-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Bj/ZfsyUZ+DUh91SBZVOOV7+jmeZ4HEMvlTvCg3LcpNiDxMeyE2os8fGIpuQbVpx FqFaa1X8zvpIR0c3NgW5vw== /in/edgar/work/0001005477-00-008230/0001005477-00-008230.txt : 20001130 0001005477-00-008230.hdr.sgml : 20001130 ACCESSION NUMBER: 0001005477-00-008230 CONFORMED SUBMISSION TYPE: N-30D/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000930 FILED AS OF DATE: 20001129 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST EAGLE SOGEN FUNDS INC CENTRAL INDEX KEY: 0000906352 STANDARD INDUSTRIAL CLASSIFICATION: [ ] STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-30D/A SEC ACT: SEC FILE NUMBER: 811-07762 FILM NUMBER: 780196 BUSINESS ADDRESS: STREET 1: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 BUSINESS PHONE: 2126983133 MAIL ADDRESS: STREET 1: 1345 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10105 FORMER COMPANY: FORMER CONFORMED NAME: SOGEN FUNDS INC DATE OF NAME CHANGE: 19930714 N-30D/A 1 0001.txt AMENDMENT TO SEMI- ANNUAL REPORT 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 - -------------------------------------------------------------------------------- [LOGO] 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. 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 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% - -------------------------------------------------------------------------------- 3 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 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% - -------------------------------------------------------------------------------- 5 - -------------------------------------------------------------------------------- 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 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 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 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 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 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 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 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 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 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 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 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 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 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. 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 ==============
- ---------- * 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 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 FIRST EAGLE SOGEN GLOBAL FUND SCHEDULE OF INVESTMENTS -- (Continued) September 30, 2000 (Unaudited)
- -------------------------------------------------------------------------------------------------------- Purchases Sales ------------------- -------------------- Realized Dividend Affiliate Shares Cost Shares Cost Gain/Loss Income - -------------------------------------------------------------------------------------------------------- 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 - --------------------------------------------------------------------------------------------------------
(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 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 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 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 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 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 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 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 FIRST EAGLE SOGEN OVERSEAS FUND SCHEDULE OF INVESTMENTS -- (Continued) September 30, 2000 (Unaudited)
- ---------------------------------------------------------------------------------------------------------- Purchases Sales ---------------------- --------------------- Realized Dividend Affiliate Shares Cost Shares Cost Gain/Loss Income - ---------------------------------------------------------------------------------------------------------- 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 - ----------------------------------------------------------------------------------------------------------
+ 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 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 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 FIRST EAGLE SOGEN MONEY FUND SCHEDULE OF INVESTMENTS September 30, 2000 (Unaudited)
- ------------------------------------------------------------------------------------ Credit Principal Cost Value Rating+ Amount (Note 1) (Note 1) - ------------------------------------------------------------------------------------ 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
32 FIRST EAGLE SOGEN MONEY FUND SCHEDULE OF INVESTMENTS -- (Continued) September 30, 2000 (Unaudited)
- --------------------------------------------------------------------------------------- Credit Principal Cost Value Rating+ Amount (Note 1) (Note 1) - --------------------------------------------------------------------------------------- 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 ===========
- ---------- * 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 FIRST EAGLE SOGEN FUNDS, INC. STATEMENT OF ASSETS AND LIABILITIES September 30, 2000 (Unaudited)
- ----------------------------------------------------------------------------------- First Eagle SoGen Global Fund - ----------------------------------------------------------------------------------- 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
- ---------- See Notes to Financial Statements. 34
- ------------------------------------------------------------------------------------------------------------------------- First Eagle First Eagle First Eagle SoGen SoGen SoGen Overseas Fund Gold Fund Money Fund - ------------------------------------------------------------------------------------------------------------------------- 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 -- --
35 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
- --------------------------------------------------------------------------------------------------------------------- First Eagle First Eagle First Eagle SoGen SoGen SoGen Overseas Fund Gold Fund Money Fund - --------------------------------------------------------------------------------------------------------------------- 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 ============ =========== =========
37 FIRST EAGLE SOGEN FUNDS, INC. STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
First Eagle SoGen Global Fund -------------------------------------- Six Months Year Ended Ended September 30, 2000 March 31, 2000 - ------------------------------------------------------------------------------------------------------ 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 =============== ===============
- ---------- See Notes to Financial Statements. 38
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 - ------------------------------------------------------------------------------------------------------------------------------------ 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 ============= ============= ============ ============ First Eagle SoGen Money Fund ---------------------------------- Six Months Year Ended Ended September 30, 2000 March 31, 2000 - ---------------------------------------------------------------------------------------------- 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 ============ =============
39 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 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 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 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 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 (This page intentionally left blank.) 45 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
- ----------------------------------------------------------------------------------------------------------------- First Eagle SoGen Overseas Fund -------------------------------------- First Eagle SoGen First Eagle SoGen Class A Class I Class C Gold Fund Money Fund - ----------------------------------------------------------------------------------------------------------------- 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) =========== ========== ======= ========== =========== - ----------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------- First Eagle SoGen Overseas Fund ------------------------------- First Eagle SoGen First Eagle SoGen Class A Class I Gold Fund Money Fund - ----------------------------------------------------------------------------------------------------------------- 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) =========== ========== ========== ============
47 FIRST EAGLE SOGEN GLOBAL FUND
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 - ------------------------------------------------------------------------------------- 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 ------------ ------------ Foreign Currency Sales - ------------------------------------------------------------------------------------- Settlement U.S. $ U.S. $ Value at Dates Foreign Currency To Be September 30, Through To Be Delivered Received 2000 - ------------------------------------------------------------------------------------- 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 ------------ ------------ 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 - ------------------------------------------------------------------------------------- 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 ------------ ------------ Foreign Currency Sales - ------------------------------------------------------------------------------------- Settlement U.S. $ U.S. $ Value at Dates Foreign Currency To Be September 30, Through To Be Delivered Received 2000 - ------------------------------------------------------------------------------------- 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 ============ ============
48
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 - ------------------------------------------------------------------------------------------------- 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) ---------- ----------- Foreign Currency Sales - ------------------------------------------------------------------------------------------------- Settlement Unrealized Unrealized Dates Foreign Currency Appreciation at Depreciation at Through To Be Delivered September 30, 2000 September 30, 2000 - ------------------------------------------------------------------------------------------------- 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) ---------- ----------- 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 - ------------------------------------------------------------------------------------------------- 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) ---------- ----------- Foreign Currency Sales - ------------------------------------------------------------------------------------------------- Settlement Unrealized Unrealized Dates Foreign Currency Appreciation at Depreciation at Through To Be Delivered September 30, 2000 September 30, 2000 - ------------------------------------------------------------------------------------------------- 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) ========== ===========
49 FIRST EAGLE SOGEN OVERSEAS FUND
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 - ------------------------------------------------------------------------------------- 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 ------------ ------------ Foreign Currency Sales - ------------------------------------------------------------------------------------- Settlement U.S. $ U.S. $ Value at Dates Foreign Currency To To Be September 30, Through Be Delivered Received 2000 - ------------------------------------------------------------------------------------- 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 ------------ ------------ 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 - ------------------------------------------------------------------------------------- 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 ------------ ------------ Foreign Currency Sales - ------------------------------------------------------------------------------------- Settlement U.S. $ U.S. $ Value at Dates Foreign Currency To To Be September 30, Through Be Delivered Received 2000 - ------------------------------------------------------------------------------------- 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 ============ ============
50
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 - ---------------------------------------------------------------------------------------------- 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) ---------- ----------- Foreign Currency Sales - ---------------------------------------------------------------------------------------------- Settlement Unrealized Unrealized Dates Foreign Currency To Appreciation at Depreciation at Through Be Delivered September 30, 2000 September 30, 2000 - ---------------------------------------------------------------------------------------------- 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) ---------- ----------- 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 - ---------------------------------------------------------------------------------------------- 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) ---------- ----------- Foreign Currency Sales - ---------------------------------------------------------------------------------------------- Settlement Unrealized Unrealized Dates Foreign Currency To Appreciation at Depreciation at Through Be Delivered September 30, 2000 September 30, 2000 - ---------------------------------------------------------------------------------------------- 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) ========== ===========
51 FIRST EAGLE SOGEN FUNDS, INC. FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------- Six Months Ended September 30, 2000 (Unaudited) ----------------------------------------- Class A Class I Class 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% - ----------------------------------------------------------------------------------------------- Six Months Ended September 30, 2000 (Unaudited) --------------------------------------------- Class A Class I Class 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%
52
- ------------------------------------------------------------------------------------------------------------------------------------ Year Ended March 31, ------------------------------------------------------------------------------------- 2000 1999 1998 1997 1996 ------------------- -------------------- ------- ------- ------- Class A Class I Class A Class I++ - ------------------------------------------------------------------------------------------------------------------------------------ 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% - ------------------------------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended March 31, ------------------------------------------------------------------------------------- 2000 1999 1998 1997 1996 ------------------- -------------------- ------- ------- ------- Class A Class I Class A Class I++ - ------------------------------------------------------------------------------------------------------------------------------------ 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%
53 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
- ------------------------------------------------------------------------------------------------ Year Ended March 31, ------------------------------------------------ 2000 1999 1998 1997 1996 - ------------------------------------------------------------------------------------------------ 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% - ------------------------------------------------------------------------------------------------ Year Ended March 31, ------------------------------------------------ 2000 1999 1998 1997 1996 - ------------------------------------------------------------------------------------------------ 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%
55 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
- ------------------------------------------------------------------------------------------------------- Year Ended March 31, ------------------------------------------------------------------ 2000 1999 ----------------- ---------------- Class A Class I Class A Class I++ 1998 1997 1996 - ------------------------------------------------------------------------------------------------------- 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% - ------------------------------------------------------------------------------------------------------- Year Ended March 31, ------------------------------------------------------------------ 2000 1999 ----------------- ---------------- Class A Class I Class A Class I++ 1998 1997 1996 - ------------------------------------------------------------------------------------------------------- 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%
57 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. -----END PRIVACY-ENHANCED MESSAGE-----