<PAGE>
FIRST EAGLE SOGEN FUNDS
ANNUAL REPORT
March 31, 2000
ANNUAL REPORT
[LOGO]
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
THE PRESIDENTS' LETTER
Dear Shareholder,
For five years now, and particularly over the six months to mid-March 2000,
smaller and medium-sized 'value' stocks have been neglected, ignored and -- in
our opinion -- mispriced by investors, not just in the U.S. but throughout the
world.
As a result, a few stocks in your First Eagle SoGen Global and/or First Eagle
SoGen Overseas Funds -- such as Furniture Brands International, Inc. and
Woodward Governor Company in the U.S., and IMI plc and Koninklijke Ahrend NV in
Europe -- are selling at seven times earnings, or the kind of valuations that
prevailed twenty years ago, at the beginning of the great bull market. In Japan,
your Global and Overseas Funds owned Shoei Co., Ltd. when, two months ago, that
company was the target of the first ever hostile attempt by a Japanese group to
take over a Japanese corporation. The attempt failed, but Shoei Co., Ltd. as
well as quite a few other Japanese stocks are selling at valuations reminiscent
of the 1973-1974 bear market. In the rest of Asia, there are bargains too: for
example, the Hong Kong based CDL Hotels International Limited, which owns a
controlling interest in Millennium and Copthorne, a worldwide chain of hotels
(including the New York Plaza Hotel). Taking the market price of the Millennium
stock trading in London -- a price, which we believe is reasonably
attractive -- the CDL stock is selling at a 50% discount to its net asset value.
With so many stocks below their 'intrinsic' value, we believe that there is good
upside potential in both your Global and Overseas Funds. But preservation of
capital remains our priority, so we hope to provide some protection on the
downside as well. Indeed (but past is not necessarily prologue) in the week of
April 14, 2000 when markets declined sharply and many global and international
mutual funds were down between 5% and 10%, your Global and Overseas Funds were
down only 1%.
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
As of March 31, 2000 your Fund's net assets, on an economic basis were invested
as follows:
<TABLE>
<S> <C>
-------------------------------------------------------------------
U.S. stocks(1)........................................... 26.3%
Foreign stocks(2)........................................ 45.3
U.S. dollar bonds........................................ 17.0
Foreign currency bonds................................... 0.7
Gold-related securities.................................. 5.4
U.S. dollar cash and equivalents......................... 5.3
-----
100.0%
-------------------------------------------------------------------
</TABLE>
(1) Includes convertible bonds with moderate premia.
(2) Includes floating rate securities.
The ten largest holdings were: Buderus AG (German manufacturer of heating
systems); Rayonier Inc. (U.S. forest products company); U.S. Treasury bonds
3 3/8% due 1/15/07 (inflation-indexed bond); Kuehne and Nagel International AG
(Swiss freight forwarding company); CDL Hotels International Ltd. (Hong Kong
listed worldwide chain of hotels); Manpower Inc. (leading global temporary
employment firm); San Juan Basin Royalty Trust (U.S. trust that receives
royalties on gas fields); Sagem ADP (French electronics company); Antofagasta
Holdings plc (UK listed company with assets in Chile); and Bank for
International Settlements, U.S. and French Tranches (the central banks' central
bank, with some gold assets).
FIRST EAGLE SOGEN OVERSEAS FUND
As of March 31, 2000 your Fund's net assets, on an economic basis, were invested
as follows:
<TABLE>
<S> <C>
-------------------------------------------------------------------
Foreign stocks(1)........................................ 90.4%
U.S. dollar bonds........................................ 4.4
Foreign currency bonds................................... 0.8
U.S. dollar cash and equivalents......................... 4.4
-----
100.0%
-------------------------------------------------------------------
</TABLE>
(1) Includes convertible bonds with moderate premia.
The ten largest holdings were: Buderus AG (German manufacturer of heating
systems); Kuehne & Nagel International AG (Swiss freight forwarding company);
CDL Hotels International Ltd. (Hong Kong listed worldwide chain of hotels);
Antofagasta Holdings plc (UK
2
<PAGE>
listed company with assets in Chile); Edipresse SA (Swiss newspaper and magazine
publishing company); Shaw Brothers (Hong Kong) Ltd. (holding company with TV
broadcasting interests); Bank for International Settlements, U.S. and French
Tranches (the central banks' central bank, with some gold assets); Wilson &
Horton Holdings Ltd. (New Zealand dollar preferred stock exchangeable into
Ireland based media company common stock); Nisshinbo Industries, Inc. (Japanese
company with textile and other assets); and Shimano, Inc. (Japanese manufacturer
of bicycle parts).
FIRST EAGLE SOGEN GOLD FUND
Last September, European central banks agreed to place limits on their selling
and lending of gold. This February, a few large gold-mining companies announced
restrictions on their forward selling of gold. We are therefore encouraged that
a bottom may have been seen. We also continue to believe that gold retains its
appeal as an insurance policy and a diversification tool.
As of March 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')............................................ 19.1%
Bank for International Settlements (U.S. and French
Tranches)............................................... 5.8
Franco-Nevada (Royalty).................................. 4.9
U.S. securities.......................................... 19.5
Canadian securities...................................... 16.9
Australian securities.................................... 2.1
South African securities................................. 22.1
Miscellaneous securities................................. 8.9
U.S. dollar cash and equivalents......................... 0.7
-----
100.0%
-------------------------------------------------------------------
</TABLE>
3
<PAGE>
FIRST EAGLE SOGEN MONEY FUND
U.S. short-term interest rates have moved up. Even higher rates are possible if
the global economy stays strong and/or if the U.S. dollar were to weaken.
Sincerely,
<TABLE>
<S> <C>
JEAN-MARIE EVEILLARD JOHN ARNHOLD
Jean-Marie Eveillard John Arnhold
Co-President Co-President
</TABLE>
April 25, 2000
4
<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
(Unaudited)
First Eagle SoGen Global Fund, Class A
AVERAGE ANNUAL RATES OF RETURN AS OF MARCH 31, 2000
1 YEAR 5 YEAR 10 YEAR
------ ------ -------
17.62% 10.14% 10.54%
<TABLE>
<CAPTION>
FIRST EAGLE MSCI JP MORGAN GLOBAL CONSUMER
SOGEN GLOBAL FUND WORLD INDEX GOVERNMENT BOND INDEX PRICE INDEX
----------------- ----------- --------------------- -----------
<S> <C> <C> <C> <C>
3/31/90 10800.0 10000.0 10000.0 10000.0
3/31/91 11451.0 10638.0 11444.0 10490.0
3/31/92 12886.0 10522.0 12903.0 10824.0
3/31/93 14802.0 11791.0 14615.0 11151.0
3/31/94 17687.0 13385.0 15540.0 11446.0
3/31/95 18152.0 14633.0 17417.0 11765.0
3/31/96 21705.0 17562.0 18565.0 12100.0
3/31/97 23764.0 19205.0 18955.0 12434.0
3/31/98 27174.0 25344.0 20202.0 12605.0
3/31/99 25013.0 28548.0 22168.0 12830.0
3/31/00 30573.0 34791.0 22332.0 13257.0
</TABLE>
First Eagle SoGen Overseas Fund, Class A
AVERAGE ANNUAL RATES OF RETURN AS OF MARCH 31, 2000
SINCE INCEPTION
1 YEAR 5 YEAR (8/31/93)
------ ------ -------
29.45% 12.29% 11.14%
<TABLE>
<CAPTION>
FIRST EAGLE MSCI CONSUMER
SOGEN OVERSEAS FUND EAPE INDEX PRICE INDEX
------------------- ---------- -----------
<S> <C> <C> <C>
8/31/93 9625.0 10000.0 10000.0
9/30/93 9625.0 9775.0 10014.0
3/31/94 11107.0 10204.0 10159.0
9/30/94 11569.0 10736.0 10311.0
3/31/95 11280.0 10824.0 10442.0
9/30/95 12336.0 11357.0 10573.0
3/31/96 13477.0 12159.0 10738.0
9/30/96 13995.0 12336.0 10890.0
3/31/97 15116.0 12335.0 11035.0
9/30/97 16273.0 13838.0 11132.0
3/31/98 16627.0 14631.0 11187.0
9/30/98 14298.0 12684.0 11291.0
3/31/99 15553.0 15518.0 11387.0
9/30/99 18836.0 16610.0 11573.0
3/31/00 20910.0 19411.0 11808.0
</TABLE>
5
<PAGE>
First Eagle SoGen Gold Fund
AVERAGE ANNUAL RATES OF RETURN AS OF MARCH 31, 2000
SINCE INCEPTION
1 YEAR 5 YEAR (8/31/93)
------ ------ -------
(6.14)% (11.88)% (7.32)%
<TABLE>
<CAPTION>
FIRST EAGLE MSCI FT GOLD CONSUMER
SOGEN GOLD FUND WORLD INDEX MINES INDEX PRICE INDEX
--------------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
8/31/93 9625.0 10000.0 10000.0 10000.0
9/30/93 9644.0 9813.0 8922.0 10014.0
3/31/94 10991.0 10032.0 10826.0 10152.0
9/30/94 12098.0 10555.0 12362.0 10311.0
3/31/95 10976.0 10967.0 10264.0 10442.0
9/30/95 11784.0 12074.0 10561.0 10573.0
3/31/96 12602.0 13163.0 12414.0 10738.0
9/30/96 11707.0 13725.0 9849.0 10897.0
3/31/97 11063.0 14394.0 8706.0 11035.0
9/30/97 10082.0 17035.0 8111.0 11132.0
3/31/98 8050.0 18995.0 6091.0 11180.0
9/30/98 7191.0 17058.0 5855.0 11291.0
3/31/99 6217.0 21397.0 4622.0 11387.0
9/30/99 7657.0 22086.0 6006.0 11574.0
3/31/00 6061.0 26077.0 4157.0 11809.0
</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%. 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.
6
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The fiscal year ending March 31, 2000 was quite extraordinary from a style
perspective. Although the end result was all too familiar (that is, growth
stocks outperformed throughout the world), the magnitude and volatility of style
performance differentials were unique. The upward revision of economic growth
forecasts and the increase in bond yields created a sharp rotation into value
stocks in April and May of 1999. In June, a benign inflation report in the U.S.
triggered a movement back into growth stocks. Buoyed by the influence of
momentum strategies, the rotation into growth stocks accelerated in August and
culminated from December 1999 until mid-March 2000 with a very strong
performance of 'new economy' stocks (defined as technology, media and
telecommunications) at the expense of so called 'old economy' stocks. Those
trends were observed pretty much everywhere around the world, highlighting
increased correlations between U.S. and foreign markets.
FIRST EAGLE SOGEN GLOBAL FUND
The net asset value of the Fund's Class `A' shares rose 22.19%* between April 1,
1999 and March 31, 2000. Thus, despite our bias towards value and smaller
stocks, the Fund did slightly better than the MSCI World Index which was up
21.87% over that period. Several smaller issues were strong performers as
corporate activity caused the value of these holdings to rise significantly. In
the United States, Lawter International, Learonal, Inc., Blount International,
Inc., St. John Knits, Inc., Midamerican Energy Holdings Co. and Jostens, Inc.
were either bought out or taken over. Similar developments occurred in France
for Emin Leydier and Promodes which completed a merger with Carrefour
Supermarche. Some commodity related securities performed well, particularly
those that were oil and gas related, while gold related and real estate related
securities were down over the period. A weak euro mitigated the strong
performance of the Fund's European holdings since the Fund was only modestly
hedged against a rising U.S. dollar.
---------
* 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 OVERSEAS FUND
The net asset value of the Fund's Class `A' shares rose 34.46%* between
April 1, 1999 and March 31, 2000. Again, despite our bias towards value and
smaller stocks, the Fund did better than the MSCI EAFE Index which was up 25.09%
over that period. The Fund did benefit from corporate activity (eg. Emin
Leydier, Europe 1 Communication buyouts, Promodes and Elf Aquitaine mergers).
Our media holdings benefited from their new status of 'new economy' stocks (Shaw
Brothers (Hong Kong) Limited, Holdingmaatschappij de Telegraaf, NV, Axel
Springer Verlag AG, Wilson & Horton Limited Pfd., Edipresse SA) as well as Sagem
ADP, a French high-tech electronics company. The Fund also benefited from a few
small South Korean and Japanese stocks that were strong performers for most of
the period. A weak euro mitigated the strong 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, 1999 and March 31, 2000, the price of gold fell 1.1% ending the
period at $276.75. Yet it was a roller coaster year that saw the price go as low
as $252.80 in July of 1999, after the U.K. Government's May announcement that it
planned to sell more than half of its gold reserves, and as high as $325.50 in
September after the European central banks' announcement that they planned to
limit sales and lending of gold for the next five years. Except for another
upward spike in February, 2000 after a few large gold mining companies announced
reductions on their forward selling of gold, the price of gold drifted down on
the back of a strong U.S. dollar, lackluster jewelry demand as well as renewed
hedging by Australian gold miners.
The net asset value of the Fund's Class `A' shares ended the fiscal year down
2.52%* while the FT Gold Mines Index was down 10.02%. We continue to avoid
speculative mining stocks, while favoring companies that do not hedge as well as
securities that we consider proxies for the price of gold.
---------
* 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.)
8
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS
March 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- U.S.
Energy (3.31%)
3,000,000 San Juan Basin Royalty
Trust (c) $ 19,292,179 $ 29,812,500
175,000 Murphy Oil Corporation 7,052,698 10,084,375
1,275,000 Kaneb Services, Inc. (a) 4,450,983 7,012,500
125,000 Burlington Resources Inc. 4,139,174 4,625,000
75,000 Weatherford International,
Inc. (a) 1,434,326 4,420,312
250,241 The Home-Stake Oil & Gas
Company (c) 825,100 1,876,808
35,000 Tosco Financing Trust
$2.875 Conv. Pfd. (b) 1,905,312 1,776,250
5,000 Tosco Financing Trust
$2.875 Conv. Pfd. 243,750 253,750
-------------- --------------
39,343,522 59,861,495
-------------- --------------
Forest Products (5.03%)
1,150,000 Rayonier Inc. 42,818,163 56,062,500
615,000 Greif Bros. Corporation
Class `A' (c) 11,017,026 19,603,125
250,000 Georgia-Pacific
Corporation, Timber Group 5,332,342 6,406,250
300,000 Longview Fibre Company 3,724,339 4,425,000
135,000 Deltic Timber Corporation 2,424,030 3,197,812
45,000 Plum Creek Timber Company,
L.P. 159,108 1,108,125
-------------- --------------
65,475,008 90,802,812
-------------- --------------
Agriculture (0.19%)
75,000 Deere & Company 1,085,027 2,850,000
497 J.G. Boswell Company 573,840 521,850
-------------- --------------
1,658,867 3,371,850
-------------- --------------
Automotive (0.46%)
365,000 Bandag Incorporated, Class
`A' 17,059,193 8,258,125
-------------- --------------
Building Materials (0.40%)
250,000 Justin Industries 3,482,687 4,500,000
135,000 LSI Industries Inc. 2,538,282 2,624,062
-------------- --------------
6,020,969 7,124,062
-------------- --------------
Capital Goods (2.10%)
500,000 Woodward Governor Company 10,380,565 11,500,000
450,000 Kaiser Ventures Inc. (a) 5,365,370 6,328,125
95,000 Franklin Electric Company,
Inc. 6,637,469 6,068,125
200,000 IDEX Corporation 5,032,184 5,450,000
4,805 Conbraco Industries, Inc. 1,568,050 2,666,775
85,000 The Manitowoc Company,
Inc. 2,314,483 2,300,313
</TABLE>
9
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- U.S. -- (continued)
Capital Goods -- (continued)
70,000 Tennant Company $ 1,766,194 $ 2,170,000
375,000 Ethyl Corporation 1,077,075 1,148,438
25,000 Blount International, Inc.
Class `A' 321,621 321,875
-------------- --------------
34,463,011 37,953,651
-------------- --------------
Transportation (0.12%)
155,000 Heartland Express, Inc.
(a) 719,568 2,177,266
-------------- --------------
Electronics (0.96%)
865,000 UCAR International, Inc.
(a) 15,429,612 11,407,187
200,000 BEI Technologies Inc. 1,078,620 3,537,500
85,000 Applied Power Inc., Class
`A' 1,146,815 2,422,500
-------------- --------------
17,655,047 17,367,187
-------------- --------------
Technology (1.22%)
315,000 NCR Corporation (a) 8,816,273 12,639,375
300,000 Scott Technologies Inc.
(a) 4,345,329 5,662,500
335,000 Evans & Sutherland
Computer Corporation (a) 7,749,400 3,768,750
-------------- --------------
20,911,002 22,070,625
-------------- --------------
Consumer Products (3.03%)
185,000 Allen Organ Company,
Class `B' 5,762,889 14,256,562
525,000 Dole Food Company, Inc. 12,034,982 10,204,687
350,000 Furniture Brands
International, Inc. (a) 4,470,480 6,584,375
200,000 Jostens, Inc. 3,940,385 4,875,000
185,000 St. John Knits
International Inc. (a) 3,180,703 3,515,000
400,000 Sturm, Ruger & Company,
Inc. 5,331,688 3,500,000
70,000 Adolph Coors Company,
Class `B' 1,363,150 3,346,875
150,000 Philip Morris Companies,
Inc. 3,042,722 3,168,750
500,000 Sola International Inc.
(a) 5,806,852 3,062,500
225,000 A.T. Cross Company,
Class `A' (a) 2,656,315 1,321,875
125,000 Baldwin Piano & Organ
Company (a) 917,000 945,312
80 Kohler Co. Dissenter's
Rights -- --
-------------- --------------
48,507,166 54,780,936
-------------- --------------
Distribution (0.84%)
445,000 Guitar Center, Inc. 4,571,130 5,089,687
1,250,000 Hancock Fabrics, Inc. 9,378,704 3,593,750
143,088 Weyco Group Inc. 1,457,018 3,469,884
105,000 The May Department Stores
Company 2,936,588 2,992,500
-------------- --------------
18,343,440 15,145,821
-------------- --------------
</TABLE>
10
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- U.S. -- (continued)
Health Care (0.37%)
215,000 Dentsply International
Inc. $ 5,056,064 $ 6,100,625
284,500 BEI Medical Systems
Inc. (a)(c) 465,416 497,875
-------------- --------------
5,521,480 6,598,500
-------------- --------------
Media (0.21%)
85,000 GC Companies, Inc. (a) 2,510,540 2,953,750
34,924 Mills Music Trust (c) 1,055,337 873,100
-------------- --------------
3,565,877 3,826,850
-------------- --------------
Services (3.01%)
985,000 Manpower Inc. 28,809,204 34,967,500
725,000 UniFirst Corporation (c) 10,238,952 8,156,250
515,000 Burns International
Services Corporation (a) 6,400,051 5,407,500
155,000 Chemed Corporation 4,302,353 4,650,000
77,392 KinderCare Learning
Centers, Inc. (a) 992,527 1,238,272
-------------- --------------
50,743,087 54,419,522
-------------- --------------
Financial Companies (0.91%)
155,000 Leucadia National
Corporation 4,408,618 3,681,250
60 Berkshire Hathaway Inc.,
Class `A' 2,900,775 3,432,000
285,000 IPC Holdings, Ltd. 3,524,754 3,420,000
65,000 MBIA, Inc. 3,093,183 3,384,062
124,500 East Texas Financial
Services, Inc. (c) 936,625 925,969
10,000 The Progressive
Corporation 533,668 760,625
45,000 First Federal Financial
Bancorp, Inc. (c) 490,100 360,000
20,000 Catskill Financial
Corporation 210,000 225,000
31,000 Redwood Financial, Inc.
(a)(c)(e) 271,250 205,375
-------------- --------------
16,368,973 16,394,281
-------------- --------------
Utilities (0.88%)
235,000 CalEnergy Capital Trust
6 1/2% Conv. Pfd. 10,695,625 8,753,750
205,000 IdaCorp Inc. 5,802,169 7,123,750
-------------- --------------
16,497,794 15,877,500
-------------- --------------
Real Estate (3.27%)
510,000 Security Capital European
Realty (a)(e) 10,199,990 9,797,100
665,000 Security Capital Group,
Inc.
Class `B' (a) 9,918,565 9,600,937
185,000 Security Capital U.S.
Realty (a) 3,426,038 2,913,750
</TABLE>
11
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 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 -- (continued)
35,000 Security Capital U.S.
Realty ADR (a) $ 509,225 $ 577,500
555,000 Crescent Real Estate
Equities Company 8,534,899 9,712,500
500,000 Catellus Development
Corporation (a) 3,852,989 6,937,501
337,625 Alico, Inc. 6,486,872 5,486,406
205,000 Archstone Communities
Trust 3,099,621 4,087,205
197,739 Regency Realty Corporation 4,625,320 3,905,354
235,000 Price Enterprises, Inc.
8 3/4% Pfd., Series `A' 2,707,118 3,348,750
50,000 Prologis Trust 7% Conv.
Pfd., Series `B' 1,193,710 1,200,000
35,000 Prologis Trust 659,288 673,750
102,000 Price Enterprises, Inc. 747,066 768,188
-------------- --------------
55,960,701 59,008,941
-------------- --------------
Gold Related (2.53%)
700,000 Freeport McMoRan Copper &
Gold Inc., Preferred
Series
`B' (d) 23,008,334 14,262,500
565,000 Freeport McMoRan Copper &
Gold Inc., Preferred
Series `C' (d) 18,063,367 9,287,188
485,000 Freeport McMoRan Copper &
Gold Inc., Preferred
Series `D' (d) 10,022,366 6,001,875
7,432 Case, Pomeroy & Co., Inc.
Class `A' 7,366,948 7,104,992
295,000 Newmont Mining Corporation 10,565,810 6,619,062
400,000 Homestake Mining Company 6,688,384 2,400,000
6,838 Apollo Gold Warrants,
Series 1 -- --
10,258 Apollo Gold Warrants,
Series 2 -- --
17,096 Apollo Gold Warrants,
Series 3 -- --
-------------- --------------
75,715,209 45,675,617
-------------- --------------
</TABLE>
12
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- Non-U.S.
United Kingdom (3.70%)
4,450,000 Antofagasta Holdings
plc (1) $ 19,395,279 $ 27,938,853
4,500,000 IMI plc (6) 18,705,341 16,564,443
2,183,656 Berisford plc (6) 4,839,489 10,491,169
2,675,000 Royal Doulton plc (a)(11) 9,845,122 4,262,615
3,000,000 McBride plc (11) 7,569,080 4,039,525
235,000 Lonmin plc (1) 913,216 2,488,371
3,000,000 Lonrho Africa plc (20) 4,564,749 1,075,613
-------------- --------------
65,832,276 66,860,589
-------------- --------------
Finland (0.29%)
201,700 Vaisala Oy `A' (10) 1,601,579 5,208,731
-------------- --------------
Sweden (0.77%)
425,000 Investor AB `B' (19) 4,278,447 6,640,856
535,000 IRO AB (6) 5,641,561 6,130,421
500,000 Gorthon Lines AB `B' (8) 2,602,502 1,128,511
-------------- --------------
12,522,510 13,899,788
-------------- --------------
Denmark (0.42%)
255,000 Carlsberg International
A/S, `B' (11) 13,114,598 7,665,331
-------------- --------------
Netherlands (1.46%)
329,750 Holdingmaatschappij de
Telegraaf, NV (14) 3,365,707 10,329,002
675,000 Koninklijke Ahrend NV (6) 8,575,751 8,586,530
325,000 Apothekers Cooperatie OPG
U.A. (13) 7,974,003 7,460,310
-------------- --------------
19,915,461 26,375,842
-------------- --------------
Belgium (0.32%)
27,500 Deceuninck Plastics
Industries SA (5) 3,276,364 5,760,220
-------------- --------------
Germany (6.32%)
3,585,000 Buderus AG (c)(6) 59,924,028 59,319,507
11,750 Axel Springer Verlag AG
(14) 4,017,994 14,385,008
325,000 Hombach Holding AG
Pfd. (12) 21,589,246 13,677,235
115,000 Bertelsmann AG D.R.C. (14) 14,339,315 11,050,749
200,000 Bayer AG (7) 3,890,931 9,028,888
625,000 Suedzucker AG Pfd. (4) 9,454,827 6,695,150
-------------- --------------
113,216,341 114,156,537
-------------- --------------
France (6.60%)
37,250 Sagem ADP (9) 3,913,797 28,252,816
200,000 Legrand ADP (6) 15,440,898 21,960,092
35,950 Eurafrance (19) 13,568,220 16,332,579
26,950 Societe Sucriere de
Pithiviers-le-Vieil (c)(4) 10,460,792 7,397,806
</TABLE>
13
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 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)
France -- (continued)
70,000 NSC Groupe (c)(6) $ 12,400,388 $ 6,695,150
14,684 Taittinger C.I. (11) 3,620,200 5,954,873
100,000 Aventis SA (13) 4,851,156 5,470,894
35,000 Total Fina Elf SA (2) 1,571,835 5,238,955
73,500 Gaumont SA (14) 3,670,066 5,145,892
40,000 Sabeton SA (c)(19) 5,160,378 4,973,540
38,500 Carrefour Supermarche (12) 270,176 4,930,643
73,500 Crometal (6) 4,938,687 3,093,159
10,479 Robertet SA C.I. (11) 781,686 1,194,699
5,112 Robertet SA (11) 527,638 1,085,441
38,299 Conflandey (c)(1) 1,835,926 1,028,967
7,998 Marie Brizard et Roger
International SA (a)(11) 1,430,339 482,695
-------------- --------------
84,442,182 119,238,201
-------------- --------------
Switzerland (5.24%)
39,812 Kuehne & Nagel
International AG (8) 23,983,492 36,739,965
33,750 Edipresse SA (14) 8,812,747 20,290,378
50,000 Sika Finanz AG (5) 11,679,127 16,292,422
3,000 Lindt & Sprungli AG PC
(11) 2,661,221 7,618,361
12,000 Societe Generale
d'Affichage
D.R.C. (14) 2,311,257 6,312,562
18,000 SAirgroup D.R.C. (8) 2,127,182 3,381,730
1,750 Nestle SA Registered (11) 2,219,534 3,135,239
30,000 Pelikan Holding AG (a)(11) 2,797,748 901,795
-------------- --------------
56,592,308 94,672,452
-------------- --------------
Austria (0.24%)
115,000 Flughafen Wien AG (8) 4,525,931 4,267,680
-------------- --------------
Spain and Portugal (0.57%)
425,000 Espirito Santo Financial
Group SA ADR (16) 7,096,445 7,968,750
75,000 Corporacion Financiera
Alba SA (19) 1,153,738 2,248,853
-------------- --------------
8,250,183 10,217,603
-------------- --------------
Israel (0.30%)
500,000 The Israel Land
Development Company Ltd.
(20) 1,834,789 5,402,848
-------------- --------------
Commonwealth of
Independent
States (0.11%)
556,624 Firebird Fund, L.P.
(a)(b)(e)(21) 1,000,000 1,998,152
-------------- --------------
</TABLE>
14
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 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 (9.22%)
565,000 Fuji Photo Film Co., Ltd.
(11) $ 13,679,161 $ 24,869,023
1,000,000 Shimano Inc. (11) 18,830,177 20,060,376
55,950 Toho Co., Ltd. (14) 7,894,937 15,010,444
3,000,000 Nisshinbo Industries, Inc.
(11) 21,422,744 14,694,712
4,500,000 The Dai-Tokyo Fire &
Marine Insurance Co., Ltd.
(7) 25,034,160 12,313,760
135,000 Ito-Yokado Co., Ltd. (16) 5,480,472 9,649,430
2,000,000 The Mitsui Marine & Fire
Insurance Co., Ltd. (16) 11,261,568 8,997,955
100,000 Secom Co., Ltd. (15) 2,670,007 8,569,481
715,000 Hitachi, Ltd. (10) 5,250,101 8,487,535
2,000,000 Aida Engineering, Ltd. (6) 13,038,988 8,141,007
2,000,000 Okumura Corporation (6) 9,490,804 6,680,300
1,500,000 The Nichido Fire & Marine
Insurance Co., Ltd. (16) 8,130,328 6,529,360
700,000 Makita Corporation (11) 6,716,383 6,196,319
435,000 Chofu Seisakusho Co., Ltd.
(11) 8,284,147 6,061,788
435,000 Shoei Co., Ltd. (19) 3,360,885 4,236,050
275,000 Shiseido Company, Ltd.
(11) 3,157,301 3,735,758
1,325,000 Iino Kaiun Kaisha, Ltd.
(8) 3,839,481 2,245,107
-------------- --------------
167,541,644 166,478,405
-------------- --------------
South Korea (0.47%)
26,060 Nam Yang Dairy Products
(11) 4,395,123 8,405,691
-------------- --------------
Hong Kong (3.30%)
119,019,750 CDL Hotels International
Limited (18) 42,786,792 35,538,322
18,818,132 Shaw Brothers (Hong Kong)
Limited (14) 19,501,001 24,046,646
-------------- --------------
62,287,793 59,584,968
-------------- --------------
Singapore and Malaysia (0.56%)
3,450,000 Times Publishing Limited
(14) 7,647,889 6,972,547
1,375,000 Delgro Corporation Ltd.
(19) 1,659,955 3,212,617
-------------- --------------
9,307,844 10,185,164
-------------- --------------
Thailand (0.17%)
577,000 The Oriental Hotel Public
Company Limited (18) 2,636,472 3,037,244
-------------- --------------
</TABLE>
15
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 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)
Australia and New Zealand (2.25%)
3,176,500 Wilson & Horton Limited 5%
exchangeable preference
shares (14) $ 16,290,592 $ 20,728,846
9,050,000 Carter Holt Harvey
Limited (3) 11,089,453 7,814,449
8,650,000 Spotless Services
Limited (15) 4,685,083 6,938,148
10,000,000 Tasman Agriculture
Limited (a)(c)(4) 6,097,469 3,920,375
5,647,103 Evergreen Forests
Limited (a)(c)(3) 2,151,745 1,303,104
-------------- --------------
40,314,342 40,704,922
-------------- --------------
Canada (1.19%)
835,000 Canadian Pacific Limited
(20) 14,187,575 18,683,125
265,000 Noranda, Inc. (20) 3,486,674 2,721,696
-------------- --------------
17,674,249 21,404,821
-------------- --------------
Mexico (0.90%)
6,725,000 Industrias Penoles, S.A.
de C.V. (1) 20,798,623 16,296,211
-------------- --------------
Argentina (0.24%)
1,750,000 Siderca S.A.I.C. (2) 1,279,456 4,026,993
585,085 Ledesma S.A.A.I. (4) 556,660 327,810
-------------- --------------
1,836,116 4,354,803
-------------- --------------
Chile (0.14%)
225,000 Quinenco S.A. ADR (19) 1,440,160 2,531,250
-------------- --------------
Gold Related (1.34%)
655,000 Franco-Nevada Mining
Corp. Ltd. 6,029,399 6,907,806
1,000,000 Harmony Gold Mining
Company Ltd. 4,591,642 5,825,987
1,095,249 Gold Fields Limited 4,328,250 3,828,544
407,250 Gold Fields Limited ADR 3,408,636 1,578,094
550,000 Meridian Gold Inc. (a) 1,995,979 3,146,648
750,000 Pan American Silver
Corporation (a) 2,579,121 2,791,659
1,405,267 Compania Minera Arcata
S.A. 929,944 153,405
-------------- --------------
23,862,971 24,232,143
-------------- --------------
</TABLE>
16
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 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)
Miscellaneous (2.05%)
3,655 Bank for International
Settlements
(U.S. Tranche)(16) $ 19,216,192 $ 18,457,931
2,475 Bank for International
Settlements (French
Tranche)(16) 12,734,695 9,137,445
355,000 Banco Latinoamericano de
Exportaciones S.A., Class
`E' (BLADEX) (16) 9,318,866 9,407,500
2,000,000 Republic of Venezuela Oil
Recovery Rights (22) -- --
15,257,810 Mexican Oil Rights (22) -- --
-------------- --------------
41,269,753 37,002,876
-------------- --------------
Total Common and Preferred
Stocks 1,274,019,526 1,390,657,513
-------------- --------------
------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
------------------------------------------------------------------------------
Bonds, Notes and Convertible Bonds
U.S. Dollar Convertible Bonds (3.19%)
$ 2,500,000 Medya International Ltd.
10% due 6/28/2001 (e)(14) 2,305,259 1,887,500
2,500,000 International Container
Terminal Services, Inc. 5%
due 9/15/2001 (e)(8) 2,366,900 2,187,500
5,500,000 International Container
Terminal Services, Inc.
1 3/4% due 3/13/2004 (8) 4,902,512 5,390,000
6,000,000 Danka Business Systems plc
6 3/4% due 4/01/2002 (11) 4,176,901 4,290,000
3,750,000 Pegasus Gold Inc. 6 1/4%
due 4/30/2002 (a)(f)(1) 4,032,184 9,375
2,300,000 Pegasus Gold Inc, 6 1/4%
due 4/30/2002 (a)(b)(f)(1) 2,021,341 5,750
3,325,000 LUKINTER Finance BV 3 1/2%
due 5/06/2002 (2) 1,558,640 3,740,625
3,615,000 Coeur d'Alene Mines
Corporation 6% due
6/10/2002 (1) 3,267,510 2,295,525
6,000,000 Coeur d'Alene Mines
Corporation 6 3/8% due
1/31/2004 (1) 5,965,119 2,977,500
3,250,000 TingYi (C.I.) Holdings
1 5/8% due 7/17/2002 (11) 2,339,501 2,843,750
3,000,000 Ashanti Goldfields Company
Limited 5 1/2% due
3/15/2003 (1) 2,581,028 1,950,000
1,000,000 Security Capital U.S.
Realty 2% due 5/22/2003
(18) 759,830 732,500
</TABLE>
17
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 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)
$ 770,000 Security Capital U.S.
Realty 2% due 5/22/2003
(b)(18) $ 582,122 $ 564,025
1,500,000 IRSA Inversiones y
Representaciones S.A.
4 1/2% due 8/02/2003
(b)(18) 1,490,533 1,739,070
1,600,000 Agnico Eagle Mines Limited
3 1/2% due 1/27/2004 (1) 1,294,819 1,044,000
5,000,000 CKE Restaurants Inc.
4 1/4% due 3/15/2004 (12) 3,467,615 2,743,750
3,750,000 Friede Goldman Halter,
Inc. 4 1/2% due 9/15/2004
(2) 2,816,460 1,954,687
113,000 Excel Legacy Corp. 9% due
11/04/2004 (18) 38,682 92,660
4,420,000 Battle Mountain Gold
Company 6% due
1/04/2005 (1) 3,630,818 2,541,500
11,935,000 P.T. Inti Indorayon Utama
7% due 5/02/2006 (f)(3) 9,926,856 3,789,363
1,500,000 Samsung Electronics Co.
Ltd. 0% due 12/31/2007
(a)(9) 1,112,832 4,200,000
3,500,000 LG Electronics Inc. 1/4%
due 12/31/2007 (9) 2,624,284 3,867,500
4,450,000 Evans & Sutherland
Computer Corporation 6%
due 3/01/2012 (10) 3,566,982 3,237,375
20,000,000 Sunbeam Corporation 0% due
3/25/2018 (a)(11) 3,437,899 3,450,000
-------------- --------------
70,266,627 57,533,955
-------------- --------------
U.S. Dollar Bonds and Notes (5.08%)
2,000,000 P.T. Inti Indorayon Utama
9 1/8% due 10/15/2000
(f)(3) 1,922,646 465,000
1,000,000 Republic New York
Corporation 9 3/4% due
12/01/2000 (16) 1,000,000 1,015,468
5,550,000 USAir Group, Inc. 9 5/8%
due 2/02/2001 (8) 5,253,156 5,543,551
2,000,000 P.T. Pabrik Kertas
Tjiwi-Kimia 13 1/4% due
8/01/2001 (3) 1,955,684 1,800,000
3,310,000 P.T. Pabrik Kertas
Tjiwi-Kimia 10% due
8/01/2004 (3) 2,226,934 2,474,225
1,800,000 Florsheim Group Inc.
12 3/4% due 9/01/2002 (12) 1,707,206 1,775,250
8,000,000 The Southland Corporation
5% due 12/15/2003 (12) 6,789,695 7,040,000
5,589,000 The Southland Corporation
4% due 6/15/2004 (12) 4,233,220 4,499,145
3,000,000 Anacomp, Inc., Series `B'
10 7/8% due 4/01/2004 (10) 3,009,406 2,782,500
500,000 Anacomp, Inc., Series `D'
10 7/8% due 4/01/2004 (10) 520,000 463,750
</TABLE>
18
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 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)
$ 234,000 Excel Legacy Corp. 10% due
11/04/2004 (18) $ 160,719 $ 180,180
1,500,000 Hollinger International
Publishing 8 5/8% due
3/15/2005 (14) 1,575,000 1,432,500
1,500,000 Hollinger International
Publishing 9 1/4% due
3/15/2007 (14) 1,542,555 1,421,250
1,500,000 Polaroid Corporation
11 1/2% due 2/15/2006 (11) 1,517,500 1,537,500
10,000,000 Riverwood International
Corporation 10 1/4% due
4/01/2006 (3) 9,929,035 9,700,000
1,000,000 Imperial Holly Corporation
9 3/4% due 12/15/2007 (4) 1,000,000 260,000
4,500,000 AMSC Acquisition Co. Inc.
12 1/4% due 4/01/2008 (10) 4,217,169 3,870,000
5,000,000 Grupo Televisa 13 1/4% due
5/15/2008
(0% @ 3/31/2000) (a)(14) 3,611,084 4,937,500
3,000,000 Domino's Inc. 10 3/8% due
1/15/2009 (11) 2,917,445 2,760,000
2,500,000 St. John Knits
International Inc. 12 1/2%
due
7/01/2009 (11) 2,449,278 2,337,500
3,000,000 Blount International Inc.
13% due 8/01/2009 (6) 3,053,750 3,082,500
2,729,723 Federal Republic of Brazil
`C' 8% due 4/15/2014 (22) 1,089,107 2,047,292
5,000,000 Federal Republic of Brazil
Par ZL 5 3/4% due
4/15/2024 (22) 2,533,025 3,278,125
2,000,000 Republic of Bulgaria Disc.
FRN `A' due 7/28/2024
(7.0625% @ 3/31/2000) (22) 1,149,018 1,623,750
10,000,000 Bangkok Bank Public Co.
9.025% due 3/15/2029
(b)(16) 6,035,575 8,100,000
5,500,000 Bergen Bank Floating Rate
Perpetual Note (6 1/2% @
3/31/2000) (16) 3,888,750 4,284,500
3,500,000 Den Norske Bank Floating
Rate Perpetual Notes
(6.525% @ 3/31/2000) (16) 2,610,000 2,732,975
3,170,000 Den Norske Bank Floating
Rate Perpetual Notes
(6 3/8% @ 3/31/2000) (16) 2,059,625 2,503,190
</TABLE>
19
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 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)
$ 10,000,000 Christiania Bank Floating
Rate Perpetual Notes
(6 3/8% @ 3/31/2000) (16) $ 6,826,750 $ 7,880,500
-------------- --------------
86,783,332 91,828,151
-------------- --------------
U.S. Treasury Notes (8.75%)
10,000,000 U.S. Treasury Inflation
Index Note 3 5/8% due
7/15/2002 (22) 10,020,171 10,501,000
25,000,000 U.S. Treasury Note 7 1/2%
due 2/15/2005 (22) 26,251,563 26,195,325
25,000,000 U.S. Treasury Note 5 5/8%
due 2/15/2006 (22) 24,014,290 24,156,250
40,000,000 U.S. Treasury Inflation
Index Note 3 3/8% due
1/15/2007 (22) 40,141,379 40,996,000
5,000,000 U.S. Treasury Note 6 1/4%
due 2/15/2007 (22) 4,997,928 4,992,190
35,000,000 U.S. Treasury Zero Coupon
Strip due 11/15/2007
(a)(22) 21,857,327 21,759,080
5,000,000 U.S. Treasury Note 11 1/4%
due 2/15/2015 (22) 7,791,406 7,395,315
20,000,000 U.S. Treasury Note 7 1/4%
due 5/15/2016 (22) 20,840,156 22,112,500
-------------- --------------
155,914,220 158,107,660
-------------- --------------
Non U.S. Dollar Convertible Bonds (0.45%)
FRF 88,668,060 Immobiliere Hoteliere 5%
due 1/01/2001 (18) 12,833,351 3,356,383
NZD 8,736,523 Capital Properties New
Zealand Limited 8 1/2% due
4/15/2005 (c)(18) 5,384,640 3,805,702
CAD 1,600,000 Noranda Inc. 5% due
4/30/2007 (20) 1,045,454 920,903
-------------- --------------
19,263,445 8,082,988
-------------- --------------
Non U.S. Dollar Bonds and Notes (0.20%)
CAD 2,500,000 Bell Canada 8 1/2% due
6/09/2003 (17) 1,742,635 1,814,751
NZD 3,500,000 Evergreen Forest Limited
0% due 3/19/2009 (a)(3) 1,871,556 1,893,194
-------------- --------------
3,614,191 3,707,945
-------------- --------------
Total Bonds, Notes and
Convertible Bonds 335,841,815 319,260,699
-------------- --------------
</TABLE>
20
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Bonds, Notes and Convertible Bonds -- (continued)
U.S. Treasury Notes -- (continued)
Short-Term Investments (3.97%)
$ 19,714,000 FMC Corp. 6.56% due
4/03/2000 $ 19,706,815 $ 19,706,815
9,426,000 Omnicom Finance Inc. 6.05%
due 4/05/2000 9,419,664 9,419,664
7,768,000 Novartis Finance Corp.
5.98% due 4/07/2000 7,760,258 7,760,258
15,000,000 Praxair Inc. 5.95% due
4/10/2000 14,977,688 14,977,688
10,000,000 Toys `R' Us Inc. 6.30% due
4/12/2000 9,980,750 9,980,750
9,800,000 Pearson Inc. 6.18% due
4/19/2000 9,769,718 9,769,718
-------------- --------------
Total Short-Term
Investments 71,614,893 71,614,893
-------------- --------------
Total Investments (98.65%) $1,681,476,234* 1,781,533,105**
--------------
--------------
Other assets in excess of liabilities
(1.35%) 24,495,568
--------------
Net assets (100.00%) $1,806,028,673
--------------
--------------
</TABLE>
---------
* At March 31, 2000 cost for federal income tax purposes is $1,697,441,723.
** Gross unrealized appreciation and depreciation of securities at March 31,
2000 were $304,715,674 and $220,624,292, respectively (net appreciation
was $84,091,382).
21
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
<CAPTION>
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS
------------------ ------------------------
<S> <C> <C> <C>
FRF -- French Franc (1) Metals & Minerals (12) Distribution
NZD -- New Zealand Dollar (2) Energy (13) Health Care
CAD -- Canadian Dollar (3) Forest Products (14) Media
(4) Agriculture (15) Services
(16) Financial
(5) Building Materials Institutions
(6) Capital Goods (17) Utilities
(7) Chemicals (18) Real Estate
(8) Transportation (19) Holding Companies
(9) Electronics (20) Conglomerate
(10) Technology (21) Investment Companies
(11) Consumer Products (22) Government Issues
<CAPTION>
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 year ended March 31, 2000.
22
<PAGE>
<TABLE>
Purchases Sales
-------------------- ---------------------- Realized Dividend
Affiliate Shares Cost Shares Cost Gain/Loss Income
<S> <C> <C> <C> <C> <C> <C>
San Juan Basin
Royalty Trust....... -- -- 705,000 $5,786,575 $ 923,232 $2,541,081
The Home-Stake Oil &
Gas Company......... -- -- -- -- -- 26,275
Greif Bros.
Corporation Class
`A'................. -- -- -- -- -- 307,500
BEI Medical Systems
Inc................. -- -- 115,500 216,144 4,659 --
Mills Music Trust.... -- -- -- -- -- 118,518
UniFirst
Corporation......... -- -- -- -- -- 135,938
East Texas Financial
Services, Inc....... -- -- 3,000 22,750 (251) 25,500
First Federal
Financial Bancorp,
Inc................. -- -- -- -- -- 12,600
Redwood Financial,
Inc................. -- -- 46,500 444,063 (47,388) --
Buderus AG'D'........ 201,000 $4,069,751 -- -- -- 1,124,246
Societe Sucriere de
Pithiviers-le-
Vieil............... 62 24,419 -- -- -- 243,724
NSC Groupe........... -- -- 579 115,156 (58,879) 252,750
Sabeton SA........... -- -- 3,500 744,670 (329,157) 1,502,016
Conflandey........... -- -- 749 37,504 (9,787) 21,081
Tasman Agriculture
Limited............. -- -- -- -- -- --
Capital Properties
New Zealand Limited
8 1/2% due
4/15/2005'D'D'...... -- -- -- -- -- 179,551
Evergreen Forests
Limited............. -- -- 3,702,897 1,410,934 (463,355) --
</TABLE>
'D' 26 for 1 stock split on July 19, 1999.
'D'D' 21 shares for every 50 shares; takeover in December 1999.
(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.
23
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
March 31, 2000
<TABLE>
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED KINGDOM (6.37%)
2,075,000 Antofagasta Holdings plc (1) $ 9,712,691 $ 13,027,667
2,275,000 IMI plc (7) 9,384,485 8,374,246
2,119,000 Royal Doulton plc (a)(12) 6,279,472 3,376,629
555,000 Berisford plc (7) 1,220,707 2,666,445
1,000,000 McBride plc (12) 2,254,106 1,346,508
1,000,000 Aggregate Industries plc (6) 411,828 1,051,711
1,500,000 Lonrho Africa plc (20) 2,324,804 537,807
------------ ------------
31,588,093 30,381,013
------------ ------------
FINLAND (0.14%)
26,100 Vaisala Oy `A' (11) 183,482 674,010
------------ ------------
SWEDEN (1.28%)
365,000 IRO AB (7) 3,934,420 4,182,437
65,000 Investor AB `B' (19) 642,001 1,015,660
413,000 Gorthon Lines AB `B' (9) 1,872,656 932,150
------------ ------------
6,449,077 6,130,247
------------ ------------
DENMARK (0.45%)
60,000 Carlsberg International A/S `B'
(12) 2,475,255 1,803,607
5,000 Kobenhavns Lufthavne A/S (9) 217,588 340,424
------------ ------------
2,692,843 2,144,031
------------ ------------
NETHERLANDS (3.56%)
202,500 Holdingmaatschappij de
Telegraaf NV (15) 3,536,084 6,343,057
450,000 Koninklijke Ahrend NV (7) 5,843,289 5,724,353
215,000 Apothekers Cooperatie OPG
U.A. (14) 5,300,994 4,935,282
------------ ------------
14,680,367 17,002,692
------------ ------------
BELGIUM (0.64%)
14,500 Deceuninck Plastics Industries
SA (6) 2,681,547 3,037,207
------------ ------------
GERMANY (9.37%)
1,235,000 Buderus AG (7) 19,896,881 20,435,032
185,000 Hornbach Holding AG Pfd. (13) 12,652,119 7,785,503
50,000 Bertelsmann AG D.R.C. (15) 6,046,454 4,804,674
85,000 Bayer AG (8) 2,717,486 3,837,277
2,750 Axel Springer Verlag AG (15) 1,086,733 3,366,704
155,000 Vossloh AG (9) 3,120,415 2,119,971
185,000 Suedzucker AG Pfd. (4) 2,899,996 1,981,764
25,000 Gerresheimer Glas AG (7) 338,102 370,624
------------ ------------
48,758,186 44,701,549
------------ ------------
FRANCE (9.58%)
11,500 Sagem ADP (10) 1,267,087 8,722,346
75,000 Legrand ADP (7) 6,961,597 8,235,035
</TABLE>
24
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS -- (CONTINUED)
FRANCE -- (CONTINUED)
70,000 Aventis SA (14) $ 3,402,183 $ 3,829,626
6,750 Eurafrance (19) 2,445,637 3,066,618
6,692 Taittinger C.I. (12) 1,717,716 2,713,839
17,037 Total Fina Elf SA (2) 775,084 2,550,174
23,500 NSC Groupe (7) 4,098,208 2,247,658
1,350,000 FINEL (b)(3) 2,277,010 2,133,782
9,000 Robertet SA (12) 1,715,121 1,910,987
7,856 Robertet SA C.I. (12) 1,120,564 895,653
6,500 Societe Sucriere de
Pithiviers-le-Vieil (4) 2,808,730 1,784,257
10,000 Carrefour Supermarche (13) 240,791 1,280,687
23,500 Rougier SA (3) 1,702,604 1,217,107
7,500 Sabeton SA (19) 1,257,698 932,539
12,000 Gaumont SA (15) 589,048 840,146
18,000 Crometal (7) 1,093,384 757,508
15,000 Societe Francaise des Papiers
Peints (12) 741,390 685,775
23,801 Conflandey (1) 1,306,544 639,454
10,000 Burelle SA (5) 443,781 631,257
15,000 Carbone Lorraine SA (7) 752,324 619,062
------------ ------------
36,716,501 45,693,510
------------ ------------
SWITZERLAND (11.74%)
19,798 Kuehne & Nagel International
AG (9) 11,684,571 18,270,316
20,250 Edipresse SA (15) 3,991,602 12,174,227
1,935 Bank for International
Settlements (U.S. Tranche) (17) 13,948,780 9,771,846
965 Bank for International
Settlements (French Tranche)
(17) 6,964,319 3,562,681
19,500 SAirgroup AG (9) 3,744,120 3,663,540
10,000 Sika Finanz AG (6) 2,381,158 3,258,484
5,000 Affichage Holdings AG (15) 1,380,233 2,630,234
575 Lindt & Sprungli AG PC (12) 751,682 1,460,186
10,933 Vetropack AG (7) 1,142,626 1,206,123
------------ ------------
45,989,091 55,997,637
------------ ------------
AUSTRIA (0.39%)
50,000 Flughafen Wien AG (9) 1,853,727 1,855,513
------------ ------------
SPAIN AND PORTUGAL (2.25%)
245,000 Espirito Santo Financial Group
SA ADR (17) 4,095,267 4,593,750
600,000 Energia e Industrias Aragonesas
SA (8) 3,024,135 3,035,772
</TABLE>
25
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS -- (CONTINUED)
SPAIN AND PORTUGAL -- (CONTINUED)
115,000 Companhia de Celulose do Caima
SA (3) $ 1,697,693 $ 1,622,378
50,000 Corporacion Financiera Alba
SA (19) 1,590,068 1,499,235
------------ ------------
10,407,163 10,751,135
------------ ------------
TURKEY (0.29%)
55,000 Usas Ucak Servisi (16) 352,615 1,381,687
------------ ------------
CHILE (0.06%)
25,000 Quinenco S.A. ADR (19) 235,775 281,250
------------ ------------
ISRAEL (0.14%)
200,000 Super-Sol Limited (13) 379,002 669,754
------------ ------------
IRELAND (0.43%)
700,000 Greencore Group plc (4) 1,918,345 2,042,021
------------ ------------
COMMONWEALTH OF INDEPENDENT STATES (0.81%)
672,461 Firebird Fund, L.P.
(a)(b)(c)(21) 683,593 2,292,387
10,265 Firebird Republic Fund, Ltd.
Class `A' (a)(b)(c)(21) 1,675,000 930,951
100,000 First NIS Regional Fund SICAF
(b)(c)(21) 1,000,000 637,500
------------ ------------
3,358,593 3,860,838
------------ ------------
JAPAN (19.38%)
1,875,000 Nisshinbo Industries, Inc. (12) 13,365,079 9,184,195
435,000 Shimano Inc. (12) 7,901,337 8,726,263
2,500,000 The Dai-Tokyo Fire & Marine
Insurance Co., Ltd. (17) 13,038,910 6,840,978
1,875,000 Okumura Corporation (18) 8,736,501 6,262,781
1,375,000 Aida Engineering, Ltd. (7) 7,922,250 5,596,942
565,000 Shoei Co., Ltd. (19) 5,200,358 5,501,996
950,400 Tachi-S Co., Ltd. (5) 8,183,837 4,627,520
1,000,000 The Mitsui Marine & Fire
Insurance Co., Ltd. (17) 5,839,990 4,498,977
749,730 Sotoh Co., Ltd. (12) 6,288,831 3,497,134
245,000 Chofu Seisakusho Co., Ltd. (12) 4,101,079 3,414,110
175,000 T. Hasegawa Co., Ltd. (12) 2,725,929 3,152,693
475,300 Yomeishu Seizo Co., Ltd. (12) 3,012,626 3,101,091
65,000 Fuji Photo Film Co., Ltd. (12) 1,545,689 2,861,038
10,500 Toho Co., Ltd. (15) 1,452,078 2,816,973
255,000 Sonton Food Industry Co., Ltd.
(12) 2,615,267 2,704,207
300,000 Makita Corporation (12) 2,873,009 2,655,565
30,000 Secom Co., Ltd. (16) 797,642 2,570,844
115,000 SK Kaken Co. Ltd. (12) 1,953,694 2,542,117
135,000 Mandom Corp. (12) 1,706,995 2,366,345
18,000 Hitachi Ltd. ADR (11) 1,454,804 2,193,750
</TABLE>
26
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS -- (CONTINUED)
JAPAN -- (CONTINUED)
500,000 The Nichido Fire & Marine
Insurance Co., Ltd. (17) $ 2,597,878 $ 2,176,453
30,000 Ito-Yokado Co., Ltd. (13) 1,426,978 2,144,318
75,000 Nitto Kohki Co., Ltd. (7) 513,622 1,950,044
625,000 lino Kaiun Kaisha, Ltd. (9) 1,539,110 1,059,013
------------ ------------
106,793,493 92,445,347
------------ ------------
SOUTH KOREA (3.01%)
36,360 Nam Yang Dairy Products Pfd.
(12) 573,659 7,072,970
10,000 Nam Yang Dairy Products (12) 863,352 3,225,515
95,000 Fursys Incorporated (7) 1,621,304 2,423,886
60,000 Dong Ah Tire Industry Co., Ltd.
(a)(5) 3,100,389 1,628,591
------------ ------------
6,158,704 14,350,962
------------ ------------
HONG KONG (6.23%)
59,430,911 CDL Hotels International
Limited (18) 21,082,903 17,745,583
9,118,131 Shaw Brothers (Hong Kong)
Limited (15) 9,517,082 11,651,553
2,500,000 China-Hong Kong Photo Products
Holdings Limited (12) 224,323 308,224
------------ ------------
30,824,308 29,705,360
------------ ------------
SINGAPORE AND MALAYSIA (1.36%)
1,450,000 Times Publishing Limited (15) 3,002,411 2,930,491
2,000,000 Clipsal Industries Ltd. (6) 2,533,241 1,764,019
500,000 Delgro Corporation Ltd. (19) 436,444 1,168,224
150,000 Genting Berhad (12) 270,389 623,684
------------ ------------
6,242,485 6,486,418
------------ ------------
THAILAND (0.12%)
110,000 Oriental Hotel PCL (18) 482,186 579,024
------------ ------------
VIETNAM (0.13%)
162,900 The Lazard Vietnam Fund Limited
(a)(b)(c)(21) 448,873 407,250
42,800 The Vietnam Frontier Fund
(a)(b)(c)(21) 440,840 197,950
------------ ------------
889,713 605,200
------------ ------------
INDIA (0.14%)
10,000 The Spartek Emerging
Opportunities of India Fund
(a)(b)(c)(21) 1,035,000 670,000
------------ ------------
</TABLE>
27
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS -- (Continued)
AUSTRALIA AND NEW ZEALAND (5.12%)
1,451,450 Wilson & Horton Limited 5%
exchangeable preference
shares (15) $ 7,598,473 $ 9,471,709
8,650,000 Carter Holt Harvey Limited (3) 10,976,509 7,469,059
3,500,000 Spotless Services Limited (16) 2,039,138 2,807,343
6,000,000 Tasman Agriculture Limited (4) 4,113,740 2,352,225
5,500,000 Evergreen Forests Limited
(a)(3) 2,374,634 1,269,159
300,000 RadioWorks New Zealand
Limited (15) 544,139 1,042,125
------------ ------------
27,646,633 24,411,620
------------ ------------
CANADA (1.03%)
185,000 Canadian Pacific Limited (20) 3,187,350 4,139,375
45,000 Fletcher Challenge Energy
Class `A' (2) 480,876 496,295
25,000 Franco-Nevada Mining Corp.
Ltd. (23) 328,959 263,657
------------ ------------
3,997,185 4,899,327
------------ ------------
MEXICO (1.99%)
3,375,000 Industrias Penoles, S.A. de
C.V. (1) 12,590,665 8,178,396
500,000 Grupo Indusrial Satillo, S.A.
de C.V. (5) 1,469,358 1,311,458
------------ ------------
14,060,023 9,489,854
------------ ------------
ARGENTINA (0.42%)
450,000 Siderca S.A.I.C. (2) 265,818 1,035,513
596,964 Cresud S.A.C.I.F. y A. (4) 595,469 549,479
750,000 Ledesma S.A.A.I. (4) 761,772 420,208
------------ ------------
1,623,059 2,005,200
------------ ------------
MISCELLANEOUS (3.95%)
340,000 Security Capital European
Realty (a)(c)(18) 6,800,000 6,531,400
365,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series `D'
(c)(23) 6,666,933 4,516,875
125,000 Banco Latinoamericano de
Exportaciones S.A. Class `E'
(BLADEX) (17) 3,159,274 3,312,500
115,000 InterTAN, Inc. (13) 1,126,788 1,520,300
600,000 Jardine Strategic Holdings (19) 928,762 1,224,000
9,000 Baltic Republic Fund
(a)(b)(c)(21) 905,750 1,012,500
</TABLE>
28
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS -- (Continued)
MISCELLANEOUS -- (CONTINUED)
5,000 M.J. Whitman Global Value Fund
L.P. (a)(b)(c)(21) $ 500,000 $ 508,792
15,000 North European Oil Royalty
Trust (2) 191,837 198,750
7,871,000 Mexican Oil Rights (22) -- --
------------ ------------
20,279,344 18,825,117
------------ ------------
TOTAL COMMON AND PREFERRED
STOCKS 428,276,540 431,077,523
------------ ------------
<CAPTION>
--------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
--------------------------------------------------------------------------------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS (2.99%)
$ 2,000,000 Medya International Ltd. 10%
due 6/28/2001 (c)(15) 1,855,912 1,510,000
1,250,000 International Container
Terminal Services, Inc. 5% due
9/15/2001 (c)(9) 1,171,525 1,093,750
4,500,000 International Container
Terminal Services, Inc. 1 3/4%
due 3/13/2004 (9) 3,889,506 4,410,000
3,500,000 Danka Business Systems plc
6 3/4% due 4/01/2002 (12) 3,033,628 2,502,500
1,750,000 TingYi (C.1.) Holdings 1 5/8%
due 7/17/2002 (12) 1,396,622 1,531,250
1,000,000 IRSA Inversiones y
Representaciones S.A. 4 1/2%
due 8/02/2003 (b)(18) 994,634 1,159,380
6,500,000 P.T. Inti Indorayon Utama 7%
due 5/02/2006 (e)(3) 5,263,024 2,063,750
------------ ------------
17,604,851 14,270,630
------------ ------------
U.S. DOLLAR BONDS AND NOTES (1.39%)
1,000,000 P.T. Inti Indorayon Utama
9 1/8% due 10/15/2000 (e)(3) 950,451 232,500
1,000,000 P.T. Pabrik Kertas Tjiwi-Kimia
13 3/4% due 8/01/2001 (3) 934,902 900,000
1,790,000 P.T. Pabrik Kertas Tjiwi-Kimia
10% due 8/01/2004 (3) 1,216,760 1,338,025
1,000,000 Republic National Bank NY
Brazil-Linked CD'S 9.65% due
5/01/2003 (17) 998,679 910,000
</TABLE>
29
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
--------------------------------------------------------------------------------
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)
$ 1,000,000 Republic of Bulgaria Disc. FRN
`A' due 7/28/2024 (7.0625% @
3/31/2000) (22) $ 571,529 $ 811,875
3,000,000 Bangkok Bank Public Co. 9.025%
due 3/15/2029 (b)(22) 1,811,264 2,430,000
------------ ------------
6,483,585 6,622,400
------------ ------------
NON U.S. DOLLAR CONVERTIBLE BONDS (0.80%)
FRF 41,509,260 Immobiliere Hoteliere 5% due
1/01/2001 (18) 6,473,452 1,571,265
NZD 3,581,129 Capital Properties New Zealand
Limited 8 1/2% due
4/15/2005 (18) 2,765,707 1,559,969
NZD 1,316,810 Evergreen Forest Limited 0% due
3/19/2009 (a)(3) 714,127 712,279
------------ ------------
9,953,286 3,843,513
------------ ------------
TOTAL BONDS, NOTES AND
CONVERTIBLE BONDS 34,041,722 24,736,543
------------ ------------
SHORT-TERM INVESTMENTS (3.09%)
$ 9,164,000 FMC Corp. 6.56% due 4/03/2000 9,160,660 9,160,660
5,574,000 Omnicom Finance Inc. 6.05% due
4/05/2000 5,570,253 5,570,253
------------ ------------
TOTAL SHORT-TERM INVESTMENTS 14,730,913 14,730,913
------------ ------------
TOTAL INVESTMENTS (98.65%) $477,049,175* 470,544,979**
------------
------------
Other assets in excess of
liabilities (1.35%) 6,469,384
------------
Net Assets (100.00%) $477,014,363
------------
------------
</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) Security for which there are less than three market makers.
(d) Commodity linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity or commodity
index.
(e) In default of an underlying commodity.
* At March 31, 2000, cost for federal income tax purposes is $479,437,722.
** Gross unrealized appreciation and depreciation of securities at March 31,
2000 were $83,068,732 and $91,961,475 respectively (net depreciation was
$8,892,743).
30
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
<CAPTION>
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS
------------------ ------------------------
<S> <C> <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
---------
See Notes to Financial Statements.
31
<PAGE>
FIRST EAGLE SOGEN GOLD FUND
SCHEDULE OF INVESTMENTS
March 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks
United States (38.64%)
65,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series `C' (c) $ 2,215,521 $ 1,068,438
65,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series `D' (c) 1,354,304 804,375
30,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series `B' (c) 1,090,300 611,250
55,000 Newmont Mining Corporation 1,751,037 1,234,063
105,000 Homestake Mining Company 947,726 630,000
215,000 Battle Mountain Gold Company
Class `A' 1,083,038 416,562
75,000 Royal Gold, Inc. 316,796 257,812
677 Apollo Gold Warrants, Series 1 -- --
1,016 Apollo Gold Warrants, Series 2 -- --
1,695 Apollo Gold Warrants, Series 3 -- --
----------- -----------
8,758,722 5,022,500
----------- -----------
Canada (21.74%)
60,000 Franco-Nevada Mining Corp. Ltd. 749,634 632,776
75,000 Placer Dome Inc. 846,668 609,375
85,000 CSA Management Limited Class `A' 508,338 498,018
265,000 Kinross Gold Corp. 710,176 409,168
18,000 Barrick Gold Corporation 310,462 282,375
45,000 Meridian Gold Inc. (a) 163,307 257,453
20,000 Pan American Silver Corp. (a) 66,842 74,444
125,000 Miramar Mining Corporation (a) 215,471 62,899
----------- -----------
3,570,898 2,826,508
----------- -----------
Australia (2.12%)
800,000 Otter Gold Mines Limited (a) 693,717 267,366
230,000 Otter Gold Mines Limited Warrants
(a) -- 8,665
----------- -----------
693,717 276,031
----------- -----------
South Africa (22.12%)
185,000 Harmony Gold Mining Company Ltd. 848,664 1,077,808
197,500 Gold Fields Limited 703,998 690,379
100,000 Gold Fields Limited ADR 709,481 387,500
25,000 Anglogold Limited ADR 556,776 600,000
1,500,000 Consolidated African Mines Limited 213,392 119,586
----------- -----------
3,032,311 2,875,273
----------- -----------
Switzerland (5.76%)
75 Bank for International Settlements
(U.S. Tranche) 549,844 378,754
100 Bank for International Settlements
(French Tranche) 672,277 369,190
----------- -----------
1,222,121 747,944
----------- -----------
</TABLE>
32
<PAGE>
FIRST EAGLE SOGEN GOLD FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
------------------------------------------------------------------------------
<C> <S> <C> <C>
Common and Preferred Stocks -- (continued)
Miscellaneous (8.94%)
400,000 Industrias Penoles, S.A. de C.V. $ 1,023,667 $ 969,291
1,759,784 Compania Minera Arcata S A. 1,387,540 192,105
----------- -----------
2,411,207 1,161,396
----------- -----------
Total Common and Preferred Stocks 19,688,976 12,909,652
----------- -----------
</TABLE>
<TABLE>
Principal Cost Value
Amount (Note 1) (Note 1)
<CAPTION>
<C> <S> <C> <C>
Bonds, Notes and Convertible Bonds
U.S. Dollar Convertible Bonds (0.01%)
$350,000 Pegasus Gold Inc. 6 1/4% due 4/30/2002
(a)(d) 385,500 875
250,000 Pegasus Gold Inc. 6 1/4% due 4/30/2002
(a)(b)(d) 220,952 625
----------- -----------
Total Bonds, Notes and Convertible
Bonds 606,452 1,500
----------- -----------
Total lnvestments (99.33%) $20,295,428* 12,911,152**
-----------
-----------
Other assets in excess of liabilities (0.67%)
87,262
-----------
Net assets (100.00%) $12,998,414
-----------
-----------
</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) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(d) In default as to principal and interest.
* At March 31, 2000 cost for federal income tax purposes is $21,045,516.
** Gross unrealized appreciation and depreciation of securities at March 31,
2000 were $382,780 and $8,517,144 respectively, (net depreciation was
$8,134,364).
---------
See Notes to Financial Statements.
33
<PAGE>
FIRST EAGLE SOGEN MONEY FUND
SCHEDULE OF INVESTMENTS
March 31, 2000
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
Credit Principal Cost Value
Rating'D' Amount (Note 1) (Note 1)
---------------------------------------------------------------------------------
<C> <C> <S> <C> <C>
Commercial Paper
(100.24%)
A1 $1,866,000 Diageo Capital plc 5.78%
due 4/03/2000 $ 1,865,401 $ 1,865,401
A1+ 263,000 Proctor & Gamble Co.
5.82% due 4/03/2000 262,915 262,915
A1+ 242,000 Proctor & Gamble Co.
6.00% due 4/03/2000 241,919 241,919
A1 916,000 The BOC Group, Inc. 6.25%
due 4/04/2000 915,523 915,523
A1 194,000 The Coca-Cola Company
5.98% due 4/04/2000 193,903 193,903
A1 211,000 The Coca-Cola Company
6.02% due 4/04/2000 210,894 210,894
A1 1,000,000 H.J. Heinz Company 5.80%
due 4/04/2000 999,517 999,517
A1 1,000,000 The Sherwin-Williams
Company 6.03% due
4/05/2000 999,330 999,330
A1 1,028,000 Xerox Credit Corporation
5.85% due 4/05/2000 1,027,332 1,027,332
A1 529,000 Ford Motor Credit Company
6.04% due 4/06/2000 528,556 528,556
A1+ 1,423,000 Nestle Capital Corp.
5.95% due 4/06/2000 1,421,824 1,421,824
A1+ 1,137,000 Emerson Electric Company
6.06% due 4/07/2000 1,135,852 1,135,852
A1 1,000,000 Ford Motor Credit Company
6.00% due 4/07/2000 999,000 999,000
A1 492,000 Caterpillar Financial
Services Corporation
6.00% due 4/10/2000 491,262 491,262
A1 1,061,000 Honeywell Inc. 5.88% due
4/10/2000 1,059,440 1,059,440
A1 393,000 The Sherwin-Williams
Company 6.03% due
4/10/2000 392,408 392,408
A1+ 288,000 Toyota Motor Credit
Corporation 6.03% due
4/10/2000 287,566 287,566
A1+ 1,170,000 7-Eleven Inc. 5.85% due
4/11/2000 1,168,099 1,168,099
A1+ 1,200,000 Pfizer Inc. 5.82% due
4/11/2000 1,198,060 1,198,060
A1+ 472,000 Merrill Lynch & Co., Inc.
6.00% due 4/12/2000 471,135 471,135
A1+ 921,000 Merrill Lynch & Co., Inc.
6.04% due 4/12/2000 919,300 919,300
A1+ 178,000 Merrill Lynch & Co., Inc.
6.06% due 4/12/2000 177,670 177,670
A1 443,000 Xerox Credit Corporation
6.05% due 4/12/2000 442,181 442,181
</TABLE>
34
<PAGE>
FIRST EAGLE SOGEN MONEY FUND
SCHEDULE OF INVESTMENTS -- (Continued)
March 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
Credit Principal Cost Value
Rating'D' Amount (Note 1) (Note 1)
----------------------------------------------------------------------------------
<C> <C> <S> <C> <C>
Commercial Paper -- (continued)
A1 $1,000,000 IBM Credit Corp. 5.88%
due 4/13/2000 $ 998,040 $ 998,040
A1+ 800,000 Fuji Photo Film Finance
U.S.A., Inc. 5.85% due
4/17/2000 797,920 797,920
A1 1,300,000 The Walt Disney Company
5.90% due 4/18/2000 1,296,378 1,296,378
A1 1,000,000 The Coca-Cola Company
5.98% due 4/24/2000 996,179 996,179
A1+ 925,000 General Electric Capital
Corporation 6.00% due
4/24/2000 921,454 921,454
A1 300,000 Honeywell International
6.05% due 4/24/2000 298,840 298,840
A1+ 956,000 Toyota Motor Credit
Corporation 5.97% due
4/24/2000 952,354 952,354
A1 1,000,000 The Walt Disney Company
5.90% due 4/24/2000 996,231 996,231
A1+ 291,000 Kimberly-Clark Worldwide
5.88% due 4/25/2000 289,859 289,859
A1+ 693,000 7-Eleven Inc. 5.92% due
5/03/2000 689,353 689,353
A1 669,000 General Motors Acceptance
Company 6.04% due
5/03/2000 665,408 665,408
A1+ 1,600,000 AT&T Corp. 5.86% due
5/04/2000 1,591,405 1,591,405
A1+ 1,000,000 Abbott Laboratories 6.01%
due 5/05/2000 994,324 994,324
A1+ 1,423,000 E.I. du Pont de Nemours
and Company 6.01% due
5/09/2000 1,413,973 1,413,973
A1 377,000 Motorola Inc. 6.05% due
5/25/2000 373,579 373,579
------------ -----------
Total Commercial Paper $ 30,684,384* 30,684,384
------------
------------
Other liabilities in
excess of assets
( - 0.24%) (73,151)
-----------
Net assets (100.00%) $30,611,233
-----------
-----------
</TABLE>
------------
* At March 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.
35
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
FIRST EAGLE
SOGEN
GLOBAL FUND
-----------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments, at value (cost: $1,681,476,234,
$477,049,175, $20,295,428 and $30,684,384
respectively) (Note 1)............................... $1,781,533,105
Cash................................................... 2,250,429
Receivable for forward currency contracts held, at
value (Notes 1 and 6)................................ 15,230,876
Receivable for investment securities sold.............. 11,588,447
Receivable for fund shares sold........................ 3,478,005
Accrued interest and dividends receivable.............. 11,114,761
--------------
TOTAL ASSETS......................................... 1,825,195,623
--------------
LIABILITIES:
Due to broker.......................................... --
Payable for fund shares redeemed....................... 5,690,126
Payable for investment securities purchased............ 3,462,866
Payable for forward currency contracts held, at value
(Notes 1 and 6)...................................... 6,889,341
Investment advisory fees payable (Note 2).............. 1,243,556
Distribution fees payable (Note 3)..................... 1,103,898
Directors' fees payable................................ 40,855
Accrued expenses and other liabilities................. 736,308
--------------
TOTAL LIABILITIES.................................... 19,166,950
--------------
NET ASSETS:
Capital stock (par value, $0.001 per share)............ 72,098
Capital surplus........................................ 1,544,051,399
Net unrealized appreciation (depreciation) on:
Investments.......................................... 100,056,871
Forward currency contracts........................... 8,341,535
Foreign currency related transactions................ (346,637)
Undistributed net realized gains (loss) on
investments.......................................... 148,939,248
Undistributed net investment income.................... 4,914,159
--------------
NET ASSETS........................................... $1,806,028,673
--------------
--------------
Class A share capital................................... $1,789,574,284
Shares of beneficial interest outstanding (Class A)
(Note 5)............................................... 71,441,395
Net asset value per share.............................. $25.05
Maximum offering price per share....................... $26.03
Class I share capital................................... $ 16,454,389
Shares of beneficial interest outstanding (Class I)
(Note 5)............................................... 656,338
Net asset value per share.............................. $25.07
</TABLE>
---------
See Notes to Financial Statements.
36
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
FIRST EAGLE FIRST EAGLE FIRST EAGLE
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
-----------------------------------------------------------------------------
<S> <C> <C>
$470,544,979 $12,911,152 $30,684,384
-- 121,105 531
5,358,089 -- --
4,006,503 -- --
2,958,480 37,305 1,831
2,948,689 31,845 --
------------ ----------- -----------
485,816,740 13,101,407 30,686,746
------------ ----------- -----------
657,497 -- --
2,869,789 21,274 56,949
1,077,148 -- --
3,317,612 -- --
327,644 9,802 11,165
288,565 9,567 --
3,000 1,647 399
261,122 60,703 7,000
------------ ----------- -----------
8,802,377 102,993 75,513
------------ ----------- -----------
33,096 2,515 30,611
424,844,533 42,545,721 30,580,622
(6,504,196) (7,384,276) --
2,040,477 -- --
(114,247) (542) --
52,217,270 (22,388,189) --
4,497,430 223,185 --
------------ ----------- -----------
$477,014,363 $12,998,414 $30,611,233
------------ ----------- -----------
------------ ----------- -----------
$450,338,166 $12,998,414 $30,611,233
31,246,919 2,515,394 30,611,233
$14.41 $5.17 $1.00
$14.97 $5.37 $1.00
$ 26,676,197 -- --
1,848,916 -- --
$14.43 -- --
</TABLE>
37
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
STATEMENTS OF OPERATIONS
For the Year Ended March 31, 2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
FIRST EAGLE FIRST EAGLE
SOGEN SOGEN
GLOBAL FUND OVERSEAS FUND
-----------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME:
Income:
Interest (net of $6,323, $2,893, $0 and
$0 foreign taxes withheld,
respectively).......................... $ 33,155,180 $ 3,919,213
Dividends (net of $1,986,009, $968,635,
$4,841 and $0 foreign taxes withheld,
respectively).......................... 43,731,641 12,671,037
------------ ------------
Total income from operations........... 76,886,821 16,590,250
------------ ------------
EXPENSES:
Investment advisory fees (Note 2)....... 14,567,013 3,619,450
Distribution fees -- Class A
(Note 3)............................... 4,708,813 1,176,658
Shareholder servicing agent fees........ 3,002,850 677,878
Custodian fees.......................... 1,684,909 630,870
Printing................................ 393,440 99,374
Audit fees.............................. 154,425 70,256
Registration and filing fees............ -- 35,027
Insurance............................... 33,208 9,060
Legal fees.............................. 660,946 68,559
Directors' fees......................... 68,165 20,299
Miscellaneous........................... 220,895 67,409
------------ ------------
Total expenses from operations......... 25,494,664 6,474,840
------------ ------------
Expense reductions due to earnings credits
(Note 1)................................ (114,376) (19,213)
Expense reimbursements (Note 2)........... 0 0
------------ ------------
Net expenses from operations........... 25,380,288 6,455,627
------------ ------------
Net investment income (Note 1)............ 51,506,533 10,134,623
------------ ------------
REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS AND FOREIGN CURRENCY RELATED
TRANSACTIONS (NOTES 1 AND 6):
Net realized gains (losses) from:
Investment transactions................. 202,949,220 66,098,123
Foreign currency related transactions... 9,403,722 2,668,066
------------ ------------
212,352,942 68,766,189
------------ ------------
Change in unrealized appreciation
(depreciation) of:
Investments............................. 133,227,221 64,361,599
Foreign currency related transactions... (3,287,010) (1,476,484)
------------ ------------
129,940,211 62,885,115
------------ ------------
Net gain on investments and foreign
currency related transactions........... 342,293,153 131,651,304
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS................. $393,799,686 $141,785,927
------------ ------------
------------ ------------
</TABLE>
---------
See Notes to Financial Statements.
38
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
FIRST
FIRST EAGLE EAGLE
SOGEN SOGEN
GOLD FUND MONEY FUND
-----------------------------------------------------------------------------
<S> <C> <C>
$ 12,147 $2,047,477
699,756 --
----------- ----------
711,903 2,047,477
----------- ----------
121,470 152,511
40,475 --
74,218 71,271
35,773 48,146
4,000 1,700
41,000 10,000
16,491 16,798
816 --
5,314 776
1,000 600
9,341 2,515
----------- ----------
349,898 304,317
----------- ----------
(2,225) (2,746)
-- (17,206)
----------- ----------
347,673 284,365
----------- ----------
364,230 1,763,112
----------- ----------
(4,234,750) --
(3,906) --
----------- ----------
(4,238,656) --
----------- ----------
3,779,945 --
1,090 --
----------- ----------
3,781,035 --
----------- ----------
(457,621) --
----------- ----------
$ (93,391) $1,763,112
----------- ----------
----------- ----------
</TABLE>
39
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
FIRST EAGLE SOGEN
GLOBAL FUND
YEAR ENDED MARCH 31,
-------------------------------
2000 1999
-----------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS:
Net investment income..................... $ 51,506,533 $ 84,953,114
Net realized gain (loss) from investments
and foreign currency related
transactions............................ 212,352,942 154,530,025
Increase (decrease) in unrealized
appreciation (depreciation) of
investments and foreign currency related
transactions............................ 129,940,211 (551,941,439)
-------------- --------------
Net increase (decrease) in net assets
resulting from operations.............. 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............. 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................... (838,465,578) (1,870,638,096)
-------------- --------------
(Decrease) increase in net assets from
Fund share transactions................ (464,492,711) (1,335,567,356)
-------------- --------------
Net (decrease) increase in net assets... (268,759,061) (1,960,666,504)
NET ASSETS (NOTE 1):
Beginning of year......................... 2,074,787,734 4,035,454,238
-------------- --------------
End of year (including undistributed
(overdistributed) net investment income
of $4,914,159, $17,144,763, $4,497,430,
$(4,831,658), $223,185, $236,382, $0 and
$0, respectively)....................... $1,806,028,673 $2,074,787,734
-------------- --------------
-------------- --------------
</TABLE>
---------
See Notes to Financial Statements.
40
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
FIRST EAGLE SOGEN FIRST EAGLE SOGEN FIRST EAGLE SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
YEAR ENDED MARCH 31, YEAR ENDED MARCH 31, YEAR ENDED MARCH 31,
---------------------------- ------------------------- --------------------------
2000 1999 2000 1999 2000 1999
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 10,134,623 $ 16,349,806 $ 364,230 $ 540,501 $ 1,763,112 $ 1,400,222
68,766,189 36,094,404 (4,238,656) (11,673,931) -- --
62,885,115 (119,285,337) 3,781,035 3,980,773 -- --
------------ ------------- ----------- ----------- ------------ -----------
141,785,927 (66,841,127) (93,391) (7,152,657) 1,763,112 1,400,222
------------ ------------- ----------- ----------- ------------ -----------
(5,795,262) (36,599,856) (410,071) (721,767) (1,763,112) (1,400,222)
(20,928,842) (47,483,829) -- -- -- --
------------ ------------- ----------- ----------- ------------ -----------
(26,724,104) (84,083,685) (410,071) (721,767) (1,763,112) (1,400,222)
------------ ------------- ----------- ----------- ------------ -----------
299,315,210 206,369,491 5,142,915 18,994,383 111,524,995 120,259,724
25,664,683 80,886,809 391,556 676,938 1,588,454 1,222,356
(419,030,776) (687,431,699) (10,214,073) (25,110,669) (127,080,207) (95,946,703)
------------ ------------- ----------- ----------- ------------ -----------
(94,050,883) (400,175,399) (4,679,602) (5,439,348) (13,966,758) 25,535,377
------------ ------------- ----------- ----------- ------------ -----------
21,010,940 (551,100,211) (5,183,064) (13,313,772) (13,966,758) 25,535,377
456,003,423 1,007,103,634 18,181,478 31,495,250 44,577,991 19,042,614
------------ ------------- ----------- ----------- ------------ -----------
$477,014,363 $ 456,003,423 $12,998,414 $18,181,478 $ 30,611,233 $44,577,991
------------ ------------- ----------- ----------- ------------ -----------
------------ ------------- ----------- ----------- ------------ -----------
</TABLE>
41
<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 Funds, formerly SoGen Funds Inc., changed its name to First Eagle
SoGen Funds, Inc. effective December 31, 1999. 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
42
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
each Fund in proportion to its relative net assets. Earnings credits 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
43
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
that counterparties fail to settle these currency contracts or the related
foreign security trades, a Fund could be exposed to foreign currency
fluctuations.
(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.
In addition, First Eagle SoGen Gold Fund had a capital loss carryforward in the
amount of $19,632,522; of which $789,246 will expire on March 31, 2005,
$1,336,531 of which will expire on March 31, 2006, $9,007,548 of which will
expire on March 31, 2007 and $8,499,197 of which will expire on March 31, 2008.
(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 generally accepted accounting principles, a
reclassification has been made to increase (decrease) undistributed net
investment income, undistributed net realized gains on investments and capital
surplus for First Eagle SoGen Global Fund, First Eagle SoGen Overseas Fund and
First Eagle SoGen Gold Fund, as follows:
44
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
<TABLE>
<CAPTION>
Undistributed Net Undistributed Net Realized Capital
Investment Income Gains (Losses) On Investments Surplus
----------------- ----------------------------- -------
<S> <C> <C> <C>
First Eagle SoGen
Global Fund......... $11,974,238 $(11,974,238) --
First Eagle SoGen
Overseas Fund....... $ 4,989,727 $ (4,989,727) --
First Eagle SoGen
Gold Fund........... $ 32,644 $ 3,906 $(36,550)
First Eagle SoGen
Money Fund.......... -- -- --
</TABLE>
(h) Use of estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles 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.
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%. For the year ended March 31, 2000, the Adviser reimbursed the First
Eagle SoGen Money Fund in the amount of $17,206. Expense reimbursements are
accrued daily and paid yearly. On December 22, 1999, the shareholders and on
October 20, 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
45
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
pays accrued advisory fees on a monthly basis, rather than a quarterly basis.
For the three months ended June 30, 1999, SG Cowen Securities Corporation
('SGCS'), the principal underwriter, realized $21,624, $6,728 and $246 in
dealer's and underwriter's commissions, after reallowance to others, pertaining
to the sale of shares of First Eagle SoGen Global, First Eagle SoGen Overseas
Fund, and First Eagle SoGen Gold Fund, respectively. Effective July 1, 1999
Funds Distributor Inc. ('FDI') succeeded SGCS as principal underwriter to the
Funds. In acting as principal underwriter (and a selected dealer after June 30,
1999), FDI realized $22,714, $4,599 and $1,824 in dealer's and underwriter's
commissions pertaining to the sale of shares of First Eagle SoGen Global Fund,
First Eagle SoGen Overseas Fund and First Eagle SoGen Gold Fund, respectively.
Effective January 1, 2000 A&SB succeeded FDI as principal underwriter to the
Funds. In acting as principal underwriter, A&SB realized $29,317, $9,952 and
$904 in dealer's and underwriter's commissions 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 year ended, March 31, 2000, Societe
Generale or its affiliates received $190,356, $85,469 and $0 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.
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 monthly, a distribution fee at an annual
rate of up
46
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
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 Distribution Agreement is substantially the same as
the prior distribution agreement with SGCS, except that each Fund now pays
accrued distribution fees on a monthly basis, rather than a quarterly basis.
A&SB bears distribution costs of a Fund to the extent they exceed payments
received under the Plan. For the year ended March 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 $4,708,813, $1,176,658 and $40,475,
respectively.
NOTE 4. PURCHASES AND SALES OF SECURITIES
During the year ended March 31, 2000 the aggregate cost of purchases of
investments, excluding U.S. Government obligations and short-term securities,
totaled $287,422,015, $123,272,077 and $2,526,785 for First Eagle SoGen Global
Fund, First Eagle SoGen Overseas Fund and First Eagle SoGen Gold Fund,
respectively, and proceeds from sales of investments, excluding short-term
securities, totaled $927,267,919, $238,747,235 and $7,372,765 for First Eagle
SoGen Global Fund, First Eagle SoGen Overseas Fund and First Eagle SoGen Gold
Fund, respectively.
47
<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>
----------------------------------------------------------------------------------------------------
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) (1,754,134) (127,080,207)
----------- -------- ----------- ---------- ---------- ------------
Net increase
(decrease).......... (18,650,271) 143,437 (8,632,175) 1,600,801 (827,637) (13,966,758)
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
Year Ended March 31, 1999
----------------------------------------------------------------------------
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.......... 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. FORWARD CURRENCY CONTRACTS
As of March 31, 2000, First Eagle SoGen Global Fund and First Eagle SoGen
Overseas Fund had entered into forward currency contracts, as summarized below,
resulting in net unrealized appreciation of $8,314,399 and $2,042,757,
respectively.
48
<PAGE>
(This page intentionally left blank)
49
<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 March 31, 2000 Delivered
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
4/04/00 23,874,729 Japanese Yen $ 232,493 $ 225,538
------------ ------------
</TABLE>
FOREIGN CURRENCY SALES
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ To Be U.S. $ Value at
Through To Be Delivered Received March 31, 2000
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
4/04/00 38,451,942 Japanese Yen 364,301 374,447
4/05/00 151,879,192 Japanese Yen 1,452,629 1,479,007
4/05/00 400,567 Swiss Franc 240,819 240,819
4/28/00 1,195,371 Euro 1,149,263 1,143,313
4/28/00 2,085,847 Euro 1,991,491 1,995,008
------------ ------------
5,198,503 5,232,594
------------ ------------
</TABLE>
PORTFOLIO HEDGES:
FOREIGN CURRENCY PURCHASES
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ Value at U.S. $ To Be
Through To Be Received March 31, 2000 Delivered
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7/19/00 5,667,000 Swiss Franc 3,398,629 3,587,198
8/16/00 14,463,000 Euro 13,806,285 14,376,740
10/5/01 35,958,000 New Zealand Dollar 17,898,095 18,008,267
------------ ------------
35,103,009 35,972,205
------------ ------------
</TABLE>
FOREIGN CURRENCY SALES
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ To Be U.S. $ Value at
Through To Be Delivered Received March 31, 2000
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
4/05/00 67,946,000 Swiss Franc 46,994,388 40,853,802
5/03/00 69,634,300 Euro 75,409,420 66,469,421
7/12/00 3,027,000 Australian Dollar 1,987,831 1,837,540
7/26/00 6,410,759,333 Japanese Yen 62,677,183 63,629,588
11/13/00 5,231,161,000 Japanese Yen 48,988,143 53,202,541
10/05/01 46,921,000 New Zealand Dollar 22,501,586 23,354,928
------------ ------------
258,558,551 249,347,820
------------ ------------
$299,092,556 $290,778,157
------------ ------------
------------ ------------
</TABLE>
50
<PAGE>
<TABLE>
<CAPTION>
------------------------------------
Unrealized Unrealized
Appreciation Depreciation
at at
March 31, 2000 March 31, 2000
------------------------------------
<S> <C>
$ 6,955 $ --
----------- -----------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------
Unrealized Unrealized
Appreciation Depreciation
at at
March 31, 2000 March 31, 2000
------------------------------------
<S> <C>
-- (10,146)
(26,378)
-- --
5,950 --
-- (3,517)
----------- -----------
5,950 (40,041)
----------- -----------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------
Unrealized Unrealized
Appreciation Depreciation
at at
March 31, 2000 March 31, 2000
------------------------------------
<S> <C>
-- (188,569)
-- (570,455)
-- (110,172)
----------- -----------
-- (869,196)
----------- -----------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------
Unrealized Unrealized
Appreciation Depreciation
at at
March 31, 2000 March 31, 2000
------------------------------------
<S> <C>
6,140,586 --
8,939,999 --
150,291 --
(952,405)
-- (4,214,398)
-- (853,342)
----------- -----------
15,230,876 (6,020,145)
----------- -----------
$15,243,781 $(6,929,382)
----------- -----------
----------- -----------
</TABLE>
51
<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 March 31, 2000 Delivered
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
4/03/00 10,924,456 Japanese Yen $ 106,383 $ 102,983
4/03/00 25,435,894 Japanese Yen 247,696 240,825
4/04/00 168,589 Euro 161,247 162,031
4/04/00 255,461 New Zealand Dollar 126,773 127,730
4/05/00 604,126 New Zealand Dollar 299,796 302,083
------------ ------------
941,895 935,652
------------ ------------
</TABLE>
FOREIGN CURRENCY SALES
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ To Be U.S. $ Value at
Through To Be Delivered Received March 31, 2000
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
4/03/00 159,660 Pound Sterling 252,997 254,418
4/03/00 7,430,517,864 Turkish Lira 126,369 126,126
4/04/00 12,817,314 Japanese Yen 121,433 124,816
4/05/00 365,863 Swiss Franc 219,956 219,956
4/05/00 26,687,518 Japanese Yen 260,001 259,884
4/28/00 603,678 Euro 580,259 577,388
4/28/00 1,395,371 Euro 1,332,213 1,334,603
------------ ------------
2,893,228 2,897,191
------------ ------------
</TABLE>
PORTFOLIO HEDGES:
FOREIGN CURRENCY PURCHASES
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ Value at U.S. $ To Be
Through To Be Received March 31, 2000 Delivered
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7/19/00 3,146,000 Swiss Franc 1,886,271 1,979,905
8/16/00 3,724,400 Euro 3,657,788 3,555,312
10/05/01 12,676,000 New Zealand Dollar 6,309,480 6,274,703
------------ ------------
11,853,539 11,809,920
------------ ------------
</TABLE>
FOREIGN CURRENCY SALES
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Settlement
Dates Foreign Currency U.S. $ To Be U.S. $ Value at
Through To Be Delivered Received March 31, 2000
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
7/12/00 1,256,000 Australian Dollar 824,815 762,455
7/19/00 21,539,000 Swiss Franc 14,963,015 12,953,065
7/26/00 3,441,357,167 Japanese Yen 33,499,251 34,180,288
8/16/00 27,767,400 Euro 29,755,207 26,606,681
10/05/01 19,630,900 New Zealand Dollar 9,524,112 9,771,280
11/13/00 3,168,782,000 Japanese Yen 29,765,493 32,061,266
------------ ------------
118,331,893 116,335,035
------------ ------------
$134,020,555 $131,977,798
------------ ------------
------------ ------------
</TABLE>
52
<PAGE>
<TABLE>
<CAPTION>
---------------------------------------
Unrealized Unrealized
Appreciation at Depreciation at
March 31, 2000 March 31, 2000
---------------------------------------
<S> <C>
$ 3,400 $ --
6,871 --
-- (784)
-- (957)
-- (2,287)
----------- -----------
10,271 (4,028)
----------- -----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------
Unrealized Unrealized
Appreciation Depreciation
at at
March 31, 2000 March 31, 2000
---------------------------------------
<S> <C>
-- (1,421)
243 --
-- (3,383)
-- --
117 --
2,871 --
-- (2,390)
----------- -----------
3,231 (7,194)
----------- -----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------
Unrealized Unrealized
Appreciation Depreciation
at at
March 31, 2000 March 31, 2000
---------------------------------------
<S> <C>
-- (93,634)
102,476 --
34,777 --
----------- -----------
137,253 (93,634)
----------- -----------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------
Unrealized Unrealized
Appreciation Depreciation
at at
March 31, 2000 March 31, 2000
---------------------------------------
<S> <C>
62,360 --
2,009,950 --
-- (681,037)
3,148,526 --
-- (247,168)
-- (2,295,773)
----------- -----------
5,220,836 (3,223,978)
----------- -----------
$ 5,371,591 $(3,328,834)
----------- -----------
----------- -----------
</TABLE>
53
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
Year Ended March 31,
--------------------------
2000
--------------------------
Class A Class I
---------------------------------------------------------------------------
<S> <C> <C>
First Eagle SoGen Global Fund
SELECTED PER SHARE DATA
Net asset value, beginning of year............. $22.90 $22.90
------ ------
Income from investment operations:
Net investment income......................... 0.66 0.71
Net realized and unrealized gains (losses) on
investments................................. 4.29 4.31
------ ------
Total from investment operations.............. 4.95 5.02
------ ------
Less distributions:
Dividends from net investment income.......... (1.07) (1.12)
Distributions from capital gains.............. (1.73) (1.73)
------ ------
Total distributions........................... (2.80) (2.85)
------ ------
Net asset value, end of year................ $25.05 $25.07
------ ------
------ ------
TOTAL RETURN'DD'............................... 22.19% 22.52%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (millions)............. $1,790 $ 16
Ratio of operating expenses to average net
assets'D'..................................... 1.32% 1.07%
Ratio of net investment income to average net
assets'D'..................................... 2.68% 2.89%
Portfolio turnover rate........................ 15.57% 15.57%
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
Year Ended March 31,
-------------------------
2000
-------------------------
Class A Class I
---------------------------------------------------------------------------
<S> <C> <C>
First Eagle SoGen Overseas Fund
SELECTED PER SHARE DATA
Net asset value, beginning of year.............. $11.36 $11.37
------ ------
Income from investment operations:
Net investment income.......................... 0.28 0.31
Net realized and unrealized gains (losses) on
investments.................................. 3.59 3.59
------ ------
Total from investment operations............... 3.87 3.90
------ ------
Less distributions:
Dividends from net investment income........... (0.18) (0.20)
Distributions from capital gains............... (0.64) (0.64)
------ ------
Total distributions............................ (0.82) (0.84)
------ ------
Net asset value, end of year................. $14.41 $14.43
------ ------
------ ------
TOTAL RETURN'DD'................................ 34.46% 34.76%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (millions).............. $ 450 $ 27
Ratio of operating expenses to average net
assets'D'...................................... 1.34% 1.15%
Ratio of net investment income to average net
assets'D'...................................... 2.10% 2.14%
Portfolio turnover rate......................... 26.62% 26.62%
</TABLE>
54
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
Year Ended March 31,
------------------------------------------------------------
1999
---------------------------------
Class A Class I'D'D' 1998 1997 1996
------ ------ ------
------------------------------------------------------------------
<S> <C> <C> <C> <C>
$27.42 $24.59 $26.68 $26.09 $23.20
------ ------ ------ ------ ------
0.63 0.30 1.47 1.03 1.06
(2.73) (1.47) 2.10 1.39 3.37
------ ------ ------ ------ ------
(2.10) (1.17) 3.57 2.42 4.43
------ ------ ------ ------ ------
(0.83) -- (1.36) (1.09) (0.81)
(1.59) (0.52) (1.47) (0.74) (0.73)
------ ------ ------ ------ ------
(2.42) (0.52) (2.83) (1.83) (1.54)
------ ------ ------ ------ ------
$22.90 $22.90 $27.42 $26.68 $26.09
------ ------ ------ ------ ------
------ ------ ------ ------ ------
(7.95%) (4.72%)# 14.35% 9.48% 19.57%
$2,063 $ 12 $4,035 $3,908 $3,033
1.23% 1.01%* 1.18% 1.21% 1.25%
2.75% 3.04%* 2.80% 3.08% 3.71%
9.89% 9.89% 20.63% 12.85% 9.64%
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------
Year Ended March 31,
------------------------------------------------------------
1999
---------------------------------
Class A Class I'D'D' 1998 1997 1996
------ ------ ------
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 13.52 $12.31 $13.84 $13.26 $11.65
------- ------ ------ ------ ------
0.15 0.41 0.88 0.61 0.48
(0.97) (1.10) 0.31 0.95 1.74
------- ------ ------ ------ ------
(0.82) (0.69) 1.19 1.56 2.22
------- ------ ------ ------ ------
(0.57) -- (0.83) (0.60) (0.44)
(0.77) (0.25) (0.68) (0.38) (0.17)
------- ------ ------ ------ ------
(1.34) (0.25) (1.51) (0.98) (0.61)
------- ------ ------ ------ ------
$ 11.36 $11.37 $13.52 $13.84 $13.26
------- ------ ------ ------ ------
------- ------ ------ ------ ------
(6.46)% (5.53)%# 10.00% 12.16% 19.47%
$ 453 $ 3 $1,007 $ 953 $ 647
1.29% 1.03%* 1.22% 1.27% 1.37%
2.22% 1.97%* 2.20% 2.28% 3.31%
9.31% 9.31% 22.13% 15.18% 9.46%
</TABLE>
55
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS -- (continued)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
Year Ended March 31,
-------------------------------------------------
2000 1999 1998 1997 1996
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
First Eagle SoGen Gold Fund
SELECTED PER SHARE DATA
Net asset value, beginning
of year................... $ 5.44 $ 7.31 $ 10.60 $ 12.25 $11.28
------ ------- ------- ------- ------
Income from investment
operations:
Net investment income..... 0.15 0.16 0.13 0.26 0.24
Net realized and
unrealized gains
(losses) on
investments............. (0.27) (1.82) (3.03) (1.75) 1.35
------ ------- ------- ------- ------
Total from investment
operations.............. (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
year................... $ 5.17 $ 5.44 $ 7.31 $ 10.60 $12.25
------ ------- ------- ------- ------
------ ------- ------- ------- ------
TOTAL RETURN'DD'........... (2.52%) (22.77%) (27.23%) (12.21%) 14.81%
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of year
(millions)................ $ 13 $ 18 $ 31 $ 53 $ 63
Ratio of operating expenses
to average net
assets'D'................. 2.15% 1.62% 1.55% 1.45% 1.41%
Ratio of net investment
income to average net
assets'D'................. 2.25% 2.01% 1.47% 1.20% 1.29%
Portfolio turnover rate.... 15.70% 37.73% 11.20% 16.83% 22.40%
</TABLE>
56
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS -- (continued)
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Year Ended March 31,
----------------------------------------------------------------------
2000 1999 1998 1997 1996
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
First Eagle SoGen Money Fund
SELECTED PER SHARE DATA
Net asset value, beginning
of year................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------
Income from investment
operations:
Net investment income....... 0.05 0.05 0.05 0.05 0.05
Net realized and unrealized
gains on investments...... -- -- -- -- --
------ ------ ------ ------ ------
Total from investment
operations................ 0.05 0.05 0.05 0.05 0.05
------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income......... (0.05) (0.05) (0.05) (0.05) (0.05)
Distributions from capital
gains..................... -- -- -- -- --
------ ------ ------ ------ ------
Total distributions......... (0.05) (0.05) (0.05) (0.05) (0.05)
------ ------ ------ ------ ------
Net asset value, end of
year..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------ ------ ------ ------ ------
------ ------ ------ ------ ------
TOTAL RETURN................. 4.74% 4.73% 4.97% 4.61% 5.03%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year
(millions).................. $ 31 $ 45 $ 19 $ 13 $ 8
Ratio of operating expenses
to average net assets'D'.... 0.75% 0.69% 0.75% 0.75% 0.75%
Ratio of net investment
income to average net
assets'D'................... 4.64% 4.60% 4.92% 4.63% 4.98%
</TABLE>
---------
'D'D' July 31, 1998 inception date for Class I 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 waiver
and expense reimbursement are as follows:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
Year Ended March 31,
-------------------------------------------------------------------
2000 1999
----------------- -----------------
Class A Class I Class A Class I 1998 1997 1996
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
First Eagle SoGen Global
Fund.................... 1.32% 1.07% 1.24% 1.63% 1.19% 1.21% 1.25%
First Eagle SoGen
Overseas Fund........... 1.34% 1.15% 1.29% 1.21% 1.22% 1.27% 1.38%
First Eagle SoGen Gold
Fund.................... 2.16% N/A 1.64% N/A 1.56% 1.46% 1.43%
First Eagle SoGen Money
Fund.................... 0.80% N/A 0.69% N/A 1.01% 1.14% 0.97%
</TABLE>
57
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS -- (continued)
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 waiver and expense
reimbursement are as follows:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
Year Ended March 31,
-------------------------------------------------------------------
2000 1999
----------------- -----------------
Class A Class I Class A Class I 1998 1997 1996
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
First Eagle SoGen Global
Fund.................... 2.66% 2.87% 2.74% 2.42% 2.80% 3.08% 3.71%
First Eagle SoGen
Overseas Fund........... 2.10% 2.14% 2.22% 1.79% 2.20% 2.27% 3.30%
First Eagle SoGen Gold
Fund.................... 2.24% N/A 1.99% N/A 1.46% 1.19% 1.26%
First Eagle SoGen Money
Fund.................... 4.59% N/A 4.60% N/A 4.66% 4.26% 4.76%
</TABLE>
58
<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 March 31, 2000, and the
related statements of operations for the year then ended, changes in net assets
for each of the years in the two year period then ended, and the financial
highlights for each of the years 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 March 31, 2000, by correspondence with custodians and
brokers. As to securities purchased and sold but not yet received or delivered
we performed alternative auditing procedures. 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.
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
59
<PAGE>
Eagle SoGen Global Fund, First Eagle SoGen Overseas Fund, First Eagle SoGen Gold
Fund, and First Eagle SoGen Money Fund, as of March 31, 2000, the results of
their operations for the year then ended, the changes in their net assets for
each of the years in the two year period then ended and their financial
highlights for each of the years in the five year period then ended in
conformity with accounting principles generally accepted in the United States of
America.
KPMG LLP
New York, New York
May 17, 2000
60
<PAGE>
SPECIAL SHAREHOLDERS' MEETING
A Special Meeting of Shareholders of First Eagle SoGen Funds, Inc. was held on
December 22, 1999. The shareholders were asked to vote on three separate
proposals:
1. To approve a new advisory agreement;
2. To elect Directors; and
3. To ratify or reject the selection of KPMG LLP as the independent accountants
for the Fund for the Fund's current fiscal year.
The following are the results for each proposal separately:
FIRST EAGLE SOGEN GLOBAL FUND
1. To approve or disapprove a new advisory agreement between Arnhold and S.
Bleichroeder Advisers, Inc. and the company on behalf of the fund.
<TABLE>
<CAPTION>
--------------------------------
For Against Abstain
--------------------------------
<S> <C> <C>
42,195,952 769,821 1,174,175
--------------------------------
</TABLE>
2. To elect certain individuals to serve as Directors on the Board of Directors
of the Company.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
For Withheld
-------------------------------------------------------------------------
<S> <C> <C>
John P. Arnhold................................... 43,324,277 815,671
Candace K. Beinecke............................... 43,337,487 802,461
Edwin J. Ehrlich.................................. 43,336,327 803,621
Robert J. Gellert................................. 43,336,344 803,604
James E. Jordan................................... 43,340,043 799,905
William M. Kelly.................................. 43,348,939 791,009
Fred J. Meyer..................................... 43,241,389 898,599
Dominique Raillard................................ 43,257,592 882,356
Nathan Snyder..................................... 43,253,481 886,467
Stanford S. Warshawsky............................ 43,329,349 810,599
-------------------------------------------------------------------------
</TABLE>
3. To ratify the selection of KPMG LLP as the independent accountants for the
Funds for the Funds' current fiscal year.
<TABLE>
<CAPTION>
------------------------------
For Against Abstain
------------------------------
<S> <C> <C>
42,862,024 348,190 929,734
------------------------------
</TABLE>
61
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
1. To approve a new advisory agreement between Arnhold and S. Bleichroeder
Advisers, Inc. and the company on behalf of the Fund.
<TABLE>
<CAPTION>
------------------------------
For Against Abstain
------------------------------
<S> <C> <C>
24,953,102 287,535 443,456
------------------------------
</TABLE>
2. To elect certain individuals to serve as Directors on the Board of Directors
of the Company.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
For Withheld
-------------------------------------------------------------------------
<S> <C> <C>
John P. Arnhold................................... 25,269,275 414,817
Candace K. Beinecke............................... 25,300,090 384,002
Edwin J. Ehrlich.................................. 25,289,967 394,125
Robert J. Gellert................................. 25,298,459 385,633
James E. Jordan................................... 25,303,417 380,675
William M. Kelly.................................. 25,318,549 365,543
Fred J. Meyer..................................... 25,214,099 469,993
Dominique Raillard................................ 25,225,806 458,286
Nathan Snyder..................................... 25,217,650 466,442
Stanford S. Warshawsky............................ 25,268,090 416,002
-------------------------------------------------------------------------
</TABLE>
3. To ratify the selection of KMPG LLP as the independent accountants for the
funds for the Funds' current fiscal year.
<TABLE>
<CAPTION>
------------------------------
For Against Abstain
------------------------------
<S> <C> <C>
25,212,040 118,991 353,061
------------------------------
</TABLE>
FIRST EAGLE SOGEN MONEY FUND
1. To approve or disapprove a new advisory agreement between Arnhold and S.
Bleichroeder Advisers, Inc. and the company on behalf of the fund.
<TABLE>
<CAPTION>
------------------------------
For Against Abstain
------------------------------
<S> <C> <C>
28,281,533 89,317 206,492
------------------------------
</TABLE>
2. To elect certain individuals to serve as Directors on the Board of Directors
of the Company.
62
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
For Withheld
-------------------------------------------------------------------------
<S> <C> <C>
John P. Arnhold................................... 28,514,116 63,266
Candace K. Beinecke............................... 28,514,116 63,266
Edwin J. Ehrlich.................................. 28,514,116 63,266
Robert J. Gellert................................. 28,514,116 63,266
James E. Jordan................................... 28,514,116 63,266
William M. Kelly.................................. 28,514,116 63,266
Fred J. Meyer..................................... 28,514,116 63,266
Dominique Raillard................................ 28,514,116 63,266
Nathan Snyder..................................... 28,514,116 63,266
Stanford S. Warshawsky............................ 28,514,116 63,266
-------------------------------------------------------------------------
</TABLE>
3. To ratify the selection of KPMG LLP as the independent accountants for the
Funds for the Funds' current fiscal year.
<TABLE>
<CAPTION>
------------------------------
For Against Abstain
------------------------------
<S> <C> <C>
28,391,871 56,279 129,192
------------------------------
</TABLE>
FIRST EAGLE SOGEN GOLD FUND
1. To approve or disapprove a new advisory agreement between Arnhold and S.
Bleichroeder Advisers, Inc. and the company on behalf of the fund.
<TABLE>
<CAPTION>
----------------------------
For Against Abstain
----------------------------
<S> <C> <C>
1,726,346 18,114 21,858
----------------------------
</TABLE>
2. To elect certain individuals to serve as Directors on the Board of Directors
of the Company.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------
For Withheld
-------------------------------------------------------------------------
<S> <C> <C>
John P. Arnhold.................................. 1,751,959 14,358
Candace K. Beinecke.............................. 1,751,810 14,507
Edwin J. Ehrlich................................. 1,751,959 14,358
Robert J. Gellert................................ 1,751,959 14,358
James E. Jordan.................................. 1,751,959 14,358
William M. Kelly................................. 1,751,959 14,358
Fred J. Meyer.................................... 1,655,996 110,321
Dominique Raillard............................... 1,655,848 110,469
Nathan Snyder.................................... 1,655,996 110,321
Stanford S. Warshawsky........................... 1,751,959 14,358
-------------------------------------------------------------------------
</TABLE>
3. To ratify the selection of KPMG LLP as the independent accountants for the
Funds for the Funds' current fiscal year.
<TABLE>
<CAPTION>
------------------------------
For Against Abstain
------------------------------
<S> <C> <C>
1,732,207 18,431 15,680
------------------------------
</TABLE>
63
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
TAX INFORMATION
FISCAL YEAR ENDED MARCH 31, 2000
(UNAUDITED)
The following tax information represents the designation of various tax benefits
relating to the fiscal year ended March 31, 2000:
CORPORATE DIVIDENDS RECEIVED DEDUCTION
The percentage of investment company taxable income eligible for the dividends
received deduction available to certain corporate shareholders with respect to
the fiscal year ended March 31, 2000 are as follows:
<TABLE>
<S> <C>
First Eagle SoGen Global Fund............................... 18.53%
First Eagle SoGen Overseas Fund............................. 5.18%
First Eagle SoGen Gold Fund................................. 76.43%
First Eagle SoGen Money Fund................................ --
</TABLE>
CAPITAL GAINS DISTRIBUTIONS
Capital gains distributions paid to shareholders by the Funds during the fiscal
year ended March 31, 2000, whether taken in shares or in cash, were designated
as follows:
<TABLE>
<S> <C>
First Eagle SoGen Global Fund......................... $102,197,967
First Eagle SoGen Overseas Fund....................... 12,689,048
First Eagle SoGen Gold Fund........................... --
First Eagle SoGen Money Fund.......................... --
</TABLE>
FOREIGN SOURCE INCOME AND FOREIGN TAX CREDITS
For the fiscal year ended March 31, 2000, the net income received from sources
within each foreign country and possession of the United States, and to foreign
taxes paid by the Funds to each country (where applicable) that have been
elected to be passed through to shareholders were as follows:
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------
Net Foreign Amount Foreign
Source Per Withholding Amount
Income Share Tax Per Share
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
First Eagle SoGen Global Fund... $47,843,704 .664 $1,992,332 0.0276
First EagleSoGen Overseas
Fund........................... 16,076,425 .486 972,282 0.0294
First Eagle SoGen Gold Fund..... -- -- -- --
First Eagle SoGen Money Fund.... -- -- -- --
----------------------------------------------------------------------------------
</TABLE>
64
<PAGE>
U.S. TREASURY PERCENTAGES
For the fiscal year ended March 31, 2000, dividends paid from ordinary income
derived from interest on direct obligations of the United States government were
as follows:
<TABLE>
<S> <C>
First Eagle SoGen Global Fund............................... 20.50%
First Eagle SoGen Overseas Fund............................. 0.00%
First Eagle SoGen Gold Fund................................. 0.00%
First Eagle SoGen Money Fund................................ 0.00%
</TABLE>
In addition, during each of the Fund's fiscal quarters, the percentage of the
fair market value of the Fund's assets represented by direct obligations of the
United States government did not exceed 50%.
The above figures may differ from those cited elsewhere in this report due to
differences in the calculations of income and capital gains for Securities and
Exchange Commission (financial reporting) purposes and Internal Revenue Service
(tax) purposes.
65
<PAGE>
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
Ed Olsen
Vice President
Elizabeth Tobin
Vice President
Cari Levine
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
DOMESTIC CUSTODIAN
State Street
801 Pennsylvania
Kansas City, MO 64105
SHAREHOLDER SERVICING AGENT
DST Systems, Inc.
1004 Baltimore
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
GLOBAL CUSTODIAN
The Chase Manhattan Bank
4 Chase MetroTech Center
Brooklyn, N.Y. 11245
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.
