N-Q 1 a12-21604_1nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-07762

 

 

First Eagle Funds

(Exact name of registrant as specified in charter)

 

1345 Avenue of the Americas

New York, New York

 

10105

(Address of principal executive offices)

 

(Zip code)

 

Robert Bruno

First Eagle Funds

1345 Avenue of the Americas

New York, New York 10105

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(212) 632-2700

 

 

Date of fiscal year end:

October 31

 

 

 

 

Date of reporting period:

July 31, 2012

 

 



 

Item 1. Schedule of Investments. — The schedule of investments for the nine-month period ended July 31, 2012, is filed herewith.

 



 

FIRST EAGLE

Global Fund

 

Schedule of Investments · Period Ended July 31, 2012 (unaudited)

 

SHARES

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

Common Stocks — 75.71%

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Common Stocks — 34.89%

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Discretionary 2.51%

 

 

 

 

 

17,414,912

 

Comcast Corporation, Class ‘A’

 

$

296,976,000

 

$

556,058,140

 

6,208,490

 

Omnicom Group, Inc.

 

186,093,077

 

311,542,028

 

2,485

 

JG Boswell Company (a)

 

573,840

 

1,913,450

 

33,892

 

Mills Music Trust (a)(b)

 

1,015,863

 

1,262,477

 

184,753

 

St. John Knits International, Inc. (a)(c)

 

3,174,837

 

1,043,855

 

 

 

 

 

487,833,617

 

871,819,950

 

Consumer Staples 3.23%

 

 

 

 

 

17,479,577

 

Sysco Corporation

 

495,705,689

 

513,724,768

 

1,837,950

 

Lorillard, Inc.

 

135,716,878

 

236,433,888

 

2,132,090

 

Colgate-Palmolive Company

 

164,260,763

 

228,901,183

 

1,908,945

 

Wal-Mart Stores, Inc.

 

94,102,457

 

142,082,776

 

 

 

 

 

889,785,787

 

1,121,142,615

 

Energy 2.48%

 

 

 

 

 

6,224,163

 

ConocoPhillips

 

250,797,600

 

338,843,434

 

3,080,340

 

Devon Energy Corporation

 

179,165,945

 

182,109,701

 

1,442,501

 

Apache Corporation

 

90,693,919

 

124,228,186

 

3,044,263

 

Phillips 66

 

76,218,314

 

114,464,289

 

3,908,035

 

San Juan Basin Royalty Trust (b)

 

138,744,050

 

63,700,970

 

806,395

 

Helmerich & Payne, Inc.

 

17,026,317

 

37,497,368

 

 

 

 

 

752,646,145

 

860,843,948

 

Financials 8.94%

 

 

 

 

 

7,529,993

 

American Express Company

 

317,870,387

 

434,555,896

 

17,571,107

 

Bank of New York Mellon Corporation

 

441,008,507

 

373,913,157

 

9,175,144

 

Cincinnati Financial Corporation (b)

 

234,275,647

 

347,187,449

 

2,714

 

Berkshire Hathaway, Inc., Class ‘A’ (c)

 

218,995,900

 

345,885,730

 

13,816,985

 

Weyerhaeuser Company, REIT

 

243,497,569

 

322,626,600

 

9,693,682

 

BB&T Corporation

 

245,863,323

 

304,090,804

 

7,819,459

 

U.S. Bancorp

 

192,949,644

 

261,951,876

 

5,719,208

 

Plum Creek Timber Company, Inc., REIT

 

212,342,604

 

232,142,653

 

4,386,051

 

WR Berkley Corporation

 

117,583,057

 

160,661,048

 

2,858,553

 

Rayonier, Inc., REIT

 

27,837,041

 

136,324,393

 

743,437

 

Visa, Inc., Class ‘A’

 

53,618,674

 

95,955,414

 

202,406

 

Mastercard, Inc., Class ‘A’

 

40,702,513

 

88,364,387

 

 

 

 

 

2,346,544,866

 

3,103,659,407

 

 

See Notes to Schedule of Investments

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2012

 

1



 

SHARES

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

U.S. Common Stocks — 34.89% — (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care 0.90%

 

 

 

 

 

4,469,770

 

WellPoint, Inc.

 

$

240,056,531

 

$

238,194,043

 

1,059,980

 

Johnson & Johnson

 

59,610,843

 

73,371,816

 

 

 

 

 

299,667,374

 

311,565,859

 

Industrials 4.86%

 

 

 

 

 

13,051,511

 

Cintas Corporation (b)

 

438,387,413

 

517,231,381

 

4,069,880

 

3M Company

 

315,646,157

 

371,295,153

 

3,069,252

 

Lockheed Martin Corporation

 

217,057,860

 

273,992,126

 

3,867,416

 

Northrop Grumman Corporation

 

231,724,655

 

256,022,939

 

3,513,995

 

Alliant Techsystems, Inc. (b)

 

308,161,843

 

162,768,248

 

4,192,137

 

Blount International, Inc. (b)(c)

 

46,116,234

 

59,612,188

 

731,965

 

Unifirst Corporation

 

11,682,492

 

45,835,648

 

 

 

 

 

1,568,776,654

 

1,686,757,683

 

Information Technology 7.57%

 

 

 

 

 

34,819,677

 

Cisco Systems, Inc.

 

583,213,397

 

555,373,848

 

18,402,586

 

Microsoft Corporation

 

459,702,003

 

542,324,210

 

13,004,217

 

Oracle Corporation

 

362,943,749

 

392,727,353

 

12,418,960

 

Intel Corporation

 

210,916,626

 

319,167,272

 

8,019,789

 

Linear Technology Corporation

 

227,165,656

 

258,638,195

 

282,275

 

Google, Inc., Class ‘A’ (c)

 

149,382,648

 

178,671,607

 

6,036,580

 

Texas Instruments, Inc.

 

154,258,827

 

164,436,439

 

2,365,411

 

Automatic Data Processing, Inc.

 

85,148,200

 

133,763,992

 

1,671,000

 

KLA-Tencor Corporation (d)

 

47,230,930

 

85,070,610

 

 

 

 

 

2,279,962,036

 

2,630,173,526

 

Materials 2.02%

 

 

 

 

 

4,387,079

 

Vulcan Materials Company

 

223,679,544

 

169,955,440

 

4,172,577

 

Scotts Miracle-Gro Company, Class ‘A’ (b)

 

182,102,946

 

166,485,822

 

1,752,640

 

Martin Marietta Materials, Inc.

 

155,134,876

 

131,693,370

 

1,780,037

 

Newmont Mining Corporation

 

45,037,176

 

79,158,245

 

1,258,500

 

Deltic Timber Corporation (b)

 

62,903,243

 

77,787,885

 

1,081,781

 

Ashland, Inc.

 

52,565,262

 

76,146,565

 

 

 

 

 

721,423,047

 

701,227,327

 

Utilities 2.38%

 

 

 

 

 

9,696,381

 

FirstEnergy Corporation

 

353,449,107

 

486,952,254

 

2,491,660

 

Entergy Corporation

 

164,249,120

 

181,068,932

 

3,760,485

 

IDACorp, Inc. (b)

 

124,066,738

 

158,692,467

 

 

 

 

 

641,764,965

 

826,713,653

 

Total U.S. Common Stocks

 

9,988,404,491

 

12,113,903,968

 

 

 

 

 

 

 

International Common Stocks — 40.82%

 

 

 

 

 

 

 

 

 

 

 

Australia 1.09%

 

 

 

 

 

15,384,766

 

Newcrest Mining Limited

 

472,606,853

 

380,107,197

 

 

 

 

 

 

 

 

 

Austria 0.35%

 

 

 

 

 

3,857,199

 

OMV AG

 

157,989,372

 

121,414,825

 

 

See Notes to Schedule of Investments

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2012

 

2



 

SHARES

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

International Common Stocks — 40.82% — (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

Belgium 0.53%

 

 

 

 

 

2,788,865

 

Groupe Bruxelles Lambert SA

 

$

234,732,253

 

$

182,745,309

 

 

 

 

 

 

 

 

 

Bermuda 0.43%

 

 

 

 

 

2,875,070

 

Jardine Matheson Holdings Limited

 

141,681,819

 

150,509,914

 

 

 

 

 

 

 

 

 

Brazil 0.23%

 

 

 

 

 

4,218,336

 

Petroleo Brasileiro SA, ADR

 

77,523,745

 

80,274,934

 

 

 

 

 

 

 

 

 

Canada 2.34%

 

 

 

 

 

5,581,122

 

Goldcorp, Inc.

 

213,133,659

 

201,143,637

 

7,415,391

 

Nexen, Inc.

 

117,764,271

 

188,350,931

 

13,369,060

 

Penn West Petroleum Limited

 

229,548,818

 

181,952,907

 

5,456,594

 

Cenovus Energy, Inc.

 

151,356,348

 

166,480,683

 

1,669,132

 

Agnico-Eagle Mines Limited

 

54,454,117

 

73,275,311

 

2,927,036

 

Postmedia Network Canada Corporation (a)(c)(e)

 

18,719,012

 

2,583,967

 

 

 

 

 

784,976,225

 

813,787,436

 

France 4.51%

 

 

 

 

 

4,179,227

 

Sanofi

 

323,385,924

 

341,838,341

 

3,330,779

 

Sodexo

 

88,582,313

 

251,782,456

 

9,287,648

 

Bouygues SA

 

358,271,606

 

234,578,414

 

4,702,249

 

Total SA

 

247,298,454

 

217,595,720

 

8,128,898

 

Carrefour SA

 

349,443,258

 

145,893,936

 

2,044,437

 

Neopost SA (b)

 

184,799,958

 

116,681,931

 

11,803,362

 

Société Télévision Francaise 1 (b)

 

184,371,882

 

99,667,961

 

921,669

 

Wendel SA

 

19,716,342

 

66,019,421

 

1,130,913

 

Legrand SA

 

35,203,833

 

36,349,756

 

157,260

 

Robertet SA (b)

 

20,623,058

 

23,270,327

 

42,252

 

Robertet SA CI (a)(f)(g)

 

800,508

 

4,455,816

 

84,376

 

Société BIC SA

 

3,648,186

 

8,565,880

 

385,000

 

Sabeton SA (b)

 

4,841,233

 

6,026,248

 

12,000,000

 

FINEL (a)(b)(c)(f)(h)(i)

 

 

5,315,974

 

69,500

 

NSC Groupe (a)(b)

 

12,298,421

 

4,789,299

 

104,457

 

Gaumont SA

 

6,087,824

 

4,659,558

 

 

 

 

 

1,839,372,800

 

1,567,491,038

 

Germany 1.89%

 

 

 

 

 

8,114,931

 

HeidelbergCement AG

 

447,784,386

 

378,063,346

 

4,285,909

 

Daimler AG

 

200,355,962

 

214,705,505

 

693,440

 

Fraport AG

 

20,976,007

 

39,401,697

 

773,684

 

Hornbach Baumarkt AG

 

21,504,161

 

23,787,133

 

 

 

 

 

690,620,516

 

655,957,681

 

Hong Kong 0.31%

 

 

 

 

 

12,693,580

 

Guoco Group Limited

 

115,086,260

 

106,401,875

 

20,738,780

 

City e-Solutions Limited (a)(b)(c)

 

936,898

 

1,738,395

 

 

 

 

 

116,023,158

 

108,140,270

 

Ireland 0.35%

 

 

 

 

 

6,682,431

 

CRH PLC

 

114,124,679

 

121,506,554

 

 

See Notes to Schedule of Investments

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2012

 

3



 

SHARES

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

International Common Stocks — 40.82% — (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

Israel 0.27%

 

 

 

 

 

 

 

7,864,560

 

Israel Chemicals Limited

 

$

81,267,220

 

$

93,011,602

 

 

 

 

 

 

 

 

 

Italy 0.25%

 

 

 

 

 

 

 

18,139,395

 

Italcementi S.p.A. RSP

 

249,186,230

 

39,397,316

 

4,682,069

 

Italcementi S.p.A.

 

86,201,872

 

19,312,609

 

1,021,137

 

Italmobiliare S.p.A. (c)

 

107,360,738

 

13,583,411

 

1,734,972

 

Italmobiliare S.p.A. RSP (c)

 

121,356,934

 

13,290,183

 

 

 

 

 

564,105,774

 

85,583,519

 

Japan 17.41%

 

 

 

 

 

11,590,430

 

Secom Company Limited

 

528,330,685

 

539,744,965

 

7,609,390

 

Shimano, Inc. (b)

 

189,904,791

 

508,168,820

 

1,895,990

 

Keyence Corporation

 

351,946,352

 

475,665,117

 

2,693,956

 

SMC Corporation

 

294,992,485

 

456,661,127

 

2,888,400

 

Fanuc Corporation

 

255,486,281

 

451,191,249

 

8,977,860

 

Astellas Pharma, Inc.

 

362,418,345

 

428,419,597

 

55,424

 

KDDI Corporation

 

355,586,922

 

383,603,710

 

5,183,500

 

Ono Pharmaceutical Company Limited

 

235,529,716

 

327,595,343

 

12,811,860

 

MISUMI Group, Inc. (b)

 

221,342,849

 

312,572,341

 

14,917,300

 

NKSJ Holdings, Inc.

 

402,645,728

 

287,601,498

 

14,441,180

 

Mitsubishi Estate Company Limited

 

219,465,631

 

261,609,555

 

10,818,340

 

Hoya Corporation

 

234,150,699

 

241,653,191

 

2,318,500

 

Hirose Electric Company Limited (b)

 

246,194,572

 

222,758,716

 

13,535,700

 

MS&AD Insurance Group Holdings

 

337,272,005

 

221,135,916

 

4,896,260

 

Canon, Inc.

 

232,564,293

 

165,996,149

 

4,286,130

 

Nissin Foods Holdings Company Limited

 

152,493,842

 

164,064,491

 

65,072

 

NTT DoCoMo, Inc.

 

99,072,518

 

109,306,641

 

5,333,150

 

THK Company Limited

 

91,613,966

 

95,316,453

 

1,569,860

 

Shin-Etsu Chemical Company Limited

 

73,766,639

 

79,934,022

 

3,526,280

 

Chofu Seisakusho Company Limited (b)

 

64,322,537

 

78,181,325

 

3,503,280

 

Nomura Research Institute Limited

 

74,629,527

 

72,920,573

 

5,147,000

 

T. Hasegawa Company Limited (b)

 

79,849,658

 

67,955,018

 

1,861,335

 

Meitec Corporation (b)

 

53,431,097

 

40,124,729

 

1,428,700

 

Ariake Japan Company Limited

 

23,831,749

 

30,761,877

 

2,002,100

 

Seikagaku Corporation

 

21,143,745

 

20,900,833

 

57,400

 

Aderans Company Limited (c)

 

1,302,096

 

696,893

 

 

 

 

 

5,203,288,728

 

6,044,540,149

 

Malaysia 0.40%

 

 

 

 

 

129,221,380

 

Genting Malaysia Berhad

 

111,924,255

 

139,151,957

 

 

 

 

 

 

 

 

 

Mexico 2.19%

 

 

 

 

 

15,044,166

 

Grupo Televisa S.A.B., ADR

 

289,394,928

 

342,856,543

 

6,612,311

 

Industrias Peñoles S.A.B. de C.V.

 

7,723,116

 

269,864,935

 

6,399,253

 

Fresnillo PLC

 

43,883,996

 

146,048,764

 

 

 

 

 

341,002,040

 

758,770,242

 

Netherlands 0.43%

 

 

 

 

 

12,052,607

 

TNT Express NV

 

143,260,900

 

130,723,352

 

 

See Notes to Schedule of Investments

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2012

 

4



 

SHARES

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

International Common Stocks — 40.82% — (continued)

 

 

 

 

 

 

 

 

 

 

 

Netherlands 0.43% — (continued)

 

 

 

 

 

4,635,394

 

PostNL NV

 

$

46,252,787

 

$

18,880,512

 

 

 

 

 

189,513,687

 

149,603,864

 

Singapore 0.24%

 

 

 

 

 

10,153,710

 

Fraser and Neave Limited

 

8,655,703

 

66,739,532

 

13,467,250

 

ComfortDelGro Corporation Limited

 

3,279,184

 

18,179,976

 

 

 

 

 

11,934,887

 

84,919,508

 

South Africa 1.00%

 

 

 

 

 

20,830,304

 

Gold Fields Limited, ADR

 

231,208,540

 

268,710,921

 

8,092,307

 

Harmony Gold Mining Company Limited, ADR

 

69,852,451

 

79,466,455

 

 

 

 

 

301,060,991

 

348,177,376

 

South Korea 1.02%

 

 

 

 

 

3,476,566

 

KT&G Corporation

 

187,647,559

 

256,139,700

 

51,900

 

Lotte Confectionery Company Limited

 

21,157,499

 

72,344,411

 

39,989

 

Namyang Dairy Products Company Limited (b)

 

7,325,466

 

27,092,603

 

 

 

 

 

216,130,524

 

355,576,714

 

Spain 0.38%

 

 

 

 

 

3,295,234

 

Red Electrica Corporation SA

 

165,292,750

 

130,670,730

 

 

 

 

 

 

 

 

 

Sweden 0.55%

 

 

 

 

 

5,939,940

 

Investor AB, Class ‘A’

 

116,378,542

 

119,636,254

 

3,394,798

 

Investor AB, Class ‘B’

 

63,888,333

 

70,870,005

 

 

 

 

 

180,266,875

 

190,506,259

 

Switzerland 1.94%

 

 

 

 

 

5,091,560

 

Nestlé SA

 

146,056,200

 

313,234,482

 

3,783,070

 

Pargesa Holding SA

 

237,781,696

 

228,472,468

 

27,925

 

Lindt & Spruengli AG PC

 

28,106,172

 

86,541,466

 

388,803

 

Kuehne & Nagel International AG

 

7,503,142

 

44,333,341

 

 

 

 

 

419,447,210

 

672,581,757

 

Thailand 0.57%

 

 

 

 

 

30,251,300

 

Bangkok Bank PCL, NVDR

 

98,647,613

 

188,409,749

 

577,000

 

OHTL PCL (a)

 

2,636,472

 

9,497,490

 

 

 

 

 

101,284,085

 

197,907,239

 

United Kingdom 2.14%

 

 

 

 

 

9,342,277

 

Berkeley Group Holdings PLC (b)(c)

 

114,104,302

 

200,330,036

 

7,387,420

 

GlaxoSmithKline PLC

 

140,774,624

 

170,048,957

 

36,020,640

 

WM Morrison Supermarkets PLC

 

162,526,903

 

156,569,991

 

3,387,940

 

Willis Group Holdings PLC

 

87,537,760

 

125,286,021

 

3,052,693

 

Anglo American PLC

 

74,109,213

 

90,916,763

 

 

 

 

 

579,052,802

 

743,151,768

 

Total International Common Stocks

 

13,095,223,248

 

14,176,087,842

 

Total Common Stocks

 

23,083,627,739

 

26,289,991,810

 

 

See Notes to Schedule of Investments

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2012

 

5



 

SHARES

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

International Preferred Stocks — 0.64%

 

 

 

 

 

 

 

 

 

 

 

Germany 0.35%

 

 

 

 

 

1,754,484

 

Hornbach Holding AG

 

$

63,837,360

 

$

120,881,269

 

 

 

 

 

 

 

 

 

South Korea 0.29%

 

 

 

 

 

143,253

 

Samsung Electronics Company Limited

 

17,836,355

 

102,502,313

 

Total International Preferred Stocks

 

81,673,715

 

223,383,582

 

 

 

 

 

 

 

 

 

Warrant — 0.17%

 

 

 

 

 

 

 

 

 

 

 

United States — 0.17%

 

 

 

 

 

5,806,899

 

JPMorgan Chase & Company Warrant expire 10/28/18 (c)

 

75,108,859

 

58,417,404

 

 

 

 

 

 

 

 

 

OUNCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity — 4.88%

 

 

 

 

 

1,051,086

 

Gold bullion (c)

 

586,146,006

 

1,696,031,652

 

 

 

 

 

 

 

 

 

PRINCIPAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes and Bonds — 1.33%

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Corporate Bonds 0.10%

 

 

 

 

 

$

5,467,000

 

Bausch & Lomb, Inc. 7.125% due 08/01/28 (a)

 

4,765,537

 

4,599,114

 

5,000,000

 

Pulte Group, Inc. 5.20% due 02/15/15

 

4,615,091

 

5,237,500

 

22,554,000

 

Yankee Candle Company, Inc. Series ‘B’ 9.75% due 02/15/17

 

22,034,844

 

23,540,737

 

Total U.S. Corporate Bonds

 

31,415,472

 

33,377,351

 

 

 

 

 

 

 

 

 

International Notes and Bonds — 1.23%

 

 

 

 

 

 

 

 

 

 

 

International Corporate Notes and Bonds — 0.25%

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada 0.04%

 

 

 

 

 

28,460,000
USD

 

Catalyst Paper Corporation 11.00% due 12/15/16 (a)(j)(k)

 

24,518,587

 

14,087,700

 

 

 

 

 

 

 

 

 

France 0.18%

 

 

 

 

 

15,000,000
EUR

 

Emin Leydier SA FRN 7.862% due 07/31/16 (a)(f)(i)

 

21,437,037

 

18,458,245

 

12,000,000
EUR

 

FINEL 9.50% due 06/30/17 (a)(f)(i)

 

14,495,954

 

11,074,947

 

12,050,000
EUR

 

Wendel SA 4.375% due 08/09/17

 

11,966,817

 

14,272,068

 

10,000,000
EUR

 

Wendel SA 4.875% due 09/21/15 (l)

 

11,288,610

 

12,551,606

 

3,500,000
EUR

 

Wendel SA 4.875% due 05/26/16

 

3,026,242

 

4,376,911

 

 

 

 

 

62,214,660

 

60,733,777

 

Norway 0.03%

 

 

 

 

 

5,500,000
USD

 

Den Norske Bank ASA FRN 0.938% due 08/31/12 (a)(m)

 

3,888,750

 

2,997,500

 

3,170,000
USD

 

Den Norske Creditbank FRN 0.813% due 08/31/12 (a)(m)

 

2,059,625

 

1,727,650

 

3,500,000
USD

 

Den Norske Creditbank FRN 0.963% due 08/31/12 (a)(m)

 

2,610,000

 

1,907,500

 

 

See Notes to Schedule of Investments

 

FIRST EAGLE  FUNDS · QUARTERLY NQ REPORT · July 31, 2012

 

6



 

PRINCIPAL

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

International Corporate Notes and Bonds 0.25% — (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

Norway 0.03% — (continued)

 

 

 

 

 

10,000,000
USD

 

Nordea Bank Norge ASA FRN 0.938% due 11/21/12 (a)(m)

 

$

6,826,750

 

$

4,300,000

 

 

 

 

 

15,385,125

 

10,932,650

 

Total International Corporate Notes and Bonds

 

102,118,372

 

85,754,127

 

 

 

 

 

 

 

 

 

International Government Bonds — 0.98%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hong Kong 0.63%

 

 

 

 

 

371,900,000
HKD

 

Hong Kong Government Bond 0.48% due 09/03/12

 

47,983,455

 

47,975,934

 

732,250,000
HKD

 

Hong Kong Government Bond 2.66% due 12/17/12

 

95,326,293

 

95,321,303

 

586,700,000
HKD

 

Hong Kong Government Bond 4.20% due 09/17/12

 

76,088,662

 

76,063,918

 

 

 

 

 

219,398,410

 

219,361,155

 

Singapore 0.10%

 

 

 

 

 

45,343,000
SGD

 

Singapore Government Bond 2.50% due 10/01/12

 

37,066,097

 

36,569,922

 

 

 

 

 

 

 

 

 

South Korea 0.07%

 

 

 

 

 

25,395,720,000 KRW

 

Inflation Linked Korea Treasury Bond 2.75% due 03/10/17 (n)

 

24,178,253

 

24,451,971

 

 

 

 

 

 

 

 

 

Taiwan 0.18%

 

 

 

 

 

1,826,000,000 TWD

 

Taiwan Government Bond 2.375% due 01/16/13

 

59,370,596

 

61,339,901

 

Total International Government Bonds

 

340,013,356

 

341,722,949

 

Total International Notes and Bonds

 

442,131,728

 

427,477,076

 

Total Notes and Bonds

 

473,547,200

 

460,854,427

 

 

 

 

 

 

 

U.S. Treasury Bills — 0.43%

 

 

 

 

 

$

73,073,000

 

U.S. Treasury Bill 0.071% due 09/06/12

 

73,067,885

 

73,067,885

 

75,738,000

 

U.S. Treasury Bill 0.056% due 08/23/12

 

75,735,454

 

75,735,454

 

Total U.S. Treasury Bills

 

148,803,339

 

148,803,339

 

 

 

 

 

 

 

Commercial Paper — 16.66%

 

 

 

 

 

 

 

 

 

 

 

International Commercial Paper — 3.80%

 

 

 

 

 

 

 

 

 

 

 

Australia 0.11%

 

 

 

 

 

37,122,000
USD

 

BHP Billton Limited 0.15% due 08/22/12

 

37,118,752

 

37,118,752

 

Canada 0.10%

 

 

 

 

 

36,089,000
USD

 

Suncor Energy, Inc. 0.32% due 08/09/12

 

36,086,434

 

36,086,434

 

Curacao 0.04%

 

 

 

 

 

14,762,000
USD

 

Schlumberger Limited 0.15% due 08/16/12

 

14,761,077

 

14,761,077

 

France 0.99%

 

 

 

 

 

24,294,000
USD

 

Air Liquide SA 0.15% due 08/09/12

 

24,293,190

 

24,293,190

 

 

See Notes to Schedule of Investments

 

FIRST EAGLE  FUNDS · QUARTERLY NQ REPORT · July 31, 2012

 

7



 

PRINCIPAL

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

International Commercial Paper — 3.80% — (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

France 0.99% — (continued)

 

 

 

 

 

31,735,000
USD

 

Air Liquide SA 0.16% due 08/16/12

 

$

31,732,884

 

$

31,732,884

 

29,523,000
USD

 

Air Liquide SA 0.16% due 08/17/12

 

29,520,901

 

29,520,901

 

15,652,000
USD

 

Air Liquide SA 0.18% due 09/05/12

 

15,649,261

 

15,649,261

 

19,839,000
USD

 

EI du Pont de Nemours & Company 0.13% due 08/22/12

 

19,837,496

 

19,837,496

 

16,552,000
USD

 

GDF Suez SA 0.21% due 08/06/12

 

16,551,517

 

16,551,517

 

38,975,000
USD

 

GDF Suez SA 0.21% due 08/13/12

 

38,972,272

 

38,972,272

 

18,737,000
USD

 

L’Oreal SA 0.14% due 08/13/12

 

18,736,126

 

18,736,126

 

69,104,000
USD

 

Sanofi 0.13% due 08/24/12

 

69,098,260

 

69,098,260

 

77,950,000
USD

 

Total SA 0.17% due 10/11/12

 

77,923,865

 

77,898,241

 

 

 

 

 

 

 

Germany 0.38%

 

 

 

 

 

36,537,000
USD

 

BASF AG 0.15% due 08/15/12

 

36,534,869

 

36,534,869

 

40,490,000
USD

 

BASF AG 0.16% due 09/25/12

 

40,480,102

 

40,480,102

 

53,643,000
USD

 

Siemens Company 0.15% due 08/13/12

 

53,640,318

 

53,640,318

 

 

 

 

 

 

 

Italy 0.32%

 

 

 

 

 

6,241,000
USD

 

Eni S.p.A. 0.38% due 08/01/12

 

6,241,000

 

6,241,000

 

57,638,000
USD

 

Eni S.p.A. 0.50% due 08/02/12

 

57,637,215

 

57,637,215

 

47,813,000
USD

 

Eni S.p.A. 0.54% due 08/10/12

 

47,806,665

 

47,806,665

 

 

 

 

 

 

 

Japan 0.21%

 

 

 

 

 

36,088,000
USD

 

Mitsui & Company, Limited 0.24% due 08/06/12

 

36,086,797

 

36,086,797

 

36,533,000
USD

 

Mitsui & Company, Limited 0.25% due 08/16/12

 

36,529,195

 

36,529,195

 

 

 

 

 

 

 

Switzerland 0.65%

 

 

 

 

 

17,993,000
USD

 

Nestlé SA 0.11% due 09/04/12

 

17,991,131

 

17,991,131

 

35,754,000
USD

 

Nestlé SA 0.17% due 08/29/12

 

35,749,273

 

35,749,273

 

8,172,000
USD

 

Novartis International AG 0.13% due 08/01/12

 

8,172,000

 

8,172,000

 

28,276,000
USD

 

Novartis International AG 0.13% due 08/03/12

 

28,275,796

 

28,275,796

 

 

See Notes to Schedule of Investments

 

FIRST EAGLE  FUNDS · QUARTERLY NQ REPORT · July 31, 2012

 

8



 

PRINCIPAL

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

International Commercial Paper — 3.80% — (continued)

 

 

 

 

 

 

 

 

 

 

 

Switzerland 0.65% — (continued)

 

 

 

 

 

43,229,000
USD

 

Novartis International AG 0.13% due 08/15/12

 

$

43,226,814

 

$

43,226,814

 

44,476,000
USD

 

Novartis International AG 0.15% due 08/09/12

 

44,474,517

 

44,474,517

 

10,000,000
USD

 

Roche Holdings, Inc. 0.10% due 08/15/12

 

9,999,611

 

9,999,611

 

37,063,000
USD

 

Roche Holdings, Inc. 0.12% due 08/08/12

 

37,062,135

 

37,062,135

 

 

 

 

 

 

 

United Kingdom 1.00%

 

 

 

 

 

35,761,000
USD

 

AstraZeneca PLC 0.11% due 08/27/12

 

35,758,159

 

35,758,159

 

35,761,000
USD

 

AstraZeneca PLC 0.13% due 09/21/12

 

35,754,414

 

35,754,414

 

11,152,000
USD

 

AstraZeneca PLC 0.15% due 10/10/12

 

11,148,747

 

11,144,764

 

35,349,000
USD

 

AstraZeneca PLC 0.16% due 10/24/12

 

35,336,216

 

35,318,370

 

23,720,000
USD

 

BP PLC 0.21% due 08/20/12

 

23,717,371

 

23,717,371

 

15,937,000
USD

 

BP PLC 0.24% due 08/20/12

 

15,934,981

 

15,934,981

 

30,000,000
USD

 

BP PLC 0.47% due 09/17/12

 

29,981,983

 

29,981,983

 

75,000,000
USD

 

BP PLC 0.49% due 08/20/12

 

74,981,000

 

74,981,000

 

40,000,000
USD

 

BP PLC 0.49% due 08/28/12

 

39,985,600

 

39,985,600

 

14,848,000
USD

 

Reed Elsevier, Inc. 0.41% due 08/02/12

 

14,847,835

 

14,847,835

 

31,361,000
USD

 

Reed Elsevier, Inc. 0.42% due 08/01/12

 

31,361,000

 

31,361,000

 

Total International Commercial Paper

 

1,318,996,779

 

1,318,949,326

 

 

 

 

 

 

 

U.S. Commercial Paper — 12.86%

 

 

 

 

 

$

20,551,000

 

Abbott Laboratories 0.12% due 09/18/12

 

20,547,712

 

20,547,712

 

38,992,000

 

Abbott Laboratories 0.15% due 08/07/12

 

38,991,025

 

38,991,025

 

32,309,000

 

Abbott Laboratories 0.15% due 08/21/12

 

32,306,308

 

32,306,308

 

38,113,000

 

Abbott Laboratories 0.15% due 08/29/12

 

38,108,553

 

38,108,553

 

30,893,000

 

Abbott Laboratories 0.15% due 09/04/12

 

30,888,623

 

30,888,623

 

23,954,000

 

Abbott Laboratories 0.16% due 09/05/12

 

23,950,274

 

23,950,274

 

45,397,000

 

Abbott Laboratories 0.17% due 09/17/12

 

45,386,924

 

45,386,924

 

53,849,000

 

Apache Corporation 0.41% due 08/06/12

 

53,846,008

 

53,846,008

 

29,007,000

 

Apache Corporation 0.42% due 08/07/12

 

29,005,018

 

29,005,018

 

56,683,000

 

Archer Daniels Midland Company 0.12% due 08/28/12

 

56,677,898

 

56,677,898

 

66,889,000

 

Archer Daniels Midland Company 0.13% due 08/03/12

 

66,888,517

 

66,888,517

 

45,320,000

 

Archer Daniels Midland Company 0.13% due 08/10/12

 

45,318,527

 

45,318,527

 

27,640,000

 

Archer Daniels Midland Company 0.14% due 08/23/12

 

27,637,635

 

27,637,635

 

18,490,000

 

Baker Hughes, Inc. 0.13% due 08/07/12

 

18,489,599

 

18,489,599

 

 

See Notes to Schedule of Investments

 

FIRST EAGLE  FUNDS · QUARTERLY NQ REPORT · July 31, 2012

 

9



 

PRINCIPAL

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

U.S. Commercial Paper — 12.86% — (continued)

 

 

 

 

 

$

36,257,000

 

Campbell Soup Company 0.18% due 08/01/12

 

$

36,257,000

 

$

36,257,000

 

9,806,000

 

Campbell Soup Company 0.18% due 08/17/12

 

9,805,215

 

9,805,215

 

118,897,000

 

Chevron Corporation 0.09% due 08/10/12

 

118,894,325

 

118,894,325

 

40,862,000

 

Chevron Corporation 0.09% due 08/17/12

 

40,860,365

 

40,860,365

 

37,147,000

 

Chevron Corporation 0.09% due 08/28/12

 

37,144,493

 

37,144,493

 

27,834,000

 

Chevron Corporation 0.10% due 08/09/12

 

27,833,381

 

27,833,381

 

33,885,000

 

Coca-Cola Company 0.17% due 08/21/12

 

33,881,800

 

33,881,800

 

53,319,000

 

Coca-Cola Company 0.17% due 08/23/12

 

53,313,461

 

53,313,461

 

15,110,000

 

Coca-Cola Company 0.17% due 10/19/12

 

15,104,363

 

15,103,720

 

56,021,000

 

Coca-Cola Company 0.19% due 10/12/12

 

55,999,712

 

56,000,099

 

45,000,000

 

Coca-Cola Company 0.21% due 08/15/12

 

44,996,325

 

44,996,325

 

50,000,000

 

Coca-Cola Company 0.21% due 09/20/12

 

49,985,417

 

49,985,417

 

8,095,000

 

Coca-Cola Company 0.22% due 08/02/12

 

8,094,950

 

8,094,950

 

47,000,000

 

Coca-Cola Company 0.22% due 09/12/12

 

46,987,937

 

46,987,937

 

74,976,000

 

Coca-Cola Company 0.22% due 10/12/12

 

74,943,011

 

74,948,026

 

68,113,000

 

ConocoPhillips 0.13% due 08/08/12

 

68,111,278

 

68,111,278

 

54,131,000

 

ConocoPhillips 0.13% due 08/17/12

 

54,127,872

 

54,127,872

 

32,167,000

 

ConocoPhillips 0.17% due 08/06/12

 

32,166,240

 

32,166,240

 

13,649,000

 

ConocoPhillips 0.21% due 08/07/12

 

13,648,522

 

13,648,522

 

5,756,000

 

Deere & Company 0.17% due 08/20/12

 

5,755,484

 

5,755,484

 

17,993,000

 

Dell, Inc. 0.13% due 08/27/12

 

17,991,311

 

17,991,311

 

4,681,000

 

Devon Energy Corporation 0.25% due 08/01/12

 

4,681,000

 

4,681,000

 

29,275,000

 

Devon Energy Corporation 0.38% due 08/09/12

 

29,272,593

 

29,272,593

 

20,245,000

 

Devon Energy Corporation 0.38% due 08/10/12

 

20,243,127

 

20,243,127

 

55,052,000

 

Devon Energy Corporation 0.43% due 08/20/12

 

55,039,797

 

55,039,797

 

28,104,000

 

Dominion Resources, Inc. 0.41% due 08/13/12

 

28,100,253

 

28,100,253

 

12,764,000

 

Dominion Resources, Inc. 0.41% due 08/14/12

 

12,762,156

 

12,762,156

 

31,857,000

 

Dominion Resources, Inc. 0.41% due 08/20/12

 

31,850,275

 

31,850,275

 

14,305,000

 

Dominion Resources, Inc. 0.42% due 08/23/12

 

14,301,416

 

14,301,416

 

32,057,000

 

Dow Chemical Company 0.35% due 08/02/12

 

32,056,688

 

32,056,688

 

29,229,000

 

Duke Energy Corporation 0.45% due 08/21/12

 

29,221,855

 

29,221,855

 

50,087,000

 

Duke Energy Corporation 0.46% due 08/13/12

 

50,079,487

 

50,079,487

 

54,979,000

 

Duke Energy Corporation 0.48% due 08/09/12

 

54,973,258

 

54,973,258

 

37,147,000

 

Duke Energy Corporation 0.51% due 09/10/12

 

37,126,363

 

37,126,363

 

55,731,000

 

Ebay, Inc. 0.17% due 09/19/12

 

55,718,104

 

55,718,104

 

36,981,000

 

Emerson Electric Company 0.13% due 08/20/12

 

36,978,463

 

36,978,463

 

36,089,000

 

General Mills Inc. 0.19% due 08/15/12

 

36,086,333

 

36,086,333

 

18,561,000

 

General Mills Inc. 0.20% due 08/20/12

 

18,559,041

 

18,559,041

 

14,848,000

 

General Mills Inc. 0.22% due 09/04/12

 

14,844,915

 

14,844,915

 

28,819,000

 

General Mills Inc. 0.24% due 09/04/12

 

28,812,468

 

28,812,468

 

45,000,000

 

Google, Inc. 0.08% due 08/07/12

 

44,999,400

 

44,999,400

 

67,680,000

 

Google, Inc. 0.08% due 08/08/12

 

67,678,947

 

67,678,947

 

85,676,000

 

Google, Inc. 0.11% due 08/16/12

 

85,672,073

 

85,672,073

 

40,386,000

 

Google, Inc. 0.12% due 08/21/12

 

40,383,308

 

40,383,308

 

74,295,000

 

Google, Inc. 0.12% due 10/03/12

 

74,279,398

 

74,268,804

 

54,311,000

 

Google, Inc. 0.12% due 10/11/12

 

54,298,147

 

54,289,710

 

22,444,000

 

Google, Inc. 0.14% due 09/12/12

 

22,440,334

 

22,440,334

 

 

See Notes to Schedule of Investments

 

FIRST EAGLE  FUNDS · QUARTERLY NQ REPORT · July 31, 2012

 

10



 

PRINCIPAL

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

U.S. Commercial Paper — 12.86% — (continued)

 

 

 

 

 

$

40,000,000

 

Honeywell International, Inc. 0.20% due 09/26/12

 

$

39,987,556

 

$

39,987,556

 

12,000,000

 

Honeywell International, Inc. 0.20% due 09/27/12

 

11,996,200

 

11,996,200

 

37,622,000

 

Illinois Tool Works, Inc. 0.14% due 08/01/12

 

37,622,000

 

37,622,000

 

74,695,000

 

Illinois Tool Works, Inc. 0.14% due 08/14/12

 

74,691,224

 

74,691,224

 

39,354,000

 

Johnson & Johnson 0.10% due 08/13/12

 

39,352,688

 

39,352,688

 

70,113,000

 

Johnson & Johnson 0.10% due 09/13/12

 

70,104,625

 

70,104,625

 

68,246,000

 

Johnson & Johnson 0.11% due 08/01/12

 

68,246,000

 

68,246,000

 

70,113,000

 

Johnson & Johnson 0.12% due 10/17/12

 

70,095,004

 

70,089,302

 

28,075,000

 

Johnson & Johnson 0.17% due 09/26/12

 

28,067,576

 

28,067,576

 

35,349,000

 

Marathon Oil Corporation 0.41% due 08/06/12

 

35,347,036

 

35,347,036

 

36,088,000

 

Marathon Oil Corporation 0.43% due 08/14/12

 

36,082,527

 

36,082,527

 

40,058,000

 

Marathon Oil Corporation 0.43% due 08/15/12

 

40,051,457

 

40,051,457

 

4,681,000

 

McCormick & Company, Inc. 0.20% due 08/01/12

 

4,681,000

 

4,681,000

 

12,993,000

 

McDonald’s Corporation 0.11% due 08/24/12

 

12,992,087

 

12,992,087

 

18,267,000

 

McDonald’s Corporation 0.15% due 09/10/12

 

18,263,955

 

18,263,955

 

34,706,000

 

Medtronic, Inc. 0.11% due 09/25/12

 

34,700,167

 

34,700,167

 

35,597,000

 

Medtronic, Inc. 0.13% due 09/20/12

 

35,590,573

 

35,590,573

 

60,590,000

 

Medtronic, Inc. 0.14% due 08/14/12

 

60,586,937

 

60,586,937

 

30,000,000

 

Merck & Company, Inc. 0.11% due 09/07/12

 

29,996,608

 

29,996,608

 

50,000,000

 

Merck & Company, Inc. 0.12% due 09/05/12

 

49,994,167

 

49,994,167

 

61,113,000

 

Merck & Company, Inc. 0.13% due 08/03/12

 

61,112,559

 

61,112,559

 

23,917,000

 

Merck & Company, Inc. 0.13% due 08/15/12

 

23,915,791

 

23,915,791

 

73,807,000

 

Merck & Company, Inc. 0.13% due 10/16/12

 

73,786,744

 

73,782,371

 

14,171,000

 

Parker-Hannifin Corporation 0.13% due 08/29/12

 

14,169,567

 

14,169,567

 

74,243,000

 

PepsiCo, Inc. 0.07% due 08/24/12

 

74,239,680

 

74,239,680

 

36,088,000

 

PepsiCo, Inc. 0.08% due 08/27/12

 

36,085,915

 

36,085,915

 

65,335,000

 

Philip Morris International, Inc. 0.13% due 08/17/12

 

65,331,225

 

65,331,225

 

50,301,000

 

Philip Morris International, Inc. 0.14% due 08/16/12

 

50,298,066

 

50,298,066

 

35,993,000

 

Praxair, Inc. 0.11% due 08/01/12

 

35,993,000

 

35,993,000

 

22,543,000

 

Praxair, Inc. 0.12% due 08/24/12

 

22,541,272

 

22,541,272

 

44,349,000

 

Praxair, Inc. 0.13% due 08/13/12

 

44,347,078

 

44,347,078

 

3,902,000

 

Precision Castparts Corporation 0.20% due 08/01/12

 

3,902,000

 

3,902,000

 

22,142,000

 

Precision Castparts Corporation 0.22% due 08/03/12

 

22,141,729

 

22,141,729

 

67,522,000

 

Proctor & Gamble Company 0.14% due 08/06/12

 

67,520,687

 

67,520,687

 

47,969,000

 

Stanley Black & Decker Inc. 0.36% due 08/02/12

 

47,968,534

 

47,968,534

 

53,157,000

 

Texas Instruments, Inc. 0.11% due 08/09/12

 

53,155,701

 

53,155,701

 

19,834,000

 

Texas Instruments, Inc. 0.11% due 08/28/12

 

19,832,364

 

19,832,364

 

39,271,000

 

Texas Instruments, Inc. 0.11% due 08/29/12

 

39,267,640

 

39,267,640

 

25,980,000

 

United Technologies Corporation 0.14% due 08/02/12

 

25,979,899

 

25,979,899

 

63,818,000

 

United Technologies Corporation 0.18% due 09/18/12

 

63,802,684

 

63,802,684

 

40,490,000

 

United Technologies Corporation 0.20% due 09/25/12

 

40,477,628

 

40,477,628

 

18,044,000

 

Verizon Communications, Inc. 0.28% due 08/02/12

 

18,043,860

 

18,043,860

 

84,738,000

 

Verizon Communications, Inc. 0.30% due 08/07/12

 

84,733,763

 

84,733,763

 

39,271,000

 

Verizon Communications, Inc. 0.31% due 08/14/12

 

39,266,604

 

39,266,604

 

35,463,000

 

Verizon Communications, Inc. 0.32% due 08/21/12

 

35,456,695

 

35,456,695

 

29,718,000

 

Verizon Communications, Inc. 0.33% due 08/21/12

 

29,712,552

 

29,712,552

 

59,502,000

 

Verizon Communications, Inc. 0.36% due 09/04/12

 

59,482,331

 

59,482,331

 

 

See Notes to Schedule of Investments

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2012

 

11



 

PRINCIPAL

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

U.S. Commercial Paper — 12.86% — (continued)

 

 

 

 

 

$

19,636,000

 

Wal-Mart Stores, Inc. 0.10% due 08/20/12

 

$

19,634,964

 

$

19,634,964

 

39,271,000

 

WellPoint, Inc. 0.30% due 08/31/12

 

39,261,182

 

39,261,182

 

13,411,000

 

WellPoint, Inc. 0.31% due 08/10/12

 

13,409,961

 

13,409,961

 

14,613,000

 

WellPoint, Inc. 0.34% due 08/27/12

 

14,609,412

 

14,609,412

 

37,147,000

 

WellPoint, Inc. 0.42% due 10/02/12

 

37,120,770

 

37,124,767

 

18,561,000

 

WellPoint, Inc. 0.42% due 10/09/12

 

18,546,414

 

18,548,477

 

18,561,000

 

WellPoint, Inc. 0.42% due 10/10/12

 

18,546,203

 

18,548,297

 

Total U.S. Commercial Paper

 

4,466,548,143

 

4,466,531,950

 

Total Commercial Paper

 

5,785,544,922

 

5,785,481,276

 

Total Investment Portfolio Excluding Option Written — 99.82%

 

$

30,234,451,780

 

$

34,662,963,490

 

 

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