United States
Securities and Exchange Commission
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09092

First Eagle Funds
(Exact name of registrant as specified in charter)

1345 Avenue of the Americas
New York, New York 10105-4300
(Address of principal executive offices) (Zip code)

Robert Bruno
First Eagle Funds
1345 Avenue of the Americas
New York, New York 10105-4300
(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 632-2700

Date of fiscal year end: October 31, 2007

Date of reporting period: January 31, 2007

Item 1. Schedule of Investments. – The schedule of investments for the three-month period ended January 31, 2007, is filed herewith.

First Eagle Global Fund

SCHEDULE OF INVESTMENTS

January 31, 2007

(unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks - U.S. (33.45%)
		Consumer Discretionary (2.15%)
	6,643,070	McDonald’s Corporation	$	184,142,059	$	294,620,154
	1,421,370	Apollo Group, Inc. Class ‘A’ (a)		59,865,768		61,687,458
	758,850	International Speedway Corporation, Class ‘A’		36,361,622		39,634,736
	207,690	Nike Inc., Class ‘B’		16,219,884		20,521,849
	413,318	Wyndham Worldwide Corporation (a)		15,740,866		12,895,522
	390,000	Weyco Group, Inc.		1,285,375		9,426,300
	185,000	St. John Knits International Inc. (a)		3,180,703		5,508,375
				316,796,277		444,294,394
		Consumer Staples (0.63%)
	2,235,148	Anheuser-Busch Companies Inc.		97,185,155		113,925,494
	115,270	Altria Group, Inc.		2,497,439		10,073,445
	111,111	HJ Heinz Company		3,782,241		5,235,550
	82,570	Seneca Foods Corporation, Class ‘A’ (a)		1,242,678		2,024,617
				104,707,513		131,259,106
		Energy (2.70%)
	4,721,433	ConocoPhillips Company		244,762,591		313,550,365
	2,232,001	Apache Corporation		146,759,987		162,869,113
	556,404	SEACOR Holdings Inc. (a)		23,217,111		56,324,777
	355,990	Murphy Oil Corporation		7,188,911		17,696,263
	206,590	San Juan Basin Royalty Trust		7,928,014		6,811,272
				429,856,614		557,251,790
		Financials (0.08%)
	516,647	Realogy Corporation (a)		14,565,015		15,447,745
	114,750	East Texas Financial Services, Inc.(c)		862,688		1,907,719
	8,200	Redwood Financial, Inc. (a)(d)		71,750		158,260
				15,499,453		17,513,724
		Health Care (2.77%)
	5,008,310	Johnson & Johnson		306,385,398		334,555,108
	1,833,170	Wellpoint Inc. (a)		139,849,923		143,683,865
	1,684,130	Bausch & Lomb Inc.		78,995,549		93,772,358
				525,230,870		572,011,331
		Holding Companies (2.63%)
	4,915	Berkshire Hathaway Inc., Class ‘A’ (a)		414,943,985		540,895,750
	2,485	J.G. Boswell Company		573,840		2,011,607
				415,517,825		542,907,357
		Industrials (3.27%)
	9,245,440	Tyco International Limited		214,213,981		294,744,627
	3,057,540	Cintas Corporation		115,716,545		125,817,771
	8,305,971	Blount International Inc. (a)(c)		110,473,625		108,226,802
	1,576,258	UniFirst Corporation		37,181,601		65,461,995
	870,960	Manpower Inc.		34,320,745		63,519,113
	598,639	Avis Budget Group Inc. (a)		13,951,945		15,241,349
	4,805	Conbraco Industries, Inc. (a)		1,568,050		1,326,180
	365,000	Kaiser Ventures LLC (a)(d)(f)(g)		—		1,047,550
				527,426,492		675,385,387
		Materials (0.03%)
	428,510	Tronox Inc. Class ‘A’		5,392,614		6,179,114
		Media (7.50%)
	15,637,264	Liberty Interactive (a)		286,313,958		381,080,124
	2,867,312	Liberty Capital (a)		193,471,880		293,326,017
	3,919,730	Clear Channel Communications Inc.		121,427,739		142,364,594
	2,813,250	Comcast Corporation-Special Class ‘A’ (a)		78,827,095		122,263,845
	1,142,883	OmniCom Group		104,030,867		120,231,292
	4,809,260	News Corporation Class ‘A’		73,140,045		111,815,295
	2,068,320	Getty Images, Inc. (a)		87,922,857		101,844,077
	2,634,600	CBS Corporation Class ‘B’		68,949,440		82,120,482
	745,590	Meredith Corporation		38,682,827		43,959,986
	1,696,720	New York Times Company, Class ‘A’		40,660,980		39,177,265
	1,912,750	Valassis Communications, Inc. (a)		55,341,929		29,398,966
	908,154	Liberty Global Inc. (a)		15,431,569		27,299,109
	920,998	Liberty Global Inc. Series ‘C’ (a)		14,395,506		25,999,774
	445,740	Viacom Inc. (a)		15,234,457		18,128,246
	281,791	Dow Jones & Company Inc.		10,444,173		10,626,339
	34,924	Mills Music Trust (c)		1,055,337		1,854,464
				1,205,330,659		1,551,489,875
		Paper and Forest Products (2.06%)
	5,662,482	Rayonier Inc. (c)		121,299,553		244,619,222
	4,069,600	Plum Creek Timber Company, Inc.		131,114,009		163,801,400
	338,230	Deltic Timber Corporation		16,572,471		18,102,070
	4,927	Longview Fibre Company		103,450		103,369
			$	269,089,483	$	426,626,061
		Precious Metals (0.48%)

See Notes to Schedules of Investments.

Number of Shares			Cost (Note 1)		Value (Note 1)
	5,510,060	Newmont Mining Corporation Holding Company	$	65,498,486	$	99,075,174
		Real Estate (0.07%)
	500,000	Crescent Real Estate Equities Company		7,671,061		10,030,000
	258,133	Price Legacy Corporation Pfd., Series ‘A’		2,935,244		3,859,088
	192,250	LandCo LLC (a)(d)(f)(g)		669,030		669,030
				11,275,335		14,558,118
		Retail (4.84%)
	8,244,500	Costco Wholesale Corporation		344,460,823		463,176,010
	5,240,010	The Home Depot Inc		192,342,244		213,478,007
	3,434,880	Wal-Mart Stores, Inc.		154,589,597		163,809,427
	1,528,010	Tiffany & Company		42,153,738		59,989,673
	1,210,370	Barnes & Noble, Inc.		25,002,118		47,119,704
	1,000,000	Dillard’s Inc., Class ‘A’		16,266,643		34,340,000
	436,100	Federated Department Stores Inc.		3,759,109		18,093,789
				778,574,272		1,000,006,610
		Technology and Telecommunications (4.03%)
	12,350,210	Microsoft Corporation		294,848,598		381,127,481
	13,080,560	Intel Corporation		250,204,928		274,168,538
	2,265,220	Linear Technology Corporation		73,839,918		70,108,559
	3,834,002	Sprint Nextel Corporation		80,773,623		68,360,256
	1,278,660	Maxim Integrated Products Inc.		41,524,673		39,382,728
				741,191,740		833,147,562
		Utilities (0.21%)
	727,930	IDACORP, Inc.		22,261,208		26,897,013
	325,000	CalEnergy Capital Trust 6½% Conv. Pfd.		14,327,813		15,600,000
				36,589,021		42,497,013
		Total Common and Preferred Stocks - U.S.		5,447,976,654		6,914,202,616
		Common and Preferred Stocks - Non-U.S. (42.28%)
		Australia and New Zealand (0.18%)
	6,650,000	News & Media NZ Limited exchangeable preference shares (10)		17,173,423		25,053,875
	3,184,178	Spotless Group Limited (8)		8,887,624		11,707,387
				26,061,047		36,761,262
		Belgium (0.29%)
	1,934,375	Deceuninck (c)(1)		48,605,944		60,515,405
		Brazil (0.23%)
	533,355	Petroleo Brasileiro SA ADR (3)		28,225,628		47,308,589
		Canada (0.35%)
	850,670	Aber Diamond Corporation (9)		24,831,504		32,704,209
	1,860,844	Yellow Pages Income Fund (10)		21,029,682		20,428,900
	2,222,250	IAMGOLD Corporation (12)		16,750,353		19,441,861
				62,611,539		72,574,970
		Chile (0.05%)
	700,000	Quinenco SA ADR (8)		4,366,596		10,689,437
		Commonwealth of Independent States (0.06%)
	278,312	Firebird Fund, L.P. (a)(b)(d)(7)		500,000		11,822,845
		Denmark (0.04%)
	87,125	Carlsberg A/S, ‘A’ (2)		3,748,523		8,162,269
		France (10.45%)
	8,093,772	Sodexho Alliance SA (1)		242,593,383		563,794,241
	2,127,098	Wendel Investissement (7)		65,820,551		317,643,214
	7,257,095	Vivendi Universal SA (10)		188,367,961		298,115,892
	2,096,866	L’Oréal SA (2)		156,316,374		221,208,457
	2,982,621	Rémy Cointreau SA (2)		104,240,251		193,601,542
	1,465,000	Essilor International SA (6)		71,835,914		163,982,949
	477,000	Neopost SA (8)		27,488,265		61,241,487
	1,653,560	Télévision Française 1 SA (10)		43,471,274		55,903,170
	810,000	Société BIC SA (8)		37,045,867		54,578,924
	52,143	Société Sucrière de Pithiviers-le-Vieil (c)(2)		27,198,161		47,479,294
	313,800	Financière Marc de Lacharrière SA (7)		12,141,837		29,389,732
	326,070	Zodiac SA (a)(8)		17,708,998		22,310,370
	443,640	Trigano SA (1)		20,272,620		21,825,410
	157,620	Guyenne Et Gascogne SA (2)		17,078,217		20,954,264
	133,493	Robertet SA (2)		17,101,230		20,664,060
	42,252	Robertet SA C.I. (2)		800,508		4,836,600
	294,180	Total SA (3)		18,507,992		19,822,257
	297,640	Carrefour SA (2)		13,716,175		17,112,906
	92,987	Gaumont SA (10)		5,094,361		8,098,098
	70,000	NSC Groupe (c)(8)		12,400,388		7,059,111
	385,000	Sabeton SA (c)(7)		4,841,233		6,129,885
	17,845	Société Fonciére Financiére et de Participations (7)		3,933,965		4,433,637
				1,107,975,525		2,160,185,500
		Germany (1.63%)
	1,795,985	Fraport AG (16)		63,995,064		137,159,212
	735,000	Hornbach Holding AG Pfd. (1)		46,863,613		78,389,595
	1,383,056	Bertelsmann AG D.R.C. (10)		34,611,751		44,527,177

See Notes to Schedules of Investments.

Number of Shares		Cost (Note 1)		Value (Note 1)
142,873	Axel Springer AG (10)	$	13,415,306	$	25,145,377
1,167,530	Deutsche Telekom AG (15)		18,632,356		20,502,745
168,299	Hornbach Baumarkt AG (1)		8,109,997		10,895,806
109,400	Vossloh AG (16)		5,512,139		8,524,214
89,094	Pfeiffer Vacuum Technology AG (8)		5,649,179		7,683,731
113,306	Praktiker Bau-und Heimwerkermaerkte Holding AG (1)		1,942,362		4,171,090
			198,731,767		336,998,947
	Hong Kong (0.69%)
7,421,750	Guoco Group Limited (7)		67,928,490		95,521,076
23,438,970	Shaw Brothers (Hong Kong) Limited (c)(10)		22,914,297		44,364,928
21,500,000	City e-Solutions Limited (c)(1)		971,287		2,698,307
			91,814,074		142,584,311
	India (0.46%)
2,325,000	Tata Motors Limited (1)		23,275,395		46,325,941
1,174,999	Nestlé India Limited (2)		14,548,375		29,133,738
4,020,480	Hindustan Lever Limited (2)		11,029,453		18,994,214
			48,853,223		94,453,893
	Italy (1.17%)
9,000,410	Italcementi S.p.A. RNC (9)		109,188,324		166,717,994
656,451	Italmobiliare S.p.A. RNC (9)		41,033,352		58,168,404
2,102,593	Gewiss S.p.A. (8)		12,927,323		17,367,573
			163,148,999		242,253,971
	Japan (9.71%)
6,735,400	Toyota Motor Corporation (1)		276,009,568		442,953,468
6,352,500	Shimano Inc. (c)(1)		112,528,986		184,450,304
3,475,500	Ono Pharmaceutical Company, Limited (6)		149,802,429		169,915,250
105,778	NTT DoCoMo Inc. (15)		167,978,936		161,005,518
3,256,800	Secom Company, Limited (8)		124,614,050		160,570,195
18,858,500	Aioi Insurance Company, Limited (4)		64,447,332		130,887,054
12,000,000	NIPPONKOA Insurance Company, Limited (4)		54,518,219		98,275,220
2,582,700	Kose Corporation (2)		80,721,109		74,777,268
1,708,000	Astellas Pharma Inc. (6)		71,196,562		72,482,442
595,800	Hirose Electric Company, Limited (15)		71,165,248		70,479,712
3,468,480	Toho Company, Limited (10)		49,442,993		63,553,652
3,360,500	T. Hasegawa Company, Limited (c)(2)		51,177,359		50,733,445
1,379,100	Shimachu Company, Limited (1)		32,950,108		37,875,766
896,560	Takefuji Corporation (4)		35,729,941		36,044,849
1,429,600	Chofu Seisakusho Company, Limited (1)		27,525,671		29,387,897
558,600	Canon Inc. (15)		19,299,690		29,342,847
2,208,049	Nissin Healthcare Food Service Company, Limited (2)		32,929,047		28,330,099
840,900	Meitec Corporation (8)		26,974,103		25,946,619
1,051,300	Aderans Company, Limited (2)		24,356,774		24,350,747
407,830	Mabuchi Motor Company Limited (15)		24,369,065		23,649,653
1,416,550	Cosel Company Limited (8)		24,249,887		22,944,161
1,461,800	Seikagaku Corporation (6)		15,027,976		15,055,143
908,500	Mitsui Sumitomo Insurance Company, Limited (4)		4,091,290		10,837,217
41,100	Keyence Corporation (15)		10,166,200		9,206,998
472,000	MISUMI Group Inc. (8)		8,803,015		9,097,572
218,700	Makita Corporation (1)		6,205,002		7,544,187
201,700	Olympus Corporation (6)		3,965,040		6,440,518
227,900	Mandom Corporation (2)		5,475,215		5,731,199
171,600	Shoei Company, Limited (7)		491,308		4,712,843
			1,576,212,123		2,006,581,843
	Mexico (0.64%)
11,684,340	Industrias Peñoles, SA de C.V. (12)		25,919,973		110,182,692
5,588,100	Embotelladoras Arca SA de C.V. (2)		10,124,785		21,285,734
			36,044,758		131,468,426
	Netherlands (0.85%)
3,140,243	Heineken Holding NV (2)		87,042,407		135,493,644
767,500	Telegraaf Media Groep NV (10)		14,080,509		20,446,479
473,438	Koninklijke Grolsch NV (2)		12,444,932		19,091,278
			113,567,848		175,031,401
	Singapore (0.47%)
20,000,000	Fraser & Neave Limited (2)		25,007,469		68,366,052
13,467,250	ComfortDelgro Corporation Limited (16)		3,279,184		15,958,847
1,000,790	United Overseas Bank Limited (4)		12,369,429		12,315,611
			40,656,082		96,640,510
	South Africa (0.55%)
1,627,720	Gold Fields Limited ADR (12)		24,296,780		27,492,191
749,210	Gold Fields Limited (12)		2,173,736		12,549,992
4,479,591	Mvelaphanda Resources Limited (a)(12)		13,634,588		26,000,943
1,460,290	Harmony Gold Mining Company, Limited ADR (a)(12)		16,251,484		19,553,283
1,000,000	Harmony Gold Mining Company, Limited (a)(12)		4,591,642		13,539,248
297,200	AngloGold Ashanti Limited ADR (a)(12)		10,868,897		13,968,400
			71,817,127		113,104,057
	South Korea (4.22%)
684,330	Samsung Electronics Company, Limited Pfd. (15)		151,360,619		321,268,040
205,920	Samsung Electronics Company, Limited (15)		140,981,608		126,635,879
5,273,861	SK Telecom Company, Limited ADR (15)		109,544,700		125,254,199
51,900	Lotte Confectionery Company, Limited (2)		21,157,499		64,220,393
963,770	KT&G Corporation (2)		24,446,199		58,655,360
65,500	Nam Yang Dairy Products Company, Limited (c)(2)		14,805,002		55,655,868

See Notes to Schedules of Investments.

Number of Shares			Cost (Note 1)		Value (Note 1)
	585,700	SK Corporation (3)	$	37,186,353	$	44,728,444
	966,000	Kangwon Land Inc. (1)		14,292,625		20,571,747
	10,360	Lotte Chilsung Beverage Company, Limited (2)		5,901,967		15,053,086
	424,880	GS Holdings Corporation (7)		13,654,172		14,034,804
	1,869,420	Daeduck Electronics Company, Limited (15)		13,292,480		13,799,755
	1,589,160	Daeduck GDS Company, Limited (c)(15)		14,042,994		12,895,573
				560,666,218		872,773,148
		Spain (0.89%)
	2,334,289	Corporacion Financiera Alba SA (7)		48,302,916		161,690,472
	404,740	Altadis SA (2)		11,620,281		21,685,933
				59,923,197		183,376,405
		Switzerland (6.82%)
	1,559,433	Nestlé SA (2)		437,081,724		570,905,762
	4,106,230	Pargesa Holding SA (7)		267,037,697		443,818,801
	3,435,085	Kuehne & Nagel International AG (16)		63,273,732		264,608,353
	21,200	Lindt & Spruengli AG PC (2)		8,190,224		52,376,971
	310	Lindt & Spruengli AG (2)		2,394,516		7,920,080
	137,582	Affichage Holding (10)		16,462,329		22,741,739
	39,740	Edipresse SA (10)		10,811,874		18,813,721
	695,710	Micronas Semiconductor Holding AG (a)(15)		23,558,965		15,212,114
	5,120	Sika AG (a)(9)		783,006		8,627,482
	92,907	Schindler Holding PC (8)		2,572,400		5,963,940
				832,166,467		1,410,988,963
		Taiwan (0.20%)
	39,793,844	Phoenixtec Power Company, Limited (c)(8)		41,374,405		42,661,727
		Thailand (0.03%)
	577,000	The Oriental Hotel Public Company, Limited (1)		2,636,472		7,024,060
		United Kingdom (2.19%)
	21,293,298	Tesco Plc (2)		123,750,340		174,598,593
	1,768,290	Anglo American Plc (12)		37,846,453		82,001,630
	6,260,479	Millennium & Copthorne Hotel Plc (1)		33,904,028		78,044,920
	24,488,653	Vodafone Group Plc (15)		51,433,875		71,096,486
	1,375,000	Amdocs Limited (a)(15)		29,218,760		47,685,000
				276,153,456		453,426,629
		Miscellaneous (0.11%)
	1,375,000	Banco Latinoamericano de Exportaciones SA ADR (4)		22,535,552		23,017,500
		Total Common and Preferred Stocks - Non U.S.		5,418,396,570		8,740,406,068
Ounces
		Commodity (2.93%)
	928,371	Gold bullion (a)(12)		479,746,095		606,226,260
Principal Amount
		Notes, Bonds and Convertible Bonds (5.92%)
		U.S. Treasury Notes (1.55%)
	10,000,000	U.S. Treasury Zero Coupon Strip due 11/15/2007 (a)(5)		9,547,769		9,614,940
	38,326,720	U.S. Treasury Inflation Index Note 4¼% due 1/15/2010 (h)(5)		39,271,062		40,346,385
	266,593,000	U.S. Treasury Notes 5¼% due 6/30/2011 (5)		266,975,232		269,821,441
				315,794,063		319,782,766
		U.S. Dollar Bonds and Notes (0.96%)
	2,750,000	Westpoint Stevens Inc. 77/8% due 6/15/2005 (a)(d)(e)(g)(1)		2,504,977		275
	3,500,000	Computer Associates International Inc. 6½% due 4/15/2008 (15)		3,324,744		3,542,630
	4,850,000	Crescent Real Estate Equities Company 9¼% due 4/15/2009 (13)		4,876,173		4,977,313
	13,500,000	GATX Corporation 87/8% due 6/01/2009 (4)		13,135,369		14,431,783
	4,910,000	American Standard Companies Inc. 8¼% due 6/01/2009 (8)		5,030,918		5,169,572
	1,250,000	Freeport McMoRan Copper & Gold, Inc. 101/8% due 2/01/2010 (12)		1,259,446		1,320,312
	3,728,000	Columbus McKinnon Corporation 10% due 8/01/2010 (8)		3,777,516		3,998,280
	20,500,000	Tyco International Group SA 6 ¾% due 2/15/2011 (8)		18,136,069		21,675,204
	6,900,000	Briggs & Stratton Corporation 87/8% due 3/15/2011 (1)		7,146,094		7,457,741
	3,500,000	Toys ‘R’ Us, Inc. 75/8% due 8/01/2011 (14)		3,435,931		3,325,000
	28,930,000	Blount International Inc. 87/8% due 8/01/2012 (8)		28,972,211		29,942,550
	5,500,000	Greif Inc. 87/8% due 8/01/2012 (9)		5,486,814		5,830,000
	646,000	Manitowoc Company Inc. 10½% due 8/01/2012 (8)		646,000		693,643
	15,145,000	Tronox Worldwide LLC 9½% due 12/01/2012 (9)		15,612,044		16,129,425
	12,522,000	Sirius Satellite Radio Inc. 95/8% due 8/01/2013 (10)		12,220,857		12,522,000
	15,017,000	Lear Corporation 8½% due 12/01/2013 (1)		14,962,879		15,092,085
	23,850,000	Lear Corporation 8¾% due 12/01/2016 (1)		23,642,684		23,909,625
	1,550,655	Avis Budget Car Rental 75/8% due 5/15/2014 (8)(b)		1,517,878		1,546,778
	2,000,000	Legrand SA 8½% due 2/15/2025 (8)		1,956,146		2,340,000
	4,200,000	Bausch & Lomb Inc. 71/8% due 8/01/2028 (6)		3,547,736		4,222,961
	5,500,000	Bergen Bank Floating Rate Perpetual Notes (5.5625% @ 1/31/2007) (4)		3,967,355		4,702,500
	3,500,000	Den Norske Bank Floating Rate Perpetual Notes (5.65% @ 1/31/2007) (4)		2,649,323		2,993,592
	3,170,000	Den Norske Bank Floating Rate Perpetual Notes (5.625% @ 1/31/2007) (4)		2,108,612		2,740,449
	10,000,000	Christiania Bank Floating Rate Perpetual Notes (5.625% @ 1/31/2007) (4)		6,970,603		8,939,590
				186,888,379		197,503,308
		U.S. Dollar Convertible Bonds (0.08%)
	2,000,000	TriQuint Semiconductor Inc. 4% due 3/01/2007 (15)		1,987,673		2,002,500
	15,000,000	SCI Systems Inc. 3% due 3/15/2007 (15)		14,764,705		15,000,000
				16,752,378		17,002,500
		Non U.S. Dollar Notes and Bonds (3.33%)
SGD	85,000,000	Singapore Government 25/8% due 10/01/2007 (5)		50,617,989		55,200,439
SGD	52,947,000	Singapore Government 23/8% due 10/01/2009 (5)		31,957,575		33,922,002

See Notes to Schedules of Investments.

Principal Amount			Cost (Note 1)		Value (Note 1)
CAD	8,500,000	Shaw Communications Inc. 7.4% due 10/17/2007 (10)	$	5,413,053	$	7,345,842
HKD	205,000,000	Hong Kong Government 3.57% due 12/17/2007 (5)		26,574,502		26,161,167
HKD	199,650,000	Hong Kong Government 3.34% due 12/19/2008 (5)		25,394,364		25,251,330
HKD	44,250,000	Hong Kong Government 2.52% due 3/24/2009 (5)		5,549,208		5,491,554
EUR	2,959,000	Koninklijke Ahold NV 57/8% due 5/09/2008 (14)		2,956,726		3,930,857
GBP	15,000,000	EMI Group Plc 8¼% due 5/20/2008 (10)		24,075,055		30,737,094
EUR	1,500,000	EMI Group Plc 85/8% due 10/15/2013 (b)(10)		1,733,805		2,147,489
SEK	125,000,000	Sweden Government I/L 4.674% due 12/01/2008 (5)		18,127,408		21,797,386
MYR	165,000,000	Malaysian Government 4.305% due 2/27/2009 (5)		43,745,152		47,712,787
MYR	37,014,000	Malaysian Government 3.756% due 4/28/2011 (5)		9,921,289		10,571,655
EUR	2,500,000	Independent News & Media Plc 5¾% due 5/17/2009 (10)		2,771,548		3,284,517
EUR	14,706,770	Republic of France O.A.T. I/L 3% due 7/25/2009 (h)(5)		13,024,281		19,544,786
EUR	105,490,765	Republic of France O.A.T. I/L 3% due 7/25/2012 (h)(5)		143,252,662		145,030,641
EUR	14,000,000	Waterford Wedgwood Plc 97/8% due 12/01/2010 (b) (1)		15,967,913		17,892,490
GBP	3,000,000	Marks & Spencer Group Plc 63/8% due 11/07/2011 (1)		5,090,223		5,967,993
GBP	5,875,000	Enodis Plc 103/8% due 4/15/2012 (g)(8)		9,086,138		12,203,733
EUR	57,200,000	UPC Holding BV 7¾% due 1/15/2014 (b)(10)		66,335,654		75,428,781
EUR	37,300,000	UPC Holding BV 85/8% due 1/15/2014 (b)(10)		44,010,540		50,763,844
EUR	47,450,000	Ray Acquisition SCA 93/8% due 3/15/2015 (b)(8)		57,114,569		70,055,506
EUR	12,000,000	FINEL 9½% due 6/30/2017 (b)(d)(f)(g)(11)		14,474,400		7,804,794
EUR	15,000,000	FINEL 9½% due 10/15/2017 (b)(d)(f)(g)(11)		18,067,500		9,755,992
				635,261,554		688,002,679
		Total Notes, Bonds and Convertible Bonds		1,154,696,374		1,222,291,253
		Short Term Investments (15.40%)
	25,000,000	BMW US Capital LLC 5.23% due 2/01/2007		25,000,000		25,000,000
	27,182,000	BMW US Capital LLC 5.22% due 2/02/2007		27,178,059		27,178,059
	25,000,000	BMW US Capital LLC 5.22% due 2/05/2007		24,985,500		24,985,500
	24,500,000	BMW US Capital LLC 5.21% due 2/05/2007		24,485,817		24,485,817
	15,000,000	BMW US Capital LLC 5.22% due 2/05/2007		14,991,300		14,991,300
	30,000,000	BMW US Capital LLC 5.23% due 2/09/2007		29,965,133		29,965,133
	25,000,000	BMW US Capital LLC 5.22% due 2/13/2007		24,956,500		24,956,500
	20,000,000	BMW US Capital LLC 5.23% due 2/13/2007		19,965,133		19,965,133
	22,817,000	BMW US Capital LLC 5.22% due 2/23/2007		22,744,214		22,744,214
	24,030,000	BMW US Capital LLC 5.22% due 3/01/2007		23,932,438		23,932,438
	25,000,000	Burlington Northern Santa Fe Corporation 5.28% due 2/01/2007		25,000,000		25,000,000
	20,000,000	Burlington Northern Santa Fe Corporation 5.30% due 2/06/2007		19,985,278		19,985,278
	30,000,000	Burlington Northern Santa Fe Corporation 5.33% due 2/16/2007		29,933,375		29,933,375
	25,000,000	Honeywell International Inc. 5.20% due 2/01/2007		25,000,000		25,000,000
	30,000,000	Honeywell International Inc. 5.21% due 2/08/2007		29,969,608		29,969,608
	20,000,000	Honeywell International Inc. 5.21% due 2/09/2007		19,976,844		19,976,844
	25,000,000	Nestlé Capital Corporation 5.20% due 2/01/2007		25,000,000		25,000,000
	25,000,000	Nestlé Capital Corporation 5.20% due 2/09/2007		24,971,111		24,971,111
	8,456,000	Nestlé Capital Corporation 5.20% due 2/09/2007		8,446,229		8,446,229
	28,250,000	Nestlé Capital Corporation 5.21% due 2/12/2007		28,205,028		28,205,028
	25,000,000	Nestlé Capital Corporation 5.20% due 2/12/2007		24,960,278		24,960,278
	20,000,000	Nestlé Capital Corporation 5.21% due 2/12/2007		19,968,161		19,968,161
	25,000,000	Nestlé Capital Corporation 5.20% due 2/20/2007		24,931,389		24,931,389
	20,000,000	Nestlé Capital Corporation 5.19% due 2/27/2007		19,925,033		19,925,033
	25,000,000	Nestlé Capital Corporation 5.19% due 3/01/2007		24,899,083		24,899,083
	25,000,000	Nestlé Capital Corporation 5.19% due 3/01/2007		24,899,083		24,899,083
	25,000,000	Nestlé Capital Corporation 5.19% due 3/14/2007		24,852,229		24,852,229
	24,779,000	Procter and Gamble Company 5.22% due 2/01/2007		24,779,000		24,779,000
	20,000,000	Procter and Gamble Company 5.25% due 2/01/2007		20,000,000		20,000,000
	6,500,000	Procter and Gamble Company 5.26% due 2/02/2007		6,499,050		6,499,050
	30,000,000	Procter and Gamble Company 5.22% due 2/07/2007		29,973,900		29,973,900
	31,195,000	Procter and Gamble Company 5.23% due 2/08/2007		31,163,276		31,163,276
	24,115,000	Procter and Gamble Company 5.21% due 2/09/2007		24,087,080		24,087,080
	13,631,000	Procter and Gamble Company 5.22% due 2/09/2007		13,615,188		13,615,188
	4,038,000	Procter and Gamble Company 5.21% due 2/09/2007		4,033,325		4,033,325
	25,000,000	Procter and Gamble Company 5.22% due 2/12/2007		24,960,125		24,960,125
	25,000,000	Procter and Gamble Company 5.24% due 2/13/2007		24,956,333		24,956,333
	17,017,000	Procter and Gamble Company 5.25% due 2/14/2007		16,984,739		16,984,739
	25,000,000	Procter and Gamble Company 5.24% due 2/15/2007		24,949,056		24,949,056
	25,000,000	Procter and Gamble Company 5.24% due 2/28/2007		24,901,750		24,901,750
	25,000,000	Procter and Gamble Company 5.24% due 3/02/2007		24,894,472		24,894,472
	25,000,000	Procter and Gamble Company 5.23% due 3/09/2007		24,869,250		24,869,250
	20,000,000	Procter and Gamble Company 5.23% due 3/09/2007		19,895,400		19,895,400
	25,000,000	Procter and Gamble Company 5.23% due 3/14/2007		24,851,090		24,851,090
	21,878,000	RaboBank USA Finance Corporation 5.26% due 2/01/2007		21,878,000		21,878,000
	19,291,000	RaboBank USA Finance Corporation 5.245% due 2/08/2007		19,271,326		19,271,326
	15,000,000	RaboBank USA Finance Corporation 5.24% due 2/08/2007		14,984,717		14,984,717
	25,000,000	RaboBank USA Finance Corporation 5.245% due 2/09/2007		24,970,861		24,970,861
	25,000,000	RaboBank USA Finance Corporation 5.235% due 2/13/2007		24,956,375		24,956,375
	6,878,000	RaboBank USA Finance Corporation 5.25% due 2/15/2007		6,863,957		6,863,957
	27,543,000	RaboBank USA Finance Corporation 5.23% due 2/28/2007		27,434,963		27,434,963
	30,000,000	RaboBank USA Finance Corporation 5.25% due 3/26/2007		29,768,125		29,768,125
	23,500,000	RaboBank USA Finance Corporation 5.25% due 3/27/2007		23,314,938		23,314,938
	20,425,000	Air Products and Chemicals Inc. 5.22% due 2/01/2007		20,425,000		20,425,000
	20,000,000	American Express Credit Corporation 5.10% due 2/01/2007		20,000,000		20,000,000
	19,223,000	American Express Credit Corporation 5.24% due 2/02/2007		19,220,202		19,220,202
	25,984,000	American Express Credit Corporation 5.21% due 2/12/2007		25,942,635		25,942,635
	20,451,000	American Express Credit Corporation 5.24% due 2/20/2007		20,394,442		20,394,442
	23,418,000	American Express Credit Corporation 5.24% due 3/01/2007		23,322,559		23,322,559
	16,668,000	Dow Jones & Company Inc. 5.33% due 2/01/2007		16,668,000		16,668,000
	3,694,000	Dow Jones & Company Inc. 5.33% due 2/12/2007		3,687,984		3,687,984
	6,500,000	Dow Jones & Company Inc. 5.32% due 2/20/2007		6,481,749		6,481,749
	7,000,000	L’Oréal SA 5.22% due 2/01/2007		7,000,000		7,000,000
	30,000,000	L’Oréal SA 5.22% due 2/12/2007		29,952,150		29,952,150
	20,000,000	L’Oréal SA 5.22% due 2/20/2007		19,944,900		19,944,900

See Notes to Schedules of Investments.

Principal Amount			Cost (Note 1)			Value (Note 1)
	21,963,000	L’Oréal SA 5.23% due 2/21/2007	$	21,899,185		$	21,899,185
	29,000,000	L’Oréal SA 5.22% due 2/23/2007		28,907,490			28,907,490
	25,000,000	L’Oréal SA 5.22% due 3/01/2007		24,898,500			24,898,500
	15,000,000	Dell Inc. 5.26% due 2/02/2007		14,997,808			14,997,808
	25,000,000	Dell Inc. 5.26% due 3/02/2007		24,894,069			24,894,069
	27,000,000	Unilever Capital Corporation 5.19% due 2/05/2007		26,984,400			26,984,400
	21,312,000	Unilever Capital Corporation 5.21% due 2/05/2007		21,299,663			21,299,663
	9,650,000	Unilever Capital Corporation 5.20% due 2/13/2007		9,633,273			9,633,273
	20,000,000	Unilever Capital Corporation 5.20% due 2/26/2007		19,927,778			19,927,778
	25,515,000	Emerson Electric Company 5.22% due 2/05/2007		25,500,201			25,500,201
	23,100,000	Emerson Electric Company 5.22% due 2/07/2007		23,079,903			23,079,903
	28,662,000	Emerson Electric Company 5.22% due 2/20/2007		28,583,036			28,583,036
	25,000,000	Vulcan Materials Company 5.27% due 2/05/2007		24,985,361			24,985,361
	24,500,000	Vulcan Materials Company 5.22% due 2/16/2007		24,446,713			24,446,713
	20,000,000	7-Eleven Inc. 5.21% due 2/05/2007		19,988,422			19,988,422
	6,573,000	7-Eleven Inc. 5.23% due 2/09/2007		6,565,361			6,565,361
	4,600,000	7-Eleven Inc. 5.27% due 2/12/2007		4,592,593			4,592,593
	19,810,000	7-Eleven Inc. 5.22% due 2/13/2007		19,775,531			19,775,531
	18,486,000	7-Eleven Inc. 5.26% due 2/20/2007		18,434,681			18,434,681
	20,000,000	7-Eleven Inc. 5.21% due 2/26/2007		19,927,639			19,927,639
	17,578,000	7-Eleven Inc. 5.22% due 2/28/2007		17,509,182			17,509,182
	18,000,000	7-Eleven Inc. 5.20% due 3/05/2007		17,916,800			17,916,800
	15,444,000	7-Eleven Inc. 5.21% due 3/06/2007		15,370,242			15,370,242
	20,000,000	7-Eleven Inc. 5.22% due 3/08/2007		19,898,500			19,898,500
	12,400,000	7-Eleven Inc. 5.22% due 3/09/2007		12,335,272			12,335,272
	15,000,000	BellSouth Corporation 5.21% due 2/05/2007		14,991,317			14,991,317
	25,000,000	BellSouth Corporation 5.24% due 2/20/2007		24,930,861			24,930,861
	14,585,000	Caterpillar Financial Services Corporation 5.225% due 2/05/2007		14,576,533			14,576,533
	23,137,000	Caterpillar Financial Services Corporation 5.22% due 2/07/2007		23,116,871			23,116,871
	35,665,000	Caterpillar Financial Services Corporation 5.20% due 3/05/2007		35,500,148			35,500,148
	26,157,000	Hitachi Limited 5.28% due 2/06/2007		26,137,818			26,137,818
	14,000,000	Hitachi Limited 5.23% due 3/13/2007		13,918,644			13,918,644
	25,000,000	General Electric Company 5.20% due 2/07/2007		24,978,333			24,978,333
	25,000,000	General Electric Company 5.21% due 2/09/2007		24,971,056			24,971,056
	24,497,000	General Electric Company 5.21% due 2/21/2007		24,426,095			24,426,095
	3,858,000	General Electric Company 5.20% due 3/06/2007		3,839,610			3,839,610
	23,326,000	General Electric Company 5.20% due 3/16/2007		23,181,120			23,181,120
	25,000,000	Pitney Bowes Inc. 5.21% due 2/07/2007		24,978,292			24,978,292
	10,577,000	Pitney Bowes Inc. 5.22% due 2/12/2007		10,560,130			10,560,130
	28,725,000	Pitney Bowes Inc. 5.20% due 2/27/2007		28,617,122			28,617,122
	24,000,000	Siemens AG 5.21% due 2/07/2007		23,979,160			23,979,160
	30,000,000	Siemens AG 5.22% due 2/14/2007		29,943,450			29,943,450
	22,344,000	Siemens AG 5.23% due 2/14/2007		22,301,801			22,301,801
	23,500,000	Siemens AG 5.22% due 2/15/2007		23,452,295			23,452,295
	30,000,000	Siemens AG 5.23% due 2/16/2007		29,934,625			29,934,625
	5,469,000	Siemens AG 5.22% due 2/16/2007		5,457,105			5,457,105
	20,000,000	Siemens AG 5.21% due 2/20/2007		19,945,006			19,945,006
	25,306,000	Siemens AG 5.20% due 3/01/2007		25,203,651			25,203,651
	25,156,000	Siemens AG 5.20% due 3/01/2007		25,054,258			25,054,258
	34,132,000	Siemens AG 5.19% due 3/02/2007		33,989,219			33,989,219
	25,000,000	Siemens AG 5.20% due 3/05/2007		24,884,444			24,884,444
	25,798,000	Siemens AG 5.22% due 3/07/2007		25,670,816			25,670,816
	24,202,000	Siemens AG 5.21% due 3/07/2007		24,082,913			24,082,913
	28,937,000	Siemens AG 5.20% due 3/19/2007		28,744,730			28,744,730
	25,000,000	Siemens AG 5.20% due 3/19/2007		24,833,889			24,833,889
	25,000,000	Siemens AG 5.21% due 3/19/2007		24,833,569			24,833,569
	25,000,000	Siemens AG 5.22% due 3/20/2007		24,829,625			24,829,625
	20,000,000	Siemens AG 5.22% due 3/20/2007		19,863,700			19,863,700
	14,150,000	Siemens AG 5.22% due 3/21/2007		14,051,516			14,051,516
	10,000,000	AT&T Corporation 5.26% due 2/07/2007		9,991,233			9,991,233
	30,000,000	AT&T Corporation 5.24% due 2/12/2007		29,951,967			29,951,967
	5,268,000	AT&T Corporation 5.23% due 2/12/2007		5,259,581			5,259,581
	10,790,000	AT&T Corporation 5.28% due 2/13/2007		10,771,010			10,771,010
	22,738,000	AT&T Corporation 5.23% due 2/27/2007		22,652,114			22,652,114
	29,000,000	AT&T Corporation 5.24% due 2/28/2007		28,886,030			28,886,030
	10,000,000	AT&T Corporation 5.24% due 3/12/2007		9,943,233			9,943,233
	25,000,000	AT&T Corporation 5.25% due 3/29/2007		24,795,833			24,795,833
	25,000,000	Hewlett-Packard Company 5.28% due 2/08/2007		24,974,333			24,974,333
	10,000,000	Hewlett-Packard Company 5.25% due 2/08/2007		9,989,792			9,989,792
	30,000,000	Hewlett-Packard Company 5.29% due 2/09/2007		29,964,733			29,964,733
	7,800,000	Hewlett-Packard Company 5.29% due 2/09/2007		7,790,831			7,790,831
	11,500,000	Pearson Holdings Inc. 5.32% due 2/08/2007		11,488,104			11,488,104
	17,739,000	Toyota Motor Credit Corporation 5.23% due 2/12/2007		17,710,652			17,710,652
	10,000,000	Diageo Plc 5.37% due 2/13/2007		9,982,100			9,982,100
	25,000,000	Johnson & Johnson 5.17% due 2/14/2007		24,953,326			24,953,326
	25,000,000	Johnson & Johnson 5.17% due 3/01/2007		24,899,472			24,899,472
	25,000,000	Johnson & Johnson 5.17% due 3/15/2007		24,849,208			24,849,208
	25,000,000	Johnson & Johnson 5.16% due 3/19/2007		24,835,167			24,835,167
	10,000,000	The Coca-Cola Company 5.19% due 2/20/2007		9,972,608			9,972,608
	25,000,000	The Coca-Cola Company 5.20% due 2/26/2007		24,909,722			24,909,722
	26,832,000	Prudential Group Inc. 5.21% due 2/23/2007		26,746,570			26,746,570
	25,000,000	Merrill Lynch and Company Inc. 5.23% due 2/27/2007		24,905,569			24,905,569
	25,000,000	Merrill Lynch and Company Inc. 5.21% due 3/19/2007		24,833,570			24,833,570
	11,116,000	Dover Corporation 5.22% due 2/27/2007		11,074,093			11,074,093
	24,713,000	Wal-Mart Stores Inc. 5.19% due 3/06/2007		24,595,428			24,595,428
	10,500,000	Henkel Corporation 5.27% due 3/19/2007		10,429,294			10,429,294
		Total Short-Term Investments		3,184,309,638			3,184,309,638
		Total Investments (99.98%)	$	15,685,125,331	*		20,667,435,835
		Other assets in excess of liabilities (0.02%)					4,939,791
		Net Assets (100.00%)				$	20,672,375,626

See Notes to Schedules of Investments.

*          At January 31, 2007 cost is substantially identical for both book and federal income tax purposes.

Foreign Currencies

CAD -Canadian dollar

EUR - euro

GBP - pound sterling

HKD - Hong Kong dollar

MYR - Malaysian ringgit

SEK - Swedish krona

SGD - Singapore dollar

Sector/Industry Classifications	Percent of Net Assets
(1) Consumer Discretionary	10.19	%
(2) Consumer Staples	10.44	%
(3) Energy	3.35	%
(4) Financials	1.74	%
(5) Government Issues	3.44	%
(6) Health Care	4.86	%
(7) Holding Companies	7.90	%
(8) Industrials	6.20	%
(9) Materials	1.43	%
(10) Media	11.53	%
(11) Paper and Forest Products	2.15	%
(12) Precious Metals	5.00	%
(13) Real Estate	0.09	%
(14) Retail	4.88	%
(15) Technology and Telecommunications	9.11	%
(16) Transportation	2.06	%
(17) Utilities	0.21	%

(a)	Non-income producing security/commodity.
(b)	All or a portion of the security is exempt from registration under the Securities Act of 1933. Rule 144A securities may only be sold to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.
(c)	Affiliate 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. Following is a summary of transactions with each such affiliate for the quarter ended January 31, 2007.

	Purchases				Sales
									Realized		Dividend
Affiliate	Shares		Cost		Shares		Cost		Gain		Income
Blount International Inc.		—		—		—		—		—		—
City e-Solutions Limited		—		—		—		—		—	$	83,128
Daeduck GDS Company, Limited		—		—		—		—		—		226,581
Deceuninck		—		—		—		—		—		398,142
East Texas Financial Services, Inc.		—		—		—		—		—		28,688
Mills Music Trust		—		—		—		—		—		168,431
Nam Yang Dairy Products Company, Limited		—		—		—		—		—		51,319
NSC Groupe		—		—		—		—		—		132,116
Phoenixtec Power Company, Limited		8,131,340	$	8,617,452		—		—		—		1,063,522
Rayonier Inc.		—		—		251,850	$	6,433,928	$	3,400,514		12,331,145
Sabeton SA		—		—		—		—		—		54,424
Shaw Brothers (Hong Kong) Limited		—		—		864,400		1,247,052		320,125		1,286,336
Shimano Inc.		274,200		7,726,448		170,800		4,693,599		377,657		1,549,098
Société Sucrière de Pithiviers-le-Vieil		—		—		—		—		—		1,428,326
T. Hasegawa Company, Limited		—		—		—		—		—		670,571
Total									$	4,098,296	$	19,471,827

(d)	Security for which there is less than three market makers.
(e)	In default as to principal and/or interest.
(f)	Represents interest in a restricted security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. Information concerning each restricted security holding on January 31, 2007 is shown below.

Security	Acquisition Date	Cost		Carrying Value Per Share/Principal
Kaiser Ventures LLC	6/24/1993		—	$	2.87
FINEL 9½% due 6/30/2017	6/22/2005	$	14,474,400		0.65
FINEL 9½% due 10/15/2017	10/11/2005		18,067,500		0.65
LandCo LLC	9/6/2006		669,030		3.48

(g)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing 0.15% of net assets.
(h)	Inflation protected security

See Notes to Schedules of Investments.

First Eagle Overseas Fund
SCHEDULE OF INVESTMENTS
January 31, 2007
(unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks (70.71%)
	Australia and New Zealand (0.45%)
9,442,651	Spotless Group Limited (8)	$	26,684,569	$	34,718,149
3,804,345	News and Media NZ Limited exchangeable preference shares (10)		9,769,634		14,332,870
5,750,000	Tasman Farms (a)(c)(2)		1,054,354		2,796,513
			37,508,557		51,847,532
	Belgium (0.54%)
1,986,373	Deceuninck (c)(1)		46,012,352		62,142,122
	Brazil (0.56%)
718,436	Petroleo Brasiliero SA ADR (3)		33,865,845		63,725,273
	Canada (1.24%)
680,080	EnCana Corporation (3)		7,193,022		32,664,242
828,640	Aber Diamond Corporation (9)		18,495,017		31,857,260
2,539,670	Yellow Pages Income Fund (10)		28,208,158		27,881,253
2,289,690	IAMGOLD Corporation (12)		12,693,787		20,031,876
4,682,850	Catalyst Paper Corporation (a)(11)		14,200,367		15,522,163
488,940	Goldcorp Inc. (12)		10,453,513		13,548,527
50,000	Metallica Resources Inc. (a)(12)		59,470		219,990
			91,303,334		141,725,311
	Chile (0.32%)
2,375,300	Quinenco SA ADR (8)		15,508,046		36,272,315
	Commonwealth of Independent States (0.07%)
176,148	Firebird Fund, L.P. (a)(b)(e)(7)		176,589		7,254,907
100,000	First NIS Regional Fund SICAV (b)(7)		1,000,000		125,000
9,000	Baltic Republic Fund (e)(7)		185,750		6,750
			1,362,339		7,386,657
	Denmark (0.10%)
121,610	Carlsberg A/S, ‘A’ (2)		5,275,639		11,392,982
	France (15.50%)
4,900,114	Sodexho Alliance SA (1)		146,026,897		341,331,095
1,932,135	Wendel Investissement (7)		44,291,101		288,529,053
4,693,490	Vivendi Universal SA (10)		110,838,835		192,804,967
1,265,000	Essilor International SA (6)		55,902,323		141,596,199
1,211,453	L’ Oréal SA (2)		90,179,023		127,801,991
1,816,722	Rémy Cointreau SA (2)		55,343,196		117,923,189
617,100	Neopost SA (8)		23,484,142		79,228,766
571,447	Laurent-Perrier (c)(2)		19,313,367		56,493,664
700,000	Société BIC SA (8)		27,529,842		47,166,972
172,220	Société Foncière Financière et de Participations (7)		22,591,007		42,788,508
540,680	Zodiac SA (8)		29,937,796		36,994,422
1,051,060	Télévision Française 1 SA (10)		27,663,943		35,533,991
38,750	Société Sucrière de Pithiviers-le Vieil (c)(2)		15,309,438		35,284,173
600,100	Carrefour SA (2)		27,697,271		34,502,939
220,000	Robertet SA (c)(2)		18,181,898		34,054,918
619,193	Trigano SA (1)		29,362,325		30,461,954
425,120	Total SA (3)		27,859,045		28,645,176
297,038	Financière Marc de Lacharrière SA (7)		9,573,875		27,819,845
275,200	Gaumont SA (10)		13,994,449		23,966,753
193,850	Cap Gemini SA (15)		6,678,281		12,280,186
128,661	Carbone Lorraine SA (8)		4,013,507		7,404,099

See Notes to Schedules of Investments.

Number of Shares			Cost (Note 1)		Value (Note 1)
	300,000	Frégate SAS 2% Conv. Pfd due 3/31/2013 (a)(e)(g)(h)(7)	$	3,620,400	$	6,595,008
	51,500	Robertet SA C.I. (2)		2,151,628		5,895,221
	3,593,581	FINEL (b)(e)(g)(h)(j)(11)		9,152,131		3,786,367
	26,499	NSC Groupe (8)		4,385,060		2,672,277
	1,000	Société Vermandoise de Sucreries (2)		854,846		1,821,119
	100,000	Sabeton SA (7)		1,463,143		1,592,178
	9,425	Spir Communication (10)		1,419,449		1,492,046
	20,000	Didot-Bottin SA (7)		1,934,129		1,456,895
	5,047	Guyenne et Gascogne SA (2)		560,072		670,957
				831,312,419		1,768,594,928
		Germany (3.16%)
	917,125	Fraport AG (16)		35,695,044		70,040,753
	796,610	Pfeiffer Vacuum Technology AG (c)(8)		28,013,594		68,702,015
	485,000	Hornbach Holding AG Pfd. (14)		27,517,310		51,726,467
	1,405,000	Bertelsmann AG D.R.C. (10)		31,678,271		45,233,659
	255,000	Axel Springer AG (10)		13,458,494		44,879,517
	1,618,390	Deutsche Telekom AG (15)		25,910,256		28,420,201
	1,644,040	Singulus Technologies (a)(8)		20,586,775		25,769,715
	177,930	Vossloh AG (16)		9,244,844		13,863,925
	221,850	Grenkeleasing AG (4)		10,056,963		10,094,607
	62,796	Praktiker Bau-und Heimwerkermaerkte Holding AG (1)		1,076,488		2,311,685
				203,238,039		361,042,544
		Hong Kong (1.41%)
	6,750,000	Guoco Group Limited (7)		49,304,815		86,875,368
	17,482,440	Shaw Brothers (Hong Kong) Limited (10)		15,754,118		33,090,498
	7,000,000	Hopewell Holdings Limited (13)		7,763,618		26,714,136
	10,000,000	SmarTone Telecommunications Holdings Limited (15)		11,260,665		11,026,304
	11,250,000	City e-Solutions Limited (1)		336,425		1,411,905
	12,000,000	China-Hong Kong Photo Products Holdings Limited (1)		949,952		1,198,678
	7,734,010	Lerado Group Holding Company Limited (1)		1,128,987		990,448
				86,498,580		161,307,337
		India (0.48%)
	1,150,000	Tata Motors Limited (1)		11,635,888		22,913,907
	4,250,000	Hindustan Lever Limited (2)		11,835,191		20,078,550
	482,001	Nestlé India Limited (2)		6,511,864		11,951,066
				29,982,943		54,943,523
		Indonesia (0.02%)
	4,500,000	PT Bat Indonesia Tbk (a)(c)(2)		4,735,462		2,225,275
		Italy (2.15%)
	5,649,726	Italcementi S.p.A. RNC (9)		55,206,891		104,652,009
	989,516	Italmobiliare S.p.A. RNC (9)		30,899,881		87,681,436
	6,392,560	Gewiss S.p.A. (c)(8)		24,423,667		52,803,016
				110,530,439		245,136,461
		Japan (16.25%)
	4,506,570	Toyota Motor Corporation (1)		188,977,596		296,374,501
	5,398,500	Shimano Inc. (c)(1)		95,184,798		156,750,093
	88,168	NTT DoCoMo Inc. (15)		139,871,932		134,201,199
	16,125,200	Aioi Insurance Company, Limited (4)		55,958,202		111,916,638
	2,247,000	Ono Pharmaceutical Company, Limited (6)		90,875,008		109,854,573
	11,956,430	NIPPONKOA Insurance Company, Limited (4)		58,951,532		97,918,399
	1,881,600	Secom Company, Limited (8)		74,592,577		92,768,631
	662,280	Hirose Electrice Company, Limited (15)		78,610,055		78,343,914
	2,267,900	Kose Corporation (2)		68,525,541		65,662,820
	1,216,120	Astellas Pharma Inc. (6)		50,717,565		51,608,517
	2,271,850	Nitto Kohki Company, Limited (c)(8)		38,484,456		49,238,921
	2,924,991	T. Hasegawa Company, Limited (c)(2)		38,402,243		44,158,569
	994,830	Takefuji Corporation (4)		40,006,029		39,995,647
	3,189,600	Mitsui Sumitomo Insurance Company, Limited (4)		15,084,508		38,047,758
	2,029,810	Toho Company, Limited (10)		20,431,118		37,192,614
	1,182,990	Mandom Corporation (2)		21,492,699		29,749,676

See Notes to Schedules of Investments.

Number of Shares			Cost (Note 1)		Value (Note 1)
	983,700	Meitec Corporation (8)	$	31,554,817	$	30,352,823
	200,000	Nippon Television Network Corporation (10)		28,448,858		28,655,334
	1,035,800	Fuji Seal International, Inc. (9)		26,985,308		25,491,211
	1,145,000	Ariake Japan Company, Limited (1)		24,903,904		24,910,866
	450,000	Canon Inc. (15)		15,750,090		23,638,169
	1,449,520	Cosel Company Limited (8)		24,228,293		23,478,183
	1,734,996	Nissin Healthcare Food Service Company, Limited (2)		29,912,189		22,260,651
	807,000	Shimachu Company Limited (14)		16,965,249		22,163,544
	1,050,000	Chofu Seisakusho Company, Limited (1)		15,520,961		21,584,564
	578,480	Olympus Corporation (6)		13,889,793		18,471,546
	1,510,300	Seikagaku Corporation (6)		9,933,945		15,554,647
	594,300	Aderans Company, Limited (2)		11,805,545		13,765,480
	235,600	Mabuchi Motor Company Limited (15)		14,077,682		13,662,208
	100,000	ASAHI Broadcasting Corporation (10)		6,141,481		12,987,550
	860,600	Maezawa Kasei Industries Company, Limited (c)(8)		15,225,469		12,949,757
	427,500	SK Kaken Company, Limited (8)		7,390,751		12,731,108
	788,600	Chudenko Corporation (8)		12,010,995		12,238,190
	475,000	Matsumoto Yushi-Seiyaku Company, Limited (9)		11,518,365		11,788,063
	520,100	Misumi Group Inc. (8)		9,736,710		10,024,676
	324,960	Icom Inc. (15)		7,835,814		8,897,858
	1,021,590	Sansei Yusoki Company, Limited (c)(8)		9,065,229		8,450,924
	284,350	Shoei Company, Limited (7)		1,376,325		7,809,422
	32,200	Keyence Corporation (15)		7,949,397		7,213,269
	1,142,300	Okumura Corporation (8)		5,834,050		5,953,170
	493,100	Yomeishu Seizo Company, Limited (2)		3,118,626		4,756,211
	730,000	Shingakukai Company, Limited (1)		6,128,280		4,571,369
	125,770	Makita Corporation (1)		3,237,704		4,338,511
	368,000	Tachi-S Company, Limited (1)		2,777,962		3,153,807
	325,000	Sonton Food Industry Company, Limited (2)		3,298,777		3,105,224
	145,764	Nagaileben Company, Limited (6)		2,940,116		3,044,663
	37,100	Tachihi Enterprise Company, Limited (13)		1,374,762		1,319,684
	13,600	As One Corporation (6)		360,022		355,511
	15,100	Doshisha Corporation (1)		281,401		286,049
				1,457,744,729		1,853,746,712
		Mexico (1.11%)
	6,924,940	Industrias Peñoles, SA de C.V. (12)		7,355,532		65,301,808
	10,734,970	Grupo Modelo SA de C.V. (2)		39,834,954		58,238,960
	76,300	Grupo Aeroportuario del Pacifico SA de C.V. ADR (16)		1,602,300		3,087,098
				48,792,786		126,627,866
		Netherlands (2.05%)
	2,668,019	Heineken Holding NV (2)		68,378,321		115,118,357
	564,948	Hal Trust NV (7)		16,178,190		52,801,401
	1,000,000	Koninklijke Grolsch NV (c)(2)		23,826,083		40,324,769
	825,000	Telegraaf Media Groep NV (10)		14,452,839		21,978,300
	178,700	Wegener NV (10)		1,063,135		3,086,973
				123,898,568		233,309,800
		Singapore (1.96%)
	15,445,080.00	Haw Par Corporation Limited (c)(8)		39,632,523		71,400,246
	16,847,500.00	Fraser & Neave Limited (2)		20,643,694		57,589,853
	10,000,000.00	United Overseas Land Limited (7)		12,162,423		33,206,368
	16,750,000.00	Singapore Airport Terminal Services Limited (16)		20,204,311		28,682,814
	17,549,625.00	ComfortDelgro Corporation Limited (16)		6,946,456		20,796,508
	924,840.00	United Overseas Bank Limited (4)		11,430,451		11,380,979
				111,019,858		223,056,768
		South Africa (0.65%)
	1,828,980.00	Gold Fields Limited ADR (12)		22,367,834		30,891,472
	1,591,010.00	Harmony Gold Mining Company, Limited ADR (a)(12)		17,567,971		21,303,624
	2,490,700.00	Mvelaphanda Resources Limited (a)(12)		7,795,793		14,456,799
	170,510.00	AngloGold Ashanti Limited ADR (12)		6,235,721		8,013,970
				53,967,319		74,665,865

See Notes to Schedules of Investments.

Number of Shares			Cost (Note 1)		Value (Note 1)
		South Korea (6.03%)
	437,510	Samsung Electronics Company, Limited Pfd. (15)	$	80,372,730	$	205,395,029
	118,970	Samsung Electronics Company, Limited (15)		76,836,183		73,163,707
	3,886,797	SK Telecom Company, Limited ADR (15)		84,564,665		92,311,429
	57,630	Lotte Confectionery Company, Limited (2)		28,238,265		71,310,621
	503,480	Honam Petrochemical Corporation (9)		26,353,510		40,695,516
	556,815	KT&G Corporation (2)		11,125,045		33,887,944
	895,720	Samsung Corporation (15)		26,823,097		28,826,677
	336,900	SK Corporation (3)		21,428,778		25,728,210
	741,500	Fursys Incorporated (c)(8)		5,637,805		19,610,568
	22,950	Nam Yang Dairy Products Company, Limited (2)		4,912,653		19,500,797
	28,850	Nam Yang Dairy Products Company, Limited Pfd. (2)		479,094		10,510,409
	591,500	Kangwon Land Inc. (1)		8,751,592		12,596,468
	376,300	Hankuk Paper Manufacturing Company, Limited (c)(11)		13,255,293		11,390,919
	338,740	GS Holdings Corporation (7)		10,889,131		11,189,394
	1,042,250	Daeduck GDS Company, Limited (c)(15)		8,149,986		8,457,557
	1,087,440	Daeduck Electronics Company, Limited (15)		7,707,302		8,027,305
	1,111,890	Dong Ah Tire & Rubber Company, Limited (1)		4,731,509		6,578,043
	39,160	Pacific Corporation (2)		5,419,100		6,238,980
	219,485	Sam-A Pharmaceutical Company, Limited (6)		1,688,533		1,699,464
	28,920	Daekyo Company, Limited Pfd. (1)		1,159,606		1,283,968
				428,523,877		688,403,005
		Spain (1.48%)
	2,129,275	Corporacion Financiera Alba SA (7)		43,647,730		147,489,656
	407,790	Altadis SA (2)		11,538,297		21,849,352
				55,186,027		169,339,008
		Switzerland (8.54%)
	1,010,875	Nestlé SA (2)		277,385,004		370,079,614
	2,414,958	Pargesa Holding SA (7)		136,885,700		261,018,931
	2,404,752	Kuehne & Nagel International AG (16)		25,502,758		185,240,676
	21,260	Sika AG (a)(9)		3,784,899		35,824,273
	1,332	Lindt & Spruengli AG (2)		8,731,132		34,030,796
	385,300	Schindler Holding PC (8)		7,460,045		24,733,400
	35,000	Edipresse SA (10)		11,616,314		16,569,709
	616,270	Micronas Semiconductor Holding AG (a)(15)		23,527,827		13,475,111
	78,857	Affichage Holding (10)		8,596,169		13,034,738
	2,468	Metall Zug PC AG (1)		2,538,531		11,703,815
	7,000	Hilti AG (e)(g)(h)(8)		4,485,845		5,055,166
	10,000	PubliGroupe SA (10)		1,375,950		3,699,097
				511,890,174		974,465,326
		Taiwan (0.21%)
	22,442,660	Phoenixtec Power Company, Limited (8)		23,313,554		24,060,069
		Thailand (0.03%)
	250,000	The Oriental Hotel Public Company, Limited (1)		1,152,073		3,043,353
		United Kingdom (5.16%)
	25,005,775	Tesco Plc (2)		146,927,572		205,039,778
	5,874,410	WPP Group PLC (10)		73,182,382		86,080,817
	5,989,190	Millennium & Copthorne Hotel Plc (1)		25,656,689		74,662,954
	23,128,358	Vodafone Group Plc (15)		48,637,739		67,147,220
	3,705,780	Spirax-Sarco Engineering Plc (8)		27,715,395		66,806,184
	980,460	Anglo American Plc (12)		20,007,157		45,467,270
	3,498,600	McBride Plc (2)		3,499,845		13,194,173
	3,146,000	JZ Equity Partners, Plc (4)		5,873,374		10,583,867
	300,000	Amdocs, Limited (a)(15)		6,197,557		10,404,000
	3,041,549	Chrysalis Group Plc (10)		6,876,392		8,591,695
	775,000	Trans-Siberian Gold Limited (a) (12)		1,123,590		807,268
				365,697,692		588,785,226
		United States (1.08%)

See Notes to Schedules of Investments.

Number of Shares			Cost (Note 1)		Value (Note 1)
	2,667,315	News Corporation, Class ‘A’ (10)	$	39,160,653	$	62,015,074
	926,070	Newmont Mining Corporation Holding Company (12)		22,265,089		41,765,757
	34,500	Third Avenue Global Value Fund L.P. (a)(b)(e) (7)		3,450,000		7,191,180
	213,257	Liberty Global Inc. Series ‘C’ (a)(10)		3,113,500		6,020,245
	204,117	Liberty Global Inc. (a) (10)		3,229,794		6,135,757
				71,219,036		123,128,013
		Miscellaneous (0.16%)
	1,094,523	Banco Latinoamericano de Exportaciones SA ADR (4)		13,960,676		18,322,315
		Total Common and Preferred Stocks		4,763,500,363		8,068,695,586

Ounces
		Commodity (3.33%)
	581,874	Gold bullion (a)(12)	295,692,050	379,963,626

Principal Amount
		Notes, Bonds and Convertible Bonds (5.39%)
		U.S. Dollar Notes and Bonds (0.03%)
	1,000,000	YPF Sociedad Anonima SA 91/8% due 2/24/2009 (3)	879,615	1,054,000
	2,000,000	Legrand SA 8½% due 2/15/2025 (8)	2,063,829	2,340,000
			2,943,444	3,394,000
		Non U.S. Dollar Notes and Bonds (5.33%)
SGD	24,900,000	Singapore Government 25/8% due 10/01/2007 (5)	14,923,258	16,170,482
SGD	56,842,000	Singapore Government 23/8% due 10/01/2009 (5)	34,291,451	36,417,445
CAD	16,500,000	Shaw Communications Inc. 7.4% due 10/17/2007 (10)	10,582,635	14,259,575
HKD	67,500,000	Hong Kong Government 3.57% due 12/17/2007 (5)	8,768,646	8,614,043
HKD	164,250,000	Hong Kong Government 3.34% due 12/19/2008 (5)	20,891,694	20,774,009
HKD	37,100,000	Hong Kong Government 2.52% due 3/24/2009 (5)	4,652,526	4,604,218
EUR	9,766,000	Koninklijke Ahold NV 57/8% due 5/09/2008 (14)	9,872,686	12,973,555
GBP	11,000,000	EMI Group Plc 8¼% due 5/20/2008 (10)	17,283,567	22,540,535
EUR	7,500,000	EMI Group Plc 85/8% due 10/15/2013 (10)	8,728,246	10,737,445
EUR	2,500,000	EMI Group Plc 85/8% due 10/15/2013 (b)(10)	2,935,178	3,579,148
SEK	55,000,000	Sweden Government I/L 4.526% due 12/01/2008 (5)	7,794,427	9,590,850
MYR	50,260,000	Malaysian Government 4.305% due 2/27/2009 (5)	13,317,128	14,533,604
MYR	56,664,000	Malaysian Government 3.756% due 4/28/2011 (5)	15,188,301	16,183,938
EUR	5,500,000	Independent News & Media Plc 5¾% due 5/17/2009 (10)	6,013,000	7,225,938
EUR	49,267,680	Republic of France O.A.T. I/L 3% due 7/25/2009 (i)(5)	57,977,866	65,475,032
EUR	121,841,767	Republic of France O.A.T. I/L 3% due 7/25/2012 (i)(5)	164,210,208	167,510,299
EUR	1,250,000	Rémy Cointreau SA 6½% due 7/01/2010 (b)(2)	1,425,105	1,684,941
EUR	22,300,000	Waterford Wedgwood Plc 97/8% due 12/01/2010 (b)(1)	27,382,851	28,500,181
GBP	1,000,000	Marks & Spencer Group Plc 63/8% due 11/07/2011 (1)	1,691,021	1,989,331
GBP	8,425,000	Enodis Plc 103/8% due 4/15/2012 (h)(8)	13,011,831	17,500,673
EUR	33,100,000	UPC Holding BV 7¾% due 1/15/2014 (b)(10)	38,372,491	43,648,473
EUR	21,600,000	UPC Holding BV 85/8% due 1/15/2014 (b)(10)	25,509,876	29,396,757
EUR	28,800,000	Ray Acquisition SCA 93/8% due 3/15/2015 (b)(8)	34,669,025	42,520,518
EUR	8,000,000	FINEL 9½% due 6/30/2017 (b)(e)(g)(h)(11)	9,649,600	5,203,196
EUR	10,000,000	FINEL 9½% due 10/15/2017 (b)(e)(g)(h)(11)	12,045,000	6,503,995
			561,187,617	608,138,181
		Non U.S. Dollar Convertible Bonds (0.03%)
EUR	243,500	Havas SA 4% due 1/01/2009 (10)	1,986,854	3,390,339.00
		Total Notes, Bonds and Convertible Bonds	566,117,915	614,922,520
		Short-Term Investments (20.52%)
	25,000,000	BellSouth Corporation 5.22% due 2/01/2007	25,000,000	25,000,000
	15,000,000	BellSouth Corporation 5.21% due 2/05/2007	14,991,317	14,991,317
	25,000,000	BellSouth Corporation 5.24% due 2/20/2007	24,930,861	24,930,861
	25,000,000	Burlington Northern Sante Fe Corporation 5.28% due 2/01/2007	25,000,000	25,000,000
	15,732,000	Burlington Northern Sante Fe Corporation 5.3% due 2/06/2007	15,720,420	15,720,420
	30,000,000	Burlington Northern Sante Fe Corporation 5.33% due 2/16/2007	29,933,375	29,933,375
	25,000,000	Honeywell International Inc. 5.20% due 2/01/2007	25,000,000	25,000,000

See Notes to Schedules of Investments.

Principal Amount			Cost (Note 1)		Value (Note 1)
	30,000,000	Honeywell International Inc. 5.21% due 2/08/2007	$	29,969,608	$	29,969,608
	20,000,000	Honeywell International Inc. 5.21% due 2/09/2007		19,976,845		19,976,845
	25,000,000	Nestlé Capital Corporation 5.20% due 2/01/2007		25,000,000		25,000,000
	11,600,000	Nestlé Capital Corporation 5.20% due 2/02/2007		11,598,324		11,598,324
	25,000,000	Nestlé Capital Corporation 5.20% due 2/12/2007		24,960,278		24,960,278
	48,250,000	Nestlé Capital Corporation 5.21% due 2/12/2007		48,173,189		48,173,189
	25,000,000	Nestlé Capital Corporation 5.20% due 2/20/2007		24,931,389		24,931,389
	19,668,000	Nestlé Capital Corporation 5.19% due 2/27/2007		19,594,278		19,594,278
	50,000,000	Nestlé Capital Corporation 5.19% due 3/01/2007		49,798,167		49,798,167
	25,000,000	Nestlé Capital Corporation 5.19% due 3/14/2007		24,852,229		24,852,229
	21,879,000	RaboBank USA Finance Corporation 5.26% due 2/01/2007		21,879,000		21,879,000
	15,000,000	RaboBank USA Finance Corporation 5.24% due 2/08/2007		14,984,717		14,984,717
	25,997,000	RaboBank USA Finance Corporation 5.245% due 2/08/2007		25,970,487		25,970,487
	25,000,000	RaboBank USA Finance Corporation 5.245% due 2/09/2007		24,970,861		24,970,861
	25,000,000	RaboBank USA Finance Corporation 5.235% due 2/13/2007		24,956,375		24,956,375
	13,672,000	RaboBank USA Finance Corporation 5.25% due 2/15/2007		13,644,086		13,644,086
	27,543,000	RaboBank USA Finance Corporation 5.23% due 2/28/2007		27,434,963		27,434,963
	30,000,000	RaboBank USA Finance Corporation 5.25% due 3/26/2007		29,768,125		29,768,125
	23,500,000	RaboBank USA Finance Corporation 5.25% due 3/27/2007		23,314,938		23,314,938
	20,000,000	Procter and Gamble Company 5.25% due 2/01/2007		20,000,000		20,000,000
	20,000,000	Procter and Gamble Company 5.22% due 2/07/2007		19,982,600		19,982,600
	22,491,000	Procter and Gamble Company 5.22% due 2/08/2007		22,468,172		22,468,172
	8,805,000	Procter and Gamble Company 5.23% due 2/08/2007		8,796,046		8,796,046
	2,330,000	Procter and Gamble Company 5.22% due 2/12/2007		2,326,284		2,326,284
	25,000,000	Procter and Gamble Company 5.24% due 2/13/2007		24,956,333		24,956,333
	25,000,000	Procter and Gamble Company 5.24% due 2/15/2007		24,949,056		24,949,056
	25,000,000	Procter and Gamble Company 5.24% due 2/28/2007		24,901,750		24,901,750
	25,000,000	Procter and Gamble Company 5.24% due 3/02/2007		24,894,472		24,894,472
	45,000,000	Procter and Gamble Company 5.23% due 3/09/2007		44,764,650		44,764,650
	25,000,000	Procter and Gamble Company 5.25% due 3/14/2007		24,851,090		24,851,090
	25,000,000	American Express Credit Corporation 5.24% due 2/02/2007		24,996,361		24,996,361
	26,000,000	American Express Credit Corporation 5.21% due 2/12/2007		25,958,609		25,958,609
	17,000,000	American Express Credit Corporation 5.21% due 2/15/2007		16,965,556		16,965,556
	15,038,000	American Express Credit Corporation 5.21% due 2/16/2007		15,005,355		15,005,355
	14,429,000	American Express Credit Corporation 5.44% due 2/20/2007		14,389,096		14,389,096
	10,276,000	American Express Credit Corporation 5.23% due 2/26/2007		10,238,678		10,238,678
	15,006,000	American Express Credit Corporation 5.24% due 3/01/2007		14,944,842		14,944,842
	25,000,000	The Sherwin-Williams Company 5.30% due 2/02/2007		24,996,319		24,996,319
	15,000,000	Dell Inc. 5.26% due 2/02/2007		14,997,808		14,997,808
	15,000,000	Dell Inc. 5.26% due 3/26/2007		14,883,842		14,883,842
	40,000,000	BMW US Capital LLC 5.22% due 2/05/2007		39,976,800		39,976,800
	30,000,000	BMW US Capital LLC 5.23% due 2/09/2007		29,965,133		29,965,133
	25,000,000	BMW US Capital LLC 5.22% due 2/13/2007		24,956,500		24,956,500
	20,000,000	BMW US Capital LLC 5.23% due 2/13/2007		19,965,133		19,965,133
	27,000,000	Unilever Capital Corporation 5.19% due 2/05/2007		26,984,430		26,984,430
	8,000,000	Unilever Capital Corporation 5.20% due 2/05/2007		7,995,378		7,995,378
	5,500,000	Unilever Capital Corporation 5.22% due 2/13/2007		5,490,430		5,490,430
	20,000,000	Unilever Capital Corporation 5.20% due 2/23/2007		19,936,444		19,936,444
	25,515,000	Emerson Electric Company 5.22% due 2/05/2007		25,500,201		25,500,201
	11,338,000	Emerson Electric Company 5.22% due 2/20/2007		11,306,764		11,306,764
	21,313,000	Pitney Bowes Inc. 5.21% due 2/05/2007		21,300,662		21,300,662
	25,000,000	Pitney Bowes Inc. 5.21% due 2/12/2007		24,960,201		24,960,201
	13,843,000	Hitachi Limited 5.28% due 2/06/2007		13,832,849		13,832,849
	25,000,000	General Electric Company 5.20% due 2/07/2007		24,978,333		24,978,333
	19,513,000	General Electric Company 5.21% due 2/21/2007		19,456,521		19,456,521
	24,000,000	Siemens AG 5.21% due 2/07/2007		23,979,160		23,979,160
	30,000,000	Siemens AG 5.22% due 2/14/2007		29,943,450		29,943,450
	20,000,000	Siemens AG 5.22% due 2/15/2007		19,959,400		19,959,400
	30,000,000	Siemens AG 5.23% due 2/16/2007		29,934,625		29,934,625
	20,000,000	Siemens AG 5.21% due 2/20/2007		19,945,006		19,945,006
	20,000,000	Siemens AG 5.20% due 3/1/2007		19,919,111		19,919,111
	15,868,000	Siemens AG 5.19% due 3/2/2007		15,801,659		15,801,659
	25,000,000	Siemens AG 5.20% due 3/5/2007		24,884,444		24,884,444
	28,937,000	Siemens AG 5.20% due 3/19/2007		28,744,730		28,744,730
	25,000,000	Siemens AG 5.21% due 3/19/2007		24,833,569		24,833,569
	25,000,000	Siemens AG 5.20% due 3/19/2007		24,833,889		24,833,889

See Notes to Schedule of Investments.

Principal Amount			Cost (Note 1)			Value (Note 1)
	25,000,000	Siemens AG 5.22% due 3/20/2007	$	24,829,625		$	24,829,625
	20,000,000	Siemens AG 5.22% due 3/20/2007		19,863,700			19,863,700
	14,150,000	Siemens AG 5.22% due 3/21/2007		14,051,516			14,051,516
	25,000,000	Hewlett-Packard Company 5.28% due 2/08/2007		24,974,333			24,974,333
	15,000,000	Vulcan Materials Company 5.215% due 2/08/2007		14,984,790			14,984,790
	25,000,000	Vulcan Materials Company 5.22% due 2/20/2007		24,931,125			24,931,125
	24,400,000	Vulcan Materials Company 5.22% due 2/28/2007		24,304,474			24,304,474
	20,500,000	7-Eleven Inc. 5.24% due 2/09/2007		20,476,129			20,476,129
	24,100,000	7-Eleven Inc. 5.24% due 2/14/2007		24,054,397			24,054,397
	15,000,000	7-Eleven Inc. 5.22% due 2/27/2007		14,943,450			14,943,450
	7,467,000	General Electric Capital Corporation 5.21% due 2/09/2007		7,458,355			7,458,355
	23,326,000	General Electric Capital Corporation 5.20%% due 3/16/2007		23,181,120			23,181,120
	30,000,000	L’Oréal SA 5.22% due 2/12/2007		29,952,150			29,952,150
	24,000,000	L’Oréal SA 5.23% due 2/22/2007		23,926,780			23,926,780
	29,000,000	L’Oréal SA 5.22% due 2/23/2007		28,907,490			28,907,490
	25,000,000	L’Oréal SA 5.22% due 3/01/2007		24,898,500			24,898,500
	17,739,000	Toyota Motor Credit Corporation 5.23% due 2/12/2007		17,710,652			17,710,652
	25,000,000	Johnson & Johnson 5.17% due 2/14/2007		24,953,326			24,953,326
	25,000,000	Johnson & Johnson 5.17% due 3/01/2007		24,899,472			24,899,472
	25,000,000	Johnson & Johnson 5.17% due 3/15/2007		24,849,208			24,849,208
	25,000,000	Johnson & Johnson 5.16% due 3/19/2007		24,835,167			24,835,167
	20,000,000	Prudential Group Inc. 5.21% 2/23/2007		19,936,322			19,936,322
	25,000,000	The Coca-Cola Company 5.20% due 2/26/2007		24,909,722			24,909,722
	28,725,000	Colgate-Palmolive Company 5.20% due 2/27/2007		28,617,122			28,617,122
	25,000,000	Merrill Lynch & Company Inc. 5.23% due 2/27/2007		24,905,569			24,905,569
	25,000,000	Merrill Lynch & Company Inc. 5.21% due 3/19/2007		24,833,569			24,833,569
	21,246,000	Dover Corporation 5.24% due 2/27/2007		21,165,596			21,165,596
	20,000,000	AT&T Corporation 5.24% due 2/28/2007		19,921,400			19,921,400
	10,000,000	AT&T Corporation 5.24% due 3/12/2007		9,943,233			9,943,233
	21,635,000	Caterpillar Financial Services Corporation 5.20% due 3/05/2007		21,534,998			21,534,998
	19,904,000	Wal-Mart Stores, Inc. 5.19% due 3/06/2007		19,809,307			19,809,307
	17,000,000	Henkel Corporation 5.27% due 3/19/2007		16,885,524			16,885,524
		Total Short-Term Investments		2,341,453,694			2,341,453,694
		Total Investments (99.95%)	$	7,966,764,022	*		11,405,035,426
		Liabilities in excess of other assets (0.05%)					5,875,284
		Net Assets (100.00%)				$	11,410,910,710	**

Foreign Currencies
CAD -	Canadian dollar
EUR -	euro
GBP -	pound sterling
HKD -	Hong Kong dollar
MYR -	Malaysian ringgit
SEK -	Swedish krona
SGD -	Singapore dollar

Sector/Industry Classifications	Percent of Net Assets
(1) Consumer Discretionary	9.77%
(2) Consumer Staples	14.94%
(3) Energy	1.33%
(4) Financials	2.97%
(5) Government Issues	3.15%
(6) Health Care	3.00%
(7) Holding Companies	8.62%
(8) Industrials	8.10%
(9) Materials	2.96%
(10) Media	7.54%
(11) Paper and Forest Products	0.37%
(12) Precious Metals	5.62%
(13) Real Estate	0.25%
(14) Retail	0.76%
(15) Technology and Telecommunications	7.23%
(16) Transportation	2.82%

(a)	Non-income producing security/commodity.
(b)      All or a portion of this security is exempt from registration under the Securities Act of 1933. Rule 144A securities may only be sold to qualified institutional buyers under the Securities Act of 1933.
(c)      Affiliate as defined by the Investment Company Act of 1940. An affiliate is defined as a company in which the Fund directly or

See Notes to Schedules of Investments.

indirectly owns, controls, or holds power to vote 5% or more of the outstanding voting securities. Following is a summary of transactions with each such affiliate for the three months ended January 31, 2007.

	Purchases			Sales				Realized Gain		Dividend Income
Affiliate		Shares	Cost		Shares		Cost
Daeduck GDS Company, Limited		—	—		—		—		—	$	192,259
Deceuninck		41,064	1,218,981		—		—		—		459,217
FINEL SA		—	—		—		—		—		—
Fursys Inc.		—	—		—		—		—		214,430
Gewiss S.p.A.		—	—		519,592	$	2,660,855	$	1,524,412		546,296
Hankuk Paper Manufacturing Company, Limited		149,110	4,782,500		—		—		—		—
Haw Par Corporation Limited		340,230	1,563,800		—		—		—		1,829,748
Koninklijke Grolsch NV		—	—		—		—		—		587,790
Laurent-Perrier		—	—		44,470		2,432,476		2,035,726		660,039
Maezawa Kasei Industries Company, Limited		—	—		—		—		—		226,536
Nitto Kohki Company, Limited		—	—		—		—		—		896,498
Pfeiffer Vacuum Technology AG		—	—		—		—		—		1,025,579
PT Bat Indonesia Tbk		—	—		—		—		—		—
Robertet SA		—	—		—		—		—		379,492
Sansei Yusoki Company, Limited		10,700	96,279		—		—		—		111,673
Shimano Inc.		232,300	6,545,671		—		—		—		1,320,365
Société Sucrière de Pithiviers-le Vieil		—	—		—		—		—		1,059,285
T. Hasegawa Company, Limited		—	—		—		—		—		583,668
Tasman Farms		—	—		—		—		—		—
								$	3,560,138	$	10,092,875

(d)	Commodity-linked security whereby the coupon, dividend and/or redemption amount is linked to the price of an underlying commodity.
(e)	Security for which there is less than three market makers.
(f)	In default as to principal and interest.
(g)	Represents interest in a restricted security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. Information concerning each restricted security holding on January 31, 2007 is shown below.

Security	Acquisition Date		Cost		Carrying Value Per Share/Principal
FINEL		7/14/1999	$	2,407,421	$	2.66
FINEL 9½% due 6/30/2017		6/22/2005		9,649,600		0.65
FINEL 9½% due 10/15/2017		10/11/2005		12,045,000		0.65
Fregaté SAS 2% Conv. Pfd. due 3/31/2013		4/30/2004		3,620,400		21.98
Hilti AG		11/30/2001		4,485,845		722.17

(h)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing 0.24% of net assets.
(i)	Inflation protected security
(j)	Held through Financiere Bleue, LLC.

See Notes to Schedules of Investments.

First Eagle U.S. Value Fund
SCHEDULE OF INVESTMENTS
January 31, 2007
(unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks-U.S. (55.86%)
		Consumer Discretionary (4.34%)
	234,680	McDonald’s Corporation	$	6,736,169	$	10,408,058
	142,660	Apollo Group Inc., Class ‘A’ (a)		6,003,395		6,191,444
	70,270	International Speedway Corporation, Class ‘A’		3,211,037		3,670,202
	129,710	Weyco Group, Inc.		2,262,417		3,135,091
	15,260	Nike Inc., Class ‘B’		1,204,847		1,507,841
	70,000	Hampshire Group, Limited (a)		1,171,963		1,011,500
	30,752	Wyndham Worldwide Corporation (a)		1,176,531		959,462
	600	St. John Knits International Inc. (a)		18,600		17,865
				21,784,959		26,901,463
		Consumer Staples (2.06%)
	116,664	Anheuser-Busch Companies Inc.		5,143,798		5,946,364
	168,915	Seneca Foods Corporation 0% Conv. Pfd. due 12/31/2049 (a)(c)		2,542,171		4,141,796
	50,000	Seneca Foods Corporation, Class ‘A’ (a)		752,500		1,226,000
	20,397	HJ Heinz Company		694,551		961,107
	5,710	Altria Group, Inc.		228,598		498,997
				9,361,618		12,774,264
		Energy (3.89%)
	121,280	Apache Corporation		7,986,564		8,849,802
	119,928	ConocoPhillips Company		4,247,616		7,964,418
	107,670	San Juan Basin Royalty Trust		3,989,231		3,549,880
	50,000	CNX Gas Corporation (a)(b)		800,000		1,279,000
	12,241	SEACOR Holdings Inc. (a)		631,754		1,239,156
	24,310	Murphy Oil Corporation		1,239,579		1,208,450
				18,894,744		24,090,706
		Financials (0.55%)
	60,000	Interpool Inc.		1,083,544		1,482,600
	38,440	Realogy Corporation (a)		1,088,645		1,149,356
	48,900	First Internet Bancorp (a)		802,923		760,395
				2,975,112		3,392,351
		Health Care (4.33%)
	178,890	Johnson & Johnson Inc.		11,091,932		11,949,852
	95,040	Wellpoint Inc. (a)		7,288,416		7,449,235
	111,270	Bausch & Lomb Inc.		5,230,272		6,195,514
	40,000	Dentsply International Inc.		580,150		1,233,600
				24,190,770		26,828,201
		Holding Companies (3.14%)
	177	Berkshire Hathaway Inc., Class ‘A’ (a)		14,783,882		19,478,850
		Industrials (8.76%)
	1,239,695	Blount International Inc. (a)		13,695,961		16,153,226
	357,340	Tyco International Limited		8,842,987		11,391,999
	247,940	UniFirst Corporation		6,584,788		10,296,948
	249,210	Cintas Corporation		9,513,098		10,254,992
	48,980	Manpower Inc.		2,059,795		3,572,112
	99,916	Avis Budget Group Inc. (a)		2,320,127		2,543,861
	5,000	Hardinge Inc.		54,150		73,500
				43,070,906		54,286,638
		Materials (0.36%)
	135,560	Tronox Inc. Class ‘A’		1,930,463		1,954,775
	426	Central Steel & Wire Company		167,885		263,055
				2,098,348		2,217,830
		Media (11.31%)
	551,343	Liberty Interactive (a)		9,879,191		13,436,229
	86,074	Liberty Capital (a)		5,746,317		8,805,370
	228,870	Getty Images, Inc. (a)		9,688,542		11,269,559
	62,361	OmniCom Group		5,631,059		6,560,377
	104,900	Comcast Corporation-Special Class ‘A’ (a)		2,946,791		4,558,954

See Notes to Schedules of Investments.

Number of Shares			Cost (Note 1)		Value (Note 1)
	182,295	News Corporation Class ‘A’	$	2,889,189	$	4,238,359
	107,835	Clear Channel Communications Inc.		3,393,174		3,916,567
	158,710	New York Times Company, Class ‘A’		3,807,247		3,664,614
	60,620	Meredith Corporation		3,145,030		3,574,155
	111,170	CBS Corporation Class ‘B’		2,881,361		3,465,169
	50,000	Dow Jones & Company Inc.		1,831,509		1,885,500
	92,500	Valassis Communications, Inc. (a)		2,650,498		1,421,725
	33,410	Viacom Inc. (a)		1,141,884		1,358,785
	32,694	Liberty Global Inc.(a)		551,508		982,782
	33,156	Liberty Global Inc. Series ‘C’ (a)		514,716		935,994
				56,698,016		70,074,139
		Paper and Forest Products (2.91%)
	222,045	Plum Creek Timber Company, Inc.		7,295,639		8,937,311
	161,620	Rayonier Inc.		5,272,320		6,981,984
	39,200	Deltic Timber Corporation		1,887,086		2,097,984
	300	Longview Fibre Company		6,300		6,294
				14,461,345		18,023,573
		Precious Metals (0.69%)
	94,570	Newmont Mining Corporation Holding Company		4,182,032		4,265,107
		Real Estate (0.02%)
	1,595	Prologis Trust 8.54% Pfd. Series ‘C’		82,039		95,501
	8,000	LandCo LLC (a)(c)(d)(e)		27,840		27,840
				109,879		123,341
		Retail (6.95%)
	258,180	Costco Wholesale Corporation		10,668,483		14,504,552
	284,010	The Home Depot Inc.		10,418,232		11,570,567
	178,770	Wal-Mart Stores, Inc.		8,067,936		8,525,541
	89,370	Tiffany & Company		2,760,620		3,508,666
	72,570	Barnes & Noble, Inc.		2,454,605		2,825,150
	55,000	Dillard’s Inc., Class ‘A’		798,967		1,888,700
	6,230	Federated Department Stores Inc.		115,998		258,483
				35,284,841		43,081,659
		Technology and Telecommunications (5.46%)
	445,655	Microsoft Corporation		10,445,364		13,752,913
	483,140	Intel Corporation		9,124,753		10,126,614
	149,870	Linear Technology Corporation		4,906,570		4,638,477
	157,090	Sprint Nextel Corporation		3,265,427		2,800,915
	82,550	Maxim Integrated Products Inc.		2,678,963		2,542,540
				30,421,077		33,861,459
		Utilities (1.09%)
	88,100	CalEnergy Capital Trust 6½% Conv. Pfd.		3,778,988		4,228,800
	39,550	IDACORP, Inc.		1,147,155		1,461,373
	40,000	Hawaiian Electric Industries, Inc.		845,477		1,071,600
				5,771,620		6,761,773
		Total Common and Preferred Stocks-U.S.		284,089,149		346,161,354
		Common Stocks-Non U.S. (0.24%)
		United Kingdom (0.24%)
	347,740	JZ Equity Partners, Plc (3)		694,612		1,169,877
	10,000	Amdocs Limited (a)(9)		184,186		346,800
		Total Common Stocks-Non U.S.		878,798		1,516,677
Ounces
		Commodity (2.28%)
	21,678	Gold bullion (a)		11,171,116		14,155,776
Principal Amount
		Notes, Bonds and Convertible Bonds (5.40%)
		U.S. Treasury Note (1.82%)
$	11,136,000	U.S. Treasury Note 51/8% due 6/30/2011		11,152,297		11,270,857
		U.S. Dollar Bonds and Notes (3.54%)

See Notes to Schedules of Investments.

Principal Amount			Cost (Note 1)			Value (Note 1)
	250,000	Crescent Real Estate Equities Company 9¼% due 4/15/2009 (8)	$	250,000		$	256,563
	1,075,000	GATX Corporation 87/8% due 6/01/2009 (3)		1,043,344			1,149,198
	500,000	American Standard Companies Inc. 8¼% due 6/01/2009 (5)		511,208			526,433
	650,000	Columbus McKinnon Corporation 10% due 8/01/2010 (5)		654,708			697,125
	1,000,000	Briggs & Stratton Corporation 87/8% due 3/15/2011 (1)		1,033,490			1,080,832
	179,000	Domino’s Inc. 8¼% due 7/01/2011 (1)		178,185			186,831
	1,000,000	Greif Inc. 87/8% due 7/01/2012 (6)		1,052,507			1,060,000
	6,300,000	Blount International Inc. 87/8% due 8/01/2012 (5)		6,334,840			6,520,500
	4,679,000	Tronox Worldwide 9½% due 12/01/2012 (6)		4,856,663			4,983,135
	125,000	R.H. Donnelley Finance Corporation 107/8% due 12/15/2012 (b)(3)		125,000			136,563
	1,000,000	Texas Industries, Inc. 7¼% due 7/15/2013 (6)		1,000,000			1,027,500
	786,000	Sirius Satellite Radio Inc. 95/8% due 8/01/2013 (7)		763,998			786,000
	250,000	Jostens, Inc. 10¼% due 12/01/2013 (a)(1)		177,696			227,500
	250,000	Elizabeth Arden Inc. 7¾% due 1/15/2014 (2)		250,000			253,750
	449,345	Avis Budget Car Rental 75/8% due 5/15/2014 (5)		439,847			448,222
	2,000,000	Lear Corporation 8¾% due 12/01/2016 (1)		1,937,728			2,005,000
	600,000	Bausch & Lomb Inc. 71/8% due 8/01/2028 (4)		508,956			603,280
				21,118,170			21,948,432
		U.S. Dollar Convertible Bond (0.04%)
	250,000	SCI Systems Inc. 3% due 3/15/2007 (9)		246,100			250,000
		Total Notes, Bonds and Convertible Bonds		32,516,567			33,469,289
		Short-Term Investments (35.92%)
	30,403,000	RaboBank USA Finance Corporation 5.26% due 2/01/2007		30,403,000			30,403,000
	7,000,000	7-Eleven Inc. 5.22% due 2/01/2007		7,000,000			7,000,000
	10,000,000	7-Eleven Inc. 5.23% due 2/09/2007		9,988,378			9,988,378
	1,556,000	7-Eleven Inc. 5.21% due 3/06/2007		1,548,569			1,548,569
	15,000,000	Emerson Electric Company 5.22% due 2/05/2007		14,991,300			14,991,300
	19,071,000	General Electric Capital Corporation 5.21% due 2/09/2007		19,048,920			19,048,920
	3,348,000	General Electric Capital Corporation 5.20% due 3/16/2007		3,327,205			3,327,205
	2,616,000	Procter and Gamble Company 5.22% due 2/09/2007		2,612,965			2,612,965
	15,000,000	Procter and Gamble Company 5.22% due 2/12/2007		15,000,000			15,000,000
	14,732,000	AT&T Corporation 5.23% due 2/12/2007		14,708,457			14,708,457
	17,062,000	AT&T Corporation 5.23% due 2/27/2007		16,997,553			16,997,553
	9,423,000	Pitney Bowes Inc. 5.22% due 2/12/2007		9,407,970			9,407,970
	16,056,000	Siemens AG 5.23% due 2/14/2007		16,025,676			16,025,676
	10,000,000	Unilever Capital Corporation 5.20% due 2/16/2007		9,978,333			9,978,333
	8,157,000	L’Oréal SA 5.23% due 2/21/2007		8,133,299			8,133,299
	7,683,000	BMW US Capital LLC 5.22% due 2/23/2007		7,658,491			7,658,491
	15,497,000	BMW US Capital LLC 5.23% due 2/26/2007		15,440,716			15,440,716
	10,332,000	Nestlé Capital Corporation 5.19% due 2/27/2007		10,293,272			10,293,272
	10,088,000	Dover Corporation 5.24% due 2/27/2007		10,049,823			10,049,823
		Total Short-Term Investments		222,613,927			222,613,927
		Total Investments (99.70%)	$	551,269,557	*		617,917,023
		Other assets in excess of liabilities (0.30%)					1,836,704
		Net assets (100.00%)				$	619,753,727

* At January 31, 2007 cost is substantially identical for both book and federal income tax purposes.

Sector/Industry Classifications

(1) Consumer Discretionary

(2) Consumer Staples

(3) Financials

(4) Health Care

(5) Industrials

(6) Materials

(7) Media

(8) Real Estate

(9) Technology and Telecommunications

(a)	Non-income producing security.
(b)	All or a portion of this seecurity 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)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing 0.67% of net assets.
(d)	Represents interest in a restricted security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. Information concerning each restricted security holding on January 31, 2007 is shown below.

				Carrying Value Per
Security	Acquisition Date	Cost		Share/Principal
LandCo LLC	9/6/06	$	27,840	$	3.48

(e) Security for which there is less than three market makers.

See Notes to Schedules of Investments.

FIRST EAGLE GOLD FUND
SCHEDULE OF INVESTMENTS
January 31, 2007
(unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks and Warrants (69.02%)
		Australia (8.57%)
	20,006,755	Lihir Gold Limited (a)	$	25,639,905	$	47,852,447
	2,093,770	Newcrest Mining Limited		25,933,694		33,872,268
	3,518,454	Kingsgate Consolidated Limited		13,348,725		10,076,800
				64,922,324		91,801,515
		Canada (26.48%)
	3,023,598	Barrick Gold Corporation		88,107,595		89,558,973
	6,273,188	IAMGOLD Corporation		36,718,871		54,882,418
	3,981,030	Kinross Gold Corporation (a)		31,291,859		52,947,699
	1,505,480	Minefinders Corporation (a)		11,887,675		15,876,713
	5,052,930	Aurizon Mines Limited (a)(c)		7,597,274		14,564,227
	2,850,940	Miramar Mining Corporation (a)		2,526,866		12,809,412
	2,819,290	Metallica Resources Inc. (a)		3,861,514		12,404,302
	1,936,960	Cumberland Resources (a)		4,905,706		11,198,768
	1,035,640	Dundee Precious Metals, Inc., Class ‘A’ (a)		6,160,773		9,719,002
	1,253,560	Richmont Mines, Inc. (a)(c)		4,269,305		3,092,455
	99,320	Goldcorp Inc.		2,122,737		2,752,157
	750,000	Golden Star Resources Limited (a)		970,106		2,460,000
	765,600	Wesdome Gold Mines Inc. (a)(b)		662,515		1,337,009
				201,082,796		283,603,135
		Mexico (2.33%)
	2,643,040	Industrias Peñoles, SA de C.V.		7,738,068		24,923,724
		South Africa (18.26%)
	977,700	AngloGold Ashanti Limited ADR		37,807,231		45,951,900
	2,709,300	Gold Fields Limited ADR		38,646,936		45,760,077
	2,894,270	Harmony Gold Mining Company Limited ADR (a)		31,494,106		38,754,275
	1,616,660	Randgold Resources Limited ADR (a)		27,930,725		38,007,677
	4,682,456	Mvelaphanda Resources Limited (a)		16,144,067		27,178,434
				152,023,065		195,652,363
		United Kingdom (0.09%)
	890,000	Trans-Siberian Gold Limited (a)		1,993,952		927,056
		United States (13.29%)
	4,841,355	Newmont Mining Corporation Holding Company		111,474,424		113,678,080
	891,940	Royal Gold, Inc.		16,311,679		28,729,387
	400,000	Canyon Resources Corporation warrants exp 12/01/2008 (a)(e)(h)		—		—
				127,786,103		142,407,467
		Total Common and Preferred Stocks and Warrants		555,546,308		739,315,260
Ounces
		Commodity (26.03%)
	426,969	Gold bullion (a)		203,439,819		278,810,691
Principal Amount
		Commodity-Linked Notes (0.81%)

See Notes to Schedules of Investments.

Principal Amount			Cost (Note 1)			Value (Note 1)
$	5,000,000	UBS Gold-Linked Note 0% due 2/08/2007 (a)(b)(d)(e)(g)	$	5,000,000		$	6,219,005
	1,988,000	HSBC Gold-Linked Note 0% due 2/09/2007 (a)(b)(d)(e)(f)		1,988,000			2,422,179
		Total Commodity-Linked Notes		6,988,000			8,641,184
		Short-Term Investments (2.84%)
	23,376,000	RaboBank USA Finance Corporation 5.26% due 2/01/2007		23,376,000			23,376,000
	7,070,000	Emerson Electric 5.22% due 2/05/2007		7,065,899			7,065,899
		Total Short-Term Investments		30,441,899			30,441,899
		Total Investments (98.70%)	$	796,416,026	*		1,057,209,034
		Other assets in excess of liabilities (1.30%)					13,959,660
		Net assets (100.00%)				$	1,071,168,694

*	At January 31, 2007 cost is substantially identical for both book and federal income tax purposes.
(a)	Non-income producing security/commodity.
(b)	All or a portion of this 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)	Affiliate 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.
	There were no transactions with this affiliate for the 3 months ended January 31, 2007.
(d)	Commodity-linked security whereby the coupon, dividend and/or redemption amount is linked to the price of an underlying commodity.
(e)	Security for which there is less than three market makers.
(f)	Leveraged 1½ to 1 to the price of gold bullion.
(g)	Leveraged 2 to 1 to the price of gold bullion.
(h)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing 0.00% of net assets.

See Notes to Schedules of Investments.

FIRST EAGLE FUND OF AMERICA
SCHEDULE OF INVESTMENTS
January 31, 2007
(unaudited)

Number of Shares			Cost (Note 1)		Value (Note 1)
		Common and Preferred Stocks - U.S. (87.26%)
		Biotechnology (3.07%)
	445,800	InterMune Inc. (a)(c)	$	7,764,482	$	15,603,000
	236,900	Medimmune Inc. (a)(c)		6,288,518		8,210,954
				14,053,000		23,813,954
		Consumer Discretionary (9.54%)
	455,900	Autoliv Inc. (c)		19,644,354		27,509,006
	187,700	The Black & Decker Corporation (c)		14,913,576		16,382,456
	207,700	The Stanley Works (c)		9,387,406		11,892,902
	100,600	Fortune Brands Inc.		8,517,486		8,422,232
	215,300	NTL Inc. (a)(c)		5,798,955		5,866,925
	131,700	Domino’s Pizza Inc. (c)		3,795,594		3,762,669
				62,057,371		73,836,190
		Consumer Staples (4.32%)
	613,150	Dean Foods Company (a)		13,896,813		27,131,888
	138,350	Treehouse Foods Inc. (a)		2,750,555		4,124,214
	158,400	Playtex Products Inc. (a)		1,783,397		2,230,272
				18,430,765		33,486,374
		Energy (8.78%)
	705,600	Teekay Shipping Corporation		29,944,634		35,428,176
	412,800	Grant Prideco Inc. (a)		17,895,982		16,173,504
	167,300	Devon Energy Corporation (c)		8,843,441		11,726,057
	138,800	Pride International Inc. (a)(c)		4,002,985		3,998,828
	22,300	Teekay Offshore Partners LP (a)		468,300		624,400
				61,155,342		67,950,965
		Health Care Services (10.29%)
	522,000	Baxter International Inc. (c)		18,993,640		25,922,520
	371,600	Edwards Lifesciences Corporation (a)		14,716,640		19,011,056
	754,900	HealthSouth Corporation (a)(c)		18,768,677		17,657,111
	325,900	Community Health Systems Inc. (a)(c)		7,139,873		11,650,925
	51,600	Manor Care Inc.		1,367,517		2,747,184
	5,125,781	Regen Biologics Inc. (a)		4,356,914		2,152,828
	67,777	Assistive Technology Inc. Ser. E-1 (a)(b)(d)(e)		883,921		220,980
	26,057	Assistive Technology Inc. Ser. F Pfd. (a)(b)(d)(e)		342,000		171,000
	51,966	Assistive Technology Inc. Ser. E-2 (a)(b)(d)(e)		500,000		125,000
				67,069,182		79,658,604
		Industrials (18.45%)
	381,600	General Dynamics Corporation (c)		19,759,113		29,822,040
	875,400	Tyco International Limited		14,005,529		27,907,752
	512,000	American Standard Companies Inc. (c)		15,857,723		25,287,680
	856,500	UAP Holding Corporation (c)		14,212,019		21,455,325
	155,100	Precision Castparts Corporation (c)		6,832,173		13,786,839
	253,300	Flowserve Corporation (a)		8,839,734		13,442,631
	709,600	DynCorp International Inc. (a)(c)		8,748,284		11,119,432
				88,254,575		142,821,699
		Information Technology (8.72%)
	461,400	DST Systems Inc. (a)(c)		23,543,767		32,519,472
	864,900	Agilent Technologies Inc. (a)(c)		25,694,667		27,676,800
	362,100	Agere Systems Inc. (a)(c)		7,351,306		7,292,694
				56,589,740		67,488,966
		Materials (8.42%)

See Notes to Schedules of Investments.

Numberof Shares			Cost (Note 1)		Value (Note 1)
	619,300	Ball Corporation (c)	$	17,116,977	$	28,685,976
	817,900	Crown Holdings Inc. (a)(c)		14,420,262		18,051,053
	288,700	Eagle Materials Inc. (c)		12,932,934		14,258,893
	183,900	Packaging Corporation of America		3,591,157		4,200,276
				48,061,330		65,196,198
		Pharmaceuticals (5.79%)
	510,900	Theravance Inc. (a)(c)		11,175,445		17,534,088
	820,800	Valeant Pharmaceuticals International		16,955,920		14,470,704
	969,700	Millennium Pharmaceuticals Inc. (a)(c)		9,816,491		10,763,670
	229,800	Enzon Pharmaceuticals, Inc. (a)		1,924,027		2,049,816
				39,871,883		44,818,278
		Telecommunication Services (9.88%)
	551,300	Alltel Corporation (c)		28,554,667		33,789,177
	189,600	Leap Wireless International Inc. (a)(c)		5,983,215		12,454,824
	1,177,182	Dobson Communications Corporation (a)(c)		5,296,476		11,406,894
	111,400	U.S. Cellular Corporation (a)(c)		7,916,910		8,031,940
	5,567	Rural Cellular Corporation 12¼% due 5/15/2011 Conv. Pfd. (a)		5,130,317		6,262,875
	367,000	Rural Cellular Corporation Class ‘A’ (a)		4,437,302		4,528,780
				57,318,887		76,474,490
		Total Common and Preferred Stocks—U.S.		512,862,075		675,545,718
		Common Stocks — Non U.S. (6.82%)
		Canada (2.11%)
	162,100	Teck Cominco Limited Class ‘B’ (3)(c)		11,788,739		11,969,464
	252,600	MDS Inc. (1)		4,587,647		4,369,980
				16,376,386		16,339,444
		Singapore (0.89%)
	374,500	Verigy Limited (2)(a)(c)		6,357,676		6,864,585
		United Kingdom (3.82%)
	465,800	Shire Plc ADR (4)(c)		11,492,470		29,568,984
		Total Common Stock — Non U.S.		34,226,532		52,773,013
		Warrants - U.S. (0.00%)
	9,873	Assistive Technology Inc. (a)(b)(d)(e)(1)		382		—
	37,234	Assistive Technology Inc. Ser. E-1 (a)(b)(d)(e)(1)		—		—
	1,470,588	Regen Biologics Inc. (a)(d)(e)(f)(1)		—		—
		Total Warrants - U.S.		382		—
		Repurchase Agreement (9.20%)
	71,259,142	State Steet Bank and Trust 4.25%, dated 1/31/2007, due 2/01/2007, repurchase value $71,267,554 (Collateralized by Mortgage Backed Securities)(d)		71,259,142		71,259,142
		Total Investment Portfolio Excluding Options Written		618,348,131		799,577,873

Contracts
		Covered Call Options Written (-2.29%)
	1,963	Agere Systems Inc. @ $20 exp. Feb 2007	(127,595	)
	362	Agere Systems Inc. @ $22.5 exp. Mar 2007	(7,240	)
	1,296	Agere Systems Inc. @ $20 exp. Mar 2007	(116,640	)
	1,678	Agilent Technologies Inc. @ $35 exp. Feb 2007	(8,390	)
	698	Agilent Technologies Inc. @ $32.5 exp. Feb 2007	(41,880	)
	1,070	Alltel Corporation @ $60 exp. Feb 2007	(230,050	)
	1,074	Alltel Corporation @ $60 exp. Apr 2007	(397,380	)
	2,065	American Standard Companies Inc. @ $45 exp. Feb 2007	(991,200	)
	1,118	Autoliv Inc. @ $60 epx. Feb 2007	(164,905	)
	520	Autoliv Inc. @ $60 exp. Mar 2007	(111,800	)
	518	Autoliv Inc. @ $55 exp. Mar 2007	(310,800	)
	701	Ball Corporation @ $45 exp. Feb 2007	(105,150	)
	2,990	Baxter International Inc. @ $47.5 exp. Feb 2007	(695,175	)
	920	Baxter International Inc. @ $45 exp. Feb 2007	(441,600	)
	287	The Black & Decker Corporation @ $85 exp. Feb 2007	(84,665	)
	1,151	The Black & Decker Corporation @ $80 exp. Feb 2007	(857,495	)

See Notes to Schedules of Investments.

Contracts			Cost (Note 1)			Value (Note 1)
	439	The Black & Decker Corporation @ $75 exp. Feb 2007				$	(544,360	)
	46	Community Health Systems Inc. @ $35 exp. Mar 2007					(8,050	)
	213	Crown Holdings Inc. @ $22.5 exp. Apr 2007					(22,365	)
	214	Crown Holdings Inc. @ $20 exp. Apr 2007					(56,175	)
	370	Devon Energy Corporation @ $70 exp. Feb 2007					(68,450	)
	1,303	Devon Energy Corporation @ $65 exp. Feb 2007					(807,860	)
	988	Dobson Communications Corporation @ $7.5 exp. Mar 2007					(227,240	)
	1,317	Domino’s Pizza Inc. @ $30 exp. Mar 2007					(59,265	)
	118	DST Systems Inc. @ $65 exp. Feb 2007					(67,850	)
	9	DST Systems Inc. @ $75 exp. May 2007					(1,373	)
	461	DST Systems Inc. @ $70 exp. May 2007					(179,790	)
	616	DynCorp International Inc. @ $15 exp. Feb 2007					(66,220	)
	1,697	DynCorp International Inc. @ $15 exp. Mar 2007					(220,610	)
	902	Eagle Materials Inc. @ $45 exp. Feb 2007					(441,980	)
	480	Eagle Materials Inc. @ $40 exp. Feb 2007					(458,400	)
	1,100	Eagle Materials Inc. @ $45 exp. Mar 2007					(610,500	)
	405	Eagle Materials Inc. @ $45 exp. Apr 2007					(230,850	)
	2,459	General Dynamics Corporation @ $75 exp. Feb 2007					(762,290	)
	1,357	General Dynamics Corporation @ $70 exp. Feb 2007					(1,072,030	)
	340	HealthSouth Corporation @ $22.5 exp. Apr 2007					(61,200	)
	305	InterMune Inc. @ $30 exp. Feb 2007					(158,600	)
	455	Leap Wireless International Inc. @ $60 exp. Apr 2007					(350,350	)
	455	Leap Wireless International Inc. @ $55 exp. Apr 2007					(541,450	)
	297	Medimmune Inc. @ $32.5 exp. Feb 2007					(71,280	)
	473	Medimmune Inc. @ $35 exp. Mar 2007					(52,030	)
	876	Medimmune Inc. @ $32.5 exp. Mar 2007					(238,710	)
	1,088	Millennium Pharmaceuticals Inc. @ $12.5 exp. Feb 2007					(5,440	)
	3,263	Millennium Pharmaceuticals Inc. @ $10 exp. Feb 2007					(358,930	)
	1,258	Millennium Pharmaceuticals Inc. @ $10 exp. May 2007					(194,990	)
	720	NTL Inc. @ $27.5 exp. Mar 2007					(75,600	)
	1,454	Precision Castparts Corporation @ $80 exp. Mar 2007					(1,432,190	)
	97	Precision Castparts Corporation @ $75 exp. Mar 2007					(139,680	)
	560	Pride International Inc. @ $30 exp. Feb 2007					(25,200	)
	3,019	Shire Plc ADR @ $65 exp. Apr 2007					(1,011,365	)
	1,639	Shire Plc ADR @ $60 exp. Apr 2007					(967,010	)
	247	Teck Cominco Limited Class B @ $80 exp. Feb 2007					(9,263	)
	1,146	Teck Cominco Limited Class B @ $75 exp. Feb 2007					(194,820	)
	228	Teck Cominco Limited Class B @ $70 exp. Feb 2007					(106,020	)
	208	The Stanley Works @ $52.5 exp. Feb 2007					(105,040	)
	138	The Stanley Works @ $55 exp. Mar 2007					(46,230	)
	208	The Stanley Works @ $55 exp. Apr 2007					(84,240	)
	485	The Stanley Works @ $52.5 exp. Apr 2007					(266,750	)
	1,104	Theravance Inc. @ $35 exp. Mar 2007					(198,720	)
	1,714	UAP Holding Corporation @ $25 exp. Mar 2007					(167,115	)
	587	U.S. Cellular Corporation @ $75 exp. May 2007					(121,803	)
	178	Verigy Limited @ $17.5 exp. Feb 2007					(19,135	)
	630	Verigy Limited @ $17.5 exp. May 2007					(133,875	)
		Total Covered Call Options Written (premium received $15,737,736)					(17,734,659	)
		Total Investment Portfolio (100.99%)	$	634,085,867	*		781,843,214
		Liabilities in excess of other assets (-0.99%)					(7,673,019	)
		Net Assets (100.00%)				$	774,170,195

*	At January 31, 2007, cost is substantially identical for both book and federal income tax purposes.
	Sector/Industry Classification
	(1) Health Care Services
	(2) Information Technology
	(3) Materials
	(4) Pharmaceuticals

See Notes to Schedules of Investments.

(a)	Non-income producing security.
(b)	Restricted security priced at fair value by the Valuation Committee of the Board of Trustees. Represents ownership interest in a security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. Information concerning each restricted security holding on January 31, 2007 is shown below:

Security	Acquisition Date		Cost		Carrying Value        Per Share/Principal
Assistive Technology Inc. Ser. E-1		10/31/1995	$	883,921	$	3.26
Assistive Technology Inc. Ser. E-2		12/19/1996		500,000		2.41
Assistive Technology Inc. Ser. F Pfd.		12/07/2001		342,000		6.56
Assistive Technology Inc. Warrants		10/21/1998		382		—
Assistive Technology Inc. Ser. E-1 Warrants		10/21/1998		—		—

(c)	At January 31, 2007, all or a portion of this security was segregated to cover collateral requirement for options.
(d)	Security for which there is less than three market makers.
(e)	Securities valued in accordance with the fair value procedures under the supervision of the Board of Trustees, representing 0.07% of net assets.
(f)	All or a portion of the security is exempt from registration under the Securities Act of 1933

See Notes to Schedules of Investments.

FIRST EAGLE FUNDS

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)

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 five separate portfolios, First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold 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 and was until April 23, 2004 a Maryland corporation operating under the name First Eagle Funds, Inc. (First Eagle SoGen Funds, Inc. prior to December 31, 2002). First Eagle Fund of America, previously a portfolio of a separate Delaware statutory trust, was reorganized as a portfolio of the Trust effective December 31, 2002.

Investment valuation— Each Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange (“NYSE”) is open for trading. The net asset value per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation.

A portfolio investment (including an option), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is normally valued at the price of the last sale on the exchange as of the close of business on the date on which assets are valued. If there are no sales on such date, such portfolio securities 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 price). 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 price), except if such unlisted security is traded on the NASDAQ in which case it is valued at its last sale price (or, if available in the case of NASDAQ securities, the NASDAQ Official Closing Price (“NOCP”)). All bonds, whether listed on an exchange or traded in the over-the-counter market (and except for short-term investments as described in the next sentence), for which market quotations are readily available are valued at the mean between the last bid and asked prices received from dealers in the over-the-counter market in the United States or abroad, except that when no asked price is available, bonds are valued at the last bid price alone. Short-term investments maturing in sixty days or less are valued at cost plus interest earned (or discount amortized, as the case may be), which is deemed to approximate value.

London closing exchange rates typically are used to convert foreign security prices into U.S. dollars, while commodities (such as physical metals) are valued at the spot price at the time trading on the New York Stock Exchange closes (normally 4:00 pm E.S.T). Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the relevant quotation on the exchange or market deemed to be the primary trading venue for that security. In the absence of such a quotation, a quotation from the exchange or market deemed by the Adviser to be the secondary trading venue for the particular security shall be used. The Fund uses pricing services to identify the market prices of publicly trade securities in its portfolio. When market prices are determined to be “stale” as a result of limited market activity for a particular holding, or in other circumstances when market prices are unavailable, such as for private placements, or determined to be unreliable for a particular holding, such holdings may be “fair valued” in accordance with procedures approved by the Board of Trustees (“Board”). Additionally, with respect to foreign holdings, specifically in circumstances leading the Adviser to believe that significant events occurring after the close of a foreign market have materially affected the value of the 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.

Item 2. Controls and Procedures.

a)

The Registrant’s Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a–2(a) under the Investment Company Act (17 CFR 270.30a –2(a)) is 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.

First Eagle Funds
By \s\ Robert Bruno     
Robert Bruno, Chief Operations and Financial Officer

Date: March 22, 2007

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 \s\ Robert Bruno
Robert Bruno, Chief Operations and Financial Officer	Date: March 22, 2007
\s\ John P. Arnhold
John P. Arnhold, President	Date: March 22, 2007