N-Q 1 a16-18081_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)

 

Suzan J. Afifi
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, 2016

 

 



 

Item 1. Schedule of Investments. — The schedule of investments for the nine-month period ended July 31, 2016, is filed herewith.

 



 

FIRST EAGLE

Global Fund

 

Consolidated Schedule of Investments · Period Ended July 31, 2016 (unaudited)

 

SHARES

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

Common Stocks — 74.08%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Common Stocks — 39.25%

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa 0.10%

 

 

 

 

 

413,501

 

Randgold Resources Limited, ADR

 

$

24,650,966

 

$

48,631,853

 

 

 

 

 

 

 

 

 

Australia 1.05%

 

 

 

 

 

27,660,364

 

Newcrest Mining Limited (a)

 

382,007,728

 

525,512,358

 

 

 

 

 

 

 

 

 

Belgium 0.47%

 

 

 

 

 

2,788,865

 

Groupe Bruxelles Lambert SA (b)

 

234,732,253

 

235,249,509

 

 

 

 

 

 

 

 

 

Bermuda 0.79%

 

 

 

 

 

6,516,471

 

Jardine Matheson Holdings Limited

 

333,620,326

 

386,426,730

 

326,700

 

Jardine Strategic Holdings Limited

 

8,861,298

 

9,997,020

 

 

 

 

 

342,481,624

 

396,423,750

 

Brazil 0.04%

 

 

 

 

 

1,865,800

 

Cielo SA

 

17,561,377

 

21,147,345

 

 

 

 

 

 

 

 

 

Canada 4.14%

 

 

 

 

 

20,953,375

 

Barrick Gold Corporation

 

253,438,904

 

458,040,777

 

6,630,106

 

Agnico-Eagle Mines Limited

 

204,558,217

 

385,827,330

 

18,740,175

 

Goldcorp, Inc.

 

475,332,504

 

335,074,329

 

3,490,459

 

Franco-Nevada Corporation

 

148,910,524

 

269,126,112

 

14,171,110

 

Potash Corporation of Saskatchewan, Inc.

 

483,167,477

 

221,069,316

 

11,513,173

 

Cenovus Energy, Inc.

 

312,469,894

 

164,638,374

 

3,570,888

 

Suncor Energy, Inc.

 

89,457,482

 

96,106,157

 

2,616,276

 

Canadian Natural Resources Limited

 

73,217,606

 

79,230,692

 

1,855,805

 

Imperial Oil Limited

 

55,850,153

 

57,096,226

 

52,325

 

PrairieSky Royalty Limited

 

1,025,871

 

1,018,327

 

 

 

 

 

2,097,428,632

 

2,067,227,640

 

Curacao 0.01%

 

 

 

 

 

39,201

 

Schlumberger Limited

 

3,090,999

 

3,156,464

 

 

 

 

 

 

 

 

 

Denmark 0.23%

 

 

 

 

 

2,987,524

 

ISS AS

 

94,568,138

 

115,216,487

 

 

 

 

 

 

 

 

 

France 5.60%

 

 

 

 

 

7,086,676

 

Danone SA

 

478,750,981

 

545,729,845

 

4,014,366

 

Sanofi

 

309,476,282

 

341,766,006

 

10,982,175

 

Bouygues SA

 

393,786,868

 

324,877,915

 

7,208,725

 

Cie de Saint-Gobain

 

311,259,631

 

305,449,668

 

10,533,011

 

Carrefour SA

 

396,048,752

 

263,839,293

 

2,173,169

 

Sodexo SA

 

56,283,339

 

254,501,017

 

 

See Notes to Consolidated Schedule of Investments.

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2016

 

1



 

SHARES

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

International Common Stocks — 39.25% — (continued)

 

 

 

 

 

 

 

 

 

 

 

France 5.60% — (continued)

 

 

 

 

 

3,901,851

 

Total SA

 

$

187,638,916

 

$

186,530,720

 

11,789,132

 

Rexel SA

 

172,974,551

 

175,231,493

 

851,019

 

Wendel SA

 

19,376,060

 

90,833,943

 

1,401,821

 

Legrand SA

 

47,735,245

 

77,343,124

 

404,478

 

LVMH Moet Hennessy Louis Vuitton SE

 

59,813,051

 

69,368,492

 

1,867,732

 

Neopost SA (c)

 

166,306,200

 

51,869,032

 

157,260

 

Robertet SA (b)(c)

 

20,623,058

 

50,723,134

 

12,000,000

 

Emin Leydier SA (a)(b)(c)(d)(e)(f)(g)

 

 

29,515,213

 

42,252

 

Robertet SA CI (b)(d)(h)

 

800,508

 

8,975,174

 

385,000

 

Sabeton SA (b)(c)

 

4,841,233

 

6,249,846

 

66,717

 

NSC Groupe (b)(c)

 

11,738,587

 

5,754,591

 

104,457

 

Gaumont SA (b)

 

6,087,824

 

5,710,687

 

 

 

 

 

2,643,541,086

 

2,794,269,193

 

Germany 1.82%

 

 

 

 

 

7,521,717

 

HeidelbergCement AG

 

408,184,253

 

636,919,110

 

938,751

 

Linde AG

 

126,181,611

 

135,073,747

 

1,339,934

 

Hornbach Holding AG & Company KGaA (b)(c)

 

41,310,978

 

90,931,444

 

762,520

 

Fraport AG

 

24,475,508

 

41,687,139

 

29,871

 

Hornbach Baumarkt AG

 

560,239

 

848,253

 

 

 

 

 

600,712,589

 

905,459,693

 

Hong Kong 1.03%

 

 

 

 

 

121,375,969

 

Hang Lung Properties Limited

 

297,544,705

 

262,826,907

 

12,693,580

 

Guoco Group Limited (b)

 

115,086,260

 

144,386,528

 

23,163,348

 

Hysan Development Company Limited

 

104,471,981

 

106,585,317

 

 

 

 

 

517,102,946

 

513,798,752

 

Ireland 0.29%

 

 

 

 

 

4,704,407

 

CRH PLC

 

78,654,390

 

143,323,592

 

 

 

 

 

 

 

 

 

Israel 0.13%

 

 

 

 

 

15,719,757

 

Israel Chemicals Limited

 

156,830,538

 

63,774,426

 

 

 

 

 

 

 

 

 

Italy 0.61%

 

 

 

 

 

17,017,170

 

Italcementi S.p.A. (a)

 

230,422,418

 

201,476,912

 

1,734,972

 

Italmobiliare S.p.A. RSP (b)(c)

 

121,356,934

 

59,238,424

 

1,021,137

 

Italmobiliare S.p.A. (b)

 

107,360,738

 

44,112,647

 

 

 

 

 

459,140,090

 

304,827,983

 

Japan 13.15%

 

 

 

 

 

31,699,800

 

KDDI Corporation

 

366,987,357

 

977,075,229

 

4,599,600

 

Fanuc Corporation

 

503,468,534

 

780,987,602

 

9,186,430

 

Secom Company Limited

 

405,509,768

 

698,559,420

 

845,290

 

Keyence Corporation

 

171,187,676

 

604,092,192

 

2,129,156

 

SMC Corporation

 

265,808,258

 

567,267,172

 

15,167,800

 

Sompo Japan Nipponkoa Holdings, Inc.

 

409,023,725

 

500,068,400

 

23,288,080

 

Mitsubishi Estate Company Limited

 

416,570,586

 

440,267,617

 

11,414,440

 

Hoya Corporation

 

260,204,655

 

411,114,490

 

 

See Notes to Consolidated Schedule of Investments.

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2016

 

2



 

SHARES

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

International Common Stocks — 39.25% — (continued)

 

 

 

 

 

 

 

 

 

 

 

Japan 13.15% — (continued)

 

 

 

 

 

20,614,300

 

Astellas Pharma, Inc.

 

$

155,891,706

 

$

347,797,495

 

2,442,300

 

Hirose Electric Company Limited (c)

 

245,404,954

 

307,097,653

 

1,892,590

 

Shimano, Inc.

 

23,499,497

 

301,412,138

 

10,038,320

 

MS&AD Insurance Group Holdings, Inc.

 

216,945,743

 

295,733,718

 

2,250,030

 

Nissin Foods Holdings Company Limited

 

78,827,717

 

128,781,057

 

5,015,800

 

T. Hasegawa Company Limited (b)(c)

 

77,518,008

 

91,334,899

 

3,485,880

 

Chofu Seisakusho Company Limited (b)(c)

 

63,365,956

 

89,440,230

 

1,036,100

 

Komatsu Limited

 

18,231,597

 

20,506,728

 

 

 

 

 

3,678,445,737

 

6,561,536,040

 

Mexico 2.25%

 

 

 

 

 

18,942,510

 

Fresnillo PLC

 

256,376,587

 

484,091,297

 

17,765,033

 

Grupo Televisa S.A.B., ADR

 

356,198,593

 

472,016,927

 

6,401,020

 

Industrias Peñoles S.A.B. de C.V.

 

7,339,323

 

163,954,873

 

 

 

 

 

619,914,503

 

1,120,063,097

 

Norway 0.04%

 

 

 

 

 

2,000,066

 

Orkla ASA

 

13,269,921

 

18,561,382

 

 

 

 

 

 

 

 

 

Russia 0.11%

 

 

 

 

 

13,623,267

 

Gazprom PJSC, ADR

 

90,944,199

 

55,446,697

 

 

 

 

 

 

 

 

 

South Korea 1.44%

 

 

 

 

 

3,222,822

 

KT&G Corporation

 

172,382,549

 

348,133,252

 

6,824,723

 

Kia Motors Corporation

 

326,127,925

 

256,806,744

 

519,000

 

Lotte Confectionery Company Limited (b)

 

21,157,499

 

87,801,187

 

39,989

 

Namyang Dairy Products Company Limited (b)(c)

 

7,325,466

 

24,347,184

 

 

 

 

 

526,993,439

 

717,088,367

 

Sweden 0.64%

 

 

 

 

 

5,939,940

 

Investor AB, Class ‘A’ (b)

 

116,378,542

 

200,820,923

 

3,394,798

 

Investor AB, Class ‘B’

 

63,888,333

 

116,955,294

 

 

 

 

 

180,266,875

 

317,776,217

 

Switzerland 1.55%

 

 

 

 

 

5,888,845

 

Nestlé SA

 

203,277,198

 

472,104,061

 

4,327,670

 

Pargesa Holding SA

 

272,881,781

 

301,400,872

 

 

 

 

 

476,158,979

 

773,504,933

 

Thailand 0.51%

 

 

 

 

 

51,812,900

 

Bangkok Bank PCL, NVDR

 

214,262,826

 

253,634,782

 

36,500

 

Bangkok Bank PCL

 

154,243

 

179,199

 

 

 

 

 

214,417,069

 

253,813,981

 

United Kingdom 3.25%

 

 

 

 

 

4,778,582

 

British American Tobacco PLC

 

257,800,241

 

305,111,677

 

12,196,447

 

GlaxoSmithKline PLC

 

243,907,853

 

272,466,587

 

7,212,379

 

Berkeley Group Holdings PLC (c)

 

90,911,654

 

256,098,296

 

8,158,967

 

Liberty Global PLC, Series ‘C’ (a)

 

270,285,556

 

252,520,029

 

1,985,123

 

Willis Towers Watson PLC

 

158,261,037

 

245,400,905

 

8,034,220

 

Diageo PLC

 

217,243,860

 

229,776,687

 

 

See Notes to Consolidated Schedule of Investments.

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2016

 

3



 

SHARES

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

International Common Stocks — 39.25% — (continued)

 

 

 

 

 

 

 

 

 

 

 

United Kingdom 3.25% — (continued)

 

 

 

 

 

16,711,408

 

WM Morrison Supermarkets PLC

 

$

69,528,867

 

$

41,092,847

 

574,695

 

Liberty Global PLC, Series ‘A’ (a)

 

20,611,864

 

18,223,578

 

 

 

 

 

1,328,550,932

 

1,620,690,606

 

Total International Common Stocks

 

14,781,465,010

 

19,576,500,365

 

 

 

 

 

 

 

 

 

U.S. Common Stocks — 34.83%

 

 

 

 

 

 

 

 

 

 

 

Consumer Discretionary 4.30%

 

 

 

 

 

14,528,696

 

Comcast Corporation, Class ‘A’

 

245,512,107

 

977,054,806

 

8,915,482

 

Omnicom Group, Inc.

 

382,904,586

 

733,655,014

 

2,715,849

 

Tiffany & Company

 

163,749,956

 

175,226,577

 

3,252,457

 

Vista Outdoor, Inc. (a)(c)

 

60,840,739

 

162,785,473

 

3,992,318

 

H&R Block, Inc.

 

67,554,206

 

94,977,245

 

2,485

 

JG Boswell Company (b)

 

573,840

 

1,664,925

 

31,592

 

Mills Music Trust (b)(c)(d)

 

930,199

 

700,711

 

 

 

 

 

922,065,633

 

2,146,064,751

 

Consumer Staples 0.73%

 

 

 

 

 

3,258,980

 

Colgate-Palmolive Company

 

125,309,063

 

242,565,881

 

1,693,404

 

Wal-Mart Stores, Inc.

 

82,465,011

 

123,567,690

 

 

 

 

 

207,774,074

 

366,133,571

 

Energy 2.60%

 

 

 

 

 

14,862,166

 

National Oilwell Varco, Inc.

 

850,965,335

 

480,791,070

 

10,421,410

 

FMC Technologies, Inc. (a)

 

365,933,741

 

264,495,386

 

5,864,214

 

ConocoPhillips

 

207,807,820

 

239,377,215

 

5,817,424

 

Devon Energy Corporation

 

314,055,469

 

222,690,991

 

867,954

 

Phillips 66

 

68,629,773

 

66,016,581

 

3,908,035

 

San Juan Basin Royalty Trust (b)(c)

 

138,744,050

 

25,402,228

 

 

 

 

 

1,946,136,188

 

1,298,773,471

 

Financials 9.60%

 

 

 

 

 

23,709,923

 

Weyerhaeuser Company, REIT

 

483,947,523

 

775,788,681

 

10,757,592

 

American Express Company

 

602,135,208

 

693,434,380

 

16,705,583

 

Bank of New York Mellon Corporation

 

416,480,491

 

658,199,970

 

10,500,485

 

BB&T Corporation

 

271,359,274

 

387,152,882

 

7,819,459

 

U.S. Bancorp

 

192,949,644

 

329,746,586

 

5,950,232

 

American International Group, Inc.

 

312,971,301

 

323,930,630

 

11,559,557

 

Synchrony Financial (a)

 

335,221,813

 

322,280,449

 

4,386,051

 

WR Berkley Corporation

 

117,583,057

 

255,224,308

 

1,088

 

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

 

78,430,920

 

235,008,000

 

386,832

 

Alleghany Corporation (a)

 

157,421,935

 

210,243,192

 

2,419,243

 

Cincinnati Financial Corporation

 

58,018,806

 

180,717,452

 

4,889,353

 

Brown & Brown, Inc.

 

152,411,545

 

179,243,681

 

1,517,758

 

Visa, Inc., Class ‘A’

 

27,354,307

 

118,461,012

 

1,222,123

 

Mastercard, Inc., Class ‘A’

 

24,535,794

 

116,394,995

 

 

 

 

 

3,230,821,618

 

4,785,826,218

 

 

See Notes to Consolidated Schedule of Investments.

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2016

 

4



 

SHARES

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

U.S. Common Stocks — 34.83% — (continued)

 

 

 

 

 

 

 

 

 

 

 

Health Care 1.02%

 

 

 

 

 

3,096,534

 

Varian Medical Systems, Inc. (a)

 

$

239,375,117

 

$

293,365,631

 

1,632,874

 

Anthem, Inc.

 

122,876,124

 

214,461,671

 

 

 

 

 

362,251,241

 

507,827,302

 

Industrials 6.48%

 

 

 

 

 

3,015,674

 

3M Company

 

262,447,187

 

537,875,615

 

8,414,508

 

Flowserve Corporation (c)

 

398,851,749

 

402,634,208

 

3,609,918

 

Cintas Corporation

 

93,475,490

 

387,235,904

 

4,056,411

 

Union Pacific Corporation

 

332,054,346

 

377,449,043

 

3,436,129

 

Orbital ATK, Inc. (c)

 

169,767,743

 

299,355,558

 

3,784,129

 

Deere & Company

 

308,456,420

 

294,064,665

 

1,268,564

 

WW Grainger, Inc.

 

270,731,659

 

277,625,231

 

1,378,153

 

Cummins, Inc.

 

122,205,129

 

169,195,844

 

4,133,029

 

Timken Company (c)

 

158,386,035

 

138,249,820

 

479,972

 

Lockheed Martin Corporation

 

33,138,984

 

121,303,323

 

541,128

 

Northrop Grumman Corporation

 

28,844,890

 

117,224,559

 

5,851,664

 

NOW, Inc. (a)(c)

 

178,684,330

 

107,143,968

 

 

 

 

 

2,357,043,962

 

3,229,357,738

 

Information Technology 8.14%

 

 

 

 

 

27,002,083

 

Oracle Corporation

 

856,422,677

 

1,108,165,486

 

16,419,091

 

Microsoft Corporation

 

402,143,883

 

930,634,078

 

9,803,351

 

Linear Technology Corporation

 

294,903,483

 

588,103,027

 

8,166,351

 

Xilinx, Inc.

 

329,367,112

 

417,137,209

 

11,463,126

 

Teradata Corporation (a)(c)

 

455,775,996

 

325,323,516

 

2,530,508

 

Texas Instruments, Inc.

 

119,204,422

 

176,502,933

 

1,088,460

 

F5 Networks, Inc. (a)

 

97,135,264

 

134,337,733

 

163,012

 

Alphabet, Inc., Class ‘C’ (a)

 

39,031,290

 

125,321,995

 

134,718

 

Alphabet, Inc., Class ‘A’ (a)

 

75,360,379

 

106,607,742

 

1,027,905

 

Automatic Data Processing, Inc.

 

31,952,626

 

91,432,150

 

1,074,758

 

CommVault Systems, Inc. (a)

 

51,692,790

 

55,607,979

 

 

 

 

 

2,752,989,922

 

4,059,173,848

 

Materials 1.52%

 

 

 

 

 

4,172,577

 

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

 

182,102,946

 

307,727,554

 

1,061,412

 

Praxair, Inc.

 

109,485,246

 

123,696,954

 

574,575

 

Martin Marietta Materials, Inc.

 

46,996,715

 

116,437,624

 

1,260,596

 

Royal Gold, Inc.

 

75,321,955

 

106,570,786

 

672,667

 

Vulcan Materials Company

 

24,769,742

 

83,397,255

 

318,621

 

Deltic Timber Corporation

 

15,202,824

 

21,959,359

 

 

 

 

 

453,879,428

 

759,789,532

 

Utilities 0.44%

 

 

 

 

 

4,874,044

 

UGI Corporation

 

161,805,549

 

220,599,232

 

Total U.S. Common Stocks

 

12,394,767,615

 

17,373,545,663

 

Total Common Stocks

 

27,176,232,625

 

36,950,046,028

 

 

See Notes to Consolidated Schedule of Investments.

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2016

 

5



 

SHARES

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

Investment Company — 0.00*%

 

 

 

 

 

341,551

 

State Street Institutional U.S. Government Money Market Fund, Premier Class

 

$

341,551

 

$

341,551

 

 

 

 

 

 

 

 

 

Warrant — 0.11%

 

 

 

 

 

 

 

 

 

 

 

 

 

United States — 0.11%

 

 

 

 

 

2,393,336

 

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

 

29,969,666

 

53,586,793

 

 

 

 

 

 

 

 

 

OUNCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commodity — 7.28%

 

 

 

 

 

2,688,447

 

Gold bullion (a)

 

2,770,072,512

 

3,632,952,056

 

 

 

 

 

 

 

 

 

PRINCIPAL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes and Bonds — 2.75%

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Bonds 1.51%

 

 

 

 

 

 

 

 

 

 

 

 

 

Government Obligations 1.50%

 

 

 

 

 

$250,000,000

 

U.S. Treasury Note 0.625% due 12/15/16

 

249,920,893

 

250,236,250

 

250,000,000

 

U.S. Treasury Note 0.75% due 03/15/17 (i)

 

249,845,110

 

250,413,250

 

250,000,000

 

U.S. Treasury Note 0.875% due 09/15/16

 

250,101,776

 

250,193,750

 

 

 

 

 

749,867,779

 

750,843,250

 

U.S. Corporate Bond 0.01%

 

 

 

 

 

5,467,000

 

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

 

4,863,791

 

5,223,658

 

Total U.S. Bonds

 

754,731,570

 

756,066,908

 

 

 

 

 

 

 

 

 

International Notes and Bonds — 1.24%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Corporate Notes and Bonds — 0.09%

 

 

 

 

 

 

 

 

 

 

 

 

 

France 0.09%

 

 

 

 

 

12,000,000

EUR

 

Emin Leydier SA FRN 7.815% due 11/30/20 (b)(d)(e)(g)(j)

 

14,476,149

 

13,416,006

 

15,000,000

EUR

 

Emin Leydier SA FRN 7.815% due 11/30/20 (b)(d)(e)(g)(j)

 

21,341,293

 

16,770,007

 

12,050,000

EUR

 

Wendel SA 4.375% due 08/09/17

 

15,289,117

 

14,061,275

 

Total International Corporate Notes and Bonds

 

51,106,559

 

44,247,288

 

 

 

 

 

 

 

 

 

International Government Bonds — 1.15%

 

 

 

 

 

 

 

 

 

 

 

 

 

Indonesia 0.06%

 

 

 

 

 

345,617,000,000

IDR

 

Indonesia Treasury Bond 8.25% due 07/15/21

 

26,472,174

 

28,085,098

 

 

 

 

 

 

 

 

 

Mexico 0.35%

 

 

 

 

 

2,559,090,000

MXN

 

Mexican Bonos 4.75% due 06/14/18

 

161,218,816

 

135,383,777

 

764,192,000

MXN

 

Mexican Bonos 5.00% due 12/11/19

 

56,086,254

 

40,172,534

 

 

 

 

 

217,305,070

 

175,556,311

 

Poland 0.04%

 

 

 

 

 

82,617,000

PLN

 

Poland Government Bond 3.25% due 07/25/19

 

21,794,239

 

22,061,065

 

 

See Notes to Consolidated Schedule of Investments.

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2016

 

6



 

PRINCIPAL

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

International Government Bonds 1.15% — (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

Singapore 0.65%

 

 

 

 

 

154,398,000

SGD

 

Singapore Government Bond 0.50% due 04/01/18

 

$

117,215,639

 

$

114,307,725

 

150,966,000

SGD

 

Singapore Government Bond 2.375% due 04/01/17

 

122,839,734

 

113,750,691

 

119,604,000

SGD

 

Singapore Government Bond 3.25% due 09/01/20

 

92,387,178

 

96,168,503

 

 

 

 

 

332,442,551

 

324,226,919

 

South Korea 0.05%

 

 

 

 

 

26,391,330,000

KRW

 

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

 

25,218,904

 

23,897,165

 

Total International Government Bonds

 

623,232,938

 

573,826,558

 

Total International Notes and Bonds

 

674,339,497

 

618,073,846

 

Total Notes and Bonds

 

1,429,071,067

 

1,374,140,754

 

 

 

 

 

 

 

 

 

Commercial Paper — 15.26%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Commercial Paper — 6.75%

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada 0.79%

 

 

 

 

 

44,817,000

USD

 

Suncor Energy, Inc. 0.97% due 09/12/16

 

44,767,328

 

44,773,303

 

27,904,000

USD

 

Suncor Energy, Inc. 0.97% due 09/19/16

 

27,867,919

 

27,871,997

 

49,135,000

USD

 

Total Capital Limited 0.51% due 09/14/16

 

49,104,973

 

49,109,084

 

34,945,000

USD

 

Total Capital Limited 0.59% due 08/18/16

 

34,935,429

 

34,937,856

 

32,787,000

USD

 

Total Capital Limited 0.59% due 10/13/16

 

32,748,439

 

32,754,676

 

79,970,000

USD

 

Total Capital Limited 0.61% due 10/21/16

 

79,862,040

 

79,879,314

 

125,000,000

USD

 

Total Capital Limited 0.62% due 10/21/16

 

124,828,437

 

124,858,250

 

 

 

 

 

 

 

 

 

France 1.83%

 

 

 

 

 

30,226,000

USD

 

Engie 0.76% due 08/02/16

 

30,225,370

 

30,224,781

 

21,874,000

USD

 

Engie 0.76% due 08/04/16

 

21,872,633

 

21,872,658

 

27,256,000

USD

 

Engie 0.79% due 08/17/16

 

27,246,551

 

27,250,289

 

30,343,000

USD

 

Engie 0.80% due 08/29/16

 

30,324,356

 

30,332,261

 

32,671,000

USD

 

Engie 0.80% due 09/22/16

 

32,633,719

 

32,648,539

 

29,902,000

USD

 

Engie 0.83% due 08/02/16

 

29,901,327

 

29,900,794

 

32,219,000

USD

 

Engie 0.83% due 08/03/16

 

32,217,550

 

32,217,367

 

 

See Notes to Consolidated Schedule of Investments.

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2016

 

7



 

PRINCIPAL

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

International Commercial Paper — 6.75% — (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

France 1.83% — (continued)

 

 

 

 

 

40,201,000

USD

 

Engie 0.83% due 09/09/16

 

$

40,165,724

 

$

40,181,020

 

20,326,000

USD

 

Engie 0.83% due 09/26/16

 

20,300,389

 

20,310,743

 

65,026,000

USD

 

Engie 0.83% due 10/06/16

 

64,929,436

 

64,966,051

 

39,148,000

USD

 

Essilor International 0.57% due 08/15/16

 

39,139,474

 

39,140,735

 

20,967,000

USD

 

Essilor International 0.57% due 08/17/16

 

20,961,782

 

20,962,607

 

18,022,000

USD

 

Essilor International 0.58% due 08/08/16

 

18,020,003

 

18,020,108

 

61,281,000

USD

 

Essilor International 0.58% due 10/11/16

 

61,212,110

 

61,218,898

 

25,872,000

USD

 

L’Oreal USA, Inc. 0.48% due 08/08/16

 

25,869,636

 

25,869,499

 

37,586,000

USD

 

Sanofi 0.53% due 09/07/16

 

37,565,912

 

37,570,840

 

79,651,000

USD

 

Sanofi 0.54% due 09/13/16

 

79,600,576

 

79,613,241

 

111,184,000

USD

 

Sanofi 0.56% due 09/20/16

 

111,099,068

 

111,121,635

 

78,240,000

USD

 

Sanofi 0.56% due 10/14/16

 

78,151,545

 

78,172,894

 

39,826,000

USD

 

Sanofi 0.57% due 09/27/16

 

39,790,688

 

39,800,113

 

69,876,000

USD

 

Sanofi 0.66% due 11/03/16

 

69,757,405

 

69,795,229

 

 

 

 

 

 

 

 

 

Germany 0.98%

 

 

 

 

 

33,919,000

USD

 

BASF AG 0.45% due 08/16/16

 

33,912,782

 

33,912,301

 

35,477,000

USD

 

Henkel Corporation 0.57% due 08/01/16

 

35,477,000

 

35,475,936

 

39,937,000

USD

 

Henkel Corporation 0.57% due 08/04/16

 

39,935,136

 

39,934,551

 

2,400,000

USD

 

Henkel Corporation 0.57% due 09/14/16

 

2,398,357

 

2,398,640

 

24,742,000

USD

 

Henkel Corporation 0.64% due 10/06/16

 

24,713,423

 

24,719,190

 

38,328,000

USD

 

Henkel Corporation 0.65% due 09/14/16

 

38,298,019

 

38,306,283

 

65,267,000

USD

 

Siemens Company 0.43% due 08/12/16

 

65,258,624

 

65,257,913

 

49,007,000

USD

 

Siemens Company 0.46% due 09/01/16

 

48,988,010

 

48,989,181

 

120,735,000

USD

 

Siemens Company 0.46% due 09/02/16

 

120,686,706

 

120,689,573

 

 

See Notes to Consolidated Schedule of Investments.

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2016

 

8



 

PRINCIPAL

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

International Commercial Paper — 6.75% — (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

Germany 0.98% — (continued)

 

 

 

 

 

27,247,000

USD

 

Siemens Company 0.53% due 09/28/16

 

$

27,224,173

 

$

27,227,055

 

27,247,000

USD

 

Siemens Company 0.53% due 09/29/16

 

27,223,779

 

27,226,587

 

27,247,000

USD

 

Siemens Company 0.53% due 09/30/16

 

27,223,386

 

27,226,163

 

 

 

 

 

 

 

 

 

Italy 0.02%

 

 

 

 

 

9,288,000

USD

 

Eni S.p.A. 0.64% due 08/01/16

 

9,288,000

 

9,287,426

 

 

 

 

 

 

 

 

 

Japan 0.39%

 

 

 

 

 

15,531,000

USD

 

Hitachi Limited 0.58% due 08/01/16

 

15,531,000

 

15,530,081

 

39,826,000

USD

 

Honda Corporation 0.51% due 08/19/16

 

39,816,043

 

39,816,475

 

68,363,000

USD

 

Mitsubishi Company 0.71% due 10/13/16

 

68,265,963

 

68,248,986

 

26,796,000

USD

 

Mitsui & Company Limited 0.66% due 09/06/16

 

26,778,583

 

26,776,492

 

42,940,000

USD

 

Mitsui & Company Limited 0.69% due 09/16/16

 

42,902,690

 

42,899,789

 

 

 

 

 

 

 

 

 

New Zealand 0.34%

 

 

 

 

 

40,467,000

USD

 

Alpha Finance Corporation Limited 0.37% due 08/02/16

 

40,466,596

 

40,465,507

 

58,457,000

USD

 

Alpha Finance Corporation Limited 0.42% due 09/13/16

 

58,428,372

 

58,426,973

 

69,308,000

USD

 

Alpha Finance Corporation Limited 0.46% due 09/07/16

 

69,275,945

 

69,277,735

 

 

 

 

 

 

 

 

 

Switzerland 1.42%

 

 

 

 

 

63,135,000

USD

 

ABB Limited 0.61% due 09/15/16

 

63,087,649

 

63,098,298

 

23,514,000

USD

 

Nestlé SA 0.48% due 08/25/16

 

23,506,632

 

23,508,304

 

69,876,000

USD

 

Nestlé SA 0.51% due 10/18/16

 

69,800,301

 

69,791,730

 

24,280,000

USD

 

Nestlé SA 0.52% due 09/21/16

 

24,262,458

 

24,262,919

 

40,201,000

USD

 

Nestlé SA 0.53% due 09/13/16

 

40,176,031

 

40,179,168

 

48,110,000

USD

 

Nestlé SA 0.55% due 09/06/16

 

48,084,021

 

48,089,778

 

37,586,000

USD

 

Nestlé SA 0.55% due 09/06/16

 

37,565,704

 

37,570,202

 

43,006,000

USD

 

Nestlé SA 0.55% due 10/17/16

 

42,956,328

 

42,954,966

 

 

See Notes to Consolidated Schedule of Investments.

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2016

 

9



 

PRINCIPAL

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

International Commercial Paper — 6.75% — (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

Switzerland 1.42% — (continued)

 

 

 

 

 

23,571,000

USD

 

Novartis International AG 0.47% due 08/11/16

 

$

23,567,988

 

$

23,567,978

 

26,584,000

USD

 

Novartis International AG 0.47% due 09/09/16

 

26,570,752

 

26,571,718

 

28,835,000

USD

 

Novartis International AG 0.49% due 08/15/16

 

28,829,617

 

28,830,057

 

37,967,000

USD

 

Novartis International AG 0.50% due 08/10/16

 

37,962,349

 

37,962,532

 

21,548,000

USD

 

Novartis International AG 0.52% due 08/22/16

 

21,541,589

 

21,543,136

 

32,223,000

USD

 

Roche Holdings, Inc. 0.41% due 09/09/16

 

32,209,037

 

32,208,113

 

43,006,000

USD

 

Roche Holdings, Inc. 0.42% due 08/22/16

 

42,995,714

 

42,995,306

 

80,001,000

USD

 

Roche Holdings, Inc. 0.44% due 08/08/16

 

79,994,311

 

79,993,266

 

19,292,000

USD

 

Roche Holdings, Inc. 0.44% due 08/15/16

 

19,288,774

 

19,288,693

 

45,637,000

USD

 

Roche Holdings, Inc. 0.44% due 08/18/16

 

45,627,733

 

45,627,670

 

 

 

 

 

 

 

 

 

United Kingdom 0.98%

 

 

 

 

 

25,076,000

USD

 

British American Tobacco PLC 0.92% due 08/16/16

 

25,066,596

 

25,066,659

 

65,267,000

USD

 

GlaxoSmithKline PLC 0.52% due 08/12/16

 

65,256,829

 

65,257,177

 

27,247,000

USD

 

GlaxoSmithKline PLC 0.54% due 09/06/16

 

27,232,559

 

27,234,543

 

40,000,000

USD

 

GlaxoSmithKline PLC 0.55% due 09/26/16

 

39,966,400

 

39,969,976

 

32,623,000

USD

 

GlaxoSmithKline PLC 0.56% due 08/04/16

 

32,621,505

 

32,620,999

 

33,395,000

USD

 

GlaxoSmithKline PLC 0.59% due 08/09/16

 

33,390,696

 

33,391,123

 

33,395,000

USD

 

GlaxoSmithKline PLC 0.59% due 08/10/16

 

33,390,158

 

33,390,748

 

58,821,000

USD

 

GlaxoSmithKline PLC 0.61% due 08/16/16

 

58,806,295

 

58,809,383

 

67,837,000

USD

 

GlaxoSmithKline PLC 0.63% due 09/21/16

 

67,777,416

 

67,791,414

 

40,870,000

USD

 

GlaxoSmithKline PLC 0.63% due 10/03/16

 

40,825,656

 

40,834,484

 

65,342,000

USD

 

GlaxoSmithKline PLC 0.63% due 10/04/16

 

65,269,979

 

65,284,114

 

Total International Commercial Paper

 

3,364,823,483

 

3,365,162,073

 

 

 

 

 

 

 

 

 

U.S. Commercial Paper — 8.51%

 

 

 

 

 

$

24,619,000

 

Abbott Laboratories 0.66% due 08/22/16

 

24,609,665

 

24,612,878

 

76,694,000

 

AbbVie, Inc. 0.68% due 08/11/16

 

76,679,726

 

76,676,413

 

 

See Notes to Consolidated Schedule of Investments.

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2016

 

10



 

PRINCIPAL

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

U.S. Commercial Paper — 8.51% — (continued)

 

 

 

 

 

$

31,489,000

 

AbbVie, Inc. 0.68% due 08/16/16

 

$

31,480,209

 

$

31,478,845

 

48,054,000

 

Amphenol Corporation 0.81% due 08/24/16

 

48,029,439

 

48,027,762

 

74,976,000

 

Apple, Inc. 0.41% due 09/15/16

 

74,938,512

 

74,938,812

 

54,559,000

 

Apple, Inc. 0.41% due 09/23/16

 

54,526,871

 

54,527,004

 

100,502,000

 

Apple, Inc. 0.43% due 09/08/16

 

100,457,444

 

100,459,993

 

55,808,000

 

Apple, Inc. 0.43% due 10/04/16

 

55,766,330

 

55,767,597

 

41,019,000

 

Apple, Inc. 0.43% due 10/05/16

 

40,987,894

 

40,988,705

 

56,679,000

 

Apple, Inc. 0.43% due 10/06/16

 

56,635,357

 

56,636,415

 

75,959,000

 

Apple, Inc. 0.43% due 10/07/16

 

75,899,625

 

75,900,954

 

26,936,000

 

Apple, Inc. 0.46% due 08/02/16

 

26,935,663

 

26,935,126

 

36,701,000

 

Apple, Inc. 0.51% due 09/06/16

 

36,682,650

 

36,686,448

 

6,290,000

 

Avery Dennison Corporation 0.56% due 08/01/16

 

6,290,000

 

6,289,628

 

75,934,000

 

Caterpillar Financial Services Company 0.49% due 08/10/16

 

75,924,888

 

75,924,331

 

17,577,000

 

Caterpillar Financial Services Company 0.51% due 10/13/16

 

17,559,179

 

17,557,259

 

62,592,000

 

Chevron Corporation 0.35% due 08/23/16

 

62,578,995

 

62,576,656

 

60,023,000

 

Chevron Corporation 0.37% due 09/16/16

 

59,995,389

 

59,991,301

 

12,060,000

 

Clorox Company 0.76% due 08/09/16

 

12,057,990

 

12,057,310

 

19,560,000

 

Coca-Cola Company 0.43% due 10/07/16

 

19,544,711

 

19,543,760

 

17,783,000

 

Coca-Cola Company 0.53% due 08/17/16

 

17,778,890

 

17,779,649

 

16,715,000

 

Dominion Resources, Inc. 0.79% due 08/04/16

 

16,713,914

 

16,713,000

 

26,450,000

 

DuPont 0.75% due 09/09/16

 

26,428,796

 

26,425,190

 

34,914,000

 

Entergy Corporation 1.16% due 09/12/16

 

34,866,750

 

34,875,595

 

39,826,000

 

Entergy Corporation 1.19% due 08/15/16

 

39,807,569

 

39,810,146

 

73,985,000

 

Exxon Mobil Corporation 0.41% due 08/01/16

 

73,985,000

 

73,982,947

 

35,094,000

 

Exxon Mobil Corporation 0.41% due 08/09/16

 

35,090,881

 

35,090,300

 

38,500,000

 

Exxon Mobil Corporation 0.43% due 08/09/16

 

38,496,407

 

38,495,941

 

34,654,000

 

Exxon Mobil Corporation 0.44% due 08/05/16

 

34,652,344

 

34,651,716

 

28,626,000

 

Exxon Mobil Corporation 0.44% due 10/03/16

 

28,604,459

 

28,602,174

 

36,701,000

 

Exxon Mobil Corporation 0.45% due 08/22/16

 

36,691,580

 

36,692,143

 

60,301,000

 

Exxon Mobil Corporation 0.46% due 09/19/16

 

60,264,066

 

60,262,414

 

20,139,000

 

Honeywell International, Inc. 0.51% due 10/11/16

 

20,119,141

 

20,117,143

 

31,191,000

 

Intel Corporation 0.49% due 08/25/16

 

31,181,019

 

31,182,181

 

31,191,000

 

Intel Corporation 0.49% due 08/26/16

 

31,180,603

 

31,181,830

 

32,671,000

 

International Business Machines Corporation 0.40% due 08/23/16

 

32,663,213

 

32,663,309

 

32,671,000

 

International Business Machines Corporation 0.40% due 08/24/16

 

32,662,859

 

32,662,954

 

37,613,000

 

John Deere Limited 0.43% due 08/05/16

 

37,611,245

 

37,610,294

 

25,118,000

 

MetLife 0.43% due 08/12/16

 

25,114,777

 

25,113,907

 

29,361,000

 

MetLife 0.49% due 08/04/16

 

29,359,826

 

29,358,998

 

70,521,000

 

MetLife 0.49% due 08/18/16

 

70,462,703

 

70,504,231

 

52,145,000

 

MetLife 0.54% due 10/11/16

 

52,090,494

 

52,074,150

 

32,965,000

 

MetLife 0.55% due 08/08/16

 

32,961,539

 

32,961,209

 

20,100,000

 

MetLife 0.60% due 09/13/16

 

20,085,835

 

20,086,259

 

142,203,000

 

Microsoft Corporation 0.40% due 08/03/16

 

142,199,919

 

142,197,174

 

40,610,000

 

Microsoft Corporation 0.44% due 09/14/16

 

40,588,657

 

40,590,330

 

 

See Notes to Consolidated Schedule of Investments.

 

FIRST EAGLE FUNDS · QUARTERLY NQ REPORT · July 31, 2016

 

11



 

PRINCIPAL

 

DESCRIPTION

 

COST

 

VALUE

 

 

 

 

 

 

 

 

 

U.S. Commercial Paper — 8.51% — (continued)

 

 

 

 

 

$

38,500,000

 

Microsoft Corporation 0.45% due 08/17/16

 

$

38,492,471

 

$

38,493,254

 

75,000,000

 

Microsoft Corporation 0.45% due 10/05/16

 

74,940,417

 

74,944,608

 

43,607,000

 

Microsoft Corporation 0.46% due 09/22/16

 

43,578,655

 

43,581,884

 

62,730,000

 

Microsoft Corporation 0.46% due 10/12/16

 

62,673,543

 

62,677,725

 

25,826,000

 

Microsoft Corporation 0.47% due 08/10/16

 

25,823,030

 

25,823,306

 

65,342,000

 

Microsoft Corporation 0.47% due 10/05/16

 

65,287,730

 

65,293,741

 

62,730,000

 

Microsoft Corporation 0.47% due 10/19/16

 

62,666,678

 

62,671,560

 

70,188,000

 

Microsoft Corporation 0.50% due 08/24/16

 

70,166,027

 

70,170,258

 

53,499,000

 

Microsoft Corporation 0.50% due 10/19/16

 

53,441,474

 

53,449,160

 

35,932,000

 

National Grid USA 0.78% due 08/11/16

 

35,924,315

 

35,922,463