<PAGE>
SOGEN OVERSEAS FUND
SOGEN GOLD FUND
SOGEN MONEY FUND
-------------
[LOGO]
-------------
Fourth
Annual Report
March 31, 1997
<PAGE>
SoGen Funds, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
SOGEN OVERSEAS FUND
From inception (three years and seven months ago) through March 31, 1997, the
value of an investment in your Fund increased at a compounded average annual
rate of 13.43%. Over the past twelve months, the rate was 12.16%.*
As of March 31, 1997 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
Foreign stocks (/1/) 71.6%
U.S. dollar bonds 6.2
Foreign currency bonds 3.7
Cash and equivalents 18.5
-----
100.0%
=====
</TABLE>
- -----------
(/1/) Includes convertible bonds with moderate premia.
The ten major holdings were Bank for International Settlements, U.S. and
French Tranches (the central banks' central bank, with some gold assets);
Buderus AG (German heating products company); Fuji Photo Film Co., Ltd.
(Japanese film and imaging company); Legrand ADP (French low-voltage electrical
fittings manufacturer); Noranda, Inc. (Canadian base metals, forest products
and energy company); The Tokio Marine and Fire Insurance Co., Ltd. (the largest
Japanese non-life insurance company); Randstad Holdings NV (Dutch temporary
employment company); Bayer AG (German chemicals and pharmaceuticals company);
CDL Hotels International Limited (Hong Kong listed hotel chain operating
worldwide); and Investor AB, "B' Shares (Swedish holding company).
About 36% of the foreign stock portfolio was invested in developed countries
in continental Europe, 12% in Japan and 10% in emerging countries, mostly in
the Pacific Rim. Other relatively large investments (about 3%-4% each) were in
Latin America, Canada and New Zealand.
In Europe, equity markets have moved up over the past few months which has
reduced investment opportunities. Of late, we have been doing more work on
Japanese securities, which have been in a seven-year bear market. We shall
continue to look there, as well as elsewhere, so that cash equivalents may come
down from currently high levels.
<PAGE>
SOGEN GOLD FUND
From inception (three years and seven months ago) the value of an investment
in your Fund increased at a compounded average annual rate of 3.96%. Over the
past twelve months, the rate was (12.21%).*
As of March 31, 1997 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) 10.6%
Freeport McMoRan Copper and Gold
(Preferred Series B, C, and D) 15.9
U.S. securities 15.3
Canadian securities 10.5
Australian and New Zealand secu-
rities 11.1
South African securities 14.8
Miscellaneous securities 18.7
Cash and equivalents 3.1
-----
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 have risen slightly in recent months, and may move
further up if the economy stays strong.
Keith Lane-Zucker and Charles-Edouard de Lardemelle have joined our
securities analysis team.
Sincerely yours,
/s/ Jean-Marie Eveillard
Jean-Marie Eveillard
President
April 28, 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 (see the "Investment Results" section of this report for further
information).
2
<PAGE>
SoGen Funds, Inc.
INVESTMENT RESULTS
Comparisons of Change in Value of a $10,000 Investment
in SoGen Funds, Inc. and Various Indices
----------------------------------------
SoGen Overseas Fund
AVERAGE ANNUAL RATES OF RETURN AS OF MARCH 31, 1997
---------------------------------------------------
Since Inception 1 Year
(8/31/93) ------
--------- 7.93%
12.22%
SoGen Overseas Consumer Price MSCI EAFE
Fund Index Index
8/31/93 9,625 10,000 10,000
9/30/93 9,625 10,007 9,775
3/31/94 11,107 10,152 10,204
9/30/94 11,569 10,311 10,736
3/31/95 11,280 10,442 10,824
9/30/95 12,336 10,573 11,357
3/31/96 13,477 10,738 12,159
9/30/96 13,995 10,897 12,336
3/31/97 15,116 11,035 12,336
SoGen Gold Fund
AVERAGE ANNUAL RATES OF RETURN AS OF MARCH 31, 1997
---------------------------------------------------
Since Inception 1 Year
(8/31/93) ------
--------- (15.52%)
2.86%
SoGen Gold MSCI World FT Gold Mines Consumer Price
Fund Index Index Index
8/31/93 9,625 10,000 10,000 10,000
9/30/93 9,644 9,813 8,922 10,007
3/31/94 10,991 10,032 10,826 10,152
9/30/94 12,098 10,555 12,362 10,311
3/31/95 10,976 10,967 10,264 10,442
9/30/95 11,784 12,074 10,561 10,573
3/31/96 12,602 13,163 12,414 10,738
9/30/96 11,707 13,725 9,849 10,897
3/31/97 11,063 14,394 8,706 11,035
Performance is historical and is not indicative of future results. The Fund's
results assume reinvestment of income dividends and capital gains distributions
and give effect to the maximum sales load of 3.75%. The MSCI EAFE Index and the
MSCI World Index returns assume reinvestment of dividends. The FT Gold Mines
Index is only available without dividends reinvested. Unlike Fund returns, the
indices do not reflect any fees or expenses.
3
<PAGE>
SoGen Funds, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
SOGEN OVERSEAS FUND
Over the past twelve months ended March 31, 1997, European stock markets,
where the Fund had approximately 35% of its assets invested by year end, were
generally strong performers. An improving economic outlook in major economies,
low inflation, a stronger dollar and declining interest rates provided
substantial support for most markets. Although political controversy and
uncertainties related to the implementation of the European economic and
monetary union dampened performance in the first few months, most markets
recovered quickly and rose sharply in the second half of the Fund's fiscal
year. Conversely, the Japanese stock market retreated further as the extent of
the local recovery proved disappointing despite the steep fall of the currency;
the health of the Japanese banking sector remained an area of significant
concern throughout the year. The Fund added, on a very selective basis, to its
Japanese holdings which accounted for approximately 12% of net assets by year-
end. The balance of the Fund's stock holdings continues to be widely
diversified across several countries, including emerging markets. Overall, most
of the Fund's investments in such markets performed reasonably well over the
year, with the exception of South Korean holdings. Fixed income securities
generated satisfactory total returns, particularly from investments in Brady
bonds, and remained stable, representing approximately 10% of total net assets
by year end. Cash and equivalents grew to 18.5% of the portfolio compared with
9% last year. During the period, the strength of the dollar had a limited
impact on the value of the Fund's assets since foreign currency exposure
remained partially hedged throughout the year.
SOGEN GOLD FUND
Over the past twelve months, gold prices declined by about 11%, ending the
year at $351 per ounce. The Fund's holdings remain widely diversified across
the globe. We continue to avoid the risks associated with speculative and
overpriced mining stocks. We favor securities that are considered proxies for
the price of gold bullion, as well as convertible bonds or preferred stocks
issued by gold mining companies. The Fund will remain fully invested in gold-
related securities.
4
<PAGE>
SoGen Funds, Inc.
SUMMARIES OF FUND DATA
The tables below cover the period from August 31, 1993 to March 31, 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 investment made
in a fund today. The amounts shown in the capital gains distribution and
income dividend columns were paid to shareholders during the period ended with
the date shown in the first column.
<TABLE>
<CAPTION>
NET ASSET
VALUE OF
INVESTMENT
WITH
DIVIDENDS
INVESTMENT AND
NUMBER NET ASSET CAPITAL GAINS INCOME DISTRIBUTIONS
OF SHARES TOTAL NET VALUE DISTRIBUTIONS DIVIDENDS REINVESTED
OUTSTANDING ASSETS PER SHARE PER SHARE PER SHARE (CUMULATIVE)*
----------- ------------ --------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <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
- ----------------------------------------------------------------------------------------------
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
</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.
5
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED KINGDOM AND IRELAND (3.76%)
1,385,000 Antofagasta Holdings plc (21).......... $ 6,294,719 $ 8,298,193
3,000,000 Lonrho plc (21)........................ 6,525,484 7,189,770
850,000 Royal Doulton plc (12)................. 3,547,519 4,150,943
700,000 Greencore Group plc (4)................ 1,918,345 3,914,064
1,250,000 McBride plc (a)(12).................... 3,666,180 2,718,734
3,750,000 Bardon Group plc (6)................... 2,094,888 2,493,028
750,000 ED&F Man Group plc (4)................. 1,963,725 2,339,138
185,000 BAA plc (9)............................ 1,480,234 1,560,902
675,000 Berisford plc (12)..................... 1,910,883 1,457,036
100,000 Scottish Television plc (15)........... 621,771 1,135,097
150,000 RIT Capital Partners plc (22).......... 510,808 597,096
------------ ------------
30,534,556 35,854,001
------------ ------------
GERMANY (5.57%)
28,500 Buderus AG (7)......................... 11,854,632 14,103,093
235,000 Bayer AG (8)........................... 5,291,484 9,859,256
8,500 Axel Springer Verlag AG (15)........... 3,794,548 6,299,118
75,000 Hornbach Holding AG Pfd. (13).......... 6,513,555 4,908,113
35,000 Bertelsmann AG D.R.C. (15)............. 4,576,791 4,288,062
9,500 Degussa AG (8)......................... 3,334,772 4,042,432
85,000 SKW Trostberg AG (6)................... 2,022,041 2,768,564
5,000 Suedzucker AG Pfd. (12)................ 1,945,597 2,536,979
65,000 IVG Holding AG New (19)................ 2,137,356 2,245,331
4,500 SAP AG Pfd. (11)....................... 122,582 765,666
50,000 Deutsche Lufthansa AG (9).............. 584,847 720,155
4,900 Felten & Guilleaume Energietechnik AG
(7)................................... 1,105,739 530,046
------------ ------------
43,283,944 53,066,815
------------ ------------
FRANCE (10.84%)
85,000 Legrand ADP (7)........................ 6,850,798 10,800,604
17,500 Eurafrance (20)........................ 7,093,713 8,235,294
75,000 Elf Aquitaine (2)...................... 5,665,238 7,690,599
23,500 Sagem ADP (10)......................... 7,022,495 7,600,853
60,000 Marine-Wendel (20)..................... 5,160,594 6,824,240
50,000 Compagnie Generale des Eaux (18)....... 5,129,746 6,797,583
16,983 Compagnie Generale des Eaux Nouvelle
(18).................................. 2,262,508 2,308,867
75,500 Emin Leydier (3)....................... 5,709,634 5,635,330
105,000 Eramet (1)............................. 6,369,445 5,318,109
18,359 Promodes C.I. (13)..................... 2,413,991 4,632,980
5,000 Promodes (13).......................... 897,173 1,692,732
20,500 Europe 1 Communication (15)............ 4,697,262 4,470,144
52,500 Gaumont SA (15)........................ 2,933,903 3,732,006
31,250 Fimalac SA (20)........................ 2,939,502 3,104,452
23,500 Groupe NSC (7)......................... 4,148,665 2,990,226
10,000 Taittinger C.I. (12)................... 2,604,044 2,567,976
4,172 Taittinger (12)........................ 1,922,434 1,660,793
7,500 Elf Gabon (2).......................... 1,145,672 2,355,163
35,000 C.G.D.E. Michelin "B' (5).............. 1,616,824 2,080,594
</TABLE>
6
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
FRANCE (continued)
3,000 Societe Sucriere de Pithiviers le Vieil
(4)................................... $ 1,148,828 $ 1,967,301
27,522 Rougier SA (3)......................... 2,239,719 1,809,693
9,354 Sabeton SA (20)........................ 1,757,052 1,313,250
47,638 Societe du Louvre CI (19).............. 756,648 1,185,236
20,000 Conflandey (1)......................... 1,180,995 1,091,168
21,500 Burelle SA (a)(5)...................... 1,316,832 1,001,066
5,014 Robertet SA (12)....................... 736,460 794,826
3,000 Robertet SA C.I. (12).................. 591,301 592,323
2,000 Galeries Lafayette (a)(13)............. 557,967 776,257
10,000 La Brosse et Dupont (12)............... 718,979 725,076
11,500 Crometal (7)........................... 777,430 715,301
20,000 Teleflex Lionel Dupont (a)(7).......... 495,719 469,167
20,000 Immobiliere Hoteliere (a)(19).......... 575,842 183,046
5,500 C.E.E. (Continentale d'Equipements
Electriques) (a)(7)................... 653,923 175,937
------------ ------------
90,091,336 103,298,192
------------ ------------
BELGIUM (0.50%)
20,000 Deceuninck Plastics Industries SA (6).. 2,835,012 4,045,615
1,640 Societe Belge des Betons SA (6)........ 936,380 746,178
------------ ------------
3,771,392 4,791,793
------------ ------------
AUSTRIA (0.70%)
60,500 VAE AG (9)............................. 6,087,148 5,989,744
15,000 Flughafen Wien AG (9).................. 663,138 683,662
------------ ------------
6,750,286 6,673,406
------------ ------------
SWITZERLAND (5.42%)
1,350 Bank for International Settlements
(U.S. Tranche) (24)................... 10,149,749 9,996,540
805 Bank for International Settlements
(French Tranche) (24)................. 6,119,359 5,635,143
20,000 Societe Generale d'Affichage D.R.C.
(15).................................. 7,922,634 7,750,865
13,500 Kuhne & Nagel International AG Bearer
(9)................................... 7,871,038 7,502,076
28,500 Sika Finanz AG Bearer (6).............. 7,250,915 6,922,837
23,500 Edipresse SA Bearer (15)............... 4,631,313 5,383,045
2,500 Lindt & Sprungli AG PC (12)............ 3,153,128 4,143,599
13,363 Swissair AG D.R.C. (a)(9).............. 1,475,620 2,168,598
1,500 Schindler Holding AG PC (7)............ 1,614,366 1,791,696
850 Vetropack Holding AG PC (12)........... 230,326 205,882
84 Vetropack Holding AG Bearer (12)....... 258,152 197,647
------------ ------------
50,676,600 51,697,928
------------ ------------
NETHERLANDS (2.62%)
115,000 Randstad Holding NV (16)............... 3,163,443 9,854,170
195,000 Philips Electronics NV ADR (10)........ 6,355,131 8,677,500
100,000 Apothekers Cooperatie OPG U.A. (14).... 2,703,065 3,060,301
145,000 German City Estates NV (19)............ 2,494,966 2,137,687
</TABLE>
7
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST (NOTE VALUE
OF SHARES 1) (NOTE 1)
--------- ---------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
NETHERLANDS (continued)
35,000 Holdingmaatschappij de Telegraaf NV (15).... $ 334,731 $ 754,431
15,000 Content Beheer NV (16)...................... 247,014 530,896
---------- ----------
15,298,350 25,014,985
---------- ----------
NORWAY (1.35%)
375,000 Schibsted ASA (15).......................... 4,859,188 7,596,027
50,000 Orkla ASA "B' (12).......................... 1,587,369 3,748,885
250,000 Western Bulk Shipping ASA (9)............... 1,451,589 1,058,153
10,000 Adelsten ASA "A' (13)....................... 149,458 255,468
10,000 Adelsten ASA "B' (13)....................... 120,513 234,305
---------- ----------
8,168,117 12,892,838
---------- ----------
DENMARK (0.92%)
115,000 Carlsberg International A/S "B' (12)........ 5,259,064 7,177,782
15,000 Kobenhavns Lufthavne A/S (9)................ 662,505 1,556,457
---------- ----------
5,921,569 8,734,239
---------- ----------
SWEDEN (2.94%)
205,000 Investor AB "B' (20)........................ 8,269,685 9,597,619
335,000 AssiDoman AB (3)............................ 7,318,104 8,860,969
145,000 Tidnings AB Marieberg (15).................. 4,093,687 3,950,405
275,000 IRO AB (7).................................. 2,991,322 3,036,866
220,000 Bylock & Nordsjofrakt AB "B' (9)............ 1,974,899 2,574,971
---------- ----------
24,647,697 28,020,830
---------- ----------
FINLAND (0.41%)
55,000 Vaisala Oy "A' (11)......................... 2,022,905 3,585,182
10,000 Aamulehti Yhtymae Oy II (15)................ 151,826 322,917
---------- ----------
2,174,731 3,908,099
---------- ----------
SPAIN AND PORTUGAL (1.17%)
750,000 Energia e Industrias Aragonesas SA (8)...... 3,762,385 4,373,007
200,000 Espirito Santo Financial Holding SA ADR
(17)....................................... 2,496,851 2,925,000
18,000 Corporacion Financiera Alba SA (20)......... 1,273,003 1,781,509
65,000 Companhia de Celulose do Caima SA (3)....... 1,269,666 1,415,436
112,500 Omsa Alimentacion SA (12)................... 587,689 657,545
---------- ----------
9,389,594 11,152,497
---------- ----------
ITALY (2.31%)
525,000 Istituto Finanziario Industriale SpA
Privileged Shares (20)..................... 4,907,770 6,845,096
9,250,000 Montedison SpA Non Convertible Savings
(a)(21).................................... 4,832,789 6,002,542
300,000 Avir SpA (20)............................... 2,259,742 3,714,115
465,000 Arnoldo Mondadori Editore SpA (15).......... 3,404,079 2,920,156
575,000 Industrias Macchine Automatiche SpA (7)..... 2,229,366 2,510,467
---------- ----------
17,633,746 21,992,376
---------- ----------
</TABLE>
8
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
GREECE (0.43%)
38,840 Titan Cement Co. (6)................... $ 1,141,872 $ 2,791,826
6,930 Titan Cement Co. Pfd. (6).............. 171,006 315,569
379,380 H. Benrubi & Fils SA (12).............. 2,265,445 963,727
18,000 H. Benrubi & Fils SA Pfd. (12)......... 92,036 41,322
------------ ------------
3,670,359 4,112,444
------------ ------------
TURKEY (0.17%)
95,474,400 Medya Holding A.S. (15)................ 3,092,220 916,189
45,000,000 Sabah Yayincilik A.S. (15)............. 999,471 669,774
------------ ------------
4,091,691 1,585,963
------------ ------------
ISRAEL (1.12%)
1,205,550 The Israel Land Development Company
Ltd. (a)(21).......................... 5,337,394 5,492,345
15,000 The Israel Land Development Company
Ltd. ADR (a)(21)...................... 202,500 206,250
1,742,500 Super-Sol Limited (a)(13).............. 3,716,995 5,022,777
------------ ------------
9,256,889 10,721,372
------------ ------------
SOUTH AFRICA (0.47%)
100,000 Omni Media Corporation (15)............ 782,730 1,538,462
80,016 JCI Limited ADR (1).................... 426,325 805,585
56,500 JCI Limited (1)........................ 366,874 568,835
87,533 Anglo American Platinum Corporation
Ltd. ADR (24)......................... 457,901 586,197
55,000 Anglo American Platinum Corporation
Ltd. (24)............................. 389,561 368,326
200,000 Stellenbosch Farmers' Winery Group
Limited (4)........................... 215,345 570,136
------------ ------------
2,638,736 4,437,541
------------ ------------
COMMONWEALTH OF INDEPENDENT STATES
(0.73%)
750,672 Firebird Fund L.P. (a)(b)(e)(22)....... 762,000 2,345,174
9,000 Baltic Republics Fund (a)(b)(e)(22).... 905,750 1,939,500
100,000 First NIS Regional Fund SICAF
(a)(b)(e)(22)......................... 1,000,000 1,575,000
35,000 Templeton Russia Fund Inc. (22)........ 502,390 1,137,500
------------ ------------
3,170,140 6,997,174
------------ ------------
INDIA AND PAKISTAN (0.39%)
325,000 The Pakistan Investment Fund Inc.
(a)(22)............................... 2,544,599 1,706,250
149,500 The India Fund, Inc. (22).............. 1,788,520 1,102,563
10,000 The Spartek Emerging Opportunities of
India Fund (a)(b)(e)(22).............. 1,035,000 550,400
75,000 Gujarat Narmada Valley Fertilizers
Company
Limited GDR (8)....................... 862,500 225,000
50,000 Gujarat Narmada Valley Fertilizers
Company
Limited GDR (b)(8).................... 640,625 150,000
------------ ------------
6,871,244 3,734,213
------------ ------------
</TABLE>
9
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
SINGAPORE AND MALAYSIA (1.04%)
850,000 Clipsal Industries Ltd. (6)............ $ 1,987,275 $ 3,145,000
435,000 Singapore Bus Service Ltd. (9)......... 2,941,842 2,168,224
1,000,000 Times Publishing Limited (15).......... 2,501,707 2,159,917
1,250,000 Intraco, Ltd. (13)..................... 1,978,011 1,756,663
150,000 Rothmans Industries Ltd. (12).......... 758,793 695,743
------------ ------------
10,167,628 9,925,547
------------ ------------
THAILAND AND VIETNAM (0.41%)
418,700 Oriental Hotel PCL (19)................ 2,144,803 2,016,471
162,900 The Lazard Vietnam Fund Limited
(a)(b)(e)(22)......................... 1,638,042 1,466,100
42,800 The Vietnam Frontier Fund
(a)(b)(e)(22)......................... 440,840 438,700
------------ ------------
4,223,685 3,921,271
------------ ------------
HONG KONG (2.40%)
19,677,633 CDL Hotels International Limited (19).. 8,278,939 9,713,493
8,000,000 Shaw Brothers (Hong Kong) Limited (15). 10,737,152 8,259,450
4,000,000 South China Morning Post Holdings Corp.
(15).................................. 2,357,642 3,407,023
5,000,000 China-HongKong Photo Products Holdings
Limited (12).......................... 1,825,478 1,484,120
------------ ------------
23,199,211 22,864,086
------------ ------------
SOUTH KOREA (1.85%)
54,715 Cheil Jedang Corporation (21).......... 2,416,593 2,804,487
39,270 Cheil Jedang Corporation Pfd. (21)..... 760,688 657,789
38,661 Woong Jin Publishing Co., Ltd. (15).... 2,180,375 2,590,352
28,000 Dong Ah Tire Industry Co., Ltd. (a)(5). 2,014,745 1,847,906
15,000 Nam Yang Dairy Products (12)........... 1,345,750 1,675,042
95,000 LG Industrial Systems (7).............. 2,434,239 1,548,855
65,000 Dong Yang Department Store Ltd. (13)... 1,384,801 1,219,431
31,020 Samsung Electronics Co., Ltd. Pfd.
(10).................................. 2,287,884 1,070,372
644 Samsung Electronics Co., Ltd. (10)..... 93,654 43,077
85,000 Choong Nam Spinning (a)(12)............ 1,596,424 1,044,109
31,740 Youngchang Akki Co. (12)............... 1,481,090 815,209
83,730 Ssangyong Cement Industries Pfd. (6)... 1,601,989 561,005
68,955 Korean Air Lines Pfd. (a)(9)........... 1,011,724 474,330
12,500 Korean Air Lines-Common (a)(9)......... 190,177 207,984
81,844 LG Electronics Inc. Pfd. (10).......... 1,704,674 443,265
128,000 LG Electronics Inc. Ltd. Pfd. GDS (10). 1,056,522 400,000
16,458 LG Electronics Inc. (10)............... 233,549 191,137
------------ ------------
23,794,878 17,594,350
------------ ------------
JAPAN (11.50%)
350,000 Fuji Photo Film Co., Ltd. (12)......... 8,561,518 11,520,421
1,000,000 The Tokio Marine & Fire Insurance Co.,
Ltd. (17)............................. 10,935,570 10,190,053
165,000 Secom Co., Ltd. (16)................... 8,990,564 9,274,161
185,000 Ito-Yokado Co., Ltd. (13).............. 9,593,873 8,228,872
465,000 Shiseido Company, Ltd. (12)............ 5,404,874 6,016,983
45,000 Toho Co., Ltd. (15).................... 6,892,386 5,859,280
</TABLE>
10
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
JAPAN (continued)
335,000 Shimano Inc. (12)...................... $ 6,446,241 $ 5,418,520
925,000 The Nichido Fire & Marine Insurance
Co., Ltd. (17)........................ 6,070,806 4,997,169
1,000,000 The Dai-Tokyo Fire & Marine Insurance
Co., Ltd. (17)........................ 6,505,392 4,852,406
525,000 Tachi-S Co., Ltd. (5).................. 5,483,442 4,670,441
52,500 Hitachi, Ltd. ADR (11)................. 4,891,758 4,613,438
1,285,000 Hanshin Electric Railway Co., Ltd. (9). 5,328,037 4,323,170
650,000 Aida Engineering, Ltd. (7)............. 4,631,448 4,000,404
595,000 Nisshinbo Industries, Inc. (12)........ 6,034,319 3,931,379
549,000 Shoei Co., Ltd. (20)................... 5,018,462 3,773,959
700,000 The Dowa Fire & Marine Insurance Co.,
Ltd. (17)............................. 3,813,617 2,875,859
600,000 The Koa Fire & Marine Insurance Co.,
Ltd. (17)............................. 3,792,993 2,790,133
166,500 Chofu Seisakusho Co., Ltd. (12)........ 3,369,866 2,787,343
415,000 Nittetsu Mining Co., Ltd. (1).......... 3,728,345 2,450,061
575,000 Iino Kaiun Kaisha, Ltd. (a)(9)......... 3,039,937 1,520,623
200,000 Sotoh Co., Ltd. (12)................... 2,085,802 1,504,246
70,000 Tsutsumi Jewelry Co., Ltd. (13)........ 3,695,531 1,285,079
100,000 Yoshimoto Kogyo Co., Ltd. (15)......... 1,330,839 1,059,442
35,000 Asatsu Inc. (15)....................... 1,403,840 908,613
25,000 T. Hasegawa Co., Ltd. (12)............. 431,527 485,241
16,500 Fast Retailing Co., Ltd. (13).......... 790,563 336,272
------------ ------------
128,271,550 109,673,568
------------ ------------
AUSTRALIA AND NEW ZEALAND (2.93%)
3,750,549 Carter Holt Harvey Limited (3)......... 8,098,570 7,955,374
773,270 Independent Press Communications
Limited 5%
Conv. Pfd. (15)....................... 4,286,258 4,221,499
6,121,333 Shortland Properties Limited (19)...... 3,174,660 4,129,369
5,150,000 Tasman Agriculture Limited (4)......... 3,867,354 3,151,779
2,222,333 Spotless Services Limited (16)......... 1,217,521 2,268,035
4,203,338 Evergreen Forests Limited (a)(3)....... 1,969,031 1,636,998
725,000 Eltin Limited (24)..................... 2,309,039 1,610,726
375,700 Radio Pacific Limited (c)(15).......... 682,453 914,482
1,250,000 Wrightson Limited (4).................. 1,215,338 730,223
800,000 Motors Holding Limited (13)............ 595,562 580,937
150,000 The Colonial Motor Company Limited
(13).................................. 169,520 346,334
825,000 Apple Fields Limited (a)(4)............ 507,472 281,136
250,000 Damba Holdings Limited (13)............ 130,848 100,840
------------ ------------
28,223,626 27,927,732
------------ ------------
CANADA (3.10%)
465,000 Noranda, Inc. (21)..................... 8,592,560 10,300,473
275,000 Canadian Pacific Limited (21).......... 4,669,325 6,600,000
155,000 Canadian National Railway Company (9).. 4,174,529 5,483,125
225,000 Dofasco Inc. (1)....................... 3,379,950 3,740,108
75,000 Franco-Nevada Mining Corp. Ltd. (24)... 3,204,853 3,469,085
------------ ------------
24,021,217 29,592,791
------------ ------------
</TABLE>
11
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
MEXICO (0.67%)
1,000,000 Industrias Penoles S.A. de C.V. (1).... $ 2,998,848 $ 4,932,962
35,000 Grupo Televisa S.A. GDR (a)(15)........ 758,654 870,625
3,000,000 Grupo Fernandez Editores, S.A. de C.V.
"B' (a)(15)........................... 928,406 591,956
------------ ------------
4,685,908 6,395,543
------------ ------------
ARGENTINA (1.48%)
4,050,000 Siderca S.A.I.C. (2)................... 2,600,925 8,546,782
3,030,864 Ledesma S.A.A.I. (4)................... 4,686,541 3,364,764
450,000 IRSA Inversiones y Representaciones
S.A. (19)............................. 1,002,181 1,687,753
262,500 Cresud S.A. (a)(4)..................... 411,316 485,698
------------ ------------
8,700,963 14,084,997
------------ ------------
MISCELLANEOUS (2.03%)
235,000 Minorco SA ADR (1)..................... 5,279,557 5,463,750
257,500 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "D' (d)(24).......... 5,219,425 5,085,625
105,000 Banco Latinoamericano de Exportaciones
S.A., Class "E' (BLADEX) (17)......... 4,205,809 4,961,250
175,000 North European Oil Royalty Trust (2)... 2,363,842 2,362,500
500 Socfinasia (20)........................ 673,348 1,434,512
------------ ------------
17,741,981 19,307,637
------------ ------------
TOTAL COMMON AND PREFERRED STOCKS...... 611,071,624 659,974,228
------------ ------------
<CAPTION>
PRINCIPAL
AMOUNT
----------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS (2.43%)
$1,000,000 PT Pabrik Kertas Tjiwi Kimia 7 1/4% due
4/12/2001 (3)......................... 983,957 1,024,170
350,000 Acer Inc. 4% due 6/10/2001 (11)........ 831,250 1,522,500
1,000,000 Medya International Ltd. 10% due
6/28/2001 (15)........................ 865,994 820,000
1,250,000 International Container Terminal
Services, Inc.
5% due 9/15/2001 (e)(9)............... 1,040,754 1,187,500
1,500,000 YangMing Marine Transportation 2% due
9/22/2001 (9)......................... 1,737,000 1,740,000
1,000,000 Sincere Navigation Corporation 3 3/4%
due 5/26/2003 (9)..................... 1,051,125 1,135,000
1,650,000 IRSA Inversiones y Representaciones
S.A.
4 1/2% due 8/02/2003 (b)(19).......... 1,640,472 1,749,000
200,000 IRSA Inversiones y Representaciones
S.A.
4 1/2% due 8/02/2003 (19)............. 198,115 212,000
6,250,000 Scandinavian Broadcasting System SA
7 1/4% due 8/01/2005 (15)............. 6,006,676 5,703,125
1,250,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (3)......................... 1,014,617 968,750
1,650,000 Far Eastern Textile 4% due 10/07/2006
(12).................................. 1,884,100 2,029,500
4,250,000 Cheil Jedang Corporation 3% due
12/31/2006 (21)....................... 5,129,981 5,121,250
------------ ------------
22,384,041 23,212,795
------------ ------------
</TABLE>
12
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<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 (5.84%)
$2,500,000 IRSA Inversiones y Representaciones S.A. 8 7/8%
due 3/03/1999 (19)..................................... $ 2,357,847 $ 2,500,000
300,000 Tubos de Acero de Mexico, S.A. 10 1/2%
due 3/10/1999 (e)(2)................................... 292,774 306,000
1,000,000 Cemex SA 10% due 11/05/1999 (6)......................... 963,369 1,035,000
500,000 P.T. Inti Indorayon Utama 9 1/8% due 10/15/2000 (3)..... 453,256 506,250
1,950,000 PT Pabrik Kertas Tjiwi Kimia 13 1/4% due 8/01/2001 (3).. 2,029,250 2,198,625
1,000,000 Banco Safra SA 10 3/8% due 10/28/2002 (b)(17)........... 986,751 993,750
1,500,000 Lonrho Finance plc FRN due 7/21/1997
(6.8125 @ 3/31/1997) (21).............................. 1,499,110 1,501,500
500,000 Vital Forsikring FRN due 12/22/2003
(6.8906% @ 3/31/1997) (17)............................. 498,398 505,000
1,000,000 Grupo Televisa S.A. 13 1/4% due 5/15/2008
(0% @ 3/31/1997) (a)(15)............................... 692,898 650,000
7,032,500 Republic of Argentina FRB due 3/31/2005
(6 3/4% @ 3/31/1997) (23).............................. 5,287,737 6,289,692
5,750,000 Republic of Argentina Par 5 1/4% due 3/31/2023 (23)..... 2,734,501 3,608,125
2,175,000 Federal Republic of Brazil IDU FRN due 1/01/2001
(6 1/2% @ 3/31/1997) (23).............................. 1,790,188 2,126,062
450,000 Federal Republic of Brazil EI FRN due 4/15/2006
(6 1/2% @ 3/31/1997) (23).............................. 304,952 401,344
4,000,000 Federal Republic of Brazil DCB FRN due 4/15/2012
(6.5625% @ 3/31/1997) (23)............................. 2,992,017 3,160,000
3,469,330 Federal Republic of Brazil "C' Bonds 8% due
4/15/2014 (23)......................................... 1,584,691 2,582,483
500,000 Federal Republic of Brazil Disc. ZL FRN due 4/15/2024 (6
1/2% @ 3/31/1997) (23)................................. 305,976 401,562
1,750,000 Federal Republic of Brazil Par ZL 5% due 4/15/2024 (23). 770,723 1,093,750
1,000,000 Republic of Ecuador Disc. FRN due 2/28/2025
(6.4375% @ 3/31/1997) (23)............................. 546,961 651,250
2,250,000 United Mexican States Disc. FRN "A' due 12/31/2019
(6.45313% @ 3/31/1997) (23)............................ 1,892,607 1,972,969
1,750,000 United Mexican States Disc. FRN "B' due 12/31/2019
(6 3/8% @ 3/31/1997) (23).............................. 1,469,711 1,534,531
750,000 United Mexican States Disc. FRN "C' due 12/31/2019
(6 3/8% @ 3/31/1997) (23).............................. 625,913 657,656
2,750,000 United Mexican States Disc. FRN "D' due 12/31/2019
(6.35156% @ 3/31/1997) (23)............................ 2,344,614 2,411,406
1,904,760 Republic of Venezuela FLIRB "B' due 3/31/2007
(6 3/4% @ 3/31/1997) (23).............................. 1,036,799 1,679,760
3,000,000 Republic of Venezuela DCB FRN due 12/18/2007
(6 1/2% @ 3/31/1997) (23).............................. 1,990,744 2,602,500
1,000,000 Republic of Venezuela Disc. "A' FRN due 3/31/2020
(6.4375% @ 3/31/1997) (23)............................. 564,324 814,375
1,000,000 Central Bank of the Philippines NMB FRN due 1/05/2005
(6.4375% @ 3/31/1997) (23)............................. 921,644 977,500
250,000 Central Bank of the Philippines DCB FRN due 12/01/2009
(6 3/8% @ 3/31/1997) (23).............................. 218,696 238,750
</TABLE>
13
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS (continued)
U.S. DOLLAR BONDS AND NOTES
(continued)
$1,500,000 Republic of Bulgaria Disc. "A' FRN
due 7/28/2024 (6.5625% @
3/31/1997) (23).................. $ 778,568 $ 890,625
3,250,000 Republic of Poland Disc. FRN due
10/27/2024 (6 1/2% @ 3/31/1997)
(23)............................. 2,282,863 3,176,875
1,500,000 Bergen Bank Floating Rate
Perpetual Note
(5 3/4% @ 3/31/1997) (17)........ 1,165,250 1,305,000
3,000,000 Christiana Bank Floating Rate
Perpetual Notes
(5 3/4% @ 7/31/1997) (17)........ 2,326,250 2,647,500
1,500,000 A/S Eksportfinans 0% due
11/07/1997 (d)(2)................ 1,500,000 2,225,550
2,000,000 Goldman Sachs Group L.P. Cocoa
Indexed Note 5.78125% due
4/29/1997 (d)(4)................. 2,000,000 2,053,710
------------- ------------
47,209,382 55,699,100
------------- ------------
NON U.S. DOLLAR CONVERTIBLE BONDS
(2.39%)
NZD 2,153,666 Shortland Properties Limited 7
1/2% due
12/31/1998 (19).................. 1,013,716 1,407,901
CAD 2,500,000 InterTAN, Inc. 9% due 8/30/2000
(e)(13).......................... 1,858,807 1,757,128
JPY 200,000,000 Nippon Yusen Kabushiki 2% due
9/29/2000 (9).................... 2,271,122 1,696,725
JPY 100,000,000 Hanshin Railway 1 1/2% due
9/30/2005 (9).................... 800,877 765,871
FRF 40,300,000 Immobiliere Hoteliere 5% due
1/01/2001 (19)................... 6,328,712 6,004,701
FRF 3,696,000 Crometal 4 1/2% due 1/01/2001 (7). 726,377 700,622
FRF 3,358,800 Gaumont SA 3 3/4% 1/01/2003 (15).. 653,654 722,922
FRF 16,000,000 Alcatel Alsthom 2 1/2% due
1/01/2004 (21)................... 3,110,687 3,287,720
ECU 1,425,000 BCP Bank & Trust Co. 8 3/4% due
5/21/2002 (17)................... 1,867,689 1,782,165
GBP 500,000 Lonrho Finance plc 6% due
2/27/2004 (21)................... 719,027 769,453
GBP 3,750,000 Berisford plc 5% due 1/31/2015
(12)............................. 3,864,103 3,878,044
------------- ------------
23,214,771 22,773,252
------------- ------------
NON U.S. DOLLAR BONDS AND NOTES
(2.32%)
ZAR 3,000,000 Escom 15% due 10/01/1998 (18)..... 725,552 675,483
ZAR 10,000,000 Republic of South Africa 13% due
8/31/2010 (23)................... 1,936,074 1,966,156
ITL 250,000,000 Bayerische Hypotheken-Wechsel Bank
7.85% due 2/14/2001 (17)......... 148,223 151,110
ITL1,000,000,000 American International Group
11.70% due
12/04/2001 (17).................. 670,981 690,416
CAD 2,500,000 Province of Alberta 10 1/4% due
8/22/2001 (23)................... 1,846,733 2,113,721
CAD 500,000 Province of Quebec 10 1/4% due
10/15/2001 (23).................. 377,818 418,820
NZD 5,500,000 New Zealand Government 10% due
3/15/2002 (23)................... 3,975,359 4,140,891
NZD 3,500,000 Trans Power Finance Limited 8% due
3/15/2002 (18)................... 2,251,324 2,397,516
NZD 500,000 Telecom Corp. of New Zealand 9
1/4% due
7/01/2002 (18)................... 305,118 360,330
NZD 1,500,000 Telecom Corp. of New Zealand 7
1/2% due
7/14/2003 (18)................... 872,436 1,004,708
GBP 1,850,000 BAA plc 5 3/4% due 3/29/2006 (9).. 3,078,999 3,154,450
FRF 21,500,000 United Mexican States Par 6.63%
due
12/31/2019 (23).................. 2,479,972 2,836,991
</TABLE>
14
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<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)
FRF12,500,000 Republic of Venezuela Par 7.71%
due
3/31/2020 (23)................... $ 1,380,566 $ 1,627,199
CHF 500,000 Scandinavian Airlines Variable
Rate Perpetual Notes (3 5/8% @
3/31/1997) (9)................... 247,886 248,270
DEM 900,000 Air Canada Variable Rate Perpetual
Notes
(4 5/8% @ 3/31/1997) (9)......... 349,963 338,862
------------ ------------
20,647,004 22,124,923
------------ ------------
TOTAL BONDS, NOTES AND CONVERTIBLE
BONDS............................ 113,455,198 123,810,070
------------ ------------
SHORT-TERM INVESTMENTS (14.92%)
$3,902,000 Costco Companies Inc. 5.47% due
4/01/1997........................ 3,902,000 3,902,000
2,718,000 Viacom Inc. 5.68% due 4/01/1997... 2,718,000 2,718,000
5,052,000 Union Pacific Corporation 6 1/2%
due 4/01/1997.................... 5,052,000 5,052,000
6,000,000 Champion International Corporation
7% due 4/01/1997................. 6,000,000 6,000,000
5,000,000 Viacom Inc. 5.65% due 4/02/1997... 4,999,215 4,999,215
6,000,000 AT&T Capital Corporation 5.90% due
4/02/1997........................ 5,999,017 5,999,017
5,595,000 CSX Corporation 5.54% due
4/03/1997........................ 5,593,278 5,593,278
4,382,000 AT&T Capital Corporation 6% due
4/03/1997........................ 4,380,539 4,380,539
6,000,000 Viacom Inc. 5.65% due 4/04/1997... 5,997,175 5,997,175
7,000,000 AT&T Capital Corporation 5.58% due
4/07/1997........................ 6,993,490 6,993,490
5,000,000 Crown, Cork & Seal Company, Inc. 5
1/2% due 4/08/1997............... 4,994,653 4,994,653
4,473,000 CSX Corporation 5.57% due
4/09/1997........................ 4,467,463 4,467,463
1,143,000 Dayton Hudson Corporation 5.62%
due 4/10/1997.................... 1,141,394 1,141,394
7,000,000 Viacom Inc. 5 3/4% due 4/10/1997.. 6,989,938 6,989,938
4,154,000 Burlington Northern Santa Fe
Corporation 5 1/2%
due 4/11/1997.................... 4,147,654 4,147,654
4,429,000 Hercules Incorporated 5.40% due
4/14/1997........................ 4,420,364 4,420,364
665,000 H.J. Heinz Company 5.27% due
4/15/1997........................ 663,637 663,637
4,988,000 Viacom Inc. 5 3/4% due 4/15/1997.. 4,976,846 4,976,846
7,000,000 Viacom Inc. 5 3/4% due 4/16/1997.. 6,983,229 6,983,229
7,581,000 CSX Corporation 5 3/4% due
4/17/1997........................ 7,561,626 7,561,626
6,000,000 Union Pacific Corporation 5 3/4%
due 4/18/1997.................... 5,984,218 5,984,218
6,569,000 AT&T Capital Corporation 5.85% due
4/21/1997........................ 6,547,651 6,547,651
5,000,000 Rayonier Inc. 5.90% due 4/22/1997. 4,982,792 4,982,792
6,015,000 Union Pacific Corporation 5 3/4%
due 4/23/1997.................... 5,994,048 5,994,048
1,843,000 Abbott Laboratories 5.29% due
4/24/1997........................ 1,836,771 1,836,771
5,965,000 Rayonier Inc. 5.90% due 4/24/1997. 5,942,515 5,942,515
6,000,000 Burlington Northern Santa Fe
Corporation 5.70%
due 4/25/1997.................... 5,977,200 5,977,200
7,000,000 CSX Corporation 5.68% due
4/30/1997........................ 6,967,971 6,967,971
------------ ------------
TOTAL SHORT-TERM INVESTMENTS...... 142,214,684 142,214,684
------------ ------------
TOTAL INVESTMENTS (97.13%)........ $866,741,506* $925,998,982**
============
Other assets in excess of
liabilities (2.87%).............. 27,315,661
------------
Net Assets (100.00%).............. $953,314,643
============
</TABLE>
15
<PAGE>
SoGen Overseas Fund
NOTES TO SCHEDULE OF INVESTMENTS
MARCH 31, 1997
(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. An affiliate
is defined as a company in which the Fund directly or indirectly owns,
controls, or holds power to vote 5% or more of the outstanding voting
securities. Following is a summary of transactions with each such
affiliate for the year ended March 31, 1997:
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
Affiliate Shares Cost Shares Cost Gain Income
- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Radio Pacific Limited -- -- -- -- -- $64,475
</TABLE>
(d) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity or commodity
index.
(e) Security for which there are less than three market makers.
* At March 31, 1997 cost is identical for both book and federal income tax
purposes.
** Gross unrealized appreciation and depreciation of securities at March 31,
1997 were $118,980,553 and $59,723,077, respectively (net appreciation was
$59,257,476).
<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
</TABLE>
- -----------
See Notes to Financial Statements.
16
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED STATES (28.28%)
157,500 Freeport McMoRan Copper & Gold Inc.,
Preferred
Series "C' (c)........................... $ 5,723,709 $ 4,705,313
100,000 Freeport McMoRan Copper & Gold Inc.,
Preferred
Series "D' (c)........................... 2,151,079 1,975,000
55,000 Freeport McMoRan Copper & Gold Inc.,
Preferred
Series "B' (c)........................... 2,081,910 1,725,625
42,500 Newmont Mining Corporation................ 1,747,219 1,646,875
100,000 Homestake Mining Company.................. 2,021,673 1,512,500
70,000 Santa Fe Pacific Gold Corporation......... 1,042,762 1,155,000
950 Case, Pomeroy & Co., Inc. Class "A'....... 1,025,080 1,143,800
8,500 Amax Gold Inc. $3.75 Conv. Pfd. Series
"B'...................................... 436,223 459,000
50,000 Amax Gold Inc. (a)........................ 417,900 337,500
35,000 Battle Mountain Gold Company.............. 334,600 231,875
----------- -----------
16,982,155 14,892,488
----------- -----------
CANADA (16.72%)
50,000 Franco-Nevada Mining Corp. Ltd............ 1,367,664 2,312,724
70,000 Euro-Nevada Mining Corp. Ltd.............. 857,643 2,023,633
75,000 Cambior, Inc.............................. 1,019,306 1,016,334
105,000 Pan American Silver Corp. (a)............. 350,923 713,331
30,000 Placer Dome Inc........................... 662,925 543,750
55,000 TVX Gold Inc. (a)......................... 589,077 391,875
54,190 Echo Bay Mines Ltd........................ 671,191 359,009
30,000 Golden Star Resources Ltd. (a)............ 433,495 315,000
115,000 Meridian Gold Inc. (a).................... 225,350 290,897
35,000 Pegasus Gold Inc. (a)..................... 552,623 284,375
65,000 Dayton Mining Corporation (a)............. 391,047 268,125
75,000 Royal Oak Mines Inc. (a).................. 347,137 239,062
64,600 TVI Pacific Inc. (a)...................... 64,110 44,354
----------- -----------
7,532,491 8,802,469
----------- -----------
AUSTRALIA & NEW ZEALAND (9.03%)
1,850,000 Perilya Mines NL (a)...................... 1,068,304 1,278,061
665,260 Kidston Gold Mines Limited (a)............ 1,078,703 673,718
250,000 Eltin Limited............................. 727,236 555,423
392,500 Normandy Mining Limited................... 529,031 533,377
285,000 Macraes Mining Company Limited............ 437,507 514,600
170,000 Macraes Mining Company Limited 7% due
9/15/1998................................ 338,804 343,656
350,000 Otter Gold Mines Limited (a).............. 462,719 412,151
75,000 Newcrest Mining Limited................... 262,990 246,113
50,000 Ranger Minerals NL (a).................... 155,678 166,431
100,000 Panorama Resources NL (a)................. 35,269 29,439
----------- -----------
5,096,241 4,752,969
----------- -----------
SOUTH AFRICA (14.84%)
165,000 Vaal Reefs Exploration & Mining Company
Ltd. ADR................................. 1,455,225 1,000,312
98,750 Durban Roodepoort Deep Limited (a)........ 917,859 809,884
47,500 Durban Roodepoort Deep Limited ADR (a).... 422,812 374,062
100,000 Free State Consolidated Gold Mines Ltd.
ADR...................................... 1,267,843 703,125
</TABLE>
17
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
------------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
SOUTH AFRICA (continued)
25,000 Gold Fields of South Africa........... $ 732,566 $ 610,860
293,441 Avgold Limited (a).................... 675,806 604,143
12,724 Avgold Limited ADR (a)................ 360,480 261,967
105,250 St. Helena Gold Mines Ltd. ADR........ 945,887 585,453
28,250 St. Helena Gold Mines Ltd............. 173,869 162,981
70,000 Harmony Gold Mining Company Ltd. ADR
(a).................................. 383,890 568,750
75,000 Kloof Gold Mining Company Limited ADR. 929,245 562,500
55,000 DrieFontein Consolidated Ltd. ADR..... 726,275 508,750
67,500 Anglo American Platinum Corporation
Ltd.................................. 503,162 452,036
28,433 Anglo American Platinum Corporation
Ltd. ADR (a)......................... 140,539 190,412
41,318 Western Areas Gold Mining Company
Limited ADR (a)...................... 362,618 418,345
----------- -----------
9,998,076 7,813,580
----------- -----------
SWITZERLAND (10.66%)
545 Bank for International Settlements
(U.S. Tranche)....................... 4,214,954 4,035,640
225 Bank for International Settlements
(French Tranche)..................... 1,603,440 1,575,040
----------- -----------
5,818,394 5,610,680
----------- -----------
MISCELLANEOUS (10.50%)
350,000 Industrias Penoles, S.A. de C.V....... 966,691 1,726,537
625,000 Lonrho plc............................ 1,596,022 1,497,869
979,200 Minas De Arcata S.A................... 1,448,082 1,163,077
1,000,000,000 Manila Mining Corporation "B' (a)..... 1,842,974 796,511
25,000 Ashanti Goldfields Company Limited
GDR.................................. 524,000 343,750
----------- -----------
6,377,769 5,527,744
----------- -----------
TOTAL COMMON AND PREFERRED STOCKS..... 51,805,126 47,399,930
----------- -----------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS (6.32%)
$1,000,000 Gold Mines of Kalgoorlie 7 1/2% due
2/28/2000............................ 1,091,644 1,107,500
250,000 Homestake Mining Company 5 1/2% due
6/23/2000 (b)........................ 249,231 248,750
100,000 Dayton Mining Corporation 7% due
4/01/2002 (b)........................ 100,000 96,000
350,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002............................ 385,500 309,750
100,000 Pegasus Gold Inc. 6 1/4% due 4/30/2002
(b).................................. 89,093 88,500
150,000 Ashanti Goldfields Company Limited 5
1/2% due 3/15/2003................... 129,319 129,000
500,000 Agnico-Eagle Mines Limited 3 1/2% due
1/27/2004............................ 394,451 409,375
315,000 Coeur d'Alene Mines Corporation 6 3/8%
due 1/31/2004........................ 315,352 297,675
750,000 Battle Mountain Gold Company 6% due
1/04/2005............................ 638,355 641,250
----------- -----------
3,392,945 3,327,800
----------- -----------
NON U.S. DOLLAR CONVERTIBLE BOND
(1.09%)
CAD 750,000 William Resources Inc. 8% due
1/02/2023 (b)(d)..................... 561,524 574,296
----------- -----------
TOTAL BONDS, NOTES AND CONVERTIBLE
BONDS................................ 3,954,469 3,902,096
----------- -----------
</TABLE>
18
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
---------- -------- --------
<C> <S> <C> <C>
SHORT-TERM INVESTMENT (2.29%)
$1,209,000 Rank Xerox Capital (Europe) plc 6.55%
due 4/01/1997........................ $ 1,209,000 $ 1,209,000
----------- -----------
TOTAL INVESTMENTS (99.73%)............ $56,968,595* 52,511,026**
===========
Other assets in excess of liabilities
(0.27%).............................. 140,200
-----------
Net assets (100.00%).................. $52,651,226
===========
</TABLE>
- -----------
(a) Non-income producing security.
(b) Can only be sold to qualified institutional buyers.
(c) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(d) Security for which there are less than three market makers.
* At March 31, 1997 cost is identical for both book and federal income tax
purposes.
** Gross unrealized appreciation and depreciation of securities at March 31,
1997 were $4,196,294 and $8,653,863, respectively (net depreciation was
$4,457,569).
FOREIGN CURRENCY
- ----------------
CAD --Canadian Dollar
- -----------
See Notes to Financial Statements.
19
<PAGE>
SoGen Money Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
CREDIT PRINCIPAL COST VALUE
RATING+ AMOUNT (NOTE 1) (NOTE 1)
------- --------- -------- --------
<C> <C> <S> <C> <C>
COMMERCIAL PAPER (97.37%)
A1+ $584,000 Anheuser-Busch Companies, Inc. 6
1/4% due 4/01/1997.............. $ 584,000 $ 584,000
A1+ 535,000 AT&T Corp. 5.26% due 4/01/1997... 535,000 535,000
A1+ 600,000 Merrill Lynch & Co., Inc. 5.55%
due 4/01/1997................... 600,000 600,000
A1 427,000 Rank Xerox Capital (Europe) plc
6.55% due 4/01/1997............. 427,000 427,000
A1+ 382,000 Dow Jones & Company, Inc. 5.30%
due 4/02/1997................... 381,944 381,944
A1+ 530,000 The Southland Corporation 5.32%
due 4/02/1997................... 529,922 529,922
A1+ 353,000 Prudential Funding Corporation
5.60% due 4/03/1997............. 352,890 352,890
A1 218,000 Toshiba America, Inc. 5.32% due
4/03/1997....................... 217,936 217,936
A1 157,000 Toshiba America, Inc. 5.33% due
4/03/1997....................... 156,954 156,954
A1 600,000 American Express Credit
Corporation 5.63%
due 4/04/1997................... 599,718 599,718
A1+ 500,000 Elf Aquitaine Finance S.A. 5.30%
due 4/04/1997................... 499,779 499,779
A1 500,000 PepsiCo, Inc. 5.22% due
4/07/1997....................... 499,565 499,565
A1 600,000 Ford Motor Credit Company 5.65%
due 4/08/1997................... 599,341 599,341
A1 500,000 IBM Credit Corporation 5.28% due
4/09/1997....................... 499,413 499,413
A1+ 515,000 J.P. Morgan & Co., Incorporated
5.28% due 4/10/1997............. 514,320 514,320
A1+ 530,000 Fuji Photo Film Finance U.S.A.,
Inc. 5.35%
due 4/15/1997................... 528,897 528,897
A1 535,000 H.J. Heinz Company 5.27% due
4/15/1997....................... 533,904 533,904
A1 500,000 Sonoco Products Company 5 1/4%
due 4/15/1997................... 498,979 498,979
A1+ 250,000 The Coca Cola Company 5.27% due
4/16/1997....................... 249,451 249,451
A1 520,000 Pearson Inc. 5.32% due 4/16/1997. 518,847 518,847
A1 585,000 Brown-Forman Corporation
5.32% due 4/17/1997............. 583,617 583,617
A1 570,000 The BOC Group, Inc. 5.60% due
4/21/1997....................... 568,227 568,227
A1+ 600,000 Hitachi America, Ltd. 5.67% due
4/23/1997....................... 597,921 597,921
A1+ 572,000 Abbott Laboratories 5.29% due
4/24/1997....................... 570,067 570,067
A1 540,000 Weyerhaeuser Company 5.33% due
4/25/1997....................... 538,081 538,081
A1+ 600,000 General Electric Company 5.52%
due 4/30/1997................... 597,332 597,332
----------- -----------
TOTAL COMMERCIAL PAPER........... $12,783,105* 12,783,105
===========
Other assets in excess of
liabilities (2.63%)............. 344,686
-----------
Net assets (100.00%)............. $13,127,791
===========
</TABLE>
- -----------
* At March 31, 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.
20
<PAGE>
SoGen Funds, Inc.
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1997
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
------------- ----------- -----------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost:
$866,741,506, $56,968,595 and
$12,783,105, respectively) (Note 1)... $925,998,982 $52,511,026 $12,783,105
Cash................................... 1,280,131 -- 1,709
Receivable for investment securities
sold.................................. 5,694,052 587,505 --
Receivable for forward currency
contracts held, at value (Notes 1 and
7).................................... 17,641,797 -- --
Receivable for Fund shares sold........ 2,913,584 74,536 407,261
Accrued interest and dividends
receivable............................ 4,616,224 151,162 --
Deferred organization costs (Note 1)... 12,837 12,852 12,830
Prepaid expenses and other assets...... 383 29 2
------------ ----------- -----------
TOTAL ASSETS........................ 958,157,990 53,337,110 13,204,907
------------ ----------- -----------
LIABILITIES:
Payable for investment securities
purchased............................. 2,154,988 138,065 --
Payable for forward currency contracts
held, at value (Notes 1 and 7)........ 225,624 137 --
Payable for Fund shares redeemed....... 842,885 377,162 4,187
Investment advisory fees payable (Note
2).................................... 580,023 34,175 30,097
Distribution fees payable (Note 3)..... 560,810 33,548 --
Directors' fees payable (Note 2)....... 24,799 2,473 628
Accrued expenses and other liabilities. 454,218 100,324 42,204
------------ ----------- -----------
TOTAL LIABILITIES................... 4,843,347 685,884 77,116
------------ ----------- -----------
NET ASSETS:
Capital stock (par value, $0.001 per
share)................................ 68,870 4,966 13,128
Capital surplus........................ 851,879,269 58,160,523 13,114,663
Net unrealized appreciation
(depreciation) on:
Investments............................ 59,257,476 (4,457,569) --
Forward currency contracts............. 17,416,173 (137) --
Foreign currency related transactions.. (45,818) (1,010) --
Undistributed net realized gain (loss)
on investments........................ 15,695,026 (1,284,797) --
Undistributed net investment income.... 9,043,647 229,250 --
------------ ----------- -----------
NET ASSETS (Note 1)................. $953,314,643 $52,651,226 $13,127,791
============ =========== ===========
NET ASSET VALUE PER SHARE (NAV) (based
on 68,870,352, 4,966,414 and 13,127,791
shares outstanding, respectively;
1,000,000,000 shares authorized) (Note
5)..................................... $ 13.84 $ 10.60 $ 1.00
============ =========== ===========
MAXIMUM OFFERING PRICE PER SHARE
(NAV / 96.25%; except SoGen Money Fund)
....................................... $ 14.38 $ 11.01 $ 1.00
============ =========== ===========
</TABLE>
- -----------
See Notes to Financial Statements.
21
<PAGE>
SoGen Funds, Inc.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1997
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
------------- ----------- ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest (net of $43,700 and $2,350
foreign taxes withheld, respectively).. $14,640,749 $ 463,547 $587,544
Dividends (net of $1,115,192 and $27,714
foreign taxes withheld, respectively).. 13,104,355 1,119,963 --
Miscellaneous income.................... 14,698 -- --
----------- ----------- --------
Total income from operations........... 27,759,802 1,583,510 587,544
----------- ----------- --------
Expenses:
Investment advisory fees (Note 2)....... 5,899,446 449,545 43,519
Distribution fees (Note 3).............. 1,958,310 148,706 --
Shareholder servicing agent fees........ 979,518 145,071 20,702
Custodian fees.......................... 768,339 55,593 27,369
Registration and filing fees............ 110,000 15,000 7,500
Printing................................ 82,250 7,650 1,700
Audit fees.............................. 55,150 34,300 15,150
Directors' fees (Note 2)................ 32,040 3,240 720
Insurance............................... 18,679 3,346 1,101
Legal fees.............................. 8,000 1,000 300
Amortization of deferred organization
costs (Note 1)......................... 5,303 5,303 5,303
Miscellaneous........................... 40,000 3,500 557
----------- ----------- --------
Total expenses from operations......... 9,957,035 872,254 123,921
----------- ----------- --------
Advisory fees waived (Note 2)........... -- -- (38,752)
Expense reduction due to earnings
credits (Note 1)....................... (37,857) (5,664) (1,467)
----------- ----------- --------
Net expenses from operations........... 9,919,178 866,590 83,702
----------- ----------- --------
Net investment income (Note 1).......... 17,840,624 716,920 503,842
----------- ----------- --------
REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS AND FOREIGN CURRENCY RELATED
TRANSACTIONS (NOTES 1 AND 7):
Net realized gains (losses) from:
Investment transactions................. 31,330,878 (738,216) --
Foreign currency related transactions... 20,440,748 (23,537) --
----------- ----------- --------
51,771,626 (761,753) --
----------- ----------- --------
Change in unrealized appreciation
(depreciation) of:
Investments............................. 8,166,426 (7,929,223) --
Foreign currency related transactions... 13,410,399 (3,517) --
----------- ----------- --------
21,576,825 (7,932,740) --
----------- ----------- --------
Net gain (loss) on investments and
foreign currency related transactions.. 73,348,451 (8,694,493) --
----------- ----------- --------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............... $91,189,075 $(7,977,573) $503,842
=========== =========== ========
</TABLE>
- -----------
See Notes to Financial Statements.
22
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
--------------------------- -------------------------- -------------------------
Year Ended March 31, Year Ended March 31, Year Ended March 31,
1997 1996 1997 1996 1997 1996
------------- ------------ ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income.. $ 17,840,624 $ 17,618,570 $ 716,920 $ 673,481 $ 503,842 $ 551,332
Net realized gain
(loss) from
investments and
foreign currency
related transactions.. 51,771,626 16,541,555 (761,753) 1,358,326 -- --
Increase (decrease) in
unrealized
appreciation
(depreciation) of
investments and
foreign currency
related transactions.. 21,576,825 59,010,191 (7,932,740) 4,834,945 -- --
------------- ------------ ------------ ------------ ----------- ------------
Net increase
(decrease) in net
assets resulting from
operations........... 91,189,075 93,170,316 (7,977,573) 6,866,752 503,842 551,332
------------- ------------ ------------ ------------ ----------- ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends paid from net
investment income..... (35,317,287) (18,088,125) (715,209) (1,451,019) (503,842) (551,332)
Distributions paid from
net realized gains
from investment
transactions.......... (22,367,476) (7,143,433) (105,967) (1,141,579) -- --
------------- ------------ ------------ ------------ ----------- ------------
Decrease in net assets
resulting from
distributions........ (57,684,763) (25,231,558) (821,176) (2,592,598) (503,842) (551,332)
------------- ------------ ------------ ------------ ----------- ------------
FUND SHARE TRANSACTIONS
(NOTE 5):
Net proceeds from
shares sold........... 398,376,548 285,702,785 55,625,012 67,101,079 90,314,681 58,029,190
Net asset value of
shares issued for
reinvested dividends
and distributions..... 55,745,006 24,206,934 790,492 2,424,804 460,368 504,395
Cost of shares
redeemed.............. (181,708,882) (169,680,986) (58,226,814) (61,460,709) (86,134,242) (60,491,179)
------------- ------------ ------------ ------------ ----------- ------------
Increase (decrease) in
net assets from Fund
share transactions... 272,412,672 140,228,733 (1,811,310) 8,065,174 4,640,807 (1,957,594)
------------- ------------ ------------ ------------ ----------- ------------
Net increase
(decrease) in net
assets.............. 305,916,984 208,167,491 (10,610,059) 12,339,328 4,640,807 (1,957,594)
NET ASSETS (NOTE 1):
Beginning of year...... 647,397,659 439,230,168 63,261,285 50,921,957 8,486,984 10,444,578
------------- ------------ ------------ ------------ ----------- ------------
End of year (including
undistributed
(overdistributed) net
investment income of
$9,043,647,
$6,065,695, $229,250,
($408,014), $0 and $0,
respectively.)........ $ 953,314,643 $647,397,659 $ 52,651,226 $ 63,261,285 $13,127,791 $ 8,486,984
============= ============ ============ ============ =========== ============
</TABLE>
- -----------
See Notes to Financial Statements.
23
<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 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.
24
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued)
dollars based on the applicable exchange rates at the end of the period. The
costs of such securities are translated at exchange rates prevailing when
acquired. Related dividends, interest and withholding taxes are accrued at the
rates of exchange prevailing on the respective dates of such transactions.
The net assets of 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
25
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued)
rules and regulations versus generally accepted accounting principles, a
reclassification has been made to increase undistributed net investment income
and decrease undistributed net realized gains on investments in the amounts of
$20,454,615 and $635,553 for SoGen Overseas Fund and SoGen Gold Fund,
respectively.
i) USE OF ESTIMATES--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates.
NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PERSONS
Under the terms of an investment advisory agreement dated August 17, 1993,
each Fund pays Societe Generale Asset Management Corp. ("SGAM 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%. SGAM Corp. has
agreed to waive its advisory fee and, if necessary, reimburse SoGen Money Fund
through July 31, 1997 to the extent that SoGen Money Fund's aggregate expenses
exceed 0.75%. Expense reimbursements are accrued daily and paid monthly. For
the year ended March 31, 1997, the investment advisory fees paid or payable to
SGAM Corp. were $5,899,446 and $449,545 for SoGen Overseas Fund and SoGen Gold
Fund, respectively. For the same period, $38,752 of the investment advisory fee
of $43,519 for SoGen Money Fund was waived by SGAM Corp.
For the year ended March 31, 1997, Societe Generale Securities Corporation
("SGSC"), the principal underwriter, realized $409,186 and $53,647 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 SGAM Corp........ and SGSC, received dealer's
commissions of $8,694 pertaining to the sale of shares of SoGen Overseas Fund.
For the same period, Societe Generale or its affiliates received $67,055 in
broker's commissions for portfolio transactions executed on behalf of SoGen
Overseas Fund.
26
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PERSONS
(continued)
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 year ended March 31, 1997 such fees
amounted to $32,040, $3,240 and $720 for SoGen Overseas Fund, SoGen Gold Fund
and SoGen Money Fund, respectively.
NOTE 3--PLAN OF DISTRIBUTION (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)
The Company has entered into a Distribution Plan and Agreement ("the Plan")
with SGSC, pursuant to the provisions of Rule 12b-1 under the Investment
Company Act of 1940, whereby SoGen Overseas Fund and SoGen Gold Fund pay SGSC
quarterly, a distribution fee at an annual rate of up to 0.25% of each Fund's
average daily net assets. Under the Plan, SGSC must apply the full amounts
received from a Fund to actual distribution expenses incurred during the Fund's
fiscal year, including the payment of fees to dealers selling shares of the
Fund, the payment of advertising costs and the payment for the printing and
distribution of prospectuses to prospective investors.
SGSC bears distribution costs of a Fund to the extent they exceed payments
received under the Plan. For the year ended March 31, 1997 the distribution
fees paid or payable to SGSC by SoGen Overseas Fund and SoGen Gold Fund were
$1,958,310 and $148,706, respectively.
NOTE 4--PURCHASES AND SALES OF SECURITIES
During the year ended March 31, 1997, the aggregate cost of purchases of
investments, excluding short-term securities, totaled $259,488,206 and
$9,768,170 for SoGen Overseas Fund and SoGen Gold Fund, respectively, and
proceeds from sales of investments, excluding U.S. Government obligations and
short-term securities, totaled $103,810,999 and $10,409,531 for SoGen Overseas
Fund and SoGen Gold Fund, respectively.
27
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 5--CAPITAL STOCK
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS GOLD MONEY
FUND FUND FUND
----------- ---------- -----------
<S> <C> <C> <C>
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
=========== ========== ===========
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>
NOTE 6--FEDERAL INCOME TAX
At March 31, 1997, for federal income tax purposes, SoGen Gold Fund had
$789,246 of unused capital loss carryforwards available to offset future
realized capital gains and thereby reduce future taxable gains distributions.
28
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 7--COMMITMENTS
As of March 31, 1997, SoGen Overseas Fund and SoGen Gold Fund had entered
into forward currency contracts, as summarized below, resulting in net
unrealized appreciation (depreciation) of $17,416,173 and ($137), respectively.
SoGen Overseas Fund
TRANSACTION HEDGES:
Foreign Currency Purchases
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ UNREALIZED UNREALIZED
DATES FOREIGN CURRENCY AT MARCH 31, TO BE APPRECIATION AT DEPRECIATION AT
THROUGH TO BE RECEIVED 1997 DELIVERED MARCH 31, 1997 MARCH 31, 1997
- ---------- ---------------- ------------ --------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/07/97 2,349,389 Austrian Schilling $ 199,143 $ 198,912 $ 231 --
4/15/97 10,493,797 Belgian Franc 304,111 304,168 -- ($ 57)
5/07/97 626,689 Swiss Franc 433,695 430,006 3,689 --
5/21/97 1,213,379 French Franc 215,635 214,065 1,570 --
4/01/97 771,079 Hong Kong Dollar 99,511 99,501 10 --
5/28/97 101,207,116 Japanese Yen 818,497 817,755 742 --
------------ ------------ ----------- ---------
2,070,592 2,064,407 6,242 (57)
------------ ------------ ----------- ---------
Foreign Currency Sales
<CAPTION>
SETTLEMENT U.S. $ U.S. $ VALUE UNREALIZED UNREALIZED
DATES FOREIGN CURRENCY TO BE AT MARCH 31, APPRECIATION AT DEPRECIATION AT
THROUGH TO BE DELIVERED RECEIVED 1997 MARCH 31, 1997 MARCH 31, 1997
- ---------- ---------------- ------------ ------------ --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/03/97 807,719 Deutsche Mark 480,409 482,725 -- (2,316)
4/02/97 928,698,750 Italian Lira 547,024 555,442 -- (8,418)
4/01/97 95,616 South African Rand 21,672 21,633 39 --
------------ ------------ ----------- ---------
1,049,105 1,059,800 39 (10,734)
------------ ------------ ----------- ---------
PORTFOLIO HEDGES:
<CAPTION>
SETTLEMENT U.S. $ U.S. $ VALUE UNREALIZED UNREALIZED
DATES TO BE AT MARCH 31, APPRECIATION AT DEPRECIATION AT
THROUGH FOREIGN CURRENCY RECEIVED 1997 MARCH 31, 1997 MARCH 31, 1997
- ---------- ---------------- ------------ ------------ --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
9/10/97 43,018,000 Swiss Franc 37,961,127 35,156,239 2,804,888 --
9/17/97 57,221,500 Deutsche Mark 41,178,570 38,061,025 3,117,545 --
8/08/97 511,970,000 French Franc 107,170,426 100,844,896 6,325,530 --
9/24/97 6,533,500,000 Japanese Yen 75,758,534 70,370,981 5,387,553 --
10/03/97 16,782,000 New Zealand Dollar 11,536,763 11,751,596 -- (214,833)
------------ ------------ ----------- ---------
273,605,420 256,184,737 17,635,516 (214,833)
------------ ------------ ----------- ---------
$276,725,117 $259,308,944 $17,641,797 ($225,624)
============ ============ =========== =========
SoGen Gold Fund
TRANSACTION HEDGES:
Foreign Currency Purchases
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ UNREALIZED UNREALIZED
DATES FOREIGN CURRENCY AT MARCH 31, TO BE APPRECIATION AT DEPRECIATION AT
THROUGH TO BE RECEIVED 1997 DELIVERED MARCH 31, 1997 MARCH 31, 1997
- ---------- ---------------- ------------ --------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/01/97 333,999 South African Rand $ 75,565 $ 75,702 -- ($ 137)
============ ============ =========== =========
</TABLE>
29
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
YEAR YEAR YEAR PERIOD FROM
ENDED ENDED ENDED AUGUST 31, 1993
MARCH 31, 1997 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 year...... $ 13.26 $ 11.65 $ 11.54 $ 10.00
-------- -------- -------- --------
Income from investment
operations:
Net investment income
(loss)................ 0.61 0.48 0.14 (0.01)
Net realized and
unrealized gains on
investments........... 0.95 1.74 0.04 1.55
-------- -------- -------- --------
Total from investment
operations............ 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
year................... $ 13.84 $ 13.26 $ 11.65 $ 11.54
======== ======== ======== ========
TOTAL RETURN+++......... 12.16% 19.47% 1.56% 15.35%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of year
(000's)................ $953,315 $647,398 $439,230 $119,843
Ratio of operating
expenses to average net
assets................. 1.27%** 1.37%** 1.40% 1.72%*
Ratio of net investment
income to average net
assets................. 2.28%** 3.31%** 2.29% (0.23%)*
Portfolio turnover rate. 15.18% 9.46% 3.16% 6.11%
Average commission rate
paid #................. $0.0207 $ 0.0190 -- --
<CAPTION>
YEAR YEAR YEAR PERIOD FROM
ENDED ENDED ENDED AUGUST 31, 1993
MARCH 31, 1997 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 year...... $ 12.25 $ 11.28 $ 11.42 $ 10.00
-------- -------- -------- --------
Income from investment
operations:
Net investment income
(losses).............. 0.26 0.24 0.08 (0.01)
Net realized and
unrealized gains
(losses) on
investments........... (1.75) 1.35 (0.10) 1.43
-------- -------- -------- --------
Total from investment
operations............ (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
year................... $ 10.60 $ 12.25 $ 11.28 $ 11.42
======== ======== ======== ========
TOTAL RETURN+++......... (12.21%) 14.81% (0.14%) 14.15%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of year
(000's)................ $ 52,651 $ 63,261 $ 50,922 $ 22,406
Ratio of operating
expenses to average net
assets................. 1.45%** 1.41%** 1.46% 2.27%*
Ratio of net investment
income to average net
assets................. 1.20%** 1.29%** 0.79% (0.32%)*
Portfolio turnover rate. 16.83% 22.40% 11.56% 4.55%
Average commission rate
paid #................. $ 0.0009 $ 0.0002 -- --
</TABLE>
- -----------
See Notes to Financial Statements.
30
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
YEAR YEAR YEAR PERIOD FROM
ENDED ENDED ENDED AUGUST 31, 1993
MARCH 31, 1997 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 year...... $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------ ------- ------
Income from investment
operations:
Net investment income.. 0.05 0.05 0.04 0.01
Net realized and
unrealized gains on
investments........... -- -- -- --
------- ------ ------- ------
Total from investment
operations............ 0.05 0.05 0.04 0.01
------- ------ ------- ------
Less distributions:
Dividends from net
investment income..... (0.05) (0.05) (0.04) (0.01)
Distributions from
capital gains......... -- -- -- --
------- ------ ------- ------
Total distributions.... (0.05) (0.05) (0.04) (0.01)
------- ------ ------- ------
Net asset value, end of
year................... $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ====== ======= ======
TOTAL RETURN............ 4.61% 5.03% 4.13% 1.25%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of year
(000's)................ $13,128 $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................. 4.63%+ 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 year ended March 31, 1997 for SoGen
Overseas Fund would have been the same and 2.27%, respectively, and for
SoGen Gold Fund 1.46% and 1.19%, respectively, without the effect of the
earnings credits. The ratio 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 1.14% and 4.26%, respectively, for the
year ended March 31, 1997, 0.97% and 4.76%, respectively for the year ended
March 31, 1996; and 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 SGAM
Corp.
++ Total returns disclosed for the period ended March 31, 1994 are not
annualized. Annualized total returns for the period ended March 31, 1994
were 26.40%, 24.34% and 2.14% for SoGen Overseas Fund, SoGen Gold Fund and
SoGen Money Fund, respectively.
+++ Does not give effect to deduction of the sales load.
# Average commission rate paid is expressed on a per share basis. Not all
commissions are computed on a per share basis; therefore, commissions
expressed as a percentage of transactions may be higher. Due to the new
Securities and Exchange Commission disclosure guidelines, average
commissions per share are calculated only for the years ended March 31, 1997
and 1996 and not for the prior periods.
- -----------
See Notes to Financial Statements.
31
<PAGE>
SoGen Funds, Inc.
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Shareholders of SoGen Funds, Inc.:
We have audited the accompanying statements of assets and liabilities of
SoGen Funds, Inc., consisting of SoGen Overseas Fund, SoGen Gold Fund, and
SoGen Money Fund, including the schedules of investments, as of March 31, 1997,
and the related statements of operations for the year then ended, changes in
net assets for each of the years in the two years then ended, and financial
highlights for the two years ended March 31, 1997 and for the period from
August 31, 1993 (inception of the Funds) to March 31, 1994. These financial
statements and financial highlights are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of March 31, 1997, by correspondence with custodians and brokers. An
audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of SoGen
Funds, Inc., consisting of SoGen Overseas Fund, SoGen Gold Fund, and SoGen
Money Fund, as of March 31, 1997, the results of their operations for the year
then ended, the changes in their net assets for the two years then ended and
their financial highlights for the two years then ended and for the period from
August 31, 1993 (inception of the Funds) to March 31, 1995, in conformity with
generally accepted accounting principles.
/s/ KPMG Peat Marwick LLP
New York, New York
May 16, 1997
32
<PAGE>
SoGen Funds, Inc.
TAX INFORMATION
FISCAL YEAR ENDED MARCH 31, 1997
(UNAUDITED)
The following tax information represents the designation of various tax
benefits relating to the fiscal year ended March 31, 1997:
CORPORATE DIVIDENDS RECEIVED DEDUCTION
The percentages of investment company taxable income eligible for the
dividends received deduction available to certain corporate shareholders with
respect to the fiscal year ended March 31, 1997 are as follows:
<TABLE>
<S> <C>
SoGen Overseas Fund 0.36%
SoGen Gold Fund 25.12%
SoGen Money Fund 0.00%
CAPITAL GAINS DISTRIBUTIONS
Capital gains distributions paid to shareholders by the Funds during the
fiscal year ended March 31, 1997, whether taken in shares or in cash, were as
follows:
SoGen Overseas Fund $20,012,984
SoGen Gold Fund $ 49,109
SoGen Money Fund $ --
</TABLE>
FOREIGN SOURCE INCOME AND FOREIGN TAX CREDITS
For the fiscal year ended March 31, 1997, the total income received from
sources within foreign countries and possessions of the United States, and
foreign taxes paid by the portfolios to such countries were as follows:
<TABLE>
<CAPTION>
NET FOREIGN AMOUNT FOREIGN AMOUNT
SOURCE PER WITHHOLDING PER
INCOME SHARE TAX SHARE
----------- ------- ----------- -------
<S> <C> <C> <C> <C>
SoGen Overseas Fund $22,587,040 $0.3280 $1,158,892 $0.0168
SoGen Gold Fund $ -- $ -- $ -- $ --
SoGen Money Fund $ -- $ -- $ -- $ --
</TABLE>
The above figures may differ from those cited elsewhere in this report due to
differences in the calculations of income and capital gains for Securities and
Exchange Commission (financial reporting) purposes and Internal Revenue Service
(tax) purposes.
33
<PAGE>
SoGen Funds, Inc.
1221 AVENUE OF THE AMERICAS
NEW YORK, NY 10020
DIRECTORS AND OFFICERS
DIRECTORS 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
INVESTMENT ADVISER UNDERWRITER
- ------------------ -----------
Societe Generale Asset Management Corp. Societe Generale Securities Corporation
1221 Avenue of the Americas 1221 Avenue of the Americas
New York, NY 10020 New York, NY 10020
LEGAL COUNSEL INDEPENDENT AUDITORS
- ------------- --------------------
Dechert Price & Rhoads KPMG Peat Marwick LLP
30 Rockefeller Plaza 345 Park Avenue
New York, NY 10112 New York, NY 10154
DOMESTIC CUSTODIAN GLOBAL CUSTODIAN
- ------------------ ----------------
Investors Fiduciary Trust Company The Chase Manhattan Bank, N.A.
127 West 10th Street 4 Chase MetroTech Center
Kansas City, MO 64105 Brooklyn, NY 11245
SHAREHOLDER SERVICING AGENT
- ---------------------------
DST Systems, Inc.
1004 Baltimore
Kansas City, MO 64105
(800) 334-2143
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
