First Eagle SoGen Funds
SEMI-ANNUAL REPORT
September 30, 2000
First Eagle SoGen
Global Fund
First Eagle SoGen
Overseas Fund
First Eagle SoGen
Gold Fund
First Eagle SoGen
Money Fund
Semi-Annual Report
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[LOGO]
<PAGE>
First Eagle SoGen Funds, Inc.
THE PRESIDENTS' LETTER
Dear Shareholder,
Six months ago, in our letter to you, we suggested that one of the First Eagle
SoGen Global and First Eagle SoGen Overseas Funds' major holdings, City
e-Solutions Limited (formerly CDL Hotels International Limited), was selling at
a large discount to its true value. That was corrected in June when the
controlling company offered to take out minority shareholders at a substantial
premium to the stock price.
Also in June, Warren Buffett's Berkshire Hathaway offered to acquire Justin
Industries (a First Eagle SoGen Global Fund holding) for $22 per share in cash,
exactly the number our associate, Charles Edouard de Lardemelle, had penciled in
as the "intrinsic" value. That is what we do (not always successfully, alas):
carefully and soberly assess the true worth of a business, and buy and hold the
stock if and when it is selling at a large discount. When we're right, sometimes
it is the market itself that narrows or eliminates the discount, sometimes it is
an acquiring company. Incidentally, Justin Industries is a manufacturer of
bricks and boots, in other words it's an "old economy" company and its stock had
unduly suffered at a time when investors seemed to focus almost exclusively on
"new economy" stocks.
As you know, the Euro, the currency for eleven European countries, has been weak
for two years. The First Eagle SoGen Global and the First Eagle SoGen Overseas
Funds have been penalized, since both are only lightly hedged against Euro
weakness. There may be something deeply wrong with Europe, but we don't think
so. Rather, the Euro is probably undervalued, possibly by 25% to 30%. If and
when that is corrected, the First Eagle SoGen Global and First Eagle SoGen
Overseas Funds would benefit significantly.
<PAGE>
First Eagle SoGen Global Fund
As of September 30, 2000 your Fund's net assets, on an economic basis were
invested as follows:
--------------------------------------------------------------------------------
U.S. stocks(1) ...................... 30.28%
Foreign stocks(1) ................... 48.99
U.S. dollar bonds ................... 16.64
Foreign currency bonds .............. 0.79
U.S. dollar cash and equivalents(2) . 3.30
------
100.00%
--------------------------------------------------------------------------------
(1) Includes convertible bonds with moderate premia.
(2) Includes floating rate securities.
The ten largest equity holdings were: Buderus AG (German manufacturer of heating
systems); City e-Solutions Limited (formerly CDL Hotels International Limited,
Hong Kong listed worldwide chain of hotels); Bank for International Settlements,
U.S. and French Tranches (the central banks' central bank, with some gold
assets); Rayonier Inc. (U.S. forest products company); San Juan Basin Royalty
Trust (U.S. trust that receives royalties on gas fields); Kuehne & Nagel
International AG (Swiss freight forwarding company); Antofagasta Holdings plc
(U.K. listed company with assets in Chile); Manpower Inc. (leading global
temporary employment firm); Canadian Pacific Limited (railroad company with
major interests in oil and gas); and Eurafrance (French holding company).
First Eagle SoGen Overseas Fund
As of September 30, 2000 your Fund's net assets, on an economic basis were
invested as follows:
--------------------------------------------------------------------------------
Foreign stocks(1) ................... 95.32%
U.S. dollar bonds ................... 2.86
Foreign currency bonds .............. 0.28
U.S. dollar cash and equivalents .... 1.54
------
100.00%
--------------------------------------------------------------------------------
(1) Includes convertible bonds with moderate premia.
2
<PAGE>
The ten largest equity holdings were: City e-Solutions Limited (formerly CDL
Hotels International Limited, Hong Kong listed worldwide chain of hotels); Bank
for International Settlements, U.S. and French Tranches (the central banks'
central bank, with some gold assets); Buderus AG (German manufacturer of heating
systems); Antofagasta Holdings plc (UK listed company with assets in Chile);
Kuehne & Nagel International AG (Swiss freight forwarding company); Hornbach
Holding AG Pfd. (German retailer of building materials); IMI plc (British
industrial conglomerate); Nisshinbo Industries Inc. (Japanese company with
textile and other assets); Carter Holt Harvey Limited (New Zealand forest
products company); and Shimano, Inc. (Japanese manufacturer of bicycle parts).
First Eagle SoGen Gold Fund
The price of gold is still depressed. Our patience (and yours) is being tested.
But we do believe that "the future is uncertain," that anything can happen, good
or bad. For twenty years, times have been good for financial assets, but
tomorrow, who knows? Gold, as the ultimate hedge, is a legitimate asset and
belongs in a diversified portfolio, we believe.
As of September 30, 2000 your Fund's net assets were invested as follows:
--------------------------------------------------------------------------------
Freeport McMoRan Copper and Gold (Preferred
Series 'B', 'C' and 'D') ................. 11.25%
Bank for International Settlements (U.S. and
French Tranches) ......................... 5.88
Franco-Nevada (Royalty) .................... 4.32
U.S. securities ............................ 18.91
Canadian securities ........................ 30.16
Australian securities ...................... 1.31
South African securities ................... 21.97
Miscellaneous securities ................... 5.97
U.S. dollar cash and equivalents ........... 0.23
------
100.00%
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3
<PAGE>
First Eagle SoGen Money Fund
The U.S. economy may have slowed down somewhat. If so, short-term interest rates
may have reached a plateau. However, rates may not decline soon if inflation
were to move up and (or) the U.S. dollar were to weaken.
Sincerely,
/s/ Jean-Marie Eveillard /s/ John P. Arnhold
Jean-Marie Eveillard John P. Arnhold
Co-President Co-President
October 30, 2000
4
<PAGE>
First Eagle SoGen Funds, Inc.
INVESTMENT RESULTS
Comparisons of Change in Value of $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 September 30, 2000
[The following table was depicted as a mountain graph in the printed material.]
1 Year 5 Year 10 Year
------ ------ -------
8.35% 8.76% 11.17%
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
First Eagle SoGen Overseas Fund, Class A
Average Annual Rates of Return as of September 30, 2000
[The following table was depicted as a mountain graph in the printed material.]
Since Inception
1 Year 5 Year (8/31/93)
------ ------ ---------
9.37% 10.80% 11.34%
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5
<PAGE>
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First Eagle SoGen Gold Fund
Average Annual Rates of Return as of September 30, 2000
[The following table was depicted as a mountain graph in the printed material.]
Since Inception
1 Year 5 Year (8/31/93)
------ ------ ---------
(24.85%) (13.36%) (6.30%)
--------------------------------------------------------------------------------
Performance is historical and is not indicative of future results. The Funds'
results assume reinvestment of income dividends and capital gains distributions
and give effect to the deduction of the maximum sales load of 3.75%. Effective
June 5, 2000 the maximum sales load is 5.00%. The MSCI EAFE Index and the MSCI
World Index returns assume reinvestment of dividends and the JP Morgan Global
Government Bond Index assumes that a coupon payment received in one currency is
immediately reinvested back into the bonds in that country's index. The FT Gold
Mines Index is only available without dividends reinvested. Unlike Fund returns,
the indices do not reflect any fees or expenses.
6
<PAGE>
First Eagle SoGen Funds, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
The six-month period ending September 30, 2000 has witnessed a sharp swing from
growth to value. Around the world the infatuation with "new economy" stocks
(defined as technology, media, and telecommunications) began to wane in
mid-March. Unfortunately, that swing occurred mostly at the expense of the "new
economy" stocks rather than to the benefit of the "old economy" stocks, many of
which are perceived as vulnerable to a possible global economic slowdown. Our
Funds did benefit, however, from a fair amount of corporate activity, as a few
of the companies owned in the portfolios were the object of takeover bids,
mergers or buyout offers.
First Eagle SoGen Global Fund
The net asset value of the Fund's Class A shares rose 2.35%* between April 1,
2000 and September 30, 2000, better than the MSCI World Index which was down
8.21% over that period. Several securities were strong performers as corporate
activity caused the value of these holdings to rise significantly. In the United
States, it was announced that Burns International Services Corp., Catskill
Financial Corp., Security Capital U.S. Realty, Justin Industries Inc., Homestake
Oil & Gas Co. and Georgia Pacific Timber Group would be either merged or taken
over. Similar developments happened overseas with City e-Solutions Limited
(formerly CDL Hotels International) (Hong Kong), IRO AB (Sweden) and Bank for
International Settlements (international organization based in Basle,
Switzerland). Our U.S. real estate and energy related securities performed well
along with some individual securities such as Woodward Governor Co. (US), Kuehne
& Nagel International AG (Switzerland) and Antofagasta Holdings plc (U.K.
company with Chilean assets). Conversely, around the world our gold, forest
products and media related securities were down over the period. A weak euro
mitigated the performance of the Fund's European holdings since the Fund was
only modestly hedged against a rising U.S. dollar.
----------
* 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 1.55%* between April 1,
2000 and September 30, 2000. The Fund did better than the MSCI EAFE Index which
was down 11.41% over that period. The Fund did benefit from corporate activity
(City e-Solutions Limited (formerly CDL Hotels International Ltd.), IRO AB and
Bank for International Settlements). Some individual securities performed well,
including Kuehne & Nagel International AG (Switzerland), Antofagasta Holding plc
(U.K. company with Chilean assets), Aida Engineering Ltd. (Japan), Hornbach
Holding AG (Germany) and Spotless Group Limited (formerly Spotless Services
Ltd.) (Australia). Conversely, most of the Fund's media related securities were
weak after a strong run-up in the preceding six month period. A weak euro
mitigated the performance of the Fund's European holdings since the Fund was
only modestly hedged against a rising U.S. dollar.
First Eagle SoGen Gold Fund
Between April 1, 2000 and September 30, 2000, the price of gold fell 1.35%,
ending the period at $274.25 an ounce. Regular U.K. and Swiss auctions, the
strong dollar and a lackluster recovery in Asian jewelry demand combined to
erode gold prices, even though gold prices did manage to spike up to $292 an
ounce in early June.
The net asset value of the Fund's Class A shares ended the six-month period down
1.36%*, while the FT Gold Index was down 10.63% over the same period. The Fund
benefited from corporate activity involving two of its holdings, CSA Management
Ltd. (Canada) and the Bank for International Settlements (international
organization headquartered in Basle, Switzerland). We continue to avoid
speculative mining stocks while favoring companies that do not hedge.
----------
* These figures assume the immediate reinvestment of all dividends and
distributions and do not give effect to the deduction of the Fund's sales
loads. (See the "Investment Results" section of this report for further
information.)
8
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- U.S.
Agriculture (0.18%)
75,000 Deere & Company $ 1,085,028 $ 2,493,750
2,485 J.G. Boswell Company 573,840 571,550
------------ ------------
1,658,868 3,065,300
------------ ------------
Automotive (0.62%)
365,000 Bandag Incorporated, Class 'A' 17,059,193 10,425,313
------------ ------------
Building Materials (0.31%)
235,000 LSI Industries Inc. 4,232,194 5,214,063
------------ ------------
Capital Goods (3.09%)
500,000 Woodward Governor Company 10,271,190 22,281,250
105,000 Franklin Electric Company, Inc. 7,298,656 7,245,000
215,000 IDEX Corporation 5,431,672 6,006,562
450,000 Kaiser Ventures Inc. (a)(c) 5,365,370 5,175,000
235,000 The Manitowoc Company, Inc. 6,048,085 4,523,750
4,805 Conbraco Industries, Inc. 1,568,050 2,714,825
60,000 Tennant Company 1,496,186 2,655,000
1,050,000 Ethyl Corporation 3,066,946 1,509,375
------------ ------------
40,546,155 52,110,762
------------ ------------
Consumer Products (4.70%)
875,000 Furniture Brands
International, Inc. (a) 13,786,872 14,546,875
180,000 Allen Organ Company,
Class 'B' (c) 5,581,639 11,925,000
575,000 Dole Food Company, Inc. 12,750,440 8,625,000
325,000 Energizer Holdings Inc. (a) 7,085,630 7,962,500
265,000 Philip Morris Companies, Inc. 5,848,622 7,800,938
145,000 Costco Wholesale Corp. 4,715,813 5,065,938
185,000 St. John Knits International
Inc. (a) 3,180,703 4,532,500
155,000 Papa John's International
Inc. (a) 3,496,312 3,884,687
525,000 Sola International Inc. (a) 5,933,102 3,379,687
45,000 Adolph Coors Company,
Class 'B' 870,626 2,843,437
335,000 Sturm, Ruger & Company, Inc. 4,215,128 2,742,812
75,000 Black & Decker Corp. 2,677,882 2,564,062
93,646 Jostens, Inc. 1,766,657 1,521,747
225,000 A.T. Cross Company,
Class 'A' (a) 2,656,315 1,209,375
125,000 Baldwin Piano &
Organ Company (a) 917,000 609,375
------------ ------------
75,482,741 79,213,933
------------ ------------
9
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- U.S.-- (continued)
Electronics (0.90%)
1,035,000 UCAR International, Inc. (a) $ 17,577,565 $ 13,131,563
50,000 BEI Technologies Inc. 235,573 2,087,500
------------- -------------
17,813,138 15,219,063
------------- -------------
Energy (3.91%)
3,000,000 San Juan Basin Royalty Trust (c) 19,292,179 35,625,000
165,000 Murphy Oil Corporation 6,630,808 10,694,063
1,225,000 Kaneb Services, Inc. (a) 4,181,724 5,665,625
125,000 Burlington Resources Inc. 4,139,174 4,601,562
250,241 The Home-Stake Oil & Gas
Company (c) 825,100 2,627,530
35,000 Tosco Financing Trust $2.875
Conv. Pfd. (b) 1,905,312 1,833,685
40,000 Weatherford International,
Inc. (a) 449,392 1,720,000
85,000 Consol Energy Inc. 1,226,546 1,365,312
5,000 Tosco Financing Trust $2.875
Conv. Pfd. 243,750 261,955
70,000 Grant Prideco Inc. (a) 450,799 1,535,625
------------- -------------
39,344,784 65,930,357
------------- -------------
Financial Companies (1.10%)
407,000 IPC Holdings, Ltd. 5,058,220 7,529,500
65 Berkshire Hathaway Inc.,
Class 'A' 3,169,800 4,186,000
55,000 MBIA, Inc. 2,594,308 3,911,875
65,000 Leucadia National Corporation 1,490,462 1,738,750
114,750 East Texas Financial Services,
Inc. (c) 862,688 1,054,266
31,000 Redwood Financial, Inc. (a)(e) 271,250 203,360
------------- -------------
13,446,728 18,623,751
------------- -------------
Forest Products (4.64%)
1,215,000 Rayonier Inc. 45,364,569 43,664,063
615,000 Greif Bros. Corporation
Class 'A' (c) 11,017,026 20,448,750
245,000 Georgia-Pacific Corporation,
Timber Group 5,210,141 6,584,375
10
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- U.S.-- (continued)
Forest Products -- (continued)
350,000 Longview Fibre Company $ 4,294,401 $ 4,200,000
200,000 Deltic Timber Corporation 3,802,805 3,387,500
------------- -------------
69,688,942 78,284,688
------------- -------------
Health Care (0.37%)
180,000 Dentsply International Inc. 4,184,657 6,288,750
------------- -------------
Media (0.21%)
55,000 Knight Ridder Inc. 2,658,046 2,794,687
34,924 Mills Music Trust (c) 1,055,337 785,790
------------- -------------
3,713,383 3,580,477
------------- -------------
Real Estate (3.61%)
700,000 Security Capital Group, Inc.
Class 'B' (a) 10,552,790 13,256,250
510,000 Security Capital European
Realty (a)(e) 10,199,990 10,026,600
200,000 Security Capital U.S. Realty 3,681,302 4,100,000
35,000 Security Capital U.S. Realty ADR 509,225 748,125
555,000 Crescent Real Estate Equities
Company 8,534,899 12,383,438
365,000 Catellus Development Corporation (a) 2,030,793 6,387,500
300,000 Alico, Inc. 5,610,075 4,912,500
235,000 Price Enterprises, Inc. 2,707,118 3,451,562
183,500 Price Enterprises, Inc. 83/4%
Pfd., Series 'A' 1,268,144 825,750
100,000 Archstone Communities Trust 1,469,243 2,456,250
50,000 Prologis Trust 7% Conv. Pfd.,
Series 'B' 1,193,710 1,537,500
35,000 Prologis Trust 659,288 831,250
------------- -------------
48,416,577 60,916,725
------------- -------------
Retail (1.51%)
1,250,000 Hancock Fabrics, Inc. (c) 9,378,704 6,250,000
435,000 Guitar Center, Inc. 4,417,380 5,355,938
245,000 The May Deptartment Stores Company 6,376,682 5,022,500
145,000 Weyco Group Inc. 1,502,429 3,665,781
150,000 Barnes & Noble Inc. (a) 3,037,654 2,953,125
100,000 Sherwin-Williams Co. 2,118,031 2,137,500
------------- -------------
26,830,880 25,384,844
------------- -------------
Services (2.07%)
675,000 Manpower Inc. 19,139,557 21,557,813
725,000 UniFirst Corporation (c) 10,238,952 7,250,000
150,000 Chemed Corporation 4,141,078 4,771,875
77,392 KinderCare Learning
Centers, Inc. (a) 992,527 1,238,272
------------- -------------
34,512,114 34,817,960
------------- -------------
Technology (0.79%)
275,000 NCR Corporation (a) 7,667,504 10,398,438
165,000 Scott Technologies Inc. (a) 2,316,547 2,923,594
------------- -------------
9,984,051 13,322,032
------------- -------------
11
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- U.S.-- (continued)
Transportation (0.78%)
485,000 Burlington Northern
Santa Fe Corp. $ 11,676,033 $ 10,457,813
155,000 Heartland Express, Inc. (a) 719,568 2,693,125
------------ ------------
12,395,601 13,150,938
------------ ------------
Utilities (0.90%)
250,000 CalEnergy Capital Trust 61/2%
Conv. Pfd. 11,261,875 9,343,750
125,000 IdaCorp Inc. 3,319,495 5,781,250
------------ ------------
14,581,370 15,125,000
------------ ------------
Gold Related (2.33%)
700,000 Freeport McMoRan Copper &
Gold Inc., Preferred Series 'B' (d) 23,008,334 12,381,250
565,000 Freeport McMoRan Copper &
Gold Inc., Preferred Series 'C' (d) 18,063,366 7,592,188
485,000 Freeport McMoRan Copper &
Gold Inc., Preferred Series 'D' (d) 10,022,366 4,213,437
7,432 Case, Pomeroy & Co., Inc.
Class 'A' 7,366,948 7,963,388
2,750,000 Battle Mountain Gold
Company Class 'A' (a) 5,005,775 4,812,500
450,000 Homestake Mining Company 6,973,009 2,334,375
------------ ------------
70,439,798 39,297,138
------------ ------------
Common and Preferred Stocks -- Non-U.S.
Argentina (0.24%)
1,750,000 Siderca S.A.I.C. (2) 1,279,456 4,045,089
------------ ------------
Australia and New Zealand (2.36%)
3,162,738 Wilson & Horton Limited 5%
exchangeable preference
shares (c)(14) 16,214,209 16,315,522
2,300,000 Spotless Group Limited (15) 4,239,067 7,867,346
10,000,000 Carter Holt Harvey Limited (3) 11,927,329 6,687,920
8,000,000 Tasman Agriculture Limited (c)(4) 4,576,367 4,404,240
8,736,523 Capital Properties New Zealand
Limited 81/2% exchangeable
preference shares (18) 5,384,640 3,495,418
5,000,000 Evergreen Forests Limited (a)(3) 1,905,176 1,019,500
------------ ------------
44,246,788 39,789,946
------------ ------------
Austria (0.35%)
165,000 Flughafen Wien AG (8) 6,210,207 5,972,818
------------ ------------
12
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- Non-U.S. -- (continued)
Belgium (0.27%)
28,500 Deceuninck Plastics Industries
SA (5) $ 3,462,256 $ 4,531,793
------------ -------------
Canada (1.26%)
815,000 Canadian Pacific Limited (20) 13,786,163 21,190,000
------------ -------------
Chile (0.13%)
245,000 Quinenco S.A. ADR (19) 1,623,860 2,113,125
------------ -------------
Commonwealth of
Independent States (0.16%)
556,624 Firebird Fund, L.P. (a)(b)(e)(21) 1,000,000 2,706,289
------------ -------------
Denmark (0.53%)
215,000 Carlsberg
International A/S, 'B' (11) 10,781,358 8,901,218
------------ -------------
Finland (0.21%)
185,000 Vaisala Oy 'A' (10) 1,452,035 3,544,402
------------ -------------
France (4.98%)
34,500 Eurafrance (19) 13,009,747 19,494,432
200,000 Legrand ADP (6) 15,440,898 18,276,030
26,950 Societe Sucriere de
Pithiviers-le-Vieil (c)(4) 10,460,792 7,780,689
70,000 NSC Groupe (c)(6) 12,400,388 6,928,116
43,500 Sagem ADP (9) 1,175,715 5,952,953
75,000 Carrefour Supermarche (12) 262,901 5,542,405
385,000 Sabeton SA (c)(19) 4,841,233 5,234,714
14,249 Taittinger C.I. (c)(11) 3,513,243 4,893,792
73,500 Crometal (6) 4,938,687 3,309,551
65,000 Gaumont SA (14) 3,211,471 3,156,367
10,479 Robertet SA C.I. (c)(11) 781,686 1,201,823
5,112 Robertet SA (11) 527,638 1,037,627
38,299 Conflandey (1) 1,835,926 1,014,426
------------ -------------
72,400,325 83,822,925
------------ -------------
Germany (6.36%)
3,665,000 Buderus AG (c)(6) 61,210,053 61,318,950
385,000 Hornbach Holding AG Pfd. (c)(12) 23,926,825 16,995,825
100,000 Bertelsmann AG D.R.C. (14) 12,518,259 8,870,399
200,000 Bayer AG (7) 3,890,931 7,407,531
715,000 Sudzucker AG Pfd. (4) 10,313,657 6,438,990
6,500 Axel Springer Verlag AG (14) 2,037,775 6,025,792
------------ -------------
113,897,500 107,057,487
------------ -------------
13
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- Non-U.S. -- (continued)
Hong Kong (4.13%)
443,076,903 City e-Solutions Limited (18) $ 44,006,376 $ 53,990,107
20,000,000 Shaw Brothers (Hong Kong)
Limited (c)(14) 20,633,637 15,648,449
------------- ------------
64,640,013 69,638,556
------------- ------------
Israel (0.28%)
500,000 The Israel Land Development
Company Ltd. (20) 1,834,789 4,746,521
------------- ------------
Japan (8.97%)
1,000,000 Shimano Inc. (11) 18,761,635 19,306,450
3,000,000 Nisshinbo Industries, Inc. (11) 21,422,744 14,806,242
4,000,000 The Dai-Tokyo Fire & Marine
Insurance Co., Ltd. (7) 20,664,882 12,111,672
300,000 Fuji Photo Film Co., Ltd. (11) 7,192,601 10,056,022
2,000,000 Aida Engineering, Ltd. (6) 13,038,988 9,426,363
2,000,000 The Mitsui Marine & Fire
Insurance Co., Ltd. (16) 11,261,568 9,204,130
215,000 Ono Pharmaceutical Co.
Ltd. (13) 8,417,602 8,839,298
1,500,000 The Nichido Fire & Marine
Insurance Co., Ltd. (16) 8,130,328 8,472,615
100,000 Secom Co., Ltd. (15) 2,670,007 8,046,669
950,000 Wacoal Corp (11) 8,393,204 7,881,847
2,000,000 Okumura Corporation (6) 9,490,804 6,574,379
500,000 Hitachi, Ltd. (10) 3,568,902 5,805,825
715,000 Makita Corporation (11) 6,834,219 5,680,541
435,000 Chofu Seisakusho Co., Ltd. (11) 8,284,147 5,558,591
575,000 Shoei Co., Ltd. (19) 4,647,309 5,324,321
85,000 Ito-Yokado Co., Ltd. (16) 3,167,336 4,431,224
924,000 The Nippon Fire & Marine
Insurance Co., Ltd (16) 3,756,196 3,807,399
21,950 Toho Co., Ltd. (14) 3,029,491 3,642,243
1,625,000 Iino Kaiun Kaisha, Ltd. (8) 4,316,267 2,257,049
------------- ------------
167,048,230 151,232,880
------------- ------------
Mexico (0.57%)
7,500,000 Industrias Penoles,
S.A. de C.V. (1) 22,143,038 9,539,962
------------- ------------
Netherlands (1.32%)
734,250 Koninklijke Ahrend NV (6) 8,881,518 7,876,472
325,000 Apothekers Cooperatie
OPG U.A. (13) 7,974,003 7,560,935
325,000 Holdingmaatschappij de
Telegraaf, NV (14) 3,243,242 6,743,149
------------- ------------
20,098,763 22,180,556
------------- ------------
14
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- Non-U.S. -- (continued)
Singapore and Malaysia (0.73%)
1,500,000 Fraser & Neave Ltd. (12) $ 5,505,348 $ 5,173,900
1,500,000 Delgro Corporation Ltd. (19) 2,010,884 3,845,933
1,505,000 Times Publishing Ltd. (14) 2,930,314 3,279,074
------------ -----------
10,446,546 12,298,907
------------ -----------
South Korea (0.94%)
1,000,000 Daeduck Electronics Co. (9) 8,051,064 8,967,403
30,000 Nam Yang Dairy Products (11) 5,317,678 6,860,063
------------ -----------
13,368,742 15,827,466
------------ -----------
Spain and Portugal (1.07%)
385,000 Corporacion Financiera
Alba SA (19) 9,224,047 9,738,608
435,000 Espirito Santo Financial Group
SA ADR (16) 7,277,001 8,292,188
------------ -----------
16,501,048 18,030,796
------------ -----------
Switzerland (4.50%)
52,750 Kuehne & Nagel
International AG (8) 15,596,809 31,182,266
31,500 Edipresse SA (14) 8,220,214 14,056,795
35,000 Sika Finanz AG (5) 8,023,271 10,202,840
15,000 Lindt & Sprungli AG PC (11) 2,661,221 7,476,094
12,000 Affichage Holdings AG (14) 2,311,257 5,765,285
30,000 SAirgroup D.R.C. (8) 4,349,462 4,294,407
1,000 Nestle SA Registered (11) 1,259,480 2,086,352
30,000 Pelikan Holding AG (a)(11) 2,797,748 788,902
------------ -----------
45,219,462 75,852,941
------------ -----------
Thailand (0.17%)
577,000 The Oriental Hotel Public
Company Limited (18) 2,636,472 2,807,286
------------ -----------
United Kingdom (3.70%)
4,225,000 Antofagasta Holdings plc (1) 17,727,767 29,571,150
5,000,000 IMI plc (6) 20,729,110 15,522,768
2,000,000 Enodis plc (11) 4,412,408 5,743,978
3,000,000 McBride plc (11) 7,569,080 3,698,885
2,675,000 Royal Doulton plc (a)(11) 9,845,122 3,219,175
200,000 Lonmin plc (1) 773,150 2,657,882
2,000,000 Aggregate Industries plc (5) 1,730,127 1,757,155
------------ -----------
62,786,764 62,170,993
------------ -----------
Gold Related (1.35%)
797,500 Franco- Nevada Mining Corp. Ltd. 7,490,946 7,846,696
1,000,000 Harmony Gold Mining
Company Ltd. 4,591,642 5,086,625
550,000 Meridian Gold Inc. (a) 1,995,979 3,656,429
15
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number of Cost Value
Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- Non-U.S. -- (continued)
Gold Related -- (continued)
1,095,249 Gold Fields Limited $ 4,328,250 $ 3,476,258
750,000 Pan American Silver
Corporation (a) 2,579,121 2,617,670
-------------- --------------
20,985,938 22,683,678
-------------- --------------
Miscellaneous (3.86%)
3,655 Bank for International
Settlements (U.S. Tranche) 19,216,192 32,938,424
2,475 Bank for International
Settlements (French Tranche) 12,734,695 22,074,663
365,000 Banco Latinoamericano de
Exportaciones S.A., Class 'E'
(BLADEX) (16) 9,550,716 10,128,750
-------------- --------------
41,501,603 65,141,837
-------------- --------------
Total Common and
Preferred Stocks 1,263,682,530 1,355,798,565
-------------- --------------
--------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
--------------------------------------------------------------------------------
U.S. Dollar Convertible Bonds (3.12%)
$ 2,500,000 Medya International Ltd. 10%
due 6/28/2001 (e)(14) 2,378,033 2,025,000
2,500,000 International Container Terminal
Services, Inc. 5% due
9/15/2001 (e)(8) 2,410,579 2,081,250
2,500,000 International Container Terminal
Services, Inc. 1 3/4%
due 3/13/2004 (8) 2,151,415 2,331,250
6,000,000 Danka Business Systems
plc 6 3/4% due 4/01/2002 (11) 4,517,596 2,460,000
3,000,000 LUKINTER Finance BV 3 1/2%
due 5/06/2002 (2) 1,655,274 3,346,800
3,615,000 Coeur d'Alene Mines Corporation
6% due 6/10/2002 (1) 3,335,983 2,150,925
2,500,000 TingYi (C.I.) Holdings 1 5/8%
due 7/17/2002 (11) 1,927,328 2,650,000
3,000,000 Ashanti Goldfields Company
Limited 5 1/2% due 3/15/2003 (1) 2,642,176 1,920,000
770,000 Security Capital U.S. Realty 2%
due 5/22/2003 (b)(18) 609,353 662,662
1,000,000 Security Capital U.S. Realty 2%
due 5/22/2003 (18) 794,664 860,600
2,000,000 Agnico Eagle Mines Limited 3 1/2%
due 1/27/2004 (1) 1,609,526 1,350,000
6,000,000 Coeur d'Alene Mines Corporation
6 3/8% due 1/31/2004 (1) 5,971,891 2,227,500
5,000,000 CKE Restaurants Inc. 4 1/4%
due 3/15/2004 (12) 3,613,969 2,312,500
16
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
--------------------------------------------------------------------------------
Bonds, Notes and Convertible Bonds -- (continued)
U.S. Dollar Convertible Bonds -- (continued)
$ 6,000,000 Halter Marine Group Inc. 41/2%
due 9/15/2004 (6) $ 4,358,971 $ 3,375,000
113,000 Excel Legacy Corp. 9%
due 11/04/2004 (7) 41,901 89,976
234,000 Excel Legacy Corp. 10%
due 11/04/2004 (18) 164,952 193,050
4,420,000 Battle Mountain Gold Company
6% due 1/04/2005 (1) 3,695,495 3,657,550
11,935,000 P.T. Inti Indorayon Utama
7% due 5/02/2006 (f)(3) 9,926,856 2,446,675
1,500,000 Samsung Electronics Co. Ltd.
0% due 12/31/2007 (a)(9) 1,134,464 2,407,500
3,500,000 LG Electronics Inc. 1/4% due
12/31/2007 (9) 2,680,891 3,990,000
3,500,000 Blount International Inc. 13%
due 8/01/2009 (6) 3,550,097 3,587,500
1,500,000 Jostens Inc. 12 3/4% due
5/01/2010 (11) 1,465,400 1,552,500
4,450,000 Evans & Sutherland Computer
Corporation 6% due 3/01/2012 (10) 3,587,701 2,881,375
20,000,000 Sunbeam Corporation 0%
due 3/25/2018 (a)(11) 3,610,773 2,000,000
----------- -----------
67,835,288 52,559,613
----------- -----------
U.S. Dollar Bonds and Notes (4.82%)
2,000,000 P.T. Inti Indorayon Utama
9 1/8% due 10/15/2000 (f)(3) 1,922,646 345,000
1,000,000 Republic New York Corporation
9 3/4% due 12/01/2000 (16) 1,000,000 1,004,344
5,550,000 USAir Group, Inc. 9 5/8% due
2/01/2001 (8) 5,425,414 5,531,119
666,000 P.T. Pabrik Kertas Tjiwi-Kimia
13 1/4% due 8/01/2001 (3) 626,756 589,410
4,644,000 P.T. Pabrik Kertas Tjiwi-Kimia 10%
due 8/01/2004 (3) 3,257,495 2,705,130
1,360,000 Florsheim Group Inc. 12 3/4%
due 9/01/2002 (12) 1,301,503 654,500
8,000,000 The Southland Corporation 5%
due 12/15/2003 (12) 6,927,993 7,000,000
5,589,000 The Southland Corporation 4%
due 6/15/2004 (12) 4,362,678 4,617,911
1,500,000 Hollinger International Publishing
8 5/8% due 3/15/2005 (14) 1,575,000 1,515,000
2,500,000 Hollinger International Publishing
9 1/4% due 3/15/2007 (14) 2,493,742 2,525,000
1,000,000 Westpoint Stevens Inc. 7 7/8%
due 6/15/2005 (11) 851,416 870,000
17
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
--------------------------------------------------------------------------------
Bonds, Notes and Convertible Bonds -- (continued)
U.S. Dollar Bonds and Notes -- (continued)
$ 2,000,000 Polaroid Corporation 11 1/2%
due 2/15/2006 (11) $ 2,027,500 $ 1,950,000
10,000,000 Riverwood International
Corporation 10 1/4% due
4/01/2006 (3) 9,933,646 10,012,500
1,000,000 Imperial Holly Corporation
9 3/4% due 12/15/2007 (4) 1,000,000 185,000
4,500,000 AMSC Acquisition Co. Inc.
12 1/4% due 4/01/2008 (10) 4,229,717 3,510,000
3,500,000 Domino's Inc. 10 3/8% due
1/15/2009 (11) 3,391,073 3,333,750
3,000,000 St. John Knits International Inc.
12 1/2% due 7/01/2009 (11) 2,936,172 2,895,000
2,154,968 Federal Republic of Brazil 'C'
8% due 4/15/2014 (22) 852,181 1,645,856
5,000,000 Federal Republic of Brazil Par ZL
6% due 4/15/2024 (22) 2,584,438 3,359,375
2,000,000 Republic of Bulgaria Disc. FRN 'A'
due 7/28/2024
(7 3/4% @ 9/30/2000) (22) 1,166,546 1,537,500
10,000,000 Bangkok Bank Public Co.
9.025% due 3/15/2029 (b)(16) 6,040,041 7,900,000
5,500,000 Bergen Bank Floating Rate
Perpetual Notes (6.9375%
@ 9/30/2000) (16) 3,888,750 4,272,950
3,500,000 Den Norske Bank Floating Rate
Perpetual Notes
(7.025% @ 9/30/2000) (16) 2,610,000 2,721,250
3,170,000 Den Norske Bank Floating Rate
Perpetual Notes
(6.9375% @ 9/30/2000) (16) 2,059,625 2,507,628
10,000,000 Christiania Bank Floating Rate
Perpetual Notes
(7 1/8% @ 9/30/2000) (16) 6,826,750 8,100,000
------------ -----------
79,291,082 81,288,223
------------ -----------
U.S. Treasury Notes (7.66%)
10,000,000 U.S. Treasury Inflation Index
Note 3 5/8% due 7/15/2002 (22) 10,020,345 10,766,000
15,000,000 U.S. Treasury Note 7 1/2%
due 2/15/2005 (22) 15,560,156 15,918,750
15,000,000 U.S. Treasury Note 5 5/8%
due 2/15/2006 (22) 14,428,778 14,821,875
40,000,000 U.S. Treasury Inflation Index
Note 3 3/8% due 1/15/2007 (22) 40,145,627 42,136,000
35,000,000 U.S. Treasury Zero Coupon
Strip due 11/15/2007 (a)(22) 22,540,259 23,167,445
18
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Bonds, Notes and Convertible Bonds -- (continued)
U.S. Treasury Notes -- (continued)
$ 20,000,000 U.S. Treasury Note 7 1/4% due
5/15/2016 (22) $ 20,840,156 $ 22,262,500
-------------- --------------
123,535,321 129,072,570
-------------- --------------
Non U.S. Dollar Convertible Bonds (0.21%)
FRF 88,269,740 Immobiliere Hoteliere 5%
due 1/01/2001 (18) 12,756,519 2,646,737
CAD 1,600,000 Noranda Inc. 5%
due 4/30/2007 (20) 1,055,185 909,453
-------------- --------------
13,811,704 3,556,190
-------------- --------------
Non U.S. Dollar Bonds and Notes (0.16%)
CAD 2,500,000 Bell Canada 81/2%
due 6/09/2003 (17) 1,751,012 1,743,202
NZD 3,500,000 Evergreen Forest Limited 0%
due 3/19/2009 (a)(3) 1,871,556 1,484,392
-------------- --------------
3,622,568 3,227,594
-------------- --------------
Total Bonds, Notes and
Convertible Bonds 288,095,963 269,704,190
-------------- --------------
Short- Term Investments (2.54%)
$ 22,711,000 Whitman Corporation 6.90%
due 10/02/2000 22,706,647 22,706,647
7,530,000 Pearson Inc. 6.70%
due 10/10/2000 7,517,387 7,517,387
12,711,000 Pearson Inc. 6.70%
due 10/30/2000 12,642,396 12,642,396
-------------- --------------
Total Short-Term Investments 42,866,430 42,866,430
-------------- --------------
Total Investments (98.97%) $1,594,644,923* 1,668,369,185**
==============
Other assets in excess of liabilities (1.03%) 17,302,626
--------------
Net assets (100.00%) $1,685,671,811
==============
</TABLE>
----------
* At September 30, 2000 cost is substantially identical for both book and
federal income tax purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 2000, based on cost for federal income tax purposes, were $284,346,432
and $210,622,170, respectively (net appreciation was $73,724,262).
19
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
Foreign Currencies Industry Classifications
------------------ ------------------------
FRF - French Franc (1) Metals & Minerals
CAD - Canadian Dollar (2) Energy
NZD - New Zealand Dollar (3) Forest Products
(4) Agriculture
(5) Building Materials
(6) Capital Goods
(7) Chemicals
(8) Transportation
(9) Electronics
(10) Technology
(11) Consumer Products
(12) Distribution
(13) Health Care
(14) Media
(15) Services
(16) Financial Services
(17) Utilities
(18) Real Estate
(19) Holding Companies
(20) Conglomerates
(21) Investment Companies
(22) Government Issues
Bond Types
----------
FRN - Floating Rate Note
'C' - Capitalization
----------
(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 six months ended September 30, 2000.
20
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
Purchases Sales
------------------- -------------------- Realized Dividend
Affiliate Shares Cost Shares Cost Gain/Loss Income
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
San Juan Basin Royalty
Trust ................ -- -- -- -- -- $1,818,123
The Home-Stake Oil & Gas
Company .............. -- -- -- -- -- 25,024
Greif Bros. Corporation
Class 'A' ............ -- -- -- -- -- 159,900
Kaiser Ventures Inc. .... -- -- -- -- -- --
Allen Organ Company,
Class 'B' ............ -- -- 5,000 $ 181,250 $ 150,489 51,660
Hancock Fabrics, Inc. ... -- -- -- -- -- 62,500
Mills Music Trust ....... -- -- -- -- -- 62,832
UniFirst Corporation .... -- -- -- -- -- 27,188
East Texas Financial
Services, Inc. ....... -- -- 9,750 73,938 (3,252) 11,475
Wilson & Horton Limited
5% exchangeable
preference shares .. -- -- 13,762 76,382 1,525 291,362
Tasman Agriculture
Limited .............. -- -- 2,000,000 1,521,103 (391,303) 83,946
Societe Sucriere de
Pithiviers-le-Vieil .. -- -- -- -- -- 221,732
NSC Groupe .............. -- -- -- -- -- 197,119
Sabeton SA .............. -- -- 1,500 319,144 (132,475) 394,265
Taittinger C.I .......... -- -- 435 106,957 47,908 108,273
Robertet SA C.I ......... -- -- -- -- -- 34,179
Buderus AG .............. 80,000 $1,286,025 -- -- -- 257,579
Hornbach Holding
AG Pfd. .............. 60,000 2,337,579 -- -- -- 275,881
Shaw Brothers
(Hong Kong)
Limited .............. 1,181,868 1,132,635 -- -- -- 384,679
--------------------------------------------------------------------------------------------------------
</TABLE>
(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.
21
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks
Argentina (0.44%)
450,000 Siderca S.A.I.C. (2) $ 265,818 $ 1,040,166
596,964 Cresud S.A.C.I.F. y A. (4) 595,469 495,797
750,000 Ledesma S.A.A.I. (4) 761,772 427,774
----------- -----------
1,623,059 1,963,737
----------- -----------
Australia and New Zealand (5.68%)
13,750,000 Carter Holt Harvey Limited (3) 15,289,216 9,195,890
1,438,900 Wilson & Horton Limited 5%
exchangeable preference
shares (c)(15) 7,531,667 7,422,810
850,000 Spotless Group Limited (16) 1,653,210 2,907,497
4,250,000 Tasman Agriculture Limited (4) 2,744,632 2,339,753
3,581,129 Capital Properties New Zealand
Limited 8 1/2% exchangeable
preference shares (18) 2,765,707 1,432,783
300,000 Radio Works New Zealand
Limited (15) 544,139 957,311
4,250,000 Evergreen Forests Limited (a)(3) 1,787,463 866,575
----------- -----------
32,316,034 25,122,619
----------- -----------
Austria (0.65%)
80,000 Flughafen Wien AG (9) 2,827,054 2,895,912
----------- -----------
Belgium (0.54%)
15,000 Deceuninck Plastics
Industries SA (6) 2,782,977 2,385,154
----------- -----------
Canada (1.35%)
185,000 Canadian Pacific Limited (20) 3,187,349 4,810,000
75,000 Fletcher Challenge Energy (2) 812,737 835,162
35,000 Franco-Nevada Mining
Corp. Ltd. (23) 429,233 344,369
----------- -----------
4,429,319 5,989,531
----------- -----------
Chile (0.11%)
55,000 Quinenco S.A. ADR (19) 525,765 474,375
----------- -----------
Commonwealth of Independent States (1.29%)
532,523 Firebird Fund, L.P. (a)(b)(e)(21) 533,858 2,459,193
9,000 Baltic Republic Fund (a)(b)(e)(21) 905,750 1,048,500
10,265 Firebird Republic Fund, Ltd.
Class 'A' (a)(b)(e)(21) 1,675,000 1,032,540
100,000 First NIS Regional Fund
SICAF (b)(e)(21) 1,000,000 567,500
5,000 M.J. Whitman Global
Value L.P. (a)(b)(e)(21) 500,000 579,915
----------- -----------
4,614,608 5,687,648
----------- -----------
22
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- (continued)
Denmark (0.50%)
45,000 Carlsberg International
A/S 'B'(12) $ 1,779,188 $ 1,863,046
4,000 Kobenhavns Lufthavne A/S (9) 173,825 333,574
------------- ------------
1,953,013 2,196,620
------------- ------------
Finland (0.11%)
25,000 Vaisala Oy A (11) 175,372 478,973
------------- ------------
France (6.87%)
75,000 Legrand ADP (7) 6,961,597 6,853,511
6,500 Eurafrance (19) 2,348,402 3,672,864
8,250 Societe Sucriere de Pithiviers-
le-Vieil (4) 3,318,669 2,381,843
23,500 NSC Groupe (7) 4,098,208 2,325,868
6,160 Taittinger C.I. (c)(12) 1,586,908 2,115,640
1,350,000 FINEL (a)(b)(e)(3) 2,277,010 1,969,696
8,500 Robertet SA (12) 1,609,324 1,725,319
7,856 Robertet SA C.I. (c)(12) 1,120,564 900,995
23,500 Rougier SA (c)(3) 1,702,604 1,317,508
9,250 Sagem ADP (10) 283,122 1,265,858
15,000 Carrefour Supermarche (13) 180,659 1,108,481
75,000 Sabeton SA (19) 1,175,558 1,019,750
20,000 Crometal (7) 1,200,595 900,558
23,801 Conflandey (1) 1,306,544 630,417
10,000 Burelle SA (5) 443,781 595,075
4,000 Total Fina Elf SA (2) 174,116 585,539
15,000 Societe Francaise des Papiers
Peints (12) 741,390 566,822
10,000 Gaumont SA (15) 483,068 485,595
------------- ------------
31,012,119 30,421,339
------------- ------------
Germany (8.86%)
1,250,000 Buderus AG (7) 20,132,496 20,913,694
235,000 Hornbach Holding AG
Pfd. (c)(13) 14,618,250 10,374,075
75,000 Bayer AG (8) 2,295,113 2,777,824
155,000 Vossloh AG (6) 2,983,523 2,415,394
1,500 Axel Springer Verlag AG (15) 575,364 1,390,568
147,500 Sudzucker AG Pfd. (12) 2,172,693 1,328,323
------------- ------------
42,777,439 39,199,878
------------- ------------
Hong Kong (8.51%)
227,100,970 City e-Solutions Limited (18) 22,518,953 27,713,907
10,000,000 Shaw Brothers (Hong Kong)
Limited (15) 10,368,537 7,824,224
4,000,000 Cafe de Coral Holdings
Limited (19) 1,521,687 1,423,752
23
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- (continued)
Hong Kong -- (continued)
2,992,222 Lerado Group Holding Company
Limited (19) $ 482,714 $ 479,750
2,500,000 China-Hong Kong Photo
Products Holdings Limited (12) 224,323 224,465
------------ ------------
35,116,214 37,666,098
------------ ------------
India (0.08%)
10,000 The Spartek Emerging
Opportunities of India
Fund (a)(b)(e)(21) 1,035,000 354,500
------------ ------------
Ireland (0.39%)
700,000 Greencore Group (12) 1,918,345 1,718,123
------------ ------------
Israel (0.12%)
150,000 Super-Sol (13) 280,972 546,844
------------ ------------
Japan (21.30%)
1,875,000 Nisshinbo Industries, Inc. (12) 13,365,079 9,253,901
455,000 Shimano Inc. (12) 8,287,972 8,784,435
2,500,000 The Dai-Tokyo Fire & Marine
Insurance Co., Ltd. (17) 12,390,422 7,569,795
1,875,000 Okumura Corporation (16) 8,736,501 6,163,480
565,000 Shoei Co., Ltd. (19) 5,200,358 5,231,724
1,000,000 Aida Engineering, Ltd. (7) 5,189,088 4,713,181
1,000,000 The Mitsui Marine & Fire
Insurance Co., Ltd. (17) 5,839,990 4,602,065
950,400 Tachi-S Co., Ltd. (5) 8,183,837 4,488,208
90,000 Ono Pharmaceutical Co., Ltd. (14) 3,562,405 3,700,172
749,730 Sotoh Co., Ltd. (12) 6,288,831 3,540,556
415,000 Wacoal Corporation (12) 3,662,069 3,443,123
475,300 Yomeishu Seizo Co., Ltd. (12) 3,012,625 3,190,819
245,000 Chofu Seisakusho Co., Ltd. (12) 4,101,079 3,130,701
185,000 T. Hasegawa Co., Ltd. (12) 2,876,517 2,997,824
322,000 Sonton Food Industry Co., Ltd. (12) 3,271,611 2,910,061
500,000 The Nichido Fire & Marine
Insurance Co., Ltd. (17) 2,597,878 2,824,205
305,000 Makita Corporation (12) 2,862,469 2,423,168
145,000 SK Kaken Co. Ltd. (8) 2,530,058 2,403,352
185,000 Mandom Corp. (12) 2,437,099 2,175,564
496,000 The Nippon Fire & Marine
Insurance Co., Ltd. (17) 1,970,831 2,043,798
70,000 Nitto Kohki Co., Ltd. (7) 475,147 1,918,607
20,000 Secom Co., Ltd. (16) 530,050 1,609,334
45,000 Fuji Photo Film Co., Ltd. (12) 1,077,592 1,508,403
775,000 Iino Kaiun Kaisha, Ltd. (9) 1,777,207 1,076,439
18,000 Ito-Yokado Co., Ltd. (13) 804,660 938,377
24
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- (continued)
Japan -- (continued)
5,000 Toho Co., Ltd. (15) $ 682,434 $ 829,668
7,000 Hitachi Ltd. ADR (10) 520,105 799,750
------------- -------------
112,233,914 94,270,710
------------- -------------
Mexico (1.61%)
4,950,000 Industrias Penoles, S.A.
de C.V. (1) 14,964,598 6,296,375
500,000 Grupo Indusrial Satillo,
S.A. de C.V.(1) 1,469,358 832,097
------------- -------------
16,433,956 7,128,472
------------- -------------
Netherlands (3.31%)
523,750 Koninklijke Ahrend NV (7) 6,460,034 5,618,389
215,000 Apothekers Cooperatie OPG
U.A. (14) 5,300,994 5,001,849
195,000 Holdingmaatschappij de
Telegraaf NV (15) 3,385,336 4,045,889
------------- -------------
15,146,364 14,666,127
------------- -------------
Singapore and Malaysia (1.44%)
500,000 Fraser & Neave Ltd. (12) 1,817,121 1,724,634
1,000,000 Haw Par Corporation Ltd. (19) 1,572,498 1,667,146
500,000 Delgro Corporation Ltd. (19) 436,444 1,281,978
500,000 Times Publishing Ltd. (15) 727,258 1,089,394
150,000 Genting Berhad (12) 303,387 382,895
1,000,000 Del Monte Pacific Ltd. (12) 234,652 244,323
------------- -------------
5,091,360 6,390,370
------------- -------------
South Korea (4.91%)
750,000 Daeduck Electronics Co. (10) 6,143,131 6,725,552
525,000 Daeduck GDS Co., Ltd. (10) 3,252,296 3,102,497
28,500 Nam Yang Dairy Products
Pfd. (c)(12) 417,945 4,600,278
10,000 Nam Yang Dairy Products (12) 863,352 2,286,688
102,300 Fursys Incorporated (12) 1,776,555 2,678,707
65,000 Dong Ah Tire Industry Co.,
Ltd. (a)(5) 3,209,245 1,352,284
60,000 Suheung Capsule Co. (14) 547,741 511,142
20,000 Sindo Richo Co. (12) 455,420 478,859
------------- -------------
16,665,685 21,736,007
------------- -------------
Spain and Portugal (3.08%)
195,000 Corporacion Financiera Alba
SA (19) 5,399,022 4,932,542
250,000 Espirito Santo Financial Group
SA ADR (17) 4,185,545 4,765,625
25
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- (continued)
Spain and Portugal -- (continued)
550,000 Energia e Industrias Aragonesas
SA (8) $ 2,740,117 $ 2,301,720
115,000 Companhia de Celulose do
Caima SA (3) 1,697,693 1,631,643
------------- ------------
14,022,377 13,631,530
------------- ------------
Sweden (0.34%)
913,000 Gorthon Lines AB 'B' (c)(9) 3,009,349 1,498,120
------------- ------------
Switzerland (12.30%)
1,915 Bank for International
Settlements (U.S. Tranche) (17) 13,782,215 17,257,751
965 Bank for International
Settlements (French Tranche) (17) 6,964,319 8,606,889
20,000 Kuehne & Nagel International
AG (9) 5,882,475 11,822,660
18,000 Edipresse SA (15) 3,562,132 8,032,454
20,000 SAirgroup AG (9) 3,784,231 2,862,938
5,000 Affichage Holdings AG (15) 1,380,233 2,402,202
7,000 Sika Finanz AG (6) 1,656,481 2,040,568
2,875 Lindt & Sprungli AG PC (12) 751,682 1,432,918
------------- ------------
37,763,768 54,458,380
------------- ------------
Thailand (0.11%)
100,000 Oriental Hotel PCL (18) 438,351 486,531
------------- ------------
Turkey (0.06%)
180,000 Usas Ucak Servisi (16) 115,401 251,871
------------- ------------
United Kingdom (6.47%)
1,850,000 Antofagasta Holdings plc (20) 8,082,254 12,948,314
3,000,000 IMI plc (11) 11,888,088 9,313,661
2,075,000 Royal Doulton plc (a)(12) 6,073,549 2,497,117
1,256,250 McBride plc (12) 2,554,284 1,548,908
500,000 Enodis plc (19) 1,086,199 1,435,994
1,000,000 Aggregate Industries plc (6) 411,828 878,578
------------- ------------
30,096,202 28,622,572
------------- ------------
Vietnam (0.04%)
42,800 The Vietnam Frontier
Fund (a)(b)(e)(21) 440,840 171,200
------------- ------------
Miscellaneous (3.73%)
340,000 Security Capital European
Realty (a)(e)(18) 6,800,000 6,684,400
26
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- (continued)
Miscellaneous -- (continued)
125,000 Banco Latinoamericano de
Exportaciones S.A. Class 'E'
(BLADEX) (17) $ 3,159,274 $ 3,468,750
385,000 Freeport McMoRan Copper &
Gold Inc., Preferred
Series 'D' (d)(23) 6,862,676 3,344,688
100,000 Freeport McMoRan Copper &
Gold Inc., Preferred
Series 'B' (d)(23) 1,003,138 881,250
150,000 InterTAN, Inc. (a)(13) 1,511,383 2,137,500
------------- ------------
19,336,471 16,516,588
------------ ------------
Total Common and Preferred
Stocks 434,181,328 416,929,829
------------ ------------
--------------------------------------------------------------------------------
Principal Cost Value
Amount (Note 1) (Note 1)
--------------------------------------------------------------------------------
Bonds, Notes and Convertible Bonds
U.S. Dollar Convertible Bonds (1.59%)
$ 2,000,000 Medya International Ltd. 10%
due 6/28/2001 (e)(15) 1,910,278 1,620,000
1,250,000 International Container Terminal
Services, Inc. 5%
due 9/15/2001 (e)(9) 1,197,200 1,040,625
500,000 International Container Terminal
Services, Inc. 1 3/4%
due 3/13/2004 (9) 391,485 466,250
3,500,000 Danka Business Systems plc 6 3/4%
due 4/01/2002 (12) 3,133,906 1,435,000
750,000 TingYi (C.I.) Holdings 1 5/8%
due 7/17/2002 (12) 610,129 795,000
500,000 Agnico Eagle Mines Limited 3 1/2%
due 1/27/2004 (1) 349,971 337,500
6,500,000 P.T. Inti Indorayon Utama 7%
due 5/02/2006 (a)(f)(3) 5,263,024 1,332,500
------------ ------------
12,855,993 7,026,875
------------ ------------
U.S. Dollar Bonds and Notes (1.24%)
1,000,000 P.T. Inti Indorayon Utama 9 1/8%
due 10/15/2000 (a)(f)(3) 950,451 172,500
334,000 P.T. Pabrik Kertas Tjiwi-Kimia 13 1/4%
due 8/01/2001 (3) 271,252 295,590
2,456,000 P.T. Pabrik Kertas Tjiwi-Kimia 10%
due 08/01/2004 (3) 1,733,976 1,430,620
27
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Bonds, Notes and Convertible Bonds -- (continued)
U.S. Dollar Bonds and Notes -- (continued)
500,000 Republic National Bank NY
Brazil-Linked CD'S 9.65%
due 5/01/2003 (17) $ 499,434 $ 470,000
1,000,000 Republic of Bulgaria Disc.
FRN 'A' due 7/28/2024
(7 1/2% @ 9/30/2000) (22) 580,354 768,750
3,000,000 Bangkok Bank Public Co. 9.025%
due 3/15/2029 (b)(22) 1,812,604 2,370,000
------------- -------------
5,848,071 5,507,460
------------- -------------
Non U.S. Dollar Convertible Bonds (0.41%)
FRF 41,426,580 Immobiliere Hoteliere 5%
due 1/01/2001 (a)(18) 6,457,660 1,242,161
NZD 1,316,810 Evergreen Forest Limited 0%
due 3/19/2009 (a)(3) 714,127 558,475
------------- -------------
7,171,787 1,800,636
------------- -------------
Total Bonds, Notes and
Convertible Bonds 25,875,851 14,334,971
------------- -------------
Short-Term Investment (0.51%)
$ 2,255,000 Whitman Corporation 6.90%
due 10/02/2000 2,254,568 2,254,568
------------- -------------
Total Investments (97.95%) $ 462,311,747* 433,519,368**
=============
Other assets in excess of
liabilities (2.05%) 9,063,212
-------------
Net Assets (100.00%) $ 442,582,580
=============
----------
(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 six months ended September 30, 2000.
28
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
Purchases Sales
---------------------- --------------------- Realized Dividend
Affiliate Shares Cost Shares Cost Gain/Loss Income
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Wilson & Horton
Limited 5%
exchangeable
preference
shares ...... -- -- 12,550 $ 66,805 $ 2,580 $ 133,066
Taittinger C.I . -- -- 532 130,807 56,855 48,072
Robertet SA C.I -- -- -- -- -- 25,624
Rougier SA ..... -- -- -- -- -- 57,188
Hornbach Holding
AG Pfd. ..... 50,000 $1,966,130 -- -- -- 168,395
Nam Yang Dairy
Products Pfd. -- -- 7,860 155,714 921,061 24,609
Gorthon Lines
AB 'B' + .... 500,000 1,136,693 -- -- -- 73,632
----------------------------------------------------------------------------------------------------------
</TABLE>
+ Interfund transfer on trade date April 4, 2000 from First Eagle SoGen
Global Fund.
(d) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(e) Security for which there are less than three market makers.
(f) In default of as to principal and interest.
* At September 30, 2000 cost is identical for both book and federal income
tax purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 2000 were $58,808,889 and $87,601,268, respectively (net depreciation
was $28,792,379).
Foreign Currencies Industry Classifications
------------------ ------------------------
FRF - French Franc (1) Metals & Minerals
NZD - New Zealand Dollar (2) Energy
(3) Paper and Forest Products
(4) Agriculture
(5) Automotive
(6) Building Materials
(7) Capital Goods
(8) Chemicals
(9) Transportation
(10) Electronics
(11) Technology
(12) Consumer Products
(13) Distribution
(14) Health Care
(15) Media
(16) Services
(17) Financial Services
(18) Real Estate
(19) Holding Companies
(20) Conglomerates
(21) Investment Companies
(22) Government Issues
(23) Gold Related
Bond Types
----------
FRN - Floating Rate Note
----------
See Notes to Financial Statements.
29
<PAGE>
FIRST EAGLE SOGEN GOLD FUND
SCHEDULE OF INVESTMENTS
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks
Australia (1.30%)
800,000 Otter Gold Mines Limited (a) $ 693,717 $ 134,652
412,000 Otter Gold Mines Limited
Rights (a) -- 8,724
230,000 Otter Gold Mines Limited
Warrants (a) -- 4,933
---------- ----------
693,717 148,309
---------- ----------
Canada (29.81%)
85,000 CSA Management Limited
Class 'A' (a) 493,832 1,158,423
75,000 Placer Dome Inc. 846,668 707,812
85,000 Meridian Gold Inc. (a) 410,922 565,084
50,000 Franco-Nevada Mining
Corporation Limited 583,546 491,956
350,000 Kinross Gold Corporation (a) 831,689 200,106
217,500 Miramar Mining
Corporation (a) 239,468 180,744
25,000 Pan American Silver Corp. (a) 86,218 87,256
---------- ----------
3,492,343 3,391,381
---------- ----------
South Africa (21.97%)
185,000 Harmony Gold Mining
Company Limited 848,664 941,026
197,500 Gold Fields Limited 703,998 626,854
100,000 Gold Fields Limited ADR 709,481 306,250
30,000 Anglogold Limited ADR 664,376 551,250
1,500,000 Consolidated African Mines
Limited (a) 213,392 74,844
---------- ----------
3,139,911 2,500,224
---------- ----------
Switzerland (5.88%)
75 Bank for International
Settlements (French Tranche) 497,947 668,929
---------- ----------
United States (34.84%)
45,000 Newmont Mining Corporation 1,371,852 765,000
110,000 Homestake Mining Company 974,850 570,625
40,000 Freeport McMoRan Copper &
Gold Inc., Preferred Series 'C' (b) 1,341,101 537,500
55,000 Freeport McMoRan Copper &
Gold Inc., Preferred Series 'D' (b) 1,138,967 477,813
15,000 Freeport McMoRan Copper &
Gold Inc., Preferred Series 'B' (b) 509,837 265,312
35,000 Barrick Gold Corporation 606,420 533,750
275,000 Battle Mountain Gold Company
Class 'A' (a) 1,199,138 481,250
30
<PAGE>
FIRST EAGLE SOGEN GOLD FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
Number Cost Value
of Shares (Note 1) (Note 1)
--------------------------------------------------------------------------------
Common and Preferred Stocks -- (continued)
United States -- (continued)
95,000 Royal Gold, Inc. $ 384,921 $ 332,500
----------- -----------
7,527,086 3,963,750
----------- -----------
Miscellaneous (5.98%)
415,000 Industrias Penoles, S.A. de C.V. 1,046,305 527,878
766,805 Compania Minera Arcata S.A. 514,222 152,870
----------- -----------
1,560,527 680,748
----------- -----------
Total Common and Preferred
Stocks 16,911,531 11,353,341
----------- -----------
Total Investments (99.78%) $16,911,531* 11,353,341**
===========
Other assets in excess of
liabilities (0.22%) 24,712
-----------
Net assets (100.00%) $11,378,053
===========
----------
(a) Non-income producing security.
(b) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
* At September 30, 2000 cost is identical for both book and federal income
tax purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 2000 were $1,096,791 and $6,654,981, respectively (net depreciation
was $5,558,190).
----------
See Notes to Financial Statements.
31
<PAGE>
FIRST EAGLE SOGEN MONEY FUND
SCHEDULE OF INVESTMENTS
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
Credit Principal Cost Value
Rating+ Amount (Note 1) (Note 1)
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Commercial Paper (100.24%)
A1 $1,300,000 American Express Credit Corporation
6.6% due 10/02/2000 $1,299,762 $1,299,762
A1+ 1,196,000 Prudential Funding
Corporation 6% due 10/02/2000 1,195,801 1,195,801
A1 481,000 Lucent Technologies Inc. 6.47%
due 10/02/2000 480,914 480,914
A1+ 430,000 Pfizer Inc. 6.46%
due 10/02/2000 429,923 429,923
A1 154,000 General Motors Acceptance
Company 6.48% due 10/02/2000 153,972 153,972
A1 1,400,000 Ford Motor Credit Company 6.49%
due 10/03/2000 1,399,495 1,399,495
A1 1,000,000 The Walt Disney Company 6.39%
due 10/03/2000 999,645 999,645
A1 900,000 Honeywell Inc. 6.47%
due 10/03/2000 899,677 899,677
A1 465,000 The Sherwin-Williams Company
6.5% due 10/03/2000 464,832 464,832
A1 1,200,000 General Motors Acceptance
Company 6.51% due 10/04/2000 1,199,349 1,199,349
A1+ 242,000 7-Eleven Inc. 6.5%
due 10/04/2000 241,869 241,869
A1 1,527,000 Caterpillar Financial Services
Corporation 6.49%
due 10/05/2000 1,525,899 1,525,899
A1 982,000 The Dow Chemical Company
6.53% due 10/06/2000 981,109 981,109
A1+ 727,000 E.I. Du Pont de Nemours and
Company 6.55% due 10/06/2000 726,339 726,339
A1 512,000 The Coca-Cola Company 6.46%
due 10/06/2000 511,541 511,541
A1 1,119,000 Caterpillar Financial Services
Corporation 6.48%
due 10/10/2000 1,117,187 1,117,187
A1 1,100,000 Unilever Capital Corporation
6.5% due 10/10/2000 1,098,213 1,098,213
A1 866,000 The Coca-Cola Company
6.45% due 10/10/2000 864,604 864,604
A1 600,000 Honeywell Inc. 6.48%
due 10/10/2000 599,028 599,028
A1 430,000 The Walt Disney Company 6.39%
due 10/10/2000 429,313 429,313
A1+ 200,000 General Electric Capital
Corporation 6.51%
due 10/11/2000 199,638 199,638
A1+ 678,000 E.I. Du Pont de Nemours and
Company 6.48% due 10/12/2000 676,657 676,657
A1 340,000 H.J. Heinz Company 6.51%
due 10/13/2000 339,262 339,262
</TABLE>
32
<PAGE>
FIRST EAGLE SOGEN MONEY FUND
SCHEDULE OF INVESTMENTS -- (Continued)
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
Credit Principal Cost Value
Rating+ Amount (Note 1) (Note 1)
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Commercial Paper -- (continued)
A1 1,500,000 Motorola Credit Corporation 6.48%
due 10/16/2000 $ 1,495,950 $ 1,495,950
A1+ 1,425,000 Pfizer Inc. 6.46% due 10/16/2000 1,421,164 1,421,164
A1+ 1,000,000 Hewlett-Packard Company 6.47%
due 10/16/2000 997,304 997,304
A1+ 400,000 Hewlett-Packard Company 6.5%
due 10/17/2000 398,844 398,844
A1+ 500,000 The Gillette Company 6.47%
due 10/18/2000 498,472 498,472
A1+ 500,000 General Electric Capital Corporation
6.48% due 10/25/2000 497,840 497,840
A1+ 500,000 General Electric Capital Corporation
6.49% due 10/25/2000 497,837 497,837
A1 1,556,000 Anheuser-Busch Companies, Inc.
6.45% due 11/09/2000 1,545,127 1,545,127
----------- -----------
Total Commercial Paper $25,186,567* 25,186,567
===========
Other liabilities in excess of assets
(-0.24%) (60,909)
-----------
Net assets (100.00%) $25,125,658
===========
</TABLE>
----------
* At September 30, 2000 cost is identical for both book and federal income
tax purposes.
+ 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.
33
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
First Eagle
SoGen
Global Fund
-----------------------------------------------------------------------------------
<S> <C>
Assets:
Investments, at value (cost: $1,594,644,923, $462,311,747,
$16,911,531 and $25,186,567 respectively) (Note 1) ........ $ 1,668,369,185
Cash ......................................................... --
Receivable for forward currency contracts held, at value
(Notes 1 and 6) ........................................... 9,840,830
Receivable for investment securities sold .................... 12,744,206
Receivable for Fund shares sold .............................. 168,415
Accrued interest and dividends receivable .................... 10,717,903
---------------
Total Assets ............................................ 1,701,840,539
---------------
Liabilities:
Due to broker ................................................ 182,200
Payable for Fund shares redeemed ............................. 1,430,465
Payable for investment securities purchased .................. 6,631,395
Payable for forward currency contracts held, at value
(Notes 1 and 6) ........................................... 4,826,123
Investment advisory fees payable (Note 2) .................... 1,044,972
Distribution fees payable (Note 3) ........................... 1,019,888
Directors' fees payable ...................................... 50,481
Accrued expenses and other liabilities ....................... 983,204
---------------
Total Liabilities ....................................... 16,168,728
---------------
Net Assets:
Capital stock (par value, $0.001 per share) .................. 64,912
Capital surplus .............................................. 1,363,468,614
Net unrealized appreciation (depreciation) on:
Investments ............................................... 73,724,262
Forward currency contracts ................................ 5,014,707
Foreign currency related transactions ..................... (267,844)
Undistributed net realized gains (losses)
on investments ............................................ 211,587,927
Undistributed net investment income .......................... 32,079,233
---------------
Net Assets (Note 1) ..................................... $ 1,685,671,811
===============
Class A share capital ........................................... $ 1,670,598,191
Shares of beneficial interest outstanding (Class A) (Note 5) .... 64,332,193
Net asset value per share .................................... $ 25.97
Maximum offering price per share ............................. $ 27.34
Class I share capital ........................................... $ 14,425,292
Shares of beneficial interest outstanding (Class I) (Note 5) .... 554,388
Net asset value per share .................................... $ 26.02
Class C share capital ........................................... $ 648,328
Shares of beneficial interest outstanding (Class C) (Note 5) .... 24,992
Net asset value per share .................................... $ 25.94
</TABLE>
----------
See Notes to Financial Statements.
34
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
First Eagle First Eagle First Eagle
SoGen SoGen SoGen
Overseas Fund Gold Fund Money Fund
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets:
Investments, at value (cost: $1,594,644,923, $462,311,747,
$16,911,531 and $25,186,567 respectively) (Note 1) ........ $ 433,519,368 $ 11,353,341 $25,186,567
Cash ......................................................... 236,368 97,866 50,868
Receivable for forward currency contracts held, at value
(Notes 1 and 6) ........................................... 4,291,236 -- --
Receivable for investment securities sold .................... 4,757,556 -- --
Receivable for Fund shares sold .............................. 904,090 -- 763
Accrued interest and dividends receivable .................... 2,730,230 22,614 --
------------- ------------ -----------
Total Assets ............................................ 446,438,848 11,473,821 25,238,198
------------- ------------ -----------
Liabilities:
Due to broker ................................................ -- -- --
Payable for Fund shares redeemed ............................. 213,754 -- --
Payable for investment securities purchased .................. 949,082 -- --
Payable for forward currency contracts held, at value
(Notes 1 and 6) ........................................... 1,903,318 -- --
Investment advisory fees payable (Note 2) .................... 269,500 7,199 9,562
Distribution fees payable (Note 3) ........................... 261,481 8,160 --
Directors' fees payable ...................................... 12,229 1,548 872
Accrued expenses and other liabilities ....................... 246,904 78,861 101,646
------------- ------------ -----------
Total Liabilities ....................................... 3,856,268 95,768 112,080
------------- ------------ -----------
Net Assets:
Capital stock (par value, $0.001 per share) .................. 30,007 2,232 25,126
Capital surplus .............................................. 380,523,368 41,235,506 25,100,992
Net unrealized appreciation (depreciation) on:
Investments ............................................... (28,792,379) (5,558,190) --
Forward currency contracts ................................ 2,387,918 -- --
Foreign currency related transactions ..................... (104,383) (1,117) --
Undistributed net realized gains (losses)
on investments ............................................ 77,483,151 (24,710,193) --
Undistributed net investment income .......................... 11,054,898 409,815 --
------------- ------------ -----------
Net Assets (Note 1) ..................................... $ 442,582,580 $ 11,378,053 $25,126,118
============= ============ ===========
Class A share capital ........................................... $ 413,683,588 $ 11,378,053 $25,126,118
Shares of beneficial interest outstanding (Class A) (Note 5) .... 28,051,637 2,232,600 25,126,118
Net asset value per share .................................... $ 14.75 $ 5.10 $ 1.00
Maximum offering price per share ............................. $ 15.53 $ 5.37 $ 1.00
Class I share capital ........................................... $ 28,597,421 -- --
Shares of beneficial interest outstanding (Class I) (Note 5) .... 1,934,979 -- --
Net asset value per share .................................... $ 14.78 -- --
Class C share capital ........................................... $ 301,571 -- --
Shares of beneficial interest outstanding (Class C) (Note 5) .... 20,455 -- --
Net asset value per share .................................... $ 14.74 -- --
</TABLE>
35
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
STATEMENT OF OPERATIONS
For the Six Months Ended September 30, 2000
(Unaudited)
--------------------------------------------------------------------------------
First Eagle
SoGen
Global Fund
--------------------------------------------------------------------------------
Investment Income:
Income:
Interest ................................................ $ 15,402,117
Dividends (net of $1,232,730, $654,300, $4,564 and $0
foreign taxes withheld, respectively) ................. 23,172,400
------------
Total income from operations .......................... 38,574,517
------------
Expenses:
Investment advisory fees (Note 2) ....................... 6,494,433
Distribution fees (Note 3) .............................. 2,116,766
Shareholder servicing agent fees ........................ 1,558,285
Custodian fees .......................................... 849,403
Printing ................................................ 255,482
Audit fees .............................................. 142,758
Registration and filing fees ............................ 25,069
Legal fees .............................................. 283,777
Directors' fees ......................................... 83,388
Miscellaneous ........................................... 61,460
------------
Total expenses from operations ........................ 11,870,821
------------
Expense reductions due to earnings credits (Note 1) ........ (54,983)
Expense reimbursements (Note 2) ............................ --
------------
Net expenses from operations ............................ 11,815,838
------------
Net investment income (Note 1) ............................. 26,758,679
------------
Realized and Unrealized Gains (Losses) on Investments and
Foreign Currency Related Transactions (Notes 1 and 6):
Net realized gains (losses) from:
Investment transactions ................................. 43,634,089
Foreign currency related transactions ................... 19,420,847
------------
63,054,936
------------
Change in unrealized appreciation (depreciation) of:
Investments ............................................. (26,332,609)
Foreign currency related transactions ................... (3,248,035)
------------
(29,580,644)
------------
Net gain (loss) on investments and foreign currency
related transactions .................................... 33,474,292
------------
Net Increase (Decrease) in Net Assets
Resulting from Operations .................................. $ 60,232,971
============
----------
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> <C>
Investment Income:
Income:
Interest ................................................ $ 1,211,338 $ 6,954 $ 883,611
Dividends (net of $1,232,730, $654,300, $4,564 and $0
foreign taxes withheld, respectively) ................. 8,474,682 369,867 --
------------ ----------- ---------
Total income from operations .......................... 9,686,020 376,821 883,611
------------ ----------- ---------
Expenses:
Investment advisory fees (Note 2) ....................... 1,681,537 47,106 54,624
Distribution fees (Note 3) .............................. 525,027 15,182 --
Shareholder servicing agent fees ........................ 370,989 36,715 50,000
Custodian fees .......................................... 304,213 12,070 24,407
Printing ................................................ 79,083 3,356 1,226
Audit fees .............................................. 67,994 26,278 11,305
Registration and filing fees ............................ 34,650 8,023 8,381
Legal fees .............................................. 38,205 2,452 1,710
Directors' fees ......................................... 11,141 501 1,866
Miscellaneous ........................................... 21,694 3,700 4,840
------------ ----------- ---------
Total expenses from operations ........................ 3,134,533 155,383 158,359
------------ ----------- ---------
Expense reductions due to earnings credits (Note 1) ........ (5,791) (1,741) (341)
Expense reimbursements (Note 2) ............................ -- -- (55,598)
------------ ----------- ---------
Net expenses from operations ............................ 3,128,742 153,642 102,420
------------ ----------- ---------
Net investment income (Note 1) ............................. 6,557,278 223,179 781,191
------------ ----------- ---------
Realized and Unrealized Gains (Losses) on Investments and
Foreign Currency Related Transactions (Notes 1 and 6):
Net realized gains (losses) from:
Investment transactions ................................. 17,349,902 (2,317,398) --
Foreign currency related transactions ................... 7,916,178 (4,605) --
------------ ----------- ---------
25,266,080 (2,322,003) --
------------ ----------- ---------
Change in unrealized appreciation (depreciation) of:
Investments ............................................. (22,288,183) 1,826,085 --
Foreign currency related transactions ................... 357,305 (575) --
------------ ----------- ---------
(21,930,878) 1,825,510 --
------------ ----------- ---------
Net gain (loss) on investments and foreign currency
related transactions .................................... 3,335,202 (496,493) --
------------ ----------- ---------
Net Increase (Decrease) in Net Assets
Resulting from Operations .................................. $ 9,892,480 $ (273,314) $ 781,191
============ =========== =========
</TABLE>
37
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
First Eagle SoGen
Global Fund
--------------------------------------
Six Months Year
Ended Ended
September 30, 2000 March 31, 2000
------------------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Net investment income ................................... $ 26,758,679 $ 51,506,533
Net realized gain (loss) from investments and
foreign currency related transactions ................ 63,054,936 212,352,942
(Decrease) increase in unrealized appreciation
(depreciation) of investments and foreign currency
related transactions ................................. (29,580,644) 129,940,211
--------------- ---------------
Net increase (decrease) in net assets
resulting from operations .......................... 60,232,971 393,799,686
--------------- ---------------
Distributions to Shareholders:
Dividends paid from net investment income ............... -- (75,711,375)
Distributions paid from net realized gains from
investment transactions .............................. -- (122,354,661)
--------------- ---------------
Decrease in net assets resulting from
distributions ...................................... -- (198,066,036)
--------------- ---------------
Fund Share Transactions (Note 5):
Net proceeds from shares sold ........................... 126,578,465 186,563,394
Net asset value of shares issued for reinvested
dividends and distributions .......................... -- 187,409,473
Cost of shares redeemed ................................. (307,168,298) (838,465,578)
--------------- ---------------
(Decrease) increase in net assets from Fund
share transactions ................................. (180,589,833) (464,492,711)
--------------- ---------------
Net (decrease) increase in net assets ................ (120,356,862) (268,759,061)
Net Assets (Note 1):
Beginning of period ..................................... 1,806,028,673 2,074,787,734
--------------- ---------------
End of period (including undistributed
net investment income of $32,079,233,
$4,914,159, $11,054,898, $4,497,430, $409,815
$223,185, $0 and $0, respectively.) .................. $ 1,685,671,811 $ 1,806,028,673
=============== ===============
</TABLE>
----------
See Notes to Financial Statements.
38
<PAGE>
<TABLE>
<CAPTION>
First Eagle SoGen First Eagle SoGen
Overseas Fund Gold Fund
----------------------------------- ----------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
September 30, 2000 March 31, 2000 September 30, 2000 March 31, 2000
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations:
Net investment income ................................... $ 6,557,278 $ 10,134,623 $ 223,179 $ 364,230
Net realized gain (loss) from investments and
foreign currency related transactions ................ 25,266,080 68,766,189 (2,322,003) (4,238,656)
(Decrease) increase in unrealized appreciation
(depreciation) of investments and foreign currency
related transactions ................................. (21,930,898) 62,885,115 1,825,510 3,781,035
------------- ------------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations .......................... 9,892,480 141,785,927 (273,314) (93,391)
------------- ------------- ------------ ------------
Distributions to Shareholders:
Dividends paid from net investment income ............... -- (5,795,262) -- (410,071)
Distributions paid from net realized gains from
investment transactions .............................. -- (20,928,842) -- --
------------- ------------- ------------ ------------
Decrease in net assets resulting from
distributions ...................................... -- (26,724,104) -- (410,071)
------------- ------------- ------------ ------------
Fund Share Transactions (Note 5):
Net proceeds from shares sold ........................... 128,051,757 299,315,210 5,901,148 5,142,915
Net asset value of shares issued for reinvested
dividends and distributions .......................... -- 25,664,683 -- 391,556
Cost of shares redeemed ................................. (172,376,020) (419,030,776) (7,248,195) (10,214,073)
------------- ------------- ------------ ------------
(Decrease) increase in net assets from Fund
share transactions ................................. (44,324,263) (94,050,883) (1,347,047) (4,679,602)
------------- ------------- ------------ ------------
Net (decrease) increase in net assets ................ (34,431,783) 21,010,940 (1,620,361) (5,183,064)
Net Assets (Note 1):
Beginning of period ..................................... 477,014,363 456,003,423 12,998,414 18,181,478
------------- ------------- ------------ ------------
End of period (including undistributed
net investment income of $32,079,233,
$4,914,159, $11,054,898, $4,497,430, $409,815
$223,185, $0 and $0, respectively.) .................. $ 442,582,580 $ 477,014,363 $ 11,378,053 $ 12,998,414
============= ============= ============ ============
<CAPTION>
First Eagle SoGen
Money Fund
----------------------------------
Six Months Year
Ended Ended
September 30, 2000 March 31, 2000
----------------------------------------------------------------------------------------------
<S> <C> <C>
Operations:
Net investment income ................................... $ 781,191 $ 1,763,112
Net realized gain (loss) from investments and
foreign currency related transactions ................ -- --
(Decrease) increase in unrealized appreciation
(depreciation) of investments and foreign currency
related transactions ................................. -- --
------------ -------------
Net increase (decrease) in net assets
resulting from operations .......................... 781,191 1,763,112
------------ -------------
Distributions to Shareholders:
Dividends paid from net investment income ............... (781,191) (1,763,112)
Distributions paid from net realized gains from
investment transactions .............................. -- --
------------ -------------
Decrease in net assets resulting from
distributions ...................................... (781,191) (1,763,112)
------------ -------------
Fund Share Transactions (Note 5):
Net proceeds from shares sold ........................... 69,475,206 111,524,995
Net asset value of shares issued for reinvested
dividends and distributions .......................... 493,559 1,588,454
Cost of shares redeemed ................................. (75,453,880) (127,080,207)
------------ -------------
(Decrease) increase in net assets from Fund
share transactions ................................. (5,485,115) (13,966,758)
------------ -------------
Net (decrease) increase in net assets ................ (5,485,115) (13,966,758)
Net Assets (Note 1):
Beginning of period ..................................... 30,611,233 44,577,991
------------ -------------
End of period (including undistributed
net investment income of $32,079,233,
$4,914,159, $11,054,898, $4,497,430, $409,815
$223,185, $0 and $0, respectively.) .................. $ 25,126,118 $ 30,611,233
============ =============
</TABLE>
39
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS
Note 1 - Significant Accounting Policies
First Eagle SoGen Funds, Inc. (the "Company"), is an open-end management
investment company registered under the Investment Company Act of 1940, as
amended. The Company consists of four separate portfolios, First Eagle SoGen
Global Fund, First Eagle SoGen Overseas Fund, First Eagle SoGen Gold Fund, and
First Eagle SoGen Money Fund (each individually a "Fund" or collectively the
"Funds"). The Company, formerly SoGen Funds Inc., changed its name to First
Eagle SoGen Funds, Inc. effective December 31, 1999. The following is a summary
of significant accounting policies adhered to by the Funds.
(a) Security valuation - In the case of First Eagle SoGen Global Fund, First
Eagle SoGen Overseas Fund and First Eagle SoGen Gold Fund, portfolio securities
are valued based on market quotations where available. Short-term investments
maturing in sixty days or less are valued at cost plus interest earned, which
approximates value. In the case of First Eagle SoGen Money Fund, portfolio
securities are valued at their amortized cost, which approximates market value,
subject to guidelines and procedures established by the Board of Directors in
accordance with applicable SEC regulations. Securities for which current market
quotations are not readily available and any restricted securities are valued at
fair value as determined in good faith by the Board of Directors.
(b) Security transactions and income - Security transactions are accounted for
on a trade date basis. The specific identification method is used in determining
realized gains and losses from security transactions. Dividend income is
recorded on the ex-dividend date. Interest income is recorded daily on the
accrual basis. In computing investment income, each Fund amortizes discounts on
debt obligations; however, premiums are not amortized.
(c) Expenses - Expenses arising in connection with a Fund are charged directly
to that Fund. Expenses common to all Funds are allocated to each Fund in
proportion to its relative net assets. Earnings credits reduce
40
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
custodian fees and shareholder servicing agent fees by the amount of interest
earned on balances with such service providers.
(d) Foreign currency translation (First Eagle SoGen Global Fund, First Eagle
SoGen Overseas Fund and First Eagle SoGen Gold Fund) - The market values of
securities which are not traded in U.S. currency are recorded in the financial
statements after translation to U.S. dollars based on the applicable exchange
rates at the end of the period. The costs of such securities are translated at
exchange rates prevailing when acquired. Related dividends, interest and
withholding taxes are accrued at the rates of exchange prevailing on the
respective dates of such transactions.
The net assets of each of First Eagle SoGen Global Fund, First Eagle SoGen
Overseas Fund and First Eagle SoGen Gold Fund are presented at the foreign
exchange rates and market values at the close of the period. The Funds do not
isolate that portion of gains and losses on investments which is due to changes
in foreign exchange rates from that which is due to changes in market prices of
the equity securities. However, for federal income tax purposes each Fund does
isolate the effect of changes in foreign exchange rates from the changes in
market prices for realized gains and losses on debt obligations.
(e) Forward currency contracts (First Eagle SoGen Global Fund, First Eagle SoGen
Overseas Fund and First Eagle SoGen Gold Fund) - In connection with portfolio
purchases and sales of securities denominated in foreign currencies, First Eagle
SoGen Global Fund, First Eagle SoGen Overseas Fund and First Eagle SoGen Gold
Fund may enter into forward currency contracts. Additionally, each Fund may
enter into such contracts to hedge certain other foreign currency denominated
investments. These contracts are valued at current market, and the related
realized and unrealized foreign exchange gains and losses are included in the
statement of operations. In the event that counterparties fail to settle these
currency contracts or the related foreign security trades, a Fund could be
exposed to foreign currency fluctuations.
41
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
(f) United States income taxes - No provision has been made for U.S. federal
income taxes since it is the intention of each Fund to distribute to
shareholders all taxable net investment income and net realized gains on
investments, if any, within the allowable time limit, and to comply with the
provisions of the Internal Revenue Code for a regulated investment company.
First Eagle SoGen Global Fund, First Eagle SoGen Overseas Fund and First Eagle
SoGen Gold Fund declare and pay such income, dividends and capital gains
distributions on an annual basis. First Eagle SoGen Money Fund declares daily
dividends, equivalent to net investment income, which are paid on a monthly
basis.
(g) 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 1.00% 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 six months ended September 30, 2000, the Adviser waived part
of its fees in the amount of $55,598 for First Eagle SoGen Money Fund. 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
42
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
substantially the same as the prior investment advisory agreement with Societe
Generale Asset Management Corp ("SGAM Corp."), except that each Fund now pays
accrued advisory fees on a monthly basis, rather than a quarterly basis.
For the six months ended September 30, 2000, A&SB, the principal underwriter,
realized $27,802, $9,920 and $2,403 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 six
months ended September 30, 2000, A&SB received $13,893, $4,326 and $1,250 in
broker's commissions for portfolio transactions executed on behalf of First
Eagle SoGen Global Fund, First Eagle SoGen Overseas and First Eagle 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 quarterly, a distribution fee at an annual
rate of up to 0.25% for class A and 1.00% for class C 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
SGAM Corp.
A&SB bears distribution costs of a Fund to the extent they exceed payments
received under the Plan. For the six months ended September 30, 2000 the
distribution fees paid or payable by First Eagle SoGen Global
43
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
Fund, First Eagle SoGen Overseas Fund and First Eagle SoGen Gold Fund were
$2,116,766, $525,027 and $15,182 respectively.
Note 4 - Purchases and Sales of Securities
During the six months ended September 30, 2000 the aggregate cost of purchases
of investments, excluding U.S. Government obligations and short-term securities,
totaled $155,778,150, $56,738,954 and $1,337,380 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 $257,155,275, $74,409,428 and $2,403,886 for First Eagle
SoGen Global Fund, First Eagle SoGen Overseas Fund and First Eagle SoGen Gold
Fund, respectively.
44
<PAGE>
(This page intentionally left blank.)
45
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS -- (Continued)
Note 5 - Capital Stock
Transactions in shares of capital stock were as follows:
Six Months Ended September 30, 2000
--------------------------------------------------------------------------
First Eagle SoGen Global Fund
------------------------------------
Class A Class I Class C
--------------------------------------------------------------------------
Shares sold ..................... 4,675,146 365,154 25,204
Shares issued for reinvested
dividends and distributions .. -- -- --
Shares redeemed ................. (11,784,348) (467,104) (212)
----------- -------- -------
Net (decrease) increase ......... (7,109,202) (101,950) 24,992
=========== ======== =======
--------------------------------------------------------------------------
Year Ended March 31, 2000
--------------------------------------------------------------------------
First Eagle SoGen Global Fund
-----------------------------
Class A Class I
--------------------------------------------------------------------------
Shares sold ..................... 7,117,410 372,281
Shares issued for reinvested
dividends and distributions .. 7,774,853 59,968
Shares redeemed ................. (33,542,534) (288,812)
----------- --------
Net (decrease) increase ......... (18,650,271) 143,437
=========== ========
Note 6 - Commitments
As of September 30, 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 $5,014,707, $2,387,918,
respectively.
46
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
First Eagle SoGen Overseas Fund
-------------------------------------- First Eagle SoGen First Eagle SoGen
Class A Class I Class C Gold Fund Money Fund
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Shares sold ..................... 7,633,716 1,405,954 20,475 1,176,034 69,475,206
Shares issued for reinvested
dividends and distributions .. -- -- -- -- 493,559
Shares redeemed ................. (10,828,998) (1,319,891) (20) (1,458,828) (75,453,880)
----------- ---------- ------- ---------- -----------
Net (decrease) increase ......... (3,195,282) 86,063 20,455 (282,794) (5,485,115)
=========== ========== ======= ========== ===========
-----------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
First Eagle SoGen Overseas Fund
------------------------------- First Eagle SoGen First Eagle SoGen
Class A Class I Gold Fund Money Fund
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold ..................... 18,942,904 3,050,725 859,456 111,524,995
Shares issued for reinvested
dividends and distributions .. 1,847,342 53,682 67,041 1,588,454
Shares redeemed ................. (29,422,421) (1,503,606) (1,754,134) (127,080,207)
----------- ---------- ---------- ------------
Net (decrease) increase ......... (8,632,175) 1,600,801 (827,637) (13,966,758)
=========== ========== ========== ============
</TABLE>
47
<PAGE>
FIRST EAGLE SOGEN GLOBAL FUND
<TABLE>
<CAPTION>
Transaction Hedges:
Foreign Currency Purchases
-------------------------------------------------------------------------------------
Settlement U.S. $ Value at U.S. $
Dates Foreign Currency September 30, To Be
Through To Be Received 2000 Received
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/02/00 9,595,622 Japanese Yen $ 88,852 $ 89,386
10/03/00 71,079,888 Japanese Yen 658,178 661,147
10/04/00 295,807 Pound Sterling 436,789 430,652
------------ ------------
1,183,819 1,181,185
------------ ------------
<CAPTION>
Foreign Currency Sales
-------------------------------------------------------------------------------------
Settlement U.S. $ U.S. $ Value at
Dates Foreign Currency To Be September 30,
Through To Be Delivered Received 2000
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/02/00 3,418,215 Danish Krone 403,722 404,336
10/02/00 213,398 Euro 188,388 188,409
10/02/00 17,411,670 Japanese Yen 162,195 161,227
10/03/00 24,622,706 Japanese Yen 228,959 227,999
10/02/00 239,195 Swiss Franc 138,420 138,623
10/03/00 494,580 Swiss Franc 285,497 286,630
10/03/00 160,937 Australian Dollar 88,564 87,381
10/04/00 605,336 Pound Sterling 880,573 893,841
10/05/00 118,263 Pound Sterling 172,906 174,627
------------ ------------
2,549,224 2,563,073
------------ ------------
<CAPTION>
Portfolio Hedges:
Foreign Currency Purchases
-------------------------------------------------------------------------------------
Settlement U.S. $ Value at U.S. $
Dates Foreign Currency September 30, To Be
Through To Be Received 2000 Delivered
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/04/00 5,992,000 Swiss Franc 3,473,019 3,632,080
10/04/00 27,356,000 Swiss Franc 15,855,793 16,174,180
11/01/00 2,134,000 Euro 1,881,334 2,011,130
11/01/00 1,340,000 Euro 1,181,344 1,256,220
11/15/00 112,674,000 Japanese Yen 1,051,015 1,051,194
11/15/00 139,407,000 Japanese Yen 1,300,378 1,311,966
1/10/01 32,000 Australian Dollar 17,365 18,784
1/10/01 236,000 Australian Dollar 128,064 130,489
10/5/01 45,009,000 New Zealand Dollar 18,381,676 22,413,644
10/5/01 954,000 New Zealand Dollar 389,614 465,575
------------ ------------
43,659,602 48,465,262
------------ ------------
<CAPTION>
Foreign Currency Sales
-------------------------------------------------------------------------------------
Settlement U.S. $ U.S. $ Value at
Dates Foreign Currency To Be September 30,
Through To Be Delivered Received 2000
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/04/00 62,289,000 Swiss Franc 38,297,166 36,103,286
10/04/00 94,000 Swiss Franc 58,114 54,483
1/10/01 3,645,000 Australian Dollar 2,164,583 1,977,960
1/24/01 6,010,306,000 Japanese Yen 56,338,863 56,063,130
1/24/01 6,196,273,000 Japanese Yen 58,826,465 58,469,962
2/07/01 52,680,300 Euro 48,880,466 46,442,432
2/07/01 4,977,000 Euro 4,533,420 4,368,679
10/05/01 12,218,000 New Zealand Dollar 5,789,449 4,989,831
10/05/01 23,796,898 New Zealand Dollar 22,947,816 19,534,997
------------ ------------
237,836,342 228,004,760
------------ ------------
$285,228,987 $280,214,280
============ ============
</TABLE>
48
<PAGE>
<TABLE>
<CAPTION>
Transaction Hedges:
Foreign Currency Purchases
-------------------------------------------------------------------------------------------------
Settlement Unrealized Unrealized
Dates Foreign Currency Appreciation at Depreciation at
Through To Be Received September 30, 2000 September 30, 2000
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/02/00 9,595,622 Japanese Yen -- ($534)
10/03/00 71,079,888 Japanese Yen -- (2,969)
10/04/00 295,807 Pound Sterling $ 6,137 --
---------- -----------
6,137 (3,503)
---------- -----------
<CAPTION>
Foreign Currency Sales
-------------------------------------------------------------------------------------------------
Settlement Unrealized Unrealized
Dates Foreign Currency Appreciation at Depreciation at
Through To Be Delivered September 30, 2000 September 30, 2000
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/02/00 3,418,215 Danish Krone -- (614)
10/02/00 213,398 Euro -- (21)
10/02/00 17,411,670 Japanese Yen 968 --
10/03/00 24,622,706 Japanese Yen 960 --
10/02/00 239,195 Swiss Franc -- (203)
10/03/00 494,580 Swiss Franc -- (1,133)
10/03/00 160,937 Australian Dollar 1,183 --
10/04/00 605,336 Pound Sterling -- (13,268)
10/05/00 118,263 Pound Sterling -- (1,721)
---------- -----------
3,111 (16,960)
---------- -----------
<CAPTION>
Portfolio Hedges:
Foreign Currency Purchases
-------------------------------------------------------------------------------------------------
Settlement Unrealized Unrealized
Dates Foreign Currency Appreciation at Depreciation at
Through To Be Received September 30, 2000 September 30, 2000
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/04/00 5,992,000 Swiss Franc -- (159,061)
10/04/00 27,356,000 Swiss Franc -- (318,387)
11/01/00 2,134,000 Euro -- (129,796)
11/01/00 1,340,000 Euro -- (74,876)
11/15/00 112,674,000 Japanese Yen -- (179)
11/15/00 139,407,000 Japanese Yen -- (11,588)
1/10/01 32,000 Australian Dollar -- (1,419)
1/10/01 236,000 Australian Dollar -- (2,425)
10/5/01 45,009,000 New Zealand Dollar -- (4,031,968)
10/5/01 954,000 New Zealand Dollar -- (75,961)
---------- -----------
-- (4,805,660)
---------- -----------
<CAPTION>
Foreign Currency Sales
-------------------------------------------------------------------------------------------------
Settlement Unrealized Unrealized
Dates Foreign Currency Appreciation at Depreciation at
Through To Be Delivered September 30, 2000 September 30, 2000
-------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/04/00 62,289,000 Swiss Franc 2,193,880 --
10/04/00 94,000 Swiss Franc 3,631 --
1/10/01 3,645,000 Australian Dollar 186,623 --
1/24/01 6,010,306,000 Japanese Yen 275,733 --
1/24/01 6,196,273,000 Japanese Yen 356,503 --
2/07/01 52,680,300 Euro 2,438,034 --
2/07/01 4,977,000 Euro 164,741 --
10/05/01 12,218,000 New Zealand Dollar 799,618 --
10/05/01 23,796,898 New Zealand Dollar 3,412,819 --
---------- -----------
9,831,582 --
---------- -----------
$9,840,830 $(4,826,123)
========== ===========
</TABLE>
49
<PAGE>
FIRST EAGLE SOGEN OVERSEAS FUND
<TABLE>
<CAPTION>
Transaction Hedges:
Foreign Currency Purchases
-------------------------------------------------------------------------------------
Settlement U.S. $ Value at U.S. $
Dates Foreign Currency To September 30, To Be
Through Be Received 2000 Delivered
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/02/00 150,100 Canadian Dollar $ 99,787 $ 100,343
10/02/00 5,779,539 Japanese Yen 53,517 53,838
10/03/00 33,601,599 Japanese Yen 311,140 312,562
10/02/00 1,200,367 Mexican Peso 127,238 127,124
10/02/00 165,825 New Zealand Dollar 67,623 68,618
10/03/00 164,820 New Zealand Dollar 67,214 68,071
10/03/00 17,311 Pound Sterling 25,562 25,311
10/04/00 8,083 Pound Sterling 11,936 11,779
------------ ------------
764,017 767,646
------------ ------------
<CAPTION>
Foreign Currency Sales
-------------------------------------------------------------------------------------
Settlement U.S. $ U.S. $ Value at
Dates Foreign Currency To To Be September 30,
Through Be Delivered Received 2000
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/02/00 164,288 Euro 145,034 145,050
10/03/00 272,525 Euro 240,184 240,612
10/02/00 287,770 New Zealand Dollar 119,079 117,352
10/03/00 326,364 New Zealand Dollar 134,788 133,091
10/02/00 478,389 Swiss Franc 276,839 277,247
10/03/00 247,290 Swiss Franc 142,748 143,315
10/03/00 160,937 Australian Dollar 88,564 87,381
10/04/00 638,270 Pound Sterling 930,076 942,471
10/05/00 70,958 Pound Sterling 103,744 104,776
------------ ------------
2,181,056 2,191,295
------------ ------------
<CAPTION>
Portfolio Hedges:
Foreign Currency Purchases
-------------------------------------------------------------------------------------
Settlement U.S. $ Value at U.S. $
Dates Foreign Currency To September 30, To Be
Through Be Received 2000 Delivered
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/04/00 3,058,000 Swiss Franc 1,772,445 1,840,448
10/04/00 6,912,000 Swiss Franc 4,006,260 4,088,288
11/01/00 747,000 Euro 658,555 693,508
11/01/00 5,257,000 Euro 464,603 487,538
11/15/00 45,679,000 Japanese Yen 426,090 431,267
11/15/00 34,815,000 Japanese Yen 324,752 324,895
1/10/01 39,000 Australian Dollar 21,163 20,998
1/10/01 197,000 Australian Dollar 106,902 108,790
10/05/01 19,364,000 New Zealand Dollar 7,908,258 9,535,435
10/05/01 616,000 New Zealand Dollar 251,574 294,019
------------ ------------
15,940,602 17,825,186
------------ ------------
<CAPTION>
Foreign Currency Sales
-------------------------------------------------------------------------------------
Settlement U.S. $ U.S. $ Value at
Dates Foreign Currency To To Be September 30,
Through Be Delivered Received 2000
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/10/01 1,475,000 Australian Dollar 875,929 800,409
1/17/01 17,530,000 Swiss Franc 10,776,212 10,161,643
1/24/01 3,105,415,000 Japanese Yen 29,128,064 28,972,093
1/24/01 4,380,779,000 Japanese Yen 41,601,052 41,332,576
2/07/01 20,106,000 Euro 18,657,593 17,725,242
2/07/01 6,117,000 Euro 5,577,532 5,369,294
10/05/01 6,990,100 New Zealand Dollar 3,337,222 2,854,757
10/05/01 20,275,900 New Zealand Dollar 9,829,457 8,280,677
------------ ------------
119,783,061 115,496,691
------------ ------------
$138,668,736 $136,280,818
============ ============
</TABLE>
50
<PAGE>
<TABLE>
<CAPTION>
Transaction Hedges:
Foreign Currency Purchases
----------------------------------------------------------------------------------------------
Settlement Unrealized Unrealized
Dates Foreign Currency To Appreciation at Depreciation at
Through Be Received September 30, 2000 September 30, 2000
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/02/00 150,100 Canadian Dollar -- ($556)
10/02/00 5,779,539 Japanese Yen -- (321)
10/03/00 33,601,599 Japanese Yen -- (1,422)
10/02/00 1,200,367 Mexican Peso $ 114 --
10/02/00 165,825 New Zealand Dollar -- (995)
10/03/00 164,820 New Zealand Dollar -- (857)
10/03/00 17,311 Pound Sterling 251 --
10/04/00 8,083 Pound Sterling 157 --
---------- -----------
522 (4,151)
---------- -----------
<CAPTION>
Foreign Currency Sales
----------------------------------------------------------------------------------------------
Settlement Unrealized Unrealized
Dates Foreign Currency To Appreciation at Depreciation at
Through Be Delivered September 30, 2000 September 30, 2000
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/02/00 164,288 Euro -- (16)
10/03/00 272,525 Euro (428) --
10/02/00 287,770 New Zealand Dollar 1,727 --
10/03/00 326,364 New Zealand Dollar 1,697 --
10/02/00 478,389 Swiss Franc -- (408)
10/03/00 247,290 Swiss Franc -- (567)
10/03/00 160,937 Australian Dollar 1,183 --
10/04/00 638,270 Pound Sterling -- (12,395)
10/05/00 70,958 Pound Sterling -- (1,032)
---------- -----------
4,179 (14,418)
---------- -----------
<CAPTION>
Portfolio Hedges:
Foreign Currency Purchases
----------------------------------------------------------------------------------------------
Settlement Unrealized Unrealized
Dates Foreign Currency To Appreciation at Depreciation at
Through Be Received September 30, 2000 September 30, 2000
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
10/04/00 3,058,000 Swiss Franc -- (68,003)
10/04/00 6,912,000 Swiss Franc -- (82,028)
11/01/00 747,000 Euro -- (34,953)
11/01/00 5,257,000 Euro -- (22,935)
11/15/00 45,679,000 Japanese Yen -- (5,177)
11/15/00 34,815,000 Japanese Yen -- (143)
1/10/01 39,000 Australian Dollar 165 --
1/10/01 197,000 Australian Dollar -- (1,888)
10/05/01 19,364,000 New Zealand Dollar -- (1,627,177)
10/05/01 616,000 New Zealand Dollar -- (42,445)
---------- -----------
165 (1,884,749)
---------- -----------
<CAPTION>
Foreign Currency Sales
----------------------------------------------------------------------------------------------
Settlement Unrealized Unrealized
Dates Foreign Currency To Appreciation at Depreciation at
Through Be Delivered September 30, 2000 September 30, 2000
----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
1/10/01 1,475,000 Australian Dollar 75,520 --
1/17/01 17,530,000 Swiss Franc 614,569 --
1/24/01 3,105,415,000 Japanese Yen 155,971 --
1/24/01 4,380,779,000 Japanese Yen 268,476 --
2/07/01 20,106,000 Euro 932,351 --
2/07/01 6,117,000 Euro 208,238 --
10/05/01 6,990,100 New Zealand Dollar 482,465 --
10/05/01 20,275,900 New Zealand Dollar 1,548,780 --
---------- -----------
4,286,370 --
---------- -----------
$4,291,236 ($1,903,318)
========== ===========
</TABLE>
51
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
Six Months Ended
September 30, 2000
(Unaudited)
-----------------------------------------
Class A Class I Class C+++
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
First Eagle SoGen Global Fund
Selected Per Share Data
Net asset value, beginning of year ......... $ 25.05 $ 25.07 $ 24.97
---------- ---------- ----------
Income from investment operations:
Net investment income ................... 0.39 0.42 0.63
Net realized and unrealized gains
on investments ...................... 0.53 0.53 0.34
---------- ---------- ----------
Total from investment operations ........ 0.92 0.95 0.97
---------- ---------- ----------
Less distributions:
Dividends from net investment income .... -- -- --
Distributions from capital gains ........ -- -- --
---------- ---------- ----------
Total distributions ..................... -- -- --
---------- ---------- ----------
Net asset value, end of year ........ $ 25.97 $ 26.02 $ 25.94
========== ========== ==========
Total Return+++ ............................ 3.67% 3.78% 3.88%
Ratios and Supplemental Data
Net assets, end of year (millions) ......... $ 1,671 $ 14,425 $ 648
Ratio of operating expenses to average
net assets .............................. 1.38%+++ 1.13%+++ 2.53%+++
Ratio of net investment income to average
net assets .............................. 3.11%+++ 3.36%+++ 4.20%+++
Portfolio turnover rate .................... 9.48% 9.48% 9.48%
-----------------------------------------------------------------------------------------------
<CAPTION>
Six Months Ended
September 30, 2000
(Unaudited)
---------------------------------------------
Class A Class I Class C+++
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
First Eagle SoGen Overseas Fund
Selected Per Share Data
Net asset value, beginning of year ......... $ 14.41 $ 14.43 $ 14.14
----------- ----------- -----------
Income from investment operations:
Net investment income ................... 0.21 0.22 0.26
Net realized and unrealized gains
on investments ...................... 0.13 0.13 0.34
----------- ----------- -----------
Total from investment operations ........ 0.34 0.35 0.60
----------- ----------- -----------
Less distributions:
Dividends from net investment income .... -- -- --
Distributions from capital gains ........ -- -- --
----------- ----------- -----------
Total distributions ..................... -- -- --
----------- ----------- -----------
Net asset value, end of year ........ $ 14.75 $ 14.78 $ 14.74
=========== =========== ===========
Total Return++++ ........................... 2.36% 2.43% 4.24%
Ratios and Supplemental Data
Net assets, end of year (millions) ......... $ 413,684 $ 28,597 $ 302
Ratio of operating expenses to average
net assets .............................. 1.33%+++ 1.09%+++ 2.58%+++
Ratio of net investment income to average
net assets .............................. 2.74%+++ 2.97%+++ 3.52%+++
Portfolio turnover rate .................... 13.06% 13.06% 9.48%
</TABLE>
52
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Year Ended March 31,
-------------------------------------------------------------------------------------
2000 1999 1998 1997 1996
------------------- -------------------- ------- ------- -------
Class A Class I Class A Class I++
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
First Eagle SoGen Global Fund
Selected Per Share Data
Net asset value, beginning of year ......... $ 22.90 $ 22.90 $ 27.42 $ 24.59 $ 26.68 $ 26.09 $ 23.20
------- ------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income ................... 0.66 0.71 0.63 0.30 1.47 0.76 1.06
Net realized and unrealized gains
on investments ...................... 4.29 4.31 (2.73) (1.47) 2.10 1.66 3.37
------- ------- ------- ------- ------- ------- -------
Total from investment operations ........ 4.95 5.02 (2.10) (1.17) 3.57 2.42 4.43
------- ------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income .... (1.07) (1.12) (0.83) -- (1.36) (1.09) (0.81)
Distributions from capital gains ........ (1.73) (1.73) (1.59) (0.52) (1.47) (0.74) (0.73)
------- ------- ------- ------- ------- ------- -------
Total distributions ..................... (2.80) (2.85) (2.42) (0.52) (2.83) (1.83) (1.54)
------- ------- ------- ------- ------- ------- -------
Net asset value, end of year ........ $ 25.05 $ 25.07 $ 22.90 $ 22.90 $ 27.42 $ 26.68 $ 26.09
======= ======= ======= ======= ======= ======= =======
Total Return++++ ........................... 22.19% 22.52% (7.95%) (4.72%) 14.35% 9.48% 19.57%
Ratios and Supplemental Data
Net assets, end of year (millions) ......... $ 1,790 $ 16 $ 2,063 $ 12 $ 4,035 $ 3,908 $ 3,033
Ratio of operating expenses to average
net assets .............................. 1.32% 1.07% 1.23% 1.01%* 1.18% 1.21% 1.25%
Ratio of net investment income to average
net assets .............................. 2.68% 2.89% 2.75% 3.04%* 2.80% 3.08% 3.71%
Portfolio turnover rate .................... 15.57% 15.57% 9.89% 9.89% 20.63% 12.85% 9.64%
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Year Ended March 31,
-------------------------------------------------------------------------------------
2000 1999 1998 1997 1996
------------------- -------------------- ------- ------- -------
Class A Class I Class A Class I++
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
First Eagle SoGen Overseas Fund
Selected Per Share Data
Net asset value, beginning of year ......... $ 11.36 $ 11.37 $ 13.52 $ 12.31 $ 13.84 $ 13.26 $ 11.65
------- ------- -------- -------- ------- ------- -------
Income from investment operations:
Net investment income ................... 0.28 0.31 0.15 0.41 0.88 0.61 0.48
Net realized and unrealized gains
on investments ...................... 3.59 3.59 (0.97) (1.10) 0.31 0.95 1.74
------- ------- -------- -------- ------- ------- -------
Total from investment operations ........ 3.87 3.90 (0.82) (0.69) 1.19 1.56 2.22
------- ------- -------- -------- ------- ------- -------
Less distributions:
Dividends from net investment income .... (0.18) (0.20) (0.570) -- (0.83) (0.60) (0.44)
Distributions from capital gains ........ (0.64) (0.64) (0.770) (0.25) (0.68) (0.38) (0.17)
------- ------- -------- -------- ------- ------- -------
Total distributions ..................... (0.82) (0.84) (1.34) (0.25) (1.51) (0.98) (0.61)
------- ------- -------- -------- ------- ------- -------
Net asset value, end of year ........ $ 14.41 $ 14.43 $ 11.36 $ 11.37 $ 13.52 $ 13.84 $ 13.26
======= ======= ======== ======== ======= ======= =======
Total Return++++ ........................... 34.46% 34.76% (6.46%) (5.53%) 10.00% 12.16% 19.47%
Ratios and Supplemental Data
Net assets, end of year (millions) ......... $ 450 $ 27 $ 453 $ 3 $ 1,007 $ 953 $ 647
Ratio of operating expenses to average
net assets .............................. 1.34% 1.15% 1.29% 1.03%* 1.22% 1.27% 1.37%
Ratio of net investment income to average
net assets .............................. 2.10% 2.14% 2.22% 1.97%* 2.20% 2.28% 3.31%
Portfolio turnover rate .................... 26.62% 26.62% 9.31% 9.31% 22.13% 15.18% 9.46%
</TABLE>
53
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS -- (continued)
---------------------------------------------------------------
Six Months Ended
September 30, 2000
(Unaudited)
---------------------------------------------------------------
First Eagle SoGen Gold Fund
Selected Per Share Data
Net asset value, beginning of year ............. $ 5.10
------
Income from investment operations:
Net investment income ....................... 0.09
Net realized and unrealized gains (losses)
on investments .......................... (0.09)
------
Total from investment operations ............ 0.00
------
Less distributions:
Dividends from net investment income ........ --
Distributions from capital gains ............ --
------
Total distributions ......................... --
------
Net asset value, end of year ............ $ 5.10
======
Total Return++++ ............................... 0.00%
Ratios and Supplemental Data
Net assets, end of year (millions) ............. $ 11
Ratio of operating expenses to average
net assets .................................. 2.45%+++
Ratio of net investment income to average
net assets .................................. 3.57%+++
Portfolio turnover rate ........................ 11.09%
---------------------------------------------------------------
Six Months Ended
September 30, 2000
(Unaudited)
---------------------------------------------------------------
First Eagle SoGen Money Fund
Selected Per Share Data
Net asset value, beginning of year .......... $ 1.00
------
Income from investment operations:
Net investment income ....................... 0.03
Net realized and unrealized gains
on investments .......................... --
------
Total from investment operations ............ 0.03
------
Less distributions:
Dividends from net investment income ........ (0.03)
Distributions from capital gains ............ --
------
Total distributions ......................... (0.03)
------
Net asset value, end of year ............ $ 1.00
======
Total Return ................................... 5.79%
Ratios and Supplemental Data
Net assets, end of year (millions) ............. $ 25
Ratio of operating expenses to average
net assets .................................. 0.75%+++
Ratio of net investment income to average
net assets .................................. 5.89%+++
54
<PAGE>
<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++++ ............................ (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 ............................... 2.15% 1.62% 1.55% 1.45% 1.41%
Ratio of net investment income to average
net assets ............................... 2.25% 2.01% 1.47% 1.20% 1.29%
Portfolio turnover rate ..................... 15.70% 37.73% 11.20% 16.83% 22.40%
<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 ............................... 0.75% 0.69% 0.75% 0.75% 0.75%
Ratio of net investment income to average
net assets ............................... 4.64% 4.60% 4.92% 4.63% 4.98%
</TABLE>
55
<PAGE>
FIRST EAGLE SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS -- (continued)
NOTES TO FINANCIAL HIGHLIGHTS
++ July 31, 1998 inception date for Class I shares.
+++ June 5, 2000 inception date for Class C shares.
* Annualized
# Not annualized.
++++ Does not give effect to the deduction of the sales load.
+ The ratio of operating expenses to average net assets without the effect
of earnings credits and in the case of First Eagle SoGen Money Fund,
without the effect of earnings credits, investment advisory fee waivers
and expense reimbursements are as follows:
--------------------------------------------------------------------
Six Months Ended
September 30, 2000
(Unaudited)
-------------------------------
Class A* Class I* Class C*+++
--------------------------------------------------------------------
First Eagle SoGen Global Fund .... 1.38% 1.14% 2.54%
First Eagle SoGen Overseas Fund .. 1.33% 1.09% 2.58%
First Eagle SoGen Gold Fund ...... 2.48% N/A N/A
First Eagle SoGen Money Fund ..... 1.19% N/A N/A
+ The ratio of net investment income to average net assets without the
effect of earnings credits, and in the case of First Eagle SoGen Money
Fund, without the effect of earnings credits, investment advisory fee
waivers and expense reimbursements are as follows:
--------------------------------------------------------------------
Six Months Ended
September 30, 2000
(Unaudited)
-------------------------------
Class A* Class I* Class C*+++
--------------------------------------------------------------------
First Eagle SoGen Global Fund .... 3.11% 3.35% 4.19%
First Eagle SoGen Overseas Fund .. 2.74% 2.97% 3.52%
First Eagle SoGen Gold Fund ...... 3.54% N/A N/A
First Eagle SoGen Money Fund ..... 6.66% N/A N/A
56
<PAGE>
<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%
<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>
57
<PAGE>
First Eagle SoGen Funds, Inc.
1345 Avenue of the Americas
New York, N.Y. 10105
DIRECTORS AND OFFICERS
Directors Investment Adviser
John P. Arnhold Arnhold and S. Bleichroeder Advisers, Inc.
Candace K. Beinecke 1345 Avenue of the Americas
Edwin J. Ehrlich New York, N.Y. 10105
Robert J. Gellert
James E. Jordan Legal Counsel
William M. Kelly
Donald G. McCouch Shearman & Sterling
Fred J. Meyer 599 Lexington Avenue
Dominique Raillard New York, N.Y. 10022
Nathan Snyder
Stanford S. Warshawsky Domestic Custodian
Officers State Street
801 Pennsylvania
Stanford S. Warshawsky Kansas City, MO 64105
Chairman of the Board
Global Custodian
John P. Arnhold
Co-President The Chase Manhattan Bank
4 MetroTech Center
Jean-Marie Eveillard Brooklyn, N.Y. 11245
Co-President
Shareholder Servicing Agent
Charles de Vaulx
Senior Vice President DST Systems, Inc.
330 West 9th Street
Robert Bruno Kansas City, MO 64105
Vice President, (800) 334-2143
Secretary & Treasurer
Underwriter
Tracy LaPointe Saltwick
Vice President & Arnhold and S. Bleichroeder, Inc.
Compliance Officer 1345 Avenue of the Americas
New York, N.Y. 10105
Elizabeth Tobin
Vice President Independent Auditors
Edwin Olsen KPMG LLP
Vice President 757 Third Avenue
New York, N.Y. 10017
Andrew DeCurtis
Vice President
Cari Levine
Assistant Treasurer
Stefanie Spritzler
Assistant Treasurer
Suzan J. Afifi
Assistant Secretary
The financial information included herein is taken from the records of the Funds
without examination by the Fund's independent auditors, who do not express an
opinion thereon.
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.
