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, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Semi-Annual Report

APRIL 30, 2013

Global Fund

Overseas Fund

U.S. Value Fund

Gold Fund

Global Income Builder 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
Management's Discussion of Fund Performance					8
Performance Chart					15
First Eagle Global Fund:
Fund Overview					20
Schedule of Investments					22
First Eagle Overseas Fund:
Fund Overview					44
Schedule of Investments					46
First Eagle U.S. Value Fund:
Fund Overview					68
Schedule of Investments					70
First Eagle Gold Fund:
Fund Overview					86
Consolidated Schedule of Investments					88
First Eagle Global Income Builder Fund:
Fund Overview					94
Schedule of Investments					96
First Eagle High Yield Fund:
Fund Overview					108
Schedule of Investments					110
First Eagle Fund of America:
Fund Overview					122
Schedule of Investments					124
Statements of Assets and Liabilities					132
Statements of Operations					140
Statements of Changes in Net Assets					144
Financial Highlights					148
Notes to Financial Statements					162
Fund Expenses					198
General Information					202
Consideration of Investment Advisory Agreements					203

Letter from the President

John P. Arnhold

Dear Fellow Shareholders,

At First Eagle, we remain committed to the mission that has guided our investment approach over our long history: To provide prudent stewardship of the assets you have placed in our care. Regardless of short-term market events, swings in investor confidence or the pressures to follow new market paradigms, we continue to seek to provide our shareholders with attractive absolute returns over the long-term.

Market Overview

Since I wrote you last December, financial markets have been characterized by a near absence of fear and caution. Given that this time last year we were in the midst of a period of unusual change and uncertainty driven by historic macro interventions, it is noteworthy and perhaps troubling that a mere twelve months later investors appear to be generally ignoring potential signs of distress.

For instance, during the six-month period ending April 30, 2013, the American and Japanese markets have expanded rapidly — largely as a result of accommodative monetary policy. In the U.S., the stock market began 2013 with the strongest first quarter since 1998¹. Similarly, Japan's equity market, as measured by the Nikkei 225, has risen approximately 55% since the start of First Eagle's fiscal year on November 1, 2012.

It is important to note that this expansion has not been uniform across the globe. In fact, markets remained sluggish in Europe as the region digested fiscal austerity measures and Europe's recession deepened. In addition, China experienced the pressure of challenging property markets, a slowdown in GDP growth² and higher real exchange rates.

During the same time period, global corporate fixed income yields have touched and often moved below their past lows. Nonetheless, it is important to note that while absolute yields are very low, high yield market spreads over treasuries — while gradually eroding — remained within historical ranges³, during the six-month period.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
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Letter from the President (continued)

In the first half of our fiscal year, the gold spot price has declined. This was punctuated by the 9% drop on April 15^th, driven by fears (later proven to be unfounded) that European central banks would follow Cyprus's Finance Minister by liquidating gold reserves to raise capital in order to qualify for economic aid. We continue to believe that predicting the price of gold is a fool's errand. Bullion's price declines have been steep; nonetheless, we remain comfortable with our view of gold as a potential hedge against unforeseen circumstances.

In our quest to protect our clients' capital while providing absolute returns, we continue to focus on seeking to identify quality businesses and quality credit at what we believe to be attractive prices. We are global, fundamental investors. While we do not make decisions based on macro views, we stay abreast of macro changes across the globe as large shifts may impact the long-term fundamentals of the businesses we own on behalf of our shareholders.

Global Value Team

The First Eagle Global, Overseas, and U.S. Value Funds continue to seek opportunities to invest in high-quality companies at what we consider to be attractive prices. With the rapid rise of equity valuations in the U.S. and Japan, it seems that we may have entered a market period where equity valuations are on the higher side of fair. Even in Europe, where market valuations grew at a more measured pace, we've found that good companies are generally fairly valued. In this type of environment, it has been more difficult to find opportunities with what we believe to be an adequate margin of safety in price. In addition, several of our investments have reached what we believe to be their intrinsic values. As a result, we have trimmed or exited several long-term holdings.

Since cash is a residual of our investment process, in times like these, our cash levels grow as a percentage of our Global Value Funds. This period has been no exception.

The price of gold has also been volatile, declining approximately 12% since January 1^st. Gold mining stocks have displayed the historical 2 to 3 times price movement of the metal and have lost approximately 34% since the start of the year⁴. Nonetheless, we remain committed to our views about gold. In this regard, the First Eagle Gold Fund continues to invest in gold bullion and gold mining companies with the objective of providing our shareholders exposure to the investment characteristics of gold and, to a limited extent, other precious metals.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
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Letter from the President (continued)

The current low-yield environment can be very troubling for income-oriented investors. With traditional income sources such as CDs and Treasury Bonds providing low to negative yields after inflation, we believe it is essential to not only focus on generating income today, but also to seek to preserve purchasing power for the future. The First Eagle Global Income Builder Fund's portfolio management team searches the globe in an attempt to deliver meaningful and sustainable income in today's low-yield environment.

When equity markets are rising to new heights, it can be challenging for value investors to search patiently, one security at a time, for companies priced with what we view to be a margin of safety. Under the thoughtful leadership of Matthew McLennan alongside Portfolio Managers Abhay Deshpande, Kimball Brooker, Rachel Benepe, Giorgio Caputo, Robert Hordon, Edward Meigs and Sean Slein, First Eagle's Global Value Team remains disciplined and continues to demonstrate the patient temperament required to weather this part of the cycle.

High Yield Team

While high yield debt is charting new territory in terms of absolute yields, First Eagle Portfolio Managers Ed Meigs and Sean Slein feel that high-yield spreads at 432 bps⁵, while gradually narrowing, remain reasonable given the level of credit risk in the market today. The team also continued its attempts to manage interest rate risk. As a result the team continued to favor single B credits over longer duration BB rated credits. In addition, over the first six months of this fiscal year, it increased the Fund's exposure to bank loans. These loans have floating interest rates and are generally senior to the bonds in a company's capital structure. As of April 30th, loans comprised approximately 18% of our High Yield Fund and 7% of our Global Income Builder Fund.

Fund of America Team

Although the broader markets have rallied substantially over the last five quarters, Portfolio Managers Harold Levy and David Cohen believe that numerous global concerns remain, which are commonly overlooked by investors. Building on their belief that the Fed will be the dominant influence on debt and equity markets in 2013, the First Eagle Fund of America portfolio managers remain optimistic that the combination of strong corporate balance sheets, relative regulatory clarity and historically low borrowing costs could lead to a significant reacceleration of merger and acquisition activity through the

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
6

Letter from the President (continued)

year. So, the team continues to adhere to its philosophy of investing in companies undergoing significant corporate change, with strong free cash flows and solid management teams. Over time and across a variety of market environments, this philosophy has generally served shareholders well.

Closing

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

Sincerely,

John P. Arnhold

President

June 2013

¹ As measured by the change in the Dow Jones Industrial Average from January 1, 2013 to April 30, 2013. Source: Factset

² Source: Bloomberg

³ Source: Barclays. Average high-yield spread from 2003 to 2013 is 565 basis points. Across the same period, one standard deviation is 303 basis points. Absolute low was 233 basis points (May 2007).

⁴ As measured by the FTSE Gold Mines Index from January 1^st, 2013 to April 30, 2013.

⁵ Barclays U.S. High Yield — Corporate Index as of April 30, 2013. Source: Factset

The commentary represents the opinion of John Arnhold as of June 2013 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.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
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Management's Discussion of Fund Performance

In the six months ending April 30, 2013, the MSCI World Index increased 14.7%, while in the U.S., the S&P 500 Index increased 14.4%. In Europe, the German DAX Index rose 9.0% and the French CAC 40 Index rose 12.5% during the period. The Nikkei 225 Index surged 55.2% during the six-month period. This large move was, in part, the result of the December election of Shinzo Abe and the belief that his reflationary policies would be fully enacted. Although our portfolio benefited from a rising Japanese equity market, these gains were partially offset by the weakness in gold mining stocks and gold bullion. Crude oil rose 8.4% to $93 a barrel, and the price of gold fell 14.2% to $1,476 an ounce as of April 30th. On April 15th, gold fell 9%. Market participants appeared to react strongly to comments by the Cyprian Finance Minister that the Central Bank of Cyprus might sell some of its gold reserves to help Cyprus qualify for international aid. Over the six-month period, the Japanese Yen weakened 22.2% against the U.S. Dollar, and in Europe, the U.S. Dollar strengthened 1.6% against the Euro.

First Eagle Global Fund

The net asset value ("NAV") of the Fund's Class A shares increased 10.3% for the six-month period while the MSCI World Index rose 14.7%. The Fund's cash & cash equivalents position increased from 18.8% at the end of October to 20.6% on April 30, 2013.

The five largest contributors to the performance of First Eagle Global Fund over the period were Mitsubishi Estate Company Limited (real estate, Japan), Cisco Systems, Inc. (networking, U.S.), HeidelbergCement AG (cement, Germany), MS&AD Insurance Group Holdings (insurance, Japan) and Shimano, Inc. (bicycle parts, Japan) collectively accounting for 2.1% of this period's performance.

The five largest detractors were gold bullion, Newcrest Mining Limited (mining, Australia), Goldcorp, Inc. (mining, Canada), Gold Fields Limited, ADR (mining, South Africa) and Fresnillo PLC (mining, Mexico). Their combined negative performance over the six months subtracted 1.8% from the Fund's performance.

As of April 30, 2013, the Fund was approximately 35% hedged versus the Japanese Yen and 30% hedged versus the Euro.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
8

First Eagle Overseas Fund

The NAV of the Fund's Class A shares rose 10.8% for the six-month period while the MSCI EAFE Index increased 16.9%. The Fund's cash and cash equivalents position increased from 21.2% at the end of October to 23.6% on April 30, 2013.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were MS&AD Insurance Group Holdings (insurance, Japan), Mitsubishi Estate Company Limited (real estate, Japan), Shimano, Inc. (bicycle parts, Japan), HeidelbergCement AG (cement, Germany) and NKSJ Holdings, Inc. (insurance, Japan) collectively accounting for 2.9% of this period's performance.

The five largest detractors were gold bullion, Agnico-Eagle Mines Limited (mining, Canada), Newcrest Mining Limited (mining, Australia), Gold Fields Limited (mining, South Africa) and Penn West Petroleum Limited (oil, Canada). Their combined negative performance over the six-month period subtracted 2.2% from the Fund's performance.

As of April 30, 2013, the Fund was approximately 35% hedged versus the Japanese Yen and 30% hedged versus the Euro.

First Eagle U.S. Value Fund

The NAV of the Fund's Class A shares increased 7.3% for the six-month period while the S&P 500 Index rose 14.4%. The Fund's cash and cash equivalents position decreased from 21.5% at the beginning of the period to 16.7% on April 30, 2013.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Cisco Systems, Inc. (networking), Alliant Techsystems, Inc. (defense manufacturer), Rofin-Sinar Technologies, Inc. (laser-based products), Microsoft Corporation (software) and Cincinnati Financial Corporation (property & casualty insurance) collectively accounting for 2.4% of this period's performance.

The five largest detractors were Agnico-Eagle Mines Limited (mining), gold bullion, Newcrest Mining Limited (mining), Newmont Mining Corporation (mining) and Penn West Petroleum Limited (oil). Their combined negative performance over the six-month period subtracted 2.3% from the Fund's performance.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
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Management's Discussion of Fund Performance (continued)

First Eagle Gold Fund

The NAV of the Fund's Class A shares fell 33.7% for the six-month period while the FTSE Gold Mines Index declined 42.2%. The Fund's cash and cash equivalents position decreased from 6.1% in October to 2.6% on April 30, 2013.

The five largest contributors to the performance of First Eagle Gold Fund over the period were Primero Mining Corporation (Canada), Detour Gold Corporation 5.5% bond due 11/30/17 (Canada), Great Basin Gold Limited 8.0% bond due 11/30/14 (South Africa), Aurizon Mines Limited (Canada) and CGA Mining Limited (Canada) collectively accounting for no benefit to the period's performance.

The five largest detractors were Agnico-Eagle Mines Limited (Canada), Barrick Gold Corporation (Canada), gold bullion, Kinross Gold Corporation (Canada) and AngloGold Ashanti Limited, ADR (South Africa). Their combined negative performance over the six-month period subtracted 12.5% from the Fund's performance.

First Eagle Global Income Builder Fund

The NAV of the Fund's Class A shares rose 7.5% for the six-month period while the Barclays US Aggregate Bond Index rose 0.9% and the MSCI World Index increased 14.7%. The Fund's cash and cash equivalents position increased from 5.6% in October to 7.3% on April 30, 2013.

The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were Bouygues SA (infrastructure construction, France), H&R Block, Inc. (professional services, U.S.), Sanofi (pharmaceuticals, France), Investor AB, Class 'A' (holding company, Sweden) and Microsoft Corporation (software, U.S.), collectively accounting for 1.6% of this period's performance.

The five largest detractors were Barrick Gold Corporation (mining, Canada), Newmont Mining Corporation (mining, U.S.), Penn West Petroleum Limited (oil, Canada), Newcrest Mining Limited (mining, Australia) and Goldcorp, Inc. (mining, Canada). Their combined negative performance over the six-month period subtracted 1.59% from the Fund's performance.

As of April 30, 2013, the First Eagle Global Income Builder Fund was approximately 35% hedged against the Japanese Yen and 30% hedged against the Euro on equities. The Fund was 100% hedged on Euro-denominated bonds.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
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First Eagle High Yield Fund

The NAV of the Fund's Class I shares rose 6.1% for the six-month period, while the Barclays Capital U.S. Corporate High Yield Index increased 7.3%. We continued to favor B-rated issues, which accounted for more than half of the Fund's assets as of April 30, 2013. The Fund's cash and cash equivalents position increased from 3.9% in October to 5.6% on April 30, 2013.

The five largest contributors to the performance of the Fund for the six-month period were Bi-Lo LLC, Offshore Group Investments Limited, Advanced Micro Devices, Inc., HeidelbergCement Finance BV, and Sheridan Group, Inc., collectively accounting for 0.76% of this period's performance.

The five largest detractors were OGX Petroleo E Gas Participacoes, Mood Media Corporation, OGX Austria GmbH, Quiksilver, Inc., and Sugarhouse HSP Gaming Prop. Mezz L.P. Their combined negative performance over the six month period subtracted 0.35% from this period's performance.

As of April 30, 2013, the Fund was 98% hedged against the Euro.

First Eagle Fund of America

The NAV of the Fund's Class Y shares increased 15.3% for the six months ended April 30, 2013 versus 14.4% for the S&P 500 Index. We continue to find a number of new investment opportunities despite the broader markets' recent rally. Our primary focus continues to be investing in quality companies that are trading at what we believe to be a discount to their intrinsic values.

The five largest contributors to the performance of the First Eagle Fund of America over the period were Rockwood Holdings Inc., Valeant Pharmaceuticals International Inc., Seagate Technology PLC, Packaging Corporation of America, and Wyndham Worldwide Corporation, collectively accounting for 7.5% of the Fund's performance.

The five largest detractors were SPDR Gold Trust, Garmin Limited, General Dynamics Corporation, Lowe's Companies, Inc., and Atlas Resource Partners LP. Their combined negative performance over the six-month period subtracted 0.47% from the Fund's performance.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
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Management's Discussion of Fund Performance (continued)


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

T. Kimball Brooker, Jr.				Rachel Benepe
Portfolio Manager Global, Overseas and U.S. Value Funds				Portfolio Manager Gold Fund

Giorgio Caputo				Robert Hordon
Portfolio Manager Global Income Builder Fund				Portfolio Manager Global Income Builder Fund

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
12


Edward Meigs				Sean Slein
Portfolio Manager Global Income Builder and High Yield Funds				Portfolio Manager Global Income Builder and High Yield Funds

Harold Levy

Portfolio Manager
Fund of America

June 2013

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 commentary represents the opinion of the Portfolio Management Teams as of June 2013 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.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
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Management's Discussion of Fund Performance (continued)

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.

Investment in gold and gold related investments present certain risks, including negative tax consequences (e.g., a change in a fund's tax status causing the fund to be subject to tax at the fund level on its taxable income), 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.

The First Eagle Global Income Builder Fund and High Yield Fund invest in high yield securities that are non-investment grade (commonly known as "junk bonds") which are generally considered speculative because they may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may be subject to greater volatility. 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.

Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline.

Bank loans are often less liquid than other types of debt instruments. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower's obligation, or that such collateral could be liquidated.

The High Yield 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, which could cause you to pay higher taxes.

Income generation and dividends are not guaranteed. If dividend paying stocks in the Fund's portfolio stop paying or reduce dividends, the fund's ability to generate income will be adversely affected.

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.

The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value.

All investments involve the risk of loss.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
14

Performance Chart¹ (unaudited)

Average Annual Returns as of April 30, 2013

	_ONE-YEAR			_THREE-YEARS			_FIVE-YEARS			_TEN-YEARS			_SINCE_INCEPTION			_INCEPTION_DATE
First Eagle Global Fund
Class A (SGENX)
without sales charge		12.45	%		9.89	%		6.22	%		12.45	%		14.14	%	1/1/1979²
with sales charge		6.83			8.03			5.14			11.88			14.01		1/1/1979²
Class C (FESGX)		10.61			9.07			5.42			11.61			11.50		06/05/00
Class I (SGIIX)		12.73			10.17			6.48			12.73			12.08		07/31/98
MSCI World Index³		16.70			9.59			1.81			8.29			9.73		01/01/79
First Eagle Overseas Fund
Class A (SGOVX)
without sales charge		13.28	%		8.75	%		5.13	%		12.69	%		11.96	%	08/31/93
with sales charge		7.60			6.90			4.06			12.11			11.74		08/31/93
Class C (FESOX)		11.43			7.94			4.34			11.84			11.23		06/05/00
Class I (SGOIX)		13.54			9.00			5.38			12.96			12.35		07/31/98
MSCI EAFE Index⁴		19.39			7.44			-0.93			9.23			5.15		08/31/93
First Eagle U.S. Value Fund
Class A (FEVAX)
without sales charge		9.91	%		9.45	%		6.09	%		9.81	%		9.50	%	09/04/01
with sales charge		4.41			7.60			5.00			9.25			9.02		09/04/01
Class C (FEVCX)		8.05			8.62			5.30			8.99			8.68		09/04/01
Class I (FEVIX)		10.17			9.71			6.35			10.08			9.76		09/04/01
Standard & Poor's 500 Index⁵		16.89			12.80			5.21			7.88			5.04		09/04/01
First Eagle Gold Fund
Class A (SGGDX)
without sales charge		-26.95	%		-8.79	%		-0.53	%		10.44	%		7.42	%	08/31/93
with sales charge		-30.62			-10.34			-1.54			9.87			7.21		08/31/93
Class C (FEGOX)		-28.25			-9.48			-1.28			—			8.99		05/15/03
Class I (FEGIX)		-26.77			-8.58			-0.29			—			10.08		05/15/03
FTSE Gold Mines Index⁶		-36.48			-17.70			-7.55			5.32			-0.06		08/31/93
MSCI World Index³		16.70			9.59			1.81			8.29			6.46		08/31/93

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
15

Performance Chart¹ (unaudited) (continued)

	_ONE-YEAR			_THREE-YEARS			_FIVE-YEARS			_TEN-YEARS			_SINCE_INCEPTION			_INCEPTION_DATE
First Eagle Global Income Builder Fund
Class A (FEBAX)
without sales charge		—			—			—			—			12.21	%	05/01/12
with sales charge		—			—			—			—			6.56		05/01/12
Class C (FEBCX)		—			—			—			—			10.34		05/01/12
Class I (FEBIX)		—			—			—			—			12.44		05/01/12
MSCI World Index³		—			—			—			—			16.42		05/01/12
Barclays Capital U.S. Aggregate Bond Index⁷		—			—			—			—			3.81		05/01/12
First Eagle High Yield Fund
Class A (FEHAX)
without sales charge		11.34	%		—			—			—			13.23	%	01/03/12
with sales charge		6.33			—			—			—			9.38		01/03/12
Class C (FEHCX)		9.51			—			—			—			12.28		01/03/12
Class I (FEHIX)		11.80			10.16	%		14.14	%		—			13.05		11/19/07⁸
Barclays Capital U.S. Corporate High Yield Index⁹		13.98			11.05			11.11			—			10.53		11/19/07
First Eagle Fund of America
Class A (FEFAX)
without sales charge		17.26	%		14.26	%		6.42	%		10.41	%		8.45	%	11/20/98
with sales charge		11.40			12.32			5.33			9.84			8.07		11/20/98
Class C (FEAMX)		15.39			13.42			5.63			9.59			7.67		03/02/98
Class I (FEAIX)		—			—			—			—			1.77		03/08/13
Class Y (FEAFX)¹⁰		17.28			14.28			6.42			10.41			12.05		04/10/87
Standard & Poor's 500 Index⁵		16.89			12.80			5.21			7.88			9.19		04/10/87

¹ The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the funds' short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at firsteaglefunds.com or by calling 800.334.2143. Performance figures represent certain fee waivers and/or expense limitations, without which returns would have been lower. The average annual returns for Class A Shares "with sales charge" of First Eagle Global,

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
16

Average Annual Returns as of April 30, 2013 (unaudited)

Overseas, U.S. Value, Gold, Global Income Builder and Fund of America give effect to the deduction of the maximum sales charge of 5.00%. The average annual returns for Class A Shares "with sales charge" of First Eagle High Yield Fund gives effect to the deduction of the maximum sales charge of 4.50%.

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, First Eagle Global Income Builder Fund, First Eagle High Yield Fund, and First Eagle Fund of America require $1mm minimum investment and are offered without sales charge.

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

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

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

⁴ The MSCI EAFE Index is a total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of approximately 1,100 companies from 22 countries and is not available for purchase.

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

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

⁷ The Barclays Capital U.S. Aggregate Bond Index is an unmanaged broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS and is not available for purchase.

⁸ First 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 December 30, 2011. Information prior to December 30, 2011 is for this 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.

⁹ 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.

¹⁰ As of September 1, 2005 First Eagle Fund of America Class Y is closed to new accounts.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
17

Performance Chart¹ (unaudited) (continued)

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

	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS Y}
First Eagle Global Fund		1.15	%		1.89	%		0.90	%		—
First Eagle Overseas Fund		1.17			1.92			0.92			—
First Eagle U.S. Value Fund		1.17			1.92			0.93			—
First Eagle Gold Fund		1.21			1.96			0.96			—
First Eagle Global Income Builder*		2.13			2.88			2.20			—
First Eagle High Yield Fund**		1.27			2.02			1.03			—
First Eagle Fund of America		1.45			2.20			1.20	***		1.45

* 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 1.30% for A Shares, 2.05% for C Shares, and 1.05% for I Shares with gross operating expenses of 2.13%, 2.88%, and 2.20% respectively. This limitation excludes certain expenses as described in the Fees and Expenses section of the prospectus. This limitation will continue until December 31, 2013. The expense limitation may be terminated by the Adviser in future years.

** 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, with gross operating expenses of 1.03%, 1.27%, and 2.02 % respectively. This limitation excludes certain expenses as described in the Fees and Expenses section of the prospectus. This limitation will continue until December 31, 2013. The expense limitation may be terminated by the Adviser in future years.

*** The Fund's Class I Shares commenced investment operations on March 8, 2013. The percentages shown above are based on anticipated expenses of Class I for the first fiscal year. However, the rate at which expenses are accrued during the fiscal year may not be constant and, at any particular point, may be greater or less than the stated average percentage.

These expense ratios are presented as of October 31, 2012 and may differ from corresponding ratios shown elsewhere in this report because of differing time periods (and/or, if applicable, because these expense ratios do not include expense credits or waivers).

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
18

Average Annual Returns as of April 30, 2013 (unaudited)

Investment in gold and gold related investments present certain risks, including negative tax consequences (e.g., a change in a fund's tax status causing the fund to be subject to tax at the fund level on its taxable income), 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.

First Eagle Global Income Builder Fund and First Eagle High Yield Fund invest in high yield securities that are non-investment grade (commonly known as "junk bonds") which are generally considered speculative because they may be subject to greater levels of interest rate, credit (including issuer default) and liquidity risk than investment grade securities and may be subject to greater volatility. 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.

The First Eagle High Yield 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, which could cause you to pay higher taxes.

Income generation and dividends are not guaranteed. If dividend paying stocks in the Fund's portfolio stop paying or reduce dividends, the Fund's ability to generate income will be adversely affected.

The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in value.

All investments involve the risk of loss.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
19

Fund Overview | Data as of April 30, 2013 (unaudited)

INVESTMENT OBJECTIVE

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

Average Annual Returns
	_ONE-YEAR			_FIVE-YEARS			_TEN-YEARS
First Eagle Global Fund (A Shares)
without sales load		12.45	%		6.22	%		12.45	%
with sales load		6.83			5.14			11.88
MSCI World Index		16.70			1.81			8.29
Consumer Price Index		1.06			1.60			2.38

Asset Allocation*

Countries**
United States	37.63	%
Japan	15.75
France	5.44
Canada	3.95
Germany	2.36
Mexico	2.31
United Kingdom	2.26
Switzerland	1.95
South Korea	1.06
Australia	0.97
Sweden	0.65
South Africa	0.61
Thailand	0.59
Ireland	0.52
Belgium	0.52
Bermuda	0.45
Austria	0.44
Spain	0.42
Malaysia	0.39
Hong Kong	0.37
Italy	0.31
Israel	0.23
Netherlands	0.19
Singapore	0.05
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. 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, 2013
20

Global Fund

Growth of a $10,000 Initial Investment

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses.

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

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

Top 10 Holdings*
Gold Bullion (precious metal)	3.89	%
Comcast Corporation, Class 'A' (U.S. cable/satellite television company)	1.64
Microsoft Corporation (U.S. software developer)	1.58
Cisco Systems, Inc. (U.S. computer communications company)	1.55
Secom Company Limited (Japanese security services provider)	1.55
Sysco Corporation (U.S. food services distributor)	1.46
Keyence Corporation (Japanese sensors manufacturer)	1.43
Cintas Corporation (U.S. commercial services equipment supplier)	1.41
Intel Corporation (U.S. computer components and related products manufacturer)	1.36
HeidelbergCement AG (German cement company)	1.34
Total	17.21	%

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
21

First Eagle Global Fund

_SHARES

_DESCRIPTION

_{COST (NOTE 1)}

_{VALUE (NOTE 1)}

Common Stocks — 74.44%

U.S. Common Stocks — 33.35%
Consumer Discretionary 2.81%
	17,414,912	Comcast Corporation, Class 'A'	$	296,976,000	$	684,231,893
	6,208,490	Omnicom Group, Inc.		186,093,077		371,081,447
	3,992,318	H&R Block, Inc.		67,554,206		110,746,901
	2,485	JG Boswell Company		573,840		2,107,280
	33,892	Mills Music Trust (a)(b)		1,015,863		1,106,235
	184,753	St. John Knits International, Inc. (b)(c)		3,174,837		1,025,379
				555,387,823		1,170,299,135
Consumer Staples 3.07%
	17,479,577	Sysco Corporation		495,705,689		609,338,054
	8,055,054	Lorillard, Inc.		232,652,802		345,481,266
	1,629,490	Colgate-Palmolive Company		125,309,063		194,577,401
	1,693,404	Wal-Mart Stores, Inc.		82,465,011		131,611,359
				936,132,565		1,281,008,080
Energy 2.14%
	6,224,163	ConocoPhillips		250,797,600		376,250,653
	5,498,448	Devon Energy Corporation		312,965,847		302,744,547
	1,442,501	Apache Corporation		90,693,920		106,571,974
	3,908,035	San Juan Basin Royalty Trust (a)		138,744,050		60,379,141
	806,395	Helmerich & Payne, Inc.		17,026,317		47,270,875
				810,227,734		893,217,190
Financials 8.52%
	7,529,993	American Express Company		317,870,387		515,126,821
	17,571,107	Bank of New York Mellon Corporation		441,008,507		495,856,640
	2,714	Berkshire Hathaway, Inc., Class 'A' (c)		218,995,900		431,526,000
	6,930,015	Cincinnati Financial Corporation		173,611,074		338,947,034
	9,921,397	Weyerhaeuser Company, REIT		154,182,567		302,701,822
	9,693,682	BB&T Corporation		245,863,323		298,274,595
	5,719,208	Plum Creek Timber Company, Inc., REIT		212,342,604		294,767,980
	7,819,459	U.S. Bancorp		192,949,644		260,231,596
	4,386,051	WR Berkley Corporation		117,583,057		190,442,334
	2,858,553	Rayonier, Inc., REIT		27,837,041		169,855,219
	743,437	Visa, Inc., Class 'A'		53,618,674		125,239,397
	202,406	Mastercard, Inc., Class 'A'		40,702,513		111,916,350

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
22

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 33.35% — (continued)
Financials 8.52% — (continued)
	40,182	Alleghany Corporation (c)	$	13,132,071	$	15,821,261
				2,209,697,362		3,550,707,049
Health Care 1.00%
	4,469,770	WellPoint, Inc.		240,056,531		325,935,629
	1,059,980	Johnson & Johnson		59,610,843		90,342,095
				299,667,374		416,277,724
Industrials 4.63%
	13,051,511	Cintas Corporation (a)		438,387,413		585,621,298
	4,069,880	3M Company		315,646,157		426,157,135
	3,069,252	Lockheed Martin Corporation		217,057,860		304,132,181
	3,867,416	Northrop Grumman Corporation		231,724,655		292,918,088
	3,638,247	Alliant Techsystems, Inc. (a)		314,316,906		270,540,047
	558,107	Unifirst Corporation		7,536,171		50,815,642
				1,524,669,162		1,930,184,391
Information Technology 7.59%
	19,924,734	Microsoft Corporation		501,658,947		659,508,695
	30,972,653	Cisco Systems, Inc.		507,076,395		647,947,901
	23,729,320	Intel Corporation		444,931,301		568,317,214
	14,959,315	Oracle Corporation		426,029,947		490,366,346
	8,019,789	Linear Technology Corporation		227,165,656		292,722,298
	282,275	Google, Inc., Class 'A' (c)		149,382,648		232,755,497
	2,365,411	Automatic Data Processing, Inc.		85,148,200		159,286,777
	2,031,390	Texas Instruments, Inc.		55,783,759		73,556,632
	1,137,229	NetApp, Inc. (c)		36,048,304		39,677,920
				2,433,225,157		3,164,139,280
Materials 1.63%
	4,056,879	Vulcan Materials Company		200,596,336		202,357,124
	4,172,577	Scotts Miracle-Gro Company, Class 'A' (a)		182,102,946		189,226,367
	1,752,640	Martin Marietta Materials, Inc.		155,134,877		176,999,114
	1,780,037	Newmont Mining Corporation		45,037,176		57,673,199
	811,480	Deltic Timber Corporation (a)		39,544,384		50,701,270
				622,415,719		676,957,074
Utilities 1.96%
	9,696,381	FirstEnergy Corporation		353,449,107		451,851,354
	3,760,485	IDACorp, Inc. (a)		124,066,738		185,053,467

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
23

Global Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 33.35% — (continued)
Utilities 1.96% — (continued)
	2,491,660	Entergy Corporation	$	164,249,120	$	177,480,942
				641,764,965		814,385,763
Total U.S. Common Stocks				10,033,187,861		13,897,175,686
International Common Stocks — 41.09%
Australia 0.97%
	23,189,619	Newcrest Mining Limited		627,125,396		403,928,746
Austria 0.43%
	3,857,199	OMV AG		157,989,372		181,040,671
Belgium 0.52%
	2,788,865	Groupe Bruxelles Lambert SA		234,732,253		215,747,088
Bermuda 0.45%
	2,875,070	Jardine Matheson Holdings Limited		141,681,818		186,678,295
Canada 3.90%
	15,808,675	Goldcorp, Inc.		530,262,725		467,620,606
	10,343,600	Canadian Natural Resources Limited		297,690,279		303,408,160
	7,007,471	Potash Corporation of Saskatchewan, Inc.		276,000,358		295,014,529
	6,608,500	Cenovus Energy, Inc.		184,336,874		197,858,490
	5,216,450	Agnico-Eagle Mines Limited		173,749,110		168,392,847
	17,645,244	Penn West Petroleum Limited		273,529,232		162,865,602
	4,951,070	Kinross Gold Corporation		26,309,629		26,933,821
	1,493,910	Postmedia Network Canada Corporation (b)(c)(d)		6,692,131		2,891,726
	1,008,427	Catalyst Paper Corporation (a)(b)(c)(e)		17,346		2,016,854
				1,768,587,684		1,627,002,635
France 5.26%
	4,179,227	Sanofi		323,385,924		457,576,588
	8,485,204	Total SA		432,228,230		427,229,147
	10,735,807	Bouygues SA		391,146,130		299,299,351
	3,330,779	Sodexo		88,582,313		277,871,301
	8,755,798	Carrefour SA		363,896,634		259,190,080
	2,044,437	Neopost SA (a)		184,799,958		134,340,164
	11,803,362	Société Télévision Francaise 1 (a)		184,371,882		124,745,135
	921,669	Wendel SA		19,716,342		99,747,911
	1,130,913	Legrand SA		35,203,833		52,648,805

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
24

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 41.09% — (continued)
France 5.26% — (continued)
	157,260	Robertet SA (a)(c)	$	20,623,058	$	29,377,589
	42,252	Robertet SA CI (b)(c)(f)(g)		800,508		5,597,793
	385,000	Sabeton SA (a)(c)		4,841,233		6,524,042
	12,000,000	FINEL (a)(b)(c)(e)(f)(h)		0		5,683,605
	69,500	NSC Groupe (a)(b)		12,298,421		5,577,695
	104,457	Gaumont SA		6,087,824		5,098,608
				2,067,982,290		2,190,507,814
Germany 2.07%
	7,775,691	HeidelbergCement AG		424,710,748		559,278,586
	4,285,909	Daimler AG		200,355,962		236,912,206
	693,440	Fraport AG		20,976,007		41,401,255
	773,684	Hornbach Baumarkt AG		21,504,161		25,289,646
				667,546,878		862,881,693
Hong Kong 0.37%
	12,693,580	Guoco Group Limited		115,086,260		151,545,360
	20,738,780	City e-Solutions Limited (a)(b)(c)		936,898		2,004,276
				116,023,158		153,549,636
Ireland 0.52%
	10,094,915	CRH PLC		175,024,030		216,703,442
Israel 0.22%
	7,864,560	Israel Chemicals Limited		81,267,220		93,520,229
Italy 0.31%
	18,139,395	Italcementi S.p.A. RSP		249,186,230		55,844,291
	4,682,069	Italcementi S.p.A.		86,201,872		29,013,414
	1,734,972	Italmobiliare S.p.A. RSP (c)		121,356,934		22,769,081
	1,021,137	Italmobiliare S.p.A. (c)		107,360,738		20,810,166
				564,105,774		128,436,952
Japan 15.69%
	11,590,430	Secom Company Limited		528,330,685		646,255,719
	1,882,590	Keyence Corporation		348,832,346		596,238,723
	2,684,256	SMC Corporation		293,714,079		536,768,663
	10,288,400	KDDI Corporation		327,454,046		493,514,191
	8,483,960	Astellas Pharma, Inc.		340,690,755		493,046,207
	5,025,290	Shimano, Inc. (a)		86,342,617		436,265,119
	2,888,400	Fanuc Corporation		255,486,281		435,191,718
	14,618,720	MS&AD Insurance Group Holdings		356,085,457		390,921,339

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
25

Global Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 41.09% — (continued)
Japan 15.69% — (continued)
	14,917,300	NKSJ Holdings, Inc.	$	402,645,728	$	377,347,372
	2,307,100	Hirose Electric Company Limited (a)		244,784,088		331,055,194
	9,491,980	Mitsubishi Estate Company Limited		139,735,575		307,918,995
	14,298,940	Hoya Corporation		305,848,299		285,495,158
	8,807,560	MISUMI Group, Inc. (a)		146,993,290		268,203,359
	3,007,000	Ono Pharmaceutical Company Limited		124,896,566		197,867,473
	6,464,110	Nomura Research Institute Limited		135,171,359		194,456,648
	4,274,630	Nissin Foods Holdings Company Limited		152,059,580		191,463,466
	59,245	NTT DoCoMo, Inc.		90,107,766		97,765,028
	3,526,280	Chofu Seisakusho Company Limited (a)		64,322,538		81,574,478
	5,147,000	T. Hasegawa Company Limited (a)		79,849,658		75,808,323
	1,100,560	Shin-Etsu Chemical Company Limited		51,374,809		73,998,602
	1,959,900	Seikagaku Corporation		20,639,723		26,717,235
				4,495,365,245		6,537,873,010
Malaysia 0.38%
	129,221,380	Genting Malaysia Berhad		111,924,255		159,695,115
Mexico 2.31%
	15,044,166	Grupo Televisa S.A.B., ADR		289,394,927		380,918,283
	17,363,483	Fresnillo PLC		235,897,571		310,702,268
	6,401,020	Industrias Peñoles S.A.B. de C.V.		7,339,323		269,284,563
				532,631,821		960,905,114
Netherlands 0.19%
	10,519,454	TNT Express NV		115,928,316		80,742,045
Singapore 0.05%
	13,467,250	ComfortDelGro Corporation Limited		3,279,184		21,684,370
South Africa 0.61%
	25,019,071	Gold Fields Limited, ADR		233,463,377		186,642,270
	8,092,307	Harmony Gold Mining Company Limited, ADR		69,852,451		41,513,535
	4,769,860	Sibanye Gold Limited, ADR (c)		28,713,214		18,363,961

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
26

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 41.09% — (continued)
South Africa 0.61% — (continued)
	324,020	AngloGold Ashanti Limited, ADR	$	5,810,748	$	6,318,390
				337,839,790		252,838,156
South Korea 0.99%
	3,898,597	KT&G Corporation		216,376,344		280,721,640
	51,900	Lotte Confectionery Company Limited		21,157,499		90,482,158
	39,989	Namyang Dairy Products Company Limited (a)		7,325,466		42,301,993
				244,859,309		413,505,791
Spain 0.42%
	3,295,234	Red Electrica Corporation SA		165,292,750		175,105,681
Sweden 0.65%
	5,939,940	Investor AB, Class 'A'		116,378,542		171,667,683
	3,394,798	Investor AB, Class 'B'		63,888,333		99,996,363
				180,266,875		271,664,046
Switzerland 1.95%
	5,091,560	Nestlé SA		146,056,201		363,213,992
	4,327,670	Pargesa Holding SA		272,881,781		301,281,710
	26,528	Lindt & Spruengli AG PC		23,885,815		102,600,774
	388,803	Kuehne & Nagel International AG		7,503,142		44,444,176
				450,326,939		811,540,652
Thailand 0.58%
	30,023,200	Bangkok Bank PCL, NVDR		97,800,376		231,183,754
	577,000	OHTL PCL (b)		2,636,473		11,795,571
				100,436,849		242,979,325
United Kingdom 2.25%
	7,749,898	Berkeley Group Holdings PLC (a)		93,521,018		250,990,420
	55,018,479	WM Morrison Supermarkets PLC		243,196,894		249,629,115
	7,387,420	GlaxoSmithKline PLC		140,774,624		190,540,267
	4,355,040	Willis Group Holdings PLC		119,957,625		172,807,987
	3,052,693	Anglo American PLC		74,109,213		74,208,315
				671,559,374		938,176,104
Total International Common Stocks				14,011,776,580		17,126,706,610
Total Common Stocks				24,044,964,441		31,023,882,296

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
27

Global Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Preferred Stock — 0.28%
Germany 0.28%
	1,754,484	Hornbach Holding AG	$	63,837,360	$	117,491,735
Warrant — 0.19%
United States — 0.19%
	5,806,899	JPMorgan Chase & Company Warrant expire 10/28/18 (c)		75,108,859		80,425,551
_OUNCES
Commodity — 3.89%
	1,097,527	Gold bullion (c)		799,578,304		1,619,895,681
_PRINCIPAL
Notes and Bonds — 0.35%
U.S. Corporate Bonds — 0.07%
$	5,467,000	Bausch & Lomb, Inc. 7.125% due 08/01/28 (b)		4,781,483		5,084,310
	22,554,000	Yankee Candle Company, Inc. Series 'B' 9.75% due 02/15/17		22,103,094		23,428,193
Total U.S. Corporate Bonds				26,884,577		28,512,503
International Notes and Bonds — 0.28%
International Corporate Notes and Bonds — 0.22%
Canada 0.03%
	17,593,454 USD	Catalyst Paper Corporation 11.00% due 10/30/17 (e)(i)		21,613,126		13,634,927
France 0.16%
	15,000,000 EUR	Emin Leydier SA FRN 7.32% due 07/31/16 (b)(e)(f)(j)		21,437,036		19,734,739
	12,000,000 EUR	FINEL 9.50% due 06/30/17 (b)(e)(f)		14,495,954		11,840,843
	12,050,000 EUR	Wendel SA 4.375% due 08/09/17		12,488,633		16,709,666
	10,000,000 EUR	Wendel SA 4.875% due 09/21/15		11,792,715		13,995,219
	3,500,000 EUR	Wendel SA 4.875% due 05/26/16		3,254,781		4,924,804
				63,469,119		67,205,271

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
28

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL

_DESCRIPTION

_{COST (NOTE 1)}

_{VALUE (NOTE 1)}

International Corporate Notes and Bonds — 0.22% — (continued)

Norway 0.03%

5,500,000
USD

Den Norske Bank ASA FRN
0.625% due 08/30/13 (b)(j)

3,974,431

3,052,500

3,170,000
USD

Den Norske Creditbank FRN
0.563% due 05/31/13 (b)(j)

2,111,394

1,711,800

3,500,000
USD

Den Norske Creditbank FRN
0.607% due 08/30/13 (b)(j)

2,659,615

1,890,000

10,000,000
USD

Nordea Bank Norge ASA FRN
0.711% due 11/21/13 (b)(j)

6,992,567

5,450,000

15,738,007

12,104,300

Total International Corporate Notes and Bonds

100,820,252

92,944,498

International Government Bond — 0.06%

South Korea 0.06%

25,729,620,000
KRW

Inflation Linked Korea Treasury Bond
2.75% due 03/10/17 (k)

24,503,766

25,302,592

Total International Notes and Bonds

125,324,018

118,247,090

Total Notes and Bonds

152,208,595

146,759,593

Commercial Paper — 20.48%

International Commercial Paper — 6.36%

Canada 0.53%

53,227,000
USD

Canadian Natural Resources Limited
0.32% due 05/22/13

53,217,064

32,543,000
USD

Canadian Natural Resources Limited
0.33% due 05/10/13

32,540,315

16,941,000
USD

Potash Corporation of
Saskatchewan, Inc.
0.27% due 05/29/13

16,937,443

26,769,000
USD

Suncor Energy, Inc.
0.29% due 06/12/13

26,759,943

55,833,000
USD

Suncor Energy, Inc.
0.29% due 06/13/13

55,813,660

35,905,000
USD

Suncor Energy, Inc.
0.29% due 06/24/13

35,889,382

France 1.35%

39,699,000
USD

GDF Suez SA
0.22% due 07/09/13

39,682,260

39,680,707

72,318,000
USD

Sanofi
0.11% due 06/17/13

72,307,614

34,775,000
USD

Sanofi
0.13% due 06/20/13

34,768,721

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
29

Global Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 6.36% — (continued)
France 1.35% — (continued)
	67,959,000 USD	Sanofi 0.13% due 07/15/13	$	67,940,595	$	67,939,584
	85,598,000 USD	Sanofi 0.14% due 06/25/13		85,579,691		85,579,691
	50,534,000 USD	Total SA 0.09% due 05/01/13		50,534,000		50,534,000
	67,797,000 USD	Total SA 0.12% due 05/02/13		67,796,774		67,796,774
	73,591,000 USD	Total SA 0.12% due 05/22/13		73,585,849		73,585,849
	70,167,000 USD	Total SA 0.12% due 06/04/13		70,159,048		70,159,048
Germany 0.61%
	36,651,000 USD	BASF AG 0.11% due 05/29/13		36,647,864		36,647,864
	43,430,000 USD	BASF AG 0.13% due 06/18/13		43,422,472		43,422,472
	60,967,000 USD	Siemens Company 0.12% due 06/18/13		60,957,245		60,957,245
	33,220,000 USD	Siemens Company 0.12% due 06/19/13		33,214,574		33,214,574
	81,514,000 USD	Siemens Company 0.12% due 06/21/13		81,500,143		81,500,143
Italy 0.38%
	27,766,000 USD	Eni S.p.A. 0.34% due 05/15/13		27,762,329		27,762,329
	20,871,000 USD	Eni S.p.A. 0.38% due 05/21/13		20,866,710		20,866,710
	34,393,000 USD	Eni S.p.A. 0.40% due 05/01/13		34,393,000		34,393,000
	61,832,000 USD	Eni S.p.A. 0.40% due 05/20/13		61,819,273		61,819,273
	14,803,000 USD	Eni S.p.A. 0.42% due 05/09/13		14,801,651		14,801,651
Japan 0.63%
	21,175,000 USD	Hitachi Limited 0.31% due 05/23/13		21,170,989		21,170,989
	38,105,000 USD	Honda Corporation 0.12% due 06/07/13		38,100,300		38,100,300
	106,232,000 USD	Honda Corporation 0.13% due 05/10/13		106,228,547		106,228,547
	43,036,000 USD	Honda Corporation 0.14% due 06/07/13		43,029,808		43,029,808

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
30

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 6.36% — (continued)
Japan 0.63% — (continued)
	32,108,000 USD	Mitsui & Company Limited 0.18% due 06/25/13	$	32,099,170	$	32,099,170
	20,067,000 USD	Mitsui & Company Limited 0.19% due 07/22/13		20,058,316		20,055,664
Luxembourg 0.09%
	35,905,000 USD	Michelin Luxembourg S.C.S. 0.25% due 05/23/13		35,899,515		35,899,515
Switzerland 0.99%
	71,233,000 USD	Nestlé SA 0.12% due 05/08/13		71,231,338		71,231,338
	68,801,000 USD	Nestlé SA 0.12% due 05/09/13		68,799,165		68,799,165
	20,773,000 USD	Nestlé SA 0.12% due 05/15/13		20,772,031		20,772,031
	34,393,000 USD	Nestlé SA 0.12% due 06/05/13		34,388,987		34,388,987
	74,396,000 USD	Nestlé SA 0.14% due 06/04/13		74,386,163		74,386,163
	16,622,000 USD	Nestlé SA 0.14% due 06/11/13		16,619,350		16,619,350
	20,555,000 USD	Nestlé SA 0.14% due 06/25/13		20,550,603		20,550,603
	9,380,000 USD	Nestlé SA 0.14% due 07/09/13		9,377,483		9,378,116
	30,403,000 USD	Nestlé SA 0.15% due 06/03/13		30,398,820		30,398,820
	17,737,000 USD	Roche Holdings, Inc. 0.12% due 06/20/13		17,734,044		17,734,044
	47,967,000 USD	Roche Holdings, Inc. 0.13% due 06/20/13		47,958,339		47,958,339
United Arab Emirates 0.55%
	68,728,000 USD	Xstrata Finance Dubai Limited 0.39% due 05/09/13		68,722,196		68,722,196
	33,655,000 USD	Xstrata Finance Dubai Limited 0.39% due 05/17/13		33,649,316		33,649,316
	33,655,000 USD	Xstrata Finance Dubai Limited 0.39% due 05/21/13		33,647,895		33,647,895
	32,453,000 USD	Xstrata Finance Dubai Limited 0.39% due 05/24/13		32,445,121		32,445,121
	62,576,000 USD	Xstrata Finance Dubai Limited 0.41% due 06/10/13		62,548,189		62,548,189

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
31

Global Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 6.36% — (continued)
United Kingdom 1.23%
	20,619,000 USD	AstraZeneca PLC 0.09% due 05/09/13	$	20,618,588	$	20,618,588
	35,485,000 USD	AstraZeneca PLC 0.10% due 06/10/13		35,481,057		35,481,057
	34,895,000 USD	AstraZeneca PLC 0.10% due 06/14/13		34,890,735		34,890,735
	40,136,000 USD	AstraZeneca PLC 0.10% due 07/25/13		40,126,524		40,115,194
	27,901,000 USD	AstraZeneca PLC 0.11% due 05/01/13		27,901,000		27,901,000
	36,681,000 USD	AstraZeneca PLC 0.11% due 05/13/13		36,679,655		36,679,655
	51,601,000 USD	AstraZeneca PLC 0.11% due 05/20/13		51,598,004		51,598,004
	33,643,000 USD	AstraZeneca PLC 0.11% due 07/17/13		33,635,085		33,627,548
	69,145,000 USD	AstraZeneca PLC 0.12% due 05/03/13		69,144,539		69,144,539
	32,735,000 USD	AstraZeneca PLC 0.12% due 05/07/13		32,734,345		32,734,345
	25,528,000 USD	AstraZeneca PLC 0.12% due 07/23/13		25,520,937		25,515,134
	35,569,000 USD	Reckitt Benckiser 0.13% due 05/14/13		35,567,330		35,567,330
	68,826,000 USD	Reckitt Benckiser 0.14% due 05/13/13		68,822,788		68,822,788
Total International Commercial Paper				2,651,433,892		2,651,404,639
U.S. Commercial Paper — 14.12%
$	83,590,000	Abbott Laboratories 0.12% due 06/21/13		83,575,790		83,575,790
	34,785,000	Abbott Laboratories 0.13% due 05/08/13		34,784,121		34,784,121
	21,974,000	Abbott Laboratories 0.13% due 05/21/13		21,972,413		21,972,413
	47,821,000	Abbott Laboratories 0.13% due 05/28/13		47,816,338		47,816,338
	19,069,000	Abbott Laboratories 0.13% due 06/10/13		19,066,246		19,066,246
	70,983,000	Abbott Laboratories 0.13% due 07/16/13		70,963,519		70,970,855
	40,226,000	Abbott Laboratories 0.13% due 07/19/13		40,214,525		40,218,848

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
32

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 14.12% — (continued)
$	19,180,000	Abbott Laboratories 0.14% due 06/10/13	$	19,177,016	$	19,177,016
	39,919,000	Air Products 0.12% due 05/13/13		39,917,403		39,917,403
	13,409,000	Avery Dennison Corporation 0.27% due 05/01/13		13,409,000		13,409,000
	9,771,000	Avery Dennison Corporation 0.28% due 05/01/13		9,771,000		9,771,000
	18,599,000	Baker Hughes, Inc. 0.13% due 05/07/13		18,598,597		18,598,597
	68,728,000	BHP Billiton Finance USA Limited 0.12% due 05/06/13		68,726,855		68,726,855
	50,482,000	BHP Billiton Finance USA Limited 0.12% due 05/07/13		50,480,990		50,480,990
	33,655,000	BHP Billiton Finance USA Limited 0.12% due 05/08/13		33,654,215		33,654,215
	35,485,000	BHP Billiton Finance USA Limited 0.13% due 06/11/13		35,479,746		35,479,746
	35,485,000	BHP Billiton Finance USA Limited 0.13% due 06/12/13		35,479,618		35,479,618
	69,374,000	BHP Billiton Finance USA Limited 0.13% due 06/13/13		69,363,228		69,363,228
	69,975,000	BHP Billiton Finance USA Limited 0.13% due 06/18/13		69,962,871		69,962,871
	25,693,000	BHP Billiton Finance USA Limited 0.14% due 05/17/13		25,691,401		25,691,401
	51,589,000	BHP Billiton Finance USA Limited 0.14% due 05/21/13		51,584,988		51,584,988
	72,108,000	Caterpillar Financial Services Company 0.14% due 07/10/13		72,088,371		72,086,670
	34,994,000	Caterpillar Financial Services Company 0.15% due 06/20/13		34,986,710		34,986,710
	39,497,000	CBS Corporation 0.30% due 05/20/13		39,490,746		39,490,746
	35,465,000	CBS Corporation 0.30% due 05/29/13		35,456,725		35,456,725
	31,911,000	Celgene Corporation 0.26% due 05/17/13		31,907,313		31,907,313
	57,349,000	Celgene Corporation 0.27% due 06/07/13		57,333,086		57,333,086
	24,223,000	Chevron Corporation 0.07% due 06/06/13		24,221,304		24,221,304

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
33

Global Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 14.12% — (continued)
$	15,955,000	Chevron Corporation 0.08% due 05/22/13	$	15,954,255	$	15,954,255
	85,403,000	Chevron Corporation 0.10% due 05/15/13		85,399,679		85,399,679
	66,187,000	Chevron Corporation 0.11% due 05/03/13		66,186,596		66,186,596
	56,579,000	Chevron Corporation 0.12% due 05/07/13		56,577,868		56,577,868
	30,403,000	Church & Dwight Company, Inc. 0.33% due 05/02/13		30,402,721		30,402,721
	49,706,000	Coca-Cola Company 0.11% due 05/09/13		49,704,785		49,704,785
	28,524,000	Coca-Cola Company 0.11% due 05/17/13		28,522,605		28,522,605
	36,098,000	Coca-Cola Company 0.11% due 05/23/13		36,095,573		36,095,573
	36,159,000	Coca-Cola Company 0.12% due 07/17/13		36,149,719		36,152,734
	47,866,000	Coca-Cola Company 0.12% due 07/19/13		47,853,395		47,857,489
	11,238,000	Coca-Cola Company 0.13% due 05/17/13		11,237,351		11,237,351
	71,103,000	Coca-Cola Company 0.13% due 06/12/13		71,092,216		71,092,216
	35,128,000	Coca-Cola Company 0.13% due 06/13/13		35,122,545		35,122,545
	35,975,000	Coca-Cola Company 0.14% due 06/19/13		35,968,145		35,968,145
	35,975,000	Coca-Cola Company 0.14% due 06/20/13		35,968,005		35,968,005
	16,845,000	Coca-Cola Company 0.20% due 05/01/13		16,845,000		16,845,000
	69,801,000	Colgate-Palmolive Company 0.07% due 05/01/13		69,801,000		69,801,000
	9,434,000	Con Edison, Inc. 0.23% due 05/01/13		9,434,000		9,434,000
	20,938,000	ConocoPhillips 0.14% due 06/11/13		20,934,662		20,934,662
	11,750,000	Deere & Company 0.10% due 05/23/13		11,749,282		11,749,282
	32,874,000	Deere & Company 0.11% due 05/02/13		32,873,900		32,873,900
	22,085,000	Deere & Company 0.11% due 05/23/13		22,083,515		22,083,515

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
34

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 14.12% — (continued)
$	41,177,000	Deere & Company 0.12% due 05/03/13	$	41,176,725	$	41,176,725
	17,849,000	Deere & Company 0.12% due 05/08/13		17,848,584		17,848,584
	34,364,000	Devon Energy Corporation 0.23% due 05/10/13		34,362,024		34,362,024
	34,687,000	Devon Energy Corporation 0.23% due 05/21/13		34,682,568		34,682,568
	40,421,000	Devon Energy Corporation 0.27% due 05/01/13		40,421,000		40,421,000
	35,128,000	Devon Energy Corporation 0.28% due 05/17/13		35,123,629		35,123,629
	33,655,000	Devon Energy Corporation 0.28% due 06/05/13		33,645,838		33,645,838
	35,584,000	Devon Energy Corporation 0.29% due 06/12/13		35,571,961		35,571,961
	31,911,000	Devon Energy Corporation 0.31% due 07/10/13		31,891,765		31,887,734
	63,873,000	Dominion Resources 0.30% due 05/22/13		63,861,822		63,861,822
	31,763,000	Dominion Resources 0.30% due 06/19/13		31,750,030		31,750,030
	35,907,000	Duke Energy Corporation 0.33% due 06/03/13		35,896,138		35,896,138
	37,199,000	Emerson Electric Company 0.11% due 05/23/13		37,196,499		37,196,499
	32,569,000	Emerson Electric Company 0.11% due 05/28/13		32,566,313		32,566,313
	20,680,000	Emerson Electric Company 0.11% due 06/13/13		20,677,283		20,677,283
	46,677,000	Google, Inc. 0.06% due 06/25/13		46,672,721		46,672,721
	48,854,000	Google, Inc. 0.10% due 07/16/13		48,843,687		48,840,414
	32,378,000	Google, Inc. 0.11% due 05/30/13		32,375,131		32,375,131
	37,036,000	Google, Inc. 0.12% due 06/04/13		37,031,803		37,031,803
	9,617,000	Google, Inc. 0.15% due 05/02/13		9,616,960		9,616,960
	32,652,000	Google, Inc. 0.18% due 05/02/13		32,651,837		32,651,837
	38,139,000	Honeywell International, Inc. 0.12% due 05/13/13		38,137,474		38,137,474

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
35

Global Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 14.12% — (continued)
$	37,199,000	Honeywell International, Inc. 0.12% due 05/14/13	$	37,197,388	$	37,197,388
	54,282,000	Honeywell International, Inc. 0.13% due 06/21/13		54,272,003		54,272,003
	57,825,000	Honeywell International, Inc. 0.15% due 06/24/13		57,811,989		57,811,989
	66,923,000	Johnson & Johnson 0.05% due 05/22/13		66,921,048		66,921,048
	47,948,000	Johnson & Johnson 0.06% due 05/06/13		47,947,600		47,947,600
	63,930,000	Johnson & Johnson 0.06% due 05/07/13		63,929,361		63,929,361
	67,745,000	Johnson & Johnson 0.06% due 05/08/13		67,744,210		67,744,210
	57,208,000	Johnson & Johnson 0.08% due 06/06/13		57,203,423		57,203,423
	57,208,000	Johnson & Johnson 0.08% due 06/07/13		57,203,296		57,203,296
	30,580,000	Kimberly Clark 0.10% due 05/06/13		30,579,575		30,579,575
	19,527,000	Kimberly Clark 0.10% due 05/13/13		19,526,349		19,526,349
	36,188,000	Kimberly Clark 0.11% due 06/03/13		36,184,351		36,184,351
	40,775,000	Merck & Company, Inc. 0.08% due 05/14/13		40,773,822		40,773,822
	40,775,000	Merck & Company, Inc. 0.08% due 05/17/13		40,773,550		40,773,550
	52,481,000	Merck & Company, Inc. 0.11% due 06/17/13		52,473,463		52,473,463
	52,481,000	Merck & Company, Inc. 0.11% due 06/19/13		52,473,142		52,473,142
	61,007,000	Merck & Company, Inc. 0.12% due 05/14/13		61,004,356		61,004,356
	71,233,000	Merck & Company, Inc. 0.12% due 05/16/13		71,229,438		71,229,438
	33,536,000	MetLife 0.13% due 06/03/13		33,532,004		33,532,004
	39,497,000	MetLife 0.14% due 06/06/13		39,491,470		39,491,470
	36,631,000	MetLife 0.14% due 06/12/13		36,625,017		36,625,017
	87,594,000	MetLife 0.15% due 05/15/13		87,588,890		87,588,890

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
36

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 14.12% — (continued)
$	65,405,000	MetLife 0.15% due 05/16/13	$	65,400,912	$	65,400,912
	19,836,000	NetJets, Inc. 0.08% due 05/02/13		19,835,956		19,835,956
	34,558,000	Parker-Hannifin Corporation 0.10% due 05/24/13		34,555,792		34,555,792
	34,393,000	Parker-Hannifin Corporation 0.12% due 05/16/13		34,391,280		34,391,280
	38,105,000	Parker-Hannifin Corporation 0.12% due 05/21/13		38,102,460		38,102,460
	27,598,000	Parker-Hannifin Corporation 0.13% due 05/01/13		27,598,000		27,598,000
	31,911,000	PepsiCo, Inc. 0.05% due 05/14/13		31,910,424		31,910,424
	51,838,000	PepsiCo, Inc. 0.05% due 06/12/13		51,834,976		51,834,976
	51,838,000	PepsiCo, Inc. 0.05% due 06/14/13		51,834,832		51,834,832
	15,105,000	PepsiCo, Inc. 0.05% due 06/19/13		15,103,972		15,103,972
	36,159,000	PepsiCo, Inc. 0.06% due 05/16/13		36,158,096		36,158,096
	38,105,000	PepsiCo, Inc. 0.06% due 06/07/13		38,102,650		38,102,650
	38,105,000	Philip Morris International, Inc. 0.07% due 05/23/13		38,103,370		38,103,370
	32,116,000	Philip Morris International, Inc. 0.07% due 06/06/13		32,113,752		32,113,752
	35,584,000	Philip Morris International, Inc. 0.08% due 06/13/13		35,580,600		35,580,600
	57,314,000	Philip Morris International, Inc. 0.08% due 06/14/13		57,308,396		57,308,396
	27,935,000	Philip Morris International, Inc. 0.09% due 06/17/13		27,931,718		27,931,718
	80,272,000	Philip Morris International, Inc. 0.09% due 07/22/13		80,255,544		80,226,654
	40,136,000	Philip Morris International, Inc. 0.09% due 07/25/13		40,127,471		40,112,316
	35,975,000	Philip Morris International, Inc. 0.12% due 06/05/13		35,970,803		35,970,803
	37,199,000	Philip Morris International, Inc. 0.15% due 05/13/13		37,197,140		37,197,140
	26,055,000	Precision Castparts Corporation 0.15% due 05/01/13		26,055,000		26,055,000

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
37

Global Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 14.12% — (continued)
$	34,785,000	Proctor & Gamble Company 0.10% due 05/02/13	$	34,784,903	$	34,784,903
	58,411,000	Proctor & Gamble Company 0.11% due 05/06/13		58,410,108		58,410,108
	77,300,000	Proctor & Gamble Company 0.13% due 05/20/13		77,294,696		77,294,696
	52,938,000	Schlumberger Investments SA 0.17% due 07/24/13		52,917,001		52,907,127
	35,292,000	Syngenta Wilmington, Inc. 0.16% due 07/22/13		35,279,138		35,272,064
	31,911,000	United Healthcare Company 0.30% due 06/17/13		31,898,502		31,898,502
	64,659,000	United Healthcare Company 0.31% due 06/05/13		64,639,512		64,639,512
	69,374,000	United Parcel Service, Inc. 0.07% due 06/14/13		69,368,065		69,368,065
	9,280,000	Verizon Communications, Inc. 0.24% due 05/06/13		9,279,691		9,279,691
	28,927,000	Verizon Communications, Inc. 0.26% due 05/16/13		28,923,866		28,923,866
	17,206,000	Verizon Communications, Inc. 0.27% due 05/06/13		17,205,355		17,205,355
	47,396,000	Viacom, Inc. 0.27% due 05/03/13		47,395,289		47,395,289
	13,727,000	Wal-Mart Stores, Inc. 0.08% due 05/20/13		13,726,420		13,726,420
	17,213,000	Wal-Mart Stores, Inc. 0.08% due 05/21/13		17,212,235		17,212,235
	34,895,000	Wal-Mart Stores, Inc. 0.10% due 06/11/13		34,891,026		34,891,026
	91,210,000	Wal-Mart Stores, Inc. 0.13% due 06/10/13		91,196,825		91,196,825
	99,280,000	Wal-Mart Stores, Inc. 0.13% due 06/11/13		99,265,301		99,265,301
	38,105,000	Walt Disney Company 0.08% due 05/24/13		38,103,052		38,103,052
	35,084,000	Walt Disney Company 0.10% due 06/03/13		35,080,784		35,080,784
	35,084,000	Walt Disney Company 0.11% due 06/18/13		35,078,854		35,078,854
	35,084,000	Walt Disney Company 0.12% due 06/19/13		35,078,270		35,078,270
	37,891,000	Walt Disney Company 0.12% due 06/20/13		37,884,685		37,884,685

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
38

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 14.12% — (continued)
$	34,988,000	Walt Disney Company 0.12% due 07/11/13	$	34,979,720	$	34,977,504
	36,640,000	WellPoint, Inc. 0.22% due 05/10/13		36,637,985		36,637,985
	39,142,000	WellPoint, Inc. 0.22% due 06/06/13		39,133,389		39,133,389
	33,093,000	WellPoint, Inc. 0.23% due 06/03/13		33,086,023		33,086,023
	35,504,000	WellPoint, Inc. 0.24% due 05/13/13		35,501,160		35,501,160
	16,058,000	WellPoint, Inc. 0.26% due 06/14/13		16,052,897		16,052,897
Total U.S. Commercial Paper				5,881,396,385		5,881,342,939
Total Commercial Paper				8,532,830,277		8,532,747,578
Total Investments — 99.63%			$	33,668,527,836		41,521,202,434
Other Assets in Excess of Liabilities — 0.37%						154,148,935
Net Assets — 100.00%					$	41,675,351,369

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

(b) Security is deemed illiquid. At April 30, 2013, the value of these securities amounted to $86,463,326 or 0.21% of net assets.

(d) Represents variable voting shares.

(e) Represents securities that are subject to legal or contractual restrictions on resale. At April 30, 2013, the value of these securities amounted to $52,910,968 or 0.13% of net assets.

(f) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $42,856,980 or 0.10% of net assets.

(g) Represents non-voting class of shares.

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

(i) Payment-in-kind security.

(j) Floating rate security. Rate shown is the rate in effect at April 30, 2013.

(k) Inflation protected security.

At April 30, 2013, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	9,353,308,870
Gross unrealized depreciation		(1,500,634,272	)
Net unrealized appreciation	$	7,852,674,598

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
39

Global Fund

Abbreviations used in this schedule include:

ADR — American Depository Receipt

FRN — Floating Rate Note

NVDR — Non-Voting Depository Receipt

PC — Participation Certificate

PCL — Public Company Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

RSP — Represents Non-Voting Shares

Currencies

EUR — Euro

KRW — South Korean Won

USD — United States Dollar

_{RESTRICTED SECURITIES}	_ACQUISITION_DATE	_COST		_{CARRYING VALUE PER}_{SHARE/PRINCIPAL}
Catalyst Paper Corporation	09/17/12	$	17,346	$	2.00
Catalyst Paper Corporation 11.00% due 10/30/17	09/17/12		21,613,126		0.78
Emin Leydier SA FRN 7.32% due 07/31/16	07/30/09		21,437,036		1.32
FINEL 9.50% due 06/30/17	06/22/05		14,495,954		0.99
FINEL	07/30/09		—		0.47

Foreign Currency Exchange Contracts — Sales

_SETTLEMENT_DATES_THROUGH	_{FOREIGN CURRENCY}_{TO BE DELIVERED}			_{U.S. $}_{TO BE}_RECEIVED		_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₃		_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₃		_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₃
06/19/13		129,831,000	Euro	$	168,852,602	$	171,033,446	$	—	$	(2,180,844	)
07/17/13		180,410,000	Euro		235,833,756		237,710,375		—		(1,876,619	)
08/21/13		356,024,000	Euro		469,556,997		469,123,058		433,939		—
09/18/13		146,801,000	Euro		191,964,328		193,521,784		—		(1,557,456	)
10/16/13		101,538,000	Euro		133,402,147		133,883,724		—		(481,577	)
06/19/13		41,843,556,000	Japanese Yen		503,820,172		429,334,399		74,485,773		—
07/17/13		48,313,402,000	Japanese Yen		550,959,944		495,803,084		55,156,860		—
08/21/13		92,902,207,000	Japanese Yen		1,055,973,974		953,405,487		102,568,487		—
09/18/13		47,348,905,000	Japanese Yen		494,479,714		486,129,281		8,350,433		—
10/16/13		16,596,569,000	Japanese Yen		167,056,569		170,432,658		—		(3,376,089	)
				$	3,971,900,203	$	3,740,377,296	$	240,995,492	$	(9,472,585	)

Foreign Currency Exchange Contracts — Purchases

_SETTLEMENT_DATES_THROUGH				_{FOREIGN CURRENCY}_{TO BE RECEIVED}								_{U.S. $}_{TO BE}_DELIVERED				_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₃				_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₃				_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₃
07/17/13					26,795,455,000			Japanese Yen				$	294,875,180			$	274,981,034			$	—			$	(19,894,146	)

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
40

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

Affiliated Securities

_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₂		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₃		_{MARKET VALUE}_{APRIL 30,}₂₀₁₃		_REALIZED_GAIN/(LOSS)		_DIVIDEND_INCOME
Alliant Techsystems, Inc.		3,638,247		—		—		3,638,247	$	270,540,047	$	—	$	1,891,888
Berkeley Group Holdings PLC		9,342,277		—		1,592,379		7,749,898		250,990,420		25,356,162		1,758,548
Catalyst Paper Corporation		1,008,427		—		—		1,008,427		2,016,854		—		—
Chofu Seisakusho Company Limited		3,526,280		—		—		3,526,280		81,574,478		—		573,291
Cincinnati Financial Corporation*		8,511,151		—		1,581,136		6,930,015		338,947,034		26,677,004		6,119,180
Cintas Corporation		13,051,511		—		—		13,051,511		585,621,298		—		8,352,967
City e-Solutions Limited		20,738,780		—		—		20,738,780		2,004,276		—		—
Deltic Timber Corporation		1,249,382		—		437,902		811,480		50,701,270		7,983,912		173,854
FINEL		12,000,000		—		—		12,000,000		5,683,605		—		—
Hirose Electric Company Limited		2,318,500		—		11,400		2,307,100		331,055,194		215,532		1,596,680
IDACorp, Inc.		3,760,485		—		—		3,760,485		185,053,467		—		2,857,969
Mills Music Trust		33,892		—		—		33,892		1,106,235		—		16,959
MISUMI Group, Inc.		12,811,860		—		4,004,300		8,807,560		268,203,359		32,778,569		945,402
Namyang Dairy Products Company Limited		39,989		—		—		39,989		42,301,993		—		29,092
Neopost SA		2,044,437		—		—		2,044,437		134,340,164		—		4,157,563
NSC Groupe		69,500		—		—		69,500		5,577,695		—		—
Robertet SA		157,260		—		—		157,260		29,377,589		—		—
Sabeton SA		385,000		—		—		385,000		6,524,042		—		—
San Juan Basin Royalty Trust		3,908,035		—		—		3,908,035		60,379,141		—		395,153
Scotts Miracle-Gro Company		4,172,577		—		—		4,172,577		189,226,367		—		2,712,175

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
41

Global Fund

Affiliated Securities — (continued)

_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₂		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₃		_{MARKET VALUE}_{APRIL 30,}₂₀₁₃		_REALIZED_GAIN/(LOSS)		_DIVIDEND_INCOME
Shimano, Inc.		6,969,690		—		1,944,400		5,025,290	$	436,265,119	$	71,530,050	$	2,814,037
Société Télévision Francaise 1		11,803,362		—		—		11,803,362		124,745,135		—		7,183,427
T. Hasegawa Company Limited		5,147,000		—		—		5,147,000		75,808,323		—		506,487
Total									$	3,478,043,105	$	164,541,229	$	42,084,672

* Represents an unaffiliated issuer as of April 30, 2013, as such, amounts represented above will not agree to balances in the Statements of Assets and Liabilities and Statements of Operations.

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		2.81	%
Consumer Staples		3.07
Energy		2.14
Financials		8.52
Health Care		1.00
Industrials		4.63
Information Technology		7.59
Materials		1.63
Utilities		1.96
Total U.S. Common Stocks		33.35
International Common Stocks
Consumer Discretionary		4.80
Consumer Staples		3.81
Energy		3.06
Financials		6.05
Health Care		3.28
Industrials		6.28
Information Technology		3.70
Materials		8.28
Telecommunication Services		1.41
Utilities		0.42
Total International Common Stocks		41.09

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
42

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
International Preferred Stock
Consumer Discretionary		0.28	%
Total International Preferred Stock		0.28
Warrant		0.19
Commodity		3.89
U.S. Corporate Bonds
Consumer Discretionary		0.07
Total U.S. Corporate Bonds		0.07
International Notes and Bonds
Financials		0.14
Government Issues		0.06
Materials		0.08
Total International Notes and Bonds		0.28
Commercial Paper
International Commercial Paper		6.36
U.S. Commercial Paper		14.12
Total Commercial Paper		20.48
Total Investments		99.63	%

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
43

Fund Overview | Data as of April 30, 2013 (unaudited)

INVESTMENT OBJECTIVE

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

Average Annual Returns
	_ONE-YEAR			_FIVE-YEARS			_TEN-YEARS
First Eagle Overseas Fund (A Shares)
without sales load		13.28	%		5.13	%		12.69	%
with sales load		7.60			4.06			12.11
MSCI EAFE Index		19.39			-0.93			9.23
Consumer Price Index		1.06			1.60			2.38

Asset Allocation*

Countries**
Japan	25.56	%
France	8.87
Canada	5.72
United States	4.57
Germany	4.49
Switzerland	3.37
Mexico	2.99
United Kingdom	2.78
South Korea	2.57
Singapore	2.27
Thailand	1.73
Austria	1.28
Hong Kong	1.10
Sweden	1.00
Australia	0.98
Netherlands	0.82
Ireland	0.77
Greece	0.69
Spain	0.68
South Africa	0.67
Bermuda	0.59
Norway	0.56
Malaysia	0.52
Italy	0.42
Belgium	0.38
Taiwan	0.37
Israel	0.33
Turkey	0.29

* 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, 2013
44

Overseas Fund

Growth of a $10,000 Initial Investment

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

The MSCI EAFE Index is a total return index, reported in U.S. Dollars, based on share prices and reinvested net dividends of approximately 1,100 companies from 22 countries and is not available for purchase. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings*
Gold Bullion (precious metal)	4.37	%
SMC Corporation (Japanese automated control devices manufacturer)	1.78
Keyence Corporation (Japanese sensors manufacturer)	1.78
Secom Company Limited (Japanese security services provider)	1.74
MS&AD Insurance Group Holdings (Japanese life insurance company)	1.55
Shimano, Inc. (Japanese bicycle parts manufacturer)	1.54
HeidelbergCement AG (German cement company)	1.53
Total SA (French energy company)	1.53
Fanuc Corporation (Japanese industrial manufacturing company)	1.52
Grupo Televisa S.A.B., ADR (Mexican media company)	1.52
Total	18.86	%

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
45

First Eagle Overseas Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 70.08%
International Common Stocks — 69.91%
Australia 0.97%
	7,417,268	Newcrest Mining Limited	$	198,700,259	$	129,197,800
Austria 1.27%
	2,047,932	OMV AG		83,876,284		96,121,300
	5,915,786	Wienerberger AG (a)		88,605,267		72,771,980
				172,481,551		168,893,280
Belgium 0.38%
	585,351	Groupe Bruxelles Lambert SA		43,921,938		45,282,856
	57,420	Sofina SA		4,474,251		5,458,096
				48,396,189		50,740,952
Bermuda 0.58%
	1,192,400	Jardine Matheson Holdings Limited		38,970,319		77,422,532
Canada 5.54%
	4,963,700	Canadian Natural Resources Limited		143,057,438		145,599,896
	4,798,623	Goldcorp, Inc.		146,451,707		141,943,268
	3,354,274	Potash Corporation of Saskatchewan, Inc.		132,295,030		141,214,935
	3,232,111	Agnico-Eagle Mines Limited		115,573,420		104,336,162
	3,163,494	Cenovus Energy, Inc.		76,334,881		94,715,010
	8,606,885	Penn West Petroleum Limited		134,619,835		79,441,549
	1,100,050	EnCana Corporation		14,298,775		20,295,923
	1,585,980	Kinross Gold Corporation		8,427,783		8,627,731
	1,266,835	Catalyst Paper Corporation (a)(b)(c)(d)		27,586,952		2,533,670
	447,064	Postmedia Network Canada Corporation (b)(c)(e)		1,993,344		865,371
				800,639,165		739,573,515
France 8.61%
	4,052,350	Total SA		211,131,291		204,035,405
	1,660,633	Sanofi		135,351,026		181,819,935
	5,176,813	Bouygues SA		189,847,951		144,322,339
	1,472,625	Sodexo		40,712,418		122,854,211
	4,130,173	Carrefour SA		132,598,775		122,261,828
	5,931,165	Société Télévision Francaise 1		93,465,134		62,684,173
	505,501	Wendel SA		10,862,584		54,708,001
	827,900	Neopost SA		44,073,366		54,401,393
	558,938	Laurent-Perrier (a)		19,851,603		45,225,031
	235,837	Robertet SA (a)(b)		20,591,064		44,056,483

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
46

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 69.91% — (continued)
France 8.61% — (continued)
	51,500	Robertet SA CI (b)(c)(f)(g)	$	2,151,628	$	6,823,023
	896,416	Legris Industries SA (a)(c)(d)(f)		23,119,325		25,615,896
	514,850	Legrand SA		16,026,208		23,968,455
	442,830	Société Foncière Financière et de Participations		29,139,582		17,909,399
	364,373	Gaumont SA		21,698,753		17,785,260
	146,562	BioMerieux		11,367,766		13,919,978
	11,593,581	FINEL (a)(b)(c)(d)(f)(h)		9,166,547		5,491,111
	100,000	Sabeton SA (b)		1,463,142		1,694,556
				1,012,618,163		1,149,576,477
Germany 3.79%
	2,840,411	HeidelbergCement AG		152,136,558		204,300,949
	6,446,343	Deutsche Wohnen AG		67,848,829		113,562,282
	1,913,346	Daimler AG		90,981,705		105,764,033
	2,970,617	Hamburger Hafen und Logistik AG		87,244,824		63,861,459
	296,503	Fraport AG		8,930,449		17,702,463
				407,142,365		505,191,186
Greece 0.69%
	9,744,762	Jumbo SA (a)		53,227,661		91,667,925
Hong Kong 1.09%
	7,806,340	Guoco Group Limited		57,283,838		93,197,869
	8,166,100	Hopewell Holdings Limited		11,153,124		31,462,917
	4,626,000	Great Eagle Holdings Limited		14,415,545		19,552,062
	10,851,720	City e-Solutions Limited (b)(c)		323,358		1,048,752
				83,175,865		145,261,600
Ireland 0.76%
	4,723,559	CRH PLC		81,822,477		101,398,723
Israel 0.32%
	3,627,690	Israel Chemicals Limited		37,500,950		43,138,129
Italy 0.42%
	7,315,306	Italcementi S.p.A. RSP		87,341,485		22,521,042
	1,197,736	Italmobiliare S.p.A. RSP (b)		50,324,930		15,718,610
	168,142	Italmobiliare S.p.A. (b)		19,250,153		3,426,634
	1,385,400	Recordati S.p.A.		9,200,042		14,271,745
				166,116,610		55,938,031

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
47

Overseas Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 69.91% — (continued)
Japan 25.33%
	1,190,890	SMC Corporation	$	153,234,830	$	238,141,382
	749,000	Keyence Corporation		138,023,596		237,217,240
	4,170,700	Secom Company Limited		178,984,614		232,548,639
	7,730,800	MS&AD Insurance Group Holdings		179,151,117		206,730,459
	2,371,770	Shimano, Inc.		32,354,996		205,902,648
	1,346,040	Fanuc Corporation		125,798,034		202,806,211
	4,138,000	KDDI Corporation		131,538,320		198,491,672
	7,316,700	NKSJ Holdings, Inc.		201,780,857		185,082,925
	3,060,940	Astellas Pharma, Inc.		124,295,455		177,886,843
	1,048,100	Hirose Electric Company Limited		115,447,378		150,396,146
	7,118,930	Hoya Corporation		151,068,607		142,137,812
	4,120,850	Mitsubishi Estate Company Limited		60,815,472		133,680,011
	4,092,170	MISUMI Group, Inc.		70,195,915		124,612,690
	3,488,760	Nomura Research Institute Limited		67,843,048		104,950,654
	2,146,230	Nissin Foods Holdings Company Limited		76,085,758		96,131,042
	1,433,000	Ono Pharmaceutical Company Limited		51,882,188		94,294,675
	6,736,430	Kansai Paint Company Limited		52,830,721		86,237,904
	2,485,480	Daiichikosho Company Limited		27,081,143		73,852,370
	6,577,300	Japan Wool Textile Company Limited (a)		49,871,284		56,695,632
	2,485,660	Nitto Kohki Company Limited (a)		42,682,905		47,285,245
	3,206,911	T. Hasegawa Company Limited (a)		43,073,853		47,233,445
	2,023,800	Chofu Seisakusho Company Limited (a)		33,120,144		46,817,164
	544,180	Shin-Etsu Chemical Company Limited		25,384,114		36,589,154
	21,981	NTT DoCoMo, Inc.		33,331,355		36,272,649
	2,011,124	Nagaileben Company Limited (a)		19,934,850		34,362,156
	1,286,140	As One Corporation (a)		26,246,127		30,345,865
	2,158,100	Seikagaku Corporation		17,326,940		29,419,085
	508,106	SK Kaken Company Limited		9,470,131		26,039,358
	1,549,790	OSG Corporation		17,248,953		23,525,229
	2,068,330	Maezawa Kasei Industries Company Limited (a)		31,939,631		22,768,272
	2,535,900	Yomeishu Seizo Company Limited (a)		22,847,623		22,457,004
	493,250	Mandom Corporation		6,249,764		18,023,228

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
48

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 69.91% — (continued)
Japan 25.33% — (continued)
	199,150	Kobayashi Pharmaceutical Company Limited	$	9,171,366	$	10,859,201
	120,200	Shingakukai Company Limited		673,484		421,344
				2,326,984,573		3,380,215,354
Malaysia 0.52%
	55,981,850	Genting Malaysia Berhad		48,153,235		69,183,815
Mexico 2.97%
	7,987,622	Grupo Televisa S.A.B., ADR		158,160,868		202,246,589
	5,543,609	Fresnillo PLC		96,576,524		99,197,373
	2,246,692	Industrias Peñoles S.A.B. de C.V.		1,833,690		94,516,104
				256,571,082		395,960,066
Netherlands 0.81%
	539,055	HAL Trust		18,095,972		69,502,316
	5,026,304	TNT Express NV		53,447,821		38,579,385
				71,543,793		108,081,701
Norway 0.55%
	8,230,541	Orkla ASA		58,334,500		73,986,556
Singapore 2.25%
	23,192,830	Haw Par Corporation Limited (a)		76,875,317		145,989,910
	70,167,015	ComfortDelGro Corporation Limited		68,385,814		112,979,822
	16,373,450	Singapore Airport Terminal Services Limited		18,528,182		41,836,768
				163,789,313		300,806,500
South Africa 0.67%
	8,597,734	Gold Fields Limited, ADR		90,123,142		64,139,096
	3,275,059	Harmony Gold Mining Company Limited, ADR		30,822,097		16,801,053
	1,646,604	Sibanye Gold Limited, ADR (b)		11,065,865		6,339,425
	103,790	AngloGold Ashanti Limited, ADR		1,861,297		2,023,905
				133,872,401		89,303,479
South Korea 2.26%
	1,906,638	KT&G Corporation		110,380,112		137,289,016
	35,325	Lotte Confectionery Company Limited		12,445,892		61,585,399
	186,884	Nong Shim Company Limited		43,886,371		56,932,336
	22,950	Namyang Dairy Products Company Limited		4,912,653		24,277,445
	872,463	Fursys, Inc. (a)		10,110,166		21,152,059
				181,735,194		301,236,255

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
49

Overseas Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 69.91% — (continued)
Spain 0.67%
	1,688,700	Red Electrica Corporation SA	$	84,248,760	$	89,735,953
Sweden 0.99%
	3,013,030	Investor AB, Class 'A'		59,333,861		87,078,300
	1,515,198	Investor AB, Class 'B'		29,407,014		44,631,312
				88,740,875		131,709,612
Switzerland 3.34%
	2,610,500	Nestlé SA		79,226,014		186,223,894
	2,413,791	Pargesa Holding SA		129,478,662		168,042,175
	193,016	Rieter Holding AG		26,177,079		32,183,158
	639	Lindt & Spruengli AG		4,092,177		28,404,195
	137,452	Kuehne & Nagel International AG		1,733,811		15,712,175
	225,026	Autoneum Holding AG (b)		12,062,900		15,448,175
				252,770,643		446,013,772
Taiwan 0.37%
	20,184,980	Taiwan Secom Company Limited		32,105,415		48,971,421
Thailand 1.71%
	234,402,685	Thai Beverage PCL		39,626,292		115,033,764
	14,068,859	Bangkok Bank PCL, NVDR		47,289,992		108,332,611
	250,000	OHTL PCL (c)		1,152,072		5,110,733
				88,068,356		228,477,108
Turkey 0.29%
	3,205,889	Yazicilar Holding AS		21,541,251		38,247,261
United Kingdom 2.76%
	26,216,814	WM Morrison Supermarkets PLC		116,650,657		118,950,581
	3,378,628	Berkeley Group Holdings PLC		41,275,902		109,421,215
	3,995,640	GlaxoSmithKline PLC		76,140,895		103,057,673
	1,505,388	Anglo American PLC		39,361,076		36,594,675
				273,428,530		368,024,144
Total International Common Stocks				7,182,679,495		9,327,953,147
U.S. Common Stock — 0.17%
Materials 0.17%
	691,883	Newmont Mining Corporation		17,601,872		22,417,009
Total Common Stocks				7,200,281,367		9,350,370,156

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
50

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Preferred Stocks — 0.87%
Germany 0.58%
	1,160,182	Hornbach Holding AG	$	39,421,559	$	77,693,382
South Korea 0.29%
	38,590	Samsung Electronics Company Limited		4,573,363		30,520,195
	27,183	Namyang Dairy Products Company Limited		387,444		7,700,986
				4,960,807		38,221,181
Total International Preferred Stocks				44,382,366		115,914,563
Right — 0.00%
	55,324	Pfleiderer Atlantik Raco RI Rights (b)(c)(f)		7,625		0
_OUNCES
Commodity — 4.37%
	394,744	Gold bullion (b)		199,148,724		582,622,734
_PRINCIPAL
Term Loans — 0.08%
Germany 0.08%
	1,880,723 EUR	Atlantik Senior Debt 79.5M 6.00% due 05/30/17 (c)(d)(f)(i)		2,553,647		618,593
	132,149 EUR	Atlantik Senior Debt due 05/30/17 (b)(c)(d)(f)		0		43,466
	371,719 EUR	Atlantik Senior Debt Term Facility 1A 6.00% due 05/30/17 (c)(d)(f)(i)		504,720		122,263
	364,387 EUR	Atlantik Senior Debt Term Facility 2A 6.00% due 05/30/17 (c)(d)(f)(i)		494,765		119,852
	346,348 EUR	Atlantik Senior Debt Term Facility 3A 6.00% due 05/30/17 (c)(d)(f)(i)		470,272		113,918
	219,842 EUR	Atlantik Senior Debt Term Facility 4A 6.00% due 05/30/17 (c)(d)(f)(i)		298,502		72,309
	2,605,530 EUR	Atlantik Subordinated Debt due 05/30/17 (b)(c)(d)(f)		0		0
	4,000,000 EUR	Atlantik Subordinated Debt 79.5M 15.00% due 05/30/17 (c)(d)(f)(i)		5,431,204		0
	790,586 EUR	Atlantik Subordinated Debt Term Facility 1A 15.00% due 05/30/17 (c)(d)(f)(i)		1,073,458		0

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
51

Overseas Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Term Loans — 0.08% — (continued)
Germany 0.08% — (continued)
	774,993 EUR	Atlantik Subordinated Debt Term Facility 2A 15.00% due 05/30/17 (c)(d)(f)(i)	$	1,052,286	$	0
	739,302 EUR	Atlantik Subordinated Debt Term Facility 3A 15.00% due 05/30/17 (c)(d)(f)(i)		1,003,825		0
	469,266 EUR	Atlantik Subordinated Debt Term Facility 4A 15.00% due 05/30/17 (c)(d)(f)(i)		637,170		0
	4,119,277 EUR	Pfleiderer AG 79.5M 4.19% due 05/30/17 (c)(d)(f)(i)(j)		5,593,158		5,419,524
	264,297 EUR	Pfleiderer AG Debt due 05/30/17 (b)(c)(d)(f)		0		347,722
	814,161 EUR	Pfleiderer AG Term Facility 1A 4.19% due 05/30/17 (c)(d)(f)(i)(j)		1,105,469		1,071,150
	798,102 EUR	Pfleiderer AG Term Facility 2A 4.19% due 05/30/17 (c)(d)(f)(i)(j)		1,083,664		1,050,022
	761,348 EUR	Pfleiderer AG Term Facility 3A 4.19% due 05/30/17 (c)(d)(f)(i)(j)		1,033,759		1,001,667
	483,259 EUR	Pfleiderer AG Term Facility 4A 4.19% due 05/30/17 (c)(d)(f)(i)(j)		656,169		635,799
	621,387 EUR	Pfleiderer AG Term Loan B 6.12% due 05/02/18 (c)		890,684		743,949
Total Term Loans				23,882,752		11,360,234
International Corporate Bonds — 0.30%
Canada 0.12%
	21,221,754 USD	Catalyst Paper Corporation 11.00% due 10/30/17 (d)(i)		26,384,136		16,446,859
France 0.18%
	10,000,000 EUR	Emin Leydier SA FRN 7.32% due 07/31/16 (c)(d)(f)(j)		14,285,831		13,156,493
	8,000,000 EUR	FINEL 9.50% due 06/30/17 (b)(c)(d)(f)		9,659,548		7,893,895
	1,950,000 EUR	Wendel SA 4.875% due 09/21/15		1,954,833		2,729,068
				25,900,212		23,779,456
Total International Corporate Bonds				52,284,348		40,226,315

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
52

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Commercial Paper — 23.42%
International Commercial Paper — 7.05%
Canada 0.58%
	17,729,000 USD	Canadian Natural Resources Limited 0.32% due 05/22/13	$	17,725,691	$	17,725,691
	11,716,000 USD	Canadian Natural Resources Limited 0.33% due 05/10/13		11,715,033		11,715,033
	6,123,000 USD	Potash Corporation of Saskatchewan, Inc. 0.27% due 05/29/13		6,121,714		6,121,714
	9,768,000 USD	Suncor Energy, Inc. 0.29% due 06/12/13		9,764,695		9,764,695
	21,169,000 USD	Suncor Energy, Inc. 0.29% due 06/13/13		21,161,667		21,161,667
	11,539,000 USD	Suncor Energy, Inc. 0.29% due 06/24/13		11,533,981		11,533,981
France 1.48%
	14,404,000 USD	GDF Suez SA 0.22% due 07/09/13		14,397,926		14,397,363
	26,035,000 USD	Sanofi 0.11% due 06/17/13		26,031,261		26,031,261
	11,583,000 USD	Sanofi 0.13% due 06/20/13		11,580,909		11,580,909
	23,851,000 USD	Sanofi 0.13% due 07/15/13		23,844,541		23,844,186
	30,177,000 USD	Sanofi 0.14% due 06/25/13		30,170,545		30,170,545
	12,633,000 USD	Total SA 0.09% due 05/01/13		12,633,000		12,633,000
	32,229,000 USD	Total SA 0.12% due 05/02/13		32,228,892		32,228,892
	22,903,000 USD	Total SA 0.12% due 05/22/13		22,901,397		22,901,397
	24,312,000 USD	Total SA 0.12% due 06/04/13		24,309,245		24,309,245
Germany 0.68%
	11,580,000 USD	BASF AG 0.11% due 05/29/13		11,579,009		11,579,009
	16,305,000 USD	BASF AG 0.13% due 06/18/13		16,302,174		16,302,174
	17,463,000 USD	Siemens Company 0.12% due 06/18/13		17,460,206		17,460,206
	12,596,000 USD	Siemens Company 0.12% due 06/19/13		12,593,943		12,593,943
	32,854,000 USD	Siemens Company 0.12% due 06/21/13		32,848,415		32,848,415

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
53

Overseas Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 7.05% — (continued)
Italy 0.40%
	7,384,000 USD	Eni S.p.A. 0.34% due 05/15/13	$	7,383,024	$	7,383,024
	4,387,000 USD	Eni S.p.A. 0.38% due 05/21/13		4,386,098		4,386,098
	13,780,000 USD	Eni S.p.A. 0.40% due 05/01/13		13,780,000		13,780,000
	22,260,000 USD	Eni S.p.A. 0.40% due 05/20/13		22,255,418		22,255,418
	5,397,000 USD	Eni S.p.A. 0.42% due 05/09/13		5,396,508		5,396,508
Japan 0.61%
	7,654,000 USD	Hitachi Limited 0.31% due 05/23/13		7,652,550		7,652,550
	10,914,000 USD	Honda Corporation 0.12% due 06/07/13		10,912,654		10,912,654
	34,912,000 USD	Honda Corporation 0.13% due 05/10/13		34,910,865		34,910,865
	16,585,000 USD	Honda Corporation 0.14% due 06/07/13		16,582,613		16,582,613
	6,750,000 USD	Mitsui & Company Limited 0.18% due 06/25/13		6,748,144		6,748,144
	4,219,000 USD	Mitsui & Company Limited 0.19% due 07/22/13		4,217,175		4,216,617
Luxembourg 0.09%
	11,539,000 USD	Michelin Luxembourg S.C.S. 0.25% due 05/23/13		11,537,237		11,537,237
Switzerland 1.12%
	22,990,000 USD	Nestlé SA 0.12% due 05/08/13		22,989,464		22,989,464
	25,101,000 USD	Nestlé SA 0.12% due 05/09/13		25,100,331		25,100,331
	8,323,000 USD	Nestlé SA 0.12% due 05/15/13		8,322,612		8,322,612
	13,780,000 USD	Nestlé SA 0.12% due 06/05/13		13,778,392		13,778,392
	21,653,000 USD	Nestlé SA 0.14% due 06/04/13		21,650,137		21,650,137
	7,684,000 USD	Nestlé SA 0.14% due 06/11/13		7,682,775		7,682,775
	9,929,000 USD	Nestlé SA 0.14% due 06/25/13		9,926,876		9,926,876
	3,159,000 USD	Nestlé SA 0.14% due 07/09/13		3,158,152		3,158,365

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
54

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 7.05% — (continued)
Switzerland 1.12% — (continued)
	15,055,000 USD	Nestlé SA 0.15% due 06/03/13	$	15,052,930	$	15,052,930
	6,225,000 USD	Roche Holdings, Inc. 0.12% due 06/20/13		6,223,962		6,223,962
	15,155,000 USD	Roche Holdings, Inc. 0.13% due 06/20/13		15,152,264		15,152,264
United Arab Emirates 0.64%
	28,074,000 USD	Xstrata Finance Dubai Limited 0.39% due 05/09/13		28,071,629		28,071,629
	12,198,000 USD	Xstrata Finance Dubai Limited 0.39% due 05/17/13		12,195,940		12,195,940
	12,198,000 USD	Xstrata Finance Dubai Limited 0.39% due 05/21/13		12,195,425		12,195,425
	10,253,000 USD	Xstrata Finance Dubai Limited 0.39% due 05/24/13		10,250,511		10,250,511
	22,705,000 USD	Xstrata Finance Dubai Limited 0.41% due 06/10/13		22,694,909		22,694,909
United Kingdom 1.45%
	8,422,000 USD	AstraZeneca PLC 0.09% due 05/09/13		8,421,832		8,421,832
	11,819,000 USD	AstraZeneca PLC 0.10% due 06/10/13		11,817,687		11,817,687
	13,231,000 USD	AstraZeneca PLC 0.10% due 06/14/13		13,229,383		13,229,383
	8,437,000 USD	AstraZeneca PLC 0.10% due 07/25/13		8,435,007		8,432,626
	12,099,000 USD	AstraZeneca PLC 0.11% due 05/01/13		12,099,000		12,099,000
	11,634,000 USD	AstraZeneca PLC 0.11% due 05/13/13		11,633,573		11,633,573
	18,826,000 USD	AstraZeneca PLC 0.11% due 05/20/13		18,824,907		18,824,907
	12,207,000 USD	AstraZeneca PLC 0.11% due 07/17/13		12,204,128		12,201,393
	30,855,000 USD	AstraZeneca PLC 0.12% due 05/03/13		30,854,794		30,854,794
	12,317,000 USD	AstraZeneca PLC 0.12% due 05/07/13		12,316,754		12,316,754
	12,136,000 USD	AstraZeneca PLC 0.12% due 07/23/13		12,132,642		12,129,883
	14,251,000 USD	Reckitt Benckiser 0.13% due 05/14/13		14,250,331		14,250,331

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
55

Overseas Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 7.05% — (continued)
United Kingdom 1.45% — (continued)
	27,780,000 USD	Reckitt Benckiser 0.14% due 05/13/13	$	27,778,704	$	27,778,704
Total International Commercial Paper				941,111,581		941,102,443
U.S. Commercial Paper — 16.37%
$	29,579,000	Abbott Laboratories 0.12% due 06/21/13		29,573,972		29,573,972
	9,668,000	Abbott Laboratories 0.13% due 05/08/13		9,667,756		9,667,756
	12,383,000	Abbott Laboratories 0.13% due 05/21/13		12,382,106		12,382,106
	22,647,000	Abbott Laboratories 0.13% due 05/28/13		22,644,792		22,644,792
	5,931,000	Abbott Laboratories 0.13% due 06/10/13		5,930,143		5,930,143
	26,923,000	Abbott Laboratories 0.13% due 07/16/13		26,915,611		26,918,393
	15,523,000	Abbott Laboratories 0.13% due 07/19/13		15,518,572		15,520,240
	8,866,000	Abbott Laboratories 0.14% due 06/10/13		8,864,621		8,864,621
	16,112,000	Air Products 0.12% due 05/13/13		16,111,356		16,111,356
	3,352,000	Avery Dennison Corporation 0.27% due 05/01/13		3,352,000		3,352,000
	2,442,000	Avery Dennison Corporation 0.28% due 05/01/13		2,442,000		2,442,000
	5,413,000	Baker Hughes, Inc. 0.13% due 05/07/13		5,412,883		5,412,883
	28,074,000	BHP Billiton Finance USA Limited 0.12% due 05/06/13		28,073,532		28,073,532
	18,297,000	BHP Billiton Finance USA Limited 0.12% due 05/07/13		18,296,634		18,296,634
	12,198,000	BHP Billiton Finance USA Limited 0.12% due 05/08/13		12,197,715		12,197,715
	11,819,000	BHP Billiton Finance USA Limited 0.13% due 06/11/13		11,817,250		11,817,250
	11,819,000	BHP Billiton Finance USA Limited 0.13% due 06/12/13		11,817,207		11,817,207
	27,960,000	BHP Billiton Finance USA Limited 0.13% due 06/13/13		27,955,658		27,955,658
	25,702,000	BHP Billiton Finance USA Limited 0.13% due 06/18/13		25,697,545		25,697,545

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
56

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 16.37% — (continued)
$	9,902,000	BHP Billiton Finance USA Limited 0.14% due 05/17/13	$	9,901,384	$	9,901,384
	20,670,000	BHP Billiton Finance USA Limited 0.14% due 05/21/13		20,668,392		20,668,392
	25,507,000	Caterpillar Financial Services Company 0.14% due 07/10/13		25,500,056		25,499,455
	31,163,000	Caterpillar Financial Services Company 0.15% due 06/20/13		31,156,508		31,156,508
	10,503,000	CBS Corporation 0.30% due 05/20/13		10,501,337		10,501,337
	14,535,000	CBS Corporation 0.30% due 05/29/13		14,531,609		14,531,609
	15,169,000	Celgene Corporation 0.26% due 05/17/13		15,167,247		15,167,247
	15,251,000	Celgene Corporation 0.27% due 06/07/13		15,246,768		15,246,768
	8,789,000	Chevron Corporation 0.07% due 06/06/13		8,788,385		8,788,385
	7,585,000	Chevron Corporation 0.08% due 05/22/13		7,584,646		7,584,646
	28,760,000	Chevron Corporation 0.10% due 05/15/13		28,758,882		28,758,882
	28,520,000	Chevron Corporation 0.11% due 05/03/13		28,519,826		28,519,826
	17,596,000	Chevron Corporation 0.12% due 05/07/13		17,595,648		17,595,648
	15,055,000	Church & Dwight Company, Inc. 0.33% due 05/02/13		15,054,862		15,054,862
	16,318,000	Coca-Cola Company 0.11% due 05/09/13		16,317,601		16,317,601
	11,476,000	Coca-Cola Company 0.11% due 05/17/13		11,475,439		11,475,439
	13,739,000	Coca-Cola Company 0.11% due 05/23/13		13,738,076		13,738,076
	13,018,000	Coca-Cola Company 0.12% due 07/17/13		13,014,659		13,015,744
	22,754,000	Coca-Cola Company 0.12% due 07/19/13		22,748,008		22,749,954
	3,462,000	Coca-Cola Company 0.13% due 05/17/13		3,461,800		3,461,800
	23,503,000	Coca-Cola Company 0.13% due 06/12/13		23,499,435		23,499,435

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
57

Overseas Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 16.37% — (continued)
$	11,409,000	Coca-Cola Company 0.13% due 06/13/13	$	11,407,228	$	11,407,228
	12,094,000	Coca-Cola Company 0.14% due 06/19/13		12,091,695		12,091,695
	12,094,000	Coca-Cola Company 0.14% due 06/20/13		12,091,648		12,091,648
	4,211,000	Coca-Cola Company 0.20% due 05/01/13		4,211,000		4,211,000
	20,242,000	Colgate-Palmolive Company 0.07% due 05/01/13		20,242,000		20,242,000
	2,358,000	Con Edison, Inc. 0.23% due 05/01/13		2,358,000		2,358,000
	7,938,000	ConocoPhillips 0.14% due 06/11/13		7,936,734		7,936,734
	4,534,000	Deere & Company 0.10% due 05/23/13		4,533,723		4,533,723
	11,986,000	Deere & Company 0.11% due 05/02/13		11,985,963		11,985,963
	8,059,000	Deere & Company 0.11% due 05/23/13		8,058,458		8,058,458
	12,234,000	Deere & Company 0.12% due 05/03/13		12,233,918		12,233,918
	5,551,000	Deere & Company 0.12% due 05/08/13		5,550,870		5,550,870
	14,037,000	Devon Energy Corporation 0.23% due 05/10/13		14,036,193		14,036,193
	13,980,000	Devon Energy Corporation 0.23% due 05/21/13		13,978,214		13,978,214
	16,032,000	Devon Energy Corporation 0.27% due 05/01/13		16,032,000		16,032,000
	11,409,000	Devon Energy Corporation 0.28% due 05/17/13		11,407,580		11,407,580
	12,198,000	Devon Energy Corporation 0.28% due 06/05/13		12,194,679		12,194,679
	11,243,000	Devon Energy Corporation 0.29% due 06/12/13		11,239,196		11,239,196
	15,169,000	Devon Energy Corporation 0.31% due 07/10/13		15,159,856		15,157,940
	21,274,000	Dominion Resources 0.30% due 05/22/13		21,270,277		21,270,277
	11,481,000	Dominion Resources 0.30% due 06/19/13		11,476,312		11,476,312

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
58

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 16.37% — (continued)
$	13,093,000	Duke Energy Corporation 0.33% due 06/03/13	$	13,089,039	$	13,089,039
	10,826,000	Emerson Electric Company 0.11% due 05/23/13		10,825,272		10,825,272
	13,353,000	Emerson Electric Company 0.11% due 05/28/13		13,351,898		13,351,898
	8,320,000	Emerson Electric Company 0.11% due 06/13/13		8,318,907		8,318,907
	15,001,000	Google, Inc. 0.06% due 06/25/13		14,999,625		14,999,625
	18,523,000	Google, Inc. 0.10% due 07/16/13		18,519,089		18,517,849
	10,884,000	Google, Inc. 0.11% due 05/30/13		10,883,036		10,883,036
	14,419,000	Google, Inc. 0.12% due 06/04/13		14,417,366		14,417,366
	4,793,000	Google, Inc. 0.15% due 05/02/13		4,792,980		4,792,980
	11,190,000	Google, Inc. 0.18% due 05/02/13		11,189,944		11,189,944
	11,861,000	Honeywell International, Inc. 0.12% due 05/13/13		11,860,526		11,860,526
	10,826,000	Honeywell International, Inc. 0.12% due 05/14/13		10,825,531		10,825,531
	18,279,000	Honeywell International, Inc. 0.13% due 06/21/13		18,275,634		18,275,634
	32,586,000	Honeywell International, Inc. 0.15% due 06/24/13		32,578,668		32,578,668
	24,421,000	Johnson & Johnson 0.05% due 05/22/13		24,420,288		24,420,288
	22,166,000	Johnson & Johnson 0.06% due 05/06/13		22,165,815		22,165,815
	29,555,000	Johnson & Johnson 0.06% due 05/07/13		29,554,704		29,554,704
	27,255,000	Johnson & Johnson 0.06% due 05/08/13		27,254,682		27,254,682
	17,792,000	Johnson & Johnson 0.08% due 06/06/13		17,790,577		17,790,577
	17,792,000	Johnson & Johnson 0.08% due 06/07/13		17,790,537		17,790,537
	9,420,000	Kimberly Clark 0.10% due 05/06/13		9,419,869		9,419,869

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
59

Overseas Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 16.37% — (continued)
$	7,525,000	Kimberly Clark 0.10% due 05/13/13	$	7,524,749	$	7,524,749
	12,186,000	Kimberly Clark 0.11% due 06/03/13		12,184,771		12,184,771
	14,311,000	Merck & Company, Inc. 0.08% due 05/14/13		14,310,587		14,310,587
	14,311,000	Merck & Company, Inc. 0.08% due 05/17/13		14,310,491		14,310,491
	19,277,000	Merck & Company, Inc. 0.11% due 06/17/13		19,274,232		19,274,232
	19,277,000	Merck & Company, Inc. 0.11% due 06/19/13		19,274,114		19,274,114
	28,436,000	Merck & Company, Inc. 0.12% due 05/14/13		28,434,768		28,434,768
	22,990,000	Merck & Company, Inc. 0.12% due 05/16/13		22,988,850		22,988,850
	10,777,000	MetLife 0.13% due 06/03/13		10,775,716		10,775,716
	10,503,000	MetLife 0.14% due 06/06/13		10,501,530		10,501,530
	14,136,000	MetLife 0.14% due 06/12/13		14,133,691		14,133,691
	32,929,000	MetLife 0.15% due 05/15/13		32,927,079		32,927,079
	27,014,000	MetLife 0.15% due 05/16/13		27,012,312		27,012,312
	8,914,000	NetJets, Inc. 0.08% due 05/02/13		8,913,980		8,913,980
	13,336,000	Parker-Hannifin Corporation 0.10% due 05/24/13		13,335,148		13,335,148
	13,780,000	Parker-Hannifin Corporation 0.12% due 05/16/13		13,779,311		13,779,311
	10,914,000	Parker-Hannifin Corporation 0.12% due 05/21/13		10,913,272		10,913,272
	12,402,000	Parker-Hannifin Corporation 0.13% due 05/01/13		12,402,000		12,402,000
	15,169,000	PepsiCo, Inc. 0.05% due 05/14/13		15,168,726		15,168,726
	20,003,000	PepsiCo, Inc. 0.05% due 06/12/13		20,001,833		20,001,833
	20,003,000	PepsiCo, Inc. 0.05% due 06/14/13		20,001,778		20,001,778

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
60

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 16.37% — (continued)
$	5,460,000	PepsiCo, Inc. 0.05% due 06/19/13	$	5,459,628	$	5,459,628
	13,018,000	PepsiCo, Inc. 0.06% due 05/16/13		13,017,675		13,017,675
	10,914,000	PepsiCo, Inc. 0.06% due 06/07/13		10,913,327		10,913,327
	10,914,000	Philip Morris International, Inc. 0.07% due 05/23/13		10,913,533		10,913,533
	12,377,000	Philip Morris International, Inc. 0.07% due 06/06/13		12,376,134		12,376,134
	11,243,000	Philip Morris International, Inc. 0.08% due 06/13/13		11,241,926		11,241,926
	21,412,000	Philip Morris International, Inc. 0.08% due 06/14/13		21,409,906		21,409,906
	8,977,000	Philip Morris International, Inc. 0.09% due 06/17/13		8,975,945		8,975,945
	16,874,000	Philip Morris International, Inc. 0.09% due 07/22/13		16,870,541		16,864,468
	8,437,000	Philip Morris International, Inc. 0.09% due 07/25/13		8,435,207		8,432,021
	12,094,000	Philip Morris International, Inc. 0.12% due 06/05/13		12,092,589		12,092,589
	10,826,000	Philip Morris International, Inc. 0.15% due 05/13/13		10,825,459		10,825,459
	10,682,000	Precision Castparts Corporation 0.15% due 05/01/13		10,682,000		10,682,000
	9,668,000	Proctor & Gamble Company 0.10% due 05/02/13		9,667,973		9,667,973
	18,852,000	Proctor & Gamble Company 0.11% due 05/06/13		18,851,712		18,851,712
	21,484,000	Proctor & Gamble Company 0.13% due 05/20/13		21,482,526		21,482,526
	19,135,000	Schlumberger Investments SA 0.17% due 07/24/13		19,127,410		19,123,840
	12,757,000	Syngenta Wilmington, Inc. 0.16% due 07/22/13		12,752,351		12,749,794
	15,169,000	United Healthcare Company 0.30% due 06/17/13		15,163,059		15,163,059
	31,232,000	United Healthcare Company 0.31% due 06/05/13		31,222,587		31,222,587
	27,960,000	United Parcel Service, Inc. 0.07% due 06/14/13		27,957,608		27,957,608

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
61

Overseas Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 16.37% — (continued)
$	4,201,000	Verizon Communications, Inc. 0.24% due 05/06/13	$	4,200,860	$	4,200,860
	10,414,000	Verizon Communications, Inc. 0.26% due 05/16/13		10,412,872		10,412,872
	6,945,000	Verizon Communications, Inc. 0.27% due 05/06/13		6,944,740		6,944,740
	12,604,000	Viacom, Inc. 0.27% due 05/03/13		12,603,811		12,603,811
	13,321,000	Wal-Mart Stores, Inc. 0.08% due 05/20/13		13,320,438		13,320,438
	16,703,000	Wal-Mart Stores, Inc. 0.08% due 05/21/13		16,702,258		16,702,258
	13,231,000	Wal-Mart Stores, Inc. 0.10% due 06/11/13		13,229,493		13,229,493
	45,164,000	Wal-Mart Stores, Inc. 0.13% due 06/10/13		45,157,476		45,157,476
	42,779,000	Wal-Mart Stores, Inc. 0.13% due 06/11/13		42,772,666		42,772,666
	10,914,000	Walt Disney Company 0.08% due 05/24/13		10,913,442		10,913,442
	12,156,000	Walt Disney Company 0.10% due 06/03/13		12,154,886		12,154,886
	12,156,000	Walt Disney Company 0.11% due 06/18/13		12,154,217		12,154,217
	12,156,000	Walt Disney Company 0.12% due 06/19/13		12,154,015		12,154,015
	13,128,000	Walt Disney Company 0.12% due 06/20/13		13,125,812		13,125,812
	12,851,000	Walt Disney Company 0.12% due 07/11/13		12,847,958		12,847,145
	13,360,000	WellPoint, Inc. 0.22% due 05/10/13		13,359,265		13,359,265
	12,367,000	WellPoint, Inc. 0.22% due 06/06/13		12,364,279		12,364,279
	14,260,000	WellPoint, Inc. 0.23% due 06/03/13		14,256,994		14,256,994
	11,656,000	WellPoint, Inc. 0.24% due 05/13/13		11,655,068		11,655,068

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
62

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL

_DESCRIPTION

_{COST (NOTE 1)}

_{VALUE (NOTE 1)}

U.S. Commercial Paper — 16.37% — (continued)

6,188,000

WellPoint, Inc.
0.26% due 06/14/13

6,186,034

Total U.S. Commercial Paper

2,183,846,070

2,183,833,595

Total Commercial Paper

3,124,957,651

3,124,936,038

Total Investments — 99.12%

10,644,944,833

13,225,430,040

Other Assets in Excess of Liabilities — 0.88%

117,670,016

Net Assets — 100.00%

13,343,100,056

(b) Non-income producing security/commodity.

(c) Security is deemed illiquid. At April 30, 2013, the value of these securities amounted to $79,899,178 or 0.60% of net assets.

(d) Represents securities that are subject to legal or contractual restrictions on resale. At April 30, 2013, the value of these securities amounted to $81,754,209 or 0.61% of net assets.

(e) Represents variable voting shares.

(f) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $69,596,703 or 0.52% of net assets.

(g) Represents non-voting class of shares.

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

(i) Payment-in-kind security.

(j) Floating rate security. Rate shown is the rate in effect at April 30, 2013.

At April 30, 2013, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	3,137,710,474
Gross unrealized depreciation		(557,225,267	)
Net unrealized appreciation	$	2,580,485,207

Abbreviations used in this schedule include:

ADR — American Depository Receipt

FRN — Floating Rate Note

NVDR — Non-Voting Depository Receipt

PCL — Public Company Limited

PLC — Public Limited Company

RSP — Represents Non-Voting Shares

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
63

Overseas Fund

Currencies

EUR — Euro

USD — United States Dollar

_{RESTRICTED SECURITIES}	_ACQUISITION_DATE	_COST		_{CARRYING VALUE PER}_{SHARE/PRINCIPAL}
Catalyst Paper Corporation	09/17/12	$	27,586,952	$	2.00
Catalyst Paper Corporation 11.00% due 10/30/17	09/17/12		26,384,136		0.77
Emin Leydier SA FRN 7.32% due 07/31/16	07/30/09		14,285,831		1.32
FINEL 9.50% due 06/30/17	06/22/05		9,659,548		0.99
FINEL	07/14/99		9,166,547		0.47
Legris Industries SA	04/30/04		23,119,325		28.58

Foreign Currency Exchange Contracts — Sales

_SETTLEMENT_DATES_THROUGH	_{FOREIGN CURRENCY}_{TO BE DELIVERED}			_{U.S. $}_{TO BE}_RECEIVED		_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₃		_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₃		_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₃
06/19/13		78,917,000	Euro	$	102,524,830	$	103,961,662	$	—	$	(1,436,832	)
07/17/13		120,465,000	Euro		157,473,053		158,726,126		—		(1,253,073	)
08/21/13		190,191,000	Euro		249,725,828		250,592,788		—		(866,960	)
09/18/13		71,465,000	Euro		93,451,207		94,209,401		—		(758,194	)
10/16/13		68,752,000	Euro		90,327,409		90,653,487		—		(326,078	)
06/19/13		17,293,525,000	Japanese Yen		207,822,131		177,439,631		30,382,500		—
07/17/13		27,997,682,000	Japanese Yen		319,282,035		287,318,560		31,963,475		—
08/21/13		43,088,687,000	Japanese Yen		491,116,659		442,191,685		48,924,974		—
09/18/13		29,791,842,000	Japanese Yen		311,125,706		305,871,630		5,254,076		—
10/16/13		8,383,194,000	Japanese Yen		84,382,961		86,088,277		—		(1,705,316	)
				$	2,107,231,819	$	1,997,053,247	$	116,525,025	$	(6,346,453	)

Foreign Currency Exchange Contracts — Purchases

_SETTLEMENT_DATES_THROUGH				_{FOREIGN CURRENCY}_{TO BE RECEIVED}								_{U.S. $}_{TO BE}_DELIVERED				_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₃				_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₃				_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₃
07/17/13					13,885,236,000			Japanese Yen				$	152,802,461			$	142,493,440			$	—			$	(10,309,021	)

See Notes to Financial Statements.

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64

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

Affiliated Securities

_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₂		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₃		_{MARKET VALUE}_{APRIL 30,}₂₀₁₃		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
As One Corporation		1,286,140		—		—		1,286,140	$	30,345,865	$	—		$	379,596
Catalyst Paper Corporation		1,217,500		49,335		—		1,266,835		2,533,670		—			—
Chofu Seisakusho Company Limited		2,023,800		—		—		2,023,800		46,817,164		—			329,023
FINEL		11,593,581		—		—		11,593,581		5,491,111		—			—
Fursys, Inc.		872,463		—		—		872,463		21,152,059		—			444,298
Haw Par Corporation Limited		23,192,830		—		—		23,192,830		145,989,910		—			—
Japan Wool Textile Company Limited		6,577,300		—		—		6,577,300		56,695,632		—			745,692
Jumbo SA		10,722,438		—		977,676		9,744,762		91,667,925		2,914,091			—
Laurent- Perrier		558,938		—		—		558,938		45,225,031		—			—
Legris Industries SA#		896,416		—		—		896,416		25,615,896		—			—
Maezawa Kasei Industries Company Limited		2,068,330		—		—		2,068,330		22,768,272		—			254,356
Matsumoto Yushi- Seiyaku Company Limited*		974,746		—		974,746		—		—		(3,511,090	)		—
Nagaileben Company Limited		2,013,324		—		2,200		2,011,124		34,362,156		9,930			—
Nitto Kohki Company Limited		2,657,590		—		171,930		2,485,660		47,285,245		(363,197	)		419,534
Robertet SA		235,837		—		—		235,837		44,056,483		—			—
Shingakukai Company Limited*		1,305,700		—		1,185,500		120,200		421,344		(4,187,925	)		28,911
T. Hasegawa Company Limited		3,206,911		—		—		3,206,911		47,233,445		—			315,574
Wienerberger AG		5,915,786		—		—		5,915,786		72,771,980		—			—

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
65

Overseas Fund

Affiliated Securities — (continued)

_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₂		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₃		_{MARKET VALUE}_{APRIL 30,}₂₀₁₃		_REALIZED_GAIN/(LOSS)			_DIVIDEND_INCOME
Yomeishu Seizo Company Limited		2,535,900		—		—		2,535,900	$	22,457,004	$	—		$	448,863
Total									$	762,890,192	$	(5,138,191	)	$	3,365,847

* Represents an unaffiliated issuer as of April 30, 2013, as such, amounts represented above will not agree to balances in the Statements of Assets and Liabilities and Statements of Operations.

# Formerly known as Fregate.

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
International Common Stocks
Consumer Discretionary		9.03	%
Consumer Staples		7.83
Energy		4.80
Financials		10.24
Health Care		6.19
Industrials		13.09
Information Technology		5.18
Materials		11.12
Telecommunication Services		1.76
Utilities		0.67
Total International Common Stocks		69.91
U.S. Common Stocks
Materials		0.17
Total U.S. Common Stocks		0.17
International Preferred Stocks
Consumer Discretionary		0.58
Consumer Staples		0.06
Information Technology		0.23
Total International Preferred Stocks		0.87
Right		0.00

See Notes to Financial Statements.

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66

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
Commodity		4.37%
Term Loans		0.08
International Corporate Bonds
Financials		0.08
Materials		0.22
Total International Corporate Bonds		0.30
Commercial Paper
International Commercial Paper		7.05
U.S. Commercial Paper		16.37
Total Commercial Paper		23.42
Total Investments		99.12	%

See Notes to Financial Statements.

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67

Fund Overview | Data as of April 30, 2013 (unaudited)

INVESTMENT OBJECTIVE

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		9.91	%		6.09	%		9.81	%
with sales charge		4.41			5.00			9.25
Standard & Poor's 500 Index		16.89			5.21			7.88
Consumer Price Index		1.06			1.60			2.38

Asset Allocation*

Sector/Industry**
Financials	17.56	%
Information Technology	15.74
Industrials	10.61
Materials	9.06
Energy	8.14
Consumer Staples	6.13
Consumer Discretionary	5.87
Commodity	3.53
Health Care	3.40
Utilities	2.85
Warrant	0.40

* Asset Allocation and Sector/Industry percentages are based on total investments in the portfolio.

** Sector/Industry allocations exclude short term investments.

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
68

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)	3.54	%
Comcast Corporation, Class 'A' (U.S. cable/satellite television company)	2.97
Intel Corporation (U.S. computer components and related products manufacturer)	2.87
Microsoft Corporation (U.S. software developer)	2.87
Sysco Corporation (U.S. food services distributor)	2.64
Cisco Systems, Inc. (U.S. computer communications company)	2.61
Bank of New York Mellon Corporation (U.S. financial services company)	2.30
Oracle Corporation (U.S. software developer)	2.15
3M Company (U.S. industrial conglomerate)	2.07
Alliant Techsystems, Inc. (U.S. aerospace and defense manufacturer)	2.06
Total	26.08	%

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
69

First Eagle U.S. Value Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Common Stocks — 76.50%
U.S. Common Stocks — 66.34%
Consumer Discretionary 5.24%
	2,438,946	Comcast Corporation, Class 'A'	$	44,510,095	$	95,826,188
	929,280	Omnicom Group, Inc.		32,253,946		55,543,066
	642,257	H&R Block, Inc.		10,866,974		17,816,209
	590	St. John Knits International, Inc. (a)(b)		18,290		3,274
				87,649,305		169,188,737
Consumer Staples 5.97%
	2,440,500	Sysco Corporation		69,941,483		85,075,830
	1,287,375	Lorillard, Inc.		40,938,552		55,215,514
	271,170	Colgate-Palmolive Company		21,838,388		32,380,409
	257,451	Wal-Mart Stores, Inc.		12,385,227		20,009,092
				145,103,650		192,680,845
Energy 4.98%
	1,017,408	ConocoPhillips		46,509,238		61,502,314
	872,238	Devon Energy Corporation		49,706,372		48,025,424
	1,033,843	San Juan Basin Royalty Trust		20,806,015		15,972,874
	189,445	SEACOR Holdings, Inc.		12,151,359		13,660,879
	182,753	Apache Corporation		12,681,438		13,501,792
	94,454	Helmerich & Payne, Inc.		1,871,008		5,536,894
	109,071	Era Group, Inc. (a)		1,826,871		2,492,272
				145,552,301		160,692,449
Financials 16.71%
	2,634,204	Bank of New York Mellon Corporation		64,331,532		74,337,237
	362	Berkshire Hathaway, Inc., Class 'A' (a)		35,598,996		57,558,000
	1,114,598	Cincinnati Financial Corporation		29,539,601		54,514,988
	725,973	American Express Company		22,615,997		49,663,813
	1,570,669	Weyerhaeuser Company, REIT		25,069,761		47,921,111
	117,066	Alleghany Corporation (a)		34,293,700		46,093,567
	1,487,386	BB&T Corporation		37,879,375		45,766,867
	753,107	Plum Creek Timber Company, Inc., REIT		26,873,535		38,815,135
	1,133,543	U.S. Bancorp		28,174,022		37,724,311
	671,735	WR Berkley Corporation		18,780,775		29,166,734
	370,729	Rayonier, Inc., REIT		8,796,435		22,028,717
	111,272	Visa, Inc., Class 'A'		8,072,605		18,744,881
	30,859	Mastercard, Inc., Class 'A'		7,849,654		17,062,867
				347,875,988		539,398,228

See Notes to Financial Statements.

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70

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 66.34% — (continued)
Health Care 2.07%
	717,380	WellPoint, Inc.	$	40,049,472	$	52,311,350
	169,270	Johnson & Johnson		10,123,420		14,426,882
				50,172,892		66,738,232
Industrials 9.42%
	636,940	3M Company		47,534,193		66,693,987
	893,622	Alliant Techsystems, Inc.		58,961,742		66,449,732
	1,219,970	Cintas Corporation		36,915,327		54,740,054
	655,085	Northrop Grumman Corporation		38,909,740		49,616,138
	439,695	Lockheed Martin Corporation		31,929,898		43,569,377
	887,051	Insteel Industries, Inc.		9,879,258		14,707,306
	88,540	Unifirst Corporation		2,161,593		8,061,567
				226,291,751		303,838,161
Information Technology 15.77%
	3,868,819	Intel Corporation		78,061,376		92,658,215
	2,793,554	Microsoft Corporation		71,708,716		92,466,637
	4,023,927	Cisco Systems, Inc.		68,110,657		84,180,553
	2,117,125	Oracle Corporation		60,350,391		69,399,358
	1,267,360	Linear Technology Corporation		34,323,276		46,258,640
	1,840,310	Rofin-Sinar Technologies, Inc. (a)(c)		42,514,481		45,823,719
	43,456	Google, Inc., Class 'A' (a)		23,794,562		35,832,514
	353,471	Automatic Data Processing, Inc.		13,637,378		23,802,737
	330,702	Texas Instruments, Inc.		9,079,788		11,974,719
	186,729	NetApp, Inc. (a)		5,919,005		6,514,975
				407,499,630		508,912,067
Materials 3.32%
	672,467	Scotts Miracle-Gro Company, Class 'A'		29,427,519		30,496,379
	255,880	Martin Marietta Materials, Inc.		22,000,503		25,841,321
	477,672	Vulcan Materials Company		19,201,638		23,826,279
	598,612	Newmont Mining Corporation		29,016,804		19,395,029
	123,219	Deltic Timber Corporation		6,140,201		7,698,723
				105,786,665		107,257,731
Utilities 2.86%
	1,184,103	FirstEnergy Corporation		45,783,800		55,179,200
	371,420	Entergy Corporation		24,857,694		26,456,247
	216,687	IDACorp, Inc.		6,780,723		10,663,167
				77,422,217		92,298,614
Total U.S. Common Stocks				1,593,354,399		2,141,005,064

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
71

U.S. Value Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 10.16%
Australia 0.98%
	1,809,486	Newcrest Mining Limited	$	53,672,463	$	31,518,560
Canada 5.65%
	1,652,700	Canadian Natural Resources Limited		47,541,442		48,478,544
	1,120,206	Potash Corporation of Saskatchewan, Inc.		44,147,451		47,160,673
	1,162,733	Goldcorp, Inc.		36,611,910		34,393,642
	2,917,406	Penn West Petroleum Limited		43,744,708		26,927,657
	767,100	Agnico-Eagle Mines Limited		36,175,285		24,762,847
	354,331	Catalyst Paper Corporation (a)(b)(d)		6,095		708,662
				208,226,891		182,432,025
France 1.34%
	808,762	Sanofi, ADR		30,754,162		43,147,453
Mexico 0.74%
	1,339,700	Fresnillo PLC		28,987,353		23,972,600
South Africa 0.57%
	2,246,380	Gold Fields Limited, ADR		26,932,492		16,757,995
	433,085	Sibanye Gold Limited, ADR (a)		3,555,254		1,667,377
				30,487,746		18,425,372
United Kingdom 0.88%
	714,063	Willis Group Holdings PLC		20,724,473		28,334,020
Total International Common Stocks				372,853,088		327,830,030
Total Common Stocks				1,966,207,487		2,468,835,094
U.S. Preferred Stock — 0.17%
Consumer Staples 0.17%
	168,915	Seneca Foods Corporation, Series '2003' (a)(b)(e)(f)		2,542,171		5,504,940
Warrant — 0.40%
United States 0.40%
	939,766	JPMorgan Chase & Company Warrant expire 10/28/18 (a)		11,329,284		13,015,759
_OUNCES
Commodity — 3.54%
	77,345	Gold bullion (a)		89,045,569		114,156,844

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
72

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Bonds — 2.83%
International Corporate Bond — 0.15%
Canada 0.15%
	6,181,818 USD	Catalyst Paper Corporation 11.00% due 10/30/17 (d)(g)	$	7,594,211	$	4,790,909
U.S. Convertible Bond — 1.02%
$	32,480,000	Advanced Micro Devices, Inc. 6.00% due 05/01/15 (h)		30,628,700		32,967,200
U.S. Corporate Bonds — 1.66%
	600,000	Bausch & Lomb, Inc. 7.125% due 08/01/28 (b)		521,214		558,000
	23,411,000	Citgo Petroleum Corporation 11.50% due 07/01/17 (i)		25,547,904		27,039,705
	5,975,000	Mueller Water Products, Inc. 7.375% due 06/01/17		5,088,722		6,169,187
	13,785,000	New Albertsons, Inc. 7.25% due 05/01/13		13,785,000		13,785,000
	5,877,000	Yankee Candle Company, Inc. Series 'B' 9.75% due 02/15/17		5,873,302		6,104,793
Total U.S. Corporate Bonds				50,816,142		53,656,685
Total Bonds				89,039,053		91,414,794
Commercial Paper — 16.74%
International Commercial Paper — 5.37%
Canada 0.42%
	4,044,000	Canadian Natural Resources Limited USD0.32% due 05/22/13		4,043,245		4,043,245
	741,000	Canadian Natural Resources Limited USD0.33% due 05/10/13		740,939		740,939
	936,000	Potash Corporation of Saskatchewan, Inc. USD0.27% due 05/29/13		935,803		935,803
	2,219,000	Suncor Energy, Inc. USD0.29% due 06/12/13		2,218,249		2,218,249
	2,998,000	Suncor Energy, Inc. USD0.29% due 06/13/13		2,996,962		2,996,962
	2,556,000	Suncor Energy, Inc. USD0.29% due 06/24/13		2,554,888		2,554,888
France 1.44%
	4,897,000	GDF Suez SA USD0.22% due 07/09/13		4,894,935		4,894,743
	1,647,000	Sanofi USD0.11% due 06/17/13		1,646,764		1,646,764

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
73

U.S. Value Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 5.37% — (continued)
France 1.44% — (continued)
	2,642,000	Sanofi USD0.13% due 06/20/13	$	2,641,523	$	2,641,523
	8,190,000	Sanofi USD0.13% due 07/15/13		8,187,782		8,187,660
	4,323,000	Sanofi USD0.14% due 06/25/13		4,322,075		4,322,075
	11,421,000	Total SA USD0.09% due 05/01/13		11,421,000		11,421,000
	4,410,000	Total SA USD0.12% due 05/02/13		4,409,985		4,409,985
	3,506,000	Total SA USD0.12% due 05/22/13		3,505,755		3,505,755
	5,521,000	Total SA USD0.12% due 06/04/13		5,520,374		5,520,374
Germany 0.24%
	3,269,000	BASF AG USD0.11% due 05/29/13		3,268,720		3,268,720
	2,765,000	BASF AG USD0.13% due 06/18/13		2,764,521		2,764,521
	1,784,000	Siemens Company USD0.12% due 06/19/13		1,783,709		1,783,709
Italy 0.12%
	742,000	Eni S.p.A. USD0.38% due 05/21/13		741,848		741,848
	1,827,000	Eni S.p.A. USD0.40% due 05/01/13		1,827,000		1,827,000
	1,408,000	Eni S.p.A. USD0.40% due 05/20/13		1,407,710		1,407,710
Japan 0.52%
	1,171,000	Hitachi Limited USD0.31% due 05/23/13		1,170,778		1,170,778
	8,856,000	Honda Corporation USD0.13% due 05/10/13		8,855,712		8,855,712
	4,721,000	Honda Corporation USD0.14% due 06/07/13		4,720,321		4,720,321
	1,142,000	Mitsui & Company Limited USD0.18% due 06/25/13		1,141,686		1,141,686
	714,000	Mitsui & Company Limited USD0.19% due 07/22/13		713,691		713,597

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
74

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 5.37% — (continued)
Luxembourg 0.08%
	2,556,000	Michelin Luxembourg S.C.S. USD0.25% due 05/23/13	$	2,555,609	$	2,555,609
Switzerland 0.96%
	5,777,000	Nestlé SA USD0.12% due 05/08/13		5,776,865		5,776,865
	6,098,000	Nestlé SA USD0.12% due 05/09/13		6,097,837		6,097,837
	1,104,000	Nestlé SA USD0.12% due 05/15/13		1,103,948		1,103,948
	1,827,000	Nestlé SA USD0.12% due 06/05/13		1,826,787		1,826,787
	3,951,000	Nestlé SA USD0.14% due 06/04/13		3,950,478		3,950,478
	1,694,000	Nestlé SA USD0.14% due 06/11/13		1,693,730		1,693,730
	421,000	Nestlé SA USD0.14% due 07/09/13		420,887		420,915
	3,566,000	Nestlé SA USD0.15% due 06/03/13		3,565,510		3,565,510
	2,138,000	Roche Holdings, Inc. USD0.12% due 06/20/13		2,137,644		2,137,644
	4,278,000	Roche Holdings, Inc. USD0.13% due 06/20/13		4,277,228		4,277,228
United Arab Emirates 0.68%
	3,198,000	Xstrata Finance Dubai Limited USD0.39% due 05/09/13		3,197,730		3,197,730
	4,147,000	Xstrata Finance Dubai Limited USD0.39% due 05/17/13		4,146,300		4,146,300
	4,147,000	Xstrata Finance Dubai Limited USD0.39% due 05/21/13		4,146,125		4,146,125
	2,894,000	Xstrata Finance Dubai Limited USD0.39% due 05/24/13		2,893,297		2,893,297
	7,719,000	Xstrata Finance Dubai Limited USD0.41% due 06/10/13		7,715,569		7,715,569
United Kingdom 0.91%
	959,000	AstraZeneca PLC USD0.09% due 05/09/13		958,981		958,981
	2,696,000	AstraZeneca PLC USD0.10% due 06/10/13		2,695,700		2,695,700
	1,874,000	AstraZeneca PLC USD0.10% due 06/14/13		1,873,771		1,873,771

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
75

U.S. Value Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Commercial Paper — 5.37% — (continued)
United Kingdom 0.91% — (continued)
	1,427,000	AstraZeneca PLC USD0.10% due 07/25/13	$	1,426,663	$	1,426,260
	1,685,000	AstraZeneca PLC USD0.11% due 05/13/13		1,684,938		1,684,938
	4,573,000	AstraZeneca PLC USD0.11% due 05/20/13		4,572,735		4,572,735
	4,150,000	AstraZeneca PLC USD0.11% due 07/17/13		4,149,023		4,148,094
	4,948,000	AstraZeneca PLC USD0.12% due 05/07/13		4,947,901		4,947,901
	1,660,000	AstraZeneca PLC USD0.12% due 07/23/13		1,659,541		1,659,163
	1,890,000	Reckitt Benckiser USD0.13% due 05/14/13		1,889,911		1,889,911
	3,394,000	Reckitt Benckiser USD0.14% due 05/13/13		3,393,842		3,393,842
Total International Commercial Paper				173,194,525		173,192,435
U.S. Commercial Paper — 11.37%
$	547,000	Abbott Laboratories 0.12% due 05/08/13		546,987		546,987
	10,131,000	Abbott Laboratories 0.12% due 06/21/13		10,129,278		10,129,278
	3,643,000	Abbott Laboratories 0.13% due 05/21/13		3,642,737		3,642,737
	8,503,000	Abbott Laboratories 0.13% due 05/28/13		8,502,171		8,502,171
	5,694,000	Abbott Laboratories 0.13% due 07/16/13		5,692,437		5,693,026
	2,451,000	Abbott Laboratories 0.13% due 07/19/13		2,450,301		2,450,564
	1,954,000	Abbott Laboratories 0.14% due 06/10/13		1,953,696		1,953,696
	1,969,000	Air Products 0.12% due 05/13/13		1,968,921		1,968,921
	3,030,000	Avery Dennison Corporation 0.27% due 05/01/13		3,030,000		3,030,000
	2,208,000	Avery Dennison Corporation 0.28% due 05/01/13		2,208,000		2,208,000
	988,000	Baker Hughes, Inc. 0.13% due 05/07/13		987,979		987,979

See Notes to Financial Statements.

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76

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 11.37% — (continued)
$	3,198,000	BHP Billiton Finance USA Limited 0.12% due 05/06/13	$	3,197,947	$	3,197,947
	6,221,000	BHP Billiton Finance USA Limited 0.12% due 05/07/13		6,220,876		6,220,876
	4,147,000	BHP Billiton Finance USA Limited 0.12% due 05/08/13		4,146,903		4,146,903
	2,696,000	BHP Billiton Finance USA Limited 0.13% due 06/11/13		2,695,601		2,695,601
	2,696,000	BHP Billiton Finance USA Limited 0.13% due 06/12/13		2,695,591		2,695,591
	4,323,000	BHP Billiton Finance USA Limited 0.13% due 06/18/13		4,322,251		4,322,251
	2,818,000	BHP Billiton Finance USA Limited 0.14% due 05/17/13		2,817,825		2,817,825
	2,741,000	BHP Billiton Finance USA Limited 0.14% due 05/21/13		2,740,787		2,740,787
	6,076,000	Caterpillar Financial Services Company 0.15% due 06/20/13		6,074,734		6,074,734
	2,076,000	Celgene Corporation 0.26% due 05/17/13		2,075,760		2,075,760
	2,988,000	Chevron Corporation 0.07% due 06/06/13		2,987,791		2,987,791
	1,038,000	Chevron Corporation 0.08% due 05/22/13		1,037,952		1,037,952
	3,837,000	Chevron Corporation 0.10% due 05/15/13		3,836,851		3,836,851
	3,403,000	Chevron Corporation 0.11% due 05/03/13		3,402,979		3,402,979
	3,566,000	Church & Dwight Company, Inc. 0.33% due 05/02/13		3,565,967		3,565,967
	3,976,000	Coca-Cola Company 0.11% due 05/09/13		3,975,903		3,975,903
	5,163,000	Coca-Cola Company 0.11% due 05/23/13		5,162,653		5,162,653
	823,000	Coca-Cola Company 0.12% due 07/17/13		822,789		822,857
	3,113,000	Coca-Cola Company 0.12% due 07/19/13		3,112,180		3,112,446
	5,394,000	Coca-Cola Company 0.13% due 06/12/13		5,393,182		5,393,182
	3,463,000	Coca-Cola Company 0.13% due 06/13/13		3,462,462		3,462,462

See Notes to Financial Statements.

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77

U.S. Value Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 11.37% — (continued)
$	1,931,000	Coca-Cola Company 0.14% due 06/19/13	$	1,930,632	$	1,930,632
	1,931,000	Coca-Cola Company 0.14% due 06/20/13		1,930,625		1,930,625
	3,807,000	Coca-Cola Company 0.20% due 05/01/13		3,807,000		3,807,000
	2,157,000	Colgate-Palmolive Company 0.07% due 05/01/13		2,157,000		2,157,000
	2,132,000	Con Edison, Inc. 0.23% due 05/01/13		2,132,000		2,132,000
	1,124,000	ConocoPhillips 0.14% due 06/11/13		1,123,821		1,123,821
	716,000	Deere & Company 0.10% due 05/23/13		715,956		715,956
	1,830,000	Deere & Company 0.11% due 05/23/13		1,829,877		1,829,877
	1,599,000	Devon Energy Corporation 0.23% due 05/10/13		1,598,908		1,598,908
	6,238,000	Devon Energy Corporation 0.27% due 05/01/13		6,238,000		6,238,000
	3,463,000	Devon Energy Corporation 0.28% due 05/17/13		3,462,569		3,462,569
	4,147,000	Devon Energy Corporation 0.28% due 06/05/13		4,145,871		4,145,871
	3,173,000	Devon Energy Corporation 0.29% due 06/12/13		3,171,926		3,171,926
	2,076,000	Devon Energy Corporation 0.31% due 07/10/13		2,074,749		2,074,486
	4,853,000	Dominion Resources 0.30% due 05/22/13		4,852,151		4,852,151
	1,756,000	Dominion Resources 0.30% due 06/19/13		1,755,283		1,755,283
	1,975,000	Emerson Electric Company 0.11% due 05/23/13		1,974,867		1,974,867
	4,078,000	Emerson Electric Company 0.11% due 05/28/13		4,077,664		4,077,664
	3,322,000	Google, Inc. 0.06% due 06/25/13		3,321,695		3,321,695
	2,623,000	Google, Inc. 0.10% due 07/16/13		2,622,446		2,622,271
	1,738,000	Google, Inc. 0.11% due 05/30/13		1,737,846		1,737,846

See Notes to Financial Statements.

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78

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 11.37% — (continued)
$	7,001,000	Google, Inc. 0.12% due 06/04/13	$	7,000,207	$	7,000,207
	340,000	Google, Inc. 0.15% due 05/02/13		339,999		339,999
	1,158,000	Google, Inc. 0.18% due 05/02/13		1,157,994		1,157,994
	1,975,000	Honeywell International, Inc. 0.12% due 05/14/13		1,974,914		1,974,914
	2,439,000	Honeywell International, Inc. 0.13% due 06/21/13		2,438,551		2,438,551
	9,589,000	Honeywell International, Inc. 0.15% due 06/24/13		9,586,842		9,586,842
	5,546,000	Johnson & Johnson 0.05% due 05/22/13		5,545,838		5,545,838
	4,886,000	Johnson & Johnson 0.06% due 05/06/13		4,885,959		4,885,959
	6,515,000	Johnson & Johnson 0.06% due 05/07/13		6,514,935		6,514,935
	2,142,000	Kimberly Clark 0.10% due 05/13/13		2,141,929		2,141,929
	1,626,000	Kimberly Clark 0.11% due 06/03/13		1,625,836		1,625,836
	4,914,000	Merck & Company, Inc. 0.08% due 05/14/13		4,913,858		4,913,858
	4,914,000	Merck & Company, Inc. 0.08% due 05/17/13		4,913,825		4,913,825
	3,242,000	Merck & Company, Inc. 0.11% due 06/17/13		3,241,534		3,241,534
	3,242,000	Merck & Company, Inc. 0.11% due 06/19/13		3,241,515		3,241,515
	10,557,000	Merck & Company, Inc. 0.12% due 05/14/13		10,556,542		10,556,542
	5,777,000	Merck & Company, Inc. 0.12% due 05/16/13		5,776,711		5,776,711
	2,387,000	MetLife 0.13% due 06/03/13		2,386,716		2,386,716
	2,233,000	MetLife 0.14% due 06/12/13		2,232,635		2,232,635
	4,477,000	MetLife 0.15% due 05/15/13		4,476,739		4,476,739
	4,860,000	MetLife 0.15% due 05/16/13		4,859,696		4,859,696

See Notes to Financial Statements.

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79

U.S. Value Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Commercial Paper — 11.37% — (continued)
$	2,106,000	Parker-Hannifin Corporation 0.10% due 05/24/13	$	2,105,865	$	2,105,865
	1,827,000	Parker-Hannifin Corporation 0.12% due 05/16/13		1,826,909		1,826,909
	2,076,000	PepsiCo, Inc. 0.05% due 05/14/13		2,075,962		2,075,962
	3,159,000	PepsiCo, Inc. 0.05% due 06/12/13		3,158,816		3,158,816
	3,159,000	PepsiCo, Inc. 0.05% due 06/14/13		3,158,807		3,158,807
	835,000	PepsiCo, Inc. 0.05% due 06/19/13		834,943		834,943
	823,000	PepsiCo, Inc. 0.06% due 05/16/13		822,979		822,979
	3,523,000	Philip Morris International, Inc. 0.07% due 06/06/13		3,522,753		3,522,753
	3,173,000	Philip Morris International, Inc. 0.08% due 06/13/13		3,172,697		3,172,697
	3,732,000	Philip Morris International, Inc. 0.08% due 06/14/13		3,731,635		3,731,635
	1,988,000	Philip Morris International, Inc. 0.09% due 06/17/13		1,987,766		1,987,766
	2,854,000	Philip Morris International, Inc. 0.09% due 07/22/13		2,853,415		2,852,388
	1,427,000	Philip Morris International, Inc. 0.09% due 07/25/13		1,426,697		1,426,158
	1,931,000	Philip Morris International, Inc. 0.12% due 06/05/13		1,930,775		1,930,775
	1,975,000	Philip Morris International, Inc. 0.15% due 05/13/13		1,974,901		1,974,901
	3,263,000	Precision Castparts Corporation 0.15% due 05/01/13		3,263,000		3,263,000
	547,000	Proctor & Gamble Company 0.10% due 05/02/13		546,998		546,998
	4,737,000	Proctor & Gamble Company 0.11% due 05/06/13		4,736,928		4,736,928
	1,216,000	Proctor & Gamble Company 0.13% due 05/20/13		1,215,917		1,215,917
	2,927,000	Schlumberger Investments SA 0.17% due 07/24/13		2,925,839		2,925,293
	1,951,000	Syngenta Wilmington, Inc. 0.16% due 07/22/13		1,950,289		1,949,898

See Notes to Financial Statements.

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80

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL

_DESCRIPTION

_{COST (NOTE 1)}

_{VALUE (NOTE 1)}

U.S. Commercial Paper — 11.37% — (continued)

$	2,076,000	United Healthcare Company 0.30% due 06/17/13	$	2,075,187	$	2,075,187
	1,019,000	Verizon Communications, Inc. 0.24% due 05/06/13		1,018,966		1,018,966
	659,000	Verizon Communications, Inc. 0.26% due 05/16/13		658,929		658,929
	849,000	Verizon Communications, Inc. 0.27% due 05/06/13		848,968		848,968
	4,852,000	Wal-Mart Stores, Inc. 0.08% due 05/20/13		4,851,795		4,851,795
	6,084,000	Wal-Mart Stores, Inc. 0.08% due 05/21/13		6,083,730		6,083,730
	1,874,000	Wal-Mart Stores, Inc. 0.10% due 06/11/13		1,873,787		1,873,787
	10,699,000	Wal-Mart Stores, Inc. 0.13% due 06/10/13		10,697,455		10,697,455
	5,105,000	Wal-Mart Stores, Inc. 0.13% due 06/11/13		5,104,244		5,104,244
	2,760,000	Walt Disney Company 0.10% due 06/03/13		2,759,747		2,759,747
	2,760,000	Walt Disney Company 0.11% due 06/18/13		2,759,595		2,759,595
	2,760,000	Walt Disney Company 0.12% due 06/19/13		2,759,549		2,759,549
	2,981,000	Walt Disney Company 0.12% due 06/20/13		2,980,503		2,980,503
	2,161,000	Walt Disney Company 0.12% due 07/11/13		2,160,488		2,160,352
	3,491,000	WellPoint, Inc. 0.22% due 06/06/13		3,490,232		3,490,232
	1,702,000	WellPoint, Inc. 0.23% due 06/03/13		1,701,641		1,701,641
	2,840,000	WellPoint, Inc. 0.24% due 05/13/13		2,839,773		2,839,773
	1,762,000	WellPoint, Inc. 0.26% due 06/14/13		1,761,440		1,761,440
Total U.S. Commercial Paper				366,985,072		366,983,181
Total Commercial Paper				540,179,597		540,175,616
Total Investments — 100.18%			$	2,698,343,161		3,233,103,047
Liabilities in Excess of Other Assets — (0.18)%						(5,785,911	)
Net Assets — 100.00%					$	3,227,317,136

See Notes to Financial Statements.

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81

U.S. Value Fund

(a) Non-income producing security/commodity.

(b) Security is deemed illiquid. At April 30, 2013, the value of these securities amounted to $6,774,876 or 0.21% of net assets.

(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) Represents securities that are subject to legal or contractual restrictions on resale. At April 30, 2013, the value of these securities amounted to $5,499,571 or 0.17% of net assets.

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

(f) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $5,504,940 or 0.17% of net assets.

(g) Payment-in-kind security.

(h) This security is convertible until April 30, 2015.

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

At April 30, 2013, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	623,398,050
Gross unrealized depreciation		(88,638,164	)
Net unrealized appreciation	$	534,759,886

Abbreviations used in this schedule include:

ADR — American Depository Receipt

PLC — Public Limited Company

REIT — Real Estate Investment Trust

Currencies

USD — United States Dollar

_{RESTRICTED SECURITIES}	_ACQUISITION_DATE	_COST		_{CARRYING VALUE PER}_{SHARE/PRINCIPAL}
Catalyst Paper Corporation	09/17/12	$	6,095	$	2.00
Catalyst Paper Corporation 11.00% due 10/30/17	09/17/12		7,594,211		0.78
Affiliated Securities

_AFFILIATED_SECURITIES	_SHARES_{OCTOBER 31,}₂₀₁₂		_GROSS_ADDITIONS		_GROSS_REDUCTIONS		_SHARES_{APRIL 30,}₂₀₁₃		_{MARKET VALUE}_{APRIL 30,}₂₀₁₃		_REALIZED_{GAIN / (LOSS)}		_DIVIDEND_INCOME
Insteel Industries, Inc.*		887,051		—		—		887,051	$	14,707,306	$	—	$	274,986
Rofin-Sinar Technologies, Inc.		1,840,310		—		—		1,840,310		45,823,719		—		—
Total									$	60,531,025	$	—	$	274,986

* Represents an unaffiliated issuer as of April 30, 2013, 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.

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82

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		5.24	%
Consumer Staples		5.97
Energy		4.98
Financials		16.71
Health Care		2.07
Industrials		9.42
Information Technology		15.77
Materials		3.32
Utilities		2.86
Total U.S. Common Stocks		66.34
International Common Stocks
Energy		2.33
Financials		0.88
Health Care		1.34
Materials		5.61
Total International Common Stocks		10.16
U.S. Preferred Stock
Consumer Staples		0.17
Total U.S. Preferred Stock		0.17
Warrant		0.40
Commodity		3.54
International Corporate Bond
Materials		0.15
Total International Corporate Bond		0.15
U.S. Convertible Bond
Industrials		1.02
Total U.S. Convertible Bond		1.02

See Notes to Financial Statements.

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83

U.S. Value Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
U.S. Corporate Bonds
Consumer Discretionary		0.63	%
Energy		0.84
Industrials		0.19
Total U.S. Corporate Bonds		1.66
Commercial Paper
International Commercial Paper		5.37
U.S. Commercial Paper		11.37
Total Commercial Paper		16.74
Total Investments		100.18	%

See Notes to Financial Statements.

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Fund Overview | Data as of April 30, 2013 (unaudited)

INVESTMENT OBJECTIVE

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		–26.95	%		–0.53	%		10.44	%
with sales load		–30.62	%		–1.54	%		9.87	%
FTSE Gold Mines Index		–36.48	%		–7.55	%		5.32	%
MSCI World Index		16.70	%		1.81	%		8.29	%
Consumer Price Index		1.06	%		1.60	%		2.38	%

Asset Allocation*

Countries**
Canada	34.21	%
United States	33.08
South Africa	9.14
Mexico	7.82
Australia	6.91
West Africa	5.19
Bermuda	0.76
Channel Island	0.26

* 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, 2013
86

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)	24.85	%
Agnico-Eagle Mines Limited (Canada)	6.65
Goldcorp, Inc. (Canada)	5.66
Randgold Resources Limited, ADR (Africa)	5.19
Newcrest Mining Limited (Australia)	4.59
AngloGold Ashanti Limited, ADR (South Africa)	4.36
Fresnillo PLC (Mexico)	4.17
Industrias Peñoles S.A.B. de C.V. (Mexico)	3.67
Kinross Gold Corporation (Canada)	3.54
Barrick Gold Corporation (Canada)	3.35
Total	66.03	%

* 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, 2013
87

First Eagle Gold Fund

_SHARES

_DESCRIPTION

_{COST (NOTE 1)}

_{VALUE (NOTE 1)}

Common Stocks — 70.96%

International Common Stocks — 62.71%
Africa 5.19%
	1,264,736	Randgold Resources Limited, ADR	$	28,073,424	$	103,430,110
Australia 6.91%
	5,247,646	Newcrest Mining Limited		159,004,290		91,406,205
	6,890,791	Regis Resources Limited (a)		32,462,689		26,918,687
	4,118,481	Kingsgate Consolidated Limited		18,612,918		9,217,948
	2,613,520	Medusa Mining Limited		12,846,050		8,855,580
	7,991,615	St. Augustine Gold and Copper Limited (a)(b)		8,188,305		1,229,601
				231,114,252		137,628,021
Bermuda 0.77%
	3,081,450	Continental Gold Limited (a)		22,650,691		15,232,898
Canada 32.74%
	4,100,010	Agnico-Eagle Mines Limited		196,140,991		132,352,914
	3,808,920	Goldcorp, Inc.		126,600,740		112,667,854
	12,974,472	Kinross Gold Corporation		170,463,438		70,581,128
	3,386,013	Barrick Gold Corporation		113,560,925		66,738,316
	1,003,033	Franco-Nevada Corporation		17,431,540		43,669,870
	5,379,731	New Gold, Inc. (a)		9,472,072		43,148,924
	5,123,257	Eldorado Gold Corporation		54,896,928		40,532,418
	5,755,592	IAMGOLD Corporation		31,401,352		30,909,026
	6,750,740	Osisko Mining Corporation (a)(c)		51,245,902		28,479,894
	1,918,596	Dundee Precious Metals, Inc. (a)(c)		3,080,638		12,303,087
	4,991,700	Rainy River Resources Limited (a)		25,914,627		11,495,676
	4,309,970	B2Gold Corporation (a)		11,219,363		10,824,126
	5,612,300	SEMAFO, Inc.		21,126,151		10,640,751
	868,060	Detour Gold Corporation (a)(c)		19,303,138		10,443,604
	2,815,100	Alacer Gold Corporation		12,734,387		8,439,152
	4,535,313	Guyana Goldfields, Inc. (a)		19,295,573		8,103,597
	3,512,880	Gabriel Resources Limited (a)		20,363,078		6,346,478
	708,800	Primero Mining Corporation (a)		4,122,348		4,186,381
				908,373,191		651,863,196
Channel Island 0.26%
	3,066,400	Lydian International Limited (a)		6,767,759		5,083,272
Mexico 7.83%
	4,636,741	Fresnillo PLC		24,306,771		82,969,871

See Notes to Financial Statements.

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Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 62.71% — (continued)
Mexico 7.83% — (continued)
	1,734,777	Industrias Peñoles S.A.B. de C.V.	$	3,522,352	$	72,980,348
				27,829,123		155,950,219
South Africa 9.01%
	4,453,996	AngloGold Ashanti Limited, ADR		158,128,325		86,852,922
	7,103,944	Gold Fields Limited, ADR		80,462,583		52,995,422
	6,627,793	Harmony Gold Mining Company Limited, ADR		64,457,630		34,000,578
	1,448,373	Sibanye Gold Limited, ADR (a)		10,377,975		5,576,236
				313,426,513		179,425,158
Total International Common Stocks				1,538,234,953		1,248,612,874
U.S. Common Stocks — 8.25%
Materials 8.25%
	1,879,377	Newmont Mining Corporation		77,323,655		60,891,816
	3,171,490	Tahoe Resources, Inc. (a)(c)		44,486,169		55,093,384
	867,401	Royal Gold, Inc.		14,962,981		48,210,147
Total U.S. Common Stocks				136,772,805		164,195,347
Total Common Stocks				1,675,007,758		1,412,808,221
International Preferred Stock — 0.14%
South Africa 0.14%
	120,000	AngloGold Ashanti Holdings Finance PLC 6.00% (d)		6,000,000		2,844,000
Investment Company — 0.02%
	416,472	State Street Institutional U.S. Government Money Market Fund, Institutional Class		416,472		416,472
Warrants — 0.00%
Canada — 0.00%
	5,500,000	Great Basin Gold Limited Warrant expire 03/30/14 (a)(e)(f)(g)		664,820		0
	500,000	St. Augustine Gold & Copper Warrant expire 07/15/13 (a)(b)(e)(f)		0		0
Total Warrants				664,820		0

See Notes to Financial Statements.

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Gold Fund

_OUNCES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Commodity — 24.85%
	335,178	Gold bullion (a)	$	183,135,784	$	494,705,610
_PRINCIPAL
International Convertible Bonds — 1.51%
Canada 1.51%
	30,000,000 USD	Detour Gold Corporation 5.50% due 11/30/17 (f)(h)		30,000,000		30,000,000
South Africa 0.00%
	2,000,000 CAD	Great Basin Gold Limited 8.00% due 11/30/14 (c)(e)(f)(g)(i)		1,900,540		0
Total International Convertible Bonds				31,900,540		30,000,000
Commercial Paper — 2.63%
International Commercial Paper — 1.33%
France 1.33%
	26,484,000 USD	Total SA 0.09% due 05/01/13		26,484,000		26,484,000
U.S. Commercial Paper — 1.30%
$	7,027,000	Avery Dennison Corporation 0.27% due 05/01/13		7,027,000		7,027,000
	5,120,000	Avery Dennison Corporation 0.28% due 05/01/13		5,120,000		5,120,000
	8,828,000	Coca-Cola Company 0.20% due 05/01/13		8,828,000		8,828,000
	4,944,000	Con Edison, Inc. 0.23% due 05/01/13		4,944,000		4,944,000
Total U.S. Commercial Paper				25,919,000		25,919,000
Total Commercial Paper				52,403,000		52,403,000
Total Investments — 100.11%			$	1,949,528,374		1,993,177,303
Liabilities in Excess of Other Assets — (0.11)%						(2,139,719	)
Net Assets — 100.00%					$	1,991,037,584

(a) Non-income producing security/commodity.

(b) 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.

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

(d) This security is convertible until August 9, 2013.

See Notes to Financial Statements.

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Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

(e) Security is deemed illiquid. At April 30, 2013, the value of these securities amounted to $0 or 0.00% of net assets.

(f) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $30,000,000 or 1.51% of net assets.

(g) Issuer is in default.

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

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

At April 30, 2013, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	628,103,654
Gross unrealized depreciation		(584,454,725	)
Net unrealized appreciation	$	43,648,929

Abbreviations used in this schedule include:

ADR — American Depository Receipt

PLC — Public Limited Company

Currencies

CAD — Canadian Dollar

USD — United States Dollar

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
International Common Stocks
Materials		62.71	%
Total International Common Stocks		62.71
U.S. Common Stocks
Materials		8.25
Total U.S. Common Stocks		8.25
International Preferred Stock
Materials		0.14
Total International Preferred Stock		0.14
Investment Company		0.02
Warrants		0.00
Commodity		24.85

See Notes to Financial Statements.

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Gold Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
International Convertible Bonds
Materials		1.51	%
Total International Convertible Bonds		1.51
Commercial Paper
International Commercial Paper		1.33
U.S. Commercial Paper		1.30
Total Commercial Paper		2.63
Total Investments		100.11	%

See Notes to Financial Statements.

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Fund Overview | Data as of April 30, 2013 (unaudited)

INVESTMENT OBJECTIVE

First Eagle Global Income Builder seeks current income generation and long-term growth of capital. Fundamental research drives the identification of income-producing investment opportunities across all market environments.

Average Annual Returns^
	_ONE-YEAR			_THREE-YEARS			_SINCE_INCEPTION_(5/1/2012)
First Eagle Global Income Builder (A Shares)
without sales load		—			—			12.21	%
with sales load		—			—			6.56
MSCI World Index		16.70	%		9.59	%		16.42
Barclays Capital U.S. Aggregate Bond Index		3.68			5.51			3.81

Asset Allocation*

Countries**
United States	46.17	%
France	7.71
Canada	6.39
Sweden	4.18
Japan	3.58
United Kingdom	3.09
Netherlands	2.84
Germany	2.11
Australia	1.97
Italy	1.84
Singapore	1.79
Switzerland	1.72
Norway	1.46
Belgium	1.37
Austria	1.31
Ireland	1.08
Mexico	0.73
Bermuda	0.71
Hong Kong	0.60
South Korea	0.59
Spain	0.56
Israel	0.32
Thailand	0.26
South Africa	0.18
Greece	0.10

^ Performance figures reflect certain fee waivers and/or expense limitations, without which returns may 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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Global Income Builder Fund

Growth of a $10,000 Initial Investment

The Adviser has contractually agreed to limit operating expenses of the Fund to an annual rate of 1.30% for A Shares, 2.05% for C Shares, and 1.05% for I Shares with gross operating expenses of 1.41%, 2.15%, and 1.17% respectively. This limitation excludes certain expenses as described in the Fees and Expenses section of the prospectus. This limitation will continue until December 31, 2013. The expense limitation may be terminated by the Adviser in future years. Performance figures reflect contractual waivers and/or expense limitations, without which total returns may have been lower.

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 Barclays Capital U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs, ABS, and CMBS. The index is presented here for comparison purposes only. One cannot invest directly in an index.

Top 10 Holdings*
Bouygues SA (French industrial company)	1.85	%
Nestlé SA (Swiss food product manufacturer)	1.73
Microsoft Corporation (U.S. software developer)	1.68
FirstEnergy Corporation (U.S. diversified energy company)	1.61
Intel Corporation (U.S. computer components and related products manufacturer)	1.58
Thompson Creek Metals Company, Inc. (Canadian mining company)	1.55
Roundy's Supermarkets, Inc. Term Loan B (U.S. wholesale grocery company)	1.55
SandRidge Energy, Inc. (U.S. oil & gas company)	1.55
Sysco Corporation (U.S. food services distributor)	1.53
Hoya Corporation (Japanese electronic components company)	1.51
Total	16.14	%

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

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First Eagle Global Income Builder Fund

_SHARES

_DESCRIPTION

_{COST (NOTE 1)}

_{VALUE (NOTE 1)}

Common Stocks — 53.00%

U.S. Common Stocks — 19.65%
Consumer Discretionary 0.57%
	68,149	H&R Block, Inc.	$	1,277,495	$	1,890,453
Consumer Staples 3.58%
	144,503	Sysco Corporation		4,473,679		5,037,374
	108,866	Lorillard, Inc.		4,301,598		4,669,263
	17,541	Colgate-Palmolive Company		1,856,601		2,094,571
				10,631,878		11,801,208
Energy 1.93%
	76,536	ConocoPhillips		4,398,653		4,626,601
	112,184	San Juan Basin Royalty Trust		1,759,160		1,733,243
				6,157,813		6,359,844
Financials 2.49%
	1,989,500	Frasers Commercial Trust, REIT		1,866,057		2,517,537
	46,311	Plum Creek Timber Company, Inc., REIT		2,011,671		2,386,869
	20,967	Rayonier, Inc., REIT		1,038,569		1,245,859
	36,101	Weyerhaeuser Company, REIT		860,609		1,101,442
	19,769	Cincinnati Financial Corporation		751,475		966,902
				6,528,381		8,218,609
Industrials 2.43%
	39,731	Lockheed Martin Corporation		3,542,247		3,936,945
	19,905	3M Company		1,833,235		2,084,252
	26,447	Northrop Grumman Corporation		1,747,227		2,003,096
				7,122,709		8,024,293
Information Technology 5.56%
	166,868	Microsoft Corporation		4,747,887		5,523,331
	217,408	Intel Corporation		4,819,146		5,206,922
	153,300	Cisco Systems, Inc.		3,050,426		3,207,036
	67,016	Linear Technology Corporation		2,196,137		2,446,084
	24,083	Automatic Data Processing, Inc.		1,401,215		1,621,749
	8,496	Texas Instruments, Inc.		230,380		307,640
				16,445,191		18,312,762
Materials 0.60%
	61,083	Newmont Mining Corporation		2,640,926		1,979,089
Utilities 2.49%
	113,976	FirstEnergy Corporation		4,863,075		5,311,281

See Notes to Financial Statements.

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Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 19.65% — (continued)
Utilities 2.49% — (continued)
	40,543	Entergy Corporation	$	2,654,321	$	2,887,878
				7,517,396		8,199,159
Total U.S. Common Stocks				58,321,789		64,785,417
International Common Stocks — 33.35%
Australia 0.53%
	100,455	Newcrest Mining Limited		2,431,742		1,749,777
Austria 1.31%
	24,783	Mayr Melnhof Karton AG		2,677,507		2,662,584
	35,573	OMV AG		1,274,797		1,669,647
				3,952,304		4,332,231
Belgium 1.38%
	58,862	Groupe Bruxelles Lambert SA		4,557,665		4,553,575
Canada 2.52%
	331,325	Penn West Petroleum Limited		3,899,920		3,058,130
	49,700	Cenovus Energy, Inc.		1,529,202		1,488,018
	70,795	Barrick Gold Corporation		2,451,404		1,395,369
	46,518	Goldcorp, Inc.		1,724,270		1,376,002
	31,036	Agnico-Eagle Mines Limited		1,383,842		1,001,877
				10,988,638		8,319,396
France 7.08%
	218,667	Bouygues SA		5,899,823		6,096,132
	90,657	Total SA		4,565,970		4,564,571
	38,429	Sanofi		3,387,051		4,207,527
	55,701	Ciments Francais SA		3,213,041		3,040,511
	36,077	Neopost SA		1,986,446		2,370,623
	73,980	Carrefour SA		1,796,055		2,189,964
	18,902	Legrand SA		743,904		879,968
				21,592,290		23,349,296
Germany 2.12%
	85,778	Daimler AG		4,653,524		4,741,551
	104,419	Hamburger Hafen und Logistik AG		2,452,757		2,244,769
				7,106,281		6,986,320
Greece 0.10%
	33,961	Jumbo SA		148,295		319,467
Hong Kong 0.60%
	215,000	Hopewell Holdings Limited		770,186		828,367

See Notes to Financial Statements.

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Global Income Builder Fund

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 33.35% — (continued)
Hong Kong 0.60% — (continued)
	67,700	Guoco Group Limited	$	589,955	$	808,253
	80,000	Great Eagle Holdings Limited		263,852		338,124
				1,623,993		1,974,744
Ireland 1.09%
	167,155	CRH PLC		3,238,908		3,588,249
Israel 0.33%
	90,007	Israel Chemicals Limited		1,107,788		1,070,305
Italy 1.85%
	131,865	Eni S.p.A		3,087,915		3,150,544
	819,982	Italcementi S.p.A. RSP		2,225,141		2,524,412
	41,371	Recordati S.p.A.		349,496		426,185
				5,662,552		6,101,141
Japan 3.60%
	248,600	Hoya Corporation		4,977,297		4,963,591
	63,300	Astellas Pharma, Inc.		3,033,608		3,678,686
	88,800	NKSJ Holdings, Inc.		1,880,381		2,246,281
	14,800	Ono Pharmaceutical Company Limited		869,307		973,874
				10,760,593		11,862,432
Mexico 0.74%
	136,020	Fresnillo PLC		2,821,720		2,433,943
Netherlands 1.69%
	90,916	Sligro Food Group NV		2,748,155		2,990,339
	19,967	HAL Trust		2,430,287		2,574,418
				5,178,442		5,564,757
Norway 0.99%
	363,571	Orkla ASA		2,999,420		3,268,238
Singapore 0.32%
	416,000	Singapore Airport Terminal Services Limited		935,194		1,062,946
South Africa 0.18%
	31,088	AngloGold Ashanti Limited, ADR		991,926		606,216
South Korea 0.59%
	27,200	KT&G Corporation		2,102,431		1,958,558
Spain 0.56%
	34,768	Red Electrica Corporation SA		1,634,742		1,847,539
Sweden 1.23%
	139,947	Investor AB, Class 'A'		3,601,565		4,044,549

See Notes to Financial Statements.

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Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Common Stocks — 33.35% — (continued)
Switzerland 1.73%
	79,783	Nestlé SA	$	5,294,620	$	5,691,439
Thailand 0.26%
	1,762,000	Thai Beverage PCL		512,015		864,706
United Kingdom 2.55%
	165,040	GlaxoSmithKline PLC		3,714,270		4,256,799
	914,050	WM Morrison Supermarkets PLC		3,864,341		4,147,216
				7,578,611		8,404,015
Total International Common Stocks				106,821,735		109,953,839
Total Common Stocks				165,143,524		174,739,256
Closed-End Mutual Fund — 0.71%
Singapore 0.71%
	4,645,200	Macquarie International Infrastructure Fund Limited		2,200,610		2,355,005
_OUNCES
Commodity — 0.59%
	1,308	Gold bullion (a)		2,094,674		1,929,691
_PRINCIPAL
Bonds — 31.95%
U.S. Convertible Bond 1.05%
$	3,400,000	Advanced Micro Devices, Inc. 6.00% due 05/01/15 (b)		3,213,245		3,451,000
U.S. Corporate Bonds — 18.97%
	959,000	Air Medical Group Holdings, Inc. 9.25% due 11/01/18		1,014,839		1,066,888
	1,357,000	Aleris International, Inc. 7.875% due 11/01/20		1,353,392		1,475,738
	881,000	American Axle & Manufacturing, Inc. 6.25% due 03/15/21		881,000		932,759
	2,522,000	American Axle & Manufacturing, Inc. 6.625% due 10/15/22		2,573,066		2,707,997
	2,475,000	Basic Energy Services, Inc. 7.75% due 02/15/19		2,471,849		2,598,750
	475,000	Basic Energy Services, Inc. 7.75% due 10/15/22		475,000		502,313

See Notes to Financial Statements.

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Global Income Builder Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Corporate Bonds — 18.97% — (continued)
$	3,600,000	Bi-Lo LLC 9.25% due 02/15/19 (c)	$	3,839,863	$	3,960,000
	500,000	Carrizo Oil & Gas, Inc. 7.50% due 09/15/20		509,696		545,000
	900,000	Carrizo Oil & Gas, Inc. 8.625% due 10/15/18		943,554		1,001,250
	1,500,000	CCO Holdings LLC 7.375% due 06/01/20		1,647,966		1,691,250
	780,000	Citgo Petroleum Corporation 11.50% due 07/01/17 (c)		862,627		900,900
	2,225,000	CommScope, Inc. 8.25% due 01/15/19 (c)		2,388,799		2,441,937
	4,500,000	Drill Rigs Holdings, Inc. 6.50% due 10/01/17 (c)		4,524,852		4,578,750
	375,000	Everest Acquisition LLC 6.875% due 05/01/19		393,169		412,500
	1,200,000	Everest Acquisition LLC 7.75% due 09/01/22		1,216,951		1,383,000
	3,350,000	Fiesta Restaurant Group, Inc. 8.875% due 08/15/16		3,588,337		3,647,312
	3,000,000	Frontier Communications Corporation 8.50% due 04/15/20		3,387,409		3,465,000
	1,525,000	Huntington Ingalls Industries, Inc. 7.125% due 03/15/21		1,654,115		1,704,187
	1,000,000	International Lease Finance Corporation 5.875% due 04/01/19		1,061,113		1,102,390
	550,000	International Lease Finance Corporation 6.25% due 05/15/19		557,491		619,438
	3,300,000	Mead Products 6.75% due 04/30/20 (c)		3,447,451		3,522,750
	850,000	PHH Corporation 7.375% due 09/01/19		857,301		975,375
	350,000	PHH Corporation 9.25% due 03/01/16		360,870		412,125
	2,000,000	Rentech Nitrogen Partners L.P. 6.50% due 04/15/21 (c)		2,037,399		2,057,500
	4,925,000	SandRidge Energy, Inc. 7.50% due 02/15/23		5,133,754		5,097,375
	2,350,000	STHI Holding Corporation 8.00% due 03/15/18 (c)		2,533,555		2,585,000
	2,373,000	Taylor Morrison Communities, Inc. 7.75% due 04/15/20 (c)		2,540,661		2,675,558

See Notes to Financial Statements.

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Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Corporate Bonds — 18.97% — (continued)
$	2,575,000	Toys R Us Property Company I 10.75% due 07/15/17	$	2,740,500	$	2,764,906
	1,255,000	Toys R Us Property Company II 8.50% due 12/01/17		1,318,611		1,353,831
	3,700,000	Tronox Finance LLC 6.375% due 08/15/20 (c)		3,737,710		3,704,625
	600,000	Wolverine World Wide, Inc. 6.125% due 10/15/20 (c)		610,008		656,250
Total U.S. Corporate Bonds				60,662,908		62,542,654
International Corporate Bonds — 11.93%
Australia 1.45%
	1,354,000 USD	Ausdrill Finance Pty Limited 6.875% due 11/01/19 (d)		1,355,215		1,377,695
	3,300,000 USD	Nufarm Australia Limited 6.375% due 10/15/19 (c)		3,451,046		3,407,250
				4,806,261		4,784,945
Bermuda 0.72%
	500,000 USD	Aircastle Limited 6.25% due 12/01/19		511,975		560,000
	1,525,000 USD	Aircastle Limited 7.625% due 04/15/20		1,631,348		1,807,125
				2,143,323		2,367,125
Canada 3.90%
	1,500,000 USD	New Gold, Inc. 6.25% due 11/15/22 (c)		1,522,899		1,552,500
	500,000 USD	New Gold, Inc. 7.00% due 04/15/20 (c)		515,169		532,500
	4,000,000 USD	PetroBakken Energy Limited 8.625% due 02/01/20 (c)		4,117,323		4,140,000
	1,000,000 USD	Precision Drilling Corporation 6.50% due 12/15/21		1,053,612		1,087,500
	400,000 USD	Precision Drilling Corporation 6.625% due 11/15/20		400,885		433,000
	4,788,000 USD	Thompson Creek Metals Company, Inc. 9.75% due 12/01/17		5,059,630		5,123,160
				12,669,518		12,868,660
France 0.67%
	500,000 USD	Rexel SA 5.25% due 06/15/20 (c)		499,906		530,000
	1,550,000 USD	Rexel SA 6.125% due 12/15/19 (c)		1,588,729		1,674,000
				2,088,635		2,204,000

See Notes to Financial Statements.

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_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Corporate Bonds — 11.93% — (continued)
Netherlands 1.17%
	2,300,000 EUR	HeidelbergCement Finance BV 8.50% due 10/31/19 (e)	$	3,523,247	$	3,865,707
Norway 0.48%
	1,630,000 USD	Eksportfinans ASA 2.00% due 09/15/15		1,548,796		1,579,556
Sweden 2.98%
	2,350,000 EUR	Eileme 2 AB 11.75% due 01/31/20 (c)		3,457,148		3,679,213
	1,700,000 USD	Perstorp Holding AB 8.75% due 05/15/17 (c)		1,728,068		1,838,125
	2,000,000 EUR	Perstorp Holding AB 9.00% due 05/15/17 (c)		2,799,083		2,868,115
	1,000,000 EUR	Perstorp Holding AB 9.00% due 05/15/17 (e)		1,361,490		1,434,058
				9,345,789		9,819,511
United Kingdom 0.56%
	210,000 USD	Jaguar Land Rover PLC 5.625% due 02/01/23 (c)		210,000		220,500
	1,400,000 USD	Jaguar Land Rover PLC 8.125% due 05/15/21 (c)		1,492,673		1,610,000
				1,702,673		1,830,500
Total International Corporate Bonds				37,828,242		39,320,004
Total Bonds				101,704,395		105,313,658
Term Loans — 6.94%
United States 6.94%
	3,336,637 USD	Alcatel-Lucent, Term Loan C 7.25% due 01/30/19		3,382,551		3,426,310
	873,810 USD	Ameriforge Group, Inc. 6.00% due 12/19/19		869,532		888,009
	590,000 USD	Calceus Acquisition, Inc. 5.75% due 02/01/20		587,122		599,588
	2,634,000 USD	Caraustar Industry, Inc. due 04/10/19 (f)(g)		2,663,965		2,660,340
	2,189,000 USD	Fortescue Metals Group 5.25% due 10/18/17		2,186,388		2,228,067
	2,149,613 USD	NEP Supershooters L.P. 4.75% due 01/22/20		2,153,363		2,186,560

See Notes to Financial Statements.

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Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Term Loans — 6.94% — (continued)
United States 6.94% — (continued)
	5,176,591 USD	Roundy's Supermarkets, Inc., Term Loan B 0.00% — 5.75% due 02/13/19 (f)(g)	$	4,964,798	$	5,111,884
	2,057,000 EUR	U.S. Coating Acquisition, Inc., Term Loan B 0.00% — 5.25% due 01/18/20 (f)(g)		2,772,893		2,744,468
	2,963,110 USD	Van Wagner Communications, Term Loan B 8.25% due 08/03/18		2,997,915		3,029,780
Total Term Loans				22,578,527		22,875,006
Commercial Paper — 7.38%
International Commercial Paper — 3.73%
France 3.73%
	12,297,000 USD	Total SA 0.09% due 05/01/13		12,297,000		12,297,000
U.S. Commercial Paper — 3.65%
$	3,263,000	Avery Dennison Corporation 0.27% due 05/01/13		3,263,000		3,263,000
	2,377,000	Avery Dennison Corporation 0.28% due 05/01/13		2,377,000		2,377,000
	4,099,000	Coca-Cola Company 0.20% due 05/01/13		4,099,000		4,099,000
	2,295,000	Con Edison, Inc. 0.23% due 05/01/13		2,295,000		2,295,000
Total U.S. Commercial Paper				12,034,000		12,034,000
Total Commercial Paper				24,331,000		24,331,000
Total Investments — 100.57%			$	318,052,730		331,543,616
Liabilities in Excess of Other Assets — (0.57)%						(1,867,971	)
Net Assets — 100.00%					$	329,675,645

(a) Non-income producing security/commodity.

(b) This security is convertible until April 30, 2015.

(d) Security is deemed illiquid. At April 30, 2013, the value of these securities amounted to $1,377,695 or 0.42% of net assets.

(e) 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.

(f) At April 30, 2013, all or a portion of the security was segregated to cover collateral requirements for extended trade settlements.

See Notes to Financial Statements.

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Global Income Builder Fund

(g) All or a portion of the security represents unsettled loan positions.

At April 30, 2013, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	19,209,619
Gross unrealized depreciation		(5,718,733	)
Net unrealized appreciation	$	13,490,886

Abbreviations used in this schedule include:

ADR — American Depository Receipt

PCL — Public Company Limited

PLC — Public Limited Company

REIT — Real Estate Investment Trust

RSP — Represents Non-Voting Shares

Currencies

EUR — Euro

USD — United States Dollar

Foreign Currency Exchange Contracts — Sales

_SETTLEMENT_DATES_THROUGH	_{FOREIGN CURRENCY}_{TO BE DELIVERED}			_{U.S. $}_{TO BE}_RECEIVED		_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₃		_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₃		_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₃
06/19/13		1,265,000	Euro	$	1,647,307	$	1,666,453	$	—	$	(19,146	)
07/17/13		12,335,000	Euro		16,262,473		16,249,986		12,487		—
08/21/13		3,429,000	Euro		4,523,566		4,518,213		5,353		—
09/18/13		2,413,000	Euro		3,124,040		3,180,960		—		(56,920	)
10/16/13		2,228,000	Euro		2,927,180		2,937,747		—		(10,567	)
06/19/13		60,506,000	Japanese Yen		629,707		620,820		8,887		—
07/17/13		60,506,000	Japanese Yen		629,924		620,926		8,998		—
08/21/13		121,012,000	Japanese Yen		1,259,597		1,241,788		17,809		—
09/18/13		89,440,000	Japanese Yen		939,441		918,277		21,164		—
10/16/13		62,904,000	Japanese Yen		633,175		645,971		—		(12,796	)
				$	32,576,410	$	32,601,141	$	74,698	$	(99,429	)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		0.57	%
Consumer Staples		3.58
Energy		1.93
Financials		2.49
Industrials		2.43
Information Technology		5.56
Materials		0.60
Utilities		2.49
Total U.S. Common Stocks		19.65

See Notes to Financial Statements.

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Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
International Common Stocks
Consumer Discretionary		1.54	%
Consumer Staples		5.41
Energy		4.21
Financials		4.42
Health Care		4.11
Industrials		4.36
Information Technology		2.23
Materials		6.51
Utilities		0.56
Total International Common Stocks		33.35
Closed-End Mutual Fund		0.71
Commodity		0.59
U.S. Convertible Bond
Industrials		1.05
Total U.S. Convertible Bond		1.05
U.S. Corporate Bonds
Consumer Discretionary		5.54
Consumer Staples		1.20
Energy		5.17
Financials		0.52
Health Care		0.78
Industrials		1.27
Materials		2.19
Telecommunication Services		2.30
Total U.S. Corporate Bonds		18.97

See Notes to Financial Statements.

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Global Income Builder Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
International Corporate Bonds
Consumer Discretionary		0.56	%
Energy		1.72
Financials		1.62
Industrials		0.67
Materials		6.24
Telecommunication Services		1.12
Total International Corporate Bonds		11.93
Term Loans		6.94
Commercial Paper
International Commercial Paper		3.73
U.S. Commercial Paper		3.65
Total Commercial Paper		7.38
Total Investments		100.57	%

See Notes to Financial Statements.

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Fund Overview | Data as of April 30, 2013 (unaudited)

INVESTMENT OBJECTIVE

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

Average Annual Returns^
	_ONE-YEAR			_FIVE-YEARS			_SINCE_INCEPTION_(11-19-07)
First Eagle High Yield Fund (I Shares)		11.80	%		14.14	%		13.05	%
Barclays Capital U.S. Corporate High Yield Bond Index		13.98			11.11			10.53

Asset Allocation*

Countries**
United States	71.33	%
Canada	4.63
Cayman Islands	3.06
Sweden	2.51
United Kingdom	2.09
Australia	2.05
Germany	1.52
Netherlands	1.48
Bermuda	1.48
Ireland	1.36
Norway	1.17
France	1.00
Austria	0.73

^ Performance figures reflect certain fee waivers and/or expense limitations, without which returns may 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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High Yield Fund

Growth of a $10,000 Initial Investment

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 0.94%, 1.19%, and 1.94% respectively. This limitation excludes certain expenses as described in the Fees and Expenses section of the prospectus. This limitation will continue until December 31, 2013. The expense limitation may be terminated by the Adviser in future years. Performance figures reflect contractual waivers and/or expense limitations, without which total returns may have been lower.

The average annual returns for Class I Shares do not give effect to the deduction of a maximum sales charge.

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.

Top 10 Holdings*
Bi-Lo LLC (U.S. food-retail company)	1.69	%
Roundy's Supermarkets, Inc. Term Loan B (U.S. wholesale grocery company)	1.53
Advanced Micro Devices, Inc. (U.S. integrated circuits manufacturer)	1.44
Toys R Us Property Company I (U.S. toy retailer)	1.42
HeidelbergCement Finance BV (German building materials manufacturer)	1.36
Frontier Communications Corporation (U.S. communications services provider)	1.30
CCO Holdings LLC (U.S. cable services provider)	1.29
Citgo Petroleum Corporation (U.S. refiner and marketer of transportation fuels)	1.27
Tronox Finance LLC (U.S. mineral exploration company)	1.25
RDS Ultra-Deepwater Limited (Cayman Islands oil and gas drilling company)	1.24
Total	13.79	%

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

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First Eagle High Yield Fund

_PRINCIPAL

_DESCRIPTION

_{COST (NOTE 1)}

_{VALUE (NOTE 1)}

Bonds — 76.91%

U.S. Convertible Bonds — 2.07%
$	12,650,000	Advanced Micro Devices, Inc. 6.00% due 05/01/15 (a)	$	11,940,005	$	12,839,750
	1,915,000	Headwaters, Inc. 8.75% due 02/01/16 (b)		1,956,477		2,117,272
	3,452,000	RadioShack Corporation 2.50% due 08/01/13 (c)(d)		3,413,923		3,426,110
Total U.S. Convertible Bonds				17,310,405		18,383,132
U.S. Corporate Bonds — 53.90%
	766,000	Affinia Group, Inc. 7.75% due 05/01/21 (d)		766,000		791,853
	4,037,000	Air Medical Group Holdings, Inc. 9.25% due 11/01/18		4,270,029		4,491,163
	5,221,000	Aleris International, Inc. 7.875% due 11/01/20		5,218,113		5,677,837
	9,931,000	Alliance One International, Inc. 10.00% due 07/15/16		9,971,850		10,595,384
	2,909,000	American Axle & Manufacturing, Inc. 6.25% due 03/15/21		2,909,000		3,079,904
	3,478,000	American Axle & Manufacturing, Inc. 6.625% due 10/15/22		3,522,722		3,734,503
	9,825,000	Appleton Papers, Inc. 10.50% due 06/15/15 (d)		10,114,539		10,414,500
	8,672,000	Atlas Energy Holdings Operating Company LLC 7.75% due 01/15/21 (d)(e)		8,690,563		8,541,920
	1,157,000	Atlas Pipeline Partners L.P. 5.875% due 08/01/23 (d)		1,157,000		1,191,710
	2,950,000	Atwood Oceanics, Inc. 6.50% due 02/01/20		3,075,383		3,230,250
	6,238,000	Basic Energy Services, Inc. 7.75% due 02/15/19		6,165,557		6,549,900
	3,475,000	Basic Energy Services, Inc. 7.75% due 10/15/22		3,475,000		3,674,813
	13,625,000	Bi-Lo LLC 9.25% due 02/15/19 (d)		14,391,754		14,987,500
	1,925,000	Bon-Ton Department Stores, Inc. 10.25% due 03/15/14		1,917,295		1,946,656
	6,410,000	Bon-Ton Department Stores, Inc. 10.625% due 07/15/17		5,164,221		6,482,112
	7,687,800	Brickman Group Holdings, Inc. 9.125% due 11/01/18 (d)(e)		7,693,326		8,408,531
	7,625,000	Carrizo Oil & Gas, Inc. 8.625% due 10/15/18		7,912,712		8,482,812

See Notes to Financial Statements.

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Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Corporate Bonds — 53.90% — (continued)
$	441,000	CCO Holdings LLC 6.625% due 01/31/22	$	456,564	$	487,305
	10,210,000	CCO Holdings LLC 7.375% due 06/01/20		11,125,289		11,511,775
	9,810,000	Citgo Petroleum Corporation 11.50% due 07/01/17 (d)		10,773,514		11,330,550
	8,522,000	Cleaver-Brooks, Inc. 8.75% due 12/15/19 (d)		8,771,972		9,416,810
	2,150,000	Cloud Peak Energy Resources 8.25% due 12/15/17		2,263,470		2,322,000
	110,000	Cloud Peak Energy Resources 8.50% due 12/15/19		110,754		121,000
	4,547,000	Coinstar, Inc. 6.00% due 03/15/19 (d)		4,594,250		4,728,880
	8,073,000	CommScope, Inc. 8.25% due 01/15/19 (d)		8,493,425		8,860,117
	10,283,000	Drill Rigs Holdings, Inc. 6.50% due 10/01/17 (d)		10,379,815		10,462,952
	7,400,000	DriveTime Automotive Group, Inc. 12.625% due 06/15/17		8,069,598		8,315,750
	3,500,000	DriveTime Automotive Group, Inc. 12.625% due 06/15/17 (d)		3,885,000		3,933,125
	4,000,000	EP Energy LLC 9.375% due 05/01/20		4,049,601		4,680,000
	1,325,000	Everest Acquisition LLC 6.875% due 05/01/19		1,351,847		1,457,500
	7,320,000	Fiesta Restaurant Group, Inc. 8.875% due 08/15/16		7,691,304		7,969,650
	10,036,000	Frontier Communications Corporation 8.50% due 04/15/20		10,908,452		11,591,580
	7,409,000	GenCorp, Inc. 7.125% due 03/15/21 (d)		7,708,139		8,020,242
	7,107,000	Goodman Networks, Inc. 13.125% due 07/01/18 (d)(e)		7,368,275		7,924,305
	6,970,000	Headwaters, Inc. 7.625% due 04/01/19		6,901,677		7,579,875
	3,000,000	Huntington Ingalls Industries, Inc. 6.875% due 03/15/18		3,136,361		3,333,750
	5,762,000	Huntington Ingalls Industries, Inc. 7.125% due 03/15/21		6,145,613		6,439,035
	3,350,000	Interface, Inc. 7.625% due 12/01/18		3,568,431		3,655,688

See Notes to Financial Statements.

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High Yield Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Corporate Bonds — 53.90% — (continued)
$	6,000,000	International Lease Finance Corporation 5.875% due 04/01/19	$	6,244,452	$	6,614,340
	5,210,000	International Lease Finance Corporation 6.25% due 05/15/19		5,314,133		5,867,762
	2,000,000	International Lease Finance Corporation 8.625% due 09/15/15		2,132,796		2,287,500
	2,205,000	JC Penney Corporation, Inc. Series A 6.875% due 10/15/15		2,184,662		2,224,294
	5,937,000	JMC Steel Group 8.25% due 03/15/18 (d)(e)		6,067,235		6,241,271
	10,333,000	Kemet Corporation 10.50% due 05/01/18		10,553,964		10,849,650
	3,646,000	Kraton Polymers 6.75% due 03/01/19		3,726,640		3,837,415
	6,500,000	Landry's, Inc. 9.375% due 05/01/20 (d)		6,681,178		7,190,625
	2,245,000	Manitowoc Company, Inc. 9.50% due 02/15/18		2,401,319		2,480,725
	5,684,000	Mcron Finance Corporation 8.375% due 05/15/19 (d)		5,760,815		6,280,820
	9,225,000	Mead Products 6.75% due 04/30/20 (d)		9,623,018		9,847,687
	762,000	Milacron LLC 7.75% due 02/15/21 (d)		762,000		796,290
	9,372,000	New Albertsons, Inc. 7.25% due 05/01/13		9,372,000		9,372,000
	2,274,000	Noranda Aluminum Acquisition Corporation 11.00% due 06/01/19 (d)(e)		2,274,000		2,262,630
	4,300,000	Parker Drilling Company 9.125% due 04/01/18		4,495,604		4,730,000
	2,919,000	PHH Corporation 9.25% due 03/01/16		2,937,064		3,437,123
	3,750,000	Post Holdings, Inc. 7.375% due 02/15/22		3,884,006		4,181,250
	3,729,000	Quality Distribution 9.875% due 11/01/18		4,009,694		4,157,835
	9,800,000	Quiksilver, Inc. 6.875% due 04/15/15		9,800,000		9,824,696
	6,386,000	Radio Systems Corporation 8.375% due 11/01/19 (d)		6,531,969		6,960,740
	6,879,000	Rentech Nitrogen Partners L.P. 6.50% due 04/15/21 (d)		7,002,305		7,076,771
	6,240,000	Rex Energy Corporation 8.875% due 12/01/20 (d)(e)		6,216,315		6,684,600

See Notes to Financial Statements.

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112

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Corporate Bonds — 53.90% — (continued)
$	8,846,000	ROC Finance 12.125% due 09/01/18 (d)	$	9,946,593	$	10,438,280
	1,148,000	Rosetta Resources, Inc. 5.625% due 05/01/21		1,148,000		1,198,225
	3,950,000	Samson Investment Company 9.75% due 02/15/20 (d)		4,063,624		4,216,625
	9,275,000	SandRidge Energy, Inc. 7.50% due 02/15/23		9,450,012		9,599,625
	8,363,000	Seitel, Inc. 9.50% due 04/15/19 (d)		8,404,052		8,760,242
	2,690,000	Shea Homes L.P. 8.625% due 05/15/19		2,720,727		3,069,963
	6,430,990	Sheridan Group, Inc. 12.50% due 04/15/14		5,839,130		6,447,068
	6,982,000	STHI Holding Corporation 8.00% due 03/15/18 (d)		7,501,046		7,680,200
	8,516,000	Sugarhouse HSP Gaming Prop Mezz L.P. 8.625% due 04/15/16 (d)		9,000,888		9,144,055
	7,264,000	Taylor Morrison Communities, Inc. 7.75% due 04/15/20 (d)		7,662,830		8,190,160
	2,714,000	Tower Automotive Holdings USA 10.625% due 09/01/17 (d)		2,978,048		2,900,615
	11,781,000	Toys R Us Property Company I 10.75% due 07/15/17		12,515,511		12,649,849
	1,745,000	Toys R Us Property Company II 8.50% due 12/01/17		1,810,404		1,882,419
	11,082,000	Tronox Finance LLC 6.375% due 08/15/20 (d)		11,197,436		11,095,852
	4,650,000	United Rentals North America, Inc. 7.375% due 05/15/20		4,719,817		5,289,375
	200,000	United Rentals North America, Inc. 7.625% due 04/15/22		200,000		230,500
	3,064,000	Wolverine World Wide, Inc. 6.125% due 10/15/20 (d)		3,115,108		3,351,250
	10,238,000	Yankee Candle Company, Inc. Series 'B' 9.75% due 02/15/17		10,538,742		10,634,825
	2,839,000	YCC Holdings 10.25% due 02/15/16 (f)		2,818,978		2,945,491
Total U.S. Corporate Bonds				457,774,530		479,353,880

See Notes to Financial Statements.

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_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Corporate Bonds — 20.94%
Australia 2.06%
	7,544,000 USD	Ausdrill Finance Pty Limited 6.875% due 11/01/19 (d)(e)	$	7,551,476	$	7,676,020
	10,296,000 USD	Nufarm Australia Limited 6.375% due 10/15/19 (d)		10,624,687		10,630,620
				18,176,163		18,306,640
Austria 0.74%
	2,326,000 USD	OGX Austria GmbH 8.375% due 04/01/22 (d)		2,323,193		1,424,675
	8,128,000 USD	OGX Austria GmbH 8.50% due 06/01/18 (d)		7,255,304		5,140,960
				9,578,497		6,565,635
Bermuda 1.48%
	5,325,000 USD	Aircastle Limited 7.625% due 04/15/20		5,489,043		6,310,125
	6,150,000 USD	Viking Cruises, Limited 8.50% due 10/15/22 (d)		6,313,655		6,903,375
				11,802,698		13,213,500
Canada 3.94%
	10,081,000 USD	Mood Media Corporation 9.25% due 10/15/20 (d)		10,570,342		10,081,000
	3,792,000 USD	New Gold, Inc. 7.00% due 04/15/20 (d)		3,856,561		4,038,480
	7,729,000 USD	PetroBakken Energy Limited 8.625% due 02/01/20 (d)		7,824,623		7,999,515
	1,087,000 USD	Precision Drilling Corporation 6.50% due 12/15/21		1,120,341		1,182,112
	2,550,000 USD	Thompson Creek Metals Company, Inc. 7.375% due 06/01/18		2,250,293		2,097,375
	7,214,000 USD	Thompson Creek Metals Company, Inc. 9.75% due 12/01/17		7,534,223		7,718,980
	2,000,000 USD	Thompson Creek Metals Company, Inc. 12.50% due 05/01/19		2,015,429		1,910,000
				35,171,812		35,027,462
Cayman Islands 3.07%
	6,350,000 USD	Marfrig Overseas Limited 9.50% due 05/04/20 (d)		5,739,462		5,842,000
	9,700,000 USD	Offshore Group Investment Limited 7.50% due 11/01/19 (d)		9,705,714		10,500,250
	9,877,000 USD	RDS Ultra-Deepwater Limited 11.875% due 03/15/17 (d)		10,865,728		10,988,163
				26,310,904		27,330,413

See Notes to Financial Statements.

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Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Corporate Bonds — 20.94% — (continued)
France 1.00%
	3,500,000 USD	Rexel SA 5.25% due 06/15/20 (d)	$	3,499,341	$	3,710,000
	4,805,000 USD	Rexel SA 6.125% due 12/15/19 (d)		4,856,600		5,189,400
				8,355,941		8,899,400
Ireland 1.37%
	2,891,000 USD	Ardagh Packaging Finance PLC 7.00% due 11/15/20 (d)		2,891,000		3,064,460
	8,031,000 USD	Ardagh Packaging Finance PLC 9.125% due 10/15/20 (d)		8,326,184		9,085,030
				11,217,184		12,149,490
Netherlands 1.49%
	7,215,000 EUR	HeidelbergCement Finance BV 8.50% due 10/31/19 (g)		10,466,297		12,126,553
	1,205,000 USD	Marfrig Holding Europe BV 9.875% due 07/24/17 (d)		1,226,764		1,132,700
				11,693,061		13,259,253
Norway 1.17%
	10,755,000 USD	Eksportfinans ASA 2.00% due 09/15/15		9,891,802		10,422,165
Sweden 2.52%
	688,037 USD	Eileme 1 AB 14.25% due 08/15/20 (d)(e)(f)		660,372		782,642
	2,850,000 USD	Eileme 2 AB 11.625% due 01/31/20 (d)		2,942,518		3,412,875
	4,450,000 EUR	Eileme 2 AB 11.75% due 01/31/20 (d)		5,972,091		6,967,021
	7,750,000 USD	Perstorp Holding AB 8.75% due 05/15/17 (d)		7,803,252		8,379,687
	1,000,000 EUR	Perstorp Holding AB 9.00% due 05/15/17 (d)		1,399,539		1,434,058
	1,000,000 EUR	Perstorp Holding AB 9.00% due 05/15/17 (g)		1,361,490		1,434,058
				20,139,262		22,410,341
United Kingdom 2.10%
	4,400,000 USD	Ineos Finance PLC 8.375% due 02/15/19 (d)		4,572,975		4,977,500
	790,000 USD	Jaguar Land Rover PLC 5.625% due 02/01/23 (d)		790,000		829,500
	5,700,000 USD	Jaguar Land Rover PLC 8.125% due 05/15/21 (d)		5,874,721		6,555,000

See Notes to Financial Statements.

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_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
International Corporate Bonds — 20.94% — (continued)
United Kingdom 2.10% — (continued)
	500,000 EUR	Viridian Group FundCo II 11.125% due 04/01/17 (d)	$	599,835	$	715,384
	5,200,000 USD	Viridian Group FundCo II 11.125% due 04/01/17 (d)		5,032,993		5,603,000
				16,870,524		18,680,384
Total International Corporate Bonds Bonds				179,207,848		186,264,683
Total Bonds				654,292,783		684,001,695
Term Loans — 17.97%
Canada 0.71%
	6,202,655 USD	Essar Steel Algoma, Inc., ABL Term Loan 8.75% due 09/20/14		6,172,039		6,339,629
Germany 1.53%
	8,470,988 USD	Grohe Holding GMBH, Term Loan B 6.75% due 05/16/17		8,404,436		8,523,931
	3,790,000 EUR	Schaeffler AG, Term Loan C2 due 01/27/17 (h)(i)		4,632,902		5,032,185
				13,037,338		13,556,116
United States 15.73%
	9,635,850 USD	Alcatel-Lucent, Term Loan C 7.25% due 01/30/19		9,766,347		9,894,813
	961,590 USD	Ameriforge Group, Inc., First Lien Term Loan 6.00% due 12/19/19		956,883		977,216
	7,230,000 USD	Ameriforge Group, Inc., Second Lien Term Loan 8.75% due 12/18/20		7,376,959		7,464,975
	9,171,000 USD	Atkins Nutritionals, Inc., First Lien Term Loan 6.25% due 01/02/19		9,100,887		9,216,855
	1,528,000 USD	Atkins Nutritionals, Inc., Second Lien Term Loan 9.75% due 04/03/19		1,497,639		1,547,100
	2,242,000 USD	Calceus Acquisition, Inc. 5.75% due 02/01/20		2,231,065		2,278,432
	2,873,063 USD	Cannery Casino Resorts LLC, Term Loan B 6.00% due 10/02/18		2,847,015		2,939,502
	5,712,500 USD	Cannery Casino Resorts LLC, Second Lien Term Loan 10.00% due 10/02/19		5,588,387		5,658,945
	4,109,000 USD	Caraustar Industry, Inc. due 04/10/19 (h)(i)		4,136,882		4,150,090

See Notes to Financial Statements.

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116

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Term Loans — 17.97% — (continued)
United States 15.73% — (continued)
	767,000 USD	CBAC Borrowers LLC due 04/24/20 (h)(i)	$	759,330	$	770,835
	8,822,887 USD	Dematic S.A. 5.25% due 12/27/19		8,840,819		8,914,796
	7,263,500 USD	Fortescue Metals Group 5.25% due 10/18/17		7,223,999		7,393,132
	8,392,000 USD	Hostess Brands, Inc. 0.00% - 6.75% due 03/12/20 (h)(i)		8,491,619		8,617,535
	6,859,808 USD	NEP Supershooters L.P. 4.75% due 01/22/20		6,871,488		6,977,714
	2,890,857 USD	NEP Supershooters, L.P., Second Lien Term Loan 9.50% due 08/18/20		2,995,435		3,023,354
	13,777,061 USD	Roundy's Supermarkets, Inc., Term Loan B 0.00% -5.75% due 02/13/19 (h)(i)		13,468,073		13,604,848
	8,361,000 USD	Supervalu, Inc., Term Loan B 0.00% - 6.25% due 03/21/19 (h)(i)		8,419,111		8,500,353
	2,297,000 USD	Tower International, Inc. due 04/16/20 (h)(i)		2,285,515		2,337,197
	7,396,000 EUR	U.S. Coating Acquisition, Inc., Term Loan B 0.00% - 5.25% due 02/01/20 (h)(i)		9,973,864		9,867,811
	10,684,310 USD	Van Wagner Communications LLC, Term Loan B 8.25% due 08/03/18		10,714,123		10,924,707
	9,104,000 USD	Veyance Technologies, Inc., First Lien Term Loan 5.25% due 09/08/17		8,970,987		9,181,766
	5,606,250 USD	Wilton Brands LLC 7.50% due 08/30/18		5,503,839		5,683,336
				138,020,266		139,925,312
Total Term Loans				157,229,643		159,821,057
Commercial Paper — 5.62%
International Commercial Paper — 2.84%
France 2.84%
	25,245,000 USD	Total SA 0.09% due 05/01/13		25,245,000		25,245,000
U.S. Commercial Paper — 2.78%
$	6,698,000	Avery Dennison Corporation 0.27% d13-11830-2ue 05/01/13		6,698,000		6,698,000

See Notes to Financial Statements.

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High Yield Fund

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Commercial Paper — 5.62% — (continued)
U.S. Commercial Paper — 2.78% — (continued)
$	4,881,000	Avery Dennison Corporation 0.28% due 05/01/13	$	4,881,000	$	4,881,000
	8,415,000	Coca-Cola Company 0.20% due 05/01/13		8,415,000		8,415,000
	4,712,000	Con Edison, Inc. 0.23% due 05/01/13		4,712,000		4,712,000
Total U.S. Commercial Paper				24,706,000		24,706,000
Total Commercial Paper				49,951,000		49,951,000
Total Investments — 100.50%			$	861,473,426		893,773,752
Liabilities in Excess of Other Assets — (0.50)%						(4,444,907	)
Net Assets — 100.00%					$	889,328,845

(a) This security is convertible until April 30, 2015.

(b) This security is convertible until January 27, 2016.

(d) 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.

(e) Security is deemed illiquid. At April 30, 2013, the value of these securities amounted to $48,521,919 or 5.46% of net assets.

(f) Payment-in-kind security.

(g) 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.

(h) All or a portion of the security represents unsettled loan positions.

(i) At April 30, 2013, all or a portion of the security was segregated to cover collateral requirements for extended trade settlements.

See Notes to Financial Statements.

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118

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

At April 30, 2013, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	36,600,024
Gross unrealized depreciation		(4,299,698	)
Net unrealized appreciation	$	32,300,326

Abbreviations used in this schedule include:

PLC — Public Limited Company

Currencies

EUR — Euro

USD — United States Dollar

Foreign Currency Exchange Contracts — Sales

_SETTLEMENT_DATES_THROUGH				_{FOREIGN CURRENCY}_{TO BE DELIVERED}								_{U.S. $}_{TO BE}_RECEIVED				_{U.S. $ VALUE}_{AT APRIL 30,}₂₀₁₃				_UNREALIZED_APPRECIATION_{AT APRIL 30,}₂₀₁₃				_UNREALIZED_DEPRECIATION_{AT APRIL 30,}₂₀₁₃
06/19/13					27,760,000			Euro				$	35,763,440			$	36,569,760			$	—			$	(806,320	)

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Convertible Bonds
Consumer Discretionary		0.39	%
Industrials		1.68
Total U.S. Convertible Bonds		2.07
U.S. Corporate Bonds
Consumer Discretionary		16.30
Consumer Staples		3.97
Energy		10.91
Financials		2.83
Health Care		0.86
Industrials		9.11
Materials		5.39
Telecommunication Services		4.53
Total U.S. Corporate Bonds		53.90

See Notes to Financial Statements.

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High Yield Fund

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)}	_{PERCENT OF}_{NET ASSETS}
International Corporate Bonds
Consumer Discretionary		1.60	%
Consumer Staples		0.79
Energy		4.18
Financials		2.74
Industrials		2.37
Materials		6.16
Telecommunication Services		2.39
Utilities		0.71
Total International Corporate Bonds		20.94
Term Loans		17.97
Commercial Paper
International Commercial Paper		2.84
U.S. Commercial Paper		2.78
Total Commercial Paper		5.62
Total Investments		100.50	%

See Notes to Financial Statements.

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Fund Overview | Data as of April 30, 2013 (unaudited)

INVESTMENT OBJECTIVE

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)		17.28	%		6.42	%		10.41	%
Standard & Poor's 500 Index		16.89			5.21			7.88

Asset Allocation*

Sector/Industry**
Materials	28.68	%
Health Care	24.10
Consumer Discretionary	12.75
Information Technology	12.19
Energy	8.90
Industrials	7.56
Exchange Traded Funds	2.24
Telecommunications	1.61

* 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.

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Fund of America

Growth of a $10,000 Initial Investment

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. The Fund's average annual returns shown above are historical and reflect changes in share price, reinvested dividends and is net of expenses.

Top 10 Holdings*
Pfizer, Inc. (biopharmaceutical company)	6.03	%
Eastman Chemical Company (chemicals company)	5.83
Wyndham Worldwide Corporation (hotel and resorts)	5.57
Valeant Pharmaceuticals International, Inc. (pharmaceuticals company)	5.02
Occidental Petroleum Corporation (oil and gas production and exploration)	4.82
Omnicare, Inc. (pharmaceutical company)	4.68
Seagate Technology PLC (hard disk drive manufacturer)	4.15
Rockwood Holdings, Inc. (specialty chemicals manufacturer)	4.09
WR Grace & Company (chemicals and materials manufacturer)	4.04
Packaging Corporation of America (container and packaging producer)	3.68
Total	47.91	%

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

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First Eagle Fund of America

_SHARES

_DESCRIPTION

_{COST (NOTE 1)}

_{VALUE (NOTE 1)}

Common Stocks — 96.06%

U.S. Common Stocks — 90.82%
Consumer Discretionary 12.82%
	1,890,800	Wyndham Worldwide Corporation (a)	$	63,344,693	$	113,599,264
	1,066,200	Viacom, Inc., Class 'B' (a)		56,271,168		68,226,138
	4,267,970	Interpublic Group of Companies, Inc. (a)		45,569,658		59,068,705
	533,000	Lowe's Companies, Inc. (a)		20,665,633		20,477,860
				185,851,152		261,371,967
Energy 8.94%
	1,100,260	Occidental Petroleum Corporation (a)		98,529,220		98,209,207
	857,590	Dresser-Rand Group, Inc. (a)(b)		35,830,301		47,690,580
	601,300	Atlas Energy L.P. (a)		11,886,916		30,185,260
	121,200	SemGroup Corporation, Class 'A' (a)(b)		5,511,752		6,284,220
				151,758,189		182,369,267
Health Care 21.57%
	4,230,900	Pfizer, Inc. (a)		87,304,162		122,992,263
	1,345,942	Valeant Pharmaceuticals International, Inc. (a)(b)		29,703,062		102,399,267
	2,178,800	Omnicare, Inc. (a)		61,292,174		95,366,076
	877,300	Baxter International, Inc. (a)		45,852,710		61,296,951
	1,428,900	Health Net, Inc. (a)(b)		36,743,611		42,009,660
	464,010	Theravance, Inc. (a)(b)		8,771,116		15,660,337
				269,666,835		439,724,554
Industrials 4.78%
	801,225	ADT Corporation (a)		24,035,347		34,965,459
	160,300	Flowserve Corporation (a)		19,674,969		25,346,636
	797,200	Avis Budget Group, Inc. (a)(b)		15,615,314		22,991,248
	191,300	Alliant Techsystems, Inc. (a)		11,999,686		14,225,068
				71,325,316		97,528,411
Information Technology 12.25%
	2,303,820	Seagate Technology PLC (a)		56,217,427		84,550,194
	2,745,600	Hewlett-Packard Company (a)		48,213,165		56,559,360
	1,189,340	AOL, Inc. (a)(b)		23,229,952		45,956,098
	800,890	Motorola Solutions, Inc. (a)		39,989,239		45,810,908
	969,900	SAIC, Inc. (a)		14,191,247		14,490,306
	80,900	Lexmark International, Inc., Class 'A' (a)		1,741,922		2,452,079
				183,582,952		249,818,945

See Notes to Financial Statements.

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124

Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_SHARES		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
U.S. Common Stocks — 90.82% — (continued)
Materials 28.84%
	1,782,900	Eastman Chemical Company (a)	$	57,795,047	$	118,830,285
	1,284,670	Rockwood Holdings, Inc. (a)		53,507,709		83,362,236
	1,067,800	WR Grace & Company (a)(b)		61,184,560		82,338,058
	1,578,800	Packaging Corporation of America (a)		37,429,695		75,087,728
	1,400,660	Ball Corporation (a)		29,551,352		61,797,119
	1,321,270	Crown Holdings, Inc. (a)(b)		29,670,944		56,391,804
	909,000	FMC Corporation (a)		49,751,084		55,176,300
	860,750	Valspar Corporation (a)		22,128,163		54,933,065
				341,018,554		587,916,595
Telecommunication Services 1.62%
	1,334,600	Yahoo!, Inc. (a)(b)		25,644,689		33,004,658
Total U.S. Common Stocks				1,228,847,687		1,851,734,397
International Common Stocks — 5.24%
Ireland 1.57%
	2,741,600	Elan Corporation PLC, ADR (a)(b)		30,756,934		32,076,720
Switzerland 2.82%
	1,790,350	Tyco International Limited (a)		42,605,158		57,506,042
United Kingdom 0.85%
	336,600	GlaxoSmithKline PLC, ADR (a)		15,004,177		17,382,024
Total International Common Stocks				88,366,269		106,964,786
Total Common Stocks				1,317,213,956		1,958,699,183
Exchange Traded Fund — 2.25%
	321,180	SPDR Gold Trust (b)		52,703,972		45,854,869
Investment Companies — 5.03%
	4,905,027	State Street Institutional Treasury Money Market Fund, Institutional Class		4,905,027		4,905,027
	97,595,166	State Street Institutional U.S. Government Money Market Fund, Institutional Class		97,595,166		97,595,166
Total Investment Companies				102,500,193		102,500,193

See Notes to Financial Statements.

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Fund of America

_PRINCIPAL		_DESCRIPTION	_{COST (NOTE 1)}		_{VALUE (NOTE 1)}
Bond — 0.23%
U.S. Convertible Bond 0.23%
$	2,730,000	Omnicare, Inc. 3.75% due 12/15/25 (c)	$	2,730,000	$	4,724,606

_CONTRACTS			_{STRIKE PRICE}		_{EXPIRATION DATE}
Call Option Purchased — 0.01%
	2,000	Baxter International, Inc. (Cost: $252,075)	$	75.00	May 2013		148,000
Total Investment Portfolio Excluding Options Written — 103.58% (Cost: $1,475,400,196)					$2,111,926,851
Covered Call Options Written — (3.05)%
	3,074	ADT Corporation	$	44.00	July 2013	$	(676,280	)
	1,133	ADT Corporation		45.00	July 2013		(203,940	)
	401	ADT Corporation		46.00	July 2013		(46,115	)
	660	Alliant Techsystems, Inc.		70.00	August 2013		(402,600	)
	777	Alliant Techsystems, Inc.		75.00	August 2013		(256,410	)
	1,250	AOL, Inc.		36.00	July 2013		(531,250	)
	1,493	AOL, Inc.		37.00	July 2013		(552,410	)
	1,239	AOL, Inc.		38.00	July 2013		(384,090	)
	595	AOL, Inc.		40.00	May 2013		(77,350	)
	1,243	Atlas Energy L.P.		36.00	May 2013		(1,777,490	)
	2,255	Atlas Energy L.P.		37.00	May 2013		(2,999,150	)
	2,110	Avis Budget Group, Inc.		19.00	May 2013		(2,057,250	)
	994	Avis Budget Group, Inc.		20.00	May 2013		(869,750	)
	408	Avis Budget Group, Inc.		24.00	May 2013		(208,488	)
	1,276	Avis Budget Group, Inc.		26.00	August 2013		(561,440	)
	1,760	Avis Budget Group, Inc.		27.00	August 2013		(689,920	)
	1,321	Avis Budget Group, Inc.		28.00	August 2013		(396,300	)
	222	Ball Corporation		45.00	May 2013		(6,105	)
	1,165	Baxter International, Inc.		67.50	August 2013		(623,275	)
	1,130	Crown Holdings, Inc.		40.00	July 2013		(355,950	)
	1,734	Crown Holdings, Inc.		41.00	July 2013		(416,160	)
	1,546	Dresser-Rand Group, Inc.		55.00	June 2013		(332,390	)
	800	Dresser-Rand Group, Inc.		60.00	June 2013		(58,000	)
	262	Eastman Chemical Company		65.00	June 2013		(96,940	)
	1,381	Eastman Chemical Company		67.50	June 2013		(303,820	)
	3,058	Eastman Chemical Company		70.00	June 2013		(382,250	)

See Notes to Financial Statements.

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Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_CONTRACTS		_DESCRIPTION	_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (3.05)% — (continued)
	150	Eastman Chemical Company	$	70.00	September 2013	$	(49,193	)
	5,414	Elan Corporation PLC		11.00	July 2013		(541,400	)
	7,305	Elan Corporation PLC		12.00	May 2013		(73,050	)
	851	Elan Corporation PLC		12.00	June 2013		(28,083	)
	5,789	Elan Corporation PLC		12.00	July 2013		(202,615	)
	100	Flowserve Corporation		155.00	July 2013		(78,000	)
	175	Flowserve Corporation		160.00	July 2013		(70,000	)
	1,240	Flowserve Corporation		165.00	July 2013		(387,500	)
	693	FMC Corporation		55.00	July 2013		(440,055	)
	1,907	FMC Corporation		60.00	July 2013		(512,983	)
	3,366	GlaxoSmithKline PLC		45.00	May 2013		(2,278,782	)
	146	Health Net, Inc.		27.50	May 2013		(33,580	)
	3,539	Hewlett-Packard Company		20.00	June 2013		(520,233	)
	979	Hewlett-Packard Company		20.00	August 2013		(178,178	)
	3,087	Hewlett-Packard Company		21.00	June 2013		(299,439	)
	7,443	Hewlett-Packard Company		21.00	August 2013		(915,489	)
	1,159	Hewlett-Packard Company		22.00	August 2013		(107,787	)
	1,969	Hewlett-Packard Company		23.00	August 2013		(127,985	)
	7,726	Interpublic Group of Companies, Inc.		12.00	July 2013		(1,506,570	)
	6,235	Interpublic Group of Companies, Inc.		13.00	July 2013		(717,025	)
	438	Lexmark International, Inc., Class 'A'		23.00	July 2013		(319,740	)
	1,059	Lowe's Companies, Inc.		38.00	June 2013		(166,263	)
	205	Lowe's Companies, Inc.		39.00	June 2013		(22,550	)
	406	Lowe's Companies, Inc.		39.00	July 2013		(56,434	)
	879	Lowe's Companies, Inc.		40.00	July 2013		(86,142	)
	490	Motorola Solutions, Inc.		55.00	June 2013		(147,000	)
	1,299	Motorola Solutions, Inc.		60.00	July 2013		(101,322	)
	708	Occidental Petroleum Corporation		80.00	August 2013		(743,400	)
	1,349	Occidental Petroleum Corporation		82.50	August 2013		(1,106,180	)
	728	Occidental Petroleum Corporation		85.00	August 2013		(493,584	)
	235	Occidental Petroleum Corporation		87.50	August 2013		(123,375	)
	230	Occidental Petroleum Corporation		90.00	August 2013		(83,940	)
	1,768	Omnicare, Inc.		38.00	June 2013		(1,043,120	)
	827	Omnicare, Inc.		39.00	June 2013		(396,960	)
	8,250	Omnicare, Inc.		41.00	September 2013		(3,382,500	)
	500	Omnicare, Inc.		43.00	September 2013		(145,000	)
	1,950	Packaging Corporation of America		42.50	July 2013		(982,800	)
	2,367	Packaging Corporation of America		45.00	July 2013		(705,366	)
	2,268	Pfizer, Inc.		28.00	May 2013		(272,160	)

See Notes to Financial Statements.

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Fund of America

_CONTRACTS		_DESCRIPTION	_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (3.05)% — (continued)
	936	Pfizer, Inc.	$	29.00	May 2013	$	(37,440	)
	2,936	Pfizer, Inc.		29.00	June 2013		(199,648	)
	4,000	Pfizer, Inc.		30.00	June 2013		(124,000	)
	1,500	Pfizer, Inc.		30.00	August 2013		(100,441	)
	1,520	Rockwood Holdings, Inc.		60.00	May 2013		(912,000	)
	225	Rockwood Holdings, Inc.		60.00	August 2013		(156,375	)
	500	Rockwood Holdings, Inc.		65.00	May 2013		(102,500	)
	2,355	Rockwood Holdings, Inc.		65.00	August 2013		(918,450	)
	500	Rockwood Holdings, Inc.		65.00	November 2013		(243,976	)
	1,416	SAIC, Inc.		14.00	August 2013		(177,000	)
	8,283	SAIC, Inc.		15.00	August 2013		(455,565	)
	1,340	Seagate Technology PLC		31.00	June 2013		(783,900	)
	2,449	Seagate Technology PLC		34.00	June 2013		(820,415	)
	772	Seagate Technology PLC		35.00	May 2013		(177,560	)
	1,650	Seagate Technology PLC		36.00	June 2013		(334,950	)
	495	Seagate Technology PLC		37.00	June 2013		(79,200	)
	318	SemGroup Corporation		45.00	May 2013		(214,650	)
	196	SemGroup Corporation		50.00	May 2013		(44,100	)
	400	SemGroup Corporation		50.00	July 2013		(135,000	)
	100	SemGroup Corporation		55.00	July 2013		(10,500	)
	469	Theravance, Inc.		25.00	June 2013		(450,240	)
	1,782	Tyco International Limited		31.00	July 2013		(363,528	)
	1,390	Tyco International Limited		32.00	July 2013		(208,500	)
	1,645	Tyco International Limited		33.00	July 2013		(141,470	)
	978	Valeant Pharmaceuticals International, Inc.		57.50	July 2013		(1,892,430	)
	1,667	Valeant Pharmaceuticals International, Inc.		60.00	May 2013		(2,717,210	)
	370	Valeant Pharmaceuticals International, Inc.		60.00	July 2013		(627,150	)
	1,122	Valeant Pharmaceuticals International, Inc.		62.50	July 2013		(1,649,340	)
	1,800	Valeant Pharmaceuticals International, Inc.		67.50	July 2013		(1,881,000	)
	2,000	Valeant Pharmaceuticals International, Inc.		70.00	July 2013		(1,680,000	)
	328	Valeant Pharmaceuticals International, Inc.		72.50	May 2013		(180,400	)
	2,000	Valeant Pharmaceuticals International, Inc.		75.00	July 2013		(1,040,000	)
	1,207	Valspar Corporation		60.00	July 2013		(609,535	)
	421	Valspar Corporation		65.00	July 2013		(86,305	)

See Notes to Financial Statements.

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Schedule of Investments | Six-Month Period Ended April 30, 2013 (unaudited)

_CONTRACTS		_DESCRIPTION	_{STRIKE PRICE}		_{EXPIRATION DATE}	_{VALUE (NOTE 1)}
Covered Call Options Written — (3.05)% — (continued)
	1,159	Viacom, Inc., Class 'B'	$	60.00	June 2013	$	(624,701	)
	2,920	Viacom, Inc., Class 'B'		62.50	June 2013		(963,600	)
	310	Viacom, Inc., Class 'B'		65.00	June 2013		(60,450	)
	250	Viacom, Inc., Class 'B'		65.00	September 2013		(86,250	)
	972	WR Grace & Company		70.00	June 2013		(743,580	)
	2,501	WR Grace & Company		72.50	June 2013		(1,388,055	)
	1,943	WR Grace & Company		75.00	June 2013		(718,910	)
	1,323	Wyndham Worldwide Corporation		60.00	August 2013		(449,820	)
	2,257	Wyndham Worldwide Corporation		65.00	August 2013		(270,840	)
	250	Yahoo!, Inc.		21.00	July 2013		(98,750	)
	1,147	Yahoo!, Inc.		22.00	June 2013		(336,071	)
	1,000	Yahoo!, Inc.		22.00	July 2013		(310,000	)
	5,000	Yahoo!, Inc.		23.00	June 2013		(1,020,000	)
	990	Yahoo!, Inc.		23.00	July 2013		(229,680	)
	2,323	Yahoo!, Inc.		24.00	June 2013		(318,251	)
	2,283	Yahoo!, Inc.		24.00	July 2013		(378,977	)
	Total Covered Call Options Written (Premiums Received: $49,648,802)						(62,263,619	)
Put Option Written — 0.00%
	261	Baxter International, Inc. (Premium Received $33,397)	$	62.50	August 2013	$	(36,540	)
Total Investments — 100.53% (Cost: $1,425,717,997)						$	2,049,626,692
Liabilities in Excess of Other Assets — (0.53)%							(10,716,409	)
Net Assets — 100.00%						$	2,038,910,283

(a) At April 30, 2013, all or a portion of this security was segregated to cover collateral requirement for options.

(b) Non-income producing security/commodity.

At April 30, 2013, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	649,488,685
Gross unrealized depreciation		(25,579,990	)
Net unrealized appreciation	$	623,908,695

Abbreviations used in this schedule include:

ADR — American Depository Receipt

PLC — Public Limited Company

SPDR — Standard & Poor's Depository Receipts

See Notes to Financial Statements.

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Fund of America

_{INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS}	_{PERCENT OF}_{NET ASSETS}
U.S. Common Stocks
Consumer Discretionary		12.82	%
Energy		8.94
Health Care		21.57
Industrials		4.78
Information Technology		12.25
Materials		28.84
Telecommunication Services		1.62
Total U.S. Common Stocks		90.82
International Common Stocks
Health Care		2.42
Industrials		2.82
Total International Common Stocks		5.24
Exchange Traded Fund		2.25
Investment Companies		5.03
U.S. Convertible Bond
Health Care		0.23
Total U.S. Convertible Bond		0.23
Call Option Purchased		0.01
Covered Call Options Written		(3.05	)
Put Option Written		(0.00	)
Total Investments		100.53	%

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	$	30,499,743,761	$	9,846,945,790
Affiliated issuers		2,369,205,771		598,850,319
Gold bullion		799,578,304		199,148,724
Foreign currency		5,952,392		5,803,591
Total Investments, at Cost		33,674,480,228		10,650,748,424
Investments, at Value (Note 1)
Unaffiliated issuers		36,762,210,682		11,880,338,458
Affiliated issuers		3,139,096,071		762,468,848
Gold bullion		1,619,895,681		582,622,734
Foreign currency		5,978,745		5,833,942
Total Investments, at Value		41,527,181,179		13,231,263,982
Cash		26,096		21,919
Receivable for forward currency contracts held, at value (Note 1)		240,995,492		116,525,025
Receivable for investment securities sold		80,209,614		21,882,296
Receivable for Fund shares sold		100,589,620		44,207,786
Accrued interest and dividends receivable		143,594,932		66,876,084
Investment for trustee deferred compensation plan (Note 2)		2,045,775		1,886,078
Other assets		315,615		137,986
Total Assets		42,094,958,323		13,482,801,156
Liabilities
Payable for Fund shares redeemed		84,934,808		20,283,012
Payable for investment securities purchased		235,615,340		79,363,577
Payable for forward currency contracts held, at value (Note 1)		29,366,731		16,655,474
Investment advisory fees payable (Note 2)		25,145,828		8,024,777
Distribution fees payable (Note 3)		9,899,390		1,791,939
Services fees payable (Note 3)		2,115,258		216,183
Trustee deferred compensation plan (Note 2)		2,045,775		1,886,078
Administrative fees payable (Note 2)		645,488		195,352
Trustee fees payable		31,371		7,438
Accrued expenses and other liabilities		29,806,965		11,277,270
Total Liabilities		419,606,954		139,701,100
Net Assets	$	41,675,351,369	$	13,343,100,056

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

See Notes to Financial Statements.

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April 30, 2013 (unaudited)

	_{FIRST EAGLE}_{U.S. VALUE FUND}		_{FIRST EAGLE}_{GOLD FUND*}
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	2,566,783,111	$	1,766,392,590
Affiliated issuers		42,514,481		—
Gold bullion		89,045,569		183,135,784
Foreign currency		29		585,244
Total Investments, at Cost		2,698,343,190		1,950,113,618
Investments, at Value (Note 1)
Unaffiliated issuers		3,073,122,484		1,498,471,693
Affiliated issuers		45,823,719		—
Gold bullion		114,156,844		494,705,610
Foreign currency		29		585,244
Total Investments, at Value		3,233,103,076		1,993,762,547
Cash		8,129		4,871
Receivable for forward currency contracts held, at value (Note 1)		—		—
Receivable for investment securities sold		3,525,538		6,967,896
Receivable for Fund shares sold		8,608,651		11,697,284
Accrued interest and dividends receivable		4,415,401		2,505,478
Investment for trustee deferred compensation plan (Note 2)		1,271,881		148,189
Other assets		76,667		74,224
Total Assets		3,251,009,343		2,015,160,489
Liabilities
Payable for Fund shares redeemed		3,847,517		7,413,124
Payable for investment securities purchased		14,222,639		13,248,938
Payable for forward currency contracts held, at value (Note 1)		—		—
Investment advisory fees payable (Note 2)		1,968,522		1,276,781
Distribution fees payable (Note 3)		720,031		457,673
Services fees payable (Note 3)		139,409		82,008
Trustee deferred compensation plan (Note 2)		1,271,881		148,189
Administrative fees payable (Note 2)		43,130		129,480
Trustee fees payable		2,155		10,894
Accrued expenses and other liabilities		1,476,923		1,355,818
Total Liabilities		23,692,207		24,122,905
Net Assets	$	3,227,317,136	$	1,991,037,584

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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)	$	804,586		$	567,281
Capital surplus		32,996,959,710			10,663,154,016
Net unrealized appreciation (depreciation) on:
Investments (net of $17,426,195, $7,596,882, $0 and $0 deferred capital gain country tax, respectively)		7,835,248,403			2,572,888,325
Foreign currency and forward contract related translation		209,708,340			98,751,834
Undistributed net realized gains (losses) on investments		792,984,141			259,420,580
Undistributed net investment income (loss)		(160,353,811	)		(251,681,980	)
Net Assets	$	41,675,351,369		$	13,343,100,056
Class A
Net assets	$	17,640,134,408		$	5,675,782,023
Shares outstanding		339,364,532			242,712,763
Net asset value per share and redemption proceeds per share	$	51.98		$	23.38
Offering price per share (NAV per share plus maximum sales charge)	$	54.72¹		$	24.61¹
Class C
Net assets	$	10,512,894,647		$	1,072,993,109
Shares outstanding		206,211,105			47,171,448
Net asset value per share	$	50.98		$	22.75
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)²	$	50.47		$	22.52
Class I
Net assets	$	13,522,322,314		$	6,594,324,924
Shares outstanding		259,010,169			277,396,315
Net asset value per share and redemption proceeds per share	$	52.21		$	23.77

* First Eagle Gold Fund financial statements are shown on a consolidated basis and include 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, 2013 (unaudited)

	_{FIRST EAGLE}_{U.S. VALUE FUND}			_{FIRST EAGLE}_{GOLD FUND*}
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	169,432		$	101,234
Capital surplus		2,638,572,249			2,176,689,513
Net unrealized appreciation (depreciation) on:
Investments (net of $17,426,195, $7,596,882, $0 and $0 deferred capital gain country tax, respectively)		534,759,886			43,648,929
Foreign currency and forward contract related translation		(1,019	)		36,943
Undistributed net realized gains (losses) on investments		43,019,549			(117,205,623	)
Undistributed net investment income (loss)		10,797,039			(112,233,412	)
Net Assets	$	3,227,317,136		$	1,991,037,584
Class A
Net assets	$	1,482,225,789		$	985,093,416
Shares outstanding		77,944,283			49,928,846
Net asset value per share and redemption proceeds per share	$	19.02		$	19.73
Offering price per share (NAV per share plus maximum sales charge)	$	20.02¹		$	20.77¹
Class C
Net assets	$	688,527,462		$	377,283,322
Shares outstanding		36,602,795			19,813,355
Net asset value per share	$	18.81		$	19.04
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)²	$	18.62		$	18.85
Class I
Net assets	$	1,056,563,885		$	628,660,846
Shares outstanding		54,884,428			31,491,789
Net asset value per share and redemption proceeds per share	$	19.25		$	19.96

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Statements of Assets and Liabilities (continued)

	_{FIRST EAGLE}_{GLOBAL INCOME}_{BUILDER FUND}		_{FIRST EAGLE}_{HIGH YIELD FUND}
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	315,958,056	$	861,473,426
Gold bullion		2,094,674		—
Foreign currency		724,944		7,232,369
Total Investments, at Cost		318,777,674		868,705,795
Investments, at Value (Note 1)
Unaffiliated issuers		329,613,925		893,773,752
Gold bullion		1,929,691		—
Foreign currency		727,544		7,271,639
Total Investments, at Value		332,271,160		901,045,391
Cash		3,694		6,402
Restricted cash**		—		—
Receivable for forward currency contracts held, at value (Note 1)		74,698		—
Receivable for investment securities sold		90,052		—
Receivable for premiums for written options		—		—
Receivable for Fund shares sold		3,208,441		4,438,734
Accrued interest and dividends receivable		3,057,179		14,679,299
Investment for trustee deferred compensation plan (Note 2)		13,496		41,928
Other assets		50,299		47,015
Total Assets		338,769,019		920,258,769
Liabilities
Option contracts written, at value (premiums received $0, $0, and $49,682,199, respectively) (Note 1)		—		—
Payable for Fund shares redeemed		222,028		1,305,120
Payable for investment securities purchased		6,549,956		26,545,481
Payable for forward currency contracts held, at value (Note 1)		99,429		806,320
Payable for dividends to shareholders		1,750,090		1,090,796
Investment advisory fees payable (Note 2)		163,725		450,217
Distribution fees payable (Note 3)		84,453		161,443
Services fees payable (Note 3)		18,696		31,462
Trustee deferred compensation plan (Note 2)		13,496		41,928
Administrative fees payable (Note 2)		12,796		7,914
Trustee fees payable		202		619
Accrued expenses and other liabilities		178,503		488,624
Total Liabilities		9,093,374		30,929,924
Net Assets	$	329,675,645	$	889,328,845

** The amount of $6,871,500 represents restricted cash used as collateral for covered call options.

See Notes to Financial Statements.

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April 30, 2013 (unaudited)

	_{FIRST EAGLE}_{FUND OF AMERICA}
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	1,475,400,196
Gold bullion		—
Foreign currency		—
Total Investments, at Cost		1,475,400,196
Investments, at Value (Note 1)
Unaffiliated issuers		2,111,926,851
Gold bullion		—
Foreign currency		—
Total Investments, at Value		2,111,926,851
Cash		188,967
Restricted cash**		6,871,500
Receivable for forward currency contracts held, at value (Note 1)		—
Receivable for investment securities sold		1,671,708
Receivable for premiums for written options		952,863
Receivable for Fund shares sold		6,382,469
Accrued interest and dividends receivable		358,554
Investment for trustee deferred compensation plan (Note 2)		1,199,448
Other assets		162,048
Total Assets		2,129,714,408
Liabilities
Option contracts written, at value (premiums received $0, $0, and $49,682,199, respectively) (Note 1)		62,300,159
Payable for Fund shares redeemed		1,574,234
Payable for investment securities purchased		23,083,125
Payable for forward currency contracts held, at value (Note 1)		—
Payable for dividends to shareholders		—
Investment advisory fees payable (Note 2)		1,628,692
Distribution fees payable (Note 3)		505,153
Services fees payable (Note 3)		67,254
Trustee deferred compensation plan (Note 2)		1,199,448
Administrative fees payable (Note 2)		22,779
Trustee fees payable		670
Accrued expenses and other liabilities		422,611
Total Liabilities		90,804,125
Net Assets	$	2,038,910,283

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Statements of Assets and Liabilities (continued)

	_{FIRST EAGLE}_{GLOBAL INCOME}_{BUILDER FUND}			_{FIRST EAGLE}_{HIGH YIELD FUND}
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	30,309		$	86,767
Capital surplus		315,552,342			853,327,497
Net unrealized appreciation (depreciation) on:
Investments		13,490,886			32,300,326
Foreign currency and forward contract related translation		(21,974	)		(1,131,338	)
Written options		—			—
Undistributed net realized gains (losses) on investments		350,119			4,450,055
Undistributed net investment income		273,963			295,538
Net Assets	$	329,675,645		$	889,328,845
Class A
Net assets	$	147,313,039		$	336,282,789
Shares outstanding		13,524,977			32,803,339
Net asset value per share and redemption proceeds per share	$	10.89		$	10.25
Offering price per share (NAV per share plus maximum sales charge)	$	11.46¹		$	10.73²
Class C
Net assets	$	97,072,728		$	156,437,733
Shares outstanding		8,936,190			15,276,367
Net asset value per share	$	10.86		$	10.24
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)³	$	10.75		$	10.14
Class I
Net assets	$	85,289,878		$	396,608,323
Shares outstanding		7,848,326			38,687,706
Net asset value per share and redemption proceeds per share	$	10.87		$	10.25
Class Y
Net assets		—			—
Shares outstanding		—			—
Net asset value per share and redemption proceeds per share		—			—

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

²The maximum sales charge is 4.50% for Class A shares. Classes C, I and Y have no front-end sales charges.

³The 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, 2013 (unaudited)

	_{FIRST EAGLE}_{FUND OF AMERICA}
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	67,042
Capital surplus		1,496,559,531
Net unrealized appreciation (depreciation) on:
Investments		636,526,655
Foreign currency and forward contract related translation		—
Written options		(12,617,960	)
Undistributed net realized gains (losses) on investments		(82,447,370	)
Undistributed net investment income		822,385
Net Assets	$	2,038,910,283
Class A
Net assets	$	861,749,782
Shares outstanding		27,830,325
Net asset value per share and redemption proceeds per share	$	30.96
Offering price per share (NAV per share plus maximum sales charge)	$	32.59¹
Class C
Net assets	$	335,848,180
Shares outstanding		12,544,674
Net asset value per share	$	26.77
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)³	$	26.50
Class I
Net assets	$	252,293,510
Shares outstanding		7,994,783
Net asset value per share and redemption proceeds per share	$	31.56
Class Y
Net assets	$	589,018,811
Shares outstanding		18,671,719
Net asset value per share and redemption proceeds per share	$	31.55

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139

Statements of Operations

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

	_{FIRST EAGLE}_{GLOBAL FUND}			_{FIRST EAGLE}_{OVERSEAS FUND}
Investment Income
Interest (net of $46,343, $14,580, $0 and $0, foreign taxes withheld, respectively)	$	9,116,682		$	1,009,281
Dividends from: (net of $25,289,014, $13,082,683, $418,612 and $1,402,580, foreign taxes withheld, respectively)
Unaffiliated issuers		342,678,919			99,437,852
Affiliated issuers		35,965,492			3,336,936
Other Income		1,335,966			—
Total Income		389,097,059			103,784,069
Expenses
Investment advisory fees (Note 2)		143,209,460			45,342,534
Administrative costs (Note 2)		1,952,817			606,181
Distribution fees (Note 3)
Class A		20,510,443			6,597,882
Class C		36,417,459			3,790,853
Service fees - Class C (Note 3)		12,139,153			1,263,618
Shareholder servicing agent fees		18,021,301			6,434,224
Custodian and accounting fees		2,231,303			1,256,906
Shareholder reporting fees		1,414,394			585,936
Trustees' fees		398,141			122,336
Registration and filing fees		447,596			242,486
Professional fees		285,760			129,600
Other Expenses		378,858			126,053
Total Expenses		237,406,685			66,498,609
Expense reductions due to earnings credits (Note 1)		(1,872	)		(563	)
Net Expenses		237,404,813			66,498,046
Net Investment Income (Loss) (Note 1)		151,692,246			37,286,023
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 (net of capital gain country tax of $0, $591,538, $0 and $0, respectively)		383,953,269			119,919,361
Investment transactions of affiliated issuers		137,864,224			2,560,824
Foreign currency and forward contract related transactions		292,636,586			148,034,492
Written options		7,325,471			—
		821,779,550			270,514,677
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of increase in deferred capital gain country tax accruals of $7,619,023, $3,096,852, $0 and $0, respectively)		2,566,223,809			836,024,771
Foreign currency and forward contract related translation		219,142,917			106,608,605
Written options		(4,556,262	)		—
		2,780,810,464			942,633,376
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		3,602,590,014			1,213,148,053
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,754,282,260		$	1,250,434,076

See Notes to Financial Statements.

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Six Months Ended April 30, 2013 (unaudited)

	_{FIRST EAGLE}_{U.S. VALUE FUND}			_{FIRST EAGLE}_{GOLD FUND*}
Investment Income
Interest (net of $46,343, $14,580, $0 and $0, foreign taxes withheld, respectively)	$	3,896,766		$	841,273
Dividends from: (net of $25,289,014, $13,082,683, $418,612 and $1,402,580, foreign taxes withheld, respectively)
Unaffiliated issuers		28,497,078			12,575,574
Affiliated issuers		—			—
Other Income		—			—
Total Income		32,393,844			13,416,847
Expenses
Investment advisory fees (Note 2)		11,563,472			9,622,521
Administrative costs (Note 2)		161,072			165,348
Distribution fees (Note 3)
Class A		1,793,869			1,596,245
Class C		2,456,110			1,892,925
Service fees - Class C (Note 3)		818,704			630,975
Shareholder servicing agent fees		2,143,302			1,902,353
Custodian and accounting fees		129,971			301,477
Shareholder reporting fees		162,806			204,162
Trustees' fees		33,514			38,496
Registration and filing fees		135,117			96,755
Professional fees		64,576			88,076
Other Expenses		40,598			45,522
Total Expenses		19,503,111			16,584,855
Expense reductions due to earnings credits (Note 1)		(242	)		(236	)
Net Expenses		19,502,869			16,584,619
Net Investment Income (Loss) (Note 1)		12,890,975			(3,167,772	)
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 (net of capital gain country tax of $0, $591,538, $0 and $0, respectively)		42,512,308			(104,209,939	)
Investment transactions of affiliated issuers		—			—
Foreign currency and forward contract related transactions		3,383			16,601
Written options		734,554			—
		43,250,245			(104,193,338	)
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of increase in deferred capital gain country tax accruals of $7,619,023, $3,096,852, $0 and $0, respectively)		163,239,707			(930,965,006	)
Foreign currency and forward contract related translation		(1,019	)		37,426
Written options		(392,263	)		—
		162,846,425			(930,927,580	)
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		206,096,670			(1,035,120,918	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	218,987,645		$	(1,038,288,690	)

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Statements of Operations (continued)

See Notes to Financial Statements.

	_{FIRST EAGLE}_{GLOBAL INCOME}_{BUILDER FUND}			_{FIRST EAGLE}_{HIGH YIELD FUND}
Investment Income
Interest (net of $0, $(3,088) and $0, foreign taxes withheld, respectively)	$	2,700,474		$	26,361,610
Dividends from: (net of $362,029, $0 and $8,664, foreign taxes withheld, respectively)
Unaffiliated issuers		3,290,393			—
Other Income		—			713,072
Total Income		5,990,867			27,074,682
Expenses
Investment advisory fees (Note 2)		798,536			2,676,139
Administrative costs (Note 2)		53,236			33,178
Distribution fees (Note 3)
Class A		115,385			346,620
Class C		222,339			509,429
Class Y		—			—
Service fees - Class C (Note 3)		74,113			169,810
Shareholder servicing agent fees		172,019			535,720
Custodian and accounting fees		77,230			70,927
Shareholder reporting fees		8,272			30,558
Trustees' fees		1,810			9,218
Registration and filing fees		66,554			172,167
Professional fees		47,249			59,090
Other Expenses		21,342			12,012
Total Expenses		1,658,085			4,624,868
Investment Advisory Fee Waiver		(128,284	)		(251,070	)
Expense reductions due to earnings credits (Note 1)		(14	)		(36	)
Net Expenses		1,529,787			4,373,762
Net Investment Income (Note 1)		4,461,080			22,700,920
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		345,165			3,523,256
Foreign currency and forward contract related transactions		(75,655	)		263,558
Payment from affiliates		—			—
Written options		—			—
		269,510			3,786,814
Changes in unrealized appreciation (depreciation) of:
Investment transactions		11,285,876			17,811,766
Foreign currency and forward contract related translation		152,175			(168,522	)
Written options		—			—
		11,438,051			17,643,244
Net realized and unrealized gains on investments, foreign currency and forward contract related transactions and written options		11,707,561			21,430,058
Net Increase in Net Assets Resulting from Operations	$	16,168,641		$	44,130,978

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Six Months Ended April 30, 2013 (unaudited)

	_{FIRST EAGLE}_{FUND OF AMERICA}
Investment Income
Interest (net of $0, $(3,088) and $0, foreign taxes withheld, respectively)	$	60,632
Dividends from: (net of $362,029, $0 and $8,664, foreign taxes withheld, respectively)
Unaffiliated issuers		15,231,910
Other Income		—
Total Income		15,292,542
Expenses
Investment advisory fees (Note 2)		8,982,106
Administrative costs (Note 2)		86,926
Distribution fees (Note 3)
Class A		1,009,869
Class C		1,067,189
Class Y		839,220
Service fees - Class C (Note 3)		355,730
Shareholder servicing agent fees		889,396
Custodian and accounting fees		85,577
Shareholder reporting fees		73,508
Trustees' fees		17,930
Registration and filing fees		76,838
Professional fees		92,255
Other Expenses		27,320
Total Expenses		13,603,864
Investment Advisory Fee Waiver		—
Expense reductions due to earnings credits (Note 1)		(131	)
Net Expenses		13,603,733
Net Investment Income (Note 1)		1,688,809
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		13,786,821
Foreign currency and forward contract related transactions		—
Payment from affiliates		10,466
Written options		(47,581,217	)
		(33,783,930	)
Changes in unrealized appreciation (depreciation) of:
Investment transactions		302,381,582
Foreign currency and forward contract related translation		—
Written options		(18,240,307	)
		284,141,275
Net realized and unrealized gains on investments, foreign currency and forward contract related transactions and written options		250,357,345
Net Increase in Net Assets Resulting from Operations	$	252,046,154

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Statements of Changes in Net Assets

	_{FIRST EAGLE}_{GLOBAL FUND}						_{FIRST EAGLE}_{OVERSEAS FUND}
	_{SIX MONTHS}_ENDED_{APRIL 30,}₂₀₁₃_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₂			_{SIX MONTHS}_ENDED_{APRIL 30,}₂₀₁₃_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₂
Operations
Net investment income (loss)	$	151,692,246		$	276,508,210		$	37,286,023		$	120,903,565
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		821,779,550			1,354,006,926			270,514,677			572,354,242
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		2,780,810,464			810,758,524			942,633,376			(166,817,810	)
Net increase (decrease) in net assets resulting from operations		3,754,282,260			2,441,273,660			1,250,434,076			526,439,997
Distribution to Shareholders
Dividends paid from net investment income
Class A		(163,783,319	)		(161,651,447	)		(59,748,117	)		(87,147,378	)
Class C		(31,090,889	)		(37,795,689	)		(5,650,460	)		(9,351,396	)
Class I		(144,298,326	)		(117,693,838	)		(73,001,519	)		(83,348,638	)
Distributions paid from net realized gains from investment transactions
Class A		(515,356,389	)		(187,416,480	)		(205,372,548	)		(144,484,153	)
Class C		(311,092,874	)		(112,464,797	)		(40,854,132	)		(30,206,608	)
Class I		(367,245,305	)		(111,887,923	)		(213,569,253	)		(117,992,781	)
Decrease in net assets resulting from distributions		(1,532,867,102	)		(728,910,174	)		(598,196,029	)		(472,530,954	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		5,395,286,872			8,576,084,794			2,139,443,449			3,366,030,361
Net asset value of shares issued for reinvested dividends and distributions		1,212,640,048			575,698,338			505,564,770			394,213,613
Cost of shares redeemed		(3,497,846,501	)		(5,713,371,171	)		(1,302,981,228	)		(2,651,211,522	)
Redemption fees		241,370			730,073			56,973			319,996
Increase (decrease) in net assets from Fund share transactions		3,110,321,789			3,439,142,034			1,342,083,964			1,109,352,448
Net increase (decrease) in net assets		5,331,736,947			5,151,505,520			1,994,322,011			1,163,261,491
Net Assets (Note 1)
Beginning of period		36,343,614,422			31,192,108,902			11,348,778,045			10,185,516,554
End of period	$	41,675,351,369		$	36,343,614,422		$	13,343,100,056		$	11,348,778,045
Undistributed net investment income (loss)	$	(160,353,811	)	$	27,126,477		$	(251,681,980	)	$	(150,567,907	)

* First Eagle Gold Fund financial statements are shown on a consolidated basis and include 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,}₂₀₁₃_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₂			_{SIX MONTHS}_ENDED_{APRIL 30,}₂₀₁₃_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₂
Operations
Net investment income (loss)	$	12,890,975		$	19,450,806		$	(3,167,772	)	$	(3,518,438	)
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		43,250,245			75,573,696			(104,193,338	)		11,739,292
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		162,846,425			155,816,068			(930,927,580	)		(318,100,640	)
Net increase (decrease) in net assets resulting from operations		218,987,645			250,840,570			(1,038,288,690	)		(309,879,786	)
Distribution to Shareholders
Dividends paid from net investment income
Class A		(9,726,109	)		(8,668,560	)		(4,158,233	)		(21,160,789	)
Class C		(247,938	)		(761,790	)		—			(3,321,956	)
Class I		(8,637,463	)		(5,904,350	)		(4,720,219	)		(14,147,644	)
Distributions paid from net realized gains from investment transactions
Class A		(32,729,995	)		(27,270,843	)		—			(48,611,807	)
Class C		(14,995,423	)		(11,485,203	)		—			(18,719,722	)
Class I		(21,670,124	)		(14,754,342	)		—			(26,628,986	)
Decrease in net assets resulting from distributions		(88,007,052	)		(68,845,088	)		(8,878,452	)		(132,590,904	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		486,972,697			1,361,319,863			585,082,420			1,162,012,459
Net asset value of shares issued for reinvested dividends and distributions		71,616,802			57,064,131			5,749,456			92,471,546
Cost of shares redeemed		(456,073,896	)		(519,076,926	)		(627,962,928	)		(1,256,911,726	)
Redemption fees		—			—			75,413			239,954
Increase (decrease) in net assets from Fund share transactions		102,515,603			899,307,068			(37,055,639	)		(2,187,767	)
Net increase (decrease) in net assets		233,496,196			1,081,302,550			(1,084,222,781	)		(444,658,457	)
Net Assets (Note 1)
Beginning of period		2,993,820,940			1,912,518,390			3,075,260,365			3,519,918,822
End of period	$	3,227,317,136		$	2,993,820,940		$	1,991,037,584		$	3,075,260,365
Undistributed net investment income (loss)	$	10,797,039		$	16,517,574		$	(112,233,412	)	$	(100,187,188	)

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Statements of Changes in Net Assets (continued)

	_{FIRST EAGLE}_{GLOBAL INCOME}_{BUILDER FUND}						_{FIRST EAGLE}_{HIGH YIELD FUND}
	_{SIX MONTHS}_ENDED_{APRIL 30,}₂₀₁₃_(unaudited)			_PERIOD_{MAY 1, 2012 TO}_{OCTOBER 31,}₂₀₁₂			_{SIX MONTHS}_ENDED_{APRIL 30,}₂₀₁₃_(unaudited)			_PERIOD_{APRIL 1, 2012 TO}_{OCTOBER 31,}₂₀₁₂
Operations
Net investment income (loss)	$	4,461,080		$	869,230		$	22,700,920		$	15,254,773
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		269,510			87,310			3,786,814			1,562,963
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		11,438,051			2,030,861			17,643,244			12,067,997
Net increase (decrease) in net assets resulting from operations		16,168,641			2,987,401			44,130,978			28,885,733
Distribution to Shareholders
Dividends paid from net investment income
Class A		(1,947,541	)		(207,258	)		(8,152,593	)		(5,146,846	)
Class C		(1,005,673	)		(93,296	)		(3,488,349	)		(2,099,621	)
Class I		(1,439,658	)		(375,701	)		(11,059,969	)		(8,021,377	)
Class Y		—			—			—			—
Distributions paid from net realized gains from investment transactions
Class A		—			—			(236,977	)		—
Class C		—			—			(125,800	)		—
Class I		—			—			(322,171	)		—
Class Y		—			—			—			—
Decrease in net assets resulting from distributions		(4,392,872	)		(676,255	)		(23,385,859	)		(15,267,844	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		223,399,385			106,407,315			297,002,791			448,132,515
Net asset value of shares issued for reinvested dividends and distributions		1,987,351			453,949			17,404,484			11,996,758
Cost of shares redeemed		(14,840,258	)		(1,819,012	)		(87,723,263	)		(34,728,034	)
Increase (decrease) in net assets from Fund share transactions		210,546,478			105,042,252			226,684,012			425,401,239
Net increase (decrease) in net assets		222,322,247			107,353,398			247,429,131			439,019,128
Net Assets (Note 1)
Beginning of period		107,353,398			—			641,899,714			202,880,586
End of period	$	329,675,645		$	107,353,398		$	889,328,845		$	641,899,714
Undistributed net investment income (loss)	$	273,963		$	205,755		$	295,538		$	295,529

See Notes to Financial Statements.

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	_{FIRST EAGLE}_{FUND OF AMERICA}
	_{SIX MONTHS}_ENDED_{APRIL 30,}₂₀₁₃_(unaudited)			_{YEAR ENDED}_{OCTOBER 31,}₂₀₁₂
Operations
Net investment income (loss)	$	1,688,809		$	496,431
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		(33,783,930	)		(34,795,479	)
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		284,141,275			256,165,635
Net increase (decrease) in net assets resulting from operations		252,046,154			221,866,587
Distribution to Shareholders
Dividends paid from net investment income
Class A		(239,974	)		—
Class C		—			—
Class I		—			—
Class Y		(211,957	)		—
Distributions paid from net realized gains from investment transactions
Class A		—			(39,934,200	)
Class C		—			(15,978,381	)
Class I		—			—
Class Y		—			(44,697,643	)
Decrease in net assets resulting from distributions		(451,931	)		(100,610,224	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		581,278,170			308,241,688
Net asset value of shares issued for reinvested dividends and distributions		384,672			88,825,318
Cost of shares redeemed		(405,415,395	)		(283,000,180	)
Increase (decrease) in net assets from Fund share transactions		176,247,447			114,066,826
Net increase (decrease) in net assets		427,841,670			235,323,189
Net Assets (Note 1)
Beginning of period		1,611,068,613			1,375,745,424
End of period	$	2,038,910,283		$	1,611,068,613
Undistributed net investment income (loss)	$	822,385		$	(414,493	)

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
147

Financial Highlights

	_{SIX MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2013 (}_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 ($)		49.24			48.16			49.50			46.90		45.91		47.15
Income (loss) from investment operations:
Net investment income ($)		0.22			0.04			0.29			0.45		0.09		0.57
Net realized and unrealized gains (losses) on investments		4.64			4.55			4.66			3.03		2.98		3.03
Total income (loss) from investment operations		4.86			4.59			4.95			3.48		3.07		3.60
Less distributions:
Dividends from net investment income ($)		-0.51			-0.16			-0.63			-0.53		-0.21		-0.64
Distributions from capital gains		-1.61			-1.61			-1.61			-0.61		-0.61		-0.61
Total distributions		-2.12			-1.77			-2.24			-1.14		-0.82		-1.25
Net asset value, end of period ($)		51.98			50.98			52.21			49.24		48.16		49.50
Total Return^(c) (%)		10.26	^(a)		9.85	^(a)		10.41	^(a)		7.64		6.83		7.90
Ratios and supplemental data
Net assets, end of period (millions) ($)		17,640			10,513			13,522			15,840		9,322		11,182
Ratio of operating expenses to average net assets including earnings credits (%)		1.13	^(b)		1.88	^(b)		0.88	^(b)		1.15		1.89		0.90
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.13	^(b)		1.88	^(b)		0.88	^(b)		1.15		1.89		0.90
Ratio of net investment income to average net assets including earnings credits (%)		0.90	^(b)		0.15	^(b)		1.17	^(b)		0.94		0.19		1.19
Ratio of net investment income to average net assets excluding earnings credits (%)		0.90	^(b)		0.15	^(b)		1.17	^(b)		0.94		0.19		1.19
Portfolio turnover rate (%)		7.16	^(a)		7.16	^(a)		7.16	^(a)		11.29		11.29		11.29

* 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 sale charge of 5.00% 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, 2013
148

Global Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₁₁						₂₀₁₀						₂₀₀₉							₂₀₀₈
	_{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 ($)		44.36		43.47		44.59		38.74		38.07		38.92		34.45		33.99			34.62		51.09		50.46		51.32
Income (loss) from investment operations:
Net investment income ($)		0.39		0.04		0.51		0.56		0.26		0.69		0.39		0.13			0.47		0.64		0.31		0.76
Net realized and unrealized gains (losses) on investments		2.79		2.75		2.81		5.63		5.51		5.63		6.35		6.26			6.39		-11.82		-11.69		-11.88
Total income (loss) from investment operations		3.18		2.79		3.32		6.19		5.77		6.32		6.74		6.39			6.86		-11.18		-11.38		-11.12
Less distributions:
Dividends from net investment income ($)		-0.64		-0.35		-0.76		-0.57		-0.37		-0.65		-0.14		-0.00	**		-0.25		-1.07		-0.70		-1.19
Distributions from capital gains		—		—		—		—		—		—		-2.31		-2.31			-2.31		-4.39		-4.39		-4.39
Total distributions		-0.64		-0.35		-0.76		-0.57		-0.37		-0.65		-2.45		-2.31			-2.56		-5.46		-5.09		-5.58
Net asset value, end of period ($)		46.90		45.91		47.15		44.36		43.47		44.59		38.74		38.07			38.92		34.45		33.99		34.62
Total Return^(c) (%)		7.23		6.45		7.52		16.13		15.23		16.40		20.81		19.93			21.13		-24.41		-24.99		-24.21
Ratios and supplemental data
Net assets, end of period (millions) ($)		14,352		8,385		8,455		12,195		6,524		5,345		10,562		5,158			3,338		9,784		4,623		2,898
Ratio of operating expenses to average net assets including earnings credits (%)		1.13		1.88		0.88		1.16		1.91		0.91		1.19		1.94			0.94		1.14		1.89		0.89
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.13		1.88		0.88		1.16		1.91		0.91		1.19		1.94			0.94		1.14		1.89		0.89
Ratio of net investment income to average net assets including earnings credits (%)		0.83		0.08		1.07		1.36		0.63		1.68		1.14		0.38			1.37		1.48		0.73		1.74
Ratio of net investment income to average net assets excluding earnings credits (%)		0.83		0.08		1.07		1.36		0.63		1.68		1.14		0.38			1.37		1.48		0.73		1.74
Portfolio turnover rate (%)		11.57		11.57		11.57		17.37		17.37		17.37		12.52		12.52			12.52		29.69		29.69		29.69

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
149

Financial Highlights

	_{SIX MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2013 (}_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 ($)		22.26			21.62			22.63			22.25		21.61		22.61
Income (loss) from investment operations:
Net investment income (loss) ($)		0.06			-0.02			0.09			0.24		0.08		0.30
Net realized and unrealized gains (losses) on investments		2.22			2.18			2.26			0.80		0.77		0.81
Total income (loss) from investment operations		2.28			2.16			2.35			1.04		0.85		1.11
Less distributions:
Dividends from net investment income ($)		-0.26			-0.13			-0.31			-0.39		-0.20		-0.45
Distributions from capital gains		-0.90			-0.90			-0.90			-0.64		-0.64		-0.64
Total distributions		-1.16			-1.03			-1.21			-1.03		-0.84		-1.09
Net asset value, end of period ($)		23.38			22.75			23.77			22.26		21.62		22.63
Total Return^(c) (%)		10.79	^(a)		10.40	^(a)		10.88	^(a)		5.06		4.28		5.36
Ratios and supplemental data
Net assets, end of period (millions) ($)		5,676			1,073			6,594			5,111		986		5,252
Ratio of operating expenses to average net assets including earnings credits (%)		1.16	^(b)		1.91	^(b)		0.91	^(b)		1.17		1.92		0.92
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.16	^(b)		1.91	^(b)		0.91	^(b)		1.17		1.92		0.92
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.54	^(b)		-0.22	^(b)		0.83	^(b)		1.12		0.37		1.36
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.54	^(b)		-0.22	^(b)		0.83	^(b)		1.12		0.37		1.36
Portfolio turnover rate (%)		8.06	^(a)		8.06	^(a)		8.06	^(a)		10.50		10.50		10.50

* 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, 2013
150

Overseas Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₁₁						₂₀₁₀							₂₀₀₉							₂₀₀₈
	_{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 ($)		21.86		21.26		22.20		19.51		19.03			19.80		17.21		16.93			17.41		28.09		27.66		28.38
Income (loss) from investment operations:
Net investment income (loss) ($)		0.18		0.01		0.24		0.15		0.00	**		0.21		0.26		0.13			0.30		0.35		0.18		0.40
Net realized and unrealized gains (losses) on investments		0.74		0.73		0.75		2.80		2.72			2.82		3.72		3.63			3.78		-7.21		-7.10		-7.28
Total income (loss) from investment operations		0.92		0.74		0.99		2.95		2.72			3.03		3.98		3.76			4.08		-6.86		-6.92		-6.88
Less distributions:
Dividends from net investment income ($)		-0.32		-0.18		-0.37		-0.60		-0.49			-0.63		-0.02		0.00	**		-0.03		-0.87		-0.66		-0.94
Distributions from capital gains		-0.21		-0.21		-0.21		—		—			—		-1.66		-1.66			-1.66		-3.15		-3.15		-3.15
Total distributions		-0.53		-0.39		-0.58		-0.60		-0.49			-0.63		-1.68		-1.66			-1.69		-4.02		-3.81		-4.09
Net asset value, end of period ($)		22.25		21.61		22.61		21.86		21.26			22.20		19.51		19.03			19.80		17.21		16.93		17.41
Total Return^(c) (%)		4.27		3.48		4.52		15.45		14.55			15.68		24.95		23.96			25.26		-28.15		-28.67		-27.97
Ratios and supplemental data
Net assets, end of period (millions) ($)		5,023		1,027		4,136		4,676		914			3,284		4,024		792			2,211		3,518		737		1,968
Ratio of operating expenses to average net assets including earnings credits (%)		1.14		1.89		0.89		1.17		1.92			0.92		1.20		1.95			0.95		1.15		1.90		0.90
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.14		1.89		0.89		1.17		1.92			0.92		1.20		1.95			0.95		1.15		1.90		0.90
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.78		0.04		1.06		0.76		0.01			1.03		1.51		0.76			1.75		1.57		0.82		1.76
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.78		0.04		1.06		0.76		0.01			1.03		1.51		0.76			1.75		1.57		0.82		1.76
Portfolio turnover rate (%)		12.22		12.22		12.22		15.53		15.53			15.53		8.65		8.65			8.65		15.72		15.72		15.72

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
151

Financial Highlights

	_{SIX MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2013 (}_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 ($)		18.27			18.02			18.50			17.12		16.91		17.33
Income (loss) from investment operations:
Net investment income ($)		0.08			0.01			0.11			0.15		0.02		0.19
Net realized and unrealized gains (losses) on investments		1.22			1.21			1.23			1.59		1.57		1.61
Total income (loss) from investment operations		1.30			1.22			1.34			1.74		1.59		1.80
Less distributions:
Dividends from net investment income ($)		-0.13			-0.01			-0.17			-0.14		-0.03		-0.18
Distributions from capital gains		-0.42			-0.42			-0.42			-0.45		-0.45		-0.45
Total distributions		-0.55			-0.43			-0.59			-0.59		-0.48		-0.63
Net asset value, end of period ($)		19.02			18.81			19.25			18.27		18.02		18.50
Total Return^(c) (%)		7.33	^(a)		6.93	^(a)		7.49	^(a)		10.63		9.75		10.86
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,482			689			1,057			1,425		631		938
Ratio of operating expenses to average net assets including earnings credits (%)		1.19	^(b)		1.94	^(b)		0.94	^(b)		1.17		1.92		0.93
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.19	^(b)		1.94	^(b)		0.94	^(b)		1.17		1.92		0.93
Ratio of net investment income to average net assets including earnings credits (%)		0.92	^(b)		0.16	^(b)		1.16	^(b)		0.84		0.09		1.08
Ratio of net investment income to average net assets excluding earnings credits (%)		0.92	^(b)		0.16	^(b)		1.16	^(b)		0.84		0.09		1.08
Portfolio turnover rate (%)		6.58	^(a)		6.58	^(a)		6.58	^(a)		14.34		14.34		14.34

* 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, 2013
152

U.S. Value Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₁₁						₂₀₁₀						₂₀₀₉						₂₀₀₈
	_{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 ($)		15.94		15.75		16.12		14.21		14.06		14.37		12.75		12.63		12.89		17.01		16.87		17.19
Income (loss) from investment operations:
Net investment income ($)		0.17		0.04		0.21		0.32		0.21		0.38		0.21		0.12		0.24		0.36		0.24		0.40
Net realized and unrealized gains (losses) on investments		1.34		1.34		1.37		1.60		1.58		1.59		1.58		1.56		1.60		-3.65		-3.63		-3.69
Total income (loss) from investment operations		1.51		1.38		1.58		1.92		1.79		1.97		1.79		1.68		1.84		-3.29		-3.39		-3.29
Less distributions:
Dividends from net investment income ($)		-0.33		-0.22		-0.37		-0.19		-0.10		-0.22		-0.22		-0.14		-0.25		-0.31		-0.19		-0.35
Distributions from capital gains		—		—		—		—		—		—		-0.11		-0.11		-0.11		-0.66		-0.66		-0.66
Total distributions		-0.33		-0.22		-0.37		-0.19		-0.10		-0.22		-0.33		-0.25		-0.36		-0.97		-0.85		-1.01
Net asset value, end of period ($)		17.12		16.91		17.33		15.94		15.75		16.12		14.21		14.06		14.37		12.75		12.63		12.89
Total Return^(c) (%)		9.60		8.85		9.92		13.64		12.75		13.84		14.52		13.63		14.78		-20.56		-21.17		-20.36
Ratios and supplemental data
Net assets, end of period (millions) ($)		967		408		538		680		320		328		547		263		199		271		167		104
Ratio of operating expenses to average net assets including earnings credits (%)		1.18		1.93		0.93		1.23		1.98		0.99		1.26		2.00		1.01		1.20		1.96		0.95
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.18		1.93		0.93		1.23		1.98		0.99		1.26		2.00		1.01		1.21		1.96		0.96
Ratio of net investment income to average net assets including earnings credits (%)		0.98		0.24		1.23		2.15		1.41		2.46		1.63		0.93		1.90		2.28		1.53		2.53
Ratio of net investment income to average net assets excluding earnings credits (%)		0.98		0.24		1.23		2.15		1.41		2.46		1.63		0.93		1.90		2.28		1.52		2.53
Portfolio turnover rate (%)		18.54		18.54		18.54		12.23		12.23		12.23		14.88		14.88		14.88		21.75		21.75		21.75

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
153

Financial Highlights

	_{SIX MONTHS ENDED}									_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2013 (}_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 ($)		29.86			28.84			30.26			33.89		32.78		34.33
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.02			-0.11			0.01			-0.01		-0.22		0.06
Net realized and unrealized gains (losses) on investments		-10.03			-9.69			-10.16			-2.73		-2.66		-2.75
Total income (loss) from investment operations		-10.05			-9.80			-10.15			-2.74		-2.88		-2.69
Less distributions:
Dividends from net investment income ($)		-0.08			—			-0.15			-0.39		-0.16		-0.48
Distributions from capital gains		—			—			—			-0.90		-0.90		-0.90
Total distributions		-0.08			—			-0.15			-1.29		-1.06		-1.38
Net asset value, end of period ($)		19.73			19.04			19.96			29.86		28.84		30.26
Total Return^(c) (%)		-33.73	^(a)		-33.98	^(a)		-33.67	^(a)		-8.14		-8.86		-7.89
Ratios and supplemental data
Net assets, end of period (millions) ($)		985			377			629			1,535		608		932
Ratio of operating expenses to average net assets including earnings credits (%)		1.22	^(b)		1.97	^(b)		0.97	^(b)		1.21		1.96		0.96
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.22	^(b)		1.97	^(b)		0.97	^(b)		1.21		1.96		0.96
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.18	^(b)		-0.93	^(b)		0.07	^(b)		-0.05		-0.80		0.21
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.18	^(b)		-0.93	^(b)		0.07	^(b)		-0.05		-0.80		0.21
Portfolio turnover rate (%)		5.09	^(a)		5.09	^(a)		5.09	^(a)		9.19		9.19		9.19

* 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, 2013
154

Gold Fund

	_{YEAR ENDED OCTOBER 31,}
	₂₀₁₁						₂₀₁₀						₂₀₀₉						₂₀₀₈
	_{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 ($)		33.42		32.44		33.81		25.15		24.52		25.43		14.85		14.60		14.98		27.28		26.86		27.48
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.19		-0.42		-0.10		-0.17		-0.38		-0.11		-0.14		-0.30		-0.09		-0.09		-0.27		-0.05
Net realized and unrealized gains (losses) on investments		2.60		2.53		2.63		8.82		8.58		8.92		11.50		11.28		11.60		-10.61		-10.43		-10.66
Total income (loss) from investment operations		2.41		2.11		2.53		8.65		8.20		8.81		11.36		10.98		11.51		-10.70		-10.70		-10.71
Less distributions:
Dividends from net investment income ($)		-0.73		-0.56		-0.80		-0.38		-0.28		-0.43		—		—		—		-0.78		-0.61		-0.84
Distributions from capital gains		-1.21		-1.21		-1.21		—		—		—		-1.06		-1.06		-1.06		-0.95		-0.95		-0.95
Total distributions		-1.94		-1.77		-2.01		-0.38		-0.28		-0.43		-1.06		-1.06		-1.06		-1.73		-1.56		-1.79
Net asset value, end of period ($)		33.89		32.78		34.33		33.42		32.44		33.81		25.15		24.52		25.43		14.85		14.60		14.98
Total Return^(c) (%)		7.38		6.61		7.66		34.73		33.66		35.01		78.93		77.62		79.27		-41.56		-41.99		-41.36
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,834		683		1,003		1,900		616		695		1,325		362		165		480		109		71
Ratio of operating expenses to average net assets including earnings credits (%)		1.20		1.95		0.95		1.22		1.97		0.97		1.26		2.01		1.01		1.21		1.96		0.95
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.20		1.95		0.95		1.22		1.97		0.97		1.26		2.01		1.01		1.21		1.96		0.96
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.56		-1.30		-0.30		-0.60		-1.35		-0.36		-0.65		-1.40		-0.40		-0.38		-1.13		-0.20
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.56		-1.30		-0.30		-0.60		-1.35		-0.36		-0.65		-1.40		-0.40		-0.38		-1.14		-0.20
Portfolio turnover rate (%)		13.26		13.26		13.26		5.50		5.50		5.50		3.00		3.00		3.00		8.74		8.74		8.74

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Financial Highlights

	_{SIX MONTHS ENDED}_{APRIL 30, 2013 (}_unaudited₎									_{PERIOD MAY 1, 2012^ TO}_{OCTOBER 31, 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 ($)		10.32			10.30			10.33			10.00			10.00			10.00
Income from investment operations:
Net investment income ($)		0.23			0.19			0.23			0.15			0.11			0.18
Net realized and unrealized gains (losses) on investments		0.53			0.52			0.54			0.28			0.29			0.27
Total income (loss) from investment operations		0.76			0.71			0.77			0.43			0.40			0.45
Less distributions:
Dividends from net investment income ($)		-0.19			-0.15			-0.23			-0.11			-0.10			-0.12
Total distributions		-0.19			-0.15			-0.23			-0.11			-0.10			-0.12
Net asset value, end of period ($)		10.89			10.86			10.87			10.32			10.30			10.33
Total Return^(c) (%)		7.50	^(a)		7.05	^(a)		7.56	^(a)		4.37	^(a)		4.00	^(a)		4.53	^(a)
Ratios and supplemental data
Net assets, end of period (millions) ($)		147			97			85			43			26			38
Ratio of operating expenses to average net assets including fee waivers and reimbursements (%)		1.29	^(b)		2.04	^(b)		1.05	^(b)		1.30	^(b)(d)		2.05	^(b)(d)		1.05	^(b)(d)
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements (%)		1.41	^(b)		2.15	^(b)		1.17	^(b)		2.13	^(b)(d)		2.88	^(b)(d)		2.20	^(b)(d)
Ratio of net investment income to average net assets including fee waivers and reimbursements (%)		4.33	^(b)		3.60	^(b)		4.47	^(b)		2.89	^(b)(d)		2.16	^(b)(d)		3.56	^(b)(d)
Ratio of net investment income to average net assets excluding fee waivers and reimbursements (%)		4.21	^(b)		3.48	^(b)		4.35	^(b)		2.06	^(b)(d)		1.33	^(b)(d)		2.40	^(b)(d)
Portfolio turnover rate (%)		3.48	^(a)		3.48	^(a)		3.48	^(a)		5.17	^(a)		5.17	^(a)		5.17	^(a)

�� ^ Commencement of investment operations.

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

(a) Not Annualized

(b) Annualized

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

(d) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2012.

See Notes to Financial Statements.

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Financial Highlights

	_{SIX MONTHS ENDED}									_{PERIOD APRIL 1,2012 TO}
	_{APRIL 30, 2013}_(unaudited)									_{OCTOBER 31, 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 ($)		9.98			9.97			9.98			9.75			9.74			9.75
Income (loss) from investment operations:
Net investment income ($)		0.29			0.26			0.32			0.33			0.29			0.36
Net realized and unrealized gains (losses) on investments		0.29			0.28			0.28			0.24			0.23			0.23
Total income (loss) from investment operations		0.58			0.54			0.60			0.57			0.52			0.59
Less distributions:
Dividends from net investment income ($)		-0.30			-0.26			-0.32			-0.34			-0.29			-0.36
Distributions from capital gains		-0.01			-0.01			-0.01			—			—			—
Total distributions		-0.31			-0.27			-0.33			-0.34			-0.29			-0.36
Net asset value, end of period ($)		10.25			10.24			10.25			9.98			9.97			9.98
Total Return^(c) (%)		5.86	^(a)		5.47	^(a)		6.06	^(a)		5.94	^(a)		5.47	^(a)		6.20	^(a)
Ratios and supplemental data
Net assets, end of period (millions) ($)		336			156			397			220			113			309
Ratio of operating expenses to average net assets including fee waivers and reimbursements (%)		1.19	^(b)		1.94	^(b)		0.80	^(b)		1.25	^(b)(d)		2.00	^(b)(d)		0.80	^(b)(d)
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements (%)		1.19	^(b)		1.94	^(b)		0.94	^(b)		1.27	^(b)(d)		2.02	^(b)(d)		1.03	^(b)(d)
Ratio of net investment income to average net assets including fee waivers and reimbursements (%)		5.87	^(b)		5.13	^(b)		6.28	^(b)		5.75	^(b)(d)		4.98	^(b)(d)		6.23	^(b)(d)
Ratio of net investment income to average net assets excluding fee waivers and reimbursements (%)		5.87	^(b)		5.13	^(b)		6.14	^(b)		5.73	^(b)(d)		4.96	^(b)(d)		6.00	^(b)(d)
Portfolio turnover rate (%)		21.82	^(a)		21.82	^(a)		21.82	^(a)		25.02	^(a)		25.02	^(a)		25.02	^(a)

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

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

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

* 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 shares and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares.

(d) Certain non-recurring expenses incurred by the Fund were not annualized for the period ended October 31, 2012.

See Notes to Financial Statements.

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158

High Yield Fund

	_{YEAR ENDED MARCH 31,}
	_2012^								₂₀₁₁		₂₀₁₀		₂₀₀₉		_2008^^^
	_{CLASS A^^}			_{CLASS C^^}			_{CLASS I}		_{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 ($)		9.40			9.40			10.29		10.67		7.72		9.29		10.00
Income (loss) from investment operations:
Net investment income ($)		0.13			0.11			0.68		0.98		1.31		0.85		0.36
Net realized and unrealized gains (losses) on investments		0.35			0.34			-0.11		0.47		3.07		-1.55		-0.69
Total income (loss) from investment operations		0.48			0.45			0.57		1.45		4.38		-0.70		-0.33
Less distributions:
Dividends from net investment income ($)		-0.13			-0.11			-0.83		-0.98		-1.28		-0.87		-0.38
Distributions from capital gains		—			—			-0.28		-0.85		-0.15		—		—
Total distributions		-0.13			-0.11			-1.11		-1.83		-1.43		-0.87		-0.38
Net asset value, end of period ($)		9.75			9.74			9.75		10.29		10.67		7.72		9.29
Total Return^(c) (%)		5.11			4.78			6.11		14.81		59.30		-7.78		-3.39
Ratios and supplemental data
Net assets, end of period (millions) ($)		60			28			115		11		10		9		9
Ratio of operating expenses to average net assets including fee waivers and reimbursements (%)		0.95	^(b)		1.66	^(b)		0.80		0.80		0.80		0.80		0.80
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements (%)		1.12	^(b)		1.83	^(b)		1.05		1.21		1.04		1.05		1.86	^(b)
Ratio of net investment income to average net assets including fee waivers and reimbursements (%)		5.48	^(b)		4.74	^(b)		6.98		9.33		13.34		10.04		10.90	^(b)
Ratio of net investment income to average net assets excluding fee waivers and reimbursements (%)		5.31	^(b)		4.57	^(b)		6.73		8.92		13.10		9.79		9.84
Portfolio turnover rate (%)		45.21			45.21			45.21		145.96		292.11		74.19		10.78

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159

Financial Highlights

	_{SIX MONTHS ENDED}												_{YEAR ENDED OCTOBER 31,}
	_{APRIL 30, 2013 (}_unaudited₎												₂₀₁₂
	_{CLASS A}			_{CLASS C}			_{CLASS I^}			_{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 ($)		26.86			23.30			31.01			27.37			24.91		22.01		25.35
Income (loss) from investment operations:
Net investment income (loss) ($)		0.04			-0.06			-0.04			0.06			0.04		-0.13		0.04
Net realized and unrealized gains (losses) on investments		4.07			3.53			0.59			4.13			3.73		3.24		3.80
Total income (loss) from investment operations		4.11			3.47			0.55			4.19			3.77		3.11		3.84
Less distributions:
Dividends from net investment income ($)		-0.01			—			—			-0.01			—		—		—
Distributions from capital gains		—			—			—			—			-1.82		-1.82		-1.82
Total distributions		-0.01			—			—			-0.01			-1.82		-1.82		-1.82
Net asset value, end of period ($)		30.96			26.77			31.56			31.55			26.86		23.30		27.37
Total Return^(c) (%)		15.30	^(a)		14.84	^(a)		1.77	^(a)		15.31	^(a)		16.46		15.62		16.50
Ratios and supplemental data
Net assets, end of period (millions) ($)		862			336			252			589			699		246		667
Ratio of operating expenses to average net assets including earnings credits (%)		1.39	^(b)		2.14	^(b)		1.16	^(b)		1.39	^(b)		1.44		2.19		1.44
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.39	^(b)		2.14	^(b)		1.16	^(b)		1.39	^(b)		1.44		2.19		1.44
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.30	^(b)		-0.47	^(b)		-0.86	^(b)		0.39	^(b)		0.14		-0.61		0.14
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.30	^(b)		-0.47	^(b)		-0.86	^(b)		0.39	^(b)		0.14		-0.61		0.14
Portfolio turnover rate (%)		10.86	^(a)		10.86	^(a)		10.86	^(a)		10.86	^(a)		31.48		31.48		31.48

^ Class I commenced investment operations on March 8, 2013.

* 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.

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160

Fund of America

	_{YEAR ENDED OCTOBER 31,}
	₂₀₁₁						₂₀₁₀						₂₀₀₉						₂₀₀₈
	_{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 ($)		24.06		21.32		24.47		19.32		17.25		19.66		18.92		17.14		19.23		29.79		27.39		30.22
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.09		-0.25		-0.08		0.13		-0.03		0.14		-0.06		-0.18		-0.07		-0.06		-0.20		-0.01
Net realized and unrealized gains (losses) on investments		1.11		0.98		1.12		4.61		4.10		4.67		1.61		1.44		1.65		-7.85		-7.16		-8.03
Total income (loss) from investment operations		1.02		0.73		1.04		4.74		4.07		4.81		1.55		1.26		1.58		-7.91		-7.36		-8.04
Less distributions:
Dividends from net investment income ($)		-0.17		-0.04		-0.16		—		—		—		—		—		—		-0.07		—		-0.06
Distributions from capital gains		—		—		—		—		—		—		-1.15		-1.15		-1.15		-2.89		-2.89		-2.89
Total distributions		-0.17		-0.04		-0.16		—		—		—		-1.15		-1.15		-1.15		-2.96		-2.89		-2.95
Net asset value, end of period ($)		24.91		22.01		25.35		24.06		21.32		24.47		19.32		17.25		19.66		18.92		17.14		19.23
Total Return^(c) (%)		4.22		3.43		4.20		24.53		23.59		24.47		9.13		8.34		9.14		-29.20		-29.74		-29.23
Ratios and supplemental data
Net assets, end of period (millions) ($)		549		194		633		379		122		599		276		90		503		127		61		501
Ratio of operating expenses to average net assets including earnings credits (%)		1.43		2.18		1.43		1.47		2.22		1.47		1.50		2.25		1.50		1.41		2.16		1.41
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.43		2.18		1.43		1.47		2.22		1.47		1.50		2.25		1.50		1.42		2.17		1.42
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.33		-1.08		-0.31		0.61		-0.14		0.62		-0.34		-1.10		-0.37		-0.23		-0.87		-0.06
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.33		-1.08		-0.31		0.61		-0.14		0.62		-0.34		-1.10		-0.37		-0.24		-0.88		-0.07
Portfolio turnover rate (%)		67.61		67.61		67.61		40.00		40.00		40.00		40.41		40.41		40.41		63.97		63.97		63.97

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161

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 Global Income Builder Fund, First Eagle High Yield 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 Global Income Builder Fund (which commenced operations on May 1, 2012) seeks current income generation and long-term growth of capital. The First Eagle High Yield Fund seeks to provide investors with a high level of current income. 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.

First Eagle Investment Management, LLC (the "Adviser"), a subsidiary of Arnhold and S. Bleichroeder Holdings, Inc. ("ASB Holdings"), manages the Funds.

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. Substantially all of the Subsidiary's assets represent physical gold (bullion).

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(continued)

Trading in bullion directly by the Gold Fund presents the risk of negative tax consequences (e.g., a change in the Fund's tax status subjecting the Fund to tax at the Fund level on all its income if the Fund's "non-qualifying income" exceeds 10% of the Fund's gross income in any taxable year). Trading in bullion by the Subsidiary generally does not present the same tax risks.

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, 2013, the Subsidiary has $56,487,379 in net assets, representing 2.84% 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).

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

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163

Notes to Financial Statements (unaudited)

or pricing services use multiple valuation techniques to 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.

Commodities (such as physical metals) are valued at the spot price at the time trading on the NYSE closes (normally 4:00 p.m. E.S.T.).

Forward contracts are valued at the current cost of covering or offsetting such contracts at the time NYSE closes (normally 4:00 p.m. E.S.T.).

Effective March 1, 2013 the 4:00 p.m. E.S.T. exchange rates 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

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(continued)

events in accordance with procedures approved by the Board. The determination of whether a particular foreign investment should be fair valued will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets and security-specific events. The values assigned to a Fund's holdings therefore may differ on occasion from reported market values.

Certain Funds with non-U.S. holdings have adopted procedures under which movements in 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 the Fund's own assumption in determining the fair value of investments).

The significant unobservable inputs that may be used in determining valuations for investments identified within Level 3 are market comparables and the enterprise value of a company. Indications of value and quotations may be observable at any given time, but are currently treated by the Funds as unobservable. Significant changes in any of the unobservable inputs may

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Notes to Financial Statements (unaudited)

significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.

Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability, probability of insolvency and probability of default may decrease (increase) the fair value measurement.

Fair valuation of securities, other financial investments or other assets (collectively, "securities") held by the Funds shall be determined in good faith by or under the direction of the Board, generally acting through its designated Valuation Committee or Valuation Panel (collectively, the "Committees"). The Committees' responsibilities include making determinations regarding Level 3 fair value measurements and providing the results to the Board, in accordance with the Funds' valuation policies.

It is the policy of the Funds to recognize significant transfers between Levels 1, 2 and 3 and to disclose those transfers as of the date of the underlying event which caused the movement.

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(continued)

The following is a summary of the Funds' inputs used to value the Funds' investments as of April 30, 2013:

First Eagle Global Fund
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}^_(a)		_{LEVEL 3}^_(b)		_TOTAL
Assets: †
U.S. Common Stocks	$	13,895,044,072	$	2,131,614	$	—	$	13,897,175,686
International Common Stocks		17,091,139,090		24,286,122		11,281,398		17,126,706,610
International Preferred Stock		117,491,735		—		—		117,491,735
Warrant		80,425,551		—		—		80,425,551
Commodity*		1,619,895,681		—		—		1,619,895,681
U.S. Corporate Bonds		—		28,512,503		—		28,512,503
International Corporate Notes and Bonds		—		61,368,916		31,575,582		92,944,498
International Government Bond		—		25,302,592		—		25,302,592
International Commercial Paper		—		2,651,404,639		—		2,651,404,639
U.S. Commercial Paper		—		5,881,342,939		—		5,881,342,939
Foreign Currency Contracts**		—		240,995,492		—		240,995,492
Total	$	32,803,996,129	$	8,915,344,817	$	42,856,980	$	41,762,197,926
Liabilities:
Foreign Currency Contracts**	$	—	$	29,366,731	$	—	$	29,366,731
Total	$	—	$	29,366,731	$	—	$	29,366,731

^(a) Transfer into/out of Level 2 represent value as of the beginning of the period. Common stock valued at $2,159,465 was transferred from Level 2 to Level 1 during the six-month period ended April 30, 2013. At October 31, 2012, this security was deemed illiquid; at April 30, 2013, this security was valued using quoted market prices in active markets. There were no transfers from Level 1 to Level 2 as of the six-month period ended April 30, 2013.

^(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.

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167

Notes to Financial Statements (unaudited)

Fair Value Level 3 activity for the period ended April 30, 2013 was as follows:

First Eagle Global Fund — (continued)
	_{INTERNATIONAL}		_{INTERNATIONAL}
	_{COMMON STOCKS}		_{CORPORATE BONDS}		_{TOTAL VALUE}
Beginning Balance — market value	$	10,721,439	$	31,128,000	$	41,849,439
Purchases		—		—		—
Sales
Transfer In — Level 3		—		—		—
Transfer Out — Level 3		—		—		—
Accrued Amortization		—		—		—
Realized Gains (Losses)		—		—		—
Change in Unrealized Appreciation (Depreciation)		559,959		447,582		1,007,541
Ending Balance — market value	$	11,281,398	$	31,575,582	$	42,856,980
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	559,959	$	447,582	$	1,007,541

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(continued)

First Eagle Overseas Fund
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}^_(a)		_TOTAL
Assets: †
International Common Stocks	$	9,280,464,591	$	9,558,526	$	37,930,030	$	9,327,953,147
U.S. Common Stock		22,417,009		—		—		22,417,009
International Preferred Stocks		115,914,563		—		—		115,914,563
Right		—		—		0		0
Commodity*		582,622,734		—		—		582,622,734
Term Loans		—		743,949		10,616,285		11,360,234
International Corporate Bonds		—		19,175,927		21,050,388		40,226,315
International Commercial Paper		—		941,102,443		—		941,102,443
U.S. Commercial Paper		—		2,183,833,595		—		2,183,833,595
Foreign Currency Contracts**		—		116,525,025		—		116,525,025
Total	$	10,001,418,897	$	3,270,939,465	$	69,596,703	$	13,341,955,065
Liabilities:
Foreign Currency Contracts**	$	—	$	16,655,474	$	—	$	16,655,474
Total	$	—	$	16,655,474	$	—	$	16,655,474

^(a) 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.

For the six-month period ended April 30, 2013, 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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169

Notes to Financial Statements (unaudited)

Fair Value Level 3 activity for the period ended April 30, 2013 was as follows:

First Eagle Overseas Fund — (continued)
	_{INTERNATIONAL}					_{INTERNATIONAL}
	_{COMMON STOCKS}		_RIGHT			_{CORPORATE BONDS}		_{TERM LOANS*}			_{TOTAL VALUE}
Beginning Balance — market value	$	36,904,767	$	—		$	20,752,000	$	—		$	57,656,767
Purchases		—		7,625			—		22,994,658			23,002,283
Sales		—		—			—		(22,992,069	)		(22,992,069	)
Transfer In — Level 3		—		—			—		10,925,318			10,925,318
Transfer Out — Level 3		—		—			—		—			—
Accrued Amortization		—		—			—		642,084			642,084
Realized Gains (Losses)		—		—			—		1,769,366			1,769,366
Change in Unrealized Appreciation (Depreciation)		1,025,263		(7,625	)		298,388		(2,723,072	)		(1,407,046	)
Ending Balance — market value	$	37,930,030	$	0		$	21,050,388	$	10,616,285		$	69,596,703
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	1,025,263	$	(7,625	)	$	298,388	$	(2,723,072	)	$	(1,407,046	)

* Amounts reflected herein represents company reorganization.

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(continued)

First Eagle U.S. Value Fund
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}^_(a)		_TOTAL
Assets: †
U.S. Common Stocks	$	2,141,001,790	$	3,274	$	—	$	2,141,005,064
International Common Stocks		327,121,368		708,662		—		327,830,030
U.S. Preferred Stock		—		—		5,504,940		5,504,940
Warrant		13,015,759		—		—		13,015,759
Commodity*		114,156,844		—		—		114,156,844
International Corporate Bond		—		4,790,909		—		4,790,909
U.S. Convertible Bond		—		32,967,200		—		32,967,200
U.S. Corporate Bonds		—		53,656,685		—		53,656,685
International Commercial Paper		—		173,192,435		—		173,192,435
U.S. Commercial Paper		—		366,983,181		—		366,983,181
Total	$	2,595,295,761	$	632,302,346	$	5,504,940	$	3,233,103,047

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

^† See Schedule of Investments for additional detailed categorizations.

* Represents gold bullion.

For the six-month period ended April 30, 2013, 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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171

Notes to Financial Statements (unaudited)

Fair Value Level 3 activity for the period ended April 30, 2013 was as follows:

First Eagle U.S. Value Fund — (continued)
	_{U.S. PREFERED STOCK}
Beginning Balance — market value	$	4,828,435
Purchases		—
Sales		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued Amortization		—
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		676,505
Ending Balance — market value	$	5,504,940
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	676,505
First Eagle Gold Fund

_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}^_(a)		_TOTAL
Assets: †
International Common Stocks	$	1,248,612,874	$	—	$	—	$	1,248,612,874
U.S. Common Stocks		164,195,347		—		—		164,195,347
International Preferred Stock		2,844,000		—		—		2,844,000
Investment Company		416,472		—		—		416,472
Warrants		—		—		—		—
Commodity*		494,705,610		—		—		494,705,610
International Convertible Bonds		—		—		30,000,000		30,000,000
International Commercial Paper		—		26,484,000		—		26,484,000
U.S. Commercial Paper		—		25,919,000		—		25,919,000
Total	$	1,910,774,303	$	52,403,000	$	30,000,000	$	1,993,177,303

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

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

* Represents gold bullion.

For the six-month period ended April 30, 2013, 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)

Fair Value Level 3 activity for the period ended April 30, 2013 was as follows:

First Eagle Gold Fund — (continued)
	_{INTERNATIONAL}
	_{CONVERTIBLE BONDS}			_WARRANTS		_{TOTAL VALUE}
Beginning Balance — market value	$	30,000,000		$	0	$	30,000,000
Purchases		482			—		482
Sales		—			—		—
Transfer In — Level 3		—			—		—
Transfer Out — Level 3		—			—		—
Accrued Amortization		—			—		—
Realized Gains (Losses)		—			—		—
Change in Unrealized Appreciation (Depreciation)		(482	)		0		(482	)
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	$	(482	)	$	0	$	(482	)

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173

Notes to Financial Statements (unaudited)

First Eagle Global Income Builder Fund
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}		_TOTAL
Assets: †
U.S. Common Stocks	$	64,785,417	$	—	$	—	$	64,785,417
International Common Stocks		109,953,839		—		—		109,953,839
Closed-End Mutual Fund		2,355,005		—		—		2,355,005
Commodity*		1,929,691		—		—		1,929,691
U.S. Convertible Bond		—		3,451,000		—		3,451,000
U.S. Corporate Bonds		—		62,542,654		—		62,542,654
International Corporate Bonds		—		39,320,004		—		39,320,004
Term Loans		—		22,875,006		—		22,875,006
International Commercial Paper		—		12,297,000		—		12,297,000
U.S. Commercial Paper		—		12,034,000		—		12,034,000
Foreign Currency Contracts**		—		74,698		—		74,698
Total	$	179,023,952	$	152,594,362	$	—	$	331,618,314
Liabilities:
Foreign Currency Contracts**	$	—	$	99,429	$	—	$	99,429
Total	$	—	$	99,429	$	—	$	99,429

^† See Schedule of Investments for additional detailed categorizations.

* Represents gold bullion.

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

For the six-month period ended April 30, 2013, 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 High Yield Fund
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}		_TOTAL
Assets: †
U.S. Convertible Bonds	$	—	$	18,383,132	$	—	$	18,383,132
U.S. Corporate Bonds		—		479,353,880		—		479,353,880
International Corporate Bonds		—		186,264,683		—		186,264,683
Term Loans		—		159,821,057		—		159,821,057
International Commercial Paper		—		25,245,000		—		25,245,000
U.S. Commercial Paper		—		24,706,000		—		24,706,000
Total	$	—	$	893,773,752	$	—	$	893,773,752
Liabilities:
Foreign Currency Contracts**	$	—	$	806,320	$	—	$	806,320
Total	$	—	$	806,320	$	—	$	806,320

^† See Schedule of Investments for additional detailed categorizations.

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

For the six-month period ended April 30, 2013, 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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175

Notes to Financial Statements (unaudited)

First Eagle Fund of America
_DESCRIPTION	_{LEVEL 1}		_{LEVEL 2}		_{LEVEL 3}		_TOTAL
Assets: †
U.S. Common Stocks	$	1,851,734,397	$	—	$	—	$	1,851,734,397
International Common Stocks		106,964,786		—		—		106,964,786
Exchange Traded Fund		45,854,869		—		—		45,854,869
Investment Companies		102,500,193		—		—		102,500,193
U.S. Convertible Bond		—		4,724,606		—		4,724,606
Call Option Purchased		148,000		—		—		148,000
Total	$	2,107,202,245	$	4,724,606	$	—	$	2,111,926,851
Liabilities:
Covered Call Options Written	$	62,263,619	$	—	$	—	$	62,263,619
Put Option Written		36,540		—		—		36,540
Total	$	62,300,159	$	—	$	—	$	62,300,159

^† See Schedule of Investments for additional detailed categorizations.

For the six-month period ended April 30, 2013, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

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(continued)

c) Investment transactions and income — Investment transactions are accounted for on a trade date basis. The specific identification method is used in determining realized gains and losses from investment transactions. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. In computing investment income, each Fund accretes discounts and amortizes premiums on debt obligations using the 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 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. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the Statement of Operations. However, for federal income

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177

Notes to Financial Statements (unaudited)

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, Global Income Builder 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.

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

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

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(continued)

At April 30, 2013, the Funds had the following foreign forward currency contracts grouped into appropriate risk categories illustrated below:

First Eagle Global Fund
					_{GAIN OR (LOSS)}_{DERIVATIVE RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{ASSET DERIVATIVE}_{FAIR VALUE}^₁		_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_GAIN^₃			_{CHANGE IN}_APPRECIATION^₄
Foreign Currency	$	240,995,492	$	29,366,731	$	295,746,488		$	220,581,821
First Eagle Overseas Fund
					_{GAIN OR (LOSS)}_{DERIVATIVE RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{ASSET DERIVATIVE}_{FAIR VALUE}^₁		_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_GAIN^₃			_{CHANGE IN}_APPRECIATION^₄
Foreign Currency	$	116,525,025	$	16,655,474	$	149,770,188		$	107,159,214
First Eagle Global Income Builder Fund
					_{GAIN OR (LOSS)}_{DERIVATIVE RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{ASSET DERIVATIVE}_{FAIR VALUE}^₁		_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_LOSS^₃			_{CHANGE IN}_APPRECIATION^₄
Foreign Currency	$	74,698	$	99,429	$	(117,655	)	$	151,102
First Eagle High Yield Fund
					_{GAIN OR (LOSS)}_{DERIVATIVE RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{ASSET DERIVATIVE}_{FAIR VALUE}^₁		_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_GAINS/(LOSS)^₃			_{CHANGE IN}_DEPRECIATION^₄
Foreign Currency	$	0	$	806,320	$	0		$	(113,319	)

g) Options — In order to produce incremental earnings or protect against declines in the value of portfolio securities, First Eagle Global Fund, First Eagle

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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179

Notes to Financial Statements (unaudited)

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 they generally do 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 are 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 may be required to earmark assets to cover its obligations under option contracts. A call option is covered if the Funds hold, 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 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.

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(continued)

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, 2013, 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}			_PREMIUM_RECEIVED
Options outstanding at October 31, 2012		31,931		$	6,108,142
Options written		34,917			6,341,638
Options assigned		(19,696	)		(2,902,367	)
Options expired/closed		(47,152	)		(9,547,413	)
Options outstanding at April 30, 2013		0		$	0

As of April 30, 2013, there were no segregated securities for written options.

First Eagle U.S. Value Fund
_{WRITTEN OPTIONS}	_NUMBER_{OF CONTRACTS}			_PREMIUM_RECEIVED
Options outstanding at October 31, 2012		3,593		$	604,523
Options written		5,016			917,816
Options assigned		(2,676	)		(389,079	)
Options expired/closed		(5,933	)		(1,133,260	)
Options outstanding at April 30, 2013		0		$	0

As of April 30, 2013, there were no segregated securities for written options.

First Eagle Fund of America
_{WRITTEN OPTIONS}	_NUMBER_{OF CONTRACTS}			_PREMIUM_RECEIVED
Options outstanding at October 31, 2012		145,331		$	36,222,702
Options written		584,420			133,219,435
Options assigned		(33,448	)		(11,086,942	)
Options expired/closed		(501,828	)		(108,672,996	)
Options outstanding at April 30, 2013		194,475		$	49,682,199
_{PURCHASED OPTIONS}	_NUMBER_{OF CONTRACTS}			_COST
Options outstanding at October 31, 2012		1,500		$	309,736
Options purchased		3,340			665,022
Options closed		(2,840	)		(722,683	)
Options outstanding at April 30, 2013		2,000		$	252,075

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181

Notes to Financial Statements (unaudited)

As of April 30, 2013, portfolio securities valued at $754,890,068 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, 2013, the Funds had the following options grouped into appropriate risk categories illustrated below:

First Eagle Global Fund
			_{GAIN OR (LOSS)}_{DERIVATIVE RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_GAIN^₃		_{CHANGE IN}_DEPRECIATION^₄
Equity — Written options	$	0	$	7,325,471	$	(4,556,262	)
First Eagle U.S. Value Fund
			_{GAIN OR (LOSS)}_{DERIVATIVE RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_GAIN^₃		_{CHANGE IN}_DEPRECIATION^₄
Equity — Written options	$	0	$	734,554	$	(392,263	)
First Eagle Fund of America

					_{GAIN OR (LOSS)}_{DERIVATIVE RECOGNIZED}_{IN INCOME}
_{RISK TYPE}	_{ASSET DERIVATIVE}_{FAIR VALUE}^₁		_{LIABILITY DERIVATIVE}_{FAIR VALUE}^₂		_REALIZED_{GAIN (LOSS)}^₃			_{CHANGE IN}_{(DEPRECIATION)}^₄
Equity — Written options	$	0	$	62,300,159	$	(47,581,217	)	$	(18,240,307	)
Equity — Purchased options		148,000		0		290,459			(109,339	)

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

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

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

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

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

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(continued)

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 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.

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183

Notes to Financial Statements (unaudited)

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 and capital gains on an annual basis except for the First Eagle High Yield Fund which declares income daily and pays monthly. First Eagle Global Income Builder Fund declared and paid income quarterly for the period October 1, 2012 to March 31, 2013. As of April 1, 2013, the First Eagle Global Income Builder Fund declares income daily and pays quarterly.

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. Effective March 1, 2013, the First Eagle Global Fund and First Eagle Overseas Fund no longer charge redemption fees.

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

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(continued)

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

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, First Eagle Gold Fund and First Eagle Global Income Builder 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.

Effective March 1, 2013, the Adviser receives from First Eagle Fund of America an annual advisory fee at the rate of 1.00% of the first $1.5 billion of the average daily net assets, 0.95% of the next $1 billion of the average daily net assets; 0.90% on the next $2.5 billion of the average daily net assets and 0.85% in excess of $5 billion of the 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" or "Sub-Adviser") 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 and First Eagle Global Income Builder Fund, as allowed by law, so that the total annual operating expenses (excluding certain items) of the First Eagle High Yield Fund's Class A, Class C and Class I shares do not exceed 1.25%, 2.00% and 0.80%, respectively, and the First Eagle Global Income Builder Fund's Class A, Class C, and Class I shares do not exceed 1.30%, 2.05% and 1.05%, respectively, through December 31, 2013.

The Adviser may seek reimbursement for fees waived and other expenses paid by the Adviser pursuant to the Fee Waiver and Expense Reimbursement

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185

Notes to Financial Statements (unaudited)

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 April 30, 2013, the Adviser may seek reimbursement of previously waived and reimbursed fees as follows:

First Eagle Global Income Builder Fund
_EXPIRATION	_AMOUNT
October 31, 2015	$	305,915
April 30, 2016		128,284
First Eagle HIgh Yield Fund
_EXPIRATION	_AMOUNT
March 31, 2014	$	38,000
March 31, 2015		72,599
October 31, 2015		324,266
April 30, 2016		251,070

The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the Funds, and in accordance with its agreement with them, the Funds reimburse the Adviser for costs (including personnel, related overhead and other costs) related to those services. First Eagle Global Income Builder Fund pays the Adviser a monthly administration fee that is accrued daily at an annual rate of 0.05% of the Fund's average daily net assets.

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.

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(continued)

For the period ended April 30, 2013, the Funds reimbursed and had payable to the Adviser amounts shown below:

_FUND	_{REIMBURSED TO ADVISER}		_{PAYABLE TO ADVISER}
First Eagle Global Fund	$	1,772,570	$	645,488
First Eagle Overseas Fund		559,253		195,352
First Eagle U.S. Value Fund		144,261		43,130
First Eagle Gold Fund		128,355		129,480
First Eagle Global Income Builder Fund		40,440		12,796
First Eagle High Yield Fund		34,378		7,914
First Eagle Fund of America		82,558		22,779

The Funds have entered into Custody Agreements with State Street Bank and Trust Company ("SSB"). The Custody Agreements provide for an annual fee based on the amount of assets under custody plus transaction charges. SSB serves as custodian of the Funds' portfolio securities and other assets. SSB has directly entered into 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 financial reporting and other administrative services. SSB, as the Funds' Administrator, receives annual fees separate from and in addition to the fees it receives for its services as the Funds' custodian.

FEF Distributors, LLC, a wholly owned subsidiary of the Adviser, serves as the Funds' principal underwriter. For the six-month period ended April 30, 2013, FEF Distributors, LLC realized $1,254,770, $125,581, $128,283, $120,797, $89,305, $110,062, and $102,325 , 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 Global Income Builder Fund, First Eagle High Yield Fund and First Eagle Fund of America, respectively.

The Trust adopted a Trustee Deferred Compensation Plan, which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are

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187

Notes to Financial Statements (unaudited)

invested in various First Eagle Funds until distribution in accordance with the Trustee Deferred Compensation Plan. As of April 30, 2013, balances to the Plan are recorded on the Statements of Assets and Liabilities.

For the six-month period ended April 30, 2013, the Sub-Adviser reimbursed First Eagle Fund of America $10,466 for losses incurred in connection with trading errors.

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, First Eagle Global Income Builder 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 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, 2013, 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, 2013, 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, 2013, the cost of purchases of investments, excluding U.S. Government and short-term securities, totaled $2,477,312,503, $968,186,549, $293,051,390, $211,435,569, $210,583,164,

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(continued)

$365,063,906 and $346,450,896 for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder 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 $2,223,505,766, $759,031,791, $165,112,731, $127,103,905, $6,981,496, $156,529,796 and $193,900,016 for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder 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 Global Income Builder Fund, First Eagle High Yield Fund and First Eagle Fund of America.

Note 5 — Line of Credit

At a meeting on September 12, 2012, 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. A portion of the commitment fees related to the line of credit are paid by the Funds and are included in other expenses in the Statements of Operations. During the six-month period ended April 30, 2013, the Funds had borrowings under the agreement as follows:

_FUND				_AVERAGE_{DAILY LOAN}_BALANCE				_{NUMBER OF DAYS}_OUTSTANDING				_INTEREST_EXPENSE				_WEIGHTED_AVERAGE_ANNUALIZED_{INTEREST RATE}
First Eagle Global Fund				$	9,277,221				1			$	366				1.42	%

As of April 30, 2013 there were no outstanding borrowings from the credit facility.

Note 6 — Capital Stock

At April 30, 2013, 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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189

Notes to Financial Statements (unaudited)

Transactions in shares of capital stock were as follows:

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2013}
	_{FIRST EAGLE GLOBAL FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		35,727,915			21,568,763			51,392,823
Shares issued for reinvested dividends and distributions		12,310,707			5,240,700			7,790,626
Shares redeemed		(30,378,987	)		(14,158,816	)		(26,058,214	)
Net increase (decrease)		17,659,635			12,650,647			33,125,235
	_{YEAR ENDED OCTOBER 31, 2012}
	_{FIRST EAGLE GLOBAL FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		62,388,629			35,230,795			83,665,600
Shares issued for reinvested dividends and distributions		6,801,942			2,393,384			3,768,498
Shares redeemed		(53,467,391	)		(26,699,689	)		(40,856,280	)
Net increase (decrease)		15,723,180			10,924,490			46,577,818
	_{SIX-MONTH PERIOD ENDED APRIL 30, 2013}
	_{FIRST EAGLE GOLD FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		10,317,807			2,647,485			10,977,433
Shares issued for reinvested dividends and distributions		131,174			3			77,683
Shares redeemed		(11,936,916	)		(3,908,832	)		(10,363,280	)
Net increase (decrease)		(1,487,935	)		(1,261,344	)		691,836
	_{YEAR ENDED OCTOBER 31, 2012}
	_{FIRST EAGLE GOLD FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		16,136,242			4,442,711			19,622,203
Shares issued for reinvested dividends and distributions		1,926,165			553,133			592,601
Shares redeemed		(20,754,725	)		(4,756,926	)		(18,630,497	)
Net increase (decrease)		(2,692,318	)		238,918			1,584,307

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(continued)

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2013}
	_{FIRST EAGLE OVERSEAS FUND}									_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		30,970,659			4,092,992			59,610,061			10,090,469			4,400,121			11,863,456
Shares issued for reinvested dividends and distributions		11,078,245			1,679,606			10,459,996			2,102,155			661,683			1,255,195
Shares redeemed		(28,950,149	)		(4,216,224	)		(24,777,028	)		(12,240,772	)		(3,458,399	)		(8,949,352	)
Net increase (decrease)		13,098,755			1,556,374			45,293,029			(48,148	)		1,603,405			4,169,299
	_{YEAR ENDED OCTOBER 31, 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		55,443,712			6,338,133			93,794,727			34,764,626			14,439,563			28,860,840
Shares issued for reinvested dividends and distributions		10,323,759			1,491,162			7,558,176			1,938,704			561,949			995,161
Shares redeemed		(61,897,888	)		(9,731,745	)		(52,137,111	)		(15,159,004	)		(4,115,236	)		(10,193,717	)
Net increase (decrease)		3,869,583			(1,902,450	)		49,215,792			21,544,326			10,886,276			19,662,284
	_{SIX-MONTH PERIOD ENDED APRIL 30, 2013}
	_{FIRST EAGLE GLOBAL INCOME BUILDER FUND}									_{FIRST EAGLE HIGH YIELD FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		9,889,917			6,611,481			4,618,074			13,372,175			4,910,195			11,086,926
Shares issued for reinvested dividends and distributions		92,452			40,049			55,540			701,484			250,301			765,216
Shares redeemed		(665,275	)		(218,828	)		(516,110	)		(3,295,757	)		(1,271,391	)		(4,096,360	)
Net increase (decrease)		9,317,094			6,432,702			4,157,504			10,777,902			3,889,105			7,755,782
	_{YEAR ENDED OCTOBER 31, 2012}
	_{FIRST EAGLE GLOBAL INCOME BUILDER FUND*}									_{FIRST EAGLE HIGH YIELD FUND**}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold		4,289,987			2,549,996			3,695,841			17,342,363			8,932,758			19,594,646
Shares issued for reinvested dividends and distributions		16,856			8,099			19,628			458,671			149,881			611,736
Shares redeemed		(98,960	)		(54,607	)		(24,647	)		(1,973,303	)		(535,928	)		(1,046,409	)
Net increase (decrease)		4,207,883			2,503,488			3,690,822			15,827,731			8,546,711			19,159,973

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Notes to Financial Statements (unaudited)

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2013}
	_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS I***}			_{CLASS Y}
Shares sold		7,474,138			2,821,293			8,081,415			1,279,188
Shares issued for reinvested dividends and distributions		7,576			3			0			6,187
Shares redeemed		(5,666,933	)		(816,441	)		(86,632	)		(6,967,118	)
Net increase (decrease)		1,814,781			2,004,855			7,994,783			(5,681,743	)

	_{YEAR ENDED OCTOBER 31, 2012}
	_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold		7,799,688			2,865,457			1,801,446
Shares issued for reinvested dividends and distributions		1,591,289			631,712			1,733,825
Shares redeemed		(5,418,574	)		(1,755,620	)		(4,156,267	)
Net increase (decrease)		3,972,403			1,741,549			(620,996	)

* Represents the period May 1, 2012 to October 31, 2012.

** Represents the period April 1, 2012 to October 31, 2012.

*** Represents the period March 8, 2013 to April 30, 2013.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
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(continued)

Transactions in dollars of capital stock were as follows:

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2013}									_{SIX-MONTH PERIOD ENDED APRIL 30, 2013}
	_{FIRST EAGLE GLOBAL FUND}									_{FIRST EAGLE OVERSEAS FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	1,776,359,502		$	1,052,902,746		$	2,566,024,624		$	694,612,106		$	89,211,911		$	1,355,619,432
Shares issued for reinvested dividends and distributions		590,420,981			247,256,223			374,962,844			239,954,779			35,490,076			230,119,915
Shares redeemed		(1,507,214,831	)		(690,062,614	)		(1,300,327,686	)		(647,750,492	)		(91,883,014	)		(563,290,749	)
Net increase (decrease)	$	859,565,652		$	610,096,355		$	1,640,659,782		$	286,816,393		$	32,818,973		$	1,022,448,598
	_{YEAR ENDED OCTOBER 31, 2012}									_{YEAR ENDED OCTOBER 31, 2012}
	_{FIRST EAGLE GLOBAL FUND}									_{FIRST EAGLE OVERSEAS FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	2,956,278,063		$	1,637,915,493		$	3,981,891,238		$	1,189,229,650		$	131,960,536		$	2,044,840,175
Shares issued for reinvested dividends and distributions		302,618,460			104,854,140			168,225,738			209,262,697			29,554,809			155,396,107
Shares redeemed		(2,527,517,394	)		(1,243,056,770	)		(1,942,066,934	)		(1,322,271,401	)		(202,837,114	)		(1,125,783,011	)
Net increase (decrease)	$	731,379,129		$	499,712,863		$	2,208,050,042		$	76,220,946		$	(41,321,769	)	$	1,074,453,271

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193

Notes to Financial Statements (unaudited)

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2013}
	_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	185,833,307		$	80,126,071		$	221,013,319
Shares issued for reinvested dividends and distributions		37,376,299			11,672,102			22,568,401
Shares redeemed		(225,264,666	)		(63,294,644	)		(167,514,586	)
Net increase (decrease)	$	(2,055,060	)	$	28,503,529		$	76,067,134
	_{YEAR ENDED OCTOBER 31, 2012}
	_{FIRST EAGLE U.S. VALUE FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	604,973,317		$	248,353,887		$	507,992,659
Shares issued for reinvested dividends and distributions		31,581,497			9,092,330			16,390,304
Shares redeemed		(266,732,905	)		(71,576,152	)		(180,767,869	)
Net increase (decrease)	$	369,821,909		$	185,870,065		$	343,615,094

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2013}
	_{FIRST EAGLE HIGH YIELD FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	135,254,818		$	49,561,059		$	112,186,914
Shares issued for reinvested dividends and distributions		7,111,875			2,535,004			7,757,605
Shares redeemed		(33,374,960	)		(12,878,315	)		(41,469,988	)
Net increase (decrease)	$	108,991,733		$	39,217,748		$	78,474,531

	_{YEAR ENDED OCTOBER 31, 2012}
	_{FIRST EAGLE HIGH YIELD FUND**}
	_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	169,517,068		$	87,418,098		$	191,197,349
Shares issued for reinvested dividends and distributions		4,510,338			1,472,774			6,013,646
Shares redeemed		(19,213,078	)		(5,270,289	)		(10,244,667	)
Net increase (decrease)	$	154,814,328		$	83,620,583		$	186,966,328

* Represents the period May 1, 2012 to October 31, 2012.

** Represents the period April 1, 2012 to October 31, 2012.

*** Represents the period March 8, 2013 to April 30, 2013.

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(continued)

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2013}
	_{FIRST EAGLE GOLD FUND}									_{FIRST EAGLE GLOBAL INCOME BUILDER FUND}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	251,031,337		$	64,063,137		$	269,987,946		$	104,755,603		$	69,754,874		$	48,888,908
Shares issued for reinvested dividends and distributions		3,596,790			62			2,152,604			979,849			422,775			584,727
Shares redeemed		(285,195,320	)		(89,483,393	)		(253,208,802	)		(7,030,958	)		(2,320,402	)		(5,488,898	)
Net increase (decrease)	$	(30,567,193	)	$	(25,420,194	)	$	18,931,748		$	98,704,494		$	67,857,247		$	43,984,737
	_{YEAR ENDED OCTOBER 31, 2012}
	_{FIRST EAGLE GOLD FUND}									_{FIRST EAGLE GLOBAL INCOME BUILDER FUND*}
	_{CLASS A}			_{CLASS C}			_{CLASS I}			_{CLASS A}			_{CLASS C}			_{CLASS I}
Shares sold	$	471,675,630		$	126,090,905		$	564,245,924		$	43,500,772		$	25,874,606		$	37,031,937
Shares issued for reinvested dividends and distributions		58,150,919			16,234,432			18,086,195			173,094			83,136			197,719
Shares redeemed		(592,856,546	)		(131,067,219	)		(532,748,007	)		(1,010,534	)		(560,866	)		(247,612	)
Net increase (decrease)	$	(63,029,997	)	$	11,258,118		$	49,584,112		$	42,663,332		$	25,396,876		$	36,982,044

	_{SIX-MONTH PERIOD ENDED APRIL 30, 2013}
	_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS I***}			_{CLASS Y}
Shares sold	$	218,329,419		$	72,044,933		$	252,910,283		$	37,993,535
Shares issued for reinvested dividends and distributions		210,001			74			0			174,597
Shares redeemed		(168,355,701	)		(20,477,297	)		(2,712,324	)		(213,870,073	)
Net increase (decrease)	$	50,183,719		$	51,567,710		$	250,197,959		$	(175,701,941	)

	_{YEAR ENDED OCTOBER 31, 2012}
	_{FIRST EAGLE FUND OF AMERICA}
	_{CLASS A}			_{CLASS C}			_{CLASS Y}
Shares sold	$	198,358,338		$	63,407,921		$	46,475,429
Shares issued for reinvested dividends and distributions		36,154,075			12,533,184			40,138,059
Shares redeemed		(136,684,626	)		(38,844,456	)		(107,471,098	)
Net increase (decrease)	$	97,827,787		$	37,096,649		$	(20,857,610	)

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
195

Notes to Financial Statements (unaudited)

At April 30, 2013, ASB Holdings, Inc. owned more than 5% of the First Eagle Global Income Builder Fund Class I shares. At April 30, 2013, Strafe & Co. owned more than 5% of the First Eagle Fund of America Class I shares.

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 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 Statements of Assets and Liabilities.

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(continued)

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, 2013.

Note 9 — Accounting Pronouncements

In December 2011, FASB issued ASU No. 2011-11, "Disclosures about Offsetting Assets and Liabilities". ASU No. 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards ("IFRS"). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU No. 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. New disclosures are required for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Management is evaluating the impact of ASU No. 2011-11 on the financial statements and disclosures.

Note 10 — Subsequent Events

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

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197

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, 2012 and held for the six-months ended April 30, 2013.

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		10.26	%	$	1,000.00	$	1,102.60		1.13	%	$	5.89
Class C		9.85			1,000.00		1,098.50		1.88			9.78
Class I		10.41			1,000.00		1,104.10		0.88			4.59
First Eagle Overseas Fund
Class A		10.79			1,000.00		1,107.90		1.16			6.06
Class C		10.40			1,000.00		1,104.00		1.91			9.96
Class I		10.88			1,000.00		1,108.80		0.91			4.76
First Eagle U.S. Value Fund
Class A		7.33			1,000.00		1,073.30		1.19			6.12
Class C		6.93			1,000.00		1,069.30		1.94			9.95
Class I		7.49			1,000.00		1,074.90		0.94			4.84
First Eagle Gold Fund Consolidated
Class A		–33.73			1,000.00		662.70		1.22			5.03
Class C		–33.98			1,000.00		660.20		1.97			8.11
Class I		–33.67			1,000.00		663.30		0.97			4.00
First Eagle Global Income Builder Fund
Class A⁴		7.50			1,000.00		1,075.00		1.29			6.64
Class C⁴		7.05			1,000.00		1,070.50		2.04			10.47
Class I⁴		7.56			1,000.00		1,075.60		1.05			5.40
First Eagle High Yield Fund
Class A⁴		5.86			1,000.00		1,058.60		1.19			6.07
Class C⁴		5.47			1,000.00		1,054.70		1.94			9.88
Class I⁴		6.06			1,000.00		1,060.60		0.80			4.09
First Eagle Fund of America
Class A		15.30			1,000.00		1,153.00		1.39			7.42
Class C		14.84			1,000.00		1,148.40		2.14			11.40
Class I⁵		1.77			1,000.00		1,017.70		1.16			1.73⁶
Class Y		15.31			1,000.00		1,153.10		1.39			7.42

¹For the six-months ended April 30, 2013.

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

³ Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

⁴Expense and performance figures reflect certain fee waivers and/or expense limitations without which returns and expenses may have been lower or higher, respectively.

⁵ First Eagle Fund of America Class I commenced investment operations on March 8, 2013.

⁶ Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 54/365 (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, 2012 and held for the six-months ended April 30, 2013.

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

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(continued)

Based on Hypothetical Total Return¹

	_HYPOTHETICAL_ANNUALIZED_TOTAL_RETURN			_BEGINNING_ACCOUNT_VALUE		_ENDING_ACCOUNT_VALUE		_ANNUALIZED_EXPENSE_RATIO			_EXPENSES_PAID_{DURING THE}_PERIOD^₂
First Eagle Global Fund
Class A		5.00	%	$	1,000.00	$	1,019.19		1.13	%	$	5.66
Class C		5.00			1,000.00		1,015.47		1.88			9.39
Class I		5.00			1,000.00		1,020.43		0.88			4.41
First Eagle Overseas Fund
Class A		5.00			1,000.00		1,019.04		1.16			5.81
Class C		5.00			1,000.00		1,015.32		1.91			9.54
Class I		5.00			1,000.00		1,020.28		0.91			4.56
First Eagle U.S. Value Fund
Class A		5.00			1,000.00		1,018.89		1.19			5.96
Class C		5.00			1,000.00		1,015.17		1.94			9.69
Class I		5.00			1,000.00		1,020.13		0.94			4.71
First Eagle Gold Fund Consolidated
Class A		5.00			1,000.00		1,018.74		1.22			6.11
Class C		5.00			1,000.00		1,014.98		1.97			9.84
Class I		5.00			1,000.00		1,019.98		0.97			4.86
First Eagle Global Income Builder Fund
Class A		5.00			1,000.00		1,018.40		1.29			6.46
Class C		5.00			1,000.00		1,014.68		2.04			10.19
Class I		5.00			1,000.00		1,019.59		1.05			5.26
First Eagle High Yield Fund
Class A		5.00			1,000.00		1,018.89		1.19			5.96
Class C		5.00			1,000.00		1,015.17		1.94			9.69
Class I		5.00			1,000.00		1,020.83		0.80			4.01
First Eagle Fund of America
Class A		5.00			1,000.00		1,017.90		1.39			6.95
Class C		5.00			1,000.00		1,014.18		2.14			10.69
Class I³		5.00			1,000.00		1,005.68		1.16			1.72⁴
Class Y		5.00			1,000.00		1,017.90		1.39			6.95

¹ For the six-months ended April 30, 2013.

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

³ First Eagle Fund of America Class I commenced investment operations on March 8, 2013.

⁴ Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 54/365 (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.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
202

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. These various agreements are referred to in this discussion as the "Advisory Agreements." The Board of Trustees approved the Advisory Agreements most recently on December 13, 2012.

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 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. The relative results of a number of the Funds (Global Fund, Overseas Fund, U.S. Value, and Fund of America) were noted as being at or near the top of their peer groups for various periods. The Trustees commented on (and management discussed) Overseas Fund's and U.S. Value Fund's less favorable one-year relative performance results. Performance for each Fund was determined to be excellent given its returns relative to benchmarks and peers, with a focus in reaching that determination on longer-term results for Overseas Fund and U.S. Value Fund.

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

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Consideration of Investment Advisory Agreements (continued)

reviewed peer group average and peer group median, 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 reviewed and approved a proposal from the Adviser to implement "breakpoints" providing for potential reductions in the Fund of America management fee over time. (A "breakpoint" refers to a reduction in the fee that is realized at a specified asset level.) The Trustees also considered the advisory fees charged to institutional clients of the Adviser, taking into consideration, among other things, the differing requirements of such clients. While analyzing the effects of indirect compensation to the Adviser, such as soft dollar and other service benefits, the Trustees considered the levels of soft dollars and absence of affiliated broker-dealer relationships.

• The Trustees reviewed the Funds' expense ratios, which were deemed reasonable both on an absolute basis and in comparison to peer funds. The Trustees discussed the impact of the advisory fee on the ratio of total expenses to total assets and noted that the Funds' expense ratios generally had decreased over time 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 noted that expense ratios for most of the Funds had increased modestly relative to the prior year and reviewed the causes of those increases. 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. For example, increasing Fund assets in the prior year was a contributor to a falling expense ratio for U.S. Value Fund while decreasing Fund assets in the prior year was a contributor to a rising expense ratio for Gold Fund. Also for example, several of the Funds experienced increased transfer agency fees as their number of shareholder accounts increased relative to the size of the Funds. The Trustees again noted new breakpoints providing for potential reductions in the Fund of America management fee over time.

• 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.

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(continued)

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.

It separately was noted that the advisory agreements for High Yield Fund and Global Income Builder Fund were not being reviewed at this time, as they were within the period covered by their at-launch review by the Trustees. Review of those two agreements was not expected until the December 2013 meeting of the Trustees.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
205

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.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2013
206

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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 2, 2013

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 2, 2013

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

	Joseph T. Malone, Principal Financial Officer

Date: July 2, 2013

* 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)