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, 2016

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, 2016

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, 2016
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	44
Consolidated Schedule of Investments	46
First Eagle U.S. Value Fund:
Fund Overview	68
Consolidated Schedule of Investments	70
First Eagle Gold Fund:
Fund Overview	80
Consolidated Schedule of Investments	82
First Eagle Global Income Builder Fund:
Fund Overview	86
Schedule of Investments	88
First Eagle High Yield Fund:
Fund Overview	102
Schedule of Investments	104
First Eagle Fund of America:
Fund Overview	114
Schedule of Investments	116
Statements of Assets and Liabilities	122
Statements of Operations	130
Statements of Changes in Net Assets	134
Financial Highlights	138
Notes to Financial Statements	154
Report of Independent Registered Accounting Firm	191
Fund Expenses	192
General Information	196
Tax Information	197
Privacy Notice	198
Additional Information	200

First Eagle Funds | Annual Report | October 31, 2016
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Letter from the President (unaudited)

John P. Arnhold

Dear Fellow Shareholders,

In the half year since my last letter, most investment markets moved in a positive direction. For the period from May 1, 2016 through October 31, 2016, the S&P 500 Index was up 4.06%, the MSCI World Index rose 2.25% and the MSCI EAFE Index fell -.16%. France's CAC 40 Index was up 1.81%, Germany's DAX Index climbed 6.24% and Japan's Nikkei 225 Index rose 4.55% during the period. The price of WTI crude oil rose from $44.78 a barrel on May 1 to $46.86 a barrel on October 31. During this same period the dollar strengthened 4.29% versus the euro and weakened 1.79% versus the yen. The price of gold declined from $1,291.57 an ounce on May 1 to $1,277.30 an ounce on October 31.

During this period, the Bloomberg Barclays U.S. Corporate High Yield Index returned 7.59% and the Bloomberg Barclays U.S. Aggregate Bond Index returned 1.51%.

Events of the past year reminded us once again that human beings—even "experts"—are not very good at predicting the future. Public-opinion polls, media pundits, world securities markets and even the betting markets all indicated that the UK would choose to stay in the European Union, but in June, the British people voted in favor of Brexit. In the United States, a majority of polls, pundits and securities markets agreed that Hillary Clinton would be our next president, but on November 9, we learned that Donald Trump had carried the day. After both elections, world stock markets fell sharply and then quickly recovered. The key lesson we take from these events is one of humility: Whether the issue is politics or investments, human predictions are fallible.

This recognition lies at the heart of our investment philosophy. Knowing that we cannot predict what markets will do next, we strive to create all-weather portfolios. We focus on buying securities that are trading at a discount to our estimate of their intrinsic value—a perceived discount we call a "margin of safety." We do not know how these securities will trade over the next week or quarter or year, but our experience gives us confidence that the prices of many should eventually approach their intrinsic value.

First Eagle Funds | Annual Report | October 31, 2016
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Letter from the President (unaudited)

The other lesson we draw from both Brexit and the US election is that nationalism and populism are on the rise. Economic growth remains slow in much of the world, and we have often seen that when the economic pie is shrinking or barely expanding, people become more concerned about how the slices are distributed. Upcoming elections in Spain, Austria, Germany, France, the Netherlands and other countries may indicate how powerful nationalism and populism have become in Europe.

Global Value Team

Monetary experimentation by central banks continued to concern the Global Value team during this period. The Bank of Japan, which had introduced negative interest rates earlier in the year, announced in September that it was targeting an interest rate of zero for 10-year government bonds. Coupled with the fact that excess sovereign debt was being purchased by global central banks, this development reinforced the team's belief that the price of money was being distorted in economies around the world.

In securities markets where interest rates were sometimes negative in real terms and price/earnings ratios were above average, the Global Value team believed that passive strategies would face serious challenges. In the team's view, the key was to identify securities, one at a time, that might demonstrate resilience in the face of macroeconomic challenges. In a world where overall valuations were high, demanding a bottom-up margin of safety in valuation was one way, potentially, to help reduce risk. Equally, in a world where sovereign debt continued to mount, buying companies that did not have excessive leverage could make a difference. And at a time when policy experiments continued to proliferate, finding management teams that were prudent and sound allocators of capital might be part of the solution. The Global Value team believed that the environment lent itself to an active, disciplined, bottom-up approach.

High Yield Team

The high yield market continued to rally in this period, with metals & mining and energy leading the way. As typically occurs in market rallies, lower-quality issues generally benefited the most. New-issue volume accelerated during the period, driven primarily by refinancing activity. Credit underwriting standards within the high yield market remained adequate, in the team's view, and although some erosion was evident, it did not reach the levels seen in past credit cycles. On the other hand, fundamental credit metrics slowly deteriorated in the high yield loan market.

Liquidity was an ongoing concern in the high yield market. In response to the Dodd-Frank Act and the Volcker Rule, banks and brokerages have drastically

First Eagle Funds | Annual Report | October 31, 2016
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Letter from the President (unaudited)

reduced their activities as market makers and have shrunk their inventories of bonds. The high yield team believed that the market mispriced liquidity during the past year—overpricing it in mid-February when energy and metals & mining bonds generally yielded close to 20%, and underpricing it in early September, when yields of all sectors fell to 8% or less.

Fund of America Team

The Fund of America team was encouraged to see ongoing US economic expansion and a continuation of the US stock market's ascent. From July onward, payrolls, new home sales and industrial production helped buoy US stocks and gave investors the assurance to remain confident about equities. Inflation was not problematic, employment was growing and the team believed that valuations were reasonable for this kind of low-interest-rate environment. Seeing little-to-no evidence of investor exuberance in the equity market, the Fund of America team believed that the market and the economy could both grind forward in a slow, unsteady trajectory.

Sincerely,

John P. Arnhold
President

December 2016

First Eagle Funds | Annual Report | October 31, 2016
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Management's Discussion of Fund Performance (unaudited)

First Eagle Global Fund

The net asset value ("NAV") of the Fund's Class A shares increased 7.38% for the twelve months ending October 31, 2016 while the MSCI World Index increased 1.18%. The Fund's cash and cash equivalents position was 17.09% as of October 31, 2016.

The five largest contributors to the performance of First Eagle Global Fund over the period were gold bullion, Newcrest Mining Limited (mining, Australia), Barrick Gold Corporation (mining, Canada), KDDI Corporation (wireless communications services, Japan) and Keyence Corporation (electronic sensors, Japan) collectively accounting for 3.22% points of this period's performance.

The five largest detractors were Berkeley Group Holdings (homebuilder, UK), Kia Motors Corporation (automobiles, South Korea), Sanofi (pharmaceuticals, France), Grupo Televisa (media, Mexico) and Comcast Corporation (cable & satellite, US). Their combined negative performance over the twelve months subtracted 1.08% points from performance.

As of October 31, 2016, the Fund was approximately 10% hedged versus the Euro, 20% hedged versus the Yen and 20% hedged versus the British Pound on certain securities.

First Eagle Overseas Fund

The NAV of the Fund's Class A shares increased 6.90% for the twelve months ended October 31, 2016 while the MSCI EAFE Index decreased 3.23%. The Fund's cash and cash equivalents position was 21.03% as of October 31, 2016.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were Newcrest Mining Limited (mining, Australia), KDDI Corporation (wireless communications services, Japan), Keyence Corporation (electronic sensors, Japan), gold bullion and Agnico-Eagle Mines Limited (mining, Canada) collectively accounting for 3.46% points of this period's performance.

The five largest detractors were Berkeley Group Holdings (homebuilder, UK), Grupo Televisa (media, Mexico), Kia Motors Corporation (automobiles, South Korea), Sanofi (pharmaceuticals, France) and Carrefour SA (supermarkets, France). Their combined negative performance over the twelve months subtracted 1.68% points from performance.

First Eagle Funds | Annual Report | October 31, 2016
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Management's Discussion of Fund Performance (unaudited)

As of October 31, 2016, the Fund was approximately 10% hedged versus the Euro, 20% hedged versus the Yen and 20% hedged versus the British Pound on certain securities.

First Eagle U.S. Value Fund

The NAV of the Fund's Class A shares increased 6.21% for the twelve months ended October 31, 2016 while the S&P 500 Index increased 4.51%. The Fund's cash and cash equivalents position was 17.17% as of October 31, 2016.

The five largest contributors to the performance of First Eagle U.S. Value Fund were gold bullion, Newcrest Mining Limited (mining, Australia), Linear Technology Corporation (semiconductors), Agnico-Eagle Mines Limited (mining, Canada) and Weyerhaeuser Company (timber REITs) collectively accounting for 3.54% points of this period's performance.

The five largest detractors were Comtech Telecommunications Corporation (telecommunications), American Express Company (consumer finance), Comcast Corporation (cable & satellite), National Oilwell Varco (oil and gas) and H&R Block, Inc. (financial). Their combined negative performance over the twelve months subtracted 1.63% points from performance.

First Eagle Gold Fund

The NAV of the Fund's Class A shares increased 45.55% while the FTSE Gold Mines Index increased 71.31% for the twelve months ended October 31, 2016. The Fund's cash and cash equivalents position was 4.89% as of October 31, 2016.

The five largest contributors to the performance of First Eagle Gold Fund were Barrick Gold Corporation (Canada), Newcrest Mining Limited (Australia), Fresnillo (Mexico), Randgold Resources Limited (Africa) and Agnico-Eagle Mines (Canada) collectively accounting for 21.47% points of this period's performance.

The five largest detractors were Eldorado Gold Corporation (Canada), Primero Mining Corporation (Canada), NovaGold Resources (Canada), Primero Mining Corp. 5.75% due 02/28/2020 (Canada) and St. Augustine Gold & Copper Ltd. (Hong Kong). Their combined negative performance over the twelve months subtracted 0.79% points from performance.

First Eagle Funds | Annual Report | October 31, 2016
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Management's Discussion of Fund Performance (unaudited)

First Eagle Global Income Builder Fund

The NAV of the Fund's Class A shares increased 5.76% while the composite index¹ increased 2.59% for the twelve months ended October 31, 2016. The MSCI World Index and the Bloomberg Barclays U.S. Aggregate Bond Index returned 1.18% and 4.37% respectively during the same time period. The Fund's cash and cash equivalents position was 9.07% as of October 31, 2016.

The five largest contributors to the performance of First Eagle Global Income Builder Fund were Agnico-Eagle Mines Limited (mining, Canada), Sprint Capital Corporation 6.9% due 05/01/2019 (telecommunications, US), TransAlta Renewables, Inc. (energy, Canada), Weyerhaeuser Company (timber REITs, US) and Cloud Peak Energy Resources LLC 8.5% due 12/15/2019 (coal, US) collectively accounting for 2.17% points of this period's performance.

The five largest detractors were Comtech Telecommunications Corporation (telecommunications, US), Sprint Corporation 7.25% due 09/15/2021 (telecommunications, US), Asian Pay Television Trust (Pay-TV business trust, Singapore), MITIE Group (building services, UK) and EP Energy Corporation 9.375% due 06/01/2020 (oil and gas, US). Their combined negative performance over the twelve months subtracted 1.37% points from performance.

As of October 31, 2016, the Fund was approximately 15% hedged versus the Euro, 20% hedged versus the Yen and 25% hedged versus the British Pound on certain securities.

First Eagle High Yield Fund

The NAV of the Fund's Class I shares increased 8.54% while the Bloomberg Barclays U.S. Corporate High Yield Index increased 10.14% for the twelve months ended October 31, 2016. The Fund's cash and cash equivalents position was 12.16% as of October 31, 2016.

The five largest contributors to the performance of First Eagle High Yield Fund were Roundy's Supermarkets, Inc. 10.25% due 12/15/2020 (supermarkets, US), Jupiter Resources, Inc. 8.5% due 10/01/2022 (oil and gas, Canada), Cloud Peak Energy Resources LLC 8.5% due 12/15/2019 (coal, US), Sprint Capital Corporation 6.9% due 05/01/2019 (telecommunications, US) and Ausdrill Finance Pty Limited 6.875% due 11/01/2019 (mining services, Australia) collectively accounting for 3.53% points of this period's performance.

¹  Effective March 1, 2016, the Fund is compared against a composite index, 60% of which consists of the MSCI World Index and 40% of which consists of the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund believes this composite index provides a useful comparison against the performance of the Fund, which currently invests in both equity and fixed income securities.

First Eagle Funds | Annual Report | October 31, 2016
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Management's Discussion of Fund Performance (unaudited)

The five largest detractors were Bi-Lo Holdings LLC 8.625% due 09/15/2018 (food-retail, US), True Religion Apparel, Inc. First Lien Term Loan 5.75% due 07/30/2019 (retailer, US), Sprint Corporation 7.25% due 09/15/2021 (telecommunications, US), Ameriforge Group Second Lien Term Loan 8.75% due 12/19/2020 (oil and gas, US) and Lightstream Resources Ltd. 8.625% due 02/01/2020 (oil and gas, Canada). Their combined negative performance over the twelve months subtracted 2.51% points from performance.

First Eagle Fund of America

The NAV of the Fund's Class Y Shares decreased 5.30% versus the S&P 500 Index increase of 4.51%. The Fund's cash and cash equivalents position was 1.01% as of October 31, 2016.

The five largest contributors to the performance for First Eagle Fund of America were Tyson Foods, Inc. (packaged foods & meats), Hewlett Packard Enterprises (technology hardware, storage and peripherals), Packaging Corporation of America (paper packaging), Martin Marietta Materials, Inc. (construction materials) and GCP Applied Technologies, Inc. (specialty chemicals) collectively accounting for 7.08% points of this period's performance.

The five largest detractors were Valeant Pharmaceuticals International, Inc. (pharmaceuticals), Seagate Technology PLC (hard disk drive manufacturer), Allergan PLC (pharmaceuticals), Delta Air Lines, Inc. (airline) and Halozyme Therapeutics, Inc. (biopharmaceutical). Their combined negative performance over the twelve months subtracted 8.09% points from performance.

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, U.S. Value and Global Income Builder Funds
Matt Lamphier Portfolio Manager U.S. Value Fund	Edward Meigs Portfolio Manager Global Income Builder and High Yield Funds

First Eagle Funds | Annual Report | October 31, 2016
10

Management's Discussion of Fund Performance (unaudited)

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	Thomas Kertsos Portfolio Manager Gold Fund
December 2016

The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact a 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 feim.com or by calling 800.334.2143.

The commentary represents the opinion of John Arnhold and the Portfolio Management Teams as of December 2016 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 to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

First Eagle Funds | Annual Report | October 31, 2016
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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		7.38	%		4.58	%		7.47	%		6.67	%		13.32	%	01/01/792
with sales charge		2.02			2.80			6.38			6.12			13.20		01/01/792
Class C  (FESGX)		5.56			3.78			6.67			5.86			10.03		06/05/00
Class I  (SGIIX)		7.65			4.85			7.75			6.94			10.85		07/31/98
MSCI World Index3		1.18			3.82			9.03			3.89			9.38		01/01/79
First Eagle Overseas Fund4
Class A  (SGOVX) without sales charge		6.90	%		3.46	%		6.09	%		5.55	%		10.75	%	08/31/93
with sales charge		1.55			1.72			5.01			5.01			10.57		08/31/93
Class C  (FESOX)		5.14			2.72			5.32			4.77			9.52		06/05/00
Class I  (SGOIX)		7.22			3.75			6.38			5.83			10.79		07/31/98
MSCI EAFE Index5		-3.23			-1.31			4.99			1.22			4.54		08/31/93
First Eagle U.S. Value Fund
Class A  (FEVAX) without sales charge		6.21	%		4.99	%		7.92	%		6.34	%		8.72	%	09/04/01
with sales charge		0.91			3.20			6.82			5.80			8.35		09/04/01
Class C  (FEVCX)		4.38			4.19			7.10			5.54			7.90		09/04/01
Class I  (FEVIX)		6.49			5.26			8.20			6.61			8.99		09/04/01
S&P 500 Index6		4.51			8.84			13.57			6.70			6.35		09/04/01
First Eagle Gold Fund
Class A  (SGGDX) without sales charge		45.55	%		1.84	%		-11.11	%		1.45	%		5.84	%	08/31/93
with sales charge		38.28			0.11			-12.01			0.93			5.66		08/31/93
Class C  (FEGOX)		43.36			1.05			-11.80			0.68			5.63		05/15/03
Class I  (FEGIX)		45.99			2.14			-10.87			1.72			6.71		05/15/03
FTSE Gold Mines Index7		71.31			1.20			-15.60			-3.60			-0.66		08/31/93
MSCI World Index3		1.18			3.82			9.03			3.89			6.39		08/31/93

First Eagle Funds | Annual Report | October 31, 2016
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		5.76	%		2.97	%		—			—			5.80	%	05/01/12
with sales charge		0.51			1.23			—			—			4.60		05/01/12
Class C  (FEBCX)		3.87			2.19			—			—			5.00		05/01/12
Class I  (FEBIX)		5.93			3.22			—			—			6.06		05/01/12
Composite Index8		2.59			3.85			—			—			6.19		05/01/12
MSCI World Index3		1.18			3.82			—			—			8.23		05/01/12
Bloomberg Barclays U.S. Aggregate Bond Index9		4.37			3.48			—			—			2.70		05/01/12
First Eagle High Yield
Class A  (FEHAX) without sales charge		8.24	%		2.45	%		—			—			5.37	%	01/03/12
with sales charge		3.36			0.88			—			—			4.37		01/03/12
Class C  (FEHCX)		6.46			1.69			—			—			4.56		01/03/12
Class I  (FEHIX)		8.54			2.74			5.75	%		—			8.93		11/19/0710
Bloomberg Barclays U.S. Corporate High Yield Index11		10.14			4.55			7.17			—			8.06		11/19/07
First Eagle Fund of America
Class A  (FEFAX) without sales charge		-5.30	%		2.33	%		10.07	%		6.99	%		7.85	%	11/20/98
with sales charge		-10.02			0.60			8.94			6.44			7.54		11/20/98
Class C  (FEAMX)		-6.99			1.56			9.24			6.18			7.09		03/02/98
Class I  (FEAIX)		-5.01			2.61			—			—			5.97		03/08/13
Class Y  (FEAFX)12		-5.28			2.32			10.07			6.98			11.24		04/10/87
S&P 500 Index6		4.51			8.84			13.57			6.70			9.38		04/10/87

First Eagle Funds | Annual Report | October 31, 2016
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 feim.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 contingent deferred sales charge (CDSC) 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 $1 million minimum investment and are offered without a sales charge.

Class Y Shares of First Eagle Fund of America are offered without a sales 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 developed international markets. The index provides total returns in U.S. dollars with net dividends reinvested. One cannot invest directly in an index.

⁴  Effective May 9, 2014, the First Eagle Overseas Fund is closed to certain investors. Please see 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 21 developed market countries. One cannot invest directly in an index.

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. 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. One cannot invest directly in an index.

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, and includes dividends reinvested. One cannot invest directly in an index.

⁸  Effective March 1, 2016 the Fund is compared against a composite index, 60% of which consists of the MSCI World Index and 40% of which consists of the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund believes this composite index provides a useful comparison against the performance of the Fund, which currently invests in both equity and fixed income securities.

⁹  The Bloomberg Barclays 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. One cannot invest directly in an index.

First Eagle Funds | Annual Report | October 31, 2016
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Performance Chart

¹⁰  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 on 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.

¹¹  The Bloomberg Barclays U.S. Corporate High Yield Index is composed of fixed-rate, publicly issued, noninvestment grade debt and is unmanaged, with dividends reinvested. 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. One cannot invest directly in an index.

¹²  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		1.10	%		1.86	%		0.84	%		—
First Eagle Overseas Fund		1.14			1.89			0.87			—
First Eagle U.S. Value Fund13,14		1.14			1.90			0.87			—
First Eagle Gold Fund		1.27			2.04			0.98			—
First Eagle Global Income Builder Fund		1.18			1.94			0.92			—
First Eagle High Yield Fund13,14		1.20			1.94			0.91			—
First Eagle Fund of America15		1.32			2.08			1.03			1.33	%

¹³  For the First Eagle U.S. Value Fund and High Yield Funds, had fees not been waived and/or expenses reimbursed in the past, returns would have been lower.

¹⁴  These are the actual fund operating expenses prior to the application of fee waivers and/or expense reimbursements. The Adviser has contractually agreed to waive its management fee at an annual rate in the amount of 0.05% of the average daily value of the Fund's net assets for the period March 1, 2016 to February 28, 2017. This waiver has the effect of reducing the management fee for the term of the waiver from 0.75% to 0.70% on First Eagle U.S. Value Fund and from 0.70% to 0.65% on First Eagle High Yield Fund.

¹⁵  The ratios provided are reflective of a lower management fee rate implemented March 1, 2016, with a rate of 0.90% of the first $5 billion of the average daily net assets, and 0.85% in excess of $5 billion of the average daily net assets.

These expense ratios are presented as of October 31, 2016 and may differ from corresponding ratios shown elsewhere in this report because of differing time periods (and/or, if applicable, because these expense ratios do not include expense credits or waivers).

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

The 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

First Eagle Funds | Annual Report | October 31, 2016
15

Performance Chart

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.

For the First Eagle High Yield and Global Income Builder Funds, bank loans are often less liquid than other types of debt instruments. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower's obligation or that such collateral could be liquidated.

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

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.

The First Eagle Global Income Builder Fund may also invest in small and medium-sized companies, derivatives, illiquid investments and real estate, which have additional risks.

An investment made at a perceived "margin of safety" or "discount to intrinsic or fundamental value" can trade at prices substantially lower than when an investment is made, so that any perceived "margin or safety" or "discount to value" is no guarantee against loss.

All investments involve the risk of loss.

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First Eagle Global Fund

Fund Overview

Data as of October 31, 2016 (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 throughout 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		7.38		7.47		6.67
		with sales load		2.02		6.38		6.12
MSCI World Index				1.18		9.03		3.89
Consumer Price Index				1.64		1.32		1.82

Asset Allocation* (%)

Countries** (%)

United States	42.65
Japan	13.51
France	5.79
Canada	3.71
United Kingdom	3.00
Mexico	2.47
Germany	2.12
Switzerland	1.51
South Korea	1.40
Hong Kong	1.04
Australia	0.96
Bermuda	0.83
Sweden	0.66
Singapore	0.63
Curacao	0.52
Belgium	0.48
Thailand	0.48
Ireland	0.31
Denmark	0.24
Italy	0.11
Brazil	0.10
Israel	0.09
Africa	0.07
Poland	0.07
Russia	0.06
Indonesia	0.06
Norway	0.04

*  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 developed international markets. The index provides total returns in U.S. dollars with net dividends reinvested. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings* (%)

Gold Bullion** (precious metal)	6.92
Oracle Corporation (U.S. Systems Software)	2.09
Microsoft Corporation (U.S. Systems Software)	1.98
KDDI Corporation (Japanese Wireless Telecommunication Services)	1.94
Comcast Corporation Class 'A' (U.S. Cable & Satellite)	1.81
Fanuc Corporation (Japanese Industrial Machinery)	1.74
HeidelbergCement AG (German Construction Materials)	1.53
American Express Company (U.S. Consumer Finance)	1.51
Bank of New York Mellon Corporation (U.S. Asset Management & Custody Banks)	1.46
Omnicom Group, Inc. (U.S. Advertising)	1.43
Total	22.41

*  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.

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19

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 73.62%
International Common Stocks — 38.86%
Africa — 0.07%
	413,501	Randgold Resources Limited, ADR	$	24,650,966	$	36,689,944
Australia — 0.96%
	27,660,364	Newcrest Mining Limited		382,007,728		474,690,233
Belgium — 0.48%
	2,788,865	Groupe Bruxelles Lambert SA		234,732,253		239,897,362
Bermuda — 0.83%
	6,516,471	Jardine Matheson Holdings Limited		333,620,325		396,918,249
	508,200	Jardine Strategic Holdings Limited		14,752,482		17,832,738
				348,372,807		414,750,987
Brazil — 0.10%
	5,064,500	Cielo SA		49,793,591		51,406,579
Canada — 3.72%
	20,378,638	Barrick Gold Corporation		242,892,480		358,460,242
	6,554,822	Agnico-Eagle Mines Limited		201,782,165		332,896,798
	16,614,544	Potash Corporation of Saskatchewan, Inc.		457,940,512		270,484,776
	3,490,459	Franco-Nevada Corporation		148,910,524		228,455,525
	14,579,998	Goldcorp, Inc.		339,599,943		221,615,969
	12,398,563	Cenovus Energy, Inc.		325,356,969		179,035,250
	3,570,888	Suncor Energy, Inc.		89,457,482		107,155,925
	2,616,276	Canadian Natural Resources Limited		73,217,605		83,035,018
	2,028,186	Imperial Oil Limited		61,468,380		65,776,553
				1,940,626,060		1,846,916,056
Curacao — 0.52%
	3,305,420	Schlumberger Limited		258,742,670		258,583,007
Denmark — 0.24%
	2,987,524	ISS A/S		94,568,139		117,458,661
France — 5.71%
	7,086,676	Danone SA		478,750,981		490,724,583
	10,213,175	Bouygues SA		356,808,752		333,038,071
	12,317,531	Carrefour SA		441,111,648		323,097,987
	7,208,725	Cie de Saint-Gobain		311,259,631		320,056,647

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20

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 38.86% (continued)
France — 5.71% (continued)
	4,014,366	Sanofi	$	309,476,282	$	312,704,496
	2,173,169	Sodexo SA		56,283,339		252,396,148
	3,955,090	Total SA		189,858,641		189,819,173
	11,789,132	Rexel SA		172,974,551		163,516,141
	851,019	Wendel SA		19,376,060		97,904,824
	1,401,821	Legrand SA		47,735,246		79,235,355
	404,478	LVMH Moet Hennessy Louis Vuitton SE		59,813,051		73,506,821
	12,000,000	Emin Leydier SA (b)(c)(d)(e)(f)(g)		—		62,308,305
	1,867,732	Neopost SA (c)		166,306,200		56,547,365
	157,260	Robertet SA		20,623,058		54,082,218
	42,252	Robertet SA CI (d)(h)		800,508		10,171,419
	385,000	Sabeton SA (c)		4,841,233		6,656,483
	104,457	Gaumont SA		6,087,824		6,163,389
	66,717	NSC Groupe (c)		11,738,587		5,481,910
				2,653,845,592		2,837,411,335
Germany — 2.13%
	8,042,208	HeidelbergCement AG		472,748,863		760,649,430
	938,751	Linde AG		126,181,611		154,886,279
	1,339,934	Hornbach Holding AG & Company KGaA (c)		41,310,978		94,447,318
	762,520	Fraport AG		24,475,508		45,259,647
	29,871	Hornbach Baumarkt AG		560,239		942,083
				665,277,199		1,056,184,757
Hong Kong — 1.04%
	121,852,569	Hang Lung Properties Limited		286,339,621		268,983,628
	12,693,580	Guoco Group Limited		115,086,260		142,557,371
	23,163,348	Hysan Development Company Limited		104,471,981		106,923,153
				505,897,862		518,464,152
Ireland — 0.31%
	4,704,407	CRH PLC		78,654,390		152,246,740
Israel — 0.09%
	12,448,757	Israel Chemicals Limited		122,246,849		44,326,570

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21

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 38.86% (continued)
Italy — 0.11%
	1,194,634	Italmobiliare S.p.A. (c)	$	150,343,094	$	56,666,017
Japan — 13.52%
	31,699,800	KDDI Corporation		366,987,357		964,868,519
	4,599,600	Fanuc Corporation		503,468,535		863,165,138
	9,186,430	Secom Company Limited		405,509,768		664,257,640
	2,129,156	SMC Corporation		265,808,258		619,032,769
	30,826,080	Mitsubishi Estate Company Limited		557,670,697		611,847,864
	673,690	Keyence Corporation		140,828,797		495,037,202
	15,167,800	Sompo Holdings, Inc.		409,023,725		492,335,188
	11,414,440	Hoya Corporation		260,204,655		477,279,674
	1,892,590	Shimano, Inc.		23,499,497		324,124,310
	2,442,300	Hirose Electric Company Limited (c)		245,404,954		323,249,013
	10,038,320	MS&AD Insurance Group Holdings, Inc.		216,945,743		298,842,710
	17,766,000	Astellas Pharma, Inc.		132,621,813		264,194,498
	2,104,030	Nissin Foods Holdings Company Limited		73,641,871		121,984,385
	3,485,880	Chofu Seisakusho Company Limited (c)		63,365,956		89,847,751
	4,888,200	T. Hasegawa Company Limited (c)		75,281,616		86,511,864
	1,036,100	Komatsu Limited		18,231,597		23,148,492
				3,758,494,839		6,719,727,017
Mexico — 1.92%
	17,765,033	Grupo Televisa S.A.B., ADR		356,198,593		435,776,259
	18,230,274	Fresnillo PLC		243,897,991		365,947,436
	6,401,020	Industrias Peñoles S.A.B. de C.V.		7,339,323		154,852,463
				607,435,907		956,576,158
Norway — 0.04%
	2,000,066	Orkla ASA		13,269,921		18,893,553
Russia — 0.06%
	6,566,303	Gazprom PJSC, ADR		43,283,911		28,366,429

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First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 38.86% (continued)
South Korea — 1.35%
	3,222,822	KT&G Corporation	$	172,382,549	$	318,268,635
	6,824,723	Kia Motors Corporation		326,127,925		242,749,597
	519,000	Lotte Confectionery Company Limited		21,157,499		87,085,864
	39,989	Namyang Dairy Products Company Limited (c)		7,325,466		23,554,805
				526,993,439		671,658,901
Sweden — 0.66%
	5,939,940	Investor AB, Class 'A'		116,378,542		208,012,824
	3,394,798	Investor AB, Class 'B'		63,888,333		120,687,725
				180,266,875		328,700,549
Switzerland — 1.51%
	5,888,845	Nestlé SA		203,277,198		426,986,639
	4,327,670	Pargesa Holding SA		272,881,781		290,610,552
	550,340	Cie Financiere Richemont SA		33,677,058		35,399,061
				509,836,037		752,996,252
Thailand — 0.48%
	51,812,900	Bangkok Bank PCL, NVDR		214,262,826		236,135,654
	36,500	Bangkok Bank PCL		154,243		165,826
				214,417,069		236,301,480
United Kingdom — 3.01%
	9,449,807	Liberty Global PLC, Series 'C' (b)		311,735,989		300,503,863
	4,778,582	British American Tobacco PLC		257,800,241		274,405,257
	1,985,123	Willis Towers Watson PLC		158,261,037		249,926,986
	12,196,447	GlaxoSmithKline PLC		243,907,853		241,617,119
	8,034,220	Diageo PLC		217,243,860		214,329,651
	7,383,566	Berkeley Group Holdings PLC (c)		96,480,083		213,194,387
				1,285,429,063		1,493,977,263
Total International Common Stocks				14,649,186,261		19,312,890,002
U.S. Common Stocks — 34.76%
Consumer Discretionary — 4.08%
	14,528,696	Comcast Corporation, Class 'A'		245,512,107		898,163,987
	8,915,482	Omnicom Group, Inc.		382,904,586		711,633,773

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23

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 34.76% (continued)
Consumer Discretionary — 4.08% (continued)
	2,715,849	Tiffany & Company	$	163,749,956	$	199,397,634
	3,252,457	Vista Outdoor, Inc. (b)(c)		60,840,739		125,772,512
	3,992,318	H&R Block, Inc.		67,554,206		91,703,544
	2,485	JG Boswell Company		573,840		1,565,550
	31,592	Mills Music Trust (c)		930,199		734,830
				922,065,633		2,028,971,830
Consumer Staples — 0.57%
	3,258,980	Colgate-Palmolive Company		125,309,063		232,560,813
	738,367	Wal-Mart Stores, Inc.		32,220,658		51,700,457
				157,529,721		284,261,270
Energy — 2.74%
	17,384,542	National Oilwell Varco, Inc.		836,275,737		558,043,798
	5,864,214	ConocoPhillips		207,807,820		254,800,098
	7,622,179	FMC Technologies, Inc. (b)		232,244,691		245,967,716
	5,434,965	Devon Energy Corporation		291,187,456		205,930,824
	867,954	Phillips 66		68,629,773		70,434,467
	3,908,035	San Juan Basin Royalty Trust (c)		138,744,050		24,503,380
				1,774,889,527		1,359,680,283
Financials — 9.38%
	11,313,401	American Express Company		633,566,347		751,436,095
	16,705,583	Bank of New York Mellon Corporation		416,480,491		722,850,576
	23,709,923	Weyerhaeuser Company, REIT		483,947,522		709,637,995
	10,500,485	BB&T Corporation		271,359,274		411,619,012
	5,950,232	American International Group, Inc.		312,971,301		367,129,314
	7,819,459	U.S. Bancorp		192,949,644		349,998,985
	11,559,557	Synchrony Financial		335,221,813		330,487,735
	4,386,051	WR Berkley Corporation		117,583,057		250,443,512
	1,088	Berkshire Hathaway, Inc., Class 'A' (b)		78,430,920		234,681,600
	412,861	Alleghany Corporation (b)		170,796,890		213,122,977
	4,889,353	Brown & Brown, Inc.		152,411,545		180,221,552
	1,992,086	Cincinnati Financial Corporation		47,434,112		140,999,847
				3,213,152,916		4,662,629,200

First Eagle Funds | Annual Report | October 31, 2016
24

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 34.76% (continued)
Health Care — 1.05%
	3,096,534	Varian Medical Systems, Inc. (b)	$	239,375,117	$	280,948,530
	1,980,790	Anthem, Inc.		167,592,499		241,379,069
				406,967,616		522,327,599
Industrials — 6.40%
	3,015,674	3M Company		262,447,187		498,490,912
	4,423,114	Deere & Company		357,858,692		390,560,966
	4,056,411	Union Pacific Corporation		332,054,346		357,694,322
	8,414,508	Flowserve Corporation (c)		398,851,750		356,354,414
	3,332,696	Cintas Corporation		84,781,582		355,498,682
	3,694,106	Orbital ATK, Inc. (c)		187,772,271		274,693,722
	1,268,564	WW Grainger, Inc.		270,731,659		264,013,540
	1,378,153	Cummins, Inc.		122,205,129		176,155,517
	4,133,029	Timken Company (c)		158,386,035		136,596,609
	5,851,664	NOW, Inc. (b)(c)		178,684,330		126,161,876
	541,128	Northrop Grumman Corporation		28,844,890		123,918,312
	479,972	Lockheed Martin Corporation		33,138,984		118,255,501
				2,415,756,855		3,178,394,373
Information Technology — 8.54%
	27,002,083	Oracle Corporation		856,422,677		1,037,420,029
	16,419,091	Microsoft Corporation		402,143,883		983,831,933
	9,803,351	Linear Technology Corporation		294,903,483		588,789,261
	8,166,351	Xilinx, Inc.		329,367,112		415,422,275
	11,265,104	Teradata Corporation (b)(c)		419,588,085		303,707,204
	2,530,508	Texas Instruments, Inc.		119,204,422		179,286,492
	1,088,460	F5 Networks, Inc. (b)		97,135,264		150,436,057
	1,222,123	Mastercard, Inc., Class 'A'		24,535,794		130,791,603
	163,012	Alphabet, Inc., Class 'C' (b)		39,031,290		127,889,434
	1,517,758	Visa, Inc., Class 'A'		27,354,307		125,230,213
	134,718	Alphabet, Inc., Class 'A' (b)		75,360,378		109,108,108
	1,027,905	Automatic Data Processing, Inc.		31,952,626		89,489,409
				2,716,999,321		4,241,402,018

First Eagle Funds | Annual Report | October 31, 2016
25

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 34.76% (continued)
Materials — 1.55%
	4,172,577	Scotts Miracle-Gro Company, Class 'A' (c)	$	182,102,946	$	367,562,308
	1,061,412	Praxair, Inc.		109,485,246		124,248,889
	574,575	Martin Marietta Materials, Inc.		46,996,715		106,514,713
	1,260,596	Royal Gold, Inc.		75,321,955		86,754,217
	672,667	Vulcan Materials Company		24,769,742		76,145,904
	161,538	Deltic Timber Corporation		7,576,446		9,075,205
				446,253,050		770,301,236
Utilities — 0.45%
	4,874,044	UGI Corporation		161,805,549		225,619,497
Total U.S. Common Stocks				12,215,420,188		17,273,587,306
Total Common Stocks				26,864,606,449		36,586,477,308
Investment Company — 0.00*%
	68,382	State Street Institutional U.S. Government Money Market Fund, Premier Class		68,382		68,382
Ounces
Commodity — 6.92%
	2,688,447	Gold bullion (b)		2,770,072,512		3,436,319,050
Principal
Notes and Bonds — 2.45%
U.S. Bonds — 1.02%
Government Obligations — 1.01%
$	250,000,000	U.S. Treasury Note 0.625% due 12/15/16		249,974,408		250,112,500
	250,000,000	U.S. Treasury Note 0.75% due 03/15/17		249,907,788		250,313,750
				499,882,196		500,426,250
U.S. Corporate Bond — 0.01%
	5,467,000	Bausch & Lomb, Inc. 7.125% due 08/01/28		4,871,187		5,193,650
Total U.S. Bonds				504,753,383		505,619,900

First Eagle Funds | Annual Report | October 31, 2016
26

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)			Value (Note 1)
International Notes and Bonds — 1.43%
International Corporate Notes and Bonds — 0.08%
France — 0.08%
	12,000,000 EUR	Emin Leydier SA FRN 7.815% due 11/30/20 (d)(f)(g)(i)	$	14,476,149		$	13,173,003
	15,000,000 EUR	Emin Leydier SA FRN 7.815% due 11/30/20 (d)(f)(g)(i)		21,341,293			16,466,254
	12,050,000 EUR	Wendel SA 4.375% due 08/09/17		15,543,185			13,667,718
Total International Corporate Notes and Bonds				51,360,627			43,306,975
International Government Bonds — 1.35%
Indonesia — 0.05%
	345,617,000,000 IDR	Indonesia Treasury Bond 8.25% due 07/15/21		26,441,336			27,759,551
Mexico — 0.55%
	2,559,090,000 MXN	Mexican Bonos 4.75% due 06/14/18		161,132,507			133,963,711
	764,192,000 MXN	Mexican Bonos 5.00% due 12/11/19		56,096,726			39,566,393
	1,813,760,000 MXN	Mexican Bonos 6.50% due 06/10/21		97,758,620			98,076,714
				314,987,853			271,606,818
Poland — 0.07%
	135,421,000 PLN	Poland Government Bond 3.25% due 07/25/19		35,474,514			35,709,343
Singapore — 0.63%
	154,398,000 SGD	Singapore Government Bond 0.50% due 04/01/18		117,343,425			110,431,664
	150,966,000 SGD	Singapore Government Bond 2.375% due 04/01/17		122,291,773			109,211,056
	119,604,000 SGD	Singapore Government Bond 3.25% due 09/01/20		92,096,634			92,734,473
				331,731,832	��		312,377,193
South Korea — 0.05%
	26,393,850,000 KRW	Inflation Linked Korea Treasury Bond 2.75% due 03/10/17 (a)		25,223,381			23,263,287
Total International Government Bonds				733,858,916			670,716,192
Total International Notes and Bonds				785,219,543			714,023,167
Total Notes and Bonds				1,289,972,926			1,219,643,067

First Eagle Funds | Annual Report | October 31, 2016
27

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
Commercial Paper — 17.10%
International Commercial Paper — 5.50%
Australia — 0.07%
	35,000,000 USD	Telstra Corporation Limited 0.87% due 01/23/17	$	34,931,410	$	34,947,733
Canada — 1.08%
	58,062,000 USD	Suncor Energy, Inc. 1.12% due 01/13/17		57,932,490		57,950,408
	33,017,000 USD	Total Capital Limited 0.63% due 11/14/16		33,009,608		33,011,761
	69,600,000 USD	Total Capital Limited 0.67% due 11/18/16		69,578,308		69,585,384
	31,902,000 USD	Total Capital Limited 0.67% due 11/21/16		31,890,302		31,893,998
	22,361,000 USD	Total Capital Limited 0.67% due 12/19/16		22,341,322		22,345,752
	64,747,000 USD	Total Capital Limited 0.68% due 12/19/16		64,689,159		64,702,848
	36,142,000 USD	Total Capital Limited 0.70% due 01/06/17		36,096,280		36,104,130
	40,775,000 USD	Total Capital Limited 0.70% due 01/09/17		40,721,075		40,729,253
	37,556,000 USD	Total Capital Limited 0.70% due 01/12/17		37,504,173		37,510,992
	14,692,000 USD	Total Capital Limited 0.71% due 01/10/17		14,672,003		14,675,165
	39,174,000 USD	Total Capital Limited 0.71% due 01/17/17		39,115,348		39,121,886
	91,308,000 USD	Total Capital Limited 0.71% due 01/20/17		91,165,966		91,146,435
France — 0.89%
	43,495,000 USD	Engie 0.84% due 12/12/16		43,454,380		43,468,816
	53,078,000 USD	Engie 0.84% due 12/20/16		53,018,759		53,038,708
	40,890,000 USD	Engie 0.85% due 11/02/16		40,889,057		40,889,073
	16,186,000 USD	Engie 0.85% due 12/16/16		16,169,207		16,175,183

First Eagle Funds | Annual Report | October 31, 2016
28

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 5.50% (continued)
France — 0.89% (continued)
	18,071,000 USD	Engie 0.85% due 01/09/17	$	18,042,252	$	18,047,704
	35,925,000 USD	Engie 0.85% due 01/11/17		35,866,193		35,875,855
	21,137,000 USD	Essilor International 0.58% due 11/07/16		21,134,992		21,135,274
	14,308,000 USD	Essilor International 0.58% due 12/01/16		14,301,204		14,301,827
	41,768,000 USD	Essilor International 0.58% due 12/21/16		41,734,934		41,736,284
	13,257,000 USD	Essilor International 0.63% due 12/20/16		13,245,813		13,247,186
	37,068,000 USD	L'Oreal USA, Inc. 0.56% due 01/18/17		37,023,827		37,017,648
	29,080,000 USD	L'Oreal USA, Inc. 0.58% due 11/10/16		29,075,856		29,076,793
	69,876,000 USD	Sanofi 0.66% due 11/03/16		69,873,477		69,874,195
	10,472,000 USD	Électricité de France SA 1.54% due 01/09/17		10,449,921		10,454,142
Germany — 0.63%
	76,764,000 USD	BASF AG 0.67% due 11/10/16		76,751,334		76,754,873
	69,366,000 USD	BASF AG 0.69% due 11/14/16		69,348,967		69,354,212
	36,349,000 USD	BASF AG 0.69% due 11/15/16		36,339,388		36,342,336
	24,838,000 USD	Henkel Corporation 0.68% due 01/11/17		24,805,179		24,807,400
	13,948,000 USD	Henkel Corporation 0.70% due 12/05/16		13,938,911		13,941,125
	34,006,000 USD	Henkel Corporation 0.71% due 11/02/16		34,005,339		34,005,229
	32,867,000 USD	Henkel Corporation 0.71% due 11/07/16		32,863,165		32,864,316
	16,292,000 USD	Henkel Corporation 0.71% due 12/12/16		16,279,012		16,282,192

First Eagle Funds | Annual Report | October 31, 2016
29

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 5.50% (continued)
Germany — 0.63% (continued)
	10,231,000 USD	Henkel Corporation 0.74% due 01/04/17	$	10,217,722	$	10,220,230
Italy — 0.03%
	13,572,000 USD	Eni S.p.A. 0.64% due 11/01/16		13,572,000		13,571,752
Japan — 0.68%
	27,344,000 USD	Hitachi Limited 0.60% due 11/01/16		27,344,000		27,343,457
	25,397,000 USD	Honda Corporation 0.61% due 11/04/16		25,395,730		25,396,027
	31,902,000 USD	Honda Corporation 0.61% due 11/09/16		31,897,746		31,899,049
	37,157,000 USD	Honda Corporation 0.61% due 11/10/16		37,151,427		37,153,129
	82,946,000 USD	Honda Corporation 0.66% due 01/12/17		82,838,170		82,849,119
	91,191,000 USD	Honda Corporation 0.69% due 01/18/17		91,056,645		91,070,532
	35,484,000 USD	Mitsubishi Company 0.90% due 01/06/17		35,426,753		35,436,848
	6,076,000 USD	Mitsui & Company Limited 0.59% due 11/01/16		6,076,000		6,075,889
Switzerland — 1.62%
	38,381,000 USD	Nestlé SA 0.54% due 11/07/16		38,377,610		38,378,537
	35,350,000 USD	Nestlé SA 0.54% due 11/09/16		35,345,837		35,347,022
	53,646,000 USD	Nestlé SA 0.55% due 11/08/16		53,640,367		53,642,030
	33,017,000 USD	Nestlé SA 0.55% due 11/16/16		33,009,571		33,011,717
	64,249,000 USD	Nestlé SA 0.56% due 11/28/16		64,222,497		64,228,961
	30,238,000 USD	Nestlé SA 0.58% due 12/05/16		30,221,722		30,225,506
	30,238,000 USD	Nestlé SA 0.58% due 12/06/16		30,221,243		30,225,058

First Eagle Funds | Annual Report | October 31, 2016
30

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 5.50% (continued)
Switzerland — 1.62% (continued)
	73,425,000 USD	Nestlé SA 0.58% due 12/08/16	$	73,381,985	$	73,391,285
	31,967,000 USD	Nestlé SA 0.58% due 01/23/17		31,924,990		31,922,918
	32,835,000 USD	Nestlé SA 0.59% due 11/15/16		32,827,594		32,830,116
	32,835,000 USD	Nestlé SA 0.59% due 11/18/16		32,826,007		32,828,975
	37,673,000 USD	Nestlé SA 0.60% due 02/06/17		37,613,110		37,609,006
	48,884,000 USD	Nestlé SA 0.61% due 11/21/16		48,867,705		48,873,249
	33,611,000 USD	Novartis International AG 0.50% due 12/23/16		33,587,211		33,585,714
	8,257,000 USD	Novartis International AG 0.54% due 01/03/17		8,249,342		8,248,941
	37,783,000 USD	Roche Holdings, Inc. 0.46% due 12/21/16		37,759,386		37,755,916
	29,226,000 USD	Roche Holdings, Inc. 0.48% due 11/15/16		29,220,658		29,221,007
	32,731,000 USD	Roche Holdings, Inc. 0.51% due 11/23/16		32,720,999		32,721,820
	41,032,000 USD	Roche Holdings, Inc. 0.53% due 12/02/16		41,013,627		41,014,749
	37,673,000 USD	Roche Holdings, Inc. 0.53% due 01/12/17		37,633,820		37,627,852
	40,991,000 USD	Roche Holdings, Inc. 0.53% due 01/13/17		40,947,777		40,940,866
United Kingdom — 0.50%
	58,452,000 USD	GlaxoSmithKline PLC 0.61% due 11/17/16		58,436,413		58,439,662
	29,226,000 USD	GlaxoSmithKline PLC 0.61% due 11/18/16		29,217,719		29,219,424
	52,843,000 USD	GlaxoSmithKline PLC 0.65% due 11/14/16		52,830,787		52,834,020
	85,189,000 USD	GlaxoSmithKline PLC 0.67% due 12/16/16		85,118,719		85,132,070

First Eagle Funds | Annual Report | October 31, 2016
31

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 5.50% (continued)
United Kingdom — 0.50% (continued)
	22,024,000 USD	Reckitt Benckiser 0.66% due 12/02/16	$	22,011,673	$	22,014,153
Total International Commercial Paper				2,734,463,173		2,734,702,722
U.S. Commercial Paper — 11.60%
$	35,350,000	Abbott Laboratories 0.76% due 11/02/16		35,349,264		35,349,260
	39,517,000	Air Products 0.53% due 11/01/16		39,517,000		39,516,555
	16,890,000	Anthem, Inc. 0.74% due 11/09/16		16,887,260		16,887,150
	31,181,000	Apple, Inc. 0.50% due 11/16/16		31,174,634		31,176,579
	73,425,000	Apple, Inc. 0.52% due 12/09/16		73,385,473		73,395,012
	32,584,000	Apple, Inc. 0.53% due 12/12/16		32,564,703		32,569,326
	41,350,000	Apple, Inc. 0.53% due 12/14/16		41,324,317		41,330,189
	44,232,000	Apple, Inc. 0.54% due 01/04/17		44,190,324		44,195,662
	39,969,000	Apple, Inc. 0.54% due 01/06/17		39,930,163		39,934,708
	47,833,000	Apple, Inc. 0.54% due 01/23/17		47,774,551		47,775,855
	33,294,000	Apple, Inc. 0.54% due 01/26/17		33,251,846		33,252,080
	33,294,000	Apple, Inc. 0.54% due 01/27/17		33,251,356		33,251,354
	28,838,000	Apple, Inc. 0.55% due 12/16/16		28,818,534		28,823,334
	53,225,000	Apple, Inc. 0.55% due 01/09/17		53,169,912		53,176,358
	40,680,000	Apple, Inc. 0.58% due 01/24/17		40,625,896		40,630,534
	32,208,000	Berkshire Hathaway, Inc. 0.76% due 12/09/16		32,182,502		32,178,621
	7,998,000	Campbell Soup Company 0.66% due 12/19/16		7,991,068		7,989,008

First Eagle Funds | Annual Report | October 31, 2016
32

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.60% (continued)
$	21,006,000	Campbell Soup Company 0.66% due 01/05/17	$	20,981,347	$	20,971,494
	14,793,000	Campbell Soup Company 0.66% due 01/10/17		14,774,303		14,766,217
	32,793,000	Campbell Soup Company 0.66% due 01/19/17		32,746,224		32,723,260
	47,545,000	Caterpillar Financial Services Company 0.51% due 11/10/16		47,539,057		47,540,047
	37,441,000	Chevron Corporation 0.44% due 11/23/16		37,431,161		37,432,365
	42,137,000	Chevron Corporation 0.45% due 11/22/16		42,126,185		42,127,756
	36,349,000	Chevron Corporation 0.47% due 11/04/16		36,347,607		36,347,744
	26,967,000	Chevron Corporation 0.48% due 12/12/16		26,952,565		26,953,283
	72,209,000	Chevron Corporation 0.49% due 11/17/16		72,193,595		72,197,236
	32,589,000	Chevron Corporation 0.49% due 11/18/16		32,581,613		32,583,330
	60,716,000	Chevron Corporation 0.50% due 12/02/16		60,690,381		60,695,006
	30,238,000	Chevron Corporation 0.51% due 11/30/16		30,225,821		30,228,425
	27,214,000	Chevron Corporation 0.51% due 12/08/16		27,200,015		27,202,021
	39,672,000	Chevron Corporation 0.51% due 12/09/16		39,651,062		39,653,863
	24,157,000	Chevron Corporation 0.52% due 12/07/16		24,144,680		24,146,746
	31,958,000	Chevron Corporation 0.59% due 01/20/17		31,916,810		31,922,407
	27,371,000	Coca-Cola Company 0.52% due 12/14/16		27,354,327		27,356,649
	32,584,000	Coca-Cola Company 0.52% due 12/15/16		32,563,689		32,566,486
	48,600,000	Coca-Cola Company 0.54% due 12/01/16		48,578,535		48,582,800

First Eagle Funds | Annual Report | October 31, 2016
33

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.60% (continued)
$	56,509,000	Coca-Cola Company 0.67% due 01/23/17	$	56,423,012	$	56,430,679
	51,545,000	Coca-Cola Company 0.68% due 01/24/17		51,464,418		51,472,222
	100,000,000	Coca-Cola Company 0.74% due 02/14/17		99,787,083		99,808,022
	54,214,000	Coca-Cola Company 0.82% due 03/02/17		54,068,225		54,088,148
	52,328,000	Coca-Cola Company 0.85% due 03/24/17		52,155,477		52,172,272
	34,058,000	Danaher Corporation 0.56% due 11/23/16		34,046,553		34,047,795
	41,089,000	Danaher Corporation 0.62% due 12/19/16		41,055,581		41,059,303
	21,389,000	Danaher Corporation 0.62% due 12/23/16		21,370,154		21,371,964
	17,479,000	DuPont 0.77% due 11/21/16		17,471,620		17,471,149
	65,000,000	DuPont 0.81% due 12/13/16		64,939,333		64,937,345
	35,000,000	DuPont 0.81% due 12/14/16		34,966,556		34,965,393
	34,886,000	Entergy Corporation 1.26% due 01/12/17		34,799,483		34,810,236
	61,948,000	Exxon Mobil Corporation 0.49% due 11/04/16		61,945,522		61,945,859
	53,025,000	Exxon Mobil Corporation 0.49% due 11/07/16		53,020,758		53,021,711
	50,000,000	Exxon Mobil Corporation 0.49% due 11/14/16		49,991,333		49,993,447
	35,654,000	Exxon Mobil Corporation 0.50% due 12/21/16		35,629,735		35,630,664
	35,891,000	Exxon Mobil Corporation 0.52% due 11/15/16		35,883,882		35,885,915
	10,307,000	Exxon Mobil Corporation 0.52% due 12/13/16		10,300,867		10,301,571
	41,962,000	Exxon Mobil Corporation 0.53% due 12/01/16		41,943,816		41,948,088
	51,545,000	Exxon Mobil Corporation 0.54% due 01/04/17		51,496,433		51,499,955

First Eagle Funds | Annual Report | October 31, 2016
34

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.60% (continued)
$	71,539,000	Exxon Mobil Corporation 0.55% due 12/05/16	$	71,502,515	$	71,510,970
	81,982,000	Exxon Mobil Corporation 0.57% due 01/17/17		81,883,804		81,894,429
	28,354,000	Honeywell International, Inc. 0.48% due 11/01/16		28,354,000		28,353,740
	16,941,000	Honeywell International, Inc. 0.51% due 11/02/16		16,940,765		16,940,685
	26,856,000	Honeywell International, Inc. 0.54% due 11/17/16		26,849,674		26,850,839
	34,800,000	Honeywell International, Inc. 0.55% due 11/07/16		34,796,868		34,797,564
	36,982,000	International Business Machines Corporation 0.51% due 12/02/16		36,966,077		36,968,424
	14,862,000	MetLife 0.52% due 01/06/17		14,848,104		14,840,536
	19,175,000	MetLife 0.56% due 11/22/16		19,168,848		19,168,743
	100,000,000	MetLife 0.57% due 11/22/16		99,967,333		99,967,367
	31,967,000	MetLife 0.62% due 01/05/17		31,931,792		31,921,990
	57,105,000	MetLife 0.63% due 01/03/17		57,043,041		57,028,657
	45,617,000	MetLife 0.69% due 12/05/16		45,587,704		45,590,523
	31,902,000	MetLife 0.71% due 11/15/16		31,893,316		31,895,487
	38,921,000	MetLife 0.71% due 11/16/16		38,909,648		38,912,403
	45,223,000	MetLife 0.73% due 11/21/16		45,204,911		45,209,018
	68,726,000	MetLife 0.78% due 01/19/17		68,609,872		68,591,602
	34,800,000	Microsoft Corporation 0.51% due 11/03/16		34,799,033		34,799,014
	76,764,000	Microsoft Corporation 0.52% due 11/08/16		76,756,388		76,757,774

First Eagle Funds | Annual Report | October 31, 2016
35

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.60% (continued)
$	37,578,000	Microsoft Corporation 0.57% due 12/15/16	$	37,552,280	$	37,556,393
	19,995,000	Microsoft Corporation 0.61% due 01/04/17		19,973,672		19,975,433
	13,037,000	Microsoft Corporation 0.61% due 01/05/17		13,022,877		13,023,950
	15,984,000	Microsoft Corporation 0.61% due 01/11/17		15,965,086		15,965,714
	31,967,000	Microsoft Corporation 0.61% due 01/18/17		31,925,443		31,918,517
	15,920,000	Microsoft Corporation 0.62% due 02/02/17		15,894,913		15,892,648
	59,953,000	Microsoft Corporation 0.63% due 01/10/17		59,880,723		59,885,839
	39,969,000	Microsoft Corporation 0.66% due 01/17/17		39,913,432		39,917,213
	35,484,000	Microsoft Corporation 0.69% due 01/25/17		35,427,028		35,430,342
	37,673,000	Microsoft Corporation 0.72% due 01/24/17		37,610,588		37,617,139
	11,031,000	Microsoft Corporation 0.72% due 02/08/17		11,009,462		11,010,470
	74,179,000	Microsoft Corporation 0.74% due 02/07/17		74,031,590		74,019,556
	36,712,000	National Grid USA 0.91% due 12/07/16		36,679,326		36,680,343
	35,891,000	National Grid USA 1.07% due 11/23/16		35,867,531		35,873,046
	76,015,000	PepsiCo, Inc. 0.46% due 11/04/16		76,012,149		76,012,086
	32,835,000	PepsiCo, Inc. 0.46% due 11/09/16		32,831,717		32,831,963
	44,420,000	PepsiCo, Inc. 0.46% due 11/29/16		44,404,453		44,404,327
	44,420,000	PepsiCo, Inc. 0.46% due 12/02/16		44,402,787		44,402,508
	68,012,000	Pfizer, Inc. 0.48% due 11/01/16		68,012,000		68,011,433
	57,900,000	Pfizer, Inc. 0.48% due 11/02/16		57,899,244		57,899,019

First Eagle Funds | Annual Report | October 31, 2016
36

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.60% (continued)
$	61,536,000	Pfizer, Inc. 0.61% due 11/09/16	$	61,527,795	$	61,530,769
	31,564,000	Pfizer, Inc. 0.61% due 11/16/16		31,556,109		31,558,767
	78,142,000	Pfizer, Inc. 0.61% due 12/06/16		78,096,417		78,109,337
	61,613,000	Pfizer, Inc. 0.81% due 02/06/17		61,481,850		61,506,328
	100,000,000	Pfizer, Inc. 0.85% due 03/13/17		99,695,667		99,735,847
	18,891,000	Philip Morris International, Inc. 0.53% due 11/22/16		18,885,270		18,885,643
	34,889,000	Philip Morris International, Inc. 0.61% due 12/29/16		34,855,274		34,857,151
	40,991,000	Philip Morris International, Inc. 0.61% due 12/30/16		40,950,692		40,952,742
	32,731,000	Procter & Gamble Company 0.51% due 12/06/16		32,715,089		32,717,318
	108,057,000	Procter & Gamble Company 0.51% due 12/13/16		107,993,967		108,001,888
	28,958,000	Qualcomm, Inc. 0.51% due 11/08/16		28,955,185		28,955,477
	82,015,000	Qualcomm, Inc. 0.51% due 12/20/16		81,959,185		81,957,703
	49,652,000	Qualcomm, Inc. 0.53% due 12/06/16		49,626,898		49,628,266
	33,866,000	Qualcomm, Inc. 0.53% due 12/07/16		33,848,390		33,849,327
	62,274,000	Qualcomm, Inc. 0.56% due 01/10/17		62,207,401		62,202,643
	38,374,000	Qualcomm, Inc. 0.56% due 01/11/17		38,332,375		38,329,026
	32,374,000	Rockwell Automation, Inc. 0.63% due 12/14/16		32,350,025		32,343,572
	32,374,000	Rockwell Automation, Inc. 0.63% due 12/15/16		32,349,468		32,342,840
	36,982,000	Schlumberger Investments SA 1.02% due 01/05/17		36,915,227		36,925,183
	34,886,000	Schlumberger Investments SA 1.07% due 01/11/17		34,813,757		34,825,577

First Eagle Funds | Annual Report | October 31, 2016
37

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.60% (continued)
$	45,300,000	United Healthcare Company 0.82% due 12/01/16	$	45,269,422	$	45,270,705
	37,578,000	United Healthcare Company 0.87% due 12/14/16		37,539,848		37,542,681
	37,578,000	United Healthcare Company 0.87% due 12/16/16		37,538,073		37,540,883
	47,535,000	United Healthcare Company 0.91% due 12/22/16		47,475,066		47,480,826
	35,056,000	United Healthcare Company 0.91% due 12/27/16		35,007,467		35,011,485
	35,056,000	United Healthcare Company 0.91% due 12/28/16		35,006,600		35,010,534
	35,228,000	United Parcel Service, Inc. 0.41% due 11/01/16		35,228,000		35,227,677
	33,780,000	United Parcel Service, Inc. 0.43% due 11/03/16		33,779,212		33,779,043
	71,539,000	United Parcel Service, Inc. 0.47% due 12/07/16		71,506,092		71,505,987
	25,873,000	Wal-Mart Stores, Inc. 0.47% due 11/08/16		25,870,686		25,871,074
	26,806,000	Walt Disney Company 0.52% due 11/16/16		26,800,304		26,801,199
	50,000,000	Walt Disney Company 0.56% due 12/08/16		49,971,736		49,976,197
	50,000,000	Walt Disney Company 0.56% due 12/09/16		49,970,972		49,975,517
	44,741,000	Walt Disney Company 0.56% due 12/12/16		44,712,975		44,717,198
	77,800,000	Walt Disney Company 0.56% due 12/15/16		77,747,701		77,755,265
	69,573,000	Walt Disney Company 0.59% due 01/19/17		69,484,449		69,479,154
	83,859,000	Walt Disney Company 0.59% due 01/20/17		83,750,915		83,743,715
	20,145,000	Walt Disney Company 0.59% due 01/24/17		20,117,737		20,115,129
	34,100,000	Walt Disney Company 0.59% due 01/25/17		34,053,302		34,048,435

First Eagle Funds | Annual Report | October 31, 2016
38

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.60% (continued)
$	33,294,000	Walt Disney Company 0.59% due 01/31/17	$	33,245,187	$	33,238,355
Total U.S. Commercial Paper				5,763,669,400		5,763,924,625
Total Commercial Paper				8,498,132,573		8,498,627,347

Total Investments — 100.09% (Cost: $39,422,852,842)		49,741,135,154
Liabilities in Excess of Other Assets — (0.09)%		(44,989,740	)
Net Assets — 100.00%	$	49,696,145,414

*  Less than 0.01%

(a)  Inflation protected security.

(b)  Non-income producing security/commodity.

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

(d)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $102,118,981 or 0.21% of net assets.

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

(f)  On November 30, 2015, during a shareholder and bondholder meeting, a merger was approved between FINEL SA and Emin Leydier SAS, effective December 1, 2015. The merger provided that FINEL SA absorbed Emin Leydier SAS, and changed its name to Emin Leydier SA.

(g)  Represents securities that are subject to legal or contractual restrictions on resale. At October 31, 2016, the value of these securities amounted to $91,947,562 or 0.19% of net assets.

(h)  Represents non-voting class of shares.

(i)  Floating rate security. Rate shown is the rate in effect at October 31, 2016.

At October 31, 2016, aggregate cost for federal income tax purposes was $39,879,762,563. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	12,221,626,041
Gross unrealized depreciation		(2,360,253,450	)
Net unrealized appreciation	$	9,861,372,591

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

AG  — Aktien Gesellschaft

A/S  — Aktieselskab

ASA  — Norwegian Public Limited Company

FRN  — Floating Rate Note

NVDR  — Non-Voting Depository Receipt

PCL  — Public Company Limited

PJSC  — Public Joint Stock Company

First Eagle Funds | Annual Report | October 31, 2016
39

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Abbreviations used in this schedule include: (continued)

PLC  — Public Limited Company

REIT  — Real Estate Investment Trust

SA  — Société Anonyme

SAS  — Société par Actions Simplifiée

S.p.A.  — Società per Azioni

Currencies

EUR  — Euro

IDR  — Indonesian Rupiah

KRW  — South Korean Won

MXN  — Mexican Peso

PLN  — Polish Zloty

SGD  — Singapore Dollar

USD  — United States Dollar

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
Emin Leydier SA FRN 7.815% due 11/30/20#	06/22/05	$	14,476,149	$	1.10
Emin Leydier SA FRN 7.815% due 11/30/20	07/03/09		21,341,293		1.10
Emin Leydier SA	07/03/09		—		5.19

#Formerly known as FINEL.

Foreign Currency Exchange Contracts — Sales

Settlement Dates Through	Foreign Currency To be Delivered			U.S. $ To be Received		U.S. $ Value At October 31, 2016		Unrealized Appreciation At October 31, 2016		Unrealized Depreciation At October 31, 2016
11/16/16		84,728,000	Euro	$	97,086,850	$	93,061,889	$	4,024,961	$	—
12/14/16		61,049,000	Euro		67,946,927		67,140,820		806,107		—
01/18/17		110,611,000	Euro		124,454,519		121,863,430		2,591,089		—
02/15/17		51,536,000	Euro		58,283,866		56,851,330		1,432,536		—
03/15/17		71,562,000	Euro		79,476,757		79,044,374		432,383		—
01/18/17		43,294,000	British Pound		56,322,247		53,090,809		3,231,438		—
11/16/16		28,346,467,000	Japanese Yen		272,383,181		270,424,148		1,959,033		—
12/14/16		25,619,676,000	Japanese Yen		256,142,430		244,696,110		11,446,320		—
01/18/17		25,802,294,000	Japanese Yen		256,427,958		246,852,441		9,575,517		—
02/15/17		33,385,473,000	Japanese Yen		331,986,916		319,773,899		12,213,017		—
03/15/17		23,745,669,000	Japanese Yen		229,862,048		227,728,782		2,133,266		—
				$	1,830,373,699	$	1,780,528,032	$	49,845,667	$	—

First Eagle Funds | Annual Report | October 31, 2016
40

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Foreign Currency Exchange Contracts — Purchases

Settlement Dates Through	Foreign Currency To be Received			U.S. $ To be Delivered		U.S. $ Value At October 31, 2016		Unrealized Appreciation At October 31, 2016		Unrealized Depreciation At October 31, 2016
01/18/17		7,383,000	British Pound	$	9,489,575	$	9,053,666	$	—	$	(435,909	)

Affiliated Securities

Affiliated Securities	Shares October 31, 2015		Gross Additions		Gross Reductions		Shares October 31, 2016		Market Value October 31, 2016		Realized Gain / (Loss)			Dividend Income
Berkeley Group Holdings PLC		7,041,897		425,008		83,339		7,383,566	$	213,194,387	$	3,181,593		$	19,699,751
Chofu Seisakusho Company Limited		3,526,280		—		40,400		3,485,880		89,847,751		51,827			916,283
Cintas Corporation*		5,828,568		—		2,495,872		3,332,696		355,498,682		156,309,709			6,008,208
Emin Leydier SA#		12,000,000		—		—		12,000,000		62,308,305		—			274,718
Flowserve Corporation		6,170,798		2,243,710		—		8,414,508		356,354,414		—			6,037,423
Hirose Electric Company Limited		2,217,600		224,700		—		2,442,300		323,249,013		—			4,823,328
Hornbach Holding AG & Company KGaA		1,339,934		—		—		1,339,934		94,447,318		—			1,888,911
IDACorp, Inc.*		3,760,485		—		3,760,485		—		—		147,023,644			3,813,819
Italmobiliare S.p.A.		1,021,137		173,497		—		1,194,634		56,666,017		(12	)		395,116
Mills Music Trust		31,592		—		—		31,592		734,830		—			67,293
NOW, Inc.		5,851,664		—		—		5,851,664		126,161,876		—			—
NSC Groupe		66,717		—		—		66,717		5,481,910		—			177,823
Namyang Dairy Products Company Limited		39,989		—		—		39,989		23,554,805		—			26,668
Neopost SA		1,867,732		—		—		1,867,732		56,547,365		—			3,102,029
Orbital ATK, Inc.		2,642,113		1,051,993		—		3,694,106		274,693,722		—			3,406,933
Robertet SA*		157,260		—		—		157,260		54,082,218		—			594,248
Sabeton SA		385,000		—		—		385,000		6,656,483		—			79,249
San Juan Basin Royalty Trust		3,908,035		—		—		3,908,035		24,503,380		—			904,124
Scotts Miracle-Gro Company		4,172,577		—		—		4,172,577		367,562,308		—			7,969,622
T. Hasegawa Company Limited		5,147,000		—		258,800		4,888,200		86,511,864		60,658			1,280,087

First Eagle Funds | Annual Report | October 31, 2016
41

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Affiliated Securities (continued)

Affiliated Securities	Shares October 31, 2015		Gross Additions		Gross Reductions		Shares October 31, 2016		Market Value October 31, 2016		Realized Gain / (Loss)			Dividend Income
Teradata Corporation		12,051,787		1,686,627		2,473,310		11,265,104	$	303,707,204	$	(36,851,362	)	$	—
Timken Company		4,133,029		—		—		4,133,029		136,596,609		—			4,298,350
Vista Outdoor, Inc.		4,424,582		—		1,172,125		3,252,457		125,772,512		28,335,335			—
Total									$	3,144,132,973	$	298,111,392		$	65,763,983

#Formerly known as FINEL.

*Represents an unaffiliated issuer as of October 31, 2016, 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		4.18	%
Consumer Staples		4.63
Energy		1.84
Financials		6.89
Health Care		2.61
Industrials		7.46
Information Technology		1.86
Materials		7.45
Telecommunication Services		1.94
Total International Common Stocks		38.86
U.S. Common Stocks
Consumer Discretionary		4.08
Consumer Staples		0.57
Energy		2.74
Financials		9.38
Health Care		1.05
Industrials		6.40
Information Technology		8.54
Materials		1.55
Utilities		0.45
Total U.S. Common Stocks		34.76

First Eagle Funds | Annual Report | October 31, 2016
42

First Eagle Global Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Industry Diversification for Portfolio Holdings (continued)	Percent of Net Assets
Investment Company		0.00	%*
Commodity		6.92
U.S. Bonds
Consumer Discretionary		0.01
Government Issues		1.01
Total U.S. Bonds		1.02
International Notes and Bonds
Financials		0.02
Government Issues		1.35
Materials		0.06
Total International Notes and Bonds		1.43
Commercial Paper
International Commercial Paper		5.50
U.S. Commercial Paper		11.60
Total Commercial Paper		17.10
Total Investments		100.09	%

*Less than 0.01%

See Notes to Financial Statements.

First Eagle Funds | Annual Report | October 31, 2016
43

First Eagle Overseas Fund

Fund Overview

Data as of October 31, 2016 (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		6.90		6.09		5.55
		with sales load		1.55		5.01		5.01
MSCI EAFE Index				-3.23		4.99		1.22
Consumer Price Index				1.64		1.32		1.82

Asset Allocation* (%)

Countries** (%)

Japan	22.61
France	10.94
United States	6.13
Canada	4.97
United Kingdom	4.88
Germany	4.01
Hong Kong	3.56
Mexico	3.52
South Korea	2.80
Switzerland	2.70
Singapore	2.38
Bermuda	1.74
Sweden	1.13
Australia	0.94
Thailand	0.92
Netherlands	0.73
Norway	0.71
Belgium	0.60
Greece	0.57
Chile	0.56
Denmark	0.50
Ireland	0.45
Austria	0.27
Russia	0.24
Taiwan	0.22
Israel	0.18
Turkey	0.17
Brazil	0.15
Poland	0.15
Italy	0.09
Indonesia	0.08
Africa	0.07

*  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, 2016
44

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 an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of approximately 1,100 companies from 21 developed market countries. One cannot invest directly in an index. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings* (%)

Gold Bullion** (precious metal)	5.79
KDDI Corporation (Japanese Wireless Telecommunication Services)	2.85
Fanuc Corporation (Japanese Industrial Machinery)	2.55
HeidelbergCement AG (German Construction Materials)	2.27
Secom Company Limited (Japanese Security & Alarm Services)	1.85
Mitsubishi Estate Company Limited (Japanese Diversified Real Estate Activities)	1.83
SMC Corporation (Japanese Industrial Machinery)	1.82
Grupo Televisa S.A.B. ADR (Mexican Broadcasting)	1.67
Sompo Holdings, Inc. (Japanese Property & Casualty Insurance)	1.57
Danone SA (French Packaged Foods & Meats)	1.54
Total	23.74

*  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, 2016
45

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 70.42%
International Common Stocks — 70.17%
Africa — 0.07%
	118,663	Randgold Resources Limited, ADR	$	7,074,131	$	10,528,968
Australia — 0.93%
	8,292,860	Newcrest Mining Limited		113,322,720		142,316,986
Austria — 0.27%
	2,552,584	Wienerberger AG		31,893,214		40,812,583
Belgium — 0.60%
	907,727	Groupe Bruxelles Lambert SA		69,227,228		78,082,414
	98,473	Sofina SA		8,428,556		13,760,973
				77,655,784		91,843,387
Bermuda — 1.73%
	2,998,400	Jardine Matheson Holdings Limited		133,424,811		182,632,544
	5,881,403	Hiscox Limited		70,399,116		73,500,170
	227,900	Jardine Strategic Holdings Limited		6,622,077		7,997,011
				210,446,004		264,129,725
Brazil — 0.15%
	2,297,400	Cielo SA		22,597,097		23,319,474
Canada — 4.82%
	8,295,502	Potash Corporation of Saskatchewan, Inc.		261,590,858		135,050,773
	7,645,847	Cenovus Energy, Inc.		186,103,811		110,406,031
	1,962,323	Agnico-Eagle Mines Limited		62,092,819		99,659,616
	6,044,482	Goldcorp, Inc.		159,971,703		91,876,126
	4,694,846	Barrick Gold Corporation		50,363,489		82,582,341
	1,054,193	Franco-Nevada Corporation		44,943,106		68,998,437
	2,106,982	Suncor Energy, Inc.		52,774,137		63,226,739
	1,170,131	Canadian Natural Resources Limited		29,522,120		37,137,461
	1,092,706	Imperial Oil Limited		33,133,968		35,437,793
	1,100,050	EnCana Corporation		14,298,776		10,494,477
				894,794,787		734,869,794
Chile — 0.56%
	3,990,749	Cia Cervecerias Unidas SA, ADR		85,670,619		85,801,103
Denmark — 0.50%
	1,927,059	ISS A/S		65,007,600		75,765,005

First Eagle Funds | Annual Report | October 31, 2016
46

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 70.17% (continued)
France — 10.77%
	3,402,404	Danone SA	$	228,487,659	$	235,603,164
	5,945,130	Bouygues SA		213,738,152		193,862,793
	6,318,136	Carrefour SA		199,350,282		165,729,400
	1,997,226	Sanofi		162,148,995		155,576,634
	3,233,820	Cie de Saint-Gobain		138,658,254		143,576,789
	1,125,050	Sodexo SA		39,996,849		130,665,533
	2,215,409	Total SA		105,081,699		106,325,546
	6,886,731	Rexel SA		99,926,196		95,519,473
	235,837	Robertet SA (b)		20,591,064		81,105,100
	11,593,581	Emin Leydier SA (b)(c)(d)(e)(f)(g)		9,166,547		60,198,032
	493,657	Wendel SA		10,886,846		56,792,389
	558,938	Laurent-Perrier (b)		19,851,603		42,950,204
	648,834	Legrand SA		22,223,920		36,674,149
	442,830	Société Foncière Financière et de Participations		29,139,582		32,569,822
	801,693	Neopost SA		41,407,216		24,272,019
	896,416	Legris Industries SA (b)(c)(d)(g)		23,119,325		23,213,525
	364,373	Gaumont SA (b)		21,698,753		21,499,493
	489,162	SFR Group SA		15,099,777		13,177,433
	51,500	Robertet SA CI (d)(h)		2,151,628		12,397,710
	49,706	Christian Dior SE		8,116,497		9,589,759
	100,000	Sabeton SA		1,463,143		1,728,957
				1,412,303,987		1,643,027,924
Germany — 3.98%
	3,667,964	HeidelbergCement AG		221,266,898		346,923,970
	434,377	Linde AG		59,966,632		71,668,672
	2,985,955	Hamburger Hafen und Logistik AG		87,574,307		47,561,355
	664,606	Hornbach Holding AG & Company KGaA		15,728,733		46,845,781
	11,838,914	Telefonica Deutschland Holding AG		53,322,660		45,889,480
	404,105	Fraport AG		14,632,398		23,985,797
	731,164	Deutsche Wohnen AG		5,633,188		23,854,326
				458,124,816		606,729,381

First Eagle Funds | Annual Report | October 31, 2016
47

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 70.17% (continued)
Greece — 0.57%
	6,144,609	Jumbo SA	$	27,916,825	$	87,350,938
Hong Kong — 3.54%
	72,578,540	Hang Lung Properties Limited		172,373,958		160,213,602
	33,586,303	Hopewell Holdings Limited		96,856,757		117,792,734
	22,777,700	Great Eagle Holdings Limited		76,569,942		101,178,094
	7,806,340	Guoco Group Limited		57,283,838		87,670,406
	15,997,405	Hysan Development Company Limited		72,338,811		73,844,808
				475,423,306		540,699,644
Ireland — 0.45%
	2,108,597	CRH PLC		35,126,498		68,239,636
Israel — 0.18%
	7,510,515	Israel Chemicals Limited		75,169,596		26,742,860
Italy — 0.09%
	287,915	Italmobiliare S.p.A.		36,335,427		13,656,899
Japan — 22.52%
	14,291,900	KDDI Corporation		177,057,839		435,012,347
	2,072,940	Fanuc Corporation		232,703,638		389,009,814
	3,895,800	Secom Company Limited		165,603,656		281,699,737
	14,094,550	Mitsubishi Estate Company Limited		253,382,151		279,754,037
	956,890	SMC Corporation		143,339,850		278,207,076
	7,378,400	Sompo Holdings, Inc.		203,351,796		239,497,221
	308,900	Keyence Corporation		62,834,288		226,984,209
	5,146,930	Hoya Corporation		114,377,734		215,212,053
	4,973,200	MS&AD Insurance Group Holdings, Inc.		98,914,606		148,053,117
	1,086,600	Hirose Electric Company Limited		113,363,708		143,816,230
	835,470	Shimano, Inc.		10,069,760		143,082,304
	7,996,600	Astellas Pharma, Inc.		61,646,785		118,915,779
	2,715,380	Daiichikosho Company Limited		33,513,866		118,200,722
	3,559,930	Kansai Paint Company Limited		26,253,316		76,718,240
	1,150,030	Nissin Foods Holdings Company Limited		40,259,845		66,674,763
	1,299,640	As One Corporation (b)		26,525,156		58,432,370
	3,020,411	T. Hasegawa Company Limited (b)		39,946,566		53,455,543

First Eagle Funds | Annual Report | October 31, 2016
48

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 70.17% (continued)
Japan — 22.52% (continued)
	1,871,000	Chofu Seisakusho Company Limited (b)	$	29,774,613	$	48,224,592
	438,706	SK Kaken Company Limited		7,328,951		45,723,816
	1,687,224	Nagaileben Company Limited		16,095,088		37,132,764
	2,045,420	Maezawa Kasei Industries Company Limited (b)		31,490,225		21,415,764
	473,100	Komatsu Limited		8,324,840		10,569,975
				1,896,158,277		3,435,792,473
Mexico — 2.72%
	10,358,163	Grupo Televisa S.A.B., ADR		220,329,359		254,085,739
	5,341,868	Fresnillo PLC		93,005,205		107,230,582
	2,246,692	Industrias Peñoles S.A.B. de C.V.		1,833,690		54,351,617
				315,168,254		415,667,938
Netherlands — 0.73%
	560,446	HAL Trust		20,803,015		110,741,355
Norway — 0.71%
	11,393,841	Orkla ASA		83,103,593		107,631,520
Poland — 0.04%
	571,220	Pfleiderer Group SA		3,567,238		5,023,154
	109,275	Pfleiderer Grajewo Senior Debt Interest Claims (g)(i)		636,263		912,888
				4,203,501		5,936,042
Russia — 0.23%
	8,297,382	Gazprom PJSC, ADR		55,920,439		35,844,690
Singapore — 1.47%
	25,512,113	Haw Par Corporation Limited (b)		76,875,317		164,304,426
	32,779,415	ComfortDelGro Corporation Limited		24,022,250		59,845,257
				100,897,567		224,149,683
South Korea — 2.75%
	1,457,048	KT&G Corporation		79,057,554		143,890,255
	3,591,818	Kia Motors Corporation		166,678,266		127,757,914
	353,250	Lotte Confectionery Company Limited		12,445,892		59,273,760
	196,900	Nong Shim Company Limited		46,391,095		49,558,401

First Eagle Funds | Annual Report | October 31, 2016
49

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 70.17% (continued)
South Korea — 2.75% (continued)
	872,463	Fursys, Inc. (b)	$	10,110,166	$	25,886,055
	22,950	Namyang Dairy Products Company Limited		4,912,653		13,518,287
				319,595,626		419,884,672
Sweden — 1.12%
	3,013,030	Investor AB, Class 'A'		59,333,861		105,514,345
	1,846,088	Investor AB, Class 'B'		40,783,748		65,629,873
				100,117,609		171,144,218
Switzerland — 2.69%
	3,164,836	Nestlé SA		120,020,927		229,474,997
	2,413,791	Pargesa Holding SA		129,478,662		162,090,255
	252,160	Cie Financiere Richemont SA		15,430,531		16,219,477
	14,839	Rieter Holding AG (c)		1,783,973		2,822,192
				266,714,093		410,606,921
Taiwan — 0.22%
	11,509,694	Taiwan Secom Company Limited		17,429,499		33,007,282
Thailand — 0.92%
	22,779,459	Bangkok Bank PCL, NVDR		93,410,526		103,816,664
	52,214,985	Thai Beverage PCL		8,627,619		36,217,402
	15,000	Bangkok Bank PCL		63,387		68,148
				102,101,532		140,102,214
Turkey — 0.17%
	5,893,909	Yazicilar Holding AS		38,350,989		25,905,199
United Kingdom — 4.67%
	4,323,801	Liberty Global PLC, Series 'C' (c)		143,399,841		137,496,872
	2,389,901	British American Tobacco PLC		130,516,883		137,237,657
	6,419,554	GlaxoSmithKline PLC		126,891,065		127,174,262
	4,212,259	Berkeley Group Holdings PLC		73,194,131		121,625,509
	4,071,139	Diageo PLC		110,378,699		108,606,163
	638,277	Willis Towers Watson PLC		67,880,455		80,359,074
				652,261,074		712,499,537
Total International Common Stocks				8,001,687,479		10,704,748,051

First Eagle Funds | Annual Report | October 31, 2016
50

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stock — 0.25%
Materials — 0.25%
	551,449	Royal Gold, Inc.	$	33,723,128	$	37,950,720
Total Common Stocks				8,035,410,607		10,742,698,771
International Preferred Stock — 0.04%
South Korea — 0.04%
	27,183	Namyang Dairy Products Company Limited		387,444		5,440,163
Investment Company — 0.00*%
	121,191	State Street Institutional U.S. Government Money Market Fund, Premier Class		121,191		121,191
Right — 0.00%
	55,324	Pfleiderer Atlantik Raco RI Rights (c)(d)(g)		16,617		—
Ounces
Commodity — 5.79%
	690,811	Gold bullion (c)		563,993,676		882,980,785
Principal
Bank Loans — 0.01%
Germany — 0.01%
	72 EUR	Atlantik Commitment Fee Facility due 02/01/20 (c)(d)(g)(i)(j)		—		15
	609,010 EUR	Atlantik Duration Fee Facility due 02/01/20 (c)(d)(g)(i)(j)		—		128,733
	28,263 EUR	Atlantik FX Repayment Facility due 02/01/20 (c)(d)(g)(i)(j)		—		5,974
	1,996,448 EUR	Atlantik Standstill Accrued Interest Facility due 02/01/20 (c)(d)(g)(i)(j)		—		422,010
	4,000,000 EUR	Atlantik Subordinated Debt 79.5M 15.00% due 02/01/20 (c)(d)(g)(i)(j)		5,431,204		845,522

First Eagle Funds | Annual Report | October 31, 2016
51

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
Bank Loans — 0.01% (continued)
Germany — 0.01% (continued)
	790,586 EUR	Atlantik Subordinated Debt Term Facility 1A 15.00% due 02/01/20 (c)(d)(g)(i)(j)	$	1,073,458	$	167,115
	774,993 EUR	Atlantik Subordinated Debt Term Facility 2A 15.00% due 02/01/20 (c)(d)(g)(i)(j)		1,052,286		163,818
	739,302 EUR	Atlantik Subordinated Debt Term Facility 3A 15.00% due 02/01/20 (c)(d)(g)(i)(j)		997,446		156,274
	469,266 EUR	Atlantik Subordinated Debt Term Facility 4A 15.00% due 02/01/20 (c)(d)(g)(i)(j)		633,457		99,194
Total Bank Loans				9,187,851		1,988,655
Notes and Bonds — 2.39%
U.S. Bond — 0.07%
Government Obligation — 0.07%
$	10,000,000	U.S. Treasury Note 0.75% due 03/15/17		10,005,867		10,012,550
Total U.S. Bond				10,005,867		10,012,550
International Notes and Bonds — 2.32%
International Corporate Notes and Bonds — 0.13%
France — 0.13%
	8,000,000 EUR	Emin Leydier SA FRN 7.815% due 11/30/20 (d)(e)(g)(k)		9,650,406		8,782,002
	10,000,000 EUR	Emin Leydier SA FRN 7.815% due 11/30/20 (d)(e)(g)(k)		14,227,973		10,977,503
Total International Corporate Notes and Bonds				23,878,379		19,759,505
International Government Bonds — 2.19%
Canada — 0.14%
	27,880,000 CAD	Canadian Government Bond 1.25% due 08/01/17 (d)		21,409,921		20,891,605
Indonesia — 0.08%
	152,606,000,000 IDR	Indonesia Treasury Bond 8.25% due 07/15/21		11,887,295		12,257,134

First Eagle Funds | Annual Report | October 31, 2016
52

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Government Bonds — 2.19% (continued)
Mexico — 0.78%
	1,094,660,000 MXN	Mexican Bonos 4.75% due 06/14/18	$	69,093,006	$	57,303,461
	330,074,000 MXN	Mexican Bonos 5.00% due 12/11/19		24,229,607		17,089,734
	825,590,000 MXN	Mexican Bonos 6.50% due 06/10/21		48,625,161		44,642,706
				141,947,774		119,035,901
Poland — 0.11%
	61,575,000 PLN	Poland Government Bond 3.25% due 07/25/19		16,128,657		16,236,793
Singapore — 0.90%
	88,530,000 SGD	Singapore Government Bond 0.50% due 04/01/18		67,285,335		63,320,219
	45,219,000 SGD	Singapore Government Bond 2.375% due 04/01/17		36,630,161		32,712,099
	53,521,000 SGD	Singapore Government Bond 3.25% due 09/01/20		41,153,235		41,497,289
				145,068,731		137,529,607
United Kingdom — 0.18%
	23,026,000 GBP	United Kingdom Gilt 1.00% due 09/07/17 (a)		35,711,531		28,371,770
Total International Government Bonds				372,153,909		334,322,810
Total International Notes and Bonds				396,032,288		354,082,315
Total Notes and Bonds				406,038,155		364,094,865
Commercial Paper — 20.94%
International Commercial Paper — 8.36%
Australia — 0.10%
	15,000,000 USD	Telstra Corporation Limited 0.87% due 01/23/17		14,970,604		14,977,600
Canada — 1.30%
	11,938,000 USD	Suncor Energy, Inc. 1.12% due 01/13/17		11,911,372		11,915,056
	16,983,000 USD	Total Capital Limited 0.63% due 11/14/16		16,979,198		16,980,305

First Eagle Funds | Annual Report | October 31, 2016
53

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 8.36% (continued)
Canada — 1.30% (continued)
	27,590,000 USD	Total Capital Limited 0.67% due 11/18/16	$	27,581,401	$	27,584,206
	18,098,000 USD	Total Capital Limited 0.67% due 11/21/16		18,091,364		18,093,461
	20,012,000 USD	Total Capital Limited 0.67% due 12/19/16		19,994,389		19,998,353
	32,942,000 USD	Total Capital Limited 0.68% due 12/19/16		32,912,572		32,919,536
	13,858,000 USD	Total Capital Limited 0.70% due 01/06/17		13,840,470		13,843,480
	14,225,000 USD	Total Capital Limited 0.70% due 01/09/17		14,206,187		14,209,040
	12,144,000 USD	Total Capital Limited 0.70% due 01/12/17		12,127,241		12,129,446
	4,808,000 USD	Total Capital Limited 0.71% due 01/10/17		4,801,456		4,802,491
	17,826,000 USD	Total Capital Limited 0.71% due 01/17/17		17,799,311		17,802,286
	8,692,000 USD	Total Capital Limited 0.71% due 01/20/17		8,678,479		8,676,620
France — 2.13%
	44,000,000 USD	Engie 0.83% due 12/01/16		43,970,300		43,981,018
	39,623,000 USD	Engie 0.84% due 12/12/16		39,585,996		39,599,147
	6,922,000 USD	Engie 0.84% due 12/20/16		6,914,274		6,916,876
	9,110,000 USD	Engie 0.85% due 11/02/16		9,109,790		9,109,793
	8,236,000 USD	Engie 0.85% due 12/16/16		8,227,455		8,230,496
	40,700,000 USD	Engie 0.85% due 12/19/16		40,654,959		40,670,584
	6,929,000 USD	Engie 0.85% due 01/09/17		6,917,977		6,920,067
	13,775,000 USD	Engie 0.85% due 01/11/17		13,752,451		13,756,156

First Eagle Funds | Annual Report | October 31, 2016
54

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 8.36% (continued)
France — 2.13% (continued)
	7,093,000 USD	Essilor International 0.58% due 11/07/16	$	7,092,326	$	7,092,421
	5,692,000 USD	Essilor International 0.58% due 12/01/16		5,689,296		5,689,544
	6,000,000 USD	Essilor International 0.58% due 12/13/16		5,996,010		5,996,295
	14,543,000 USD	Essilor International 0.58% due 12/21/16		14,531,487		14,531,957
	30,000,000 USD	Essilor International 0.58% due 01/05/17		29,969,125		29,967,660
	5,743,000 USD	Essilor International 0.63% due 12/20/16		5,738,154		5,738,749
	12,932,000 USD	L'Oreal USA, Inc. 0.56% due 01/18/17		12,916,589		12,914,434
	9,266,000 USD	L'Oreal USA, Inc. 0.58% due 11/10/16		9,264,680		9,264,978
	26,570,000 USD	Sanofi 0.66% due 11/03/16		26,569,041		26,569,314
	38,353,000 USD	Électricité de France SA 1.54% due 01/09/17		38,272,139		38,287,597
Germany — 0.90%
	16,453,000 USD	BASF AG 0.67% due 11/10/16		16,450,285		16,451,044
	28,566,000 USD	BASF AG 0.69% due 11/14/16		28,558,986		28,561,146
	11,583,000 USD	BASF AG 0.69% due 11/15/16		11,579,937		11,580,876
	7,906,000 USD	Henkel Corporation 0.68% due 01/11/17		7,895,553		7,896,260
	25,952,000 USD	Henkel Corporation 0.70% due 12/05/16		25,935,088		25,939,208
	15,994,000 USD	Henkel Corporation 0.71% due 11/02/16		15,993,689		15,993,637
	18,033,000 USD	Henkel Corporation 0.71% due 11/07/16		18,030,896		18,031,527
	8,708,000 USD	Henkel Corporation 0.71% due 12/12/16		8,701,058		8,702,758

First Eagle Funds | Annual Report | October 31, 2016
55

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 8.36% (continued)
Germany — 0.90% (continued)
	3,569,000 USD	Henkel Corporation 0.74% due 01/04/17	$	3,564,368	$	3,565,243
Japan — 0.79%
	8,523,000 USD	Honda Corporation 0.61% due 11/04/16		8,522,574		8,522,673
	18,098,000 USD	Honda Corporation 0.61% due 11/09/16		18,095,587		18,096,326
	17,843,000 USD	Honda Corporation 0.61% due 11/10/16		17,840,324		17,841,141
	17,054,000 USD	Honda Corporation 0.66% due 01/12/17		17,031,830		17,034,081
	48,609,000 USD	Honda Corporation 0.69% due 01/18/17		48,537,382		48,544,785
	11,294,000 USD	Mitsubishi Company 0.90% due 01/06/17		11,275,779		11,278,992
Switzerland — 2.36%
	8,227,000 USD	Nestlé SA 0.54% due 11/07/16		8,226,273		8,226,472
	14,650,000 USD	Nestlé SA 0.54% due 11/09/16		14,648,275		14,648,766
	19,361,000 USD	Nestlé SA 0.55% due 11/08/16		19,358,967		19,359,568
	16,983,000 USD	Nestlé SA 0.55% due 11/16/16		16,979,179		16,980,283
	35,751,000 USD	Nestlé SA 0.56% due 11/28/16		35,736,253		35,739,850
	16,072,000 USD	Nestlé SA 0.58% due 12/05/16		16,063,348		16,065,359
	16,072,000 USD	Nestlé SA 0.58% due 12/06/16		16,063,093		16,065,121
	26,575,000 USD	Nestlé SA 0.58% due 12/08/16		26,559,432		26,562,798
	18,033,000 USD	Nestlé SA 0.58% due 01/23/17		18,009,302		18,008,132
	17,165,000 USD	Nestlé SA 0.59% due 11/15/16		17,161,128		17,162,447
	17,165,000 USD	Nestlé SA 0.59% due 11/18/16		17,160,299		17,161,850

First Eagle Funds | Annual Report | October 31, 2016
56

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 8.36% (continued)
Switzerland — 2.36% (continued)
	12,327,000 USD	Nestlé SA 0.60% due 02/06/17	$	12,307,403	$	12,306,060
	20,702,000 USD	Nestlé SA 0.61% due 11/21/16		20,695,099		20,697,447
	21,389,000 USD	Novartis International AG 0.50% due 12/23/16		21,373,861		21,372,909
	16,743,000 USD	Novartis International AG 0.54% due 01/03/17		16,727,471		16,726,659
	12,217,000 USD	Roche Holdings, Inc. 0.46% due 12/21/16		12,209,364		12,208,242
	20,774,000 USD	Roche Holdings, Inc. 0.48% due 11/15/16		20,770,203		20,770,451
	13,257,000 USD	Roche Holdings, Inc. 0.51% due 11/23/16		13,252,949		13,253,282
	15,668,000 USD	Roche Holdings, Inc. 0.53% due 12/02/16		15,660,984		15,661,413
	12,327,000 USD	Roche Holdings, Inc. 0.53% due 01/12/17		12,314,180		12,312,227
	9,009,000 USD	Roche Holdings, Inc. 0.53% due 01/13/17		8,999,501		8,997,981
United Kingdom — 0.78%
	41,548,000 USD	GlaxoSmithKline PLC 0.61% due 11/17/16		41,536,920		41,539,230
	20,774,000 USD	GlaxoSmithKline PLC 0.61% due 11/18/16		20,768,114		20,769,326
	17,733,000 USD	GlaxoSmithKline PLC 0.65% due 11/14/16		17,728,902		17,729,986
	14,811,000 USD	GlaxoSmithKline PLC 0.67% due 12/16/16		14,798,781		14,801,102
	23,435,000 USD	Reckitt Benckiser 0.66% due 12/02/16		23,421,883		23,424,522
Total International Commercial Paper				1,275,610,593		1,275,760,146
U.S. Commercial Paper — 12.58%
$	14,650,000	Abbott Laboratories 0.76% due 11/02/16		14,649,695		14,649,693
	21,683,000	Air Products 0.53% due 11/01/16		21,683,000		21,682,756

First Eagle Funds | Annual Report | October 31, 2016
57

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.58% (continued)
$	8,110,000	Anthem, Inc. 0.74% due 11/09/16	$	8,108,684	$	8,108,631
	12,360,000	Apple, Inc. 0.50% due 11/16/16		12,357,476		12,358,248
	26,575,000	Apple, Inc. 0.52% due 12/09/16		26,560,694		26,564,146
	17,416,000	Apple, Inc. 0.53% due 12/12/16		17,405,686		17,408,157
	5,768,000	Apple, Inc. 0.54% due 01/04/17		5,762,565		5,763,261
	8,193,000	Apple, Inc. 0.54% due 01/06/17		8,185,039		8,185,971
	15,467,000	Apple, Inc. 0.54% due 01/23/17		15,448,100		15,448,522
	8,628,000	Apple, Inc. 0.54% due 01/26/17		8,617,076		8,617,137
	8,628,000	Apple, Inc. 0.54% due 01/27/17		8,616,949		8,616,948
	19,733,000	Apple, Inc. 0.55% due 12/16/16		19,719,680		19,722,965
	16,941,000	Apple, Inc. 0.55% due 01/09/17		16,923,466		16,925,518
	14,320,000	Apple, Inc. 0.58% due 01/24/17		14,300,954		14,302,587
	13,045,000	Berkshire Hathaway, Inc. 0.76% due 12/09/16		13,034,673		13,033,101
	12,002,000	Campbell Soup Company 0.66% due 12/19/16		11,991,598		11,988,506
	6,686,000	Campbell Soup Company 0.66% due 01/05/17		6,678,153		6,675,017
	5,207,000	Campbell Soup Company 0.66% due 01/10/17		5,200,419		5,197,573
	7,207,000	Campbell Soup Company 0.66% due 01/19/17		7,196,720		7,191,673
	24,455,000	Caterpillar Financial Services Company 0.51% due 11/10/16		24,451,943		24,452,452
	39,840,000	Chevron Corporation 0.44% due 11/23/16		39,829,531		39,830,811
	16,763,000	Chevron Corporation 0.45% due 11/22/16		16,758,697		16,759,322

First Eagle Funds | Annual Report | October 31, 2016
58

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.58% (continued)
$	11,583,000	Chevron Corporation 0.47% due 11/04/16	$	11,582,556	$	11,582,600
	34,181,000	Chevron Corporation 0.49% due 11/17/16		34,173,708		34,175,431
	13,801,000	Chevron Corporation 0.49% due 11/18/16		13,797,872		13,798,599
	13,032,000	Chevron Corporation 0.50% due 12/02/16		13,026,501		13,027,494
	16,072,000	Chevron Corporation 0.51% due 11/30/16		16,065,527		16,066,910
	14,465,000	Chevron Corporation 0.51% due 12/08/16		14,457,567		14,458,633
	21,087,000	Chevron Corporation 0.51% due 12/09/16		21,075,871		21,077,360
	8,743,000	Chevron Corporation 0.52% due 12/07/16		8,738,541		8,739,289
	3,042,000	Chevron Corporation 0.59% due 01/20/17		3,038,079		3,038,612
	17,002,000	Coca-Cola Company 0.52% due 12/14/16		16,991,643		16,993,085
	17,416,000	Coca-Cola Company 0.52% due 12/15/16		17,405,144		17,406,639
	18,491,000	Coca-Cola Company 0.67% due 01/23/17		18,462,863		18,465,371
	23,455,000	Coca-Cola Company 0.68% due 01/24/17		23,418,332		23,421,883
	18,997,000	Coca-Cola Company 0.82% due 03/02/17		18,945,919		18,952,901
	22,672,000	Coca-Cola Company 0.85% due 03/24/17		22,597,252		22,604,528
	3,242,000	Danaher Corporation 0.56% due 11/23/16		3,240,910		3,241,029
	3,911,000	Danaher Corporation 0.62% due 12/19/16		3,907,819		3,908,173
	13,611,000	Danaher Corporation 0.62% due 12/23/16		13,599,007		13,600,159
	32,521,000	DuPont 0.77% due 11/21/16		32,507,269		32,506,392
	15,114,000	Entergy Corporation 1.26% due 01/12/17		15,076,517		15,081,176

First Eagle Funds | Annual Report | October 31, 2016
59

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.58% (continued)
$	13,278,000	Exxon Mobil Corporation 0.49% due 11/04/16	$	13,277,469	$	13,277,541
	21,975,000	Exxon Mobil Corporation 0.49% due 11/07/16		21,973,242		21,973,637
	14,346,000	Exxon Mobil Corporation 0.50% due 12/21/16		14,336,237		14,336,611
	10,291,000	Exxon Mobil Corporation 0.52% due 11/15/16		10,288,959		10,289,542
	13,493,000	Exxon Mobil Corporation 0.52% due 12/13/16		13,484,972		13,485,893
	11,438,000	Exxon Mobil Corporation 0.53% due 12/01/16		11,433,044		11,434,208
	23,455,000	Exxon Mobil Corporation 0.54% due 01/04/17		23,432,900		23,434,503
	28,461,000	Exxon Mobil Corporation 0.55% due 12/05/16		28,446,485		28,449,849
	18,018,000	Exxon Mobil Corporation 0.57% due 01/17/17		17,996,418		17,998,754
	8,130,000	Honeywell International, Inc. 0.48% due 11/01/16		8,130,000		8,129,925
	6,459,000	Honeywell International, Inc. 0.51% due 11/02/16		6,458,910		6,458,880
	14,944,000	Honeywell International, Inc. 0.54% due 11/17/16		14,940,480		14,941,128
	13,795,000	Honeywell International, Inc. 0.55% due 11/07/16		13,793,758		13,794,034
	13,018,000	International Business Machines Corporation 0.51% due 12/02/16		13,012,395		13,013,221
	30,138,000	MetLife 0.52% due 01/06/17		30,109,821		30,094,474
	5,355,000	MetLife 0.56% due 11/22/16		5,353,282		5,353,252
	18,033,000	MetLife 0.62% due 01/05/17		18,013,139		18,007,609
	20,568,000	MetLife 0.63% due 01/03/17		20,545,684		20,540,503
	24,383,000	MetLife 0.69% due 12/05/16		24,367,341		24,368,848

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First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.58% (continued)
$	18,098,000	MetLife 0.71% due 11/15/16	$	18,093,073	$	18,094,305
	22,079,000	MetLife 0.71% due 11/16/16		22,072,560		22,074,123
	12,967,000	MetLife 0.73% due 11/21/16		12,961,813		12,962,991
	31,274,000	MetLife 0.78% due 01/19/17		31,221,156		31,212,842
	13,795,000	Microsoft Corporation 0.51% due 11/03/16		13,794,617		13,794,609
	16,453,000	Microsoft Corporation 0.52% due 11/08/16		16,451,368		16,451,665
	12,422,000	Microsoft Corporation 0.57% due 12/15/16		12,413,498		12,414,857
	30,005,000	Microsoft Corporation 0.61% due 01/04/17		29,972,995		29,975,637
	19,563,000	Microsoft Corporation 0.61% due 01/05/17		19,541,807		19,543,417
	9,016,000	Microsoft Corporation 0.61% due 01/11/17		9,005,331		9,005,686
	18,033,000	Microsoft Corporation 0.61% due 01/18/17		18,009,557		18,005,650
	8,980,000	Microsoft Corporation 0.62% due 02/02/17		8,965,849		8,964,571
	12,290,000	Microsoft Corporation 0.63% due 01/10/17		12,275,184		12,276,232
	8,193,000	Microsoft Corporation 0.66% due 01/17/17		8,181,609		8,182,385
	11,294,000	Microsoft Corporation 0.69% due 01/25/17		11,275,867		11,276,922
	12,327,000	Microsoft Corporation 0.72% due 01/24/17		12,306,578		12,308,722
	22,369,000	Microsoft Corporation 0.72% due 02/08/17		22,325,325		22,327,369
	19,223,000	Microsoft Corporation 0.74% due 02/07/17		19,184,800		19,181,681
	13,288,000	National Grid USA 0.91% due 12/07/16		13,276,174		13,276,542
	10,291,000	National Grid USA 1.07% due 11/23/16		10,284,271		10,285,852

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61

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.58% (continued)
$	28,985,000	PepsiCo, Inc. 0.46% due 11/04/16	$	28,983,913	$	28,983,889
	17,165,000	PepsiCo, Inc. 0.46% due 11/09/16		17,163,283		17,163,412
	5,580,000	PepsiCo, Inc. 0.46% due 11/29/16		5,578,047		5,578,031
	5,580,000	PepsiCo, Inc. 0.46% due 12/02/16		5,577,838		5,577,803
	31,988,000	Pfizer, Inc. 0.48% due 11/01/16		31,988,000		31,987,733
	12,900,000	Pfizer, Inc. 0.48% due 11/02/16		12,899,832		12,899,781
	23,464,000	Pfizer, Inc. 0.61% due 11/09/16		23,460,871		23,462,006
	22,436,000	Pfizer, Inc. 0.61% due 11/16/16		22,430,391		22,432,281
	16,772,000	Pfizer, Inc. 0.61% due 12/06/16		16,762,216		16,764,989
	6,109,000	Philip Morris International, Inc. 0.53% due 11/22/16		6,107,147		6,107,268
	15,111,000	Philip Morris International, Inc. 0.61% due 12/29/16		15,096,393		15,097,206
	9,009,000	Philip Morris International, Inc. 0.61% due 12/30/16		9,000,141		9,000,592
	13,257,000	Procter & Gamble Company 0.51% due 12/06/16		13,250,556		13,251,459
	33,920,000	Procter & Gamble Company 0.51% due 12/13/16		33,900,213		33,902,700
	11,042,000	Qualcomm, Inc. 0.51% due 11/08/16		11,040,926		11,041,038
	17,985,000	Qualcomm, Inc. 0.51% due 12/20/16		17,972,761		17,972,435
	7,098,000	Qualcomm, Inc. 0.53% due 12/06/16		7,094,412		7,094,607
	18,001,000	Qualcomm, Inc. 0.53% due 12/07/16		17,991,639		17,992,138
	21,726,000	Qualcomm, Inc. 0.56% due 01/10/17		21,702,765		21,701,105
	16,626,000	Qualcomm, Inc. 0.56% due 01/11/17		16,607,965		16,606,514

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62

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.58% (continued)
$	16,471,000	Rockwell Automation, Inc. 0.63% due 12/14/16	$	16,458,802	$	16,455,519
	16,471,000	Rockwell Automation, Inc. 0.63% due 12/15/16		16,458,519		16,455,147
	13,018,000	Schlumberger Investments SA 1.02% due 01/05/17		12,994,495		12,998,000
	15,114,000	Schlumberger Investments SA 1.07% due 01/11/17		15,082,701		15,087,823
	12,422,000	United Healthcare Company 0.87% due 12/14/16		12,409,388		12,410,325
	12,422,000	United Healthcare Company 0.87% due 12/16/16		12,408,802		12,409,731
	8,265,000	United Healthcare Company 0.91% due 12/22/16		8,254,579		8,255,581
	14,944,000	United Healthcare Company 0.91% due 12/27/16		14,923,311		14,925,024
	14,944,000	United Healthcare Company 0.91% due 12/28/16		14,922,941		14,924,618
	11,822,000	United Parcel Service, Inc. 0.41% due 11/01/16		11,822,000		11,821,892
	16,220,000	United Parcel Service, Inc. 0.43% due 11/03/16		16,219,622		16,219,540
	28,461,000	United Parcel Service, Inc. 0.47% due 12/07/16		28,447,908		28,447,866
	24,127,000	Wal-Mart Stores, Inc. 0.47% due 11/08/16		24,124,842		24,125,204
	7,687,000	Walt Disney Company 0.52% due 11/16/16		7,685,367		7,685,623
	15,259,000	Walt Disney Company 0.56% due 12/12/16		15,249,442		15,250,882
	21,420,000	Walt Disney Company 0.56% due 12/15/16		21,405,601		21,407,683
	10,962,000	Walt Disney Company 0.59% due 01/19/17		10,948,048		10,947,214
	24,541,000	Walt Disney Company 0.59% due 01/20/17		24,509,370		24,507,262
	4,129,000	Walt Disney Company 0.59% due 01/24/17		4,123,412		4,122,878
	10,854,000	Walt Disney Company 0.59% due 01/25/17		10,839,136		10,837,587

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63

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 12.58% (continued)
$	8,628,000	Walt Disney Company 0.59% due 01/31/17	$	8,615,350	$	8,613,580
Total U.S. Commercial Paper				1,919,110,608		1,919,153,695
Total Commercial Paper				3,194,721,201		3,194,913,841
Total Investments — 99.59% (Cost: $12,209,876,742)						15,192,238,271
Other Assets in Excess of Liabilities — 0.41%						63,197,637
Net Assets — 100.00%					$	15,255,435,908

*  Less than 0.01%

(a)  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.

(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)  Non-income producing security/commodity.

(d)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $138,449,032 or 0.91% of net assets.

(e)  On November 30, 2015, during a shareholder and bondholder meeting, a merger was approved between FINEL SA and Emin Leydier SAS, effective December 1, 2015. The merger provided that FINEL SA absorbed Emin Leydier SAS, and changed its name to Emin Leydier SA.

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

(g)  Represents securities that are subject to legal or contractual restrictions on resale. At October 31, 2016, the value of these securities amounted to $106,072,605 or 0.70% of net assets.

(h)  Represents non-voting class of shares.

(i)  On December 3, 2015, Atlantik SA reorganized and merged, via a reverse merger, with Grajewo SA to form Pfleiderer Grajewo SA. As part of the restructuring, the existing debt positions have, and are expected, to be redeemed in kind to Pfleiderer Grajewo SA common stock, which publicly trades on the Warsaw Stock Exchange.

(j)  Payment-in-kind security.

(k)  Floating rate security. Rate shown is the rate in effect at October 31, 2016.

At October 31, 2016, aggregate cost for federal income tax purposes was $12,692,935,375. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	3,611,036,570
Gross unrealized depreciation		(1,111,733,674	)
Net unrealized appreciation	$	2,499,302,896

First Eagle Funds | Annual Report | October 31, 2016
64

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

AG  — Aktien Gesellschaft

A/S  — Aktieselskab

ASA  — Norwegian Public Limited Company

FRN  — Floating Rate Note

NVDR  — Non-Voting Depository Receipt

PCL  — Public Company Limited

PJSC  — Public Joint Stock Company

PLC  — Public Limited Company

SA  — Société Anonyme

SAS  — Société par Actions Simplifiée

S.p.A.  — Società per Azioni

Currencies

CAD  — Canadian Dollar

EUR  — Euro

GBP  — British Pound

IDR  — Indonesian Rupiah

MXN  — Mexican Peso

PLN  — Polish Zloty

SGD  — Singapore Dollar

USD  — United States Dollar

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
Emin Leydier SA FRN 7.815% due 11/30/20#	06/22/05	$	9,650,406	$	1.10
Emin Leydier SA FRN 7.815% due 11/30/20	07/30/09		14,227,973		1.10
Emin Leydier SA#	07/14/09		9,166,547		5.19
Legris Industries SA	04/30/04		23,119,325		25.90
Pfleiderer Atlantik Raco RI Rights	01/29/13		16,536		—
Pfleiderer Grajewo Senior Debt Interest Claims	12/04/15		636,263		8.35

#Formerly known as FINEL.

Foreign Currency Exchange Contracts — Sales

Settlement Dates Through	Foreign Currency To be Delivered			U.S. $ To be Received		U.S. $ Value At October 31, 2016		Unrealized Appreciation At October 31, 2016		Unrealized Depreciation At October 31, 2016
11/16/16		50,397,000	Euro	$	57,748,158	$	55,354,074	$	2,394,084	$	—
12/14/16		36,266,000	Euro		40,363,695		39,884,829		478,866		—
01/18/17		69,106,000	Euro		77,754,961		76,136,136		1,618,825		—
02/15/17		29,712,000	Euro		33,602,341		32,776,442		825,899		—
03/15/17		49,139,000	Euro		54,573,773		54,276,871		296,902		—
01/18/17		21,887,000	British Pound		28,300,611		26,839,713		1,460,898		—
11/16/16		14,484,030,000	Japanese Yen		139,182,750		138,177,060		1,005,690		—

First Eagle Funds | Annual Report | October 31, 2016
65

First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

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, 2016		Unrealized Appreciation At October 31, 2016		Unrealized Depreciation At October 31, 2016
12/14/16		13,463,845,000	Japanese Yen	$	134,605,609	$	128,594,542	$	6,011,067	$	—
01/18/17		12,958,141,000	Japanese Yen		128,780,396		123,971,487		4,808,909		—
02/15/17		17,047,537,000	Japanese Yen		169,524,574		163,285,312		6,239,262		—
03/15/17		12,081,775,000	Japanese Yen		116,953,603		115,868,199		1,085,404		—
				$	981,390,471	$	955,164,665	$	26,225,806	$	—

Foreign Currency Exchange Contracts — Purchases

Settlement Dates Through	Foreign Currency To be Received			U.S. $ To be Delivered		U.S. $ Value At October 31, 2016		Unrealized Appreciation At October 31, 2016		Unrealized Depreciation At October 31, 2016
01/18/17		1,400,000	British Pound	$	1,869,857	$	1,716,800	$	—	$	(153,057	)

Affiliated Securities

Affiliated Securities	Shares October 31, 2015		Gross Additions		Gross Reductions		Shares October 31, 2016		Market Value October 31, 2016		Realized Gain / (Loss)		Dividend Income
As One Corporation		1,299,640		—		—		1,299,640	$	58,432,370	$	—	$	1,145,716
Chofu Seisakusho Company Limited		2,023,800		—		152,800		1,871,000		48,224,592		344,425		505,913
Emin Leydier SA#		11,593,581		—		—		11,593,581		60,198,032		—		265,414
Fursys, Inc.		872,463		—		—		872,463		25,886,055		—		407,289
Gaumont SA		364,373		—		—		364,373		21,499,493		—		352,473
Haw Par Corporation Limited		25,512,113		—		—		25,512,113		164,304,426		—		7,298,341
Laurent-Perrier		558,938		—		—		558,938		42,950,204		—		552,454
Legris Industries SA		896,416		—		—		896,416		23,213,525		—		5,518,228
Maezawa Kasei Industries Company Limited		2,045,420		—		—		2,045,420		21,415,764		—		519,018
Robertet SA		235,837		—		—		235,837		81,105,100		—		891,171
T. Hasegawa Company Limited		3,206,911		—		186,500		3,020,411		53,455,543		208,231		794,972
Total									$	600,685,104	$	552,656	$	18,250,989

#Formerly known as FINEL.

First Eagle Funds | Annual Report | October 31, 2016
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First Eagle Overseas Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Industry Diversification for Portfolio Holdings	Percent of Net Assets
International Common Stocks
Consumer Discretionary		8.29	%
Consumer Staples		9.72
Energy		2.62
Financials		13.63
Health Care		5.74
Industrials		13.56
Information Technology		2.74
Materials		10.63
Telecommunication Services		3.24
Total International Common Stocks		70.17
U.S. Common Stock
Materials		0.25
Total U.S. Common Stock		0.25
International Preferred Stock
Consumer Staples		0.04
Total International Preferred Stock		0.04
Investment Company		0.00	*
Right		0.00
Commodity		5.79
Bank Loans		0.01
U.S. Bond
Government Issues		0.07
Total U.S. Bond		0.07
International Notes and Bonds
Government Issues		2.19
Materials		0.13
Total International Corporate Bonds		2.32
Commercial Paper
International Commercial Paper		8.36
U.S. Commercial Paper		12.58
Total Commercial Paper		20.94
Total Investments		99.59	%

*Less than 0.01%

See Notes to Financial Statements.

First Eagle Funds | Annual Report | October 31, 2016
67

First Eagle U.S. Value Fund

Fund Overview

Data as of October 31, 2016 (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 seeking to achieve its investment objective.

Average Annual Returns^ (%)			One-Year		Five-Years		Ten-Years
First Eagle U.S. Value Fund	Class A	without sales charge		6.21		7.92		6.34
		with sales charge		0.91		6.82		5.80
S&P 500 Index				4.51		13.57		6.70
Consumer Price Index				1.64		1.32		1.82

Asset Allocation* (%)

Sector/Industry** (%)

Financials	20.86
Information Technology	15.84
Industrials	11.58
Commodity	9.11
Consumer Discretionary	8.80
Materials	6.41
Energy	6.37
Health Care	1.73
Consumer Staples	1.19
Utilities	0.94

^  Performance figures reflect certain fee waivers and/or expense limitations, without which returns may have been lower.

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

**Sector/Industry allocations exclude short-term investments.

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

First Eagle Funds | Annual Report | October 31, 2016
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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. 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. One cannot invest directly in an index. 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)	9.18
Oracle Corporation (Systems Software)	4.06
Comcast Corporation Class 'A' (Cable & Satellite)	3.81
Microsoft Corporation (Systems Software)	3.36
Bank of New York Mellon Corporation (Asset Management & Custody Banks)	3.32
Omnicom Group, Inc. (Advertising)	3.29
Weyerhaeuser Company REIT (Timber REITs)	2.90
American Express Company (Consumer Finance)	2.22
Alleghany Corporation (Reinsurance)	2.19
Linear Technology Corporation (Semiconductors)	2.04
Total	36.37

*  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, 2016
69

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 73.32%
U.S. Common Stocks — 67.46%
Consumer Discretionary — 8.84%
	1,340,875	Comcast Corporation, Class 'A'	$	20,392,183	$	82,892,892
	896,174	Omnicom Group, Inc.		33,547,273		71,532,609
	382,831	Vista Outdoor, Inc. (a)		5,236,491		14,804,075
	201,299	Tiffany & Company		12,153,934		14,779,373
	359,081	H&R Block, Inc.		6,046,002		8,248,090
				77,375,883		192,257,039
Consumer Staples — 1.20%
	290,726	Colgate-Palmolive Company		11,156,933		20,746,207
	75,546	Wal-Mart Stores, Inc.		3,291,619		5,289,731
				14,448,552		26,035,938
Energy — 4.76%
	1,114,312	National Oilwell Varco, Inc.		56,893,357		35,769,415
	708,552	FMC Technologies, Inc. (a)		22,244,582		22,864,973
	414,278	ConocoPhillips		14,687,729		18,000,379
	352,752	Devon Energy Corporation		19,314,438		13,365,773
	63,037	Phillips 66		4,957,476		5,115,452
	96,554	SEACOR Holdings, Inc. (a)		6,036,566		4,761,078
	595,832	San Juan Basin Royalty Trust		9,222,426		3,735,867
				133,356,574		103,612,937
Financials — 19.71%
	1,666,394	Bank of New York Mellon Corporation		37,021,955		72,104,868
	2,107,946	Weyerhaeuser Company, REIT		41,062,509		63,090,824
	727,022	American Express Company		27,732,599		48,288,801
	92,464	Alleghany Corporation (a)		26,401,085		47,730,842
	909,608	BB&T Corporation		21,844,946		35,656,634
	724,595	U.S. Bancorp		17,621,199		32,432,872
	1,041,753	Synchrony Financial		30,254,803		29,783,718
	437,493	American International Group, Inc.		22,781,145		26,993,318
	450,471	WR Berkley Corporation		12,069,597		25,721,894
	485,877	Brown & Brown, Inc.		15,072,951		17,909,426
	78	Berkshire Hathaway, Inc., Class 'A' (a)		5,963,923		16,824,600
	172,024	Cincinnati Financial Corporation		4,072,026		12,175,859
				261,898,738		428,713,656

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 67.46% (continued)
Health Care — 1.74%
	230,045	Varian Medical Systems, Inc. (a)	$	17,715,380	$	20,871,983
	139,509	Anthem, Inc.		7,468,153		17,000,567
				25,183,533		37,872,550
Industrials — 11.66%
	215,416	3M Company		13,177,382		35,608,265
	817,802	Flowserve Corporation		38,937,371		34,633,915
	421,151	Orbital ATK, Inc.		17,773,753		31,316,788
	321,031	Deere & Company		25,917,237		28,347,037
	312,435	Union Pacific Corporation		25,564,175		27,550,518
	249,514	Cintas Corporation		5,494,973		26,615,658
	96,076	WW Grainger, Inc.		20,956,664		19,995,337
	486,109	Timken Company		19,040,145		16,065,902
	103,917	Cummins, Inc.		9,221,673		13,282,671
	37,210	Northrop Grumman Corporation		1,889,497		8,521,090
	33,004	Lockheed Martin Corporation		2,277,131		8,131,526
	99,125	NOW, Inc. (a)		2,875,395		2,137,135
	11,401	Unifirst Corporation		1,160,746		1,396,623
				184,286,142		253,602,465
Information Technology — 15.73%
	2,299,321	Oracle Corporation		66,498,422		88,339,913
	1,220,064	Microsoft Corporation		28,336,700		73,106,235
	738,921	Linear Technology Corporation		18,027,441		44,379,595
	590,022	Xilinx, Inc.		23,817,911		30,014,419
	1,024,064	Teradata Corporation (a)		36,828,429		27,608,765
	193,008	Texas Instruments, Inc.		9,095,627		13,674,617
	98,562	F5 Networks, Inc. (a)		8,795,775		13,622,254
	15,888	Alphabet, Inc., Class 'C' (a)		3,787,101		12,464,771
	14,594	Alphabet, Inc., Class 'A' (a)		8,157,701		11,819,681
	90,481	Mastercard, Inc., Class 'A'		1,815,907		9,683,277
	112,369	Visa, Inc., Class 'A'		2,025,047		9,271,566
	94,242	Automatic Data Processing, Inc.		2,927,397		8,204,709
				210,113,458		342,189,802

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71

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 67.46% (continued)
Materials — 2.87%
	308,043	Scotts Miracle-Gro Company, Class 'A'	$	12,914,322	$	27,135,508
	79,413	Praxair, Inc.		8,186,437		9,296,086
	121,921	Royal Gold, Inc.		7,844,609		8,390,603
	40,120	Martin Marietta Materials, Inc.		3,046,712		7,437,446
	45,390	Vulcan Materials Company		1,637,066		5,138,148
	325,000	Tahoe Resources, Inc.		2,498,865		3,896,220
	19,378	Deltic Timber Corporation		779,110		1,088,656
				36,907,121		62,382,667
Utilities — 0.95%
	445,669	UGI Corporation		14,796,530		20,630,018
Total U.S. Common Stocks				958,366,531		1,467,297,072
International Common Stocks — 5.86%
Africa — 0.09%
	21,756	Randgold Resources Limited, ADR		1,296,964		1,930,410
Australia — 1.07%
	1,362,059	Newcrest Mining Limited		17,925,737		23,374,823
Canada — 3.02%
	963,302	Potash Corporation of Saskatchewan, Inc.		34,257,256		15,682,556
	305,876	Agnico-Eagle Mines Limited		10,815,984		15,534,387
	740,683	Goldcorp, Inc.		20,048,900		11,258,382
	155,814	Franco-Nevada Corporation		6,600,119		10,198,249
	183,577	Canadian Natural Resources Limited		5,115,920		5,826,342
	152,263	Suncor Energy, Inc.		3,811,531		4,569,139
	77,849	Imperial Oil Limited		2,353,056		2,524,738
				83,002,766		65,593,793
Curacao — 0.75%
	209,134	Schlumberger Limited		16,392,851		16,360,553
United Kingdom — 0.93%
	161,294	Willis Towers Watson PLC		11,232,685		20,306,914
Total International Common Stocks				129,851,003		127,566,493
Total Common Stocks				1,088,217,534		1,594,863,565

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72

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
Investment Company — 0.00*%
	7,185	State Street Institutional U.S. Government Money Market Fund, Premier Class	$	7,185	$	7,185
Ounces
Commodity — 9.18%
	156,194	Gold bullion (a)		186,047,980		199,644,364
Principal
U.S. Corporate Bonds — 0.92%
$	600,000	Bausch & Lomb, Inc. 7.125% due 08/01/28		531,484		570,000
	6,542,000	Citgo Petroleum Corporation 6.25% due 08/15/22 (c)		6,548,929		6,689,195
	4,945,000	Veritas US, Inc. 7.50% due 02/01/23 (c)		4,631,516		4,722,475
	7,969,000	Wachovia Capital Trust III 5.57% due 12/01/16 (b)(d)		7,959,043		7,978,961
Total U.S. Corporate Bonds				19,670,972		19,960,631
U.S. Treasury Bills — 5.06%
	40,000,000	U.S. Treasury Bill 0.26% due 11/03/16		39,999,422		39,999,760
	30,000,000	U.S. Treasury Bill 0.27% due 12/01/16		29,993,375		29,995,680
	40,000,000	U.S. Treasury Bill 0.34% due 12/08/16		39,986,433		39,993,040
Total U.S. Treasury Bills				109,979,230		109,988,480
Commercial Paper — 12.23%
International Commercial Paper — 4.60%
Canada — 0.31%
	2,810,000 USD	Total Capital Limited 0.67% due 11/18/16		2,809,124		2,809,410
	1,535,000 USD	Total Capital Limited 0.67% due 12/19/16		1,533,649		1,533,953
	2,311,000 USD	Total Capital Limited 0.68% due 12/19/16		2,308,936		2,309,424

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 4.60% (continued)
France — 0.30%
	2,632,000 USD	Engie 0.84% due 12/12/16	$	2,629,542	$	2,630,415
	578,000 USD	Engie 0.85% due 12/16/16		577,400		577,614
	1,770,000 USD	Essilor International 0.58% due 11/07/16		1,769,832		1,769,855
	1,654,000 USD	L'Oreal USA, Inc. 0.58% due 11/10/16		1,653,764		1,653,818
Germany — 0.61%
	6,783,000 USD	BASF AG 0.67% due 11/10/16		6,781,881		6,782,194
	2,068,000 USD	BASF AG 0.69% due 11/14/16		2,067,492		2,067,648
	2,068,000 USD	BASF AG 0.69% due 11/15/16		2,067,453		2,067,621
	2,256,000 USD	Henkel Corporation 0.68% due 01/11/17		2,253,019		2,253,221
Italy — 0.51%
	10,997,000 USD	Eni S.p.A. 0.64% due 11/01/16		10,997,000		10,996,799
Japan — 1.49%
	22,155,000 USD	Hitachi Limited 0.60% due 11/01/16		22,155,000		22,154,560
	2,126,000 USD	Honda Corporation 0.61% due 11/04/16		2,125,894		2,125,919
	3,222,000 USD	Mitsubishi Company 0.90% due 01/06/17		3,216,802		3,217,719
	4,923,000 USD	Mitsui & Company Limited 0.59% due 11/01/16		4,923,000		4,922,910
Switzerland — 0.97%
	3,392,000 USD	Nestlé SA 0.54% due 11/07/16		3,391,700		3,391,782
	993,000 USD	Nestlé SA 0.55% due 11/08/16		992,896		992,927
	3,690,000 USD	Nestlé SA 0.58% due 12/05/16		3,688,014		3,688,475
	3,690,000 USD	Nestlé SA 0.58% due 12/06/16		3,687,955		3,688,421

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 4.60% (continued)
Switzerland — 0.97%(continued)
	5,414,000 USD	Nestlé SA 0.61% due 11/21/16	$	5,412,195	$	5,412,809
	4,012,000 USD	Roche Holdings, Inc. 0.51% due 11/23/16		4,010,774		4,010,875
United Kingdom — 0.41%
	4,424,000 USD	GlaxoSmithKline PLC 0.65% due 11/14/16		4,422,978		4,423,248
	4,541,000 USD	Reckitt Benckiser 0.66% due 12/02/16		4,538,458		4,538,970
Total International Commercial Paper				100,014,758		100,020,587
U.S. Commercial Paper — 7.63%
$	1,259,000	Apple, Inc. 0.50% due 11/16/16		1,258,743		1,258,821
	1,838,000	Apple, Inc. 0.54% due 01/06/17		1,836,214		1,836,423
	8,078,000	Apple, Inc. 0.54% due 01/26/17		8,067,772		8,067,829
	8,078,000	Apple, Inc. 0.54% due 01/27/17		8,067,653		8,067,653
	1,688,000	Apple, Inc. 0.55% due 12/16/16		1,686,861		1,687,142
	4,834,000	Apple, Inc. 0.55% due 01/09/17		4,828,997		4,829,582
	3,947,000	Berkshire Hathaway, Inc. 0.76% due 12/09/16		3,943,875		3,943,400
	1,908,000	Campbell Soup Company 0.66% due 01/05/17		1,905,761		1,904,866
	7,719,000	Chevron Corporation 0.44% due 11/23/16		7,716,972		7,717,220
	2,068,000	Chevron Corporation 0.47% due 11/04/16		2,067,921		2,067,929
	3,610,000	Chevron Corporation 0.49% due 11/17/16		3,609,230		3,609,412
	3,610,000	Chevron Corporation 0.49% due 11/18/16		3,609,182		3,609,372
	3,952,000	Chevron Corporation 0.50% due 12/02/16		3,950,332		3,950,633
	3,690,000	Chevron Corporation 0.51% due 11/30/16		3,688,514		3,688,831

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75

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 7.63% (continued)
$	3,321,000	Chevron Corporation 0.51% due 12/08/16	$	3,319,293	$	3,319,538
	4,841,000	Chevron Corporation 0.51% due 12/09/16		4,838,445		4,838,787
	1,535,000	Coca-Cola Company 0.52% due 12/14/16		1,534,065		1,534,195
	5,474,000	Exxon Mobil Corporation 0.49% due 11/04/16		5,473,781		5,473,811
	3,818,000	Exxon Mobil Corporation 0.52% due 11/15/16		3,817,243		3,817,459
	3,016,000	Honeywell International, Inc. 0.48% due 11/01/16		3,016,000		3,015,972
	1,405,000	Honeywell International, Inc. 0.55% due 11/07/16		1,404,873		1,404,902
	470,000	MetLife 0.56% due 11/22/16		469,849		469,847
	4,810,000	MetLife 0.73% due 11/21/16		4,808,076		4,808,513
	1,405,000	Microsoft Corporation 0.51% due 11/03/16		1,404,961		1,404,960
	6,783,000	Microsoft Corporation 0.52% due 11/08/16		6,782,327		6,782,450
	2,757,000	Microsoft Corporation 0.63% due 01/10/17		2,753,676		2,753,912
	1,838,000	Microsoft Corporation 0.66% due 01/17/17		1,835,445		1,835,619
	3,222,000	Microsoft Corporation 0.69% due 01/25/17		3,216,827		3,217,128
	17,998,000	Microsoft Corporation 0.74% due 02/07/17		17,962,234		17,959,314
	3,818,000	National Grid USA 1.07% due 11/23/16		3,815,503		3,816,090
	5,086,000	Pfizer, Inc. 0.61% due 12/06/16		5,083,033		5,083,874
	4,012,000	Procter & Gamble Company 0.51% due 12/06/16		4,010,050		4,010,323
	8,023,000	Procter & Gamble Company 0.51% due 12/13/16		8,018,320		8,018,908
	4,133,000	Qualcomm, Inc. 0.53% due 12/07/16		4,130,851		4,130,965

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 7.63% (continued)
$	1,155,000	Rockwell Automation, Inc. 0.63% due 12/14/16	$	1,154,145	$	1,153,914
	1,155,000	Rockwell Automation, Inc. 0.63% due 12/15/16		1,154,125		1,153,888
	2,950,000	United Parcel Service, Inc. 0.41% due 11/01/16		2,950,000		2,949,973
	2,852,000	Walt Disney Company 0.52% due 11/16/16		2,851,394		2,851,489
	780,000	Walt Disney Company 0.56% due 12/15/16		779,476		779,551
	1,165,000	Walt Disney Company 0.59% due 01/19/17		1,163,517		1,163,429
	926,000	Walt Disney Company 0.59% due 01/24/17		924,747		924,627
	3,096,000	Walt Disney Company 0.59% due 01/25/17		3,091,760		3,091,318
	8,078,000	Walt Disney Company 0.59% due 01/31/17		8,066,157		8,064,499
Total U.S. Commercial Paper				166,068,200		166,068,368
Total Commercial Paper				266,082,958		266,088,955
Total Investments — 100.71% (Cost: $1,670,005,859)						2,190,553,180
Liabilities in Excess of Other Assets — (0.71)%						(15,468,415	)
Net Assets — 100.00%					$	2,175,084,765

*  Less than 0.01%

(a)  Non-income producing security/commodity.

(b)  Floating rate security. Rate shown is the rate in effect at October 31, 2016.

(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)  Security has no maturity date. The date shown represents the next call date.

At October 31, 2016, aggregate cost for federal income tax purposes was $1,667,405,367. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	603,563,500
Gross unrealized depreciation		(80,415,687	)
Net unrealized appreciation	$	523,147,813

First Eagle Funds | Annual Report | October 31, 2016
77

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

AG  — Aktien Gesellschaft

PLC  — Public Limited Company

REIT  — Real Estate Investment Trust

SA  — Société Anonyme

S.p.A.  — Società per Azioni

Currency

USD  — United States Dollar

Affiliated Securities

Affiliated Securities	Shares October 31, 2015		Gross Additions		Gross Reductions		Shares October 31, 2016		Market Value October 31, 2016		Realized Gain / (Loss)			Dividend Income
Comtech Telecommunications Corporation*		1,191,749		—		1,191,749		—	$	—	$	(21,074,689	)	$	1,001,715

*Represents an unaffiliated issuer as of October 31, 2016, as such, amounts represented above will not agree to balances in the Statements of Assets and Liabilities and Statements of Operations.

Industry Diversification for Portfolio Holdings	Percent of Net Assets
U.S. Common Stocks
Consumer Discretionary		8.84	%
Consumer Staples		1.20
Energy		4.76
Financials		19.71
Health Care		1.74
Industrials		11.66
Information Technology		15.73
Materials		2.87
Utilities		0.95
Total U.S. Common Stocks		67.46
International Common Stocks
Energy		1.35
Financials		0.93
Materials		3.58
Total International Common Stocks		5.86
Investment Company		0.00	*
Commodity		9.18

First Eagle Funds | Annual Report | October 31, 2016
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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Industry Diversification for Portfolio Holdings (continued)	Percent of Net Assets
U.S. Corporate Bonds
Consumer Discretionary		0.02	%
Energy		0.31
Financials		0.37
Information Technology		0.22
Total U.S. Corporate Bonds		0.92
U.S. Treasury Bills		5.06
Commercial Paper
International Commercial Paper		4.60
U.S. Commercial Paper		7.63
Total Commercial Paper		12.23
Total Investments		100.71	%

*Less than 0.01%

See Notes to Financial Statements.

First Eagle Funds | Annual Report | October 31, 2016
79

First Eagle Gold Fund

Fund Overview

Data as of October 31, 2016 (unaudited)

Investment Objective

The First Eagle Gold Fund is a non-diversified fund. The Fund's investment objective 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, and/or securities directly related to gold or 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		45.55		-11.11		1.45
		with sales load		38.28		-12.01		0.93
FTSE Gold Mines Index				71.31		-15.60		-3.60
MSCI World Index				1.18		9.03		3.89
Consumer Price Index				1.64		1.32		1.82

Asset Allocation* (%)

Countries** (%)

Canada	36.27
United States	36.04
Mexico	9.67
Australia	6.27
Africa	4.02
South Africa	2.84

*  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, 2016
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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 developed international markets. 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. One cannot invest directly in an index. 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)	18.59
Fresnillo PLC (Mexico)	6.38
Newcrest Mining Limited (Australia)	6.27
Franco-Nevada Corporation (Canada)	5.19
Newmont Mining Corporation (United States)	4.69
Goldcorp, Inc. (Canada)	4.40
Silver Bullion** (United States)	4.39
Tahoe Resources, Inc. (United States)	4.26
Royal Gold, Inc. (United States)	4.17
Barrick Gold Corporation (Canada)	4.05
Total	62.39

*  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, 2016
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First Eagle Gold Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 70.92%
International Common Stocks — 57.80%
Africa — 4.03%
	582,677	Randgold Resources Limited, ADR	$	9,514,908	$	51,700,930
Australia — 6.28%
	4,688,004	Newcrest Mining Limited		113,771,023		80,452,655
	1,000,000	St. Augustine Gold and Copper Limited (a)(b)		389,465		48,460
				114,160,488		80,501,115
Canada — 34.96%
	1,016,861	Franco-Nevada Corporation		22,125,313		66,555,004
	3,715,245	Goldcorp, Inc.		91,988,621		56,471,724
	2,949,275	Barrick Gold Corporation		68,976,281		51,877,747
	1,000,387	Agnico-Eagle Mines Limited		31,899,223		50,806,205
	9,407,331	New Gold, Inc. (a)		22,269,492		37,101,902
	1,704,760	Detour Gold Corporation (a)		30,715,585		32,498,854
	1,999,467	MAG Silver Corporation (a)		17,192,189		29,336,845
	2,741,097	Osisko Gold Royalties Limited		33,029,315		28,855,804
	7,700,300	B2Gold Corporation (a)		10,477,836		22,274,781
	6,443,257	Eldorado Gold Corporation (a)		64,771,164		20,319,822
	3,629,791	IAMGOLD Corporation (a)		6,779,183		14,532,154
	2,566,285	Novagold Resources, Inc. (a)		15,174,637		12,831,425
	5,093,970	Dundee Precious Metals, Inc. (a)		9,291,866		10,405,933
	2,324,836	Kinross Gold Corporation (a)		15,523,579		8,973,867
	1,192,200	Newmarket Gold, Inc. (a)		3,310,063		3,519,803
	1,538,000	Primero Mining Corporation (a)		7,017,284		2,075,434
				450,541,631		448,437,304
Mexico — 9.69%
	4,074,782	Fresnillo PLC		15,877,335		81,795,591
��	1,756,596	Industrias Peñoles S.A.B. de C.V.		12,615,547		42,495,292
				28,492,882		124,290,883
South Africa — 2.84%
	1,840,964	AngloGold Ashanti Limited, ADR (a)		40,356,620		25,294,846
	2,681,635	Gold Fields Limited, ADR		11,637,005		11,128,785
				51,993,625		36,423,631
Total International Common Stocks				654,703,534		741,353,863

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First Eagle Gold Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 13.12%
Materials — 13.12%
	1,623,421	Newmont Mining Corporation	$	56,199,224	$	60,131,514
	4,552,854	Tahoe Resources, Inc. (b)		50,908,424		54,581,296
	776,972	Royal Gold, Inc.		13,980,337		53,471,213
Total U.S. Common Stocks				121,087,985		168,184,023
Total Common Stocks				775,791,519		909,537,886
Investment Company — 0.00*%
	10,969	State Street Institutional U.S. Government Money Market Fund, Premier Class		10,969		10,969
Warrant — 0.01%
Canada — 0.01%
	59,602	Osisko Gold Royalties Limited, Warrant expire 02/26/19 (a)		81,620		128,864
Ounces
Commodities — 22.98%
	186,504	Gold bullion (a)		143,236,170		238,385,781
	3,149,995	Silver bullion (a)		58,487,088		56,375,450
Total Commodities				201,723,258		294,761,231
Principal
International Convertible Bonds — 1.36%
Canada — 1.36%
	15,000,000 USD	Detour Gold Corporation 5.50% due 11/30/17 (d)(e)		15,000,000		15,412,500
	2,500,000 USD	Primero Mining Corporation 5.75% due 02/28/20 (c)(f)		2,181,401		2,014,500
Total International Convertible Bonds				17,181,401		17,427,000
International Commercial Paper — 4.90%
Italy — 1.42%
	18,144,000 USD	Eni S.p.A. 0.64% due 11/01/16		18,144,000		18,143,669

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First Eagle Gold Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 4.90% (continued)
Japan — 3.48%
	36,554,000 USD	Hitachi Limited 0.60% due 11/01/16	$	36,554,000	$	36,553,274
	8,123,000 USD	Mitsui & Company Limited 0.59% due 11/01/16		8,123,000		8,122,852
Total International Commercial Paper				62,821,000		62,819,795
Total Investments — 100.17% (Cost: $1,057,609,767)						1,284,685,745
Liabilities in Excess of Other Assets — (0.17)%						(2,117,426	)
Net Assets — 100.00%					$	1,282,568,319

*  Less than 0.01%

(a)  Non-income producing security/commodity.

(b)  Represents a security registered under Regulation D. Regulation D provides exemptions for small companies to offer and sell their securities without having to register the securities under the Securities Act of 1933.

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

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

(e)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $15,412,500 or 1.20% of net assets.

(f)  This security is convertible until February 28, 2020.

At October 31, 2016, aggregate cost for federal income tax purposes was $1,131,527,327. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	393,660,147
Gross unrealized depreciation		(240,501,729	)
Net unrealized appreciation	$	153,158,418

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

PLC  — Public Limited Company

S.p.A.  — Società per Azioni

Currency

USD  — United States Dollar

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First Eagle Gold Fund | Consolidated Schedule of Investments | Year Ended October 31, 2016

Industry Diversification for Portfolio Holdings	Percent of Net Assets
International Common Stocks Materials		57.80	%
Total International Common Stocks		57.80
U.S. Common Stocks Materials		13.12
Total U.S. Common Stocks		13.12
Investment Company		0.00	*
Warrant		0.01
Commodities		22.98
International Convertible Bonds Materials		1.36
Total International Convertible Bonds		1.36
International Commercial Paper		4.90
Total Investments		100.17	%

*  Less than 0.01%

See Notes to Financial Statements.

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85

First Eagle Global Income Builder Fund

Fund Overview

Data as of October 31, 2016 (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		Since Inception (05/01/12)
First Eagle Global Income Builder	Class A	without sales load		5.76		5.80
		with sales load		0.51		4.60
Composite Index				2.59		6.19
MSCI World Index				1.18		8.23
Bloomberg Barclays U.S. Aggregate Bond Index				4.37		2.70

Asset Allocation* (%)

Countries** (%)

United States	43.41
France	8.30
Canada	6.22
United Kingdom	4.59
Hong Kong	4.57
Japan	3.75
Singapore	2.61
Bermuda	2.54
Germany	2.34
Netherlands	1.93
Switzerland	1.67
Mexico	1.47
Australia	1.40
Austria	0.83
Norway	0.77
Belgium	0.71
Sweden	0.61
Chile	0.59
South Korea	0.54
Thailand	0.46
Denmark	0.35
New Zealand	0.33
Russia	0.24
Ireland	0.21
Brazil	0.20
Poland	0.11
Israel	0.09
Romania	0.09

^  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%.

Effective March 1, 2016 the Fund is compared against a composite index, 60% of which consists of the MSCI World Index and 40% of which consists of the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund believes this composite index provides a useful comparison against the performance of the Fund, which currently invests in both equity and fixed income securities. The MSCI World Index is a widely followed, unmanaged group of stocks from 23 developed international markets. The index provides total returns in U.S. dollars with net dividends reinvested. The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged broad-based benchmark that measure 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. One cannot invest directly in an index.

Top 10 Holdings* (%)

Microsoft Corporation (U.S. Systems Software)	1.66
Gold Bullion (precious metal)	1.51
Mandarin Oriental International Limited (Hong Kong Hotels, Resorts & Cruise Lines)	1.49
Nestlé SA (Swiss Packaged Foods & Meats)	1.45
Weyerhaeuser Company REIT (U.S. Timber REITs)	1.43
ACCO Brands Corporation (U.S. Office Supplies & Forms)	1.34
GlaxoSmithKline PLC (U.K. Pharmaceuticals)	1.32
HeidelbergCement AG (German Construction Materials)	1.27
Bi-Lo LLC (U.S. Food-Retail)	1.26
Danone SA (French Packaged Foods & Meats)	1.25
Total	13.98

*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, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 53.66%
International Common Stocks — 38.04%
Austria — 0.83%
	90,832	Mayr Melnhof Karton AG	$	10,042,057	$	10,060,825
Belgium — 0.71%
	100,327	Groupe Bruxelles Lambert SA		8,638,231		8,630,100
Bermuda — 1.35%
	160,000	Jardine Matheson Holdings Limited		8,396,815		9,745,600
	537,434	Hiscox Limited		6,659,513		6,716,338
				15,056,328		16,461,938
Brazil — 0.20%
	4,245,517	Brasil Brokers Participacoes SA (b)		5,221,651		2,394,088
Canada — 3.84%
	1,094,626	TransAlta Renewables, Inc.		11,445,462		12,086,342
	644,005	Goldcorp, Inc.		14,518,484		9,788,876
	159,945	Agnico-Eagle Mines Limited		4,155,127		8,123,055
	348,482	Potash Corporation of Saskatchewan, Inc.		11,814,061		5,673,287
	63,658	Franco-Nevada Corporation		2,551,898		4,166,507
	275,850	Cenovus Energy, Inc.		7,570,286		3,983,274
	95,933	Suncor Energy, Inc.		2,403,325		2,878,777
				54,458,643		46,700,118
Chile — 0.59%
	312,465	Cia Cervecerias Unidas SA, ADR		6,593,140		6,717,998
	200,388	Quinenco SA		413,623		490,831
				7,006,763		7,208,829
Denmark — 0.35%
	109,595	ISS A/S		3,464,789		4,308,880
France — 6.52%
	219,363	Danone SA		14,766,930		15,190,030
	447,428	Bouygues SA		13,438,070		14,590,033
	152,429	Sanofi		14,870,336		11,873,664
	299,577	Carrefour SA		8,623,970		7,858,127
	558,267	Rexel SA		8,269,387		7,743,205
	168,390	Cie de Saint-Gobain		7,754,204		7,476,265
	97,219	Total SA		4,800,080		4,665,894

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 38.04% (continued)
France — 6.52% (continued)
	40,413	Thermador Groupe	$	3,409,425	$	3,493,616
	91,258	Neopost SA		5,941,904		2,762,923
	43,918	Legrand SA		2,160,460		2,482,384
	4,980	LVMH Moet Hennessy Louis Vuitton SE		736,427		905,028
	981	Christian Dior SE		155,593		189,264
				84,926,786		79,230,433
Germany — 2.24%
	163,286	HeidelbergCement AG		12,287,862		15,443,943
	942,883	Telefonica Deutschland Holding AG		4,261,882		3,654,762
	21,487	Linde AG		2,893,776		3,545,180
	197,473	Hamburger Hafen und Logistik AG		4,717,771		3,145,420
	120,109	SMT Scharf AG (b)		3,295,905		1,441,117
				27,457,196		27,230,422
Hong Kong — 4.56%
	12,987,500	Mandarin Oriental International Limited		22,128,977		18,117,563
	3,239,151	Hopewell Holdings Limited		10,983,054		11,360,240
	4,629,534	Hang Lung Properties Limited		11,596,245		10,219,471
	1,749,774	Great Eagle Holdings Limited		5,919,319		7,772,462
	1,193,083	Hysan Development Company Limited		5,499,320		5,507,330
	3,056,192	Hopewell Highway Infrastructure Limited		1,476,209		1,635,370
	67,700	Guoco Group Limited		589,955		760,316
				58,193,079		55,372,752
Ireland — 0.21%
	77,242	CRH PLC		1,795,585		2,499,750
Israel — 0.09%
	318,065	Israel Chemicals Limited		3,160,135		1,132,541
Japan — 3.74%
	463,800	KDDI Corporation		9,272,975		14,116,998
	40,300	Fanuc Corporation		5,930,454		7,562,735
	145,800	Hoya Corporation		3,549,754		6,096,434
	399,100	Astellas Pharma, Inc.		3,907,071		5,934,933
	153,700	Sompo Holdings, Inc.		3,442,413		4,988,984
	137,600	Mitsubishi Estate Company Limited		2,528,292		2,731,138

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89

First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 38.04% (continued)
Japan — 3.74% (continued)
	61,000	Weathernews, Inc.	$	1,894,879	$	1,907,886
	213,500	Dexerials Corporation		2,060,879		1,718,261
	19,600	Komatsu Limited		427,395		437,902
				33,014,112		45,495,271
Mexico — 0.45%
	270,387	Fresnillo PLC		4,330,288		5,427,644
Netherlands — 1.49%
	291,766	Sligro Food Group NV		10,728,966		10,447,736
	38,897	HAL Trust		4,970,303		7,685,855
				15,699,269		18,133,591
New Zealand — 0.33%
	1,200,571	SKY Network Television Limited		4,462,958		3,966,400
Norway — 0.77%
	993,802	Orkla ASA		7,859,231		9,387,916
Romania — 0.09%
	200,000	Societatea Nationala de Gaze Naturale ROMGAZ SA, GDR (c)(d)		1,850,000		1,104,000
Russia — 0.24%
	687,492	Gazprom PJSC, ADR		5,077,143		2,969,965
Singapore — 1.78%
	10,157,800	Frasers Commercial Trust, REIT		10,283,730		9,966,143
	24,584,698	Asian Pay Television Trust		15,163,351		9,100,535
	8,325,700	Overseas Education Limited		5,229,085		2,633,106
				30,676,166		21,699,784
South Korea — 0.54%
	65,912	KT&G Corporation		4,912,779		6,509,116
Sweden — 0.61%
	210,953	Investor AB, Class 'A'		6,088,519		7,387,436
Switzerland — 1.66%
	243,184	Nestlé SA		17,068,987		17,632,714
	4,078	APG SGA SA		1,173,192		1,703,030
	13,550	Cie Financiere Richemont SA		829,192		871,565
				19,071,371		20,207,309

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90

First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 38.04% (continued)
Thailand — 0.46%
	952,800	Bangkok Bank PCL, NVDR	$	5,265,666	$	4,342,356
	1,762,000	Thai Beverage PCL		512,015		1,222,160
				5,777,681		5,564,516
United Kingdom — 4.39%
	812,871	GlaxoSmithKline PLC		19,711,937		16,103,341
	160,862	British American Tobacco PLC		8,720,206		9,237,338
	3,095,746	Mitie Group PLC		10,622,845		7,980,045
	276,043	Berkeley Group Holdings PLC		9,150,767		7,970,514
	203,891	Diageo PLC		5,467,516		5,439,220
	782,467	esure Group PLC		2,527,920		2,604,096
	15,942	Willis Towers Watson PLC		1,787,756		2,007,098
	55,225	Victrex PLC		1,188,416		1,183,596
	651,009	Brammer PLC		1,495,540		828,709
				60,672,903		53,353,957
Total International Common Stocks				478,913,663		462,437,581
U.S. Common Stocks — 15.62%
Consumer Discretionary — 1.20%
	92,807	Omnicom Group, Inc.		7,048,073		7,407,855
	66,810	Tiffany & Company		4,027,583		4,905,190
	100,083	H&R Block, Inc.		2,262,066		2,298,907
				13,337,722		14,611,952
Consumer Staples — 0.51%
	46,656	Colgate-Palmolive Company		2,612,501		3,329,372
	40,932	Wal-Mart Stores, Inc.		3,043,050		2,866,059
				5,655,551		6,195,431
Energy — 1.30%
	134,653	ConocoPhillips		8,143,037		5,850,673
	177,210	National Oilwell Varco, Inc.		9,493,390		5,688,441
	356,080	San Juan Basin Royalty Trust		6,002,453		2,232,621
	25,373	Phillips 66		1,996,685		2,059,019
				25,635,565		15,830,754
Financials — 3.02%
	581,528	Weyerhaeuser Company, REIT		15,194,856		17,405,133

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91

First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 15.62% (continued)
Financials — 3.02% (continued)
	155,799	BB&T Corporation	$	5,504,245	$	6,107,321
	119,394	Synchrony Financial		3,440,767		3,413,474
	43,969	Cincinnati Financial Corporation		1,888,063		3,112,126
	63,500	Bank of New York Mellon Corporation		2,315,020		2,747,645
	40,067	American Express Company		2,239,196		2,661,250
	29,088	U.S. Bancorp		1,166,481		1,301,979
				31,748,628		36,748,928
Health Care — 0.49%
	48,573	Anthem, Inc.		6,294,588		5,919,106
Industrials — 3.53%
	109,299	Deere & Company		8,844,559		9,651,102
	47,526	3M Company		5,932,657		7,856,048
	72,028	Union Pacific Corporation		5,901,724		6,351,429
	25,361	WW Grainger, Inc.		5,539,276		5,278,131
	111,960	Flowserve Corporation		4,484,064		4,741,506
	111,023	Timken Company		4,164,578		3,669,310
	13,646	Northrop Grumman Corporation		1,446,399		3,124,934
	8,931	Lockheed Martin Corporation		770,946		2,200,420
				37,084,203		42,872,880
Information Technology — 4.59%
	336,175	Microsoft Corporation		10,783,452		20,143,606
	219,609	Xilinx, Inc.		9,018,972		11,171,510
	255,663	Oracle Corporation		10,774,428		9,822,572
	127,742	Linear Technology Corporation		4,746,932		7,672,185
	70,601	Texas Instruments, Inc.		3,327,464		5,002,081
	23,240	Automatic Data Processing, Inc.		1,181,513		2,023,274
				39,832,761		55,835,228
Materials — 0.49%
	27,686	Praxair, Inc.		2,859,576		3,240,923
	38,328	Royal Gold, Inc.		1,879,386		2,637,733
				4,738,962		5,878,656

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 15.62% (continued)
Utilities — 0.49%
	127,584	UGI Corporation	$	4,234,335	$	5,905,863
Total U.S. Common Stocks				168,562,315		189,798,798
Total Common Stocks				647,475,978		652,236,379
U.S. Preferred Stocks — 0.15%
Financials — 0.15%
	67,936	MetLife, Inc., Series 'A'		1,637,203		1,719,460
	4,712	General American Investors Company, Inc., Series 'B'		122,920		125,198
Total U.S. Preferred Stocks				1,760,123		1,844,658
Investment Company — 0.00*%
	18,514	State Street Institutional U.S. Government Money Market Fund, Premier Class		18,514		18,514
Ounces
Commodity — 1.51%
	14,342	Gold bullion (b)		18,411,922		18,332,303
Principal
Bonds — 33.60%
U.S. Corporate Bonds — 24.22%
$	15,438,000	ACCO Brands Corporation 6.75% due 04/30/20		15,727,391		16,248,495
	2,281,000	American Axle & Manufacturing, Inc. 6.25% due 03/15/21		2,325,178		2,372,240
	4,392,000	American Axle & Manufacturing, Inc. 6.625% due 10/15/22		4,459,114		4,633,560
	1,076,000	Aramark Services, Inc. 4.75% due 06/01/26 (c)		1,076,000		1,076,000
	5,970,000	Aramark Services, Inc. 5.125% due 01/15/24 (c)		6,143,880		6,253,575
	17,718,000	Bi-Lo LLC 9.25% due 02/15/19 (c)		17,551,830		15,370,365
	2,941,000	Centene Corporation 4.75% due 01/15/25 (e)		2,941,000		2,928,133

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 24.22% (continued)
$	6,624,000	CenturyLink, Inc. Series 'W' 6.75% due 12/01/23	$	6,711,676	$	6,806,160
	2,306,000	Charter Communications Operating LLC 4.464% due 07/23/22 (c)		2,431,540		2,456,300
	3,845,000	Charter Communications Operating LLC 4.908% due 07/23/25 (c)		4,116,659		4,147,029
	13,847,000	Citgo Petroleum Corporation 6.25% due 08/15/22 (c)		13,703,496		14,158,557
	8,817,000	Cloud Peak Energy Resources LLC 12.00% due 11/01/21		7,610,542		8,927,212
	3,225,000	CNH Industrial Capital LLC 3.875% due 10/15/21		3,207,072		3,200,813
	5,903,000	Crestwood Midstream Partners L.P. 6.00% due 12/15/20		4,566,352		6,006,302
	2,859,000	DCP Midstream LLC 4.75% due 09/30/21 (c)		2,167,271		2,923,328
	8,902,000	DCP Midstream LLC 5.35% due 03/15/20 (c)		8,381,624		9,169,060
	1,545,000	DCP Midstream LLC 6.45% due 11/03/36 (c)		1,212,234		1,606,800
	1,610,000	Diamond 1 Finance Corporation 3.48% due 06/01/19 (c)		1,620,013		1,651,858
	4,220,000	Diamond 1 Finance Corporation 4.42% due 06/15/21 (c)		4,297,201		4,412,884
	5,103,000	Diamond 1 Finance Corporation 6.02% due 06/15/26 (c)		5,120,149		5,562,551
	6,633,000	Dollar Tree, Inc. 5.75% due 03/01/23		6,862,331		7,064,145
	13,351,000	Frontier Communications Corporation 8.875% due 09/15/20		13,358,944		14,185,437
	13,340,000	GameStop Corporation 5.50% due 10/01/19 (c)		13,303,002		13,706,850
	7,033,000	Harland Clarke Holdings Corporation 9.75% due 08/01/18 (c)		6,931,603		7,191,242
	10,250,000	Huntington Ingalls Industries, Inc. 5.00% due 12/15/21 (c)		10,624,876		10,736,875
	10,530,000	KLX, Inc. 5.875% due 12/01/22 (c)		10,483,663		10,716,381
	2,309,000	LifePoint Health, Inc. 5.375% due 05/01/24 (c)		2,314,435		2,294,684

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 24.22% (continued)
$	3,390,000	LifePoint Health, Inc. 5.875% due 12/01/23	$	3,472,789	$	3,440,850
	3,292,000	Parker Drilling Company 6.75% due 07/15/22		3,007,431		2,617,140
	8,542,000	Plantronics, Inc. 5.50% due 05/31/23 (c)		8,546,287		8,691,485
	3,500,000	Post Holdings, Inc. 6.75% due 12/01/21 (c)		3,574,598		3,745,000
	6,321,000	Quintiles IMS, Inc. 4.875% due 05/15/23 (c)		6,379,642		6,518,531
	1,520,000	Spectrum Brands, Inc. 5.75% due 07/15/25		1,520,000		1,645,400
	13,774,000	Sprint Capital Corporation 6.90% due 05/01/19		10,859,608		14,497,135
	6,339,000	Sprint Communications, Inc. 6.00% due 12/01/16		6,338,654		6,346,924
	4,616,000	Taylor Morrison Communities, Inc. 5.875% due 04/15/23 (c)		4,629,899		4,869,880
	743,000	Toys R Us Property Company II LLC 8.50% due 12/01/17		736,047		743,000
	2,710,000	Veritas US, Inc. 7.50% due 02/01/23 (c)		2,538,202		2,588,050
	7,389,000	Vista Outdoor, Inc. 5.875% due 10/01/23		7,423,755		7,759,189
	10,940,000	Vulcan Materials Company 4.50% due 04/01/25		11,210,390		11,746,825
	4,350,000	Wachovia Capital Trust III 5.57% due 12/01/16 (f)(g)		4,344,564		4,355,438
	4,695,000	WESCO Distribution, Inc. 5.375% due 12/15/21		4,819,806		4,794,769
	2,693,000	WESCO Distribution, Inc. 5.375% due 06/15/24 (c)		2,696,817		2,723,970
	6,868,000	Western Digital Corporation 7.375% due 04/01/23 (c)		6,990,078		7,511,875
	4,356,000	Western Digital Corporation 10.50% due 04/01/24 (c)		4,369,293		5,031,180
	8,354,000	Zebra Technologies Corporation 7.25% due 10/15/22		8,945,519		9,001,435
Total U.S. Corporate Bonds				281,652,455		294,434,912

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Bonds — 9.38%
International Corporate Bonds — 7.43%
Australia — 1.40%
	2,795,000 USD	Ausdrill Finance PTY Limited 6.875% due 11/01/19 (c)	$	2,675,116	$	2,829,937
	13,933,000 USD	Nufarm Australia Limited 6.375% due 10/15/19 (c)		14,175,050		14,211,660
				16,850,166		17,041,597
Bermuda — 1.18%
	891,000 USD	Aircastle Limited 4.625% due 12/15/18		891,000		928,868
	4,919,000 USD	Aircastle Limited 5.50% due 02/15/22		5,038,278		5,275,627
	4,859,000 USD	Aircastle Limited 6.25% due 12/01/19		5,074,752		5,290,236
	2,525,000 USD	Aircastle Limited 7.625% due 04/15/20		2,644,232		2,872,188
				13,648,262		14,366,919
Canada — 2.36%
	6,476,000 USD	New Gold, Inc. 6.25% due 11/15/22 (c)		6,032,996		6,540,760
	500,000 USD	New Gold, Inc. 7.00% due 04/15/20 (c)		504,937		515,000
	7,627,000 USD	Open Text Corporation 5.625% due 01/15/23 (c)		7,630,146		7,898,674
	4,844,000 USD	Open Text Corporation 5.875% due 06/01/26 (c)		4,864,635		5,158,860
	8,484,000 USD	Precision Drilling Corporation 6.50% due 12/15/21		8,435,321		8,197,665
	400,000 USD	Precision Drilling Corporation 6.625% due 11/15/20		400,363		389,500
				27,868,398		28,700,459
France — 1.77%
	10,427,000 USD	Rexel SA 5.25% due 06/15/20 (c)		10,503,783		10,765,877
	10,468,000 USD	SFR Group SA 6.00% due 05/15/22 (c)		10,494,848		10,733,050
				20,998,631		21,498,927

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Corporate Bonds — 7.43% (continued)
Germany — 0.09%
	1,099,000 USD	IHO Verwaltungs GmbH 4.50% due 09/15/23 (a)(c)	$	1,099,000	$	1,112,738
Netherlands — 0.44%
	4,847,000 USD	NXP BV 4.625% due 06/01/23 (c)		4,899,723		5,307,465
United Kingdom — 0.19%
	2,210,000 USD	Jaguar Land Rover Automotive PLC 5.625% due 02/01/23 (c)		2,199,266		2,286,289
Total International Corporate Bonds				87,563,446		90,314,394
International Government Bonds — 1.95%
Mexico — 1.02%
	129,730,000 MXN	Mexican Bonos 4.75% due 06/14/18		8,512,925		6,791,130
	103,280,000 MXN	Mexican Bonos 6.50% due 06/10/21		5,745,359		5,584,732
				14,258,284		12,375,862
Poland — 0.11%
	4,978,000 PLN	Poland Government Bond 3.25% due 07/25/19		1,304,031		1,312,655
Singapore — 0.82%
	12,124,000 SGD	Singapore Government Bond 2.375% due 04/01/17		9,171,781		8,770,683
	1,568,000 SGD	Singapore Government Bond 3.25% due 09/01/20		1,233,166		1,215,742
				10,404,947		9,986,425
Total International Government Bonds				25,967,262		23,674,942
Total International Bonds				113,530,708		113,989,336
Total Bonds				395,183,163		408,424,248
Bank Loans — 1.81%
United States — 1.81%
	6,778,000 USD	Caelus Energy Alaska O3 LLC, Second Lien Term Loan 8.75% due 04/15/20		6,690,652		5,015,720
	7,070,803 USD	Libbey Glass, Inc., Term Loan B 3.75% due 04/09/21		7,069,490		7,097,319

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
Bank Loans — 1.81% (continued)
United States — 1.81% (continued)
	6,367,382 USD	OSG Bulk Ships, Inc., Exit Term Loan 5.25% due 08/05/19	$	6,353,815	$	6,311,667
	6,049,245 USD	Osum Productions Corporation 6.50% due 07/28/20		5,947,620		3,629,547
Total Bank Loans				26,061,577		22,054,253
International Commercial Paper — 9.05%
Italy — 2.61%
	31,758,000 USD	Eni S.p.A. 0.64% due 11/01/16		31,758,000		31,757,419
Japan — 6.44%
	63,983,000 USD	Hitachi Limited 0.60% due 11/01/16		63,983,000		63,981,729
	14,219,000 USD	Mitsui & Company Limited 0.59% due 11/01/16		14,219,000		14,218,742
Total International Commercial Paper				109,960,000		109,957,890
Total Investments — 99.78% (Cost: $1,198,871,277)						1,212,868,245
Other Assets in Excess of Liabilities — 0.22%						2,646,941
Net Assets — 100.00%					$	1,215,515,186

*  Less than 0.01%

(a)  Payment-in-kind security.

(b)  Non-income producing security/commodity.

(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 $1,104,000 or 0.09% of net assets.

(e)  When-Issued security.

(f)  Security has no maturity date. The date shown represents the next call date.

(g)  Floating rate security. Rate shown is the rate in effect at October 31, 2016.

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

At October 31, 2016, aggregate cost for federal income tax purposes was $1,201,662,267. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	95,477,513
Gross unrealized depreciation		(84,271,535	)
Net unrealized appreciation	$	11,205,978

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

AG  — Aktien Gesellschaft

A/S  — Aktieselskab

ASA  — Norwegian Public Limited Company

GDR  — Global Depositary Receipt

NVDR  — Non-Voting Depository Receipt

PCL  — Public Company Limited

PJSC  — Public Joint Stock Company

PLC  — Public Limited Company

REIT  — Real Estate Investment Trust

SA  — Société Anonyme

S.p.A.  — Società per Azioni

Currencies

MXN  — Mexican Peso

PLN  — Polish Zloty

SGD  — Singapore Dollar

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, 2016		Unrealized Appreciation At October 31, 2016		Unrealized Depreciation At October 31, 2016
11/16/16		5,455,000	Euro	$	6,250,693	$	5,991,556	$	259,137	$	—
12/14/16		3,672,000	Euro		4,085,306		4,038,414		46,892		—
01/18/17		4,396,000	Euro		4,946,181		4,843,204		102,977		—
02/15/17		3,790,000	Euro		4,286,244		4,180,894		105,350		—
03/15/17		3,303,000	Euro		3,668,312		3,648,355		19,957		—
01/18/17		3,078,000	British Pound		3,912,646		3,774,507		138,139		—
11/16/16		189,410,000	Japanese Yen		1,823,656		1,806,964		16,692		—
12/14/16		204,303,000	Japanese Yen		2,042,382		1,951,319		91,063		—
01/18/17		187,975,000	Japanese Yen		1,868,130		1,798,370		69,760		—
02/15/17		225,946,000	Japanese Yen		2,247,976		2,164,164		83,812		—
03/15/17		121,460,000	Japanese Yen		1,175,753		1,164,841		10,912		—
				$	36,307,279	$	35,362,588	$	944,691	$	—

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

Foreign Currency Exchange Contracts — Purchases

Settlement Dates Through	Foreign Currency To be Received			U.S. $ To be Delivered		U.S. $ Value At October 31, 2016		Unrealized Appreciation At October 31, 2016		Unrealized Depreciation At October 31, 2016
11/16/16		1,240,000	Euro	$	1,404,870	$	1,361,967	$	—	$	(42,903	)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
International Common Stocks
Consumer Discretionary		3.74	%
Consumer Staples		7.38
Energy		1.28
Financials		6.87
Health Care		3.29
Industrials		7.14
Information Technology		0.37
Materials		5.52
Telecommunication Services		1.46
Utilities		0.99
Total International Common Stocks		38.04
U.S. Common Stocks
Consumer Discretionary		1.20
Consumer Staples		0.51
Energy		1.30
Financials		3.02
Health Care		0.49
Industrials		3.53
Information Technology		4.59
Materials		0.49
Utilities		0.49
Total U.S. Common Stocks		15.62
U.S. Preferred Stocks
Financials		0.15
Total U.S. Preferred Stocks		0.15
Investment Company		0.00	*
Commodity		1.51
U.S. Corporate Bonds
Consumer Discretionary		4.36
Consumer Staples		2.29
Energy		3.73

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First Eagle Global Income Builder Fund | Schedule of Investments | Year Ended October 31, 2016

Industry Diversification for Portfolio Holdings (continued)	Percent of Net Assets
Financials		0.36	%
Health Care		0.71
Industrials		4.74
Information Technology		3.33
Telecommunication Services		4.70
Total U.S. Corporate Bonds		24.22
International Corporate Bonds
Consumer Discretionary		0.28
Energy		0.71
Financials		1.41
Industrials		0.89
Information Technology		1.51
Materials		1.75
Telecommunication Services		0.88
Total International Corporate Bonds		7.43
International Government Bonds
Government Issues		1.95
Total International Government Bonds		1.95
Bank Loans		1.81
International Commercial Paper		9.05
Total Investments		99.78	%

*Less than 0.01%

See Notes to Financial Statements.

First Eagle Funds | Annual Report | October 31, 2016
101

First Eagle High Yield Fund

Fund Overview

Data as of October 31, 2016 (unaudited)

Investment Objective

First Eagle High Yield Fund seeks to provide investors with a high level of current income. To pursue this 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		8.54		5.75		8.93
Bloomberg Barclays U.S. Corporate High Yield Index			10.14		7.17		8.06

Asset Allocation* (%)

Countries** (%)

United States	71.56
Canada	5.35
United Kingdom	3.08
Australia	2.15
Netherlands	2.08
France	1.89
Bermuda	1.35
Ireland	0.23
Germany	0.09

^  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 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.

Class I Shares require $1 million minimum investment and are offered without a sales charge. Performance information is for Class I Shares and assumes all distributions have been reinvested and if a sales charge was included values would be lower. Had fees not been waived and/or expenses reimbursed, the performance would have been lower.

The Bloomberg Barclays U.S. Corporate High Yield Index is composed of fixed-rate, publicly issued, non-investment grade debt and is unmanaged, with dividends reinvested. 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. One cannot invest directly in an index.

Top 10 Holdings* (%)

Bi-Lo LLC, Senior Unsecured (Food-Retail)	1.77
ACCO Brands Corporation (Office Supplies & Forms)	1.73
Bi-Lo LLC, Senior Secured (Food-Retail)	1.64
Open Text Corporation (Enterprise Software)	1.50
Antero Resources Corporation (Oil Company-Exploration & Production)	1.49
HCA, Inc. (Medical-Hospitals)	1.48
EnQuest PLC (Oil Company-Exploration & Production)	1.47
Nufarm Australia Limited (Agricultural Chemicals)	1.41
Cloud Peak Energy Resources LLC (Coal)	1.37
Caelus Energy Alaska O3 LLC Second Lien Term Loan (Oil Company-Exploration & Production)	1.36
Total	15.22

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

Percentages are based on total net assets.

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stock — 0.01%
Industrials — 0.01%
	119,580	Rex Energy Corporation (a)(b)(d)	$	523,967	$	54,528
Principal
Bonds — 77.11%
U.S. Corporate Bonds — 61.06%
$	9,625,000	ACCO Brands Corporation 6.75% due 04/30/20		9,732,651		10,130,312
	5,314,000	Alliance One International, Inc. 9.875% due 07/15/21		4,643,931		4,437,190
	2,909,000	American Axle & Manufacturing, Inc. 6.25% due 03/15/21		2,909,000		3,025,360
	3,278,000	American Axle & Manufacturing, Inc. 6.625% due 10/15/22		3,304,231		3,458,290
	6,161,000	AMN Healthcare, Inc. 5.125% due 10/01/24 (e)		6,196,131		6,253,415
	2,259,000	Antero Resources Corporation 5.375% due 11/01/21		2,273,747		2,292,885
	8,582,000	Antero Resources Corporation 5.625% due 06/01/23		8,586,688		8,753,640
	1,556,000	Aramark Services, Inc. 4.75% due 06/01/26 (e)		1,570,641		1,556,000
	3,003,000	Aramark Services, Inc. 5.125% due 01/15/24 (e)		3,090,074		3,145,643
	5,156,000	Ashtead Capital, Inc. 6.50% due 07/15/22 (e)		5,362,365		5,407,355
	16,523,000	Bi-Lo LLC 8.625% due 09/15/18 (e)(f)		15,365,381		10,409,490
	11,088,000	Bi-Lo LLC 9.25% due 02/15/19 (e)		11,149,488		9,618,840
	2,669,000	California Resources Corporation 8.00% due 12/15/22 (e)		717,388		1,801,575
	5,341,000	CCO Holdings LLC 6.625% due 01/31/22		5,502,296		5,567,993
	3,271,000	Centene Corporation 4.75% due 05/15/22		3,327,666		3,320,065
	4,123,000	Centene Corporation 5.625% due 02/15/21		4,248,929		4,325,068

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 61.06% (continued)
$	3,984,000	CenturyLink, Inc. Series 'S' 6.45% due 06/15/21	$	4,103,698	$	4,252,920
	4,968,000	CenturyLink, Inc. Series 'W' 6.75% due 12/01/23		5,012,593		5,104,620
	465,000	Charter Communications Operating LLC 4.908% due 07/23/25 (e)		465,000		501,526
	6,175,000	Chemtura Corporation 5.75% due 07/15/21		6,195,411		6,433,578
	6,799,000	Citgo Petroleum Corporation 6.25% due 08/15/22 (e)		6,721,731		6,951,977
	7,953,000	Cloud Peak Energy Resources LLC 12.00% due 11/01/21		6,675,550		8,052,412
	1,559,000	CNH Industrial Capital LLC 3.875% due 10/15/21		1,550,333		1,547,308
	6,244,000	CNH Industrial Capital LLC 6.25% due 11/01/16		6,244,000		6,244,000
	600,000	Crestwood Midstream Partners L.P. 6.00% due 12/15/20		580,076		610,500
	6,755,000	Crestwood Midstream Partners L.P. 6.125% due 03/01/22		6,856,974		6,906,987
	3,692,000	Crown Americas LLC 4.50% due 01/15/23		3,782,333		3,784,300
	4,372,000	DaVita, Inc. 5.00% due 05/01/25		4,388,418		4,218,980
	6,386,000	DCP Midstream LLC 4.75% due 09/30/21 (e)		4,623,435		6,529,685
	835,000	Diamond 1 Finance Corporation 3.48% due 06/01/19 (e)		840,193		856,709
	3,670,000	Diamond 1 Finance Corporation 4.42% due 06/15/21 (e)		3,780,134		3,837,745
	2,787,000	Diamond 1 Finance Corporation 6.02% due 06/15/26 (e)		2,795,491		3,037,983
	4,740,000	Diamond 1 Finance Corporation 7.125% due 06/15/24 (e)		4,914,786		5,192,457
	4,533,000	Dollar Tree, Inc. 5.75% due 03/01/23		4,770,041		4,827,645
	3,031,021	EP Energy LLC 9.375% due 05/01/20		2,691,118		2,379,351
	3,790,000	Fresenius Medical Care US Finance II, Inc. 5.625% due 07/31/19 (e)		4,145,111		4,102,675

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 61.06% (continued)
$	1,036,000	Fresenius Medical Care US Finance II, Inc. 6.50% due 09/15/18 (e)	$	1,125,819	$	1,116,290
	1,376,000	Fresenius Medical Care US Finance, Inc. 6.875% due 07/15/17		1,428,360		1,417,280
	2,894,000	Frontier Communications Corporation 7.125% due 03/15/19		2,970,348		3,096,580
	5,421,000	Frontier Communications Corporation 8.50% due 04/15/20		5,913,103		5,786,917
	1,835,000	Frontier Communications Corporation 8.875% due 09/15/20		1,853,192		1,949,688
	7,251,000	GameStop Corporation 5.50% due 10/01/19 (e)		7,241,442		7,450,402
	3,244,000	Genesis Energy L.P. 6.00% due 05/15/23		3,244,000		3,252,110
	6,986,000	Global Partners L.P. 6.25% due 07/15/22		7,039,124		6,671,630
	5,864,000	Harland Clarke Holdings Corporation 6.875% due 03/01/20 (e)		5,874,399		5,614,780
	3,062,000	Harland Clarke Holdings Corporation 9.75% due 08/01/18 (e)		3,021,757		3,130,895
	8,500,000	HCA, Inc. 3.75% due 03/15/19		8,621,440		8,691,250
	940,000	HCA, Inc. 4.50% due 02/15/27		940,000		928,250
	3,349,000	Huntington Ingalls Industries, Inc. 5.00% due 12/15/21 (e)		3,505,671		3,508,078
	7,070,000	International Lease Finance Corporation 8.75% due 03/15/17		7,258,411		7,245,619
	2,000,000	International Lease Finance Corporation 8.875% due 09/01/17		2,118,062		2,107,500
	6,567,000	Kemet Corporation 10.50% due 05/01/18		6,564,577		6,583,417
	3,845,000	KFC Holding Company 5.00% due 06/01/24 (e)		3,960,869		3,998,800
	4,583,000	KLX, Inc. 5.875% due 12/01/22 (e)		4,585,653		4,664,119
	5,080,000	LifePoint Health, Inc. 5.375% due 05/01/24 (e)		5,082,705		5,048,504
	5,327,000	Magnachip Semiconductor Corporation 6.625% due 07/15/21		5,309,602		4,634,490

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)			Value (Note 1)
U.S. Corporate Bonds — 61.06% (continued)
$	4,841,000	Men's Wearhouse, Inc. 7.00% due 07/01/22	$	4,388,267		$	4,465,823
	470,000	MGIC Investment Corporation 5.75% due 08/15/23		470,000			495,850
	233,000	MPT Operating Partnership L.P. 5.25% due 08/01/26		233,000			237,660
	5,736,000	NGL Energy Partners L.P. 7.50% due 11/01/23 (e)		5,736,000			5,750,340
	4,048,000	Parker Drilling Company 6.75% due 07/15/22		4,111,101			3,218,160
	134,000	Parker Drilling Company 7.50% due 08/01/20		134,000			110,215
	3,674,000	Plantronics, Inc. 5.50% due 05/31/23 (e)		3,683,077			3,738,295
	980,000	Post Holdings, Inc. 6.75% due 12/01/21 (e)		987,359			1,048,600
	2,467,000	Quintiles IMS, Inc. 4.875% due 05/15/23 (e)		2,507,041			2,544,094
	800,000	Quintiles IMS, Inc. 5.00% due 10/15/26 (e)		800,000			827,000
	5,386,000	Radio Systems Corporation 8.375% due 11/01/19 (e)		5,419,930			5,621,637
	7,001,000	Rex Energy Corporation 1.00% due 10/01/20 (g)		7,173,499			3,763,038
	5,130,000	Shea Homes L.P. 5.875% due 04/01/23 (e)		5,257,229			5,040,225
	4,720,000	Silgan Holdings, Inc. 5.50% due 02/01/22		4,701,067			4,897,000
	3,968,000	Spectrum Brands, Inc. 5.75% due 07/15/25		4,034,944			4,295,360
	6,349,000	Sprint Capital Corporation 6.90% due 05/01/19		5,012,830			6,682,322
	4,529,000	Sprint Communications, Inc. 6.00% due 12/01/16		4,530,923			4,534,661
	7,500,000	Sprint Communications, Inc. 7.00% due 08/15/20		7,716,497	��		7,800,000
	3,228,000	Taylor Morrison Communities, Inc. 5.875% due 04/15/23 (e)		3,237,713			3,405,540
	4,833,000	Time, Inc. 5.75% due 04/15/22 (e)		4,833,000			4,651,763

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 61.06% (continued)
$	1,710,000	Toys R Us Property Company II LLC 8.50% due 12/01/17	$	1,705,479	$	1,710,000
	233,000	Valvoline, Inc. 5.50% due 07/15/24 (e)		233,000		245,815
	1,275,000	Veritas US, Inc. 7.50% due 02/01/23 (e)		1,194,173		1,217,625
	4,887,000	Vista Outdoor, Inc. 5.875% due 10/01/23		4,909,985		5,131,839
	2,254,000	Vizient, Inc. 10.375% due 03/01/24 (e)		2,254,000		2,513,210
	2,073,000	Wachovia Capital Trust III 5.57% due 12/01/16 (c)(h)		2,070,409		2,075,591
	4,523,000	WESCO Distribution, Inc. 5.375% due 12/15/21		4,668,126		4,619,114
	1,377,000	WESCO Distribution, Inc. 5.375% due 06/15/24 (e)		1,378,945		1,392,836
	3,386,000	Western Digital Corporation 7.375% due 04/01/23 (e)		3,446,152		3,703,438
	2,142,000	Western Digital Corporation 10.50% due 04/01/24 (e)		2,148,543		2,474,010
	4,269,000	Zebra Technologies Corporation 7.25% due 10/15/22		4,570,952		4,599,848
Total U.S. Corporate Bonds				360,322,808		358,583,987
International Corporate Bonds — 16.05%
Australia — 2.12%
	4,114,000 USD	Ausdrill Finance PTY Limited 6.875% due 11/01/19 (e)		3,693,716		4,165,425
	8,149,000 USD	Nufarm Australia Limited 6.375% due 10/15/19 (e)		8,261,918		8,311,980
				11,955,634		12,477,405
Bermuda — 1.33%
	1,707,000 USD	Aircastle Limited 4.625% due 12/15/18		1,707,000		1,779,548
	900,000 USD	Aircastle Limited 6.75% due 04/15/17		912,519		918,000
	4,515,000 USD	Aircastle Limited 7.625% due 04/15/20		4,628,257		5,135,812
				7,247,776		7,833,360

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Corporate Bonds — 16.05% (continued)
Canada — 5.30%
	8,240,000 USD	Jupiter Resources, Inc. 8.50% due 10/01/22 (e)	$	7,962,816	$	6,756,800
	5,338,000 USD	New Gold, Inc. 6.25% due 11/15/22 (e)		5,255,285		5,391,380
	1,974,000 USD	New Gold, Inc. 7.00% due 04/15/20 (e)		1,984,096		2,033,220
	8,500,000 USD	Open Text Corporation 5.625% due 01/15/23 (e)		8,553,418		8,802,770
	2,493,000 USD	Open Text Corporation 5.875% due 06/01/26 (e)		2,503,595		2,655,045
	5,684,000 USD	Precision Drilling Corporation 6.50% due 12/15/21		5,740,427		5,492,165
				31,999,637		31,131,380
France — 1.87%
	4,900,000 USD	Rexel SA 5.25% due 06/15/20 (e)		4,879,319		5,059,250
	5,769,000 USD	SFR Group SA 6.00% due 05/15/22 (e)		5,809,853		5,915,071
				10,689,172		10,974,321
Germany — 0.09%
	526,000 USD	IHO Verwaltungs GmbH 4.50% due 09/15/23 (e)(f)		526,000		532,575
Ireland — 0.23%
	1,000,000 USD	Ardagh Packaging Finance PLC 144A 4.067% due 05/15/21 (c)(e)		995,420		1,020,000
	300,000 USD	Ardagh Packaging Finance PLC 144A 4.625% due 05/15/23 (e)		300,000		303,000
				1,295,420		1,323,000
Netherlands — 2.06%
	1,880,000 USD	CNH Industrial NV 4.50% due 08/15/23		1,880,000		1,889,400
	4,513,000 USD	NXP BV 4.625% due 06/01/23 (e)		4,564,245		4,941,735
	5,033,000 USD	VTR Finance BV 6.875% due 01/15/24 (e)		5,111,482		5,265,776
				11,555,727		12,096,911

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
International Corporate Bonds — 16.05% (continued)
United Kingdom — 3.05%
	13,534,236 USD	EnQuest PLC 7.00% due 04/15/22 (b)	$	10,666,201	$	8,619,616
	2,875,000 USD	Inmarsat Finance PLC 4.875% due 05/15/22 (e)		2,740,415		2,711,413
	948,000 USD	Inmarsat Finance PLC 6.50% due 10/01/24 (e)		948,000		959,850
	790,000 USD	Jaguar Land Rover Automotive PLC 5.625% due 02/01/23 (e)		790,000		817,271
	4,685,000 USD	Virgin Media Secured Finance PLC 5.50% due 01/15/25 (e)		4,690,527		4,802,125
				19,835,143		17,910,275
Total International Corporate Bonds				95,104,509		94,279,227
Total Bonds				455,427,317		452,863,214
Bank Loans — 9.78%
United States — 9.78%
	5,617,834 USD	BJ's Wholesale Club, Inc., Second Lien Term Loan 8.50% due 03/26/20		5,602,928		5,631,879
	5,983,315 USD	Cactus Wellhead LLC, Tranche B Term Loan 7.00% due 07/31/20		4,856,381		5,280,276
	10,782,000 USD	Caelus Energy Alaska O3 LLC, Second Lien Term Loan 8.75% due 04/15/20		10,603,647		7,978,680
	3,834,505 USD	CBAC Borrower LLC, Term Loan B 8.25% due 07/02/20		3,890,607		3,757,815
	4,736,000 USD	Hostess Brands, LLC, Second Lien Term Loan 8.50% due 08/03/23		4,747,917		4,762,664
	6,116,820 USD	Jack Ohio Finance LLC Term B Loan 5.00% due 06/20/19		5,996,796		6,106,605
	4,130,028 USD	OSG Bulk Ships, Inc., Exit Term Loan 5.25% due 08/05/19		4,119,098		4,093,890
	6,276,743 USD	Osum Productions Corporation 6.50% due 07/28/20		6,171,276		3,766,045
	11,753,955 USD	Payless, Inc., First Lien Term Loan 5.00% due 03/11/21		10,665,796		7,419,684
	1,202,000 USD	Payless, Inc., Second Lien Term Loan 8.50% due 03/11/22		1,193,042		216,360

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2016

Principal		Description	Cost (Note 1)		Value (Note 1)
Bank Loans — 9.78% (continued)
United States — 9.78% (continued)
	10,467,379 USD	True Religion Apparel, Inc., First Lien Term Loan 5.88% due 07/30/19	$	10,178,738	$	2,691,582
	5,720,396 USD	Water Pik Technologies, Inc., First Lien Term Loan 5.75% due 07/08/20		5,654,076		5,706,095
Total Bank Loans				73,680,302		57,411,575
International Commercial Paper — 12.04%
Italy — 3.48%
	20,423,000 USD	Eni S.p.A. 0.64% due 11/01/16		20,423,000		20,422,627
Japan — 8.56%
	41,146,000 USD	Hitachi Limited 0.60% due 11/01/16		41,146,000		41,145,183
	9,144,000 USD	Mitsui & Company Limited 0.59% due 11/01/16		9,144,000		9,143,833
Total International Commercial Paper				70,713,000		70,711,643
Shares
Investment Company — 0.06%
	369,856	State Street Institutional U.S. Government Money Market Fund, Premier Class		369,856		369,856
Total Investments — 99.00% (Cost: $600,714,442)						581,410,816
Other Assets in Excess of Liabilities — 1.00%						5,853,313
Net Assets — 100.00%					$	587,264,129

(a)  Non-income producing security/commodity.

(b)  Represents securities that are subject to legal or contractual restrictions on resale. At October 31, 2016, the value of these securities amounted to $8,674,144 or 1.48% of net assets.

(c)  Floating rate security. Rate shown is the rate in effect at October 31, 2016.

(d)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $54,528 or 0.01% of net assets.

(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.

(f)  Payment-in-kind security.

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2016

(g)  Multi-step—Coupon rate changes in predetermined increments to maturity. Rate disclosed is as of October 31, 2016. Maturity date disclosed is the ultimate maturity date.

(h)  Security has no maturity date. The date shown represents the next call date.

At October 31, 2016, aggregate cost for federal income tax purposes was $600,806,158. Net unrealized depreciation consisted of:

Gross unrealized appreciation	$	15,130,136
Gross unrealized depreciation		(34,525,478	)
Net unrealized depreciation	$	(19,395,342	)

Abbreviations used in this schedule include:

PLC  — Public Limited Company

SA  — Société Anonyme

S.p.A.  — Società per Azioni

Currency

USD  — United States Dollar

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
EnQuest PLC 7.00% due 04/15/22	04/09/14	$	10,666,201	$	0.64
Rex Energy Corporation	03/31/16		596,638		0.46

Foreign Currency Exchange Contracts — Sales

Settlement Dates Through	Foreign Currency To be Delivered			U.S. $ To be Received		U.S. $ Value At October 31, 2016		Unrealized Appreciation At October 31, 2016		Unrealized Depreciation At October 31, 2016
01/18/17		2,977,000	Euro	$	3,349,586	$	3,279,849	$	69,737	$	—

Foreign Currency Exchange Contracts — Purchases

Settlement Dates Through	Foreign Currency To be Received			U.S. $ To be Delivered		U.S. $ Value At October 31, 2016		Unrealized Appreciation At October 31, 2016		Unrealized Depreciation At October 31, 2016
01/18/17		2,977,000	Euro	$	3,352,165	$	3,279,849	$	—	$	(72,316	)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
U.S. Common Stock
Industrials		0.01	%
Total U.S. Common Stock		0.01
U.S. Corporate Bonds
Consumer Discretionary		13.20
Consumer Staples		5.57

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First Eagle High Yield Fund | Schedule of Investments | Year Ended October 31, 2016

Industry Diversification for Portfolio Holdings (continued)	Percent of Net Assets
Energy		9.30	%
Financials		3.02
Health Care		5.66
Industrials		7.69
Information Technology		4.56
Materials		1.14
Telecommunication Services		9.94
Utilities		0.98
Total U.S. Corporate Bonds		61.06
International Corporate Bonds
Consumer Discretionary		0.23
Energy		3.55
Financials		2.04
Industrials		1.41
Information Technology		2.79
Materials		2.68
Telecommunication Services		3.35
Total International Corporate Bonds		16.05
Bank Loans		9.78
International Commercial Paper		12.04
Investment Company		0.06
Total Investments		99.00	%

See Notes to Financial Statements.

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113

First Eagle Fund of America

Fund Overview

Data as of October 31, 2016 (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 domestic stocks and, to a lesser extent, in debt and foreign equity securities. The Fund has a unique event-driven bias that focuses on identifying companies poised to benefit from change that the market has not yet recognized.

Average Annual Returns (%)		One-Year		Five-Years		Ten-Years
First Eagle Fund of America	Class Y		-5.28		10.07		6.98
S&P 500 Index			4.51		13.57		6.70

Asset Allocation* (%)

Sector/Industry** (%)

Materials	35.10
Health Care	18.18
Industrials	14.69
Information Technology	13.00
Consumer Discretionary	10.92
Consumer Staples	6.23
Energy	1.51

*  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 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. 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. One cannot invest directly in an index.

Top 10 Holdings* (%)

General Dynamics Corporation (Aerospace & Defense)	5.74
Tyson Foods, Inc. Class 'A' (Packaged Foods & Meats)	5.71
Sealed Air Corporation (Paper Packaging)	5.27
Biogen, Inc. (Biotechnology)	4.99
Wyndham Worldwide Corporation (Hotels, Resorts & Cruise Lines)	4.97
Hewlett-Packard Enterprise Company (Technology Hardware, Storage & Peripherals)	4.92
Martin Marietta Materials, Inc. (Construction Materials)	4.87
Packaging Corporation of America (Paper Packaging)	4.61
Pitney Bowes, Inc. (Office Services & Supplies)	4.06
Axalta Coating Systems Limited (Specialty Chemicals)	3.63
Total	48.77

*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 Fund of America | Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 98.60%
U.S. Common Stocks — 92.15%
Consumer Discretionary — 10.81%
	1,940,445	Wyndham Worldwide Corporation	$	70,588,347	$	127,758,899
	1,235,970	Lowe's Companies, Inc. (a)		51,776,104		82,377,401
	913,212	Visteon Corporation (a)		61,424,276		64,481,899
	53,400	Las Vegas Sands Corporation (a)		2,871,318		3,090,792
				186,660,045		277,708,991
Consumer Staples — 6.17%
	2,069,895	Tyson Foods, Inc., Class 'A' (a)		87,541,994		146,652,061
	153,845	Post Holdings, Inc. (a)(b)		12,715,873		11,727,604
				100,257,867		158,379,665
Energy — 1.49%
	912,015	Plains All American Pipeline L.P.		23,785,651		27,688,775
	195,885	SemGroup Corporation, Class 'A' (a)		6,959,602		6,317,291
	53,530	Phillips 66		3,339,857		4,343,960
				34,085,110		38,350,026
Health Care — 17.99%
	457,260	Biogen, Inc. (a)(b)		128,341,028		128,115,107
	7,687,515	Halozyme Therapeutics, Inc. (a)(b)		78,871,799		66,343,254
	4,578,690	Allscripts Healthcare Solutions, Inc. (b)		61,237,406		54,990,067
	1,167,301	Alere, Inc. (a)(b)		48,028,680		52,155,009
	3,584,891	Innoviva, Inc. (a)		74,748,003		36,924,377
	1,055,029	Medicines Company (a)(b)		39,325,829		34,763,206
	568,205	Eagle Pharmaceuticals, Inc. (a)(b)		29,765,017		31,751,295
	1,102,004	Intrexon Corporation (a)(b)		27,093,805		28,762,304
	226,794	Laboratory Corporation of America Holdings (a)(b)		31,340,955		28,426,360
				518,752,522		462,230,979
Industrials — 14.54%
	978,990	General Dynamics Corporation (a)		134,227,087		147,572,953
	5,848,105	Pitney Bowes, Inc.		95,767,563		104,330,193
	1,002,266	Armstrong World Industries, Inc. (b)		40,918,519		37,584,975
	884,259	Hertz Global Holdings, Inc. (a)(b)		40,605,819		29,313,186
	1,313,205	Univar, Inc. (a)(b)		24,253,594		29,218,811
	570,080	HD Supply Holdings, Inc. (b)		18,810,149		18,812,640

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First Eagle Fund of America | Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 92.15% (continued)
Industrials — 14.54% (continued)
	133,979	Owens Corning, Inc. (a)	$	6,448,881	$	6,535,496
				361,031,612		373,368,254
Information Technology — 11.52%
	5,621,175	Hewlett-Packard Enterprise Company		70,138,067		126,307,802
	1,984,820	eBay, Inc. (b)		48,854,931		56,587,218
	970,160	Yahoo!, Inc. (a)(b)		35,817,012		40,310,148
	1,738,450	HP, Inc. (a)		26,019,049		25,190,141
	127,021	MicroStrategy, Inc., Class 'A' (b)		20,624,578		24,744,961
	360,000	Seagate Technology PLC (a)		12,145,961		12,351,600
	263,302	Versum Materials, Inc. (a)(b)		5,706,893		5,976,955
	253,200	Twitter, Inc. (a)(b)		4,315,982		4,544,940
				223,622,473		296,013,765
Materials — 29.63%
	2,965,010	Sealed Air Corporation (a)		78,686,969		135,293,406
	674,335	Martin Marietta Materials, Inc. (a)		105,197,690		125,008,222
	1,434,960	Packaging Corporation of America (a)		81,719,286		118,384,200
	6,201,191	Graphic Packaging Holding Company		74,250,853		77,514,888
	526,605	Air Products & Chemicals, Inc. (a)		71,096,063		70,259,639
	1,024,355	WR Grace & Company		45,749,699		68,590,811
	703,215	Albemarle Corporation (a)		46,836,802		58,753,613
	2,531,289	Olin Corporation (a)		53,563,957		55,511,168
	1,906,380	GCP Applied Technologies, Inc. (b)		29,614,037		49,279,923
	111,500	CF Industries Holdings, Inc. (a)		2,768,545		2,677,115
				589,483,901		761,272,985
Total U.S. Common Stocks				2,013,893,530		2,367,324,665
International Common Stocks — 6.45%
Bermuda — 3.63%
	3,718,020	Axalta Coating Systems Limited (b)		105,506,764		93,396,662
Canada — 0.34%
	1,229,011	BlackBerry Limited (b)		8,858,386		8,664,528
Netherlands — 1.47%
	475,365	LyondellBasell Industries NV, Class 'A' (a)		31,583,523		37,815,286

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First Eagle Fund of America | Schedule of Investments | Year Ended October 31, 2016

Shares		Description	Cost (Note 1)		Value (Note 1)
Singapore — 1.01%
	1,829,415	Flex Limited (a)(b)	$	23,857,209	$	25,959,399
Total International Common Stocks				169,805,882		165,835,875
Total Common Stocks				2,183,699,412		2,533,160,540
Investment Company — 1.00%
	25,758,346	State Street Institutional U.S. Government Money Market Fund, Premier Class		25,758,346		25,758,346

Total Investment Portfolio Excluding Options Written — 99.60% (Cost: $2,209,457,758)						$	2,558,918,886
Contracts			Strike Price		Expiration Date
Covered Call Options Written — (0.63)%
	928	Air Products & Chemicals, Inc.	$	150.00	December 2016	$	(259,840	)
	460	Air Products & Chemicals, Inc.		155.00	December 2016		(39,100	)
	4,319	Albemarle Corporation		82.50	December 2016		(1,835,575	)
	348	Alere, Inc.		42.00	November 2016		(109,620	)
	343	Alere, Inc.		44.00	November 2016		(86,607	)
	60	Biogen, Inc.		290.00	January 2017		(94,200	)
	98	Biogen, Inc.		300.00	December 2016		(81,340	)
	97	Biogen, Inc.		305.00	January 2017		(106,700	)
	86	Biogen, Inc.		320.00	November 2016		(8,600	)
	530	Biogen, Inc.		325.00	January 2017		(312,700	)
	90	Biogen, Inc.		330.00	January 2017		(45,720	)
	1,115	CF Industries Holdings, Inc.		25.00	November 2016		(72,475	)
	930	Eagle Pharmaceuticals, Inc.		60.00	December 2016		(295,275	)
	450	Eagle Pharmaceuticals, Inc.		65.00	December 2016		(112,500	)
	528	Eagle Pharmaceuticals, Inc.		70.00	March 2017		(214,368	)
	2,487	Flex Limited		13.00	January 2017		(354,398	)
	1,033	Flex Limited		14.00	November 2016		(40,287	)
	2,861	Flex Limited		14.00	January 2017		(201,701	)
	4,083	General Dynamics Corporation		155.00	February 2017		(1,714,860	)
	4,861	Halozyme Therapeutics, Inc.		10.00	January 2017		(559,015	)

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First Eagle Fund of America | Schedule of Investments | Year Ended October 31, 2016

Contracts			Strike Price		Expiration Date	Value (Note 1)
Covered Call Options Written — (0.63)% (continued)
	2,945	Halozyme Therapeutics, Inc.	$	11.00	December 2016	$	(154,613	)
	302	Hertz Global Holdings, Inc.		35.00	January 2017		(72,480	)
	3,682	HP, Inc.		15.00	December 2016		(132,552	)
	7,193	HP, Inc.		16.00	December 2016		(64,737	)
	332	Innoviva, Inc.		10.00	December 2016		(25,730	)
	378	Intrexon Corporation		30.00	January 2017		(61,425	)
	826	Laboratory Corporation of America Holdings		140.00	November 2016		(9,086	)
	534	Las Vegas Sands Corporation		55.00	November 2016		(216,270	)
	495	Lowe's Companies, Inc.		72.50	January 2017		(34,155	)
	219	LyondellBasell Industries NV		75.00	December 2016		(132,495	)
	574	Martin Marietta Materials, Inc.		175.00	November 2016		(740,460	)
	248	Martin Marietta Materials, Inc.		175.00	January 2017		(408,456	)
	73	Martin Marietta Materials, Inc.		180.00	December 2016		(80,300	)
	146	Martin Marietta Materials, Inc.		180.00	January 2017		(184,690	)
	505	Martin Marietta Materials, Inc.		185.00	January 2017		(479,750	)
	2,632	Medicines Company		40.00	November 2016		(505,344	)
	849	Olin Corporation		20.00	January 2017		(213,099	)
	458	Owens Corning, Inc.		50.00	November 2016		(27,938	)
	2,312	Packaging Corporation of America		77.50	January 2017		(1,525,920	)
	3,939	Packaging Corporation of America		80.00	January 2017		(1,930,110	)
	500	Packaging Corporation of America		82.50	January 2017		(165,000	)
	2,000	Packaging Corporation of America		85.00	January 2017		(470,000	)
	175	Post Holdings, Inc.		80.00	November 2016		(21,875	)
	512	Post Holdings, Inc.		80.00	December 2016		(148,480	)
	67	Post Holdings, Inc.		85.00	November 2016		(3,517	)
	100	Seagate Technology PLC		33.00	November 2016		(20,300	)

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First Eagle Fund of America | Schedule of Investments | Year Ended October 31, 2016

Contracts			Strike Price		Expiration Date	Value (Note 1)
Covered Call Options Written — (0.63)% (continued)
	800	Seagate Technology PLC	$	34.00	November 2016	$	(109,600	)
	100	Seagate Technology PLC		34.00	December 2016		(19,000	)
	700	Seagate Technology PLC		35.00	November 2016		(58,800	)
	600	Seagate Technology PLC		35.00	December 2016		(88,800	)
	100	Seagate Technology PLC		35.00	January 2017		(17,300	)
	500	Seagate Technology PLC		36.00	November 2016		(22,500	)
	200	Seagate Technology PLC		37.00	November 2016		(5,200	)
	200	Seagate Technology PLC		38.00	November 2016		(3,000	)
	100	Seagate Technology PLC		38.00	December 2016		(4,800	)
	157	Sealed Air Corporation		49.00	November 2016		(3,532	)
	384	SemGroup Corporation		35.00	November 2016		(11,520	)
	384	SemGroup Corporation		35.00	January 2017		(51,840	)
	2,532	Twitter, Inc.		18.00	December 2016		(367,140	)
	2,603	Tyson Foods, Inc.		75.00	January 2017		(455,525	)
	1,610	Tyson Foods, Inc.		77.50	January 2017		(177,100	)
	681	Univar, Inc.		20.00	November 2016		(175,358	)
	666	Univar, Inc.		20.00	December 2016		(171,495	)
	230	Visteon Corporation		70.00	December 2016		(64,400	)
	500	Yahoo!, Inc.		41.00	January 2017		(125,000	)
Total Covered Call Options Written (Premiums Received: $23,236,759)							(16,305,573	)
Total Investments — 98.97% (Cost: $2,186,220,999)							2,542,613,313
Other Assets in Excess of Liabilities — 1.03%							26,484,893
Net Assets — 100.00%						$	2,569,098,206

(a)  At October 31, 2016, all or a portion of this security was segregated to cover collateral requirement for options.

(b)  Non-income producing security/commodity.

At October 31, 2016, aggregate cost for federal income tax purposes was $2,213,078,555. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	445,221,275
Gross unrealized depreciation		(99,380,944	)
Net unrealized appreciation	$	345,840,331

Abbreviation used in this schedule include:

PLC  — Public Limited Company

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First Eagle Fund of America | Schedule of Investments | Year Ended October 31, 2016

Industry Diversification for Portfolio Holdings	Percent of Net Assets
U.S. Common Stocks
Consumer Discretionary		10.81	%
Consumer Staples		6.17
Energy		1.49
Health Care		17.99
Industrials		14.54
Information Technology		11.52
Materials		29.63
Total U.S. Common Stocks		92.15
International Common Stocks
Information Technology		1.35
Materials		5.10
Total International Common Stocks		6.45
Investment Company		1.00
Covered Call Options Written		(0.63	)
Total Investments		98.97	%

See Notes to Financial Statements.

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121

Statements of Assets and Liabilities

	First Eagle Global Fund*			First Eagle Overseas Fund*
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	34,128,154,516		$	11,336,733,731
Affiliated issuers		2,524,625,814			309,149,335
Gold bullion		2,770,072,512			563,993,676
Silver bullion		—			—
Foreign currency		840			894
Total Investments, at Cost		39,422,853,682			12,209,877,636
Investments, at Value (Note 1)
Unaffiliated issuers		43,570,264,031			13,708,572,382
Affiliated issuers		2,734,552,073			600,685,104
Gold bullion		3,436,319,050			882,980,785
Silver bullion		—			—
Foreign currency		840			883
Total Investments, at Value		49,741,135,994			15,192,239,154
Cash		—			—
Receivable for forward currency contracts held, at value (Note 1)		49,845,667			26,225,806
Receivable for investment securities sold		18,896,906			7,576,155
Receivable for Fund shares sold		81,807,653			41,220,721
Accrued interest and dividends receivable		106,251,905			47,688,526
Investment for trustee deferred compensation plan (Note 2)		474,784			146,996
Other assets		212,600			66,945
Total Assets		49,998,625,509			15,315,164,303
Liabilities
Payable for Fund shares redeemed		65,233,734			38,646,228
Payable for investment securities purchased		175,459,753			3,472,581
Payable for forward currency contracts held, at value (Note 1)		435,909			153,057
Investment advisory fees payable (Note 2)		31,552,911			9,637,331
Distribution fees payable (Note 3)		10,730,180			1,411,486
Services fees payable (Note 3)		2,453,296			211,241
Trustee deferred compensation plan (Note 2)		474,784			146,996
Administrative fees payable (Note 2)		281,959			91,994
Trustee fees payable		91,712			26,780
Accrued expenses and other liabilities		15,765,857			5,930,701
Total Liabilities		302,480,095			59,728,395
Net Assets	$	49,696,145,414		$	15,255,435,908
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	886,464		$	631,325
Capital surplus		37,565,349,977			12,228,388,151
Net unrealized appreciation (depreciation) on:
Investments (net of $4,540,956, $1,872,619, $0 and $0 deferred capital gain country tax, respectively)		10,313,741,356			2,980,488,910
Foreign currency and forward contract related translation		45,516,334			24,008,336
Undistributed net realized gains (losses) on investments		1,997,232,160			304,879,480
Undistributed net investment income (loss)		(226,580,877	)		(282,960,294	)
Net Assets	$	49,696,145,414		$	15,255,435,908

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122

	First Eagle U.S. Value Fund*		First Eagle Gold Fund*
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	1,483,957,879	$	855,886,509
Affiliated issuers		—		—
Gold bullion		186,047,980		143,236,170
Silver bullion		—		58,487,088
Foreign currency		46		11
Total Investments, at Cost		1,670,005,905		1,057,609,778
Investments, at Value (Note 1)
Unaffiliated issuers		1,990,908,816		989,924,514
Affiliated issuers		—		—
Gold bullion		199,644,364		238,385,781
Silver bullion		—		56,375,450
Foreign currency		46		11
Total Investments, at Value		2,190,553,226		1,284,685,756
Cash		—		7,654
Receivable for forward currency contracts held, at value (Note 1)		—		—
Receivable for investment securities sold		933,079		—
Receivable for Fund shares sold		1,381,357		2,203,734
Accrued interest and dividends receivable		2,204,222		368,910
Investment for trustee deferred compensation plan (Note 2)		22,947		10,397
Other assets		15,067		8,787
Total Assets		2,195,109,898		1,287,285,238
Liabilities
Payable for Fund shares redeemed		3,307,153		2,803,828
Payable for investment securities purchased		13,971,520		—
Payable for forward currency contracts held, at value (Note 1)		—		—
Investment advisory fees payable (Note 2)		1,302,150		803,264
Distribution fees payable (Note 3)		507,951		249,084
Services fees payable (Note 3)		110,824		43,285
Trustee deferred compensation plan (Note 2)		22,947		10,397
Administrative fees payable (Note 2)		44,750		24,558
Trustee fees payable		6,112		2,400
Accrued expenses and other liabilities		751,726		780,103
Total Liabilities		20,025,133		4,716,919
Net Assets	$	2,175,084,765	$	1,282,568,319
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	108,398	$	71,441
Capital surplus		1,472,393,821		1,616,146,658
Net unrealized appreciation (depreciation) on:
Investments (net of $4,540,956, $1,872,619, $0 and $0 deferred capital gain country tax, respectively)		520,547,321		227,075,978
Foreign currency and forward contract related translation		—		—
Undistributed net realized gains (losses) on investments		175,876,633		(495,154,477	)
Undistributed net investment income (loss)		6,158,592		(65,571,281	)
Net Assets	$	2,175,084,765	$	1,282,568,319

Year Ended October 31, 2016

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123

Statements of Assets and Liabilities (continued)

	First Eagle Global Fund*			First Eagle Overseas Fund*
Class A
Net assets	$	15,833,531,263		$	3,654,512,147
Shares outstanding		280,933,042			153,138,562
Net asset value per share and redemption proceeds per share	$	56.36		$	23.86
Offering price per share (NAV per share plus maximum sales charge)**	$	59.33	(1)	$	25.12	(1)
Class C
Net assets	$	11,505,279,027		$	992,573,358
Shares outstanding		211,222,427			43,332,631
Net asset value per share	$	54.47		$	22.91
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(2)	$	53.93		$	22.68
Class I
Net assets	$	22,357,335,124		$	10,608,350,403
Shares outstanding		394,308,490			434,854,042
Net asset value per share and redemption proceeds per share	$	56.70		$	24.40

*  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 contingent deferred sales charge (CDSC) is 1.00% for Class C shares, which is charged on the lesser of the original purchase price or the current market value at the time of sale. This pertains to shares sold or redeemed within the first year of purchase.

  See Notes to Financial Statements.

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124

	First Eagle U.S. Value Fund*			First Eagle Gold Fund*
Class A
Net assets	$	817,481,150		$	566,707,799
Shares outstanding		40,709,944			31,497,163
Net asset value per share and redemption proceeds per share	$	20.08		$	17.99
Offering price per share (NAV per share plus maximum sales charge)**	$	21.14	(1)	$	18.94	(1)
Class C
Net assets	$	516,405,163		$	206,225,012
Shares outstanding		26,415,358			12,212,791
Net asset value per share	$	19.55		$	16.89
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(2)	$	19.35		$	16.72
Class I
Net assets	$	841,198,452		$	509,635,508
Shares outstanding		41,273,073			27,731,345
Net asset value per share and redemption proceeds per share	$	20.38		$	18.38

Year Ended October 31, 2016

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Statements of Assets and Liabilities (continued)

	First Eagle Global Income Builder Fund			First Eagle High Yield Fund
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	1,180,459,355		$	600,714,442
Gold bullion		18,411,922			—
Foreign currency		53,116			—
Total Investments, at Cost		1,198,924,393			600,714,442
Investments, at Value (Note 1)
Unaffiliated issuers		1,194,535,942			581,410,816
Gold bullion		18,332,303			—
Foreign currency		53,051			—
Total Investments, at Value		1,212,921,296			581,410,816
Receivable for forward currency contracts held, at value (Note 1)		944,691			69,737
Receivable for investment securities sold		—			—
Receivable for premiums for written options		—			—
Receivable for Fund shares sold		4,541,435			1,397,407
Accrued interest and dividends receivable		8,508,246			7,743,400
Investment for trustee deferred compensation plan (Note 2)		14,011			6,438
Other assets		8,495			4,301
Total Assets		1,226,938,174			590,632,099
Liabilities
Option contracts written, at value (premiums received $0, $0 and $23,236,759, respectively) (Note 1)		—			—
Payable for Fund shares redeemed		3,344,650			1,940,333
Payable for investment securities purchased		4,208,314			41,976
Payable for forward currency contracts held, at value (Note 1)		42,903			72,316
Payable for dividends to shareholders		2,177,791			541,283
Investment advisory fees payable (Note 2)		774,760			324,396
Distribution fees payable (Note 3)		299,924			106,936
Services fees payable (Note 3)		74,250			24,404
Trustee deferred compensation plan (Note 2)		14,011			6,438
Administrative fees payable (Note 2)		51,651			24,954
Trustee fees payable		2,167			2,227
Accrued expenses and other liabilities		432,567			282,707
Total Liabilities		11,422,988			3,367,970
Net Assets	$	1,215,515,186		$	587,264,129
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	110,813		$	65,339
Capital surplus		1,254,681,641			692,735,109
Net unrealized appreciation (depreciation) on:
Investments		13,996,968			(19,303,626	)
Foreign currency and forward contract related translation		822,883			(2,579	)
Written options		—			—
Undistributed net realized gains (losses) on investments		(49,310,133	)		(85,557,531	)
Undistributed net investment income (loss)		(4,786,986	)		(672,583	)
Net Assets	$	1,215,515,186		$	587,264,129

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Year Ended October 31, 2016

	First Eagle Fund of America
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	2,209,457,758
Gold bullion		—
Foreign currency		—
Total Investments, at Cost		2,209,457,758
Investments, at Value (Note 1)
Unaffiliated issuers		2,558,918,886
Gold bullion		—
Foreign currency		—
Total Investments, at Value		2,558,918,886
Receivable for forward currency contracts held, at value (Note 1)		—
Receivable for investment securities sold		39,376,242
Receivable for premiums for written options		50,864
Receivable for Fund shares sold		3,703,210
Accrued interest and dividends receivable		2,189,808
Investment for trustee deferred compensation plan (Note 2)		37,157
Other assets		17,304
Total Assets		2,604,293,471
Liabilities
Option contracts written, at value (premiums received $0, $0 and $23,236,759, respectively) (Note 1)		16,305,573
Payable for Fund shares redeemed		9,049,559
Payable for investment securities purchased		5,890,982
Payable for forward currency contracts held, at value (Note 1)		—
Payable for dividends to shareholders		—
Investment advisory fees payable (Note 2)		2,030,561
Distribution fees payable (Note 3)		614,692
Services fees payable (Note 3)		112,910
Trustee deferred compensation plan (Note 2)		37,157
Administrative fees payable (Note 2)		16,820
Trustee fees payable		6,251
Accrued expenses and other liabilities		1,130,760
Total Liabilities		35,195,265
Net Assets	$	2,569,098,206
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	80,361
Capital surplus		2,061,241,549
Net unrealized appreciation (depreciation) on:
Investments		349,461,128
Foreign currency and forward contract related translation		—
Written options		6,931,186
Undistributed net realized gains (losses) on investments		145,173,143
Undistributed net investment income (loss)		6,210,839
Net Assets	$	2,569,098,206

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127

Statements of Assets and Liabilities (continued)

	First Eagle Global Income Builder Fund			First Eagle High Yield Fund
Class A
Net assets	$	361,605,508		$	158,101,746
Shares outstanding		32,908,379			17,592,315
Net asset value per share and redemption proceeds per share	$	10.99		$	8.99
Offering price per share (NAV per share plus maximum sales charge)*	$	11.57	(1)	$	9.41	(2)
Class C
Net assets	$	344,660,110		$	114,139,247
Shares outstanding		31,450,181			12,710,582
Net asset value per share	$	10.96		$	8.98
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(3)	$	10.85		$	8.89
Class I
Net assets	$	509,249,568		$	315,023,136
Shares outstanding		46,454,190			35,036,376
Net asset value per share and redemption proceeds per share	$	10.96		$	8.99
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 contingent deferred sales charge (CDSC) is 1.00% for Class C shares, which is charged on the lesser of the original purchase price or the current market value at the time of sale. This pertains to shares sold or redeemed within the first year of purchase.

  See Notes to Financial Statements.

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128

	First Eagle Fund of America
Class A
Net assets	$	865,109,356
Shares outstanding		26,267,874
Net asset value per share and redemption proceeds per share	$	32.93
Offering price per share (NAV per share plus maximum sales charge)*	$	34.66	(1)
Class C
Net assets	$	509,568,005
Shares outstanding		18,654,550
Net asset value per share	$	27.32
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(3)	$	27.05
Class I
Net assets	$	808,426,291
Shares outstanding		23,972,780
Net asset value per share and redemption proceeds per share	$	33.72
Class Y
Net assets	$	385,994,554
Shares outstanding		11,465,333
Net asset value per share and redemption proceeds per share	$	33.67

Year Ended October 31, 2016

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129

Statements of Operations

	First Eagle Global Fund*			First Eagle Overseas Fund*
Investment Income
Interest (net of $204,303, $90,310, $0 and $2, foreign taxes withheld, respectively)	$	56,768,125		$	18,175,860
Dividends from: (net of $52,433,808, $30,433,936, $301,719 and $503,506, foreign taxes withheld, respectively)
Unaffiliated issuers		669,880,469			242,733,970
Affiliated issuers		55,347,708			18,250,989
Other Income		—			—
Total Income		781,996,302			279,160,819
Expenses
Investment advisory fees (Note 2)		354,912,049			105,436,407
Administrative costs (Note 2)		2,511,202			944,076
Distribution fees (Note 3)
Class A		39,382,342			9,477,366
Class C		85,593,592			7,483,410
Service fees - Class C (Note 3)		28,531,197			2,494,470
Shareholder servicing agent fees		32,494,949			11,789,550
Custodian and accounting fees		5,773,754			2,694,190
Professional fees		1,211,291			504,058
Shareholder reporting fees		2,917,166			952,056
Trustees' fees		977,745			311,464
Registration and filing fees		498,272			235,618
Other Expenses		938,321			299,279
Total Expenses		555,741,880			142,621,944
Expense Waiver		—			—
Expense reductions due to earnings credits (Note 1)		(2,553	)		(573	)
Net Expenses		555,739,327			142,621,371
Net Investment Income (Loss) (Note 1)		226,256,975			136,539,448
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency and Forward Contract Related Transactions (Note 1)
Net realized gains (losses) from:
Investment transactions		2,262,473,996			366,450,785
Investment transactions of affiliated issuers		(5,221,961	)		552,656
Commodity related transactions		—			—
Foreign currency and forward contract related transactions		(16,691,245	)		(9,178,608	)
		2,240,560,790			357,824,833
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of decrease in deferred capital gain country tax accruals of $826,621, $365,314, $0 and $0, respectively)		774,211,687			452,096,545
Foreign currency and forward contract related translation		42,725,083			21,927,834
		816,936,770			474,024,379
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions		3,057,497,560			831,849,212
Net Increase in Net Assets Resulting from Operations	$	3,283,754,535		$	968,388,660

*  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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	First Eagle U.S. Value Fund*			First Eagle Gold Fund*
Investment Income
Interest (net of $204,303, $90,310, $0 and $2, foreign taxes withheld, respectively)	$	2,032,352		$	1,422,006
Dividends from: (net of $52,433,808, $30,433,936, $301,719 and $503,506, foreign taxes withheld, respectively)
Unaffiliated issuers		30,647,440			5,331,293
Affiliated issuers		1,001,715			—
Other Income		—			28
Total Income		33,681,507			6,753,327
Expenses
Investment advisory fees (Note 2)		16,762,411			8,243,496
Administrative costs (Note 2)		339,716			199,406
Distribution fees (Note 3)
Class A		2,153,173			1,279,457
Class C		4,051,229			1,410,845
Service fees - Class C (Note 3)		1,350,409			470,282
Shareholder servicing agent fees		1,826,112			1,579,720
Custodian and accounting fees		267,780			452,254
Professional fees		222,004			230,670
Shareholder reporting fees		169,920			161,550
Trustees' fees		54,095			32,883
Registration and filing fees		112,008			134,176
Other Expenses		76,102			45,316
Total Expenses		27,384,959			14,240,055
Expense Waiver		(743,297	)		—
Expense reductions due to earnings credits (Note 1)		(223	)		(185	)
Net Expenses		26,641,439			14,239,870
Net Investment Income (Loss) (Note 1)		7,040,068			(7,486,543	)
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency and Forward Contract Related Transactions (Note 1)
Net realized gains (losses) from:
Investment transactions		219,971,452			(26,594,365	)
Investment transactions of affiliated issuers		(21,074,689	)		—
Commodity related transactions		—			(6,409,832	)
Foreign currency and forward contract related transactions		(1,472	)		(5,304	)
		198,895,291			(33,009,501	)
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of decrease in deferred capital gain country tax accruals of $826,621, $365,314, $0 and $0, respectively)		(83,612,595	)		397,256,653
Foreign currency and forward contract related translation		1			1
		(83,612,594	)		397,256,654
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions		115,282,697			364,247,153
Net Increase in Net Assets Resulting from Operations	$	122,322,765		$	356,760,610

Year Ended October 31, 2016

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Statements of Operations (continued)

	First Eagle Global Income Builder Fund			First Eagle High Yield Fund
Investment Income
Interest	$	30,332,925		$	46,381,797
Dividends from: (net of $1,370,622, $0 and $306,586, foreign taxes withheld, respectively)
Unaffiliated issuers		21,031,915			241
Other Income		—			121,829
Total Income		51,364,840			46,503,867
Expenses
Investment advisory fees (Note 2)		8,900,774			4,256,527
Administrative costs (Note 2)		593,385			304,038
Distribution fees (Note 3)
Class A		922,023			388,780
Class C		2,667,654			839,510
Class Y		—			—
Service fees - Class C (Note 3)		889,218			279,837
Shareholder servicing agent fees		794,181			507,417
Custodian and accounting fees		290,493			156,107
Professional fees		188,874			185,574
Shareholder reporting fees		89,182			51,556
Trustees' fees		32,888			14,312
Recoupment of previously reimbursed expenses		—			16,673
Registration and filing fees		118,502			111,297
Other Expenses		52,248			30,127
Total Expenses		15,539,422			7,141,755
Expense Waiver		—			(320,711	)
Expense reductions due to earnings credits (Note 1)		(54	)		(38	)
Net Expenses		15,539,368			6,821,006
Net Investment Income (Note 1)		35,825,472			39,682,861
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency and Forward Contract Related Transactions (Note 1)
Net realized gains (losses) from:
Investment transactions		(32,638,747	)		(72,363,339	)
Foreign currency and forward contract related transactions		421,830			125,497
Written options		—			—
Net increase from payments by affiliate		—			—
		(32,216,917	)		(72,237,842	)
Changes in unrealized appreciation (depreciation) of:
Investment transactions		55,120,725			68,502,853
Foreign currency and forward contract related translation		325,049			(77,204	)
Written options		—			—
		55,445,774			68,425,649
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		23,228,857			(3,812,193	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	59,054,329		$	35,870,668

  See Notes to Financial Statements.

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	First Eagle Fund of America
Investment Income
Interest	$	94,824
Dividends from: (net of $1,370,622, $0 and $306,586, foreign taxes withheld, respectively)
Unaffiliated issuers		55,402,362
Other Income		—
Total Income		55,497,186
Expenses
Investment advisory fees (Note 2)		29,412,953
Administrative costs (Note 2)		350,459
Distribution fees (Note 3)
Class A		2,787,651
Class C		4,795,284
Class Y		1,100,620
Service fees - Class C (Note 3)		1,598,428
Shareholder servicing agent fees		2,981,015
Custodian and accounting fees		186,842
Professional fees		296,686
Shareholder reporting fees		275,866
Trustees' fees		82,625
Recoupment of previously reimbursed expenses		—
Registration and filing fees		167,812
Other Expenses		89,167
Total Expenses		44,125,408
Expense Waiver		—
Expense reductions due to earnings credits (Note 1)		(314	)
Net Expenses		44,125,094
Net Investment Income (Note 1)		11,372,092
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency and Forward Contract Related Transactions (Note 1)
Net realized gains (losses) from:
Investment transactions		215,189,608
Foreign currency and forward contract related transactions		—
Written options		(20,851,116	)
Net increase from payments by affiliate		395,475
		194,733,967
Changes in unrealized appreciation (depreciation) of:
Investment transactions		(411,543,608	)
Foreign currency and forward contract related translation		—
Written options		22,763,531
		(388,780,077	)
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		(194,046,110	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(182,674,018	)

Year Ended October 31, 2016

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Statements of Changes in Net Assets

	First Eagle Global Fund*						First Eagle Overseas Fund*
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations
Net investment income (loss)	$	226,256,975		$	224,039,048		$	136,539,448		$	102,853,718
Net realized gain (loss) from investments, foreign currency and forward contract related transactions		2,240,560,790			702,228,616			357,824,833			291,387,294
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related translation		816,936,770			(119,849,366	)		474,024,379			(39,865,496	)
Net increase (decrease) in net assets resulting from operations		3,283,754,535			806,418,298			968,388,660			354,375,516
Distribution to Shareholders
Dividends paid from net investment income
Class A		(20,540,892	)		(94,351,754	)		(7,782,215	)		(46,032,316	)
Class C		—			—			—			(3,667,856	)
Class I		(75,943,676	)		(163,763,434	)		(39,432,818	)		(92,281,699	)
Class Y		—			—			—			—
Distributions paid from net realized gains from investment transactions
Class A		(159,791,472	)		(760,954,296	)		(43,688,520	)		(169,970,080	)
Class C		(118,177,472	)		(543,612,985	)		(11,525,934	)		(41,124,624	)
Class I		(193,145,973	)		(875,458,228	)		(91,886,402	)		(317,655,154	)
Class Y		—			—			—			—
Decrease in net assets resulting from distributions		(567,599,485	)		(2,438,140,697	)		(194,315,889	)		(670,731,729	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		8,623,485,592			7,237,206,433			3,781,719,221			2,954,088,005
Net asset value of shares issued for reinvested dividends and distributions		466,194,791			1,946,656,388			172,549,670			571,713,378
Cost of shares redeemed		(10,046,240,604	)		(10,081,000,488	)		(3,353,998,106	)		(3,869,279,529	)
Redemption fees		—			—			—			—
Increase (decrease) in net assets from Fund share transactions		(956,560,221	)		(897,137,667	)		600,270,785			(343,478,146	)
Net increase (decrease) in net assets		1,759,594,829			(2,528,860,066	)		1,374,343,556			(659,834,359	)
Net Assets (Note 1)
Beginning of period		47,936,550,585			50,465,410,651			13,881,092,352			14,540,926,711
End of period	$	49,696,145,414		$	47,936,550,585		$	15,255,435,908		$	13,881,092,352
Undistributed net investment income (loss)	$	(226,580,877	)	$	(339,887,103	)	$	(282,960,294	)	$	(373,167,315	)

*  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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	First Eagle U.S. Value Fund*						First Eagle Gold Fund*
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations
Net investment income (loss)	$	7,040,068		$	12,155,170		$	(7,486,543	)	$	(6,049,648	)
Net realized gain (loss) from investments, foreign currency and forward contract related transactions		198,895,291			115,007,165			(33,009,501	)		(180,523,091	)
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related translation		(83,612,594	)		(126,116,901	)		397,256,654			107,187,962
Net increase (decrease) in net assets resulting from operations		122,322,765			1,045,434			356,760,610			(79,384,777	)
Distribution to Shareholders
Dividends paid from net investment income
Class A		(1,671,959	)		(4,276,875	)		—			—
Class C		—			—			—			—
Class I		(4,132,607	)		(7,291,523	)		—			—
Class Y		—			—			—			—
Distributions paid from net realized gains from investment transactions
Class A		(39,449,441	)		(68,208,361	)		—			—
Class C		(24,900,242	)		(40,092,964	)		—			—
Class I		(37,324,644	)		(65,388,758	)		—			—
Class Y		—			—			—			—
Decrease in net assets resulting from distributions		(107,478,893	)		(185,258,481	)		—			—
Fund Share Transactions (Note 6)
Net proceeds from shares sold		218,890,095			376,416,087			539,278,255			377,231,787
Net asset value of shares issued for reinvested dividends and distributions		87,430,613			146,429,880			1,522			2,933
Cost of shares redeemed		(647,806,153	)		(970,534,969	)		(458,487,257	)		(452,926,090	)
Redemption fees		—			—			244,508			97,370
Increase (decrease) in net assets from Fund share transactions		(341,485,445	)		(447,689,002	)		81,037,028			(75,594,000	)
Net increase (decrease) in net assets		(326,641,573	)		(631,902,049	)		437,797,638			(154,978,777	)
Net Assets (Note 1)
Beginning of period		2,501,726,338			3,133,628,387			844,770,681			999,749,458
End of period	$	2,175,084,765		$	2,501,726,338		$	1,282,568,319		$	844,770,681
Undistributed net investment income (loss)	$	6,158,592		$	7,966,082		$	(65,571,281	)	$	(66,066,348	)

Year Ended October 31, 2016

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Statements of Changes in Net Assets (continued)

	First Eagle Global Income Builder Fund						First Eagle High Yield Fund
	Year Ended October 31, 2016			Year Ended October 31, 2015			Year Ended October 31, 2016			Year Ended October 31, 2015
Operations
Net investment income (loss)	$	35,825,472		$	38,839,615		$	39,682,861		$	53,184,439
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		(32,216,917	)		(14,936,565	)		(72,237,842	)		(12,822,861	)
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related translation and written options		55,445,774			(45,145,876	)		68,425,649			(84,502,662	)
Net increase (decrease) in net assets resulting from operations		59,054,329			(21,242,826	)		35,870,668			(44,141,084	)
Distribution to Shareholders
Dividends paid from net investment income
Class A		(11,931,929	)		(14,186,018	)		(9,813,222	)		(12,173,874	)
Class C		(8,805,639	)		(9,978,926	)		(6,294,447	)		(8,080,947	)
Class I		(16,027,850	)		(16,674,671	)		(22,870,141	)		(34,229,618	)
Class Y		—			—			—			—
Distributions paid from net realized gains from investment transactions
Class A		—			(5,760,732	)		—			(2,046,517	)
Class C		—			(5,130,068	)		—			(1,588,861	)
Class I		—			(6,259,206	)		—			(5,743,396	)
Class Y		—			—			—			—
Return of capital
Class A		—			—			(841,762	)		—
Class C		—			—			(607,631	)		—
Class I		—			—			(1,847,224	)		—
Class Y		—			—			—			—
Decrease in net assets resulting from distributions		(36,765,418	)		(57,989,621	)		(42,274,427	)		(63,863,213	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		369,605,515			423,687,654			165,269,545			344,872,964
Net asset value of shares issued for reinvested dividends and distributions		28,829,112			45,444,967			33,228,940			51,177,189
Cost of shares redeemed		(468,630,730	)		(434,855,745	)		(408,659,739	)		(625,406,187	)
Redemption fees		—			—			—			—
Increase (decrease) in net assets from Fund share transactions		(70,196,103	)		34,276,876			(210,161,254	)		(229,356,034	)
Net increase (decrease) in net assets		(47,907,192	)		(44,955,571	)		(216,565,013	)		(337,360,331	)
Net Assets (Note 1)
Beginning of period		1,263,422,378			1,308,377,949			803,829,142			1,141,189,473
End of period	$	1,215,515,186		$	1,263,422,378		$	587,264,129		$	803,829,142
Undistributed net investment income (loss)	$	(4,786,986	)	$	(3,156,870	)	$	(672,583	)	$	(803,394	)

  See Notes to Financial Statements.

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	First Eagle Fund of America
	Year Ended October 31, 2016			Year Ended October 31, 2015
Operations
Net investment income (loss)	$	11,372,092		$	2,210,625
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		194,733,967			106,885,654
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related translation and written options		(388,780,077	)		(126,018,736	)
Net increase (decrease) in net assets resulting from operations		(182,674,018	)		(16,922,457	)
Distribution to Shareholders
Dividends paid from net investment income
Class A		(366,874	)		(3,778,293	)
Class C		—			—
Class I		(3,230,265	)		(5,021,220	)
Class Y		(39,794	)		(1,525,229	)
Distributions paid from net realized gains from investment transactions
Class A		(36,560,686	)		(85,878,012	)
Class C		(24,299,418	)		(54,000,038	)
Class I		(31,330,431	)		(63,244,020	)
Class Y		(13,335,526	)		(36,180,308	)
Return of capital
Class A		—			—
Class C		—			—
Class I		—			—
Class Y		—			—
Decrease in net assets resulting from distributions		(109,162,994	)		(249,627,120	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		448,044,476			1,250,888,863
Net asset value of shares issued for reinvested dividends and distributions		89,263,570			202,439,475
Cost of shares redeemed		(1,414,221,680	)		(700,365,900	)
Redemption fees		—			—
Increase (decrease) in net assets from Fund share transactions		(876,913,634	)		752,962,438
Net increase (decrease) in net assets		(1,168,750,646	)		486,412,861
Net Assets (Note 1)
Beginning of period		3,737,848,852			3,251,435,991
End of period	$	2,569,098,206		$	3,737,848,852
Undistributed net investment income (loss)	$	6,210,839		$	(1,015,388	)

Year Ended October 31, 2016

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First Eagle Global Fund

Financial Highlights

	Year Ended October 31,
	2016						2015
	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 ($)		53.10		51.66		53.43		54.90		53.57		55.23
Income (loss) from investment operations:
Net investment income (loss) ($)		0.30		-0.11		0.44		0.28		-0.12		0.43
Net realized and unrealized gains (losses) on investments		3.56		3.45		3.57		0.60		0.59		0.60
Total income (loss) from investment operations		3.86		3.34		4.01		0.88		0.47		1.03
Less distributions:
Dividends from net investment income ($)		-0.07		—		-0.21		-0.30		—		-0.45
Distributions from capital gains		-0.53		-0.53		-0.53		-2.38		-2.38		-2.38
Total distributions		-0.60		-0.53		-0.74		-2.68		-2.38		-2.83
Net asset value, end of year ($)		56.36		54.47		56.70		53.10		51.66		53.43
Total return(a) (%)		7.38		6.56		7.65		1.78		1.02		2.07
Ratios and supplemental data
Net assets, end of year (millions) ($)		15,834		11,505		22,357		16,275		11,663		19,999
Ratio of operating expenses to average net assets including earnings credits (%)		1.10		1.86		0.84		1.11		1.86		0.84
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.10		1.86		0.84		1.11		1.86		0.84
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.55		-0.21		0.81		0.52		-0.23		0.79
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.55		-0.21		0.81		0.52		-0.23		0.79
Portfolio turnover rate (%)		11.54		11.54		11.54		11.28		11.28		11.28

*  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 contingent deferred sales charge (CDSC) 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,
	2014						2013						2012
	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 ($)		54.92		53.67		55.23		49.24		48.16		49.50		46.90		45.91		47.15
Income (loss) from investment operations:
Net investment income (loss) ($)		0.30		-0.11		0.43		0.39		0.01		0.52		0.45		0.09		0.57
Net realized and unrealized gains (losses) on investments		2.12		2.08		2.13		7.41		7.27		7.45		3.03		2.98		3.03
Total income (loss) from investment operations		2.42		1.97		2.56		7.80		7.28		7.97		3.48		3.07		3.60
Less distributions:
Dividends from net investment income ($)		-0.66		-0.29		-0.78		-0.51		-0.16		-0.63		-0.53		-0.21		-0.64
Distributions from capital gains		-1.78		-1.78		-1.78		-1.61		-1.61		-1.61		-0.61		-0.61		-0.61
Total distributions		-2.44		-2.07		-2.56		-2.12		-1.77		-2.24		-1.14		-0.82		-1.25
Net asset value, end of year ($)		54.90		53.57		55.23		54.92		53.67		55.23		49.24		48.16		49.50
Total return(a) (%)		4.64		3.85		4.90		16.47		15.63		16.78		7.64		6.83		7.90
Ratios and supplemental data
Net assets, end of year (millions) ($)		17,735		12,342		20,389		18,987		11,436		15,578		15,840		9,322		11,182
Ratio of operating expenses to average net assets including earnings credits (%)		1.11		1.86		0.86		1.13		1.87		0.88		1.15		1.89		0.90
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.11		1.86		0.86		1.13		1.87		0.88		1.15		1.89		0.90
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		0.94		0.19		1.19
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		0.94		0.19		1.19
Portfolio turnover rate (%)		15.36		15.36		15.36		11.60		11.60		11.60		11.29		11.29		11.29

First Eagle Funds | Annual Report | October 31, 2016
139

First Eagle Overseas Fund

Financial Highlights

	Year Ended October 31,
	2016						2015
	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 ($)		22.62		21.84		23.12		23.18		22.42		23.62
Income (loss) from investment operations:
Net investment income (loss) ($)		0.19		0.02		0.26		0.14		-0.03		0.20
Net realized and unrealized gains (losses) on investments		1.34		1.30		1.38		0.39		0.39		0.41
Total income (loss) from investment operations		1.53		1.32		1.64		0.53		0.36		0.61
Less distributions:
Dividends from net investment income ($)		-0.04		—		-0.11		-0.23		-0.08		-0.25
Distributions from capital gains		-0.25		-0.25		-0.25		-0.86		-0.86		-0.86
Total distributions		-0.29		-0.25		-0.36		-1.09		-0.94		-1.11
Net asset value, end of year ($)		23.86		22.91		24.40		22.62		21.84		23.12
Total return(a) (%)		6.90		6.14		7.22		2.59		1.82		2.88
Ratios and supplemental data
Net assets, end of year (millions) ($)		3,655		993		10,608		4,143		1,036		8,702
Ratio of operating expenses to average net assets including earnings credits (%)		1.14		1.89		0.87		1.16		1.89		0.88
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.14		1.89		0.87		1.16		1.89		0.88
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.84		0.10		1.12		0.60		-0.13		0.88
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.84		0.10		1.12		0.60		-0.13		0.88
Portfolio turnover rate (%)		9.30		9.30		9.30		12.95		12.95		12.95

*  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 contingent deferred sales charge (CDSC) 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, 2016
140

	Year Ended October 31,
	2014						2013						2012
	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 ($)		24.40		23.64		24.84		22.26		21.62		22.63		22.25		21.61		22.61
Income (loss) from investment operations:
Net investment income (loss) ($)		0.15		-0.03		0.21		0.13		-0.04		0.20		0.24		0.08		0.30
Net realized and unrealized gains (losses) on investments		0.05		0.07		0.05		3.17		3.09		3.22		0.80		0.77		0.81
Total income (loss) from investment operations		0.20		0.04		0.26		3.30		3.05		3.42		1.04		0.85		1.11
Less distributions:
Dividends from net investment income ($)		-0.46		-0.30		-0.52		-0.26		-0.13		-0.31		-0.39		-0.20		-0.45
Distributions from capital gains		-0.96		-0.96		-0.96		-0.90		-0.90		-0.90		-0.64		-0.64		-0.64
Total distributions		-1.42		-1.26		-1.48		-1.16		-1.03		-1.21		-1.03		-0.84		-1.09
Net asset value, end of year ($)		23.18		22.42		23.62		24.40		23.64		24.84		22.26		21.62		22.63
Total return(a) (%)		1.00		0.28		1.23		15.52		14.67		15.82		5.06		4.28		5.36
Ratios and supplemental data
Net assets, end of year (millions) ($)		4,644		1,086		8,811		5,912		1,120		7,378		5,111		986		5,252
Ratio of operating expenses to average net assets including earnings credits (%)		1.14		1.89		0.89		1.15		1.90		0.90		1.17		1.92		0.92
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.14		1.89		0.89		1.15		1.90		0.90		1.17		1.92		0.92
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		1.12		0.37		1.36
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		1.12		0.37		1.36
Portfolio turnover rate (%)		12.01		12.01		12.01		12.33		12.33		12.33		10.50		10.50		10.50

First Eagle Funds | Annual Report | October 31, 2016
141

First Eagle U.S. Value Fund

Financial Highlights

	Year Ended October 31,
	2016						2015
	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 ($)		19.82		19.43		20.11		21.10			20.78			21.40
Income (loss) from investment operations:
Net investment income (loss) ($)		0.08		-0.07		0.13		0.10			-0.05			0.16
Net realized and unrealized gains (losses) on investments		1.07		1.04		1.08		-0.10			-0.10			-0.12
Total income (loss) from investment operations		1.15		0.97		1.21		-0.00	**		-0.15			0.04
Less distributions:
Dividends from net investment income ($)		-0.04		—		-0.09		-0.08			—			-0.13
Distributions from capital gains		-0.85		-0.85		-0.85		-1.20			-1.20			-1.20
Total distributions		-0.89		-0.85		-0.94		-1.28			-1.20			-1.33
Net asset value, end of year ($)		20.08		19.55		20.38		19.82			19.43			20.11
Total return(a) (%)		6.21		5.38		6.49		0.04			-0.70			0.28
Ratios and supplemental data
Net assets, end of year (millions) ($)		817		516		841		966			593	��		942
Ratio of operating expenses to average net assets including fee waivers and reimbursements/(recoupments) (%)		1.11		1.87		0.84		1.14			1.90			0.87
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		1.14		1.90		0.87		1.14			1.90			0.87
Ratio of net investment income (loss) to average net assets including fee waivers and reimbursements/ (recoupments) (%)		0.40		-0.37		0.67		0.49			-0.27			0.76
Ratio of net investment income (loss) to average net assets excluding fee waivers and reimbursements/ (recoupments) (%)		0.37		-0.40		0.64		0.49			-0.27			0.76
Portfolio turnover rate (%)		10.65		10.65		10.65		15.14			15.14			15.14

*  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 contingent deferred sales charge (CDSC) 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, 2016
142

	Year Ended October 31,
	2014							2013						2012
	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 ($)		20.26		19.97			20.54		18.27		18.02		18.50		17.12		16.91		17.33
Income (loss) from investment operations:
Net investment income (loss) ($)		0.13		-0.03			0.18		0.18		0.03		0.23		0.15		0.02		0.19
Net realized and unrealized gains (losses) on investments		1.60		1.58			1.62		2.36		2.35		2.40		1.59		1.57		1.61
Total income (loss) from investment operations		1.73		1.55			1.80		2.54		2.38		2.63		1.74		1.59		1.80
Less distributions:
Dividends from net investment income ($)		-0.15		-0.00	**		-0.20		-0.13		-0.01		-0.17		-0.14		-0.03		-0.18
Distributions from capital gains		-0.74		-0.74			-0.74		-0.42		-0.42		-0.42		-0.45		-0.45		-0.45
Total distributions		-0.89		-0.74			-0.94		-0.55		-0.43		-0.59		-0.59		-0.48		-0.63
Net asset value, end of year ($)		21.10		20.78			21.40		20.26		19.97		20.54		18.27		18.02		18.50
Total return(a) (%)		8.93		8.09			9.19		14.32		13.53		14.69		10.63		9.75		10.86
Ratios and supplemental data
Net assets, end of year (millions) ($)		1,229		705			1,200		1,480		725		1,080		1,425		631		938
Ratio of operating expenses to average net assets including fee waivers and reimbursements/(recoupments) (%)		1.14		1.89			0.88		1.16		1.91		0.91		1.17		1.92		0.93
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		1.14		1.89			0.88		1.16		1.91		0.91		1.17		1.92		0.93
Ratio of net investment income (loss) to average net assets including fee waivers and reimbursements/ (recoupments) (%)		0.63		-0.13			0.87		0.93		0.18		1.18		0.84		0.09		1.08
Ratio of net investment income (loss) to average net assets excluding fee waivers and reimbursements/ (recoupments) (%)		0.63		-0.13			0.87		0.93		0.18		1.18		0.84		0.09		1.08
Portfolio turnover rate (%)		15.64		15.64			15.64		17.32		17.32		17.32		14.34		14.34		14.34

First Eagle Funds | Annual Report | October 31, 2016
143

First Eagle Gold Fund

Financial Highlights

	Year Ended October 31,
	2016						2015
	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 ($)		12.36		11.70		12.59		13.45		12.84		13.66
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.11		-0.22		-0.06		-0.08		-0.18		-0.04
Net realized and unrealized gains (losses) on investments		5.74		5.41		5.85		-1.01		-0.96		-1.03
Total income (loss) from investment operations		5.63		5.19		5.79		-1.09		-1.14		-1.07
Less distributions:
Dividends from net investment income ($)		—		—		—		—		—		—
Distributions from capital gains		—		—		—		—		—		—
Total distributions		—		—		—		—		—		—
Net asset value, end of year ($)		17.99		16.89		18.38		12.36		11.70		12.59
Total return(a) (%)		45.55		44.36		45.99		-8.10		-8.88		-7.83
Ratios and supplemental data
Net assets, end of year (millions) ($)		567		206		510		391		148		306
Ratio of operating expenses to average net assets including earnings credits (%)		1.27		2.04		0.98		1.33		2.14		1.03
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.27		2.04		0.98		1.33		2.14		1.03
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.65		-1.42		-0.36		-0.57		-1.39		-0.27
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.65		-1.42		-0.36		-0.57		-1.39		-0.27
Portfolio turnover rate (%)		15.82		15.82		15.82		12.47		12.47		12.47

*  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 contingent deferred sales charge (CDSC) 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, 2016
144

	Year Ended October 31,
	2014						2013						2012
	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 ($)		17.03		16.37		17.25		29.86		28.84		30.26		33.89		32.78		34.33
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.09		-0.20		-0.05		-0.02		-0.18		0.03		-0.01		-0.22		0.06
Net realized and unrealized gains (losses) on investments		-3.49		-3.33		-3.54		-12.73		-12.29		-12.89		-2.73		-2.66		-2.75
Total income (loss) from investment operations		-3.58		-3.53		-3.59		-12.75		-12.47		-12.86		-2.74		-2.88		-2.69
Less distributions:
Dividends from net investment income ($)		—		—		—		-0.08		—		-0.15		-0.39		-0.16		-0.48
Distributions from capital gains		—		—		—		—		—		—		-0.90		-0.90		-0.90
Total distributions		—		—		—		-0.08		—		-0.15		-1.29		-1.06		-1.38
Net asset value, end of year ($)		13.45		12.84		13.66		17.03		16.37		17.25		29.86		28.84		30.26
Total return(a) (%)		-21.02		-21.56		-20.81		-42.80		-43.24		-42.68		-8.14		-8.86		-7.89
Ratios and supplemental data
Net assets, end of year (millions) ($)		448		186		366		764		284		508		1,535		608		932
Ratio of operating expenses to average net assets including earnings credits (%)		1.27		2.02		1.01		1.25		2.00		1.00		1.21		1.96		0.96
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.27		2.02		1.01		1.25		2.00		1.00		1.21		1.96		0.96
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		-0.05		-0.80		0.21
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		-0.05		-0.80		0.21
Portfolio turnover rate (%)		13.33		13.33		13.33		15.14		15.14		15.14		9.19		9.19		9.19

First Eagle Funds | Annual Report | October 31, 2016
145

First Eagle Global Income Builder Fund

Financial Highlights

	Year Ended October 31,
	2016						2015
	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 ($)		10.73		10.71		10.71		11.41		11.38		11.39
Income (loss) from investment operations:
Net investment income ($)		0.34		0.25		0.36		0.35		0.26		0.38
Net realized and unrealized gains (losses) on investments		0.27		0.26		0.26		-0.51		-0.50		-0.52
Total income (loss) from investment operations		0.61		0.51		0.62		-0.16		-0.24		-0.14
Less distributions:
Dividends from net investment income ($)		-0.35		-0.26		-0.37		-0.37		-0.28		-0.39
Distributions from capital gains		—		—		—		-0.15		-0.15		-0.15
Total distributions		-0.35		-0.26		-0.37		-0.52		-0.43		-0.54
Net asset value, end of year ($)		10.99		10.96		10.96		10.73		10.71		10.71
Total return(c) (%)		5.76		4.87		5.93		-1.39		-2.07		-1.14
Ratios and supplemental data
Net assets, end of year (millions) ($)		362		345		509		410		382		471
Ratio of operating expenses to average net assets including fee waivers and recoupments (%)		1.18		1.94		0.92		1.19		1.96		0.94
Ratio of operating expenses to average net assets excluding fee waivers and recoupments (%)		1.18		1.94		0.92		1.19		1.96		0.94
Ratio of net investment income to average net assets including fee waivers and recoupments (%)		3.16		2.40		3.39		3.16		2.41		3.41
Ratio of net investment income to average net assets excluding fee waivers and recoupments (%)		3.16		2.40		3.39		3.16		2.41		3.41
Portfolio turnover rate (%)		29.76		29.76		29.76		29.68		29.68		29.68

^  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.

First Eagle Funds | Annual Report | October 31, 2016
146

	Year Ended October 31,												Period May 1, 2012^ to
	2014						2013						October 31, 2012
	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 ($)		11.26		11.23		11.23		10.32		10.30		10.33		10.00			10.00			10.00
Income (loss) from investment operations:
Net investment income ($)		0.36		0.27		0.38		0.42		0.34		0.44		0.15			0.11			0.18
Net realized and unrealized gains (losses) on investments		0.17		0.17		0.19		0.91		0.90		0.91		0.28			0.29			0.27
Total income (loss) from investment operations		0.53		0.44		0.57		1.33		1.24		1.35		0.43			0.40			0.45
Less distributions:
Dividends from net investment income ($)		-0.38		-0.29		-0.41		-0.39		-0.31		-0.45		-0.11			-0.10			-0.12
Distributions from capital gains		—		—		—		—		—		—		—			—			—
Total distributions		-0.38		-0.29		-0.41		-0.39		-0.31		-0.45		-0.11			-0.10			-0.12
Net asset value, end of year ($)		11.41		11.38		11.39		11.26		11.23		11.23		10.32			10.30			10.33
Total return(c) (%)		4.67		3.90		5.00		13.14		12.25		13.36		4.37	(a)		4.00	(a)		4.53	(a)
Ratios and supplemental data
Net assets, end of year (millions) ($)		440		379		490		231		148		129		43			26			38
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		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 (%)		1.23		1.97		0.97		1.35		2.09		1.10		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 (%)		3.09		2.31		3.25		3.85		3.11		4.11		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 (%)		3.12		2.34		3.33		3.80		3.06		4.06		2.06	(b)(d)		1.33	(b)(d)		2.40	(b)(d)
Portfolio turnover rate (%)		18.45		18.45		18.45		10.87		10.87		10.87		5.17	(a)		5.17	(a)		5.17	(a)(d)

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147

First Eagle High Yield Fund

Financial Highlights

	Year Ended October 31,
	2016						2015
	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 ($)		8.90		8.89		8.90		9.96		9.95		9.96
Income (loss) from investment operations:
Net investment income ($)		0.55		0.49		0.58		0.55		0.48		0.58
Net realized and unrealized gains (losses) on investments		0.12		0.12		0.12		-0.96		-0.96		-0.96
Total income (loss) from investment operations		0.67		0.61		0.70		-0.41		-0.48		-0.38
Less distributions:
Dividends from net investment income ($)		-0.54		-0.48		-0.57		-0.56		-0.49		-0.59
Distributions from capital gains		—		—		—		-0.09		-0.09		-0.09
Return of capital		-0.04		-0.04		-0.04		—		—		—
Total distributions		-0.58		-0.52		-0.61		-0.65		-0.58		-0.68
Net asset value, end of year ($)		8.99		8.98		8.99		8.90		8.89		8.90
Total return(c) (%)		8.24		7.46		8.54		-4.24		-4.96		-3.97
Ratios and supplemental data
Net assets, end of year (millions) ($)		158		114		315		202		129		473
Ratio of operating expenses to average net assets including fee waivers and reimbursements/(recoupments) (%)		1.15		1.89		0.86		1.12		1.87		0.83
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		1.20		1.94		0.91		1.16		1.91		0.87
Ratio of net investment income to average net assets including fee waivers and reimbursements/(recoupments) (%)		6.45		5.74		6.83		5.81		5.07		6.10
Ratio of net investment income to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		6.40		5.69		6.78		5.77		5.03		6.06
Portfolio turnover rate (%)		36.88		36.88		36.88		31.62		31.62		31.62

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

(a)  Not Annualized

(b)  Annualized

(c)  Does not take into account the sales charge of 4.50% for Class A shares and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares. 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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148

	Year Ended October 31,												Period Ended April 1, 2012 to
	2014						2013						October 31, 2012
	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 ($)		10.11		10.10		10.11		9.98		9.97		9.98		9.75			9.74			9.75
Income (loss) from investment operations:
Net investment income ($)		0.53		0.45		0.55		0.59		0.51		0.62		0.33			0.29			0.36
Net realized and unrealized gains (losses) on investments		-0.15		-0.15		-0.14		0.14		0.14		0.14		0.24			0.23			0.23
Total income (loss) from investment operations		0.38		0.30		0.41		0.73		0.65		0.76		0.57			0.52			0.59
Less distributions:
Dividends from net investment income ($)		-0.53		-0.45		-0.56		-0.59		-0.51		-0.62		-0.34			-0.29			-0.36
Distributions from capital gains		—		—		—		-0.01		-0.01		-0.01		—			—			—
Return of capital		—		—		—		—		—		—		—			—			—
Total distributions		-0.53		-0.45		-0.56		-0.60		-0.52		-0.63		-0.34			-0.29			-0.36
Net asset value, end of year ($)		9.96		9.95		9.96		10.11		10.10		10.11		9.98			9.97			9.98
Total return(c) (%)		3.74		2.97		4.03		7.49		6.69		7.85		5.94	(a)		5.47	(a)		6.20	(a)
Ratios and supplemental data
Net assets, end of year (millions) ($)		247		184		710		346		159		511		220			113			309
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		1.25	(b)(d)		2.00	(b)(d)		0.80	(b)(d)
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		1.09		1.83		0.84		1.13		1.88		0.88		1.27	(b)(d)		2.02	(b)(d)		1.03	(b)(d)
Ratio of net investment income to average net assets including fee waivers and reimbursements/(recoupments) (%)		5.17		4.42		5.43		5.80		5.07		6.14		5.75	(b)(d)		4.98	(b)(d)		6.23	(b)(d)
Ratio of net investment income to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		5.17		4.43		5.42		5.80		5.07		6.06		5.73	(b)(d)		4.96	(b)(d)		6.00	(b)(d)
Portfolio turnover rate (%)		43.02		43.02		43.02		49.71		49.71		49.71		25.02	(a)		25.02	(a)		25.02	(a)

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149

First Eagle Fund of America

Financial Highlights

	Year Ended October 31,
	2016
	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 ($)		35.79			30.07			36.62			36.56
Income (loss) from investment operations:
Net investment income (loss) ($)		0.14			-0.10			0.24			0.14
Net realized and unrealized gains (losses) on investments		-1.99			-1.65			-2.04			-2.03
Total income (loss) from investment operations		-1.85			-1.75			-1.80			-1.89
Less distributions:
Dividends from net investment income ($)		-0.01			—			-0.10			-0.00	**
Distributions from capital gains		-1.00			-1.00			-1.00			-1.00
Total distributions		-1.01			-1.00			-1.10			-1.00
Net asset value, end of year ($)		32.93			27.32			33.72			33.67
Total return(a) (%)		-5.30	(b)		-5.99	(b)		-5.01	(b)		-5.28	(b)
Ratios and supplemental data
Net assets, end of year (millions) ($)		865			510			808			386
Ratio of operating expenses to average net assets including earnings credits (%)		1.32			2.08			1.03			1.33
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.32			2.08			1.03			1.33
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.43			-0.35			0.71			0.40
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.43			-0.35			0.71			0.40
Portfolio turnover rate (%)		55.06			55.06			55.06			55.06

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

*  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 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.

(b)  In 2016, the Fund received a voluntary reimbursement by the subadviser for a realized investment loss. By excluding this reimbursement, total returns would have been -5.30%, -6.02%, -5.01% and -5.31 for Class A, Class C, Class I and Class Y, respectively.

(c)  Not Annualized

(d)  Annualized

See Notes to Financial Statements.

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150

	Year Ended October 31,
	2015										2014
	Class A		Class C			Class I			Class Y		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 ($)		38.58		32.98			39.39			39.35		34.76		29.94		35.47		35.42
Income (loss) from investment operations:
Net investment income (loss) ($)		0.05		-0.20			0.16			0.05		0.17		-0.10		0.25		0.17
Net realized and unrealized gains (losses) on investments		-0.01		-0.00	**		-0.00	**		-0.02		4.26		3.66		4.36		4.34
Total income (loss) from investment operations		0.04		-0.20			0.16			0.03		4.43		3.56		4.61		4.51
Less distributions:
Dividends from net investment income ($)		-0.12		—			-0.22			-0.11		-0.09		—		-0.17		-0.06
Distributions from capital gains		-2.71		-2.71			-2.71			-2.71		-0.52		-0.52		-0.52		-0.52
Total distributions		-2.83		-2.71			-2.93			-2.82		-0.61		-0.52		-0.69		-0.58
Net asset value, end of year ($)		35.79		30.07			36.62			36.56		38.58		32.98		39.39		39.35
Total return(a) (%)		0.19		-0.55			0.48			0.18		12.92		12.06		13.20		12.91
Ratios and supplemental data
Net assets, end of year (millions) ($)		1,332		742			1,168			496		1,204		632		888		528
Ratio of operating expenses to average net assets including earnings credits (%)		1.35		2.10			1.05			1.36		1.36		2.11		1.11		1.36
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.35		2.10			1.05			1.36		1.36		2.11		1.11		1.36
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.12		-0.63			0.41			0.12		0.45		-0.31		0.66		0.45
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.12		-0.63			0.41			0.12		0.45		-0.31		0.66		0.45
Portfolio turnover rate (%)		32.23		32.23			32.23			32.23		35.18		35.18		35.18		35.18

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151

First Eagle Fund of America

Financial Highlights (continued)

	Year Ended October 31,
	2013
	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 ($)		26.86		23.30		31.01			27.37
Income (loss) from investment operations:
Net investment income (loss) ($)		0.10		-0.12		0.07			0.12
Net realized and unrealized gains (losses) on investments		7.81		6.76		4.39			7.94
Total income (loss) from investment operations		7.91		6.64		4.46			8.06
Less distributions:
Dividends from net investment income ($)		-0.01		—		—			-0.01
Distributions from capital gains		—		—		—			—
Total distributions		-0.01		—		—			-0.01
Net asset value, end of year ($)		34.76		29.94		35.47			35.42
Total return(a) (%)		29.45		28.44		14.38	(c)		29.45
Ratios and supplemental data
Net assets, end of year (millions) ($)		1,036		455		491			504
Ratio of operating expenses to average net assets including earnings credits (%)		1.41		2.16		1.19	(d)		1.41
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.41		2.16		1.19	(d)		1.41
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.31		-0.46		0.34	(d)		0.39
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.31		-0.46		0.34	(d)		0.39
Portfolio turnover rate (%)		32.12		32.12		32.12	(c)		32.12

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

**  Amount represents less than $0.01 per share.

(a)  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.

(b)  In 2016, the Fund received a voluntary reimbursement by the subadviser for a realized investment loss. By excluding this reimbursement, total returns would have been -5.30%, -6.02%, -5.01% and -5.31 for Class A, Class C, Class I and Class Y, respectively.

(c)  Not Annualized

(d)  Annualized

See Notes to Financial Statements.

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152

	Year Ended October 31,
	2012
	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 ($)		24.91		22.01		25.35
Income (loss) from investment operations:
Net investment income (loss) ($)		0.04		-0.13		0.04
Net realized and unrealized gains (losses) on investments		3.73		3.24		3.80
Total income (loss) from investment operations		3.77		3.11		3.84
Less distributions:
Dividends from net investment income ($)		—		—		—
Distributions from capital gains		-1.82		-1.82		-1.82
Total distributions		-1.82		-1.82		-1.82
Net asset value, end of year ($)		26.86		23.30		27.37
Total return(a) (%)		16.46		15.62		16.50
Ratios and supplemental data
Net assets, end of year (millions) ($)		699		246		667
Ratio of operating expenses to average net assets including earnings credits (%)		1.44		2.19		1.44
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.44		2.19		1.44
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.14		-0.61		0.14
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.14		-0.61		0.14
Portfolio turnover rate (%)		31.48		31.48		31.48

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153

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 seven separate portfolios, First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Yield Fund and First Eagle Fund of America (each individually a "Fund" or collectively the "Funds"). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Fund of America, which are non-diversified. The Trust is a Delaware statutory trust. The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. The First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its assets in domestic equity and debt securities. The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. The First Eagle Global Income Builder Fund 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 foreign equity securities. The Board of Trustees of the Trust voted on June 9, 2016 to liquidate and dissolve the First Eagle Absolute Return Fund, with a liquidation date of September 23, 2016 (the "Liquidation Date").

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. Additionally, Class Y on First Eagle Fund of America is closed to new investors, subject to certain limited exceptions. Additional information can be found in the Funds' prospectus.

First Eagle Investment Management, LLC (the "Adviser"), a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"), manages the Funds. Private equity funds managed by The Blackstone Group, LP and Corsair Capital LLC and certain co-investors own a controlling interest in First Eagle Holdings.

The following is a summary of significant accounting policies that are adhered to by the Funds. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946—Investment Companies, which is part of 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

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Notes to Financial Statements

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 and silver (First Eagle Gold Fund only) (bullion). Trading in bullion directly by the Funds 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, 2016, the First Eagle Global Cayman Fund, Ltd. has $3,046,602,025 in net assets, representing 6.13% 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, 2016, the First Eagle Overseas Cayman Fund, Ltd. has $627,934,715 in net assets, representing 4.12% 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, 2016, the First Eagle U.S. Value Cayman Fund, Ltd. has $199,601,759 in net assets, representing 9.18% 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, 2016, the First Eagle Gold Cayman Fund, Ltd. has $294,644,732 in net assets, representing 22.97% 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 generally 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

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Notes to Financial Statements

between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security traded on the NASDAQ, in which case it is valued at its last sale price (or, if available, the NASDAQ Official Closing Price).

Prior to December 31, 2015, all bonds, whether listed on an exchange or traded in the over-the-counter market, for which market quotations were readily available were valued at the mean between the bid and ask prices provided by an approved pricing service, or received from dealers in the over-the-counter market in the United States or abroad. Effective December 31, 2015, all bonds, whether listed on an exchange or traded in the over-counter-market, for which market quotations are readily available, are generally priced at the evaluated bid price. 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. Between December 15, 2014 and December 31, 2015, short-term investments, maturing in sixty days or less, were valued at market price; prior to December 15, 2014, they were valued at amortized cost. Effective December 31, 2015, short-term investments, maturing in sixty days or less, are valued at evaluated bid prices.

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

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 primary exchange or market on which they are traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market. 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

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Notes to Financial Statements

particular holding, such holdings may be "fair valued" in accordance with procedures approved by the Board of Trustees ("Board"). Additionally, with respect to foreign holdings, specifically in circumstances leading the Adviser to believe that significant events occurring after the close of a foreign market have materially affected the value of a Fund's holdings in that market, such holdings may be fair valued to reflect the events in accordance with procedures approved by the Board. The determination of whether a particular foreign investment should be fair valued will be based on review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets and security-specific events. The values assigned to a Fund's holdings therefore may differ on occasion from reported market values.

Certain Funds with non-U.S. holdings have adopted procedures under which movements in 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 Board 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.

First Eagle Funds | Annual Report | October 31, 2016
157

Notes to Financial Statements

Fair valuation of securities, other financial investments or other assets (collectively, "securities") held by the Funds shall be determined in good faith under the supervision and responsibility of the Board. The Board has created a Board Valuation Committee (the "Committee") to oversee the execution of the valuation and liquidity procedures for the Fund.

It is the policy of the Funds to recognize significant transfers between Levels 1, 2 and 3 and to value those transfers as of the beginning of the period.

The following is a summary of the Funds' inputs used to value the Funds' investments as of October 31, 2016:

First Eagle Global Fund

Description	Level 1		Level 2(a)		Level 3		Total
Assets:†
International Common Stocks	$	19,240,410,278	$	—	$	72,479,724	$	19,312,890,002
U.S. Common Stocks		17,272,852,476		734,830		—		17,273,587,306
Investment Company		68,382		—		—		68,382
Commodity*		3,436,319,050		—		—		3,436,319,050
Government Obligations		—		500,426,250		—		500,426,250
U.S. Corporate Bond		—		5,193,650		—		5,193,650
International Corporate Notes and Bonds		—		13,667,718		29,639,257		43,306,975
International Government Bonds		—		670,716,192		—		670,716,192
International Commercial Paper		—		2,734,702,722		—		2,734,702,722
U.S. Commercial Paper		—		5,763,924,625		—		5,763,924,625
Foreign Currency Contracts**		—		49,845,667		—		49,845,667
Total	$	39,949,650,186	$	9,739,211,654	$	102,118,981	$	49,790,980,821
Liabilities:
Foreign Currency Contracts**	$	—	$	435,909	$	—	$	435,909
Total	$	—	$	435,909	$	—	$	435,909

(a)  Transfers into/out of Level 2 represent value as of the beginning of the period. An international common stock valued at $4,988,845 was transferred from Level 2 to Level 1 during the year ended October 31, 2016. At October 31, 2015, this security was valued based on fair value adjustment factors; at October 31, 2016, this security was valued using quoted market prices in active markets. There was no security transfer activity from Level 1 to Level 2 as of the year ended October 31, 2016.

†  See Consolidated Schedule of Investments for additional detailed categorizations.

*  Represents gold bullion.

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

First Eagle Funds | Annual Report | October 31, 2016
158

Notes to Financial Statements

Fair Value Level 3 activity for the period ended October 31, 2016 was as follows:

First Eagle Global Fund (continued)

	International Common Stocks		International Corporate Notes and Bonds			Total Value
Beginning Balance — market value	$	9,098,334	$	35,470,356		$	44,568,690
Purchases		—		35,817,442			35,817,442
Sales		—		(41,444,027	)		(41,444,027	)
Transfer In — Level 3		—		—			—
Transfer Out — Level 3		—		—			—
Accrued Amortization		—		—			—
Realized Gains (Losses)		—		(1,480,654	)		(1,480,654	)
Change in Unrealized Appreciation (Depreciation)		63,381,390		1,276,140			64,657,530
Ending Balance — market value	$	72,479,724	$	29,639,257		$	102,118,981
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	63,381,390	$	1,276,140		$	64,657,530

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at October 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
International Common Stocks	$	10,171,419	Comparable Security	Market Discount		30	% (30%)
	$	62,308,305	Market Comparable Companies	Enterprise Value Multiple		0.37 4.35x (1.8x)	x -
	$	72,479,724
International Corporate Notes and Bonds	$	29,639,257	Market Comparable Companies	Enterprise Value Multiple		0.37 4.35x (1.8x)	x -
Total	$	102,118,981

The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. 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 market discount may decrease (increase) the fair value measurement.

First Eagle Funds | Annual Report | October 31, 2016
159

Notes to Financial Statements

First Eagle Overseas Fund

Description	Level 1		Level 2(a)		Level 3			Total
Assets:†
International Common Stocks	$	10,608,025,896	$	—	$	96,722,155		$	10,704,748,051
U.S. Common Stock		37,950,720		—		—			37,950,720
International Preferred Stock		5,440,163		—		—			5,440,163
Investment Company		121,191		—		—			121,191
Right		—		—		—	^		—	^
Commodity*		882,980,785		—		—			882,980,785
Bank Loans		—		—		1,988,655			1,988,655
U.S. Bond		—		10,012,550		—			10,012,550
International Corporate Notes and Bonds		—		—		19,759,505			19,759,505
International Government Bonds		—		313,431,205		20,891,605	(b)		334,322,810
International Commercial Paper		—		1,275,760,146		—			1,275,760,146
U.S. Commercial Paper		—		1,919,153,695		—			1,919,153,695
Foreign Currency Contracts**		—		26,225,806		—			26,225,806
Total	$	11,534,518,755	$	3,544,583,402	$	139,361,920		$	15,218,464,077
Liabilities:
Foreign Currency Contracts**	$	—	$	153,057	$	—		$	153,057
Total	$	—	$	153,057	$	—		$	153,057

(a)  Transfers into/out of Level 2 represent value as of the beginning of the period. An International Government Bond valued at $21,569,900 was transferred from Level 2 to Level 3 during the year ended October 31, 2016. At October 31, 2015, this security was valued using brokers and pricing services; at October 31, 2016, this security was 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 as of the year ended October 31, 2016.

(b)  This investment is valued by brokers and pricing services. The inputs for this investment are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1(b).

†  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.

First Eagle Funds | Annual Report | October 31, 2016
160

Notes to Financial Statements

Fair Value Level 3 activity for the period ended October 31, 2016 was as follows:

First Eagle Overseas Fund (continued)

	International Common Stocks		Right			Bank Loans			International Corporate Notes and Bonds			International Government Notes and Bonds			Total Value
Beginning Balance — market value	$	31,100,511	$	—	^	$	2,975,177		$	23,646,904		$	—		$	57,722,592
Purchases		636,263		—			—			23,878,379			—			24,514,642
Sales		—		—			(3,461,056	)		(27,621,564	)		—			(31,082,620	)
Transfer In — Level 3		—		—			—			—			21,569,900			21,569,900
Transfer Out — Level 3		—		—			—			—			—			—
Accrued Amortization		—		—			—			—			(171,234	)		(171,234	)
Realized Gains (Losses)		—		—			(870,941	)		(985,169	)		—			(1,856,110	)
Change in Unrealized Appreciation (Depreciation)		64,985,381		—			3,345,475			840,955			(507,061	)		68,664,750
Ending Balance — market value	$	96,722,155	$	—	^	$	1,988,655		$	19,759,505		$	20,891,605		$	139,361,920
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	64,985,381	$	—		$	1,998,746		$	840,955		$	(507,061	)	$	67,318,021

^Fair value represents zero.

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at October 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
International Common Stocks	$	12,397,710	Comparable Security	Market Discount		30	% (30%)
	$	912,888	Non-marketable Security	Liquidity Discount		5% (5%)
	$	23,213,525	Market Comparable Companies	Enterprise Value Multiple		0.37x - 4.35x (1.8x)
	$	60,198,032	Market Comparable Companies	Enterprise Value Multiple		0.81 8.25x (4.53x)	x -
	$	96,722,155

First Eagle Funds | Annual Report | October 31, 2016
161

Notes to Financial Statements

Quantitative Information about Level 3 Fair Value Measurements (continued)
	Fair Value at October 31, 2016		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
Bank Loans	$	1,988,655	Non-marketable Security Anticipated In-Kind Distribution	Liquidity DiscountRedemption to be Received		5Fair Value 34.50 z?* (34.50 z?)	% (5%)
International Corporate Notes and Bonds	$	19,759,505	Market Comparable Companies	Enterprise Value Multiple		0.37 4.35x (1.8x)	x -
Total	$	118,470,315

*  zf represents Polish Zloty (PLN).

The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. 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 market discount may decrease (increase) the fair value measurement. Significant increases (decreases) in liquidity discount may decrease (increase) the fair value measurement.

First Eagle Funds | Annual Report | October 31, 2016
162

Notes to Financial Statements

First Eagle U.S. Value Fund

Description	Level 1		Level 2		Level 3		Total
Assets:†
U.S. Common Stocks	$	1,467,297,072	$	—	$	—	$	1,467,297,072
International Common Stocks		127,566,493		—		—		127,566,493
Investment Company		7,185		—		—		7,185
Commodity*		199,644,364		—		—		199,644,364
U.S. Corporate Bonds		—		19,960,631		—		19,960,631
U.S. Treasury Bills		—		109,988,480		—		109,988,480
International Commercial Paper		—		100,020,587		—		100,020,587
U.S. Commercial Paper		—		166,068,368		—		166,068,368
Total	$	1,794,515,114	$	396,038,066	$	—	$	2,190,553,180

†  See Consolidated Schedule of Investments for additional detailed categorizations.

*  Represents gold bullion.

  For the year ended October 31, 2016, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

First Eagle Gold Fund

Description	Level 1		Level 2		Level 3			Total
Assets:†
International Common Stocks	$	741,353,863	$	—	$	—		$	741,353,863
U.S. Common Stocks		168,184,023		—		—			168,184,023
Investment Company		10,969		—		—			10,969
Warrant		128,864		—		—			128,864
Commodities*		294,761,231		—		—			294,761,231
International Convertible Bonds		—		2,014,500		15,412,500	(a)		17,427,000
International Commercial Paper		—		62,819,795		—			62,819,795
Total	$	1,204,438,950	$	64,834,295	$	15,412,500		$	1,284,685,745

(a)  Represents an international 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 and silver bullion.

  For the year ended October 31, 2016, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

First Eagle Funds | Annual Report | October 31, 2016
163

Notes to Financial Statements

Fair Value Level 3 activity for the period ended October 31, 2016 was as follows:

First Eagle Gold Fund (continued)

	International Convertible Bond
Beginning Balance — market value	$	24,140,625
Purchases		—
Sales		(9,800,000	)
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued Amortization		—
Realized Gains (Losses)		(200,000	)
Change in Unrealized Appreciation (Depreciation)		1,271,875
Ending Balance — market value	$	15,412,500
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	1,271,875

First Eagle Funds | Annual Report | October 31, 2016
164

Notes to Financial Statements

First Eagle Global Income Builder Fund

Description	Level 1		Level 2(a)		Level 3			Total
Assets:†
International Common Stocks	$	461,333,581	$	—	$	1,104,000	(b)	$	462,437,581
U.S. Common Stocks		189,798,798		—		—			189,798,798
U.S. Preferred Stocks		1,844,658		—		—			1,844,658
Investment Company		18,514		—		—			18,514
Commodity*		18,332,303		—		—			18,332,303
U.S. Corporate Bonds		—		294,434,912		—			294,434,912
International Corporate Bonds		—		90,314,394		—			90,314,394
International Government Bonds		—		23,674,942		—			23,674,942
Bank Loans		—		6,311,667		15,742,586	(c)		22,054,253
International Commercial Paper		—		109,957,890		—			109,957,890
Foreign Currency Contracts**		—		944,691		—			944,691
Total	$	671,327,854	$	525,638,496	$	16,846,586		$	1,213,812,936
Liabilities:
Foreign Currency Contracts**	$	—	$	42,903	$	—		$	42,903
Total	$	—	$	42,903	$	—		$	42,903

(a)  Transfers into/out of Level 2 represent value as of the beginning of the period. Bank loans valued at $12,091,915 were transferred from Level 2 to Level 3 during the year ended October 31, 2016. At October 31, 2015, these securities were valued by brokers and pricing services; at October 31, 2016, 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 as of the year ended October 31, 2016.

(b)  Represents an international common stock that is fair valued using a comparable security from the same issuer that is publicly traded.

(c)  These investments are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1(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.

First Eagle Funds | Annual Report | October 31, 2016
165

Notes to Financial Statements

Fair Value Level 3 activity for the period ended October 31, 2016 was as follows:

First Eagle Global Income Builder Fund (continued)

	International Common Stock			Bank Loans			Total Value
Beginning Balance — market value	$	1,490,000		$	8,549,033		$	10,039,033
Purchases		—			—			—
Sales		—			(3,621,037	)		(3,621,037	)
Transfer In — Level 3		—			12,091,915			12,091,915
Transfer Out — Level 3		—			—			—
Accrued Amortization		—			53,229			53,229
Realized Gains (Losses)		—			(1,643,596	)		(1,643,596	)
Change in Unrealized Appreciation (Depreciation)		(386,000	)		313,042			(72,958	)
Ending Balance — market value	$	1,104,000		$	15,742,586		$	16,846,586
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(386,000	)	$	(619,646	)	$	(1,005,646	)

First Eagle Funds | Annual Report | October 31, 2016
166

Notes to Financial Statements

First Eagle High Yield Fund

Description	Level 1		Level 2(a)		Level 3			Total
Assets:†
U.S. Common Stock	$	—	$	54,528	$	—		$	54,528
U.S. Corporate Bonds		—		358,583,987		—			358,583,987
International Corporate Bonds		—		94,279,227		—			94,279,227
Bank Loans		—		34,238,429		23,173,146	(b)		57,411,575
International Commercial Paper		—		70,711,643		—			70,711,643
Investment Company		369,856		—		—			369,856
Foreign Currency Contracts*		—		69,737		—			69,737
Total	$	369,856	$	557,937,551	$	23,173,146		$	581,480,553
Liabilities:
Foreign Currency Contracts*	$	—	$	72,316	$	—		$	72,316
Total	$	—	$	72,316	$	—		$	72,316

(a)  Transfers into/out of Level 2 represent value as of the beginning of the period. Bank loans valued at $16,369,211 were transferred from Level 2 to Level 3 during the year ended October 31, 2016. At October 31, 2015, these securities were valued using brokers and pricing services; at October 31, 2016, these securities were valued using other significant unobservable inputs. Bank loans valued at $14,174,789 were transferred from Level 3 to Level 2 during the year ended October 31, 2016. At October 31, 2015, these securities were valued using other significant unobservable inputs; at October 31, 2016, these securities were valued using brokers and pricing services. There was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1 as of the year ended October 31, 2016.

(b)  These investments are valued by brokers and pricing services. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 1(b).

†  See Schedule of Investments for additional detailed categorizations.

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

First Eagle Funds | Annual Report | October 31, 2016
167

Notes to Financial Statements

Fair Value Level 3 activity for the period ended October 31, 2016 was as follows:

First Eagle High Yield Fund (continued)

	U.S. Corporate Bond			International Corporate Bonds			Bank Loans			Total Value
Beginning Balance — market value	$	1,490,680		$	12,494,111		$	34,957,320		$	48,942,111
Purchases		—			—			—			—
Sales		(3,579,582	)		(9,371,054	)		(9,322,241	)		(22,272,877	)
Transfer In — Level 3		—			—			16,369,211			16,369,211
Transfer Out — Level 3		—			—			(14,174,789	)		(14,174,789	)
Accrued Amortization		648			10,810			137,502			148,960
Realized Gains (Losses)		4			(10,930,397	)		(449,785	)		(11,380,178	)
Change in Unrealized Appreciation (Depreciation)		2,088,250			7,796,530			(4,344,072	)		5,540,708
Ending Balance — market value	$	—		$	—		$	23,173,146		$	23,173,146
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	—		$	—		$	(4,344,072	)	$	(4,344,072	)

First Eagle Funds | Annual Report | October 31, 2016
168

Notes to Financial Statements

First Eagle Fund of America

Description	Level 1		Level 2		Level 3		Total
Assets:†
U.S. Common Stocks	$	2,367,324,665	$	—	$	—	$	2,367,324,665
International Common Stocks		165,835,875		—		—		165,835,875
Investment Company		25,758,346		—		—		25,758,346
Total	$	2,558,918,886	$	—	$	—	$	2,558,918,886
Liabilities:
Covered Call Options Written	$	16,305,573	$	—	$	—	$	16,305,573
Total	$	16,305,573	$	—	$	—	$	16,305,573

†  See Schedule of Investments for additional detailed categorizations.

  For the year ended October 31, 2016, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

The significant unobservable inputs used in the fair value measurement of the Funds' investments are disclosed after each table, if applicable. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. 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.

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 may be allocated to each Fund in proportion to its relative net assets. Certain expenses are shared with the First Eagle Absolute Return Fund, until Liquidation Date, and 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 Absolute Return Fund, until Liquidation Date, and 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

First Eagle Funds | Annual Report | October 31, 2016
169

Notes to Financial Statements

in the financial statements after translation to U.S. dollars based on the applicable exchange rates at the end of the period. The costs of such securities are translated at exchange rates prevailing when acquired. Related interest, dividends and withholding taxes are accrued at the rates of exchange prevailing on the respective dates of such transactions.

The net assets of each of the Funds are presented at the foreign exchange rates and market values at the close of the period. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the securities. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the 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. For the year ended October 31, 2016, the average monthly principal amount outstanding for forward currency contracts totaled $1,030,810,659, $565,058,610, $32,154,993, and $4,868,590 for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle Global Income Builder Fund and First Eagle High Yield Fund, respectively.

The Funds adopted provisions surrounding disclosures of 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.

In order to better define its contractual rights and to secure rights that may help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives

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Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter ("OTC") derivatives and foreign exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment. With respect to certain counterparties, in accordance with the terms of the ISDA Master Agreement, the Funds may be required to post or receive collateral in the form of cash or debt securities issued by the U.S. Government or related agencies. Daily movement of cash collateral is subject to minimum threshold amounts. Cash collateral that has been pledged to cover obligations of a Fund, if any, is reported separately on the Statement of Assets and Liabilities as cash pledged. Non-cash collateral pledged by the Fund, if any, is noted in the Schedule of Investments. Collateral received by the Funds is held in a segregated account at the Funds' custodian bank. These amounts are not reflected on the Funds' Statements of Assets and Liabilities and are disclosed in the table below. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out netting) including the bankruptcy or insolvency of the counterparty. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Asset and Liabilities.

At October 31, 2016, 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 Loss(3)			Change in Appreciation (Depreciation)(4)
Foreign Currency	$	49,845,667	$	435,909	$	(15,113,599	)	$	44,235,033

First Eagle Overseas Fund

					Gain or (Loss) Derivative Recognized in Income
Risk Type	Asset Derivative Fair Value(1)		Liability Derivative Fair Value(2)		Realized Loss(3)			Change in Appreciation (Depreciation)(4)
Foreign Currency	$	26,225,806	$	153,057	$	(8,390,317	)	$	22,752,514

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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 (Depreciation)(4)
Foreign Currency	$	944,691	$	42,903	$	567,480	$	352,755

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 Gain(3)		Change in Appreciation (Depreciation)(4)
Foreign Currency	$	69,737	$	72,316	$	131,173	$	(79,098	)

(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.

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, 2016:

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	$	13,645,553	$	—		$	—		$	13,645,553
Goldman Sachs Capital Markets LP		2,565,649		—			(2,320,000	)		245,649
HSBC Bank USA		15,398,044		(435,909	)		—			14,962,135
JPMorgan Chase Bank N.A.		5,983,994		—			—			5,983,994
UBS AG		12,252,427		—			—			12,252,427
	$	49,845,667	$	(435,909	)	$	(2,320,000	)	$	47,089,758

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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	$	435,909	$	(435,909	)	$	—	$	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	$	7,065,161	$	—		$	—		$	7,065,161
Goldman Sachs Capital Markets LP		1,382,306		—			(1,260,000	)		122,306
HSBC Bank USA		7,888,632		(153,057	)		—			7,735,575
JPMorgan Chase Bank N.A.		3,399,774		—			—			3,399,774
UBS AG		6,489,933		—			—			6,489,933
	$	26,225,806	$	(153,057	)	$	(1,260,000	)	$	24,812,749
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	$	153,057	$	(153,057	)	$	—		$	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	$	189,162	$	—		$	—	$	189,162
Goldman Sachs Capital Markets LP		30,869		—			—		30,869
HSBC Bank USA		310,876		—			—		310,876
JPMorgan Chase Bank N.A.		275,829		(42,903	)		—		232,926
UBS AG		137,955		—			—		137,955
	$	944,691	$	(42,903	)	$	—	$	901,788

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Counterparty	Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged		Net Amount (Not Less Than $0)
JPMorgan Chase Bank N.A.	$	42,903	$	(42,903	)	$	—	$	0

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	$	69,737	$	(69,737	)	$	—	$	0
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	$	72,316	$	(69,737	)	$	—	$	2,579

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, First Eagle Global Income Builder Fund and First Eagle Fund of America may 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 segregate or 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

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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 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, 2016, First Eagle Fund of America had the following options transactions.

First Eagle Fund of America

Written Options	Number of Contracts			Premium Received
Options outstanding at October 31, 2015		100,114		$	31,309,788
Options written		920,608			319,063,335
Options assigned		(58,244	)		(16,469,745	)
Options expired/closed		(891,728	)		(310,666,619	)
Options outstanding at October 31, 2016		70,750		$	23,236,759
Purchased Options	Number of Contracts			Cost
Options outstanding at October 31, 2015		7,335		$	6,499,487
Options purchased		40,194			16,832,756
Options expired/closed		(47,529	)		(23,332,243	)
Options outstanding at October 31, 2016		0		$	0

As of October 31, 2016, portfolio securities valued at $387,189,648 were earmarked to cover collateral requirements for written options.

For the year ended October 31, 2016 for First Eagle Fund of America, the average monthly outstanding contract amount for written options and purchased options totaled 130,035 and 3,839, respectively.

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At October 31, 2016, the Funds had the following options grouped into appropriate risk categories illustrated below:

First Eagle Fund of America

			Gain or (Loss) Derivative Recognized in Income
Risk Type	Liability Derivative Fair Value(1)		Realized Loss(2)			Change in Appreciation (Depreciation)(3)
Equity — Written options	$	16,305,573	$	(20,851,116	)	$	22,763,531
Equity — Purchased options		—		(8,377,538	)		484,852

(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.

(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)  Bank Loans — A Fund may invest in bank 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 principal value of TIPS will be adjusted upward or downward and any increase or decrease in the principal amount of TIPS will be

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Notes to Financial Statements

included as interest income in the Statements of Operations, even though investors do not receive their principal until maturity. TIPS are subject to interest rate risk.

k)  Restricted Securities — The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included at the end of each Fund's Schedule of Investments.

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 Subchapter M of the Internal Revenue Code applicable to the 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 and First Eagle Global Income Builder Fund which 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, 2016, the components of accumulated earnings on a tax basis were as follows:

	Undistributed Net Investment		Undistributed Net Realized		Net Unrealized Appreciation			Capital Loss Carryforward
	Income		Gains		(Depreciation)			Short-Term		Long-Term
First Eagle Global Fund	$	267,168,064	$	2,014,728,366	$	9,852,938,211		$	—	$	—
First Eagle Overseas Fund		192,281,031		340,547,420		2,495,365,865			—		—
First Eagle U.S. Value Fund		8,257,679		171,454,410		523,147,813			—		—
First Eagle Gold Fund		—		—		153,158,418			29,284,690		457,213,560
First Eagle Global Income Builder Fund		—		—		11,127,073			14,556,528		33,632,248
First Eagle High Yield Fund		—		—		(19,395,342	)		7,576,926		77,983,183
First Eagle Fund of America		5,349,891		152,963,632		349,741,844			—		—

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, distributions from real estate investment trusts, the treatment of foreign currencies, investment in grantor trusts, straddle loss deferral, investment in partnerships, investments in corporate reorganizations and wash sales.

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

Late year ordinary losses incurred after December 31^st and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended October 31, 2016, the Funds did not have late year ordinary loss deferrals.

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	$	(16,466,181	)	$	(210,650,495	)	$	227,116,676
First Eagle Overseas Fund		882,606			(33,073,439	)		32,190,833
First Eagle U.S. Value Fund		(3,042,992	)		(21,291,092	)		24,334,084
First Eagle Gold Fund		7,981,610			(576,653	)		(7,404,957	)
First Eagle Global Income Builder Fund		(690,170	)		978,757			(288,587	)
First Eagle High Yield Fund		(574,240	)		574,240			—
First Eagle Fund of America		(508,932	)		(15,499,952	)		16,008,884

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 grantor trusts and differing book and tax treatment of transactions with the Subsidiary.

At the year ended October 31, 2016 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 unrealized losses 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 reclassified to Capital surplus.

n)  Distributions to shareholders — Distributions to shareholders during the fiscal year ended October 31, 2016, which are determined in accordance with income tax regulations, are recorded on ex-dividend date.

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	Ordinary Income				Long Term Capital Gains
	2016		2015		2016		2015
First Eagle Global Fund	$	125,873,030	$	421,226,138	$	441,726,455	$	2,016,914,559
First Eagle Overseas Fund		85,400,658		215,419,353		108,915,230		455,312,376
First Eagle US Value Fund		5,804,566		13,735,845		101,674,327		171,522,636
First Eagle Gold Fund		—		—		—		—
First Eagle Global Income Builder Fund		36,765,418		44,390,102		—		13,609,028
First Eagle High Yield Fund		38,977,810		57,723,180		—		6,140,033
First Eagle Fund of America		3,604,877		10,241,089		105,558,117		239,386,031

	Return of Capital 2016
First Eagle High Yield Fund	$	3,296,617

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. 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.

r)  Foreign Taxes — The Funds may be subject to foreign taxes on income, and 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	(1)
First Eagle Gold Fund		0.75

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Notes to Financial Statements

Fund	Management Fee (% of Average Daily Net Assets)
First Eagle Global Income Builder Fund		0.75	%
First Eagle High Yield Fund		0.70	(2)
First Eagle Fund of America		0.90	(3)

(1) The Adviser has agreed to waive First Eagle U.S. Value Fund's management fee at an annual rate in the amount of 0.05% of the daily average net assets to 0.70% for the period March 1, 2016 to February 28, 2017.

(2) 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 March 1, 2016 to February 28, 2017.

(3) Effective March 1, 2016, the Adviser receives from First Eagle Fund of America an annual advisory fee at the rate of 0.90% of the first $5 billion of the average daily net assets, and 0.85% in excess of $5 billion of the average daily net assets. Prior to March 1, 2016, the Adviser received 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. For the period ended October 31, 2016 the effective rate was 0.92%.

Pursuant to a subadvisory agreement, dated December 1, 2015 ("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, 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 did 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 recoupment payment 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, 2016, the Adviser may seek reimbursement of the remaining waived fees and reimbursed expenses as follows:

First Eagle High Yield Fund

Expiration	Amount
December 31, 2016	$	44,141

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For the year ended October 31, 2016, the First Eagle High Yield Fund made repayments to the Adviser for previously waived and reimbursed fees in the amount of $16,673.

The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the Funds, and in accordance with its agreement with the Adviser, the Funds (except for First Eagle Global Income Builder Fund and First Eagle High Yield Fund which pay the fee described in the next paragraph) reimburse the Adviser for costs (including personnel 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.

Pursuant to Administrative Services Agreements between each of First Eagle Global Income Builder Fund and, effective January 1, 2015, First Eagle High Yield Fund, and the Adviser, each 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.

For the year ended October 31, 2016, the Funds paid/reimbursed and had payable to the Adviser amounts shown below:

Fund	Reimbursed to Adviser		Payable to Adviser
First Eagle Global Fund	$	2,401,338	$	281,959
First Eagle Overseas Fund		942,867		91,994
First Eagle U.S. Value Fund		352,147		44,750
First Eagle Gold Fund		170,235		24,558
First Eagle Global Income Builder Fund		594,983		51,651
First Eagle High Yield Fund		312,605		24,954
First Eagle Fund of America		339,702		16,820

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 and silver bullion in the Funds. Under the terms of the custody agreement between the Funds and SSB, SSB maintains and deposits in separate accounts, cash, securities and other assets of the Funds. SSB is also required, upon the order of the Funds, to deliver securities held by SSB and the sub-custodian, and to make payments for securities purchased by the Funds. SSB has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities.

The Funds have also entered into an agreement for administrative services 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.

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181

Notes to Financial Statements

FEF Distributors, LLC, a wholly owned subsidiary of the Adviser, serves as the Funds' principal underwriter. For the year ended October 31, 2016, FEF Distributors, LLC realized $1,087,416, $95,128, $42,625, $106,213, $53,086, $35,690 and $84,192, 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, 2016, balances to the Plan are recorded on the Statements of Assets and Liabilities.

Note 3 — Plans of Distribution

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

The Distributor bears distribution costs of a Fund to the extent they exceed payments received under the Plan. For the year ended October 31, 2016, 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, 2016, 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, 2016, the cost of purchases of investments, excluding U.S. Government and short-term securities, totaled $4,675,059,350, $1,081,442,126, $203,041,664, $225,744,055, $325,997,138, $200,931,984 and $1,726,487,265 for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global

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Notes to Financial Statements

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 $8,113,203,818, $1,513,523,536, $691,828,377, $164,015,162, $423,949,968, $439,795,328 and $2,613,634,159 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, 2016, there were no purchases or sales of U.S. Government securities, excluding short-term securities, for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Yield Fund and First Eagle Fund of America.

Note 5 — Line of Credit

On September 13, 2016, the Board of Trustees approved continuing a $200 million committed, unsecured line of credit ("Credit Facility") with SSB for the Funds, to be utilized for temporarily financing the purchase or sale of securities for prompt delivery in the ordinary course of business or for temporarily financing the redemption of shares of each Fund at the request of shareholders and other temporary or emergency purposes. Under the Credit Facility arrangement, each Fund has agreed to pay an annual commitment fee on the unused balance, allocated pro rata, based on the relative asset size of the Funds. A portion of the commitment fees related to the line of credit are paid by the Funds and are included in other expenses in the Statements of Operations. During the year ended October 31, 2016, 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	$	296,923		3	$	40		1.63	%
First Eagle Global Income Builder Fund		279,506		3		38		1.65
First Eagle Global Income Builder Fund		919,728		4		170		1.67
First Eagle High Yield Fund		1,570,556		1		71		1.64
First Eagle Fund of America		8,159,887		2		498		1.64

As of October 31, 2016 there were no outstanding borrowings from the credit facility.

Note 6 — Capital Stock

At October 31, 2016, 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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183

Notes to Financial Statements

Transactions in shares of capital stock were as follows:

	Year Ended October 31, 2016
	First Eagle Global Fund
	Class A			Class C			Class I
Shares sold		35,478,250			22,287,069			102,308,951
Shares issued for reinvested dividends and distributions		3,132,469			1,824,723			4,215,747
Shares redeemed		(64,150,688	)		(38,643,835	)		(86,539,097	)
Net increase (decrease)		(25,539,969	)		(14,532,043	)		19,985,601
	Year Ended October 31, 2015
	First Eagle Global Fund
	Class A			Class C			Class I
Shares sold		35,268,493			23,699,677			76,913,336
Shares issued for reinvested dividends and distributions		14,471,183			8,073,955			15,651,689
Shares redeemed		(66,288,695	)		(36,418,310	)		(87,397,967	)
Net increase (decrease)		(16,549,019	)		(4,644,678	)		5,167,058
	Year Ended October 31, 2016
	First Eagle Gold Fund
	Class A			Class C			Class I
Shares sold		11,499,211			3,300,310			17,999,203
Shares issued for reinvested dividends and distributions		74			18			—
Shares redeemed		(11,586,930	)		(3,749,121	)		(14,575,731	)
Net increase (decrease)		(87,645	)		(448,793	)		3,423,472
	Year Ended October 31, 2015
	First Eagle Gold Fund
	Class A			Class C			Class I
Shares sold		11,930,370			2,434,131			12,736,019
Shares issued for reinvested dividends and distributions		130			67			—
Shares redeemed		(13,646,508	)		(4,228,696	)		(15,227,543	)
Net increase (decrease)		(1,716,008	)		(1,794,498	)		(2,491,524	)

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184

	Year Ended October 31, 2016
	First Eagle Overseas Fund									First Eagle U.S. Value Fund
	Class A			Class C			Class I			Class A			Class C			Class I
Shares sold		24,249,268			4,855,034			134,540,454			3,450,912			1,746,069			6,097,760
Shares issued for reinvested dividends and distributions		2,198,896			447,977			5,223,533			1,977,025			1,114,245			1,682,512
Shares redeemed		(56,471,879	)		(9,426,937	)		(81,371,443	)		(13,472,905	)		(6,967,793	)		(13,360,216	)
Net increase (decrease)		(30,023,715	)		(4,123,926	)		58,392,544			(8,044,968	)		(4,107,479	)		(5,579,944	)
	Year Ended October 31, 2015
	First Eagle Overseas Fund									First Eagle U.S. Value Fund
	Class A			Class C			Class I			Class A			Class C			Class I
Shares sold		30,427,100			5,758,589			91,897,145			5,458,592			3,003,940			10,302,661
Shares issued for reinvested dividends and distributions		9,073,023			1,704,684			15,678,736			3,143,567			1,622,912			2,708,050
Shares redeemed		(56,671,827	)		(8,435,341	)		(104,101,674	)		(18,090,056	)		(8,037,548	)		(22,226,589	)
Net increase (decrease)		(17,171,704	)		(972,068	)		3,474,207			(9,487,897	)		(3,410,696	)		(9,215,878	)
	Year Ended October 31, 2016
	First Eagle Global Income Builder Fund									First Eagle High Yield Fund
	Class A			Class C			Class I			Class A			Class C			Class I
Shares sold		9,043,664			6,278,823			19,504,104			6,543,342			2,930,008			10,187,275
Shares issued for reinvested dividends and distributions		920,353			672,441			1,107,079			1,061,176			668,075			2,223,425
Shares redeemed		(15,262,800	)		(11,224,517	)		(18,117,328	)		(12,673,290	)		(5,421,563	)		(30,514,970	)
Net increase (decrease)		(5,298,783	)		(4,273,253	)		2,493,855			(5,068,772	)		(1,823,480	)		(18,104,270	)
	Year Ended October 31, 2015
	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		11,704,029			9,577,337			17,154,498			7,817,319			2,463,611			26,240,158
Shares issued for reinvested dividends and distributions		1,502,646			1,118,542			1,589,567			1,247,845			785,317			3,416,032
Shares redeemed		(13,515,431	)		(8,285,431	)		(17,784,945	)		(11,197,627	)		(7,254,182	)		(47,779,023	)
Net increase (decrease)		(308,756	)		2,410,448			959,120			(2,132,463	)		(4,005,254	)		(18,122,833	)

Notes to Financial Statements

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185

Notes to Financial Statements

	Year Ended October 31, 2016
	First Eagle Fund of America
	Class A			Class C			Class I			Class Y
Shares sold		4,616,309			2,153,269			6,043,475			724,265
Shares issued for reinvested dividends and distributions		956,790			693,945			670,632			362,429
Shares redeemed		(16,518,187	)		(8,876,527	)		(14,629,832	)		(3,181,956	)
Net increase (decrease)		(10,945,088	)		(6,029,313	)		(7,915,725	)		(2,095,262	)
	Year Ended October 31, 2015
	First Eagle Fund of America
	Class A			Class C			Class I			Class Y
Shares sold		11,375,895			7,673,674			13,562,817			1,557,773
Shares issued for reinvested dividends and distributions		2,232,595			1,412,932			1,259,320			999,228
Shares redeemed		(7,614,310	)		(3,554,189	)		(5,462,428	)		(2,410,531	)
Net increase (decrease)		5,994,180			5,532,417			9,359,709			146,470

Transactions in dollars of capital stock were as follows:

	Year Ended October 31, 2016
	First Eagle Global Fund
	Class A			Class C			Class I
Shares sold	$	1,910,627,823		$	1,160,488,995		$	5,552,368,774
Shares issued for reinvested dividends and distributions		159,787,433			90,561,107			215,846,251
Shares redeemed		(3,433,964,228	)		(2,009,882,894	)		(4,602,393,482	)
Net increase (decrease)	$	(1,363,548,972	)	$	(758,832,792	)	$	1,165,821,543
	Year Ended October 31, 2015
	First Eagle Global Fund
	Class A			Class C			Class I
Shares sold	$	1,882,683,045		$	1,233,690,921		$	4,120,832,467
Shares issued for reinvested dividends and distributions		739,622,809			404,101,868			802,931,711
Shares redeemed		(3,524,237,211	)		(1,893,659,710	)		(4,663,103,567	)
Net increase (decrease)	$	(901,931,357	)	$	(255,866,921	)	$	260,660,611

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	Year Ended October 31, 2016
	First Eagle Overseas Fund
	Class A			Class C			Class I
Shares sold	$	547,919,219		$	106,525,510		$	3,127,274,492
Shares issued for reinvested dividends and distributions		47,672,257			9,385,128			115,492,285
Shares redeemed		(1,274,954,452	)		(206,549,818	)		(1,872,493,836	)
Net increase (decrease)	$	(679,362,976	)	$	(90,639,180	)	$	1,370,272,941
	Year Ended October 31, 2015
	First Eagle Overseas Fund
	Class A			Class C			Class I
Shares sold	$	694,012,785		$	127,322,462		$	2,132,752,758
Shares issued for reinvested dividends and distributions		194,162,834			35,440,449			342,110,095
Shares redeemed		(1,286,051,819	)		(185,324,821	)		(2,397,902,889	)
Net increase (decrease)	$	(397,876,200	)	$	(22,561,910	)	$	76,959,964

Notes to Financial Statements

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187

Notes to Financial Statements

	Year Ended October 31, 2016
	First Eagle U.S. Value Fund
	Class A			Class C			Class I
Shares sold	$	65,966,016		$	32,762,383		$	120,161,696
Shares issued for reinvested dividends and distributions		36,219,314			20,000,706			31,210,593
Shares redeemed		(258,336,015	)		(131,340,199	)		(258,129,939	)
Net increase (decrease)	$	(156,150,685	)	$	(78,577,110	)	$	(106,757,650	)
	Year Ended October 31, 2015
	First Eagle U.S. Value Fund
	Class A			Class C			Class I
Shares sold	$	109,557,157		$	59,254,394		$	207,604,536
Shares issued for reinvested dividends and distributions		61,488,226			31,322,256			53,619,398
Shares redeemed		(361,075,493	)		(158,755,123	)		(450,704,353	)
Net increase (decrease)	$	(190,030,110	)	$	(68,178,473	)	$	(189,480,419	)

	Year Ended October 31, 2016
	First Eagle High Yield Fund
	Class A			Class C			Class I
Shares sold	$	54,959,226		$	24,773,260		$	85,537,059
Shares issued for reinvested dividends and distributions		8,937,073			5,608,211			18,683,656
Shares redeemed		(107,572,665	)		(45,504,285	)		(255,582,789	)
Net increase (decrease)	$	(43,676,366	)	$	(15,122,814	)	$	(151,362,074	)
	Year Ended October 31, 2015
	First Eagle High Yield Fund
	Class A			Class C			Class I
Shares sold	$	72,157,346		$	23,208,644		$	249,506,974
Shares issued for reinvested dividends and distributions		11,715,193			7,364,603			32,097,393
Shares redeemed		(106,008,862	)		(68,215,333	)		(451,181,992	)
Net increase (decrease)	$	(22,136,323	)	$	(37,642,086	)	$	(169,577,625	)

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	Year Ended October 31, 2016
	First Eagle Gold Fund									First Eagle Global Income Builder Fund
	Class A			Class C			Class I			Class A			Class C			Class I
Shares sold	$	190,230,966		$	50,385,226		$	298,662,063		$	96,186,879		$	66,308,777		$	207,109,859
Shares issued for reinvested dividends and distributions		1,284			235			3			9,836,154			7,170,083			11,822,875
Shares redeemed		(185,993,125	)		(55,781,716	)		(216,467,908	)		(161,390,415	)		(118,162,719	)		(189,077,596	)
Net increase (decrease)	$	4,239,125		$	(5,396,255	)	$	82,194,158		$	(55,367,382	)	$	(44,683,859	)	$	29,855,138
	Year Ended October 31, 2015
	First Eagle Gold Fund									First Eagle Global Income Builder Fund
	Class A			Class C			Class I			Class A			Class C			Class I
Shares sold	$	166,942,899		$	32,311,867		$	177,977,021		$	129,455,279		$	105,893,330		$	188,339,045
Shares issued for reinvested dividends and distributions		2,027			906			—			16,244,858			12,057,152			17,142,957
Shares redeemed		(184,532,240	)		(55,581,885	)		(212,714,595	)		(148,722,401	)		(90,789,241	)		(195,344,103	)
Net increase (decrease)	$	(17,587,314	)	$	(23,269,112	)	$	(34,737,574	)	$	(3,022,264	)	$	27,161,241		$	10,137,899

	Year Ended October 31, 2016
	First Eagle Fund of America
	Class A			Class C			Class I			Class Y
Shares sold	$	155,182,822		$	60,883,214		$	207,053,628		$	24,924,812
Shares issued for reinvested dividends and distributions		32,951,785			19,957,823			23,592,833			12,761,129
Shares redeemed		(553,057,402	)		(247,914,397	)		(503,691,117	)		(109,558,764	)
Net increase (decrease)	$	(364,922,795	)	$	(167,073,360	)	$	(273,044,656	)	$	(71,872,823	)
	Year Ended October 31, 2015
	First Eagle Fund of America
	Class A			Class C			Class I			Class Y
Shares sold	$	427,786,509		$	243,686,750		$	519,384,321		$	60,031,283
Shares issued for reinvested dividends and distributions		78,833,583			42,190,415			45,373,323			36,042,154
Shares redeemed		(285,495,070	)		(112,903,474	)		(208,926,563	)		(93,040,793	)
Net increase (decrease)	$	221,125,022		$	172,973,691		$	355,831,081		$	3,032,644

Notes to Financial Statements

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Notes to Financial Statements

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 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 during the year ended October 31, 2016.

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 and Shareholders 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 and 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 (hereafter collectively referred to as the "Funds") as of October 31, 2016, 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 in the period 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 audit 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 as of October 31, 2016 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
New York, New York
December 28, 2016

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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, 2016 and held for the six-months ended October 31, 2016.

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		2.57	%	$	1,000.00	$	1,025.70		1.08	%	$	5.50
Class C		2.18			1,000.00		1,021.80		1.85			9.40
Class I		2.70			1,000.00		1,027.00		0.84			4.28
First Eagle Overseas Fund Consolidated
Class A		1.66			1,000.00		1,016.60		1.10			5.58
Class C		1.28			1,000.00		1,012.80		1.88			9.51
Class I		1.84			1,000.00		1,018.40		0.85			4.31
First Eagle U.S. Value Fund Consolidated
Class A		1.98			1,000.00		1,019.80		1.05			5.33
Class C		1.56			1,000.00		1,015.60		1.84			9.32
Class I		2.10			1,000.00		1,021.00		0.80			4.06
First Eagle Gold Fund Consolidated
Class A		-1.21			1,000.00		987.90		1.21			6.05
Class C		-1.57			1,000.00		984.30		1.97			9.83
Class I		-1.02			1,000.00		989.80		0.93			4.65
First Eagle Global Income Builder Fund
Class A		2.72			1,000.00		1,027.20		1.16			5.91
Class C		2.32			1,000.00		1,023.20		1.93			9.82
Class I		2.75			1,000.00		1,027.50		0.91			4.64
First Eagle High Yield Fund
Class A		8.49			1,000.00		1,084.90		1.12			5.87
Class C		8.09			1,000.00		1,080.90		1.87			9.78
Class I		8.65			1,000.00		1,086.50		0.83			4.35
First Eagle Fund of America
Class A		-0.81			1,000.00		991.90		1.27			6.36
Class C		-1.16			1,000.00		988.40		2.07			10.35
Class I		-0.68			1,000.00		993.20		1.02			5.11
Class Y		-0.80			1,000.00		992.00		1.29			6.46

(1)  For the six-months ended October 31, 2016.

(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 184/366 (to reflect the one-half year period).

First Eagle Funds | Annual Report | October 31, 2016
193

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, 2016 and held for the six-months ended October 31, 2016.

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	$	1,019.71		1.08	%	$	5.48
Class C		5.00			1,000.00		1,015.84		1.85			9.37
Class I		5.00			1,000.00		1,020.91		0.84			4.27
First Eagle Overseas Fund Consolidated
Class A		5.00			1,000.00		1,019.61		1.10			5.58
Class C		5.00			1,000.00		1,015.69		1.88			9.53
Class I		5.00			1,000.00		1,020.86		0.85			4.32
First Eagle U.S. Value Fund Consolidated
Class A		5.00			1,000.00		1,019.86		1.05			5.33
Class C		5.00			1,000.00		1,015.89		1.84			9.32
Class I		5.00			1,000.00		1,021.11		0.80			4.06
First Eagle Gold Fund Consolidated
Class A		5.00			1,000.00		1,019.05		1.21			6.14
Class C		5.00			1,000.00		1,015.23		1.97			9.98
Class I		5.00			1,000.00		1,020.46		0.93			4.72
First Eagle Global Income Builder Fund
Class A		5.00			1,000.00		1,019.30		1.16			5.89
Class C		5.00			1,000.00		1,015.43		1.93			9.78
Class I		5.00			1,000.00		1,020.56		0.91			4.62
First Eagle High Yield Fund
Class A		5.00			1,000.00		1,019.51		1.12			5.69
Class C		5.00			1,000.00		1,015.74		1.87			9.48
Class I		5.00			1,000.00		1,020.96		0.83			4.22
First Eagle Fund of America
Class A		5.00			1,000.00		1,018.75		1.27			6.44
Class C		5.00			1,000.00		1,014.73		2.07			10.48
Class I		5.00			1,000.00		1,020.01		1.02			5.18
Class Y		5.00			1,000.00		1,018.65		1.29			6.55

(1)  For the six-months ended October 31, 2016.

(2)  Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 184/366 (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 (1) a description of the Funds' proxy voting policies, (2) a description of the Funds' 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, 2016 (unaudited)

Each Fund designates the following amounts (or the maximum amount allowable) distributed during the fiscal year ended October 31, 2016, 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%
First Eagle Global Fund		100	%		100	%	$	643,759,404
First Eagle Overseas Fund *		100	%		0.17	%		129,623,596
First Eagle U.S. Value Fund		100	%		100	%		124,969,751
First Eagle Gold Fund		—			—			—
First Eagle Global Income Builder Fund		43.57	%		12.34	%		—
First Eagle High Yield Fund		—			—			—
First Eagle Fund of America		100	%		100	%		121,026,013

* First Eagle Overseas Fund paid foreign taxes of $29,836,397, and recognized Section 853 foreign source income of $185,068,541. 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, 2016.

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197

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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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: James T. Shotwell Professor Emerita of International Relations, School of International and Public Affairs, Columbia; prior to 2016, President, American University in Cairo

Number of Portfolios in the Fund Complex Overseen by Trustee: 8

Other Directorships/Trusteeships Held by Trustee: Director, Advisory Board Middle East Centre, London School of Economics; Member Emerita, Human Rights Watch; Member, Advisory Board, School of Public Affairs, Sciences Po (Institute of Political Studies), Paris; 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: 8

Other Directorships/Trusteeships Held by Trustee: Lead Trustee, Vornado Realty Trust; Director, ALSTOM; Director, Rockefeller Financial Services, Inc. and Rockefeller & Company, Inc.; Trustee, Metropolitan Museum of Art; Trustee, Chairman, 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: 8

Other Directorships/Trusteeships Held by Trustee: Director, RenaissanceRe Holdings Ltd; prior to June 2012, Director, Four Nations; Chairman, Investment Committee, Thomas Cole National Historic Site; Member, Investment Advisory Committee, Liz Claiborne and Art Ortenberg Foundation; 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: 8

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

Number of Portfolios in the Fund Complex Overseen by Trustee: 8

Other Directorships/Trusteeships Held by Trustee: Trustee Emeritus, 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

Number of Portfolios in the Fund Complex Overseen by Trustee: 8

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: Director, First Eagle Investment Management, LLC; Director, First Eagle Holdings, Inc; Director, FEF Distributors, LLC; Prior to March 2016, Co-President and Co-CEO, First Eagle Holdings, Inc; CIO and Chairman, First Eagle Investment Management, LLC; CEO and Chairman, FEF Distributors, LLC

Number of Portfolios in the Fund Complex Overseen by Trustee: 8

Other Directorships/Trusteeships Held by Trustee: Chairman and Director, Arnhold Ceramics; Director, The Arnhold Foundation; Director, The Mulago Foundation; Director, WNET.org; Trustee Emeritus, Trinity Episcopal Schools Corp.; Trustee, Vassar College; Trustee, Jazz at Lincoln Center; Chairman, International Tennis Hall of Fame; Member, Investment Committee of the USTA; 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

(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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202

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: 8

Other Directorships/Trusteeships Held by Trustee: Director, Varenne Capital Partners; Trustee, FIAF (Alliance Francaise); prior to March 2015, Trustee, The Frick Collection; 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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203

Additional Information (unaudited)

Officers⁽⁶⁾—(continued)

Albert Pisano | Chief Compliance Officer | July 2015 to present
1345 Avenue of the Americas | New York, New York | 10105
(born April 1960)

Principal Occupation(s) During Past Five (5) Years: Chief Compliance Officer and Senior Vice President, First Eagle Investment Management; prior to June 30, 2014, Director and Chief Compliance Officer of Allianz Global Investors Fund Management LLC, and also served as Deputy Chief Compliance Officer for Allianz Global Investors U.S. LLC; Chief Compliance Officer, First Eagle Variable Funds from July 2015

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

Tricia Larkin | Treasurer | March 2016 to present
1345 Avenue of the Americas | New York, New York | 10105
(born July 1979)

Principal Occupation(s) During Past Five (5) Years: Vice President, First Eagle Investment Management, LLC; prior to March 2016, Vice President of Fund Administration, State Street Corporation; prior to November 2013, Director of Fund Administration, Assistant Vice President, State Street Corporation; prior to March 2012, Assistant Director of Fund Administration, Officer, State Street Corporation; 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

Neal Ashinsky | Assistant Treasurer | October 2015 to present
1345 Avenue of the Americas | New York, New York | 10105
(Born October 1987)

Principal Occupation(s) During Past Five (5) Years: Assistant Vice President, First Eagle Investment Management, LLC from August 2015; Advisory Senior Associate, KPMG LLP from November 2014; Assurance Senior Associate, PwC LLP from September 2010; 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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204

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

Albert Pisano

Chief Compliance Officer

Suzan J. Afifi

Secretary & Vice President

Tricia Larkin

Treasurer

Michael Luzzatto

Vice President

Neal Ashinsky

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 Corporation

Corporate Headquarters
State Street Financial Center
One Lincoln Street
Boston, Massachusetts 02111

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, 2016 and October 31, 2015, the aggregate PricewaterhouseCoopers LLP (PwC) audit fees for professional services rendered to the registrant were approximately $439,200 and $438,190, 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, 2016 and October 31, 2015, 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, 2016 and October 31, 2015, the aggregate tax fees billed by PwC for professional services rendered to the registrant were approximately $498,050 and $452,149, 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, 2016 and October 31, 2015, 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, 2016, 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 2016 and 2015.

(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: December 28, 2016

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: December 28, 2016

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

Date: December 28, 2016

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