April 30, 2012, 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 $3,934,030 or 0.15% of net assets.

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

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

(h) Issuer is in default.

At April 30, 2012, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	392,030,364
Gross unrealized depreciation		(45,405,120	)
Net unrealized appreciation	$	346,625,244

Abbreviations used in this schedule include:

ADR — American Depository Receipt

ETF — Exchange Traded Fund

NYSE — New York Stock Exchange

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Currencies

USD — United States Dollar

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
74

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

Affiliated Securities
_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₁		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₂		_MARKET_VALUE_{APRIL 30,}₂₀₁₂		_REALIZED_GAIN/(LOSS)		_DIVIDEND_INCOME
Insteel Industries, Inc.		816,751		70,300		—		887,051	$	10,085,770	$	—	$	52,383
Rofin-Sinar Technologies, Inc.		1,187,010		455,300		—		1,642,310		41,386,212		—		—
Total									$	51,471,982	$	—	$	52,383

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		5.28	%
Consumer Staples		5.74
Energy		3.72
Financials		16.90
Health Care		2.05
Industrials		9.23
Information Technology		14.51
Materials		4.81
Utilities		3.28
Total U.S. Common Stocks		65.52
International Common Stocks
Energy		1.01
Financials		0.53
Health Care		1.14
Materials		3.61
Total International Common Stocks		6.29
U.S. Preferred Stock
Consumer Staples		0.15
Total U.S. Preferred Stock		0.15
Exchange Traded Fund		0.42
Warrant		0.43

See Notes to Financial Statements.

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U.S. Value Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
Commodity		4.43%
U.S. Corporate Bonds
Consumer Discretionary		0.72
Energy		0.94
Industrials		0.23
Total U.S. Corporate Bonds		1.89
International Corporate Bond
Materials		0.20
Total International Corporate Bond		0.20
U.S. Treasury Bills		5.55
Commercial Paper
International Commercial Paper		0.97
U.S. Commercial Paper		13.71
Total Commercial Paper		14.68
Covered Call Option Written		(0.01)
Total Investments		99.55	%

See Notes to Financial Statements.

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Fund Overview | Data as of April 30, 2012 (unaudited)

INVESTMENT OBJECTIVE

The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. 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 load		-21.20	%		9.99	%		15.63	%
with sales load		-25.14			8.87			15.04
FTSE Gold Mines Index		-26.85			4.81			8.96
MSCI World Index		-4.63			-1.78			4.96
Consumer Price Index		2.30			2.17			2.49

Asset Allocation*

Countries*
Canada	34.78	%
United States	28.95
South Africa	12.16
Australia	8.50
Mexico	7.35
Africa	4.54
United Kingdom	0.33

* Asset Allocation and Countries percentages are based on total investments in the portfolio. Country allocations reflect country of the issuer (not currency of issue) and exclude short term investments. Bonds of non-U.S. issuers may be U.S. dollar denominated.

The Fund's portfolio composition is subject to change at any time.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
78

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)	21.27	%
Agnico-Eagle Mines Limited (Canada)	7.15
Newcrest Mining Limited (Australia)	5.23
AngloGold Ashanti Limited, ADR (South Africa)	5.05
Goldcorp, Inc. (Canada)	4.88
Randgold Resources Limited, ADR (Africa)	4.53
Kinross Gold Corporation (Canada)	4.19
Newmont Mining Corporation (United States)	4.15
Fresnillo PLC (Mexico)	3.97
Barrick Gold Corporation (Canada)	3.66
Total	64.08	%

* Holdings in cash, commercial paper and money market funds have been excluded. Percentages are based on total net assets.

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79

First Eagle Gold Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 73.68%
International Common Stocks — 66.08%
Africa 4.53%
	1,358,136	Randgold Resources Limited, ADR	$	32,800,641	$	121,077,824
Australia 8.48%
	5,106,092	Newcrest Mining Limited		155,393,729		139,903,571
	4,118,481	Kingsgate Consolidated Limited		18,612,918		26,601,931
	10,790,230	CGA Mining Limited (a)(b)		21,440,353		23,489,085
	21,555,420	Intrepid Mines Limited (a)		30,285,506		19,312,538
	2,613,520	Medusa Mining Limited		12,846,050		15,683,129
	9,288,115	St. Augustine Gold and Copper Limited (a)(c)		9,748,196		1,880,852
				248,326,752		226,871,106
Canada 33.54%
	4,789,048	Agnico-Eagle Mines Limited		238,260,795		191,338,869
	3,409,920	Goldcorp, Inc.		113,227,762		130,463,539
	12,521,872	Kinross Gold Corporation		174,230,763		112,070,754
	2,423,434	Barrick Gold Corporation		83,566,368		97,979,437
	6,901,692	IAMGOLD Corporation		43,187,558		85,602,923
	6,550,531	New Gold, Inc. (a)		12,024,078		59,691,975
	1,030,033	Franco-Nevada Corporation		18,008,630		46,211,474
	3,264,140	Osisko Mining Corporation (a)(b)		26,566,593		33,611,405
	3,315,100	Alacer Gold Corporation (a)		16,304,405		26,852,428
	2,419,196	Dundee Precious Metals, Inc. (a)(b)		4,875,920		18,836,245
	1,326,157	Eldorado Gold Corporation		8,837,781		18,798,358
	744,260	Detour Gold Corporation (a)(b)		16,953,437		18,371,952
	17,648,120	Lake Shore Gold Corporation (a)		54,589,416		17,154,048
	5,451,680	Gabriel Resources Limited (a)		32,031,903		14,406,809
	2,462,250	Aurizon Mines Limited (a)		2,520,734		13,312,828
	3,811,270	Orezone Gold Corporation (a)(b)		14,409,429		6,598,766
	747,000	SEMAFO, Inc.		3,562,694		3,796,831
	835,903	Guyana Goldfields, Inc. (a)		7,312,352		2,319,014
				870,470,618		897,417,655
Mexico 7.33%
	4,197,841	Fresnillo PLC		16,620,435		106,326,912
	1,915,577	Industrias Peñoles S.A.B. de C.V.		6,673,612		89,874,702
				23,294,047		196,201,614

See Notes to Financial Statements.

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80

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 66.08% — (continued)
South Africa 11.87%
	3,931,189	AngloGold Ashanti Limited, ADR	$	144,762,375	$	135,154,278
	6,921,044	Gold Fields Limited, ADR		93,344,394		89,073,836
	8,064,515	Harmony Gold Mining Company Limited, ADR		81,951,256		78,225,795
	21,514,730	Great Basin Gold Limited (a)		20,176,335		15,030,794
				340,234,360		317,484,703
United Kingdom 0.33%
	1,053,579	Bumi PLC (a)		15,853,835		8,869,691
Total International Common Stocks				1,530,980,253		1,767,922,593
U.S. Common Stocks — 7.60%
Materials 7.60%
	2,330,777	Newmont Mining Corporation		101,476,523		111,061,524
	934,401	Royal Gold, Inc.		16,757,726		57,895,486
	1,816,440	Tahoe Resources, Inc. (a)(b)		24,750,023		34,189,865
Total U.S. Common Stocks				142,984,272		203,146,875
Total Common Stocks				1,673,964,525		1,971,069,468
International Preferred Stock — 0.19%
South Africa 0.19%
	120,000	AngloGold Ashanti Holdings		6,000,000		4,956,000
		Finance PLC 6.00% (d)
Investment Company — 0.02%
	520,558	State Street Institutional U.S. Government Money Market Fund, Institutional Class		520,558		520,558
Warrants — 0.03%
Canada — 0.03%
	5,500,000	Great Basin Gold Limited Warrant expire 03/30/14 (a)		664,820		668,253
	666,680	Primero Mining Corporation Warrant expire 07/15/20 (a)(b)		558,606		172,129
	500,000	St. Augustine Gold & Copper Warrant expire 11/17/12 (a)(c)(e)(h)		0		0
Total Warrants				1,223,426		840,382

See Notes to Financial Statements.

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81

Gold Fund

_OUNCES

_DESCRIPTION

_{COST (NOTE 1)}

_{VALUE (NOTE 1)}

Commodity — 21.27%

341,566

Gold bullion (a)

185,268,444

569,025,451

_PRINCIPAL

International Convertible Bonds — 1.19%

Canada 1.12%

30,000,000
USD

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

30,000,000

South Africa 0.07%

2,000,000
CAD

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

1,900,057

1,973,371

Total International Convertible Bonds

31,900,057

31,973,371

Commercial Paper — 3.38%

International Commercial Paper — 0.52%

Canada 0.03%

725,000
USD

Potash Corporation of Saskatchewan
0.35% due 05/09/12

724,944

France 0.04%

652,000
USD

Air Liquide SA
0.19% due 06/29/12

651,797

526,000
USD

GDF Suez SA
0.20% due 05/08/12

525,979

Germany 0.09%

1,081,000
USD

BMW
0.18% due 05/30/12

1,080,843

1,479,000
USD

Siemens Company
0.13% due 05/07/12

1,478,968

Japan 0.22%

5,784,000
USD

Panasonic Corporation
0.32% due 05/11/12

5,783,486

United Kingdom 0.14%

3,000,000
USD

BP PLC
0.31% due 05/14/12

2,999,664

816,000
USD

Reed Elsevier, Inc.
0.46% due 05/23/12

815,776

Total International Commercial Paper

14,061,457

See Notes to Financial Statements.

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82

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 2.86%
$	1,775,000	Abbott Laboratories 0.11% due 06/06/12	$	1,774,805	$	1,774,805
	5,000,000	Archer Daniels Midland Company 0.13% due 05/02/12		4,999,982		4,999,982
	13,111,000	Arrow Electronics, Inc. 0.66% due 05/01/12		13,111,000		13,111,000
	7,144,000	Avery Dennison Corporation 0.41% due 05/01/12		7,144,000		7,144,000
	1,631,000	Caterpillar Corporation 0.12% due 05/25/12		1,630,870		1,630,870
	6,000,000	Coca-Cola Company 0.17% due 06/21/12		5,998,555		5,998,555
	1,479,000	General Electric Corporation 0.07% due 05/03/12		1,478,994		1,478,994
	5,000,000	Honeywell International, Inc. 0.13% due 06/26/12		4,998,989		4,998,989
	1,794,000	Merck & Company, Inc. 0.13% due 07/06/12		1,793,572		1,793,726
	763,000	NYSE Euronext, Inc. 0.41% due 05/18/12		762,856		762,856
	5,000,000	Parker-Hannifin Corporation 0.16% due 05/04/12		4,999,933		4,999,933
	7,144,000	Safeway, Inc. 0.66% due 05/01/12		7,144,000		7,144,000
	12,500,000	Sherwin-Williams Company 0.20% due 05/09/12		12,499,444		12,499,444
	1,479,000	Sysco Corporation 0.15% due 05/02/12		1,478,994		1,478,994
	887,000	Walt Disney Company 0.11% due 06/18/12		886,870		886,870
	5,715,000	Western Union Company 0.38% due 05/01/12		5,715,000		5,715,000
Total U.S. Commercial Paper				76,417,864		76,418,018
Total Commercial Paper				90,479,321		90,479,475
Total Investments — 99.76%			$	1,989,356,331		2,668,864,705
Other Assets in Excess of Liabilities — 0.24%						6,473,845
Net Assets — 100.00%					$	2,675,338,550

See Notes to Financial Statements.

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83

Gold Fund

(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 August 9, 2013.

(e) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $30,000,000 or 1.12% of net assets.

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

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

(h) Security is deemed illiquid. At April 30, 2012, the value of these securities amounted to $30,000,000 or 1.12% of net assets.

At April 30, 2012, cost is substantially identical for both book and federal tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	921,949,520
Gross unrealized depreciation		(242,441,146	)
Net unrealized appreciation	$	679,508,374

Abbreviations used in this schedule include:

ADR — American Depository Receipt

NYSE — New York Stock Exchange

PLC — Public Limited Company

Currencies

CAD — Canadian Dollar

USD — United States Dollar

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
International Common Stocks
Energy		0.33	%
Materials		65.75
Total International Common Stocks		66.08
U.S. Common Stocks
Materials		7.60
Total U.S. Common Stocks		7.60
Investment Company		0.02
International Preferred Stock
Materials		0.19
Total International Preferred Stock		0.19

See Notes to Financial Statements.

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84

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
Warrants		0.03%
Commodity		21.27
International Convertible Bonds
Materials		1.19
Total International Convertible Bonds		1.19
Commercial Paper
International Commercial Paper		0.52
U.S. Commercial Paper		2.86
Total Commercial Paper		3.38
Total Investments		99.76	%

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
85

Letter from the High Yield Team Portfolio Managers

Over the past six months ending April 30, 2012, the focus of the high yield market returned to sound corporate fundamentals benefited by improving economic numbers. Risk appetite resumed as a healthy primary market and stable investor interest forged a constructive credit environment.

Primary market activity has continued to gain momentum, with new issuance already exceeding $100 billion so far this year, surpassing the entire second half of 2011. Deal quality has remained above average and continues to be dominated by refinancing activity. Certainly, issuance tends to be pro-cyclical as investor demand is a key driver.

We expect conditions to remain constructive for the leveraged credit markets, given where we are in the credit cycle. Virtually every company throughout the credit spectrum enjoys access to the primary market and many have taken advantage of this by terming out shorter maturities. Refinancing has provided the ability to extend the optionality of the enterprise as well as reduce debt servicing costs. Many companies remain chastened by near death experiences in 2008 and are actively reducing cost structures as they manage balance sheet exposure. Consequently, refinancing activity is generally lowering default risk.

We expect default activity to remain well below historical averages and approximate 2% or lower over the coming year. Given our expectations of a continuing benign default environment, we believe high yield is positioned to perform well relative to other asset classes in the coming quarters. Several factors point to attractive risk-adjusted opportunities for leveraged credit. The Federal Reserve remains committed to an accommodative monetary policy for the foreseeable future. Easier Fed policy provides a tangible incentive to move down the credit spectrum to pick up incremental yield in a steady to improving economic environment. Moreover, refinancing activity continues to be the dominant form of issuance and serves to lower overall market risk through the extension of maturities. Lastly, given our expectations for low default activity, market spreads remain attractive at around 580 basis points¹ — factoring in default levels that are well above current and expected levels.

As a result, we remain optimistic as market conditions today appear stable. In contrast to years when defaults were elevated, many companies today are delevering, cutting costs, and have consequently boosted productivity. Moreover, equity friendly corporate activity remains lower than average as a share of primary issuance. Lower market leverage and accommodative Federal Reserve

¹Barclays Capital U.S. Corporate High Yield Index option-adjusted spread as of April 30, 2012.

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Letter from the High Yield Team Portfolio Managers (continued)

policy supports today's healthier market conditions. All of these factors collectively paint a positive fundamental picture for high yield and, in our view, should underpin the asset class even in a tepid growth environment.

We appreciate your confidence and thank you for your support.

Sincerely,



Edward Meigs				Sean Slein

Portfolio Manager				Portfolio Manager

June 2012

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
87

Management's Discussion of Fund Performance

For the six-months ended April 30, 2012, the high yield market posted positive returns. The net asset value ("NAV") of First Eagle High Yield Fund Class I Shares* rose 7.26% for the six-month period, while the Barclays Capital U.S. Corporate High Yield Index increased 6.91%.

Over this time, the Fund remained significantly overweight single-B rated issues and underweight triple-C rated issues. We believe that high yield spreads are attractive in the current environment and maintain a high concentration in the single-B credit tier. This tier tends to be more credit-sensitive than the double-B credit tier. That said, we believe that our portfolio of securities is levered to an improving economy and somewhat insulated from an increase in Treasury yields. The Fund is concentrated in the consumer cyclical, energy, and industrial sectors and less invested in the financial, utilities, and healthcare sectors.

The five largest contributors to the performance of the Fund for the year were Alliance One International, Inc. (tobacco merchant), Bon-Ton Department Stores, Inc. (retail apparel and furniture chain operator), Shea Homes L.P. (homebuilding construction firm), Bi-Lo (Southeastern domestic supermarket chain), and CommScope, Inc. (network infrastructure provider), collectively accounting for 1.28 percentage points of the period's performance.

The five largest detractors were Midwest Vanadium Pty Limited (Western Australian iron ore and vanadium producer), HeidelbergCement Finance BV (industrial cement and concrete manufacturer), FCC Holdings, Inc. (commercial financial services firm), Viridian Group FundCo II (Irish energy utility company), and Cloud Peak Energy Resources (coal producer).Their combined negative performance over the six month period subtracted 0.63 percentage points from the Fund's performance.

As of April 30, 2012 the Fund was nearly 100% hedged against the Euro, which is the Fund's only foreign currency exposure. The Fund has always been involved to varying degrees in Yankee issuance of primarily western European and NAFTA companies. European banks have traditionally been the major intermediaries of credit, but balance sheet weakness and solvency concerns along the periphery have led to the continued development of the European capital markets. Accordingly, there has been greater European issuance in the high yield market in both U.S. Dollar and Euro terms. As a result, the Fund

¹Barclays Capital U.S. Corporate High Yield Index option-adjusted spread as of April 30, 2012.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
88

Management's Discussion of Fund Performance (continued)

participated in several U.S. Dollar and Euro issues, which in many cases have come with what we consider to be attractive price and/or structural concessions. The Fund is expected to remain involved as the European capital markets continue to evolve.

We appreciate your confidence and thank you for your support.

Sincerely,



Edward Meigs				Sean Slein

Portfolio Manager				Portfolio Manager

June 2012

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.

*Class I Shares require $1mm minimum investment, and are offered without sales charge. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. The Adviser has contractually agreed to limit operating expenses of the Fund to an annual rate of 0.80% for I Shares, 1.25% for A Shares, and 2.00% for C Shares, with gross operating expenses of 1.26%, 1.51%, and 2.26% respectively. Gross operating expenses are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. This limitation excludes certain expenses as described in the Fees and Expenses section of the prospectus. This limitation will continue until 2013 for I-Shares, and until 2012 for A and C Shares. The expense limitation may be terminated by the Adviser in future years.

The Fund commenced operations in its present form on or about December 30, 2011, and is successor to another mutual fund pursuant to a reorganization on December 30, 2011. Information prior to December 30, 2011 is for the predecessor fund. Immediately after the reorganization, changes in net asset value of the Class I shares were partially impacted by differences in how the Fund and the predecessor fund price portfolio securities.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
89

Management's Discussion of Fund Performance (continued)

The Fund invests in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than high rated fixed income securities. High yield securities are rated lower than investment-grade securities because there is a greater possibility that the issuer may be unable to make interest and principal payments on those securities. High yield securities involve greater risk than higher rated securities and portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not.

There are risks associated with investing in securities of non-U.S. countries such as erratic market conditions, economic and political instability and fluctuations in currency exchange rates.

The Fund's investment strategies may result in high turnover rates. This may increase the Fund's brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains.

All investments involve the risk of loss.

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 Fund is primarily currency forward contracts, are further described in the financial statements that follow this commentary.

The portfolio is actively managed. The portfolio and opinions expressed herein are subject to change. Current and future portfolio holdings are subject to risk.

The Barclays Capital U.S. Corporate High Yield Bond Index is composed of fixed-rate, publicly issued, non-investment grade debt, is unmanaged, with dividends reinvested, and is not available for purchase. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The index is presented here for comparison purposes only. One cannot invest directly in an index.

The commentary represents the opinion of the First Eagle High Yield Fund Portfolio Managers as of June 2012 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.

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Fund Overview | Data as of April 30, 2012 (unaudited)

INVESTMENT OBJECTIVE

First Eagle High Yield Fund seeks to provide investors with a high level of current income by investing at least 80% of its net assets in high yield, below investment-grade instruments, or other instruments.

Average Annual Returns*
	_ONE-YEAR			_THREE-YEARS			_SINCE_INCEPTION_(11/19/07)
First Eagle High Yield Fund I Shares		4.86	%		21.63	%		13.33	%
Barclays Capital U.S. Corporate
High Yield Bond Index		5.92			19.65			9.79

Asset Allocation**

Countries**
United States	66.92	%
United Kingdom	4.44
Netherlands	3.13
Ireland	3.12
Canada	2.57
Cayman Islands	2.53
France	1.81
Bermuda	1.25
Australia	1.21
Norway	0.94
Austria	0.89
Sweden	0.86
Luxembourg	0.79
Malaysia	0.78

* If the Adviser had not waived fees, returns would have been lower.

** Asset Allocation and Countries percentages are based on total investments in the portfolio. Country allocations reflect country of the issuer (not currency of issue) and exclude short term investments. Bonds of non-U.S. issuers may be U.S. dollar denominated.

The Fund's portfolio composition is subject to change at any time.

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92

High Yield 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 I Shares do not give effect to the deduction of a maximum sales charge. The Fund commenced operations in its present form on December 30, 2011 and is the successor to the Old Mutual High Yield Fund (the "Predecessor Fund") pursuant to reorganization on the same date. The Predecessor Fund had similar investment objectives and strategies as the Fund, but was managed by another investment adviser. Information prior to December 30, 2011 is for the Predecessor Fund. The chart above illustrates a hypothetical investment in Class I shares without the effect of sales charges and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower. Class I Shares require $1mm minimum investment, and are offered without sales charge. Class A and C Shares have maximum sales charges of 4.50% and 1.00% respectively, and 12b-1 fees, which reduce performance.

Top 10 Holdings*
HeidelbergCement Finance BV
(German building materials manufacturer)	1.95	%
Cleaver-Brooks, Inc. (U.S. manufacturer and distributor of thermal machinery)	1.69
Allied Irish Banks PLC (Irish retail and commercial banking)	1.62
Citgo Petroleum Corporation (U.S. refiner and marketer of transportation fuels)	1.57
Appleton Papers, Inc. (U.S. paper and related production manufacturer)	1.48
Ardagh Packaging Finance (Irish manufacturer of glass packaging)	1.35
Landry's Restaurants, Inc. (U.S. restaurants and hospitality)	1.34
Quality Distribution (U.S. trucking transportation)	1.33
CCO Holdings (U.S. cable and satellite television provider)	1.33
Ineos Finance PLC (British manufacturer and distributor of chemicals)	1.30
Total	14.96	%

* Holdings in cash and commercial paper have been excluded. Percentages are based on total net assets.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
93

First Eagle High Yield Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Bonds — 85.20%
U.S. Corporate Bonds — 62.09%
$	945,000	Accuride Corporation 9.50% due 08/01/18	$	962,743	$	1,008,788
	1,847,000	Air Lease Corporation 5.625% due 04/01/17 (a)		1,845,775		1,810,060
	2,800,000	AK Steel Corporation 8.375% due 04/01/22		2,811,338		2,716,000
	3,456,000	Alliance One International, Inc. 10.00% due 07/15/16		3,412,854		3,507,840
	500,000	Alpha Natural Resources, Inc. 6.00% due 06/01/19		492,751		470,000
	400,000	Alpha Natural Resources, Inc. 6.25% due 06/01/21		354,182		375,000
	3,150,000	AM Castle & Company 12.75% due 12/15/16 (a)		3,323,756		3,433,500
	2,249,000	American Axle & Manufacturing, Inc. 7.875% due 03/01/17		2,330,129		2,333,337
	2,100,000	AMGH Merger Sub, Inc. 9.25% due 11/01/18 (a)		2,261,789		2,173,500
	3,975,000	Appleton Papers, Inc. 10.50% due 06/15/15 (a)		4,096,577		4,173,750
	2,950,000	Atwood Oceanics, Inc. 6.50% due 02/01/20		3,097,990		3,119,625
	2,406,000	Basic Energy Services, Inc. 7.125% due 04/15/16		2,444,151		2,454,120
	688,000	Basic Energy Services, Inc. 7.75% due 02/15/19		699,815		705,200
	1,200,000	Berry Petroleum Company 6.375% due 09/15/22		1,200,555		1,251,000
	2,725,000	Bi-Lo 9.25% due 02/15/19 (a)		2,872,795		2,953,219
	3,910,000	Bon-Ton Department Stores, Inc. 10.25% due 03/15/14		2,756,255		3,235,525
	1,625,000	Brickman Group Holdings, Inc. 9.125% due 11/01/18 (a)		1,576,509		1,608,750
	75,000	Briggs & Stratton Corporation 6.875% due 12/15/20		75,000		79,688
	500,000	Carrizo Oil & Gas, Inc. 8.625% due 10/15/18		502,667		532,500
	441,000	CCO Holdings 6.625% due 01/31/22		458,435		463,601
	3,400,000	CCO Holdings 7.375% due 06/01/20		3,667,551		3,727,250

See Notes to Financial Statements.

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94

Schedule of Investments | One-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Corporate Bonds — 62.09% — (continued)
$	3,700,000	Chesapeake Energy Corporation 6.775% due 03/15/19	$	3,667,444	$	3,602,875
	485,500	Chesapeake Midstream Partners L.P. 6.125% due 07/15/22		485,500		469,721
	3,904,000	Citgo Petroleum Corporation 11.50% due 07/01/17 (a)		4,362,811		4,411,520
	3,200,000	Clear Channel Worldwide Holdings, Inc. Series B 9.25% due 12/15/17		3,478,504		3,524,000
	4,464,000	Cleaver-Brooks, Inc. 12.25% due 05/01/16 (a)		4,673,976		4,759,740
	2,150,000	Cloud Peak Energy Resources 8.25% due 12/15/17		2,302,784		2,182,250
	110,000	Cloud Peak Energy Resources 8.50% due 12/15/19		110,897		112,475
	2,678,000	CommScope, Inc. 8.25% due 01/15/19 (a)		2,794,902		2,872,155
	1,950,000	DriveTime Automotive Group, Inc. 12.625% due 06/15/17		2,108,261		2,149,875
	2,800,000	E*Trade Financial Corporation 6.75% due 06/01/16		2,833,182		2,877,000
	2,671,000	Equinox Holdings, Inc. 9.50% due 02/01/16 (a)		2,832,711		2,881,341
	200,000	Everest Acquisition 6.875% due 05/01/19 (a)		200,000		210,250
	2,500,000	Everest Acquisition 9.375% due 05/01/20 (a)		2,507,482		2,665,625
	77,000	FCC Holdings, Inc. 13.00% due 12/15/15 (a)		78,286		65,643
	224,000	FGI Operating Company, Inc. 7.875% due 05/01/20 (a)		224,000		231,280
	1,550,000	Fiesta Restaurant Group 8.875% due 08/15/16 (a)		1,613,252		1,643,000
	2,050,000	Frontier Communications Corporation 8.50% due 04/15/20		2,158,244		2,142,250
	2,650,000	Goodman Networks, Inc. 12.125% due 07/01/18 (a)		2,663,970		2,656,625
	1,970,000	Headwaters, Inc. 7.625% due 04/01/19		1,888,291		1,935,525
	1,550,000	Hughes Satellite Systems Corporation 6.50% due 06/15/19		1,609,633		1,666,250
	3,287,000	Huntington Ingalls Industries, Inc. 7.125% due 03/15/21		3,466,842		3,496,546

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
95

High Yield Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Corporate Bonds — 62.09% — (continued)
$	2,505,000	Interface, Inc. 7.625% due 12/01/18	$	2,722,899	$	2,717,925
	2,260,000	International Lease Finance Corporation 6.25% due 05/15/19		2,241,629		2,282,864
	2,000,000	International Lease Finance Corporation 8.625% due 09/15/15		2,183,908		2,222,500
	2,385,000	JMC Steel Group 8.25% due 03/15/18 (a)		2,471,313		2,480,400
	2,554,000	Kemet Corporation 10.50% due 05/01/18 (a)		2,695,283		2,745,550
	2,946,000	Kraton Polymers 6.75% due 03/01/19		3,018,253		3,078,570
	1,500,000	Landry's, Inc. 9.375% due 05/01/20		1,500,000		1,535,625
	2,300,000	Linn Energy 6.25% due 11/01/19 (a)		2,255,258		2,268,375
	2,970,000	Manitowoc Company, Inc. 9.50% due 02/15/18		3,276,936		3,322,687
	700,000	Mashantucket Western Pequot Tribe 8.50% due 11/15/15 (a)(b)		508,046		67,375
	1,900,000	Mcron Finance Corporation 8.375% due 05/15/19		1,920,363		1,940,375
	3,000,000	Midwest Gaming Borrower 11.625% due 04/15/16 (a)		3,340,995		3,348,750
	900,000	Monaco SpinCo, Inc. 6.75% due 04/30/20		900,000		931,500
	2,684,000	Navistar International Corporation 8.25% due 11/01/21		2,881,495		2,912,140
	311,000	Omega Healthcare Investors, Inc. 6.75% due 10/15/22		309,753		328,105
	2,500,000	Omega Healthcare Investors, Inc. 7.50% due 02/15/20		2,703,437		2,681,250
	1,765,000	OSI Restaurant Partners 10.00% due 06/15/15		1,818,833		1,831,188
	2,300,000	Parker Drilling Company 9.125% due 04/01/18 (a)		2,408,455		2,449,500
	750,000	PBF Holding Company 8.25% due 02/15/20 (a)		739,455		780,000
	2,544,000	PHH Corporation 9.25% due 03/01/16		2,552,531		2,607,600
	1,600,000	Polypore International, Inc. 7.50% due 11/15/17		1,672,587		1,688,000

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
96

Schedule of Investments | One-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Corporate Bonds — 62.09% — (continued)
$	2,750,000	Post Holdings, Inc. 7.375% due 02/15/22 (a)	$	2,845,445	$	2,866,875
	600,000	PVH Corporation 7.375% due 05/15/20		654,365		666,000
	3,400,000	Quality Distribution 9.875% due 11/01/18		3,715,922		3,740,000
	2,950,000	Samson Investment Company 9.75% due 02/15/20 (a)		3,036,861		3,082,750
	2,690,000	Shea Homes L.P. 8.625% due 05/15/19		2,727,763		2,817,775
	1,118,518	Sheridan Group, Inc. 12.50% due 04/15/14		991,755		950,740
	2,332,000	STHI Holding Corporation 8.00% due 03/15/18 (a)		2,482,016		2,495,240
	3,017,000	Sugarhouse HSP Gaming Prop Mezz 8.625% due 04/15/16 (a)		3,179,637		3,224,419
	2,560,000	Taminco Global Chemical Corporation 9.75% due 03/31/20 (a)		2,649,081		2,688,000
	3,176,000	Taylor Morrison 7.75% due 04/15/20 (a)		3,223,586		3,279,220
	2,553,000	Tower Automotive Holdings USA 10.625% due 09/01/17 (a)		2,709,765		2,754,049
	1,910,000	Toys R Us Property Company I 10.75% due 07/15/17		2,095,821		2,110,550
	1,200,000	Toys R Us Property Company II 8.50% due 12/01/17		1,269,059		1,254,000
	1,350,000	Toys R Us, Inc. 7.375% due 10/15/18		1,196,423		1,181,250
	45,175	United Air Lines, Inc. 12.75% due 07/15/12		44,809		46,079
	1,907,000	United Maritime Group 11.75% due 06/15/15		1,982,712		2,016,653
	500,000	United Rentals North America, Inc. 10.875% due 06/15/16		555,249		568,125
	2,650,000	UR Financing Escrow Corporation 7.375% due 05/15/20 (a)		2,692,903		2,789,125
	200,000	UR Financing Escrow Corporation 7.625% due 04/15/22 (a)		200,000		212,000
	2,839,000	YCC Holdings 10.25% due 02/15/16		2,819,794		2,917,072
Total U.S. Corporate Bonds				172,498,984		174,568,400

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
97

High Yield Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Corporate Bonds — 23.11%
Australia 1.15%
	2,700,000 USD	FMG Resources 8.25% due 11/01/19 (a)	$	2,938,920	$	2,936,250
	450,000 USD	Midwest Vanadium Pty Limited 11.50% due 02/15/18 (a)		386,780		303,750
				3,325,700		3,240,000
Austria 0.85%
	2,326,000 USD	OGX Austria GmbH 8.375% due 04/01/22 (a)		2,322,988		2,378,335
Bermuda 1.19%
	2,000,000 USD	Aircastle Limited 7.625% due 04/15/20 (a)		2,014,897		2,040,000
	729,000 USD	Aircastle Limited 9.75% due 08/01/18		805,254		807,367
	451,000 USD	Aircastle Limited 9.75% due 08/01/18 (a)		484,535		497,228
				3,304,686		3,344,595
Canada 2.44%
	1,800,000 USD	Lone Pine Resources Canada Limited 10.375% due 02/15/17 (a)		1,831,666		1,854,000
	2,792,000 USD	New Gold, Inc. 7.00% due 04/15/20 (a)		2,832,958		2,861,800
	560,000 USD	Novelis, Inc. 8.75% due 12/15/20		595,299		620,200
	600,000 USD	Precision Drilling Corporation 6.50% due 12/15/21		608,092		627,000
	1,050,000 USD	Thompson Creek Metals Company, Inc. 7.375% due 06/01/18		1,004,069		903,000
				6,872,084		6,866,000
Cayman Islands 2.41%
	3,925,000 USD	Marfrig Overseas Limited 9.50% due 05/04/20 (a)		3,518,523		3,444,187
	3,010,000 USD	RDS Ultra-Deepwater Limited 11.875% due 03/15/17 (a)		3,301,424		3,322,288
				6,819,947		6,766,475
France 1.72%
	2,430,000 USD	CMA CGM SA 8.50% due 04/15/17 (a)		1,475,388		1,543,050
	3,240,000 USD	Rexel SA 6.125% due 12/15/19 (a)		3,261,994		3,300,750
				4,737,382		4,843,800

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
98

Schedule of Investments | One-Month Period Ended April 30, 2012 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Corporate Bonds — 23.11% — (continued)
Ireland 2.97%
	3,500,000 EUR	Allied Irish Banks PLC 4.50% due 10/01/12	$	4,529,501	$	4,550,327
	3,550,000 USD	Ardagh Packaging Finance PLC 9.125% due 10/15/20 (a)		3,677,070		3,789,625
				8,206,571		8,339,952
Luxembourg 0.75%
	1,990,000 USD	Dematic SA 8.75% due 05/01/16 (a)		2,081,065		2,101,937
Malaysia 0.74%
	2,000,000 USD	MMI International Limited 8.00% due 03/01/17 (a)		2,055,576		2,085,000
Netherlands 2.97%
	3,700,000 EUR	HeidelbergCement Finance BV 8.50% due 10/31/19		5,533,341		5,472,288
	188,000 USD	Schaeffler Finance BV 8.50% due 02/15/19 (a)		188,000		202,570
	1,900,000 EUR	Schaeffler Finance BV 8.75% due 02/15/19 (a)		2,616,917		2,677,848
				8,338,258		8,352,706
Norway 0.90%
	2,800,000 USD	Eksportfinans ASA 2.00% due 09/15/15		2,469,742		2,522,408
Sweden 0.81%
	600,000 USD	Eileme 1 AB 14.25% due 08/15/20 (a)		570,373		544,925
	1,300,000 EUR	Eileme 2 AB 11.75% due 01/31/20 (a)		1,752,646		1,746,029
				2,323,019		2,290,954
United Kingdom 4.21%
	3,400,000 USD	Ineos Finance PLC 8.375% due 02/15/19 (a)		3,558,020		3,655,000
	1,722,000 USD	Inmarsat Finance PLC 7.375% due 12/01/17 (a)		1,834,989		1,859,760
	3,100,000 USD	Jaguar Land Rover PLC 8.125% due 05/15/21 (a)		3,154,790		3,255,000
	2,700,000 USD	Viridian Group FundCo II 11.125% due 04/01/17 (a)		2,641,243		2,470,500
	500,000 EUR	Viridian Group Fund Co II 11.125% due 04/01/17 (a)		589,254		608,695
				11,778,296		11,848,955
Total International Corporate Bonds				64,635,314		64,981,117
Total Bonds				237,134,298		239,549,517

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
99

High Yield Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Term Loans — 1.48%
$	3,750,000	Landry's Restaurants, Inc. Term Loan B due 04/26/18	$	3,693,750	$	3,755,272
	400,000	Roundy's Supermarkets, Inc. Term Loan B due 02/13/19		394,000		404,100
Total Term Loans				4,087,750		4,159,372
Asset-Backed Security — 0.01%
	244,860	Countrywide Asset-Backed Certificates Series 2003-2, Class M2 2.714% due 03/26/33		242,398		23,623
U.S. Commercial Paper — 8.32%
	9,261,000	Arrow Electronics, Inc. 0.66% due 05/01/12		9,261,000		9,261,000
	5,047,000	Avery Dennison Corporation 0.41% due 05/01/12		5,047,000		5,047,000
	5,046,000	Safeway, Inc. 0.66% due 05/01/12		5,046,000		5,046,000
	4,037,000	Western Union Company 0.38% due 05/01/12		4,037,000		4,037,000
Total U.S. Commercial Paper				23,391,000		23,391,000
Total Investments — 95.01%			$	264,855,446		267,123,512
Other Assets in Excess of Liabilities — 4.99%						14,054,714
Net Assets — 100.00%					$	281,178,226

(a) 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.

(b) Issuer is in default.

At April 30, 2012, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	4,029,843
Gross unrealized depreciation		(1,761,777	)
Net unrealized appreciation	$	2,268,066

Abbreviations used in this schedule include:

PLC — Public Limited Company

PTY — Proprietary Limited Company

Currencies

EUR — Euro

USD — United States Dollar

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
100

Schedule of Investments | One-Month Period Ended April 30, 2012 (unaudited)

Foreign Currency Exchange Contracts — Sales
_SETTLEMENT_DATES_THROUGH	_{FOREIGN CURRENCY}_{TO BE DELIVERED}			_{U.S. $}_{TO BE}_RECEIVED		_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₂		_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₂		_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₂
10/09/12		1,000,000	Euro	$	1,314,620	$	1,324,905	$	—	$	(10,285	)
10/09/12		9,900,000	Euro		13,102,290		13,116,559		—		(14,269	)
				$	14,416,910	$	14,441,464	$	—	$	(24,554	)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Corporate Bonds
Consumer Discretionary		14.64	%
Consumer Staples		4.55
Energy		10.81
Financials		5.38
Health Care		0.89
Industrials		13.36
Materials		6.41
Telecommunication Services		6.05
Total U.S. Corporate Bonds		62.09
International Corporate Bonds
Consumer Discretionary		1.16
Energy		2.91
Financials		4.45
Industrials		4.72
Materials		7.31
Telecommunication Services		1.47
Utilities		1.09
Total International Corporate Bonds		23.11
Term Loans		1.48
Asset-Backed Security		0.01
U.S. Commercial Paper		8.32
Total Investments		95.01	%

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
101

Management's Discussion of Fund Performance

Harold Levy

First Eagle Fund of America Class Y increased 14.5% for the six months ended April 30, 2012 versus 12.8% for the S&P 500 index. The five largest contributors to the performance were Valeant Pharmaceuticals International, Inc., Eastman Chemical Company, Dresser-Rand Group, Inc., Devon Energy Corporation and Rockwood Holdings, Inc., which collectively contributed 10.92% to the Fund's performance. The five greatest detractors were AOL, Inc., Exterran Holdings, Inc., Amgen, Inc., PDL BioPharma, Inc. and Covanta Holding Corporation, which collectively subtracted .75% from the Fund's performance.

We find ourselves in a world that feels not significantly changed from October 2011, which was the last writing of this letter. At that time we said that we believed markets were predominantly influenced by extraordinarily complex forces that resided outside the U.S. This continues to be the case.

On the macro front, the contractionary forces of government deleveraging in the developed world as a result of high debt levels and the necessity to shrink government debt/GDP ratios, are fighting the inflationary forces of virtually all significant central banks' printing money. At this point it looks like both forces have come to a temporary standstill, although longer term we believe money printing is likely to prevail. Greece is still a daily news event and Spain is running a close second. The Euro zone may be on the verge of breaking up — or maybe it isn't. China's growth has slowed, but it may still be growing enough to keep world-wide growth positive. The U.S. economy seemed to be growing again earlier in the year; now that growth appears to have slowed. In sum, the current uncertain state of the world is very similar to where we were in October 2011. As investors, we just have to accept that these macro issues may take a while to unfold.

Yet U.S. stock prices in general, and more specifically the value of First Eagle Fund of America shares, appreciated during the period, even after the significant correction in May. The earnings and cash generation of the companies we own have, in general, been healthy and we believe the outlook is promising. We continue to stress balance sheet conservatism, strong free cash flow and

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
102

Management's Discussion of Fund Performance (continued)

management teams that are determined to create value for owners. In addition, we look to invest only in essential goods and services though we readily admit our definition of "essential" may be unique to our approach.

We are grateful for the trust our shareholders have placed in us and strive to earn it every day by continuing to adhere to the same philosophy we have practiced for now more than 25 years (as of April 10, 2012).

Harold Levy

Portfolio Manager

June 2012

*As of September 1, 2005, Class Y Shares are closed to new investors. Class Y shares are offered without sales charge. If sales charge was included returns would be lower. The portfolio is actively managed and holdings can change at any time. Current and future portfolio holdings are subject to risk.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
103

Fund Overview | Data as of April 30, 2012 (unaudited)

INVESTMENT OBJECTIVE

The First Eagle Fund of America seeks capital appreciation by investing primarily in domestic 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)		1.45	%		4.10	%		7.75	%
Standard & Poor's 500 Index		4.76			1.01			4.71

Asset Allocation*

Sector/Industry*
Materials	32.49	%
Health Care	26.10
Industrials	10.74
Energy	9.03
Information Technology	8.82
Consumer Discretionary	8.19
Exchange Traded Fund	3.33

* Asset Allocation and Sector/Industry percentages are based on total investments in the portfolio. Sector/Industry allocations exclude short term investments and options positions.

The Fund's portfolio composition is subject to change at any time.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
104

Fund of America

Growth of a $10,000 Initial Investment

Top 10 Holdings*
Wyndham Worldwide Corporation (hotel and resorts)	6.50	%
Rockwood Holdings, Inc. (specialty chemicals manufacturer)	6.16
Eastman Chemical Company (chemicals company)	6.14
Tyco International Limited (industrial conglomerate)	5.90
Pfizer, Inc. (biopharmaceutical company)	5.81
Occidental Petroleum Corporation (oil exploration and production company)	5.00
Seagate Technology PLC (computers memory devices company)	4.90
Valeant Pharmaceuticals International, Inc. (pharmaceuticals company)	4.85
Omnicare, Inc. (pharmaceutical company)	4.47
Baxter International, Inc. (health technology company)	4.30
Total	54.03	%

* Holdings in cash and repurchase agreements have been excluded. Percentages are based on total net assets.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
105

First Eagle Fund of America

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 95.06%
U.S. Common Stocks — 88.19%
Consumer Discretionary 8.20%
	2,012,800	Wyndham Worldwide Corporation (a)	$	65,062,294	$	101,324,352
	571,600	Viacom, Inc., Class B (a)		27,674,004		26,516,524
				92,736,298		127,840,876
Energy 9.03%
	854,500	Occidental Petroleum Corporation (a)		82,557,113		77,947,490
	931,200	Atlas Energy L.P. (a)		19,989,155		36,149,184
	508,290	Dresser-Rand Group, Inc. (a)(b)		19,555,134		24,743,557
	74,621	Atlas Resource Partners L.P.		1,401,804		1,971,487
	20	Devon Energy Corporation		1,530		1,397
				123,504,736		140,813,115
Health Care 24.80%
	3,950,400	Pfizer, Inc. (a)		79,796,638		90,582,672
	1,358,242	Valeant Pharmaceuticals International, Inc. (a)(b)		35,065,606		75,559,002
	2,001,000	Omnicare, Inc. (a)		54,507,251		69,714,840
	1,211,400	Baxter International, Inc. (a)		64,275,560		67,123,674
	1,518,760	Health Net, Inc. (a)(b)		40,301,045		54,083,044
	509,710	Theravance, Inc. (a)(b)		9,863,054		11,030,124
	272,200	Merck & Co., Inc. (a)		9,797,890		10,681,128
	1,182,252	Enzon Pharmaceuticals, Inc. (b)		9,944,690		7,365,430
	70,950	Universal American Corporation		769,644		651,321
	80	Amgen, Inc.		4,310		5,689
				304,325,688		386,796,924
Industrials 4.84%
	791,490	General Dynamics Corporation (a)		50,725,321		53,425,575
	481,000	Mueller Industries, Inc. (a)		21,921,376		21,986,510
				72,646,697		75,412,085
Information Technology 8.82%
	2,483,420	Seagate Technology PLC (a)		61,499,118		76,389,999
	799,800	Analog Devices, Inc. (a)		28,407,677		31,176,204
	891,040	AOL, Inc. (a)(b)		22,194,529		22,311,642
	539,000	Corning, Inc. (a)		7,458,835		7,734,650
				119,560,159		137,612,495

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
106

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 88.19% — (continued)
Materials 32.50%
	1,735,270	Rockwood Holdings, Inc. (a)(b)	$	77,413,022	$	96,029,842
	1,772,900	Eastman Chemical Company (a)		57,093,501		95,683,413
	1,573,560	Ball Corporation (a)		35,929,837		65,711,866
	2,124,100	Packaging Corporation of America (a)		52,905,047		62,002,479
	1,346,270	Crown Holdings, Inc. (a)(b)		30,666,070		49,785,065
	914,650	Valspar Corporation		22,122,082		46,784,347
	763,000	WR Grace & Co. (a)(b)		42,257,963		45,482,430
	415,300	Walter Energy, Inc. (a)		31,618,913		27,538,543
	161,900	FMC Corporation (a)		16,712,047		17,881,855
				366,718,482		506,899,840
Total U.S. Common Stocks				1,079,492,060		1,375,375,335
International Common Stocks — 6.87%
Switzerland 5.90%
	1,639,850	Tyco International Limited (a)		76,357,219		92,044,780
United Kingdom 0.97%
	325,200	GlaxoSmithKline PLC, ADR (a)		14,501,423		15,033,996
Total International Common Stocks				90,858,642		107,078,776
Total Common Stocks				1,170,350,702		1,482,454,111
Exchange Traded Fund — 3.33%
	321,180	SPDR Gold Trust (a)(b)		52,703,972		51,992,618
Investment Company — 4.00%
	62,392,716	State Street Institutional U.S. Government Money Market Fund, Institutional Class		62,392,716		62,392,716
_PRINCIPAL
Bond — 0.34%
U.S. Convertible Bond 0.34%
$	3,730,000	Omnicare, Inc. 3.75% due 12/15/25 (c)		3,730,000		5,338,563

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
107

Fund of America

_CONTRACTS			_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Call Options Purchased — 0.19%
	5,000	AOL, Inc.	$	20.00	July 2012	$	2,675,000
	500	AOL, Inc.		21.00	July 2012		230,000
Total Call Options Purchased (Cost: $480,150)							2,905,000
Total Investment Portfolio Excluding Options Written — 102.92% (Cost: $1,289,657,540)							1,605,083,008
Covered Call Options Written — (2.89)%
	1,192	Analog Devices, Inc.	$	38.00	June 2012		(190,720	)
	3,809	Analog Devices, Inc.		39.00	June 2012		(399,945	)
	436	Analog Devices, Inc.		40.00	June 2012		(23,980	)
	296	AOL, Inc.		25.00	July 2012		(51,800	)
	1,000	AOL, Inc.		26.00	May 2012		(55,000	)
	310	AOL, Inc.		26.00	June 2012		(24,647	)
	287	AOL, Inc.		26.00	July 2012		(35,875	)
	287	AOL, Inc.		27.00	July 2012		(25,830	)
	880	Atlas Energy L.P.		35.00	May 2012		(343,200	)
	643	Atlas Energy L.P.		36.00	July 2012		(276,490	)
	4,000	Atlas Energy L.P.		37.00	July 2012		(1,320,000	)
	600	Atlas Energy L.P.		38.00	July 2012		(157,500	)
	1,729	Ball Corporation		35.00	May 2012		(1,184,365	)
	553	Baxter International, Inc.		52.50	May 2012		(168,665	)
	1,872	Baxter International, Inc.		55.00	May 2012		(183,456	)
	564	Corning, Inc.		14.00	May 2012		(28,200	)
	4,826	Corning, Inc.		15.00	May 2012		(28,956	)
	3,403	Crown Holdings, Inc.		38.00	July 2012		(323,285	)
	827	Dresser-Rand Group, Inc.		45.00	June 2012		(384,555	)
	1,565	Dresser-Rand Group, Inc.		50.00	June 2012		(266,050	)
	957	Dresser-Rand Group, Inc.		50.00	September 2012		(344,520	)
	1,054	Eastman Chemical Company		50.00	June 2012		(505,920	)
	5,355	Eastman Chemical Company		52.50	June 2012		(1,392,300	)
	1,469	Eastman Chemical Company		55.00	June 2012		(227,695	)
	76	FMC Corporation		100.00	July 2012		(91,960	)
	73	FMC Corporation		105.00	May 2012		(45,990	)
	1,470	FMC Corporation		105.00	July 2012		(1,161,300	)
	433	General Dynamics Corporation		67.50	May 2012		(45,465	)
	285	General Dynamics Corporation		67.50	June 2012		(47,729	)
	1,286	GlaxoSmithKline PLC		43.84	May 2012		(308,640	)
	1,324	GlaxoSmithKline PLC		44.84	May 2012		(219,784	)
	314	GlaxoSmithKline PLC		45.84	May 2012		(23,550	)

See Notes to Financial Statements.

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Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

_CONTRACTS			_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (2.89)% — (continued)
	169	GlaxoSmithKline PLC	$	46.84	August 2012	$	(17,745	)
	584	Health Net, Inc.		37.50	May 2012		(30,660	)
	87	Health Net, Inc.		37.50	June 2012		(8,047	)
	2,878	Health Net, Inc.		40.00	July 2012		(172,680	)
	364	Health Net, Inc.		42.50	July 2012		(10,010	)
	443	Merck & Co., Inc.		38.00	July 2012		(77,968	)
	680	Merck & Co., Inc.		39.00	June 2012		(55,062	)
	235	Merck & Co., Inc.		39.00	July 2012		(25,615	)
	4,490	Mueller Industries, Inc.		45.00	June 2012		(942,900	)
	320	Mueller Industries, Inc.		50.00	June 2012		(105,600	)
	769	Occidental Petroleum Corporation		90.00	May 2012		(204,554	)
	131	Occidental Petroleum Corporation		90.00	June 2012		(51,090	)
	255	Occidental Petroleum Corporation		92.50	June 2012		(64,770	)
	753	Omnicare, Inc.		34.00	June 2012		(112,950	)
	3,656	Omnicare, Inc.		35.00	June 2012		(411,300	)
	1,947	Omnicare, Inc.		36.00	June 2012		(141,158	)
	3,382	Packaging Corporation of America		30.00	July 2012		(253,650	)
	10,980	Pfizer, Inc.		21.00	May 2012		(2,097,180	)
	2,269	Pfizer, Inc.		22.00	May 2012		(213,286	)
	4,609	Pfizer, Inc.		22.00	June 2012		(470,118	)
	1,015	Pfizer, Inc.		23.00	July 2012		(58,870	)
	3,352	Pfizer, Inc.		23.00	August 2012		(231,288	)
	690	Rockwood Holdings, Inc.		40.00	May 2012		(1,038,450	)
	311	Rockwood Holdings, Inc.		45.00	May 2012		(320,330	)
	955	Rockwood Holdings, Inc.		50.00	August 2012		(706,700	)
	66	Seagate Technology		26.00	May 2012		(33,000	)
	3,217	Seagate Technology		26.00	June 2012		(1,705,010	)
	868	Seagate Technology		27.00	May 2012		(338,520	)
	5,535	Seagate Technology		27.00	June 2012		(2,380,050	)
	4,332	Seagate Technology		28.00	June 2012		(1,494,540	)
	3,371	Seagate Technology		29.00	June 2012		(967,477	)
	1,521	Seagate Technology		30.00	June 2012		(337,662	)
	754	Seagate Technology		31.00	June 2012		(128,934	)
	60	SPDR Gold Trust		164.00	May 2012		(6,840	)
	33	SPDR Gold Trust		164.00	June 2012		(7,986	)
	41	SPDR Gold Trust		165.00	May 2012		(3,690	)
	836	Theravance, Inc.		20.00	September 2012		(330,220	)
	994	Theravance, Inc.		22.50	June 2012		(114,310	)
	286	Tyco International Limited		52.50	July 2012		(129,415	)

See Notes to Financial Statements.

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Fund of America

_CONTRACTS			_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (2.89)% — (continued)
	643	Tyco International Limited	$	55.00	May 2012	$	(106,095	)
	7,850	Tyco International Limited		55.00	July 2012		(2,276,500	)
	822	Tyco International Limited		57.50	July 2012		(111,792	)
	2,000	Valeant Pharmaceuticals International, Inc.		50.00	July 2012		(1,490,000	)
	1,756	Valeant Pharmaceuticals International, Inc.		52.50	May 2012		(755,080	)
	3,500	Valeant Pharmaceuticals International, Inc.		52.50	July 2012		(1,977,500	)
	5,882	Valeant Pharmaceuticals International, Inc.		55.00	July 2012		(2,352,800	)
	360	Viacom, Inc.		48.00	June 2012		(31,500	)
	1,254	Viacom, Inc.		49.00	June 2012		(87,780	)
	2,879	Viacom, Inc.		50.00	June 2012		(86,370	)
	96	Walter Energy, Inc.		60.00	May 2012		(70,800	)
	33	Walter Energy, Inc.		60.00	June 2012		(26,697	)
	208	Walter Energy, Inc.		65.00	May 2012		(85,280	)
	742	Walter Energy, Inc.		65.00	June 2012		(434,070	)
	781	Walter Energy, Inc.		67.50	June 2012		(359,260	)
	565	Walter Energy, Inc.		70.00	June 2012		(209,050	)
	276	WR Grace & Co.		55.00	May 2012		(131,100	)
	916	WR Grace & Co.		55.00	June 2012		(485,480	)
	4,506	WR Grace & Co.		57.50	June 2012		(1,532,040	)
	529	WR Grace & Co.		60.00	September 2012		(232,760	)
	406	Wyndham Worldwide Corporation		39.00	May 2012		(450,660	)
	2,191	Wyndham Worldwide Corporation		43.00	May 2012		(1,577,520	)
	5,322	Wyndham Worldwide Corporation		44.00	May 2012		(3,326,250	)
	1,097	Wyndham Worldwide Corporation		45.00	May 2012		(562,761	)
	850	Wyndham Worldwide Corporation		46.00	May 2012		(363,800	)
	800	Wyndham Worldwide Corporation		50.00	August 2012		(225,975	)
		Total Covered Call Options Written (Premiums Received: $35,277,199)					(45,035,927	)
Put Options Written — (0.00)%
	2,000	AOL, Inc.		16.00	July 2012		(20,000	)
	500	AOL, Inc.		17.00	July 2012		(7,500	)
	1,000	AOL, Inc.		18.00	July 2012		(10,000	)
Total Put Options Written (Premiums Received: $257,920)							(37,500	)
Total Investments — 100.03% (Cost: $1,254,122,421)							1,560,009,581
Liabilities in Excess of Other Assets — (0.03)%							(495,934	)
Net Assets — 100.00%						$	1,559,513,647

See Notes to Financial Statements.

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110

Schedule of Investments | Six-Month Period Ended April 30, 2012 (unaudited)

(a) At April 30, 2012, all or a portion of this security was segregated to cover collateral requirement for options.

(b) Non-income producing security/commodity.

At April 30, 2012, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	333,574,988
Gross unrealized depreciation		(27,687,828	)
Net unrealized appreciation	$	305,887,160

Abbreviations used in this schedule include:

ADR — American Depository Receipt

PLC — Public Limited Company

SPDR — Standard & Poor's Depository Receipts

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		8.20	%
Energy		9.03
Health Care		24.80
Industrials		4.84
Information Technology		8.82
Materials		32.50
Total U.S. Common Stocks		88.19
International Common Stocks
Health Care		0.97
Industrials		5.90
Total International Common Stocks		6.87
Exchange Traded Fund		3.33
Investment Company		4.00
U.S. Convertible Bond
Health Care		0.34
Total U.S. Convertible Bond		0.34

See Notes to Financial Statements.

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Fund of America

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
Call Options Purchased		0.19	%
Covered Call Options Written		(2.89	)
Put Options Written		(0.00	)
Total Investments		100.03	%

See Notes to Financial Statements.

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Statements of Assets and Liabilities

	_{FIRST EAGLE}_{GLOBAL FUND}		_{FIRST EAGLE}_{OVERSEAS FUND}
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	26,227,448,909	$	7,679,291,114
Affiliated issuers		2,889,877,437		823,706,424
Gold bullion		586,146,006		217,894,842
Foreign currency		—		—
Total Investments, at Cost		29,703,472,352		8,720,892,380
Investments, at Value (Note 1)
Unaffiliated issuers		29,953,776,258		8,622,495,595
Affiliated issuers		3,276,048,942		1,192,239,676
Gold bullion		1,751,034,959		735,536,841
Foreign currency		—		—
Total Investments, at Value		34,980,860,159		10,550,272,112
Cash		341		2,421
Due from broker		—		2,925,263
Receivable for forward currency contracts held, at value (Note 1)		46,855,058		30,403,958
Receivable for investment securities sold		22,269,452		8,406,816
Receivable for Fund shares sold		114,057,848		25,237,088
Accrued interest and dividends receivable		159,850,916		80,335,296
Investment for trustee deferred compensation plan (Note 2)		1,631,584		1,605,307
Other assets		485,798		156,720
Total Assets		35,326,011,156		10,699,344,981
Liabilities
Option contracts written, at value (premiums received $4,499,162, $0, $375,887 and $0, respectively) (Note 1)		2,923,400		—
Payable for Fund shares redeemed		31,717,260		11,320,988
Payable for investment securities purchased		192,443,246		2,236,595
Payable for forward currency contracts held, at value (Note 1)		10,761,869		7,139,962
Investment advisory fees payable (Note 2)		21,308,450		6,517,878
Distribution fees payable (Note 3)		8,801,720		1,676,416
Services fees payable (Note 3)		1,874,197		208,592
Trustee deferred compensation plan (Note 2)		1,631,584		1,605,307
Administrative fees payable (Note 2)		1,094,649		399,007
Due to custodian		1,511,619		19,428
Trustee fees payable		64,533		12,132
Accrued expenses and other liabilities		16,464,440		7,280,935
Total Liabilities		290,596,967		38,417,240
Net Assets	$	35,035,414,189	$	10,660,927,741

* 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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April 30, 2012 (unaudited)

	_{FIRST EAGLE}_{U.S. VALUE FUND}		_{FIRST EAGLE}_{GOLD FUND*}
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	2,224,884,919	$	1,804,087,887
Affiliated issuers		48,006,679		—
Gold bullion		72,521,699		185,268,444
Foreign currency		19		105
Total Investments, at Cost		2,345,413,316		1,989,356,436
Investments, at Value (Note 1)
Unaffiliated issuers		2,520,769,270		2,099,839,254
Affiliated issuers		51,471,982		—
Gold bullion		119,672,002		569,025,451
Foreign currency		19		105
Total Investments, at Value		2,691,913,273		2,668,864,810
Cash		729		1,745
Due from broker		—		—
Receivable for forward currency contracts held, at value (Note 1)		—		—
Receivable for investment securities sold		364,669		6,683,502
Receivable for Fund shares sold		14,204,924		7,160,202
Accrued interest and dividends receivable		3,505,351		2,439,310
Investment for trustee deferred compensation plan (Note 2)		1,192,904		173,672
Other assets		45,607		56,861
Total Assets		2,711,227,457		2,685,380,102
Liabilities
Option contracts written, at value (premiums received $4,499,162, $0, $375,887 and $0, respectively) (Note 1)		250,600		—
Payable for Fund shares redeemed		1,989,375		6,276,045
Payable for investment securities purchased		1,265,763		—
Payable for forward currency contracts held, at value (Note 1)		—		—
Investment advisory fees payable (Note 2)		1,634,750		1,650,440
Distribution fees payable (Note 3)		604,899		633,080
Services fees payable (Note 3)		113,041		114,227
Trustee deferred compensation plan (Note 2)		1,192,904		173,672
Administrative fees payable (Note 2)		52,646		153,674
Due to custodian		—		—
Trustee fees payable		2,844		37,049
Accrued expenses and other liabilities		264,483		1,003,365
Total Liabilities		7,371,305		10,041,552
Net Assets	$	2,703,856,152	$	2,675,338,550

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115

Statements of Assets and Liabilities (continued)

	_{FIRST EAGLE}_{GLOBAL FUND}			_{FIRST EAGLE}_{OVERSEAS FUND}
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	728,354		$	487,878
Capital surplus		29,189,170,311			8,857,378,387
Net unrealized appreciation on:
Investments (net of $11,440,203, $5,411,129, $0, and $0 deferred capital gain country tax, respectively)		5,265,947,604			1,823,968,603
Foreign currency and forward contract related translation		40,049,919			24,973,843
Written options		1,575,762			—
Undistributed net realized gains on investments		712,460,992			241,872,904
Undistributed net investment income (loss)		(174,518,753	)		(287,753,874	)
Net Assets	$	35,035,414,189		$	10,660,927,741
Class A
Net assets	$	15,619,464,977		$	5,155,405,074
Shares outstanding		323,524,347			236,846,205
Net asset value per share and redemption proceeds per share	$	48.28		$	21.77
Offering price per share (NAV per share plus maximum sales charge)	$	50.82¹		$	22.92¹
Class C
Net assets	$	9,224,612,746		$	1,022,124,821
Shares outstanding		194,607,421			48,150,765
Net asset value per share	$	47.40		$	21.23
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)²	$	46.93		$	21.02
Class I
Net assets	$	10,191,336,466		$	4,483,397,846
Shares outstanding		210,222,288			202,881,419
Net asset value per share and redemption proceeds per share	$	48.48		$	22.10

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

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

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

See Notes to Financial Statements.

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April 30, 2012 (unaudited)

	_{FIRST EAGLE}_{U.S. VALUE FUND}		_{FIRST EAGLE}_{GOLD FUND*}
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	151,348	$	99,096
Capital surplus		2,313,066,633		2,091,783,353
Net unrealized appreciation on:
Investments (net of $11,440,203, $5,411,129, $0, and $0 deferred capital gain country tax, respectively)		346,499,957		679,508,374
Foreign currency and forward contract related translation		—		1,141
Written options		125,287		—
Undistributed net realized gains on investments		36,151,520		25,996,665
Undistributed net investment income (loss)		7,861,407		(122,050,079	)
Net Assets	$	2,703,856,152	$	2,675,338,550
Class A
Net assets	$	1,323,373,973	$	1,417,211,728
Shares outstanding		74,187,529		52,315,316
Net asset value per share and redemption proceeds per share	$	17.84	$	27.09
Offering price per share (NAV per share plus maximum sales charge)	$	18.78¹	$	28.52¹
Class C
Net assets	$	561,046,787	$	555,333,096
Shares outstanding		31,758,903		21,142,881
Net asset value per share	$	17.67	$	26.27
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)²	$	17.49	$	26.01
Class I
Net assets	$	819,435,392	$	702,793,726
Shares outstanding		45,401,840		25,638,240
Net asset value per share and redemption proceeds per share	$	18.05	$	27.41

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Statements of Assets and Liabilities (continued)

	_{FIRST EAGLE}_{HIGH YIELD FUND}		_{FIRST EAGLE}_{FUND OF AMERICA}
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	264,855,446	$	1,289,657,540
Foreign currency		208,503		—
Total Investments, at Cost		265,063,949		1,289,657,540
Investments, at Value (Note 1)
Unaffiliated issuers		267,123,512		1,605,083,008
Foreign currency		208,094		—
Total Investments, at Value		267,331,606		1,605,083,008
Cash		874		—
Restricted cash		—		6,142,500	**
Receivable for Fund shares sold		9,708,552		3,245,699
Accrued interest and dividends receivable		5,106,101		1,444,499
Receivable for investment securities sold		776,911		3,668,548
Receivable for premiums for written options		—		673,388
Investment for trustee deferred compensation plan (Note 2)		—		661,719
Prepaid expenses and other assets		138,572		26,625
Total Assets		283,062,616		1,620,945,986
Liabilities
Option contracts written, at value (premiums received $0 and $35,535,119, respectively) (Note 1)		—		45,073,427
Payable for investment securities purchased		1,294,169		11,711,799
Payable for Fund shares redeemed		213,928		1,886,490
Investment advisory fees payable (Note 2)		89,863		1,259,924
Trustee deferred compensation plan (Note 2)		—		661,719
Distribution fees payable (Note 3)		36,664		407,836
Payable for dividends to shareholders		174,002		—
Services fees payable (Note 3)		6,852		46,427
Administrative fees payable (Note 2)		—		51,021
Payable for forward currency contracts held, at value (Note 1)		24,554		—
Trustee fees payable		420		340
Accrued expenses and other liabilities		43,938		333,356
Total Liabilities		1,884,390		61,432,339
Net Assets	$	281,178,226	$	1,559,513,647

** The amount of $6,142,500 represents restricted cash used as collateral for covered call options.

See Notes to Financial Statements.

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April 30, 2012 (unaudited)

	_{FIRST EAGLE}_{HIGH YIELD FUND}			_{FIRST EAGLE}_{FUND OF AMERICA}
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	28,772		$	59,897
Capital surplus		278,623,110			1,296,733,897
Net unrealized appreciation (depreciation) on:
Investments		2,268,066			320,371,599
Foreign currency and forward contract related translation		(18,801	)		—
Written options		—			(9,538,308	)
Undistributed net realized gains (losses) on investments		252,830			(47,431,091	)
Undistributed net investment income (loss)		24,249			(682,347	)
Net Assets	$	281,178,226		$	1,559,513,647
Class A
Net assets	$	100,118,794		$	642,435,967
Shares outstanding		10,241,791			24,332,674
Net asset value per share and redemption proceeds per share	$	9.78		$	26.40
Offering price per share (NAV per share plus maximum sales charge)	$	10.24¹		$	27.79²
Class C
Net assets	$	41,813,123		$	230,704,884
Shares outstanding		4,281,877			10,037,986
Net asset value per share	$	9.77		$	22.98
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)³	$	9.67		$	22.75
Class I
Net assets	$	139,246,309			—
Shares outstanding		14,247,856			—
Net asset value per share and redemption proceeds per share	$	9.77			—
Class Y
Net assets		—		$	686,372,796
Shares outstanding		—			25,526,586
Net asset value per share and redemption proceeds per share		—		$	26.89

¹ The maximum sales charge is 4.50% for Class A shares. Classes C, I and Y have no front-end sales charges.

² The maximum sales charge is 5.00% for Class A shares. Classes C, I and Y have no front-end sales charges.

³ The maximum CDSC (Contingent Deferred Sales Charge) is 1.00% for Class C shares, which is charged on the lesser of the offering price or the net asset value at the time of sale by shareholder. This pertains to investments of one year or less.

See Notes to Financial Statements.

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Statements of Operations

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

	_{FIRST EAGLE}_{GLOBAL FUND}			_{FIRST EAGLE}_{OVERSEAS FUND}
Investment Income
Interest (net of $196,846, $63,242, $0, and $0, foreign taxes withheld, respectively)	$	13,152,200		$	3,961,895
Dividends from: (net of $22,315,655, $12,034,952, $96,140, and $934,367, foreign taxes withheld, respectively)
Unaffiliated issuers		308,118,638			98,486,787
Affiliated issuers		42,707,455			23,181,666
Other Income		47,519			46,301
Total Income		364,025,812			125,676,649
Expenses
Investment advisory fees (Note 2)		122,383,426			38,201,301
Administrative costs (Note 2)		2,569,164			865,148
Distribution fees (Note 3)
Class A		18,494,991			6,235,916
Class C		32,604,276			3,766,687
Service fees - Class C (Note 3)		10,868,092			1,255,562
Shareholder servicing agent fees		14,360,763			5,718,127
Custodian and accounting fees		2,179,653			1,246,901
Shareholder reporting fees		1,279,946			347,899
Trustees' fees		338,950			114,158
Registration and filing fees		632,273			211,141
Professional fees		228,228			127,852
Other Expenses		366,201			135,509
Total Expenses		206,305,963			58,226,201
Expense reductions due to earnings credits (Note 1)		(1,625	)		(488	)
Net Expenses		206,304,338			58,225,713
Net Investment Income (Loss) (Note 1)		157,721,474			67,450,936
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		641,728,159			202,588,509
Investment transactions of affiliated issuers		5,172,283			3,074,415
Foreign currency and forward contract related transactions		92,294,489			49,792,206
Written options		2,030,334			—
		741,225,265			255,455,130
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of increase in deferred capital gain country tax accruals of $5,556,564, $2,932,926, $0, and $0, respectively)		814,228,335			(72,161,443	)
Foreign currency and forward contract related translation		38,043,017			25,279,296
Written options		1,914,178			—
		854,185,530			(46,882,147	)
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		1,595,410,795			208,572,983
Net Increase (Decrease) in Net Assets Resulting from Operations	$	1,753,132,269		$	276,023,919

See Notes to Financial Statements.

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120

Six-Months Ended April 30, 2012 (unaudited)

	_{FIRST EAGLE}_{U.S. VALUE FUND}			_{FIRST EAGLE}_{GOLD FUND*}
Investment Income
Interest (net of $196,846, $63,242, $0, and $0, foreign taxes withheld, respectively)	$	3,058,075		$	1,160,218
Dividends from: (net of $22,315,655, $12,034,952, $96,140, and $934,367, foreign taxes withheld, respectively)
Unaffiliated issuers		20,069,144			17,254,400
Affiliated issuers		52,383			—
Other Income		299			—
Total Income		23,179,901			18,414,618
Expenses
Investment advisory fees (Note 2)		8,677,049			12,025,529
Administrative costs (Note 2)		154,082			312,752
Distribution fees (Note 3)
Class A		1,434,489			2,032,643
Class C		1,813,145			2,347,398
Service fees - Class C (Note 3)		604,382			782,466
Shareholder servicing agent fees		1,031,349			2,039,263
Custodian and accounting fees		92,553			347,200
Shareholder reporting fees		119,740			154,820
Trustees' fees		20,058			46,353
Registration and filing fees		136,836			120,952
Professional fees		54,152			82,288
Other Expenses		29,524			53,311
Total Expenses		14,167,359			20,344,975
Expense reductions due to earnings credits (Note 1)		(175	)		(215	)
Net Expenses		14,167,184			20,344,760
Net Investment Income (Loss) (Note 1)		9,012,717			(1,930,142	)
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		38,521,930			27,356,922
Investment transactions of affiliated issuers		—			—
Foreign currency and forward contract related transactions		(8,301	)		(8,205	)
Written options		341,309			—
		38,854,938			27,348,717
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of increase in deferred capital gain country tax accruals of $5,556,564, $2,932,926, $0, and $0, respectively)		130,416,142			(613,206,328	)
Foreign currency and forward contract related translation		—			1,751
Written options		112,728			—
		130,528,870			(613,204,577	)
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		169,383,808			(585,855,860	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	178,396,525		$	(587,786,002	)

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121

Statements of Operations (continued)

	_{FIRST EAGLE}_{HIGH YIELD FUND**}			_{FIRST EAGLE}_{HIGH YIELD FUND***}
Investment Income
Interest	$	1,403,776		$	2,321,034
Dividends from: (net of $0, $0 and $8,820, foreign taxes withheld, respectively)
Unaffiliated issuers		—			—
Other Income		57,244			20,880
Total Income		1,461,020			2,341,914
Expenses
Investment advisory fees (Note 2)		135,445			216,063
Administrative costs (Note 2)		—			—
Distribution fees (Note 3)
Class A		16,107			12,552
Class C		20,557			17,067
Class Y		—			—
Service fees - Class C (Note 3)		6,852			5,689
Shareholder servicing agent fees		3,811			4,477
Custodian and accounting fees		7,155			4,103
Shareholder reporting fees		6,410			18,531
Trustees' fees		329			2,036
Registration and filing fees		9,804			30,060
Professional fees		13,729			30,135
Other Expenses		6,980			13,944
Total Expenses		227,179			354,657
Investment Advisory Fee Waiver		(31,283	)		(72,599	)
Expense reductions due to earnings credits (Note 1)		—			—
Net Expenses		195,896			282,058
Net Investment Income (Loss) (Note 1)		1,265,124			2,059,856
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		138,603			369,783
Foreign currency and forward contract related transactions		789			(49,154	)
Written options		—			—
		139,392			320,629
Changes in unrealized appreciation (depreciation) of:
Investment transactions		795,328			1,573,567
Foreign currency and forward contract related translation		(3,810	)		(14,991	)
Written options		—			—
		791,518			1,558,576
Net realized and unrealized gains on investments, foreign currency and forward contract related transactions and written options		930,910			1,879,205
Net Increase in Net Assets Resulting from Operations	$	2,196,034		$	3,939,061

** For the period from April 1, 2012 to April 30, 2012.

*** For the fiscal year ended March 31, 2012.

See Notes to Financial Statements.

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122

Six-Months Ended April 30, 2012 (unaudited)

	_{FIRST EAGLE}_{FUND OF AMERICA}
Investment Income
Interest	$	76,830
Dividends from: (net of $0, $0 and $8,820, foreign taxes withheld, respectively)
Unaffiliated issuers		10,495,150
Other Income		—
Total Income		10,571,980
Expenses
Investment advisory fees (Note 2)		7,188,042
Administrative costs (Note 2)		116,338
Distribution fees (Note 3)
Class A		727,643
Class C		776,993
Class Y		810,369
Service fees - Class C (Note 3)		258,998
Shareholder servicing agent fees		865,591
Custodian and accounting fees		95,155
Shareholder reporting fees		77,708
Trustees' fees		15,489
Registration and filing fees		109,738
Professional fees		61,482
Other Expenses		24,928
Total Expenses		11,128,474
Investment Advisory Fee Waiver		—
Expense reductions due to earnings credits (Note 1)		(109	)
Net Expenses		11,128,365
Net Investment Income (Loss) (Note 1)		(556,385	)
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		(18,427,450	)
Foreign currency and forward contract related transactions		—
Written options		(13,919,582	)
		(32,347,032	)
Changes in unrealized appreciation (depreciation) of:
Investment transactions		227,156,867
Foreign currency and forward contract related translation		—
Written options		74,639
		227,231,506
Net realized and unrealized gains on investments, foreign currency and forward contract related transactions and written options		194,884,474
Net Increase in Net Assets Resulting from Operations	$	194,328,089

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123

Statements of Changes in Net Assets

	_{FIRST EAGLE}_{GLOBAL FUND}						_{FIRST EAGLE}_{OVERSEAS FUND}
	_SIX-MONTHS_ENDED_{APRIL 30, 2012}_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₁			_SIX-MONTHS_ENDED_{APRIL 30, 2012}_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₁
Operations
Net investment income (loss)	$	157,721,474		$	195,358,527		$	67,450,936		$	82,538,430
Net realized gain from investments, foreign currency and forward contract related transactions and written options		741,225,265			690,306,873			255,455,130			239,416,900
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		854,185,530			798,845,665			(46,882,147	)		26,703,063
Net increase (decrease) in net assets resulting from operations		1,753,132,269			1,684,511,065			276,023,919			348,658,393
Distribution to Shareholders
Dividends paid from net investment income
Class A		(161,659,347	)		(179,125,248	)		(87,147,378	)		(68,667,242	)
Class C		(37,795,689	)		(53,722,987	)		(9,351,396	)		(7,990,749	)
Class I		(117,693,838	)		(94,957,034	)		(83,348,638	)		(56,678,049	)
Class Y		—			—			—			—
Distributions paid from net realized gains from investment transactions
Class A		(187,416,480	)		—			(144,484,153	)		(44,782,633	)
Class C		(112,464,797	)		—			(30,206,608	)		(9,220,791	)
Class I		(111,887,923	)		—			(117,992,781	)		(31,995,749	)
Class Y		—			—			—			—
Decrease in net assets resulting from distributions		(728,918,074	)		(327,805,269	)		(472,530,954	)		(219,335,213	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		4,861,571,406			10,549,879,443			1,672,849,503			3,711,007,723
Net asset value of shares issued for reinvested dividends and distributions		575,706,733			261,507,604			394,213,422			184,257,838
Cost of shares redeemed		(2,618,604,732	)		(5,041,087,367	)		(1,395,302,636	)		(2,714,178,454	)
Redemption fees		417,685			1,147,493			157,933			583,929
Increase (decrease) in net assets from Fund share transactions		2,819,091,092			5,771,447,173			671,918,222			1,181,671,036
Net increase (decrease) in net assets		3,843,305,287			7,128,152,969			475,411,187			1,310,994,216
Net Assets (Note 1)
Beginning of period		31,192,108,902			24,063,955,933			10,185,516,554			8,874,522,338
End of period	$	35,035,414,189		$	31,192,108,902		$	10,660,927,741		$	10,185,516,554
Undistributed net investment income (loss)	$	(174,518,753	)	$	(15,091,353	)	$	(287,753,874	)	$	(175,357,398	)

* 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, 2012}_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₁			_SIX-MONTHS_ENDED_{APRIL 30, 2012}_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₁
Operations
Net investment income (loss)	$	9,012,717		$	14,284,155		$	(1,930,142	)	$	(21,503,086	)
Net realized gain from investments, foreign currency and forward contract related transactions and written options		38,854,938			68,932,963			27,348,717			166,627,775
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		130,528,870			50,108,672			(613,204,577	)		85,417,459
Net increase (decrease) in net assets resulting from operations		178,396,525			133,325,790			(587,786,002	)		230,542,148
Distribution to Shareholders
Dividends paid from net investment income
Class A		(8,668,560	)		(14,601,729	)		(21,160,789	)		(41,372,108	)
Class C		(761,790	)		(4,588,209	)		(3,321,956	)		(10,828,155	)
Class I		(5,904,350	)		(7,711,426	)		(14,147,644	)		(16,752,495	)
Class Y		—			—			—			—
Distributions paid from net realized gains from investment transactions
Class A		(27,270,843	)		—			(48,611,807	)		(68,368,215	)
Class C		(11,485,203	)		—			(18,719,722	)		(23,482,892	)
Class I		(14,754,342	)		—			(26,628,986	)		(25,391,355	)
Class Y		—			—			—			—
Decrease in net assets resulting from distributions		(68,845,088	)		(26,901,364	)		(132,590,904	)		(186,195,220	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		854,998,750			842,143,081			647,074,657			1,302,888,135
Net asset value of shares issued for reinvested dividends and distributions		57,064,121			21,330,710			92,471,313			137,426,605
Cost of shares redeemed		(230,276,546	)		(385,318,959	)		(863,886,461	)		(1,175,616,542	)
Redemption fees		—			—			137,125			385,738
Increase (decrease) in net assets from Fund share transactions		681,786,325			478,154,832			(124,203,366	)		265,083,936
Net increase (decrease) in net assets		791,337,762			584,579,258			(844,580,272	)		309,430,864
Net Assets (Note 1)
Beginning of period		1,912,518,390			1,327,939,132			3,519,918,822			3,210,487,958
End of period	$	2,703,856,152		$	1,912,518,390		$	2,675,338,550		$	3,519,918,822
Undistributed net investment income (loss)	$	7,861,407		$	14,183,390		$	(122,050,079	)	$	(81,489,548	)

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Statements of Changes in Net Assets (continued)

See Notes to Financial Statements.

	_{FIRST EAGLE}_{HIGH YIELD FUND}
	_{PERIOD FROM}_{APRIL 1, 2012 TO}_{APRIL 30, 2012}_(unaudited)			_{YEAR ENDED}_{MARCH 31,}₂₀₁₂			_{YEAR ENDED}_{MARCH 31,}₂₀₁₁
Operations
Net investment income (loss)	$	1,265,124		$	2,059,856		$	917,373
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		139,392			320,629			631,187
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		791,518			1,558,576			(179,372	)
Net increase (decrease) in net assets resulting from operations		2,196,034			3,939,061			1,369,188
Distribution to Shareholders
Dividends paid from net investment income
Class A		(396,067	)		(277,672	)		—
Class C		(148,651	)		(107,973	)		—
Class I		(676,545	)		(1,664,694	)		(914,365	)
Class Y		—			—			—
Distributions paid from net realized gains from investment transactions
Class A		—			—			—
Class C		—			—			—
Class I		—			(579,534	)		(754,658	)
Class Y		—			—			—
Decrease in net assets resulting from distributions		(1,221,263	)		(2,629,873	)		(1,669,023	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		78,548,626			202,495,554			2,265,250
Net asset value of shares issued for reinvested dividends and distributions		1,046,797			2,480,994			1,669,125
Cost of shares redeemed		(2,272,554	)		(14,567,403	)		(2,472,677	)
Redemption fees		—			—			—
Increase (decrease) in net assets from Fund share transactions		77,322,869			190,409,145			1,461,698
Net increase (decrease) in net assets		78,297,640			191,718,333			1,161,863
Net Assets (Note 1)
Beginning of period		202,880,586			11,162,253			10,000,390
End of period	$	281,178,226		$	202,880,586		$	11,162,253
Undistributed net investment income (loss)	$	24,249		$	(19,612	)	$	20,120

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	_{FIRST EAGLE}_{FUND OF AMERICA}
	_SIX-MONTHS_ENDED_{APRIL 30, 2012}_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₁
Operations
Net investment income (loss)	$	(556,385	)	$	(5,611,267	)
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		(32,347,032	)		116,260,451
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		227,231,506			(86,849,116	)
Net increase (decrease) in net assets resulting from operations		194,328,089			23,800,068
Distribution to Shareholders
Dividends paid from net investment income
Class A		—			(2,737,506	)
Class C		—			(253,288	)
Class I		—			—
Class Y		—			(3,991,165	)
Distributions paid from net realized gains from investment transactions
Class A		(39,934,206	)		—
Class C		(15,978,381	)		—
Class I		—			—
Class Y		(44,697,643	)		—
Decrease in net assets resulting from distributions		(100,610,230	)		(6,981,959	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		157,597,307			512,908,266
Net asset value of shares issued for reinvested dividends and distributions		88,825,155			6,163,174
Cost of shares redeemed		(156,372,098	)		(259,451,806	)
Redemption fees		—			—
Increase (decrease) in net assets from Fund share transactions		90,050,364			259,619,634
Net increase (decrease) in net assets		183,768,223			276,437,743
Net Assets (Note 1)
Beginning of period		1,375,745,424			1,099,307,681
End of period	$	1,559,513,647		$	1,375,745,424
Undistributed net investment income (loss)	$	(682,347	)	$	(125,962	)

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Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2012}_(unaudited)									₂₀₁₁
	_{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 ($)		46.90			45.91			47.15			44.36		43.47		44.59
Income from investment operations:
Net investment income ($)		0.26			0.08			0.32			0.39		0.04		0.51
Net realized and unrealized gains (losses) on investments		2.26			2.23			2.26			2.79		2.75		2.81
Total income (loss) from investment operations		2.52			2.31			2.58			3.18		2.79		3.32
Less distributions:
Distributions from net investment income ($)		-0.53			-0.21			-0.64			-0.64		-0.35		-0.76
Distributions from capital gains		-0.61			-0.61			-0.61			—		—		—
Total distributions		-1.14			-0.82			-1.25			-0.64		-0.35		-0.76
Net asset value, end of period ($)		48.28			47.40			48.48			46.90		45.91		47.15
Total return^(c)(%)		5.55	^(a)		5.14	^(a)		5.68	^(a)		7.23		6.45		7.52
Ratios and supplemental data
Net assets, end of period (millions) ($)		15,619			9,225			10,191			14,352		8,385		8,455
Ratio of operating expenses to average net assets including earnings credits (%)		1.13	^(b)		1.88	^(b)		0.88	^(b)		1.13		1.88		0.88
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.13	^(b)		1.88	^(b)		0.88	^(b)		1.13		1.88		0.88
Ratio of net investment income to average net assets including earnings credits (%)		1.09	^(b)		0.34	^(b)		1.36	^(b)		0.83		0.08		1.07
Ratio of net investment income to average net assets excluding earnings credits (%)		1.09	^(b)		0.34	^(b)		1.36	^(b)		0.83		0.08		1.07
Portfolio turnover rate (%)		6.52	^(a)		6.52	^(a)		6.52	^(a)		11.57		11.57		11.57

* 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.

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128

Global Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₁₀						₂₀₀₉							₂₀₀₈						₂₀₀₇
	_{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 ($)		38.74		38.07		38.92		34.45		33.99			34.62		51.09		50.46		51.32		48.36		47.83		48.56
Income from investment operations:
Net investment income ($)		0.56		0.26		0.69		0.39		0.13			0.47		0.64		0.31		0.76		0.67		0.31		0.79
Net realized and unrealized gains (losses) on investments		5.63		5.51		5.63		6.35		6.26			6.39		-11.82		-11.69		-11.88		6.91		6.84		6.94
Total income (loss) from investment operations		6.19		5.77		6.32		6.74		6.39			6.86		-11.18		-11.38		-11.12		7.58		7.15		7.73
Less distributions:
Distributions from net investment income ($)		-0.57		-0.37		-0.65		-0.14		-0.00	**		-0.25		-1.07		-0.70		-1.19		-1.22		-0.89		-1.34
Distributions from capital gains		—		—		—		-2.31		-2.31			-2.31		-4.39		-4.39		-4.39		-3.63		-3.63		-3.63
Total distributions		-0.57		-0.37		-0.65		-2.45		-2.31			-2.56		-5.46		-5.09		-5.58		-4.85		-4.52		-4.97
Net asset value, end of period ($)		44.36		43.47		44.59		38.74		38.07			38.92		34.45		33.99		34.62		51.09		50.46		51.32
Total return^(c)(%)		16.13		15.23		16.40		20.81		19.93			21.13		-24.41		-24.99		-24.21		16.91		16.03		17.19
Ratios and supplemental data
Net assets, end of period (millions) ($)		12,195		6,524		5,345		10,562		5,158			3,338		9,784		4,623		2,898		13,451		5,593		3,193
Ratio of operating expenses to average net assets including earnings credits (%)		1.16		1.91		0.91		1.19		1.94			0.94		1.14		1.89		0.89		1.12		1.87		0.87
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.16		1.91		0.91		1.19		1.94			0.94		1.14		1.89		0.89		1.12		1.87		0.87
Ratio of net investment income to average net assets including earnings credits (%)		1.36		0.63		1.68		1.14		0.38			1.37		1.48		0.73		1.74		1.40		0.65		1.64
Ratio of net investment income to average net assets excluding earnings credits (%)		1.36		0.63		1.68		1.14		0.38			1.37		1.48		0.73		1.74		1.39		0.64		1.64
Portfolio turnover rate (%)		17.37		17.37		17.37		12.52		12.52			12.52		29.69		29.69		29.69		37.58		37.58		37.58

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
129

Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2012}_(unaudited)									₂₀₁₁
	_{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 ($)		22.25			21.61			22.61			21.86		21.26		22.20
Income from investment operations:
Net investment income ($)		0.14			0.05			0.17			0.18		0.01		0.24
Net realized and unrealized gains (losses) on investments		0.41			0.41			0.41			0.74		0.73		0.75
Total income (loss) from investment operations		0.55			0.46			0.58			0.92		0.74		0.99
Less distributions:
Distributions from net investment income ($)		-0.39			-0.20			-0.45			-0.32		-0.18		-0.37
Distributions from capital gains		-0.64			-0.64			-0.64			-0.21		-0.21		-0.21
Total distributions		-1.03			-0.84			-1.09			-0.53		-0.39		-0.58
Net asset value, end of period ($)		21.77			21.23			22.10			22.25		21.61		22.61
Total return^(c)(%)		2.75	^(a)		2.40	^(a)		2.89	^(a)		4.27		3.48		4.52
Ratios and supplemental data
Net assets, end of period (millions) ($)		5,155			1,022			4,483			5,023		1,027		4,136
Ratio of operating expenses to average net assets including earnings credits (%)		1.17	^(b)		1.92	^(b)		0.92	^(b)		1.14		1.89		0.89
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.17	^(b)		1.92	^(b)		0.92	^(b)		1.14		1.89		0.89
Ratio of net investment income to average net assets including earnings credits (%)		1.29	^(b)		0.52	^(b)		1.56	^(b)		0.78		0.04		1.06
Ratio of net investment income to average net assets excluding earnings credits (%)		1.29	^(b)		0.52	^(b)		1.56	^(b)		0.78		0.04		1.06
Portfolio turnover rate (%)		5.80	^(a)		5.80	^(a)		5.80	^(a)		12.22		12.22		12.22

* 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, 2012
130

Overseas Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₁₀							₂₀₀₉							₂₀₀₈						₂₀₀₇
	_{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 ($)		19.51		19.03			19.80		17.21		16.93			17.41		28.09		27.66		28.38		26.70		26.33		26.94
Income from investment operations:
Net investment income ($)		0.15		0.00	**		0.21		0.26		0.13			0.30		0.35		0.18		0.40		0.41		0.21		0.48
Net realized and unrealized gains (losses) on investments		2.80		2.72			2.82		3.72		3.63			3.78		-7.21		-7.10		-7.28		4.05		4.00		4.10
Total income (loss) from investment operations		2.95		2.72			3.03		3.98		3.76			4.08		-6.86		-6.92		-6.88		4.46		4.21		4.58
Less distributions:
Distributions from net investment income ($)		-0.60		-0.49			-0.63		-0.02		0.00	**		-0.03		-0.87		-0.66		-0.94		-0.87		-0.68		-0.94
Distributions from capital gains		—		—			—		-1.66		-1.66			-1.66		-3.15		-3.15		-3.15		-2.20		-2.20		-2.20
Total distributions		-0.60		-0.49			-0.63		-1.68		-1.66			-1.69		-4.02		-3.81		-4.09		-3.07		-2.88		-3.14
Net asset value, end of period ($)		21.86		21.26			22.20		19.51		19.03			19.80		17.21		16.93		17.41		28.09		27.66		28.38
Total return^(c)(%)		15.45		14.55			15.68		24.95		23.96			25.26		-28.15		-28.67		-27.97		18.20		17.31		18.52
Ratios and supplemental data
Net assets, end of period (millions) ($)		4,676		914			3,284		4,024		792			2,211		3,518		737		1,968		5,974		1,203		3,942
Ratio of operating expenses to average net assets including earnings credits (%)		1.17		1.92			0.92		1.20		1.95			0.95		1.15		1.90		0.90		1.12		1.87		0.87
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.17		1.92			0.92		1.20		1.95			0.95		1.15		1.90		0.90		1.12		1.87		0.87
Ratio of net investment income to average net assets including earnings credits (%)		0.76		0.01			1.03		1.51		0.76			1.75		1.57		0.82		1.76		1.54		0.79		1.80
Ratio of net investment income to average net assets excluding earnings credits (%)		0.76		0.01			1.03		1.51		0.76			1.75		1.57		0.82		1.76		1.54		0.78		1.79
Portfolio turnover rate (%)		15.53		15.53			15.53		8.65		8.65			8.65		15.72		15.72		15.72		34.29		34.29		34.29

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
131

Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2012}_(unaudited)									₂₀₁₁
	_{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 ($)		17.12			16.91			17.33			15.94		15.75		16.12
Income from investment operations:
Net investment income ($)		0.07			0.01			0.10			0.17		0.04		0.21
Net realized and unrealized gains (losses) on investments		1.24			1.23			1.25			1.34		1.34		1.37
Total income (loss) from investment operations		1.31			1.24			1.35			1.51		1.38		1.58
Less distributions:
Distributions from net investment income ($)		-0.14			-0.03			-0.18			-0.33		-0.22		-0.37
Distributions from capital gains		-0.45			-0.45			-0.45			—		—		—
Total distributions		-0.59			-0.48			-0.63			-0.33		-0.22		-0.37
Net asset value, end of period ($)		17.84		��	17.67			18.05			17.12		16.91		17.33
Total return^(c)(%)		8.02	^(a)		7.61	^(a)		8.16	^(a)		9.60		8.85		9.92
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,323			561			819			967		408		538
Ratio of operating expenses to average net assets including earnings credits (%)		1.14	^(b)		1.89	^(b)		0.89	^(b)		1.18		1.93		0.93
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.14	^(b)		1.89	^(b)		0.89	^(b)		1.18		1.93		0.93
Ratio of net investment income to average net assets including earnings credits (%)		0.87	^(b)		0.12	^(b)		1.10	^(b)		0.98		0.24		1.23
Ratio of net investment income to average net assets excluding earnings credits (%)		0.87	^(b)		0.12	^(b)		1.10	^(b)		0.98		0.24		1.23
Portfolio turnover rate (%)		11.66	^(a)		11.66	^(a)		11.66	^(a)		18.54		18.54		18.54

* 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, 2012
132

U.S. Value Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₁₀						₂₀₀₉						₂₀₀₈						₂₀₀₇
	_{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 ($)		14.21		14.06		14.37		12.75		12.63		12.89		17.01		16.87		17.19		16.19		16.08		16.34
Income from investment operations:
Net investment income ($)		0.32		0.21		0.38		0.21		0.12		0.24		0.36		0.24		0.40		0.33		0.21		0.38
Net realized and unrealized gains (losses) on investments		1.60		1.58		1.59		1.58		1.56		1.60		-3.65		-3.63		-3.69		1.45		1.44		1.46
Total income (loss) from investment operations		1.92		1.79		1.97		1.79		1.68		1.84		-3.29		-3.39		-3.29		1.78		1.65		1.84
Less distributions:
Distributions from net investment income ($)		-0.19		-0.10		-0.22		-0.22		-0.14		-0.25		-0.31		-0.19		-0.35		-0.30		-0.20		-0.33
Distributions from capital gains		—		—		—		-0.11		-0.11		-0.11		-0.66		-0.66		-0.66		-0.66		-0.66		-0.66
Total distributions		-0.19		-0.10		-0.22		-0.33		-0.25		-0.36		-0.97		-0.85		-1.01		-0.96		-0.86		-0.99
Net asset value, end of period ($)		15.94		15.75		16.12		14.21		14.06		14.37		12.75		12.63		12.89		17.01		16.87		17.19
Total return^(c)(%)		13.64		12.75		13.84		14.52		13.63		14.78		-20.56		-21.17		-20.36		11.47		10.65		11.78
Ratios and supplemental data
Net assets, end of period (millions) ($)		680		320		328		547		263		199		271		167		104		324		233		104
Ratio of operating expenses to average net assets including earnings credits (%)		1.23		1.98		0.99		1.26		2.00		1.01		1.20		1.96		0.95		1.20		1.95		0.95
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.23		1.98		0.99		1.26		2.00		1.01		1.21		1.96		0.96		1.20		1.95		0.96
Ratio of net investment income to average net assets including earnings credits (%)		2.15		1.41		2.46		1.63		0.93		1.90		2.28		1.53		2.53		2.04		1.29		2.32
Ratio of net investment income to average net assets excluding earnings credits (%)		2.15		1.41		2.46		1.63		0.93		1.90		2.28		1.52		2.53		2.04		1.28		2.32
Portfolio turnover rate (%)		12.23		12.23		12.23		14.88		14.88		14.88		21.75		21.75		21.75		32.54		32.54		32.54

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
133

Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2012}_(unaudited)									₂₀₁₁
	_{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 ($)		33.89			32.78			34.33			33.42		32.44		33.81
Income from investment operations:
Net investment income (loss) ($)		-0.01			-0.12			0.03			-0.19		-0.42		-0.10
Net realized and unrealized gains (losses) on investments		-5.50			-5.01			-5.89			2.60		2.53		2.63
Total income (loss) from investment operations		-5.51			-5.13			-5.86			2.41		2.11		2.53
Less distributions:
Distributions from net investment income ($)		-0.39			-0.48			-0.16			-0.73		-0.56		-0.80
Distributions from capital gains		-0.90			-0.90			-0.90			-1.21		-1.21		-1.21
Total distributions		-1.29			-1.38			-1.06			-1.94		-1.77		-2.01
Net asset value, end of period ($)		27.09			26.27			27.41			33.89		32.78		34.33
Total return^(c)(%)		-16.66	^(a)		-16.98	^(a)		-16.57	^(a)		7.38		6.61		7.66
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,417			555			703			1,834		683		1,003
Ratio of operating expenses to average net assets including earnings credits (%)		1.20	^(b)		1.95	^(b)		0.95	^(b)		1.20		1.95		0.95
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.20	^(b)		1.95	^(b)		0.95	^(b)		1.20		1.95		0.95
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.05	^(b)		-0.81	^(b)		0.21	^(b)		-0.56		-1.30		-0.30
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.05	^(b)		-0.81	^(b)		0.21	^(b)		-0.56		-1.30		-0.30
Portfolio turnover rate (%)		4.74	^(a)		4.74	^(a)		4.74	^(a)		13.26		13.26		13.26

* 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, 2012
134

Gold Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₁₀						₂₀₀₉						₂₀₀₈						₂₀₀₇
	_{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 ($)		25.15		24.52		25.43		14.85		14.60		14.98		27.28		26.86		27.48		23.48		23.17		23.62
Income from investment operations:
Net investment income (loss) ($)		-0.17		-0.38		-0.11		-0.14		-0.30		-0.09		-0.09		-0.27		-0.05		-0.12		-0.28		-0.07
Net realized and unrealized gains (losses) on investments		8.82		8.58		8.92		11.50		11.28		11.60		-10.61		-10.43		-10.66		7.72		7.61		7.78
Total income (loss) from investment operations		8.65		8.20		8.81		11.36		10.98		11.51		-10.70		-10.70		-10.71		7.60		7.33		7.71
Less distributions:
Distributions from net investment income ($)		-0.38		-0.28		-0.43		—		—		—		-0.78		-0.61		-0.84		-0.74		-0.58		-0.79
Distributions from capital gains		—		—		—		-1.06		-1.06		-1.06		-0.95		-0.95		-0.95		-3.06		-3.06		-3.06
Total distributions		-0.38		-0.28		-0.43		-1.06		-1.06		-1.06		-1.73		-1.56		-1.79		-3.80		-3.64		-3.85
Net asset value, end of period ($)		33.42		32.44		33.81		25.15		24.52		25.43		14.85		14.60		14.98		27.28		26.86		27.48
Total return^(c)(%)		34.73		33.66		35.01		78.93		77.62		79.27		-41.56		-41.99		-41.36		37.57		36.55		37.93
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,900		616		695		1,325		362		165		480		109		71		890		196		166
Ratio of operating expenses to average net assets including earnings credits (%)		1.22		1.97		0.97		1.26		2.01		1.01		1.21		1.96		0.95		1.20		1.95		0.95
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.22		1.97		0.97		1.26		2.01		1.01		1.21		1.96		0.96		1.20		1.95		0.95
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.60		-1.35		-0.36		-0.65		-1.40		-0.40		-0.38		-1.13		-0.20		-0.55		-1.30		-0.30
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.60		-1.35		-0.36		-0.65		-1.40		-0.40		-0.38		-1.14		-0.20		-0.56		-1.31		-0.31
Portfolio turnover rate (%)		5.50		5.50		5.50		3.00		3.00		3.00		8.74		8.74		8.74		16.37		16.37		16.37

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
135

Financial Highlights

	_{PERIOD FROM APRIL 1, 2012 TO}									_{YEAR ENDED MARCH 31,}
	_{APRIL 30, 2012}_(unaudited)									₂₀₁₂_^
	_{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 ($)		9.75			9.74			9.75			9.40			9.40			10.29
Income from investment operations:
Net investment income ($)		0.05			0.04			0.05			0.13			0.11			0.68
Net realized and unrealized gains (losses) on investments		0.03			0.03			0.02			0.35			0.34			-0.11
Total income (loss) from investment operations		0.08			0.07			0.07			0.48			0.45			0.57
Less distributions:
Distributions from net investment income ($)		-0.05			-0.04			-0.05			-0.13			-0.11			-0.83
Distributions from capital gains		—			—			—			—			—			-0.28
Total distributions		-0.05			-0.04			-0.05			-0.13			-0.11			-1.11
Net asset value, end of period ($)		9.78			9.77			9.77			9.75			9.74			9.75
Total return^(c)(%)		0.72	^(a)		0.66	^(a)		0.75	^(a)		5.11			4.78			6.11
Ratios and supplemental data
Net assets, end of period (millions) ($)		100			42			139			60			28			115
Ratio of operating expenses to average net assets including fee waivers and reimbursements (%)		1.01	^(b)		1.76	^(b)		0.80	^(b)		0.95	^(b)		1.66	^(b)		0.80
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements (%)		1.17	^(b)		1.92	^(b)		0.96	^(b)		1.12	^(b)		1.83	^(b)		1.05
Ratio of net investment income to average net assets including fee waivers and reimbursements (%)		6.34	^(b)		5.64	^(b)		6.80	^(b)		5.48	^(b)		4.74	^(b)		6.98
Ratio of net investment income to average net assets excluding fee waivers and reimbursements (%)		6.18	^(b)		5.48	^(b)		6.64	^(b)		5.31	^(b)		4.57	^(b)		6.73
Portfolio turnover rate (%)		4.51	^(a)		4.51	^(a)		4.51	^(a)		45.21			45.21			45.21

^ The Fund commenced operations in its present form on December 30, 2011.

^^ The predecessor Fund, Old Mutual High Yield Fund, commenced operations on November 19, 2007.

^^^ Class A and Class C commenced investment operations on January 3, 2012.

* 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 4.50% for Class A 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, 2012
136

High Yield Fund

	_{YEAR ENDED MARCH 31,}
	₂₀₁₁		₂₀₁₀		₂₀₀₉		_2008^^
	_{CLASS I}		_{CLASS I}		_{CLASS I}		_{CLASS I}
Selected data for a share of beneficial interest outstanding throughout
each period is presented below:*
Net asset value, beginning of period ($)		10.67		7.72		9.29		10.00
Income from investment operations:
Net investment income ($)		0.98		1.31		0.85		0.36
Net realized and unrealized gains (losses) on investments		0.47		3.07		-1.55		-0.69
Total income (loss) from investment operations		1.45		4.38		-0.70		-0.33
Less distributions:
Distributions from net investment income ($)		-0.98		-1.28		-0.87		-0.38
Distributions from capital gains		-0.85		-0.15		—		—
Total distributions		-1.83		-1.43		-0.87		-0.38
Net asset value, end of period ($)		10.29		10.67		7.72		9.29
Total return^(c)(%)		14.81		59.30		-7.78		-3.39
Ratios and supplemental data
Net assets, end of period (millions) ($)		11		10		9		9
Ratio of operating expenses to average net assets including fee waivers and reimbursements (%)		0.80		0.80		0.80		0.80	^(b)
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements (%)		1.21		1.04		1.05		1.86	^(b)
Ratio of net investment income to average net assets including fee waivers and reimbursements (%)		9.33		13.34		10.04		10.90	^(b)
Ratio of net investment income to average net assets excluding fee waivers and reimbursements (%)		8.92		13.10		9.79		9.84
Portfolio turnover rate (%)		145.96		292.11		74.19		10.78

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137

Financial Highlights

	_{SIX-MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2012}_(unaudited)									₂₀₁₁
	_{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 ($)		24.91			22.01			25.35			24.06		21.32		24.47
Income from investment operations:
Net investment income (loss) ($)		0.00	**		-0.08			0.00	**		-0.09		-0.25		-0.08
Net realized and unrealized gains (losses) on investments		3.31			2.87			3.36			1.11		0.98		1.12
Total income (loss) from investment operations		3.31			2.79			3.36			1.02		0.73		1.04
Less distributions:
Distributions from net investment income ($)		—			—			—			-0.17		-0.04		-0.16
Distributions from capital gains		-1.82			-1.82			-1.82			—		—		—
Total distributions		-1.82			-1.82			-1.82			-0.17		-0.04		-0.16
Net asset value, end of period ($)		26.40			22.98			26.89			24.91		22.01		25.35
Total return^(c) (%)		14.51	^(a)		14.08	^(a)		14.54	^(a)		4.22		3.43		4.20
Ratios and supplemental data
Net assets, end of period (millions) ($)		642			231			686			549		194		633
Ratio of operating expenses to average net assets including earnings credits (%)		1.44	^(b)		2.19	^(b)		1.44	^(b)		1.43		2.18		1.43
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.44	^(b)		2.19	^(b)		1.44	^(b)		1.43		2.18		1.43
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.03	^(b)		-0.72	^(b)		0.03	^(b)		-0.33		-1.08		-0.31
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.03	^(b)		-0.72	^(b)		0.03	^(b)		-0.33		-1.08		-0.31
Portfolio turnover rate (%)		40.42	^(a)		40.42	^(a)		40.42	^(a)		67.61		67.61		67.61

* 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.

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

See Notes to Financial Statements.

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138

Fund of America

	_{YEAR ENDED OCTOBER 31,}
	₂₀₁₀						₂₀₀₉						₂₀₀₈						₂₀₀₇
	_{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 ($)		19.32		17.25		19.66		18.92		17.14		19.23		29.79		27.39		30.22		27.92			26.12			28.28
Income from investment operations:
Net investment income (loss) ($)		0.13		-0.03		0.14		-0.06		-0.18		-0.07		-0.06		-0.20		-0.01		0.05	^(d)		-0.13	^(d)		0.07	^(d)
Net realized and unrealized gains (losses) on investments		4.61		4.10		4.67		1.61		1.44		1.65		-7.85		-7.16		-8.03		5.30			4.88			5.35
Total income (loss) from investment operations		4.74		4.07		4.81		1.55		1.26		1.58		-7.91		-7.36		-8.04		5.35			4.75			5.42
Less distributions:
Distributions from net investment income ($)		—		—		—		—		—		—		-0.07		—		-0.06		—			—			—
Distributions from capital gains		—		—		—		-1.15		-1.15		-1.15		-2.89		-2.89		-2.89		-3.48			-3.48			-3.48
Total distributions		—		—		—		-1.15		-1.15		-1.15		-2.96		-2.89		-2.95		-3.48			-3.48			-3.48
Net asset value, end of period ($)		24.06		21.32		24.47		19.32		17.25		19.66		18.92		17.14		19.23		29.79			27.39			30.22
Total return^(c) (%)		24.53		23.59		24.47		9.13		8.34		9.14		-29.20		-29.74		-29.23		21.28			20.34			21.25
Ratios and supplemental data
Net assets, end of period (millions) ($)		379		122		599		276		90		503		127		61		501		82			65			756
Ratio of operating expenses to average net assets including earnings credits (%)		1.47		2.22		1.47		1.50		2.25		1.50		1.41		2.16		1.41		1.40			2.15			1.40
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.47		2.22		1.47		1.50		2.25		1.50		1.42		2.17		1.42		1.41			2.16			1.41
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.61		-0.14		0.62		-0.34		-1.10		-0.37		-0.23		-0.87		-0.06		0.18	^(d)		-0.51	^(d)		0.26	^(d)
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.61		-0.14		0.62		-0.34		-1.10		-0.37		-0.24		-0.88		-0.07		0.17	^(d)		-0.52	^(d)		0.25	^(d)
Portfolio turnover rate (%)		40.00		40.00		40.00		40.41		40.41		40.41		63.97		63.97		63.97		50.26			50.26			50.26

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139

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 seven separate portfolios, First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle High Yield Fund, First Eagle Global Income Builder 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 throughout 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, at least 80% of its assets in domestic equity and debt securities. The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. The First Eagle High Yield Fund seeks to provide investors with a high level of current income. The First Eagle Global Income Builder Fund (which is newly organized and had no financial results to report as of the date of these financial statements) seeks current income generation and long-term growth of capital. The First Eagle Fund of America seeks capital appreciation by investing primarily in domestic stocks and, to a lesser extent, in debt and international equity securities.

The First Eagle Global Income Builder Fund commenced its operation on May 1, 2012.

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.

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140

(continued)

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, 2012, the Subsidiary has $63,754,244 in net assets, representing 2.38% of the Gold Fund's net assets.

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.).

Forward contracts are valued as the current cost of covering or offsetting such contracts.

All bonds, whether listed on an exchange or traded in the over-the-counter market (and except for short-term investments as described in the next sentence), for which market quotations are readily available are valued at the mean between the last bid and asked prices received from dealers in the over-the-counter market in the United States or abroad, except that when no asked price is available, bonds are valued at the last bid price alone. Broker-Dealers or pricing services use multiple valuation techniques to

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141

Notes to Financial Statements (unaudited)

determine value. In instances where sufficient market activity exists, dealers or pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon-rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Short-term investments maturing in sixty days or less are valued at cost plus interest earned (or discount amortized, as the case may be), which is deemed to approximate value.

The 2:00 p.m. E.S.T. exchange rates typically are used to convert foreign security prices into U.S. dollars. Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the relevant quotation on the exchange or market deemed to be the primary trading venue for that security. In the absence of such a quotation, a quotation from the exchange or market deemed by the Adviser to be the secondary trading venue for the particular security shall be used. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolios. When market prices are determined to be "stale" as a result of limited market activity for a particular holding, or in other circumstances when market prices are unavailable, such as for private placements, or determined to be unreliable for a particular holding, such holdings may be "fair valued" in accordance with procedures 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.

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142

(continued)

Certain Funds with non-U.S. holdings have adopted procedures under which movements in the prices for U.S. securities (beyond specified thresholds) occurring after the close of a foreign market may require fair valuation of securities traded 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 as just described 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 GAAP and expands disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.

The Funds 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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143

Notes to Financial Statements (unaudited)

The following is a summary of the Funds' inputs used to value the Funds' investments as of April 30, 2012:

First Eagle Global Fund
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}^_(a)		_{LEVEL 3}^_(b)		_TOTAL
Assets: †
U.S. Common Stocks	$	11,963,508,411	$	4,235,323	$	—	$	11,967,743,734
International Common Stocks		13,886,801,267		20,881,584		10,748,338		13,918,431,189
International Preferred Stocks		240,666,169		—		—		240,666,169
Warrant		72,586,237		—		—		72,586,237
Commodity*		1,751,034,959		—		—		1,751,034,959
U.S. Corporate Bonds		—		33,627,946		—		33,627,946
International Corporate Notes and Bonds		—		59,235,590		31,758,004		90,993,594
International Government Bonds		—		597,379,785		—		597,379,785
International Commercial Paper		—		2,021,580,469		—		2,021,580,469
U.S. Commercial Paper		—		4,286,816,077		—		4,286,816,077
Foreign Currency Contracts**		—		46,855,058		—		46,855,058
Total	$	27,914,597,043	$	7,070,611,832	$	42,506,342	$	35,027,715,217
Liabilities:
Covered Call Option Written	$	2,923,400	$	—	$	—	$	2,923,400
Foreign Currency Contracts**		—		10,761,869		—		10,761,869
Total	$	2,923,400	$	10,761,869	$	—	$	13,685,269

^(a) Transfer into/out of Level 2 represent value as of the beginning of the period.

International common stocks and international preferred stocks valued at $11,068,876,707 and $323,100,978 were transferred from Level 2 to Level 1 during the six-month period ended April 30, 2012. At October 31, 2011, these securities were valued based on fair value adjustment factors; at April 30, 2012, these securities were valued using quoted market prices in active markets. There were no transfers from Level 1 to Level 2 as of six-month period ended April 30, 2012.

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

^† See Schedule of Investments for additional detailed categorizations.

* Represents gold bullion.

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2012
144

(continued)

Fair Value Level 3 activity for the period ended April 30, 2012 was as follows:

First Eagle Global Fund — (continued)
	_{INTERNATIONAL}			_{INTERNATIONAL}
	_{COMMON STOCKS}			_{CORPORATE BONDS}			_{TOTAL VALUE}
Beginning Balance — market value	$	11,064,479		$	33,466,782		$	44,531,261
Purchases		—			44,873			44,873
Sales		—			—			—
Transfer In — Level 3		—			—			—
Transfer Out — Level 3		—			—			—
Accrued Amortization		—			—			—
Realized Gains (Losses)		—			—			—
Change in Unrealized Appreciation (Depreciation)		(316,141	)		(1,753,651	)		(2,069,792	)
Ending Balance — market value	$	10,748,338		$	31,758,004		$	42,506,342
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(316,141	)	$	(1,753,651	)	$	(2,069,792	)

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145

Notes to Financial Statements (unaudited)

First Eagle Overseas Fund
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}^_(a)		_{LEVEL 3}^_(b)		_TOTAL
Assets: †
International Common Stocks	$	7,687,595,649	$	29,156,705	$	33,446,275	$	7,750,198,629
U.S. Common Stock		32,968,225		—		—		32,968,225
International Preferred Stocks		146,844,854		—		—		146,844,854
Commodity*		735,536,841		—		—		735,536,841
Term Loans		—		9,057,571		—		9,057,571
International Corporate Bonds		—		22,341,898		21,172,002		43,513,900
International Government Bonds		—		337,608,856		—		337,608,856
International Commercial Paper		—		948,452,374		—		948,452,374
U.S. Commercial Paper		—		546,090,862		—		546,090,862
Foreign Currency Contracts**		—		30,403,958		—		30,403,958
Total	$	8,602,945,569	$	1,923,112,224	$	54,618,277	$	10,580,676,070
Liabilities:
Foreign Currency Contracts**	$	—	$	7,139,962	$	—	$	7,139,962
Total	$	—	$	7,139,962	$	—	$	7,139,962

^(a) Transfer into/out of Level 2 represent value as of the beginning of the period.

International common stocks and international preferred stocks valued at $6,563,256,750 and $199,154,572 were transferred from Level 2 to Level 1 during the six-month period ended April 30, 2012. At October 31, 2011, these securities were valued based on fair value adjustment factors; at April 30, 2012, these securities were valued using quoted market prices in active markets. There were no transfers from Level 1 to Level 2 as of six-month period ended April 30, 2012.

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

^† See Schedule of Investments for additional detailed categorizations.

* Represents gold bullion.

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

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146

(continued)

Fair Value Level 3 activity for the period ended April 30, 2012 was as follows:

First Eagle Overseas Fund — (continued)
	_{INTERNATIONAL}			_{INTERNATIONAL}
	_{COMMON STOCKS}			_{CORPORATE BONDS}			_{TERM LOANS}			_{TOTAL VALUE}
Beginning Balance — market value	$	49,904,715		$	22,311,188		$	633,621		$	72,849,524
Purchases		30,673			20,711			—			51,384
Sales		—			—			(642,503	)		(642,503	)
Transfer In — Level 3		—			—			—			—
Transfer Out — Level 3		—			—			—			—
Accrued Amortization		—			—			(214	)		(214	)
Realized Gains (Losses)		—			—			(1,768	)		(1,768	)
Change in Unrealized Appreciation (Depreciation)		(16,489,113	)		(1,159,897	)		10,864			(17,638,146	)
Ending Balance — market value	$	33,446,275		$	21,172,002		$	—		$	54,618,277
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(16,489,113	)	$	(1,159,897	)	$	—		$	(17,649,010	)

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147

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	$	1,771,606,879	$	3,334	$	—	$	1,771,610,213
International Common Stocks		169,965,257		—		—		169,965,257
U.S. Preferred Stock		—		—		3,934,030		3,934,030
Exchange Traded Fund		11,744,524		—		—		11,744,524
Warrant		11,747,075		—		—		11,747,075
Commodity*		119,672,002		—		—		119,672,002
International Corporate Bond		—		5,400,000		—		5,400,000
U.S. Corporate Bonds		—		51,002,625		—		51,002,625
U.S. Treasury Bills		—		149,972,651		—		149,972,651
International Commercial Paper		—		26,285,422		—		26,285,422
U.S. Commercial Paper		—		370,579,455		—		370,579,455
Total	$	2,084,735,737	$	603,243,487	$	3,934,030	$	2,691,913,254
Liabilities:
Covered Call Option Written	$	250,600	$	—	$	—	$	250,600
Total	$	250,600	$	—	$	—	$	250,600

^(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, 2012, 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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148

(continued)

Fair Value Level 3 activity for the period ended April 30, 2012 was as follows:

First Eagle U.S. Value Fund — (continued)
	_{U.S. PREFERED STOCK}
Beginning Balance — market value	$	3,555,661
Purchases		—
Sales		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued Amortization		—
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		378,369
Ending Balance — market value	$	3,934,030
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	378,369
First Eagle Gold Fund

_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}^_(a)		_TOTAL
Assets: †
International Common Stocks	$	1,767,922,593	$	—	$	—	$	1,767,922,593
U.S. Common Stocks		203,146,875		—		—		203,146,875
International Preferred Stock		4,956,000		—		—		4,956,000
Investment Company		520,558		—		—		520,558
Warrants		840,382		—		0		840,382
Commodity*		569,025,451		—		—		569,025,451
International Convertible Bonds		—		1,973,371		30,000,000		31,973,371
International Commercial Paper		—		14,061,457		—		14,061,457
U.S. Commercial Paper		—		76,418,018		—		76,418,018
Total	$	2,546,411,859	$	92,452,846	$	30,000,000	$	2,668,864,705

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

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

* Represents gold bullion.

For the six-month period ended April 30, 2012, 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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Notes to Financial Statements (unaudited)

Fair Value Level 3 activity for the period ended April 30, 2012 was as follows:

First Eagle Gold Fund — (continued)
	_{INTERNATIONAL}
	_{CONVERTIBLE BONDS}		_WARRANTS		_{TOTAL VALUE}
Beginning Balance — market value	$	30,000,000	$	—	$	30,000,000
Purchases		—		0		0
Sales		—		—		—
Transfer In — Level 3		—		—		—
Transfer Out — Level 3		—		—		—
Accrued Amortization		—		—		—
Realized Gains (Losses)		—		—		—
Change in Unrealized Appreciation (Depreciation)		—		0		0
Ending Balance — market value	$	30,000,000	$	0	$	30,000,000
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	—	$	0	$	0
First Eagle High Yield Fund

_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}		_TOTAL
Assets:
U.S. Corporate Bonds	$	—	$	174,568,400	$	—	$	174,568,400
International Corporate Bonds		—		64,981,117		—		64,981,117
Term Loans		—		4,159,372		—		4,159,372
Asset-Backed Security		—		23,623		—		23,623
U.S. Commercial Paper		—		23,391,000		—		23,391,000
Total	$	—	$	267,123,512	$	—	$	267,123,512
Liabilities:
Foreign Currency Contracts**	$	—	$	24,554	$	—	$	24,554
Total	$	—	$	24,554	$	—	$	24,554

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

For the one-month period ended April 30, 2012, 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)

First Eagle Fund of America
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}		_TOTAL
Assets: †
U.S. Common Stocks	$	1,375,375,335	$	—	$	—	$	1,375,375,335
International Common Stocks		107,078,776		—		—		107,078,776
Exchange Traded Fund		51,992,618		—		—		51,992,618
Investment Company		62,392,716		—		—		62,392,716
U.S. Convertible Bond		—		5,338,563		—		5,338,563
Call Options Purchased		2,905,000		—		—		2,905,000
Total	$	1,599,744,445	$	5,338,563	$	—	$	1,605,083,008
Liabilities:
Covered Call Options Written	$	45,035,927	$	—	$	—	$	45,035,927
Put Options Written		37,500		—		—		37,500
Total	$	45,073,427	$	—	$	—	$	45,073,427

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 effective yield 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

^† See Schedule of Investments for additional detailed categorizations.

For the six-month period ended April 30, 2012, 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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Notes to Financial Statements (unaudited)

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 interest, dividends 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 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.

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, Overseas, and High Yield 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 different countries that the Funds invest in and serve as hedges against possible variations in the exchange rates between these currencies and the 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.

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(continued)

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.

At April 30, 2012, 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_GAIN^₃		_{CHANGE IN}_APPRECIATION^₄
Foreign Currency	$	46,855,058	$	10,761,869	$	94,097,975	$	35,640,408
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_GAIN^₃		_{CHANGE IN}_APPRECIATION^₄
Foreign Currency	$	30,403,958	$	7,139,962	$	51,525,410	$	24,011,750
First Eagle High Yield Fund

			_{GAIN OR (LOSS) ON}_{DERIVATIVES RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_{GAIN (LOSS)}^₃		_{CHANGE IN}_APPRECIATION^₄
Foreign Currency	$	24,554	$	—	$	47,192

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

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

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

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

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153

Notes to Financial Statements (unaudited)

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 Funds 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 Funds will realize a gain equal to the amount of the premium received. When the Funds enter into a closing purchase transaction, the Funds will realize a gain (or loss, if the cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated.

The Funds will earmark assets to cover its obligations under option contracts. A call option is covered if the Funds 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 Funds 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 the Funds 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 Funds, 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 Funds. The risk in writing a covered call option is that the Funds give up the opportunity for

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(continued)

profit if the market price of the underlying security increases and the option is exercised. The Funds also have the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

The Funds 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, 2012, First Eagle Global Fund, First Eagle U.S. Value Fund 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, 2011		17,550		$	2,030,334
Options written		14,617			4,499,162
Options assigned		—			—
Options expired/closed		(17,550	)		(2,030,334	)
Options outstanding at April 30, 2012		14,617		$	4,499,162

As of April 30, 2012, portfolio securities valued at $76,227,655 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, 2011		3,160		$	341,309
Options written		1,253			375,887
Options assigned		—			—
Options expired/closed		(3,160	)		(341,309	)
Options outstanding at April 30, 2012		1,253		$	375,887

As of April 30, 2012, portfolio securities valued at $6,534,395 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, 2011		92,105		$	20,894,677
Options written		456,061			117,957,713
Options assigned		(47,890	)		(10,017,577	)
Options expired/closed		(340,099	)		(93,299,694	)
Options outstanding at April 30, 2012		160,177		$	35,535,119

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Notes to Financial Statements (unaudited)

First Eagle Fund of America — (continued)
_{PURCHASED OPTIONS}	_NUMBER_{OF CONTRACTS}			_COST
Options outstanding at October 31, 2011		2,799		$	1,113,812
Options purchased		7,500			1,102,040
Options closed		(4,799	)		(1,735,702	)
Options outstanding at April 30, 2012		5,500		$	480,150

As of April 30, 2012, portfolio securities valued at $654,161,668 were segregated to cover collateral requirements for written options.

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

At April 30, 2012, 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^₃		_{CHANGE IN}_APPRECIATION^₄
Equity — Written options	$	2,923,400	$	2,030,334	$	1,914,178
First Eagle U.S. Value Fund
			_{GAIN OR (LOSS) ON}_{DERIVATIVES RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_GAIN^₃		_{CHANGE IN}_APPRECIATION^₄
Equity — Written options	$	250,600	$	341,309	$	112,728
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_LOSS^₃			_{CHANGE IN}_APPRECIATION^₄
Equity — Written options	$	—	$	45,073,427	$	(13,919,582	)	$	74,639
Equity — Purchased options	$	2,905,000	$	—	$	(483,237	)	$	2,377,077

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 & Investment transactions.

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(continued)

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.

i) Term Loans — A Fund may invest in term loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. A Fund records an investment when the Borrower withdraws money and records interest as earned. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any intermediary between the Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enters into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

j) 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.

k) 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

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157

Notes to Financial Statements (unaudited)

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.

l) 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 except for those of the First Eagle High Yield Fund which are declared daily and paid monthly. Distributions from net realized capital gains are made annually, if available.

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.

m) 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.

n) Use of estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

o) 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.

p) Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which

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(continued)

may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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, First Eagle High Yield Fund at 0.70% of the Fund's average daily net assets and First Eagle Fund of America at 1% of the Fund's average daily net assets.

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

The Adviser has contractually agreed to waive its management fee and/or reimburse expenses for the First Eagle High Yield Fund, as allowed by law, so that the total annual operating expenses (excluding certain items) of Class A and Class C shares do not exceed 1.25% and 2.00%, respectively, through December 31, 2012, and those of Class I shares do not exceed 0.80% through December 31, 2013.

The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the Funds, and in accordance with its agreement with them, the Funds reimburse the Adviser for costs (including

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159

Notes to Financial Statements (unaudited)

personnel, related overhead and other costs) related to those services. For the six-month period ended April 30, 2012, the Funds reimbursed and had payable to the Adviser amounts shown below:

_FUND	_{PAID TO ADVISER}		_{PAYABLE TO ADVISER}
First Eagle Global Fund	$	1,851,677	$	1,094,649
First Eagle Overseas Fund		603,655		399,007
First Eagle U.S. Value Fund		122,277		52,646
First Eagle Gold Fund		200,402		153,674
First Eagle High Yield Fund		—		—
First Eagle Fund of America		82,771		51,021

The Adviser may seek reimbursement for fees waived and other expenses paid by the Adviser pursuant to the Fee Waiver and Expense Reimbursement Agreement ("Agreement"). A repayment should be payable only to the extent it can be made during the thirty-six months following the applicable period during which the Adviser waived fees or reimbursed operating expenses under the Agreement. As of March 31, 2012, the Adviser may seek reimbursement of previously waived and reimbursed fees as follows:

_EXPIRATION	_AMOUNT
March 31, 2013	$	33,000
March 31, 2014		38,000
March 31, 2015		72,599

The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the First Eagle High Yield Fund, and in accordance with the agreement between them, the Fund reimburses the Adviser for costs (including personnel, related overhead and other costs) related to those services. In accordance with the plan of reorganization, those reimbursements may not exceed an annual rate of 0.05% of the value of the Fund's average daily net assets. After December 31, 2013, the Fund will no longer reimburse these costs and instead will pay a fixed administrative services fee to the Adviser at an annual rate of 0.05% of the value of the Fund's average daily net assets.

The Funds have entered into Custody Agreements with State Street Bank and Trust ("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

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(continued)

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 Advisor, serves as the Funds' principal underwriter. For the six-month period ended April 30, 2012, FEF Distributors, LLC realized $1,320,349, $162,403, $227,226, $140,221, $26,590* and $53,721, 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, First Eagle High Yield Fund and First Eagle Fund of America, respectively.

The Trust (except for First Eagle High Yield Fund) 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, 2012, balances to the Plan are recorded on the Statements of Assets and Liabilities.

Note 3 — Plans of Distribution

Under the terms of the Distribution Plans and Agreements ("the Plans") with FEF Distributors, LLC ("the Distributor"), pursuant to the provisions of Rule 12b-1 under the 1940 Act, the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle High Yield 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

* Period from April 1, 2012 to April 30, 2012.

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Notes to Financial Statements (unaudited)

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, 2012, 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, 2012, 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, 2012, the cost of purchases of investments, excluding U.S. Government and short-term securities, totaled $2,160,777,678, $524,211,809, $613,293,974, $144,265,718, $64,424,613* and $801,323,934 for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle High Yield Fund and First Eagle Fund of America, respectively. Proceeds from sales of investments, excluding U.S. government securities and short-term securities, totaled $1,813,974,439, $579,074,899, $221,284,740, $284,673,883, $9,727,258* and $535,407,606 for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle High Yield Fund and First Eagle Fund of America, respectively.

There were no purchases or sales 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, First Eagle High Yield Fund and First Eagle Fund of America.

* Period from April 1, 2012 to April 30, 2012.

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(continued)

Note 5 — Line of Credit

As of October 4, 2011, the Board of Trustees approved continuing a $300 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, 2012, the Funds had no borrowings under the agreement.

Note 6 — Capital Stock

At April 30, 2012, the Funds have an unlimited number of shares authorized for issuance. The Funds have the ability to issue multiple classes of shares.

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Notes to Financial Statements (unaudited)

Transactions in shares of capital stock were as follows:

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2012}
	_{FIRST EAGLE GLOBAL FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		36,181,138			21,640,873			45,530,331
Shares issued for reinvested dividends and distributions		6,802,133			2,393,382			3,768,498
Shares redeemed		(25,440,641	)		(12,062,802	)		(18,383,657	)
Net increase		17,542,630			11,971,453			30,915,172
	_{YEAR ENDED OCTOBER 31, 2011}
	_{FIRST EAGLE GLOBAL FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		82,403,930			52,534,770			90,765,616
Shares issued for reinvested dividends and distributions		3,377,141			815,954			1,528,605
Shares redeemed		(54,727,128	)		(20,788,828	)		(32,853,816	)
Net increase		31,053,943			32,561,896			59,440,405
	_{SIX-MONTH PERIOD ENDED APRIL 30, 2012}
	_{FIRST EAGLE GOLD FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		8,788,215			2,225,776			10,330,222
Shares issued for reinvested dividends and distributions		1,926,163			553,127			592,600
Shares redeemed		(12,508,161	)		(2,471,803	)		(14,500,228	)
Net increase (decrease)		(1,793,783	)		307,100			(3,577,406	)
	_{YEAR ENDED OCTOBER 31, 2011}
	_{FIRST EAGLE GOLD FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		17,323,860			5,525,002			15,889,989
Shares issued for reinvested dividends and distributions		2,866,928			787,656			535,343
Shares redeemed		(22,945,298	)		(4,454,411	)		(7,752,658	)
Net increase (decrease)		(2,754,510	)		1,858,247			8,672,674

* Represents the period from April 1, 2012 to April 30, 2012.

** For the year ended March 31, 2012.

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(continued)

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2012}
	_{FIRST EAGLE OVERSEAS FUND}									_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		32,260,226			4,001,086			41,188,998			22,231,566			8,856,480			18,376,474
Shares issued for reinvested dividends and distributions		10,323,750			1,491,162			7,558,176			1,938,704			561,949			995,161
Shares redeemed		(31,482,196	)		(4,859,007	)		(28,753,249	)		(6,430,846	)		(1,772,640	)		(5,022,640	)
Net increase		11,101,780			633,241			19,993,925			17,739,424			7,645,789			14,348,995
	_{YEAR ENDED OCTOBER 31, 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		75,564,814			11,307,075			75,710,003			25,183,381			7,044,675			17,859,980
Shares issued for reinvested dividends and distributions		4,608,501			588,534			3,075,256			770,417			204,916			335,285
Shares redeemed		(68,356,763	)		(7,372,637	)		(43,825,884	)		(12,196,811	)		(3,452,371	)		(7,453,323	)
Net increase		11,816,552			4,522,972			34,959,375			13,756,987			3,797,220			10,741,942
	_{SIX-MONTH PERIOD ENDED APRIL 30, 2012}
	_{FIRST EAGLE HIGH YIELD FUND*}									_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold		4,136,107			1,438,043			2,513,877			3,900,296			1,502,267			1,083,834
Shares issued for reinvested dividends and distributions		35,299			11,993			59,864			1,591,288			631,705			1,733,825
Shares redeemed		(127,320	)		(8,710	)		(97,836	)		(3,202,051	)		(894,256	)		(2,265,531	)
Net increase (decrease)		4,044,086			1,441,326			2,475,905			2,289,533			1,239,716			552,128
	_{YEAR ENDED OCTOBER 31, 2011}
	_{FIRST EAGLE HIGH YIELD FUND**}									_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold		6,568,153			2,846,517			11,573,817			11,550,839			4,179,170			4,218,795
Shares issued for reinvested dividends and distributions		25,393			9,640			222,218			91,034			8,600			142,915
Shares redeemed		(395,841	)		(15,606	)		(1,108,713	)		(5,339,481	)		(1,096,383	)		(3,858,781	)
Net increase (decrease)		6,197,705			2,840,551			10,687,322			6,302,392			3,091,387			502,929

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Notes to Financial Statements (unaudited)

Transactions in dollars of capital stock were as follows:

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2012}
	_{FIRST EAGLE GLOBAL FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	1,705,680,390		$	1,002,226,289		$	2,153,664,727
Shares issued for reinvested dividends and distributions		302,626,928			104,854,067			168,225,738
Shares redeemed		(1,195,649,510	)		(557,903,639	)		(864,633,898	)
Net increase	$	812,657,808		$	549,176,717		$	1,457,256,567
	_{YEAR ENDED OCTOBER 31, 2011}
	_{FIRST EAGLE GLOBAL FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	3,869,277,750		$	2,425,639,817		$	4,254,961,876
Shares issued for reinvested dividends and distributions		154,537,968			36,791,366			70,178,270
Shares redeemed		(2,551,569,341	)		(955,493,361	)		(1,532,877,172	)
Net increase	$	1,472,246,377		$	1,506,937,822		$	2,792,262,974

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2012}
	_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	383,895,479		$	151,347,849		$	319,755,422
Shares issued for reinvested dividends and distributions		31,581,487			9,092,330			16,390,304
Shares redeemed		(111,771,838	)		(30,498,173	)		(88,006,535	)
Net increase (decrease)	$	303,705,128		$	129,942,006		$	248,139,191
	_{YEAR ENDED OCTOBER 31, 2011}
	_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	422,499,567		$	117,098,665		$	302,544,849
Shares issued for reinvested dividends and distributions		12,519,282			3,309,400			5,502,028
Shares redeemed		(203,499,149	)		(57,256,894	)		(124,562,916	)
Net increase (decrease)	$	231,519,700		$	63,151,171		$	183,483,961

* Represents the period from April 1, 2012 to April 30, 2012.

** For the year ended March 31, 2012.

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(continued)

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2012}
	_{FIRST EAGLE OVERSEAS FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	692,386,651		$	83,441,789		$	897,021,063
Shares issued for reinvested dividends and distributions		209,262,506			29,554,809			155,396,107
Shares redeemed		(673,330,443	)		(101,360,105	)		(620,454,155	)
Net increase	$	228,318,714		$	11,636,493		$	431,963,015
	_{YEAR ENDED OCTOBER 31, 2011}
	_{FIRST EAGLE OVERSEAS FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	1,715,966,975		$	250,653,639		$	1,744,387,109
Shares issued for reinvested dividends and distributions		102,262,633			12,771,196			69,224,009
Shares redeemed		(1,545,390,214	)		(162,706,611	)		(1,005,497,700	)
Net increase	$	272,839,394		$	100,718,224		$	808,113,418

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2012}
	_{FIRST EAGLE GOLD FUND}									_{FIRST EAGLE HIGH YIELD FUND*}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	269,398,143		$	66,094,908		$	311,581,606		$	40,159,389		$	13,962,214		$	24,427,023
Shares issued for reinvested dividends and distributions		58,150,878			16,234,284			18,086,151			344,874			117,051			584,872
Shares redeemed		(372,402,428	)		(71,682,427	)		(419,664,481	)		(1,237,256	)		(84,464	)		(950,834	)
Net increase (decrease)	$	(44,853,407	)	$	10,646,765		$	(89,996,724	)	$	39,267,007		$	13,994,801		$	24,061,061
	_{YEAR ENDED OCTOBER 31, 2011}
	_{FIRST EAGLE GOLD FUND}									_{FIRST EAGLE HIGH YIELD FUND**}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	584,552,778		$	181,475,181		$	536,860,176		$	63,546,710		$	27,547,011		$	111,401,833
Shares issued for reinvested dividends and distributions		94,379,255			25,236,503			17,810,847			247,405			93,837			2,139,752
Shares redeemed		(765,827,714	)		(143,628,830	)		(265,774,260	)		(3,817,412	)		(151,895	)		(10,598,096	)
Net increase (decrease)	$	(86,895,681	)	$	63,082,854		$	288,896,763		$	59,976,703		$	27,488,953		$	102,943,489

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Notes to Financial Statements (unaudited)

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2012}
	_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold	$	97,387,333		$	32,594,298		$	27,615,676
Shares issued for reinvested dividends and distributions		36,154,068			12,533,028			40,138,059
Shares redeemed		(79,454,388	)		(19,398,538	)		(57,519,172	)
Net increase	$	54,087,013		$	25,728,788		$	10,234,563
	_{YEAR ENDED OCTOBER 31, 2011}
	_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold	$	302,143,282		$	97,792,197		$	112,972,787
Shares issued for reinvested dividends and distributions		2,298,611			193,070			3,671,493
Shares redeemed		(135,242,015	)		(24,843,434	)		(99,366,357	)
Net increase	$	169,199,878		$	73,141,833		$	17,277,923

Note 7 — Indemnification and 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.

The First Eagle High Yield Fund invests in high yield securities which may be subject to greater levels of interest rate, credit and liquidity risk than investment

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(continued)

grade securities. These high yield securities may be considered speculative with respect to the issuer's continuing ability to make principal and interest payments and may be subject to significant price fluctuations.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Funds enter into derivatives which may represent off-balance sheet risk. Off-balance sheet risk exists when the maximum potential loss on a particular investment is greater than the value of such investment as reflected in the statement of assets and liabilities.

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 were no redemptions in-kind as of April 30, 2012.

Note 9 — Subsequent Events

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

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Fund Expenses (unaudited)

Example

As a shareholder of the First Eagle Funds, you may incur two types of costs: (1) transaction costs, including front-end and contingent deferred sales charges (loads), and (2) ongoing costs, including advisory fees; distribution fees (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 the 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, 2011 and held for the six-months ended April 30, 2012.

Actual Expenses

The table below titled "Based on Actual Total Return" provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During the Period".

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(continued)

Based on Actual Total Return¹

	_{ACTUAL TOTAL}_RETURN_WITHOUT_{SALES CHARGES}^₂			_BEGINNING_ACCOUNT_VALUE		_ENDING_ACCOUNT_VALUE		_ANNUALIZED_EXPENSE_RATIO			_EXPENSES_PAID_{DURING THE}_PERIOD^₃
First Eagle Global Fund
Class A		5.55	%	$	1,000.00	$	1,055.50		1.13	%	$	5.78
Class C		5.14			1,000.00		1,051.40		1.88			9.59
Class I		5.68			1,000.00		1,056.80		0.88			4.50
First Eagle Overseas Fund
Class A		2.75			1,000.00		1,027.50		1.17			5.90
Class C		2.40			1,000.00		1,024.00		1.92			9.66
Class I		2.89			1,000.00		1,028.90		0.92			4.64
First Eagle U.S. Value Fund
Class A		8.02			1,000.00		1,080.20		1.14			5.90
Class C		7.61			1,000.00		1,076.10		1.89			9.76
Class I		8.16			1,000.00		1,081.60		0.89			4.61
First Eagle Gold Fund Consolidated
Class A		–16.66			1,000.00		833.40		1.20			5.47
Class C		–16.98			1,000.00		830.20		1.95			8.87
Class I		–16.57			1,000.00		834.30		0.95			4.33
First Eagle High Yield Fund
Class A		0.72			1,000.00		1,007.20		1.01			0.83⁴
Class C		0.66			1,000.00		1,006.60		1.76			1.45⁴
Class I		0.75			1,000.00		1,007.50		0.80			0.66⁴
First Eagle Fund of America
Class A		14.51			1,000.00		1,145.10		1.44			7.68
Class C		14.08			1,000.00		1,140.80		2.19			11.66
Class Y		14.54			1,000.00		1,145.40		1.44			7.68

¹For the six-months ended April 30, 2012.

²Past performance does not guarantee future results. Assumes reinvestment of all dividends and capital gain distributions, if any, at net asset value and does not reflect the deduction of the applicable sales charge, exchange fees or redemption fees. Had the effect of sales charges been reflected, expenses would have been higher and returns lower. Total return is not annualized, as it may not be representative of the total return for the year.

³ Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

⁴Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 30/366 (to reflect the actual days in the period).

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Fund Expenses (unaudited)

Hypothetical Example for Comparison Purposes

The table below titled "Based on Hypothetical Total Return" provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the First Eagle Funds' 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 Funds and other funds. To do so, compare the 5% hypothetical example relating to the 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, 2011 and held for the six-months ended April 30, 2012.

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	$	1,019.24		1.13	%	$	5.67
Class C		5.00			1,000.00		1,015.51		1.88			9.42
Class I		5.00			1,000.00		1,020.49		0.88			4.42
First Eagle Overseas Fund
Class A		5.00			1,000.00		1,019.05		1.17			5.87
Class C		5.00			1,000.00		1,015.32		1.92			9.62
Class I		5.00			1,000.00		1,020.29		0.92			4.62
First Eagle U.S. Value Fund
Class A		5.00			1,000.00		1,019.19		1.14			5.72
Class C		5.00			1,000.00		1,015.47		1.89			9.47
Class I		5.00			1,000.00		1,020.44		0.89			4.47
First Eagle Gold Fund Consolidated
Class A		5.00			1,000.00		1,018.90		1.20			6.02
Class C		5.00			1,000.00		1,015.17		1.95			9.77
Class I		5.00			1,000.00		1,020.14		0.95			4.77
First Eagle High Yield Fund
Class A		5.00			1,000.00		1,003.27		1.01			0.83³
Class C		5.00			1,000.00		1,002.66		1.76			1.44³
Class I		5.00			1,000.00		1,003.44		0.80			0.66³
First Eagle Fund of America
Class A		5.00			1,000.00		1,017.70		1.44			7.22
Class C		5.00			1,000.00		1,013.97		2.19			10.97
Class Y		5.00			1,000.00		1,017.70		1.44			7.22

¹For the six-months ended April 30, 2012.

²Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

³Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 30/366 (to reflect the actual days in the period).

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General Information

Quarterly Form N-Q portfolio schedule

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

Proxy voting policies, procedures and record

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

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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 13, 2011.

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. Performance for each Fund was determined to be excellent given its returns relative to benchmarks and peers (looking to medium- and longer-term returns only in the case of Fund of America).

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

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Consideration of Investment Advisory Agreements (continued)

compensation to the Adviser, such as soft dollar and other service benefits, the Trustees noted the generally low levels of soft dollars and absence of affiliated broker-dealer relationships.

• The Trustees' reviewed the Funds' expense ratios, which were deemed reasonable both on an absolute basis and in comparison to peer funds. The Trustees discussed the impact of the advisory fee on the ratio of total expenses to total assets and noted that the Funds' expense ratios decreased over several years as the Funds grew, highlighting a benefit to shareholders resulting from the development of economies of scale in the operation of the Funds. The Trustees also noted however, that expense ratios for each of the Funds had decreased over the prior fiscal year, after generally experiencing increases over the last two years. 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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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

Meng Lam

Assistant Treasurer

Investment Adviser

First Eagle Investment Management, LLC

1345 Avenue of the Americas
New York, NY 10105

Legal Counsel

Shearman & Sterling LLP

599 Lexington Avenue
New York, NY 10022

Custodian

State Street Bank and Trust Company

801 Pennsylvania 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.

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

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 at this time.

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

Not applicable at this time.

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

Not applicable at this time.

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

Not applicable at this time.

Item 11. Controls and Procedures.

(a) In the opinion of the principal executive officer and principal financial officer, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared; and (ii) that

information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

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

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

(a)(3) Not applicable.

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

SIGNATURES

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

(Registrant)	First Eagle Funds

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

	John P. Arnhold, President

Date: July 3, 2012

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 3, 2012

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

	Joseph T. Malone, Principal Financial Officer

Date: July 3, 2012

* 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)