<PAGE>
SOGEN OVERSEAS VARIABLE FUND
-------------------------
[LOGO OF WIRE GLOBE APPEARS HERE]
-------------------------
Semi-Annual Report
June 30, 1997
<PAGE>
SoGen Overseas Variable Fund
THE PRESIDENT'S LETTER
Dear Shareholder:
From commencement of operations through June 30, 1997, the value of an
investment in your Fund increased at a rate of 7.60%.
As of June 30, 1997 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
Foreign stocks 90.6%
Foreign currency bond 1.3
Cash and equivalents 8.1
-----
100.0%
=====
</TABLE>
About 45% of the foreign stock portfolio was invested in developed countries
in continental Europe and 25% in Japan. Other relatively large investments were
in Latin America (8%), New Zealand (7%) and Canada (5%).
In Europe, equity markets have moved up over the past few months which has
reduced investment opportunities. Of late, we have been doing more work on
Japanese securities, which have been in a seven-year bear market. We shall
continue to look there, as well as elsewhere, for specific securities that
appear to provide long-term value.
Sincerely yours,
/s/ Jean-Marie Eveillard
Jean-Marie Eveillard
President
August 13, 1997
<PAGE>
SoGen Overseas Variable Fund
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
From commencement of operations on February 3, 1997 through June 30, 1997,
most European stocks rose sharply as an improving economic outlook in major
economies, low inflation, declining interest rates and a stronger dollar
provided substantial support for equity markets. Although political
developments and uncertainties related to the implementation of the European
economic and monetary union dampened performance early in the period, equities
recovered and rose sharply over the past few weeks.
Japanese stocks displayed a fair amount of volatility throughout the period
as the strength of the economy and the health of the banking sector remained
areas of concern. In Hong Kong, equities reached all time highs, ahead of the
territory's historic return to Chinese rule on July 1, 1997. Meanwhile, New
Zealand stocks were steady performers throughout the period. Latin American
markets registered strong gains through the end of June. Canadian stocks
experienced a significant set back early in the period when the Bre-X scandal
unfolded but recovered to close higher by the end of the period.
Currency markets were characterized by a sharp rise in the value of the U.S.
dollar against major European currencies. On the other hand, the U.S. dollar
ended little changed against the Japanese Yen. Yet the strength of the dollar
only had a slightly negative impact on the value of the Fund's assets, since
foreign currency exposure was partially hedged through June 1997.
SUMMARY OF FUND DATA
The table below covers the period from August 28, 1996 to June 30, 1997.
<TABLE>
<CAPTION>
NET ASSET
VALUE OF
INVESTMENT
WITH
DIVIDENDS
INVESTMENT AND
NUMBER NET ASSET CAPITAL GAINS INCOME DISTRIBUTIONS
OF SHARES TOTAL NET VALUE DISTRIBUTIONS DIVIDENDS REINVESTED
OUTSTANDING ASSETS PER SHARE PER SHARE PER SHARE (CUMULATIVE)*
----------- --------- --------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
August 28, 1996
(inception) 10,000 $100,000 $10.00 -- -- $10.00
June 30, 1997+ 73,037 785,901 10.76 -- -- 10.76
</TABLE>
- ----------------
* The calculation is based on an assumed investment in one share with income
dividends and capital gains distributions reinvested in additional shares.
(No adjustment has been made for any income taxes payable by shareholders
on such dividends and distributions.)
+ Unaudited.
2
<PAGE>
SoGen Overseas Variable Fund
SCHEDULE OF INVESTMENTS
JUNE 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED KINGDOM (6.29%)
3,000 Antofagasta Holdings plc (15)................... $ 19,761 $ 22,881
7,000 Lonrho plc (15)................................. 16,245 14,847
3,000 Royal Doulton plc (8)........................... 13,147 11,703
-------- --------
49,153 49,431
-------- --------
SWEDEN (1.27%)
400 Tidnings AB Marieberg (11)...................... 11,272 9,953
-------- --------
NETHERLANDS (3.46%)
500 Apothekers Cooperatie OPG U.A. (10)............. 15,825 17,203
728 German City Estates NV (13)..................... 9,882 9,982
-------- --------
25,707 27,185
-------- --------
BELGIUM (2.79%)
100 Deceuninck Plastics Industries SA (4)........... 19,368 21,911
-------- --------
GERMANY (5.30%)
45 Buderus AG (5).................................. 20,785 24,989
200 Hornbach Holding AG Pfd. (9).................... 13,872 16,694
-------- --------
34,657 41,683
-------- --------
FRANCE (13.06%)
250 Emin Leydier (2)................................ 17,103 17,568
125 Legrand ADP (5)................................. 14,633 15,679
70 Europe 1 Communication (11)..................... 15,786 14,356
50 Taittinger C.I. (8)............................. 12,294 13,837
50 Sagem ADP (7)................................... 14,493 13,666
10 Societe Immobiliere Marseillaise (14)........... 15,535 13,360
50 Compagnie Generale d'Industrie et de
Participations (14)............................ 14,015 14,211
-------- --------
103,859 102,677
-------- --------
SWITZERLAND (9.36%)
70 Sika Finanz AG Bearer (4)....................... 17,603 21,966
35 Kuhne & Nagel International AG Bearer (6)....... 19,714 21,583
50 Societe Generale d'Affichage D.R.C. (11)........ 19,463 18,157
50 Edipresse SA Bearer (11)........................ 11,082 11,819
-------- --------
67,862 73,525
-------- --------
AUSTRIA (2.52%)
200 VAE AG (6)...................................... 19,636 19,782
-------- --------
ITALY (3.02%)
3,000 Industrias Macchine Automatiche SpA (5)......... 11,060 12,198
2,000 Arnoldo Mondadori Editore SpA (11).............. 11,937 11,573
-------- --------
22,997 23,771
-------- --------
JAPAN (23.77%)
2,000 The Tokio Marine & Fire Insurance Co., Ltd.
(12)........................................... 19,936 26,201
3,000 The Nichido Fire & Marine Insurance Co., Ltd.
(12)........................................... 15,858 21,904
1,000 Shimano Inc. (8)................................ 16,647 20,961
500 Fuji Photo Film Co., Ltd. (8)................... 16,575 20,187
3,000 The Dai-Tokyo Fire & Marine Insurance Co., Ltd.
(12)........................................... 13,311 17,397
100 Toho Co., Ltd. (11)............................. 12,324 16,507
1,000 Shiseido Company, Ltd. (8)...................... 11,476 16,506
2,000 Aida Engineering, Ltd. (5)...................... 12,790 13,135
4,000 Iino Kaiun Kaisha, Ltd. (a)(6).................. 10,206 12,262
1,000 Shoei Co., Ltd. (14)............................ 10,258 11,878
1,000 Sotoh Co., Ltd. (8)............................. 10,021 9,869
-------- --------
149,402 186,807
-------- --------
</TABLE>
3
<PAGE>
SoGen Overseas Variable Fund
SCHEDULE OF INVESTMENTS
JUNE 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<S> <C> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
HONG KONG (4.35%)
50,891 CDL Hotels International Limited (13)....... 26,637 20,693
12,000 Shaw Brothers (Hong Kong) Limited (11)...... 13,680 13,476
-------- --------
40,317 34,169
-------- --------
AUSTRALIA AND NEW ZEALAND (6.00%)
7,000 Carter Holt Harvey Limited (2).............. 15,933 18,150
3,000 Independent Press Communications Limited 5%
Conv. Pfd. (11)............................ 16,443 17,048
20,000 Tasman Agriculture Limited (3).............. 10,358 11,978
-------- --------
42,734 47,176
-------- --------
CANADA (4.84%)
700 Noranda, Inc. (15).......................... 16,989 15,080
500 Canadian Pacific Limited (15)............... 13,155 14,219
200 Canadian National Railway Company (6)....... 7,563 8,750
-------- --------
37,707 38,049
-------- --------
MEXICO (3.04%)
5,000 Industrias Penoles S.A. de C.V. (1)......... 22,796 23,906
-------- --------
MISCELLANEOUS (1.65%)
300 Banco Latinoamericano de Exportaciones S.A.,
Class "E' (BLADEX) (12).................... 15,081 12,938
-------- --------
TOTAL COMMON AND PREFERRED STOCKS........... 662,548 712,963
-------- --------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<S> <C> <C> <C>
NON U.S. DOLLAR CONVERTIBLE BOND (1.33%)
CAD 15,000 InterTAN, Inc. 9% due 8/30/2000 (9)......... 10,911 10,482
-------- --------
TOTAL INVESTMENTS (92.05%).................. $673,459* 723,445**
========
Other assets in excess of liabilities
(7.95%).................................... 62,456
--------
Net assets (100.00%)........................ $785,901
========
</TABLE>
- --------
(a) Non-income producing security.
* At June 30, 1997 cost is identical for both book and federal income tax
purposes.
** Gross unrealized appreciation and depreciation of securities at June 30,
1997 were $71,030 and $21,044, respectively. (Net appreciation was $49,986.)
<TABLE>
<CAPTION>
FOREIGN CURRENCY INDUSTRY CLASSIFICATIONS
- ---------------- ------------------------
<S> <C> <C>
CAD--Canadian Dollar (1) Metals and Minerals (9) Distribution
(2) Paper and Forest Products (10) Health Care
(3) Agriculture (11) Media
(4) Building Materials (12) Financial Services
(5) Capital Goods (13) Real Estate
(6) Transportation (14) Holding Companies
(7) Electronics (15) Conglomerates
(8) Consumer Products
</TABLE>
- --------
See Notes to Financial Statements.
4
<PAGE>
SoGen Overseas Variable Fund
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1997
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments, at value (Note 1):
Common and preferred stocks (identified cost, $662,548)............. $712,963
Convertible bond (identified cost, $10,911)......................... 10,482
Cash................................................................ 62,265
Receivable for forward currency contracts held, at value (Notes 1
and 6)............................................................. 3,390
Accrued interest and dividends receivable........................... 3,709
Deferred organization costs (Note 1)................................ 74,912
Prepaid Expenses (Note 1)........................................... 23,472
--------
TOTAL ASSETS..................................................... 891,193
--------
LIABILITIES:
Payable for forward currency contracts held, at value (Notes 1 and
6)................................................................. 3,823
Payable for Fund shares redeemed.................................... 804
Investment advisory fees payable (Note 2)........................... 1,885
Distribution fees payable (Note 3).................................. 628
Directors' fees payable (Note 2).................................... 264
Organization and offering costs payable (Note 1).................... 72,854
Accrued expenses and other liabilities (Note 1)..................... 25,034
--------
TOTAL LIABILITIES................................................ 105,292
--------
NET ASSETS:
Capital stock (par value, $0.001 per share)......................... 73
Capital surplus..................................................... 729,889
Net unrealized appreciation (depreciation) on:
Investments......................................................... 49,986
Forward currency contracts.......................................... (433)
Foreign currency related transactions............................... (42)
Undistributed net realized gains on investments..................... 2,329
Undistributed net investment income................................. 4,099
--------
NET ASSETS (Note 1).............................................. $785,901
========
NET ASSET VALUE PER SHARE (NAV) (based on 73,037 shares outstanding;
1,000,000,000 shares authorized) (Note 5)........................... $ 10.76
========
MAXIMUM OFFERING PRICE PER SHARE..................................... $ 10.76
========
</TABLE>
- --------
See Notes to Financial Statements.
5
<PAGE>
SoGen Overseas Variable Fund
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1997
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Income:
Interest............................................................. $ 360
Dividends (net of $925 foreign taxes withheld)....................... 8,465
-------
Total income from operations........................................ 8,825
-------
Expenses:
Investment advisory fees (Note 2).................................... 1,885
Distribution fees (Note 3)........................................... 628
Shareholder servicing agent fees..................................... 304
Custodian fees....................................................... 2,872
Registration and filing fees......................................... 102
Printing............................................................. 143
Audit fees........................................................... 526
Directors' fees (Note 2)............................................. 264
Legal fees........................................................... 203
Miscellaneous........................................................ 41
-------
Total expenses from operations...................................... 6,968
-------
Expense reduction due to earnings credits (Note 1)................... (2,568)
-------
Net expenses from operations........................................ 4,400
-------
Net investment income (Note 1)....................................... 4,425
-------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN
CURRENCY RELATED TRANSACTIONS (NOTES 1 AND 6):
Net realized gain (loss) from:
Investment transactions.............................................. 2,329
Foreign currency related transactions................................ (326)
-------
2,003
-------
Change in unrealized appreciation (depreciation) of:
Investments.......................................................... 49,986
Foreign currency related transactions................................ (475)
-------
49,511
-------
Net gain on investments and foreign currency related transactions.... 51,514
-------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. $55,939
=======
</TABLE>
- --------
See Notes to Financial Statements.
6
<PAGE>
SoGen Overseas Variable Fund
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1997
(UNAUDITED)
<TABLE>
<S> <C>
OPERATIONS:
Net investment income............................................... $ 4,425
Net realized gain from investments and foreign currency related
transactions....................................................... 2,003
Increase in unrealized appreciation of investments and foreign
currency related transactions...................................... 49,511
--------
Net increase in assets resulting from operations.................... 55,939
--------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from shares sold....................................... 638,449
Cost of shares redeemed............................................. (8,487)
--------
Increase in net assets from Fund share transactions................. 629,962
--------
Net increase in net assets......................................... 685,901
NET ASSETS (NOTE 1):
Beginning of period................................................. 100,000
--------
End of period (including undistributed net investment income of
$4,099)............................................................ $785,901
========
</TABLE>
- --------
See Notes to Financial Statements.
7
<PAGE>
SoGen Overseas Variable Fund
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
SoGen Variable Funds, Inc. (the "Company") is an open-end, diversified
management investment company registered under the Investment Company Act of
1940, as amended. The Company consists of one portfolio, SoGen Overseas
Variable Fund (the "Fund"). The following is a summary of significant
accounting policies adhered to by the Fund.
A) SECURITY VALUATION--Portfolio securities held in the Fund 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.
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) DEFERRED ORGANIZATION COSTS AND PREPAID EXPENSES--Costs incurred in
connection with the organization of the Fund have been paid initially by
Societe Generale Asset Management Corp. ("SGAM Corp."), investment adviser to
the Fund. These costs are amortized on a straight-line basis over a sixty-month
period from the date the Fund commences investment operations. Other expenses
associated with the formation of the Fund have been paid initially by SGAM
Corp. Such prepaid expenses are amortized over the period of benefit, not to
exceed twelve months from the date the Fund commences operations.
C) 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, the Fund amortizes
discounts on debt obligations; however, premiums are not amortized.
D) EXPENSES--Earnings credits reduce custodian fees by the amount of interest
earned on balances with such service provider.
E) FOREIGN CURRENCY TRANSLATION--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 the Fund are presented at the foreign exchange rates and
market values at the close of the period. The Fund does 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 the 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.
F) FORWARD CURRENCY CONTRACTS--In connection with portfolio purchases and
sales of securities denominated in foreign currencies, the Fund may enter into
forward currency contracts. Additionally, the 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, the Fund could be exposed to
foreign currency fluctuations.
8
<PAGE>
SoGen Overseas Variable Fund
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued)
G) U.S. INCOME TAXES--No provision has been made for U.S. federal income
taxes since it is the intention of the 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. Such income dividends
and capital gains distributions are declared and paid by the Fund on an annual
basis.
H) RECLASSIFICATION OF CAPITAL ACCOUNTS--On the statements of assets and
liabilities, as a result of certain differences in the computation of net
investment income and net realized capital gains under federal income tax rules
and regulations versus generally accepted accounting principles, a
reclassification has been made to decrease undistributed net investment income
and increase undistributed net realized gains on investments in the amount of
$326.
I) 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 AGREEMENT AND TRANSACTIONS WITH RELATED PERSONS
Under the terms of an investment advisory agreement dated August 16, 1996,
the Fund pays SGAM Corp. a monthly advisory fee at an annual rate of 0.75% of
the average daily net assets of the Fund. In return, SGAM Corp. provides the
Fund with advisory services and pays certain Fund expenses, including salaries
and office costs. For the six months ended June 30, 1997, the Fund's investment
advisory fees paid or payable to SGAM Corp. were $1,885.
For the period from February 3, 1997 to June 30, 1997, Societe Generale or
its affiliates received $175 in broker's commissions for portfolio transactions
executed on behalf of the Fund.
Each director who is not an officer of the Company or an employee of SGAM
Corp., Societe Generale Securities Corp. ("SGSC") or its corporate affiliates
is paid an annual fee of $6,000 plus $1,000 for each meeting attended. For the
six months ended June 30, 1997 such fees amounted to $264.
NOTE 3--DISTRIBUTION PLAN AND AGREEMENT
The Company has entered into a Distribution Plan and Agreement (the "Plan")
with SGSC, pursuant to the provisions of Rule 12b-1 under the Investment
Company Act of 1940, whereby the Fund may pay quarterly, a distribution related
fee to SGSC at an annual rate of up to 0.25% of the Fund's average daily net
assets. The Agreement provides that SGSC will use amounts payable by the Fund
under the Agreement, in their entirety for payments to insurance companies
which are the issuers of variable contracts invested in shares of the Fund, in
order to pay or reimburse such insurance companies for distribution and
shareholder servicing-related expenses incurred or paid by such insurance
companies. For the six months ended June 30, 1997, the distribution fees paid
or payable to SGSC by the Fund were $628.
9
<PAGE>
SoGen Overseas Variable Fund
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 4--PURCHASES AND SALES OF SECURITIES
During the six months ended June 30, 1997, the aggregate cost of purchases of
investments and proceeds from sales of investments, excluding short-term
securities, totaled $683,551 and $12,434, respectively.
NOTE 5--CAPITAL STOCK
Transactions in shares of capital stock for the six months ended June 30,
1997 were as follows:
<TABLE>
<S> <C>
Shares sold.................................... 63,849
Shares redeemed................................ (812)
------
Net increase................................... 63,037
======
</TABLE>
NOTE 6--COMMITMENTS
As of June 30, 1997, the Fund had entered into forward currency contracts, as
summarized below, resulting in net unrealized depreciation of ($433).
PORTFOLIO HEDGES:
<TABLE>
<CAPTION>
SETTLEMENT UNREALIZED UNREALIZED
DATES U.S. $ TO BE U.S. $ VALUE AT APPRECIATION AT DEPRECIATION AT
THROUGH FOREIGN CURRENCY RECEIVED JUNE 30, 1997 JUNE 30, 1997 JUNE 30, 1997
- ---------- ---------------- ------------ --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
1/08/98 71,000 Swiss Franc $ 49,181 $ 49,106 $ 75 $ --
1/15/98 37,000 Deutsche Mark 22,187 21,422 765 --
8/08/97 380,000 French Franc 67,318 64,823 2,495 --
9/24/97 8,736,000 Japanese Yen 73,405 77,228 -- (3,823)
10/03/97 15,000 New Zealand Dollar 10,289 10,234 55 --
-------- -------- ------ -------
$222,380 $222,813 $3,390 $(3,823)
======== ======== ====== =======
</TABLE>
10
<PAGE>
SoGen Overseas Variable Fund
FINANCIAL HIGHLIGHTS
FOR THE SIX MONTHS ENDED JUNE 30, 1997
(UNAUDITED)
<TABLE>
<S> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period................................ $ 10.00
-------
Income from investment operations:
Net investment income.............................................. 0.06
Net realized and unrealized gains on investments................... 0.70
-------
Total from investment operations.................................. 0.76
-------
Net asset value, end of period...................................... $ 10.76
=======
TOTAL RETURN........................................................ 18.24%*
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000's)................................... $ 786
Ratio of operating expenses to average net assets................... 1.75%*+
Ratio of net investment income to average net assets................ 1.76%*+
Portfolio turnover rate............................................. 3.00%
Average commission rate paid#....................................... $0.0166
</TABLE>
- --------
* Annualized.
+ The annualized ratios of operating expenses to average net assets and net
investment income to average net assets for the period ended June 30, 1997
would have been 2.77% and 0.74%, respectively, without the effect of the
earnings credits.
# Average commission rate paid is expressed on a per share basis. Not all
commissions are computed on a per share basis; therefore, commissions
expressed as a percentage of transactions may be higher.
- --------
See Notes to Financial Statements.
11
<PAGE>
SoGen Overseas Variable Fund
1221 AVENUE OF THE AMERICAS
NEW YORK, NY 10020
DIRECTORS AND OFFICERS
DIRECTORS Dominique Raillard
Philippe Collas Nathan Snyder
Jean-Marie Eveillard
Fred J. Meyer
OFFICERS
Philippe Collas...........................................Chairman of the Board
Jean-Marie Eveillard..................................................President
Philip J. Bafundo.......................Vice President, Secretary and Treasurer
Ignatius Chithelen...............................................Vice President
Sean McKeown.....................................................Vice President
Edwin S. Olsen...................................................Vice President
Catherine A. Shaffer.............................................Vice President
Elizabeth Tobin..................................................Vice President
Charles de Vaulx.................................................Vice President
Lynn L. Chin...................Assistant Vice President and Assistant Treasurer
Richard M. Boyer.......................................Assistant Vice President
John L. DeVita.........................................Assistant Vice President
Carol Moreno................................................Assistant Secretary
Warren Chan.................................................Assistant Treasurer
INVESTMENT ADVISER UNDERWRITER
- ------------------ -----------
Societe Generale Asset Management Corp. Societe Generale Securities Corporation
1221 Avenue of the Americas 1221 Avenue of the Americas
New York, NY 10020 New York, NY 10020
LEGAL COUNSEL INDEPENDENT AUDITORS
- ------------- --------------------
Dechert Price & Rhoads KPMG Peat Marwick LLP
30 Rockefeller Plaza 345 Park Avenue
New York, NY 10112 New York, NY 10154
DOMESTIC CUSTODIAN GLOBAL CUSTODIAN
- ------------------ ----------------
Investors Fiduciary Trust Company The Chase Manhattan Bank, N.A.
127 West 10th Street 4 Chase MetroTech Center
Kansas City, MO 64105 Brooklyn, NY 11245
SHAREHOLDER SERVICING AGENT
- ---------------------------
Investors Fiduciary Trust Company
127 West 10th Street
Kansas City, MO 64105
The financial information included herein is taken from the records of the
Fund 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 SoGen Variable Funds, Inc.
12
