SOGEN OVERSEAS FUND
SOGEN GOLD FUND
SOGEN MONEY FUND
[Logo goes here]
Third
Annual Report
March 31, 1996
SN-54
<PAGE>
SOGEN FUNDS, INC.
THE PRESIDENT'S LETTER
Dear Shareholder:
SOGEN OVERSEAS FUND
From inception (two years and seven months ago) through March 31, 1996, the
value of an investment in your Fund increased at a compounded average annual
rate of 13.92%.*
As of March 31, 1996 your Fund's net assets, on an economic basis, were
invested as follows:
Foreign stocks (1) 78.4%
U.S. dollar bonds 7.8
Foreign currency bonds 4.6
Cash and equivalents 9.2
100.0%
(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 45% of the foreign stock portfolio was invested in developed
countries in continental Europe, 17% 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.
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
continue to account for less than 10% of total net assets.
SOGEN GOLD FUND
From inception (two years and seven months ago) the value of an investment
in your Fund increased at a compounded average annual rate of 11.00%.*
*These figures assume the immediate reinvestment of all dividends and
distributions and do not give effect to the deduction of the sales load (see
the "Investment Results" section in this report for further information).
<PAGE>
As of March 31, 1996 your Fund's net assets, on an economic basis, were
invested as follows:
Bank for International Settlements
(U.S. and French Tranches) 11.1%
Freeport McMoRan Copper and Gold
(Preferred Series B, C, and D) 14.8
U.S. securities 20.8
Canadian securities 10.1
Australian and New Zealand securities 10.1
South African securities 14.6
Miscellaneous securities 17.3
Cash and equivalents 1.2
100.0%
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) and 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 are still low, but a further decline does not
seem likely in the near future.
Mr. Jean-Pierre Gentil has resigned as Chairman of the Board of SoGen
Funds, Inc., and Mr. Philippe Collas has been elected in his place. The Board of
Directors and management are thankful for Jean-Pierre Gentil's many major
contributions since the inception of SoGen Funds, Inc. in 1993.
Sincerely yours,
/s/ JEAN-MARIE EVEILLARD
Jean-Marie Eveillard
President
April 29, 1996
2
<PAGE>
SOGEN FUNDS, INC.
INVESTMENT RESULTS
Comparisons of Change in Value of a $10,000 Investment
in SoGen Funds, Inc. Portfolios and Various Indices
[Graph goes here]
SoGen Overseas Fund
Average Annual Rates of Return as of March 31, 1996
8/31/93 9/30/93 3/31/94 9/30/94 3/31/95 9/30/95 3/31/96
SoGen Overseas
Fund $13,477
MSCI EAFE
Index $12,159
Consumer Price
Index $10,738
Since Inception
(8/31/93) 1 Year
12.24% 15.03%
[Graph goes here]
SoGen Gold Fund
Average Annual Rates of Return as of March 31, 1996
8/31/93 9/30/93 3/31/94 9/30/94 3/31/95 9/30/95 3/31/96
SoGen Gold
Fund $13,163
MSCI World
Index $12,602
FT Gold Mines
Index $12,414
Consumer Price
Index $10,738
Since Inception
(8/31/93) 1 Year
9.36% 10.50%
Performance is historical and is not indicative of future results. The Funds'
results assume reinvestment of income dividends and capital gains distributions
and give effect to the maximum sales load of 3.75%. The MSCI EAFE Index and the
MSCI World Index returns assume reinvestment of dividends. The FT Gold Mines
Index is only available without dividends reinvested. Unlike Fund returns, the
indices do not reflect any fees or expenses.
3
<PAGE>
SOGEN FUNDS, INC.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
SOGEN OVERSEAS FUND
Over the past twelve months ended March 31, 1996, most European stock
markets, where the Fund has approximately 45% of its assets invested,
significantly under performed the U.S. stock market as concerns developed over
the extent of the European economic recovery; political controversy regarding
the upcoming European monetary union also kept certain markets, such as France
and Italy, under pressure. The Fund added to its holdings as stock prices
declined. A recovery in such prices began in early 1996. In Asia, the weakness
of the Japanese stock market during the first half of the year created specific
investment opportunities for the Fund. In other Asian countries, interest rate
concerns and political developments such as China's confrontation with Taiwan
increased the volatility of the Hong Kong, Singapore and South Korean markets.
The Fund also increased its investments in those countries. Emerging markets
gradually recovered from last year's collapse throughout the year. Overall, the
strengthening dollar did not have a notable impact on the value of the Fund's
net assets since the Fund has partially hedged its exposure to major foreign
currencies. By the end of the year, cash holdings were reduced to a conservative
9%.
SOGEN GOLD FUND
Over the past twelve months, gold traded between $381 and $415, ending the
year basically flat at $395 per ounce. Gold mining stocks were on a strong but
volatile uptrend during the period. The Fund continues to favor and increase its
investments in issues that are considered proxies for the price of gold bullion
as opposed to pure mining stocks which tend to be more volatile and expensive.
The Fund's holdings remain widely diversified across various geographical
markets.
4
<PAGE>
SOGEN FUNDS, INC.
SUMMARIES OF FUND DATA
The tables below cover the period from August 31, 1993 to March 31, 1996. 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
INVESTMENT WITH DIVIDENDS
NUMBER NET ASSET CAPITAL GAINS INCOME AND 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 5,000 $ 50,000 $ 10.00 -- -- $ 10.00
(inception)
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
March 31, 1996 48,827,734 647,397,659 13.26 0.17+ 0.44 14.00
SOGEN GOLD FUND
August 31, 1993 3,500 $ 35,000 $ 10.00 -- -- $ 10.00
(inception)
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
March 31, 1996 5,162,982 63,261,285 12.25 0.27+ 0.35 13.09
</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.)
** Comprised entirely of net short-term capital gains.
+ Includes net short-term capital gains per share in the amounts of $0.07 and
$0.14 for SoGen Overseas Fund and SoGen Gold Fund, respectively.
5
<PAGE>
SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED KINGDOM AND IRELAND (4.82%)
2,500,000 Lonrho plc (18)................................. $ 5,334,190 $ 8,184,516
1,350,000 Antofagasta Holdings plc (18)................... 6,113,901 7,479,388
700,000 Greencore Group plc (1)......................... 1,918,345 3,415,580
675,000 Blenheim Group plc (11)......................... 2,888,155 2,956,728
1,150,000 McBride plc (a)(13)............................. 3,449,752 2,422,159
3,500,000 Bardon Group plc (6)............................ 1,948,130 1,949,784
365,000 Royal Doulton plc (13).......................... 1,346,359 1,548,686
675,000 ED&F Man Group plc (10)......................... 1,773,896 1,462,911
100,000 Scottish Television plc (11).................... 621,771 1,001,220
150,000 RIT Capital Partners plc (17)................... 510,808 510,531
100,000 Berisford plc (18).............................. 286,324 293,040
26,191,631 31,224,543
GERMANY (5.49%)
24,645 Buderus AG (8).................................. 10,234,796 9,428,782
25,000 Bayer AG (9).................................... 5,574,157 8,472,711
7,000 Axel Springer Verlag AG (11).................... 2,892,247 4,621,479
35,000 Bertelsmann AG D.R.C. (11)...................... 4,576,791 4,538,529
57,500 Hornbach Holdings AG Pfd. (12).................. 5,282,832 3,282,266
3,250 Sudzucker AG Pfd. (13).......................... 1,105,918 1,329,225
7,000 SAP AG Pfd. (15)................................ 173,998 1,002,031
9,500 Ex-Cell-O Holding AG (a)(8)..................... 1,862,491 845,917
5,000 Deutsche Lufthansa AG Pfd. (14)................. 584,847 721,154
4,900 Felten & Guilleaume Energietechnik AG (8)....... 1,105,739 688,150
3,250 Spar Handells AG Pfd. (12)...................... 762,947 638,204
34,156,763 35,568,448
NETHERLANDS (2.97%)
162,500 Randstad Holdings NV (18)....................... 4,087,169 9,883,950
80,000 Philips Electronics NV ADR (9).................. 2,045,285 2,910,000
70,000 Apothekers Cooperatie OPG U.A. (18)............. 1,852,980 1,986,927
125,000 German City Estates NV (4)...................... 2,226,632 1,906,433
47,500 Content Beheer NV (18).......................... 755,540 1,492,011
5,000 Holdingmaatschappij de Telegraaf NV (11)........ 376,661 1,010,712
11,344,267 19,190,033
</TABLE>
6
<PAGE>
SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS (CONTINUED)
SWITZERLAND (6.66%)
1,108 Bank for International Settlements (U.S.
Tranche) (2).................................. $ 8,315,971 $ 10,791,151
695 Bank for International Settlements (French
Tranche) (2).................................. 5,244,400 6,072,883
5,750 Schindler Holding AG PC (8)..................... 6,799,277 6,879,434
6,350 Schindler Holding AG Warrants (8)............... 0 23,991
8,250 Kuhne & Nagel International AG (14)............. 4,968,437 4,668,570
2,500 Lindt & Sprungli AG PC (13)..................... 3,153,128 4,009,068
12,000 Sika Finanz AG Bearer (6)....................... 3,301,967 2,720,289
13,363 Swissair AG D.R.C. (a)(14)...................... 1,475,620 2,580,488
5,000 Societe Generale d'Affichage SA D.R.C. (11)..... 1,380,233 2,392,847
15,000 Safra Republic Holdings SA Bearer (10).......... 1,273,679 1,627,500
150 Banque Privee Edmond de Rothschild SA Bearer
(10).......................................... 522,629 585,618
850 Vetropack Holding AG PC (18).................... 230,326 274,758
84 Vetropack Holding AG Bearer (18)................ 258,152 267,999
2,500 Pelikan Holdings AG Bearer (a)(13).............. 275,811 211,998
37,199,630 43,106,594
FRANCE (10.32%)
80,000 Legrand ADP (8)................................. 6,294,797 9,850,065
67,184 Gaumont SA (11)................................. 3,669,197 5,136,697
75,000 Elf Aquitaine (7)............................... 5,665,238 5,086,387
24,250 Essilor International ADP (13).................. 3,057,820 4,237,911
40,000 Compagnie Generale des Eaux (18)................ 3,856,473 4,090,954
55,000 Eramet (3)...................................... 3,725,777 3,997,617
35,700 Emin Leydier (5)................................ 2,655,534 3,367,590
20,000 Groupe NSC (8).................................. 3,693,038 3,169,497
37,500 Comptoir Lyon-Alemand-Louyot (a)(2)............. 2,939,503 2,911,826
10,705 Promodes nouvelle (12).......................... 2,005,533 2,795,566
15,359 Promodes C.I. (12).............................. 1,891,267 2,562,121
22,500 Compagnie des Salins du Midi et des Salines
de L'Est (1).................................. 1,751,384 2,189,455
40,000 Groupe Legris Industries SA (a)(8).............. 1,606,125 2,055,804
3,000 Societe Sucriere de Pithiviers-le-Vieil (1)..... 1,148,828 1,900,506
8,500 Sabeton SA (18)................................. 1,640,622 1,465,197
4,000 Taittinger (13)................................. 1,860,273 1,346,440
5,000 Taittinger C.I. (13)............................ 1,388,671 1,231,258
12,000 Rougier SA (5).................................. 1,150,210 1,182,008
6,500 Elf Gabon (7)................................... 941,640 1,110,118
</TABLE>
7
<PAGE>
SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS (CONTINUED)
FRANCE (CONTINUED)
21,500 Burelle SA (18)................................. $ 1,316,832 $ 1,044,792
3,000 Galeries Lafayette (12)......................... 789,959 1,003,277
14,383 Conflandey (8).................................. 859,318 828,333
5,000 Robertet SA (18)................................ 734,584 793,367
10,000 La Brosse et Dupont (13)........................ 718,979 645,418
50,000 Credit Foncier de France (a)(10)................ 701,563 625,559
6,500 Crometal (8).................................... 484,755 487,936
5,500 C.E.E. (Continentale d'Equipements Electriques)
(18).......................................... 653,923 361,533
10,000 SAGA (Societe Anonyme de Gerance et d'Armement)
(14).......................................... 944,384 341,575
1,000 Sagem ADP (15).................................. 318,994 321,716
20,000 Immobiliere Hoteliere (a)(4).................... 575,842 246,252
3,000 Marine-Wendel (18).............................. 241,658 242,478
10,000 Teleflex Lionel Dupont (a)(18).................. 314,536 198,590
59,597,257 66,827,843
BELGIUM (0.33%)
10,000 Deceuninck Plastics Industries SA (6)........... 1,218,376 1,303,667
1,640 Societe Belge de Betons, SA (8)................. 936,380 841,961
2,154,756 2,145,628
AUSTRIA (1.21%)
42,500 VAE AG (8)...................................... 4,405,827 4,281,785
51,500 Flughafen Wien AG (14).......................... 2,236,724 3,528,589
6,642,551 7,810,374
SWEDEN (1.81%)
227,500 AssiDoman AB (5)................................ 4,768,869 5,092,419
305,000 Bylock & Nordsjofrakt AB `B' (14)............... 2,782,573 2,740,013
176,500 IRO AB (8)...................................... 1,945,675 1,955,591
129,700 Orrefors Kosta Boda AB (13)..................... 1,763,640 1,903,126
11,260,757 11,691,149
DENMARK (1.18%)
100,000 Carlsberg International A/S Class `B' (13)...... 4,392,511 5,680,324
17,500 Kobenhavns Lufthavne A/S (14)................... 772,881 1,718,123
5,000 Aarhus Oliefabrik A/S Class `B' (1)............. 275,817 254,212
5,441,209 7,652,659
</TABLE>
8
<PAGE>
SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS (CONTINUED)
NORWAY (2.39%)
285,000 Transocean AS (a)(7)............................ $ 1,802,172 $ 6,215,921
285,000 Schibsted A/S (11).............................. 3,382,949 3,907,151
50,000 Orkla AS (13)................................... 1,587,369 2,184,920
375,000 Western Bulk Shipping AS (14)................... 2,191,196 1,986,291
65,000 Simrad AS `A' (18).............................. 1,085,418 901,231
1,000 Adelsten A/S Class `A' (12)..................... 149,459 159,682
1,000 Adelsten A/S Class `B' (12)..................... 120,513 144,103
10,319,076 15,499,299
FINLAND (0.57%)
52,650 Vaisala Oy A (15)............................... 1,921,208 2,271,502
750,000 Tampella Oy AB (a)(8)........................... 2,495,383 1,181,051
10,000 Aamulehti Yhtymae Oy II (11).................... 151,826 258,861
4,568,417 3,711,414
ITALY (1.06%)
8,125,000 Montedison Non Convertible Savings SpA
(a)(18)....................................... 4,235,725 3,706,140
250,000 Arnoldo Mondadori Editore SpA (11).............. 1,721,956 2,073,365
115,000 Istituto Finanziario Industriale SpA Pfd.
(18).......................................... 1,257,035 1,084,705
7,214,716 6,864,210
SPAIN AND PORTUGAL (0.91%)
475,000 Engergia e Industrias Aragonesas S.A. (18)...... 2,477,916 2,161,613
22,500 Corporacion Financiera Alba SA (18)............. 1,580,926 1,747,010
65,000 Companhia de Celulose do Caima SA (5)........... 1,269,666 1,264,989
197,500 Omsa Alimentacion SA (13)....................... 1,039,510 695,159
6,368,018 5,868,771
GREECE (0.63%)
379,380 H. Benrubi & Fils SA (13)....................... 2,265,445 1,961,577
18,000 H. Benrubi & Fils SA Pfd. (13).................. 92,036 55,318
38,840 Titan Cement Co. (6)............................ 1,141,872 1,859,816
6,930 Titan Cement Co. Pfd. (6)....................... 171,006 225,349
3,670,359 4,102,060
COMMONWEALTH OF INDEPENDENT STATES AND EASTERN
EUROPE (0.71%)
3,300 Chinoin Rt (18)................................. 1,152,467 1,091,435
74,600 Templeton Russia Fund (17)...................... 1,062,566 1,016,425
</TABLE>
9
<PAGE>
SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS (CONTINUED)
COMMONWEALTH OF INDEPENDENT STATES AND EASTERN
EUROPE (CONTINUED)
9,000 Baltic Republics Fund Limited (a)(b)(e)(17)..... $ 905,750 $ 999,000
100,000 First NIS Regional Fund (a)(b)(e)(17)........... 1,000,000 800,000
708,225 Firebird Fund L.P. (a)(b)(e)(17)................ 710,000 662,004
4,830,783 4,568,864
ISRAEL (0.59%)
1,205,550 The Israel Land Development Company Ltd. (18)... 5,337,394 3,699,136
15,000 The Israel Land Development Company Ltd. ADR
(18).......................................... 202,500 137,812
5,539,894 3,836,948
TURKEY (0.44%)
68,196,000 Medya Holdings (11)............................. 3,186,855 1,723,209
48,230,000 Sabah Yayincilik A.S. (11)...................... 1,159,232 1,134,067
4,346,087 2,857,276
SOUTH AFRICA (0.91%)
135,000 Omni Media Corporation (11)..................... 1,000,483 2,543,970
617,600 Stellenbosch Farmers' Winery Group Limited
(1)........................................... 653,308 1,287,960
79,118 JCI Ltd. ADR (3)................................ 426,332 680,854
56,500 JCI Ltd. (3).................................... 366,874 486,212
83,108 Anglo American Platinum Corporation Ltd. ADR
(2)........................................... 457,906 537,695
55,000 Anglo American Platinum Corporation Ltd. (2).... 389,561 355,842
3,294,464 5,892,533
HONG KONG (3.24%)
17,250,000 CDL Hotels International Ltd. (4)............... 7,014,446 10,370,473
7,150,000 Shaw Brothers (Hong Kong) Limited (11).......... 9,750,601 7,949,888
3,650,000 South China Morning Post Holdings Corp. (11).... 2,118,074 2,383,092
250,000 Dickson Concepts International Ltd. (18)........ 249,568 274,736
19,132,689 20,978,189
SOUTH KOREA (1.15%)
21,472 Samsung Electronic Co. Pfd. (15)................ 1,969,146 1,550,870
644 Samsung Electronic Co. (15)..................... 93,727 75,740
78,300 LG Electronics Co., Ltd. Pfd. (15).............. 1,638,735 1,321,266
75,000 LG Electronics Co., Ltd. Pfd. GDS (15).......... 789,046 620,625
1,458 LG Electronics Co., Ltd. (15)................... 41,611 39,700
74,090 Ssangyong Cement Industries Pfd. (6)............ 1,477,704 1,051,325
</TABLE>
10
<PAGE>
SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS (CONTINUED)
SOUTH KOREA (CONTINUED)
65,000 Choong Nam Spinning (a)(18)..................... $ 1,405,580 $ 914,030
21,010 Youngchang Akki Co. (13)........................ 1,045,460 765,465
25,000 LG Industrial Systems (8)....................... 692,721 620,006
28,705 Korean Air Lines Pfd. (14)...................... 504,520 451,354
450 Cheil Foods & Chemicals Co. Pfd. (13)........... 13,731 12,943
9,671,981 7,423,324
SINGAPORE AND MALAYSIA (1.20%)
1,000,000 Times Publishing Ltd. (11)...................... 2,501,707 2,611,781
1,000,000 Clipsal Industries Ltd. (6)..................... 2,330,691 2,350,000
250,000 Singapore Bus Service Ltd. (14)................. 1,991,949 1,827,537
250,000 Rothmans Industries Limited (13)................ 1,251,166 949,255
8,075,513 7,738,573
THAILAND AND VIETNAM (0.48%)
153,200 The Lazard Vietnam Fund Limited (a)(b)(e)(17)... 1,573,780 1,627,750
72,800 Vietnam Frontier Fund (a)(b)(e)(17)............. 749,840 855,400
129,250 Oriental Hotel PCL (4).......................... 743,502 634,733
3,067,122 3,117,883
INDIA AND PAKISTAN (0.78%)
315,000 The Pakistan Investment Fund Inc. (17).......... 2,491,499 1,929,375
149,500 The India Fund, Inc. (a)(17).................... 1,788,520 1,513,687
10,000 The Spartek Emerging Opportunities of India Fund
(a)(b)(e)(17)................................. 1,035,000 685,100
75,000 Gujarat Narmada Valley Fertilizers Company
Limited GDR (1)............................... 862,500 534,375
50,000 Gujarat Narmada Valley Fertilizers Company
Limited GDR (b)(1)............................ 640,625 356,250
6,818,144 5,018,787
JAPAN (13.36%)
350,000 Fuji Photo Film Co., Ltd. (13).................. 8,561,518 9,995,800
150,000 Ito-Yokado Co. Ltd. (12)........................ 7,925,460 8,889,822
545,000 Tokio Marine & Fire Insurance Co., Ltd. (10).... 6,332,934 7,070,325
855,000 Dai-Tokyo Fire & Marine Insurance Co., Ltd.
(10).......................................... 5,779,465 6,304,074
37,500 Toho Co., Ltd. (11)............................. 5,819,179 6,159,877
595,000 Nisshinbo Industries Inc. (8)................... 6,034,319 5,608,754
52,500 Hitachi Ltd. ADR (8)............................ 4,891,759 5,125,312
</TABLE>
11
<PAGE>
SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS (CONTINUED)
JAPAN (CONTINUED)
250,000 Shimano Inc. (18)............................... $ 5,022,510 $ 4,619,908
415,000 Nittetsu Mining Co., Ltd. (18).................. 3,728,345 4,066,919
100,000 Asatsu Inc. (11)................................ 3,764,384 3,919,922
75,000 Tsutsumi Jewelry Co., Ltd. (12)................. 3,986,911 3,632,927
386,000 Shoei Company (18).............................. 3,379,845 3,390,042
395,000 Aida Engineering Limited (8).................... 2,961,702 3,343,740
395,000 Iino Kaiun Kaisha, Ltd. (a)(14)................. 2,414,503 2,127,164
150,000 Sotoh Co., Ltd. (18)............................ 1,658,235 1,805,964
75,000 Nomura Securities Co., Ltd. (10)................ 1,472,656 1,644,967
203,750 Nichido Fire & Marine Insurance Co., Ltd.
(10).......................................... 1,494,330 1,530,811
250,000 Dowa Fire & Marine Insurance Co., Ltd. (10)..... 1,292,182 1,376,639
100,000 Japan Airport Terminal Co., Ltd. (14)........... 1,174,668 1,297,307
100,000 Yoshimoto Kogyo Co., Ltd. (11).................. 1,330,839 1,297,307
200,000 Koa Fire & Marine Insurance Co., Ltd. (10)...... 1,174,740 1,241,309
50,000 Chofu Seisakusho (13)........................... 1,149,186 1,227,309
15,000 Fast Retailing Co., Ltd. (12)................... 790,563 629,987
10,000 T. Hasegawa Co., Ltd. (18)...................... 170,281 167,997
82,310,514 86,474,183
AUSTRALIA AND NEW ZEALAND (3.93%)
3,050,549 Carter Holt Harvey Limited (5).................. 6,518,846 6,735,301
3,850,000 Tasman Agriculture Limited (1).................. 2,806,070 3,856,666
770,000 Tasman Agriculture Limited Rights (1)........... 0 136,426
6,121,333 Shortland Properties Limited (4)................ 3,174,660 3,837,672
369,400 Wilson & Horton Group Limited (11).............. 2,221,435 2,416,585
4,103,338 Evergreen Forests Limited (a)(5)................ 1,928,855 1,817,543
1,125,000 Spotless Services Limited (18).................. 1,210,550 1,497,201
725,000 Eltin Limited (2)............................... 2,382,418 1,418,916
1,250,000 Wrightson Limited (1)........................... 1,215,339 919,957
375,700 Radio Pacific Limited (c)(11)................... 682,453 716,858
800,000 Motors Holding Limited (13)..................... 595,562 601,229
207,500 The Colonial Motor Company Limited (13)......... 236,770 480,763
1,111,097 Defender Limited (c)(13)........................ 657,937 478,402
825,000 Apple Fields Limited (a)(1)..................... 507,472 393,537
250,000 Damba Holdings Limited (13)..................... 130,849 131,179
24,269,216 25,438,235
</TABLE>
12
<PAGE>
SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS (CONTINUED)
CANADA (2.92%)
435,000 Noranda, Inc. (3)............................... $ 7,939,318 $ 9,185,978
205,000 Canadian Pacific, Ltd. (18)..................... 3,241,714 4,100,000
225,000 Dofasco, Inc. (3)............................... 3,379,950 3,325,958
37,500 Franco-Nevada Mining Corp., Ltd. (2)............ 3,204,853 2,293,052
17,765,835 18,904,988
ARGENTINA (1.83%)
5,950,000 Siderca S.A.I.C. (7)............................ 4,024,166 5,950,595
2,905,000 Ledesma S.A. (1)................................ 4,552,781 3,689,719
541,522 IRSA Inversiones y Representaciones S.A. (4).... 1,235,491 1,516,413
15,020 IRSA Inversiones y Representaciones S.A. GDR
(4)........................................... 309,964 422,437
150,000 Cresud S.A. (4)................................. 203,156 292,529
10,325,558 11,871,693
MEXICO (0.67%)
775,000 Industrias Penoles S.A. de C.V. (2)............. 2,150,818 3,336,877
40,000 Grupo Televisa S.A. GDR (11).................... 889,742 995,000
3,040,560 4,331,877
MISCELLANEOUS (2.67%)
257,500 Freeport McMoRan Copper & Gold, Preferred Series
`D' (d)(2).................................... 5,219,426 6,051,250
200,000 Minorco SA ADR (18)............................. 4,536,224 5,450,000
65,000 Banco Latinoamericano de Exportaciones SA
(Bladex) (10)................................. 2,224,459 3,209,375
105,000 North European Oil Royalty Trust (7)............ 1,417,645 1,417,500
650 Socfinasia (1).................................. 815,279 1,156,984
14,213,033 17,285,109
TOTAL COMMON AND PREFERRED STOCKS............... 442,830,800 487,001,487
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
<S> <C> <C> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS (2.93%)
$ 1,500,000 Scandinavian Broadcasting System SA
7 1/4% due 8/01/2005 (11)..................... 1,578,875 1,541,250
1,500,000 Tubos de Acero de Mexico, SA
7 1/2% due 6/12/1997 (7)...................... 1,410,628 1,425,000
</TABLE>
13
<PAGE>
SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS (CONTINUED)
U.S. DOLLAR CONVERTIBLE BONDS (CONTINUED)
$ 500,000 PT Pabrik Kertas Tjiwi Kimia 7 1/4% due
4/12/2001 (5)................................. $ 492,514 $ 466,250
500,000 Acer Inc. 4% due 6/10/2001 (15)................. 1,031,550 1,232,500
3,130,000 Tung Ho Steel Enterprise Corp. 4% due 7/26/2001
(6)........................................... 3,587,500 3,818,600
1,250,000 International Container Terminal Services, Inc.
5% due 9/15/2001 (14)......................... 1,004,911 1,093,750
1,000,000 Sincere Navigation Corp. 3 3/4% due 5/26/2003
(14).......................................... 1,051,125 1,083,750
150,000 Ssangyong Cement Co. 3% due 12/31/2005 (6)...... 173,250 182,625
1,150,000 P.T. Inti Indorayon Utama 7% due 5/02/2006
(5)........................................... 922,688 955,938
1,650,000 Far Eastern Textile 4% due 10/07/2006 (18)...... 1,884,100 1,905,750
4,250,000 Cheil Foods & Chemicals Co. 3% due 12/31/2006
(13).......................................... 5,129,981 5,291,250
18,267,122 18,996,663
U.S. DOLLAR BONDS AND NOTES (7.85%)
500,000 Banco Safra 7 3/4% due 12/16/1996 (10).......... 491,070 498,125
1,680,000 Aracruz Celulose SA 9% due 7/22/1998 (5)........ 1,632,385 1,675,800
3,250,000 IRSA Inversiones y Representaciones
8 7/8% due 3/03/1999 (4)...................... 3,006,278 3,055,000
300,000 Tubos de Acero de Mexico, SA 10 1/2% due
3/10/1999 (7)................................. 289,642 276,750
500,000 Republic of Turkey 9% due 6/15/1999 (16)........ 451,027 488,575
1,000,000 Cemex SA 10% due 11/05/1999 (6)................. 952,201 994,375
500,000 P.T. Inti Indorayon Utama 9 1/8% due 10/15/2000
(5)........................................... 443,299 477,500
1,950,000 P.T. Pabrik Kertas Tjiwi Kimia 13 1/4% due
8/01/2001 (5)................................. 2,029,250 2,137,687
1,000,000 Aracruz Celulose SA 10 3/8% due 1/31/2002 (5)... 938,786 960,000
1,000,000 Banco Safra 10 3/8% due 10/28/2002 (b)(10)...... 985,088 1,006,250
7,177,500 Republic of Argentina FRB due 3/31/2005
(6.8125% @ 3/31/1996) (16).................... 5,177,240 5,176,772
6,250,000 Republic of Argentina Par 5% due 3/31/2023
(16).......................................... 2,863,634 3,246,094
2,325,000 Federal Republic of Brazil IDU FRN due 1/01/2001
(6.375% @ 3/31/1996) (16)..................... 1,915,063 2,086,688
450,000 Federal Republic of Brazil EI FRN due 4/15/2006
(6.8125% @ 3/31/1996) (16).................... 288,919 329,872
2,918,322 Federal Republic of Brazil `C' Bonds
8% due 4/15/2014 (16)......................... 1,249,532 1,719,986
500,000 Federal Republic of Brazil ZL Disc. FRN due
4/15/2024 (6.8125% @ 3/31/1996) (16).......... 298,806 320,625
3,000,000 Federal Republic of Brazil ZL Par FRN due
4/15/2024 (4 1/4% @ 3/31/1996) (16)........... 1,262,434 1,533,750
</TABLE>
14
<PAGE>
SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS (CONTINUED)
U.S. DOLLAR BONDS AND NOTES (CONTINUED)
$ 500,000 Republic of Bulgaria IAB FRN due 7/28/2011
(6 1/4% @ 3/31/1996) (16)..................... $ 169,128 $ 220,938
1,500,000 Republic of Bulgaria FLIRB due 7/28/2012
(2% @ 3/31/1996) (16)......................... 498,368 446,250
2,250,000 Republic of Bulgaria `A' Disc. FRN due 7/28/2024
(6 1/4% @ 3/31/1996) (16)..................... 1,098,730 1,120,781
1,041,282 Republic of Ecuador PDI FRN due 2/27/2015
(6.0625% @ 3/31/1996) (16).................... 420,906 403,497
1,000,000 Republic of Ecuador Disc. FRN due 2/28/2025
(6.0625% @ 3/31/1996) (16).................... 530,742 541,250
2,000,000 Republic of Ecuador Par 3 1/4% due 2/28/2025
(16).......................................... 685,807 700,000
500,000 United Mexican States Aztec FRN due 3/31/2008
(7.10156% @ 3/31/1996) (16)................... 441,064 466,562
1,000,000 Central Bank of Nigeria Par 6 1/4% due
11/15/2020 (16)............................... 427,758 511,250
1,000,000 Central Bank of Philippines NMB FRN due
1/05/2005 (6.3125% @ 3/31/1996) (16).......... 911,563 932,500
250,000 Republic of the Philippines DCB FRN due
12/01/2009 (6 1/2% @ 3/31/1996)............... 216,227 227,969
1,000,000 Republic of the Philippines Par `B' 6 1/4% due
12/01/2017 (16)............................... 649,074 787,500
3,300,000 Republic of Poland PDI 3 3/4% due 10/27/2014
(16).......................................... 1,666,921 2,499,750
3,250,000 Republic of Poland Disc. FRN due 10/27/2024
(6.875% @ 3/31/1996) (16)..................... 2,247,815 2,876,250
2,000,000 Republic of Venezuela `B' Disc. FRN due
3/31/2007 (6.625% @ 3/31/1996) (16)........... 998,853 1,215,000
1,500,000 Republic of Venezuela DCB's FRN due 12/18/2007
(6.5625% @ 3/31/1996) (16).................... 806,388 904,688
1,000,000 Republic of Venezuela `A' Disc. FRN due
3/31/2020 (6.6875% @ 3/31/1996) (16).......... 545,395 603,125
1,500,000 Republic of Venezuela Par Bonds
6 3/4% due 3/31/2020 (16)..................... 716,124 848,438
1,500,000 Lonhro Finance plc FRN due 7/19/1997
(6.80859% @ 3/31/1996) (10)................... 1,496,159 1,501,875
500,000 Vital Forsikring FRN due 12/22/2003
(6.6875% @ 3/31/1996) (10).................... 498,160 504,500
1,500,000 Bergen Bank Floating Rate Perpetual Note
(5.375% @ 3/31/1996) (10)..................... 1,165,250 1,188,450
3,000,000 Christiana Bank Floating Rate Perpetual Note
(6.0625% @ 3/31/1996) (10).................... 2,326,250 2,416,500
1,500,000 A/S Eksportfinans 0% due 11/07/1997 (d)(10)..... 1,500,000 2,030,250
2,000,000 Goldman Sachs Group L.P. Cocoa Indexed Note
5.50% due 8/02/1996 (d)(10)................... 2,000,000 1,883,400
46,291,336 50,814,572
</TABLE>
15
<PAGE>
SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS (CONTINUED)
U.S. TREASURY NOTE (0.31%)
$ 2,000,000 U.S. Treasury Note 7 1/2% due 12/31/1996 (16)... $ 1,997,037 $ 2,031,250
NON U.S. DOLLAR CONVERTIBLE BONDS (3.30%)
ECU 1,425,000 BCP Bank & Trust Co. 8 3/4% due 5/21/2002
(10).......................................... 1,867,689 1,893,467
(pounds) 850,000 Lonhro Finance plc 6% due 2/27/2004 (10)........ 1,185,652 1,442,449
(pounds) 700,000 Berisford plc 5% due 1/31/2015 (18)............. 890,120 902,777
FF 10,901,250 Compagnie Generale Des Eaux 6% due 1/01/1998
(18).......................................... 2,262,508 2,436,439
FF 8,500,000 Michelin 6% due 1/02/1998 (13).................. 1,750,909 1,849,432
FF 30,144,400 Immobiliere Hoteliere 5% due 1/01/2001 (4)...... 5,015,484 3,934,891
FF 3,696,000 Crometal SA 4 1/4% due 1/01/2001 (8)............ 726,377 735,518
FF 16,751,000 Euro Disney S.C.A. 6 3/4% due 10/01/2001 (18)... 2,376,151 3,311,730
FF 10,800,000 Alcatel Alsthom 2 1/2% due 1/01/2004 (8)........ 2,090,123 2,128,686
NZD 2,153,666 Shortland Properties 7 1/2% due 12/31/1998
(4)........................................... 1,117,593 1,320,854
(Yen) 125,000,000 Nippon Yusen Kabushiki 2% due 9/29/2000 (14).... 1,437,773 1,388,306
20,720,379 21,344,549
NON U.S. DOLLAR BONDS AND NOTES (2.32%)
CAD 2,500,000 Province of Alberta 10 1/4% due 8/22/2001
(16).......................................... 1,846,733 2,079,584
CAD 500,000 Province of Quebec 10 1/4% due 10/15/2001
(16).......................................... 377,818 413,713
ITL 250,000,000 Bayerische Hypotheken-und Wechsel-Bank AG 7.85%
due 2/14/2001 (10)............................ 145,991 147,927
ITL 1,000,000,000 American International Group 11.7% due
12/04/2001 (10)............................... 670,981 681,021
FF 21,500,000 United Mexican States Par Bonds 6.63% due
12/31/2019 (16)............................... 2,465,668 2,551,137
FF 5,000,000 Republic of Venezuela Par Bonds 7.71% due
3/31/2020 (16)................................ 489,209 558,534
CHF 500,000 Scandinavian Air 3.625% Perpetual Notes (14).... 247,886 267,621
NZD 5,500,000 Republic of New Zealand 10% due 3/15/2002
(16).......................................... 3,975,359 4,067,775
NZD 500,000 Telecom Corp. of New Zealand 9 1/4% due
7/01/2002 (18)................................ 305,056 351,799
NZD 1,500,000 Telecom Corp. of New Zealand 7 1/2% due
7/14/2003 (18)................................ 862,071 974,899
ZAR 3,000,000 Escom 15% due 10/01/1998 (18)................... 720,345 765,653
ZAR 10,000,000 Republic of South Africa 13% due 8/31/2010
(16).......................................... 1,927,239 2,183,896
14,034,356 15,043,559
TOTAL BONDS, NOTES AND CONVERTIBLE BONDS........ 101,310,230 108,230,593
SHORT-TERM INVESTMENTS (7.47%)
$ 4,103,000 Merrill Lynch & Co. 5.37% due 4/01/1996......... 4,103,000 4,103,000
6,039,000 Bridgestone Firestone Inc. 5.63% due
4/02/1996..................................... 6,038,056 6,038,056
5,000,000 The Coca-Cola Company 5.30% due 4/03/1996....... 4,998,528 4,998,528
5,275,000 Fiat U.S.A., Inc. 5.47% due 4/04/1996........... 5,272,595 5,272,595
</TABLE>
16
<PAGE>
SOGEN OVERSEAS FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS (CONTINUED)
$ 5,000,000 General Electric Co. 5.30% due 4/08/1996........ $ 4,994,847 $ 4,994,847
2,237,000 Anheuser Busch Companies, Inc. 5.35% due
4/09/1996..................................... 2,234,340 2,234,340
1,730,000 Fiat U.S.A., Inc. 5.47% due 4/09/1996........... 1,727,897 1,727,897
5,098,000 Price/Costco Inc. 5.48% due 4/11/1996........... 5,090,240 5,090,240
3,391,000 Wal-Mart Stores, Inc. 5.40% due 4/12/1996....... 3,385,405 3,385,405
4,624,000 American Express Credit Corp. 5.32% due
4/15/1996..................................... 4,614,433 4,614,433
2,896,000 PepsiCo Inc. 5.35% due 4/24/1996................ 2,886,101 2,886,101
3,000,000 Abbott Laboratories, Inc. 5.33% due 4/26/1996... 2,988,896 2,988,896
TOTAL SHORT-TERM INVESTMENTS.................... 48,334,338 48,334,338
TOTAL INVESTMENTS (99.41%)...................... $592,475,368* 643,566,418**
Other assets in excess of liabilities (0.59%)... 3,831,241
Net assets (100.00%)............................ $647,397,659
</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 year ended March
31, 1996:
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
Affiliate Shares Cost Shares Cost Gain Income
<S> <C> <C> <C> <C> <C> <C>
Radio Pacific Limited -- -- -- -- -- $ 62,465
</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.
(e) Security for which there are less than three market makers.
* At March 31, 1996 cost is identical for both book and federal income tax
purposes.
** Gross unrealized appreciation and depreciation of securities at March 31,
1996 were $82,119,602 and $31,028,552, respectively (Net appreciation was
$51,091,050).
FOREIGN CURRENCIES
ECU -- European Currency Unit
(pounds) -- Pound Sterling
FF -- French Franc
NZD -- New Zealand Dollar
(Yen) -- Japanese Yen
CAD -- Canadian Dollar
ITL -- Italian Lira
CHF -- Swiss Franc
ZAR -- South African Rand
INDUSTRY CLASSIFICATIONS
(1) Agriculture
(2) Gold Related
(3) Metals and Minerals
(4) Real Estate
(5) Paper and Forest Products
(6) Building Materials
(7) Energy
(8) Capital Goods
(9) Multinational
(10) Financial Companies
(11) Media
(12) Retail
(13) Consumer Products
(14) Transportation
(15) Technology
(16) Governmental Issues
(17) Investment Companies
(18) Miscellaneous
BOND TYPES
FRB -- Floating Rate Bond
FRN -- Floating Rate Note
IDU -- Interest Due Unpaid
`C' -- Capitalization
IAB -- Interest in Arrears Bond
EI -- Eligible Interest
FLIRB -- Front Loaded Interest Reduction Bond
PDI -- Past Due Interest
NMB -- New Money Bond
DCB -- Debt Conversion Bond
See Notes to Financial Statements.
17
<PAGE>
SOGEN GOLD FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED STATES (31.42%)
148,500 Freeport McMoRan Copper & Gold,
Preferred Series `C' (c).................... $ 5,416,510 $ 5,030,438
97,500 Freeport McMoRan Copper & Gold,
Preferred Series `D' (c).................... 2,094,054 2,291,250
55,000 Freeport McMoRan Copper & Gold,
Preferred Series `B' (c).................... 2,081,910 2,021,250
50,000 Newmont Mining Corporation.................... 2,080,525 2,831,250
100,000 Homestake Mining Company...................... 2,021,673 1,937,500
55,000 Pioneer Group Inc............................. 1,522,122 1,595,000
90,000 Santa Fe Pacific Gold Corporation............. 1,372,488 1,440,000
845 Case Pomeroy & Co., Inc. Class `A'............ 898,280 1,026,675
35,000 Ashanti Goldfields Company Limited............ 737,125 875,000
8,500 Amax Gold Inc. $3.75 Conv. Pfd. Series `B'.... 436,223 486,625
50,000 Amax Gold Inc. (a)............................ 417,900 343,750
19,078,810 19,878,738
CANADA (16.82%)
32,500 Franco-Nevada Mining Corp., Ltd............... 1,867,103 1,987,311
52,500 Euro-Nevada Mining Corporation Ltd............ 1,361,334 1,928,091
40,000 Placer Dome Inc............................... 873,175 1,155,000
115,000 Pan American Silver Corp. (a)................. 384,344 1,055,860
55,000 Cambior, Inc.................................. 721,756 747,365
75,000 Battle Mountain Gold Company Class `A'........ 776,275 731,250
165,000 Royal Oak Mines Inc. (a)...................... 759,342 690,937
40,000 Pegasus Gold Inc. (a)......................... 627,923 585,000
55,000 TVX Gold Inc. (a)............................. 589,077 495,000
35,000 Echo Bay Mines Ltd............................ 494,625 472,500
65,000 Dayton Mining Corp. (a)....................... 391,046 406,250
130,000 Santa Elina Gold Co. (a)...................... 195,000 212,457
155,000 Vengold Inc. (a).............................. 753,345 174,375
9,794,345 10,641,396
AUSTRALIA & NEW ZEALAND (8.21%)
1,550,000 Perilya Mines NL (a).......................... 880,352 946,466
598,450 Kidston Gold Mines Ltd........................ 983,790 936,993
575,000 Orion Resources NL............................ 753,022 751,732
250,000 Poseidon Gold Ltd............................. 529,031 675,208
325,000 Eltin Limited................................. 973,783 636,066
</TABLE>
18
<PAGE>
SOGEN GOLD FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS (CONTINUED)
AUSTRALIA & NEW ZEALAND (CONTINUED)
285,000 Macraes Mining Company Limited................ $ 437,507 $ 562,243
170,000 Macraes Mining Company Limited 7% due
9/15/1998................................... 338,804 346,020
75,000 Newcrest Mining Ltd........................... 277,790 335,843
5,174,079 5,190,571
SOUTH AFRICA (14.62%)
85,000 DrieFontein Consolidated Ltd. ADR............. 1,084,651 1,349,375
100,000 Kloof Gold Mining Company Ltd. ADR............ 1,165,072 1,275,000
100,000 Free State Consolidated Gold Mines Ltd. ADR... 1,267,842 950,000
70,000 Harmony Gold Mining Company Ltd. ADR.......... 383,890 910,000
97,500 St. Helena Gold Mines Ltd. ADR................ 899,250 719,062
17,500 St. Helena Gold Mines Ltd..................... 108,726 129,711
75,000 Vaal Reefs Exploration & Mining Company
Ltd......................................... 728,125 717,188
71,250 Durban Roodepoort Deep Ltd. (a)............... 679,338 662,374
40,608 Western Areas Gold Mining Company Ltd. ADR.... 362,622 657,342
15,000 Gold Fields of South Africa Ltd............... 412,049 523,869
115,000 Loraine Gold Mines Ltd. ADR (a)............... 360,480 382,375
61,500 Loraine Gold Mines Ltd. (a)................... 186,494 208,606
40,000 Randfontein Estates Gold Mining Company
Witwatersrand Ltd. ADR...................... 371,937 336,683
5,000 Randfontein Estates Gold Mining Company
Witwatersrand Ltd........................... 45,928 42,085
32,500 Anglo American Platinum Corporation Ltd....... 247,282 210,270
26,996 Anglo American Platinum Corporation Ltd.
ADR......................................... 140,542 174,662
8,444,228 9,248,602
SWITZERLAND (8.08%)
525 Bank for International Settlements (U.S.
Tranche).................................... 4,024,055 5,113,135
FRANCE (4.20%)
215 Bank for International Settlements (French
Tranche).................................... 1,521,994 1,878,662
10,000 Comptoir Lyon-Alemand-Louyot (a).............. 757,300 776,487
2,279,294 2,655,149
MISCELLANEOUS (6.82%)
812,500 Minas De Arcata SA (a)........................ 1,330,975 1,015,841
75,000 Terra Mining-AB............................... 1,749,917 1,325,088
225,000 Industrias Penoles, S.A. de C.V. (a).......... 427,280 968,771
675,000,000 Manila Mining Corporation..................... 1,789,308 1,005,539
5,297,480 4,315,239
TOTAL COMMON AND PREFERRED STOCKS............. 54,092,291 57,042,830
</TABLE>
19
<PAGE>
SOGEN GOLD FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
<C> <C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS (4.99%)
$ 250,000 Homestake Mining Company 5 1/2% due 6/23/2000
(b)............................................ $ 249,019 $ 259,375
350,000 Pegasus Gold Inc. 6 1/4% Co due 4/30/2002........ 385,500 409,062
500,000 Agnico Eagle Mines Limited 3 1/2% due
1/27/2004...................................... 382,223 528,125
1,000,000 Coeur d'Alene Mines Corp. 6 3/8% due 1/31/2004... 1,002,778 1,022,500
1,000,000 Battle Mountain Gold Company 6% due 1/04/2005.... 847,788 935,000
2,867,308 3,154,062
NON U.S. DOLLAR CONVERTIBLE BONDS (2.93%)
ZAR 1,000,000 Gold Mines of Kalgoorlie 7 1/2% due 2/28/2000.... 1,091,644 1,177,500
(pounds) 400,000 Lonhro Finance plc 6% due 2/27/2004.............. 568,899 678,800
1,660,543 1,856,300
U.S. DOLLAR NON CONVERTIBLE BOND (0.59%)
$ 400,000 Kingdom of Denmark FRN due 3/25/1997 (c)(d)...... 333,796 372,400
TOTAL BONDS, NOTES AND CONVERTIBLE BONDS......... 4,861,647 5,382,762
SHORT-TERM INVESTMENT (1.95%)
1,236,000 Price/Costco 5.58% due 4/01/1996................. 1,236,000 1,236,000
TOTAL INVESTMENTS (100.63%)...................... $ 60,189,938* 63,661,592**
Other liabilities in excess of assets (-0.63%)... (400,307)
Net assets (100.00%)............................. $ 63,261,285
</TABLE>
(a) Non-income-producing security.
(b) Can be sold only 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.
(d) Security for which there are less than three market makers.
* At March 31, 1996 cost is identical for both book and federal income tax
purposes.
** Gross unrealized appreciation and depreciation of securities at March 31,
1996 were $7,439,809 and $3,968,155, respectively (Net appreciation was
$3,471,654).
<TABLE>
<CAPTION>
FOREIGN CURRENCIES BOND TYPE
<S> <C> <C>
(pounds) -- Pound Sterling FRN -- Floating Rate Note
ZAR -- South African Rand
</TABLE>
See Notes to Financial Statements.
20
<PAGE>
SOGEN MONEY FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
CREDIT PRINCIPAL COST VALUE
RATING+ AMOUNT (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
U.S. TREASURY BILL (23.65%)
$2,008,000 U.S. Treasury Bill 4.84% due 4/04/1996.............. $2,007,190 $2,007,190
COMMERCIAL PAPER (77.48%)
A1+ 398,000 AT&T Corp. 5.40% due 4/01/1996...................... 398,000 398,000
A1+ 381,000 Merrill Lynch & Co. 5.25% due 4/01/1996............. 381,000 381,000
A1 250,000 Pearson, Inc. 5.25% due 4/02/1996................... 249,964 249,964
A1+ 247,000 The Coca-Cola Company 5.30% due 4/03/1996........... 246,927 246,927
A1+ 150,000 Schering Corp. 5.22% due 4/03/1996.................. 149,957 149,957
A1+ 270,000 Toys "R" Us, Inc. 5.32% due 4/04/1996............... 269,880 269,880
A1+ 300,000 General Electric Co. 5.30% due 4/08/1996............ 299,691 299,691
A1 381,000 The Walt Disney Company 5.22% due 4/09/1996......... 380,558 380,558
A1 400,000 Bridgestone/Firestone, Inc. 5.40% due 4/10/1996..... 399,460 399,460
A1 365,000 IBM Credit Corp. 5.31% due 4/11/1996................ 364,462 364,462
A1+ 350,000 Sandoz Corp. 5.30% due 4/12/1996.................... 349,433 349,433
A1 368,000 American Express Credit Corp. 5.32% due 4/15/1996... 367,239 367,239
A1+ 395,000 Dun & Bradstreet Corp. 5.35% due 4/16/1996.......... 394,119 394,119
A1+ 302,000 Toyota Motor Credit Corp. 5.28% due 4/18/1996....... 301,247 301,247
A1 370,000 Xerox Corporation 5.30% due 4/19/1996............... 369,020 369,020
A1+ 376,000 Anheuser Busch Companies, Inc. 5.31% due
4/22/1996......................................... 374,835 374,835
A1+ 338,000 E. I. Dupont de Nemours and Company 5.33% due
4/23/1996......................................... 336,899 336,899
A1 274,000 PepsiCo, Inc. 5.35% due 4/24/1996................... 273,063 273,063
A1+ 275,000 Abbott Laboratories, Inc. 5.33% due 4/26/1996....... 273,982 273,982
A1 398,000 H.J. Heinz Company 5.33% due 4/29/1996.............. 396,350 396,350
TOTAL COMMERCIAL PAPER.............................. 6,576,086 6,576,086
TOTAL INVESTMENTS (101.13%)......................... $8,583,276* 8,583,276
Other liabilities in excess of assets (-1.13%)...... (96,292)
Net assets (100.00%)................................ $8,486,984
</TABLE>
* At March 31, 1996 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.
21
<PAGE>
SOGEN FUNDS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 1996
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost: $592,475,368,
$60,189,938 and $8,583,276, respectively) (Note
1)............................................. $643,566,418 $63,661,592 $8,583,276
Cash............................................. 401,665 211,524 1,105
Receivable for forward currency contracts held,
at value (Notes 1 and 6)....................... 188,427,699 245,058 --
Receivable for investment securities sold........ 675,672 -- --
Receivable for Fund shares sold.................. 2,417,031 230,428 --
Accrued interest and dividends receivable........ 4,254,542 91,236 --
Deferred organization costs (Note 1)............. 18,140 18,155 18,133
Prepaid expenses and other assets................ 2,203 1,514 651
TOTAL ASSETS................................. 839,763,370 64,459,507 8,603,165
LIABILITIES:
Payable for forward currency contracts held, at
value (Notes 1 and 6).......................... 184,449,124 243,654 --
Payable for investment securities purchased...... 5,598,266 746,418 --
Payable for Fund shares redeemed................. 1,138,259 72,706 49,659
Investment advisory fees payable (Note 2)........ 392,951 38,988 23,686
Distribution fees payable (Note 3)............... 370,470 36,836 --
Directors' fees payable (Note 2)................. 17,196 1,620 384
Accrued expenses and other liabilities........... 399,445 58,000 42,452
TOTAL LIABILITIES............................ 192,365,711 1,198,222 116,181
NET ASSETS:
Capital stock (par value, $0.001 per share)...... 48,828 5,163 8,487
Capital surplus.................................. 579,486,639 59,971,636 8,478,497
Net unrealized appreciation (depreciation) on:
Investments.................................... 51,091,050 3,471,654 --
Forward currency contracts..................... 3,978,575 1,404 --
Foreign currency related transactions.......... (18,619) 966 --
Undistributed net realized gains on
investments.................................... 6,745,491 218,476 --
Undistributed (overdistributed) net investment
income......................................... 6,065,695 (408,014) --
NET ASSETS (Note 1).......................... $647,397,659 $63,261,285 $8,486,984
NET ASSET VALUE PER SHARE (NAV) (based on
48,827,734, 5,162,982 and 8,486,984 shares
outstanding, respectively; 1,000,000,000 shares
authorized) (Note 5)............................. $ 13.26 $ 12.25 $ 1.00
MAXIMUM OFFERING PRICE PER SHARE (NAV/96.25%;
except SoGen Money Fund)......................... $ 13.78 $ 12.73 $ 1.00
</TABLE>
See Notes to Financial Statements.
22
<PAGE>
SOGEN FUNDS, INC.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1996
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
<S> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest (net of $61,386 and $1,660 foreign
taxes withheld, respectively)................ $12,172,174 $ 447,538 $634,063
Dividends (net of $770,630 and $57,024 foreign
taxes withheld, respectively)................ 12,696,390 952,847 --
Miscellaneous income........................... 65,842 8,904 --
Total income from operations................. 24,934,406 1,409,289 634,063
Expenses:
Investment advisory fees (Note 2).............. 3,991,923 392,561 44,365
Distribution fees (Note 3)..................... 1,328,203 130,259 --
Shareholder servicing agent fees............... 949,266 131,621 18,858
Custodian fees................................. 730,692 24,781 14,721
Registration and filing fees................... 135,968 15,064 5,251
Printing....................................... 82,619 8,024 1,500
Audit fees..................................... 42,147 29,000 13,000
Directors' fees (Note 2)....................... 32,040 3,240 720
Legal fees..................................... 12,000 2,005 400
Insurance...................................... 11,128 2,196 992
Amortization of deferred organization costs
(Note 1)..................................... 6,809 6,809 6,809
Miscellaneous.................................. 30,000 3,011 1,000
Total expenses from operations............... 7,352,795 748,571 107,616
Advisory fees waived (Note 2).................... -- -- (23,806)
Expense reduction due to earnings credits (Note
1)............................................. (36,959) (12,763) (1,079)
Net expenses from operations................. 7,315,836 735,808 82,731
Net investment income (Note 1)................... 17,618,570 673,481 551,332
REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS AND FOREIGN CURRENCY RELATED
TRANSACTIONS (NOTES 1 AND 6):
Net realized gains (losses) from:
Investment transactions........................ 14,047,683 1,385,702 --
Foreign currency related transactions.......... 2,493,872 (27,376) --
16,541,555 1,358,326 --
Change in unrealized appreciation (depreciation)
of:
Investments.................................... 48,073,031 4,839,280
Foreign currency related transactions.......... 10,937,160 (4,335) --
59,010,191 4,834,945 --
Net gain on investments and foreign currency
related transactions........................... 75,551,746 6,193,271 --
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS....................................... $93,170,316 $6,866,752 $551,332
</TABLE>
See Notes to Financial Statements.
23
<PAGE>
SOGEN FUNDS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
YEAR ENDED MARCH 31, YEAR ENDED MARCH 31, YEAR ENDED MARCH 31,
1996 1995 1996 1995 1996 1995
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income... $ 17,618,570 $ 7,757,120 $ 673,481 $ 289,987 $ 551,332 $ 361,490
Net realized gain (loss)
from investments and
foreign currency
related
transactions.......... 16,541,555 (1,619,392) 1,358,326 586,012 -- --
Increase (decrease) in
unrealized
appreciation
(depreciation) of
investments and
foreign currency
related
transactions.......... 59,010,191 (7,505,563) 4,834,945 (1,662,176) -- --
Net increase
(decrease) in net
assets resulting
from operations... 93,170,316 (1,367,835) 6,866,752 (786,177) 551,332 361,490
DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends paid from net
investment income..... (18,088,125) (1,906,899) (1,451,019) (151,079) (551,332) (361,490)
Distributions paid from
net realized gains
from investment
transactions.......... (7,143,433) (635,696) (1,141,579) (350,932) -- --
Decrease in net
assets resulting
from
distributions..... (25,231,558) (2,542,595) (2,592,598) (502,011) (551,332) (361,490)
FUND SHARE TRANSACTIONS
(NOTE 5):
Net proceeds from shares
sold.................. 285,702,785 457,569,392 67,101,079 45,668,688 58,029,190 23,186,248
Net asset value of
shares issued for
reinvested dividends
and distributions..... 24,206,934 2,438,757 2,424,804 454,913 504,395 316,067
Cost of shares
redeemed.............. (169,680,986) (136,710,958) (61,460,709) (16,319,571) (60,491,179) (19,449,566)
Increase (decrease)
in net assets from
Fund share
transactions...... 140,228,733 323,297,191 8,065,174 29,804,030 (1,957,594) 4,052,749
Net increase
(decrease) in net
assets............ 208,167,491 319,386,761 12,339,328 28,515,842 (1,957,594) 4,052,749
NET ASSETS (NOTE 1):
Beginning of year....... 439,230,168 119,843,407 50,921,957 22,406,115 10,444,578 6,391,829
End of year (including
undistributed
(overdistributed) net
investment income of
$6,065,695,
$2,999,213,
($408,014), $108,914,
$0 and $0,
respectively.)........ $647,397,659 $439,230,168 $ 63,261,285 $ 50,921,957 $ 8,486,984 $ 10,444,578
</TABLE>
See Notes to Financial Statements.
24
<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
investment company registered under the Investment Company Act of 1940, as
amended (each individually a "Fund" or collectively the "Funds"). The following
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
available. 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
approximates market value, subject to guidelines and procedures established by
the Board of Directors in accordance with applicable SEC regulations. Securities
for which current market quotations are not readily available and any restricted
securities are valued at fair value as determined in good faith by the Board of
Directors.
b) DEFERRED ORGANIZATION COSTS AND PREPAID EXPENSES -- Costs incurred in
connection 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
determining realized gains and losses from security transactions. Dividend
income is recorded on the ex-dividend date. Interest income is recorded daily on
the accrual basis. In computing investment income, each Fund amortizes discounts
on debt obligations; however, premiums are not amortized.
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 proportion to its relative net assets. Earnings credits reduce custodian fees
and shareholder servicing agent fees by the amount of interest earned on
balances with such service providers.
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 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
25
<PAGE>
SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
taxes are accrued at the rates of exchange prevailing on the respective dates of
such transactions.
The net assets of each of SoGen Overseas Fund and SoGen Gold Fund are
presented at the foreign exchange rates and market values at the close of the
period. 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 contracts to hedge certain other foreign currency denominated investments.
These contracts are valued at current market, and the related realized and
unrealized foreign exchange gains and losses are included in the statement of
operations. In the event that counterparties fail to settle these currency
contracts or the related foreign security trades, a Fund could be exposed to
foreign currency fluctuations.
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
Internal 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 increase undistributed net investment income
and decrease undistributed net realized gains on investments in the amounts of
$3,536,037 and $260,610 for SoGen Overseas Fund and SoGen Gold Fund,
respectively.
i) USE OF ESTIMATES -- The preparation of financial statements in
conformity with generally accepted accounting principles requires management to
make estimates and
26
<PAGE>
SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 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 advisory 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%. Expense
reimbursements are accrued daily and paid monthly. For the year ended March 31,
1996, the investment advisory fees paid or payable to SOGEN A.M. Corp. were
$3,991,923 and $392,561 for SoGen Overseas Fund and SoGen Gold Fund,
respectively. For the same period, $23,806 of the investment advisory fee of
$44,365 for SoGen Money Fund was waived by SOGEN A.M. Corp.
For the year ended March 31, 1996, Societe Generale Securities Corporation
("SGSC"), the principal underwriter, realized $392,877 and $84,402 in dealer's
and underwriter's commissions, after reallowance to others, pertaining to the
sale of shares of SoGen Overseas Fund and SoGen Gold Fund, respectively. Societe
Generale, a stockholder of SOGEN A.M. Corp. and SGSC, received dealer's
commissions of $451 and $8,537 pertaining to the sale of shares of SoGen
Overseas Fund and SoGen Gold Fund, respectively. For the same period, Societe
Generale or its affiliates received $44,254 and $495 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 year ended March 31, 1996 such
fees amounted to $32,040, $3,240 and $720 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 Company
Act of
27
<PAGE>
SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 3 -- PLAN OF DISTRIBUTION (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)
(CONTINUED)
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 received 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 year ended March 31, 1996 the distribution fees
paid or payable to SGSC by SoGen Overseas Fund and SoGen Gold Fund were
$1,328,203 and $130,259, respectively.
NOTE 4 -- PURCHASES AND SALES OF SECURITIES
During the year ended March 31, 1996, the aggregate cost of purchases of
investments, excluding short-term securities, totaled $210,198,347 and
$18,826,398 for SoGen Overseas Fund and SoGen Gold Fund, respectively, and
proceeds from sales of investments, excluding short-term securities, totaled
$45,034,356 and $11,382,988 for SoGen Overseas Fund and SoGen Gold Fund,
respectively.
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>
YEAR ENDED MARCH 31, 1996
Shares sold.................................... 22,642,622 5,549,322 58,029,190
Shares issued for reinvested dividends and
distributions................................ 1,971,400 223,462 504,395
Shares redeemed................................ (13,470,520) (5,124,862) (60,491,179)
Net increase (decrease)................... 11,143,502 647,922 (1,957,594)
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>
28
<PAGE>
SOGEN FUNDS, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 -- COMMITMENTS
As of March 31, 1996, SoGen Overseas Fund and SoGen Gold Fund had entered
into forward currency contracts, as summarized below, resulting in net
unrealized appreciation of $3,978,575 and $1,404, respectively.
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ VALUE
DATES CURRENCY TO AT CURRENCY TO AT
THROUGH BE DELIVERED MARCH 31, 1996 BE RECEIVED MARCH 31, 1996
<S> <C> <C> <C> <C> <C> <C>
SOGEN OVERSEAS FUND:
8/09/96 24,036,578 Swiss Franc $ 20,386,643 20,695,713 U.S. Dollar $ 20,695,713
4/03/96 221,282 U.S. Dollar 221,282 327,875 Deutsche Mark 222,018
8/16/96 40,962,500 Deutsche Mark 27,909,823 28,438,316 U.S. Dollar 28,438,316
4/03/96 113,113 U.S. Dollar 113,113 14,127,778 Spanish Peseta 113,791
4/03/96 78,335 U.S. Dollar 78,335 363,265 Finnish Markka 78,362
4/30/96 2,315,964 U.S. Dollar 2,315,964 11,684,506 French Franc 2,320,426
8/23/96 357,228,418 French Franc 71,194,121 71,586,935 U.S. Dollar 71,586,935
4/01/96 1,053,860 U.S. Dollar 1,053,860 691,815 British Pound 1,055,882
4/05/96 210,453 U.S. Dollar 210,453 330,600,256 Italian Lira 210,909
4/03/96 1,005,520 U.S. Dollar 1,005,520 107,045,148 Japanese Yen 999,068
8/30/96 6,262,250,000 Japanese Yen 59,419,488 62,165,919 U.S. Dollar 62,165,919
4/02/96 473,224 U.S. Dollar 473,224 3,036,583 Norwegian Krone 473,062
4/02/96 267,844 South African Rand 67,298 67,298 U.S. Dollar 67,298
$184,449,124 $188,427,699
SOGEN GOLD FUND:
4/03/96 70,771 U.S. Dollar $ 70,771 91,341 Australian Dollar $ 71,506
4/01/96 87,178 U.S. Dollar 87,178 441,320 French Franc 87,642
4/02/96 85,705 U.S. Dollar 85,705 341,920 South African Rand 85,910
$ 243,654 $ 245,058
</TABLE>
29
<PAGE>
SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
YEAR YEAR PERIOD FROM
ENDED ENDED AUGUST 31, 1993
MARCH 31, 1996 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)......... 0.48 0.14 (0.01)
Net realized and unrealized gains on
investments........................ 1.74 0.04 1.55
Total from investment operations..... 2.22 0.18 1.54
Less distributions:
Dividends from net investment
income............................. (0.44) (0.05) --
Distributions from capital gains..... (0.17) (0.02) --
Total distributions.................. (0.61) (0.07) --
Net asset value, end of period........ $ 13.26 $ 11.65 $ 11.54
TOTAL RETURN++........................ 19.47% 1.56% 15.35%++
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000's)..... $647,398 $439,230 $ 119,843
Ratio of operating expenses to average
net
assets............................... 1.37%** 1.40% 1.72%*
Ratio of net investment income to
average net
assets............................... 3.31%** 2.29% (0.23%)*
Portfolio turnover rate............... 9.46% 3.16% 6.11%
Average commission rate paid ......... $ 0.0190 -- --
</TABLE>
<TABLE>
<CAPTION>
YEAR YEAR PERIOD FROM
ENDED ENDED AUGUST 31, 1993
MARCH 31, 1996 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)......... 0.24 0.08 (0.01)
Net realized and unrealized gains
(losses) on investments............ 1.35 (0.10) 1.43
Total from investment operations...... 1.59 (0.02) 1.42
Less distributions:
Dividends from net investment
income............................. (0.35) (0.04) --
Distributions from capital gains..... (0.27) (0.08) --
Total distributions.................. (0.62) (0.12) --
Net asset value, end of period........ $ 12.25 $ 11.28 $ 11.42
TOTAL RETURN++........................ 14.81% (0.14%) 14.15%++
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000's)..... $ 63,261 $ 50,922 $ 22,406
Ratio of operating expenses to average
net assets........................... 1.41%** 1.46% 2.27%*
Ratio of net investment income to
average net assets................... 1.29%** 0.79% (0.32%)*
Portfolio turnover rate............... 22.40% 11.56% 4.55%
Average commission rate paid^......... $ 0.0002 -- --
</TABLE>
See Notes to Financial Statements.
30
<PAGE>
SOGEN FUNDS, INC.
FINANCIAL HIGHLIGHTS (CONTINUED)
<TABLE>
<CAPTION>
YEAR YEAR PERIOD FROM
ENDED ENDED AUGUST 31, 1993
MARCH 31, 1996 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................ 0.05 0.04 0.01
Net realized and unrealized gains on
investments........................ -- -- --
Total from investment operations..... 0.05 0.04 0.01
Less distributions:
Dividends from net investment
income............................. (0.05) (0.04) (0.01)
Distributions from capital gains..... -- -- --
Total distributions.................. (0.05) (0.04) (0.01)
Net asset value, end of period........ $ 1.00 $ 1.00 $ 1.00
TOTAL RETURN.......................... 5.03% 4.13% 1.25%++
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000's)..... $8,487 $ 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................... 4.98% 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 year ended March 31, 1996
for SoGen Overseas Fund would have been 1.38% and 3.30%, respectively, and
for SoGen Gold Fund 1.43% and 1.26%, 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 4.76%, respectively, for the year
ended March 31, 1996, 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.
^ 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. Due to the new
Securities and Exchange Commission disclosure guidelines, average
commissions per share are calculated only for the current year and not for
the prior periods.
See Notes to Financial Statements.
31
<PAGE>
SOGEN FUNDS, INC.
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Shareholders of
SoGen Funds, Inc.:
We have audited the accompanying statements of assets and liabilities of
SoGen Funds, Inc., consisting of SoGen Overseas Fund, SoGen Gold Fund and SoGen
Money Fund, including the schedules of investments, as of March 31, 1996, and
the related statements of operations for the year then ended, changes in net
assets and financial highlights for the two years ended March 31, 1996 and for
the period from August 31, 1993 (inception of the Funds) to March 31, 1994.
These financial statements and financial highlights are the responsibility of
the Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of March
31, 1996, by correspondence with custodians and brokers. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
SoGen Funds, Inc., consisting of SoGen Overseas Fund, SoGen Gold Fund and SoGen
Money Fund, as of March 31, 1996, the results of their operations for the year
then ended, the changes in their net assets for the two years then ended and
their financial highlights for the two years then ended and for the period from
August 31, 1993 (inception of the Funds) to March 31, 1994, in conformity with
generally accepted accounting principles.
/s/ KPMG PEAT MARWICK LLP
KPMG Peat Marwick LLP
New York, New York
May 10, 1996
32
<PAGE>
SOGEN FUNDS, INC.
TAX INFORMATION
FISCAL YEAR ENDED MARCH 31, 1996
(UNAUDITED)
The following tax information represents the designation of various tax
benefits relating to the fiscal year ended March 31, 1996:
CORPORATE DIVIDENDS RECEIVED DEDUCTION
The percentages of investment company taxable income eligible for the
dividends received deduction available to certain corporate shareholders with
respect to the fiscal year ended March 31, 1996 are as follows:
SOGEN OVERSEAS FUND 2.19 %
SOGEN GOLD FUND 26.09 %
SOGEN MONEY FUND 0.00 %
CAPITAL GAINS DISTRIBUTIONS
Capital gains distributions paid to shareholders by the Funds during the
fiscal year ended March 31, 1996, whether taken in shares or in cash, were as
follows:
SOGEN OVERSEAS FUND $4,136,325
SOGEN GOLD FUND $ 543,809
SOGEN MONEY FUND $ --
FOREIGN SOURCE INCOME AND FOREIGN TAX CREDITS
For the fiscal year ended March 31, 1996, the total income received from
sources within foreign countries and possessions of the United States, and
foreign taxes paid by the portfolios to such countries were as follows:
AMOUNT FOREIGN AMOUNT
NET FOREIGN PER WITHHOLDING PER
SOURCE INCOME SHARE TAXES SHARE
SOGEN OVERSEAS FUND $ 18,921,817 $0.3875 $ 832,016 $0.0170
SOGEN GOLD FUND $1,107,908 $0.2146 $56,864 $0.0114
SOGEN MONEY FUND $ -- $ -- $ -- $ --
The above figures may differ from those cited elsewhere in the report due
to differences in the calculations of income and capital gains for Securities
and Exchange Commission (financial reporting) purposes and Internal Revenue
Service (tax) purposes.
33
<PAGE>
SOGEN FUNDS, INC.
1221 AVENUE OF THE AMERICAS
NEW YORK, NY 10020
DIRECTORS AND OFFICERS
DIRECTORS
Philippe Collas Dominique Raillard
Jean-Marie Eveillard Nathan Snyder
Fred J. Meyer
OFFICERS
Philippe Collas........................................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
John L. DeVita......................................ASSISTANT VICE PRESIDENT
Howard C. Monaghan..................................ASSISTANT VICE PRESIDENT
<TABLE>
<S> <C>
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
(800) 334-2143
LEGAL COUNSEL INDEPENDENT AUDITORS
DECHERT PRICE & RHOADS KPMG PEAT MARWICK LLP
477 Madison Avenue 345 Park Avenue
New York, NY 10022 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
FIRST DATA INVESTOR SERVICES GROUP, INC.
53 State Street
Boston, MA 02109
(800) 443-7046
</TABLE>
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of SOGEN FUNDS, INC.
