<PAGE>
SoGen Overseas Fund
SoGen Gold Fund
SoGen Money Fund
----------------------------------
(ART)
----------------------------------
Semi-Annual Report
September 30, 1995
SN-43
<PAGE>
SoGen Funds, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
SOGEN OVERSEAS FUND
Since inception (two years and one month ago) through September 30, 1995 the
value of an investment in your Fund increased at a compounded average annual
rate of 12.65%.*
As of September 30, 1995, your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
Foreign stocks(1) 77.3%
U.S. dollar bonds 9.7
Foreign currency bonds 3.5
Cash and equivalents 9.5
-----
100.0%
=====
</TABLE>
-----------
(1) Includes convertible bonds with moderate premia.
The ten major holdings were Bank for International Settlements, U.S. and
French Tranches (the central banks' central bank, with some gold assets);
Randstad Holdings NV (Netherlands temporary employment company); Fuji Photo
Film Co., Ltd. (Japanese film and imaging company); Buderus AG (German heating
products company); Noranda, Inc. (Canadian base metals, forest products and
energy company); Lonrho plc (British conglomerate, with interests in Africa);
Legrand ADP (French low-voltage electrical fittings manufacturer); CDL Hotels
International Ltd. (Hong Kong listed hotel chain); Antofagasta Holdings plc
(London listed Chilean conglomerate); and Bayer AG (German chemicals and
pharmaceuticals company).
About 48% of the foreign stock portfolio was invested in developed countries
in continental Europe, 14% in Japan and 10% in emerging countries in the
Pacific Rim. Other relatively large investments (about 4%-5% each) were in
Latin America, Canada, New Zealand, and emerging markets in Europe and Africa.
Of late, my associates and I have come up with a few specific investment
ideas in a number of countries, including Japan. As a result, cash equivalents
have declined to less than 10% of total net assets.
(continued)
<PAGE>
SOGEN GOLD FUND
Since inception (two years and one month ago) the value of an investment in
your Fund increased at a compounded average annual rate of 10.20%.*
As of September 30, 1995, your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
Bank for International
Settlements
(U.S. and French Tranches) 12.2%
Freeport McMoRan Copper and Gold
(Preferred Series B, C, and D) 12.5
U.S. securities 18.1
Canadian securities 7.1
Australian and New Zealand
securities 9.7
South African securities 13.5
Miscellaneous securities 25.2
Cash and equivalents 1.7
-----
100.0%
=====
</TABLE>
To our mind, the risk of a decline in the price of gold is low, possibly very
low, as a result of:
1. A long and deep bear market between early 1980 and early 1993.
2. An imbalance, during the past few years, between demand (mostly
jewelry) over supply (mostly mine production). The gap has been filled so
far by central bank selling and forward sales by gold miners. In addition,
private investment demand has been generally weak. We continue to believe
that eventually the price of gold will move up in a substantial manner.
SOGEN MONEY FUND
Short-term interest rates have declined over the past six months, but a
further decline does not seem likely in the near future.
Sincerely yours,
/s/ Jean-Marie Eveillard
Jean-Marie Eveillard
President
October 29, 1995
- - ----------------------
* These figures assume the immediate reinvestment of all dividends and
distributions and do not give effect to the deduction of the sales load.
2
<PAGE>
SoGen Funds, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
SOGEN OVERSEAS FUND
The twelve months ended September 30, 1995 were characterized by significant
turmoil in foreign equity markets. European markets were mixed but were
generally poor performers. The Fund added to its European stock holdings
throughout the year as prices pulled back. Japanese equities continued to
decline until the summer when they started to recover; accordingly, the Fund
significantly increased its investments in Japan on a very selective basis in
stocks we consider to be undervalued. Emerging markets collapsed in late
December 1994 at the time of the Mexican devaluation. Although these markets
recovered from the lows reached at the beginning of this year, valuations are
still well below the peaks of 1994. As a result, we added to our stock holdings
in those markets but also found that Brady bonds represented an attractive
opportunity as an alternative to equity investments in Latin America and other
emerging markets. Consequently, while foreign stocks account for approximately
77% of net assets compared to 58% a year ago, U.S. dollar denominated bonds now
represent nearly 10% of net assets compared to 3% a year ago. Foreign currency
bond holdings also rose to 4% of net assets from 1% a year ago, while cash and
equivalents decreased from 38% of net assets to 10% over the same period. The
decline in the value of the U.S. dollar had a limited impact on the performance
of the Fund due to the fact that its foreign currency exposure was partially
hedged throughout the period.
SOGEN GOLD FUND
During the past twelve months, gold traded within the $375-$395 range, ending
the period at $384. The Fund's holdings remain widely diversified, and the
portfolio should continue to prove less volatile than the average gold mining
stock. We continue to avoid stocks of mining companies that we consider
expensive as they already reflect a higher price for gold. The Fund will remain
fully invested in gold related securities.
3
<PAGE>
SoGen Funds, Inc.
SUMMARIES OF FUND DATA
The tables below cover the period from August 31, 1993 to September 30,
1995. The results shown should not be considered as a representation of the
dividend income or capital gain or loss which may be realized from an
investment made in a fund today. The amounts shown in the capital gains
distribution and income dividend columns were paid to shareholders during the
period ended with the date shown in the first column.
<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>
SOGEN OVERSEAS FUND
August 31, 1993
(inception) 5,000 $ 50,000 $10.00 -- -- $10.00
March 31, 1994 10,387,229 119,843,407 11.54 -- -- 11.54
March 31, 1995 37,684,232 439,230,168 11.65 $0.02** $0.05 11.72
September
30, 1995
(six months)+ 41,310,272 526,256,224 12.74 -- -- 12.82
- - -------------------------------------------------------------------------------------------
SOGEN GOLD FUND
August 31, 1993
(inception) 3,500 $ 35,000 $10.00 -- -- $10.00
March 31, 1994 1,961,653 22,406,115 11.42 -- -- 11.42
March 31, 1995 4,515,060 50,921,957 11.28 $0.08** $0.04 11.40
September
30, 1995
(six months)+ 4,115,023 49,851,685 12.11 -- -- 12.24
</TABLE>
- - ----------------------
* The calculation is based on an assumed investment in one share with income
dividends and capital gains distributions, if any, reinvested in additional
shares. (No adjustment has been made for any income taxes payable by
shareholders on such dividends and distributions.)
** Comprised entirely of short-term capital gains.
+ Unaudited.
4
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- ------------ ------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED KINGDOM AND IRELAND (4.64%)
1,325,000 Antofagasta Holdings plc (18).......... $ 5,981,006 $ 7,082,747
2,500,000 Lonrho plc (18)........................ 5,334,190 6,582,993
350,000 Greencore Group plc (1)................ 1,918,344 2,716,560
700,000 McBride plc (a)(13).................... 2,305,401 2,131,071
175,000 Scottish Television plc (11)........... 1,213,407 1,403,185
375,000 Blenheim Group plc (11)................ 1,714,724 1,369,974
325,000 Royal Doulton plc (13)................. 1,171,977 1,320,947
2,000,000 Bardon Group plc (6)................... 1,293,052 901,455
350,000 ED&F Man Group plc (10)................ 974,694 896,710
------------ ------------
21,906,795 24,405,642
------------ ------------
NORWAY (2.50%)
296,000 Transocean Drilling AS (a)(7).......... 1,875,091 4,783,695
50,000 Orkla AS (13).......................... 1,587,368 2,268,927
375,000 Western Bulk Shipping AS (14).......... 2,191,196 2,030,093
150,000 Schibsted AS (11)...................... 1,666,168 1,743,491
50,000 Petroleum Geo-Services AS ADR (a)(7)... 794,200 1,225,000
65,000 Simrad AS "A' (18)..................... 1,085,417 890,056
1,000 Adelsten A/S Class "A' (12)............ 149,458 103,494
1,000 Adelsten A/S Class "B' (12)............ 120,513 103,494
------------ ------------
9,469,411 13,148,250
------------ ------------
SWEDEN (1.90%)
217,500 AssiDoman AB (5)....................... 4,563,123 5,228,591
305,000 Bylock & Nordsjofrakt AB "B' (14)...... 2,782,573 2,590,364
129,700 Orrefors Kosta Boda AB (13)............ 1,763,639 1,773,668
30,000 IRO AB (8)............................. 336,815 397,299
------------ ------------
9,446,150 9,989,922
------------ ------------
FINLAND (0.80%)
685,000 Tampella Oy AB (a)(8).................. 2,409,363 2,195,178
50,000 Vaisala Oy A (15)...................... 1,809,689 1,824,540
10,000 Aamulehti Yhtymae Oy II (a)(11)........ 151,826 189,471
------------ ------------
4,370,878 4,209,189
------------ ------------
DENMARK (1.24%)
100,000 Carlsberg International A/S Class "B'
(13).................................. 4,392,511 4,907,090
17,500 Kobenhavns Lufthavne A/S (14).......... 772,880 1,310,211
5,000 Aarhus Oliefabrik Class A/S Class "B'
(1)................................... 275,816 284,142
------------ ------------
5,441,207 6,501,443
------------ ------------
GERMANY (5.50%)
18,750 Buderus AG (8)......................... 7,897,658 8,174,422
25,000 Bayer AG (9)........................... 5,574,156 6,383,834
7,000 Axel Springer Verlag AG (11)........... 2,892,246 4,227,431
3,250 Hornbach Holdings AG Pfd. (12)......... 3,225,720 3,502,449
</TABLE>
5
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- ------------ ------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
GERMANY (continued)
3,250 Sudzucker AG Pfd. (13)................. $ 1,105,918 $ 1,378,236
7,000 SAP AG Pfd. (15)....................... 173,997 1,138,908
9,500 Ex-Cell-O Holding AG (8)............... 1,862,491 1,030,440
4,900 Felten & Guilleaume Energietechnik AG
(8)................................... 1,105,738 908,677
3,250 Spar Handells AG Pfd. (12)............. 762,947 814,205
5,500 Bertelsmann AG D.R.C. (11)............. 704,223 746,676
5,000 Deutsche Lufthansa AG Pfd. (14)........ 584,847 629,811
------------ ------------
25,889,941 28,935,089
------------ ------------
SWITZERLAND (6.91%)
1,095 Bank for International Settlements
(U.S. Tranche) (2).................... 8,202,093 9,855,473
467 Bank for International Settlements
(French Tranche) (2).................. 3,418,386 3,648,992
6,350 Schindler Holding AG PC (8)............ 7,393,023 5,632,842
4,500 Merck AG Pfd. Bearer (18).............. 2,502,356 4,353,959
2,500 Lindt & Sprungli AG PC (13)............ 3,153,127 3,634,790
9,750 Sika Finanz AG Bearer (6).............. 2,750,854 2,463,868
5,000 Societe Generale d'Affichage SA D.R.C.
(11).................................. 1,380,233 2,172,219
13,500 Swissair AG D.R.C. (a)(14)............. 1,452,468 1,518,823
2,025 Kuhne & Nagel International AG (14).... 1,244,830 1,235,504
275 Banque Privee Edmond de Rothschild SA
Bearer (10)........................... 958,153 1,070,964
84 Vetropack Holding AG Bearer (18)....... 258,151 276,244
850 Vetropack Holding AG PC (18)........... 230,326 257,464
2,500 Pelikan Holdings AG Bearer (a)(13)..... 275,811 240,155
------------ ------------
33,219,811 36,361,297
------------ ------------
AUSTRIA (1.30%)
38,500 VAE AG (8)............................. 4,052,758 3,502,264
52,500 Flughafen Wien AG (14)................. 2,277,850 3,317,989
------------ ------------
6,330,608 6,820,253
------------ ------------
NETHERLANDS (3.51%)
200,000 Randstad Holdings NV (18).............. 4,642,760 8,588,573
85,000 Philips Electronics NV ADR (9)......... 2,141,934 4,143,750
125,000 German City Estates NV (4)............. 2,226,632 2,101,825
70,000 Apothekers Cooperatie OPG U.A. (18).... 1,852,980 1,693,336
50,000 Content Beheer NV (18)................. 790,859 1,240,780
5,000 Holdingmaatschappij De Telegraaf NV
(11).................................. 376,661 684,460
------------ ------------
12,031,826 18,452,724
------------ ------------
BELGIUM (0.37%)
8,500 Deceuninck Plastics Industries SA (6).. 1,045,308 997,615
1,640 Societe Belge de Betons, SA (8)........ 936,380 949,833
------------ ------------
1,981,688 1,947,448
------------ ------------
</TABLE>
6
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- ------------ ------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
FRANCE (8.95%)
80,000 Legrand ADP (8)........................ $ 6,294,796 $ 7,825,866
67,184 Gaumont SA (11)........................ 3,669,196 3,886,029
57,500 Elf Aquitaine (7)...................... 4,470,205 3,877,873
15,750 NSC (Nicolas Schlumberger et Cie) (8).. 3,023,513 3,196,509
37,500 Comptoir Lyon-Alemand-Louyot (a)(2).... 2,939,502 3,105,180
15,359 Promodes C.I. (12)..................... 1,891,266 2,867,782
23,500 Essilor International ADP (13)......... 2,953,527 2,813,942
30,000 Eramet (3)............................. 2,103,650 2,277,132
22,500 Compagnie des Salins du Midi et des
Salines de L'Est (1).................. 1,751,383 1,826,576
17,295 Emin Leydier (5)....................... 1,219,819 1,758,545
4,000 Taittinger (13)........................ 1,860,272 1,745,395
5,000 Taittinger C.I. (13)................... 1,388,671 1,390,227
15,000 Compagnie Generale des Eaux (18)....... 1,377,704 1,439,951
3,000 Societe Sucriere de Pithiviers-le-Vieil
(1)................................... 1,148,828 1,391,242
40,000 Groupe Legris Industries SA (8)........ 1,606,124 1,383,327
7,000 Sabeton SA (18)........................ 1,421,279 973,159
16,300 Burelle SA (8)......................... 1,077,255 860,114
5,000 Robertet SA (18)....................... 734,584 740,778
10,000 La Brosse et Dupont (13)............... 718,978 663,656
6,272 Rougier SA (5)......................... 550,250 632,641
8,865 Conflandey (8)......................... 545,436 548,569
5,500 C.E.E. (Continentale d'Equipements
Electriques) (18)..................... 653,923 436,450
10,000 SAGA (Societe Anonyme de Gerance et
d'Armement) (14)...................... 944,383 422,142
4,500 Crometal (18).......................... 339,900 328,692
10,000 Teleflex Lionel Dupont (18)............ 314,536 282,104
3,391 Guillard Musiques (13)................. 116,983 158,357
1,000 Elf Gabon (7).......................... 142,345 141,864
7,500 Immobiliere Hoteliere (a)(4)........... 398,956 129,382
------------ ------------
45,657,264 47,103,484
------------ ------------
ITALY (0.60%)
2,750,000 Montedison Non Convertible Savings SpA
(a)(18)............................... 1,429,373 1,655,108
175,000 Arnoldo Mondadori Editore SpA (11)..... 1,103,392 1,072,755
35,000 Istituto Finanziario Industriale SpA
Pfd. (18)............................. 477,900 430,185
------------ ------------
3,010,665 3,158,048
------------ ------------
SPAIN AND PORTUGAL (0.47%)
200,000 Energia e Industrias Aragonesas S.A.
(18).................................. 1,222,310 991,534
197,500 Omsa Alimentacion SA (13).............. 1,039,509 919,944
15,000 Companhia de Celulose do Caima SA (5).. 314,246 459,678
8,000 Espirito Santo Financial Holdings SA
ADR (10).............................. 124,280 94,000
------------ ------------
2,700,345 2,465,156
------------ ------------
</TABLE>
7
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- ------------ ------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
GREECE (0.72%)
379,380 H. Benrubi & Fils SA (13).............. $ 2,265,444 $ 1,873,280
18,000 H. Benrubi & Fils SA Pfd. (13)......... 92,035 61,829
38,840 Titan Cement Co. (6)................... 1,141,872 1,666,000
6,930 Titan Cement Co. Pfd. (6).............. 171,005 203,823
------------ ------------
3,670,356 3,804,932
------------ ------------
COMMONWEALTH OF INDEPENDENT STATES AND
EASTERN EUROPE (0.39%)
9,000 Baltic Republics Fund Limited
(a)(b)(17)............................ 905,750 931,500
100,000 First NIS Regional Fund (a)(b)(17)..... 700,000 665,000
1,500 Chinoin Rt (18)........................ 667,107 436,894
1,500 Central European Media Enterprises Ltd.
ADR Class A (a)(11)................... 21,000 37,875
------------ ------------
2,293,857 2,071,269
------------ ------------
TURKEY (0.51%)
58,196,000 Medya Holdings (11).................... 2,921,935 1,433,617
48,230,000 Sabah Yayincilik A.S. (11)............. 1,159,231 1,224,857
------------ ------------
4,081,166 2,658,474
------------ ------------
ISRAEL (0.69%)
1,205,550 The Israel Land Development Company
Ltd. (18)............................. 5,337,394 3,484,434
15,000 The Israel Land Development Company
Ltd. ADR (18)......................... 202,500 129,375
------------ ------------
5,539,894 3,613,809
------------ ------------
SOUTH AFRICA (1.92%)
321,910 Omni Media Corporation (11)............ 2,087,006 3,305,709
1,118,600 Stellenbosch Farmers' Winery Group
Limited (1)........................... 1,025,788 1,562,226
78,500 Johnnies Industrial Ltd. ADR (2)....... 678,956 951,221
46,500 Johnnies Industrial Ltd. (2)........... 472,794 563,462
275,000 Pick'n Pay Stores Ltd. (12)............ 813,128 847,196
200,000 J D Group Ltd. (12).................... 352,038 835,215
78,500 JCI Ltd. ADR (3)....................... 426,331 671,763
56,500 JCI Ltd. (3)........................... 366,874 483,501
80,878 Anglo American Platinum Co. ADR (2).... 457,906 531,550
55,000 Anglo American Platinum Co. (2)........ 389,560 361,470
------------ ------------
7,070,381 10,113,313
------------ ------------
JAPAN (10.83%)
335,000 Fuji Photo Film Co., Ltd. (13)......... 8,186,144 8,316,080
115,000 Ito-Yokado Co. Ltd. (12)............... 5,969,644 6,333,668
52,500 Hitachi Ltd. ADR (8)................... 4,891,758 5,781,562
36,450 Toho Co. (11).......................... 5,662,613 5,678,140
575,000 Nisshinbo Industries Inc. (18)......... 5,844,504 4,969,849
400,000 Tokyo Marine and Fire Insurance Co.,
Ltd. (10)............................. 4,649,539 4,301,507
</TABLE>
8
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- ------------ ------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
JAPAN (continued)
75,000 Tsutsumi Jewelry Co., Ltd. (12)........ $ 3,986,911 $ 3,512,562
350,000 Nittetsu Mining Co., Ltd. (18)......... 3,095,299 3,060,301
85,000 Asatsu Inc. (11)....................... 3,142,943 3,032,663
145,000 Shimano Inc. (18)...................... 3,056,604 2,914,572
400,000 Dai-Tokyo Fire & Marine Insurance Co.,
Ltd. (10)............................. 2,657,121 2,693,467
267,000 Aida Engineering Limited (8)........... 1,930,219 1,918,643
330,000 Iino Kaiun Kaisha (14)................. 2,081,069 1,658,291
40,000 Chofu Seisakusho (13).................. 907,215 976,884
50,000 Nomura Securities Co., Ltd. (10)....... 992,891 974,874
35,000 Yoshimoto Kogyo Co., Ltd. (11)......... 471,354 457,286
25,000 Japan Airport Terminal Co., Ltd. (14).. 263,229 304,020
8,000 Sotoh Co., Ltd. (18)................... 91,542 92,462
------------ ------------
57,880,599 56,976,831
------------ ------------
SOUTH KOREA (0.96%)
74,090 Ssangyong Cement Industries Pfd. (6)... 1,477,703 1,350,247
60,000 LG Electronics Co., Ltd. Pfd. (15)..... 1,214,335 1,140,328
1,458 LG Electronics Co., Ltd. (15).......... 41,610 48,966
50,000 Choong Nam Spinning (a)(18)............ 1,140,745 1,139,026
17,960 Young Chang Akki Co. (a)(13)........... 910,839 853,345
10,000 LG Industrial Systems (8).............. 324,329 317,625
10,000 Korean Air Pfd. (14)................... 186,378 179,640
------------ ------------
5,295,939 5,029,177
------------ ------------
HONG KONG (2.81%)
16,950,000 CDL Hotels International Ltd. (4)...... 6,873,150 7,672,659
5,150,000 Shaw Brothers (Hong Kong) Limited (11). 7,466,361 5,861,355
2,000,000 South China Morning Post Holdings Corp.
(11).................................. 1,108,034 1,183,393
1,000,000 ACME Landis Holdings Ltd. (18)......... 119,119 90,532
------------ ------------
15,566,664 14,807,939
------------ ------------
SINGAPORE AND MALAYSIA (1.26%)
875,000 Clipsal Industries Ltd. (6)............ 2,031,575 2,187,500
850,000 Times Publishing Ltd. (11)............. 2,151,501 1,970,495
225,500 Singapore Bus Service Ltd. (14)........ 1,829,530 1,489,076
250,000 Rothmans Industries Limited (13)....... 1,251,166 1,001,053
------------ ------------
7,263,772 6,648,124
------------ ------------
THAILAND AND VIETNAM (0.54%)
145,600 The Lazard Vietnam Fund Limited
(a)(b)(17)............................ 1,499,680 1,528,800
72,800 Vietnam Frontier Fund (a)(b)(17)....... 749,840 764,400
189,000 Oriental Hotel PCL (4)................. 555,041 549,790
------------ ------------
2,804,561 2,842,990
------------ ------------
</TABLE>
9
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- ------------ ------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
INDIA AND PAKISTAN (0.77%)
145,000 The India Fund, Inc. (17).............. $ 1,744,375 $ 1,413,750
135,090 The Pakistan Investment Fund Inc. (17). 1,379,777 894,971
10,000 The Spartek Emerging Opportunities of
India Fund (a)(b)(17)................. 1,035,000 788,300
75,000 Gujarat Narmada Valley Fertilizers
Company Limited GDR (a)(1)............ 862,500 571,875
50,000 Gujarat Narmada Valley Fertilizers
Company Limited GDR (a)(b)(1)......... 640,625 381,250
------------ ------------
5,662,277 4,050,146
------------ ------------
AUSTRALIA AND NEW ZEALAND (3.83%)
2,675,549 Carter Holt Harvey Limited (5)......... 5,727,655 6,231,736
3,850,000 Tasman Agriculture Limited (c)(1)...... 2,806,069 3,495,688
3,363,000 Shortland Properties, Limited (4)...... 1,728,300 1,902,909
4,103,338 Evergreen Forests Limited (a)(5)....... 1,928,855 1,862,855
1,250,000 Wrightson, Limited (1)................. 1,215,338 1,019,822
375,700 Radio Pacific Limited (c)(11).......... 682,453 632,811
415,000 The Colonial Motor Company Limited
(18).................................. 492,619 559,750
825,000 Apple Fields Limited (a)(1)............ 507,472 401,678
250,000 Damba Holdings Limited (a)(18)......... 130,848 123,365
725,000 Eltin Limited (2)...................... 2,382,417 1,611,840
1,050,000 Spotless Services, Limited (18)........ 1,099,507 1,191,015
800,000 Motors Holding Limited (18)............ 595,561 604,960
1,111,097 Defender Limited (13).................. 657,937 537,735
------------ ------------
19,955,031 20,176,164
------------ ------------
CANADA (3.47%)
400,000 Noranda, Inc. (3)...................... 7,247,470 8,123,719
200,000 Canadian Pacific Ltd. (18)............. 3,139,763 3,200,000
225,000 Dofasco, Inc. (3)...................... 3,379,949 2,724,986
750,000 Redstone Resources, Inc. (7)........... 3,204,852 2,068,193
200,000 Le Groupe Videotron Ltee. (11)......... 1,781,558 1,499,906
102,600 United Grain Growers, Limited (1)...... 661,542 649,972
------------ ------------
19,415,134 18,266,776
------------ ------------
MEXICO (0.70%)
825,000 Industrias Penoles S.A.de C.V. (3)..... 2,267,883 3,101,260
30,000 Grupo Televisa S.A. GDR (11)........... 631,975 600,000
------------ ------------
2,899,858 3,701,260
------------ ------------
ARGENTINA (1.77%)
5,950,000 Siderca S.A.I.C. (8)................... 4,024,165 4,706,685
2,905,000 Ledesma SA (1)......................... 4,552,780 3,311,865
400,000 IRSA Inversiones y Representaciones
S.A. (4).............................. 946,292 956,047
14,600 IRSA Inversiones y Representaciones
S.A. GDR (4).......................... 309,976 350,400
------------ ------------
9,833,213 9,324,997
------------ ------------
</TABLE>
10
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- ------------ ------------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
MISCELLANEOUS (3.38%)
235,000 Minorco SA ADR (18).................... $ 5,244,216 $ 6,403,750
255,000 Freeport McMoRan Copper & Gold,
Preferred Series "D' (d)(2)........... 5,158,025 5,514,375
65,000 Banco Latinoamericano de Exportaciones
SA (Bladex) (10)...................... 2,224,459 2,624,375
105,000 North European Oil Royalty Trust (7)... 1,417,645 1,365,000
15,000 Safra Republic Holdings SA Bearer (10). 1,273,678 1,305,000
345 Socfinasia (1)......................... 366,343 414,317
10,000 Vina Concha Y Toro S.A. (1)............ 189,350 172,500
------------ ------------
15,873,716 17,799,317
------------ ------------
TOTAL COMMON AND PREFERRED STOCKS...... 366,563,007 385,383,463
------------ ------------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS (3.34%)
$1,500,000 Tubos de Acero de Mexico, SA 7 1/2% due
6/12/1997 (7)......................... 1,373,287 1,350,000
500,000 PT Pabrik Kertas Tjiwi Kimia 7 1/4% due
4/12/2001 (5)......................... 491,186 494,375
500,000 Acer Inc. 4% due 6/10/2001 (15)........ 1,031,550 1,650,000
3,130,000 Tung Ho Steel Enterprise Corp. 4% due
7/26/2001 (3)......................... 3,587,500 3,693,400
1,250,000 International Container Services Corp.
5% due 9/15/2001 (14)................. 988,210 1,075,000
1,860,000 S. Megga International Holdings 2.5%
due 1/04/2002 (15).................... 1,527,906 1,404,300
750,000 PT Inti Indorayon Utama 5 1/2% due
10/01/2002 (5)........................ 952,900 843,750
500,000 Sincere Navigation Corp. 3 3/4% due
5/26/2003 (14)........................ 520,000 523,750
150,000 Ssangyong Cement Co. 3% due 12/31/2005
(6)................................... 173,250 183,750
1,500,000 Far Eastern Textile 4% due 10/07/2006
(18).................................. 1,712,350 1,710,000
3,750,000 Cheil Foods & Chemicals Co. 3% due
12/31/2006 (13)....................... 4,498,980 4,631,250
------------ ------------
16,857,119 17,559,575
------------ ------------
U.S. DOLLAR BONDS AND NOTES (8.63%)
500,000 Banco Safra SA 7 3/4% due 12/16/1996
(10).................................. 485,160 490,000
1,500,000 A/S Eksportfinans 0% due 11/07/1997
(d)(10)............................... 1,500,000 1,585,350
1,680,000 Aracruz Celulose SA 9% due 7/22/1998
(5)................................... 1,623,489 1,654,800
3,250,000 Inversiones y Representaciones 8 7/8%
due 3/03/1999 (4)..................... 2,972,611 2,795,000
300,000 Tubos de Acero de Mexico, SA 10 1/2%
due 3/10/1999 (7)..................... 288,201 255,510
500,000 Republic of Turkey 9% due 6/15/1999
(16).................................. 445,002 493,100
1,000,000 Cemex SA 10% due 11/05/1999 (6)........ 947,109 945,000
500,000 P.T. Inti Indorayon Utama 9 1/8% due
10/15/2000 (5)........................ 438,753 472,500
1,950,000 P.T. Pabrik Kertas Tjiwi Kimia 13 1/4%
due 8/01/2001 (5)..................... 2,029,250 2,096,250
1,000,000 Aracruz Celulose SA 10 3/8% due
1/31/2002 (5)......................... 935,220 942,500
1,000,000 Banco Safra SA 10 3/8% due 10/27/2002
(b)(10)............................... 984,319 993,750
4,000,000 Republic of Poland PDI 3 1/4% due
10/27/2014 (16)....................... 1,786,666 2,525,000
</TABLE>
11
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
---------- ------------ ------------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
(continued)
U.S. DOLLAR BONDS AND NOTES (continued)
$1,500,000 Republic of the Philippines Par "B' 5
3/4% due 12/01/2017 (16)............... $ 947,895 $1,113,750
1,500,000 Republic of Venezuela Par 6 3/4% due
3/31/2020 (16)......................... 699,759 766,875
1,000,000 Central Bank of Nigeria Par 6 1/4% due
11/15/2020 (16)........................ 426,623 447,500
6,250,000 Republic of Argentina Par 4 1/4% due
3/31/2023 (16)......................... 2,800,789 3,007,812
2,861,100 Federal Republic of Brazil "C' Bonds 8%
due 4/15/2014 (16)..................... 1,218,774 1,519,959
3,000,000 Federal Republic of Brazil Par 4 1/4%
due 4/15/2024 (16)..................... 1,231,387 1,451,250
1,500,000 Republic of Ecuador Par 3% due 2/28/2025
(16)................................... 489,698 489,375
2,375,000 Federal Republic of Brazil IDU FRN due
1/01/2001 (6.6875% @ 9/30/1995) (16)... 1,956,062 2,018,750
1,000,000 Republic of the Philippines FRN due
1/05/2005 (6.8125% @ 9/30/1995) (16)... 906,508 897,500
6,600,000 Republic of Argentina FRB due 3/31/2005
(7.3125% @ 9/30/1995) (16)............. 4,673,944 4,100,343
450,000 Federal Republic of Brazil EI FRN due
4/15/2006 (7 1/4% @ 9/30/1995) (16).... 280,880 299,250
2,000,000 Republic of Venezuela "B' Disc. FRN due
3/31/2007 (7% @ 9/30/1995) (16)........ 953,244 1,025,000
1,500,000 Republic of Venezuela DCB FRN due
12/18/2007 (6.8125% @ 9/30/1995) (16).. 776,724 759,375
500,000 United Mexican States Aztec FRN due
3/31/2008 (8.125% @ 9/30/1995) (16).... 438,603 451,250
250,000 Republic of the Philippines DCB FRN due
12/10/2009 (6.875% @ 9/30/1995) (16)... 214,989 220,312
500,000 Republic of Bulgaria "A' Disc. FRN due
7/28/2011 (6 3/4% @ 9/30/1995) (16).... 158,309 225,000
1,000,000 Republic of Venezuela "A' Disc. FRN due
3/31/2020 (7.1875% @ 9/30/1995) (16)... 535,904 532,500
500,000 Federal Republic of Brazil Disc. FRN due
4/15/2024 (7 1/4% @ 9/30/1995) (16).... 295,210 303,750
2,250,000 Republic of Bulgaria "A' Disc. FRN due
7/28/2024 (6 3/4% @ 9/30/1995) (16).... 1,078,366 1,133,437
3,250,000 Republic of Poland Disc. FRN due
10/27/2024 (7.125% @ 9/30/1995) (16)... 2,230,242 2,514,687
1,000,000 Republic of Ecuador Disc. FRN due
2/28/2025 (6.8125% @ 9/30/1995) (16)... 522,611 492,500
1,500,000 Lonhro Finance plc FRN due 7/19/1997
(7.125% @ 9/30/1995) (10).............. 1,494,678 1,492,575
500,000 Vital Forsikring FRN due 12/22/2003
(7.0625% @ 9/30/1995) (10)............. 498,040 504,625
1,500,000 Bergen Bank Floating Rate Perpetual Note
(6% @ 9/30/1995) (10).................. 1,165,250 1,147,500
</TABLE>
12
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------------- ------------ ------------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
(continued)
U.S. DOLLAR BONDS AND NOTES
(continued)
$ 3,000,000 Christiania Bank Floating Rate
Perpetual Note (6.4375% @
9/30/1995) (10).................. $ 2,326,250 $ 2,340,000
1,000,000 Goldman Sachs Group L.P. Cocoa
Indexed Note 6 3/4% due
11/07/1995 (d)(10)............... 1,000,000 897,000
------------ ------------
43,756,519 45,400,635
------------ ------------
U.S. TREASURY NOTES (0.96%)
3,000,000 U.S. Treasury Note 6 7/8% due
10/31/1996 (16).................. 2,978,938 3,035,625
2,000,000 U.S. Treasury Note 7 1/2% due
12/31/1996 (16).................. 1,995,156 2,041,250
------------ ------------
4,974,094 5,076,875
------------ ------------
NON U.S. DOLLAR CONVERTIBLE BONDS
(3.36%)
ECU 1,425,000 BCP Bank & Trust Co. 8 3/4% due
5/21/2002 (10)................... 1,867,688 1,911,732
(Pounds)850,000 Lonhro Finance plc 6% due
2/27/2004 (10)................... 1,179,171 1,266,979
FF 10,901,250 Compagnie Generale Des Eaux 6%
due 1/01/1998 (18)............... 2,262,508 2,473,314
FF 1,000,000 Michelin 6% due 1/02/1998 (13).... 181,160 210,310
FF 9,099,250 Promodes 5 1/2% due 1/01/2000
(12)............................. 2,005,533 2,627,773
FF 15,386,000 Immobiliere Hoteliere 5% due
1/01/2001 (4).................... 3,781,947 2,576,599
FF 1,508,800 Crometal SA 4 1/2% due 1/01/2001
(18)............................. 92,549 102,186
FF 16,751,000 Euro Disney SCA 6 3/4% due
10/01/2001 (18).................. 2,376,151 3,149,546
FF 3,247,500 Alcatel Alsthom 2 1/2% due
1/01/2004 (8).................... 1,153,949 1,115,733
NZD 2,153,666 Shortland Properties 7 1/2% due
12/31/1998 (4)................... 1,069,133 1,239,878
(Yen)88,000,000 Nippon Yusen Kabushiki 2% due
9/29/2000 (14)................... 1,027,039 1,025,929
------------ ------------
16,996,828 17,699,979
------------ ------------
NON U.S. DOLLAR BONDS AND NOTES
(2.04%)
CAD 2,500,000 Province of Alberta 10 1/4% due
8/22/2001 (16)................... 1,846,733 2,080,305
CAD 500,000 Province of Quebec 10 1/4% due
10/15/2001 (16).................. 377,818 414,011
FF 10,000,000 United Mexican States Par 6.63%
due 12/31/2019 (16).............. 1,114,873 1,035,060
FF 5,000,000 Republic of Venezuela Par 7.71%
due 3/31/2020 (16)............... 488,254 504,845
SF 500,000 Scandinavian Air 5 3/4% Perpetual
Notes (14)....................... 247,886 329,943
NZD 2,000,000 Republic of New Zealand Government
Bond 10% due 3/15/2002 (16)...... 1,357,823 1,453,724
NZD 500,000 Telecom Corp. of New Zealand 9
1/4% due 7/1/2002 (18)........... 305,028 345,834
NZD 1,500,000 Telecom Corp. of New Zealand 7
1/2% due 7/14/2003 (18).......... 857,438 946,214
ZAR 4,500,000 Escom 15% due 10/01/1998 (18)..... 1,079,040 1,248,357
ZAR 10,000,000 Republic of South Africa 13% due
8/31/2010 (16)................... 1,922,502 2,390,272
------------ ------------
9,597,395 10,748,565
------------ ------------
TOTAL BONDS, NOTES AND CONVERTIBLE
BONDS............................ 92,181,955 96,485,629
------------ ------------
</TABLE>
13
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
---------- ------------ ------------
<C> <S> <C> <C>
SHORT-TERM INVESTMENTS (6.71%)
$3,407,000 Dover Corp. 5.73% due 10/02/1995.... $ 3,406,458 $ 3,406,458
2,866,000 General Motors Acceptance Corp.
6.75% due 10/02/1995............... 2,865,463 2,865,463
4,924,000 American Express 5.70% due
10/03/1995......................... 4,922,441 4,922,441
3,082,000 Bridgestone/First Sumitomo 5.77% due
10/04/1995......................... 3,080,519 3,080,519
5,095,000 American Home Products Inc. 5.76%
due 10/05/1995..................... 5,091,739 5,091,739
4,994,000 Raytheon Co. 5.74% due 10/06/1995... 4,990,019 4,990,019
2,824,000 McDonalds Corp. 5.70% due
10/10/1995......................... 2,819,975 2,819,975
1,313,000 AIG Funding Inc. 5.71% due
10/11/1995......................... 1,310,917 1,310,917
3,452,000 American Home Products Inc. 5.85%
due 10/11/1995..................... 3,446,390 3,446,390
3,406,000 Weyerhauser Co. 5.70% due
10/24/1995......................... 3,393,596 3,393,596
------------ ------------
TOTAL SHORT-TERM INVESTMENTS........ 35,327,517 35,327,517
------------ ------------
TOTAL INVESTMENTS (98.28%).......... $494,072,479* 517,196,609**
============
Other assets in excess of
liabilities (1.72%)................ 9,059,615
------------
Net assets (100%)................... $526,256,224
============
</TABLE>
- - -----------
(a) Non-income producing security.
(b) Can be sold only to qualified institutional buyers.
(c) Affiliate as defined by the Investment Company Act of 1940. Following is a
summary of transactions with each such affiliate for the six-months ended
September 30, 1995:
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
Affiliate Shares Cost Shares Cost Gain Income
- - ---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Tasman Agriculture Limited -- -- -- -- -- $40,833
Radio Pacific Limited -- -- -- -- -- 38,099
</TABLE>
(d) Commodity linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity or commodity
index.
* At September 30, 1995 cost is identical for both book and federal income tax
purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 1995 were $50,416,997 and $27,292,867, respectively. (Net appreciation
was $23,124,130.)
<TABLE>
<CAPTION>
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS
- - ------------------ ------------------------
<S> <C> <C>
ECU--European (1) Agriculture (10) Financial Institutions
Currency Unit (2) Gold Related (11) Media
(Pounds)--Pound Sterling (3) Metals and Minerals (12) Retail
FF--French Franc (4) Real Estate (13) Consumer Products
NZD--New Zealand Dollar (5) Paper and Forest Products (14) Transportation
(Yen)--Japanese Yen (6) Building Materials (15) Technology
CAD--Canadian Dollar (7) Energy (16) Governmental Issues
SF--Swiss Franc (8) Capital Goods (17) Investment Companies
ZAR--South African Rand (9) Multinational (18) Miscellaneous
</TABLE>
- - -----------
See Notes to Financial Statements.
14
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
----------- ----------- -----------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED STATES (25.78%)
87,500 Freeport McMoran Copper & Gold,
Preferred Series "C' (c)............... $ 3,166,614 $ 2,865,625
45,000 Newmont Mining Corporation.............. 1,890,562 1,912,500
87,500 Freeport McMoran Copper & Gold,
Preferred Series "D' (c)............... 1,848,341 1,892,187
43,500 Freeport McMoran Copper & Gold,
Preferred Series "B' (c)............... 1,625,157 1,527,937
72,500 Homestake Mining Company................ 1,476,585 1,232,500
90,000 Santa Fe Pacific Gold Corporation....... 1,372,487 1,136,250
845 Case Pomeroy & Company, Inc. Class "A'.. 898,280 971,750
65,000 Battle Mountain Gold Company Class "A'.. 668,175 641,875
6,500 Amax Gold Inc. $3.75 Conv. Pfd. Series
"B'.................................... 338,702 321,750
15,000 Handy & Harman.......................... 230,429 225,000
20,000 Amax Gold Inc. (a)...................... 148,175 122,500
----------- -----------
13,663,507 12,849,874
----------- -----------
CANADA (15.13%)
52,500 Euro-Nevada Mining Corporation Ltd. .... 1,361,333 2,015,092
32,500 Franco-Nevada Mining Corp., Ltd......... 1,867,103 1,949,878
47,500 Placer Dome Inc. ....................... 1,064,125 1,246,875
67,500 Cambior Inc. ........................... 907,798 716,880
125,000 Royal Oak Mines Inc. (a)................ 567,719 539,062
25,000 Pan American Silver Corp. (a)........... 75,869 170,020
150,000 Pan American Silver Corp. Warrants
expire 10/20/1995 (a).................. -- 517,048
155,000 Vengold Ltd. (a)........................ 753,344 203,437
130,000 Santa Elina Gold Corporation............ 195,000 183,118
----------- -----------
6,792,291 7,541,410
----------- -----------
AUSTRALIA (6.65%)
200,000 Newcrest Mining Ltd..................... 861,250 877,192
315,000 Eltin Limited........................... 986,296 700,316
575,000 Orion Resources NL...................... 753,021 652,222
275,000 Posgold Ltd. (b)........................ 589,872 513,648
250,000 Kidston Gold Mines Ltd. ................ 415,184 340,290
200,000 Macraes Mining Company Limited.......... 268,111 231,397
----------- -----------
3,873,734 3,315,065
----------- -----------
SOUTH AFRICA (14.33%)
125,000 Free State Consolidated Gold Mines Ltd.
ADR.................................... 1,645,462 1,437,500
107,500 St. Helena Gold Mines Ltd. ADR.......... 1,000,500 893,593
40,336 Western Areas Gold Mining ADR........... 362,622 698,317
50,000 DrieFontein Consolidated Ltd. ADR....... 598,351 687,500
70,000 Harmony Gold Mining Ltd. ADR............ 383,890 673,750
50,000 Kloof Gold Mining Company Ltd. ADR...... 529,322 562,500
100,000 Loraine Gold Mines Ltd. ADR............. 307,725 342,300
</TABLE>
15
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
----------- ----------- -----------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
SOUTH AFRICA (continued)
550,000 Perilya Mines NL........................ $ 277,373 $ 328,568
35,500 JCI Ltd. ADR............................ 200,653 303,791
9,500 JCI Ltd. ............................... 61,564 81,296
10,000 Gold Fields of South Africa............. 281,387 268,364
31,250 Durban Roodepoort Deep Ltd.............. 294,277 265,283
40,000 Randfontein Estates Gold Mining Company
Witwatersrand Ltd. .................... 371,937 260,148
5,000 Randfontein Estates Gold Mining Company
Witwatersrand Ltd. ADR................. 45,928 32,518
26,272 Anglo American Platinum Co. ADR......... 140,544 172,669
12,500 Anglo American Platinum Co. ............ 93,426 82,152
15,000 Loraine Gold Mines Ltd. ................ 52,456 51,345
----------- -----------
6,647,417 7,141,594
----------- -----------
SWITZERLAND (12.33%)
505 Bank for International Settlements (U.S.
Tranche)............................... 3,840,313 4,545,218
205 Bank for International Settlements
(French Tranche)....................... 1,434,905 1,601,806
----------- -----------
5,275,218 6,147,024
----------- -----------
MISCELLANEOUS (14.79%)
75,000 Terra Mining AB......................... 1,749,916 1,338,726
425,000 Lonrho plc.............................. 930,564 1,119,108
265,000 Industrias Penoles S.A. de C.V. ........ 537,903 996,162
12,000 Comptoir Lyon-Alemand-Louyot (a)........ 909,256 993,657
500,000 Minas de Arcata SA...................... 971,132 915,178
250,000,000 Manila Mining Corporation............... 981,303 815,582
35,000 Ashanti Goldfields Company Limited GDR.. 737,125 706,125
18,000 Minorco SA ADR.......................... 456,009 490,500
----------- -----------
7,273,208 7,375,038
----------- -----------
TOTAL COMMON AND PREFERRED STOCKS....... 43,525,375 44,370,005
----------- -----------
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR BOND (0.67%)
$ 400,000 Kingdom of Denmark 8.086% due 3/25/1997
(c).................................... 300,049 332,000
----------- -----------
U.S. DOLLAR CONVERTIBLE BONDS (7.20%)
1,000,000 Gold Mines of Kalgoorlie 7 1/2% due
2/28/2000.............................. 1,091,668 1,082,519
250,000 Homestake Mining Company 5 1/2% due
6/23/2000 (b).......................... 248,917 253,437
500,000 Agnico Eagle Mines Limited 3 1/2% due
1/27/2004.............................. 376,367 431,250
1,000,000 Coeur d'Alene Mines Corp. 6 3/8% due
1/31/2004.............................. 1,002,603 975,000
1,000,000 Battle Mountain Gold Company 6% due
1/04/2005.............................. 842,014 847,500
----------- -----------
3,561,569 3,589,706
----------- -----------
</TABLE>
16
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------------- ----------- -----------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS (continued)
NON U.S. DOLLAR CONVERTIBLE
BONDS (2.19%)
A$ 100,000 Macraes Mining Company Limited 7%
due 9/15/1998................... $ 214,188 $ 124,773
(Pounds)650,000 Lonhro Finance plc 6% due
2/27/2004....................... 907,789 968,866
----------- -----------
1,121,977 1,093,639
----------- -----------
TOTAL BONDS, NOTES AND
CONVERTIBLE BONDS............... 4,983,595 5,015,345
----------- -----------
SHORT-TERM INVESTMENT (0.96%)
$ 480,000 J.P. Morgan & Co. 6 1/2% due
10/02/1995...................... 479,913 479,913
----------- -----------
TOTAL INVESTMENTS (100.03%)...... $48,988,883* 49,865,263**
===========
Other liabilities in excess of
assets (-0.03%)................. (13,578)
-----------
Net assets (100%)................ $49,851,685
===========
</TABLE>
- - -----------
(a) Non-income producing security.
(b) Can only be sold to qualified institutional buyers.
(c) Commodity linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
* At September 30, 1995 cost is identical for both book and federal income tax
purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 1995 were $4,469,744 and $3,593,364, respectively. (Net appreciation was
$876,380.)
FOREIGN CURRENCIES
- - ------------------
A$ -- Australian Dollar
(Pounds) -- Pound Sterling
- - -----------
See Notes to Financial Statements.
17
<PAGE>
SoGen Money Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
CREDIT PRINCIPAL COST VALUE
RATING+ AMOUNT (NOTE 1) (NOTE 1)
------- ---------- ----------- -----------
<C> <C> <S> <C> <C>
U.S. TREASURY BILL (14.92%)
$2,000,000 U.S. Treasury Bill 5.27% due
10/19/1995.................... $ 1,994,730 $ 1,994,730
----------- -----------
COMMERCIAL PAPER (86.37%)
A1+ 402,000 Dover Corp. 5.73% due
10/02/1995.................... 401,935 401,935
A1 525,000 IBM Credit Corp. 5.72% due
10/03/1995.................... 524,833 524,833
A1 525,000 Xerox Credit Corp. 5.73% due
10/04/1995.................... 524,749 524,749
A1+ 602,000 American Telephone & Telegraph
Co. 5.68% due 10/05/1995...... 601,620 601,620
A1+ 501,000 Allianz of America Finance
5.73% due 10/06/1995.......... 500,601 500,601
A1+ 477,000 McDonalds Corporation 5.70% due
10/10/1995.................... 476,320 476,320
A1+ 485,000 Wal-Mart Stores, Inc. 5.71% due
10/10/1995.................... 484,308 484,308
A1+ 170,000 R.R. Donnelly & Sons, Inc.
5.70% due 10/11/1995.......... 169,731 169,731
A1 295,000 H.J. Heinz & Co. 5.72% due
10/11/1995.................... 294,531 294,531
A1+ 350,000 Knight Ridder Inc. 5.70% due
10/12/1995.................... 349,390 349,390
A1 392,000 Sony Capital Corp. 5.73% due
10/12/1995.................... 391,314 391,314
A1+ 512,000 Motorola Credit Corp. 5.71% due
10/13/1995.................... 511,026 511,026
A1+ 307,000 Fuji Photo Film Finance 5.73%
due 10/16/1995................ 306,267 306,267
A1+ 300,000 General Electric Capital Corp.
5.69% due 10/16/1995.......... 299,289 299,289
A1 404,000 American Express Credit Corp.
5.70% due 10/17/1995.......... 402,977 402,977
A1+ 510,000 Omnicom Finance Inc. 5.74% due
10/18/1995.................... 508,618 508,618
A1+ 511,000 Reed Elsevier Inc. 5.71% due
10/19/1995.................... 509,541 509,541
A1 528,000 PepsiCo Inc. 5.70% due
10/20/1995.................... 526,412 526,412
A1 540,000 Bridgestone/Firestone Fuji
Corp. 5.75% due 10/23/1995.... 538,103 538,103
A1+ 622,000 J.P. Morgan & Co., Inc. 5.70%
due 10/24/1995................ 619,735 619,735
A1+ 600,000 Paccar Financial Corp. 5.70%
due 10/25/1995................ 597,720 597,720
A1 600,000 Hercules Inc. 5.73% due
10/27/1995.................... 597,517 597,517
A1+ 478,000 Sandoz Corp. 5.70% due
10/30/1995.................... 475,805 475,805
A1 411,000 Bausch & Lomb Inc. 5.75% due
10/31/1995.................... 409,031 409,031
A1+ 532,000 Southland Corp. 5.76% due
11/01/1995.................... 529,361 529,631
----------- -----------
TOTAL COMMERCIAL PAPER......... 11,550,734 11,550,734
----------- -----------
TOTAL INVESTMENTS (101.29%).... $13,545,464* 13,545,464
===========
Other liabilities in excess of
assets (-1.29%)............... (171,496)
-----------
Net assets (100%).............. $13,373,968
===========
</TABLE>
- - -----------
* At September 30, 1995 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. U.S. Government
issues are assumed to be of the highest quality and carry the least
investment risk.
- - -----------
See Notes to Financial Statements.
18
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
------------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost:
$494,072,479, $48,988,883 and
$13,545,464, respectively)
(Note 1).............................. $517,196,609 $49,865,263 $13,545,464
Cash................................... 2,271,849 6,533 --
Receivable for forward currency
contracts held, at value (Notes 1 and
6).................................... 135,272,151 67,118 --
Receivable for investment securities
sold.................................. 1,360,220 122,242 --
Receivable for Fund shares sold........ 1,173,964 150,132 30,495
Accrued interest and dividends
receivable............................ 3,760,677 300,126 --
Deferred organization costs (Note 1)... 22,297 22,402 22,290
Prepaid expenses and other assets (Note
1).................................... 6,834 2,313 1,085
------------ ----------- -----------
TOTAL ASSETS...................... 661,064,601 50,536,129 13,599,334
------------ ----------- -----------
LIABILITIES:
Payable for forward currency contracts
held, at value (Notes 1 and 6)........ 130,842,127 67,561 --
Payable for investment securities
purchased............................. 2,438,008 -- --
Payable for Fund shares redeemed....... 633,124 503,008 123,095
Investment advisory fees payable (Note
2).................................... 328,127 31,767 14,048
Distribution fees payable (Note 3)..... 356,562 37,811 --
Directors' fees payable (Note 2)....... 1,965 223 41
Accrued expenses and other liabilities. 208,464 44,074 88,182
------------ ----------- -----------
TOTAL LIABILITIES................. 134,808,377 684,444 225,366
------------ ----------- -----------
NET ASSETS:
Capital stock (par value, $0.001 per
share)................................ 41,310 4,115 13,374
Capital surplus........................ 483,318,723 47,188,869 13,360,594
Net unrealized appreciation
(depreciation) on:
Investments............................ 23,124,130 876,380 --
Forward currency contracts............. 4,430,024 (443) --
Foreign currency related transactions.. 14,517 5,430 --
Undistributed net realized gains on
investments........................... 5,092,476 1,209,762 --
Undistributed net investment income.... 10,235,044 567,572 --
------------ ----------- -----------
NET ASSETS (Note 1)............... $526,256,224 $49,851,685 $13,373,968
============ =========== ===========
NET ASSET VALUE PER SHARE (NAV) (based
on 41,310,272, 4,115,023 and 13,373,968
shares outstanding, respectively;
1,000,000,000 shares authorized) (Note
5)..................................... $ 12.74 $ 12.11 $ 1.00
============ =========== ===========
MAXIMUM OFFERING PRICE PER SHARE
(NAV/96.25%; except SoGen Money Fund).. $ 13.24 $ 12.58 $ 1.00
============ =========== ===========
</TABLE>
- - -----------
See Notes to Financial Statements.
19
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
------------- ---------- ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest (net of $29,826 and $12,554,
foreign taxes withheld, respectively)... $ 6,223,647 $ 180,933 $340,601
Dividends (net of $436,426 and $32,693,
foreign taxes withheld, respectively)... 9,712,298 632,052 --
Miscellaneous income..................... 49,140 9,498 --
----------- ---------- --------
Total income from operations............ 15,985,085 822,483 340,601
----------- ---------- --------
Expenses:
Investment advisory fees (Note 2)....... 1,887,506 191,821 23,121
Distribution fees (Note 3).............. 629,169 63,940 --
Custodian fees.......................... 344,836 11,522 5,326
Shareholder servicing agent fees........ 360,726 48,535 5,431
Registration and filing fees............ 78,954 16,967 9,546
Audit fees.............................. 18,647 16,127 7,499
Printing................................ 39,914 4,535 900
Legal fees.............................. 12,713 1,444 289
Insurance............................... 5,035 753 376
Directors' fees (Note 2)................ 11,469 1,303 257
Amortization of deferred organization
costs (Note 1)......................... 2,652 2,565 2,652
Miscellaneous........................... 5,711 1,989 630
----------- ---------- --------
Total expenses from operations......... 3,397,332 361,501 56,027
----------- ---------- --------
Advisory fees waived (Note 2)........... -- -- (12,200)
Expense reduction due to earnings credits
(Note 1)............................... (17,838) (9,986) (474)
----------- ---------- --------
Net expenses from operations........... 3,379,494 351,515 43,353
----------- ---------- --------
Net investment income (Note 1)........... 12,605,591 470,968 297,248
----------- ---------- --------
REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS AND FOREIGN CURRENCY RELATED
TRANSACTIONS (NOTES 1 AND 6):
Net realized gains (losses) from:
Investment transactions................. 4,209,070 947,423 --
Foreign currency related transactions... (5,369,760) (12,310) --
----------- ---------- --------
(1,160,690) 935,113 --
----------- ---------- --------
Change in unrealized appreciation
(depreciation) of:
Investments............................. 20,106,111 2,244,006 --
Foreign currency related transactions... 11,421,745 (1,718) --
----------- ---------- --------
31,527,856 2,242,288 --
----------- ---------- --------
Net gain on investments and foreign
currency related transactions........... 30,367,166 3,177,401 --
----------- ---------- --------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS............................... $42,972,757 $3,648,369 $297,248
=========== ========== ========
</TABLE>
- - -----------
See Notes to Financial Statements.
20
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
---------------------------- --------------------------- ---------------------------
Six Months Six Months Six Months
Ended Year Ended Year Ended Year
September 30, Ended September 30, Ended September 30, Ended
1995 March 31, 1995 March 31, 1995 March 31,
(Unaudited) 1995 (Unaudited) 1995 (Unaudited) 1995
------------- ------------- ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income... $ 12,605,591 $ 7,757,120 $ 470,968 $ 289,987 $ 297,248 $ 361,490
Net realized gain
(loss) from
investments and
foreign currency
related transactions... (1,160,690) (1,619,392) 935,113 586,012 -- --
Increase (decrease) in
unrealized
appreciation
(depreciation) of
investments and
foreign currency
related transactions... 31,527,856 (7,505,563) 2,242,288 (1,662,176) -- --
------------ ------------- ------------ ------------ ------------ ------------
Net increase
(decrease) in net
assets resulting from
operations............ 42,972,757 (1,367,835) 3,648,369 (786,177) 297,248 361,490
------------ ------------- ------------ ------------ ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends paid from net
investment income...... -- (1,906,899) -- (151,079) (297,248) (361,490)
Distributions paid from
net realized gains
from investment
transactions........... -- (635,696) -- (350,932) -- --
------------ ------------- ------------ ------------ ------------ ------------
Decrease in net assets
resulting from
distributions......... -- (2,542,595) -- (502,011) (297,248) (361,490)
------------ ------------- ------------ ------------ ------------ ------------
FUND SHARE TRANSACTIONS
(NOTE 5):
Net proceeds from
shares sold............ 128,835,710 457,569,392 18,352,100 45,668,688 19,466,400 23,186,248
Net asset value of
shares issued for
reinvested dividends... -- 2,438,757 -- 454,913 276,013 316,067
Cost of shares
redeemed............... (84,782,411) (136,710,958) (23,070,741) (16,319,571) (16,813,023) (19,449,566)
------------ ------------- ------------ ------------ ------------ ------------
Increase in net assets
from Fund share
transactions.......... 44,053,299 323,297,191 (4,718,641) 29,804,030 2,929,390 4,052,749
------------ ------------- ------------ ------------ ------------ ------------
Net increase in net
assets............... 87,026,056 319,386,761 (1,070,272) 28,515,842 2,929,390 4,052,749
NET ASSETS (NOTE 1):
Beginning of period..... 439,230,168 119,843,407 50,921,957 22,406,115 10,444,578 6,391,829
------------ ------------- ------------ ------------ ------------ ------------
End of period
(including
undistributed net
investment income of
$10,235,044,
$2,999,213, $567,572
and $108,914,
respectively).......... $526,256,224 $ 439,230,168 $ 49,851,685 $ 50,921,957 $ 13,373,968 $ 10,444,578
============ ============= ============ ============ ============ ============
</TABLE>
- - -----------
See Notes to Financial Statements.
21
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
SoGen Overseas Fund, SoGen Gold Fund and SoGen Money Fund are three separate
portfolios of SoGen Funds, Inc. (the "Company"), an open-end management in-
vestment company registered under the Investment Company Act of 1940, as
amended (each individually a "Fund" or collectively the "Funds"). The follow-
ing is a summary of significant accounting policies adhered to by the Funds.
a) SECURITY VALUATION--In the case of SoGen Overseas Fund and SoGen Gold
Fund, portfolio securities are valued based on market quotations where avail-
able. Short-term investments maturing in sixty days or less are valued at cost
plus interest earned, which approximates value. In the case of SoGen Money
Fund, portfolio securities are valued at their amortized cost, which approxi-
mates 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 re-
stricted 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 con-
nection with the organization of the Funds have been paid initially by Societe
Generale Asset Management Corp. ("SOGEN A.M. Corp."), investment adviser to
the Funds. These costs are amortized on a straight-line basis over a sixty-
month period from the date each Fund commences investment operations.
c) SECURITY TRANSACTIONS AND INCOME--Security transactions are accounted for
on a trade-date basis. The specific identification method is used in determin-
ing realized gains and losses from security transactions. Dividend income is
recorded on the ex-dividend date. Interest income is recorded daily on the ac-
crual basis. In computing investment income, each Fund amortizes discounts on
debt obligations; however, premiums are not amortized.
d) 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 pro-
portion to its relative net assets. Earnings credits reduce custodian fees and
shareholder servicing agent fees by the amount of interest earned on balances
with such service providers.
e) FOREIGN CURRENCY TRANSLATION (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)--
The market values of securities which are not traded in U.S. currency are re-
corded 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 se-
curities 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.
22
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The net assets of each of SoGen Overseas Fund and SoGen Gold Fund are pre-
sented at the foreign exchange rates and market values at the close of the pe-
riod. Neither Fund isolates 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.
f) FORWARD CURRENCY CONTRACTS (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)--In
connection with portfolio purchases and sales of securities denominated in
foreign currencies, SoGen Overseas Fund and SoGen Gold Fund may enter into
forward currency contracts. Additionally, each Fund may enter into such con-
tracts 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.
g) U.S. 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 In-
ternal Revenue Code for a regulated investment company. SoGen Overseas Fund
and SoGen Gold Fund declare and pay such income dividends and capital gains
distributions on an annual basis. SoGen Money Fund declares daily dividends,
equivalent to net investment income, which are paid on a monthly 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 amounts of
$5,369,760 and $12,310 for SoGen Overseas Fund and SoGen Gold Fund,
respectively.
NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH AFFILIATED PERSONS
Under the terms of an investment advisory agreement dated August 17, 1993,
each Fund pays SOGEN A.M. Corp. a monthly advisory fee for advisory services
and facilities furnished, at an annual rate of the average daily net assets of
that Fund as follows: SoGen Overseas Fund at 0.75%, SoGen Gold Fund at 0.75%
and SoGen Money Fund at 0.40%. SOGEN A.M. Corp. has agreed to waive its advi-
sory fee and, if necessary, reimburse SoGen Money Fund through July 31, 1996
to the extent that SoGen Money Fund's aggregate expenses exceed 0.75%.
23
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Expense reimbursements are accrued daily and paid monthly. For the six months
ended September 30, 1995, the investment advisory fees paid or payable to
SOGEN A.M. Corp. were $1,887,506 and $191,821 for SoGen Overseas Fund and
SoGen Gold Fund, respectively. For the same period, $12,200 of the investment
advisory fee of $23,121 for SoGen Money Fund was waived by SOGEN A.M. Corp.
For the six months ended September 30, 1995, Societe Generale Securities
Corporation ("SGSC"), the principal underwriter, realized $207,980 and $33,223
in dealer's and underwriter's commissions, after reallowance to others, per-
taining to the sale of shares of SoGen Overseas Fund and SoGen Gold Fund, re-
spectively. For the same period, Societe Generale or its affiliates received
$21,084 and $300 in broker's commissions for portfolio transactions executed
on behalf of SoGen Overseas Fund and SoGen Gold Fund, respectively.
Each director who is not an officer of the Company or an employee of SOGEN
A.M. 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 September 30,
1995, such fees amounted to $11,469, $1,303 and $257 for SoGen Overseas Fund,
SoGen Gold Fund and SoGen Money Fund, respectively.
NOTE 3--PLAN OF DISTRIBUTION (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)
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 Com-
pany Act of 1940, whereby SoGen Overseas Fund and SoGen Gold Fund pay SGSC
quarterly, a distribution fee at an annual rate of up to 0.25% of each Fund's
average daily net assets. Under the Plan, SGSC must apply the full amounts re-
ceived from a Fund to actual distribution expenses incurred during the Fund's
fiscal year, including the payment of fees to dealers selling shares of the
Fund, the payment of advertising costs and the payment for the printing and
distribution of prospectuses to prospective investors.
SGSC bears distribution costs of a Fund to the extent they exceed payments
received under the Plan. For the six months ended September 30, 1995, the dis-
tribution fees paid or payable to SGSC by SoGen Overseas Fund and SoGen Gold
Fund were $629,169 and $63,940, respectively.
NOTE 4--PURCHASES AND SALES OF SECURITIES
During the six months ended September 30, 1995, the aggregate cost of pur-
chases of investments, excluding short-term securities, totaled $105,267,691
and $4,312,772 for SoGen Overseas Fund and SoGen Gold Fund, respectively, and
proceeds from sales of investments, excluding short-term securities, totaled
$13,451,741 and $6,402,598, for SoGen Overseas Fund and SoGen Gold Fund, re-
spectively.
24
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 5--CAPITAL STOCK
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS GOLD MONEY
FUND FUND FUND
----------- ---------- -----------
<S> <C> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1995
Shares sold............................. 10,477,287 1,530,034 19,466,400
Shares issued for reinvested dividends
and distributions..................... -- -- 276,013
Shares redeemed......................... (6,851,247) (1,930,071) (16,813,023)
----------- ---------- -----------
Net increase (decrease)................ 3,626,040 (400,037) 2,929,390
=========== ========== ===========
YEAR ENDED MARCH 31, 1995
Shares sold............................. 38,869,967 3,975,551 23,186,248
Shares issued for reinvested dividends
and distributions..................... 210,057 41,850 316,067
Shares redeemed......................... (11,783,021) (1,463,994) (19,449,566)
----------- ---------- -----------
Net increase........................... 27,297,003 2,553,407 4,052,749
=========== ========== ===========
</TABLE>
NOTE 6--COMMITMENTS
As of September 30, 1995, SoGen Overseas Fund and SoGen Gold Fund had en-
tered into forward currency contracts, as summarized below, resulting in net
unrealized appreciation (depreciation) of $4,430,024 and ($443), respectively.
<TABLE>
<CAPTION>
U.S. $ U.S. $
SETTLEMENT VALUE AT VALUE AT
DATES CURRENCY TO SEPTEMBER 30, CURRENCY TO SEPTEMBER 30,
THROUGH BE DELIVERED 1995 BE RECEIVED 1995
- - ---------- ------------ ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
SOGEN OVERSEAS FUND:
10/05/95 38,492 U.S. Dollar $ 38,492 51,432 Australian Dollar $ 38,892
10/10/95 59,633 U.S. Dollar 59,633 1,755,000 Belgian Franc 59,790
10/06/95 371,451 U.S. Dollar 371,451 429,610 Swiss Franc 371,795
2/09/96 20,555,789 Swiss Franc 17,957,782 17,726,489 U.S. Dollar 17,726,489
2/09/96 30,000,000 Deutsche Mark 21,102,019 21,275,912 U.S. Dollar 21,275,912
10/31/95 972,300 U.S. Dollar 972,300 4,791,675 French Franc 972,485
2/09/96 250,000,000 French Franc 50,674,007 50,777,817 U.S. Dollar 50,777,817
10/03/95 262,075 U.S. Dollar 262,075 2,026,152 Hong Kong Dollar 262,049
10/31/95 60,873 U.S. Dollar 60,873 98,217,103 Italian Lira 60,817
10/04/95 671,574 U.S. Dollar 671,574 66,881,997 Japanese Yen 672,181
2/09/96 3,750,000,000 Japanese Yen 38,204,921 42,586,925 U.S. Dollar 42,586,925
10/05/95 227,551 Singapore Dollar 159,853 159,999 U.S. Dollar 159,999
10/03/95 1,121,625 South African Rand 307,147 307,000 U.S. Dollar 307,000
------------ ------------
$130,842,127 $135,272,151
============ ============
SOGEN GOLD FUND:
10/02/95 90,650 Canadian Dollar $ 67,561 67,118 U.S. Dollar $ 67,118
============ ============
</TABLE>
25
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR PERIOD FROM
SEPT. 30,1995 ENDED AUGUST 31, 1993
(UNAUDITED) MARCH 31, 1995 TO MARCH 31, 1994
------------- -------------- -----------------
<S> <C> <C> <C>
SOGEN OVERSEAS FUND
SELECTED PER SHARE DATA
Net asset value, beginning of
period......................... $ 11.65 $ 11.54 $ 10.00
-------- -------- --------
Income from investment
operations:
Net investment income (loss)... 0.30 0.27 (0.01)
Net realized and unrealized
gains (losses) on investments. 0.79 (0.09) 1.55
-------- -------- --------
Total from investment
operations.................... 1.09 0.18 1.54
-------- -------- --------
Less distributions:
Dividends from net investment
income........................ -- (0.05) --
Distributions from capital
gains......................... -- (0.02) --
-------- -------- --------
Total distributions............ -- (0.07) --
-------- -------- --------
Net asset value, end of period.. $ 12.74 $ 11.65 $ 11.54
======== ======== ========
TOTAL RETURN++.................. 18.71%* 1.56% 15.35%++
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000's)........................ $526,256 $439,230 $119,843
Ratio of operating expenses to
average net assets............. 1.35%** 1.40% 1.72%*
Ratio of net investment income
to average net assets.......... 5.05%** 2.29% (0.23%)*
Portfolio turnover rate......... 3.19% 3.16% 6.11%
Average commission rate paid?... $ 0.0331 -- --
<CAPTION>
SIX MONTHS
ENDED YEAR PERIOD FROM
SEPT. 30,1995 ENDED AUGUST 31, 1993
(UNAUDITED) MARCH 31, 1995 TO MARCH 31, 1994
------------- -------------- -----------------
<S> <C> <C> <C>
SOGEN GOLD FUND
SELECTED PER SHARE DATA
Net asset value, beginning of
period......................... $ 11.28 $ 11.42 $ 10.00
-------- -------- --------
Income from investment
operations:
Net investment income (loss)... 0.12 0.05 (0.01)
Net realized and unrealized
gains (losses) on investments. 0.71 (0.07) 1.43
-------- -------- --------
Total from investment
operations.................... 0.83 (0.02) 1.42
-------- -------- --------
Less distributions:
Dividends from net investment
income........................ -- (0.04) --
Distributions from capital
gains......................... -- (0.08) --
-------- -------- --------
Total distributions............ -- (0.12) --
-------- -------- --------
Net asset value, end of period.. $ 12.11 $ 11.28 $ 11.42
======== ======== ========
TOTAL RETURN++.................. 14.72%* (0.14%) 14.15%++
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000's)........................ $ 49,852 $ 50,922 $ 22,406
Ratio of operating expenses to
average net assets............. 1.39%** 1.46% 2.27%*
Ratio of net investment income
to average net assets.......... 1.86%** 0.79% (0.32%)*
Portfolio turnover rate......... 8.83% 11.56% 4.55%
Average commission rate paid?... $ 0.0002 -- --
</TABLE>
- - -----------
See Notes to Financial Statements.
26
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR PERIOD FROM
SEPT. 30, 1995 ENDED AUGUST 31, 1993
(UNAUDITED) MARCH 31, 1995 TO MARCH 31, 1994
-------------- -------------- -----------------
<S> <C> <C> <C>
SOGEN MONEY FUND
SELECTED PER SHARE DATA
Net asset value, beginning of
period........................ $ 1.00 $ 1.00 $ 1.00
------- ------- ------
Income from investment
operations:
Net investment income......... 0.03 0.04 0.01
Net realized and unrealized
gains on investments......... -- -- --
------- ------- ------
Total from investment
operations................... 0.03 0.04 0.01
------- ------- ------
Less distributions:
Dividends from net investment
income....................... (0.03) (0.04) (0.01)
Distributions from capital
gains........................ -- -- --
------- ------- ------
Total distributions........... (0.03) (0.04) (0.01)
------- ------- ------
Net asset value, end of period. $ 1.00 $ 1.00 $ 1.00
======= ======= ======
TOTAL RETURN................... 5.13%* 4.13% 1.25%++
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period
(000's)....................... $13,374 $10,445 $6,392
Ratio of operating expenses to
average net assets............ 0.75%*+ 0.75%+ 0.75%*+
Ratio of net investment income
to average net assets......... 5.13%*+ 4.14%+ 2.18%*+
</TABLE>
- - -----------
* Annualized.
** The annualized ratios of operating expenses to average net assets and net
investment income to average net assets for the six months ended September
30, 1995 for SoGen Overseas Fund would have been 1.36% and 5.04%,
respectively, and for SoGen Gold Fund 1.42% and 1.82%, respectively,
without the effect of the earnings credits.
+ The ratios (annualized in the case of a partial year) of operating expenses
to average net assets and net investment income to average net assets of
SoGen Money Fund would have been 0.97% and 4.91%, respectively, for the six
months ended September 30, 1995; 1.55% and 3.34%, respectively, for the year
ended March 31, 1995; and 4.00% and (1.07%), respectively, for the period
August 31, 1993 to March 31, 1994 without the effect of the earnings credits
and the investment advisory fee waiver and expense reimbursement provided by
SOGEN A.M. Corp.
++ Total returns disclosed for the period ended March 31, 1994 are not
annualized. Annualized total returns for the period ended March 31, 1994
were 26.40%, 24.34% and 2.14% for SoGen Overseas Fund, SoGen Gold Fund and
SoGen Money Fund, respectively.
++ Does not give effect to deduction of the sales load.
o 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.
27
<PAGE>
SoGen Funds, Inc.
1221 AVENUE OF THE AMERICAS
NEW YORK, NY 10020
DIRECTORS AND OFFICERS
- - ----------------------
DIRECTORS
Jean-Marie Eveillard Dominique Raillard
Jean-Pierre Gentil Nathan Snyder
Fred J. Meyer
OFFICERS
Jean-Pierre Gentil........................................Chairman of the Board
Jean-Marie Eveillard..................................................President
Philip J. Bafundo.......................Vice President, Secretary and Treasurer
Elizabeth Tobin..........................Vice President and Assistant Secretary
Ignatius Chithelen...............................................Vice President
Edwin S. Olsen...................................................Vice President
Catherine A. Shaffer.............................................Vice President
Charles de Vaulx.................................................Vice President
Lynn L. Chin...................Assistant Vice President and Assistant Treasurer
Richard M. Boyer.......................................Assistant Vice President
Howard Chin............................................Assistant Vice President
John L. DeVita.........................................Assistant Vice President
Howard C. Monaghan.....................................Assistant Vice President
INVESTMENT ADVISER
- - ------------------
Societe Generale Asset Management Corp.
1221 Avenue of the Americas
New York, NY 10020
UNDERWRITER
- - -----------
Societe Generale Securities Corporation
1221 Avenue of the Americas
New York, NY 10020
(800) 334-2143
LEGAL COUNSEL
- - -------------
Dechert Price & Rhoads
477 Madison Avenue
New York, NY 10022
INDEPENDENT AUDITORS
- - --------------------
KPMG Peat Marwick LLP
345 Park Avenue
New York, NY 10154
CUSTODIAN
- - ---------
Investors Fiduciary Trust Company
127 West 10th Street
Kansas City, MO 64105
SHAREHOLDER SERVICING AGENT
- - ---------------------------
The Shareholder Services Group
One Exchange Place
Boston, MA 02109 (800) 443-7046
The financial information included herein is taken from the records of the
Company without examination by the Company'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 Funds,
Inc.
<PAGE>
(ART) SoGen Funds, Inc.
1221 Avenue of the Americas
New York, NY 10020
