<PAGE>
SOGEN FUNDS, INC.
SoGen International Fund
SoGen Overseas Fund
[GRAPHIC]
SoGen Gold Fund
SoGen Money Fund
SEMI-ANNUAL REPORT
SEPTEMBER 30, 1998
<PAGE>
SoGen Funds, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
At the SoGen Funds, we have been so-called "value" investors on your behalf
for almost twenty years. Over such a long period of time, "value"--as the SoGen
International Fund's long-term record demonstrates--has been the appropriate
approach for risk averse investors. Yet, during the most recent turmoil in
global equity markets, value was not quite as helpful as usual in reducing
risk.
Our long-time focus on the securities of small and medium size companies has
not helped either lately. In the past few weeks, however, those securities
started acting better in the U.S., and we expect that they will do the same
overseas, after a multi-year period of poor returns relative to large compa-
nies.
The world is a dangerous place today, we believe. Therefore, we intend--more
than ever--to stay on the side of caution. At the same time, whenever invest-
ment opportunities seem to surface, we stand ready to investigate and, if
deemed appropriate, to invest.
SOGEN INTERNATIONAL FUND
Over the past fifteen years (September 30, 1983 to September 30, 1998) the
value of an investment in your Fund increased at a compounded average annual
rate of 12.4%. Over the past ten and five years, the rates were 10.3% and 8.0%,
respectively. Over the past twelve months the net asset value declined 10.3%.*
As of September 30, 1998 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
U.S. stocks(/1/) 21.3%
Foreign stocks(/1/) 35.6
U.S. dollar bonds 19.5
Foreign currency bonds 4.8
Gold-related securities 5.2
U.S. dollar cash and
equivalents(/2/) 13.6
-----
100.0%
=====
</TABLE>
- --------
(/1/Includes)convertible bonds with moderate premia.
(/2/Includes)floating rate securities.
The ten largest equity holdings were: Buderus AG (German manufacturer of
heating systems); Secom Co., Ltd. (Japanese provider of security services);
Fuji Photo Film Co., Ltd. (Japanese film and imaging company); Bank for Inter-
national Settlements, U.S. and French Tranches (the central banks' central
bank, with some gold assets); Manpower Inc. (leading global temporary employ-
ment organization); Legrand ADP (French low-voltage electrical fittings manu-
facturer); Freeport McMoRan Copper & Gold, Inc., Preferred Series "B', "C' and
"D' (gold and silver-related securities); Dole Food Company, Inc. (worldwide
producer and distributor of fruits and vegetables); Societe Generale
d'Affichage D.R.C. (Swiss billboard advertising company); and Applied Power
Inc. Class "A' (U.S. manufacturer of electronic protection equipment).
<PAGE>
SOGEN OVERSEAS FUND
From inception (five years and one month ago), the value of an investment in
your Fund increased at a compounded average annual rate of 8.1%. Over the past
twelve months the net asset value declined 12.1%.*
As of September 30, 1998 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
Foreign stocks(/1/) 80.0%
U.S. dollar bonds 7.9
Foreign currency bonds 7.3
Cash and equivalents 4.8
-----
100.0%
=====
</TABLE>
- --------
(/1/Includes)convertible bonds with moderate premia.
The ten major holdings were Secom Co., Ltd. (Japanese provider of security
services); Bank for International Settlements, U.S. and French Tranches (the
central banks' central bank, with some gold assets); Buderus AG (German manu-
facturer of heating systems); Kuhne & Nagel International AG Bearer (Swiss
based freight forwarding company); Societe Generale d'Affichage D.R.C. (Swiss
billboard advertising company); Sagem ADP (French electronics company); Fuji
Photo Film Co., Ltd. (Japanese film and imaging company); Sika Finanz AG Bearer
(Swiss specialty chemicals producer); Legrand ADP (French low-voltage electri-
cal fittings manufacturer); and Toho Co., Ltd. (Japanese media company).
SOGEN GOLD FUND
From inception (five years and one month ago) the value of an investment in
your Fund decreased at a compounded average annual rate of 5.6%. Over the past
twelve months, the net asset value declined 28.7%.*
As of September 30, 1998 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
Bank for International 14.0%
Settlements
(U.S. and French Tranches)
Freeport McMoRan Copper and Gold 17.2
(Preferred Series B, C, and D)
U.S. securities 14.6
Canadian securities 13.7
Australian and New Zealand
securities 3.1
South African securities 24.7
Miscellaneous securities 11.5
Cash and equivalents 1.2
-----
100.0%
=====
</TABLE>
Over the past few years, some selling by smaller central banks and the fear
that large holders of gold (particularly among European central banks) would
also engage in selling, have contributed to keeping gold prices low. However,
it may become apparent this year that large European central banks do not in-
tend to sell. Also, the world financial crisis, if it continues to fester, may
help gold regain some status as a safe haven.
2
<PAGE>
SOGEN MONEY FUND
Short-term interest rates remain low. Any increase in the future would proba-
bly be associated with either higher inflation in the U.S., or a recovery in
the economies of Japan and the rest of Asia.
Sincerely yours,
/s/ Jean-Marie Eveillard
Jean-Marie Eveillard
President
November 4, 1998
- --------
* These figures assume the immediate reinvestment of all dividends and distri-
butions and do not give effect to the deduction of the Fund's sales load.
(See the "Investment Results" section of this report for further informa-
tion.)
3
<PAGE>
SoGen Funds, Inc.
INVESTMENT RESULTS
COMPARISONS OF CHANGE IN VALUE OF A $10,000 INVESTMENT
IN SOGEN FUNDS, INC. AND VARIOUS INDICES
SoGen International Fund
AVERAGE ANNUAL RATES OF RETURN AS OF SEPTEMBER 30, 1998
[LINE GRAPH APPEARS HERE]
1 YEAR 5 YEAR 10 YEAR
-------- ------ -------
(13.63%) 7.14% 9.89%
JP MORGAN
SOGEN MSCI GLOBAL
INTERNATIONAL WORLD GOVERNMENT CONSUMER
FUND INDEX BOND INDEX PRICE INDEX
------------- -------- ---------- -----------
9/30/88 9,628 10,000 10,000 10,000
9/30/89 11,355 12,516 10,767 10,443
9/30/90 11,393 9,818 11,631 11,087
9/30/91 13,119 12,227 13,321 11,463
9/30/92 14,801 12,103 15,532 11,806
9/30/93 17,507 14,553 16,818 12,132
9/30/94 19,773 15,653 16,996 12,492
9/30/95 21,576 17,906 19,707 12,809
9/30/96 24,178 20,354 20,704 13,202
9/30/97 28,610 25,263 21,397 13,487
9/30/98 25,671 25,297 24,146 13,679
4
<PAGE>
SoGen Funds, Inc.
INVESTMENT RESULTS (continued)
SoGen Overseas Fund
AVERAGE ANNUAL RATES OF RETURN AS OF SEPTEMBER 30, 1998
[LINE GRAPH APPEARS HERE]
SINCE INCEPTION
1 YEAR 5 YEAR (8/31/93)
-------- ------- ---------
(15.43%) 7.41% 7.29%
SOGEN MSCI
OVERSEAS EAFE CONSUMER
FUND INDEX PRICE INDEX
------------- -------- -----------
8/31/93 9,625 10,000 10,000
9/30/93 9,625 9,775 10,014
3/31/94 11,107 10,204 10,152
9/30/94 11,569 10,736 10,311
3/31/95 11,280 10,824 10,442
9/30/95 12,336 11,357 10,573
3/31/96 13,477 12,159 10,738
9/30/96 13,995 12,336 10,897
3/31/97 15,116 12,336 11,035
9/30/97 16,273 13,838 11,132
3/31/98 16,627 14,631 11,180
9/30/98 14,298 12,684 11,291
SoGen Gold Fund
AVERAGE ANNUAL RATES OF RETURN AS OF SEPTEMBER 30, 1998
[LINE GRAPH APPEARS HERE]
SINCE INCEPTION
1 YEAR 5 YEAR (8/31/93)
-------- ------- ---------
(31.37%) (6.42%) (6.28%)
SOGEN WORLD FT GOLD CONSUMER
GOLD FUND INDEX MINES INDEX PRICE INDEX
------------- -------- ----------- -----------
8/31/93 9,625 10,000 10,000 10,000
9/30/93 9,644 9,813 8,922 10,014
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
9/30/97 10,082 17,035 8,111 11,132
3/31/98 8,050 18,995 6,091 11,180
9/30/98 7,191 17,058 5,855 11,291
Performance is historical and is not indicative of future results. The Funds'
results assume reinvestment of income dividends and capital gains distributions
and give effect to the deduction of the maximum sales load of 3.75%. The MSCI
EAFE Index and the MSCI World Index returns assume reinvestment of dividends and
the JP Morgan Global Government Bond Index assumes that a coupon payment
received in one currency is immediately reinvested back into the bonds in the
country's index. The FT Gold Mines Index is only available without dividends
reinvested. Unlike Fund returns, the indices do not reflect any fees or
expenses.
5
<PAGE>
SoGen Funds, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
Despite continued concerns over the impact of the Asian crisis on global
economies, U.S. and European stock market indices continued to surge ahead un-
til mid-July 1998. At that time, three successive developments caused all mar-
kets to reverse course and to fall steeply: Russia devalued its currency and
defaulted on its Ruble denominated obligations, the outlook in Latin America
worsened as Brazil became an area of increased concern, and finally, a large,
highly leveraged U.S. hedge fund collapsed in September. Within a few weeks,
mature stock markets lost 20% to 30% while emerging markets were once again
decimated. In such an environment, small capitalization stocks fared even worse
than large capitalization stocks, suffering steep losses.
In Asia, Japanese equities weakened further in reaction to the release of de-
teriorating economic data and slow progress made toward the implementation of
long-awaited banking reforms. Global market developments placed other Asian
markets under additional pressure. In Latin America, the possibility of addi-
tional currency devaluations continued to weigh on local stock markets.
SOGEN INTERNATIONAL FUND
The Fund's net asset value declined 12.27%* between April 1, 1998 and Septem-
ber 30, 1998. While few individual stock holdings were spared--most suffered
declines--the Fund was somewhat protected by its cash and U.S. Treasury hold-
ings which had gained until early September. Gold related securities also per-
formed relatively well during the month of August since gold bullion rose in
price. Yet, in the latter part of September, global equity markets began to
stabilize and recovered some of their losses, while the U.S. bond market lost
ground after interest rates were cut. The performance of the dollar also im-
pacted the Fund's NAV since the Fund did not fully benefit from the weakening
dollar due to partial hedges in place throughout the period.
SOGEN OVERSEAS FUND
The Fund's net asset value declined 14.01%* during the six month period ended
September 30, 1998. The performance can be explained by the fact that the Over-
seas Fund is more fully invested in stocks than the International Fund; conse-
quently, as foreign equities remained under significant pressure through the
end of September, the Overseas Fund's net asset value lost substantial ground.
The performance of the dollar also had a mixed effect on the NAV, since the
Fund did not fully benefit from the weakness of the dollar due to partial
hedges in place throughout the period.
SOGEN GOLD FUND
Between April 1, 1998 and September 30, 1998, the price of gold fell slight-
ly, ending the period at $296.95 per ounce. The Gold Fund's net asset value de-
clined 10.67%* over the period. Precious metals remained extremely volatile
during the period, but gained in the latter part of the summer as global equity
markets suffered serious setbacks. As markets stabilized, bullion prices and
mining stocks fell back. The Gold Fund's holdings remain widely diversified
across the world. We continue to avoid speculative and overpriced mining
stocks, while favoring securities that we consider proxies for the price of
gold.
- --------
* These figures assume the immediate reinvestment of all dividends and distri-
butions and do not give effect to the deduction of the Fund's sales load.
(See the "Investment Results" section of this report for further informa-
tion.)
6
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--U.S.
GOLD RELATED (1.65%)
727,500 Freeport McMoRan Copper & Gold
Inc., Preferred Series "C' (d).... $ 24,477,371 $ 11,640,000
600,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series "B' (d).... 21,347,115 11,550,000
485,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series "D' (d).... 10,022,366 6,365,625
6,992 Case, Pomeroy & Co., Inc. Class
"A'............................... 6,899,798 7,446,480
295,000 Newmont Mining Corporation......... 10,713,856 7,153,750
300,000 Homestake Mining Company (c)....... 5,748,184 3,637,500
-------------- --------------
79,208,690 47,793,355
-------------- --------------
METALS AND MINERALS (0.29%)
165,000 Reynolds Metals Company............ 8,406,068 8,384,063
-------------- --------------
ENERGY (2.80%)
3,655,000 San Juan Basin Royalty Trust (c)... 24,782,004 25,356,563
285,000 Murphy Oil Corporation............. 12,374,370 11,043,750
250,000 Burlington Resources Inc........... 9,515,782 9,343,750
486,100 North European Oil Royalty Trust
(c)............................... 7,805,235 7,777,600
1,245,000 Kaneb Services, Inc. (a)........... 4,318,833 6,225,000
550,000 Rowan Companies, Inc. (a).......... 4,186,651 6,153,125
370,000 ENSCO International Incorporated... 3,013,001 4,000,625
135,000 Weatherford International, Inc.
(a)............................... 3,143,280 2,919,375
104,455 Patina Oil & Gas Corporation $1.78
Conv. Pfd......................... 2,949,500 2,252,311
50,000 Sealed Air Corporation $2 Pfd.
"A'............................... 2,126,764 1,806,250
142,500 Halter Marine Group Inc. (a)....... 1,659,193 1,620,937
35,000 Tosco Financing Trust $2.875 Conv.
Pfd. (b).......................... 1,905,313 1,522,500
250,241 The Home-Stake Oil & Gas Company... 825,100 1,361,311
-------------- --------------
78,605,026 81,383,097
-------------- --------------
FOREST PRODUCTS (2.30%)
675,000 Rayonier Inc....................... 22,718,215 26,325,000
624,000 Greif Bros. Corporation Class "A'.. 11,246,751 20,592,000
245,000 The Mead Corporation............... 6,502,423 7,212,188
325,000 Longview Fibre Company............. 5,693,979 4,367,188
215,000 Georgia-Pacific Corporation, Timber
Group............................. 4,620,285 4,179,063
135,000 Deltic Timber Corporation.......... 2,429,065 2,430,000
54,000 Plum Creek Timber Company, L.P..... 213,222 1,539,000
-------------- --------------
53,423,940 66,644,439
-------------- --------------
AGRICULTURE (0.10%)
75,000 Deere & Company.................... 1,085,028 2,268,750
497 J.G. Boswell Company (a)........... 573,840 580,247
-------------- --------------
1,658,868 2,848,997
-------------- --------------
AUTOMOTIVE (0.32%)
300,000 Bandag Incorporated, Class "A'..... 15,255,998 9,300,000
-------------- --------------
BUILDING MATERIALS (0.16%)
310,000 Justin Industries.................. 4,388,750 4,766,250
-------------- --------------
</TABLE>
7
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--U.S.
(continued)
CAPITAL GOODS (1.39%)
496,000 Blount International, Inc. Class
"A'............................... $ 8,756,465 $ 11,780,000
445,000 Woodward Governor Company.......... 8,989,190 10,235,000
500,000 Kaiser Ventures Inc. (a)........... 6,163,495 5,375,000
85,000 Tennant Company.................... 2,174,319 3,171,563
65,000 Waste Management, Inc.............. 2,108,140 3,124,062
95,000 The Manitowoc Company, Inc......... 1,140,415 2,861,875
4,805 Conbraco Industries, Inc. (a)(e)... 1,568,050 2,842,157
140,000 MFRI, Inc. (a)..................... 781,252 805,000
-------------- --------------
31,681,326 40,194,657
-------------- --------------
SPECIALTY CHEMICALS (1.06%)
2,323,500 Lawter International, Inc. (c)..... 27,446,796 16,845,375
815,000 LeaRonal, Inc. (c)................. 8,389,295 13,855,000
-------------- --------------
35,836,091 30,700,375
-------------- --------------
TRANSPORTATION (0.46%)
175,000 Burlington Northern Santa Fe
Corporation....................... 5,113,283 5,600,000
60,000 AMR Corporation (a)................ 2,148,774 3,326,250
115,468 Heartland Express, Inc. (a)........ 194,998 1,905,222
65,000 Florida East Coast Industries,
Inc............................... 1,164,929 1,885,000
77,500 Boyd Brothers Transportation, Inc.
(a)............................... 821,250 561,875
-------------- --------------
9,443,234 13,278,347
-------------- --------------
ELECTRONICS (1.00%)
965,000 Applied Power Inc. Class "A'....... 16,605,745 26,356,563
345,000 BEI Technologies Inc............... 1,971,186 2,565,938
-------------- --------------
18,576,931 28,922,501
-------------- --------------
TECHNOLOGY (1.73%)
845,000 NCR Corporation (a)................ 24,665,851 24,293,750
500,000 Wang Laboratories Inc.............. 10,488,535 9,687,500
250,000 The Learning Company, Inc. (a)..... 7,209,491 4,953,125
265,000 Evans & Sutherland Computer
Corporation (a)................... 6,798,838 3,478,125
372,100 Aydin Corporation (a)(c)........... 4,596,401 3,139,594
145,000 Teltrend, Inc. (a)................. 2,221,141 1,921,250
165,000 Scott Technologies Inc., Class "A'
(a)............................... 2,427,162 1,835,625
72,500 Scott Technologies Inc., Class "B'
(a)............................... 1,080,385 842,812
-------------- --------------
59,487,804 50,151,781
-------------- --------------
CONSUMER PRODUCTS (2.31%)
765,000 Dole Food Company, Inc............. 22,214,912 27,635,625
500,000 Sturm, Ruger & Company, Inc........ 7,200,561 7,812,500
196,647 Allen Organ Company, Class "B'..... 6,223,084 6,980,968
315,000 Furniture Brands International,
Inc. (a).......................... 2,122,682 6,142,500
100,000 Adolph Coors Company, Class "B'.... 1,958,150 4,593,750
165,000 Jostens, Inc....................... 3,232,860 3,423,750
100,000 Polaroid Corporation............... 3,227,536 2,456,250
194,000 Baldwin Piano & Organ Company
(a)(c)............................ 2,000,750 2,255,250
735,000 The Topps Company, Inc. (a)........ 4,072,338 2,067,188
200,000 A.T. Cross Company, Class "A'...... 2,508,927 1,425,000
</TABLE>
8
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--U.S.
(continued)
CONSUMER PRODUCTS (continued)
85,000 St. John Knits, Inc...................... $ 1,461,040 $ 1,370,625
300,000 Paragon Trade Brands, Inc. (a)........... 4,651,195 975,000
----------- -----------
60,874,035 67,138,406
----------- -----------
DISTRIBUTION (1.20%)
725,000 Hancock Fabrics, Inc..................... 7,081,749 6,978,125
120,000 Wal-Mart Stores, Inc..................... 2,695,275 6,555,000
100,000 McDonald's Corporation................... 4,684,095 5,968,750
143,088 Weyco Group Inc.......................... 1,457,019 3,845,490
405,000 Venator Group Inc. (a)................... 5,969,775 3,518,438
455,000 Smart & Final Inc........................ 7,465,921 3,241,875
155,000 LESCO, Inc............................... 2,315,361 2,131,250
45,000 Tricon Global Restaurants, Inc. (a)...... 1,219,060 1,755,000
65,000 Stage Stores Inc. (a).................... 1,208,059 792,188
----------- -----------
34,096,314 34,786,116
----------- -----------
HEALTH CARE (0.20%)
65,000 Johnson & Johnson, Inc................... 1,256,763 5,086,250
400,000 BEI Medical Systems Inc. (c)............. 681,560 800,000
----------- -----------
1,938,323 5,886,250
----------- -----------
MEDIA (1.73%)
375,000 GC Companies, Inc. (a)................... 12,637,752 14,484,375
140,000 Pulitzer Publishing Company Class "A'.... 2,932,927 11,077,500
490,000 Hollinger International Inc. Class "A'... 5,418,495 7,043,750
335,000 The Reader's Digest Association, Inc.
Class "A'............................... 8,678,015 6,406,875
245,000 Gibson Greetings, Inc. (a)............... 5,073,193 4,976,563
585,000 United States Satellite Broadcasting
Company, Inc. Class "A' (a)............. 5,958,087 4,131,562
34,924 Mills Music Trust (e).................... 1,055,337 1,327,112
300,000 Integrity Incorporated, Class "A' (a).... 1,901,415 787,500
----------- -----------
43,655,221 50,235,237
----------- -----------
SERVICES (1.91%)
1,500,000 Manpower Inc............................. 50,250,074 30,656,250
755,000 UniFirst Corporation (c)................. 10,918,846 20,337,812
185,000 Borg-Warner Security Corporation (a)..... 3,307,202 2,590,000
79,792 KinderCare Learning Centers, Inc. (a).... 1,024,327 1,795,320
----------- -----------
65,500,449 55,379,382
----------- -----------
FINANCIAL COMPANIES (0.30%)
100,000 Riggs National Corporation 10 3/4% Non-
Cum. Pfd., Series "B'................... 2,545,000 2,750,000
55,000 Leucadia National Corporation............ 1,941,825 1,612,187
127,500 East Texas Financial Services, Inc. (c).. 959,375 1,450,312
77,500 Redwood Financial, Inc. (a)(c)........... 715,313 1,026,875
28,113 Metairie Bank and Trust Company (e)...... 492,423 934,757
45,000 First Federal Financial Bancorp, Inc.
(c)..................................... 490,100 720,000
20,000 Catskill Financial Corporation........... 210,000 282,500
----------- -----------
7,354,036 8,776,631
----------- -----------
</TABLE>
9
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--U.S.
(continued)
UTILITIES (1.09%)
405,000 CalEnergy Company, Inc. (a).............. $ 8,206,616 $10,732,500
210,000 CalEnergy Capital Trust 6 1/2% Conv. Pfd.
(b)..................................... 10,076,250 8,610,000
49,000 CalEnergy Capital Trust 6 1/4% Conv. Pfd.
"TIDES' (b)............................. 2,450,000 2,450,000
5,000 CalEnergy Capital Trust 6 1/2% Conv.
Pfd..................................... 233,750 205,000
165,000 The Montana Power Company................ 3,539,107 7,373,438
65,000 Idaho Power Company...................... 1,604,025 2,181,563
----------- -----------
26,109,748 31,552,501
----------- -----------
REAL ESTATE (2.41%)
590,000 Crescent Real Estate Equities Company.... 9,118,757 14,897,500
59,000 Crescent Operating Income, Inc. (a)...... 58,410 413,000
556,896 Archstone Communities Trust.............. 9,435,782 11,346,753
450,000 Security Capital European Realty (e)..... 8,999,990 9,000,000
225,000 Security Capital Group, Inc. Class "B'
(a)..................................... 3,683,179 4,050,000
3,971 Security Capital Group, Inc. Class "A'
(a)..................................... 3,196,621 3,613,263
175,000 Security Capital U.S. Realty SICAF....... 1,949,581 1,872,500
485,000 Catellus Development Corporation (a)..... 3,708,185 6,305,001
303,625 Alico, Inc............................... 5,959,497 5,123,672
411,957 Pacific Retail Trust (e)................. 4,625,320 4,943,486
200,000 Price Enterprises, Inc................... 654,677 1,012,500
215,000 Price Enterprises, Inc. Pfd.............. 2,434,618 2,875,625
100,000 St. Joe Corporation...................... 1,809,341 2,387,500
50,000 Prologis Trust Convertible Pfd., Series
"B'..................................... 1,193,710 1,437,500
91,040 Homestead Village Incorporated (a)....... 1,431,875 779,530
----------- -----------
58,259,543 70,057,830
----------- -----------
COMMON AND PREFERRED STOCKS--NON U.S.
GOLD RELATED (2.82%)
3,400 Bank for International Settlements (U.S.
Tranche)................................ 17,710,036 20,749,728
2,095 Bank for International Settlements
(French Tranche)........................ 10,984,386 10,965,060
670,000 Franco-Nevada Mining Corp. Ltd........... 9,714,621 13,880,339
170,000 Euro-Nevada Mining Corp. Ltd............. 137,858 2,805,281
700,000 Gold Fields Limited (a).................. 5,956,499 4,643,038
779,400 Pan American Silver Corp. (a)............ 2,749,847 4,609,725
1,025,000 Meridian Gold Inc. (a)................... 3,746,916 4,555,109
100,834 AngloGold Limited ADR (a)................ 5,588,053 2,709,927
500,000 Harmony Gold Mining Company Ltd. (a)..... 2,425,997 2,341,772
410,000 Driefontein Consolidated Ltd. ADR........ 4,041,925 2,178,125
2,500,000 Normandy Mining Limited.................. 3,000,483 2,117,016
145,000 Placer Dome Inc.......................... 2,527,496 2,002,812
20,000 Fimalac SA............................... 1,866,939 1,857,773
2,500,000 Eltin Limited............................ 5,544,948 1,574,762
100,000 Anglo American Platinum Corporation
Ltd..................................... 1,535,703 1,451,477
407,250 St. Helena Gold Mines Ltd. ADR........... 3,408,636 1,298,109
95,250 St. Helena Gold Mines Ltd................ 666,203 297,405
1,500,000 Avgold Limited (a)....................... 2,306,556 848,101
1,030,120 Minas de Arcata S.A...................... 1,147,893 607,094
1,008,000 Kidston Gold Mines Limited (a)........... 1,244,370 347,422
----------- -----------
86,305,365 81,840,075
----------- -----------
</TABLE>
10
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON U.S.
(continued)
UNITED KINGDOM (1.54%)
4,000,000 Antofagasta Holdings plc (21).......... $ 18,323,788 $ 11,552,860
2,550,000 Lonrho plc (21)........................ 16,096,922 13,256,907
3,000,000 Lonrho Africa plc (21)................. 4,564,749 3,261,984
3,320,000 McBride plc (12)....................... 9,200,731 8,460,771
2,650,000 Royal Doulton plc (12)................. 9,976,675 4,119,529
235,000 Scottish Media Group plc (15).......... 1,712,987 2,575,183
235,000 Danka Business Systems, plc ADR (12)... 3,884,746 1,483,438
------------ ------------
63,760,598 44,710,672
------------ ------------
GERMANY (4.81%)
116,500 Buderus AG (7)......................... 51,272,461 50,593,010
145,000 Bertelsmann AG D.R.C. (15)............. 18,084,488 19,933,212
234,550 Hornbach Holding AG Pfd. (13).......... 17,368,232 19,388,361
25,584 Axel Springer Verlag AG (15)........... 13,382,588 15,324,808
375,000 Bayer AG (8)........................... 7,632,990 14,847,704
23,500 Sudzucker AG Pfd. (12)................. 9,970,967 12,331,007
135,000 IVG Holding AG (19).................... 4,393,262 5,943,574
20,000 Signalbau Huber AG Pfd. (9)............ 2,803,944 1,174,039
------------ ------------
124,908,932 139,535,715
------------ ------------
FRANCE (7.24%)
200,000 Legrand ADP (7)........................ 15,440,898 30,367,446
58,000 Promodes C.I. (13)..................... 2,823,582 23,725,907
55,450 Sagem ADP (10)......................... 16,460,951 21,939,899
40,337 Eurafrance (20)........................ 16,714,567 19,685,373
125,000 Elf Aquitaine (2)...................... 9,171,142 15,429,342
25,803 Societe Sucriere de Pithiviers-le-Vieil
(c)(4)................................ 9,902,718 13,136,341
55,000 Vivendi (18)........................... 5,751,579 10,964,434
66,500 NSC Groupe (c)(7)...................... 12,033,921 9,443,829
125,000 Gaumont SA (15)........................ 6,502,574 8,306,390
163,201 Emin Leydier (c)(3).................... 8,351,488 8,159,905
16,250 Taittinger C.I. (12)................... 4,109,200 8,124,855
6,443 Taittinger (12)........................ 2,084,519 4,648,591
66,500 La Brosse et Dupont (c)(12)............ 3,402,049 7,246,209
200,000 Eramet (1)............................. 11,522,377 5,484,004
44,288 Sabeton SA (c)(20)..................... 6,072,705 4,825,866
75,000 Crometal (7)........................... 5,059,728 4,729,283
70,000 C.G.D.E. Michelin "B' (5).............. 3,156,970 2,750,933
5,000 C.G.I.P. (Compagnie Generale
d'Industrie et de Participation)
(20).................................. 1,412,730 2,188,242
39,048 Conflandey (1)......................... 1,873,429 1,715,905
18,000 Alcatel Alsthom (11)................... 2,823,102 1,601,258
10,479 Robertet SA (12)....................... 781,686 1,370,220
5,112 Robertet SA C.I. (12).................. 527,638 794,455
7,500 Societe Francaise des Papiers Peints
(12).................................. 1,113,969 1,138,779
35,000 C.E.E. (Continentale d'Equipements
Electriques) (a)(c)(7)................ 4,417,650 909,058
10,000 Marie Brizard et Roger International SA
(12).................................. 2,187,987 868,152
24,113 Precia SA (7).......................... 1,161,860 431,166
------------ ------------
154,861,019 209,985,842
------------ ------------
</TABLE>
11
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON U.S.
(continued)
BELGIUM (0.49%)
50,000 Deceuninck Plastics Industries SA (6).... $ 5,617,021 $ 14,146,837
----------- ------------
AUSTRIA (0.14%)
100,000 Flughafen Wien AG (9).................... 4,313,028 4,079,462
----------- ------------
SWITZERLAND (3.91%)
70,000 Societe Generale d'Affichage D.R.C.
(15).................................... 24,670,179 27,381,384
41,500 Kuhne & Nagel International AG Bearer
(9)..................................... 25,287,640 25,852,952
75,000 Sika Finanz AG Bearer (6)................ 19,041,192 21,187,975
7,750 Nestle SA Registered (12)................ 9,992,987 15,460,703
37,500 Edipresse SA Bearer (15)................. 9,875,317 9,235,784
3,150 Lindt & Sprungli AG PC (12).............. 2,805,054 7,096,342
13,500 SAirgroup D.R.C. (a)(9).................. 906,245 2,782,144
18,000 Vetropack Holding AG Bearer (12)......... 3,949,779 2,672,945
30,200 Pelikan Holding AG Bearer (a)(12)........ 2,828,254 1,700,869
----------- ------------
99,356,647 113,371,098
----------- ------------
NETHERLANDS (0.99%)
225,000 Philips Electronics NV ADR (10).......... 7,120,019 12,009,375
300,000 Apothekers Cooperatie OPG U.A. (14)...... 7,402,844 6,774,168
275,000 Holdingmaatschappij de Telegraaf, NV
(15).................................... 2,087,913 6,341,152
275,000 European City Estates (c)(19)............ 4,389,794 3,506,628
----------- ------------
21,000,570 28,631,323
----------- ------------
NORWAY (0.34%)
800,000 Schibsted ASA (15)....................... 9,765,079 9,956,037
----------- ------------
DENMARK (0.43%)
175,000 Carlsberg International A/S, "B' (12).... 8,992,187 10,747,185
15,000 Kobenhavns Lufthavne A/S (9)............. 660,492 1,806,944
----------- ------------
9,652,679 12,554,129
----------- ------------
SWEDEN (0.91%)
265,000 Investor AB "B' (20)..................... 10,784,088 10,242,197
425,000 AssiDoman AB (3)......................... 9,342,105 8,159,049
535,000 IRO AB (7)............................... 5,641,561 4,693,281
500,000 Gorthon Lines AB "B' (9)................. 2,602,502 2,224,906
450,000 Bylock & Nordsjofrakt AB "B' (9)......... 1,908,642 1,201,449
----------- ------------
30,278,898 26,520,882
----------- ------------
FINLAND (0.32%)
116,500 Vaisala Oy A (11)........................ 4,080,370 9,352,091
----------- ------------
</TABLE>
12
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S. (continued)
SPAIN AND PORTUGAL (0.18%)
15,000 Corporacion Financiera Alba SA
(20)............................. $ 1,036,941 $ 1,810,172
85,000 Espirito Santo Financial Group SA 1,720,543
(17)............................. 1,351,500
65,000 Espirito Santo Financial Group SA
ADR (17)......................... 808,750 1,011,562
65,000 Companhia de Celulose do Caima
(3).............................. 1,182,050 872,180
-------------- --------------
4,748,284 5,045,414
-------------- --------------
ITALY (0.42%)
15,500,000 Montedison SpA Non Convertible
Savings Shares (21).............. 7,933,738 12,218,923
-------------- --------------
GREECE (0.05%)
343,930 H. Benrubi & Fils SA (12)......... 2,021,286 956,324
141,160 H. Benrubi & Fils SA Pfd. (12).... 672,670 382,694
-------------- --------------
2,693,956 1,339,018
-------------- --------------
TURKEY (0.06%)
277,618,670 Medya Holding Group (15).......... 1,115,696 1,625,666
-------------- --------------
ISRAEL (0.14%)
825,000 The Israel Land Development
Company Ltd. (a)(21)............. 3,327,398 4,034,702
-------------- --------------
SOUTH AFRICA (0.03%)
100,000 Omni Media Corporation (15)....... 643,273 827,004
-------------- --------------
COMMONWEALTH OF INDEPENDENT STATES
(0.03%)
556,624 Firebird Fund, L.P.
(a)(b)(e)(22).................... 1,000,000 912,307
-------------- --------------
INDIA AND PAKISTAN (0.01%)
200,000 The Pakistan Investment Fund, Inc.
(22)............................. 1,100,170 387,500
-------------- --------------
SINGAPORE AND MALAYSIA (0.40%)
3,339,000 Times Publishing Limited (15)..... 7,532,937 4,347,914
1,000,000 Rothmans Industries Ltd. (12)..... 3,921,782 4,232,021
3,050,000 Delgro Corporation Ltd. (20)...... 8,406,360 2,220,479
650,000 Clipsal Industries Ltd. (6)....... 1,600,089 386,750
1,250,000 Singapore Bus Services Limited
(9).............................. 1,169,225 577,094
-------------- --------------
22,630,393 11,764,258
-------------- --------------
HONG KONG (1.03%)
91,968,237 CDL Hotels International Limited
(19)............................. 35,586,633 21,125,753
20,950,000 Shaw Brothers (Hong Kong) Limited
(15)............................. 24,153,414 7,840,367
2,500,000 South China Morning Post Holdings
Corp. (15)....................... 1,115,956 983,998
-------------- --------------
60,856,003 29,950,118
-------------- --------------
SOUTH KOREA (0.08%)
411,450 LG Electronics Inc. Pfd. (10)..... 3,986,521 755,891
100,000 LG Industrial Systems (7)......... 2,340,071 271,077
65,000 Samsung Electronics Co. Ltd. Pfd.
(10)............................. 4,638,393 605,249
123,940 Cheil Jedang Corporation Pfd.
(21)............................. 2,959,929 597,086
140,163 Korean Air Lines Pfd. (a)(9)...... 1,053,411 120,939
29,610 Ssangyong Cement Industries Pfd.
(6).............................. 362,651 12,253
-------------- --------------
15,340,976 2,362,495
-------------- --------------
</TABLE>
13
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S. (continued)
JAPAN (8.46%)
775,000 Secom Co., Ltd. (16)............... $ 46,959,565 $ 48,171,846
1,175,000 Fuji Photo Film Co., Ltd. (12)..... 29,580,779 40,383,912
435,000 Ito-Yokado Co., Ltd. (13).......... 21,524,326 20,676,417
875,000 Shimano Inc. (12).................. 17,344,870 19,771,481
150,000 Toho Co., Ltd. (15)................ 20,465,115 15,345,521
1,675,000 The Tokio Marine & Fire Insurance
Co., Ltd. (17).................... 17,877,254 14,943,327
3,000,000 The Nichido Fire & Marine Insurance
Co., Ltd. (17).................... 19,523,264 13,184,643
3,825,000 The Dai-Tokyo Fire & Marine
Insurance Co., Ltd. (17).......... 22,576,531 10,852,651
2,285,000 Nisshinbo Industries, Inc. (12).... 18,865,605 7,519,196
2,595,000 Hanshin Electric Railway Co., Ltd.
(9)............................... 10,837,760 6,831,444
1,905,000 Aida Engineering, Ltd. (7)......... 12,638,683 6,533,419
1,450,000 Hitachi, Ltd. (11)................. 11,697,730 6,361,974
650,000 Shiseido Company, Ltd. (12)........ 7,546,610 5,727,605
1,500,000 Okumura Corporation (7)............ 7,320,562 4,552,102
2,725,000 Iino Kaiun Kaisha, Ltd. (a)(9)..... 11,592,132 4,204,570
455,000 Chofu Seisakusho Co., Ltd. (12).... 8,737,018 4,075,868
1,250,000 The Koa Fire & Marine Insurance
Co., Ltd. (17).................... 7,491,375 3,656,307
1,425,000 The Dowa Fire & Marine Insurance
Co., Ltd. (17).................... 7,214,341 3,417,916
1,175,000 Nittetsu Mining Co., Ltd. (1)...... 10,271,336 2,852,651
155,000 Asatsu Inc. (15)................... 6,010,393 2,731,627
385,000 Shoei Co., Ltd. (20)............... 2,927,600 1,829,982
126,900 Tsutsumi Jewelry Co., Ltd. (13).... 6,329,841 1,345,558
113,000 Japan Airport Terminal Co., Ltd.
(9)............................... 1,356,455 482,574
-------------- --------------
326,689,145 245,452,591
-------------- --------------
AUSTRALIA AND NEW ZEALAND (1.17%)
2,650,000 Independent Press Communications
Limited 5% exchangeable preference
shares (15)....................... 14,423,939 10,555,871
13,233,199 Carter Holt Harvey Limited (3)..... 22,982,744 8,752,253
7,630,773 Spotless Services Limited (16)..... 3,925,958 4,534,587
13,048,416 Shortland Properties Limited
(c)(19)........................... 5,413,303 3,268,954
10,000,000 Tasman Agriculture Limited (c)(4).. 6,097,469 3,156,615
9,500,000 Evergreen Forests Limited
(a)(c)(3)......................... 3,619,835 1,808,791
1,000,000 The Colonial Motor Company Limited
(13).............................. 899,859 771,617
3,852,700 Wrightson Limited (4).............. 3,965,324 656,334
2,605,100 Apple Fields Limited (a)(c)(4)..... 2,176,246 195,793
740,000 Damba Holdings Limited (a)(13)..... 400,559 192,804
-------------- --------------
63,905,236 33,893,619
-------------- --------------
CANADA (1.11%)
1,000,000 Canadian Pacific Limited (21)...... 17,641,860 20,687,500
815,000 Noranda, Inc. (21)................. 15,772,423 11,531,386
-------------- --------------
33,414,283 32,218,886
-------------- --------------
MEXICO (0.59%)
5,976,000 Industrias Penoles, S.A. de C.V.
(1)............................... 18,671,109 17,124,553
-------------- --------------
ARGENTINA (0.22%)
5,843,427 Ledesma S.A.A.I. (4)............... 6,965,782 4,091,074
1,850,000 Siderca S.A.I.C. (2)............... 1,375,056 2,238,869
-------------- --------------
8,340,838 6,329,943
-------------- --------------
</TABLE>
14
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S. (continued)
CHILE (0.06%)
250,000 Quinenco S.A. ADR (20).............. $ 2,009,925 $ 1,734,375
------------- -------------
MISCELLANEOUS (0.33%)
335,000 Banco Latinoamericano de
Exportaciones S.A., Class "E'
(Bladex) (17)...................... 12,920,734 5,380,938
415,000 Minorco ADR (1)..................... 6,770,245 4,253,750
------------- -------------
19,690,979 9,634,688
------------- -------------
TOTAL COMMON AND PREFERRED STOCKS... 1,901,772,003 1,819,720,438
------------- -------------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS
(3.23%)
$ 1,000,000 NovaCare, Inc. 5 1/2% due 1/15/2000
(14)............................... 955,908 855,000
5,320,000 Gold Mines of Kalgoorlie 7 1/2% due
2/28/2000 (1)...................... 4,980,913 5,532,800
2,200,000 Medya International Ltd. 10% due
6/28/2001 (15)..................... 1,928,512 1,485,000
6,000,000 International Container Terminal
Services, Inc. 1 3/4% due 3/13/2004
(9) ............................... 5,201,734 4,290,000
2,500,000 International Container Terminal
Services, Inc. 5% due 9/15/2001
(e)(9) ............................ 2,247,027 1,612,500
2,225,000 Danka Business Systems plc 6 3/4%
due 4/01/2002 (12)................. 1,968,569 1,449,031
1,610,000 Roy F. Weston, Inc. 7% due 4/15/2002
(7)................................ 1,465,637 1,416,800
3,750,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (a)(f)(1)................ 4,018,424 262,500
2,300,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (a)(b)(f)(1)............. 2,021,340 161,000
7,000,000 Cetus Corp. 5 1/4% due 5/21/2002
(14)............................... 6,745,248 6,825,000
6,810,000 Coeur d'Alene Mines Corporation 6
3/8% due 1/31/2004 (1)............. 6,779,335 4,647,825
3,665,000 Coeur d'Alene Mines Corporation 6%
due 6/10/2002 (1).................. 3,353,683 2,382,250
1,200,000 CML Group Inc. 5 1/2% due 1/15/2003
(b)(13)............................ 997,032 300,000
1,050,000 CML Group Inc. 5 1/2% due 1/15/2003
(13)............................... 879,695 262,500
1,500,000 Ashanti Goldfields Company Limited 5
1/2% due 3/15/2003 (b)(1).......... 1,276,499 1,113,750
6,750,000 Nine West Group 5 1/2% due 7/15/2003
(b)(13)............................ 5,911,720 4,530,938
6,050,000 IRSA Inversiones y Representaciones
S.A. 4 1/2% due 8/02/2003 (19)..... 6,270,116 5,717,250
5,500,000 LUKINTER Finance BV 1% due
11/03/2003 (2)..................... 4,506,759 880,000
1,000,000 Agnico Eagle Mines Limited 3 1/2%
due 1/27/2004 (1).................. 828,486 585,000
900,000 Halter Marine Group Inc. 4 1/2% due
9/15/2004 (7)...................... 776,157 643,500
3,920,000 Battle Mountain Gold Company 6% due
1/04/2005 (1)...................... 3,076,175 2,763,600
13,747,000 Scandinavian Broadcasting System SA
7 1/4% due 8/01/2005 (15).......... 13,426,905 13,154,161
1,200,000 Builders Transport, Inc. 8% due
8/15/2005 (a)(f)(9)................ 893,279 300,000
11,935,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (3)...................... 9,695,558 3,282,125
11,750,000 Cheil Jedang Corporation 3% due
12/31/2006 (e)(21)................. 14,192,678 13,566,550
2,440,000 Samsung Electronics Co. Ltd. 0% due
12/31/2007 (a)(10)................. 1,886,166 1,573,800
145,000 Samsung Electronics Co. Ltd. 0% due
12/31/2007 (a)(b)(10).............. 125,716 93,525
1,750,000 LG Electronics Inc. 1/4% due
12/31/2007 (10).................... 1,251,774 1,076,250
4,590,000 Evans & Sutherland Computer
Corporation 6% due 3/01/2012 (11).. 3,637,072 4,412,137
11,824,000 Air & Water Technologies Corp. 8%
due 5/15/2015 (7).................. 10,026,572 8,631,520
------------- -------------
121,324,689 93,806,312
------------- -------------
U.S. DOLLAR BONDS AND NOTES (6.00%)
4,500,000 IRSA Inversiones y Representaciones
S.A. 8 7/8% due 3/03/1999 (19)..... 4,449,511 4,140,000
4,800,000 P.T. Pabrik Kertas Tjiwi-Kimia 13
1/4% due 8/01/2001 (3)............. 4,932,750 2,520,000
3,300,000 Tubos de Acero de Mexico, S.A. 10
1/2% due 3/10/1999 (e)(2).......... 3,291,640 3,234,000
</TABLE>
15
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
(continued)
U.S. DOLLAR BONDS AND NOTES (continued)
$1,500,000 Tubos de Acero de Mexico, S.A. 13 3/4%
due 12/08/1999 (2)...................... $ 1,438,411 $ 1,507,500
3,800,000 Cemex SA 10% due 11/05/1999 (6).......... 3,765,391 3,800,000
5,500,000 Wells Fargo & Co. FRN due 4/28/2000 (5
1/2% @ 9/30/1998) (17).................. 5,432,760 5,489,825
2,000,000 Den Danske Bank FRN due 6/30/2000
(5.8125% @ 9/30/1998) (17).............. 1,991,903 1,985,700
2,000,000 P.T. Inti Indorayon Utama 9 1/8% due
10/15/2000 (3).......................... 1,838,715 815,000
1,000,000 Republic New York Corporation 9 3/4% due
12/01/2000 (17)......................... 1,000,000 1,092,757
5,550,000 USAir Group, Inc. 9 5/8% due 2/02/2001
(9)..................................... 4,818,488 5,680,014
1,977,000 Republic Engineered Steels, Inc. 9 7/8%
due 12/15/2001 (1)...................... 1,880,975 2,006,655
4,000,000 Florsheim Group Inc. 12 3/4% due
9/01/2002 (13).......................... 3,707,180 4,197,500
5,825,000 Golden Books Family Entertainment, Inc.
7.65% due 9/15/2002 (15)................ 5,042,123 1,864,000
5,392,000 Pamida Holdings Corp. 11 3/4% due
3/15/2003 (13).......................... 4,890,848 5,351,560
5,500,000 The Southland Corporation 5% due
12/15/2003 (13)......................... 4,272,011 4,578,750
4,589,000 The Southland Corporation 4% due
6/15/2004 (13).......................... 3,164,869 3,464,695
1,500,000 Vital Forsikring FRN due 12/22/2003 (6
3/4% @ 9/30/1998) (17).................. 1,496,265 1,503,000
2,000,000 CalEnergy Company, Inc. 10 1/4% due
1/15/2004 (18).......................... 1,619,003 2,125,000
8,716,000 World Com Inc. 9 3/8% due 1/15/2004
(11).................................... 6,073,668 9,022,803
3,000,000 Anacomp, Inc. 10 7/8% 4/01/2004 (11)..... 3,002,873 2,985,000
500,000 Anacomp, Inc. 10 7/8% 4/01/2004 (b)(11).. 520,000 497,500
12,000,000 Riverwood International Corporation 10
1/4% due 4/01/2006 (3).................. 11,941,550 10,980,000
18,000,000 Riverwood International Corporation 10
7/8% due 4/01/2008 (3).................. 17,857,320 14,985,000
500,000 Wharf International Finance, Ltd. 7 5/8%
due 3/13/2007 (17)...................... 399,187 311,250
3,500,000 Ministry of Finance Russia 10% due
6/26/2007 (23).......................... 3,194,561 778,750
1,000,000 Imperial Holly Corporation 9 3/4% due
12/15/2007 (4).......................... 1,000,000 952,500
2,250,000 AMSC Acquisition Co. Inc. 12 1/4% due
4/01/2008 (11).......................... 2,351,331 1,305,000
10,500,000 Grupo Televisa 13 1/4% due 5/15/2008 (0%
@ 9/30/1998) (a)(15).................... 7,380,296 7,166,250
9,000,000 Republic of Argentina Par 5 3/4% due
3/31/2023 (23).......................... 4,559,584 6,114,375
6,000,000 Republic of Argentina Disc. FRB due
3/31/2023 (6 5/8% @ 9/30/1998) (23)..... 3,842,288 4,061,250
35,386,547 Federal Republic of Brazil "C' 8% due
4/15/2014 (23).......................... 18,414,542 21,276,161
5,000,000 Federal Republic of Brazil Par ZL 5 1/2%
due 4/15/2024 (23)...................... 2,379,068 2,962,500
10,000,000 Federal Republic of Brazil Disc. ZL FRN
due 4/15/2024
(6 1/8% @ 9/30/1998) (23)............... 6,305,765 5,962,500
5,500,000 United Mexican States Disc. FRN "A' due
12/31/2019
(6.59375% @ 9/30/1998) (23)............. 4,656,142 4,293,437
1,500,000 United Mexican States Disc. FRN "B' due
12/31/2019
(6.47656% @ 9/30/1998) (23)............. 1,266,532 1,170,937
2,500,000 Republic of Bulgaria Disc. FRN "A' due
7/28/2024 (6.6875% @ 9/30/1998) (23).... 1,373,440 1,603,125
5,500,000 Bergen Bank Floating Rate Perpetual Notes
(5.8125% @ 9/30/1998) (17).............. 3,888,750 4,106,575
3,500,000 Den Norske Bank Floating Rate Perpetual
Notes (5.9625% @ 9/30/1998) (17)........ 2,610,000 2,697,275
3,170,000 Den Norske Bank Floating Rate Perpetual
Notes (5.9375% @ 9/30/1998) (17)........ 2,059,625 2,361,650
13,600,000 Christiania Bank Floating Rate Perpetual
Notes (6% @ 9/30/1998) (17)............. 9,590,750 9,928,000
4,000,000 Bangkok Bank Public Co. 8 3/8% due
1/15/2027 (b)(17)....................... 2,320,578 1,840,000
5,200 Posgold Finance Ltd. 2.65% Gold
Denominated Note due 7/15/2004
(b)(d)(1)............................... 2,028,988 1,565,200
----------- -----------
178,049,681 174,282,994
----------- -----------
U.S. TREASURY NOTES (11.19%)
5,000,000 U.S. Treasury Note 5 1/8% due 11/30/1998
(23).................................... 4,978,359 5,007,815
20,000,000 U.S. Treasury Note 7 3/4% due 11/30/1999
(23).................................... 20,001,830 20,712,520
30,000,000 U.S. Treasury Note 5 1/2% due 12/31/2000
(23).................................... 29,549,251 30,712,530
25,000,000 U.S. Treasury Note 6 1/8% due 12/31/2001
(23).................................... 24,766,676 26,304,700
</TABLE>
16
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
(continued)
U.S. TREASURY NOTES (continued)
$ 10,000,000 U.S. Treasury Note 3 5/8% due
7/15/2002 (23)................... $ 10,019,666 $ 10,256,000
25,000,000 U.S. Treasury Note 6 1/4% due
2/15/2003 (23)................... 24,654,249 26,882,825
25,000,000 U.S. Treasury Note 5 7/8% due
2/15/2004 (23)................... 24,074,812 26,835,950
30,000,000 U.S. Treasury Note 7 1/2% due
2/15/2005 (23)................... 31,716,094 35,175,030
30,000,000 U.S. Treasury Note 5 5/8% due
2/15/2006 (23)................... 28,713,241 32,381,280
15,000,000 U.S. Treasury Note 3 3/8% due
1/15/2007 (23)................... 14,923,335 15,219,000
40,000,000 U.S. Treasury Note 6 1/4% due
2/15/2007 (23)................... 40,337,869 44,962,520
45,000,000 U.S. Treasury Zero Coupon Strip
due 11/15/2007 (a)(23)........... 26,468,685 29,666,115
10,000,000 U.S. Treasury Note 8 3/4% due
11/15/2008 (23).................. 11,314,687 11,915,630
5,000,000 U.S. Treasury Note 11 1/4% due
2/15/2015 (23)................... 7,791,406 8,514,065
------------ ------------
299,310,160 324,545,980
------------ ------------
NON U.S. DOLLAR CONVERTIBLE BONDS
(1.34%)
CAD 8,001,000 InterTAN Inc. 9% due 8/30/2000
(13)............................. 6,001,836 5,150,466
CAD 1,000,000 William Resources 8% due 1/23/2002
(1).............................. 602,623 98,030
CAD 1,600,000 Noranda Inc. 5% due 4/30/2007
(21)............................. 1,018,626 909,715
GBP 2,250,000 Lonmin Finance plc 6% due
2/27/2004 (a)(21)................ 3,364,705 3,153,676
GBP 1,000,000 BAA plc 5 3/4% due 3/29/2006 (9).. 1,700,310 1,972,906
GBP 8,500,000 Berisford plc 5% due 1/31/2015
(12)............................. 8,019,284 10,722,498
FRF 87,511,060 Immobiliere Hoteliere 5% due
1/01/2001 (19)................... 12,768,597 9,734,100
FRF 7,425,000 Gaumont SA 3 3/4% due 1/01/2003
(15)............................. 1,444,974 1,591,611
JPY 200,000,000 Nippon Yusen Kabushiki 2% due
9/29/2000 (9).................... 2,209,350 1,535,649
JPY 350,000,000 Hanshin Electric Railway Co., Ltd.
1 1/2% due 9/30/2005 (9)......... 2,723,860 2,380,256
NZD 7,412,833 Shortland Properties Limited 7
1/2% due 12/31/1998 (19)......... 3,480,838 1,671,390
------------ ------------
43,335,003 38,920,297
------------ ------------
NON U.S. DOLLAR BONDS AND NOTES
(3.47%)
AUD 40,500,000 Queensland Treasury Corporation 8%
due 9/14/2007 (17)............... 30,269,718 28,570,084
CAD 2,500,000 Province of Quebec 10 1/4% due
10/15/2001 (23).................. 1,873,714 1,866,647
CAD 3,000,000 Province of Ontario 8 3/4% due
4/22/2003 (23)................... 2,335,248 2,246,525
CAD 2,500,000 Bell Canada 8 1/2% due 6/09/2003
(18)............................. 1,719,903 1,829,886
DEM 15,635,000 Air Canada Variable Rate Perpetual
Notes (4 5/8% @ 9/30/1998) (9)... 6,226,295 5,150,948
FRF 65,685,000 United Mexican States Par 6.63%
due 12/31/2019 (23).............. 8,543,275 8,800,084
GBP 3,250,000 Carlsberg Finance A/S 7% due
2/26/2013 (12)................... 5,538,204 5,866,687
CHF 5,500,000 Carter Holt Harvey Finance NV 5
7/8% due 10/16/2001 (3).......... 3,524,547 4,302,789
CHF 6,000,000 Air Canada 6 1/4% Perpetual Notes
(9).............................. 1,852,918 3,531,329
CHF 4,100,000 Scandinavian Airlines System
Variable Rate Perpetual Notes
(3 5/8% @ 9/30/1998) (9)......... 1,920,638 2,160,630
NZD 16,500,000 Trans Power Finance Limited 8% due
3/15/2002 (18)................... 10,639,033 8,689,372
NZD 34,500,000 New Zealand Government 10% due
3/15/2002 (23)................... 25,571,408 19,605,172
NZD 6,581,000 Telecom Corp. of New Zealand 9
1/4% due 7/01/2002 (18).......... 3,992,881 3,544,716
NZD 2,850,000 State Bank of New South Wales 8%
due 4/01/2003 (17)............... 1,654,103 1,493,145
NZD 2,000,000 Telecom Corp. of New Zealand 7
1/2% due 7/14/2003 (18).......... 1,181,099 1,028,405
ZAR 15,000,000 Republic of South Africa 13% due
8/31/2010 (23)................... 2,927,596 1,988,795
------------ ------------
109,770,580 100,675,214
------------ ------------
TOTAL BONDS, NOTES AND CONVERTIBLE 751,790,113 732,230,797
BONDS............................
------------ ------------
</TABLE>
17
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
SHORT-TERM INVESTMENTS (11.73%)
$20,000,000 Praxair, Inc. 5.65% due
10/01/1998.................... $ 20,000,000 $ 20,000,000
12,125,000 Praxair, Inc. 5.64% due
10/02/1998.................... 12,123,100 12,123,100
5,500,000 Temple-Inland Inc. 5.72% due
10/02/1998.................... 5,499,126 5,499,126
14,980,000 New Holland Credit Co. 5.65%
due 10/05/1998................ 14,970,596 14,970,596
11,710,000 New Holland Credit Co. 5.67%
due 10/05/1998................ 11,702,623 11,702,623
8,413,000 Raytheon Company 5.70% due
10/05/1998.................... 8,407,672 8,407,672
18,143,000 Praxair, Inc. 5.62% due
10/06/1998.................... 18,128,838 18,128,838
12,591,000 Burlington Resources Inc. 5.75%
due 10/07/1998................ 12,578,934 12,578,934
8,944,000 Dayton Hudson Corporation 5.65%
due 10/07/1998................ 8,935,578 8,935,578
10,290,000 Merrill Lynch & Co., Inc. 5.45%
due 10/08/1998................ 10,279,095 10,279,095
12,441,000 Raytheon Company 5.69% due
10/08/1998.................... 12,427,235 12,427,235
14,292,000 CSX Corporation 5.64% due
10/09/1998.................... 14,274,087 14,274,087
8,203,000 CSX Corporation 5.70% due
10/09/1998.................... 8,192,610 8,192,610
10,289,000 Merrill Lynch & Co., Inc. 5.45%
due 10/09/1998................ 10,276,539 10,276,539
2,000,000 Temple-Inland Inc. 5.58% due
10/13/1998.................... 1,996,280 1,996,280
15,000,000 Temple-Inland Inc. 5.71% due
10/13/1998.................... 14,971,450 14,971,450
10,000,000 The Walt Disney Company 5.40%
due 10/13/1998................ 9,982,000 9,982,000
10,000,000 Temple-Inland Inc. 5.71% due
10/14/1998.................... 9,979,381 9,979,381
7,937,000 Carter Holt Harvey Limited
5.70% due 10/15/1998.......... 7,919,406 7,919,406
8,442,000 Rayonier Inc. 5.68% due
10/15/1998.................... 8,423,353 8,423,353
7,858,000 Rayonier Inc. 5.72% due
10/15/1998.................... 7,840,520 7,840,520
1,744,000 Temple-Inland Inc. 5.71% due
10/15/1998.................... 1,740,127 1,740,127
6,000,000 Temple-Inland Inc. 5.58% due
10/16/1998.................... 5,986,050 5,986,050
10,000,000 Dayton Hudson Corp. 5.65% due
10/19/1998.................... 9,971,750 9,971,750
10,000,000 Maytag Corporation 5.63% due
10/19/1998.................... 9,971,850 9,971,850
21,725,000 Dayton Hudson Corp. 5.65% due
10/20/1998.................... 21,660,217 21,660,217
12,557,000 Temple-Inland Inc. 5.52% due
10/20/1998.................... 12,520,417 12,520,417
15,147,000 Lucent Technologies Inc. 5.25%
due 10/21/1998................ 15,102,821 15,102,821
15,000,000 Lucent Technologies Inc. 5.25%
due 10/22/1998................ 14,954,063 14,954,063
9,325,000 CSX Corporation 5.63% due
10/29/1998.................... 9,284,167 9,284,167
10,239,000 Praxair, Inc. 5.45% due
11/02/1998.................... 10,189,398 10,189,398
-------------- --------------
TOTAL SHORT-TERM INVESTMENTS... 340,289,283 340,289,283
-------------- --------------
TOTAL INVESTMENTS (99.68%)..... $2,993,851,399* 2,892,240,518**
==============
Other assets in excess of
liabilities (0.32%)........... 9,247,468
--------------
Net assets (100.00%)........... $2,901,487,986
==============
</TABLE>
18
<PAGE>
SoGen International Fund
NOTES TO SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
(a) Non-income producing security.
(b) Security is exempt from registration under the Securities Act of 1933 and
may only be sold to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933.
(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 se-
curities. Following is a summary of transactions with each such affiliate
for the six months ended September 30, 1998.
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
Affiliate Shares Cost Shares Cost Gain/Loss Income
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Homestake Mining Company -- -- -- -- -- $ 15,000
San Juan Basin Royalty
Trust 5,000 $ 34,957 -- -- -- 984,850
North European Oil
Royalty Trust -- -- 13,900 $214,702 $(37,813) 405,000
Lawter International,
Inc. -- -- -- -- -- 464,700
LeaRonal, Inc. -- -- 10,000 261,722 153,902 230,146
BEI Medical Systems Inc. -- -- -- -- -- --
Aydin Corporation -- -- 2,900 32,531 (16,027) --
Baldwin Piano and Organ
Company -- -- 18,000 275,866 76,491 2,120
UniFirst Corporation -- -- -- -- -- 45,300
East Texas Financial
Services -- -- -- -- -- 12,750
Redwood Financial, Inc. -- -- -- -- -- --
First Federal Financial
Bancorp, Inc. -- -- 4,000 67,998 24,098 6,580
Societe Sucriere de
Pithiviers-le-Vieil 8,000 3,992,698 -- -- -- 122,811
NSC Groupe -- -- -- -- -- 273,683
Emin Leydier 8,201 421,312 -- -- -- 117,674
La Brosse et DuPont -- -- 4,842 498,549 101,370 62,721
Sabeton SA 2,500 280,869 -- -- -- 89,321
C.E.E. (Continentale
d'Equipements
Electriques) -- -- 1,500 50,663 (121,728) --
European City Estates -- -- -- -- -- --
Shortland Properties,
Limited 300,000 63,825 -- -- -- --
Tasman Agriculture
Limited 750,000 222,593 -- -- -- --
Evergreen Forests
Limited -- -- -- -- -- --
Apple Fields Limited -- -- -- -- -- --
</TABLE>
(d) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(e) Security for which there are less than three market makers.
(f) In default as to principal and interest.
* At September 30, 1998 cost is substantially identical for both book and
federal income tax purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 1998, based on cost for federal income tax purposes, were $340,365,857
and $441,969,536 respectively (net depreciation was $101,603,679).
<TABLE>
<CAPTION>
INDUSTRY
FOREIGN CURRENCIES CLASSIFICATIONS
------------------ -----------------------
<S> <C> <C>
CAD--Canadian Dollar (1) Metals & Minerals (13) Distribution
GBP--Pound Sterling (2) Energy (14) Health Care
FRF--French Franc (3) Forest Products (15) Media
JPY--Japanese Yen (4) Agriculture (16) Services
NZD--New Zealand Dollar (5) Automotive (17) Financial Institutions
AUD--Australian Dollar (6) Building Materials (18) Utilities
DEM--Deutsche Mark (7) Capital Goods (19) Real Estate
CHF--Swiss Franc (8) Chemicals (20) Holding Companies
ZAR--South African Rand (9) Transportation (21) Conglomerate
(10) Electronics (22) Investment Companies
(11) Technology (23) Government Issues
(12) Consumer Products
</TABLE>
BOND TYPES
----------
FRN--Floating Rate Note
FRB--Floating Rate Bond
"C'--Capitalization
- --------
See Notes to Financial Statements.
19
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED KINGDOM AND IRELAND (4.31%)
1,350,000 Lonrho plc (21)......................... $ 9,200,380 $ 7,018,362
1,725,000 Lonrho Africa plc (21).................. 2,756,571 1,875,641
2,050,000 Antofagasta Holdings plc (21)........... 10,030,747 5,920,841
1,325,000 McBride plc (a)(12)..................... 3,342,346 3,376,663
2,950,000 Aggregate Industries plc (6)............ 1,555,013 3,007,141
700,000 Greencore Group plc (4)................. 1,918,345 2,563,925
1,350,000 Royal Doulton plc (12).................. 5,172,598 2,098,628
100,000 Scottish Media Group plc (15)........... 621,771 1,095,823
150,000 RIT Capital Partners plc (22)........... 510,808 763,253
100,000 Danka Business Systems plc ADR (12)..... 1,678,494 631,250
------------ ------------
36,787,073 28,351,527
------------ ------------
FINLAND (0.27%)
22,500 Vaisala Oy A (11)....................... 720,085 1,806,198
------------ ------------
SWEDEN (1.36%)
85,000 Investor AB "B' (20).................... 3,448,805 3,285,233
275,000 IRO AB (7).............................. 2,991,322 2,412,434
70,000 AssiDoman AB (3)........................ 1,613,175 1,343,843
300,000 Gorthon Lines AB "B' (9)................ 1,557,476 1,334,944
220,000 Bylock & Nordsjofrakt AB "B' (9)........ 894,708 587,375
------------ ------------
10,505,486 8,963,829
------------ ------------
NORWAY (0.72%)
345,000 Schibsted ASA (15)...................... 4,509,316 4,293,541
50,000 Smedvig ASA "A' (2)..................... 630,673 459,926
------------ ------------
5,139,989 4,753,467
------------ ------------
DENMARK (0.69%)
50,000 Carlsberg International A/S "B' (12).... 2,365,346 3,070,624
12,000 Kobenhavns Lufthavne A/S (9)............ 527,866 1,445,555
------------ ------------
2,893,212 4,516,179
------------ ------------
NETHERLANDS (1.26%)
200,000 European City Estates (19).............. 3,244,012 2,550,275
100,000 Apothekers Cooperatie OPG U.A. (14)..... 2,703,065 2,258,056
40,000 Philips Electronics NV ADR (10)......... 1,349,249 2,135,000
35,000 Holdingmaatschappij de Telegraaf NV
(15)................................... 334,731 807,056
10,000 Randstad Holding NV (16)................ 112,595 518,025
------------ ------------
7,743,652 8,268,412
------------ ------------
BELGIUM (0.71%)
16,500 Deceuninck Plastics Industries SA (6)... 2,846,971 4,668,456
------------ ------------
GERMANY (9.23%)
36,750 Buderus AG (7).......................... 15,780,463 15,959,597
118,500 Hornbach Holding AG Pfd. (13)........... 9,554,106 9,795,442
65,000 Bertelsmann AG D.R.C. (15).............. 8,190,779 8,935,578
15,500 Sudzucker AG Pfd. (12).................. 7,203,794 8,133,218
12,500 Axel Springer Verlag AG (15)............ 7,159,841 7,487,496
285,000 Gerresheimer Glas AG (7)................ 4,614,262 5,104,376
</TABLE>
20
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
GERMANY (continued)
85,000 Bayer AG (8)............................ $ 1,966,076 $ 3,365,480
45,000 IVG Holding AG (19)..................... 1,464,891 1,981,191
------------ ------------
55,934,212 60,762,378
------------ ------------
FRANCE (13.04%)
35,000 Sagem ADP (10).......................... 10,247,180 13,848,449
70,000 Legrand ADP (7)......................... 6,362,815 10,628,606
45,000 Europe 1 Communication (15)............. 10,000,742 9,003,055
13,995 Promodes C.I. (13)...................... 1,851,699 5,724,898
10,750 Taittinger C.I. (12).................... 2,804,275 5,374,904
3,807 Taittinger (12)......................... 1,781,480 2,746,731
10,000 Eurafrance (20)......................... 4,152,458 4,880,227
88,000 Emin Leydier (3)........................ 6,535,077 4,399,922
35,000 Elf Aquitaine (2)....................... 2,522,853 4,320,216
52,500 Gaumont SA (15)......................... 2,933,903 3,488,684
24,250 NSC Groupe (7).......................... 4,246,993 3,443,802
5,500 Societe Sucriere de Pithiviers-le-Vieil
(4).................................... 2,396,547 2,800,057
12,000 Robertet SA (12)........................ 2,368,955 1,864,918
7,856 Robertet SA C.I. (12)................... 1,120,564 1,027,240
8,500 Vivendi (18)............................ 968,341 1,694,503
20,000 Societe du Louvre C.I. (19)............. 960,129 1,528,733
23,232 Burelle SA (a)(5)....................... 1,331,830 1,473,243
30,000 Rougier SA (3).......................... 2,376,645 1,414,766
50,000 Eramet (1).............................. 2,477,646 1,371,001
26,500 Conflandey (1).......................... 1,501,829 1,164,502
10,500 Sabeton SA (20)......................... 1,899,265 1,144,138
7,500 La Brosse et Dupont (12)................ 508,562 817,242
12,875 Crometal (7)............................ 852,748 811,860
3,500 Marine-Wendel (20)...................... 314,552 512,674
10,000 C.G.D.E. Michelin "B' (5)............... 451,000 392,990
------------ ------------
72,968,088 85,877,361
------------ ------------
SWITZERLAND (11.10%)
23,750 Kuhne & Nagel International AG Bearer
(9).................................... 14,242,193 14,795,364
35,650 Societe Generale d'Affichage D.R.C.
(15)................................... 13,651,784 13,944,947
1,875 Bank for International Settlements (U.S.
Tranche) (24).......................... 13,605,699 11,442,865
865 Bank for International Settlements
(French Tranche) (24).................. 6,502,518 4,527,340
40,000 Sika Finanz AG Bearer (6)............... 10,464,053 11,300,254
28,720 Edipresse SA Bearer (15)................ 5,977,616 7,073,379
3,000 Nestle SA Registered (12)............... 3,837,934 5,984,788
1,500 Lindt & Sprungli AG PC (12)............. 1,880,406 3,379,210
3,000 SAirgroup D.R.C. (a)(9)................. 339,003 618,254
------------ ------------
70,501,206 73,066,401
------------ ------------
AUSTRIA (0.12%)
20,000 Flughafen Wien AG (9)................... 840,493 815,892
------------ ------------
</TABLE>
21
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
ITALY (0.15%)
750,000 Montedison SpA Non Convertible Savings
(21)................................. $ 372,916 $ 591,238
50,000 Industrias Macchine Automatiche SpA
(7).................................. 192,452 373,709
------------ ------------
565,368 964,947
------------ ------------
SPAIN AND PORTUGAL (0.46%)
250,000 Energia e Industrias Aragonesas SA
(8).................................. 1,114,312 1,540,197
82,000 Companhia de Celulose do Caima SA
(3).................................. 1,534,477 1,100,289
25,000 Espirito Santo Financial Group SA ADR
(17)................................. 510,483 397,500
------------ ------------
3,159,272 3,037,986
------------ ------------
GREECE (0.15%)
356,855 H. Benrubi & Fils SA (12)............. 2,126,137 992,263
------------ ------------
TURKEY (0.13%)
143,211,620 Medya Holding Group (15).............. 575,841 838,611
------------ ------------
ISRAEL (0.50%)
350,000 The Israel Land Development Company
Ltd. (a)(21)......................... 1,203,120 1,711,692
550,000 Super-Sol (13)........................ 1,093,505 1,558,082
------------ ------------
2,296,625 3,269,774
------------ ------------
COMMONWEALTH OF INDEPENDENT STATES
(0.43%)
672,461 Firebird Fund, L.P. (a)(b)(c)(22)..... 683,593 1,046,350
10,265 Firebird Republics Fund, Ltd. Class
"A' (a)(b)(c)(22).................... 1,675,000 746,318
9,000 Baltic Republics Fund (a)(b)(c)(22)... 905,750 657,000
100,000 First NIS Regional Fund SICAF
(a)(b)(c)(22)........................ 1,000,000 400,000
------------ ------------
4,264,343 2,849,668
------------ ------------
JAPAN (19.23%)
275,000 Secom Co., Ltd. (16).................. 15,672,793 17,093,236
350,000 Fuji Photo Film Co., Ltd. (12)........ 8,561,518 12,029,250
100,000 Toho Co., Ltd. (15)................... 13,600,566 10,230,347
200,000 Ito-Yokado Co., Ltd. (13)............. 10,292,531 9,506,399
400,000 Shimano Inc. (12)..................... 7,575,846 9,038,391
1,525,000 The Nichido Fire & Marine Insurance
Co., Ltd. (17)....................... 9,805,209 6,702,194
2,000,000 The Dai-Tokyo Fire & Marine Insurance
Co., Ltd. (17)....................... 11,065,354 5,674,589
1,450,000 Nisshinbo Industries, Inc. (12)....... 11,659,501 4,771,481
234,000 T. Hasegawa Co., Ltd. (12)............ 5,247,845 4,192,322
1,375,000 Okumura Corporation (16).............. 7,050,948 4,172,761
1,575,000 Hanshin Electric Railway Co., Ltd.
(9).................................. 6,243,639 4,146,252
383,300 Chofu Seisakusho Co., Ltd. (12)....... 6,917,831 3,433,583
1,000,000 Aida Engineering, Ltd. (7)............ 6,423,804 3,429,616
75,000 Hitachi, Ltd. ADR (11)................ 7,080,893 3,253,125
1,285,000 The Dowa Fire & Marine Insurance Co.,
Ltd. (17)............................ 6,061,840 3,082,121
673,000 Sotoh Co., Ltd. (12).................. 5,916,269 2,952,834
1,000,000 The Koa Fire & Marine Insurance Co.,
Ltd. (17)............................ 5,921,975 2,925,046
1,875,000 Iino Kaiun Kaisha, Ltd. (a)(9)........ 6,739,057 2,893,053
750,000 Tachi-S Co., Ltd. (5)................. 7,325,846 2,714,808
565,000 Shoei Co., Ltd. (20).................. 5,200,359 2,685,558
400,000 Yomeishu Seizo Co., Ltd. (12)......... 2,512,191 2,310,786
40,000 Benesse Corporation (16).............. 1,235,645 1,591,225
575,000 Nittetsu Mining Co., Ltd. (1)......... 4,819,595 1,395,978
</TABLE>
22
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
JAPAN (continued)
65,000 Asatsu Inc. (15)....................... $ 2,087,547 $ 1,145,521
18,000 Hirose Electric Co., Ltd. (2).......... 946,826 922,706
100,000 Shiseido Company, Ltd. (12)............ 1,146,549 881,170
75,000 Makita Corporation (12)................ 821,715 858,867
125,000 Sonton Food Industry Co., Ltd. (12).... 1,293,963 831,810
125,000 Nitto Kohki Co., Ltd. (7).............. 1,202,046 795,247
50,000 The Tokio Marine & Fire Insurance Co.,
Ltd. (17)............................. 431,317 446,069
75,000 Mandom Corp. (12)...................... 523,227 444,241
12,000 Amatsuji Steel Ball Mfg. Co., Ltd.
(7)................................... 145,087 81,609
------------ ------------
181,529,332 126,632,195
------------ ------------
SOUTH KOREA (1.51%)
73,050 Dong Ah Tire Industry Co., Ltd.
(a)(5)................................ 4,471,482 2,022,236
31,500 Nam Yang Dairy Products (12)........... 3,087,335 1,879,921
41,650 Nam Yang Dairy Products Pfd. (12)...... 678,193 925,389
20,000 Daeduck Electronics Co., Ltd. (10)..... 857,575 1,164,839
18,000 Daeduck Industries (10)................ 705,240 847,744
75,000 Fursys Incorporated (12)............... 1,228,501 798,130
42,504 Su-Heung Capsule (12).................. 341,903 565,396
292,800 LG Electronics Inc. Pfd. (10).......... 1,054,493 537,914
50,000 Woong Jin Publishing Co., Ltd. (15).... 2,490,034 424,232
35,000 Samsung Electronics Co., Ltd. Pfd.
(10).................................. 1,318,691 325,903
58,020 Cheil Jedang Corporation Pfd. (21)..... 1,030,593 279,514
144,803 Korean Air Lines Pfd. (a)(9)........... 1,090,009 124,942
74,110 Ssangyong Cement Industries Pfd. (6)... 856,679 28,242
------------ ------------
19,210,728 9,924,402
------------ ------------
HONG KONG (2.34%)
42,100,042 CDL Hotels International Limited (19).. 16,468,059 9,670,677
10,735,000 Shaw Brothers (Hong Kong) Limited
(15).................................. 12,857,925 4,017,486
2,750,000 South China Morning Post Holdings Corp.
(15).................................. 1,647,347 1,082,397
6,500,000 China-Hong Kong Photo Products Holdings
Limited (12).......................... 1,612,746 603,949
------------ ------------
32,586,077 15,374,509
------------ ------------
MALAYSIA (0.28%)
1,000,000 Genting Berhad (c)(12)................. 2,278,894 1,855,263
------------ ------------
SINGAPORE (0.96%)
1,650,000 Times Publishing Limited (15).......... 3,528,770 2,148,565
2,500,000 Delgro Corporation Ltd. (20)........... 4,927,583 1,820,065
1,855,000 Clipsal Industries Ltd. (6)............ 2,850,422 1,103,725
2,500,000 Thakral Corporation Ltd. (13).......... 1,731,802 900,000
1,216,500 Intraco, Ltd. (13)..................... 1,923,197 230,411
258,122 Singapore Bus Service Limited (9)...... 201,704 119,168
------------ ------------
15,163,478 6,321,934
------------ ------------
</TABLE>
23
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
THAILAND (0.54%)
628,600 Oriental Hotel PCL (19)................. $ 3,128,380 $ 3,011,876
1,185,000 International Broadcasting Corporation
PCL (a)(15)............................ 681,361 516,846
------------ ------------
3,809,741 3,528,722
------------ ------------
VIETNAM (0.08%)
162,900 The Lazard Vietnam Fund Limited
(a)(b)(c)(22).......................... 448,873 407,250
42,800 The Vietnam Frontier Fund
(a)(b)(c)(22).......................... 440,840 149,800
------------ ------------
889,713 557,050
------------ ------------
INDIA AND PAKISTAN (0.33%)
149,500 The India Fund, Inc. (22)............... 1,788,520 915,688
300,000 The Pakistan Investment Fund, Inc.
(a)(22)................................ 2,243,350 581,250
10,000 The Spartek Emerging Opportunities of
India Fund (a)(b)(c)(22)............... 1,035,000 428,100
75,000 Gujarat Narmada Valley Fertilizers
Company Limited GDR (8)................ 862,500 131,250
50,000 Gujarat Narmada Valley Fertilizers
Company Limited GDR (b)(8)............. 640,625 87,500
------------ ------------
6,569,995 2,143,788
------------ ------------
AUSTRALIA AND NEW ZEALAND (2.90%)
1,378,314 Independent Press Communications Limited
5% exchangable preference shares (15).. 7,430,766 5,490,304
6,750,549 Carter Holt Harvey Limited (3).......... 12,761,622 4,464,719
3,850,000 Spotless Services Limited (16).......... 2,449,460 2,287,862
6,500,135 Tasman Agriculture Limited (4).......... 4,511,295 2,051,842
6,372,833 Shortland Properties Limited (19)....... 3,228,167 1,596,554
6,353,338 Evergreen Forests Limited (a)(3)........ 2,788,257 1,209,669
350,000 Radio Pacific Limited (15).............. 635,496 662,012
350,000 Tab Limited (a)(16)..................... 451,960 579,661
500,000 Eltin Limited (24)...................... 1,477,381 314,953
1,250,000 Wrightson Limited (4)................... 1,215,339 212,946
150,000 The Colonial Motor Company Limited
(13)................................... 169,520 115,743
242,000 Damba Holdings Limited (13)............. 126,661 63,052
820,000 Apple Fields Limited (a)(4)............. 503,105 61,629
------------ ------------
37,749,029 19,110,946
------------ ------------
CANADA (1.67%)
250,000 Canadian Pacific Limited (21)........... 4,244,225 5,171,875
215,000 Noranda Inc. (21)....................... 3,904,077 3,042,022
135,000 Franco-Nevada Mining Corp. Ltd. (24).... 2,826,323 2,796,785
------------ ------------
10,974,625 11,010,682
------------ ------------
MEXICO (1.21%)
2,650,000 Industrias Penoles, S.A. de C.V. (1).... 10,491,260 7,593,719
3,500,000 Grupo Fernandez Editores, S.A. de C.V.
"B' (a)(15)............................ 1,033,836 370,952
------------ ------------
11,525,096 7,964,671
------------ ------------
ARGENTINA (0.45%)
3,030,864 Ledesma S.A.A.I. (4).................... 4,686,541 2,121,955
450,000 Siderca S.A.I.C. (2).................... 265,818 544,590
262,500 Cresud S.A.C.I.F. y A. (a)(4)........... 411,316 322,928
------------ ------------
5,363,675 2,989,473
------------ ------------
</TABLE>
24
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
SOUTH AFRICA (0.07%)
25,000 Anglo American Platinum Corporation
Ltd. (24)........................... $ 372,144 $ 362,869
200,000 Stellenbosch Farmers' Winery Group
Limited (4)......................... 215,345 104,641
------------ ------------
587,489 467,510
------------ ------------
MISCELLANEOUS (2.60%)
260,000 Security Capital European Realty
(c)(19)............................. 5,200,000 5,200,000
215,000 Banco Latinoamericano de
Exportaciones S.A. Class "E'
(BLADEX) (17)....................... 9,025,370 3,453,437
265,000 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "D' (d)(24)........ 5,344,791 3,478,125
235,000 Minorco ADR (1)...................... 5,170,369 2,408,750
135,900 North European Oil Royalty Trust
(2)................................. 1,798,974 2,174,400
5,000 Carl Marks Global Value Fund, L.P.
(a)(b)(c)(22)....................... 500,000 393,600
------------ ------------
27,039,504 17,108,312
------------ ------------
TOTAL COMMON AND PREFERRED STOCKS.... 635,145,429 518,792,806
------------ ------------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS (5.19%)
$ 2,000,000 Medya International Ltd. 10% due
6/28/2001 (15)...................... 1,717,638 1,350,000
1,250,000 International Container Terminal
Services, Inc. 5% due 9/15/2001
(c)(9).............................. 1,101,492 806,250
6,450,000 International Container Terminal
Services, Inc. 1 3/4% due 3/13/2004
(9)................................. 5,587,563 4,611,750
2,350,000 Danka Business Systems plc 6 3/4% due
4/01/2002 (12)...................... 2,076,764 1,530,438
2,000,000 Tingyi (CI) Holdings 1 3/4% due
7/17/2002 (12)...................... 1,397,754 800,000
3,360,000 IRSA Inversiones y Representaciones
S.A. 4 1/2% due 8/02/2003 (19)...... 3,588,432 3,175,200
8,500,000 Scandinavian Broadcasting System SA 7
1/4% due 8/01/2005 (15)............. 8,312,512 8,133,438
6,500,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (3)....................... 5,122,814 1,787,500
4,430,000 Tipco Asphalt Public Co. Ltd. 2 3/4%
due 9/19/2006 (6)................... 3,765,678 3,056,700
5,750,000 Cheil Jedang Corporation 3% due
12/31/2006 (c)(21).................. 6,892,481 6,638,950
1,000,000 LG Electronics Inc. 1/4% due
12/31/2007 (10)..................... 712,149 615,000
2,450,000 Samsung Electronics Co. Ltd. 0% due
12/31/2007 (a)(10).................. 1,888,441 1,580,250
145,000 Samsung Electronics Co. Ltd. 0% due
12/31/2007 (a)(b)(10)............... 125,716 93,525
------------ ------------
42,289,434 34,179,001
------------ ------------
U.S. DOLLAR BONDS AND NOTES (4.53%)
2,500,000 IRSA Inversiones y Representaciones
S.A. 8 7/8% due 3/03/1999 (19)...... 2,465,508 2,300,000
300,000 Tubos de Acero de Mexico, S.A. 10
1/2% due 3/10/1999 (c)(2)........... 298,200 294,000
1,000,000 Cemex SA 10% due 11/05/1999 (6)...... 983,024 1,000,000
1,000,000 P.T. Inti Indorayon Utama 9 1/8% due
10/15/2000 (3)...................... 897,415 407,500
1,950,000 P.T. Pabrik Kertas Tjiwi Kimia 13
1/4% due 8/01/2001 (3).............. 2,029,250 1,023,750
1,000,000 Republic National Bank NY Brazil-
Linked CD'S 9.65% due 5/01/2003
(17)................................ 998,163 650,000
975,000 Lukinter Finance BV 3 1/2% due
5/06/2002 (2)....................... 854,841 268,125
500,000 Lukinter Finance BV 1% due 11/03/2003
(2)................................. 421,368 80,000
500,000 Vital Forsikring FRN due 12/22/2003
(6 3/4% @ 9/30/1998) (17)........... 498,755 501,000
3,500,000 Bangkok Bank Public Co. 8 3/8% due
1/15/2007 (b)(23)................... 2,205,916 1,610,000
1,500,000 Wharf International Finance Ltd. 7
5/8% due 3/07/2007 (17)............. 1,264,729 933,750
800,000 Ministry of Finance Russia 10% due
6/26/2007 (23)...................... 724,412 178,000
9,000,000 Grupo Televisa S.A. 13 1/4% due
5/15/2008 (0% @ 9/30/1998) (a)(15).. 6,288,206 6,142,500
5,750,000 Republic of Argentina Par 5 1/2% due
3/31/2023 (23)...................... 2,908,521 3,906,406
</TABLE>
25
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(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)
$ 5,259,411 Federal Republic of Brazil "C'
Bonds 8% due 4/15/2014 (23).... $ 2,890,201 $ 3,162,221
1,750,000 Federal Republic of Brazil Par
ZL 5 1/4% due 4/15/2024 (23)... 825,056 1,036,875
1,000,000 United Mexican States Disc. FRN
"A' due 12/31/2019
(6.59375% @ 9/30/1998) (23).... 841,955 780,625
2,000,000 United Mexican States Disc. FRN
"D' due 12/31/2019 (6.60156% @
9/30/1998) (23)................ 1,726,861 1,561,250
1,000,000 Republic of Bulgaria Disc. "A'
FRN due 7/28/2024
(6.6875% @ 9/30/1998) (23)..... 545,102 641,250
1,500,000 Bergen Bank Floating Rate
Perpetual Notes (5.8125% @
9/30/1998) (17)................ 1,165,250 1,119,975
3,000,000 Christiana Bank Floating Rate
Perpetual Notes (6% @
9/30/1998) (17)................ 2,326,250 2,190,000
------------ ------------
33,158,983 29,787,227
------------ ------------
NON U.S. DOLLAR CONVERTIBLE
BONDS (2.83%)
NZD 2,153,666 Shortland Properties Limited 7
1/2% due 12/31/1998 (19)....... 1,013,716 485,592
CAD 3,250,000 InterTAN, Inc. 9% due 8/30/2000
(13)........................... 2,398,810 2,092,115
JPY250,000,000 Hanshin Railway Co., Ltd. 1 1/2%
due 9/30/2005 (9).............. 1,972,289 1,700,183
FRF 41,509,260 Immobiliere Hoteliere 5% due
1/01/2001 (19)................. 6,473,452 4,617,191
FRF 1,978,560 Crometal 4 1/2% due 1/01/2001
(7)............................ 386,707 391,723
FRF 3,358,800 Gaumont SA 3 3/4% 1/01/2003
(15)........................... 653,654 719,987
GBP 2,200,000 Lonmin Finance plc 6% due
2/27/2004 (21)................. 3,276,407 3,083,594
GBP 250,000 BAA plc 5 3/4% due 3/29/2006
(9)............................ 425,782 493,226
GBP 4,000,000 Berisford plc 5% due 1/31/2015
(12)........................... 4,081,552 5,045,882
------------ ------------
20,682,369 18,629,493
------------ ------------
NON U.S. DOLLAR BONDS AND NOTES
(4.44%)
ZAR 10,000,000 Republic of South Africa 13% due
8/31/2010 (23)................. 1,950,601 1,325,863
NZD 5,500,000 New Zealand Government 10% due
3/15/2002 (23)................. 3,975,359 3,125,462
NZD 7,500,000 Trans Power Finance Limited 8%
due 3/15/2002 (18)............. 4,648,761 3,949,715
NZD 500,000 Telecom Corp. of New Zealand 9
1/4% due 7/01/2002 (18)........ 305,206 269,314
NZD 1,500,000 Telecom Corp. of New Zealand 7
1/2% due 7/14/2003 (18)........ 887,312 771,304
AUD 20,500,000 Queensland Treasury Corporation
8% due 9/14/2007 (23).......... 15,451,045 14,461,401
GBP 1,000,000 Carlsberg Finance A/S 7% due
2/26/2013 (12)................. 1,706,661 1,805,134
FRF 21,500,000 United Mexican States Par 6.63%
due 12/31/2019 (23)............ 2,501,809 2,880,442
CHF 500,000 Scandinavian Airlines System
Variable Rate Perpetual
Notes (3 5/8% @ 9/30/1998)
(9)............................ 247,886 263,491
DEM 900,000 Air Canada Variable Rate
Perpetual Notes (4 5/8% @
9/30/1998) (9)................. 349,963 296,505
CHF 170,000 Air Canada 6 1/4% Perpetual Note
(9)............................ 99,307 100,054
------------ ------------
32,123,910 29,248,685
------------ ------------
TOTAL BONDS, NOTES AND
CONVERTIBLE BONDS.............. 128,254,696 111,844,406
------------ ------------
SHORT-TERM INVESTMENTS (2.76%)
$ 14,491,000 Dayton Hudson Corporation 6.05%
due 10/01/1998................. 14,491,000 14,491,000
3,700,000 PepsiCo., Inc. 5.50% due
10/01/1998..................... 3,700,000 3,700,000
------------ ------------
TOTAL SHORT-TERM INVESTMENTS.... 18,191,000 18,191,000
------------ ------------
TOTAL INVESTMENTS (98.55%)...... $781,591,125* 648,828,212**
============
Other assets in excess of
liabilities (1.45%)............ 9,548,038
------------
Net assets (100.00%)............ $658,376,250
============
</TABLE>
26
<PAGE>
SoGen Overseas Fund
NOTES TO SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
(a) Non-income producing security.
(b) Security is exempt from registration under the Securities Act of 1933 and
may only be sold to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933.
(c) Security for which there are less than three market makers.
(d) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
* At September 30, 1998 cost is identical for both book and federal income
tax purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 1998 were $56,319,049 and $189,081,962, respectively (net depreciation
was $132,762,913).
<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) Heath Care
JPY--Japanese Yen (3) Forest Products (15) Media
FRF--French Franc (4) Agriculture (16) Services
GBP--Pound Sterling (5) Automotive (17) Financial Services
ZAR--South African Rand (6) Building Materials (18) Utilities
AUD--Australian Dollar (7) Capital Goods (19) Real Estate
CHF--Swiss Franc (8) Chemicals (20) Holding Companies
DEM--Deutsche Mark (9) Transportation (21) Conglomerates
(10) Electronics (22) Investment Companies
(11) Technology (23) Government Issues
(12) Consumer Products (24) Gold Related
</TABLE>
<TABLE>
<CAPTION>
BOND TYPES
- ---------- ---
<S> <C>
FRN--Floating Rate Note
"C'--Capitalization
</TABLE>
- --------
See Notes to Financial Statements.
27
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED STATES (27.18%)
149,500 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "C' (c)................. $ 5,407,939 $ 2,392,000
100,000 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "D' (c)................. 2,151,079 1,312,500
41,500 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "B' (c)................. 1,553,927 798,875
65,000 Newmont Mining Corporation................ 2,214,521 1,455,000
1,000 Case, Pomeroy & Co., Inc. Class "A'....... 1,084,930 1,065,000
80,000 Homestake Mining Company.................. 1,592,847 970,000
----------- -----------
14,005,243 7,993,375
----------- -----------
CANADA (10.92%)
65,000 Franco-Nevada Mining Corp. Ltd............ 870,684 1,346,600
115,000 Meridian Gold Inc. (a).................... 433,623 511,061
28,500 Euro-Nevada Mining Corp. Ltd.............. 150,004 470,297
30,000 Placer Dome Inc........................... 643,000 414,375
30,000 Pan American Silver Corp. (a)............. 100,264 177,434
54,190 Echo Bay Mines Ltd. (a)................... 671,191 128,701
100,000 Miramar Mining Corporation (a)............ 202,289 107,833
45,000 Golden Star Resources Ltd. (a)............ 550,389 56,250
----------- -----------
3,621,444 3,212,551
----------- -----------
AUSTRALIA (2.73%)
575,000 Otter Gold Mines Limited (a).............. 656,373 375,863
230,000 Otter Gold Mines Limited Options (a)...... 0 41,003
1,500,000 Perilya Mines N.L. (a).................... 868,246 285,240
285,000 Macraes Mining Company Limited............ 437,507 51,655
170,000 Macraes Mining Company Limited--New....... 338,804 30,812
375,000 Tanganyika Gold N.L....................... 107,089 18,942
----------- -----------
2,408,019 803,515
----------- -----------
SOUTH AFRICA (21.93%)
65,000 Anglogold Limited ADR..................... 2,218,563 1,746,875
225,000 Driefontein Consolidated Ltd. ADR......... 1,785,777 1,195,312
175,000 Gold Fields Limited....................... 1,719,576 1,160,759
49,450 Anglo American Platinum Corporation Ltd... 775,337 717,755
145,000 Harmony Gold Mining Company Ltd. (a)...... 666,145 679,114
125,000 St. Helena Gold Mines Ltd. ADR............ 1,034,855 398,438
75,000 St. Helena Gold Mines Ltd................. 303,184 234,177
25,000 Gold Fields of South Africa............... 732,566 318,565
----------- -----------
9,236,003 6,450,995
----------- -----------
SWITZERLAND (12.41%)
405 Bank for International Settlements (U.S.
Tranche)................................. 3,098,976 2,471,659
225 Bank for International Settlements (French
Tranche)................................. 1,603,440 1,177,632
----------- -----------
4,702,416 3,649,291
----------- -----------
MISCELLANEOUS (9.76%)
400,000 Industrias Penoles, S.A. de C.V........... 1,180,358 1,146,222
185,000 Lonrho plc................................ 1,375,030 961,776
</TABLE>
28
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS (continued)
MISCELLANEOUS (continued)
1,090,829 Minas de Arcata S.A. (a)............... $ 1,448,082 $ 642,872
115,000 Tronoh Mines Malaysia Berhad (e)....... 104,885 118,026
----------- -----------
4,108,355 2,868,896
----------- -----------
TOTAL COMMON AND PREFERRED STOCKS...... 38,081,480 24,978,623
----------- -----------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS (1.24%)
$ 500,000 Agnico-Eagle Mines Limited 3 1/2% due
1/27/2004............................. 414,243 292,500
100,000 Dayton Mining Corporation 7% due
4/01/2002 (b)......................... 100,000 31,000
350,000 Pegasus Gold Inc. 6 1/4% due 4/30/2002
(a)(d)................................ 385,500 24,500
250,000 Pegasus Gold Inc. 6 1/4% due 4/30/2002
(a)(b)(d)............................. 220,952 17,500
----------- -----------
TOTAL BONDS, NOTES AND CONVERTIBLE
BONDS................................. 1,120,695 365,500
----------- -----------
SHORT-TERM INVESTMENTS (1.10%)
323,000 Dayton Hudson Corporation 6.05% due
10/01/1998............................ 323,000 323,000
----------- -----------
TOTAL INVESTMENTS (87.27%)............. $39,525,175* 25,667,123**
===========
Other assets in excess of liabilities
(12.73%).............................. 3,743,380
-----------
Net assets (100.00%)................... $29,410,503
===========
</TABLE>
- --------
(a) Non-income producing security.
(b) Security is exempt from registration under the Securities Act of 1933 and
may only be sold to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933.
(c) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(d) In default as to principal and interest.
(e) Security for which there are less than three market makers.
* At September 30, 1998 cost is identical for both book and federal income
tax purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 1998 were $1,017,930 and $14,875,982, respectively (net depreciation
was $13,858,052).
- --------
See Notes to Financial Statements.
29
<PAGE>
SoGen Money Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
CREDIT PRINCIPAL COST VALUE
RATING+ AMOUNT (NOTE 1) (NOTE 1)
------- ---------- -------- --------
<C> <C> <S> <C> <C>
COMMERCIAL PAPER (100.98%)
A1 $693,000 American Express Credit
Corporation 5.15% due
10/01/1998...................... $ 693,000 $ 693,000
A1 1,300,000 PepsiCo, Inc. 5.50% due
10/01/1998...................... 1,300,000 1,300,000
A1 1,225,000 Caterpillar Financial Services
Corporation 5.53% due
10/02/1998...................... 1,224,812 1,224,812
A1+ 1,000,000 E. I. du Pont de Nemours and
Company 5.49% due 10/02/1998.... 999,848 999,848
A1+ 525,000 E. I. du Pont de Nemours and
Company 5.50% due 10/02/1998.... 524,920 524,920
A1+ 565,000 Abbott Laboratories 5.45% due
10/05/1998...................... 564,658 564,658
A1 1,500,000 General Motors Acceptance
Company 5.53% due 10/05/1998.... 1,499,078 1,499,078
A1 625,000 The Sherwin-Williams Company
5.50% due 10/05/1998............ 624,618 624,618
A1+ 1,228,000 The Coca-Cola Company 5.50% due
10/06/1998...................... 1,227,062 1,227,062
A1+ 1,061,000 Merrill Lynch & Co., Inc. 5.49%
due 10/06/1998.................. 1,060,191 1,060,191
A1+ 489,000 Merrill Lynch & Co., Inc. 5.56%
due 10/06/1998.................. 488,622 488,622
A1 1,344,000 Ford Motor Credit Company 5.45%
due 10/07/1998.................. 1,342,779 1,342,779
A1 206,000 Ford Motor Credit Company 5.51%
due 10/07/1998.................. 205,811 205,811
A1+ 322,000 The Coca-Cola Company 5.47% due
10/08/1998...................... 321,658 321,658
A1 1,145,000 H.J. Heinz Company 5.49% due
10/08/1998...................... 1,143,778 1,143,778
A1 375,000 Pearson Inc. 5.90% due
10/08/1998...................... 374,570 374,570
A1 620,000 The Sherwin-Williams Company
5.52% due 10/08/1998............ 619,335 619,335
A1 800,000 Xerox Corporation 5.50% due
10/08/1998...................... 799,144 799,144
A1+ 1,041,000 Campbell Soup Company 5.50% due
10/09/1998...................... 1,039,728 1,039,728
A1 896,000 Pearson Inc. 5.65% due
10/09/1998...................... 894,875 894,875
A1 279,000 Pearson Inc. 5.71% due
10/09/1998...................... 278,646 278,646
A1+ 425,000 The Southland Corporation 5.45%
due 10/09/1998.................. 424,485 424,485
A1+ 1,550,000 Motorola, Inc. 5.30% due
10/13/1998...................... 1,547,262 1,547,262
A1 1,400,000 Pioneer Hi-Bred International,
Inc. 5.50% due 10/13/1998....... 1,397,433 1,397,433
A1 1,000,000 The Walt Disney Company 5.40%
due 10/13/1998.................. 998,200 998,200
A1+ 1,550,000 Fuji Photo Film Finance U.S.A.,
Inc. 5.32% due 10/14/1998....... 1,547,022 1,547,022
A1+ 1,125,000 The Southland Corporation 5.52%
due 10/14/1998.................. 1,122,757 1,122,757
A1+ 1,500,000 General Electric Capital
Corporation 5.50% due
10/16/1998...................... 1,496,562 1,496,562
A1+ 1,000,000 Hitachi America Ltd. 5.50% due
10/19/1998...................... 997,250 997,250
A1+ 520,000 Emerson Electric Co. 5.47% due
10/21/1998...................... 518,420 518,420
A1+ 550,000 Hitachi America Ltd. 5.56% due
10/21/1998...................... 548,301 548,301
A1 1,276,000 Lucent Technologies Inc. 5.25%
due 10/22/1998.................. 1,272,092 1,272,092
A1+ 985,000 Abbott Laboratories 5.20% due
10/29/1998...................... 981,016 981,016
A1 1,550,000 Colgate-Palmolive Company 5.23%
due 10/30/1998.................. 1,543,470 1,543,470
----------- -----------
TOTAL COMMERCIAL PAPER.......... $31,621,403* 31,621,403
===========
Other liabilities in excess of
assets (-0.98%)................. (306,565)
-----------
Net assets (100.00%)............ $31,314,838
===========
</TABLE>
- --------
* At September 30, 1998 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.
30
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN SOGEN
INTERNATIONAL FUND OVERSEAS FUND GOLD FUND MONEY FUND
------------------ ------------- ----------- -----------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(cost:
$2,993,851,399,
$781,591,125,
$39,525,175 and
$31,621,403,
respectively) (Note
1)................... $2,892,240,518 $648,828,212 $25,667,123 $31,621,403
Cash.................. -- 917,694 -- 7,404
Receivable for forward
currency contracts
held, at value (Notes
1 and 6)............. 13,316,481 6,028,429 -- --
Receivable for
investment securities
sold................. 18,801,605 7,595,447 622,963 --
Receivable for Fund
shares sold.......... 1,381,071 618,490 4,092,086 109,146
Accrued interest and
dividends
receivable........... 19,298,343 4,318,705 30,893 --
Prepaid expenses and
other assets......... 97,644 7,651 1,912 1,284
-------------- ------------ ----------- -----------
TOTAL ASSETS...... 2,945,135,662 668,314,628 30,414,977 31,739,237
-------------- ------------ ----------- -----------
LIABILITIES:
Payable for Fund
shares redeemed...... 14,367,690 2,290,058 44,774 322,935
Payable for investment
securities
purchased............ 5,859,045 2,333,450 491,407 --
Payable for forward
currency contracts
held, at value (Notes
1 and 6)............. 10,465,834 3,868,432 4,116 --
Investment advisory
fees payable
(Note 2)............. 6,232,793 425,023 14,732 52,253
Distribution fees
payable (Note 3)..... 2,064,070 504,653 16,005 --
Directors' fees
payable (Note 2)..... 14,071 11,539 1,615 616
Accrued expenses and
other liabilities.... 4,644,173 505,223 431,825 48,595
-------------- ------------ ----------- -----------
TOTAL LIABILI-
TIES............. 43,647,676 9,938,378 1,004,474 424,399
-------------- ------------ ----------- -----------
NET ASSETS:
Capital stock (par
value, $0.001 per
share)............... 129,948 61,717 4,503 31,315
Capital surplus....... 2,902,646,190 756,627,851 53,900,798 31,283,523
Net unrealized appreciation
(depreciation)
on:
Investments......... (101,610,881) (132,762,913) (13,858,052) --
Forward currency
contracts.......... 2,850,647 2,159,997 (4,116) --
Foreign currency
related
transactions....... 321,719 98,967 5,232 --
Undistributed net
realized gains
(losses) on
investments.......... 123,085,634 43,692,397 (10,870,473) --
Undistributed
(overdistributed) net
investment income.... (25,935,271) (11,501,766) 232,611 --
-------------- ------------ ----------- -----------
NET ASSETS (Note
1)............... $2,901,487,986 $658,376,250 $29,410,503 $31,314,838
============== ============ =========== ===========
Class A share capital... $2,897,863,650 $652,297,586 $29,410,503 $31,314,838
Shares of beneficial
interest outstanding
(Class A) (Note 5)..... 129,785,706 61,071,924 4,502,994 31,314,838
Net asset value per
share................ $22.33 $10.68 $6.53 $1.00
Maximum offering price
per share............ $23.20 $11.10 $6.78 $1.00
Class I share capital... $3,624,336 $6,078,664 -- --
Shares of beneficial
interest outstanding
(Class I) (Note 5)..... 162,235 569,100 -- --
Net asset value per
share................ $22.34 $10.68 -- --
</TABLE>
- --------
See Notes to Financial Statements.
31
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN SOGEN
INTERNATIONAL FUND OVERSEAS FUND GOLD FUND MONEY FUND
------------------ ------------- ----------- ----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest (net of
$112,214, $58,630
and $519 foreign
taxes withheld,
respectively)...... $ 44,349,371 $ 6,549,950 $ 28,174 $656,843
Dividends (net of
$1,688,585,
$750,234 and $4,036
foreign taxes
withheld,
respectively)...... 28,338,799 10,139,316 587,422 --
------------- ------------- ----------- --------
Total income from
operations........ 72,688,170 16,689,266 615,596 656,843
------------- ------------- ----------- --------
Expenses:
Investment advisory
fees (Note 2)...... 13,593,263 3,337,700 104,664 46,727
Distribution fees
Class A (Note 3)... 4,473,980 1,111,624 34,942 --
Shareholder
servicing agent
fees............... 1,998,306 479,227 35,922 6,857
Custodian fees...... 1,416,362 530,264 21,320 16,731
Printing............ 444,439 54,007 1,706 876
Audit fees.......... 75,297 30,118 15,060 7,521
Registration and
filing fees........ 55,826 45,315 7,218 11,959
Insurance........... 38,343 46,153 866 412
Legal fees.......... 22,569 6,780 226 150
Directors' fees
(Note 2)........... 18,071 17,168 542 361
Amortization of
deferred
organization costs
(Note 1)........... -- 3,619 3,634 3,612
Miscellaneous....... 43,436 5,020 1,756 254
------------- ------------- ----------- --------
Total expenses from
operations........ 22,179,892 5,666,995 227,856 95,460
------------- ------------- ----------- --------
Advisory fees waived
(Note 2)............. -- -- -- (7,585)
Expense reduction due
to earnings credits
(Note 1)............. (83,524) (18,602) (1,774) (380)
------------- ------------- ----------- --------
Net expenses from
operations........ 22,096,368 5,648,393 226,082 87,495
------------- ------------- ----------- --------
Net investment income
(Note 1)............. 50,591,802 11,040,873 389,514 569,348
------------- ------------- ----------- --------
REALIZED AND UNREALIZED
GAINS (LOSSES) ON
INVESTMENTS AND FOREIGN
CURRENCY RELATED
TRANSACTIONS (NOTES 1
AND 6):
Net realized gains
(losses) from:
Investment
transactions....... 126,095,381 46,619,670 (5,001,726) --
Foreign currency
related
transactions....... 12,648,908 8,803,608 (340) --
------------- ------------- ----------- --------
138,744,289 55,423,278 (5,002,066) --
------------- ------------- ----------- --------
Change in unrealized
appreciation
(depreciation) of:
Investments......... (599,608,927) (169,089,500) 1,288,809 --
Foreign currency
related
transactions....... (28,882,585) (13,236,705) 881 --
------------- ------------- ----------- --------
(628,491,512) (182,326,205) 1,289,690 --
------------- ------------- ----------- --------
Net loss on
investments and
foreign currency
related
transactions......... (489,747,223) (126,902,927) (3,712,376) --
------------- ------------- ----------- --------
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS........ $(439,155,421) $(115,862,054) $(3,322,862) $569,348
============= ============= =========== ========
</TABLE>
- --------
See Notes to Financial Statements.
32
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SOGEN
INTERNATIONAL FUND
--------------------------------
Six Months
Ended Year
September 30, Ended
1998 March 31,
(Unaudited) 1998
--------------- ---------------
<S> <C> <C>
OPERATIONS:
Net investment income....................... $ 50,591,802 $ 115,368,671
Net realized gain (loss) from investments
and foreign currency related transactions.. 138,744,289 364,373,696
Increase (decrease) in unrealized
appreciation (depreciation) of investments
and foreign currency related transactions.. (628,491,512) 56,631,442
--------------- ---------------
Net increase (decrease) in net assets
resulting from operations.................. (439,155,421) 536,373,809
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS*:
Dividends paid from net investment income
Class A.................................... (142,424,031) (193,856,290)
Distributions paid from net realized gains
from investment transactions Class A....... (110,482,423) (209,531,019)
--------------- ---------------
Decrease in net assets resulting from
distributions.............................. (252,906,454) (403,387,309)
--------------- ---------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from shares sold............... 146,844,557 636,061,215
Net asset value of shares issued for
reinvested dividends and distributions..... 240,943,434 376,079,758
Cost of shares redeemed..................... (829,692,368) (1,017,481,210)
--------------- ---------------
Increase (decrease) in net assets from Fund
share transactions......................... (441,904,377) (5,340,237)
--------------- ---------------
Net increase (decrease) in net assets....... (1,133,966,252) 127,646,263
NET ASSETS (NOTE 1):
Beginning of period......................... 4,035,454,238 3,907,807,975
--------------- ---------------
End of period (including undistributed
(overdistributed) net investment investment
income of $(25,935,271), $53,248,050,
$(11,501,766), $15,129,045, $232,611,
$(156,563), $0 and $0, respectively.)...... $ 2,901,487,986 $ 4,035,454,238
=============== ===============
* DISTRIBUTIONS PER SHARE:
Net investment income....................... $1.07 $1.36
Net realized short-term gains............... 0.04 0.15
Net realized long-term gains................ 0.79 1.32
----- -----
Total distributions per share............... $1.90 $2.83
===== =====
</TABLE>
- --------
See Notes to Financial Statements.
33
<PAGE>
<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
1998 March 31, 1998 March 31, 1998 March 31,
(Unaudited) 1998 (Unaudited) 1998 (Unaudited) 1998
-------------- -------------- ------------- ----------- ------------- -----------
<S> <C> <C> <C> <C> <C>
$ 11,040,873 $ 22,940,277 $ 389,514 $ 598,458 $ 569,348 $ 740,083
55,423,278 92,039,636 (5,002,066) (3,870,006) -- --
(182,326,205) (24,805,575) 1,289,690 (10,687,910) -- --
-------------- -------------- ----------- ----------- ----------- -----------
(115,862,054) 90,174,338 (3,322,862) (13,959,458) 569,348 740,083
-------------- -------------- ----------- ----------- ----------- -----------
(46,475,292) (56,572,364) -- (1,698,298) (569,482) (740,083)
(23,884,612) (46,971,171) -- -- -- --
-------------- -------------- ----------- ----------- ----------- -----------
(70,359,904) (103,543,535) -- (1,698,298) (569,482) (740,083)
-------------- -------------- ----------- ----------- ----------- -----------
108,063,876 407,593,939 6,940,429 23,076,846 48,083,757 84,544,002
67,589,829 95,642,644 -- 1,544,469 532,295 630,970
(338,159,131) (436,078,395) (5,702,314) (30,119,535) (36,343,694) (79,260,149)
-------------- -------------- ----------- ----------- ----------- -----------
(162,505,426) 67,158,188 1,238,115 (5,498,220) 12,272,358 5,914,823
-------------- -------------- ----------- ----------- ----------- -----------
(348,727,384) 53,788,991 (2,084,747) (21,155,976) 12,272,224 5,914,823
1,007,103,634 953,314,643 31,495,250 52,651,226 19,042,614 13,127,791
-------------- -------------- ----------- ----------- ----------- -----------
$ 658,376,250 $1,007,103,634 $29,410,503 $31,495,250 $31,314,838 $19,042,614
============== ============== =========== =========== =========== ===========
$0.72 $0.825 $ -- $0.39 $0.02 $0.05
0.04 0.075 -- -- -- --
0.33 0.610 -- -- -- --
----- ------ ----- ----- ----- -----
$1.09 $1.510 $ -- $0.39 $0.02 $0.05
===== ====== ===== ===== ===== =====
</TABLE>
34
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
SoGen International Fund, SoGen Overseas Fund, SoGen Gold Fund and SoGen
Money Fund are four separate portfolios of SoGen Funds, Inc. (the "Company"),
an open-end management investment company registered under the Investment Com-
pany Act of 1940, as amended (each individually a "Fund" or collectively the
"Funds"). SoGen International Fund, Inc. was reorganized as a separate invest-
ment portfolio of SoGen Funds, Inc. effective July 31, 1998. The following is a
summary of significant accounting policies adhered to by the Funds.
A) SECURITY VALUATION--In the case of SoGen International Fund, SoGen Over-
seas 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 es-
tablished by the Board of Directors in accordance with applicable SEC regula-
tions. 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) 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.
C) 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.
D) FOREIGN CURRENCY TRANSLATION (SOGEN INTERNATIONAL FUND, SOGEN OVERSEAS
FUND AND SOGEN GOLD FUND)--The market values of securities which are not traded
in U.S. currency are recorded in the financial statements after translation to
U.S. dollars based on the applicable exchange rates at the end of the period.
The costs of such securities are translated at exchange rates prevailing when
acquired. Related dividends, interest and withholding taxes are accrued at the
rates of exchange prevailing on the respective dates of such transactions.
The net assets of each of SoGen International Fund, SoGen Overseas Fund and
SoGen Gold Fund are presented at the foreign exchange rates and market values
at the close of the period. The Funds do not isolate 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. Howev-
er, for federal income tax purposes each Fund does isolate the effect of
changes in foreign exchange rates from the changes in market prices for real-
ized gains and losses on debt obligations.
E) FORWARD CURRENCY CONTRACTS (SOGEN INTERNATIONAL FUND, SOGEN OVERSEAS FUND
AND SOGEN GOLD FUND)--In connection with portfolio purchases and sales of secu-
rities denominated in foreign currencies, SoGen International Fund, SoGen Over-
seas Fund and SoGen Gold Fund may enter into forward currency contracts. Addi-
tionally, each Fund may enter into such contracts to hedge certain other for-
eign 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.
35
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued)
F) UNITED STATES INCOME TAXES--No provision has been made for U.S. federal
income taxes since it is the intention of each Fund to distribute to sharehold-
ers 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 International
Fund, SoGen Overseas Fund and SoGen Gold Fund generally 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.
G) RECLASSIFICATION OF CAPITAL ACCOUNTS--On the statements of assets and lia-
bilities, as a result of certain differences in the computation of net invest-
ment income and net realized capital gains under federal income tax rules and
regulations versus generally accepted accounting principles, a reclassification
has been made to increase (decrease) undistributed net investment income and
decrease (increase) undistributed net realized gains on investments in the
amounts of $12,648,908, $8,803,608 and $(340) for SoGen International Fund,
SoGen Overseas Fund and SoGen Gold Fund, respectively.
H) USE OF ESTIMATES--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make esti-
mates and assumptions that affect the reported amounts of assets and liabili-
ties at the date of the financial statements and the reported amounts of reve-
nues and expenses during the reporting period. Actual results could differ from
those estimates.
NOTE 2--INVESTMENT ADVISORY AGREEMENTS AND TRANSACTIONS WITH RELATED PERSONS
Under the terms of investment advisory agreements each Fund pays SGAM Corp.
an advisory fee for advisory services and facilities furnished, at an annual
rate of the average daily net assets of that Fund as follows: SoGen Interna-
tional Fund at a rate of 1% of the first $25,000,000 and 0.75% in excess of
$25,000,000, 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, 1999 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, 1998,
the investment advisory fees paid or payable to SGAM Corp. were $13,593,263,
$3,337,700 and $104,664 for SoGen International Fund, SoGen Overseas Fund and
SoGen Gold Fund, respectively. For the same period, $7,585 of the investment
advisory fee of $46,727 for SoGen Money Fund was waived by SGAM Corp.
For the six months ended September 30, 1998, SG Cowen Securities Corporation
("SGCS"), the principal underwriter, realized $234,865, $54,445 and $3,293 in
dealer's and underwriter's commissions, after reallowance to others, pertaining
to the sale of shares of SoGen International Fund, SoGen Overseas Fund and
SoGen Gold Fund, respectively. For the same period, Societe Generale, a stock-
holder of SGAM Corp. and SGCS, received dealer's commissions of $8,355 pertain-
ing to the sale of shares of SoGen International Fund, SoGen Overseas Fund and
SoGen Gold Fund, respectively. For the same period, Societe Generale or its af-
filiates received $87,094, $40,323 and $1,955 in broker's commissions for port-
folio transactions executed on behalf of SoGen International Fund, SoGen Over-
seas Fund and SoGen Gold Fund, respectively.
36
<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., SGCS or its corporate affiliates is paid an annual fee of $12,000 plus
$2,000 for each meeting attended. For the six months ended September 30, 1998
such fees amounted to $18,071, $17,168, $542 and $361 for SoGen International
Fund, SoGen Overseas Fund, SoGen Gold Fund and SoGen Money Fund, respectively.
NOTE 3--PLANS OF DISTRIBUTION (SOGEN INTERNATIONAL FUND, SOGEN OVERSEAS FUND
AND SOGEN GOLD FUND)
Under the terms of the Distribution Plans and Agreements ("the Plans") with
SGCS, pursuant to the provisions of Rule 12b-1 under the Investment Company Act
of 1940, SoGen International Fund, SoGen Overseas Fund and SoGen Gold Fund pay
SGCS quarterly, a distribution fee at an annual rate of up to 0.25% of each
Fund's average daily net assets. Under the Plan, SGCS 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 Class
A shares of the Fund, the payment of advertising costs and the payment for the
printing and distribution of prospectuses to prospective investors.
SGCS bears distribution costs of a Fund to the extent they exceed payments
received under the Plan. For the six months ended September 30, 1998 the dis-
tribution fees paid or payable to SGCS by SoGen International Fund, SoGen Over-
seas Fund and SoGen Gold Fund were $4,473,980, $1,111,624 and $34,942, respec-
tively.
NOTE 4--PURCHASES AND SALES OF SECURITIES
During the six months ended September 30, 1998 the aggregate cost of pur-
chases of investments, excluding U.S. Government obligations and short-term se-
curities, totaled $90,697,430, $44,099,228 and $1,130,687 for SoGen Interna-
tional Fund, SoGen Overseas Fund and SoGen Gold Fund, respectively, and pro-
ceeds from sales of investments, excluding U.S. Government obligations and
short-term securities, totaled $481,665,350, $193,764,329 and $3,405,278 for
SoGen International Fund, SoGen Overseas Fund and SoGen Gold Fund, respective-
ly. During the same period, the cost of purchases and proceeds from sales of
U.S. Government obligations totaled $27,795,389 and $6,542,000, respectively,
for SoGen International Fund.
NOTE 5--CAPITAL STOCK
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SOGEN SOGEN
INTERNATIONAL FUND OVERSEAS FUND
-------------------- --------------------- SOGEN SOGEN
CLASS A CLASS I CLASS A CLASS I GOLD FUND MONEY FUND
----------- ------- ----------- -------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS ENDED SEPTEMBER 30, 1998
Shares sold............ 5,428,574 162,235 7,730,717 757,505 1,048,555 48,083,757
Shares issued for
reinvested dividends
and distributions..... 9,802,420 -- 5,490,644 -- -- 532,161
Shares redeemed........ (32,620,969) -- (26,631,349) (188,405) (852,533) (36,343,694)
----------- ------- ----------- -------- --------- -----------
Net increase
(decrease)............ (17,389,975) 162,235 (13,409,988) 569,100 196,022 12,272,224
=========== ======= =========== ======== ========= ===========
</TABLE>
37
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
<TABLE>
<CAPTION>
SOGEN SOGEN
INTERNATIONAL OVERSEAS SOGEN SOGEN
FUND FUND GOLD FUND MONEY FUND
------------- ----------- ---------- -----------
<S> <C> <C> <C> <C>
YEAR ENDED MARCH 31, 1998
Shares sold.............. 22,874,430 29,811,448 2,680,555 84,544,002
Shares issued for
reinvested dividends and
distributions........... 14,971,308 7,983,478 218,395 630,970
Shares redeemed.......... (37,127,256) (32,183,366) (3,558,392) (79,260,149)
----------- ----------- ---------- -----------
Net increase (de-
crease)............... 718,482 5,611,560 (659,442) 5,914,823
=========== =========== ========== ===========
</TABLE>
NOTE 6--COMMITMENTS
As of September 30, 1998 SoGen International Fund, SoGen Overseas Fund and
SoGen Gold Fund had entered into forward currency contracts, as summarized
below, resulting in net unrealized appreciation (depreciation) of $2,850,647,
$2,159,997 and $(4,116), respectively.
SoGen International Fund
TRANSACTION HEDGES:
Foreign Currency Purchases
<TABLE>
<CAPTION>
U.S. $ UNREALIZED UNREALIZED
SETTLEMENT VALUE AT U.S. $ APPRECIATION AT DEPRECIATION AT
DATES FOREIGN CURRENCY TO SEPTEMBER 30, TO BE SEPTEMBER 30, SEPTEMBER 30,
THROUGH BE RECEIVED 1998 DELIVERED 1998 1998
- ---------- ------------------------------ ------------- ------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
12/21/98 35,000 Australian Dollar $20,799 $21,046 -- $(247)
10/05/98 1,342,500 Swiss Franc 972,474 968,360 $4,114 --
10/05/98 1,193,750 Deutsche Mark 715,056 711,731 3,325
10/05/98 2,370,089 French Franc 423,374 422,175 1,199 --
10/05/98 104,003 Hong Kong Dollar 13,421 13,423 -- (2)
10/01/98 99,732,000 Japanese Yen 729,302 744,130 -- (14,828)
10/05/98 1,306,680 New Zealand Dollar 654,712 648,728 5,984 --
10/06/98 1,919,839 South African Rand 324,023 328,470 -- (4,447)
---------- ---------- ------- --------
3,853,161 3,858,063 14,622 (19,524)
---------- ---------- ------- --------
Foreign Currency Sales
<CAPTION>
U.S. $ UNREALIZED UNREALIZED
SETTLEMENT U.S. $ VALUE AT APPRECIATION AT DEPRECIATION AT
DATES FOREIGN CURRENCY TO TO BE SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
THROUGH BE DELIVERED RECEIVED 1998 1998 1998
- ---------- ------------------------------ ------------- ------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/07/98 121,857 Australian Dollar 71,769 72,472 -- (703)
10/02/98 934,112 Swiss Franc 671,947 676,647 -- (4,700)
10/02/98 726,100 Deutsche Mark 433,374 434,934 -- (1,560)
10/02/98 302,839 Finnish Markka 59,294 59,585 -- (291)
10/30/98 17,129,759 French Franc 3,029,895 3,059,924 -- (30,029)
11/10/98 469,870 Pound Sterling 794,284 798,286 -- (4,002)
10/05/98 262,940,004 Greek Drachma 909,689 913,906 -- (4,217)
10/05/98 216,522,239 Japanese Yen 1,603,134 1,583,344 19,790 --
10/05/98 1,525,171 Swedish Krona 194,466 193,906 560 --
---------- ---------- ------- --------
7,767,852 7,793,004 20,350 (45,502)
---------- ---------- ------- --------
</TABLE>
38
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
PORTFOLIO HEDGES:
<TABLE>
<CAPTION>
UNREALIZED UNREALIZED
SETTLEMENT U.S. $ U.S. $ VALUE AT APPRECIATION AT DEPRECIATION AT
DATES FOREIGN CURRENCY TO TO BE SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
THROUGH BE DELIVERED RECEIVED 1998 1998 1998
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
12/21/98 41,265,000 Australian Dollar $ 24,645,934 $ 24,501,093 $ 144,841 --
4/07/99 125,927,000 Swiss Franc 133,149,861 135,443,153 -- $ (2,293,292)
4/14/99 145,275,000 Deutsche Mark 125,980,709 126,809,629 -- (828,920)
12/14/98 576,385,000 French Franc 187,659,505 194,784,523 -- (7,125,018)
5/05/99 1,670,000 Pound Sterling 8,404,170 8,557,748 -- (153,578)
11/13/00 24,823,570,000 Japanese Yen 199,125,111 189,843,085 9,282,026 --
10/06/98 94,940,000 New Zealand Dollar 51,414,835 47,560,193 3,854,642 --
------------ ------------ ----------- -------------
730,380,125 727,499,424 13,281,509 (10,400,808)
------------ ------------ ----------- -------------
$742,001,138 $739,150,491 $13,316,481 $(10,465,834)
============ ============ =========== =============
SoGen Overseas Fund
TRANSACTION HEDGES:
Foreign Currency Purchases
<CAPTION>
UNREALIZED UNREALIZED
SETTLEMENT U.S. $ VALUE AT U.S. $ APPRECIATION AT DEPRECIATION AT
DATES FOREIGN CURRENCY TO SEPTEMBER 30, TO BE SEPTEMBER 30, SEPTEMBER 30,
THROUGH BE RECEIVED 1998 DELIVERED 1998 1998
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/05/98 435,000 Deutsche Mark $262,062 $260,843 $1,219 --
10/05/98 867,000 French Franc 154,874 154,435 439 --
10/05/98 23,217,321 Japanese Yen 169,779 171,990 -- $(2,211)
10/05/98 450,247 New Zealand Dollar 225,596 223,480 2,116 --
10/05/98 1,575,300 Swiss Franc 1,141,108 1,133,598 7,510 --
------------ ------------ ----------- -------------
1,953,419 1,944,346 11,284 (2,211)
------------ ------------ ----------- -------------
Foreign Currency Sales
<CAPTION>
UNREALIZED UNREALIZED
SETTLEMENT U.S. $ U.S. $ VALUE AT APPRECIATION AT DEPRECIATION AT
DATES FOREIGN CURRENCY TO TO BE SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
THROUGH BE DELIVERED RECEIVED 1998 1998 1998
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/02/98 403,785 Finnish Markka 79,062 79,446 -- (384)
10/02/98 21,925,989 Spanish Peseta 153,901 154,555 -- (654)
10/05/98 1,972,903 Deutsche Mark 1,180,079 1,181,768 -- (1,689)
10/05/98 2,000,929 Greek Drachma 6,948 6,955 -- (7)
10/05/98 206,511,635 Japanese Yen 1,523,845 1,510,140 13,705 --
10/05/98 764,669 Swedish Krona 97,530 97,218 312 --
10/05/98 1,178,654 Swiss Franc 848,607 853,788 -- (5,181)
10/06/98 95,617 New Zealand Dollar 47,948 47,909 39 --
10/07/98 129,341 Australian Dollar 77,087 76,861 226 --
10/07/98 84,556 Singapore Dollar 49,537 50,048 -- (511)
11/02/98 9,641,097 French Franc 1,713,167 1,722,209 -- (9,042)
11/10/98 653,837 Pound Sterling 1,108,369 1,110,836 -- (2,467)
------------ ------------ ----------- -------------
6,886,080 6,891,733 14,282 (19,935)
------------ ------------ ----------- -------------
</TABLE>
39
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
PORTFOLIO HEDGES:
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT U.S. $ VALUE AT APPRECIATION AT UNREALIZED
DATES FOREIGN CURRENCY TO U.S. $ TO BE SEPTEMBER 30, SEPTEMBER 30, DEPRECIATION AT
THROUGH BE DELIVERED RECEIVED 1998 1998 MARCH 31, 1998
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/06/98 34,035,500 New Zealand Dollar $ 18,478,942 $ 17,100,816 $1,378,126 --
12/14/98 206,143,400 French Franc 74,411,449 76,932,495 -- $(2,521,046)
12/21/98 22,935,000 Australian Dollar 14,145,741 14,049,868 95,873 --
4/07/99 47,196,000 Swiss Franc 49,973,752 50,750,119 -- (776,367)
4/14/99 58,031,500 Deutsche Mark 49,946,508 50,453,909 -- (507,401)
5/05/99 510,000 Pound Sterling 2,571,972 2,613,444 -- (41,472)
11/13/00 12,142,213,800 Japanese Yen 98,512,502 93,983,638 4,528,864 --
------------ ------------ ---------- ------------
308,040,866 305,884,289 6,002,863 (3,846,286)
------------ ------------ ---------- ------------
$316,880,365 $314,720,368 $6,028,429 $(3,868,432)
============ ============ ========== ============
SoGen Gold Fund
TRANSACTION HEDGES:
Foreign Currency Purchases
<CAPTION>
UNREALIZED UNREALIZED
SETTLEMENT U.S. $ VALUE AT APPRECIATION AT DEPRECIATION AT
DATES FOREIGN CURRENCY TO SEPTEMBER 30, U.S. $ TO BE SEPTEMBER 30, SEPTEMBER 30,
THROUGH BE RECEIVED 1998 DELIVERED 1998 1998
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/06/98 582,676 South African Rand $98,342 $99,762 -- $(1,420)
------------ ------------ ---------- ------------
Foreign Currency Sales
<CAPTION>
UNREALIZED UNREALIZED
SETTLEMENT U.S. $ VALUE AT APPRECIATION AT DEPRECIATION AT
DATES FOREIGN CURRENCY TO U.S. $ TO BE SEPTEMBER 30, SEPTEMBER 30, SEPTEMBER 30,
THROUGH BE DELIVERED RECEIVED 1998 1998 1998
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/05/98 860,000 Swiss Franc 620,267 622,963 -- (2,696)
------------ ------------ ---------- ------------
$718,609 $722,725 -- $(4,116)
============ ============ ========== ============
</TABLE>
NOTE 7--SUBSEQUENT EVENT
On August 13, 1998, Societe Generale Asset Management S.A., parent company of
SGAM Corp., announced that it and Mr. Jean-Marie Eveillard, the Chief Executive
Officer and a shareholder of SGAM Corp., had signed an agreement (the "Purchase
Agreement") with Liberty Financial Companies, Inc. ("Liberty Financial") pro-
viding for Liberty Financial's purchase of all the outstanding shares of SGAM
Corp.
If the stock purchase contemplated by the Purchase Agreement occurs, SoGen
International Fund, SoGen Overseas Fund and SoGen Gold Fund will be reorganized
to become separate funds within the Colonial family of mutual funds sponsored
by Liberty Financial's subsidiary, The Colonial Group, Inc. SGAM Corp. will
continue as investment adviser to the successor Colonial Funds, with the same
investment objectives, portfolio managers and investment process and with sub-
stantially the same investment policies. Colonial Management Associates, Inc.
("Colonial") and its affiliates will provide administrative, distribution and
other non-investment advisory services to the successor funds.
40
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 7--SUBSEQUENT EVENT (continued)
The Agreement also provides for the merger of SoGen Money Fund into the ex-
isting Colonial Money Market Fund managed by Stein Roe & Farnham Incorporated,
another affiliate of Liberty Financial.
The Board of Directors of SoGen Funds, Inc. approved the reorganizations of
SoGen International Fund, SoGen Overseas Fund and SoGen Gold Fund and the
merger of SoGen Money Fund into the Colonial Money Market Fund. Such proposal
has been submitted to the shareholders of the respective Funds for approval at
a special meeting of shareholders to be held on December 18, 1998.
41
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 1998
(UNAUDITED) YEAR ENDED MARCH 31,
------------------ --------------------------------------------------
CLASS A CLASS I ^ 1998 1997 1996 1995 1994
--------- ---------- ------- ------- ------- ------ ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
SOGEN INTERNATIONAL FUND
SELECTED PER SHARE DATA
Net asset value,
beginning of period... $27.42 $24.59 $26.68 $26.09 $23.20 $23.32 $20.12
--------- --------- ------- ------- ------- ------ ------
Income from investment
operations:
Net investment income.. 1.12 0.04 1.47 0.76 1.06 0.10 0.53
Net realized and
unrealized gains
(losses) on
investments........... (4.31) (2.29) 2.10 1.66 3.37 0.49 3.37
--------- --------- ------- ------- ------- ------ ------
Total from investment
operations........... (3.19) (2.25) 3.57 2.42 4.43 0.59 3.90
--------- --------- ------- ------- ------- ------ ------
Less distributions:
Dividends from net
investment income..... (1.07) -- (1.36) (1.09) (0.81) (0.15) (0.47)
Distributions from
capital gains......... (0.83) -- (1.47) (0.74) (0.73) (0.56) (0.23)
--------- --------- ------- ------- ------- ------ ------
Total distributions... (1.90) -- (2.83) (1.83) (1.54) (0.71) (0.70)
--------- --------- ------- ------- ------- ------ ------
Net asset value, end of
period................ $22.33 $22.34 $27.42 $26.68 $26.09 $23.20 $23.32
========= ========= ======= ======= ======= ====== ======
TOTAL RETURN++......... (12.27%)# (9.15%)# 7.74% 9.48% 19.57% 2.63% 19.50%
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (millions)..... $2,898 $3 $4,035 $3,908 $3,033 $1,922 $1,781
Ratio of operating
expenses to average
net assets+........... 1.22%* 1.20%* 1.18% 1.21% 1.25% 1.26% 1.28%
Ratio of net investment
income to average net
assets+............... 2.79%* 3.07%* 2.80% 3.08% 3.71% 2.70% 2.34%
Portfolio turnover
rate.................. 3.84% 3.84% 20.63% 12.85% 9.64% 12.96% 23.96%
Average commision rate
paid ^................ $0.011 $0.011 $0.028 $0.003 $0.013 -- --
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 1998 PERIOD FROM
(UNAUDITED) YEAR ENDED MARCH 31, AUGUST 31, 1993
----------------------- --------------------------------- TO MARCH 31,
CLASS A CLASS I ^ 1998 1997 1996 1995 1994
--------- ---------- ------- ------- ------- ------ ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
SOGEN OVERSEAS FUND
SELECTED PER SHARE DATA
Net asset value,
beginning of period... $13.52 $12.31 $13.84 $13.26 $11.65 $11.54 $10.00
--------- --------- ------- ------- ------- ------ ------
Income from investment
operations:
Net investment income
(loss)................ 0.81 0.01 0.88 0.61 0.48 0.14 (0.01)
Net realized and
unrealized gains
(losses) on
investments........... (2.56) (1.64) 0.31 0.95 1.74 0.04 1.55
--------- --------- ------- ------- ------- ------ ------
Total from investment
operations........... (1.75) (1.63) 1.19 1.56 2.22 0.18 1.54
--------- --------- ------- ------- ------- ------ ------
Less distributions:
Dividends from net
investment income..... (0.72) -- (0.825) (0.60) (0.44) (0.05) --
Distributions from
capital gains......... (0.37) -- (0.685) (0.38) (0.17) (0.02) --
--------- --------- ------- ------- ------- ------ ------
Total distributions... (1.09) -- (1.51) (0.98) (0.61) (0.07) --
--------- --------- ------- ------- ------- ------ ------
Net asset value, end of
period................ $10.68 $10.68 $13.52 $13.84 $13.26 $11.65 $11.54
========= ========= ======= ======= ======= ====== ======
TOTAL RETURN++......... (14.01%)# (13.24%)# 10.00% 12.16% 19.47% 1.56% 15.35%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (millions)..... $652 $6 $1,007 $953 $647 $439 $120
Ratio of operating
expenses to average
net assets+........... 1.27%* 1.75%* 1.22% 1.27% 1.37% 1.40% 1.72%*
Ratio of net investment
income to average net
assets+............... 2.47%* 1.30%* 2.20% 2.28% 3.31% 2.29% (0.23%)*
Portfolio turnover
rate.................. 5.50% 5.50% 22.13% 15.18% 9.46% 3.16% 6.11%
Average commission rate
paid ^................ $0.0229 $0.0229 $0.0177 $0.0207 $0.0190 -- --
</TABLE>
- -------
See Notes to Financial Statements.
42
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
PERIOD FROM
SIX MONTHS ENDED YEAR ENDED MARCH 31, AUGUST 31, 1993
SEPTEMBER 30, 1998 ---------------------------------- TO MARCH 31,
(UNAUDITED) 1998 1997 1996 1995 1994
------------------ ------ ------- ------- ------ ---------------
<S> <C> <C> <C> <C> <C> <C>
SOGEN GOLD FUND
SELECTED PER SHARE DATA
Net asset value,
beginning of period.... $7.31 $10.60 $12.25 $11.28 $11.42 $10.00
------- ------ ------- ------- ------ ------
Income from investment
operations:
Net investment income
(loss)................ (0.01) 0.13 0.26 0.24 0.08 (0.01)
Net realized and
unrealized gains
(losses) on
investments........... (0.77) (3.03) (1.75) 1.35 (0.10) 1.43
------- ------ ------- ------- ------ ------
Total from investment
operations........... (0.78) (2.90) (1.49) 1.59 (0.02) 1.42
------- ------ ------- ------- ------ ------
Less distributions:
Dividends from net
investment income..... -- (0.39) (0.14) (0.35) (0.04) --
Distributions from
capital gains......... -- -- (0.02) (0.27) (0.08) --
------- ------ ------- ------- ------ ------
Total distributions... -- (0.39) (0.16) (0.62) (0.12) --
------- ------ ------- ------- ------ ------
Net asset value, end of
period................. $6.53 $7.31 $10.60 $12.25 $11.28 $11.42
======= ====== ======= ======= ====== ======
TOTAL RETURN++.......... (10.67%)# (27.23%) (12.21%) 14.81% (0.14%) 14.15%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (millions)...... $29 $31 $53 $63 $51 $22
Ratio of operating
expenses to average net
assets+................ 1.62%* 1.55% 1.45% 1.41% 1.46% 2.27%*
Ratio of net investment
income to average net
assets+................ 2.79%* 1.47% 1.20% 1.29% 0.79% (0.32%)*
Portfolio turnover
rate................... 4.12% 11.2% 16.83% 22.40% 11.56% 4.55%
Average commission rate
paid ^................. $0.0013 $0.013 $0.0009 $0.0002 -- --
<CAPTION>
PERIOD FROM
SIX MONTHS ENDED YEAR ENDED MARCH 31, AUGUST 31, 1993
SEPTEMBER 30, 1998 ---------------------------------- TO MARCH 31,
(UNAUDITED) 1998 1997 1996 1995 1994
------------------ ------ ------- ------- ------ ---------------
<S> <C> <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 $1.00
------- ------ ------- ------- ------ ------
Income from investment
operations:
Net investment income.. 0.02 0.05 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 0.05 0.04 0.01
------- ------ ------- ------- ------ ------
Less distributions:
Dividends from net
investment income..... (0.02) (0.05) (0.05) (0.05) (0.04) (0.01)
Distributions from
capital gains......... -- -- -- -- -- --
------- ------ ------- ------- ------ ------
Total distributions... (0.02) (0.05) (0.05) (0.05) (0.04) (0.01)
------- ------ ------- ------- ------ ------
Net asset value, end of
period................. $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======= ====== ======= ======= ====== ======
TOTAL RETURN............ 4.91%* 4.97% 4.61% 5.03% 4.13% 1.25%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (millions)...... $31 $19 $13 $8 $10 $6
Ratio of operating
expenses to average net
assets+................ 0.75%* 0.75% 0.75% 0.75% 0.75% 0.75%*
Ratio of net investment
income to average net
assets+................ 4.91%* 4.92% 4.63% 4.98% 4.14% 2.18%*
</TABLE>
- -------
See Notes to Financial Statements.
43
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL HIGHLIGHTS
^ July 31, 1998 inception date for Class I shares.
++Does not give effect to the deduction of the sales load.
* Annualized.
# Not annualized.
++ 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.
^ Average commission rate paid is expressed on a per share basis. Not all com-
missions are computed on a per share basis; therefore, commissions expressed
as a percentage of transactions may be higher. Due to Securities and Ex-
change Commission disclosure guidelines, average commissions per share are
calculated only for the periods subsequent to the year ended March 31, 1995.
+ The ratio of operating expenses to average net assets without the effect of
earnings credits and in the case of SoGen Money Fund, without the effect of
earnings credits, investment advisory fee waiver and expense reimbursement
are as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 1998
(UNAUDITED) YEAR ENDED MARCH 31,
------------------ -----------------------------
CLASS A CLASS I ^ 1998 1997 1996 1995 1994+
--------- ---------- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
SoGen International
Fund................... 1.22% 1.20% 1.19% 1.21% 1.25% 1.26% 1.28%
SoGen Overseas Fund..... 1.27% 1.75% 1.22% 1.27% 1.38% 1.40% 1.72%
SoGen Gold Fund......... 1.63% -- 1.56% 1.46% 1.43% 1.46% 2.27%
SoGen Money Fund........ 0.82% -- 1.01% 1.14% 0.97% 1.55% 4.00%
The ratio of net investment income to average net assets without the effect
of earnings credits, and in the case of SoGen Money Fund, without the ef-
fect of earnings credits, investment advisory fee waiver and expense reim-
bursement are as
follows:
<CAPTION>
SIX MONTHS ENDED
SEPTEMBER 30, 1998
(UNAUDITED) YEAR ENDED MARCH 31,
------------------ -----------------------------
CLASS A CLASS I ^ 1998 1997 1996 1995 1994+
--------- ---------- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C>
SoGen International
Fund................... 2.78% 3.06% 2.80% 3.08% 3.71% 2.70% 2.34%
SoGen Overseas Fund..... 2.47% 1.30% 2.20% 2.27% 3.30% 2.29% (0.23%)
SoGen Gold Fund......... 2.78% -- 1.46% 1.19% 1.26% 0.79% (0.32%)
SoGen Money Fund........ 4.84% -- 4.66% 4.26% 4.76% 3.34% (1.07%)
</TABLE>
+ For the period from August 31, 1993 to March 31, 1994 for SoGen Overseas
Fund, SoGen Gold Fund and SoGen Money Fund.
- --------
See Notes to Financial Statements.
44
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK.]
45
<PAGE>
SoGen Funds, Inc.
1221 AVENUE OF THE AMERICAS
NEW YORK, NY 10020
DIRECTORS AND OFFICERS
DIRECTORS
Philippe Collas Dominique Raillard
Jean-Marie Eveillard Nathan Snyder
Fred J. Meyer
OFFICERS
Philippe Collas...........................................Chairman of the Board
Jean-Marie Eveillard..................................................President
Philip J. Bafundo.......................Vice President, Secretary and Treasurer
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. SG Cowen 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
801 Pennsylvania 4 Chase MetroTech Center
Kansas City, MO 64105 Brooklyn, NY 11245
SHAREHOLDER SERVICING AGENT
DST Systems, Inc.
1004 Baltimore
Kansas City, MO 64105
(800) 334-2143
The financial information included herein is taken from the records of the
Funds without examination by the Funds' independent auditors, who do not ex-
press an opinion thereon.
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of SoGen Funds,
Inc.
<PAGE>
SOGEN FUNDS, INC.
1221 Avenue of the Americas
New York, NY 10020
(800) 334-2143
[GRAPHIC]
