<PAGE>
SOGEN OVERSEAS FUND
SOGEN GOLD FUND
SOGEN MONEY FUND
----------------------------------
LOGO
----------------------------------
Semi-Annual Report
September 30, 1997
<PAGE>
SoGen Funds, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
SOGEN OVERSEAS FUND
From inception (four years and one month ago) through September 30, 1997, the
value of an investment in your Fund increased at a compounded average annual
rate of 13.73%. Over the past twelve months, the rate was 16.28%.*
As of September 30, 1997 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
Foreign stocks (/1/) 75.1%
U.S. dollar bonds 6.9
Foreign currency bonds 2.9
Cash and equivalents 15.1
-----
100.0%
=====
</TABLE>
- -----------
(/1/)Includes convertible bonds with moderate premia.
The ten major holdings were Buderus AG (German heating products company);
Secom Co., Ltd. (Japanese provider of security services and equipment); Bank
for International Settlements, U.S. and French Tranches (the central banks'
central bank, with some gold assets); The Tokio Marine and Fire Insurance Co.,
Ltd. (the largest Japanese non-life insurance company); Kuhne & Nagel Interna-
tional AG Bearer (Swiss based freight forwarding company); Fuji Photo Film Co.,
Ltd. (Japanese film and imaging company); Nestle SA Registered (Swiss based
multinational food company); Legrand ADP (French low-voltage electrical fit-
tings manufacturer); Sika Finanz AG Bearer (Swiss based specialty chemicals
producer); and Societe Generale d'Affichage D.R.C. (Swiss billboard advertis-
er).
Approximately 41% of the foreign stock portfolio was invested in developed
countries in Continental Europe, 20% in Japan and 8% 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.
My associates and I continue to look for "values" anywhere in the world out-
side the U.S.--not relative values ("this stock is cheaper than the market")
because that can be a dangerous game: what if the overall market itself is
overvalued?
<PAGE>
More specifically:
. stock prices are high in Europe although there is value among smaller
European stocks which have been generally ignored;
. in Japan, some stocks are unduly depressed as a result of the long and
deep bear market there;
. in emerging markets, we are doing work on certain securities in Asia af-
ter the recent sharp price declines in that region.
As usual, we make some room for fixed income securities, either as substi-
tutes for equities (such as emerging market bonds) or as decent values (such as
New Zealand Dollar government securities).
Finally, cash remains high. We would not hesitate to use up at least some of
that reserve if we found genuine values here or there.
Being on the side of caution has not helped returns in recent years. With
strong equity markets in Europe and in emerging markets (at least until a few
months ago), a lack of respect for risk and risk-adjusted returns has devel-
oped. Caution is not a temporary feature of our investment approach, but a per-
manent one. At some point, risk will get some respect.
SOGEN GOLD FUND
From inception (four years and one month ago) the value of an investment in
your Fund increased at a compounded average annual rate of 1.14%. However, over
the past twelve months, the net asset value of your Fund declined 13.87%.*
As of September 30, 1997 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
Bank for International Settle-
ments
(U.S. and French Tranches) 11.1%
Freeport McMoRan Copper and Gold
(Preferred Series B, C, and D) 17.9
U.S. securities 15.5
Canadian securities 10.9
Australian and New Zealand secu-
rities 6.6
South African securities 13.4
Miscellaneous securities 21.2
Cash and equivalents 3.4
-----
100.0%
=====
</TABLE>
Our case for gold continues to be a modest one. The downside risk of the
metal has been reduced--we believe--by the 50% or so price decline
2
<PAGE>
over the past decade and a half, as well as by the strong demand for gold jew-
elry in developing countries over the past few years, although that demand may
weaken as a result of recent difficulties in Asia. 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 and may move up if the economy stays
strong. However, the recent turmoil in Asia may have a dampening impact on the
U.S. economy next year.
Sincerely yours,
/s/ Jean-Marie Eveillard
Jean-Marie Eveillard
President
November 6, 1997
- -----------
* These figures assume the immediate reinvestment of all dividends and
distributions and do not give effect to the deduction of the Fund's sales
load.
3
<PAGE>
SoGen Funds, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
SOGEN OVERSEAS FUND
Over the past twelve months ended September 30, 1997, European stock markets
advanced sharply in local currency terms. Such performance was attributable to
an improving economic outlook in most countries, positive developments for Eu-
ropean economic and monetary union ("EMU"), a stronger U.S. dollar and a favor-
able interest rate environment. In Asia, Japanese stock performance lagged sig-
nificantly, particularly in the six months ended September 30, 1997, as evi-
dence of further delays in the long-awaited economic recovery began to surface.
Continued concerns over the health of the financial sector also pressured Japa-
nese stocks. Price declines were particularly steep for small capitalization
stocks while export-oriented, larger capitalization stocks fared better. The
Fund added to its Japanese holdings on a selective basis throughout the year.
Other Asian markets registered mixed performances: equities in Hong Kong surged
ahead of the territory's return to Chinese control in July 1997; elsewhere, in
Southeast Asia, where the Fund's investments are minimal, markets weakened sig-
nificantly and experienced sharp volatility in the summer as currency devalua-
tions and financial turmoil spread throughout the region. Finally, Latin Ameri-
can equities rose sharply; however, the Fund's investments in that region are
limited.
Overall, foreign stocks as a percentage of net assets remained stable over
the year ended September 30, 1997, accounting for 75% of the portfolio. Fixed
income securities (10% of net assets) generated steady returns; Brady bond
holdings were particularly strong performers during the same period. Cash and
equivalents rose to 15% of net assets compared to 14% a year ago. During the
period, the impact of the rising U.S. dollar on the value of the Fund's assets
was minimized since partial foreign currency hedges were in place throughout
the year.
SOGEN GOLD FUND
Over the past twelve months ended September 30, 1997, the price of gold de-
clined by approximately 12%, ending the period at $334.45 per ounce. The re-
ported selling of gold reserves by central banks--the largest holders of gold
bullion--was a key factor in depressing gold prices. The Fund's holdings remain
widely diversified across the world. We continue to avoid speculative and over-
priced mining stocks, while favoring securities that are considered proxies for
the price of gold bullion and the convertible bonds or preferred stocks issued
by gold mining companies.
4
<PAGE>
SoGen Funds, Inc.
SUMMARIES OF FUND DATA
The tables below cover the period from August 31, 1993 to September 30,
1997. 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 invest-
ment made in a fund today. The amounts shown in the capital gains distribution
and income dividend columns were paid to shareholders during the period ended
with the date shown in the first column.
<TABLE>
<CAPTION>
NET ASSET
VALUE OF
INVESTMENT
WITH
DIVIDENDS
INVESTMENT AND
NUMBER NET ASSET CAPITAL GAINS INCOME DISTRIBUTIONS
OF SHARES TOTAL NET VALUE DISTRIBUTIONS DIVIDENDS REINVESTED
OUTSTANDING ASSETS PER SHARE PER SHARE PER SHARE (CUMULATIVE)*
----------- -------------- --------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
SOGEN OVERSEAS FUND
August 31, 1993 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
March 31, 1997 68,870,352 953,314,643 13.84 0.38++ 0.60 15.71
September 30, 1997 (six 75,405,720 1,123,582,700 14.90 -- -- 16.91
months)+++
- ----------------------------------------------------------------------------------------------------
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
March 31, 1997 4,966,414 52,651,226 10.60 0.02++ 0.135 11.49
September 30, 1997 (six 4,865,175 46,996,208 9.66 -- -- 10.48
months)+++
</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.
++ Includes net short-term capital gains per share in the amounts of $0.04
and $0.01 for SoGen Overseas Fund and SoGen Gold Fund, respectively.
+++ Unaudited.
5
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED KINGDOM AND IRELAND (3.86%)
1,840,454 Antofagasta Holdings plc (21)........... $ 9,372,214 $ 12,241,084
5,285,000 Lonrho plc (21)......................... 11,288,915 9,854,275
1,850,000 McBride plc (12)........................ 5,077,650 5,047,265
1,000,000 Royal Doulton plc (12).................. 4,179,355 3,349,776
700,000 Greencore Group plc (4)................. 1,918,345 3,307,168
3,750,000 Aggregate Industries plc (6)............ 2,094,888 3,269,059
750,000 ED&F Man Group plc (4).................. 1,963,725 2,560,763
675,000 Berisford plc (12)...................... 1,910,883 1,906,951
100,000 Scottish Media Group plc (15)........... 621,771 1,110,673
150,000 RIT Capital Partners plc (22)........... 510,808 697,399
------------ ------------
38,938,554 43,344,413
------------ ------------
FINLAND (0.40%)
55,000 Vaisala Oy A (11)....................... 2,022,905 4,173,385
10,000 Aamulehti Yhtymae Oy II (15)............ 151,826 352,841
------------ ------------
2,174,731 4,526,226
------------ ------------
SWEDEN (2.95%)
335,000 AssiDoman AB (3)........................ 7,318,104 11,461,691
305,000 Tidnings AB Marieberg (15).............. 8,147,000 8,461,030
110,000 Investor AB "B' (20).................... 4,470,033 5,899,604
275,000 IRO AB (7).............................. 2,991,322 4,250,330
300,000 Gorthon Lines AB "B' (9)................ 1,557,476 1,922,061
220,000 Bylock & Nordsjofrakt AB "B' (9)........ 894,708 1,147,952
------------ ------------
25,378,643 33,142,668
------------ ------------
NORWAY (0.68%)
345,000 Schibsted ASA (15)...................... 4,509,315 6,055,459
15,000 Orkla ASA "B' (12)...................... 487,491 1,220,859
10,000 Adelsten ASA "A' (13)................... 149,459 198,168
10,000 Adelsten ASA "B' (13)................... 120,513 169,859
------------ ------------
5,266,778 7,644,345
------------ ------------
DENMARK (0.55%)
80,000 Carlsberg International A/S "B' (12).... 3,670,112 4,410,505
15,000 Kobenhavns Lufthavne A/S (9)............ 662,505 1,754,517
------------ ------------
4,332,617 6,165,022
------------ ------------
NETHERLANDS (1.55%)
95,000 Philips Electronics NV ADR (10)......... 3,194,164 7,980,000
100,000 Apothekers Cooperatie OPG U.A. (14)..... 2,703,065 3,173,484
201,212 European City Estates (19).............. 3,267,199 3,040,681
50,000 Randstad Holding NV (16)................ 567,169 2,060,246
</TABLE>
6
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
NETHERLANDS (continued)
35,000 Holdingmaatschappij de Telegraaf NV
(15).................................. $ 334,731 $ 740,480
15,000 Content Beheer NV (16)................. 247,014 462,422
------------ ------------
10,313,342 17,457,313
------------ ------------
BELGIUM (0.67%)
33,500 Deceuninck Plastics Industries SA (6).. 5,491,832 6,806,191
1,640 Societe Belge des Betons SA (6)........ 936,380 725,913
------------ ------------
6,428,212 7,532,104
------------ ------------
GERMANY (5.53%)
34,500 Buderus AG (7)......................... 14,733,506 17,617,021
11,750 Axel Springer Verlag AG (15)........... 6,689,684 10,066,667
200,000 Bayer AG (8)........................... 4,575,297 7,977,305
100,000 Hornbach Holding AG Pfd. (13).......... 8,283,312 7,103,546
11,500 Suedzucker AG Pfd. (12)................ 5,214,710 5,813,617
38,500 Bertelsmann AG D.R.C. (15)............. 4,982,892 4,696,454
215,000 Gerresheimer Glas AG (7)............... 3,742,015 2,878,865
85,000 IVG Holding AG (19).................... 2,770,807 2,425,816
25,000 Degussa AG (8)......................... 858,696 1,374,468
4,500 SAP AG Pfd. (11)....................... 122,582 1,208,936
50,000 Deutsche Lufthansa AG (9).............. 584,847 985,816
------------ ------------
52,558,348 62,148,511
------------ ------------
FRANCE (9.98%)
100,000 Legrand ADP (7)........................ 8,618,094 13,768,287
22,500 Eurafrance (20)........................ 9,099,499 9,502,652
40,000 Europe 1 Communication (15)............ 9,008,436 8,818,461
75,000 Marine-Wendel (20)..................... 6,718,510 8,108,930
31,500 Sagem ADP (10)......................... 9,154,158 7,875,798
50,000 Elf Aquitaine (2)...................... 3,705,094 6,689,867
125,000 Eramet (1)............................. 7,368,844 5,638,240
17,710 Promodes C.I. (13)..................... 2,335,940 5,534,936
3,000 Promodes (13).......................... 543,878 1,173,768
62,500 Emin Leydier (3)....................... 4,742,363 4,804,119
22,500 Emin Leydier-REG (3)................... 1,638,595 1,729,483
38,500 Compagnie Generale des Eaux (18)....... 4,493,481 4,539,818
41,983 Compagnie Generale des Eaux Warrants
(a)(18)............................... 0 22,696
52,500 Gaumont SA (15)........................ 2,933,903 3,707,301
41,500 Fimalac SA (20)........................ 3,790,933 3,561,510
23,500 NSC Groupe (7)......................... 4,148,665 3,318,917
6,050 Taittinger (12)........................ 2,869,674 3,219,499
10,500 Taittinger C.I. (12)................... 2,722,762 3,121,938
30,000 Rougier SA (3)......................... 2,376,645 1,859,986
10,000 Robertet SA (12)....................... 2,005,215 1,824,509
7,394 Robertet SA C.I. (12).................. 1,064,339 1,045,508
3,000 Societe Sucriere de Pithiviers le Vieil
(4)................................... 1,148,828 1,692,232
</TABLE>
7
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
FRANCE (continued)
47,638 Societe du Louvre C.I. (19).............................. $ 756,648 $ 1,476,767
18,000 Societe du Louvre (19)................................... 848,964 942,663
25,000 C.G.D.E. Michelin "B' (5)................................ 1,165,824 1,423,286
10,000 Sabeton SA (20).......................................... 1,843,091 1,351,488
25,000 Conflandey (1)........................................... 1,432,135 1,305,031
25,000 Burelle SA (a)(5)........................................ 1,451,968 1,199,446
12,875 Crometal (7)............................................. 852,748 804,769
10,000 La Brosse et Dupont (12)................................. 718,979 743,319
2,500 Elf Gabon (2)............................................ 422,699 582,407
28,000 Teleflex Lionel Dupont (a)(7)............................ 599,556 561,003
5,500 C.E.E. (Continentale d'Equipements Electriques) (a)(7)... 653,923 98,490
20,000 Immobiliere Hoteliere (a)(19)............................ 575,842 84,299
------------ ------------
101,810,233 112,131,423
------------ ------------
SWITZERLAND (7.80%)
21,500 Kuhne & Nagel International AG Bearer (9)................ 12,811,310 15,126,746
10,000 Nestle SA Registered (12)................................ 12,924,986 13,974,823
35,500 Societe Generale d'Affichage D.R.C. (15)................. 13,595,750 13,076,048
40,000 Sika Finanz AG Bearer (6)................................ 10,464,053 12,995,344
1,565 Bank for International Settlements (U.S. Tranche) (24)... 11,628,784 10,740,990
855 Bank for International Settlements (French Tranche) (24). 6,444,916 5,589,840
25,000 Edipresse SA Bearer (15)................................. 5,008,072 7,259,872
2,500 Lindt & Sprungli AG PC (12).............................. 3,153,128 4,354,199
12,973 SAirgroup D.R.C. (a)(9).................................. 1,442,773 2,952,985
1,000 Schindler Holding AG PC (7).............................. 1,011,255 1,182,963
1,859 Vetropack Holding AG Bearer (12)......................... 515,795 339,807
------------ ------------
79,000,822 87,593,617
------------ ------------
AUSTRIA (0.77%)
68,500 VAE AG (9)............................................... 6,894,334 7,184,948
35,000 Flughafen Wien AG (9).................................... 1,503,631 1,450,538
------------ ------------
8,397,965 8,635,486
------------ ------------
ITALY (1.78%)
13,350,000 Montedison SpA Non Convertible Savings (21).............. 7,073,978 7,364,341
395,000 Istituto Finanziario Industriale SpA Privileged (20).... 3,590,377 5,413,001
650,000 Arnoldo Mondadori Editore SpA (15)....................... 4,534,147 4,763,232
550,000 Industrias Macchine Automatiche SpA (7).................. 2,133,936 2,449,554
------------ ------------
17,332,438 19,990,128
------------ ------------
SPAIN AND PORTUGAL (1.30%)
750,000 Energia e Industrias Aragonesas SA (8)................... 3,762,385 5,543,237
125,000 Banco Comercial Portugues SA (17)........................ 1,782,951 2,644,766
125,000 Espirito Santo Financial Group SA ADR (17)............... 1,568,865 2,601,562
18,000 Corporacion Financiera Alba SA (20)...................... 1,273,003 2,010,079
</TABLE>
8
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(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)
65,000 Companhia de Celulose do Caima SA (3).. $ 1,269,666 $ 1,299,276
100,000 Omsa Alimentacion SA (12).............. 521,569 500,571
------------ ------------
10,178,439 14,599,491
------------ ------------
GREECE (0.58%)
77,680 Titan Cement Co. (6)................... 1,141,872 4,701,031
13,860 Titan Cement Co. Pfd. (6).............. 171,006 651,609
379,380 H. Benrubi & Fils SA (12).............. 2,265,445 1,090,055
18,000 H. Benrubi & Fils SA Pfd. (12)......... 92,036 42,668
------------ ------------
3,670,359 6,485,363
------------ ------------
TURKEY (0.14%)
95,474,400 Medya Holding Group (15)............... 3,092,220 821,921
74,250,000 Sabah Yayincilik A.S. (15)............. 1,171,231 777,699
------------ ------------
4,263,451 1,599,620
------------ ------------
ISRAEL (1.17%)
1,190,550 The Israel Land Development Company
Ltd. (a)(21).......................... 5,256,694 7,221,648
15,000 The Israel Land Development Company
Ltd.
ADR (a)(21)........................... 202,500 274,688
1,742,500 Super-Sol (a)(13)...................... 3,716,995 5,668,734
------------ ------------
9,176,189 13,165,070
------------ ------------
COMMONWEALTH OF INDEPENDENT STATES
(0.93%)
672,461 Firebird Fund, L.P. (a)(b)(d)(22)...... 683,593 4,033,827
9,000 Baltic Republics Fund (a)(b)(d)(22).... 905,750 2,610,000
100,000 First NIS Regional Fund SICAF
(a)(b)(d)(22)......................... 1,000,000 2,000,000
7,252 Firebird Republics Fund, Ltd. Class "A'
(a)(b)(d)(22)......................... 1,175,000 1,339,155
10,000 Templeton Russia Fund Inc. (22)........ 146,850 496,250
------------ ------------
3,911,193 10,479,232
------------ ------------
JAPAN (15.33%)
245,000 Secom Co., Ltd. (16)................... 13,841,380 16,589,125
1,285,000 The Tokio Marine & Fire Insurance Co.,
Ltd. (17)............................. 14,030,815 15,479,998
350,000 Fuji Photo Film Co., Ltd. (12)......... 8,561,518 14,480,954
85,000 Toho Co., Ltd. (15).................... 11,831,103 11,510,821
185,000 Ito-Yokado Co., Ltd. (13).............. 9,593,873 10,051,925
400,000 Shimano Inc. (12)...................... 7,575,846 9,305,031
1,315,000 The Nichido Fire & Marine Insurance
Co., Ltd. (17)........................ 8,675,639 8,630,831
500,000 Shiseido Company, Ltd. (12)............ 5,870,825 8,058,821
1,575,000 The Dai-Tokyo Fire & Marine Insurance
Co., Ltd. (17)........................ 9,381,877 7,131,434
1,050,000 Nisshinbo Industries, Inc. (12)........ 9,701,413 6,970,049
1,115,000 Okumura Corporation (16)............... 6,168,456 5,771,154
65,000 Hitachi, Ltd. ADR (11)................. 6,162,526 5,732,187
675,000 Tachi-S Co., Ltd. (5).................. 6,854,029 5,585,511
</TABLE>
9
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
JAPAN (continued)
1,000,000 The Koa Fire & Marine Insurance Co.,
Ltd. (17)............................. $ 5,921,975 $ 5,391,933
1,575,000 Hanshin Electric Railway Co., Ltd. (9). 6,325,346 5,312,591
361,500 Chofu Seisakusho Co., Ltd. (12)........ 6,679,061 5,135,754
565,000 Shoei Co., Ltd. (20)................... 5,200,358 4,834,877
1,125,000 The Dowa Fire & Marine Insurance Co.,
Ltd. (17)............................. 5,518,457 4,486,354
215,000 T. Hasegawa Co., Ltd. (12)............. 4,863,737 4,322,685
800,000 Aida Engineering, Ltd. (7)............. 5,498,495 3,981,224
550,000 Sotoh Co., Ltd. (12)................... 5,244,470 3,564,159
1,698,000 Iino Kaiun Kaisha, Ltd. (a)(9)......... 6,376,698 3,357,488
535,000 Nittetsu Mining Co., Ltd. (1).......... 4,613,602 2,978,025
45,000 Asatsu Inc. (15)....................... 1,665,107 1,140,282
70,000 Tsutsumi Jewelry Co., Ltd. (13)........ 3,695,531 1,134,051
100,000 Sonton Food Industry Co., Ltd. (12).... 1,091,566 988,659
17,000 Amatsuji Steel Ball Mfg. Co., Ltd. (7). 207,138 169,484
7,750 Fast Retailing Co., Ltd. (13).......... 332,883 162,900
------------ ------------
181,483,724 172,258,307
------------ ------------
SOUTH KOREA (1.50%)
65,000 Dong Ah Tire Industry Co., Ltd. (5).... 4,286,194 3,516,393
30,000 Nam Yang Dairy Products (12)........... 2,998,533 3,032,787
100,000 LG Industrial Systems (7).............. 2,524,239 2,021,858
40,561 Woong Jin Publishing Co., Ltd. (15).... 2,282,755 1,972,639
45,939 Samsung Electronics Co., Ltd. Pfd.
(10).................................. 3,011,582 1,636,734
85,000 Choong Nam Spinning (a)(12)............ 1,596,424 1,096,175
59,270 Cheil Jedang Corporation Pfd. (21)..... 1,061,802 829,132
31,740 Young Chang Akki Co. (12).............. 1,481,090 655,613
116,060 Ssangyong Cement Industries Pfd. (6)... 1,779,041 596,155
81,844 LG Electronics Inc. Pfd. (10).......... 1,704,674 594,822
16,458 LG Electronics Inc. (10)............... 233,549 323,764
70,275 Korean Air Lines Pfd. (a)(9)........... 1,021,083 345,615
12,500 Korean Air Lines (a)(9)................ 190,177 170,765
------------ ------------
24,171,143 16,792,452
------------ ------------
HONG KONG (2.21%)
33,300,042 CDL Hotels International Limited (19).. 14,070,287 12,049,640
8,950,000 Shaw Brothers (Hong Kong) Limited (15). 11,732,410 9,310,868
2,500,000 South China Morning Post Holdings Corp.
(15).................................. 1,523,194 2,277,720
3,750,000 China-HongKong Photo Products Holdings
Limited (12).......................... 1,338,148 1,235,784
------------ ------------
28,664,039 24,874,012
------------ ------------
TAIWAN (0.12%)
985,185 Far Eastern Textile, Entitlement
Certificates (12)..................... 1,146,250 1,370,512
------------ ------------
</TABLE>
10
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
SINGAPORE AND MALAYSIA (0.96%)
560,000 Singapore Bus Service Ltd. (9)......... $ 3,563,550 $ 2,766,111
750,000 Clipsal Industries Ltd. (6)............ 1,755,454 2,385,000
1,000,000 Times Publishing Limited (15).......... 2,501,707 2,237,488
1,500,000 Thakral Corporation Ltd. (13).......... 1,284,616 1,275,000
350,000 Genting Berhad (12).................... 1,167,019 1,088,865
1,250,000 Intraco, Ltd. (13)..................... 1,978,011 1,079,490
------------ ------------
12,250,357 10,831,954
------------ ------------
THAILAND (0.26%)
589,900 Oriental Hotel PCL (19)................ 2,916,880 2,965,978
------------ ------------
VIETNAM (0.13%)
65,182 Templeton Vietnam Opportunities Fund,
Inc. Class "A' (22)................... 786,293 745,519
162,900 The Lazard Vietnam Fund Limited
(a)(b)(d)(22)......................... 448,873 407,250
42,800 The Vietnam Frontier Fund
(a)(b)(d)(22)......................... 440,840 278,200
------------ ------------
1,676,006 1,430,969
------------ ------------
INDIA AND PAKISTAN (0.38%)
325,000 The Pakistan Investment Fund, Inc.
(a)(22)............................... 2,544,599 1,929,687
149,500 The India Fund, Inc. (22).............. 1,788,520 1,382,875
10,000 The Spartek Emerging Opportunities of
India Fund (a)(b)(d)(22).............. 1,035,000 486,700
75,000 Gujarat Narmada Valley Fertilizers
Company Limited GDR (8)............... 862,500 285,000
50,000 Gujarat Narmada Valley Fertilizers
Company Limited GDR (b)(8)............ 640,625 190,000
------------ ------------
6,871,244 4,274,262
------------ ------------
AUSTRALIA AND NEW ZEALAND (3.08%)
5,000,549 Carter Holt Harvey Limited (3)......... 10,875,028 10,870,381
1,138,590 Independent Press Communications
Limited 5% Conv. Pfd. (15)............ 6,321,229 6,717,112
6,121,333 Shortland Properties Limited (19)...... 3,174,660 4,003,811
6,250,000 Tasman Agriculture Limited (4)......... 4,437,058 3,927,656
2,472,333 Spotless Services Limited (16)......... 1,488,362 2,868,500
6,353,338 Evergreen Forests Limited (a)(3)....... 2,788,257 2,525,928
725,000 Eltin Limited (24)..................... 2,309,039 1,067,240
375,700 Radio Pacific Limited (15)............. 682,453 843,212
1,250,000 Wrightson Limited (4).................. 1,215,339 777,516
800,000 Motors Holding Limited (13)............ 595,562 469,897
150,000 The Colonial Motor Company Limited
(13).................................. 169,520 235,659
825,000 Apple Fields Limited (a)(4)............ 507,472 201,032
250,000 Damba Holdings Limited (13)............ 130,848 83,362
------------ ------------
34,694,827 34,591,306
------------ ------------
</TABLE>
11
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
CANADA (2.87%)
475,000 Noranda Inc. (21)...................... $ 8,806,986 $ 9,490,029
275,000 Canadian Pacific Limited (21).......... 4,669,325 8,129,687
145,000 Canadian National Railway Company (9).. 3,908,782 7,540,000
150,000 Franco-Nevada Mining Corp. Ltd. (24)... 3,204,853 3,534,330
185,000 Dofasco Inc. (1)....................... 2,769,277 3,528,720
------------ ------------
23,359,223 32,222,766
------------ ------------
MEXICO (1.28%)
2,525,000 Industrias Penoles, S.A. de C.V. (1)... 10,117,383 12,166,323
35,000 Grupo Televisa S.A. GDR (a)(15)........ 758,654 1,253,437
3,500,000 Grupo Fernandez Editores, S.A. de C.V.
"B' (a)(15)........................... 1,033,836 969,467
------------ ------------
11,909,873 14,389,227
------------ ------------
ARGENTINA (0.84%)
1,650,000 Siderca S.A.I.C. (2)................... 975,256 4,950,990
3,030,864 Ledesma S.A.A.I. (4)................... 4,686,541 3,486,191
262,500 Cresud S.A.C.I.F. y A. (a)(4).......... 411,316 564,488
100,000 IRSA Inversiones y Representaciones
S.A. (19)............................. 228,479 445,089
------------ ------------
6,301,592 9,446,758
------------ ------------
SOUTH AFRICA (0.39%)
100,000 Omni Media Corporation (15)............ 782,730 1,540,857
53,700 Anglo American Platinum Corporation
Ltd. (24)............................. 847,702 931,231
39,643 Anglo American Platinum Corporation
Ltd. ADR (24)......................... 457,896 687,468
137,029 JCI Limited (1)........................ 793,198 784,242
200,000 Stellenbosch Farmers' Winery Group
Limited (4)........................... 215,345 386,556
------------ ------------
3,096,871 4,330,354
------------ ------------
MISCELLANEOUS (2.20%)
200,000 Banco Latinoamericano de Exportaciones
S.A. Class "E' (BLADEX) (17).......... 8,384,296 8,950,000
257,500 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "D' (d)(24).......... 5,219,425 5,439,688
235,000 Minorco ADR (1)........................ 5,279,557 5,243,437
175,000 North European Oil Royalty Trust (2)... 2,363,842 2,953,125
500 Socfinasia (20)........................ 673,348 1,608,314
5,000 Carl Marks Global Value Fund, L.P.
(a)(b)(d)(22)......................... 500,000 517,850
------------ ------------
22,420,468 24,712,414
------------ ------------
TOTAL COMMON AND PREFERRED STOCKS...... 744,094,811 811,131,303
------------ ------------
</TABLE>
12
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS (2.57%)
$1,100,000 Medya International Ltd. 10% due
6/28/2001 (15)........................ $ 954,777 $ 858,000
1,250,000 International Container Terminal
Services, Inc. 5% due 9/15/2001
(d)(e)(9)............................. 1,060,076 1,012,500
3,000,000 International Container Terminal
Services, Inc. 1 3/4% due 3/13/2004
(9)................................... 2,802,400 2,647,500
1,500,000 YangMing Marine Transportation 2% due
10/06/2001 (9)........................ 1,737,000 1,672,500
1,000,000 Sincere Navigation Corporation 3 3/4%
due 5/26/2003 (9)..................... 1,051,125 1,152,500
2,860,000 IRSA Inversiones y Representaciones
S.A. 4 1/2% due 8/02/2003 (19)........ 2,999,309 3,274,700
6,761,000 Scandinavian Broadcasting System SA 7
1/4% due 8/01/2005 (15)............... 6,523,665 6,963,830
4,925,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (3)......................... 3,940,196 3,570,625
1,000,000 Tipco Asphalt Public Co. Ltd. 2 3/4%
due 9/19/2006 (6)..................... 871,728 875,000
5,750,000 Cheil Jedang Corporation 3% due
12/31/2006 (21)....................... 6,892,480 6,871,250
------------ ------------
28,832,756 28,898,405
------------ ------------
U.S. DOLLAR BONDS AND NOTES (6.25%)
2,500,000 IRSA Inversiones y Representaciones
S.A. 8 7/8% due 3/03/1999 (19)........ 2,391,412 2,551,562
300,000 Tubos de Acero de Mexico S.A. 10 1/2%
due
3/10/1999 (d)(2)...................... 294,475 310,500
1,000,000 Cemex SA 10% due 11/05/1999 (6)........ 969,499 1,046,250
500,000 P.T. Inti Indorayon Utama 9 1/8% due
10/15/2000 (3)........................ 458,709 505,625
1,950,000 PT Pabrik Kertas Tjiwi Kimia 13 1/4%
due 8/01/2001 (3)..................... 2,029,250 2,165,475
1,000,000 Banco Safra SA 10 3/8% due 10/28/2002
(b)(17)............................... 987,651 976,250
500,000 Vital Forsikring FRN due 12/22/2003
(6.9688% @ 9/30/1997) (17)............ 498,517 505,500
9,000,000 Grupo Televisa S.A. 0/13 1/4% due
5/15/2008
(0% @ 9/30/97) (a)(15)................ 6,058,707 6,918,750
6,960,000 Republic of Argentina FRB due 3/31/2005
(6.6875% @ 9/30/1997) (23)............ 5,340,153 6,620,700
5,750,000 Republic of Argentina Par 5 1/2% due
3/31/2023 (23)........................ 2,792,614 4,355,625
1,962,500 Federal Republic of Brazil IDU FRN due
1/01/2001 (6.8125% @ 9/30/1997) (23).. 1,615,937 1,945,819
445,500 Federal Republic of Brazil EI FRN due
4/15/2006 (6.8750% @ 9/30/1997) (23).. 309,861 417,935
7,500,000 Federal Republic of Brazil DCB FRN due
4/15/2012 (6.9375% @ 9/30/1997) (23).. 5,870,275 6,365,625
4,547,747 Federal Republic of Brazil "C' Bonds 8%
due
4/15/2014 (23)........................ 2,458,155 3,871,270
500,000 Federal Republic of Brazil Disc. ZL FRN
due 4/15/2024 (6.8750% @ 9/30/1997)
(23).................................. 309,571 440,937
1,750,000 Federal Republic of Brazil Par ZL 5
1/4% due
4/15/2024 (23)........................ 788,867 1,291,719
1,000,000 Republic of Ecuador Disc. FRN due
2/28/2025
(6.6875% @ 9/30/1997) (23)............ 555,092 815,625
</TABLE>
13
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(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)
$ 2,250,000 United Mexican States Disc. FRN
"A' due 12/31/2019 (6.8671% @
9/30/1997) (23).................. $ 1,900,478 $ 2,151,562
1,750,000 United Mexican States Disc. FRN
"B' due 12/31/2019 (6.8359% @
9/30/1997) (23).................. 1,475,884 1,673,437
750,000 United Mexican States Disc. FRN
"C' due 12/31/2019 (6.8203% @
9/30/1997) (23).................. 628,646 717,188
2,750,000 United Mexican States Disc. FRN
"D' due 12/31/2019 (6.8125% @
9/30/1997) (23).................. 2,353,541 2,629,687
1,904,760 Republic of Venezuela FLIRB "B'
due 3/31/2007 (6 3/4% @
9/30/1997) (23).................. 1,080,314 1,814,284
3,000,000 Republic of Venezuela DCB FRN due
12/18/2007 (6 3/4% @ 9/30/1997)
(23)............................. 2,037,932 2,863,125
1,000,000 Republic of Venezuela Disc. "A'
FRN due 3/31/2020 (6.8125% @
9/30/1997) (23).................. 573,814 938,750
1,000,000 Central Bank of the Philippines
NMB FRN due 1/05/2005 (6.7187% @
9/30/1997) (23).................. 926,698 961,875
250,000 Central Bank of the Philippines
DCB FRN due 12/01/2009 (6.8125% @
9/30/1997) (23).................. 219,934 235,625
3,000,000 Republic of Bulgaria IAB due
7/28/2011
(6.6875% @ 9/30/1997) (23)....... 2,191,620 2,428,125
1,000,000 Republic of Bulgaria Disc. "A' FRN
due 7/28/2024 (6.6875% @
9/30/1997) (23).................. 527,500 832,500
3,250,000 Republic of Poland Disc. FRN due
10/27/2024 (6.9375% @ 9/30/1997)
(23)............................. 2,300,435 3,189,062
1,500,000 Bergen Bank Floating Rate
Perpetual Notes
(6% @ 9/30/1997) (17)............ 1,165,250 1,332,525
3,000,000 Christiana Bank Floating Rate
Perpetual Notes
(6 1/4% @ 9/30/1997) (17)........ 2,326,250 2,715,000
1,500,000 A/S Eksportfinans 0% due
11/07/1997 (a)(d)(2)............. 1,500,000 2,365,800
2,000,000 Goldman Sachs Group L.P. Cocoa
Indexed Note 5.90% due 11/10/1997
(d)(4)........................... 2,000,000 2,299,600
------------- ------------
56,937,041 70,253,312
------------- ------------
NON U.S. DOLLAR CONVERTIBLE BONDS
(2.35%)
NZD 2,153,666 Shortland Properties Limited 7
1/2% due
12/31/1998 (19).................. 1,013,716 1,367,228
CAD 3,250,000 InterTAN, Inc. 9% due 8/30/2000
(13)............................. 2,389,235 2,523,164
JPY 200,000,000 Nippon Yusen Kabushiki 2% due
9/29/2000 (9).................... 2,271,122 1,711,461
JPY 200,000,000 Hanshin Electric Railway Co., Ltd.
1 1/2% due 9/30/2005 (9)......... 1,590,197 1,545,300
FRF 40,300,000 Immobiliere Hoteliere 5% due
1/01/2001 (19)................... 6,328,712 4,756,521
FRF 3,696,000 Crometal 4 1/2% due 1/01/2001 (7). 726,377 683,054
FRF 3,358,800 Gaumont SA 3.75% 1/01/2003 (15)... 653,654 643,205
FRF 16,000,000 Alcatel Alsthom 2 1/2% due
1/01/2004 (21)................... 3,110,687 3,298,307
ECU 775,000 Espirito Santo Financial Group SA
8 3/4% due 4/10/2003 (17)........ 1,088,932 1,146,194
</TABLE>
14
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS (continued)
NON U.S. DOLLAR CONVERTIBLE BONDS (continued)
GBP 500,000 Lonrho Finance plc 6% due 2/27/2004 (21)..... $ 723,282 $ 733,520
GBP 1,850,000 BAA plc 5 3/4% due 3/29/2006 (9)............. 3,078,999 3,430,796
GBP 6,000,000 Berisford plc 5% due 1/31/2015 (12).......... 6,583,621 7,991,032
------------ ------------
29,558,534 29,829,782
------------ ------------
NON U.S. DOLLAR BONDS AND NOTES (1.96%)
ZAR 10,000,000 Republic of South Africa 13% due 8/31/2010
(23)........................................ 1,940,971 2,022,815
ITL 250,000,000 Bayerische Hypotheken-Wechsel Bank 7.85% due
2/14/2001 (17).............................. 149,311 155,238
ITL1,000,000,000 American International Group 11.70% due
12/04/2001 (17)............................. 670,981 707,691
CAD 2,500,000 Province of Alberta 10 1/4% due 8/22/2001
(23)........................................ 1,846,733 2,118,044
CAD 500,000 Province of Quebec 10 1/4% due 10/15/2001
(23)........................................ 377,818 426,002
NZD 5,500,000 New Zealand Government 10% due 3/15/2002
(23)........................................ 3,975,359 3,965,541
NZD 3,500,000 Trans Power Finance Limited 8% due
3/15/2002 (18).............................. 2,258,550 2,314,198
NZD 500,000 Telecom Corp. of New Zealand 9 1/4% due
7/1/2002 (18)............................... 305,150 346,676
NZD 1,500,000 Telecom Corp. of New Zealand 7 1/2% due
7/14/2003 (18).............................. 877,791 968,489
FRF 21,500,000 United Mexican States Par 6.63% due
12/31/2019 (23)............................. 2,486,874 2,964,722
FRF 12,500,000 Republic of Venezuela Par 7.71% due
3/31/2020 (23).............................. 1,383,421 1,855,657
CHF 500,000 Scandinavian Airlines Variable Rate Perpetual
Notes (3 5/8% @ 9/30/1997) (9).............. 247,886 248,319
DEM 900,000 Air Canada Variable Rate Perpetual Notes
(4 5/8% @ 9/30/1997) (9).................... 349,963 339,574
DEM 170,000 Air Canada 6 1/4% Perpetual Notes (9)........ 99,273 106,474
------------ ------------
16,970,081 18,539,440
------------ ------------
TOTAL BONDS, NOTES AND CONVERTIBLE BONDS..... 132,298,412 147,520,939
------------ ------------
SHORT-TERM INVESTMENTS (14.62%)
$ 9,987,000 Rayonier Inc. 5.71% due 10/01/1997........... 9,987,000 9,987,000
4,892,000 Raytheon Company 6.60% due 10/01/1997........ 4,892,000 4,892,000
14,539,000 Raytheon Company 5.82% due 10/02/1997........ 14,536,650 14,536,650
4,000,000 Toshiba International Finance plc 6% due
10/02/1997.................................. 3,999,333 3,999,333
9,288,000 Burlington Northern Santa Fe Corporation
5.65% due 10/03/1997........................ 9,285,085 9,285,085
9,776,000 Rayonier Inc. 5.71% due 10/06/1997........... 9,768,247 9,768,247
5,211,000 CSX Corporation 5.64% due 10/07/1997......... 5,206,102 5,206,102
10,000,000 Samsung Electronics, America Inc. 5.78% due
10/08/1997.................................. 9,988,761 9,988,761
10,353,000 CSX Corporation 5.67% due 10/09/1997......... 10,339,955 10,339,955
</TABLE>
15
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
SHORT-
TERM INVESTMENTS (continued)
$10,354,000 Raytheon Company 5.87% due
10/10/1997.................... $ 10,338,805 $ 10,338,805
10,000,000 Union Pacific Corporation 5.67%
due 10/14/1997................ 9,979,525 9,979,525
6,907,000 CSX Corporation 5.67% due
10/15/1997.................... 6,891,770 6,891,770
11,729,000 Newell Company 5.54% due
10/16/1997.................... 11,701,926 11,701,926
7,395,000 Union Pacific Corporation 5.65%
due 10/17/1997................ 7,376,430 7,376,430
10,000,000 CSX Corporation 5.64% due
10/20/1997.................... 9,970,233 9,970,233
6,229,000 Crown Cork & Seal Company, Inc.
5.73% due 10/21/1997.......... 6,209,171 6,209,171
5,294,000 Lockheed Martin Corporation
5.66% due 10/29/1997.......... 5,270,695 5,270,695
2,000,000 H.J. Heinz Company 5.50% due
11/13/1997.................... 1,986,861 1,986,861
11,000,000 Samsung Electronics America,
Inc. 5.78% due 11/13/1997..... 10,924,057 10,924,057
5,600,000 Union Pacific Corporation 5.65%
due 11/14/1997................ 5,561,329 5,561,329
-------------- --------------
TOTAL SHORT-TERM INVESTMENTS... 164,213,935 164,213,935
-------------- --------------
TOTAL INVESTMENTS (99.94%)..... $1,040,607,158* 1,122,866,177**
==============
Other assets in excess of
liabilities (0.06%)........... 716,523
--------------
Net assets (100.00%)........... $1,123,582,700
==============
</TABLE>
16
<PAGE>
SoGen Overseas Fund
NOTES TO SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
(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 or commodity
index.
(d) Security for which there are less than three market makers.
* At September 30, 1997 cost is identical for both book and federal income tax
purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 1997 were $148,965,932 and $66,706,913, respectively (net appreciation
was $82,259,019).
<TABLE>
<CAPTION>
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS
- ------------------ ------------------------
<S> <C> <C>
NZD--New Zealand
Dollar (1) Metals and Minerals (13) Distribution
CAD--Canadian Dollar (2) Energy (14) Health Care
JPY--Japanese Yen (3) Paper and Forest Products (15) Media
FRF--French Franc (4) Agriculture (16) Services
ECU--European
Currency Unit (5) Automotive (17) Financial Services
GBP--Pound Sterling (6) Building Materials (18) Utilities
ZAR--South African
Rand (7) Capital Goods (19) Real Estate
ITL--Italian Lira (8) Chemicals (20) Holding Companies
CHF--Swiss Franc (9) Transportation (21) Conglomerates
DEM--Deutsche Mark (10) Electronics (22) Investment Companies
(11) Technology (23) Government Issues
(12) Consumer Products (24) Gold Related
</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 NMB--New Money Bond
"C'--Capitalization DCB--Debt Conversion Bond
IAB--Interest in Arrears Bond
</TABLE>
- -----------
See Notes to Financial Statements.
17
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED STATES (32.04%)
157,500 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "C' (c)............... $5,723,709 $4,626,562
100,000 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "D' (c)............... 2,151,079 2,112,500
55,000 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "B' (c)............... 2,081,910 1,677,500
70,000 Newmont Mining Corporation.............. 2,668,150 3,145,625
100,000 Homestake Mining Company................ 2,021,673 1,531,250
1,000 Case, Pomeroy & Co., Inc. Class "A'..... 1,084,930 1,206,000
8,500 Amax Gold Inc. $3.75 Conv. Pfd. Series
"B'.................................... 436,223 459,000
45,000 Amax Gold Inc. (a)...................... 379,225 298,125
---------- ----------
16,546,899 15,056,562
---------- ----------
CANADA (18.51%)
100,000 Franco-Nevada Mining Corp. Ltd.......... 1,367,664 2,356,220
100,000 Euro-Nevada Mining Corp. Ltd............ 616,160 1,755,402
105,000 Pan American Silver Corp. (a)........... 350,923 877,882
75,000 Cambior Inc............................. 1,019,306 844,222
35,000 Placer Dome Inc......................... 745,725 669,375
115,000 Meridian Gold Inc. (a).................. 433,623 570,234
65,000 TVX Gold Inc. (a)....................... 649,336 406,250
100,000 Dayton Mining Corporation (a)........... 492,662 350,000
54,190 Echo Bay Mines Ltd...................... 671,191 308,206
45,000 Golden Star Resources Ltd. (a).......... 550,389 289,687
35,000 Pegasus Gold Inc. (a)................... 552,623 196,875
15,000 Miramar Mining Corporation.............. 58,510 59,177
110,000 TVI Pacific Inc. (a).................... 91,101 15,925
---------- ----------
7,599,213 8,699,455
---------- ----------
AUSTRALIA & NEW ZEALAND (4.41%)
1,500,000 Perilya Mines N.L. (a).................. 896,936 641,758
250,000 Eltin Limited........................... 727,236 368,014
500,000 Otter Gold Mines Limited (a)............ 600,962 326,317
500,000 Kidston Gold Mines Limited (a).......... 800,632 279,183
285,000 Macraes Mining Company Limited.......... 437,507 237,668
170,000 Macraes Mining Company Limited 7% due
9/15/1998.............................. 338,804 160,258
500,000 Panorama Resources NL (a)............... 107,089 58,012
---------- ----------
3,909,166 2,071,210
---------- ----------
SOUTH AFRICA (13.37%)
215,000 Vaal Reefs Exploration & Mining Company
Ltd. ADR............................... 1,726,163 1,155,625
49,450 Anglo American Platinum Corporation
Ltd.................................... 775,337 857,530
12,877 Anglo American Platinum Corporation Ltd.
ADR.................................... 140,538 223,309
115,000 Driefontein Consolidated Ltd. ADR....... 1,152,963 848,125
100,000 Free State Consolidated Gold Mines Ltd.
ADR.................................... 1,267,843 625,000
25,000 Gold Fields of South Africa............. 732,566 503,329
</TABLE>
18
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
SOUTH AFRICA (continued)
120,250 St. Helena Gold Mines Ltd. ADR..... $ 1,024,168 $ 496,031
28,250 St. Helena Gold Mines Ltd.......... 173,869 111,022
65,000 Kloof Gold Mining Company Limited
ADR............................... 829,870 394,063
445,681 Avgold Limited (a)................. 1,084,164 370,404
70,000 Harmony Gold Mining Company Ltd.
(a)............................... 383,890 296,897
98,750 Durban Roodepoort Deep Limited (a). 917,859 230,095
57,500 Durban Roodepoort Deep Limited ADR
(a)............................... 481,875 141,055
75,000 Durban Roodepoort Deep Limited "B'
Options (a)....................... 0 31,810
----------- -----------
10,691,105 6,284,295
----------- -----------
SWITZERLAND (11.09%)
545 Bank for International Settlements
(U.S. Tranche).................... 4,214,954 3,740,472
225 Bank for International Settlements
(French Tranche).................. 1,603,440 1,471,011
----------- -----------
5,818,394 5,211,483
----------- -----------
MISCELLANEOUS (12.10%)
375,000 Industrias Penoles, S.A. de C.V.... 1,078,151 1,806,880
895,000 Lonrho plc ........................ 2,161,370 1,668,794
1,090,828 Minas De Arcata S.A. (a)........... 1,448,082 1,442,622
1,000,000,000 Manila Mining Corporation "B'...... 1,842,974 492,754
25,000 Ashanti Goldfields Company Limited
GDR............................... 524,000 275,000
----------- -----------
7,054,577 5,686,050
----------- -----------
TOTAL COMMON AND PREFERRED STOCKS.. 51,619,354 43,009,055
----------- -----------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS
(4.92%)
$1,000,000 Gold Mines of Kalgoorlie 7 1/2% due
2/28/2000......................... 1,091,644 1,045,000
100,000 Dayton Mining Corporation 7% due
4/01/2002 (b)..................... 100,000 89,500
350,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002......................... 385,500 260,312
250,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (b)..................... 218,614 185,937
150,000 Ashanti Goldfields Company Limited
5 1/2% due 3/15/2003.............. 130,683 125,715
500,000 Agnico-Eagle Mines Limited 3 1/2%
due 1/27/2004..................... 400,880 403,750
215,000 Coeur d'Alene Mines Corporation 6
3/8% due 1/31/2004................ 215,087 201,561
----------- -----------
TOTAL BONDS, NOTES AND CONVERTIBLE
BONDS............................. 2,542,408 2,311,775
----------- -----------
SHORT-TERM INVESTMENTS (3.57%)
1,678,000 Raytheon Company 6.60% due
10/01/1997........................ 1,678,000 1,678,000
----------- -----------
TOTAL INVESTMENTS (100.01%)........ $55,839,762* 46,998,830**
===========
Other liabilities in excess of
assets (-0.01%)................... (2,622)
-----------
Net assets (100.00%)............... $46,996,208
===========
</TABLE>
19
<PAGE>
SoGen Gold Fund
NOTES TO SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(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.
* At September 30, 1997 cost is identical for both book and federal income tax
purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 1997 were $4,341,730 and $13,182,662 respectively (net depreciation was
$8,840,932).
- -----------
See Notes to Financial Statements.
20
<PAGE>
SoGen Money Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
CREDIT PRINCIPAL COST VALUE
RATING+ AMOUNT (NOTE 1) (NOTE 1)
------- --------- -------- --------
<C> <C> <S> <C> <C>
COMMERCIAL PAPER (98.84%)
A1 $288,000 American Express Credit
Corporation 5.56% due
10/01/1997...................... $ 288,000 $ 288,000
A1 620,000 PepsiCo, Inc. 5.50% due
10/01/1997...................... 620,000 620,000
A1 500,000 Prudential Funding Corporation
6.07% due 10/01/1997............ 500,000 500,000
A1 585,000 TRW Inc. 6.35% due 10/01/1997.... 585,000 585,000
A1+ 620,000 Dresdner U.S. Finance Inc. 5.47%
due 10/02/1997.................. 619,906 619,906
A1+ 500,000 Merrill Lynch & Co., Inc. 5.64%
due 10/02/1997.................. 499,922 499,922
A1 600,000 Toshiba International Finance plc
6.00% due 10/02/1997............ 599,900 599,900
A1+ 600,000 J.P. Morgan & Co. Incorporated
5.50% due 10/03/1997............ 599,817 599,817
A1 600,000 Ford Motor Credit Company 5.45%
due 10/06/1997.................. 599,546 599,546
A1+ 600,000 The Southland Corporation 5.54%
due 10/07/1997.................. 599,446 599,446
A1 502,000 Pearson Inc. 5.50% due
10/08/1997...................... 501,463 501,463
A1 600,000 Toys "R' US, Inc. 5.48% due
10/10/1997...................... 599,178 599,178
A1+ 620,000 Fuji Photo Film Finance U.S.A.,
Inc. 5.53% due 10/14/1997....... 618,762 618,762
A1 600,000 The Walt Disney Company 5.55% due
10/15/1997...................... 598,705 598,705
A1+ 490,000 Toyota Motor Credit Corporation
5.44% due 10/16/1997............ 488,889 488,889
A1 620,000 Air Products and Chemicals, Inc.
5.47% due 10/17/1997............ 618,493 618,493
A1+ 615,000 Emerson Electric Co. 5.48% due
10/20/1997...................... 613,221 613,221
A1 400,000 Xerox Corporation 5.47% due
10/22/1997...................... 398,724 398,724
A1 600,000 The Sherwin-Williams Company
5.50% due 10/23/1997............ 597,983 597,983
A1+ 249,000 The Coca Cola Company 5.48% due
10/28/1997...................... 247,976 247,976
A1+ 600,000 General Electric Capital
Corporation 5.50% due
11/05/1997...................... 596,792 596,792
A1 600,000 H.J. Heinz Company 5.50% due
11/13/1997...................... 596,058 596,058
----------- -----------
TOTAL COMMERCIAL PAPER........... $11,987,781* 11,987,781
===========
Other assets in excess of
liabilities (1.16%)............. 140,927
-----------
Net assets (100.00%)............. $12,128,708
===========
</TABLE>
- -----------
* At September 30, 1997 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.
21
<PAGE>
SoGen Funds, Inc.
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
-------------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost:
$1,040,607,158, $55,839,762 and
$11,987,781, respectively)
(Note 1)........................... $1,122,866,177 $46,998,830 $11,987,781
Cash................................ 1,620,553 47,806 --
Receivable for forward currency
contracts held, at value (Notes 1
and 6)............................. 4,266,614 -- --
Receivable for investment securities
sold............................... 2,750,672 -- --
Receivable for Fund shares sold..... 3,881,142 215,905 196,533
Accrued interest and dividends
receivable......................... 4,767,255 187,582 --
Prepaid expenses and other assets... 16,147 946 1,473
Deferred organization costs (Note
1)................................. 10,185 10,200 10,176
-------------- ----------- -----------
TOTAL ASSETS..................... 1,140,178,745 47,461,269 12,195,963
-------------- ----------- -----------
LIABILITIES:
Payable for Fund shares redeemed.... 6,010,932 122,562 --
Payable for investment securities
purchased.......................... 4,592,542 198,631 --
Payable for forward currency
contracts held, at value (Notes 1
and 6)............................. 3,756,727 15 --
Investment advisory fees payable
(Note 2)........................... 683,237 26,623 26,179
Distribution fees payable (Note 3).. 701,295 27,647 --
Directors' fees payable (Note 2).... 41,852 3,305 884
Accrued expenses and other
liabilities........................ 809,460 86,278 40,192
-------------- ----------- -----------
TOTAL LIABILITIES................ 16,596,045 465,061 67,255
-------------- ----------- -----------
NET ASSETS:
Capital stock (par value, $0.001 per
share)............................. 75,406 4,865 12,129
Capital surplus..................... 945,888,380 56,986,749 12,116,579
Net unrealized appreciation
(depreciation) on:
Investments......................... 82,259,019 (8,840,931) --
Forward currency contracts.......... 509,887 (15) --
Foreign currency related
transactions....................... (42,263) (1,502) --
Undistributed net realized gains
(loss) on investments.............. 44,773,814 (1,779,614) --
Undistributed net investment income. 50,118,457 626,656 --
-------------- ----------- -----------
NET ASSETS (Note 1).............. $1,123,582,700 $46,996,208 $12,128,708
============== =========== ===========
NET ASSET VALUE PER SHARE (NAV)
(based on 75,405,720, 4,865,175 and
12,128,708 shares outstanding,
respectively; 1,000,000,000 shares
authorized) (Note 5)................ $ 14.90 $ 9.66 $ 1.00
============== =========== ===========
MAXIMUM OFFERING PRICE PER SHARE
(NAV / 96.25%; except SoGen Money
Fund)............................... $ 15.48 $ 10.04 $ 1.00
============== =========== ===========
</TABLE>
- -----------
See Notes to Financial Statements.
22
<PAGE>
SoGen Funds, Inc.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
------------- ----------- ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest (net of $27,691 and $1,091
foreign taxes withheld, respectively).. $ 9,795,858 $ 145,798 $366,461
Dividends (net of $999,305 and $11,322
foreign taxes withheld, respectively).. 10,955,447 652,721 --
------------ ----------- --------
Total income from operations........... 20,751,305 798,519 366,461
------------ ----------- --------
Expenses:
Investment advisory fees (Note 2)....... 3,994,210 174,083 26,139
Distribution fees (Note 3).............. 1,336,242 58,205 --
Shareholder servicing agent fees........ 600,835 74,691 11,344
Custodian fees.......................... 505,922 30,335 15,083
Registration and filing fees............ 62,993 6,551 11,510
Printing................................ 54,475 2,898 1,468
Audit fees.............................. 22,426 14,111 7,020
Directors' fees (Note 2)................ 17,053 832 256
Insurance............................... 10,889 3,224 1,047
Legal fees.............................. 3,553 189 38
Amortization of deferred organization
costs (Note 1)......................... 2,652 2,652 2,652
Miscellaneous........................... 20,157 5,063 251
------------ ----------- --------
Total expenses from operations......... 6,631,407 372,834 76,808
------------ ----------- --------
Advisory fees waived (Note 2)........... -- -- (26,139)
Expense reimbursement................... -- -- (2,274)
Expense reduction due to earnings
credits (Note 1)....................... (7,500) (845) (135)
------------ ----------- --------
Net expenses from operations........... 6,623,907 371,989 48,260
------------ ----------- --------
Net investment income (Note 1).......... 14,127,398 426,530 318,201
------------ ----------- --------
REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS AND FOREIGN CURRENCY RELATED
TRANSACTIONS (NOTES 1 AND 6):
Net realized gains (losses) from:
Investment transactions................. 29,078,788 (494,817) --
Foreign currency related transactions... 26,947,412 (29,124) --
------------ ----------- --------
56,026,200 (523,941) --
------------ ----------- --------
Change in unrealized appreciation
(depreciation) of:
Investments............................. 23,001,543 (4,383,362) --
Foreign currency related transactions... (16,902,731) (370) --
------------ ----------- --------
6,098,812 (4,383,732) --
------------ ----------- --------
Net gain (loss) on investments and
foreign currency related transactions.. 62,125,012 (4,907,673) --
------------ ----------- --------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............... $ 76,252,410 $(4,481,143) $318,201
============ =========== ========
</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
---------------------------- ------------------------- -------------------------
Six Months Six Months Six Months
Ended Year Ended Year Ended Year
September 30, Ended September 30, Ended September 30, Ended
1997 March 31, 1997 March 31, 1997 March 31,
(Unaudited) 1997 (Unaudited) 1997 (Unaudited) 1997
-------------- ------------ ------------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income.. $ 14,127,398 $ 17,840,624 $ 426,530 $ 716,920 $ 318,201 $ 503,842
Net realized gain
(loss) from
investments and
foreign currency
related transactions.. 56,026,200 51,771,626 (523,941) (761,753) -- --
Increase (decrease) in
unrealized
appreciation
(depreciation) of
investments and
foreign currency
related transactions.. 6,098,812 21,576,825 (4,383,732) (7,932,740) -- --
-------------- ------------ ----------- ----------- ----------- -----------
Net increase
(decrease) in net
assets resulting from
operations........... 76,252,410 91,189,075 (4,481,143) (7,977,573) 318,201 503,842
-------------- ------------ ----------- ----------- ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends paid from net
investment income..... -- (35,317,287) -- (715,209) (318,201) (503,842)
Distributions paid from
net realized gains
from investment
transactions.......... -- (22,367,476) -- (105,967) -- --
-------------- ------------ ----------- ----------- ----------- -----------
Decrease in net assets
resulting from
distributions........ -- (57,684,763) -- (821,176) (318,201) (503,842)
-------------- ------------ ----------- ----------- ----------- -----------
FUND SHARE TRANSACTIONS
(NOTE 5):
Net proceeds from
shares sold........... 215,813,990 398,376,548 13,526,692 55,625,012 10,068,175 90,314,681
Net asset value of
shares issued for
reinvested dividends
and distributions..... -- 55,745,006 -- 790,492 285,265 460,368
Cost of shares
redeemed.............. (121,798,343) (181,708,882) (14,700,567) (58,226,814) (11,352,523) (86,134,242)
-------------- ------------ ----------- ----------- ----------- -----------
Increase (decrease) in
net assets from Fund
share transactions... 94,015,647 272,412,672 (1,173,875) (1,811,310) (999,083) 4,640,807
-------------- ------------ ----------- ----------- ----------- -----------
Net increase
(decrease) in net
assets.............. 170,268,057 305,916,984 (5,655,018) (10,610,059) (999,083) 4,640,807
NET ASSETS (NOTE 1):
Beginning of period.... 953,314,643 647,397,659 52,651,226 63,261,285 13,127,791 8,486,984
-------------- ------------ ----------- ----------- ----------- -----------
End of period
(including
undistributed net
investment income of
$50,118,457,
$9,043,647, $626,656,
$229,250, $0 and $0,
respectively)......... $1,123,582,700 $953,314,643 $46,996,208 $52,651,226 $12,128,708 $13,127,791
============== ============ =========== =========== =========== ===========
</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 in-
vestment company registered under the Investment Company Act of 1940, as
amended (each individually a "Fund" or collectively the "Funds"). The follow-
ing is a summary of significant accounting policies adhered to by the Funds.
A) SECURITY VALUATION--In the case of SoGen Overseas Fund and SoGen Gold
Fund, portfolio securities are valued based on market quotations where avail-
able. Short-term investments maturing in sixty days or less are valued at cost
plus interest earned, which approximates value. In the case of SoGen Money
Fund, portfolio securities are valued at their amortized cost, which approxi-
mates market value, subject to guidelines and procedures established by the
Board of Directors in accordance with applicable SEC regulations. Securities
for which current market quotations are not readily available and any re-
stricted securities are valued at fair value as determined in good faith by
the Board of Directors.
B) DEFERRED ORGANIZATION COSTS AND PREPAID EXPENSES--Costs incurred in con-
nection with the organization of the Funds are amortized on a straight-line
basis over a sixty-month period from the date each Fund commences investment
operations.
C) SECURITY TRANSACTIONS AND INCOME--Security transactions are accounted for
on a trade date basis. The specific identification method is used in determin-
ing realized gains and losses from security transactions. Dividend income is
recorded on the ex-dividend date. Interest income is recorded daily on the ac-
crual basis. In computing investment income, each Fund amortizes discounts on
debt obligations; however, premiums are not amortized.
D) EXPENSES--Expenses arising in connection with a Fund are charged directly
to that Fund. Expenses common to all Funds are allocated to each Fund in pro-
portion to its relative net assets. Earnings credits reduce custodian fees and
shareholder servicing agent fees by the amount of interest earned on balances
with such service providers.
E) FOREIGN CURRENCY TRANSLATION (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)--
The market values of securities which are not traded in U.S. currency are re-
corded in the financial statements after translation to U.S. dollars based on
the applicable exchange rates at the end of the period. The costs of such se-
curities are translated at exchange rates prevailing when acquired. Related
dividends, interest and withholding taxes are accrued at the rates of exchange
prevailing on the respective dates of such transactions.
25
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued)
The net assets of each of SoGen Overseas Fund and SoGen Gold Fund are pre-
sented at the foreign exchange rates and market values at the close of the pe-
riod. Neither Fund isolates that portion of gains and losses on investments
which is due to changes in foreign exchange rates from that which is due to
changes in market prices of the equity securities. However, for federal income
tax purposes each Fund does isolate the effect of changes in foreign exchange
rates from the changes in market prices for realized gains and losses on debt
obligations.
F) FORWARD CURRENCY CONTRACTS (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)--In
connection with portfolio purchases and sales of securities denominated in
foreign currencies, SoGen Overseas Fund and SoGen Gold Fund may enter into
forward currency contracts. Additionally, each Fund may enter into such con-
tracts to hedge certain other foreign currency denominated investments. These
contracts are valued at current market, and the related realized and
unrealized foreign exchange gains and losses are included in the statement of
operations. In the event that counterparties fail to settle these currency
contracts or the related foreign security trades, a Fund could be exposed to
foreign currency fluctuations.
G) U.S. INCOME TAXES--No provision has been made for U.S. federal income
taxes since it is the intention of each Fund to distribute to shareholders all
taxable net investment income and net realized gains on investments, if any,
within the allowable time limit, and to comply with the provisions of the In-
ternal Revenue Code for a regulated investment company. SoGen Overseas Fund
and SoGen Gold Fund declare and pay such income dividends and capital gains
distributions on an annual basis. SoGen Money Fund declares daily dividends,
equivalent to net investment income, which are paid on a monthly basis.
H) RECLASSIFICATION OF CAPITAL ACCOUNTS--On the statements of assets and li-
abilities, as a result of certain differences in the computation of net in-
vestment income and net realized capital gains under federal income tax rules
and regulations versus generally accepted accounting principles, a reclassifi-
cation has been made to increase (decrease) undistributed net investment in-
come and decrease (increase) undistributed net realized gains on investments
in the amounts of $26,947,412 and ($29,124) 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 es-
timates and assumptions that affect the reported amounts of assets and liabil-
ities at the date of the financial statements and the reported amounts of rev-
enues and expenses during the reporting period. Actual results could differ
from those estimates.
26
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PERSONS
Under the terms of an investment advisory agreement dated August 17, 1993,
each Fund pays Societe Generale Asset Management Corp. ("SGAM Corp.") a
monthly advisory fee for advisory services and facilities furnished, at an an-
nual rate of the average daily net assets of that Fund as follows: SoGen Over-
seas Fund at 0.75%, SoGen Gold Fund at 0.75% and SoGen Money Fund at 0.40%.
SGAM Corp. has agreed to waive its advisory fee and, if necessary, reimburse
SoGen Money Fund through July 31, 1998 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, 1997, the investment ad-
visory fees paid or payable to SGAM Corp. were $3,994,210 and $174,083 for
SoGen Overseas Fund and SoGen Gold Fund, respectively. For the same period,
the investment advisory fee of $26,139 for SoGen Money Fund was waived in its
entirety by SGAM Corp.
For the six months ended September 30, 1997, Societe Generale Securities
Corporation ("SGSC"), the principal underwriter, realized $187,240 and $12,967
in dealer's and underwriter's commissions, after reallowance to others, per-
taining to the sale of shares of SoGen Overseas Fund and SoGen Gold Fund, re-
spectively. Societe Generale, a stockholder of SGAM Corp. and SGSC, received
dealer's commissions of $1,543 pertaining to the sale of shares of SoGen Over-
seas Fund. For the same period, Societe Generale or its affiliates received
$42,167 in broker's commissions for portfolio transactions executed on behalf
of SoGen Overseas Fund.
Each director who is not an officer of the Company or an employee of SGAM
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, 1997,
such fees amounted to $17,053, $832 and $256 for SoGen Overseas Fund, SoGen
Gold Fund and SoGen Money Fund, respectively.
NOTE 3--PLAN OF DISTRIBUTION (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)
The Company has entered into a Distribution Plan and Agreement ("the Plan")
with SGSC, pursuant to the provisions of Rule 12b-1 under the Investment Com-
pany Act of 1940, whereby SoGen Overseas Fund and SoGen Gold Fund pay SGSC
quarterly, a distribution fee at an annual rate of up to 0.25% of each Fund's
average daily net assets. Under the Plan, SGSC must apply the full amounts re-
ceived from a Fund to actual distribution expenses incurred during the Fund's
fiscal year, including the payment of fees to dealers selling shares of the
Fund, the payment of advertising costs and the payment for the printing and
distribution of prospectuses to prospective investors.
27
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 3--PLAN OF DISTRIBUTION (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)
(continued)
SGSC bears distribution costs of a Fund to the extent they exceed payments
received under the Plan. For the six months ended September 30, 1997 the dis-
tribution fees paid or payable to SGSC by SoGen Overseas Fund and SoGen Gold
Fund were $1,336,242 and $58,205, respectively.
NOTE 4--PURCHASES AND SALES OF SECURITIES
During the six months ended September 30, 1997, the aggregate cost of pur-
chases of investments, excluding short-term securities, totaled $205,221,007
and $2,675,938 for SoGen Overseas Fund and SoGen Gold Fund, respectively, and
proceeds from sales of investments, excluding short-term securities, totaled
$83,301,252 and $3,975,683 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, 1997
Shares sold............................. 14,909,472 1,437,717 10,068,175
Shares issued for reinvested dividends
and distributions..................... -- -- 285,265
Shares redeemed......................... (8,374,104) (1,538,956) (11,352,523)
----------- ---------- -----------
Net increase (decrease)................ 6,535,368 (101,239) (999,083)
=========== ========== ===========
YEAR ENDED MARCH 31, 1997
Shares sold............................. 29,110,866 4,810,848 90,314,681
Shares issued for reinvested dividends
and distributions..................... 4,242,334 74,490 460,368
Shares redeemed......................... (13,310,582) (5,081,906) (86,134,242)
----------- ---------- -----------
Net increase (decrease)................ 20,042,618 (196,568) 4,640,807
=========== ========== ===========
</TABLE>
28
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 6--COMMITMENTS
As of September 30, 1997, SoGen Overseas Fund and SoGen Gold Fund had en-
tered into forward currency contracts, as summarized below, resulting in net
unrealized appreciation (depreciation) of $509,887 and $(15), respectively.
SoGen Overseas Fund
TRANSACTION HEDGES:
Foreign Currency Purchases
<TABLE>
<CAPTION>
UNREALIZED UNREALIZED
SETTLEMENT U.S. $ VALUE AT U.S. $ APPRECIATION AT DEPRECIATION AT
DATES FOREIGN CURRENCY SEPTEMBER 30, TO BE SEPTEMBER 30, SEPTEMBER 30,
THROUGH TO BE RECEIVED 1997 DELIVERED 1997 1997
- ---------- ---------------- --------------- --------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/02/97 73,830 Swiss Franc $ 50,926 $ 50,842 $ 84 --
10/02/97 1,743,619 Deutsche Mark 989,287 987,101 2,186 --
10/03/97 1,631,764 French Franc 275,664 275,916 -- $ (252)
10/07/97 40,884 Pound Sterling 66,002 66,029 -- (27)
10/03/97 1,093,604 Hong Kong Dollar 141,329 141,329 -- --
10/02/97 196,056,000 Italian Lira 113,844 113,878 -- (34)
10/03/97 146,121,884 Japanese Yen 1,213,990 1,210,412 3,578
10/06/97 512,942 New Zealand Dollar 328,924 328,803 121 --
------------ ------------ ---------- -----------
3,179,966 3,174,310 5,969 (313)
------------ ------------ ---------- -----------
Foreign Currency Sales
<CAPTION>
U.S. $ UNREALIZED UNREALIZED
SETTLEMENT VALUE AT U.S. $ APPRECIATION AT DEPRECIATION AT
DATES FOREIGN CURRENCY SEPTEMBER 30, TO BE SEPTEMBER 30, SEPTEMBER 30,
THROUGH TO BE DELIVERED 1997 RECEIVED 1997 1997
- ---------- ---------------- ------------- -------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/01/97 474,272 Deutsche Mark 269,350 269,090 260 --
10/06/97 315,285 Israeli Shekel 89,799 90,210 -- (411)
10/03/97 952,591,754 Italian Lira 552,063 553,141 -- (1,078)
10/02/97 13,239,561 Japanese Yen 109,554 109,995 -- (441)
10/01/97 2,004,867 Swedish Krona 263,833 264,844 -- (1,011)
10/02/97 3,018,735 South African Rand 642,270 648,284 -- (6,014)
------------ ------------ ---------- -----------
1,926,869 1,935,564 260 (8,955)
------------ ------------ ---------- -----------
PORTFOLIO HEDGES:
<CAPTION>
U.S. $ UNREALIZED UNREALIZED
SETTLEMENT VALUE AT U.S. $ APPRECIATION AT DEPRECIATION AT
DATES FOREIGN CURRENCY SEPTEMBER 30, TO BE SEPTEMBER 30, SEPTEMBER 30,
THROUGH TO BE DELIVERED 1997 RECEIVED 1997 1997
- ---------- ---------------- ------------- -------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
6/10/98 81,366,000 Swiss Franc 56,979,976 56,878,844 101,132 --
6/17/98 70,796,500 Deutsche Mark 45,870,375 44,577,574 1,292,801 --
6/03/98 563,963,000 French Franc 92,954,571 96,702,030 -- (3,747,459)
6/24/98 10,097,069,800 Japanese Yen 88,344,941 86,117,650 2,227,291 --
4/03/98 18,342,000 New Zealand Dollar 36,041,055 35,401,894 639,161 --
------------ ------------ ---------- -----------
320,190,918 319,677,992 4,260,385 (3,747,459)
------------ ------------ ---------- -----------
$325,297,753 $324,787,866 $4,266,614 $(3,756,727)
============ ============ ========== ===========
</TABLE>
29
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 6--COMMITMENTS (continued)
SoGen Gold Fund
TRANSACTION HEDGES:
Foreign Currency Purchases
<TABLE>
<CAPTION>
U.S. $ UNREALIZED UNREALIZED
SETTLEMENT FOREIGN CURRENCY VALUE AT APPRECIATION AT DEPRECIATION AT
DATES TO BE SEPTEMBER 30, U.S. $ TO BE SEPTEMBER 30, SEPTEMBER 30,
THROUGH RECEIVED 1997 DELIVERED 1997 1997
- ---------- ---------------- ------------- ------------ --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/07/97 23,363 Pound Sterling $ 37,716 $ 37,731 -- $ (15)
============== ============ =========== =============
</TABLE>
30
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD FROM
SEPTEMBER 30, 1997 ENDED ENDED ENDED AUGUST 31, 1993
(UNAUDITED) MARCH 31, 1997 MARCH 31, 1996 MARCH 31, 1995 TO MARCH 31, 1994
------------------ -------------- -------------- -------------- -----------------
<S> <C> <C> <C> <C> <C>
SOGEN OVERSEAS FUND
SELECTED PER SHARE DATA
Net asset value,
beginning of period.... $ 13.84 $ 13.26 $ 11.65 $ 11.54 $ 10.00
---------- -------- -------- -------- --------
Income from investment
operations:
Net investment income
(loss)................ 0.53 0.61 0.48 0.14 (0.01)
Net realized and
unrealized gains on
investments........... 0.53 0.95 1.74 0.04 1.55
---------- -------- -------- -------- --------
Total from investment
operations............ 1.06 1.56 2.22 0.18 1.54
---------- -------- -------- -------- --------
Less distributions:
Dividends from net
investment income..... -- (0.60) (0.44) (0.05) --
Distributions from
capital gains......... -- (0.38) (0.17) (0.02) --
---------- -------- -------- -------- --------
Total distributions.... -- (0.98) (0.61) (0.07) --
---------- -------- -------- -------- --------
Net asset value, end of
period................. $ 14.90 $ 13.84 $ 13.26 $ 11.65 $ 11.54
========== ======== ======== ======== ========
TOTAL RETURN++.......... 15.32%* 12.16% 19.47% 1.56% 15.35%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (000's)......... $1,123,583 $953,315 $647,398 $439,230 $119,843
Ratio of operating
expenses to average net
assets................. 1.19%*o 1.27%o 1.37%o 1.40% 1.72%*
Ratio of net investment
income to average
net assets............. 2.98%*o 2.28%o 3.31%o 2.29% (0.23%)*
Portfolio turnover rate. 9.47% 15.18% 9.46% 3.16% 6.11%
Average commission
rate paido............. $0.02 $0.0207 $0.0190 -- --
</TABLE>
31
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD FROM
SEPTEMBER 30, 1997 ENDED ENDED ENDED AUGUST 31, 1993
(UNAUDITED) MARCH 31, 1997 MARCH 31, 1996 MARCH 31, 1995 TO MARCH 31, 1994
------------------ -------------- -------------- -------------- -----------------
<S> <C> <C> <C> <C> <C>
SOGEN GOLD FUND
SELECTED PER SHARE DATA
Net asset value,
beginning of period.... $ 10.60 $ 12.25 $ 11.28 $ 11.42 $ 10.00
------- ------- ------- ------- -------
Income from investment
operations:
Net investment income
(loss)................ 0.08 0.26 0.24 0.08 (0.01)
Net realized and
unrealized gains
(losses) on
investments........... (1.02) (1.75) 1.35 (0.10) 1.43
------- ------- ------- ------- -------
Total from investment
operations............ (0.94) (1.49) 1.59 (0.02) 1.42
------- ------- ------- ------- -------
Less distributions:
Dividends from net
investment income..... -- (0.14) (0.35) (0.04) --
Distributions from
capital gains......... -- (0.02) (0.27) (0.08) --
------- ------- ------- ------- -------
Total distributions.... -- (0.16) (0.62) (0.12) --
------- ------- ------- ------- -------
Net asset value, end of
period................. $ 9.66 $ 10.60 $ 12.25 $ 11.28 $ 11.42
======= ======= ======= ======= =======
TOTAL RETURN++.......... (17.74%)* (12.21%) 14.81% (0.14%) 14.15%++
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of
period (000's)......... $46,996 $52,651 $63,261 $50,922 $22,406
Ratio of operating
expenses to average net
assets................. 1.60%*o 1.45%o 1.41%o 1.46% 2.27%*
Ratio of net investment
income to average net
assets................. 2.98%*o 1.20%o 1.29%o 0.79% (0.32%)*
Portfolio turnover rate. 5.81% 16.83% 22.40% 11.56% 4.55%
Average commission
rate paido............. $0.008 $0.0009 $0.0002 -- --
</TABLE>
- -----------
See Notes to Financial Statements.
32
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD FROM
SEPTEMBER 30, 1997 ENDED ENDED ENDED AUGUST 31, 1993
(UNAUDITED) MARCH 31, 1997 MARCH 31, 1996 MARCH 31, 1995 TO MARCH 31, 1994
------------------ -------------- -------------- -------------- -----------------
<S> <C> <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 $ 1.00
------- ------- ------ ------- ------
Income from investment
operations:
Net investment income.. 0.02 0.05 0.05 0.04 0.01
Net realized and
unrealized gains on
investments........... -- -- -- -- --
------- ------- ------ ------- ------
Total from investment
operations............ 0.02 0.05 0.05 0.04 0.01
------- ------- ------ ------- ------
Less distributions:
Dividends from net
investment income..... (0.02) (0.05) (0.05) (0.04) (0.01)
Distributions from
capital gains......... -- -- -- -- --
------- ------- ------ ------- ------
Total distributions.... (0.02) (0.05) (0.05) (0.04) (0.01)
------- ------- ------ ------- ------
Net asset value, end of
period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ====== ======= ======
TOTAL RETURN............ 4.90%* 4.61% 5.03% 4.13% 1.25%++
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of
period (000's)......... $12,129 $13,128 $8,487 $10,445 $6,392
Ratio of operating
expenses to average net
assets+................ 0.75%* 0.75% 0.75% 0.75% 0.75%*
Ratio of net investment
income to average net
assets+................ 4.92%* 4.63% 4.98% 4.14% 2.18%*
</TABLE>
- -----------
* Annualized.
o Without the effect of earnings credits, the ratio of operating expenses to
average net assets for the six months ended September 30, 1997 and for the
years ended March 31, 1997 and 1996 would have been 1.25%, 1.27% and 1.38%,
respectively, for SoGen Overseas Fund; and 1.61%, 1.46% and 1.43%,
respectively, for SoGen Gold Fund. The ratio of net investment income to
average net assets for the six months ended September 30, 1997 and for the
years ended March 31, 1997 and 1996 would have been 2.65%, 2.27% and 3.30%,
respectively, for SoGen Overseas Fund; and 1.83%, 1.19% and 1.26%
respectively, for SoGen Gold Fund.
+ Without the effect of earnings credits, and the investment advisory fee
waiver and expense reimbursement provided by SGAM Corp., the ratio of
operating expenses to average net assets for SoGen Money Fund for the six
months ended September 30, 1997, the years ended March 31, 1997, 1996, 1995
and for the period ended March 31, 1994 would have been 1.19%, 1.14%, 0.97%,
1.55% and 4.00%, respectively. The ratio of net investment income to average
net asset for the six months ended September 30, 1997, the years ended March
31, 1997, 1996, 1995, and for the period ended March 31, 1994 would have
been 4.48%, 4.26%, 4.76%, 3.34% and (1.07%), respectively.
++ Total returns disclosed for the period ended March 31, 1994 are not
annualized. Annualized total returns for the period ended March 31, 1994
were 26.40%, 24.34% and 2.14% for SoGen Overseas Fund, SoGen Gold Fund and
SoGen Money Fund, respectively.
++Does not give effect to deduction of the sales load.
o Average commission rate paid is expressed on a per share basis. Not all
commissions are computed on a per share basis; therefore, commissions
expressed as a percentage of transactions may be higher. Due to the
Securities and Exchange Commission disclosure guidelines, average
commissions per share are calculated only for the periods subsequent to the
year ended March 31, 1995.
- -----------
See Notes to Financial Statements.
33
<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
Ignatius Chithelen...............................................Vice President
Sean J. McKeown..................................................Vice President
Edwin S. Olsen...................................................Vice President
Catherine A. Shaffer.............................................Vice President
Elizabeth Tobin..................................................Vice President
Charles de Vaulx.................................................Vice President
Lynn L. Chin...................Assistant Vice President and Assistant Treasurer
Richard M. Boyer.......................................Assistant Vice President
John L. DeVita.........................................Assistant Vice President
Carol Moreno................................................Assistant Secretary
Warren Chan.................................................Assistant Treasurer
INVESTMENT ADVISER UNDERWRITER
Societe Generale Asset Management Corp. Societe Generale Securities Corporation
1221 Avenue of the Americas 1221 Avenue of the Americas
New York, NY 10020 New York, NY 10020
LEGAL COUNSEL INDEPENDENT AUDITORS
Dechert Price & Rhoads KPMG Peat Marwick LLP
30 Rockefeller Plaza 345 Park Avenue
New York, NY 10112 New York, NY 10154
GLOBAL CUSTODIAN
DOMESTIC CUSTODIAN
The Chase Manhattan Bank
Investors Fiduciary Trust Company 4 Chase MetroTech Center
801 Pennsylvania Brooklyn, NY 11245
Kansas City, MO 64105
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
Fund without examination by the Fund's independent auditors, who do not
express an opinion thereon.
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of SoGen Funds,
Inc.
<PAGE>
LOGO
SoGen Funds, Inc.
1221 Avenue of the Americas
New York, NY 10020
SGF4
