<PAGE>
First Eagle SoGen Funds
Annual Report
October 31, 2000
First Eagle SoGen
Global Fund
First Eagle SoGen
Overseas Fund
First Eagle SoGen
Gold Fund
First Eagle SoGen
Money Fund
Annual Report
[Sogen Logo]
<PAGE>
First Eagle SoGen Funds, Inc.
THE PRESIDENTS' LETTER
Dear Shareholder:
The end of your Funds' fiscal year was changed from March 31 to October 31,
which is customary for most mutual funds due to tax efficiencies, thus this
annual report will reach you only six weeks after you received the semi-annual
report.
There is one matter of importance we would like to report on. Your First Eagle
SoGen Global Fund and First Eagle SoGen Overseas Fund have held the Bank for
International Settlements (BIS) stock for many years. We looked at it in three
ways, as: 1) the inexpensive stock of a very safe bank; 2) a quasi money market
fund at a big discount; 3) a partial and quite undervalued gold-related
investment (the Bank has tons of gold in its vaults). BIS has announced plans to
force private (non-central bank) holders out at CHF (Swiss francs) 16,000 per
share on January 8, 2001. The Bank itself computes the net asset value at
approximately CHF 32,750. Accordingly, we are exploring what remedies are
available to us under the applicable law.
First Eagle SoGen Global Fund
As of October 31, 2000 your Fund's net assets, on an economic basis were
invested as follows:
<TABLE>
--------------------------------------------------------------------
<S> <C>
U.S. stocks(1).......................................... 33.60%
Foreign stocks(1)....................................... 45.85
U.S. dollar bonds....................................... 15.79
Foreign currency bonds.................................. 0.39
U.S. dollar cash and equivalents(2)..................... 4.37
------
100.00%
--------------------------------------------------------------------
</TABLE>
(1) Includes convertible bonds with moderate premia.
(2) Includes floating rate securities.
The ten largest equity holdings were: Buderus AG (German manufacturer of heating
systems); Bank for International Settlements, U.S. and French Tranches (the
central banks' central bank, with some gold assets); Rayonier Inc. (U.S. forest
products company); San Juan Basin Royalty Trust (U.S. trust that receives
royalties on gas fields);
<PAGE>
Kuehne & Nagel International AG (Swiss freight forwarding company); Manpower
Inc. (leading global temporary employment firm); Antofagasta Holdings plc (U.K.
listed company with assets in Chile); Canadian Pacific Limited (railroad company
with major interests in oil and gas); Woodward Governor Co. (U.S. fuel delivery
systems manufacturer) and Eurafrance (French holding company).
First Eagle SoGen Overseas Fund
As of October 31, 2000 your Fund's net assets, on an economic basis were
invested as follows:
<TABLE>
--------------------------------------------------------------------
<S> <C>
Foreign stocks(1)....................................... 92.20%
U.S. dollar bonds....................................... 2.73
Foreign currency bonds.................................. 0.40
U.S. dollar cash and equivalents........................ 4.67
------
100.00%
--------------------------------------------------------------------
</TABLE>
(1) Includes convertible bonds with moderate premia.
The ten largest equity holdings were: Bank for International Settlements, U.S.
and French Tranches (the central banks' central bank, with some gold assets);
Buderus AG (German manufacturer of heating systems); Antofagasta Holdings plc
(U.K. listed company with assets in Chile); Kuehne & Nagel International AG
(Swiss freight forwarding company); Carter Holt Harvey Limited (New Zealand
forest products company); IMI plc (British industrial conglomerate); Shimano,
Inc. (Japanese manufacturer of bicycle parts); Nisshinbo Industries Inc.
(Japanese company with textile and other assets); and Legrand ADP (French
low-voltage electrical fittings manufacturer).
First Eagle SoGen Gold Fund
The U.S. dollar has been strong for quite a few years now. The dollar may be
overvalued today, at least vis-a-vis the euro. If the dollar were to weaken now,
gold would probably benefit.
2
<PAGE>
As of October 31, 2000 your Fund's net assets were invested as follows:
<TABLE>
--------------------------------------------------------------------
<S> <C>
Freeport McMoRan Copper and Gold (Preferred Series `B',
`C' and `D')........................................... 12.78%
Bank for International Settlements (French Tranche)..... 6.71
Franco-Nevada (Royalty)................................. 4.72
U.S. securities......................................... 21.85
Canadian securities..................................... 23.95
Australian securities................................... 2.11
South African securities................................ 21.67
Miscellaneous securities................................ 6.18
U.S. dollar cash and equivalents........................ 0.03
------
100.00%
--------------------------------------------------------------------
</TABLE>
First Eagle SoGen Money Fund
If the U.S. economy continues to slow down and if inflation remains moderate,
then short-term interest rates may be expected to decline.
Sincerely,
<TABLE>
<S> <C>
[SIGNATURE] [SIGNATURE]
Jean-Marie Eveillard John Arnhold
Co-President Co-President
</TABLE>
December 11, 2000
3
<PAGE>
First Eagle SoGen Funds, Inc.
INVESTMENT RESULTS
COMPARISONS OF CHANGE IN VALUE OF A $10,000 INVESTMENT
IN FIRST EAGLE SOGEN FUNDS, INC. AND VARIOUS INDICES
First Eagle SoGen Global Fund, Class A
AVERAGE ANNUAL RATES OF RETURN AS OF OCTOBER 31, 2000
[CHART]
<TABLE>
<CAPTION>
1 YEAR 5 YEAR 10 YEAR
------ ------ -------
<S> <C> <C>
5.00% 8.57% 11.11%
</TABLE>
<TABLE>
<CAPTION>
JP Morgan
Consumer MSCI Global First Eagle
Price World Government SoGen
Index Index Bond Index Global Fund
----- ----- ---------- -----------
<S> <C> <C> <C> <C>
10/31/90 $10,000 $10,000 $10,000 $10,000
4/30/91 10,127 11,102 10,327 10,744
10/31/91 10,285 11,575 11,126 11,403
4/30/92 10,449 11,048 11,601 12,067
10/31/92 10,622 10,970 12,526 12,552
4/30/93 10,779 12,776 13,268 13,964
10/31/93 10,914 13,932 13,903 15,457
4/30/94 11,026 14,290 13,845 16,386
10/31/94 11,199 14,998 14,268 16,991
4/30/95 11,378 15,682 15,778 17,252
10/31/95 11,513 16,420 16,459 18,370
4/30/96 11,700 18,615 16,492 20,481
10/31/96 11,858 19,096 17,464 20,938
4/30/97 11,993 20,540 16,807 22,127
10/31/97 12,105 22,299 18,073 23,534
4/30/98 12,172 26,504 18,290 25,389
10/31/98 12,277 25,701 20,418 22,512
4/30/99 12,449 30,732 19,761 24,842
10/31/99 12,592 32,105 19,815 26,390
4/30/90 12,831 34,509 19,000 27,733
10/31/00 13,026 32,456 18,894 28,796
</TABLE>
First Eagle SoGen Overseas Fund, Class A
AVERAGE ANNUAL RATES OF RETURN AS OF OCTOBER 31, 2000
[CHART]
<TABLE>
<CAPTION>
SINCE INCEPTION
1 YEAR 5 YEAR (8/31/93)
------ ------ ---------
<S> <C> <C>
4.81% 10.17% 10.74%
</TABLE>
<TABLE>
<CAPTION>
First Eagle
SoGen MSCI Consumer
Overseas EAFE Price
Fund Index Index
---- ----- -----
<S> <C> <C> <C>
8/31/93 $10,000 $10,000 $10,000
10/31/93 10,055 10,076 10,055
4/30/94 11,289 10,637 10,159
10/31/94 11,685 11,093 10,317
4/30/95 11,590 11,231 10,483
10/31/95 12,338 11,052 10,607
4/30/96 13,938 12,512 10,780
10/31/96 14,129 12,209 10,925
4/30/97 15,172 12,401 11,049
10/31/97 15,313 12,775 11,153
4/30/98 16,849 14,745 11,215
10/31/98 14,733 14,007 11,311
4/30/99 17,206 16,147 11,470
10/31/99 19,095 17,233 11,601
4/30/00 20,083 18,390 11,822
10/31/00 20,790 16,734 12,001
</TABLE>
4
<PAGE>
First Eagle SoGen Gold Fund
AVERAGE ANNUAL RATES OF RETURN AS OF OCTOBER 31, 2000
[CHART]
<TABLE>
<CAPTION>
SINCE INCEPTION
1 YEAR 5 YEAR (8/31/93)
------ ------ ---------
<S> <C> <C>
(31.29%) (14.50%) (8.71%)
</TABLE>
<TABLE>
<CAPTION>
Consumer MSCI FT Gold First Eagle
Price World Mines SoGen
Index Index Index Gold Fund
----- ----- ----- ---------
<S> <C> <C> <C> <C>
8/31/93 10,000 10,000 10,000 10,000
10/31/93 10,055 10,081 10,494 10,430
4/30/94 10,159 10,340 10,086 11,050
10/31/94 10,317 10,852 11,467 12,171
4/30/95 10,483 11,347 10,262 11,475
10/31/95 10,607 11,882 9,164 11,393
4/30/96 10,780 13,470 12,375 12,920
10/31/96 10,925 13,818 9,987 12,184
4/30/97 11,049 14,862 7,811 10,724
10/31/97 11,153 16,136 6,604 9,326
4/30/98 11,215 19,178 6,906 9,120
10/31/98 11,311 18,597 5,920 7,586
4/30/99 11,470 22,237 5,414 7,149
10/31/99 11,601 23,231 5,211 7,576
4/30/00 11,822 24,970 4,023 6,030
10/31/00 12,001 23,484 3,150 5,409
</TABLE>
Performance is historical and is not indicative of future results. The Funds'
results assume reinvestment of income dividends and capital gains distributions
and give effect to the deduction of the maximum sales load of 3.75%. Effective
April 1, 2000 the maximum sales load is 5.00%. The MSCI EAFE Index and the MSCI
World Index returns assume reinvestment of dividends and the JP Morgan Global
Government Bond Index assumes that a coupon payment received in one currency is
immediately reinvested back into the bonds in that country's index. The FT Gold
Mines Index is only available without dividends reinvested. Unlike Fund returns,
the indices do not reflect any fees or expenses.
5
<PAGE>
First Eagle SoGen Funds, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
Because the end of your Funds' fiscal year was changed from March 31 to
October 31, this discussion will cover the seven-month period from April 1, 2000
to October 31, 2000. That period has witnessed a sharp swing from growth to
value. Around the world the infatuation with 'new economy' stocks (defined as
technology, media, and telecommunications) began to wane in mid-March.
Unfortunately, that swing occurred mostly at the expense of the 'new economy'
stocks rather than to the benefit of the 'old economy' stocks, many of which are
perceived as vulnerable to a possible global economic slowdown. Your Funds did
benefit, however, from a fair amount of corporate activity, as a few of the
companies owned in the portfolios were the object of takeover bids, mergers or
buyout offers.
First Eagle SoGen Global Fund
The net asset value of the Fund's Class `A' shares rose 1.68%* between April 1,
2000 and October 31, 2000, better than the MSCI World Index which was down 9.94%
over that period. Several securities were strong performers as corporate
activity caused the value of these holdings to rise significantly. In the United
States, it was announced that Burns International Services Corp., Catskill
Financial Corp., Security Capital U.S. Realty, Justin Industries Inc., Homestake
Oil & Gas Co. and Georgia Pacific Timber Group would be either merged or taken
over. Similar developments happened overseas with City e-Solutions Limited
(formerly CDL Hotels International Limited) (Hong Kong), IRO AB (Sweden) and
Bank for International Settlements (international organization based in Basle,
Switzerland). Our U.S. real estate and energy related securities performed well
along with some individual securities such as Woodward Governor Co. (U.S.),
Kuehne & Nagel International AG (Switzerland) and Antofagasta plc (U.K. company
with Chilean assets). Conversely, around the world our gold, forest products and
media related securities were down over the period. A weak euro mitigated the
performance of the Fund's European holdings since the Fund was only modestly
hedged against a rising U.S. dollar.
6
<PAGE>
First Eagle SoGen Overseas Fund
The net asset value of the Fund's Class `A' shares declined 0.69%* for the
period from April 1, 2000 to October 31, 2000, while the MSCI EAFE Index fell
13.79% over that period. The Fund did benefit from corporate activity (City
e-Solutions Limited (formerly CDL Hotels International Limited), IRO AB, and
Bank for International Settlements). Some individual securities performed well,
including Kuehne & Nagel International AG (Switzerland), Antofagasta plc (U.K.
company with Chilean assets), Aida Engineering Ltd. (Japan), Hornbach Holding AG
(Germany) and Spotless Group Ltd. (Australia). Conversely, most of the Fund's
media related securities were weak after a strong run-up in the preceding six
month period. A weak euro mitigated the performance of the Fund's European
holdings since the Fund was only modestly hedged against a rising U.S. dollar.
First Eagle SoGen Gold Fund
Between April 1, 2000 and October 31, 2000, the price of gold fell 4.62%, ending
the period at $265.15 an ounce. Regular U.K. and Swiss auctions, the strong
dollar and a lackluster recovery in Asian jewelry demand combined to erode gold
prices, even though gold prices did manage to spike up to $292 an ounce in early
June. The net asset value of the Fund's Class `A' shares ended the seven-month
period down 14.12%*, while the F.T. Gold Index was down 24.23% over the same
period. The Fund was hurt by lower gold prices but did benefit from corporate
activity involving two of its holdings, CSA Management Ltd. (Canada) and the
Bank for International Settlements (international organization headquartered in
Basle, Switzerland). We continue to avoid speculative mining stocks while
favoring companies that do not hedge.
---------
* These figures assume the immediate reinvestment of all dividends and
distributions and do not give effect to the deduction of the Fund's sales
loads. (See the 'Investment Results' section of this report for further
information.)
7
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- U.S. (33.60%)
Agriculture (0.21%)
75,000 Deere & Company $ 1,085,028 $ 2,760,937
2,485 J.G. Boswell Company 573,840 596,400
-------------- --------------
1,658,868 3,357,337
-------------- --------------
Automotive (0.57%)
325,000 Bandag Incorporated,
Class `A' 14,791,280 9,262,500
-------------- --------------
Building Materials (0.27%)
235,000 LSI Industries Inc. 4,232,194 4,406,250
-------------- --------------
Capital Goods (3.34%)
465,000 Woodward Governor Company 9,441,377 20,823,281
275,000 The Manitowoc Company, Inc. 6,827,729 7,476,562
105,500 Franklin Electric Company,
Inc. 7,329,500 7,187,187
215,000 IDEX Corporation 5,431,672 6,933,750
450,000 Kaiser Ventures Inc. (a)(c) 5,365,370 5,118,750
4,805,000 Conbraco Industries, Inc. 1,568,050 2,426,525
55,000 Tennant Company 1,366,594 2,392,500
1,050,000 Ethyl Corporation 3,066,946 2,100,000
-------------- --------------
40,397,238 54,458,555
-------------- --------------
Consumer Products (4.69%)
875,000 Furniture Brands
International, Inc. (a) 13,786,872 14,765,625
179,000 Allen Organ Company,
Class `B' (c) 5,545,389 10,382,000
265,000 Philip Morris Companies, Inc. 5,848,621 9,705,625
205,000 Costco Wholesale Corp. 6,682,687 7,508,125
575,000 Dole Food Company, Inc. 12,750,440 6,935,937
345,000 Energizer Holdings Inc. (a) 7,483,080 6,813,750
185,000 St. John Knits International
Inc. (a) 3,180,703 5,180,000
155,000 Papa John's International
Inc. (a) 3,496,312 3,894,375
80,000 Black & Decker Corp. 2,839,257 3,010,000
525,000 Sola International Inc. (a) 5,933,102 2,264,062
45,000 Adolph Coors Company,
Class `B' 870,626 2,865,937
102,262 Jostens, Inc. 1,898,329 1,559,495
225,000 A.T. Cross Company,
Class `A' (a) 2,656,315 1,082,812
125,000 Baldwin Piano & Organ
Company (a) 917,000 414,062
-------------- --------------
73,888,733 76,381,805
-------------- --------------
Electronics (0.67%)
1,105,000 UCAR International, Inc. (a) 18,226,662 9,116,250
50,000 BEI Technologies Inc. 235,573 1,781,250
-------------- --------------
18,462,235 10,897,500
-------------- --------------
</TABLE>
8
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- U.S.--(continued)
Energy (3.63%)
3,000,000 San Juan Basin Royalty
Trust (c) $ 19,292,179 $ 30,750,000
165,000 Murphy Oil Corporation 6,630,808 9,559,687
1,225,000 Kaneb Services, Inc. (a) 4,181,724 5,512,500
125,000 Burlington Resources Inc. 4,139,174 4,500,000
250,241 The Home-Stake Oil & Gas
Company (c) 825,100 2,627,530
35,000 Tosco Financing Trust $2 7/8
Conv. Pfd. (b) 1,905,312 1,755,355
5,000 Tosco Financing Trust $2 7/8
Conv. Pfd. 243,750 250,765
40,000 Weatherford International,
Inc. (a) 449,392 1,460,000
85,000 Consol Energy Inc. 1,226,546 1,439,687
70,000 Grant Prideco Inc. (a) 450,799 1,299,375
-------------- --------------
39,344,784 59,154,899
-------------- --------------
Financial Companies (1.05%)
395,000 IPC Holdings, Ltd. 4,898,345 8,054,297
65 Berkshire Hathaway Inc.,
Class `A' 3,169,800 4,140,500
50,000 MBIA, Inc. 2,348,695 3,634,375
114,750 East Texas Financial
Services, Inc. (c) 862,688 1,011,234
31,000 Redwood Financial,
Inc. (a)(e) 271,250 203,360
-------------- --------------
11,550,778 17,043,766
-------------- --------------
Forest Products (5.22%)
1,415,000 Rayonier Inc. (c) 52,126,126 49,790,312
615,000 Greif Bros. Corporation
Class `A' (c) 11,017,026 19,680,000
245,000 Georgia-Pacific Corporation,
Timber Group 5,210,141 6,936,563
235,000 Deltic Timber Corporation 4,403,932 4,567,813
300,000 Longview Fibre Company 3,447,945 4,087,500
-------------- --------------
76,205,170 85,062,188
-------------- --------------
Health Care (0.37%)
175,000 Dentsply International Inc. 4,064,344 6,070,313
-------------- --------------
Media (0.27%)
70,000 Knight Ridder Inc. 3,383,320 3,517,500
34,924 Mills Music Trust (c) 1,055,337 855,638
-------------- --------------
4,438,657 4,373,138
-------------- --------------
</TABLE>
9
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- U.S.--(continued)
Real Estate (3.62%)
700,000 Security Capital Group, Inc.
Class `B' (a) $ 10,552,790 $ 13,343,750
510,000 Security Capital European
Realty (a)(e) 10,199,990 10,026,600
200,000 Security Capital U.S. Realty 3,681,302 4,180,000
35,000 Security Capital U.S. Realty
ADR 509,225 735,000
555,000 Crescent Real Estate Equities
Company 8,534,898 11,169,375
365,000 Catellus Development
Corporation (a) 2,030,793 6,638,438
300,000 Alico, Inc. 5,610,075 4,762,500
235,000 Price Enterprises, Inc. 2,707,118 3,378,125
219,000 Price Enterprises, Inc.
8 3/4% Pfd., Series `A' 1,434,582 1,053,938
100,000 Archstone Communities Trust 1,469,243 2,356,250
50,000 Prologis Trust 7% Conv. Pfd.,
Series `B' 1,193,710 1,343,750
-------------- --------------
47,923,726 58,987,726
-------------- --------------
Retail (1.93%)
265,000 The May Deptartment Stores
Company 6,781,107 6,956,250
345,000 Barnes & Noble Inc. (a) 6,596,974 6,511,875
435,000 Guitar Center, Inc. 4,417,380 5,763,750
1,250,000 Hancock Fabrics, Inc. (c) 9,378,704 5,468,750
145,000 Weyco Group Inc. 1,502,428 3,770,000
135,000 Sherwin-Williams Co. 2,846,113 2,927,813
-------------- --------------
31,522,706 31,398,438
-------------- --------------
Services (2.36%)
715,000 Manpower Inc. 20,316,082 24,890,938
725,000 UniFirst Corporation (c) 10,238,952 6,932,813
150,000 Chemed Corporation 4,141,078 4,931,250
77,392 KinderCare Learning Centers,
Inc. (a) 992,527 1,663,928
-------------- --------------
35,688,639 38,418,929
-------------- --------------
Technology (1.16%)
275,000 NCR Corporation (a) 7,667,504 11,859,375
165,000 Scott Technologies Inc. (a) 2,316,547 3,795,000
165,000 Apple Computer (a) 3,188,753 3,227,812
-------------- --------------
13,172,804 18,882,187
-------------- --------------
Transportation (0.98%)
500,000 Burlington Northern Santa Fe
Corp. 12,007,716 13,281,250
155,000 Heartland Express, Inc. (a) 719,568 2,693,125
-------------- --------------
12,727,284 15,974,375
-------------- --------------
</TABLE>
10
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- U.S.--(continued)
Utilities (0.90%)
250,000 CalEnergy Capital Trust
6 1/2% Conv. Pfd. $ 11,261,875 $ 9,422,000
105,000 IdaCorp Inc. 2,735,858 5,177,813
-------------- --------------
13,997,733 14,599,813
-------------- --------------
Gold Related (2.36%)
700,000 Freeport McMoRan Copper &
Gold Inc., Preferred
Series `B' (d) 23,008,334 12,425,000
870,000 Freeport McMoRan Copper &
Gold Inc., Preferred
Series `D' (d) 13,583,616 6,796,875
305,000 Freeport McMoRan Copper &
Gold Inc., Preferred
Series `C' (d) 9,173,578 4,193,750
7,432 Case, Pomeroy & Co., Inc.
Class `A' 7,366,948 7,153,300
3,000,000 Battle Mountain Gold Company
Class `A' (a) 5,466,400 4,125,000
900,000 Homestake Mining Company 9,052,879 3,712,500
-------------- --------------
67,651,755 38,406,425
-------------- --------------
Common and Preferred Stocks -- Non-U.S. (45.85%)
Argentina (0.24%)
1,750,000 Siderca S.A.I.C. (2) 1,279,456 3,850,809
-------------- --------------
Australia and New Zealand (2.26%)
3,150,000 Wilson & Horton Limited 5%
exchangeable preference
shares (c)(14) 16,143,687 14,928,401
2,050,000 Spotless Group Limited (15) 3,599,189 7,131,414
10,000,000 Carter Holt Harvey
Limited (3) 11,927,329 6,650,775
7,750,000 Tasman Agriculture
Limited (c)(4) 4,370,852 3,888,911
8,736,523 Capital Properties New
Zealand Limited 8 1/2%
exchangeable preference
shares (18) 5,384,640 3,307,442
5,000,000 Evergreen Forests
Limited (a)(3) 1,905,176 995,625
-------------- --------------
43,330,873 36,902,568
-------------- --------------
Austria (0.37%)
165,000 Flughafen Wien AG (8) 6,210,207 6,021,899
-------------- --------------
Belgium (0.25%)
300,000 Deceuninck Plastics
Industries SA (5) 3,699,267 4,074,960
-------------- --------------
Canada (1.46%)
815,000 Canadian Pacific
Limited (20) 13,786,163 23,787,813
-------------- --------------
Chile (0.13%)
245,000 Quinenco S.A. ADR (19) 1,623,860 2,051,875
-------------- --------------
</TABLE>
11
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- Non-U.S. -- (continued)
Commonwealth of
Independent States (0.14%)
556,624 Firebird Fund,
L.P. (a)(b)(e)(21) $ 1,000,000 $ 2,354,520
-------------- --------------
Denmark (0.55%)
215,000 Carlsberg International
A/S, `B' (11) 10,781,358 8,998,791
-------------- --------------
Finland (0.21%)
185,000 Vaisala Oy `A' (10) 1,452,035 3,455,227
-------------- --------------
France (4.96%)
34,500 Eurafrance (19) 13,009,747 20,751,097
200,000 Legrand ADP (6) 15,440,898 18,167,530
26,950 Societe Sucriere de
Pithiviers-le-Vieil (c)(4) 10,460,792 6,863,761
70,000 NSC Groupe (c)(6) 12,400,388 6,566,628
75,000 Carrefour Supermarche (12) 262,901 5,036,396
43,500 Sagem ADP (9) 1,175,715 4,907,907
14,249 Taittinger C.I. (c)(11) 3,513,243 4,826,579
385,000 Sabeton SA (c)(19) 4,841,233 4,510,471
73,500 Crometal (6) 4,938,687 3,244,687
65,000 Gaumont SA (14) 3,211,471 2,897,042
10,479 Robertet SA C.I. (c)(11) 781,686 1,156,499
5,112 Robertet SA (11) 527,638 1,032,880
37,263 Conflandey (c)(1) 1,784,052 917,398
-------------- --------------
72,348,451 80,878,875
-------------- --------------
Germany (6.96%)
3,665,000 Buderus AG (c)(6) 61,210,053 66,739,568
385,000 Hornbach Holding AG
Pfd. (c)(12) 23,926,825 17,813,093
200,000 Bayer AG (7) 3,890,931 8,565,906
95,000 Bertelsmann AG D.R.C. (14) 11,929,759 8,366,749
700,000 Sudzucker AG Pfd. (4) 10,021,441 6,685,481
6,500 Axel Springer Verlag AG (14) 2,037,775 5,269,857
-------------- --------------
113,016,784 113,440,654
-------------- --------------
Hong Kong (0.92%)
20,000,000 Shaw Brothers (Hong Kong)
Limited (c)(14) 20,633,637 13,463,610
22,153,845 City e-Solutions Limited (18) 1,000,825 1,562,345
-------------- --------------
21,634,462 15,025,955
-------------- --------------
Israel (0.24%)
475,000 The Israel Land Development
Company Ltd. (20) 1,724,279 3,889,285
-------------- --------------
Japan (9.26%)
1,000,000 Shimano Inc. (11) 18,761,635 20,111,783
3,000,000 Nisshinbo Industries,
Inc. (11) 21,422,744 14,403,519
300,000 Fuji Photo Film Co.,
Ltd. (11) 7,192,601 11,132,490
2,000,000 The Mitsui Marine & Fire
Insurance Co., Ltd. (16) 11,261,568 10,152,098
</TABLE>
12
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- Non-U.S. -- (continued)
Japan -- (continued)
3,442,000 The Dai-Tokyo Fire & Marine
Insurance Co., Ltd. (16) $ 16,917,844 $ 10,060,455
245,000 Ono Pharmaceutical Co.
Ltd. (13) 9,588,249 9,764,981
2,000,000 Aida Engineering, Ltd. (6) 13,038,988 8,979,293
1,050,000 Wacoal Corp (11) 9,230,889 8,956,845
1,425,000 The Nichido Fire & Marine
Insurance Co., Ltd. (16) 7,669,399 7,363,936
100,000 Secom Co., Ltd. (15) 2,670,007 7,128,459
1,900,000 The Nippon Fire & Marine
Insurance Co., Ltd (16) 7,509,497 7,067,986
815,000 Makita Corporation (11) 7,601,223 5,936,641
2,000,000 Okumura Corporation (6) 9,490,804 5,864,028
500,000 Hitachi, Ltd. (10) 3,568,902 5,360,088
600,000 Shoei Co., Ltd. (19) 4,880,744 5,112,699
435,000 Chofu Seisakusho Co.,
Ltd. (11) 8,284,147 4,842,633
80,000 Ito-Yokado Co., Ltd. (16) 2,947,131 3,613,707
19,950 Toho Co., Ltd. (14) 2,757,591 2,875,330
1,625,000 Iino Kaiun Kaisha, Ltd. (8) 4,316,267 2,203,592
-------------- --------------
169,110,230 150,930,563
-------------- --------------
Mexico (0.54%)
7,500,000 Industrias Penoles, S.A. de
C.V. (1) 22,143,038 8,785,692
-------------- --------------
Netherlands (1.42%)
745,000 Koninklijke Ahrend NV (6) 8,997,459 8,633,185
335,000 Apothekers Cooperatie OPG
U.A. (13) 8,216,804 8,119,570
325,000 Holdingmaatschappij de
Telegraaf, NV (14) 3,243,242 6,456,265
-------------- --------------
20,457,505 23,209,020
-------------- --------------
Singapore and Malaysia (0.88%)
2,000,000 Fraser & Neave Ltd. (12) 7,252,197 6,951,171
1,500,000 Delgro Corporation Ltd. (19) 2,010,884 4,153,609
1,505,000 Times Publishing Ltd. (14) 2,930,314 3,292,804
-------------- --------------
12,193,395 14,397,584
-------------- --------------
South Korea (0.87%)
1,000,000 Daeduck Electronics Co. (9) 8,051,064 8,000,000
30,000 Nam Yang Dairy Products (11) 5,317,678 6,197,802
-------------- --------------
13,368,742 14,197,802
-------------- --------------
Spain and Portugal (1.11%)
385,000 Corporacion Financiera Alba
SA (19) 9,224,047 9,805,373
435,000 Espirito Santo Financial
Group SA ADR (16) 7,277,001 8,210,625
-------------- --------------
16,501,048 18,015,998
-------------- --------------
</TABLE>
13
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- Non-U.S. -- (continued)
Switzerland (4.20%)
50,750 Kuehne & Nagel International
AG (8) $ 14,988,874 $ 27,387,410
31,250 Edipresse SA (14) 8,154,377 12,604,662
32,250 Sika Finanz AG (5) 7,403,250 8,692,940
15,000 Lindt & Sprungli AG PC (11) 2,661,221 7,260,285
12,000 Affichage Holdings AG (14) 2,311,257 5,668,030
30,000 SAirgroup D.R.C. (8) 4,349,462 4,055,746
1,000 Nestle SA Registered (11) 1,259,480 2,072,380
30,000 Pelikan Holding AG (a)(11) 2,797,748 621,714
-------------- --------------
43,925,669 68,363,167
-------------- --------------
Thailand (0.15%)
577,000 The Oriental Hotel Public
Company Limited (18) 2,636,472 2,457,556
-------------- --------------
United Kingdom (3.59%)
4,190,500 Antofagasta Holdings plc (1) 17,488,314 24,679,682
5,000,000 IMI plc (6) 20,729,110 16,228,588
2,000,000 Enodis plc (11) 4,412,408 6,571,218
3,000,000 McBride plc (11) 7,569,080 3,633,753
2,675,000 Royal Doulton plc (a)(11) 9,845,122 2,677,445
200,000 Lonmin plc (1) 773,150 2,410,897
2,500,000 Aggregate
Industries plc (5) 2,163,207 2,311,894
-------------- --------------
62,980,391 58,513,477
-------------- --------------
Gold Related (1.29%)
825,000 Franco-Nevada Mining
Corp. Ltd. 7,765,544 7,590,195
1,525,000 Gold Fields Limited 5,627,753 4,511,416
1,000,000 Harmony Gold Mining Company
Ltd. 4,591,642 3,818,663
550,000 Meridian Gold Inc. (a) 1,995,979 2,783,072
750,000 Pan American Silver
Corporation (a) 2,579,121 2,316,488
-------------- --------------
22,560,039 21,019,834
-------------- --------------
Miscellaneous (3.85%)
3,655 Bank for International
Settlements (U.S. Tranche) 19,216,192 31,924,949
2,475 Bank for International
Settlements (French Tranche) 12,734,695 21,589,329
365,000 Banco Latinoamericano de
Exportaciones S.A., Class `E'
(BLADEX) (16) 9,550,716 9,147,813
-------------- --------------
41,501,603 62,662,091
-------------- --------------
Total Common and Preferred
Stocks 1,230,984,255 1,294,422,159
-------------- --------------
</TABLE>
14
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Bonds, Notes and Convertible Bonds (16.18%)
U.S. Dollar Convertible Bonds (2.94%)
$ 2,500,000 Medya International Ltd. 10%
due 6/28/2001 (e)(14) $ 2,391,066 $ 1,375,000
2,500,000 International Container
Terminal Services, Inc. 5%
due 9/15/2001 (e)(8) 2,418,193 2,075,000
2,500,000 International Container
Terminal Services, Inc.
1 3/4% due 3/13/2004 (8) 2,159,135 2,275,000
6,000,000 Danka Business Systems plc
6 3/4% due 4/01/2002 (11) 4,581,865 1,920,000
3,000,000 LUKINTER Finance BV 3 1/2%
due 5/06/2002 (2) 1,706,564 3,240,000
3,615,000 Coeur d'Alene Mines
Corporation 6% due
6/10/2002 (1) 3,348,161 1,988,250
2,500,000 TingYi (C.I.) Holdings 1 5/8%
due 7/17/2002 (11) 1,950,829 2,693,750
3,000,000 Ashanti Goldfields Company
Limited 5 1/2% due
3/15/2003 (1) 2,653,042 1,920,000
770,000 Security Capital U.S. Realty
2% due 5/22/2003 (b)(18) 614,043 671,825
1,000,000 Security Capital U.S. Realty
2% due 5/22/2003 (18) 800,661 872,500
2,000,000 Agnico Eagle Mines Limited
3 1/2% due 1/27/2004 (1) 1,618,029 1,360,000
6,000,000 Coeur d'Alene Mines
Corporation 6 3/8% due
1/31/2004 (1) 5,973,055 1,807,500
5,000,000 CKE Restaurants Inc. 4 1/4%
due 3/15/2004 (12) 3,640,257 2,325,000
6,000,000 Halter Marine Group Inc.
4 1/2% due 9/15/2004 (6) 4,385,546 3,330,000
113,000 Excel Legacy Corp. 9% due
11/04/2004 (7) 42,506 90,965
234,000 Excel Legacy Corp. 10% due
11/04/2004 (18) 165,718 196,268
4,420,000 Battle Mountain Gold Company
6% due 1/04/2005 (1) 3,706,810 3,580,200
11,935,000 P.T. Inti Indorayon Utama 7%
due 5/02/2006 (f)(3) 9,926,856 2,446,675
1,500,000 Samsung Electronics Co. Ltd.
0% due 12/31/2007 (a)(9) 1,138,170 1,860,000
3,500,000 LG Electronics Inc. 1/4% due
12/31/2007 (9) 2,690,481 3,972,500
3,500,000 Blount International Inc. 13%
due 8/01/2009 (6) 3,550,116 2,975,000
1,500,000 Jostens Inc. 12 3/4% due
5/01/2010 (11) 1,465,553 1,485,000
4,450,000 Evans & Sutherland Computer
Corporation 6% due
3/01/2012 (10) 3,591,357 2,236,125
</TABLE>
15
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Bonds, Notes and Convertible Bonds -- (continued)
U.S. Dollar Convertible Bonds -- (continued)
$ 20,000,000 Sunbeam Corporation 0% due
3/25/2018 (a)(11) $ 3,640,908 $ 1,200,000
-------------- --------------
68,158,921 47,896,558
-------------- --------------
U.S. Dollar Bonds and Notes (4.87%)
2,000,000 P.T. Inti Indorayon Utama
9 1/8% due 10/15/2000 (f)(3) 1,922,646 340,000
1,000,000 Republic New York Corporation
9 3/4% due 12/01/2000 (16) 1,000,000 1,002,117
5,550,000 USAir Group, Inc. 9 5/8% due
2/01/2001 (8) 5,455,880 5,534,399
666,000 P.T. Pabrik Kertas
Tjiwi-Kimia 13 1/4% due
8/01/2001 (3) 630,420 559,440
4,644,000 P.T. Pabrik Kertas
Tjiwi-Kimia 10% due
8/01/2004 (3) 3,277,520 2,333,610
1,360,000 Florsheim Group Inc. 12 3/4%
due 9/01/2002 (12) 1,303,772 462,400
8,000,000 The Southland Corporation 5%
due 12/15/2003 (12) 6,952,111 7,000,000
5,589,000 The Southland Corporation 4%
due 6/15/2004 (12) 4,385,341 4,617,911
1,500,000 Hollinger International
Publishing 8 5/8% due
3/15/2005 (14) 1,575,000 1,507,500
2,500,000 Hollinger International
Publishing 9 1/4% due
3/15/2007 (14) 2,494,420 2,487,500
1,750,000 Westpoint Stevens Inc. 7 7/8%
due 6/15/2005 (11) 1,503,430 1,303,750
2,000,000 Polaroid Corporation 11 1/2%
due 2/15/2006 (11) 2,027,500 1,570,000
10,000,000 Riverwood International
Corporation 10 1/4% due
4/01/2006 (3) 9,934,455 9,800,000
1,000,000 Imperial Holly Corporation
9 3/4% due 12/15/2007 (4) 1,000,000 175,000
4,500,000 AMSC Acquisition Co. Inc.
12 1/4% due 4/01/2008 (10) 4,231,953 3,285,000
3,500,000 Domino's Inc. 10 3/8% due
1/15/2009 (11) 3,391,750 3,185,000
3,000,000 St. John Knits International
Inc. 12 1/2% due
7/01/2009 (11) 2,936,510 2,793,750
2,154,968 Federal Republic of
Brazil `C' 8% due
4/15/2014 (22) 852,181 1,606,798
5,000,000 Federal Republic of Brazil
Par ZL 6% due 4/15/2024 (22) 2,593,147 3,290,625
2,000,000 Republic of Bulgaria Disc.
FRN `A' due
7/28/2024 (7 3/4% @
10/31/2000) (22) 1,169,515 1,502,500
10,000,000 Bangkok Bank Public Co.
9.025% due 3/15/2029 (b)(16) 6,040,842 7,500,000
</TABLE>
16
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Bonds, Notes and Convertible Bonds -- (continued)
U.S. Dollar Bonds and Notes -- (continued)
$ 5,500,000 Bergen Bank Floating Rate
Perpetual Notes (6 15/16% @
10/31/2000) (16) $ 3,888,750 $ 4,214,375
3,500,000 Den Norske Bank Floating Rate
Perpetual Notes (7.025% @
10/31/2000) (16) 2,610,000 2,695,000
3,170,000 Den Norske Bank Floating Rate
Perpetual Notes (6 15/16% @
10/31/2000) (16) 2,059,625 2,497,643
10,000,000 Christiania Bank Floating
Rate Perpetual Notes (7 1/8%
@ 10/31/2000) (16) 6,826,750 8,037,500
-------------- --------------
80,063,518 79,301,818
-------------- --------------
U.S. Treasury Notes (7.98%)
10,000,000 U.S. Treasury Inflation Index
Note 3 5/8% due
7/15/2002 (22) 10,020,375 10,805,000
15,000,000 U.S. Treasury Note 7 1/2% due
2/15/2005 (22) 15,560,156 15,921,765
15,000,000 U.S. Treasury Note 5 5/8% due
2/15/2006 (22) 14,436,301 14,871,105
40,000,000 U.S. Treasury Inflation Index
Note 3 3/8% due
1/15/2007 (22) 40,146,350 42,472,000
35,000,000 U.S. Treasury Zero Coupon
Strip due 11/15/2007 (a)(22) 22,657,733 23,388,960
20,000,000 U.S. Treasury Note 7 1/4% due
5/15/2016 (22) 20,840,156 22,511,920
-------------- --------------
123,661,071 129,970,750
-------------- --------------
Non U.S. Dollar Convertible Bonds (0.20%)
FRF 339,345 Immobiliere Hoteliere 5% due
1/01/2001 (18) 12,748,796 2,408,407
CAD 1,600,000 Noranda Inc. 5% due
4/30/2007 (20) 1,056,839 904,252
-------------- --------------
13,805,635 3,312,659
-------------- --------------
Non U.S. Dollar Bonds and Notes (0.19%)
CAD 2,500,000 Bell Canada 8 1/2% due
6/09/2003 (17) 1,752,443 1,715,926
NZD 3,500,000 Evergreen Forest Limited 0%
due 3/19/2009 (a)(3) 1,871,557 1,463,569
-------------- --------------
3,624,000 3,179,495
-------------- --------------
Total Bonds, Notes and
Convertible Bonds 289,313,145 263,661,280
-------------- --------------
</TABLE>
17
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Bonds, Notes and Convertible Bonds -- (continued)
Short-Term Investments (3.89%)
$ 26,370,000 Federated Department 6.80%
due 11/01/2000 $ 26,370,000 $ 26,370,000
7,000,000 Omnicom Finance Inc. 6.55%
due 11/08/2000 6,991,085 6,991,085
10,000,000 Pearson Holdings Inc. 6.75%
due 11/13/2000 9,977,500 9,977,500
5,000,000 Burlington Northern 6.62% due
11/13/2000 4,988,967 4,988,967
15,000,000 Pearson Holdings Inc. 6.73%
due 11/17/2000 14,955,133 14,955,133
-------------- --------------
Total Short-Term Investments 63,282,685 63,282,685
-------------- --------------
Total Investments (99.52%) $1,583,580,085* 1,621,366,124**
--------------
--------------
Other assets in excess of liabilities (0.48%) 7,866,083
--------------
Net assets (100.00%) $1,629,232,207
--------------
--------------
</TABLE>
---------
* At October 31, 2000 the tax cost of investments equals $1,596,150,311.
** Gross unrealized appreciation and depreciation of securities at October 31,
2000, based on cost for federal income tax purposes, were $251,113,432 and
$225,897,619, respectively (net appreciation was $25,213,813).
<TABLE>
<CAPTION>
Foreign Currencies Industry Classifications (Unaudited)
------------------
<S> <C> <C> <C>
FRF -- French Franc (1) Metals & Minerals (12) Distribution
CAD -- Canadian Dollar (2) Energy (13) Health Care
NZD -- New Zealand Dollar (3) Forest Products (14) Media
(4) Agriculture (15) Services
(5) Building Materials (16) Financial Services
(6) Capital Goods (17) Utilities
(7) Chemicals (18) Real Estate
(8) Transportation (19) Holding Companies
(9) Electronics (20) Conglomerates
(10) Technology (21) Investment Companies
(11) Consumer Products (22) Government Issues
Bond Types
----------
FRN -- Floating Rate Note
`C' -- Capitalization
</TABLE>
---------
(a) Non-income producing security.
(b) Security is exempt from registration under the Securities Act of 1933 and
may only be sold to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933.
(c) Affiliate as defined by the Investment Company Act of 1940. An affiliate is
defined as a company in which the Fund directly or indirectly owns,
controls, or holds power to vote 5% or more of the outstanding voting
securities. Following is a summary of transactions with each such affiliate
for the period from April 1, 2000 to October 31, 2000.
18
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
Purchases Sales
-------------------- ---------------------- Realized Dividend
Affiliate Shares Cost Shares Cost Gain/(Loss) Income
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Allen Organ Company,
Class `B'........... -- -- 6,000 $ 217,500 $ 120,741 $ 51,660
Buderus AG........... 80,000 $1,286,025 -- -- -- 257,579
Conflandey........... -- -- 1,036 51,874 (26,876) 15,842
East Texas Financial
Services, Inc....... -- -- 9,750 73,938 (3,252) 11,475
Greif Bros.
Corporation
Class `A'........... -- -- -- -- -- 159,900
Hancock Fabrics,
Inc................. -- -- -- -- -- 62,500
Hornbach Holding AG
Pfd................. 60,000 2,337,579 -- -- -- 275,881
Kaiser Ventures
Inc................. -- -- -- -- -- --
Mills Music Trust.... -- -- -- -- -- 62,832
NSC Groupe........... -- -- -- -- -- 197,119
Rayonier Inc......... 265,000 9,307,963 -- -- -- 844,200
Robertet SA C.I...... -- -- -- -- -- 34,179
Sabeton SA 'D'....... -- -- 1,500 319,144 (132,475) 394,265
San Juan Basin
Royalty Trust....... -- -- -- -- -- 1,818,123
Shaw Brothers (Hong
Kong) Limited....... 1,181,868 1,132,635 -- -- -- 384,679
Societe Sucriere de
Pithiviers-
le-Vieil............ -- -- -- -- -- 221,732
Taittinger C.I....... -- -- 435 106,957 47,908 108,273
Tasman Agriculture
Limited............. -- -- 2,250,000 1,726,618 (463,037) 83,946
The Home-Stake Oil &
Gas Company......... -- -- -- -- -- 25,024
UniFirst
Corporation......... -- -- -- -- -- 27,188
Wilson & Horton
Limited 5%
exchangeable
preference shares... -- -- 13,762 76,382 1,525 291,362
-----------------------------------------------------------------------------------------------
</TABLE>
'D' 10 for 1 stock split; ex-date July 3, 2000
(d) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(e) Security for which there are less than three market makers.
(f) In default as to principal and interest.
---------
See Notes to Financial Statements.
19
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
October 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
----------------------------------------------------------------------------
<S> <C> <C> <C>
Common and Preferred Stocks (92.20%)
Argentina (0.42%)
450,000 Siderca S.A.I.C.(2) $ 265,818 $ 990,208
596,964 Cresud S.A.C.I.F. y A. (4) 595,469 501,555
500,000 Ledesma S.A.A.I. (4) 495,674 265,056
------------ ------------
1,356,961 1,756,819
------------ ------------
Australia and New Zealand (5.70%)
15,250,000 Carter Holt Harvey Limited (3) 16,268,232 10,142,432
1,425,000 Wilson & Horton Limited 5%
exchangeable preference shares
(c)(15) 7,451,735 6,753,324
700,000 Spotless Group Limited (16) 1,290,797 2,435,117
3,750,000 Tasman Agriculture Limited (4) 2,366,729 1,881,731
3,581,128 Capital Properties New Zealand
Limited 8 1/2% exchangeable
preference shares 2,765,707 1,355,731
300,000 Radio Works New Zealand
Limited (15) 544,139 928,918
2,000,000 Evergreen Forests Limited
(a)(3) 762,070 398,250
------------ ------------
31,449,409 23,895,503
------------ ------------
Austria (0.70%)
80,000 Flughafen Wien AG (9) 2,827,054 2,919,709
------------ ------------
Belgium (0.57%)
175,000 Deceuninck Plastics
Industries SA (6) 3,157,683 2,377,060
------------ ------------
Canada (1.65%)
185,000 Canadian Pacific Limited (20) 3,187,349 5,399,687
75,000 Fletcher Challenge Energy (2) 812,737 788,592
80,000 Franco-Nevada Mining
Corp. Ltd. (23) 853,050 736,018
------------ ------------
4,853,136 6,924,297
------------ ------------
Chile (0.11%)
55,000 Quinenco S.A. ADR (19) 525,765 460,625
------------ ------------
Commonwealth of Independent States (1.26%)
532,524 Firebird Fund, L.P.
(a)(b)(e)(21) 533,858 2,139,681
9,000 Baltic Republic Fund
(a)(b)(e)(21) 905,750 1,084,500
10,265 Firebird Republic Fund, Ltd.
Class `A' (a)(b)(e)(21) 1,675,000 980,417
100,000 First NIS Regional Fund SICAF
(b)(e)(21) 1,000,000 512,500
5,000 M.J. Whitman Global Value L.P.
(a)(b)(e)(21) 500,000 573,700
------------ ------------
4,614,608 5,290,798
------------ ------------
</TABLE>
20
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
----------------------------------------------------------------------------
<S> <C> <C> <C>
Common and Preferred Stocks -- (continued)
Denmark (0.52%)
45,000 Carlsberg International
A/S `B'(12) $ 1,779,188 $ 1,883,468
4,000 Kobenhavns Lufthavne A/S (9) 173,825 305,643
------------ ------------
1,953,013 2,189,111
------------ ------------
Finland (0.11%)
25,000 Vaisala Oy A (11) 175,372 466,923
------------ ------------
France (7.36%)
85,500 Legrand ADP (7) 7,878,778 7,766,619
6,500 Eurafrance (19) 2,348,402 3,909,627
11,500 Societe Sucriere de
Pithiviers-le-Vieil (4) 4,207,896 2,928,877
23,500 NSC Groupe (7) 4,098,208 2,204,511
6,000 Taittinger C.I. (c)(12) 1,547,568 2,032,386
1,350,000 FINEL (a)(b)(e)(3) 2,277,010 1,893,956
8,500 Robertet SA (12) 1,609,324 1,717,426
7,856 Robertet SA C.I. (c)(12) 1,120,564 867,016
23,500 Rougier SA (c)(3) 1,702,604 1,272,831
9,250 Sagem ADP (10) 283,122 1,043,635
15,000 Carrefour Supermarche (13) 180,659 1,007,279
20,000 Crometal (7) 1,200,595 882,908
75,000 Sabeton SA (19) 1,175,558 878,663
10,000 Burelle SA (5) 443,781 615,489
23,801 Conflandey (1) 1,306,543 585,970
15,000 Societe Francaise des Papiers
Peints (12) 741,390 572,914
9,000 Gaumont SA (15) 432,118 401,129
2,000 Total Fina Elf SA (2) 86,627 286,266
------------ ------------
32,640,747 30,867,502
------------ ------------
Germany (9.89%)
1,250,000 Buderus AG (7) 20,132,496 22,762,472
235,000 Hornbach Holding AG Pfd.
(c)(13) 14,618,250 10,872,927
75,000 Bayer AG (8) 2,295,113 3,212,215
165,000 Vossloh AG (6) 3,127,748 2,458,347
1,500 Axel Springer Verlag AG (15) 575,364 1,216,121
100,000 Sudzucker AG Pfd. (12) 1,485,645 955,069
------------ ------------
42,234,616 41,477,151
------------ ------------
Hong Kong (2.50%)
10,671,500 Shaw Brothers (Hong Kong)
Limited (15) 10,829,949 7,183,846
5,000,000 Cafe de Coral Holdings
Limited (19) 1,899,348 1,859,260
3,000,000 Lerado Group Holding Company
Limited (19) 484,003 434,682
</TABLE>
21
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
----------------------------------------------------------------------------
<S> <C> <C> <C>
Common and Preferred Stocks -- (continued)
Hong Kong -- (continued)
2,500,000 China-Hong Kong Photo Products
Holdings Limited (12) $ 224,324 $ 211,571
11,355,048 City e-Solutions Limited (18) 339,982 800,786
------------ ------------
13,777,606 10,490,145
------------ ------------
India (0.08%)
10,000 The Spartek Emerging
Opportunities of India Fund
(a)(b)(e)(21) 1,035,000 354,500
------------ ------------
Ireland (0.39%)
700,000 Greencore Group (12) 1,918,345 1,634,229
------------ ------------
Israel (0.12%)
150,000 Super-Sol (13) 280,972 495,410
------------ ------------
Japan (22.38%)
465,000 Shimano Inc. (12) 8,486,306 9,351,979
1,875,000 Nisshinbo Industries, Inc. (12) 13,365,079 9,002,199
1,875,000 Okumura Corporation (16) 8,736,501 5,497,526
1,839,000 The Dai-Tokyo Fire & Marine
Insurance Co., Ltd. (17) 8,103,467 5,375,124
1,000,000 The Mitsui Marine & Fire
Insurance Co., Ltd. (17) 5,839,990 5,076,049
125,000 Ono Pharmaceutical Co., Ltd.
(14) 4,924,784 4,982,133
565,000 Shoei Co., Ltd. (19) 5,200,358 4,814,459
1,000,000 Aida Engineering, Ltd. (7) 5,189,088 4,489,646
950,400 Tachi-S Co., Ltd. (5) 8,183,837 4,310,500
500,000 Wacoal Corporation (12) 4,367,658 4,265,164
1,025,000 The Nippon Fire & Marine
Insurance Co., Ltd. (17) 4,018,188 3,812,993
749,730 Sotoh Co., Ltd. (12) 6,288,832 3,441,586
475,300 Yomeishu Seizo Co., Ltd. (12) 3,012,626 3,118,149
325,000 Sonton Food Industry Co.,
Ltd. (12) 3,298,777 2,775,334
245,000 Chofu Seisakusho Co., Ltd. (12) 4,101,079 2,727,460
355,000 Makita Corporation (12) 3,246,566 2,585,899
500,000 The Nichido Fire & Marine
Insurance Co., Ltd. (17) 2,597,878 2,583,837
185,000 T. Hasegawa Co., Ltd. (12) 2,876,517 2,525,655
145,000 SK Kaken Co. Ltd. (8) 2,530,058 2,457,852
215,000 Mandom Corp. (12) 2,770,722 2,166,942
70,000 Nitto Kohki Co., Ltd. (7) 475,147 1,795,859
45,000 Fuji Photo Film Co., Ltd. (12) 1,077,592 1,669,874
20,000 Secom Co., Ltd. (16) 530,050 1,425,692
850,000 Iino Kaiun Kaisha, Ltd. (9) 1,878,559 1,152,648
7,000 Hitachi Ltd. ADR (10) 520,105 780,500
15,000 Ito-Yokado Co., Ltd. (13) 665,396 677,570
</TABLE>
22
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
----------------------------------------------------------------------------
<S> <C> <C> <C>
Common and Preferred Stocks -- (continued)
Japan -- (continued)
5,400 ASAHI Broadcasting $ 541,295 $ 524,464
3,000 Toho Co., Ltd. (15) 408,965 432,380
------------ ------------
113,235,420 93,819,473
------------ ------------
Mexico (1.80%)
5,775,000 Industrias Penoles,
S.A. de C.V. (1) 15,954,988 6,764,983
500,000 Grupo Indusrial Satillo, S.A.
de C.V. (1) 1,469,358 764,564
------------ ------------
17,424,346 7,529,547
------------ ------------
Netherlands (3.76%)
525,000 Koninklijke Ahrend NV (7) 6,473,516 6,083,788
235,000 Apothekers Cooperatie
OPG U.A. (14) 5,795,212 5,695,818
200,000 Holdingmaatschappij de
Telegraaf NV (15) 3,484,689 3,973,086
------------ ------------
15,753,417 15,752,692
------------ ------------
Singapore and Malaysia (1.71%)
600,000 Fraser & Neave Ltd. (12) 2,162,518 2,085,351
1,125,000 Haw Par Corporation Ltd. (19) 1,785,096 2,025,526
500,000 Delgro Corporation Ltd. (19) 436,444 1,384,536
500,000 Times Publishing Limited (15) 727,258 1,093,955
150,000 Genting Berhad (12) 303,387 382,895
1,000,000 Del Monte Pacific Ltd (12) 234,652 207,965
------------ ------------
5,649,355 7,180,228
------------ ------------
South Korea (5.19%)
850,000 Daeduck Electronics Co. (10) 6,964,644 6,800,000
28,500 Nam Yang Dairy Products Pfd.
(c)(12) 417,945 4,221,758
625,000 Daeduck GDS Co., Ltd. (10) 3,835,882 3,703,297
105,000 Fursys Incorporated (12) 1,847,883 2,640,000
10,000 Nam Yang Dairy Products (12) 863,352 2,065,934
65,000 Dong Ah Tire Industry Co., Ltd.
(a)(5) 3,209,245 1,280,000
30,000 Sindo Richo Co. (12) 680,681 632,967
60,000 Suheung Capsule Co. (14) 547,741 416,703
------------ ------------
18,367,373 21,760,659
------------ ------------
Spain and Portugal (3.24%)
200,000 Corporacion Financiera
Alba SA (19) 5,529,123 5,093,700
250,000 Espirito Santo Financial
Group SA ADR (17) 4,185,545 4,718,750
550,000 Energia e Industrias
Aragonesas SA (8) 2,740,117 2,138,505
</TABLE>
23
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
----------------------------------------------------------------------------
<S> <C> <C> <C>
Common and Preferred Stocks -- (continued)
Spain and Portugal -- (continued)
115,000 Companhia de Celulose do
Caima SA (3) $ 1,697,693 $ 1,645,053
------------ ------------
14,152,478 13,596,008
------------ ------------
Sweden (0.32%)
895,500 Gorthon Lines AB `B' (c)(9) 2,904,044 1,352,205
------------ ------------
Switzerland (12.09%)
1,915 Bank for International
Settlements (U.S. Tranche) (17) 13,782,216 16,726,752
965 Bank for International
Settlements (French Tranche)
(17) 6,964,319 8,417,658
18,750 Kuehne & Nagel International
AG (9) 5,502,588 10,118,501
17,500 Edipresse SA (15) 3,466,732 7,058,611
20,000 SAirgroup AG (9) 3,784,231 2,703,830
5,000 Affichage Holdings AG (15) 1,380,233 2,361,679
7,000 Sika Finanz AG (6) 1,656,481 1,886,840
2,875 Lindt & Sprungli AG PC (12) 751,682 1,391,555
------------ ------------
37,288,482 50,665,426
------------ ------------
Thailand (0.10%)
100,000 Oriental Hotel PCL (18) 438,351 425,920
------------ ------------
Turkey (0.07%)
18,000 Usas Ucak Servisi (16) 115,401 295,480
------------ ------------
United Kingdom (6.33%)
1,752,000 Antofagasta Holdings plc (20) 7,478,561 10,318,292
3,000,000 IMI plc (11) 11,888,088 9,737,152
2,075,000 Royal Doulton plc (a)(12) 6,073,549 2,076,897
1,500,000 McBride plc (12) 2,864,943 1,816,876
500,000 Enodis pic (19) 1,086,199 1,642,804
1,000,000 Aggregate Industries plc (6) 411,828 924,758
------------ ------------
29,803,168 26,516,779
------------ ------------
Vietnam (0.05%)
42,800 The Vietnam Frontier Fund
(a)(b)(e)(21) 440,840 192,600
------------ ------------
Miscellaneous (3.78%)
340,000 Security Capital European
Realty (a)(e)(18) 6,800,000 6,684,400
260,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series `D'
(d)(23) 3,510,000 3,575,000
100,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series `B'
(d)(23) 1,003,137 793,750
</TABLE>
24
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
----------------------------------------------------------------------------
<S> <C> <C> <C>
Common and Preferred Stocks -- (continued)
Miscellaneous -- (continued)
125,000 Banco Latinoamericano de
Exportaciones S.A. Class `E'
(BLADEX) (17) $ 3,159,274 $ 3,132,812
150,000 InterTAN, Inc. (a)(13) 1,511,383 1,678,500
------------ ------------
15,983,794 15,864,462
------------ ------------
Total Common and Preferred
Stocks 414,356,756 386,551,261
------------ ------------
<CAPTION>
----------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
----------------------------------------------------------------------------
<S> <C> <C> <C>
Bonds, Notes and Convertible Bonds (3.13%)
U.S. Dollar Convertible Bonds (1.49%)
$ 2,000,000 Medya International Ltd. 10%
due 6/28/2001 (e)(15) 1,919,947 1,100,000
1,250,000 International Container Terminal Services,
Inc. 5% due 9/15/2001 (e)(9) 1,201,683 1,037,500
500,000 International Container
Terminal Services, Inc. 1 3/4%
due 3/13/2004 (9) 393,765 455,000
3,500,000 Danka Business Systems plc
6 3/4% due 4/01/2002 (12) 3,151,941 1,120,000
750,000 TingYi (C.I.) Holdings 1 5/8%
due 7/17/2002 (12) 616,024 808,125
580,000 Agnico Eagle Mines Limited
3 1/2% due 1/27/2004 (1) 408,873 394,400
6,500,000 P.T. Inti Indorayon Utama 7%
due 5/02/2006 (a)(f)(3) 5,263,024 1,332,500
------------ ------------
12,955,257 6,247,525
------------ ------------
U.S. Dollar Bonds and Notes (1.24%)
1,000,000 P.T. Inti Indorayon Utama
9 1/8% due 10/15/2000 (a)(f)(3) 950,451 170,000
334,000 P.T. Pabrik Kertas Tjiwi-Kimia
13 1/4% due 8/01/2001 (3) 276,748 280,560
2,456,000 P.T. Pabrik Kertas Tjiwi-Kimia
10% due 8/01/2004 (3) 1,744,451 1,234,140
500,000 Republic National Bank NY
Brazil-Linked CD'S 9.65% due
5/01/2003 (17) 499,450 490,000
1,000,000 Republic of Bulgaria Disc. FRN
`A' due 7/28/2024
(7 1/2% @ 10/31/2000) (22) 581,849 751,250
3,000,000 Bangkok Bank Public Co. 9.025%
due 3/15/2029 (b)(22) 1,812,845 2,250,000
------------ ------------
5,865,794 5,175,950
------------ ------------
</TABLE>
25
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
----------------------------------------------------------------------------
<S> <C> <C> <C>
Bonds, Notes and Convertible Bonds -- (continued)
Non U.S. Dollar Convertible Bonds (0.40%)
FRF 159,184 Immobiliere Hoteliere 5% due
1/01/2001 (a)(18) $ 6,450,260 $ 1,129,764
NZD 1,316,810 Evergreen Forest Limited 0% due
3/19/2009 (a)(3) 714,127 550,641
------------ ------------
7,164,387 1,680,405
------------ ------------
Total Bonds, Notes and
Convertible Bonds 25,985,438 13,103,880
------------ ------------
Short-Term Investment (5.47%)
22,933,000 Federated Department 6.80% due
11/01/2000 22,933,000 22,933,000
------------ ------------
Total Investments (100.80%) $463,275,194* 422,588,141**
------------
------------
Liabilities in excess of assets
(-0.80%) (3,354,666)
------------
Net Assets (100.00%) $419,233,475
------------
------------
</TABLE>
---------
* At October 31, 2000 the tax cost of investments equals $466,898,981.
** Gross unrealized appreciation and depreciation of securities at October 31,
2000, based on cost for federal income tax purposes were $44,427,644 and
$88,738,484 respectively (net depreciation was $44,310,840).
<TABLE>
<CAPTION>
Foreign Currencies Industry Classifications (Unaudited)
------------------ ------------------------------------
<S> <C> <C>
FRF -- French Franc (1) Metals and Minerals (13) Distribution
NZD -- New Zealand Dollar (2) Energy (14) Health Care
(3) Paper and Forest Products (15) Media
(4) Agriculture (16) Services
(5) Automotive (17) Financial Services
(6) Building Materials (18) Real Estate
(7) Capital Goods (19) Holding Companies
(8) Chemicals (20) Conglomerates
(9) Transportation (21) Investment Companies
(10) Electronics (22) Government Issues
(11) Technology (23) Gold Related
(12) Consumer Products
</TABLE>
Bond Types
FRN -- Floating Rate Note
---------
(a) Non-income producing security.
(b) Security is exempt from registration under the Securities
Act of 1933 and may only be sold to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of
1933.
(c) Affiliate as defined by the Investment Company Act of 1940.
An affiliate is defined as a company in which the Fund
directly or indirectly owns, controls, or holds power to
vote 5% or more of the outstanding voting securities.
Following is a summary of transactions with each such
affiliate for the period from April 1, 2000 to October 31,
2000.
26
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
Purchases Sales
-------------------- ------------------ Realized Dividend
Affiliate Shares Cost Shares Cost Gain/(Loss) Income
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Gorthon Lines AB
`B'D'................ 500,000 $1,136,693 17,500 $105,305 $ (78,744) $ 73,632
Hornbach Holding AG
Pfd.................. 50,000 1,966,130 -- -- -- 168,395
Nam Yang Dairy
Products Pfd......... -- -- 7,860 155,714 921,061 24,609
Robertet SA C.I....... -- -- -- -- -- 25,624
Rougier SA............ -- -- -- -- -- 57,188
Taittinger C.I........ -- -- 692 170,148 69,378 48,072
Wilson & Horton
Limited 5%
exchangeable
preference shares.... -- -- 26,450 146,737 (10,332) 133,066
</TABLE>
'D' Interfund transfer on trade date April 4, 2000 from First Eagle SoGen
Global Fund.
(d) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(e) Security for which there are less than three market makers.
(f) In default as to principal and interest.
---------
See Notes to Financial Statements.
27
<PAGE>
FIRST EAGLE SOGEN GOLD FUND
SCHEDULE OF INVESTMENTS
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks (99.97%)
Australia (2.11%)
1,194,840 Otter Gold Mines Limited $ 735,702 $ 200,987
230,000 Otter Gold Mines Limited Warrants -- 4,600
----------- ----------
735,702 205,587
----------- ----------
Canada (28.67%)
70,000 CSA Management Limited Class `A' (a) 402,873 897,023
75,000 Placer Dome Inc. 846,668 609,375
50,000 Franco-Nevada Mining Corporation Ltd. 583,546 460,012
85,000 Meridian Gold Inc. (a) 410,922 430,111
217,500 Miramar Mining Corporation (a) 239,468 178,665
292,827 Kinross Gold Corporation (a) 831,689 142,604
25,000 Pan American Silver Corp. (a) 86,218 77,216
----------- ----------
3,401,384 2,795,006
----------- ----------
South Africa (21.67%)
185,000 Harmony Gold Mining Company Ltd. 848,664 706,453
197,500 Gold Fields Limited 703,998 584,265
100,000 Gold Fields Limited ADR 709,481 296,875
30,000 Anglogold Limited ADR 664,376 431,250
1,500,000 Consolidated African Mines Limited (a) 213,392 93,316
----------- ----------
3,139,911 2,112,159
----------- ----------
Switzerland (6.71%)
75 Bank for International Settlements
(French Tranche) 497,947 654,222
----------- ----------
United States (34.63%)
40,000 Freeport McMoRan Copper & Gold Inc.,
Preferred Series `C' (b) 1,341,101 550,000
55,000 Freeport McMoRan Copper & Gold Inc.,
Preferred Series `D' (b) 1,138,967 429,687
15,000 Freeport McMoRan Copper & Gold Inc.,
Preferred Series `B' (b) 509,837 266,250
40,000 Newmont Mining Corporation 1,190,327 542,500
115,000 Homestake Mining Company 998,518 474,375
35,000 Barrick Gold Corporation 606,420 468,125
275,000 Battle Mountain Gold Company
Class `A' (a) 1,199,138 378,125
95,000 Royal Gold, Inc. 384,921 267,187
----------- ----------
7,369,229 3,376,249
----------- ----------
Miscellaneous (6.18%)
425,000 Industrias Penoles, S.A. de C.V. 1,058,617 497,856
766,806 Compania Minera Arcata S.A. 514,221 104,922
----------- ----------
1,572,838 602,778
----------- ----------
Total Common and Preferred Stocks 16,717,011 9,746,001
----------- ----------
</TABLE>
28
<PAGE>
FIRST EAGLE SOGEN GOLD FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- (continued)
Short-Term Investments (1.12%)
109,000 Federated Department Stores 6.80% due
11/01/2000 $ 109,000 $ 109,000
----------- ----------
Total Investments (101.09%) $16,826,011* 9,855,001
-----------
-----------
Liabilities in excess of assets ( - 1.09%) (106,590)
----------
Net assets (100.00%) $9,748,411
----------
----------
</TABLE>
---------
* At October 31, 2000 the tax cost of investments equals $17,576,099.
** Gross unrealized appreciation and depreciation of securities at October 31,
2000 based on cost for federal income tax purposes, were $674,575 and
$8,395,673, respectively (net depreciation was $7,721,098.
(a) Non-income producing security.
(b) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
---------
See Notes to Financial Statements.
29
<PAGE>
FIRST EAGLE SOGEN MONEY FUND
SCHEDULE OF INVESTMENTS
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Credit Principal Cost Value
Rating'D' Amount (Note 1) (Note 1)
------------------------------------------------------------------------------------
<S> <C> <S> <C> <C>
Commercial Paper (100.22%)
A1 $ 547,000 American Express Credit
Corporation 6.58% due
11/01/2000 $ 547,000 $ 547,000
A1+ 1,200,000 Prudential Funding
Corporation 6% due
11/01/2000 1,200,000 1,200,000
A1 350,000 The Sherwin-Williams
Company 6.48% due
11/01/2000 350,000 350,000
A1+ 350,000 Ford Motor Credit Company
6.42% due 11/02/2000 349,938 349,938
A1+ 550,000 Merrill Lynch 6.47% due
11/02/2000 549,901 549,901
A1+ 800,000 The Gillette Company 6.46%
due 11/02/2000 799,856 799,856
A1+ 300,000 The Gillette Company 6.53%
due 11/02/2000 299,946 299,946
A1 964,000 International Business
Machines Credit 6.45% due
11/03/2000 963,655 963,655
A1 835,000 Sony Capital Corporation
6.46% due 11/03/2000 834,700 834,700
A1 1,150,000 The Coca-Cola Company 6.46%
due 11/03/2000 1,149,587 1,149,587
A1+ 1,180,000 Pfizer Inc. 6.45% due
11/06/2000 1,178,943 1,178,943
A1+ 1,093,000 Unilever Capital
Corporation 6.48% due
11/06/2000 1,092,016 1,092,016
A1+ 700,000 Ford Motor Credit Company
6.49% due 11/08/2000 699,117 699,117
A1 365,000 The Sherwin-Williams
Company 6.48% due
11/08/2000 364,540 364,540
A1 1,556,000 Anheuser-Busch Companies,
Inc. 6.45% due 11/09/2000 1,553,770 1,553,770
A1+ 1,000,000 E.I. Du Pont de Nemours and
Company 6.47% due
11/29/2000 994,968 994,968
A1+ 1,200,000 Emerson Electric Company
6.46% due 11/09/2000 1,198,277 1,198,277
A1 1,000,000 Lucent Technologies Inc.
6.47% due 11/09/2000 998,562 998,562
A1+ 1,200,000 Toyota Motor Credit
Corporation 6.46% due
11/09/2000 1,198,277 1,198,277
A1 909,000 The Walt Disney Company
6.49% due 11/13/2000 907,034 907,034
A1 1,000,000 General Motors Acceptance
Company 6.45% due
11/14/2000 997,671 997,671
</TABLE>
30
<PAGE>
FIRST EAGLE SOGEN MONEY FUND
SCHEDULE OF INVESTMENTS -- (Continued)
October 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Credit Principal Cost Value
Rating'D' Amount (Note 1) (Note 1)
------------------------------------------------------------------------------------
<S> <C> <S> <C> <C>
Commercial Paper--(Continued)
A1 $ 900,000 General Electric Capital
Corporation 6.43% due
11/15/2000 $ 897,750 $ 897,750
A1 434,000 The Sherwin-Williams
Company 6.47% due
11/15/2000 432,908 432,908
A1 1,075,000 Motorola Credit Corporation
6.47% due 11/16/2000 1,072,102 1,072,102
A1 1,200,000 Monsanto 6.48% due
11/17/2000 1,196,544 1,196,544
A1+ 1,300,000 7-Eleven Inc. 6.49% due
11/20/2000 1,295,547 1,295,547
A1+ 1,000,000 Procter & Gamble 6.47% due
11/27/2000 995,327 995,327
----------- -----------
Total Commercial Paper $24,117,936* 24,117,936
-----------
-----------
Liabilities in excess of assets
( - 0.22%) (52,171)
-----------
Net assets (100.00%) $24,065,765
-----------
-----------
</TABLE>
---------
* At October 31, 2000 cost is identical for both book and federal income tax
purposes.
'D' Credit ratings given by Standard & Poor's Corporation. An A1+ or A1 rating
indicates a short-term instrument of the highest quality.
---------
See Notes to Financial Statements.
31
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
First Eagle
SoGen
Global Fund
-----------------------------------------------------------------------
<S> <C>
Assets:
Investments, at value (cost: $1,583,580,085,
$463,275,194, $16,826,011 and $24,117,936
respectively) (Note 1)............................... $1,621,366,124
Cash................................................... 112,569
Receivable for forward currency contracts held, at
value (Notes 1 and 6)................................ 11,364,288
Receivable for investment securities sold.............. 912,946
Receivable for Fund shares sold........................ 1,067,309
Receivable from Adviser (Note 2)....................... --
Accrued interest and dividends receivable.............. 8,456,852
--------------
Total Assets......................................... 1,643,280,088
--------------
Liabilities:
Due to broker.......................................... --
Payable for Fund shares redeemed....................... 2,029,115
Payable for investment securities purchased............ 6,306,635
Payable for forward currency contracts held, at value
(Notes 1 and 6)...................................... 3,588,733
Investment advisory fees payable (Note 2).............. 1,047,677
Distribution fees payable (Note 3)..................... 344,910
Accrued expenses and other liabilities................. 730,811
--------------
Total Liabilities.................................... 14,047,881
--------------
Net Assets:
Capital stock (par value, $0.001 per share)............ 63,960
Capital surplus........................................ 1,339,666,201
Net unrealized appreciation (depreciation) on:
Investments.......................................... 37,786,039
Forward currency contracts (Note 6).................. 7,775,555
Foreign currency related transactions................ (253,649)
Undistributed net realized gains (losses) on
investments.......................................... 187,301,022
Undistributed net investment income.................... 56,893,079
--------------
Net Assets (Note 1).................................. $1,629,232,207
--------------
--------------
Class A share capital................................... $1,614,466,324
Shares of beneficial interest outstanding
(Class A)(Note 5)...................................... 63,381,788
Net asset value per share.............................. $25.47
Maximum offering price per share....................... $26.81
Class I share capital................................... $ 14,016,468
Shares of beneficial interest outstanding
(Class I)(Note 5)...................................... 549,091
Net asset value per share.............................. $25.53
Class C share capital................................... $ 749,415
Shares of beneficial interest outstanding
(Class C)(Note 5)...................................... 29,453
Net asset value per share.............................. $25.44
</TABLE>
---------
See Notes to Financial Statements.
32
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
First Eagle
SoGen First Eagle First Eagle
Overseas SoGen SoGen
Fund Gold Fund Money Fund
-----------------------------------------------------------------------
<S> <C> <C>
$422,588,141 $ 9,855,001 $24,117,936
80,035 -- --
5,372,676 -- --
500,570 64,035 --
976,445 101 213,196
-- -- 77,077
1,601,839 21,198 --
------------ ------------ -----------
431,119,706 9,940,335 24,408,209
------------ ------------ -----------
-- 62,256 124,391
8,336,830 31,055 153,814
1,655,736 -- --
1,280,838 97 --
274,023 6,610 8,682
85,546 2,203 --
253,258 89,703 55,557
------------ ------------ -----------
11,886,231 191,924 342,444
------------ ------------ -----------
29,290 2,193 24,066
370,257,427 41,023,094 24,041,699
(40,687,053) (6,971,010) --
4,091,838 (97) --
(103,754) 337 --
68,919,981 (24,733,701) --
16,725,746 427,595 --
------------ ------------ -----------
$419,233,475 $ 9,748,411 $24,065,765
------------ ------------ -----------
------------ ------------ -----------
$390,445,464 $ 9,748,411 $24,065,765
27,283,185 2,193,375 24,065,765
$14.31 $4.44 $1.00
$15.07 $4.67 $1.00
$ 28,438,986 -- --
1,982,657 -- --
$14.34 -- --
$ 349,025 -- --
24,389 -- --
$14.31 -- --
</TABLE>
33
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
First Eagle SoGen
Global Fund
---------------------------------
The Period from
April 1, 2000 to Year Ended
October 31, 2000 March 31, 2000
---------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Income:
Income:
Interest (net of $0, $6,323, $0, $2,893, $0, $0, $0 and
$0) foreign taxes withheld, respectively)............. $17,752,385 $ 33,155,180
Dividends (net of $1,245,878, $1,986,009, $652,131,
$968,635, $4,563, $4,841, $0, and $0 foreign taxes
withheld, respectively)............................... 23,442,514 43,731,641
----------- ------------
Total income from operations.......................... 41,194,899 76,886,821
----------- ------------
Expenses:
Investment advisory fees (Note 2)....................... 7,542,110 14,567,013
Distribution fees -- Class A (Note 3)................... 2,481,169 4,708,813
Shareholder servicing agent fees........................ 1,695,713 3,002,850
Custodian fees.......................................... 918,084 1,684,909
Printing................................................ 210,025 393,440
Audit fees.............................................. 164,000 154,425
Registration and filing fees............................ 40,000 --
Legal fees.............................................. 303,000 660,946
Directors' fees......................................... 92,000 68,165
Miscellaneous........................................... 67,657 254,103
----------- ------------
Total expenses from operations........................ 13,513,758 25,494,664
----------- ------------
Expense reductions due to earnings credits (Note 1)...... (60,367) (114,376)
Expense reimbursements (Note 2).......................... -- --
----------- ------------
Net expenses from operations.......................... 13,453,391 25,380,288
----------- ------------
Net investment income (Note 1)........................... 27,741,508 51,506,533
----------- ------------
Realized and Unrealized Gains (Losses) on Investments and
Foreign Currency Related Transactions (Notes 1 and 6):
Net realized gains (losses) from:
Investment transactions................................. 41,740,064 202,949,220
Foreign currency related transactions................... 21,205,779 9,403,722
----------- ------------
62,945,843 212,352,942
----------- ------------
Change in unrealized appreciation (depreciation) of:
Investments............................................. (62,270,832) 133,227,221
Foreign currency related transactions................... (472,992) (3,287,010)
----------- ------------
(62,743,824) 129,940,211
----------- ------------
Net gain (loss) on investments and foreign currency
related transactions.................................... 202,019 342,293,153
----------- ------------
Net Increase (Decrease) in Net Assets Resulting from
Operations............................................... $27,943,527 $393,799,686
----------- ------------
----------- ------------
</TABLE>
---------
See Notes to Financial Statements.
34
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
First Eagle SoGen First Eagle SoGen First Eagle SoGen
Overseas Fund Gold Fund Money Fund
------------------------------------ --------------------------------- ---------------------------------
The Period from The Period from The Period from
April 1, 2000 to Year Ended April 1, 2000 to Year Ended April 1, 2000 to Year Ended
October 31, 2000 March 31, 2000 October 31, 2000 March 31, 2000 October 31, 2000 March 31, 2000
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 1,461,229 $ 3,919,213 $ 8,090 $ 12,147 $ 1,026,717 2,047,477
7,971,086 12,671,037 382,316 699,756 -- --
------------ ------------ ------------ ------------ ------------ ------------
9,432,315 16,590,250 390,406 711,903 1,026,717 2,047,477
------------ ------------ ------------ ------------ ------------ ------------
1,955,560 3,619,450 53,715 121,470 63,306 152,511
610,573 1,176,658 17,385 40,475 -- --
418,633 677,878 41,894 74,218 62,572 71,271
356,720 630,870 11,815 35,773 27,675 48,146
66,474 99,374 3,009 4,000 1,700 1,700
77,809 70,256 41,000 41,000 17,889 10,000
43,037 35,027 8,382 16,491 11,137 16,798
44,677 68,559 2,752 5,314 3,183 776
18,187 20,299 673 1,000 2,429 600
23,105 76,469 3,700 10,157 6,339 2,515
------------ ------------ ------------ ------------ ------------ ------------
3,614,775 6,474,840 184,325 349,898 196,230 304,317
------------ ------------ ------------ ------------ ------------ ------------
(6,706) (19,213) (2,002) (2,225) (454) (2,746)
-- -- -- -- (77,077) (17,206)
------------ ------------ ------------ ------------ ------------ ------------
3,608,069 6,455,627 182,323 347,673 118,699 284,365
------------ ------------ ------------ ------------ ------------ ------------
5,824,246 10,134,623 208,083 364,230 908,018 1,763,112
------------ ------------ ------------ ------------ ------------ ------------
14,737,827 66,098,123 (2,345,512 (4,234,750) -- --
8,379,265 2,668,066 (3,671) (3,906) -- --
------------ ------------ ------------ ------------ ------------ ------------
23,117,092 68,766,189 (2,349,183) (4,238,656) -- --
------------ ------------ ------------ ------------ ------------ ------------
(34,182,857 64,361,599 413,266 3,779,945 -- --
2,061,854 (1,476,484) 782 1,090 -- --
------------ ------------ ------------ ------------ ------------ ------------
(32,121,003) 62,885,115 414,048 3,781,035 -- --
------------ ------------ ------------ ------------ ------------ ------------
(9,003,911) 131,651,304 (1,935,135) (457,621) -- --
------------ ------------ ------------ ------------ ------------ ------------
$ (3,179,665) $141,785,927 $ (1,727,052) $ (93,391) $ 908,018 $ 1,763,112
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
35
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
First Eagle SoGen
Global Fund
----------------------------------------------------
The Period from Year Ended March 31,
April 1, 2000 to ---------------------------------
October 31, 2000 2000 1999
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Operations:
Net investment income.............................. $ 27,741,508 $ 51,506,533 $ 84,953,114
Net realized gain (loss) from investments and
foreign currency related transactions............. 62,945,843 212,352,942 154,530,025
(Decrease) Increase in unrealized appreciation
(depreciation) of investments and foreign currency
related transactions.............................. (62,743,824) 129,940,211 (551,941,439)
-------------- -------------- --------------
Net increase (decrease) in net assets resulting
from operations................................. 27,943,527 393,799,686 (312,458,300)
-------------- -------------- --------------
Distributions to Shareholders:
Dividends paid from net investment income.......... -- (75,711,375) (110,081,179)
Distributions paid from net realized gains from
investment transactions........................... -- (122,354,661) (202,559,669)
-------------- -------------- --------------
Decrease in net assets resulting from
distributions................................... -- (198,066,036) (312,640,848)
-------------- -------------- --------------
Fund Share Transactions (Note 5):
Net proceeds from shares sold...................... 135,696,998 186,563,394 236,922,214
Net asset value of shares issued for reinvested
dividends and distributions....................... -- 187,409,473 298,148,526
Cost of shares redeemed............................ (340,436,991) (838,465,578) (1,870,638,096)
-------------- -------------- --------------
(Decrease) Increase in net assets from Fund share
transactions.................................... (204,739,993) (464,492,711) (1,335,567,356)
-------------- -------------- --------------
Net (decrease) increase in net assets............. (176,796,466) (268,759,061) (1,960,666,504)
Net Assets (Note 1):
Beginning of period................................ 1,806,028,673 2,074,787,734 4,035,454,238
-------------- -------------- --------------
End of period (including undistributed
(overdistributed) net investment income of
$56,893,079, $4,914,159, $17,144,763, $16,725,746,
$4,497,430, $(4,831,658), $427,595, $223,185,
$236,382, $0, $0 and $0, respectively.)........... $1,629,232,207 $1,806,028,673 $2,074,787,734
-------------- -------------- --------------
-------------- -------------- --------------
</TABLE>
36
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------
First Eagle SoGen
Overseas Fund
-------------------------------------------------------
The Period from Year Ended March 31,
April 1, 2000 to ---------------------------------
October 31, 2000 2000 1999
-------------------------------------------------------
<S> <C> <C>
$ 5,824,246 $ 10,134,623 $ 16,349,806
23,117,092 68,766,189 36,094,404
(32,121,003) 62,885,115 (119,285,337)
------------ ------------ ------------
(3,179,665) 141,785,927 (66,841,127)
------------ ------------ ------------
-- (5,795,262) (36,599,856)
-- (20,928,842) (47,483,829)
------------ ------------ ------------
-- (26,724,104) (84,083,685)
------------ ------------ ------------
145,135,796 299,315,210 206,369,491
-- 25,664,683 80,886,809
(199,737,019) (419,030,776) (687,431,699)
------------ ------------ ------------
(54,601,223) (94,050,883) (400,175,399)
------------ ------------ ------------
(57,780,888) 21,010,940 (551,100,211)
477,014,363 456,003,423 1,007,103,634
------------ ------------ ------------
$419,233,475 $477,014,363 $456,003,423
------------ ------------ ------------
------------ ------------ ------------
</TABLE>
37
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS -- (Continued)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
First Eagle SoGen
Gold Fund
--------------------------------------------
The Period from Year Ended March 31,
April 1, 2000 to -------------------------
October 31, 2000 2000 1999
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Operations:
Net investment income..................................... $ 208,083 $ 364,230 $ 540,501
Net realized gain (loss) from investments and foreign
currency related transactions............................ (2,349,183) (4,238,656) (11,673,931)
(Decrease) Increase in unrealized appreciation
(depreciation) of investments and foreign currency
related transactions..................................... 414,048 3,781,035 3,980,773
---------- ----------- -----------
Net increase (decrease) in net assets resulting from
operations............................................. (1,727,052) (93,391) (7,152,657)
---------- ----------- -----------
Distributions to Shareholders:
Dividends paid from net investment income................. -- (410,071) (721,767)
Distributions paid from net realized gains from investment
transactions............................................. -- -- --
---------- ----------- -----------
Decrease in net assets resulting from distributions...... -- (410,071) (721,767)
---------- ----------- -----------
Fund Share Transactions (Note 5):
Net proceeds from shares sold............................. 5,962,725 5,142,915 18,994,383
Net asset value of shares issued for reinvested dividends
and distributions........................................ -- 391,556 676,938
Cost of shares redeemed................................... (7,485,676) (10,214,073) (25,110,669)
---------- ----------- -----------
(Decrease) Increase in net assets from Fund share
transactions........................................... (1,522,951) (4,679,602) (5,439,348)
---------- ----------- -----------
Net (decrease) increase in net assets.................... (3,250,003) (5,183,064) (13,313,772)
Net Assets (Note 1):
Beginning of period....................................... 12,998,414 18,181,478 31,495,250
---------- ----------- -----------
End of period (including undistributed (overdistributed)
net investment income of $56,893,079, $4,914,159,
$17,144,763, $16,725,746, $4,497,430, $(4,831,658),
$427,595, $223,185, $236,382, $0, $0 and $0,
respectively.)........................................... $9,748,411 $12,998,414 $18,181,478
---------- ----------- -----------
---------- ----------- -----------
</TABLE>
38
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------
First Eagle Sogen
Money Fund
-----------------------------------------------
The Period from Year Ended March 31,
April 1, 2000 to ----------------------------
October 31, 2000 2000 1999
-----------------------------------------------
<S> <C> <C>
$ 908,018 $ 1,763,112 $ 1,400,222
-- -- --
-- -- --
----------- ------------- ------------
908,018 1,763,112 1,400,222
----------- ------------- ------------
(908,018) (1,763,112) (1,400,222)
-- -- --
----------- ------------- ------------
(908,018) (1,763,112) (1,400,222)
----------- ------------- ------------
75,648,262 111,524,995 120,259,724
691,441 1,588,454 1,222,356
(82,885,171) (127,080,207) (95,946,703)
----------- ------------- ------------
(6,545,468) (13,966,758) 25,535,377
----------- ------------- ------------
(6,545,468) (13,966,758) 25,535,377
30,611,233 44,577,991 19,042,614
----------- ------------- ------------
$24,065,765 $ 30,611,233 $ 44,577,991
----------- ------------- ------------
----------- ------------- ------------
</TABLE>
39
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
Note 1 -- Significant Accounting Policies
First Eagle SoGen Funds, Inc. (the 'Company'), is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Company consists of four separate portfolios, First Eagle SoGen
Global Fund, First Eagle SoGen Overseas Fund, First Eagle SoGen Gold Fund, and
First Eagle SoGen Money Fund (each individually a 'Fund' or collectively the
'Funds'). The Company, formerly SoGen Funds, Inc., changed its name to First
Eagle SoGen Funds, Inc. effective December 31, 1999. Effective May 23, 2000, the
Funds' fiscal year end changed from March 31 to October 31 of each year.
The following is a summary of significant accounting policies adhered to by the
Funds:
(a) Security valuation -- In the case of First Eagle SoGen Global Fund, First
Eagle SoGen Overseas Fund and First Eagle SoGen Gold Fund, portfolio securities
are valued based on market quotations where available. Short-term investments
maturing in sixty days or less are valued at cost plus interest earned, which
approximates value. In the case of First Eagle SoGen Money Fund, portfolio
securities are valued at their amortized cost, which approximates market value,
subject to guidelines and procedures established by the Board of Directors in
accordance with applicable SEC regulations. Securities for which current market
quotations are not readily available and any restricted securities are valued at
fair value as determined in good faith by the Board of Directors.
(b) Security transactions and income -- Security transactions are accounted for
on a trade date basis. The specific identification method is used in determining
realized gains and losses from security transactions. Dividend income is
recorded on the ex-dividend date. Interest income is recorded daily on the
accrual basis. In computing investment income, each Fund amortizes discounts on
debt obligations; however, premiums are not amortized.
(c) Expenses -- Expenses arising in connection with a Fund are charged directly
to that Fund. Expenses common to all Funds are allocated to each Fund in
proportion to its relative net assets. Earnings credits
40
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
reduce custodian fees and shareholder servicing agent fees by the amount of
interest earned on balances with such service providers.
(d) Foreign currency translation (First Eagle SoGen Global Fund, First Eagle
SoGen Overseas Fund and First Eagle SoGen Gold Fund) -- The market values of
securities which are not traded in U.S. currency are recorded in the financial
statements after translation to U.S. dollars based on the applicable exchange
rates at the end of the period. The costs of such securities are translated at
exchange rates prevailing when acquired. Related dividends, interest and
withholding taxes are accrued at the rates of exchange prevailing on the
respective dates of such transactions.
The net assets of each of First Eagle SoGen Global Fund, First Eagle SoGen
Overseas Fund and First Eagle SoGen Gold Fund are presented at the foreign
exchange rates and market values at the close of the period. The Funds do not
isolate that portion of gains and losses on investments which is due to changes
in foreign exchange rates from that which is due to changes in market prices of
the equity securities. However, for federal income tax purposes each Fund does
isolate the effect of changes in foreign exchange rates from the changes in
market prices for realized gains and losses on debt obligations.
(e) Forward currency contracts (First Eagle SoGen Global Fund, First Eagle SoGen
Overseas Fund and First Eagle SoGen Gold Fund) -- In connection with portfolio
purchases and sales of securities denominated in foreign currencies, First Eagle
SoGen Global Fund, First Eagle SoGen Overseas Fund and First Eagle SoGen Gold
Fund may enter into forward currency contracts. Additionally, each Fund may
enter into such contracts to hedge certain other foreign currency denominated
investments. These contracts are valued at current market, and the related
realized and unrealized foreign exchange gains and losses are included in the
statement of operations. In the event that counterparties fail to settle these
currency contracts or the related foreign security trades, a Fund could be
exposed to foreign currency fluctuations.
41
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
(f) United States income taxes -- No provision has been made for U.S. federal
income taxes since it is the intention of each Fund to distribute to
shareholders all taxable net investment income and net realized gains on
investments, if any, within the allowable time limit, and to comply with the
provisions of the Internal Revenue Code for a regulated investment company.
First Eagle SoGen Global Fund, First Eagle SoGen Overseas Fund and First Eagle
SoGen Gold Fund declare and pay such income, dividends and capital gains
distributions on an annual basis. First Eagle SoGen Money Fund declares daily
dividends, equivalent to net investment income, which are paid on a monthly
basis.
(g) Reclassification of capital accounts -- On the statements of assets and
liabilities, as a result of certain differences in the computation of net
investment income and net realized capital gains under federal income tax rules
and regulations versus accounting principles generally accepted in the United
States of America, a reclassification has been made to increase (decrease)
undistributed net investment income, undistributed net realized gains (losses)
on investments and capital surplus for First Eagle SoGen Global Fund, First
Eagle SoGen Overseas Fund and First Eagle SoGen Gold Fund as follows:
<TABLE>
<CAPTION>
Undistributed Net Undistributed Net Realized Capital
Investment Income Gains (Losses) on Investments Surplus
----------------- ----------------------------- -------
<S> <C> <C> <C>
First Eagle SoGen
Global Fund......... $24,237,412 $(24,583,769) $346,357
First Eagle SoGen
Overseas............ 6,404,070 (6,414,381) 10,311
First Eagle SoGen
Gold Fund........... (3,671) 3,671 --
</TABLE>
(h) Use of estimates -- The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
42
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
Note 2 -- Investment Advisory Agreements and Transactions with Related Persons
Arnhold and S. Bleichroeder Advisers, Inc. (the 'Adviser'), a wholly owned
subsidiary of Arnhold and S. Bleichroeder, Inc. ('A&SB'), manages the Fund. For
its services, the Adviser receives, pursuant to an Investment Advisory Agreement
between the Fund and the Adviser (the 'Advisory Agreement') an annual advisory
fee as follows: First Eagle SoGen Global Fund at a rate of 1% of the first
$25,000,000 and 0.75% in excess of $25,000,000, First Eagle SoGen Overseas Fund
at 0.75%, First Eagle SoGen Gold Fund at 0.75% and First Eagle SoGen Money Fund
at 0.40%. A&SB has agreed to waive its advisory fee and, if necessary, reimburse
First Eagle SoGen Money Fund through December 31, 2000 to the extent that First
Eagle SoGen Money Fund's aggregate expenses exceed 0.75%. For the period from
April 1, 2000 to October 31, 2000, the Adviser waived its fees, in its entirety,
in the amount of $63,306 for First Eagle SoGen Money Fund. Expense
reimbursements are accrued daily and paid yearly. On December 22, 1999, the
shareholders and on October 22, 1999, the Board of Directors approved the
Advisory Agreement between the Fund and the Adviser effective December 31, 1999.
The Advisory Agreement is substantially the same as the prior investment
advisory agreement with Societe Generale Asset Management Corp ('SGAM Corp.'),
except that each Fund now pays accrued advisory fees on a monthly basis, rather
than a quarterly basis.
For the period from April 1, 2000 to October 31, 2000, A&SB, the principal
underwriter, realized $35,192, $13,044 and $4,220 after reallowance to others,
pertaining to the sale of shares of First Eagle SoGen Global Fund, First Eagle
SoGen Overseas Fund and First Eagle SoGen Gold Fund, respectively. For the
period from April 1, 2000 to October 31, 2000, A&SB received $15,893, $4,667 and
$1,250 in broker's commissions for portfolio transactions executed on behalf of
First Eagle SoGen Global Fund, First Eagle SoGen Overseas Fund and First Eagle
SoGen Gold Fund, respectively.
43
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
Note 3 -- Plans of Distribution (First Eagle SoGen Global Fund, First Eagle
SoGen Overseas Fund and First Eagle SoGen Gold Fund)
Under the terms of the Distribution Plans and Agreements ('the Plans') with
A&SB, pursuant to the provisions of Rule 12b-1 under the Investment Company Act
of 1940, First Eagle SoGen Global Fund, First Eagle SoGen Overseas Fund and
First Eagle SoGen Gold Fund pay A&SB quarterly, a distribution fee at an annual
rate of up to 0.25% of each Fund's average daily net assets. Under the Plan,
A&SB is obligated to use the amounts received under the Plans for payments to
qualifying dealers for their assistance in the distribution of a Fund's shares
and the provision of shareholder services and for other expenses such as
advertising costs and the payment for the printing and distribution of
prospectuses to prospective investors. The Plans are substantially the same as
the prior distribution plans and agreements with SGAM Corp.
A&SB bears distribution costs of a Fund to the extent they exceed payments
received under the Plan. For the period from April 1, 2000 to October 31, 2000
the distribution fees paid or payable by First Eagle SoGen Global Fund, First
Eagle SoGen Overseas Fund and First Eagle SoGen Gold Fund were $2,481,169,
$610,573 and $17,385 respectively.
Note 4 -- Purchases and Sales of Securities
During the period from April 1, 2000 to October 31, 2000 and the year ended
March 31, 2000 the aggregate cost of purchases of investments, excluding U.S.
Government obligations and short-term securities, totaled $195,400,643,
$287,422,015 $74,871,779, $123,272,077, $1,440,956 and $2,526,785 and proceeds
from sales of investments, excluding U.S. Government obligations and short-term
securities, totaled $331,611,878, $927,267,919, $112,073,521, $238,747,235,
$2,671,377 and $7,372,765 for First Eagle SoGen Global Fund, First Eagle SoGen
Overseas Fund and First Eagle SoGen Gold Fund, respectively.
44
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
Note 5 -- Capital Stock
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Period from April 1, 2000 to October 31, 2000
-------------------------------------------------------------------------------------------------
First Eagle SoGen First Eagle SoGen
Global Fund Overseas Fund First Eagle First Eagle
-------------------------------- ---------------------------------- SoGen SoGen
Class A Class I Class C Class A Class I Class C Gold Fund Money Fund
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold.......... 5,024,228 365,391 29,677 8,770,016 1,454,012 24,409 1,188,290 75,648,262
Shares issued for
reinvested dividends
and distributions... -- -- -- -- -- -- -- 691,441
Shares redeemed...... (13,083,833) (472,638) (224) (12,733,750) (1,320,271) (20) (1,510,309) (82,885,171)
----------- -------- ------ ----------- ---------- ------ ---------- ------------
Net (decrease)
increase............ (8,059,607) (107,247) 29,453 (3,963,734) 133,741 24,389 (322,019) (6,545,468)
------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Year Ended March 31, 2000
-----------------------------------------------------------------------------
First Eagle SoGen First Eagle SoGen First
Global Fund Overseas Fund Eagle First Eagle
---------------------- ------------------------ SoGen SoGen
Class A Class I Class A Class I Gold Fund Money Fund
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold.................... 7,117,410 372,281 18,942,904 3,050,725 859,456 111,524,995
Shares issued for reinvested
dividends and distributions... 7,774,853 59,968 1,847,342 53,682 67,041 1,588,454
Shares redeemed................ (33,542,534) (288,812) (29,422,421) (1,503,606) (1,754,133) (127,080,207)
----------- -------- ----------- ---------- ---------- ------------
Net (decrease) increase........ (18,650,271) 143,437 (8,632,175) 1,600,801 (827,636) (13,966,758)
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Year Ended March 31, 1999
-----------------------------------------------------------------------------
First Eagle SoGen First Eagle SoGen
Global Fund Overseas Fund First Eagle First Eagle
---------------------- ------------------------ SoGen SoGen
Class A Class I Class A Class I Gold Fund Money Fund
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares sold.................... 8,905,772 612,688 15,769,843 1,561,690 3,021,250 120,259,724
Shares issued for reinvested
dividends and distributions... 12,331,204 10,427 6,673,184 26,406 121,893 1,222,356
Shares redeemed................ (78,320,991) (110,214) (57,045,845) (1,339,981) (4,107,084) (95,946,703)
----------- -------- ----------- ---------- ---------- ------------
Net increase (decrease)........ (57,084,015) 512,901 (34,602,818) 248,115 (963,941) 25,535,377
---------------------------------------------------------------------------------------------------------------
</TABLE>
Note 6 -- Commitments
As of October 31, 2000, First Eagle SoGen Global Fund, First Eagle SoGen
Overseas Fund and First Eagle SoGen Gold Fund had entered into forward currency
contracts, as summarized below, resulting in net unrealized appreciation
(depreciation) of $7,775,555, $4,091,838 and $(97), respectively.
45
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
TRANSACTION HEDGES:
Foreign Currency Purchases
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ Value at U.S. $ To Be
Through To Be Received October 31, 2000 Delivered
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
11/06/00 96,450,339 Japanese Yen $ 883,730 $ 886,161
11/07/00 536,465 South African Rand 71,008 71,055
------------ ------------
954,738 957,216
------------ ------------
Foreign Currency Sales
------------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ To Be U.S. $ Value at
Through To Be Delivered Received October 31, 2000
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
11/01/00 120,594 New Zealand Dollar 48,370 48,027
11/06/00 41,857,237 Japanese Yen 384,614 383,519
------------ ------------
432,984 431,546
------------ ------------
PORTFOLIO HEDGES:
Foreign Currency Purchases
------------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ Value at U.S. $ To Be
Through To Be Received October 31, 2000 Delivered
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/10/01 290,000 Australian Dollar 151,365 156,215
1/17/01 214,000 Swiss Franc 119,858 122,785
10/05/01 32,835,000 New Zealand Dollar 13,063,406 16,641,884
------------ ------------
13,334,629 16,920,884
------------ ------------
Foreign Currency Sales
------------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ To Be U.S. $ Value at
Through To Be Delivered Received October 31, 2000
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/10/01 3,246,000 Australian Dollar 1,947,450 1,691,334
1/17/01 35,060,000 Swiss Franc 20,397,955 19,636,506
1/24/01 6,230,088,000 Japanese Yen 59,142,557 57,905,494
1/24/01 6,045,416,000 Japanese Yen 56,674,713 55,525,164
2/07/01 50,501,300 Euro 46,833,692 42,873,729
5/14/01 3,677,700 Euro 3,636,598 3,468,985
10/05/01 46,808,000 New Zealand Dollar 22,453,660 18,622,563
------------ ------------
211,086,625 199,723,775
------------ ------------
$225,808,976 $218,033,421
------------ ------------
------------ ------------
</TABLE>
46
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------
Unrealized Unrealized
Appreciation at Depreciation at
October 31, 2000 October 31, 2000
----------------------------------------
<S> <C>
$ -- $ (2,431)
-- (47)
----------- -----------
-- (2,478)
----------- -----------
----------------------------------------
Unrealized Unrealized
Appreciation at Depreciation at
October 31, 2000 October 31, 2000
----------------------------------------
<S> <C>
343 --
1,095 --
----------- -----------
1,438 --
----------- -----------
----------------------------------------
Unrealized Unrealized
Appreciation at Depreciation at
October 31, 2000 October 31, 2000
----------------------------------------
<S> <C>
-- (4,850)
-- (2,927)
-- (3,578,478)
----------- -----------
-- (3,586,255)
----------- -----------
----------------------------------------
Unrealized Unrealized
Appreciation at Depreciation at
October 31, 2000 October 31, 2000
----------------------------------------
<S> <C>
256,116 --
761,449 --
1,237,063 --
1,149,549 --
3,959,963 --
167,613 --
3,831,097 --
----------- -----------
11,362,850 --
----------- -----------
$11,364,288 $(3,588,733)
----------- -----------
----------- -----------
</TABLE>
47
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
TRANSACTION HEDGES:
Foreign Currency Purchases
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ Value at U.S. $ To Be
Through To Be Received October 31, 2000 Delivered
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
11/01/00 349,569 Hong Kong Dollar $ 44,823 $ 44,820
11/02/00 135,350 Canadian Dollar 88,947 88,562
11/02/00 305,329 Euro 259,209 257,649
11/02/00 66,462 Pound Sterling 96,410 95,356
11/03/00 1,128,638 Mexican Peso 118,046 118,106
11/03/00 416,824 New Zealand Dollar 166,000 166,104
11/03/00 153,490 Singapore Dollar 87,453 87,473
11/06/00 206,884 Euro 175,634 175,853
11/06/00 62,664,376 Japanese Yen 574,165 575,383
------------ ------------
1,610,687 1,609,306
------------ ------------
Foreign Currency Sales
------------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ To Be U.S. $ Value at
Through To Be Delivered Received October 31, 2000
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
11/02/00 227,316 Swedish Krona 22,516 22,732
11/03/00 380,400 New Zealand Dollar 151,932 151,495
11/06/00 27,070,301 Japanese Yen 248,650 248,033
------------ ------------
423,098 422,260
------------ ------------
PORTFOLIO HEDGES:
Foreign Currency Purchases
------------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ Value at U.S. $ To Be
Through To Be Received October 31, 2000 Delivered
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/10/01 170,000 Australian Dollar 88,732 91,057
1/17/01 52,000 Swiss Franc 29,124 29,446
10/05/01 12,583,900 New Zealand Dollar 5,006,505 6,282,859
------------ ------------
5,124,361 6,403,362
------------ ------------
Foreign Currency Sales
------------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ To Be U.S. $ Value at
Through To Be Delivered Received October 31, 2000
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/10/01 1,157,000 Australian Dollar 702,642 603,896
1/17/01 8,646,000 Swiss Franc 5,069,105 4,872,568
1/24/01 4,484,395,000 Japanese Yen 42,571,021 41,668,075
1/24/01 3,154,700,000 Japanese Yen 29,587,697 28,983,395
5/14/01 5,816,000 Euro 5,410,017 5,086,742
5/14/01 19,521,000 Euro 18,103,259 16,573,388
10/05/01 19,427,900 New Zealand Dollar 9,442,332 7,729,389
------------ ------------
110,886,073 105,517,453
------------ ------------
$118,044,219 $113,952,381
------------ ------------
------------ ------------
</TABLE>
48
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------
Unrealized Unrealized
Appreciation at Depreciation at
October 31, 2000 October 31, 2000
----------------------------------------
<S> <C>
$ 3 --
385 --
1,560 --
1,054 --
-- $ (60)
-- (104)
-- (20)
-- (219)
-- (1,218)
---------- -----------
3,002 (1,621)
---------- -----------
----------------------------------------
Unrealized Unrealized
Appreciation at Depreciation at
October 31, 2000 October 31, 2000
----------------------------------------
<S> <C>
-- (216)
437 --
617 --
---------- -----------
1,054 (216)
---------- -----------
----------------------------------------
Unrealized Unrealized
Appreciation at Depreciation at
October 31, 2000 October 31, 2000
----------------------------------------
<S> <C>
-- (2,325)
-- (322)
-- (1,276,354)
---------- -----------
-- (1,279,001)
---------- -----------
----------------------------------------
Unrealized Unrealized
Appreciation at Depreciation at
October 31, 2000 October 31, 2000
----------------------------------------
<S> <C>
98,746 --
196,537 --
902,946 --
604,302 --
323,275 --
1,529,871 --
1,712,943 --
---------- -----------
5,368,620 --
---------- -----------
$5,372,676 $(1,280,838)
---------- -----------
---------- -----------
</TABLE>
49
<PAGE>
FIRST EAGLE SOGEN GOLD FUND
TRANSACTION HEDGES:
Foreign Currency Sales
<TABLE>
<CAPTION>
--------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ To Be U.S. $ Value at
Through To Be Delivered Received October 31, 2000
--------------------------------------------------------------------
<S> <C> <C> <C>
11/03/00 97,955 Canadian Dollar $64,275 $64,372
------- -------
$64,275 $64,372
------- -------
------- -------
</TABLE>
50
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------
Unrealized Unrealized
Appreciation at Depreciation at
October 31, 2000 October 31, 2000
----------------------------------------
<S> <C>
-- $(97)
---- ----
$-- $(97)
---- ----
---- ----
</TABLE>
51
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Period from April 1, 2000 to
October 31,
----------------------------------------------------------------------------
2000
----------------------------------------------------------------------------
Class A Class I Class C'D''D''D'
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
First Eagle SoGen Global Fund
SELECTED PER SHARE DATA
Net asset value, beginning of
period.............................. $25.05 $25.07 $24.97
------ ------ ------
Income from investment operations:
Net investment income............... 0.41 0.45 0.11
Net realized and unrealized gains
(losses) on investments........... 0.01 0.01 0.36
------ ------ ------
Total from investment operations.... 0.42 0.46 0.47
------ ------ ------
Less distributions:
Dividends from net investment
income............................ -- -- --
Distributions from capital gains.... -- -- --
------ ------ ------
Total distributions................. -- -- --
------ ------ ------
Net asset value, end of period.... $25.47 $25.53 $25.44
------ ------ ------
------ ------ ------
TOTAL RETURN'DD'..................... 1.68%# 1.83%# 1.88%#
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(millions).......................... $1,614 $ 14 $ 1
Ratio of operating expenses to
average net assets.................. 1.35%*'D' 1.10%*'D' 1.87%*'D'
Ratio of net investment income to
average net assets.................. 2.78%*'D' 3.04%*'D' 1.10%*'D'
Portfolio turnover rate.............. 11.91% 11.91% 11.91%
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Period from April 1, 2000 to
October 31,
----------------------------------------------------------------------------
2000
----------------------------------------------------------------------------
Class A Class I Class C'D''D''D'
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
First Eagle SoGen Overseas Fund
SELECTED PER SHARE DATA
Net asset value, beginning of
period.............................. $14.41 $14.43 $14.14
------ ------ ------
Income from investment operations:
Net investment income............... 0.19 0.21 --
Net realized and unrealized (losses)
gains on investments.............. (0.29) (0.30) 0.17
------ ------ ------
Total from investment operations.... (0.10) (0.09) 0.17
------ ------ ------
Less distributions:
Dividends from net investment
income............................ -- -- --
Distributions from capital gains.... -- -- --
------ ------ ------
Total distributions................. -- -- --
------ ------ ------
Net asset value, end of period.... $14.31 $14.34 $14.31
------ ------ ------
------ ------ ------
TOTAL RETURN'DD'..................... (0.69%)# (0.62%)# 1.20%#
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(millions).......................... $ 390 $ 28 $ 1
Ratio of operating expenses to
average net assets.................. 1.41%*'D' 1.16%*'D' 1.95%*'D'
Ratio of net investment income to
average net assets.................. 2.23%*'D' 2.48%*'D' (0.05%)*'D'
Portfolio turnover rate.............. 17.28% 17.28% 17.28%
</TABLE>
52
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Year Ended March 31,
---------------------------------------------------------------------------------
2000 1999 1998 1997 1996
----------------- --------------------------------- ------ ------ ------
Class A Class I Class A Class I'D''D'
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$22.90 $22.90 $27.42 $24.59 $26.68 $26.09 $23.20
------ ------ ------ ------ ------ ------ ------
0.66 0.71 0.63 0.30 1.47 0.76 1.06
4.29 4.31 (2.73) (1.47) 2.10 1.66 3.37
------ ------ ------ ------ ------ ------ ------
4.95 5.02 (2.10) (1.17) 3.57 2.42 4.43
------ ------ ------ ------ ------ ------ ------
(1.07) (1.12) (0.83) -- (1.36) (1.09) (0.81)
(1.73) (1.73) (1.59) (0.52) (1.47) (0.74) (0.73)
------ ------ ------ ------ ------ ------ ------
(2.80) (2.85) (2.42) (0.52) (2.83) (1.83) (1.54)
------ ------ ------ ------ ------ ------ ------
$25.05 $25.07 $22.90 $22.90 $27.42 $26.68 $26.09
------ ------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------ ------
22.19% 22.52% (7.95%) (4.72%)# 14.35% 9.48% 19.57%
$1,790 $ 16 $2,063 $ 12 $4,035 $3,908 $3,033
1.32% 1.07% 1.23% 1.01%* 1.18% 1.21% 1.25%
2.68% 2.89% 2.75% 3.04%* 2.80% 3.08% 3.71%
15.57% 15.57% 9.89% 9.89% 20.63% 12.85% 9.64%
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Year Ended March 31,
---------------------------------------------------------------------------------
2000 1999 1998 1997 1996
----------------- --------------------------------- ------ ------ ------
Class A Class I Class A Class I'D''D'
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
$11.36 $11.37 $13.52 $12.31 $13.84 $13.26 $11.65
------ ------ ------ ------ ------ ------ ------
0.28 0.31 0.15 0.41 0.88 0.61 0.48
3.59 3.59 (0.97) (1.10) 0.31 0.95 1.74
------ ------ ------ ------ ------ ------ ------
3.87 3.90 (0.82) (0.69) 1.19 1.56 2.22
------ ------ ------ ------ ------ ------ ------
(0.18) (0.20) (0.57) -- (0.83) (0.60) (0.44)
(0.64) (0.64) (0.77) (0.25) (0.68) (0.38) (0.17)
------ ------ ------ ------ ------ ------ ------
(0.82) (0.84) (1.34) (0.25) (1.51) (0.98) (0.61)
------ ------ ------ ------ ------ ------ ------
$14.41 $14.43 $11.36 $11.37 $13.52 $13.84 $13.26
------ ------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------ ------
34.46% 34.76% (6.46%) (5.53%)# 10.00% 12.16% 19.47%
$ 450 $ 27 $ 453 $ 3 $1,007 $ 953 $ 647
1.34% 1.15% 1.29% 1.03%* 1.22% 1.27% 1.37%
2.10% 2.14% 2.22% 1.97%* 2.20% 2.28% 3.31%
26.62% 26.62% 9.31% 9.31% 22.13% 15.18% 9.46%
</TABLE>
53
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
Period from
April 1, 2000 to
October 31, Year Ended March 31,
---------------- ------------------------------------------
2000 2000 1999 1998 1997 1996
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
First Eagle SoGen Gold Fund
SELECTED PER SHARE DATA
Net asset value,
beginning of period... $ 5.17 $ 5.44 $ 7.31 $10.60 $12.25 $11.28
------- ------ ------ ------ ------ ------
Income from investment
operations:
Net investment
income.............. 0.09 0.15 0.16 0.13 0.26 0.24
Net realized and
unrealized (losses)
gains on
investments......... (0.82) (0.27) (1.82) (3.03) (1.75) 1.35
------- ------ ------ ------ ------ ------
Total from investment
operations............ (0.73) (0.12) (1.66) (2.90) (1.49) 1.59
------- ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income... -- (0.15) (0.21) (0.39) (0.14) (0.35)
Distributions from
capital gains....... -- -- -- -- (0.02) (0.27)
------- ------ ------ ------ ------ ------
Total distributions... -- (0.15) (0.21) (0.39) (0.16) (0.62)
------- ------ ------ ------ ------ ------
Net asset value, end
of period.......... $ 4.44 $ 5.17 $ 5.44 $ 7.31 $10.60 $12.25
------- ------ ------ ------ ------ ------
------- ------ ------ ------ ------ ------
TOTAL RETURN'DD'....... (14.12%)# (2.52%) (22.77%) (27.23%) (12.21%) 14.81%
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (millions)..... $ 10 $ 13 $ 18 $ 31 $ 53 $ 63
Ratio of operating
expenses to average
net assets............ 2.56%*'D' 2.15% 1.62% 1.55% 1.45% 1.41%
Ratio of net investment
income to average net
assets................ 2.92%*'D' 2.25% 2.01% 1.47% 1.20% 1.29%
Portfolio turnover
rate.................. 11.66% 15.70% 37.73% 11.20% 16.83% 22.40%
</TABLE>
54
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS -- (continued)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Period from
April 1, 2000 to
October 31, Year Ended March 31,
---------------- -----------------------------------------------------------
2000 2000 1999 1998 1997
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
First Eagle SoGen Money
Fund
SELECTED PER SHARE DATA
Net asset value,
beginning of
period.............. $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Income from investment
operations:
Net investment
income.............. 0.03 0.05 0.05 0.05 0.05
Net realized and
unrealized gains on
investments......... -- -- -- -- --
----- ----- ----- ----- -----
Total from investment
operations.......... 0.03 0.05 0.05 0.05 0.05
----- ----- ----- ----- -----
Less distributions:
Dividends from net
investment income... (0.03) (0.05) (0.05) (0.05) (0.05)
Distributions from
capital gains....... -- -- -- -- --
----- ----- ----- ----- -----
Total distributions... (0.03) (0.05) (0.05) (0.05) (0.05)
----- ----- ----- ----- -----
Net asset value, end
of period.......... $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
----- ----- ----- ----- -----
TOTAL RETURN........... 3.39%# 4.74% 4.73% 4.97% 4.61%
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (millions)..... $ 24 $ 31 $ 45 $ 19 $ 13
Ratio of operating
expenses to average
net assets............ 0.75%*'D' 0.75% 0.69% 0.75% 0.75%
Ratio of net investment
income to average
net assets............ 5.78%*'D' 4.64% 4.60% 4.92% 4.63%
<CAPTION>
<S> <C>
-----
1996
First Eagle SoGen Money
Fund
SELECTED PER SHARE DATA
Net asset value,
beginning of
period.............. $1.00
-----
Income from investment
operations:
Net investment
income.............. 0.05
Net realized and
unrealized gains on
investments......... --
-----
Total from investment
operations.......... 0.05
-----
Less distributions:
Dividends from net
investment income... (0.05)
Distributions from
capital gains....... --
-----
Total distributions... (0.05)
-----
Net asset value, end
of period.......... $1.00
-----
-----
TOTAL RETURN........... 5.03%
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (millions)..... $ 8
Ratio of operating
expenses to average
net assets............ 0.75%
Ratio of net investment
income to average
net assets............ 4.98%
</TABLE>
---------
'D''D' July 31, 1998 inception date for Class I shares.
'D''D''D' June 5, 2000 inception date for Class C shares.
* Annualized
# Not annualized.
'DD' Does not give effect to the deduction of the sales load.
'D' The ratio of operating expenses to average net assets without the effect of
earnings credits and in the case of First Eagle SoGen Money Fund, without
the effect of earnings credits, investment advisory fee waivers and expense
reimbursement are as follows:
55
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS -- (continued)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
Period from April 1, 2000 to
October 31,
------------------------------
2000
------------------------------
Class A* Class I* Class C* 'D''D''D'
--------------------------------------------------------------------------------
<S> <C> <C> <C>
First Eagle SoGen Global Fund.................. 1.36% 1.11% 1.85%
First Eagle SoGen Overseas Fund................ 1.41% 1.16% 1.94%
First Eagle SoGen Gold Fund.................... 2.59% N/A N/A
First Eagle SoGen Money Fund................... 1.25% N/A N/A
</TABLE>
The ratio of net investment income to average net assets without the effect
of earnings credits, and in the case of First Eagle SoGen Money Fund, without
the effect of earnings credits, investment advisory fee waivers and expense
reimbursements are as follows:
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
Period from April 1, 2000 to
October 31,
------------------------------
2000
------------------------------
Class A* Class I* Class C* 'D''D''D'
<S> <C> <C> <C>
--------------------------------------------------------------------------------
First Eagle SoGen Global Fund.................. 2.78% 3.03% 1.11%
First Eagle SoGen Overseas Fund................ 2.23% 2.48% (0.06)%
First Eagle SoGen Gold Fund.................... 2.89% N/A N/A
First Eagle SoGen Money Fund................... 5.29% N/A N/A
</TABLE>
56
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
Year Ended March 31,
----------------------------------------------------------------------------------------------
2000 1999
----------------- -----------------
Class A Class I Class A Class I 'D''D' 1998 1997 1996
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1.32% 1.07% 1.24% 1.63% 1.19% 1.21% 1.25%
1.34% 1.15% 1.29% 1.21% 1.22% 1.27% 1.38%
2.16% N/A 1.64% N/A 1.56% 1.46% 1.43%
0.80% N/A 0.69% N/A 1.01% 1.14% 0.97%
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
Year Ended March 31,
----------------------------------------------------------------------------------------------
2000 1999
----------------- -----------------
Class A Class I Class A Class I 'D''D' 1998 1997 1996
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
2.66% 2.87% 2.74% 2.42% 2.80% 3.08% 3.71%
2.10% 2.14% 2.22% 1.79% 2.20% 2.27% 3.30%
2.24% N/A 1.99% N/A 1.46% 1.19% 1.26%
4.59% N/A 4.60% N/A 4.66% 4.26% 4.76%
</TABLE>
57
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Shareholders of
FIRST EAGLE SOGEN FUNDS, INC.:
We have audited the accompanying statements of assets and liabilities of First
Eagle SoGen Funds, Inc. consisting of First Eagle SoGen Global Fund, First Eagle
SoGen Overseas Fund, First Eagle SoGen Gold Fund, and First Eagle SoGen Money
Fund, including the schedules of investments, as of October 31, 2000, and the
related statements of operations for the period from April 1, 2000 to
October 31, 2000 and the year ended March 31, 2000, the statements of changes in
net assets for the period from April 1, 2000 to October 31, 2000 and the two
years ended March 31, 2000, and the financial highlights for the period from
April 1, 2000 to October 31, 2000 and for each of the years ended in the five
year period ended March 31, 2000. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of October 31, 2000, by correspondence with custodians and
brokers. As to securities purchased and sold but not yet received or delivered
we performed alternative auditing procedure. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
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In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
First Eagle SoGen Funds, Inc., consisting of First Eagle SoGen Global Fund,
First Eagle SoGen Overseas Fund, First Eagle SoGen Gold Fund, and First Eagle
SoGen Money Fund, as of October 31, 2000, the results of their operations for
the period from April 1, 2000 to October 31, 2000 and the year ended March 31,
2000, the changes in their net assets for the period from April 1, 2000 to
October 31, 2000 and for the two years ended March 31, 2000 and their financial
highlights for the period from April 1, 2000 to October 31, 2000 and for each of
the years ended in the five year period ended March 31, 2000 in conformity with
accounting principles generally accepted in the United States of America.
KPMG LLP
New York, New York
December 19, 2000
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First Eagle SoGen Funds, Inc.
1345 Avenue of the Americas
New York, N.Y. 10105
DIRECTORS AND OFFICERS
Directors
John P. Arnhold
Candace K. Beinecke
Edwin J. Ehrlich
Robert J. Gellert
James E. Jordan
William M. Kelly
Donald G. McCouch
Fred J. Meyer
Dominique Raillard
Nathan Snyder
Stanford S. Warshawsky
Officers
Stanford S. Warshawsky
Chairman of the Board
John P. Arnhold
Co-President
Jean-Marie Eveillard
Co-President
Charles de Vaulx
Senior Vice President
Robert Bruno
Vice President,
Secretary & Treasurer
Tracy LaPointe Saltwick
Vice President &
Compliance Officer
Edwin Olsen
Vice President
Elizabeth Tobin
Vice President
Andrew DeCurtis
Vice President
Cari Levine
Assistant Treasurer
Stefanie Spritzler
Assistant Treasurer
Suzan J. Afifi
Assistant Secretary
Investment Adviser
Arnhold and S. Bleichroeder
Advisers, Inc.
1345 Avenue of the Americas
New York, N.Y. 10105
Legal Counsel
Shearman & Sterling
599 Lexington Avenue
New York, N.Y. 10022
Custodian
The Bank of New York
48 Wall Street
New York, N.Y. 10005
Shareholder Servicing Agent
DST Systems, Inc.
330 West 9th Street
Kansas City, MO 64105
(800) 334-2143
Underwriter
Arnhold and S. Bleichroeder, Inc.
1345 Avenue of the Americas
New York, N.Y. 10105
Independent Auditors
KPMG LLP
757 Third Avenue
New York, N.Y. 10017
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of First Eagle
SoGen Funds, Inc.
STATEMENT OF DIFFERENCES
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The dagger symbol shall be expressed as ................................. 'D'
The double dagger symbol shall be expressed as .......................... 'DD'
