<PAGE>
SOGEN OVERSEAS FUND
SOGEN GOLD FUND
SOGEN MONEY FUND
----------------------------------
[ART]
----------------------------------
Semi-Annual Report
September 30, 1996
<PAGE>
SoGen Funds, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
SOGEN OVERSEAS FUND
From inception (three years and one month ago) through September 30, 1996,
the value of an investment in your Fund increased at a compounded average
annual rate of 12.91%.*
As of September 30, 1996 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
Foreign stocks(/1/) 75.5%
U.S. dollar bonds 6.2
Foreign currency bonds 4.7
Cash and equivalents 13.6
-----
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 (Dutch temporary employment company); Buderus AG (German
heating products company); Fuji Photo Film Co., Ltd. (Japanese film and imaging
company); Compagnie Generale des Eaux (French water distribution,
telecommunications and real estate company); CDL Hotels International Ltd.
(Hong Kong listed hotel chain); Noranda, Inc. (Canadian base metals, forest
products and energy company); Bayer AG (German chemicals and pharmaceuticals
company); Legrand ADP (French low-voltage electrical fittings manufacturer);
and Siderca S.A.I.C. (Argentine steel pipe manufacturer for the oil industry).
Approximately 43% 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, the United Kingdom and emerging markets
in Europe.
Of late, my associates and I have not come up with many specific investment
ideas, except in Continental Europe, where values remain reasonable overall. As
a result, cash equivalents have moved up over the past six months, and would
come down only if equity markets weaken and/or we come up with attractive long-
term investment ideas.
<PAGE>
SOGEN GOLD FUND
From inception (three years and one month ago) the value of an investment in
your Fund increased at a compounded average annual rate of 6.56%.*
As of September 30, 1996 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) 11.4%
Freeport McMoRan Copper and Gold
Inc.
(Preferred Series B, C, and D) 15.2
U.S. securities 17.3
Canadian securities 10.0
Australian and New Zealand
securities 9.6
South African securities 14.0
Miscellaneous securities 20.5
Cash and equivalents 2.0
-----
100.0%
=====
</TABLE>
Our case for gold continues to be a modest one. The downside risk in the
price of the metal has been reduced--we believe--by the 50% or so decline over
the past decade and a half, as well as by the strong demand for gold jewelry in
developing countries. The upside potential is murky. We have no insight into
the timing and the extent of any move upwards. The possible drivers would be
either an acceleration of inflation in developed countries or a spreading
distrust of currencies.
SOGEN MONEY FUND
Short-term interest rates are still low, but may move up if the economy stays
strong.
After seventeen years with our investment advisory firm, Howard Chin decided
to retire. We shall miss Howard and his knowledge of the mutual fund industry.
Sincerely yours,
/s/ Jean-Marie Eveillard
Jean-Marie Eveillard
President
October 22, 1996
- ----------------------
* 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
During the year ended September 30, 1996, most European markets were mixed
but rebounded significantly in the past few months as growing evidence of
recovery in key economies began to materialize, inflation remained under
control and interest rates continued to decline. The Japanese market also
recovered from its 1995 lows as signs of a strengthening economy became more
pronounced and the yen weakened further. The Fund added to its European and
Japanese holdings on a selective basis throughout the year. Other Asian markets
had mixed performance, with strength in countries such as Hong Kong which
benefited from declining interest rates, yet significant weakness in export-
oriented economies such as South Korea. European emerging markets were strong
performers over the past twelve months, but the Fund has limited exposure to
those markets. Overall, foreign equities account for approximately 76% of net
assets compared to 77% a year ago. The Fund has maintained fairly significant
investments in U.S. dollar denominated bonds, with 6% of net assets invested in
high-yielding Brady bonds as well as convertible bonds, compared to nearly 10%
a year ago. Foreign currency bond holdings remained stable, representing less
than 5% of the portfolio. Cash and equivalents grew to nearly 14% compared to
10% last year. During the period, the U.S. dollar strengthened considerably
against the Japanese yen and, to a lesser extent, major European currencies.
The stronger dollar had a limited impact on the value of the Fund's assets,
since foreign currency exposure was partially hedged throughout the period.
SOGEN GOLD FUND
In the past twelve months ended September 30, 1996, gold traded within the
$379-$415 range, ending the period at $379. The Fund's holdings remain widely
diversified, and the portfolio should prove less volatile than the average gold
mining stock. We continue to avoid highly speculative or overpriced mining
stocks. 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,
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
WITH
INVESTMENT DIVIDENDS 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
March 31,
1996 48,827,734 647,397,659 13.26 0.17+ 0.44 14.00
September
30, 1996
(six
months)++ 54,961,082 756,973,438 13.77 -- -- 14.54
- --------------------------------------------------------------------------------------
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
March 31,
1996 5,162,982 63,261,285 12.25 0.27+ 0.35 13.09
September
30, 1996
(six
months)++ 5,207,730 59,248,755 11.38 -- -- 12.16
</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.
++ Unaudited.
4
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED
STOCKS
UNITED KINGDOM AND
IRELAND (4.50%)
1,375,000 Antofagasta Holdings plc
(18)....................... $ 6,239,173 $ 7,750,463
2,500,000 Lonrho plc (18)............. 5,334,190 6,674,009
700,000 Greencore Group plc (1)..... 1,918,345 3,962,249
525,000 Blenheim Group plc (11)..... 2,109,652 3,460,699
1,250,000 McBride plc (13)............ 3,666,180 2,955,353
500,000 Royal Doulton plc (13)...... 1,943,996 2,231,194
3,750,000 Bardon Group plc (6)........ 2,094,888 2,025,689
750,000 ED&F Man Group plc (1)...... 1,963,725 2,002,203
675,000 Berisford plc (13).......... 1,910,883 1,257,689
100,000 Scottish Television plc
(11)....................... 621,771 1,136,734
150,000 RIT Capital Partners plc
(17)....................... 510,808 583,633
----------- -----------
28,313,611 34,039,915
----------- -----------
GERMANY (6.04%)
26,500 Buderus AG (8).............. 10,940,034 11,764,648
250,000 Bayer AG (21)............... 5,574,157 9,134,726
35,000 Bertelsmann AG D.R.C. (11).. 4,576,791 4,647,693
63,500 Hornbach Holding AG Pfd.
(12)....................... 5,691,202 4,572,150
7,000 Axel Springer Verlag AG
(11)....................... 2,892,247 4,131,283
10,000 Degussa AG (21)............. 3,519,730 3,644,710
95,000 SKW Trostberg AG (6)........ 2,197,981 2,685,006
55,000 IVG Holding AG (4).......... 1,825,373 1,873,668
12,350 Ex-Cell-O Holding AG (a)(8). 2,050,263 1,174,301
4,500 SAP AG Pfd. (15)............ 122,582 755,435
5,000 Deutsche Lufthansa AG Pfd.
(14)....................... 584,847 707,236
4,900 Felten & Guilleaume
Energietechnik AG (8)...... 1,105,739 607,299
----------- -----------
41,080,946 45,698,155
----------- -----------
NETHERLANDS (3.45%)
162,500 Randstad Holdings NV (22)... 4,087,169 12,826,697
205,000 Philips Electronics NV ADR
(20)....................... 6,249,749 7,354,375
145,000 German City Estates NV (4).. 2,494,966 2,297,550
80,000 Apothekers Cooperatie OPG
U.A. (23).................. 2,107,405 1,908,437
25,000 Content Beheer NV (22)...... 411,316 932,585
36,000 Holdingmaatschappij de
Telegraaf, NV (11)......... 343,261 787,230
----------- -----------
15,693,866 26,106,874
----------- -----------
SWITZERLAND (5.57%)
1,155 Bank for International
Settlements (U.S.
Tranche) (2)............... 8,756,335 10,684,211
745 Bank for International
Settlements (French
Tranche) (2)............... 5,651,672 5,770,944
9,650 Kuhne & Nagel
International AG Bearer
(14)....................... 5,753,866 5,194,378
5,250 Schindler Holding AG PC (8). 6,208,955 5,128,589
6,350 Schindler Holding AG PC
Warrants expire
12/16/1996 (a)(8).......... 0 1,519
2,500 Lindt & Sprungli AG PC (13). 3,153,128 4,146,730
16,500 Sika Finanz AG Bearer (6)... 4,355,094 3,644,737
7,500 Societe Generale
d'Affichage SA D.R.C. (11). 2,632,883 3,295,454
</TABLE>
5
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED
STOCKS (continued)
SWITZERLAND (continued)
13,363 Swissair AG D.R.C. (a)(14).. $ 1,475,620 $ 1,886,165
7,500 Safra Republic Holdings SA
Bearer (10)................ 615,000 884,063
3,500 Edipresse SA Bearer (11).... 713,897 711,722
110 Banque Privee Edmond de
Rothschild SA Bearer (10).. 383,261 405,702
84 Vetropack Holding AG
Bearer (13)................ 258,152 217,703
850 Vetropack Holding AG PC
(13)....................... 230,326 189,793
----------- -----------
40,188,189 42,161,710
----------- -----------
FRANCE (9.91%)
85,000 Legrand ADP (8)............. 6,850,798 8,888,803
70,000 Compagnie Generale des
Eaux (24).................. 7,005,338 7,604,865
75,000 Elf Aquitaine (7)........... 5,665,238 5,866,319
65,000 Emin Leydier (5)............ 4,988,812 4,430,846
63,500 Gaumont SA (11)............. 3,503,669 4,402,378
10,500 Eurafrance (19)............. 4,048,286 4,172,509
60,000 Eramet (3).................. 4,052,181 3,579,922
13,500 Sagem ADP (20).............. 4,139,837 3,424,803
18,359 Promodes C.I. (12).......... 2,413,991 3,253,125
5,000 Promodes (12)............... 897,173 1,355,591
37,500 Marine Wendel (19).......... 3,143,005 3,144,487
31,250 FIMALAC SA (a)(19).......... 2,939,502 2,838,268
21,500 Groupe NSC (8).............. 3,909,156 2,806,267
10,000 Essilor International ADP
(13)....................... 1,290,928 2,033,386
3,000 Societe Sucriere de
Pithiviers-le-Vieil (1).... 1,148,828 1,986,909
22,500 Compagnie des Salins du
Midi et des Salines de
L'Est (1).................. 1,751,384 1,952,051
7,500 Elf Gabon (7)............... 1,145,672 1,670,281
18,500 Rougier SA (5).............. 1,731,961 1,361,400
8,500 Sabeton SA (19)............. 1,640,622 1,275,708
4,000 Taittinger (13)............. 1,860,272 1,199,891
6,000 Taittinger C.I. (13)........ 1,620,532 1,193,307
21,500 Burelle SA (a)(19).......... 1,316,832 1,157,481
3,500 Galeries Lafayette (a)(12).. 940,842 1,013,982
20,000 Conflandey (3).............. 1,180,995 1,006,623
5,000 Robertet SA C.I. (13)....... 734,584 774,623
10,000 La Brosse et Dupont (13).... 718,979 735,892
50,000 Credit Foncier de France
(a)(10).................... 701,563 668,113
7,492 Crometal (8)................ 546,935 471,533
20,000 Immobiliere Hoteliere
(a)(4)..................... 575,842 232,387
5,500 C.E.E. (Continentale
d'Equipements
Electriques) (a)(8)........ 653,923 223,672
10,000 SAGA (a)(14)................ 944,384 174,290
10,000 Teleflex Lionel Dupont
(a)(8)..................... 314,536 118,130
----------- -----------
74,376,600 75,017,842
----------- -----------
</TABLE>
6
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED
STOCKS (continued)
BELGIUM (0.33%)
12,500 Deceuninck Plastics
Industries SA (6).......... $ 1,554,878 $ 1,741,945
1,640 Societe Belge des Betons,
SA (6)..................... 936,380 779,659
----------- -----------
2,491,258 2,521,604
----------- -----------
AUSTRIA (0.65%)
45,500 VAE AG (14)................. 4,674,053 3,952,834
18,000 Flughafen Wien AG (14)...... 797,613 949,664
----------- -----------
5,471,666 4,902,498
----------- -----------
SWEDEN (2.16%)
305,000 AssiDoman AB (5)............ 6,558,740 7,384,654
305,000 Bylock & Nordsjofrakt AB
"B' (14)................... 2,782,573 3,128,701
275,000 IRO AB (8).................. 2,991,322 3,235,806
135,000 Orrefors Kosta Boda AB (13). 1,842,027 2,026,339
15,000 Investor AB "B' (19)........ 579,970 570,226
----------- -----------
14,754,632 16,345,726
----------- -----------
DENMARK (1.14%)
117,500 Carlsberg International
A/S "B' (13)............... 5,363,116 7,127,174
15,000 Kobenhavns Lufthavne A/S
(14)....................... 662,505 1,499,334
----------- -----------
6,025,621 8,626,508
----------- -----------
NORWAY (1.36%)
445,000 Schibsted ASA (11).......... 5,537,357 6,505,347
50,000 Orkla ASA "B' (13).......... 1,587,369 2,500,577
250,000 Western Bulk Shipping AS
(14)....................... 1,451,589 961,760
10,000 Adelsten ASA "A' (12)....... 149,458 176,964
10,000 Adelsten ASA "B' (12)....... 120,513 176,195
----------- -----------
8,846,286 10,320,843
----------- -----------
FINLAND (0.44%)
55,000 Vaisala Oy A (15)........... 2,022,905 3,073,770
10,000 Aamulehti Yhtymae Oy II
(11)....................... 151,826 252,038
----------- -----------
2,174,731 3,325,808
----------- -----------
ITALY (2.13%)
10,950,000 Montedison SpA Non
Convertible Savings
(a)(18).................... 5,675,440 6,606,758
500,000 Istituto Finanziario
Industriale SpA
Privileged Shares (19)..... 4,876,863 3,988,458
345,000 Avir Finanziara SpA (13).... 2,604,320 2,792,807
375,000 Arnoldo Mondadori Editore
SpA (11)................... 2,678,478 2,720,522
----------- -----------
15,835,101 16,108,545
----------- -----------
SPAIN AND PORTUGAL (1.06%)
775,000 Energia e Industrias
Aragonesas SA (21)......... 3,914,785 3,921,149
</TABLE>
7
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
SPAIN AND PORTUGAL
(continued)
18,000 Corporacion Financiera Alba
SA (19)...................... $ 1,273,003 $ 1,499,183
65,000 Companhia de Celulose do
Caima SA (5)................. 1,269,666 1,246,776
197,500 Omsa Alimentacion SA (13)..... 1,039,509 710,244
54,500 Espirito Santo Financial
Holding SA ADR (10).......... 670,581 674,437
----------- -----------
8,167,544 8,051,789
----------- -----------
GREECE (0.51%)
38,840 Titan Cement Co. (6).......... 1,141,872 2,145,233
6,930 Titan Cement Co. Pfd. (6)..... 171,006 251,817
379,380 H. Benrubi & Fils SA (13)..... 2,265,445 1,417,949
18,000 H. Benrubi & Fils SA Pfd.
(13)......................... 92,036 45,224
----------- -----------
3,670,359 3,860,223
----------- -----------
COMMONWEALTH OF INDEPENDENT
STATES AND
EASTERN EUROPE (0.82%)
750,672 Firebird Fund L.P.
(a)(b)(e)(17)................ 762,000 2,754,591
60,000 Templeton Russia Fund (17).... 856,353 1,230,000
9,000 Baltic Republics Fund
(a)(b)(e)(17)................ 905,750 1,212,750
100,000 First NIS Regional Fund
SICAF (a)(b)(e)(17).......... 1,000,000 975,000
----------- -----------
3,524,103 6,172,341
----------- -----------
ISRAEL (0.91%)
150,000 Super-Sol (12)................ 3,155,012 3,425,175
1,205,550 The Israel Land Development
Company Ltd. (18)............ 5,337,394 3,344,152
15,000 The Israel Land Development
Company Ltd. ADR (18)........ 202,500 124,688
----------- -----------
8,694,906 6,894,015
----------- -----------
TURKEY (0.19%)
68,196,000 Medya Holding A.S. (11)....... 3,186,855 777,437
45,000,000 Sabah Yayincilik A.S. (11).... 999,471 684,002
----------- -----------
4,186,326 1,461,439
----------- -----------
SOUTH AFRICA (0.64%)
115,000 Omni Media Corporation (11)... 872,477 1,823,989
80,461 JCI Ltd. ADR (3).............. 426,332 777,221
56,500 JCI Ltd. (3).................. 366,874 545,770
330,200 Stellenbosch Farmers' Winery
Group Limited (1)............ 364,797 749,215
85,131 Anglo American Platinum
Corporation Ltd. ADR (2)..... 457,903 576,667
55,000 Anglo American Platinum
Corporation Ltd. (2)......... 389,561 372,563
----------- -----------
2,877,944 4,845,425
----------- -----------
HONG KONG (2.75%)
17,750,000 CDL Hotels International
Ltd. (4)..................... 7,287,268 9,640,502
8,000,000 Shaw Brothers (Hong Kong)
Limited (11)................. 10,737,152 8,224,492
4,000,000 South China Morning Post
Holdings Corp. (11).......... 2,357,642 2,974,266
----------- -----------
20,382,062 20,839,260
----------- -----------
</TABLE>
8
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED
STOCKS (continued)
SOUTH KOREA (1.15%)
1,458 LG Electronics Co., Ltd.
(20)....................... $ 41,610 $ 25,504
81,844 LG Electronics Co., Ltd.
Pfd. (20).................. 1,704,674 825,201
98,000 LG Electronics Co., Ltd.
Pfd. GDS (20).............. 958,147 573,300
65,000 LG Industrial Systems (8)... 1,857,245 1,579,203
20,000 Woong Jin Publishing Co.
(11)....................... 1,155,530 1,251,215
31,740 Youngchang Akki Co. (13).... 1,481,090 1,110,437
83,730 Ssangyong Cement
Industries Pfd. (6)........ 1,601,989 1,027,300
65,000 Choong Nam Spinning (a)(13). 1,405,580 931,730
495 Samsung Electronics Co.
(20)....................... 71,986 38,965
149 Samsung Electronics Co.
New (20)................... 21,668 11,729
16,500 Samsung Electronics Co.
Pfd. (20).................. 1,502,523 637,391
4,972 Samsung Electronics Co.
Pfd. New (20).............. 467,094 174,552
45,185 Korean Air Lines Pfd. (14).. 765,857 494,005
450 Cheil Jedang Corporation
Pfd. (18).................. 13,731 10,222
----------- -----------
13,048,724 8,690,754
----------- -----------
SINGAPORE AND MALAYSIA
(1.16%)
1,000,000 Clipsal Industries Ltd. (6). 2,330,691 2,900,000
1,000,000 Times Publishing Ltd. (11).. 2,501,707 2,173,295
1,000,000 Intraco, Ltd. (12).......... 1,584,586 1,526,989
250,000 Singapore Bus Service (14).. 1,991,949 1,296,165
250,000 Rothmans Industries Ltd.
(13)....................... 1,251,166 923,295
----------- -----------
9,660,099 8,819,744
----------- -----------
THAILAND AND VIETNAM
(0.38%)
153,200 The Lazard Vietnam Fund
Limited (a)(b)(e)(17)...... 1,573,780 1,378,800
180,000 Oriental Hotel PCL (4)...... 1,002,493 998,309
42,800 The Vietnam Frontier Fund
(a)(b)(e)(17).............. 440,840 470,800
----------- -----------
3,017,113 2,847,909
----------- -----------
INDIA AND PAKISTAN (0.51%)
315,000 The Pakistan Investment
Fund Inc. (a)(17).......... 2,491,499 1,653,750
149,500 The India Fund, Inc.
(a)(17).................... 1,788,520 1,083,875
10,000 The Spartek Emerging
Opportunities of India
Fund (a)(b)(e)(17)......... 1,035,000 603,000
75,000 Gujarat Narmada Valley
Fertilizers Company
Limited GDR (21)........... 862,500 290,625
50,000 Gujarat Narmada Valley
Fertilizers Company
Limited GDR (b)(21)........ 640,625 193,750
----------- -----------
6,818,144 3,825,000
----------- -----------
JAPAN (12.51%)
350,000 Fuji Photo Film Co., Ltd.
(13)....................... 8,561,518 10,655,112
155,000 Ito-Yokado Co., Ltd. (12)... 8,209,933 8,811,010
635,000 The Tokio Marine & Fire
Insurance Co., Ltd. (10)... 7,491,364 7,527,278
39,500 Toho Co., Ltd. (11)......... 6,164,787 6,562,346
875,000 The Dai-Tokyo Fire &
Marine Insurance Co.,
Ltd. (10).................. 5,928,553 6,042,611
</TABLE>
9
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
JAPAN (continued)
595,000 Nisshinbo Industries Inc. (13)... $ 6,034,319 $ 5,450,137
485,000 Shoei Co., Ltd. (19)............. 4,342,971 5,444,300
52,500 Hitachi Ltd. ADR (15)............ 4,891,759 5,059,687
250,000 Shimano Inc. (13)................ 5,022,510 4,647,299
415,000 Nittetsu Mining Co., Ltd. (3).... 3,728,345 3,913,161
600,000 The Koa Fire & Marine Insurance
Co., Ltd. (10).................. 3,792,993 3,777,109
675,000 The Dowa Fire & Marine
Insurance Co., Ltd. (10)........ 3,722,432 3,479,413
810,000 Hanshin Electric Railway Co.,
Ltd. (a)(14).................... 3,567,128 3,426,070
395,000 Aida Engineering, Ltd. (8)....... 2,961,702 3,008,037
415,000 The Nichido Fire & Marine
Insurance Co., Ltd. (10)........ 3,169,714 2,914,373
70,000 Tsutsumi Jewelry Co., Ltd. (12).. 3,695,531 2,734,498
415,000 Iino Kaiun Kaisha, Ltd. (a)(14).. 2,527,660 1,900,678
75,000 Chofu Seisakusho Co., Ltd. (13).. 1,768,019 1,771,362
150,000 Sotoh Co., Ltd. (13)............. 1,658,235 1,629,922
100,000 Yoshimoto Kogyo Co., Ltd. (11)... 1,330,839 1,436,846
35,000 Asatsu Inc. (11)................. 1,403,840 1,382,964
75,000 Japan Airport Terminal Co.,
Ltd. (14)....................... 911,438 1,070,899
100,000 Tachi-S Co., Ltd. (14)........... 1,064,316 969,871
25,000 T. Hasegawa Co., Ltd. (13)....... 431,527 628,620
16,500 Fast Retailing Co., Ltd. (12).... 790,563 459,342
----------- -----------
93,171,996 94,702,945
----------- -----------
AUSTRALIA AND NEW ZEALAND
(3.75%)
3,600,549 Carter Holt Harvey Limited (5)... 7,761,833 7,928,436
6,121,333 Shortland Properties Limited (4). 3,174,660 3,851,206
4,625,000 Tasman Agriculture Limited (1)... 3,443,176 3,847,396
504,200 Wilson & Horton Group Limited
(11)............................ 3,098,514 3,725,513
1,130,000 Spotless Services Limited (22)... 1,217,521 2,002,812
4,203,338 Evergreen Forests Limited (a)(5). 1,969,031 1,704,239
725,000 Eltin Limited (2)................ 2,382,418 1,376,775
1,250,000 Wrightson Limited (1)............ 1,215,338 1,013,623
375,700 Radio Pacific Limited (c)(11).... 682,453 787,899
800,000 Motors Holding Limited (12)...... 595,562 601,350
1,111,097 Defender Limited (1)............. 657,937 597,826
207,500 The Colonial Motor Company
Limited (12).................... 236,770 522,190
825,000 Apple Fields Limited (a)(1)...... 507,472 317,194
250,000 Damba Holdings Limited (12)...... 130,848 115,343
----------- -----------
27,073,533 28,391,802
----------- -----------
CANADA (3.34%)
465,000 Noranda, Inc. (18)............... 8,592,560 9,505,819
275,000 Canadian Pacific Ltd. (18)....... 4,669,325 6,359,375
225,000 Dofasco, Inc. (3)................ 3,379,950 3,460,013
155,000 Canadian National Railway
Company (14).................... 2,932,264 3,177,500
75,000 Franco-Nevada Mining Corp. Ltd.
(2)............................. 3,204,853 2,810,401
----------- -----------
22,778,952 25,313,108
----------- -----------
</TABLE>
10
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
ARGENTINA (1.89%)
5,950,000 Siderca S.A.I.C. (7)................... $ 4,024,166 $ 8,866,741
3,000,000 Ledesma S.A.A.I. (1)................... 4,686,541 3,600,504
541,522 IRSA Inversiones y Representaciones
S.A. (4).............................. 1,235,490 1,608,546
150,000 Cresud S.A. (1)........................ 203,156 258,036
------------ ------------
10,149,353 14,333,827
------------ ------------
MEXICO (0.69%)
775,000 Industrias Penoles S.A., de C.V. (3)... 2,150,818 3,283,115
40,000 Grupo Televisa S.A. GDR (11)........... 889,742 1,155,000
2,200,000 Grupo Fernandez Editores, S.A. de C.V.
(a)(11)............................... 768,015 749,669
------------ ------------
3,808,575 5,187,784
------------ ------------
MISCELLANEOUS (2.18%)
257,500 Freeport McMoRan Copper & Gold Inc.,
Preferred
Series "D' (2)........................ 5,219,425 5,407,500
200,000 Minorco ADR (3)........................ 4,536,224 4,325,000
65,000 Banco Latinoamericano de Exportaciones
S.A.
Class `E' (10)........................ 2,224,459 3,648,125
135,000 North European Oil Royalty Trust (7)... 1,822,545 1,704,375
650 Socfinasia (19)........................ 815,279 1,449,298
------------ ------------
14,617,932 16,534,298
------------ ------------
TOTAL COMMON AND PREFERRED STOCKS...... 510,900,172 545,947,691
------------ ------------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS (2.30%)
$1,500,000 Tubos de Acero de Mexico S.A. 7 1/2%
due 6/12/1997 (7)..................... 1,447,968 1,560,000
500,000 P.T. Pabrik Kertas Tjiwi Kimia 7 1/4%
due 4/12/2001 (5)..................... 493,900 482,813
500,000 Acer Inc. 4% due 6/10/2001 (15)........ 1,031,550 1,367,500
1,250,000 International Container Terminal
Services, Inc.
5% due 9/15/2001 (14)................. 1,022,432 1,100,000
1,500,000 Yangming Marine Transport Corporation
2% due 9/22/2001 (14)................. 1,737,000 1,786,875
1,000,000 Sincere Navigation Corporation
3 3/4% due 5/26/2003 (14)............. 1,051,125 1,097,500
1,850,000 Scandinavian Broadcasting System SA
7 1/4% due 8/01/2005 (11)............. 1,946,625 1,861,562
150,000 Ssangyong Cement Company 3% due
12/31/2005 (6)........................ 173,250 184,875
1,150,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (5)......................... 929,491 891,250
1,650,000 Far Eastern Textile 4% due 10/07/2006
(13).................................. 1,884,100 1,963,500
4,250,000 Cheil Jedang Corporation 3% due
12/31/2006 (18)....................... 5,129,981 5,121,250
------------ ------------
16,847,422 17,417,125
------------ ------------
U.S. DOLLAR BONDS AND NOTES (6.87%)
500,000 Banco Safra SA 7 3/4% due 12/16/1996
(10).................................. 497,288 500,000
2,500,000 IRSA Inversiones y Representaciones
S.A.
8 7/8% due 3/03/1999 (4).............. 2,326,157 2,450,000
</TABLE>
11
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(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)
$1,550,000 IRSA Inversiones y Representaciones S.A.
4 1/2% due
8/02/2003 (b)(4)....................... $ 1,540,339 $ 1,511,250
300,000 Tubos de Acero de Mexico S.A. 10 1/2%
due 3/10/1999 (e)(7)................... 291,157 296,625
1,000,000 Cemex SA 10% due 11/05/1999 (6)......... 957,592 1,013,750
500,000 P.T. Inti Indorayon Utama 9 1/8% due
10/15/2000 (5)......................... 448,128 492,500
1,950,000 PT Pabrik Kertas Tjiwi Kimia 13 1/4% due
8/01/2001 (5).......................... 2,029,250 2,191,313
1,000,000 Aracruz Celulose SA 10 3/8% due
1/31/2002 (5).......................... 942,577 957,500
1,000,000 Banco Safra SA 10 3/8% due 10/28/2002
(b)(10)................................ 985,899 1,001,250
7,105,000 Republic of Argentina FRB due 3/31/2005
(6.625% @ 9/30/1996) (16).............. 5,233,832 5,959,319
5,750,000 Republic of Argentina Par 5 1/4% due
3/31/2023 (16)......................... 2,676,706 3,363,750
2,275,000 Federal Republic of Brazil IDU FRN due
1/01/2001
(6.6875% @ 9/30/1996) (16)............. 1,873,438 2,193,953
450,000 Federal Republic of Brazil EI FRN due
4/15/2006
(6% @ 9/30/1996) (16).................. 296,958 393,750
1,500,000 Federal Republic of Brazil DCB FRN due
4/15/2012
(6.5625% @ 9/30/96) (16)............... 1,053,916 1,132,500
3,409,661 Federal Republic of Brazil "C' Bonds 8%
due
4/15/2014 (16)......................... 1,541,878 2,403,811
500,000 Federal Republic of Brazil Disc. ZL FRN
due 4/15/2024
(6 1/2% @ 9/30/1996) (16).............. 302,401 383,125
2,000,000 Federal Republic of Brazil Par ZL FRN
due 4/15/2024
(5% @ 9/30/1996) (16).................. 861,778 1,192,500
500,000 Republic of Bulgaria IAB FRN due
7/28/2011
(6.6875% @ 9/30/1996) (16)............. 179,946 228,750
1,000,000 Republic of Bulgaria FLIRB due 7/28/2012
(2% @ 9/30/1996) (16).................. 369,209 327,500
2,250,000 Republic of Bulgaria Disc. "A' FRN due
7/28/2024
(6.6875% @ 9/30/1996) (16)............. 1,119,094 1,144,687
1,057,404 Republic of Ecuador PDI FRN due
2/27/2015
(3% @ 9/30/1996) (16).................. 492,185 541,919
1,000,000 Republic of Ecuador Disc. FRN due
2/28/2025
(6 1/2% @ 9/30/1996) (16).............. 538,874 623,750
500,000 United Mexican States Aztec FRN due
3/31/2008
(7.3984% @ 9/30/1996) (16)............. 443,525 498,438
750,000 United Mexican States Disc. FRN "A' due
12/31/2019 (6.39844% @ 9/30/1996) (16). 633,524 632,812
250,000 United Mexican States Disc. FRN "B' due
12/31/2019 (6.39062% @ 9/30/1996) (16). 211,300 210,937
250,000 United Mexican States Disc. FRN "C' due
12/31/2019 (6.35156% @ 9/30/1996) (16). 213,450 210,938
1,000,000 United Mexican States Disc. FRN "D' due
12/31/2019 (6.453313% @ 9/30/96) (16).. 846,638 843,750
1,000,000 Central Bank of the Philippines NMB FRN
due 1/05/2005 (6.5625% @ 9/30/96) (16). 916,617 977,500
250,000 Central Bank of the Philippines DCB FRN
due 12/01/2009 (6.375% @ 9/30/96) (16). 217,465 241,719
</TABLE>
12
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(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)
$3,250,000 Republic of Poland Disc. FRN due
10/27/2024 (6.4375% @ 9/30/1996)
(16).............................. $ 2,265,387 $ 3,095,625
2,000,000 Republic of Venezuela FLIRB "B' due
3/31/2007 (6.4374% @ 9/30/96)
(16).............................. 1,044,462 1,687,500
3,000,000 Republic of Venezuela DCB FRN due
12/18/2007 (6.625% @ 9/30/1996)
(16).............................. 1,943,813 2,490,000
1,000,000 Republic of Venezuela Disc. "A' FRN
due 3/31/2020 (6.375% @ 9/30/1996)
(16).............................. 554,886 790,000
1,500,000 Lonrho Finance plc FRN due
7/19/1997
(6.9102% @ 9/30/1996) (18)........ 1,497,639 1,504,875
500,000 Vital Forsikring FRN due 12/22/2003
(6.8789% @ 9/30/1996) (10)........ 498,279 510,000
1,500,000 Bergen Bank Floating Rate Perpetual
Notes
(5.375% @ 9/30/1996) (10)......... 1,165,250 1,258,125
3,000,000 Christiana Bank Floating Rate
Perpetual Notes (5.875% @
9/30/1996) (10)................... 2,326,250 2,535,000
1,500,000 Eksportfinans Zero Coupon due
11/07/1997 (a)(d)(7).............. 1,500,000 2,214,600
2,000,000 Goldman Sachs Group L.P. Cocoa
Indexed Note due 4/29/1997
(5.78125% @ 9/30/1996) (d)(10).... 2,000,000 2,011,400
------------ -----------
44,837,087 52,016,721
------------ -----------
U.S. TREASURY NOTES (0.27%)
2,000,000 U.S. Treasury Note 7 1/2% due
12/31/1996 (16)................... 1,998,990 2,011,874
------------ -----------
NON U.S. DOLLAR CONVERTIBLE BONDS
(3.46%)
FRF 10,901,250 Compagnie Generale des Eaux 6% due
1/01/1998 (24).................... 2,262,508 2,460,346
FRF 8,500,000 Michelin 6% due 1/02/1998 (14)..... 1,750,909 1,902,245
FRF 33,997,340 Immobiliere Hoteliere 5% due
1/01/2001 (4)..................... 5,475,746 4,937,837
FRF 3,696,000 Crometal 4 1/4% due 1/01/2001 (8).. 726,377 745,575
FRF 16,751,000 Euro Disney S.C.A. 6 3/4% due
10/01/2001 (13)................... 2,376,151 3,496,492
FRF 2,985,600 Gaumont SA 3 3/4% due 1/01/2003
(11).............................. 653,654 709,715
FRF 20,000 Alcatel Alsthom 2 1/2% due
1/01/2004 (18).................... 3,110,687 3,299,895
NZD 1,830,616 Shortland Properties Limited 7 1/2%
due
12/31/1998 (4).................... 1,167,771 1,385,079
CAD 1,000,000 Intertan, Inc. 9% due 8/30/2000
(b)(e)(12)........................ 771,468 803,758
(Yen) 200,000,000 Nippon Yusen Kabushiki 2% due
9/29/2000 (14).................... 2,271,121 2,054,690
ECU 1,425,000 BCP Bank & Trust Co. 8 3/4% due
5/21/2002 (10).................... 1,867,689 1,843,594
(Pounds) 500,000 Lonrho Finance plc 6% due 2/27/2004
(18).............................. 714,987 780,918
(Pounds)1,850,000 Berisford plc 5% due 1/31/2015
(13).............................. 2,069,274 1,766,949
------------ -----------
25,218,342 26,187,093
------------ -----------
NON U.S. DOLLAR BONDS AND NOTES
(2.48%)
ITL 250,000,000 Bayerische Hypotheken Wechsel-Bank
7.85% due 2/14/2001 (10).......... 147,097 164,339
ITL 1,000,000,000 American International Group 11.7%
due 12/04/2001 (10)............... 670,981 755,017
</TABLE>
13
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(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 BONDS AND NOTES (continued)
CAD 2,500,000 Province of Alberta 10 1/4% due
8/22/2001 (16)................... $ 1,846,733 $ 2,134,547
CAD 500,000 Province of Quebec 10 1/4% due
10/15/2001 (16).................. 377,818 425,001
NZD 5,500,000 Republic of New Zealand Government
10% due 3/15/2002 (16)........... 3,975,359 4,161,777
NZD 3,500,000 Trans Power Finance Limited 8% due
3/15/2002 (24)................... 2,244,019 2,403,858
NZD 500,000 Telecom Corp. of New Zealand 9
1/4% due
7/01/2002 (24)................... 305,086 364,598
NZD 1,500,000 Telecom Corp. of New Zealand 7
1/2% due
7/14/2003 (24)................... 867,094 1,007,943
ZAR 10,000,000 Republic of South Africa 13% due
8/31/2010 (16)................... 1,931,554 1,903,694
ZAR 3,000,000 Escom 15% due 10/01/1998 (24)..... 722,900 664,479
FRF 21,500,000 United Mexican States Par 6.63%
due
12/31/2019 (16).................. 2,472,780 2,872,884
FRF 12,500,000 Republic of Venezuela Par 7.71%
due
3/31/2020 (16)................... 1,377,625 1,682,385
CHF 500,000 Scandinavian Airlines Variable
System Rate Perpetual Notes (3
5/8% @ 9/30/96) (14)............. 247,886 263,158
------------- ------------
17,186,932 18,803,680
------------- ------------
TOTAL BONDS, NOTES AND CONVERTIBLE
BONDS............................ 106,088,773 116,436,493
------------- ------------
SHORT-TERM INVESTMENTS (11.36%)
$5,339,000 Viacom Inc. 6% due 10/01/1996..... 5,339,000 5,339,000
4,002,000 Union Pacific Corporation 5.45%
due 10/01/1996................... 4,002,000 4,002,000
5,365,000 Lockheed Martin 5.50% due
10/02/1996....................... 5,364,180 5,364,180
3,500,000 Fiat Finance U.S.A., Inc. 5.53%
due 10/04/1996................... 3,498,387 3,498,387
1,032,000 Dayton Hudson Corporation 5.52%
due 10/07/1996................... 1,031,051 1,031,051
6,570,000 Fiat Finance U.S.A., Inc. 5.52%
due 10/07/1996................... 6,563,956 6,563,956
7,000,000 CSX Corporation 5.45% due
10/08/1996....................... 6,992,582 6,992,582
5,368,000 Fiat Finance U.S.A., Inc. 5.53%
due 10/09/1996................... 5,361,403 5,361,403
4,308,000 Union Pacific Corporation 5.50%
due 10/09/1996................... 4,302,735 4,302,735
3,000,000 Rayonier Inc. 5.53% due
10/10/1996....................... 2,995,853 2,995,853
2,159,000 Reynolds Metal 5.50% due
10/10/1996....................... 2,156,031 2,156,031
2,702,000 Samsung Electronics America Inc.
5.50% due 10/11/1996............. 2,697,872 2,697,872
4,718,000 Samsung Electronics America Inc.
5.57% due 10/11/1996............. 4,710,700 4,710,700
4,877,000 Fiat Finance U.S.A., Inc. 5.53%
due 10/15/1996................... 4,866,512 4,866,512
1,841,000 Gaz De France 5.32% due
10/15/1996....................... 1,837,191 1,837,191
3,000,000 Fiat Finance U.S.A., Inc. 5.52%
due 10/16/1996................... 2,993,100 2,993,100
3,000,000 Union Pacific Corporation 5.45%
due 10/16/1996................... 2,993,188 2,993,188
4,000,000 Praxair Inc. 5.56% due 10/17/1996. 3,990,116 3,990,116
3,000,000 Kubota Finance (U.S.A.), Inc.
Sumitomo 5.50% due 10/18/1996.... 2,992,208 2,992,208
3,643,000 Toshiba Capital (Asia) Ltd. 5.34%
due 10/22/1996................... 3,631,652 3,631,652
</TABLE>
14
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
SHORT-TERM INVESTMENTS (continued)
$4,038,000 Hercules Incorporated 5.42% due
10/28/1996......................... $ 4,021,585 $ 4,021,585
3,674,000 Alcatel Alsthom Inc. 5.33% due
11/04/1996......................... 3,655,505 3,655,505
------------ ------------
TOTAL SHORT-TERM INVESTMENTS........ 85,996,807 85,996,807
------------ ------------
TOTAL INVESTMENTS (98.86%).......... $702,985,752* 748,380,991**
============
Other assets in excess of
liabilities (1.14%)................ 8,592,447
------------
Net Assets (100.00%)................ $756,973,438
============
</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, 1996:
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
Affiliate Shares Cost Shares Cost Gain Income
- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Radio Pacific Limited -- -- -- -- -- $38,200
</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 September 30, 1996 cost is identical for both book and federal income
tax purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 1996 were $87,656,790 and $42,261,551, respectively. (Net appreciation
was $45,395,239.)
<TABLE>
<CAPTION>
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS
- ------------------ ------------------------
<S> <C> <C>
CHF--Swiss Franc (1) Agriculture (13) Consumer Products
FRF--French Franc (2) Gold Related (14) Transportation
(Pounds)--Pound
Sterling (3) Metals and Minerals (15) Technology
ITL--Italian Lira (4) Real Estate (16) Government Issues
ECU--European
Currency Unit (5) Paper and Forest Products (17) Investment Companies
CAD--Canadian Dollar (6) Building Materials (18) Conglomerate
(Yen)--Japanese Yen (7) Energy (19) Holding Companies
NZD--New Zealand
Dollar (8) Capital Goods (20) Electronics
ZAR--South African
Rand (9) Multinational (21) Chemicals
(10) Financial Institutions (22) Services
(11) Media (23) Health Care
(12) Distribution (24) Utilities
</TABLE>
<TABLE>
<CAPTION>
BOND TYPES
- ----------
<S> <C>
FRB--Floating Rate Bond EI--Eligible Interest
FRN--Floating Rate Note FLIRB--Front Loaded Interest Reduction Bond
IDU--Interest Due Unpaid PDI--Past Due Interest
`C'--Capitalization NMB--New Money Bond
IAB--Interest Arrears Bond DCB--Debt Conversion Bond
</TABLE>
- -----------
See Notes to Financial Statements.
15
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED STATES (29.46%)
157,500 Freeport McMoRan Copper & Gold Inc.,
Preferred
Series "C' (c)........................... $ 5,723,709 $ 5,059,687
100,000 Freeport McMoRan Copper & Gold Inc.,
Preferred
Series "D' (c)........................... 2,151,079 2,100,000
55,000 Freeport McMoRan Copper & Gold Inc.,
Preferred
Series "B' (c)........................... 2,081,910 1,835,625
50,000 Newmont Mining Corporation................ 2,080,525 2,362,500
100,000 Homestake Mining Company.................. 2,021,673 1,462,500
50,000 The Pioneer Group Inc..................... 1,401,097 1,312,500
845 Case Pomeroy & Co., Inc. Class "A'........ 898,280 1,042,308
70,000 Santa Fe Pacific Gold Corporation......... 1,042,762 875,000
87,500 Battle Mountain Gold Company.............. 880,700 678,125
8,500 Amax Gold Inc. $3.75 Conv. Pfd. Series
"B'...................................... 436,223 446,250
50,000 Amax Gold Inc. (a)........................ 417,900 281,250
----------- -----------
19,135,858 17,455,745
----------- -----------
CANADA (18.54%)
100,000 Euro-Nevada Mining Corp., Ltd............. 1,273,565 2,895,731
67,000 Franco-Nevada Mining Corp., Ltd........... 1,925,222 2,510,625
75,000 Cambior, Inc.............................. 1,019,306 1,029,471
105,000 Pan American Silver Corp. (a)............. 350,923 763,020
185,000 Royal Oak Mines Inc. (a).................. 843,892 728,438
30,000 Placer Dome Inc........................... 662,925 708,750
54,190 Echo Bay Mines Ltd........................ 671,191 477,549
30,000 Golden Star Resources, Ltd. (a)........... 433,495 476,250
65,000 Dayton Mining Corporation (a)............. 391,046 442,812
55,000 TVX Gold Inc. (a)......................... 589,077 371,250
35,000 Pegasus Gold Inc. (a)..................... 552,623 354,375
100,000 Meridian Gold, Inc. (a)................... 181,798 227,548
----------- -----------
8,895,063 10,985,819
----------- -----------
AUSTRALIA & NEW ZEALAND (7.63%)
1,850,000 Perilya Mines NL (a)...................... 1,068,304 1,171,050
683,450 Kidston Gold Mines Limited................ 1,117,454 876,063
285,000 Macraes Mining Company Limited............ 437,507 732,895
170,000 Macraes Mining Company Limited 7% due
9/15/1998................................ 338,804 414,299
325,000 Eltin Limited............................. 973,783 617,175
392,500 Normandy Mining Limited................... 529,031 534,173
50,000 Newcrest Mining Limited................... 175,523 174,075
----------- -----------
4,640,406 4,519,730
----------- -----------
SOUTH AFRICA (14.01%)
100,000 Free State Consolidated Gold Mines Ltd.
ADR...................................... 1,267,842 962,500
85,000 DrieFontein Consolidated Ltd. ADR......... 1,084,651 917,734
110,000 Kloof Gold Mining Company Ltd. ADR........ 1,305,683 893,750
100,000 Vaal Reefs Exploration & Mining Company
Ltd. ADR................................. 971,675 800,000
86,250 Durban Roodepoort Deep Limited (a)........ 825,075 744,796
20,000 Durban Roodepoort Deep Limited ADR (a).... 196,100 172,706
25,000 Gold Fields of South Africa............... 732,566 710,431
41,011 Western Areas Gold Mining Company Ltd.
ADR...................................... 362,618 651,050
</TABLE>
16
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
SOUTH AFRICA (continued)
101,500 St. Helena Gold Mines Ltd. ADR..... $ 922,450 $ 621,687
27,000 St. Helena Gold Mines Ltd.......... 166,146 184,382
70,000 Harmony Gold Mining Company Ltd.
ADR............................... 383,890 593,250
115,000 Loraine Gold Mines Limited ADR (a). 360,480 379,998
48,300 Loraine Gold Mines Limited (a)..... 166,873 159,599
47,500 Anglo American Platinum Corporation
Ltd............................... 360,969 321,759
27,653 Anglo American Platinum Corporation
Ltd. ADR.......................... 140,539 187,318
----------- -----------
9,247,557 8,300,960
----------- -----------
SWITZERLAND (11.45%)
545 Bank for International Settlements
(U.S. Tranche).................... 4,214,954 5,041,467
225 Bank for International Settlements
(French Tranche).................. 1,603,440 1,742,903
----------- -----------
5,818,394 6,784,370
----------- -----------
MISCELLANEOUS (10.77%)
979,200 Minas De Arcata S.A. (a)........... 1,448,082 1,442,867
80,000 Terra Mining AB.................... 1,841,887 1,339,579
450,000 Lonrho plc......................... 1,206,017 1,201,322
275,000 Industrias Penoles, S.A. de C.V.... 677,340 1,164,976
1,000,000,000 Manila Mining Corporation "B'...... 1,842,974 647,989
35,000 Ashanti Goldfields Company Limited
GDS............................... 737,125 586,250
----------- -----------
7,753,425 6,382,983
----------- -----------
TOTAL COMMON AND PREFERRED STOCKS.. 55,490,703 54,429,607
----------- -----------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS
(5.60%)
$1,000,000 Gold Mines of Kalgoorlie 7 1/2% due
2/28/2000......................... 1,091,644 1,143,750
250,000 Homestake Mining Company 5 1/2% due
6/23/2000 (b)..................... 249,124 262,188
350,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002......................... 385,500 339,500
500,000 Agnico Eagle Mines Limited 3 1/2%
due 1/27/2004..................... 388,269 478,750
505,000 Coeur d'Alene Mines Corp. 6 3/8%
due 1/31/2004..................... 507,464 450,081
750,000 Battle Mountain Gold Company 6% due
1/04/2005......................... 633,415 643,125
----------- -----------
3,255,416 3,317,394
----------- -----------
U.S. DOLLAR NON CONVERTIBLE BOND
(0.63%)
400,000 Kingdom of Denmark FRN due
3/25/1997 (c)(d).................. 367,544 370,400
----------- -----------
TOTAL BONDS, NOTES AND CONVERTIBLE
BONDS............................. 3,622,960 3,687,794
----------- -----------
SHORT-TERM INVESTMENTS (1.29%)
765,000 AT&T Corporation 5.70% due
10/01/1996........................ 765,000 765,000
----------- -----------
TOTAL INVESTMENTS (99.38%)......... $59,878,663* 58,882,401**
===========
Other assets in excess of
liabilities (0.62%)............... 366,354
-----------
Net assets (100.00%)............... $59,248,755
===========
</TABLE>
17
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
- -----------
(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.
(d)Security for which there are less than three market makers.
*At September 30, 1996 cost is identical for both book and federal income tax
purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 1996 were $5,934,882 and $6,931,144, respectively. (Net depreciation was
$996,262.)
BOND TYPE
- ---------
FRN --Floating Rate Note
- ---------
See Notes to Financial Statements.
18
<PAGE>
SoGen Money Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
CREDIT PRINCIPAL COST VALUE
RATING+ AMOUNT (NOTE 1) (NOTE 1)
------- --------- -------- --------
<C> <C> <S> <C> <C>
COMMERCIAL PAPER (100.03%)
A1+ $540,000 AT&T Corp. 5.70% due 10/01/1996. $ 540,000 $ 540,000
A1+ 485,000 The Dun & Bradstreet Corporation
5.35% due 10/01/1996........... 485,000 485,000
A1+ 532,000 The Gillette Company 5.85% due
10/01/1996..................... 532,000 532,000
A1 500,000 Sonoco Products Company 5.85%
due 10/01/1996................. 500,000 500,000
A1+ 225,000 Prudential Funding Corporation
5.37% due 10/02/1996........... 224,966 224,966
A1 620,000 Raytheon Company 5.33% due
10/03/1996..................... 619,816 619,816
A1 255,000 Ford Motor Credit Company 5.40%
due 10/04/1996................. 254,885 254,885
A1+ 500,000 Sandoz Corp. 5.35% due
10/04/1996..................... 499,777 499,777
A1+ 631,000 Knight-Ridder, Inc. 5.33% due
10/07/1996..................... 630,440 630,440
A1+ 600,000 The Southland Corporation 5.38%
due 10/07/1996................. 599,462 599,462
A1+ 500,000 Merrill Lynch & Co., Inc. 5.36%
due 10/08/1996................. 499,479 499,479
A1 300,000 Ford Motor Credit Company 5.28%
due 10/09/1996................. 299,648 299,648
A1 600,000 PepsiCo, Inc. 5.30% due
10/10/1996..................... 599,205 599,205
A1 623,000 Kubota Finance (U.S.A.), Inc.
5.43% due 10/11/1996........... 622,060 622,060
A1+ 610,000 Gaz De France 5.32% due
10/15/1996..................... 608,738 608,738
A1 500,000 ITT Hartford Group, Inc. 5.30%
due 10/15/1996................. 498,970 498,970
A1 600,000 Smithkline Beecham Corporation
5.28% due 10/15/1996........... 598,768 598,768
A1+ 400,000 Vulcan Materials 5.33% due
10/16/1996..................... 399,112 399,112
A1 395,000 Pearson, Inc. 5.35% due
10/18/1996..................... 394,002 394,002
A1 500,000 Toshiba Capital (Asia) Ltd.
5.45% due 10/22/1996........... 498,410 498,410
A1 451,000 Brown-Forman Corp. 5.33% due
10/28/1996..................... 449,197 449,197
A1 550,000 H.J. Heinz Company 5.30% due
10/31/1996..................... 547,571 547,571
A1 500,000 Akzo Nobel, Inc. 5.38% due
11/04/1996..................... 497,460 497,460
----------- -----------
TOTAL COMMERCIAL PAPER.......... $11,398,966* 11,398,966
===========
Other liabilities in excess of
assets (-0.03%)................ (3,571)
-----------
Net assets (100.00%)............ $11,395,395
===========
</TABLE>
- -----------
* At September 30, 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.
- -----------
See Notes to Financial Statements.
19
<PAGE>
SoGen Funds, Inc.
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
------------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost: $702,985,752,
$59,878,663 and $11,398,966,
respectively (Note 1).................... $748,380,991 $58,882,401 $11,398,966
Cash...................................... 339,521 12,990 1,184
Receivable for forward currency contracts
held, at value (Notes 1 and 6)........... 222,513,851 284,351 --
Receivable for investment securities sold. 473,325 384,177 --
Receivable for Fund shares sold........... 3,608,922 202,791 75,000
Accrued interest and dividends receivable. 4,611,706 131,591 --
Deferred organization costs (Note 1)...... 10,611 10,627 10,604
Prepaid expenses and other assets......... 14,433 6,417 5,420
------------ ----------- -----------
TOTAL ASSETS......................... 979,953,360 59,915,345 11,491,174
------------ ----------- -----------
LIABILITIES:
Payable for forward currency contracts
held, at value (Notes 1 and 6)........... 217,743,736 284,423 --
Payable for investment securities
purchased................................ 2,976,931 -- --
Payable for Fund shares redeemed.......... 850,014 228,191 39,470
Investment advisory fees payable (Note 2). 413,516 33,109 27,994
Distribution fees payable (Note 3)........ 457,788 38,368 --
Directors' fees payable (Note 2).......... 15,212 1,420 338
Accrued expenses and other liabilities.... 522,725 81,079 27,977
------------ ----------- -----------
TOTAL LIABILITIES.................... 222,979,922 666,590 95,779
------------ ----------- -----------
NET ASSETS:
Capital stock (par value, $0.001 per
share)................................... 54,961 5,208 11,395
Capital surplus........................... 662,995,767 60,623,922 11,384,000
Net unrealized appreciation (depreciation)
on:
Investments............................... 45,395,239 (996,262) --
Forward currency contracts................ 4,770,115 (72) --
Foreign currency related transactions..... (4,012) 559 --
Undistributed net realized gain (loss) on
investments.............................. 19,151,038 (403,389) --
Undistributed net investment income....... 24,610,330 18,789 --
------------ ----------- -----------
NET ASSETS (Note 1).................. $756,973,438 $59,248,755 $11,395,395
============ =========== ===========
NET ASSET VALUE PER SHARE (NAV) (based on
54,961,082, 5,207,730 and 11,395,395
shares outstanding, respectively;
1,000,000,000 shares authorized) (Note 5). $ 13.77 $ 11.38 $ 1.00
============ =========== ===========
MAXIMUM OFFERING PRICE PER SHARE
(NAV/96.25%; except SoGen Money Fund)..... $ 14.31 $ 11.82 $ 1.00
============ =========== ===========
</TABLE>
- -----------
See Notes to Financial Statements.
20
<PAGE>
SoGen Funds, Inc.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
------------- ----------- ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest (net of $14,246 and $0 foreign
taxes withheld, respectively).......... $ 6,142,701 $ 224,723 $275,129
Dividends (net of $616,137 and $12,349
foreign taxes withheld, respectively).. 8,625,727 681,347 --
----------- ----------- --------
Total income from operations........... 14,768,428 906,070 275,129
----------- ----------- --------
Expenses:
Investment advisory fees (Note 2)....... 2,663,701 234,208 20,573
Distribution fees (Note 3).............. 889,430 78,121 --
Shareholder servicing agent fees........ 520,541 98,662 10,491
Custodian fees.......................... 382,751 20,447 10,327
Registration and filing fees............ 50,198 7,530 2,507
Printing................................ 37,974 3,839 853
Audit fees.............................. 20,079 14,055 7,020
Directors' fees (Note 2)................ 16,083 1,627 361
Legal fees.............................. 6,701 678 150
Insurance............................... 9,507 1,834 554
Amortization of deferred organization
costs (Note 1)......................... 2,652 2,652 2,659
Miscellaneous........................... 20,079 1,506 251
----------- ----------- --------
Total expenses from operations......... 4,619,696 465,159 55,746
----------- ----------- --------
Advisory fees waived (Note 2)........... -- -- (16,265)
Expense reduction due to earnings
credits (Note 1)....................... (24,833) (3,654) (764)
----------- ----------- --------
Net expenses from operations........... 4,594,863 461,505 38,717
----------- ----------- --------
Net investment income (Note 1).......... 10,173,565 444,565 236,412
----------- ----------- --------
REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS AND FOREIGN CURRENCY RELATED
TRANSACTIONS (NOTES 1 AND 6):
Net realized gains (losses) from:
Investment transactions................. 12,405,547 (621,865) --
Foreign currency related transactions... 8,371,070 (17,762) --
----------- ----------- --------
20,776,617 (639,627) --
----------- ----------- --------
Change in unrealized appreciation
(depreciation) of:
Investments............................. (5,695,811) (4,467,916) --
Foreign currency related transactions... 806,147 (1,883) --
----------- ----------- --------
(4,889,664) (4,469,799) --
----------- ----------- --------
Net gain (loss) on investments and
foreign currency related transactions.. 15,886,953 (5,109,426) --
----------- ----------- --------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............... $26,060,518 ($4,664,861) $236,412
=========== =========== ========
</TABLE>
- -----------
See Notes to Financial Statements.
21
<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
1996 March 31, 1996 March 31, 1996 March 31,
(Unaudited) 1996 (Unaudited) 1996 (Unaudited) 1996
------------- ------------ ------------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income.. $ 10,173,565 $ 17,618,570 $ 444,565 $ 673,481 $ 236,412 $ 551,332
Net realized gain
(loss) from
investments and
foreign currency
related transactions.. 20,776,617 16,541,555 (639,627) 1,358,326 -- --
Increase (decrease) in
unrealized
appreciation
(depreciation) of
investments and
foreign currency
related transactions.. (4,889,664) 59,010,191 (4,469,799) 4,834,945 -- --
------------ ------------ ----------- ----------- ----------- -----------
Net increase
(decrease) in net
assets resulting from
operations........... 26,060,518 93,170,316 (4,664,861) 6,866,752 236,412 551,332
------------ ------------ ----------- ----------- ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends paid from net
investment income..... -- (18,088,125) -- (1,451,019) (236,412) (551,332)
Distributions paid from
net realized gains
from investment
transactions.......... -- (7,143,433) -- (1,141,579) -- --
------------ ------------ ----------- ----------- ----------- -----------
Decrease in net assets
resulting from
distributions........ -- (25,231,558) -- (2,592,598) (236,412) (551,332)
------------ ------------ ----------- ----------- ----------- -----------
FUND SHARE TRANSACTIONS
(NOTE 5):
Net proceeds from
shares sold........... 173,077,182 285,702,785 35,644,604 67,101,079 56,484,528 58,029,190
Net asset value of
shares issued for
reinvested dividends
and distributions..... -- 24,206,934 -- 2,424,804 219,332 504,395
Cost of shares
redeemed.............. (89,561,921) (169,680,986) (34,992,273) (61,460,709) (53,795,449) (60,491,179)
------------ ------------ ----------- ----------- ----------- -----------
Increase (decrease) in
net assets from Fund
share transactions... 83,515,261 140,228,733 652,331 8,065,174 2,908,411 (1,957,594)
------------ ------------ ----------- ----------- ----------- -----------
Net increase
(decrease) in net
assets.............. 109,575,779 208,167,491 (4,012,530) 12,339,328 2,908,411 (1,957,594)
NET ASSETS (NOTE 1):
Beginning of period.... 647,397,659 439,230,168 63,261,285 50,921,957 8,486,984 10,444,578
------------ ------------ ----------- ----------- ----------- -----------
End of period
(including
undistributed
(overdis-tributed) net
investment income of
$24,610,330,
$6,065,695, $18,789,
($408,014), $0 and $0,
respectively)......... $756,973,438 $647,397,659 $59,248,755 $63,261,285 $11,395,395 $ 8,486,984
============ ============ =========== =========== =========== ===========
</TABLE>
- -----------
See Notes to Financial Statements.
22
<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 cost 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
23
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued)
costs of such securities are translated at exchange rates prevailing when
acquired. Related dividends, interest and withholding taxes are accrued at the
rates of exchange prevailing on the respective dates of such transactions.
The net assets of each of 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 (decrease) undistributed net
investment income and decrease (increase) undistributed net realized gains on
investments in the amounts of $8,371,070 and ($17,762) for SoGen Overseas Fund
and SoGen Gold Fund, respectively.
24
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued)
I) USE OF ESTIMATES--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH 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 six months
ended September 30, 1996, the investment advisory fees paid or payable to
SOGEN A.M. Corp. were $2,663,701 and $234,208 for SoGen Overseas Fund and
SoGen Gold Fund, respectively. For the same period, $16,265 of the investment
advisory fee of $20,573 for SoGen Money Fund was waived by SOGEN A.M. Corp.
For the six months ended September 30, 1996, Societe Generale Securities
Corporation ("SGSC"), the principal underwriter, realized $191,413 and $33,797
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 $7,719 and $0 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 $34,821 and $0 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,
1996, such fees amounted to $16,083, $1,627 and $361 for SoGen Overseas Fund,
SoGen Gold Fund and SoGen Money Fund, respectively.
25
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
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 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 six months ended September 30, 1996, the
distribution fees paid or payable to SGSC by SoGen Overseas Fund and SoGen Gold
Fund were $889,430 and $78,121, respectively.
NOTE 4--PURCHASES AND SALES OF SECURITIES
During the six months ended September 30, 1996, the aggregate cost of
purchases of investments, excluding short-term securities, totaled $110,814,902
and $5,748,736 for SoGen Overseas Fund and SoGen Gold Fund, respectively, and
proceeds from sales of investments, excluding short-term securities, totaled
$51,784,357 and $4,997,311 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>
SIX MONTHS ENDED SEPTEMBER 30, 1996
Shares sold............................. 12,742,652 3,000,358 56,484,528
Shares issued for reinvested dividends
and distributions..................... -- -- 219,332
Shares redeemed......................... (6,609,304) (2,955,610) (53,795,449)
----------- ---------- -----------
Net increase........................... 6,133,348 44,748 2,908,411
=========== ========== ===========
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)
=========== ========== ===========
</TABLE>
26
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 6--COMMITMENTS
As of September 30, 1996, SoGen Overseas Fund and SoGen Gold Fund had entered
into forward currency contracts, as summarized below, resulting in net
unrealized appreciation (depreciation) of $4,770,115 and ($72), respectively.
<TABLE>
<CAPTION>
U.S. $ U.S. $
SETTLEMENT VALUE AT VALUE AT
DATES CURRENCY TO SEPTEMBER 30, CURRENCY TO SEPTEMBER 30,
THROUGH BE DELIVERED 1996 BE RECEIVED 1996
- ---------- ------------ ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
SOGEN OVERSEAS FUND:
10/07/96 1,150,320 Austrian Schilling $ 107,226 108,032 U.S. Dollar $ 108,032
10/03/96 713,461 U.S. Dollar 713,461 895,624 Swiss Franc 714,214
12/27/96 27,985,000 Swiss Franc 22,524,676 22,863,848 U.S. Dollar 22,863,848
10/01/96 216,591 U.S. Dollar 216,591 329,325 Deutsche Mark 215,958
1/03/97 51,794,500 Deutsche Mark 34,126,008 34,745,718 U.S. Dollar 34,745,718
10/31/96 885,834 U.S. Dollar 885,834 4,558,665 French Franc 882,812
1/10/97 446,296,000 French Franc 86,826,394 87,829,194 U.S. Dollar 87,829,194
10/04/96 300,861 U.S. Dollar 300,861 192,587 British Pound 301,543
10/03/96 63,777 U.S. Dollar 63,777 7,099,606 Japanese Yen 63,757
1/17/97 7,442,350,000 Japanese Yen 67,520,521 70,415,076 U.S. Dollar 70,415,076
10/02/96 1,907,953 Norwegian Krone 293,599 293,633 U.S. Dollar 293,633
12/16/96 5,085,000 New Zealand Dollar 3,584,671 3,500,942 U.S. Dollar 3,500,942
10/03/96 580,117 U.S. Dollar 580,117 3,838,983 Swedish Krona 579,124
------------ ------------
$217,743,736 $222,513,851
============ ============
SOGEN GOLD FUND:
10/05/96 359,460 Australian Dollar $ 284,423 284,351 U.S. Dollar $ 284,351
============ ============
</TABLE>
27
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR YEAR PERIOD FROM
SEPTEMBER 30, 1996 ENDED ENDED AUGUST 31, 1993
(UNAUDITED) MARCH 31, 1996 MARCH 31, 1995 TO MARCH 31, 1994
------------------ -------------- -------------- -----------------
<S> <C> <C> <C> <C>
SOGEN OVERSEAS FUND
SELECTED PER SHARE DATA
Net asset value,
beginning of period.... $ 13.26 $ 11.65 $ 11.54 $ 10.00
-------- -------- -------- --------
Income from investment
operations:
Net investment income
(loss)................ 0.32 0.48 0.14 (0.01)
Net realized and
unrealized gains on
investments........... 0.19 1.74 0.04 1.55
-------- -------- -------- --------
Total from investment
operations............ 0.51 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................. $ 13.77 $ 13.26 $ 11.65 $ 11.54
======== ======== ======== ========
TOTAL RETURN++.......... 7.69%* 19.47% 1.56% 15.35%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (000's)......... $756,973 $647,398 $439,230 $119,843
Ratio of operating
expenses to average net
assets................. 1.29%*# 1.37%# 1.40% 1.72%*
Ratio of net investment
income to average net
assets................. 2.86%*# 3.31%# 2.29% (0.23%)*
Portfolio turnover rate. 8.16% 9.46% 3.16% 6.11%
Average commission rate
paid+++................ $ 0.0050 $ 0.0190 -- --
<CAPTION>
SIX MONTHS
ENDED YEAR YEAR PERIOD FROM
SEPTEMBER 30, 1996 ENDED ENDED AUGUST 31, 1993
(UNAUDITED) MARCH 31, 1996 MARCH 31, 1995 TO MARCH 31, 1994
------------------ -------------- -------------- -----------------
<S> <C> <C> <C> <C>
SOGEN GOLD FUND
SELECTED PER SHARE DATA
Net asset value,
beginning of period.... $ 12.25 $ 11.28 $ 11.42 $ 10.00
-------- -------- -------- --------
Income from investment
operations:
Net investment income
(loss)................ 0.08 0.24 0.08 (0.01)
Net realized and
unrealized gains
(losses) on
investments........... (0.95) 1.35 (0.10) 1.43
-------- -------- -------- --------
Total from investment
operations............ (0.87) 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................. $ 11.38 $ 12.25 $ 11.28 $ 11.42
======== ======== ======== ========
TOTAL RETURN++.......... (14.20%)* 14.81% (0.14%) 14.15%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (000's)......... $59,249 $63,261 $50,922 $22,406
Ratio of operating
expenses to average net
assets................. 1.48%*# 1.41%# 1.46% 2.27%*
Ratio of net investment
income to average net
assets................. 1.42%*# 1.29%# 0.79% (0.32%)*
Portfolio turnover rate. 8.19% 22.40% 11.56% 4.55%
Average commission rate
paid+++................ $ 0.0005 $ 0.0002 -- --
</TABLE>
- -----------
See Notes to Financial Statements.
28
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR YEAR PERIOD FROM
SEPTEMBER 30, 1996 ENDED ENDED AUGUST 31, 1993
(UNAUDITED) MARCH 31, 1996 MARCH 31, 1995 TO MARCH 31, 1994
------------------ -------------- -------------- -----------------
<S> <C> <C> <C> <C>
SOGEN MONEY FUND
SELECTED PER SHARE DATA
Net asset value,
beginning of period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------ ------- ------
Income from investment
operations:
Net investment income.. 0.02 0.05 0.04 0.01
Net realized and
unrealized gains on
investments........... -- -- -- --
------- ------ ------- ------
Total from investment
operations............ 0.02 0.05 0.04 0.01
------- ------ ------- ------
Less distributions:
Dividends from net
investment income..... (0.02) (0.05) (0.04) (0.01)
Distributions from
capital gains......... -- -- -- --
------- ------ ------- ------
Total distributions.... (0.02) (0.05) (0.04) (0.01)
------- ------ ------- ------
Net asset value, end of
period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ====== ======= ======
TOTAL RETURN............ 4.49%* 5.03% 4.13% 1.25%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (000's)......... $11,395 $8,487 $10,445 $6,392
Ratio of operating
expenses to average net
assets................. 0.75%*+ 0.75%+ 0.75%+ 0.75%*+
Ratio of net investment
income to average net
assets................. 4.60%*+ 4.98%+ 4.14%+ 2.18%*+
</TABLE>
- -----------
* Annualized.
# The ratios of operating expenses to average net assets and net investment
income to average net assets for the six months ended September 30, 1996
for SoGen Overseas Fund would have been 1.30% and 2.86%, respectively, and
for SoGen Gold Fund 1.49% and 1.41%, respectively, without the effect of
the earnings credits. The 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 1.08% and 4.27%, respectively, for the six
months ended September 30, 1996; 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 periods subsequent to the
year ended March 31, 1995 .
- -----------
See Notes to Financial Statements.
29
<PAGE>
SoGen Funds, Inc.
1221 AVENUE OF THE AMERICAS
NEW YORK, NY 10020
DIRECTORS AND OFFICERS
DIRECTORS Dominique Raillard
Philippe Collas Nathan Snyder
Jean-Marie Eveillard
Fred J. Meyer
OFFICERS
Philippe Collas...........................................Chairman of the Board
Jean-Marie Eveillard..................................................President
Philip J. Bafundo.......................Vice President, Secretary and Treasurer
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
INVESTMENT ADVISER UNDERWRITER
Societe Generale Asset Management Corp. Societe Generale Securities Corporation
1221 Avenue of the Americas 1221 Avenue of the Americas
New York, NY 10020 New York, NY 10020
LEGAL COUNSEL INDEPENDENT AUDITORS
Dechert Price & Rhoads KPMG Peat Marwick LLP
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
DST Systems, Inc.
1004 Baltimore
Kansas City, MO 64105
(800) 334-2143
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>
SoGen Funds, Inc.
[ART] 1221 Avenue of the Americas
New York, NY 10020
SGF4
