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 811-7762

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, 2004

Date of reporting period: July 31, 2004

Item 1. Schedule of Investments.

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks and Rights—U.S. (22.21%)
	Consumer Discretionary (1.92%)
2,800,000	McDonald's Corporation	$	59,766,804	$	77,000,000
1,345,000	Papa John's International Inc. (a)(c)		38,621,441		40,847,650
192,250	Allen Organ Company, Class ‘B’ (c)		6,030,883		9,804,750
185,000	St. John Knits International Inc. (a)		3,180,703		6,151,250
500,000	A.T. Cross Company, Class ‘A’ (a)		4,150,673		2,605,000
			111,750,504		136,408,650
	Consumer Staples (0.27%)
275,000	Altria Group Inc.		8,647,000		13,090,000
195,000	Weyco Group, Inc.		1,285,375		6,027,450
			9,932,375		19,117,450
	Energy (2.52%)
1,500,000	Burlington Resources, Inc.		35,002,372		57,255,000
915,000	Seacor Holdings Inc. (a)		38,801,216		38,704,500
875,000	San Juan Basin Royalty Trust		5,342,905		24,753,750
635,000	CONSOL Energy, Inc. (b)		12,033,162		22,758,400
250,000	ConocoPhillips		13,109,037		19,692,500
200,000	Murphy Oil Corporation		4,173,744		15,468,000
			108,462,436		178,632,150
	Financials (0.03%)
114,750	East Texas Financial Services, Inc. (c)		862,688		1,864,687
8,200	Redwood Financial, Inc. (a)(e)		71,750		159,900
			934,438		2,024,587
	Health Care (0.80%)
2,000,000	Sola International Inc. (a)(c)		38,849,744		32,520,000
445,000	Johnson & Johnson Inc.		24,311,450		24,595,150
			63,161,194		57,115,150
	Holding Companies (1.35%)
1,000	Berkshire Hathaway Inc., Class ‘A’ (a)		72,121,066		87,250,000
7,432	Case Pomeroy & Company, Inc. Class ‘A’		7,366,948		7,803,600
2,485	J.G. Boswell Company		573,840		1,056,125
			80,061,854		96,109,725
	Industrials (2.29%)
2,500,000	Tyco International Limited		37,527,905		77,500,000
765,000	SPX Corporation		34,198,774		31,326,750
555,000	Franklin Electric Company, Inc.		11,549,182		21,023,400
665,000	UniFirst Corporation (c)		9,772,484		19,763,800
215,000	Manpower Inc.		5,518,138		9,363,250
154,784	KinderCare Learning Centers, Inc. (a)		992,527		2,012,192
365,000	Kaiser Ventures LLC (a)(i)		—		1,277,500
4,805	Conbraco Industries, Inc. (a)		1,568,050		619,845
			101,127,060		162,886,737
	Materials (0.88%)
1,000,000	Vulcan Materials Company		38,107,418		47,620,000
335,000	Greif Inc., Class ‘A’		5,153,078		12,448,600
45,000	TXI Capital Trust 51⁄2% Conv. Pfd.		1,450,589		2,143,125
			44,711,085		62,211,725

See Notes to Schedule of Investments.

1

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks and Rights—(continued)
	Media (2.06%)
11,125,000	Liberty Media Corporation (a)	$	95,186,186	$	94,340,000
700,000	Liberty Media International Inc. (a)		24,844,530		21,826,000
140,000	Liberty Media International Inc.—rights (a)		0		841,400
945,000	Valassis Communications, Inc. (a)		27,487,173		27,631,800
34,924	Mills Music Trust (c)		1,055,337		1,366,401
			148,573,226		146,005,601
	Paper and Forest Products (3.22%)
3,500,000	Rayonier Inc. (c)		96,331,253		153,930,000
1,415,000	Plum Creek Timber Company, Inc.		38,452,284		44,402,700
1,425,000	Longview Fibre Company		11,231,040		18,396,750
350,000	Deltic Timber Corporation		8,842,026		12,043,500
			154,856,603		228,772,950
	Precious Metals (2.34%)
5,426,750	Newmont Mining Corporation Holding Company		35,627,336		85,259,038
1,615,000	Freeport McMoRan Copper & Gold Inc., Class ‘B’ (c)		56,938,347		56,282,750
445,000	Freeport McMoRan Copper & Gold Inc., Preferred Series ‘C’ (d)		13,421,317		18,289,500
925,000	Freeport McMoRan Copper & Gold Inc., Preferred Series ‘D’ (d)		9,690,611		6,521,250
			115,677,611		166,352,538
	Real Estate (0.41%)
325,000	ProLogis		2,204,647		11,063,000
500,000	Crescent Real Estate Equities Company		7,671,061		7,855,000
165,000	Catellus Development Corporation		607,726		4,125,000
258,133	Price Legacy Corporation Pfd., Series ‘A’		2,935,244		3,984,541
110,021	Security Global European Realty (a)(e)		2,200,410		2,018,885
			15,619,088		29,046,426
	Retail (2.64%)
1,785,000	Costco Wholesale Corporation		60,797,619		72,578,100
1,000,000	Barnes and Noble, Inc. (a)		18,715,503		34,380,000
615,000	The Sherwin-Williams Company		17,517,061		24,833,700
285,000	Autozone Inc. (a)		24,336,783		22,002,000
700,000	Dillard's Inc., Class ‘A’		10,186,141		15,953,000
385,000	May Department Stores Company		8,179,534		10,214,050
165,000	Tiffany & Company		3,450,374		5,898,750
150,000	Hancock Fabrics, Inc.		477,528		1,731,000
			143,660,543		187,590,600
	Technology and Telecommunications (0.67%)
1,000,000	The DIRECTV Group, Inc. (a)		10,572,284		16,210,000
2,075,000	American Power Conversion Corporation		33,303,602		31,332,500
			43,875,886		47,542,500
	Transportation (0.50%)
1,000,000	Burlington Northern Santa Fe Corporation		28,871,737		35,480,000
	Utilities (0.31%)
315,000	CalEnergy Capital Trust 61⁄2% Conv. Pfd.		13,865,313		15,120,000
225,000	Kaneb Services LLC		1,943,390		6,682,500
			15,808,703		21,802,500
	Total Common and Preferred Stocks and Rights—U.S.		1,187,084,343		1,577,099,289

See Notes to Schedule of Investments.

2

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks—Non U.S. (44.84%)
	Australia and New Zealand (0.39%)
6,300,000	News and Media NZ Limited exchangeable preference shares (10)	$	16,143,687	$	17,026,222
8,850,000	Capital Properties New Zealand Limited 81⁄2% exchangeable preference shares (13)		5,435,262		5,655,949
1,575,000	Spotless Group Limited (8)		3,061,888		5,190,263
			24,640,837		27,872,434
	Austria (0.46%)
565,000	Flughafen Wien AG (16)		19,408,086		32,435,202
	Belgium (0.30%)
655,000	Deceuninck (1)		11,693,844		20,946,802
	Brazil (0.19%)
525,000	Petroleo Brasileiro ADR (3)		12,676,508		13,466,250
	Canada (1.45%)
1,325,000	EnCana Corporation (3)		39,907,375		58,724,000
625,000	Pan American Silver Corporation (a)(b)(12)		1,994,168		8,567,432
935,000	Aber Diamond Corporation (a)(9)		27,485,367		28,049,649
135,000	Fairmont Hotels & Resorts Inc. (1)		1,145,394		3,476,250
300,000	Meridian Gold Inc. (a)(12)		1,088,716		3,986,179
			71,621,020		102,803,510
	Chile (0.09%)
700,000	Quinenco SA ADR (8)		4,366,596		6,076,000
	China (0.55%)
775,000	PetroChina Company, Limited (3)		20,916,903		38,703,500
	Commonwealth of Independent States (0.10%)
556,624	Firebird Fund, L.P. (a)(b)(e)(7)		1,000,000		7,395,888
	Denmark (0.80%)
895,000	Carlsberg A/S, ‘B’ (2)		34,478,106		45,006,144
255,000	Carlsberg A/S, ‘A’ (2)		11,311,348		11,812,809
			45,789,454		56,818,953
	France (7.49%)
2,000,000	Wendel Investissement (7)		47,167,114		92,525,160
2,895,000	Vivendi Universal SA (a)(10)		53,471,358		72,290,271
1,105,000	Essilor International SA (6)		47,794,643		67,819,223
2,250,000	Sodexho Alliance SA (1)		62,679,690		61,107,362
1,565,000	Remy Cointreau SA (2)		46,987,571		52,287,476
575,000	Eurazeo (7)		24,872,247		36,915,086
625,000	Neopost (8)		35,496,262		36,217,781
1,325,000	PagesJaunes SA (a)		23,390,758		23,050,439
32,700	Société Sucrière de Pithiviers-le-Vieil (c)(2)		13,137,728		20,816,538
335,000	Fimalac (7)		13,263,978		12,827,707
275,000	Société BIC SA		11,969,397		11,779,946
56,250	Taittinger C.I. (1)		2,775,854		10,228,518
20,000	Taittinger SA (1)		4,323,307		4,664,730
75,000	Sagem SA (15)		1,986,741		7,339,736
70,000	NSC Groupe (c)(8)		12,400,388		5,891,025
385,000	Sabeton SA (c)(7)		4,841,233		5,253,532
70,000	Gaumont SA (10)		3,409,014		4,754,899
42,252	Robertet SA C.I. (2)		800,508		3,708,215
21,500	Robertet SA (2)		647,190		2,571,913
			411,414,981		532,049,557

See Notes to Schedule of Investments.

3

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks—Non U.S.—(continued)
	Germany (2.16%)
825,000	Merck KGaA (6)	$	19,750,423	$	46,200,664
541,311	Hornbach Holding AG Pfd. (1)		32,742,197		35,793,513
113,393	Bertelsmann AG D.R.C. (10)		26,746,576		27,742,512
1,000,000	Suedzucker AG (2)		13,706,992		18,394,425
475,000	Fraport AG (16)		14,187,972		14,448,039
215,000	Bayer AG (9)		2,637,397		5,707,321
50,000	Axel Springer Verlag AG (10)		1,553,189		5,350,012
			111,324,746		153,636,486
	Hong Kong (0.68%)
2,850,000	Guoco Group Limited (7)		23,044,572		23,750,609
22,838,000	Shaw Brothers (Hong Kong) Limited (c)(10)		23,109,796		22,252,981
21,500,000	City e-Solutions Limited (c)(1)		971,287		2,205,185
			47,125,655		48,208,775
	Italy (0.11%)
972,025	Caltagirone Editore S.p.A. (10)		7,480,986		7,479,150
207,000	Italcementi S.p.A. RNC (9)		1,781,059		1,799,299
			9,262,045		9,278,449
	Israel (0.01%)
275,000	The Israel Land Development Company Limited (a)(7)		900,749		803,987
	Japan (11.48%)
5,000,000	Shimano Inc. (1)		76,594,549		121,364,678
1,785,000	Ono Pharmaceutical Company, Limited (6)		67,129,393		84,568,256
2,000,000	Secom Company, Limited (8)		74,194,215		80,909,786
15,375,000	Aioi Insurance Company, Limited (4)		52,059,938		65,516,699
4,400,000	Toho Company Limited (10)		65,602,870		63,882,770
555,000	Nintendo Company, Limited (15)		45,409,065		61,869,016
7,850,000	NIPPONKOA Insurance Company, Limited (4)		31,574,637		48,411,921
1,500,000	Fuji Photo Film Company, Limited (1)		43,692,595		45,039,781
4,500,000	Mitsui Sumitomo Insurance Company, Limited (4)		23,444,565		41,668,540
1,925,000	Daiichi Pharmaceutical Corporation (6)		29,819,252		35,390,165
925,000	Kose Corporation (2)		34,467,558		33,928,171
2,000,000	Makita Corporation (1)		14,940,376		28,390,345
2,000,000	Wacoal Corporation (2)		16,446,807		20,083,607
4,450,000	Iino Kaiun Kaisha, Limited (16)		15,331,504		19,882,681
1,125,000	Shoei Company, Limited (c)(7)		7,248,298		17,961,972
2,500,000	Okumura Corporation (8)		10,670,713		11,821,819
615,000	Chofu Seisakusho Company, Limited (1)		10,291,599		11,665,843
2,000,000	Aida Engineering, Limited (8)		13,038,988		8,828,157
1,000,000	Nisshinbo Industries, Inc. (1)		4,271,416		7,165,011
600,000	Mitsubishi Securities Company, Limited (4)		4,300,878		6,952,848
			640,529,216		815,302,066
	Luxembourg (0.33%)
655,000	Tenaris SA ADR (3)		17,117,462		23,291,800
	Mexico (0.66%)
12,725,000	Industrias Peñoles, SA de C.V. (12)		28,034,478		46,475,464

See Notes to Schedule of Investments.

4

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks—Non U.S.—(continued)
	Netherlands (1.91%)
2,500,000	Heineken Holding NV (2)	$	64,854,667	$	69,249,600
3,750,000	Koninklijke Ahold NV (a)(14)		28,240,518		27,862,144
315,000	OPG Groep NV (6)		7,677,057		16,341,283
950,000	Arcadis NV (8)		13,011,121		12,951,839
400,000	Holdingmaatschappij de Telegraaf NV (10)		4,416,693		8,848,560
			118,200,056		135,253,426
	Russia (0.06%)
250,000	YUKOS Oil Company ADR (3)		6,914,216		3,937,500
	Singapore (0.41%)
2,350,000	Fraser & Neave Limited (2)		11,237,103		19,405,112
13,467,250	ComfortDelgro Corporation Limited (16)		3,279,184		9,789,238
			14,516,287		29,194,350
	South Africa (0.92%)
2,000,000	Gold Fields Limited (12)		7,102,817		20,787,954
1,550,000	Harmony Gold Mining Company Limited ADR (12)		18,885,705		16,988,000
1,000,000	Harmony Gold Mining Company Limited (12)		4,591,642		11,100,208
6,346,500	Mvelaphanda Resources Limited (a)(12)		21,595,857		16,335,645
			52,176,021		65,211,807
	South Korea (2.81%)
435,000	Samsung Electronics Company, Limited Pfd. (15)		71,371,851		107,031,183
37,250	Lotte Confectionery Company, Limited (2)		9,655,350		18,776,164
65,500	Nam Yang Dairy Products (c)(2)		14,805,002		17,906,877
1,550,000	Samsung Corporation (15)		13,005,625		16,618,966
1,999,700	Daeduck Electronics Company, Limited (15)		14,628,390		14,179,846
501,000	Kukdong Electric Wire Company (c)(15)		10,918,559		10,786,160
200,000	KT&G Corporation (2)		4,849,744		4,801,367
601,250	Daeduck GDS Company, Limited (15)		3,188,400		4,679,528
7,750	Lotte Chilsung Beverage Company (2)		1,161,734		4,588,424
			143,584,655		199,368,515
	Spain and Portugal (2.29%)
3,500,000	Corporation Financiera Alba SA (7)		75,163,515		100,231,582
2,000,000	Altadis SA (2)		61,486,900		62,420,820
			136,650,415		162,652,402
	Switzerland (5.13%)
375,000	Nestle SA (2)		87,870,068		95,725,995
28,550	Pargesa Holding AG (7)		63,056,104		77,559,719
475,000	Kuehne & Nagel International AG (16)		23,729,485		71,935,988
26,500	Lindt & Spruengli AG PC (2)		13,387,426		28,961,749
1,725	Lindt & Spruengli AG (2)		15,869,779		21,336,944
50,000	Edipresse SA (10)		15,314,452		25,175,644
41,500	Sika Finanz AG (a)(9)		8,732,269		21,673,302
35,000	Schindler Holding AG (8)		10,872,675		10,655,738
20,000	Schindler Holding PC (8)		5,777,510		5,667,447
10,000	Société Générale d'Affichage (a)(10)		2,094,287		5,386,417
			246,704,055		364,078,943

See Notes to Schedule of Investments.

5

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks—Non U.S.—(continued)
	Thailand (0.06%)
577,000	The Oriental Hotel Public Company Limited (1)	$	2,636,472	$	4,386,877
	United Kingdom (4.00%)
3,000,000	Anglo American Plc (12)		69,353,931		63,748,272
10,000,000	Millennium & Copthorne Hotel Plc (1)		55,902,520		58,399,530
22,750,000	Aggregate Industries Plc (9)		33,494,287		35,284,186
18,000,000	Enodis Plc (a)(8)		15,180,578		29,800,134
4,375,000	IMI Plc (8)		16,704,937		28,793,265
4,500,000	Marks & Spencer Group Plc (14)		22,300,485		28,408,370
700,000	Antofagasta Holdings Plc (12)		1,822,782		12,735,100
1,474,500	Associated British Ports Holdings Plc (16)		11,073,435		10,824,121
3,000,000	McBride Plc (2)		7,569,080		7,373,623
2,000,000	Vodafone Group Plc (15)		3,260,932		4,339,030
145,000	Lonmin Plc (12)		292,225		2,545,656
700,000	J.Z. Equity Partners, Plc (4)		1,316,267		1,845,316
			238,271,459		284,096,603
	Total Common and Preferred Stocks—Non U.S.		2,437,476,216		3,183,745,546
Ounces
	Commodities (0.79%)
88,844	Gold bullion (a)		34,287,530		34,755,838
3,204,564	Silver bullion (a)		19,560,445		20,989,895
	Total Commodities		53,847,975		55,745,733

Principal Amount
		Notes, Bonds and Convertible Bonds (12.05%)
		Commodity-Linked Notes (2.20%)
	$2,000,000	UBS Gold-Linked Note 0% due 8/05/2004 (a)(b)(d)(e)(g)(12)	2,000,000	2,254,925
	3,000,000	UBS Gold-Linked Note 0% due 8/12/2004 (a)(b)(d)(e)(g)(12)	3,000,000	3,321,887
	1,000,000	UBS Gold-Linked Note 0% due 8/20/2004 (a)(b)(d)(e)(g)(12)	1,000,000	1,157,911
	1,000,000	UBS Gold-Linked Note 0% due 10/07/2004 (a)(b)(d)(e)(g)(12)	1,000,000	1,035,643
	1,000,000	UBS Gold-Linked Note 0% due 10/08/2004 (a)(b)(d)(e)(g)(12)	1,000,000	1,012,338
	1,000,000	UBS Gold-Linked Note 0% due 10/12/2004 (a)(b)(d)(e)(g)(12)	1,000,000	1,023,424
	1,000,000	UBS Gold-Linked Note 0% due 10/22/2004 (a)(b)(d)(e)(g)(12)	1,000,000	1,048,990
	1,000,000	UBS Gold-Linked Note 0% due 11/24/2004 (a)(b)(d)(e)(g)(12)	1,000,000	1,026,192
	1,000,000	UBS Gold-Linked Note 0% due 11/26/2004 (a)(b)(d)(e)(g)(12)	1,000,000	975,350
	1,000,000	UBS Gold-Linked Note 0% due 12/03/2004 (a)(b)(d)(e)(g)(12)	1,000,000	973,343
	1,000,000	UBS Gold-Linked Note 0% due 12/13/2004 (a)(b)(d)(e)(g)(12)	1,000,000	979,317

See Notes to Schedule of Investments.

6

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount			Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds—(continued)
		Commodity-Linked Notes—(continued)
	$1,000,000	UBS Gold-Linked Note 0% due 12/16/2004 (a)(b)(d)(e)(h)(12)	$	1,000,000	$	948,612
	1,000,000	UBS Gold-Linked Note 0% due 12/22/2004 (a)(b)(d)(e)(h)(12)		1,000,000		907,878
	1,800,000	UBS Gold-Linked Note 0% due 2/04/2005 (a)(b)(d)(e)(g)(12)		1,800,000		1,668,161
	2,000,000	UBS Gold-Linked Note 0% due 2/11/2005 (a)(b)(d)(e)(h)(12)		2,000,000		1,780,427
	2,250,000	UBS Gold-Linked Note 0% due 2/18/2005 (a)(b)(d)(e)(g)(12)		2,250,000		2,164,899
	2,250,000	UBS Gold-Linked Note 0% due 2/22/2005 (a)(b)(d)(e)(g)(12)		2,250,000		2,162,691
	1,000,000	UBS Gold-Linked Note 0% due 3/09/2005 (a)(b)(d)(e)(h)(12)		1,000,000		933,166
	1,000,000	UBS Gold-Linked Note 0% due 3/11/2005 (a)(b)(d)(e)(h)(12)		1,000,000		979,734
	2,950,000	UBS Gold-Linked Note 0% due 3/24/2005 (a)(b)(d)(e)(g)(12)		2,950,000		2,849,595
	2,000,000	UBS Gold-Linked Note 0% due 4/29/2005 (a)(b)(d)(e)(h)(12)		2,000,000		1,913,616
	2,600,000	UBS Gold-Linked Note 0% due 5/11/2005 (a)(b)(d)(e)(g)(12)		2,600,000		2,523,267
	2,000,000	UBS Gold-Linked Note 0% due 5/16/2005 (a)(b)(d)(e)(g)(12)		2,000,000		1,962,942
	1,500,000	UBS Gold-Linked Note 0% due 5/20/2005 (a)(b)(d)(e)(g)(12)		1,500,000		1,496,815
	2,050,000	UBS Gold-Linked Note 0% due 5/24/2005 (a)(b)(d)(e)(g)(12)		2,050,000		2,156,537
	2,900,000	UBS Gold-Linked Note 0% due 5/31/2005 (a)(b)(d)(e)(g)(12)		2,900,000		2,959,355
	3,400,000	UBS Gold-Linked Note 0% due 6/09/2005 (a)(b)(d)(e)(g)(12)		3,400,000		3,382,967
	5,350,000	UBS Gold-Linked Note 0% due 6/17/2005 (a)(b)(d)(e)(g)(12)		5,350,000		5,308,428
	1,500,000	UBS Gold-Linked Note 0% due 7/05/2005 (a)(b)(d)(e)(g)(12)		1,500,000		1,504,577
	5,300,000	UBS Gold-Linked Note 0% due 7/13/2005 (a)(b)(d)(e)(g)(12)		5,300,000		5,194,165
	1,800,000	UBS Gold-Linked Note 0% due 7/28/2005 (a)(b)(d)(e)(g)(12)		1,800,000		1,697,327
	1,200,000	UBS Gold-Linked Note 0% due 8/09/2005 (a)(b)(d)(e)(g)(12)		1,200,000		1,158,218
	1,000,000	UBS Silver-Linked Note 0% due 3/17/2005 (a)(b)(d)(e)(h)(12)		1,000,000		949,521
	1,500,000	UBS Silver-Linked Note 0% due 3/18/2005 (a)(b)(d)(e)(h)(12)		1,500,000		1,385,952
	2,500,000	UBS Silver-Linked Note 0% due 3/21/2005 (a)(b)(d)(e)(h)(12)		2,500,000		2,207,255
	1,250,000	UBS Silver-Linked Note 0% due 3/24/2005 (a)(b)(d)(e)(h)(12)		1,250,000		1,024,299
	1,500,000	UBS Silver-Linked Note 0% due 3/29/2005 (a)(b)(d)(e)(h)(12)		1,500,000		1,275,348
	1,000,000	UBS Silver-Linked Note 0% due 4/08/2005 (a)(b)(d)(e)(h)(12)		1,000,000		708,329

See Notes to Schedule of Investments.

7

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount			Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds—(continued)
		Commodity-Linked Notes—(continued)
	$1,500,000	UBS Silver-Linked Note 0% due 5/06/2005 (a)(b)(d)(e)(h)(12)	$	1,500,000	$	1,185,505
	2,000,000	UBS Silver-Linked Note 0% due 5/16/2005 (a)(b)(d)(e)(g)(12)		2,000,000		2,255,456
	1,500,000	UBS Silver-Linked Note 0% due 5/19/2005 (a)(b)(d)(e)(g)(12)		1,500,000		1,711,986
	2,000,000	UBS Silver-Linked Note 0% due 5/27/2005 (a)(b)(d)(e)(g)(12)		2,000,000		2,404,769
	1,500,000	UBS Silver-Linked Note 0% due 6/07/2005 (a)(b)(d)(e)(g)(12)		1,500,000		1,708,343
	1,500,000	UBS Silver-Linked Note 0% due 6/10/2005 (a)(b)(d)(e)(g)(12)		1,500,000		1,617,376
	2,000,000	UBS Silver-Linked Note 0% due 6/13/2005 (a)(b)(d)(e)(g)(12)		2,000,000		2,198,877
	2,000,000	UBS Silver-Linked Note 0% due 6/29/2005 (a)(b)(d)(e)(g)(12)		2,000,000		2,367,998
	2,000,000	UBS Silver-Linked Note 0% due 7/06/2005 (a)(b)(d)(e)(g)(12)		2,000,000		2,324,251
	1,000,000	HSBC Gold-Linked Note 0% due 8/09/2004 (a)(b)(d)(e)(g)(12)		1,000,000		1,154,000
	1,000,000	HSBC Gold-Linked Note 0% due 8/11/2004 (a)(b)(d)(e)(g)(12)		1,000,000		1,171,000
	1,000,000	HSBC Gold-Linked Note 0% due 8/16/2004 (a)(b)(d)(e)(g)(12)		1,000,000		1,153,100
	1,000,000	HSBC Gold-Linked Note 0% due 10/29/2004 (a)(b)(d)(e)(g)(12)		1,000,000		1,081,500
	750,000	HSBC Gold-Linked Note 0% due 11/04/2004 (a)(b)(d)(e)(g)(12)		750,000		760,050
	1,360,000	HSBC Gold-Linked Note 0% due 11/22/2004 (a)(b)(d)(e)(g)(12)		1,360,000		1,317,024
	1,000,000	HSBC Gold-Linked Note 0% due 11/24/2004 (a)(b)(d)(e)(g)(12)		1,000,000		975,300
	1,200,000	HSBC Gold-Linked Note 0% due 12/29/2004 (a)(b)(d)(e)(g)(12)		1,200,000		1,103,880
	2,000,000	HSBC Gold-Linked Note 0% due 1/28/2005 (a)(b)(d)(e)(h)(12)		2,000,000		1,799,400
	950,000	HSBC Gold-Linked Note 0% due 2/25/2005 (a)(b)(d)(e)(g)(12)		950,000		877,325
	1,000,000	HSBC Gold-Linked Note 0% due 3/04/2005 (a)(b)(d)(e)(h)(12)		1,000,000		952,400
	1,000,000	HSBC Gold-Linked Note 0% due 3/10/2005 (a)(b)(d)(e)(h)(12)		1,000,000		985,100
	588,000	HSBC Gold-Linked Note 0% due 3/14/2005 (a)(b)(d)(e)(g)(12)		588,000		565,009
	1,750,000	HSBC Gold-Linked Note 0% due 4/11/2005 (a)(b)(d)(e)(g)(12)		1,750,000		1,558,900
	2,000,000	HSBC Gold-Linked Note 0% due 4/20/2005 (a)(b)(d)(e)(g)(12)		2,000,000		1,862,800
	2,525,000	HSBC Gold-Linked Note 0% due 5/02/2005 (a)(b)(d)(e)(g)(12)		2,525,000		2,465,410
	1,500,000	HSBC Gold-Linked Note 0% due 5/12/2005 (a)(b)(d)(e)(g)(12)		1,500,000		1,478,100
	3,250,000	HSBC Gold-Linked Note 0% due 5/17/2005 (a)(b)(d)(e)(g)(12)		3,250,000		3,423,550

See Notes to Schedule of Investments.

8

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount			Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds—(continued)
		Commodity-Linked Notes—(continued)
	$    700,000	HSBC Gold-Linked Note 0% due 5/31/2005 (a)(b)(d)(e)(g)(12)	$	700,000	$	709,170
	1,091,000	HSBC Gold-Linked Note 0% due 6/16/2005 (a)(b)(d)(e)(g)(12)		1,091,000		1,099,401
	2,263,000	HSBC Gold-Linked Note 0% due 6/21/2005 (a)(b)(d)(e)(g)(12)		2,263,000		2,293,098
	5,035,000	HSBC Gold-Linked Note 0% due 6/27/2005 (a)(b)(d)(e)(g)(12)		5,035,000		4,912,146
	5,170,000	HSBC Gold-Linked Note 0% due 6/28/2005 (a)(b)(d)(e)(g)(12)		5,170,000		5,041,267
	1,000,000	HSBC Gold-Linked Note 0% due 6/29/2005 (a)(b)(d)(e)(g)(12)		1,000,000		973,900
	1,150,000	HSBC Gold-Linked Note 0% due 6/30/2005 (a)(b)(d)(e)(g)(12)		1,150,000		1,127,230
	1,200,000	HSBC Gold-Linked Note 0% due 7/01/2005 (a)(b)(d)(e)(g)(12)		1,200,000		1,149,720
	1,200,000	HSBC Gold-Linked Note 0% due 7/14/2005 (a)(b)(d)(e)(g)(12)		1,200,000		1,152,000
	3,723,000	HSBC Gold-Linked Note 0% due 7/15/2005 (a)(b)(d)(e)(g)(12)		3,723,000		3,503,343
	6,600,000	HSBC Gold-Linked Note 0% due 7/19/2005 (a)(b)(d)(e)(g)(12)		6,600,000		6,188,820
	6,000,000	HSBC Gold-Linked Note 0% due 7/22/2005 (a)(b)(d)(e)(g)(12)		6,000,000		5,694,000
	7,714,000	HSBC Gold-Linked Note 0% due 7/26/2005 (a)(b)(d)(e)(g)(12)		7,714,000		7,236,503
	1,180,000	HSBC Gold-Linked Note 0% due 7/29/2005 (a)(b)(d)(e)(g)(12)		1,180,000		1,142,240
	1,655,000	HSBC Gold-Linked Note 0% due 8/02/2005 (a)(b)(d)(e)(g)(12)		1,655,000		1,644,739
	1,095,000	HSBC Gold-Linked Note 0% due 8/05/2005 (a)(b)(d)(e)(g)(12)		1,095,000		1,101,899
	1,125,000	HSBC Gold-Linked Note 0% due 8/08/2005 (a)(b)(d)(e)(g)(12)		1,125,000		1,104,075
				158,374,000		156,545,361
		U.S. Treasury Notes (2.21%)
	10,000,000	U.S. Treasury Zero Coupon Strip due 11/15/2007 (a)(5)		8,241,266		9,000,600
	35,959,680	U.S. Treasury Inflation Index Note 41⁄4% due 1/15/2010 (5)		38,279,298		41,317,133
	93,586,170	U.S. Treasury Inflation Index Note 3% due 7/15/2012 (5)		102,047,707		101,720,212
	5,000,000	U.S. Treasury Note 53⁄8% due 2/15/2031 (5)		4,711,820		5,122,660
				153,280,091		157,160,605
		U.S. Dollar Notes and Bonds (4.46%)
	3,625,000	Dillard's Inc. 6.43% due 8/01/2004 (14)		3,624,693		3,625,000
	4,644,000	P.T. Pabrik Kertas Tjiwi-Kimia 10% due 8/01/2004 (a)(f)(11)		3,515,596		1,741,500
	1,545,000	Hollinger International Publishing 85⁄8% due 2/15/2005 (i)(10)		1,620,900		1,569,141
	6,750,000	Blount International Inc. 7% due 6/15/2005 (8)		6,379,431		6,935,625
	29,500,000	Blount International Inc. 13% due 8/01/2009 (8)		21,785,350		31,860,000
	2,750,000	Westpoint Stevens Inc. 77⁄8% due 6/15/2005 (f)(1)		2,504,977		30,937
	5,000,000	Tyco International Group SA 63⁄8% due 2/15/2006 (8)		4,629,759		5,250,370

See Notes to Schedule of Investments.

9

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount			Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds—(continued)
		U.S. Dollar Notes and Bonds—(continued)
	$20,500,000	Tyco International Group SA 63⁄4% due 2/15/2011 (8)	$	17,096,041	$	22,508,262
	3,500,000	American Standard Companies Inc. 71⁄8% due 6/01/2006 (8)		3,186,992		4,523,466
	4,910,000	American Standard Companies Inc. 81⁄4% due 6/01/2009 (8)		5,236,863		5,621,950
	20,000,000	Lucent Technologies 71⁄4% due 7/15/2006 (15)		14,540,867		20,750,000
	1,250,000	B&G Foods Inc. 95⁄8% due 8/01/2007 (14)		1,264,333		1,276,300
	1,500,000	Penton Media Inc. 117⁄8% due 10/01/2007 (10)		1,163,243		1,522,500
	5,500,000	Penton Media Inc. 103⁄8% due 6/15/2011 (10)		4,090,498		3,767,500
	13,140,000	Columbus McKinnon Corporation 81⁄2% due 4/01/2008 (8)		11,832,374		12,285,900
	5,735,000	Columbus McKinnon Corporation 10% due 8/01/2010 (b)(8)		5,900,063		6,179,463
	3,500,000	Computer Associates 61⁄2% due 4/15/2008 (15)		3,025,389		3,715,373
	18,000,000	Level 3 Communications, Inc. 91⁄8% due 5/01/2008 (15)		11,410,981		13,500,000
	2,385,000	Longview Fibre Company 10% due 1/15/2009 (11)		2,456,332		2,599,650
	4,850,000	Crescent Real Estate Equities Company 91⁄4% due 4/15/2009 (13)		4,928,625		5,116,750
	13,500,000	GATX Corporation 87⁄8% due 6/01/2009 (4)		12,828,511		15,272,604
	5,400,000	St. John Knits International Inc. 121⁄2% due 7/01/2009 (1)		5,260,726		5,818,500
	1,900,000	Sanmina-SCI Corporation 103⁄8% due 1/15/2010 (15)		1,898,961		2,161,250
	1,250,000	Freeport McMoRan Copper and Gold, Inc. 101⁄8% due 2/01/2010 (12)		1,273,750		1,393,750
	4,000,000	Jostens, Inc. 123⁄4% due 5/01/2010 (1)		4,016,962		4,540,000
	610,000	Ethyl Corporation 87⁄8% due 5/01/2010 (9)		646,600		655,750
	6,240,000	Flowserve Finance B.V. 121⁄4% due 8/15/2010 (8)		6,213,001		8,439,795
	2,750,000	Monitronics International Inc. 113⁄4% due 9/01/2010 (b)(8)		2,749,016		2,980,312
	6,900,000	Briggs & Stratton Corporation 87⁄8% due 3/15/2011 (1)		7,351,750		8,124,750
	13,000,000	Steinway Musical Instruments 83⁄4% due 4/15/2011 (1)		13,133,927		14,105,000
	1,500,000	Citizens Communications 91⁄4% due 5/15/2011 (15)		1,327,771		1,605,148
	10,000,000	Texas Industries Inc. 101⁄4% due 6/15/2011 (b)(9)		10,437,500		11,450,000
	4,500,000	Potlatch Corporation 10% due 7/15/2011 (11)		4,830,625		5,085,000
	3,500,000	Toys ‘R’ Us, Inc. 75⁄8% due 8/01/2011 (14)		3,409,626		3,587,500
	5,500,000	Greif Inc. Corporation 87⁄8% due 8/01/2012 (9)		5,484,848		6,022,500
	1,000,000	Manitowoc Company Inc. 101⁄2% due 8/01/2012 (8)		1,000,000		1,147,500
	6,000,000	Fimep SA 101⁄2% due 2/15/2013 (8)		6,000,000		6,930,000
	20,245,107	Winn-Dixie Stores Inc. 7.803% due 9/01/2017 (b)(2)		16,930,617		17,056,503
	5,000,000	Winn-Dixie Stores Inc. 8.181% due 9/01/2024 (b)(2)		4,117,912		4,012,500
	10,000,000	America Online 0% due 12/06/2019 (a)(10)		5,515,621		6,400,000
	2,000,000	Legrand SA 81⁄2% due 2/15/2025 (8)		1,954,934		2,120,000
	4,200,000	Bausch and Lomb Inc. 71⁄8% due 8/01/2028 (6)		3,523,684		4,303,711
	10,000,000	Bangkok Bank Public Company 9.025% due 3/15/2029 (b)(4)		6,087,774		10,715,280
	10,000,000	Nordea Bank Norge Floating Rate Perpetual Notes (1.75% @ 7/31/2004) (4)		6,826,750		8,136,610
	5,500,000	Bergen Bank Floating Rate Perpetual Notes (1.295% @ 7/31/2004) (4)		3,888,750		4,482,500
	3,500,000	Den Norske Bank Floating Rate Perpetual Notes (1.338% @ 7/31/2004) (4)		2,610,000		3,017,266

See Notes to Schedule of Investments.

10

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount			Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds—(continued)
		U.S. Dollar Notes and Bonds—(continued)
	$      3,170,000	Den Norske Bank Floating Rate Perpetual Notes (1.563% @ 7/31/2004) (4)	$	2,059,625	$	2,708,721
				271,572,548		316,652,137
		U.S. Dollar Convertible Bonds (0.53%)
	10,500,000	Interpublic Group Company 1.870% due 6/01/2006 (10)		8,670,518		9,883,125
	2,000,000	TriQuint Semiconductor Inc. 4% due 3/01/2007 (15)		1,654,592		1,917,500
	15,000,000	SCI Systems Inc. 3% due 3/15/2007 (15)		10,724,404		14,081,250
	12,000,000	Ivax Corporation 41⁄2% due 5/15/2008 (6)		9,939,619		11,925,000
	2,500,000	Medya International Limited 10% due 6/28/2049 (a)(e)(f)(i)(10)		2,482,264		25,000
				33,471,397		37,831,875
		Non U.S. Dollar Notes and Bonds (2.58%)
EUR	10,000,000	Wegener NV 51⁄2% due 4/26/2005 (10)		12,100,894		12,082,612
SGD	40,000,000	Singapore Government 25⁄8% due 10/01/2007 (5)		24,438,734		23,888,954
CAD	8,500,000	Shaw Communications Inc. 7.40% due 10/17/2007 (10)		5,236,233		6,642,750
HKD	35,000,000	Hong Kong Government 3.57% due 12/17/2007 (5)		4,615,737		4,540,725
EUR	5,000,000	Koninklijke Ahold NV 57⁄8% due 5/09/2008 (14)		4,186,104		6,131,475
GBP	15,000,000	EMI Group Plc 81⁄4% due 5/20/2008 (10)		23,565,085		28,821,887
GBP	1,500,000	EMI Group Plc 85⁄8% due 10/15/2013 (b)(10)		1,733,805		2,048,652
SEK	100,000,000	Sweden Government I/L 4.526% due 12/01/2008 (5)		16,482,521		16,158,814
EUR	2,000,000	Independent News and Media Plc 8% due 12/15/2008 (10)		2,417,480		2,537,830
EUR	2,500,000	Independent News and Media Plc 53⁄4% due 5/17/2009 (10)		2,650,001		2,936,363
MYR	30,000,000	Malaysian Government 4.305% due 2/27/2009 (5)		7,932,179		7,916,842
EUR	14,195,610	Republic of France O.A.T. 3% due 7/25/2009 (5)		12,136,180		18,321,875
EUR	3,750,000	Prosieben Media 111⁄4% due 7/31/2009 (10)		3,519,987		5,365,041
EUR	1,000,000	Vivendi Universal SA 91⁄2% due 4/15/2010 (b)(10)		1,064,193		1,433,920
EUR	1,878,000	Flowserve Finance B.V. 121⁄4% due 8/15/2010 (8)		1,893,090		2,136,225
EUR	3,000,000	Waterford Wedgewood Plc 97⁄8% due 12/01/2010 (1)		3,213,869		3,246,075
EUR	2,000,000	Waterford Wedgewood Plc 97⁄8% due 12/01/2010 (b)(1)		2,206,947		2,164,050
EUR	2,000,000	Riverdeep Group Limited 91⁄4% due 4/15/2011 (b)(15)		2,438,950		2,284,275
EUR	8,500,000	The Manitowoc Company, Inc. 103⁄8% due 5/15/2011 (8)		8,840,643		11,394,324
GBP	3,000,000	Marks & Spencer Group Plc 63⁄8% due 11/07/2011 (14)		4,929,027		5,338,678
GBP	5,875,000	Enodis Plc 103⁄8% due 4/15/2012 (8)		9,166,055		11,864,110
EUR	4,000,000	Fimep SA 11% due 2/15/2013 (8)		4,582,369		5,710,687
				159,350,083		182,966,164
		Non U.S. Dollar Convertible Bonds (0.07%)
EUR	1,000,000	Aegis Group Plc 2% due 5/15/2006 (10)		923,480		1,238,318
CAD	1,600,000	Noranda Inc. 5% due 4/30/2007 (12)		1,145,136		1,189,770
NZD	3,500,000	Evergreen Forest Limited 0% due 3/19/2009 (a)(b)(11)		1,871,556		2,871,088
				3,940,172		5,299,176
		Total Notes, Bonds and Convertible Bonds		779,988,291		856,455,318
		Short-Term Investments (20.11%)
	27,550,000	Gannett Company Inc. 1.24% due 8/02/2004		27,549,051		27,549,051
	16,274,000	Gannett Company Inc. 1.24% due 8/03/2004		16,272,879		16,272,879
	15,000,000	Gannett Company Inc. 1.24% due 8/12/2004		14,994,317		14,994,317

See Notes to Schedule of Investments.

11

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount			Cost (Note 1)		Value (Note 1)
		Short-Term Investments—(continued)
	$11,000,000	Gannett Company Inc. 1.24% due 8/12/2004	$	10,995,832	$	10,995,832
	26,000,000	Henkel Corporation 1.24% due 8/02/2004		25,999,104		25,999,104
	17,000,000	Henkel Corporation 1.25% due 8/02/2004		16,999,410		16,999,410
	26,514,000	Henkel Corporation 1.26% due 8/03/2004		26,512,144		26,512,144
	13,994,000	Henkel Corporation 1.24% due 8/05/2004		13,992,072		13,992,072
	20,074,000	Henkel Corporation 1.25% due 8/05/2004		20,071,212		20,071,212
	15,000,000	Henkel Corporation 1.25% due 8/06/2004		14,997,396		14,997,396
	11,000,000	Henkel Corporation 1.30% due 8/13/2004		10,995,233		10,995,233
	5,000,000	Henkel Corporation 1.31% due 8/16/2004		4,997,271		4,997,271
	11,000,000	Henkel Corporation 1.32% due 8/19/2004		10,992,740		10,992,740
	31,000,000	Henkel Corporation 1.32% due 8/30/2004		30,967,037		30,967,037
	20,181,000	Hitachi Limited 1.32% due 8/02/2004		20,180,260		20,180,260
	26,893,000	Hitachi Limited 1.33% due 8/02/2004		26,892,006		26,892,006
	10,100,000	Hitachi Limited 1.28% due 8/06/2004		10,098,204		10,098,204
	15,000,000	Hitachi Limited 1.45% due 9/22/2004		14,968,583		14,968,583
	19,000,000	Burlington Northern Santa Fe Corporation 1.35% due 8/02/2004		18,999,287		18,999,287
	10,000,000	Burlington Northern Santa Fe Corporation 1.30% due 8/06/2004		9,998,194		9,998,194
	15,000,000	L'Oreal SA 1.30% due 8/02/2004		14,999,458		14,999,458
	15,000,000	L'Oreal SA 1.29% due 8/09/2004		14,995,700		14,995,700
	20,000,000	L'Oreal SA 1.35% due 8/20/2004		19,985,750		19,985,750
	20,000,000	L'Oreal SA 1.35% due 8/24/2004		19,982,750		19,982,750
	14,258,000	Sara Lee Corporation 1.30% due 8/02/2004		14,257,485		14,257,485
	18,000,000	Sara Lee Corporation 1.31% due 8/05/2004		17,997,380		17,997,380
	21,528,000	Sara Lee Corporation 1.40% due 8/20/2004		21,512,093		21,512,093
	6,000,000	Sara Lee Corporation 1.37% due 8/27/2004		5,994,063		5,994,063
	23,000,000	Sara Lee Corporation 1.42% due 9/03/2004		22,970,062		22,970,062
	12,800,000	Sara Lee Corporation 1.47% due 9/13/2004		12,777,525		12,777,525
	4,170,000	Praxair 1.3% due 8/02/2004		4,169,849		4,169,849
	11,000,000	Praxair 1.32% due 8/12/2004		10,995,563		10,995,563
	30,000,000	Wal-Mart Stores, Inc. 1.23% due 8/03/2004		29,997,950		29,997,950
	13,000,000	Wal-Mart Stores, Inc. 1.26% due 8/09/2004		12,996,360		12,996,360
	27,000,000	Wal-Mart Stores, Inc. 1.22% due 8/11/2004		26,990,850		26,990,850
	22,366,000	Wal-Mart Stores, Inc. 1.25% due 8/17/2004		22,353,574		22,353,574
	25,000,000	Wal-Mart Stores, Inc. 1.26% due 8/17/2004		24,986,000		24,986,000
	15,881,000	Wal-Mart Stores, Inc. 1.33% due 8/19/2004		15,870,439		15,870,439
	23,611,000	The Coca Cola Company 1.23% due 8/03/2004		23,609,387		23,609,387
	31,604,000	The Coca Cola Company 1.24% due 8/13/2004		31,590,937		31,590,937
	23,000,000	The Coca Cola Company 1.24% due 8/13/2004		22,990,493		22,990,493
	19,508,000	The Coca Cola Company 1.26% due 8/16/2004		19,497,758		19,497,758
	9,250,000	The Coca Cola Company 1.37% due 9/02/2004		9,238,736		9,238,736
	10,000,000	Diageo Capital Plc 1.26% due 8/04/2004		9,998,950		9,998,950
	10,000,000	Diageo Capital Plc 1.28% due 8/16/2004		9,994,667		9,994,667
	20,000,000	Diageo Capital Plc 1.29% due 8/16/2004		19,989,250		19,989,250
	14,954,000	Diageo Capital Plc 1.31% due 8/17/2004		14,945,293		14,945,293
	20,942,000	DuPont Ei Nemour 1.25% due 8/05/2004		20,939,091		20,939,091
	3,476,000	DuPont Ei Nemour 1.26% due 8/13/2004		3,474,540		3,474,540
	13,500,000	Pearson Holdings Inc. 1.31% due 8/05/2004		13,498,035		13,498,035

See Notes to Schedule of Investments.

12

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount			Cost (Note 1)			Value (Note 1)
		Short-Term Investments—(continued)
	$ 8,215,000	American Express Credit Corporation 1.27% due 8/05/2004	$	8,213,841		$	8,213,841
	30,881,000	American Express Credit Corporation 1.23% due 8/06/2004		30,875,724			30,875,724
	25,000,000	American Express Credit Corporation 1.21% due 8/09/2004		24,993,278			24,993,278
	20,000,000	American Express Credit Corporation 1.25% due 8/11/2004		19,993,056			19,993,056
	14,366,000	American Express Credit Corporation 1.29% due 8/13/2004		14,359,823			14,359,823
	20,809,000	American Express Credit Corporation 1.29% due 8/16/2004		20,797,815			20,797,815
	27,986,000	American Express Credit Corporation 1.29% due 8/18/2004		27,968,952			27,968,952
	36,681,000	American Express Credit Corporation 1.29% due 8/19/2004		36,657,341			36,657,341
	30,836,000	American Express Credit Corporation 1.30% due 8/23/2004		30,811,503			30,811,503
	30,000,000	American Express Credit Corporation 1.30% due 8/25/2004		29,974,000			29,974,000
	33,556,000	American Express Credit Corporation 1.30% due 9/07/2004		33,511,165			33,511,165
	25,000,000	General Electric Capital Corporation 1.25% due 8/09/2004		24,993,056			24,993,056
	29,327,000	General Electric Capital Corporation 1.22% due 8/10/2004		29,318,055			29,318,055
	25,000,000	General Electric Capital Corporation 1.22% due 8/19/2004		24,984,750			24,984,750
	20,000,000	General Electric Capital Corporation 1.34% due 8/26/2004		19,981,389			19,981,389
	33,937,000	General Electric Capital Corporation 1.34% due 9/02/2004		33,896,577			33,896,577
	12,465,000	General Electric Capital Corporation 1.37% due 9/07/2004		12,447,449			12,447,449
	8,825,000	Procter and Gamble Company 1.23% due 8/09/2004		8,822,588			8,822,588
	2,927,000	Procter and Gamble Company 1.24% due 8/11/2004		2,925,992			2,925,992
	5,485,000	Procter and Gamble Company 1.31% due 8/25/2004		5,480,210			5,480,210
	25,000,000	Exxon Project Investment Corporation 1.22% due 8/13/2004		24,989,833			24,989,833
	20,000,000	Exxon Project Investment Corporation 1.21% due 8/20/2004		19,987,228			19,987,228
	20,000,000	Exxon Project Investment Corporation 1.22% due 8/20/2004		19,987,122			19,987,122
	11,315,000	Knight-Ridder Inc. 1.32% due 8/23/2004		11,305,873			11,305,873
	24,500,000	Knight-Ridder Inc. 1.23% due 8/27/2004		24,478,236			24,478,236
	25,000,000	Bayer Corporation 1.07% due 6/03/2004		24,961,000			24,961,000
		Total Short-Term Investments		1,427,788,076			1,427,788,076
		Total Investments (100%)	$	5,886,184,901	*		7,100,833,962

* At July 31, 2004 cost is substantially identical for both book and federal income tax purposes.

See Notes to Schedule of Investments.

13

FIRST EAGLE GLOBAL FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Foreign Currencies			Sector/Industry Classifications
CAD	— Canadian dollar	(1)	Consumer Discretionary	(10) Media
EUR	— euro	(2)	Consumer Staples	(11) Paper and Forest Products
GBP	— pound sterling	(3)	Energy	(12) Precious Metals
HKD	— Hong Kong dollar	(4)	Financials	(13) Real Estate
MYR	— Malaysian ringgit	(5)	Government Issues	(14) Retail
NZD	— New Zealand dollar	(6)	Health Care	(15) Technology
SEK	— Swedish krona	(7)	Holding Companies	(16) Transportation
SGD	— Singapore dollar	(8)	Industrials	(17) Utilities
		(9)	Materials

(a)	Non-income producing security/commodity.
(b)	All or a portion of the security is exempt from registration under the Securities Act of 1933 and 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 nine-months ended July 31, 2004.

	Purchases				Sales
Affiliate	Shares		Cost		Shares		Cost		Realized Gain		Dividend Income
Allen Organ Company Class B		—		—		—		—		—	$	80,745
City E-Solutions Limited		—		—		—		—		—		82,741
East Texas Financial Services, Inc.		—		—		—		—		—		17,213
Freeport McMoran Copper & Gold Class B		1,115,000	$	38,909,788		—		—		—		591,000
Kukdong Electric Wire Co., Ltd.		501,000		10,918,559		—		—		—		—
Mills Music Trust		—		—		—		—		—		80,451
Nam Yang Dairy Products		—		—		—		—		—		41,174
NSC Groupe		—		—		—		—		—		127,129
Papa John's International Inc.		770,000		24,618,729		—		—		—		—
Rayonier Inc.		675,000		26,128,157		—		—		—		3,844,400
Sabeton SA		—		—		—		—		—		52,683
Shaw Brothers (Hong Kong) Limited		1,188,000		1,225,394		—		—		—		139,437
Shoei Co., Ltd.*		350,000		2,327,091		75,000	$	1,023,219	$	446,893		234,027
Société Sucrière de Pithiviers le Vieil		1,647		1,074,790		—		—		—		480,139
Sola International Inc.		2,000,000		38,849,744		—		—		—		—
Unifirst Corporation		30,000		735,141		—		—		—		72,626

*	6 for 5 stock split, received 200,000 shares (ex-date June 25, 2004)
(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)	Leveraged 11⁄2 to 1
(h)	Leveraged 2 to 1
(i)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees.

See Notes to Schedule of Investments.

14

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks and Rights (74.70%)
	Argentina (0.06%)
385,000	Cresud S.A.C.I.F. y A. ADR (2)	$	2,396,169	$	3,853,850
	Australia and New Zealand (1.29%)
25,000,000	Carter Holt Harvey Limited (11)		24,580,976		35,133,475
9,250,000	Spotless Group Limited (8)		25,908,321		30,482,496
3,804,345	News and Media NZ Limited exchangeable preference shares (10)		9,769,634		10,281,528
5,000,000	Capital Properties New Zealand Limited 81⁄2% exchangeable preference shares (13)		3,415,671		3,195,452
5,750,000	Tasman Farms (a)(c)(2)		1,054,354		1,535,699
5,500,000	Evergreen Forests Limited (a)(11)		1,633,003		1,364,006
			66,361,959		81,992,656
	Austria (0.61%)
675,000	Flughafen Wien AG (16)		22,752,728		38,750,020
	Belgium (0.95%)
1,535,000	Deceuninck (c)(1)		32,199,731		49,089,070
35,000	Electrabel SA (17)		9,679,992		11,049,880
			41,879,723		60,138,950
	Brazil (0.16%)
395,000	Petroleo Brasileiro SA ADR (3)		9,484,515		10,131,750
	Canada (2.44%)
2,000,000	EnCana Corporation (3)		66,349,465		88,640,000
1,500,000	Aber Diamond Corporation (a)(9)		40,674,905		44,999,437
3,000,000	Norske Skog Canada Limited (a)(11)		10,065,599		9,734,480
1,500,000	IAMGOLD Corporation (12)		4,433,304		8,743,005
75,000	Canadian Pacific Railway Limited (16)		594,538		1,910,250
35,000	Fairmont Hotels & Resorts Inc. (1)		311,230		901,250
50,000	Metallica Resources Inc. (a)(12)		59,469		46,569
			122,488,510		154,974,991
	Chile (0.33%)
2,375,300	Quinenco SA ADR (8)		15,508,046		20,617,604
	China (0.79%)
1,000,000	PetroChina Company, Limited ADR (3)		24,761,783		49,940,000
	Commonwealth of Independent States (0.12%)
352,296	Firebird Fund, L.P. (a)(b)(e)(7)		353,178		4,538,361
4,921	Firebird Republic Fund, Ltd. Class ‘A’ (a)(b)(e)(7)		719,082		1,672,813
100,000	First NIS Regional Fund SICAF (7)		1,000,000		1,315,000
9,000	Baltic Republic Fund (a)(e)(7)		185,750		397,800
			2,258,010		7,923,974
	Denmark (0.75%)
725,000	Carlsberg A/S, ‘B’ (2)		26,837,489		36,457,491
235,000	Carlsberg A/S, ‘A’ (2)		10,411,062		10,886,314
			37,248,551		47,343,805
	France (12.83%)
2,225,000	Wendel Investissement (7)		53,580,795		102,934,241
1,265,000	Essilor International SA (6)		55,902,323		77,639,201

See Notes to Schedule of Investments.

15

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks and Rights—(continued)
	France—(continued)
2,665,000	Vivendi Universal SA (a)(10)	$	47,600,405	$	66,547,002
972,000	Eurazeo (7)		46,880,291		62,402,546
1,850,000	Remy Cointreau SA (2)		55,999,053		61,809,476
2,000,000	Sodexho Alliance (1)		56,234,045		54,317,655
250,000	Galeries Lafayette SA (14)		33,077,020		43,972,294
745,000	Neopost (8)		30,417,449		43,171,595
315,000	Société du Louvre Reg D (1)		18,879,612		33,326,370
855,000	Financiere Marc de Lacharriere SA (7)		31,103,539		32,739,371
3,250,000	Elior SA (1)		24,711,983		30,281,672
700,000	Société BIC SA (8)		27,529,842		29,985,317
38,750	Société Sucrière de Pithiviers-le Vieil (c)(2)		15,309,438		24,667,916
542,960	Carbone Lorraine SA (a)(8)		15,213,883		21,704,724
187,389	Robertet SA (c)(2)		13,261,742		22,416,198
51,500	Robertet SA C.I. (2)		2,151,628		4,519,859
135,000	Société Foncière Financière et de Participations (7)		14,602,122		21,911,006
270,000	Gaumont SA (a)(c)(10)		13,647,209		18,340,324
485,000	Laurent-Perrier (c)(2)		15,657,495		16,110,811
650,000	PagesJaunes SA (a)(10)		11,482,151		11,307,762
35,000	Taittinger SA (1)		6,919,093		8,163,278
23,500	Taittinger C.I. (1)		1,394,587		4,273,247
113,500	Crometal SA (c)(8)		4,799,237		6,413,403
45,000	Sagem SA (15)		1,231,214		4,403,842
1,400,000	FINEL (i)(j)(11)		2,407,421		3,601,941
26,499	NSC Groupe (8)		4,385,060		2,230,090
18,436	Didot-Bottin (7)		1,744,914		2,165,489
100,000	Sabeton SA (7)		1,463,142		1,364,554
1,000	Société Vermandoise de Sucreriès (2)		854,846		1,320,071
17,000	Société Française des Papiers Peints (a)(c)(1)		779,335		107,301
			609,220,874		814,148,556
	Germany (3.36%)
755,000	Merck KGaA (6)		17,076,237		42,280,608
140,500	Bertelsmann AG D.R.C (10)		31,678,271		34,374,431
435,000	Hornbach Holding AG Pfd. (14)		23,642,410		28,763,831
258,500	Axel Springer Verlag AG (10)		13,703,591		27,659,565
660,655	Pfeiffer Vacuum Technology AG (c)(8)		21,555,510		26,250,705
1,275,000	Suedzucker AG (2)		20,571,626		23,452,892
405,000	Vossloh AG (16)		8,157,152		17,285,349
275,000	Bayer AG (9)		3,572,770		7,300,062
200,000	Fraport AG (16)		6,048,655		6,083,385
			146,006,222		213,450,828
	Hong Kong (1.84%)
7,500,000	Guoco Group Limited (7)		55,246,509		62,501,603
20,531,500	Shaw Brothers (Hong Kong) Limited (c)(10)		19,763,936		20,005,564
10,000,000	Hopewell Holdings Limited (13)		12,004,216		19,808,200
10,000,000	SmarTone Telecommunications Holdings Limited (15)		11,260,665		10,897,715
10,000,000	Lerado Group Holding Company Limited (1)		1,533,725		1,782,097
11,250,000	City e-Solutions Limited (1)		336,425		1,153,876
12,000,000	China-Hong Kong Photo Products Holdings Limited (1)		949,952		846,176
			101,095,428		116,995,231

See Notes to Schedule of Investments.

16

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks and Rights—(continued)
	India (0.00%)
10,000	The Spartek Emerging Opportunities of India Fund (a)(b)(e)(j)(7)	$	1,035,000	$	10,898
	Indonesia (0.06%)
4,000,000	PT Bat Indonesia Tbk (c)(2)		4,249,453		3,838,163
	Ireland (0.36%)
7,500,000	Independent News & Media (10)		15,784,399		17,222,231
30,000,000	Waterford Wedgwood Plc (1)		10,929,254		5,482,260
			26,713,653		22,704,491
	Israel (0.00%)
70,000	Super-Sol (14)		129,090		166,822
	Italy (1.54%)
3,450,000	Italcementi S.p.A. RNC (9)		20,550,854		29,988,323
6,053,000	Gewiss S.p.A. (c)(8)		22,840,585		28,308,383
850,000	Italmobiliare S.p.A. RNC (9)		20,153,790		28,102,594
1,500,000	Caltagirone Editore S.p.A. (10)		9,451,547		11,541,600
			72,996,776		97,940,900
	Japan (16.48%)
5,000,000	Shimano Inc. (1)		83,968,600		121,364,678
2,000,000	Secom Company, Limited (8)		72,004,572		80,909,786
1,665,000	Ono Pharmaceutical Company, Limited (6)		62,266,690		78,882,995
515,000	Nintendo Company, Limited (15)		41,703,113		57,409,988
12,075,000	Aioi Insurance Company, Limited (4)		37,495,770		51,454,578
3,500,000	Toho Company, Limited (10)		39,423,441		50,815,840
7,750,000	NIPPONKOA Insurance Company, Limited (4)		30,321,710		47,795,208
1,425,000	Fuji Photo Film Company, Limited (1)		41,900,427		42,787,792
4,000,000	Mitsui Sumitomo Insurance Company, Limited (4)		19,745,891		37,038,702
1,765,050	Nitto Kohki Company, Limited (c)(8)		28,726,140		34,750,388
200,000	Nippon Television Network Corporation (10)		28,448,858		31,950,375
2,204,991	T. Hasegawa Company, Limited (c)(2)		27,934,921		31,339,873
1,500,000	Daiichi Pharmaceutical Corporation (6)		23,622,228		27,576,752
1,104,990	Mandom Corporation (2)		19,596,803		26,523,336
1,000,000	Shimachu Company Limited (14)		22,095,179		24,183,036
575,000	Kose Corporation (2)		17,890,897		21,090,484
1,475,000	Makita Corporation (1)		10,785,951		20,937,879
1,000,000	Chofu Seisakusho Company, Limited (1)		14,518,405		18,968,850
4,000,000	Aida Engineering, Limited (c)(8)		14,266,611		17,656,313
1,750,000	Wacoal Corporation (2)		14,119,449		17,573,156
1,000,000	Maruichi Steel Tube Limited (9)		12,293,080		16,370,747
1,000,000	Shoei Company, Limited (7)		6,647,486		15,966,198
3,250,000	Iino Kaiun Kaisha, Limited (16)		10,344,939		14,521,059
2,000,000	Takuma Company, Limited (8)		13,985,700		13,880,523
1,000,000	Ryoyo Electro Corporation (15)		12,814,265		13,574,864
394,500	SK Kaken Company Limited (8)		6,339,178		12,412,910
935,000	Tachi-S Company, Limited (1)		7,910,269		11,641,794
400,500	Matsumoto Yushi-Seiyaku Company, Limited (9)		9,689,657		10,261,384
1,000,000	Seikagaku Corporation (6)		9,538,252		10,023,823
1,000,000	Sansei Yusoki Company, Limited (c)(8)		8,885,636		9,529,375
450,000	ICOM Inc. (15)		9,947,291		9,506,900

See Notes to Schedule of Investments.

17

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks and Rights—(continued)
	Japan—(continued)
2,000,000	Okumura Corporation (8)	$	8,273,866	$	9,457,455
125,000	TakeFuji Corporation (4)		6,992,692		8,989,976
415,000	Aderans Company (2)		7,895,013		8,487,661
375,000	Nissin Healthcare Food Service Co., Ltd. (2)		7,610,137		7,383,018
100,000	ASAHI Broadcasting Corporation (10)		6,141,481		6,472,783
722,000	Katakura Industries Company, Limited (8)		6,665,838		6,672,504
565,300	Yomeishu Seizo Company, Limited (2)		3,640,899		4,218,088
94,300	Tachihi Enterprise Co., Ltd. (13)		4,439,880		4,162,475
300,000	Mitsubishi Securities Company, Limited (4)		1,791,669		3,476,424
1,000,000	Tokyo Kikai Seisakusho, Ltd. (10)		3,048,764		2,939,722
325,000	Sonton Food Industry Company, Limited (2)		3,298,777		2,921,742
100,000	Maezawa Kasei Industries (8)		1,678,092		1,672,136
			820,708,517		1,045,553,570
	Luxembourg (0.58%)
1,000,000	Tenaris SA ADR (3)		22,780,614		35,560,000
73,347	Security Capital European Realty (a)(e)(13)		1,466,940		1,345,917
			24,247,554		36,905,917
	Mexico (0.71%)
12,000,000	Industrias Penoles, S.A. de C.V. (12)		23,144,651		43,827,550
500,000	Grupo Industrial Saltillo, S.A. de C.V. (8)		1,469,358		810,550
17,190	Grupo Aeroportuario del Sureste S.A. de C.V. ADR (16)		360,199		366,147
			24,974,208		45,004,247
	Netherlands (3.91%)
2,500,000	Heineken Holding NV (2)		63,342,898		69,249,600
1,265,000	Randstad Holding NV (8)		10,636,483		34,584,044
4,000,000	Koninklijke Ahold NV (a)(14)		32,656,916		29,719,620
925,000	Koninklijke Grolsch NV (c)(2)		21,750,674		27,579,615
575,000	Hal Trust NV (7)		16,512,100		18,561,237
825,000	Holdingmaatschappij de Telegraaf NV (10)		14,452,839		18,250,155
1,177,180	United Services Group NV (c)(8)		16,578,082		17,549,282
235,000	OPG Groep NV (6)		5,860,389		12,191,116
814,847	Arcadis NV (8)		9,385,900		11,109,229
250,000	CSM—BR Cert CVA (2)		5,425,800		5,764,789
375,000	Wegener NV (a)(10)		2,789,260		3,595,479
			199,391,341		248,154,166
	Russia (0.06%)
250,000	YUKOS Oil Company ADR (3)		6,914,216		3,937,500
	Singapore (1.79%)
12,454,850	Haw Par Corporation Limited (c)(8)		30,174,730		34,619,942
3,244,500	Fraser & Neave Limited (2)		19,615,167		26,791,440
16,250,000	Singapore Airport Terminal (16)		19,598,319		20,222,138
17,549,625	ComfortDelgro Corporation Limited (16)		6,946,456		12,756,684
8,000,000	United Overseas Land Limited (7)		9,610,099		10,420,725
25,000,000	Del Monte Pacific Limited (2)		5,997,158		8,504,638
			91,941,929		113,315,567

See Notes to Schedule of Investments.

18

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks and Rights—(continued)
	South Africa (1.04%)
2,950,000	Harmony Gold Mining Ltd ADR (12)	$	41,138,728	$	32,332,000
2,000,000	Gold Fields Limited ADR (12)		24,328,890		20,520,000
5,000,000	Mvelaphanda Resources Limited (a)(12)		17,836,888		12,869,806
			83,304,506		65,721,806
	South Korea (3.79%)
375,000	Samsung Electronics Company, Limited Pfd. (15)		59,352,319		92,268,261
3,000,000	Samsung Electronics Company, Limited (15)		25,131,764		32,165,741
50,000	Lotte Confectionery Company, Limited (2)		18,362,431		25,202,905
1,000,000	KT&G Corporation (2)		17,983,484		24,006,835
85,000	Amorepacific Corporation (2)		11,330,566		15,104,656
2,000,000	Daeduck Electronics Company, Limited (15)		15,482,465		14,181,974
4,515,000	Nexans Korea Limited (c)(8)		5,439,849		6,711,747
22,950	Nam Yang Dairy Products (2)		4,912,653		6,274,242
28,850	Nam Yang Dairy Products Pfd. (2)		479,094		2,230,607
335,000	The Korea Fund (7)		6,104,720		5,745,250
225,000	Kukdong Electric Wire Company, Limited (c)(15)		3,821,270		4,844,084
650,000	Fursys Incorporated (c)(8)		2,637,972		4,781,290
519,750	Daeduck GDS Company, Limited (15)		2,689,780		4,045,214
1,000,000	Dong Ah Tire & Rubber Company, Limited (1)		4,376,945		3,203,759
			178,105,312		240,766,565
	Spain (2.56%)
3,500,000	Corporacion Financiera Alba SA (7)		81,769,298		100,231,583
2,000,000	Altadis SA (2)		60,103,945		62,420,820
			141,873,243		162,652,403
	Sweden (0.04%)
1,150,000	Gorthon Lines AB ‘B’ (c)(16)		3,311,245		2,620,647
	Switzerland (8.22%)
29,725	Pargesa Holding AG (7)		63,461,286		80,751,756
315,000	Nestlé SA (2)		71,565,666		80,409,836
505,000	Kuehne & Nagel International AG (16)		28,521,563		76,479,313
5,675	Lindt & Spruengli AG (2)		43,123,034		70,195,453
26,850	Lindt & Spruengli AG PC (2)		20,807,349		29,344,262
16,650	Metall Zug PC AG (1)		27,301,924		40,097,775
159	Metall Zug AG (1)		1,931,462		2,352,108
115,000	Schindler Holding PC (8)		24,723,001		32,587,822
100,000	Schindler Holding AG (8)		28,106,867		30,444,965
145,000	Kaba Holding AG Reg B (8)		29,019,621		28,298,205
35,000	Edipresse SA (10)		11,616,314		17,622,951
23,500	Sika Finanz AG (a)(9)		4,786,302		12,272,834
13,750	Société Générale d'Affichage (a)(10)		5,201,480		7,406,323
21,500	Sulzer AG (8)		2,940,205		5,588,993
7,000	Hilti AG (e)(i)(j)(8)		4,485,845		4,918,033
10,000	PubliGroupe SA (10)		1,436,389		2,825,917
			369,028,308		521,596,546
	Thailand (0.03%)
250,000	The Oriental Hotel Public Company Limited (1)		1,152,073		1,900,726

See Notes to Schedule of Investments.

19

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks and Rights—(continued)
	United Kingdom (5.03%)
2,975,000	Anglo American Plc (12)	$	67,758,747	$	63,217,037
40,000,000	Aggregate Industries Plc (9)		55,748,261		62,038,130
10,000,000	Millennium & Copthorne Hotel Plc (1)		46,069,521		58,399,530
4,000,000	Spirax-Sarco Engineering Plc (c)(8)		30,869,764		40,206,530
4,000,000	Marks & Spencer Group Plc (14)		19,888,870		25,251,884
14,500,000	Enodis Plc (a)(8)		12,119,705		24,005,664
2,325,000	IMI Plc (8)		8,432,323		15,301,564
5,000,000	McBride Plc (2)		6,379,400		12,289,372
3,146,000	JZ Equity Partners, Plc (4)		5,873,374		8,293,377
583,000	Associated British Ports Holdings Plc (16)		4,377,346		4,279,730
500,000	EMI Group Limited Plc (a)(10)		1,238,186		2,042,164
100,000	Antofagasta Holdings Plc (12)		274,913		1,819,300
725,000	Tran-Siberian Gold Limited (a)(e)(12)		993,847		1,648,741
1,000,000	Royal Doulton Plc (a)(1)		45,385		140,086
			260,069,642		318,933,109
	United States (2.47%)
2,000,000	Freeport McMoRan Copper & Gold Inc., Class ‘B’ (12)		31,810,522		69,700,000
425,000	Freeport McMoRan Copper & Gold Inc., Preferred Series ‘C’ (d)(12)		7,554,601		17,467,500
1,500,000	Newmont Mining Corporation Holding Company (12)		42,258,067		60,705,000
200,000	Liberty Media International, Inc., Class ‘A’ (a)(10)		7,147,888		6,236,000
40,000	Liberty Media International Inc., Class ‘A’ rights (a)(10)		—		240,400
22,500	Third Avenue Global Value Fund, L.P. (a)(b)(e)(7)		2,250,000		2,489,234
			91,021,078		156,838,134
	Miscellaneous (0.50%)
2,000,000	Banco Latinoamericano de Exportaciones SA ADR (c)(4)		30,000,778		31,420,000
	Total Common and Preferred Stocks and Rights		3,632,630,440		4,740,244,392
Ounces
	Commodities (0.51%)
61,941	Gold bullion (a)		23,768,843		24,231,230
1,203,719	Silver bullion (a)		7,462,612		7,884,357
	Total Commodities		31,231,455		32,115,587

Principal Amount
	Notes, Bonds and Convertible Bonds (7.25%)

	Commodity-Linked Notes (2.34%)
$1,000,000	UBS Gold-Linked Note 0% due 8/05/2004 (a)(b)(d)(e)(g)(12)	1,000,000	1,127,462
1,250,000	UBS Gold-Linked Note 0% due 8/20/2004 (a)(b)(d)(e)(g)(12)	1,250,000	1,447,389
1,000,000	UBS Gold-Linked Note 0% due 10/07/2004 (a)(b)(d)(e)(g)(12)	1,000,000	1,035,643
1,000,000	UBS Gold-Linked Note 0% due 10/08/2004 (a)(b)(d)(e)(g)(12)	1,000,000	1,012,338
1,000,000	UBS Gold-Linked Note 0% due 10/12/2004 (a)(b)(d)(e)(g)(12)	1,000,000	1,023,424

See Notes to Schedule of Investments.

20

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount				Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds—(continued)
		Commodity-Linked Notes—(continued)
	$1,250,000	UBS Gold-Linked Note 0% due 10/22/2004 (a)(b)(d)(e)(g)(12)	$	1,250,000	$	1,311,238
	1,500,000	UBS Gold-Linked Note 0% due 11/24/2004 (a)(b)(d)(e)(g)(12)		1,500,000		1,539,288
	1,000,000	UBS Gold-Linked Note 0% due 11/26/2004 (a)(b)(d)(e)(g)(12)		1,000,000		975,350
	1,000,000	UBS Gold-Linked Note 0% due 12/03/2004 (a)(b)(d)(e)(g)(12)		1,000,000		973,343
	1,000,000	UBS Gold-Linked Note 0% due 12/13/2004 (a)(b)(d)(e)(g)(12)		1,000,000		979,317
	1,000,000	UBS Gold-Linked Note 0% due 12/16/2004 (a)(b)(d)(e)(h)(12)		1,000,000		948,612
	2,000,000	UBS Gold-Linked Note 0% due 12/22/2004 (a)(b)(d)(e)(h)(12)		2,000,000		1,815,756
	2,350,000	UBS Gold-Linked Note 0% due 1/28/2005 (a)(b)(d)(e)(h)(12)		2,350,000		2,010,365
	1,200,000	UBS Gold-Linked Note 0% due 2/04/2005 (a)(b)(d)(e)(g)(12)		1,200,000		1,112,107
	3,000,000	UBS Gold-Linked Note 0% due 2/11/2005 (a)(b)(d)(e)(h)(12)		3,000,000		2,670,640
	1,100,000	UBS Gold-Linked Note 0% due 2/18/2005 (a)(b)(d)(e)(g)(12)		1,100,000		1,058,395
	1,150,000	UBS Gold-Linked Note 0% due 2/22/2005 (a)(b)(d)(e)(g)(12)		1,150,000		1,105,375
	1,500,000	UBS Gold-Linked Note 0% due 3/09/2005 (a)(b)(d)(e)(h)(12)		1,500,000		1,399,749
	1,250,000	UBS Gold-Linked Note 0% due 3/11/2005 (a)(b)(d)(e)(h)(12)		1,250,000		1,224,668
	2,950,000	UBS Gold-Linked Note 0% due 3/24/2005 (a)(b)(d)(e)(g)(12)		2,950,000		2,849,595
	1,000,000	UBS Gold-Linked Note 0% due 4/29/2005 (a)(b)(d)(e)(h)(12)		1,000,000		956,808
	1,950,000	UBS Gold-Linked Note 0% due 5/11/2005 (a)(b)(d)(e)(g)(12)		1,950,000		1,892,450
	1,000,000	UBS Gold-Linked Note 0% due 5/16/2005 (a)(b)(d)(e)(g)(12)		1,000,000		981,471
	1,500,000	UBS Gold-Linked Note 0% due 5/20/2005 (a)(b)(d)(e)(g)(12)		1,500,000		1,496,815
	1,150,000	UBS Gold-Linked Note 0% due 5/24/2005 (a)(b)(d)(e)(g)(12)		1,150,000		1,209,765
	2,900,000	UBS Gold-Linked Note 0% due 5/31/2005 (a)(b)(d)(e)(g)(12)		2,900,000		2,959,355
	1,700,000	UBS Gold-Linked Note 0% due 6/09/2005 (a)(b)(d)(e)(g)(12)		1,700,000		1,691,484
	5,350,000	UBS Gold-Linked Note 0% due 6/17/2005 (a)(b)(d)(e)(g)(12)		5,350,000		5,308,428
	4,850,000	UBS Gold-Linked Note 0% due 7/13/2005 (a)(b)(d)(e)(g)(12)		4,850,000		4,753,151
	600,000	UBS Gold-Linked Note 0% due 7/28/2005 (a)(b)(d)(e)(g)(12)		600,000		565,776
	1,200,000	UBS Gold-Linked Note 0% due 8/09/2005 (a)(b)(d)(e)(g)(12)		1,200,000		1,158,218
	1,150,000	UBS Gold-Linked Note 0% due 8/12/2005 (a)(b)(d)(e)(g)(12)		1,150,000		1,111,493

See Notes to Schedule of Investments.

21

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount				Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds—(continued)
		Commodity-Linked Notes—(continued)
	$1,000,000	UBS Silver-Linked Note 0% due 3/17/2005 (a)(b)(d)(e)(h)(12)	$	1,000,000	$	949,521
	1,500,000	UBS Silver-Linked Note 0% due 3/18/2005 (a)(b)(d)(e)(h)(12)		1,500,000		1,385,952
	2,500,000	UBS Silver-Linked Note 0% due 3/21/2005 (a)(b)(d)(e)(h)(12)		2,500,000		2,207,255
	1,000,000	UBS Silver-Linked Note 0% due 3/24/2005 (a)(b)(d)(e)(h)(12)		1,000,000		819,440
	1,500,000	UBS Silver-Linked Note 0% due 3/29/2005 (a)(b)(d)(e)(h)(12)		1,500,000		1,275,348
	1,000,000	UBS Silver-Linked Note 0% due 4/08/2005 (a)(b)(d)(e)(h)(12)		1,000,000		708,329
	1,500,000	UBS Silver-Linked Note 0% due 5/06/2005 (a)(b)(d)(e)(h)(12)		1,500,000		1,185,505
	1,000,000	UBS Silver-Linked Note 0% due 5/16/2005 (a)(b)(d)(e)(g)(12)		1,000,000		1,127,728
	1,500,000	UBS Silver-Linked Note 0% due 5/19/2005 (a)(b)(d)(e)(g)(12)		1,500,000		1,711,986
	1,000,000	UBS Silver-Linked Note 0% due 5/27/2005 (a)(b)(d)(e)(g)(12)		1,000,000		1,202,384
	500,000	UBS Silver-Linked Note 0% due 6/07/2005 (a)(b)(d)(e)(g)(12)		500,000		569,448
	1,000,000	UBS Silver-Linked Note 0% due 6/10/2005 (a)(b)(d)(e)(g)(12)		1,000,000		1,078,250
	1,000,000	UBS Silver-Linked Note 0% due 6/13/2005 (a)(b)(d)(e)(g)(12)		1,000,000		1,099,438
	1,000,000	UBS Silver-Linked Note 0% due 6/29/2005 (a)(b)(d)(e)(g)(12)		1,000,000		1,183,999
	1,000,000	UBS Silver-Linked Note 0% due 7/06/2005 (a)(b)(d)(e)(g)(12)		1,000,000		1,162,126
	1,000,000	HSBC Gold-Linked Note 0% due 8/09/2004 (a)(b)(d)(e)(g)(12)		1,000,000		1,154,000
	1,000,000	HSBC Gold-Linked Note 0% due 8/11/2004 (a)(b)(d)(e)(g)(12)		1,000,000		1,171,000
	1,000,000	HSBC Gold-Linked Note 0% due 8/16/2004 (a)(b)(d)(e)(g)(12)		1,000,000		1,153,100
	500,000	HSBC Gold-Linked Note 0% due 9/06/2004 (a)(b)(d)(e)(g)(12)		500,000		524,750
	500,000	HSBC Gold-Linked Note 0% due 9/14/2004 (a)(b)(d)(e)(g)(12)		500,000		525,000
	250,000	HSBC Gold-Linked Note 0% due 9/20/2004 (a)(b)(d)(e)(g)(12)		250,000		260,350
	1,000,000	HSBC Gold-Linked Note 0% due 10/07/2004 (a)(b)(d)(e)(g)(12)		1,000,000		1,006,200
	1,000,000	HSBC Gold-Linked Note 0% due 10/12/2004 (a)(b)(d)(e)(g)(12)		1,000,000		1,021,000
	1,000,000	HSBC Gold-Linked Note 0% due 10/12/2004 (a)(b)(d)(e)(g)(12)		1,000,000		1,049,600
	500,000	HSBC Gold-Linked Note 0% due 10/13/2004 (a)(b)(d)(e)(g)(12)		500,000		532,850
	1,000,000	HSBC Gold-Linked Note 0% due 10/29/2004 (a)(b)(d)(e)(g)(12)		1,000,000		1,081,500
	750,000	HSBC Gold-Linked Note 0% due 11/04/2004 (a)(b)(d)(e)(g)(12)		750,000		760,050

See Notes to Schedule of Investments.

22

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount				Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds—(continued)
		Commodity-Linked Notes—(continued)
	$1,500,000	HSBC Gold-Linked Note 0% due 11/12/2004 (a)(b)(d)(e)(g)(12)	$	1,500,000	$	1,563,000
	1,000,000	HSBC Gold-Linked Note 0% due 11/22/2004 (a)(b)(d)(e)(g)(12)		1,000,000		971,600
	1,360,000	HSBC Gold-Linked Note 0% due 11/22/2004 (a)(b)(d)(e)(g)(12)		1,360,000		1,317,024
	1,000,000	HSBC Gold-Linked Note 0% due 11/24/2004 (a)(b)(d)(e)(g)(12)		1,000,000		975,300
	1,000,000	HSBC Gold-Linked Note 0% due 11/26/2004 (a)(b)(d)(e)(g)(12)		1,000,000		973,700
	1,000,000	HSBC Gold-Linked Note 0% due 11/29/2004 (a)(b)(d)(e)(g)(12)		1,000,000		978,800
	1,000,000	HSBC Gold-Linked Note 0% due 11/29/2004 (a)(b)(d)(e)(g)(12)		1,000,000		977,300
	500,000	HSBC Gold-Linked Note 0% due 11/30/2004 (a)(b)(d)(e)(g)(12)		500,000		495,100
	1,000,000	HSBC Gold-Linked Note 0% due 12/13/2004 (a)(b)(d)(e)(h)(12)		1,000,000		920,000
	1,000,000	HSBC Gold-Linked Note 0% due 1/19/2005 (a)(b)(d)(e)(g)(12)		1,000,000		826,600
	2,000,000	HSBC Gold-Linked Note 0% due 1/28/2005 (a)(b)(d)(e)(h)(12)		2,000,000		1,799,400
	2,240,000	HSBC Gold-Linked Note 0% due 2/10/2005 (a)(b)(d)(e)(g)(12)		2,240,000		2,133,600
	1,590,000	HSBC Gold-Linked Note 0% due 2/25/2005 (a)(b)(d)(e)(g)(12)		1,590,000		1,468,365
	1,190,000	HSBC Gold-Linked Note 0% due 3/04/2005 (a)(b)(d)(e)(g)(12)		1,190,000		1,139,068
	1,000,000	HSBC Gold-Linked Note 0% due 3/04/2005 (a)(b)(d)(e)(h)(12)		1,000,000		952,400
	1,000,000	HSBC Gold-Linked Note 0% due 3/10/2005 (a)(b)(d)(e)(h)(12)		1,000,000		985,100
	588,000	HSBC Gold-Linked Note 0% due 3/14/2005 (a)(b)(d)(e)(g)(12)		588,000		565,009
	1,197,000	HSBC Gold-Linked Note 0% due 3/15/2005 (a)(b)(d)(e)(g)(12)		1,197,000		1,147,564
	1,300,000	HSBC Gold-Linked Note 0% due 3/28/2005 (a)(b)(d)(e)(g)(12)		1,300,000		1,191,580
	2,100,000	HSBC Gold-Linked Note 0% due 4/11/2005 (a)(b)(d)(e)(g)(12)		2,100,000		1,870,680
	2,830,000	HSBC Gold-Linked Note 0% due 4/12/2005 (a)(b)(d)(e)(g)(12)		2,830,000		2,532,850
	1,000,000	HSBC Gold-Linked Note 0% due 4/20/2005 (a)(b)(d)(e)(g)(12)		1,000,000		931,400
	1,263,000	HSBC Gold-Linked Note 0% due 5/02/2005 (a)(b)(d)(e)(g)(12)		1,263,000		1,233,193
	1,190,000	HSBC Gold-Linked Note 0% due 5/09/2005 (a)(b)(d)(e)(g)(12)		1,190,000		1,189,048
	1,500,000	HSBC Gold-Linked Note 0% due 5/12/2005 (a)(b)(d)(e)(g)(12)		1,500,000		1,478,100
	1,600,000	HSBC Gold-Linked Note 0% due 5/17/2005 (a)(b)(d)(e)(g)(12)		1,600,000		1,685,440
	250,000	HSBC Gold-Linked Note 0% due 6/07/2005 (a)(b)(d)(e)(g)(12)		250,000		245,850

See Notes to Schedule of Investments.

23

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount				Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds—(continued)
		Commodity-Linked Notes—(continued)
	$1,091,000	HSBC Gold-Linked Note 0% due 6/16/2005 (a)(b)(d)(e)(g)(12)	$	1,091,000	$	1,099,401
	6,560,000	HSBC Gold-Linked Note 0% due 6/21/2005 (a)(b)(d)(e)(g)(12)		6,560,000		6,647,248
	5,035,000	HSBC Gold-Linked Note 0% due 6/27/2005 (a)(b)(d)(e)(g)(12)		5,035,000		4,912,146
	4,000,000	HSBC Gold-Linked Note 0% due 6/28/2005 (a)(b)(d)(e)(g)(12)		4,000,000		3,900,400
	1,000,000	HSBC Gold-Linked Note 0% due 6/29/2005 (a)(b)(d)(e)(g)(12)		1,000,000		973,900
	1,200,000	HSBC Gold-Linked Note 0% due 7/01/2005 (a)(b)(d)(e)(g)(12)		1,200,000		1,149,720
	1,200,000	HSBC Gold-Linked Note 0% due 7/14/2005 (a)(b)(d)(e)(g)(12)		1,200,000		1,152,000
	4,965,000	HSBC Gold-Linked Note 0% due 7/15/2005 (a)(b)(d)(e)(g)(12)		4,965,000		4,672,065
	2,270,000	HSBC Gold-Linked Note 0% due 7/15/2005 (a)(b)(d)(e)(g)(12)		2,270,000		2,128,579
	2,450,000	HSBC Gold-Linked Note 0% due 7/22/2005 (a)(b)(d)(e)(g)(12)		2,450,000		2,325,050
	5,322,000	HSBC Gold-Linked Note 0% due 7/26/2005 (a)(b)(d)(e)(g)(12)		5,322,000		4,992,568
	1,180,000	HSBC Gold-Linked Note 0% due 7/29/2005 (a)(b)(d)(e)(g)(12)		1,180,000		1,142,240
	1,125,000	HSBC Gold-Linked Note 0% due 8/08/2005 (a)(b)(d)(e)(g)(12)		1,125,000		1,104,075
				151,946,000		148,357,840
		U.S. Dollar Notes and Bonds (0.25%)
	2,456,000	P.T. Pabrik Kertas Tjiwi-Kimia 10% due 8/01/2004 (a)(f)(11)		1,868,854		921,000
	1,000,000	YPF Sociedad Anonima 91⁄8% due 2/24/2009 (a)(3)		777,138		1,091,250
	500,000	Vivendi Universal SA 91⁄4% due 4/15/2010 (10)		500,000		590,975
	1,000,000	Grupo Televisa SA 8% due 9/13/2011 (10)		981,070		1,097,500
	5,000,000	Fimep SA 101⁄2% due 2/15/2013 (8)		5,000,000		5,775,000
	2,000,000	Legrand S.A. 81⁄2% due 2/15/2025 (8)		2,068,750		2,120,000
	4,000,000	Bangkok Bank Public Company 9.025% due 3/15/2029 (a)(b)(4)		2,610,656		4,286,112
				13,806,468		15,881,837
		U.S. Dollar Convertible Bonds (0.04%)
	1,020,408	Cresud S.A.C.I.F. y A. 8% due 11/14/2007 (e)(2)		1,020,408		2,346,938
	2,000,000	Medya International Limited 10% due 6/28/2049 (a)(e)(f)(j)(10)		1,987,057		20,000
				3,007,465		2,366,938
		Non U.S. Dollar Notes and Bonds (4.38%)
EUR	5,000,000	Wegener NV 51⁄2% due 4/26/2005 (10)		6,050,447		6,041,306
EUR	17,541,659	Vivendi Universal SA 6.7% due 6/21/2006 (10)		15,010,466		22,195,159
EUR	1,500,000	Vivendi Universal SA 91⁄2% due 4/15/2010 (10)		1,596,291		2,150,880
EUR	3,750,000	Aegis Plc 2% due 5/15/2006 (a)(10)		3,638,020		4,643,691
EUR	3,500,000	ALSTOM 5% due 7/26/2006 (8)		3,452,412		4,197,355
SGD	21,900,000	Singapore Government 25⁄8% due 10/01/2007 (5)		13,524,239		13,079,202

See Notes to Schedule of Investments.

24

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount				Cost (Note 1)		Value (Note 1)
		Notes, Bonds and Convertible Bonds—(continued)
		Non U.S. Dollar Notes and Bonds—(continued)
CAD	16,500,000	Shaw Communications Inc. 7.4% due 10/17/2007 (10)	$	10,114,045	$	12,894,750
HKD	17,500,000	Hong Kong Government 3.57% due 12/17/2007 (5)		2,348,187		2,270,362
EUR	16,500,000	Koninklijke Ahold NV 57⁄8% due 5/09/2008 (14)		14,161,094		20,233,868
EUR	3,100,000	Scandinavian Broadcasting 12% due 6/15/2008 (10)		3,552,877		4,230,117
SEK	50,000,000	Sweden Government I/L 4.526% due 12/01/2008 (5)		8,246,872		8,079,407
EUR	3,000,000	Independent News and Media Plc 8% due 12/15/2008 (10)		3,626,220		3,806,744
EUR	5,500,000	Independent News and Media 53⁄4% due 5/17/2009 (10)		5,669,094		6,459,999
EUR	47,555,294	Republic of France O.A.T./i 3% due 7/25/2009 (5)		57,392,037		61,378,280
EUR	5,500,000	Prosieben Media 111⁄4% due 7/31/2009 (10)		5,497,783		7,868,726
EUR	1,250,000	Remy Cointreau SA 61⁄2% due 7/01/2010 (b)(2)		1,426,408		1,547,897
EUR	1,000,000	Flowserve Finance B.V. 121⁄4% due 8/15/2010 (8)		1,010,034		1,352,531
EUR	6,250,000	Waterford Wedgwood Plc 97⁄8% due 12/01/2010 (1)		7,824,543		6,762,656
EUR	11,050,000	Waterford Wedgwood Plc 97⁄8% due 12/01/2010 (b)(1)		13,449,437		11,956,376
MYR	13,260,000	Malaysian Government 4.305% due 2/27/2009 (5)		3,513,829		3,499,244
EUR	7,500,000	The Manitowoc Company, Inc. 103⁄8% due 5/15/2011 (8)		8,230,629		10,053,816
GBP	1,000,000	Marks & Spencer Group Plc 63⁄8% due 11/07/2011 (14)		1,635,300		1,779,559
GBP	8,425,000	Enodis Plc 103⁄8% due 4/15/2012 (8)		13,122,058		17,013,639
EUR	7,000,000	Fimep SA 11% due 2/15/2013 (a)(8)		7,577,850		9,993,703
GBP	11,000,000	EMI Group Plc 81⁄4% due 5/20/2008 (10)		16,687,406		21,136,051
EUR	7,500,000	EMI Group Plc 85⁄8% due 10/15/2013 (10)		8,732,420		10,243,260
EUR	2,500,000	EMI Group Plc 85⁄8% due 10/15/2013 (b)(10)		2,946,960		3,414,420
				240,036,958		278,282,998
		Non U.S. Dollar Convertible Bonds (0.24%)
EUR	60,000	Havas Advertising 1% due 1/01/2006 (a)(10)		1,025,035		1,764,278
EUR	243,500	Havas Advertising 4% due 1/01/2009 (10)		1,986,854		2,934,446
EUR	71,339	Club Mediterranee SA 3% due 11/01/2008 (1)		3,934,743		5,514,838
NZD	1,775,277	Evergreen Forest Limited 0% due 3/19/2009 (a)(11)		943,678		1,456,279
EUR	3,000,000	Fregate SAS 2% due 3/31/2013 (a)(i)(j)(7)		3,620,400		3,627,896
				11,510,710		15,297,737
		Total Notes, Bonds and Convertible Bonds		420,307,601		460,187,350
		Short-Term Investments (17.54%)
	$27,550,000	Gannett Company Inc. 1.24% due 8/02/2004		27,549,051		27,549,051
	15,000,000	Gannett Company Inc. 1.24% due 8/12/2004		14,994,317		14,994,317
	25,000,000	Henkel Corporation 1.24% due 8/02/2004		24,999,139		24,999,139
	17,000,000	Henkel Corporation 1.25% due 8/02/2004		16,999,410		16,999,410
	13,486,000	Henkel Corporation 1.26% due 8/03/2004		13,485,056		13,485,056
	10,000,000	Henkel Corporation 1.24% due 8/05/2004		9,998,622		9,998,622
	20,073,000	Henkel Corporation 1.25% due 8/05/2004		20,070,212		20,070,212
	5,903,000	Henkel Corporation 1.25% due 8/09/2004		5,901,360		5,901,360
	11,000,000	Henkel Corporation 1.30% due 8/13/2004		10,995,233		10,995,233
	5,000,000	Henkel Corporation 1.31% due 8/16/2004		4,997,271		4,997,271
	11,000,000	Henkel Corporation 1.32% due 8/19/2004		10,992,740		10,992,740
	27,000,000	Henkel Corporation 1.36% due 9/02/2004		26,967,360		26,967,360
	24,502,000	Hitachi Limited 1.32% due 8/02/2004		24,501,102		24,501,102
	26,892,000	Hitachi Limited 1.33% due 8/02/2004		26,891,006		26,891,006
	15,000,000	Hitachi Limited 1.43% due 9/14/2004		14,973,783		14,973,783
	20,742,000	Sara Lee Corporation 1.30% due 8/02/2004		20,741,251		20,741,251

See Notes to Schedule of Investments.

25

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount				Cost (Note 1)		Value (Note 1)
		Short-Term Investments—(continued)
	$18,472,000	Sara Lee Corporation 1.40% due 8/20/2004	$	18,458,351	$	18,458,351
	6,000,000	Sara Lee Corporation 1.37% due 8/27/2004		5,994,063		5,994,063
	24,000,000	Sara Lee Corporation 1.42% due 9/03/2004		23,968,760		23,968,760
	20,000,000	Burlington Northern Santa Fe 1.35% due 8/03/2004		19,998,500		19,998,500
	10,000,000	Burlington Northern Santa Fe 1.30% due 8/06/2004		9,998,194		9,998,194
	28,000,000	7-Eleven Inc. 1.26% due 8/05/2004		27,996,080		27,996,080
	19,000,000	Procter and Gamble Company 1.23% due 8/05/2004		18,997,403		18,997,403
	20,423,000	Procter and Gamble Company 1.24% due 8/11/2004		20,415,965		20,415,965
	5,070,000	Procter and Gamble Company 1.31% due 8/25/2004		5,065,572		5,065,572
	13,500,000	Pearson Holdings Inc. 1.31% due 8/05/2004		13,498,035		13,498,035
	17,739,000	American Express Credit Corporation 1.23% due 8/06/2004		17,735,970		17,735,970
	15,000,000	American Express Credit Corporation 1.21% due 8/09/2004		14,995,967		14,995,967
	25,850,000	American Express Credit Corporation 1.25% due 8/11/2004		25,841,024		25,841,024
	25,000,000	American Express Credit Corporation 1.26% due 8/12/2004		24,990,375		24,990,375
	11,027,000	American Express Credit Corporation 1.29% due 8/13/2004		11,022,258		11,022,258
	26,905,000	American Express Credit Corporation 1.29% due 8/16/2004		26,890,539		26,890,539
	9,947,000	American Express Credit Corporation 1.29% due 8/19/2004		9,940,584		9,940,584
	15,049,000	American Express Credit Corporation 1.30% due 8/23/2004		15,037,044		15,037,044
	30,000,000	American Express Credit Corporation 1.30% due 8/25/2004		29,974,000		29,974,000
	22,556,000	American Express Credit Corporation 1.30% due 9/07/2004		22,525,863		22,525,863
	25,000,000	General Electric Company 1.25% due 8/09/2004		24,993,056		24,993,056
	29,525,000	General Electric Company 1.34% due 9/02/2004		29,489,832		29,489,832
	12,000,000	Wal-Mart Stores, Inc. 1.26% due 8/09/2004		11,996,640		11,996,640
	22,367,000	Wal-Mart Stores, Inc. 1.25% due 8/17/2004		22,354,574		22,354,574
	10,000,000	L'Oreal 1.29% due 8/09/2004		9,997,133		9,997,133
	20,000,000	L'Oreal 1.35% due 8/20/2004		19,985,750		19,985,750
	20,000,000	L'Oreal 1.35% due 8/24/2004		19,982,750		19,982,750
	29,327,000	General Electric Capital Corporation 1.22% due 8/10/2004		29,318,055		29,318,055
	25,000,000	General Electric Capital Corporation 1.22% due 8/19/2004		24,984,750		24,984,750
	30,596,000	General Electric Capital Corporation 1.37% due 9/07/2004		30,552,919		30,552,919
	25,000,000	Exxon Project Investment Corporation 1.22% due 8/13/2004		24,989,833		24,989,833
	10,000,000	Exxon Project Investment Corporation 1.21% due 8/20/2004		9,993,615		9,993,615
	30,000,000	Exxon Project Investment Corporation 1.22% due 8/20/2004		29,980,684		29,980,684
	6,796,000	The Coca-Cola Company 1.24% due 8/13/2004		6,793,191		6,793,191
	23,000,000	The Coca-Cola Company 1.24% due 8/13/2004		22,990,493		22,990,493
	30,492,000	The Coca-Cola Company 1.26% due 8/16/2004		30,475,992		30,475,992
	9,250,000	The Coca-Cola Company 1.37% due 9/02/2004		9,238,736		9,238,736
	5,224,000	DuPont Ei Nemour 1.26% due 8/13/2004		5,221,806		5,221,806
	35,000,000	DuPont Ei Nemour 1.34% due 8/24/2004		34,970,036		34,970,036

See Notes to Schedule of Investments.

26

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount				Cost (Note 1)			Value (Note 1)
		Short-Term Investments—(continued)
	$13,977,000	Bayer Corporation 1.38% due 8/16/2004	$	13,968,963		$	13,968,963
	25,000,000	Bayer Corporation 1.44% due 9/09/2004		24,961,000			24,961,000
	10,000,000	Diageo Capital Plc 1.28% due 8/16/2004		9,994,668			9,994,668
	24,500,000	Knight-Ridder, Inc. 1.23% due 8/27/2004		24,478,236			24,478,236
	3,000,000	Shell Finance UK Plc 1.34% due 8/27/2004		2,997,097			2,997,097
		Total Short-Term Investments		1,113,111,269			1,113,111,269
		Total Investments (100%)	$	5,197,280,765	*	$	6,345,658,598

*  At July 31, 2004 cost is substantially identical for both book and federal income tax purposes.

Foreign Currencies			Sector/Industry Classifications
CAD	— Canadian dollar	(1)	Consumer Discretionary	(10) Media
EUR	— euro	(2)	Consumer Staples	(11) Paper and Forest Products
GBP	— pound sterling	(3)	Energy	(12) Precious Metals
HKD	— Hong Kong dollar	(4)	Financials	(13) Real Estate
MYR	— Malaysian ringgit	(5)	Government Issues	(14) Retail
NZD	— New Zealand dollar	(6)	Health Care	(15) Technology and Telecommunications
SEK	— Swedish krona	(7)	Holding Companies	(16) Transportation
SGD	— Singapore dollar	(8)	Industrials	(17) Utilities
		(9)	Materials

(a)	Non-income producing security/commodity.
(b)	All or a portion of the security is exempt from registration under the Securities Act of 1933 and 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 nine-months ended July 31, 2004.

See Notes to Schedule of Investments.

27

FIRST EAGLE OVERSEAS FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

	Purchases
Affiliate	Shares		Cost		Dividend Income
Aida Engineering, Limited		849,500	$	3,082,456	$	280,940
Banco Latinoamericano de Exportaciones SA ADR		1,425,000		24,201,956		362,500
Crométal SA		—		—		103,129
Deceuninck		308,108		10,045,211		329,159
Fursys Incorporated		50,000		372,379		125,721
Gaumont SA		115,653		6,574,065		70,481
Gewiss S.p.A.		2,303,000		10,636,556		241,099
Gorthon Lines AB ‘B’		75,000		190,132		126,862
Haw Par Corporation Limited		5,952,850		16,588,672		632,029
Koninklijke Grolsch NV		169,488		4,820,178		602,939
Kukdong Electric Wire Company, Limited		225,000		3,821,270		—
Laurent-Perrier		173,899		6,118,044		301,417
Nexans Korea Limited		3,265,000		3,912,368		43,653
Nitto Kohki Company, Limited		1,300,050		22,773,188		241,444
Pfeiffer Vacuum Technology AG		285,655		11,134,437		374,677
PT Bat Indonesia Tbk		4,000,000		4,249,453		—
Robertet SA		3,376		374,154		290,713
Sansei Yusoki Company, Limited		1,000,000		8,885,636		94,159
Shaw Brothers (Hong Kong) Limited		900,000		991,659		128,369
Société Française des Papiers Peints		—		—		—
Société Sucrière de Pithiviers-le Vieil		—		—		599,150
Spirax-Sarco Engineering Plc		1,650,000		16,796,671		852,864
T. Hasegawa Company, Limited		1,079,991		15,532,761		—
Tasman Farms		—		—		—
United Services Group NV		352,180		6,404,596		417,907

(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)	Leveraged 11⁄2 to 1
(h)	Leveraged 2 to 1
(i)	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 July 31, 2004 is shown below.

Security	Acquisition Date		Cost
FINEL		7/14/99	$	2,407,421
Fregate SAS 2% due 3/31/2013		4/13/04		3,620,400
Hilti AG		11/30/01		4,485,845

(j) Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees.

See Notes to Schedule of Investments.

28

FIRST EAGLE U.S. VALUE FUND
SCHEDULE OF INVESTMENTS
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks and Rights—U.S. (58.07%)
	Consumer Discretionary (4.45%)
65,000	Papa John's International Inc. (a)	$	1,725,887	$	1,974,050
55,000	McDonald's Corporation		816,327		1,512,500
35,000	Hampshire Group, Limited (a)		1,171,963		989,100
20,000	Weyco Group, Inc.		551,986		618,200
20,000	Furniture Brands International		427,707		459,600
8,000	Allen Organ Company, Class ‘B’		307,040		408,000
600	St. John Knits International Inc. (a)		18,600		19,950
			5,019,510		5,981,400
	Consumer Staples (0.82%)
12,000	Altria Group Inc.		480,416		571,200
28,800	Seneca Food Corporation (a)		422,064		536,400
			902,480		1,107,600
	Energy (6.38%)
90,000	Burlington Resources, Inc.		1,952,675		3,435,300
50,000	SEACOR Holdings Inc. (a)		1,920,151		2,115,000
45,000	CONSOL Energy, Inc.		806,846		1,612,800
18,000	ConocoPhillips		1,029,193		1,417,860
			5,708,865		8,580,960
	Financials (0.47%)
35,000	Interpool Inc.		575,519		638,750
	Health Care (3.07%)
75,000	Schering-Plough Corporation		1,654,624		1,459,500
70,000	Sola International Inc. (a)		1,249,408		1,138,200
20,000	DENTSPLY International Inc.		580,150		972,600
10,000	Johnson & Johnson, Inc.		541,140		552,700
			4,025,322		4,123,000
	Holding Companies (3.56%)
45	Berkshire Hathaway Inc., Class ‘A’ (a)		3,230,250		3,926,250
557	Case Pomeroy & Co., Inc. Class ‘A’		538,848		584,850
5,000	Loews Corporation		223,725		283,150
			3,992,823		4,794,250
	Industrials (8.57%)
85,000	Tyco International Limited		1,186,970		2,635,000
80,000	UniFirst Corporation		1,394,750		2,377,600
50,000	Banta Corporation		1,867,267		1,985,500
60,000	Waste Management Inc.		1,477,143		1,688,400
40,000	SPX Corporation		1,874,751		1,638,000
30,000	Franklin Electric Company, Inc.		570,590		1,136,400
5,000	Hardinge Inc.		54,150		62,000
			8,425,621		11,522,900
	Materials (0.87%)
20,000	Vulcan Materials Company		928,440		952,400
426	Central Steel and Wire Company		167,885		223,650
			1,096,325		1,176,050

See Notes to Schedule of Investments.

29

FIRST EAGLE U.S. VALUE FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks and Rights—U.S.—(continued)
	Media (5.52%)
360,000	Liberty Media Corporation (a)	$	2,950,068	$	3,052,800
30,000	Liberty Media International Inc. (a)		1,048,178		935,400
6,000	Liberty Media International Inc.-rights (a)		—		36,060
70,000	Valassis Communications, Inc. (a)		2,022,112		2,046,800
44,392	The DIRECTV Group, Inc. (a)		570,281		719,594
50,000	The Interpublic Group of Companies, Inc. (a)		867,660		639,500
			7,458,299		7,430,154
	Paper and Forest Products (6.95%)
89,025	Rayonier Inc.		2,753,947		3,915,319
80,000	Deltic Timber Corporation		2,401,024		2,752,800
110,000	Longview Fibre Company (a)		1,152,292		1,420,100
40,000	Plum Creek Timber Company, Inc.		921,473		1,255,200
			7,228,736		9,343,419
	Precious Metals (2.43%)
55,000	Newmont Mining Corporation Holding Company		1,032,985		2,225,850
30,000	Freeport McMoRan Copper & Gold Inc., Class ‘B’		346,097		1,045,500
			1,379,082		3,271,350
	Real Estate (0.07%)
1,595	ProLogis Trust 8.54% Pfd. Series ‘C’		82,039		94,753
	Retail (7.88%)
90,000	Costco Wholesale Corporation		2,744,451		3,659,400
55,000	The Sherwin-Williams Company		1,381,027		2,220,900
25,000	Autozone Inc. (a)		2,093,270		1,930,000
70,000	Dillard's Inc., Class ‘A’		1,035,878		1,595,300
80,000	Hancock Fabrics, Inc.		991,083		923,200
10,000	May Department Stores Company		293,498		265,300
			8,539,207		10,594,100
	Technology and Telecommunications (1.68%)
150,000	American Power Conversion Corporation		2,325,204		2,265,000
	Utilities (5.35%)
58,100	CalEnergy Capital Trust 6 1/2% Conv. Pfd.		2,380,238		2,788,800
58,300	Kaneb Services LLC		1,419,922		1,731,510
60,000	IDACORP, Inc.		1,541,211		1,650,000
40,000	Hawaiian Electric Industries, Inc.		845,477		1,021,200
			6,186,848		7,191,510
	Common Stocks—Non U.S. (3.79%)
	Canada (0.66%)
20,000	EnCana Corporation (3)		549,956		886,400
	Netherlands (1.66%)
300,000	Koninklijke Ahold NV (a)(11)		2,416,482		2,228,972
	United Kingdom (1.47%)
750,000	J.Z. Equity Partners, Plc (4)		1,499,247		1,977,124
	Total Common and Preferred Stocks and Rights		67,411,565		83,207,692

See Notes to Schedule of Investments.

30

FIRST EAGLE U.S. VALUE FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount				Cost (Note 1)		Value (Note 1)
		Notes and Bonds and Convertible Bond (15.06%)
		Gold-Linked Notes (2.62%)
	$  500,000	HSBC Gold-Linked Note 0% due 8/09/2004 (a)(b)(c)(d)(e)(9)	$	500,000	$	567,250
	700,000	HSBC Gold-Linked Note 0% due 4/12/2005 (a)(b)(c)(d)(e)(9)		700,000		626,500
	1,145,000	HSBC Gold-Linked Note 0% due 6/28/2005 (a)(b)(c)(d)(e)(9)		1,145,000		1,116,489
	1,150,000	UBS Gold-Linked Note 0% due 5/24/2005 (a)(b)(c)(d)(e)(9)		1,150,000		1,209,765
				3,495,000		3,520,004
		U.S. Dollar Bonds and Notes (12.27%)
	670,000	Blount International Inc. 7% due 6/15/2005 (6)		638,118		688,425
	1,330,000	Blount International Inc. 13% due 8/01/2009 (6)		779,687		1,436,400
	1,089,000	Columbus McKinnon Corporation 81⁄2% due 4/01/2008 (6)		874,974		1,018,215
	1,000,000	Columbus McKinnon Corporation 10% due 8/01/2010 (6)		1,022,500		1,077,500
	500,000	Winn-Dixie Stores Inc. 87⁄8% due 4/01/2008 (2)		441,346		477,500
	2,400,000	Level 3 Communications, Inc. 91⁄8% due 5/01/2008 (12)		1,588,402		1,800,000
	525,000	Longview Fibre Company 10% due 1/15/2009 (8)		556,375		572,250
	250,000	Crescent Real Estate Equities Company 91⁄4% due 4/15/2009 (10)		250,000		263,750
	500,000	American Standard Companies Inc. 81⁄4% due 6/01/2009 (6)		530,000		572,500
	1,075,000	GATX Corporation 87⁄8% due 6/12/2009 (4)		1,016,698		1,216,152
	500,000	Jostens, Inc. 123⁄4% due 5/01/2010 (1)		558,375		567,500
	250,000	Jostens, Inc. 101⁄4% due 12/01/2013 (a)(1)		156,801		166,250
	995,000	Flowserve Finance B.V. 121⁄4% due 8/15/2010 (6)		1,130,322		1,131,813
	1,000,000	Briggs & Stratton Corporation 87⁄8% due 3/15/2011 (1)		1,062,000		1,177,500
	850,000	Steinway Musical Instruments 83⁄4% due 4/15/2011 (1)		859,750		922,250
	1,310,000	Texas Industries, Inc. 101⁄4% due 6/15/2011 (7)		1,370,313		1,499,950
	250,000	Domino's Inc. 81⁄4% due 7/01/2011 (1)		248,378		268,750
	550,000	Potlatch Corporation 10% due 7/15/2011 (8)		592,062		621,500
	125,000	R.H. Donnelley Finance 107⁄8% due 12/15/2012 (b)(4)		125,000		146,875
	250,000	Elizabeth Arden Inc. 73⁄4% due 1/15/2014 (2)		250,000		256,562
	600,000	Bausch and Lomb Inc. 71⁄8% due 8/01/2028 (5)		505,580		614,816
				14,556,681		16,496,458
		U.S. Dollar Convertible Bond (0.17%)
	250,000	SCI Systems Inc. 3% due 3/15/2007 (10)		179,072		234,688
		Total Notes and Bonds and Convertible Bond		18,230,753		20,251,150

See Notes to Schedule of Investments.

31

FIRST EAGLE U.S. VALUE FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal Amount				Cost (Note 1)			Value (Note 1)
		Short-Term Investments (23.08%)
	$6,673,000	Hitachi Limited 1.33% due 8/02/2004	$	6,672,753		$	6,672,753
	1,164,000	Hitachi Limited 1.32% due 8/02/2004		1,163,957			1,163,957
	4,128,000	Praxair 1.30% due 8/02/2004		1,760,879			1,760,879
	5,239,000	American Express Credit Corporation 1.21% due 8/03/2004		5,238,648			5,238,648
	1,761,000	Gannett Company Inc. 1.24% due 8/03/2004		4,127,851			4,127,851
	1,389,000	The Coca-Cola Company 1.23% due 8/03/2004		1,388,905			1,388,905
	5,210,000	Henkel Corporation 1.25% due 8/05/2004		5,209,276			5,209,276
	5,474,000	Knight-Ridder Inc. 1.33% due 8/09/2004		5,472,492			5,472,492
		Total Short-Term Investments		31,034,761			31,034,761
		Total Investments (100.00%)	$	116,677,079	*	$	134,493,603

*    At July 31, 2004 cost is substantially identical for both book and federal income tax purposes.

	Sector/Industry Classifications
(1) Consumer Discretionary
(2) Consumer Staples
(3) Energy
(4) Financials
(5) Health Care
(6) Industrials
(7) Materials
(8) Paper and Forest Products
(9) Precious Metals
(10) Real Estate
(11) Retail
(12) Technology and Telecommunications

(a)	Non-income producing security.
(b)	Security is exempt from registration under the Securities Act of 1933 and may only be sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
(c)	Commodity-linked security whereby the coupon, dividend and/or redemption amount is linked to the price of an underlying commodity.
(d)	Security for which there is less than three market makers.
(e)	Leveraged 11⁄2 to 1

See Notes to Schedule of Investments.

32

FIRST EAGLE GOLD FUND
SCHEDULE OF INVESTMENTS
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks and Warrants (70.82%)
	Australia (0.81%)
425,000	Newcrest Mining Limited	$	4,454,225	$	4,237,400
	Canada (27.64%)
1,675,000	Placer Dome Inc.		21,569,520		26,833,500
1,110,183	Pan American Silver Corporation (a)(b)		10,205,305		15,240,040
2,500,000	IAMGOLD Corporation		9,176,474		14,571,675
435,000	Aber Diamond Corporation (a)		12,356,590		13,049,837
2,050,000	Kinross Gold Corporation (a)		11,982,657		10,884,919
700,000	Meridian Gold Inc. (a)		9,040,532		9,301,085
500,000	Glamis Gold Limited (a)		3,673,894		7,850,000
1,625,000	Dundee Precious Metals, Inc., Class ‘A’ (a)		6,530,686		7,628,535
555,000	Agnico-Eagle Mines Limited		7,385,481		7,342,650
3,500,000	Miramar Mining Corporation (a)		3,283,139		4,074,811
3,500,000	Aurizon Mines Limited (a)		3,966,340		3,549,029
275,000	Goldcorp Inc.		1,063,853		3,164,457
750,000	Golden Star Resources Limited (a)(b)		970,106		3,015,000
775,000	Richmont Mines, Inc. (a)(c)		2,500,708		2,561,310
1,000,000	Eldorado Gold Corporation (a)		3,326,847		2,540,000
125,000	Barrick Gold Corporation		1,873,424		2,390,000
2,425,000	Apollo Gold Corporation (a)(b)		4,765,369		2,385,121
2,500,000	Guinor Gold Corporation (a)		1,974,658		1,971,683
1,075,000	Cumberland Resources Inc. (a)		2,116,625		1,631,051
1,050,000	Wheaton River Minerals Limited (a)(b)		783,725		2,642,056
262,500	Wheaton River Minerals Limited Warrants (a)(b)		—		358,846
1,175,000	Metallica Resources Inc. (a)		1,605,700		1,094,378
350,000	Northern Orion Resources Inc. (a)		1,017,312		765,013
700,000	Wesdome Gold Mining (a)		587,697		657,228
350,000	Wesdome Gold Mining Warrants (a)(h)		—		—
			121,756,642		145,502,224
	Latin America (2.13%)
625,000	Apex Silver Mines Limited (a)		9,570,425		11,206,250
	Mexico (4.86%)
7,000,000	Industrias Penoles, S.A. de C.V.		14,363,002		25,566,071
	South Africa (17.01%)
2,250,000	Harmony Gold Mining Company Limited ADR		29,925,308		24,660,000
2,132,500	Gold Fields Limited ADR		25,458,965		21,879,450
650,000	Anglogold Ashanti Limited ADR		24,611,308		21,313,500
155,000	Impala Platinum Holdings Limited		9,880,330		12,365,390
2,823,250	Mvelaphanda Resources Limited (a)		9,857,979		7,266,936
1,005,000	Randgold and Exploration Company Limited ADR (a)		3,001,930		1,989,900
1,500,000	JCI Limited (a)		213,392		86,871
			102,949,212		89,562,047
	Sweden (1.09%)
8,500,000	Riddarhyttan Resources AB (a)(c)		6,736,512		5,755,658
	United States (15.56%)
3,490,375	Newmont Mining Corporation Holding Company		34,837,038		47,142,105
500,000	Freeport McMoRan Copper & Gold Inc., Class ‘B’		11,927,844		17,425,000

See Notes to Schedule of Investments.

33

FIRST EAGLE GOLD FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common and Preferred Stocks and Warrants—(continued)
	United States—(continued)
207,500	Freeport McMoRan Copper & Gold Inc., Preferred Series ‘C’ (d)	$	5,577,268	$	8,528,250
215,500	Freeport McMoRan Copper & Gold Inc., Preferred Series ‘D’ (d)		1,760,012		1,519,275
375,000	Royal Gold, Inc.		5,159,804		5,268,750
500,000	Canyon Resources Corporation (a)		1,751,008		2,000,000
			61,012,974		81,883,380
	United Kingdom (1.55%)
350,000	Anglo American Plc		8,268,292		7,437,298
325,000	Trans-Siberian Gold Limited (a)(e)		545,620		739,091
			8,813,912		8,176,389
	Miscellaneous (0.17%)
110,000	Randgold Resources Limited ADR (a)		1,162,286		903,100
	Total Common and Preferred Stocks and Warrants		330,819,190		372,792,519
Ounces
	Commodities (14.52%)
154,968	Gold Bullion (a)		56,900,042		60,623,303
2,410,368	Silver Bullion (a)		15,570,565		15,787,907
	Total Commodities		72,470,607		76,411,210

Principal
	Notes and Convertible Bonds (11.64%)
	Commodity-Linked Notes (11.53%)
$2,000,000	HSBC Gold-Linked Note 0% due 8/09/2004 (a)(b)(d)(e)(f)	2,000,000	2,308,000
1,000,000	HSBC Gold-Linked Note 0% due 8/11/2004 (a)(b)(d)(e)(f)	1,000,000	1,171,000
500,000	HSBC Gold-Linked Note 0% due 8/16/2004 (a)(b)(d)(e)(f)	500,000	576,550
1,000,000	HSBC Gold-Linked Note 0% due 8/19/2004 (a)(b)(d)(e)(f)	1,000,000	1,113,500
1,500,000	HSBC Gold-Linked Note 0% due 8/20/2004 (a)(b)(d)(e)(f)	1,500,000	1,656,600
1,000,000	HSBC Gold-Linked Note 0% due 8/23/2004 (a)(b)(d)(e)(f)	1,000,000	1,095,100
1,000,000	HSBC Gold-Linked Note 0% due 8/25/2004 (a)(b)(d)(e)(f)	1,000,000	1,115,400
1,000,000	HSBC Gold-Linked Note 0% due 8/30/2004 (a)(b)(d)(e)(f)	1,000,000	1,115,500
1,000,000	HSBC Gold-Linked Note 0% due 8/31/2004 (a)(b)(d)(e)(f)	1,000,000	1,107,700
500,000	HSBC Gold-Linked Note 0% due 9/06/2004 (a)(b)(d)(e)(f)	500,000	524,750
500,000	HSBC Gold-Linked Note 0% due 9/14/2004 (a)(b)(d)(e)(f)	500,000	525,000
750,000	HSBC Gold-Linked Note 0% due 9/20/2004 (a)(b)(d)(e)(f)	750,000	781,050
1,500,000	HSBC Gold-Linked Note 0% due 10/07/2004 (a)(b)(d)(e)(f)	1,500,000	1,509,300
500,000	HSBC Gold-Linked Note 0% due 10/13/2004 (a)(b)(d)(e)(f)	500,000	532,850
500,000	HSBC Gold-Linked Note 0% due 11/04/2004 (a)(b)(d)(e)(f)	500,000	506,700
500,000	HSBC Gold-Linked Note 0% due 11/12/2004 (a)(b)(d)(e)(f)	500,000	521,000
500,000	HSBC Gold-Linked Note 0% due 11/30/2004 (a)(b)(d)(e)(f)	500,000	495,100
1,500,000	HSBC Gold-Linked Note 0% due 12/13/2004 (a)(b)(d)(e)(g)	1,500,000	1,384,500
3,000,000	HSBC Gold-Linked Note 0% due 12/17/2004 (a)(b)(d)(e)(g)	3,000,000	2,727,000
400,000	HSBC Gold-Linked Note 0% due 5/17/2005 (a)(b)(d)(e)(f)	400,000	421,360
550,000	HSBC Gold-Linked Note 0% due 5/31/2005 (a)(b)(d)(e)(f)	550,000	557,205
850,000	HSBC Gold-Linked Note 0% due 6/07/2005 (a)(b)(d)(e)(f)	850,000	835,890
227,000	HSBC Gold-Linked Note 0% due 6/21/2005 (a)(b)(d)(e)(f)	227,000	230,019
3,150,000	HSBC Gold-Linked Note 0% due 6/28/2005 (a)(b)(d)(e)(f)	3,150,000	3,071,565

See Notes to Schedule of Investments.

34

FIRST EAGLE GOLD FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Principal		Cost (Note 1)			Value (Note 1)
	Notes and Convertible Bonds—(continued)
	Commodity-Linked Notes—(continued)
$  500,000	HSBC Gold-Linked Note 0% due 6/29/2005 (a)(b)(d)(e)(f)	$	500,000		$	486,950
1,655,000	HSBC Gold-Linked Note 0% due 8/02/2005 (a)(b)(d)(e)(f)		1,655,000			1,644,739
1,095,000	HSBC Gold-Linked Note 0% due 8/05/2005 (a)(b)(d)(e)(f)		1,095,000			1,101,899
750,000	UBS Gold-Linked Note 0% due 8/20/2004 (a)(b)(d)(e)(f)		750,000			868,433
1,000,000	UBS Gold-Linked Note 0% due 10/07/2004 (a)(b)(d)(e)(f)		1,000,000			1,035,643
1,000,000	UBS Gold-Linked Note 0% due 10/08/2004 (a)(b)(d)(e)(f)		1,000,000			1,012,338
1,000,000	UBS Gold-Linked Note 0% due 10/12/2004 (a)(b)(d)(e)(f)		1,000,000			1,023,424
750,000	UBS Gold-Linked Note 0% due 10/22/2004 (a)(b)(d)(e)(f)		750,000			786,743
500,000	UBS Gold-Linked Note 0% due 11/24/2004 (a)(b)(d)(e)(f)		500,000			513,096
1,000,000	UBS Gold-Linked Note 0% due 11/26/2004 (a)(b)(d)(e)(f)		1,000,000			975,350
1,000,000	UBS Gold-Linked Note 0% due 12/03/2004 (a)(b)(d)(e)(f)		1,000,000			973,343
1,000,000	UBS Gold-Linked Note 0% due 12/13/2004 (a)(b)(d)(e)(f)		1,000,000			979,317
1,000,000	UBS Gold-Linked Note 0% due 12/16/2004 (a)(b)(d)(e)(g)		1,000,000			948,612
650,000	UBS Gold-Linked Note 0% due 1/28/2005 (a)(b)(d)(e)(g)		650,000			556,058
1,200,000	UBS Gold-Linked Note 0% due 2/04/2005 (a)(b)(d)(e)(f)		1,200,000			1,112,107
2,250,000	UBS Gold-Linked Note 0% due 2/18/2005 (a)(b)(d)(e)(f)		2,250,000			2,164,899
2,250,000	UBS Gold-Linked Note 0% due 2/22/2005 (a)(b)(d)(e)(f)		2,250,000			2,162,691
500,000	UBS Gold-Linked Note 0% due 3/09/2005 (a)(b)(d)(e)(g)		500,000			466,583
750,000	UBS Gold-Linked Note 0% due 3/11/2005 (a)(b)(d)(e)(g)		750,000			734,801
1,950,000	UBS Gold-Linked Note 0% due 5/11/2005 (a)(b)(d)(e)(f)		1,950,000			1,892,450
250,000	UBS Gold-Linked Note 0% due 5/24/2005 (a)(b)(d)(e)(f)		250,000			262,992
550,000	UBS Gold-Linked Note 0% due 6/09/2005 (a)(b)(d)(e)(f)		550,000			547,245
3,200,000	UBS Gold-Linked Note 0% due 6/17/2005 (a)(b)(d)(e)(f)		3,200,000			3,175,134
1,800,000	UBS Gold-Linked Note 0% due 7/13/2005 (a)(b)(d)(e)(f)		1,800,000			1,764,056
1,200,000	UBS Gold-Linked Note 0% due 7/28/2005 (a)(b)(d)(e)(f)		1,200,000			1,131,552
450,000	UBS Gold-Linked Note 0% due 8/09/2005 (a)(b)(d)(e)(f)		450,000			434,332
2,350,000	UBS Gold-Linked Note 0% due 8/12/2005 (a)(b)(d)(e)(f)		2,350,000			2,271,313
1,000,000	UBS Silver-Linked Note 0% due 3/17/2005 (a)(b)(d)(e)(g)		1,000,000			949,521
750,000	UBS Silver-Linked Note 0% due 3/24/2005 (a)(b)(d)(e)(g)		750,000			614,580
1,000,000	UBS Silver-Linked Note 0% due 6/07/2005 (a)(b)(d)(e)(f)		1,000,000			1,138,896
500,000	UBS Silver-Linked Note 0% due 6/10/2005 (a)(b)(d)(e)(f)		500,000			539,125
500,000	UBS Silver-Linked Note 0% due 6/13/2005 (a)(b)(d)(e)(f)		500,000			549,719
			60,277,000			60,700,580
	U.S. Dollar Convertible Bonds (0.11%)
500,000	Agnico-Eagle Mines Limited 41⁄2% due 2/15/2012		566,875			565,625
	Total Notes and Convertible Bonds		60,843,875			61,266,205
	Short-Term Investments (3.02%)
9,397,000	Hitachi Limited 1.33% due 8/02/2004		9,396,653			9,396,653
6,526,000	Knight-Ridder Inc. 1.24% due 8/09/2004		6,524,202			6,524,202
	Total Short-Term Investments		15,920,855			15,920,855
	Total Investments (100.00%)	$	480,054,527	*	$	526,390,789

See Notes to Schedule of Investments.

35

FIRST EAGLE GOLD FUND
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

*	At July 31, 2004 cost is 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 and 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 nine-months ended July 31, 2004.

	Purchases
Affiliate	Shares		Cost
Richmont Mines Inc.		150,000	$	673,874
Riddarhyttan Resources AB		5,500,000		4,618,405

(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 11⁄2 to 1
(g)	Leveraged 2 to 1
(h)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees.

See Notes to Schedule of Investments.

36

FIRST EAGLE FUND OF AMERICA
SCHEDULE OF INVESTMENTS
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common Stocks—U.S. (94.47%)
	Biotechnology (9.68%)
1,070,200	Celera Genomics Group-Applera Corporation (a)	$	13,003,148	$	12,564,148
472,300	Medimmune Inc. (a)		11,411,812		10,881,792
448,100	Applera Corporation—Applied Biosystems Group		9,471,317		9,271,189
167,900	Celgene Corporation (a)(c)		7,242,084		8,954,107
155,500	Cephalon Inc. (a)(c)		7,778,277		7,855,860
74,535	Biogen Idec Inc. (a)(c)		2,255,494		4,472,100
357,700	InterMune Inc. (a)		6,827,802		4,288,823
			57,989,934		58,288,019
	Consumer Discretionary (14.96%)
915,100	Hasbro Inc.		14,546,062		16,627,367
806,600	Tommy Hilfiger Corporation		11,442,921		11,292,400
605,000	Mattel, Inc.		12,731,549		10,599,600
269,100	YUM! Brands Inc. (c)		6,289,276		10,330,749
394,500	The TJX Companies, Inc. (c)		7,155,540		9,258,915
201,900	GTECH Holdings Corporation		8,032,740		8,554,503
188,100	Autoliv Inc.		7,709,155		7,917,129
144,400	Lennar Corporation, Class ‘A’ (c)		6,507,744		6,162,992
91,600	Pulte Homes, Inc. (c)		4,655,472		5,004,108
81,800	Harrah's Entertainment, Inc. (c)		3,847,566		3,802,882
37,100	Autonation, Inc. (a)		625,669		598,052
			83,543,694		90,148,697
	Consumer Staples (8.68%)
751,050	Dean Foods Company (a)		19,277,576		27,773,829
1,375,200	Del Monte Foods Company (a)		12,984,791		14,494,608
156,300	Kimberly-Clark Corporation		7,969,728		10,014,141
			40,232,095		52,282,578
	Energy (1.06%)
122,600	Ashland Inc.		6,378,221		6,408,302
	Financials (0.99%)
172,300	Willis Group Holdings Limited		5,119,946		5,996,040
	Health Care Services (12.46%)
782,700	Manor Care Inc.		16,992,802		24,459,375
199,500	Guidant Corporation (c)		10,978,540		11,036,340
194,800	C.R. Bard, Inc. (c)		6,131,411		10,752,960
225,200	Laboratory Corporation of America Holdings (a)(c)		6,107,931		8,818,832
325,800	Community Health Systems Inc. (a)		6,433,282		8,017,938
472,954	Viasys Healthcare Inc. (a)		8,119,262		7,165,253
136,600	Edwards Lifesciences Corporation (a)		4,794,537		4,804,222
			59,557,765		75,054,920
	Industrials (19.66%)
1,324,300	Tyco International Limited (c)		20,889,426		41,053,300
518,300	L-3 Communications Holdings Inc. (c)		19,861,418		31,694,045
319,600	Alliant Techsystems Inc. (a)(c)		15,987,422		20,122,016
329,300	American Standard Companies Inc. (a)(c)		7,183,739		12,477,177
71,500	General Dynamics Corporation (c)		4,058,888		7,065,630
193,500	Pentair, Inc. (c)		6,186,570		6,060,420
			74,167,463		118,472,588
	Information Technology (4.34%)
1,047,500	Storage Technology Corporation (a)		18,610,627		26,135,125

See Notes to Schedule of Investments.

37

FIRST EAGLE FUND OF AMERICA
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Number of Shares		Cost (Note 1)		Value (Note 1)
	Common Stocks—U.S.—(continued)
	Materials (13.30%)
527,800	Ball Corporation (c)	$	22,019,544	$	38,096,604
1,062,000	Packaging Corporation of America (c)		17,032,488		24,808,320
527,300	Louisiana-Pacific Corporation (c)		9,976,641		12,486,464
398,300	Hercules Inc. (a)		4,625,288		4,703,923
			53,653,961		80,095,311
	Pharmaceuticals (3.79%)
1,303,100	Valeant Pharmaceuticals International		24,138,745		22,817,281
	Telecommunication Services (4.50%)
403,600	NII Holdings Inc., Class ‘B’ (a)(c)		13,745,409		15,344,872
444,600	Western Wireless Corporation (a)(c)		7,696,676		11,732,994
			21,442,085		27,077,866
	Utilities (1.05%)
164,100	Constellation Energy Group		6,010,704		6,326,055
	Total Common Stocks—U.S.		450,845,240		569,102,782
	Preferred Stocks—U.S. (0.58%)
1,200	Tidewater Holdings Inc. Ser. A Conv. (a)(b)(d)		1,200,000		1,200,000
1,000	Tidewater Holdings Inc. Ser. B Conv. (a)(b)(d)		1,000,000		1,000,000
67,777	Assistive Technology Inc. Ser. E-1 (a)(b)(d)		883,921		589,281
51,966	Assistive Technology Inc. Ser. E-2 (a)(b)(d)		500,000		333,333
26,057	Assistive Technology Inc. Ser. F (a)(b)(d)		342,000		342,000
	Total Preferred Stocks—U.S.		3,925,921		3,464,614
	Warrants—U.S. (0.00%)
9,873	Assistive Technology Inc. (a)(b)(d)		382		382
37,234	Assistive Technology Inc. Ser. E-1 (a)(b)(d)		—		—
	Total Warrants—U.S.		382		382
	Other Investments—U.S. (0.00%)
16	Euro Outlet Malls, L.P. (a)(b)(d)		—		—
	Common Stocks—Non U.S. (5.95%)
	France (1.05%)
254,200	Vivendi Universal SA ADR (a)(1)		6,562,543		6,324,496
	Netherlands (0.97%)
176,100	Akzo Nobel NV ADR (c)(2)		6,970,798		5,837,715
	United Kingdom (3.93%)
683,700	Shire Pharmaceuticals Group Plc ADR (a)(4)		15,809,224		18,172,746
1,355,500	EMI Group Plc (a)(1)		4,959,696		5,536,307
			20,768,920		23,709,053
	Total Common Stocks—Non U.S.		34,302,261		35,871,264

See Notes to Schedule of Investments.

38

FIRST EAGLE FUND OF AMERICA
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

Contracts		Cost (Note 1)			Value (Note 1)
	Covered Call Options Written (-1.05%)
178	Akzo Nobel NV ADR @ $35 exp. Aug 2004				$	(5,785	)
320	Alliant Techsystems Inc. @ $65 exp. Aug 2004					(15,200	)
714	American Standard Companies Inc. @ $40 exp. Aug 2004					(16,065	)
330	American Standard Companies Inc. @ $40 exp. Sept 2004					(15,675	)
881	American Standard Companies Inc. @ $38.375 exp. Oct 2004					(125,542	)
1,818	Ball Corporation @ $70 exp. Aug 2004					(449,955	)
151	Ball Corporation @ $75 exp. Nov 2004					(30,200	)
372	Biogen Idec Inc. @ $55 exp. Aug 2004					(202,740	)
373	Biogen Idec Inc. @ $55 exp. Sept 2004					(238,720	)
1,462	C.R. Bard, Inc. @ $50 exp. Aug 2004					(782,170	)
486	C.R. Bard, Inc. @ $ 55 exp. Aug 2004					(75,330	)
375	Celgene Corporation @ $55 exp. Aug 2004					(46,875	)
325	Celgene Corporation @ $60 exp. Aug 2004					(4,063	)
757	Celgene Corporation @ $55 exp. Sept 2004					(211,960	)
222	Celgene Corporation @ $45 exp. Oct 2004					(91,020	)
155	Cephalon Inc. @ $50 exp. Aug 2004					(34,100	)
715	General Dynamics Corporation @ $95 exp. Aug 2004					(314,600	)
765	Guidant Corporation @ $55 exp. Aug 2004					(191,250	)
199	Guidant Corporation @ $55 exp. Sept 2004					(73,630	)
818	Harrah's Entertainment, Inc. @ $55 exp. Aug 2004					(12,270	)
2,332	L-3 Communications Holdings @ $60 exp. Aug 2004					(501,380	)
2,252	Laboratory Corporation of America @ $40 exp. Aug 2004					(84,450	)
361	Lennar Corporation, Class ‘A’ @ $45 exp. Aug 2004					(13,538	)
144	Lennar Corporation, Class ‘A’ @ $45 exp. Sept 2004					(15,840	)
2,961	Louisiana-Pacific Corporation @ $22.5 exp. Aug 2004					(451,552	)
403	NII Holdings Inc., Class ‘B’ @ $36.6 exp. Sept 2004					(128,960	)
607	NII Holdings Inc., Class ‘B’ @ $38.3 exp. Sept 2004					(133,540	)
357	Packaging Corporation of America @ $25 exp. Sept 2004					(9,818	)
623	Packaging Corporation of America @ $25 exp. Oct 2004					(32,708	)
1,935	Pentair, Inc. @ $32.5 exp. Aug 2004					(62,887	)
673	Pulte Homes, Inc. @ $55 exp. Aug 2004					(100,950	)
243	Pulte Homes, Inc. @ $55 exp. Sept 2004					(68,040	)
394	The TJX Companies, Inc. @ $22.5 exp. Aug 2004					(47,280	)
443	The TJX Companies, Inc. @ $22.5 exp. Sept 2004					(67,557	)
8,177	Tyco International Limited @ $32.5 exp. Aug 2004					(245,310	)
4,446	Western Wireless Corporation @ $25 exp. Aug 2004					(1,022,580	)
1,154	YUM! Brands Inc. @ $35 exp. Aug 2004					(409,670	)
276	YUM! Brands Inc. @ $40 exp. Sept 2004					(18,630	)
	Total Covered Call Options Written (premium $7,317,109)					(6,351,840	)
	Call Options Bought (0.05%)
1,778	Autonation, Inc. @ $15 exp. Jan 2005		476,504			311,150
	Total Investment Portfolio (100.00%)	$	489,550,308	*	$	602,398,352

*    At July 31, 2004, cost is substantially identical for both book and federal income tax purposes.

See Notes to Schedule of Investments.

39

FIRST EAGLE FUND OF AMERICA
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2004
(unaudited)

	Sector/Industry Classifications
(1) Consumer Discretionary
(2) Industrials
(3) Materials
(4) Pharmaceuticals

(a)	Non-income producing security.
(b)	Restricted security valued in accordance with fair value procedures under the supervision 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 July 31, 2004 is shown below:

Security	Acquisition Date		Cost
Assistive Technology Inc. Ser. E-1		10/31/95	$	589,281
Assistive Technology Inc. Ser. E-2		12/19/96		333,333
Assistive Technology Inc. Ser. F		12/07/01		342,000
Assistive Technology Inc. Warrants		10/21/98		382
Assistive Technology Inc. Ser. E-1 Warrants		10/21/98		—
Euro Outlet Malls, L.P.		12/30/94		—
Tidewater Holdings Inc. Ser. A Conv. Pfd. Stock		7/09/96		1,200,000
Tidewater Holdings Inc. Ser. B Conv. Pfd. Stock		12/20/02		1,000,000

(c)	At July 31, 2004, 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.

See Notes to Schedule of Investments.

40

FIRST EAGLE FUNDS
NOTES TO SCHEDULE OF INVESTMENTS

Note 1—Significant Accounting Policies

      First Eagle Funds (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended. 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”). 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. Additionally, effective May 23, 2000, the Funds' fiscal year end changed from March 31 to October 31 of each year.

      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 NYSE is closed on the following days: New Year's Day, Rev. Dr. Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. 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, 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. 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, except if such unlisted security 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, 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, which approximates value. Gold and silver held in physical form are valued at the price of the last sale at that day's close on the COMEX. Securities for which current market quotations are not readily available are valued at fair value as determined in good faith by the Company's Board of Trustees or their delegates.

      Most foreign markets close before the NYSE. Normally, developments that could affect the values of securities that occur between the close of a foreign market and the close of the NYSE will not be reflected in security valuations used by the Funds to compute their share price. However, if developments are so significant that they will, in the judgment of the Funds, clearly and materially affect security values, such valuations may be adjusted to reflect the estimated fair value of the securities as of the close of the NYSE, as determined in good faith by the Valuation Committee of the Funds' Board of Trustees.

41

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 of 1940) 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 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that has materially affected, or is 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 of 1940 (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, Vice President, Secretary and Treasurer

Date: September 29, 2004

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, Vice President, Secretary and Treasurer	September 29, 2004
By /s/ John P. Arnhold Co-President Date:	September 29, 2004