N-Q 1 a18-26056_1nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

 

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)

 

Sheelyn Michael

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, 2018

 

 



 

Item 1. Schedule of Investments. — The schedule of investments for the three-month period ended July 31, 2018, is filed herewith.

 



 

First Eagle Global Fund

Consolidated Schedule of Investments
July 31, 2018 (unaudited)

 

Investments

 

Shares

 

Value ($)

 

 

 

 

 

 

 

COMMON STOCKS — 73.6%

 

 

 

 

 

 

 

 

 

 

 

Africa — 0.1%

 

 

 

 

 

Randgold Resources Ltd., ADR

 

413,501

 

30,537,049

 

 

 

 

 

 

 

Australia — 0.6%

 

 

 

 

 

Newcrest Mining Ltd.

 

21,416,357

 

344,055,375

 

 

 

 

 

 

 

Belgium — 0.5%

 

 

 

 

 

Groupe Bruxelles Lambert SA

 

2,788,865

 

296,257,887

 

 

 

 

 

 

 

Brazil — 0.4%

 

 

 

 

 

Cielo SA

 

63,711,300

 

243,587,551

 

 

 

 

 

 

 

Canada — 4.4%

 

 

 

 

 

Agnico Eagle Mines Ltd.

 

5,969,324

 

250,088,910

 

Barrick Gold Corp.

 

20,378,638

 

228,036,959

 

Canadian Natural Resources Ltd.

 

2,388,401

 

87,762,284

 

Cenovus Energy, Inc.

 

15,294,201

 

153,553,778

 

Franco-Nevada Corp.

 

2,615,497

 

191,852,038

 

Goldcorp, Inc.

 

14,579,998

 

182,249,975

 

Imperial Oil Ltd.

 

9,729,552

 

333,206,397

 

Nutrien Ltd.

 

12,347,604

 

669,363,613

 

Power Corp. of Canada

 

3,544,060

 

80,615,548

 

Wheaton Precious Metals Corp.

 

13,305,261

 

278,745,218

 

 

 

 

 

2,455,474,720

 

Denmark — 0.2%

 

 

 

 

 

ISS A/S

 

3,009,360

 

112,409,015

 

 

 

 

 

 

 

France — 5.1%

 

 

 

 

 

Bouygues SA

 

5,688,713

 

249,816,676

 

Carrefour SA

 

5,207,535

 

93,364,812

 

Cie de Saint-Gobain

 

7,966,648

 

354,183,735

 

Danone SA

 

8,040,001

 

631,238,881

 

Legrand SA

 

1,401,821

 

102,890,663

 

LVMH Moet Hennessy Louis Vuitton SE

 

320,194

 

111,583,793

 

NSC Groupe

 

38,717

 

3,689,809

 

Rexel SA

 

11,789,132

 

184,380,356

 

Robertet SA

 

157,260

 

92,059,536

 

Robertet SA CI (non-voting)‡(a)

 

42,252

 

17,257,996

 

Sabeton SA(b)

 

385,000

 

11,213,539

 

Sanofi

 

5,286,679

 

459,921,560

 

Sodexo SA

 

3,369,352

 

373,243,415

 

Wendel SA

 

851,019

 

123,935,633

 

 

 

 

 

2,808,780,404

 

Germany — 1.5%

 

 

 

 

 

HeidelbergCement AG

 

5,883,039

 

499,681,420

 

Hornbach Baumarkt AG

 

29,871

 

885,467

 

Hornbach Holding AG & Co. KGaA(b)

 

1,181,422

 

82,215,390

 

Linde AG

 

938,751

 

232,150,237

 

 

 

 

 

814,932,514

 

Hong Kong — 2.3%

 

 

 

 

 

CK Asset Holdings Ltd.

 

22,280,500

 

170,634,879

 

Guoco Group Ltd.

 

12,693,580

 

209,748,840

 

Hang Lung Properties Ltd.

 

125,232,969

 

263,306,839

 

Hysan Development Co. Ltd.

 

23,163,348

 

126,997,784

 

Jardine Matheson Holdings Ltd.

 

6,979,771

 

472,592,044

 

Jardine Strategic Holdings Ltd.

 

520,800

 

20,804,760

 

 

 

 

 

1,264,085,146

 

Ireland — 0.3%

 

 

 

 

 

CRH plc

 

4,704,407

 

160,700,685

 

 

 

 

 

 

 

Israel — 0.1%

 

 

 

 

 

Israel Chemicals Ltd.

 

12,448,757

 

59,596,321

 

 

 

 

 

 

 

Italy — 0.1%

 

 

 

 

 

Italmobiliare SpA

 

1,889,410

 

45,292,322

 

 

 

 

 

 

 

Japan — 11.5%

 

 

 

 

 

Chofu Seisakusho Co. Ltd.(b)

 

3,351,000

 

71,844,190

 

FANUC Corp.

 

4,251,100

 

857,195,659

 

Hirose Electric Co. Ltd.(b)

 

2,564,415

 

312,680,256

 

Hoya Corp.

 

6,960,340

 

418,836,708

 

KDDI Corp.

 

31,838,200

 

886,275,693

 

Keyence Corp.

 

934,800

 

494,479,648

 

Mitsubishi Electric Corp.

 

1,184,700

 

16,096,194

 

Mitsubishi Estate Co. Ltd.

 

30,826,080

 

534,913,155

 

MS&AD Insurance Group Holdings, Inc.

 

9,086,420

 

278,314,035

 

Nissin Foods Holdings Co. Ltd.

 

2,006,030

 

138,405,255

 

NTT DOCOMO, Inc.

 

16,534,400

 

425,677,090

 

Secom Co. Ltd.

 

9,186,430

 

702,142,161

 

Shimano, Inc.

 

1,892,590

 

272,927,035

 

SMC Corp.

 

698,556

 

236,711,885

 

Sompo Holdings, Inc.

 

17,037,000

 

692,454,629

 

T Hasegawa Co. Ltd.(b)

 

3,016,200

 

65,592,485

 

 

 

 

 

6,404,546,078

 

Mexico — 0.6%

 

 

 

 

 

Fresnillo plc

 

18,230,274

 

248,296,742

 

Industrias Penoles SAB de CV

 

6,401,020

 

108,531,681

 

 

 

 

 

356,828,423

 

Norway — 0.0%(c)

 

 

 

 

 

Orkla ASA

 

2,000,066

 

16,924,174

 

 

 

 

 

 

 

Russia — 0.1%

 

 

 

 

 

Gazprom PJSC, ADR

 

15,687,012

 

70,350,005

 

 

 

 

 

 

 

South Korea — 1.7%

 

 

 

 

 

Hyundai Mobis Co. Ltd.

 

987,144

 

201,224,996

 

Kia Motors Corp.

 

9,033,931

 

256,117,744

 

KT&G Corp.

 

4,321,898

 

426,916,130

 

Lotte Confectionery Co. Ltd.

 

153,688

 

21,718,484

 

Lotte Corp.*

 

913,277

 

43,019,783

 

Namyang Dairy Products Co. Ltd.(b)

 

39,989

 

22,914,181

 

 

 

 

 

971,911,318

 

Sweden — 0.8%

 

 

 

 

 

Investor AB, Class A

 

5,939,940

 

257,091,691

 

Investor AB, Class B

 

3,394,798

 

147,877,028

 

 

See Notes to Consolidated Schedule of Investments.

 

(Continued)

 

1



 

Investments

 

Shares

 

Value ($)

 

Svenska Handelsbanken AB, Class A

 

4,892,177

 

60,430,684

 

 

 

 

 

465,399,403

 

Switzerland — 1.7%

 

 

 

 

 

Cie Financiere Richemont SA (Registered)

 

550,340

 

48,198,158

 

Nestle SA (Registered)

 

6,590,466

 

537,079,142

 

Pargesa Holding SA

 

4,327,670

 

361,471,518

 

 

 

 

 

946,748,818

 

Taiwan — 0.2%

 

 

 

 

 

Taiwan Semiconductor Manufacturing Co. Ltd., ADR

 

2,187,154

 

90,132,616

 

 

 

 

 

 

 

Thailand — 0.6%

 

 

 

 

 

Bangkok Bank PCL, NVDR

 

51,812,900

 

321,300,068

 

Bangkok Bank PCL

 

36,500

 

228,355

 

 

 

 

 

321,528,423

 

United Kingdom — 4.8%

 

 

 

 

 

Berkeley Group Holdings plc

 

6,602,948

 

323,190,571

 

British American Tobacco plc

 

8,182,821

 

449,828,621

 

BT Group plc

 

46,726,193

 

142,939,537

 

Diageo plc

 

8,034,220

 

294,755,447

 

GlaxoSmithKline plc

 

14,471,132

 

300,569,048

 

Liberty Global plc, Class C*

 

5,645,208

 

153,210,945

 

Lloyds Banking Group plc

 

370,293,091

 

303,521,198

 

TechnipFMC plc

 

15,536,847

 

505,724,370

 

Unilever NV, CVA

 

890,111

 

51,351,356

 

WPP plc

 

9,507,365

 

148,714,096

 

 

 

 

 

2,673,805,189

 

United States — 36.0%

 

 

 

 

 

3M Co.

 

2,815,173

 

597,717,531

 

Alleghany Corp.

 

418,350

 

263,255,104

 

Alphabet, Inc., Class A*

 

134,718

 

165,328,624

 

Alphabet, Inc., Class C*

 

163,012

 

198,427,987

 

American Express Co.

 

5,421,408

 

539,538,524

 

Analog Devices, Inc.

 

2,275,357

 

218,752,822

 

Anthem, Inc.

 

1,884,793

 

476,852,629

 

Automatic Data Processing, Inc.

 

626,940

 

84,630,631

 

Bank of New York Mellon Corp. (The)

 

13,360,022

 

714,360,376

 

BB&T Corp.

 

10,500,485

 

533,529,643

 

Berkshire Hathaway, Inc., Class A*

 

1,088

 

328,086,400

 

Brown & Brown, Inc.

 

9,778,706

 

286,124,938

 

CH Robinson Worldwide, Inc.

 

4,158,442

 

383,533,106

 

Cincinnati Financial Corp.

 

1,900,903

 

143,765,294

 

Cintas Corp.

 

619,374

 

126,649,595

 

Colgate-Palmolive Co.

 

7,079,704

 

474,410,965

 

Comcast Corp., Class A

 

22,106,304

 

790,963,557

 

ConocoPhillips

 

3,918,155

 

282,773,246

 

Cummins, Inc.

 

1,378,153

 

196,814,030

 

Deere & Co.

 

3,176,107

 

459,868,532

 

DENTSPLY SIRONA, Inc.

 

1,034,259

 

49,758,200

 

Devon Energy Corp.

 

3,449,156

 

155,246,512

 

Exxon Mobil Corp.

 

11,628,713

 

947,856,397

 

Facebook, Inc., Class A*

 

930,632

 

160,608,471

 

Flowserve Corp.(b)

 

8,414,508

 

373,015,140

 

H&R Block, Inc.

 

3,992,318

 

100,446,721

 

HCA Healthcare, Inc.

 

1,598,067

 

198,527,863

 

JG Boswell Co.

 

2,485

 

1,719,620

 

Mastercard, Inc., Class A

 

722,107

 

142,977,186

 

Microsoft Corp.

 

6,632,748

 

703,601,908

 

Mills Music Trust(b)

 

31,592

 

726,932

 

National Oilwell Varco, Inc.

 

17,895,308

 

870,069,875

 

Newmont Mining Corp.

 

4,534,880

 

166,339,398

 

NOW, Inc.*(b)

 

5,851,664

 

87,482,377

 

Omnicom Group, Inc.

 

10,111,773

 

695,993,336

 

Oracle Corp.

 

27,346,362

 

1,303,874,540

 

Philip Morris International, Inc.

 

3,579,594

 

308,918,962

 

Praxair, Inc.

 

1,061,412

 

177,786,510

 

Royal Gold, Inc.

 

1,260,596

 

106,659,028

 

San Juan Basin Royalty Trust(b)

 

3,908,035

 

23,057,406

 

Schlumberger Ltd.

 

12,656,668

 

854,578,223

 

Scotts Miracle-Gro Co. (The)

 

1,614,331

 

128,226,311

 

Synchrony Financial

 

10,542,022

 

305,086,117

 

Teradata Corp.*(b)

 

12,190,179

 

466,761,954

 

Texas Instruments, Inc.

 

2,158,760

 

240,313,163

 

Tiffany & Co.

 

1,638,891

 

225,445,846

 

Travelers Cos., Inc. (The)

 

332,055

 

43,213,638

 

UGI Corp.

 

4,874,044

 

259,006,698

 

Union Pacific Corp.

 

4,056,411

 

608,015,445

 

Universal Health Services, Inc., Class B

 

1,952,433

 

238,392,069

 

US Bancorp

 

7,819,459

 

414,509,522

 

Varian Medical Systems, Inc.*

 

2,591,655

 

299,206,570

 

Visa, Inc., Class A

 

1,265,285

 

173,015,071

 

Vista Outdoor, Inc.*(b)

 

3,252,457

 

52,819,902

 

Weyerhaeuser Co., REIT

 

23,709,923

 

810,405,168

 

Willis Towers Watson plc

 

2,058,297

 

328,133,708

 

WR Berkley Corp.

 

4,386,051

 

332,506,526

 

Xilinx, Inc.

 

5,389,354

 

388,410,743

 

 

 

 

 

20,008,096,590

 

TOTAL COMMON STOCKS

(Cost $28,605,336,190)

 

 

 

40,961,980,026

 

 

 

 

Ounces

 

 

 

 

 

 

 

 

 

COMMODITIES — 6.8%

 

 

 

 

 

 

 

 

 

 

 

Gold bullion*

(Cost $3,289,770,461)

 

3,110,306

 

3,809,098,643

 

 

 

 

 

 

Principal
Amount ($)

 

 

 

 

 

 

 

 

 

 

 

FOREIGN GOVERNMENT SECURITIES — 1.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Indonesia — 0.1%

 

 

 

 

 

 

 

Indonesia Treasury Bond

 

 

 

 

 

 

 

8.25%, 7/15/2021

 

IDR

 

544,488,000,000

 

38,721,593

 

 

 

 

 

 

 

 

 

Malaysia — 0.0%(c)

 

 

 

 

 

 

 

Malaysia Government Bond

 

 

 

 

 

 

 

3.66%, 10/15/2020

 

MYR

 

54,021,000

 

13,338,230

 

 

See Notes to Consolidated Schedule of Investments.

 

(Continued)

 

2



 

Investments

 

Principal
Amount ($)

 

Value ($)

 

Mexico — 0.5%

 

 

 

 

 

 

 

Mexican Bonos

 

 

 

 

 

 

 

5.00%, 12/11/2019

 

MXN

 

764,192,000

 

39,485,696

 

6.50%, 6/10/2021

 

MXN

 

1,813,760,000

 

93,988,245

 

6.50%, 6/9/2022

 

MXN

 

2,337,520,000

 

119,960,356

 

 

 

 

 

 

 

253,434,297

 

Poland — 0.1%

 

 

 

 

 

 

 

Poland Government Bond

 

 

 

 

 

 

 

3.25%, 7/25/2019

 

PLN

 

306,347,000

 

85,336,587

 

 

 

 

 

 

 

 

 

Singapore — 0.4%

 

 

 

 

 

 

 

Singapore Government Bond

 

 

 

 

 

 

 

3.25%, 9/1/2020

 

SGD

 

119,604,000

 

90,211,472

 

2.25%, 6/1/2021

 

SGD

 

147,741,000

 

109,295,891

 

 

 

 

 

 

 

199,507,363

 

Venezuela, Bolivarian Republic of — 0.0%

 

 

 

 

 

 

 

Venezuela Government Bond (Oil-Linked Payment Obligation)

 

 

 

 

 

 

 

Zero Coupon, 4/15/2020‡(a)(d)(e)

 

 

 

53,230

 

 

 

 

 

 

 

 

 

 

TOTAL FOREIGN GOVERNMENT SECURITIES
(Cost $599,651,421)

 

 

 

 

 

590,338,070

 

 

 

 

 

 

 

 

 

U.S. TREASURY OBLIGATIONS — 0.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Notes

 

 

 

 

 

 

 

1.13%, 1/15/2019

(Cost $113,662,400)

 

 

 

114,023,000

 

113,492,971

 

 

 

 

 

 

 

 

 

CORPORATE BONDS — 0.0%(c)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States — 0.0%(c)

 

 

 

 

 

 

 

Bausch & Lomb, Inc.

 

 

 

 

 

 

 

7.13%, 8/1/2028‡

(Cost $4,927,265)

 

 

 

5,467,000

 

5,412,330

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS — 18.0%

 

 

 

 

 

 

 

 

 

 

 

COMMERCIAL PAPER — 18.0%

 

 

 

 

 

ABB Treasury Center USA, Inc.

 

 

 

 

 

2.13%, 8/23/2018(f)

 

15,674,000

 

15,654,162

 

2.19%, 9/10/2018(f)

 

66,711,000

 

66,556,236

 

2.23%, 9/17/2018(f)

 

66,057,000

 

65,875,563

 

American Honda Finance Corp.

 

 

 

 

 

2.16%, 9/10/2018(f)

 

51,059,000

 

50,940,024

 

2.14%, 10/4/2018(f)

 

45,815,000

 

45,640,871

 

2.19%, 10/11/2018(f)

 

60,649,000

 

60,391,121

 

Apple, Inc.

 

 

 

 

 

2.01%, 8/6/2018(f)(g)

 

74,036,000

 

74,012,444

 

2.01%, 8/9/2018(f)

 

40,343,000

 

40,323,716

 

2.01%, 8/10/2018(f)(g)

 

73,709,000

 

73,669,811

 

2.03%, 8/13/2018(f)(g)

 

52,741,000

 

52,704,471

 

2.06%, 9/6/2018(f)(g)

 

90,869,000

 

90,683,521

 

2.08%, 9/14/2018(f)(g)

 

74,894,000

 

74,706,297

 

2.10%, 9/19/2018(f)(g)

 

60,752,000

 

60,581,557

 

2.12%, 10/5/2018(f)(g)

 

43,576,000

 

43,410,469

 

2.15%, 10/12/2018(f)(g)

 

40,433,000

 

40,260,987

 

2.13%, 10/17/2018(f)(g)

 

38,801,000

 

38,623,110

 

2.16%, 11/6/2018(f)(g)

 

18,295,000

 

18,186,230

 

2.20%, 11/9/2018(f)(g)

 

17,885,000

 

17,774,961

 

AstraZeneca plc

 

 

 

 

 

2.47%, 8/14/2018(f)

 

30,318,000

 

30,292,344

 

2.47%, 8/15/2018(f)

 

32,446,000

 

32,416,528

 

2.46%, 8/28/2018(f)

 

37,853,000

 

37,788,789

 

2.47%, 9/13/2018(f)

 

74,372,000

 

74,172,113

 

AT&T, Inc.

 

 

 

 

 

2.48%, 8/7/2018(f)

 

40,336,000

 

40,318,824

 

2.64%, 9/6/2018(f)

 

52,209,000

 

52,084,993

 

BASF SE

 

 

 

 

 

2.17%, 9/24/2018(f)

 

28,157,000

 

28,067,609

 

BP Capital Markets plc

 

 

 

 

 

2.11%, 8/7/2018(f)

 

40,336,000

 

40,320,149

 

Chevron Corp.

 

 

 

 

 

1.91%, 8/1/2018(f)

 

75,000,000

 

74,996,079

 

2.00%, 8/14/2018(f)

 

90,869,000

 

90,801,575

 

1.96%, 8/16/2018(f)

 

85,577,000

 

85,504,279

 

2.01%, 8/20/2018(f)

 

65,624,000

 

65,554,001

 

2.03%, 8/30/2018(f)

 

56,304,000

 

56,212,975

 

Coca-Cola Co. (The)

 

 

 

 

 

2.06%, 8/9/2018(f)

 

29,663,000

 

29,648,673

 

2.03%, 8/21/2018(f)

 

34,955,000

 

34,915,035

 

2.10%, 9/13/2018(f)

 

13,771,000

 

13,736,950

 

2.08%, 9/14/2018(f)

 

37,186,000

 

37,091,873

 

2.13%, 10/15/2018(f)

 

20,853,000

 

20,760,684

 

2.23%, 11/8/2018(f)

 

20,853,000

 

20,726,897

 

Engie SA

 

 

 

 

 

2.04%, 8/1/2018(f)

 

38,952,000

 

38,949,898

 

2.04%, 8/2/2018(f)

 

44,225,000

 

44,220,224

 

2.07%, 8/9/2018(f)

 

43,000,000

 

42,979,005

 

2.07%, 8/29/2018(f)

 

37,186,000

 

37,126,179

 

2.16%, 9/18/2018(f)

 

68,154,000

 

67,965,223

 

2.14%, 10/9/2018(f)

 

73,298,000

 

72,999,698

 

Erste Abwicklungsanstalt

 

 

 

 

 

2.26%, 8/3/2018(f)(g)

 

119,566,000

 

119,546,819

 

Exxon Mobil Corp.

 

 

 

 

 

1.92%, 8/1/2018(f)

 

73,303,000

 

73,299,211

 

1.92%, 8/16/2018(f)

 

12,708,000

 

12,697,309

 

1.93%, 8/21/2018(f)

 

80,685,000

 

80,595,433

 

2.01%, 8/27/2018(f)

 

35,197,000

 

35,146,422

 

2.01%, 10/1/2018(f)

 

35,682,000

 

35,558,911

 

 

See Notes to Consolidated Schedule of Investments.

 

(Continued)

 

3



 

Investments

 

Principal
Amount ($)

 

Value ($)

 

General Dynamics Corp.

 

 

 

 

 

2.06%, 8/14/2018(f)

 

40,336,000

 

40,305,271

 

2.06%, 8/21/2018(f)

 

43,749,000

 

43,698,572

 

2.16%, 9/4/2018(f)

 

61,342,000

 

61,221,710

 

GlaxoSmithKline LLC

 

 

 

 

 

2.04%, 8/9/2018(f)

 

90,869,000

 

90,824,633

 

2.13%, 8/22/2018(f)

 

86,300,000

 

86,195,630

 

2.11%, 8/23/2018(f)

 

33,029,000

 

32,987,197

 

2.11%, 8/24/2018(f)

 

33,029,000

 

32,985,314

 

2.10%, 9/5/2018(f)

 

26,928,000

 

26,873,605

 

Henkel Corp.

 

 

 

 

 

2.04%, 8/2/2018(f)

 

49,993,000

 

49,987,601

 

2.06%, 8/3/2018(f)

 

35,353,000

 

35,347,270

 

2.24%, 10/17/2018(f)

 

63,201,000

 

62,904,398

 

Henkel of America, Inc.

 

 

 

 

 

2.04%, 8/1/2018(f)

 

24,206,000

 

24,204,694

 

Intel Corp.

 

 

 

 

 

1.97%, 8/6/2018(f)

 

111,550,000

 

111,514,508

 

John Deere Capital Corp.

 

 

 

 

 

2.05%, 9/5/2018(f)

 

31,005,000

 

30,942,866

 

2.07%, 9/18/2018(f)

 

107,997,000

 

107,696,834

 

John Deere Financial Ltd.

 

 

 

 

 

2.10%, 8/9/2018(f)

 

50,000,000

 

49,975,850

 

2.05%, 9/4/2018(f)

 

41,818,000

 

41,736,606

 

Kreditanstalt fuer Wiederaufbau

 

 

 

 

 

2.15%, 8/3/2018(f)

 

69,266,000

 

69,254,739

 

2.11%, 8/10/2018(f)

 

64,891,000

 

64,855,634

 

2.17%, 9/17/2018(f)

 

81,003,000

 

80,779,540

 

2.14%, 10/3/2018(f)

 

38,909,000

 

38,762,841

 

2.14%, 10/5/2018(f)

 

76,768,000

 

76,469,769

 

2.14%, 10/12/2018(f)

 

132,011,000

 

131,438,681

 

2.14%, 10/15/2018(f)

 

83,410,000

 

83,031,939

 

LVMH Moet Hennessy Louis Vuitton, Inc.

 

 

 

 

 

2.26%, 8/15/2018(f)

 

24,710,000

 

24,689,511

 

2.31%, 8/16/2018(f)

 

60,564,000

 

60,510,354

 

2.31%, 8/17/2018(f)

 

29,071,000

 

29,043,585

 

2.31%, 10/22/2018(f)

 

15,520,000

 

15,438,202

 

MetLife Short Term Funding LLC

 

 

 

 

 

2.06%, 8/10/2018(f)

 

73,701,000

 

73,660,444

 

2.06%, 8/15/2018(f)

 

65,624,000

 

65,569,314

 

2.25%, 8/20/2018(f)

 

26,969,000

 

26,938,840

 

2.13%, 8/22/2018(f)

 

22,712,000

 

22,683,949

 

2.11%, 8/31/2018(f)

 

43,150,000

 

43,073,382

 

2.26%, 9/4/2018(f)

 

49,086,000

 

48,987,310

 

2.24%, 9/11/2018(f)

 

74,894,000

 

74,712,257

 

2.24%, 10/2/2018(f)

 

33,849,000

 

33,722,887

 

2.26%, 10/9/2018(f)

 

21,488,000

 

21,398,168

 

2.25%, 10/23/2018(f)

 

39,571,000

 

39,368,607

 

2.25%, 10/24/2018(f)

 

54,217,000

 

53,936,013

 

2.21%, 11/2/2018(f)

 

41,786,000

 

41,544,326

 

Nestle Capital Corp.

 

 

 

 

 

1.90%, 8/6/2018(f)

 

10,616,000

 

10,612,640

 

2.00%, 8/15/2018(f)

 

87,209,000

 

87,139,596

 

2.00%, 8/16/2018(f)

 

42,875,000

 

42,838,471

 

2.08%, 9/27/2018(f)

 

28,868,000

 

28,773,818

 

2.15%, 10/4/2018(f)

 

22,520,000

 

22,436,726

 

2.13%, 11/2/2018(f)

 

26,637,000

 

26,487,602

 

2.31%, 11/13/2018(f)

 

80,865,000

 

80,353,192

 

2.31%, 11/14/2018(f)

 

87,152,000

 

86,594,634

 

NRW Bank

 

 

 

 

 

2.14%, 8/7/2018(f)

 

32,174,000

 

32,161,926

 

2.09%, 8/13/2018(f)

 

47,927,000

 

47,893,199

 

2.15%, 10/5/2018(f)

 

38,371,000

 

38,222,498

 

2.15%, 10/9/2018(f)

 

67,698,000

 

67,418,934

 

2.15%, 10/16/2018(f)

 

128,857,000

 

128,268,571

 

2.15%, 10/17/2018(f)

 

54,973,000

 

54,718,466

 

2.16%, 10/19/2018(f)

 

86,398,000

 

85,986,937

 

2.15%, 10/22/2018(f)

 

83,635,000

 

83,220,812

 

2.15%, 10/25/2018(f)

 

38,801,000

 

38,601,343

 

2.15%, 10/29/2018(f)

 

39,331,000

 

39,118,317

 

2.16%, 11/1/2018(f)

 

125,000,000

 

124,300,562

 

PepsiCo, Inc.

 

 

 

 

 

1.99%, 8/1/2018(f)

 

43,150,000

 

43,147,696

 

1.95%, 8/2/2018(f)

 

157,269,000

 

157,252,190

 

1.91%, 8/6/2018(f)

 

37,853,000

 

37,840,830

 

1.94%, 8/8/2018(f)

 

84,108,000

 

84,071,908

 

Pfizer, Inc.

 

 

 

 

 

1.97%, 8/13/2018(f)

 

144,178,000

 

144,078,141

 

2.01%, 8/20/2018(f)

 

61,155,000

 

61,089,190

 

2.02%, 9/4/2018(f)

 

56,304,000

 

56,195,506

 

2.03%, 9/5/2018(f)

 

82,941,000

 

82,776,445

 

2.11%, 9/10/2018(f)

 

110,898,000

 

110,645,904

 

2.11%, 9/12/2018(f)

 

131,248,000

 

130,934,463

 

2.11%, 9/13/2018(f)

 

86,300,000

 

86,088,728

 

2.12%, 10/16/2018(f)

 

43,576,000

 

43,381,110

 

Philip Morris International, Inc.

 

 

 

 

 

2.01%, 9/13/2018(f)

 

37,750,000

 

37,656,846

 

2.11%, 9/25/2018(f)

 

39,139,000

 

39,012,911

 

2.11%, 9/26/2018(f)

 

40,124,000

 

39,992,112

 

Praxair, Inc.

 

 

 

 

 

1.99%, 9/12/2018(f)

 

26,045,000

 

25,983,808

 

Province of Quebec Canada

 

 

 

 

 

2.05%, 8/17/2018(f)

 

80,147,000

 

80,073,690

 

2.00%, 8/21/2018(f)

 

63,000,000

 

62,928,337

 

2.07%, 9/5/2018(f)

 

54,615,000

 

54,506,098

 

2.11%, 9/12/2018(f)

 

47,747,000

 

47,632,368

 

2.02%, 10/1/2018(f)

 

25,650,000

 

25,560,236

 

2.08%, 10/3/2018(f)

 

44,215,000

 

44,055,119

 

2.08%, 10/19/2018(f)

 

60,236,000

 

59,961,591

 

2.08%, 10/22/2018(f)

 

45,145,000

 

44,931,315

 

2.09%, 10/26/2018(f)

 

38,801,000

 

38,608,117

 

2.11%, 10/30/2018(f)

 

54,851,000

 

54,564,408

 

PSP Capital, Inc.

 

 

 

 

 

2.08%, 8/7/2018(f)(g)

 

44,861,000

 

44,844,165

 

2.06%, 8/10/2018(f)(g)

 

40,343,000

 

40,321,327

 

2.05%, 8/14/2018(f)(g)

 

42,471,000

 

42,438,974

 

2.05%, 8/15/2018(f)(g)

 

37,898,000

 

37,867,366

 

2.05%, 8/17/2018(f)(g)

 

71,314,000

 

71,248,500

 

2.14%, 9/18/2018(f)(g)

 

71,674,000

 

71,477,619

 

2.07%, 9/20/2018(f)(g)

 

65,308,000

 

65,121,110

 

2.08%, 9/21/2018(f)

 

76,851,000

 

76,626,433

 

2.19%, 9/24/2018(f)(g)

 

40,687,000

 

40,560,627

 

2.15%, 10/10/2018(f)(g)

 

21,731,000

 

21,641,897

 

 

See Notes to Consolidated Schedule of Investments.

 

(Continued)

 

4



 

Investments

 

Principal
Amount ($)

 

Value ($)

 

2.15%, 10/11/2018(f)(g)

 

83,630,000

 

83,281,765

 

2.16%, 10/31/2018(f)(g)

 

53,156,000

 

52,865,432

 

QUALCOMM, Inc.

 

 

 

 

 

2.36%, 8/7/2018(f)

 

45,709,000

 

45,691,224

 

2.36%, 8/14/2018(f)

 

33,977,000

 

33,950,455

 

2.31%, 8/22/2018(f)

 

21,879,000

 

21,851,831

 

2.32%, 8/23/2018(f)

 

29,693,000

 

29,654,338

 

2.36%, 9/6/2018(f)

 

44,854,000

 

44,756,406

 

2.40%, 9/11/2018(f)

 

39,635,000

 

39,535,860

 

2.33%, 10/2/2018(f)

 

99,719,000

 

99,330,370

 

2.39%, 10/23/2018(f)

 

69,267,000

 

68,887,832

 

Roche Holdings, Inc.

 

 

 

 

 

2.10%, 9/19/2018(f)

 

65,308,000

 

65,125,410

 

2.02%, 10/3/2018(f)

 

36,590,000

 

36,457,235

 

Rockwell Automation, Inc.

 

 

 

 

 

2.24%, 10/10/2018(f)

 

78,026,000

 

77,680,067

 

Sanofi

 

 

 

 

 

2.23%, 9/6/2018(f)

 

76,188,000

 

76,030,609

 

2.23%, 9/14/2018(f)

 

72,606,000

 

72,419,493

 

2.24%, 9/17/2018(f)

 

108,924,000

 

108,623,079

 

2.32%, 11/16/2018(f)

 

30,153,000

 

29,947,296

 

Schlumberger Holdings Corp.

 

 

 

 

 

2.31%, 8/6/2018(f)

 

33,177,000

 

33,164,841

 

Siemens Capital Co. LLC

 

 

 

 

 

1.92%, 8/28/2018(f)

 

17,750,000

 

17,723,245

 

Total Capital Canada Ltd.

 

 

 

 

 

2.14%, 8/8/2018(f)

 

147,143,000

 

147,079,076

 

2.17%, 9/7/2018(f)

 

146,020,000

 

145,701,101

 

2.19%, 9/17/2018(f)

 

24,341,000

 

24,272,845

 

2.19%, 9/20/2018(f)

 

66,711,000

 

66,511,117

 

2.19%, 10/1/2018(f)

 

50,173,000

 

49,986,270

 

2.15%, 10/4/2018(f)

 

100,209,000

 

99,817,823

 

2.15%, 10/16/2018(f)

 

73,298,000

 

72,958,423

 

Unilever Capital Corp.

 

 

 

 

 

2.04%, 8/20/2018(f)

 

47,637,000

 

47,585,208

 

2.21%, 9/11/2018(f)

 

95,260,000

 

95,035,727

 

2.06%, 10/9/2018(f)

 

43,199,000

 

43,024,872

 

2.08%, 10/10/2018(f)

 

58,589,000

 

58,349,233

 

Walt Disney Co. (The)

 

 

 

 

 

2.11%, 9/28/2018(f)

 

40,502,000

 

40,365,394

 

2.15%, 10/15/2018(f)

 

76,953,000

 

76,613,954

 

2.16%, 10/16/2018(f)

 

10,883,000

 

10,834,396

 

2.16%, 10/19/2018(f)

 

41,815,000

 

41,620,514

 

2.16%, 10/22/2018(f)

 

41,815,000

 

41,612,738

 

TOTAL COMMERCIAL PAPER

(Cost $10,034,289,926)

 

 

 

10,034,373,912

 

 

 

 

 

 

 

INVESTMENT COMPANIES — 0.0%(c)

 

 

 

 

 

JP Morgan U.S. Government Money Market Fund, Agency Shares 1.73% (h)

(Cost $1,078,221)

 

1,078,221

 

1,078,221

 

TOTAL SHORT-TERM INVESTMENTS

(Cost $10,035,368,147)

 

 

 

10,035,452,133

 

 

 

 

 

 

 

Total Investments — 99.7%
(Cost $42,648,715,884)

 

 

 

55,515,774,173

 

Other Assets Less Liabilities — 0.3%

 

 

 

146,138,374

 

Net Assets — 100.0%

 

 

 

55,661,912,547

 

 


*

Non-income producing security.

Value determined using significant unobservable inputs.

(a)

Security fair valued as of July 31, 2018 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at July 31, 2018 amounted to $17,257,996, which represents approximately 0.03% of net assets of the Fund.

(b)

Affiliated company as defined under the Investment Company Act of 1940.

(c)

Represents less than 0.05% of net assets.

(d)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of July 31, 2018.

(e)

Defaulted security.

(f)

The rate shown was the current yield as of July 31, 2018.

(g)

Securities exempt from registration under Rule 144A or section 4(2), of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration.

(h)

Represents 7-day effective yield as of July 31, 2018.

 

See Notes to Consolidated Schedule of Investments.

 

(Continued)

 

5



 

Forward Foreign Currency Exchange Contracts outstanding as of July 31, 2018:

 

Currency Purchased

 

Currency Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Appreciation
(Depreciation) 

 

JPY

 

34,506,043,000

 

USD

 

306,091,874

 

UBS AG

 

8/15/2018

 

$

2,781,345

 

USD

 

38,937,415

 

EUR

 

30,974,000

 

UBS AG

 

8/15/2018

 

2,682,113

 

USD

 

92,294,219

 

GBP

 

64,722,000

 

UBS AG

 

8/15/2018

 

7,296,115

 

USD

 

423,191,829

 

JPY

 

44,218,891,000

 

UBS AG

 

8/15/2018

 

27,376,198

 

USD

 

207,104,302

 

EUR

 

166,128,000

 

HSBC Bank plc

 

9/19/2018

 

12,130,503

 

USD

 

40,032,194

 

GBP

 

29,304,000

 

HSBC Bank plc

 

9/19/2018

 

1,489,641

 

USD

 

291,732,051

 

JPY

 

30,946,936,000

 

HSBC Bank plc

 

9/19/2018

 

14,040,119

 

USD

 

199,381,237

 

EUR

 

164,846,000

 

Bank of New York Mellon

 

10/17/2018

 

5,495,529

 

USD

 

43,398,223

 

GBP

 

32,401,000

 

Bank of New York Mellon

 

10/17/2018

 

729,197

 

USD

 

340,552,074

 

JPY

 

36,807,379,000

 

Bank of New York Mellon

 

10/17/2018

 

9,617,813

 

USD

 

410,244,670

 

EUR

 

343,963,000

 

Goldman Sachs

 

11/14/2018

 

4,726,211

 

USD

 

45,739,097

 

GBP

 

33,862,000

 

Goldman Sachs

 

11/14/2018

 

1,084,707

 

USD

 

257,587,240

 

JPY

 

28,020,340,000

 

Goldman Sachs

 

11/14/2018

 

5,092,006

 

USD

 

158,677,793

 

EUR

 

133,824,000

 

JPMorgan Chase Bank

 

12/12/2018

 

512,727

 

USD

 

43,593,767

 

GBP

 

32,717,000

 

JPMorgan Chase Bank

 

12/12/2018

 

387,676

 

USD

 

337,860,958

 

JPY

 

37,299,174,000

 

JPMorgan Chase Bank

 

12/12/2018

 

942,069

 

Net unrealized appreciation

 

 

 

 

 

 

 

 

 

$

96,383,969

 

 

Abbreviations

ADR

American Depositary Receipt

CVA

Dutch Certification

EUR

Euro

GBP

British Pound

IDR

Indonesian Rupiah

JPY

Japanese Yen

MXN

Mexican Peso

MYR

Malaysian Ringgit

NVDR

Non-Voting Depositary Receipt

PJSC

Public Joint Stock Company

PLN

Polish Zloty

REIT

Real Estate Investment Trust

SGD

Singapore Dollar

USD

United States Dollar

 

See Notes to Consolidated Schedule of Investments.

 

(Continued)

 

6



 

Affiliated Securities

 

Security Description

 

Shares at
July 31,
2018

 

Market Value
October 31,
2017

 

Purchases
at Cost

 

Proceeds from
Sales

 

Net Realized
Gain (Loss)

 

Change
in  Unrealized
Appreciation/
(Depreciation)

 

Market
Value July
31, 2018

 

Dividend
/Interest
Income

 

Capital Gain
Distributions

 

Berkeley Group Holdings plc ^

 

6,602,948

 

$

366,860,523

 

$

 

$

(44,384,164

)

$

26,776,597

 

$

(26,062,385

)

$

323,190,571

 

$

5,252,898

 

$

 

Chofu Seisakusho Co. Ltd.

 

3,351,000

 

83,273,333

 

 

(1,452,251

)

123,417

 

(10,100,309

)

71,844,190

 

869,586

 

 

Emin Leydier SA^

 

 

53,816,069

 

 

(83,418,840

)

83,702,491

 

(54,099,720

)

 

110,565

 

 

Flowserve Corp.

 

8,414,508

 

370,827,368

 

 

 

 

2,187,772

 

373,015,140

 

4,796,270

 

 

Hirose Electric Co. Ltd.

 

2,564,415

 

367,409,683

 

 

 

 

(54,729,427

)

312,680,256

 

4,931,403

 

 

Hornbach Holding AG & Co. KGaA

 

1,181,422

 

101,162,948

 

 

 

 

(18,947,558

)

82,215,390

 

1,769,466

 

 

Mills Music Trust

 

31,592

 

770,845

 

 

 

 

(43,913

)

726,932

 

68,208

 

 

Namyang Dairy Products Co. Ltd.

 

39,989

 

23,439,818

 

 

 

 

(525,637

)

22,914,181

 

29,151

 

 

NOW, Inc.*

 

5,851,664

 

73,262,833

 

 

 

 

14,219,544

 

87,482,377

 

 

 

NSC Groupe ^

 

38,717

 

5,740,670

 

 

(2,420,028

)

(2,667,280

)

3,036,447

 

3,689,809

 

122,259

 

 

Orbital ATK, Inc. ^

 

 

491,057,511

 

 

(496,857,257

)

309,084,986

 

(303,285,240

)

 

3,546,342

 

 

Sabeton SA

 

385,000

 

11,077,141

 

 

 

 

136,398

 

11,213,539

 

83,640

 

 

San Juan Basin Royalty Trust

 

3,908,035

 

29,427,504

 

 

 

 

(6,370,098

)

23,057,406

 

1,416,186

 

 

T Hasegawa Co. Ltd.

 

3,016,200

 

67,686,317

 

 

(6,655,493

)

1,688,662

 

2,872,999

 

65,592,485

 

520,198

 

 

Teradata Corp.*

 

12,190,179

 

407,761,488

 

 

 

 

59,000,466

 

466,761,954

 

 

 

Vista Outdoor, Inc.*

 

3,252,457

 

68,008,876

 

 

 

 

(15,188,974

)

52,819,902

 

 

 

Total

 

50,828,126

 

$

2,521,582,927

 

$

 

$

(635,188,033

)

$

418,708,873

 

$

(407,899,635

)

$

1,897,204,132

 

$

23,516,172

 

$

 

 

 

 

*

Non-income producing security.

^

Represents an unaffiliated issuer as of July 31, 2018.

 

See Notes to Consolidated Schedule of Investments.

 

(Continued)

 

7



 

Industry Diversification for Portfolio Holdings

 

Percent of Net
Assets

 

Air Freight & Logistics

 

0.7

%

Auto Components

 

0.4

 

Automobiles

 

0.4

 

Banks

 

2.9

 

Beverages

 

0.5

 

Building Products

 

0.7

 

Capital Markets

 

1.7

 

Chemicals

 

2.5

 

Commercial Services & Supplies

 

1.7

 

Commodities

 

6.8

 

Construction & Engineering

 

0.5

 

Construction Materials

 

1.2

 

Consumer Finance

 

1.5

 

Diversified Consumer Services

 

0.2

 

Diversified Financial Services

 

2.6

 

Diversified Telecommunication Services

 

0.3

 

Electrical Equipment

 

0.2

 

Electronic Equipment, Instruments & Components

 

1.5

 

Energy Equipment & Services

 

4.0

 

Equity Real Estate Investment Trusts (REITs)

 

1.5

 

Food & Staples Retailing

 

0.2

 

Food Products

 

2.3

 

Foreign Government Securities

 

1.1

 

Gas Utilities

 

0.5

 

Health Care Equipment & Supplies

 

1.4

 

Health Care Providers & Services

 

1.7

 

Hotels, Restaurants & Leisure

 

0.7

 

Household Durables

 

0.7

 

Household Products

 

0.8

 

Industrial Conglomerates

 

2.2

 

Insurance

 

4.4

 

Internet Software & Services

 

1.0

 

IT Services

 

1.9

 

Leisure Products

 

0.6

 

Machinery

 

3.7

 

Media

 

3.2

 

Metals & Mining

 

3.8

 

Oil, Gas & Consumable Fuels

 

3.7

 

Personal Products

 

0.1

 

Pharmaceuticals

 

1.3

 

Real Estate Management & Development

 

2.0

 

Road & Rail

 

1.1

 

Semiconductors & Semiconductor Equipment

 

1.7

 

Software

 

3.6

 

Specialty Retail

 

0.6

 

Textiles, Apparel & Luxury Goods

 

0.3

 

Tobacco

 

2.2

 

Trading Companies & Distributors

 

0.5

 

U.S. Treasury Obligations

 

0.2

 

Wireless Telecommunication Services

 

2.4

 

Short-Term Investments

 

18.0

 

Total Investments

 

99.7

%

 

See Notes to Consolidated Schedule of Investments.

 

(Continued)

 

8



 

First Eagle Overseas Fund

Consolidated Schedule of Investments

July 31, 2018 (unaudited)

 

Investments

 

Shares

 

Value ($)

 

COMMON STOCKS — 75.3%

 

 

 

 

 

 

 

 

 

 

 

Africa — 0.1%

 

 

 

 

 

Randgold Resources Ltd., ADR

 

118,663

 

8,763,263

 

 

 

 

 

 

 

Australia — 0.7%

 

 

 

 

 

Newcrest Mining Ltd.

 

6,802,853

 

109,288,342

 

 

 

 

 

 

 

Belgium — 0.7%

 

 

 

 

 

Groupe Bruxelles Lambert SA

 

907,727

 

96,426,784

 

Sofina SA

 

98,473

 

17,845,421

 

 

 

 

 

114,272,205

 

Brazil — 0.8%

 

 

 

 

 

Cielo SA

 

34,215,778

 

130,817,258

 

 

 

 

 

 

 

Canada — 7.0%

 

 

 

 

 

Agnico Eagle Mines Ltd.

 

1,977,932

 

82,866,813

 

Barrick Gold Corp.

 

4,694,846

 

52,535,327

 

Canadian Natural Resources Ltd.

 

1,096,974

 

40,308,535

 

Cenovus Energy, Inc.

 

9,854,984

 

98,944,039

 

Franco-Nevada Corp.

 

882,841

 

64,758,188

 

Goldcorp, Inc.

 

7,294,482

 

91,181,025

 

Imperial Oil Ltd.

 

6,877,585

 

235,535,543

 

Nutrien Ltd.

 

7,058,038

 

382,616,240

 

Power Corp. of Canada

 

1,883,195

 

42,836,407

 

Wheaton Precious Metals Corp.

 

4,232,770

 

88,676,531

 

 

 

 

 

1,180,258,648

 

Chile — 0.8%

 

 

 

 

 

Cia Cervecerias Unidas SA, ADR

 

5,109,630

 

139,135,225

 

 

 

 

 

 

 

Denmark — 0.6%

 

 

 

 

 

ISS A/S

 

2,727,957

 

101,897,733

 

 

 

 

 

 

 

France — 9.2%

 

 

 

 

 

Bouygues SA

 

2,770,374

 

121,659,438

 

Carrefour SA

 

2,519,146

 

45,165,245

 

Cie de Saint-Gobain

 

3,895,412

 

173,183,448

 

Danone SA

 

4,221,140

 

331,411,363

 

Laurent-Perrier(a)

 

558,938

 

69,934,573

 

Legrand SA

 

648,834

 

47,623,028

 

Legris Industries SA*‡(a)(b)(c)

 

905,366

 

28,785,774

 

Rexel SA

 

7,346,731

 

114,901,833

 

Robertet SA(a)

 

196,831

 

115,224,281

 

Robertet SA CI (non-voting)‡(b)

 

51,500

 

21,035,378

 

Sabeton SA

 

100,000

 

2,912,608

 

Sanofi

 

2,558,177

 

222,551,957

 

Sodexo SA

 

1,610,285

 

178,380,968

 

Wendel SA

 

493,657

 

71,892,276

 

 

 

 

 

1,544,662,170

 

Germany — 2.9%

 

 

 

 

 

Hamburger Hafen und Logistik AG

 

1,449,647

 

33,438,335

 

HeidelbergCement AG

 

2,786,826