-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Lxh/lYudhU00e+gHlQnsvyqYZPFMH2ybMF0PVIwUDGZHBfyjVJBuulVN6AWpIonD Tk8oSLJJfymK21zSrsTE9g== 0000950117-06-003930.txt : 20060920 0000950117-06-003930.hdr.sgml : 20060920 20060920163300 ACCESSION NUMBER: 0000950117-06-003930 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060731 FILED AS OF DATE: 20060920 DATE AS OF CHANGE: 20060920 EFFECTIVENESS DATE: 20060920 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST EAGLE FUNDS CENTRAL INDEX KEY: 0000906352 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-07762 FILM NUMBER: 061100414 BUSINESS ADDRESS: STREET 1: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2126983133 MAIL ADDRESS: STREET 1: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: FIRST EAGLE FUNDS INC DATE OF NAME CHANGE: 20030103 FORMER COMPANY: FORMER CONFORMED NAME: FIRST EAGLE SOGEN FUNDS INC DATE OF NAME CHANGE: 20000403 FORMER COMPANY: FORMER CONFORMED NAME: SOGEN FUNDS INC DATE OF NAME CHANGE: 19930714

0000906352 S000011211 First Eagle Global Fund

C000030894 Class A

C000030895 Class I

C000030896 Class C

0000906352 S000011212 First Eagle Overseas Fund

C000030897 Class A

C000030898 Class I

C000030899 Class C

0000906352 S000011213 First Eagle U.S. Value Fund

C000030900 Class A

C000030901 Class I

C000030902 Class C

0000906352 S000011214 First Eagle Gold Fund

C000030903 Class A

C000030904 Class I

C000030905 Class C

0000906352 S000011215 First Eagle Fund of America

C000030906 Class Y

C000030907 Class C

C000030908 Class A

N-Q 1 a42744.htm A&S BLEICHROEDER FIRST EAGLE FUNDS

United States

Securities and Exchange Commission

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-09092

First Eagle Funds

(Exact name of registrant as specified in charter)

1345 Avenue of the Americas

New York, New York 10105-4300

(Address of principal executive offices) (Zip code)

Robert Bruno

First Eagle Funds

1345 Avenue of the Americas

New York, New York 10105-4300

(Name and address of agent for service)

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

Date of fiscal year end: October 31, 2006

Date of reporting period: July 31, 2006

Item 1. Schedule of Investments. – The schedule of investments for the nine-month period ended July 31, 2006, is filed herewith.

First Eagle Global Fund

SCHEDULE OF INVESTMENTS

July 31, 2006

(unaudited)


Number			Cost		Value
of Shares			(Note 1)		(Note 1)

		Common and Preferred Stocks - U.S. (31.06%)

		Consumer Discretionary (1.82%)
	6,764,430	McDonald’s Corporation	$	187,630,564	$	239,393,178
	669,950	Nike Inc. - Class ‘B’		53,568,926		52,926,050
	192,250	Allen Organ Company, Class ‘B’		6,030,882		14,514,875
	390,000	Weyco Group, Inc.		1,285,374		9,028,500
	197,300	International Speedway Corporation		8,933,963		8,927,825
	185,000	St. John Knits International Inc. (a)		3,180,703		5,365,000
	500,000	A.T. Cross Company, Class ‘A’ (a)		4,150,673		2,850,000

				264,781,085		333,005,428


		Consumer Staples (0.70%)
	2,337,818	Anheuser-Busch Companies Inc.		101,876,353		112,565,937
	115,270	Altria Group, Inc.		2,497,439		9,218,142
	111,111	HJ Heinz Company		3,782,241		4,663,328
	82,570	Seneca Foods Corporation (a)		1,242,678		2,012,231

				109,398,711		128,459,638


		Energy (2.47%)
	4,721,433	ConocoPhillips Company		244,762,591		324,079,161
	767,420	Apache Corporation		52,525,332		54,080,088
	556,404	SEACOR Holdings Inc. (a)		23,217,111		45,263,466
	355,990	Murphy Oil Corporation		7,188,911		18,319,245
	206,590	San Juan Basin Royalty Trust		7,928,014		8,342,104

				335,621,959		450,084,064


		Financials (0.01%)
	114,750	East Texas Financial Services, Inc.(c)		862,687		1,749,937
	8,200	Redwood Financial, Inc. (a)(e)		71,750		164,000

				934,437		1,913,937


		Health Care (2.46%)
	5,907,850	Johnson & Johnson Inc.		359,264,977		369,536,017
	1,684,130	Bausch & Lomb Inc.		78,995,549		79,659,349

				438,260,526		449,195,366


		Holding Companies (2.55%)
	4,915	Berkshire Hathaway Inc., Class ‘A’ (a)		414,943,985		450,214,000
	7,432	Case Pomeroy & Company, Inc., Class ‘A’		7,366,948		12,838,780
	2,485	J.G. Boswell Company		573,840		1,759,380

				422,884,773		464,812,160


		Industrials (3.23%)
	9,640,620	Tyco International Limited		225,550,668		251,523,776
	2,682,760	Waste Management Inc.		75,434,447		92,233,289
	8,305,971	Blount International Inc. (a)(c)		110,473,625		90,535,084
	870,960	Manpower Inc.		34,320,745		51,804,701
	1,537,508	UniFirst Corporation		35,989,368		47,801,123
	651,227	Banta Corporation		28,938,738		23,007,850
	4,805	Conbraco Industries, Inc. (a)		1,568,050		1,381,437
	365,000	Kaiser Ventures LLC (a)(b)(e)(i)(j)		—		1,047,550
	2,066,590	Cendant Corporation (a)		35,227,872		31,019,516

				547,503,513		590,354,326


		Media (6.24%)
	15,622,475	Liberty Media Holding Corporation - Interactive (a)		286,072,370		257,302,163
	2,867,312	Liberty Media Holding Corporation - Capital (a)		193,471,880		234,001,332
	4,158,190	Clear Channel Communications Inc.		129,199,522		120,379,601
	1,238,050	Omnicom Group Inc.		113,222,742		109,579,806
	3,067,730	Comcast Corporation-Special Class ‘A’ (a)		86,166,451		105,161,784
	5,326,820	News Corporation Class ‘A’		81,374,022		102,488,017
	2,636,140	CBS Corporation Class ‘B’		68,991,095		72,309,320
	1,912,750	Valassis Communications, Inc. (a)		55,341,929		39,268,757
	4,039,880	Interpublic Group of Companies, Inc. (a)		36,031,266		33,086,617
	908,154	Liberty Global Inc. (a)		15,431,569		19,843,165

See Notes to Schedule of Investments.


920,998	Liberty Global Inc. Series ‘C’ (a)	14,395,506	19,506,738
445,740	Viacom Inc. - Class ‘B’ (a)	15,234,457	15,534,039
281,791	Dow Jones & Company Inc.	10,444,173	9,873,957
34,924	Mills Music Trust (c)	1,055,337	1,676,352

		1,106,432,319	1,140,011,648


	Paper and Forest Products (2.16%)
8,146,352	Rayonier Inc. (c)	202,125,944	324,306,273
2,043,000	Plum Creek Timber Company, Inc.	60,628,488	69,584,580
13,490	Deltic Timber Corporation	511,283	666,136

		263,265,715	394,556,989


	Precious Metals (0.50%)
5,002,880	Newmont Mining Corporation Holding Company	44,661,567	86,801,298
925,000	Freeport-McMoRan Copper & Gold Inc., Preferred Series ‘D’ (d)	9,690,611	4,985,750

		54,352,178	91,787,048


	Real Estate (0.08%)
500,000	Crescent Real Estate Equities Company	7,671,061	9,760,000
258,133	Price Legacy Corporation Pfd., Series ‘A’	2,935,245	3,603,537
21,124	Security Capital European Realty (a)(e)	422,475	332,914

		11,028,781	13,696,451


	Retail (4.37%)
8,139,500	Costco Wholesale Corporation	338,913,474	429,440,020
3,434,880	Wal-Mart Stores Inc.	154,589,597	152,852,160
2,171,440	Tiffany & Company	61,804,700	68,595,790
1,252,510	The Sherwin-Williams Company	46,850,222	63,377,006
911,140	Barnes & Noble, Inc.	13,792,941	30,541,413
1,000,000	Dillard’s Inc., Class ‘A’	16,266,643	30,030,000
436,100	Federated Department Stores Inc.	3,759,110	15,311,471
94,750	Autozone Inc. (a)	8,753,628	8,325,682

		644,730,315	798,473,542


	Technology and Telecommunications (4.08%)
16,291,940	Microsoft Corporation	399,043,238	391,495,318
12,179,040	Intel Corporation	231,000,388	219,222,720
3,402,442	Sprint Nextel Corporation	77,059,463	67,368,352
3,606,630	American Power Conversion Corporation	64,237,405	60,879,914
131,947	Embarq Corporation (a)	6,289,538	5,970,602

		777,630,032	744,936,906


	Utilities (0.39%)
1,517,660	IDACORP, Inc.	47,937,719	56,578,365
325,000	CalEnergy Capital Trust 6½% Conv. Pfd.	14,327,813	15,031,250

		62,265,532	71,609,615


	Total Common and Preferred Stocks - U.S.	5,039,089,876	5,672,897,118


	Common and Preferred Stocks - Non-U.S. (44.58%)

	Australia and New Zealand (0.13%)
6,650,000	News & Media NZ Limited exchangeable preference shares (10)	17,173,423	18,365,278
1,455,468	Spotless Group Limited (8)	2,806,421	4,981,925

		19,979,844	23,347,203


	Belgium (0.25%)
1,686,589	Deceuninck (c)(1)	42,104,284	45,027,980


	Brazil (0.24%)
533,355	Petroleo Brasileiro SA ADR (3)	28,225,628	44,183,128


	Canada (0.52%)
1,748,490	Aber Diamond Corporation (9)	55,476,593	58,548,262
3,825,000	IAMGOLD Corporation (12)	28,318,173	35,594,760

		83,794,766	94,143,022


	Chile (0.04%)
700,000	Quinenco SA ADR (8)	4,366,596	7,626,500


	Commonwealth of Independent States (0.11%)
556,624	Firebird Fund, L.P. (a)(b)(e)(7)	1,000,000	20,006,623

See Notes to Schedule of Investments.


	Denmark (0.25%)
368,850	Carlsberg A/S, ‘B’ (2)	12,609,161	27,213,713
259,990	Carlsberg A/S, ‘A’ (2)	11,505,044	17,891,364

		24,114,205	45,105,077


	France (10.72%)
8,598,572	Sodexho Alliance SA (1)	259,583,877	436,387,005
7,257,095	Vivendi Universal SA (10)	188,367,961	245,753,351
2,118,628	Wendel Investissement (7)	64,846,827	243,299,553
2,385,546	L’Oréal SA (2)	179,076,236	239,060,407
3,147,074	Rémy Cointreau SA (2)	111,002,707	157,787,839
1,465,000	Essilor International SA (6)	71,835,914	146,529,915
1,653,560	Télévision Française 1 SA (10)	43,471,274	52,700,826
477,000	Neopost SA (8)	27,488,265	51,944,513
824,370	Carrefour SA (2)	38,150,045	51,399,382
719,600	Total SA (3)	47,146,517	48,948,307
810,000	Société BIC SA (8)	37,045,867	48,599,577
52,158	Société Sucrière de Pithiviers-le-Vieil (c)(2)	27,210,232	46,638,641
1,609,453	PagesJaunes Groupe SA (10)	28,376,416	45,291,813
342,220	Financière Marc de Lacharrière SA (7)	13,288,203	25,660,812
1,298,919	Elior SCA (1)	19,492,858	22,532,467
130,493	Robertet SA (2)	16,659,259	19,836,319
42,252	Robertet SA C.I. (2)	800,508	4,557,995
157,620	Guyenne Et Gascogne SA (2)	17,078,217	19,127,660
326,070	Zodiac SA (8)	17,708,998	18,685,169
448,490	Safran SA (15)	8,923,327	8,725,284
92,987	Gaumont SA (10)	5,094,361	7,364,459
70,000	NSC Groupe (c)(8)	12,400,388	6,348,678
385,000	Sabeton SA (c)(7)	4,841,233	6,049,128
17,845	Societe Fonciere Financiere et de Participations (7)	3,933,965	3,624,437
17,990	Arkema (a)(9)	—	697,226

		1,243,823,455	1,957,550,763


	Germany (1.84%)
1,721,525	Fraport AG (16)	58,775,040	125,347,334
735,000	Hornbach Holding AG Pfd. (1)	46,863,613	71,026,953
2,362,330	Deutsche Telekom AG (15)	38,209,882	36,513,448
1,133,937	Bertelsmann AG D.R.C. (10)	26,746,575	33,460,145
528,000	Vossloh AG (16)	27,439,158	25,757,902
142,873	Axel Springer AG (10)	13,415,306	18,617,434
580,856	Praktiker Bau-und Heimwerkermaerkte Holding AG (1)	10,181,301	17,191,803
168,299	Hornbach Baumarkt AG (1)	8,109,997	7,588,976

		229,740,872	335,503,995


	Hong Kong (0.68%)
6,225,000	Guoco Group Limited (7)	52,462,656	74,506,284
25,000,000	Shaw Brothers (Hong Kong) Limited (c)(10)	25,226,481	48,132,919
21,500,000	City e-Solutions Limited (c)(1)	971,287	2,379,619

		78,660,424	125,018,822


	India (0.54%)
2,325,000	Tata Motors Limited (1)	23,275,395	37,102,500
7,150,000	Hindustan Lever Limited (2)	19,866,524	35,780,753
1,174,999	Nestlé India Limited (2)	14,548,375	25,259,951

		57,690,294	98,143,204


	Italy (0.88%)
7,542,370	Italcementi S.p.A. RNC (9)	84,971,841	121,492,602
331,301	Italmobiliare S.p.A. RNC (9)	17,151,943	23,784,059
2,102,593	Gewiss S.p.A. (8)	12,927,323	15,819,670

		115,051,107	161,096,331


	Japan (9.90%)
8,623,860	Toyota Motor Corporation (1)	353,210,765	455,727,853
3,775,100	Ono Pharmaceutical Company, Limited (6)	165,867,433	185,339,551
6,052,800	Shimano Inc. (c)(1)	103,979,760	182,098,627
22,349,000	Aioi Insurance Company, Limited (4)	80,838,885	174,036,686
3,432,800	Secom Company, Limited (8)	133,512,893	167,336,839
12,000,000	NIPPONKOA Insurance Company, Limited (4)	54,518,219	99,202,093
3,554,600	Toho Company, Limited (10)	50,737,794	74,238,212
1,947,400	Kose Corporation (2)	60,430,189	65,550,155
3,360,500	T. Hasegawa Company, Limited (c)(2)	51,177,359	47,795,731

See Notes to Schedule of Investments.


1,379,100	Shimachu Company, Limited (1)	32,950,108	36,198,744
1,154,400	Olympus Corporation (6)	23,498,510	33,220,144
819,000	Astellas Pharma Inc. (6)	33,519,260	32,567,168
1,429,600	Chofu Seisakusho Company, Limited (1)	27,525,671	29,171,694
1,000,000	Aderans Company, Limited (2)	23,155,963	28,166,558
833,100	Fuji Photo Film Company, Limited (1)	23,108,315	28,042,433
558,600	Canon Inc. (15)	19,299,690	26,840,078
390,400	Mabuchi Motor Company Limited (15)	23,328,036	26,213,909
1,775,900	Nissin Healthcare Food Service Company, Limited (2)	27,700,245	25,320,222
753,090	Meitec Corporation (8)	24,281,931	24,561,209
133,800	Hirose Electric Company, Limited (15)	16,306,267	17,244,944
1,079,900	Seikagaku Corporation (6)	11,099,559	11,959,651
908,500	Mitsui Sumitomo Insurance Company, Limited (4)	4,091,290	10,695,226
218,700	Makita Corporation (1)	6,205,002	7,170,804
249,600	Mandom Corporation (2)	6,001,198	6,137,973
292,990	Cosel Company Limited (8)	5,216,270	5,390,965
171,600	Shoei Company, Limited (7)	491,308	4,953,094
182,290	Iino Kaiun Kaisha, Limited (16)	255,557	1,392,510
320	Wacoal Holdings Corporation (2)	2,331	4,172

		1,362,309,808	1,806,577,245


	Mexico (0.72%)
14,086,400	Industrias Peñoles, SA de C.V. (12)	36,360,146	113,221,673
6,842,100	Embotelladoras Arca SA de C.V. (2)	12,460,765	18,329,401

		48,820,911	131,551,074


	Netherlands (0.90%)
3,140,243	Heineken Holding NV (2)	87,042,407	126,598,093
767,500	Telegraaf Media Groep NV (10)	14,080,508	20,863,008
473,438	Koninklijke Grolsch NV (2)	12,444,932	17,538,321

		113,567,847	164,999,422


	Singapore (0.35%)
20,000,000	Fraser & Neave Limited (2)	25,007,469	51,182,973
13,467,250	ComfortDelgro Corporation Limited (16)	3,279,183	13,308,149

		28,286,652	64,491,122


	South Africa (0.52%)
7,150,000	Mvelaphanda Resources Limited (a)(12)	23,702,956	36,246,714
773,440	Gold Fields Limited ADR(12)	9,289,131	16,126,224
749,210	Gold Fields Limited (12)	2,173,736	15,485,636
1,000,000	Harmony Gold Mining Company, Limited (a)(12)	4,591,642	14,226,292
874,930	Harmony Gold Mining Company, Limited ADR (a)(12)	8,613,062	12,511,499

		48,370,527	94,596,365


	South Korea (4.97%)
684,330	Samsung Electronics Company, Limited Pfd. (15)	151,360,619	325,649,654
205,920	Samsung Electronics Company, Limited (15)	140,981,608	131,085,080
4,824,268	SK Telecom Company, Limited ADR (15)	99,519,175	112,936,114
1,665,420	KT&G Corporation (2)	42,897,335	100,437,852
51,900	Lotte Confectionery Company, Limited (2)	21,157,499	66,838,027
65,500	Nam Yang Dairy Products Company, Limited (c)(2)	14,805,002	47,525,390
585,700	SK Corporation (3)	37,186,353	41,025,369
501,000	Kukdong Electric Wire Company, Limited (b)(c)(e)(i)(j)(15)	10,918,559	23,290,127
966,000	Kangwon Land Inc. (1)	14,292,625	17,042,299
1,869,420	Daeduck Electronics Company, Limited (15)	13,292,480	16,539,210
10,360	Lotte Chilsung Beverage Company (2)	5,901,968	13,374,390
1,589,160	Daeduck GDS Company, Limited (c)(15)	14,042,994	12,479,008

		566,356,217	908,222,520


	Spain (1.23%)
3,492,877	Corporacion Financiera Alba SA (c)(7)	75,755,301	192,214,391
694,670	Altadis SA (2)	20,275,546	32,877,112

		96,030,847	225,091,503


	Switzerland (6.71%)
1,388,793	Nestlé SA (2)	376,270,453	455,032,116
3,896,916	Pargesa Holding SA (7)	247,110,359	372,039,512
3,362,555	Kuehne & Nagel International AG (16)	58,106,835	224,033,728
21,200	Lindt & Spruengli AG PC (2)	8,190,224	42,649,767
1,100	Lindt & Spruengli AG (2)	9,327,039	23,430,022
454,987	Schindler Holding PC (8)	12,736,829	24,399,059

See Notes to Schedule of Investments.


	1,031,490	Micronas Semiconductor Holding AG (15)	36,668,303	22,209,616
	45,608	Edipresse SA (10)	13,025,041	20,900,193
	137,582	Affichage Holding (10)	16,462,329	20,009,895
	9,340	Sika AG (a)(9)	1,514,509	10,753,427
	6,139	Zehnder Group AG-B (8)	7,435,728	9,826,390

			786,847,649	1,225,283,725


		Taiwan (0.10%)
	18,634,624	Phoenixtec Power Company, Limited (8)	18,771,989	18,750,713


		Thailand (0.03%)
	577,000	The Oriental Hotel Public Company, Limited (1)	2,636,472	5,440,808


		United Kingdom (2.83%)
	21,293,298	Tesco Plc (2)	123,750,342	143,002,026
	3,106,380	Anglo American Plc (12)	70,217,303	129,697,756
	11,910,840	Millennium & Copthorne Hotel Plc (1)	68,001,250	92,673,966
	42,620,495	Vodafone Group Plc (15)	91,328,767	92,557,540
	1,375,000	Amdocs Limited (a)(15)	29,218,760	49,885,000
	2,531,440	McBride Plc (2)	6,023,480	7,850,116
	621,620	JZ Equity Partners, Plc (4)	1,105,600	1,927,673

			389,645,502	517,594,077


		Miscellaneous (0.12%)
	1,375,000	Banco Latinoamericano de Exportaciones SA ADR (4)	22,535,552	22,550,000


		Total Common and Preferred Stocks - Non U.S.	5,412,731,448	8,141,901,222


Ounces

		Commodity (2.55%)
	732,444	Gold bullion (a)	359,830,600	465,797,651



Principal Amount

		Notes, Bonds and Convertible Bonds (7.44%)
		Commodity-Linked Notes (0.40%)
$	1,311,000	HSBC Gold-Linked Note 0% due 8/09/2006 (a)(b)(d)(e)(g)(12)	1,311,000	2,197,629
	1,362,000	HSBC Gold-Linked Note 0% due 8/11/2006 (a)(b)(d)(e)(g)(12)	1,362,000	2,232,046
	1,332,000	HSBC Gold-Linked Note 0% due 8/16/2006 (a)(b)(d)(e)(g)(12)	1,332,000	2,216,981
	1,100,000	HSBC Gold-Linked Note 0% due 9/12/2006 (a)(b)(d)(e)(g)(12)	1,100,000	1,776,060
	1,138,000	HSBC Gold-Linked Note 0% due 9/13/2006 (a)(b)(d)(e)(g)(12)	1,138,000	1,835,708
	1,177,000	HSBC Gold-Linked Note 0% due 9/15/2006 (a)(b)(d)(e)(g)(12)	1,177,000	1,874,843
	1,153,000	HSBC Gold-Linked Note 0% due 9/19/2006 (a)(b)(d)(e)(g)(12)	1,153,000	1,837,997
	1,132,000	HSBC Gold-Linked Note 0% due 10/31/2006 (a)(b)(d)(e)(g)(12)	1,132,000	1,713,622
	1,133,000	HSBC Gold-Linked Note 0% due 11/01/2006 (a)(b)(d)(e)(g)(12)	1,133,000	1,684,318
	980,000	HSBC Gold-Linked Note 0% due 11/06/2006 (a)(b)(d)(e)(g)(12)	980,000	1,463,336
	1,087,000	HSBC Gold-Linked Note 0% due 11/08/2006 (a)(b)(d)(e)(g)(12)	1,087,000	1,674,632
	1,928,000	HSBC Gold-Linked Note 0% due 11/22/2006 (a)(b)(d)(e)(g)(12)	1,928,000	2,898,362
	1,130,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(g)(12)	1,130,000	1,586,859
	1,111,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(g)(12)	1,111,000	1,583,064
	1,118,000	HSBC Gold-Linked Note 0% due 12/07/2006 (a)(b)(d)(e)(g)(12)	1,118,000	1,558,380
	1,152,000	HSBC Gold-Linked Note 0% due 12/11/2006 (a)(b)(d)(e)(g)(12)	1,152,000	1,579,277
	1,141,000	HSBC Gold-Linked Note 0% due 12/28/2006 (a)(b)(d)(e)(g)(12)	1,141,000	1,623,985
	1,175,000	HSBC Gold-Linked Note 0% due 12/29/2006 (a)(b)(d)(e)(g)(12)	1,175,000	1,619,972
	1,194,000	HSBC Gold-Linked Note 0% due 1/03/2007 (a)(b)(d)(e)(g)(12)	1,194,000	1,625,153
	1,255,000	HSBC Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(g)(12)	1,255,000	1,664,758
	1,208,000	HSBC Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(g)(12)	1,208,000	1,611,834
	1,128,000	HSBC Silver-Linked Note 0% due 11/06/2006 (a)(b)(d)(e)(g)(12)	1,128,000	1,892,446
	1,850,000	UBS Gold-Linked Note 0% due 8/11/2006 (a)(b)(d)(e)(g)(12)	1,850,000	3,171,386
	1,350,000	UBS Gold-Linked Note 0% due 8/18/2006 (a)(b)(d)(e)(g)(12)	1,350,000	2,212,738
	2,550,000	UBS Gold-Linked Note 0% due 8/25/2006 (a)(b)(d)(e)(g)(12)	2,550,000	4,117,552
	1,300,000	UBS Gold-Linked Note 0% due 9/13/2006 (a)(b)(d)(e)(g)(12)	1,300,000	2,181,603
	1,250,000	UBS Gold-Linked Note 0% due 11/01/2006 (a)(b)(d)(e)(g)(12)	1,250,000	1,860,190
	1,200,000	UBS Gold-Linked Note 0% due 11/03/2006 (a)(b)(d)(e)(g)(12)	1,200,000	1,824,647
	1,250,000	UBS Gold-Linked Note 0% due 11/15/2006 (a)(b)(d)(e)(g)(12)	1,250,000	1,926,529
	1,400,000	UBS Gold-Linked Note 0% due 12/20/2006 (a)(b)(d)(e)(g)(12)	1,400,000	1,905,769
	2,550,000	UBS Gold-Linked Note 0% due 12/21/2006 (a)(b)(d)(e)(g)(12)	2,550,000	3,368,754
	2,400,000	UBS Gold-Linked Note 0% due 12/22/2006 (a)(b)(d)(e)(g)(12)	2,400,000	3,088,568
	1,350,000	UBS Gold-Linked Note 0% due 12/28/2006 (a)(b)(d)(e)(g)(12)	1,350,000	1,750,745
	1,400,000	UBS Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(h)(12)	1,400,000	2,166,624
	1,500,000	UBS Gold-Linked Note 0% due 1/11/2007 (a)(b)(d)(e)(h)(12)	1,500,000	2,116,416
	1,450,000	UBS Gold-Linked Note 0% due 1/12/2007 (a)(b)(d)(e)(h)(12)	1,450,000	2,076,246

See Notes to Schedule of Investments.



			49,245,000	73,519,029


		U.S. Treasury Notes (2.35%)
	10,000,000	U.S. Treasury Zero Coupon Strip due 11/15/2007 (a)(5)	9,269,351	9,384,490
	38,509,120	U.S. Treasury Inflation Index Note 4¼% due 1/15/2010 (k)(5)	40,828,738	40,940,047
	101,346,300	U.S. Treasury Inflation Index Note 3% due 7/15/2012 (k)(5)	109,927,626	104,826,126
	266,593,000	U.S. Treasury Note 5¹/₈% due 6/30/2011 (5)	267,017,439	269,071,515
	5,000,000	U.S. Treasury Note 5³/₈% due 2/15/2031 (5)	4,721,613	5,171,485

			431,764,767	429,393,663


		U.S. Dollar Bonds and Notes (0.87%)
	2,750,000	Westpoint Stevens Inc. 7⁷/₈% due 6/15/2005 (e)(f)(j)(1)	2,504,977	275
	4,384,000	Lear Corporation 8¹/₈% due 4/01/2008 (1)	5,119,776	5,768,125
	30,742,000	Lear Corporation 8.11% due 5/15/2009 (1)	29,170,678	30,050,305
	3,500,000	Computer Associates International Inc. 6½% due 4/15/2008 (15)	3,257,788	3,548,073
	4,850,000	Crescent Real Estate Equities Company 9¼% due 4/15/2009 (13)	4,890,179	5,025,813
	4,910,000	American Standard Companies Inc. 8¼% due 6/01/2009 (8)	5,054,554	5,202,606
	13,500,000	GATX Corporation 8⁷/₈% due 6/01/2009 (4)	13,067,269	14,491,953
	1,250,000	Freeport McMoRan Copper & Gold, Inc. 10¹/₈% due 2/01/2010 (12)	1,272,250	1,337,500
	610,000	Ethyl Corporation 8⁷/₈% due 5/01/2010 (9)	637,066	626,013
	3,728,000	Columbus McKinnon Corporation 10% due 8/01/2010 (8)	3,813,995	4,058,860
	20,500,000	Tyco International Group SA 6¾% due 2/15/2011 (8)	17,905,888	21,386,092
	6,900,000	Briggs & Stratton Corporation 8⁷/₈% due 3/15/2011 (1)	7,171,310	7,503,750
	3,500,000	Toys ‘R’ Us, Inc. 7⁵/₈% due 8/01/2011 (14)	3,430,214	2,900,625
	5,812,000	Blount International Inc. 8⁷/₈% due 8/01/2012 (8)	5,812,000	5,899,180
	5,500,000	Greif Inc. 8⁷/₈% due 8/01/2012 (9)	5,491,464	5,816,250
	646,000	Manitowoc Company Inc. 10½% due 8/01/2012 (8)	646,000	700,910
	5,000,000	Tronox Worldwide 9½% due 12/01/2012 (9)	5,167,344	5,187,500
	12,522,000	Sirius Satellite Radio Inc. 9⁵/₈% due 08/01/2013 (10)	12,204,936	11,770,680
	2,000,000	Legrand SA 8½% due 2/15/2025 (8)	1,955,733	2,290,000
	4,200,000	Bausch & Lomb Inc. 7¹/₈% due 8/01/2028 (6)	3,542,510	4,318,167
	10,000,000	Christiania Bank Floating Rate Perpetual Notes (5.47% @ 7/31/2006) (4)	6,966,494	8,948,870
	3,500,000	Den Norske Bank Floating Rate Perpetual Notes (5.13% @ 7/31/2006) (4)	2,647,897	3,053,316
	3,170,000	Den Norske Bank Floating Rate Perpetual Notes (5.50% @ 7/31/2006) (4)	2,107,382	2,854,217
	5,500,000	Bergen Bank Floating Rate Perpetual Notes (5.13% @ 7/31/2006) (4)	3,964,995	4,675,000

			147,802,699	157,414,080


		U.S. Dollar Convertible Bonds (0.09%)
	2,000,000	TriQuint Semiconductor Inc. 4% due 3/01/2007 (15)	1,912,286	1,977,500
	15,000,000	SCI Systems Inc. 3% due 3/15/2007 (15)	13,811,262	14,625,000
	2,500,000	Medya International Limited 10% due 6/28/2049 (e)(f)(j)(10)	2,482,264	25,000

			18,205,812	16,627,500


		Non U.S. Dollar Notes and Bonds (3.73%)
SGD	85,000,000	Singapore Government 2⁵/₈% due 10/01/2007 (5)	50,873,845	53,726,472
SGD	52,947,000	Singapore Government 2³/₈% due 10/01/2009 (5)	31,854,055	32,782,499
CAD	8,500,000	Shaw Communications Inc. 7.4% due 10/17/2007 (10)	5,370,926	7,726,959
HKD	205,000,000	Hong Kong Government 3.57% due 12/17/2007 (5)	26,723,561	26,181,741
HKD	199,650,000	Hong Kong Government 3.34% due 12/19/2008 (5)	25,309,220	25,195,729
HKD	44,250,000	Hong Kong Government 2.52% due 3/24/2009 (5)	5,514,262	5,454,536
EUR	2,959,000	Koninklijke Ahold NV 5⁷/₈% due 5/09/2008 (14)	2,816,248	3,886,607
GBP	15,000,000	EMI Group Plc 8¼% due 5/20/2008 (10)	23,943,891	29,983,021
EUR	1,500,000	EMI Group Plc 8⁵/₈% due 10/15/2013 (b)(10)	1,733,805	2,136,451
SEK	125,000,000	Sweden Government I/L 4.526% due 12/01/2008 (5)	18,422,328	21,415,244
EUR	2,000,000	Independent News & Media Plc 8% due 12/15/2008 (10)	2,417,480	2,752,797
EUR	2,500,000	Independent News & Media Plc 5¾% due 5/17/2009 (10)	2,744,439	3,245,554
MYR	165,000,000	Malaysian Government 4.305% due 2/27/2009 (5)	43,820,851	45,312,271
MYR	37,014,000	Malaysian Government 3.756% due 4/28/2011 (5)	9,923,530	9,888,461
EUR	14,729,910	Republic of France O.A.T. I/L 3% due 7/25/2009 (k)(5)	13,038,682	19,570,282
EUR	105,370,243	Republic of France O.A.T. I/L 3% due 7/25/2012 (k)(5)	143,993,871	145,433,495
EUR	14,000,000	Waterford Wedgwood Plc 9⁷/₈% due 12/01/2010 (b) (1)	15,805,574	15,826,986
EUR	4,000,000	Riverdeep Group Limited 9¼% due 4/15/2011 (b)(15)	4,794,369	5,614,173
GBP	3,000,000	Marks & Spencer Group Plc 6³/₈% due 11/07/2011 (1)	5,053,666	5,812,850
GBP	5,875,000	Enodis Plc 10³/₈% due 4/15/2012 (j)(8)	9,096,479	11,906,132
EUR	57,200,000	UPC Holding BV 7¾% due 1/15/2014 (b)(10)	66,133,199	69,139,914
EUR	37,300,000	UPC Holding BV 8⁵/₈% due 1/15/2014 (b)(10)	43,957,475	47,051,432
EUR	47,450,000	Ray Acquisition SCA 9³/₈% due 3/15/2015 (b)(8)	56,965,443	65,537,406
EUR	12,000,000	FINEL 9½% due 6/30/2017 (b)(e)(i)(j)(11)	14,474,400	11,496,600
EUR	15,000,000	FINEL 9½% due 10/15/2017 (b)(e)(i)(j)(11)	18,067,500	14,370,750

			642,849,099	681,448,362

		Total Notes, Bonds and Convertible Bonds	1,289,867,377	1,358,402,634

See Notes to Schedule of Investments.


		Short Term Investments (14.24%)
$	32,500,000	Nestlé Capital Corporation 5.05% due 8/01/2006	32,500,000	32,500,000
	30,000,000	Nestlé Capital Corporation 5.03% due 8/01/2006	30,000,000	30,000,000
	29,279,000	Nestlé Capital Corporation 5.22% due 8/04/2006	29,266,264	29,266,264
	24,820,000	Nestlé Capital Corporation 5.21% due 8/07/2006	24,798,448	24,798,448
	25,000,000	Nestlé Capital Corporation 5.21% due 8/09/2006	24,971,056	24,971,056
	30,000,000	Nestlé Capital Corporation 5.11% due 8/11/2006	29,957,417	29,957,417
	25,000,000	Nestlé Capital Corporation 5.22% due 8/16/2006	24,945,625	24,945,625
	25,000,000	Nestlé Capital Corporation 5.25% due 8/17/2006	24,941,667	24,941,667
	25,000,000	Nestlé Capital Corporation 5.24% due 8/21/2006	24,927,222	24,927,222
	12,980,000	Nestlé Capital Corporation 5.22% due 8/23/2006	12,938,594	12,938,594
	25,000,000	Nestlé Capital Corporation 5.275% due 9/26/2006	24,794,861	24,794,861
	30,000,000	ConocoPhillips Company 5.36% due 8/01/2006	30,000,000	30,000,000
	18,946,000	ConocoPhillips Company 5.33% due 8/01/2006	18,946,000	18,946,000
	16,400,000	ConocoPhillips Company 5.33% due 8/04/2006	16,392,716	16,392,716
	25,000,000	ConocoPhillips Company 5.40% due 9/06/2006	24,865,000	24,865,000
	27,500,000	L’Oréal SA 5.30% due 8/01/2006	27,500,000	27,500,000
	25,000,000	BMW US Capital LLC 5.23% due 8/01/2006	25,000,000	25,000,000
	25,000,000	BMW US Capital LLC 5.23% due 8/02/2006	24,996,368	24,996,368
	20,000,000	Henkel Corporation 5.13% due 8/01/2006	20,000,000	20,000,000
	22,000,000	Henkel Corporation 5.30% due 8/07/2006	21,980,567	21,980,567
	8,786,000	Henkel Corporation 5.15% due 8/09/2006	8,775,945	8,775,945
	25,000,000	Henkel Corporation 5.32% due 8/16/2006	24,944,583	24,944,583
	15,642,000	American Express Credit Corporation 5.10% due 8/01/2006	15,642,000	15,642,000
	15,000,000	American Express Credit Corporation 5.31% due 8/25/2006	14,946,900	14,946,900
	25,276,000	American Express Credit Corporation 5.30% due 8/28/2006	25,175,528	25,175,528
	30,000,000	American Express Credit Corporation 5.25% due 8/31/2006	29,868,750	29,868,750
	27,378,000	American Express Credit Corporation 5.31% due 9/08/2006	27,224,546	27,224,546
	27,728,000	American Express Credit Corporation 5.25% due 9/26/2006	27,501,555	27,501,555
	25,000,000	The Republic of Austria 5.19% due 8/02/2006	24,996,396	24,996,396
	12,949,000	The Republic of Austria 5.19% due 8/02/2006	12,947,133	12,947,133
	25,000,000	The Republic of Austria 5.18% due 8/04/2006	24,989,208	24,989,208
	25,000,000	The Republic of Austria 5.18% due 8/09/2006	24,971,222	24,971,222
	13,159,000	The Republic of Austria 5.18% due 8/09/2006	13,143,853	13,143,853
	20,000,000	The Republic of Austria 5.19% due 8/11/2006	19,971,167	19,971,167
	16,500,000	The Republic of Austria 5.20% due 8/16/2006	16,464,250	16,464,250
	15,000,000	The Republic of Austria 5.21% due 8/16/2006	14,967,437	14,967,437
	22,043,000	Air Products and Chemicals Inc. 5.23% due 8/02/2006	22,039,798	22,039,798
	6,208,000	Air Products and Chemicals Inc. 5.25% due 8/10/2006	6,199,852	6,199,852
	20,000,000	Unilever Capital Corporation 5.20% due 8/02/2006	19,997,111	19,997,111
	15,000,000	Unilever Capital Corporation 5.20% due 8/07/2006	14,987,000	14,987,000
	25,000,000	Unilever Capital Corporation 5.21% due 8/11/2006	24,963,819	24,963,819
	15,000,000	Unilever Capital Corporation 5.27% due 8/28/2006	14,940,712	14,940,712
	15,000,000	Emerson Electric Company 5.23% due 8/02/2006	14,997,821	14,997,821
	12,103,000	BellSouth Corporation 5.24% due 8/02/2006	12,101,238	12,101,238
	15,000,000	BellSouth Corporation 5.24% due 8/03/2006	14,995,633	14,995,633
	24,300,000	BellSouth Corporation 5.24% due 8/04/2006	24,289,389	24,289,389
	20,000,000	BellSouth Corporation 5.25% due 8/07/2006	19,982,500	19,982,500
	23,933,000	BellSouth Corporation 5.06% due 8/14/2006	23,889,269	23,889,269
	25,000,000	BellSouth Corporation 5.29% due 8/29/2006	24,897,139	24,897,139
	28,430,000	BellSouth Corporation 5.28% due 9/01/2006	28,300,738	28,300,738
	25,000,000	BellSouth Corporation 5.30% due 9/01/2006	24,885,903	24,885,903
	20,000,000	BellSouth Corporation 5.30% due 9/12/2006	19,876,333	19,876,333
	1,540,000	BellSouth Corporation 5.31% due 9/20/2006	1,528,642	1,528,642
	10,750,000	7-Eleven Inc. 5.25% due 8/02/2006	10,748,432	10,748,432
	11,800,000	7-Eleven Inc. 5.24% due 8/10/2006	11,784,542	11,784,542
	11,602,000	7-Eleven Inc. 5.24% due 8/11/2006	11,585,113	11,585,113
	21,460,000	Hitachi Limited 5.25% due 8/03/2006	21,453,741	21,453,741
	30,000,000	Hitachi Limited 5.25% due 8/04/2006	29,986,875	29,986,875
	15,707,000	Hitachi Limited 5.26% due 8/08/2006	15,690,935	15,690,935
	20,000,000	Hitachi Limited 5.29% due 8/18/2006	19,950,039	19,950,039
	25,000,000	Hitachi Limited 5.31% due 8/29/2006	24,896,750	24,896,750
	25,000,000	Hitachi Limited 5.31% due 8/31/2006	24,889,375	24,889,375
	21,326,000	Siemens AG 5.04% due 8/03/2006	21,320,029	21,320,029
	20,853,000	Siemens AG 5.09% due 8/07/2006	20,835,310	20,835,310
	30,000,000	Siemens AG 5.20% due 8/08/2006	29,969,667	29,969,667
	25,779,000	Siemens AG 5.20% due 8/08/2006	25,752,935	25,752,935
	30,000,000	Siemens AG 5.21% due 8/09/2006	29,965,267	29,965,267
	6,077,000	Siemens AG 5.21% due 8/09/2006	6,069,964	6,069,964
	25,000,000	Siemens AG 5.21% due 8/10/2006	24,967,437	24,967,437
	10,000,000	Siemens AG 5.25% due 8/14/2006	9,981,042	9,981,042
	25,000,000	Siemens AG 5.25% due 8/15/2006	24,948,958	24,948,958

See Notes to Schedule of Investments.


25,000,000	Siemens AG 5.24% due 8/17/2006		24,941,778			24,941,778
25,000,000	Siemens AG 5.27% due 8/29/2006		24,897,528			24,897,528
42,798,000	Atlantic Asset Security 5.21% due 8/07/2006		42,760,837			42,760,837
20,000,000	Atlantic Asset Security 5.20% due 8/07/2006		19,982,667			19,982,667
25,000,000	European Investment Bank 5.19% due 8/07/2006		24,978,375			24,978,375
20,000,000	European Investment Bank 5.19% due 8/11/2006		19,971,167			19,971,167
20,000,000	European Investment Bank 5.20% due 8/11/2006		19,971,111			19,971,111
20,000,000	Merrill Lynch & Company Inc. 5.11% due 8/07/2006		19,982,967			19,982,967
17,610,000	AT&T Corporation 5.26% due 8/07/2006		17,594,562			17,594,562
10,579,000	AT&T Corporation 5.26% due 8/14/2006		10,558,906			10,558,906
28,220,000	AT&T Corporation 5.30% due 8/14/2006		28,165,990			28,165,990
24,042,000	AT&T Corporation 5.26% due 8/16/2006		23,989,308			23,989,308
28,115,000	AT&T Corporation 5.29% due 8/22/2006		28,028,242			28,028,242
25,000,000	AT&T Corporation 5.31% due 8/28/2006		24,900,437			24,900,437
17,000,000	France Telecom SA 5.34% due 8/07/2006		16,984,870			16,984,870
10,000,000	Colgate-Palmolive Company 5.20% due 8/07/2006		9,991,333			9,991,333
25,000,000	Colgate-Palmolive Company 5.21% due 8/14/2006		24,952,965			24,952,965
30,000,000	General Electric Capital Corporation 5.12% due 8/08/2006		29,970,133			29,970,133
15,000,000	General Electric Capital Corporation 5.21% due 8/08/2006		14,984,804			14,984,804
15,393,000	General Electric Capital Corporation 5.21% due 8/11/2006		15,370,723			15,370,723
25,000,000	General Electric Capital Corporation 5.21% due 8/14/2006		24,952,965			24,952,965
27,125,000	General Electric Capital Corporation 5.29% due 9/22/2006		26,917,735			26,917,735
25,922,000	Vulcan Materials Company 5.26% due 8/08/2006		25,895,488			25,895,488
25,000,000	Wal-Mart Stores Inc. 5.00% due 8/08/2006		24,975,694			24,975,694
20,000,000	Wal-Mart Stores Inc. 5.21% due 8/08/2006		19,979,739			19,979,739
15,000,000	Wal-Mart Stores Inc. 5.21% due 8/08/2006		14,984,804			14,984,804
26,250,000	Wal-Mart Stores Inc. 5.23% due 9/06/2006		26,112,712			26,112,712
20,000,000	Wal-Mart Stores Inc. 5.23% due 9/12/2006		19,877,967			19,877,967
27,810,000	Wal-Mart Stores Inc. 5.24% due 9/19/2006		27,611,653			27,611,653
19,325,000	RaboBank USA Finance Corporation 5.25% due 8/08/2006		19,305,272			19,305,272
12,550,000	Dow Jones & Company, Inc. 5.33% due 8/08/2006		12,536,993			12,536,993
50,650,000	Hewlett-Packard Development Company, L.P. 5.26% due 8/09/2006		50,590,796			50,590,796
20,750,000	Sara Lee Corporation 5.35% due 8/10/2006		20,722,247			20,722,247
32,500,000	Sara Lee Corporation 5.34% due 8/14/2006		32,437,329			32,437,329
25,000,000	Sara Lee Corporation 5.38% due 9/05/2006		24,869,236			24,869,236
16,962,000	Sara Lee Corporation 5.39% due 9/05/2006		16,873,114			16,873,114
31,925,000	Canadian Wheat Board 5.20% due 8/11/2006		31,878,886			31,878,886
25,000,000	Canadian Wheat Board 5.20% due 8/14/2006		24,953,056			24,953,056
20,000,000	3M Company 5.20% due 8/11/2006		19,971,111			19,971,111
25,000,000	Caterpillar Financial Services Corporation 5.24% due 8/14/2006		24,952,694			24,952,694
25,000,000	Caterpillar Financial Services Corporation 5.23% due 8/28/2006		24,901,938			24,901,938
25,000,000	Wells Fargo Investments, LLC 5.25% due 8/18/2006		24,938,021			24,938,021
23,576,000	The Coca-Cola Company 5.22% due 8/21/2006		23,507,630			23,507,630
19,487,000	The Coca-Cola Company 5.23% due 8/21/2006		19,430,379			19,430,379
28,529,000	Pearson Plc 5.40% due 8/23/2006		28,434,854			28,434,854
25,138,000	Export Development Corporation 5.26% due 8/30/2006		25,031,485			25,031,485
23,863,000	DuPont Ei Nemour 5.22% due 8/31/2006		23,759,196			23,759,196

	Total Short-Term Investments		2,601,303,283			2,601,303,283

	Total Investments (99.87%)	$	14,702,822,584	*		18,240,301,908

	Other assets in excess of liabilities (0.13%)					23,184,198

	Net Assets (100.00%)				$	18,263,486,106

* At July 31, 2006 cost is substantially identical for both book and federal income tax purposes.


Foreign Currencies	Sector/Industry Classifications

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

See Notes to Schedule of Investments.


(a)	Non-income producing security/commodity.

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

(c)	Affiliate as defined by the Investment Company Act of 1940. An affiliate is defined as a company in which the Fund directly or indirectly owns, controls, or holds power to vote 5% or more of the outstanding voting securities. Following is a summary of transactions with each such affiliate for the nine months ended July 31, 2006.



	Purchases				Sales				Realized Gain		Dividend Income
Affiliate	Shares		Cost		Shares		Cost		Realized Gain		Dividend Income

Blount International, Inc.		2,529,430	$	32,438,549		—		—		—		—
City e-Solutions Limited		—		—		—		—		—	$	83,128
Corporacion Financiera Alba SA		40,839		1,988,575		47,962	$	1,396,789	$	1,212,172		435,534
Daeduck GDS Company, Limited		804,210		9,012,512		—		—		—		226,581
Deceuninck		—		—		—		—		—		358,327
East Texas Financial Services, Inc.		—		—		—		—		—		22,950
Kukdong Electric Wire Company, Limited		—		—		—		—		—		264,244
Mills Music Trust		—		—		—		—		—		113,527
Nam Yang Dairy Products Company Limited		—		—		—		—		—		51,319
NSC Groupe		—		—		—		—		—		132,116
Rayonier Inc.		1,745,649		64,833,208		—		—		—		9,056,823
Sabeton SA		—		—		—		—		—		54,424
Shaw Brothers (Hong Kong) Limited		—		—		—		—		—		193,510
Shimano Inc.		377,800		10,900,544		—		—		—		1,452,478
Société Sucrière de Pithiviers-le-Vieil		—		—		92		74,030		12,809		1,618,769
T. Hasegawa Company, Limited		590,500		9,546,886		—		—		—		—


(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/or interest.

(g)	Leveraged 1½ to 1 to the price of bullion.


(h)	Leveraged 2 to 1 to the price of bullion.

(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, 2006 is shown below.



Security	Acquisition Date		Cost		Carrying Value Per Share/Principal

Kaiser Ventures LLC		6/24/1993		—	$	2.87
FINEL 9½% due 6/30/2017		6/22/2005	$	14,474,400		0.96
FINEL 9½% due 10/15/2017		10/11/2005		18,067,500		0.96
Kukdong Electric Wire Company, Limited		6/18/2004		10,918,559		46.49


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

See Notes to Schedule of Investments.

First Eagle Overseas Fund
SCHEDULE OF INVESTMENTS
July 31, 2006
(unaudited)


Number of Shares			Cost (Note 1)		Value (Note 1)

		Common and Preferred Stocks (68.79%)

		Australia and New Zealand (0.39%)
	8,547,991	Spotless Group Limited (8)	$	23,537,364	$	29,258,940
	3,804,345	News and Media NZ Limited exchangeable preference shares (10)		9,769,634		10,506,444
	5,750,000	Tasman Farms (a)(c)(2)		1,054,354		1,577,341

				34,361,352		41,342,725

		Belgium (0.49%)
	1,945,309	Deceuninck (c)(1)		44,793,371		51,935,198


		Brazil (0.57%)
	718,436	Petroleo Brasiliero SA ADR (3)		33,865,844		59,515,238


		Canada (1.16%)
	1,291,300	Aber Diamond Corporation (9)		33,227,521		43,239,236
	680,080	EnCana Corporation (3)		7,193,022		36,765,125
	1,529,000	Yellow Pages Income Fund (10)		17,036,741		19,957,872
	1,500,000	IAMGOLD Corporation (12)		4,433,304		13,958,729
	3,000,000	Catalyst Paper Corporation (a)(11)		10,065,599		8,351,376
	50,000	Metallica Resources Inc. (a)(12)		59,469		155,097

				72,015,656		122,427,435


		Chile (0.25%)
	2,375,300	Quinenco SA ADR (8)		15,508,046		25,878,894



		Commonwealth of Independent States (0.16%)
	352,296	Firebird Fund, L.P. (a)(b)(e)(7)		353,178		12,276,725
	4,919	Firebird Republic Fund, Limited Class ‘A’ (a)(b)(e)(7)		719,082		4,114,484
	100,000	First NIS Regional Fund SICAV (b)(7)		1,000,000		725,000
	9,000	Baltic Republic Fund (e)(7)		185,750		33,750

				2,258,010		17,149,959


		Denmark (0.41%)
	380,050	Carlsberg A/S, ‘B’ (2)		13,042,854		28,040,048
	225,000	Carlsberg A/S, ‘A’ (2)		9,948,430		15,483,507

				22,991,284		43,523,555

		France (15.24%)
	5,448,804	Sodexho Alliance SA (1)		164,464,859		276,532,808
	1,982,115	Wendel Investissement (7)		45,681,476		227,622,638
	4,693,490	Vivendi Universal SA (10)		110,838,834		158,939,754
	1,438,263	L’ Oréal SA (2)		107,286,274		144,131,255
	1,265,000	Essilor International SA (6)		55,902,323		126,525,831
	1,875,000	Rémy Cointreau SA (2)		56,931,230		94,008,656
	1,275,720	Carrefour SA (2)		61,347,710		79,541,007
	617,100	Neopost SA (8)		23,484,142		67,201,172
	615,917	Laurent-Perrier (c)(2)		21,745,843		45,868,830
	700,000	Société BIC SA (8)		27,529,842		41,999,635
	172,220	Société Foncière Financière et de Participations (7)		22,591,007		34,979,019
	38,750	Société Sucrière de Pithiviers-le Vieil (c)(2)		15,309,438		34,649,475
	1,051,060	Télévision Française 1 SA (10)		27,663,943		33,498,470
	220,000	Robertet SA (c)(2)		18,181,898		33,442,332
	51,500	Robertet SA C.I. (2)		2,151,628		5,555,636
	425,120	Total SA (3)		27,859,045		28,917,321
	935,900	PagesJaunes Groupe SA (10)		16,649,440		26,337,276
	326,670	Financière Marc de Lacharrière SA (7)		10,643,051		24,494,821
	413,576	Zodiac SA (8)		22,371,720		23,699,627
	275,000	Gaumont SA (10)		13,978,318		21,779,670

See Notes to Schedule of Investments.


290,857	Trigano SA (1)	14,582,366	14,304,318
749,506	Elior SCA (1)	6,157,035	13,001,750
215,390	Cap Gemini SA (15)	7,434,415	11,572,354
148,490	Accor SA (1)	6,945,237	8,759,474
3,593,581	FINEL (a)(b)(e)(i)(j)(l)(11)	9,152,131	7,115,183
300,000	Frégate SAS 2% Conv. Pfd. due 3/31/2013 (a)(e)(i)(j)(7)	3,620,400	5,275,023
264,120	Safran SA (15)	5,299,937	5,138,402
83,175	Carbone Lorraine SA (8)	1,518,117	4,356,158
26,499	NSC Groupe (8)	4,385,060	2,403,337
1,000	Société Vermandoise de Sucreries (2)	854,846	1,979,970
20,000	Didot-Bottin SA (7)	1,934,129	1,819,018
100,000	Sabeton SA (7)	1,463,142	1,571,202
4,941	Guyenne et Gascogne SA (2)	546,897	599,605
10,628	Arkema (a)(9)	—	411,902

		916,505,733	1,608,032,929


	Germany (3.10%)
917,125	Fraport AG (16)	35,695,044	66,777,522
750,000	Pfeiffer Vacuum Technology AG (c)(8)	25,104,199	48,304,881
475,000	Hornbach Holding AG Pfd. (14)	26,548,192	45,901,772
2,717,010	Deutsche Telekom AG (15)	43,950,933	41,995,574
1,405,000	Bertelsmann AG D.R.C. (10)	31,678,271	41,458,656
255,000	Axel Springer AG (10)	13,458,494	33,228,431
649,390	Vossloh AG (16)	20,929,277	31,679,781
340,086	Praktiker Bau-und Heimwerkermaerkte Holding AG (1)	5,961,070	10,065,647
569,040	Singulus Technologies (a)(8)	7,300,818	7,283,455

		210,626,298	326,695,719


	Hong Kong (1.45%)
6,750,000	Guoco Group Limited (7)	49,304,815	80,789,946
20,749,500	Shaw Brothers (Hong Kong) Limited (c)(10)	20,005,022	39,949,360
7,000,000	Hopewell Holdings Limited (13)	7,763,618	19,954,570
10,000,000	SmarTone Telecommunications Holdings Limited (15)	11,260,665	9,446,407
11,250,000	City e-Solutions Limited (1)	336,425	1,245,150
12,000,000	China-Hong Kong Photo Products Holdings Limited (1)	949,952	1,127,391
10,000,000	Lerado Group Holding Company Limited (1)	1,533,725	669,228

		91,154,222	153,182,052


	India (0.48%)
4,250,000	Hindustan Lever Limited (2)	11,835,191	21,268,280
1,150,000	Tata Motors Limited (1)	11,635,888	18,351,774
482,001	Nestlé India Limited (2)	6,511,864	10,361,985

		29,982,943	49,982,039


	Indonesia (0.03%)
4,500,000	PT Bat Indonesia Tbk (a)(c)(2)	4,735,462	2,906,817


	Italy (1.85%)
4,858,626	Italcementi S.p.A. RNC (9)	41,848,298	78,262,816
865,000	Italmobiliare S.p.A. RNC (9)	20,885,294	62,098,246
7,325,000	Gewiss S.p.A. (c)(8)	29,406,314	55,112,465

		92,139,906	195,473,527


	Japan (15.65%)
5,970,460	Toyota Motor Corporation (1)	256,398,535	315,508,939
5,000,000	Shimano Inc. (1)	83,968,600	150,425,114
2,734,800	Secom Company, Limited (8)	107,133,514	133,311,812
16,907,700	Aioi Insurance Company, Limited (4)	61,282,138	131,664,060
2,247,000	Ono Pharmaceutical Company, Limited (6)	90,875,008	110,317,070
11,956,430	NIPPONKOA Insurance Company, Limited (4)	58,951,532	98,841,907
1,603,700	Kose Corporation (2)	47,374,529	53,981,094
2,244,230	Nitto Kohki Company, Limited (c)(8)	37,868,362	52,448,541
1,667,400	Olympus Corporation (6)	37,525,460	47,982,734
2,078,600	Toho Company, Limited (10)	20,987,632	43,411,790
2,924,991	T. Hasegawa Company, Limited (c)(2)	38,402,243	41,601,572
3,189,600	Mitsui Sumitomo Insurance Company, Limited (4)	15,084,508	37,549,248
1,514,990	Mandom Corporation (c)(2)	30,105,086	37,255,477

See Notes to Schedule of Investments.


1,000,000	Fuji Photo Film Company, Limited (1)	29,054,325	33,660,344
260,580	Hirose Electric Company, Limited (15)	31,620,852	33,585,109
881,200	Meitec Corporation (8)	28,412,325	28,739,376
200,000	Nippon Television Network Corporation (10)	28,448,858	25,498,147
1,549,400	Nissin Healthcare Food Service Company, Limited (2)	27,624,267	22,090,857
450,000	Canon Inc. (15)	15,750,090	21,621,975
807,000	Shimachu Company Limited (14)	16,965,249	21,182,211
1,000,000	Chofu Seisakusho Company, Limited (1)	14,518,405	20,405,494
480,520	Astellas Pharma Inc. (6)	19,668,779	19,107,663
1,397,200	Seikagaku Corporation (6)	8,770,523	15,473,678
225,300	Mabuchi Motor Company, Limited (15)	13,462,591	15,128,058
531,900	Fuji Seal International (9)	14,055,358	14,146,893
500,000	Aderans Company, Limited (2)	9,598,197	14,083,279
860,600	Maezawa Kasei Industries Company, Limited (c)(8)	15,225,469	13,200,745
100,000	ASAHI Broadcasting Corporation (10)	6,141,481	13,080,445
427,500	SK Kaken Company, Limited (8)	7,390,751	12,339,438
475,000	Matsumoto Yushi-Seiyaku Company, Limited (9)	11,518,365	12,053,630
535,100	Ariake Japan Company, Limited (2)	11,918,772	11,852,226
1,000,000	Sansei Yusoki Company, Limited (c)(8)	8,885,636	8,502,289
284,350	Shoei Company, Limited (7)	1,376,325	8,207,530
493,100	Yomeishu Seizo Company, Limited (2)	3,118,626	5,224,474
730,000	Shingakukai Company, Limited (1)	6,128,280	5,219,969
181,860	Icom Inc. (15)	3,759,004	4,995,500
125,770	Makita Corporation (1)	3,237,704	4,123,786
325,000	Sonton Food Industry Company, Limited (2)	3,298,777	3,287,552
168,350	Cosel Company, Limited (8)	2,997,273	3,097,611
220,270	Wacoal Holdings Corporation (2)	1,621,879	2,871,625
37,100	Tachihi Enterprise Company, Limited (13)	1,374,762	1,552,910
55,700	Nagaileben Company, Limited (6)	1,075,560	1,185,158
106,500	Iino Kaiun Kaisha, Limited (16)	145,456	813,551

		1,233,121,086	1,650,630,881


	Mexico (1.07%)
7,968,780	Industrias Peñoles, SA de C.V. (12)	9,169,983	64,050,332
10,348,270	Grupo Modelo SA de C.V. (2)	38,252,935	45,446,116
93,050	Grupo Aeroportuario del Pacifico SA de C.V. ADR (16)	1,954,050	2,784,987

		49,376,968	112,281,435


	Netherlands (1.99%)
2,668,019	Heineken Holding NV (2)	68,378,321	107,560,503
564,948	Hal Trust NV (7)	16,178,190	38,609,055
1,000,000	Koninklijke Grolsch NV (c)(2)	23,826,083	37,044,600
825,000	Telegraaf Media Groep NV (10)	14,452,839	22,426,034
299,620	Wegener NV (10)	2,070,144	4,263,663

		124,905,577	209,903,855


	Singapore (1.47%)
15,104,850	Haw Par Corporation Limited (c)(8)	38,068,723	54,060,370
16,847,500	Fraser & Neave Limited (2)	20,643,694	43,115,257
16,750,000	Singapore Airport Terminal Services Limited (16)	20,204,311	22,600,006
10,000,000	United Overseas Land Limited (7)	12,162,423	18,243,436
17,549,625	ComfortDelgro Corporation Limited (16)	6,946,456	17,342,296

		98,025,607	155,361,365


	South Africa (0.79%)
1,640,250	Gold Fields Limited ADR (12)	18,963,013	34,199,213
5,650,000	Mvelaphanda Resources Limited (a)(12)	19,564,905	28,642,508
1,440,280	Harmony Gold Mining Company, Limited ADR (a)(12)	15,489,766	20,596,004

		54,017,684	83,437,725


	South Korea (6.00%)
437,510	Samsung Electronics Company, Limited Pfd. (15)	80,372,730	208,196,309
118,970	Samsung Electronics Company, Limited (15)	76,836,183	75,734,227
57,630	Lotte Confectionery Company, Limited (2)	28,238,265	74,217,255
2,973,948	SK Telecom Company, Limited ADR (15)	62,092,648	69,620,123
977,545	KT&G Corporation (2)	24,613,147	58,953,609

See Notes to Schedule of Investments.


336,900	SK Corporation (3)	21,428,778	23,598,168
741,500	Fursys Inc. (c)(8)	5,637,805	20,767,590
22,950	Nam Yang Dairy Products Company, Limited (2)	4,912,653	16,652,026
212,920	Honam Petrochemical (9)	10,808,957	10,734,057
225,000	Kukdong Electric Wire Company, Limited (c)(e)(i)(j)(15)	3,821,270	10,459,638
373,110	Samsung Corporation (15)	10,500,828	10,449,893
591,500	Kangwon Land Inc. (1)	8,751,592	10,435,321
1,087,440	Daeduck Electronics Company, Limited (15)	7,707,302	9,620,844
28,850	Nam Yang Dairy Products Company, Limited Pfd. (2)	479,094	8,744,713
1,042,250	Daeduck GDS Company, Limited (c)(15)	8,149,986	8,184,352
1,111,890	Dong Ah Tire & Rubber Company, Limited (1)	4,731,509	6,682,283
2,515,000	Nexans Korea Limited (c)(e)(i)(j)(8)	2,949,159	5,161,135
110,810	Hankuk Paper Manufacturing Company, Limited (11)	5,119,456	3,097,714
28,920	Daekyo Company, Limited Pfd. (1)	1,159,606	1,026,477
104,237	Sam-A Pharmaceutical Company, Limited (6)	868,268	801,068

		369,179,236	633,136,802


	Spain (1.45%)
2,434,981	Corporacion Financiera Alba SA (7)	51,198,436	133,997,959
407,790	Altadis SA (2)	11,538,297	19,299,751

		62,736,733	153,297,710


	Switzerland (8.28%)
937,775	Nestlé SA (2)	251,058,219	307,257,988
2,414,958	Pargesa Holding SA (7)	136,885,700	230,556,624
2,617,672	Kuehne & Nagel International AG (16)	31,611,502	174,405,122
1,782	Lindt & Spruengli AG (2)	11,801,214	37,956,636
23,500	Sika AG (a)(9)	4,229,788	27,056,267
385,300	Schindler Holding PC (8)	7,460,045	20,662,035
4,715	Metall Zug PC AG (1)	4,971,624	18,771,887
35,000	Edipresse SA (10)	11,616,314	16,039,001
616,270	Micronas Semiconductor Holding AG (a)(15)	23,527,827	13,269,271
78,857	Affichage Holding (10)	8,596,169	11,468,944
4,459	Zehnder Group AG - B (8)	4,577,161	7,137,298
7,000	Hilti AG (a)(e)(i)(j)(8)	4,485,845	5,118,830
10,000	PubliGroupe SA (10)	1,436,389	3,331,302

		502,257,797	873,031,205


	Taiwan (0.10%)
10,718,860	Phoenixtec Power Company Limited (8)	10,808,715	10,785,636


	Thailand (0.02%)
250,000	The Oriental Hotel Public Company Limited (1)	1,152,073	2,357,369


	United Kingdom (4.73%)
25,005,775	Tesco Plc (2)	146,927,573	167,934,362
40,007,809	Vodafone Group Plc (15)	86,420,724	86,883,655
1,796,340	Anglo American Plc (12)	38,340,948	75,000,891
9,151,440	Millennium & Copthorne Hotel Plc (1)	42,872,130	71,204,066
3,705,780	Spirax-Sarco Engineering Plc (8)	27,715,395	60,505,021
5,000,000	McBride Plc (2)	6,379,400	15,505,238
300,000	Amdocs Limited (a)(15)	6,197,557	10,884,000
3,146,000	JZ Equity Partners, Plc (4)	5,873,374	9,755,896
775,000	Trans-Siberian Gold Limited (a) (12)	1,123,590	1,353,673

		361,850,691	499,026,802


	United States (1.49%)
5,332,285	News Corporation, Class ‘A’ (10)	80,617,364	102,593,163
765,210	Newmont Mining Corporation Holding Company (12)	15,712,586	39,201,708
34,500	Third Avenue Global Value Fund,L.P. (a)(b)(e)(7)	3,450,000	6,368,308
213,257	Liberty Global Inc. Series ‘C’ (a)(10)	3,113,500	4,516,783
204,117	Liberty Global Inc. (a)(10)	3,229,794	4,459,956
14,083	Security Capital European Realty (a)(e)(13)	281,660	221,948

		106,404,904	157,361,866


	Miscellaneous (0.17%)
1,094,523	Banco Latinoamericano de Exportaciones SA ADR (4)	13,960,676	17,950,177

See Notes to Schedule of Investments.


		Total Common and Preferred Stocks	4,558,735,874	7,256,608,915

Ounces

		Commodity (3.19%)
	529,280	Gold bullion (a)	263,943,726	336,595,872


Principal Amount

		Notes, Bonds and Convertible Bonds (6.25%)
		Gold-Linked Notes (0.48%)
$	1,310,000	HSBC Gold-Linked Note 0% due 8/09/2006 (a)(b)(d)(e)(g)(12)	1,310,000	2,195,953
	1,363,000	HSBC Gold-Linked Note 0% due 8/11/2006 (a)(b)(d)(e)(g)(12)	1,363,000	2,233,684
	1,332,000	HSBC Gold-Linked Note 0% due 8/16/2006 (a)(b)(d)(e)(g)(12)	1,332,000	2,216,981
	600,000	HSBC Gold-Linked Note 0% due 9/07/2006 (a)(b)(d)(e)(g)(12)	600,000	998,880
	637,000	HSBC Gold-Linked Note 0% due 9/14/2006 (a)(b)(d)(e)(g)(12)	637,000	1,024,869
	310,000	HSBC Gold-Linked Note 0% due 9/20/2006 (a)(b)(d)(e)(g)(12)	310,000	498,263
	692,000	HSBC Gold-Linked Note 0% due 10/13/2006 (a)(b)(d)(e)(g)(12)	692,000	1,031,841
	979,000	HSBC Gold-Linked Note 0% due 11/06/2006 (a)(b)(d)(e)(g)(12)	979,000	1,461,843
	1,950,000	HSBC Gold-Linked Note 0% due 11/13/2006 (a)(b)(d)(e)(g)(12)	1,950,000	2,996,565
	2,023,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(g)(12)	2,023,000	2,840,890
	673,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(g)(12)	673,000	958,958
	1,250,000	UBS Gold-Linked Note 0% due 8/11/2006 (a)(b)(d)(e)(g)(12)	1,250,000	2,142,829
	1,350,000	UBS Gold-Linked Note 0% due 8/18/2006 (a)(b)(d)(e)(g)(12)	1,350,000	2,212,738
	1,250,000	UBS Gold-Linked Note 0% due 8/24/2006 (a)(b)(d)(e)(g)(12)	1,250,000	2,105,739
	1,250,000	UBS Gold-Linked Note 0% due 8/25/2006 (a)(b)(d)(e)(g)(12)	1,250,000	2,018,408
	1,600,000	UBS Gold-Linked Note 0% due 9/13/2006 (a)(b)(d)(e)(g)(12)	1,600,000	2,685,050
	1,250,000	UBS Gold-Linked Note 0% due 11/01/2006 (a)(b)(d)(e)(g)(12)	1,250,000	1,860,190
	1,200,000	UBS Gold-Linked Note 0% due 11/03/2006 (a)(b)(d)(e)(g)(12)	1,200,000	1,824,647
	1,600,000	UBS Gold-Linked Note 0% due 11/15/2006 (a)(b)(d)(e)(g)(12)	1,600,000	2,465,957
	2,150,000	UBS Gold-Linked Note 0% due 12/20/2006 (a)(b)(d)(e)(g)(12)	2,150,000	2,926,717
	1,350,000	UBS Gold-Linked Note 0% due 12/21/2006 (a)(b)(d)(e)(g)(12)	1,350,000	1,783,458
	1,350,000	UBS Gold-Linked Note 0% due 12/28/2006 (a)(b)(d)(e)(g)(12)	1,350,000	1,750,745
	1,400,000	UBS Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(h)(12)	1,400,000	2,166,624
	1,500,000	UBS Gold-Linked Note 0% due 1/11/2007 (a)(b)(d)(e)(h)(12)	1,500,000	2,116,416
	2,900,000	UBS Gold-Linked Note 0% due 1/12/2007 (a)(b)(d)(e)(h)(12)	2,900,000	4,152,491

			33,269,000	50,670,736


		U.S. Dollar Notes and Bonds (0.03%)
	1,000,000	YPF Sociedad Anonima SA 9¹/₈% due 2/24/2009 (3)	855,778	1,057,500
	2,000,000	Legrand SA 8½% due 2/15/2025 (8)	2,064,610	2,290,000

			2,920,388	3,347,500


		U.S. Dollar Convertible Bonds (0.00%)
	2,000,000	Medya International Limited 10% due 6/28/2049 (e)(f)(j)(10)	1,987,057	20,000


		Non U.S. Dollar Notes and Bonds (5.71%)
SGD	24,900,000	Singapore Government 2⁵/₈% due 10/01/2007 (5)	15,010,911	15,738,696
SGD	56,842,000	Singapore Government 2³/₈% due 10/01/2009 (5)	34,179,700	35,194,115
CAD	16,500,000	Shaw Communications Inc. 7.4% due 10/17/2007 (10)	10,471,280	14,999,390
HKD	67,500,000	Hong Kong Government 3.57% due 12/17/2007 (5)	8,824,432	8,620,817
HKD	164,250,000	Hong Kong Government 3.34% due 12/19/2008 (5)	20,821,651	20,728,267
HKD	37,100,000	Hong Kong Government 2.52% due 3/24/2009 (5)	4,623,220	4,573,181
EUR	9,766,000	Koninklijke Ahold NV 5⁷/₈% due 5/09/2008 (14)	9,466,462	12,827,510
GBP	11,000,000	EMI Group Plc 8¼% due 5/20/2008 (10)	17,142,332	21,987,549
EUR	7,500,000	EMI Group Plc 8⁵/₈% due 10/15/2013 (10)	8,728,979	10,682,258
EUR	2,500,000	EMI Group Plc 8⁵/₈% due 10/15/2013 (b)(10)	2,937,242	3,560,753
SEK	55,000,000	Sweden Government I/L 4.526% due 12/01/2008 (5)	7,899,110	9,422,707
EUR	3,000,000	Independent News & Media Plc 8% due 12/15/2008 (10)	3,626,220	4,129,196
EUR	5,500,000	Independent News & Media Plc 5¾% due 5/17/2009 (10)	5,935,897	7,140,219
MYR	50,260,000	Malaysian Government 4.305% due 2/27/2009 (5)	13,338,209	13,802,392
MYR	56,664,000	Malaysian Government 3.756% due 4/28/2011 (5)	15,191,734	15,138,049
EUR	49,345,199	Republic of France O.A.T. I/L 3% due 7/25/2009 (k)(5)	58,389,509	65,560,446
EUR	121,702,565	Republic of France O.A.T. I/L 3% due 7/25/2012 (k)(5)	165,192,372	167,975,595
EUR	1,250,000	Rémy Cointreau SA 6½% due 7/01/2010 (b)(2)	1,425,323	1,668,604
EUR	22,300,000	Waterford Wedgwood Plc 9⁷/₈% due 12/01/2010 (b)(1)	27,321,855	25,210,128
GBP	1,000,000	Marks & Spencer Group Plc 6³/₈% due 11/07/2011 (1)	1,678,376	1,937,617

See Notes to Schedule of Investments.


GBP	8,425,000	Enodis Plc 10³/₈% due 4/15/2012 (8)	13,026,521	17,073,900
EUR	21,600,000	UPC Holding BV 8⁵/₈% due 1/15/2014 (b)(10)	25,479,330	27,246,942
EUR	33,100,000	UPC Holding BV 7¾% due 1/15/2014 (b)(10)	38,255,270	40,009,286
EUR	28,800,000	Ray Acquisition SCA 9³/₈% due 3/15/2015 (b)(8)	34,578,817	39,778,236
EUR	8,000,000	FINEL 9½% due 6/30/2017 (b)(e)(i)(j)(11)	9,649,600	7,664,400
EUR	10,000,000	FINEL 9½% due 10/15/2017 (b)(e)(i)(j)(11)	12,045,000	9,580,500

			565,239,352	602,250,753


		Non U.S. Dollar Convertible Bond (0.03%)
EUR	243,500	Havas SA 4% due 1/01/2009 (10)	1,986,854	3,385,372

		Total Notes, Bonds and Convertible Bonds	605,402,651	659,674,361


		Short-Term Investments (21.70%)
$	32,500,000	Nestlé Capital Corporation 5.05% due 8/01/2006	32,500,000	32,500,000
	26,582,000	Nestlé Capital Corporation 5.22% due 8/04/2006	26,570,437	26,570,437
	30,000,000	Nestlé Capital Corporation 5.11% due 8/11/2006	29,957,417	29,957,417
	21,700,000	Nestlé Capital Corporation 5.22% due 8/16/2006	21,652,803	21,652,803
	25,000,000	Nestlé Capital Corporation 5.22% due 8/16/2006	24,945,625	24,945,625
	25,000,000	Nestlé Capital Corporation 5.25% due 8/17/2006	24,941,667	24,941,667
	25,000,000	Nestlé Capital Corporation 5.24% due 8/21/2006	24,927,222	24,927,222
	20,000,000	Nestlé Capital Corporation 5.22% due 8/23/2006	19,936,200	19,936,200
	25,000,000	Nestlé Capital Corporation 5.27% due 9/26/2006	24,794,861	24,794,861
	30,000,000	ConocoPhillips Company 5.36% due 8/01/2006	30,000,000	30,000,000
	18,947,000	ConocoPhillips Company 5.33% due 8/01/2006	18,947,000	18,947,000
	27,500,000	L’Oréal SA 5.30% due 8/01/2006	27,500,000	27,500,000
	25,000,000	BMW US Capital LLC 5.23% due 8/01/2006	25,000,000	25,000,000
	25,000,000	BMW US Capital LLC 5.23% due 8/02/2006	24,996,368	24,996,368
	18,795,000	Hitachi Limited 5.25% due 8/01/2006	18,795,000	18,795,000
	30,000,000	Hitachi Limited 5.25% due 8/04/2006	29,986,875	29,986,875
	15,000,000	Hitachi Limited 5.26% due 8/15/2006	14,969,317	14,969,317
	26,500,000	Hitachi Limited 5.37% due 9/05/2006	26,361,648	26,361,648
	14,358,000	American Express Credit Corporation 5.10% due 8/01/2006	14,358,000	14,358,000
	30,000,000	American Express Credit Corporation 5.25% due 8/11/2006	29,956,250	29,956,250
	30,000,000	American Express Credit Corporation 5.31% due 8/25/2006	29,893,800	29,893,800
	25,000,000	American Express Credit Corporation 5.30% due 8/28/2006	24,900,625	24,900,625
	30,000,000	American Express Credit Corporation 5.25% due 8/31/2006	29,868,750	29,868,750
	15,959,000	American Express Credit Corporation 5.31% due 9/08/2006	15,869,550	15,869,550
	27,115,000	American Express Credit Corporation 5.30% due 9/15/2006	26,935,363	26,935,363
	20,649,000	American Express Credit Corporation 5.25% due 9/26/2006	20,480,367	20,480,367
	20,000,000	The Republic of Austria 5.19% due 8/02/2006	19,997,117	19,997,117
	2,051,000	The Republic of Austria 5.19% due 8/02/2006	2,050,704	2,050,704
	25,000,000	The Republic of Austria 5.18% due 8/04/2006	24,989,208	24,989,208
	16,116,000	The Republic of Austria 5.18% due 8/07/2006	16,102,087	16,102,087
	25,000,000	The Republic of Austria 5.18% due 8/09/2006	24,971,222	24,971,222
	21,841,000	The Republic of Austria 5.18% due 8/09/2006	21,815,859	21,815,859
	20,000,000	The Republic of Austria 5.19% due 8/11/2006	19,971,167	19,971,167
	15,393,000	The Republic of Austria 5.21% due 8/16/2006	15,359,584	15,359,584
	20,000,000	Unilever Capital Corporation 5.20% due 8/02/2006	19,997,111	19,997,111
	25,000,000	Unilever Capital Corporation 5.21% due 8/11/2006	24,963,819	24,963,819
	15,000,000	Unilever Capital Corporation 5.25% due 8/28/2006	14,940,938	14,940,938
	15,000,000	Emerson Electric Company 5.23% due 8/02/2006	14,997,821	14,997,821
	12,000,000	Pitney Bowes Inc. 5.21% due 8/02/2006	11,998,263	11,998,263
	28,674,000	Siemens AG 5.04% due 8/03/2006	28,665,971	28,665,971
	30,000,000	Siemens AG 5.20% due 8/08/2006	29,969,667	29,969,667
	63,923,000	Siemens AG 5.21% due 8/09/2006	63,848,992	63,848,992
	25,000,000	Siemens AG 5.21% due 8/10/2006	24,967,438	24,967,438
	13,000,000	Siemens AG 5.25% due 8/14/2006	12,975,354	12,975,354
	25,000,000	Siemens AG 5.25% due 8/15/2006	24,948,958	24,948,958
	25,000,000	Siemens AG 5.24% due 8/17/2006	24,941,778	24,941,778
	25,000,000	Siemens AG 5.27% due 8/29/2006	24,897,528	24,897,528
	27,900,000	Siemens AG 5.26% due 9/07/2006	27,749,170	27,749,170
	18,952,000	Henkel Corporation 5.28% due 8/03/2006	18,946,441	18,946,441
	12,224,000	Henkel Corporation 5.16% due 8/09/2006	12,209,983	12,209,983
	25,000,000	Henkel Corporation 5.32% due 8/16/2006	24,944,583	24,944,583
	15,000,000	BellSouth Corporation 5.24% due 8/03/2006	14,995,633	14,995,633
	24,300,000	BellSouth Corporation 5.24% due 8/04/2006	24,289,389	24,289,389
	20,000,000	BellSouth Corporation 5.25% due 8/07/2006	19,982,500	19,982,500

See Notes to Schedule of Investments.


25,000,000	BellSouth Corporation 5.29% due 8/29/2006		24,897,139			24,897,139
23,852,000	BellSouth Corporation 5.29% due 8/31/2006		23,746,852			23,746,852
28,429,000	BellSouth Corporation 5.28% due 9/01/2006		28,299,743			28,299,743
18,141,000	BellSouth Corporation 5.30% due 9/01/2006		18,058,206			18,058,206
2,497,000	BellSouth Corporation 5.31% due 9/20/2006		2,478,585			2,478,585
9,750,000	7-Eleven Inc. 5.23% due 8/04/2006		9,745,751			9,745,751
25,500,000	7-Eleven Inc. 5.25% due 8/08/2006		25,473,969			25,473,969
20,000,000	7-Eleven Inc. 5.23% due 8/09/2006		19,976,756			19,976,756
25,000,000	The Coca-Cola Company 5.19% due 8/07/2006		24,978,375			24,978,375
20,857,000	European Investment Bank 5.18% due 8/07/2006		20,838,993			20,838,993
25,000,000	European Investment Bank 5.19% due 8/07/2006		24,978,375			24,978,375
24,543,000	European Investment Bank 5.19% due 8/07/2006		24,521,770			24,521,770
20,000,000	European Investment Bank 5.19% due 8/11/2006		19,971,167			19,971,167
20,000,000	European Investment Bank 5.20% due 8/11/2006		19,971,111			19,971,111
20,765,000	Atlantic Asset Security 5.20% due 8/07/2006		20,747,004			20,747,004
12,073,000	Atlantic Asset Security 5.21% due 8/07/2006		12,062,517			12,062,517
18,625,000	Merrill Lynch & Company Inc. 5.11% due 8/07/2006		18,609,138			18,609,138
30,000,000	General Electric Capital Corporation 5.12% due 8/08/2006		29,970,133			29,970,133
15,496,000	General Electric Capital Corporation 5.21% due 8/08/2006		15,480,302			15,480,302
25,000,000	General Electric Capital Corporation 5.21% due 8/14/2006		24,952,965			24,952,965
28,557,000	General Electric Capital Corporation 5.29% due 9/22/2006		28,338,793			28,338,793
20,000,000	Sara Lee Corporation 5.33% due 8/08/2006		19,979,272			19,979,272
20,750,000	Sara Lee Corporation 5.35% due 8/10/2006		20,722,247			20,722,247
32,500,000	Sara Lee Corporation 5.34% due 8/14/2006		32,437,329			32,437,329
19,700,000	Wal-Mart Stores Inc. 5.21% due 8/08/2006		19,680,043			19,680,043
26,250,000	Wal-Mart Stores Inc. 5.23% due 9/06/2006		26,112,713			26,112,713
20,000,000	Wal-Mart Stores Inc. 5.23% due 9/12/2006		19,877,967			19,877,967
27,810,000	Wal-Mart Stores Inc. 5.24% due 9/19/2006		27,611,652			27,611,652
19,325,000	RaboBank USA Finance Corporation 5.25% due 8/08/2006		19,305,272			19,305,272
9,806,000	Vulcan Materials Company 5.26% due 8/08/2006		9,795,971			9,795,971
30,000,000	Hewlett-Packard Development Company, L.P. 5.26% due 8/09/2006		29,964,933			29,964,933
20,650,000	Hewlett-Packard Development Company, L.P. 5.26% due 8/09/2006		20,625,862			20,625,862
25,000,000	Caterpillar Financial Services Corporation 5.24% due 8/14/2006		24,952,694			24,952,694
25,000,000	Caterpillar Financial Services Corporation 5.23% due 8/28/2006		24,901,938			24,901,938
21,000,000	Caterpillar Financial Services Corporation 5.22% due 8/09/2006		20,975,640			20,975,640
11,711,000	Air Products and Chemicals Inc. 5.25% due 8/10/2006		11,695,629			11,695,629
20,529,000	Canadian Wheat Board 5.20% due 8/11/2006		20,499,347			20,499,347
17,000,000	3M Company 5.20% due 8/11/2006		16,975,444			16,975,444
25,000,000	Colgate-Palmolive Company 5.21% due 8/14/2006		24,952,965			24,952,965
15,513,000	AT&T Corporation 5.30% due 8/14/2006		15,483,310			15,483,310
21,646,000	AT&T Corporation 5.26% due 8/16/2006		21,598,559			21,598,559
13,228,000	AT&T Corporation 5.29% due 8/22/2006		13,187,181			13,187,181
25,000,000	AT&T Corporation 5.31% due 8/28/2006		24,900,438			24,900,438
25,000,000	Wells Fargo Investments, LLC 5.25% due 8/18/2006		24,938,020			24,938,020
20,735,000	Pearson Plc 5.40% due 8/18/2006		20,682,126			20,682,126
28,528,000	Pearson Plc 5.40% due 8/23/2006		28,433,858			28,433,858
8,250,000	DuPont Ei Nemour 5.22% due 8/21/2006		8,226,075			8,226,075
23,862,000	DuPont Ei Nemour 5.22% due 8/31/2006		23,758,200			23,758,200
29,834,000	Export Development Corporation 5.26% due 8/30/2006		29,707,587			29,707,587

	Total Short-Term Investments		2,289,613,346			2,289,613,346

	Total Investments (99.93%)	$	7,717,695,597	*		10,542,492,494


	Other assets in excess of liabilities (0.07%)					7,289,186

	Net Assets (100.00%)				$	10,549,781,680

* At July 31, 2006 cost is substantially identical for both book and federal income tax purposes.


Foreign Currencies		Sector/Industry Classifications

CAD -	Canadian dollar	(1) Consumer Discretionary	(9) Materials
EUR -	euro	(2) Consumer Staples	(10) Media

See Notes to Schedule of Investments.


GBP -	pound sterling	(3) Energy	(11) Paper and Forest Products
HKD -	Hong Kong dollar	(4) Financials	(12) Precious Metals
MYR -	Malaysian ringgit	(5) Government Issues	(13) Real Estate
SEK -	Swedish krona	(6) Health Care	(14) Retail
SGD -	Singapore dollar	(7) Holding Companies	(15) Technology and Telecommunications
		(8) Industrials	(16) Transportation


(a)	Non-income producing security/commodity.

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

(c)	Affiliate as defined by the Investment Company Act of 1940. An affiliate is defined as a company in which the Fund directly or 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, 2006.


	Purchases				Sales				Realized Gain		Dividend Income
Affiliate	Shares		Cost		Shares		Cost		Realized Gain		Dividend Income

Daeduck GDS Company, Limited		376,200	$	3,989,607		—		—		—	$	192,259
Deceuninck		—		—		—		—		—		459,217
Finel SA (l)		—		—		—		—		—		—
Fursys Inc.		91,500		2,999,833		—		—		—		214,430
Gewiss S.p.A.		—		—		—		—		—		546,296
Haw Par Corporation Limited		—		—		—		—		—		1,252,915
Koninklijke Grolsch NV		—		—		—		—		—		587,790
Kukdong Electric Wire Company, Limited		—		—		—		—		—		111,339
Laurent-Perrier		4,333		221,073		—		—		—		660,039
Maezawa Kasei Industries Company, Limited		—		—		—		—		—		113,195
Mandom Corporation		—		—		—		—		—		362,304
Nexans Korea Limited		—		—		—		—		—		352,494
Nitto Kohki Company, Limited		33,280		738,272		69,100	$	1,422,458	$	541,846		1,025,579
Pfeiffer Vacuum Technology AG		—		—		—		—		—		379,492
PT Bat Indonesia Tbk		—		—		—		—		—		88,836
Robertet SA		25,000		3,929,893		—		—		—		55,801
Sansei Yusoki Company, Limited		—		—		—		—		—		160,609
Shaw Brothers (Hong Kong) Limited		—		—		—		—		—		1,059,285
Société Sucrière de Pithiviers-le Vieil		—		—		—		—		—		—
T. Hasegawa Company, Limited		—		—		—		—		—		—
Tasman Farms		—		—		—		—		—		—


(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 1½ to 1 to the price of gold bullion.

(h)	Leveraged 2 to 1 to the price of gold bullion.

(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, 2006 is shown below.



Security	Acquisition Date		Cost		Carrying Value Per Share/Principal

FINEL (l)		7/14/1999	$	2,407,421	$	1.98
FINEL 9½% due 6/30/2017		6/22/2005		9,649,600		0.96
FINEL 9½% due 10/15/2017		10/11/2005		12,045,000		0.96
Fregaté SAS 2% Conv. Pfd. due 3/31/2013		4/30/2004		3,620,400		17.58
Hilti AG		11/30/2001		4,485,845		731.26
Kukdong Electric Wire Company, Limited		2/20/2004		3,821,270		46.49
Nexans Korea Limited		9/19/2003		5,439,879		2.05


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

(k)	Inflation protected security.

(l)	Held through Financiere Bleue, LLC.

See Notes to Schedule of Investments.

First Eagle U.S. Value Fund
SCHEDULE OF INVESTMENTS
July 31, 2006
(unaudited)


Number of Shares			Cost (Note 1)		Value (Note 1)

		Common and Preferred Stocks-U.S. (57.32%)

		Consumer Discretionary (4.28%)
	259,220	McDonald’s Corporation	$	7,443,923	$	9,173,796
	129,710	Weyco Group, Inc.		2,262,417		3,002,787
	36,260	Nike Inc. Class ‘B’		2,899,794		2,864,540
	59,150	International Speedway Corporation		2,677,438		2,676,538
	70,000	Hampshire Group, Limited (a)		1,171,963		1,155,700
	8,000	Allen Organ Company, Class ‘B’		307,040		604,000
	600	St. John Knits International Inc. (a)		18,600		17,400

				16,781,175		19,494,761


		Consumer Staples (2.80%)
	127,054	Anheuser-Busch Companies Inc.		5,601,727		6,117,650
	168,915	Seneca Foods Corporation (a)		2,542,171		4,116,459
	50,000	Seneca Foods Corporation 0% Conv. Pfd. due 12/31/2049 (a)(f)		752,500		1,218,500
	20,397	HJ Heinz Company		694,551		856,062
	5,710	Altria Group Inc.		228,598		456,629

				9,819,547		12,765,300


		Energy (4.29%)
	119,928	ConocoPhillips Company		4,247,616		8,231,858
	107,670	San Juan Basin		3,989,231		4,347,715
	47,930	Apache Corporation		3,284,463		3,377,627
	50,000	CNX Gas Corporation (a)		800,000		1,353,000
	24,310	Murphy Oil Corporation		1,239,579		1,250,993
	12,241	SEACOR Holdings Inc. (a)		631,754		995,805

				14,192,643		19,556,998

		Financials (0.30%)
	60,000	Interpool Inc.		1,083,544		1,207,200
	10,000	First Internet Bancorp (a)		170,300		167,000

				1,253,844		1,374,200

		Health Care (4.33%)
	211,350	Johnson & Johnson Inc.		12,899,158		13,219,942
	111,270	Bausch & Lomb Inc.		5,230,272		5,263,072
	40,000	Dentsply International Inc.		580,150		1,252,000

				18,709,580		19,735,014


		Holding Companies (3.77%)
	177	Berkshire Hathaway Inc., Class ‘A’ (a)		14,783,882		16,213,200
	557	Case Pomeroy & Company, Inc., Class ‘A’		538,848		962,218

				15,322,730		17,175,418


		Industrials (8.07%)
	357,340	Tyco International Limited		8,842,987		9,323,001
	237,990	UniFirst Corporation		6,278,653		7,399,109
	569,343	Blount International Inc. (a)		7,267,682		6,205,839
	173,960	Waste Management Inc.		4,961,709		5,980,745
	48,980	Manpower Inc.		2,059,795		2,913,330
	73,475	Banta Corporation		2,921,328		2,595,872
	153,760	Cendant Corporation (a)		2,633,062		2,307,938
	5,000	Hardinge Inc.		54,150		69,341

				35,019,366		36,795,175


		Materials (0.45%)
	135,560	Tronox Inc. Class ‘A’		1,930,463		1,773,125
	426	Central Steel & Wire Company		167,885		268,806

				2,098,348		2,041,931


		Media (9.63%)
	551,043	Liberty Media Holding Corporation - Interactive (a)		9,874,290		9,075,678
	86,074	Liberty Media Holding Corporation - Capital (a)		5,746,317		7,024,499

See Notes to Schedule of Investments.


	70,610	Omnicom Inc. - Class B	6,426,475	6,249,691
	104,900	Comcast Corporation-Special Class ‘A’ (a)	2,946,791	3,595,972
	182,295	News Corporation Class ‘A’	2,889,189	3,507,356
	107,835	Clear Channel Communications, Inc.	3,393,174	3,121,823
	111,170	CBS Corporation Class “B”	2,881,361	3,049,393
	250,030	Interpublic Group of Companies, Inc. (a)	2,557,769	2,047,746
	92,500	Valassis Communications, Inc. (a)	2,650,498	1,899,025
	50,000	Dow Jones & Company Inc.	1,831,509	1,752,000
	33,410	Viacom Inc. - Class ‘B’ (a)	1,141,884	1,164,339
	32,694	Liberty Global Inc.(a)	551,509	714,364
	33,156	Liberty Global Inc. Series ‘C’ (a)	514,716	702,244

			43,405,482	43,904,130


		Paper and Forest Products (3.21%)
	299,280	Rayonier Inc.	8,854,860	11,914,337
	77,835	Plum Creek Timber Company, Inc.	2,277,954	2,651,060
	1,540	Deltic Timber Corporation	35,529	76,045

			11,168,343	14,641,442


		Precious Metals (1.06%)
	94,570	Newmont Mining Corporation Holding Company	4,182,032	4,844,821


		Real Estate (0.02%)
	1,595	Prologis Trust 8.54% Pfd. Series ‘C’	82,039	89,420


		Retail (6.18%)
	190,220	Costco Wholesale Corporation	7,212,927	10,036,007
	178,770	Wal-Mart Stores, Inc.	8,067,936	7,955,265
	103,190	Tiffany & Company	3,166,658	3,259,772
	55,970	The Sherwin-Williams Company	1,866,582	2,832,082
	55,000	Dillard’s Inc., Class ‘A’	798,967	1,651,650
	44,860	Barnes & Noble, Inc.	1,416,591	1,503,707
	8,380	Autozone Inc. (a)	774,200	736,351
	6,230	Federated Department Stores Inc.	115,998	218,735

			23,419,859	28,193,569


		Technology and Telecommunications (6.36%)
	571,745	Microsoft Corporation	13,787,207	13,739,032
	483,140	Intel Corporation	9,124,753	8,696,520
	191,680	Sprint Nextel Corporation	4,252,388	3,795,264
	150,000	American Power Conversion Corporation	2,325,204	2,532,000
	5,558	Embarq Corporation (a)	265,575	251,500

			29,755,127	29,014,316


		Utilities (2.57%)
	174,200	IDACORP Inc.	5,077,328	6,494,176
	88,100	CalEnergy Capital Trust 6½% Conv. Pfd.	3,778,988	4,074,625
	40,000	Hawaiian Electric Industries, Inc.	845,477	1,146,400

			9,701,793	11,715,201

		Total Common and Preferred Stocks-U.S.	234,911,908	261,341,696


		Common Stocks-Non U.S. (0.32%)

		United Kingdom (0.32%)
	347,740	JZ Equity Partners, Plc (3)	694,612	1,078,358
	10,000	Amdocs Limited (a)(11)	184,181	362,794

		Total Common Stocks-Non U.S.	878,793	1,441,152



Ounces

		Commodity (2.55%)
	18,281	Gold bullion (a)	8,997,851	11,625,697


Principal Amount

		Notes and Bonds and Convertible Bond (6.25%)

		Gold-Linked Note (0.24%)
$	644,000	HSBC Gold-Linked Note 0% due 8/09/2006 (a)(b)(c)(d)(e)(8)	644,000	1,079,537

See Notes to Schedule of Investments.


		U.S. Treasury Note (2.47%)
$	11,136,000	U.S. Treasury Note 5¹/₈% due 6/30/2011 (5)		11,153,930			11,239,531


		U.S. Dollar Bonds (3.49%)
	250,000	Crescent Real Estate Equities Company 9¼% due 4/15/2009 (9)		250,000			259,063
	521,000	Lear Corporation 8.11% due 5/15/2009 (1)		494,001			509,278
	1,075,000	GATX Corporation 8⁷/₈% due 6/01/2009 (3)		1,037,431			1,153,989
	500,000	American Standard Companies Inc. 8¼% due 6/01/2009 (5)		513,396			529,797
	650,000	Columbus McKinnon Corporation 10% due 8/01/2010 (5)		658,932			707,688
	1,000,000	Briggs & Stratton Corporation 8⁷/₈% due 3/15/2011 (1)		1,036,918			1,087,500
	179,000	Domino’s Inc. 8¼% due 7/01/2011 (1)		178,110			185,713
	1,000,000	Greif Inc. 8⁷/₈% due 7/01/2012 (7)		1,060,320			1,057,500
	5,300,000	Blount International Inc. 8⁷/₈% due 8/01/2012 (5)		5,336,490			5,379,500
	2,020,000	Tronox Worldwide 9½% due 12/01/2012 (b)(6)		2,117,663			2,095,750
	125,000	R.H. Donnelley Finance Corporation 10⁷/₈% due 12/15/2012 (b)(3)		125,000			137,969
	1,000,000	Texas Industries, Inc. 7¼% due 7/15/2013 (6)		1,000,000			1,006,250
	786,000	Sirius Satellite Radio Inc. 9⁵/₈% due 8/01/2013 (11)		762,841			738,840
	250,000	Jostens, Inc. 10¼% due 12/01/2013 (a)(1)		173,280			198,750
	250,000	Elizabeth Arden Inc. 7¾% due 1/15/2014 (2)		250,000			246,875
	600,000	Bausch & Lomb Inc. 7¹/₈% due 8/01/2028 (4)		508,223			616,881

				15,502,605			15,911,343


		U.S. Dollar Convertible Bond (0.05%)
	250,000	SCI Systems Inc. 3% due 3/15/2007 (11)		230,294			243,750

		Total Notes, Bonds and Convertible Bond		27,530,829			28,474,161


		Short-Term Investments (33.78%)
	21,085,000	ConocoPhillips Company 5.33% due 8/01/2006		21,085,000			21,085,000
	6,177,000	BMW U.S. Capital LLC 5.23% due 8/01/2006		6,177,000			6,177,000
	6,000,000	L’Oréal SA 5.3% due 8/01/2006		6,000,000			6,000,000
	13,000,000	L’Oréal SA 5.28% due 8/16/2006		12,971,400			12,971,400
	4,600,000	Unilever Capital Corporation 5.23% due 8/01/2006		4,600,000			4,600,000
	9,000,000	7-Eleven Inc. 5.25% due 8/02/2006		8,998,688			8,998,688
	2,897,000	BellSouth Corporation 5.24% due 8/02/2006		2,896,578			2,896,578
	1,148,000	BellSouth Corporation 5.29% due 8/31/2006		1,142,939			1,142,939
	11,351,000	Vulcan Materials Company 5.22% due 8/04/2006		11,346,062			11,346,062
	16,390,000	AT&T Inc. 5.26% due 8/07/2006		16,375,631			16,375,631
	8,103,000	The Republic of Austria 5.18% due 8/07/2006		8,096,004			8,096,004
	10,000,000	The Republic of Austria 5.21% due 8/16/2006		9,978,292			9,978,292
	5,129,000	Altantic Asset Security 5.21% due 8/07/2006		5,124,546			5,124,546
	1,683,000	Siemens AG 5.20% due 8/08/2006		1,681,298			1,681,298
	10,000,000	Siemens AG 5.25% due 8/14/2006		9,981,042			9,981,042
	2,607,000	General Electric Capital Corporation 5.21% due 8/11/2006		2,603,228			2,603,228
	16,507,000	Nestlé Capital Corporation 5.24% due 8/16/2006		16,470,960			16,470,960
	8,505,000	Pearson Plc 5.40% due 8/18/2006		8,483,312			8,483,312

		Total Short-Term Investments		154,011,980			154,011,980


		Total Investments (100.22%)	$	426,331,361	*		456,894,686



		Liabilities in excess of other assets (-0.22%)					(1,007,415	)


		Net assets (100.00%)				$	455,887,271

* At July 31, 2006 cost is substantially identical for both book and federal income tax purposes.


	Sector/Industry Classifications

	(1) Consumer Discretionary
	(2) Consumer Staples
	(3) Financials
	(4) Health Care
	(5) Industrials
	(6) Materials
	(7) Paper and Forest Products
	(8) Precious Metals

See Notes to Schedule of Investments.


	(9) Real Estate
	(10) Retail
	(11) Technology and Telecommunications


(a)	Non-income producing security.
(b)	All or a portion of this security is exempt from registration under the Securities Act of 1933. Rule 144A securities may only be sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933.
(c)	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 1½ to 1 to the price of gold bullion.
(f)	Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees.

See Notes to Schedule of Investments.

First Eagle Gold Fund
SCHEDULE OF INVESTMENTS
July 31, 2006
(unaudited)


Number of Shares			Cost (Note 1)		Value (Note 1)


		Common and Preferred Stocks and Warrants (63.31%)
		Australia (7.18%)
	20,006,755	Lihir Gold Limited (a)	$	25,639,904	$	42,436,878
	2,093,770	Newcrest Mining Limited		25,933,694		30,719,312
	3,518,454	Kingsgate Consolidated Limited		13,348,725		12,097,210

				64,922,323		85,253,400

		Canada (24.26%)
	3,023,598	Barrick Gold Corporation		88,107,595		93,126,818
	5,022,630	Kinross Gold Corporation (a)		39,063,122		58,111,829
	4,841,280	IAMGOLD Corporation		28,688,723		45,052,078
	6,765,350	Cambior Inc. (a)		21,747,909		19,849,730
	5,052,930	Aurizon Mines Limited (a)(c)		7,597,274		12,637,349
	1,505,480	Minefinders Corporation (a)		11,887,675		12,306,739
	2,506,010	Cumberland Resources (a)		6,187,547		11,361,258
	2,850,940	Miramar Mining Corporation (a)		2,526,866		10,481,119
	2,819,290	Metallica Resources Inc. (a)		3,861,514		8,745,268
	847,840	Dundee Precious Metals, Inc., Class ‘A’ (a)		4,324,877		8,489,264
	1,253,560	Richmont Mines, Inc. (a)(c)		4,269,305		4,431,302
	750,000	Golden Star Resources Limited (a)(b)		970,106		2,340,000
	765,600	Wesdome Gold Mines Inc. (a)		662,515		1,265,231

				219,895,028		288,197,985


		Mexico (1.94%)
	2,865,910	Industrias Peñoles, SA de C.V.		8,202,357		23,035,206


		South Africa (13.64%)
	2,648,630	Gold Fields Limited ADR		37,405,768		55,223,936
	890,030	AngloGold Ashanti Limited ADR		34,620,847		43,246,558
	2,894,270	Harmony Gold Mining Company, Limited (a)		31,494,106		41,388,061
	4,391,060	Mvelaphanda Resources Limited (a)		14,884,413		22,260,349

				118,405,134		162,118,904


		United Kingdom (0.13%)
	890,000	Trans-Siberian Gold Limited (a)		1,993,952		1,554,540


		United States (13.14%)
	4,841,355	Newmont Mining Corporation Holding Company		111,474,424		129,299,181
	891,940	Royal Gold, Inc.		16,311,679		26,428,182
	495,200	Canyon Resources Corporation (a)(b)		376,352		440,728
	200,000	Canyon Resources Corporation warrants exp 12/01/2006 (a)(b)(e)(h)		—		—
	400,000	Canyon Resources Corporation warrants exp 12/01/2008 (a)(b)(e)(h)		—		—

				128,162,455		156,168,091


		Miscellaneous (3.02%)
	1,616,660	Randgold Resources Limited ADR (a)		27,930,725		35,938,352

		Total Common and Preferred Stocks and Warrants		569,511,974		752,266,478


Ounces

		Commodity (23.52%)
	439,516	Gold bullion (a)		206,337,697		279,510,494

See Notes to Schedule of Investments.


Principal Amount

		Gold-Linked Notes (8.80%)
$	2,621,000	HSBC Gold-Linked Note 0% due 8/09/2006 (a)(b)(d)(e)(f)	2,621,000	4,393,582
	1,363,000	HSBC Gold-Linked Note 0% due 8/11/2006 (a)(b)(d)(e)(f)	1,363,000	2,233,684
	666,000	HSBC Gold-Linked Note 0% due 8/16/2006 (a)(b)(d)(e)(f)	666,000	1,108,490
	1,340,000	HSBC Gold-Linked Note 0% due 8/21/2006 (a)(b)(d)(e)(f)	1,340,000	2,139,980
	1,970,000	HSBC Gold-Linked Note 0% due 8/22/2006 (a)(b)(d)(e)(f)	1,970,000	3,180,565
	1,290,000	HSBC Gold-Linked Note 0% due 8/23/2006 (a)(b)(d)(e)(f)	1,290,000	2,085,156
	1,300,000	HSBC Gold-Linked Note 0% due 8/25/2006 (a)(b)(d)(e)(f)	1,300,000	2,121,470
	1,300,000	HSBC Gold-Linked Note 0% due 8/30/2006 (a)(b)(d)(e)(f)	1,300,000	2,123,810
	1,294,000	HSBC Gold-Linked Note 0% due 8/31/2006 (a)(b)(d)(e)(f)	1,294,000	2,110,126
	600,000	HSBC Gold-Linked Note 0% due 9/07/2006 (a)(b)(d)(e)(f)	600,000	998,880
	1,098,000	HSBC Gold-Linked Note 0% due 9/08/2006 (a)(b)(d)(e)(f)	1,098,000	1,793,254
	1,100,000	HSBC Gold-Linked Note 0% due 9/12/2006 (a)(b)(d)(e)(f)	1,100,000	1,776,060
	1,138,000	HSBC Gold-Linked Note 0% due 9/13/2006 (a)(b)(d)(e)(f)	1,138,000	1,835,708
	637,000	HSBC Gold-Linked Note 0% due 9/14/2006 (a)(b)(d)(e)(f)	637,000	1,024,869
	1,177,000	HSBC Gold-Linked Note 0% due 9/15/2006 (a)(b)(d)(e)(f)	1,177,000	1,874,843
	1,153,000	HSBC Gold-Linked Note 0% due 9/19/2006 (a)(b)(d)(e)(f)	1,153,000	1,837,997
	930,000	HSBC Gold-Linked Note 0% due 9/20/2006 (a)(b)(d)(e)(f)	930,000	1,494,789
	692,000	HSBC Gold-Linked Note 0% due 10/13/2006 (a)(b)(d)(e)(f)	692,000	1,031,841
	566,000	HSBC Gold-Linked Note 0% due 10/31/2006 (a)(b)(d)(e)(f)	566,000	856,811
	1,133,000	HSBC Gold-Linked Note 0% due 11/01/2006 (a)(b)(d)(e)(f)	1,133,000	1,684,318
	653,000	HSBC Gold-Linked Note 0% due 11/06/2006 (a)(b)(d)(e)(f)	653,000	975,060
	544,000	HSBC Gold-Linked Note 0% due 11/08/2006 (a)(b)(d)(e)(f)	544,000	838,086
	650,000	HSBC Gold-Linked Note 0% due 11/13/2006 (a)(b)(d)(e)(f)	650,000	998,855
	1,927,000	HSBC Gold-Linked Note 0% due 11/22/2006 (a)(b)(d)(e)(f)	1,927,000	2,896,859
	1,802,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(f)	1,802,000	2,530,549
	1,111,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(f)	1,111,000	1,583,064
	673,000	HSBC Gold-Linked Note 0% due 11/29/2006 (a)(b)(d)(e)(f)	673,000	958,958
	1,118,000	HSBC Gold-Linked Note 0% due 12/07/2006 (a)(b)(d)(e)(f)	1,118,000	1,558,380
	1,152,000	HSBC Gold-Linked Note 0% due 12/11/2006 (a)(b)(d)(e)(f)	1,152,000	1,579,277
	2,177,000	HSBC Gold-Linked Note 0% due 12/13/2006 (a)(b)(d)(e)(f)	2,177,000	3,195,401
	4,768,000	HSBC Gold-Linked Note 0% due 12/19/2006 (a)(b)(d)(e)(g)	4,768,000	6,299,005
	1,141,000	HSBC Gold-Linked Note 0% due 12/28/2006 (a)(b)(d)(e)(f)	1,141,000	1,623,985
	1,175,000	HSBC Gold-Linked Note 0% due 12/29/2006 (a)(b)(d)(e)(f)	1,175,000	1,619,973
	1,194,000	HSBC Gold-Linked Note 0% due 1/03/2007 (a)(b)(d)(e)(f)	1,194,000	1,625,153
	1,255,000	HSBC Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(f)	1,255,000	1,664,758
	1,208,000	HSBC Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(f)	1,208,000	1,611,834
	1,590,000	HSBC Gold-Linked Note 0% due 2/07/2007 (a)(b)(d)(e)(g)	1,590,000	1,935,666
	1,988,000	HSBC Gold-Linked Note 0% due 2/09/2007 (a)(b)(d)(e)(f)	1,988,000	2,363,931
	600,000	UBS Gold-Linked Note 0% due 8/11/2006 (a)(b)(d)(e)(f)	600,000	1,028,558
	500,000	UBS Gold-Linked Note 0% due 8/18/2006 (a)(b)(d)(e)(f)	500,000	819,533
	2,650,000	UBS Gold-Linked Note 0% due 8/24/2006 (a)(b)(d)(e)(f)	2,650,000	4,464,166
	950,000	UBS Gold-Linked Note 0% due 9/13/2006 (a)(b)(d)(e)(f)	950,000	1,594,249
	1,250,000	UBS Gold-Linked Note 0% due 11/01/2006 (a)(b)(d)(e)(f)	1,250,000	1,860,190
	1,200,000	UBS Gold-Linked Note 0% due 11/03/2006 (a)(b)(d)(e)(f)	1,200,000	1,824,647
	900,000	UBS Gold-Linked Note 0% due 11/15/2006 (a)(b)(d)(e)(f)	900,000	1,387,101
	700,000	UBS Gold-Linked Note 0% due 12/20/2006 (a)(b)(d)(e)(f)	700,000	952,885
	2,550,000	UBS Gold-Linked Note 0% due 12/21/2006 (a)(b)(d)(e)(f)	2,550,000	3,368,754
	1,200,000	UBS Gold-Linked Note 0% due 12/22/2006 (a)(b)(d)(e)(f)	1,200,000	1,544,284
	1,350,000	UBS Gold-Linked Note 0% due 12/28/2006 (a)(b)(d)(e)(f)	1,350,000	1,750,745
	1,400,000	UBS Gold-Linked Note 0% due 1/05/2007 (a)(b)(d)(e)(g)	1,400,000	2,166,623
	1,500,000	UBS Gold-Linked Note 0% due 1/11/2007 (a)(b)(d)(e)(g)	1,500,000	2,116,415
	5,000,000	UBS Gold-Linked Note 0% due 2/08/2007 (a)(b)(d)(e)(g)	5,000,000	6,063,507

		Total Gold-Linked Notes	71,244,000	104,506,684


		Short-Term Investments (4.41%)
	21,022,000	ConocoPhillips Company 5.33% due 8/01/2006	21,022,000	21,022,000
	9,281,000	The Republic of Austria 5.18% due 8/07/2006	9,272,987	9,272,987
	9,607,000	The Republic of Austria 5.21% due 8/16/2006	9,586,145	9,586,145
	12,538,000	Siemens AG 5.20% due 8/08/2006	12,525,323	12,525,323

		Total Short-Term Investments	52,406,455	52,406,455

See Notes to Schedule of Investments.


Total Investments (100.04%)	$	899,500,126	*	$	1,188,690,111


Liabilities in excess of other assets (-0.04%)					(434,036	)


Net assets (100.00%)				$	1,188,256,075

* At July 31, 2006 cost is substantially identical for both book and federal income tax purposes.


(a)	Non-income producing security/commodity.

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

(c)	Affiliate as defined by the Investment Company Act of 1940. An affiliate is defined as a company in which the Fund directly or indirectly owns, controls, or holds power to vote 5% or more of the outstanding voting securities. Following is a summary of transactions with each such affiliate for the nine-months ended July 31, 2006.



	Purchases
Affiliate	Shares		Cost

Aurizon Mines Limited		1,729,030	$	3,902,193

Richmont Mines		453,560		1,678,731


(d)	Commodity-linked security whereby the coupon, dividend and/or redemption amount is linked to the price of an underlying commodity.

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

(f)	Leveraged 1½ to 1 to the price of gold bullion.

(g)	Leveraged 2 to 1 to the price of gold bullion.

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

See Notes to Schedule of Investments.

First Eagle Fund of America
SCHEDULE OF INVESTMENTS
July 31, 2006
(unaudited)


Number of Shares			Cost (Note 1)		Value (Note 1)

		Common and Preferred Stocks - U.S. (87.54%)

		Biotechnology (6.52%)
	394,000	Biogen Idec Inc. (a)(c)	$	15,097,433	$	16,595,280
	704,300	Celera Genomics Group-Applera Corporation (a)(c)		9,054,237		9,508,050
	373,900	Medimmune Inc. (a)		9,498,983		9,489,582
	415,300	InterMune Inc. (a)		7,062,372		6,632,341
	86,200	Cephalon Inc. (a)(c)		4,617,162		5,666,788

				45,330,187		47,892,041


		Consumer Discretionary (7.29%)
	456,600	Autoliv Inc. (c)		19,673,090		25,647,222
	192,300	The Black & Decker Corporation (c)		16,329,175		13,559,073
	159,200	The Stanley Works		7,083,306		7,222,904
	98,500	Fortune Brands Inc. (c)		8,393,884		7,143,220

				51,479,455		53,572,419


		Consumer Staples (4.13%)
	738,050	Dean Foods Company (a)		16,715,066		27,699,017
	110,650	Treehouse Foods Inc. (a)		2,105,254		2,651,174

				18,820,320		30,350,191


		Energy (13.23%)
	705,600	Teekay Shipping Corporation (c)		29,944,634		30,312,576
	554,400	Pride International Inc. (a)(c)		16,827,194		16,559,928
	205,700	EOG Resources Inc. (c)		15,091,342		15,252,655
	232,400	Devon Energy Corporation (c)		10,812,994		15,022,336
	278,700	Grant Prideco Inc. (a)(c)		12,188,671		12,683,637
	95,600	Transocean Inc. (a)(c)		6,992,975		7,383,188

				91,857,810		97,214,320


		Health Care Services (10.54%)
	406,700	Baxter International Inc. (c)		13,773,907		17,081,400
	371,600	Edwards Lifesciences Corporation (a)(c)		14,716,640		16,439,584
	640,500	Andrx Corporation (a)		12,133,458		15,275,925
	337,600	Community Health Systems Inc. (a)(c)		7,363,398		12,241,376
	146,900	Manor Care Inc. (c)		3,227,580		7,352,345
	1,251,500	HealthSouth Corporation (a)		6,624,614		4,943,425
	5,726,281	Regen Biologics Inc. (a)		4,867,339		3,378,506
	26,057	Assistive Technology Inc. Ser. F (a)(b)(d)(2)		342,000		342,000
	67,777	Assistive Technology Inc. Ser. E-1 (a)(b)(d)(2)		883,921		220,980
	51,966	Assistive Technology Inc. Ser. E-2 (a)(b)(d)(2)		500,000		125,000

				64,432,857		77,400,541


		Industrials (15.08%)
	435,600	General Dynamics Corporation (c)		22,427,025		29,193,912
	875,400	Tyco International Limited		14,005,529		22,839,186
	856,500	UAP Holding Corporation		14,052,665		16,873,050
	414,900	American Standard Companies Inc.		11,583,176		16,027,587
	253,300	Flowserve Corporation (a)		8,839,734		13,120,940
	154,600	Precision Castparts Corporation (c)		6,076,034		9,221,890
	47,700	L-3 Communications Holdings Inc. (c)		2,121,400		3,513,105

				79,105,563		110,789,670


		Information Technology (6.32%)
	420,400	DST Systems Inc. (a)		21,079,495		23,672,724
	800,300	Agilent Technologies Inc. (a)(c)		25,187,922		22,760,532

See Notes to Schedule of Investments.



			46,267,417	46,433,256


		Materials (6.53%)
	519,400	Ball Corporation	13,133,112	19,893,020
	775,200	Crown Holdings Inc. (a)	13,686,249	12,914,832
	167,500	Weyerhaeuser Company	11,388,909	9,825,550
	231,600	Packaging Corporation of America (c)	4,504,782	5,310,588

			42,713,052	47,943,990


		Pharmaceuticals (7.31%)
	994,600	Valeant Pharmaceuticals International	19,514,850	17,186,688
	1,547,400	Millennium Pharmaceuticals Inc. (a)(c)	15,404,423	15,195,468
	541,200	Theravance Inc. (a)(c)	11,874,978	12,821,028
	172,800	Sepracor Inc. (a)(c)	8,868,053	8,536,320

			55,662,304	53,739,504


		Telecommunication Services (7.39%)
	307,400	Alltel Corporation (c)	14,992,214	16,959,258
	254,100	Leap Wireless International Inc. (a)	7,887,809	11,358,270
	1,177,182	Dobson Communications Corporation (a)	5,296,476	7,898,891
	5,567	Rural Cellular Corporation 12¼% due 2/15/2011 Conv. Pfd. (a)	5,130,317	6,304,628
	3,724	Rural Cellular Corporation 11³/₈% due 5/15/2010 Conv. Pfd.	3,972,596	4,515,350
	417,200	Rural Cellular Corporation Class ‘A’ (a)	5,110,634	3,546,200
	297,771	Windstream Corporation	3,091,973	3,731,067

			45,482,019	54,313,664


		Utilities (3.20%)
	405,300	Constellation Energy Group (c)	18,319,534	23,470,923

		Total Common and Preferred Stocks—U.S.	559,470,518	643,120,519


		Common Stocks — Non U.S. (4.47%)

		United Kingdom (3.97%)
	600,800	Shire Plc ADR (c)(3)	14,555,595	29,144,808


		Miscellaneous (0.50%)
	60,900	Central European Media Enterprises Limited ADR (a)(c)(1)	3,600,537	3,705,156

		Total Common Stock — Non U.S.	18,156,132	32,849,964


		Warrants - U.S. (0.00%)
	9,873	Assistive Technology Inc. (a)(b)(d)(e)(2)	382	382
	37,234	Assistive Technology Inc. Ser. E-1 (a)(b)(d)(e)(2)	—	—
	1,470,588	Regen Biologics Inc. (a)(b)(d)(e)(2)	—	—

		Total Warrants - U.S.	382	382


		Short-Term Investments (9.10%)
$	50,000,000	United States Treasury Bill 4.67% due 8/17/2006	49,896,222	49,896,222
	8,500,000	United States Treasury Bill 4.69% due 8/17/2006	8,482,282	8,482,282
	8,532,000	United States Treasury Bill 4.67% due 8/24/2006	8,506,380	8,506,380

		Total Short-Term Investments	66,884,884	66,884,884


Contracts

		Call Option Purchased (0.04%)
	839	Tyco International Limited @ $27.5 exp. Jan 2007	390,727	100,680
	4,968	Tyco International Limited @ $30 exp. Jan 2007	1,377,144	198,720

			1,767,871	299,400

		Total Investment Portfolio Excluding Options Written	646,279,787	743,155,149


		Covered Call Options Written (-1.25%)
	1,371	Agilent Technologies Inc @ $32.5 exp. Aug 2006		(20,565	)
	120	Alltel Corporation @ $60 exp. Aug 2006		(100,200	)
	432	Alltel Corporation @ $65 exp. Aug 2006		(172,800	)
	194	Alltel Corporation @ $55 exp. Oct 2006		(51,895	)
	914	Autoliv Inc. @ $55 exp. Aug 2006		(178,230	)
	456	Autoliv Inc. @ $55 exp. Sep 2006		(118,560	)

See Notes to Schedule of Investments.


980	Baxter International Inc. @ $37.5 exp. Aug 2006					(450,800	)
167	Baxter International Inc. @ $40 exp. Nov 2006					(58,450	)
197	Biogen Idec Inc. @ $45 exp. Aug 2006					(5,910	)
75	The Black & Decker Corporation @ $75 exp. Sep 2006					(8,438	)
1,481	Celera Genomics Group-Applera Corporation @ $12.5 exp. Sep 2006					(207,340	)
196	Central European Media Enterprises Ltd. ADR @ $55 exp. Aug 2006					(125,440	)
217	Central European Media Enterprises Ltd. ADR @ $60 exp. Aug 2006					(50,995	)
196	Central European Media Enterprises Ltd. ADR @ $60 exp. Sep 2006					(70,560	)
133	Cephalon Inc. @ $55 exp. Aug 2006					(145,635	)
332	Cephalon Inc. @ $60 exp. Aug 2006					(192,560	)
397	Cephalon Inc. @ $65 exp. Aug 2006					(113,145	)
148	Community Health Systems Inc. @ $35 exp. Sep 2006					(31,450	)
594	Constellation Energy Group @ $55 exp. Aug 2006					(172,260	)
405	Constellation Energy Group @ $55 exp. Sep 2006					(139,725	)
822	Devon Energy Corporation @ $55 exp. Aug 2006					(813,780	)
997	Devon Energy Corporation @ $60 exp. Aug 2006					(548,350	)
116	Devon Energy Corporation @ $60 exp. Sep 2006					(75,400	)
389	Devon Energy Corporation @ $65 exp. Sep 2006					(143,930	)
228	EOG Resources Inc @ $60 exp. Aug 2006					(332,880	)
614	EOG Resources Inc @ $65 exp. Aug 2006					(614,000	)
1,215	EOG Resources Inc @ $70 exp. Aug 2006					(704,700	)
126	Edwards Lifesciences Corporation @ $45 exp. Aug 2006					(7,875	)
197	Fortune Brands Inc. @ $75 exp. Sep 2006					(18,715	)
1,133	General Dynamics Corporation @ $65 exp. Aug 2006					(300,245	)
2,352	General Dynamics Corporation @ $67.5 exp. Aug 2006					(270,480	)
218	General Dynamics Corporation @ $70 exp. Aug 2006					(8,720	)
653	General Dynamics Corporation @ $70 exp. Sep 2006					(65,300	)
513	Grant Prideco Inc. @ $45 exp. Aug 2006					(107,730	)
603	Grant Prideco Inc. @ $45 exp. Sep 2006					(198,990	)
165	Grant Prideco Inc. @ $45 exp. Oct 2006					(67,650	)
477	L-3 Communications Holdings Inc. @ $75 exp. Aug 2006					(46,508	)
294	Manor Care Inc. @ $50 exp. Sep 2006					(45,570	)
1,146	Millennium Pharmaceuticals Inc. @ $10 exp. Aug 2006					(28,650	)
231	Packaging Corporation of America @ $22.5 exp. Sep 2006					(21,368	)
163	Precision Castparts Corporation @ $50 exp. Aug 2006					(158,925	)
297	Precision Castparts Corporation @ $55 exp. Aug 2006					(152,955	)
160	Precision Castparts Corporation @ $60 exp. Aug 2006					(27,200	)
153	Precision Castparts Corporation @ $55 exp. Sep 2006					(91,800	)
387	Precision Castparts Corporation @ $60 exp. Sep 2006					(106,425	)
1,943	Pride International Inc @ $30 exp. Aug 2006					(272,020	)
554	Pride International Inc @ $30 exp. Sep 2006					(108,030	)
346	Sepracor Inc. @ $50 exp. Aug 2006					(62,280	)
600	Shire Plc ADR @ $45 exp. Aug 2006					(192,000	)
300	Shire Plc ADR @ $47.5 exp. Aug 2006					(51,000	)
1,800	Shire Plc ADR @ $47.5 exp. Sep 2006					(486,000	)
300	Shire Plc ADR @ $50 exp. Sep 2006					(42,000	)
300	Shire Plc ADR @ $50 exp. Oct 2006					(88,500	)
485	Teekay Shipping Corporation @ $40 exp. Aug 2006					(155,200	)
325	Theravance Inc @ $22.5 exp. Aug 2006					(84,500	)
526	Transocean Inc. @ $75 exp. Aug 2006					(220,920	)
430	Transocean Inc. @ $80 exp. Aug 2006					(73,100	)

	Total Covered Call Options Written (premium $7,177,242)					(9,208,654	)


	Total Investment Portfolio (99.90%)	$	646,279,787	*		733,946,495


	Other assets in excess of liabilities (0.10%)					754,068
	Net Assets (100.00%)				$	734,700,563



*	At July 31, 2006, cost is substantially identical for both book and federal income tax purposes.

See Notes to Schedule of Investments.


	Sector/Industry Classification

	(1) Consumer Discretionary
	(2) Health Care Services
	(3) Pharmaceuticals


(a)	Non-income producing security.

(b)	Restricted security priced at fair value by the Valuation Committee of the Board of Trustees. Represents ownership interest in a security which has not been registered with the Securities and Exchange Commission under the Securities Act of 1933. Information concerning each restricted security holding on July 31, 2006 is shown below:


Security	Acquisition Date	Cost		Carrying Value Per Share/Principal

Assistive Technology Inc. Ser. E-1	10/31/1995	$	883,921	$	3.26

Assistive Technology Inc. Ser. E-2	12/19/1996		500,000		2.41

Assistive Technology Inc. Ser. F	12/07/2001		342,000		13.13

Assistive Technology Inc. Warrants	10/21/1998		382		0.04

Assistive Technology Inc. Ser. E-1 Warrants	10/21/1998		—		—


(c)	At July 31, 2006, all or a portion of this security was segregated to cover collateral requirement for options.

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

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

See Notes to Schedule of Investments.

FIRST EAGLE FUNDS

NOTES TO SCHEDULES OF INVESTMENTS (Unaudited)

Note 1 — Significant Accounting Policies

First Eagle Funds (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust consists of five separate portfolios, First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund and First Eagle Fund of America (each individually a “Fund” or collectively the “Funds”). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Fund of America, which are non-diversified. The Trust is a Delaware statutory trust and was until April 23, 2004 a Maryland corporation operating under the name First Eagle Funds, Inc. (First Eagle SoGen Funds, Inc. prior to December 31, 2002). First Eagle Fund of America, previously a portfolio of a separate Delaware statutory trust, was reorganized as a portfolio of the Trust effective December 31, 2002. Additionally, effective May 23, 2000, the Funds’ fiscal year end changed from March 31 to October 31 of each year.

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

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

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

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

Item 2. Controls and Procedures.

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


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

Item 3. Exhibits.

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

SIGNATURES

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

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

Date: September 20, 2006

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ Robert Bruno
Robert Bruno, Chief Operations and Financial Officer		Date: September 20, 2006

/s/ John P. Arnhold
John P. Arnhold, President		Date: September 20, 2006

EX-99.CERT 2 ex99-cert.htm EXHIBIT (A)

CERTIFICATIONS

I, JOHN P. ARNHOLD, certify that:

1.	I have reviewed this report on Form N-Q of the First Eagle Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
4.	The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

Disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 20, 2006		/s/ John P. Arnhold
		JOHN P. ARNHOLD
		Principal Executive Officer

CERTIFICATIONS

I, ROBERT BRUNO, certify that:

1.	I have reviewed this report on Form N-Q of the First Eagle Funds;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedule of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
	d)	Disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of trustees (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 20, 2006	/s/ Robert Bruno
	ROBERT BRUNO
	Principal Financial Officer

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