First Eagle Global Fund (SGIIX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-7762
First Eagle Funds
(Exact name of registrant as specified in charter)
1345 Avenue of the Americas New York, NY					10105
(Address of principal executive offices)					(Zip code)
Suzan Afifi 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:		October 31, 2014

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.

Annual Report

October 31, 2014

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

First Eagle 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.

First Eagle Funds | Annual Report | October 31, 2014
2

Table of Contents

Letter from the President	4
Management's Discussion of Fund Performance	7
Performance Chart	12
First Eagle Global Fund:
Fund Overview	18
Consolidated Schedule of Investments	20
First Eagle Overseas Fund:
Fund Overview	48
Consolidated Schedule of Investments	50
First Eagle U.S. Value Fund:
Fund Overview	76
Consolidated Schedule of Investments	78
First Eagle Gold Fund:
Fund Overview	90
Consolidated Schedule of Investments	92
First Eagle Global Income Builder Fund:
Fund Overview	96
Schedule of Investments	98
First Eagle High Yield Fund:
Fund Overview	112
Schedule of Investments	114
First Eagle Fund of America:
Fund Overview	126
Schedule of Investments	128
Statements of Assets and Liabilities	136
Statements of Operations	144
Statements of Changes in Net Assets	148
Financial Highlights	152
Notes to Financial Statements	168
Report of Independent Registered Accounting Firm	205
Fund Expenses	206
General Information	210
Tax Information	211
Privacy Notice	212
Additional Information	214

First Eagle Funds | Annual Report | October 31, 2014
3

Letter from the President

John P. Arnhold

Dear Fellow Shareholders,

At First Eagle, we remain committed to protecting and preserving our shareholders' purchasing power over time. Irrespective of short-term market events, swings in investor confidence or the pressure to follow a new market paradigm, our first priority is unwavering: to provide prudent stewardship of the assets you have placed in our care.

Market Overview

Since I last wrote to you in April, U.S. equity markets have remained strong, amidst continuing signs of an economic recovery. The U.S. dollar reached its highest levels in four years versus a basket of global currencies. Conversely, growth estimates have been reduced outside the U.S., leading to mixed market performance. In particular, European countries such as France and Italy have yet to find their footing while China shows signs of a slowdown. Adding to the uncertainty, we have seen a rise in geopolitical tensions, with a standoff in the Ukraine and increased instability in the Middle East. Yet asset prices and the appetite for risk remained relatively strong.

The MSCI World Index rose 8.7% in the 12 months ending October 31, 2014. In the U.S., the S&P 500 Index increased 17.3%. In Europe, the German DAX Index rose 3.2% but the French CAC 40 Index fell 3.7% during the period, reflecting the divergent health of these two economies. The Nikkei 225 Index increased 14.6% during the twelve month period. Dollar-linked commodity prices also suffered, as crude oil fell 16.4% to $81 a barrel, and the price of gold fell 11.3% to $1,173 an ounce as of October 31^st. Over the twelve month period, the U.S. dollar strengthened 14.2% against the Japanese yen and the dollar strengthened 8.5% against the Euro.

During the same period, the Barclay's U.S. Aggregate Bond Index returned 4.1% while the Barclay's U.S. High Yield Corporate Index returned 5.8%. High yield spreads ended October at 430 basis points. Despite some intermittent volatility throughout the twelve month period, spreads are generally unchanged from their 436 basis point level a year ago.

First Eagle Funds | Annual Report | October 31, 2014
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Letter from the President

While numerous signs point to a continued strengthening of the U.S. economy, we remain wary given the unresolved debt burdens at the Federal level. Another risk is weakening energy prices, which could slow the shale oil boom that has been a key driver of U.S. economic growth in recent quarters.

The strong rally by the U.S. dollar has led to soft performance for gold and other hard assets, but we hold firm in our conviction that gold may be a potential long-term hedge against extreme market events. At First Eagle, we always keep a watchful eye on what can go wrong, not only on what is going right. We will remain focused on delivering long-term absolute returns while also striving to avoid the permanent impairment of our clients' capital.

Global Value Team

The Global Value team remains cautious in the face of ongoing concerns regarding overly permissive monetary and fiscal policies by central bankers. The Portfolio Managers, Matthew McLennan, Kimball Brooker, Matt Lamphier, Giorgio Caputo, Robert Hordon, Edward Meigs and Sean Slein, feel the unwinding of these policies creates a cloudy outlook for economic growth and debt servicing ability. The rebound in the U.S. economy this year masks longer term concerns our Portfolio Managers hold regarding the shortage in savings by Americans relative to investment, and the artificial demand created by fiscal stimulus. Beyond the U.S., the absence of economic growth and high unemployment means the temptation persists for further rounds of stimulus.

In the face of these persistent macroeconomic imbalances, the Global Value team continues to diligently seek what they perceive as a margin of safety in each investment. In the absence of sufficient bottom-up opportunities the funds continue to maintain some cash on the sidelines until appropriate opportunities come along at what they believe are the right prices.

High Yield Team

After rallying in the first half of 2014, the high yield market experienced some volatility in recent months. Portfolio Managers Edward Meigs and Sean Slein feel the Fund's ongoing focus on credit risk rather than interest rate risk may stand investors in good stead over the long run. Corporate default rates remained low and we believe overall credit quality remains reasonable. We remain focused on investing in companies with strong balance sheets and a growth outlook robust enough to support their debt.

As of October 31^st, we had allocated approximately 58% to single-B issues compared with about 29% allocated to double-B issues, which are historically longer maturity

First Eagle Funds | Annual Report | October 31, 2014
5

Letter from the President

and more sensitive to interest rates. This stands in contrast to an index allocation of 37% to single-B and 47% to double-B credits. We feel this allocation, along with the portfolio's duration of 3.3 years, will help minimize our exposure to increases in interest rates. The duration of the portfolio is less than that of the Barclays Capital U.S. Corporate High Yield Index, which is 4.3 years.¹

Fund of America Team

Portfolio Managers Harold Levy, David Cohen and Eric Stone continue to focus on their core competency: identifying corporate change that can potentially unlock shareholder value. While the U.S. stock market is more expensive today than it was two or three years ago, they continue to find interesting investment opportunities within the current market.

Thank you for your continued confidence and support.

Sincerely,

John P. Arnhold
President

December 2014

¹  Source: FactSet

First Eagle Funds | Annual Report | October 31, 2014
6

Management's Discussion of Fund Performance

First Eagle Global Fund

The net asset value ("NAV") of the Fund's Class A shares increased 4.6% for the year ending October 31, 2014 while the MSCI World Index rose 8.7%. The Fund's cash and cash equivalents position was 20.4% as of October 31, 2014.

The five largest contributors to the performance of First Eagle Global Fund over the period were Microsoft Corporation (software, U.S.), Intel Corporation (semiconductors, U.S.), Cintas Corporation (uniform rentals, U.S.), Shimano, Inc. (bicycle parts, Japan) and Hoya Corporation (optical products, Japan) collectively accounting for 2.3% points of this period's performance.

The five largest detractors were gold bullion, Kinross Gold Corporation (gold mining, Canada), AngloGold Ashanti Limited (gold mining, South Africa), Penn West Petroleum Limited (E&P, Canada) and Goldcorp, Inc. (gold mining, Canada). Their combined negative performance over the twelve months subtracted 1.3% points from the Fund's performance.

As of October 31, 2014, the Fund was approximately 30% hedged versus the British pound, 20% hedged versus the Japanese yen and 20% hedged versus the Euro.

First Eagle Overseas Fund

The NAV of the Fund's Class A shares rose 1.0% for the year ending October 31, 2014 while the MSCI EAFE Index fell 0.60%. The Fund's cash and cash equivalents position was 20.0% as of October 31, 2014.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were Shimano, Inc. (bicycle parts, Japan), Hoya Corporation (optical products, Japan), Astellas Pharma, Inc. (pharmaceuticals, Japan), Grupo Televisa SA (media, Mexico) and SMC Corporation (pneumatic equipment, Japan) collectively accounting for 2.3% points of this period's performance.

The five largest detractors were Penn West Petroleum (E&P, Canada), gold bullion, WM Morrison Supermarkets PLC (supermarkets, UK), Kinross Gold Corporation (gold mining, Canada) and Goldcorp, Inc. (gold mining, Canada). Their combined negative performance over the twelve month period subtracted 1.5% points from the Fund's performance.

As of October 31, 2014, the Fund was approximately 30% hedged versus the British pound, 20% hedged versus the Japanese yen and 20% hedged versus the Euro.

First Eagle Funds | Annual Report | October 31, 2014
7

Management's Discussion of Fund Performance

First Eagle U.S. Value Fund

The NAV of the Fund's Class A shares increased 8.9% for the year ending October 31, 2014 while the S&P 500 Index rose 17.3%. The Fund's cash and cash equivalents position was 17.9% as of October 31, 2014.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Microsoft Corporation (software), Intel Corporation (semiconductors), Cintas Corporation (uniform rentals), Oracle Corporation (enterprise software) and Comcast Corporation (cable) collectively accounting for 4.2% points of this period's performance.

The five largest detractors were Penn West Petroleum Limited (E&P), gold bullion, Goldcorp, Inc. (gold mining), Rofin-Sinar Technologies, Inc. (laser-based products) and Fresnillo PLC (gold & silver mining). Their combined negative performance over the twelve month period subtracted 1.6% points from the Fund's performance.

First Eagle Gold Fund

The NAV of the Fund's Class A shares fell 21.0% for the year ending October 31, 2014 while the FTSE Gold Mines Index declined 31.8%. The Fund's cash and cash equivalents position was 1.6% as of October 31, 2014.

The five largest contributors to the performance of First Eagle Gold Fund over the period were Osisko Mining (Canada), Royal Gold, Inc. (U.S.), Franco-Nevada Corporation (Canada), Lydian International Limited (Channel Islands) and Continental Gold & Copper (Canada) collectively accounting for 2.1% points of the Fund's performance.

The five largest detractors were gold bullion, Kinross Gold Corporation (Canada), AngloGold Ashanti Limited (South Africa), Goldcorp (Canada) and Newmont Mining Corporation (U.S.). Their combined negative performance over the twelve month period subtracted 9.7% points from the Fund's performance.

First Eagle Global Income Builder Fund

The NAV of the Fund's Class A shares rose 4.7% for the year ending October 31, 2014 while the Barclays U.S. Aggregate Bond Index rose 4.1% and the MSCI World Index increased 8.7%. The Fund's cash and cash equivalents position was 6.9% as of October 31, 2014.

The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were Ciments Francais SA (cements & aggregates, France), Hoya Corporation (optical products, Japan), Microsoft Corporation

First Eagle Funds | Annual Report | October 31, 2014
8

Management's Discussion of Fund Performance

(software, U.S.), Intel Corporation (semiconductors, U.S.) and Lockheed Martin Corporation (defense systems, U.S.) collectively accounting for 2.4% points of this period's performance.

The five largest detractors were Penn West (E&P, Canada), WM Morrison Supermarkets PLC (supermarkets, UK), Goldcorp, Inc. (gold mining, Canada), Cenovus Energy, Inc. (integrated oil, Canada) and Eni S.p.A (integrated oil, Italy). Their combined negative performance over the twelve month period subtracted 1.4% points from the Fund's performance.

As of October 31, 2014, the Fund was approximately 30% hedged versus the British pound, 20% hedged versus the Japanese yen and 20% hedged versus the Euro on equities. The Fund was approximately 98% hedged on Euro-denominated bonds.

First Eagle High Yield Fund

The NAV of the First Eagle High Yield Fund's Class I shares increased 4.0% for the years ending October 31, 2014 versus 5.8% for the Barclays Capital U.S. Corporate High Yield Index. The Fund held 5.3% of cash and cash equivalents as of October 31, 2014.

The five largest contributors to the performance of the First Eagle High Yield Fund over the period were Kemet Corporation 10.50% due 05/01/2018, ACCO Brands Corporation 6.75% due 04/30/2020, CenturyLink, Inc. 6.75% due 12/01/2023, ROC Finance LLC 12.125% due 09/01/2019 and Frontier Communications Corporation 8.5% due 04/15/2020 collectively accounting for 0.7% points of the Fund's performance.

The five largest detractors were Offshore Group Investments Ltd. 7.5% due 11/01/2019, Bi-Lo LLC 8.625% due 09/15/2018, Parker Drilling Company 6.75% due 07/15/2022, Roundy's Supermarkets, Inc. 10.25% due 12/15/2020 and Drill Rigs Holding, Inc. 6.5% 10/01/2017. Their combined negative performance over the twelve-month period subtracted 0.5% points of the Fund's performance.

As of October 31, 2014 the Fund was approximately 100% hedged against the Euro.

First Eagle Fund of America

The NAV of the First Eagle Fund of America Class Y increased 12.9% for the year ending October 31, 2014 versus 17.3% for the S&P 500 Index. The Fund held 6.4% in a money market mutual fund as of October 31, 2014.

The five largest contributors to the performance of the First Eagle Fund of America over the period were Avis Budget Group, Inc. (automobile and truck rental services),

First Eagle Funds | Annual Report | October 31, 2014
9

Management's Discussion of Fund Performance

Forest Laboratories, Inc. (pharmaceuticals), Hewlett-Packard Company (technology software), Seagate Technology PLC (hard disk drive manufacturer) and Rockwood Holdings, Inc. (chemicals manufacturer), collectively accounting for 8.4% points of the Fund's performance.

The five largest detractors were Theravance, Inc. (pharmaceuticals), FMC Corporation (materials), Viacom, Inc. Class B (media) Hertz Global Holdings, Inc. (automobile and truck rental services) and SeaWorld Entertainment, Inc. (consumer services). Their combined negative performance over the twelve-month period subtracted 2.1% points from the Fund's total return.

  

Matthew McLennan
Head of the Global Value Team
Portfolio Manager
Global, Overseas,
U.S. Value and Gold Funds T. Kimball Brooker, Jr.
Portfolio Manager
Global, Overseas
and U.S. Value Funds

  

Matt Lamphier
Portfolio Manager
U.S. Value Fund Giorgio Caputo
Portfolio Manager
Global Income Builder Fund

  

Robert Hordon
Portfolio Manager
Global Income Builder Fund
Edward Meigs
Portfolio Manager
Global Income Builder and
High Yield Funds

First Eagle Funds | Annual Report | October 31, 2014
10

Management's Discussion of Fund Performance

  

Sean Slein
Portfolio Manager
Global Income Builder and
High Yield Funds Harold Levy
Portfolio Manager
Fund of America

Eric Stone
Portfolio Manager
Fund of America

December 2014

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 December 2014 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 | Annual Report | October 31, 2014
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Performance Chart¹

	One- Year			Three- Years			Five- Years			Ten- Years			Since Inception			Inception Date
First Eagle Global Fund
Class A (SGENX) without sales charge		4.64	%		9.47	%		10.32	%		9.54	%		13.83	%	01/01/792
with sales charge		-0.59			7.62			9.19			8.98			13.71		01/01/792
Class C (FESGX)		2.85			8.65			9.49			8.72			10.93		06/05/00
Class I (SGIIX)		4.90			9.75			10.59			9.82			11.61		07/31/98
MSCI World Index3		8.67			14.37			11.41			6.93			9.84		01/01/79
First Eagle Overseas Fund4
Class A (SGOVX) without sales charge		1.00	%		7.02	%		8.09	%		8.78	%		11.34	%	08/31/93
with sales charge		-4.04			5.21			6.98			8.22			11.13		08/31/93
Class C (FESOX)		-0.67			6.24			7.29			7.96			10.31		06/05/00
Class I (SGOIX)		1.23			7.30			8.35			9.04			11.52		07/31/98
MSCI EAFE Index5		-0.60			9.68			6.52			5.81			5.15		08/31/93
First Eagle U.S. Value Fund
Class A (FEVAX) without sales charge		8.93	%		11.27	%		11.40	%		8.06	%		9.60	%	09/04/01
with sales charge		3.46			9.39			10.26			7.51			9.17		09/04/01
Class C (FEVCX)		7.09			10.43			10.57			7.26			8.78		09/04/01
Class I (FEVIX)		9.19			11.56			11.68			8.34			9.87		09/04/01
Standard & Poor's 500 Index6		17.27			19.77			16.69			8.20			6.57		09/04/01
First Eagle Gold Fund
Class A (SGGDX) without sales charge		-21.02	%		-25.41	%		-9.70	%		2.14	%		4.95	%	08/31/93
with sales charge		-24.99			-26.67			-10.62			1.62			4.76		08/31/93
Class C (FEGOX)		-22.35			-25.97			-10.38			1.38			4.13		05/15/03
Class I (FEGIX)		-20.81			-25.22			-9.48			2.39			5.16		05/15/03
FTSE Gold Mines Index7		-31.76			-34.43			-17.97			-5.00			-2.66		08/31/93
MSCI World Index3		8.67			14.37			11.41			6.93			6.87		08/31/93

First Eagle Funds | Annual Report | October 31, 2014
12

Performance Chart

	One- Year			Three- Years			Five- Years			Ten- Years			Since Inception			Inception Date
First Eagle Global Income Builder
Class A (FEBAX) without sales charge		4.67	%		—			—			—			8.84	%	05/01/12
with sales charge		-0.55			—			—			—			6.61		05/01/12
Class C (FEBCX)		2.90			—			—			—			8.02		05/01/12
Class I (FEBIX)		5.00			—			—			—			9.13		05/01/12
MSCI World Index3		8.67			—			—			—			13.93		05/01/12
Barclays Capital U.S. Aggregate Bond Index8		4.14			—			—			—			2.34		05/01/12
First Eagle High Yield
Class A (FEHAX) without sales charge		3.74	%		—			—			—			7.96	%	01/03/12
with sales charge		-0.96			—			—			—			6.22		01/03/12
Class C (FEHCX)		1.99			—			—			—			7.11		01/03/12
Class I (FEHIX)		4.03			8.25	%		9.51	%		—			10.98		11/19/079
Barclays Capital U.S. Corporate High Yield Index10		5.82			9.39			10.44			—			9.28		11/19/07
First Eagle Fund of America
Class A (FEFAX) without sales charge		12.92	%		19.41	%		17.18	%		10.19	%		9.24	%	11/20/98
with sales charge		7.28			17.38			15.98			9.63			8.89		11/20/98
Class C (FEAMX)		11.06			18.50			16.30			9.38			8.41		03/02/98
Class I (FEAIX)		13.20			—			—			—			16.96		03/08/13
Class Y (FEAFX)11		12.91			19.41			17.17			10.19			12.32		04/10/87
Standard & Poor's 500 Index6		17.27			19.77			16.69			8.20			9.72		04/10/87

First Eagle Funds | Annual Report | October 31, 2014
13

Performance Chart

¹  The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at firsteaglefunds.com or by calling 800.334.2143. The average annual returns for Class A Shares "with sales charge" of First Eagle Global, Overseas, U.S. Value, Gold, Fund of America, and Global Income Builder 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 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.

A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

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 a sales charge.

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

²  The Fund commenced operation April 28, 1970. Performance for periods prior to January 1, 2000 occurred while a prior portfolio manager of the fund was affiliated with another firm. Inception date shown is when this prior portfolio manager assumed portfolio management responsibilities.

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  Effective as of the close of business on May 9, 2014, the First Eagle Overseas Fund is closed to certain investors. Please see the prospectus for more information.

⁵  The MSCI EAFE Index is an unmanaged 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.

⁶  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 80% coverage of U.S. equities, it is also considered a proxy for the total market. The Standard & Poor's 500 Index includes dividends reinvested.

⁷  The FTSE Gold Mines Index Series is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The Index is unmanaged, is available with dividends reinvested and is not available for purchase.

⁸  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.

⁹  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.

First Eagle Funds | Annual Report | October 31, 2014
14

Performance Chart

¹⁰  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.

¹¹  As of September 1, 2005 First Eagle Fund of America Class Y is closed to new accounts.

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

	Class A			Class C			Class I			Class Y
First Eagle Global Fund		1.13	%		1.87	%		0.88	%		—
First Eagle Overseas Fund		1.15			1.90			0.90			—
First Eagle U.S. Value Fund		1.16			1.91			0.91			—
First Eagle Gold Fund		1.25			2.00			1.00			—
First Eagle Global Income Builder		1.35			2.09			1.10			—
First Eagle High Yield Fund		1.13			1.88			0.88			—
First Eagle Fund of America		1.42			2.17			1.20			1.42	%

For the First Eagle High Yield and Global Income Builder funds had fees not been waived and/or expenses reimbursed in the past, returns would have been lower.

The expense ratios presented as of October 31, 2014 may differ from corresponding ratios shown elsewhere in this report because of differing time periods (and/or, if applicable, because these expense ratios do not include expense credits or waivers).

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

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 price.

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

The event-driven investment style used by First Eagle Fund of America carries the additional risk that the event anticipated occurs later than expected, does not occur at all or does not have the desired effect on the market price of the securities.

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

First Eagle Funds | Annual Report | October 31, 2014
15

Performance Chart

The First Eagle High Yield Fund's investment strategies may result in high turnover rates. This may increase the Fund's brokerage transaction 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.

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.

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.

All investments involve the risk of loss.

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First Eagle Global Fund

Fund Overview

Data as of October 31, 2014 (unaudited)

Investment Objective

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

Average Annual Returns (%)			One-Year		Five-Years		Ten-Years
First Eagle Global Fund	Class A	without sales load		4.64		10.32		9.54
		with sales load		-0.59		9.19		8.98
MSCI World Index				8.67		11.41		6.93
Consumer Price Index				1.66		1.89		2.21

Asset Allocation* (%)

Countries** (%)

United States	40.69
Japan	13.20
France	6.61
Canada	4.15
United Kingdom	2.84
Mexico	1.92
Germany	1.67
Switzerland	1.62
South Korea	1.26
Sweden	0.66
Australia	0.61
Bermuda	0.56
Belgium	0.50
Ireland	0.45
South Africa	0.44
Hong Kong	0.43
Thailand	0.39
Italy	0.35
Netherlands	0.28
Russia	0.25
Singapore	0.24
Israel	0.21
Austria	0.17
Denmark	0.15

*  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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18

First Eagle Global Fund | Fund Overview

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)	4.79
Microsoft Corporation (U.S. software developer)	2.11
Intel Corporation (U.S. computer components and related products manufacturer)	1.84
Oracle Corporation (U.S. provider of software/hardware products and services)	1.80
Comcast Corporation Class 'A' (U.S. cable/satellite television company)	1.80
Bank of New York Mellon Corporation (U.S. financial services company)	1.45
SMC Corporation (Japanese automated control devices manufacturer)	1.38
Secom Company Limited (Japanese security services provider)	1.32
KDDI Corporation (Japanese telecommunications company)	1.29
3M Company (U.S. industrial conglomerate)	1.24
Total	19.02

*  Holdings in cash, commercial paper and other short term cash equivalents have been excluded.

**The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Gold Bullion and commodities include the Fund's investment in the Subsidiary.

Percentages are based on total net assets.

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19

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 71.46%
U.S. Common Stocks — 33.42%
Consumer Discretionary — 4.15%
	16,502,976	Comcast Corporation, Class 'A'	$	348,272,491	$	909,974,152
	7,367,580	Omnicom Group, Inc.		266,763,916		529,434,371
	4,033,948	McDonald's Corporation		397,465,831		378,102,040
	3,992,317	H&R Block, Inc.		67,554,206		128,991,794
	1,265,679	Bed Bath & Beyond, Inc. (a)		77,330,447		85,230,824
	707,230	Ross Stores, Inc.		45,657,932		57,087,686
	2,484	JG Boswell Company		573,840		2,422,875
	159,424	St. John Knits International, Inc. (a)(b)		2,583,585		797,125
	31,592	Mills Music Trust (b)(c)		930,198		621,099
				1,207,132,446		2,092,661,966
Consumer Staples — 0.89%
	3,258,977	Colgate-Palmolive Company		125,309,064		217,960,582
	1,693,401	Wal-Mart Stores, Inc.		82,465,011		129,155,923
	2,680,106	Sysco Corporation		72,240,237		103,291,401
				280,014,312		450,407,906
Energy — 2.82%
	8,124,737	National Oilwell Varco, Inc.		579,277,775		590,181,113
	6,000,259	ConocoPhillips		254,437,343		432,918,687
	5,498,446	Devon Energy Corporation		312,965,847		329,906,880
	3,908,035	San Juan Basin Royalty Trust (c)		138,744,050		70,969,916
				1,285,425,015		1,423,976,596
Financials — 8.79%
	18,950,899	Bank of New York Mellon Corporation		484,400,217		733,778,848
	2,442	Berkshire Hathaway, Inc., Class 'A' (a)		193,617,046		512,820,000
	5,480,658	American Express Company		226,378,297		492,985,277
	9,693,681	BB&T Corporation		245,863,323		367,196,674
	6,804,201	Cincinnati Financial Corporation		170,308,782		343,408,075
	9,921,396	Weyerhaeuser Company, REIT		154,182,567		335,938,502
	7,819,458	U.S. Bancorp		192,949,644		333,108,953
	6,128,668	Plum Creek Timber Company, Inc., REIT		228,319,436		251,336,716
	4,386,050	WR Berkley Corporation		117,583,057		226,057,068
	3,365,437	American International Group, Inc.		177,995,460		180,286,514

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First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 33.42% (continued)
Financials — 8.79% (continued)
	743,437	Visa, Inc., Class 'A'	$	53,618,674	$	179,487,995
	2,024,060	Mastercard, Inc., Class 'A'		40,702,513		169,515,025
	299,496	Alleghany Corporation (a)		114,850,390		133,060,083
	2,858,552	Rayonier, Inc., REIT		20,620,399		95,675,769
	2,339,499	Brown & Brown, Inc.		71,192,895		74,536,438
	277,374	First American Financial Corporation		6,437,306		8,409,980
				2,499,020,006		4,437,601,917
Health Care — 0.76%
	2,120,282	WellPoint, Inc.		99,704,333		268,619,160
	1,059,976	Johnson & Johnson		59,610,842		114,244,644
				159,315,175		382,863,804
Industrials — 5.33%
	4,069,879	3M Company		315,646,157		625,825,448
	7,899,775	Cintas Corporation (c)		242,406,389		578,579,521
	2,912,737	Northrop Grumman Corporation		171,493,693		401,841,334
	2,066,103	Lockheed Martin Corporation		144,573,784		393,737,439
	3,153,152	Deere & Company		261,701,559		269,720,708
	2,087,657	Alliant Techsystems, Inc. (c)		149,814,061		244,172,363
	5,851,664	NOW, Inc. (a)(c)		178,684,330		175,901,020
				1,464,319,973		2,689,777,833
Information Technology — 8.76%
	22,635,659	Microsoft Corporation		593,352,723		1,062,744,237
	27,323,582	Intel Corporation (d)		535,572,888		929,275,058
	23,323,188	Oracle Corporation		699,069,784		910,770,491
	8,766,525	Teradata Corporation (a)(c)		369,529,577		370,999,338
	8,019,788	Linear Technology Corporation		227,165,656		343,567,761
	5,372,512	Xilinx, Inc.		216,416,093		238,969,378
	2,135,631	Automatic Data Processing, Inc.		67,208,813		174,651,985
	241,146	Google, Inc., Class 'A' (a)		62,240,364		136,939,579
	241,146	Google, Inc., Class 'C' (a)		62,403,398		134,819,906
	1,137,228	NetApp, Inc.		36,048,305		48,673,401
	1,074,757	CommVault Systems, Inc. (a)		51,692,790		47,654,770
	711,876	CDK Global, Inc. (a)		9,547,394		23,919,067
				2,930,247,785		4,422,984,971

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21

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 33.42% (continued)
Materials — 1.45%
	4,172,577	Scotts Miracle-Gro Company, Class 'A' (c)	$	182,102,946	$	247,183,461
	3,397,978	Vulcan Materials Company		156,102,690		209,689,346
	1,752,638	Martin Marietta Materials, Inc.		155,134,877		204,918,669
	811,480	Deltic Timber Corporation (c)		39,544,385		52,819,233
	816,793	Newmont Mining Corporation		6,252,316		15,323,074
				539,137,214		729,933,783
Utilities — 0.47%
	3,760,485	IDACorp, Inc. (c)		124,066,738		237,775,467
Total U.S. Common Stocks				10,488,678,664		16,867,984,243
International Common Stocks — 38.04%
Australia — 0.60%
	37,126,217	Newcrest Mining Limited (a)		792,366,434		304,494,317
Austria — 0.17%
	2,762,699	OMV AG		111,424,751		86,846,284
Belgium — 0.49%
	2,788,862	Groupe Bruxelles Lambert SA		234,732,253		249,009,236
Bermuda — 0.56%
	4,676,068	Jardine Matheson Holdings Limited		236,801,754		280,096,653
Canada — 4.13%
	20,171,095	Cenovus Energy, Inc.		566,078,237		499,436,337
	13,299,223	Canadian Natural Resources Limited		382,681,555		464,095,186
	18,731,917	Goldcorp, Inc.		599,128,363		351,785,420
	9,130,439	Potash Corporation of Saskatchewan, Inc.		351,228,590		311,987,101
	7,419,204	Agnico-Eagle Mines Limited		234,920,569		174,840,565
	12,939,710	Barrick Gold Corporation		236,771,269		153,594,358
	31,256,868	Kinross Gold Corporation (a)		153,179,049		67,202,268
	12,974,989	Penn West Petroleum Limited		177,450,961		58,646,950
				2,701,438,593		2,081,588,185
Denmark — 0.15%
	2,651,397	ISS AS (a)		85,549,523		73,924,041
France — 6.44%
	6,926,598	Danone SA		478,810,621		470,633,234

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First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 38.04% (continued)
France — 6.44% (continued)
	7,202,806	Total SA	$	354,805,789	$	428,022,267
	4,284,366	Sanofi		332,925,755		395,477,130
	11,417,174	Bouygues SA		414,984,766		394,169,808
	10,992,759	Carrefour SA		444,625,285		321,935,266
	7,446,750	Compagnie de Saint-Gobain		323,552,273		319,570,763
	9,843,860	Vivendi SA (a)		272,456,855		240,240,396
	2,407,099	Sodexo		62,692,015		231,875,001
	1,867,732	Neopost SA (c)		166,306,200		129,689,795
	936,392	Wendel SA		21,286,521		103,192,290
	5,126,327	Société Télévision Francaise 1		66,985,673		76,221,439
	1,401,821	Legrand SA		47,735,246		75,432,360
	157,260	Robertet SA (c)		20,623,058		32,516,614
	42,252	Robertet SA CI (b)(e)(f)		800,508		5,956,661
	385,000	Sabeton SA (c)		4,841,233		6,561,494
	12,000,000	FINEL (a)(b)(c)(e)(h)		0		5,413,608
	104,457	Gaumont SA		6,087,824		5,196,742
	66,717	NSC Groupe (b)(c)		11,738,587		5,041,467
				3,031,258,209		3,247,146,335
Germany — 1.40%
	7,775,691	HeidelbergCement AG		424,710,748		529,299,947
	1,592,711	Daimler AG		66,823,238		123,806,124
	693,439	Fraport AG		20,976,007		42,858,311
	341,950	Hornbach Baumarkt AG		8,260,466		12,152,712
				520,770,459		708,117,094
Hong Kong — 0.43%
	12,693,579	Guoco Group Limited		115,086,260		155,986,431
	13,182,921	Hysan Development Company Limited		62,292,222		60,261,197
	10,855,273	City e-Solutions Limited (a)(b)		490,399		2,141,618
				177,868,881		218,389,246
Ireland — 0.44%
	10,094,911	CRH PLC		175,024,030		223,822,935
Israel — 0.21%
	15,719,753	Israel Chemicals Limited		156,830,538		105,599,441

First Eagle Funds | Annual Report | October 31, 2014
23

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 38.04% (continued)
Italy — 0.35%
	21,398,654	Italcementi S.p.A. (c)	$	347,026,230	$	122,172,446
	1,734,971	Italmobiliare S.p.A. RSP		121,356,934		27,829,508
	1,021,136	Italmobiliare S.p.A.		107,360,738		24,313,121
				575,743,902		174,315,075
Japan — 13.13%
	2,508,756	SMC Corporation		271,030,820		693,942,123
	11,121,730	Secom Company Limited		504,039,784		668,442,459
	10,093,800	KDDI Corporation		320,858,498		649,256,221
	1,307,090	Keyence Corporation		232,220,762		610,692,928
	36,321,299	Astellas Pharma, Inc.		288,085,434		549,386,946
	3,169,600	Fanuc Corporation		295,828,491		539,530,398
	3,872,190	Shimano, Inc.		54,038,584		505,375,521
	14,298,939	Hoya Corporation		305,848,299		497,423,619
	14,917,299	Sompo Japan Nipponkoa Holdings, Inc.		402,645,728		365,080,416
	13,217,880	Mitsubishi Estate Company Limited		232,209,618		328,961,349
	14,618,719	MS&AD Insurance Group Holdings		356,085,457		306,820,676
	2,190,800	Hirose Electric Company Limited (c)		230,434,913		263,500,628
	3,308,230	Nissin Foods Holdings Company Limited		116,618,183		172,590,499
	4,484,910	Nomura Research Institute Limited		92,604,811		144,938,556
	3,526,280	Chofu Seisakusho Company Limited (c)		64,322,538		104,069,603
	5,147,000	T. Hasegawa Company Limited (c)		79,849,658		78,172,998
	924,660	Shin-Etsu Chemical Company Limited		43,043,581		57,986,246
	632,500	Nitori Holdings Company Limited		26,796,871		39,698,420
	1,147,200	MISUMI Group, Inc.		17,394,521		35,235,611
	317,700	FamilyMart Company Limited		12,501,479		12,529,811
				3,946,458,030		6,623,635,028
Mexico — 1.91%
	16,713,543	Grupo Televisa S.A.B., ADR		327,870,823		604,027,480
	19,043,914	Fresnillo PLC		258,153,252		212,490,325
	6,401,019	Industrias Peñoles S.A.B. de C.V.		7,339,323		144,978,082
				593,363,398		961,495,887

First Eagle Funds | Annual Report | October 31, 2014
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First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 38.04% (continued)
Netherlands — 0.28%
	24,582,669	TNT Express NV	$	226,206,927	$	142,661,564
Russia — 0.25%
	19,361,263	Gazprom OAO, ADR		130,470,161		128,326,478
South Africa — 0.43%
	16,836,511	AngloGold Ashanti Limited, ADR (a)		269,094,862		139,237,963
	25,019,069	Gold Fields Limited, ADR		233,463,377		79,810,836
				502,558,239		219,048,799
South Korea — 1.20%
	3,898,596	KT&G Corporation		216,376,344		346,548,441
	2,878,571	Kia Motors Corporation		162,911,561		140,328,803
	51,899	Lotte Confectionery Company Limited		21,157,500		93,336,764
	39,989	Namyang Dairy Products Company Limited (c)		7,325,466		25,668,273
				407,770,871		605,882,281
Sweden — 0.65%
	5,939,938	Investor AB, Class 'A'		116,378,542		208,183,267
	3,394,796	Investor AB, Class 'B'		63,888,333		121,463,626
				180,266,875		329,646,893
Switzerland — 1.61%
	5,811,558	Nestlé SA		197,673,733		425,228,732
	4,327,669	Pargesa Holding SA		272,881,781		336,219,230
	388,802	Kuehne & Nagel International AG		7,503,142		50,593,084
				478,058,656		812,041,046
Thailand — 0.39%
	32,213,696	Bangkok Bank PCL, NVDR		109,267,553		195,833,976
United Kingdom — 2.82%
	7,175,381	Berkeley Group Holdings PLC (c)		86,127,760		261,708,907
	10,337,328	GlaxoSmithKline PLC		204,849,425		234,406,741
	4,624,679	Liberty Global PLC, Series 'C' (a)		188,833,906		205,659,475
	574,695	Liberty Global PLC, Series 'A' (a)		24,596,052		26,131,382
	3,616,469	British American Tobacco PLC		192,774,624		205,203,435
	4,355,040	Willis Group Holdings PLC		119,957,625		176,509,771
	4,885,789	Diageo PLC		134,973,869		143,654,420
	42,951,229	WM Morrison Supermarkets PLC		186,107,922		106,361,695

First Eagle Funds | Annual Report | October 31, 2014
25

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 38.04% (continued)
United Kingdom — 2.82% (continued)
	3,052,693	Anglo American PLC	$	74,109,213	$	64,289,890
				1,212,330,396		1,423,925,716
Total International Common Stocks				16,586,560,433		19,195,846,510
Total Common Stocks				27,075,239,097		36,063,830,753
International Preferred Stock — 0.26%
Germany — 0.26%
	1,590,953	Hornbach Holding AG		53,352,572		132,595,078
Investment Company — 0.00%
	434,056	State Street Institutional U.S.Government Money Market Fund, Institutional Class		434,056		434,056
Warrant — 0.23%
United States — 0.23%
	5,806,899	JPMorgan Chase & Company Warrant expire 10/28/18 (a)		75,108,859		114,976,600
Ounces
Commodity — 4.79%
	2,063,285	Gold bullion (a)		2,036,115,803		2,418,179,723
Principal
Notes and Bonds — 2.43%
U.S. Bonds — 2.00%
Government Obligations — 1.99%
$	250,000,000	U.S. Treasury Note 0.50% due 06/15/16		250,422,298		250,664,000
	250,000,000	U.S. Treasury Note 0.625% due 12/15/16		249,551,228		250,293,000
	250,000,000	U.S. Treasury Note 0.75% due 03/15/17		249,414,252		250,527,250
	250,000,000	U.S. Treasury Note 0.875% due 09/15/16		251,550,542		251,836,000
				1,000,938,320		1,003,320,250

First Eagle Funds | Annual Report | October 31, 2014
26

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Bonds — 2.00% (continued)
U.S. Corporate Bond — 0.01%
$	5,467,000	Bausch & Lomb, Inc. 7.125% due 08/01/28 (b)	$	4,816,754	$	5,439,665
Total U.S. Bonds				1,005,755,074		1,008,759,915
International Notes and Bonds — 0.43%
International Corporate Notes and Bonds — 0.14%
France — 0.14%
	15,000,000 EUR	Emin Leydier SA FRN 8.272% due 07/31/16 (b)(e)(i)		21,369,283		18,797,252
	17,256,032 EUR	FINEL 9.50% due 06/30/17 (b)(e)(g)(j)		21,555,398		16,218,299
	12,050,000 EUR	Wendel SA 4.375% due 08/09/17		13,752,817		16,532,435
	10,000,000 EUR	Wendel SA 4.875% due 09/21/15		13,015,623		13,010,204
	3,500,000 EUR	Wendel SA 4.875% due 05/26/16		3,827,986		4,674,968
Total International Corporate Notes and Bonds				73,521,107		69,233,158
International Government Bonds — 0.29%
Singapore — 0.24%
	150,966,000 SGD	Singapore Government Bond 2.375% due 04/01/17		126,616,915		122,642,513
South Korea — 0.05%
	26,102,580,000 KRW	Inflation Linked Korea Treasury Bond 2.75% due 03/10/17 (k)		24,912,616		25,320,770
Total International Government Bonds				151,529,531		147,963,283
Total International Notes and Bonds				225,050,638		217,196,441
Total Notes and Bonds				1,230,805,712		1,225,956,356
Commercial Paper — 20.23%
International Commercial Paper — 7.50%
Australia — 0.58%
	23,085,000 USD	Telstra Corporation Limited 0.12% due 12/17/14		23,079,767		23,079,767
	41,106,000 USD	Telstra Corporation Limited 0.12% due 01/05/15		41,097,094		41,092,887

First Eagle Funds | Annual Report | October 31, 2014
27

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 7.50% (continued)
Australia — 0.58% (continued)
	38,857,000 USD	Telstra Corporation Limited 0.12% due 01/06/15	$	38,848,452	$	38,844,344
	38,246,000 USD	Telstra Corporation Limited 0.12% due 01/12/15		38,236,821		38,232,117
	34,123,000 USD	Telstra Corporation Limited 0.13% due 01/13/15		34,114,005		34,110,446
	47,400,000 USD	Telstra Corporation Limited 0.14% due 01/20/15		47,385,253		47,380,377
	36,823,000 USD	Telstra Corporation Limited 0.15% due 01/13/15		36,811,800		36,809,453
	30,596,000 USD	Telstra Corporation Limited 0.16% due 01/22/15		30,584,849		30,582,951
Canada — 0.46%
	44,783,000 USD	Suncor Energy, Inc. 0.23% due 11/05/14		44,781,855		44,781,855
	29,927,000 USD	Suncor Energy, Inc. 0.23% due 11/10/14		29,925,279		29,925,279
	35,106,000 USD	Suncor Energy, Inc. 0.27% due 12/16/14		35,094,152		35,094,152
	33,537,000 USD	Suncor Energy, Inc. 0.28% due 12/05/14		33,528,131		33,528,131
	14,294,000 USD	Suncor Energy, Inc. 0.28% due 01/07/15		14,286,552		14,286,576
	22,293,000 USD	Suncor Energy, Inc. 0.30% due 01/20/15		22,278,138		22,278,755
	19,122,000 USD	Suncor Energy, Inc. 0.30% due 01/21/15		19,109,093		19,109,586
	33,377,000 USD	Total Capital Limited 0.10% due 11/26/14		33,374,682		33,374,682
France — 1.16%
	19,373,000 USD	Essilor International 0.09% due 11/17/14		19,372,225		19,372,225
	24,664,000 USD	Essilor International 0.09% due 12/15/14		24,661,287		24,661,287
	19,376,000 USD	Essilor International 0.12% due 11/18/14		19,374,902		19,374,902
	14,180,000 USD	Essilor International 0.12% due 12/17/14		14,177,826		14,177,826

First Eagle Funds | Annual Report | October 31, 2014
28

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 7.50% (continued)
France — 1.16% (continued)
	17,224,000 USD	GDF Suez SA 0.14% due 12/03/14	$	17,221,856	$	17,221,856
	42,549,000 USD	GDF Suez SA 0.15% due 11/19/14		42,545,809		42,545,809
	61,666,000 USD	GDF Suez SA 0.15% due 12/19/14		61,653,667		61,653,667
	39,009,000 USD	GDF Suez SA 0.15% due 01/07/15		38,998,110		38,996,104
	27,200,000 USD	GDF Suez SA 0.16% due 11/03/14		27,199,758		27,199,758
	34,594,000 USD	GDF Suez SA 0.16% due 11/06/14		34,593,231		34,593,231
	41,224,000 USD	GDF Suez SA 0.16% due 11/07/14		41,222,901		41,222,901
	52,732,000 USD	GDF Suez SA 0.16% due 12/09/14		52,723,094		52,723,094
	34,498,000 USD	GDF Suez SA 0.16% due 01/06/15		34,487,881		34,486,764
	11,750,000 USD	GDF Suez SA 0.17% due 11/10/14		11,749,501		11,749,501
	16,144,000 USD	L'Oreal USA, Inc. 0.08% due 11/03/14		16,143,928		16,143,928
	36,103,000 USD	Sanofi 0.09% due 12/31/14		36,097,584		36,099,328
	21,429,000 USD	Électricité de France SA 0.12% due 12/16/14		21,425,786		21,425,786
	71,355,000 USD	Électricité de France SA 0.16% due 12/04/14		71,344,534		71,344,534
Germany — 1.06%
	14,729,000 USD	BASF AG 0.08% due 12/16/14		14,727,527		14,727,527
	66,585,000 USD	BASF AG 0.09% due 12/09/14		66,578,674		66,578,674
	40,129,000 USD	BASF AG 0.09% due 12/16/14		40,124,486		40,124,486
	55,715,000 USD	BASF AG 0.09% due 12/17/14		55,708,593		55,708,593
	36,103,000 USD	BASF AG 0.10% due 12/15/14		36,098,587		36,098,587

First Eagle Funds | Annual Report | October 31, 2014
29

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 7.50% (continued)
Germany — 1.06% (continued)
	75,000,000 USD	Bayer AG 0.27% due 12/01/14	$	74,983,125	$	74,983,125
	153,634,000 USD	Siemens Company 0.09% due 12/08/14		153,619,789		153,619,789
	32,885,000 USD	Siemens Company 0.10% due 12/29/14		32,879,702		32,879,702
	61,660,000 USD	Siemens Company 0.10% due 12/30/14		61,649,895		61,649,895
Italy — 0.28%
	79,401,000 USD	Eni S.p.A. 0.30% due 11/24/14		79,385,781		79,385,781
	62,746,000 USD	Eni S.p.A. 0.30% due 12/11/14		62,725,085		62,725,085
Japan — 0.34%
	18,219,000 USD	Honda Corporation 0.11% due 01/13/15		18,214,936		18,214,693
	40,012,000 USD	Honda Corporation 0.11% due 01/21/15		40,002,097		40,001,337
	51,611,000 USD	Honda Corporation 0.12% due 12/11/14		51,604,119		51,604,119
	44,019,000 USD	Honda Corporation 0.13% due 11/12/14		44,017,251		44,017,251
	18,518,000 USD	Honda Corporation 0.14% due 11/07/14		18,517,568		18,517,568
Switzerland — 1.55%
	76,225,000 USD	Nestlé SA 0.03% due 12/16/14		76,222,142		76,222,142
	23,970,000 USD	Nestlé SA 0.06% due 11/10/14		23,969,640		23,969,640
	36,823,000 USD	Nestlé SA 0.07% due 11/21/14		36,821,670		36,821,670
	87,148,000 USD	Nestlé SA 0.08% due 11/21/14		87,144,127		87,144,127
	80,570,000 USD	Nestlé SA 0.09% due 12/10/14		80,562,144		80,562,144
	35,106,000 USD	Roche Holdings, Inc. 0.06% due 11/19/14		35,104,947		35,104,947

First Eagle Funds | Annual Report | October 31, 2014
30

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 7.50% (continued)
Switzerland — 1.55% (continued)
	26,039,000 USD	Roche Holdings, Inc. 0.06% due 12/19/14	$	26,036,917	$	26,036,917
	36,081,000 USD	Roche Holdings, Inc. 0.06% due 12/22/14		36,077,933		36,077,933
	16,201,000 USD	Roche Holdings, Inc. 0.07% due 11/17/14		16,200,496		16,200,496
	17,197,000 USD	Roche Holdings, Inc. 0.07% due 12/03/14		17,195,930		17,195,930
	20,251,000 USD	Roche Holdings, Inc. 0.07% due 12/09/14		20,249,504		20,249,504
	42,549,000 USD	Roche Holdings, Inc. 0.07% due 12/10/14		42,545,773		42,545,773
	32,288,000 USD	Roche Holdings, Inc. 0.08% due 12/11/14		32,285,130		32,285,130
	19,376,000 USD	Roche Holdings, Inc. 0.09% due 11/03/14		19,375,903		19,375,903
	19,376,000 USD	Roche Holdings, Inc. 0.09% due 11/04/14		19,375,855		19,375,855
	35,882,000 USD	Roche Holdings, Inc. 0.09% due 11/10/14		35,881,193		35,881,193
	41,144,000 USD	Roche Holdings, Inc. 0.09% due 11/12/14		41,142,868		41,142,868
	41,847,000 USD	Roche Holdings, Inc. 0.09% due 11/13/14		41,845,745		41,845,745
	58,283,000 USD	Roche Holdings, Inc. 0.09% due 11/14/14		58,281,106		58,281,106
	35,625,000 USD	Roche Holdings, Inc. 0.09% due 11/25/14		35,622,862		35,622,862
United Kingdom — 2.07%
	59,926,000 USD	AstraZeneca PLC 0.08% due 11/18/14		59,923,736		59,923,736
	56,325,000 USD	AstraZeneca PLC 0.08% due 11/19/14		56,322,747		56,322,747
	68,525,000 USD	AstraZeneca PLC 0.08% due 01/12/15		68,514,036		68,504,299
	44,008,000 USD	AstraZeneca PLC 0.08% due 01/15/15		44,000,665		43,993,970

First Eagle Funds | Annual Report | October 31, 2014
31

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 7.50% (continued)
United Kingdom — 2.07% (continued)
	37,559,000 USD	AstraZeneca PLC 0.09% due 12/01/14	$	37,556,183	$	37,556,183
	54,930,000 USD	AstraZeneca PLC 0.09% due 12/04/14		54,925,468		54,925,468
	69,406,000 USD	AstraZeneca PLC 0.09% due 01/05/15		69,394,722		69,387,677
	38,246,000 USD	AstraZeneca PLC 0.09% due 01/13/15		38,239,020		38,234,285
	58,622,000 USD	AstraZeneca PLC 0.09% due 01/26/15		58,609,396		58,599,618
	11,932,000 USD	Centrica PLC 0.37% due 12/31/14		11,924,841		11,926,521
	35,043,000 USD	Centrica PLC 0.49% due 11/03/14		35,042,066		35,042,066
	35,043,000 USD	Centrica PLC 0.50% due 11/17/14		35,035,368		35,035,368
	85,099,000 USD	GlaxoSmithKline PLC 0.10% due 11/06/14		85,097,818		85,097,818
	91,375,000 USD	GlaxoSmithKline PLC 0.11% due 12/02/14		91,366,345		91,366,345
	34,909,000 USD	GlaxoSmithKline PLC 0.11% due 12/04/14		34,905,480		34,905,480
	70,213,000 USD	GlaxoSmithKline PLC 0.13% due 12/15/14		70,201,844		70,201,844
	81,989,000 USD	GlaxoSmithKline PLC 0.17% due 01/22/15		81,957,252		81,954,032
	39,951,000 USD	Reed Elsevier, Inc. 0.19% due 11/17/14		39,947,626		39,947,626
	40,994,000 USD	Reed Elsevier, Inc. 0.22% due 12/18/14		40,982,226		40,982,226
	27,690,000 USD	Reed Elsevier, Inc. 0.26% due 01/05/15		27,677,001		27,676,091
Total International Commercial Paper				3,781,932,743		3,781,865,356
U.S. Commercial Paper — 12.73%
$	13,649,000	3M Company 0.07% due 11/06/14		13,648,867		13,648,867
	10,614,000	Abbott Laboratories 0.07% due 11/17/14		10,613,670		10,613,670

First Eagle Funds | Annual Report | October 31, 2014
32

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.73% (continued)
$	5,191,000	Abbott Laboratories 0.08% due 11/13/14	$	5,190,862	$	5,190,862
	39,707,000	Abbott Laboratories 0.10% due 11/04/14		39,706,669		39,706,669
	63,707,000	Abbott Laboratories 0.10% due 11/06/14		63,706,115		63,706,115
	12,989,000	Abbott Laboratories 0.10% due 11/07/14		12,988,784		12,988,784
	47,688,000	Abbott Laboratories 0.10% due 11/10/14		47,686,808		47,686,808
	22,969,000	Abbott Laboratories 0.10% due 11/14/14		22,968,171		22,968,171
	33,377,000	Abbott Laboratories 0.10% due 11/20/14		33,375,238		33,375,238
	49,086,000	Abbott Laboratories 0.10% due 12/01/14		49,081,910		49,081,910
	26,733,000	Abbott Laboratories 0.10% due 12/02/14		26,730,698		26,730,698
	48,826,000	Abbott Laboratories 0.10% due 12/12/14		48,820,439		48,820,439
	34,703,000	Abbott Laboratories 0.10% due 12/16/14		34,698,662		34,698,662
	58,285,000	Abbott Laboratories 0.10% due 01/05/15		58,274,476		58,278,373
	36,140,000	Abbott Laboratories 0.10% due 01/12/15		36,132,772		36,135,309
	18,185,000	Abbott Laboratories 0.10% due 01/20/15		18,180,959		18,182,260
	29,450,000	Air Liquide SA 0.12% due 01/23/15		29,441,852		29,437,219
	29,346,000	Apple, Inc. 0.09% due 11/06/14		29,345,633		29,345,633
	38,281,000	Apple, Inc. 0.09% due 11/13/14		38,279,852		38,279,852
	53,107,000	Apple, Inc. 0.09% due 11/14/14		53,105,274		53,105,274
	31,417,000	Apple, Inc. 0.09% due 11/17/14		31,415,743		31,415,743
	27,607,000	Apple, Inc. 0.09% due 11/18/14		27,605,827		27,605,827

First Eagle Funds | Annual Report | October 31, 2014
33

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.73% (continued)
$	22,753,000	Apple, Inc. 0.09% due 11/19/14	$	22,751,976	$	22,751,976
	35,625,000	Apple, Inc. 0.09% due 12/02/14		35,622,239		35,622,239
	20,894,000	Apple, Inc. 0.11% due 12/15/14		20,891,191		20,891,191
	61,933,000	Apple, Inc. 0.11% due 12/17/14		61,924,295		61,924,295
	35,450,000	Apple, Inc. 0.11% due 01/05/15		35,442,959		35,440,641
	10,616,000	Autozone, Inc. 0.25% due 11/17/14		10,614,820		10,614,820
	13,522,000	Campbell Soup Company 0.25% due 11/06/14		13,521,531		13,521,531
	37,550,000	Campbell Soup Company 0.28% due 11/04/14		37,549,124		37,549,124
	38,889,000	Campbell Soup Company 0.31% due 12/08/14		38,876,610		38,876,610
	26,027,000	Campbell Soup Company 0.35% due 12/29/14		26,012,743		26,012,743
	27,690,000	Caterpillar Financial Services Company 0.10% due 01/06/15		27,684,924		27,684,229
	76,493,000	Caterpillar Financial Services Company 0.10% due 01/09/15		76,478,339		76,476,195
	27,304,000	Celgene Corporation 0.28% due 11/20/14		27,299,965		27,299,965
	22,948,000	Celgene Corporation 0.32% due 01/12/15		22,933,313		22,935,018
	9,729,000	Chevron Corporation 0.07% due 12/12/14		9,728,224		9,728,224
	22,731,000	Chevron Corporation 0.08% due 01/13/15		22,727,313		22,724,038
	36,683,000	Chevron Corporation 0.09% due 11/13/14		36,681,900		36,681,900
	54,398,000	Chevron Corporation 0.09% due 11/17/14		54,395,824		54,395,824
	37,550,000	Chevron Corporation 0.09% due 11/18/14		37,548,404		37,548,404
	29,569,000	Chevron Corporation 0.09% due 11/19/14		29,567,669		29,567,669

First Eagle Funds | Annual Report | October 31, 2014
34

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.73% (continued)
$	37,559,000	Chevron Corporation 0.09% due 12/03/14	$	37,555,995	$	37,555,995
	34,971,000	Chevron Corporation 0.10% due 11/04/14		34,970,709		34,970,709
	35,578,000	Chevron Corporation 0.10% due 11/06/14		35,577,506		35,577,506
	57,416,000	Chevron Corporation 0.10% due 11/07/14		57,415,043		57,415,043
	40,502,000	Chevron Corporation 0.10% due 12/08/14		40,497,837		40,497,837
	16,144,000	Chevron Corporation 0.10% due 12/10/14		16,142,251		16,142,251
	11,677,000	Chevron Corporation 0.10% due 01/16/15		11,674,535		11,673,228
	39,500,000	Chevron Corporation 0.10% due 01/21/15		39,491,113		39,486,053
	16,701,000	Chevron Corporation 0.10% due 01/22/15		16,697,196		16,695,031
	70,899,000	Chevron Corporation 0.12% due 01/15/15		70,881,275		70,876,397
	41,752,000	Church & Dwight Company, Inc. 0.46% due 01/12/15		41,714,423		41,728,381
	29,058,000	Coca-Cola Company 0.10% due 11/13/14		29,057,031		29,057,031
	19,429,000	Coca-Cola Company 0.10% due 01/07/15		19,425,384		19,425,586
	18,997,000	Coca-Cola Company 0.10% due 01/15/15		18,993,042		18,993,189
	19,750,000	Coca-Cola Company 0.10% due 01/16/15		19,745,831		19,745,945
	38,281,000	Coca-Cola Company 0.11% due 11/13/14		38,279,596		38,279,596
	39,951,000	Coca-Cola Company 0.11% due 12/04/14		39,946,972		39,946,972
	68,666,000	Coca-Cola Company 0.12% due 11/05/14		68,665,084		68,665,084
	33,089,000	Coca-Cola Company 0.12% due 11/07/14		33,088,338		33,088,338
	76,554,000	Coca-Cola Company 0.13% due 11/20/14		76,548,748		76,548,748

First Eagle Funds | Annual Report | October 31, 2014
35

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.73% (continued)
$	30,669,000	Colgate-Palmolive Company 0.05% due 11/20/14	$	30,668,191	$	30,668,191
	7,428,000	ConocoPhillips 0.10% due 12/12/14		7,427,154		7,427,154
	21,134,000	ConocoPhillips 0.12% due 01/22/15		21,128,223		21,129,226
	25,051,000	ConocoPhillips 0.12% due 01/23/15		25,044,069		25,045,271
	15,310,000	ConocoPhillips 0.13% due 11/07/14		15,309,668		15,309,668
	19,503,000	Corning, Inc. 0.21% due 11/21/14		19,500,725		19,500,725
	20,497,000	Corning, Inc. 0.21% due 11/24/14		20,494,250		20,494,250
	15,800,000	Corning, Inc. 0.21% due 11/28/14		15,797,512		15,797,512
	14,697,000	Corning, Inc. 0.22% due 11/25/14		14,694,844		14,694,844
	36,823,000	Dominion Resources, Inc. 0.25% due 12/01/14		36,815,329		36,815,329
	16,827,000	Dominion Resources, Inc. 0.26% due 12/05/14		16,822,868		16,822,868
	14,507,000	Dominion Resources, Inc. 0.30% due 01/07/15		14,498,900		14,499,465
	26,027,000	Duke Energy Corporation 0.27% due 11/20/14		26,023,291		26,023,291
	15,574,000	Duke Energy Corporation 0.30% due 01/05/15		15,565,564		15,567,090
	35,734,000	Duke Energy Corporation 0.33% due 01/14/15		35,709,761		35,715,761
	42,549,000	DuPont 0.07% due 11/03/14		42,548,835		42,548,835
	63,122,000	DuPont 0.07% due 11/07/14		63,121,264		63,121,264
	10,978,000	DuPont 0.08% due 11/04/14		10,977,927		10,977,927
	63,215,000	DuPont 0.08% due 11/05/14		63,214,438		63,214,438
	42,621,000	DuPont 0.08% due 11/10/14		42,620,148		42,620,148

First Eagle Funds | Annual Report | October 31, 2014
36

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.73% (continued)
$	10,828,000	Emerson Electric Company 0.09% due 12/08/14	$	10,826,998	$	10,826,998
	14,437,000	Emerson Electric Company 0.09% due 12/11/14		14,435,556		14,435,556
	21,407,000	Emerson Electric Company 0.09% due 12/12/14		21,404,806		21,404,806
	17,842,000	Emerson Electric Company 0.10% due 01/30/15		17,837,540		17,837,490
	39,217,000	Emerson Electric Company 0.11% due 11/20/14		39,214,723		39,214,723
	13,014,000	Emerson Electric Company 0.11% due 12/24/14		13,011,892		13,011,892
	52,810,000	Exxon Mobil Corporation 0.06% due 12/26/14		52,805,159		52,805,159
	37,550,000	Exxon Mobil Corporation 0.07% due 11/12/14		37,549,197		37,549,197
	37,550,000	Exxon Mobil Corporation 0.07% due 11/13/14		37,549,124		37,549,124
	11,677,000	Exxon Mobil Corporation 0.07% due 12/02/14		11,676,296		11,676,296
	35,106,000	Exxon Mobil Corporation 0.08% due 12/03/14		35,103,504		35,103,504
	25,900,000	Exxon Mobil Corporation 0.08% due 12/18/14		25,897,295		25,897,295
	51,356,000	Google, Inc. 0.07% due 11/18/14		51,354,302		51,354,302
	21,054,000	Google, Inc. 0.08% due 11/12/14		21,053,485		21,053,485
	32,915,000	Google, Inc. 0.09% due 11/19/14		32,913,519		32,913,519
	68,247,000	Google, Inc. 0.09% due 01/14/15		68,234,374		68,237,759
	16,144,000	Honeywell International, Inc. 0.08% due 11/13/14		16,143,570		16,143,570
	35,678,000	Honeywell International, Inc. 0.09% due 12/05/14		35,674,967		35,674,967
	36,620,000	Honeywell International, Inc. 0.09% due 12/08/14		36,616,613		36,616,613
	32,482,000	Honeywell International, Inc. 0.10% due 12/04/14		32,479,022		32,479,022

First Eagle Funds | Annual Report | October 31, 2014
37

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.73% (continued)
$	106,349,000	International Business Machines Corporation 0.10% due 12/03/14	$	106,339,547	$	106,339,547
	48,433,000	International Business Machines Corporation 0.10% due 12/10/14		48,427,753		48,427,753
	83,472,000	International Business Machines Corporation 0.10% due 12/12/14		83,462,493		83,462,493
	110,685,000	International Business Machines Corporation 0.10% due 12/17/14		110,670,857		110,670,857
	48,826,000	Medtronic, Inc. 0.08% due 11/04/14		48,825,675		48,825,675
	84,072,000	Medtronic, Inc. 0.08% due 11/18/14		84,068,824		84,068,824
	25,000,000	MetLife 0.12% due 11/03/14		24,999,833		24,999,833
	45,505,000	MetLife 0.12% due 11/05/14		45,504,393		45,504,393
	50,667,000	MetLife 0.12% due 12/09/14		50,660,582		50,660,582
	25,085,000	MetLife 0.12% due 01/05/15		25,079,565		25,077,457
	23,700,000	MetLife 0.12% due 01/06/15		23,694,786		23,692,722
	28,865,000	MetLife 0.12% due 01/07/15		28,858,554		28,856,003
	19,155,000	MetLife 0.13% due 11/24/14		19,153,409		19,153,409
	58,509,000	MetLife 0.13% due 12/15/14		58,499,704		58,499,704
	20,474,000	Microsoft Corporation 0.06% due 12/04/14		20,472,874		20,472,874
	54,154,000	Microsoft Corporation 0.07% due 11/19/14		54,152,105		54,152,105
	41,752,000	National Grid USA 0.39% due 01/22/15		41,715,861		41,724,565
	54,154,000	Omnicom Group, Inc. 0.30% due 12/01/14		54,140,462		54,140,462

First Eagle Funds | Annual Report | October 31, 2014
38

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.73% (continued)
$	16,857,000	Omnicom Group, Inc. 0.30% due 12/02/14	$	16,852,645	$	16,852,645
	54,307,000	Omnicom Group, Inc. 0.30% due 12/04/14		54,292,066		54,292,066
	34,262,000	Omnicom Group, Inc. 0.30% due 12/18/14		34,248,581		34,248,581
	55,235,000	Pall Corporation 0.36% due 01/14/15		55,195,262		55,202,781
	54,575,000	PepsiCo, Inc. 0.07% due 12/11/14		54,570,755		54,570,755
	63,521,000	PepsiCo, Inc. 0.07% due 12/16/14		63,515,442		63,515,442
	23,984,000	PepsiCo, Inc. 0.07% due 12/18/14		23,981,808		23,981,808
	38,856,000	PepsiCo, Inc. 0.08% due 11/03/14		38,855,827		38,855,827
	33,014,000	PepsiCo, Inc. 0.08% due 11/04/14		33,013,780		33,013,780
	30,039,000	PepsiCo, Inc. 0.08% due 11/05/14		30,038,733		30,038,733
	39,187,000	PepsiCo, Inc. 0.08% due 11/10/14		39,186,216		39,186,216
	72,440,000	PepsiCo, Inc. 0.08% due 11/14/14		72,437,907		72,437,907
	29,785,000	PepsiCo, Inc. 0.08% due 11/17/14		29,783,941		29,783,941
	28,351,000	PepsiCo, Inc. 0.08% due 11/21/14		28,349,740		28,349,740
	22,999,000	PepsiCo, Inc. 0.08% due 12/11/14		22,996,956		22,996,956
	53,174,000	Philip Morris International, Inc. 0.07% due 11/03/14		53,173,793		53,173,793
	34,703,000	Philip Morris International, Inc. 0.07% due 11/21/14		34,701,650		34,701,650
	44,133,000	Philip Morris International, Inc. 0.07% due 12/05/14		44,130,082		44,130,082
	50,000,000	Philip Morris International, Inc. 0.07% due 12/11/14		49,996,111		49,996,111

First Eagle Funds | Annual Report | October 31, 2014
39

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.73% (continued)
$	75,000,000	Philip Morris International, Inc. 0.08% due 12/10/14	$	74,993,500	$	74,993,500
	64,206,000	Philip Morris International, Inc. 0.08% due 12/12/14		64,200,150		64,200,150
	65,348,000	Philip Morris International, Inc. 0.09% due 12/05/14		65,342,445		65,342,445
	34,262,000	Philip Morris International, Inc. 0.09% due 12/10/14		34,258,659		34,258,659
	61,660,000	Philip Morris International, Inc. 0.10% due 12/12/14		61,652,978		61,652,978
	38,246,000	Philip Morris International, Inc. 0.10% due 12/24/14		38,240,369		38,240,369
	23,353,000	Philip Morris International, Inc. 0.11% due 12/18/14		23,349,646		23,349,646
	36,823,000	Philip Morris International, Inc. 0.11% due 12/22/14		36,817,262		36,817,262
	19,975,000	Precision Castparts Corporation 0.10% due 11/05/14		19,974,778		19,974,778
	31,596,000	Precision Castparts Corporation 0.10% due 11/17/14		31,594,596		31,594,596
	15,602,000	Precision Castparts Corporation 0.11% due 12/09/14		15,600,188		15,600,188
	35,000,000	Precision Castparts Corporation 0.11% due 12/22/14		34,994,546		34,994,546
	25,000,000	Precision Castparts Corporation 0.11% due 01/02/15		24,995,264		24,992,475
	22,092,000	Precision Castparts Corporation 0.11% due 01/06/15		22,087,545		22,084,805
	25,776,000	Precision Castparts Corporation 0.11% due 01/07/15		25,770,723		25,767,478
	20,205,000	Precision Castparts Corporation 0.12% due 11/10/14		20,204,394		20,204,394
	35,882,000	Procter & Gamble Company 0.10% due 11/13/14		35,880,804		35,880,804
	58,283,000	Procter & Gamble Company 0.10% due 11/14/14		58,280,895		58,280,895
	18,310,000	Procter & Gamble Company 0.10% due 12/01/14		18,308,474		18,308,474

First Eagle Funds | Annual Report | October 31, 2014
40

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.73% (continued)
$	73,240,000	Schlumberger Investments SA 0.12% due 12/02/14	$	73,232,432	$	73,232,432
	52,660,000	Schlumberger Investments SA 0.12% due 12/15/14		52,652,277		52,652,277
	40,994,000	Schlumberger Investments SA 0.12% due 12/23/14		40,986,894		40,986,894
	72,808,000	Unilever Capital Corporation 0.09% due 11/12/14		72,805,998		72,805,998
	78,090,000	Unilever Capital Corporation 0.12% due 11/12/14		78,087,137		78,087,137
	24,664,000	United Healthcare Company 0.20% due 11/07/14		24,663,178		24,663,178
	34,419,000	United Healthcare Company 0.20% due 11/28/14		34,413,837		34,413,837
	22,303,000	United Parcel Service, Inc. 0.04% due 02/02/15		22,300,695		22,297,119
	37,408,000	United Parcel Service, Inc. 0.05% due 11/03/14		37,407,896		37,407,896
	75,118,000	United Parcel Service, Inc. 0.08% due 12/05/14		75,112,324		75,112,324
	75,118,000	United Parcel Service, Inc. 0.08% due 12/09/14		75,111,657		75,111,657
	20,474,000	Wal-Mart Stores, Inc. 0.08% due 12/01/14		20,472,635		20,472,635
	62,628,000	Walt Disney Company 0.07% due 01/16/15		62,618,745		62,615,142
	26,405,000	Walt Disney Company 0.08% due 12/19/14		26,402,183		26,402,183
	39,006,000	Whirlpool Corporation 0.33% due 11/04/14		39,004,927		39,004,927
Total U.S. Commercial Paper				6,425,254,059		6,425,258,623
Total Commercial Paper				10,207,186,802		10,207,123,979
Total Investment Portfolio Excluding Options Written — 99.40%			$	40,678,242,901	$	50,163,096,545

First Eagle Funds | Annual Report | October 31, 2014
41

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Contracts		Description	Strike Price		Expiration Date	Value (Note 1)
Covered Call Options Written — 0.00%
	40,500	Intel Corporation (Premium Received $2,422,323)	$	37.00	January 2015	$	(1,579,500	)
Total Investments — 99.40% (Cost: $40,675,820,578)							50,161,517,045
Other Assets in Excess of Liabilities — 0.60%							303,893,606
Net Assets — 100.00%						$	50,465,410,651

(a)  Non-income producing security/commodity.

(b)  Security is deemed illiquid. At October 31, 2014, the value of these securities amounted to $60,426,794 or 0.12% 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)  At October 31, 2014, all or a portion of this security was segregated to cover collateral requirement for options.

(e)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $46,385,820 or 0.09% of net assets.

(f)  Represents non-voting class of shares.

(g)  Represents securities that are subject to legal or contractual restrictions on resale. At October 31, 2014, the value of these securities amounted to $16,218,299 or 0.03% of net assets.

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

(i)  Floating rate security. Rate shown is the rate in effect at October 31, 2014.

(j)  Payment-in-kind security.

(k)  Inflation protected security.

At October 31, 2014, aggregate cost for federal income tax purposes was $41,198,814,874. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	11,598,400,351
Gross unrealized depreciation		(2,635,698,180	)
Net unrealized appreciation	$	8,962,702,171

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

FRN  — Floating Rate Note

NVDR  — Non-Voting Depository Receipt

PCL  — Public Company Limited

PLC  — Public Limited Company

REIT  — Real Estate Investment Trust

RSP  — Represents Savings Shares

Currencies

EUR  — Euro

KRW  — South Korean Won

SGD  — Singapore Dollar

USD  — United States Dollar

First Eagle Funds | Annual Report | October 31, 2014
42

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
Emin Leydier SA FRN 8.272% due 07/31/16	07/30/09	$	21,369,283	$	1.25
FINEL 9.50% due 06/30/17	06/22/05		21,555,398		0.94
FINEL	07/30/09		—		0.45

Foreign Currency Exchange Contracts — Sales

Settlement Dates Through	Foreign Currency To be Delivered			U.S. $ To be Received		U.S. $ Value At October 31, 2014		Unrealized Appreciation At October 31, 2014		Unrealized Depreciation At October 31, 2014
12/17/14		17,335,000	British Pound	$	29,066,981	$	27,721,301	$	1,345,680	$	—
01/14/15		8,921,000	British Pound		15,243,179		14,262,846		980,333		—
02/12/15		36,113,000	British Pound		60,595,577		57,739,466		2,856,111		—
03/18/15		5,332,000	British Pound		8,522,785		8,519,470		3,315		—
04/15/15		1,364,000	British Pound		2,187,720		2,178,763		8,957		—
12/17/14		19,495,000	Euro		26,386,483		24,436,899		1,949,584		—
01/14/15		49,663,000	Euro		67,642,496		62,264,345		5,378,151		—
02/12/15		454,633,000	Euro		614,808,350		570,029,770		44,778,580		—
03/18/15		280,348,000	Euro		363,597,339		351,641,439		11,955,900		—
04/15/15		153,046,000	Euro		194,279,653		192,003,192		2,276,461		—
12/17/14		13,988,960,000	Japanese Yen		137,247,584		124,595,885		12,651,699		—
01/14/15		33,384,250,000	Japanese Yen		329,970,299		297,473,672		32,496,627		—
02/12/15		49,763,547,000	Japanese Yen		488,477,279		443,263,928		45,213,351		—
03/18/15		41,961,082,000	Japanese Yen		393,686,560		374,142,965		19,543,595		—
04/15/15		29,433,455,000	Japanese Yen		274,673,426		262,522,992		12,150,434		—
				$	3,006,385,711	$	2,812,796,933	$	193,588,778	$	—

Foreign Currency Exchange Contracts — Purchases

Settlement Dates Through	Foreign Currency To be Received			U.S. $ To be Delivered		U.S. $ Value At October 31, 2014		Unrealized Appreciation At October 31, 2014		Unrealized Depreciation At October 31, 2014
01/14/15		43,033,000	Euro	$	53,907,439	$	53,952,068	$	44,629	$	—
02/12/15		162,570,000	Euro		205,858,058		203,780,058		—		(2,078,000	)
11/19/14		18,879,568,000	Japanese Yen		168,351,871		168,097,509		—		(254,362	)
				$	428,117,368	$	425,829,635	$	44,629	$	(2,332,362	)

First Eagle Funds | Annual Report | October 31, 2014
43

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Affiliated Securities

Affiliated Securities	Shares October 31, 2013		Gross Additions		Gross Reductions		Shares October 31, 2014		Market Value October 31, 2014		Realized Gain / (Loss)			Dividend Income
Alliant Techsystems, Inc.		2,319,923		—		232,266		2,087,657	$	244,172,363	$	13,823,852		$	2,681,656
Berkeley Group Holdings PLC		7,175,381		—		—		7,175,381		261,708,907		—			21,305,070
Catalyst Paper Corporation*		1,008,427		—		1,008,427		—		—		2,425,027			—
Chofu Seisakusho Company Limited		3,526,280		—		—		3,526,280		104,069,603		—			984,212
Cintas Corporation		13,051,511		—		5,151,736		7,899,775		578,579,521		132,596,763			10,049,664
City e-Solutions Limited*		20,738,780		—		9,883,507		10,855,273		2,141,618		1,850,567			—
Deltic Timber Corporation		811,480		—		—		811,480		52,819,233		—			324,592
FINEL		12,000,000		—		—		12,000,000		5,413,608		—			—
Hirose Electric Company Limited		2,224,800		—		34,000		2,190,800		263,500,628		791,584			4,200,220
IDACorp, Inc.		3,760,485		—		—		3,760,485		237,775,467		—			6,468,034
Italcementi S.p.A.		4,682,069		18,210,203		1,493,618		21,398,654		122,172,446		(14,001,344	)		221,184
MISUMI Group, Inc.*		5,247,260		—		4,100,060		1,147,200		35,235,611		56,396,256			774,726
Mills Music Trust		33,892		—		2,300		31,592		621,099		(35,002	)		80,255
NOW, Inc.		—		5,851,664		—		5,851,664		175,901,020		—			—
NSC Groupe		69,500		—		2,783		66,717		5,041,467		(314,204	)		172,606
Namyang Dairy Products Company Limited		39,989		—		—		39,989		25,668,273		—			29,588
Neopost SA		2,044,437		—		176,705		1,867,732		129,689,795		(2,832,533	)		9,170,832
Robertet SA		157,260		—		—		157,260		32,516,614		—			518,547
Sabeton SA		385,000		—		—		385,000		6,561,494		—			97,996
San Juan Basin Royalty Trust		3,908,035		—		—		3,908,035		70,969,916		—			5,181,601
Scotts Miracle-Gro Company		4,172,577		—		—		4,172,577		247,183,461		—			15,699,321
Shimano, Inc.*		4,713,690		—		841,500		3,872,190		505,375,521		68,890,453			3,717,328
Société Télévision Francaise 1*		8,653,008		—		3,526,681		5,126,327		76,221,439		4,366,625			4,453,068
T. Hasegawa Company Limited		5,147,000		—		—		5,147,000		78,172,998		—			1,557,450

First Eagle Funds | Annual Report | October 31, 2014
44

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Affiliated Securities (continued)

Affiliated Securities	Shares October 31, 2013		Gross Additions		Gross Reductions		Shares October 31, 2014		Market Value October 31, 2014		Realized Gain / (Loss)		Dividend Income
Teradata Corporation		—		8,766,525		—		8,766,525	$	370,999,338	$	—	$	—
Total									$	3,632,511,440	$	263,958,044	$	87,687,950

*Represents an unaffiliated issuer as of October 31, 2014, 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
International Common Stocks Consumer Discretionary		4.64	%
Consumer Staples		4.60
Energy		3.30
Financials		5.18
Health Care		2.33
Industrials		6.58
Information Technology		3.27
Materials		6.37
Telecommunication Services		1.77
Total International Common Stocks		38.04
U.S. Common Stocks Consumer Discretionary		4.15
Consumer Staples		0.89
Energy		2.82
Financials		8.79
Health Care		0.76
Industrials		5.33
Information Technology		8.76
Materials		1.45
Utilities		0.47
Total U.S. Common Stocks		33.42
International Preferred Stocks Consumer Discretionary		0.26
Total International Preferred Stocks		0.26
Investment Companies		0.00
Warrants		0.23
Commodities		4.79

First Eagle Funds | Annual Report | October 31, 2014
45

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Industry Diversification for Portfolio Holdings (continued)	Percent of Net Assets
U.S. Bonds Consumer Discretionary		0.01	%
Government Issues		1.99
Total U.S. Bonds		2.00
International Notes and Bonds Financials		0.11
Government Issues		0.29
Materials		0.03
Total International Notes and Bonds		0.43
Commercial Paper International Commercial Paper		7.50
U.S. Commercial Paper		12.73
Total Commercial Paper		20.23
Covered Call Options Written		0.00
Total Investments		99.40	%

See Notes to Financial Statements.

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First Eagle Overseas Fund

Fund Overview

Data as of October 31, 2014 (unaudited)

Investment Objective

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

Average Annual Returns (%)			One-Year		Five-Years		Ten-Years
First Eagle Overseas Fund	Class A	without sales load		1.00		8.09		8.78
		with sales load		-4.04		6.98		8.22
MSCI EAFE Index				-0.60		6.52		5.81
Consumer Price Index				1.66		1.89		2.21

Asset Allocation* (%)

Countries** (%)

Japan	23.43
France	11.76
Canada	5.93
United States	4.87
United Kingdom	4.39
Germany	3.62
Switzerland	3.10
Mexico	3.06
South Korea	2.83
Singapore	2.54
Hong Kong	2.10
Bermuda	1.38
Sweden	1.19
South Africa	1.13
Thailand	1.08
Netherlands	1.03
Ireland	0.84
Australia	0.67
Austria	0.65
Norway	0.61
Italy	0.60
Belgium	0.56
Greece	0.47
Chile	0.39
Russia	0.38
Denmark	0.36
Israel	0.35
Taiwan	0.32
Turkey	0.25
Mauritius	0.12

*  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 | Annual Report | October 31, 2014
48

First Eagle Overseas Fund | Fund Overview

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 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)	4.77
Grupo Televisa S.A.B. ADR (Mexican media company)	2.25
SMC Corporation (Japanese automated control devices manufacturer)	2.16
KDDI Corporation (Japanese telecommunications company)	1.88
Keyence Corporation (Japanese sensors manufacturer)	1.82
Fanuc Corporation (Japanese automated machine tools manufacturer)	1.80
Secom Company Limited (Japanese security services provider)	1.72
Hoya Corporation (Japanese electronic/optical products)	1.70
Shimano, Inc. (Japanese bicycle components manufacturer)	1.54
Astellas Pharma, Inc. (Japanese pharmaceuticals)	1.53
Total	21.17

*  Holdings in cash, commercial paper and other short term cash equivalents have been excluded.

**The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Gold Bullion and commodities include the Fund's investment in the Subsidiary.

Percentages are based on total net assets.

First Eagle Funds | Annual Report | October 31, 2014
49

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 72.62%
International Common Stocks — 72.57%
Australia — 0.66%
	11,735,292	Newcrest Mining Limited (a)	$	249,853,632	$	96,248,140
Austria — 0.65%
	4,585,138	Wienerberger AG		65,005,780		55,447,609
	1,226,797	OMV AG		49,312,710		38,564,695
				114,318,490		94,012,304
Belgium — 0.56%
	788,508	Groupe Bruxelles Lambert SA		60,174,722		70,403,471
	98,473	Sofina SA		8,428,556		10,664,353
				68,603,278		81,067,824
Bermuda — 1.37%
	2,105,100	Jardine Matheson Holdings Limited		87,210,493		126,095,490
	6,683,413	Hiscox Limited		70,399,121		72,808,838
				157,609,614		198,904,328
Canada — 5.71%
	8,790,814	Cenovus Energy, Inc.		233,832,613		217,660,555
	5,828,526	Canadian Natural Resources Limited		167,105,513		203,394,639
	4,331,099	Potash Corporation of Saskatchewan, Inc.		166,886,332		147,993,653
	5,924,954	Goldcorp, Inc.		175,235,189		111,270,636
	3,533,546	Agnico-Eagle Mines Limited		123,390,960		83,271,356
	5,820,676	Penn West Petroleum Limited		76,357,828		26,309,456
	1,100,050	EnCana Corporation		14,298,776		20,493,931
	9,511,350	Kinross Gold Corporation (a)		46,612,744		20,449,402
				1,003,719,955		830,843,628
Chile — 0.39%
	2,660,044	Cia Cervecerias Unidas SA, ADR		59,647,252		56,685,538
Denmark — 0.35%
	1,830,465	ISS AS (a)		62,415,865		51,035,441
France — 11.46%
	3,021,792	Danone SA		208,894,521		205,318,071
	5,769,130	Bouygues SA		207,369,832		199,175,091
	3,263,768	Total SA		159,199,332		193,947,384
	1,732,226	Sanofi		141,847,046		159,896,649

First Eagle Funds | Annual Report | October 31, 2014
50

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 72.57% (continued)
France — 11.46% (continued)
	5,420,246	Carrefour SA	$	175,713,229	$	158,737,964
	3,144,820	Compagnie de Saint-Gobain		136,527,801		134,957,200
	4,414,524	Vivendi SA (a)		122,244,173		107,736,892
	1,079,911	Sodexo		29,578,070		104,027,447
	508,911	Wendel SA		11,226,254		56,083,020
	801,693	Neopost SA		41,407,216		55,667,195
	235,837	Robertet SA (b)		20,591,064		48,763,962
	51,500	Robertet SA CI (c)(d)(e)		2,151,628		7,260,438
	558,938	Laurent-Perrier (b)		19,851,603		44,827,726
	2,746,782	Société Télévision Francaise 1		37,251,797		40,840,874
	648,834	Legrand SA		22,223,920		34,913,930
	739,602	Numericable Group SA (a)		23,329,938		27,341,554
	442,830	Société Foncière Financière et de Participations (a)		29,139,582		26,836,534
	896,416	Legris Industries SA (a)(b)(d)(e)(f)		23,119,325		18,928,343
	364,373	Gaumont SA		21,698,753		18,127,578
	146,562	BioMerieux		11,367,766		15,460,851
	11,593,581	FINEL (a)(b)(d)(e)(g)		9,166,547		5,230,259
	100,000	Sabeton SA		1,463,142		1,704,284
				1,455,362,539		1,665,783,246
Germany — 3.11%
	2,840,411	HeidelbergCement AG		152,136,558		193,349,940
	5,307,391	Deutsche Wohnen AG		53,250,796		119,584,218
	2,985,955	Hamburger Hafen und Logistik AG		87,574,307		65,351,407
	715,453	Daimler AG		30,368,244		55,614,237
	296,503	Fraport AG		8,930,449		18,325,476
				332,260,354		452,225,278
Greece — 0.46%
	6,106,069	Jumbo SA		27,598,067		66,953,434
Hong Kong — 2.08%
	27,079,164	Hopewell Holdings Limited		74,109,574		96,198,135
	7,806,340	Guoco Group Limited		57,283,838		95,929,054
	20,179,916	Great Eagle Holdings Limited		68,709,318		67,915,618

First Eagle Funds | Annual Report | October 31, 2014
51

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 72.57% (continued)
Hong Kong — 2.08% (continued)
	9,056,577	Hysan Development Company Limited	$	42,818,692	$	41,399,026
	3,429,976	City e-Solutions Limited (a)(e)		102,206		676,694
	1,353,233	Hopewell Highway Infrastructure Limited		655,914		654,355
				243,679,542		302,772,882
Ireland — 0.83%
	5,148,559	CRH PLC		90,816,793		114,153,075
	1,547,320	Beazley PLC		5,085,535		6,485,151
				95,902,328		120,638,226
Israel — 0.35%
	7,510,515	Israel Chemicals Limited		75,169,596		50,452,827
Italy — 0.59%
	6,792,782	Italcementi S.p.A.		100,757,497		38,782,383
	1,385,400	Recordati S.p.A.		9,200,042		23,958,376
	1,197,736	Italmobiliare S.p.A. RSP		50,324,929		19,212,070
	168,142	Italmobiliare S.p.A.		19,250,153		4,003,436
				179,532,621		85,956,265
Japan — 23.18%
	1,136,890	SMC Corporation		145,185,191		314,472,934
	4,256,300	KDDI Corporation		138,369,614		273,774,917
	567,000	Keyence Corporation		100,061,879		264,911,284
	1,537,040	Fanuc Corporation		153,201,753		261,635,476
	4,170,700	Secom Company Limited		178,984,614		250,669,002
	7,118,930	Hoya Corporation		151,068,607		247,649,401
	1,720,070	Shimano, Inc.		22,072,060		224,493,445
	14,664,200	Astellas Pharma, Inc.		118,711,986		221,807,040
	7,316,700	Sompo Japan Nipponkoa Holdings, Inc.		201,780,857		179,066,177
	7,730,800	MS&AD Insurance Group Holdings		179,151,117		162,255,606
	5,710,850	Mitsubishi Estate Company Limited		98,270,258		142,129,367
	1,012,000	Hirose Electric Company Limited		111,070,731		121,719,297
	1,719,030	Nissin Foods Holdings Company Limited		60,560,887		89,681,868
	5,212,430	Kansai Paint Company Limited		39,682,655		78,006,631
	2,175,460	Nomura Research Institute Limited		41,173,606		70,304,205
	2,715,380	Daiichikosho Company Limited		33,513,866		67,881,478

First Eagle Funds | Annual Report | October 31, 2014
52

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 72.57% (continued)
Japan — 23.18% (continued)
	2,023,800	Chofu Seisakusho Company Limited (b)	$	33,120,144	$	59,727,549
	3,206,911	T. Hasegawa Company Limited (b)		43,073,853		48,706,790
	6,095,200	Japan Wool Textile Company Limited (b)		45,629,408		40,806,503
	508,106	SK Kaken Company Limited		9,470,131		38,857,160
	1,299,640	As One Corporation (b)		26,525,156		37,025,132
	1,742,124	Nagaileben Company Limited		16,719,913		32,958,055
	488,980	Shin-Etsu Chemical Company Limited		22,769,653		30,664,368
	2,068,330	Maezawa Kasei Industries Company Limited (b)		31,939,631		21,010,145
	303,100	Nitori Holdings Company Limited		12,841,312		19,023,859
	602,500	MISUMI Group, Inc.		9,440,529		18,505,453
	945,500	Nitto Kohki Company Limited		13,446,515		17,676,831
	199,150	Kobayashi Pharmaceutical Company Limited		9,171,366		12,162,644
	287,200	Mandom Corporation		3,008,253		9,524,327
	183,000	FamilyMart Company Limited		7,201,073		7,217,360
	394,900	Seikagaku Corporation		2,283,043		6,293,087
				2,059,499,661		3,370,617,391
Mexico — 3.03%
	9,067,093	Grupo Televisa S.A.B., ADR		185,978,184		327,684,741
	5,543,609	Fresnillo PLC		96,608,773		61,855,097
	2,246,692	Industrias Peñoles S.A.B. de C.V.		1,833,690		50,885,812
				284,420,647		440,425,650
Netherlands — 1.02%
	560,446	HAL Trust		20,803,016		84,981,079
	10,996,781	TNT Express NV		100,478,800		63,818,038
				121,281,816		148,799,117
Norway — 0.60%
	11,393,841	Orkla ASA		83,103,593		87,080,335
Russia — 0.38%
	8,297,382	Gazprom OAO, ADR		55,920,439		54,995,048
Singapore — 2.26%
	25,512,113	Haw Par Corporation Limited (b)		76,875,317		169,590,912
	58,319,015	ComfortDelGro Corporation Limited		54,150,233		119,842,920

First Eagle Funds | Annual Report | October 31, 2014
53

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 72.57% (continued)
Singapore — 2.26% (continued)
	16,373,450	Singapore Airport Terminal Services Limited	$	18,528,182	$	39,509,376
				149,553,732		328,943,208
South Africa — 0.57%
	5,312,877	AngloGold Ashanti Limited, ADR (a)		85,033,348		43,937,493
	12,311,178	Gold Fields Limited, ADR		110,560,691		39,272,658
				195,594,039		83,210,151
South Korea — 2.75%
	2,079,636	KT&G Corporation		121,672,848		184,859,993
	35,325	Lotte Confectionery Company Limited		12,445,892		63,528,347
	1,293,738	Kia Motors Corporation		73,235,904		63,069,016
	186,884	Nong Shim Company Limited		43,886,371		46,689,087
	872,463	Fursys, Inc. (b)		10,110,165		26,245,811
	22,950	Namyang Dairy Products Company Limited		4,912,653		14,731,223
				266,263,833		399,123,477
Sweden — 1.18%
	3,013,030	Investor AB, Class 'A'		59,333,861		105,600,802
	1,846,088	Investor AB, Class 'B'		40,783,748		66,051,807
				100,117,609		171,652,609
Switzerland — 3.06%
	2,810,500	Nestlé SA		92,700,397		205,642,779
	2,413,791	Pargesa Holding SA		129,478,662		187,528,844
	134,216	Rieter Holding AG (a)		16,465,078		24,732,627
	137,452	Kuehne & Nagel International AG		1,733,811		17,885,974
	56,784	Autoneum Holding AG (a)		2,603,284		9,442,852
				242,981,232		445,233,076
Taiwan — 0.32%
	17,491,694	Taiwan Secom Company Limited		27,057,090		46,350,847
Thailand — 1.06%
	14,930,059	Bangkok Bank PCL, NVDR		51,798,333		90,763,023
	107,574,685	Thai Beverage PCL		17,893,710		64,057,472
				69,692,043		154,820,495

First Eagle Funds | Annual Report | October 31, 2014
54

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 72.57% (continued)
Turkey — 0.25%
	3,744,290	Yazicilar Holding AS	$	25,779,871	$	36,303,264
United Kingdom — 4.34%
	3,194,828	Berkeley Group Holdings PLC		38,894,900		116,525,512
	4,574,853	GlaxoSmithKline PLC		88,721,598		103,738,246
	250,568	Liberty Global PLC, Series "A" (a)		10,723,921		11,393,327
	2,022,622	Liberty Global PLC, Series "C"		82,595,110		89,946,000
	1,602,700	British American Tobacco PLC		85,388,590		90,939,407
	1,647,580	Willis Group Holdings PLC		66,048,482		66,776,418
	2,124,932	Diageo PLC		58,702,963		62,478,304
	18,505,054	WM Morrison Supermarkets PLC		80,089,165		45,824,739
	2,055,388	Anglo American PLC		51,610,549		43,286,590
				562,775,278		630,908,543
Total International Common Stocks				8,369,714,016		10,552,042,572
U.S. Common Stock — 0.05%
Materials — 0.05%
	405,000	Newmont Mining Corporation		6,339,157		7,597,800
Total Common Stocks				8,376,053,173		10,559,640,372
International Preferred Stocks — 0.49%
Germany — 0.44%
	769,870	Hornbach Holding AG		19,562,235		64,156,718
South Korea — 0.05%
	27,183	Namyang Dairy Products Company Limited		387,445		7,744,915
Total International Preferred Stocks				19,949,680		71,901,633
Investment Company — 0.00%
	96,753	State Street Institutional U.S. Government Money Market Fund, Institutional Class		96,753		96,753

First Eagle Funds | Annual Report | October 31, 2014
55

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
Rights — 0.15%
Germany — 0.00%
	55,324	Pfleiderer Atlantik Raco RI Rights (a)(d)(e)	$	16,617	$	0
Canada — 0.15%
	739,602	Numericable Group SA (a)		18,850,006		21,928,853
Total Rights				18,866,623		21,928,853
Ounces
Commodity — 4.77%
	591,181	Gold bullion (a)		448,772,610		692,811,472
Principal
Term Loans — 0.03%
Germany — 0.03%
	92 EUR	Atlantik Commitment Fee Facility due 02/01/20 (a)(d)(e)		0		0
	568,033 EUR	Atlantik Duration Fee Facility due 02/01/20 (a)(d)(e)		0		0
	28,263 EUR	Atlantik FX Repayment Facility due 02/01/20 (a)(d)(e)		0		0
	1,880,723 EUR	Atlantik Senior Debt 79.5M 6.00% due 02/01/20 (d)(e)(h)		2,553,647		2,356,828
	371,719 EUR	Atlantik Senior Debt Term Facility 1A 6.00% due 02/01/20 (d)(e)(h)		504,720		465,820
	364,387 EUR	Atlantik Senior Debt Term Facility 2A 6.00% due 02/01/20 (d)(e)(h)		494,765		456,631
	346,348 EUR	Atlantik Senior Debt Term Facility 3A 6.00% due 02/01/20 (d)(e)(h)		470,272		434,026
	219,842 EUR	Atlantik Senior Debt Term Facility 4A 6.00% due 02/01/20 (d)(e)(h)		298,502		275,495
	1,952,268 EUR	Atlantik Standstill Accrued Interest Facility due 02/01/20 (a)(d)(e)		0		0
	4,000,000 EUR	Atlantik Subordinated Debt 79.5M 15.00% due 02/01/20 (d)(e)(h)		5,431,204		170,930
	790,586 EUR	Atlantik Subordinated Debt Term Facility 1A 15.00% due 02/01/20 (d)(e)(h)		1,073,458		33,784
	774,993 EUR	Atlantik Subordinated Debt Term Facility 2A 15.00% due 02/01/20 (d)(e)(h)		1,052,286		33,117
	744,000 EUR	Atlantik Subordinated Debt Term Facility 3A 15.00% due 02/01/20 (d)(e)(h)		1,003,825		31,793

First Eagle Funds | Annual Report | October 31, 2014
56

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
Term Loans — 0.03% (continued)
Germany — 0.03% (continued)
	472,000 EUR	Atlantik Subordinated Debt Term Facility 4A 15.00% due 02/01/20 (d)(e)(h)	$	637,170	$	20,170
Total Term Loans				13,519,849		4,278,594
International Bonds — 1.10%
International Convertible Bond — 0.13%
Mauritius — 0.13%
	18,400,000 USD	Golden Agri-Resources Limited 2.50% due 10/04/17 (e)(i)(j)		17,281,823		17,940,000
International Corporate Bonds — 0.72%
France — 0.18%
	10,000,000 EUR	Emin Leydier SA FRN 8.272% due 07/31/16 (d)(e)(k)		14,240,891		12,531,501
	11,504,021 EUR	FINEL 9.50% due 06/30/17 (d)(e)(f)(h)		14,365,843		10,812,199
	1,950,000 EUR	Wendel SA 4.875% due 09/21/15		2,298,106		2,536,990
				30,904,840		25,880,690
South Africa — 0.54%
	73,500,000 USD	AngloGold Ashanti Holdings PLC 8.50% due 07/30/20		73,758,618		79,288,125
Total International Corporate Bonds				104,663,458		105,168,815
International Government Bond — 0.25%
Singapore — 0.25%
	45,219,000 SGD	Singapore Government Bond 2.375% due 04/01/17		37,925,695		36,735,237
Total International Bonds				159,870,976		159,844,052
Commercial Paper — 19.78%
International Commercial Paper — 7.71%
Australia — 0.71%
	26,915,000 USD	Telstra Corporation Limited 0.12% due 12/17/14		26,910,873		26,910,873
	8,894,000 USD	Telstra Corporation Limited 0.12% due 01/05/15		8,892,073		8,891,163

First Eagle Funds | Annual Report | October 31, 2014
57

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 7.71% (continued)
Australia — 0.71% (continued)
	9,728,000 USD	Telstra Corporation Limited 0.12% due 01/06/15	$	9,725,860	$	9,724,832
	11,754,000 USD	Telstra Corporation Limited 0.12% due 01/12/15		11,751,179		11,749,733
	10,190,000 USD	Telstra Corporation Limited 0.13% due 01/13/15		10,187,314		10,186,251
	12,600,000 USD	Telstra Corporation Limited 0.14% due 01/20/15		12,596,080		12,594,784
	13,177,000 USD	Telstra Corporation Limited 0.15% due 01/13/15		13,172,992		13,172,152
	9,404,000 USD	Telstra Corporation Limited 0.16% due 01/22/15		9,400,572		9,399,989
Canada — 0.43%
	9,031,000 USD	Suncor Energy, Inc. 0.23% due 11/05/14		9,030,769		9,030,769
	10,073,000 USD	Suncor Energy, Inc. 0.23% due 11/10/14		10,072,421		10,072,421
	8,523,000 USD	Suncor Energy, Inc. 0.27% due 12/16/14		8,520,123		8,520,123
	13,463,000 USD	Suncor Energy, Inc. 0.28% due 12/05/14		13,459,440		13,459,440
	6,852,000 USD	Suncor Energy, Inc. 0.30% due 01/20/15		6,847,432		6,847,622
	5,878,000 USD	Suncor Energy, Inc. 0.30% due 01/21/15		5,874,033		5,874,184
	8,391,000 USD	Total Capital Limited 0.10% due 11/26/14		8,390,417		8,390,417
France — 1.23%
	8,233,000 USD	Essilor International 0.09% due 11/17/14		8,232,671		8,232,671
	5,336,000 USD	Essilor International 0.09% due 12/15/14		5,335,413		5,335,413
	5,624,000 USD	Essilor International 0.12% due 11/18/14		5,623,681		5,623,681
	5,496,000 USD	Essilor International 0.12% due 12/17/14		5,495,157		5,495,157
	3,726,000 USD	GDF Suez SA 0.14% due 12/03/14		3,725,536		3,725,536
	7,451,000 USD	GDF Suez SA 0.15% due 11/19/14		7,450,441		7,450,441

First Eagle Funds | Annual Report | October 31, 2014
58

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 7.71% (continued)
France — 1.23% (continued)
	15,438,000 USD	GDF Suez SA 0.15% due 12/19/14	$	15,434,912	$	15,434,912
	11,991,000 USD	GDF Suez SA 0.15% due 01/07/15		11,987,653		11,987,036
	13,611,000 USD	GDF Suez SA 0.16% due 11/06/14		13,610,698		13,610,698
	13,876,000 USD	GDF Suez SA 0.16% due 11/07/14		13,875,630		13,875,630
	21,168,000 USD	GDF Suez SA 0.16% due 12/09/14		21,164,425		21,164,425
	10,602,000 USD	GDF Suez SA 0.16% due 01/06/15		10,598,890		10,598,547
	3,454,000 USD	GDF Suez SA 0.17% due 11/10/14		3,453,853		3,453,853
	6,861,000 USD	L'Oreal USA, Inc. 0.08% due 11/03/14		6,860,970		6,860,970
	13,897,000 USD	Sanofi 0.09% due 12/31/14		13,894,915		13,895,587
	3,271,000 USD	Électricité de France SA 0.12% due 12/16/14		3,270,509		3,270,509
	28,645,000 USD	Électricité de France SA 0.16% due 12/04/14		28,640,799		28,640,799
Germany — 0.97%
	5,271,000 USD	BASF AG 0.08% due 12/16/14		5,270,473		5,270,473
	38,537,000 USD	BASF AG 0.09% due 12/09/14		38,533,339		38,533,339
	9,871,000 USD	BASF AG 0.09% due 12/16/14		9,869,890		9,869,890
	13,705,000 USD	BASF AG 0.09% due 12/17/14		13,703,424		13,703,424
	13,897,000 USD	BASF AG 0.10% due 12/15/14		13,895,301		13,895,301
	39,995,000 USD	Siemens Company 0.09% due 12/08/14		39,991,300		39,991,300
	7,115,000 USD	Siemens Company 0.10% due 12/29/14		7,113,854		7,113,854
	13,340,000 USD	Siemens Company 0.10% due 12/30/14		13,337,814		13,337,814

First Eagle Funds | Annual Report | October 31, 2014
59

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 7.71% (continued)
Italy — 0.32%
	3,144,000 USD	Eni S.p.A. 0.19% due 11/03/14	$	3,143,967	$	3,143,967
	19,168,000 USD	Eni S.p.A. 0.30% due 11/24/14		19,164,326		19,164,326
	24,322,000 USD	Eni S.p.A. 0.30% due 12/11/14		24,313,892		24,313,892
Japan — 0.34%
	5,033,000 USD	Hitachi Limited 0.21% due 11/03/14		5,032,941		5,032,941
	4,418,000 USD	Hitachi Limited 0.24% due 11/03/14		4,417,941		4,417,941
	2,481,000 USD	Honda Corporation 0.11% due 01/13/15		2,480,447		2,480,413
	6,488,000 USD	Honda Corporation 0.11% due 01/21/15		6,486,394		6,486,271
	12,459,000 USD	Honda Corporation 0.12% due 12/11/14		12,457,339		12,457,339
	12,104,000 USD	Honda Corporation 0.13% due 11/12/14		12,103,519		12,103,519
	6,482,000 USD	Honda Corporation 0.14% due 11/07/14		6,481,849		6,481,849
Switzerland — 1.44%
	18,401,000 USD	Nestlé SA 0.03% due 12/16/14		18,400,310		18,400,310
	6,030,000 USD	Nestlé SA 0.06% due 11/10/14		6,029,910		6,029,910
	13,177,000 USD	Nestlé SA 0.07% due 11/21/14		13,176,524		13,176,524
	12,852,000 USD	Nestlé SA 0.08% due 11/21/14		12,851,429		12,851,429
	27,311,000 USD	Nestlé SA 0.09% due 12/10/14		27,308,337		27,308,337
	8,523,000 USD	Roche Holdings, Inc. 0.06% due 11/19/14		8,522,744		8,522,744
	7,819,000 USD	Roche Holdings, Inc. 0.06% due 12/19/14		7,818,375		7,818,375
	13,919,000 USD	Roche Holdings, Inc. 0.06% due 12/22/14		13,917,817		13,917,817

First Eagle Funds | Annual Report | October 31, 2014
60

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 7.71% (continued)
Switzerland — 1.44% (continued)
	3,799,000 USD	Roche Holdings, Inc. 0.07% due 11/17/14	$	3,798,882	$	3,798,882
	6,903,000 USD	Roche Holdings, Inc. 0.07% due 12/03/14		6,902,570		6,902,570
	4,749,000 USD	Roche Holdings, Inc. 0.07% due 12/09/14		4,748,649		4,748,649
	7,451,000 USD	Roche Holdings, Inc. 0.07% due 12/10/14		7,450,435		7,450,435
	13,722,000 USD	Roche Holdings, Inc. 0.08% due 12/11/14		13,720,780		13,720,780
	5,624,000 USD	Roche Holdings, Inc. 0.09% due 11/03/14		5,623,972		5,623,972
	5,624,000 USD	Roche Holdings, Inc. 0.09% due 11/04/14		5,623,958		5,623,958
	14,118,000 USD	Roche Holdings, Inc. 0.09% due 11/10/14		14,117,682		14,117,682
	8,856,000 USD	Roche Holdings, Inc. 0.09% due 11/12/14		8,855,756		8,855,756
	16,717,000 USD	Roche Holdings, Inc. 0.09% due 11/14/14		16,716,457		16,716,457
	14,375,000 USD	Roche Holdings, Inc. 0.09% due 11/25/14		14,374,138		14,374,138
United Kingdom — 2.27%
	15,074,000 USD	AstraZeneca PLC 0.08% due 11/18/14		15,073,430		15,073,430
	18,675,000 USD	AstraZeneca PLC 0.08% due 11/19/14		18,674,253		18,674,253
	20,577,000 USD	AstraZeneca PLC 0.08% due 01/12/15		20,573,708		20,570,784
	5,992,000 USD	AstraZeneca PLC 0.08% due 01/15/15		5,991,002		5,990,090
	10,703,000 USD	AstraZeneca PLC 0.09% due 12/01/14		10,702,197		10,702,197
	20,070,000 USD	AstraZeneca PLC 0.09% due 12/04/14		20,068,344		20,068,344
	10,594,000 USD	AstraZeneca PLC 0.09% due 01/05/15		10,592,279		10,591,203
	11,754,000 USD	AstraZeneca PLC 0.09% due 01/13/15		11,751,855		11,750,400

First Eagle Funds | Annual Report | October 31, 2014
61

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 7.71% (continued)
United Kingdom — 2.27% (continued)
	16,378,000 USD	AstraZeneca PLC 0.09% due 01/26/15	$	16,374,479	$	16,371,747
	3,668,000 USD	Centrica PLC 0.37% due 12/31/14		3,665,799		3,666,316
	14,957,000 USD	Centrica PLC 0.49% due 11/03/14		14,956,601		14,956,601
	14,957,000 USD	Centrica PLC 0.50% due 11/17/14		14,953,743		14,953,743
	14,901,000 USD	GlaxoSmithKline PLC 0.10% due 11/06/14		14,900,793		14,900,793
	43,625,000 USD	GlaxoSmithKline PLC 0.11% due 12/02/14		43,620,868		43,620,868
	40,091,000 USD	GlaxoSmithKline PLC 0.11% due 12/04/14		40,086,957		40,086,957
	17,045,000 USD	GlaxoSmithKline PLC 0.13% due 12/15/14		17,042,292		17,042,292
	12,447,000 USD	GlaxoSmithKline PLC 0.17% due 01/22/15		12,442,180		12,441,691
	10,049,000 USD	Reed Elsevier, Inc. 0.19% due 11/17/14		10,048,151		10,048,151
	6,224,000 USD	Reed Elsevier, Inc. 0.22% due 12/18/14		6,222,212		6,222,212
	22,310,000 USD	Reed Elsevier, Inc. 0.26% due 01/05/15		22,299,527		22,298,794
Total International Commercial Paper				1,121,285,136		1,121,268,062
U.S. Commercial Paper — 12.07%
$	4,076,000	3M Company 0.07% due 11/06/14		4,075,960		4,075,960
	4,086,000	Abbott Laboratories 0.07% due 11/17/14		4,085,873		4,085,873
	909,000	Abbott Laboratories 0.08% due 11/13/14		908,976		908,976
	20,293,000	Abbott Laboratories 0.10% due 11/04/14		20,292,831		20,292,831
	6,293,000	Abbott Laboratories 0.10% due 11/06/14		6,292,913		6,292,913
	5,111,000	Abbott Laboratories 0.10% due 11/07/14		5,110,915		5,110,915

First Eagle Funds | Annual Report | October 31, 2014
62

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.07% (continued)
$	13,112,000	Abbott Laboratories 0.10% due 11/10/14	$	13,111,672	$	13,111,672
	5,023,000	Abbott Laboratories 0.10% due 11/14/14		5,022,819		5,022,819
	8,391,000	Abbott Laboratories 0.10% due 11/20/14		8,390,557		8,390,557
	15,222,000	Abbott Laboratories 0.10% due 12/01/14		15,220,731		15,220,731
	9,767,000	Abbott Laboratories 0.10% due 12/02/14		9,766,159		9,766,159
	13,914,000	Abbott Laboratories 0.10% due 12/12/14		13,912,415		13,912,415
	5,297,000	Abbott Laboratories 0.10% due 12/16/14		5,296,338		5,296,338
	14,592,000	Abbott Laboratories 0.10% due 01/05/15		14,589,365		14,590,341
	5,860,000	Abbott Laboratories 0.10% due 01/12/15		5,858,828		5,859,239
	15,398,000	Abbott Laboratories 0.10% due 01/20/15		15,394,578		15,395,680
	8,069,000	Apple, Inc. 0.09% due 11/06/14		8,068,899		8,068,899
	8,372,000	Apple, Inc. 0.09% due 11/13/14		8,371,749		8,371,749
	15,701,000	Apple, Inc. 0.09% due 11/14/14		15,700,490		15,700,490
	5,890,000	Apple, Inc. 0.09% due 11/17/14		5,889,765		5,889,765
	5,943,000	Apple, Inc. 0.09% due 11/18/14		5,942,747		5,942,747
	2,247,000	Apple, Inc. 0.09% due 11/19/14		2,246,899		2,246,899
	14,375,000	Apple, Inc. 0.09% due 12/02/14		14,373,886		14,373,886
	5,253,000	Apple, Inc. 0.11% due 12/15/14		5,252,294		5,252,294
	13,741,000	Apple, Inc. 0.11% due 01/05/15		13,738,271		13,737,372
	8,200,000	Autozone, Inc. 0.25% due 11/17/14		8,199,089		8,199,089

First Eagle Funds | Annual Report | October 31, 2014
63

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.07% (continued)
$	3,878,000	Campbell Soup Company 0.25% due 11/06/14	$	3,877,865	$	3,877,865
	12,450,000	Campbell Soup Company 0.28% due 11/04/14		12,449,709		12,449,709
	15,611,000	Campbell Soup Company 0.31% due 12/08/14		15,606,026		15,606,026
	3,973,000	Campbell Soup Company 0.35% due 12/29/14		3,970,824		3,970,824
	22,310,000	Caterpillar Financial Services Company 0.10% due 01/06/15		22,305,910		22,305,351
	23,507,000	Caterpillar Financial Services Company 0.10% due 01/09/15		23,502,494		23,501,836
	6,673,000	Celgene Corporation 0.28% due 11/20/14		6,672,014		6,672,014
	7,052,000	Celgene Corporation 0.32% due 01/12/15		7,047,487		7,048,011
	8,238,000	Chevron Corporation 0.07% due 12/12/14		8,237,343		8,237,343
	19,247,000	Chevron Corporation 0.08% due 01/13/15		19,243,878		19,241,105
	10,086,000	Chevron Corporation 0.09% due 11/13/14		10,085,697		10,085,697
	15,602,000	Chevron Corporation 0.09% due 11/17/14		15,601,376		15,601,376
	12,450,000	Chevron Corporation 0.09% due 11/18/14		12,449,471		12,449,471
	11,931,000	Chevron Corporation 0.09% due 11/19/14		11,930,463		11,930,463
	10,703,000	Chevron Corporation 0.09% due 12/03/14		10,702,144		10,702,144
	10,281,000	Chevron Corporation 0.10% due 11/04/14		10,280,914		10,280,914
	11,740,000	Chevron Corporation 0.10% due 11/06/14		11,739,837		11,739,837
	11,579,000	Chevron Corporation 0.10% due 11/07/14		11,578,807		11,578,807
	9,498,000	Chevron Corporation 0.10% due 12/08/14		9,497,024		9,497,024
	6,861,000	Chevron Corporation 0.10% due 12/10/14		6,860,257		6,860,257

First Eagle Funds | Annual Report | October 31, 2014
64

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.07% (continued)
$	2,416,000	Chevron Corporation 0.10% due 01/16/15	$	2,415,490	$	2,415,220
	10,500,000	Chevron Corporation 0.10% due 01/21/15		10,497,638		10,496,292
	3,299,000	Chevron Corporation 0.10% due 01/22/15		3,298,249		3,297,821
	27,482,000	Chevron Corporation 0.12% due 01/15/15		27,475,129		27,473,239
	8,248,000	Church & Dwight Company, Inc. 0.46% due 01/12/15		8,240,577		8,243,334
	14,365,000	Coca-Cola Company 0.10% due 11/13/14		14,364,521		14,364,521
	4,864,000	Coca-Cola Company 0.10% due 01/07/15		4,863,095		4,863,145
	3,753,000	Coca-Cola Company 0.10% due 01/15/15		3,752,218		3,752,247
	5,250,000	Coca-Cola Company 0.10% due 01/16/15		5,248,892		5,248,922
	8,372,000	Coca-Cola Company 0.11% due 11/13/14		8,371,693		8,371,693
	10,049,000	Coca-Cola Company 0.11% due 12/04/14		10,047,987		10,047,987
	23,480,000	Coca-Cola Company 0.12% due 11/05/14		23,479,687		23,479,687
	16,911,000	Coca-Cola Company 0.12% due 11/07/14		16,910,662		16,910,662
	15,438,000	Coca-Cola Company 0.13% due 11/20/14		15,436,941		15,436,941
	11,831,000	Colgate-Palmolive Company 0.05% due 11/20/14		11,830,688		11,830,688
	1,972,000	ConocoPhillips 0.10% due 12/12/14		1,971,775		1,971,775
	6,496,000	ConocoPhillips 0.12% due 01/22/15		6,494,224		6,494,533
	4,949,000	ConocoPhillips 0.12% due 01/23/15		4,947,631		4,947,868
	3,088,000	ConocoPhillips 0.13% due 11/07/14		3,087,933		3,087,933
	4,766,000	Corning, Inc. 0.21% due 11/21/14		4,765,444		4,765,444

First Eagle Funds | Annual Report | October 31, 2014
65

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.07% (continued)
$	3,112,000	Corning, Inc. 0.21% due 11/24/14	$	3,111,582	$	3,111,582
	4,200,000	Corning, Inc. 0.21% due 11/28/14		4,199,339		4,199,339
	2,903,000	Corning, Inc. 0.22% due 11/25/14		2,902,574		2,902,574
	13,177,000	Dominion Resources, Inc. 0.25% due 12/01/14		13,174,255		13,174,255
	4,473,000	Dominion Resources, Inc. 0.26% due 12/05/14		4,471,902		4,471,902
	12,284,000	Dominion Resources, Inc. 0.30% due 01/07/15		12,277,141		12,277,620
	3,973,000	Duke Energy Corporation 0.27% due 11/20/14		3,972,434		3,972,434
	2,526,000	Duke Energy Corporation 0.30% due 01/05/15		2,524,632		2,524,879
	7,451,000	DuPont 0.07% due 11/03/14		7,450,971		7,450,971
	15,878,000	DuPont 0.07% due 11/07/14		15,877,815		15,877,815
	4,665,000	DuPont 0.08% due 11/04/14		4,664,969		4,664,969
	16,785,000	DuPont 0.08% due 11/05/14		16,784,851		16,784,851
	18,113,000	DuPont 0.08% due 11/10/14		18,112,638		18,112,638
	3,358,000	Emerson Electric Company 0.09% due 12/08/14		3,357,689		3,357,689
	4,477,000	Emerson Electric Company 0.09% due 12/11/14		4,476,552		4,476,552
	8,593,000	Emerson Electric Company 0.09% due 12/12/14		8,592,119		8,592,119
	13,782,000	Emerson Electric Company 0.10% due 01/30/15		13,778,554		13,778,516
	5,783,000	Emerson Electric Company 0.11% due 11/20/14		5,782,664		5,782,664
	1,986,000	Emerson Electric Company 0.11% due 12/24/14		1,985,678		1,985,678
	7,190,000	Exxon Mobil Corporation 0.06% due 12/26/14		7,189,341		7,189,341

First Eagle Funds | Annual Report | October 31, 2014
66

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.07% (continued)
$	12,450,000	Exxon Mobil Corporation 0.07% due 11/12/14	$	12,449,734	$	12,449,734
	12,450,000	Exxon Mobil Corporation 0.07% due 11/13/14		12,449,709		12,449,709
	2,873,000	Exxon Mobil Corporation 0.07% due 12/02/14		2,872,827		2,872,827
	8,523,000	Exxon Mobil Corporation 0.08% due 12/03/14		8,522,394		8,522,394
	4,200,000	Exxon Mobil Corporation 0.08% due 12/18/14		4,199,561		4,199,561
	14,121,000	Google, Inc. 0.07% due 11/18/14		14,120,533		14,120,533
	5,296,000	Google, Inc. 0.08% due 11/12/14		5,295,871		5,295,871
	7,085,000	Google, Inc. 0.09% due 11/19/14		7,084,681		7,084,681
	20,379,000	Google, Inc. 0.09% due 01/14/15		20,375,230		20,376,241
	6,861,000	Honeywell International, Inc. 0.08% due 11/13/14		6,860,817		6,860,817
	14,322,000	Honeywell International, Inc. 0.09% due 12/05/14		14,320,783		14,320,783
	13,380,000	Honeywell International, Inc. 0.09% due 12/08/14		13,378,762		13,378,762
	7,618,000	Honeywell International, Inc. 0.10% due 12/04/14		7,617,302		7,617,302
	41,223,000	International Business Machines Corporation 0.10% due 12/03/14		41,219,336		41,219,336
	20,582,000	International Business Machines Corporation 0.10% due 12/10/14		20,579,770		20,579,770
	20,400,000	International Business Machines Corporation 0.10% due 12/12/14		20,397,677		20,397,677
	16,804,000	International Business Machines Corporation 0.10% due 12/17/14		16,801,853		16,801,853
	13,914,000	Medtronic, Inc. 0.08% due 11/04/14		13,913,907		13,913,907

First Eagle Funds | Annual Report | October 31, 2014
67

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.07% (continued)
$	15,428,000	Medtronic, Inc. 0.08% due 11/18/14	$	15,427,417	$	15,427,417
	4,495,000	MetLife 0.12% due 11/05/14		4,494,940		4,494,940
	7,733,000	MetLife 0.12% due 12/09/14		7,732,020		7,732,020
	6,300,000	MetLife 0.12% due 01/06/15		6,298,614		6,298,065
	11,135,000	MetLife 0.12% due 01/07/15		11,132,513		11,131,529
	9,469,000	MetLife 0.13% due 11/24/14		9,468,214		9,468,214
	14,299,000	MetLife 0.13% due 12/15/14		14,296,728		14,296,728
	6,114,000	Microsoft Corporation 0.06% due 12/04/14		6,113,664		6,113,664
	20,846,000	Microsoft Corporation 0.07% due 11/19/14		20,845,270		20,845,270
	8,248,000	National Grid USA 0.39% due 01/22/15		8,240,861		8,242,580
	20,846,000	Omnicom Group, Inc. 0.30% due 12/01/14		20,840,788		20,840,788
	5,062,000	Omnicom Group, Inc. 0.30% due 12/02/14		5,060,692		5,060,692
	8,093,000	Omnicom Group, Inc. 0.30% due 12/04/14		8,090,774		8,090,774
	10,289,000	Omnicom Group, Inc. 0.30% due 12/18/14		10,284,970		10,284,970
	19,765,000	Pall Corporation 0.36% due 01/14/15		19,750,780		19,753,471
	13,425,000	PepsiCo, Inc. 0.07% due 12/11/14		13,423,956		13,423,956
	15,064,000	PepsiCo, Inc. 0.07% due 12/16/14		15,062,682		15,062,682
	7,202,000	PepsiCo, Inc. 0.07% due 12/18/14		7,201,342		7,201,342
	11,144,000	PepsiCo, Inc. 0.08% due 11/03/14		11,143,950		11,143,950
	9,078,000	PepsiCo, Inc. 0.08% due 11/04/14		9,077,939		9,077,939

First Eagle Funds | Annual Report | October 31, 2014
68

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.07% (continued)
$	7,552,000	PepsiCo, Inc. 0.08% due 11/05/14	$	7,551,933	$	7,551,933
	15,813,000	PepsiCo, Inc. 0.08% due 11/10/14		15,812,684		15,812,684
	22,260,000	PepsiCo, Inc. 0.08% due 11/14/14		22,259,357		22,259,357
	5,215,000	PepsiCo, Inc. 0.08% due 11/17/14		5,214,815		5,214,815
	6,649,000	PepsiCo, Inc. 0.08% due 11/21/14		6,648,704		6,648,704
	6,868,000	PepsiCo, Inc. 0.08% due 12/11/14		6,867,390		6,867,390
	20,612,000	Philip Morris International, Inc. 0.07% due 11/03/14		20,611,920		20,611,920
	5,297,000	Philip Morris International, Inc. 0.07% due 11/21/14		5,296,794		5,296,794
	20,367,000	Philip Morris International, Inc. 0.07% due 12/05/14		20,365,654		20,365,654
	15,794,000	Philip Morris International, Inc. 0.08% due 12/12/14		15,792,561		15,792,561
	18,071,000	Philip Morris International, Inc. 0.09% due 12/05/14		18,069,464		18,069,464
	10,289,000	Philip Morris International, Inc. 0.09% due 12/10/14		10,287,997		10,287,997
	13,340,000	Philip Morris International, Inc. 0.10% due 12/12/14		13,338,481		13,338,481
	11,754,000	Philip Morris International, Inc. 0.10% due 12/24/14		11,752,270		11,752,270
	4,832,000	Philip Morris International, Inc. 0.11% due 12/18/14		4,831,306		4,831,306
	13,177,000	Philip Morris International, Inc. 0.11% due 12/22/14		13,174,947		13,174,947
	5,025,000	Precision Castparts Corporation 0.10% due 11/05/14		5,024,944		5,024,944
	7,670,000	Precision Castparts Corporation 0.10% due 11/17/14		7,669,659		7,669,659
	3,813,000	Precision Castparts Corporation 0.11% due 12/09/14		3,812,557		3,812,557
	3,008,000	Precision Castparts Corporation 0.11% due 01/06/15		3,007,393		3,007,020

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First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.07% (continued)
$	9,224,000	Precision Castparts Corporation 0.11% due 01/07/15	$	9,222,112	$	9,220,951
	5,795,000	Precision Castparts Corporation 0.12% due 11/10/14		5,794,826		5,794,826
	14,118,000	Procter & Gamble Company 0.10% due 11/13/14		14,117,529		14,117,529
	16,717,000	Procter & Gamble Company 0.10% due 11/14/14		16,716,396		16,716,396
	6,690,000	Procter & Gamble Company 0.10% due 12/01/14		6,689,442		6,689,442
	26,760,000	Schlumberger Investments SA 0.12% due 12/02/14		26,757,235		26,757,235
	12,784,000	Schlumberger Investments SA 0.12% due 12/15/14		12,782,125		12,782,125
	6,224,000	Schlumberger Investments SA 0.12% due 12/23/14		6,222,921		6,222,921
	7,192,000	Unilever Capital Corporation 0.09% due 11/12/14		7,191,802		7,191,802
	39,910,000	Unilever Capital Corporation 0.12% due 11/12/14		39,908,537		39,908,537
	5,336,000	United Healthcare Company 0.20% due 11/07/14		5,335,822		5,335,822
	5,581,000	United Healthcare Company 0.20% due 11/28/14		5,580,163		5,580,163
	17,227,000	United Parcel Service, Inc. 0.04% due 02/02/15		17,225,220		17,222,457
	12,592,000	United Parcel Service, Inc. 0.05% due 11/03/14		12,591,965		12,591,965
	21,406,000	United Parcel Service, Inc. 0.08% due 12/05/14		21,404,383		21,404,383
	21,406,000	United Parcel Service, Inc. 0.08% due 12/09/14		21,404,192		21,404,192
	6,114,000	Wal-Mart Stores, Inc. 0.08% due 12/01/14		6,113,592		6,113,592
	12,372,000	Walt Disney Company 0.07% due 01/16/15		12,370,172		12,369,460
	3,595,000	Walt Disney Company 0.08% due 12/19/14		3,594,617		3,594,617

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First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.07% (continued)
$	9,533,000	Whirlpool Corporation 0.33% due 11/04/14	$	9,532,738	$	9,532,738
Total U.S. Commercial Paper				1,755,338,213		1,755,335,382
Total Commercial Paper				2,876,623,349		2,876,603,444
Total Investments — 98.94%			$	11,913,753,013		14,387,105,173
Other Assets in Excess of Liabilities — 1.06%						153,821,538
Net Assets — 100.00%					$	14,540,926,711

(a)  Non-income producing security/commodity.

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

(c)  Represents non-voting class of shares.

(d)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $59,041,334 or 0.41% of net assets.

(e)  Security is deemed illiquid. At October 31, 2014, the value of these securities amounted to $77,658,028 or 0.53% of net assets.

(f)  Represents securities that are subject to legal or contractual restrictions on resale. At October 31, 2014, the value of these securities amounted to $29,740,542 or 0.20% of net assets.

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

(h)  Payment-in-kind security.

(i)  This security is convertible until September 27, 2017.

(j)  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.

(k)  Floating rate security. Rate shown is the rate in effect at October 31, 2014.

At October 31, 2014, aggregate cost for federal income tax purposes was $12,399,475,358. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	2,916,146,297
Gross unrealized depreciation		(928,516,482	)
Net unrealized appreciation	$	1,987,629,815

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

FRN  — Floating Rate Note

NVDR  — Non-Voting Depository Receipt

PCL  — Public Company Limited

PLC  — Public Limited Company

RSP  — Represents Savings Shares

Currencies

EUR  — Euro

SGD  — Singapore Dollar

USD  — United States Dollar

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First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
Emin Leydier SA FRN 8.272% due 07/31/16	07/30/09	$	14,240,891	$	1.25
FINEL 9.50% due 06/30/17	06/22/05		14,365,843		0.94
FINEL	07/14/09		9,166,547		0.45
Legris Industries SA	04/30/04		23,119,325		21.12

Foreign Currency Exchange Contracts — Sales

Settlement Dates Through	Foreign Currency To be Delivered			U.S. $ To be Received		U.S. $ Value At October 31, 2014		Unrealized Appreciation At October 31, 2014		Unrealized Depreciation At October 31, 2014
12/17/14		8,201,000	British Pound	$	13,751,273	$	13,114,646	$	636,627	$	—
01/14/15		4,165,000	British Pound		7,116,673		6,658,979		457,694		—
02/12/15		17,053,000	British Pound		28,615,385		27,265,340		1,350,045		—
03/18/15		2,118,000	British Pound		3,379,756		3,384,141		—		(4,385	)
12/17/14		13,243,000	Euro		17,924,401		16,600,044		1,324,357		—
01/14/15		57,343,000	Euro		78,102,886		71,893,046		6,209,840		—
02/12/15		239,476,000	Euro		324,437,380		300,252,543		24,184,837		—
03/18/15		145,121,000	Euro		188,214,681		182,025,758		6,188,923		—
04/15/15		78,073,000	Euro		99,107,428		97,946,142		1,161,286		—
12/17/14		5,731,657,000	Japanese Yen		56,234,064		51,050,319		5,183,745		—
01/14/15		18,808,837,000	Japanese Yen		185,906,754		167,598,008		18,308,746		—
02/12/15		25,690,129,000	Japanese Yen		252,236,941		228,823,002		23,413,939		—
03/18/15		22,278,232,000	Japanese Yen		209,018,455		198,642,251		10,376,204		—
04/15/15		14,082,404,000	Japanese Yen		131,417,197		125,603,835		5,813,362		—
				$	1,595,463,274	$	1,490,858,054	$	104,609,605	$	(4,385	)

Foreign Currency Exchange Contracts — Purchases

Settlement Dates Through	Foreign Currency To be Received			U.S. $ To be Delivered		U.S. $ Value At October 31, 2014		Unrealized Appreciation At October 31, 2014		Unrealized Depreciation At October 31, 2014
02/12/15		1,075,000	British Pound	$	1,736,738	$	1,718,571	$	—	$	(18,167	)
01/14/15		17,516,000	Euro		21,942,293		21,960,459		18,166		—
02/12/15		91,595,000	Euro		115,672,346		114,808,396		—		(863,950	)
11/19/14		10,458,179,000	Japanese Yen		93,257,113		93,116,211		—		(140,902	)
				$	232,608,490	$	231,603,637	$	18,166	$	(1,023,019	)

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First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Affiliated Securities

Affiliated Securities	Shares October 31, 2013		Gross Additions		Gross Reductions		Shares October 31, 2014		Market Value October 31, 2014		Realized Gain / (Loss)			Dividend Income
As One Corporation		1,299,640		—		—		1,299,640	$	37,025,132	$	—		$	843,701
Catalyst Paper Corporation*		1,266,835		—		1,266,835		—		—		(24,518,725	)		—
Chofu Seisakusho Company Limited		2,023,800		—		—		2,023,800		59,727,549		—			564,858
FINEL		11,593,581		—		—		11,593,581		5,230,259		—			—
Fursys, Inc.		872,463		—		—		872,463		26,245,811		—			451,873
Gaumont SA*		364,373		—		—		364,373		18,127,578		—			429,841
Haw Par Corporation Limited		25,512,113		—		—		25,512,113		169,590,912		—			4,076,741
Japan Wool Textile Company Limited		6,407,900		—		312,700		6,095,200		40,806,503		(291,707	)		998,838
Jumbo SA*		9,086,616		276,581		3,257,128		6,106,069		66,953,434		31,548,434			1,251,861
Laurent-Perrier		558,938		—		—		558,938		44,827,726		—			646,702
Legris Industries SA		896,416		—		—		896,416		18,928,343		—			—
Maezawa Kasei Industries Company Limited		2,068,330		—		—		2,068,330		21,010,145		—			486,185
Nitto Kohki Company Limited*		2,254,200		—		1,308,700		945,500		17,676,831		(119,527	)		405,588
Robertet SA		235,837		—		—		235,837		48,763,962		—			777,645
T. Hasegawa Company Limited		3,206,911		—		—		3,206,911		48,706,790		—			970,391
Wienerberger AG*		5,915,786		—		1,330,648	��	4,585,138		55,447,609		1,126,737			640,517
Yomeishu Seizo Company Limited*		2,535,900		—		2,535,900		—		—		(4,587,274	)		—
Total									$	679,068,584	$	3,157,938		$	12,544,741

*Represents an unaffiliated issuer as of October 31, 2014, as such, amounts represented above will not agree to balances in the Statements of Assets and Liabilities and Statements of Operations.

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First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Industry Diversification for Portfolio Holdings	Percent of Net Assets
International Common Stocks Consumer Discretionary		9.24	%
Consumer Staples		9.98
Energy		5.20
Financials		11.54
Health Care		5.30
Industrials		14.02
Information Technology		5.22
Materials		9.45
Telecommunication Services		2.62
Total International Common Stocks		72.57
U.S. Common Stock Materials		0.05
Total U.S. Common Stock		0.05
International Preferred Stocks Consumer Discretionary		0.44
Consumer Staples		0.05
Total International Preferred Stocks		0.49
Investment Company		0.00
Rights		0.15
Commodity		4.77
Term Loans		0.03
International Convertible Bond Consumer Staples		0.13
Total International Convertible Bond		0.13
International Corporate Bonds Financials		0.09
Materials		0.63
Total International Corporate Bonds		0.72
International Government Bond Government Issues		0.25
Total International Government Bond		0.25
Commercial Paper International Commercial Paper		7.71
U.S. Commercial Paper		12.07
Total Commercial Paper		19.78
Total Investments		98.94	%

See Notes to Financial Statements.

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First Eagle U.S. Value Fund

Fund Overview

Data as of October 31, 2014 (unaudited)

Investment Objective

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

Average Annual Returns (%)			One-Year		Five-Years		Ten-Years
First Eagle U.S. Value Fund	Class A	without sales charge		8.93		11.40		8.06
		with sales charge		3.46		10.26		7.51
Standard & Poor's 500 Index				17.27		16.69		8.20
Consumer Price Index				1.66		1.89		2.21

Asset Allocation* (%)

Sector/Industry** (%)

Information Technology	24.31
Financials	22.89
Industrials	13.62
Energy	10.05
Consumer Discretionary	8.95
Materials	8.71
Commodity	6.03
Consumer Staples	2.31
Health Care	1.94
Warrant	0.68
Utilities	0.51

*  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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First Eagle U.S. Value Fund | Fund Overview

Growth of a $10,000 Initial Investment

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

The average annual returns for Class A Shares with a sales 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 80% coverage of U.S. equities, it is also considered a proxy for the total market. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings* (%)

Gold Bullion** (precious metal)	4.94
Microsoft Corporation (U.S. software developer)	4.11
Intel Corporation (U.S. computer components and related products manufacturer)	3.65
Oracle Corporation (U.S. software developer)	3.55
Comcast Corporation Class 'A' (U.S. cable/satellite television company)	3.46
Bank of New York Mellon Corporation (U.S. financial services company)	2.94
3M Company (U.S. industrial conglomerate)	2.50
Cintas Corporation (U.S. commercial services provider)	2.33
National Oilwell Varco, Inc. (U.S. energy & equipment services)	2.30
Berkshire Hathaway, Inc. Class 'A' (U.S. holding company)	2.04
Total	31.82

*  Holdings in cash, commercial paper and other short term cash equivalents have been excluded.

**The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Gold Bullion and commodities include the Fund's investment in the Subsidiary.

Percentages are based on total net assets.

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 76.06%
U.S. Common Stocks — 69.36%
Consumer Discretionary — 7.32%
	1,967,132	Comcast Corporation, Class 'A'	$	38,059,758	$	108,467,659
	790,034	Omnicom Group, Inc.		25,724,873		56,771,843
	374,011	McDonald's Corporation		36,900,898		35,056,051
	489,138	H&R Block, Inc.		8,259,025		15,804,049
	110,654	Bed Bath & Beyond, Inc. (a)		6,760,738		7,451,440
	72,165	Ross Stores, Inc.		4,658,059		5,825,159
	512	St. John Knits International, Inc. (a)(b)		15,872		2,560
				120,379,223		229,378,761
Consumer Staples — 1.89%
	396,024	Colgate-Palmolive Company		15,232,688		26,486,085
	235,901	Wal-Mart Stores, Inc.		11,087,014		17,992,169
	332,638	Sysco Corporation		9,037,687		12,819,869
	77,388	Limoneira Company		1,488,691		1,985,776
				36,846,080		59,283,899
Energy — 6.21%
	993,377	National Oilwell Varco, Inc.		70,373,101		72,158,905
	745,666	ConocoPhillips		32,965,299		53,799,802
	675,280	Devon Energy Corporation		37,936,810		40,516,800
	1,033,843	San Juan Basin Royalty Trust		20,806,015		18,774,589
	114,653	SEACOR Holdings, Inc. (a)		7,325,758		9,453,140
				169,406,983		194,703,236
Financials — 18.05%
	2,380,687	Bank of New York Mellon Corporation		56,858,996		92,180,201
	305	Berkshire Hathaway, Inc., Class 'A' (a)		28,875,333		64,050,000
	117,066	Alleghany Corporation (a)		34,293,700		52,010,082
	548,595	American Express Company		14,606,626		49,346,120
	1,239,070	BB&T Corporation		30,832,769		46,935,972
	987,039	U.S. Bancorp		24,193,098		42,047,861
	829,682	Cincinnati Financial Corporation		21,162,974		41,874,050
	1,206,038	Weyerhaeuser Company, REIT		18,797,826		40,836,447
	613,629	WR Berkley Corporation		16,784,004		31,626,439
	704,065	Plum Creek Timber Company, Inc., REIT		24,818,314		28,873,706

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 69.36% (continued)
Financials — 18.05% (continued)
	252,026	Mastercard, Inc., Class 'A'	$	5,790,386	$	21,107,177
	84,477	Visa, Inc., Class 'A'		6,092,810		20,395,282
	312,033	American International Group, Inc.		16,446,372		16,715,608
	294,492	Brown & Brown, Inc.		8,961,636		9,382,515
	211,098	Rayonier, Inc., REIT		3,114,239		7,065,450
	40,290	First American Financial Corporation		935,052		1,221,593
				312,564,135		565,668,503
Health Care — 1.59%
	265,575	WellPoint, Inc.		11,395,889		33,645,697
	149,770	Johnson & Johnson		8,850,248		16,142,210
				20,246,137		49,787,907
Industrials — 11.00%
	510,027	3M Company		36,461,031		78,426,852
	995,026	Cintas Corporation		28,203,047		72,875,704
	372,827	Northrop Grumman Corporation		21,671,558		51,435,213
	262,126	Lockheed Martin Corporation		18,533,193		49,953,352
	344,610	Alliant Techsystems, Inc.		17,932,324		40,305,585
	883,462	NOW, Inc. (a)		26,005,357		26,556,868
	292,695	Deere & Company		24,304,617		25,037,130
				173,111,127		344,590,704
Information Technology — 19.91%
	2,742,890	Microsoft Corporation		70,849,511		128,778,685
	3,358,862	Intel Corporation (c)		66,526,606		114,234,897
	2,848,600	Oracle Corporation		84,318,056		111,237,830
	1,189,368	Teradata Corporation (a)		50,817,091		50,334,054
	1,191,749	Comtech Telecommunications Corporation (d)		39,015,758		45,369,884
	1,006,560	Linear Technology Corporation		25,870,008		43,121,030
	1,667,965	Rofin-Sinar Technologies, Inc. (a)(d)		37,596,400		37,345,736
	282,559	Automatic Data Processing, Inc.		8,953,685		23,107,675
	500,691	Xilinx, Inc.		20,515,951		22,270,736
	25,526	Google, Inc., Class 'A' (a)		6,486,951		14,495,450
	25,526	Google, Inc., Class 'C' (a)		6,503,943		14,271,076
	205,499	CommVault Systems, Inc. (a)		9,860,704		9,111,826

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 69.36% (continued)
Information Technology — 19.91% (continued)
	168,245	NetApp, Inc.	$	5,327,723	$	7,200,886
	94,186	CDK Global, Inc. (a)		1,271,918		3,164,650
				433,914,305		624,044,415
Materials — 2.97%
	529,751	Scotts Miracle-Gro Company, Class 'A'		22,767,001		31,382,449
	200,444	Martin Marietta Materials, Inc.		16,857,497		23,435,912
	375,975	Vulcan Materials Company		14,819,697		23,201,417
	116,400	Deltic Timber Corporation		5,718,194		7,576,476
	121,990	Royal Gold, Inc.		7,901,549		6,971,729
	17,800	Newmont Mining Corporation		310,851		333,928
				68,374,789		92,901,911
Utilities — 0.42%
	206,273	IDACorp, Inc.		6,422,914		13,042,642
Total U.S. Common Stocks				1,341,265,693		2,173,401,978
International Common Stocks — 6.70%
Australia — 0.69%
	2,652,613	Newcrest Mining Limited (a)		61,341,378		21,755,664
Canada — 4.65%
	1,450,750	Canadian Natural Resources Limited		41,684,927		50,625,968
	1,143,141	Potash Corporation of Saskatchewan, Inc.		44,113,611		39,061,128
	1,242,155	Goldcorp, Inc.		37,521,003		23,327,671
	701,527	Agnico-Eagle Mines Limited		31,972,747		16,532,148
	840,922	Barrick Gold Corporation		15,383,136		9,981,744
	1,338,243	Penn West Petroleum Limited		16,814,906		6,048,858
				187,490,330		145,577,517
Mexico — 0.44%
	1,225,181	Fresnillo PLC		26,986,918		13,670,461
South Africa — 0.21%
	2,054,350	Gold Fields Limited, ADR		25,582,311		6,553,377
United Kingdom — 0.71%
	549,959	Willis Group Holdings PLC		15,120,837		22,289,838
Total International Common Stocks				316,521,774		209,846,857
Total Common Stocks				1,657,787,467		2,383,248,835

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80

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
Investment Company — 0.00%
	42,071	State Street Institutional U.S. Government Money Market Fund, Institutional Class	$	42,071	$	42,071
Warrant — 0.56%
United States — 0.56%
	888,023	JPMorgan Chase & Company Warrant expire 10/28/18 (a)		10,637,399		17,582,855
Ounces
Commodity — 4.94%
	132,121	Gold bullion (a)		157,908,533		154,834,322
Principal
Bonds — 0.40%
U.S. Corporate Bonds — 0.40%
$	600,000	Bausch & Lomb, Inc. 7.125% due 08/01/28 (b)		525,250		597,000
	6,542,000	Citgo Petroleum Corporation 6.25% due 08/15/22 (e)		6,552,017		6,689,195
	5,193,000	Mueller Water Products, Inc. 7.375% due 06/01/17		4,653,215		5,296,860
	Total U.S. Corporate Bonds			11,730,482		12,583,055
U.S. Treasury Bills — 4.15%
	40,000,000	U.S. Treasury Bill 0.01% due 01/02/15		39,999,656		39,999,320
	20,000,000	U.S. Treasury Bill 0.01% due 11/06/14		19,999,945		19,999,945
	30,000,000	U.S. Treasury Bill 0.02% due 01/15/15		29,999,062		29,999,400
	40,000,000	U.S. Treasury Bill 0.02% due 01/22/15		39,998,633		40,000,000
	Total U.S. Treasury Bills			129,997,296		129,998,665

First Eagle Funds | Annual Report | October 31, 2014
81

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
Commercial Paper — 13.73%
International Commercial Paper — 4.17%
Australia — 0.23%
	1,415,000 USD	Telstra Corporation Limited 0.12% due 01/06/15	$	1,414,689	$	1,414,539
	5,687,000 USD	Telstra Corporation Limited 0.13% due 01/13/15		5,685,501		5,684,908
Canada — 0.71%
	3,349,000 USD	Suncor Energy, Inc. 0.23% due 11/05/14		3,348,915		3,348,915
	4,821,000 USD	Suncor Energy, Inc. 0.27% due 12/16/14		4,819,373		4,819,373
	5,706,000 USD	Suncor Energy, Inc. 0.28% due 01/07/15		5,703,026		5,703,036
	8,232,000 USD	Total Capital Limited 0.10% due 11/26/14		8,231,428		8,231,428
France — 0.38%
	2,394,000 USD	Essilor International 0.09% due 11/17/14		2,393,904		2,393,904
	324,000 USD	Essilor International 0.12% due 12/17/14		323,950		323,950
	2,246,000 USD	GDF Suez SA 0.15% due 12/19/14		2,245,551		2,245,551
	3,417,000 USD	GDF Suez SA 0.16% due 11/03/14		3,416,970		3,416,970
	1,596,000 USD	GDF Suez SA 0.17% due 11/10/14		1,595,932		1,595,932
	1,995,000 USD	L'Oreal USA, Inc. 0.08% due 11/03/14		1,994,991		1,994,991
Germany — 0.18%
	878,000 USD	BASF AG 0.09% due 12/09/14		877,917		877,917
	4,821,000 USD	Siemens Company 0.09% due 12/08/14		4,820,554		4,820,554
Italy — 0.26%
	5,290,000 USD	Eni S.p.A. 0.19% due 11/03/14		5,289,944		5,289,944
	1,431,000 USD	Eni S.p.A. 0.30% due 11/24/14		1,430,726		1,430,726
	1,432,000 USD	Eni S.p.A. 0.30% due 12/11/14		1,431,522		1,431,522

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 4.17% (continued)
Japan — 0.66%
	8,468,000 USD	Hitachi Limited 0.21% due 11/03/14	$	8,467,901	$	8,467,901
	7,433,000 USD	Hitachi Limited 0.24% due 11/03/14		7,432,901		7,432,901
	930,000 USD	Honda Corporation 0.12% due 12/11/14		929,876		929,876
	3,877,000 USD	Honda Corporation 0.13% due 11/12/14		3,876,846		3,876,846
Switzerland — 0.78%
	1,374,000 USD	Nestlé SA 0.03% due 12/16/14		1,373,949		1,373,949
	5,019,000 USD	Nestlé SA 0.09% due 12/10/14		5,018,511		5,018,511
	4,821,000 USD	Roche Holdings, Inc. 0.06% due 11/19/14		4,820,855		4,820,855
	4,142,000 USD	Roche Holdings, Inc. 0.06% due 12/19/14		4,141,669		4,141,669
	3,990,000 USD	Roche Holdings, Inc. 0.08% due 12/11/14		3,989,645		3,989,645
	5,257,000 USD	Roche Holdings, Inc. 0.09% due 11/13/14		5,256,842		5,256,842
United Kingdom — 0.97%
	10,898,000 USD	AstraZeneca PLC 0.08% due 01/12/15		10,896,256		10,894,708
	1,381,000 USD	AstraZeneca PLC 0.09% due 12/01/14		1,380,896		1,380,896
	9,642,000 USD	GlaxoSmithKline PLC 0.13% due 12/15/14		9,640,468		9,640,468
	5,564,000 USD	GlaxoSmithKline PLC 0.17% due 01/22/15		5,561,846		5,561,627
	2,782,000 USD	Reed Elsevier, Inc. 0.22% due 12/18/14		2,781,201		2,781,201
	Total International Commercial Paper			130,594,555		130,592,055
U.S. Commercial Paper — 9.56%
$	2,275,000	3M Company 0.07% due 11/06/14		2,274,978		2,274,978
	4,200,000	Abbott Laboratories 0.10% due 11/10/14		4,199,895		4,199,895

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 9.56% (continued)
$	2,008,000	Abbott Laboratories 0.10% due 11/14/14	$	2,007,928	$	2,007,928
	8,232,000	Abbott Laboratories 0.10% due 11/20/14		8,231,566		8,231,566
	3,692,000	Abbott Laboratories 0.10% due 12/01/14		3,691,692		3,691,692
	1,795,000	Abbott Laboratories 0.10% due 12/12/14		1,794,796		1,794,796
	2,123,000	Abbott Laboratories 0.10% due 01/05/15		2,122,617		2,122,759
	6,417,000	Abbott Laboratories 0.10% due 01/20/15		6,415,574		6,416,033
	2,585,000	Apple, Inc. 0.09% due 11/06/14		2,584,968		2,584,968
	3,347,000	Apple, Inc. 0.09% due 11/13/14		3,346,900		3,346,900
	3,347,000	Apple, Inc. 0.09% due 11/14/14		3,346,891		3,346,891
	1,543,000	Apple, Inc. 0.09% due 11/17/14		1,542,938		1,542,938
	5,153,000	Apple, Inc. 0.11% due 12/15/14		5,152,307		5,152,307
	7,780,000	Apple, Inc. 0.11% due 12/17/14		7,778,907		7,778,907
	809,000	Apple, Inc. 0.11% due 01/05/15		808,840		808,786
	4,984,000	Autozone, Inc. 0.25% due 11/17/14		4,983,446		4,983,446
	507,000	Celgene Corporation 0.28% due 11/20/14		506,925		506,925
	3,433,000	Chevron Corporation 0.07% due 12/12/14		3,432,726		3,432,726
	8,022,000	Chevron Corporation 0.08% due 01/13/15		8,020,699		8,019,543
	3,231,000	Chevron Corporation 0.09% due 11/13/14		3,230,903		3,230,903
	1,381,000	Chevron Corporation 0.09% due 12/03/14		1,380,890		1,380,890
	4,748,000	Chevron Corporation 0.10% due 11/04/14		4,747,960		4,747,960

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 9.56% (continued)
$	2,682,000	Chevron Corporation 0.10% due 11/06/14	$	2,681,963	$	2,681,963
	4,291,000	Chevron Corporation 0.10% due 11/07/14		4,290,928		4,290,928
	1,995,000	Chevron Corporation 0.10% due 12/10/14		1,994,784		1,994,784
	7,035,000	Chevron Corporation 0.10% due 01/16/15		7,033,515		7,032,728
	1,619,000	Chevron Corporation 0.12% due 01/15/15		1,618,595		1,618,484
	707,000	Coca-Cola Company 0.10% due 01/07/15		706,869		706,876
	3,347,000	Coca-Cola Company 0.11% due 11/13/14		3,346,877		3,346,877
	5,364,000	Coca-Cola Company 0.12% due 11/05/14		5,363,928		5,363,928
	5,723,000	Coca-Cola Company 0.13% due 11/20/14		5,722,607		5,722,607
	1,145,000	ConocoPhillips 0.13% due 11/07/14		1,144,975		1,144,975
	362,000	Corning, Inc. 0.21% due 11/21/14		361,958		361,958
	1,391,000	Corning, Inc. 0.21% due 11/24/14		1,390,813		1,390,813
	5,119,000	Dominion Resources, Inc. 0.30% due 01/07/15		5,116,142		5,116,341
	14,266,000	Duke Energy Corporation 0.33% due 01/14/15		14,256,323		14,258,719
	1,357,000	DuPont 0.08% due 11/04/14		1,356,991		1,356,991
	5,266,000	DuPont 0.08% due 11/10/14		5,265,895		5,265,895
	814,000	Emerson Electric Company 0.09% due 12/08/14		813,925		813,925
	1,086,000	Emerson Electric Company 0.09% due 12/11/14		1,085,891		1,085,891
	8,376,000	Emerson Electric Company 0.10% due 01/30/15		8,373,906		8,373,883
	4,821,000	Exxon Mobil Corporation 0.08% due 12/03/14		4,820,657		4,820,657

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 9.56% (continued)
$	4,523,000	Google, Inc. 0.07% due 11/18/14	$	4,522,851	$	4,522,851
	11,374,000	Google, Inc. 0.09% due 01/14/15		11,371,896		11,372,460
	1,995,000	Honeywell International, Inc. 0.08% due 11/13/14		1,994,947		1,994,947
	2,428,000	International Business Machines Corporation 0.10% due 12/03/14		2,427,784		2,427,784
	5,985,000	International Business Machines Corporation 0.10% due 12/10/14		5,984,352		5,984,352
	1,551,000	International Business Machines Corporation 0.10% due 12/12/14		1,550,823		1,550,823
	7,511,000	International Business Machines Corporation 0.10% due 12/17/14		7,510,040		7,510,040
	1,795,000	Medtronic, Inc. 0.08% due 11/04/14		1,794,988		1,794,988
	10,015,000	MetLife 0.12% due 01/05/15		10,012,830		10,011,989
	1,087,000	MetLife 0.13% due 12/15/14		1,086,827		1,086,827
	3,412,000	Microsoft Corporation 0.06% due 12/04/14		3,411,812		3,411,812
	2,681,000	Omnicom Group, Inc. 0.30% due 12/02/14		2,680,307		2,680,307
	5,449,000	Omnicom Group, Inc. 0.30% due 12/18/14		5,446,866		5,446,866
	1,415,000	PepsiCo, Inc. 0.07% due 12/16/14		1,414,876		1,414,876
	3,814,000	PepsiCo, Inc. 0.07% due 12/18/14		3,813,651		3,813,651
	2,908,000	PepsiCo, Inc. 0.08% due 11/04/14		2,907,981		2,907,981
	7,409,000	PepsiCo, Inc. 0.08% due 11/05/14		7,408,934		7,408,934
	3,833,000	PepsiCo, Inc. 0.08% due 12/11/14		3,832,659		3,832,659

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86

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 9.56% (continued)
$	1,214,000	Philip Morris International, Inc. 0.07% due 11/03/14	$	1,213,995	$	1,213,995
	6,581,000	Philip Morris International, Inc. 0.09% due 12/05/14		6,580,441		6,580,441
	5,449,000	Philip Morris International, Inc. 0.09% due 12/10/14		5,448,469		5,448,469
	14,071,000	Philip Morris International, Inc. 0.11% due 12/18/14		14,068,979		14,068,979
	4,339,000	Precision Castparts Corporation 0.10% due 11/17/14		4,338,807		4,338,807
	290,000	Precision Castparts Corporation 0.11% due 12/09/14		289,966		289,966
	7,231,000	Schlumberger Investments SA 0.12% due 12/15/14		7,229,939		7,229,939
	2,782,000	Schlumberger Investments SA 0.12% due 12/23/14		2,781,518		2,781,518
	10,470,000	United Parcel Service, Inc. 0.04% due 02/02/15		10,468,918		10,467,239
	2,761,000	United Parcel Service, Inc. 0.08% due 12/05/14		2,760,791		2,760,791
	2,761,000	United Parcel Service, Inc. 0.08% due 12/09/14		2,760,767		2,760,767
	3,412,000	Wal-Mart Stores, Inc. 0.08% due 12/01/14		3,411,773		3,411,773
	725,000	Whirlpool Corporation 0.33% due 11/04/14		724,980		724,980
Total U.S. Commercial Paper				299,605,655		299,604,771
Total Commercial Paper				430,200,210		430,196,826
Total Investment Portfolio Excluding Options Written — 99.84%			$	2,398,303,458	$	3,128,486,629

Contracts			Strike Price		Expiration Date	Value (Note 1)
Covered Call Options Written — (0.01)%
	4,500	Intel Corporation (Premium Received $269,147)	$	37.00	January 2015	$	(175,500	)
Total Investments — 99.83% (Cost: $2,398,034,311)							3,128,311,129
Other Assets in Excess of Liabilities — 0.17%							5,317,258
Net Assets — 100.00%						$	3,133,628,387

First Eagle Funds | Annual Report | October 31, 2014
87

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

(a)  Non-income producing security/commodity.

(b)  Security is deemed illiquid. At October 31, 2014, the value of these securities amounted to $599,560 or 0.02% of net assets.

(c)  At October 31, 2014, all or a portion of this security was segregated to cover collateral requirement for options.

(d)  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.

(e)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 October 31, 2014, aggregate cost for federal income tax purposes was $2,390,742,128. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	869,737,652
Gross unrealized depreciation		(132,168,651	)
Net unrealized appreciation	$	737,569,001

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

PLC  — Public Limited Company

REIT  — Real Estate Investment Trust

Currency

USD  — United States Dollar

Affiliated Securities

Affiliated Securities	Shares October 31, 2013		Gross Additions		Gross Reductions		Shares October 31, 2014		Market Value October 31, 2014		Realized Gain / (Loss)			Dividend Income
Comtech Telecommunications Corporation		16,709		1,175,040		—		1,191,749	$	45,369,884	$	—		$	1,043,989
Rofin-Sinar Technologies, Inc.		1,840,310		—		172,345		1,667,965		37,345,736		(828,375	)		—
Total									$	82,715,620	$	(828,375	)	$	1,043,989

First Eagle Funds | Annual Report | October 31, 2014
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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Industry Diversification for Portfolio Holdings	Percent of Net Assets
U.S. Common Stocks Consumer Discretionary		7.32	%
Consumer Staples		1.89
Energy		6.21
Financials		18.05
Health Care		1.59
Industrials		11.00
Information Technology		19.91
Materials		2.97
Utilities		0.42
Total U.S. Common Stocks		69.36
International Common Stocks Energy		1.81
Financials		0.71
Materials		4.18
Total International Common Stocks		6.70
Investment Company		0.00	*
Warrant		0.56
Commodity		4.94
U.S. Corporate Bonds Consumer Discretionary		0.02
Energy		0.21
Industrials		0.17
Total U.S. Corporate Bonds		0.40
U.S. Treasury Bills		4.15
Commercial Paper International Commercial Paper		4.17
U.S. Commercial Paper		9.56
Total Commercial Paper		13.73
Covered Call Options Written		(0.01	)
Total Investments		99.83	%

*Less then 0.01%

See Notes to Financial Statements.

First Eagle Funds | Annual Report | October 31, 2014
89

First Eagle Gold Fund

Fund Overview

Data as of October 31, 2014 (unaudited)

Investment Objective

The First Eagle Gold Fund is a non-diversified fund. The 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	Class A	without sales load		-21.02		-9.70		2.14
		with sales load		-24.99		-10.62		1.62
FTSE Gold Mines Index				-31.76		-17.97		-5.00
MSCI World Index				8.67		11.41		6.93
Consumer Price Index				1.66		1.89		2.21

Asset Allocation* (%)

Countries** (%)

United States	39.23
Canada	33.76
Mexico	7.43
South Africa	6.37
Africa	6.09
Australia	5.38
Channel Island	0.15

*  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 | Annual Report | October 31, 2014
90

First Eagle Gold Fund | Fund Overview

Growth of a $10,000 Initial Investment

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

The average annual returns for Class A Shares with a sales 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 Series is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The Index is unmanaged, is available with 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)	22.91
Randgold Resources Limited ADR (Africa)	6.11
Goldcorp, Inc. (Canada)	5.84
Agnico-Eagle Mines Limited (Canada)	5.53
Newcrest Mining Limited (Australia)	5.34
Royal Gold, Inc. (United States)	5.26
Fresnillo PLC (Mexico)	4.54
Franco-Nevada Corporation (Canada)	4.53
Tahoe Resources, Inc. (United States)	4.52
Gold Fields Limited ADR (South Africa)	3.83
Total	68.41

*  Holdings in cash, commercial paper and other short term cash equivalents have been excluded.

**The Fund invests in gold and precious metals through investment in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the "Subsidiary"). Gold Bullion and commodities include the Fund's investment in the Subsidiary.

Percentages are based on total net assets.

First Eagle Funds | Annual Report | October 31, 2014
91

First Eagle Gold Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 70.18%
International Common Stocks — 56.64%
Africa — 6.11%
	1,050,128	Randgold Resources Limited, ADR	$	17,918,841	$	61,127,951
Australia — 5.40%
	6,509,949	Newcrest Mining Limited (a)		169,218,516		53,391,981
	6,800,000	St. Augustine Gold and Copper Limited (a)(b)		6,754,606		603,345
				175,973,122		53,995,326
Canada — 31.13%
	3,107,527	Goldcorp, Inc.		94,710,184		58,359,357
	2,346,710	Agnico-Eagle Mines Limited		83,643,576		55,302,442
	968,033	Franco-Nevada Corporation		16,689,933		45,316,021
	3,139,764	Barrick Gold Corporation		83,670,621		37,268,999
	6,443,257	Eldorado Gold Corporation		64,771,164		35,216,240
	6,359,731	New Gold, Inc. (a)		15,482,255		23,079,100
	10,713,452	Kinross Gold Corporation (a)		118,992,331		23,033,922
	1,516,060	Detour Gold Corporation (a)(c)		25,395,963		8,878,041
	634,594	Osisko Gold Royalties Limited (a)		9,260,898		7,927,850
	2,991,219	IAMGOLD Corporation (a)		11,101,092		5,679,614
	415,900	Virginia Mines, Inc. (a)		4,817,485		3,763,968
	1,300,000	Dundee Precious Metals, Inc. (a)(c)		1,969,513		3,702,586
	1,071,100	Primero Mining Corporation (a)		6,046,087		3,658,875
				536,551,102		311,187,015
Channel Island — 0.15%
	3,066,400	Lydian International Limited (a)		6,767,759		1,496,402
Mexico — 7.46%
	4,063,583	Fresnillo PLC		15,751,246		45,341,098
	1,289,602	Industrias Peñoles S.A.B. de C.V.		2,490,226		29,208,474
				18,241,472		74,549,572
South Africa — 6.39%
	11,995,180	Gold Fields Limited, ADR		102,368,061		38,264,624
	3,100,849	AngloGold Ashanti Limited, ADR (a)		86,438,026		25,644,021
				188,806,087		63,908,645
Total International Common Stocks				944,258,383		566,264,911

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First Eagle Gold Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 13.54%
Materials — 13.54%
	920,991	Royal Gold, Inc.	$	18,434,118	$	52,634,636
	2,609,390	Tahoe Resources, Inc. (a)(b)		35,373,418		45,216,616
	2,001,277	Newmont Mining Corporation		72,227,236		37,543,956
Total U.S. Common Stocks				126,034,772		135,395,208
Total Common Stocks				1,070,293,155		701,660,119
Investment Company — 0.02%
	160,878	State Street Institutional U.S. Government Money Market Fund, Institutional Class		160,878		160,878
Ounces
Commodities — 25.82%
	195,403	Gold bullion (a)		135,499,267		228,995,040
	1,799,726	Silver bullion (a)		35,595,409		29,093,459
Total Commodities				171,094,676		258,088,499
Principal
International Convertible Bonds — 2.76%
Canada — 2.76%
	30,000,000 USD	Detour Gold Corporation 5.50% due 11/30/17 (d)(e)(f)		30,000,000		27,618,750
South Africa — 0.00%
	1,916,047 CAD	Great Basin Gold Limited 8.00% due 11/30/14 (c)(d)(e)(g)(h)		1,819,811		0
Total International Bonds				31,819,811		27,618,750
International Commercial Paper — 1.59%
Italy — 0.40%
	3,972,000 USD	Eni S.p.A. 0.19% due 11/03/14		3,971,958		3,971,958

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First Eagle Gold Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 1.59% (continued)
Japan — 1.19%
	6,359,000 USD	Hitachi Limited 0.21% due 11/03/14	$	6,358,926	$	6,358,926
	5,581,000 USD	Hitachi Limited 0.24% due 11/03/14		5,580,926		5,580,926
Total International Commercial Paper				15,911,810		15,911,810
Total Investments — 100.37%			$	1,289,280,330		1,003,440,056
Liabilities in Excess of Other Assets — (0.37)%						(3,690,598	)
Net Assets — 100.00%					$	999,749,458

(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)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $27,618,750 or 2.76% of net assets.

(e)  Security is deemed illiquid. At October 31, 2014, the value of these securities amounted to $27,618,750 or 2.76% of net assets.

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

(g)  Issuer is in default.

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

At October 31, 2014, aggregate cost for federal income tax purposes was $1,358,405,211.
Net unrealized depreciation consisted of:

Gross unrealized appreciation	$	205,887,824
Gross unrealized depreciation		(560,852,979	)
Net unrealized depreciation	$	(354,965,155	)

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

PLC  — Public Limited Company

Currencies

CAD  — Canadian Dollar

USD  — United States Dollar

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First Eagle Gold Fund | Consolidated Schedule of Investments | Year Ended October 31, 2014

Industry Diversification for Portfolio Holdings	Percent of Net Assets
International Common Stocks Materials		56.64	%
Total International Common Stocks		56.64
U.S. Common Stocks Materials		13.54
Total U.S. Common Stocks		13.54
Investment Company		0.02
Commodities		25.82
International Convertible Bonds Materials		2.76
Total International Convertible Bonds		2.76
International Commercial Paper		1.59
Total Investments		100.37	%

See Notes to Financial Statements.

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95

First Eagle Global Income Builder Fund

Fund Overview

Data as of October 31, 2014 (unaudited)

Investment Objective

First Eagle Global Income Builder Fund 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 (05/01/12)
First Eagle Global Income Builder	Class A	without sales load		4.67		—		8.84
		with sales load		-0.55		—		6.61
MSCI World Index				8.67		14.37		13.93
Barclays Capital U.S. Aggregate Bond Index				4.14		2.73		2.34

Asset Allocation* (%)

Countries** (%)

United States	45.19
France	9.40
Canada	7.49
United Kingdom	3.32
Japan	3.24
Hong Kong	3.09
Singapore	2.49
Switzerland	2.02
Netherlands	1.70
Australia	1.59
Sweden	1.56
Ireland	1.33
Italy	1.12
Germany	0.94
Austria	0.93
Israel	0.84
Norway	0.74
Belgium	0.69
South Korea	0.59
Denmark	0.46
Russia	0.35
Chile	0.35
South Africa	0.34
Brazil	0.23
Luxembourg	0.18
Mexico	0.18
Romania	0.14
Thailand	0.08
Mauritius	0.06

^  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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First Eagle Global Income Builder Fund | Fund Overview

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 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 hybrad 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 holding company)	1.64
Microsoft Corporation (U.S. software developer)	1.57
GlaxoSmithKline PLC (U.K. pharmaceutical company)	1.41
Mandarin Oriental International Limited (Hong Kong hotels & resorts operator)	1.38
Intel Corporation (U.S. semiconductor manufactuer)	1.32
Hoya Corporation (Japanese electronic/optical products)	1.32
ACCO Brands Corporation (U.S. office supplies manufacturer)	1.31
Nestlé SA (Swiss food and nutrition company)	1.31
ConocoPhillips (U.S. energy company)	1.24
Jardine Matheson Holdings Limited (Hong Kong industrials company)	1.24
Total	13.74

*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 | Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 52.29%
U.S. Common Stocks — 15.13%
Consumer Discretionary — 1.36%
	155,062	McDonald's Corporation	$	15,045,034	$	14,533,961
	100,083	H&R Block, Inc.		2,262,066		3,233,682
				17,307,100		17,767,643
Consumer Staples — 0.92%
	57,957	Wal-Mart Stores, Inc.		4,382,312		4,420,380
	101,562	Sysco Corporation		3,573,846		3,914,200
	55,190	Colgate-Palmolive Company		3,193,019		3,691,107
				11,149,177		12,025,687
Energy — 2.22%
	224,872	ConocoPhillips		15,155,296		16,224,515
	356,080	San Juan Basin Royalty Trust		6,002,453		6,466,413
	87,144	National Oilwell Varco, Inc.		6,495,788		6,330,140
				27,653,537		29,021,068
Financials — 2.83%
	351,627	Plum Creek Timber Company, Inc., REIT		15,239,233		14,420,223
	216,982	Weyerhaeuser Company, REIT		6,201,265		7,347,010
	214,965	Rayonier, Inc., REIT		7,575,781		7,194,879
	141,299	BB&T Corporation		5,038,849		5,352,406
	54,038	Cincinnati Financial Corporation		2,380,622		2,727,298
				36,435,750		37,041,816
Industrials — 2.25%
	57,042	Lockheed Martin Corporation		6,624,962		10,870,494
	78,985	Deere & Company		6,476,128		6,756,377
	38,630	3M Company		4,405,496		5,940,135
	42,989	Northrop Grumman Corporation		4,560,359		5,930,762
				22,066,945		29,497,768
Information Technology — 5.55%
	436,562	Microsoft Corporation		14,874,211		20,496,586
	509,667	Intel Corporation		12,400,539		17,333,775
	410,673	Comtech Telecommunications Corporation		13,924,189		15,634,321
	205,352	Xilinx, Inc.		8,581,584		9,134,057

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 15.13% (continued)
Information Technology — 5.55% (continued)
	150,979	Linear Technology Corporation	$	5,879,420	$	6,467,941
	37,881	Automatic Data Processing, Inc.		2,180,639		3,097,908
	12,627	CDK Global, Inc. (a)		309,772		424,267
				58,150,354		72,588,855
Total U.S. Common Stocks				172,762,863		197,942,837
International Common Stocks — 37.16%
Australia — 0.13%
	199,905	Newcrest Mining Limited (a)		3,410,518		1,639,540
Austria — 0.93%
	93,650	Mayr Melnhof Karton AG		10,892,292		10,042,282
	66,274	OMV AG		2,576,229		2,083,341
				13,468,521		12,125,623
Belgium — 0.68%
	100,327	Groupe Bruxelles Lambert SA		8,638,231		8,957,891
Bermuda — 1.75%
	270,400	Jardine Matheson Holdings Limited		15,184,157		16,196,960
	610,721	Hiscox Limited		6,659,518		6,653,171
				21,843,675		22,850,131
Brazil — 0.23%
	2,327,300	Brasil Brokers Participacoes SA		3,646,490		2,977,336
Canada — 4.12%
	637,347	Cenovus Energy, Inc.		18,238,183		15,780,712
	478,005	Goldcorp, Inc.		12,478,029		8,976,934
	810,875	TransAlta Renewables, Inc.		8,621,744		8,741,521
	362,637	Agnico-Eagle Mines Limited		11,031,105		8,545,884
	240,302	Potash Corporation of Saskatchewan, Inc.		8,495,874		8,211,119
	802,054	Penn West Petroleum Limited		7,396,382		3,625,284
				66,261,317		53,881,454
Chile — 0.35%
	212,458	Cia Cervecerias Unidas SA, ADR		4,749,289		4,527,480
Denmark — 0.46%
	214,857	ISS AS (a)		7,226,094		5,990,457

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 37.16% (continued)
France — 7.71%
	622,282	Bouygues SA	$	20,578,568	$	21,483,841
	262,122	Total SA		15,397,407		15,576,437
	590,224	Vivendi SA (a)		15,854,588		14,404,475
	152,429	Sanofi		14,870,336		14,070,269
	236,284	Compagnie de Saint-Gobain		11,954,426		10,139,921
	115,658	Neopost SA		7,812,283		8,030,950
	269,264	Carrefour SA		8,593,170		7,885,697
	87,000	Danone SA		5,989,108		5,911,285
	43,918	Legrand SA		2,160,460		2,363,239
	10,307	Thermador Groupe		944,745		961,613
				104,155,091		100,827,727
Germany — 0.94%
	197,473	Hamburger Hafen und Logistik AG		4,717,771		4,321,947
	49,077	HeidelbergCement AG		3,224,022		3,340,726
	31,212	Daimler AG		1,865,022		2,426,199
	120,109	SMT Scharf AG		3,295,904		2,241,915
				13,102,719		12,330,787
Hong Kong — 3.09%
	10,249,000	Mandarin Oriental International Limited		18,027,085		18,038,240
	3,209,081	Hopewell Holdings Limited		11,098,095		11,400,190
	1,673,324	Great Eagle Holdings Limited		5,880,628		5,631,581
	973,320	Hysan Development Company Limited		4,580,996		4,449,197
	67,700	Guoco Group Limited		589,955		831,939
	160,379	Hopewell Highway Infrastructure Limited		77,736		77,551
				40,254,495		40,428,698
Ireland — 1.33%
	674,069	CRH PLC		16,027,463		14,945,356
	583,769	Beazley PLC		2,389,195		2,446,702
				18,416,658		17,392,058
Israel — 0.16%
	318,065	Israel Chemicals Limited		3,160,135		2,136,642

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 37.16% (continued)
Italy — 1.12%
	585,468	Eni S.p.A	$	14,277,150	$	12,472,548
	261,853	Italcementi S.p.A.		968,200		1,495,011
	41,871	Recordati S.p.A.		355,865		724,095
				15,601,215		14,691,654
Japan — 3.24%
	495,900	Hoya Corporation		12,518,637		17,251,095
	698,500	Astellas Pharma, Inc.		7,622,673		10,565,337
	125,700	KDDI Corporation		7,315,410		8,085,310
	232,400	Sompo Japan Nipponkoa Holdings, Inc.		5,520,885		5,687,671
	20,700	FamilyMart Company Limited		814,546		816,390
				33,792,151		42,405,803
Mexico — 0.18%
	213,164	Fresnillo PLC		3,948,942		2,378,465
Netherlands — 1.50%
	346,853	Sligro Food Group NV		12,977,618		12,802,877
	45,303	HAL Trust		5,857,372		6,869,347
				18,834,990		19,672,224
Norway — 0.62%
	1,056,341	Orkla ASA		8,431,052		8,073,355
Romania — 0.14%
	200,000	Societatea Nationala de Gaze Naturale ROMGAZ SA, GDR (b)(c)(d)		1,850,000		1,886,000
Russia — 0.35%
	687,492	Gazprom OAO, ADR		5,077,143		4,556,697
Singapore — 2.32%
	12,482,500	Frasers Commercial Trust, REIT		12,785,664		13,797,112
	18,854,398	Asian Pay Television Trust		12,212,398		12,548,074
	2,892,000	Overseas Education Limited		2,149,480		2,031,626
	828,000	Singapore Airport Terminal Services Limited		1,962,072		1,997,976
				29,109,614		30,374,788
South Korea — 0.59%
	87,174	KT&G Corporation		6,866,244		7,748,945

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 37.16% (continued)
Sweden — 0.67%
	249,166	Investor AB, Class 'A'	$	7,542,883	$	8,732,781
Switzerland — 1.58%
	234,077	Nestlé SA		16,481,580		17,127,289
	12,214	APG SGA SA		3,645,125		3,554,456
				20,126,705		20,681,745
Thailand — 0.08%
	1,762,000	Thai Beverage PCL		512,015		1,049,218
United Kingdom — 2.89%
	817,123	GlaxoSmithKline PLC		20,233,808		18,528,881
	191,462	British American Tobacco PLC		10,655,043		10,863,818
	2,208,461	WM Morrison Supermarkets PLC		8,738,740		5,468,892
	102,297	Diageo PLC		2,812,469		3,007,787
				42,440,060		37,869,378
Total International Common Stocks				502,466,247		486,186,877
Total Common Stocks				675,229,110		684,129,714
Closed-End Fund — 0.17%
Singapore — 0.17%
	30,818,200	Macquarie International Infrastructure Fund Limited		3,229,698		2,230,943
Ounces
Commodity — 1.17%
	13,042	Gold bullion (a)		16,990,468		15,284,397
Principal
Bonds — 30.09%
U.S. Corporate Bonds — 19.97%
$	16,100,000	ACCO Brands Corporation 6.75% due 04/30/20		16,660,473		17,186,750
	852,000	Air Medical Group Holdings, Inc. 9.25% due 11/01/18		882,315		893,535
	4,860,000	Aleris International, Inc. 7.625% due 02/15/18		4,991,424		5,036,175

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 19.97% (continued)
$	5,990,000	Aleris International, Inc. 7.875% due 11/01/20	$	6,048,158	$	6,259,550
	881,000	American Axle & Manufacturing, Inc. 6.25% due 03/15/21		881,000		929,455
	2,522,000	American Axle & Manufacturing, Inc. 6.625% due 10/15/22		2,564,557		2,704,845
	2,475,000	Basic Energy Services, Inc. 7.75% due 02/15/19		2,471,688		2,425,500
	4,975,000	Basic Energy Services, Inc. 7.75% due 10/15/22		5,024,565		4,875,500
	13,350,000	Bi-Lo LLC 9.25% due 02/15/19 (d)		14,010,925		13,283,250
	4,009,000	Carrizo Oil & Gas, Inc. 7.50% due 09/15/20 (d)		4,152,162		4,069,135
	10,501,000	Carrizo Oil & Gas, Inc. 8.625% due 10/15/18		10,930,306		10,973,545
	6,000,000	CCO Holdings LLC 7.375% due 06/01/20		6,424,075		6,446,250
	6,958,000	CCO Holdings LLC 8.125% due 04/30/20		7,366,424		7,392,875
	6,624,000	CenturyLink, Inc. Series 'W' 6.75% due 12/01/23		6,730,075		7,377,480
	3,010,000	Citgo Petroleum Corporation 6.25% due 08/15/22 (d)		3,078,970		3,077,725
	7,308,000	Cloud Peak Energy Resources 6.375% due 03/15/24		7,519,373		7,198,380
	1,750,000	Cloud Peak Energy Resources 8.50% due 12/15/19		1,822,582		1,828,750
	1,827,000	Crestwood Midstream Partners L.P. 6.00% due 12/15/20		1,849,838		1,858,973
	5,634,000	Crestwood Midstream Partners L.P. 6.125% due 03/01/22		5,769,145		5,718,510
	14,222,000	Drill Rigs Holdings, Inc. 6.50% due 10/01/17 (d)		14,333,614		13,439,790
	9,347,000	EP Energy LLC 9.375% due 05/01/20		10,470,941		10,258,332
	375,000	Everest Acquisition LLC 6.875% due 05/01/19		386,814		391,875
	1,200,000	Everest Acquisition LLC 7.75% due 09/01/22		1,214,137		1,272,000

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 19.97% (continued)
$	1,000,000	Frontier Communications Corporation 6.25% due 09/15/21	$	1,000,000	$	1,035,625
	11,740,000	Frontier Communications Corporation 8.50% due 04/15/20		13,155,697		13,589,050
	7,052,000	GameStop Corporation 5.50% due 10/01/19 (d)		7,056,883		7,140,150
	1,954,000	GenCorp, Inc. 7.125% due 03/15/21		2,085,596		2,085,895
	7,633,000	Harland Clarke Holdings Corporation 6.875% due 03/01/20 (d)		7,751,965		7,881,072
	3,775,000	Huntington Ingalls Industries, Inc. 7.125% due 03/15/21		4,038,396		4,077,000
	8,289,000	Landry's, Inc. 9.375% due 05/01/20 (d)		8,990,616		8,900,314
	5,000,000	Outerwall, Inc. 5.875% due 06/15/21 (d)		5,000,000		4,850,000
	6,475,000	Outerwall, Inc. 6.00% due 03/15/19		6,552,655		6,426,437
	1,365,000	Parker Drilling Company 6.75% due 07/15/22		1,414,995		1,252,388
	5,820,000	Parker Drilling Company 7.50% due 08/01/20		5,817,841		5,659,950
	7,200,000	PHH Corporation 6.375% due 08/15/21		7,305,097		6,948,000
	1,850,000	PHH Corporation 7.375% due 09/01/19		1,900,365		1,956,375
	5,500,000	Post Holdings, Inc. 6.75% due 12/01/21 (d)		5,727,127		5,506,875
	6,771,000	Post Holdings, Inc. 7.375% due 02/15/22		7,237,938		6,957,202
	10,435,000	Rentech Nitrogen Partners L.P. 6.50% due 04/15/21 (d)		10,508,963		10,121,950
	4,693,000	Roundy's Supermarkets, Inc. 10.25% due 12/15/20 (d)		4,716,846		4,270,630
	1,500,000	Sprint Communications, Inc. 6.00% due 11/15/22		1,470,464		1,501,875
	9,522,000	Sprint Corporation 7.25% due 09/15/21 (d)		10,013,364		10,093,320
	2,350,000	STHI Holding Corporation 8.00% due 03/15/18 (d)		2,457,115		2,470,438

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 19.97% (continued)
$	2,373,000	Taylor Morrison Communities, Inc. 7.75% due 04/15/20 (d)	$	2,494,942	$	2,556,908
	11,109,000	Toys R Us Property Company II 8.50% due 12/01/17		11,280,925		11,164,545
Total U.S. Corporate Bonds				263,561,351		261,344,179
International Bonds — 10.12%
International Convertible Bond — 0.06%
Mauritius — 0.06%
	800,000 USD	Golden Agri-Resources Limited 2.50% due 10/04/17 (c)(e)(f)		751,176		780,000
International Corporate Bonds — 10.06%
Australia — 1.47%
	4,459,000 USD	Ausdrill Finance PTY Limited 6.875% due 11/01/19 (c)(d)		4,268,795		3,845,888
	15,238,000 USD	Nufarm Australia Limited 6.375% due 10/15/19 (d)		15,767,204		15,371,332
				20,035,999		19,217,220
Bermuda — 0.69%
	891,000 USD	Aircastle Limited 4.625% due 12/15/18		891,000		906,592
	4,859,000 USD	Aircastle Limited 6.25% due 12/01/19		5,199,560		5,199,130
	2,525,000 USD	Aircastle Limited 7.625% due 04/15/20		2,703,163		2,853,250
				8,793,723		8,958,972
Canada — 3.37%
	12,553,000 USD	Lightstream Resources Limited 8.625% due 02/01/20 (d)		12,542,574		11,611,525
	7,000,000 USD	New Gold, Inc. 6.25% due 11/15/22 (d)		6,928,226		6,877,500
	500,000 USD	New Gold, Inc. 7.00% due 04/15/20 (d)		511,048		510,000
	4,000,000 USD	Precision Drilling Corporation 5.25% due 11/15/24 (d)		4,000,000		3,730,000
	7,875,000 USD	Precision Drilling Corporation 6.50% due 12/15/21		8,157,380		8,111,250

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Corporate Bonds — 10.06% (continued)
Canada — 3.37% (continued)
	400,000 USD	Precision Drilling Corporation 6.625% due 11/15/20	$	400,676	$	414,000
	11,962,000 USD	Thompson Creek Metals Company, Inc. 9.75% due 12/01/17		12,813,249		12,829,245
				45,353,153		44,083,520
France — 1.69%
	8,246,000 USD	Numericable Group SA 6.00% due 05/15/22 (d)		8,330,049		8,441,842
	694,000 USD	Numericable Group SA 6.25% due 05/15/24 (d)		694,000		714,820
	11,200,000 USD	Rexel SA 5.25% due 06/15/20 (d)		11,366,400		11,340,000
	1,550,000 USD	Rexel SA 6.125% due 12/15/19 (d)		1,577,174		1,608,125
				21,967,623		22,104,787
Israel — 0.67%
	8,226,056 USD	B Communications Limited 7.375% due 02/15/21 (d)		8,609,924		8,802,703
Luxembourg — 0.18%
	2,038,000 USD	Altice Finco SA 9.875% due 12/15/20 (d)		2,300,380		2,282,560
	100,000 EUR	Altice SA 7.25% due 05/15/22 (d)		138,165		129,858
				2,438,545		2,412,418
Netherlands — 0.20%
	250,000 USD	Schaeffler Holding Finance BV 6.25% due 11/15/19 (d)(g)		250,000		260,000
	2,249,000 USD	Schaeffler Holding Finance BV 6.875% due 08/15/18 (d)(g)		2,326,932		2,367,073
				2,576,932		2,627,073
Norway — 0.13%
	1,630,000 USD	Eksportfinans ASA 2.00% due 09/15/15		1,599,204		1,633,651
South Africa — 0.34%
	4,180,000 USD	AngloGold Ashanti Holdings PLC 8.50% due 07/30/20		4,194,707		4,509,175

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106

First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Corporate Bonds — 10.06% (continued)
Sweden — 0.89%
	5,170,000 USD	Perstorp Holding AB 8.75% due 05/15/17 (d)	$	5,380,542	$	5,273,400
	3,950,000 EUR	Perstorp Holding AB 9.00% due 05/15/17 (d)		5,303,155		5,098,639
	1,000,000 EUR	Perstorp Holding AB 9.00% due 05/15/17 (f)		1,322,222		1,290,795
				12,005,919		11,662,834
United Kingdom — 0.43%
	2,210,000 USD	Jaguar Land Rover PLC 5.625% due 02/01/23 (d)		2,196,556		2,306,687
	2,940,000 USD	Jaguar Land Rover PLC 8.125% due 05/15/21 (d)		3,169,965		3,248,700
				5,366,521		5,555,387
Total International Bonds				133,693,426		132,347,740
Total Bonds				397,254,777		393,691,919
Term Loans — 9.36%
Switzerland — 0.44%
	5,732,195 USD	Virtuoso US LLC 4.75% due 02/11/21		5,763,784		5,701,155
United States — 8.92%
	1,396,615 USD	Ameriforge Group, Inc., First Lien Term Loan 5.00% due 12/19/19		1,391,953		1,390,218
	5,000,000 USD	Cactus Wellhead LLC 7.00% due 07/31/20 (c)		4,903,526		4,900,000
	6,778,000 USD	Caelus Energy Alaska O3 LLC, Second Lien Term Loan 8.75% due 04/15/21 (c)		6,649,619		6,625,495
	6,559,665 USD	Caraustar Industry, Inc. 7.50% due 05/01/19		6,573,817		6,612,962
	9,403,000 USD	Citgo Petroleum Corporation, Term Loan B 4.50% due 07/29/21		9,397,232		9,414,754
	8,501,264 USD	Fortescue Metals Group 3.75% due 06/30/19		8,498,599		8,310,964
	12,028,344 USD	JC Penney Corporation, Inc. 6.00% due 05/22/18		11,965,104		11,898,077

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
Term Loans — 9.36% (continued)
United States — 8.92% (continued)
	5,631,000 USD	Jonah Energy LLC, Second Lien Term Loan 7.50% due 05/12/21 (c)	$	5,606,259	$	5,462,070
	7,655,812 USD	Libbey Glass, Inc., Term Loan B 3.75% due 04/09/21		7,654,664		7,550,545
	10,091,000 USD	New Albertson's, Inc. 4.75% due 06/27/21		10,086,546		9,990,140
	1,652,858 USD	OSG Bulk Ships, Inc., Exit Term Loan 5.25% due 08/05/19		1,636,906		1,644,593
	5,433,000 USD	Osum Productions Corporation 6.50% due 07/28/20 (c)		5,353,995		5,433,000
	9,144,000 USD	Red Lobster Management LLC, Term Loan B 6.25% due 07/28/21		9,042,046		9,155,430
	16,900,065 USD	Roundy's Supermarkets, Inc., Term Loan B 5.75% due 03/03/21		16,941,515		15,167,808
	1,651,860 USD	Stater Bros. Markets, Term Loan B 4.75% due 05/12/21		1,643,994		1,639,479
	11,460,000 USD	Zebra Technologies Corporation, Term Loan B due 09/30/21 (h)		11,419,890		11,559,072
				118,765,665		116,754,607
Total Term Loans				124,529,449		122,455,762
International Commercial Paper — 6.93%
Italy — 1.73%
	22,645,000 USD	Eni S.p.A. 0.19% due 11/03/14		22,644,761		22,644,761
Japan — 5.20%
	36,251,000 USD	Hitachi Limited 0.21% due 11/03/14		36,250,577		36,250,577
	31,821,000 USD	Hitachi Limited 0.24% due 11/03/14		31,820,576		31,820,576
Total International Commercial Paper				90,715,914		90,715,914
Total Investments — 100.01%			$	1,307,949,416		1,308,508,649
Liabilities in Excess of Other Assets — (0.01)%						(130,700	)
Net Assets — 100.00%					$	1,308,377,949

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108

First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

(a)  Non-income producing security/commodity.

(b)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $1,886,000 or 0.14% of net assets.

(c)  Security is deemed illiquid. At October 31, 2014, the value of these securities amounted to $28,932,453 or 2.21% of net assets.

(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)  This security is convertible until September 27, 2017.

(f)  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.

(g)  Payment-in-kind security.

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

At October 31, 2014, aggregate cost for federal income tax purposes was $1,310,551,495. Net unrealized depreciation consisted of:

Gross unrealized appreciation	$	47,309,862
Gross unrealized depreciation		(50,705,478	)
Net unrealized depreciation	$	(2,042,846	)

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

GDR  — Global Depositary Receipt

PCL  — Public Company Limited

PLC  — Public Limited Company

REIT  — Real Estate Investment Trust

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 October 31, 2014		Unrealized Appreciation At October 31, 2014		Unrealized Depreciation At October 31, 2014
12/17/14		643,000	British Pound	$	1,078,170	$	1,028,255	$	49,915	$	—
01/14/15		336,000	British Pound		566,566		537,196		29,370		—
02/12/15		808,000	British Pound		1,356,815		1,291,917		64,898		—
03/18/15		654,000	British Pound		1,059,151		1,044,961		14,190		—
04/15/15		276,000	British Pound		442,676		440,864		1,812		—
12/17/14		10,216,000	Euro		13,553,493		12,805,712		747,781		—
01/14/15		5,475,000	Euro		7,457,114		6,864,210		592,904		—
02/12/15		14,646,000	Euro		19,906,804		18,362,104		1,544,700		—
03/18/15		6,747,000	Euro		8,750,522		8,462,785		287,737		—

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

Foreign Currency Exchange Contracts — Sales (continued)

Settlement Dates Through	Foreign Currency To be Delivered			U.S. $ To be Received		U.S. $ Value At October 31, 2014		Unrealized Appreciation At October 31, 2014		Unrealized Depreciation At October 31, 2014
04/15/15		6,179,434	Euro	$	7,832,647	$	7,751,456	$	81,191	$	—
12/17/14		196,883,000	Japanese Yen		1,931,646		1,753,584		178,062		—
01/14/15		190,346,000	Japanese Yen		1,828,555		1,696,096		132,459		—
02/12/15		308,697,000	Japanese Yen		3,027,107		2,750,136		276,971		—
03/18/15		204,898,000	Japanese Yen		1,922,391		1,826,959		95,432		—
04/15/15		143,272,000	Japanese Yen		1,337,016		1,277,872		59,144		—
				$	72,050,673	$	67,894,107	$	4,156,566	$	—

Foreign Currency Exchange Contracts — Purchases

Settlement Dates Through	Foreign Currency To be Received			U.S. $ To be Delivered		U.S. $ Value At October 31, 2014		Unrealized Appreciation At October 31, 2014		Unrealized Depreciation At October 31, 2014
11/03/14		663,434	Euro	$	830,301	$	831,382	$	1,081	$	—
01/14/15		2,627,000	Euro		3,304,911		3,293,081		—		(11,830	)
02/12/15		8,428,000	Euro		10,687,331		10,564,674		—		(122,657	)
11/19/14		91,804,000	Japanese Yen		818,630		817,393		—		(1,237	)
				$	15,641,173	$	15,506,530	$	1,081	$	(135,724	)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
U.S. Common Stocks Consumer Discretionary		1.36	%
Consumer Staples		0.92
Energy		2.22
Financials		2.83
Industrials		2.25
Information Technology		5.55
Total U.S. Common Stocks		15.13
International Common Stocks Consumer Discretionary		2.96
Consumer Staples		6.52
Energy		4.27
Financials		5.11
Health Care		3.36

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2014

Industry Diversification for Portfolio Holdings (continued)	Percent of Net Assets
Industrials		5.90	%
Information Technology		1.94
Materials		4.71
Telecommunication Services		1.72
Utilities		0.67
Total International Common Stocks		37.16
Closed-End Fund		0.17
Commodity		1.17
U.S. Corporate Bonds Consumer Discretionary		4.39
Consumer Staples		2.30
Energy		5.69
Financials		1.46
Health Care		0.19
Industrials		0.69
Materials		1.63
Telecommunication Services		3.62
Total U.S. Corporate Bonds		19.97
International Convertible Bond Consumer Staples		0.06
Total International Convertible Bond		0.06
International Corporate Bonds Consumer Discretionary		0.63
Energy		1.54
Financials		1.11
Industrials		1.27
Information Technology		0.70
Materials		3.96
Telecommunication Services		0.85
Total International Corporate Bonds		10.06
Term Loans		9.36
Commercial Paper International Commercial Paper		6.93
Total Investments		100.01	%

See Notes to Financial Statements.

First Eagle Funds | Annual Report | October 31, 2014
111

First Eagle High Yield Fund

Fund Overview

Data as of October 31, 2014 (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.

Average Annual Returns^ (%)		One-Year		Five-Years		Since Inception (11/19/07)
First Eagle High Yield Fund	Class I		4.03		9.51		10.98
Barclays Capital U.S. Corporate High Yield Bond Index			5.82		10.44		9.28

Asset Allocation* (%)

Countries** (%)

United States	69.84
Canada	6.29
Bermuda	3.26
Sweden	3.14
United Kingdom	2.14
Australia	1.99
France	1.80
Netherlands	1.17
Hong Kong	0.89
South Africa	0.87
Switzerland	0.86
Israel	0.75
Cayman Islands	0.68
Norway	0.54
Luxembourg	0.32
Mauritius	0.17

^  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.

First Eagle Funds | Annual Report | October 31, 2014
112

First Eagle High Yield Fund | Fund Overview

Growth of a $10,000 Initial Investment

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

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

The 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 (Supermarket chain)	1.40
Kemet Corporation (Capacitors manufacturer)	1.36
Drill Rigs Holdings, Inc. (Energy transportation)	1.35
Bon-Ton Department Stores, Inc. (U.S. retail store company)	1.33
Roundy's Supermarkets, Inc. Term Loan B (Grocery retailer)	1.33
Viking Cruises Limited (Cruise ship operator)	1.33
CCO Holdings LLC (Communications & cable provider)	1.27
Nufarm Australia Limited (Agricultural crop protection)	1.27
American Achievement Corporation (Distributor of commemorative products)	1.23
Frontier Communications Corporation (U.S. communications services provider)	1.22
Total	13.09

*Holdings in cash, commercial paper and other short term cash equivalents have been excluded.

Percentages are based on total net assets.

First Eagle Funds | Annual Report | October 31, 2014
113

First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
Bonds — 75.94%
U.S. Convertible Bond — 0.18%
$	1,915,000	Headwaters, Inc. 8.75% due 02/01/16 (a)	$	1,934,898	$	2,039,475
U.S. Corporate Bonds — 51.85%
	12,794,000	ACCO Brands Corporation 6.75% due 04/30/20		13,053,645		13,657,595
	2,588,000	Air Medical Group Holdings, Inc. 9.25% due 11/01/18		2,668,819		2,714,165
	1,000,000	Aleris International, Inc. 7.625% due 02/15/18		1,033,170		1,036,250
	7,313,000	Aleris International, Inc. 7.875% due 11/01/20		7,331,594		7,642,085
	14,283,000	American Achievement Corporation 10.875% due 04/15/16 (b)		14,575,778		14,068,755
	2,909,000	American Axle & Manufacturing, Inc. 6.25% due 03/15/21		2,909,000		3,068,995
	3,278,000	American Axle & Manufacturing, Inc. 6.625% due 10/15/22		3,315,271		3,515,655
	5,763,000	Antero Resources Finance Corporation 5.375% due 11/01/21		5,820,634		5,871,056
	7,126,000	Ashtead Capital, Inc. 6.50% due 07/15/22 (b)		7,540,958		7,731,710
	11,518,000	Atlas Energy Holdings Operating Company LLC 7.75% due 01/15/21		11,590,898		10,423,790
	700,000	Atlas Energy Holdings Operating Company LLC 7.75% due 01/15/21 (b)		696,673		633,500
	7,651,000	Atlas Pipeline Partners L.P. 5.875% due 08/01/23		7,368,071		7,976,168
	500,000	Atlas Pipeline Partners L.P. 6.625% due 10/01/20		530,378		532,500
	4,363,000	Atwood Oceanics, Inc. 6.50% due 02/01/20		4,526,183		4,406,630
	6,238,000	Basic Energy Services, Inc. 7.75% due 02/15/19		6,176,951		6,113,240
	4,583,000	Basic Energy Services, Inc. 7.75% due 10/15/22		4,552,774		4,491,340
	10,711,000	Bi-Lo LLC 8.625% due 09/15/18 (b)(c)		10,716,094		9,666,678

First Eagle Funds | Annual Report | October 31, 2014
114

First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 51.85% (continued)
$	16,075,000	Bi-Lo LLC 9.25% due 02/15/19 (b)	$	16,706,212	$	15,994,625
	15,081,000	Bon-Ton Department Stores, Inc. 10.625% due 07/15/17		14,794,769		15,194,107
	5,450,000	Carrizo Oil & Gas, Inc. 7.50% due 09/15/20 (b)		5,477,216		5,531,750
	9,025,000	Carrizo Oil & Gas, Inc. 8.625% due 10/15/18		9,277,699		9,431,125
	2,841,000	CCO Holdings LLC 6.625% due 01/31/22		2,909,919		3,029,216
	13,460,000	CCO Holdings LLC 7.375% due 06/01/20		14,285,791		14,461,087
	9,608,000	CCO Holdings LLC 8.125% due 04/30/20		10,169,899		10,208,500
	9,971,000	CEC Entertainment, Inc. 8.00% due 02/15/22 (b)		10,043,168		9,622,015
	3,984,000	CenturyLink, Inc. Series 'S' 6.45% due 06/15/21		4,146,631		4,382,400
	8,496,000	CenturyLink, Inc. Series 'W' 6.75% due 12/01/23		8,615,173		9,462,420
	3,148,000	Citgo Petroleum Corporation 6.25% due 08/15/22 (b)		3,161,428		3,218,830
	11,722,000	Claire's Stores, Inc. 9.00% due 03/15/19 (b)		12,327,559		12,044,355
	11,532,000	Cleaver-Brooks, Inc. 8.75% due 12/15/19 (b)		11,955,289		12,598,710
	3,707,000	Cloud Peak Energy Resources 6.375% due 03/15/24		3,723,299		3,651,395
	6,755,000	Crestwood Midstream Partners L.P. 6.125% due 03/01/22		6,916,378		6,856,325
	12,216,000	DFC Finance Corporation 10.50% due 06/15/20 (b)		12,251,316		12,002,220
	16,283,000	Drill Rigs Holdings, Inc. 6.50% due 10/01/17 (b)		16,383,327		15,387,435
	12,615,000	DriveTime Automotive Group, Inc. 8.00% due 06/01/21 (b)		12,694,106		12,425,775
	4,000,000	EP Energy LLC 9.375% due 05/01/20		4,036,876		4,390,000
	1,075,000	Everest Acquisition LLC 6.875% due 05/01/19		1,090,953		1,123,375

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 51.85% (continued)
$	2,894,000	Frontier Communications Corporation 7.125% due 03/15/19	$	3,027,090	$	3,205,105
	11,989,000	Frontier Communications Corporation 8.50% due 04/15/20		12,944,654		13,877,267
	2,924,000	GameStop Corporation 5.50% due 10/01/19 (b)		2,933,612		2,960,550
	9,907,000	GenCorp, Inc. 7.125% due 03/15/21		10,277,736		10,575,723
	7,986,000	Global Partners L.P. 6.25% due 07/15/22 (b)		8,065,764		7,946,070
	9,566,000	Harland Clarke Holdings Corporation 6.875% due 03/01/20 (b)		9,629,230		9,876,895
	5,364,000	Headwaters, Inc. 7.25% due 01/15/19		5,492,470		5,524,920
	8,870,000	Headwaters, Inc. 7.625% due 04/01/19		8,883,048		9,313,500
	3,000,000	Huntington Ingalls Industries, Inc. 6.875% due 03/15/18		3,086,850		3,146,250
	6,226,000	Huntington Ingalls Industries, Inc. 7.125% due 03/15/21		6,533,150		6,724,080
	1,015,000	Interface, Inc. 7.625% due 12/01/18		1,055,492		1,058,950
	14,839,000	Kemet Corporation 10.50% due 05/01/18		15,151,072		15,580,950
	2,882,000	Kinder Morgan, Inc. 5.625% due 11/15/23 (b)		2,888,362		3,184,610
	3,646,000	Kraton Polymers 6.75% due 03/01/19		3,697,183		3,785,004
	12,022,000	Landry's, Inc. 9.375% due 05/01/20 (b)		12,578,195		12,908,622
	10,518,000	Magnachip Semiconductor Corporation 6.625% due 07/15/21		10,487,134		9,623,970
	4,548,000	Mcron Finance Corporation 8.375% due 05/15/19 (b)		4,599,112		4,866,360
	762,000	Milacron LLC 7.75% due 02/15/21 (b)		762,000		796,290
	5,000,000	Outerwall, Inc. 5.875% due 06/15/21 (b)		5,000,000		4,850,000
	10,713,000	Outerwall, Inc. 6.00% due 03/15/19		10,715,132		10,632,652

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 51.85% (continued)
$	8,674,000	Parker Drilling Company 6.75% due 07/15/22	$	8,834,373	$	7,958,395
	1,107,000	Parker Drilling Company 7.50% due 08/01/20		1,110,213		1,076,558
	3,167,000	PHH Corporation 6.375% due 08/15/21		3,120,676		3,056,155
	6,020,000	PHH Corporation 7.375% due 09/01/19		6,294,936		6,366,150
	3,980,000	Post Holdings, Inc. 6.75% due 12/01/21 (b)		4,049,886		3,984,975
	11,683,000	Post Holdings, Inc. 7.375% due 02/15/22		12,220,231		12,004,282
	7,428,000	Quality Distribution 9.875% due 11/01/18		7,787,947		7,836,540
	6,386,000	Radio Systems Corporation 8.375% due 11/01/19 (b)		6,497,852		6,936,793
	11,243,000	Rentech Nitrogen Partners L.P. 6.50% due 04/15/21 (b)		11,311,023		10,905,710
	3,592,000	Rex Energy Corporation 6.25% due 08/01/22 (b)		3,577,421		3,389,950
	6,240,000	Rex Energy Corporation 8.875% due 12/01/20		6,219,681		6,614,400
	12,283,000	ROC Finance 12.125% due 09/01/18 (b)		13,240,881		13,142,810
	10,537,000	Roundy's Supermarkets, Inc. 10.25% due 12/15/20 (b)		10,567,520		9,588,670
	7,720,000	Silgan Holdings, Inc. 5.50% due 02/01/22		7,689,842		8,048,100
	5,000,000	Sprint Communications, Inc. 6.00% due 11/15/22		4,915,782		5,006,250
	7,250,000	Sprint Communications, Inc. 7.00% due 08/15/20		7,551,855		7,721,250
	788,000	Sprint Corporation 7.125% due 06/15/24 (b)		788,000		812,625
	12,942,000	Sprint Corporation 7.25% due 09/15/21 (b)		13,118,479		13,718,520
	1,907,000	STHI Holding Corporation 8.00% due 03/15/18 (b)		1,997,596		2,004,734
	9,264,000	Taylor Morrison Communities, Inc. 7.75% due 04/15/20 (b)		9,690,456		9,981,960

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 51.85% (continued)
$	3,148,000	The Men's Wearhouse, Inc. 7.00% due 07/01/22 (b)	$	3,196,399	$	3,277,855
	4,833,000	Time, Inc. 5.75% due 04/15/22 (b)		4,833,000		4,736,340
	9,860,000	Toys R Us Property Company II 8.50% due 12/01/17		10,014,230		9,909,300
	7,650,000	United Rentals North America, Inc. 7.375% due 05/15/20		7,953,950		8,338,500
	200,000	United Rentals North America, Inc. 7.625% due 04/15/22		200,000		224,000
Total U.S. Corporate Bonds				589,963,414		591,644,367
International Convertible Bond — 0.17%
Mauritius — 0.17%
	2,000,000 USD	Golden Agri-Resources Limited 2.50% due 10/04/17 (d)(e)(f)		1,878,452		1,950,000
International Corporate Bonds — 23.74%
Australia — 1.98%
	9,425,000 USD	Ausdrill Finance PTY Limited 6.875% due 11/01/19 (b)(e)		9,351,830		8,129,063
	14,343,000 USD	Nufarm Australia Limited 6.375% due 10/15/19 (b)		14,710,495		14,468,501
				24,062,325		22,597,564
Bermuda — 3.25%
	1,707,000 USD	Aircastle Limited 4.625% due 12/15/18		1,707,000		1,736,872
	3,000,000 USD	Aircastle Limited 6.25% due 12/01/19		3,209,256		3,210,000
	5,825,000 USD	Aircastle Limited 7.625% due 04/15/20		6,004,974		6,582,250
	10,077,000 USD	Santa Maria Offshore Limited 8.875% due 07/03/18 (e)(f)		10,186,453		10,379,310
	13,928,000 USD	Viking Cruises Limited 8.50% due 10/15/22 (b)		14,804,027		15,146,700
				35,911,710		37,055,132
Canada — 6.26%
	11,821,000 USD	Jupiter Resources, Inc. 8.50% due 10/01/22 (b)		11,333,353		10,491,137
	8,271,000 USD	Lightstream Resources Limited 8.625% due 02/01/20 (b)		8,111,909		7,650,675

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Corporate Bonds — 23.74% (continued)
Canada — 6.26% (continued)
	9,528,000 USD	MEG Energy Corporation 7.00% due 03/31/24 (b)	$	9,685,011	$	9,599,460
	9,651,000 USD	Mood Media Corporation 9.25% due 10/15/20 (b)		10,022,960		8,010,330
	5,730,000 USD	New Gold, Inc. 6.25% due 11/15/22 (b)		5,594,252		5,629,725
	4,974,000 USD	New Gold, Inc. 7.00% due 04/15/20 (b)		5,045,714		5,073,480
	5,186,000 USD	Northern Blizzard Resources, Inc. 7.25% due 02/01/22 (b)		5,188,680		4,952,630
	6,056,000 USD	Precision Drilling Corporation 6.50% due 12/15/21		6,270,221		6,237,680
	2,550,000 USD	Thompson Creek Metals Company, Inc. 7.375% due 06/01/18		2,321,668		2,358,750
	8,719,000 USD	Thompson Creek Metals Company, Inc. 9.75% due 12/01/17		9,070,598		9,351,128
	2,000,000 USD	Thompson Creek Metals Company, Inc. 12.50% due 05/01/19		2,011,708		2,120,000
				74,656,074		71,474,995
Cayman Islands — 0.68%
	2,000,000 USD	Offshore Group Investment Limited 7.125% due 04/01/23		2,046,246		1,660,000
	7,146,000 USD	Offshore Group Investment Limited 7.50% due 11/01/19		7,346,738		6,127,695
				9,392,984		7,787,695
France — 1.80%
	9,277,000 USD	Numericable Group SA 6.00% due 05/15/22 (b)		9,401,835		9,497,329
	1,031,000 USD	Numericable Group SA 6.25% due 05/15/24 (b)		1,031,000		1,061,930
	4,900,000 USD	Rexel SA 5.25% due 06/15/20 (b)		4,869,598		4,961,250
	4,805,000 USD	Rexel SA 6.125% due 12/15/19 (b)		4,841,259		4,985,187
				20,143,692		20,505,696
Hong Kong — 0.89%
	10,146,517 USD	Neptuno Finance Limited 9.75% due 11/07/19 (b)(e)(f)(g)(h)		10,146,517		10,108,468

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Corporate Bonds — 23.74% (continued)
Israel — 0.75%
	7,999,000 USD	B Communications Limited 7.375% due 02/15/21 (b)	$	8,281,886	$	8,559,730
Luxembourg — 0.31%
	3,026,000 USD	Altice Finco SA 9.875% due 12/15/20 (b)		3,415,580		3,389,120
	150,000 EUR	Altice SA 7.25% due 05/15/22 (b)		207,247		194,787
				3,622,827		3,583,907
Netherlands — 1.16%
	2,083,000 USD	Schaeffler Holding Finance BV 6.875% due 08/15/18 (b)(c)		2,155,180		2,192,358
	10,529,000 USD	VTR Finance BV 6.875% due 01/15/24 (b)		10,781,951		11,081,772
				12,937,131		13,274,130
Norway — 0.54%
	6,105,000 USD	Eksportfinans ASA 2.00% due 09/15/15		5,923,120		6,118,675
South Africa — 0.87%
	9,202,000 USD	AngloGold Ashanti Holdings PLC 8.50% due 07/30/20		9,234,371		9,926,657
Sweden — 3.12%
	10,280,000 USD	Perstorp Holding AB 8.75% due 05/15/17 (b)		10,448,857		10,485,600
	1,750,000 EUR	Perstorp Holding AB 9.00% due 05/15/17 (b)		2,355,261		2,258,891
	1,000,000 EUR	Perstorp Holding AB 9.00% due 05/15/17 (f)		1,322,222		1,290,795
	12,930,000 USD	Stena AB 7.00% due 02/01/24 (b)		13,055,847		12,930,000
	6,304,000 EUR	TVN Finance Corporation III AB 7.375% due 12/15/20 (b)		8,662,050		8,689,844
				35,844,237		35,655,130
United Kingdom — 2.13%
	7,462,000 USD	EnQuest PLC 7.00% due 04/15/22 (b)		7,521,430		6,715,800
	4,400,000 USD	Ineos Finance PLC 8.375% due 02/15/19 (b)		4,524,915		4,735,500

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
International Corporate Bonds — 23.74% (continued)
United Kingdom — 2.13% (continued)
	790,000 USD	Jaguar Land Rover PLC 5.625% due 02/01/23 (b)	$	790,000	$	824,562
	5,550,000 USD	Jaguar Land Rover PLC 8.125% due 05/15/21 (b)		5,687,382		6,132,750
	5,685,000 USD	Virgin Media Secured Finance PLC 5.50% due 01/15/25 (b)		5,692,752		5,883,975
				24,216,479		24,292,587
Total International Corporate Bonds				274,373,353		270,940,366
Total Bonds				868,150,117		866,574,208
Term Loans — 18.37%
Switzerland — 0.85%
	9,790,327 USD	Virtuoso US LLC 4.75% due 02/11/21		9,841,618		9,737,312
United States — 17.52%
	1,488,770 USD	Ameriforge Group, Inc., First Lien Term Loan 5.00% due 12/19/19		1,482,675		1,481,951
	6,470,000 USD	Ameriforge Group, Inc., Second Lien Term Loan 8.75% due 12/18/20		6,583,342		6,470,000
	11,264,149 USD	Atkins Nutritionals, Inc., First Lien Term Loan 6.25% due 01/02/19 (e)		11,215,097		11,235,989
	1,528,000 USD	Atkins Nutritionals, Inc., Second Lien Term Loan 9.75% due 04/03/19 (e)		1,503,745		1,550,920
	3,904,305 USD	BJ's Wholesale Club, Inc., First Lien Term Loan 4.50% due 09/26/19		3,874,885		3,872,232
	3,930,000 USD	BJ's Wholesale Club, Inc., Second Lien Term Loan 8.50% due 03/26/20		3,912,588		3,941,476
	9,572,000 USD	Cactus Wellhead LLC 7.00% due 07/31/20 (e)		9,386,300		9,380,560
	10,402,000 USD	Caelus Energy Alaska O3 LLC, Second Lien Term Loan 8.75% due 04/15/21 (e)		10,204,978		10,167,955
	11,415,938 USD	Caraustar Industry, Inc. 7.50% due 05/01/19		11,513,952		11,508,693

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
Term Loans — 18.37% (continued)
United States — 17.52% (continued)
	7,343,000 USD	CBAC Borrower LLC, Term Loan B 8.25% due 07/02/20 (e)	$	7,521,946	$	7,434,788
	2,500,000 USD	Citgo Petroleum Corporation, Term Loan B 4.50% due 07/29/21		2,495,803		2,503,125
	8,366,311 USD	Fortescue Metals Group Term Loan B 3.75% due 06/30/19		8,329,189		8,179,031
	12,982,037 USD	Hostess Brands, Inc. 6.75% due 04/09/20		13,201,062		13,249,856
	13,955,481 USD	JC Penney Corporation, Inc. 6.00% due 05/22/18		14,030,779		13,804,343
	1,296,000 USD	Jonah Energy LLC, Second Lien Term Loan 7.50% due 05/12/21 (e)		1,277,508		1,257,120
	5,225,000 USD	New Albertson's, Inc. 4.75% due 06/27/21		5,236,766		5,172,776
	1,824,428 USD	OSG Bulk Ships, Inc, Exit Term Loan 5.25% due 08/05/19		1,806,820		1,815,305
	5,637,000 USD	Osum Productions Corporation 6.50% due 07/28/20 (e)		5,555,029		5,637,000
	9,189,820 USD	Payless, Inc., First Lien Term Loan 5.00% due 03/11/21		9,156,243		8,906,498
	1,202,000 USD	Payless, Inc., Second Lien Term Loan 8.50% due 03/11/22		1,190,612		1,148,661
	10,037,000 USD	Red Lobster Management LLC, Term Loan B 6.25% due 07/28/21		9,924,803		10,049,546
	6,242,940 USD	ROC Finance 5.00% due 06/20/19		6,038,977		5,997,124
	16,874,105 USD	Roundy's Supermarkets, Inc., Term Loan B 5.75% due 03/03/21		16,886,228		15,144,510
	2,289,262 USD	Stater Bros. Markets, Term Loan B 4.75% due 05/12/21		2,278,362		2,272,104
	10,494,497 USD	True Religion Apparel, Inc., First Lien Term Loan 5.875-7.125% due 07/30/19 (e)		10,026,308		9,651,684
	11,143,440 USD	Water Pik Technologies, Inc., First Lien Term Loan 5.75% due 07/08/20 (e)		10,964,059		11,101,708

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2014

Principal		Description	Cost (Note 1)		Value (Note 1)
Term Loans — 18.37% (continued)
United States — 17.52% (continued)
	6,882,115 USD	Wilton Brands LLC 7.50% due 08/30/18	$	6,808,803	$	6,503,599
	10,399,000 USD	Zebra Technologies Corporation, Term Loan B due 09/30/21 (i)		10,362,607		10,488,899
				202,769,466		199,927,453
Total Term Loans				212,611,084		209,664,765
International Commercial Paper — 5.27%
Italy — 1.32%
	15,012,000 USD	Eni S.p.A. 0.19% due 11/03/14		15,011,842		15,011,842
Japan — 3.95%
	24,032,000 USD	Hitachi Limited 0.21% due 11/03/14		24,031,719		24,031,719
	21,095,000 USD	Hitachi Limited 0.24% due 11/03/14		21,094,719		21,094,719
Total International Commercial Paper				60,138,280		60,138,280
Total Investments — 99.58%			$	1,140,899,481		1,136,377,253
Other Assets in Excess of Liabilities — 0.42%						4,812,220
Net Assets — 100.00%					$	1,141,189,473

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

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

(c)  Payment-in-kind security.

(d)  This security is convertible until September 27, 2017.

(e)  Security is deemed illiquid. At October 31, 2014, the value of these securities amounted to $97,984,565 or 8.59% of net assets.

(f)  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.

(g)  When-Issued security.

(h)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $10,108,468 or 0.89% of net assets.

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

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2014

At October 31, 2014, aggregate cost for federal income tax purposes was $1,140,901,375 Net unrealized depreciation consisted of:

Gross unrealized appreciation	$	17,365,208
Gross unrealized depreciation		(21,889,330	)
Net unrealized depreciation	$	(4,524,122	)

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 October 31, 2014		Unrealized Appreciation At October 31, 2014		Unrealized Depreciation At October 31, 2014
11/03/14		2,385,395	Euro	$	2,986,181	$	2,989,258	$	—	$	(3,077	)
12/17/14		17,297,000	Euro		23,364,315		21,681,715		1,682,600		—
				$	26,350,496	$	24,670,973	$	1,682,600	$	(3,077	)

Foreign Currency Exchange Contracts — Purchases

Settlement Dates Through	Foreign Currency To be Received			U.S. $ To be Delivered		U.S. $ Value At October 31, 2014		Unrealized Appreciation At October 31, 2014		Unrealized Depreciation At October 31, 2014
11/03/14		2,385,395	Euro	$	2,985,370	$	2,989,258	$	3,888	$	—
12/17/14		7,531,000	Euro		9,793,101		9,440,076		—		(353,025	)
				$	12,778,471	$	12,429,334	$	3,888	$	(353,025	)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
U.S. Convertible Bond Industrials		0.18	%
Total U.S. Convertible Bond		0.18
U.S. Corporate Bonds Consumer Discretionary		13.09
Consumer Staples		5.24
Energy		9.84
Financials		4.42
Health Care		0.18
Industrials		7.43
Materials		2.87
Telecommunication Services		8.78
Total U.S. Corporate Bonds		51.85

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2014

Industry Diversification for Portfolio Holdings (continued)	Percent of Net Assets
International Convertible Bond Consumer Staples		0.17	%
Total International Convertible Bond		0.17
International Corporate Bonds Consumer Discretionary		3.02
Energy		5.59
Financials		2.26
Industrials		0.88
Information Technology		0.92
Materials		5.93
Telecommunication Services		4.01
Utilities		1.13
Total International Corporate Bonds		23.74
Term Loans		18.37
Commercial Paper International Commercial Paper		5.27
Total Investments		99.58	%

See Notes to Financial Statements.

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First Eagle Fund of America

Fund Overview

Data as of October 31, 2014 (unaudited)

Investment Objective

The First Eagle Fund of America is a non-diversified U.S. equity fund that seeks capital appreciation by investing primarily in U.S. stocks and to a lesser extent in debt and foreign equity securities. The Fund has a unique event-driven bias that focuses on identifying companies poised to benefit from change that the market has not yet recognized.

Average Annual Returns (%)		One-Year		Five-Years		Ten-Years
First Eagle Fund of America	Class Y		12.91		17.17		10.19
Standard & Poor's 500 Index			17.27		16.69		8.20

Asset Allocation* (%)

Sector/Industry** (%)

Information Technology	22.93
Materials	20.61
Health Care	15.03
Consumer Discretionary	14.78
Industrials	12.66
Energy	7.65

*  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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First Eagle Fund of America | Fund Overview

Growth of a $10,000 Initial Investment

Performance data quoted herein represents past performance and should not be considered indicative of future results. Performance data quoted herein does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

The Fund's average annual returns shown above are historical and reflect changes in share price, reinvested dividends and is net of expenses.

The Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market.

Top 10 Holdings* (%)

Hewlett-Packard Company (technology software, solutions and services provider)	5.56
Seagate Technology PLC (hard disk drive manufacturer)	5.41
Sealed Air Corporation (containers & packaging company)	4.79
Pitney Bowes, Inc. (mail processing equipment and solutions provider)	4.78
Eastman Chemical Company (chemicals company)	4.77
Wyndham Worldwide Corporation (hotel and resorts)	4.51
Valeant Pharmaceuticals International, Inc. (pharmaceuticals company)	4.28
SanDisk Corporation (electronic components)	4.22
LyondellBasell Industries NV, Class 'A' (specialty chemicals company)	4.02
WR Grace & Company (specialty chemicals company)	3.98
Total	46.32

*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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127

First Eagle Fund of America | Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 95.77%
U.S. Common Stocks — 91.75%
Consumer Discretionary — 15.15%
	1,889,570	Wyndham Worldwide Corporation (a)	$	63,229,332	$	146,762,902
	2,170,540	Lowe's Companies, Inc. (a)		97,341,372		124,154,888
	1,326,710	Viacom, Inc., Class 'B' (a)		76,538,675		96,425,283
	144,150	AutoZone, Inc. (a)(b)		63,631,406		79,789,908
	347,480	United Therapeutics Corporation (a)(b)		43,416,609		45,509,455
				344,157,394		492,642,436
Energy — 7.84%
	1,417,660	Occidental Petroleum Corporation (a)		128,091,546		126,072,504
	1,246,480	Phillips 66 (a)		103,832,487		97,848,680
	348,580	SemGroup Corporation, Class 'A' (a)		27,643,064		26,753,515
	50,000	Dresser-Rand Group, Inc. (a)(b)		3,020,099		4,085,000
				262,587,196		254,759,699
Health Care — 15.19%
	1,046,902	Valeant Pharmaceuticals International, Inc. (a)(b)		31,147,594		139,279,842
	1,970,540	Teva Pharmaceutical Industries Limited, ADR (a)		105,193,266		111,276,394
	401,095	Actavis PLC (a)(b)		66,971,653		97,361,800
	844,500	Omnicare, Inc. (a)		20,665,173		56,235,255
	3,990,480	Halozyme Therapeutics, Inc. (a)(b)		41,415,396		38,388,418
	1,593,620	Theravance, Inc.		50,596,563		25,529,792
	790,364	Intrexon Corporation (a)(b)		17,625,945		17,640,925
	455,330	Theravance Biopharma, Inc. (b)		9,486,801		8,332,539
				343,102,391		494,044,965
Industrials — 12.97%
	6,280,045	Pitney Bowes, Inc. (a)		108,211,995		155,368,314
	1,723,687	Avis Budget Group, Inc. (a)(b)		42,599,018		96,095,550
	6,057,486	Graphic Packaging Holding Company (b)		72,770,931		73,477,305
	2,360,050	Hertz Global Holdings, Inc. (a)(b)		63,615,722		51,732,296
	291,150	Visteon Corporation (a)(b)		28,470,484		27,338,985
	151,300	Alliant Techsystems, Inc. (a)		19,922,938		17,696,048
				335,591,088		421,708,498

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First Eagle Fund of America | Schedule of Investments | Year Ended October 31, 2014

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 91.75% (continued)
Information Technology — 23.50%
	5,040,000	Hewlett-Packard Company (a)	$	108,005,173	$	180,835,200
	2,799,820	Seagate Technology PLC (a)		78,784,982		175,912,690
	1,457,100	SanDisk Corporation (a)		107,536,815		137,171,394
	2,291,290	AOL, Inc. (a)(b)		64,142,964		99,739,854
	2,113,520	Lexmark International, Inc., Class 'A' (a)		81,834,580		91,219,523
	1,226,930	Motorola Solutions, Inc. (a)		64,145,674		79,136,985
				504,450,188		764,015,646
Materials — 17.10%
	4,299,805	Sealed Air Corporation (a)		123,104,880		155,867,931
	1,919,400	Eastman Chemical Company (a)		68,087,316		155,049,132
	1,367,750	WR Grace & Company (a)(b)		87,144,765		129,389,150
	851,050	Valspar Corporation (a)		22,407,329		69,922,268
	1,217,308	Masco Corporation		28,010,698		26,865,988
	245,100	Rockwood Holdings, Inc. (a)		16,491,930		18,850,641
				345,246,918		555,945,110
Total U.S. Common Stocks				2,135,135,175		2,983,116,354
International Common Stock — 4.02%
Netherlands — 4.02%
	1,428,100	LyondellBasell Industries NV, Class 'A' (a)		105,746,234		130,856,803
Total Common Stocks				2,240,881,409		3,113,973,157
Investment Company — 6.50%
	211,310,956	State Street Institutional U.S. Government Money Market Fund, Institutional Class		211,310,956		211,310,956
Principal
Bond — 0.21%
U.S. Convertible Bond — 0.21%
$	2,730,000	Omnicare, Inc. 3.75% due 12/15/25 (c)		2,730,000		6,918,844
Total Investment Portfolio Excluding Options Written — 102.48% (Cost: $2,454,922,365)					$	3,332,202,957

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First Eagle Fund of America | Schedule of Investments | Year Ended October 31, 2014

Contracts		Description	Strike Price		Expiration Date	Value (Note 1)
Covered Call Options Written — (1.22)%
	75	Actavis PLC	$	230.00	December 2014	$	(147,375	)
	1,057	Actavis PLC		245.00	January 2015		(1,268,400	)
	66	Actavis PLC		250.00	December 2014		(51,480	)
	65	Actavis PLC		255.00	December 2014		(42,445	)
	259	Alliant Techsystems, Inc.		125.00	November 2014		(12,950	)
	381	Alliant Techsystems, Inc.		135.00	November 2014		(19,050	)
	115	Alliant Techsystems, Inc.		140.00	November 2014		(2,875	)
	46	AOL, Inc.		43.00	January 2015		(13,915	)
	612	AOL, Inc.		44.00	January 2015		(162,180	)
	42	AutoZone, Inc.		520.00	December 2014		(155,820	)
	144	AutoZone, Inc.		540.00	December 2014		(321,120	)
	1,000	Avis Budget Group, Inc.		49.00	November 2014		(745,000	)
	5,135	Avis Budget Group, Inc.		50.00	January 2015		(3,953,950	)
	4,221	Avis Budget Group, Inc.		52.50	January 2015		(2,469,285	)
	1,783	Avis Budget Group, Inc.		55.00	November 2014		(490,325	)
	3,000	Avis Budget Group, Inc.		55.00	January 2015		(1,320,000	)
	1,000	Avis Budget Group, Inc.		57.50	January 2015		(320,000	)
	500	Dresser-Rand Group, Inc.		80.00	December 2014		(80,000	)
	200	Eastman Chemical Company		75.00	November 2014		(122,000	)
	1,390	Eastman Chemical Company		77.50	December 2014		(430,900	)
	45	Eastman Chemical Company		80.00	December 2014		(13,725	)
	1,052	Eastman Chemical Company		80.00	January 2015		(383,980	)
	3,613	Halozyme Therapeutics, Inc.		9.00	December 2014		(433,560	)
	15,371	Halozyme Therapeutics, Inc.		10.00	December 2014		(922,260	)
	1,668	Halozyme Therapeutics, Inc.		10.00	January 2015		(166,800	)
	70	Hertz Global Holdings, Inc.		22.00	December 2014		(11,900	)
	6,091	Hertz Global Holdings, Inc.		31.00	December 2014		(30,455	)
	3,276	Hertz Global Holdings, Inc.		32.00	December 2014		(16,380	)
	317	Hewlett-Packard Company		34.00	January 2015		(82,420	)
	3,083	Hewlett-Packard Company		35.00	January 2015		(610,434	)
	445	Hewlett-Packard Company		36.00	December 2014		(54,290	)
	906	Hewlett-Packard Company		36.00	January 2015		(134,994	)
	878	Hewlett-Packard Company		37.00	December 2014		(71,996	)
	3,399	Hewlett-Packard Company		37.00	January 2015		(353,496	)

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First Eagle Fund of America | Schedule of Investments | Year Ended October 31, 2014

Contracts		Description	Strike Price		Expiration Date	Value (Note 1)
Covered Call Options Written — (1.22)% (continued)
	748	Intrexon Corporation	$	20.00	January 2015	$	(287,980	)
	379	Lexmark International, Inc., Class 'A'		41.00	January 2015		(100,435	)
	1,502	Lexmark International, Inc., Class 'A'		42.00	December 2014		(326,685	)
	447	Lexmark International, Inc., Class 'A'		42.00	January 2015		(91,635	)
	1,474	Lexmark International, Inc., Class 'A'		43.00	December 2014		(209,308	)
	1,128	Lexmark International, Inc., Class 'A'		43.00	January 2015		(191,760	)
	1,431	Lowe's Companies, Inc.		52.50	January 2015		(758,430	)
	1,175	Lowe's Companies, Inc.		55.00	January 2015		(405,375	)
	2,480	LyondellBasell Industries NV, Class 'A'		85.00	November 2014		(1,488,000	)
	1,000	LyondellBasell Industries NV, Class 'A'		85.00	December 2014		(750,000	)
	180	LyondellBasell Industries NV, Class 'A'		87.50	December 2014		(106,200	)
	954	LyondellBasell Industries NV, Class 'A'		90.00	November 2014		(317,682	)
	1,354	LyondellBasell Industries NV, Class 'A'		90.00	December 2014		(528,060	)
	177	LyondellBasell Industries NV, Class 'A'		90.00	January 2015		(93,810	)
	663	LyondellBasell Industries NV, Class 'A'		95.00	December 2014		(132,600	)
	326	LyondellBasell Industries NV, Class 'A'		95.00	January 2015		(91,280	)
	339	LyondellBasell Industries NV, Class 'A'		105.00	January 2015		(23,730	)
	22	Motorola Solutions, Inc.		65.00	November 2014		(4,708	)
	1,418	Occidental Petroleum Corporation		82.50	November 2014		(939,425	)
	4,253	Occidental Petroleum Corporation		85.00	November 2014		(1,552,345	)
	1,276	Occidental Petroleum Corporation		87.50	November 2014		(344,520	)
	176	Occidental Petroleum Corporation		95.00	January 2015		(19,360	)

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First Eagle Fund of America | Schedule of Investments | Year Ended October 31, 2014

Contracts		Description	Strike Price		Expiration Date	Value (Note 1)
Covered Call Options Written — (1.22)% (continued)
	423	Omnicare, Inc.	$	65.00	December 2014	$	(120,555	)
	165	Phillips 66		72.50	November 2014		(99,000	)
	193	Phillips 66		75.00	November 2014		(79,130	)
	206	Phillips 66		77.50	December 2014		(56,650	)
	1,567	Phillips 66		77.50	January 2015		(564,120	)
	3,753	Phillips 66		80.00	January 2015		(900,720	)
	2,524	Pitney Bowes, Inc.		24.00	November 2014		(227,160	)
	3,254	Pitney Bowes, Inc.		24.00	December 2014		(357,940	)
	718	Pitney Bowes, Inc.		24.00	January 2015		(94,776	)
	1,323	Pitney Bowes, Inc.		25.00	December 2014		(79,380	)
	1,289	Pitney Bowes, Inc.		25.00	January 2015		(96,675	)
	920	Pitney Bowes, Inc.		26.00	January 2015		(41,400	)
	2,451	Rockwood Holdings, Inc.		77.50	November 2014		(447,308	)
	555	SanDisk Corporation		85.00	January 2015		(594,405	)
	176	SanDisk Corporation		87.50	January 2015		(157,696	)
	705	SanDisk Corporation		90.00	December 2014		(440,625	)
	356	SanDisk Corporation		92.50	January 2015		(202,920	)
	707	SanDisk Corporation		95.00	January 2015		(300,475	)
	283	Seagate Technology PLC		52.50	November 2014		(283,000	)
	283	Seagate Technology PLC		55.00	November 2014		(211,967	)
	331	Seagate Technology PLC		55.00	December 2014		(250,567	)
	277	Seagate Technology PLC		57.50	December 2014		(152,350	)
	476	Sealed Air Corporation		33.00	January 2015		(171,360	)
	981	Sealed Air Corporation		34.00	January 2015		(294,300	)
	458	Sealed Air Corporation		35.00	December 2014		(90,455	)
	463	Sealed Air Corporation		35.00	January 2015		(103,017	)
	459	Sealed Air Corporation		36.00	January 2015		(76,882	)
	942	Sealed Air Corporation		37.00	January 2015		(108,330	)
	1,942	SemGroup Corporation, Class 'A'		90.00	December 2014		(194,200	)
	1,172	Teva Pharmaceutical Industries Limited		55.00	December 2014		(309,408	)
	5,463	Teva Pharmaceutical Industries Limited		55.00	January 2015		(1,693,530	)
	569	Teva Pharmaceutical Industries Limited		57.50	December 2014		(74,539	)

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First Eagle Fund of America | Schedule of Investments | Year Ended October 31, 2014

Contracts		Description	Strike Price		Expiration Date	Value (Note 1)
Covered Call Options Written — (1.22)% (continued)
	2,607	Teva Pharmaceutical Industries Limited	$	57.50	January 2015	$	(482,295	)
	244	United Therapeutics Corporation		125.00	November 2014		(224,480	)
	903	United Therapeutics Corporation		130.00	November 2014		(568,890	)
	365	United Therapeutics Corporation		130.00	January 2015		(412,450	)
	378	United Therapeutics Corporation		135.00	November 2014		(189,000	)
	123	United Therapeutics Corporation		135.00	December 2014		(73,800	)
	122	United Therapeutics Corporation		135.00	January 2015		(108,580	)
	446	Valeant Pharmaceuticals International, Inc.		115.00	January 2015		(1,030,260	)
	443	Valeant Pharmaceuticals International, Inc.		120.00	January 2015		(854,990	)
	355	Valeant Pharmaceuticals International, Inc.		130.00	January 2015		(482,800	)
	121	Valeant Pharmaceuticals International, Inc.		135.00	January 2015		(122,210	)
	212	Valspar Corporation		80.00	November 2014		(65,190	)
	574	Valspar Corporation		80.00	January 2015		(226,730	)
	157	Viacom, Inc., Class 'B'		75.00	December 2014		(24,335	)
	1,233	Visteon Corporation		105.00	December 2014		(129,465	)
	260	WR Grace & Company		92.50	December 2014		(98,800	)
	212	WR Grace & Company		95.00	December 2014		(51,940	)
	945	Wyndham Worldwide Corporation		75.00	November 2014		(330,750	)
	3,295	Wyndham Worldwide Corporation		77.50	November 2014		(517,316	)
	2,000	Wyndham Worldwide Corporation		77.50	January 2015		(614,000	)
Total Covered Call Options Written (Premiums Received: $33,572,744)							(39,662,209	)
Total Investments — 101.26% (Cost: $2,421,349,621)							3,292,540,748
Liabilities in Excess of Other Assets — (1.26)%							(41,104,757	)
Net Assets — 100.00%						$	3,251,435,991

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First Eagle Fund of America | Schedule of Investments | Year Ended October 31, 2014

(a)  At October 31, 2014, all or a portion of this security was segregated to cover collateral requirement for options.

(b)  Non-income producing security/commodity.

(c)  This security is convertible until December 15, 2025.

At October 31, 2014, aggregate cost for federal income tax purposes was $2,439,572,664. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	919,572,048
Gross unrealized depreciation		(66,603,964	)
Net unrealized appreciation	$	852,968,084

Abbreviations used in this schedule include:

ADR  — American Depository Receipt

PLC  — Public Limited Company

Industry Diversification for Portfolio Holdings	Percent of Net Assets
U.S. Common Stocks Consumer Discretionary		15.15	%
Energy		7.84
Health Care		15.19
Industrials		12.97
Information Technology		23.50
Materials		17.10
Total U.S. Common Stocks		91.75
International Common Stock Materials		4.02
Investment Company		6.50
U.S. Convertible Bond Health Care		0.21
Total U.S. Convertible Bond		0.21
Covered Call Options Written		(1.22	)
Total Investments		101.26	%

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	$	36,197,708,781		$	11,124,978,190
Affiliated issuers		2,444,418,317			340,002,213
Gold bullion		2,036,115,803			448,772,610
Silver bullion		—			—
Foreign currency		131			2,132,468
Total Investments, at Cost		40,678,243,032			11,915,885,481
Investments, at Value (Note 1)
Unaffiliated issuers		44,731,379,571			13,173,430,569
Affiliated issuers		3,013,537,251			520,863,132
Gold bullion		2,418,179,723			692,811,472
Silver bullion		—			—
Foreign currency		131			2,132,252
Total Investments, at Value		50,163,096,676			14,389,237,425
Cash		33,723			31,159
Receivable for forward currency contracts held, at value (Note 1)		193,633,407			104,627,771
Receivable for investment securities sold		118,224,187			41,477,558
Receivable for Fund shares sold		71,169,319			23,719,964
Accrued interest and dividends receivable		90,035,586			43,615,740
Investment for trustee deferred compensation plan (Note 2)		2,438,577			2,052,708
Other assets		134,398			55,823
Total Assets		50,638,765,873			14,604,818,148
Liabilities
Option contracts written, at value (premiums received $2,422,323, $0, $269,147 and $0, respectively) (Note 1)		1,579,500			—
Payable for Fund shares redeemed		63,528,594			22,809,178
Payable for investment securities purchased		32,438,952			16,753,167
Payable for forward currency contracts held, at value (Note 1)		2,332,362			1,027,404
Investment advisory fees payable (Note 2)		31,622,623			9,155,551
Distribution fees payable (Note 3)		11,433,658			1,666,128
Services fees payable (Note 3)		2,576,063			228,854
Trustee deferred compensation plan (Note 2)		2,438,577			2,052,708
Administrative fees payable (Note 2)		399,807			116,343
Due to custodian		—			—
Trustee fees payable		75,366			28,607
Accrued expenses and other liabilities		24,929,720			10,053,497
Total Liabilities		173,355,222			63,891,437
Net Assets	$	50,465,410,651		$	14,540,926,711
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	922,577		$	621,750
Capital surplus		39,109,059,819			11,894,264,623
Net unrealized appreciation (depreciation) on:
Investments (net of $12,003,493, $5,110,540, $0 and $0 deferred capital gain country tax, respectively)		9,472,850,151			2,468,241,620
Foreign currency and forward contract related translation		188,477,312			102,096,743
Written options		842,823			—
Undistributed net realized gains (losses) on investments		1,957,230,654			408,035,775
Undistributed net investment income (loss)		(263,972,685	)		(332,333,800	)
Net Assets	$	50,465,410,651		$	14,540,926,711

First Eagle Funds | Annual Report | October 31, 2014
136

Year Ended October 31, 2014

	First Eagle U.S. Value Fund*			First Eagle Gold Fund*
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	2,163,782,767		$	1,118,185,653
Affiliated issuers		76,612,158			—
Gold bullion		157,908,533			127,027,632
Silver bullion		—			35,595,409
Foreign currency		32			—
Total Investments, at Cost		2,398,303,490			1,280,808,694
Investments, at Value (Note 1)
Unaffiliated issuers		2,890,936,687			745,351,557
Affiliated issuers		82,715,620			—
Gold bullion		154,834,322			228,995,040
Silver bullion		—			29,093,459
Foreign currency		30			—
Total Investments, at Value		3,128,486,659			1,003,440,056
Cash		25,597			6,187
Receivable for forward currency contracts held, at value (Note 1)		—			—
Receivable for investment securities sold		5,767,154			8,021,529
Receivable for Fund shares sold		3,976,817			3,008,906
Accrued interest and dividends receivable		3,014,008			687,500
Investment for trustee deferred compensation plan (Note 2)		1,516,549			133,380
Other assets		28,585			23,809
Total Assets		3,142,815,369			1,015,321,367
Liabilities
Option contracts written, at value (premiums received $2,422,323, $0, $269,147 and $0, respectively) (Note 1)		175,500			—
Payable for Fund shares redeemed		3,646,677			6,132,818
Payable for investment securities purchased		—			—
Payable for forward currency contracts held, at value (Note 1)		—			—
Investment advisory fees payable (Note 2)		1,962,006			766,022
Distribution fees payable (Note 3)		698,571			245,527
Services fees payable (Note 3)		147,312			44,977
Trustee deferred compensation plan (Note 2)		1,516,549			133,380
Administrative fees payable (Note 2)		24,893			10,447
Due to custodian		—			7,344,447
Trustee fees payable		6,046			4,474
Accrued expenses and other liabilities		1,009,428			889,817
Total Liabilities		9,186,982			15,571,909
Net Assets	$	3,133,628,387		$	999,749,458
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	148,245		$	74,556
Capital surplus		2,213,969,292			1,604,957,744
Net unrealized appreciation (depreciation) on:
Investments (net of $12,003,493, $5,110,540, $0 and $0 deferred capital gain country tax, respectively)		730,183,171			(277,368,638	)
Foreign currency and forward contract related translation		(2	)		—
Written options		93,647			—
Undistributed net realized gains (losses) on investments		173,629,809			(260,236,422	)
Undistributed net investment income (loss)		15,604,225			(67,677,782	)
Net Assets	$	3,133,628,387		$	999,749,458

First Eagle Funds | Annual Report | October 31, 2014
137

Statements of Assets and Liabilities (continued)

	First Eagle Global Fund*			First Eagle Overseas Fund*
Class A
Net assets	$	17,734,528,800		$	4,644,161,362
Shares outstanding		323,022,030			200,333,981
Net asset value per share and redemption proceeds per share	$	54.90		$	23.18
Offering price per share (NAV per share plus maximum sales charge)**	$	57.79	(1)	$	24.40	(1)
Class C
Net assets	$	12,342,298,920		$	1,085,639,445
Shares outstanding		230,399,148			48,428,625
Net asset value per share	$	53.57		$	22.42
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(2)	$	53.03		$	22.20
Class I
Net assets	$	20,388,582,931		$	8,811,125,904
Shares outstanding		369,155,831			372,987,291
Net asset value per share and redemption proceeds per share	$	55.23		$	23.62

*  First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

**  A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

⁽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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138

Year Ended October 31, 2014

	First Eagle U.S. Value Fund*			First Eagle Gold Fund*
Class A
Net assets	$	1,228,878,444		$	448,012,589
Shares outstanding		58,242,809			33,300,816
Net asset value per share and redemption proceeds per share	$	21.10		$	13.45
Offering price per share (NAV per share plus maximum sales charge)**	$	22.21	(1)	$	14.16	(1)
Class C
Net assets	$	705,076,369		$	185,550,902
Shares outstanding		33,933,533			14,456,082
Net asset value per share	$	20.78		$	12.84
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(2)	$	20.57		$	12.71
Class I
Net assets	$	1,199,673,574		$	366,185,967
Shares outstanding		56,068,895			26,799,397
Net asset value per share and redemption proceeds per share	$	21.40		$	13.66

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139

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	$	1,290,958,948		$	1,140,899,481
Gold bullion		16,990,468			—
Foreign currency		281,156			1
Total Investments, at Cost		1,308,230,572			1,140,899,482
Investments, at Value (Note 1)
Unaffiliated issuers		1,293,224,252			1,136,377,253
Gold bullion		15,284,397			—
Foreign currency		280,929			1
Total Investments, at Value		1,308,789,578			1,136,377,254
Cash		114,173			—
Receivable for forward currency contracts held, at value (Note 1)		4,157,647			1,686,488
Receivable for investment securities sold		1,954,922			11,980,872
Receivable for premiums for written options		—			—
Receivable for Fund shares sold		7,746,707			5,284,429
Accrued interest and dividends receivable		9,258,007			17,769,708
Investment for trustee deferred compensation plan (Note 2)		144,415			168,908
Other assets		20,896			20,434
Total Assets		1,332,186,345			1,173,288,093
Liabilities
Option contracts written, at value (premiums received $0, $0 and $33,572,744, respectively) (Note 1)		—			—
Payable for Fund shares redeemed		1,755,002			6,097,715
Payable for investment securities purchased		17,558,054			22,150,972
Payable for forward currency contracts held, at value (Note 1)		135,724			356,102
Payable for dividends to shareholders		2,436,651			1,017,076
Investment advisory fees payable (Note 2)		856,541			674,433
Distribution fees payable (Note 3)		325,661			171,374
Services fees payable (Note 3)		78,081			39,078
Trustee deferred compensation plan (Note 2)		144,415			168,908
Administrative fees payable (Note 2)		53,965			9,176
Due to custodian		—			1,052,021
Trustee fees payable		1,852			2,005
Accrued expenses and other liabilities		462,450			359,760
Total Liabilities		23,808,396			32,098,620
Net Assets	$	1,308,377,949		$	1,141,189,473
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	114,830		$	114,596
Capital surplus		1,290,894,947			1,135,499,757
Net unrealized appreciation (depreciation) on:
Investments		559,233			(4,522,228	)
Foreign currency and forward contract related translation		3,960,720			1,293,036
Written options		—			—
Undistributed net realized gains on investments		13,161,576			7,979,720
Undistributed net investment income (loss)		(313,357	)		824,592
Net Assets	$	1,308,377,949		$	1,141,189,473

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140

Year Ended October 31, 2014

	First Eagle Fund of America
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	2,454,922,365
Gold bullion		—
Foreign currency		—
Total Investments, at Cost		2,454,922,365
Investments, at Value (Note 1)
Unaffiliated issuers		3,332,202,957
Gold bullion		—
Foreign currency		—
Total Investments, at Value		3,332,202,957
Cash		—
Receivable for forward currency contracts held, at value (Note 1)		—
Receivable for investment securities sold		—
Receivable for premiums for written options		1,920,827
Receivable for Fund shares sold		12,043,474
Accrued interest and dividends receivable		2,052,728
Investment for trustee deferred compensation plan (Note 2)		2,034,729
Other assets		25,380
Total Assets		3,350,280,095
Liabilities
Option contracts written, at value (premiums received $0, $0 and $33,572,744, respectively) (Note 1)		39,662,209
Payable for Fund shares redeemed		4,160,430
Payable for investment securities purchased		48,296,020
Payable for forward currency contracts held, at value (Note 1)		—
Payable for dividends to shareholders		—
Investment advisory fees payable (Note 2)		2,537,507
Distribution fees payable (Note 3)		735,167
Services fees payable (Note 3)		127,420
Trustee deferred compensation plan (Note 2)		2,034,729
Administrative fees payable (Note 2)		25,110
Due to custodian		266,338
Trustee fees payable		5,418
Accrued expenses and other liabilities		993,756
Total Liabilities		98,844,104
Net Assets	$	3,251,435,991
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	86,313
Capital surplus		2,164,053,982
Net unrealized appreciation (depreciation) on:
Investments		877,280,592
Foreign currency and forward contract related translation		—
Written options		(6,089,465	)
Undistributed net realized gains on investments		209,083,003
Undistributed net investment income (loss)		7,021,566
Net Assets	$	3,251,435,991

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141

Statements of Assets and Liabilities (continued)

	First Eagle Global Income Builder Fund			First Eagle High Yield Fund
Class A
Net assets	$	439,568,681		$	246,954,541
Shares outstanding		38,515,918			24,793,550
Net asset value per share and redemption proceeds per share	$	11.41		$	9.96
Offering price per share (NAV per share plus maximum sales charge)*	$	12.01	(1)	$	10.43	(2)
Class C
Net assets	$	379,187,852		$	184,458,856
Shares outstanding		33,312,986			18,539,316
Net asset value per share	$	11.38		$	9.95
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(3)	$	11.27		$	9.85
Class I
Net assets	$	489,621,416		$	709,776,076
Shares outstanding		43,001,215			71,263,479
Net asset value per share and redemption proceeds per share	$	11.39		$	9.96
Class Y
Net assets		—			—
Shares outstanding		—			—
Net asset value per share and redemption proceeds per share		—			—

*  A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

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

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

See Notes to Financial Statements.

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142

Year Ended October 31, 2014

	First Eagle Fund of America
Class A
Net assets	$	1,204,402,433
Shares outstanding		31,218,782
Net asset value per share and redemption proceeds per share	$	38.58
Offering price per share (NAV per share plus maximum sales charge)*	$	40.61	(1)
Class C
Net assets	$	631,696,002
Shares outstanding		19,151,446
Net asset value per share	$	32.98
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(3)	$	32.65
Class I
Net assets	$	887,506,699
Shares outstanding		22,528,796
Net asset value per share and redemption proceeds per share	$	39.39
Class Y
Net assets	$	527,830,857
Shares outstanding		13,414,125
Net asset value per share and redemption proceeds per share	$	39.35

First Eagle Funds | Annual Report | October 31, 2014
143

Statements of Operations

	First Eagle Global Fund*			First Eagle Overseas Fund*
Investment Income
Interest (net of $13, $10, $0 and $0 foreign taxes withheld, respectively)	$	23,628,943		$	15,440,676
Dividends from: (net of $54,254,743, $28,637,355, $1,002,810 and $780,667 foreign taxes withheld, respectively)
Unaffiliated issuers		713,274,136			235,229,014
Affiliated issuers		78,742,828			9,816,934
Other Income		60			91
Total Income		815,645,967			260,486,715
Expenses
Investment advisory fees (Note 2)		370,186,470			110,867,303
Administrative costs (Note 2)		4,272,027			1,305,494
Distribution fees (Note 3)
Class A		48,468,999			14,246,099
Class C		91,414,686			8,564,988
Class Y		—			—
Service fees - Class C (Note 3)		30,471,562			2,854,996
Shareholder servicing agent fees		38,782,601			14,171,320
Custodian and accounting fees		5,077,024			2,737,827
Professional fees		865,529			436,245
Shareholder reporting fees		3,373,035			1,583,002
Trustees' fees		904,615			289,113
Registration and filing fees		1,415,716			392,399
Other Expenses		649,478			244,997
Total Expenses		595,881,742			157,693,783
Expense reductions due to earnings credits (Note 1)		(3,053	)		(1,014	)
Net Expenses		595,878,689			157,692,769
Net Investment Income (Loss) (Note 1)		219,767,278			102,793,946
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		1,652,113,562			354,935,708
Investment transactions of affiliated issuers		130,029,116			(291,707	)
Commodity related transactions		—			—
Foreign currency and forward contract related transactions		139,149,321			65,956,200
Payment from affiliates		65,047			—
Written options		825,462			—
		1,922,182,508			420,600,201
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of decrease in deferred capital gain country tax accruals of $1,330,695, $618,578, $0 and $0, respectively)		(289,720,154	)		(506,517,311	)
Foreign currency and forward contract related translation		229,710,614			127,723,173
Written options		519,962			—
		(59,489,578	)		(378,794,138	)
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		1,862,692,930			41,806,063
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,082,460,208		$	144,600,009

* First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

See Notes to Financial Statements.

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144

Year Ended October 31, 2014

	First Eagle U.S. Value Fund*			First Eagle Gold Fund*
Investment Income
Interest (net of $13, $10, $0 and $0 foreign taxes withheld, respectively)	$	3,959,516		$	1,731,906
Dividends from: (net of $54,254,743, $28,637,355, $1,002,810 and $780,667 foreign taxes withheld, respectively)
Unaffiliated issuers		51,300,865			8,013,095
Affiliated issuers		1,043,989			—
Other Income		—			950
Total Income		56,304,370			9,745,951
Expenses
Investment advisory fees (Note 2)		23,996,074			10,066,417
Administrative costs (Note 2)		297,536			58,822
Distribution fees (Note 3)
Class A		3,463,224			1,615,297
Class C		5,431,570			1,821,105
Class Y		—			—
Service fees - Class C (Note 3)		1,810,523			607,035
Shareholder servicing agent fees		2,989,361			2,372,395
Custodian and accounting fees		261,846			360,409
Professional fees		166,120			194,510
Shareholder reporting fees		284,432			261,622
Trustees' fees		69,157			43,672
Registration and filing fees		158,139			154,055
Other Expenses		103,396			81,969
Total Expenses		39,031,378			17,637,308
Expense reductions due to earnings credits (Note 1)		(329	)		(300	)
Net Expenses		39,031,049			17,637,008
Net Investment Income (Loss) (Note 1)		17,273,321			(7,891,057	)
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		181,292,784			(210,066,125	)
Investment transactions of affiliated issuers		(828,375	)		—
Commodity related transactions		(1,687,476	)		53,030,180
Foreign currency and forward contract related transactions		(13,732	)		152,721
Payment from affiliates		3,562			—
Written options		233,563			—
		179,000,326			(156,883,224	)
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of decrease in deferred capital gain country tax accruals of $1,330,695, $618,578, $0 and $0, respectively)		74,059,691			(143,277,335	)
Foreign currency and forward contract related translation		(3	)		(180	)
Written options		40,470			—
		74,100,158			(143,277,515	)
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		253,100,484			(300,160,739	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	270,373,805		$	(308,051,796	)

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145

Statements of Operations (continued)

	First Eagle Global Income Builder Fund			First Eagle High Yield Fund
Investment Income
Interest	$	20,005,815		$	71,906,961
Dividends from: (net of $1,413,366, $0 and $16,426, foreign taxes withheld, respectively)
Unaffiliated issuers		18,498,828			—
Other Income		—			254,660
Total Income		38,504,643			72,161,621
Expenses
Investment advisory fees (Note 2)		6,662,682			8,065,680
Administrative costs/fees (Note 2)		444,179			99,809
Distribution fees (Note 3)
Class A		892,530			867,139
Class C		1,901,276			1,335,664
Class Y		—			—
Service fees - Class C (Note 3)		633,759			445,221
Shareholder servicing agent fees		547,853			766,174
Custodian and accounting fees		340,232			192,617
Professional fees		167,313			133,131
Shareholder reporting fees		91,291			103,508
Trustees' fees		16,582			22,361
Recoupment of previously reimbursed expenses		434,251			26,880
Registration and filing fees		322,489			174,406
Other Expenses		75,144			68,896
Total Expenses		12,529,581			12,301,486
Expense Waiver		—			(44,141	)
Expense reductions due to earnings credits (Note 1)		(66	)		(73	)
Net Expenses		12,529,515			12,257,272
Net Investment Income (Note 1)		25,975,128			59,904,349
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		13,607,999			11,733,257
Foreign currency and forward contract related transactions		594,082			(1,122,079	)
Payment from affiliates		9,348			—
Written options		—			—
		14,211,429			10,611,178
Changes in unrealized appreciation (depreciation) of:
Investment transactions		(30,828,281	)		(31,154,102	)
Foreign currency and forward contract related translation		4,755,176			2,048,362
Written options		—			—
		(26,073,105	)		(29,105,740	)
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		(11,861,676	)		(18,494,562	)
Net Increase in Net Assets Resulting from Operations	$	14,113,452		$	41,409,787

See Notes to Financial Statements.

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146

Year Ended October 31, 2014

	First Eagle Fund of America
Investment Income
Interest	$	102,375
Dividends from: (net of $1,413,366, $0 and $16,426, foreign taxes withheld, respectively)
Unaffiliated issuers		52,921,315
Other Income		—
Total Income		53,023,690
Expenses
Investment advisory fees (Note 2)		28,461,249
Administrative costs/fees (Note 2)		249,323
Distribution fees (Note 3)
Class A		2,968,299
Class C		4,189,440
Class Y		1,337,748
Service fees - Class C (Note 3)		1,396,480
Shareholder servicing agent fees		2,851,808
Custodian and accounting fees		186,795
Professional fees		216,027
Shareholder reporting fees		248,557
Trustees' fees		54,423
Recoupment of previously reimbursed expenses		—
Registration and filing fees		340,208
Other Expenses		88,668
Total Expenses		42,589,025
Expense Waiver		—
Expense reductions due to earnings credits (Note 1)		(274	)
Net Expenses		42,588,751
Net Investment Income (Note 1)		10,434,939
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		311,197,275
Foreign currency and forward contract related transactions		—
Payment from affiliates		23,916
Written options		(69,712,637	)
		241,508,554
Changes in unrealized appreciation (depreciation) of:
Investment transactions		65,806,194
Foreign currency and forward contract related translation		—
Written options		11,132,578
		76,938,772
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		318,447,326
Net Increase in Net Assets Resulting from Operations	$	328,882,265

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147

Statements of Changes in Net Assets

	First Eagle Global Fund*						First Eagle Overseas Fund*
	Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2014			Year Ended October 31, 2013
Operations
Net investment income (loss)	$	219,767,278		$	268,941,220		$	102,793,946		$	85,063,542
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		1,922,182,508			1,443,674,876			420,600,201			553,743,834
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		(59,489,578	)		4,457,513,585			(378,794,138	)		1,220,125,718
Net increase (decrease) in net assets resulting from operations		2,082,460,208			6,170,129,681			144,600,009			1,858,933,094
Distribution to Shareholders
Dividends paid from net investment income
Class A		(227,398,267	)		(163,784,329	)		(112,591,725	)		(59,747,911	)
Class C		(61,824,068	)		(31,090,001	)		(14,323,784	)		(5,650,460	)
Class I		(224,726,363	)		(144,298,326	)		(155,602,855	)		(73,001,519	)
Distributions paid from net realized gains from investment transactions
Class A		(615,281,136	)		(515,356,389	)		(232,225,033	)		(205,372,548	)
Class C		(381,040,149	)		(311,092,874	)		(45,536,166	)		(40,854,132	)
Class I		(508,789,469	)		(367,245,305	)		(285,819,836	)		(213,569,253	)
Decrease in net assets resulting from distributions		(2,019,059,452	)		(1,532,867,224	)		(846,099,399	)		(598,195,823	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		12,375,187,925			10,684,434,770			4,358,933,849			4,049,337,623
Net asset value of shares issued for reinvested dividends and distributions		1,598,705,920			1,212,645,609			715,496,649			505,565,817
Cost of shares redeemed		(9,572,509,685	)		(6,877,542,066	)		(4,242,187,741	)		(2,754,246,104	)
Redemption fees		—			210,543			—			10,692
Increase in net assets from Fund share transactions		4,401,384,160			5,019,748,856			832,242,757			1,800,668,028
Net increase in net assets		4,464,784,916			9,657,011,313			130,743,367			3,061,405,299
Net Assets (Note 1)
Beginning of period		46,000,625,735			36,343,614,422			14,410,183,344			11,348,778,045
End of period	$	50,465,410,651		$	46,000,625,735		$	14,540,926,711		$	14,410,183,344
Undistributed net investment income (loss)	$	(263,972,685	)	$	(51,355,308	)	$	(332,333,800	)	$	(201,385,958	)

*  First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

See Notes to Financial Statements.

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148

Year Ended October 31, 2014

	First Eagle U.S. Value Fund*						First Eagle Gold Fund*
	Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2014			Year Ended October 31, 2013
Operations
Net investment income (loss)	$	17,273,321		$	26,967,686		$	(7,891,057	)	$	(3,834,376	)
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		179,000,326			112,869,726			(156,883,224	)		(195,499,006	)
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		74,100,158			284,264,216			(143,277,515	)		(1,108,704,575	)
Net increase (decrease) in net assets resulting from operations		270,373,805			424,101,628			(308,051,796	)		(1,308,037,957	)
Distribution to Shareholders
Dividends paid from net investment income
Class A		(10,460,091	)		(9,725,999	)		—			(4,157,731	)
Class C		(143,705	)		(247,938	)		—			(417	)
Class I		(10,220,051	)		(8,637,463	)		—			(4,720,304	)
Distributions paid from net realized gains from investment transactions
Class A		(52,254,308	)		(32,729,995	)		—			—
Class C		(26,476,094	)		(14,995,424	)		—			—
Class I		(37,762,793	)		(21,670,124	)		—			—
Decrease in net assets resulting from distributions		(137,317,042	)		(88,006,943	)		—			(8,878,452	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		610,666,264			834,733,529			508,732,230			907,417,003
Net asset value of shares issued for reinvested dividends and distributions		108,163,213			71,620,315			—			5,750,551
Cost of shares redeemed		(1,003,791,714	)		(950,735,608	)		(757,212,365	)		(1,115,712,771	)
Redemption fees		—			—			215,458			267,192
Increase in net assets from Fund share transactions		(284,962,237	)		(44,381,764	)		(248,264,677	)		(202,278,025	)
Net increase in net assets		(151,905,474	)		291,712,921			(556,316,473	)		(1,519,194,434	)
Net Assets (Note 1)
Beginning of period		3,285,533,861			2,993,820,940			1,556,065,931			3,075,260,365
End of period	$	3,133,628,387		$	3,285,533,861		$	999,749,458		$	1,556,065,931
Undistributed net investment income (loss)	$	15,604,225		$	21,385,150		$	(67,677,782	)	$	(101,546,800	)

First Eagle Funds | Annual Report | October 31, 2014
149

Statements of Changes in Net Assets (continued)

	First Eagle Global Income Builder Fund						First Eagle High Yield Fund
	Year Ended October 31, 2014			Year Ended October 31, 2013			Year Ended October 31, 2014			Year Ended October 31, 2013
Operations
Net investment income	$	25,975,128		$	11,585,054		$	59,904,349		$	49,165,802
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		14,211,429			(709,160	)		10,611,178			(2,765,867	)
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		(26,073,105	)		28,562,197			(29,105,740	)		12,350,804
Net increase in net assets resulting from operations		14,113,452			39,438,091			41,409,787			58,750,739
Distribution to Shareholders
Dividends paid from net investment income
Class A		(11,526,646	)		(5,328,442	)		(17,910,020	)		(17,581,864	)
Class C		(6,172,738	)		(2,750,710	)		(7,873,832	)		(7,437,383	)
Class I		(9,327,639	)		(3,433,692	)		(34,118,150	)		(24,148,637	)
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		(27,027,023	)		(11,512,844	)		(59,902,002	)		(49,852,832	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		990,441,183			423,146,840			654,736,971			604,885,575
Net asset value of shares issued for reinvested dividends and distributions		19,704,051			7,172,309			43,147,832			36,664,728
Cost of shares redeemed		(196,867,028	)		(57,584,480	)		(553,615,431	)		(276,935,608	)
Redemption fees		—			—			—			—
Increase (decrease) in net assets from Fund share transactions		813,278,206			372,734,669			144,269,372			364,614,695
Net increase (decrease) in net assets		800,364,635			400,659,916			125,777,157			373,512,602
Net Assets (Note 1)
Beginning of period		508,013,314			107,353,398			1,015,412,316			641,899,714
End of period	$	1,308,377,949		$	508,013,314		$	1,141,189,473		$	1,015,412,316
Undistributed net investment income (loss)	$	(313,357	)	$	288,096		$	824,592		$	(85,145	)

See Notes to Financial Statements.

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150

Year Ended October 31, 2014

	First Eagle Fund of America
	Year Ended October 31, 2014			Year Ended October 31, 2013
Operations
Net investment income	$	10,434,939		$	4,287,910
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		241,508,554			54,012,239
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		76,938,772			454,484,935
Net increase in net assets resulting from operations		328,882,265			512,785,084
Distribution to Shareholders
Dividends paid from net investment income
Class A		(2,659,824	)		(239,973	)
Class C		—			—
Class I		(2,364,371	)		—
Class Y		(859,560	)		(211,957	)
Distributions paid from net realized gains from investment transactions
Class A		(15,778,835	)		—
Class C		(8,199,122	)		—
Class I		(7,391,919	)		—
Class Y		(7,355,578	)		—
Decrease in net assets resulting from distributions		(44,609,209	)		(451,930	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		1,049,314,608			1,131,507,230
Net asset value of shares issued for reinvested dividends and distributions		36,046,040			389,689
Cost of shares redeemed		(605,344,079	)		(768,152,320	)
Redemption fees		—			—
Increase (decrease) in net assets from Fund share transactions		480,016,569			363,744,599
Net increase (decrease) in net assets		764,289,625			876,077,753
Net Assets (Note 1)
Beginning of period		2,487,146,366			1,611,068,613
End of period	$	3,251,435,991		$	2,487,146,366
Undistributed net investment income (loss)	$	7,021,566		$	3,185,692

First Eagle Funds | Annual Report | October 31, 2014
151

First Eagle Global Fund

Financial Highlights

	Year Ended October 31,
	2014						2013
	Class A		Class C		Class I		Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each year is presented below:*
Net asset value, beginning of year ($)		54.92		53.67		55.23		49.24		48.16		49.50
Income (loss) from investment operations:
Net investment income (loss) ($)		0.30		-0.11		0.43		0.39		0.01		0.52
Net realized and unrealized gains (losses) on investments		2.12		2.08		2.13		7.41		7.27		7.45
Total income (loss) from investment operations		2.42		1.97		2.56		7.80		7.28		7.97
Less distributions:
Dividends from net investment income ($)		-0.66		-0.29		-0.78		-0.51		-0.16		-0.63
Distributions from capital gains		-1.78		-1.78		-1.78		-1.61		-1.61		-1.61
Total distributions		-2.44		-2.07		-2.56		-2.12		-1.77		-2.24
Net asset value, end of year ($)		54.90		53.57		55.23		54.92		53.67		55.23
Total return(a) (%)		4.64		3.85		4.90		16.47		15.63		16.78
Ratios and supplemental data
Net assets, end of year (millions) ($)		17,735		12,342		20,389		18,987		11,436		15,578
Ratio of operating expenses to average net assets including earnings credits (%)		1.11		1.86		0.86		1.13		1.87		0.88
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.11		1.86		0.86		1.13		1.87		0.88
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.55		-0.21		0.78		0.77		0.02		1.02
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.55		-0.21		0.78		0.77		0.02		1.02
Portfolio turnover rate (%)		15.36		15.36		15.36		11.60		11.60		11.60

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

(a)  Does not take into account the sales charge of 5.00% for Class A and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares. A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

See Notes to Financial Statements.

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152

	Year Ended October 31,
	2012						2011						2010
	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 year is presented below:*
Net asset value, beginning of year ($)		46.90		45.91		47.15		44.36		43.47		44.59		38.74		38.07		38.92
Income (loss) from investment operations:
Net investment income (loss) ($)		0.45		0.09		0.57		0.39		0.04		0.51		0.56		0.26		0.69
Net realized and unrealized gains (losses) on investments		3.03		2.98		3.03		2.79		2.75		2.81		5.63		5.51		5.63
Total income (loss) from investment operations		3.48		3.07		3.60		3.18		2.79		3.32		6.19		5.77		6.32
Less distributions:
Dividends from net investment income ($)		-0.53		-0.21		-0.64		-0.64		-0.35		-0.76		-0.57		-0.37		-0.65
Distributions from capital gains		-0.61		-0.61		-0.61		—		—		—		—		—		—
Total distributions		-1.14		-0.82		-1.25		-0.64		-0.35		-0.76		-0.57		-0.37		-0.65
Net asset value, end of year ($)		49.24		48.16		49.50		46.90		45.91		47.15		44.36		43.47		44.59
Total return(a) (%)		7.64		6.83		7.90		7.23		6.45		7.52		16.13		15.23		16.40
Ratios and supplemental data
Net assets, end of year (millions) ($)		15,840		9,322		11,182		14,352		8,385		8,455		12,195		6,524		5,345
Ratio of operating expenses to average net assets including earnings credits (%)		1.15		1.89		0.90		1.13		1.88		0.88		1.16		1.91		0.91
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.15		1.89		0.90		1.13		1.88		0.88		1.16		1.91		0.91
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.94		0.19		1.19		0.83		0.08		1.07		1.36		0.63		1.68
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.94		0.19		1.19		0.83		0.08		1.07		1.36		0.63		1.68
Portfolio turnover rate (%)		11.29		11.29		11.29		11.57		11.57		11.57		17.37		17.37		17.37

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153

First Eagle Overseas Fund

Financial Highlights

	Year Ended October 31,
	2014						2013
	Class A		Class C		Class I		Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each year is presented below:*
Net asset value, beginning of year ($)		24.40		23.64		24.84		22.26		21.62		22.63
Income (loss) from investment operations:
Net investment income (loss) ($)		0.15		-0.03		0.21		0.13		-0.04		0.20
Net realized and unrealized gains (losses) on investments		0.05		0.07		0.05		3.17		3.09		3.22
Total income (loss) from investment operations		0.20		0.04		0.26		3.30		3.05		3.42
Less distributions:
Dividends from net investment income ($)		-0.46		-0.30		-0.52		-0.26		-0.13		-0.31
Distributions from capital gains		-0.96		-0.96		-0.96		-0.90		-0.90		-0.90
Total distributions		-1.42		-1.26		-1.48		-1.16		-1.03		-1.21
Net asset value, end of year ($)		23.18		22.42		23.62		24.40		23.64		24.84
Total return(a) (%)		1.00		0.28		1.23		15.52		14.67		15.82
Ratios and supplemental data
Net assets, end of year (millions) ($)		4,644		1,086		8,811		5,912		1,120		7,378
Ratio of operating expenses to average net assets including earnings credits (%)		1.14		1.89		0.89		1.15		1.90		0.90
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.14		1.89		0.89		1.15		1.90		0.90
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.62		-0.13		0.87		0.59		-0.17		0.86
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.62		-0.13		0.87		0.59		-0.17		0.86
Portfolio turnover rate (%)		12.01		12.01		12.01		12.33		12.33		12.33

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

**  Amount represents less than $0.01 per share.

(a)  Does not take into account the sales charge of 5.00% for Class A and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares. A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

See Notes to Financial Statements.

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	Year Ended October 31,
	2012						2011						2010
	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 year is presented below:*
Net asset value, beginning of year ($)		22.25		21.61		22.61		21.86		21.26		22.20		19.51		19.03			19.80
Income (loss) from investment operations:
Net investment income (loss) ($)		0.24		0.08		0.30		0.18		0.01		0.24		0.15		0.00	**		0.21
Net realized and unrealized gains (losses) on investments		0.80		0.77		0.81		0.74		0.73		0.75		2.80		2.72			2.82
Total income (loss) from investment operations		1.04		0.85		1.11		0.92		0.74		0.99		2.95		2.72			3.03
Less distributions:
Dividends from net investment income ($)		-0.39		-0.20		-0.45		-0.32		-0.18		-0.37		-0.60		-0.49			-0.63
Distributions from capital gains		-0.64		-0.64		-0.64		-0.21		-0.21		-0.21		—		—			—
Total distributions		-1.03		-0.84		-1.09		-0.53		-0.39		-0.58		-0.60		-0.49			-0.63
Net asset value, end of year ($)		22.26		21.62		22.63		22.25		21.61		22.61		21.86		21.26			22.20
Total return(a) (%)		5.06		4.28		5.36		4.27		3.48		4.52		15.45		14.55			15.68
Ratios and supplemental data
Net assets, end of year (millions) ($)		5,111		986		5,252		5,023		1,027		4,136		4,676		914			3,284
Ratio of operating expenses to average net assets including earnings credits (%)		1.17		1.92		0.92		1.14		1.89		0.89		1.17		1.92			0.92
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.17		1.92		0.92		1.14		1.89		0.89		1.17		1.92			0.92
Ratio of net investment income (loss) to average net assets including earnings credits (%)		1.12		0.37		1.36		0.78		0.04		1.06		0.76		0.01			1.03
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		1.12		0.37		1.36		0.78		0.04		1.06		0.76		0.01			1.03
Portfolio turnover rate (%)		10.50		10.50		10.50		12.22		12.22		12.22		15.53		15.53			15.53

First Eagle Funds | Annual Report | October 31, 2014
155

First Eagle U.S. Value Fund

Financial Highlights

	Year Ended October 31,
	2014							2013
	Class A		Class C			Class I		Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each year is presented below:*
Net asset value, beginning of year ($)		20.26		19.97			20.54		18.27		18.02		18.50
Income (loss) from investment operations:
Net investment income (loss) ($)		0.13		-0.03			0.18		0.18		0.03		0.23
Net realized and unrealized gains (losses) on investments		1.60		1.58			1.62		2.36		2.35		2.40
Total income (loss) from investment operations		1.73		1.55			1.80		2.54		2.38		2.63
Less distributions:
Dividends from net investment income ($)		-0.15		-0.00	**		-0.20		-0.13		-0.01		-0.17
Distributions from capital gains		-0.74		-0.74			-0.74		-0.42		-0.42		-0.42
Total distributions		-0.89		-0.74			-0.94		-0.55		-0.43		-0.59
Net asset value, end of year ($)		21.10		20.78			21.40		20.26		19.97		20.54
Total return(a) (%)		8.93		8.09			9.19		14.32		13.53		14.69
Ratios and supplemental data
Net assets, end of year (millions) ($)		1,229		705			1,200		1,480		725		1,080
Ratio of operating expenses to average net assets including earnings credits (%)		1.14		1.89			0.88		1.16		1.91		0.91
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.14		1.89			0.88		1.16		1.91		0.91
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.63		-0.13			0.87		0.93		0.18		1.18
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.63		-0.13			0.87		0.93		0.18		1.18
Portfolio turnover rate (%)		15.64		15.64			15.64		17.32		17.32		17.32

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

**  Amount represents less than $0.01 per share.

(a)  Does not take into account the sales charge of 5.00% for Class A and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares. A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

See Notes to Financial Statements.

First Eagle Funds | Annual Report | October 31, 2014
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	Year Ended October 31,
	2012						2011						2010
	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 year is presented below:*
Net asset value, beginning of year ($)		17.12		16.91		17.33		15.94		15.75		16.12		14.21		14.06		14.37
Income (loss) from investment operations:
Net investment income (loss) ($)		0.15		0.02		0.19		0.17		0.04		0.21		0.32		0.21		0.38
Net realized and unrealized gains (losses) on investments		1.59		1.57		1.61		1.34		1.34		1.37		1.60		1.58		1.59
Total income (loss) from investment operations		1.74		1.59		1.80		1.51		1.38		1.58		1.92		1.79		1.97
Less distributions:
Dividends from net investment income ($)		-0.14		-0.03		-0.18		-0.33		-0.22		-0.37		-0.19		-0.10		-0.22
Distributions from capital gains		-0.45		-0.45		-0.45		—		—		—		—		—		—
Total distributions		-0.59		-0.48		-0.63		-0.33		-0.22		-0.37		-0.19		-0.10		-0.22
Net asset value, end of year ($)		18.27		18.02		18.50		17.12		16.91		17.33		15.94		15.75		16.12
Total return(a) (%)		10.63		9.75		10.86		9.60		8.85		9.92		13.64		12.75		13.84
Ratios and supplemental data
Net assets, end of year (millions) ($)		1,425		631		938		967		408		538		680		320		328
Ratio of operating expenses to average net assets including earnings credits (%)		1.17		1.92		0.93		1.18		1.93		0.93		1.23		1.98		0.99
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.17		1.92		0.93		1.18		1.93		0.93		1.23		1.98		0.99
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.84		0.09		1.08		0.98		0.24		1.23		2.15		1.41		2.46
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.84		0.09		1.08		0.98		0.24		1.23		2.15		1.41		2.46
Portfolio turnover rate (%)		14.34		14.34		14.34		18.54		18.54		18.54		12.23		12.23		12.23

First Eagle Funds | Annual Report | October 31, 2014
157

First Eagle Gold Fund

Financial Highlights

	Year Ended October 31,
	2014						2013
	Class A		Class C		Class I		Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each year is presented below:*
Net asset value, beginning of year ($)		17.03		16.37		17.25		29.86		28.84		30.26
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.09		-0.20		-0.05		-0.02		-0.18		0.03
Net realized and unrealized gains (losses) on investments		-3.49		-3.33		-3.54		-12.73		-12.29		-12.89
Total income (loss) from investment operations		-3.58		-3.53		-3.59		-12.75		-12.47		-12.86
Less distributions:
Dividends from net investment income ($)		—		—		—		-0.08		—		-0.15
Distributions from capital gains		—		—		—		—		—		—
Total distributions		—		—		—		-0.08		—		-0.15
Net asset value, end of year ($)		13.45		12.84		13.66		17.03		16.37		17.25
Total return(a) (%)		-21.02		-21.56		-20.81		-42.80		-43.24		-42.68
Ratios and supplemental data
Net assets, end of year (millions) ($)		448		186		366		764		284		508
Ratio of operating expenses to average net assets including earnings credits (%)		1.27		2.02		1.01		1.25		2.00		1.00
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.27		2.02		1.01		1.25		2.00		1.00
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.54		-1.29		-0.29		-0.11		-0.87		0.14
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.54		-1.29		-0.29		-0.11		-0.87		0.14
Portfolio turnover rate (%)		13.33		13.33		13.33		15.14		15.14		15.14

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

(a)  Does not take into account the sales charge of 5.00% for Class A and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares. A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

See Notes to Financial Statements.

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158

	Year Ended October 31,
	2012						2011						2010
	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 year is presented below:*
Net asset value, beginning of year ($)		33.89		32.78		34.33		33.42		32.44		33.81		25.15		24.52		25.43
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.01		-0.22		0.06		-0.19		-0.42		-0.10		-0.17		-0.38		-0.11
Net realized and unrealized gains (losses) on investments		-2.73		-2.66		-2.75		2.60		2.53		2.63		8.82		8.58		8.92
Total income (loss) from investment operations		-2.74		-2.88		-2.69		2.41		2.11		2.53		8.65		8.20		8.81
Less distributions:
Dividends from net investment income ($)		-0.39		-0.16		-0.48		-0.73		-0.56		-0.80		-0.38		-0.28		-0.43
Distributions from capital gains		-0.90		-0.90		-0.90		-1.21		-1.21		-1.21		—		—		—
Total distributions		-1.29		-1.06		-1.38		-1.94		-1.77		-2.01		-0.38		-0.28		-0.43
Net asset value, end of year ($)		29.86		28.84		30.26		33.89		32.78		34.33		33.42		32.44		33.81
Total return(a) (%)		-8.14		-8.86		-7.89		7.38		6.61		7.66		34.73		33.66		35.01
Ratios and supplemental data
Net assets, end of year (millions) ($)		1,535		608		932		1,834		683		1,003		1,900		616		695
Ratio of operating expenses to average net assets including earnings credits (%)		1.21		1.96		0.96		1.20		1.95		0.95		1.22		1.97		0.97
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.21		1.96		0.96		1.20		1.95		0.95		1.22		1.97		0.97
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.05		-0.80		0.21		-0.56		-1.30		-0.30		-0.60		-1.35		-0.36
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.05		-0.80		0.21		-0.56		-1.30		-0.30		-0.60		-1.35		-0.36
Portfolio turnover rate (%)		9.19		9.19		9.19		13.26		13.26		13.26		5.50		5.50		5.50

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159

First Eagle Global Income Builder Fund

Financial Highlights

	Year Ended October 31,
	2014						2013
	Class A		Class C		Class I		Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each year is presented below:*
Net asset value, beginning of year ($)		11.26		11.23		11.23		10.32		10.30		10.33
Income (loss) from investment operations:
Net investment income ($)		0.36		0.27		0.38		0.42		0.34		0.44
Net realized and unrealized gains (losses) on investments		0.17		0.17		0.19		0.91		0.90		0.91
Total income (loss) from investment operations		0.53		0.44		0.57		1.33		1.24		1.35
Less distributions:
Dividends from net investment income ($)		-0.38		-0.29		-0.41		-0.39		-0.31		-0.45
Total distributions		-0.38		-0.29		-0.41		-0.39		-0.31		-0.45
Net asset value, end of year ($)		11.41		11.38		11.39		11.26		11.23		11.23
Total return(c) (%)		4.67		3.90		5.00		13.14		12.25		13.36
Ratios and supplemental data
Net assets, end of year (millions) ($)		440		379		490		231		148		129
Ratio of operating expenses to average net assets including fee waivers and recoupments (%)		1.26		2.00		1.05		1.30		2.04		1.05
Ratio of operating expenses to average net assets excluding fee waivers and recoupments (%)		1.23		1.97		0.97		1.35		2.09		1.10
Ratio of net investment income to average net assets including fee waivers and recoupments (%)		3.09		2.31		3.25		3.85		3.11		4.11
Ratio of net investment income to average net assets excluding fee waivers and recoupments (%)		3.12		2.34		3.33		3.80		3.06		4.06
Portfolio turnover rate (%)		18.45		18.45		18.45		10.87		10.87		10.87

^  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. A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

(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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160

	Period May 1, 2012^ to
	October 31, 2012
	Class A			Class C			Class I
Selected data for a share of beneficial interest outstanding throughout each year is presented below:*
Net asset value, beginning of year ($)		10.00			10.00			10.00
Income (loss) from investment operations:
Net investment income ($)		0.15			0.11			0.18
Net realized and unrealized gains (losses) on investments		0.28			0.29			0.27
Total income (loss) from investment operations		0.43			0.40			0.45
Less distributions:
Dividends from net investment income ($)		-0.11			-0.10			-0.12
Total distributions		-0.11			-0.10			-0.12
Net asset value, end of year ($)		10.32			10.30			10.33
Total return(c) (%)		4.37	(a)		4.00	(a)		4.53	(a)
Ratios and supplemental data
Net assets, end of year (millions) ($)		43			26			38
Ratio of operating expenses to average net assets including fee waivers and recoupments (%)		1.30	(b)(d)		2.05	(b)(d)		1.05	(b)(d)
Ratio of operating expenses to average net assets excluding fee waivers and recoupments (%)		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 recoupments (%)		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 recoupments (%)		2.06	(b)(d)		1.33	(b)(d)		2.40	(b)(d)
Portfolio turnover rate (%)		5.17	(a)		5.17	(a)		5.17	(a)(d)

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161

First Eagle High Yield Fund

Financial Highlights

	Year Ended October 31,
	2014						2013
	Class A		Class C		Class I		Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each year is presented below:*
Net asset value, beginning of year ($)		10.11		10.10		10.11		9.98		9.97		9.98
Income (loss) from investment operations:
Net investment income ($)		0.53		0.45		0.55		0.59		0.51		0.62
Net realized and unrealized gains (losses) on investments		-0.15		-0.15		-0.14		0.14		0.14		0.14
Total income (loss) from investment operations		0.38		0.30		0.41		0.73		0.65		0.76
Less distributions:
Dividends from net investment income ($)		-0.53		-0.45		-0.56		-0.59		-0.51		-0.62
Distributions from capital gains		—		—		—		-0.01		-0.01		-0.01
Total distributions		-0.53		-0.45		-0.56		-0.60		-0.52		-0.63
Net asset value, end of year ($)		9.96		9.95		9.96		10.11		10.10		10.11
Total return(c) (%)		3.74		2.97		4.03		7.49		6.69		7.85
Ratios and supplemental data
Net assets, end of year (millions) ($)		247		184		710		346		159		511
Ratio of operating expenses to average net assets including fee waivers and reimbursements/(recoupments) (%)		1.09		1.84		0.83		1.13		1.88		0.80
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		1.09		1.83		0.84		1.13		1.88		0.88
Ratio of net investment income to average net assets including fee waivers and reimbursements/(recoupments) (%)		5.17		4.42		5.43		5.80		5.07		6.14
Ratio of net investment income to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		5.17		4.43		5.42		5.80		5.07		6.06
Portfolio turnover rate (%)		43.02		43.02		43.02		49.71		49.71		49.71

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

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

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

(a)  Not Annualized

(b)  Annualized

(c)  Does not take into account the sales charge of 4.50% for Class A and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares. A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

(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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	Period April 1, 2012 to									Year Ended March 31,
	October 31, 2012									2012^								2011		2010
	Class A			Class C			Class I			Class A^^			Class C^^			Class I		Class I		Class I
Selected data for a share of beneficial interest outstanding throughout each year is presented below:*
Net asset value, beginning of year ($)		9.75			9.74			9.75			9.40			9.40			10.29		10.67		7.72
Income (loss) from investment operations:
Net investment income ($)		0.33			0.29			0.36			0.13			0.11			0.68		0.98		1.31
Net realized and unrealized gains (losses) on investments		0.24			0.23			0.23			0.35			0.34			-0.11		0.47		3.07
Total income (loss) from investment operations		0.57			0.52			0.59			0.48			0.45			0.57		1.45		4.38
Less distributions:
Dividends from net investment income ($)		-0.34			-0.29			-0.36			-0.13			-0.11			-0.83		-0.98		-1.28
Distributions from capital gains		—			—			—			—			—			-0.28		-0.85		-0.15
Total distributions		-0.34			-0.29			-0.36			-0.13			-0.11			-1.11		-1.83		-1.43
Net asset value, end of year ($)		9.98			9.97			9.98			9.75			9.74			9.75		10.29		10.67
Total return(c) (%)		5.94	(a)		5.47	(a)		6.20	(a)		5.11			4.78			6.11		14.81		59.30
Ratios and supplemental data
Net assets, end of year (millions) ($)		220			113			309			60			28			115		11		10
Ratio of operating expenses to average net assets including fee waivers and reimbursements/(recoupments) (%)		1.25	(b)(d)		2.00	(b)(d)		0.80	(b)(d)		0.95	(b)		1.66	(b)		0.80		0.80		0.80
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		1.27	(b)(d)		2.02	(b)(d)		1.03	(b)(d)		1.12	(b)		1.83	(b)		1.05		1.21		1.04
Ratio of net investment income to average net assets including fee waivers and reimbursements/(recoupments) (%)		5.75	(b)(d)		4.98	(b)(d)		6.23	(b)(d)		5.48	(b)		4.74	(b)		6.98		9.33		13.34
Ratio of net investment income to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		5.73	(b)(d)		4.96	(b)(d)		6.00	(b)(d)		5.31	(b)		4.57	(b)		6.73		8.92		13.10
Portfolio turnover rate (%)		25.02	(a)		25.02	(a)		25.02	(a)		45.21			45.21			45.21		145.96		292.11

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163

First Eagle Fund of America

Financial Highlights

	Year Ended October 31,
	2014
	Class A		Class C		Class I		Class Y
Selected data for a share of beneficial interest outstanding throughout each year is presented below:*
Net asset value, beginning of year ($)		34.76		29.94		35.47		35.42
Income (loss) from investment operations:
Net investment income (loss) ($)		0.17		-0.10		0.25		0.17
Net realized and unrealized gains (losses) on investments		4.26		3.66		4.36		4.34
Total income (loss) from investment operations		4.43		3.56		4.61		4.51
Less distributions:
Dividends from net investment income ($)		-0.09		—		-0.17		-0.06
Distributions from capital gains		-0.52		-0.52		-0.52		-0.52
Total distributions		-0.61		-0.52		-0.69		-0.58
Net asset value, end of year ($)		38.58		32.98		39.39		39.35
Total return(a) (%)		12.92		12.06		13.20		12.91
Ratios and supplemental data
Net assets, end of year (millions) ($)		1,204		632		888		528
Ratio of operating expenses to average net assets including earnings credits (%)		1.36		2.11		1.11		1.36
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.36		2.11		1.11		1.36
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.45		-0.31		0.66		0.45
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.45		-0.31		0.66		0.45
Portfolio turnover rate (%)		35.18		35.18		35.18		35.18

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

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

(a)  Does not take into account the sales charge of 5.00% for Class A and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares. A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

(b)  Not Annualized.

(c)  Annualized.

See Notes to Financial Statements.

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	Year Ended October 31,
	2013									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 year is presented below:*
Net asset value, beginning of year ($)		26.86		23.30		31.01			27.37		24.91		22.01		25.35
Income (loss) from investment operations:
Net investment income (loss) ($)		0.10		-0.12		0.07			0.12		0.04		-0.13		0.04
Net realized and unrealized gains (losses) on investments		7.81		6.76		4.39			7.94		3.73		3.24		3.80
Total income (loss) from investment operations		7.91		6.64		4.46			8.06		3.77		3.11		3.84
Less distributions:
Dividends from net investment income ($)		-0.01		—		—			-0.01		—		—		—
Distributions from capital gains		—		—		—			—		-1.82		-1.82		-1.82
Total distributions		-0.01		—		—			-0.01		-1.82		-1.82		-1.82
Net asset value, end of year ($)		34.76		29.94		35.47			35.42		26.86		23.30		27.37
Total return(a) (%)		29.45		28.44		14.38	(b)		29.45		16.46		15.62		16.50
Ratios and supplemental data
Net assets, end of year (millions) ($)		1,036		455		491			504		699		246		667
Ratio of operating expenses to average net assets including earnings credits (%)		1.41		2.16		1.19	(c)		1.41		1.44		2.19		1.44
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.41		2.16		1.19	(c)		1.41		1.44		2.19		1.44
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.31		-0.46		0.34	(c)		0.39		0.14		-0.61		0.14
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.31		-0.46		0.34	(c)		0.39		0.14		-0.61		0.14
Portfolio turnover rate (%)		32.12		32.12		32.12	(b)		32.12		31.48		31.48		31.48

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First Eagle Fund of America

Financial Highlights (continued)

	Year Ended October 31,
	2011						2010
	Class A		Class C		Class Y		Class A		Class C		Class Y
Selected data for a share of beneficial interest outstanding throughout each year is presented below:*
Net asset value, beginning of year ($)		24.06		21.32		24.47		19.32		17.25		19.66
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.09		-0.25		-0.08		0.13		-0.03		0.14
Net realized and unrealized gains (losses) on investments		1.11		0.98		1.12		4.61		4.10		4.67
Total income (loss) from investment operations		1.02		0.73		1.04		4.74		4.07		4.81
Less distributions:
Dividends from net investment income ($)		-0.17		-0.04		-0.16		—		—		—
Distributions from capital gains		—		—		—		—		—		—
Total distributions		-0.17		-0.04		-0.16		—		—		—
Net asset value, end of year ($)		24.91		22.01		25.35		24.06		21.32		24.47
Total return(a) (%)		4.22		3.43		4.20		24.53		23.59		24.47
Ratios and supplemental data
Net assets, end of year (millions) ($)		549		194		633		379		122		599
Ratio of operating expenses to average net assets including earnings credits (%)		1.43		2.18		1.43		1.47		2.22		1.47
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.43		2.18		1.43		1.47		2.22		1.47
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
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
Portfolio turnover rate (%)		67.61		67.61		67.61		40.00		40.00		40.00

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

(a)  Does not take into account the sales charge of 5.00% for Class A and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares. A contingent deferred sales charge of 1.00% may apply on redemptions of Class A shares made within 18 months following a purchase of $1,000,000 or more without an initial sales charge.

See Notes to Financial Statements.

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Notes to Financial Statements

Note 1 — Significant Accounting Policies

First Eagle Funds (the "Trust"), is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of eight 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, First Eagle Fund of America and First Eagle Absolute Return Fund (each individually a "Fund" or collectively the "Funds"). All the Funds are diversified mutual funds except for First Eagle Gold Fund, First Eagle Absolute Return 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. No results are presented in these financial statements for First Eagle Absolute Return Fund, which commenced operations on May 14, 2014 and is described in a prospectus and annual report separate from that for the other seven Funds discussed here.

Effective at the close of business on Friday, May 9, 2014, the First Eagle Overseas Fund is closed to new investors, subject to certain limited exceptions. Additional information can be found in the prospectus.

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 that are adhered to by the Funds and that are in conformity with U.S. generally accepted accounting principles ("GAAP").

a)  Investments in Subsidiaries — The First Eagle Global Fund (the "Global Fund"), First Eagle Overseas Fund (the "Overseas Fund"), First Eagle U.S. Value Fund (the "U.S. Value Fund"), and First Eagle Gold Fund (the "Gold Fund") may invest in certain precious metals through their investment in the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively, each a wholly owned subsidiary (each referred to herein as a "Subsidiary" or collectively the "Subsidiaries"). Each Fund may invest up to 25% of its total assets in shares of its respective Subsidiary. Each Subsidiary has the ability to invest in commodities and securities consistent with the investment objective of its respective Fund. Substantially all of each Subsidiary's assets represent physical gold (bullion). Trading in bullion directly by the Funds

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Notes to Financial Statements

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

The First Eagle Global Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Global Fund and the First Eagle Global Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2014, the First Eagle Global Cayman Fund, Ltd. has $2,061,504,760 in net assets, representing 4.08% of the Global Fund's net assets.

The First Eagle Overseas Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Overseas Fund and the First Eagle Overseas Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2014, the First Eagle Overseas Cayman Fund, Ltd. has $459,096,269 in net assets, representing 3.16% of the Overseas Fund's net assets.

The First Eagle U.S. Value Cayman Fund, Ltd., established on January 24, 2012, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the U.S. Value Fund and the First Eagle U.S. Value Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2014, the First Eagle U.S. Value Cayman Fund, Ltd. has $154,844,211 in net assets, representing 4.94% of the U.S. Value Fund's net assets.

The First Eagle Gold Cayman Fund, Ltd., 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 First Eagle Gold Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of October 31, 2014, the First Eagle Gold Cayman Fund, Ltd. has $258,151,637 in net assets, representing 25.82% 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

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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, for which market quotations are readily available are valued at the mean between the last bid and asked prices received from dealers in the over-the-counter market in the United States or abroad, except that when no asked price is available, bonds are valued at the last bid price alone. Broker-Dealers or pricing services use multiple valuation techniques to 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. Effective December 15, 2014, short-term investments maturing in sixty days or less will be valued at market price. Prior to December 15, 2014 short-term investments maturing in sixty days or less were valued at cost plus interest earned (or discount amortized, as the case may be), which was deemed to approximate value.

Commodities (such as physical metals) are valued at the spot price at 4:00 p.m. E.S.T., as provided by an independent pricing source.

Forward contracts are valued at the current cost of covering or offsetting such contracts by reference to forward currency rates as of 4:00 p.m. E.S.T.

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

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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, establish a framework for measuring fair value in GAAP and expand 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 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 Board Valuation Committee or Valuation Committee (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.

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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.

The following is a summary of the Funds' inputs used to value the Funds' investments as of October 31, 2014:

First Eagle Global Fund

Description	Level 1		Level 2		Level 3(a)			Total
Assets:†
U.S. Common Stocks	$	16,866,566,019	$	1,418,224	$	—		$	16,867,984,243
International Common Stocks		19,177,293,156		7,183,085		11,370,269			19,195,846,510
International Preferred Stock		132,595,078		—		—			132,595,078
Investment Company		434,056		—		—			434,056
Warrant		114,976,600		—		—			114,976,600
Commodity*		2,418,179,723		—		—			2,418,179,723
Government Obligations		—		1,003,320,250		—			1,003,320,250
U.S. Corporate Bond		—		5,439,665		—			5,439,665
International Corporate Notes and Bonds		—		34,217,607		35,015,551			69,233,158
International Government Bonds		—		147,963,283		—	^		147,963,283
International Commercial Paper		—		3,781,865,356		—			3,781,865,356
U.S. Commercial Paper		—		6,425,258,623		—			6,425,258,623
Foreign Currency Contracts**		—		193,633,407		—			193,633,407
Total	$	38,710,044,632	$	11,600,299,500	$	46,385,820		$	50,356,729,952
Liabilities:
Covered Call Options Written	$	1,579,500	$	—	$	—		$	1,579,500
Foreign Currency Contracts**		—		2,332,362		—			2,332,362
Total	$	1,579,500	$	2,332,362	$	—		$	3,911,862

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

†  See Consolidated Schedule of Investments for additional detailed categorizations.

^  Fair value represents zero.

*  Represents gold bullion.

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

For the period ended October 31, 2014, 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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Fair Value Level 3 activity for the period ended October 31, 2014 was as follows:

First Eagle Global Fund (continued)

	International Common Stocks			International Corporate Bonds			Total Value
Beginning Balance — market value	$	12,514,385		$	38,819,641		$	51,334,026
Purchases		—			—			—
Sales		—			(881,801	)*		(881,801	)
Transfer In — Level 3		—			—			—
Transfer Out — Level 3		—			—			—
Accrued Amortization		—			—			—
Realized Gains (Losses)		—			(42,794	)*		(42,794	)
Change in Unrealized Appreciation (Depreciation)		(1,144,116	)		(2,879,495	)		(4,023,611	)
Ending Balance — market value	$	11,370,269		$	35,015,551		$	46,385,820
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(1,144,116	)	$	(2,879,495	)	$	(4,023,611	)

*Related to a paydown of previously recapitalized interest receivable to principal.

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Notes to Financial Statements

First Eagle Overseas Fund

Description	Level 1		Level 2(a)		Level 3(b)			Total
Assets:†
International Common Stocks	$	10,519,946,838	$	676,694	$	31,419,040		$	10,552,042,572
U.S. Common Stock		7,597,800		—		—			7,597,800
International Preferred Stocks		71,901,633		—		—			71,901,633
Investment Company		96,753		—		—			96,753
Rights		21,928,853		—		—	^		21,928,853
Commodity*		692,811,472		—		—			692,811,472
Term Loans		—		—		4,278,594			4,278,594
International Convertible Bond		—		17,940,000		—			17,940,000
International Corporate Bonds		—		81,825,115		23,343,700			105,168,815
International Government Bond		—		36,735,237		—			36,735,237
International Commercial Paper		—		1,121,268,062		—			1,121,268,062
U.S. Commercial Paper		—		1,755,335,382		—			1,755,335,382
Foreign Currency Contracts**		—		104,627,771		—			104,627,771
Total	$	11,314,283,349	$	3,118,408,261	$	59,041,334		$	14,491,732,944
Liabilities:
Foreign Currency Contracts**	$	—	$	1,027,404	$	—		$	1,027,404
Total	$	—	$	1,027,404	$	—		$	1,027,404

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

Term Loans valued at $4,321,741 were transferred from Level 2 to Level 3 during the year ended October 31, 2014. At October 31, 2013, these securities were valued using broker quotes; at October 31, 2014, these securities were valued using other significant unobservable inputs. There was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

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

†  See Consolidated Schedule of Investments for additional detailed categorizations.

^  Fair value represents zero.

*  Represents gold bullion.

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

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Notes to Financial Statements

Fair Value Level 3 activity for the period ended October 31, 2014 was as follows:

First Eagle Overseas Fund (continued)

	International Common Stocks			Right			International Corporate Bonds			Term Loans			Total Value
Beginning Balance — market value	$	34,181,929		$	—	^	$	25,879,761		$	—	^	$	60,061,690
Purchases		—			8,992			—			—			8,992
Sales		—			—			(587,867	)*		—			(587,867	)
Transfer In — Level 3		—			—			—			4,321,741			4,321,741
Transfer Out — Level 3		—			—			—			—			—
Accrued Amortization		—			—			—			—			—
Realized Gains (Losses)		—			—			(28,300	)*		—			(28,300	)
Change in Unrealized Appreciation (Depreciation)		(2,762,889	)		(8,992	)		(1,919,894	)		(43,147	)		(4,734,922	)
Ending Balance — market value	$	31,419,040		$	—	^	$	23,343,700		$	4,278,594		$	59,041,334
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(2,762,889	)	$	(8,992	)	$	(1,919,894	)	$	(43,147	)	$	(4,734,922	)

^Fair value represents zero.

*Related to a paydown of previously recapitalized interest receivable to principal.

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Notes to Financial Statements

First Eagle U.S. Value Fund

Description	Level 1		Level 2		Level 3		Total
Assets:†
U.S. Common Stocks	$	2,173,399,418	$	2,560	$	—	$	2,173,401,978
International Common Stocks		209,846,857		—		—		209,846,857
Investment Company		42,071		—		—		42,071
Warrant		17,582,855		—		—		17,582,855
Commodity*		154,834,322		—		—		154,834,322
U.S. Corporate Bonds		—		12,583,055		—		12,583,055
U.S. Treasury Bills		—		129,998,665		—		129,998,665
International Commercial Paper		—		130,592,055		—		130,592,055
U.S. Commercial Paper		—		299,604,771		—		299,604,771
Total	$	2,555,705,523	$	572,781,106	$	—	$	3,128,486,629
Liabilities:
Covered Call Options Written	$	175,500	$	—	$	—	$	175,500
Total	$	175,500	$	—	$	—	$	175,500

†See Consolidated Schedule of Investments for additional detailed categorizations.

*  Represents gold bullion.

For the year ended October 31, 2014, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

Fair Value Level 3 activity for the period ended October 31, 2014 was as follows:

	U.S. Preferred Stock
Beginning Balance — market value	$	4,952,588
Purchases		—
Sales		(5,405,280	)
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued Amortization		—
Realized Gains (Losses)		2,863,109
Change in Unrealized Appreciation (Depreciation)		(2,410,417	)
Ending Balance — market value	$	—
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	—

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Notes to Financial Statements

First Eagle Gold Fund

Description	Level 1		Level 2		Level 3(a)			Total
Assets:†
International Common Stocks	$	566,264,911	$	—	$	—		$	566,264,911
U.S. Common Stocks		135,395,208		—		—			135,395,208
Investment Company		160,878		—		—			160,878
Commodities*		258,088,499		—		—			258,088,499
International Convertible Bonds		—		—		27,618,750	(b)		27,618,750
International Commercial Paper		—		15,911,810		—			15,911,810
Total	$	959,909,496	$	15,911,810	$	27,618,750		$	1,003,440,056

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

(b)  Represents a convertible bond that is fair valued using a comparable security from the same issuer that is publicly traded.

†  See Consolidated Schedule of Investments for additional detailed categorizations.

*  Represents gold bullion and silver bullion.

For the period ended October 31, 2014, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

Fair Value Level 3 activity for the period ended October 31, 2014 was as follows:

	International Convertible Bonds			Warrants			Total Value
Beginning Balance — market value	$	30,000,000		$	—	^	$	30,000,000
Purchases		10,039			—			10,039
Sales		(93,751	)		—	^		(93,751	)
Transfer In — Level 3		—			—			—
Transfer Out — Level 3		—			—			—
Accrued Amortization		—			—			—
Realized Gains (Losses)		(1,773	)		—			(1,773	)
Change in Unrealized Appreciation (Depreciation)		(2,295,765	)		—			(2,295,765	)
Ending Balance — market value	$	27,618,750		$	—	^	$	27,618,750
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(2,295,765	)	$	—	^	$	(2,295,765	)

^Fair value represents zero.

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Notes to Financial Statements

First Eagle Global Income Builder Fund

Description	Level 1		Level 2		Level 3(a)		Total
Assets:†
U.S. Common Stocks	$	197,942,837	$	—	$	—	$	197,942,837
International Common Stocks		484,300,877		—		1,886,000		486,186,877
Closed-End Mutual Fund		2,230,943		—		—		2,230,943
Commodity*		15,284,397		—		—		15,284,397
U.S. Corporate Bonds		—		261,344,179		—		261,344,179
International Convertible Bond		—		780,000		—		780,000
International Corporate Bonds		—		131,567,740		—		131,567,740
Term Loans		—		122,455,762		—		122,455,762
International Commercial Paper		—		90,715,914		—		90,715,914
Foreign Currency Contracts**		—		4,157,647		—		4,157,647
Total	$	699,759,054	$	611,021,242	$	1,886,000	$	1,312,666,296
Liabilities:
Foreign Currency Contracts**	$	—	$	135,724	$	—	$	135,724
Total	$	—	$	135,724	$	—	$	135,724

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

†  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 year ended October 31, 2014, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

	International Common Stocks
Beginning Balance — market value	$	—
Purchases		1,850,000
Sales		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued Amortization		—
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		36,000
Ending Balance — market value	$	1,886,000
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	36,000

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Notes to Financial Statements

First Eagle High Yield Fund

Description	Level 1		Level 2		Level 3(a)		Total
Assets:†
U.S. Convertible Bond	$	—	$	2,039,475	$	—	$	2,039,475
U.S. Corporate Bonds		—		591,644,367		—		591,644,367
International Convertible Bonds		—		1,950,000		—		1,950,000
International Corporate Bonds		—		260,831,898		10,108,468		270,940,366
Term Loans		—		209,664,765		—		209,664,765
International Commercial Paper		—		60,138,280		—		60,138,280
Foreign Currency Contracts*		—		1,686,488		—		1,686,488
Total	$	—	$	1,127,955,273	$	10,108,468	$	1,138,063,741
Liabilities:
Foreign Currency Contracts*	$	—	$	356,102	$	—	$	356,102
Total	$	—	$	356,102	$	—	$	356,102

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

†  See Schedule of Investments for additional detailed categorizations.

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

For the period ended October 31, 2014, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

	International Corporate Bonds
Beginning Balance — market value	$	—
Purchases		10,146,517
Sales		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued Amortization		—
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		(38,049	)
Ending Balance — market value	$	10,108,468
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(38,049	)

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Notes to Financial Statements

First Eagle Fund of America

Description	Level 1		Level 2		Level 3		Total
Assets:†
U.S. Common Stocks	$	2,983,116,354	$	—	$	—	$	2,983,116,354
International Common Stock		130,856,803		—		—		130,856,803
Investment Company		211,310,956		—		—		211,310,956
U.S. Convertible Bond		—		6,918,844		—		6,918,844
Total	$	3,325,284,113	$	6,918,844	$	—	$	3,332,202,957
Liabilities:
Covered Call Options Written	$	39,662,209	$	—	$	—	$	39,662,209
Total	$	39,662,209	$	—	$	—	$	39,662,209

†See Schedule of Investments for additional detailed categorizations.

For the period ended October 31, 2014, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

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.

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Notes to Financial Statements

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 Statements of Operations. However, for federal income tax purposes each Fund does isolate the effect of changes in foreign exchange rates from the changes in market prices for realized gains and losses on debt obligations.

f)  Forward currency contracts — In connection with portfolio purchases and sales of securities denominated in foreign currencies, each Fund may enter into forward currency contracts. The First Eagle Global Fund, First Eagle Overseas Fund, First Eagle Global Income Builder Fund and First Eagle High Yield Fund 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 each Fund's portfolio. Outstanding contracts at period end are indicative of the volume of activity during the period, proportionate to the net assets of the Fund.

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

At October 31, 2014, 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	$	193,633,407	$	2,332,362	$	141,918,761	$	233,491,936

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Notes to Financial Statements

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	$	104,627,771	$	1,027,404	$	67,799,091	$	129,760,854

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 Gain(3)		Change in Appreciation(4)
Foreign Currency	$	4,157,647	$	135,724	$	726,062	$	4,832,354

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 Loss(3)			Change in Depreciation(4)
Foreign Currency	$	1,686,488	$	356,102	$	(950,552	)	$	2,089,804

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

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

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

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

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The following tables present each Fund's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by each Fund as of October 31, 2014:

First Eagle Global Fund

Counterparty	Gross Amounts of Assets Presented in Statements of Assets and Liabilities		Derivatives Available for Offset			Collateral Received		Net Amount (Not Less Than $0)
BNY Mellon	$	92,848,043	$	(2,332,362	)	$	—	$	90,515,681
Goldman Sachs Capital Markets LP		31,502,810		—			—		31,502,810
HSBC Bank USA		15,991,592		—			—		15,991,592
JPMorgan Chase Bank N.A.		38,855,111		—			—		38,855,111
UBS AG		14,435,851		—			—		14,435,851
	$	193,633,407	$	(2,332,362	)	$	—	$	191,301,045
Counterparty	Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged		Net Amount (Not Less Than $0)
BNY Mellon	$	2,332,362	$	(2,332,362	)	$	—	$	0

First Eagle Overseas Fund

Counterparty	Gross Amounts of Assets Presented in Statements of Assets and Liabilities		Derivatives Available for Offset			Collateral Received		Net Amount (Not Less Than $0)
BNY Mellon	$	48,948,822	$	(1,023,019	)	$	—	$	47,925,803
Goldman Sachs Capital Markets LP		16,565,127		(4,385	)		—		16,560,742
HSBC Bank USA		7,162,894		—			—		7,162,894
JPMorgan Chase Bank N.A.		24,976,281		—			—		24,976,281
UBS AG		6,974,647		—			—		6,974,647
	$	104,627,771	$	(1,027,404	)	$	—	$	103,600,367

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First Eagle Overseas Fund (continued)

Counterparty	Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged		Net Amount (Not Less Than $0)
BNY Mellon	$	1,023,019	$	(1,023,019	)	$	—	$	0
Goldman Sachs Capital Markets LP		4,385		(4,385	)		—		0
	$	1,027,404	$	(1,027,404	)	$	—	$	0

First Eagle Global Income Builder Fund

Counterparty	Gross Amounts of Assets Presented in Statements of Assets and Liabilities		Derivatives Available for Offset			Collateral Received		Net Amount (Not Less Than $0)
BNY Mellon	$	1,886,569	$	(123,894	)	$	—	$	1,762,675
Goldman Sachs Capital Markets LP		397,359		—			—		397,359
HSBC Bank USA		975,758		(11,830	)		—		963,928
JPMorgan Chase Bank N.A.		754,733		—			—		754,733
UBS AG		143,228		—			—		143,228
	$	4,157,647	$	(135,724	)	$	—	$	4,021,923
Counterparty	Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged		Net Amount (Not Less Than $0)
BNY Mellon	$	123,894	$	(123,894	)	$	—	$	0
HSBC Bank USA		11,830		(11,830	)		—		0
	$	135,724	$	(135,724	)	$	—	$	0

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Notes to Financial Statements

First Eagle High Yield Fund

Counterparty	Gross Amounts of Assets Presented in Statements of Assets and Liabilities		Derivatives Available for Offset			Collateral Received		Net Amount (Not Less Than $0)
HSBC Bank USA	$	1,682,600	$	(353,025	)	$	—	$	1,329,575
UBS AG		3,888		(3,077	)		—		811
	$	1,686,488	$	(356,102	)	$	—	$	1,330,386
Counterparty	Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged		Net Amount (Not Less Than $0)
HSBC Bank USA	$	353,025	$	(353,025	)	$	—	$	0
UBS AG		3,077		(3,077	)		—		0
	$	356,102	$	(356,102	)	$	—	$	0

g)  Options — In order to seek to produce incremental earnings or protect against declines in the value of portfolio securities, First Eagle Global Fund, First Eagle U.S. Value Fund and First Eagle Fund of America write covered call options on portfolio securities. The Funds may also use options for speculative purposes, although 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. In general, 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 earmarked with its custodian). One reason for

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Notes to Financial Statements

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.

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 year ended October 31, 2014, 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, 2013		8,500		$	373,861
Options written		81,000			4,298,642
Options assigned		0			0
Options expired/closed		(49,000	)		(2,250,180	)
Options outstanding at October 31, 2014		40,500		$	2,422,323

As of October 31, 2014, portfolio securities valued at $137,740,500 were earmarked to cover collateral requirements for written options.

First Eagle U.S. Value Fund

Written Options	Number of Contracts			Premium Received
Options outstanding at October 31, 2013		1,400		$	61,577
Options written		10,000			599,435
Options assigned		(1,000	)		(121,808	)
Options expired/closed		(5,900	)		(270,057	)
Options outstanding at October 31, 2014		4,500		$	269,147

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As of October 31, 2014, portfolio securities valued at $15,304,500 were earmarked to cover collateral requirements for written options.

First Eagle Fund of America

Written Options	Number of Contracts			Premium Received
Options outstanding at October 31, 2013		165,214		$	49,208,665
Options written		988,159			272,327,937
Options assigned		(29,831	)		(9,571,125	)
Options expired/closed		(988,956	)		(278,392,733	)
Options outstanding at October 31, 2014		134,586		$	33,572,744
Purchased Options	Number of Contracts			Cost
Options outstanding at October 31, 2013		0		$	0
Options purchased		806			171,827
Options closed		(806	)		(171,827	)
Options outstanding at October 31, 2014		0		$	0

As of October 31, 2014, portfolio securities valued at $736,979,282 were earmarked to cover collateral requirements for written options.

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

At October 31, 2014, 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(1)		Realized Gain(2)		Change in Appreciation(3)
Equity — Written options	$	1,579,500	$	825,462	$	519,962

First Eagle U.S. Value Fund

			Gain or (Loss) Derivative Recognized in Income
Risk Type	Liability Derivative Fair Value(1)		Realized Gain(2)		Change in Appreciation(3)
Equity — Written options	$	175,500	$	233,563	$	40,470

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First Eagle Fund of America

			Gain or (Loss) Derivative Recognized in Income
Risk Type	Liability Derivative Fair Value(1)		Realized Gain (Loss)(2)			Change in Appreciation(3)
Equity — Written options	$	39,662,209	$	(69,712,637	)	$	11,132,578
Equity — Purchased options		0		8,677			0

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

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

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

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 market. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited.

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

j)  Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities ("TIPS") which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation. 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.

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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.

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.

At October 31, 2014, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Net Investment		Undistributed Net Realized		Net Unrealized			Capital Loss Carryforward
	Income		Gains		(Depreciation)			Short-Term		Long-Term
First Eagle Global Fund	$	394,736,865	$	2,016,784,016	$	8,947,874,945		$	—	$	—
First Eagle Overseas Fund		211,554,032		454,924,090		1,981,015,656			—		—
First Eagle U.S. Value Fund		10,562,551		171,604,801		737,569,001			—		—
First Eagle Gold Fund		—		—		(354,000,444	)		23,331,473		227,659,228
First Eagle Global Income Builder Fund		8,993,212		12,926,966		(2,104,049	)		—		—
First Eagle High Yield Fund		5,034,170		6,140,033		(4,561,471	)		—		—
First Eagle Fund of America		7,227,890		239,263,623		841,010,507			—		—

The differences between the components of distributable earnings on a tax basis and the amounts reflected in the Statements of Changes in Net Assets are primarily due to the treatment of passive foreign investment companies, the treatment of foreign currencies and wash sales.

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Notes to Financial Statements

Under the Regulated Investment Company Modernization Act of 2010 (the "Act"), net capital losses recognized by the Fund after December 31, 2010 may get carried forward indefinitely, and retain their character as short-term and/or long-term losses. Prior to the Act, net capital losses incurred by the Fund were carried forward eight years and treated as short-term losses. The Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. The Fund did not have capital losses to carry forward prior to the Act.

m)  Reclassification of capital accounts — As a result of certain differences in the computation of net investment income and net realized capital gains under federal income tax rules and regulations versus GAAP, a reclassification has been made on the Statements of Assets and Liabilities to increase (decrease) undistributed net investment income, undistributed net realized gains on investments and capital surplus for the Funds as follows:

	Undistributed Net Investment Income (Loss)			Undistributed Net Realized Gains (Losses)			Capital Surplus
First Eagle Global Fund	$	81,564,043		$	23,974,566		$	(105,538,609	)
First Eagle Overseas Fund		48,776,576			(22,000,379	)		(26,776,197	)
First Eagle U.S. Value Fund		(2,230,399	)		(5,030,539	)		7,260,938
First Eagle Gold Fund		41,760,075			(89,134,504	)		47,374,429
First Eagle Global Income Builder Fund		450,442			(411,171	)		(39,271	)
First Eagle High Yield Fund		907,390			(907,390	)		—
First Eagle Fund of America		(715,310	)		715,309			1

The primary permanent differences causing such reclassification include the tax treatment of currency gains and losses, dividend redesignations, distributions paid in connection with the redemption of Fund shares, investments in passive foreign investment companies, distributions from real estate investment trusts, investments in partnerships and differing book and tax treatment of transactions with the Subsidiary.

At the year ended October 31, 2014 the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund Ltd., First Eagle Gold Cayman Fund, Ltd. and First Eagle U.S. Value Cayman Fund, Ltd. had approximately $189,258,916, $38,294,514, $39,953,974 and $16,852,363 of unrealized losses, respectively, for tax purposes. The Subsidiaries' loss for the current year is not available to offset their future taxable income. The unrealized losses to be recognized for tax purposes in the future can only be utilized by the Funds to the extent of tax basis realized gains in the Subsidiaries in that same year. Given the uncertainty of their future use, tax losses have been reclassed to Capital Surplus.

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Notes to Financial Statements

n)  Distributions to shareholders — Distributions to shareholders during the fiscal year ended October 31, 2014 , which are determined in accordance with income tax regulations, are recorded on ex-dividend date.

	Ordinary Income				Long Term Capital Gains
	2014		2013		2014		2013
First Eagle Global Fund	$	792,924,146	$	533,305,518	$	1,226,135,307	$	999,561,706
First Eagle Overseas Fund		406,304,572		191,296,768		439,794,827		406,899,055
First Eagle U.S. Value Fund		37,060,380		38,337,400		100,256,661		49,669,543
First Eagle Gold Fund		—		8,878,452		—		—
First Eagle Global Income Builder Fund		27,027,023		11,512,844		—		—
First Eagle High Yield Fund		59,902,003		49,852,832		—		—
First Eagle Fund of America		5,883,755		451,930		38,725,454		—

o)  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, in general. Fees relating to a specific class are charged directly to that class.

p)  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.

q)  Redemption Fee — A redemption fee of 2% will be applied to the 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.

r)  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.

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:

Fund	Management Fee (% of Average Daily Net Assets)
First Eagle Global Fund		0.75	%
First Eagle Overseas Fund		0.75
First Eagle U.S. Value Fund		0.75

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Notes to Financial Statements

Fund	Management Fee (% of Average Daily Net Assets)
First Eagle Gold Fund		0.75	%
First Eagle Global Income Builder Fund		0.75
First Eagle High Yield Fund		0.70
First Eagle Fund of America		1.00

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.

The Adviser has agreed to waive First Eagle High Yield Fund's management fee at an annual rate in the amount of 0.05% of the daily average net assets to 0.65% for the period January 1, 2015 to February 29, 2016.

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 had 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 did 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 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 October 31, 2014, the Adviser may seek reimbursement of the remaining waived and reimbursed fees as follows:

First Eagle Global Income Builder Fund

Expiration	Amount
October 31, 2016	$	26,887

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Notes to Financial Statements

During the period ended October 31, 2014, the First Eagle Global Income Builder Fund made repayments to the Adviser for previously waived and reimbursed fees in the amount of $434,251.

First Eagle High Yield Fund

Expiration	Amount
March 31, 2015	$	72,599
October 31, 2015		297,386
October 31, 2016		309,343
December 31, 2016		44,141

During the period ended October 31, 2014, the First Eagle High Yield Fund made repayments to the Adviser for previously waived and reimbursed fees in the amount of $26,880.

Effective January 1, 2015, the First Eagle High Yield Fund will pay 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 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. These reimbursements may not exceed an annual rate of 0.05% of a Fund's average daily net assets.

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.

For the year ended October 31, 2014, the Funds paid/reimbursed and had payable to the Adviser amounts shown below:

Fund	Paid/Reimbursed to Adviser		Payable to Adviser
First Eagle Global Fund	$	4,225,096	$	399,807
First Eagle Overseas Fund		1,295,389		116,343
First Eagle U.S. Value Fund		300,828		24,893
First Eagle Gold Fund		110,670		10,447
First Eagle Global Income Builder Fund		410,450		53,965
First Eagle High Yield Fund		94,961		9,176
First Eagle Fund of America		236,705		25,110

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

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Notes to Financial Statements

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 year ended October 31, 2014, FEF Distributors, LLC realized $2,198,353, $192,225, $129,206, $124,380, $289,646, $116,451 and $261,023, 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 (the "Plan"), which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various First Eagle Funds until distribution in accordance with the Trustee Deferred Compensation Plan. As of October 31, 2014, balances to the Plan are recorded on the Statements of Assets and Liabilities.

For the year ended October 31, 2014, the Adviser reimbursed $65,047, $3,562, $9,348 for losses incurred in connection with trading errors for First Eagle Global Fund, First Eagle U.S. Value Fund, First Eagle Global Income Builder Fund, respectively. The Sub-Adviser reimbursed $23,916 for losses incurred in connection with trading error for First Eagle Fund of America.

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, among other things, 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.

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Notes to Financial Statements

The Distributor bears distribution costs of a Fund to the extent they exceed payments received under the Plan. For the year ended October 31, 2014, 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 year ended October 31, 2014, the services fees incurred by the Funds are disclosed in the Statements of Operations.

Note 4 — Purchases and Sales of Securities

During the year ended October 31, 2014, the cost of purchases of investments, excluding U.S. Government and short-term securities, totaled $7,237,846,650, $1,837,827,623, $413,737,849, $169,854,449, $922,624,115, $627,114,441 and $1,286,769,078 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 $5,931,930,769, $1,393,127,386, $830,596,808, $348,336,503, $152,365,784, $460,391,174 and $1,015,405,144 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.

During the year ended October 31, 2014, the cost of purchases and proceeds from sales of U.S. Government securities, excluding short-term securities, for First Eagle Global Fund totaled $1,001,210,938 and $0, respectively. There were no purchases or sales of U.S. Government securities, excluding short-term securities, for 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 10, 2014, the Board of Trustees approved a $200 million committed, unsecured line of credit ("Credit Facility") with State Street Bank and Trust Company for the Funds, to be utilized for temporarily financing the purchase or sale of securities for prompt delivery in the ordinary course of business or for temporarily financing the redemption of shares of each Fund at the request of shareholders and other temporary or emergency purposes. Under the Credit Facility arrangement, each Fund has agreed to pay an annual commitment fee on the unused balance, allocated pro rata, based on the relative asset size of the Funds. A portion of the

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Notes to Financial Statements

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 year ended October 31, 2014, 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 Overseas Fund	$	6,704,000		1	$	251		1.35	%
First Eagle High Yield Fund		6,414,000		1		239		1.34

As of October 31, 2014 there were no outstanding borrowings from the credit facility.

Note 6 — Capital Stock

At October 31, 2014, the Funds have an unlimited number of shares authorized for issuance. The Funds have the ability to issue multiple classes of shares.

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Notes to Financial Statements

Transactions in shares of capital stock were as follows:

	Year Ended October 31, 2014
	First Eagle Global Fund
	Class A			Class C			Class I
Shares sold		56,330,185			37,499,193			130,935,364
Shares issued for reinvested dividends and distributions		14,186,701			6,365,786			10,283,937
Shares redeemed		(93,180,511	)		(26,552,294	)		(54,105,101	)
Net increase (decrease)		(22,663,625	)		17,312,685			87,114,200
	Year Ended October 31, 2013
	First Eagle Global Fund
	Class A			Class C			Class I
Shares sold		68,379,393			40,520,480			100,315,070
Shares issued for reinvested dividends and distributions		12,310,757			5,240,753			7,790,628
Shares redeemed		(56,709,392	)		(26,235,228	)		(51,949,001	)
Net increase (decrease)		23,980,758			19,526,005			56,156,697
	Year Ended October 31, 2014
	First Eagle Gold Fund
	Class A			Class C			Class I
Shares sold		10,775,881			2,859,756			16,951,957
Shares issued for reinvested dividends and distributions		—			—			—
Shares redeemed		(22,330,740	)		(5,755,834	)		(19,623,775	)
Net increase (decrease)		(11,554,859	)		(2,896,078	)		(2,671,818	)
	Year Ended October 31, 2013
	First Eagle Gold Fund
	Class A			Class C			Class I
Shares sold		18,267,740			4,405,851			19,790,909
Shares issued for reinvested dividends and distributions		131,202			42			77,683
Shares redeemed		(24,960,048	)		(8,128,432	)		(21,197,330	)
Net increase (decrease)		(6,561,106	)		(3,722,539	)		(1,328,738	)

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Notes to Financial Statements

	Year Ended October 31, 2014
	First Eagle Overseas Fund									First Eagle U.S. Value Fund
	Class A			Class C			Class I			Class A			Class C			Class I
Shares sold		44,427,894			6,352,502			129,724,362			8,486,374			3,019,288			17,742,100
Shares issued for reinvested dividends and distributions		13,900,662			2,124,067			15,541,229			2,780,613			1,074,165			1,735,414
Shares redeemed		(100,279,490	)		(7,431,547	)		(69,353,379	)		(26,082,508	)		(6,465,684	)		(15,989,633	)
Net increase (decrease)		(41,950,934	)		1,045,022			75,912,212			(14,815,521	)		(2,372,231	)		3,487,881
	Year Ended October 31, 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		57,521,589			7,771,516			110,626,219			17,823,128			6,973,806			19,342,095
Shares issued for reinvested dividends and distributions		11,078,284			1,679,612			10,459,996			2,102,240			661,755			1,255,220
Shares redeemed		(55,928,966	)		(7,682,599	)		(56,114,422	)		(24,859,469	)		(6,329,187	)		(18,731,430	)
Net increase (decrease)		12,670,907			1,768,529			64,971,793			(4,934,101	)		1,306,374			1,865,885
	Year Ended October 31, 2014
	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		27,926,819			22,086,272			34,790,012			11,967,998			6,703,909			45,666,781
Shares issued for reinvested dividends and distributions		806,283			394,580			485,613			1,489,044			562,101			2,190,022
Shares redeemed		(10,774,285	)		(2,306,375	)		(3,764,376	)		(22,873,104	)		(4,436,641	)		(27,126,153	)
Net increase (decrease)		17,958,817			20,174,477			31,511,249			(9,416,062	)		2,829,369			20,730,650
	Year Ended October 31, 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		18,700,256			11,383,991			9,365,010			23,301,354			7,555,566			29,103,039
Shares issued for reinvested dividends and distributions		355,012			162,461			154,687			1,492,705			532,373			1,610,518
Shares redeemed		(2,706,050	)		(911,431	)		(1,720,553	)		(12,609,883	)		(3,765,254	)		(11,112,652	)
Net increase (decrease)		16,349,218			10,635,021			7,799,144			12,184,176			4,322,685			19,600,905

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Notes to Financial Statements

	Year Ended October 31, 2014
	First Eagle Fund of America
	Class A			Class C			Class I			Class Y
Shares sold		9,923,882			5,707,393			11,178,474			1,520,391
Shares issued for reinvested dividends and distributions		462,582			212,967			153,384			222,650
Shares redeemed		(8,975,624	)		(1,975,846	)		(2,654,024	)		(2,571,984	)
Net increase (decrease)		1,410,840			3,944,514			8,677,834			(828,943	)
	Year Ended October 31, 2013
	First Eagle Fund of America
	Class A			Class C			Class I*			Class Y
Shares sold		13,566,134			6,229,657			14,822,594			2,095,673
Shares issued for reinvested dividends and distributions		7,690			40			7			6,187
Shares redeemed		(9,781,426	)		(1,562,584	)		(971,639	)		(12,212,254	)
Net increase (decrease)		3,792,398			4,667,113			13,850,962			(10,110,394	)

*Represents the period March 8, 2013 to October 31, 2013.

Transactions in dollars of capital stock were as follows:

	Year Ended October 31, 2014
	First Eagle Global Fund
	Class A			Class C			Class I
Shares sold	$	3,086,829,620		$	2,009,315,584		$	7,279,042,721
Shares issued for reinvested dividends and distributions		737,283,068			324,909,824			536,513,028
Shares redeemed		(5,173,632,845	)		(1,427,791,292	)		(2,971,085,548	)
Net increase (decrease)	$	(1,349,520,157	)	$	906,434,116		$	4,844,470,201
	Year Ended October 31, 2013
	First Eagle Global Fund
	Class A			Class C			Class I
Shares sold	$	3,497,016,996		$	2,031,735,222		$	5,155,682,552
Shares issued for reinvested dividends and distributions		590,423,655			247,259,012			374,962,942
Shares redeemed		(2,893,674,604	)		(1,312,491,400	)		(2,671,165,519	)
Net increase (decrease)	$	1,193,766,047		$	966,502,834		$	2,859,479,975

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Notes to Financial Statements

	Year Ended October 31, 2014
	First Eagle Overseas Fund
	Class A			Class C			Class I
Shares sold	$	1,055,459,444		$	145,990,404		$	3,157,484,001
Shares issued for reinvested dividends and distributions		313,042,960			46,559,542			355,894,147
Shares redeemed		(2,400,625,988	)		(171,346,340	)		(1,670,215,413	)
Net increase (decrease)	$	(1,032,123,584	)	$	21,203,606		$	1,843,162,735
	Year Ended October 31, 2013
	First Eagle Overseas Fund
	Class A			Class C			Class I
Shares sold	$	1,313,800,443		$	172,795,866		$	2,562,741,314
Shares issued for reinvested dividends and distributions		239,955,685			35,490,217			230,119,915
Shares redeemed		(1,277,148,265	)		(170,362,139	)		(1,306,725,008	)
Net increase (decrease)	$	276,607,863		$	37,923,944		$	1,486,136,221

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Notes to Financial Statements

	Year Ended October 31, 2014
	First Eagle U.S. Value Fund
	Class A			Class C			Class I
Shares sold	$	174,417,356		$	61,016,322		$	375,232,586
Shares issued for reinvested dividends and distributions		53,693,682			20,559,539			33,909,992
Shares redeemed		(540,218,333	)		(131,547,884	)		(332,025,497	)
Net increase (decrease)	$	(312,107,295	)	$	(49,972,023	)	$	77,117,081
	Year Ended October 31, 2013
	First Eagle U.S. Value Fund
	Class A			Class C			Class I
Shares sold	$	336,640,485		$	129,653,115		$	368,439,929
Shares issued for reinvested dividends and distributions		37,377,968			11,673,473			22,568,874
Shares redeemed		(471,429,277	)		(118,785,130	)		(360,521,201	)
Net increase (decrease)	$	(97,410,824	)	$	22,541,458		$	30,487,602

	Year Ended October 31, 2014
	First Eagle High Yield Fund
	Class A			Class C			Class I
Shares sold	$	121,926,325		$	68,190,256		$	464,620,390
Shares issued for reinvested dividends and distributions		15,172,616			5,714,634			22,260,582
Shares redeemed		(232,900,282	)		(45,101,192	)		(275,613,957	)
Net increase (decrease)	$	(95,801,341	)	$	28,803,698		$	211,267,015
	Year Ended October 31, 2013
	First Eagle High Yield Fund
	Class A			Class C			Class I
Shares sold	$	235,164,140		$	76,205,397		$	293,516,038
Shares issued for reinvested dividends and distributions		15,056,272			5,363,858			16,244,598
Shares redeemed		(126,959,400	)		(37,898,182	)		(112,078,026	)
Net increase (decrease)	$	123,261,012		$	43,671,073		$	197,682,610

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Notes to Financial Statements

*Represents the period March 8, 2013 to October 31, 2013.

	Year Ended October 31, 2014
	First Eagle Gold Fund									First Eagle Global Income Builder Fund
	Class A			Class C			Class I			Class A			Class C			Class I
Shares sold	$	177,606,432		$	45,271,555		$	285,854,243		$	325,859,860		$	257,548,291		$	407,033,032
Shares issued for reinvested dividends and distributions		—			—			—			9,432,140			4,605,185			5,666,726
Shares redeemed		(362,140,244	)		(87,598,940	)		(307,257,723	)		(126,739,866	)		(26,641,785	)		(43,485,377	)
Net increase (decrease)	$	(184,533,812	)	$	(42,327,385	)	$	(21,403,480	)	$	208,552,134		$	235,511,691		$	369,214,381
	Year Ended October 31, 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	$	388,461,140		$	93,817,364		$	425,138,499		$	200,840,624		$	121,640,893		$	100,665,323
Shares issued for reinvested dividends and distributions		3,597,270			677			2,152,604			3,796,441			1,730,539			1,645,329
Shares redeemed		(511,378,497	)		(159,616,525	)		(444,450,557	)		(29,227,048	)		(9,817,681	)		(18,539,751	)
Net increase (decrease)	$	(119,320,087	)	$	(65,798,484	)	$	(17,159,454	)	$	175,410,017		$	113,553,751		$	83,770,901

	Year Ended October 31, 2014
	First Eagle Fund of America
	Class A			Class C			Class I			Class Y
Shares sold	$	372,435,762		$	183,641,692		$	435,311,387		$	57,925,767
Shares issued for reinvested dividends and distributions		16,199,868			6,418,865			5,474,261			7,953,046
Shares redeemed		(342,545,205	)		(63,631,853	)		(101,141,276	)		(98,025,745	)
Net increase (decrease)	$	46,090,425		$	126,428,704		$	339,644,372		$	(32,146,932	)
	Year Ended October 31, 2013
	First Eagle Fund of America
	Class A			Class C			Class I*			Class Y
Shares sold	$	417,540,709		$	168,315,024		$	480,472,160		$	65,179,337
Shares issued for reinvested dividends and distributions		213,728			1,145			219			174,597
Shares redeemed		(303,665,533	)		(41,563,487	)		(32,328,624	)		(390,594,676	)
Net increase (decrease)	$	114,088,904		$	126,752,682		$	448,143,755		$	(325,240,742	)

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Notes to Financial Statements

At October 31, 2014, no shareholders owned more than 5% of any class of the First Eagle Funds.

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 and First Eagle Global Income Builder Fund invest 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.

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 October 31, 2014.

Note 9 — Subsequent Events

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

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Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of First Eagle Global Fund (including its consolidated wholly owned subsidiary), First Eagle Overseas Fund (including its consolidated wholly owned subsidiary), First Eagle U.S. Value Fund (including its consolidated wholly owned subsidiary), First Eagle Gold Fund (including its consolidated wholly owned subsidiary), First Eagle Global Income Builder Fund, First Eagle High Yield Fund and First Eagle Fund of America (collectively hereafter referred to as the "Funds") at October 31, 2014, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years then ended and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
December 29, 2014

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Fund Expenses (unaudited)

Example

As a shareholder of the First Eagle Funds, you may incur two types of costs: (1) transaction costs including front-end and contingent deferred sales charges (loads), and (2) ongoing costs, including advisory fees; distribution fees (12b-1) and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

This Example is based on an investment of $1,000 invested on May 1, 2014 and held for the six-months ended October 31, 2014.

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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Fund Expenses (unaudited)

Based on Actual Total Return⁽¹⁾

	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 Consolidated
Class A		-0.33	%	$	1,000.00	$	996.70		1.11	%	$	5.59
Class C		-0.70			1,000.00		993.00		1.86			9.34
Class I		-0.20			1,000.00		998.00		0.86			4.33
First Eagle Overseas Fund Consolidated
Class A		-3.30			1,000.00		967.00		1.14			5.65
Class C		-3.65			1,000.00		963.50		1.89			9.35
Class I		-3.20			1,000.00		968.00		0.89			4.41
First Eagle U.S. Value Fund Consolidated
Class A		2.73			1,000.00		1,027.30		1.11			5.67
Class C		2.36			1,000.00		1,023.60		1.86			9.49
Class I		2.88			1,000.00		1,028.80		0.86			4.40
First Eagle Gold Fund Consolidated
Class A		-20.60			1,000.00		794.00		1.22			5.52
Class C		-20.84			1,000.00		791.60		1.97			8.90
Class I		-20.49			1,000.00		795.10		0.96			4.34
First Eagle Global Income Builder Fund
Class A		-1.80			1,000.00		982.00		1.24			6.19
Class C		-2.18			1,000.00		978.20		1.98			9.87
Class I		-1.62			1,000.00		983.80		1.05			5.25
First Eagle High Yield Fund
Class A		-0.28			1,000.00		997.20		1.08			5.44
Class C		-0.65			1,000.00		993.50		1.83			9.20
Class I		-0.14			1,000.00		998.60		0.83			4.18
First Eagle Fund of America
Class A		2.63			1,000.00		1,026.30		1.35			6.90
Class C		2.23			1,000.00		1,022.30		2.10			10.70
Class I		2.77			1,000.00		1,027.70		1.10			5.62
Class Y		2.63			1,000.00		1,026.30		1.35			6.89

(1)  For the six-months ended October 31, 2014.

(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 184/365 (to reflect the one-half year period).

First Eagle Funds | Annual Report | October 31, 2014
207

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 May 1, 2014 and held for the six-months ended October 31, 2014.

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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Fund Expenses (unaudited)

Based on Hypothetical Total Return⁽¹⁾

	Hypothetical Annualized Total Return			Beginning Account Value		Ending Account Value		Annualized Expense Ratio			Expenses Paid during the Period(2)
First Eagle Global Fund Consolidated
Class A		5.00	%	$	1,000.00	$	1,019.61		1.11	%	$	5.65
Class C		5.00			1,000.00		1,015.83		1.86			9.45
Class I		5.00			1,000.00		1,020.87		0.86			4.38
First Eagle Overseas Fund Consolidated
Class A		5.00			1,000.00		1,019.46		1.14			5.80
Class C		5.00			1,000.00		1,015.68		1.89			9.60
Class I		5.00			1,000.00		1,020.72		0.89			4.53
First Eagle U.S. Value Fund Consolidated
Class A		5.00			1,000.00		1,019.61		1.11			5.65
Class C		5.00			1,000.00		1,015.83		1.86			9.45
Class I		5.00			1,000.00		1,020.87		0.86			4.38
First Eagle Gold Fund Consolidated
Class A		5.00			1,000.00		1,019.06		1.22			6.21
Class C		5.00			1,000.00		1,015.27		1.97			10.01
Class I		5.00			1,000.00		1,020.37		0.96			4.89
First Eagle Global Income Builder Fund
Class A		5.00			1,000.00		1,018.95		1.24			6.31
Class C		5.00			1,000.00		1,015.22		1.98			10.06
Class I		5.00			1,000.00		1,019.91		1.05			5.35
First Eagle High Yield Fund
Class A		5.00			1,000.00		1,019.76		1.08			5.50
Class C		5.00			1,000.00		1,015.98		1.83			9.30
Class I		5.00			1,000.00		1,021.02		0.83			4.23
First Eagle Fund of America
Class A		5.00			1,000.00		1,018.40		1.35			6.87
Class C		5.00			1,000.00		1,014.62		2.10			10.66
Class I		5.00			1,000.00		1,019.66		1.10			5.60
Class Y		5.00			1,000.00		1,018.40		1.35			6.87

(1)  For the six-months ended October 31, 2014.

(2)  Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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General Information

Quarterly Form N-Q portfolio schedule

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

Proxy voting policies, procedures and record

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

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Tax Information

Fiscal Year Ended October 31, 2014 (unaudited)

Each Fund designates the following amounts (or the maximum amount allowable) distributed during the fiscal year ended October 31, 2014, if any, as capital gain dividends, dividends eligible for the corporate dividends received deduction and/or qualified dividend income:

	% of Qualifying Dividend			% of Dividends Eligible for the Dividends Received			Long-Term Capital Gains
	Income			Deduction			15%		28%
First Eagle Global Fund		85.85	%		39.16	%		1,152,245,365		179,342,818
First Eagle Overseas Fund*		44.74	%		0.25	%		399,474,789		69,553,796
First Eagle U.S. Value		100	%		100	%		106,592,181		11,608,849
First Eagle Gold Fund		—			—			—		—
First Eagle Global Income Builder		46.90	%		11.95	%		—		—
First Eagle High Yield		—			—			—		—
First Eagle Fund of America		100	%		100	%		38,725,454		—

* First Eagle Overseas Fund paid foreign taxes of $28,138,723, and recognized foreign source income of $169,870,624. Pursuant to Section 853 of the Internal Revenue Code, the First Eagle Overseas Fund designates such amounts (of the maximum amount allowable) as having been paid in connection with dividends distributed from investment company taxable income during the fiscal year ended October 31, 2014.

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211

Privacy Notice

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

Why this Privacy Policy Applies to You

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

What We do to Protect Your Personal Information

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

Personal Information that We Collect and May Disclose

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

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

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

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

Categories of Affiliates to Whom We May Disclose Personal Information

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

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Privacy Notice

You May Limit Marketing Solicitations by Choosing to Opt Out

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

When We May Disclose Your Personal Information to Unaffiliated Third Parties

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

•  At your request;

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

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

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

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

What We do with Personal Information about Our Former Customers

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

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213

Additional Information (unaudited)

Management of the Trust

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

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

Independent Trustees⁽¹⁾

Lisa Anderson | Trustee | December 2005 to present
1345 Avenue of the Americas | New York, New York | 10105
(born October 1950)

Principal Occupation(s) During Past 5 Years: President, American University in Cairo; prior to December 2010, Provost, American University in Cairo; James T. Shotwell Professor of International Relations and Dean, School of International and Public Affairs, Columbia University

Number of Portfolios in the Fund Complex Overseen by Trustee: 9

Other Directorships/Trusteeships Held by Trustee: Director, Advisory Board Middle East Centre, London School of Economics; Member Emerita, Human Rights Watch; Trustee, First Eagle Variable Funds (1 portfolio)

Candace K. Beinecke⁽²⁾ | Trustee (Chair) | December 1999 to present
One Battery Park Plaza | New York, New York | 10004
(born December 1946)

Principal Occupation(s) During Past 5 Years: Chair, Hughes Hubbard & Reed LLP

Number of Portfolios in the Fund Complex Overseen by Trustee: 9

Other Directorships/Trusteeships Held by Trustee: Director, ALSTOM; Trustee, Vornado Realty Trust; Director, Rockefeller Financial Services, Inc. and Rockefeller & Company, Inc.; Trustee, Metropolitan Museum of Art; Trustee, The Wallace Foundation; Director and Vice Chair, Partnership for New York City; Trustee, First Eagle Variable Funds (Chair) (1 portfolio)

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

(2)  Ms. Beinecke also served as trustee of a predecessor fund to Fund of America since 1996.

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Additional Information (unaudited)

Independent Trustees⁽¹⁾—(continued)

Jean D. Hamilton | Trustee | March 2003 to present
1345 Avenue of the Americas | New York, New York | 10105
(born January 1947)

Principal Occupation(s) During Past 5 Years: Private Investor/Independent Consultant/Member, Brock Capital Group LLC;

Number of Portfolios in the Fund Complex Overseen by Trustee: 9

Other Directorships/Trusteeships Held by Trustee: Director, RenaissanceRe Holdings Ltd; prior to June 2012, Director, Four Nations; Trustee, First Eagle Variable Funds (1 portfolio)

James E. Jordan | Trustee | December 1999 to present
1345 Avenue of the Americas | New York, New York | 10105
(born April 1944)

Principal Occupation(s) During Past 5 Years: Private Investor and Independent Consultant

Number of Portfolios in the Fund Complex Overseen by Trustee: 9

Other Directorships/Trusteeships Held by Trustee: Director, JZ Capital Partners, Plc. (Guernsey investment trust company); Trustee, World Monuments Fund; Chairman's Council, Conservation International; Director, Alpha Andromeda Investment Trust Co., S.A.; prior to July 2013, Director, Leucadia National Corporation; Trustee, First Eagle Variable Funds (1 portfolio)

William M. Kelly⁽³⁾ | Trustee | December 1999 to present
1345 Avenue of the Americas | New York, New York | 10105
(born February 1944)

Principal Occupation(s) During Past 5 Years: Private Investor, prior to January 2010 President, Lingold Associates

Number of Portfolios in the Fund Complex Overseen by Trustee: 9

Other Directorships/Trusteeships Held by Trustee: Trustee, St. Anselm College; Director, Sergi S. Zlinkoff Fund for Medical Research and Education; Prior to April, 2010, Treasurer and Trustee, Black Rock Forest Preservation and Consortium; Trustee, First Eagle Variable Funds (1 portfolio)

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

(3)  Mr. Kelly also served as trustee of a predecessor fund to Fund of America since 1998.

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Additional Information (unaudited)

Independent Trustees⁽¹⁾—(continued)

Paul J. Lawler | Trustee | March 2002 to present
1345 Avenue of the Americas | New York, New York | 10105
(born May 1948)

Principal Occupation(s) During Past 5 Years: Private Investor, prior to January 2010, Vice President Investments and Chief Investment Officer, W.K. Kellogg Foundation

Number of Portfolios in the Fund Complex Overseen by Trustee: 9

Other Directorships/Trusteeships Held by Trustee: Trustee and Audit Chair, The American University in Cairo; Trustee, Blackstone Alternative Asset Fund; Trustee, Ravena Coeymans Historical Society; Trustee, Coeymans Heritage Society; Trustee, First Eagle Variable Funds (1 portfolio)

Interested Trustees⁽⁴⁾

John P. Arnhold | President and Trustee | December 1999 to present
1345 Avenue of the Americas | New York, New York | 10105
(born December 1953)

Principal Occupation(s) During Past 5 Years: Co-President, Co-CEO and Director, Arnhold and S. Bleichroeder Holdings, Inc.; CEO, Chairman, Director, FEF Distributors, LLC; Chairman, CIO and Director, First Eagle Investment Management, LLC; prior to February 2010, CEO, First Eagle Investment Management, LLC

Number of Portfolios in the Fund Complex Overseen by Trustee: 9

Other Directorships/Trusteeships Held by Trustee: Chairman and Director, Arnhold Ceramics; Director, The Arnhold Foundation; Director, The Mulago Foundation; Director, WNET.org; Trustee, Trinity Episcopal Schools Corp.; Trustee, Vassar College; Trustee, Jazz at Lincoln Center; Director, International Tennis Hall of Fame; Managing Member, New Eagle Holdings Management Company, LLC; Director, First Eagle Amundi SICAV; Trustee, UC Santa Barbara Foundation; prior to November, 2011, Director, Aquila International Fund Limited; prior to September, 2011 Director, Quantum Endowment Fund; President and Trustee, First Eagle Variable Funds (1 portfolio)

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

(4)  The term of office of each Interested Trustee is indefinite.

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216

Additional Information (unaudited)

Interested Trustees⁽⁵⁾—(continued)

Jean-Marie Eveillard | Trustee | June 2008 to present
1345 Avenue of the Americas | New York, New York | 10105
(born January 1940)

Principal Occupation(s) During Past 5 Years: Senior Adviser to First Eagle Investment Management, LLC since March 2009; formerly, Senior Vice President, First Eagle Investment Management, LLC since January 2000; previously, Portfolio Manager of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, and First Eagle Variable Funds (portfolio management tenure: 1979-2004, March 2007-March 2009)

Number of Portfolios in the Fund Complex Overseen by Trustee: 9

Other Directorships/Trusteeships Held by Trustee: Trustee, The Frick Collection; Director, Varenne Capital Partners; prior to December 2011, Director Fregate-Legris Industries SA; Trustee, First Eagle Variable Funds (1 portfolio)

Officers⁽⁶⁾

John P. Arnhold | President and Trustee | December 1999 to present
1345 Avenue of the Americas | New York, New York | 10105
(born December 1953)

Principal Occupation(s) During Past Five (5) Years: See table on preceding page related to Interested Trustees

Robert Bruno | Senior Vice President | December 1999 to present
1345 Avenue of the Americas | New York, New York | 10105
(born June 1964)

Principal Occupation(s) During Past Five (5) Years: Senior Vice President, First Eagle Investment Management, LLC; President, FEF Distributors, LLC; Senior Vice President, First Eagle Variable Funds

Joseph T. Malone | Chief Financial Officer | September 2008 to present
1345 Avenue of the Americas | New York, New York | 10105
(born September 1967)

Principal Occupation(s) During Past Five (5) Years: Senior Vice President, First Eagle Investment Management, LLC; Chief Financial Officer, First Eagle Variable Funds; from September 2008

(5)  The term of office of each Interested Trustee is indefinite.

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

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217

Additional Information (unaudited)

Officers⁽⁶⁾—(continued)

Mark D. Goldstein | Chief Compliance Officer | February 2005 to present
1345 Avenue of the Americas | New York, New York | 10105
(born October 1964)

Principal Occupation(s) During Past Five (5) Years: General Counsel, Chief Compliance Officer until June 2014, and Senior Vice President, First Eagle Investment Management, LLC; Secretary, FEF Distributors, LLC; Director, First Eagle Amundi SICAV; General Counsel and Secretary of Arnhold and S. Bleichroeder Holdings, Inc., and Chief Compliance Officer, First Eagle Variable Funds from February 2005

Suzan J. Afifi | Secretary and Vice President | December 1999 to present
1345 Avenue of the Americas | New York, New York | 10105
(born October 1952)

Principal Occupation(s) During Past Five (5) Years: Senior Vice President, First Eagle Investment Management, LLC; Vice President, FEF Distributors, LLC; Secretary and Vice President, First Eagle Variable Funds

Philip Santopadre | Treasurer | September 2005 to present
1345 Avenue of the Americas | New York, New York | 10105
(born August 1977)

Principal Occupation(s) During Past Five (5) Years: Vice President, First Eagle Investment Management, LLC; Treasurer, First Eagle Variable Funds

Michael Luzzatto | Vice President | December 2004 to present
1345 Avenue of the Americas | New York, New York | 10105
(born April 1977)

Principal Occupation(s) During Past Five (5) Years: Senior Vice President, First Eagle Investment Management, LLC; Vice President, FEF Distributors, LLC; Vice President, First Eagle Variable Funds

Meng Lam | Assistant Treasurer | March 2012 to present
1345 Avenue of the Americas | New York, New York | 10105
(born October 1980)

Principal Occupation(s) During Past Five (5) Years: Assistant Vice President, First Eagle Investment Management, LLC from February 2011; Advisory Manager, Ernst & Young LLP from January 2010; Audit Manager, Deloitte & Touche LLP from 2007; Assistant Treasurer, First Eagle Variable Funds

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

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218

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 9th Street
Kansas City, MO 64105
800.334.2143

Underwriter

FEF Distributors, LLC

1345 Avenue of the Americas
New York, NY 10105

Independent Registered Public
Accounting Firm

PricewaterhouseCoopers LLP

300 Madison Avenue
New York, NY 10017

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of First Eagle Funds.

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First Eagle Investment Management, LLC

1345 Avenue of the Americas, New York, NY 10105-0048

800.334.2143 www.feim.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.

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

Item 4.Principal Accountant Fees and Services

(a)Audit Fees:

For the Fiscal years ended October 31, 2014 and October 31, 2013, the aggregate PricewaterhouseCoopers LLP (PwC) audit fees for professional services rendered to the registrant were approximately $417,735 and $505,582, respectively.  Fees included in the audit fees category are those associated with the annual audits of the financial statements and services that are normally provided in connection with statutory and regulatory filings.

(b)Audit Related Fees:

For the fiscal years ended October 31, 2014 and October 31, 2013, the aggregate PwC fees for assurance and related services rendered to the registrant were approximately $18,300 and $18,300, respectively.

(c)Tax Fees:

In each fiscal year ended October 31, 2014 and October 31, 2013, the aggregate tax fees billed by PwC for professional services rendered to the registrant were approximately $432,676 and $596,616, respectively.

Fees included in the tax fees category comprise all services performed by professional staff in the independent accountant’s tax division except those services related to audits. This category comprises fees for tax compliance and preparation of tax returns.

(d)All Other Fees:

In each of the fiscal years ended October 31, 2014 and October 31, 2013, there were no fees billed by PwC for products and services, other than 4(a)-(c) above, rendered to the registrant.

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

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

(f) According to PwC, for the fiscal year ended October 31, 2014, the percentage of hours spent on the audit of the registrant’s financial statements for the most recent fiscal year that were attributable to work performed by persons who are not full-time, permanent employees of PwC was 0%.

(g) Other than as described in the table above, the aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant (“covered”), its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser (“non-covered”) that provides ongoing services to the registrant was $0 in 2014 and 2013.

(h) Not applicable.

Item 5.Audit Committee of Listed Registrants

Not applicable at this time.

Item 6.Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material change to report at this time.

Item 11.Controls and Procedures.

(a) In the opinion of the principal executive officer and principal financial officer, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared; and (ii) that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

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

Item 12.Exhibits.

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

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

(a)(3) Not applicable.

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

SIGNATURES

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

(Registrant)	First Eagle Funds
By (Signature and Title)*	/s/ John P. Arnhold
	John P. Arnhold, President

Date: January 7, 2015

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: January 7, 2015

By (Signature and Title)*	/s/ Joseph T. Malone
	Joseph T. Malone, Principal Financial Officer

Date: January 7, 2015

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