UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-7762
First Eagle Funds
(Exact name of registrant as specified in charter)
1345 Avenue of the Americas New York, NY					10105
(Address of principal executive offices)					(Zip code)
Suzan Afifi First Eagle Funds 1345 Avenue of the Americas New York, NY 10105
(Name and address of agent for service)
Registrant’s telephone number, including area code:				1-212-632-2700
Date of fiscal year end:	October 31
Date of reporting period:		April 30, 2014

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

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

Item 1.Reports to Stockholders.

Semi-Annual Report

APRIL 30, 2014

Global Fund

Overseas Fund

U.S. Value Fund

Gold Fund

Global Income Builder Fund

High Yield Fund

Fund of America

ADVISED BY FIRST EAGLE INVESTMENT MANAGEMENT, LLC

Forward-Looking Statement Disclosure

One of our most important responsibilities as mutual fund managers is to communicate with shareholders in an open and direct manner. Some of our comments in our letters to shareholders are based on current management expectations and are considered "forward-looking statements". Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "may", "will", "believe", "attempt", "seem", "think", "ought", "try" and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.

Table of Contents

Letter from the President	4
Management's Discussion of Fund Performance	7
Performance Chart	13
First Eagle Global Fund:
Fund Overview	18
Consolidated Schedule of Investments	20
First Eagle Overseas Fund:
Fund Overview	48
Consolidated Schedule of Investments	50
First Eagle U.S. Value Fund:
Fund Overview	78
Consolidated Schedule of Investments	80
First Eagle Gold Fund:
Fund Overview	94
Consolidated Schedule of Investments	96
First Eagle Global Income Builder Fund:
Fund Overview	100
Schedule of Investments	102
First Eagle High Yield Fund:
Fund Overview	114
Schedule of Investments	116
First Eagle Fund of America:
Fund Overview	128
Schedule of Investments	130
Statements of Assets and Liabilities	136
Statements of Operations	144
Statements of Changes in Net Assets	148
Financial Highlights	152
Notes to Financial Statements	166
Fund Expenses	208
General Information	212
Consideration of Investment Advisory Agreements	213

Letter from the President

Dear Fellow Shareholders,

At First Eagle, we remain committed to attempting to protect and preserve our shareholders' purchasing power over time. Irrespective of short-term market events, swings in investor confidence or the pressure to follow a new market paradigm, our first priority is unwavering — to provide prudent stewardship of the assets you've placed in our care.

Market Overview

Since I last wrote to you in October, global financial markets have generally continued their upward trajectory. For the six-months ending April 30, 2014, the S&P 500 Index surged 8.4% as a result of an improved U.S. economy, rising corporate earnings and a recovery in the jobs market. Globally, the MSCI World Index increased 6.3%. In Europe, the German DAX Index rose 6.3% and the French CAC 40 Index rose 4.4%. While the Eurozone crisis seems to be behind the European Union, the region has lagged the U.S. in market performance due to concerns about the lack of accommodative monetary policy provided by the European Central Bank. Conversely, the Nikkei 225 Index fell into slightly negative territory with a return of -0.2%. This decrease in returns after a strong 2013 may be attributed to concerns that the unprecedented monetary policy recently adopted by the Bank of Japan, might not be enough to stimulate Japan's economy.

During the same period, the Barclay's U.S. Aggregate Bond Index rose 1.7% while the Barclay's U.S. High Yield Corporate Index increased 4.7%. High Yield market spreads generally tightened and ended April at 371 basis points; a 65 basis point move from 436 basis points on October 31^st 2013.¹

As we would expect during periods of strong market returns, the price of gold bullion has declined. The price of gold ended April at $1,290 down -2.5% from its October 31^st 2013 level of $1,323.²

John P. Arnhold

¹  Source: BofA Merrill Lynch Global Research, OAS for BofA Merrill Lynch U.S. High Yield Master II Index

²  Source: Bloomberg

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
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Letter from the President (continued)

As we reflect upon the markets' strong performance, we recognize that higher equity valuations, declining credit spreads and lower gold prices can be viewed as indications of a strengthening economy. We welcome a strengthened global economy and hope these signs are correct. However, with our focus always on seeking downside protection, we view this improved market sentiment warily. In our view, there are still great uncertainties within the global financial architecture. During the last six months, the value of the Japanese Yen declined almost 4% against the U.S. Dollar.³ In response to this perceived devaluation the Chinese authorities have now begun to let their currency, the Renminbi, also decline against the U.S. Dollar, after a long period of slow strengthening. This sort of competitive devaluation has led to serious global financial problems before, and other major exporting countries, such as India and Indonesia, are also seeking to devalue their currencies. These types of global fault lines lead us to be wary of the issues they may cause, and thus renew our focus on ensuring a margin of safety in all of our investments.

Global Value Team

The Global Value team maintains their long-term view and remains cautious in the face of market ebullience given concerns over the potential consequences of the artificial suppression of interest rates. The Portfolio Managers, Matthew McLennan, Abhay Deshpande, Kimball Brooker, Matt Lamphier, Giorgio Caputo, Robert Hordon, Edward Meigs and Sean Slein, believe that the core problem in the financial architecture today is that neither the current account surplus economies nor the countries with a current account deficit can handle the equilibrium exchange rate or the rise in interest rates necessary for capital to be priced fairly. Thus, we have a continuation of global financial repression for the forseeable future.

The Global Value team is always focused on seeking positive absolute returns over the long-term and providing down side protection during periods of market distress. These goals are particularly relevant in today's environment of low risk perception and macroeconomic imbalances. The core of the Global Value portfolios continues to be in what the team feels are resilient businesses with strong balance sheets and reasonable free cash flow yields. The team maintains higher than normal cash balances, which is a reflection of their patience during an environment of higher valuations.

High Yield Team

Over the past 12 to 18 months, the high yield market has benefited from remarkably low volatility around the world. Complacency has therefore begun to wend its

³  Source: Bloomberg

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
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Letter from the President (continued)

way into valuations as investors have become comfortable reaching for yield in this arguably benign credit environment. As a result, market spreads have compressed, as have spreads between credit tiers. However, investor complacency has accordingly led to an increase in equity-friendly activity in the leveraged loan and the high yield primary markets. This has led the Portfolio Managers, Edward Meigs and Sean Slein, to modify their portfolio risk, on the margin, by increasing exposure to the higher quality BB credit tier and reducing single B exposure. Interest rate risk has crept into the historically credit intensive high yield market due to Fed inspired rate repression. However, the team remains vigilant to the possibility of higher treasury yields and consequently maintains their approximate 18% loan exposure. Of course, high yield isn't immune from the effects of rate repression, but we still believe that it provides potential benefits to an investor looking to manage duration. All told, despite its gradual erosion, credit quality is acceptable but the pace and severity of erosion in the primary market will determine the timing and magnitude of the fund's defensive positioning.

Fund of America Team

The Portfolio Managers, Harold Levy, David Cohen and Eric Stone, remain cautiously optimistic about the outlook for the U.S. economy and believe that the environment for corporate activity remains favorable due to the ready availability of corporate and private capital. Amidst this backdrop, the team remains confident that they will continue to identify attractive opportunities within their framework of corporate change, free cash flow and strong management.

Thank you for your continued confidence and support.

Sincerely,

John P. Arnhold

President

June 2014

The commentary represents the opinion of John Arnhold as of June 2014 and is subject to change based on market and other conditions. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. The views expressed herein may change at any time subsequent of the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
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Management's Discussion of Fund Performance

First Eagle Global Fund

The net asset value ("NAV") of the Fund's Class A shares increased 5.0% for the six-month period while the MSCI World Index rose 6.3%. The Fund's cash and cash equivalents position increased from 21.2% at the end of October 2013 to 23.2% on April 30, 2014.

The five largest contributors to the performance of First Eagle Global Fund over the period were Oracle Corporation (enterprise software, U.S.), Canadian Natural Resources Limited (natural gas, Canada), Microsoft Corporation (software, U.S.), Hoya Corporation (optical materials, Japan) and Total SA (energy, France) collectively accounting for 1.3% points of this period's performance.

The five largest detractors were Keyence Corporation (measurement instruments, Japan), Mitsubishi Estate Company Limited (real estate, Japan), WM Morrison Supermarkets PLC (supermarkets, UK), MS&AD Insurance Group Holdings (insurance, Japan) and Kinross Gold Corporation (gold mining, Canada). Their combined negative performance over the six months subtracted 0.6% points from the Fund's performance.

As of April 30, 2014, the Fund was approximately 30% hedged versus the Japanese yen, 35% hedged versus the Euro and 30% hedged versus the British pound sterling.

First Eagle Overseas Fund

The NAV of the Fund's Class A shares rose 4.4% for the six-month period while the MSCI EAFE Index also increased 4.4%. The Fund's cash and cash equivalents position decreased from 22.0% at the end of October 2013 to 21.4% on April 30, 2014.

The five largest contributors to the performance of First Eagle Overseas Fund over the period were Canadian Natural Resources Limited (natural gas, Canada), Hoya Corporation (optical materials, Japan), Total SA (energy, France), Fanuc Corporation (factory automation systems, Japan) and Jumbo SA (toy retailer, Greece) collectively accounting for 1.5% points of this period's performance.

The five largest detractors were Keyence Corporation (measurement instruments, Japan), Mitsubishi Estate Company Limited (real estate, Japan), WM Morrison Supermarkets PLC (supermarkets, UK), MS&AD Insurance

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
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Management's Discussion of Fund Performance (continued)

Group Holdings (insurance, Japan) and Penn West Petroleum Limited (natural gas, Canada). Their combined negative performance over the six-month period subtracted 0.9% points from the Fund's performance.

As of April 30, 2014, the Fund was approximately 30% hedged versus the Japanese yen, 35% hedged versus the Euro and 30% hedged versus the British pound sterling.

First Eagle U.S. Value Fund

The NAV of the Fund's Class A shares increased 6.0% for the six-month period while the S&P 500 Index rose 8.4%. The Fund's cash and cash equivalents position increased from 15.5% at the end of October 2013 to 19.8% on April 30, 2014.

The five largest contributors to the performance of First Eagle U.S. Value Fund over the period were Oracle Corporation (enterprise software), Canadian Natural Resources Limited (natural gas, Canada), Microsoft Corporation (software), Alliant Techsystems, Inc. (defense manufacturer) and Sysco Corporation (food distributor) collectively accounting for 2.6% points of this period's performance.

The five largest detractors were Rofin-Sinar Technologies, Inc. (laser technology), Penn West Petroleum Limited (natural gas, Canada), FirstEnergy Corporation (utility), Willis Group Holdings PLC (insurance broker, United Kingdom) and SEACOR Holdings, Inc. (marine transportation equipment). Their combined negative performance over the six-month period subtracted 0.7% points from the Fund's performance.

First Eagle Gold Fund

The NAV of the Fund's Class A shares fell 0.5% for the six-month period while the FTSE Gold Mines Index declined 3.9%. The Fund's cash and cash equivalents position decreased from 4.7% at the end of October 2013 to 3.7% on April 30, 2014.

The five largest contributors to the performance of First Eagle Gold Fund over the period were Osisko Mining Corporation (Canada), Royal Gold, Inc. (U.S.), AngloGold Ashanti Limited (South Africa), Tahoe Resources, Inc. (U.S.), and Franco-Nevada Corporation (Canada) collectively accounting for 4.9% of the period's performance.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
8

First Eagle Global, Overseas, U.S. Value, Gold, Global Income Builder, High Yield Funds and Fund of America

The five largest detractors were Kinross Gold Corporation (Canada), Regis Resources Limited (Australia), Industrias Peñoles S.A.B. de C.V. (Mexico), Newmont Mining Corporation (U.S.) and Fresnillo PLC (Mexico). Their combined negative performance over the six-month period subtracted 2.9% points from the Fund's performance.

First Eagle Global Income Builder Fund

The NAV of the Fund's Class A shares rose 6.6% for the six-month period while the Barclays US Aggregate Bond Index rose 1.7% and the MSCI World Index increased 6.3%. The Fund's cash and cash equivalents position increased from 7.2% at the end of October 2013 to 9.6% on April 30, 2014.

The five largest contributors to the performance of First Eagle Global Income Builder Fund over the period were Ciments Francais SA (cement & aggregates, France), Italcementi SpA (cement & aggregates, Italy), Hoya Corporation (optical materials, Japan), Red Electrica Corporation SA (utility, Spain) and Microsoft Corporation (software, U.S.) collectively accounting for 1.8% points of this period's performance.

The five largest detractors were WM Morrison Supermarkets PLC (supermarkets, UK), Penn West Petroleum Limited (natural gas, Canada), FirstEnergy Corporation (utility, U.S.), Newmont Mining Corporation (gold mining, U.S.) and SMT Scharf AG (transport systems for mines, Germany). Their combined negative performance over the six-month period subtracted 0.7% points from the Fund's performance.

As of April 30, 2014, the Fund was approximately 30% hedged versus the Japanese yen, 40% hedged versus the Euro and 30% hedged versus the British pound sterling.

First Eagle High Yield Fund

The NAV of the Fund's Class I shares rose 4.2% for the six-month period while the Barclays U.S. Corporate High Yield Index rose 4.7%. The Fund's cash and cash equivalents position decreased from 7.1% at the end of October 2013, to 6.6% as of April 30, 2014.

The five largest contributors to the performance of the First Eagle High Yield Fund over the period were Kemet Corporation 10.5% due 05/01/2018, TVN Finance Corporation 7.375% due 12/15/2020, ACCO Brands Corporation 6.75%

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
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Management's Discussion of Fund Performance (continued)

due 04/30/2020, Outerwall, Inc. 6.0% due 03/15/2019 and Mood Media Corporation 9.25% due 10/15/2020 collectively accounting for 0.49% points of this period's performance.

The five largest detractors were Sandridge Energy, Inc. 7.5% due 02/15/2023, Cannery Casino Resorts, LLC Term Loan 10% due 10/1/2019, Offshore Group Investments Ltd. 7.5% due 11/01/2019, Gencorp, Inc. 7.125% due 03/15/2021, Atlas Pipeline Partners, 5.875% due 08/01/2023. Their combined negative performance over the six-month period subtracted 0.1% points from the Fund's performance.

As of April 30, 2014 the Fund was approximately 100% hedged against the Euro.

First Eagle Fund of America

The NAV of the First Eagle Fund of America Class Y shares increased 10.0% for the six-month period while the S&P 500 Index rose 8.4%. The Fund's cash and cash equivalents position increased from 1.9% on October 31, 2013 to 2.6% as of April 30, 2014.

The five largest contributors to the performance of the First Eagle Fund of America over the period were Avis Budget Group, Inc. (transportation), Forest Laboratories, Inc. (pharmaceuticals), Hewlett-Packard Company (technology hardware), Pitney Bowes, Inc. (commercial services & supplies), and Valeant Pharmaceuticals International, Inc. (pharmaceuticals), collectively accounting for 7.39% points of the Fund's performance.

The five largest detractors were Theravance, Inc. (biotechnology), Halozyme Therapeutics, Inc. (biotechnology), Lowe's Companies, Inc. (consumer discretionary), Leidos Holdings, Inc. (software & services), and Atlas Energy (natural gas). Their combined negative performance subtracted 1.19% points from the Fund's total return.

Matthew McLennan	Abhay Deshpande
Head of the Global Value Team Portfolio Manager Global, Overseas, U.S. Value and Gold Funds	Portfolio Manager Global, Overseas and U.S. Value Funds

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
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First Eagle Global, Overseas, U.S. Value, Gold, Global Income Builder, High Yield Funds and Fund of America

T. Kimball Brooker, Jr.	Matt Lamphier
Portfolio Manager Global, Overseas and U.S. Value Funds	Portfolio Manager U.S. Value Fund
Giorgio Caputo	Robert Hordon
Portfolio Manager Global Income Builder Fund	Portfolio Manager Global Income Builder Fund
Edward Meigs	Sean Slein
Portfolio Manager Global Income Builder and High Yield Funds	Portfolio Manager Global Income Builder and High Yield Funds
Harold Levy	Eric Stone
Portfolio Manager Fund of America	Portfolio Manager Fund of America

June 2014

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
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Management's Discussion of Fund Performance (continued)

The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at firsteaglefunds.com or by calling 800.334.2143.

The commentary represents the opinion of the Portfolio Management Teams as of June 2014 and is subject to change based on market and other conditions. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. The views expressed herein may change at any time subsequent of the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any fund or security.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
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Performance Chart¹ (unaudited)

Average Annual Returns as of April 30, 2014

	ONE-YEAR			THREE-YEARS			FIVE-YEARS			TEN-YEARS			SINCE INCEPTION			INCEPTION DATE
First Eagle Global Fund
Class A (SGENX)
without sales charge		10.90	%		7.58	%		14.19	%		10.35	%		14.05	%	01/01/792
with sales charge		5.35			5.76			13.02			9.78			13.92		01/01/792
Class C (FESGX)		9.08			6.78			13.34			9.52			11.40		06/05/00
Class I (SGIIX)		11.18			7.85			14.47			10.62			12.02		07/31/98
MSCI World Index3		16.62			9.08			16.03			7.17			9.92		01/01/79
First Eagle Overseas Fund4
Class A (SGOVX)
without sales charge		8.90	%		5.56	%		13.33	%		9.94	%		11.81	%	08/31/93
with sales charge		3.46			3.77			12.18			9.38			11.60		08/31/93
Class C (FESOX)		7.11			4.78			12.50			9.11			11.00		06/05/00
Class I (SGOIX)		9.23			5.83			13.62			10.22			12.15		07/31/98
MSCI EAFE Index5		13.35			5.66			13.58			6.93			5.53		08/31/93
First Eagle U.S. Value Fund
Class A (FEVAX)
without sales charge		12.95	%		9.18	%		13.57	%		8.51	%		9.77	%	09/04/01
with sales charge		7.31			7.33			12.42			7.95			9.32		09/04/01
Class C (FEVCX)		11.11			8.37			12.73			7.69			8.95		09/04/01
Class I (FEVIX)		13.25			9.46			13.86			8.77			10.03		09/04/01
Standard & Poor's 500 Index6		20.44			13.83			19.14			7.67			6.18		09/04/01
First Eagle Gold Fund
Class A (SGGDX)
without sales charge		-14.14	%		-20.94	%		-0.80	%		6.42	%		6.26	%	08/31/93
with sales charge		-18.44			-22.28			-1.81			5.87			6.06		08/31/93
Class C (FEGOX)		-15.66			-21.54			-1.56			5.62			6.57		05/15/03
Class I (FEGIX)		-13.93			-20.74			-0.57			6.68			7.63		05/15/03
FTSE Gold Mines Index7		-19.40			-27.92			-7.89			0.81			-1.10		08/31/93
MSCI World Index3		16.62			9.08			16.03			7.17			6.93		08/31/93

Please see the following pages for important notes to this table.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
13

Performance Chart¹ (unaudited) (continued)

	ONE-YEAR			THREE-YEARS			FIVE-YEARS			TEN-YEARS			SINCE INCEPTION			INCEPTION DATE
First Eagle Global Income Builder
Class A (FEBAX)
without sales charge		12.17	%		—			—			—			12.21	%	05/01/12
with sales charge		6.59			—			—			—			9.35		05/01/12
Class C (FEBCX)		10.36			—			—			—			11.37		05/01/12
Class I (FEBIX)		12.47			—			—			—			12.48		05/01/12
MSCI World Index3		16.62			—			—			—			16.49		05/01/12
Barclays Capital U.S. Aggregate Bond Index8		-0.26			—			—			—			1.75		05/01/12
First Eagle High Yield
Class A (FEHAX)
without sales charge		5.65	%		—			—			—			9.90	%	01/03/12
with sales charge		0.92			—			—			—			7.76		01/03/12
Class C (FEHCX)		3.86			—			—			—			9.02		01/03/12
Class I (FEHIX)		5.95			7.49	%		16.34	%		—			11.91		11/19/079
Barclays Capital U.S. Corporate High Yield Index10		6.30			8.67			15.72			—			9.86		11/19/07
First Eagle Fund of America
Class A (FEFAX)
without sales charge		23.53	%		13.70	%		19.69	%		10.34	%		9.37	%	11/20/98
with sales charge		17.35			11.77			18.47			9.77			9.01		11/20/98
Class C (FEAMX)		21.59			12.85			18.80			9.52			8.53		03/02/98
Class I (FEAIX)		23.79			—			—			—			22.36		03/08/13
Class Y (FEAFX)11		23.50			13.69			19.69			10.34			12.46		04/10/87
Standard & Poor's 500 Index6		20.44			13.83			19.14			7.67			9.59		04/10/87

Please see the following pages for important notes to this table.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
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Average Annual Returns as of April 30, 2014 (unaudited)

¹  The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short-term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Past performance data through the most recent month end is available at feim.com or by calling 800.334.2143. The average annual returns for Class A Shares "with sales charge" of First Eagle Global, Overseas, U.S. Value, Gold, Fund of America, and Global Income Builder give effect to the deduction of the maximum sales charge of 5.00%. The average annual returns for Class A Shares "with sales charge" of First Eagle High Yield gives effect to the deduction of the maximum sales charge of 4.50%.

The average annual returns for Class C Shares reflect the CDSC (Contingent Deferred Sales Charge) of 1.00% which pertains to the first year or less of investment only.

Class I Shares of First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Yield Fund, and First Eagle Fund of America require $1mm minimum investment and are offered without sales charge.

Class Y Shares of First Eagle Fund of America are offered without charge.

²  The Fund commenced operation April 28, 1970. Performance for periods prior to January 1, 2000 occurred while a prior portfolio manager of the fund was affiliated with another firm. Inception date shown is when this prior portfolio manager assumed portfolio management responsibilities.

³  The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested.

⁴  Effective as of the close of business on May 9, 2014, the First Eagle Overseas Fund is closed to certain investors. Please see the prospectus for more information.

⁵  The MSCI EAFE Index is an unmanaged total return index, reported in U.S. dollars, based on share prices and reinvested net dividends of approximately 1,100 companies from 22 countries and is not available for purchase.

⁶  The Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market. The Standard & Poor's 500 Index includes dividends reinvested.

⁷  The FTSE Gold Mines Index Series is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The Index is unmanaged, is available with dividends reinvested and is not available for purchase.

⁸  The Barclays Capital U.S. Aggregate Bond Index is an unmanaged broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS and is not available for purchase.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
15

Performance Chart¹ (unaudited) (continued)

⁹  First Eagle High Yield Fund commenced operations in its present form on December 30, 2011, and is successor to another mutual fund pursuant to a reorganization December 30, 2011. Information prior to December 30, 2011 is for this predecessor fund. Immediately after the reorganization, changes in net asset value of the Class I shares were partially impacted by differences in how the Fund and the predecessor fund price portfolio securities.

¹⁰  The Barclays Capital U.S Corporate High Yield Bond Index is composed of fixed-rate, publicly issued, non-investment grade debt, is unmanaged, with dividends reinvested, and is not available for purchase. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The index is presented here for comparison purposes only. One cannot invest directly in an index.

¹¹  As of September 1, 2005 First Eagle Fund of America Class Y is closed to new accounts.

For the First Eagle High Yield and Global Income Builder funds had fees not been waived and/or expenses reimbursed in the past, returns would have been lower.

Expense Ratios As Stated In The Most Recent Prospectus
Total Annual Gross Operating Expense Ratios

	CLASS A			CLASS C			CLASS I			CLASS Y
First Eagle Global Fund		1.13	%		1.87	%		0.88	%		—
First Eagle Overseas Fund		1.15			1.90			0.90			—
First Eagle U.S. Value Fund		1.16			1.91			0.91			—
First Eagle Gold Fund		1.25			2.00			1.00			—
First Eagle Global Income Builder		1.35			2.09			1.10
First Eagle High Yield Fund		1.13			1.88			0.88
First Eagle Fund of America		1.42			2.17			1.20			1.42	%

These expense ratios are presented as of October 31, 2013 and may differ from corresponding ratios shown elsewhere in this report because of differing time periods (and/or, if applicable, because these expense ratios do not include expense credits or waivers).

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

The principal risk of investing in value stocks is that the price of the security may not approach its anticipated value or may decline in price.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
16

Average Annual Returns as of April 30, 2014 (unaudited)

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

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

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

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

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

Funds that invest in bonds are subject to interest-rate risk and can lose principal value when interest rates rise. Bonds are also subject to credit risk, in which the bond issuer may fail to pay interest and principal in a timely manner, or that negative perception of the issuer's ability to make such payments may cause the price of that bond to decline.

Income generation and dividends are not guaranteed. If dividend paying stocks in the fund's portfolio stop paying or reduce dividends the fund's ability to generate income will be adversely affected.

All investments involve the risk of loss.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
17

Fund Overview | Data as of April 30, 2014 (unaudited)

INVESTMENT OBJECTIVE

The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and around the world. This truly global fund is managed with a highly disciplined, bottom-up, value oriented style.

Average Annual Returns
	ONE-YEAR			FIVE-YEARS			TEN-YEARS
First Eagle Global Fund (A Shares)
without sales load		10.90	%		14.19	%		10.35	%
with sales load		5.35			13.02			9.78
MSCI World Index		16.62			16.03			7.17
Consumer Price Index		1.95			2.14			2.35

Asset Allocation*

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

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

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

Countries**
United States	36.17	%
Japan	12.80
France	6.92
Canada	5.25
Germany	2.18
United Kingdom	2.12
Mexico	1.90
Switzerland	1.69
South Korea	1.20
South Africa	0.84
Australia	0.72
Sweden	0.72
Italy	0.59
Ireland	0.59
Bermuda	0.59
Belgium	0.57
Thailand	0.38
Austria	0.31
Hong Kong	0.31
Netherlands	0.29
Russia	0.29
Israel	0.28
Singapore	0.05
Malaysia	0.04
Norway	0.03

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
18

Global Fund

Growth of a $10,000 Initial Investment

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

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

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings*
Gold Bullion (precious metal)	4.82	%
Oracle Corporation (U.S. software/hardware)	1.87
Microsoft Corporation (U.S. software developer)	1.78
Comcast Corporation, Class 'A' (U.S. cable/satellite television company)	1.46
Cisco Systems, Inc. (U.S. computer communications company)	1.43
Intel Corporation (U.S. computer components and related products manufacturer)	1.42
HeidelbergCement AG (German cement company)	1.36
Cintas Corporation (U.S. commercial services equipment supplier)	1.32
Bank of New York Mellon Corporation (U.S. financial services company)	1.29
Secom Company Limited (Japanese security services provider)	1.29
Total	18.04	%

*  Holdings in cash, commercial paper and other short term cash equivalents have been excluded. Percentages are based on total net assets.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
19

First Eagle Global Fund

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Common Stocks — 71.14%
U.S. Common Stocks — 31.08%
Consumer Discretionary 2.71%
	14,258,241	Comcast Corporation, Class 'A'	$	231,978,591	$	727,598,038
	6,208,490	Omnicom Group, Inc.		186,093,077		420,190,603
	3,992,318	H&R Block, Inc.		67,554,206		113,461,678
	783,943	McDonald's Corporation		78,533,788		79,476,141
	2,485	JG Boswell Company		573,840		2,447,725
	164,409	St. John Knits International, Inc. (a)(b)		2,699,463		863,147
	33,892	Mills Music Trust (b)(c)		1,015,863		813,408
				568,448,828		1,344,850,740
Consumer Staples 1.46%
	10,208,611	Sysco Corporation		282,092,303		371,899,698
	3,258,980	Colgate-Palmolive Company		125,309,064		219,329,354
	1,693,404	Wal-Mart Stores, Inc.		82,465,011		134,981,233
				489,866,378		726,210,285
Energy 2.78%
	5,123,693	National Oilwell Varco, Inc.		392,249,544		402,363,611
	5,369,865	ConocoPhillips		207,013,104		399,034,668
	5,498,448	Devon Energy Corporation		312,965,847		384,891,360
	1,442,501	Apache Corporation		90,693,920		125,209,087
	3,908,035	San Juan Basin Royalty Trust (c)		138,744,050		74,682,549
				1,141,666,465		1,386,181,275
Financials 7.95%
	18,950,900	Bank of New York Mellon Corporation		484,400,217		641,866,983
	2,714	Berkshire Hathaway, Inc., Class 'A' (a)		218,995,900		524,548,350
	5,480,659	American Express Company		226,378,297		479,174,016
	9,693,682	BB&T Corporation		245,863,323		361,865,149
	6,804,202	Cincinnati Financial Corporation		170,308,782		331,636,806
	7,819,459	U.S. Bancorp		192,949,644		318,877,538
	9,921,397	Weyerhaeuser Company, REIT		154,182,567		296,153,701
	5,719,208	Plum Creek Timber Company, Inc., REIT		212,342,604		249,357,469
	4,386,051	WR Berkley Corporation		117,583,057		194,038,896
	743,437	Visa, Inc., Class 'A'		53,618,674		150,627,771
	2,024,060	Mastercard, Inc., Class 'A'		40,702,513		148,869,613
	2,858,553	Rayonier, Inc., REIT		27,837,041		128,920,740

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
20

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Common Stocks — 31.08% — (continued)
Financials 7.95% — (continued)
	299,496	Alleghany Corporation (a)	$	114,850,390	$	122,188,378
	277,374	First American Financial Corporation		6,437,306		7,378,148
				2,266,450,315		3,955,503,558
Health Care 0.97%
	3,728,870	WellPoint, Inc.		190,623,058		375,422,632
	1,059,980	Johnson & Johnson		59,610,843		107,365,374
				250,233,901		482,788,006
Industrials 4.45%
	11,139,767	Cintas Corporation (c)		363,215,909		656,466,469
	4,069,880	3M Company		315,646,157		566,079,609
	2,912,738	Northrop Grumman Corporation		171,493,693		353,926,794
	2,066,104	Lockheed Martin Corporation		144,573,784		339,130,311
	2,087,657	Alliant Techsystems, Inc. (c)		149,814,060		301,081,893
				1,144,743,603		2,216,685,076
Information Technology 8.76%
	22,706,515	Oracle Corporation		673,138,684		928,242,333
	21,967,680	Microsoft Corporation		566,099,740		887,494,272
	30,752,166	Cisco Systems, Inc.		511,359,139		710,682,556
	26,388,107	Intel Corporation		510,097,912		704,298,576
	8,019,789	Linear Technology Corporation		227,165,656		356,880,611
	6,760,923	Teradata Corporation (a)		290,547,366		307,351,560
	2,135,632	Automatic Data Processing, Inc.		76,756,211		166,493,871
	241,146	Google, Inc., Class 'A' (a)		62,240,364		128,984,172
	241,146	Google, Inc., Class 'C' (a)		62,403,398		127,001,952
	1,137,229	NetApp, Inc.		36,048,304		40,496,725
				3,015,856,774		4,357,926,628
Materials 1.58%
	4,172,577	Scotts Miracle-Gro Company, Class 'A' (c)		182,102,946		255,403,438
	3,397,980	Vulcan Materials Company		156,102,690		219,271,649
	1,752,640	Martin Marietta Materials, Inc.		155,134,877		217,905,731
	811,480	Deltic Timber Corporation (c)		39,544,385		49,297,410
	1,780,037	Newmont Mining Corporation		45,037,098		44,198,319
				577,921,996		786,076,547
Utilities 0.42%
	3,760,485	IDACorp, Inc. (c)		124,066,738		211,113,628
Total U.S. Common Stocks				9,579,254,998		15,467,335,743

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
21

Global Fund

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 40.06%
Australia 0.72%
	37,126,221	Newcrest Mining Limited (a)	$	792,366,434	$	360,768,201
Austria 0.31%
	3,351,094	OMV AG		136,201,591		156,745,687
Belgium 0.57%
	2,788,865	Groupe Bruxelles Lambert SA		234,732,253		281,943,500
Bermuda 0.59%
	4,676,071	Jardine Matheson Holdings Limited		236,801,754		291,319,223
Canada 5.22%
	13,299,224	Canadian Natural Resources Limited		382,681,555		541,894,388
	17,875,716	Cenovus Energy, Inc.		505,882,213		532,160,065
	16,009,475	Goldcorp, Inc.		535,969,039		395,754,222
	9,130,439	Potash Corporation of Saskatchewan, Inc.		351,228,590		330,156,674
	12,939,710	Barrick Gold Corporation		236,771,269		226,056,734
	7,419,204	Agnico-Eagle Mines Limited		234,920,569		219,113,757
	46,369,306	Kinross Gold Corporation (a)		233,661,065		188,259,382
	17,645,244	Penn West Petroleum Limited		273,529,232		159,865,911
	1,008,427	Catalyst Paper Corporation (a)(b)(c)		17,346		2,254,136
				2,754,660,878		2,595,515,269
France 6.75%
	7,202,806	Total SA		354,805,789		514,429,755
	10,735,807	Bouygues SA		391,146,130		482,799,205
	4,179,227	Sanofi		323,385,924		452,363,683
	9,980,972	Carrefour SA		407,811,132		388,134,064
	6,144,333	Compagnie de Saint-Gobain		257,667,236		375,241,279
	3,298,051	Sodexo		87,651,089		355,520,142
	8,416,422	Vivendi SA		235,055,984		225,823,845
	1,867,732	Neopost SA (c)		166,306,200		153,036,078
	921,669	Wendel SA		19,716,342		138,800,373
	6,889,644	Société Télévision Francaise 1		96,963,158		117,089,700
	1,401,821	Legrand SA		47,735,245		90,433,916
	157,260	Robertet SA (c)		20,623,058		36,216,976
	42,252	Robertet SA CI (b)(d)(e)		800,508		6,811,444
	385,000	Sabeton SA (a)(c)		4,841,233		6,994,426
	69,500	NSC Groupe (b)(c)		12,298,421		6,171,894
	12,000,000	FINEL (a)(b)(c)(e)(f)(g)		0		5,993,349

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
22

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 40.06% — (continued)
France 6.75% — (continued)
	104,457	Gaumont SA	$	6,087,824	$	5,754,708
				2,432,895,273		3,361,614,837
Germany 1.89%
	7,775,691	HeidelbergCement AG		424,710,749		674,440,727
	1,956,520	Daimler AG		83,206,657		181,130,356
	693,440	Fraport AG		20,976,007		51,171,094
	773,684	Hornbach Baumarkt AG		21,504,161		32,405,039
				550,397,574		939,147,216
Hong Kong 0.31%
	12,693,580	Guoco Group Limited		115,086,260		152,183,138
	12,785,004	City e-Solutions Limited (a)(b)		577,577		2,209,727
				115,663,837		154,392,865
Ireland 0.59%
	10,094,915	CRH PLC		175,024,030		292,479,265
Israel 0.28%
	15,719,757	Israel Chemicals Limited		156,830,538		139,276,911
Italy 0.59%
	18,139,395	Italcementi S.p.A. RSP		249,186,230		140,927,793
	4,416,279	Italcementi S.p.A.		80,654,243		53,610,564
	1,734,972	Italmobiliare S.p.A. RSP (a)		121,356,934		53,676,373
	1,021,137	Italmobiliare S.p.A. (a)		107,360,738		46,466,898
				558,558,145		294,681,628
Japan 12.78%
	11,121,730	Secom Company Limited		504,039,784		639,987,652
	1,647,090	Keyence Corporation		296,727,617		634,524,768
	2,512,956	SMC Corporation		271,572,000		596,684,178
	3,169,600	Fanuc Corporation		295,828,491		570,456,693
	10,093,800	KDDI Corporation		320,858,498		537,296,030
	4,479,590	Shimano, Inc.		69,035,449		446,929,310
	14,298,940	Hoya Corporation		305,848,299		421,548,444
	36,321,300	Astellas Pharma, Inc.		288,085,434		403,945,010
	14,917,300	NKSJ Holdings, Inc.		402,645,728		371,929,356
	14,618,720	MS&AD Insurance Group Holdings		356,085,457		327,450,177
	2,195,100	Hirose Electric Company Limited (c)		230,964,207		309,398,846
	11,939,880	Mitsubishi Estate Company Limited		205,947,588		270,248,763

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
23

Global Fund

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 40.06% — (continued)
Japan 12.78% — (continued)
	4,274,630	Nissin Foods Holdings Company Limited	$	152,059,580	$	204,459,732
	1,730,600	Ono Pharmaceutical Company Limited		64,504,491		136,944,823
	4,484,910	Nomura Research Institute Limited		92,604,811		129,631,819
	4,094,760	MISUMI Group, Inc.		64,904,124		99,570,337
	3,526,280	Chofu Seisakusho Company Limited (c)		64,322,537		88,299,279
	5,147,000	T. Hasegawa Company Limited (c)		79,849,658		76,373,052
	924,660	Shin-Etsu Chemical Company Limited		43,043,581		54,248,649
	632,500	Nitori Holdings Company Limited		26,796,871		28,984,814
	1,104,800	Seikagaku Corporation		11,159,513		13,205,513
				4,146,883,718		6,362,117,245
Malaysia 0.04%
	15,073,570	Genting Malaysia Berhad		12,360,952		19,479,548
Mexico 1.90%
	16,713,544	Grupo Televisa S.A.B., ADR		327,870,823		548,371,379
	17,363,483	Fresnillo PLC		235,978,628		249,629,916
	6,401,020	Industrias Peñoles S.A.B. de C.V.		7,339,323		149,027,282
				571,188,774		947,028,577
Netherlands 0.29%
	16,199,448	TNT Express NV		164,536,124		145,858,162
Russia 0.29%
	19,920,154	Gazprom OAO, ADR		134,320,030		143,664,151
Singapore 0.05%
	13,467,250	ComfortDelGro Corporation Limited		3,279,184		22,773,048
South Africa 0.84%
	16,836,513	AngloGold Ashanti Limited, ADR (a)		269,094,862		304,740,885
	25,019,071	Gold Fields Limited, ADR		233,463,377		105,830,670
	1,525,857	Harmony Gold Mining Company Limited, ADR (a)		8,711,448		5,020,070
				511,269,687		415,591,625
South Korea 1.15%
	3,898,597	KT&G Corporation		216,376,344		312,400,882
	2,458,905	Kia Motors Corporation		140,087,540		136,354,647

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
24

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 40.06% — (continued)
South Korea 1.15% — (continued)
	51,900	Lotte Confectionery Company Limited	$	21,157,499	$	88,902,545
	39,989	Namyang Dairy Products Company Limited (c)		7,325,466		35,449,457
				384,946,849		573,107,531
Sweden 0.72%
	5,939,940	Investor AB, Class 'A'		116,378,542		225,641,349
	3,394,798	Investor AB, Class 'B'		63,888,333		131,308,126
				180,266,875		356,949,475
Switzerland 1.68%
	5,091,560	Nestlé SA		146,056,200		393,104,763
	4,327,670	Pargesa Holding SA		272,881,781		392,396,394
	388,803	Kuehne & Nagel International AG		7,503,142		53,100,921
				426,441,123		838,602,078
Thailand 0.38%
	32,213,700	Bangkok Bank PCL, NVDR		109,267,553		187,647,789
United Kingdom 2.12%
	7,175,381	Berkeley Group Holdings PLC (c)		86,127,761		277,915,975
	7,387,420	GlaxoSmithKline PLC		140,774,624		203,557,954
	4,355,040	Willis Group Holdings PLC		119,957,625		178,513,090
	2,917,489	British American Tobacco PLC		154,655,907		168,317,526
	42,951,230	WM Morrison Supermarkets PLC		186,107,922		145,690,312
	3,052,693	Anglo American PLC		74,109,213		81,538,880
				761,733,052		1,055,533,737
Total International Common Stocks				15,550,626,228		19,936,237,568
Total Common Stocks				25,129,881,226		35,403,573,311
International Preferred Stock — 0.30%
Germany 0.30%
	1,613,642	Hornbach Holding AG		54,766,557		145,492,147
Investment Company — 0.00%
	192,349	State Street Institutional U.S. Government Money Market Fund, Institutional Class		192,349		192,349

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
25

Global Fund

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Warrant — 0.22%
United States — 0.22%
	5,806,899	JPMorgan Chase & Company Warrant expire 10/28/18 (a)	$	75,108,859	$	109,518,115
OUNCES
Commodity — 4.82%
	1,859,536	Gold bullion (a)		1,786,987,800		2,399,117,206
PRINCIPAL
Notes and Bonds — 0.28%
U.S. Corporate Bond 0.01%
$	5,467,000	Bausch & Lomb, Inc. 7.125% due 08/01/28 (b)		4,804,428		5,125,312
International Notes and Bonds — 0.27%
International Corporate Notes and Bonds — 0.22%
Canada 0.03%
	17,593,454 USD	Catalyst Paper Corporation 11.00% due 10/30/17 (h)		17,593,454		15,900,084
France 0.16%
	15,000,000 EUR	Emin Leydier SA FRN 8.259% due 07/31/16 (b)(e)(f)(h)		21,369,283		20,810,240
	17,256,032 EUR	FINEL 9.50% due 06/30/17 (b)(e)(f)(h)		21,555,398		17,955,108
	12,050,000 EUR	Wendel SA 4.375% due 08/09/17		13,303,779		17,992,273
	10,000,000 EUR	Wendel SA 4.875% due 09/21/15		12,582,092		14,568,222
	3,500,000 EUR	Wendel SA 4.875% due 05/26/16		3,622,431		5,190,768
				72,432,983		76,516,611
Norway 0.03%
	5,500,000 USD	Den Norske Bank ASA FRN 0.448% due 08/29/14 (b)(i)		4,006,661		3,753,750
	3,500,000 USD	Den Norske Creditbank FRN 0.48% due 08/29/14 (b)(i)		2,677,514		2,380,000
	3,170,000 USD	Den Norske Creditbank FRN 0.50% due 05/30/14 (b)(i)		2,130,365		2,187,300

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
26

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Corporate Notes and Bonds — 0.22% — (continued)
Norway 0.03% — (continued)
	10,000,000 USD	Nordea Bank Norge ASA FRN 0.539% due 11/21/14 (b)(i)	$	7,052,703	$	6,749,420
				15,867,243		15,070,470
Total International Corporate Notes and Bonds				105,893,680		107,487,165
International Government Bond — 0.05%
South Korea 0.05%
	25,944,240,000 KRW	Inflation Linked Korea Treasury Bond 2.75% due 03/10/17 (j)		24,741,605		26,066,341
Total International Notes and Bonds				130,635,285		133,553,506
Total Notes and Bonds				135,439,713		138,678,818
Commercial Paper — 23.14%
International Commercial Paper — 8.57%
Australia 0.11%
	35,025,000 USD	Telstra Corporation Limited 0.14% due 07/09/14		35,015,601		35,012,944
	21,556,000 USD	Telstra Corporation Limited 0.15% due 05/15/14		21,554,743		21,554,743
Belgium 0.12%
	58,559,000 USD	Anheuser Busch Inbev Worldwide 0.11% due 07/14/14		58,545,759		58,540,700
Canada 0.62%
	32,431,000 USD	Suncor Energy, Inc. 0.19% due 06/04/14		32,425,180		32,425,180
	47,129,000 USD	Suncor Energy, Inc. 0.19% due 06/16/14		47,117,558		47,117,558
	55,346,000 USD	Suncor Energy, Inc. 0.20% due 05/16/14		55,341,388		55,341,388
	66,042,000 USD	Suncor Energy, Inc. 0.20% due 05/09/14		66,039,065		66,039,065
	34,615,000 USD	Suncor Energy, Inc. 0.23% due 05/16/14		34,611,683		34,611,683
	72,456,000 USD	Total Capital Limited 0.10% due 06/19/14		72,446,138		72,446,138
France 1.22%
	30,621,000 USD	Essilor International 0.12% due 05/23/14		30,618,754		30,618,754
	38,135,000 USD	Essilor International 0.13% due 05/20/14		38,132,383		38,132,383

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
27

Global Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 8.57% — (continued)
France 1.22% — (continued)
	71,795,000 USD	Essilor International 0.16% due 06/17/14	$	71,780,003	$	71,780,003
	38,143,000 USD	GDF Suez SA 0.14% due 06/11/14		38,136,918		38,136,918
	20,234,000 USD	GDF Suez SA 0.14% due 07/03/14		20,229,043		20,227,776
	36,314,000 USD	GDF Suez SA 0.15% due 05/05/14		36,313,395		36,313,395
	34,849,000 USD	GDF Suez SA 0.15% due 05/12/14		34,847,403		34,847,403
	44,513,000 USD	GDF Suez SA 0.15% due 05/23/14		44,508,920		44,508,920
	62,927,000 USD	GDF Suez SA 0.15% due 07/03/14		62,910,481		62,907,644
	37,158,000 USD	GDF Suez SA 0.15% due 07/08/14		37,147,472		37,145,466
	9,527,000 USD	GDF Suez SA 0.16% due 07/22/14		9,523,528		9,522,937
	10,486,000 USD	GDF Suez SA 0.17% due 05/12/14		10,485,455		10,485,455
	20,280,000 USD	L'Oreal USA, Inc. 0.06% due 05/20/14		20,279,358		20,279,358
	63,214,000 USD	Sanofi 0.08% due 06/13/14		63,207,960		63,207,960
	39,147,000 USD	Électricité de France SA 0.09% due 06/02/14		39,143,868		39,143,868
	14,324,000 USD	Électricité de France SA 0.12% due 05/20/14		14,323,093		14,323,093
	37,966,000 USD	Électricité de France SA 0.14% due 06/26/14		37,957,732		37,957,732
Germany 0.89%
	36,167,000 USD	BASF AG 0.08% due 06/02/14		36,164,428		36,164,428
	70,236,000 USD	BASF AG 0.08% due 06/03/14		70,230,849		70,230,849
	58,720,000 USD	BASF AG 0.08% due 06/17/14		58,713,867		58,713,867
	27,322,000 USD	Henkel Corporation 0.10% due 06/25/14		27,317,826		27,317,826
	20,153,000 USD	Henkel Corporation 0.11% due 06/20/14		20,149,921		20,149,921
	18,457,000 USD	Henkel Corporation 0.13% due 06/27/14		18,453,201		18,453,201

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
28

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 8.57% — (continued)
Germany 0.89% — (continued)
	39,788,000 USD	Siemens Company 0.07% due 05/23/14	$	39,786,298	$	39,786,298
	119,001,000 USD	Siemens Company 0.07% due 06/18/14		118,989,893		118,989,893
	55,899,000 USD	Siemens Company 0.09% due 06/05/14		55,894,109		55,894,109
Italy 0.46%
	25,354,000 USD	Eni S.p.A. 0.26% due 05/05/14		25,353,268		25,353,268
	52,539,000 USD	Eni S.p.A. 0.27% due 06/11/14		52,522,844		52,522,844
	33,723,000 USD	Eni S.p.A. 0.28% due 07/03/14		33,706,476		33,708,432
	62,927,000 USD	Eni S.p.A. 0.29% due 07/02/14		62,895,571		62,900,350
	52,685,000 USD	Eni S.p.A. 0.29% due 07/09/14		52,655,716		52,659,695
Japan 0.85%
	58,547,000 USD	Honda Corporation 0.08% due 05/08/14		58,546,089		58,546,089
	39,533,000 USD	Honda Corporation 0.08% due 05/12/14		39,532,034		39,532,034
	19,359,000 USD	Honda Corporation 0.08% due 06/06/14		19,357,451		19,357,451
	32,228,000 USD	Honda Corporation 0.08% due 06/12/14		32,224,992		32,224,992
	25,952,000 USD	Honda Corporation 0.09% due 05/08/14		25,951,546		25,951,546
	15,813,000 USD	Honda Corporation 0.09% due 05/21/14		15,812,209		15,812,209
	34,321,000 USD	Honda Corporation 0.09% due 05/23/14		34,319,113		34,319,113
	30,626,000 USD	Honda Corporation 0.10% due 05/09/14		30,625,319		30,625,319
	42,947,000 USD	Honda Corporation 0.10% due 07/10/14		42,938,649		42,936,495
	42,943,000 USD	Honda Corporation 0.11% due 07/07/14		42,934,209		42,933,024
	41,951,000 USD	Honda Corporation 0.11% due 07/08/14		41,942,284		41,941,112
	37,158,000 USD	Honda Corporation 0.11% due 07/09/14		37,150,166		37,149,112

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
29

Global Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 8.57% — (continued)
Switzerland 2.10%
	38,026,000 USD	Nestlé SA 0.04% due 06/04/14	$	38,024,563	$	38,024,563
	24,511,000 USD	Nestlé SA 0.05% due 05/09/14		24,510,728		24,510,728
	53,725,000 USD	Nestlé SA 0.07% due 05/02/14		53,724,895		53,724,895
	13,846,000 USD	Nestlé SA 0.07% due 05/20/14		13,845,488		13,845,488
	55,035,000 USD	Nestlé SA 0.08% due 06/03/14		55,030,964		55,030,964
	58,150,000 USD	Nestlé SA 0.08% due 06/09/14		58,144,960		58,144,960
	38,780,000 USD	Nestlé SA 0.09% due 06/03/14		38,776,801		38,776,801
	52,539,000 USD	Nestlé SA 0.09% due 07/07/14		52,530,200		52,530,100
	29,376,000 USD	Nestlé SA 0.09% due 07/21/14		29,370,051		29,370,983
	38,403,000 USD	Nestlé SA 0.11% due 06/12/14		38,398,072		38,398,072
	54,253,000 USD	Nestlé SA 0.12% due 05/12/14		54,251,094		54,251,094
	38,366,000 USD	Nestlé SA 0.12% due 07/07/14		38,357,432		38,359,501
	37,257,000 USD	Roche Holdings, Inc. 0.07% due 05/02/14		37,256,927		37,256,927
	28,087,000 USD	Roche Holdings, Inc. 0.07% due 06/02/14		28,085,252		28,085,252
	115,758,000 USD	Roche Holdings, Inc. 0.07% due 06/05/14		115,750,122		115,750,122
	36,421,000 USD	Roche Holdings, Inc. 0.07% due 06/12/14		36,418,026		36,418,026
	55,737,000 USD	Roche Holdings, Inc. 0.07% due 06/20/14		55,731,581		55,731,581
	41,951,000 USD	Roche Holdings, Inc. 0.07% due 06/23/14		41,946,677		41,946,677
	21,074,000 USD	Roche Holdings, Inc. 0.07% due 07/03/14		21,071,419		21,068,643
	23,873,000 USD	Roche Holdings, Inc. 0.08% due 05/20/14		23,871,992		23,871,992
	39,039,000 USD	Roche Holdings, Inc. 0.08% due 07/02/14		39,033,621		39,029,299
	38,132,000 USD	Roche Holdings, Inc. 0.08% due 07/08/14		38,126,238		38,121,331

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
30

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 8.57% — (continued)
Switzerland 2.10% — (continued)
	74,885,000 USD	Roche Holdings, Inc. 0.08% due 07/10/14	$	74,873,351	$	74,863,291
	36,167,000 USD	Roche Holdings, Inc. 0.08% due 07/16/14		36,160,892		36,155,318
United Kingdom 2.20%
	36,077,000 USD	AstraZeneca PLC 0.07% due 07/08/14		36,072,230		36,066,906
	40,851,000 USD	AstraZeneca PLC 0.08% due 05/19/14		40,849,366		40,849,366
	52,275,000 USD	AstraZeneca PLC 0.08% due 06/09/14		52,270,469		52,270,469
	35,499,000 USD	AstraZeneca PLC 0.09% due 05/12/14		35,498,024		35,498,024
	51,218,000 USD	AstraZeneca PLC 0.09% due 05/16/14		51,216,079		51,216,079
	36,011,000 USD	Astrazeneca PLC 0.09% due 05/27/14		36,008,659		36,008,659
	59,441,000 USD	AstraZeneca PLC 0.09% due 06/10/14		59,435,056		59,435,056
	31,225,000 USD	AstraZeneca PLC 0.09% due 06/16/14		31,221,409		31,221,409
	63,660,000 USD	AstraZeneca PLC 0.09% due 06/24/14		63,651,406		63,651,406
	62,649,000 USD	AstraZeneca PLC 0.10% due 06/17/14		62,640,821		62,640,821
	39,784,000 USD	British American Tobacco PLC 0.26% due 06/11/14		39,772,219		39,772,219
	19,786,000 USD	Centrica PLC 0.29% due 05/02/14		19,785,841		19,785,841
	43,437,000 USD	Centrica PLC 0.30% due 05/02/14		43,436,638		43,436,638
	18,372,000 USD	Centrica PLC 0.30% due 05/09/14		18,370,775		18,370,775
	39,860,000 USD	Centrica PLC 0.32% due 06/06/14		39,847,245		39,847,245
	38,143,000 USD	Centrica PLC 0.33% due 06/17/14		38,126,567		38,126,567
	7,727,000 USD	Centrica PLC 0.41% due 07/01/14		7,721,763		7,723,394
	11,291,000 USD	GlaxoSmithKline PLC 0.07% due 05/08/14		11,290,846		11,290,846
	58,720,000 USD	GlaxoSmithKline PLC 0.10% due 06/02/14		58,714,780		58,714,780

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
31

Global Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 8.57% — (continued)
United Kingdom 2.20% — (continued)
	72,842,000 USD	GlaxoSmithKline PLC 0.11% due 06/23/14	$	72,830,204	$	72,830,204
	61,421,000 USD	GlaxoSmithKline PLC 0.12% due 06/30/14		61,408,715		61,403,206
	26,502,000 USD	Reckitt Benckiser 0.15% due 07/29/14		26,492,172		26,490,074
	31,395,000 USD	Reed Elsevier, Inc. 0.20% due 06/16/14		31,386,977		31,386,977
	37,158,000 USD	Reed Elsevier, Inc. 0.21% due 07/01/14		37,144,778		37,140,658
	39,039,000 USD	Reed Elsevier, Inc. 0.22% due 06/18/14		39,027,549		39,027,549
	81,702,000 USD	Royal Dutch Shell PLC 0.07% due 05/06/14		81,701,206		81,701,206
Total International Commercial Paper				4,266,024,349		4,265,974,923
U.S. Commercial Paper — 14.57%
$	32,350,000	3M Company 0.07% due 06/23/14		32,346,666		32,346,666
	24,568,000	3M Company 0.07% due 06/26/14		24,565,325		24,565,325
	35,841,000	Abbott Laboratories 0.08% due 05/22/14		35,839,328		35,839,328
	30,693,000	Abbott Laboratories 0.08% due 06/19/14		30,689,658		30,689,658
	53,641,000	Abbott Laboratories 0.09% due 05/22/14		53,638,184		53,638,184
	24,498,000	Abbott Laboratories 0.09% due 06/10/14		24,495,550		24,495,550
	69,447,000	Abbott Laboratories 0.10% due 05/19/14		69,443,528		69,443,528
	38,767,000	Abbott Laboratories 0.10% due 06/03/14		38,763,446		38,763,446
	39,627,000	Abbott Laboratories 0.10% due 06/06/14		39,623,037		39,623,037
	25,128,000	Abbott Laboratories 0.10% due 06/16/14		25,124,789		25,124,789
	25,191,000	Abbott Laboratories 0.10% due 06/23/14		25,187,291		25,187,291
	14,010,000	Abbott Laboratories 0.10% due 07/08/14		14,007,354		14,008,228
	25,317,000	Abbott Laboratories 0.10% due 07/11/14		25,312,007		25,313,557

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
32

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 14.57% — (continued)
$	30,063,000	Abbott Laboratories 0.10% due 07/15/14	$	30,056,737	$	30,058,494
	13,489,000	Abbott Laboratories 0.10% due 07/21/14		13,485,965		13,486,696
	40,538,000	Air Products 0.08% due 06/04/14		40,534,937		40,534,937
	15,040,000	Air Products 0.08% due 06/23/14		15,038,229		15,038,229
	32,758,000	Air Products 0.09% due 06/04/14		32,755,216		32,755,216
	18,083,000	BHP Billiton Finance USA Limited 0.08% due 05/20/14		18,082,236		18,082,236
	40,124,000	Caterpillar Financial Services Company 0.09% due 07/01/14		40,117,881		40,115,638
	77,533,000	Caterpillar Financial Services Company 0.11% due 06/06/14		77,524,471		77,524,471
	54,104,000	Caterpillar Financial Services Company 0.13% due 07/17/14		54,088,956		54,089,230
	47,924,000	Celgene Corporation 0.23% due 05/07/14		47,922,163		47,922,163
	38,403,000	Celgene Corporation 0.25% due 06/12/14		38,391,799		38,391,799
	28,631,000	Celgene Corporation 0.25% due 07/02/14		28,618,673		28,617,372
	32,669,000	Chevron Corporation 0.07% due 05/01/14		32,669,000		32,669,000
	26,206,000	Chevron Corporation 0.07% due 06/03/14		26,204,318		26,204,318
	28,852,000	Chevron Corporation 0.07% due 06/11/14		28,849,700		28,849,700
	34,026,000	Chevron Corporation 0.07% due 07/07/14		34,021,567		34,016,680
	64,345,000	Chevron Corporation 0.08% due 05/01/14		64,345,000		64,345,000
	20,846,000	Chevron Corporation 0.08% due 05/02/14		20,845,954		20,845,954
	39,481,000	Chevron Corporation 0.08% due 05/05/14		39,480,649		39,480,649
	39,860,000	Chevron Corporation 0.08% due 05/06/14		39,859,557		39,859,557

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
33

Global Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 14.57% — (continued)
$	39,860,000	Chevron Corporation 0.08% due 05/08/14	$	39,859,380	$	39,859,380
	39,860,000	Chevron Corporation 0.08% due 05/09/14		39,859,291		39,859,291
	34,849,000	Chevron Corporation 0.08% due 05/13/14		34,848,071		34,848,071
	42,047,000	Chevron Corporation 0.08% due 05/14/14		42,045,785		42,045,785
	35,025,000	Chevron Corporation 0.08% due 06/12/14		35,021,731		35,021,731
	40,947,000	Chevron Corporation 0.08% due 06/13/14		40,943,087		40,943,087
	26,266,000	Chevron Corporation 0.08% due 07/01/14		26,262,440		26,259,623
	37,158,000	Chevron Corporation 0.08% due 07/11/14		37,152,137		37,147,001
	39,031,000	Chevron Corporation 0.09% due 05/21/14		39,029,048		39,029,048
	38,799,000	Church & Dwight Company, Inc. 0.30% due 05/20/14		38,792,857		38,792,857
	48,408,000	Coca-Cola Company 0.07% due 06/12/14		48,404,047		48,404,047
	39,322,000	Coca-Cola Company 0.08% due 05/16/14		39,320,689		39,320,689
	44,511,000	Coca-Cola Company 0.09% due 05/15/14		44,509,442		44,509,442
	61,306,000	Coca-Cola Company 0.09% due 05/16/14		61,303,701		61,303,701
	31,013,000	Coca-Cola Company 0.09% due 05/19/14		31,011,604		31,011,604
	7,158,000	Coca-Cola Company 0.10% due 07/09/14		7,156,628		7,156,650
	22,721,000	Coca-Cola Company 0.10% due 07/18/14		22,716,077		22,715,865
	42,947,000	Coca-Cola Company 0.10% due 07/21/14		42,937,337		42,936,727
	34,617,000	Coca-Cola Company 0.10% due 07/24/14		34,608,923		34,608,256
	14,431,000	Coca-Cola Company 0.10% due 08/01/14		14,427,312		14,426,863
	40,203,000	Coca-Cola Company 0.11% due 05/13/14		40,201,526		40,201,526

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
34

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 14.57% — (continued)
$	25,009,000	Coca-Cola Company 0.11% due 06/06/14	$	25,006,249	$	25,006,249
	35,182,000	Coca-Cola Company 0.12% due 05/13/14		35,180,593		35,180,593
	42,165,000	ConocoPhillips 0.10% due 07/08/14		42,157,035		42,157,242
	46,353,000	ConocoPhillips 0.11% due 06/18/14		46,346,202		46,346,202
	15,347,000	Corning, Inc. 0.17% due 06/12/14		15,343,956		15,343,956
	7,689,000	Corning, Inc. 0.17% due 06/25/14		7,687,003		7,687,003
	31,290,000	Corning, Inc. 0.17% due 07/01/14		31,280,987		31,275,397
	70,733,000	Corning, Inc. 0.18% due 05/07/14		70,730,878		70,730,878
	68,298,000	Corning, Inc. 0.18% due 05/08/14		68,295,610		68,295,610
	17,173,000	Devon Energy Corporation 0.19% due 05/01/14		17,173,000		17,173,000
	19,740,000	Devon Energy Corporation 0.19% due 05/14/14		19,738,646		19,738,646
	19,740,000	Devon Energy Corporation 0.19% due 05/15/14		19,738,541		19,738,541
	17,073,000	Devon Energy Corporation 0.19% due 05/20/14		17,071,288		17,071,288
	40,851,000	Devon Energy Corporation 0.19% due 05/21/14		40,846,688		40,846,688
	34,615,000	Devon Energy Corporation 0.19% due 05/22/14		34,611,163		34,611,163
	42,947,000	Devon Energy Corporation 0.19% due 06/20/14		42,935,667		42,935,667
	14,863,000	Devon Energy Corporation 0.19% due 06/23/14		14,858,842		14,858,842
	20,435,000	Devon Energy Corporation 0.20% due 05/27/14		20,432,048		20,432,048
	20,435,000	Devon Energy Corporation 0.20% due 05/28/14		20,431,935		20,431,935
	14,049,000	Devon Energy Corporation 0.20% due 07/01/14		14,044,239		14,042,443
	38,316,000	Diageo Capital PLC 0.24% due 06/05/14		38,307,060		38,307,060

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
35

Global Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 14.57% — (continued)
$	18,986,000	Diageo Capital PLC 0.25% due 05/22/14	$	18,983,231	$	18,983,231
	32,758,000	Diageo Capital PLC 0.25% due 06/10/14		32,748,901		32,748,901
	23,231,000	Diageo Capital PLC 0.25% due 06/11/14		23,224,386		23,224,386
	28,612,000	Diageo Capital PLC 0.25% due 06/19/14		28,602,264		28,602,264
	25,249,000	Diageo Capital PLC 0.26% due 06/20/14		25,239,882		25,239,882
	20,470,000	Dominion Resources, Inc. 0.20% due 05/21/14		20,467,726		20,467,726
	44,511,000	Dominion Resources, Inc. 0.25% due 05/06/14		44,509,454		44,509,454
	40,014,000	Dr Pepper Snapple Group, Inc. 0.20% due 05/13/14		40,011,332		40,011,332
	20,007,000	Dr Pepper Snapple Group, Inc. 0.22% due 06/10/14		20,002,109		20,002,109
	18,345,000	Emerson Electric Company 0.08% due 05/29/14		18,343,859		18,343,859
	23,593,000	Emerson Electric Company 0.08% due 05/30/14		23,591,480		23,591,480
	29,737,000	Emerson Electric Company 0.10% due 05/12/14		29,736,091		29,736,091
	20,213,000	Emerson Electric Company 0.10% due 06/02/14		20,211,203		20,211,203
	14,288,000	Emerson Electric Company 0.10% due 06/04/14		14,286,651		14,286,651
	35,898,000	Google, Inc. 0.06% due 05/21/14		35,896,803		35,896,803
	38,316,000	Google, Inc. 0.06% due 06/19/14		38,312,871		38,312,871
	30,011,000	Google, Inc. 0.08% due 05/14/14		30,010,133		30,010,133
	36,421,000	Google, Inc. 0.08% due 07/09/14		36,415,415		36,416,254
	36,404,000	Google, Inc. 0.09% due 05/07/14		36,403,454		36,403,454
	32,335,000	Honeywell International, Inc. 0.08% due 05/13/14		32,334,138		32,334,138
	40,851,000	Honeywell International, Inc. 0.10% due 05/19/14		40,848,957		40,848,957

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
36

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 14.57% — (continued)
$	38,799,000	Honeywell International, Inc. 0.10% due 05/21/14	$	38,796,844	$	38,796,844
	40,203,000	Honeywell International, Inc. 0.11% due 05/29/14		40,199,560		40,199,560
	34,615,000	Honeywell International, Inc. 0.12% due 06/09/14		34,610,500		34,610,500
	39,725,000	Honeywell International, Inc. 0.12% due 06/19/14		39,718,512		39,718,512
	26,439,000	Intercontinental Exchange Group, Inc. 0.25% due 05/08/14		26,437,715		26,437,715
	39,031,000	International Business Machines Corporation 0.07% due 05/07/14		39,030,545		39,030,545
	78,063,000	International Business Machines Corporation 0.07% due 05/13/14		78,061,179		78,061,179
	79,254,000	Johnson & Johnson 0.05% due 05/06/14		79,253,450		79,253,450
	39,627,000	Johnson & Johnson 0.05% due 05/08/14		39,626,615		39,626,615
	40,538,000	Johnson Controls 0.27% due 06/23/14		40,521,886		40,521,886
	25,311,000	McDonald's Corporation 0.08% due 06/23/14		25,308,019		25,308,019
	30,387,000	McDonald's Corporation 0.08% due 06/27/14		30,383,151		30,383,151
	82,896,000	Merck & Company, Inc. 0.06% due 05/01/14		82,896,000		82,896,000
	52,275,000	Merck & Company, Inc. 0.06% due 05/09/14		52,274,303		52,274,303
	73,820,000	Merck & Company, Inc. 0.07% due 05/05/14		73,819,426		73,819,426
	36,167,000	Merck & Company, Inc. 0.07% due 05/29/14		36,165,031		36,165,031
	76,805,000	Merck & Company, Inc. 0.08% due 05/15/14		76,802,610		76,802,610
	35,898,000	Merck & Company, Inc. 0.08% due 06/02/14		35,895,447		35,895,447
	88,329,000	Merck & Company, Inc. 0.08% due 06/04/14		88,322,326		88,322,326
	61,243,000	Merck & Company, Inc. 0.08% due 06/13/14		61,237,148		61,237,148

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
37

Global Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 14.57% — (continued)
$	21,474,000	Merck & Company, Inc. 0.09% due 06/17/14	$	21,471,477	$	21,471,477
	20,234,000	MetLife 0.10% due 06/06/14		20,231,977		20,231,977
	20,234,000	MetLife 0.10% due 06/09/14		20,231,808		20,231,808
	32,688,000	National Grid USA 0.28% due 06/11/14		32,677,576		32,677,576
	18,039,000	Omnicom Group, Inc. 0.26% due 06/20/14		18,032,486		18,032,486
	28,830,000	Parker-Hannifin Corporation 0.08% due 05/02/14		28,829,936		28,829,936
	30,508,000	Parker-Hannifin Corporation 0.08% due 05/06/14		30,507,661		30,507,661
	16,122,000	PepsiCo, Inc. 0.06% due 05/01/14		16,122,000		16,122,000
	29,137,000	PepsiCo, Inc. 0.06% due 06/06/14		29,135,252		29,135,252
	36,690,000	PepsiCo, Inc. 0.07% due 05/07/14		36,689,572		36,689,572
	40,538,000	PepsiCo, Inc. 0.07% due 06/06/14		40,535,162		40,535,162
	49,586,000	PepsiCo, Inc. 0.07% due 06/10/14		49,582,143		49,582,143
	99,965,000	Pfizer, Inc. 0.06% due 05/22/14		99,961,501		99,961,501
	74,532,000	Pfizer, Inc. 0.07% due 05/14/14		74,530,116		74,530,116
	82,473,000	Pfizer, Inc. 0.08% due 06/10/14		82,465,669		82,465,669
	33,346,000	Pfizer, Inc. 0.08% due 06/11/14		33,342,962		33,342,962
	79,066,000	Pfizer, Inc. 0.08% due 06/16/14		79,057,918		79,057,918
	39,533,000	Pfizer, Inc. 0.08% due 06/17/14		39,528,871		39,528,871
	75,112,000	Pfizer, Inc. 0.09% due 06/09/14		75,104,677		75,104,677
	20,883,000	Philip Morris International, Inc. 0.05% due 05/19/14		20,882,478		20,882,478
	16,673,000	Philip Morris International, Inc. 0.05% due 05/27/14		16,672,398		16,672,398

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
38

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 14.57% — (continued)
$	38,403,000	Philip Morris International, Inc. 0.05% due 05/28/14	$	38,401,560	$	38,401,560
	15,531,000	Philip Morris International, Inc. 0.06% due 05/01/14		15,531,000		15,531,000
	39,322,000	Philip Morris International, Inc. 0.06% due 05/20/14		39,320,755		39,320,755
	40,538,000	Philip Morris International, Inc. 0.07% due 06/05/14		40,535,241		40,535,241
	38,143,000	Philip Morris International, Inc. 0.07% due 06/09/14		38,140,107		38,140,107
	35,025,000	Philip Morris International, Inc. 0.07% due 06/11/14		35,022,208		35,022,208
	40,124,000	Philip Morris International, Inc. 0.08% due 06/04/14		40,120,968		40,120,968
	71,702,000	Philip Morris International, Inc. 0.08% due 06/13/14		71,695,148		71,695,148
	18,006,000	Philip Morris International, Inc. 0.09% due 05/02/14		18,005,955		18,005,955
	36,421,000	Philip Morris International, Inc. 0.09% due 06/18/14		36,416,629		36,416,629
	33,339,000	Philip Morris International, Inc. 0.09% due 06/19/14		33,334,916		33,334,916
	30,082,000	Philip Morris International, Inc. 0.09% due 06/23/14		30,078,014		30,078,014
	51,039,000	Philip Morris International, Inc. 0.09% due 07/16/14		51,029,303		51,019,243
	36,069,000	Philip Morris International, Inc. 0.10% due 07/15/14		36,061,486		36,055,218
	16,707,000	Precision Castparts Corporation 0.08% due 05/02/14		16,706,963		16,706,963
	23,419,000	Precision Castparts Corporation 0.09% due 05/09/14		23,418,532		23,418,532
	24,310,000	Precision Castparts Corporation 0.09% due 06/02/14		24,308,055		24,308,055
	19,893,000	Precision Castparts Corporation 0.09% due 06/12/14		19,890,911		19,890,911
	19,158,000	Precision Castparts Corporation 0.10% due 06/03/14		19,156,244		19,156,244
	14,315,000	Precision Castparts Corporation 0.10% due 06/11/14		14,313,370		14,313,370
	35,124,000	Precision Castparts Corporation 0.10% due 07/02/14		35,117,951		35,113,428

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
39

Global Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 14.57% — (continued)
$	37,291,000	Procter & Gamble Company 0.07% due 05/30/14	$	37,288,897	$	37,288,897
	77,664,000	Procter & Gamble Company 0.08% due 05/19/14		77,660,893		77,660,893
	33,021,000	Procter & Gamble Company 0.08% due 06/05/14		33,018,432		33,018,432
	59,441,000	Procter & Gamble Company 0.09% due 05/20/14		59,438,177		59,438,177
	70,612,000	Procter & Gamble Company 0.09% due 05/21/14		70,608,469		70,608,469
	51,817,000	Procter & Gamble Company 0.10% due 06/02/14		51,812,394		51,812,394
	62,649,000	Procter & Gamble Company 0.10% due 06/20/14		62,640,299		62,640,299
	36,167,000	Procter & Gamble Company 0.10% due 07/14/14		36,159,566		36,161,727
	34,617,000	Procter & Gamble Company 0.10% due 07/21/14		34,609,211		34,611,087
	57,475,000	Schlumberger Investments SA 0.10% due 06/16/14		57,467,656		57,467,656
	18,579,000	Schlumberger Investments SA 0.11% due 06/16/14		18,576,389		18,576,389
	37,291,000	Schlumberger Investments SA 0.13% due 06/25/14		37,283,594		37,283,594
	59,221,000	United Healthcare Company 0.18% due 05/14/14		59,217,151		59,217,151
	51,218,000	United Healthcare Company 0.18% due 05/15/14		51,214,415		51,214,415
	34,026,000	United Technologies Corporation 0.07% due 06/24/14		34,022,427		34,022,427
	52,900,000	Wal-Mart Stores, Inc. 0.07% due 05/14/14		52,898,663		52,898,663
	55,810,000	Wal-Mart Stores, Inc. 0.08% due 05/12/14		55,808,636		55,808,636
	37,257,000	Wal-Mart Stores, Inc. 0.10% due 05/05/14		37,256,586		37,256,586
	21,134,000	Wal-Mart Stores, Inc. 0.11% due 05/05/14		21,133,742		21,133,742
	24,748,000	Walt Disney Company 0.06% due 05/16/14		24,747,381		24,747,381
	23,488,000	Walt Disney Company 0.06% due 05/22/14		23,487,178		23,487,178

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
40

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 14.57% — (continued)
$	118,557,000	Walt Disney Company 0.06% due 05/23/14	$	118,552,653	$	118,552,653
	40,125,000	Walt Disney Company 0.06% due 06/18/14		40,121,790		40,121,790
	39,481,000	Walt Disney Company 0.07% due 05/15/14		39,479,925		39,479,925
	57,215,000	Walt Disney Company 0.07% due 06/19/14		57,209,549		57,209,549
	58,244,000	Walt Disney Company 0.07% due 06/20/14		58,238,337		58,238,337
	3,499,000	Walt Disney Company 0.07% due 07/15/14		3,498,490		3,498,254
	16,452,000	Walt Disney Company 0.08% due 06/20/14		16,450,172		16,450,172
	61,547,000	Walt Disney Company 0.08% due 07/15/14		61,536,742		61,533,878
	32,612,000	Walt Disney Company 0.08% due 07/18/14		32,606,347		32,604,630
	38,294,000	WellPoint, Inc. 0.16% due 05/01/14		38,294,000		38,294,000
	18,633,000	WellPoint, Inc. 0.16% due 05/02/14		18,632,917		18,632,917
	37,266,000	WellPoint, Inc. 0.16% due 05/07/14		37,265,006		37,265,006
	20,269,000	WellPoint, Inc. 0.16% due 06/03/14		20,266,027		20,266,027
	15,978,000	WellPoint, Inc. 0.17% due 06/13/14		15,974,756		15,974,756
	19,383,000	WellPoint, Inc. 0.20% due 05/05/14		19,382,569		19,382,569
Total U.S. Commercial Paper				7,250,156,913		7,250,115,828
Total Commercial Paper				11,516,181,262		11,516,090,751
Total Investments — 99.90%			$	38,698,557,766		49,712,662,697
Other Assets in Excess of Liabilities — 0.10%						51,962,254
Net Assets — 100.00%					$	49,764,624,951

  (a)  Non-income producing security/commodity.

  (b)  Security is deemed illiquid. At April 30, 2014, the value of these securities amounted to $84,078,235 or 0.17% of net assets.

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

  (d)  Represents non-voting class of shares.

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
41

Global Fund

  (e)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $51,570,141 or 0.10% of net assets.

  (f)  Represents securities that are subject to legal or contractual restrictions on resale. At April 30, 2014, the value of these securities amounted to $44,758,697 or 0.09% of net assets.

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

  (h)  Payment-in-kind security.

  (i)  Floating rate security. Rate shown is the rate in effect at April 30, 2014.

  (j)  Inflation protected security.

At April 30, 2014, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	12,453,387,782
Gross unrealized depreciation		(1,439,282,851	)
Net unrealized appreciation	$	11,014,104,931

Abbreviations used in this schedule include:

ADR  — American Depository Receipt

FRN  — Floating Rate Note

NVDR  — Non-Voting Depository Receipt

PCL  — Public Company Limited

PLC  — Public Limited Company

REIT  — Real Estate Investment Trust

RSP  — Represents Non-Voting Shares

Currencies

EUR  — Euro

KRW  — South Korean Won

USD  — United States Dollar

RESTRICTED SECURITIES	ACQUISITION DATE	COST		CARRYING VALUE PER SHARE/PRINCIPAL
Emin Leydier SA FRN 8.259% due 07/31/16	07/30/09	$	21,369,283	$	1.39
FINEL 9.50% due 06/30/17	06/22/05		21,555,398		1.04
FINEL	07/30/09		—		0.50

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
42

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

Foreign Currency Exchange Contracts — Sales
SETTLEMENT DATES THROUGH	FOREIGN CURRENCY TO BE DELIVERED			U.S. $ TO BE RECEIVED		U.S. $ VALUE AT APRIL 30, 2014		UNREALIZED APPRECIATION AT APRIL 30, 2014		UNREALIZED DEPRECIATION AT APRIL 30, 2014
06/18/14		17,441,000	British Pound	$	28,445,573	$	29,436,591	$	—	$	(991,018	)
07/16/14		13,362,000	British Pound		21,965,845		22,547,262		—		(581,417	)
08/20/14		35,651,000	British Pound		58,591,330		60,163,889		—		(1,572,559	)
09/17/14		2,268,000	British Pound		3,779,917		3,825,030		—		(45,113	)
10/15/14		10,769,000	British Pound		18,031,721		18,157,705		—		(125,984	)
06/18/14		102,163,000	Euro		140,871,575		141,720,572		—		(848,997	)
07/16/14		210,426,000	Euro		285,169,315		291,885,461		—		(6,716,146	)
08/20/14		475,005,000	Euro		641,844,020		658,903,386		—		(17,059,366	)
09/17/14		379,397,000	Euro		528,374,820		526,239,792		2,135,028		—
10/15/14		219,857,000	Euro		304,678,930		304,944,328		—		(265,398	)
06/18/14		50,901,993,000	Japanese Yen		497,172,314		498,031,155		—		(858,841	)
07/16/14		34,806,653,000	Japanese Yen		332,340,192		340,607,635		—		(8,267,443	)
08/20/14		60,097,111,000	Japanese Yen		599,270,791		587,991,478		11,279,313		—
09/17/14		38,580,859,000	Japanese Yen		377,440,729		377,692,206		—		(251,477	)
10/15/14		34,316,725,000	Japanese Yen		337,046,486		336,009,696		1,036,790		—
				$	4,175,023,558	$	4,198,156,186	$	14,451,131	$	(37,583,759	)
Foreign Currency Exchange Contracts — Purchases
SETTLEMENT DATES THROUGH	FOREIGN CURRENCY TO BE RECEIVED			U.S. $ TO BE DELIVERED		U.S. $ VALUE AT APRIL 30, 2014		UNREALIZED APPRECIATION AT APRIL 30, 2014		UNREALIZED DEPRECIATION AT APRIL 30, 2014
05/13/14		12,070,710,000	Japanese Yen	$	115,886,233	$	118,076,163	$	2,189,930	$	—
06/18/14		11,212,000,000	Japanese Yen		107,023,028		109,699,542		2,676,514		—
				$	222,909,261	$	227,775,705	$	4,866,444	$	—
Affiliated Securities

AFFILIATED SECURITIES	SHARES OCTOBER 31, 2013		GROSS ADDITIONS		GROSS REDUCTIONS		SHARES APRIL 30, 2014		MARKET VALUE APRIL 30, 2014		REALIZED GAIN/(LOSS)		DIVIDEND INCOME
Alliant Techsystems, Inc.		2,319,923		—		232,266		2,087,657	$	301,081,893	$	13,823,852	$	1,345,555
Berkeley Group Holdings PLC		7,175,381		—		—		7,175,381		277,915,975		—		10,575,047
Catalyst Paper Corporation		1,008,427		—		—		1,008,427		2,254,136		—		—
Chofu Seisakusho Company Limited		3,526,280		—		—		3,526,280		88,299,279		—		484,990

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
43

Global Fund

Affiliated Securities — (continued)
AFFILIATED SECURITIES	SHARES OCTOBER 31, 2013		GROSS ADDITIONS		GROSS REDUCTIONS		SHARES APRIL 30, 2014		MARKET VALUE APRIL 30, 2014		REALIZED GAIN/(LOSS)			DIVIDEND INCOME
Cintas Corporation		13,051,511		—		1,911,744		11,139,767	$	656,466,469	$	40,497,665		$	10,049,664
City e-Solutions Limited*		20,738,780		—		7,953,776		12,785,004		2,209,727		1,560,438			—
Deltic Timber Corporation		811,480		—		—		811,480		49,297,410		—			162,296
FINEL		12,000,000		—		—		12,000,000		5,993,349		—			—
Hirose Electric Company Limited		2,224,800		—		29,700		2,195,100		309,398,846		677,602			2,127,097
IDACorp, Inc.		3,760,485		—		—		3,760,485		211,113,628		—			3,234,017
MISUMI Group, Inc.*		5,247,260		—		1,152,500		4,094,760		99,570,337		15,844,919			491,299
Mills Music Trust		33,892		—		—		33,892		813,408		—			77,650
NSC Groupe		69,500		—		—		69,500		6,171,894		—			(27,798	)
Namyang Dairy Products Company Limited		39,989		—		—		39,989		35,449,457		—			29,588
Neopost SA		2,044,437		—		176,705		1,867,732		153,036,078		(2,832,533	)		4,233,734
Robertet SA		157,260		—		—		157,260		36,216,976		—			—
Sabeton SA		385,000		—		—		385,000		6,994,426		—			—
San Juan Basin Royalty Trust		3,908,035		—		—		3,908,035		74,682,549		—			2,385,734
Scotts Miracle-Gro Company		4,172,577		—		—		4,172,577		255,403,438		—			3,651,005
Shimano, Inc.*		4,713,690		—		234,100		4,479,590		446,929,310		16,194,385			1,756,399
Société Télévision Francaise 1*		8,653,008		—		1,763,364		6,889,644		117,089,700		3,717,953			4,453,068
T. Hasegawa Company Limited		5,147,000		—		—		5,147,000		76,373,052		—			922,163
Total									$	3,212,761,337	$	89,484,281		$	45,951,508

  *  Represents an unaffiliated issuer as of April 30, 2014, as such, amounts represented above will not agree to balances in the Statements of Assets and Liabilities and Statements of Operations.

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
44

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS	PERCENT OF NET ASSETS
U.S. Common Stocks
Consumer Discretionary		2.71	%
Consumer Staples		1.46
Energy		2.78
Financials		7.95
Health Care		0.97
Industrials		4.45
Information Technology		8.76
Materials		1.58
Utilities		0.42
Total U.S. Common Stocks		31.08
International Common Stocks
Consumer Discretionary		4.51
Consumer Staples		3.51
Energy		4.11
Financials		5.37
Health Care		2.43
Industrials		6.87
Information Technology		3.31
Materials		8.42
Telecommunication Services		1.53
Total International Common Stocks		40.06
International Preferred Stock
Consumer Discretionary		0.30
Total International Preferred Stock		0.30
Investment Company		0.00
Warrant		0.22
Commodity		4.82

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
45

Global Fund

INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)	PERCENT OF NET ASSETS
U.S. Corporate Bond
Consumer Discretionary		0.01	%
Total U.S. Corporate Bond		0.01
International Notes and Bonds
Financials		0.15
Government Issues		0.05
Materials		0.07
Total International Notes and Bonds		0.27
Commercial Paper
International Commercial Paper		8.57
U.S. Commercial Paper		14.57
Total Commercial Paper		23.14
Total Investments		99.90	%

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
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Fund Overview | Data as of April 30, 2014 (unaudited)

INVESTMENT OBJECTIVE

The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. Management's research-driven process seeks to minimize risk by focusing on undervalued securities.

Average Annual Returns
	ONE-YEAR			FIVE-YEARS			TEN-YEARS
First Eagle Overseas Fund (A Shares)
without sales load		8.90	%		13.33	%		9.94	%
with sales load		3.46			12.18			9.38
MSCI EAFE Index		13.35			13.58			6.93
Consumer Price Index		1.95			2.14			2.35

Asset Allocation*

Countries**
Japan	22.17	%
France	11.59
Canada	7.05
United States	4.99
Germany	4.20
Switzerland	3.35
Mexico	3.02
United Kingdom	2.86
South Korea	2.66
Singapore	2.22
Hong Kong	1.56
South Africa	1.56
Sweden	1.16
Thailand	1.08
Ireland	1.04
Austria	1.04
Netherlands	0.98
Bermuda	0.97
Italy	0.84
Australia	0.76
Greece	0.66
Norway	0.63
Belgium	0.61
Israel	0.45
Russia	0.41
Taiwan	0.34
Turkey	0.22
Mauritius	0.12
Malaysia	0.07
Chile	0.04

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

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

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
48

Overseas Fund

Growth of a $10,000 Initial Investment

  *  Holdings in cash, commercial paper and other short term cash equivalents have been excluded. Percentages are based on total net assets.

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

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

The MSCI EAFE Index is a total return index, reported in U.S. Dollars, based on share prices and reinvested net dividends of approximately 1,100 companies from 22 countries and is not available for purchase. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings*
Gold Bullion (precious metal)	4.82	%
Grupo Televisa S.A.B. ADR (Mexican media company)	2.13
Fanuc Corporation (Japanese industrial manufacturing company)	1.85
Keyence Corporation (Japanese sensors manufacturer)	1.82
SMC Corporation (Japanese automated control devices manufacturer)	1.81
HeidelbergCement AG (German cement company)	1.64
Cenovus Energy, Inc. (Canadian energy company)	1.60
Secom Company Limited (Japanese security services provider)	1.60
Canadian Natural Resources Limited (Canadian energy company)	1.59
Total SA (French energy company)	1.56
Total	20.42	%

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
49

First Eagle Overseas Fund

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Common Stocks — 72.06%
International Common Stocks — 71.90%
Australia 0.76%
	11,735,292	Newcrest Mining Limited (a)	$	249,853,632	$	114,035,850
Austria 1.03%
	4,585,138	Wienerberger AG		65,005,780		85,144,502
	1,488,079	OMV AG		60,034,531		69,604,125
				125,040,311		154,748,627
Belgium 0.61%
	788,508	Groupe Bruxelles Lambert SA		60,174,722		79,715,119
	98,473	Sofina SA		8,428,556		11,820,055
				68,603,278		91,535,174
Bermuda 0.97%
	2,105,100	Jardine Matheson Holdings Limited		87,210,493		131,147,730
	1,196,644	Hiscox Limited		12,166,508		14,264,114
				99,377,001		145,411,844
Canada 6.92%
	8,048,898	Cenovus Energy, Inc.		215,355,076		239,615,693
	5,828,526	Canadian Natural Resources Limited		167,105,513		237,490,964
	4,331,099	Potash Corporation of Saskatchewan, Inc.		166,886,332		156,612,540
	5,364,723	Goldcorp, Inc.		162,169,134		132,615,953
	3,533,546	Agnico-Eagle Mines Limited		123,390,960		104,357,360
	8,606,885	Penn West Petroleum Limited		134,619,835		77,978,378
	14,517,107	Kinross Gold Corporation (a)		73,266,573		58,939,454
	1,100,050	EnCana Corporation		14,298,775		25,532,161
	1,266,835	Catalyst Paper Corporation (a)(b)(c)		27,586,952		2,831,755
				1,084,679,150		1,035,974,258
Chile 0.04%
	260,283	Cia Cervecerias Unidas SA, ADR		5,964,377		6,134,870
France 11.38%
	3,263,768	Total SA		159,199,332		233,100,735
	5,176,813	Bouygues SA		189,847,951		232,806,085
	4,864,001	Carrefour SA		155,505,184		189,148,359
	1,660,633	Sanofi		135,351,026		179,748,566
	2,605,941	Compagnie de Saint-Gobain		109,283,280		159,147,727
	1,458,796	Sodexo		40,317,776		157,253,894
	3,807,573	Vivendi SA		106,341,141		102,162,270

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
50

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 71.90% — (continued)
France 11.38% — (continued)
	505,501	Wendel SA	$	10,862,584	$	76,126,817
	801,693	Neopost SA		41,407,216		65,688,200
	558,938	Laurent-Perrier (c)		19,851,603		55,909,386
	235,837	Robertet SA (c)		20,591,064		54,313,258
	51,500	Robertet SA CI (b)(d)(e)		2,151,628		8,302,314
	3,138,123	Société Télévision Francaise 1		43,933,193		53,332,492
	648,834	Legrand SA		22,223,920		41,857,412
	442,830	Société Foncière Financière et de Participations (a)		29,139,582		30,284,871
	896,416	Legris Industries SA (a)(b)(c)(d)(f)		23,119,325		20,855,878
	364,373	Gaumont SA (c)		21,698,753		20,073,907
	146,562	BioMerieux		11,367,766		16,004,316
	11,593,581	FINEL (a)(b)(c)(d)(f)(g)		9,166,547		5,790,365
	100,000	Sabeton SA (a)		1,463,142		1,816,734
				1,152,822,013		1,703,723,586
Germany 3.59%
	2,840,411	HeidelbergCement AG		152,136,558		246,368,954
	5,307,391	Deutsche Wohnen AG		53,250,796		113,724,705
	902,303	Daimler AG		39,176,348		83,533,245
	2,985,955	Hamburger Hafen und Logistik AG		87,574,307		72,287,718
	296,503	Fraport AG		8,930,449		21,879,879
				341,068,458		537,794,501
Greece 0.66%
	6,106,069	Jumbo SA (a)		27,598,067		98,690,070
Hong Kong 1.56%
	7,806,340	Guoco Group Limited		57,283,838		93,590,092
	25,563,293	Hopewell Holdings Limited		68,829,128		87,871,295
	14,467,116	Great Eagle Holdings Limited		48,191,865		51,595,297
	4,041,204	City e-Solutions Limited (a)(b)		120,419		698,471
				174,425,250		233,755,155
Ireland 1.04%
	5,148,559	CRH PLC		90,816,793		149,168,839
	1,547,320	Beazley PLC		5,085,535		6,405,835
				95,902,328		155,574,674
Israel 0.44%
	7,510,515	Israel Chemicals Limited		75,169,596		66,543,098

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
51

Overseas Fund

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 71.90% — (continued)
Italy 0.84%
	7,315,306	Italcementi S.p.A. RSP	$	87,341,485	$	56,833,755
	1,197,736	Italmobiliare S.p.A. RSP (a)		50,324,930		37,055,424
	168,142	Italmobiliare S.p.A. (a)		19,250,153		7,651,312
	1,385,400	Recordati S.p.A.		9,200,042		24,217,625
				166,116,610		125,758,116
Japan 22.13%
	1,537,040	Fanuc Corporation		153,201,753		276,632,621
	707,200	Keyence Corporation		129,115,589		272,441,649
	1,138,990	SMC Corporation		145,498,233		270,445,369
	4,170,700	Secom Company Limited		178,984,614		239,998,319
	4,256,300	KDDI Corporation		138,369,614		226,564,138
	2,122,570	Shimano, Inc.		28,295,816		211,769,101
	7,118,930	Hoya Corporation		151,068,607		209,873,869
	7,316,700	NKSJ Holdings, Inc.		201,780,857		182,425,474
	7,730,800	MS&AD Insurance Group Holdings		179,151,117		173,165,080
	14,664,200	Astellas Pharma, Inc.		118,711,986		163,086,960
	1,014,000	Hirose Electric Company Limited		111,313,201		142,923,069
	5,075,850	Mitsubishi Estate Company Limited		85,221,118		114,887,435
	2,146,230	Nissin Foods Holdings Company Limited		76,085,758		102,656,279
	6,444,430	Kansai Paint Company Limited		50,275,932		90,203,740
	2,485,480	Daiichikosho Company Limited		27,081,143		71,670,123
	821,900	Ono Pharmaceutical Company Limited		27,402,549		65,038,108
	2,175,460	Nomura Research Institute Limited		41,173,606		62,879,486
	2,151,670	MISUMI Group, Inc.		35,236,690		52,321,139
	2,023,800	Chofu Seisakusho Company Limited (c)		33,120,144		50,676,657
	3,206,911	T. Hasegawa Company Limited (c)		43,073,853		47,585,308
	6,211,900	Japan Wool Textile Company Limited (c)		46,638,846		46,056,832
	508,106	SK Kaken Company Limited		9,470,131		34,292,868
	1,299,640	As One Corporation (c)		26,525,156		34,094,336
	1,742,124	Nagaileben Company Limited		16,719,913		33,535,482
	488,980	Shin-Etsu Chemical Company Limited		22,769,653		28,687,847
	1,391,000	Nitto Kohki Company Limited (c)		21,300,851		25,306,989
	2,068,330	Maezawa Kasei Industries Company Limited (c)		31,939,631		21,546,158
	1,620,300	Seikagaku Corporation		11,112,022		19,367,209

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
52

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 71.90% — (continued)
Japan 22.13% — (continued)
	493,250	Mandom Corporation	$	6,249,764	$	17,296,437
	303,100	Nitori Holdings Company Limited		12,841,312		13,889,798
	199,150	Kobayashi Pharmaceutical Company Limited		9,171,366		12,077,371
				2,168,900,825		3,313,395,251
Malaysia 0.07%
	8,147,400	Genting Malaysia Berhad		6,674,188		10,528,871
Mexico 3.01%
	9,718,339	Grupo Televisa S.A.B., ADR		201,151,870		318,858,703
	5,543,609	Fresnillo PLC		96,608,773		79,698,909
	2,246,692	Industrias Peñoles S.A.B. de C.V.		1,833,690		52,307,039
				299,594,333		450,864,651
Netherlands 0.98%
	560,446	HAL Trust		20,803,016		77,667,909
	7,613,470	TNT Express NV		75,587,633		68,550,900
				96,390,649		146,218,809
Norway 0.63%
	11,393,841	Orkla ASA		83,103,593		94,094,116
Russia 0.41%
	8,536,896	Gazprom OAO, ADR		57,570,321		61,568,094
Singapore 2.22%
	25,512,113	Haw Par Corporation Limited (c)		76,875,317		171,545,914
	70,167,015	ComfortDelGro Corporation Limited		68,385,814		118,652,047
	16,373,450	Singapore Airport Terminal Services Limited		18,528,182		41,400,524
				163,789,313		331,598,485
South Africa 1.01%
	5,312,877	AngloGold Ashanti Limited, ADR (a)		85,033,348		96,163,073
	12,311,178	Gold Fields Limited, ADR		110,560,691		52,076,283
	689,841	Harmony Gold Mining Company Limited, ADR (a)		5,960,815		2,269,577
				201,554,854		150,508,933
South Korea 2.60%
	2,079,636	KT&G Corporation		121,672,848		166,644,596
	1,109,216	Kia Motors Corporation		63,194,470		61,509,801
	35,325	Lotte Confectionery Company Limited		12,445,892		60,510,258
	186,884	Nong Shim Company Limited		43,886,371		55,614,855

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
53

Overseas Fund

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 71.90% — (continued)
South Korea 2.60% — (continued)
	872,463	Fursys, Inc. (c)	$	10,110,165	$	24,232,738
	22,950	Namyang Dairy Products Company Limited		4,912,653		20,344,721
				256,222,399		388,856,969
Sweden 1.16%
	3,013,030	Investor AB, Class 'A'		59,333,861		114,456,401
	1,515,198	Investor AB, Class 'B'		29,407,014		58,606,671
				88,740,875		173,063,072
Switzerland 3.34%
	2,413,791	Pargesa Holding SA		129,478,662		218,862,086
	2,810,500	Nestlé SA		92,700,397		216,990,655
	134,216	Rieter Holding AG (a)		16,465,078		30,271,419
	137,452	Kuehne & Nagel International AG		1,733,811		18,772,560
	71,367	Autoneum Holding AG (a)		3,277,939		15,090,784
				243,655,887		499,987,504
Taiwan 0.34%
	20,184,980	Taiwan Secom Company Limited		32,105,415		51,201,055
Thailand 1.08%
	14,930,059	Bangkok Bank PCL, NVDR		51,798,333		86,968,978
	157,278,685	Thai Beverage PCL		26,367,225		74,016,450
				78,165,558		160,985,428
Turkey 0.22%
	3,651,439	Yazicilar Holding AS		25,031,208		33,201,974
United Kingdom 2.86%
	3,194,828	Berkeley Group Holdings PLC		38,894,900		123,741,686
	3,995,640	GlaxoSmithKline PLC		76,140,895		110,098,560
	1,318,382	British American Tobacco PLC		69,883,367		76,060,885
	18,505,054	WM Morrison Supermarkets PLC		80,089,165		62,769,031
	2,055,388	Anglo American PLC		51,610,549		54,900,390
				316,618,876		427,570,552
Total International Common Stocks				7,784,738,365		10,763,323,587
U.S. Common Stock — 0.16%
Materials 0.16%
	958,483	Newmont Mining Corporation		26,165,171		23,799,133
Total Common Stocks				7,810,903,536		10,787,122,720

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
54

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Preferred Stocks — 0.58%
Germany 0.52%
	866,351	Hornbach Holding AG	$	23,214,980	$	78,113,526
South Korea 0.06%
	27,183	Namyang Dairy Products Company Limited		387,444		9,049,600
Total International Preferred Stocks				23,602,424		87,163,126
Investment Company — 0.00%
	50,936	State Street Institutional U.S. Government Money Market Fund, Institutional Class		50,936		50,936
Right — 0.00%
	55,324	Pfleiderer Atlantik Raco RI Rights (a)(b)(d)		16,617		0
OUNCES
Commodity — 4.82%
	559,275	Gold bullion (a)		408,990,988		721,559,668
PRINCIPAL
Term Loans — 0.07%
Germany 0.07%
	92 EUR	Atlantik Commitment Fee Facility due 05/30/17 (a)(b)(d)		0		0
	568,033 EUR	Atlantik Duration Fee Facility due 05/30/17 (a)(b)(d)		0		0
	28,263 EUR	Atlantik FX Repayment Facility 0.19% due 05/30/17 (b)(d)		0		0
	1,880,723 EUR	Atlantik Senior Debt 79.5M 6.00% due 05/30/17 (b)(h)		2,553,647		1,630,762
	371,719 EUR	Atlantik Senior Debt Term Facility 1A 6.00% due 05/30/17 (b)(h)		504,720		322,315
	364,387 EUR	Atlantik Senior Debt Term Facility 2A 6.00% due 05/30/17 (b)(h)		494,765		315,958
	346,348 EUR	Atlantik Senior Debt Term Facility 3A 6.00% due 05/30/17 (b)(h)		470,272		300,316
	219,842 EUR	Atlantik Senior Debt Term Facility 4A 6.00% due 05/30/17 (b)(h)		298,502		190,623

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
55

Overseas Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Term Loans — 0.07% — (continued)
Germany 0.07% — (continued)
	1,952,267 EUR	Atlantik Standstill Accrued Interest Facility due 05/30/17 (a)(b)(d)	$	0	$	0
	4,000,000 EUR	Atlantik Subordinated Debt 79.5M 15.00% due 05/30/17 (b)(h)		5,431,204		693,675
	790,586 EUR	Atlantik Subordinated Debt Term Facility 1A 15.00% due 05/30/17 (b)(h)		1,073,458		137,102
	774,993 EUR	Atlantik Subordinated Debt Term Facility 2A 15.00% due 05/30/17 (b)(h)		1,052,286		134,398
	744,000 EUR	Atlantik Subordinated Debt Term Facility 3A 15.00% due 05/30/17 (b)(h)		1,003,825		129,023
	472,000 EUR	Atlantik Subordinated Debt Term Facility 4A 15.00% due 05/30/17 (b)(h)		637,170		81,854
	4,049,221 EUR	Pfleiderer AG Debt 79.5M 4.19% due 11/30/16 (b)(h)(i)		5,498,036		4,213,263
	800,315 EUR	Pfleiderer AG Term Facility 1A 4.19% due 11/30/16 (b)(h)(i)		1,086,668		832,737
	784,529 EUR	Pfleiderer AG Term Facility 2A 4.19% due 11/30/16 (b)(h)(i)		1,065,234		816,312
	753,155 EUR	Pfleiderer AG Term Facility 3A 4.19% due 11/30/16 (b)(h)(i)		1,016,066		783,667
	477,808 EUR	Pfleiderer AG Term Facility 4A 4.19% due 11/30/16 (b)(h)(i)		644,945		497,165
Total Term Loans				22,830,798		11,079,170
International Bonds — 0.98%
International Convertible Bond — 0.12%
Mauritius 0.12%
	18,400,000 USD	Golden Agri-Resources Limited 2.50% due 10/04/17 (b)(j)(k)		17,104,348		18,308,000
International Corporate Bonds — 0.86%
Canada 0.12%
	18,880,954 USD	Catalyst Paper Corporation 11.00% due 10/30/17 (h)		18,880,954		17,063,662
France 0.19%
	10,000,000 EUR	Emin Leydier SA FRN 8.259% due 07/31/16 (b)(d)(f)(i)		14,240,891		13,873,493

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
56

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Corporate Bonds — 0.86% — (continued)
France 0.19% — (continued)
	11,504,021 EUR	FINEL 9.50% due 06/30/17 (a)(b)(d)(f)	$	14,365,843	$	11,970,072
	1,950,000 EUR	Wendel SA 4.875% due 09/21/15		2,175,278		2,840,804
				30,782,012		28,684,369
South Africa 0.55%
	73,500,000 USD	AngloGold Ashanti Holdings PLC 8.50% due 07/30/20		73,780,696		82,525,800
Total International Corporate Bonds				123,443,662		128,273,831
Total International Bonds				140,548,010		146,581,831
Commercial Paper — 21.32%
International Commercial Paper — 8.00%
Australia 0.13%
	12,707,000 USD	Telstra Corporation Limited 0.14% due 07/09/14		12,703,590		12,702,626
	6,775,000 USD	Telstra Corporation Limited 0.15% due 05/15/14		6,774,605		6,774,605
Belgium 0.11%
	16,441,000 USD	Anheuser Busch Inbev Worldwide 0.11% due 07/14/14		16,437,283		16,435,862
Canada 0.55%
	7,569,000 USD	Suncor Energy, Inc. 0.19% due 06/04/14		7,567,642		7,567,642
	12,720,000 USD	Suncor Energy, Inc. 0.19% due 06/16/14		12,716,912		12,716,912
	14,654,000 USD	Suncor Energy, Inc. 0.20% due 05/16/14		14,652,779		14,652,779
	19,755,000 USD	Suncor Energy, Inc. 0.20% due 05/09/14		19,754,122		19,754,122
	11,437,000 USD	Suncor Energy, Inc. 0.23% due 05/16/14		11,435,904		11,435,904
	16,850,000 USD	Total Capital Limited 0.10% due 06/19/14		16,847,706		16,847,706
France 1.19%
	9,686,000 USD	Essilor International 0.12% due 05/23/14		9,685,290		9,685,290
	8,868,000 USD	Essilor International 0.13% due 05/20/14		8,867,392		8,867,392
	24,184,000 USD	Essilor International 0.16% due 06/17/14		24,178,948		24,178,948

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
57

Overseas Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 8.00% — (continued)
France 1.19% — (continued)
	10,038,000 USD	GDF Suez SA 0.14% due 06/11/14	$	10,036,400	$	10,036,400
	9,766,000 USD	GDF Suez SA 0.14% due 07/03/14		9,763,607		9,762,996
	12,443,000 USD	GDF Suez SA 0.15% due 05/05/14		12,442,793		12,442,793
	11,942,000 USD	GDF Suez SA 0.15% due 05/12/14		11,941,453		11,941,453
	14,994,000 USD	GDF Suez SA 0.15% due 05/23/14		14,992,626		14,992,626
	12,073,000 USD	GDF Suez SA 0.15% due 07/03/14		12,069,830		12,069,286
	12,842,000 USD	GDF Suez SA 0.15% due 07/08/14		12,838,361		12,837,668
	4,473,000 USD	GDF Suez SA 0.16% due 07/22/14		4,471,370		4,471,092
	2,764,000 USD	GDF Suez SA 0.17% due 05/12/14		2,763,856		2,763,856
	9,520,000 USD	L'Oreal USA, Inc. 0.06% due 05/20/14		9,519,699		9,519,699
	14,138,000 USD	Sanofi 0.08% due 06/13/14		14,136,649		14,136,649
	8,907,000 USD	Électricité de France SA 0.09% due 06/02/14		8,906,287		8,906,287
	3,676,000 USD	Électricité de France SA 0.12% due 05/20/14		3,675,767		3,675,767
	7,034,000 USD	Électricité de France SA 0.14% due 06/26/14		7,032,468		7,032,468
Germany 0.77%
	12,590,000 USD	BASF AG 0.08% due 06/02/14		12,589,105		12,589,105
	18,764,000 USD	BASF AG 0.08% due 06/03/14		18,762,624		18,762,624
	13,361,000 USD	BASF AG 0.08% due 06/17/14		13,359,605		13,359,605
	6,808,000 USD	Henkel Corporation 0.10% due 06/25/14		6,806,960		6,806,960
	3,847,000 USD	Henkel Corporation 0.11% due 06/20/14		3,846,412		3,846,412
	4,543,000 USD	Henkel Corporation 0.13% due 06/27/14		4,542,065		4,542,065
	10,212,000 USD	Siemens Company 0.07% due 05/23/14		10,211,563		10,211,563

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
58

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 8.00% — (continued)
Germany 0.77% — (continued)
	28,986,000 USD	Siemens Company 0.07% due 06/18/14	$	28,983,294	$	28,983,294
	16,212,000 USD	Siemens Company 0.09% due 06/05/14		16,210,581		16,210,581
Italy 0.48%
	8,020,000 USD	Eni S.p.A. 0.26% due 05/05/14		8,019,768		8,019,768
	19,060,000 USD	Eni S.p.A. 0.27% due 06/11/14		19,054,139		19,054,139
	16,277,000 USD	Eni S.p.A. 0.28% due 07/03/14		16,269,025		16,269,968
	12,073,000 USD	Eni S.p.A. 0.29% due 07/02/14		12,066,970		12,067,887
	16,268,000 USD	Eni S.p.A. 0.29% due 07/09/14		16,258,958		16,260,187
Japan 0.71%
	14,588,000 USD	Honda Corporation 0.08% due 05/08/14		14,587,773		14,587,773
	10,467,000 USD	Honda Corporation 0.08% due 05/12/14		10,466,744		10,466,744
	4,908,000 USD	Honda Corporation 0.08% due 06/06/14		4,907,607		4,907,607
	9,772,000 USD	Honda Corporation 0.08% due 06/12/14		9,771,088		9,771,088
	5,532,000 USD	Honda Corporation 0.09% due 05/08/14		5,531,903		5,531,903
	4,187,000 USD	Honda Corporation 0.09% due 05/21/14		4,186,791		4,186,791
	7,982,000 USD	Honda Corporation 0.09% due 05/23/14		7,981,561		7,981,561
	8,874,000 USD	Honda Corporation 0.10% due 05/09/14		8,873,803		8,873,803
	7,053,000 USD	Honda Corporation 0.10% due 07/10/14		7,051,629		7,051,275
	12,057,000 USD	Honda Corporation 0.11% due 07/07/14		12,054,532		12,054,199
	8,049,000 USD	Honda Corporation 0.11% due 07/08/14		8,047,327		8,047,103
	12,842,000 USD	Honda Corporation 0.11% due 07/09/14		12,839,292		12,838,928
Switzerland 1.99%
	9,674,000 USD	Nestlé SA 0.04% due 06/04/14		9,673,635		9,673,635

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
59

Overseas Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 8.00% — (continued)
Switzerland 1.99% — (continued)
	5,489,000 USD	Nestlé SA 0.05% due 05/09/14	$	5,488,939	$	5,488,939
	15,689,000 USD	Nestlé SA 0.07% due 05/02/14		15,688,970		15,688,970
	4,575,000 USD	Nestlé SA 0.07% due 05/20/14		4,574,831		4,574,831
	16,463,000 USD	Nestlé SA 0.08% due 06/03/14		16,461,793		16,461,793
	16,850,000 USD	Nestlé SA 0.08% due 06/09/14		16,848,540		16,848,540
	10,220,000 USD	Nestlé SA 0.09% due 06/03/14		10,219,157		10,219,157
	19,060,000 USD	Nestlé SA 0.09% due 07/07/14		19,056,807		19,056,771
	4,824,000 USD	Nestlé SA 0.09% due 07/21/14		4,823,023		4,823,176
	11,597,000 USD	Nestlé SA 0.11% due 06/12/14		11,595,512		11,595,512
	17,050,000 USD	Nestlé SA 0.12% due 05/12/14		17,049,401		17,049,401
	11,634,000 USD	Nestlé SA 0.12% due 07/07/14		11,631,402		11,632,029
	12,743,000 USD	Roche Holdings, Inc. 0.07% due 05/02/14		12,742,975		12,742,975
	6,913,000 USD	Roche Holdings, Inc. 0.07% due 06/02/14		6,912,570		6,912,570
	29,049,000 USD	Roche Holdings, Inc. 0.07% due 06/05/14		29,047,023		29,047,023
	10,969,000 USD	Roche Holdings, Inc. 0.07% due 06/12/14		10,968,104		10,968,104
	19,263,000 USD	Roche Holdings, Inc. 0.07% due 06/20/14		19,261,127		19,261,127
	8,049,000 USD	Roche Holdings, Inc. 0.07% due 06/23/14		8,048,171		8,048,171
	6,507,000 USD	Roche Holdings, Inc. 0.07% due 07/03/14		6,506,203		6,505,346
	6,127,000 USD	Roche Holdings, Inc. 0.08% due 05/20/14		6,126,741		6,126,741
	10,961,000 USD	Roche Holdings, Inc. 0.08% due 07/02/14		10,959,490		10,958,276
	9,817,000 USD	Roche Holdings, Inc. 0.08% due 07/08/14		9,815,516		9,814,253
	22,407,000 USD	Roche Holdings, Inc. 0.08% due 07/10/14		22,403,514		22,400,504

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
60

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 8.00% — (continued)
Switzerland 1.99% — (continued)
	12,590,000 USD	Roche Holdings, Inc. 0.08% due 07/16/14	$	12,587,873	$	12,585,933
United Kingdom 2.07%
	13,923,000 USD	AstraZeneca PLC 0.07% due 07/08/14		13,921,159		13,919,104
	9,149,000 USD	AstraZeneca PLC 0.08% due 05/19/14		9,148,634		9,148,634
	17,912,000 USD	AstraZeneca PLC 0.08% due 06/09/14		17,910,448		17,910,448
	11,415,000 USD	AstraZeneca PLC 0.09% due 05/12/14		11,414,686		11,414,686
	17,539,000 USD	AstraZeneca PLC 0.09% due 05/16/14		17,538,342		17,538,342
	10,906,000 USD	Astrazeneca PLC 0.09% due 05/27/14		10,905,291		10,905,291
	13,823,000 USD	AstraZeneca PLC 0.09% due 06/10/14		13,821,618		13,821,618
	7,780,000 USD	AstraZeneca PLC 0.09% due 06/16/14		7,779,105		7,779,105
	16,340,000 USD	AstraZeneca PLC 0.09% due 06/24/14		16,337,794		16,337,794
	12,351,000 USD	AstraZeneca PLC 0.10% due 06/17/14		12,349,388		12,349,388
	13,848,000 USD	British American Tobacco PLC 0.26% due 06/11/14		13,843,900		13,843,900
	5,214,000 USD	Centrica PLC 0.29% due 05/02/14		5,213,958		5,213,958
	8,563,000 USD	Centrica PLC 0.30% due 05/02/14		8,562,929		8,562,929
	5,812,000 USD	Centrica PLC 0.30% due 05/09/14		5,811,613		5,811,613
	10,140,000 USD	Centrica PLC 0.32% due 06/06/14		10,136,755		10,136,755
	10,038,000 USD	Centrica PLC 0.33% due 06/17/14		10,033,675		10,033,675
	2,386,000 USD	Centrica PLC 0.41% due 07/01/14		2,384,383		2,384,886
	2,971,000 USD	GlaxoSmithKline PLC 0.07% due 05/08/14		2,970,960		2,970,960
	13,361,000 USD	GlaxoSmithKline PLC 0.10% due 06/02/14		13,359,812		13,359,812
	21,938,000 USD	GlaxoSmithKline PLC 0.11% due 06/23/14		21,934,447		21,934,447
	13,579,000 USD	GlaxoSmithKline PLC 0.12% due 06/30/14		13,576,284		13,575,066

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
61

Overseas Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 8.00% — (continued)
United Kingdom 2.07% — (continued)
	19,199,000 USD	Reckitt Benckiser 0.15% due 07/29/14	$	19,191,880	$	19,190,360
	9,455,000 USD	Reed Elsevier, Inc. 0.20% due 06/16/14		9,452,584		9,452,584
	12,842,000 USD	Reed Elsevier, Inc. 0.21% due 07/01/14		12,837,430		12,836,007
	10,961,000 USD	Reed Elsevier, Inc. 0.22% due 06/18/14		10,957,785		10,957,785
	18,298,000 USD	Royal Dutch Shell PLC 0.07% due 05/06/14		18,297,822		18,297,822
Total International Commercial Paper				1,197,678,457		1,197,662,507
U.S. Commercial Paper — 13.32%
$	7,550,000	3M Company 0.07% due 06/23/14		7,549,222		7,549,222
	5,432,000	3M Company 0.07% due 06/26/14		5,431,409		5,431,409
	10,566,000	Abbott Laboratories 0.08% due 05/22/14		10,565,507		10,565,507
	9,307,000	Abbott Laboratories 0.08% due 06/19/14		9,305,987		9,305,987
	16,046,000	Abbott Laboratories 0.09% due 05/22/14		16,045,158		16,045,158
	7,748,000	Abbott Laboratories 0.09% due 06/10/14		7,747,225		7,747,225
	15,553,000	Abbott Laboratories 0.10% due 05/19/14		15,552,222		15,552,222
	11,233,000	Abbott Laboratories 0.10% due 06/03/14		11,231,970		11,231,970
	9,216,000	Abbott Laboratories 0.10% due 06/06/14		9,215,078		9,215,078
	8,464,000	Abbott Laboratories 0.10% due 06/16/14		8,462,919		8,462,919
	4,809,000	Abbott Laboratories 0.10% due 06/23/14		4,808,292		4,808,292
	5,083,000	Abbott Laboratories 0.10% due 07/08/14		5,082,040		5,082,357
	8,813,000	Abbott Laboratories 0.10% due 07/11/14		8,811,262		8,811,801
	4,937,000	Abbott Laboratories 0.10% due 07/15/14		4,935,971		4,936,260
	6,511,000	Abbott Laboratories 0.10% due 07/21/14		6,509,535		6,509,888

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
62

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 13.32% — (continued)
$	9,462,000	Air Products 0.08% due 06/04/14	$	9,461,285	$	9,461,285
	7,060,000	Air Products 0.08% due 06/23/14		7,059,168		7,059,168
	7,242,000	Air Products 0.09% due 06/04/14		7,241,384		7,241,384
	6,295,000	BHP Billiton Finance USA Limited 0.08% due 05/20/14		6,294,734		6,294,734
	9,876,000	Caterpillar Financial Services Company 0.09% due 07/01/14		9,874,494		9,873,942
	22,467,000	Caterpillar Financial Services Company 0.11% due 06/06/14		22,464,529		22,464,529
	15,930,000	Caterpillar Financial Services Company 0.13% due 07/17/14		15,925,571		15,925,651
	13,899,000	Celgene Corporation 0.23% due 05/07/14		13,898,467		13,898,467
	11,597,000	Celgene Corporation 0.25% due 06/12/14		11,593,618		11,593,618
	7,853,000	Celgene Corporation 0.25% due 07/02/14		7,849,619		7,849,262
	9,431,000	Chevron Corporation 0.07% due 05/01/14		9,431,000		9,431,000
	5,794,000	Chevron Corporation 0.07% due 06/03/14		5,793,628		5,793,628
	8,748,000	Chevron Corporation 0.07% due 06/11/14		8,747,303		8,747,303
	15,974,000	Chevron Corporation 0.07% due 07/07/14		15,971,919		15,969,625
	14,034,000	Chevron Corporation 0.08% due 05/01/14		14,034,000		14,034,000
	4,363,000	Chevron Corporation 0.08% due 05/02/14		4,362,990		4,362,990
	8,263,000	Chevron Corporation 0.08% due 05/05/14		8,262,927		8,262,927
	10,140,000	Chevron Corporation 0.08% due 05/06/14		10,139,887		10,139,887
	10,140,000	Chevron Corporation 0.08% due 05/08/14		10,139,842		10,139,842
	10,140,000	Chevron Corporation 0.08% due 05/09/14		10,139,820		10,139,820
	11,942,000	Chevron Corporation 0.08% due 05/13/14		11,941,682		11,941,682

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
63

Overseas Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 13.32% — (continued)
$	12,578,000	Chevron Corporation 0.08% due 05/14/14	$	12,577,637	$	12,577,637
	12,707,000	Chevron Corporation 0.08% due 06/12/14		12,705,814		12,705,814
	9,053,000	Chevron Corporation 0.08% due 06/13/14		9,052,135		9,052,135
	8,089,000	Chevron Corporation 0.08% due 07/01/14		8,087,903		8,087,036
	12,842,000	Chevron Corporation 0.08% due 07/11/14		12,839,974		12,838,199
	9,725,000	Chevron Corporation 0.09% due 05/21/14		9,724,514		9,724,514
	11,201,000	Church & Dwight Company, Inc. 0.30% due 05/20/14		11,199,227		11,199,227
	14,725,000	Coca-Cola Company 0.07% due 06/12/14		14,723,797		14,723,797
	8,382,000	Coca-Cola Company 0.08% due 05/16/14		8,381,721		8,381,721
	5,489,000	Coca-Cola Company 0.09% due 05/15/14		5,488,808		5,488,808
	13,694,000	Coca-Cola Company 0.09% due 05/16/14		13,693,486		13,693,486
	8,987,000	Coca-Cola Company 0.09% due 05/19/14		8,986,596		8,986,596
	1,963,000	Coca-Cola Company 0.10% due 07/09/14		1,962,624		1,962,630
	6,379,000	Coca-Cola Company 0.10% due 07/18/14		6,377,618		6,377,558
	7,053,000	Coca-Cola Company 0.10% due 07/21/14		7,051,413		7,051,313
	8,049,000	Coca-Cola Company 0.10% due 07/24/14		8,047,122		8,046,967
	5,569,000	Coca-Cola Company 0.10% due 08/01/14		5,567,577		5,567,403
	9,797,000	Coca-Cola Company 0.11% due 05/13/14		9,796,641		9,796,641
	5,331,000	Coca-Cola Company 0.11% due 06/06/14		5,330,414		5,330,414
	12,371,000	Coca-Cola Company 0.12% due 05/13/14		12,370,505		12,370,505
	12,785,000	ConocoPhillips 0.10% due 07/08/14		12,782,585		12,782,648

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
64

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 13.32% — (continued)
$	13,648,000	ConocoPhillips 0.11% due 06/18/14	$	13,645,998	$	13,645,998
	4,653,000	Corning, Inc. 0.17% due 06/12/14		4,652,077		4,652,077
	3,711,000	Corning, Inc. 0.17% due 06/25/14		3,710,036		3,710,036
	16,561,000	Corning, Inc. 0.17% due 07/01/14		16,556,229		16,553,271
	19,267,000	Corning, Inc. 0.18% due 05/07/14		19,266,422		19,266,422
	20,509,000	Corning, Inc. 0.18% due 05/08/14		20,508,282		20,508,282
	4,227,000	Devon Energy Corporation 0.19% due 05/01/14		4,227,000		4,227,000
	4,132,000	Devon Energy Corporation 0.19% due 05/14/14		4,131,717		4,131,717
	4,132,000	Devon Energy Corporation 0.19% due 05/15/14		4,131,695		4,131,695
	5,846,000	Devon Energy Corporation 0.19% due 05/20/14		5,845,414		5,845,414
	9,149,000	Devon Energy Corporation 0.19% due 05/21/14		9,148,034		9,148,034
	11,437,000	Devon Energy Corporation 0.19% due 05/22/14		11,435,732		11,435,732
	7,053,000	Devon Energy Corporation 0.19% due 06/20/14		7,051,139		7,051,139
	5,137,000	Devon Energy Corporation 0.19% due 06/23/14		5,135,563		5,135,563
	4,565,000	Devon Energy Corporation 0.20% due 05/27/14		4,564,341		4,564,341
	4,565,000	Devon Energy Corporation 0.20% due 05/28/14		4,564,315		4,564,315
	4,338,000	Devon Energy Corporation 0.20% due 07/01/14		4,336,530		4,335,975
	10,342,000	Diageo Capital PLC 0.24% due 06/05/14		10,339,587		10,339,587
	6,005,000	Diageo Capital PLC 0.25% due 05/22/14		6,004,124		6,004,124
	7,242,000	Diageo Capital PLC 0.25% due 06/10/14		7,239,988		7,239,988
	5,890,000	Diageo Capital PLC 0.25% due 06/11/14		5,888,323		5,888,323

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
65

Overseas Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 13.32% — (continued)
$	9,888,000	Diageo Capital PLC 0.25% due 06/19/14	$	9,884,635	$	9,884,635
	7,434,000	Diageo Capital PLC 0.26% due 06/20/14		7,431,316		7,431,316
	4,830,000	Dominion Resources, Inc. 0.20% due 05/21/14		4,829,463		4,829,463
	5,489,000	Dominion Resources, Inc. 0.25% due 05/06/14		5,488,809		5,488,809
	11,679,000	Dr Pepper Snapple Group, Inc. 0.20% due 05/13/14		11,678,221		11,678,221
	5,839,000	Dr Pepper Snapple Group, Inc. 0.22% due 06/10/14		5,837,573		5,837,573
	5,488,000	Emerson Electric Company 0.08% due 05/29/14		5,487,659		5,487,659
	5,029,000	Emerson Electric Company 0.08% due 05/30/14		5,028,676		5,028,676
	8,663,000	Emerson Electric Company 0.10% due 05/12/14		8,662,735		8,662,735
	6,926,000	Emerson Electric Company 0.10% due 06/02/14		6,925,384		6,925,384
	4,896,000	Emerson Electric Company 0.10% due 06/04/14		4,895,538		4,895,538
	12,092,000	Google, Inc. 0.06% due 05/21/14		12,091,597		12,091,597
	10,342,000	Google, Inc. 0.06% due 06/19/14		10,341,155		10,341,155
	8,759,000	Google, Inc. 0.08% due 05/14/14		8,758,747		8,758,747
	10,969,000	Google, Inc. 0.08% due 07/09/14		10,967,318		10,967,571
	13,596,000	Google, Inc. 0.09% due 05/07/14		13,595,796		13,595,796
	4,433,000	Honeywell International, Inc. 0.08% due 05/13/14		4,432,882		4,432,882
	9,149,000	Honeywell International, Inc. 0.10% due 05/19/14		9,148,543		9,148,543
	11,201,000	Honeywell International, Inc. 0.10% due 05/21/14		11,200,378		11,200,378
	9,797,000	Honeywell International, Inc. 0.11% due 05/29/14		9,796,162		9,796,162
	11,437,000	Honeywell International, Inc. 0.12% due 06/09/14		11,435,513		11,435,513

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
66

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 13.32% — (continued)
$	8,579,000	Honeywell International, Inc. 0.12% due 06/19/14	$	8,577,599	$	8,577,599
	7,661,000	Intercontinental Exchange Group, Inc. 0.25% due 05/08/14		7,660,628		7,660,628
	9,725,000	International Business Machines Corporation 0.07% due 05/07/14		9,724,887		9,724,887
	19,450,000	International Business Machines Corporation 0.07% due 05/13/14		19,449,546		19,449,546
	18,432,000	Johnson & Johnson 0.05% due 05/06/14		18,431,872		18,431,872
	9,216,000	Johnson & Johnson 0.05% due 05/08/14		9,215,910		9,215,910
	9,462,000	Johnson Controls 0.27% due 06/23/14		9,458,239		9,458,239
	4,689,000	McDonald's Corporation 0.08% due 06/23/14		4,688,448		4,688,448
	19,613,000	McDonald's Corporation 0.08% due 06/27/14		19,610,516		19,610,516
	27,598,000	Merck & Company, Inc. 0.06% due 05/01/14		27,598,000		27,598,000
	17,912,000	Merck & Company, Inc. 0.06% due 05/09/14		17,911,761		17,911,761
	17,606,000	Merck & Company, Inc. 0.07% due 05/05/14		17,605,863		17,605,863
	12,590,000	Merck & Company, Inc. 0.07% due 05/29/14		12,589,315		12,589,315
	23,195,000	Merck & Company, Inc. 0.08% due 05/15/14		23,194,278		23,194,278
	12,092,000	Merck & Company, Inc. 0.08% due 06/02/14		12,091,140		12,091,140
	22,671,000	Merck & Company, Inc. 0.08% due 06/04/14		22,669,287		22,669,287
	19,372,000	Merck & Company, Inc. 0.08% due 06/13/14		19,370,149		19,370,149
	3,526,000	Merck & Company, Inc. 0.09% due 06/17/14		3,525,586		3,525,586
	9,766,000	MetLife 0.10% due 06/06/14		9,765,023		9,765,023
	9,766,000	MetLife 0.10% due 06/09/14		9,764,942		9,764,942

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
67

Overseas Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 13.32% — (continued)
$	9,912,000	National Grid USA 0.28% due 06/11/14	$	9,908,839	$	9,908,839
	6,961,000	Omnicom Group, Inc. 0.26% due 06/20/14		6,958,486		6,958,486
	6,705,000	Parker-Hannifin Corporation 0.08% due 05/02/14		6,704,985		6,704,985
	7,095,000	Parker-Hannifin Corporation 0.08% due 05/06/14		7,094,921		7,094,921
	3,178,000	PepsiCo, Inc. 0.06% due 05/01/14		3,178,000		3,178,000
	8,775,000	PepsiCo, Inc. 0.06% due 06/06/14		8,774,474		8,774,474
	10,975,000	PepsiCo, Inc. 0.07% due 05/07/14		10,974,872		10,974,872
	9,462,000	PepsiCo, Inc. 0.07% due 06/06/14		9,461,338		9,461,338
	13,050,000	PepsiCo, Inc. 0.07% due 06/10/14		13,048,985		13,048,985
	22,942,000	Pfizer, Inc. 0.06% due 05/22/14		22,941,197		22,941,197
	21,616,000	Pfizer, Inc. 0.07% due 05/14/14		21,615,454		21,615,454
	20,527,000	Pfizer, Inc. 0.08% due 06/10/14		20,525,175		20,525,175
	9,732,000	Pfizer, Inc. 0.08% due 06/11/14		9,731,113		9,731,113
	20,934,000	Pfizer, Inc. 0.08% due 06/16/14		20,931,860		20,931,860
	10,467,000	Pfizer, Inc. 0.08% due 06/17/14		10,465,907		10,465,907
	17,966,000	Pfizer, Inc. 0.09% due 06/09/14		17,964,248		17,964,248
	4,117,000	Philip Morris International, Inc. 0.05% due 05/19/14		4,116,897		4,116,897
	4,866,000	Philip Morris International, Inc. 0.05% due 05/27/14		4,865,824		4,865,824
	11,597,000	Philip Morris International, Inc. 0.05% due 05/28/14		11,596,565		11,596,565
	3,469,000	Philip Morris International, Inc. 0.06% due 05/01/14		3,469,000		3,469,000
	8,381,000	Philip Morris International, Inc. 0.06% due 05/20/14		8,380,735		8,380,735

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
68

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 13.32% — (continued)
$	9,462,000	Philip Morris International, Inc. 0.07% due 06/05/14	$	9,461,356	$	9,461,356
	10,038,000	Philip Morris International, Inc. 0.07% due 06/09/14		10,037,239		10,037,239
	12,707,000	Philip Morris International, Inc. 0.07% due 06/11/14		12,705,987		12,705,987
	9,876,000	Philip Morris International, Inc. 0.08% due 06/04/14		9,875,254		9,875,254
	20,631,000	Philip Morris International, Inc. 0.08% due 06/13/14		20,629,029		20,629,029
	5,453,000	Philip Morris International, Inc. 0.09% due 05/02/14		5,452,986		5,452,986
	10,969,000	Philip Morris International, Inc. 0.09% due 06/18/14		10,967,684		10,967,684
	9,361,000	Philip Morris International, Inc. 0.09% due 06/19/14		9,359,853		9,359,853
	8,857,000	Philip Morris International, Inc. 0.09% due 06/23/14		8,855,826		8,855,826
	23,961,000	Philip Morris International, Inc. 0.09% due 07/16/14		23,956,447		23,951,725
	10,620,000	Philip Morris International, Inc. 0.10% due 07/15/14		10,617,787		10,615,942
	3,293,000	Precision Castparts Corporation 0.08% due 05/02/14		3,292,993		3,292,993
	5,835,000	Precision Castparts Corporation 0.09% due 05/09/14		5,834,883		5,834,883
	15,690,000	Precision Castparts Corporation 0.09% due 06/02/14		15,688,745		15,688,745
	4,813,000	Precision Castparts Corporation 0.09% due 06/12/14		4,812,495		4,812,495
	5,171,000	Precision Castparts Corporation 0.10% due 06/03/14		5,170,526		5,170,526
	3,927,000	Precision Castparts Corporation 0.10% due 06/11/14		3,926,553		3,926,553
	10,845,000	Precision Castparts Corporation 0.10% due 07/02/14		10,843,132		10,841,736
	2,709,000	Procter & Gamble Company 0.07% due 05/30/14		2,708,847		2,708,847
	20,326,000	Procter & Gamble Company 0.08% due 05/19/14		20,325,187		20,325,187
	9,878,000	Procter & Gamble Company 0.08% due 06/05/14		9,877,232		9,877,232

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
69

Overseas Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 13.32% — (continued)
$	13,823,000	Procter & Gamble Company 0.09% due 05/20/14	$	13,822,343	$	13,822,343
	20,540,000	Procter & Gamble Company 0.09% due 05/21/14		20,538,973		20,538,973
	13,183,000	Procter & Gamble Company 0.10% due 06/02/14		13,181,828		13,181,828
	12,351,000	Procter & Gamble Company 0.10% due 06/20/14		12,349,285		12,349,285
	12,590,000	Procter & Gamble Company 0.10% due 07/14/14		12,587,412		12,588,164
	8,049,000	Procter & Gamble Company 0.10% due 07/21/14		8,047,189		8,047,625
	15,512,000	Schlumberger Investments SA 0.10% due 06/16/14		15,510,018		15,510,018
	6,421,000	Schlumberger Investments SA 0.11% due 06/16/14		6,420,098		6,420,098
	2,709,000	Schlumberger Investments SA 0.13% due 06/25/14		2,708,462		2,708,462
	12,394,000	United Healthcare Company 0.18% due 05/14/14		12,393,194		12,393,194
	17,539,000	United Healthcare Company 0.18% due 05/15/14		17,537,772		17,537,772
	15,974,000	United Technologies Corporation 0.07% due 06/24/14		15,972,323		15,972,323
	9,499,000	Wal-Mart Stores, Inc. 0.07% due 05/14/14		9,498,760		9,498,760
	15,990,000	Wal-Mart Stores, Inc. 0.08% due 05/12/14		15,989,609		15,989,609
	12,743,000	Wal-Mart Stores, Inc. 0.10% due 05/05/14		12,742,858		12,742,858
	7,431,000	Wal-Mart Stores, Inc. 0.11% due 05/05/14		7,430,909		7,430,909
	6,552,000	Walt Disney Company 0.06% due 05/16/14		6,551,836		6,551,836
	5,344,000	Walt Disney Company 0.06% due 05/22/14		5,343,813		5,343,813
	24,550,000	Walt Disney Company 0.06% due 05/23/14		24,549,099		24,549,099
	9,875,000	Walt Disney Company 0.06% due 06/18/14		9,874,210		9,874,210
	8,263,000	Walt Disney Company 0.07% due 05/15/14		8,262,775		8,262,775

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
70

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 13.32% — (continued)
$	15,057,000	Walt Disney Company 0.07% due 06/19/14	$	15,055,565	$	15,055,565
	23,356,000	Walt Disney Company 0.07% due 06/20/14		23,353,729		23,353,729
	2,534,000	Walt Disney Company 0.07% due 07/15/14		2,533,630		2,533,460
	3,048,000	Walt Disney Company 0.08% due 06/20/14		3,047,661		3,047,661
	17,408,000	Walt Disney Company 0.08% due 07/15/14		17,405,099		17,404,288
	9,888,000	Walt Disney Company 0.08% due 07/18/14		9,886,286		9,885,765
	9,595,000	WellPoint, Inc. 0.16% due 05/01/14		9,595,000		9,595,000
	5,404,000	WellPoint, Inc. 0.16% due 05/02/14		5,403,976		5,403,976
	10,808,000	WellPoint, Inc. 0.16% due 05/07/14		10,807,712		10,807,712
	4,731,000	WellPoint, Inc. 0.16% due 06/03/14		4,730,306		4,730,306
	5,522,000	WellPoint, Inc. 0.17% due 06/13/14		5,520,879		5,520,879
	5,617,000	WellPoint, Inc. 0.20% due 05/05/14		5,616,875		5,616,875
Total U.S. Commercial Paper				1,993,211,810		1,993,195,586
Total Commercial Paper				3,190,890,267		3,190,858,093
Total Investments — 99.83%			$	11,597,833,576		14,944,415,544
Other Assets in Excess of Liabilities — 0.17%						26,070,918
Net Assets — 100.00%					$	14,970,486,462

  (a)  Non-income producing security/commodity.

  (b)  Security is deemed illiquid. At April 30, 2014, the value of these securities amounted to $93,709,518 or 0.63% of net assets.

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

  (d)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $60,792,122 or 0.41% of net assets.

  (e)  Represents non-voting class of shares.

  (f)  Represents securities that are subject to legal or contractual restrictions on resale. At April 30, 2014, the value of these securities amounted to $52,489,808 or 0.35% of net assets.

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

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
71

Overseas Fund

  (h)  Payment-in-kind security.

  (i)  Floating rate security. Rate shown is the rate in effect at April 30, 2014.

  (j)  This security is convertible until September 27, 2017.

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

At April 30, 2014, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	3,887,914,938
Gross unrealized depreciation		(541,332,970	)
Net unrealized appreciation	$	3,346,581,968

Abbreviations used in this schedule include:

ADR  — American Depository Receipt

FRN  — Floating Rate Note

NVDR  — Non-Voting Depository Receipt

PCL  — Public Company Limited

PLC  — Public Limited Company

RSP  — Represents Savings Shares

Currencies

EUR  — Euro

USD  — United States Dollar

RESTRICTED SECURITIES	ACQUISITION DATE	COST		CARRYING VALUE PER SHARE/PRINCIPAL
Emin Leydier SA FRN 8.259% due 07/31/16	07/30/09	$	14,240,891	$	1.39
FINEL 9.50% due 06/30/17	06/22/05		14,365,843		1.04
FINEL	07/14/99		9,166,547		0.50
Legris Industries SA	04/30/04		23,119,325		23.27

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
72

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

Foreign Currency Exchange Contracts — Sales
SETTLEMENT DATES THROUGH	FOREIGN CURRENCY TO BE DELIVERED			U.S. $ TO BE RECEIVED		U.S. $ VALUE AT APRIL 30, 2014		UNREALIZED APPRECIATION AT APRIL 30, 2014		UNREALIZED DEPRECIATION AT APRIL 30, 2014
06/18/14		8,234,000	British Pound	$	13,429,325	$	13,897,190	$	—	$	(467,865	)
07/16/14		6,104,000	British Pound		10,034,390		10,299,992		—		(265,602	)
08/20/14		16,838,000	British Pound		27,672,821		28,415,456		—		(742,635	)
10/15/14		3,842,000	British Pound		6,433,083		6,478,030		—		(44,947	)
06/18/14		57,365,000	Euro		79,128,315		79,576,761		—		(448,446	)
07/16/14		138,065,000	Euro		187,105,688		191,512,295		—		(4,406,607	)
08/20/14		258,900,000	Euro		349,414,922		359,137,668		—		(9,722,746	)
09/17/14		203,672,000	Euro		283,647,884		282,501,735		1,146,149		—
10/15/14		114,699,000	Euro		158,950,448		159,088,906		—		(138,458	)
06/18/14		24,006,741,000	Japanese Yen		234,479,757		234,884,809		—		(405,052	)
07/16/14		19,188,887,000	Japanese Yen		183,218,949		187,776,786		—		(4,557,837	)
08/20/14		31,040,690,000	Japanese Yen		309,683,749		303,699,911		5,983,838		—
09/17/14		20,580,450,000	Japanese Yen		201,340,775		201,474,922		—		(134,147	)
10/15/14		16,785,315,000	Japanese Yen		164,859,305		164,352,181		507,124		—
				$	2,209,399,411	$	2,223,096,642	$	7,637,111	$	(21,334,342	)

Foreign Currency Exchange Contracts — Purchases

SETTLEMENT DATES THROUGH	FOREIGN CURRENCY TO BE RECEIVED			U.S. $ TO BE DELIVERED		U.S. $ VALUE AT APRIL 30, 2014		UNREALIZED APPRECIATION AT APRIL 30, 2014		UNREALIZED DEPRECIATION AT APRIL 30, 2014
05/13/14		6,184,919,000	Japanese Yen	$	59,379,023	$	60,501,123	$	1,122,100	$	—
06/18/14		4,000,000,000	Japanese Yen		38,181,601		39,136,476		954,875		—
				$	97,560,624	$	99,637,599	$	2,076,975	$	—
Affiliated Securities

AFFILIATED SECURITIES	SHARES OCTOBER 31, 2013		GROSS ADDITIONS		GROSS REDUCTIONS		SHARES APRIL 30, 2014		MARKET VALUE APRIL 30, 2014		REALIZED GAIN/(LOSS)		DIVIDEND INCOME
As One Corporation		1,299,640		—		—		1,299,640	$	34,094,336	$	—	$	400,711
Catalyst Paper Corporation		1,266,835		—		—		1,266,835		2,831,755		—		—
Chofu Seisakusho Company Limited		2,023,800		—		—		2,023,800		50,676,657		—		278,345
FINEL		11,593,581		—		—		11,593,581		5,790,365		—		—
Fursys, Inc.		872,463		—		—		872,463		24,232,738		—		451,873
Gaumont SA		364,373		—		—		364,373		20,073,907		—		—

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
73

Overseas Fund

Affiliated Securities — (continued)
AFFILIATED SECURITIES	SHARES OCTOBER 31, 2013		GROSS ADDITIONS		GROSS REDUCTIONS		SHARES APRIL 30, 2014		MARKET VALUE APRIL 30, 2014		REALIZED GAIN/(LOSS)			DIVIDEND INCOME
Haw Par Corporation Limited		25,512,113		—		—		25,512,113	$	171,545,914	$	—		$	—
Japan Wool Textile Company Limited		6,407,900		—		196,000		6,211,900		46,056,832		(198,730	)		559,727
Jumbo SA*		9,086,616		—		2,980,547		6,106,069		98,690,070		31,548,432			—
Laurent- Perrier		558,938		—		—		558,938		55,909,386		—			—
Legris Industries SA		896,416		—		—		896,416		20,855,878		—			—
Maezawa Kasei Industries Company Limited		2,068,330		—		—		2,068,330		21,546,158		—			273,442
Nitto Kohki Company Limited		2,254,200		—		863,200		1,391,000		25,306,989		(880,995	)		229,609
Robertet SA		235,837		—		—		235,837		54,313,258		—			—
T. Hasegawa Company Limited		3,206,911		—		—		3,206,911		47,585,308		—			574,567
Wienerberger AG*		5,915,786		—		1,330,648		4,585,138		85,144,502		1,126,737			—
Yomeishu Seizo Company Limited*		2,535,900		—		2,535,900		—		—		(4,587,274	)		—
Total									$	764,654,053	$	27,008,170		$	2,768,274

  *  Represents an unaffiliated issuer as of April 30, 2014, as such, amounts represented above will not agree to balances in the Statements of Assets and Liabilities and Statements of Operations.

See Notes to Financial Statements.

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74

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS	PERCENT OF NET ASSETS
International Common Stocks
Consumer Discretionary		8.93	%
Consumer Staples		8.11
Energy		6.31
Financials		10.23
Health Care		5.45
Industrials		14.07
Information Technology		5.03
Materials		11.58
Telecommunication Services		2.19
Total International Common Stocks		71.90
U.S. Common Stock
Materials		0.16
Total U.S. Common Stock		0.16
International Preferred Stocks
Consumer Discretionary		0.52
Consumer Staples		0.06
Total International Preferred Stocks		0.58
Investment Company		0.00
Right		0.00
Commodity		4.82
Term Loans		0.07
International Convertible Bond
Consumer Staples		0.12
Total International Convertible Bond		0.12

See Notes to Financial Statements.

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Overseas Fund

INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)	PERCENT OF NET ASSETS
International Corporate Bonds
Financials		0.10	%
Materials		0.76
Total International Corporate Bonds		0.86
Commercial Paper
International Commercial Paper		8.00
U.S. Commercial Paper		13.32
Total Commercial Paper		21.32
Total Investments		99.83	%

See Notes to Financial Statements.

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Fund Overview | Data as of April 30, 2014 (unaudited)

INVESTMENT OBJECTIVE

The First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its assets in domestic equity and debt securities. Management utilizes a highly disciplined, bottom-up, value-oriented approach in achieving its investment objective.

Average Annual Returns
	ONE-YEAR			FIVE-YEARS			TEN-YEARS
First Eagle U.S. Value Fund (A Shares)
without sales charge		12.95	%		13.57	%		8.51	%
with sales charge		7.31			12.42			7.95
Standard & Poor's 500 Index		20.44			19.14			7.67
Consumer Price Index		1.95			2.14			2.35

Asset Allocation*

Sector/Industry**
Information Technology	19.36	%
Financials	16.79
Energy	9.69
Industrials	8.90
Materials	8.29
Consumer Discretionary	5.28
Commodity	4.87
Consumer Staples	3.14
Health Care	2.97
Warrant	0.53
Utilities	0.36

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

**  Sector/Industry allocation exclude short term investments and options positions.

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

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U.S. Value Fund

Growth of a $10,000 Initial Investment

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

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

The Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings*
Gold Bullion (precious metal)	4.88	%
Oracle Corporation (U.S. software/hardware)	3.67
Microsoft Corporation (U.S. software developer)	3.50
Comcast Corporation, Class 'A' (U.S. cable/satellite television company)	2.90
Intel Corporation (U.S. computer components and related products manufacturer)	2.83
Bank of New York Mellon Corporation (U.S. financial services company)	2.54
Cisco Systems, Inc. (U.S. computer communications company)	2.49
3M Company (U.S. industrial conglomerate)	2.29
Cintas Corporation (U.S. commercial services equipment supplier)	2.07
Berkshire Hathaway, Inc., Class 'A' (U.S. holdings company)	2.02
Total	29.19	%

*  Holdings in cash, commercial paper and other short term cash equivalents have been excluded. Percentages are based on total net assets.

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First Eagle U.S. Value Fund

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Common Stocks — 73.58%
U.S. Common Stocks — 64.29%
Consumer Discretionary 5.27%
	1,802,149	Comcast Corporation, Class 'A'	$	29,467,004	$	91,963,663
	790,034	Omnicom Group, Inc.		25,724,873		53,469,501
	489,138	H&R Block, Inc.		8,259,025		13,901,302
	75,234	McDonald's Corporation		7,536,786		7,627,223
	528	St. John Knits International, Inc. (a)(b)		16,368		2,772
				71,004,056		166,964,461
Consumer Staples 2.99%
	1,306,609	Sysco Corporation		36,466,341		47,599,766
	396,024	Colgate-Palmolive Company		15,232,688		26,652,415
	235,901	Wal-Mart Stores, Inc.		11,087,014		18,803,669
	77,388	Limoneira Company		1,488,691		1,777,602
				64,274,734		94,833,452
Energy 6.38%
	711,766	National Oilwell Varco, Inc.		54,617,021		55,894,984
	761,280	Devon Energy Corporation		43,047,879		53,289,600
	699,723	ConocoPhillips		29,149,642		51,996,416
	1,033,843	San Juan Basin Royalty Trust		20,806,015		19,756,740
	136,180	Apache Corporation		8,754,244		11,820,424
	114,653	SEACOR Holdings, Inc. (a)		7,325,758		9,560,914
				163,700,559		202,319,078
Financials 16.09%
	2,380,687	Bank of New York Mellon Corporation		56,858,996		80,633,869
	332	Berkshire Hathaway, Inc., Class 'A' (a)		32,055,938		64,167,300
	548,595	American Express Company		14,606,626		47,963,661
	117,066	Alleghany Corporation (a)		34,293,700		47,760,587
	1,239,070	BB&T Corporation		30,832,769		46,254,483
	865,682	Cincinnati Financial Corporation		22,171,918		42,193,341
	1,026,039	U.S. Bancorp		25,196,576		41,841,870
	1,206,038	Weyerhaeuser Company, REIT		18,797,826		36,000,234
	688,730	Plum Creek Timber Company, Inc., REIT		24,219,955		30,028,628
	613,629	WR Berkley Corporation		16,784,004		27,146,947
	252,026	Mastercard, Inc., Class 'A'		5,790,386		18,536,512
	84,477	Visa, Inc., Class 'A'		6,092,810		17,115,885
	211,098	Rayonier, Inc., REIT		4,204,148		9,520,520
	40,290	First American Financial Corporation		935,052		1,071,714
				292,840,704		510,235,551

See Notes to Financial Statements.

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Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Common Stocks — 64.29% — (continued)
Health Care 1.99%
	477,470	WellPoint, Inc.	$	23,751,346	$	48,071,680
	149,770	Johnson & Johnson		8,850,248		15,170,203
				32,601,594		63,241,883
Industrials 8.72%
	522,227	3M Company		37,476,682		72,636,553
	1,115,686	Cintas Corporation		32,758,428		65,747,376
	344,610	Alliant Techsystems, Inc.		17,932,324		49,699,654
	372,827	Northrop Grumman Corporation		21,671,558		45,302,209
	262,126	Lockheed Martin Corporation		18,533,193		43,025,362
				128,372,185		276,411,154
Information Technology 19.38%
	2,848,600	Oracle Corporation		84,318,056		116,450,768
	2,742,890	Microsoft Corporation		70,849,511		110,812,756
	3,358,862	Intel Corporation		66,526,606		89,648,027
	3,420,919	Cisco Systems, Inc.		57,406,209		79,057,438
	1,108,560	Linear Technology Corporation		29,025,143		49,330,920
	1,073,861	Teradata Corporation (a)		46,268,333		48,817,721
	1,767,965	Rofin-Sinar Technologies, Inc. (a)(c)(d)		40,434,497		39,248,823
	816,092	Comtech Telecommunications Corporation (c)		25,578,179		25,910,921
	282,559	Automatic Data Processing, Inc.		10,225,607		22,028,300
	25,526	Google, Inc., Class 'A' (a)		6,486,951		13,653,347
	25,526	Google, Inc., Class 'C' (a)		6,503,944		13,443,523
	168,245	NetApp, Inc.		5,327,723		5,991,204
				448,950,759		614,393,748
Materials 3.11%
	529,751	Scotts Miracle-Gro Company, Class 'A'		22,767,001		32,426,059
	200,444	Martin Marietta Materials, Inc.		16,857,497		24,921,202
	375,975	Vulcan Materials Company		14,819,696		24,261,667
	394,810	Newmont Mining Corporation		17,478,234		9,803,132
	116,400	Deltic Timber Corporation		5,718,194		7,071,300
				77,640,622		98,483,360
Utilities 0.36%
	206,273	IDACorp, Inc.		6,422,914		11,580,166
Total U.S. Common Stocks				1,285,808,127		2,038,462,853

See Notes to Financial Statements.

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U.S. Value Fund

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 9.29%
Australia 0.81%
	2,652,613	Newcrest Mining Limited (a)	$	61,341,378	$	25,776,349
Canada 5.96%
	1,450,750	Canadian Natural Resources Limited		41,684,927		59,112,718
	1,283,141	Potash Corporation of Saskatchewan, Inc.		49,485,772		46,398,380
	1,063,343	Goldcorp, Inc.		33,350,639		26,285,839
	2,305,507	Penn West Petroleum Limited		33,629,474		20,887,894
	701,527	Agnico-Eagle Mines Limited		31,972,747		20,718,424
	840,922	Barrick Gold Corporation		15,383,136		14,690,907
	354,331	Catalyst Paper Corporation (a)(b)		6,095		792,036
				205,512,790		188,886,198
France 0.98%
	577,849	Sanofi, ADR		21,132,244		31,088,276
Mexico 0.56%
	1,225,181	Fresnillo PLC		26,986,918		17,614,083
South Africa 0.27%
	2,054,350	Gold Fields Limited, ADR		25,582,311		8,689,901
United Kingdom 0.71%
	549,959	Willis Group Holdings PLC		15,120,837		22,542,819
Total International Common Stocks				355,676,478		294,597,626
Total Common Stocks				1,641,484,605		2,333,060,479
U.S. Preferred Stock — 0.15%
Consumer Staples 0.15%
	168,915	Seneca Foods Corporation, Series '2003' (a)(b)(e)(f)		2,542,171		4,797,186
Investment Company — 0.00%
	27,030	State Street Institutional U.S. Government Money Market Fund, Institutional Class		27,030		27,030
Warrant — 0.53%
United States 0.53%
	888,023	JPMorgan Chase & Company Warrant expire 10/28/18 (a)		10,637,398		16,748,114

See Notes to Financial Statements.

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82

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

OUNCES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Commodity — 4.88%
	119,915	Gold bullion (a)	$	142,974,103	$	154,710,227
PRINCIPAL
Bonds — 1.13%
International Corporate Bond — 0.12%
Canada 0.12%
	4,252,418 USD	Catalyst Paper Corporation 11.00% due 10/30/17 (g)		4,252,418		3,843,123
U.S. Corporate Bonds — 1.01%
$	600,000	Bausch & Lomb, Inc.		523,839 7.125% due 08/01/28 (b)		562,500
	23,411,000	Citgo Petroleum Corporation 11.50% due 07/01/17 (h)		24,854,906		25,137,561
	5,975,000	Mueller Water Products, Inc. 7.375% due 06/01/17		5,267,450		6,094,500
Total U.S. Corporate Bonds				30,646,195		31,794,561
Total Bonds				34,898,613		35,637,684
U.S. Treasury Bills — 4.26%
	40,000,000	U.S. Treasury Bill 0.01% due 07/17/14		39,999,145		39,998,600
	30,000,000	U.S. Treasury Bill 0.02% due 05/15/14		29,999,825		29,999,825
	40,000,000	U.S. Treasury Bill 0.02% due 05/29/14		39,999,378		39,999,378
	25,000,000	U.S. Treasury Bill 0.03% due 05/08/14		24,999,878		24,999,878
Total U.S. Treasury Bills				134,998,226		134,997,681
Commercial Paper — 15.58%
International Commercial Paper — 4.42%
Australia 0.07%
	2,268,000 USD	Telstra Corporation Limited 0.14% due 07/09/14		2,267,392		2,267,220
Canada 0.49%
	1,651,000 USD	Suncor Energy, Inc. 0.19% due 06/16/14		1,650,599		1,650,599
	4,203,000 USD	Suncor Energy, Inc. 0.20% due 05/09/14		4,202,813		4,202,813

See Notes to Financial Statements.

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U.S. Value Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 4.42% — (continued)
Canada 0.49% — (continued)
	3,948,000 USD	Suncor Energy, Inc. 0.23% due 05/16/14	$	3,947,622	$	3,947,622
	5,694,000 USD	Total Capital Limited 0.10% due 06/19/14		5,693,225		5,693,225
France 0.95%
	9,693,000 USD	Essilor International 0.12% due 05/23/14		9,692,289		9,692,289
	2,997,000 USD	Essilor International 0.13% due 05/20/14		2,996,794		2,996,794
	4,021,000 USD	Essilor International 0.16% due 06/17/14		4,020,160		4,020,160
	1,819,000 USD	GDF Suez SA 0.14% due 06/11/14		1,818,710		1,818,710
	3,343,000 USD	GDF Suez SA 0.15% due 05/05/14		3,342,944		3,342,944
	3,209,000 USD	GDF Suez SA 0.15% due 05/12/14		3,208,853		3,208,853
	2,493,000 USD	GDF Suez SA 0.15% due 05/23/14		2,492,772		2,492,772
	2,648,000 USD	Sanofi 0.08% due 06/13/14		2,647,747		2,647,747
Germany 0.18%
	870,000 USD	Henkel Corporation 0.10% due 06/25/14		869,867		869,867
	2,013,000 USD	Siemens Company 0.07% due 06/18/14		2,012,812		2,012,812
	2,889,000 USD	Siemens Company 0.09% due 06/05/14		2,888,747		2,888,747
Ireland 0.19%
	5,977,000 USD	Ingersoll-Rand Global Holding Company 0.15% due 05/01/14		5,977,000		5,977,000
Italy 0.36%
	8,026,000 USD	Eni S.p.A. 0.26% due 05/05/14		8,025,768		8,025,768
	3,401,000 USD	Eni S.p.A. 0.27% due 06/11/14		3,399,954		3,399,954
Japan 0.43%
	7,472,000 USD	Hitachi Limited 0.20% due 05/01/14		7,472,000		7,472,000
	1,865,000 USD	Honda Corporation 0.08% due 05/08/14		1,864,971		1,864,971

See Notes to Financial Statements.

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84

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 4.42% — (continued)
Japan 0.43% — (continued)
	1,516,000 USD	Honda Corporation 0.09% due 05/08/14	$	1,515,973	$	1,515,973
	2,697,000 USD	Honda Corporation 0.09% due 05/23/14		2,696,852		2,696,852
Switzerland 0.59%
	5,586,000 USD	Nestlé SA 0.07% due 05/02/14		5,585,989		5,585,989
	1,579,000 USD	Nestlé SA 0.07% due 05/20/14		1,578,942		1,578,942
	3,502,000 USD	Nestlé SA 0.08% due 06/03/14		3,501,743		3,501,743
	3,401,000 USD	Nestlé SA 0.09% due 07/07/14		3,400,430		3,400,424
	1,893,000 USD	Roche Holdings, Inc. 0.07% due 06/05/14		1,892,871		1,892,871
	2,610,000 USD	Roche Holdings, Inc. 0.07% due 06/12/14		2,609,787		2,609,787
United Kingdom 1.16%
	4,813,000 USD	AstraZeneca PLC 0.08% due 06/09/14		4,812,583		4,812,583
	3,086,000 USD	AstraZeneca PLC 0.09% due 05/12/14		3,085,915		3,085,915
	6,243,000 USD	AstraZeneca PLC 0.09% due 05/16/14		6,242,766		6,242,766
	1,736,000 USD	AstraZeneca PLC 0.09% due 06/10/14		1,735,826		1,735,826
	995,000 USD	AstraZeneca PLC 0.09% due 06/16/14		994,886		994,886
	5,816,000 USD	Centrica PLC 0.30% due 05/09/14		5,815,612		5,815,612
	1,819,000 USD	Centrica PLC 0.33% due 06/17/14		1,818,216		1,818,216
	538,000 USD	GlaxoSmithKline PLC 0.07% due 05/08/14		537,993		537,993
	5,220,000 USD	GlaxoSmithKline PLC 0.11% due 06/23/14		5,219,155		5,219,155
	4,299,000 USD	Reckitt Benckiser 0.15% due 07/29/14		4,297,406		4,297,065
	2,250,000 USD	Reed Elsevier, Inc. 0.20% due 06/16/14		2,249,425		2,249,425
Total International Commercial Paper				140,085,409		140,084,890

See Notes to Financial Statements.

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U.S. Value Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 11.16%
$	1,593,000	Abbott Laboratories 0.08% due 05/22/14	$	1,592,925	$	1,592,925
	3,413,000	Abbott Laboratories 0.09% due 05/22/14		3,412,821		3,412,821
	7,754,000	Abbott Laboratories 0.09% due 06/10/14		7,753,225		7,753,225
	1,157,000	Abbott Laboratories 0.10% due 06/06/14		1,156,884		1,156,884
	1,408,000	Abbott Laboratories 0.10% due 06/16/14		1,407,820		1,407,820
	907,000	Abbott Laboratories 0.10% due 07/08/14		906,828		906,885
	7,472,000	AON Corporation 0.20% due 05/01/14		7,472,000		7,472,000
	4,966,000	Caterpillar Financial Services Company 0.13% due 07/17/14		4,964,619		4,964,644
	2,477,000	Celgene Corporation 0.23% due 05/07/14		2,476,905		2,476,905
	2,344,000	Celgene Corporation 0.25% due 07/02/14		2,342,991		2,342,884
	1,471,000	Chevron Corporation 0.08% due 05/01/14		1,471,000		1,471,000
	1,191,000	Chevron Corporation 0.08% due 05/02/14		1,190,997		1,190,997
	2,256,000	Chevron Corporation 0.08% due 05/05/14		2,255,980		2,255,980
	3,209,000	Chevron Corporation 0.08% due 05/13/14		3,208,914		3,208,914
	2,675,000	Chevron Corporation 0.08% due 05/14/14		2,674,923		2,674,923
	2,268,000	Chevron Corporation 0.08% due 06/12/14		2,267,788		2,267,788
	5,638,000	Chevron Corporation 0.08% due 07/01/14		5,637,236		5,636,631
	1,244,000	Chevron Corporation 0.09% due 05/21/14		1,243,938		1,243,938
	9,669,000	Coca-Cola Company 0.07% due 06/12/14		9,668,210		9,668,210
	2,296,000	Coca-Cola Company 0.08% due 05/16/14		2,295,923		2,295,923
	586,000	Coca-Cola Company 0.10% due 07/09/14		585,887		585,889

See Notes to Financial Statements.

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86

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 11.16% — (continued)
$	7,334,000	Coca-Cola Company 0.10% due 07/24/14	$	7,332,289	$	7,332,147
	1,460,000	Coca-Cola Company 0.11% due 06/06/14		1,459,839		1,459,839
	2,447,000	Coca-Cola Company 0.12% due 05/13/14		2,446,902		2,446,902
	1,539,000	Con Edison, Inc. 0.16% due 05/01/14		1,539,000		1,539,000
	4,254,000	ConocoPhillips 0.11% due 06/18/14		4,253,376		4,253,376
	2,149,000	Corning, Inc. 0.17% due 07/01/14		2,148,381		2,147,997
	4,468,000	Corning, Inc. 0.18% due 05/08/14		4,467,844		4,467,844
	1,128,000	Devon Energy Corporation 0.19% due 05/14/14		1,127,923		1,127,923
	1,128,000	Devon Energy Corporation 0.19% due 05/15/14		1,127,917		1,127,917
	2,081,000	Devon Energy Corporation 0.19% due 05/20/14		2,080,791		2,080,791
	3,948,000	Devon Energy Corporation 0.19% due 05/22/14		3,947,562		3,947,562
	1,342,000	Diageo Capital PLC 0.24% due 06/05/14		1,341,687		1,341,687
	6,009,000	Diageo Capital PLC 0.25% due 05/22/14		6,008,124		6,008,124
	2,317,000	Diageo Capital PLC 0.26% due 06/20/14		2,316,163		2,316,163
	4,700,000	Dominion Resources, Inc. 0.20% due 05/21/14		4,699,478		4,699,478
	5,858,000	Dr Pepper Snapple Group, Inc. 0.20% due 05/13/14		5,857,609		5,857,609
	2,930,000	Dr Pepper Snapple Group, Inc. 0.22% due 06/10/14		2,929,284		2,929,284
	1,167,000	Emerson Electric Company 0.08% due 05/29/14		1,166,927		1,166,927
	1,378,000	Emerson Electric Company 0.08% due 05/30/14		1,377,911		1,377,911
	1,861,000	Emerson Electric Company 0.10% due 06/02/14		1,860,835		1,860,835
	1,316,000	Emerson Electric Company 0.10% due 06/04/14		1,315,876		1,315,876

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
87

U.S. Value Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 11.16% — (continued)
$	2,010,000	Google, Inc. 0.06% due 05/21/14	$	2,009,933	$	2,009,933
	1,342,000	Google, Inc. 0.06% due 06/19/14		1,341,890		1,341,890
	4,394,000	Google, Inc. 0.08% due 05/14/14		4,393,873		4,393,873
	2,610,000	Google, Inc. 0.08% due 07/09/14		2,609,600		2,609,660
	13,232,000	Honeywell International, Inc. 0.08% due 05/13/14		13,231,647		13,231,647
	3,948,000	Honeywell International, Inc. 0.12% due 06/09/14		3,947,487		3,947,487
	1,696,000	Honeywell International, Inc. 0.12% due 06/19/14		1,695,723		1,695,723
	4,483,000	Intercontinental Exchange Group, Inc. 0.18% due 05/01/14		4,483,000		4,483,000
	1,244,000	International Business Machines Corporation 0.07% due 05/07/14		1,243,986		1,243,986
	2,487,000	International Business Machines Corporation 0.07% due 05/13/14		2,486,942		2,486,942
	2,314,000	Johnson & Johnson 0.05% due 05/06/14		2,313,984		2,313,984
	1,157,000	Johnson & Johnson 0.05% due 05/08/14		1,156,989		1,156,989
	14,506,000	Merck & Company, Inc. 0.06% due 05/01/14		14,506,000		14,506,000
	4,813,000	Merck & Company, Inc. 0.06% due 05/09/14		4,812,936		4,812,936
	8,574,000	Merck & Company, Inc. 0.07% due 05/05/14		8,573,933		8,573,933
	2,010,000	Merck & Company, Inc. 0.08% due 06/02/14		2,009,857		2,009,857
	19,385,000	Merck & Company, Inc. 0.08% due 06/13/14		19,383,148		19,383,148
	2,265,000	Parker-Hannifin Corporation 0.08% due 05/02/14		2,264,995		2,264,995
	2,397,000	Parker-Hannifin Corporation 0.08% due 05/06/14		2,396,973		2,396,973
	2,088,000	PepsiCo, Inc. 0.06% due 06/06/14		2,087,875		2,087,875

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
88

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 11.16% — (continued)
$	2,335,000	PepsiCo, Inc. 0.07% due 05/07/14	$	2,334,973	$	2,334,973
	2,364,000	PepsiCo, Inc. 0.07% due 06/10/14		2,363,816		2,363,816
	4,593,000	Pfizer, Inc. 0.06% due 05/22/14		4,592,839		4,592,839
	3,852,000	Pfizer, Inc. 0.07% due 05/14/14		3,851,903		3,851,903
	4,881,000	Pfizer, Inc. 0.08% due 06/11/14		4,880,555		4,880,555
	4,881,000	Pfizer, Inc. 0.09% due 06/09/14		4,880,524		4,880,524
	2,441,000	Philip Morris International, Inc. 0.05% due 05/27/14		2,440,912		2,440,912
	2,297,000	Philip Morris International, Inc. 0.06% due 05/20/14		2,296,927		2,296,927
	1,819,000	Philip Morris International, Inc. 0.07% due 06/09/14		1,818,862		1,818,862
	2,268,000	Philip Morris International, Inc. 0.07% due 06/11/14		2,267,819		2,267,819
	1,167,000	Philip Morris International, Inc. 0.08% due 06/13/14		1,166,889		1,166,889
	2,610,000	Philip Morris International, Inc. 0.09% due 06/18/14		2,609,687		2,609,687
	2,761,000	Philip Morris International, Inc. 0.09% due 06/23/14		2,760,634		2,760,634
	3,311,000	Philip Morris International, Inc. 0.10% due 07/15/14		3,310,310		3,309,735
	746,000	Precision Castparts Corporation 0.09% due 05/09/14		745,985		745,985
	5,194,000	Precision Castparts Corporation 0.09% due 06/12/14		5,193,455		5,193,455
	671,000	Precision Castparts Corporation 0.10% due 06/03/14		670,938		670,938
	1,758,000	Precision Castparts Corporation 0.10% due 06/11/14		1,757,800		1,757,800
	2,010,000	Procter & Gamble Company 0.08% due 05/19/14		2,009,920		2,009,920
	2,101,000	Procter & Gamble Company 0.08% due 06/05/14		2,100,837		2,100,837
	1,736,000	Procter & Gamble Company 0.09% due 05/20/14		1,735,918		1,735,918

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
89

U.S. Value Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Commercial Paper — 11.16% — (continued)
$	6,807,000	Procter & Gamble Company 0.09% due 05/21/14	$	6,806,660	$	6,806,660
	7,334,000	Procter & Gamble Company 0.10% due 07/21/14		7,332,350		7,332,747
	2,013,000	Schlumberger Investments SA 0.10% due 06/16/14		2,012,743		2,012,743
	7,472,000	United Healthcare Company 0.14% due 05/01/14		7,472,000		7,472,000
	3,385,000	United Healthcare Company 0.18% due 05/14/14		3,384,780		3,384,780
	6,243,000	United Healthcare Company 0.18% due 05/15/14		6,242,563		6,242,563
	7,472,000	United Parcel Service, Inc. 0.01% due 05/01/14		7,472,000		7,472,000
	3,001,000	Wal-Mart Stores, Inc. 0.07% due 05/14/14		3,000,924		3,000,924
	3,200,000	Wal-Mart Stores, Inc. 0.08% due 05/12/14		3,199,922		3,199,922
	1,470,000	Wal-Mart Stores, Inc. 0.11% due 05/05/14		1,469,982		1,469,982
	4,447,000	Walt Disney Company 0.06% due 05/23/14		4,446,837		4,446,837
	2,256,000	Walt Disney Company 0.07% due 05/15/14		2,255,939		2,255,939
	2,728,000	Walt Disney Company 0.07% due 06/19/14		2,727,740		2,727,740
	567,000	Walt Disney Company 0.07% due 07/15/14		566,917		566,879
	11,045,000	Walt Disney Company 0.08% due 07/15/14		11,043,159		11,042,646
	2,111,000	WellPoint, Inc. 0.16% due 05/01/14		2,111,000		2,111,000
	963,000	WellPoint, Inc. 0.16% due 05/02/14		962,996		962,996
	1,926,000	WellPoint, Inc. 0.16% due 05/07/14		1,925,949		1,925,949
Total U.S. Commercial Paper				353,970,267		353,968,444
Total Commercial Paper				494,055,676		494,053,334
Total Investment Portfolio Excluding Options Written — 100.11%			$	2,461,617,822	$	3,174,031,735

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
90

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

CONTRACTS			STRIKE PRICE		EXPIRATION DATE	VALUE (NOTE 1)
Covered Call Options Written — (0.01)%
	1,000	Rofin-Sinar Technologies, Inc. (Premium Received $121,808)	$	22.50	June 2014	$	(172,500	)
Total Investments — 100.10% (Cost: $2,461,496,014)							3,173,859,235
Liabilities in Excess of Other Assets — (0.10)%							(3,136,501	)
Net Assets — 100.00%						$	3,170,722,734

  (a)  Non-income producing security/commodity.

  (b)  Security is deemed illiquid. At April 30, 2014, the value of these securities amounted to $6,154,494 or 0.20% of net assets.

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

  (d)  At April 30, 2014, all or a portion of this security was segregated to cover collateral requirement for options.

  (e)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $4,797,186 or 0.15% of net assets.

  (f)  This security is convertible until December 31, 2049.

  (g)  Payment-in-kind security.

  (h)  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.

At April 30, 2014, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	819,420,881
Gross unrealized depreciation		(107,057,660	)
Net unrealized appreciation	$	712,363,221

Abbreviations used in this schedule include:

ADR  — American Depository Receipt

PLC  — Public Limited Company

REIT  — Real Estate Investment Trust

Currencies

USD  — United States Dollar

Affiliated Securities
AFFILIATED SECURITIES	SHARES OCTOBER 31, 2013		GROSS ADDITIONS		GROSS REDUCTIONS		SHARES APRIL 30, 2014		MARKET VALUE APRIL 30, 2014		REALIZED GAIN/(LOSS)			DIVIDEND INCOME
Comtech Telecommu- nications Corporation		16,709		799,383		—		816,092	$	25,910,921	$	—		$	173,583
Rofin-Sinar Technologies, Inc.		1,840,310		—		72,345		1,767,965		39,248,823		(240,203	)		—
Total									$	65,159,744	$	(240,203	)	$	173,583

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
91

U.S. Value Fund

INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS	PERCENT OF NET ASSETS
U.S. Common Stocks
Consumer Discretionary		5.27	%
Consumer Staples		2.99
Energy		6.38
Financials		16.09
Health Care		1.99
Industrials		8.72
Information Technology		19.38
Materials		3.11
Utilities		0.36
Total U.S. Common Stocks		64.29
International Common Stocks
Energy		2.53
Financials		0.71
Health Care		0.98
Materials		5.07
Total International Common Stocks		9.29
U.S. Preferred Stock
Consumer Staples		0.15
Total U.S. Preferred Stock		0.15
Investment Company		0.00
Warrant		0.53
Commodity		4.88
International Corporate Bond
Materials		0.12
Total International Corporate Bond		0.12

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
92

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)	PERCENT OF NET ASSETS
U.S. Corporate Bonds
Consumer Discretionary		0.02	%
Energy		0.80
Industrials		0.19
Total U.S. Corporate Bonds		1.01
U.S. Treasury Bills		4.26
Commercial Paper
International Commercial Paper		4.42
U.S. Commercial Paper		11.16
Total Commercial Paper		15.58
Covered Call Options Written		(0.01	)
Total Investments		100.10	%

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
93

Fund Overview | Data as of April 30, 2014 (unaudited)

INVESTMENT OBJECTIVE

The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and, to a limited extent, other precious metals) for a portion of their overall investment portfolio. In seeking to achieve its objective, the Fund invests primarily in gold, gold related securities and issuers principally engaged in the gold industry.

Average Annual Returns
	ONE-YEAR			FIVE-YEARS			TEN-YEARS
First Eagle Gold Fund (A Shares)
without sales load		–14.14	%		–0.80	%		6.42	%
with sales load		–18.44			–1.81			5.87
FTSE Gold Mines Index		–19.40			–7.89			0.81
MSCI World Index		16.62			16.03			7.17
Consumer Price Index		1.95			2.14			2.35

Asset Allocation*

Countries**
Canada	36.21	%
United States	31.53
South Africa	9.55
Mexico	6.54
Africa	6.22
Australia	4.89
Bermuda	1.15
Channel Island	0.21

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

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

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
94

Gold Fund

Growth of a $10,000 Initial Investment

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

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

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested. The FTSE Gold Mines Index Series is designed to reflect the performance of the worldwide market in the shares of companies whose principal activity is the mining of gold. The FTSE Gold Mines Index encompasses all gold mining companies that have a sustainable, attributable gold production of at least 300,000 ounces a year and that derive 51% or more of their revenue from mined gold. The Index is unmanaged, is available with dividends reinvested and is not available for purchase. The Consumer Price Index (CPI) represents the change in price of all goods and services purchased for consumption by urban households.

Top 10 Holdings*
Gold Bullion (United States)	18.76	%
Randgold Resources Limited ADR (Africa)	6.22
AngloGold Ashanti Limited ADR (South Africa)	5.67
Goldcorp, Inc. (Canada)	5.47
Agnico-Eagle Mines Limited (Canada)	5.38
Fresnillo PLC (Mexico)	4.32
Tahoe Resources, Inc. (United States)	4.30
Royal Gold, Inc. (United States)	4.25
Newmont Mining Corporation (United States)	4.19
Barrick Gold Corporation (Canada)	4.06
Total	62.62	%

  *  Holdings in cash, commercial paper and other short term cash equivalents have been excluded. Percentages are based on total net assets.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
95

First Eagle Gold Fund

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Common Stocks — 75.37%
International Common Stocks — 62.63%
Africa 6.22%
	1,050,128	Randgold Resources Limited, ADR	$	17,918,840	$	84,083,749
Australia 4.89%
	5,273,646	Newcrest Mining Limited (a)		156,638,162		51,245,824
	6,086,505	Regis Resources Limited		26,575,698		13,740,106
	7,991,615	St. Augustine Gold and Copper Limited (a)(b)		8,188,305		1,148,377
				191,402,165		66,134,307
Bermuda 1.15%
	4,373,950	Continental Gold Limited (a)		27,708,125		15,563,528
Canada 34.08%
	2,991,720	Goldcorp, Inc.		92,012,899		73,955,318
	2,461,228	Agnico-Eagle Mines Limited		93,909,918		72,688,245
	3,139,764	Barrick Gold Corporation		83,670,622		54,851,677
	12,730,772	Kinross Gold Corporation (a)		155,351,273		51,686,934
	968,033	Franco-Nevada Corporation		16,689,933		46,659,535
	6,345,940	Osisko Mining Corporation (a)(c)		44,207,706		45,450,143
	6,443,257	Eldorado Gold Corporation		64,771,164		39,269,155
	6,359,731	New Gold, Inc. (a)		15,482,255		32,145,349
	1,516,060	Detour Gold Corporation (a)(c)		25,395,963		15,090,748
	2,991,219	IAMGOLD Corporation		11,101,092		10,425,123
	3,122,100	Alacer Gold Corporation		13,571,110		7,463,074
	1,071,100	Primero Mining Corporation (a)		6,046,087		6,772,249
	1,300,000	Dundee Precious Metals, Inc. (a)(c)		1,969,513		4,317,321
				624,179,535		460,774,871
Channel Island 0.21%
	3,066,400	Lydian International Limited (a)		6,767,759		2,825,659
Mexico 6.54%
	4,063,583	Fresnillo PLC		15,751,246		58,420,991
	1,289,602	Industrias Peñoles S.A.B. de C.V.		2,490,226		30,024,259
				18,241,472		88,445,250
South Africa 9.54%
	4,235,849	AngloGold Ashanti Limited, ADR (a)		135,141,695		76,668,867
	11,995,180	Gold Fields Limited, ADR		102,368,061		50,739,611

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
96

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 62.63% — (continued)
South Africa 9.54% — (continued)
	485,357	Harmony Gold Mining Company Limited, ADR (a)	$	3,038,857	$	1,596,825
				240,548,613		129,005,303
Total International Common Stocks				1,126,766,509		846,832,667
U.S. Common Stocks — 12.74%
Materials 12.74%
	2,609,390	Tahoe Resources, Inc. (a)(c)		35,373,417		58,065,802
	867,401	Royal Gold, Inc.		14,962,981		57,421,946
	2,283,277	Newmont Mining Corporation		84,874,657		56,693,768
Total U.S. Common Stocks				135,211,055		172,181,516
Total Common Stocks				1,261,977,564		1,019,014,183
Investment Company — 0.02%
	279,931	State Street Institutional U.S. Government Money Market Fund, Institutional Class		279,931		279,931
OUNCES
Commodity — 18.76%
	196,606	Gold bullion (a)		129,045,676		253,654,900
PRINCIPAL
International Convertible Bonds — 2.11%
Canada 2.11%
	30,000,000 USD	Detour Gold Corporation 5.50% due 11/30/17 (d)(e)(f)		30,000,000		28,575,000
South Africa 0.00%
	2,000,000 CAD	Great Basin Gold Limited 8.00% due 11/30/14 (c)(d)(e)(g)(h)		1,913,534		0
Total International Convertible Bonds				31,913,534		28,575,000
Commercial Paper — 3.70%
International Commercial Paper — 1.50%
France 0.14%
	1,946,000 USD	Électricité de France SA 0.09% due 06/02/14		1,945,844		1,945,844

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
97

Gold Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 1.50% — (continued)
Germany 0.22%
	2,919,000 USD	BASF AG 0.08% due 06/17/14	$	2,918,695	$	2,918,695
Ireland 0.41%
	5,584,000 USD	Ingersoll-Rand Global Holding Company 0.15% due 05/01/14		5,584,000		5,584,000
Japan 0.52%
	6,980,000 USD	Hitachi Limited 0.20% due 05/01/14		6,980,000		6,980,000
United Kingdom 0.21%
	2,919,000 USD	GlaxoSmithKline PLC 0.10% due 06/02/14		2,918,741		2,918,741
Total International Commercial Paper				20,347,280		20,347,280
U.S. Commercial Paper — 2.20%
$	6,980,000	AON Corporation 0.20% due 05/01/14		6,980,000		6,980,000
	1,438,000	Con Edison, Inc. 0.16% due 05/01/14		1,438,000		1,438,000
	4,188,000	Intercontinental Exchange Group, Inc. 0.18% due 05/01/14		4,188,000		4,188,000
	6,980,000	United Healthcare Company 0.14% due 05/01/14		6,980,000		6,980,000
	6,980,000	United Parcel Service, Inc. 0.01% due 05/01/14		6,980,000		6,980,000
	1,168,000	Walt Disney Company 0.06% due 05/22/14		1,167,959		1,167,959
	1,946,000	Walt Disney Company 0.06% due 05/23/14		1,945,929		1,945,929
Total U.S. Commercial Paper				29,679,888		29,679,888
Total Commercial Paper				50,027,168		50,027,168
Total Investments — 99.96%			$	1,473,243,873		1,351,551,182
Other Assets in Excess of Liabilities — 0.04%						482,474
Net Assets — 100.00%					$	1,352,033,656

  (a)  Non-income producing security/commodity.

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

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

  (d)  Securities valued in accordance with fair value procedures under the supervision of the Board of Trustees, representing $28,575,000 or 2.11% of net assets.

See Notes to Financial Statements.

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98

Consolidated Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

  (e)  Security is deemed illiquid. At April 30, 2014, the value of these securities amounted to $28,575,000 or 2.11% of net assets.

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

  (g)  Issuer is in default.

  (h)  This security is convertible until November 30, 2014.

At April 30, 2014, cost is substantially identical for both book and federal income tax purposes. Net unrealized depreciation consisted of:

Gross unrealized appreciation	$	377,078,364
Gross unrealized depreciation		(498,771,055	)
Net unrealized depreciation	$	(121,692,691	)

Abbreviations used in this schedule include:

ADR  — American Depository Receipt

PLC  — Public Limited Company

Currencies

CAD  — Canadian Dollar

USD  — United States Dollar

INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS	PERCENT OF NET ASSETS
International Common Stocks
Materials		62.63	%
Total International Common Stocks		62.63
U.S. Common Stocks
Materials		12.74
Total U.S. Common Stocks		12.74
Investment Company		0.02
Commodity		18.76
International Convertible Bonds
Materials		2.11
Total International Convertible Bonds		2.11
Commercial Paper
International Commercial Paper		1.50
U.S. Commercial Paper		2.20
Total Commercial Paper		3.70
Total Investments		99.96	%

See Notes to Financial Statements.

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99

Fund Overview | Data as of April 30, 2014 (unaudited)

INVESTMENT OBJECTIVE

First Eagle Global Income Builder seeks current income generation and long-term growth of capital. Fundamental research drives the identification of income-producing investment opportunities across all market environments.

Average Annual Returns^
	ONE-YEAR			THREE-YEARS			SINCE INCEPTION (05-01-12)
First Eagle Global Income Builder (A Shares)
without sales load		12.17	%		—			12.21	%
with sales load		6.59			—			9.35
MSCI World Index		16.62			9.08	%		16.49
Barclays Capital U.S. Aggregate Bond Index		–0.26			3.60			1.75

Asset Allocation*

Countries**
United States	40.42	%
France	11.25
Canada	7.73
United Kingdom	3.08
Hong Kong	2.50
Switzerland	2.49
Japan	2.44
Singapore	2.10
Bermuda	2.05
Sweden	1.95
Australia	1.69
Italy	1.63
Netherlands	1.48
Austria	1.43
Ireland	1.21
Germany	1.14
Norway	1.10
Israel	0.86
Belgium	0.83
South Korea	0.57
South Africa	0.54
Spain	0.44
Luxembourg	0.40
Russia	0.37
Mexico	0.25
Romania	0.25
Thailand	0.10
Mauritius	0.09
Chile	0.04

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

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

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

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

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Global Income Builder Fund

Growth of a $10,000 Initial Investment

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

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

The MSCI World Index is a widely followed, unmanaged group of stocks from 23 international markets and is not available for purchase. The index provides total returns in U.S. dollars with net dividends reinvested. The Barclays Capital U.S. Aggregate Bond Index is a broad-based benchmark that measure the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrad ARM passthroughs, ABS, and CMBS. The index is presented here for comparison purposes only. One cannot invest directly in an index.

Top 10 Holdings*
Bouygues SA (French industrial company)	1.85	%
Nestlé SA (Swiss food product manufacturer)	1.68
Microsoft Corporation (U.S. software developer)	1.59
Sysco Corporation (U.S. food services distributor)	1.51
Sanofi (French pharmaceutical company)	1.49
GlaxoSmithKline PLC (British pharmaceutical company)	1.45
Cisco Systems, Inc. (U.S. computer communications company)	1.44
Cenovus Energy, Inc. (Canadian energy company)	1.36
Roundy's Supermarkets, Inc. Term Loan B (U.S. wholesale grocery company)	1.32
ConocoPhillips (U.S. oil & gas company)	1.29
Total	14.98	%

  *  Holdings in cash, commercial paper and other short term cash equivalents have been excluded. Percentages are based on total net assets.

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SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Common Stocks — 52.77%
U.S. Common Stocks — 14.20%
Consumer Discretionary 0.49%
	76,318	H&R Block, Inc.	$	1,517,369	$	2,168,958
	19,377	McDonald's Corporation		1,941,148		1,964,440
				3,458,517		4,133,398
Consumer Staples 1.82%
	350,103	Sysco Corporation		11,719,151		12,754,252
	39,210	Colgate-Palmolive Company		2,123,076		2,638,833
				13,842,227		15,393,085
Energy 1.75%
	146,700	ConocoPhillips		9,016,018		10,901,277
	205,945	San Juan Basin Royalty Trust		3,329,492		3,935,609
				12,345,510		14,836,886
Financials 2.61%
	196,974	Plum Creek Timber Company, Inc., REIT		8,731,162		8,588,066
	154,153	Weyerhaeuser Company, REIT		4,228,905		4,601,467
	93,235	Rayonier, Inc., REIT		4,566,556		4,204,899
	77,199	BB&T Corporation		2,620,728		2,881,839
	38,427	Cincinnati Financial Corporation		1,622,992		1,872,932
				21,770,343		22,149,203
Industrials 1.43%
	40,521	Lockheed Martin Corporation		3,882,354		6,651,117
	27,482	3M Company		2,813,404		3,822,472
	13,571	Northrop Grumman Corporation		970,976		1,649,012
				7,666,734		12,122,601
Information Technology 5.76%
	333,862	Microsoft Corporation		10,682,144		13,488,025
	528,966	Cisco Systems, Inc.		11,265,878		12,224,404
	389,757	Intel Corporation		9,039,304		10,402,614
	185,219	Comtech Telecommunications Corporation		5,815,888		5,880,703
	107,263	Linear Technology Corporation		3,880,478		4,773,204
	26,906	Automatic Data Processing, Inc.		1,615,669		2,097,592
				42,299,361		48,866,542
Materials 0.34%
	116,150	Newmont Mining Corporation		4,145,856		2,884,004
Total U.S. Common Stocks				105,528,548		120,385,719

See Notes to Financial Statements.

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102

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 38.57%
Australia 0.16%
	141,134	Newcrest Mining Limited (a)	$	2,841,934	$	1,371,447
Austria 1.46%
	73,049	Mayr Melnhof Karton AG		8,435,649		9,294,302
	65,355	OMV AG		2,581,646		3,056,946
				11,017,295		12,351,248
Belgium 0.85%
	71,277	Groupe Bruxelles Lambert SA		5,674,861		7,205,830
Bermuda 1.32%
	164,400	Jardine Matheson Holdings Limited		8,770,610		10,242,120
	79,961	Hiscox Limited		895,926		953,143
				9,666,536		11,195,263
Canada 4.14%
	387,747	Cenovus Energy, Inc.		11,179,402		11,543,228
	262,048	Goldcorp, Inc.		7,232,291		6,477,827
	203,782	Agnico-Eagle Mines Limited		6,272,973		6,018,360
	651,746	Penn West Petroleum Limited		6,721,069		5,904,819
	142,933	Potash Corporation of Saskatchewan, Inc.		5,084,322		5,168,457
				36,490,057		35,112,691
Chile 0.04%
	14,373	Cia Cervecerias Unidas SA, ADR		329,357		338,772
France 9.53%
	349,185	Bouygues SA		10,674,368		15,703,174
	116,700	Sanofi		11,389,477		12,631,724
	147,803	Total SA		7,784,048		10,556,200
	92,488	Ciments Francais SA		5,425,254		9,944,270
	359,570	Vivendi SA		9,995,480		9,647,743
	155,130	Compagnie de Saint-Gobain		7,638,229		9,473,962
	154,674	Carrefour SA		4,800,689		6,014,870
	46,595	Neopost SA		2,694,780		3,817,848
	31,199	Legrand SA		1,379,979		2,012,702
	8,966	Thermador Groupe		805,285		992,506
				62,587,589		80,794,999
Germany 1.16%
	197,473	Hamburger Hafen und Logistik AG		4,717,771		4,780,672
	31,614	Daimler AG		1,738,748		2,926,755

See Notes to Financial Statements.

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Global Income Builder Fund

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 38.57% — (continued)
Germany 1.16% — (continued)
	86,689	SMT Scharf AG	$	2,476,978	$	2,136,560
				8,933,497		9,843,987
Hong Kong 2.55%
	5,799,000	Mandarin Oriental International Limited		9,878,323		10,612,170
	2,000,613	Hopewell Holdings Limited		6,819,481		6,876,910
	920,724	Great Eagle Holdings Limited		3,162,883		3,283,656
	67,700	Guoco Group Limited		589,955		811,654
				20,450,642		21,584,390
Ireland 1.23%
	333,811	CRH PLC		7,226,716		9,671,483
	191,056	Beazley PLC		741,977		790,963
				7,968,693		10,462,446
Israel 0.33%
	318,065	Israel Chemicals Limited		3,160,135		2,818,053
Italy 1.66%
	291,551	Eni S.p.A		6,874,033		7,567,879
	745,261	Italcementi S.p.A. RSP		1,986,357		5,790,049
	41,871	Recordati S.p.A.		355,865		731,930
				9,216,255		14,089,858
Japan 2.49%
	325,000	Hoya Corporation		7,018,128		9,581,357
	491,400	Astellas Pharma, Inc.		4,915,377		5,465,073
	164,300	NKSJ Holdings, Inc.		3,711,061		4,096,451
	25,300	Ono Pharmaceutical Company Limited		1,556,650		2,002,025
				17,201,216		21,144,906
Mexico 0.26%
	152,213	Fresnillo PLC		3,068,407		2,188,323
Netherlands 1.51%
	156,364	Sligro Food Group NV		5,333,077		6,551,331
	45,303	HAL Trust		5,857,372		6,278,195
				11,190,449		12,829,526
Norway 0.93%
	955,802	Orkla ASA		7,521,273		7,893,330
Romania 0.26%
	200,000	Societatea Nationala de Gaze Naturale ROMGAZ SA, GDR (a)(b)(c)		1,850,000		2,160,000

See Notes to Financial Statements.

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104

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Common Stocks — 38.57% — (continued)
Russia 0.37%
	440,227	Gazprom OAO, ADR	$	2,978,832	$	3,174,917
Singapore 1.86%
	8,425,500	Frasers Commercial Trust, REIT		8,394,932		8,535,044
	9,659,398	Asian Pay Television Trust		6,212,576		5,817,058
	433,000	Singapore Airport Terminal Services Limited		975,995		1,094,847
	409,000	Overseas Education, Ltd.		277,915		298,505
				15,861,418		15,745,454
South Korea 0.58%
	61,649	KT&G Corporation		4,633,270		4,940,034
Spain 0.45%
	45,964	Red Electrica Corporation SA		2,563,826		3,780,174
Sweden 0.79%
	177,045	Investor AB, Class 'A'		4,869,998		6,725,434
Switzerland 1.86%
	184,663	Nestlé SA		12,801,657		14,257,301
	4,349	APG SGA SA		1,252,827		1,497,270
				14,054,484		15,754,571
Thailand 0.10%
	1,762,000	Thai Beverage PCL		512,015		829,209
United Kingdom 2.68%
	448,009	GlaxoSmithKline PLC		11,121,206		12,344,742
	1,569,104	WM Morrison Supermarkets PLC		6,682,294		5,322,391
	88,011	British American Tobacco PLC		4,723,118		5,077,584
				22,526,618		22,744,717
Total International Common Stocks				287,168,657		327,079,579
Total Common Stocks				392,697,205		447,465,298
Closed-End Mutual Fund — 0.28%
Singapore 0.28%
	27,958,200	Macquarie International Infrastructure Fund Limited		3,027,188		2,408,460
OUNCES
Commodity — 0.93%
	6,108	Gold bullion (a)		8,311,733		7,880,606

See Notes to Financial Statements.

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Global Income Builder Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Bonds — 30.73%
U.S. Corporate Bonds — 19.25%
$	10,171,000	ACCO Brands Corporation 6.75% due 04/30/20	$	10,446,906	$	10,628,695
	852,000	Air Medical Group Holdings, Inc. 9.25% due 11/01/18		885,363		924,420
	2,615,000	Aleris International, Inc. 7.875% due 11/01/20		2,625,912		2,647,688
	881,000	American Axle & Manufacturing, Inc. 6.25% due 03/15/21		881,000		936,063
	2,522,000	American Axle & Manufacturing, Inc. 6.625% due 10/15/22		2,567,493		2,745,827
	2,475,000	Basic Energy Services, Inc. 7.75% due 02/15/19		2,471,741		2,660,625
	4,975,000	Basic Energy Services, Inc. 7.75% due 10/15/22		5,029,184		5,478,719
	8,500,000	Bi-Lo LLC 9.25% due 02/15/19 (c)		9,090,621		9,265,000
	1,435,000	Carrizo Oil & Gas, Inc. 7.50% due 09/15/20		1,495,010		1,578,500
	900,000	Carrizo Oil & Gas, Inc. 8.625% due 10/15/18		934,741		967,500
	4,000,000	CCO Holdings LLC 7.375% due 06/01/20		4,321,306		4,405,000
	6,958,000	CCO Holdings LLC 8.125% due 04/30/20		7,490,246		7,645,102
	6,624,000	CenturyLink, Inc. Series 'W' 6.75% due 12/01/23		6,734,347		7,137,360
	2,960,000	Citgo Petroleum Corporation 11.50% due 07/01/17 (c)		3,161,410		3,178,300
	1,956,000	Cloud Peak Energy Resources 6.375% due 03/15/24		1,985,920		2,044,020
	2,731,000	CommScope, Inc. 8.25% due 01/15/19 (c)		2,897,735		2,969,962
	5,634,000	Crestwood Midstream Partners L.P. 6.125% due 03/01/22 (c)		5,780,831		5,915,700
	10,500,000	Drill Rigs Holdings, Inc. 6.50% due 10/01/17 (c)		10,744,213		10,893,750
	3,000,000	EP Energy LLC 9.375% due 05/01/20		3,401,485		3,472,500
	375,000	Everest Acquisition LLC 6.875% due 05/01/19		388,990		404,531
	1,200,000	Everest Acquisition LLC 7.75% due 09/01/22		1,215,111		1,342,500

See Notes to Financial Statements.

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106

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Corporate Bonds — 19.25% — (continued)
$	7,140,000	Frontier Communications Corporation 8.50% due 04/15/20	$	8,027,902	$	8,349,337
	5,328,000	Harland Clarke Holdings Corporation 6.875% due 03/01/20 (c)		5,367,133		5,374,620
	2,325,000	Huntington Ingalls Industries, Inc. 7.125% due 03/15/21		2,486,704		2,574,938
	1,829,000	Icahn Enterprises L.P. 5.875% due 02/01/22 (c)		1,825,337		1,861,008
	5,175,000	Outerwall, Inc. 6.00% due 03/15/19		5,213,310		5,394,937
	5,820,000	Parker Drilling Company 7.50% due 08/01/20		5,818,143		6,256,500
	1,850,000	PHH Corporation 7.375% due 09/01/19		1,904,784		2,053,500
	5,500,000	Post Holdings, Inc. 6.75% due 12/01/21 (c)		5,746,322		5,775,000
	3,771,000	Post Holdings, Inc. 7.375% due 02/15/22 (c)		4,015,640		4,044,397
	8,185,000	Rentech Nitrogen Partners L.P. 6.50% due 04/15/21 (c)		8,215,971		8,103,150
	1,693,000	Roundy's Supermarkets, Inc. 10.25% due 12/15/20 (c)		1,679,346		1,828,440
	1,500,000	Sprint Communications, Inc. 6.00% due 11/15/22		1,469,067		1,518,750
	8,322,000	Sprint Corporation 7.25% due 09/15/21 (c)		8,756,604		9,102,187
	2,350,000	STHI Holding Corporation 8.00% due 03/15/18 (c)		2,478,869		2,493,938
	2,373,000	Taylor Morrison Communities, Inc. 7.75% due 04/15/20 (c)		2,510,702		2,616,233
	8,376,000	Toys R Us Property Company II 8.50% due 12/01/17		8,600,911		8,606,340
Total U.S. Corporate Bonds				158,666,310		163,195,037
International Bonds — 11.48%
International Convertible Bond — 0.09%
Mauritius 0.09%
	800,000 USD	Golden Agri-Resources Limited 2.50% due 10/04/17 (b)(d)(e)		743,428		796,000

See Notes to Financial Statements.

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Global Income Builder Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Corporate Bonds — 11.39%
Australia 1.57%
	4,459,000 USD	Ausdrill Finance PTY Limited 6.875% due 11/01/19 (b)(c)	$	4,254,153	$	4,124,575
	8,813,000 USD	Nufarm Australia Limited 6.375% due 10/15/19 (c)		9,146,884		9,132,471
				13,401,037		13,257,046
Bermuda 0.77%
	891,000 USD	Aircastle Limited 4.625% due 12/15/18		891,000		914,389
	2,519,000 USD	Aircastle Limited 6.25% due 12/01/19		2,687,171		2,726,818
	2,525,000 USD	Aircastle Limited 7.625% due 04/15/20		2,716,943		2,906,906
				6,295,114		6,548,113
Canada 3.74%
	8,799,000 USD	Lightstream Resources Limited 8.625% due 02/01/20 (c)		8,841,431		9,029,974
	6,000,000 USD	New Gold, Inc. 6.25% due 11/15/22 (c)		5,904,646		6,180,000
	500,000 USD	New Gold, Inc. 7.00% due 04/15/20 (c)		512,470		529,375
	7,317,000 USD	Precision Drilling Corporation 6.50% due 12/15/21		7,621,575		7,957,237
	400,000 USD	Precision Drilling Corporation 6.625% due 11/15/20		400,748		432,000
	6,788,000 USD	Thompson Creek Metals Company, Inc. 9.75% due 12/01/17		7,155,187		7,585,590
				30,436,057		31,714,176
France 1.95%
	6,246,000 USD	Numericable Group SA 6.00% due 05/15/22 (c)		6,336,220		6,402,150
	694,000 USD	Numericable Group SA 6.25% due 05/15/24 (c)		694,000		711,350
	7,500,000 USD	Rexel SA 5.25% due 06/15/20 (c)		7,544,089		7,762,500
	1,550,000 USD	Rexel SA 6.125% due 12/15/19 (c)		1,581,148		1,650,750
				16,155,457		16,526,750
Israel 0.55%
	4,376,056 USD	B Communications, Ltd. 7.375% due 02/15/21 (c)		4,505,125		4,649,560

See Notes to Financial Statements.

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108

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Corporate Bonds — 11.39% — (continued)
Luxembourg 0.41%
	2,038,000 USD	Altice Finco SA 9.875% due 12/15/20 (c)	$	2,336,286	$	2,344,209
	1,097,000 USD	Altice SA 7.75% due 05/15/22 (c)		1,119,555		1,144,994
				3,455,841		3,489,203
Norway 0.19%
	1,630,000 USD	Eksportfinans ASA 2.00% due 09/15/15		1,581,965		1,631,630
South Africa 0.55%
	4,180,000 USD	AngloGold Ashanti Holdings PLC 8.50% due 07/30/20		4,195,962		4,693,304
Sweden 1.20%
	5,170,000 USD	Perstorp Holding AB 8.75% due 05/15/17 (c)		5,445,734		5,557,750
	2,000,000 EUR	Perstorp Holding AB 9.00% due 05/15/17 (c)		2,756,996		3,052,169
	1,000,000 EUR	Perstorp Holding AB 9.00% due 05/15/17 (d)		1,335,630		1,526,084
				9,538,360		10,136,003
United Kingdom 0.46%
	2,210,000 USD	Jaguar Land Rover PLC 5.625% due 02/01/23 (c)		2,195,920		2,314,975
	1,400,000 USD	Jaguar Land Rover PLC 8.125% due 05/15/21 (c)		1,478,366		1,590,750
				3,674,286		3,905,725
Total International Bonds				93,982,632		97,347,510
Total Bonds				252,648,942		260,542,547
Term Loans — 7.55%
Switzerland 0.68%
	5,761,000 USD	Virtuoso US LLC 0.00% - 4.75% due 02/11/21 (f)(g)		5,794,273		5,770,016
United States 6.87%
	1,153,633 USD	Ameriforge Group, Inc. 5.00% due 12/19/19		1,148,575		1,163,727
	1,985,000 USD	Appvion, Inc. 5.75% due 06/28/19		1,967,394		2,003,609
	2,041,573 EUR	Axalta Coating Systems U.S. Holdings Inc., Term Loan B 4.25% due 02/01/20		2,751,390		2,854,113
	6,778,000 USD	Caelus Energy Alaska O3 LLC, Second Lien Term Loan due 04/02/21 (f)(g)		6,642,440		6,684,802

See Notes to Financial Statements.

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PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Term Loans — 7.55% — (continued)
United States 6.87% — (continued)
	6,593,995 USD	Caraustar Industry, Inc. 7.50% due 05/01/19	$	6,609,167	$	6,694,553
	8,544,200 USD	Fortescue Metals Group 0.00% — 4.25% due 06/30/19 (f)(g)		8,541,285		8,554,368
	8,412,196 USD	JC Penney Corporation, Inc. 6.00% due 05/21/18		8,343,389		8,360,167
	7,675,000 USD	Libbey Glass, Inc., Term Loan B due 03/06/21 (f)(g)		7,673,801		7,657,409
	3,033,450 USD	NEP Supershooters L.P. 4.25% due 01/22/20		3,032,321		3,031,933
	11,166,622 USD	Roundy's Supermarkets, Inc., Term Loan B 0.00% — 5.75% due 03/03/21 (f)(g)		11,193,787		11,214,583
				57,903,549		58,219,264
Total Term Loans				63,697,822		63,989,280
Commercial Paper — 9.77%
International Commercial Paper — 3.14%
Ireland 1.40%
	11,821,000 USD	Ingersoll-Rand Global Holding Company 0.15% due 05/01/14		11,821,000		11,821,000
Japan 1.74%
	14,776,000 USD	Hitachi Limited 0.20% due 05/01/14		14,776,000		14,776,000
Total International Commercial Paper				26,597,000		26,597,000
U.S. Commercial Paper — 6.63%
$	14,776,000	AON Corporation 0.20% due 05/01/14		14,776,000		14,776,000
	3,044,000	Con Edison, Inc. 0.16% due 05/01/14		3,044,000		3,044,000
	8,866,000	Intercontinental Exchange Group, Inc. 0.18% due 05/01/14		8,866,000		8,866,000
	14,776,000	United Healthcare Company 0.14% due 05/01/14		14,776,000		14,776,000
	14,776,000	United Parcel Service, Inc. 0.01% due 05/01/14		14,776,000		14,776,000
Total U.S. Commercial Paper				56,238,000		56,238,000
Total Commercial Paper				82,835,000		82,835,000
Total Investments — 102.03%			$	803,217,890		865,121,191
Liabilities in Excess of Other Assets — (2.03)%						(17,207,580	)
Net Assets — 100.00%					$	847,913,611

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
110

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

  (a)  Non-income producing security/commodity.

  (b)  Security is deemed illiquid. At April 30, 2014, the value of these securities amounted to $7,080,575 or 0.84% of net assets.

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

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

  (e)  This security is convertible until September 27, 2017.

  (f)  At April 30, 2014, all or a portion of the security was segregated to cover collateral requirements for extended trade settlements.

  (g)  All or a portion of the security represents unsettled loan positions.

At April 30, 2014, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	71,979,166
Gross unrealized depreciation		(10,075,865	)
Net unrealized appreciation	$	61,903,301

Abbreviations used in this schedule include:

ADR  — American Depository Receipt

GDR  — Global Depositary Receipt

PCL  — Public Company Limited

PLC  — Public Limited Company

REIT  — Real Estate Investment Trust

RSP  — Represents Savings Shares

Currencies

EUR  — Euro

USD   — United States Dollar

See Notes to Financial Statements.

Foreign Currency Exchange Contracts — Sales
SETTLEMENT DATES THROUGH	FOREIGN CURRENCY TO BE DELIVERED			U.S. $ TO BE RECEIVED		U.S. $ VALUE AT APRIL 30, 2014		UNREALIZED APPRECIATION AT APRIL 30, 2014		UNREALIZED DEPRECIATION AT APRIL 30, 2014
06/18/14		249,000	British Pound	$	406,654	$	420,257	$	—	$	(13,603	)
07/16/14		169,000	British Pound		277,820		285,174		—		(7,354	)
08/20/14		511,000	British Pound		840,404		862,352		—		(21,948	)
09/17/14		109,000	British Pound		181,663		183,831		—		(2,168)
10/15/14		111,000	British Pound		185,860		187,159		—		(1,299	)
08/20/14		10,772,000	Euro		14,581,711		14,942,737		—		(361,026	)
06/18/14		17,275,000	Euro		23,840,672		23,963,890		—		(123,218	)
07/16/14		5,927,000	Euro		8,068,523		8,221,443		—		(152,920	)
09/17/14		7,156,000	Euro		9,965,947		9,925,677		40,270		—
10/15/14		8,294,000	Euro		11,488,713		11,503,878		—		(15,165	)
08/20/14		270,080,000	Japanese Yen		2,679,254		2,642,738		36,516		—
06/18/14		167,082,000	Japanese Yen		1,631,931		1,634,750		—		(2,819	)
07/16/14		85,950,000	Japanese Yen		820,666		841,081		—		(20,415	)
09/17/14		112,556,000	Japanese Yen		1,101,148		1,101,882		—		(734	)
10/15/14		90,792,000	Japanese Yen		891,726		888,983		2,743		—
				$	76,962,692	$	77,605,832	$	79,529	$	(722,669	)

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
111

Global Income Builder Fund

Foreign Currency Exchange Contracts — Purchases
SETTLEMENT DATES THROUGH	FOREIGN CURRENCY TO BE RECEIVED			U.S. $ TO BE DELIVERED		U.S. $ VALUE AT APRIL 30, 2014		UNREALIZED APPRECIATION AT APRIL 30, 2014		UNREALIZED DEPRECIATION AT APRIL 30, 2014
06/18/14		3,800,000	Euro	$	5,223,553	$	5,271,362	$	47,809	$	—
05/13/14		31,371,000	Japanese Yen		301,181		306,872		5,691		—
06/18/14		68,000,000	Japanese Yen		649,087		665,320		16,233		—
				$	6,173,821	$	6,243,554	$	69,733	$	—

INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS	PERCENT OF NET ASSETS
U.S. Common Stocks
Consumer Discretionary		0.49	%
Consumer Staples		1.82
Energy		1.75
Financials		2.61
Industrials		1.43
Information Technology		5.76
Materials		0.34
Total U.S. Common Stocks		14.20
International Common Stocks
Consumer Discretionary		2.50
Consumer Staples		6.04
Energy		5.18
Financials		4.56
Health Care		3.91
Industrials		6.29
Information Technology		1.58
Materials		6.92
Telecommunication Services		1.14
Utilities		0.45
Total International Common Stocks		38.57
Closed-End Mutual Fund		0.28
Commodity		0.93

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
112

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)	PERCENT OF NET ASSETS
U.S. Corporate Bonds
Consumer Discretionary		3.01	%
Consumer Staples		2.47
Energy		5.23
Financials		1.49
Health Care		0.29
Industrials		0.65
Materials		1.27
Telecommunication Services		4.84
Total U.S. Corporate Bonds		19.25
International Convertible Bond
Consumer Staples		0.09
Total International Convertible Bond		0.09
International Corporate Bonds
Consumer Discretionary		0.46
Energy		2.06
Financials		1.45
Industrials		1.11
Information Technology		0.84
Materials		4.51
Telecommunication Services		0.96
Total International Corporate Bonds		11.39
Term Loans		7.55
Commercial Paper
International Commercial Paper		3.14
U.S. Commercial Paper		6.63
Total Commercial Paper		9.77
Total Investments		102.03	%

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
113

Fund Overview | Data as of April 30, 2014 (unaudited)

INVESTMENT OBJECTIVE

First Eagle High Yield Fund seeks to provide investors with a high level of current income. To pursue its investment objective the Fund normally invests at least 80% of its net assets in high yield, below investment-grade instruments, or other instruments.

Average Annual Returns^
	ONE-YEAR			FIVE-YEARS			SINCE INCEPTION (11-19-07)
First Eagle High Yield Fund (I Shares)		5.95	%		16.34	%		11.91	%
Barclays Capital U.S. Corporate High Yield Bond Index		6.30			15.72			9.86

Asset Allocation*

Countries**
United States	69.43	%
Canada	5.79
Sweden	2.96
Bermuda	2.50
United Kingdom	2.35
Australia	2.13
France	1.72
Cayman Islands	1.36
Luxembourg	1.17
Norway	0.89
Netherlands	0.86
South Africa	0.85
Switzerland	0.82
Israel	0.38
Mauritius	0.16

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

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

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

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

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
114

High Yield Fund

Growth of a $10,000 Initial Investment

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

The average annual returns for Class I Shares do not give effect to the deduction of a maximum sales charge.

The Barclays Capital U.S. Corporate High Yield Bond Index is composed of fixed-rate, publicly issued, non-investment grade debt, is unmanaged, with dividends reinvested, and is not available for purchase. The index includes both corporate and non-corporate sectors. The corporate sectors are Industrial, Utility, and Finance, which include both U.S. and non-U.S. corporations. The index is presented here for comparison purposes only. One cannot invest directly in an index.

Top 10 Holdings*
Bi-Lo LLC (U.S. food-retail company)	1.45	%
ACCO Brands Corporation (U.S. office product manufacturer)	1.34
Roundy's Supermarkets, Inc. Term Loan B (U.S. wholesale grocery company)	1.34
Bon-Ton Department Stores, Inc. (U.S. retail store company)	1.26
Offshore Group Investment Limited (Cayman Island energy company)	1.20
Frontier Communications Corporation (U.S. communications services provider)	1.17
Sprint Corporation (U.S. communications services provider)	1.15
CCO Holdings LLC (U.S. communications services provider)	1.14
Nufarm Australia Limited (Australian agriculture chemical company)	1.13
American Achievement Corporation (U.S. award products manufacturer)	1.13
Total	12.31	%

*  Holdings in cash, commercial paper and other short term cash equivalents have been excluded. Percentages are based on total net assets.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
115

First Eagle High Yield Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Bonds — 76.05%
U.S. Convertible Bond — 0.17%
$	1,915,000	Headwaters, Inc. 8.75% due 02/01/16 (a)	$	1,942,411	$	2,076,578
U.S. Corporate Bonds — 53.30%
	15,348,000	ACCO Brands Corporation 6.75% due 04/30/20		15,686,402		16,038,660
	3,588,000	Air Medical Group Holdings, Inc. 9.25% due 11/01/18		3,724,632		3,892,980
	7,063,000	Aleris International, Inc. 7.875% due 11/01/20		7,081,130		7,151,287
	12,904,000	American Achievement Corporation 10.875% due 04/15/16 (b)		13,486,218		13,500,810
	2,909,000	American Axle & Manufacturing, Inc. 6.25% due 03/15/21		2,909,000		3,090,813
	3,278,000	American Axle & Manufacturing, Inc. 6.625% due 10/15/22		3,317,841		3,568,923
	8,613,000	Antero Resources Finance Corporation 5.375% due 11/01/21 (b)		8,694,857		8,812,176
	7,072,000	Appvion, Inc. 9.00% due 06/01/20 (b)(c)		6,971,445		7,204,600
	7,126,000	Ashtead Capital, Inc. 6.50% due 07/15/22 (b)		7,572,904		7,767,340
	9,922,000	Atlas Energy Holdings Operating Company LLC 7.75% due 01/15/21		9,990,176		10,170,050
	7,651,000	Atlas Pipeline Partners L.P. 5.875% due 08/01/23		7,356,128		7,593,617
	6,363,000	Atwood Oceanics, Inc. 6.50% due 02/01/20		6,620,301		6,808,410
	6,238,000	Basic Energy Services, Inc. 7.75% due 02/15/19		6,172,948		6,705,850
	4,583,000	Basic Energy Services, Inc. 7.75% due 10/15/22		4,551,437		5,047,029
	9,325,000	Bi-Lo LLC 8.625% due 09/15/18 (b)(d)		9,341,081		9,546,469
	15,925,000	Bi-Lo LLC 9.25% due 02/15/19 (b)		16,699,140		17,358,250
	15,081,000	Bon-Ton Department Stores, Inc. 10.625% due 07/15/17		14,753,199		15,175,256
	7,625,000	Carrizo Oil & Gas, Inc. 8.625% due 10/15/18		7,855,894		8,196,875
	2,841,000	CCO Holdings LLC 6.625% due 01/31/22		2,915,498		3,071,831

See Notes to Financial Statements.

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116

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Corporate Bonds — 53.30% — (continued)
$	12,460,000	CCO Holdings LLC 7.375% due 06/01/20	$	13,350,284	$	13,721,575
	9,608,000	CCO Holdings LLC 8.125% due 04/30/20		10,338,802		10,556,790
	9,821,000	CEC Entertainment, Inc. 8.00% due 02/15/22 (b)		9,894,194		10,115,630
	3,984,000	CenturyLink, Inc. Series 'S' 6.45% due 06/15/21		4,156,704		4,312,680
	8,496,000	CenturyLink, Inc. Series 'W' 6.75% due 12/01/23		8,619,969		9,154,440
	9,786,000	Citgo Petroleum Corporation 11.50% due 07/01/17 (b)		10,403,235		10,507,717
	11,622,000	Claire's Stores, Inc. 9.00% due 03/15/19 (b)		12,303,528		12,144,990
	11,532,000	Cleaver-Brooks, Inc. 8.75% due 12/15/19 (b)		11,999,078		12,829,350
	3,170,000	Cloud Peak Energy Resources 6.375% due 03/15/24		3,218,184		3,312,650
	6,755,000	Crestwood Midstream Partners L.P. 6.125% due 03/01/22 (b)		6,930,350		7,092,750
	11,703,000	Drill Rigs Holdings, Inc. 6.50% due 10/01/17 (b)		11,831,340		12,141,862
	9,150,000	DriveTime Automotive Group, Inc. 12.625% due 06/15/17		9,712,043		9,859,125
	3,209,000	DuPont Fabros Technology L.P. 5.875% due 09/15/21		3,282,219		3,361,428
	10,359,000	Easton-Bell Sports, Inc. 9.75% due 12/01/16		10,773,617		10,903,055
	4,000,000	EP Energy LLC 9.375% due 05/01/20		4,041,300		4,630,000
	1,075,000	Everest Acquisition LLC 6.875% due 05/01/19		1,093,863		1,159,656
	2,894,000	Frontier Communications Corporation 7.125% due 03/15/19		3,040,327		3,248,515
	11,989,000	Frontier Communications Corporation 8.50% due 04/15/20		13,017,844		14,019,637
	9,907,000	GenCorp, Inc. 7.125% due 03/15/21		10,314,561		10,798,630
	9,566,000	Harland Clarke Holdings Corp. 6.875% due 03/01/20 (b)		9,635,507		9,649,702
	4,167,000	Headwaters, Inc. 7.25% due 01/15/19 (b)		4,237,488		4,406,603

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
117

High Yield Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Corporate Bonds — 53.30% — (continued)
$	8,870,000	Headwaters, Inc. 7.625% due 04/01/19	$	8,894,208	$	9,579,600
	3,000,000	Huntington Ingalls Industries, Inc. 6.875% due 03/15/18		3,103,856		3,225,000
	6,226,000	Huntington Ingalls Industries, Inc. 7.125% due 03/15/21		6,573,780		6,895,295
	3,999,000	Icahn Enterprises L.P. 5.875% due 02/01/22 (b)		3,993,680		4,068,983
	3,015,000	Interface, Inc. 7.625% due 12/01/18		3,155,814		3,214,744
	3,639,000	JC Penney Corporation, Inc. Series 'A' 6.875% due 10/15/15		3,397,275		3,538,928
	11,642,000	Kemet Corporation 10.50% due 05/01/18		11,837,198		12,253,205
	7,891,000	Kinder Morgan, Inc. 5.00% due 02/15/21 (b)		7,855,409		7,930,881
	5,882,000	Kinder Morgan, Inc. 5.625% due 11/15/23 (b)		5,910,282		5,914,404
	3,646,000	Kraton Polymers 6.75% due 03/01/19		3,707,332		3,885,269
	5,460,000	L Brands, Inc. 5.625% due 10/15/23		5,497,385		5,719,350
	10,726,000	Landry's, Inc. 9.375% due 05/01/20 (b)		11,235,128		11,879,045
	10,423,000	Magnachip Semiconductor Corporation 6.625% due 07/15/21		10,390,801		10,396,942
	4,548,000	Mcron Finance Corporation 8.375% due 05/15/19 (b)		4,605,347		5,036,910
	762,000	Milacron LLC 7.75% due 02/15/21 (b)		762,000		838,200
	2,842,000	Noranda Aluminum Acquisition Corporation 11.00% due 06/01/19		2,457,952		2,678,585
	10,570,000	Outerwall, Inc. 6.00% due 03/15/19		10,545,614		11,019,225
	7,972,000	Parker Drilling Company 6.75% due 07/15/22 (b)		8,117,175		8,290,880
	1,107,000	Parker Drilling Company 7.50% due 08/01/20		1,110,584		1,190,025
	2,000,000	PHH Corporation 6.375% due 08/15/21		1,992,656		2,080,000
	6,020,000	PHH Corporation 7.375% due 09/01/19		6,319,127		6,682,200

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
118

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Corporate Bonds — 53.30% — (continued)
$	6,480,000	Post Holdings, Inc. 6.75% due 12/01/21 (b)	$	6,613,365	$	6,804,000
	11,683,000	Post Holdings, Inc. 7.375% due 02/15/22 (b)		12,263,066		12,530,017
	8,356,000	Quality Distribution 9.875% due 11/01/18		8,915,139		9,087,150
	6,386,000	Radio Systems Corporation 8.375% due 11/01/19 (b)		6,509,647		7,016,617
	11,243,000	Rentech Nitrogen Partners L.P. 6.50% due 04/15/21 (b)		11,318,633		11,130,570
	6,240,000	Rex Energy Corporation 8.875% due 12/01/20		6,218,507		6,957,600
	12,133,000	ROC Finance 12.125% due 09/01/18 (b)		13,261,991		12,982,310
	8,837,000	Roundy's Supermarkets, Inc. 10.25% due 12/15/20 (b)		8,765,793		9,543,960
	3,330,000	Samson Investment Company 10.75% due 02/15/20 (b)		3,486,883		3,529,800
	7,720,000	Silgan Holdings, Inc. 5.50% due 02/01/22 (b)		7,688,162		8,028,800
	5,000,000	Sprint Communications, Inc. 6.00% due 11/15/22		4,911,793		5,062,500
	7,250,000	Sprint Communications, Inc. 7.00% due 08/15/20		7,573,673		7,920,625
	788,000	Sprint Corporation 7.125% due 06/15/24 (b)		788,000		829,370
	12,657,000	Sprint Corporation 7.25% due 09/15/21 (b)		12,823,386		13,843,594
	6,982,000	STHI Holding Corporation 8.00% due 03/15/18 (b)		7,334,458		7,409,647
	1,787,000	T-Mobile USA, Inc. 6.125% due 01/15/22		1,808,213		1,885,285
	1,170,000	T-Mobile USA, Inc. 6.542% due 04/28/20		1,170,000		1,262,138
	3,000,000	T-Mobile USA, Inc. 6.633% due 04/28/21		3,092,796		3,251,250
	4,680,000	T-Mobile USA, Inc. 6.731% due 04/28/22		4,739,802		5,066,100
	9,264,000	Taylor Morrison Communities, Inc. 7.75% due 04/15/20 (b)		9,749,413		10,213,560
	4,833,000	Time, Inc. 5.75% due 04/15/22 (b)		4,833,000		4,833,000

See Notes to Financial Statements.

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119

High Yield Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Corporate Bonds — 53.30% — (continued)
$	11,834,000	Toys R Us Property Company II 8.50% due 12/01/17	$	12,150,652	$	12,159,435
	9,650,000	United Rentals North America, Inc. 7.375% due 05/15/20		10,202,493		10,735,625
	200,000	United Rentals North America, Inc. 7.625% due 04/15/22		200,000		226,000
	2,000,000	United Rentals North America, Inc. 8.375% due 09/15/20		2,206,482		2,227,500
Total U.S. Corporate Bonds				617,982,618		639,482,135
International Convertible Bond — 0.17%
Mauritius 0.17%
	2,000,000 USD	Golden Agri-Resources Limited 2.50% due 10/04/17 (c)(e)(f)		1,859,160		1,990,000
International Corporate Bonds — 22.41%
Australia 2.14%
	9,425,000 USD	Ausdrill Finance PTY Limited 6.875% due 11/01/19 (b)(c)		9,346,392		8,718,125
	3,205,000 USD	Emeco PTY Limited 9.875% due 03/15/19 (b)		3,159,835		3,333,200
	13,158,000 USD	Nufarm Australia Limited 6.375% due 10/15/19 (b)		13,533,152		13,634,977
				26,039,379		25,686,302
Bermuda 2.52%
	1,707,000 USD	Aircastle Limited 4.625% due 12/15/18		1,707,000		1,751,809
	3,000,000 USD	Aircastle Limited 6.25% due 12/01/19		3,227,421		3,247,500
	5,825,000 USD	Aircastle Limited 7.625% due 04/15/20		6,018,764		6,706,031
	10,077,000 USD	Santa Maria Offshore Limited 8.875% due 07/03/18 (b)(c)		10,199,153		10,732,005
	6,900,000 USD	Viking Cruises, Limited 8.50% due 10/15/22 (b)		7,119,686		7,831,500
				28,272,024		30,268,845
Canada 5.83%
	12,241,000 USD	Lightstream Resources Limited 8.625% due 02/01/20 (b)		12,265,736		12,562,326
	9,528,000 USD	MEG Energy Corporation 7.00% due 03/31/24 (b)		9,693,900		10,123,500
	9,651,000 USD	Mood Media Corporation 9.25% due 10/15/20 (b)		10,062,859		9,047,812

See Notes to Financial Statements.

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120

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Corporate Bonds — 22.41% — (continued)
Canada 5.83% — (continued)
	5,730,000 USD	New Gold, Inc. 6.25% due 11/15/22 (b)	$	5,587,935	$	5,901,900
	4,974,000 USD	New Gold, Inc. 7.00% due 04/15/20 (b)		5,054,921		5,266,223
	7,978,000 USD	Northern Blizzard Resources, Inc. 7.25% due 02/01/22 (b)		7,987,628		8,207,368
	5,656,000 USD	Precision Drilling Corporation 6.50% due 12/15/21		5,887,127		6,150,900
	2,550,000 USD	Thompson Creek Metals Company, Inc. 7.375% due 06/01/18		2,296,415		2,416,125
	7,214,000 USD	Thompson Creek Metals Company, Inc. 9.75% due 12/01/17		7,450,595		8,061,645
	2,000,000 USD	Thompson Creek Metals Company, Inc. 12.50% due 05/01/19		2,013,022		2,225,000
				68,300,138		69,962,799
Cayman Islands 1.37%
	2,000,000 USD	Offshore Group Investment Limited 7.125% due 04/01/23		2,049,117		1,980,000
	13,814,000 USD	Offshore Group Investment Limited 7.50% due 11/01/19		14,038,438		14,435,630
				16,087,555		16,415,630
France 1.73%
	9,277,000 USD	Numericable Group SA 6.00% due 05/15/22 (b)(g)		9,411,000		9,508,925
	1,031,000 USD	Numericable Group SA 6.25% due 05/15/24 (b)(g)		1,031,000		1,056,775
	4,900,000 USD	Rexel SA 5.25% due 06/15/20 (b)		4,867,319		5,071,500
	4,805,000 USD	Rexel SA 6.125% due 12/15/19 (b)		4,846,540		5,117,325
				20,155,859		20,754,525
Israel 0.39%
	4,339,000 USD	B Communications, Ltd. 7.375% due 02/15/21 (b)		4,368,113		4,610,188
Luxembourg 0.45%
	3,026,000 USD	Altice Finco SA 9.875% due 12/15/20 (b)		3,468,893		3,480,656
	150,000 EUR	Altice SA 7.25% due 05/15/22 (b)(g)		207,248		216,922
	1,628,000 USD	Altice SA 7.75% due 05/15/22 (b)(g)		1,661,507		1,699,225
				5,337,648		5,396,803

See Notes to Financial Statements.

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High Yield Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Corporate Bonds — 22.41% — (continued)
Netherlands 0.87%
	9,979,000 USD	VTR Finance BV 6.875% due 01/15/24 (b)	$	10,220,957	$	10,423,974
Norway 0.90%
	10,755,000 USD	Eksportfinans ASA 2.00% due 09/15/15		10,241,949		10,765,755
South Africa 0.86%
	9,202,000 USD	AngloGold Ashanti Holdings PLC 8.50% due 07/30/20		9,237,134		10,332,006
Sweden 2.98%
	10,280,000 USD	Perstorp Holding AB 8.75% due 05/15/17 (b)		10,500,918		11,051,000
	1,000,000 EUR	Perstorp Holding AB 9.00% due 05/15/17 (b)		1,378,495		1,526,084
	1,000,000 EUR	Perstorp Holding AB 9.00% due 05/15/17 (e)		1,335,630		1,526,084
	12,830,000 USD	Stena AB 7.00% due 02/01/24 (b)		12,958,742		13,022,450
	5,470,000 EUR	TVN Finance Corporation III AB 7.375% due 12/15/20 (b)		7,406,645		8,651,233
				33,580,430		35,776,851
United Kingdom 2.37%
	10,462,000 USD	EnQuest PLC 7.00% due 04/15/22 (b)		10,525,906		10,717,011
	4,400,000 USD	Ineos Finance PLC 8.375% due 02/15/19 (b)		4,541,620		4,862,000
	790,000 USD	Jaguar Land Rover PLC 5.625% due 02/01/23 (b)		790,000		827,525
	5,550,000 USD	Jaguar Land Rover PLC 8.125% due 05/15/21 (b)		5,700,919		6,306,187
	5,685,000 USD	Virgin Media Secured Finance PLC 5.50% due 01/15/25 (b)		5,693,278		5,734,744
				27,251,723		28,447,467
Total International Corporate Bonds				259,092,909		268,841,145
Total Bonds				880,877,098		912,389,858
Term Loans — 18.02%
Luxembourg 0.73%
	2,898,750 USD	ION Trading Technologies S.a.r.l., First Lien Term Loan 4.50% due 05/22/20		2,885,913		2,896,214

See Notes to Financial Statements.

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122

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Term Loans — 18.02% — (continued)
Luxembourg 0.73% — (continued)
	5,800,000 USD	ION Trading Technologies S.a.r.l., Second Lien Term Loan 8.25% due 05/22/21	$	5,874,385	$	5,839,875
				8,760,298		8,736,089
Switzerland 0.82%
	9,839,524 USD	Virtuoso US LLC 0.00% - 4.75% due 02/11/21 (h)(i)		9,893,567		9,854,923
United States 16.47%
	1,496,251 USD	Ameriforge Group, Inc., First Lien Term Loan 5.00% due 12/19/19		1,489,603		1,509,343
	7,230,000 USD	Ameriforge Group, Inc., Second Lien Term Loan 8.75% due 12/18/20		7,362,426		7,410,750
	5,831,930 USD	Appvion, Inc. 5.75% due 06/28/19		5,780,203		5,886,604
	9,079,290 USD	Atkins Nutritionals, Inc., First Lien Term Loan 6.25% due 01/02/19 (c)		9,019,777		9,147,385
	1,528,000 USD	Atkins Nutritionals, Inc., Second Lien Term Loan 9.75% due 04/03/19 (c)		1,501,600		1,547,100
	7,340,530 EUR	Axalta Coating Systems U.S. Holdings Inc., Term Loan B 4.25% due 02/01/20		9,892,678		10,262,041
	1,568,070 USD	BJ's Wholesale Club, Inc., First Lien Term Loan 4.50% due 09/26/19		1,560,744		1,568,635
	3,930,000 USD	BJ's Wholesale Club, Inc., Second Lien Term Loan 8.50% due 03/26/20		3,911,337		4,027,759
	10,402,000 USD	Caelus Energy Alaska O3 LLC, Second Lien Term Loan due 04/02/21 (h)(i)		10,193,960		10,258,972
	11,475,683 USD	Caraustar Industry, Inc. 7.50% due 05/01/19		11,582,244		11,650,687
	7,343,000 USD	CBAC Borrower, LLC, Term Loan B 8.25% due 07/02/20 (c)		7,534,468		7,655,077
	8,408,565 USD	Fortescue Metals Group 4.25% due 06/30/19		8,367,884		8,418,571
	9,938,000 USD	Hostess Brands, Inc. 6.75% due 04/09/20		10,077,311		10,335,520
	12,030,616 USD	JC Penney Corporation, Inc. 6.00% due 05/21/18		12,116,749		11,956,207

See Notes to Financial Statements.

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High Yield Fund

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Term Loans — 18.02% — (continued)
United States 16.47% — (continued)
	4,701,091 USD	Mirror Bidco Corporation 4.25% due 12/28/19	$	4,703,920	$	4,695,215
	8,446,230 USD	NEP Supershooters L.P., Incremental Term Loan 4.25% due 01/22/20		8,448,335		8,442,007
	2,890,857 USD	NEP Supershooters L.P., Second Lien Term Loan 9.50% due 07/22/20		2,984,478		2,970,356
	9,236,000 USD	Payless, Inc., First Lien Term Loan 5.00% due 03/11/21		9,200,017		9,220,576
	1,202,000 USD	Payless, Inc., Second Lien Term Loan 8.50% due 03/11/22		1,190,062		1,214,020
	6,274,470 USD	ROC Finance 5.00% due 06/20/19		6,050,284		6,101,922
	15,956,394 USD	Roundy's Supermarkets, Inc., Term Loan B 5.75% due 03/03/21		15,968,616		16,024,926
	9,883,659 USD	Supervalu Inc., Refi Term Loan B 4.50% due 03/21/19		9,882,851		9,868,981
	2,288,500 USD	Toys R Us Property Company I, Term Loan B 6.00% due 08/21/19		2,267,810		2,214,124
	10,792,790 USD	True Religion Apparel, Inc., First Lien Term Loan 5.88% due 07/30/19		10,271,611		10,328,700
	11,199,720 USD	Water Pik Technologies, Inc., First Lien Term Loan 5.75% due 07/08/20 (c)		11,006,572		11,246,367
	7,075,968 USD	Wilton Brands LLC 7.50% - 8.50% due 08/30/18		6,995,267		6,785,853
	6,876,445 USD	Zest Anchors LLC 6.50% due 08/16/20 (c)		6,749,620		6,893,636
				196,110,427		197,641,334
Total Term Loans				214,764,292		216,232,346
Commercial Paper — 6.68%
International Commercial Paper — 2.15%
Ireland 0.96%
	11,433,000 USD	Ingersoll-Rand Global Holding Company 0.15% due 05/01/14		11,433,000		11,433,000

See Notes to Financial Statements.

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124

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

PRINCIPAL		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
International Commercial Paper — 2.15% — (continued)
Japan 1.19%
	14,291,000 USD	Hitachi Limited 0.20% due 05/01/14	$	14,291,000	$	14,291,000
Total International Commercial Paper				25,724,000		25,724,000
U.S. Commercial Paper — 4.53%
$	14,291,000	AON Corporation 0.20% due 05/01/14		14,291,000		14,291,000
	2,944,000	Con Edison, Inc. 0.16% due 05/01/14		2,944,000		2,944,000
	8,574,000	Intercontinental Exchange Group, Inc. 0.18% due 05/01/14		8,574,000		8,574,000
	14,291,000	United Healthcare Company 0.14% due 05/01/14		14,291,000		14,291,000
	14,291,000	United Parcel Service, Inc. 0.01% due 05/01/14		14,291,000		14,291,000
Total U.S. Commercial Paper				54,391,000		54,391,000
Total Commercial Paper				80,115,000		80,115,000
Total Investments — 100.75%			$	1,175,756,390		1,208,737,204
Liabilities in Excess of Other Assets — (0.75)%						(8,948,276	)
Net Assets — 100.00%					$	1,199,788,928

  (a)  This security is convertible until January 27, 2016.

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

  (c)  Security is deemed illiquid. At April 30, 2014, the value of these securities amounted to $65,134,295 or 5.43% of net assets.

  (d)  Payment-in-kind security.

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

  (f)  This security is convertible until September 27, 2017.

  (g)  When-Issued security.

  (h)  All or a portion of the security represents unsettled loan positions.

  (i)  At April 30, 2014, all or a portion of the security was segregated to cover collateral requirements for extended trade settlements.

See Notes to Financial Statements.

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125

High Yield Fund

At April 30, 2014, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	35,859,348
Gross unrealized depreciation		(2,878,534	)
Net unrealized appreciation	$	32,980,814

Abbreviations used in this schedule include:

PLC  — Public Limited Company

Currencies

EUR  — Euro

USD  — United States Dollar

Foreign Currency Exchange Contracts — Sales

SETTLEMENT DATES THROUGH	FOREIGN CURRENCY TO BE DELIVERED			U.S. $ TO BE RECEIVED		U.S. $ VALUE AT APRIL 30, 2014		UNREALIZED APPRECIATION AT APRIL 30, 2014		UNREALIZED DEPRECIATION AT APRIL 30, 2014
06/18/14		31,287,000	Euro	$	43,186,072	$	43,401,344	$	—	$	(215,272	)

Foreign Currency Exchange Contracts — Purchases

SETTLEMENT DATES THROUGH	FOREIGN CURRENCY TO BE RECEIVED			U.S. $ TO BE DELIVERED		U.S. $ VALUE AT APRIL 30, 2014		UNREALIZED APPRECIATION AT APRIL 30, 2014		UNREALIZED DEPRECIATION AT APRIL 30, 2014
06/18/14		15,897,000	Euro	$	21,851,440	$	22,052,327	$	200,887	$	—

INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS	PERCENT OF NET ASSETS
U.S. Convertible Bond
Industrials		0.17	%
Total U.S. Convertible Bond		0.17
U.S. Corporate Bonds
Consumer Discretionary		13.35
Consumer Staples		5.58
Energy		10.50
Financials		3.42
Health Care		0.62
Industrials		7.00
Materials		3.47
Telecommunication Services		9.36
Total U.S. Corporate Bonds		53.30

See Notes to Financial Statements.

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126

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS — (CONTINUED)	PERCENT OF NET ASSETS
International Convertible Bond
Consumer Staples		0.17	%
Total International Convertible Bond		0.17
International Corporate Bonds
Consumer Discretionary		1.25
Energy		6.23
Financials		2.61
Industrials		1.13
Information Technology		0.88
Materials		5.56
Telecommunication Services		3.67
Utilities		1.08
Total International Corporate Bonds		22.41
Term Loans		18.02
Commercial Paper
International Commercial Paper		2.15
U.S. Commercial Paper		4.53
Total Commercial Paper		6.68
Total Investments		100.75	%

See Notes to Financial Statements.

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127

Fund Overview | Data as of April 30, 2014 (unaudited)

INVESTMENT OBJECTIVE

The First Eagle Fund of America seeks capital appreciation by investing primarily in domestic stocks and to a lesser extend in debt and foreign equity securities. The fund has a unique event-driven bias that focuses on identifying companies poised to benefit from change that the market has not yet recognized.

Average Annual Returns
	ONE-YEAR			FIVE-YEARS			TEN-YEARS
First Eagle Fund of America (Y Shares)		23.50	%		19.69	%		10.34	%
Standard & Poor's 500 Index		20.44			19.14			7.67

Asset Allocation*

Sector/Industry**
Materials	25.81	%
Information Technology	21.07
Health Care	16.63
Consumer Discretionary	14.26
Industrials	13.14
Energy	6.29
Exchange Traded Fund	0.19

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

**  Sector/Industry allocation exclude short term investments and options positions.

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

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128

Fund of America

Growth of a $10,000 Initial Investment

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

The average annual returns for Class Y Shares do not give effect to the deduction of a maximum sales charge.

The Standard & Poor's 500 Index is a widely recognized unmanaged index including a representative sample of 500 leading companies in leading sectors of the U.S. economy and is not available for purchase. Although the Standard & Poor's 500 Index focuses on the large-cap segment of the market, with approximately 80% coverage of U.S. equities, it is also considered a proxy for the total market.

Top 10 Holdings*
Eastman Chemical Company (chemicals company)	5.36	%
Hewlett-Packard Company (software developer)	5.24
Seagate Technology PLC (hard disk drive manufacturer)	4.83
Pitney Bowes, Inc. (mailstream solutions company)	4.82
Pfizer, Inc. (biopharmaceutical company)	4.70
Wyndham Worldwide Corporation (hotel and resorts)	4.61
Occidental Petroleum Corporation (oil and gas production and exploration)	4.35
Avis Budget Group, Inc. (automobile and truck rental services)	4.34
Valeant Pharmaceuticals International, Inc. (pharmaceuticals company)	4.18
Rockwood Holdings, Inc. (chemicals and materials manufacturer)	4.09
Total	46.52	%

*  Holdings in cash, commercial paper and other short term cash equivalents have been excluded. Percentages are based on total net assets.

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129

First Eagle Fund of America

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
Common Stocks — 98.35%
U.S. Common Stocks — 92.46%
Consumer Discretionary 14.46%
	1,909,500	Wyndham Worldwide Corporation (a)	$	64,410,968	$	136,223,730
	1,130,200	Viacom, Inc., Class 'B' (a)		60,574,109		96,044,396
	1,707,030	Lowe's Companies, Inc. (a)		74,485,691		78,369,747
	141,050	AutoZone, Inc. (a)(b)		62,039,849		75,305,185
	840,740	SeaWorld Entertainment, Inc.		25,533,754		25,272,644
	214,200	Starwood Hotels & Resorts Worldwide, Inc. (a)		17,314,887		16,418,430
				304,359,258		427,634,132
Energy 6.38%
	1,342,660	Occidental Petroleum Corporation (a)		120,875,196		128,559,695
	993,160	Dresser-Rand Group, Inc. (b)		44,155,675		60,026,590
				165,030,871		188,586,285
Health Care 16.65%
	4,446,521	Pfizer, Inc. (a)		97,007,234		139,087,177
	924,502	Valeant Pharmaceuticals International, Inc. (a)(b)		16,154,629		123,615,163
	736,230	Forest Laboratories, Inc. (a)(b)		32,755,385		67,666,899
	846,300	Omnicare, Inc. (a)		20,706,927		50,160,201
	1,428,900	Health Net, Inc. (b)		36,743,611		49,054,137
	1,595,520	Theravance, Inc. (a)(b)		50,662,983		42,951,398
	1,433,780	Halozyme Therapeutics, Inc. (a)(b)		18,513,814		10,681,661
	214,026	Myriad Genetics, Inc. (a)(b)		5,569,395		9,034,038
				278,113,978		492,250,674
Industrials 11.22%
	5,313,705	Pitney Bowes, Inc. (a)		84,803,234		142,407,294
	2,439,090	Avis Budget Group, Inc. (a)(b)		65,196,462		128,271,743
	1,934,450	Hertz Global Holdings, Inc. (a)(b)		50,768,669		55,073,792
	162,000	Delta Air Lines, Inc. (a)		5,810,940		5,966,460
				206,579,305		331,719,289
Information Technology 21.37%
	4,682,100	Hewlett-Packard Company (a)		95,398,508		154,790,226
	2,715,520	Seagate Technology PLC (a)		74,313,726		142,782,042
	2,291,290	AOL, Inc. (a)(b)		64,142,964		98,090,125
	1,045,500	SanDisk Corporation (a)		70,021,201		88,836,135
	1,226,930	Motorola Solutions, Inc. (a)		64,145,674		78,008,209

See Notes to Financial Statements.

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130

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

SHARES		DESCRIPTION	COST (NOTE 1)		VALUE (NOTE 1)
U.S. Common Stocks — 92.46% — (continued)
Information Technology 21.37% — (continued)
	1,609,500	Lexmark International, Inc., Class 'A' (a)	$	60,539,277	$	69,208,500
				428,561,350		631,715,237
Materials 22.38%
	1,817,900	Eastman Chemical Company (a)		60,387,147		158,466,343
	1,700,870	Rockwood Holdings, Inc. (a)		82,470,547		120,846,813
	1,282,700	WR Grace & Company (a)(b)		79,149,569		118,136,670
	3,354,505	Sealed Air Corporation (a)		90,981,980		115,093,067
	1,130,805	FMC Corporation (a)		63,474,182		87,071,985
	851,050	Valspar Corporation (a)		22,407,329		62,160,692
				398,870,754		661,775,570
Total U.S. Common Stocks				1,781,515,516		2,733,681,187
International Common Stocks — 5.89%
Netherlands 3.79%
	1,210,200	LyondellBasell Industries NV, Class 'A' (a)		85,634,674		111,943,500
Switzerland 2.10%
	1,520,950	Tyco International Limited (a)		35,341,477		62,206,855
Total International Common Stocks				120,976,151		174,150,355
Total Common Stocks				1,902,491,667		2,907,831,542
Exchange Traded Fund — 0.19%
	45,180	SPDR Gold Trust (b)		6,700,707		5,612,260
Investment Company — 2.64%
	78,187,384	State Street Institutional U.S. Government Money Market Fund, Institutional Class		78,187,384		78,187,384
PRINCIPAL
Bond — 0.21%
U.S. Convertible Bond 0.21%
$	2,730,000	Omnicare, Inc. 3.75% due 12/15/25 (c)		2,730,000		6,181,744
Total Investment Portfolio Excluding Options Written — 101.39% (Cost: $1,990,109,758)					$	2,997,812,930

See Notes to Financial Statements.

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Fund of America

CONTRACTS		DESCRIPTION	STRIKE PRICE		EXPIRATION DATE	VALUE (NOTE 1)
Covered Call Options Written — (1.27)%
	2,250	AOL, Inc.	$	43.00	July 2014	$	(627,750	)
	337	AOL, Inc.		44.00	July 2014		(88,462	)
	323	AOL, Inc.		45.00	July 2014		(72,675	)
	106	AutoZone, Inc.		530.00	June 2014		(171,084	)
	551	AutoZone, Inc.		540.00	June 2014		(672,220	)
	1,001	Avis Budget Group, Inc.		48.00	August 2014		(685,685	)
	2,750	Avis Budget Group, Inc.		49.00	August 2014		(1,705,000	)
	1,000	Avis Budget Group, Inc.		50.00	August 2014		(560,000	)
	4,882	Avis Budget Group, Inc.		52.50	August 2014		(2,050,440	)
	1,220	Avis Budget Group, Inc.		55.00	August 2014		(378,200	)
	1,620	Delta Air Lines, Inc.		37.00	June 2014		(277,020	)
	740	Eastman Chemical Company		87.50	September 2014		(288,600	)
	587	FMC Corporation		70.00	May 2014		(413,835	)
	551	Forest Laboratories, Inc.		90.00	June 2014		(247,950	)
	2,394	Halozyme Therapeutics, Inc.		8.00	May 2014		(59,850	)
	1,018	Halozyme Therapeutics, Inc.		15.00	June 2014		(15,270	)
	2,645	Halozyme Therapeutics, Inc.		16.00	June 2014		(26,450	)
	2,499	Hertz Global Holdings, Inc.		27.00	June 2014		(587,265	)
	6,485	Hertz Global Holdings, Inc.		28.00	June 2014		(940,325	)
	1,094	Hertz Global Holdings, Inc.		29.00	September 2014		(232,475	)
	3,980	Hewlett-Packard Company		32.00	August 2014		(991,020	)
	464	Hewlett-Packard Company		33.00	June 2014		(70,992	)
	3,500	Hewlett-Packard Company		33.00	August 2014		(679,000	)
	1,969	Hewlett-Packard Company		34.00	August 2014		(293,381	)
	2,117	Lexmark International, Inc., Class 'A'		42.00	June 2014		(407,523	)
	1,748	Lexmark International, Inc., Class 'A'		42.00	July 2014		(393,300	)
	1,036	Lexmark International, Inc., Class 'A'		43.00	June 2014		(155,400	)
	2,713	Lexmark International, Inc., Class 'A'		43.00	July 2014		(474,775	)
	2,499	Lexmark International, Inc., Class 'A'		44.00	July 2014		(312,375	)
	435	Lowe's Companies, Inc.		47.00	July 2014		(58,725	)
	305	Lowe's Companies, Inc.		48.00	July 2014		(29,585	)
	3,272	LyondellBasell Industries NV, Class 'A'		90.00	June 2014		(1,344,792	)
	4,248	LyondellBasell Industries NV, Class 'A'		92.50	June 2014		(1,146,960	)
	160	LyondellBasell Industries NV, Class 'A'		95.00	September 2014		(54,400	)
	758	Motorola Solutions, Inc.		65.00	July 2014		(106,120	)
	1,149	Myriad Genetics, Inc.		28.00	May 2014		(1,539,660	)
	750	Myriad Genetics, Inc.		33.00	May 2014		(626,250	)

See Notes to Financial Statements.

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132

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

CONTRACTS		DESCRIPTION	STRIKE PRICE		EXPIRATION DATE	VALUE (NOTE 1)
Covered Call Options Written — (1.27)% — (continued)
	217	Myriad Genetics, Inc.	$	37.00	May 2014	$	(105,245	)
	267	Occidental Petroleum Corporation		90.00	May 2014		(160,867	)
	213	Occidental Petroleum Corporation		97.50	August 2014		(66,030	)
	18	Omnicare, Inc.		60.00	June 2014		(2,070	)
	2,236	Pfizer, Inc.		31.00	June 2014		(239,252	)
	590	Pitney Bowes, Inc.		25.00	June 2014		(123,900	)
	16,357	Pitney Bowes, Inc.		26.00	July 2014		(2,453,550	)
	10,664	Pitney Bowes, Inc.		27.00	July 2014		(1,066,400	)
	722	Rockwood Holdings, Inc.		70.00	May 2014		(184,110	)
	376	Rockwood Holdings, Inc.		70.00	August 2014		(191,760	)
	1,923	Rockwood Holdings, Inc.		75.00	August 2014		(533,633	)
	1,570	Rockwood Holdings, Inc.		77.50	August 2014		(314,000	)
	4,127	SanDisk Corporation		77.50	July 2014		(3,786,523	)
	1,221	SanDisk Corporation		85.00	July 2014		(536,019	)
	592	Seagate Technology PLC		50.00	June 2014		(177,600	)
	1,534	Seagate Technology PLC		52.50	June 2014		(269,984	)
	100	Seagate Technology PLC		52.50	July 2014		(22,600	)
	280	Seagate Technology PLC		55.00	July 2014		(56,280	)
	190	Sealed Air Corporation		32.00	July 2014		(54,625	)
	576	Sealed Air Corporation		33.00	July 2014		(120,960	)
	1,046	Sealed Air Corporation		34.00	July 2014		(156,900	)
	30	Starwood Hotels & Resorts Worldwide, Inc.		75.00	June 2014		(9,450	)
	86	Starwood Hotels & Resorts Worldwide, Inc.		79.35	August 2014		(19,221	)
	363	Theravance, Inc.		35.00	June 2014		(9,075	)
	1,125	Tyco International Limited		41.00	July 2014		(157,500	)
	629	Tyco International Limited		42.00	July 2014		(60,069	)
	1,000	Valeant Pharmaceuticals International, Inc.		135.00	July 2014		(805,000	)
	2,207	Valeant Pharmaceuticals International, Inc.		135.00	October 2014		(2,979,450	)
	110	Valeant Pharmaceuticals International, Inc.		140.00	June 2014		(48,950	)
	2,500	Valeant Pharmaceuticals International, Inc.		140.00	July 2014		(1,575,000	)
	2,100	Valeant Pharmaceuticals International, Inc.		145.00	July 2014		(966,000	)
	574	Valspar Corporation		70.00	July 2014		(264,040	)
	1,519	Viacom, Inc., Class 'B'		87.50	September 2014		(470,890	)

See Notes to Financial Statements.

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133

Fund of America

CONTRACTS		DESCRIPTION	STRIKE PRICE		EXPIRATION DATE	VALUE (NOTE 1)
Covered Call Options Written — (1.27)% — (continued)
	1,000	WR Grace & Company	$	95.00	June 2014	$	(185,000	)
	473	WR Grace & Company		95.00	September 2014		(198,660	)
	619	WR Grace & Company		97.50	September 2014		(187,248	)
	277	Wyndham Worldwide Corporation		70.00	August 2014		(108,030	)
	404	Wyndham Worldwide Corporation		75.00	August 2014		(62,620	)
	Total Covered Call Options Written (Premiums Received: $41,672,093)						(37,513,325	)
	Total Investments — 100.12% (Cost: $1,948,437,665)						2,960,299,605
	Liabilities in Excess of Other Assets — (0.12)%						(3,665,584	)
	Net Assets — 100.00%					$	2,956,634,021

  (a)  At April 30, 2014, all or a portion of this security was segregated to cover collateral requirement for options.

  (b)  Non-income producing security/commodity.

  (c)  This security is convertible until December 15, 2025.

At April 30, 2014, cost is substantially identical for both book and federal income tax purposes. Net unrealized appreciation consisted of:

Gross unrealized appreciation	$	1,035,772,265
Gross unrealized depreciation		(23,910,325	)
Net unrealized appreciation	$	1,011,861,940

Abbreviations used in this schedule include:

PLC  — Public Limited Company
SPDR  — Standard & Poor's Depository Receipts

See Notes to Financial Statements.

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134

Schedule of Investments | Six-Month Period Ended April 30, 2014 (unaudited)

INDUSTRY DIVERSIFICATION FOR PORTFOLIO HOLDINGS	PERCENT OF NET ASSETS
U.S. Common Stocks
Consumer Discretionary		14.46	%
Energy		6.38
Health Care		16.65
Industrials		11.22
Information Technology		21.37
Materials		22.38
Total U.S. Common Stocks		92.46
International Common Stocks
Industrials		2.10
Materials		3.79
Total International Common Stocks		5.89
Exchange Traded Fund		0.19
Investment Company		2.64
U.S. Convertible Bond
Health Care		0.21
Total U.S. Convertible Bond		0.21
Covered Call Options Written		(1.27	)
Total Investments		100.12	%

See Notes to Financial Statements.

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135

Statement of Assets and Liabilities

	FIRST EAGLE GLOBAL FUND*		FIRST EAGLE OVERSEAS FUND*
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	35,240,390,128	$	10,777,244,381
Affiliated issuers		1,671,179,838		411,598,207
Gold bullion		1,786,987,800		408,990,988
Foreign currency		—		16,295
Total Investments, at Cost		38,698,557,766		11,597,849,871
Investments, at Value (Note 1)
Unaffiliated issuers		44,766,583,228		13,642,036,395
Affiliated issuers		2,546,962,263		580,819,481
Gold bullion		2,399,117,206		721,559,668
Foreign currency		—		16,357
Total Investments, at Value		49,712,662,697		14,944,431,901
Cash		1,645,635		1,110,313
Receivable for forward currency contracts held, at value (Note 1)		19,317,575		9,714,086
Receivable for investment securities sold		28,038,997		2,136,434
Receivable for Fund shares sold		106,804,554		32,882,726
Accrued interest and dividends receivable		119,953,815		60,808,027
Investment for trustee deferred compensation plan (Note 2)		2,313,254		2,109,344
Other assets		340,948		141,530
Total Assets		49,991,077,475		15,053,334,361
Liabilities
Option contracts written, at value (premiums received $0, $0, $121,808 and $0, respectively) (Note 1)		—		—
Payable for Fund shares redeemed		54,445,951		31,454,403
Payable for investment securities purchased		66,237,069		7,849,388
Payable for forward currency contracts held, at value (Note 1)		37,583,759		21,334,342
Investment advisory fees payable (Note 2)		30,449,711		9,168,033
Distribution fees payable (Note 3)		11,629,676		1,936,407
Services fees payable (Note 3)		2,514,298		238,261
Trustee deferred compensation plan (Note 2)		2,313,254		2,109,344
Administrative fees payable (Note 2)		444,806		143,825
Trustee fees payable		68,806		24,824
Accrued expenses and other liabilities		20,765,194		8,589,072
Total Liabilities		226,452,524		82,847,899
Net Assets	$	49,764,624,951	$	14,970,486,462

  *  First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

See Notes to Financial Statements.

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136

April 30, 2014 (unaudited)

	FIRST EAGLE U.S. VALUE FUND*		FIRST EAGLE GOLD FUND*
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	2,252,631,043	$	1,344,198,197
Affiliated issuers		66,012,676		—
Gold bullion		142,974,103		129,045,676
Foreign currency		32		124
Total Investments, at Cost		2,461,617,854		1,473,243,997
Investments, at Value (Note 1)
Unaffiliated issuers		2,954,161,764		1,097,896,282
Affiliated issuers		65,159,744		—
Gold bullion		154,710,227		253,654,900
Foreign currency		32		124
Total Investments, at Value		3,174,031,767		1,351,551,306
Cash		18,195		10,894
Receivable for forward currency contracts held, at value (Note 1)		—		—
Receivable for investment securities sold		5,241,648		—
Receivable for Fund shares sold		2,751,528		2,798,680
Accrued interest and dividends receivable		2,849,384		1,493,471
Investment for trustee deferred compensation plan (Note 2)		1,463,211		160,049
Other assets		71,356		60,203
Total Assets		3,186,427,089		1,356,074,603
Liabilities
Option contracts written, at value (premiums received $0, $0, $121,808 and $0, respectively) (Note 1)		172,500		—
Payable for Fund shares redeemed		4,032,901		1,658,335
Payable for investment securities purchased		5,955,910		—
Payable for forward currency contracts held, at value (Note 1)		—		—
Investment advisory fees payable (Note 2)		1,952,053		828,736
Distribution fees payable (Note 3)		732,285		286,514
Services fees payable (Note 3)		148,573		50,117
Trustee deferred compensation plan (Note 2)		1,463,211		160,049
Administrative fees payable (Note 2)		42,489		6,685
Trustee fees payable		6,395		613
Accrued expenses and other liabilities		1,198,038		1,049,898
Total Liabilities		15,704,355		4,040,947
Net Assets	$	3,170,722,734	$	1,352,033,656

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137

Statement of Assets and Liabilities (continued)

	FIRST EAGLE GLOBAL FUND*			FIRST EAGLE OVERSEAS FUND*
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	906,660		$	620,278
Capital surplus		38,294,181,434			11,858,081,193
Net unrealized appreciation (depreciation) on:
Investments (net of $11,212,250, $4,739,792, $0 and $0 deferred capital gain country tax, respectively)		11,002,892,681			3,341,842,176
Foreign currency and forward contract related translation		(16,941,838	)		(10,965,303	)
Written options		—			—
Undistributed net realized gains (losses) on investments		951,232,719			226,248,034
Undistributed net investment income (loss)		(467,646,705	)		(445,339,916	)
Net Assets	$	49,764,624,951		$	14,970,486,462
Class A
Net assets	$	20,021,398,748		$	5,974,526,449
Shares outstanding		363,473,143			249,229,346
Net asset value per share and redemption proceeds per share	$	55.08		$	23.97
Offering price per share (NAV per share plus maximum sales charge)	$	57.981		$	25.231
Class C
Net assets	$	12,325,380,470		$	1,162,675,642
Shares outstanding		228,460,686			49,967,564
Net asset value per share	$	53.95		$	23.27
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)2	$	53.41		$	23.04
Class I
Net assets	$	17,417,845,733		$	7,833,284,371
Shares outstanding		314,726,250			321,080,813
Net asset value per share and redemption proceeds per share	$	55.34		$	24.40

  *  First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

  ¹  The maximum sales charge is 5.00% for Class A shares. Classes C, I and Y have no front-end sales charges.

  ²  The maximum CDSC (Contingent Deferred Sales Charge) is 1.00% for Class C shares, which is charged on the lesser of the offering price or the net asset value at the time of sale by shareholder. This pertains to investments of one year or less.

See Notes to Financial Statements.

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138

April 30, 2014 (unaudited)

	FIRST EAGLE U.S. VALUE FUND*			FIRST EAGLE GOLD FUND*
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	154,167		$	80,089
Capital surplus		2,329,271,534			1,633,785,905
Net unrealized appreciation (depreciation) on:
Investments (net of $11,212,250, $4,739,792, $0 and $0 deferred capital gain country tax, respectively)		712,413,914			(121,692,691	)
Foreign currency and forward contract related translation		—			—
Written options		(50,692	)		—
Undistributed net realized gains (losses) on investments		119,901,752			(55,562,255	)
Undistributed net investment income (loss)		9,032,059			(104,577,392	)
Net Assets	$	3,170,722,734		$	1,352,033,656
Class A
Net assets	$	1,394,744,730		$	669,177,363
Shares outstanding		67,919,811			39,506,280
Net asset value per share and redemption proceeds per share	$	20.54		$	16.94
Offering price per share (NAV per share plus maximum sales charge)	$	21.621		$	17.831
Class C
Net assets	$	724,522,773		$	244,248,033
Shares outstanding		35,691,859			15,056,245
Net asset value per share	$	20.30		$	16.22
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)2	$	20.10		$	16.06
Class I
Net assets	$	1,051,455,231		$	438,608,260
Shares outstanding		50,555,382			25,526,255
Net asset value per share and redemption proceeds per share	$	20.80		$	17.18

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139

Statement of Assets and Liabilities (continued)

	FIRST EAGLE GLOBAL INCOME BUILDER FUND		FIRST EAGLE HIGH YIELD FUND
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	794,906,157	$	1,175,756,390
Gold bullion		8,311,733		—
Foreign currency		626		311,462
Total Investments, at Cost		803,218,516		1,176,067,852
Investments, at Value (Note 1)
Unaffiliated issuers		857,240,585		1,208,737,204
Gold bullion		7,880,606		—
Foreign currency		629		312,014
Total Investments, at Value		865,121,820		1,209,049,218
Cash		29,663		95,242
Restricted cash**		—		—
Receivable for forward currency contracts held, at value (Note 1)		149,262		200,887
Receivable for investment securities sold		82,382		4,975,239
Receivable for premiums for written options		—		—
Receivable for Fund shares sold		25,476,968		4,185,601
Accrued interest and dividends receivable		6,518,525		18,201,152
Investment for trustee deferred compensation plan (Note 2)		86,594		165,439
Other assets		50,056		47,692
Total Assets		897,515,270		1,236,920,470
Liabilities
Option contracts written, at value (premiums received $0, $0 and $41,672,093, respectively) (Note 1)		—		—
Payable for Fund shares redeemed		792,469		2,049,233
Payable for investment securities purchased		44,654,585		31,977,747
Payable for forward currency contracts held, at value (Note 1)		722,669		215,272
Payable for dividends to shareholders		2,192,185		1,484,031
Investment advisory fees payable (Note 2)		527,987		686,945
Distribution fees payable (Note 3)		210,935		189,975
Services fees payable (Note 3)		46,423		37,123
Trustee deferred compensation plan (Note 2)		86,594		165,439
Administrative fees payable (Note 2)		32,604		7,817
Trustee fees payable		720		1,530
Accrued expenses and other liabilities		334,488		316,430
Total Liabilities		49,601,659		37,131,542
Net Assets	$	847,913,611	$	1,199,788,928

  **  The amount of $5,994,000 represents restricted cash used as collateral for covered call options.

See Notes to Financial Statements.

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140

April 30, 2014 (unaudited)

	FIRST EAGLE FUND OF AMERICA
Assets
Investments, at Cost (Note 1)
Unaffiliated issuers	$	1,990,109,758
Gold bullion		—
Foreign currency		—
Total Investments, at Cost		1,990,109,758
Investments, at Value (Note 1)
Unaffiliated issuers		2,997,812,930
Gold bullion		—
Foreign currency		—
Total Investments, at Value		2,997,812,930
Cash		217,577
Restricted cash**		5,994,000
Receivable for forward currency contracts held, at value (Note 1)		—
Receivable for investment securities sold		517,896
Receivable for premiums for written options		360,773
Receivable for Fund shares sold		11,213,334
Accrued interest and dividends receivable		1,455,651
Investment for trustee deferred compensation plan (Note 2)		1,860,201
Other assets		59,762
Total Assets		3,019,492,124
Liabilities
Option contracts written, at value (premiums received $0, $0 and $41,672,093, respectively) (Note 1)		37,513,325
Payable for Fund shares redeemed		4,692,603
Payable for investment securities purchased		14,865,565
Payable for forward currency contracts held, at value (Note 1)		—
Payable for dividends to shareholders		—
Investment advisory fees payable (Note 2)		2,325,217
Distribution fees payable (Note 3)		700,353
Services fees payable (Note 3)		114,011
Trustee deferred compensation plan (Note 2)		1,860,201
Administrative fees payable (Note 2)		20,755
Trustee fees payable		1,989
Accrued expenses and other liabilities		764,084
Total Liabilities		62,858,103
Net Assets	$	2,956,634,021

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141

Statement of Assets and Liabilities (continued)

	FIRST EAGLE GLOBAL INCOME BUILDER FUND			FIRST EAGLE HIGH YIELD FUND
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	71,904		$	117,028
Capital surplus		783,643,089			1,159,718,564
Net unrealized appreciation (depreciation) on:
Investments		61,903,301			32,980,814
Foreign currency and forward contract related translation		(545,649	)		(10,195	)
Written options		—			—
Undistributed net realized gains on investments		3,604,765			7,065,519
Undistributed net investment loss		(763,799	)		(82,802	)
Net Assets	$	847,913,611		$	1,199,788,928
Class A
Net assets	$	363,354,649		$	384,263,239
Shares outstanding		30,769,511			37,475,874
Net asset value per share and redemption proceeds per share	$	11.81		$	10.25
Offering price per share (NAV per share plus maximum sales charge)	$	12.431		$	10.732
Class C
Net assets	$	238,467,624		$	182,800,291
Shares outstanding		20,247,382			17,846,480
Net asset value per share	$	11.78		$	10.24
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)3	$	11.66		$	10.14
Class I
Net assets	$	246,091,338		$	632,725,398
Shares outstanding		20,886,745			61,705,994
Net asset value per share and redemption proceeds per share	$	11.78		$	10.25
Class Y
Net assets		—			—
Shares outstanding		—			—
Net asset value per share and redemption proceeds per share		—			—

  ¹  The maximum sales charge is 5.00% for Class A shares. Classes C, I and Y have no front-end sales charges.

  ²  The maximum sales charge is 4.50% for Class A shares. Classes C, I and Y have no front-end sales charges.

  ³  The maximum CDSC (Contingent Deferred Sales Charge) is 1.00% for Class C shares, which is charged on the lesser of the offering price or the net asset value at the time of sale by shareholder. This pertains to investments of one year or less.

See Notes to Financial Statements.

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142

April 30, 2014 (unaudited)

	FIRST EAGLE FUND OF AMERICA
Net Assets Consist of
Capital stock (par value, $0.001 per share)	$	80,537
Capital surplus		1,944,844,631
Net unrealized appreciation (depreciation) on:
Investments		1,007,703,172
Foreign currency and forward contract related translation		—
Written options		4,158,768
Undistributed net realized gains on investments		1,151,713
Undistributed net investment loss		(1,304,800	)
Net Assets	$	2,956,634,021
Class A
Net assets	$	1,234,464,563
Shares outstanding		32,840,706
Net asset value per share and redemption proceeds per share	$	37.59
Offering price per share (NAV per share plus maximum sales charge)	$	39.571
Class C
Net assets	$	564,590,913
Shares outstanding		17,501,547
Net asset value per share	$	32.26
Redemption proceeds per share (NAV per share less maximum contingent deferred sale charge)3	$	31.94
Class I
Net assets	$	626,652,219
Shares outstanding		16,346,652
Net asset value per share and redemption proceeds per share	$	38.34
Class Y
Net assets	$	530,926,326
Shares outstanding		13,848,149
Net asset value per share and redemption proceeds per share	$	38.34

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143

Statement of Operations

	FIRST EAGLE GLOBAL FUND*			FIRST EAGLE OVERSEAS FUND*
Investment Income
Interest	$	10,403,143		$	7,773,641
Dividends from: (net of $25,588,547, $13,866,464, $453,364 and $414,915 foreign taxes withheld, respectively)
Unaffiliated issuers		335,458,271			105,107,902
Affiliated issuers		39,250,742			2,768,274
Other Income		9			69
Total Income		385,112,165			115,649,886
Expenses
Investment advisory fees (Note 2)		177,122,616			53,891,104
Administrative costs (Note 2)		2,117,615			658,357
Distribution fees (Note 3)
Class A		24,052,781			7,300,118
Class C		43,947,741			4,215,928
Class Y		—			—
Service fees - Class C (Note 3)		14,649,247			1,405,310
Shareholder servicing agent fees		19,715,223			7,071,494
Custodian and accounting fees		2,458,755			1,214,825
Professional fees		351,636			164,911
Shareholder reporting fees		1,691,456			703,190
Trustees' fees		442,723			141,753
Registration and filing fees		615,684			205,783
Other Expenses		291,073			113,233
Total Expenses		287,456,550			77,086,006
Expense reductions due to earnings credits (Note 1)		(1,683	)		(526	)
Net Expenses		287,454,867			77,085,480
Net Investment Income (Loss) (Note 1)		97,657,298			38,564,406
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency Related Transactions and Written Options (Note 1)
Net realized gains (losses) from:
Investment transactions of unaffiliated issuers		842,327,632			198,684,060
Investment transactions of affiliated issuers		52,166,586			(1,079,725	)
Commodity related transactions		—			—
Foreign currency and forward contract related transactions		45,226,013			19,207,746
Payment from affiliates		65,047			—
Written options		373,861			—
		940,159,139			216,812,081
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of decrease in deferred capital gain country tax accruals of $2,121,938, $989,326, $0, and $0, respectively)		1,240,322,376			367,083,245
Foreign currency and forward contract related translation		24,291,464			14,661,127
Written options		(322,861	)		—
		1,264,290,979			381,744,372
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		2,204,450,118			598,556,453
Net Increase (Decrease) in Net Assets Resulting from Operations	$	2,302,107,416		$	637,120,859

  *  First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

See Notes to Financial Statements.

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144

Six Months Ended April 30, 2014 (unaudited)

	FIRST EAGLE U.S. VALUE FUND*			FIRST EAGLE GOLD FUND*
Investment Income
Interest	$	2,754,458		$	865,869
Dividends from: (net of $25,588,547, $13,866,464, $453,364 and $414,915 foreign taxes withheld, respectively)
Unaffiliated issuers		25,427,229			5,089,718
Affiliated issuers		173,583			—
Other Income		—			24
Total Income		28,355,270			5,955,611
Expenses
Investment advisory fees (Note 2)		11,933,000			4,910,460
Administrative costs (Note 2)		153,490			2,803
Distribution fees (Note 3)
Class A		1,769,376			811,536
Class C		2,691,815			905,775
Class Y		—			—
Service fees - Class C (Note 3)		897,272			301,925
Shareholder servicing agent fees		1,855,209			1,468,953
Custodian and accounting fees		156,977			186,752
Professional fees		76,461			87,228
Shareholder reporting fees		167,954			150,349
Trustees' fees		35,420			21,655
Registration and filing fees		98,507			95,458
Other Expenses		49,222			43,483
Total Expenses		19,884,703			8,986,377
Expense reductions due to earnings credits (Note 1)		(189	)		(174	)
Net Expenses		19,884,514			8,986,203
Net Investment Income (Loss) (Note 1)		8,470,756			(3,030,592	)
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency Related Transactions and Written Options (Note 1)
Net realized gains (losses) from:
Investment transactions of unaffiliated issuers		122,112,957			(95,623,449	)
Investment transactions of affiliated issuers		(240,203	)		—
Commodity related transactions		(1,687,477	)		54,264,057
Foreign currency and forward contract related transactions		(8,686	)		15,831
Payment from affiliates		3,562			—
Written options		61,577			—
		120,241,730			(41,343,561	)
Changes in unrealized appreciation (depreciation) of:
Investment transactions (net of decrease in deferred capital gain country tax accruals of $2,121,938, $989,326, $0, and $0, respectively)		56,290,434			12,398,612
Foreign currency and forward contract related translation		(1	)		(180	)
Written options		(103,869	)		—
		56,186,564			12,398,432
Net realized and unrealized gains (losses) on investments, foreign currency and forward contract related transactions and written options		176,428,294			(28,945,129	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	184,899,050		$	(31,975,721	)

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145

Statement of Operations (continued)

	FIRST EAGLE GLOBAL INCOME BUILDER FUND			FIRST EAGLE HIGH YIELD FUND
Investment Income
Interest	$	7,582,664		$	34,792,055
Dividends from: (net of $537,281, $0 and $40,525, foreign taxes withheld, respectively)
Unaffiliated issuers		6,218,006			—
Other Income		—			4,460
Total Income		13,800,670			34,796,515
Expenses
Investment advisory fees (Note 2)		2,385,249			3,857,639
Administrative costs (Note 2)		159,017			49,932
Distribution fees (Note 3)
Class A		354,379			450,427
Class C		684,694			632,098
Class Y		—			—
Service fees - Class C (Note 3)		228,231			210,699
Shareholder servicing agent fees		386,746			391,598
Custodian and accounting fees		86,254			95,298
Professional fees		56,773			56,582
Recoupment of previously reimbursed expenses		105,748			26,880
Shareholder reporting fees		26,629			43,355
Trustees' fees		4,402			9,235
Registration and filing fees		95,470			97,962
Other Expenses		32,201			32,355
Total Expenses		4,605,793			5,954,060
Expense Waiver		—			(44,141	)
Expense reductions due to earnings credits (Note 1)		(30	)		(39	)
Net Expenses		4,605,763			5,909,880
Net Investment Income (Note 1)		9,194,907			28,886,635
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency Related Transactions and Written Options (Note 1)
Net realized gains (losses) from:
Investment transactions of unaffiliated issuers		5,329,663			10,212,667
Foreign currency and forward contract related transactions		(1,095,564	)		(1,423,080	)
Payment from affiliates		9,348			—
Written options		—			—
		4,243,447			8,789,587
Changes in unrealized appreciation (depreciation) of:
Investment transactions		30,515,787			6,348,940
Foreign currency and forward contract related translation		248,807			745,131
Written options		—			—
		30,764,594			7,094,071
Net realized and unrealized gains on investments, foreign currency and forward contract related transactions and written options		35,008,041			15,883,658
Net Increase in Net Assets Resulting from Operations	$	44,202,948		$	44,770,293

See Notes to Financial Statements.

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146

Six Months Ended April 30, 2014 (unaudited)

	FIRST EAGLE FUND OF AMERICA
Investment Income
Interest	$	51,188
Dividends from: (net of $537,281, $0 and $40,525, foreign taxes withheld, respectively)
Unaffiliated issuers		21,300,716
Other Income		—
Total Income		21,351,904
Expenses
Investment advisory fees (Note 2)		13,259,520
Administrative costs (Note 2)		123,320
Distribution fees (Note 3)
Class A		1,418,785
Class C		1,914,574
Class Y		655,816
Service fees - Class C (Note 3)		638,191
Shareholder servicing agent fees		1,442,055
Custodian and accounting fees		99,541
Professional fees		99,556
Recoupment of previously reimbursed expenses		—
Shareholder reporting fees		122,311
Trustees' fees		23,387
Registration and filing fees		119,726
Other Expenses		42,005
Total Expenses		19,958,787
Expense Waiver		—
Expense reductions due to earnings credits (Note 1)		(146	)
Net Expenses		19,958,641
Net Investment Income (Note 1)		1,393,263
Realized and Unrealized Gains (Losses) on Investments, Foreign Currency Related Transactions and Written Options (Note 1)
Net realized gains (losses) from:
Investment transactions of unaffiliated issuers		112,377,083
Foreign currency and forward contract related transactions		—
Payment from affiliates		21,144
Written options		(78,105,654	)
		34,292,573
Changes in unrealized appreciation (depreciation) of:
Investment transactions		196,228,774
Foreign currency and forward contract related translation		—
Written options		21,380,811
		217,609,585
Net realized and unrealized gains on investments, foreign currency and forward contract related transactions and written options		251,902,158
Net Increase in Net Assets Resulting from Operations	$	253,295,421

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147

Statements of Changes in Net Assets

	FIRST EAGLE GLOBAL FUND*						FIRST EAGLE OVERSEAS FUND*
	SIX MONTHS ENDED APRIL 30, 2014 (unaudited)			YEAR ENDED OCTOBER 31, 2013			SIX MONTHS ENDED APRIL 30, 2014 (unaudited)			YEAR ENDED OCTOBER 31, 2013
Operations
Net investment income (loss)	$	97,657,298		$	268,941,220		$	38,564,406		$	85,063,542
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		940,159,139			1,443,674,876			216,812,081			553,743,834
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		1,264,290,979			4,457,513,585			381,744,372			1,220,125,718
Net increase (decrease) in net assets resulting from operations		2,302,107,416			6,170,129,681			637,120,859			1,858,933,094
Distribution to Shareholders
Dividends paid from net investment income
Class A		(227,398,380	)		(163,784,329	)		(112,591,725	)		(59,747,911	)
Class C		(61,823,952	)		(31,090,001	)		(14,323,784	)		(5,650,460	)
Class I		(224,726,363	)		(144,298,326	)		(155,602,855	)		(73,001,519	)
Distributions paid from net realized gains from investment transactions
Class A		(615,281,136	)		(515,356,389	)		(232,225,033	)		(205,372,548	)
Class C		(381,040,149	)		(311,092,874	)		(45,536,166	)		(40,854,132	)
Class I		(508,789,469	)		(367,245,305	)		(285,819,836	)		(213,569,253	)
Decrease in net assets resulting from distributions		(2,019,059,449	)		(1,532,867,224	)		(846,099,399	)		(598,195,823	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		5,631,619,388			10,684,434,770			1,943,172,476			4,049,337,623
Net asset value of shares issued for reinvested dividends and distributions		1,598,701,427			1,212,645,609			715,496,469			505,565,817
Cost of shares redeemed		(3,749,369,566	)		(6,877,542,066	)		(1,889,387,287	)		(2,754,246,104	)
Redemption fees		—			210,543			—			10,692
Increase (decrease) in net assets from Fund share transactions		3,480,951,249			5,019,748,856			769,281,658			1,800,668,028
Net increase (decrease) in net assets		3,763,999,216			9,657,011,313			560,303,118			3,061,405,299
Net Assets (Note 1)
Beginning of period		46,000,625,735			36,343,614,422			14,410,183,344			11,348,778,045
End of period	$	49,764,624,951		$	46,000,625,735		$	14,970,486,462		$	14,410,183,344
Undistributed net investment income (loss)	$	(467,646,705	)	$	(51,355,308	)	$	(445,339,916	)	$	(201,385,958	)

  *  First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund and First Eagle Gold Fund financial statements are shown on a consolidated basis and includes the balances of the First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively.

See Notes to Financial Statements.

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148

	FIRST EAGLE U.S. VALUE FUND*						FIRST EAGLE GOLD FUND*
	SIX MONTHS ENDED APRIL 30, 2014 (unaudited)			YEAR ENDED OCTOBER 31, 2013			SIX MONTHS ENDED APRIL 30, 2014 (unaudited)			YEAR ENDED OCTOBER 31, 2013
Operations
Net investment income (loss)	$	8,470,756		$	26,967,686		$	(3,030,592	)	$	(3,834,376	)
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		120,241,731			112,869,726			(41,343,561	)		(195,499,006	)
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		56,186,563			284,264,216			12,398,432			(1,108,704,575	)
Net increase (decrease) in net assets resulting from operations		184,899,050			424,101,628			(31,975,721	)		(1,308,037,957	)
Distribution to Shareholders
Dividends paid from net investment income
Class A		(10,460,091	)		(9,725,999	)		—			(4,157,731	)
Class C		(143,705	)		(247,938	)		—			(417	)
Class I		(10,220,051	)		(8,637,463	)		—			(4,720,304	)
Distributions paid from net realized gains from investment transactions
Class A		(52,254,308	)		(32,729,995	)		—			—
Class C		(26,476,094	)		(14,995,424	)		—			—
Class I		(37,762,793	)		(21,670,124	)		—			—
Decrease in net assets resulting from distributions		(137,317,042	)		(88,006,943	)		—			(8,878,452	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		244,636,296			834,733,529			277,596,562			907,417,003
Net asset value of shares issued for reinvested dividends and distributions		108,162,663			71,620,315			—			5,750,551
Cost of shares redeemed		(515,192,094	)		(950,735,608	)		(449,814,675	)		(1,115,712,771	)
Redemption fees		—			—			161,559			267,192
Increase (decrease) in net assets from Fund share transactions		(162,393,135	)		(44,381,764	)		(172,056,554	)		(202,278,025	)
Net increase (decrease) in net assets		(114,811,127	)		291,712,921			(204,032,275	)		(1,519,194,434	)
Net Assets (Note 1)
Beginning of period		3,285,533,861			2,993,820,940			1,556,065,931			3,075,260,365
End of period	$	3,170,722,734		$	3,285,533,861		$	1,352,033,656		$	1,556,065,931
Undistributed net investment income (loss)	$	9,032,059		$	21,385,150		$	(104,577,392	)	$	(101,546,800	)

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149

Statements of Changes in Net Assets (continued)

	FIRST EAGLE GLOBAL INCOME BUILDER FUND						FIRST EAGLE HIGH YIELD FUND
	SIX MONTHS ENDED APRIL 30, 2014 (unaudited)			YEAR ENDED OCTOBER 31, 2013			SIX MONTHS ENDED APRIL 30, 2014 (unaudited)			YEAR ENDED OCTOBER 31, 2013
Operations
Net investment income	$	9,194,907		$	11,585,054		$	28,886,635		$	49,165,802
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		4,243,447			(709,160	)		8,789,587			(2,765,867	)
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		30,764,594			28,562,197			7,094,071			12,350,804
Net increase in net assets resulting from operations		44,202,948			39,438,091			44,770,293			58,750,739
Distribution to Shareholders
Dividends paid from net investment income
Class A		(4,775,946	)		(5,328,442	)		(9,389,831	)		(17,581,864	)
Class C		(2,383,265	)		(2,750,710	)		(3,755,964	)		(7,437,383	)
Class I		(3,087,591	)		(3,433,692	)		(15,738,497	)		(24,148,637	)
Class Y		—			—			—			—
Distributions paid from net realized gains from investment transactions
Class A		—			—			—			(236,977	)
Class C		—			—			—			(125,800	)
Class I		—			—			—			(322,171	)
Class Y		—			—			—			—
Decrease in net assets resulting from distributions		(10,246,802	)		(11,512,844	)		(28,884,292	)		(49,852,832	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		344,680,425			423,146,840			324,844,544			604,885,575
Net asset value of shares issued for reinvested dividends and distributions		7,223,670			7,172,309			20,156,953			36,664,728
Cost of shares redeemed		(45,959,944	)		(57,584,480	)		(176,510,886	)		(276,935,608	)
Redemption fees		—			—			—			—
Increase in net assets from Fund share transactions		305,944,151			372,734,669			168,490,611			364,614,695
Net increase in net assets		339,900,297			400,659,916			184,376,612			373,512,602
Net Assets (Note 1)
Beginning of period		508,013,314			107,353,398			1,015,412,316			641,899,714
End of period	$	847,913,611		$	508,013,314		$	1,199,788,928		$	1,015,412,316
Undistributed net investment income (loss)	$	(763,799	)	$	288,096		$	(82,802	)	$	(85,145	)

See Notes to Financial Statements.

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150

	FIRST EAGLE FUND OF AMERICA
	SIX MONTHS ENDED APRIL 30, 2014 (unaudited)			YEAR ENDED OCTOBER 31, 2013
Operations
Net investment income	$	1,393,263		$	4,287,910
Net realized gain (loss) from investments, foreign currency and forward contract related transactions and written options		34,292,573			54,012,239
Change in unrealized appreciation (depreciation) of investments, foreign currency and forward contract related transactions and written options		217,609,585			454,484,935
Net increase in net assets resulting from operations		253,295,421			512,785,084
Distribution to Shareholders
Dividends paid from net investment income
Class A		(2,659,824	)		(239,973	)
Class C		—			—
Class I		(2,364,371	)		—
Class Y		(859,560	)		(211,957	)
Distributions paid from net realized gains from investment transactions
Class A		(15,778,835	)		—
Class C		(8,199,122	)		—
Class I		(7,391,919	)		—
Class Y		(7,355,578	)		—
Decrease in net assets resulting from distributions		(44,609,209	)		(451,930	)
Fund Share Transactions (Note 6)
Net proceeds from shares sold		448,781,470			1,131,507,230
Net asset value of shares issued for reinvested dividends and distributions		36,044,299			389,689
Cost of shares redeemed		(224,024,326	)		(768,152,320	)
Redemption fees		—			—
Increase in net assets from Fund share transactions		260,801,443			363,744,599
Net increase in net assets		469,487,655			876,077,753
Net Assets (Note 1)
Beginning of period		2,487,146,366			1,611,068,613
End of period	$	2,956,634,021		$	2,487,146,366
Undistributed net investment income (loss)	$	(1,304,800	)	$	3,185,692

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151

Financial Highlights

	SIX MONTHS ENDED									YEAR ENDED OCTOBER 31,
	APRIL 30, 2014 (unaudited)									2013
	CLASS A			CLASS C			CLASS I			CLASS A		CLASS C		CLASS I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		54.92			53.67			55.23			49.24		48.16		49.50
Income (loss) from investment operations:
Net investment income (loss) ($)		0.14			-0.06			0.21			0.39		0.01		0.52
Net realized and unrealized gains (losses) on investments		2.46			2.41			2.46			7.41		7.27		7.45
Total income (loss) from investment operations		2.60			2.35			2.67			7.80		7.28		7.97
Less distributions:
Dividends from net investment income ($)		-0.66			-0.29			-0.78			-0.51		-0.16		-0.63
Distributions from capital gains		-1.78			-1.78			-1.78			-1.61		-1.61		-1.61
Total distributions		-2.44			-2.07			-2.56			-2.12		-1.77		-2.24
Net asset value, end of period ($)		55.08			53.95			55.34			54.92		53.67		55.23
Total return(c) (%)		4.98	(a)		4.58	(a)		5.11	(a)		16.47		15.63		16.78
Ratios and supplemental data
Net assets, end of period (millions) ($)		20,021			12,325			17,418			18,987		11,436		15,578
Ratio of operating expenses to average net assets including earnings credits (%)		1.12	(b)		1.87	(b)		0.87	(b)		1.13		1.87		0.88
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.12	(b)		1.87	(b)		0.87	(b)		1.13		1.87		0.88
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.51	(b)		-0.24	(b)		0.77	(b)		0.77		0.02		1.02
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.51	(b)		-0.24	(b)		0.77	(b)		0.77		0.02		1.02
Portfolio turnover rate (%)		7.48	(a)		7.48	(a)		7.48	(a)		11.60		11.60		11.60

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

  **  Amount represents less than $0.01 per share.

  (a)  Not Annualized

  (b)  Annualized

  (c)  Does not take into account the sale charge of 5.00% for Class A and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares.

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | April 30, 2014
152

Global Fund

	YEAR ENDED OCTOBER 31,
	2012						2011						2010						2009
	CLASS A		CLASS C		CLASS I		CLASS A		CLASS C		CLASS I		CLASS A		CLASS C		CLASS I		CLASS A		CLASS C			CLASS I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		46.90		45.91		47.15		44.36		43.47		44.59		38.74		38.07		38.92		34.45		33.99			34.62
Income (loss) from investment operations:
Net investment income (loss) ($)		0.45		0.09		0.57		0.39		0.04		0.51		0.56		0.26		0.69		0.39		0.13			0.47
Net realized and unrealized gains (losses) on investments		3.03		2.98		3.03		2.79		2.75		2.81		5.63		5.51		5.63		6.35		6.26			6.39
Total income (loss) from investment operations		3.48		3.07		3.60		3.18		2.79		3.32		6.19		5.77		6.32		6.74		6.39			6.86
Less distributions:
Dividends from net investment income ($)		-0.53		-0.21		-0.64		-0.64		-0.35		-0.76		-0.57		-0.37		-0.65		-0.14		-0.00	**		-0.25
Distributions from capital gains		-0.61		-0.61		-0.61		—		—		—		—		—		—		-2.31		-2.31			-2.31
Total distributions		-1.14		-0.82		-1.25		-0.64		-0.35		-0.76		-0.57		-0.37		-0.65		-2.45		-2.31			-2.56
Net asset value, end of period ($)		49.24		48.16		49.50		46.90		45.91		47.15		44.36		43.47		44.59		38.74		38.07			38.92
Total return(c) (%)		7.64		6.83		7.90		7.23		6.45		7.52		16.13		15.23		16.40		20.81		19.93			21.13
Ratios and supplemental data
Net assets, end of period (millions) ($)		15,840		9,322		11,182		14,352		8,385		8,455		12,195		6,524		5,345		10,562		5,158			3,338
Ratio of operating expenses to average net assets including earnings credits (%)		1.15		1.89		0.90		1.13		1.88		0.88		1.16		1.91		0.91		1.19		1.94			0.94
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.15		1.89		0.90		1.13		1.88		0.88		1.16		1.91		0.91		1.19		1.94			0.94
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.94		0.19		1.19		0.83		0.08		1.07		1.36		0.63		1.68		1.14		0.38			1.37
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.94		0.19		1.19		0.83		0.08		1.07		1.36		0.63		1.68		1.14		0.38			1.37
Portfolio turnover rate (%)		11.29		11.29		11.29		11.57		11.57		11.57		17.37		17.37		17.37		12.52		12.52			12.52

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | April 30, 2014
153

Financial Highlights

	SIX MONTHS ENDED									YEAR ENDED OCTOBER 31,
	APRIL 30, 2014 (unaudited)									2013
	CLASS A			CLASS C			CLASS I			CLASS A		CLASS C		CLASS I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		24.40			23.64			24.84			22.26		21.62		22.63
Income (loss) from investment operations:
Net investment income (loss) ($)		0.05			-0.03			0.09			0.13		-0.04		0.20
Net realized and unrealized gains on investments		0.94			0.92			0.95			3.17		3.09		3.22
Total income from investment operations		0.99			0.89			1.04			3.30		3.05		3.42
Less distributions:
Dividends from net investment income ($)		-0.46			-0.30			-0.52			-0.26		-0.13		-0.31
Distributions from capital gains		-0.96			-0.96			-0.96			-0.90		-0.90		-0.90
Total distributions		-1.42			-1.26			-1.48			-1.16		-1.03		-1.21
Net asset value, end of period ($)		23.97			23.27			24.40			24.40		23.64		24.84
Total return(c) (%)		4.44	(a)		4.08	(a)		4.57	(a)		15.52		14.67		15.82
Ratios and supplemental data
Net assets, end of period (millions) ($)		5,975			1,163			7,833			5,912		1,120		7,378
Ratio of operating expenses to average net assets including earnings credits (%)		1.14	(b)		1.89	(b)		0.89	(b)		1.15		1.90		0.90
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.14	(b)		1.89	(b)		0.89	(b)		1.15		1.90		0.90
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.46	(b)		-0.28	(b)		0.72	(b)		0.59		-0.17		0.86
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.46	(b)		-0.28	(b)		0.72	(b)		0.59		-0.17		0.86
Portfolio turnover rate (%)		5.92	(a)		5.92	(a)		5.92	(a)		12.33		12.33		12.33

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

  **  Amount represents less than $0.01 per share.

  (a)  Not Annualized

  (b)  Annualized

  (c)  Does not take into account the sales charge of 5.00% for Class A shares and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares.

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | April 30, 2014
154

Overseas Fund

	YEAR ENDED OCTOBER 31,
	2012						2011						2010							2009
	CLASS A		CLASS C		CLASS I		CLASS A		CLASS C		CLASS I		CLASS A		CLASS C			CLASS I		CLASS A		CLASS C			CLASS I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		22.25		21.61		22.61		21.86		21.26		22.20		19.51		19.03			19.80		17.21		16.93			17.41
Income (loss) from investment operations:
Net investment income (loss) ($)		0.24		0.08		0.30		0.18		0.01		0.24		0.15		0.00	**		0.21		0.26		0.13			0.30
Net realized and unrealized gains on investments		0.80		0.77		0.81		0.74		0.73		0.75		2.80		2.72			2.82		3.72		3.63			3.78
Total income from investment operations		1.04		0.85		1.11		0.92		0.74		0.99		2.95		2.72			3.03		3.98		3.76			4.08
Less distributions:
Dividends from net investment income ($)		-0.39		-0.20		-0.45		-0.32		-0.18		-0.37		-0.60		-0.49			-0.63		-0.02		0.00	**		-0.03
Distributions from capital gains		-0.64		-0.64		-0.64		-0.21		-0.21		-0.21		—		—			—		-1.66		-1.66			-1.66
Total distributions		-1.03		-0.84		-1.09		-0.53		-0.39		-0.58		-0.60		-0.49			-0.63		-1.68		-1.66			-1.69
Net asset value, end of period ($)		22.26		21.62		22.63		22.25		21.61		22.61		21.86		21.26			22.20		19.51		19.03			19.80
Total return(c) (%)		5.06		4.28		5.36		4.27		3.48		4.52		15.45		14.55			15.68		24.95		23.96			25.26
Ratios and supplemental data
Net assets, end of period (millions) ($)		5,111		986		5,252		5,023		1,027		4,136		4,676		914			3,284		4,024		792			2,211
Ratio of operating expenses to average net assets including earnings credits (%)		1.17		1.92		0.92		1.14		1.89		0.89		1.17		1.92			0.92		1.20		1.95			0.95
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.17		1.92		0.92		1.14		1.89		0.89		1.17		1.92			0.92		1.20		1.95			0.95
Ratio of net investment income (loss) to average net assets including earnings credits (%)		1.12		0.37		1.36		0.78		0.04		1.06		0.76		0.01			1.03		1.51		0.76			1.75
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		1.12		0.37		1.36		0.78		0.04		1.06		0.76		0.01			1.03		1.51		0.76			1.75
Portfolio turnover rate (%)		10.50		10.50		10.50		12.22		12.22		12.22		15.53		15.53			15.53		8.65		8.65			8.65

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | April 30, 2014
155

Financial Highlights

	SIX MONTHS ENDED									YEAR ENDED OCTOBER 31,
	APRIL 30, 2014 (unaudited)									2013
	CLASS A			CLASS C			CLASS I			CLASS A		CLASS C		CLASS I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		20.26			19.97			20.54			18.27		18.02		18.50
Income (loss) from investment operations:
Net investment income (loss) ($)		0.06			-0.01			0.09			0.18		0.03		0.23
Net realized and unrealized gains on investments		1.11			1.08			1.11			2.36		2.35		2.40
Total income from investment operations		1.17			1.07			1.20			2.54		2.38		2.63
Less distributions:
Dividends from net investment income ($)		-0.15			-0.00	**		-0.20			-0.13		-0.01		-0.17
Distributions from capital gains		-0.74			-0.74			-0.74			-0.42		-0.42		-0.42
Total distributions		-0.89			-0.74			-0.94			-0.55		-0.43		-0.59
Net asset value, end of period ($)		20.54			20.30			20.80			20.26		19.97		20.54
Total return(c) (%)		6.04	(a)		5.60	(a)		6.13	(a)		14.32		13.53		14.69
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,395			725			1,051			1,480		725		1,080
Ratio of operating expenses to average net assets including earnings credits (%)		1.16	(b)		1.91	(b)		0.91	(b)		1.16		1.91		0.91
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.16	(b)		1.91	(b)		0.91	(b)		1.16		1.91		0.91
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.62	(b)		-0.13	(b)		0.87	(b)		0.93		0.18		1.18
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.62	(b)		-0.13	(b)		0.87	(b)		0.93		0.18		1.18
Portfolio turnover rate (%)		6.09	(a)		6.09	(a)		6.09	(a)		17.32		17.32		17.32

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

  **  Amount represents less than $0.01 per share.

  (a)  Not Annualized

  (b)  Annualized

  (c)  Does not take into account the sales charge of 5.00% for Class A shares and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares.

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | April 30, 2014
156

U.S. Value Fund

	YEAR ENDED OCTOBER 31,
	2012						2011						2010						2009
	CLASS A		CLASS C		CLASS I		CLASS A		CLASS C		CLASS I		CLASS A		CLASS C		CLASS I		CLASS A		CLASS C		CLASS I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		17.12		16.91		17.33		15.94		15.75		16.12		14.21		14.06		14.37		12.75		12.63		12.89
Income (loss) from investment operations:
Net investment income (loss) ($)		0.15		0.02		0.19		0.17		0.04		0.21		0.32		0.21		0.38		0.21		0.12		0.24
Net realized and unrealized gains on investments		1.59		1.57		1.61		1.34		1.34		1.37		1.60		1.58		1.59		1.58		1.56		1.60
Total income from investment operations		1.74		1.59		1.80		1.51		1.38		1.58		1.92		1.79		1.97		1.79		1.68		1.84
Less distributions:
Dividends from net investment income ($)		-0.14		-0.03		-0.18		-0.33		-0.22		-0.37		-0.19		-0.10		-0.22		-0.22		-0.14		-0.25
Distributions from capital gains		-0.45		-0.45		-0.45		—		—		—		—		—		—		-0.11		-0.11		-0.11
Total distributions		-0.59		-0.48		-0.63		-0.33		-0.22		-0.37		-0.19		-0.10		-0.22		-0.33		-0.25		-0.36
Net asset value, end of period ($)		18.27		18.02		18.50		17.12		16.91		17.33		15.94		15.75		16.12		14.21		14.06		14.37
Total return(c) (%)		10.63		9.75		10.86		9.60		8.85		9.92		13.64		12.75		13.84		14.52		13.63		14.78
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,425		631		938		967		408		538		680		320		328		547		263		199
Ratio of operating expenses to average net assets including earnings credits (%)		1.17		1.92		0.93		1.18		1.93		0.93		1.23		1.98		0.99		1.26		2.00		1.01
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.17		1.92		0.93		1.18		1.93		0.93		1.23		1.98		0.99		1.26		2.00		1.01
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.84		0.09		1.08		0.98		0.24		1.23		2.15		1.41		2.46		1.63		0.93		1.90
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.84		0.09		1.08		0.98		0.24		1.23		2.15		1.41		2.46		1.63		0.93		1.90
Portfolio turnover rate (%)		14.34		14.34		14.34		18.54		18.54		18.54		12.23		12.23		12.23		14.88		14.88		14.88

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | April 30, 2014
157

Financial Highlights

	SIX MONTHS ENDED									YEAR ENDED OCTOBER 31,
	APRIL 30, 2014 (unaudited)									2013
	CLASS A			CLASS C			CLASS I			CLASS A		CLASS C		CLASS I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		17.03			16.37			17.25			29.86		28.84		30.26
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.03			-0.09			-0.01			-0.02		-0.18		0.03
Net realized and unrealized gains (losses) on investments		-0.06			-0.06			-0.06			-12.73		-12.29		-12.89
Total income (loss) from investment operations		-0.09			-0.15			-0.07			-12.75		-12.47		-12.86
Less distributions:
Dividends from net investment income ($)		—			—			—			-0.08		—		-0.15
Distributions from capital gains		—			—			—			—		—		—
Total distributions		—			—			—			-0.08		—		-0.15
Net asset value, end of period ($)		16.94			16.22			17.18			17.03		16.37		17.25
Total return(c) (%)		-0.53	(a)		-0.92	(a)		-0.41	(a)		-42.80		-43.24		-42.68
Ratios and supplemental data
Net assets, end of period (millions) ($)		669			244			439			764		284		508
Ratio of operating expenses to average net assets including earnings credits (%)		1.32	(b)		2.07	(b)		1.06	(b)		1.25		2.00		1.00
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.32	(b)		2.07	(b)		1.06	(b)		1.25		2.00		1.00
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.41	(b)		-1.15	(b)		-0.15	(b)		-0.11		-0.87		0.14
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.41	(b)		-1.15	(b)		-0.15	(b)		-0.11		-0.87		0.14
Portfolio turnover rate (%)		4.21	(a)		4.21	(a)		4.21	(a)		15.14		15.14		15.14

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

  (a)  Not Annualized

  (b)  Annualized

  (c)  Does not take into account the sales charge of 5.00% for Class A shares and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares.

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
158

Gold Fund

	YEAR ENDED OCTOBER 31,
	2012						2011						2010						2009
	CLASS A		CLASS C		CLASS I		CLASS A		CLASS C		CLASS I		CLASS A		CLASS C		CLASS I		CLASS A		CLASS C		CLASS I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		33.89		32.78		34.33		33.42		32.44		33.81		25.15		24.52		25.43		14.85		14.60		14.98
Income (loss) from investment operations:
Net investment income (loss) ($)		-0.01		-0.22		0.06		-0.19		-0.42		-0.10		-0.17		-0.38		-0.11		-0.14		-0.30		-0.09
Net realized and unrealized gains (losses) on investments		-2.73		-2.66		-2.75		2.60		2.53		2.63		8.82		8.58		8.92		11.50		11.28		11.60
Total income (loss) from investment operations		-2.74		-2.88		-2.69		2.41		2.11		2.53		8.65		8.20		8.81		11.36		10.98		11.51
Less distributions:
Dividends from net investment income ($)		-0.39		-0.16		-0.48		-0.73		-0.56		-0.80		-0.38		-0.28		-0.43		—		—		—
Distributions from capital gains		-0.90		-0.90		-0.90		-1.21		-1.21		-1.21		—		—		—		-1.06		-1.06		-1.06
Total distributions		-1.29		-1.06		-1.38		-1.94		-1.77		-2.01		-0.38		-0.28		-0.43		-1.06		-1.06		-1.06
Net asset value, end of period ($)		29.86		28.84		30.26		33.89		32.78		34.33		33.42		32.44		33.81		25.15		24.52		25.43
Total return(c) (%)		-8.14		-8.86		-7.89		7.38		6.61		7.66		34.73		33.66		35.01		78.93		77.62		79.27
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,535		608		932		1,834		683		1,003		1,900		616		695		1,325		362		165
Ratio of operating expenses to average net assets including earnings credits (%)		1.21		1.96		0.96		1.20		1.95		0.95		1.22		1.97		0.97		1.26		2.01		1.01
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.21		1.96		0.96		1.20		1.95		0.95		1.22		1.97		0.97		1.26		2.01		1.01
Ratio of net investment income (loss) to average net assets including earnings credits (%)		-0.05		-0.80		0.21		-0.56		-1.30		-0.30		-0.60		-1.35		-0.36		-0.65		-1.40		-0.40
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		-0.05		-0.80		0.21		-0.56		-1.30		-0.30		-0.60		-1.35		-0.36		-0.65		-1.40		-0.40
Portfolio turnover rate (%)		9.19		9.19		9.19		13.26		13.26		13.26		5.50		5.50		5.50		3.00		3.00		3.00

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
159

Financial Highlights

	SIX MONTHS ENDED APRIL 30, 2014 (unaudited)						YEAR ENDED OCTOBER 31, 2013
	CLASS A			CLASS C			CLASS I			CLASS A		CLASS C
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		11.26			11.23			11.23			10.32		10.30
Income from investment operations:
Net investment income ($)		0.17			0.13			0.18			0.42		0.34
Net realized and unrealized gains (losses) on investments		0.57			0.57			0.57			0.91		0.90
Total income (loss) from investment operations		0.74			0.70			0.75			1.33		1.24
Less distributions:
Dividends from net investment income ($)		-0.19			-0.15			-0.20			-0.39		-0.31
Total distributions		-0.19			-0.15			-0.20			-0.39		-0.31
Net asset value, end of period ($)		11.81			11.78			11.78			11.26		11.23
Total return(c) (%)		6.60	(a)		6.22	(a)		6.74	(a)		13.14		12.25
Ratios and supplemental data
Net assets, end of period (millions) ($)		363			238			246			231		148
Ratio of operating expenses to average net assets including fee waivers and reimbursements (recoupments) (%)		1.30	(b)		2.04	(b)		1.05	(b)		1.30		2.04
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements (recoupments) (%)		1.26	(b)		2.01	(b)		1.01	(b)		1.35		2.09
Ratio of net investment income to average net assets including fee waivers and reimbursements (recoupments) (%)		3.00	(b)		2.24	(b)		3.26	(b)		3.85		3.11
Ratio of net investment income to average net assets excluding fee waivers and reimbursements (recoupments) (%)		3.03	(b)		2.27	(b)		3.30	(b)		3.80		3.06
Portfolio turnover rate (%)		13.26	(a)		13.26	(a)		13.26	(a)		10.87		10.87

  ^  Commencement of Operations

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

  (a)  Not Annualized

  (b)  Annualized

  (c)  Does not take into account the sales charge of 5.00% for Class A shares and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares.

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

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
160

Global Income Builder Fund

	PERIOD MAY 1, 2012^ TO OCTOBER 31, 2012
	CLASS I		CLASS A			CLASS C			CLASS I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		10.33		10.00			10.00			10.00
Income from investment operations:
Net investment income ($)		0.44		0.15			0.11			0.18
Net realized and unrealized gains (losses) on investments		0.91		0.28			0.29			0.27
Total income (loss) from investment operations		1.35		0.43			0.40			0.45
Less distributions:
Dividends from net investment income ($)		-0.45		-0.11			-0.10			-0.12
Total distributions		-0.45		-0.11			-0.10			-0.12
Net asset value, end of period ($)		11.23		10.32			10.30			10.33
Total return(c) (%)		13.36		4.37	(a)		4.00	(a)		4.53	(a)
Ratios and supplemental data
Net assets, end of period (millions) ($)		129		43			26			38
Ratio of operating expenses to average net assets including fee waivers and reimbursements (recoupments) (%)		1.05		1.30	(b)(d)		2.05	(b)(d)		1.05	(b)(d)
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements (recoupments) (%)		1.10		2.13	(b)(d)		2.88	(b)(d)		2.20	(b)(d)
Ratio of net investment income to average net assets including fee waivers and reimbursements (recoupments) (%)		4.11		2.89	(b)(d)		2.16	(b)(d)		3.56	(b)(d)
Ratio of net investment income to average net assets excluding fee waivers and reimbursements (recoupments) (%)		4.06		2.06	(b)(d)		1.33	(b)(d)		2.40	(b)(d)
Portfolio turnover rate (%)		10.87		5.17	(a)		5.17	(a)		5.17	(a)

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161

Financial Highlights

	SIX MONTHS ENDED									YEAR ENDED OCTOBER 31,						PERIOD APRIL 1, 2012 TO
	APRIL 30, 2014 (unaudited)									2013						OCTOBER 31, 2012
	CLASS A			CLASS C			CLASS I			CLASS A		CLASS C		CLASS I		CLASS A			CLASS C			CLASS I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		10.11			10.10			10.11			9.98		9.97		9.98		9.75			9.74			9.75
Income from investment operations:
Net investment income ($)		0.26			0.23			0.28			0.59		0.51		0.62		0.33			0.29			0.36
Net realized and unrealized gains (losses) on investments		0.14			0.14			0.14			0.14		0.14		0.14		0.24			0.23			0.23
Total income (loss) from investment operations		0.40			0.37			0.42			0.73		0.65		0.76		0.57			0.52			0.59
Less distributions:
Dividends from net investment income ($)		-0.26			-0.23			-0.28			-0.59		-0.51		-0.62		-0.34			-0.29			-0.36
Distributions from capital gains		—			—			—			-0.01		-0.01		-0.01		—			—			—
Total distributions		-0.26			-0.23			-0.28			-0.60		-0.52		-0.63		-0.34			-0.29			-0.36
Net asset value, end of period ($)		10.25			10.24			10.25			10.11		10.10		10.11		9.98			9.97			9.98
Total return(c) (%)		4.04	(a)		3.65	(a)		4.18	(a)		7.49		6.69		7.85		5.94	(a)		5.47	(a)		6.20	(a)
Ratios and supplemental data
Net assets, end of period (millions) ($)		384			183			633			346		159		511		220			113			309
Ratio of operating expenses to average net assets including fee waivers and reimbursements (recoupments) (%)		1.10	(b)		1.85	(b)		0.82	(b)		1.13		1.88		0.80		1.25	(b)(d)		2.00	(b)(d)		0.80	(b)(d)
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements (recoupments) (%)		1.09	(b)		1.84	(b)		0.84	(b)		1.13		1.88		0.88		1.27	(b)(d)		2.02	(b)(d)		1.03	(b)(d)
Ratio of net investment income to average net assets including fee waivers and reimbursements (recoupments) (%)		5.20	(b)		4.44	(b)		5.48	(b)		5.80		5.07		6.14		5.75	(b)(d)		4.98	(b)(d)		6.23	(b)(d)
Ratio of net investment income to average net assets excluding fee waivers and reimbursements (recoupments) (%)		5.21	(b)		4.45	(b)		5.46	(b)		5.80		5.07		6.06		5.73	(b)(d)		4.96	(b)(d)		6.00	(b)(d)
Portfolio turnover rate (%)		21.22	(a)		21.22	(a)		21.22	(a)		49.71		49.71		49.71		25.02	(a)		25.02	(a)		25.02	(a)

  ^  The Fund commenced investment operations in its present form on December 30, 2011.

  ^^  Class A and Class C commenced operations on January 3, 2012.

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

  (a)  Not Annualized

  (b)  Annualized

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

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

See Notes to Financial Statements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
162

High Yield Fund

	YEAR ENDED MARCH 31,
	2012^								2011		2010		2009
	CLASS A^^			CLASS C^^			CLASS I		CLASS I		CLASS I		CLASS I
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		9.40			9.40			10.29		10.67		7.72		9.29
Income from investment operations:
Net investment income ($)		0.13			0.11			0.68		0.98		1.31		0.85
Net realized and unrealized gains (losses) on investments		0.35			0.34			-0.11		0.47		3.07		-1.55
Total income (loss) from investment operations		0.48			0.45			0.57		1.45		4.38		-0.70
Less distributions:
Dividends from net investment income ($)		-0.13			-0.11			-0.83		-0.98		-1.28		-0.87
Distributions from capital gains		—			—			-0.28		-0.85		-0.15		—
Total distributions		-0.13			-0.11			-1.11		-1.83		-1.43		-0.87
Net asset value, end of period ($)		9.75			9.74			9.75		10.29		10.67		7.72
Total return(c) (%)		5.11			4.78			6.11		14.81		59.30		-7.78
Ratios and supplemental data
Net assets, end of period (millions) ($)		60			28			115		11		10		9
Ratio of operating expenses to average net assets including fee waivers and reimbursements (recoupments) (%)		0.95	(b)		1.66	(b)		0.80		0.80		0.80		0.80
Ratio of operating expenses to average net assets excluding fee waivers and reimbursements (recoupments) (%)		1.12	(b)		1.83	(b)		1.05		1.21		1.04		1.05
Ratio of net investment income to average net assets including fee waivers and reimbursements (recoupments) (%)		5.48	(b)		4.74	(b)		6.98		9.33		13.34		10.04
Ratio of net investment income to average net assets excluding fee waivers and reimbursements (recoupments) (%)		5.31	(b)		4.57	(b)		6.73		8.92		13.10		9.79
Portfolio turnover rate (%)		45.21			45.21			45.21		145.96		292.11		74.19

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163

Financial Highlights

	SIX MONTHS ENDED												YEAR ENDED OCTOBER 31,
	APRIL 30, 2014 (unaudited)												2013
	CLASS A			CLASS C			CLASS I			CLASS Y			CLASS A		CLASS C		CLASS I^			CLASS Y
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		34.76			29.94			35.47			35.42			26.86		23.30		31.01			27.37
Income (loss) from investment operations:
Net investment income (loss) ($)		0.03			-0.09			0.08			0.04			0.10		-0.12		0.07			0.12
Net realized and unrealized gains on investments		3.41			2.93			3.48			3.46			7.81		6.76		4.39			7.94
Total income from investment operations		3.44			2.84			3.56			3.50			7.91		6.64		4.46			8.06
Less distributions:
Dividends from net investment income ($)		-0.09			—			-0.17			-0.06			-0.01		—		—			-0.01
Distributions from capital gains		-0.52			-0.52			-0.52			-0.52			—		—		—			—
Total distributions		-0.61			-0.52			-0.69			-0.58			-0.01		—		—			-0.01
Net asset value, end of period ($)		37.59			32.26			38.34			38.34			34.76		29.94		35.47			35.42
Total return(c) (%)		10.03	(a)		9.61	(a)		10.15	(a)		10.01	(a)		29.45		28.44		14.38	(a)		29.45
Ratios and supplemental data
Net assets, end of period (millions) ($)		1,234			565			627			531			1,036		455		491			504
Ratio of operating expenses to average net assets including earnings credits (%)		1.37	(b)		2.12	(b)		1.12	(b)		1.37	(b)		1.41		2.16		1.19	(b)		1.41
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.37	(b)		2.12	(b)		1.12	(b)		1.37	(b)		1.41		2.16		1.19	(b)		1.41
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.19	(b)		-0.56	(b)		0.43	(b)		0.21	(b)		0.31		-0.46		0.34	(b)		0.39
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.19	(b)		-0.56	(b)		0.43	(b)		0.21	(b)		0.31		-0.46		0.34	(b)		0.39
Portfolio turnover rate (%)		11.62	(a)		11.62	(a)		11.62	(a)		11.62	(a)		32.12		32.12		32.12	(a)		32.12

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

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

  (a)  Not Annualized

  (b)  Annualized

  (c)  Does not take into account the sales charge of 5.00% for Class A shares and the CDSC (Contingent Deferred Sales Charge) of 1.00% for Class C shares.

See Notes to Financial Statements.

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164

Fund of America

	YEAR ENDED OCTOBER 31,
	2012						2011						2010						2009
	CLASS A		CLASS C		CLASS Y		CLASS A		CLASS C		CLASS Y		CLASS A		CLASS C		CLASS Y		CLASS A		CLASS C		CLASS Y
Selected data for a share of beneficial interest outstanding throughout each period is presented below:*
Net asset value, beginning of period ($)		24.91		22.01		25.35		24.06		21.32		24.47		19.32		17.25		19.66		18.92		17.14		19.23
Income (loss) from investment operations:
Net investment income (loss) ($)		0.04		-0.13		0.04		-0.09		-0.25		-0.08		0.13		-0.03		0.14		-0.06		-0.18		-0.07
Net realized and unrealized gains on investments		3.73		3.24		3.80		1.11		0.98		1.12		4.61		4.10		4.67		1.61		1.44		1.65
Total income from investment operations		3.77		3.11		3.84		1.02		0.73		1.04		4.74		4.07		4.81		1.55		1.26		1.58
Less distributions:
Dividends from net investment income ($)		—		—		—		-0.17		-0.04		-0.16		—		—		—		—		—		—
Distributions from capital gains		-1.82		-1.82		-1.82		—		—		—		—		—		—		-1.15		-1.15		-1.15
Total distributions		-1.82		-1.82		-1.82		-0.17		-0.04		-0.16		—		—		—		-1.15		-1.15		-1.15
Net asset value, end of period ($)		26.86		23.30		27.37		24.91		22.01		25.35		24.06		21.32		24.47		19.32		17.25		19.66
Total return(c) (%)		16.46		15.62		16.50		4.22		3.43		4.20		24.53		23.59		24.47		9.13		8.34		9.14
Ratios and supplemental data
Net assets, end of period (millions) ($)		699		246		667		549		194		633		379		122		599		276		90		503
Ratio of operating expenses to average net assets including earnings credits (%)		1.44		2.19		1.44		1.43		2.18		1.43		1.47		2.22		1.47		1.50		2.25		1.50
Ratio of operating expenses to average net assets excluding earnings credits (%)		1.44		2.19		1.44		1.43		2.18		1.43		1.47		2.22		1.47		1.50		2.25		1.50
Ratio of net investment income (loss) to average net assets including earnings credits (%)		0.14		-0.61		0.14		-0.33		-1.08		-0.31		0.61		-0.14		0.62		-0.34		-1.10		-0.37
Ratio of net investment income (loss) to average net assets excluding earnings credits (%)		0.14		-0.61		0.14		-0.33		-1.08		-0.31		0.61		-0.14		0.62		-0.34		-1.10		-0.37
Portfolio turnover rate (%)		31.48		31.48		31.48		67.61		67.61		67.61		40.00		40.00		40.00		40.41		40.41		40.41

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165

Notes to Financial Statements (unaudited)

Note 1 — Significant Accounting Policies

First Eagle Funds (the "Trust"), is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"). The Trust consists of eight separate portfolios, First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Yield Fund, First Eagle Fund of America and First Eagle Absolute Return Fund (each individually a "Fund" or collectively the "Funds"). All the Funds are diversified mutual funds except for First Eagle Gold Fund and First Eagle Fund of America, which are non-diversified. The Trust is a Delaware statutory trust. The First Eagle Global Fund seeks long-term growth of capital by investing in a range of asset classes from markets in the United States and throughout the world. The First Eagle Overseas Fund seeks long-term growth of capital by investing primarily in equities issued by non-U.S. corporations. The First Eagle U.S. Value Fund seeks long-term growth of capital by investing, under normal market conditions, at least 80% of its assets in domestic equity and debt securities. The First Eagle Gold Fund seeks to provide investors the opportunity to participate in the investment characteristics of gold (and to a limited extent other precious metals) for a portion of their overall investment portfolio. The First Eagle Global Income Builder Fund (which commenced operations on May 1, 2012) seeks current income generation and long-term growth of capital. The First Eagle High Yield Fund seeks to provide investors with a high level of current income. The First Eagle Fund of America seeks capital appreciation by investing primarily in domestic stocks and, to a lesser extent, in debt and international equity securities. No results are presented in these financial statements for First Eagle Absolute Return Fund, which had not yet commenced operations as of April 30, 2014 and is described in a prospectus separate from that for the other seven Funds discussed here.

First Eagle Investment Management, LLC (the "Adviser"), a subsidiary of Arnhold and S. Bleichroeder Holdings, Inc. ("ASB Holdings"), manages the Funds.

The following is a summary of significant accounting policies adhered to by the Funds and are in conformity with U.S. generally accepted accounting principles ("GAAP").

a)  Investments in Subsidiaries — The First Eagle Global Fund (the "Global Fund"), First Eagle Overseas Fund (the "Overseas Fund"), First Eagle U.S. Value Fund (the "U.S. Value Fund"), and First Eagle Gold Fund (the "Gold Fund") may invest in certain precious metals through their investment in the

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(continued)

First Eagle Global Cayman Fund, Ltd., First Eagle Overseas Cayman Fund, Ltd., First Eagle U.S. Value Cayman Fund, Ltd., and First Eagle Gold Cayman Fund, Ltd., respectively, each a wholly owned subsidiary or collectively "subsidiaries". Each Fund may invest up to 25% of its total assets in shares of its respective Subsidiary. Each Subsidiary has the ability to invest in commodities and securities consistent with the investment objective of its respective Fund. Substantially all of each Subsidiary's assets represent physical gold (bullion). Trading in bullion directly by the Funds presents the risk of tax consequences (e.g., a change in the Funds' tax status subjecting the Funds to be taxed at the Fund level on all of their income if the Funds' "non-qualifying income" exceeds 10% of the Funds' gross income in any taxable year). Trading in bullion by the Subsidiaries generally does not present the same tax risks.

The First Eagle Global Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Global Fund and the First Eagle Global Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2014, the First Eagle Global Cayman Fund, Ltd. has $1,516,007,629 in net assets, representing 3.05% of the Global Fund's net assets.

The First Eagle Overseas Cayman Fund, Ltd., established on October 18, 2013, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Overseas Fund and the First Eagle Overseas Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2014, the First Eagle Overseas Cayman Fund, Ltd. has $326,178,668 in net assets, representing 2.18% of the Overseas Fund's net assets.

The First Eagle U.S. Value Cayman Fund, Ltd., established on January 24, 2012, and is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the U.S. Value Fund and the First Eagle U.S. Value Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2014, the First Eagle U.S. Value Cayman Fund, Ltd. has $129,636,942 in net assets, representing 4.09% of the U.S. Value Fund's net assets.

The First Eagle Gold Cayman Fund, Ltd., established on May 28, 2010, is an exempted company under the laws of the Cayman Islands. The consolidated financial statements include the accounts of the Gold Fund and the

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167

Notes to Financial Statements (unaudited)

First Eagle Gold Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated. As of April 30, 2014, the First Eagle Gold Cayman Fund, Ltd. has $253,835,867 in net assets, representing 18.77% of the Gold Fund's net assets.

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

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

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. Broker-Dealers or pricing services use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in

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168

(continued)

determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon-rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. Short-term investments maturing in sixty days or less are valued at cost plus interest earned (or discount amortized, as the case may be), which is deemed to approximate value.

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

Forward contracts are valued at the current cost of covering or offsetting such contracts at the time NYSE closes (normally 4:00 p.m. E.S.T.).

The 4:00 p.m. E.S.T. exchange rates are used to convert foreign security prices into U.S. dollars.

Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the relevant quotation on the exchange or market deemed to be the primary trading venue for that security. In the absence of such a quotation, a quotation from the exchange or market deemed by the Adviser to be the secondary trading venue for the particular security shall be used. The 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.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
169

Notes to Financial Statements (unaudited)

Certain Funds with non-U.S. holdings have adopted procedures under which movements in the prices for U.S. securities (beyond specified thresholds) occurring after the close of a foreign market may require fair valuation of securities traded in that foreign market. The values assigned to a Fund's foreign holdings therefore may differ on occasion from reported market values. The Trust and the Adviser believe relying on the procedures as just described will result in prices that are more reflective of the actual market value of portfolio securities held by the Funds as of 4:00 p.m. E.S.T.

The Funds adopted provisions surrounding fair value measurements and disclosures that define fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Funds' investments and are summarized in the following fair value hierarchy:

Level 1 — Quoted prices in active markets for identical securities.

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — Other significant unobservable inputs (including the Fund's own assumption in determining the fair value of investments).

The significant unobservable inputs that may be used in determining valuations for investments identified within Level 3 are market comparables and the enterprise value of a company. Indications of value and quotations may be observable at any given time, but are currently treated by the Funds as unobservable. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.

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170

(continued)

Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability, probability of insolvency and probability of default may decrease (increase) the fair value measurement.

Fair valuation of securities, other financial investments or other assets (collectively, "securities") held by the Funds shall be determined in good faith by or under the direction of the Board, generally acting through its designated Board Valuation Committee or Valuation Committee (collectively, the "Committees"). The Committees' responsibilities include making determinations regarding Level 3 fair value measurements and providing the results to the Board, in accordance with the Funds' valuation policies.

It is the policy of the Funds to recognize significant transfers between Levels 1, 2 and 3 and to disclose those transfers as of the date of the underlying event which caused the movement.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
171

Notes to Financial Statements (unaudited)

The following is a summary of the Funds' inputs used to value the Funds' investments as of April 30, 2014:

First Eagle Global Fund
DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3(a)		TOTAL
Assets: †
U.S. Common Stocks	$	15,465,659,188	$	1,676,555	$	—	$	15,467,335,743
International Common Stocks		19,912,797,018		10,635,757		12,804,793		19,936,237,568
International Preferred Stock		145,492,147		—		—		145,492,147
Investment Company		192,349		—		—		192,349
Warrant		109,518,115		—		—		109,518,115
Commodity*		2,399,117,206		—		—		2,399,117,206
U.S. Corporate Bond		—		5,125,312		—		5,125,312
International Corporate Notes and Bonds		—		68,721,817		38,765,348		107,487,165
International Government Bond		—		26,066,341		—		26,066,341
International Commercial Paper		—		4,265,974,923		—		4,265,974,923
U.S. Commercial Paper		—		7,250,115,828		—		7,250,115,828
Foreign Currency Contracts**				19,317,575				19,317,575
Total	$	38,032,776,023	$	11,647,634,108	$	51,570,141	$	49,731,980,272
Liabilities:
Foreign Currency Contracts**	$	—	$	37,583,759	$	—	$	37,583,759
Total	$	—	$	37,583,759	$	—	$	37,583,759

^(a)  Level 3 securities are identified in the Schedule of Investments with the footnote (e).

^†  See Consolidated Schedule of Investments for additional detailed categorizations.

  *  Represents gold bullion.

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

For the period ended April 30, 2014, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
172

(continued)

Fair Value Level 3 activity for the period ended April 30, 2014 was as follows:

First Eagle Global Fund — (continued)
	INTERNATIONAL		INTERNATIONAL
	COMMON STOCKS		CORPORATE BONDS			TOTAL VALUE
Beginning Balance — market value	$	12,514,385	$	38,819,641		$	51,334,026
Purchases		—		—			—
Sales		—		(881,801	)*		(881,801	)
Transfer In — Level 3		—		—			—
Transfer Out — Level 3		—		—			—
Accrued Amortization		—		—			—
Realized Gains (Losses)		—		(42,794	)*		(42,794	)
Change in Unrealized Appreciation (Depreciation)		290,408		870,302			1,160,710
Ending Balance — market value	$	12,804,793	$	38,765,348		$	51,570,141
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	290,408	$	870,302		$	1,160,710

  *  Related to a paydown of previously recapitalized interest receivable to principal.

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173

Notes to Financial Statements (unaudited)

First Eagle Overseas Fund
DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3(a)			TOTAL
Assets: †
International Common Stocks	$	10,724,844,804	$	3,530,226	$	34,948,557		$	10,763,323,587
U.S. Common Stock		23,799,133		—		—			23,799,133
International Preferred Stocks		87,163,126		—		—			87,163,126
Investment Company		50,936		—		—			50,936
Right		—		—		—	^		—	^
Commodity*		721,559,668		—		—			721,559,668
Term Loans		—		11,079,170		—	^		11,079,170
International Convertible Bond		—		18,308,000		—			18,308,000
International Corporate Bonds		—		102,430,266		25,843,565			128,273,831
International Commercial Paper		—		1,197,662,507		—			1,197,662,507
U.S. Commercial Paper		—		1,993,195,586		—			1,993,195,586
Foreign Currency Contracts**		—		9,714,086		—			9,714,086
Total	$	11,557,417,667	$	3,335,919,841	$	60,792,122		$	14,954,129,630
Liabilities:
Foreign Currency Contracts**	$	—	$	21,334,342	$	—		$	21,334,342
Total	$	—	$	21,334,342	$	—		$	21,334,342

^(a)  Level 3 securities are identified in the Schedule of Investments with the footnote (d).

^†  See Consolidated Schedule of Investments for additional detailed categorizations.

  ^  Fair value represents zero.

  *  Represents gold bullion.

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

For the period ended April 30, 2014, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
174

(continued)

Fair Value Level 3 activity for the period ended April 30, 2014 was as follows:

First Eagle Overseas Fund — (continued)
	INTERNATIONAL					INTERNATIONAL
	COMMON STOCKS		RIGHT			CORPORATE BONDS			TERM LOANS			TOTAL VALUE
Beginning Balance — market value	$	34,181,929	$	—	^	$	25,879,761		$	—	^	$	60,061,690
Purchases		—		8,992			—			—			8,992
Sales		—		—			(587,867	)*		—			(587,867	)
Transfer In — Level 3		—		—			—			—			—
Transfer Out — Level 3		—		—			—			—			—
Accrued Amortization		—		—			—			—			—
Realized Gains (Losses)		—		—			(28,300	)*		—			(28,300	)
Change in Unrealized Appreciation (Depreciation)		766,628		(8,992	)		579,971			—			1,337,607
Ending Balance — market value	$	34,948,557	$	—	^	$	25,843,565		$	—	^	$	60,792,122
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	766,628	$	(8,992	)	$	579,971		$	—		$	1,337,607

  ^  Fair value represents zero.

  *  Related to a paydown of previously recapitalized interest receivable to principal.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
175

Notes to Financial Statements (unaudited)

First Eagle U.S. Value Fund
DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3(a)		TOTAL
Assets: †
U.S. Common Stocks	$	2,038,460,081	$	2,772	$	—	$	2,038,462,853
International Common Stocks		293,805,590		792,036		—		294,597,626
U.S. Preferred Stock		—		—		4,797,186		4,797,186
Investment Company		27,030		—		—		27,030
Warrant		16,748,114		—		—		16,748,114
Commodity*		154,710,227		—		—		154,710,227
International Corporate Bond		—		3,843,123		—		3,843,123
U.S. Corporate Bonds		—		31,794,561		—		31,794,561
U.S. Treasury Bills		—		134,997,681		—		134,997,681
International Commercial Paper		—		140,084,890		—		140,084,890
U.S. Commercial Paper		—		353,968,444		—		353,968,444
Total	$	2,503,751,042	$	665,483,507	$	4,797,186	$	3,174,031,735
Liabilities:
Covered Call Options Written	$	172,500	$	—	$	—	$	172,500
Total	$	172,500	$	—	$	—	$	172,500

^(a)  Level 3 securities are identified in the Schedule of Investments with the footnote (e).

^†  See Consolidated Schedule of Investments for additional detailed categorizations.

  *  Represents gold bullion.

For the period ended April 30, 2014, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
176

(continued)

Fair Value Level 3 activity for the period ended April 30, 2014 was as follows:

First Eagle U.S. Value Fund — (continued)
	U.S. PREFERRED STOCK
Beginning Balance — market value	$	4,952,588
Purchases		—
Sales		—
Transfer In — Level 3		—
Transfer Out — Level 3		—
Accrued Amortization		—
Realized Gains (Losses)		—
Change in Unrealized Appreciation (Depreciation)		(155,402	)
Ending Balance — market value	$	4,797,186
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(155,402	)
First Eagle Gold Fund

DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3(a)		TOTAL
Assets: †
International Common Stocks	$	846,832,667	$	—	$	—	$	846,832,667
U.S. Common Stocks		172,181,516		—		—		172,181,516
Investment Company		279,931		—		—		279,931
Commodity*		253,654,900		—		—		253,654,900
International Convertible Bonds		—		—		28,575,000		28,575,000
International Commercial Paper		—		20,347,280		—		20,347,280
U.S. Commercial Paper		—		29,679,888		—		29,679,888
Total	$	1,272,949,014	$	50,027,168	$	28,575,000	$	1,351,551,182

^(a)  Level 3 securities are identified in the Schedule of Investments with the footnote (d).

^†  See Consolidated Schedule of Investments for additional detailed categorizations.

  *  Represents gold bullion.

For the period ended April 30, 2014, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
177

Notes to Financial Statements (unaudited)

Fair Value Level 3 activity for the period ended April 30, 2014 was as follows:

First Eagle Gold Fund — (continued)
	INTERNATIONAL
	CONVERTIBLE BONDS			WARRANTS			TOTAL VALUE
Beginning Balance — market value	$	30,000,000		$	—	^	$	30,000,000
Purchases		8,237			—			8,237
Sales		—			—	^		—	^
Transfer In — Level 3		—			—			—
Transfer Out — Level 3		—			—			—
Accrued Amortization		—			—			—
Realized Gains (Losses)		—			—			—
Change in Unrealized Appreciation (Depreciation)		(1,433,237	)		—			(1,433,237	)
Ending Balance — market value	$	28,575,000		$	—		$	28,575,000
Change in unrealized gains or (losses) relating to assets still held at reporting date	$	(1,433,237	)	$	—		$	(1,433,237	)

  ^  Fair value represents zero.

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178

(continued)

First Eagle Global Income Builder Fund
DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets: †
U.S. Common Stocks	$	120,385,719	$	—	$	—	$	120,385,719
International Common Stocks		324,919,579		2,160,000		—		327,079,579
Closed-End Mutual Fund		2,408,460		—		—		2,408,460
Commodity*		7,880,606		—		—		7,880,606
U.S. Corporate Bonds		—		163,195,037		—		163,195,037
International Convertible Bond		—		796,000		—		796,000
International Corporate Bonds		—		96,551,510		—		96,551,510
Term Loans		—		63,989,280		—		63,989,280
International Commercial Paper		—		26,597,000		—		26,597,000
U.S. Commercial Paper		—		56,238,000		—		56,238,000
Foreign Currency Contracts**		—		149,262		—		149,262
Total	$	455,594,364	$	409,676,089	$	—	$	865,270,453
Liabilities:
Foreign Currency Contracts**	$	—	$	722,669	$	—	$	722,669
Total	$	—	$	722,669	$	—	$	722,669

^†  See Schedule of Investments for additional detailed categorizations.

  *  Represents gold bullion.

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

For the period ended April 30, 2014, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
179

Notes to Financial Statements (unaudited)

First Eagle High Yield Fund
DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets: †
U.S. Convertible Bond	$	—	$	2,076,578	$	—	$	2,076,578
U.S. Corporate Bonds		—		639,482,135		—		639,482,135
International Convertible Bond		—		1,990,000		—		1,990,000
International Corporate Bonds		—		268,841,145		—		268,841,145
Term Loans		—		216,232,346		—		216,232,346
International Commercial Paper		—		25,724,000		—		25,724,000
U.S. Commercial Paper		—		54,391,000		—		54,391,000
Foreign Currency Contracts*		—		200,887		—		200,887
Total	$	—	$	1,208,938,091	$	—	$	1,208,938,091
Liabilities:
Foreign Currency Contracts*	$	—	$	215,272	$	—	$	215,272
Total	$	—	$	215,272	$	—	$	215,272

^†  See Schedule of Investments for additional detailed categorizations.

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

For the period ended April 30, 2014, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

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180

(continued)

First Eagle Fund of America
DESCRIPTION	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Assets: †
U.S. Common Stocks	$	2,733,681,187	$	—	$	—	$	2,733,681,187
International Common Stocks		174,150,355		—		—		174,150,355
Exchange-Traded Fund		5,612,260		—		—		5,612,260
Investment Company		78,187,384		—		—		78,187,384
U.S. Convertible Bond		—		6,181,744		—		6,181,744
Total	$	2,991,631,186	$	6,181,744	$	—	$	2,997,812,930
Liabilities:
Covered Call Options Written	$	37,513,325	$	—	$	—	$	37,513,325
Total	$	37,513,325	$	—	$	—	$	37,513,325

^†  See Schedule of Investments for additional detailed categorizations.

For the period ended April 30, 2014, there was no security transfer activity from Level 1 to Level 2 and no security transfer activity from Level 2 to Level 1.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
181

Notes to Financial Statements (unaudited)

c)  Investment transactions and income — Investment transactions are accounted for on a trade date basis. The specific identification method is used in determining realized gains and losses from investment transactions. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. In computing investment income, each Fund accretes discounts and amortizes premiums on debt obligations using the effective yield method. Investment income is allocated to each Fund's share class in proportion to its relative net assets. Payments received from certain investments held by the Funds may be comprised of dividends, capital gains and return of capital. The Funds originally estimate the expected classification of such payments. The amounts may subsequently be reclassified upon receipt of information from the issuer.

d)  Expenses — Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to all Funds are generally allocated to each Fund in proportion to its relative net assets. Certain expenses are shared with the First Eagle Variable Funds, an affiliated fund group. Such costs are generally allocated using the ratio of the Fund's average daily net assets relative to the total average daily net assets of the First Eagle Variable Funds. Earnings credits may reduce shareholder servicing agent fees by the amount of interest earned on balances with such service provider.

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

The net assets of each of the Funds are presented at the foreign exchange rates and market values at the close of the period. The Funds do not isolate that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the securities. Accordingly, such foreign currency gains (losses) are included in the reported net realized and unrealized gains (losses) on investment transactions on the Statements of Operations. However, for federal income

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
182

(continued)

tax purposes each Fund does isolate the effect of changes in foreign exchange rates from the changes in market prices for realized gains and losses on debt obligations.

f)  Forward currency contracts — In connection with portfolio purchases and sales of securities denominated in foreign currencies, each Fund may enter into forward currency contracts. The First Eagle Global, Overseas, Global Income Builder and High Yield Funds enter into foreign exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. The Funds' currency transactions include portfolio hedging on portfolio positions. Portfolio hedging is the use of a forward contract (or other cash management position) with respect to one or more portfolio security positions denominated or quoted in a particular currency. Currency exchange transactions involve currencies of different countries that the Funds invest in and serve as hedges against possible variations in the exchange rates between these currencies and the U.S. dollar. Each Fund may engage in portfolio hedging with respect to the currency of a particular country in amounts approximating actual or anticipated positions in securities denominated in that currency. Hedging can reduce exposure to currency exchange movements, but cannot eliminate that exposure. It is possible to lose money under a hedge.

Funds investing in foreign exchange contracts are exposed to risk if the value of the currency changes unfavorably, if the counterparties to the contracts are unable to meet the terms of their contracts or if the Fund is unable to enter into a closing position. Forward currency contracts outstanding at period end, if any, are listed after the Fund's portfolio. Outstanding contracts at period end are indicative of the volume of activity during the period, proportionate to the net assets of the Fund.

The Funds adopted provisions surrounding disclosures and derivative instruments and hedging activities which require qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about currency-risk-related contingent features in derivative agreements.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
183

Notes to Financial Statements (unaudited)

At April 30, 2014, the Funds had the following foreign forward currency contracts grouped into appropriate risk categories illustrated below:

First Eagle Global Fund
					GAIN OR (LOSS) DERIVATIVE RECOGNIZED IN INCOME
RISK TYPE	ASSET DERIVATIVE FAIR VALUE1		LIABILITY DERIVATIVE FAIR VALUE2		REALIZED GAIN3			CHANGE IN APPRECIATION4
Foreign Currency	$	19,317,575	$	37,583,759	$	47,109,192		$	23,924,707
First Eagle Overseas Fund
					GAIN OR (LOSS) DERIVATIVE RECOGNIZED IN INCOME
RISK TYPE	ASSET DERIVATIVE FAIR VALUE1		LIABILITY DERIVATIVE FAIR VALUE2		REALIZED GAIN3			CHANGE IN APPRECIATION4
Foreign Currency	$	9,714,086	$	21,334,342	$	20,345,658		$	14,540,231
First Eagle Global Income Builder Fund
					GAIN OR (LOSS) DERIVATIVE RECOGNIZED IN INCOME
RISK TYPE	ASSET DERIVATIVE FAIR VALUE1		LIABILITY DERIVATIVE FAIR VALUE2		REALIZED LOSS3			CHANGE IN APPRECIATION4
Foreign Currency	$	149,262	$	722,669	$	(1,081,937	)	$	237,024
First Eagle High Yield Fund
					GAIN OR (LOSS) DERIVATIVE RECOGNIZED IN INCOME
RISK TYPE	ASSET DERIVATIVE FAIR VALUE1		LIABILITY DERIVATIVE FAIR VALUE2		REALIZED LOSS3			CHANGE IN APPRECIATION4
Foreign Currency	$	200,887	$	215,272	$	(1,464,053	)	$	745,033

  ¹  Statements of Assets and Liabilities location: Receivable for forward currency contracts held, at value.

  ²  Statements of Assets and Liabilities location: Payable for forward currency contracts held, at value.

  ³  Statements of Operations location: Net realized gains (losses) from: foreign currency and forward contract related transactions.

  ⁴  Statements of Operations location: Changes in unrealized appreciation (depreciation) of: foreign currency and forward contract related translation.

FIRST EAGLE FUNDS | SEMI-ANNUAL REPORT | APRIL 30, 2014
184

(continued)

The following tables present each Fund's gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or pledged by each Fund as of April 30, 2014.:

First Eagle Global Fund
COUNTERPARTY	GROSS AMOUNTS OF ASSETS PRESENTED IN STATEMENT OF ASSETS AND LIABILITIES		DERIVATIVES AVAILABLE FOR OFFSET			COLLATERAL RECEIVED		NET AMOUNT (NOT LESS THAN $0)
BNY Mellon	$	13,469,244	$	(13,469,244	)	$	—	$	0
Goldman Sachs Capital Markets LP		2,135,028		(296,590	)		—		1,838,438
HSBC Bank USA		2,676,513		(2,676,513	)		—		0
UBS AG		1,036,790		(391,383	)		—		645,407
	$	19,317,575	$	(16,833,730	)	$	—	$	2,483,845
COUNTERPARTY	GROSS AMOUNTS OF LIABILITIES PRESENTED IN STATEMENT OF ASSETS AND LIABILITIES		DERIVATIVES AVAILABLE FOR OFFSET			COLLATERAL PLEDGED		NET AMOUNT (NOT LESS THAN $0)
BNY Mellon	$	18,631,924	$	(13,469,244	)	$	—	$	5,162,680
Goldman Sachs Capital Markets LP		296,590		(296,590	)		—		0
HSBC Bank USA		2,698,855		(2,676,513	)		—		22,342
JPMorgan Chase Bank N.A.		15,565,007		—			—		15,565,007
UBS AG		391,383		(391,383	)		—		0
	$	37,583,759	$	(16,833,730	)	$	—	$	20,750,029

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Notes to Financial Statements (unaudited)

First Eagle Overseas Fund
COUNTERPARTY	GROSS AMOUNTS OF ASSETS PRESENTED IN STATEMENT OF ASSETS AND LIABILITIES		DERIVATIVES AVAILABLE FOR OFFSET			COLLATERAL RECEIVED		NET AMOUNT (NOT LESS THAN $0)
BNY Mellon	$	7,105,937	$	(7,105,937	)	$	—	$	0
Goldman Sachs Capital Markets LP		1,146,149		(134,147	)		—		1,012,002
HSBC Bank USA		954,875		(954,875	)		—		0
UBS AG		507,125		(183,405	)		—		323,720
	$	9,714,086	$	(8,378,364	)	$	—	$	1,335,722
COUNTERPARTY	GROSS AMOUNTS OF LIABILITIES PRESENTED IN STATEMENT OF ASSETS AND LIABILITIES		DERIVATIVES AVAILABLE FOR OFFSET			COLLATERAL PLEDGED		NET AMOUNT (NOT LESS THAN $0)
BNY Mellon	$	10,465,381	$	(7,105,937	)	$	—	$	3,359,444
Goldman Sachs Capital Markets LP		134,147		(134,147	)		—		0
HSBC Bank USA		1,321,363		(954,875	)		—		366,488
JPMorgan Chase Bank N.A.		9,230,046		—			—		9,230,046
UBS AG		183,405		(183,405	)		—		0
	$	21,334,342	$	(8,378,364	)	$	—	$	12,955,978

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(continued)

First Eagle Global Income Builder Fund
COUNTERPARTY	GROSS AMOUNTS OF ASSETS PRESENTED IN STATEMENT OF ASSETS AND LIABILITIES		DERIVATIVES AVAILABLE FOR OFFSET			COLLATERAL RECEIVED		NET AMOUNT (NOT LESS THAN $0)
BNY Mellon	$	42,207	$	(42,207	)	$	—	$	0
Goldman Sachs Capital Markets LP		40,270		(2,902	)		—		37,368
HSBC Bank USA		64,042		(64,042	)		—		0
UBS AG		2,743		(2,743	)		—		0
	$	149,262	$	(111,894	)	$	—	$	37,368
COUNTERPARTY	GROSS AMOUNTS OF LIABILITIES PRESENTED IN STATEMENT OF ASSETS AND LIABILITIES		DERIVATIVES AVAILABLE FOR OFFSET			COLLATERAL PLEDGED		NET AMOUNT (NOT LESS THAN $0)
BNY Mellon	$	382,974	$	(42,207	)	$	—	$	340,767
Goldman Sachs Capital Markets LP		2,902		(2,902	)		—		0
HSBC Bank USA		139,641		(64,042	)		—		75,599
JPMorgan Chase Bank N.A.		180,688		—			—		180,688
UBS AG		16,464		(2,743	)		—		13,721
	$	722,669	$	(111,894	)	$	—	$	610,775
First Eagle High Yield Fund
COUNTERPARTY	GROSS AMOUNTS OF ASSETS PRESENTED IN STATEMENT OF ASSETS AND LIABILITIES		DERIVATIVES AVAILABLE FOR OFFSET			COLLATERAL RECEIVED		NET AMOUNT (NOT LESS THAN $0)
HSBC Bank USA	$	200,887	$	(200,887	)	$	—	$	0
COUNTERPARTY	GROSS AMOUNTS OF LIABILITIES PRESENTED IN STATEMENT OF ASSETS AND LIABILITIES		DERIVATIVES AVAILABLE FOR OFFSET			COLLATERAL PLEDGED		NET AMOUNT (NOT LESS THAN $0)
HSBC Bank USA	$	215,272	$	(200,887	)	$	—	$	14,385

g)  Options — In order to produce incremental earnings or protect against declines in the value of portfolio securities, First Eagle Global Fund, First Eagle U.S. Value Fund and First Eagle Fund of America write covered call options on portfolio securities. The Funds may also use options for speculative purposes, although they generally do not employ options for this purpose.

Options contracts are valued daily based upon the last sale price on the principal exchange on which the option is traded and unrealized

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Notes to Financial Statements (unaudited)

appreciation/depreciation is recorded. If there is no sale on such day, the mean between the last bid and asked prices is used. When an option is exercised, the proceeds on the sale of a written call option are adjusted by the amount of premium received or paid. When a written option expires, the Funds will realize a gain equal to the amount of the premium received. When the Funds enter into a closing purchase transaction, the Funds will realize a gain (or loss, if the cost of the closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated.

The Funds may be required to earmark assets to cover its obligations under option contracts. A call option is covered if the Funds hold, on a share-for-share basis, either the underlying shares or a call on the same security as the call written where the exercise price of the call held is equal to or less than the exercise price of the call written (or greater than the exercise price of the call written if the difference is maintained by the Funds in cash, Treasury bills or other high grade short-term obligations in a segregated account with its custodian). One reason for writing options is to attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone. Another reason for writing options is to hedge against a moderate decline in the value of securities owned by the Funds in the case of a call option. If an increase occurs in the underlying security or stock index sufficient to result in the exercise of a call written by the Funds, it may be required to deliver securities or cash and may thereby forego some or all of the gain that otherwise may have been realized on the securities underlying the call option. This "opportunity cost" may be partially or wholly offset by the premium received for the covered call written by the Funds. The risk in writing a covered call option is that the Funds give up the opportunity for profit if the market price of the underlying security increases and the option is exercised. The Funds also have the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

The Funds may also write over-the-counter options where the completion of the obligation is dependent upon the credit standing of the counterparty.

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(continued)

For the six-month period ended April 30, 2014, First Eagle Global Fund, First Eagle U.S. Value Fund and First Eagle Fund of America had the following options transactions.

First Eagle Global Fund

WRITTEN OPTIONS	NUMBER OF CONTRACTS			PREMIUM RECEIVED
Options outstanding at October 31, 2013		8,500		$	373,861
Options written		0			0
Options assigned		0			0
Options expired/closed		(8,500	)		(373,861	)
Options outstanding at April 30, 2014		0		$	0

As of April 30, 2014, there were no segregated securities for written options.

First Eagle U.S. Value Fund

WRITTEN OPTIONS	NUMBER OF CONTRACTS			PREMIUM RECEIVED
Options outstanding at October 31, 2013		1,400		$	61,577
Options written		1,000			121,808
Options assigned		0			0
Options expired/closed		(1,400	)		(61,577	)
Options outstanding at April 30, 2014		1,000		$	121,808

As of April 30, 2014, portfolio securities valued at $2,220,000 were segregated to cover collateral requirements for written options.

First Eagle Fund of America

WRITTEN OPTIONS	NUMBER OF CONTRACTS			PREMIUM RECEIVED
Options outstanding at October 31, 2013		165,214		$	49,208,665
Options written		541,846			155,420,929
Options assigned		(21,559	)		(6,842,978	)
Options expired/closed		(560,510	)		(156,114,523	)
Options outstanding at April 30, 2014		124,991		$	41,672,093
PURCHASED OPTIONS	NUMBER OF CONTRACTS			COST
Options outstanding at October 31, 2013		0		$	0
Options purchased		806			171,827
Options closed		(806	)		(171,827	)
Options outstanding at April 30, 2014		0		$	0

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Notes to Financial Statements (unaudited)

As of April 30, 2014, portfolio securities valued at $663,536,381 were segregated to cover collateral requirements for written options.

Outstanding contracts at period-end are indicative of the volume of activity during the period.

At April 30, 2014, the Funds had the following options grouped into appropriate risk categories illustrated below:

First Eagle Global Fund

			GAIN OR (LOSS) DERIVATIVE RECOGNIZED IN INCOME
RISK TYPE	LIABILITY DERIVATIVE FAIR VALUE1		REALIZED GAIN2		CHANGE IN DEPRECIATION3
Equity — Written options	$	0	$	373,861	$	(322,861	)

First Eagle U.S. Value Fund

			GAIN OR (LOSS) DERIVATIVE RECOGNIZED IN INCOME
RISK TYPE	LIABILITY DERIVATIVE FAIR VALUE1		REALIZED GAIN2		CHANGE IN DEPRECIATION3
Equity — Written options	$	172,500	$	61,577	$	(103,869	)

First Eagle Fund of America

			GAIN OR (LOSS) DERIVATIVE RECOGNIZED IN INCOME
RISK TYPE	LIABILITY DERIVATIVE FAIR VALUE1		REALIZED GAIN (LOSS)2			CHANGE IN APPRECIATION3
Equity — Written options	$	37,513,325	$	(78,105,654	)	$	21,380,811
Equity — Purchased options		0		8,677			0

  ¹  Statements of Assets and Liabilities location: Option contracts written, at value.

  ²  Statements of Operations location: Net realized gains (losses) from: Written options & Investment transactions of unaffiliated issuers.

  ³  Statements of Operations location: Changes in unrealized appreciation (depreciation) of: Written options & Investment transactions.

h)  Repurchase agreements — The Funds may enter into repurchase agreement transactions with institutions that meet the adviser's credit guidelines. Each repurchase agreement is valued at amortized cost. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral

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(continued)

in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited.

i)  Term Loans — A Fund may invest in term loans, which usually take the form of loan participations and assignments. Loan participations and assignments are agreements to make money available to U.S. or foreign corporations, partnerships or other business entities (the "Borrower") in a specified amount, at a specified rate and within a specified time. A loan is typically originated, negotiated and structured by a U.S. or foreign bank, insurance company or other financial institution (the "Agent") for a group of loan investors ("Loan Investors"). The Agent typically administers and enforces the loan on behalf of the other Loan Investors in the syndicate and may hold any collateral on behalf of the Loan Investors. Such loan participations and assignments are typically senior, secured and collateralized in nature. A Fund records an investment when the Borrower withdraws money and records interest as earned. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the Borrower. As a result, the Fund assumes the credit risk of the Borrower, the selling participant and any intermediary between the Fund and the Borrower ("Intermediate Participants"). In the event that the Borrower, selling participant or Intermediate Participants become insolvent or enters into bankruptcy, each Fund may incur certain costs and delays in realizing payment or may suffer a loss of principal and/or interest.

j)  Treasury Inflation-Protected Securities — The Funds invest in Treasury Inflation-Protected Securities ("TIPS") which are specially structured bonds in which the principal amount is adjusted to keep pace with inflation. The inflation (deflation) adjustment is applied to the principal of each bond on a monthly basis and is accounted for as interest income on the Statements of Operations. TIPS are subject to interest rate risk.

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

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191

Notes to Financial Statements (unaudited)

l)  United States income taxes — No provision has been made for U.S. federal income taxes since it is the intention of each Fund to distribute to shareholders all taxable net investment income and net realized gains on investments, if any, within the allowable time limit, and to comply with the provisions of the Code for a Regulated Investment Company. The Funds declare and pay such income and capital gains on an annual basis except for the First Eagle High Yield Fund which declares income daily and pays monthly. First Eagle Global Income Builder Fund declared and paid income quarterly for the period October 1, 2012 to March 31, 2013. As of April 1, 2013, the First Eagle Global Income Builder Fund declares income daily and pays quarterly.

The Funds adopted provisions surrounding income taxes, which require the tax effects of certain tax positions to be recognized. These tax positions must meet a "more likely than not" standard that based on their technical merits, have a more than 50% likelihood of being sustained upon examination. Management of the Trust has analyzed the Funds' tax positions taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Funds' financial statements.

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

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

o)  Redemption Fee — A redemption fee of 2% will be applied to the First Eagle Gold Fund for the sale or exchange within 60 days of the purchase of such shares. Effective March 1, 2013, the First Eagle Global Fund and First Eagle Overseas Fund no longer charge redemption fees.

p) Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest.

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(continued)

Note 2 — Investment Advisory, Custody and Administration Agreements; Transactions with Related Persons

For its services, the Adviser receives, pursuant to an Investment Advisory Agreement between the Funds and the Adviser (the "Advisory Agreement") an annual advisory fee as follows:

FUND	MANAGEMENT FEE (% OF AVERAGE DAILY NET ASSETS)
First Eagle Global Fund		0.75	%
First Eagle Overseas Fund		0.75
First Eagle U.S. Value Fund		0.75
First Eagle Gold Fund		0.75
First Eagle Global Income Builder Fund		0.75
First Eagle High Yield Fund		0.70
First Eagle Fund of America		1.00

The Adviser receives from First Eagle Fund of America an annual advisory fee at the rate of 1.00% of the first $1.5 billion of the average daily net assets, 0.95% of the next $1 billion of the average daily net assets; 0.90% on the next $2.5 billion of the average daily net assets and 0.85% in excess of $5 billion of the average daily net assets.

Pursuant to a subadvisory agreement, dated December 10, 2002 (agreement was amended and restated most recently in September 2009) ("Subadvisory Agreement") Iridian Asset Management LLC ("Iridian" or "Sub-Adviser") manages the investments of the First Eagle Fund of America. The fees paid to Iridian by the Adviser under the Subadvisory Agreement are based on a reference amount equal to 50% of the combined (i) fees received by the Adviser for advisory services on behalf of the Fund and (ii) the fees received by the Fund's distributor for its shareholder liaison services on behalf of the Fund. These amounts are reduced by certain direct marketing costs borne by the Adviser in connection with the Fund and are further reduced by the amount paid by the Adviser for certain administrative expenses incurred in providing services to the Fund.

The Adviser had contractually agreed to waive its management fee and/or reimburse expenses, for the First Eagle High Yield Fund and First Eagle Global Income Builder Fund, as allowed by law, so that the total annual operating expenses (excluding certain items) of the First Eagle High Yield Fund's Class A, Class C and Class I shares did not exceed 1.25%, 2.00% and 0.80%, respectively,

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Notes to Financial Statements (unaudited)

and the First Eagle Global Income Builder Fund's Class A, Class C and Class I shares do not exceed 1.30%, 2.05%, and 1.05%, respectively, through December 31, 2013.

Effective January 1, 2014, the First Eagle High Yield Fund and First Eagle Global Income Builder no longer waive management fees.

The Adviser may seek reimbursement for fees waived and other expenses paid by the Adviser pursuant to the Fee Waiver and Expense Reimbursement Agreement ("Agreement"). A repayment should be payable only to the extent it can be made during the thirty-six months following the applicable period during which the Adviser waived fees or reimbursed operating expenses under the Agreement. As of April 30, 2014, the Adviser may seek reimbursement of the remaining waived and reimbursed fees as follows:

First Eagle Global Income Builder Fund
EXPIRATION	AMOUNT
October 31, 2015	$	171,704
October 31, 2016		151,643

During the period ended April 30, 2014, the First Eagle Global Income Builder Fund made repayments to the Adviser for previously waived and reimbursed fees in the amount of $105,748.

First Eagle High Yield Fund
EXPIRATION	AMOUNT
March 31, 2015	$	72,599
October 31, 2015		297,386
October 31, 2016		309,343
April 30, 2017		44,141

During the period ended April 30, 2014, the First Eagle High Yield Fund made repayments to the Adviser for previously waived and reimbursed fees in the amount of $26,880.

The Adviser also performs certain administrative, accounting, operations, compliance and other services on behalf of the Funds, and in accordance with its agreement with them, the Funds reimburse the Adviser for costs (including personnel, related overhead and other costs) related to those services. These reimbursements may not exceed an annual rate of 0.05% of a Fund's average daily net assets.

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(continued)

First Eagle Global Income Builder Fund pays the Adviser a monthly administration fee that is accrued daily at an annual rate of 0.05% of the Fund's average daily net assets.

For the six-month period ended April 30, 2014, the Funds reimbursed and had payable to the Adviser amounts shown below:

FUND	REIMBURSED TO ADVISER		PAYABLE TO ADVISER
First Eagle Global Fund	$	2,025,685	$	444,806
First Eagle Overseas Fund		620,770		143,825
First Eagle U.S. Value Fund		139,187		42,489
First Eagle Gold Fund		58,413		6,685
First Eagle Global Income Builder Fund		146,649		32,604
First Eagle High Yield Fund		46,444		7,817
First Eagle Fund of America		115,057		20,755

The Funds have entered into Custody Agreements with State Street Bank and Trust Company ("SSB"). The Custody Agreements provide for an annual fee based on the amount of assets under custody plus transaction charges. SSB serves as custodian of the Funds' portfolio securities and other assets. SSB has directly entered into sub-custodial agreements to maintain the custody of gold bullion in the Funds. Under the terms of the Custody Agreement between the Funds and SSB, SSB maintains and deposits in separate accounts, cash, securities and other assets of the Funds. SSB is also required, upon the order of the Funds, to deliver securities held by SSB and the sub-custodian, and to make payments for securities purchased by the Funds. SSB has also entered into sub-custodian agreements with a number of foreign banks and clearing agencies, pursuant to which portfolio securities purchased outside the United States are maintained in the custody of these entities.

The Funds have also entered into an Administration Agreement with SSB, pursuant to which SSB provides certain financial reporting and other administrative services. SSB, as the Funds' Administrator, receives annual fees separate from and in addition to the fees it receives for its services as the Funds' custodian.

FEF Distributors, LLC, a wholly owned subsidiary of the Adviser, serves as the Funds' principal underwriter. For the six-month period ended April 30, 2014, FEF Distributors, LLC realized $1,195,893, $115,013, $65,972, $80,548, $118,063, $69,469 and $129,193, pertaining to the sales of shares of First Eagle

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Notes to Financial Statements (unaudited)

Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Yield Fund and First Eagle Fund of America, respectively.

The Trust adopted a Trustee Deferred Compensation Plan, which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as a Trustee. The deferred fees are invested in various First Eagle Funds until distribution in accordance with the Trustee Deferred Compensation Plan. As of April 30, 2014, balances to the Plan are recorded on the Statements of Assets and Liabilities.

For the six-month period ended April 30, 2014, the Sub-Adviser reimbursed $65,047, $3,562, $9,348 and $21,144 for losses incurred in connection with trading errors for First Eagle Global Fund, First Eagle U.S. Value Fund, First Eagle Global Income Builder Fund and First Eagle Fund of America, respectively.

Note 3 — Plans of Distribution

Under the terms of the Distribution Plans and Agreements ("the Plans") with FEF Distributors, LLC ("the Distributor"), pursuant to the provisions of Rule 12b-1 under the 1940 Act, the First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund and First Eagle High Yield Fund pay the Distributor monthly, a distribution fee with respect to Class A and Class C shares at an annual rate of up to 0.25% and 0.75%, respectively, of each Fund's average daily net assets. In the case of First Eagle Fund of America, it pays the Distributor monthly, a distribution fee with respect to Class A, Class C and Class Y shares at an annual rate of up to 0.25%, 0.75% and 0.25%, respectively of the average daily net assets. Under the Plans, the Distributor is obligated to use the amounts received under the Plans for payments to qualifying dealers for their assistance in the distribution of a Fund's shares and the provision of shareholder services and for other expenses such as advertising costs and the payment for the printing and distribution of prospectuses to prospective investors.

The Distributor bears distribution costs of a Fund to the extent they exceed payments received under the Plan. For the six-month period ended April 30, 2014, the distribution fees incurred by the Funds are disclosed in the Statements of Operations.

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(continued)

The Distributor receives an annual service fee with respect to Class C at the annual rate of 0.25% of each Fund's average daily net assets, payable monthly to cover expenses incurred by the Distributor for providing shareholder liaison services, including assistance with subscriptions, redemptions and other shareholder questions. For the six-month period ended April 30, 2014, the services fees incurred by the Funds are disclosed in the Statements of Operations.

Note 4 — Purchases and Sales of Securities

During the six-month period ended April 30, 2014, the cost of purchases of investments, excluding U.S. Government and short-term securities, totaled $2,779,677,620, $677,924,569, $161,574,434, $53,946,597, $347,242,841, $377,338,084 and $443,694,909 for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Yield Fund and First Eagle Fund of America, respectively. Proceeds from sales of investments, excluding U.S. Government securities and short-term securities, totaled $2,874,491,940, $706,208,874, $520,988,347, $203,038,047, $79,866,176, $219,210,033 and $315,662,219 for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Yield Fund and First Eagle Fund of America, respectively.

There were no purchases or sales of U.S. Government securities, excluding short-term securities, for First Eagle Global Fund, First Eagle Overseas Fund, First Eagle U.S. Value Fund, First Eagle Gold Fund, First Eagle Global Income Builder Fund, First Eagle High Yield Fund and First Eagle Fund of America.

Note 5 — Line of Credit

At a meeting on September 11, 2013, the Board of Trustees approved continuing a $300 million committed, unsecured line of credit ("Credit Facility") with State Street Bank and Trust Company for the Funds, to be utilized for temporarily financing the purchase or sale of securities for prompt delivery in the ordinary course of business or for temporarily financing the redemption of shares of each Fund at the request of shareholders and other temporary or emergency purposes. Under the Credit Facility arrangement, each Fund has agreed to pay an annual commitment fee on the unused balance, allocated pro rata, based on the relative asset size of the Funds. A portion of the commitment fees related to the line of

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Notes to Financial Statements (unaudited)

credit are paid by the Funds and are included in other expenses in the Statements of Operations. During the six-month period ended April 30, 2014, the Funds had borrowings under the agreement as follows:

FUND	AVERAGE DAILY LOAN BALANCE		NUMBER OF DAYS OUTSTANDING		INTEREST EXPENSE		WEIGHTED AVERAGE ANNUALIZED INTEREST RATE
First Eagle Overseas Fund	$	6,704,000		1	$	251		1.35	%
First Eagle High Yield Fund		6,414,000		1		239		1.34

As of April 30, 2014 there were no outstanding borrowings from the credit facility.

Note 6 — Capital Stock

At April 30, 2014, the Funds have an unlimited number of shares authorized for issuance. The Funds have the ability to issue multiple classes of shares.

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Notes to Financial Statements (unaudited)

Transactions in shares of capital stock were as follows:

	SIX-MONTH PERIOD ENDED APRIL 30, 2014
	FIRST EAGLE GLOBAL FUND
	CLASS A			CLASS C			CLASS I
Shares sold		32,583,391			21,763,393			50,186,212
Shares issued for reinvested dividends and distributions		14,186,651			6,365,759			10,283,931
Shares redeemed		(28,982,554	)		(12,754,929	)		(27,785,524	)
Net increase (decrease)		17,787,488			15,374,223			32,684,619
	YEAR ENDED OCTOBER 31, 2013
	FIRST EAGLE GLOBAL FUND
	CLASS A			CLASS C			CLASS I
Shares sold		68,379,393			40,520,480			100,315,070
Shares issued for reinvested dividends and distributions		12,310,757			5,240,753			7,790,628
Shares redeemed		(56,709,392	)		(26,235,228	)		(51,949,001	)
Net increase (decrease)		23,980,758			19,526,005			56,156,697
	SIX-MONTH PERIOD ENDED APRIL 30, 2014
	FIRST EAGLE GOLD FUND
	CLASS A			CLASS C			CLASS I
Shares sold		7,035,847			1,698,158			8,658,924
Shares issued for reinvested dividends and distributions		—			—			—
Shares redeemed		(12,385,242	)		(3,994,073	)		(12,603,884	)
Net increase (decrease)		(5,349,395	)		(2,295,915	)		(3,944,960	)
	YEAR ENDED OCTOBER 31, 2013
	FIRST EAGLE GOLD FUND
	CLASS A			CLASS C			CLASS I
Shares sold		18,267,740			4,405,851			19,790,909
Shares issued for reinvested dividends and distributions		131,202			42			77,683
Shares redeemed		(24,960,048	)		(8,128,432	)		(21,197,330	)
Net increase (decrease)		(6,561,106	)		(3,722,539	)		(1,328,738	)

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(continued)

	SIX-MONTH PERIOD ENDED APRIL 30, 2014
	FIRST EAGLE OVERSEAS FUND									FIRST EAGLE U.S. VALUE FUND
	CLASS A			CLASS C			CLASS I			CLASS A			CLASS C			CLASS I
Shares sold		28,849,304			4,152,529			48,859,068			4,357,504			1,785,709			6,025,675
Shares issued for reinvested dividends and distributions		13,900,655			2,124,067			15,541,229			2,780,593			1,074,159			1,735,414
Shares redeemed		(35,805,528	)		(3,692,635	)		(40,394,563	)		(12,276,616	)		(3,473,773	)		(9,786,721	)
Net increase (decrease)		6,944,431			2,583,961			24,005,734			(5,138,519	)		(613,905	)		(2,025,632	)
	YEAR ENDED OCTOBER 31, 2013
	FIRST EAGLE OVERSEAS FUND									FIRST EAGLE U.S. VALUE FUND
	CLASS A			CLASS C			CLASS I			CLASS A			CLASS C			CLASS I
Shares sold		57,521,589			7,771,516			110,626,219			17,823,128			6,973,806			19,342,095
Shares issued for reinvested dividends and distributions		11,078,284			1,679,612			10,459,996			2,102,240			661,755			1,255,220
Shares redeemed		(55,928,966	)		(7,682,599	)		(56,114,422	)		(24,859,469	)		(6,329,187	)		(18,731,430	)
Net increase (decrease)		12,670,907			1,768,529			64,971,793			(4,934,101	)		1,306,374			1,865,885
	SIX-MONTH PERIOD ENDED APRIL 30, 2014
	FIRST EAGLE GLOBAL INCOME BUILDER FUND									FIRST EAGLE HIGH YIELD FUND
	CLASS A			CLASS C			CLASS I			CLASS A			CLASS C			CLASS I
Shares sold		11,902,197			8,018,653			10,189,388			7,783,871			3,902,661			20,259,785
Shares issued for reinvested dividends and distributions		333,245			149,016			145,914			785,334			266,793			925,285
Shares redeemed		(2,023,032	)		(1,058,796	)		(938,523	)		(5,302,943	)		(2,032,921	)		(10,011,905	)
Net increase (decrease)		10,212,410			7,108,873			9,396,779			3,266,262			2,136,533			11,173,165
	YEAR ENDED OCTOBER 31, 2013
	FIRST EAGLE GLOBAL INCOME BUILDER FUND									FIRST EAGLE HIGH YIELD FUND
	CLASS A			CLASS C			CLASS I			CLASS A			CLASS C			CLASS I
Shares sold		18,700,256			11,383,991			9,365,010			23,301,354			7,555,566			29,103,039
Shares issued for reinvested dividends and distributions		355,012			162,461			154,687			1,492,705			532,373			1,610,518
Shares redeemed		(2,706,050	)		(911,431	)		(1,720,553	)		(12,609,883	)		(3,765,254	)		(11,112,652	)
Net increase (decrease)		16,349,218			10,635,021			7,799,144			12,184,176			4,322,685			19,600,905

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Notes to Financial Statements (unaudited)

	SIX-MONTH PERIOD ENDED APRIL 30, 2014
	FIRST EAGLE FUND OF AMERICA
	CLASS A			CLASS C			CLASS I			CLASS Y
Shares sold		5,258,585			2,980,940			3,476,871			856,330
Shares issued for reinvested dividends and distributions		462,547			212,957			153,384			222,650
Shares redeemed		(2,688,368	)		(899,282	)		(1,134,565	)		(1,473,899	)
Net increase (decrease)		3,032,764			2,294,615			2,495,690			(394,919	)
	YEAR ENDED OCTOBER 31, 2013
	FIRST EAGLE FUND OF AMERICA
	CLASS A			CLASS C			CLASS I*			CLASS Y
Shares sold		13,566,134			6,229,657			14,822,594			2,095,673
Shares issued for reinvested dividends and distributions		7,690			40			7			6,187
Shares redeemed		(9,781,426	)		(1,562,584	)		(971,639	)		(12,212,254	)
Net increase (decrease)		3,792,398			4,667,113			13,850,962			(10,110,394	)

  *  Represents the period March 8, 2013 to October 31, 2013.

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(continued)

Transactions in dollars of capital stock were as follows:

	SIX-MONTH PERIOD ENDED APRIL 30, 2014									SIX-MONTH PERIOD ENDED APRIL 30, 2014
	FIRST EAGLE GLOBAL FUND									FIRST EAGLE OVERSEAS FUND
	CLASS A			CLASS C			CLASS I			CLASS A			CLASS C			CLASS I
Shares sold	$	1,761,044,311		$	1,150,303,990		$	2,720,271,087		$	679,949,001		$	94,547,937		$	1,168,675,538
Shares issued for reinvested dividends and distributions		737,280,322			324,908,409			536,512,696			313,042,780			46,559,542			355,894,147
Shares redeemed		(1,566,237,547	)		(676,197,546	)		(1,506,934,473	)		(840,058,974	)		(84,382,807	)		(964,945,506	)
Net increase (decrease)	$	932,087,086		$	799,014,853		$	1,749,849,310		$	152,932,807		$	56,724,672		$	559,624,179
	YEAR ENDED OCTOBER 31, 2013									YEAR ENDED OCTOBER 31, 2013
	FIRST EAGLE GLOBAL FUND									FIRST EAGLE OVERSEAS FUND
	CLASS A			CLASS C			CLASS I			CLASS A			CLASS C			CLASS I
Shares sold	$	3,497,016,996		$	2,031,735,222		$	5,155,682,552		$	1,313,800,443		$	172,795,866		$	2,562,741,314
Shares issued for reinvested dividends and distributions		590,423,655			247,259,012			374,962,942			239,955,685			35,490,217			230,119,915
Shares redeemed		(2,893,674,604	)		(1,312,491,400	)		(2,671,165,519	)		(1,277,148,265	)		(170,362,139	)		(1,306,725,008	)
Net increase (decrease)	$	1,193,766,047		$	966,502,834		$	2,859,479,975		$	276,607,863		$	37,923,944		$	1,486,136,221

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Notes to Financial Statements (unaudited)

	SIX-MONTH PERIOD ENDED APRIL 30, 2014									SIX-MONTH PERIOD ENDED APRIL 30, 2014
	FIRST EAGLE U.S. VALUE FUND									FIRST EAGLE GOLD FUND									FIRST EAGLE GLOBAL INCOME BUILDER FUND
	CLASS A			CLASS C			CLASS I			CLASS A			CLASS C			CLASS I			CLASS A			CLASS C			CLASS I
Shares sold	$	87,289,998		$	35,328,995		$	122,017,303		$	113,219,554		$	26,281,354		$	138,095,654		$	136,109,012		$	91,644,253		$	116,927,160
Shares issued for reinvested dividends and distributions		53,693,260			20,559,411			33,909,992			—			—			—			3,835,366			1,710,601			1,677,703
Shares redeemed		(246,425,267	)		(69,161,280	)		(199,605,547	)		(192,496,665	)		(59,212,837	)		(197,943,614	)		(23,122,935	)		(12,106,719	)		(10,730,290	)
Net increase (decrease)	$	(105,442,009	)	$	(13,272,874	)	$	(43,678,252	)	$	(79,277,111	)	$	(32,931,483	)	$	(59,847,960	)	$	116,821,443		$	81,248,135		$	107,874,573
	YEAR ENDED OCTOBER 31, 2013									YEAR ENDED OCTOBER 31, 2013
	FIRST EAGLE U.S. VALUE FUND									FIRST EAGLE GOLD FUND									FIRST EAGLE GLOBAL INCOME BUILDER FUND
	CLASS A			CLASS C			CLASS I			CLASS A			CLASS C			CLASS I			CLASS A			CLASS C			CLASS I
Shares sold	$	336,640,485		$	129,653,115		$	368,439,929		$	388,461,140		$	93,817,364		$	425,138,499		$	200,840,624		$	121,640,893		$	100,665,323
Shares issued for reinvested dividends and distributions		37,377,968			11,673,473			22,568,874			3,597,270			677			2,152,604			3,796,441			1,730,539			1,645,329
Shares redeemed		(471,429,277	)		(118,785,130	)		(360,521,201	)		(511,378,497	)		(159,616,525	)		(444,450,557	)		(29,227,048	)		(9,817,681	)		(18,539,751	)
Net increase (decrease)	$	(97,410,824	)	$	22,541,458		$	30,487,602		$	(119,320,087	)	$	(65,798,484	)	$	(17,159,454	)	$	175,410,017		$	113,553,751		$	83,770,901

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(continued)

	SIX-MONTH PERIOD ENDED APRIL 30, 2014									SIX-MONTH PERIOD ENDED APRIL 30, 2014
	FIRST EAGLE HIGH YIELD FUND									FIRST EAGLE FUND OF AMERICA
	CLASS A			CLASS C			CLASS I			CLASS A			CLASS C			CLASS I			CLASS Y
Shares sold	$	79,189,943		$	39,683,735		$	205,970,866		$	192,576,799		$	93,823,619		$	130,496,777		$	31,884,275
Shares issued for reinvested dividends and distributions		8,006,266			2,717,405			9,433,282			16,198,455			6,418,536			5,474,262			7,953,046
Shares redeemed		(53,941,400	)		(20,668,843	)		(101,900,643	)		(98,138,865	)		(28,250,534	)		(42,367,562	)		(55,267,365	)
Net increase (decrease)	$	33,254,809		$	21,732,297		$	113,503,505		$	110,636,389		$	71,991,621		$	93,603,477		$	(15,430,044	)
	YEAR ENDED OCTOBER 31, 2013									YEAR ENDED OCTOBER 31, 2013
	FIRST EAGLE HIGH YIELD FUND									FIRST EAGLE FUND OF AMERICA
	CLASS A			CLASS C			CLASS I			CLASS A			CLASS C			CLASS I*			CLASS Y
Shares sold	$	235,164,140		$	76,205,397		$	293,516,038		$	417,540,709		$	168,315,024		$	480,472,160		$	65,179,337
Shares issued for reinvested dividends and distributions		15,056,272			5,363,858			16,244,598			213,728			1,145			219			174,597
Shares redeemed		(126,959,400	)		(37,898,182	)		(112,078,026	)		(303,665,533	)		(41,563,487	)		(32,328,624	)		(390,594,676	)
Net increase (decrease)	$	123,261,012		$	43,671,073		$	197,682,610		$	114,088,904		$	126,752,682		$	448,143,755		$	(325,240,742	)

  *  Represents the period March 8, 2013 to October 31, 2013.

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Notes to Financial Statements (unaudited)

At April 30, 2014, ASB Holdings owned more than 5% of the First Eagle Global Income Builder Fund Class I shares.

Note 7 — Indemnification and Investment Risk

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against each Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote. The Funds may have elements of risk not typically associated with investments in the United States of America due to their investments in foreign countries or regions. Such foreign investments may subject the Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities. The securities markets in many emerging-market countries are substantially smaller, less developed, less liquid and more volatile than the securities markets of developed countries.

The First Eagle High Yield Fund invests in high yield securities which may be subject to greater levels of interest rate, credit and liquidity risk than investment grade securities. These high yield securities may be considered speculative with respect to the issuer's continuing ability to make principal and interest payments and may be subject to significant price fluctuations.

The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The ability of the issuers of debt to meet their obligations may be affected by the economic and political developments in a specific industry or region.

The Funds enter into derivatives which may represent off-balance sheet risk. Off-balance sheet risk exists when the maximum potential loss on a particular investment is greater than the value of such investment as reflected in the Statements of Assets and Liabilities.

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(continued)

Note 8 — Redemption In-Kind Transactions

The redemption in-kind policy for all of the Funds reserves the right of the Funds to pay redemptions in-kind (i.e., payments in the form of marketable securities or, as needed, other traded assets, rather than cash) if the redemption request is large enough to affect a Fund's operations (for example, if it represents more than $250,000 or 1% of the Fund's assets). When receiving assets distributed in-kind, the recipient will bear applicable commissions or other costs on their sale. There were no redemptions in-kind as of April 30, 2014.

Note 9 — Subsequent Events

In accordance with the provision surrounding Subsequent Events adopted by the Funds, management has evaluated the possibility of subsequent events existing in the Funds' financial statements. Management has determined that there are no material events that would require disclosures in the Funds' financial statements.

Effective at the close of business on Friday, May 9, 2014, the First Eagle Overseas Fund is closed to new investors, subject to certain limited exceptions. Additional information can be found in the prospectus.

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Fund Expenses (unaudited)

Example

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

This Example is based on an investment of $1,000 invested on November 1, 2013 and held for the six-months ended April 30, 2014.

Actual Expenses

The table below titled "Based on Actual Total Return" provides information about actual account values and actual expenses. You may use the information provided in this table, together with the amount you invested, to estimate the expenses that you paid over the period. To estimate the expenses you paid on your account, divide your ending account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled "Expenses Paid During the Period".

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(continued)

Based on Actual Total Return¹

	ACTUAL TOTAL RETURN WITHOUT SALES CHARGES2			BEGINNING ACCOUNT VALUE		ENDING ACCOUNT VALUE		ANNUALIZED EXPENSE RATIO			EXPENSES PAID DURING THE PERIOD3
First Eagle Global Fund Consolidated
Class A		4.98	%	$	1,000.00	$	1,049.80		1.12	%	$	5.69
Class C		4.58			1,000.00		1,045.80		1.87			9.49
Class I		5.11			1,000.00		1,051.10		0.87			4.42
First Eagle Overseas Fund Consolidated
Class A		4.44			1,000.00		1,044.40		1.14			5.78
Class C		4.08			1,000.00		1,040.80		1.89			9.56
Class I		4.57			1,000.00		1,045.70		0.89			4.51
First Eagle U.S. Value Fund Consolidated
Class A		6.04			1,000.00		1,060.40		1.16			5.93
Class C		5.60			1,000.00		1,056.00		1.91			9.74
Class I		6.13			1,000.00		1,061.30		0.91			4.65
First Eagle Gold Fund Consolidated
Class A		-0.53			1,000.00		994.70		1.32			6.53
Class C		-0.92			1,000.00		990.80		2.07			10.22
Class I		-0.41			1,000.00		995.90		1.06			5.25
First Eagle Global Income Builder Fund
Class A		6.60			1,000.00		1,066.00		1.30			6.66
Class C		6.22			1,000.00		1,062.20		2.04			10.43
Class I		6.74			1,000.00		1,067.40		1.05			5.38
First Eagle High Yield Fund
Class A		4.04			1,000.00		1,040.40		1.10			5.57
Class C		3.65			1,000.00		1,036.50		1.85			9.34
Class I		4.18			1,000.00		1,041.80		0.82			4.15
First Eagle Fund of America
Class A		10.03			1,000.00		1,100.30		1.37			7.13
Class C		9.61			1,000.00		1,096.10		2.12			11.02
Class I		10.15			1,000.00		1,101.50		1.12			5.84
Class Y		10.01			1,000.00		1,100.10		1.37			7.13

  ¹  For the six-months ended April 30, 2014.

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

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

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Fund Expenses (unaudited)

Hypothetical Example for Comparison Purposes

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

This Example is based on an investment of $1,000 invested on November 1, 2013 and held for the six-months ended April 30, 2014.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front-end or back-end sales charges (loads). Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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(continued)

Based on Hypothetical Total Return¹

	HYPOTHETICAL ANNUALIZED TOTAL RETURN			BEGINNING ACCOUNT VALUE		ENDING ACCOUNT VALUE		ANNUALIZED EXPENSE RATIO			EXPENSES PAID DURING THE PERIOD2
First Eagle Global Fund Consolidated
Class A		5.00	%	$	1,000.00	$	1,019.24		1.12	%	$	5.61
Class C		5.00			1,000.00		1,015.52		1.87			9.35
Class I		5.00			1,000.00		1,020.48		0.87			4.36
First Eagle Overseas Fund Consolidated
Class A		5.00			1,000.00		1,019.14		1.14			5.71
Class C		5.00			1,000.00		1,015.42		1.89			9.44
Class I		5.00			1,000.00		1,020.38		0.89			4.46
First Eagle U.S. Value Fund Consolidated
Class A		5.00			1,000.00		1,019.04		1.16			5.81
Class C		5.00			1,000.00		1,015.32		1.91			9.54
Class I		5.00			1,000.00		1,020.28		0.91			4.56
First Eagle Gold Fund Consolidated
Class A		5.00			1,000.00		1,018.25		1.32			6.61
Class C		5.00			1,000.00		1,014.53		2.07			10.34
Class I		5.00			1,000.00		1,019.54		1.06			5.31
First Eagle Global Income Builder Fund
Class A		5.00			1,000.00		1,018.35		1.30			6.51
Class C		5.00			1,000.00		1,014.68		2.04			10.19
Class I		5.00			1,000.00		1,019.59		1.05			5.26
First Eagle High Yield Fund
Class A		5.00			1,000.00		1,019.34		1.10			5.51
Class C		5.00			1,000.00		1,015.62		1.85			9.25
Class I		5.00			1,000.00		1,020.73		0.82			4.11
First Eagle Fund of America
Class A		5.00			1,000.00		1,018.00		1.37			6.85
Class C		5.00			1,000.00		1,014.28		2.12			10.59
Class I		5.00			1,000.00		1,019.24		1.12			5.61
Class Y		5.00			1,000.00		1,018.00		1.37			6.85

  ¹  For the six-months ended April 30, 2014.

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

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General Information

Quarterly Form N-Q portfolio schedule

The First Eagle Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available on the SEC's Web site at www.sec.gov. The Funds' Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling 1.800.SEC.0330. Additionally, you may obtain copies of Forms N-Q from the Funds upon request by calling 1.800.334.2143.

Proxy voting policies, procedures and record

You may obtain a description of the Funds' (1) proxy voting policies, (2) proxy voting procedures and (3) information regarding how the Funds voted any proxies related to portfolio securities during the most recent twelve-month period ended June 30 for which an SEC filing has been made, without charge, upon request by contacting the Funds directly at 1.800.334.2143 or on the EDGAR Database on the SEC's Web site at www.sec.gov.

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Consideration of Investment Advisory Agreements

On December 22, 1999, the shareholders of the Global Fund, the Overseas Fund and the Gold Fund, and on August 31, 2001, the shareholders of the U.S. Value Fund approved the Advisory Agreement between the Trust and the Adviser applicable to those Funds. On December 10, 2002, the shareholders of the Fund of America approved the Advisory Agreement between the Trust and the Adviser applicable to that Fund. These various agreements are referred to in this discussion as the "Advisory Agreements." The Board of Trustees approved the Advisory Agreements most recently on December 17, 2013.

During the course of their most recent review, the Trustees covered the following, among other topics:

•  The Trustees reviewed each Fund's long-standing historical relationship with the Adviser and the institutional resources available to the Adviser.

•  The Trustees reviewed the nature, extent and quality of the services provided by the Adviser to each Fund. These services include management of the assets of the Funds and provision and/or analysis of related statistical and research data.

•  The Trustees reviewed the performance of each Fund on both an absolute and a relative basis. Outperformance (over many periods reviewed) was noted for all Funds relative to the Funds' benchmarks, to the performance of peer mutual funds and to Morningstar, Lipper and the Performance Universe average. The relative results of a number of the Funds (Global Fund, Overseas Fund, U.S. Value Fund, High Yield Fund, First Eagle Fund of America and Overseas Variable Fund) were noted as being at or near the top of their peer groups for various periods. The Trustees commented on (and management discussed) the generally less favorable one-year relative performance results for Global Fund, Overseas Fund and U.S. Value Fund, though strong one-year relative results were noted for Gold Fund, Global Income Builder Fund and High Yield Fund. Similarly lagging one-year relative results were noted for First Eagle Fund of America. Losses on an absolute basis over the prior year were noted for Gold Fund, though there was relative outperformance over the same period. Contributors to the lagging one-year results (notably higher than median cash positions) were discussed. Performance for each Fund was determined to be appropriate and reflective of each Fund's investment view and philosophy.

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Consideration of Investment Advisory Agreements

•  The Trustees reviewed the total compensation to be received by the Adviser and the Funds' total cost for using the Adviser's services, taking into account expenses incurred by the Adviser that are passed through to the Funds. They concluded that this compensation was commensurate with the nature, extent, and quality of the services provided and therefore reasonable under the circumstances. As part of their analysis, the Trustees considered competitive prices for services comparable to those provided by the Adviser. In doing so, they considered fees charged by investment advisers to peer mutual funds and determined that the Adviser's fees were competitive, with the net management fees for some Funds being higher and for some Funds being lower than their peer averages/medians, but all being within the range of peers. The Trustees noted breakpoints providing for potential reductions in the First Eagle Fund of America management fee over time. The Trustees also considered waived advisory fees to date from Global Income Builder Fund and High Yield Fund. The Trustees also considered the advisory fees charged to institutional clients of the Adviser, taking into consideration, among other things, the differing requirements of such clients. While analyzing the effects of indirect compensation to the Adviser, such as soft dollar and other service benefits, the Trustees considered the levels of soft dollars and absence of affiliated broker-dealer relationships.

•  The Trustees' reviewed the Funds' expense ratios, which were deemed reasonable both on an absolute basis and in comparison to peer funds. The Trustees discussed the impact of the advisory fee on the ratio of total expenses to total assets and noted that the Funds' expense ratios generally had decreased over time as the Funds grew, highlighting a benefit to shareholders resulting from the development of economies of scale in the operation of the Funds. The Trustees noted that expense ratios for most of the Funds (excluding Gold Fund and Overseas Variable Fund) had decreased relative to the prior year and reviewed the causes of those decreases. The Trustees also considered the effect on expense ratios of Fund asset size and of particular categories of expenses, both currently and relative to prior periods. The Trustees again noted breakpoints providing for potential reductions in the First Eagle Fund of America management fee over time.

•  The Trustees reviewed the Adviser's financial condition and profitability. They commented that profits appear healthy based on the information provided at the meeting and that the Adviser has always shown the

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(continued)

willingness to commit resources to support investment in the business and to maintain the generally high quality of the overall shareholder experience in the Funds. The Trustees noted the effect of particular categories of expenses, including compensation, on the Adviser's financial condition. The Trustees reviewed the level of investment maintained in the Funds by certain portfolio managers (with those investments being both direct and "notional" under the Adviser's compensation plans), which was viewed as evidence of commitment to the Funds by key personnel.

At the conclusion of these reviews, with no single factor being determinative, the Trustees determined that each of the investment advisory arrangements serves the interests of the Funds and their shareholders and should be continued.

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First Eagle Funds

Trustees

Lisa Anderson

John P. Arnhold

Candace K. Beinecke (Chair)

Jean-Marie Eveillard

Jean D. Hamilton

James E. Jordan

William M. Kelly

Paul J. Lawler

Officers

John P. Arnhold

President

Robert Bruno

Senior Vice President

Joseph T. Malone

Chief Financial Officer

Mark D. Goldstein

Chief Compliance Officer

Suzan J. Afifi

Secretary & Vice President

Philip Santopadre

Treasurer

Michael Luzzatto

Vice President

Meng Lam

Assistant Treasurer

Investment Adviser

First Eagle Investment Management, LLC

1345 Avenue of the Americas
New York, NY 10105

Legal Counsel

Shearman & Sterling LLP

599 Lexington Avenue
New York, NY 10022

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue
Kansas City, MO 64105

Shareholder Servicing Agent

DST Systems, Inc.

330 West 9^th Street
Kansas City, MO 64105
800.334.2143

Underwriter

FEF Distributors, LLC

1345 Avenue of the Americas
New York, NY 10105

Independent Registered
Public Accounting Firm

PricewaterhouseCoopers LLP

300 Madison Avenue
New York, NY 10017

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of First Eagle Funds.

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1345 Avenue of the Americas | New York, NY | 10105

800.334.2143 | www.feim.com

Item 2.Code of Ethics.

The Registrant has adopted a code of ethics that applies to its principal executive officer and principal financial officer.  Copies of the code of ethics may be requested free of charge by calling 1-800-334-2143 (toll free).

Item 3.Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.Principal Accountant Fees and Services

Not applicable to this semi-annual report.

Item 5.Audit Committee of Listed Registrants

Not applicable at this time.

Item 6.Schedule of Investments.

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

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

Not applicable at this time.

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

Not applicable at this time.

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

Not applicable at this time.

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

Not applicable at this time.

Item 11.Controls and Procedures.

(a) In the opinion of the principal executive officer and principal financial officer, based on their evaluation, the registrant’s disclosure controls and procedures are adequately designed and are operating effectively to ensure (i) that material information relating to the registrant, including its consolidated subsidiaries, is made known to them  by others within those entities, particularly during the period in which this report is being prepared; and (ii) that

information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

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

Item 12.Exhibits.

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

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

(a)(3) Not applicable.

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

SIGNATURES

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

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

Date: July 8, 2014

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

By (Signature and Title)*	/s/ John P. Arnhold
	John P. Arnhold, Principal Executive Officer

Date: July 8, 2014

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

Date: July 8, 2014

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