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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-7762
First Eagle Funds
(Exact name of registrant as specified in charter)
1345 Avenue of the Americas New York, NY					10105
(Address of principal executive offices)					(Zip code)
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:		April 30, 2017

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

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

Item 1.            Reports to Stockholders.

Semi-Annual Report

April 30, 2017

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 | Semi-Annual Report | April 30, 2017
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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	46
Consolidated Schedule of Investments	48
First Eagle U.S. Value Fund:
Fund Overview	72
Consolidated Schedule of Investments	74
First Eagle Gold Fund:
Fund Overview	84
Consolidated Schedule of Investments	86
First Eagle Global Income Builder Fund:
Fund Overview	90
Schedule of Investments	92
First Eagle High Yield Fund:
Fund Overview	106
Schedule of Investments	108
First Eagle Fund of America:
Fund Overview	120
Schedule of Investments	122
Statements of Assets and Liabilities	128
Statements of Operations	136
Statements of Changes in Net Assets	140
Financial Highlights	144
Notes to Financial Statements	164
Fund Expenses	202
General Information	208

First Eagle Funds | Semi-Annual Report | April 30, 2017
3

Letter from the President

John P. Arnhold

Dear Fellow Shareholders,

For the period from November 1, 2016 through April 30, 2017, the S&P 500 Index was up 13.32%, the MSCI World Index rose 12.12% and the MSCI EAFE Index increased 11.47%. France's CAC 40 Index was up 16.81%, Germany's DAX Index climbed 16.62% and Japan's Nikkei 225 Index rose 10.17% during the period. The price of WTI crude oil rose from $46.83 a barrel on November 1 to $49.31 a barrel on April 30. During this same period, the dollar strengthened 0.66% versus the euro and strengthened 5.73% versus the yen. The price of gold declined from $1,277.00 an ounce on November 1 to $1,267.70 an ounce on April 30.

During this period, the Bloomberg Barclays U.S. High Yield Corporate Index returned 5.30% and the Bloomberg Barclays U.S. Aggregate Index returned -0.67%.

In the six months since my last letter, stocks generally advanced strongly around the globe. The economic backdrop was generally favorable, and growth resumed in many parts of the world. The CBOE Volatility Index (VIX), which is sometimes called the uncertainty index, was low through most of the period. In short, the financial markets behaved as if there were little risk on the horizon.

We do not share this sanguine view. Markets are said to like certainty, but as we survey the world, certainty is hard to find. In the US equity market, the Trump rally seems to be driven by a widespread belief that tax reform and infrastructure spending will spur growth at US companies. While this is, indeed, possible, we think the fate of these initiatives in Congress is far from certain. In China, the world's second-largest economy, high levels of debt are a long-term concern. In Europe, extreme populist candidates were defeated in French and Dutch national elections, which reduced the immediate threat to the EU's survival. Nonetheless, the region still has large hurdles to overcome, including the need to recapitalize major banks.

Meanwhile, on the geopolitical front, North Korea, Russia and China all present challenges, and peace in the Middle East remains elusive.

Despite these conditions, money continued to pour into equity ETFs and index funds, generally driving up the share prices of companies that are included in major

First Eagle Funds | Semi-Annual Report | April 30, 2017
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Letter from the President

indexes. Investors appeared to be more interested in gaining broad exposure to equity assets than they were in discriminating among individual companies. In this environment, momentum can beget more momentum, and valuation may play little role in determining the price of a company's shares.

At First Eagle, we strive to preserve the purchasing power of our investors' capital. While we aim to be prudent in all market environments, we believe that present conditions call for an added measure of caution.

Global Value Team

In the period from November 2016 through April 2017, the Global Value team did not share the apparent enthusiasm of other equity investors. Strengthening stock markets took overall valuation levels to territory that made it difficult to find exciting new opportunities. The portfolio managers trimmed or eliminated positions where prices had approached their estimates of intrinsic value. As a result, levels of cash and cash equivalents in the portfolios were at the higher end of their range.

Acknowledging that they did not know whether global stock markets would rise or fall over the next quarter or year, portfolio managers on the Global Value team remained true to their value investment philosophy and their active, disciplined, bottom-up approach. They focused on buying and holding stocks they believed offered a "margin of safety"—a discount to their estimates of intrinsic value. They sought to avoid companies with high leverage or with leaders who did not allocate capital effectively. They found opportunities in energy stocks driven lower by the decline in oil prices, in the sovereign debt of some peripheral issuers, and in a company with new management. On weakness in the gold price, they also made a small addition to their position in gold.

High Yield Team

The High Yield team suspected that credit risk, duration risk and liquidity risk were all mispriced during this period. Although leverage increased in the high yield market, spreads generally compressed—an indication that investors were reaching for yield by going lower in the credit spectrum and accepting less compensation for the incremental risk.

Duration, historically, has been secondary to credit as a risk factor in the high yield market, but today, there's a distinct possibility that yields will increase and that a duration-induced drop in value will ensue. Nevertheless, there were few signs that the market was focusing on the management of duration.

Liquidity risk has increased because of constraints introduced in the Dodd-Frank Act and the Volcker Rule. Banks and brokerage houses are no longer willing to maintain large inventories of high yield bonds. In the past—for a price—they served

First Eagle Funds | Semi-Annual Report | April 30, 2017
5

Letter from the President

as shock absorbers in risk-off markets. In the absence of these players, the market seems to be mispricing liquidity risk. The team believes that liquidity was overpriced a year ago and that it is underpriced today.

In this environment of perceived mispriced risks, the High Yield team elected to move up in credit quality while at the same keeping duration relatively short to reduce the portfolio's sensitivity to rising interest rates. It also retained cash and cash equivalents to help manage its duration exposure and prepare itself to take advantage of situations where it can provide liquidity at an attractive price.

Fund of America Team

The Fund of America team was encouraged to see a rebound in stocks that it believed were unfairly punished in the fourth quarter of 2016 following the US election. Within the US economy, data were mixed: Consumer confidence was high and job growth was good, but auto sales showed signs of slowing.

The team does not expect economic growth to accelerate in the United States. Instead, it anticipates a continuation of the slow and unsteady progress we have witnessed for the last several years. Even at this late stage of the US bull market, the Fund of America team continued to identify many new stock-specific opportunities. Recognizing the benefits of broader diversification, it created a portfolio containing more names than a year ago.

Although the US stock market may look fully valued, the strategic levers that good management teams can pull have the potential to unlock shareholder value. The Fund of America team believes that this environment may be suitable for its style of investing.

This is my last letter to you as president of First Eagle Funds, and as I transition from this role, I want to thank you for your confidence and support over the years. Mehdi Mahmud, CEO of First Eagle Investment Management, has been elected as the new president of First Eagle Funds, effective July 1, 2017. I am confident that under his stewardship, you will continue to benefit from the careful and disciplined management of your assets.

Sincerely,

John P. Arnhold
President

June 2017

First Eagle Funds | Semi-Annual Report | April 30, 2017
6

Management's Discussion of Fund Performance

First Eagle Global Fund

The net asset value ("NAV") of the Fund's Class A shares increased 6.48% for the six months ending April 30, 2017 while the MSCI World Index increased 12.12%. The Fund's cash and cash equivalents position was 19.97% as of April 30, 2017.

The five largest contributors to the performance of First Eagle Global Fund over the period were Comcast Corporation (cable and satellite, US), Oracle Corporation (systems software, US), American Express Company (consumer finance, US), Microsoft Corporation (systems software, US) and Anthem, Inc. (managed health care, US). These investments collectively accounted for 1.71% points of this period's performance.

The five largest detractors were KDDI Corporation (wireless telecommunication services, Japan), Vista Outdoor, Inc. (leisure products, US), Cenovus Energy, Inc. (integrated oil & gas, Canada), TechnipFMC PLC (oil & gas equipment & services, UK) and gold bullion. Their combined negative performance over the six months subtracted 0.65% points from performance.

First Eagle Overseas Fund

The NAV of the Fund's Class A shares increased 4.34% for the six months ending April 30, 2017 while the MSCI EAFE Index increased 11.47%. The Fund's cash and cash equivalents position was 19.95% as of April 30, 2017.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were Berkeley Group Holdings PLC (homebuilding, UK), Bouygues SA (construction & engineering, France), Sompo Holdings, Inc. (property & casualty insurance, Japan), Fanuc Corporation (industrial machinery, Japan) and Cie de Saint-Gobain (building products, France). These investments collectively accounted for 1.53% points of this period's performance.

The five largest detractors were KDDI Corporation (wireless telecommunication services, Japan), Cenovus Energy, Inc. (integrated oil & gas, Canada), Emin Leydier SA (consumer finance, France), Carrefour SA (hypermarkets & super centers, France) and Shimano, Inc. (leisure products, Japan). Their combined negative performance over the six months subtracted 0.90% points from performance.

  Performance information for Class A Shares is without the effect of sales charges and assumes all distributions have been reinvested. If a sales charge was included values would be lower.

First Eagle Funds | Semi-Annual Report | April 30, 2017
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Management's Discussion of Fund Performance

First Eagle U.S. Value Fund

The NAV of the Fund's Class A shares increased 8.84% for the six months ending April 30, 2017 while the S&P 500 Index increased 13.32%. The Fund's cash and cash equivalents position was 20.23% as of April 30, 2017.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Comcast Corporation (cable & satellite), Oracle Corporation (systems software), Microsoft Corporation (systems software), Orbital ATK, Inc. (aerospace & defense) and American Express Company (consumer finance). These investments collectively accounted for 3.04% points of this period's performance.

The five largest detractors were Vista Outdoor, Inc. (leisure products), TechnipFMC PLC (oil & gas equipment & services, UK), Schlumberger (oil & gas equipment & services), gold bullion and Newcrest Mining Limited (mining, Australia). Their combined negative performance subtracted 0.80% points from performance.

First Eagle Gold Fund

The NAV of the Fund's Class A shares decreased 6.06% for the six months ending April 30, 2017 while the FTSE Gold Mines Index decreased 7.50%. The Fund's cash and cash equivalents position was 4.30% as of April 30, 2017.

The five largest contributors to the performance of First Eagle Gold Fund over the period were Eldorado Gold Corporation (Canada), Franco-Nevada Corporation (Canada), Randgold Resources Limited (Africa), Osisko Gold Royalties Limited (Canada) and Royal Gold, Inc. (US). These investments collectively accounted for 1.36% of this period's performance.

The five largest detractors were Tahoe Resources, Inc. (US), New Gold, Inc. (Canada), Newcrest Mining Limited (Australia), Detour Gold Corporation (Canada) and gold bullion. Their combined negative performance subtracted 4.40% points from performance.

First Eagle Global Income Builder Fund

The NAV of the Fund's Class A shares increased 6.56% for the six months ending April 30, 2017 while the composite index¹ increased 6.86%. The Bloomberg Barclays US Aggregate Bond Index returned -0.67% while the MSCI World Index increased 12.12%. The Fund's cash and cash equivalents position was 10.12% as of April 30, 2017.

¹  The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg Barclays U.S. Aggregate Bond Index.

First Eagle Funds | Semi-Annual Report | April 30, 2017
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Management's Discussion of Fund Performance

The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were Berkeley Group Holdings PLC (homebuilding, UK), Bouygues SA (construction & engineering, France), Microsoft Corporation (systems software, US), Xilinx, Inc. (semiconductors, US) and Anthem, Inc. (managed health care, US). These investments collectively accounted for 1.38% points of this period's performance.

The five largest detractors were Asian Pay Television Trust (Pay-TV business trust, Singapore), KDDI Corporation (wireless telecommunication services, Japan), Cenovus Energy, Inc. (integrated oil & gas, Canada), Carrefour SA (hypermarkets & super centers, France) and Goldcorp, Inc. (mining, Canada). Their combined negative performance subtracted 0.54% points from performance.

First Eagle High Yield Fund

The NAV of the Fund's Class I shares increased 4.07% for the six months ending April 30, 2017 while the Bloomberg Barclays U.S. Corporate High Yield Index increased 5.30%. The Fund's cash and cash equivalents position was 10.78% as of April 30, 2017.

The five largest contributors to the performance of First Eagle High Yield Fund over the period were Enquest PLC 7.00% due 04/15/2022 (oil company-exploration & production, UK), Caelus Energy Alaska 03 LLC Second Lien Term Loan 8.75% due 04/15/2020 (oil company-exploration & production, US), Osum Productions Corporation Term Loan B 6.50% due 07/31/2020 (oil & gas exploration & production, US), Cloud Peak Energy Resources LLC 12.00% due 11/01/2021 (coal, US) and EP Energy Corporation 9.375% due 05/01/2020 (oil company-exploration & production, US). These investments collectively accounted for 1.44% points of this period's performance.

The five largest detractors were Bi-Lo Holdings LLC 8.625% due 09/15/2018 (food-retail, US), Payless, Inc. First Lien Term Loan 5.03% due 03/11/2021 (apparel retail, US), Rex Energy Corporation 1.00% due 10/01/2020 (oil & gas exploration & production, US), Vista Outdoor, Inc. 5.875% due 10/01/2023 (leisure products, US) and True Religion Apparel, Inc. First Lien Term Loan 6.02% due 07/30/2019 (apparel, accessories & luxury goods, US). Their combined negative performance subtracted 0.64% points from performance.

First Eagle Fund of America

The NAV of the Fund's Class A shares increased 14.63% for the six months ending April 30, 2017 while the S&P 500 Index increased 13.32%. The Fund's cash and cash equivalents position was 2.92% as of April 30, 2017.

First Eagle Funds | Semi-Annual Report | April 30, 2017
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Management's Discussion of Fund Performance

The five largest contributors to the performance of Fund of America over the period were Wyndham Worldwide Corporation (hotels, resorts and cruise lines), Halozyme Therapeutics, Inc. (biotechnology), General Dynamics Corporation (aerospace & defense), Martin Marietta Materials, Inc. (construction materials) and Packaging Corporation of America (paper packaging). These investments collectively accounted for 7.73% points of this period's performance.

The five largest detractors were Pitney Bowes, Inc. (offices services & supplies), Tyson Foods, Inc. (packaged foods & meats), Hertz Global Holdings, Inc. (trucking), Intrexon Corporation (biotechnology) and SemGroup Corporation (oil & gas storages & transportation). Their combined negative performance subtracted 2.45% 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
Sean Slein Portfolio Manager Global Income Builder and High Yield Funds	Harold Levy Portfolio Manager Fund of America

First Eagle Funds | Semi-Annual Report | April 30, 2017
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Management's Discussion of Fund Performance

Eric Stone Portfolio Manager Fund of America	Thomas Kertsos Portfolio Manager Gold Fund
June 2017

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 June 2017 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 | Semi-Annual Report | April 30, 2017
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Performance Chart¹ (unaudited)

	One- Year			Three- Years			Five- Years			Ten- Years			Since Inception			Inception Date
First Eagle Global Fund
Class A (SGENX) without sales charge		9.21	%		5.07	%		7.66	%		6.28	%		13.32	%	01/01/792
with sales charge		3.75	%		3.29	%		6.56	%		5.73	%		13.21	%	01/01/792
Class C (FESGX)		7.40	%		4.28	%		6.86	%		5.48	%		10.10	%	06/05/00
Class I (SGIIX)		9.52	%		5.35	%		7.94	%		6.55	%		10.92	%	07/31/98
Class R6 (FEGRX)		—			—			—			—			0.49	%	03/01/17
MSCI World Index3		14.65	%		5.68	%		9.94	%		3.92	%		9.58	%	01/01/79
First Eagle Overseas Fund4
Class A (SGOVX) without sales charge		6.08	%		3.43	%		6.42	%		4.69	%		10.71	%	08/31/93
with sales charge		0.75	%		1.68	%		5.33	%		4.15	%		10.53	%	08/31/93
Class C (FESOX)		4.26	%		2.67	%		5.63	%		3.91	%		9.48	%	06/05/00
Class I (SGOIX)		6.37	%		3.71	%		6.70	%		4.96	%		10.75	%	07/31/98
Class R6 (FEORX)		—			—			—			—			2.33	%	03/01/17
MSCI EAFE Index5		11.29	%		0.86	%		6.78	%		0.87	%		4.93	%	08/31/93
First Eagle U.S. Value Fund
Class A (FEVAX) without sales charge		10.99	%		5.91	%		8.08	%		6.61	%		9.02	%	09/04/01
with sales charge		5.42	%		4.11	%		6.97	%		6.07	%		8.66	%	09/04/01
Class C (FEVCX)		9.09	%		5.10	%		7.26	%		5.80	%		8.20	%	09/04/01
Class I (FEVIX)		11.27	%		6.19	%		8.36	%		6.88	%		9.29	%	09/04/01
Class R6 (FEVRX)		—			—			—			—			-1.06	%	03/01/17
S&P 500 Index6		17.92	%		10.47	%		13.68	%		7.15	%		6.99	%	09/04/01

First Eagle Funds | Semi-Annual Report | April 30, 2017
12

Performance Chart (unaudited)

	One- Year			Three- Years			Five- Years			Ten- Years			Since Inception			Inception Date
First Eagle Gold Fund
Class A (SGGDX) without sales charge		-7.19	%		-0.08	%		-8.95	%		0.07	%		5.43	%	08/31/93
with sales charge		-11.84	%		-1.77	%		-9.88	%		-0.44	%		5.26	%	08/31/93
Class C (FEGOX)		-8.85	%		-0.87	%		-9.67	%		-0.70	%		4.92	%	05/15/03
Class I (FEGIX)		-6.89	%		0.21	%		-8.70	%		0.33	%		5.99	%	05/15/03
Class R6 (FEURX)		—			—			—			—			-1.76	%	03/01/17
FTSE Gold Mines Index7		-12.47	%		-0.07	%		-12.57	%		-4.27	%		-0.97	%	08/31/93
MSCI World Index3		14.65	%		5.68	%		9.94	%		3.92	%		6.77	%	08/31/93
First Eagle Global Income Builder
Class A (FEBAX) without sales charge		9.45	%		2.96	%		—			—			6.56	%	05/01/12
with sales charge		4.00	%		1.22	%		—			—			5.46	%	05/01/12
Class C (FEBCX)		7.65	%		2.18	%		—			—			5.76	%	05/01/12
Class I (FEBIX)		9.65	%		3.21	%		—			—			6.82	%	05/01/12
Class R6 (FEBRX)		—			—			—			—			2.03	%	03/01/17
Composite Index8		8.98	%		4.61	%		—			—			6.97	%	05/01/12
MSCI World Index3		14.65	%		5.68	%		—			—			9.86	%	05/01/12
Bloomberg Barclays U.S. Aggregate Bond Index9		0.83	%		2.66	%		—			—			2.29	%	05/01/12

First Eagle Funds | Semi-Annual Report | April 30, 2017
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Performance Chart (unaudited)

	One- Year			Three- Years			Five- Years			Ten- Years			Since Inception			Inception Date
First Eagle High Yield
Class A (FEHAX) without sales charge		12.61	%		2.37	%		4.76	%		—			5.59	%	01/03/12
with sales charge		7.56	%		0.82	%		3.80	%		—			4.69	%	01/03/12
Class C (FEHCX)		10.92	%		1.65	%		4.01	%		—			4.81	%	01/03/12
Class I (FEHIX)		13.07	%		2.70	%		5.11	%		—			8.90	%	11/19/0710
Class R6 (FEHRX)		—			—			—			—			1.00	%	03/01/17
Bloomberg Barclays U.S. Corporate High Yield Index11		13.30	%		4.74	%		6.84	%		—			8.21	%	11/19/07
First Eagle Fund of America
Class A (FEFAX) without sales charge		13.69	%		3.74	%		10.09	%		7.06	%		8.43	%	11/20/98
with sales charge		8.00	%		1.98	%		8.97	%		6.51	%		8.13	%	11/20/98
Class C (FEAMX)		11.84	%		2.95	%		9.26	%		6.25	%		7.64	%	03/02/98
Class I (FEAIX)		14.01	%		4.04	%		—			—			8.80	%	03/08/13
Class Y (FEAFX)12		13.71	%		3.73	%		10.08	%		7.05	%		11.55	%	04/10/87
Class R6 (FEFRX)		—			—			—			—			2.34	%	03/01/17
S&Ps 500 Index6		17.92	%		10.47	%		13.68	%		7.15	%		9.68	%	04/10/87

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.

First Eagle Funds | Semi-Annual Report | April 30, 2017
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Performance Chart (unaudited)

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.

Class R6 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 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 S&P 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 S&P 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 S&P 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  The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg Barclays U.S. Aggregate Bond Index.

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.

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.

First Eagle Funds | Semi-Annual Report | April 30, 2017
15

Performance Chart (unaudited)

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 Prospectus¹⁶
Total Annual Gross Operating Expense Ratios

	Class A			Class C			Class I			Class Y			Class R613
First Eagle Global Fund		1.10	%		1.86	%		0.84	%		—			0.80	%
First Eagle Overseas Fund		1.14			1.89			0.87			—			0.81
First Eagle U.S. Value Fund14,15		1.14			1.90			0.87			—			0.82
First Eagle Gold Fund		1.27			2.04			0.98			—			0.86
First Eagle Global Income Builder Fund		1.18			1.94			0.92			—			0.88
First Eagle High Yield Fund14,15		1.20			1.94			0.91			—			0.86
First Eagle Fund of America		1.30			2.06			1.01			1.31	%		0.96

¹³  The Fund's Class R6 Shares commenced investment operations on March 1, 2017. The percentages shown above are based on anticipated expenses of Class R6 for the first fiscal year. However, the rate at which expenses are accrued during the fiscal year may not be constant and, at any particular point, may be greater or less than the stated average percentage.

¹⁴  For the First Eagle U.S. Value Fund and High Yield Funds, had fees not been waived and/or expenses reimbursed, returns would have been lower.

¹⁵  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 through February 28, 2018. 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.

¹⁶  Certain other share classes were newly organized during the period but did not yet have assets or expenses during the period.

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.

All securities may be subject to adverse market trends. The value of a Fund's portfolio holdings may fluctuate in response to events specific to the companies or stock or bond markets in which a Fund invests, as well as economic, political, or social events in the United States or abroad. This may cause a Fund's portfolio to be worth less than the price originally paid for it, or less than it was worth at an earlier time. Market risk may affect a single issuer or the market as a whole. As a result, a portfolio of such securities may underperform the market as a whole.

First Eagle Funds | Semi-Annual Report | April 30, 2017
16

Performance Chart (unaudited)

In addition to investments in larger companies, each Fund may invest in smaller and medium-size companies, which historically have been more volatile in price than larger company securities, especially over the short term. Positions in smaller companies, especially when the Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. Among the reasons for the greater price volatility are the less certain growth prospects of smaller companies, the lower degree of liquidity in the markets for such securities and the greater sensitivity of smaller companies to changing economic conditions. In addition, smaller companies may lack depth of management, they may be unable to generate funds necessary for growth or development, or they may be developing or marketing new products or services for which markets are not yet established and may never become established. The Funds consider small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion.

Holding illiquid securities restricts or otherwise limits the ability for a Fund to freely dispose of its investments for specific periods of time. A Fund might not be able to sell illiquid securities at its desired price or time. Changes in the markets or in regulations governing the trading of illiquid instruments can cause rapid changes in the price or ability to sell an illiquid security. The market for lower-quality debt instruments, including junk bonds and leveraged loans, is generally less liquid than the market for higher-quality debt instruments.

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

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

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

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.

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.

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.

First Eagle Funds | Semi-Annual Report | April 30, 2017
17

First Eagle Global Fund

Fund Overview

Data as of April 30, 2017 (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		9.21		7.66		6.28
		with sales load		3.75		6.56		5.73
MSCI World Index				14.65		9.94		3.92
Consumer Price Index				2.21		1.23		1.70

Asset Allocation* (%)

Countries** (%)

United States	39.19
Japan	13.15
France	5.94
United Kingdom	3.81
Canada	3.54
Mexico	2.23
Germany	1.76
Switzerland	1.54
South Korea	1.31
Curacao	1.11
Hong Kong	1.08
Bermuda	0.82
Australia	0.82
Sweden	0.79
Thailand	0.50
Belgium	0.50
Singapore	0.37
Brazil	0.35
Ireland	0.32
Denmark	0.23
Poland	0.15
Russia	0.14
Italy	0.13
Israel	0.10
Africa	0.07
Indonesia	0.05
Norway	0.03

*  Asset Allocation and Countries percentages are based on total investments in the portfolio.

**Country allocations reflect country of the issuer (not currency of issue) and exclude short-term investments. Bonds of non-U.S. issuers may be U.S. dollar denominated.

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

First Eagle Funds | Semi-Annual Report | April 30, 2017
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)	6.80
Oracle Corporation (U.S. Systems Software)	2.26
Microsoft Corporation (U.S. Systems Software)	2.09
Fanuc Corporation (Japanese Industrial Machinery)	1.74
American Express Company (U.S. Consumer Finance)	1.67
Comcast Corporation Class 'A' (U.S. Cable & Satellite)	1.61
KDDI Corporation (Japanese Wireless Telecommunication Services)	1.57
Weyerhaeuser Company REIT (U.S. Specialized REIT's)	1.49
Omnicom Group, Inc. (U.S. Advertising)	1.36
Secom Company Limited (Japanese Security & Alarm Services)	1.24
Total	21.83

*  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 | Semi-Annual Report | April 30, 2017
19

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 71.56%
International Common Stocks — 39.70%
Africa — 0.07%
	413,501	Randgold Resources Limited, ADR	$	24,650,966	$	36,383,953
Australia — 0.82%
	27,660,364	Newcrest Mining Limited		382,007,728		438,267,653
Belgium — 0.50%
	2,788,865	Groupe Bruxelles Lambert SA		234,732,253		267,366,442
Bermuda — 0.82%
	6,516,471	Jardine Matheson Holdings Limited		333,620,326		420,507,874
	520,800	Jardine Strategic Holdings Limited		15,162,023		22,014,216
				348,782,349		442,522,090
Brazil — 0.35%
	25,075,440	Cielo SA		184,361,184		190,393,379
Canada — 3.54%
	20,266,923	Potash Corporation of Saskatchewan, Inc.		519,454,273		342,105,660
	20,378,638	Barrick Gold Corporation		242,892,480		340,730,827
	6,554,822	Agnico-Eagle Mines Limited		201,782,165		313,323,421
	3,490,459	Franco-Nevada Corporation		148,910,524		237,393,659
	14,579,998	Goldcorp, Inc.		339,599,943		203,536,772
	15,294,201	Cenovus Energy, Inc.		360,056,268		152,636,126
	4,363,660	Imperial Oil Limited		135,710,968		126,941,093
	3,570,888	Suncor Energy, Inc.		89,457,482		111,909,885
	2,388,401	Canadian Natural Resources Limited		66,793,714		76,076,096
				2,104,657,817		1,904,653,539
Curacao — 1.11%
	8,241,660	Schlumberger Limited		644,067,330		598,262,099
Denmark — 0.23%
	2,987,524	ISS A/S		94,568,138		123,906,828
France — 5.88%
	7,836,484	Danone SA		525,476,283		547,858,429
	7,208,725	Cie de Saint-Gobain		311,259,631		389,089,491
	4,014,366	Sanofi		309,476,282		378,732,338
	8,746,568	Bouygues SA		289,358,751		367,719,030

First Eagle Funds | Semi-Annual Report | April 30, 2017
20

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 39.70% (continued)
France — 5.88% (continued)
	2,173,169	Sodexo SA	$	56,283,339	$	276,256,014
	11,307,383	Carrefour SA		413,289,236		266,357,913
	11,789,132	Rexel SA		172,974,551		210,607,126
	4,050,575	Total SA		194,246,569		208,127,726
	851,019	Wendel SA		19,376,060		119,260,447
	404,478	LVMH Moet Hennessy Louis Vuitton SE		59,813,051		99,795,394
	1,401,821	Legrand SA		47,735,245		90,749,800
	1,654,366	Neopost SA		144,309,033		67,092,197
	157,260	Robertet SA		20,623,058		60,298,751
	12,000,000	Emin Leydier SA (a)(b)(c)(d)(e)		—		44,966,292
	42,252	Robertet SA CI (d)(f)		800,508		11,340,582
	385,000	Sabeton SA (b)		4,841,233		8,928,608
	104,457	Gaumont SA		6,087,824		8,494,049
	66,717	NSC Groupe (b)		11,738,587		5,690,437
				2,587,689,241		3,161,364,624
Germany — 1.76%
	7,002,523	HeidelbergCement AG		381,894,065		648,366,927
	938,751	Linde AG		126,181,611		168,674,766
	1,339,934	Hornbach Holding AG & Company KGaA (b)		41,310,978		103,616,273
	339,758	Fraport AG		11,433,424		26,721,096
	29,871	Hornbach Baumarkt AG		560,239		975,992
				561,380,317		948,355,054
Hong Kong — 1.08%
	125,232,969	Hang Lung Properties Limited		293,629,183		328,444,023
	12,693,580	Guoco Group Limited		115,086,260		145,729,711
	23,163,348	Hysan Development Company Limited		104,471,981		109,289,871
				513,187,424		583,463,605
Ireland — 0.32%
	4,704,407	CRH PLC		78,654,390		171,765,736
Israel — 0.10%
	12,448,757	Israel Chemicals Limited		122,246,849		53,791,774

First Eagle Funds | Semi-Annual Report | April 30, 2017
21

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 39.70% (continued)
Italy — 0.13%
	1,194,634	Italmobiliare S.p.A. (b)	$	147,127,183	$	66,887,563
Japan — 13.14%
	4,599,600	Fanuc Corporation		503,468,534		934,774,057
	31,838,200	KDDI Corporation		370,490,177		844,115,722
	9,186,430	Secom Company Limited		405,509,768		666,350,957
	17,037,000	Sompo Holdings, Inc.		474,055,672		642,813,384
	2,129,156	SMC Corporation		265,808,258		599,544,354
	30,826,080	Mitsubishi Estate Company Limited		557,670,697		589,006,956
	11,414,440	Hoya Corporation		260,204,655		545,148,944
	1,263,800	Keyence Corporation		121,430,285		507,900,785
	2,442,300	Hirose Electric Company Limited (b)		245,404,954		327,976,955
	9,739,320	MS&AD Insurance Group Holdings, Inc.		208,696,055		317,319,670
	12,265,900	NTT DoCoMo, Inc.		291,476,975		295,768,013
	1,892,590	Shimano, Inc.		23,499,497		289,130,367
	15,895,900	Astellas Pharma, Inc.		117,606,337		209,331,072
	2,006,030	Nissin Foods Holdings Company Limited		70,165,113		114,810,239
	3,485,880	Chofu Seisakusho Company Limited (b)		63,365,956		83,367,177
	4,060,600	T. Hasegawa Company Limited (b)		61,362,863		78,826,090
	1,036,100	Komatsu Limited		18,231,597		27,623,137
				4,058,447,393		7,073,807,879
Mexico — 1.73%
	17,765,033	Grupo Televisa S.A.B., ADR		356,198,593		431,690,302
	18,230,274	Fresnillo PLC		243,897,991		342,843,867
	6,401,020	Industrias Peñoles S.A.B. de C.V.		7,339,323		156,478,634
				607,435,907		931,012,803
Norway — 0.03%
	2,000,066	Orkla ASA		13,269,921		18,111,476
Russia — 0.14%
	15,687,012	Gazprom PJSC, ADR		83,302,846		74,513,307

First Eagle Funds | Semi-Annual Report | April 30, 2017
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First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 39.70% (continued)
South Korea — 1.31%
	3,628,820	KT&G Corporation	$	206,993,270	$	323,688,575
	8,365,611	Kia Motors Corporation		374,300,528		256,210,162
	519,000	Lotte Confectionery Company Limited		21,157,499		93,501,186
	39,989	Namyang Dairy Products Company Limited (b)		7,325,466		30,468,814
				609,776,763		703,868,737
Sweden — 0.79%
	5,939,940	Investor AB, Class 'A'		116,378,542		268,921,222
	3,394,798	Investor AB, Class 'B'		63,888,333		155,188,795
				180,266,875		424,110,017
Switzerland — 1.54%
	5,963,365	Nestlé SA		208,278,355		459,388,872
	4,327,670	Pargesa Holding SA		272,881,781		323,379,160
	550,340	Cie Financiere Richemont SA		33,677,058		45,990,725
				514,837,194		828,758,757
Thailand — 0.50%
	51,812,900	Bangkok Bank PCL, NVDR		214,262,825		268,875,847
	36,500	Bangkok Bank PCL		154,243		197,326
				214,417,068		269,073,173
United Kingdom — 3.81%
	11,666,240	TechnipFMC PLC (a)		402,139,938		351,503,811
	4,778,582	British American Tobacco PLC		257,800,241		322,767,596
	9,095,881	Liberty Global PLC, Series 'C' (a)		298,498,837		314,808,442
	7,383,566	Berkeley Group Holdings PLC (b)		96,480,082		311,568,694
	2,058,297	Willis Towers Watson PLC		167,146,585		272,971,348
	12,196,447	GlaxoSmithKline PLC		243,907,853		244,850,843
	8,034,220	Diageo PLC		217,243,861		233,768,890
				1,683,217,397		2,052,239,624
Total International Common Stocks				15,993,084,533		21,362,880,112
U.S. Common Stocks — 31.86%
Consumer Discretionary — 3.74%
	22,106,304	Comcast Corporation, Class 'A'		172,422,581		866,346,054
	8,915,482	Omnicom Group, Inc.		382,904,586		732,139,382

First Eagle Funds | Semi-Annual Report | April 30, 2017
23

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 31.86% (continued)
Consumer Discretionary — 3.74% (continued)
	2,715,849	Tiffany & Company	$	163,749,956	$	248,907,561
	3,992,318	H&R Block, Inc.		67,554,206		98,969,563
	3,252,457	Vista Outdoor, Inc. (a)(b)		60,840,739		63,618,059
	2,485	JG Boswell Company		573,840		1,722,105
	31,592	Mills Music Trust (b)		930,198		695,024
				848,976,106		2,012,397,748
Consumer Staples — 0.44%
	3,258,980	Colgate-Palmolive Company		125,309,063		234,776,919
Energy — 2.35%
	17,895,308	National Oilwell Varco, Inc.		852,431,598		625,798,921
	6,916,659	ConocoPhillips		258,633,895		331,377,133
	3,449,156	Devon Energy Corporation		175,660,555		136,207,170
	892,800	Exxon Mobil Corporation		72,418,089		72,897,120
	867,954	Phillips 66		68,629,773		69,054,420
	3,908,035	San Juan Basin Royalty Trust (b)		138,744,051		27,668,888
				1,566,517,961		1,263,003,652
Financials — 9.29%
	11,313,401	American Express Company		633,566,347		896,587,029
	23,709,923	Weyerhaeuser Company, REIT		483,947,523		803,055,092
	13,790,619	Bank of New York Mellon Corporation		333,503,194		648,986,530
	10,500,485	BB&T Corporation		271,359,274		453,410,942
	7,819,459	U.S. Bancorp		192,949,644		400,981,858
	11,559,557	Synchrony Financial		335,221,813		321,355,685
	4,386,051	WR Berkley Corporation		117,583,057		298,163,747
	1,088	Berkshire Hathaway, Inc., Class 'A' (a)		78,430,920		269,584,640
	4,260,484	American International Group, Inc.		218,865,690		259,506,080
	418,350	Alleghany Corporation (a)		173,611,138		255,486,345
	4,889,353	Brown & Brown, Inc.		152,411,545		209,753,244
	1,964,386	Cincinnati Financial Corporation		46,752,733		141,612,587
	332,055	The Travelers Companies, Inc.		39,177,929		40,397,811
				3,077,380,807		4,998,881,590

First Eagle Funds | Semi-Annual Report | April 30, 2017
24

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 31.86% (continued)
Health Care — 1.26%
	1,980,790	Anthem, Inc.	$	167,592,499	$	352,362,733
	3,140,634	Varian Medical Systems, Inc. (a)		215,574,657		284,981,129
	1,256,253	Varex Imaging Corporation (a)		27,620,059		42,159,851
				410,787,215		679,503,713
Industrials — 5.64%
	3,015,674	3M Company		262,447,187		590,559,439
	4,423,114	Deere & Company		357,858,692		493,663,753
	4,056,411	Union Pacific Corporation		332,054,346		454,155,776
	8,414,508	Flowserve Corporation (b)		398,851,749		428,046,022
	3,694,106	Orbital ATK, Inc. (b)		187,772,271		365,716,494
	2,806,745	Cintas Corporation		69,946,918		343,742,060
	1,378,153	Cummins, Inc.		122,205,129		208,018,414
	5,851,664	NOW, Inc. (a)(b)		178,684,330		99,536,805
	679,237	CH Robinson Worldwide, Inc.		49,449,700		49,380,530
				1,959,270,322		3,032,819,293
Information Technology — 7.88%
	27,002,083	Oracle Corporation		856,422,677		1,214,013,652
	16,419,091	Microsoft Corporation		402,143,883		1,124,050,970
	8,166,351	Xilinx, Inc.		329,367,112		515,378,412
	12,190,179	Teradata Corporation (a)(b)		444,225,494		355,709,423
	2,530,508	Texas Instruments, Inc.		119,204,422		200,365,623
	2,275,357	Analog Devices, Inc.		188,740,863		173,382,203
	163,012	Alphabet, Inc., Class 'C' (a)		39,031,290		147,682,352
	1,222,123	Mastercard, Inc., Class 'A'		24,535,794		142,157,347
	1,517,758	Visa, Inc., Class 'A'		27,354,307		138,449,885
	134,718	Alphabet, Inc., Class 'A' (a)		75,360,379		124,549,485
	1,027,905	Automatic Data Processing, Inc.		31,952,626		107,405,794
				2,538,338,847		4,243,145,146
Materials — 0.81%
	2,235,507	Scotts Miracle-Gro Company, Class 'A'		94,363,118		215,949,976
	1,061,412	Praxair, Inc.		109,485,246		132,655,272
	1,260,596	Royal Gold, Inc.		75,321,955		89,098,925
				279,170,319		437,704,173

First Eagle Funds | Semi-Annual Report | April 30, 2017
25

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 31.86% (continued)
Utilities — 0.45%
	4,874,044	UGI Corporation	$	161,805,549	$	244,482,047
Total U.S. Common Stocks				10,967,556,189		17,146,714,281
Total Common Stocks				26,960,640,722		38,509,594,393
Investment Company — 0.00*%
	250,970	State Street Institutional U.S. Government Money Market Fund, Premier Class		250,970		250,970
Ounces
Commodity — 6.80%
	2,886,886	Gold bullion (a)		3,010,610,020		3,662,188,350
Principal
Notes and Bonds — 1.66%
U.S. Bonds — 0.52%
Government Obligations — 0.51%
$	27,414,000	Federal Home Loan Bank 0.00% due 05/23/17		27,401,603		27,401,609
	250,000,000	U.S. Treasury Note 0.875% due 01/15/18 (g)		249,717,505		249,658,250
				277,119,108		277,059,859
U.S. Corporate Bond — 0.01%
	5,467,000	Bausch & Lomb, Inc. 7.125% due 08/01/28		4,886,171		5,173,149
Total U.S. Bonds				282,005,279		282,233,008
International Notes and Bonds — 1.14%
International Corporate Notes and Bonds — 0.07%
France — 0.07%
	6,000,000	Emin Leydier SA FRN EUR7.779% due 11/30/20 (c)(d)(h)		7,238,074		6,535,798
	15,000,000	Emin Leydier SA FRN EUR7.779% due 11/30/20 (c)(d)(h)		21,341,293		16,339,496

First Eagle Funds | Semi-Annual Report | April 30, 2017
26

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Corporate Notes and Bonds — 0.07% (continued)
France — 0.07% (continued)
	12,050,000	Wendel SA	$	16,043,090	$	13,277,536
		EUR4.375% due 08/09/17
Total International Corporate Notes and Bonds				44,622,457		36,152,830
International Government Bonds — 1.07%
Indonesia — 0.05%
	345,617,000,000	Indonesia Treasury Bond IDR8.25% due 07/15/21		26,379,853		27,291,012
Mexico — 0.50%
	2,559,090,000	Mexican Bonos MXN4.75% due 06/14/18		160,969,063		133,171,508
	764,192,000	Mexican Bonos MXN5.00% due 12/11/19		56,116,618		38,842,764
	1,813,760,000	Mexican Bonos MXN6.50% due 06/10/21		97,460,890		94,453,971
				314,546,571		266,468,243
Poland — 0.15%
	306,347,000	Republic of Poland Government Bond PLN3.25% due 07/25/19		78,811,716		80,922,296
Singapore — 0.37%
	154,398,000	Singapore Government Bond SGD0.50% due 04/01/18		117,587,100		109,967,755
	119,604,000	Singapore Government Bond SGD3.25% due 09/01/20		91,542,981		90,767,721
				209,130,081		200,735,476
Total International Government Bonds				628,868,221		575,417,027
Total International Notes and Bonds				673,490,678		611,569,857
Total Notes and Bonds				955,495,957		893,802,865
Commercial Paper — 19.97%
International Commercial Paper — 6.54%
Australia — 0.36%
	39,046,000	Telstra Corporation Limited USD1.00% due 05/17/17		39,028,646		39,024,259
	39,046,000	Telstra Corporation Limited USD1.00% due 05/18/17		39,027,562		39,023,071

First Eagle Funds | Semi-Annual Report | April 30, 2017
27

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 6.54% (continued)
Australia — 0.36% (continued)
	35,298,000	Telstra Corporation Limited USD1.05% due 06/06/17	$	35,260,937	$	35,256,510
	35,298,000	Telstra Corporation Limited USD1.05% due 06/08/17		35,258,878		35,254,262
	45,000,000	Telstra Corporation Limited USD1.10% due 06/08/17		44,947,750		44,944,240
Canada — 1.34%
	77,089,000	PSP Capital, Inc. USD0.99% due 06/05/17		77,016,301		77,019,590
	30,670,000	PSP Capital, Inc. USD1.00% due 06/28/17		30,620,587		30,623,644
	1,633,000	PSP Capital, Inc. USD1.00% due 07/05/17		1,630,052		1,630,196
	31,592,000	PSP Capital, Inc. USD1.06% due 07/20/17		31,517,583		31,523,242
	16,337,000	Suncor Energy, Inc. USD1.23% due 06/07/17		16,316,347		16,314,546
	109,245,000	Total Capital Limited USD0.94% due 05/17/17		109,200,330		109,194,435
	100,176,000	Total Capital Limited USD0.95% due 05/15/17		100,139,770		100,134,702
	51,797,000	Total Capital Limited USD1.02% due 06/20/17		51,723,621		51,727,378
	66,334,000	Total Capital Limited USD1.02% due 07/05/17		66,211,835		66,216,095
	40,611,000	Total Capital Limited USD1.02% due 07/11/17		40,529,304		40,531,111
	33,663,000	Total Capital Limited USD1.02% due 07/12/17		33,594,327		33,595,674
	31,937,000	Total Capital Limited USD1.02% due 07/14/17		31,870,039		31,871,081
	52,231,000	Total Capital Limited USD1.03% due 07/18/17		52,114,438		52,116,301
	24,788,000	Total Capital Limited USD1.03% due 07/20/17		24,731,263		24,731,936
	55,846,000	Total Capital Limited USD1.04% due 07/20/17		55,716,934		55,719,690

First Eagle Funds | Semi-Annual Report | April 30, 2017
28

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 6.54% (continued)
France — 0.69%
	52,946,000	Engie USD0.88% due 06/15/17	$	52,888,421	$	52,882,465
	44,463,000	Engie USD0.90% due 06/06/17		44,423,428		44,420,371
	25,881,000	Engie USD0.91% due 05/09/17		25,875,881		25,874,318
	32,914,000	Engie USD0.95% due 06/14/17		32,876,588		32,875,412
	24,506,000	Essilor International USD1.00% due 06/05/17		24,482,175		24,483,159
	14,210,000	Essilor International USD1.00% due 06/19/17		14,190,659		14,191,383
	9,983,000	Essilor International USD1.00% due 06/23/17		9,968,303		9,968,822
	28,942,000	Essilor International USD1.05% due 07/12/17		28,881,222		28,884,418
	15,282,000	Essilor International USD1.05% due 07/13/17		15,249,462		15,251,125
	31,592,000	Essilor International USD1.05% due 07/20/17		31,518,285		31,521,057
	46,882,000	L'Oreal USA, Inc. USD0.92% due 06/08/17		46,837,462		46,836,188
	46,882,000	L'Oreal USA, Inc. USD0.92% due 06/09/17		46,836,290		46,834,962
Germany — 0.33%
	32,877,000	BASF AG USD1.00% due 06/27/17		32,825,986		32,826,589
	41,818,000	Henkel Corporation USD0.81% due 05/01/17		41,818,000		41,815,090
	41,818,000	Henkel Corporation USD0.81% due 05/02/17		41,817,071		41,814,115
	4,548,000	Henkel Corporation USD1.08% due 07/07/17		4,538,858		4,539,661
	55,846,000	Henkel Corporation USD1.08% due 07/17/17		55,716,996		55,725,993
Italy — 0.01%
	3,140,000	Eni S.p.A. USD1.13% due 05/01/17		3,140,000		3,139,729

First Eagle Funds | Semi-Annual Report | April 30, 2017
29

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 6.54% (continued)
Japan — 0.82%
	4,655,000	Hitachi Limited USD1.11% due 05/01/17	$	4,655,000	$	4,654,571
	87,470,000	Honda Corporation USD0.95% due 06/16/17		87,366,056		87,367,731
	17,609,000	Honda Corporation USD0.97% due 07/24/17		17,569,967		17,568,913
	51,853,000	Honda Corporation USD1.02% due 07/06/17		51,756,035		51,764,150
	49,871,000	Honda Corporation USD1.03% due 07/05/17		49,778,254		49,787,067
	43,418,000	Honda Corporation USD1.04% due 07/18/17		43,320,165		43,327,539
	59,195,000	Honda Corporation USD1.05% due 07/24/17		59,049,972		59,060,243
	32,559,000	Honda Corporation USD1.06% due 07/21/17		32,481,347		32,488,043
	57,720,000	Mitsubishi Company USD0.83% due 05/05/17		57,714,741		57,709,876
	25,148,000	Mitsubishi Company USD1.07% due 06/29/17		25,103,900		25,104,776
	12,637,000	Mitsui & Company Limited USD1.14% due 06/19/17		12,617,391		12,615,881
Switzerland — 2.58%
	58,603,000	Nestlé SA USD0.68% due 05/09/17		58,594,275		58,588,908
	32,351,000	Nestlé SA USD0.69% due 05/08/17		32,346,722		32,343,945
	36,187,000	Nestlé SA USD0.73% due 05/10/17		36,180,486		36,177,495
	35,592,000	Nestlé SA USD0.73% due 05/22/17		35,577,051		35,572,923
	33,516,000	Nestlé SA USD0.74% due 06/02/17		33,494,252		33,489,313
	71,535,000	Nestlé SA USD0.76% due 06/08/17		71,478,368		71,467,624
	21,811,000	Nestlé SA USD0.77% due 06/06/17		21,794,423		21,791,530
	22,202,000	Nestlé SA USD0.79% due 06/14/17		22,180,834		22,177,797

First Eagle Funds | Semi-Annual Report | April 30, 2017
30

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 6.54% (continued)
Switzerland — 2.58% (continued)
	50,000,000	Nestlé SA USD0.84% due 06/19/17	$	49,943,514	$	49,939,261
	21,293,000	Nestlé SA USD0.86% due 06/05/17		21,275,404		21,274,502
	31,112,000	Nestlé SA USD0.91% due 07/18/17		31,052,006		31,050,398
	52,121,000	Nestlé SA USD0.92% due 06/14/17		52,063,667		52,064,181
	42,889,000	Nestlé SA USD0.93% due 06/30/17		42,823,952		42,824,752
	46,520,000	Nestlé SA USD0.93% due 07/20/17		46,425,926		46,425,294
	79,688,000	Nestlé SA USD0.94% due 06/19/17		79,588,213		79,591,197
	26,403,000	Nestlé SA USD0.97% due 07/14/17		26,351,441		26,353,586
	63,003,000	Nestlé SA USD0.97% due 07/19/17		62,871,656		62,876,571
	44,385,000	Nestlé SA USD0.99% due 07/06/17		44,306,069		44,311,498
	31,592,000	Nestlé SA USD1.00% due 07/18/17		31,524,920		31,529,448
	31,592,000	Nestlé SA USD1.00% due 07/19/17		31,524,060		31,528,604
	21,230,000	Novartis International AG USD0.92% due 07/03/17		21,196,191		21,194,815
	58,369,000	Roche Holdings, Inc. USD0.68% due 05/01/17		58,369,000		58,365,085
	45,608,000	Roche Holdings, Inc. USD0.68% due 05/02/17		45,607,151		45,603,915
	28,041,000	Roche Holdings, Inc. USD0.68% due 05/08/17		28,037,347		28,034,660
	39,908,000	Roche Holdings, Inc. USD0.69% due 05/10/17		39,901,216		39,897,145
	62,726,000	Roche Holdings, Inc. USD0.69% due 05/11/17		62,714,152		62,707,494
	29,199,000	Roche Holdings, Inc. USD0.70% due 05/02/17		29,198,440		29,196,385

First Eagle Funds | Semi-Annual Report | April 30, 2017
31

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 6.54% (continued)
Switzerland — 2.58% (continued)
	29,199,000	Roche Holdings, Inc. USD0.70% due 05/04/17	$	29,197,321	$	29,195,063
	29,199,000	Roche Holdings, Inc. USD0.70% due 05/08/17		29,195,082		29,192,398
	26,708,000	Roche Holdings, Inc. USD0.71% due 05/02/17		26,707,481		26,705,608
	19,523,000	Roche Holdings, Inc. USD0.71% due 05/11/17		19,519,204		19,517,240
	44,131,000	Roche Holdings, Inc. USD0.71% due 05/12/17		44,121,561		44,116,944
	48,761,000	Roche Holdings, Inc. USD0.72% due 05/16/17		48,746,575		48,740,910
	46,882,000	Roche Holdings, Inc. USD0.85% due 06/16/17		46,831,680		46,826,356
	25,408,000	Roche Holdings, Inc. USD0.92% due 07/06/17		25,366,077		25,363,636
United Kingdom — 0.41%
	35,383,000	GlaxoSmithKline PLC USD0.98% due 06/21/17		35,334,879		35,334,702
	50,127,000	GlaxoSmithKline PLC USD1.08% due 07/06/17		50,027,748		50,036,592
	67,332,000	GlaxoSmithKline PLC USD1.08% due 07/07/17		67,196,663		67,208,539
	67,332,000	GlaxoSmithKline PLC USD1.08% due 07/11/17		67,188,583		67,200,101
Total International Commercial Paper				3,517,608,009		3,517,602,025
U.S. Commercial Paper — 13.43%
$	50,000,000	American Express Company 1.00% due 05/16/17		49,979,167		49,972,400
	41,818,000	Anthem, Inc. 1.02% due 05/11/17		41,806,152		41,801,419
	14,532,000	Anthem, Inc. 1.18% due 05/19/17		14,523,426		14,522,608
	43,618,000	Anthem, Inc. 1.20% due 05/10/17		43,604,915		43,602,065
	67,308,000	Apple, Inc. 0.77% due 05/05/17		67,302,316		67,298,132

First Eagle Funds | Semi-Annual Report | April 30, 2017
32

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 13.43% (continued)
$	38,913,000	Apple, Inc. 0.78% due 05/04/17	$	38,910,503	$	38,908,123
	23,945,000	Apple, Inc. 0.78% due 05/15/17		23,937,830		23,936,248
	51,477,000	Apple, Inc. 0.79% due 06/07/17		51,435,733		51,430,099
	30,410,000	Apple, Inc. 0.81% due 05/11/17		30,403,242		30,401,588
	36,769,000	Apple, Inc. 0.81% due 06/13/17		36,733,865		36,729,911
	27,365,000	Apple, Inc. 0.82% due 05/09/17		27,360,074		27,358,629
	42,630,000	Apple, Inc. 0.84% due 06/08/17		42,592,651		42,590,091
	50,000,000	Apple, Inc. 0.93% due 07/10/17		49,911,528		49,911,082
	20,892,000	Apple, Inc. 0.94% due 07/19/17		20,849,821		20,849,695
	34,409,000	Apple, Inc. 0.94% due 08/01/17		34,328,101		34,326,189
	42,804,000	Apple, Inc. 0.94% due 08/02/17		42,702,269		42,699,673
	100,466,000	Apple, Inc. 0.95% due 07/17/17		100,266,157		100,267,970
	61,043,000	Apple, Inc. 0.98% due 07/24/17		60,906,264		60,910,822
	45,426,000	Campbell Soup Company 0.86% due 05/03/17		45,423,855		45,418,820
	28,955,000	Campbell Soup Company 0.86% due 05/30/17		28,935,174		28,924,320
	35,592,000	Caterpillar Financial Services Company 0.92% due 05/23/17		35,572,424		35,571,386
	35,592,000	Caterpillar Financial Services Company 0.92% due 05/24/17		35,571,535		35,570,510
	29,199,000	Chevron Corporation 0.81% due 05/12/17		29,191,862		29,190,052
	29,199,000	Chevron Corporation 0.81% due 05/16/17		29,189,267		29,187,393

First Eagle Funds | Semi-Annual Report | April 30, 2017
33

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 13.43% (continued)
$	35,000,000	Church & Dwight Company, Inc. 1.22% due 05/12/17	$	34,986,953	$	34,984,402
	38,338,000	Cisco Systems, Inc. 0.81% due 05/03/17		38,336,296		38,333,703
	42,060,000	Coca-Cola Company 0.81% due 05/18/17		42,044,111		42,041,354
	32,902,000	Coca-Cola Company 0.85% due 05/16/17		32,890,484		32,888,921
	55,357,000	Coca-Cola Company 0.86% due 05/11/17		55,343,930		55,341,268
	38,369,000	Coca-Cola Company 0.86% due 05/22/17		38,349,975		38,348,460
	19,310,000	Coca-Cola Company 0.87% due 05/12/17		19,304,926		19,304,075
	45,376,000	Coca-Cola Company 0.87% due 06/20/17		45,321,801		45,320,353
	55,154,000	Coca-Cola Company 0.88% due 06/20/17		55,087,356		55,086,361
	44,928,000	Coca-Cola Company 0.88% due 06/21/17		44,872,626		44,871,795
	39,719,000	Coca-Cola Company 0.89% due 06/19/17		39,671,967		39,671,267
	42,097,000	Coca-Cola Company 0.91% due 06/14/17		42,051,208		42,051,548
	39,908,000	Coca-Cola Company 0.91% due 06/15/17		39,863,602		39,863,942
	42,097,000	Coca-Cola Company 0.92% due 06/16/17		42,048,588		42,049,499
	43,618,000	Coca-Cola Company 0.93% due 06/21/17		43,561,769		43,563,434
	23,684,000	Coca-Cola Company 0.94% due 06/22/17		23,652,527		23,653,787
	51,643,000	Coca-Cola Company 0.95% due 06/21/17		51,574,960		51,578,395
	39,844,000	Coca-Cola Company 1.00% due 07/25/17		39,749,924		39,754,882
	21,942,000	Coca-Cola Company 1.00% due 07/26/17		21,889,583		21,892,257
	35,419,000	Coca-Cola Company 1.00% due 07/27/17		35,333,404		35,337,536

First Eagle Funds | Semi-Annual Report | April 30, 2017
34

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 13.43% (continued)
$	7,360,000	Dow Chemical Company 1.01% due 05/11/17	$	7,357,935	$	7,356,965
	46,759,000	DuPont 1.08% due 05/04/17		46,754,792		46,750,124
	52,104,000	DuPont 1.15% due 05/18/17		52,075,705		52,069,988
	17,630,000	DuPont 1.16% due 05/22/17		17,618,070		17,616,096
	35,298,000	DuPont 1.16% due 06/01/17		35,262,741		35,258,196
	39,650,000	DuPont 1.26% due 07/12/17		39,550,082		39,545,919
	21,230,000	DuPont 1.26% due 07/13/17		21,175,757		21,173,394
	38,369,000	DuPont 1.28% due 06/07/17		38,318,524		38,317,841
	20,571,000	DuPont 1.29% due 06/14/17		20,538,566		20,538,584
	26,616,000	Eli Lilly & Company 0.79% due 05/03/17		26,614,847		26,613,017
	22,068,000	Eli Lilly & Company 0.83% due 05/15/17		22,060,963		22,059,423
	29,841,000	Emerson Electric Company 0.84% due 05/12/17		29,833,432		29,831,496
	26,345,000	Emerson Electric Company 0.85% due 05/15/17		26,336,394		26,334,761
	42,097,000	Entergy Corporation 1.40% due 05/09/17		42,083,903		42,080,343
	39,046,000	Entergy Corporation 1.40% due 05/12/17		39,029,297		39,026,275
	33,399,000	Exxon Mobil Corporation 0.72% due 05/18/17		33,387,802		33,384,193
	49,327,000	Exxon Mobil Corporation 0.73% due 05/04/17		49,324,040		49,320,628
	47,140,000	Exxon Mobil Corporation 0.73% due 06/08/17		47,104,174		47,095,547
	51,169,000	Exxon Mobil Corporation 0.74% due 05/05/17		51,164,850		51,161,269
	41,227,000	Exxon Mobil Corporation 0.75% due 05/01/17		41,227,000		41,224,351

First Eagle Funds | Semi-Annual Report | April 30, 2017
35

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 13.43% (continued)
$	34,356,000	Exxon Mobil Corporation 0.75% due 05/02/17	$	34,355,294	$	34,353,053
	35,230,000	Exxon Mobil Corporation 0.75% due 05/03/17		35,228,552		35,226,213
	38,913,000	Exxon Mobil Corporation 0.75% due 05/04/17		38,910,600		38,907,974
	36,769,000	Exxon Mobil Corporation 0.82% due 06/22/17		36,725,980		36,721,925
	35,298,000	Exxon Mobil Corporation 0.85% due 06/21/17		35,255,995		35,253,683
	9,863,000	Exxon Mobil Corporation 0.85% due 07/06/17		9,847,811		9,846,988
	36,177,000	Exxon Mobil Corporation 0.86% due 07/07/17		36,119,770		36,117,348
	12,727,000	Exxon Mobil Corporation 0.89% due 07/10/17		12,705,223		12,705,064
	43,618,000	Exxon Mobil Corporation 0.92% due 06/12/17		43,572,201		43,572,692
	51,643,000	Exxon Mobil Corporation 0.92% due 06/13/17		51,587,484		51,588,098
	93,764,000	Exxon Mobil Corporation 0.95% due 06/06/17		93,676,799		93,679,995
	47,388,000	Intel Corporation 0.86% due 06/26/17		47,325,342		47,319,035
	33,848,000	John Deere Limited 0.89% due 05/17/17		33,834,762		33,833,226
	43,735,000	Johnson & Johnson 0.85% due 06/02/17		43,702,345		43,700,346
	101,289,000	Johnson & Johnson 0.85% due 06/09/17		101,196,827		101,191,864
	36,942,000	Johnson & Johnson 0.85% due 06/14/17		36,904,073		36,902,114
	62,744,000	Johnson & Johnson 0.87% due 07/13/17		62,634,581		62,627,038
	62,744,000	Johnson & Johnson 0.87% due 07/14/17		62,633,082		62,625,231
	6,983,000	Kroger Company 1.10% due 05/01/17		6,983,000		6,982,357
	34,356,000	MetLife 0.89% due 05/03/17		34,354,320		34,351,872

First Eagle Funds | Semi-Annual Report | April 30, 2017
36

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 13.43% (continued)
$	29,199,000	MetLife 0.89% due 05/08/17	$	29,194,004	$	29,191,879
	32,351,000	MetLife 0.89% due 05/10/17		32,343,883		32,341,478
	60,661,000	MetLife 0.89% due 05/15/17		60,640,240		60,635,219
	78,408,000	MetLife 0.90% due 06/02/17		78,345,971		78,333,904
	40,680,000	MetLife 0.95% due 05/01/17		40,680,000		40,677,084
	84,194,000	MetLife 0.96% due 05/22/17		84,147,834		84,141,631
	61,087,000	MetLife 0.98% due 06/13/17		61,016,954		61,009,179
	33,804,000	MetLife 1.04% due 07/10/17		33,735,641		33,730,723
	30,296,000	MetLife 1.04% due 07/12/17		30,232,984		30,228,150
	39,519,000	MetLife 1.04% due 07/18/17		39,429,951		39,421,813
	26,052,000	MetLife 1.13% due 06/16/17		26,014,384		26,016,398
	38,369,000	MetLife 1.15% due 07/03/17		38,291,782		38,295,281
	93,280,000	Microsoft Corporation 0.71% due 05/18/17		93,249,166		93,237,091
	35,640,000	Microsoft Corporation 0.72% due 05/23/17		35,624,536		35,619,358
	88,900,000	Microsoft Corporation 0.72% due 05/24/17		88,859,674		88,846,324
	75,000,000	Microsoft Corporation 0.72% due 05/25/17		74,964,500		74,952,919
	25,000,000	Microsoft Corporation 0.80% due 06/01/17		24,982,993		24,980,072
	60,947,000	Microsoft Corporation 0.81% due 05/16/17		60,926,684		60,921,859
	117,205,000	Microsoft Corporation 0.84% due 06/01/17		117,121,231		117,111,575
	69,138,000	Microsoft Corporation 0.88% due 06/22/17		69,051,117		69,046,632

First Eagle Funds | Semi-Annual Report | April 30, 2017
37

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 13.43% (continued)
$	30,939,000	Microsoft Corporation 0.90% due 06/15/17	$	30,904,580	$	30,903,606
	27,856,000	Microsoft Corporation 0.90% due 07/11/17		27,807,105		27,804,066
	17,719,000	Paccar Financial Corporation 0.97% due 06/09/17		17,700,764		17,700,602
	17,283,000	Paccar Financial Corporation 1.00% due 06/15/17		17,261,396		17,262,260
	39,046,000	PepsiCo, Inc. 0.68% due 05/05/17		39,043,093		39,039,850
	39,158,000	PepsiCo, Inc. 0.68% due 05/08/17		39,152,899		39,149,146
	45,670,000	PepsiCo, Inc. 0.68% due 05/10/17		45,662,350		45,657,578
	42,889,000	PepsiCo, Inc. 0.83% due 05/08/17		42,882,162		42,879,302
	37,028,000	PepsiCo, Inc. 0.84% due 05/02/17		37,027,146		37,024,684
	75,000,000	PepsiCo, Inc. 0.85% due 06/02/17		74,944,000		74,938,385
	50,000,000	PepsiCo, Inc. 0.85% due 06/05/17		49,959,167		49,955,245
	65,635,000	PepsiCo, Inc. 0.86% due 06/06/17		65,579,210		65,574,632
	79,700,000	PepsiCo, Inc. 0.87% due 06/05/17		79,633,362		79,628,660
	56,081,000	Pfizer, Inc. 0.90% due 06/07/17		56,030,278		56,029,904
	52,927,000	Pfizer, Inc. 0.94% due 07/13/17		52,828,262		52,828,338
	51,156,000	Pfizer, Inc. 0.95% due 07/20/17		51,050,278		51,049,733
	11,440,000	Philip Morris International, Inc. 0.90% due 05/24/17		11,433,495		11,432,853
	58,601,000	Philip Morris International, Inc. 0.91% due 05/19/17		58,574,630		58,571,670
	61,043,000	Philip Morris International, Inc. 0.93% due 06/20/17		60,965,848		60,961,399
	34,569,000	Philip Morris International, Inc. 0.97% due 06/22/17		34,521,564		34,520,834

First Eagle Funds | Semi-Annual Report | April 30, 2017
38

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 13.43% (continued)
$	34,569,000	Philip Morris International, Inc. 0.97% due 06/23/17	$	34,520,651	$	34,519,904
	92,299,000	Praxair, Inc. 0.87% due 06/23/17		92,182,139		92,167,915
	28,942,000	Praxair, Inc. 0.87% due 06/28/17		28,901,899		28,896,785
	28,942,000	Praxair, Inc. 0.87% due 06/29/17		28,901,208		28,895,894
	91,370,000	Qualcomm, Inc. 0.80% due 05/17/17		91,337,919		91,330,216
	28,041,000	Qualcomm, Inc. 0.81% due 05/10/17		28,035,392		28,033,373
	49,013,000	Qualcomm, Inc. 0.82% due 06/01/17		48,978,813		48,973,793
	33,717,000	Qualcomm, Inc. 0.84% due 06/07/17		33,688,237		33,684,894
	42,428,000	Qualcomm, Inc. 0.85% due 06/01/17		42,397,310		42,394,060
	41,143,000	Qualcomm, Inc. 0.89% due 05/31/17		41,112,828		41,111,131
	30,614,000	Qualcomm, Inc. 0.90% due 06/08/17		30,585,240		30,584,085
	34,820,000	Qualcomm, Inc. 0.95% due 07/19/17		34,748,938		34,745,367
	20,422,000	Schlumberger Investments SA 1.10% due 05/09/17		20,417,008		20,415,167
	25,018,000	Schlumberger Investments SA 1.13% due 05/03/17		25,016,429		25,014,220
	24,209,000	Schlumberger Investments SA 1.15% due 05/16/17		24,197,400		24,195,637
	37,702,000	Schlumberger Investments SA 1.30% due 07/12/17		37,603,975		37,607,352
	33,863,000	Schlumberger Investments SA 1.30% due 07/21/17		33,763,951		33,766,129
	50,000,000	Schlumberger Investments SA 1.32% due 07/05/17		49,880,833		49,887,706
	14,210,000	Schlumberger Investments SA 1.35% due 06/20/17		14,183,356		14,185,774
	10,218,000	Sysco Corporation 1.13% due 05/01/17		10,218,000		10,217,059

First Eagle Funds | Semi-Annual Report | April 30, 2017
39

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 13.43% (continued)
$	39,908,000	Unilever Capital Corporation 0.76% due 05/02/17	$	39,907,169	$	39,904,426
	22,062,000	Unilever Capital Corporation 0.86% due 06/05/17		22,043,768		22,042,252
	121,882,000	Unilever Capital Corporation 0.92% due 06/09/17		121,763,165		121,760,849
	46,882,000	Unilever Capital Corporation 0.92% due 06/12/17		46,832,774		46,831,895
	16,932,000	Unilever Capital Corporation 0.92% due 07/10/17		16,902,040		16,900,927
	25,724,000	Unilever Capital Corporation 0.96% due 07/21/17		25,669,594		25,667,939
	52,778,000	United Healthcare Company 1.07% due 05/23/17		52,743,489		52,737,207
	35,185,000	United Healthcare Company 1.07% due 06/01/17		35,152,581		35,147,549
	46,768,000	United Healthcare Company 1.23% due 06/13/17		46,699,290		46,699,456
	17,639,000	United Parcel Service, Inc. 0.61% due 06/02/17		17,629,593		17,624,509
	29,421,000	United Parcel Service, Inc. 0.64% due 05/03/17		29,419,970		29,417,703
	39,158,000	United Parcel Service, Inc. 0.64% due 05/12/17		39,150,462		39,145,528
	28,306,000	United Parcel Service, Inc. 0.81% due 07/13/17		28,260,081		28,251,442
	35,285,000	United Parcel Service, Inc. 0.82% due 07/07/17		35,231,808		35,223,457
	100,000,000	United Parcel Service, Inc. 0.82% due 07/10/17		99,842,500		99,816,486
	87,236,000	United Parcel Service, Inc. 0.83% due 06/15/17		87,146,583		87,136,202
	142,051,000	United Parcel Service, Inc. 0.84% due 06/12/17		141,913,446		141,899,183
	36,942,000	United Parcel Service, Inc. 0.84% due 06/14/17		36,904,524		36,900,667
	31,242,000	Walt Disney Company 0.81% due 05/09/17		31,236,446		31,234,220
	31,372,000	Walt Disney Company 0.93% due 07/17/17		31,310,938		31,307,653

First Eagle Funds | Semi-Annual Report | April 30, 2017
40

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 13.43% (continued)
$	100,000,000	Walt Disney Company 0.94% due 06/23/17	$	99,864,556	$	99,865,289
	36,177,000	Walt Disney Company 0.94% due 07/14/17		36,108,585		36,106,199
	33,847,000	Walt Disney Company 0.94% due 08/08/17		33,761,367		33,752,826
Total U.S. Commercial Paper				7,229,728,409		7,229,232,631
Total Commercial Paper				10,747,336,418		10,746,834,656
Total Investments — 99.99% (Cost: $41,674,334,087)						53,812,671,234
Other Assets in Excess of Liabilities — 0.01%						5,471,866
Net Assets — 100.00%					$	53,818,143,100

*  Less than 0.01%

(a)  Non-income producing security/commodity.

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

(c)  Represents securities that are subject to legal or contractual restrictions on resale. At April 30, 2017, the value of these securities amounted to $67,841,586 or 0.13% of net assets.

(d)  Securities are valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $79,182,168 or 0.15% of net assets.

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

(f)  Represents non-voting class of shares.

(g)  This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period.

(h)  Floating rate security. Rate shown is the rate in effect at April 30, 2017.

At April 30, 2017, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	13,910,213,180
Gross unrealized depreciation		(1,771,876,033	)
Net unrealized appreciation	$	12,138,337,147

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

AG  — Aktien Gesellschaft

A/S  — Aktieselskab

ASA  — Norwegian Public Limited Company

C.V.  — Capital Variable

FRN  — Floating Rate Note

NVDR  — Non-Voting Depository Receipt

PCL  — Public Company Limited

PJSC  — Public Joint Stock Company

PLC  — Public Limited Company

First Eagle Funds | Semi-Annual Report | April 30, 2017
41

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Abbreviations used in this schedule include: (continued)

REIT  — Real Estate Investment Trust

RSP  — Represents Savings Shares

SA  — Société Anonyme

SAS  — Société par Actions Simplifiée

SE  — Societas Europaea

S.p.A.  — Società per Azioni

Currencies

EUR  — Euro

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 7.779% due 11/30/20	06/22/05	$	7,238,074	$	1.09
Emin Leydier SA FRN 7.779% due 11/30/20	07/03/09		21,341,293		1.09
Emin Leydier SA	07/03/09		—		3.75

Foreign Currency Exchange Contracts — Sales

Settlement Dates Through	Foreign Currency To be Delivered			U.S. $ To be Received		U.S. $ Value At April 30, 2017		Unrealized Appreciation At April 30, 2017		Unrealized Depreciation At April 30, 2017
05/17/17		49,917,000	Euro	$	53,342,305	$	54,411,169	$	—	$	(1,068,864	)
06/21/17		134,758,000	Euro		142,980,259		147,153,684		—		(4,173,425	)
07/19/17		44,121,000	Euro		47,451,253		48,250,810		—		(799,557	)
08/16/17		82,928,000	Euro		88,316,661		90,823,635		—		(2,506,974	)
09/13/17		101,353,000	Euro		108,269,531		111,171,583		—		(2,902,052	)
05/17/17		36,701,000	British Pound		44,664,383		47,553,438		—		(2,889,055	)
06/21/17		9,882,000	British Pound		12,363,163		12,817,015		—		(453,852	)
05/17/17		35,283,688,000	Japanese Yen		315,204,603		316,691,744		—		(1,487,141	)
07/19/17		32,457,490,000	Japanese Yen		289,242,484		292,094,480		—		(2,851,996	)
08/16/17		9,251,840,000	Japanese Yen		84,854,355		83,368,444		1,485,911		—
				$	1,186,688,997	$	1,204,336,002	$	1,485,911	$	(19,132,916	)

First Eagle Funds | Semi-Annual Report | April 30, 2017
42

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Affiliated Securities

Affiliated Securities	Shares October 31, 2016		Gross Additions		Gross Reductions		Shares April 30, 2017		Market Value April 30, 2017		Realized Gain / (Loss)			Dividend Income
Berkeley Group Holdings PLC		7,383,566		—		—		7,383,566	$	311,568,694	$	—		$	7,720,860
Chofu Seisakusho Company Limited		3,485,880		—		—		3,485,880		83,367,177		—			428,318
Emin Leydier SA		12,000,000		—		—		12,000,000		44,966,292		—			—
Flowserve Corporation		8,414,508		—		—		8,414,508		428,046,022		—			3,197,513
Hirose Electric Company Limited		2,442,300		—		—		2,442,300		327,976,955		—			2,373,619
Hornbach Holding AG & Company KGaA		1,339,934		—		—		1,339,934		103,616,273		—			—
Italmobiliare S.p.A.		1,194,634		—		—		1,194,634		66,887,563		—			—
Mills Music Trust		31,592		—		—		31,592		695,024		—			35,048
Namyang Dairy Products Company Limited		39,989		—		—		39,989		30,468,814		—			25,767
NOW, Inc.		5,851,664		—		—		5,851,664		99,536,805		—			—
NSC Groupe		66,717		—		—		66,717		5,690,437		—			—
Neopost SA*		1,867,732		—		213,366		1,654,366		67,092,197		(13,348,248	)		1,367,662
Orbital ATK, Inc.		3,694,106		—		—		3,694,106		365,716,494		—			2,290,346
Sabeton SA		385,000		—		—		385,000		8,928,608		—			—
San Juan Basin Royalty Trust		3,908,035		—		—		3,908,035		27,668,888		—			1,322,612
Scotts Miracle-Gro Company*		4,172,577		—		1,937,070		2,235,507		215,949,976		92,094,235			2,839,751
T. Hasegawa Company Limited		4,888,200		—		827,600		4,060,600		78,826,090		1,481,981			562,109
Teradata Corporation		11,265,104		925,075		—		12,190,179		355,709,423		—			—
Timken Company*		4,133,029		—		4,133,029		—		—		23,979,553			1,365,976
Vista Outdoor, Inc.		3,252,457		—		—		3,252,457		63,618,059		—			—
Total									$	2,686,329,791	$	104,207,521		$	23,529,581

*Represents an unaffiliated issuer as of April 30, 2017, as such, amounts represented above will not agree to balances in the Statements of Assets and Liabilities and Statements of Operations.

First Eagle Funds | Semi-Annual Report | April 30, 2017
43

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
International Common Stocks
Consumer Discretionary		4.14	%
Consumer Staples		4.49
Energy		3.16
Financials		6.88
Health Care		2.56
Industrials		7.61
Information Technology		2.03
Materials		6.71
Telecommunication Services		2.12
Total International Common Stocks		39.70
U.S. Common Stocks
Consumer Discretionary		3.74
Consumer Staples		0.44
Energy		2.35
Financials		9.29
Health Care		1.26
Industrials		5.64
Information Technology		7.88
Materials		0.81
Utilities		0.45
Total U.S. Common Stocks		31.86
Investment Company		0.00	*
Commodity		6.80
U.S. Bonds
Consumer Discretionary		0.01
Government Issues		0.51
Total U.S. Bonds		0.52
International Notes and Bonds
Financials		0.03
Government Issues		1.07
Materials		0.04
Total International Notes and Bonds		1.14

First Eagle Funds | Semi-Annual Report | April 30, 2017
44

First Eagle Global Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Industry Diversification for Portfolio Holdings (continued)	Percent of Net Assets
Commercial Paper
International Commercial Paper		6.54	%
U.S. Commercial Paper		13.43
Total Commercial Paper		19.97
Total Investments		99.99	%

*Less than 0.01%

See Notes to Consolidated Financial Statements.

First Eagle Funds | Semi-Annual Report | April 30, 2017
45

First Eagle Overseas Fund

Fund Overview

Data as of April 30, 2017 (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		6.08		6.42		4.69
		with sales load		0.75		5.33		4.15
MSCI EAFE Index				11.29		6.78		0.87
Consumer Price Index				2.21		1.23		1.70

Asset Allocation* (%)

Countries** (%)

Japan	21.66
France	10.83
United States	7.10
United Kingdom	6.53
Canada	4.81
Hong Kong	3.73
Mexico	3.44
Germany	3.28
Switzerland	2.80
South Korea	2.72
Singapore	2.09
Bermuda	1.86
Sweden	1.37
Thailand	0.95
Australia	0.82
Chile	0.74
Netherlands	0.67
Norway	0.65
Belgium	0.60
Denmark	0.58
Greece	0.57
Brazil	0.49
Ireland	0.45
Poland	0.28
Russia	0.24
Turkey	0.23
Israel	0.19
Taiwan	0.15
Italy	0.09
Indonesia	0.07
Africa	0.06

*  Asset Allocation and Countries percentages are based on total investments in the portfolio.

**Country allocations reflect country of the issuer (not currency of issue) and exclude short-term investments. Bonds of non-U.S. issuers may be U.S. dollar denominated.

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

First Eagle Funds | Semi-Annual Report | April 30, 2017
46

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)	6.64
KDDI Corporation (Japanese Wireless Telecommunication Services)	2.50
Fanuc Corporation (Japanese Industrial Machinery)	2.48
Sompo Holdings, Inc. (Japanese Property & Casualty Insurance)	1.82
HeidelbergCement AG (German Construction Materials)	1.77
Mitsubishi Estate Company Limited (Japanese Diversified Real Estate Activities)	1.68
Grupo Televisa S.A.B. ADR (Mexican Broadcasting)	1.67
Secom Company Limited (Japanese Security & Alarm Services)	1.67
Nestlé SA (Swiss Packaged Foods & Meats)	1.60
SMC Corporation (Japanese Industrial Machinery)	1.59
Total	23.42

*  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 | Semi-Annual Report | April 30, 2017
47

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 70.73%
International Common Stocks — 70.50%
Africa — 0.06%
	118,663	Randgold Resources Limited, ADR	$	7,074,131	$	10,441,157
Australia — 0.82%
	8,792,860	Newcrest Mining Limited		121,924,943		139,319,429
Belgium — 0.60%
	907,727	Groupe Bruxelles Lambert SA		69,227,228		87,023,122
	98,473	Sofina SA		8,428,557		14,132,376
				77,655,785		101,155,498
Bermuda — 1.85%
	3,381,300	Jardine Matheson Holdings Limited		155,365,623		218,195,289
	5,881,403	Hiscox Limited		70,399,116		86,231,102
	233,600	Jardine Strategic Holdings Limited		6,807,346		9,874,272
				232,572,085		314,300,663
Brazil — 0.49%
	11,019,480	Cielo SA		81,343,055		83,668,962
Canada — 4.67%
	10,544,754	Potash Corporation of Saskatchewan, Inc.		299,930,251		177,995,448
	9,854,984	Cenovus Energy, Inc.		212,126,365		98,352,740
	1,962,323	Agnico-Eagle Mines Limited		62,092,819		93,799,916
	6,044,482	Goldcorp, Inc.		159,971,703		84,380,969
	4,694,846	Barrick Gold Corporation		50,363,489		78,497,825
	2,618,011	Imperial Oil Limited		81,715,107		76,159,274
	1,054,193	Franco-Nevada Corporation		44,943,106		71,697,944
	2,106,982	Suncor Energy, Inc.		52,774,137		66,031,786
	1,096,974	Canadian Natural Resources Limited		27,476,763		34,941,159
	1,100,050	EnCana Corporation		14,298,775		11,770,535
				1,005,692,515		793,627,596
Chile — 0.73%
	4,845,830	Cia Cervecerias Unidas SA, ADR		102,800,524		124,877,039
Denmark — 0.58%
	2,359,222	ISS A/S		79,814,269		97,848,156

First Eagle Funds | Semi-Annual Report | April 30, 2017
48

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 70.50% (continued)
France — 10.70%
	3,649,923	Danone SA	$	244,256,658	$	255,170,697
	4,964,297	Bouygues SA		164,223,029		208,706,601
	3,533,820	Cie de Saint-Gobain		152,401,638		190,737,228
	1,997,226	Sanofi		162,148,995		188,426,783
	1,125,050	Sodexo SA		39,996,849		143,017,791
	7,346,731	Rexel SA		106,901,337		131,245,787
	5,470,051	Carrefour SA		172,557,696		128,853,101
	2,458,360	Total SA		116,436,886		126,316,110
	235,837	Robertet SA (a)		20,591,064		90,427,805
	493,657	Wendel SA		10,886,846		69,180,305
	11,593,581	Emin Leydier SA (a)(b)(c)(d)(e)		9,166,547		43,443,362
	558,938	Laurent-Perrier (a)		19,851,603		43,033,588
	648,834	Legrand SA		22,223,920		42,003,619
	442,830	Société Foncière Financière et de Participations		29,139,583		42,000,355
	731,216	Neopost SA		34,313,652		29,654,193
	364,373	Gaumont SA		21,698,753		29,629,436
	896,416	Legris Industries SA (a)(b)(c)(d)		23,119,325		24,977,992
	51,500	Robertet SA CI (c)(f)		2,151,628		13,822,778
	49,706	Christian Dior SE		8,116,497		13,641,765
	100,000	Sabeton SA		1,463,143		2,319,119
				1,361,645,649		1,816,608,415
Germany — 3.27%
	3,247,477	HeidelbergCement AG		187,247,759		300,685,436
	434,377	Linde AG		59,966,632		78,048,853
	12,412,426	Telefonica Deutschland Holding AG		55,764,505		60,167,791
	2,985,955	Hamburger Hafen und Logistik AG		87,574,307		56,595,238
	582,180	Hornbach Holding AG & Company KGaA		12,884,095		45,019,622
	180,236	Fraport AG		7,840,427		14,175,100
				411,277,725		554,692,040
Greece — 0.57%
	6,144,609	Jumbo SA		27,916,825		96,986,218

First Eagle Funds | Semi-Annual Report | April 30, 2017
49

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 70.50% (continued)
Hong Kong — 3.72%
	78,545,392	Hang Lung Properties Limited	$	185,209,719	$	205,998,187
	33,586,303	Hopewell Holdings Limited		96,856,757		128,458,158
	22,777,700	Great Eagle Holdings Limited		76,569,942		113,034,155
	7,806,340	Guoco Group Limited		57,283,838		89,621,341
	15,997,405	Hysan Development Company Limited		72,338,811		75,479,345
	5,454,119	Swire Properties Limited		15,268,220		18,301,119
				503,527,287		630,892,305
Ireland — 0.45%
	2,108,597	CRH PLC		35,126,499		76,988,389
Israel — 0.19%
	7,510,515	Israel Chemicals Limited		75,169,596		32,453,355
Italy — 0.09%
	287,915	Italmobiliare S.p.A.		35,687,622		16,120,362
Japan — 21.58%
	16,035,400	KDDI Corporation		222,609,572		425,141,285
	2,072,940	Fanuc Corporation		232,703,638		421,282,401
	8,193,900	Sompo Holdings, Inc.		233,046,799		309,159,394
	14,944,550	Mitsubishi Estate Company Limited		270,417,845		285,551,841
	3,895,800	Secom Company Limited		165,603,656		282,587,475
	956,890	SMC Corporation		143,339,850		269,448,550
	5,146,930	Hoya Corporation		114,377,734		245,815,253
	584,300	Keyence Corporation		55,057,261		234,820,722
	5,063,500	MS&AD Insurance Group Holdings, Inc.		103,070,585		164,975,394
	1,086,600	Hirose Electric Company Limited		113,363,708		145,919,731
	5,725,500	NTT DoCoMo, Inc.		136,027,101		138,059,152
	835,470	Shimano, Inc.		10,069,760		127,634,484
	2,715,380	Daiichikosho Company Limited		33,513,866		117,774,051
	7,104,800	Astellas Pharma, Inc.		54,164,269		93,562,201
	3,559,930	Kansai Paint Company Limited		26,253,316		78,815,046
	1,056,530	Nissin Foods Holdings Company Limited		36,942,685		60,467,920
	1,299,640	As One Corporation (a)		26,525,156		57,535,083
	2,525,011	T. Hasegawa Company Limited (a)		32,098,315		49,016,585

First Eagle Funds | Semi-Annual Report | April 30, 2017
50

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 70.50% (continued)
Japan — 21.58% (continued)
	1,871,000	Chofu Seisakusho Company Limited (a)	$	29,774,613	$	44,746,230
	437,806	SK Kaken Company Limited		7,304,356		41,630,353
	1,687,224	Nagaileben Company Limited		16,095,088		38,867,829
	1,740,020	Maezawa Kasei Industries Company Limited (a)		25,767,628		18,496,736
	473,100	Komatsu Limited		8,324,839		12,613,171
				2,096,451,640		3,663,920,887
Mexico — 2.59%
	11,691,188	Grupo Televisa S.A.B., ADR		250,578,503		284,095,868
	5,341,868	Fresnillo PLC		93,005,205		100,460,733
	2,246,692	Industrias Peñoles S.A.B. de C.V.		1,833,690		54,922,387
				345,417,398		439,478,988
Netherlands — 0.66%
	560,446	HAL Trust		20,803,015		112,605,555
Norway — 0.65%
	12,188,419	Orkla ASA		90,197,144		110,371,486
Poland — 0.04%
	571,220	Pfleiderer Group SA		3,567,238		6,542,407
Russia — 0.24%
	8,419,603	Gazprom PJSC, ADR		56,456,706		39,993,114
Singapore — 1.48%
	25,512,113	Haw Par Corporation Limited (a)		76,875,317		186,435,725
	32,779,415	ComfortDelGro Corporation Limited		24,022,250		64,284,864
				100,897,567		250,720,589
South Korea — 2.67%
	1,708,028	KT&G Corporation		100,727,981		152,355,077
	4,548,570	Kia Motors Corporation		196,570,830		139,307,201
	353,250	Lotte Confectionery Company Limited		12,445,892		63,640,258
	203,663	Nong Shim Company Limited		48,153,342		56,737,122
	872,463	Fursys, Inc. (a)		10,110,166		24,228,694
	22,950	Namyang Dairy Products Company Limited		4,912,653		17,486,291
				372,920,864		453,754,643

First Eagle Funds | Semi-Annual Report | April 30, 2017
51

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 70.50% (continued)
Sweden — 1.37%
	3,013,030	Investor AB, Class 'A'	$	59,333,861	$	136,410,083
	2,096,088	Investor AB, Class 'B'		49,886,115		95,819,949
				109,219,976		232,230,032
Switzerland — 2.79%
	3,526,216	Nestlé SA		144,864,269		271,642,670
	2,413,791	Pargesa Holding SA		129,478,662		180,367,197
	252,160	Cie Financiere Richemont SA		15,430,531		21,072,466
				289,773,462		473,082,333
Taiwan — 0.15%
	8,577,694	Taiwan Secom Company Limited		12,814,500		25,047,060
Thailand — 0.94%
	24,226,759	Bangkok Bank PCL, NVDR		101,036,640		125,721,400
	52,214,985	Thai Beverage PCL		8,627,619		34,569,560
	15,000	Bangkok Bank PCL		63,387		81,093
				109,727,646		160,372,053
Turkey — 0.22%
	5,893,909	Yazicilar Holding AS		38,350,989		38,164,925
United Kingdom — 6.33%
	6,009,482	TechnipFMC PLC (d)		190,475,673		181,065,693
	4,212,259	Berkeley Group Holdings PLC		73,194,131		177,747,180
	4,777,859	Liberty Global PLC, Series 'C' (d)		154,752,111		165,361,700
	2,447,901	British American Tobacco PLC		133,686,705		165,342,589
	5,013,305	Diageo PLC		134,008,237		145,870,383
	7,119,554	GlaxoSmithKline PLC		141,033,072		142,929,232
	728,888	Willis Towers Watson PLC		78,883,385		96,665,126
				906,033,314		1,074,981,903
Total International Common Stocks				8,711,859,969		11,971,245,559
U.S. Common Stock — 0.23%
Materials — 0.23%
	551,449	Royal Gold, Inc.		33,723,128		38,976,415
Total Common Stocks				8,745,583,097		12,010,221,974

First Eagle Funds | Semi-Annual Report | April 30, 2017
52

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Preferred Stock — 0.04%
South Korea — 0.04%
	27,183	Namyang Dairy Products Company Limited	$	387,444	$	6,330,517
Investment Company — 0.00*%
	117,151	State Street Institutional U.S. Government Money Market Fund, Premier Class		117,151		117,151
Right — 0.00%
	55,324	Pfleiderer Atlantik Raco RI Rights (b)(c)(d)		16,617		—
Ounces
Commodity — 6.64%
	888,626	Gold bullion (d)		801,568,898		1,127,275,787
Principal
Notes and Bonds — 2.36%
U.S. Bonds — 0.20%
Government Obligations — 0.20%
$	24,086,000	Federal Home Loan Bank 0.00% due 05/23/17		24,075,108		24,075,113
	10,000,000	U.S. Treasury Note 0.875% due 01/15/18 (g)		9,988,700		9,986,330
Total U.S. Bonds				34,063,808		34,061,443
International Notes and Bonds — 2.16%
International Corporate Notes and Bonds — 0.09%
France — 0.09%
	4,000,000	Emin Leydier SA FRN EUR7.779% due 11/30/20 (b)(c)(h)		4,825,203		4,357,199
	10,000,000	Emin Leydier SA FRN EUR7.779% due 11/30/20 (b)(c)(h)		14,227,973		10,892,997
Total International Corporate Notes and Bonds				19,053,176		15,250,196

First Eagle Funds | Semi-Annual Report | April 30, 2017
53

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Government Bonds — 2.07%
Canada — 0.12%
	27,880,000 CAD	Canadian Government Bond 1.25% due 08/01/17	$	21,325,184	$	20,461,332
Indonesia — 0.07%
	152,606,000,000 IDR	Indonesia Treasury Bond 8.25% due 07/15/21		11,636,961		12,050,252
Mexico — 0.84%
	1,249,660,000 MXN	Mexican Bonos 4.75% due 06/14/18		76,527,689		65,030,580
	480,074,000 MXN	Mexican Bonos 5.00% due 12/11/19		31,357,906		24,401,461
	1,025,590,000 MXN	Mexican Bonos 6.50% due 06/10/21		58,180,482		53,408,967
				166,066,077		142,841,008
Poland — 0.25%
	157,760,000 PLN	Republic of Poland Government Bond 3.25% due 07/25/19		39,894,287		41,672,683
Singapore — 0.61%
	88,530,000 SGD	Singapore Government Bond 0.50% due 04/01/18		67,425,072		63,054,220
	53,521,000 SGD	Singapore Government Bond 3.25% due 09/01/20		40,907,831		40,617,196
				108,332,903		103,671,416
United Kingdom — 0.18%
	23,026,000 GBP	United Kingdom Gilt 1.00% due 09/07/17 (i)		35,675,827		29,918,334
Total International Government Bonds				382,931,239		350,615,025
Total International Notes and Bonds				401,984,415		365,865,221
Total Notes and Bonds				436,048,223		399,926,664
Commercial Paper — 19.87%
International Commercial Paper — 8.14%
Australia — 0.28%
	9,383,000 USD	Telstra Corporation Limited 1.00% due 05/17/17		9,378,830		9,377,775
	9,383,000 USD	Telstra Corporation Limited 1.00% due 05/18/17		9,378,569		9,377,490

First Eagle Funds | Semi-Annual Report | April 30, 2017
54

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 8.14% (continued)
Australia — 0.28% (continued)
	14,702,000 USD	Telstra Corporation Limited 1.05% due 06/06/17	$	14,686,563	$	14,684,719
	14,702,000 USD	Telstra Corporation Limited 1.05% due 06/08/17		14,685,705		14,683,783
Canada — 2.25%
	22,911,000 USD	PSP Capital, Inc. 0.99% due 06/05/17		22,889,394		22,890,371
	2,731,000 USD	PSP Capital, Inc. 1.00% due 06/28/17		2,726,600		2,726,872
	58,367,000 USD	PSP Capital, Inc. 1.00% due 07/05/17		58,261,615		58,266,784
	18,408,000 USD	PSP Capital, Inc. 1.06% due 07/20/17		18,364,639		18,367,936
	2,662,000 USD	Suncor Energy, Inc. 1.23% due 06/07/17		2,658,635		2,658,341
	34,205,000 USD	Total Capital Limited 0.94% due 05/17/17		34,191,014		34,189,168
	42,156,000 USD	Total Capital Limited 0.95% due 05/15/17		42,140,754		42,138,621
	13,203,000 USD	Total Capital Limited 1.02% due 06/20/17		13,184,296		13,185,253
	48,666,000 USD	Total Capital Limited 1.02% due 07/05/17		48,576,373		48,579,499
	50,000,000 USD	Total Capital Limited 1.02% due 07/11/17		49,899,416		49,901,642
	16,337,000 USD	Total Capital Limited 1.02% due 07/12/17		16,303,672		16,304,326
	18,963,000 USD	Total Capital Limited 1.02% due 07/14/17		18,923,241		18,923,860
	22,769,000 USD	Total Capital Limited 1.03% due 07/18/17		22,718,187		22,718,999
	11,812,000 USD	Total Capital Limited 1.03% due 07/20/17		11,784,964		11,785,284
	19,154,000 USD	Total Capital Limited 1.04% due 07/20/17		19,109,733		19,110,679
France — 0.87%
	22,054,000 USD	Engie 0.88% due 06/15/17		22,030,016		22,027,535

First Eagle Funds | Semi-Annual Report | April 30, 2017
55

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 8.14% (continued)
France — 0.87% (continued)
	2,023,000 USD	Engie 0.90% due 06/06/17	$	2,021,199	$	2,021,060
	14,119,000 USD	Engie 0.91% due 05/09/17		14,116,208		14,115,355
	7,086,000 USD	Engie 0.95% due 06/14/17		7,077,946		7,077,692
	25,000,000 USD	Engie 0.96% due 07/05/17		24,957,569		24,953,770
	3,993,000 USD	Essilor International 1.00% due 06/05/17		3,989,118		3,989,278
	15,790,000 USD	Essilor International 1.00% due 06/19/17		15,768,508		15,769,313
	20,017,000 USD	Essilor International 1.00% due 06/23/17		19,987,531		19,988,572
	11,058,000 USD	Essilor International 1.05% due 07/12/17		11,034,778		11,035,999
	8,829,000 USD	Essilor International 1.05% due 07/13/17		8,810,202		8,811,163
	18,408,000 USD	Essilor International 1.05% due 07/20/17		18,365,048		18,366,663
Germany — 0.60%
	17,123,000 USD	BASF AG 1.00% due 06/27/17		17,096,431		17,096,745
	5,444,000 USD	Henkel Corporation 0.81% due 05/01/17		5,444,000		5,443,621
	5,444,000 USD	Henkel Corporation 0.81% due 05/02/17		5,443,879		5,443,494
	55,452,000 USD	Henkel Corporation 1.08% due 07/07/17		55,340,542		55,350,323
	19,154,000 USD	Henkel Corporation 1.08% due 07/17/17		19,109,754		19,112,840
Italy — 0.01%
	2,185,000 USD	Eni S.p.A. 1.13% due 05/01/17		2,185,000		2,184,812
Japan — 0.90%
	3,240,000 USD	Hitachi Limited 1.11% due 05/01/17		3,240,000		3,239,702

First Eagle Funds | Semi-Annual Report | April 30, 2017
56

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 8.14% (continued)
Japan — 0.90% (continued)
	12,530,000 USD	Honda Corporation 0.95% due 06/16/17	$	12,515,110	$	12,515,350
	8,391,000 USD	Honda Corporation 0.97% due 07/24/17		8,372,400		8,371,898
	23,147,000 USD	Honda Corporation 1.02% due 07/06/17		23,103,715		23,107,338
	17,629,000 USD	Honda Corporation 1.03% due 07/05/17		17,596,215		17,599,330
	20,601,000 USD	Honda Corporation 1.04% due 07/18/17		20,554,579		20,558,078
	25,805,000 USD	Honda Corporation 1.05% due 07/24/17		25,741,778		25,746,255
	12,441,000 USD	Honda Corporation 1.06% due 07/21/17		12,411,328		12,413,887
	17,280,000 USD	Mitsubishi Company 0.83% due 05/05/17		17,278,426		17,276,969
	3,602,000 USD	Mitsubishi Company 1.07% due 06/29/17		3,595,683		3,595,809
	7,363,000 USD	Mitsui & Company Limited 1.14% due 06/19/17		7,351,575		7,350,695
Switzerland — 2.65%
	16,697,000 USD	Nestlé SA 0.68% due 05/09/17		16,694,514		16,692,985
	17,649,000 USD	Nestlé SA 0.69% due 05/08/17		17,646,666		17,645,151
	13,813,000 USD	Nestlé SA 0.73% due 05/10/17		13,810,514		13,809,372
	14,408,000 USD	Nestlé SA 0.73% due 05/22/17		14,401,949		14,400,277
	5,184,000 USD	Nestlé SA 0.74% due 06/02/17		5,180,636		5,179,872
	3,465,000 USD	Nestlé SA 0.76% due 06/08/17		3,462,257		3,461,736
	3,553,000 USD	Nestlé SA 0.77% due 06/06/17		3,550,300		3,549,828
	9,248,000 USD	Nestlé SA 0.79% due 06/14/17		9,239,184		9,237,918

First Eagle Funds | Semi-Annual Report | April 30, 2017
57

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 8.14% (continued)
Switzerland — 2.65% (continued)
	18,707,000 USD	Nestlé SA 0.86% due 06/05/17	$	18,691,541	$	18,690,749
	13,888,000 USD	Nestlé SA 0.91% due 07/18/17		13,861,219		13,860,502
	14,579,000 USD	Nestlé SA 0.92% due 06/14/17		14,562,963		14,563,107
	7,111,000 USD	Nestlé SA 0.93% due 06/30/17		7,100,215		7,100,348
	20,280,000 USD	Nestlé SA 0.93% due 07/20/17		20,238,989		20,238,714
	20,312,000 USD	Nestlé SA 0.94% due 06/19/17		20,286,565		20,287,325
	11,713,000 USD	Nestlé SA 0.97% due 07/14/17		11,690,127		11,691,079
	21,145,000 USD	Nestlé SA 0.97% due 07/19/17		21,100,918		21,102,568
	5,615,000 USD	Nestlé SA 0.99% due 07/06/17		5,605,015		5,605,702
	18,408,000 USD	Nestlé SA 1.00% due 07/18/17		18,368,914		18,371,552
	18,408,000 USD	Nestlé SA 1.00% due 07/19/17		18,368,413		18,371,060
	8,770,000 USD	Novartis International AG 0.92% due 07/03/17		8,756,034		8,755,465
	16,631,000 USD	Roche Holdings, Inc. 0.68% due 05/01/17		16,631,000		16,629,884
	4,392,000 USD	Roche Holdings, Inc. 0.68% due 05/02/17		4,391,918		4,391,607
	14,984,000 USD	Roche Holdings, Inc. 0.68% due 05/08/17		14,982,048		14,980,612
	10,092,000 USD	Roche Holdings, Inc. 0.69% due 05/10/17		10,090,284		10,089,255
	8,167,000 USD	Roche Holdings, Inc. 0.69% due 05/11/17		8,165,457		8,164,591
	19,723,000 USD	Roche Holdings, Inc. 0.70% due 05/02/17		19,722,622		19,721,234
	19,723,000 USD	Roche Holdings, Inc. 0.70% due 05/04/17		19,721,866		19,720,341

First Eagle Funds | Semi-Annual Report | April 30, 2017
58

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 8.14% (continued)
Switzerland — 2.65% (continued)
	19,723,000 USD	Roche Holdings, Inc. 0.70% due 05/08/17	$	19,720,354	$	19,718,540
	6,418,000 USD	Roche Holdings, Inc. 0.71% due 05/02/17		6,417,875		6,417,425
	4,691,000 USD	Roche Holdings, Inc. 0.71% due 05/11/17		4,690,088		4,689,616
	27,558,000 USD	Roche Holdings, Inc. 0.71% due 05/12/17		27,552,106		27,549,223
	19,739,000 USD	Roche Holdings, Inc. 0.72% due 05/16/17		19,733,160		19,730,868
	14,592,000 USD	Roche Holdings, Inc. 0.92% due 07/06/17		14,567,923		14,566,521
United Kingdom — 0.58%
	14,617,000 USD	GlaxoSmithKline PLC 0.98% due 06/21/17		14,597,121		14,597,048
	22,981,000 USD	GlaxoSmithKline PLC 1.08% due 07/06/17		22,935,498		22,939,552
	30,641,000 USD	GlaxoSmithKline PLC 1.08% due 07/07/17		30,579,411		30,584,816
	30,641,000 USD	GlaxoSmithKline PLC 1.08% due 07/11/17		30,575,735		30,580,976
Total International Commercial Paper				1,382,092,137		1,382,122,367
U.S. Commercial Paper — 11.73%
$	5,444,000	Anthem, Inc. 1.02% due 05/11/17		5,442,457		5,441,841
	8,468,000	Anthem, Inc. 1.18% due 05/19/17		8,463,004		8,462,527
	6,382,000	Anthem, Inc. 1.20% due 05/10/17		6,380,085		6,379,668
	25,692,000	Apple, Inc. 0.77% due 05/05/17		25,689,830		25,688,233
	11,087,000	Apple, Inc. 0.78% due 05/04/17		11,086,289		11,085,610
	6,055,000	Apple, Inc. 0.78% due 05/15/17		6,053,187		6,052,787
	18,523,000	Apple, Inc. 0.79% due 06/07/17		18,508,151		18,506,124

First Eagle Funds | Semi-Annual Report | April 30, 2017
59

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.73% (continued)
$	16,590,000	Apple, Inc. 0.81% due 05/11/17	$	16,586,313	$	16,585,411
	13,231,000	Apple, Inc. 0.81% due 06/13/17		13,218,357		13,216,934
	2,635,000	Apple, Inc. 0.82% due 05/09/17		2,634,526		2,634,386
	7,370,000	Apple, Inc. 0.84% due 06/08/17		7,363,543		7,363,100
	9,108,000	Apple, Inc. 0.94% due 07/19/17		9,089,612		9,089,557
	15,591,000	Apple, Inc. 0.94% due 08/01/17		15,554,344		15,553,478
	19,396,000	Apple, Inc. 0.94% due 08/02/17		19,349,902		19,348,726
	49,534,000	Apple, Inc. 0.95% due 07/17/17		49,435,469		49,436,363
	13,957,000	Apple, Inc. 0.98% due 07/24/17		13,925,736		13,926,778
	4,374,000	Campbell Soup Company 0.86% due 05/03/17		4,373,793		4,373,309
	14,408,000	Caterpillar Financial Services Company 0.92% due 05/23/17		14,400,076		14,399,655
	14,408,000	Caterpillar Financial Services Company 0.92% due 05/24/17		14,399,715		14,399,301
	19,723,000	Chevron Corporation 0.81% due 05/12/17		19,718,179		19,716,956
	19,723,000	Chevron Corporation 0.81% due 05/16/17		19,716,426		19,715,160
	14,170,000	Cisco Systems, Inc. 0.81% due 05/03/17		14,169,370		14,168,412
	22,477,000	Coca-Cola Company 0.81% due 05/18/17		22,468,509		22,467,035
	17,098,000	Coca-Cola Company 0.85% due 05/16/17		17,092,016		17,091,204
	19,643,000	Coca-Cola Company 0.86% due 05/11/17		19,638,362		19,637,418
	11,631,000	Coca-Cola Company 0.86% due 05/22/17		11,625,233		11,624,774
	7,993,000	Coca-Cola Company 0.87% due 05/12/17		7,990,900		7,990,548

First Eagle Funds | Semi-Annual Report | April 30, 2017
60

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.73% (continued)
$	19,846,000	Coca-Cola Company 0.88% due 06/20/17	$	19,822,019	$	19,821,662
	7,320,000	Coca-Cola Company 0.88% due 06/21/17		7,310,978		7,310,843
	13,195,000	Coca-Cola Company 0.89% due 06/19/17		13,179,375		13,179,142
	4,447,000	Coca-Cola Company 0.91% due 06/14/17		4,442,163		4,442,199
	10,092,000	Coca-Cola Company 0.91% due 06/15/17		10,080,773		10,080,858
	4,447,000	Coca-Cola Company 0.92% due 06/16/17		4,441,886		4,441,982
	6,382,000	Coca-Cola Company 0.93% due 06/21/17		6,373,773		6,374,016
	26,316,000	Coca-Cola Company 0.94% due 06/22/17		26,281,029		26,282,429
	23,357,000	Coca-Cola Company 0.95% due 06/21/17		23,326,227		23,327,780
	10,156,000	Coca-Cola Company 1.00% due 07/25/17		10,132,021		10,133,284
	25,058,000	Coca-Cola Company 1.00% due 07/26/17		24,998,139		25,001,193
	4,481,000	Coca-Cola Company 1.00% due 07/27/17		4,470,171		4,470,694
	3,040,000	Dow Chemical Company 1.01% due 05/11/17		3,039,147		3,038,746
	23,241,000	DuPont 1.08% due 05/04/17		23,238,908		23,236,588
	14,702,000	DuPont 1.16% due 06/01/17		14,687,314		14,685,421
	8,770,000	DuPont 1.26% due 07/13/17		8,747,593		8,746,616
	11,631,000	DuPont 1.28% due 06/07/17		11,615,699		11,615,492
	4,429,000	DuPont 1.29% due 06/14/17		4,422,017		4,422,021
	23,384,000	Eli Lilly & Company 0.79% due 05/03/17		23,382,987		23,381,379
	8,432,000	Eli Lilly & Company 0.83% due 05/15/17		8,429,311		8,428,723

First Eagle Funds | Semi-Annual Report | April 30, 2017
61

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.73% (continued)
$	5,159,000	Emerson Electric Company 0.84% due 05/12/17	$	5,157,692	$	5,157,357
	4,555,000	Emerson Electric Company 0.85% due 05/15/17		4,553,512		4,553,230
	4,447,000	Entergy Corporation 1.40% due 05/09/17		4,445,616		4,445,240
	9,383,000	Entergy Corporation 1.40% due 05/12/17		9,378,986		9,378,260
	16,601,000	Exxon Mobil Corporation 0.72% due 05/18/17		16,595,434		16,593,640
	12,473,000	Exxon Mobil Corporation 0.73% due 05/04/17		12,472,252		12,471,389
	19,531,000	Exxon Mobil Corporation 0.74% due 05/05/17		19,529,416		19,528,049
	18,773,000	Exxon Mobil Corporation 0.75% due 05/01/17		18,773,000		18,771,794
	15,644,000	Exxon Mobil Corporation 0.75% due 05/02/17		15,643,678		15,642,658
	14,770,000	Exxon Mobil Corporation 0.75% due 05/03/17		14,769,393		14,768,412
	11,087,000	Exxon Mobil Corporation 0.75% due 05/04/17		11,086,316		11,085,568
	13,231,000	Exxon Mobil Corporation 0.82% due 06/22/17		13,215,520		13,214,061
	14,702,000	Exxon Mobil Corporation 0.85% due 06/21/17		14,684,505		14,683,542
	5,137,000	Exxon Mobil Corporation 0.85% due 07/06/17		5,129,089		5,128,660
	13,823,000	Exxon Mobil Corporation 0.86% due 07/07/17		13,801,133		13,800,207
	5,623,000	Exxon Mobil Corporation 0.89% due 07/10/17		5,613,378		5,613,308
	6,382,000	Exxon Mobil Corporation 0.92% due 06/12/17		6,375,299		6,375,371
	23,357,000	Exxon Mobil Corporation 0.92% due 06/13/17		23,331,891		23,332,169
	27,612,000	Intel Corporation 0.86% due 06/26/17		27,575,491		27,571,815
	5,852,000	John Deere Limited 0.89% due 05/17/17		5,849,711		5,849,446

First Eagle Funds | Semi-Annual Report | April 30, 2017
62

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.73% (continued)
$	6,265,000	Johnson & Johnson 0.85% due 06/02/17	$	6,260,322	$	6,260,036
	23,711,000	Johnson & Johnson 0.85% due 06/09/17		23,689,423		23,688,261
	13,058,000	Johnson & Johnson 0.85% due 06/14/17		13,044,594		13,043,901
	37,256,000	Johnson & Johnson 0.87% due 07/13/17		37,191,030		37,186,551
	37,256,000	Johnson & Johnson 0.87% due 07/14/17		37,190,140		37,185,477
	4,860,000	Kroger Company 1.10% due 05/01/17		4,860,000		4,859,552
	15,644,000	MetLife 0.89% due 05/03/17		15,643,235		15,642,121
	19,723,000	MetLife 0.89% due 05/08/17		19,719,625		19,718,190
	17,649,000	MetLife 0.89% due 05/10/17		17,645,117		17,643,805
	15,339,000	MetLife 0.89% due 05/15/17		15,333,751		15,332,481
	5,837,000	MetLife 0.90% due 06/02/17		5,832,382		5,831,484
	16,838,000	MetLife 0.95% due 05/01/17		16,838,000		16,836,793
	8,894,000	MetLife 0.96% due 05/22/17		8,889,123		8,888,468
	16,913,000	MetLife 0.98% due 06/13/17		16,893,606		16,891,454
	17,196,000	MetLife 1.04% due 07/10/17		17,161,226		17,158,724
	14,704,000	MetLife 1.04% due 07/12/17		14,673,416		14,671,069
	16,481,000	MetLife 1.04% due 07/18/17		16,443,863		16,440,469
	28,948,000	MetLife 1.13% due 06/16/17		28,906,202		28,908,441
	11,631,000	MetLife 1.15% due 07/03/17		11,607,593		11,608,653
	2,640,000	Microsoft Corporation 0.72% due 05/23/17		2,638,854		2,638,471

First Eagle Funds | Semi-Annual Report | April 30, 2017
63

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.73% (continued)
$	6,800,000	Microsoft Corporation 0.72% due 05/24/17	$	6,796,915	$	6,795,894
	30,862,000	Microsoft Corporation 0.88% due 06/22/17		30,823,217		30,821,215
	6,661,000	Microsoft Corporation 0.90% due 06/15/17		6,653,590		6,653,380
	12,144,000	Microsoft Corporation 0.90% due 07/11/17		12,122,684		12,121,359
	7,381,000	Paccar Financial Corporation 0.97% due 06/09/17		7,373,404		7,373,336
	7,817,000	Paccar Financial Corporation 1.00% due 06/15/17		7,807,229		7,807,620
	9,383,000	PepsiCo, Inc. 0.68% due 05/05/17		9,382,301		9,381,522
	10,842,000	PepsiCo, Inc. 0.68% due 05/08/17		10,840,587		10,839,549
	7,111,000	PepsiCo, Inc. 0.83% due 05/08/17		7,109,866		7,109,392
	7,972,000	PepsiCo, Inc. 0.84% due 05/02/17		7,971,816		7,971,286
	29,969,000	Pfizer, Inc. 0.90% due 06/07/17		29,941,895		29,941,695
	22,073,000	Pfizer, Inc. 0.94% due 07/13/17		22,031,822		22,031,854
	8,844,000	Pfizer, Inc. 0.95% due 07/20/17		8,825,722		8,825,628
	5,460,000	Philip Morris International, Inc. 0.90% due 05/24/17		5,456,895		5,456,589
	20,099,000	Philip Morris International, Inc. 0.91% due 05/19/17		20,089,955		20,088,940
	13,957,000	Philip Morris International, Inc. 0.93% due 06/20/17		13,939,360		13,938,343
	15,431,000	Philip Morris International, Inc. 0.97% due 06/22/17		15,409,825		15,409,500
	15,431,000	Philip Morris International, Inc. 0.97% due 06/23/17		15,409,418		15,409,085
	7,701,000	Praxair, Inc. 0.87% due 06/23/17		7,691,250		7,690,063
	11,058,000	Praxair, Inc. 0.87% due 06/28/17		11,042,678		11,040,724

First Eagle Funds | Semi-Annual Report | April 30, 2017
64

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.73% (continued)
$	11,058,000	Praxair, Inc. 0.87% due 06/29/17	$	11,042,414	$	11,040,384
	32,254,000	Qualcomm, Inc. 0.80% due 05/17/17		32,242,675		32,239,956
	14,984,000	Qualcomm, Inc. 0.81% due 05/10/17		14,981,003		14,979,924
	7,985,000	Qualcomm, Inc. 0.82% due 06/01/17		7,979,430		7,978,612
	12,133,000	Qualcomm, Inc. 0.84% due 06/07/17		12,122,650		12,121,447
	8,857,000	Qualcomm, Inc. 0.89% due 05/31/17		8,850,505		8,850,140
	4,386,000	Qualcomm, Inc. 0.90% due 06/08/17		4,381,880		4,381,714
	15,180,000	Qualcomm, Inc. 0.95% due 07/19/17		15,149,020		15,147,463
	3,327,000	Schlumberger Investments SA 1.10% due 05/09/17		3,326,187		3,325,887
	13,649,000	Schlumberger Investments SA 1.13% due 05/03/17		13,648,143		13,646,938
	5,817,000	Schlumberger Investments SA 1.15% due 05/16/17		5,814,213		5,813,789
	18,298,000	Schlumberger Investments SA 1.30% due 07/12/17		18,250,425		18,252,064
	16,137,000	Schlumberger Investments SA 1.30% due 07/21/17		16,089,799		16,090,837
	15,790,000	Schlumberger Investments SA 1.35% due 06/20/17		15,760,394		15,763,081
	7,112,000	Sysco Corporation 1.13% due 05/01/17		7,112,000		7,111,345
	10,092,000	Unilever Capital Corporation 0.76% due 05/02/17		10,091,790		10,091,096
	20,000,000	Unilever Capital Corporation 0.82% due 05/30/17		19,986,950		19,985,031
	7,938,000	Unilever Capital Corporation 0.86% due 06/05/17		7,931,440		7,930,895
	8,068,000	Unilever Capital Corporation 0.92% due 07/10/17		8,053,724		8,053,194
	12,276,000	Unilever Capital Corporation 0.96% due 07/21/17		12,250,036		12,249,247

First Eagle Funds | Semi-Annual Report | April 30, 2017
65

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 11.73% (continued)
$	22,222,000	United Healthcare Company 1.07% due 05/23/17	$	22,207,469	$	22,204,824
	14,815,000	United Healthcare Company 1.07% due 06/01/17		14,801,350		14,799,231
	16,532,000	United Healthcare Company 1.23% due 06/13/17		16,507,712		16,507,771
	32,361,000	United Parcel Service, Inc. 0.61% due 06/02/17		32,343,741		32,334,414
	18,372,000	United Parcel Service, Inc. 0.64% due 05/03/17		18,371,357		18,369,941
	10,842,000	United Parcel Service, Inc. 0.64% due 05/12/17		10,839,913		10,838,547
	11,694,000	United Parcel Service, Inc. 0.81% due 07/13/17		11,675,030		11,671,461
	14,715,000	United Parcel Service, Inc. 0.82% due 07/07/17		14,692,817		14,689,335
	12,764,000	United Parcel Service, Inc. 0.83% due 06/15/17		12,750,917		12,749,398
	32,949,000	United Parcel Service, Inc. 0.84% due 06/12/17		32,917,094		32,913,786
	13,058,000	United Parcel Service, Inc. 0.84% due 06/14/17		13,044,753		13,043,390
	16,804,000	Walt Disney Company 0.81% due 05/09/17		16,801,013		16,799,815
	18,628,000	Walt Disney Company 0.93% due 07/17/17		18,591,743		18,589,792
	13,823,000	Walt Disney Company 0.94% due 07/14/17		13,796,859		13,795,947
	16,153,000	Walt Disney Company 0.94% due 08/08/17		16,112,133		16,108,057
Total U.S. Commercial Paper				1,992,476,736		1,992,350,667
Total Commercial Paper				3,374,568,873		3,374,473,034
Total Investments — 99.64% (Cost: $13,358,290,303)						16,918,345,127
Other Assets in Excess of Liabilities — 0.36%						61,277,803
Net Assets — 100.00%					$	16,979,622,930

*  Less than 0.01%

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

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66

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

(b)  Represents securities that are subject to legal or contractual restrictions on resale. At April 30, 2017, the value of these securities amounted to $83,671,550 or 0.49% of net assets.

(c)  Securities are valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $97,494,328 or 0.57% of net assets.

(d)  Non-income producing security/commodity.

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

(f)  Represents non-voting class of shares.

(g)  This security, in part or in entirety, was pledged and segregated with the custodian for collateral on certain derivative contracts at the close of the reporting period.

(h)  Floating rate security. Rate shown is the rate in effect at April 30, 2017.

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

At April 30, 2017, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	4,150,184,544
Gross unrealized depreciation		(590,129,720	)
Net unrealized appreciation	$	3,560,054,824

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

AG  — Aktien Gesellschaft

A/S  — Aktieselskab

AS  — Anonim Sirket

ASA  — Norwegian Public Limited Company

C.V.  — Capital Variable

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

SE  — Societas Europaea

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

First Eagle Funds | Semi-Annual Report | April 30, 2017
67

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
Emin Leydier SA FRN 7.779% due 11/30/20	06/22/05	$	4,825,203	$	1.09
Emin Leydier SA FRN 7.779% due 11/30/20	07/30/09		14,227,973		1.09
Emin Leydier SA	07/14/09		9,166,547		3.75
Legris Industries SA	04/30/04		23,119,325		27.86
Pfleiderer Atlantik Raco RI Rights	01/29/13		16,617		—

Foreign Currency Exchange Contracts — Sales

Settlement Dates Through	Foreign Currency To be Delivered			U.S. $ To be Received		U.S. $ Value At April 30, 2017		Unrealized Appreciation At April 30, 2017		Unrealized Depreciation At April 30, 2017
05/17/17		33,104,000	Euro	$	35,375,596	$	36,084,446	$	—	$	(708,850	)
06/21/17		85,025,000	Euro		90,212,800		92,846,005		—		(2,633,205	)
07/19/17		19,967,000	Euro		21,474,109		21,835,949		—		(361,840	)
08/16/17		55,556,000	Euro		59,166,029		60,845,528		—		(1,679,499	)
09/13/17		56,829,000	Euro		60,707,125		62,334,316		—		(1,627,191	)
05/17/17		20,937,000	British Pound		25,479,910		27,128,044		—		(1,648,134	)
06/21/17		5,638,000	British Pound		7,053,583		7,312,520		—		(258,937	)
05/17/17		18,583,843,000	Japanese Yen		166,017,590		166,800,864		—		(783,274	)
07/19/17		16,367,875,000	Japanese Yen		145,861,089		147,299,312		—		(1,438,223	)
08/16/17		4,797,990,000	Japanese Yen		44,005,338		43,234,747		770,591		—
				$	655,353,169	$	665,721,731	$	770,591	$	(11,139,153	)

Affiliated Securities

Affiliated Securities	Shares October 31, 2016		Gross Additions		Gross Reductions		Shares April 30, 2017		Market Value April 30, 2017		Realized Gain / (Loss)		Dividend Income
As One Corporation		1,299,640		—		—		1,299,640	$	57,535,083	$	—	$	578,917
Chofu Seisakusho Company Limited		1,871,000		—		—		1,871,000		44,746,230		—		229,894
Emin Leydier SA		11,593,581		—		—		11,593,581		43,443,362		—		—
Fursys, Inc.		872,463		—		—		872,463		24,228,694		—		393,527
Gaumont SA*		364,373		—		—		364,373		29,629,436		—		—
Haw Par Corporation Limited		25,512,113		—		—		25,512,113		186,435,725		—		—
Laurent-Perrier		558,938		—		—		558,938		43,033,588		—		—

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68

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Affiliated Securities (continued)

Affiliated Securities	Shares October 31, 2016		Gross Additions		Gross Reductions		Shares April 30, 2017		Market Value April 30, 2017		Realized Gain / (Loss)			Dividend Income
Legris Industries SA		896,416		—		—		896,416	$	24,977,992	$	—		$	—
Maezawa Kasei Industries Company Limited		2,045,420		—		305,400		1,740,020		18,496,736		(2,557,622	)		211,386
Robertet SA		235,837		—		—		235,837		90,427,805		—			—
T. Hasegawa Company Limited		3,020,411		—		495,400		2,525,011		49,016,585		1,277,917			399,405
Total									$	611,971,236	$	(1,279,705	)	$	1,813,129

*Represents an unaffiliated issuer as of April 30, 2017, 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		8.28	%
Consumer Staples		9.60
Energy		3.74
Financials		13.48
Health Care		5.62
Industrials		13.90
Information Technology		2.91
Materials		9.30
Telecommunication Services		3.67
Total International Common Stocks		70.50
U.S. Common Stock
Materials		0.23
Total U.S. Common Stock		0.23
International Preferred Stock
Consumer Staples		0.04
Total International Preferred Stock		0.04
Investment Company		0.00	*
Right		0.00
Commodity		6.64
U.S. Bonds
Government Issues		0.20
Total U.S. Bonds		0.20

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69

First Eagle Overseas Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Industry Diversification for Portfolio Holdings (continued)	Percent of Net Assets
International Notes and Bonds
Government Issues		2.07	%
Materials		0.09
Total International Notes and Bonds		2.16
Commercial Paper
International Commercial Paper		8.14
U.S. Commercial Paper		11.73
Total Commercial Paper		19.87
Total Investments		99.64	%

*Less than 0.01%

See Notes to Consolidated Financial Statements.

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First Eagle U.S. Value Fund

Fund Overview

Data as of April 30, 2017 (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 net assets (plus any borrowings for investment purposes) 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		10.99		8.08		6.61
		with sales charge		5.42		6.97		6.07
S&P 500 Index				17.92		13.68		7.15
Consumer Price Index				2.21		1.23		1.70

Asset Allocation* (%)

Sector/Industry** (%)

Financials	21.31
Information Technology	14.82
Industrials	10.19
Commodity	9.08
Energy	7.75
Consumer Discretionary	7.17
Materials	5.33
Health Care	2.25
Consumer Staples	0.96
Utilities	0.91

^  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.

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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 S&P 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 S&P 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 S&P 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)	9.10
Oracle Corporation (Systems Software)	4.33
Microsoft Corporation (Systems Software)	3.29
Weyerhaeuser Company REIT (Specialized REIT's)	3.28
Omnicom Group, Inc. (Advertising)	2.84
Comcast Corporation Class 'A' (Cable & Satellite)	2.72
Alleghany Corporation (Reinsurance)	2.59
American Express Company (Consumer Finance)	2.46
Bank of New York Mellon Corporation (Asset Management & Custody Banks)	2.29
Flowserve Corporation (Industrial Machinery)	1.91
Total	34.81

*  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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73

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 69.77%
U.S. Common Stocks — 61.86%
Consumer Discretionary — 7.17%
	753,496	Omnicom Group, Inc.	$	24,144,237	$	61,877,010
	1,512,044	Comcast Corporation, Class 'A'		10,760,708		59,257,004
	201,299	Tiffany & Company		12,153,934		18,449,053
	359,081	H&R Block, Inc.		6,046,002		8,901,618
	382,831	Vista Outdoor, Inc. (a)		5,236,492		7,488,174
				58,341,373		155,972,859
Consumer Staples — 0.96%
	290,726	Colgate-Palmolive Company		11,156,933		20,943,901
Energy — 4.16%
	1,145,097	National Oilwell Varco, Inc.		57,867,107		40,044,042
	483,346	ConocoPhillips		18,023,286		23,157,107
	223,963	Devon Energy Corporation		12,061,300		8,844,299
	96,554	SEACOR Holdings, Inc. (a)		6,036,566		6,339,736
	63,037	Phillips 66		4,957,476		5,015,224
	595,832	San Juan Basin Royalty Trust		9,222,426		4,218,490
	36,200	Exxon Mobil Corporation		2,936,307		2,955,730
				111,104,468		90,574,628
Financials — 19.83%
	2,107,946	Weyerhaeuser Company, REIT		41,062,509		71,396,131
	92,464	Alleghany Corporation (a)		26,401,085		56,467,765
	676,022	American Express Company		23,722,250		53,574,743
	1,060,026	Bank of New York Mellon Corporation		21,900,993		49,884,824
	909,608	BB&T Corporation		21,844,946		39,276,873
	655,595	U.S. Bancorp		15,898,994		33,618,912
	450,471	WR Berkley Corporation		12,069,597		30,623,019
	937,277	Synchrony Financial		26,975,500		26,056,301
	485,877	Brown & Brown, Inc.		15,072,951		20,844,123
	78	Berkshire Hathaway, Inc., Class 'A' (a)		5,963,924		19,326,840
	274,793	American International Group, Inc.		13,853,370		16,737,642
	155,024	Cincinnati Financial Corporation		3,655,051		11,175,680
	20,331	The Travelers Companies, Inc.		2,398,763		2,473,469
				230,819,933		431,456,322

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 61.86% (continued)
Health Care — 2.26%
	139,509	Anthem, Inc.	$	7,468,153	$	24,817,256
	232,945	Varian Medical Systems, Inc. (a)		15,926,061		21,137,429
	93,178	Varex Imaging Corporation (a)		2,040,495		3,127,054
				25,434,709		49,081,739
Industrials — 10.22%
	817,802	Flowserve Corporation		38,937,371		41,601,588
	191,616	3M Company		11,454,906		37,524,161
	321,031	Deere & Company		25,917,236		35,830,270
	312,435	Union Pacific Corporation		25,564,175		34,980,223
	311,151	Orbital ATK, Inc.		14,416,147		30,803,949
	174,681	Cintas Corporation		3,776,351		21,393,182
	103,917	Cummins, Inc.		9,221,673		15,685,232
	41,500	CH Robinson Worldwide, Inc.		3,021,249		3,017,050
	99,125	NOW, Inc. (a)		2,875,395		1,686,116
				135,184,503		222,521,771
Information Technology — 14.63%
	2,094,417	Oracle Corporation		59,806,608		94,164,988
	1,044,845	Microsoft Corporation		23,935,049		71,530,089
	590,022	Xilinx, Inc.		23,817,911		37,236,288
	1,158,000	Teradata Corporation (a)		40,395,526		33,790,440
	193,008	Texas Instruments, Inc.		9,095,627		15,282,373
	14,488	Alphabet, Inc., Class 'C' (a)		3,452,373		13,125,549
	171,503	Analog Devices, Inc.		14,226,174		13,068,529
	11,694	Alphabet, Inc., Class 'A' (a)		6,529,572		10,811,337
	90,481	Mastercard, Inc., Class 'A'		1,815,907		10,524,750
	112,369	Visa, Inc., Class 'A'		2,025,046		10,250,300
	81,542	Automatic Data Processing, Inc.		2,531,110		8,520,324
				187,630,903		318,304,967
Materials — 1.72%
	168,687	Scotts Miracle-Gro Company, Class 'A'		6,949,666		16,295,164
	79,413	Praxair, Inc.		8,186,437		9,925,037

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75

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 61.86% (continued)
Materials — 1.72%(continued)
	121,921	Royal Gold, Inc.	$	7,844,609	$	8,617,376
	325,000	Tahoe Resources, Inc. (b)		2,498,865		2,633,237
				25,479,577		37,470,814
Utilities — 0.91%
	394,669	UGI Corporation		13,033,948		19,796,597
Total U.S. Common Stocks				798,186,347		1,346,123,598
International Common Stocks — 7.91%
Africa — 0.09%
	21,756	Randgold Resources Limited, ADR		1,296,963		1,914,311
Australia — 0.99%
	1,362,059	Newcrest Mining Limited		17,925,737		21,581,292
Canada — 3.19%
	1,171,668	Potash Corporation of Saskatchewan, Inc.		37,706,373		19,777,756
	305,876	Agnico-Eagle Mines Limited		10,815,984		14,621,009
	155,814	Franco-Nevada Corporation		6,600,119		10,597,247
	740,683	Goldcorp, Inc.		20,048,900		10,339,935
	167,389	Imperial Oil Limited		5,178,669		4,869,431
	152,263	Suncor Energy, Inc.		3,811,531		4,771,848
	142,767	Canadian Natural Resources Limited		3,976,987		4,547,459
				88,138,563		69,524,685
Curacao — 1.67%
	501,322	Schlumberger Limited		39,227,840		36,390,964
United Kingdom — 1.97%
	710,652	TechnipFMC PLC (a)		25,496,438		21,411,945
	161,294	Willis Towers Watson PLC		11,232,685		21,390,810
				36,729,123		42,802,755
Total International Common Stocks				183,318,226		172,214,007
Total Common Stocks				981,504,573		1,518,337,605
Investment Company — 0.00*%
	18,949	State Street Institutional U.S. Government Money Market Fund, Premier Class		18,949		18,949

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76

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Ounces		Description	Cost (Note 1)		Value (Note 1)
Commodity — 9.11%
	156,194	Gold bullion (a)	$	186,047,980	$	198,141,775
Principal
U.S. Corporate Bonds — 1.14%
$	600,000	Bausch & Lomb, Inc. 7.125% due 08/01/28		533,202		567,750
	6,542,000	Citgo Petroleum Corporation 6.25% due 08/15/22 (c)		6,548,107		6,672,840
	4,945,000	Veritas US, Inc. 7.50% due 02/01/23 (c)		4,650,715		5,216,975
	12,404,000	Wachovia Capital Trust III 5.57% due 05/30/17 (d)(e)		12,298,788		12,450,515
Total U.S. Corporate Bonds				24,030,812		24,908,080
U.S. Treasury Bills — 9.16%
	40,000,000	U.S. Treasury Bill 0.51% due 06/01/17		39,982,778		39,976,400
	40,000,000	U.S. Treasury Bill 0.80% due 08/24/17		39,899,056		39,898,240
	40,000,000	U.S. Treasury Bill 0.92% due 10/05/17		39,843,000		39,842,120
	40,000,000	U.S. Treasury Bill 0.92% due 10/19/17		39,829,000		39,820,920
	40,000,000	U.S. Treasury Bill 0.97% due 10/26/17		39,812,111		39,810,880
Total U.S. Treasury Bills				199,365,945		199,348,560
Commercial Paper — 11.13%
International Commercial Paper — 2.32%
Australia — 0.14%
	1,571,000 USD	Telstra Corporation Limited 1.00% due 05/17/17		1,570,302		1,570,125
	1,571,000 USD	Telstra Corporation Limited 1.00% due 05/18/17		1,570,258		1,570,078
Canada — 0.31%
	1,001,000 USD	Suncor Energy, Inc. 1.23% due 06/07/17		999,735		999,624
	5,668,000 USD	Total Capital Limited 0.95% due 05/15/17		5,665,950		5,665,664

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77

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 2.32% (continued)
France — 0.47%
	2,596,000 USD	Engie 0.90% due 06/06/17	$	2,593,689	$	2,593,511
	1,501,000 USD	Essilor International 1.00% due 06/05/17		1,499,541		1,499,601
	3,118,000 USD	L'Oreal USA, Inc. 0.92% due 06/08/17		3,115,038		3,114,953
	3,118,000 USD	L'Oreal USA, Inc. 0.92% due 06/09/17		3,114,960		3,114,872
Germany — 0.25%
	2,738,000 USD	Henkel Corporation 0.81% due 05/01/17		2,738,000		2,737,809
	2,738,000 USD	Henkel Corporation 0.81% due 05/02/17		2,737,939		2,737,746
Italy — 0.21%
	4,528,000 USD	Eni S.p.A. 1.13% due 05/01/17		4,528,000		4,527,609
Japan — 0.31%
	6,715,000 USD	Hitachi Limited 1.11% due 05/01/17		6,715,000		6,714,382
Switzerland — 0.63%
	1,336,000 USD	Nestlé SA 0.77% due 06/06/17		1,334,985		1,334,807
	4,107,000 USD	Roche Holdings, Inc. 0.69% due 05/11/17		4,106,224		4,105,788
	1,074,000 USD	Roche Holdings, Inc. 0.71% due 05/02/17		1,073,979		1,073,904
	786,000 USD	Roche Holdings, Inc. 0.71% due 05/11/17		785,847		785,768
	3,311,000 USD	Roche Holdings, Inc. 0.71% due 05/12/17		3,310,292		3,309,946
	3,118,000 USD	Roche Holdings, Inc. 0.85% due 06/16/17		3,114,653		3,114,299
Total International Commercial Paper				50,574,392		50,570,486
U.S. Commercial Paper — 8.81%
$	2,738,000	Anthem, Inc. 1.02% due 05/11/17		2,737,224		2,736,914
	2,745,000	Campbell Soup Company 0.86% due 05/30/17		2,743,120		2,742,091

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78

First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 8.81% (continued)
$	7,492,000	Cisco Systems, Inc. 0.81% due 05/03/17	$	7,491,667	$	7,491,160
	10,463,000	Coca-Cola Company 0.81% due 05/18/17		10,459,047		10,458,361
	2,697,000	Coca-Cola Company 0.87% due 05/12/17		2,696,291		2,696,172
	4,624,000	Coca-Cola Company 0.87% due 06/20/17		4,618,477		4,618,329
	2,752,000	Coca-Cola Company 0.88% due 06/21/17		2,748,608		2,748,557
	786,000	Coca-Cola Company 0.89% due 06/19/17		785,069		785,055
	3,456,000	Coca-Cola Company 0.91% due 06/14/17		3,452,241		3,452,269
	3,456,000	Coca-Cola Company 0.92% due 06/16/17		3,452,026		3,452,100
	2,896,000	DuPont 1.15% due 05/18/17		2,894,427		2,894,110
	1,220,000	DuPont 1.16% due 05/22/17		1,219,174		1,219,038
	3,456,000	Entergy Corporation 1.40% due 05/09/17		3,454,925		3,454,632
	1,571,000	Entergy Corporation 1.40% due 05/12/17		1,570,328		1,570,206
	2,860,000	Exxon Mobil Corporation 0.73% due 06/08/17		2,857,826		2,857,303
	6,236,000	Exxon Mobil Corporation 0.95% due 06/06/17		6,230,201		6,230,413
	10,071,000	Kroger Company 1.10% due 05/01/17		10,071,000		10,070,073
	3,755,000	MetLife 0.90% due 06/02/17		3,752,029		3,751,452
	5,682,000	MetLife 0.95% due 05/01/17		5,682,000		5,681,593
	6,912,000	MetLife 0.96% due 05/22/17		6,908,210		6,907,701
	6,720,000	Microsoft Corporation 0.71% due 05/18/17		6,717,779		6,716,909
	1,720,000	Microsoft Corporation 0.72% due 05/23/17		1,719,254		1,719,004

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 8.81% (continued)
$	4,300,000	Microsoft Corporation 0.72% due 05/24/17	$	4,298,050	$	4,297,404
	4,053,000	Microsoft Corporation 0.81% due 05/16/17		4,051,649		4,051,328
	7,795,000	Microsoft Corporation 0.84% due 06/01/17		7,789,429		7,788,786
	1,571,000	PepsiCo, Inc. 0.68% due 05/05/17		1,570,883		1,570,753
	4,330,000	PepsiCo, Inc. 0.68% due 05/10/17		4,329,275		4,328,822
	4,365,000	PepsiCo, Inc. 0.86% due 06/06/17		4,361,290		4,360,985
	5,300,000	PepsiCo, Inc. 0.87% due 06/05/17		5,295,569		5,295,256
	13,950,000	Pfizer, Inc. 0.90% due 06/07/17		13,937,383		13,937,290
	6,376,000	Qualcomm, Inc. 0.80% due 05/17/17		6,373,761		6,373,224
	6,975,000	Qualcomm, Inc. 0.81% due 05/10/17		6,973,605		6,973,103
	3,002,000	Qualcomm, Inc. 0.82% due 06/01/17		2,999,906		2,999,599
	2,822,000	Qualcomm, Inc. 0.85% due 06/01/17		2,819,959		2,819,743
	1,251,000	Schlumberger Investments SA 1.10% due 05/09/17		1,250,694		1,250,581
	974,000	Schlumberger Investments SA 1.15% due 05/16/17		973,533		973,462
	14,737,000	Sysco Corporation 1.13% due 05/01/17		14,737,000		14,735,643
	3,118,000	Unilever Capital Corporation 0.92% due 06/09/17		3,114,960		3,114,901
	3,118,000	Unilever Capital Corporation 0.92% due 06/12/17		3,114,726		3,114,668
	2,207,000	United Parcel Service, Inc. 0.64% due 05/03/17		2,206,923		2,206,753

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Commercial Paper — 8.81% (continued)
$	7,254,000	Walt Disney Company 0.81% due 05/09/17	$	7,252,710	$	7,252,194
Total U.S. Commercial Paper				191,712,228		191,697,937
Total Commercial Paper				242,286,620		242,268,423
Total Investments — 100.31% (Cost: $1,633,254,879)						2,183,023,392
Liabilities in Excess of Other Assets — (0.31)%						(6,733,643	)
Net Assets — 100.00%					$	2,176,289,749

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

(e)  Floating rate security. Rate shown is the rate in effect at April 30, 2017.

At April 30, 2017, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	620,592,068
Gross unrealized depreciation		(70,823,555	)
Net unrealized appreciation	$	549,768,513

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

PLC  — Public Limited Company

REIT  — Real Estate Investment Trust

SA  — Société Anonyme

S.p.A.  — Società per Azioni

Currency

USD  — United States Dollar

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First Eagle U.S. Value Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
U.S. Common Stocks
Consumer Discretionary		7.17	%
Consumer Staples		0.96
Energy		4.16
Financials		19.83
Health Care		2.26
Industrials		10.22
Information Technology		14.63
Materials		1.72
Utilities		0.91
Total U.S. Common Stocks		61.86
International Common Stocks
Energy		3.31
Financials		0.98
Materials		3.62
Total International Common Stocks		7.91
Investment Company		0.00	*
Commodity		9.11
U.S. Corporate Bonds
Consumer Discretionary		0.02
Energy		0.31
Financials		0.57
Information Technology		0.24
Total U.S. Corporate Bonds		1.14
U.S. Treasury Bills		9.16
Commercial Paper
International Commercial Paper		2.32
U.S. Commercial Paper		8.81
Total Commercial Paper		11.13
Total Investments		100.31	%

*Less than 0.01%

See Notes to Consolidated Financial Statements.

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First Eagle Gold Fund

Fund Overview

Data as of April 30, 2017 (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 at least 80% of its net assets (plus any borrowings for investment purposes) 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		-7.19		-8.95		0.07
		with sales load		-11.84		-9.88		-0.44
FTSE Gold Mines Index				-12.47		-12.57		-4.27
MSCI World Index				14.65		9.94		3.92
Consumer Price Index				2.21		1.23		1.70

Asset Allocation* (%)

Countries** (%)

Canada	36.99
United States	36.73
Mexico	9.78
Australia	5.69
Africa	4.79
South Africa	1.72

*  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 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)	18.58
Fresnillo PLC (Mexico)	6.28
Newcrest Mining Limited (Australia)	5.71
Franco-Nevada Corporation (Canada)	5.67
Royal Gold, Inc. (United States)	5.05
Randgold Resources Limited ADR (Africa)	4.80
Newmont Mining Corporation (United States)	4.50
Agnico-Eagle Mines Limited (Canada)	4.48
Silver Bullion** (United States)	4.45
Tahoe Resources, Inc. (United States)	4.25
Total	63.77

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

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

Percentages are based on total net assets.

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First Eagle Gold Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 71.66%
International Common Stocks — 57.86%
Africa — 4.80%
	665,677	Randgold Resources Limited, ADR	$	15,476,669	$	58,572,919
Australia — 5.71%
	4,393,004	Newcrest Mining Limited		103,831,325		69,605,431
Canada — 35.83%
	1,016,861	Franco-Nevada Corporation		22,125,313		69,158,914
	1,142,787	Agnico-Eagle Mines Limited		37,536,615		54,625,729
	3,715,245	Goldcorp, Inc.		91,988,621		51,864,820
	2,949,275	Barrick Gold Corporation		68,976,281		49,311,878
	3,921,097	Osisko Gold Royalties Limited		44,783,598		41,766,053
	2,771,398	Detour Gold Corporation (a)		43,297,289		35,021,879
	10,007,331	New Gold, Inc. (a)		23,944,376		28,371,394
	1,999,467	MAG Silver Corporation (a)		17,192,189		24,461,447
	6,443,257	Eldorado Gold Corporation		64,771,164		23,553,608
	7,700,300	B2Gold Corporation (a)		10,477,836		19,348,763
	3,796,285	Novagold Resources, Inc. (a)		20,696,360		15,868,471
	5,093,970	Dundee Precious Metals, Inc. (a)		9,291,866		10,187,567
	12,678,371	Mandalay Resources Corporation		6,090,814		5,294,071
	537,100	Alamos Gold, Inc., Class 'A'		3,271,264		3,844,157
	460,000	Guyana Goldfields, Inc. (a)		2,515,473		2,281,382
	2,284,500	Orla Mining Limited (a)		2,131,774		2,175,634
				469,090,833		437,135,767
Mexico — 9.80%
	4,074,782	Fresnillo PLC		15,877,335		76,631,543
	1,756,596	Industrias Peñoles S.A.B. de C.V.		12,615,547		42,941,553
				28,492,882		119,573,096
South Africa — 1.72%
	1,840,964	AngloGold Ashanti Limited, ADR		40,356,620		21,042,219
Total International Common Stocks				657,248,329		705,929,432

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First Eagle Gold Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 13.80%
Materials — 13.80%
	871,251	Royal Gold, Inc.	$	19,832,923	$	61,580,021
	1,623,421	Newmont Mining Corporation		56,199,224		54,887,864
	6,402,169	Tahoe Resources, Inc. (b)		66,780,488		51,872,084
Total U.S. Common Stocks				142,812,635		168,339,969
Total Common Stocks				800,060,964		874,269,401
Investment Company — 0.00*%
	22,875	State Street Institutional U.S. Government Money Market Fund, Premier Class		22,875		22,875
Warrant — 0.01%
Canada — 0.01%
	59,602	Osisko Gold Royalties Limited, Warrant expire 02/26/19 (a)		81,620		80,776
Ounces
Commodities — 23.03%
	178,700	Gold bullion (a)		132,726,352		226,691,609
	3,149,994	Silver bullion (a)		58,487,088		54,257,079
Total Commodities				191,213,440		280,948,688
Principal
International Convertible Bond — 1.25%
Canada — 1.25%
	15,000,000 USD	Detour Gold Corporation 5.50% due 11/30/17 (c)(d)		15,000,000		15,187,500
Commercial Paper — 4.31%
International Commercial Paper — 1.34%
Italy — 0.54%
	6,609,000 USD	Eni S.p.A. 1.13% due 05/01/17		6,609,000		6,608,430

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First Eagle Gold Fund | Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 1.34% (continued)
Japan — 0.80%
	9,798,000 USD	Hitachi Limited 1.11% due 05/01/17	$	9,798,000	$	9,797,098
Total International Commercial Paper				16,407,000		16,405,528
U.S. Commercial Paper — 2.97%
$	14,697,000	Kroger Company 1.10% due 05/01/17		14,697,000		14,695,647
	21,507,000	Sysco Corporation 1.13% due 05/01/17		21,507,000		21,505,019
Total U.S. Commercial Paper				36,204,000		36,200,666
Total Commercial Paper				52,611,000		52,606,194
Total Investments — 100.26% (Cost: $1,058,989,899)						1,223,115,434
Liabilities in Excess of Other Assets — (0.26)%						(3,142,861	)
Net Assets — 100.00%					$	1,219,972,573

*  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)  This security is convertible until November 30, 2017.

(d)  Security is valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $15,187,500 or 1.25% of net assets.

At April 30, 2017, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	356,278,691
Gross unrealized depreciation		(192,153,156	)
Net unrealized appreciation	$	164,125,535

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

C.V.  — Capital Variable

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 | Six-Month Period Ended April 30, 2017 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
International Common Stocks Materials		57.86	%
Total International Common Stocks		57.86
U.S. Common Stocks Materials		13.80
Total U.S. Common Stocks		13.80
Investment Company		0.00	*
Warrant		0.01
Commodities		23.03
International Convertible Bond Materials		1.25
Total International Convertible Bond		1.25
Commercial Paper International Commercial Paper		1.34
U.S. Commercial Paper		2.97
Total Commercial Paper		4.31
Total Investments		100.26	%

*Less than 0.01%

See Notes to Consolidated Financial Statements.

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First Eagle Global Income Builder Fund

Fund Overview

Data as of April 30, 2017 (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		9.45		6.56
		with sales load		4.00		5.46
Composite Index				8.98		6.97
MSCI World Index				14.65		9.86
Bloomberg Barclays U.S. Aggregate Bond Index				0.83		2.29

Asset Allocation* (%)

^  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.

Countries** (%)

United States	43.17
France	7.89
Canada	4.92
United Kingdom	4.91
Japan	4.72
Hong Kong	4.69
Bermuda	2.56
Germany	2.53
Switzerland	2.10
Mexico	1.35
Australia	1.35
South Korea	1.07
Singapore	1.04
Netherlands	1.02
Belgium	0.99
Chile	0.80
Sweden	0.75
Norway	0.71
Curacao	0.60
Thailand	0.59
Austria	0.51
Denmark	0.36
New Zealand	0.34
Russia	0.26
Ireland	0.22
Brazil	0.17
Poland	0.15
Israel	0.11

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First Eagle Global Income Builder Fund | Fund Overview

Growth of a $10,000 Initial Investment

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

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

The composite index consists of 60% of the MSCI World Index and 40% of the Bloomberg Barclays U.S. Aggregate Bond Index. 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* (%)

Gold Bullion (precious metal)	2.57
Nestlé SA (Swiss Packaged Foods & Meats))	2.00
Microsoft Corporation (U.S. Systems Software)	1.80
KDDI Corporation (Japanese Wireless Telecommunication Services)	1.55
Weyerhaeuser Company REIT (U.S. Specialized REIT's)	1.54
Mandarin Oriental International Limited (Hong Kong Hotels, Resorts & Cruise Lines)	1.45
GlaxoSmithKline PLC (U.K. Pharmaceuticals))	1.28
Danone SA (French Packaged Foods & Meats)	1.20
Sprint Capital Corporation (U.S. Wireless Telecommunication Services)	1.15
HeidelbergCement AG (German Construction Materials)	1.14
Total	15.68

*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 | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 53.57%
International Common Stocks — 37.86%
Austria — 0.51%
	53,832	Mayr Melnhof Karton AG	$	5,717,133	$	6,508,949
Belgium — 0.98%
	131,182	Groupe Bruxelles Lambert SA		11,189,745		12,576,322
Bermuda — 1.42%
	160,000	Jardine Matheson Holdings Limited		8,396,815		10,324,800
	537,434	Hiscox Limited		6,659,513		7,879,672
				15,056,328		18,204,472
Brazil — 0.17%
	4,245,517	Brasil Brokers Participacoes SA (a)		5,221,651		2,180,241
Canada — 2.77%
	644,005	Goldcorp, Inc.		14,518,484		8,990,310
	479,846	Potash Corporation of Saskatchewan, Inc.		14,025,232		8,099,801
	159,945	Agnico-Eagle Mines Limited		4,155,128		7,645,443
	63,658	Franco-Nevada Corporation		2,551,898		4,329,518
	340,039	Cenovus Energy, Inc.		8,339,482		3,393,589
	95,933	Suncor Energy, Inc.		2,403,325		3,006,493
				45,993,549		35,465,154
Chile — 0.79%
	373,175	Cia Cervecerias Unidas SA, ADR		7,809,348		9,616,720
	200,388	Quinenco SA		413,623		544,352
				8,222,971		10,161,072
Curacao — 0.60%
	105,474	Schlumberger Limited		8,266,704		7,656,358
Denmark — 0.36%
	109,595	ISS A/S		3,464,789		4,545,426
France — 6.44%
	219,363	Danone SA		14,766,930		15,335,943
	152,429	Sanofi		14,870,336		14,380,799
	259,188	Bouygues SA		6,996,027		10,896,658
	558,267	Rexel SA		8,269,387		9,973,169
	168,390	Cie de Saint-Gobain		7,754,203		9,088,817
	273,523	Carrefour SA		7,879,675		6,443,137

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First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 37.86% (continued)
France — 6.44% (continued)
	99,565	Total SA	$	4,907,890	$	5,115,875
	40,413	Thermador Groupe		3,409,425		4,067,180
	43,918	Legrand SA		2,160,460		2,843,123
	66,652	Neopost SA		4,094,960		2,703,047
	4,980	LVMH Moet Hennessy Louis Vuitton SE		736,427		1,228,697
	981	Christian Dior SE		155,593		269,235
				76,001,313		82,345,680
Germany — 2.25%
	157,751	HeidelbergCement AG		11,829,134		14,606,240
	1,004,385	Telefonica Deutschland Holding AG		4,523,740		4,868,639
	21,487	Linde AG		2,893,776		3,860,784
	197,473	Hamburger Hafen und Logistik AG		4,717,771		3,742,867
	120,109	SMT Scharf AG (a)		3,295,904		1,727,018
				27,260,325		28,805,548
Hong Kong — 4.67%
	12,987,500	Mandarin Oriental International Limited		22,128,977		18,572,125
	3,239,151	Hopewell Holdings Limited		10,983,054		12,388,841
	4,629,534	Hang Lung Properties Limited		11,596,245		12,141,713
	1,749,774	Great Eagle Holdings Limited		5,919,319		8,683,240
	1,193,083	Hysan Development Company Limited		5,499,319		5,629,233
	442,645	Swire Properties Limited		1,239,130		1,485,281
	67,700	Guoco Group Limited		589,955		777,235
				57,955,999		59,677,668
Ireland — 0.22%
	77,242	CRH PLC		1,795,585		2,820,234
Israel — 0.11%
	318,065	Israel Chemicals Limited		3,160,135		1,374,377
Japan — 4.70%
	747,500	KDDI Corporation		16,690,171		19,818,222
	40,300	Fanuc Corporation		5,930,454		8,190,146
	145,800	Hoya Corporation		3,549,754		6,963,348
	288,100	NTT DoCoMo, Inc.		6,846,240		6,946,964
	163,900	Sompo Holdings, Inc.		3,797,086		6,184,018

First Eagle Funds | Semi-Annual Report | April 30, 2017
93

First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 37.86% (continued)
Japan — 4.70% (continued)
	370,200	Astellas Pharma, Inc.	$	3,588,164	$	4,875,116
	137,600	Mitsubishi Estate Company Limited		2,528,292		2,629,181
	61,000	Weathernews, Inc.		1,894,879		2,046,558
	213,500	Dexerials Corporation		2,060,879		1,919,058
	19,600	Komatsu Limited		427,395		522,549
				47,313,314		60,095,160
Mexico — 0.40%
	270,387	Fresnillo PLC		4,330,289		5,084,977
Netherlands — 0.61%
	38,897	HAL Trust		4,970,303		7,815,237
New Zealand — 0.34%
	1,633,505	SKY Network Television Limited		5,639,823		4,329,239
Norway — 0.70%
	993,802	Orkla ASA		7,859,231		8,999,314
Russia — 0.26%
	687,492	Gazprom PJSC, ADR		5,077,143		3,265,587
Singapore — 0.94%
	10,157,800	Frasers Commercial Trust, REIT		10,283,731		9,742,298
	8,325,700	Overseas Education Limited		5,229,085		2,264,443
				15,512,816		12,006,741
South Korea — 1.06%
	92,670	KT&G Corporation		7,234,634		8,266,108
	173,977	Kia Motors Corporation		5,464,673		5,328,323
				12,699,307		13,594,431
Sweden — 0.75%
	210,953	Investor AB, Class 'A'		6,088,519		9,550,558
Switzerland — 2.09%
	331,534	Nestlé SA		23,534,357		25,539,780
	13,550	Cie Financiere Richemont SA		829,192		1,132,344
				24,363,549		26,672,124
Thailand — 0.58%
	1,213,600	Bangkok Bank PCL, NVDR		6,660,395		6,297,809
	1,762,000	Thai Beverage PCL		512,015		1,166,553
				7,172,410		7,464,362

First Eagle Funds | Semi-Annual Report | April 30, 2017
94

First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 37.86% (continued)
United Kingdom — 4.14%
	812,871	GlaxoSmithKline PLC	$	19,711,937	$	16,318,863
	276,043	Berkeley Group Holdings PLC		9,150,767		11,648,349
	160,862	British American Tobacco PLC		8,720,206		10,865,366
	238,505	Diageo PLC		6,336,014		6,939,697
	782,467	esure Group PLC		2,527,920		2,482,954
	17,879	Willis Towers Watson PLC		2,022,966		2,371,113
	55,225	Victrex PLC		1,188,416		1,370,464
	782,467	Gocompare.Com Group PLC (a)		730,826		932,375
				50,389,052		52,929,181
Total International Common Stocks				460,721,983		484,128,412
U.S. Common Stocks — 15.71%
Consumer Discretionary — 1.38%
	110,671	Omnicom Group, Inc.		8,570,324		9,088,303
	66,810	Tiffany & Company		4,027,583		6,123,136
	100,083	H&R Block, Inc.		2,262,066		2,481,058
				14,859,973		17,692,497
Consumer Staples — 0.26%
	46,656	Colgate-Palmolive Company		2,612,501		3,361,098
Energy — 1.59%
	160,343	ConocoPhillips		9,383,652		7,682,033
	181,871	National Oilwell Varco, Inc.		9,640,821		6,360,029
	356,080	San Juan Basin Royalty Trust		6,002,453		2,521,046
	25,373	Phillips 66		1,996,685		2,018,676
	21,100	Exxon Mobil Corporation		1,711,494		1,722,815
				28,735,105		20,304,599
Financials — 3.47%
	581,528	Weyerhaeuser Company, REIT		15,194,856		19,696,353
	243,499	BB&T Corporation		9,385,383		10,514,287
	119,394	Synchrony Financial		3,440,767		3,319,153
	40,067	American Express Company		2,239,196		3,175,310
	43,969	Cincinnati Financial Corporation		1,888,063		3,169,725
	63,500	Bank of New York Mellon Corporation		2,315,020		2,988,310
	29,088	U.S. Bancorp		1,166,481		1,491,633
				35,629,766		44,354,771

First Eagle Funds | Semi-Annual Report | April 30, 2017
95

First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 15.71% (continued)
Health Care — 0.68%
	48,573	Anthem, Inc.	$	6,294,588	$	8,640,651
Industrials — 2.76%
	109,299	Deere & Company		8,844,559		12,198,861
	47,526	3M Company		5,932,657		9,307,017
	72,028	Union Pacific Corporation		5,901,724		8,064,255
	111,960	Flowserve Corporation		4,484,064		5,695,405
				25,163,004		35,265,538
Information Technology — 4.59%
	336,175	Microsoft Corporation		10,783,452		23,014,540
	219,609	Xilinx, Inc.		9,018,972		13,859,524
	255,663	Oracle Corporation		10,774,428		11,494,608
	70,601	Texas Instruments, Inc.		3,327,464		5,590,187
	23,240	Automatic Data Processing, Inc.		1,181,513		2,428,348
	29,648	Analog Devices, Inc.		2,459,301		2,259,178
				37,545,130		58,646,385
Materials — 0.48%
	27,686	Praxair, Inc.		2,859,576		3,460,196
	38,328	Royal Gold, Inc.		1,879,386		2,709,023
				4,738,962		6,169,219
Utilities — 0.50%
	127,584	UGI Corporation		4,234,335		6,399,614
Total U.S. Common Stocks				159,813,364		200,834,372
Total Common Stocks				620,535,347		684,962,784
U.S. Preferred Stocks — 0.14%
Financials — 0.14%
	67,936	MetLife, Inc., Series 'A'		1,637,203		1,695,004
	4,712	General American Investors Company, Inc., Series 'B'		122,920		125,339
Total U.S. Preferred Stocks				1,760,123		1,820,343
Closed-End Mutual Fund — 0.10%
United Kingdom — 0.10%
	36,961	Caledonia Investments PLC		1,273,115		1,321,263

First Eagle Funds | Semi-Annual Report | April 30, 2017
96

First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
Investment Company — 0.00*%
	27,724	State Street Institutional U.S. Government Money Market Fund, Premier Class	$	27,724	$	27,724
Ounces
Commodity — 2.57%
	25,860	Gold bullion (a)		31,723,796		32,805,461
Principal
Bonds — 31.2%
U.S. Corporate Bonds — 22.70%
$	9,392,000	ACCO Brands Corporation 5.25% due 12/15/24 (b)		9,392,000		9,673,760
	2,281,000	American Axle & Manufacturing, Inc. 6.25% due 03/15/21		2,316,303		2,343,728
	4,392,000	American Axle & Manufacturing, Inc. 6.625% due 10/15/22		4,451,529		4,523,760
	1,076,000	Aramark Services, Inc. 4.75% due 06/01/26		1,076,000		1,097,520
	1,343,000	Aramark Services, Inc. 5.00% due 04/01/25 (b)		1,343,000		1,403,435
	5,970,000	Aramark Services, Inc. 5.125% due 01/15/24		6,128,934		6,298,350
	14,718,000	Bi-Lo LLC 9.25% due 02/15/19 (b)		14,520,365		12,878,250
	2,941,000	Centene Corporation 4.75% due 01/15/25		2,941,000		2,988,791
	6,624,000	CenturyLink, Inc. Series 'W' 6.75% due 12/01/23		6,706,731		7,095,960
	2,306,000	Charter Communications Operating LLC 4.464% due 07/23/22		2,421,195		2,449,027
	3,845,000	Charter Communications Operating LLC 4.908% due 07/23/25		4,103,029		4,120,863
	13,847,000	Citgo Petroleum Corporation 6.25% due 08/15/22 (b)		13,711,451		14,123,940
	8,817,000	Cloud Peak Energy Resources LLC 12.00% due 11/01/21		7,638,901		9,423,169
	3,225,000	CNH Industrial Capital LLC 3.875% due 10/15/21		3,208,717		3,245,156

First Eagle Funds | Semi-Annual Report | April 30, 2017
97

First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 22.70% (continued)
$	2,859,000	DCP Midstream Operating L.P. 4.75% due 09/30/21 (b)	$	2,220,357	$	2,923,328
	8,902,000	DCP Midstream Operating L.P. 5.35% due 03/15/20 (b)		8,448,072		9,291,462
	1,545,000	DCP Midstream Operating L.P. 6.45% due 11/03/36 (b)		1,215,436		1,657,013
	1,610,000	Dell International LLC 3.48% due 06/01/19 (b)		1,618,149		1,646,705
	4,220,000	Dell International LLC 4.42% due 06/15/21 (b)		4,289,304		4,430,156
	5,103,000	Dell International LLC 6.02% due 06/15/26 (b)		5,119,444		5,604,773
	6,633,000	Dollar Tree, Inc. 5.75% due 03/01/23		6,838,340		7,037,613
	13,351,000	Frontier Communications Corporation 8.875% due 09/15/20		13,357,595		14,093,583
	13,340,000	GameStop Corporation 5.50% due 10/01/19 (b)		13,305,000		13,673,500
	1,000,000	Harland Clarke Holdings Corporation 6.875% due 03/01/20 (b)		998,834		1,025,000
	1,938,000	HCA, Inc. 3.75% due 03/15/19		1,983,911		1,979,183
	10,250,000	Huntington Ingalls Industries, Inc. 5.00% due 12/15/21 (b)		10,548,299		10,615,156
	600,000	KFC Holding Company 5.00% due 06/01/24 (b)		618,704		619,500
	10,530,000	KLX, Inc. 5.875% due 12/01/22 (b)		10,486,593		11,069,662
	4,015,000	Lamb Weston Holdings, Inc. 4.625% due 11/01/24 (b)		4,045,220		4,145,488
	803,000	Lamb Weston Holdings, Inc. 4.875% due 11/01/26 (b)		803,000		828,094
	2,309,000	LifePoint Health, Inc. 5.375% due 05/01/24 (b)		2,314,003		2,332,090
	3,390,000	LifePoint Health, Inc. 5.875% due 12/01/23		3,465,633		3,500,175
	2,623,000	Parker Drilling Company 6.75% due 07/15/22		2,340,685		2,314,798
	8,542,000	Plantronics, Inc. 5.50% due 05/31/23 (b)		8,545,469		8,691,485

First Eagle Funds | Semi-Annual Report | April 30, 2017
98

First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 22.70% (continued)
$	1,768,000	Post Holdings, Inc. 5.00% due 08/15/26 (b)	$	1,711,751	$	1,759,160
	3,066,000	Post Holdings, Inc. 5.50% due 03/01/25 (b)		3,066,000		3,203,970
	6,321,000	Quintiles IMS, Inc. 4.875% due 05/15/23 (b)		6,373,093		6,494,827
	1,520,000	Spectrum Brands, Inc. 5.75% due 07/15/25		1,520,000		1,629,303
	13,774,000	Sprint Capital Corporation 6.90% due 05/01/19		11,345,789		14,720,962
	2,040,000	Symantec Corporation 3.95% due 06/15/22		2,030,170		2,079,188
	4,616,000	Taylor Morrison Communities, Inc. 5.875% due 04/15/23 (b)		4,628,957		4,916,040
	3,219,000	Tesoro Corporation 4.75% due 12/15/23 (b)		3,219,000		3,371,903
	1,609,000	Tesoro Corporation 5.125% due 12/15/26 (b)		1,609,000		1,713,585
	3,493,000	The EW Scripps Company 5.125% due 05/15/25 (b)		3,536,603		3,584,691
	2,710,000	Veritas US, Inc. 7.50% due 02/01/23 (b)		2,548,724		2,859,050
	5,035,000	Vista Outdoor, Inc. 5.875% due 10/01/23		5,044,502		5,009,825
	10,940,000	Vulcan Materials Company 4.50% due 04/01/25		11,196,110		11,545,277
	6,773,000	Wachovia Capital Trust III 5.57% due 05/30/17 (c)(d)		6,715,524		6,798,399
	4,695,000	WESCO Distribution, Inc. 5.375% due 12/15/21		4,801,022		4,824,112
	2,693,000	WESCO Distribution, Inc. 5.375% due 06/15/24		2,696,523		2,767,058
	6,868,000	Western Digital Corporation 7.375% due 04/01/23 (b)		6,978,088		7,520,460
	4,356,000	Western Digital Corporation 10.50% due 04/01/24		4,368,344		5,129,190
	10,254,000	Zebra Technologies Corporation 7.25% due 10/15/22		10,894,661		11,087,137
Total U.S. Corporate Bonds				276,805,064		290,158,610

First Eagle Funds | Semi-Annual Report | April 30, 2017
99

First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Bonds — 8.50%
International Corporate Bonds — 7.31%
Australia — 1.34%
	2,795,000 USD	Ausdrill Finance PTY Limited 6.875% due 11/01/19 (b)	$	2,692,831	$	2,878,850
	13,933,000 USD	Nufarm Australia Limited 6.375% due 10/15/19 (b)		14,115,798		14,298,741
				16,808,629		17,177,591
Bermuda — 1.12%
	891,000 USD	Aircastle Limited 4.625% due 12/15/18		891,000		923,299
	4,919,000 USD	Aircastle Limited 5.50% due 02/15/22		5,028,373		5,326,785
	4,859,000 USD	Aircastle Limited 6.25% due 12/01/19		5,041,965		5,269,585
	2,525,000 USD	Aircastle Limited 7.625% due 04/15/20		2,628,501		2,836,080
				13,589,839		14,355,749
Canada — 2.12%
	6,476,000 USD	New Gold, Inc. 6.25% due 11/15/22 (b)		6,061,167		6,605,520
	500,000 USD	New Gold, Inc. 7.00% due 04/15/20 (b)		503,298		506,563
	7,627,000 USD	Open Text Corporation 5.625% due 01/15/23 (b)		7,629,091		7,989,282
	6,981,000 USD	Open Text Corporation 5.875% due 06/01/26 (b)		7,066,195		7,452,218
	4,283,000 USD	Precision Drilling Corporation 7.75% due 12/15/23 (b)		4,283,000		4,539,980
				25,542,751		27,093,563
France — 1.41%
	6,881,820 USD	Rexel SA 5.25% due 06/15/20 (b)		6,922,282		7,053,866
	10,468,000 USD	SFR Group SA 6.00% due 05/15/22 (b)		10,489,795		10,912,890
				17,412,077		17,966,756
Germany — 0.27%
	3,455,216 USD	IHO Verwaltungs GmbH 4.50% due 09/15/23 (b)(e)		3,431,870		3,450,897

First Eagle Funds | Semi-Annual Report | April 30, 2017
100

First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Corporate Bonds — 7.31% (continued)
Netherlands — 0.41%
	4,847,000 USD	NXP BV 4.625% due 06/01/23 (b)	$	4,896,250	$	5,216,584
United Kingdom — 0.64%
	1,645,000 USD	Inmarsat Finance PLC 4.875% due 05/15/22 (b)		1,648,926		1,661,450
	1,575,000 USD	Inmarsat Finance PLC 6.50% due 10/01/24 (b)		1,620,916		1,665,563
	2,517,000 USD	Jaguar Land Rover Automotive PLC 4.125% due 12/15/18 (b)		2,571,287		2,573,632
	2,210,000 USD	Jaguar Land Rover Automotive PLC 5.625% due 02/01/23 (b)		2,199,986		2,309,450
				8,041,115		8,210,095
Total International Corporate Bonds				89,722,531		93,471,235
International Government Bonds — 1.19%
Mexico — 0.95%
	129,730,000 MXN	Mexican Bonos 4.75% due 06/14/18		8,503,690		6,750,970
	103,280,000 MXN	Mexican Bonos 6.50% due 06/10/21		5,725,657		5,378,444
				14,229,347		12,129,414
Poland — 0.15%
	7,185,000 PLN	Republic of Poland Government Bond 3.25% due 07/25/19		1,853,317		1,897,935
Singapore — 0.09%
	1,568,000 SGD	Singapore Government Bond 3.25% due 09/01/20		1,224,656		1,189,958
Total International Government Bonds				17,307,320		15,217,307
Total International Bonds				107,029,851		108,688,542
Total Bonds				383,834,915		398,847,152
Bank Loans — 1.83%
United States — 1.83%
	6,778,000 USD	Caelus Energy Alaska O3 LLC, Second Lien Term Loan 8.75% due 04/15/20		6,701,618		5,942,069
	6,862,989 USD	Libbey Glass, Inc., Term Loan B 3.99% due 04/09/21		6,861,655		6,554,155

First Eagle Funds | Semi-Annual Report | April 30, 2017
101

First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
Bank Loans — 1.83% (continued)
United States — 1.83% (continued)
	6,112,305 USD	OSG Bulk Ships, Inc., Exit Term Loan 5.29% due 08/05/19	$	6,101,202	$	5,974,778
	6,018,381 USD	Osum Productions Corporation, Term Loan B 6.50% due 07/31/20		5,930,644		4,935,072
Total Bank Loans				25,595,119		23,406,074
U.S. Treasury Bills — 2.34%
$	15,000,000	U.S. Treasury Bill 0.917% due 10/05/17		14,941,125		14,940,795
	15,000,000	U.S. Treasury Bill 0.917% due 10/19/17		14,935,875		14,932,845
Total U.S. Treasury Bills				29,877,000		29,873,640
Commercial Paper — 7.73%
International Commercial Paper — 2.41%
Italy — 0.97%
	12,409,000 USD	Eni S.p.A. 1.13% due 05/01/17		12,409,000		12,407,930
Japan — 1.44%
	18,397,000 USD	Hitachi Limited 1.11% due 05/01/17		18,397,000		18,395,306
Total International Commercial Paper				30,806,000		30,803,236
U.S. Commercial Paper — 5.32%
$	27,596,000	Kroger Company 1.10% due 05/01/17		27,596,000		27,593,459
	40,382,000	Sysco Corporation 1.13% due 05/01/17		40,382,000		40,378,281
Total U.S. Commercial Paper				67,978,000		67,971,740
Total Commercial Paper				98,784,000		98,774,976
Total Investments — 99.48% (Cost: $1,193,411,139)						1,271,839,417
Other Assets in Excess of Liabilities — 0.52%						6,655,464
Net Assets — 100.00%					$	1,278,494,881

*  Less than 0.01%

(a)  Non-income producing security/commodity.

First Eagle Funds | Semi-Annual Report | April 30, 2017
102

First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

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

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

(d)  Floating rate security. Rate shown is the rate in effect at April 30, 2017.

(e)  Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.

At April 30, 2017, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	135,219,954
Gross unrealized depreciation		(56,791,676	)
Net unrealized appreciation	$	78,428,278

Abbreviations used in this schedule include:

ADR  — American Depositary Receipt

AG  — Aktien Gesellschaft

A/S  — Aktieselskab

ASA  — Norwegian Public Limited Company

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

SE  — Societas Europaea

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 April 30, 2017		Unrealized Appreciation At April 30, 2017		Unrealized Depreciation At April 30, 2017
05/17/17		3,392,000	Euro	$	3,624,759	$	3,697,391	$	—	$	(72,632	)
06/21/17		5,938,000	Euro		6,300,307		6,484,206		—		(183,899	)
07/19/17		3,239,000	Euro		3,483,480		3,542,177		—		(58,697	)
08/16/17		3,021,000	Euro		3,217,305		3,308,632		—		(91,327	)
09/13/17		3,502,000	Euro		3,740,984		3,841,257		—		(100,273	)
05/17/17		3,112,000	British Pound		3,787,242		4,032,215		—		(244,973	)
06/21/17		571,000	British Pound		714,366		740,590		—		(26,224	)
05/17/17		258,023,000	Japanese Yen		2,305,032		2,315,907		—		(10,875	)
07/19/17		264,874,000	Japanese Yen		2,360,405		2,383,679		—		(23,274	)
08/16/17		124,148,000	Japanese Yen		1,138,638		1,118,699		19,939		—
				$	30,672,518	$	31,464,753	$	19,939	$	(812,174	)

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103

First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Industry Diversification for Portfolio Holdings	Percent of Net Assets
International Common Stocks
Consumer Discretionary		3.51	%
Consumer Staples		7.27
Energy		1.76
Financials		7.63
Health Care		3.34
Industrials		6.39
Information Technology		0.43
Materials		5.06
Telecommunication Services		2.47
Total International Common Stocks		37.86
U.S. Common Stocks
Consumer Discretionary		1.38
Consumer Staples		0.26
Energy		1.59
Financials		3.47
Health Care		0.68
Industrials		2.76
Information Technology		4.59
Materials		0.48
Utilities		0.50
Total U.S. Common Stocks		15.71
U.S. Preferred Stocks
Financials		0.14
Total U.S. Preferred Stocks		0.14
Closed-End Mutual Fund		0.10
Investment Company		0.00	*
Commodity		2.57
U.S. Corporate Bonds
Consumer Discretionary		3.49
Consumer Staples		2.47
Energy		3.51
Financials		0.61
Health Care		0.84
Industrials		4.70
Information Technology		3.15
Telecommunication Services		3.93
Total U.S. Corporate Bonds		22.70

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First Eagle Global Income Builder Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Industry Diversification for Portfolio Holdings (continued)	Percent of Net Assets
International Corporate Bonds
Consumer Discretionary		0.65	%
Energy		0.36
Financials		1.34
Industrials		0.55
Information Technology		1.61
Materials		1.68
Telecommunication Services		1.12
Total International Corporate Bonds		7.31
International Government Bonds
Government Issues		1.19
Total International Government Bonds		1.19
Bank Loans		1.83
U.S. Treasury Bills		2.34
Commercial Paper
International Commercial Paper		2.41
U.S. Commercial Paper		5.32
Total Commercial Paper		7.73
Total Investments		99.48	%

*Less than 0.01%

See Notes to Financial Statements.

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105

First Eagle High Yield Fund

Fund Overview

Data as of April 30, 2017 (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 (plus any borrowings for investment purposes) 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		13.07		5.11		8.90
Bloomberg Barclays U.S. Corporate High Yield Bond Index			13.30		6.84		8.21

Asset Allocation* (%)

Countries** (%)

United States	70.67
Canada	5.82
United Kingdom	3.90
Australia	2.38
Netherlands	2.29
France	1.76
Bermuda	1.29
Mexico	0.56
Germany	0.30
Ireland	0.25

^  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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106

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.

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* (%)

EnQuest PLC (Oil Company-Exploration & Production)	1.93
Bi-Lo LLC, Senior Unsecured (Food-Retail)	1.80
Caelus Energy Alaska O3 LLC Second Lien Term Loan (Oil Company-Exploration & Production)	1.75
Open Text Corporation (Enterprise Software)	1.65
Antero Resources Corporation (Oil Company-Exploration & Production)	1.63
HCA, Inc. (Medical-Hospitals)	1.61
Bi-Lo LLC, Senior Unsecured (Food-Retail)	1.61
Cloud Peak Energy Resources LLC (Coal)	1.57
Nufarm Australia Limited (Agricultural Chemicals)	1.55
Sprint Communications, Inc. (Wireless Telecommunication Services)	1.50
Total	16.60

*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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107

First Eagle High Yield Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stock — 0.01%
Industrials — 0.01%
	119,580	Rex Energy Corporation (a)(b)(c)	$	596,639	$	40,717
Principal
Bonds — 78.85%
U.S. Corporate Bonds — 60.63%
$	4,362,000	ACCO Brands Corporation 5.25% due 12/15/24 (d)		4,362,000		4,492,860
	1,885,000	AdvancePierre Foods Holdings, Inc. 5.50% due 12/15/24 (d)		1,885,000		2,101,775
	188,000	AECOM 5.125% due 03/15/27 (d)		188,000		188,216
	4,358,000	Alliance One International, Inc. 9.875% due 07/15/21		3,833,849		3,763,133
	2,909,000	American Axle & Manufacturing, Inc. 6.25% due 03/15/21		2,909,000		2,988,997
	3,278,000	American Axle & Manufacturing, Inc. 6.625% due 10/15/22		3,301,271		3,376,340
	6,161,000	AMN Healthcare, Inc. 5.125% due 10/01/24 (d)		6,193,557		6,222,610
	942,000	Antero Resources Corporation 5.00% due 03/01/25 (d)		942,000		930,225
	2,259,000	Antero Resources Corporation 5.375% due 11/01/21		2,271,443		2,332,418
	8,582,000	Antero Resources Corporation 5.625% due 06/01/23		8,586,235		8,828,732
	1,556,000	Aramark Services, Inc. 4.75% due 06/01/26		1,569,821		1,587,120
	584,000	Aramark Services, Inc. 5.00% due 04/01/25 (d)		584,000		610,280
	3,003,000	Aramark Services, Inc. 5.125% due 01/15/24		3,082,590		3,168,165
	5,156,000	Ashtead Capital, Inc. 6.50% due 07/15/22 (d)		5,332,972		5,355,795
	2,814,000	B&G Foods, Inc. 5.25% due 04/01/25		2,814,000		2,880,917
	11,088,000	Bi-Lo LLC 9.25% due 02/15/19 (d)		11,088,000		9,702,000

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108

First Eagle High Yield Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 60.63% (continued)
$	17,017,422	Bi-Lo LLC 9.375% due 09/15/18 (d)(e)	$	15,992,839	$	8,678,895
	3,271,000	Centene Corporation 4.75% due 05/15/22		3,321,953		3,393,662
	4,123,000	Centene Corporation 5.625% due 02/15/21		4,230,745		4,334,304
	3,984,000	CenturyLink, Inc. Series 'S' 6.45% due 06/15/21		4,092,268		4,302,720
	4,968,000	CenturyLink, Inc. Series 'W' 6.75% due 12/01/23		5,010,081		5,321,970
	465,000	Charter Communications Operating LLC 4.908% due 07/23/25		465,000		498,362
	6,175,000	Chemtura Corporation 5.75% due 07/15/21		6,193,260		6,384,950
	6,799,000	Citgo Petroleum Corporation 6.25% due 08/15/22 (d)		6,726,821		6,934,980
	7,953,000	Cloud Peak Energy Resources LLC 12.00% due 11/01/21		6,735,345		8,499,769
	1,559,000	CNH Industrial Capital LLC 3.875% due 10/15/21		1,551,129		1,568,744
	3,692,000	Crown Americas LLC 4.50% due 01/15/23		3,775,899		3,811,990
	4,372,000	DaVita, Inc. 5.00% due 05/01/25		4,387,232		4,404,790
	6,386,000	DCP Midstream Operating L.P. 4.75% due 09/30/21 (d)		4,758,142		6,529,685
	835,000	Dell International LLC 3.48% due 06/01/19 (d)		839,227		854,036
	3,670,000	Dell International LLC 4.42% due 06/15/21 (d)		3,768,818		3,852,766
	2,787,000	Dell International LLC 6.02% due 06/15/26 (d)		2,795,140		3,061,043
	4,740,000	Dell International LLC 7.125% due 06/15/24 (d)		4,901,679		5,239,297
	4,533,000	Dollar Tree, Inc. 5.75% due 03/01/23		4,744,689		4,809,513
	2,626,000	Envision Healthcare Corporation 6.25% due 12/01/24 (d)		2,626,000		2,763,865
	3,790,000	Fresenius Medical Care US Finance II, Inc. 5.625% due 07/31/19 (d)		4,082,439		4,045,825

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109

First Eagle High Yield Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 60.63% (continued)
$	1,036,000	Fresenius Medical Care US Finance II, Inc. 6.50% due 09/15/18 (d)	$	1,102,190	$	1,092,980
	1,376,000	Fresenius Medical Care US Finance, Inc. 6.875% due 07/15/17		1,391,436		1,388,040
	2,894,000	Frontier Communications Corporation 7.125% due 03/15/19		2,955,164		3,045,935
	5,421,000	Frontier Communications Corporation 8.50% due 04/15/20		5,847,871		5,766,589
	835,000	Frontier Communications Corporation 8.875% due 09/15/20		842,211		881,443
	7,251,000	GameStop Corporation 5.50% due 10/01/19 (d)		7,239,066		7,432,275
	200,000	GameStop Corporation 6.75% due 03/15/21 (d)		201,355		204,500
	3,244,000	Genesis Energy L.P. 6.00% due 05/15/23		3,244,000		3,244,000
	6,986,000	Global Partners L.P. 6.25% due 07/15/22		7,032,656		6,916,140
	5,864,000	Harland Clarke Holdings Corporation 6.875% due 03/01/20 (d)		5,872,311		6,010,600
	8,500,000	HCA, Inc. 3.75% due 03/15/19		8,596,648		8,680,625
	940,000	HCA, Inc. 4.50% due 02/15/27		940,000		948,921
	3,349,000	Huntington Ingalls Industries, Inc. 5.00% due 12/15/21 (d)		3,473,595		3,468,308
	2,000,000	International Lease Finance Corporation 8.875% due 09/01/17		2,047,617		2,047,670
	5,567,000	Kemet Corporation 10.50% due 05/01/18		5,565,343		5,587,876
	3,845,000	KFC Holding Company 5.00% due 06/01/24 (d)		3,951,584		3,969,962
	600,000	KFC Holding Company 5.25% due 06/01/26 (d)		607,933		615,000
	4,583,000	KLX, Inc. 5.875% due 12/01/22 (d)		4,585,362		4,817,879
	471,000	Koppers, Inc. 6.00% due 02/15/25 (d)		471,000		493,373
	1,939,000	Lamb Weston Holdings, Inc. 4.625% due 11/01/24 (d)		1,953,593		2,002,018

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110

First Eagle High Yield Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 60.63% (continued)
$	388,000	Lamb Weston Holdings, Inc. 4.875% due 11/01/26 (d)	$	388,000	$	400,125
	5,080,000	LifePoint Health, Inc. 5.375% due 05/01/24 (d)		5,082,490		5,130,800
	5,327,000	Magnachip Semiconductor Corporation 6.625% due 07/15/21		5,311,194		4,874,205
	2,871,000	Men's Wearhouse, Inc. 7.00% due 07/01/22		2,441,339		2,497,770
	470,000	MGIC Investment Corporation 5.75% due 08/15/23		470,000		504,075
	233,000	MPT Operating Partnership L.P. 5.25% due 08/01/26		233,000		238,825
	2,581,000	MPT Operating Partnership L.P. 6.375% due 02/15/22		2,655,538		2,668,109
	5,736,000	NGL Energy Partners L.P. 7.50% due 11/01/23 (d)		5,736,000		5,736,000
	3,754,000	Park-Ohio Industries, Inc. 6.625% due 04/15/27 (d)		3,754,000		3,847,850
	3,732,000	Parker Drilling Company 6.75% due 07/15/22		3,779,557		3,293,490
	134,000	Parker Drilling Company 7.50% due 08/01/20		134,000		124,620
	3,674,000	Plantronics, Inc. 5.50% due 05/31/23 (d)		3,682,182		3,738,295
	1,000,000	Post Holdings, Inc. 5.00% due 08/15/26 (d)		968,185		995,000
	1,380,000	Post Holdings, Inc. 5.50% due 03/01/25 (d)		1,380,000		1,442,100
	2,467,000	Quintiles IMS, Inc. 4.875% due 05/15/23 (d)		2,503,004		2,534,842
	800,000	Quintiles IMS, Inc. 5.00% due 10/15/26 (d)		800,000		816,000
	5,386,000	Radio Systems Corporation 8.375% due 11/01/19 (d)		5,411,940		5,594,707
	5,130,000	Shea Homes L.P. 5.875% due 04/01/23 (d)		5,244,317		5,181,300
	4,720,000	Silgan Holdings, Inc. 5.50% due 02/01/22		4,702,628		4,885,200
	3,968,000	Spectrum Brands, Inc. 5.75% due 07/15/25		4,030,753		4,253,339

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111

First Eagle High Yield Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
U.S. Corporate Bonds — 60.63% (continued)
$	6,349,000	Sprint Capital Corporation 6.90% due 05/01/19	$	5,236,784	$	6,785,494
	7,500,000	Sprint Communications, Inc. 7.00% due 08/15/20		7,690,828		8,118,750
	918,000	Symantec Corporation 3.95% due 06/15/22		913,576		935,635
	3,228,000	Taylor Morrison Communities, Inc. 5.875% due 04/15/23 (d)		3,237,054		3,437,820
	235,000	Tennant Company 5.625% due 05/01/25 (d)		235,000		244,106
	1,494,000	Tesoro Corporation 4.75% due 12/15/23 (d)		1,494,000		1,564,965
	747,000	Tesoro Corporation 5.125% due 12/15/26 (d)		747,000		795,555
	1,489,000	The EW Scripps Company 5.125% due 05/15/25 (d)		1,507,590		1,528,086
	2,914,000	Time, Inc. 5.75% due 04/15/22 (d)		2,914,000		2,972,280
	3,285,000	Ultra Resources, Inc. 7.125% due 04/15/25 (d)		3,254,742		3,254,220
	233,000	Valvoline, Inc. 5.50% due 07/15/24 (d)		233,000		246,398
	1,275,000	Veritas US, Inc. 7.50% due 02/01/23 (d)		1,199,123		1,345,125
	2,139,000	Vista Outdoor, Inc. 5.875% due 10/01/23		2,139,000		2,128,305
	2,073,000	Wachovia Capital Trust III 5.57% due 05/30/17 (f)(g)		2,070,424		2,080,774
	4,523,000	WESCO Distribution, Inc. 5.375% due 12/15/21		4,646,236		4,647,382
	1,377,000	WESCO Distribution, Inc. 5.375% due 06/15/24		1,378,795		1,414,868
	3,386,000	Western Digital Corporation 7.375% due 04/01/23 (d)		3,440,244		3,707,670
	2,142,000	Western Digital Corporation 10.50% due 04/01/24		2,148,076		2,522,205
	4,269,000	Zebra Technologies Corporation 7.25% due 10/15/22		4,526,654		4,615,856
Total U.S. Corporate Bonds				325,583,632		327,537,029

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112

First Eagle High Yield Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Bonds — 18.22%
International Corporate Bonds — 17.66%
Australia — 2.33%
	4,114,000	Ausdrill Finance PTY Limited USD6.875% due 11/01/19 (d)	$	3,752,286	$	4,237,420
	8,149,000	Nufarm Australia Limited USD6.375% due 10/15/19 (d)		8,234,306		8,362,911
				11,986,592		12,600,331
Bermuda — 1.27%
	1,707,000	Aircastle Limited USD4.625% due 12/15/18		1,707,000		1,768,879
	4,515,000	Aircastle Limited USD7.625% due 04/15/20		4,613,367		5,071,248
				6,320,367		6,840,127
Canada — 5.72%
	1,876,000	Clearwater Seafoods, Inc. USD6.875% due 05/01/25 (d)		1,876,000		1,941,660
	8,240,000	Jupiter Resources, Inc. USD8.50% due 10/01/22 (d)		7,980,829		6,715,600
	5,338,000	New Gold, Inc. USD6.25% due 11/15/22 (d)		5,260,873		5,444,760
	1,974,000	New Gold, Inc. USD7.00% due 04/15/20 (d)		1,980,744		1,999,909
	8,500,000	Open Text Corporation USD5.625% due 01/15/23 (d)		8,547,715		8,903,750
	2,546,000	Open Text Corporation USD5.875% due 06/01/26 (d)		2,561,744		2,717,855
	2,068,000	Precision Drilling Corporation USD7.75% due 12/15/23 (d)		2,068,000		2,192,080
	942,000	Ritchie Bros Auctioneers, Inc. USD5.375% due 01/15/25 (d)		942,000		972,615
				31,217,905		30,888,229
France — 1.73%
	3,234,000	Rexel SA USD5.25% due 06/15/20 (d)		3,222,059		3,314,850
	5,769,000	SFR Group SA USD6.00% due 05/15/22 (d)		5,803,973		6,014,182
				9,026,032		9,329,032

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113

First Eagle High Yield Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Corporate Bonds — 17.66% (continued)
Germany — 0.30%
	1,609,174	IHO Verwaltungs GmbH USD4.50% due 09/15/23 (d)(e)	$	1,606,559	$	1,607,162
Ireland — 0.24%
	1,000,000	Ardagh Packaging Finance PLC USD4.289% due 05/15/21 (d)(g)		995,885		1,021,250
	300,000	Ardagh Packaging Finance PLC USD4.625% due 05/15/23 (d)		300,000		306,375
				1,295,885		1,327,625
Netherlands — 2.24%
	1,880,000	CNH Industrial NV USD4.50% due 08/15/23		1,880,000		1,924,161
	4,513,000	NXP BV USD4.625% due 06/01/23 (d)		4,560,868		4,857,116
	5,033,000	VTR Finance BV USD6.875% due 01/15/24 (d)		5,105,045		5,347,563
				11,545,913		12,128,840
United Kingdom — 3.83%
	13,029,602	EnQuest PLC USD7.00% due 10/15/23 (d)(e)(h)		10,259,593		10,423,682
	3,593,000	Inmarsat Finance PLC USD4.875% due 05/15/22 (d)		3,470,589		3,628,930
	948,000	Inmarsat Finance PLC USD6.50% due 10/01/24 (d)		948,000		1,002,510
	790,000	Jaguar Land Rover Automotive PLC USD5.625% due 02/01/23 (d)		790,000		825,550
	4,685,000	Virgin Media Secured Finance PLC USD5.50% due 01/15/25 (d)		4,689,936		4,807,981
				20,158,118		20,688,653
Total International Corporate Bonds				93,157,371		95,409,999
International Government Bond — 0.56%
Mexico — 0.56%
	57,560,000	Mexican Bonos MXN4.75% due 06/14/18		2,855,888		2,995,343
Total International Bonds				96,013,259		98,405,342
Total Bonds				421,596,891		425,942,371

First Eagle Funds | Semi-Annual Report | April 30, 2017
114

First Eagle High Yield Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
Bank Loans — 8.74%
United States — 8.74%
	3,764,000	BJ's Wholesale Club, Inc., Second Lien USDTerm Loan 8.50% due 01/27/25	$	3,727,104	$	3,769,495
	5,952,788	Cactus Wellhead LLC, USDTranche B Term Loan 7.15% due 07/31/20		4,918,362		5,655,149
	10,782,000	Caelus Energy Alaska O3 LLC, USDSecond Lien Term Loan 8.75% due 04/15/20		10,625,727		9,452,256
	3,815,188	CBAC Borrower LLC, Term Loan B USD8.25% due 07/02/20		3,864,203		3,819,957
	457,770	Columbus McKinnon Corporation, USDTerm Loan B 4.15% due 01/20/24		455,550		460,919
	3,964,579	OSG Bulk Ships, Inc., Exit Term Loan USD5.29% due 08/05/19		3,955,608		3,875,376
	6,244,718	Osum Productions Corporation, USDTerm Loan B 6.50% due 07/31/20		6,153,663		5,120,669
	11,723,817	Payless, Inc., First Lien Term Loan USD5.04% due 03/11/21		10,733,133		5,879,494
	1,202,000	Payless, Inc., Second Lien Term Loan USD8.54% due 03/11/22		1,193,713		96,160
	10,467,379	True Religion Apparel, Inc., USDFirst Lien Term Loan 6.02% due 07/30/19		10,226,970		2,228,086
	5,500,184	Water Pik Technologies, Inc., USDFirst Lien Term Loan 5.90% due 07/09/20		5,444,220		5,502,495
	1,332,324	Water Pik Technologies, Inc., USDSecond Lien Term Loan 9.90% due 01/09/21		1,338,601		1,333,989
Total Bank Loans				62,636,854		47,194,045
Commercial Paper — 10.58%
International Commercial Paper — 3.30%
Italy — 1.33%
	7,180,000	Eni S.p.A. USD1.13% due 05/01/17		7,180,000		7,179,381

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First Eagle High Yield Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Principal		Description	Cost (Note 1)		Value (Note 1)
International Commercial Paper — 3.30% (continued)
Japan — 1.97%
	10,645,000	Hitachi Limited USD1.11% due 05/01/17	$	10,645,000	$	10,644,020
Total International Commercial Paper				17,825,000		17,823,401
U.S. Commercial Paper — 7.28%
$	15,968,000	Kroger Company 1.10% due 05/01/17		15,968,000		15,966,530
	23,366,000	Sysco Corporation 1.13% due 05/01/17		23,366,000		23,363,848
Total U.S. Commercial Paper				39,334,000		39,330,378
Total Commercial Paper				57,159,000		57,153,779
Shares
Investment Company — 0.00*%
	16,477	State Street Institutional U.S. Government Money Market Fund, Premier Class		16,477		16,477
Total Investments — 98.18% (Cost: $542,005,861)						530,347,389
Other Assets in Excess of Liabilities — 1.82%						9,839,467
Net Assets — 100.00%					$	540,186,856

*  Less than 0.01%

(a)  Non-income producing security/commodity.

(b)  Represents a security that is subject to legal or contractual restrictions on resale. At April 30, 2017, the value of this security amounted to $40,717 or 0.01% of net assets.

(c)  Security is valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $40,717 or 0.01% of net assets.

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

(e)  Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.

(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 April 30, 2017.

(h)  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.

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116

First Eagle High Yield Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

At April 30, 2017, cost is substantially identical for both book and federal income tax purposes. Net unrealized depreciation consisted of:

Gross unrealized appreciation	$	16,494,941
Gross unrealized depreciation		(28,153,413	)
Net unrealized depreciation	$	(11,658,472	)

Abbreviations used in this schedule include:

PLC  — Public Limited Company

SA  — Société Anonyme

S.p.A.  — Società per Azioni

Currencies

MXN  — Mexican Peso

USD  — United States Dollar

Restricted Securities	Acquisition Date	Cost		Carrying Value Per Share/Principal
Rex Energy Corporation	03/31/16	$	596,639	$	0.34

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		12.63
Consumer Staples		6.51
Energy		8.56
Financials		2.50
Health Care		6.71
Industrials		7.88
Information Technology		4.53
Materials		1.32
Telecommunication Services		8.93
Utilities		1.06
Total U.S. Corporate Bonds		60.63
International Corporate Bonds
Consumer Discretionary		0.45
Consumer Staples		0.36
Energy		3.58
Financials		2.05
Industrials		1.39
Information Technology		3.05
Materials		2.93

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First Eagle High Yield Fund | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Industry Diversification for Portfolio Holdings (continued)	Percent of Net Assets
Telecommunication Services		3.85	%
Total International Corporate Bonds		17.66
International Government Bond
Government Issues		0.56
Total International Government Bond		0.56
Bank Loans		8.74
Commercial Paper
International Commercial Paper		3.30
U.S. Commercial Paper		7.28
Total Commercial Paper		10.58
Investment Company		0.00	*
Total Investments		98.18	%

*Less than 0.01%

See Notes to Financial Statements.

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First Eagle Fund of America

Fund Overview

Data as of April 30, 2017 (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		13.71		10.08		7.05
S&P 500 Index			17.92		13.68		7.15

Asset Allocation* (%)

Sector/Industry** (%)

Materials	29.34
Industrials	13.68
Health Care	13.48
Information Technology	12.21
Consumer Discretionary	11.34
Consumer Staples	9.79
Energy	5.43
Financials	2.47

*  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 are net of expenses.

The S&P 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 S&P 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 S&P 500 Index includes dividends reinvested. One cannot invest directly in an index.

Top 10 Holdings* (%)

Packaging Corporation of America (Paper Packaging)	6.26
General Dynamics Corporation (Aerospace & Defense)	5.57
Martin Marietta Materials, Inc. (Construction Materials)	4.95
Halozyme Therapeutics, Inc. (Biotechnology)	4.46
Marathon Petroleum Corporation (Oil & Gas Refining & Marketing)	3.59
Wyndham Worldwide Corporation (Hotels, Resorts & Cruise Lines)	3.53
HP, Inc. (Technology Hardware, Storage & Peripherals)	3.32
Post Holdings, Inc. (Packaged Foods & Meats)	3.12
Visteon Corporation (Auto Parts & Equipment)	2.79
Albemarle Corporation (Specialty Chemicals)	2.63
Total	40.22

*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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121

First Eagle Fund of America | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
Common Stocks — 96.77%
U.S. Common Stocks — 89.48%
Consumer Discretionary — 9.36%
	855,686	Wyndham Worldwide Corporation (a)	$	26,550,894	$	81,555,433
	625,715	Visteon Corporation (a)(b)		42,133,606		64,417,359
	2,424,700	La Quinta Holdings, Inc. (b)		32,514,059		34,212,517
	357,250	Lowe's Companies, Inc. (a)		13,731,620		30,323,380
	188,445	MGM Resorts International		5,790,189		5,787,146
				120,720,368		216,295,835
Consumer Staples — 9.69%
	855,410	Post Holdings, Inc. (a)(b)		67,661,720		72,016,968
	738,821	Tyson Foods, Inc., Class 'A' (a)		33,122,685		47,476,637
	355,667	Casey's General Stores, Inc. (a)		41,978,425		39,859,601
	1,724,780	Dean Foods Company (a)		34,653,536		34,047,157
	348,245	TreeHouse Foods, Inc. (a)(b)		30,065,135		30,506,262
				207,481,501		223,906,625
Energy — 5.38%
	1,629,777	Marathon Petroleum Corporation (a)		82,074,673		83,020,841
	1,237,380	SemGroup Corporation, Class 'A' (a)		46,802,661		41,204,754
				128,877,334		124,225,595
Financials — 2.45%
	1,581,707	Ally Financial, Inc.		35,006,862		31,317,799
	188,445	S&P Global, Inc.		21,470,556		25,287,434
				56,477,418		56,605,233
Health Care — 13.24%
	7,394,315	Halozyme Therapeutics, Inc. (a)(b)(c)		75,097,105		103,076,751
	651,505	Eagle Pharmaceuticals, Inc. (a)(b)		36,246,133		59,019,838
	990,899	Medicines Company (b)		36,711,158		48,871,139
	3,108,915	Allscripts Healthcare Solutions, Inc. (b)		41,742,053		37,213,713
	2,947,468	Innoviva, Inc. (b)		57,559,355		34,735,910
	1,102,004	Intrexon Corporation (b)		27,093,806		22,965,763
				274,449,610		305,883,114
Industrials — 13.54%
	663,990	General Dynamics Corporation (a)		89,164,679		128,674,622
	1,259,726	Armstrong World Industries, Inc. (b)		52,217,906		58,892,191

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First Eagle Fund of America | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
U.S. Common Stocks — 89.48% (continued)
Industrials — 13.54% (continued)
	958,880	KLX, Inc. (b)	$	44,905,613	$	45,355,024
	1,313,205	Univar, Inc. (a)(b)		24,253,594		39,199,169
	622,608	The Advisory Board Company (a)(b)		28,641,808		31,815,269
	680,244	Pitney Bowes, Inc.		9,504,918		9,040,443
				248,688,518		312,976,718
Information Technology — 8.37%
	4,071,110	HP, Inc. (a)		65,539,893		76,618,290
	1,632,235	eBay, Inc. (a)(b)		41,298,825		54,532,971
	696,565	Yahoo!, Inc. (a)(b)		26,083,339		33,581,399
	443,500	Seagate Technology PLC (a)		15,319,847		18,684,655
	316,002	Versum Materials, Inc.		6,905,039		10,118,384
				155,146,943		193,535,699
Materials — 27.45%
	1,464,960	Packaging Corporation of America (a)		84,283,188		144,708,749
	519,735	Martin Marietta Materials, Inc. (a)		77,996,639		114,440,449
	557,515	Albemarle Corporation (a)		36,619,673		60,718,959
	419,345	Air Products & Chemicals, Inc. (a)		55,797,250		58,917,972
	1,773,553	Olin Corporation		38,404,002		56,984,258
	1,006,976	International Paper Company (a)		53,011,939		54,346,495
	1,006,760	Sealed Air Corporation (a)		23,503,455		44,317,575
	2,006,348	Allegheny Technologies, Inc. (a)		35,461,540		36,816,486
	496,620	WR Grace & Company		20,884,219		34,624,346
	862,303	GCP Applied Technologies, Inc. (b)		15,503,761		28,369,769
				441,465,666		634,245,058
Total U.S. Common Stocks				1,633,307,358		2,067,673,877
International Common Stocks — 7.29%
Bermuda — 1.60%
	1,179,312	Axalta Coating Systems Limited (b)		31,960,956		36,995,017
Canada — 2.49%
	6,159,856	BlackBerry Limited (b)		43,978,126		57,533,055
Ireland — 1.98%
	586,958	Adient PLC (a)		40,758,183		43,176,631
	34,200	Perrigo Company PLC (a)		2,284,560		2,528,748
				43,042,743		45,705,379

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123

First Eagle Fund of America | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Shares		Description	Cost (Note 1)		Value (Note 1)
International Common Stocks — 7.29% (continued)
Singapore — 1.22%
	1,831,945	Flex Limited (a)(b)	$	23,918,549	$	28,321,870
Total International Common Stocks				142,900,374		168,555,321
Total Common Stocks				1,776,207,732		2,236,229,198
Investment Company — 2.89%
	66,854,069	State Street Institutional U.S. Government Money Market Fund, Premier Class		66,854,069		66,854,069

Contracts			Strike Price		Expiration Date
Call Option Purchased — 0.51%
	4,800	Perrigo Company PLC	$	50.00	January 2018	$	11,904,000
Total Call Option Purchased (Cost: $14,639,175)							11,904,000
Total Investment Portfolio Excluding Options Written — 100.17% (Cost: $1,857,700,976)						$	2,314,987,267
Covered Call Options Written — (1.17)%
	1,019	Adient PLC		70.00	May 2017		(540,070	)
	165	Adient PLC		70.00	June 2017		(95,700	)
	510	Adient PLC		70.00	July 2017		(316,200	)
	1,137	Adient PLC		75.00	July 2017		(352,470	)
	1,507	Air Products & Chemicals, Inc.		140.00	June 2017		(437,030	)
	419	Air Products & Chemicals, Inc.		145.00	June 2017		(52,375	)
	352	Albemarle Corporation		97.50	June 2017		(429,440	)
	3,363	Albemarle Corporation		100.00	June 2017		(3,420,171	)
	338	Allegheny Technologies, Inc.		20.00	July 2017		(33,800	)
	30	Casey's General Stores, Inc.		130.00	May 2017		(1,350	)
	4,644	Dean Foods Company		20.00	May 2017		(243,810	)
	998	Eagle Pharmaceuticals, Inc.		75.00	June 2017		(1,661,670	)
	607	Eagle Pharmaceuticals, Inc.		80.00	June 2017		(773,318	)
	331	Eagle Pharmaceuticals, Inc.		90.00	June 2017		(208,530	)
	708	eBay, Inc.		33.00	June 2017		(84,252	)

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First Eagle Fund of America | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Contracts			Strike Price		Expiration Date	Value (Note 1)
Covered Call Options Written — (1.17)% (continued)
	1,471	Flex Limited	$	14.00	May 2017	$	(136,803	)
	2,101	Flex Limited		15.00	May 2017		(138,666	)
	494	General Dynamics Corporation		175.00	May 2017		(953,420	)
	499	General Dynamics Corporation		180.00	May 2017		(718,560	)
	947	General Dynamics Corporation		185.00	May 2017		(947,000	)
	200	General Dynamics Corporation		195.00	August 2017		(127,000	)
	9,608	Halozyme Therapeutics, Inc.		13.00	June 2017		(1,537,280	)
	3,000	Halozyme Therapeutics, Inc.		14.00	June 2017		(270,000	)
	2,016	HP, Inc.		17.00	May 2017		(376,992	)
	1,513	HP, Inc.		17.00	June 2017		(295,035	)
	4,028	HP, Inc.		18.00	May 2017		(382,660	)
	1,286	HP, Inc.		18.00	June 2017		(165,894	)
	5,443	HP, Inc.		19.00	June 2017		(381,010	)
	60	International Paper Company		50.00	May 2017		(25,860	)
	373	International Paper Company		50.00	July 2017		(163,187	)
	227	International Paper Company		52.50	July 2017		(55,615	)
	247	Lowe's Companies, Inc.		82.50	May 2017		(70,889	)
	591	Lowe's Companies, Inc.		85.00	June 2017		(152,478	)
	1,700	Marathon Petroleum Corporation		50.00	May 2017		(276,250	)
	44	Martin Marietta Materials, Inc.		220.00	May 2017		(31,812	)
	1,672	Packaging Corporation of America		92.50	July 2017		(1,237,280	)
	3,698	Packaging Corporation of America		95.00	July 2017		(2,218,800	)
	1,099	Packaging Corporation of America		100.00	October 2017		(538,510	)
	342	Perrigo Company PLC		70.00	August 2017		(254,790	)
	4,409	Post Holdings, Inc.		85.00	June 2017		(1,115,477	)
	296	Seagate Technology PLC		43.00	June 2017		(39,960	)
	503	Sealed Air Corporation		45.00	June 2017		(46,779	)
	503	Sealed Air Corporation		46.00	July 2017		(46,779	)

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First Eagle Fund of America | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

Contracts			Strike Price		Expiration Date	Value (Note 1)
Covered Call Options Written — (1.17)% (continued)
	1,070	SemGroup Corporation	$	35.00	July 2017	$	(123,050	)
	904	The Advisory Board Company		50.00	September 2017		(420,360	)
	404	TreeHouse Foods, Inc.		85.00	May 2017		(131,300	)
	1,043	TreeHouse Foods, Inc.		90.00	May 2017		(179,918	)
	739	Tyson Foods, Inc.		62.50	May 2017		(219,853	)
	2,214	Tyson Foods, Inc.		65.00	May 2017		(343,170	)
	369	Tyson Foods, Inc.		65.00	June 2017		(70,110	)
	739	Tyson Foods, Inc.		66.00	May 2017		(84,985	)
	1,281	Univar, Inc.		25.00	May 2017		(653,310	)
	62	Visteon Corporation		95.00	May 2017		(50,840	)
	124	Visteon Corporation		95.00	June 2017		(102,796	)
	21	Visteon Corporation		100.00	May 2017		(8,715	)
	123	Visteon Corporation		100.00	June 2017		(62,115	)
	1,407	Wyndham Worldwide Corporation		85.00	May 2017		(1,505,490	)
	1,407	Wyndham Worldwide Corporation		87.50	May 2017		(1,195,950	)
	856	Wyndham Worldwide Corporation		95.00	August 2017		(393,760	)
	856	Wyndham Worldwide Corporation		97.50	June 2017		(124,120	)
	68	Wyndham Worldwide Corporation		100.00	June 2017		(5,100	)
	487	Yahoo!, Inc.		47.00	May 2017		(83,277	)
Total Covered Call Options Written (Premiums Received: $21,883,274)							(27,113,191	)
Total Investments — 99.00% (Cost: $1,835,817,702)							2,287,874,076
Other Assets in Excess of Liabilities — 1.00%							23,045,422
Net Assets — 100.00%						$	2,310,919,498

(a)  At April 30, 2017, all or a portion of this security was segregated to cover collateral requirement for options.

(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.

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First Eagle Fund of America | Schedule of Investments | Six-Month Period Ended April 30, 2017 (unaudited)

At April 30, 2017, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	506,794,654
Gross unrealized depreciation		(54,738,280	)
Net unrealized appreciation	$	452,056,374

Abbreviations used in this schedule include:

PLC  — Public Limited Company

Affiliated Securities

Affiliated Securities	Shares October 31, 2016		Gross Additions		Gross Reductions		Shares April 30, 2017		Market Value April 30, 2017		Realized Gain / (Loss)			Dividend Income
Halozyme Therapeutics, Inc.		7,687,515		—		293,200		7,394,315	$	103,076,751	$	(606,929	)	$	—

Industry Diversification for Portfolio Holdings	Percent of Net Assets
U.S. Common Stocks
Consumer Discretionary		9.36	%
Consumer Staples		9.69
Energy		5.38
Financials		2.45
Health Care		13.24
Industrials		13.54
Information Technology		8.37
Materials		27.45
Total U.S. Common Stocks		89.48
International Common Stocks
Consumer Discretionary		1.87
Health Care		0.11
Information Technology		3.71
Materials		1.60
Total International Common Stocks		7.29
Investment Company		2.89
Call Option Purchased		0.51
Covered Call Options Written		(1.17	)
Total Investments		99.00	%

See Notes to Financial Statements.

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127

Statements of Assets and Liabilities

	First Eagle Global Fund*			First Eagle Overseas Fund*
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	36,574,717,933		$	12,282,841,671
Affiliated issuers		2,089,006,134			273,879,734
Gold bullion		3,010,610,020			801,568,898
Silver bullion		—			—
Foreign currency		2,024,778			644,157
Total Investments, at Cost		41,676,358,865			13,358,934,460
Investments, at Value (Note 1)
Unaffiliated issuers		47,747,195,266			15,208,727,540
Affiliated issuers		2,403,287,618			582,341,800
Gold bullion		3,662,188,350			1,127,275,787
Silver bullion		—			—
Foreign currency		2,029,652			645,701
Total Investments, at Value		53,814,700,886			16,918,990,828
Cash		—			—
Receivable for forward currency contracts held, at value (Note 1)		1,485,911			770,591
Receivable for investment securities sold		78,568,438			11,701,317
Receivable for Fund shares sold		123,506,563			66,275,349
Accrued interest and dividends receivable		133,874,000			66,138,807
Investment for trustee deferred compensation plan (Note 2)		3,185,709			2,636,796
Other assets		491,505			169,392
Total Assets		54,155,813,012			17,066,683,080
Liabilities
Payable for Fund shares redeemed		63,614,221			22,506,638
Payable for investment securities purchased		186,429,488			31,251,590
Payable for forward currency contracts held, at value (Note 1)		19,132,916			11,139,153
Investment advisory fees payable (Note 2)		33,024,260			10,334,681
Distribution fees payable (Note 3)		10,006,119			1,254,573
Services fees payable (Note 3)		2,311,687			194,427
Trustee deferred compensation plan (Note 2)		3,185,709			2,636,796
Administrative fees payable (Note 2)		327,366			96,473
Trustee fees payable		37,395			11,066
Accrued expenses and other liabilities		19,600,751			7,634,753
Total Liabilities		337,669,912			87,060,150
Net Assets	$	53,818,143,100		$	16,979,622,930
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	943,626		$	696,955
Capital surplus		40,743,206,938			13,780,212,215
Net unrealized appreciation (depreciation) on:
Investments (net of $8,893,672, $3,774,500, $0 and $0 deferred capital gain country tax, respectively)		12,129,443,475			3,556,280,324
Foreign currency and forward contract related translation		(19,181,568	)		(11,139,757	)
Undistributed net realized gains (losses) on investments		1,315,592,268			100,241,077
Undistributed net investment income (loss)		(351,861,639	)		(446,667,884	)
Net Assets	$	53,818,143,100		$	16,979,622,930

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128

April 30, 2017 (unaudited)

	First Eagle U.S. Value Fund*		First Eagle Gold Fund*
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	1,447,206,899	$	867,776,459
Affiliated issuers		—		—
Gold bullion		186,047,980		132,726,352
Silver bullion		—		58,487,088
Foreign currency		99,631		321,227
Total Investments, at Cost		1,633,354,510		1,059,311,126
Investments, at Value (Note 1)
Unaffiliated issuers		1,984,881,617		942,166,746
Affiliated issuers		—		—
Gold bullion		198,141,775		226,691,609
Silver bullion		—		54,257,079
Foreign currency		99,870		322,000
Total Investments, at Value		2,183,123,262		1,223,437,434
Cash		—		4,565
Receivable for forward currency contracts held, at value (Note 1)		—		—
Receivable for investment securities sold		5,879,169		—
Receivable for Fund shares sold		1,369,365		2,740,474
Accrued interest and dividends receivable		1,273,662		1,895,468
Investment for trustee deferred compensation plan (Note 2)		2,862,066		154,856
Other assets		39,790		28,756
Total Assets		2,194,547,314		1,228,261,553
Liabilities
Payable for Fund shares redeemed		4,174,114		5,964,084
Payable for investment securities purchased		8,636,685		409,582
Payable for forward currency contracts held, at value (Note 1)		—		—
Investment advisory fees payable (Note 2)		1,258,272		772,971
Distribution fees payable (Note 3)		470,410		218,120
Services fees payable (Note 3)		104,806		38,629
Trustee deferred compensation plan (Note 2)		2,862,066		154,856
Administrative fees payable (Note 2)		30,580		32,862
Trustee fees payable		3,467		1,337
Accrued expenses and other liabilities		717,165		696,539
Total Liabilities		18,257,565		8,288,980
Net Assets	$	2,176,289,749	$	1,219,972,573
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	108,226	$	72,192
Capital surplus		1,466,161,122		1,637,657,069
Net unrealized appreciation (depreciation) on:
Investments (net of $8,893,672, $3,774,500, $0 and $0 deferred capital gain country tax, respectively)		549,768,513		164,125,535
Foreign currency and forward contract related translation		94		305
Undistributed net realized gains (losses) on investments		156,881,004		(513,679,390	)
Undistributed net investment income (loss)		3,370,790		(68,203,138	)
Net Assets	$	2,176,289,749	$	1,219,972,573

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129

Statements of Assets and Liabilities (continued)

	First Eagle Global Fund*			First Eagle Overseas Fund*
Class A
Net assets	$	14,951,434,036		$	3,281,065,077
Shares outstanding		260,868,182			136,559,257
Net asset value per share and redemption proceeds per share	$	57.31		$	24.03
Offering price per share (NAV per share plus maximum sales charge)**	$	60.33	(1)	$	25.29	(1)
Class C
Net assets	$	11,194,610,649		$	947,503,921
Shares outstanding		202,390,476			40,969,991
Net asset value per share	$	55.31		$	23.13
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(2)	$	54.76		$	22.90
Class I
Net assets	$	27,282,753,860		$	12,659,836,754
Shares outstanding		473,609,618			515,709,782
Net asset value per share and redemption proceeds per share	$	57.61		$	24.55
Class R6
Net assets	$	389,344,555		$	91,217,178
Shares outstanding		6,757,735			3,715,883
Net asset value per share and redemption proceeds per share	$	57.61		$	24.55

*  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 Y, and R6 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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130

April 30, 2017 (unaudited)

	First Eagle U.S. Value Fund*			First Eagle Gold Fund*
Class A
Net assets	$	754,364,481		$	482,973,473
Shares outstanding		37,473,841			28,577,669
Net asset value per share and redemption proceeds per share	$	20.13		$	16.90
Offering price per share (NAV per share plus maximum sales charge)**	$	21.19	(1)	$	17.79	(1)
Class C
Net assets	$	504,736,319		$	180,988,087
Shares outstanding		25,864,664			11,454,934
Net asset value per share	$	19.51		$	15.80
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(2)	$	19.31		$	15.64
Class I
Net assets	$	917,090,029		$	555,912,785
Shares outstanding		44,883,059			32,153,870
Net asset value per share and redemption proceeds per share	$	20.43		$	17.29
Class R6
Net assets	$	98,920		$	98,228
Shares outstanding		4,840			5,682
Net asset value per share and redemption proceeds per share	$	20.44		$	17.29

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131

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	$	1,161,687,343		$	542,005,861
Affiliated issuers		—			—
Gold bullion		31,723,796			—
Foreign currency		900			—
Total Investments, at Cost		1,193,412,039			542,005,861
Investments, at Value (Note 1)
Unaffiliated issuers		1,239,033,956			530,347,389
Affiliated issuers		—			—
Gold bullion		32,805,461			—
Foreign currency		956			—
Total Investments, at Value		1,271,840,373			530,347,389
Receivable for forward currency contracts held, at value (Note 1)		19,939			—
Receivable for investment securities sold		814,441			3,467,152
Receivable for premiums for written options		—			—
Receivable for Fund shares sold		3,344,659			1,345,080
Accrued interest and dividends receivable		10,055,862			7,608,422
Investment for trustee deferred compensation plan (Note 2)		211,938			195,198
Other assets		26,335			11,323
Total Assets		1,286,313,547			542,974,564
Liabilities
Option contracts written, at value (premiums received $0, $0 and $21,883,274, respectively) (Note 1)		—			—
Payable for Fund shares redeemed		2,095,850			1,499,621
Payable for investment securities purchased		2,718,084			—
Payable for forward currency contracts held, at value (Note 1)		812,174			—
Payable for dividends to shareholders		449,153			397,099
Investment advisory fees payable (Note 2)		778,269			287,516
Distribution fees payable (Note 3)		274,434			91,343
Services fees payable (Note 3)		68,103			21,331
Trustee deferred compensation plan (Note 2)		211,938			195,198
Administrative fees payable (Note 2)		51,885			22,117
Trustee fees payable		1,531			1,949
Accrued expenses and other liabilities		357,245			271,534
Total Liabilities		7,818,666			2,787,708
Net Assets	$	1,278,494,881		$	540,186,856
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	110,704		$	59,341
Capital surplus		1,253,865,862			638,952,052
Net unrealized appreciation (depreciation) on:
Investments		78,428,278			(11,658,472	)
Foreign currency and forward contract related translation		(818,055	)		3,140
Written options		—			—
Undistributed net realized gains (losses) on investments		(48,128,748	)		(86,588,189	)
Undistributed net investment loss		(4,963,160	)		(581,016	)
Net Assets	$	1,278,494,881		$	540,186,856

First Eagle Funds | Semi-Annual Report | April 30, 2017
132

April 30, 2017 (unaudited)

	First Eagle Fund of America
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	1,782,603,871
Affiliated issuers		75,097,105
Gold bullion		—
Foreign currency		—
Total Investments, at Cost		1,857,700,976
Investments, at Value (Note 1)
Unaffiliated issuers		2,211,910,516
Affiliated issuers		103,076,751
Gold bullion		—
Foreign currency		—
Total Investments, at Value		2,314,987,267
Receivable for forward currency contracts held, at value (Note 1)		—
Receivable for investment securities sold		60,625,228
Receivable for premiums for written options		1,350,032
Receivable for Fund shares sold		2,202,167
Accrued interest and dividends receivable		1,364,457
Investment for trustee deferred compensation plan (Note 2)		1,546,105
Other assets		32,493
Total Assets		2,382,107,749
Liabilities
Option contracts written, at value (premiums received $0, $0 and $21,883,274, respectively) (Note 1)		27,113,191
Payable for Fund shares redeemed		4,420,543
Payable for investment securities purchased		34,646,166
Payable for forward currency contracts held, at value (Note 1)		—
Payable for dividends to shareholders		—
Investment advisory fees payable (Note 2)		1,688,452
Distribution fees payable (Note 3)		490,711
Services fees payable (Note 3)		91,210
Trustee deferred compensation plan (Note 2)		1,546,105
Administrative fees payable (Note 2)		32,232
Trustee fees payable		5,787
Accrued expenses and other liabilities		1,153,854
Total Liabilities		71,188,251
Net Assets	$	2,310,919,498
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	67,281
Capital surplus		1,632,728,601
Net unrealized appreciation (depreciation) on:
Investments		457,286,291
Foreign currency and forward contract related translation		—
Written options		(5,229,917	)
Undistributed net realized gains (losses) on investments		226,687,584
Undistributed net investment loss		(620,342	)
Net Assets	$	2,310,919,498

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133

Statements of Assets and Liabilities (continued)

	First Eagle Global Income Builder Fund			First Eagle High Yield Fund
Class A
Net assets	$	343,620,546		$	132,216,005
Shares outstanding		29,700,135			14,526,253
Net asset value per share and redemption proceeds per share	$	11.57		$	9.10
Offering price per share (NAV per share plus maximum sales charge)*	$	12.18	(1)	$	9.53	(2)
Class C
Net assets	$	332,977,127		$	103,443,166
Shares outstanding		28,857,174			11,373,800
Net asset value per share	$	11.54		$	9.09
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(3)	$	11.42		$	9.00
Class I
Net assets	$	601,795,187		$	304,426,683
Shares outstanding		52,138,296			33,429,672
Net asset value per share and redemption proceeds per share	$	11.54		$	9.11
Class Y
Net assets	$	—		$	—
Shares outstanding		—			—
Net asset value per share and redemption proceeds per share		—			—
Class R6
Net assets	$	102,021		$	101,002
Shares outstanding		8,842			11,086
Net asset value per share and redemption proceeds per share	$	11.54		$	9.11

*  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 Y, and R6 have no front-end sales charges.

⁽²⁾  The maximum sales charge is 4.50% for Class A shares. Classes C, I Y, and R6 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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134

April 30, 2017 (unaudited)

	First Eagle Fund of America
Class A
Net assets	$	678,408,208
Shares outstanding		19,153,672
Net asset value per share and redemption proceeds per share	$	35.42
Offering price per share (NAV per share plus maximum sales charge)*	$	37.28	(1)
Class C
Net assets	$	445,045,702
Shares outstanding		15,377,297
Net asset value per share	$	28.94
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)(3)	$	28.65
Class I
Net assets	$	795,879,226
Shares outstanding		21,947,455
Net asset value per share and redemption proceeds per share	$	36.26
Class Y
Net assets	$	391,484,035
Shares outstanding		10,799,817
Net asset value per share and redemption proceeds per share	$	36.25
Class R6
Net assets	$	102,327
Shares outstanding		2,822
Net asset value per share and redemption proceeds per share	$	36.26

First Eagle Funds | Semi-Annual Report | April 30, 2017
135

Statements of Operations

	First Eagle Global Fund*			First Eagle Overseas Fund*
Investment Income
Interest (net of $149,325, $65,773, $5 and $6, foreign taxes withheld, respectively)	$	51,921,282		$	18,232,632
Dividends from: (net of $17,456,863, $11,550,936, $83,683 and $315,185, foreign taxes withheld, respectively)
Unaffiliated issuers		297,604,908			79,440,787
Affiliated issuers		17,956,192			1,813,129
Other Income		—			105
Total Income		367,482,382			99,486,653
Expenses
Investment advisory fees (Note 2)		192,284,046			58,474,737
Administrative costs (Note 2)		1,381,138			425,566
Distribution fees (Note 3)
Class A		19,388,928			4,214,668
Class C		42,231,181			3,532,727
Service fees - Class C (Note 3)		14,077,060			1,177,576
Shareholder servicing agent fees		18,020,465			6,432,729
Custodian and accounting fees		2,982,976			1,385,084
Professional fees		906,464			499,350
Shareholder reporting fees		1,447,010			491,415
Trustees' fees		552,060			172,062
Registration and filing fees		232,042			117,107
Other Expenses		559,944			222,489
Total Expenses		294,063,314			77,145,510
Expense Waiver		—			—
Expense reductions due to earnings credits (Note 1)		(44,851	)		(8,787	)
Net Expenses		294,018,463			77,136,723
Net Investment Income (Loss) (Note 1)		73,463,919			22,349,930
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency and Forward Contract Related Transactions (Note 1)
Net realized gains (losses) from:
Investment transactions		1,247,604,003			54,421,904
Investment transactions of affiliated issuers		1,481,981			(1,279,705	)
Commodity related transactions		—			—
Foreign currency and forward contract related transactions		163,305,072			88,942,062
		1,412,391,056			142,084,261
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of increase in deferred capital gain country tax accruals of $4,352,716, $1,901,881, $0 and $0, respectively)		1,815,702,119			575,791,414
Foreign currency and forward contract related translation		(64,697,902	)		(35,148,093	)
		1,751,004,217			540,643,321
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions		3,163,395,273			682,727,582
Net Increase (Decrease) in Net Assets Resulting from Operations	$	3,236,859,192		$	705,077,512

*  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.

First Eagle Funds | Semi-Annual Report | April 30, 2017
136

April 30, 2017 (unaudited)

	First Eagle U.S. Value Fund*			First Eagle Gold Fund*
Investment Income
Interest (net of $149,325, $65,773, $5 and $6, foreign taxes withheld, respectively)	$	2,224,755		$	749,746
Dividends from: (net of $17,456,863, $11,550,936, $83,683 and $315,185, foreign taxes withheld, respectively)
Unaffiliated issuers		12,916,691			4,215,923
Affiliated issuers		—			—
Other Income		—			—
Total Income		15,141,446			4,965,669
Expenses
Investment advisory fees (Note 2)		8,307,888			4,463,656
Administrative costs (Note 2)		128,487			163,900
Distribution fees (Note 3)
Class A		1,009,977			622,684
Class C		1,948,614			689,024
Service fees - Class C (Note 3)		649,538			229,675
Shareholder servicing agent fees		915,058			851,405
Custodian and accounting fees		135,908			273,661
Professional fees		100,684			112,238
Shareholder reporting fees		82,311			82,355
Trustees' fees		29,642			18,991
Registration and filing fees		60,273			71,314
Other Expenses		31,878			21,866
Total Expenses		13,400,258			7,600,769
Expense Waiver		(553,859	)		—
Expense reductions due to earnings credits (Note 1)		(3,235	)		(3,243	)
Net Expenses		12,843,164			7,597,526
Net Investment Income (Loss) (Note 1)		2,298,282			(2,631,857	)
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency and Forward Contract Related Transactions (Note 1)
Net realized gains (losses) from:
Investment transactions		157,467,373			(17,485,303	)
Investment transactions of affiliated issuers		—			—
Commodity related transactions		—			(1,024,997	)
Foreign currency and forward contract related transactions		(3,517	)		(14,613	)
		157,463,856			(18,524,913	)
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of increase in deferred capital gain country tax accruals of $4,352,716, $1,901,881, $0 and $0, respectively)		29,221,192			(62,950,443	)
Foreign currency and forward contract related translation		94			305
		29,221,286			(62,950,138	)
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions		186,685,142			(81,475,051	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	188,983,424		$	(84,106,908	)

First Eagle Funds | Semi-Annual Report | April 30, 2017
137

Statements of Operations (continued)

	First Eagle Global Income Builder Fund			First Eagle High Yield Fund
Investment Income
Interest	$	13,597,267		$	17,287,185
Dividends from: (net of $570,736, $0 and $0, foreign taxes withheld, respectively)
Unaffiliated issuers		8,641,115			—
Other Income		11,612			2,432
Total Income		22,249,994			17,289,617
Expenses
Investment advisory fees (Note 2)		4,572,857			1,922,383
Administrative costs (Note 2)		304,857			137,313
Distribution fees (Note 3)
Class A		438,491			176,445
Class C		1,241,277			403,929
Class Y		—			—
Service fees - Class C (Note 3)		413,759			134,643
Shareholder servicing agent fees		447,315			235,853
Custodian and accounting fees		142,710			71,068
Professional fees		102,904			98,752
Shareholder reporting fees		43,814			24,398
Trustees' fees		19,258			6,878
Registration and filing fees		63,531			56,110
Other Expenses		23,352			13,234
Total Expenses		7,814,125			3,281,006
Expense Waiver		—			(137,313	)
Expense reductions due to earnings credits (Note 1)		(1,248	)		(847	)
Net Expenses		7,812,877			3,142,846
Net Investment Income (Loss) (Note 1)		14,437,117			14,146,771
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency and Forward Contract Related Transactions (Note 1)
Net realized gains (losses) from:
Investment transactions		(1,200,643	)		(1,026,822	)
Investment transactions of affiliated issuers		—			—
Foreign currency and forward contract related transactions		2,382,028			(3,836	)
Written options		—			—
		1,181,385			(1,030,658	)
Changes in unrealized appreciation (depreciation) of:
Investment transactions		64,431,310			7,645,154
Foreign currency and forward contract related translation		(1,640,938	)		5,719
Written options		—			—
		62,790,372			7,650,873
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		63,971,757			6,620,215
Net Increase in Net Assets Resulting from Operations	$	78,408,874		$	20,766,986

  See Notes to Financial Statements.

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138

April 30, 2017 (unaudited)

	First Eagle Fund of America
Investment Income
Interest	$	178,704
Dividends from: (net of $570,736, $0 and $0, foreign taxes withheld, respectively)
Unaffiliated issuers		15,728,110
Other Income		—
Total Income		15,906,814
Expenses
Investment advisory fees (Note 2)		10,701,041
Administrative costs (Note 2)		152,544
Distribution fees (Note 3)
Class A		947,686
Class C		1,768,808
Class Y		480,363
Service fees - Class C (Note 3)		589,602
Shareholder servicing agent fees		1,397,400
Custodian and accounting fees		86,987
Professional fees		126,497
Shareholder reporting fees		127,435
Trustees' fees		29,322
Registration and filing fees		89,957
Other Expenses		36,774
Total Expenses		16,534,416
Expense Waiver		—
Expense reductions due to earnings credits (Note 1)		(3,823	)
Net Expenses		16,530,593
Net Investment Income (Loss) (Note 1)		(623,779	)
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency and Forward Contract Related Transactions (Note 1)
Net realized gains (losses) from:
Investment transactions		242,269,213
Investment transactions of affiliated issuers		(606,929	)
Foreign currency and forward contract related transactions		—
Written options		(7,204,484	)
		234,457,800
Changes in unrealized appreciation (depreciation) of:
Investment transactions		107,825,163
Foreign currency and forward contract related translation		—
Written options		(12,161,103	)
		95,664,060
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		330,121,860
Net Increase in Net Assets Resulting from Operations	$	329,498,081

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139

Statements of Changes in Net Assets

	First Eagle Global Fund*						First Eagle Overseas Fund*
	Six-Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six-Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016
Operations
Net investment income (loss)	$	73,463,919		$	226,256,975		$	22,349,930		$	136,539,448
Net realized gain (loss) from investments, foreign currency and forward contract related transactions		1,412,391,056			2,240,560,790			142,084,261			357,824,833
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related translation		1,751,004,217			816,936,770			540,643,321			474,024,379
Net increase (decrease) in net assets resulting from operations		3,236,859,192			3,283,754,535			705,077,512			968,388,660
Distribution to Shareholders
Dividends paid from net investment income
Class A		(57,446,218	)		(20,540,892	)		(38,288,285	)		(7,782,215	)
Class C		—			—			(3,735,207	)		—
Class I		(141,298,463	)		(75,943,676	)		(144,034,028	)		(39,432,818	)
Class Y		—			—			—			—
Class R6		—			—			—			—
Distributions paid from net realized gains from investment transactions
Class A		(653,197,715	)		(159,791,472	)		(80,568,972	)		(43,688,520	)
Class C		(487,764,922	)		(118,177,472	)		(23,123,783	)		(11,525,934	)
Class I		(953,068,311	)		(193,145,973	)		(243,029,909	)		(91,886,402	)
Class Y		—			—			—			—
Class R6		—			—			—			—
Decrease in net assets resulting from distributions		(2,292,775,629	)		(567,599,485	)		(532,780,184	)		(194,315,889	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		8,346,170,756			8,623,485,592			3,172,770,404			3,781,719,221
Net asset value of shares issued for reinvested dividends and distributions		1,921,680,474			466,194,791			476,282,720			172,549,670
Cost of shares redeemed		(7,089,937,107	)		(10,046,240,604	)		(2,097,163,430	)		(3,353,998,106	)
Redemption fees		—			—			—			—
Increase (decrease) in net assets from Fund share transactions		3,177,914,123			(956,560,221	)		1,551,889,694			600,270,785
Net increase (decrease) in net assets		4,121,997,686			1,759,594,829			1,724,187,022			1,374,343,556
Net Assets (Note 1)
Beginning of period		49,696,145,414			47,936,550,585			15,255,435,908			13,881,092,352
End of period	$	53,818,143,100		$	49,696,145,414		$	16,979,622,930		$	15,255,435,908
Undistributed net investment income (loss)	$	(351,861,639	)	$	(226,580,877	)	$	(446,667,884	)	$	(282,960,294	)

*  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*
	Six-Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six-Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016
Operations
Net investment income (loss)	$	2,298,282		$	7,040,068		$	(2,631,857	)	$	(7,486,543	)
Net realized gain (loss) from investments, foreign currency and forward contract related transactions		157,463,856			198,895,291			(18,524,913	)		(33,009,501	)
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related translation		29,221,286			(83,612,594	)		(62,950,138	)		397,256,654
Net increase (decrease) in net assets resulting from operations		188,983,424			122,322,765			(84,106,908	)		356,760,610
Distribution to Shareholders
Dividends paid from net investment income
Class A		(1,396,770	)		(1,671,959	)		—			—
Class C		—			—			—			—
Class I		(3,689,314	)		(4,132,607	)		—			—
Class Y		—			—			—			—
Class R6		—			—			—			—
Distributions paid from net realized gains from investment transactions
Class A		(65,355,106	)		(39,449,441	)		—			—
Class C		(42,476,226	)		(24,900,242	)		—			—
Class I		(68,628,153	)		(37,324,644	)		—			—
Class Y		—			—			—			—
Class R6		—			—			—			—
Decrease in net assets resulting from distributions		(181,545,569	)		(107,478,893	)		—			—
Fund Share Transactions (Note 6)
Net proceeds from shares sold		248,630,719			218,890,095			290,636,303			539,278,255
Net asset value of shares issued for reinvested dividends and distributions		147,078,092			87,430,613			35			1,522
Cost of shares redeemed		(401,941,682	)		(647,806,153	)		(269,186,490	)		(458,487,257	)
Redemption fees		—			—			61,314			244,508
Increase (decrease) in net assets from Fund share transactions		(6,232,871	)		(341,485,445	)		21,511,162			81,037,028
Net increase (decrease) in net assets		1,204,984			(326,641,573	)		(62,595,746	)		437,797,638
Net Assets (Note 1)
Beginning of period		2,175,084,765			2,501,726,338			1,282,568,319			844,770,681
End of period	$	2,176,289,749		$	2,175,084,765		$	1,219,972,573		$	1,282,568,319
Undistributed net investment income (loss)	$	3,370,790		$	6,158,592		$	(68,203,138	)	$	(65,571,281	)

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Statements of Changes in Net Assets (continued)

	First Eagle Global Income Builder Fund						First Eagle High Yield Fund
	Six-Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six-Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016
Operations
Net investment income (loss)	$	14,437,117		$	35,825,472		$	14,146,771		$	39,682,861
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		1,181,385			(32,216,917	)		(1,030,658	)		(72,237,842	)
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related translation and written options		62,790,372			55,445,774			7,650,873			68,425,649
Net increase (decrease) in net assets resulting from operations		78,408,874			59,054,329			20,766,986			35,870,668
Distribution to Shareholders
Dividends paid from net investment income
Class A		(4,331,708	)		(11,931,929	)		(3,594,302	)		(9,813,222	)
Class C		(2,850,623	)		(8,805,639	)		(2,349,795	)		(6,294,447	)
Class I		(7,430,423	)		(16,027,850	)		(8,110,221	)		(22,870,141	)
Class Y		—			—			—			—
Class R6		(537	)		—			(886	)		—
Distributions paid from net realized gains from investment transactions
Class A		—			—			—			—
Class C		—			—			—			—
Class I		—			—			—			—
Class Y		—			—			—			—
Class R6		—			—			—			—
Return of capital
Class A		—			—			—			(841,762	)
Class C		—			—			—			(607,631	)
Class I		—			—			—			(1,847,224	)
Class Y		—			—			—			—
Class R6		—			—			—			—
Decrease in net assets resulting from distributions		(14,613,291	)		(36,765,418	)		(14,055,204	)		(42,274,427	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		197,968,634			369,605,515			54,774,246			165,269,545
Net asset value of shares issued for reinvested dividends and distributions		13,763,183			28,829,112			11,274,616			33,228,940
Cost of shares redeemed		(212,547,705	)		(468,630,730	)		(119,837,917	)		(408,659,739	)
Redemption fees		—			—			—			—
Decrease in net assets from Fund share transactions		(815,888	)		(70,196,103	)		(53,789,055	)		(210,161,254	)
Net increase (decrease) in net assets		62,979,695			(47,907,192	)		(47,077,273	)		(216,565,013	)
Net Assets (Note 1)
Beginning of period		1,215,515,186			1,263,422,378			587,264,129			803,829,142
End of period	$	1,278,494,881		$	1,215,515,186		$	540,186,856		$	587,264,129
Undistributed net investment income loss	$	(4,963,160	)	$	(4,786,986	)	$	(581,016	)	$	(672,583	)

  See Notes to Financial Statements.

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	First Eagle Fund of America
	Six-Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016
Operations
Net investment income (loss)	$	(623,779	)	$	11,372,092
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		234,457,800			194,733,967
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related translation and written options		95,664,060			(388,780,077	)
Net increase (decrease) in net assets resulting from operations		329,498,081			(182,674,018	)
Distribution to Shareholders
Dividends paid from net investment income
Class A		(1,539,695	)		(366,874	)
Class C		—			—
Class I		(3,803,398	)		(3,230,265	)
Class Y		(864,309	)		(39,794	)
Class R6		—			—
Distributions paid from net realized gains from investment transactions
Class A		(48,961,943	)		(36,560,686	)
Class C		(35,895,467	)		(24,299,418	)
Class I		(45,181,743	)		(31,330,431	)
Class Y		(22,904,206	)		(13,335,526	)
Class R6		—			—
Return of capital
Class A		—			—
Class C		—			—
Class I		—			—
Class Y		—			—
Class R6		—			—
Decrease in net assets resulting from distributions		(159,150,761	)		(109,162,994	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		201,649,626			448,044,476
Net asset value of shares issued for reinvested dividends and distributions		129,973,727			89,263,570
Cost of shares redeemed		(760,149,381	)		(1,414,221,680	)
Redemption fees		—			—
Decrease in net assets from Fund share transactions		(428,526,028	)		(876,913,634	)
Net increase (decrease) in net assets		(258,178,708	)		(1,168,750,646	)
Net Assets (Note 1)
Beginning of period		2,569,098,206			3,737,848,852
End of period	$	2,310,919,498		$	2,569,098,206
Undistributed net investment income loss	$	(620,342	)	$	6,210,839

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First Eagle Global Fund

Financial Highlights

	Six-Months Ended April 30, 2017 (unaudited)												Year Ended October 31, 2016						Year Ended October 31, 2015
	Class A			Class C			Class I			Class R6^			Class A		Class C		Class I		Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		56.36			54.47			56.70			57.33			53.10		51.66		53.43		54.90		53.57		55.23
Income (loss) from investment operations:
Net investment income (loss) ($)		0.08			-0.12			0.17			0.13			0.30		-0.11		0.44		0.28		-0.12		0.43
Net realized and unrealized gains (losses) on investments		3.43			3.31			3.44			0.15			3.56		3.45		3.57		0.60		0.59		0.60
Total income (loss) from investment operations		3.51			3.19			3.61			0.28			3.86		3.34		4.01		0.88		0.47		1.03
Less distributions:
Dividends from net investment income ($)		-0.21			—			-0.35			—			-0.07		—		-0.21		-0.30		—		-0.45
Distributions from capital gains		-2.35			-2.35			-2.35			—			-0.53		-0.53		-0.53		-2.38		-2.38		-2.38
Total distributions		-2.56			-2.35			-2.70			—			-0.60		-0.53		-0.74		-2.68		-2.38		-2.83
Net asset value, end of period ($)		57.31			55.31			57.61			57.61			56.36		54.47		56.70		53.10		51.66		53.43
Total Return(c)(%)		6.48	(a)		6.09	(a)		6.64	(a)		0.49	(a)		7.38		6.56		7.65		1.78		1.02		2.07
Ratios and supplemental data
Net assets, end of period (millions) ($)		14,951			11,195			27,283			389			15,834		11,505		22,357		16,275		11,663		19,999
Ratio of operating expenses to average net assets including earnings credits (%)		1.11	(b)		1.86	(b)		0.84	(b)		0.81	(b)		1.10		1.86		0.84		1.11		1.86		0.84
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.11	(b)		1.86	(b)		0.84	(b)		0.81	(b)		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 (%)		0.30	(b)		-0.44	(b)		0.61	(b)		1.39	(b)		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 (%)		0.30	(b)		-0.44	(b)		0.61	(b)		1.39	(b)		0.55		-0.21		0.81		0.52		-0.23		0.79
Portfolio turnover rate (%)		4.63	(a)		4.63	(a)		4.63	(a)		4.63	(a)		11.54		11.54		11.54		11.28		11.28		11.28

^  Class R6 commenced investment operations on March 1, 2017.

*  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 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						Year Ended October 31, 2013						Year Ended 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 period is presented below:*
Net asset value, beginning of period ($)		54.92		53.67		55.23		49.24		48.16		49.50		46.90		45.91		47.15
Income (loss) from investment operations:
Net investment income (loss) ($)		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 ($)		-0.66		-0.29		-0.78		-0.51		-0.16		-0.63		-0.53		-0.21		-0.64
Distributions from capital gains		-1.78		-1.78		-1.78		-1.61		-1.61		-1.61		-0.61		-0.61		-0.61
Total distributions		-2.44		-2.07		-2.56		-2.12		-1.77		-2.24		-1.14		-0.82		-1.25
Net asset value, end of period ($)		54.90		53.57		55.23		54.92		53.67		55.23		49.24		48.16		49.50
Total Return(c)(%)		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 period (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

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First Eagle Overseas Fund

Financial Highlights

	Six-Months Ended April 30, 2017 (unaudited)												Year Ended October 31, 2016						Year Ended October 31, 2015
	Class A			Class C			Class I			Class R6^			Class A		Class C		Class I		Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		23.86			22.91			24.40			23.99			22.62		21.84		23.12		23.18		22.42		23.62
Income (loss) from investment operations:
Net investment income (loss) ($)		0.01			-0.07			0.05			0.04			0.19		0.02		0.26		0.14		-0.03		0.20
Net realized and unrealized gains (losses) on investments		0.97			0.93			0.97			0.52			1.34		1.30		1.38		0.39		0.39		0.41
Total income (loss) from investment operations		0.98			0.86			1.02			0.56			1.53		1.32		1.64		0.53		0.36		0.61
Less distributions:
Dividends from net investment income ($)		-0.26			-0.09			-0.32			—			-0.04		—		-0.11		-0.23		-0.08		-0.25
Distributions from capital gains		-0.55			-0.55			-0.55			—			-0.25		-0.25		-0.25		-0.86		-0.86		-0.86
Total distributions		-0.81			-0.64			-0.87			—			-0.29		-0.25		-0.36		-1.09		-0.94		-1.11
Net asset value, end of period ($)		24.03			23.13			24.55			24.55			23.86		22.91		24.40		22.62		21.84		23.12
Total Return(c)(%)		4.34	(a)		3.93	(a)		4.45	(a)		2.33	(a)		6.90		6.14		7.22		2.59		1.82		2.88
Ratios and supplemental data
Net assets, end of period (millions) ($)		3,281			948			12,660			91			3,655		993		10,608		4,143		1,036		8,702
Ratio of operating expenses to average net assets including earnings credits (%)		1.16	(b)		1.89	(b)		0.86	(b)		0.81	(b)		1.14		1.89		0.87		1.16		1.89		0.88
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.16	(b)		1.89	(b)		0.86	(b)		0.81	(b)		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 (%)		0.05	(b)		-0.66	(b)		0.44	(b)		1.09	(b)		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 (%)		0.05	(b)		-0.66	(b)		0.44	(b)		1.09	(b)		0.84		0.10		1.12		0.60		-0.13		0.88
Portfolio turnover rate (%)		2.71	(a)		2.71	(a)		2.71	(a)		2.71	(a)		9.30		9.30		9.30		12.95		12.95		12.95

^  Class R6 commenced investment operations on March 1, 2017.

*  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 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						Year Ended October 31, 2013						Year Ended 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 period is presented below:*
Net asset value, beginning of period ($)		24.40		23.64		24.84		22.26		21.62		22.63		22.25		21.61		22.61
Income (loss) from investment operations:
Net investment income (loss) ($)		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 ($)		-0.46		-0.30		-0.52		-0.26		-0.13		-0.31		-0.39		-0.20		-0.45
Distributions from capital gains		-0.96		-0.96		-0.96		-0.90		-0.90		-0.90		-0.64		-0.64		-0.64
Total distributions		-1.42		-1.26		-1.48		-1.16		-1.03		-1.21		-1.03		-0.84		-1.09
Net asset value, end of period ($)		23.18		22.42		23.62		24.40		23.64		24.84		22.26		21.62		22.63
Total Return(c)(%)		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 period (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 | Semi-Annual Report | April 30, 2017
147

First Eagle U.S. Value Fund

Financial Highlights

	Six-Months Ended April 30, 2017 (unaudited)												Year Ended October 31, 2016						Year Ended October 31, 2015
	Class A			Class C			Class I			Class R6^			Class A		Class C		Class I		Class A			Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		20.08			19.55			20.38			20.66			19.82		19.43		20.11		21.10			20.78		21.40
Income (loss) from investment operations:
Net investment income (loss) ($)		0.03			-0.05			0.06			0.01			0.08		-0.07		0.13		0.10			-0.05		0.16
Net realized and unrealized gains (losses) on investments		1.70			1.65			1.72			-0.23			1.07		1.04		1.08		-0.10			-0.10		-0.12
Total income (loss) from investment operations		1.73			1.60			1.78			-0.22			1.15		0.97		1.21		-0.00	**		-0.15		0.04
Less distributions:
Dividends from net investment income ($)		-0.04			—			-0.09			—			-0.04		—		-0.09		-0.08			—		-0.13
Distributions from capital gains		-1.64			-1.64			-1.64			—			-0.85		-0.85		-0.85		-1.20			-1.20		-1.20
Total distributions		-1.68			-1.64			-1.73			—			-0.89		-0.85		-0.94		-1.28			-1.20		-1.33
Net asset value, end of period ($)		20.13			19.51			20.43			20.44			20.08		19.55		20.38		19.82			19.43		20.11
Total Return(c)(%)		8.84	(a)		8.40	(a)		8.98	(a)		-1.06	(a)		6.21		5.38		6.49		0.04			-0.70		0.28
Ratios and supplemental data
Net assets, end of period (millions) ($)		754			505			917			0	***		817		516		841		966			593		942
Ratio of operating expenses to average net assets including fee waivers and reimbursements/(recoupments) (%)		1.10	(b)		1.85	(b)		0.81	(b)		0.79	(b)		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) (%)		1.15	(b)		1.90	(b)		0.86	(b)		0.84	(b)		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) (%)		0.27	(b)		-0.48	(b)		0.55	(b)		0.24	(b)		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) (%)		0.22	(b)		-0.53	(b)		0.50	(b)		0.19	(b)		0.37		-0.40		0.64		0.49			-0.27		0.76
Portfolio turnover rate (%)		2.77	(a)		2.77	(a)		2.77	(a)		2.77	(a)		10.65		10.65		10.65		15.14			15.14		15.14

^  Class R6 commenced investment operations on March 1, 2017.

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

**  Amount represents less than $0.01 per share.

***  Amount is less than $1,000,000.

(a)  Not Annualized

(b)  Annualized

(c)  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 | Semi-Annual Report | April 30, 2017
148

	Year Ended October 31, 2014							Year Ended October 31, 2013						Year Ended 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 period is presented below:*
Net asset value, beginning of period ($)		20.26		19.97			20.54		18.27		18.02		18.50		17.12		16.91		17.33
Income (loss) from investment operations:
Net investment income (loss) ($)		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 ($)		-0.15		-0.00	**		-0.20		-0.13		-0.01		-0.17		-0.14		-0.03		-0.18
Distributions from capital gains		-0.74		-0.74			-0.74		-0.42		-0.42		-0.42		-0.45		-0.45		-0.45
Total distributions		-0.89		-0.74			-0.94		-0.55		-0.43		-0.59		-0.59		-0.48		-0.63
Net asset value, end of period ($)		21.10		20.78			21.40		20.26		19.97		20.54		18.27		18.02		18.50
Total Return(c)(%)		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 period (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 | Semi-Annual Report | April 30, 2017
149

First Eagle Gold Fund

Financial Highlights

	Six-Months Ended April 30, 2017 (unaudited)												Year Ended October 31, 2016						Year Ended October 31, 2015
	Class A			Class C			Class I			Class R6^			Class A		Class C		Class I		Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		17.99			16.89			18.38			17.60			12.36		11.70		12.59		13.45		12.84		13.66
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.04			-0.10			-0.01			0.02			-0.11		-0.22		-0.06		-0.08		-0.18		-0.04
Net realized and unrealized gains (losses) on investments		-1.05			-0.99			-1.08			-0.33			5.74		5.41		5.85		-1.01		-0.96		-1.03
Total income (loss) from investment operations		-1.09			-1.09			-1.09			-0.31			5.63		5.19		5.79		-1.09		-1.14		-1.07
Less distributions:
Dividends from net investment income ($)		—			—			—			—			—		—		—		—		—		—
Distributions from capital gains		—			—			—			—			—		—		—		—		—		—
Total distributions		—			—			—			—			—		—		—		—		—		—
Net asset value, end of period ($)		16.90			15.80			17.29			17.29			17.99		16.89		18.38		12.36		11.70		12.59
Total Return(c)(%)		-6.06	(a)		-6.45	(a)		-5.93	(a)		-1.76	(a)		45.55		44.36		45.99		-8.10		-8.88		-7.83
Ratios and supplemental data
Net assets, end of period (millions) ($)		483			181			556			0	**		567		206		510		391		148		306
Ratio of operating expenses to average net assets including earnings credits (%)		1.29	(b)		2.06	(b)		0.98	(b)		0.91	(b)		1.27		2.04		0.98		1.33		2.14		1.03
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.29	(b)		2.06	(b)		0.98	(b)		0.91	(b)		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 (%)		-0.48	(b)		-1.24	(b)		-0.12	(b)		0.64	(b)		-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 (%)		-0.48	(b)		-1.24	(b)		-0.12	(b)		0.64	(b)		-0.65		-1.42		-0.36		-0.57		-1.39		-0.27
Portfolio turnover rate (%)		4.19	(a)		4.19	(a)		4.19	(a)		4.19	(a)		15.82		15.82		15.82		12.47		12.47		12.47

^  Class R6 commenced investment operations on March 1, 2017.

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

**  Amount is less than $1,000,000.

(a)  Not Annualized

(b)  Annualized

(c)  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 | Semi-Annual Report | April 30, 2017
150

	Year Ended October 31, 2014						Year Ended October 31, 2013						Year Ended 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 period is presented below:*
Net asset value, beginning of period ($)		17.03		16.37		17.25		29.86		28.84		30.26		33.89		32.78		34.33
Income (loss) from investment operations:
Net investment income (loss) ($)		-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 ($)		—		—		—		-0.08		—		-0.15		-0.39		-0.16		-0.48
Distributions from capital gains		—		—		—		—		—		—		-0.90		-0.90		-0.90
Total distributions		—		—		—		-0.08		—		-0.15		-1.29		-1.06		-1.38
Net asset value, end of period ($)		13.45		12.84		13.66		17.03		16.37		17.25		29.86		28.84		30.26
Total Return(c)(%)		-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 period (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 | Semi-Annual Report | April 30, 2017
151

First Eagle Global Income Builder Fund

Financial Highlights

	Six-Months Ended April 30, 2017 (unaudited)												Year Ended October 31, 2016
	Class A			Class C			Class I			Class R6^			Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		10.99			10.96			10.96			11.37			10.73		10.71		10.71
Income (loss) from investment operations:
Net investment income ($)		0.14			0.09			0.15			0.06			0.34		0.25		0.36
Net realized and unrealized gains (losses) on investments		0.58			0.59			0.58			0.17			0.27		0.26		0.26
Total income (loss) from investment operations		0.72			0.68			0.73			0.23			0.61		0.51		0.62
Less distributions:
Dividends from net investment income ($)		-0.14			-0.10			-0.15			-0.06			-0.35		-0.26		-0.37
Distributions from capital gains		—			—			—			—			—		—		—
Total distributions		-0.14			-0.10			-0.15			-0.06			-0.35		-0.26		-0.37
Net asset value, end of period ($)		11.57			11.54			11.54			11.54			10.99		10.96		10.96
Total Return(c)(%)		6.56	(a)		6.18	(a)		6.72	(a)		2.03	(a)		5.76		4.87		5.93
Ratios and supplemental data
Net assets, end of period (millions) ($)		344			333			602			0	**		362		345		509
Ratio of operating expenses to average net assets including fee waivers and recoupments (%)		1.20	(b)		1.95	(b)		0.93	(b)		0.88	(b)		1.18		1.94		0.92
Ratio of operating expenses to average net assets excluding fee waivers fee recoupments (%)		1.20	(b)		1.95	(b)		0.93	(b)		0.88	(b)		1.18		1.94		0.92
Ratio of net investment income to average net assets including fee waivers and recoupments (%)		2.44	(b)		1.69	(b)		2.73	(b)		3.11	(b)		3.16		2.40		3.39
Ratio of net investment income to average net assets excluding fee waivers and recoupments (%)		2.44	(b)		1.69	(b)		2.73	(b)		3.11	(b)		3.16		2.40		3.39
Portfolio turnover rate (%)		11.58	(a)		11.58	(a)		11.58	(a)		11.58	(a)		29.76		29.76		29.76

^  Class R6 commenced investment operations on March 1, 2017.

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

**  Amount is less than $1,000,000.

(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.

  See Notes to Financial Statements.

First Eagle Funds | Semi-Annual Report | April 30, 2017
152

	Year Ended October 31, 2015						Year Ended October 31, 2014
	Class A		Class C		Class I		Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		11.41		11.38		11.39		11.26		11.23		11.23
Income (loss) from investment operations:
Net investment income ($)		0.35		0.26		0.38		0.36		0.27		0.38
Net realized and unrealized gains (losses) on investments		-0.51		-0.50		-0.52		0.17		0.17		0.19
Total income (loss) from investment operations		-0.16		-0.24		-0.14		0.53		0.44		0.57
Less distributions:
Dividends from net investment income ($)		-0.37		-0.28		-0.39		-0.38		-0.29		-0.41
Distributions from capital gains		-0.15		-0.15		-0.15		—		—		—
Total distributions		-0.52		-0.43		-0.54		-0.38		-0.29		-0.41
Net asset value, end of period ($)		10.73		10.71		10.71		11.41		11.38		11.39
Total Return(c)(%)		-1.39		-2.07		-1.14		4.67		3.90		5.00
Ratios and supplemental data
Net assets, end of period (millions) ($)		410		382		471		440		379		490
Ratio of operating expenses to average net assets including fee waivers and recoupments (%)		1.19		1.96		0.94		1.26		2.00		1.05
Ratio of operating expenses to average net assets excluding fee waivers fee recoupments (%)		1.19		1.96		0.94		1.23		1.97		0.97
Ratio of net investment income to average net assets including fee waivers and recoupments (%)		3.16		2.41		3.41		3.09		2.31		3.25
Ratio of net investment income to average net assets excluding fee waivers and recoupments (%)		3.16		2.41		3.41		3.12		2.34		3.33
Portfolio turnover rate (%)		29.68		29.68		29.68		18.45		18.45		18.45

First Eagle Funds | Semi-Annual Report | April 30, 2017
153

First Eagle Global Income Builder Fund

Financial Highlights (continued)

	Year Ended October 31, 2013
	Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		10.32		10.30		10.33
Income (loss) from investment operations:
Net investment income ($)		0.42		0.34		0.44
Net realized and unrealized gains (losses) on investments		0.91		0.90		0.91
Total income (loss) from investment operations		1.33		1.24		1.35
Less distributions:
Dividends from net investment income ($)		-0.39		-0.31		-0.45
Distributions from capital gains		—		—		—
Total distributions		-0.39		-0.31		-0.45
Net asset value, end of period ($)		11.26		11.23		11.23
Total Return(c)(%)		13.14		12.25		13.36
Ratios and supplemental data
Net assets, end of period (millions) ($)		231		148		129
Ratio of operating expenses to average net assets including fee waivers and recoupments (%)		1.30		2.04		1.05
Ratio of operating expenses to average net assets excluding fee waivers fee recoupments (%)		1.35		2.09		1.10
Ratio of net investment income to average net assets including fee waivers and recoupments (%)		3.85		3.11		4.11
Ratio of net investment income to average net assets excluding fee waivers and recoupments (%)		3.80		3.06		4.06
Portfolio turnover rate (%)		10.87		10.87		10.87

^^  Commencement of investment operations.

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

(a)  Not Annualized

(b)  Annualized

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

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

  See Notes to Financial Statements.

First Eagle Funds | Semi-Annual Report | April 30, 2017
154

	Period May 1, 2012^^ to October 31, 2012
	Class A			Class C			Class I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		10.00			10.00			10.00
Income (loss) from investment operations:
Net investment income ($)		0.15			0.11			0.18
Net realized and unrealized gains (losses) on investments		0.28			0.29			0.27
Total income (loss) from investment operations		0.43			0.40			0.45
Less distributions:
Dividends from net investment income ($)		-0.11			-0.10			-0.12
Distributions from capital gains		—			—			—
Total distributions		-0.11			-0.10			-0.12
Net asset value, end of period ($)		10.32			10.30			10.33
Total Return(c)(%)		4.37	(a)		4.00	(a)		4.53	(a)
Ratios and supplemental data
Net assets, end of period (millions) ($)		43			26			38
Ratio of operating expenses to average net assets including fee waivers and recoupments (%)		1.30	(b)(d)		2.05	(b)(d)		1.05	(b)(d)
Ratio of operating expenses to average net assets excluding fee waivers fee recoupments (%)		2.13	(b)(d)		2.88	(b)(d)		2.20	(b)(d)
Ratio of net investment income to average net assets including fee waivers and recoupments (%)		2.89	(b)(d)		2.16	(b)(d)		3.56	(b)(d)
Ratio of net investment income to average net assets excluding fee waivers and recoupments (%)		2.06	(b)(d)		1.33	(b)(d)		2.40	(b)(d)
Portfolio turnover rate (%)		5.17	(a)		5.17	(a)		5.17	(a)(d)

First Eagle Funds | Semi-Annual Report | April 30, 2017
155

First Eagle High Yield Fund

Financial Highlights

	Six-Months Ended April 30, 2017 (unaudited)												Year Ended October 31, 2016
	Class A			Class C			Class I			Class R6^			Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		8.99			8.98			8.99			9.10			8.90		8.89		8.90
Income (loss) from investment operations:
Net investment income ($)		0.23			0.20			0.24			0.08			0.55		0.49		0.58
Net realized and unrealized gains (losses) on investments		0.11			0.11			0.12			0.01			0.12		0.12		0.12
Total income (loss) from investment operations		0.34			0.31			0.36			0.09			0.67		0.61		0.70
Less distributions:
Dividends from net investment income ($)		-0.23			-0.20			-0.24			-0.08			-0.54		-0.48		-0.57
Distributions from capital gains		—			—			—			—			—		—		—
Return of capital		—			—			—			—			-0.04		-0.04		-0.04
Total distributions		-0.23			-0.20			-0.24			-0.08			-0.58		-0.52		-0.61
Net asset value, end of period ($)		9.10			9.09			9.11			9.11			8.99		8.98		8.99
Total Return(c)(%)		3.80	(a)		3.54	(a)		4.07	(a)		1.00	(a)		8.24		7.46		8.54
Ratios and supplemental data
Net assets, end of period (millions) ($)		132			103			304			0	**		158		114		315
Ratio of operating expenses to average net assets including fee waivers and reimbursements/(recoupments) (%)		1.16	(b)		1.90	(b)		0.86	(b)		0.81	(b)		1.15		1.89		0.86
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		1.21	(b)		1.95	(b)		0.91	(b)		0.86	(b)		1.20		1.94		0.91
Ratio of net investment income to average net assets including fee waivers and reimbursements/(recoupments) (%)		5.13	(b)		4.40	(b)		5.44	(b)		5.31	(b)		6.45		5.74		6.83
Ratio of net investment income to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		5.08	(b)		4.35	(b)		5.39	(b)		5.26	(b)		6.40		5.69		6.78
Portfolio turnover rate (%)		12.67	(a)		12.67	(a)		12.67	(a)		12.67	(a)		36.88		36.88		36.88

^  Class R6 commenced investment operations on March 1, 2017.

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

**  Amount is less than $1,000,000.

(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.

  See Notes to Financial Statements.

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156

	Year Ended October 31, 2015						Year Ended October 31, 2014
	Class A		Class C		Class I		Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		9.96		9.95		9.96		10.11		10.10		10.11
Income (loss) from investment operations:
Net investment income ($)		0.55		0.48		0.58		0.53		0.45		0.55
Net realized and unrealized gains (losses) on investments		-0.96		-0.96		-0.96		-0.15		-0.15		-0.14
Total income (loss) from investment operations		-0.41		-0.48		-0.38		0.38		0.30		0.41
Less distributions:
Dividends from net investment income ($)		-0.56		-0.49		-0.59		-0.53		-0.45		-0.56
Distributions from capital gains		-0.09		-0.09		-0.09		—		—		—
Return of capital		—		—		—		—		—		—
Total distributions		-0.65		-0.58		-0.68		-0.53		-0.45		-0.56
Net asset value, end of period ($)		8.90		8.89		8.90		9.96		9.95		9.96
Total Return(c)(%)		-4.24		-4.96		-3.97		3.74		2.97		4.03
Ratios and supplemental data
Net assets, end of period (millions) ($)		202		129		473		247		184		710
Ratio of operating expenses to average net assets including fee waivers and reimbursements/(recoupments) (%)		1.12		1.87		0.83		1.09		1.84		0.83
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		1.16		1.91		0.87		1.09		1.83		0.84
Ratio of net investment income to average net assets including fee waivers and reimbursements/(recoupments) (%)		5.81		5.07		6.10		5.17		4.42		5.43
Ratio of net investment income to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		5.77		5.03		6.06		5.17		4.43		5.42
Portfolio turnover rate (%)		31.62		31.62		31.62		43.02		43.02		43.02

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157

First Eagle High Yield Fund

Financial Highlights (continued)

	Year Ended October 31, 2013
	Class A		Class C		Class I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		9.98		9.97		9.98
Income (loss) from investment operations:
Net investment income ($)		0.59		0.51		0.62
Net realized and unrealized gains (losses) on investments		0.14		0.14		0.14
Total income (loss) from investment operations		0.73		0.65		0.76
Less distributions:
Dividends from net investment income ($)		-0.59		-0.51		-0.62
Distributions from capital gains		-0.01		-0.01		-0.01
Return of capital		—		—		—
Total distributions		-0.60		-0.52		-0.63
Net asset value, end of period ($)		10.11		10.10		10.11
Total Return(c)(%)		7.49		6.69		7.85
Ratios and supplemental data
Net assets, end of period (millions) ($)		346		159		511
Ratio of operating expenses to average net assets including fee waivers and reimbursements/(recoupments) (%)		1.13		1.88		0.80
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		1.13		1.88		0.88
Ratio of net investment income to average net assets including fee waivers and reimbursements/(recoupments) (%)		5.80		5.07		6.14
Ratio of net investment income to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		5.80		5.07		6.06
Portfolio turnover rate (%)		49.71		49.71		49.71

*  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 | Semi-Annual Report | April 30, 2017
158

	Period Ended April 1, 2012 to October 31, 2012
	Class A			Class C			Class I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		9.75			9.74			9.75
Income (loss) from investment operations:
Net investment income ($)		0.33			0.29			0.36
Net realized and unrealized gains (losses) on investments		0.24			0.23			0.23
Total income (loss) from investment operations		0.57			0.52			0.59
Less distributions:
Dividends from net investment income ($)		-0.34			-0.29			-0.36
Distributions from capital gains		—			—			—
Return of capital		—			—			—
Total distributions		-0.34			-0.29			-0.36
Net asset value, end of period ($)		9.98			9.97			9.98
Total Return(c)(%)		5.94	(a)		5.47	(a)		6.20	(a)
Ratios and supplemental data
Net assets, end of period (millions) ($)		220			113			309
Ratio of operating expenses to average net assets including fee waivers and reimbursements/(recoupments) (%)		1.25	(b)(d)		2.00	(b)(d)		0.80	(b)(d)
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		1.27	(b)(d)		2.02	(b)(d)		1.03	(b)(d)
Ratio of net investment income to average net assets including fee waivers and reimbursements/(recoupments) (%)		5.75	(b)(d)		4.98	(b)(d)		6.23	(b)(d)
Ratio of net investment income to average net assets excluding fee waivers and reimbursements/(recoupments) (%)		5.73	(b)(d)		4.96	(b)(d)		6.00	(b)(d)
Portfolio turnover rate (%)		25.02	(a)		25.02	(a)		25.02	(a)

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159

First Eagle Fund of America

Financial Highlights

	Six-Months Ended April 30, 2017 (unaudited)
	Class A			Class C			Class I			Class Y			Class R6^
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		32.93			27.32			33.72			33.67			35.44
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.00	**		-0.10			0.05			0.00	**		0.02
Net realized and unrealized gains (losses) on investments		4.63			3.79			4.73			4.73			0.80
Total income (loss) from investment operations		4.63			3.69			4.78			4.73			0.82
Less distributions:
Dividends from net investment income ($)		-0.07			—			-0.17			-0.08			—
Distributions from capital gains		-2.07			-2.07			-2.07			-2.07			—
Total distributions		-2.14			-2.07			-2.24			-2.15			—
Net asset value, end of period ($)		35.42			28.94			36.26			36.25			36.26
Total Return(c)(%)		14.63	(a)		14.16	(a)		14.79	(a)		14.62	(a)		2.34	(a)
Ratios and supplemental data
Net assets, end of period (millions) ($)		678			445			796			391			0	***
Ratio of operating expenses to average net assets including earnings credits (%)		1.35	(b)		2.10	(b)		1.03	(b)		1.32	(b)		0.97	(b)
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.35	(b)		2.10	(b)		1.03	(b)		1.32	(b)		0.97	(b)
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.01	(b)		-0.76	(b)		0.31	(b)		0.01	(b)		0.30	(b)
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.01	(b)		-0.76	(b)		0.31	(b)		0.01	(b)		0.30	(b)
Portfolio turnover rate (%)		35.56	(a)		35.56	(a)		35.56	(a)		35.56	(a)		35.56	(a)

^  Class R6 commenced investment operations on March 1, 2017.

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

**  Amount represents less than $0.01 per share.

***  Amount is less than $1,000,000.

(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)  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.

  See Notes to Financial Statements.

First Eagle Funds | Semi-Annual Report | April 30, 2017
160

	Year Ended October 31, 2016												Year Ended October 31, 2015
	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 period is presented below:*
Net asset value, beginning of period ($)		35.79			30.07			36.62			36.56			38.58		32.98			39.39			39.35
Income (loss) from investment operations:
Net investment income (loss) ($)		0.14			-0.10			0.24			0.14			0.05		-0.20			0.16			0.05
Net realized and unrealized gains (losses) on investments		-1.99			-1.65			-2.04			-2.03			-0.01		-0.00	**		-0.00	**		-0.02
Total income (loss) from investment operations		-1.85			-1.75			-1.80			-1.89			0.04		-0.20			0.16			0.03
Less distributions:
Dividends from net investment income ($)		-0.01			—			-0.10			-0.00	**		-0.12		—			-0.22			-0.11
Distributions from capital gains		-1.00			-1.00			-1.00			-1.00			-2.71		-2.71			-2.71			-2.71
Total distributions		-1.01			-1.00			-1.10			-1.00			-2.83		-2.71			-2.93			-2.82
Net asset value, end of period ($)		32.93			27.32			33.72			33.67			35.79		30.07			36.62			36.56
Total Return(c)(%)		-5.30	(d)		-5.99	(d)		-5.01	(d)		-5.28	(d)		0.19		-0.55			0.48			0.18
Ratios and supplemental data
Net assets, end of period (millions) ($)		865			510			808			386			1,332		742			1,168			496
Ratio of operating expenses to average net assets including earnings credits (%)		1.32			2.08			1.03			1.33			1.35		2.10			1.05			1.36
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.32			2.08			1.03			1.33			1.35		2.10			1.05			1.36
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.43			-0.35			0.71			0.40			0.12		-0.63			0.41			0.12
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.43			-0.35			0.71			0.40			0.12		-0.63			0.41			0.12
Portfolio turnover rate (%)		55.06			55.06			55.06			55.06			32.23		32.23			32.23			32.23

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161

First Eagle Fund of America

Financial Highlights (continued)

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

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

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

(a)  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.

  See Notes to Financial Statements.

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162

	Year Ended October 31, 2013									Year Ended October 31, 2012
	Class A		Class C		Class I			Class Y		Class A		Class C		Class Y
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		26.86		23.30		31.01			27.37		24.91		22.01		25.35
Income (loss) from investment operations:
Net investment income (loss) ($)		0.10		-0.12		0.07			0.12		0.04		-0.13		0.04
Net realized and unrealized gains (losses) on investments		7.81		6.76		4.39			7.94		3.73		3.24		3.80
Total income (loss) from investment operations		7.91		6.64		4.46			8.06		3.77		3.11		3.84
Less distributions:
Dividends from net investment income ($)		-0.01		—		—			-0.01		—		—		—
Distributions from capital gains		—		—		—			—		-1.82		-1.82		-1.82
Total distributions		-0.01		—		—			-0.01		-1.82		-1.82		-1.82
Net asset value, end of period ($)		34.76		29.94		35.47			35.42		26.86		23.30		27.37
Total Return(c)(%)		29.45		28.44		14.38	(a)		29.45		16.46		15.62		16.50
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,036		455		491			504		699		246		667
Ratio of operating expenses to average net assets including earnings credits (%)		1.41		2.16		1.19	(b)		1.41		1.44		2.19		1.44
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.41		2.16		1.19	(b)		1.41		1.44		2.19		1.44
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.31		-0.46		0.34	(b)		0.39		0.14		-0.61		0.14
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.31		-0.46		0.34	(b)		0.39		0.14		-0.61		0.14
Portfolio turnover rate (%)		32.12		32.12		32.12	(a)		32.12		31.48		31.48		31.48

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163

Notes to Financial Statements (unaudited)

Note 1 — Significant Accounting Policies

First Eagle Funds (the "Trust"), is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of seven separate portfolios, First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Yield Fund and First Eagle Fund of America (each individually a "Fund" or collectively the "Funds"). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Fund of America, which are non-diversified. The Trust is a Delaware statutory trust. The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. The First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions at least 80% of its net assets (plus any borrowings for investment purposes) 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 Funds offer seven share classes, Class A shares, Class C shares, Class I shares Class R3 shares, Class R4 shares, Class R5 shares and Class R6 shares. Additionally, First Eagle Fund of America also offers Class Y shares. Class R3 shares, Class R4 shares and Class R5 shares (which launched on March 1, 2017 together with Class R6 shares) are not currently funded, but are available for investment.

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"),

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164

Notes to Financial Statements (unaudited)

and First Eagle Gold Fund (the "Gold Fund") may invest in certain precious metals through their investment in the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively, each a wholly owned subsidiary (each referred to herein as a "Subsidiary" or collectively " the Subsidiaries"). Each Fund may invest up to 25% of its total assets in shares of its respective Subsidiary. Each Subsidiary has the ability to invest in commodities and securities consistent with the investment objective of its respective Fund. Substantially all of each Subsidiary's assets represent physical gold bullion and silver bullion in the First Eagle Gold Fund only. 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 April 30, 2017, the First Eagle Global Cayman Fund, Ltd. has $3,275,747,191 in net assets, representing 6.09% 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 April 30, 2017, the First Eagle Overseas Cayman Fund, Ltd. has $874,241,030 in net assets, representing 5.15% 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 April 30, 2017, the First Eagle U.S. Value Cayman Fund, Ltd. has $198,134,928 in net assets, representing 9.10% 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 April 30, 2017, the First Eagle Gold Cayman Fund, Ltd. has $280,913,853 in net assets, representing 23.03% 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.

First Eagle Funds | Semi-Annual Report | April 30, 2017
165

Notes to Financial Statements (unaudited)

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 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). Such prices are provided by approved pricing vendors or other independent pricing sources.

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. 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 exchange rates as of the NYSE Close (normally 4:00 p.m. E.S.T.) 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 particular holding, such holdings may be "fair valued" in accordance with procedures approved

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166

Notes to Financial Statements (unaudited)

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 | Semi-Annual Report | April 30, 2017
167

Notes to Financial Statements (unaudited)

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 April 30, 2017:

First Eagle Global Fund

Description	Level 1		Level 2		Level 3		Total
Assets:†
International Common Stocks	$	21,306,573,238	$	—	$	56,306,874	$	21,362,880,112
U.S. Common Stocks		17,146,019,257		695,024		—		17,146,714,281
Investment Company		250,970		—		—		250,970
Commodity*		3,662,188,350		—		—		3,662,188,350
Government Obligations		—		277,059,859		—		277,059,859
U.S. Corporate Bond		—		5,173,149		—		5,173,149
International Corporate Notes and Bonds		—		13,277,536		22,875,294		36,152,830
International Government Bonds		—		575,417,027		—		575,417,027
International Commercial Paper		—		3,517,602,025		—		3,517,602,025
U.S. Commercial Paper		—		7,229,232,631		—		7,229,232,631
Foreign Currency Contracts**		—		1,485,911		—		1,485,911
Total	$	42,115,031,815	$	11,619,943,162	$	79,182,168	$	53,814,157,145
Liabilities:
Foreign Currency Contracts**	$	—	$	19,132,916	$	—	$	19,132,916
Total	$	—	$	19,132,916	$	—	$	19,132,916

†  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.

  For the six-month period ended April 30, 2017, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

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168

Notes to Financial Statements (unaudited)

Fair Value Level 3 activity for the period ended April 30, 2017 was as follows:

First Eagle Global Fund (continued)

	International Common Stocks			International Corporate Notes and Bonds			Total Value
Beginning Balance — market value	$	72,479,724		$	29,639,257		$	102,118,981
Purchases		—			—			—
Sales		—			(6,290,099	)		(6,290,099	)
Transfer In — Level 3		—			—			—
Transfer Out — Level 3		—			—			—
Accrued Amortization		—			—			—
Realized Gains (Losses)		—			(947,975	)		(947,975	)
Change in Unrealized Appreciation (Depreciation)		(16,172,850	)		474,111			(15,698,739	)
Ending Balance — market value	$	56,306,874		$	22,875,294		$	79,182,168
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(16,172,850	)	$	474,111		$	(15,698,739	)

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at April 30, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
International Common Stocks	$	11,340,582	Comparable Security	Market Discount		30	% (30%)
	$	44,966,292	Market Comparable Companies	Enterprise Value Multiple		0.92 12.65x (5.18x)	x -
	$	56,306,874
International Corporate Notes and Bonds	$	22,875,294	Market Comparable Companies	Enterprise Value Multiple		0.92 12.65x (5.18x)	x -
Total	$	79,182,168

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 | Semi-Annual Report | April 30, 2017
169

Notes to Financial Statements (unaudited)

First Eagle Overseas Fund

Description	Level 1		Level 2		Level 3			Total
Assets:†
International Common Stocks	$	11,889,001,427	$	—	$	82,244,132		$	11,971,245,559
U.S. Common Stock		38,976,415		—		—			38,976,415
International Preferred Stock		6,330,517		—		—			6,330,517
Investment Company		117,151		—		—			117,151
Right		—		—		—	^		—	^
Commodity*		1,127,275,787		—		—			1,127,275,787
U.S. Bonds		—		34,061,443		—			34,061,443
International Corporate Notes and Bonds		—		—		15,250,196			15,250,196
International Government Bonds		—		330,153,693		20,461,332	(a)		350,615,025
International Commercial Paper		—		1,382,122,367		—			1,382,122,367
U.S. Commercial Paper		—		1,992,350,667		—			1,992,350,667
Foreign Currency Contracts**		—		770,591		—			770,591
Total	$	13,061,701,297	$	3,739,458,761	$	117,955,660		$	16,919,115,718
Liabilities:
Foreign Currency Contracts**	$	—	$	11,139,153	$	—		$	11,139,153
Total	$	—	$	11,139,153	$	—		$	11,139,153

(a)  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 Consolidated Schedule of Investments for additional detailed categorizations.

^  Fair value represents zero.

*  Represents gold bullion.

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

  For the six-month period ended April 30, 2017, 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 | Semi-Annual Report | April 30, 2017
170

Notes to Financial Statements (unaudited)

Fair Value Level 3 activity for the period ended April 30, 2017 was as follows:

First Eagle Overseas Fund (continued)

	International Common Stocks			Right			Bank Loans			International Corporate Notes and Bonds			International Government Bond			Total Value
Beginning Balance — market value	$	96,722,155		$	—	^	$	1,988,655		$	19,759,505		$	20,891,605		$	139,361,920
Purchases		105						—			—			—			105
Sales		(614,426	)		—			(2,251,450	)		(4,193,399	)		—			(7,059,275	)
Transfer In — Level 3		—			—			—			—			—			—
Transfer Out — Level 3		—			—			—			—			—			—
Accrued Amortization		—			—			—			—			(84,737	)		(84,737	)
Realized Gains (Losses)		(21,942	)		—			(6,942,376	)		(631,804	)		—			(7,596,122	)
Change in Unrealized Appreciation (Depreciation)		(13,841,760	)		—			7,205,171			315,894			(345,536	)		(6,666,231	)
Ending Balance — market value	$	82,244,132		$	—	^	$	—		$	15,250,196		$	20,461,332		$	117,955,660
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(13,565,136	)	$	—		$	—		$	315,894		$	(345,536	)	$	(13,594,778	)

^Fair value represents zero.

Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at April 30, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
International Common Stocks	$	13,822,778	Comparable Security	Market Discount		30	% (30%)
	$	24,977,992	Market Comparable Companies	Enterprise Value Multiple		0.72 7.51x (2.46x)	x -

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171

Notes to Financial Statements (unaudited)

	Fair Value at April 30, 2017		Valuation Technique(s)	Unobservable Input	Range (Weighted Average)
	$	43,443,362	Market Comparable Companies	Enterprise Value Multiple		0.92 12.65x (5.18x)	x -
	$	82,244,132
International Corporate Notes and Bonds	$	15,250,196	Market Comparable Companies	Enterprise Value Multiple		0.92 12.65x (5.18x)	x -
Total	$	97,494,328

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 U.S. Value Fund

Description	Level 1		Level 2		Level 3		Total
Assets:†
U.S. Common Stocks	$	1,346,123,598	$	—	$	—	$	1,346,123,598
International Common Stocks		172,214,007		—		—		172,214,007
Investment Company		18,949		—		—		18,949
Commodity*		198,141,775		—		—		198,141,775
U.S. Corporate Bonds		—		24,908,080		—		24,908,080
U.S. Treasury Bills		—		199,348,560		—		199,348,560
International Commercial Paper		—		50,570,486		—		50,570,486
U.S. Commercial Paper		—		191,697,937		—		191,697,937
Total	$	1,716,498,329	$	466,525,063	$	—	$	2,183,023,392

†  See Consolidated Schedule of Investments for additional detailed categorizations.

*  Represents gold bullion.

  For the six-month period ended April 30, 2017, 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 | Semi-Annual Report | April 30, 2017
172

Notes to Financial Statements (unaudited)

First Eagle Gold Fund

Description	Level 1		Level 2		Level 3			Total
Assets:†
International Common Stocks	$	705,929,432	$	—	$	—		$	705,929,432
U.S. Common Stocks		168,339,969		—		—			168,339,969
Investment Company		22,875		—		—			22,875
Warrant		80,776		—		—			80,776
Commodities*		280,948,688		—		—			280,948,688
International Convertible Bond		—		—		15,187,500	(a)		15,187,500
International Commercial Paper		—		16,405,528		—			16,405,528
U.S. Commercial Paper		—		36,200,666		—			36,200,666
Total	$	1,155,321,740	$	52,606,194	$	15,187,500		$	1,223,115,434

(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 six-month period ended April 30, 2017, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

Fair Value Level 3 activity for the period ended April 30, 2017 was as follows:

	International Convertible Bond
Beginning Balance — market value	$	15,412,500
Purchases		—
Sales		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued Amortization		—
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		(225,000	)
Ending Balance — market value	$	15,187,500
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(225,000	)

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173

Notes to Financial Statements (unaudited)

First Eagle Global Income Builder Fund

Description	Level 1		Level 2(a)		Level 3			Total
Assets:†
International Common Stocks	$	484,128,412	$	—	$	—		$	484,128,412
U.S. Common Stocks		200,834,372		—		—			200,834,372
U.S. Preferred Stocks		1,820,343		—		—			1,820,343
Closed-End Mutual Fund		1,321,263		—		—			1,321,263
Investment Company		27,724		—		—			27,724
Commodity*		32,805,461		—		—			32,805,461
U.S. Corporate Bonds		—		290,158,610		—			290,158,610
International Corporate Bonds		—		93,471,235		—			93,471,235
International Government Bonds		—		15,217,307		—			15,217,307
Bank Loans		—		—		23,406,074	(b)		23,406,074
U.S. Treasury Bills		—		29,873,640		—			29,873,640
International Commercial Paper		—		30,803,236		—			30,803,236
U.S. Commercial Paper		—		67,971,740		—			67,971,740
Foreign Currency Contracts**		—		19,939		—			19,939
Total	$	720,937,575	$	527,515,707	$	23,406,074		$	1,271,859,356
Liabilities:
Foreign Currency Contracts**	$	—	$	812,174	$	—		$	812,174
Total	$	—	$	812,174	$	—		$	812,174

(a)  Transfers into/out of Level 2 represent value as of the beginning of the period. A bank loan valued at $6,311,667 was transferred from Level 2 to Level 3 during the six-month period ended April 30, 2017. At October 31, 2016, this security was valued by brokers and pricing services; at April 30, 2017, 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 six-month period ended April 30, 2017.

(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.

*  Represents gold bullion.

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

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174

Notes to Financial Statements (unaudited)

Fair Value Level 3 activity for the period ended April 30, 2017 was as follows:

First Eagle Global Income Builder Fund (continued)

	International Common Stock			Bank Loans			Total Value
Beginning Balance — market value	$	1,104,000		$	15,742,586		$	16,846,586
Purchases		—			—			—
Sales		(1,298,440	)		(493,755	)		(1,792,195	)
Transfer In — Level 3		—			6,311,667			6,311,667
Transfer Out — Level 3		—			—			—
Accrued Amortization		—			25,155			25,155
Realized Gains (Losses)		(551,560	)		2,143			(549,417	)
Change in Unrealized Appreciation (Depreciation)		746,000			1,818,278			2,564,278
Ending Balance — market value	$	—		$	23,406,074		$	23,406,074
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	—		$	1,818,278		$	1,818,278

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175

Notes to Financial Statements (unaudited)

First Eagle High Yield Fund

Description	Level 1		Level 2(a)		Level 3			Total
Assets:†
U.S. Common Stock	$	—	$	40,717	$	—		$	40,717
U.S. Corporate Bonds		—		318,858,134		8,678,895	(b)		327,537,029
International Corporate Bonds		—		95,409,999		—			95,409,999
International Government Bond		—		2,995,343		—			2,995,343
Bank Loans		—		10,109,908		37,084,137	(b)		47,194,045
International Commercial Paper		—		17,823,401		—			17,823,401
U.S. Commercial Paper		—		39,330,378		—			39,330,378
Investment Company		16,477		—		—			16,477
Total	$	16,477	$	484,567,880	$	45,763,032		$	530,347,389

(a)  Transfers into/out of Level 2 represent value as of the beginning of the period. Bank loans valued at $15,080,261 were transferred from Level 2 to Level 3 during the six-month period ended April 30, 2017. At October 31, 2016, these securities were valued using brokers and pricing services; at April 30, 2017, these securities were valued using other significant unobservable inputs. A U.S. Corporate Bond valued at $10,409,490 was transferred from Level 2 to Level 3 during the six-month period ended April 30, 2017. At October 31, 2016, this security was valued using brokers and pricing services; at April 30, 2017, 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 six-month period ended April 30, 2017.

(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.

Fair Value Level 3 activity for the period ended April 30, 2017 was as follows:

	U.S. Corporate Bond			Bank Loans			Total Value
Beginning Balance — market value	$	—		$	23,173,146		$	23,173,146
Purchases		353,802			1,408,005			1,761,807
Sales		—			(5,272,205	)		(5,272,205	)
Transfer In — Level 3		10,409,490			15,080,261			25,489,751
Transfer Out — Level 3		—			—			—
Accrued Amortization		273,656			158,858			432,514
Realized Gains (Losses)		—			11,627			11,627
Change in Unrealized Appreciation (Depreciation)		(2,358,053	)		2,524,445			166,392
Ending Balance — market value	$	8,678,895		$	37,084,137		$	45,763,032
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(2,358,053	)	$	2,539,191		$	181,138

First Eagle Funds | Semi-Annual Report | April 30, 2017
176

Notes to Financial Statements (unaudited)

First Eagle Fund of America

Description	Level 1		Level 2		Level 3		Total
Assets:†
U.S. Common Stocks	$	2,067,673,877	$	—	$	—	$	2,067,673,877
International Common Stocks		168,555,321		—		—		168,555,321
Investment Company		66,854,069		—		—		66,854,069
Call Option Purchased		11,904,000		—		—		11,904,000
Total	$	2,314,987,267	$	—	$	—	$	2,314,987,267
Liabilities:
Covered Call Options Written	$	27,113,191	$	—	$	—	$	27,113,191
Total	$	27,113,191	$	—	$	—	$	27,113,191

†  See Schedule of Investments for additional detailed categorizations.

  For the six-month period ended April 30, 2017, 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 Variable Funds, an affiliated fund group. Such costs are generally allocated using the ratio of the Fund's average daily net assets relative to the total average daily net assets of the First Eagle Variable Funds. Earnings credits may reduce shareholder servicing agent fees by the amount of interest earned on balances with such service provider.

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177

Notes to Financial Statements (unaudited)

e)  Foreign currency translation — The books and records of the Funds are maintained in U.S. dollars. The market values of securities which are not traded in U.S. currency are recorded in the financial statements after translation to U.S. dollars based on the applicable exchange rates at the end of the period. The costs of such securities are translated at exchange rates prevailing when acquired. Related interest, dividends and withholding taxes are accrued at the rates of exchange prevailing on the respective dates of such transactions.

The net assets of each of the Funds are presented at the foreign exchange rates and market values at the close of the period. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the securities. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the 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 six-month period ended April 30, 2017, the average monthly principal amount outstanding for forward currency contracts totaled $1,776,088,498, $960,290,672, $280,698, $35,841,603, and $2,233,917 for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle Gold 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.

First Eagle Funds | Semi-Annual Report | April 30, 2017
178

Notes to Financial Statements (unaudited)

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 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 April 30, 2017, the Funds had the following foreign forward currency contracts grouped into appropriate risk categories illustrated below:

First Eagle Global Fund

					Gain or (Loss) Derivative Recognized in Income
Risk Type	Asset Derivative Fair Value(1)		Liability Derivative Fair Value(2)		Realized Gain(3)		Change in Appreciation (Depreciation)(4)
Foreign Currency	$	1,485,911	$	19,132,916	$	168,543,704	$	(67,056,763	)

First Eagle Funds | Semi-Annual Report | April 30, 2017
179

Notes to Financial Statements (unaudited)

First Eagle Overseas Fund

					Gain or (Loss) Derivative Recognized in Income
Risk Type	Asset Derivative Fair Value(1)		Liability Derivative Fair Value(2)		Realized Gain(3)		Change in Appreciation (Depreciation)(4)
Foreign Currency	$	770,591	$	11,139,153	$	88,761,307	$	(36,441,311	)

First Eagle Gold 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	$	—	$	—	$	(52,458	)	$	—

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	$	19,939	$	812,174	$	2,469,138	$	(1,694,023	)

First Eagle High Yield Fund

					Gain or (Loss) Derivative Recognized in Income
Risk Type	Asset Derivative Fair Value(1)		Liability Derivative Fair Value(2)		Realized Loss(3)			Change in Appreciation (Depreciation)(4)
Foreign Currency	$	—	$	—	$	(2,579	)	$	2,579

(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.

First Eagle Funds | Semi-Annual Report | April 30, 2017
180

Notes to Financial Statements (unaudited)

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 April 30, 2017:

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)
Goldman Sachs Capital Markets LP	$	1,485,911	$	(1,485,911	)	$	—		$	0
Counterparty	Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged(1)			Net Amount (Not Less Than $0)
BNY Mellon	$	3,651,553	$	—		$	—		$	3,651,553
Goldman Sachs Capital Markets LP		2,506,974		(1,485,911	)		(1,021,063	)		0
HSBC Bank USA		4,627,277		—			—			4,627,277
JPMorgan Chase Bank N.A.		2,902,052		—			—			2,902,052
UBS AG		5,445,060		—			—			5,445,060
	$	19,132,916	$	(1,485,911	)	$	(1,021,063	)	$	16,625,942

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)
Goldman Sachs Capital Markets LP	$	770,591	$	(770,591	)	$	—	$	0

First Eagle Funds | Semi-Annual Report | April 30, 2017
181

Notes to Financial Statements (unaudited)

First Eagle Overseas Fund (continued)

Counterparty	Gross Amounts of Liabilities Presented in Statements of Assets and Liabilities		Derivatives Available for Offset			Collateral Pledged(1)			Net Amount (Not Less Than $0)
BNY Mellon	$	1,800,063	$	—		$	—		$	1,800,063
Goldman Sachs Capital Markets LP		1,679,499		(770,591	)		(908,908	)		0
HSBC Bank USA		2,892,142		—			—			2,892,142
JPMorgan Chase Bank N.A.		1,627,191		—			—			1,627,191
UBS AG		3,140,258		—			—			3,140,258
	$	11,139,153	$	(770,591	)	$	(908,908	)	$	9,459,654

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)
Goldman Sachs Capital Markets LP	$	19,939	$	(19,939	)	$	—	$	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)
BNY Mellon	$	81,971	$	—		$	—	$	81,971
Goldman Sachs Capital Markets LP		91,327		(19,939	)		—		71,388
HSBC Bank USA		210,123		—			—		210,123
JPMorgan Chase Bank N.A.		100,273		—			—		100,273
UBS AG		328,480		—			—		328,480
	$	812,174	$	(19,939	)	$	—	$	792,235

(1)  In some instances, the actual collateral pledged may be more than the amount shown here due to overcollateralization.

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

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182

Notes to Financial Statements (unaudited)

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 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 six-month period ended April 30, 2017, the Funds had the following options transactions.

First Eagle Fund of America

Written Options	Number of Contracts			Premium Received
Options outstanding at October 31, 2016		70,750		$	23,236,759
Options written		235,883			73,786,005
Options assigned		(14,021	)		(4,660,411	)
Options expired/closed		(213,940	)		(70,479,079	)
Options outstanding at April 30, 2017		78,672		$	21,883,274

First Eagle Funds | Semi-Annual Report | April 30, 2017
183

Notes to Financial Statements (unaudited)

Purchased Options	Number of Contracts			Cost
Options outstanding at October 31, 2016		0		$	0
Options purchased		6,600			35,503,211
Options expired/closed		(1,800	)		(20,864,036	)
Options outstanding at April 30, 2017		4,800		$	14,639,175

As of April 30, 2017, portfolio securities valued at $439,664,308 were earmarked to cover collateral requirements for written options.

For the six-month period ended April 30, 2017 for First Eagle Fund of America, the average monthly outstanding contract amount for written options and purchased options totaled 68,777 and 2,867, respectively.

At April 30, 2017, 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	Asset Derivative Fair Value(1)		Liability Derivative Fair Value(2)		Realized Loss(3)			Change in Appreciation (Depreciation)(4)
Equity — Written options	$	—	$	27,113,191	$	(7,204,484	)	$	(12,161,103	)
Equity — Purchased options		11,904,000		—		(579,581	)		(2,735,175	)

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

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

(3)  Statements of Operations location: Net realized gains (losses) from written options & investment transactions.

(4)  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

First Eagle Funds | Semi-Annual Report | April 30, 2017
184

Notes to Financial Statements (unaudited)

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 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 and the First Eagle Global Income Builder Fund which declare income daily and pay monthly (prior to March 1, 2017, the First Eagle Global Income Builder Fund declared income daily and paid 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.

First Eagle Funds | Semi-Annual Report | April 30, 2017
185

Notes to Financial Statements (unaudited)

m)  Class Accounting — Investment income, common expenses and realized/unrealized gain or loss on investments are allocated to the various classes of the Fund on the basis of daily net assets of each class. Fees relating to a specific class are charged directly to that class.

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

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

p)  Foreign Taxes — The Funds may be subject to foreign taxes on income, 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
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 average daily value of the Fund's net assets for the period through February 28, 2018. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.75% to 0.70%.

(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 average daily value of the Fund's net assets for the period through February 28, 2018. This waiver has the effect of reducing the management fee shown in the table for the term of the waiver from 0.70% to 0.65%.

(3)  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. For the period ended April 30, 2017 the effective rate was 0.90%. Effective July 1, 2017, the Adviser will receive an annual advisory fee at the rate of 0.90% of the first $2.25 billion of the average daily net assets, 0.85% of the next $2.75 billion of the average daily net assets and 0.80% in excess of $5 billion of the average daily net assets.

First Eagle Funds | Semi-Annual Report | April 30, 2017
186

Notes to Financial Statements (unaudited)

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. These waivers are no longer in effect.

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 six-month period ended April 30, 2017, the Funds paid/reimbursed and had payable to the Adviser amounts shown below:

Fund	Reimbursed to Adviser		Payable to Adviser
First Eagle Global Fund	$	1,335,731	$	327,366
First Eagle Overseas Fund		421,088		96,473
First Eagle U.S. Value Fund		142,657		30,580
First Eagle Gold Fund		155,596		32,862
First Eagle Global Income Builder Fund		304,623		51,885
First Eagle High Yield Fund		140,150		22,117
First Eagle Fund of America		137,132		32,232

The Funds have entered into a custody agreement with State Street Bank and Trust Company ("SSB"). The custody agreement 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

First Eagle Funds | Semi-Annual Report | April 30, 2017
187

Notes to Financial Statements (unaudited)

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.

FEF Distributors, LLC, a wholly owned subsidiary of the Adviser, serves as the Funds' principal underwriter. For the six-month period ended April 30, 2017, FEF Distributors, LLC realized $710,795, $91,474, $23,976, $33,618, $29,357, $11,959 and $20,703, 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 April 30, 2017, 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, First Eagle High Yield Fund and First Eagle Fund of America pay the Distributor monthly a distribution and/or service fee with respect to Class A, Class C, Class Y, Class R3 and Class R4 shares based on each Fund's average daily net assets as shown in the table below. Under the Plans, the Distributor is obligated to use the amounts received under the Plans for, among other things, payments to qualifying dealers for their assistance in the distribution of a Fund's shares and the provision of shareholder services and for other expenses such as advertising costs and the payment for the printing and distribution of prospectuses to prospective investors.

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Notes to Financial Statements (unaudited)

Fund	Class A			Class C			Class Y			Class R3			Class R4
First Eagle Global Fund		0.25	%		1.00	%		n/a			0.35	%		0.10	%
First Eagle Overseas Fund		0.25	%		1.00	%		n/a			0.35	%		0.10	%
First Eagle U.S. Value Fund		0.25	%		1.00	%		n/a			0.35	%		0.10	%
First Eagle Gold Fund		0.25	%		1.00	%		n/a			0.35	%		0.10	%
First Eagle Global Income Builder Fund		0.25	%		1.00	%		n/a			0.35	%		0.10	%
First Eagle High Yield Fund		0.25	%		1.00	%		n/a			0.35	%		0.10	%
First Eagle Fund of America		0.25	%		1.00	%		0.25	%		0.35	%		0.10	%

The Distributor bears distribution costs of a Fund to the extent they exceed payments received under the Plan. For the six-month period ended April 30, 2017, the distribution fees incurred by the Funds are disclosed in the Statements of Operations.

The Service fee covers expenses incurred by the Distributor for providing shareholder liaison services, including assistance with subscriptions, redemptions and other shareholder questions. For the six-month period ended April 30, 2017, the services fees incurred by the Funds are disclosed in the Statements of Operations.

Note 4 — Purchases and Sales of Securities

During the six-month period ended April 30, 2017, the cost of purchases of investments, excluding U.S. Government and short-term securities, totaled $1,917,935,320, $1,244,787,100, $49,999,367, $78,865,723, $128,420,579, $60,714,967 and $821,035,728 for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Yield Fund and First Eagle Fund of America, respectively. Proceeds from sales of investments, excluding U.S. Government securities and short-term securities, totaled $2,481,028,343, $339,307,335, $275,193,541, $47,881,023, $139,923,092, $87,206,775 and $1,470,461,760 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 six-month period ended April 30, 2017, 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

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189

Notes to Financial Statements (unaudited)

relative asset size of the Funds. A portion of the commitment fees related to the line of credit are paid by the Funds and are included in other expenses in the Statements of Operations. During the six-month period ended April 30, 2017, the Funds did not have any borrowings under the agreement.

Note 6 — Capital Stock

At April 30, 2017, the Funds have an unlimited number of shares authorized for issuance. The Funds have the ability to issue multiple classes of shares.

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Notes to Financial Statements (unaudited)

Transactions in shares of capital stock were as follows:

	Six-Month Period Ended April 30, 2017
	First Eagle Global Fund
	Class A			Class C			Class I			Class R6*
Shares sold		21,740,852			12,712,140			107,271,011			6,757,735
Shares issued for reinvested dividends and distributions		11,746,782			7,277,898			16,519,912			—
Shares redeemed		(53,552,494	)		(28,821,989	)		(44,489,795	)		—
Net increase (decrease)		(20,064,860	)		(8,831,951	)		79,301,128			6,757,735
	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

	Six-Month Period Ended April 30, 2017
	First Eagle U.S. Value Fund
	Class A			Class C			Class I			Class R6*
Shares sold		2,391,219			1,208,458			8,702,035			4,840
Shares issued for reinvested dividends and distributions		3,065,602			1,824,796			2,656,711			—
Shares redeemed		(8,692,924	)		(3,583,948	)		(7,748,760	)		—
Net increase (decrease)		(3,236,103	)		(550,694	)		3,609,986			4,840
	Year Ended October 31, 2016
	First Eagle U.S. Value Fund
	Class A			Class C			Class I
Shares sold		3,450,912			1,746,069			6,097,760
Shares issued for reinvested dividends and distributions		1,977,025			1,114,245			1,682,512
Shares redeemed		(13,472,905	)		(6,967,793	)		(13,360,216	)
Net increase (decrease)		(8,044,968	)		(4,107,479	)		(5,579,944	)

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192

Notes to Financial Statements (unaudited)

	Six-Month Period Ended April 30, 2017
	First Eagle Overseas Fund
	Class A			Class C			Class I			Class R6*
Shares sold		12,112,215			2,764,618			115,430,518			3,723,690
Shares issued for reinvested dividends and distributions		4,984,870			1,032,544			15,065,895			—
Shares redeemed		(33,676,390	)		(6,159,802	)		(49,640,673	)		(7,807	)
Net increase (decrease)		(16,579,305	)		(2,362,640	)		80,855,740			3,715,883
	Year Ended October 31, 2016
	First Eagle Overseas Fund
	Class A			Class C			Class I
Shares sold		24,249,268			4,855,034			134,540,454
Shares issued for reinvested dividends and distributions		2,198,896			447,977			5,223,533
Shares redeemed		(56,471,879	)		(9,426,937	)		(81,371,443	)
Net increase (decrease)		(30,023,715	)		(4,123,926	)		58,392,544

	Six-Month Period Ended April 30, 2017
	First Eagle Gold Fund											First Eagle Global Income Builder Fund
	Class A			Class C			Class I			Class R6*		Class A			Class C			Class I			Class R6*
Shares sold		3,998,986			971,544			12,160,399			5,682		3,773,908			2,499,844			11,433,983			8,795
Shares issued for reinvested dividends and distributions		—			—			—			—		379,492			246,554			594,859			47
Shares redeemed		(6,918,480	)		(1,729,401	)		(7,737,874	)		—		(7,361,644	)		(5,339,405	)		(6,344,736	)		—
Net increase (decrease)		(2,919,494	)		(757,857	)		4,422,525			5,682		(3,208,244	)		(2,593,007	)		5,684,106			8,842
	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		11,499,211			3,300,310			17,999,203					9,043,664			6,278,823			19,504,104
Shares issued for reinvested dividends and distributions		74			18			—					920,353			672,441			1,107,079
Shares redeemed		(11,586,930	)		(3,749,121	)		(14,575,731	)				(15,262,800	)		(11,224,517	)		(18,117,328	)
Net increase (decrease)		(87,645	)		(448,793	)		3,423,472					(5,298,783	)		(4,273,253	)		2,493,855

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193

Notes to Financial Statements (unaudited)

	Six-Month Period Ended April 30, 2017
	First Eagle High Yield Fund
	Class A			Class C			Class I			Class R6*
Shares sold		1,142,154			525,003			4,389,528			10,988
Shares issued for reinvested dividends and distributions		343,757			214,304			688,533			98
Shares redeemed		(4,551,973	)		(2,076,089	)		(6,684,765	)		—
Net increase (decrease)		(3,066,062	)		(1,336,782	)		(1,606,704	)		11,086
	Year Ended October 31, 2016
	First Eagle High Yield Fund
	Class A			Class C			Class I
Shares sold		6,543,342			2,930,008			10,187,275
Shares issued for reinvested dividends and distributions		1,061,176			668,075			2,223,425
Shares redeemed		(12,673,290	)		(5,421,563	)		(30,514,970	)
Net increase (decrease)		(5,068,772	)		(1,823,480	)		(18,104,270	)

*Represents the period from March 1, 2017 to April 30, 2017.

Transactions in dollars of capital stock were as follows:

	Six-Month Period Ended April 30, 2017
	First Eagle Global Fund
	Class A			Class C			Class I			Class R6*
Shares sold	$	1,219,185,001		$	687,499,192		$	6,055,243,270		$	384,243,293
Shares issued for reinvested dividends and distributions		638,085,353			382,599,109			900,996,012			—
Shares redeemed		(3,014,577,105	)		(1,564,525,415	)		(2,510,834,587	)		—
Net increase (decrease)	$	(1,157,306,751	)	$	(494,427,114	)	$	4,445,404,695		$	384,243,293
	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

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194

Notes to Financial Statements (unaudited)

	Six-Month Period Ended April 30, 2017
	First Eagle Fund of America
	Class A			Class C			Class I			Class Y			Class R6*
Shares sold		1,119,429			570,421			3,997,588			274,232			2,822
Shares issued for reinvested dividends and distributions		1,400,381			1,177,881			923,773			678,634			—
Shares redeemed		(9,634,012	)		(5,025,555	)		(6,946,686	)		(1,618,382	)		—
Net increase (decrease)		(7,114,202	)		(3,277,253	)		(2,025,325	)		(665,516	)		2,822
	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	)

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195

Notes to Financial Statements (unaudited)

	Six-Month Period Ended April 30, 2017
	First Eagle Overseas Fund
	Class A			Class C			Class I			Class R6*
Shares sold	$	281,963,918		$	61,976,739		$	2,737,758,418		$	91,071,329
Shares issued for reinvested dividends and distributions		111,162,608			22,220,343			342,899,769			—
Shares redeemed		(783,554,390	)		(138,148,891	)		(1,175,269,847	)		(190,302	)
Net increase (decrease)	$	(390,427,864	)	$	(53,951,809	)	$	1,905,388,340		$	90,881,027
	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
	Six-Month Period Ended April 30, 2017
	First Eagle Gold Fund
	Class A			Class C			Class I			Class R6*
Shares sold	$	66,965,513		$	15,352,084		$	208,218,706		$	100,000
Shares issued for reinvested dividends and distributions		—			—			—			—
Shares redeemed		(113,686,099	)		(26,839,520	)		(128,599,522	)		—
Net increase (decrease)	$	(46,720,586	)	$	(11,487,436	)	$	79,619,184		$	100,000
	Year Ended October 31, 2016
	First Eagle Gold Fund
	Class A			Class C			Class I
Shares sold	$	190,230,966		$	50,385,226		$	298,662,063
Shares issued for reinvested dividends and distributions		1,284			235			3
Shares redeemed		(185,993,125	)		(55,781,716	)		(216,467,908	)
Net increase (decrease)	$	4,239,125		$	(5,396,255	)	$	82,194,158

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196

Notes to Financial Statements (unaudited)

	Six-Month Period Ended April 30, 2017
	First Eagle U.S. Value Fund
	Class A			Class C			Class I			Class R6*
Shares sold	$	47,974,176		$	23,487,903		$	177,068,640		$	100,000
Shares issued for reinvested dividends and distributions		59,840,591			34,634,629			52,602,872			—
Shares redeemed		(174,480,624	)		(69,920,204	)		(157,540,854	)		—
Net increase (decrease)	$	(66,665,857	)	$	(11,797,672	)	$	72,130,658		$	100,000
	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	)
	Six-Month Period Ended April 30, 2017
	First Eagle Global Income Builder Fund
	Class A			Class C			Class I			Class R6*
Shares sold	$	42,050,838		$	27,823,202		$	127,994,594		$	100,000
Shares issued for reinvested dividends and distributions		4,282,721			2,775,855			6,704,070			537
Shares redeemed		(82,460,825	)		(59,359,123	)		(70,727,757	)		—
Net increase (decrease)	$	(36,127,266	)	$	(28,760,066	)	$	63,970,907		$	100,537
	Year Ended October 31, 2016
	First Eagle Global Income Builder Fund
	Class A			Class C			Class I
Shares sold	$	96,186,879		$	66,308,777		$	207,109,859
Shares issued for reinvested dividends and distributions		9,836,154			7,170,083			11,822,875
Shares redeemed		(161,390,415	)		(118,162,719	)		(189,077,596	)
Net increase (decrease)	$	(55,367,382	)	$	(44,683,859	)	$	29,855,138

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197

Notes to Financial Statements (unaudited)

	Six-Month Period Ended April 30, 2017
	First Eagle High Yield Fund
	Class A			Class C			Class I			Class R6*
Shares sold	$	10,298,495		$	4,724,634		$	39,651,117		$	100,000
Shares issued for reinvested dividends and distributions		3,108,774			1,936,298			6,228,658			886
Shares redeemed		(40,919,238	)		(18,697,618	)		(60,221,061	)		—
Net increase (decrease)	$	(27,511,969	)	$	(12,036,686	)	$	(14,341,286	)	$	100,886
	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	)

*Represents the period from March 1, 2017 to April 30, 2017.

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198

Notes to Financial Statements (unaudited)

	Six-Month Period Ended April 30, 2017
	First Eagle Fund of America
	Class A			Class C			Class I			Class Y			Class R6*
Shares sold	$	37,657,312		$	15,590,513		$	138,812,806		$	9,488,995		$	100,000
Shares issued for reinvested dividends and distributions		45,456,377			31,319,857			30,660,041			22,537,452			—
Shares redeemed		(324,885,444	)		(139,103,719	)		(240,404,743	)		(55,755,475	)		—
Net increase (decrease)	$	(241,771,755	)	$	(92,193,349	)	$	(70,931,896	)	$	(23,729,028	)	$	100,000
	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	)

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Notes to Financial Statements (unaudited)

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 six-month period ended April 30, 2017.

Note 9 — Subsequent Events

On June 30, 2017, Mehdi Mahmud, Chief Executive Officer of First Eagle Investment Management, LLC, was appointed President of First Eagle Funds. His predecessor in that role, John Arnhold, continues to serve as a member of the Board of Trustees of the Funds.

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200

Notes to Financial Statements (unaudited)

Effective June 5, 2017, the Funds terminated the custody agreement, administration agreement and credit facility with SSB and entered into a custody agreement, administration agreement and credit facility with JP Morgan Chase Bank, N.A. ("JPM").

E?ective July 1, 2017, the Adviser will receive from First Eagle Fund of America an annual advisory fee at the rate of 0.90% of the first $2.25 billion of the average daily net assets, 0.85% of the next $2.75 billion of the average daily net assets and 0.80% in excess of $5 billion of the average daily net assets.

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201

Fund Expenses (unaudited)

Example

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

This example is based on an investment of $1,000 invested on November 1, 2016 and held for the six-months ended April 30, 2017.

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		6.48	%	$	1,000.00	$	1,064.80		1.11	%	$	5.68
Class C		6.09			1,000.00		1,060.90		1.86			9.50
Class I		6.64			1,000.00		1,066.40		0.84			4.30
Class R6(4)		0.49			1,000.00		1,004.90		0.81			1.36	(5)
First Eagle Overseas Fund Consolidated
Class A		4.34			1,000.00		1,043.40		1.16			5.88
Class C		3.93			1,000.00		1,039.30		1.89			9.56
Class I		4.45			1,000.00		1,044.50		0.86			4.36
Class R6(4)		2.33			1,000.00		1,023.30		0.81			1.37	(5)
First Eagle U.S. Value Fund Consolidated
Class A		8.84			1,000.00		1,088.40		1.10			5.70
Class C		8.40			1,000.00		1,084.00		1.85			9.56
Class I		8.98			1,000.00		1,089.80		0.81			4.20
Class R6(4)		-1.06			1,000.00		989.40		0.79			1.31	(5)
First Eagle Gold Fund Consolidated
Class A		-6.06			1,000.00		939.40		1.29			6.20
Class C		-6.45			1,000.00		935.50		2.06			9.89
Class I		-5.93			1,000.00		940.70		0.98			4.72
Class R6(4)		-1.76			1,000.00		982.40		0.91			1.51	(5)
First Eagle Global Income Builder Fund
Class A		6.56			1,000.00		1,065.60		1.20			6.15
Class C		6.18			1,000.00		1,061.80		1.95			9.97
Class I		6.72			1,000.00		1,067.20		0.93			4.77
Class R6(4)		2.03			1,000.00		1,020.30		0.88			1.49	(5)
First Eagle High Yield Fund
Class A		3.80			1,000.00		1,038.00		1.16			5.86
Class C		3.54			1,000.00		1,035.40		1.90			9.59
Class I		4.07			1,000.00		1,040.70		0.86			4.35
Class R6(4)		1.00			1,000.00		1,010.00		0.81			1.36	(5)
First Eagle Fund of America
Class A		14.63			1,000.00		1,146.30		1.35			7.18
Class C		14.16			1,000.00		1,141.60		2.10			11.15
Class I		14.79			1,000.00		1,147.90		1.03			5.49
Class Y		14.62			1,000.00		1,146.20		1.32			7.02
Class R6(4)		2.34			1,000.00		1,023.40		0.97			1.64	(5)

First Eagle Funds | Semi-Annual Report | April 30, 2017
203

Fund Expenses (unaudited)

(1)  For the six-months ended April 30, 2017.

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

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

(4)  Class R6 commenced investment operations on March 1, 2017.

(5)  Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 61/365 (to reflect the actual days in the period).

First Eagle Funds | Semi-Annual Report | April 30, 2017
204

Fund Expenses (unaudited)

Hypothetical Example for Comparison Purposes

The table below titled "Based on Hypothetical Total Return" provides information about hypothetical account values and hypothetical expenses based on the actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the First Eagle Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use the information provided in this table to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical example relating to the Funds with the 5% hypothetical examples that appear in the shareholder reports of other funds.

This example is based on an investment of $1,000 invested on November 1, 2016 and held for the six-months ended April 30, 2017.

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.

First Eagle Funds | Semi-Annual Report | April 30, 2017
205

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	$	1,019.29		1.11	%	$	5.56
Class C		5.00			1,000.00		1,015.57		1.86			9.30
Class I		5.00			1,000.00		1,020.63		0.84			4.21
Class R6(3)		5.00			1,000.00		1,007.00		0.81			1.36	(4)
First Eagle Overseas Fund Consolidated
Class A		5.00			1,000.00		1,019.04		1.16			5.81
Class C		5.00			1,000.00		1,015.42		1.89			9.44
Class I		5.00			1,000.00		1,020.53		0.86			4.31
Class R6(3)		5.00			1,000.00		1,007.00		0.81			1.36	(4)
First Eagle U.S. Value Fund Consolidated
Class A		5.00			1,000.00		1,019.34		1.10			5.51
Class C		5.00			1,000.00		1,015.62		1.85			9.25
Class I		5.00			1,000.00		1,020.78		0.81			4.06
Class R6(3)		5.00			1,000.00		1,007.04		0.79			1.32	(4)
First Eagle Gold Fund Consolidated
Class A		5.00			1,000.00		1,018.40		1.29			6.46
Class C		5.00			1,000.00		1,014.58		2.06			10.29
Class I		5.00			1,000.00		1,019.93		0.98			4.91
Class R6(3)		5.00			1,000.00		1,006.84		0.91			1.53	(4)
First Eagle Global Income Builder Fund
Class A		5.00			1,000.00		1,018.84		1.20			6.01
Class C		5.00			1,000.00		1,015.12		1.95			9.74
Class I		5.00			1,000.00		1,020.18		0.93			4.66
Class R6(3)		5.00			1,000.00		1,006.89		0.88			1.48	(4)
First Eagle High Yield Fund
Class A		5.00			1,000.00		1,019.04		1.16			5.81
Class C		5.00			1,000.00		1,015.37		1.90			9.49
Class I		5.00			1,000.00		1,020.53		0.86			4.31
Class R6(3)		5.00			1,000.00		1,007.00		0.81			1.36	(4)
First Eagle Fund of America
Class A		5.00			1,000.00		1,018.10		1.35			6.76
Class C		5.00			1,000.00		1,014.38		2.10			10.49
Class I		5.00			1,000.00		1,019.69		1.03			5.16
Class Y		5.00			1,000.00		1,018.25		1.32			6.61
Class R6(3)		5.00			1,000.00		1,006.74		0.97			1.63	(4)

First Eagle Funds | Semi-Annual Report | April 30, 2017
206

Fund Expenses (unaudited)

(1)  For the six-months ended April 30, 2017.

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

(3)  Class R6 commenced investment operations on March 1, 2017.

(4)  Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 61/365 (to reflect the actual days in the period).

First Eagle Funds | Semi-Annual Report | April 30, 2017
207

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.

First Eagle Funds | Semi-Annual Report | April 30, 2017
208

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.

First Eagle Funds | Semi-Annual Report | April 30, 2017
209

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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.

Not applicable to this semi-annual report.

Item 4.Principal Accountant Fees and Services

Not applicable to this semi-annual report.

Item 5.Audit Committee of Listed Registrants

Not applicable at this time.

Item 6.Schedule of Investments.

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

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

Not applicable at this time.

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

Not applicable at this time.

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

Not applicable at this time.

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

Not applicable at this time.

Item 11.Controls and Procedures.

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

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

Item 12.Exhibits.

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

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

(a)(3) Not applicable.

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

SIGNATURES

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

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

Date: June 30, 2017

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:  June 30, 2017

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

Date:  June 30, 2017

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