<PAGE>
SoGen Overseas Fund
SoGen Gold Fund
SoGen Money Fund
[LOGO APPEARS HERE]
Fifth Annual Report
March 31, 1998
<PAGE>
SoGen Funds, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
SOGEN OVERSEAS FUND
From inception (four years and seven months ago) through March 31, 1998 the
value of an investment in your Fund increased at a compounded average annual
rate of 12.67%. Over the past twelve months, the rate was 10.00%.*
As of March 31, 1998 your Fund's net assets, on an economic basis, were in-
vested as follows:
<TABLE>
<S> <C>
Foreign stocks/(1)/ 78.8%
U.S. dollar bonds 6.6
Foreign currency bonds 5.1
Cash and equivalents 9.5
-----
100.0%
=====
</TABLE>
- --------
/(1)/ Includes convertible bonds with moderate premia.
The ten major holdings were Kuhne & Nagel International AG Bearer (Swiss
based freight forwarding company); Secom Co., Ltd. (Japanese provider of secu-
rity services and equipment); Buderus AG (German heating products company);
Sika Finanz AG Bearer (Swiss specialty chemicals producer); Bank for Interna-
tional Settlements, U.S. and French Tranches (the central banks' central bank,
with some gold assets); Legrand ADP (French low-voltage electrical fittings
manufacturer); Nestle SA Registered (Swiss based multinational food company);
CDL Hotels International Limited (Hong Kong listed hotel chain operating world-
wide); Societe Generale d'Affichage D.R.C. (Swiss billboard advertiser); and
Fuji Photo Film Co., Ltd. (Japanese film and imaging company).
In the past three years, and particularly in 1997, stock markets in Europe
accelerated on the upside, with big stocks doing much better than smaller ones.
Meanwhile, Japanese stocks remained mired in an eight-year bear market.
That has not been the best environment for us. First, we have always made
some room for cash--as a reserve--and fixed income securities--as a low risk
financial asset. Second, with equities, we have steadily emphasized "value" and
focused mostly on the securities of smaller or medium-size companies. Third, we
have seen "value" in some Japanese stocks.
We see risk today in high valuations of big stocks in Europe, in the leverage
associated with "derivatives" (futures and options), in the potential for a
brief financial crisis in Japan, in a possible policy mistake by monetary au-
thorities.
We expect that circumstances will turn less hostile to our investment ap-
proach at some point in the future.
<PAGE>
SOGEN GOLD FUND
From inception (four years and seven months ago) the value of an investment
in your Fund decreased at a compounded average annual rate of 3.82%. Over the
past twelve months, the net asset value declined 27.23%.*
As of March 31, 1998 your Fund's net assets, on an economic basis, were in-
vested as follows:
<TABLE>
<S> <C>
Bank for International
Settlements
(U.S. and French Tranches) 13.9%
Freeport McMoRan Copper and Gold
(Preferred Series B, C, and D) 19.4
U.S. securities 14.3
Canadian securities 15.8
Australian and New Zealand
securities 3.7
South African securities 16.6
Miscellaneous securities 15.7
Cash and equivalents 0.6
-----
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 the price of the metal low.
However, it may become apparent this year that large European central banks do
not intend to sell. If so, the price of gold may recover.
SOGEN MONEY FUND
Short-term interest rates are still low. Any increase in the future would
probably be associated with either higher inflation in the U.S. or a stabiliza-
tion and recovery in the economies of Japan and the rest of Asia.
Separately, I am pleased to announce that John L. DeVita has joined our secu-
rities analysis team.
Sincerely yours,
/s/ Jean-Marie Eveillard
Jean-Marie Eveillard
President
May 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 information).
2
<PAGE>
SoGen Funds, Inc.
INVESTMENT RESULTS
Comparisons of Change in Value of a $10,000 Investment in SoGen Funds, Inc. and
Various Indices
SoGen Overseas Fund
AVERAGE ANNUAL RATES OF RETURN AS OF MARCH 31, 1998
[LINE GRAPH APPEARS HERE]
Since Inception
(8/31/93) 1 Year
--------- ------
11.73% 5.87%
<TABLE>
<CAPTION>
SoGen Overseas Fund MSCI EAFE Index Consumer Price Index
<S> <C> <C> <C>
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
</TABLE>
SoGen Gold Fund
AVERAGE ANNUAL RATES OF RETURN AS OF MARCH 31, 1998
[LINE GRAPH APPEARS HERE]
Since Inception
(8/31/93) 1 Year
--------- ------
4.62% 29.94%
<TABLE>
<CAPTION>
SoGen Gold Fund MSCI World Index FT Gold Mines Index Consumer Price Index
<S> <C> <C> <C> <C>
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
</TABLE>
Performance is historical and is not indicative of future results. The Funds'
results assume reinvestment of income dividends and capital gains distributions
and give effect to the maximum sales load of 3.75%. The MSCI EAFE Index and the
MSCI World Index returns assume reinvestment of dividends. The FT Gold Mines
Index is only available without dividends reinvested. Unlike Fund returns, the
indices do not reflect any fees or expenses.
3
<PAGE>
SoGen Funds, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
SOGEN OVERSEAS FUND
Over the past twelve months ended March 31, 1998, European stock markets
strongly advanced in local currency terms. Local economies generally experi-
enced steady growth, supported by declining interest rates, low inflation as
well as a stronger U.S. dollar while substantial progress was achieved towards
the establishment of the European economic and monetary union ("EMU"). Ongoing
corporate restructurings also helped generate significant earnings growth. As a
result, local equity markets recorded large gains, with particular strength in
large capitalization stocks. While the Fund owns a few large capitalization
stocks, most of its investments are concentrated in smaller stocks which lagged
the performance of the local stock market indices. In Asia, Japanese equities
continued to perform poorly: the Japanese financial sector remained under sig-
nificant pressure. Price declines were particularly steep for small stocks
while the stocks of large, export oriented companies fared better in a diffi-
cult market. As prices declined, the Fund selectively added to its Japanese
holdings throughout the year. In the rest of Asia, several markets collapsed
and experienced sharp volatility in the summer as currency devaluations and fi-
nancial turmoil spread throughout the Southeast Asian region. The Fund's in-
vestments remained limited in that area, as few attractive opportunities were
found in recent months.
Overall, foreign stocks as a percentage of net assets accounted for approxi-
mately 79% of the portfolio at year end, compared with 72% the prior year.
Fixed income securities represented nearly 12% of net assets, a slight increase
from the prior year. Cash and equivalents declined from 18.5% to approximately
9.5% at year end. During the period, the negative impact of the rising U.S.
dollar on the value of the Fund's assets was minimized by partially hedging the
Fund's foreign currency exposure.
SOGEN GOLD FUND
Over the past twelve months ended March 31, 1998, the price of gold declined
by approximately 14.5%, ending the period at $300.95 per ounce--reaching a low
of $278.15 mid January 1998 before rebounding. The reported selling of gold re-
serves by central banks--the largest holders of gold bullion--was a key factor
in depressing gold prices. The Fund's holdings remain widely diversified across
the world. We continue to avoid speculative and overpriced mining stocks, while
favoring securities that are considered proxies for the price of gold bullion
and the convertible bonds or preferred stocks issued by gold mining companies.
4
<PAGE>
SoGen Funds, Inc.
SUMMARIES OF FUND DATA
The tables below cover the period from August 31, 1993 (inception of the
Funds) to March 31, 1998. The results shown should not be considered as a rep-
resentation of the dividend income or capital gain or loss which may be real-
ized from an investment made in a fund today. The amounts shown in the capital
gains distribution and income dividend columns were paid to shareholders dur-
ing the period ended with the date shown in the first column.
<TABLE>
<CAPTION>
NET ASSET
VALUE OF INVESTMENT
INVESTMENT WITH DIVIDENDS
NUMBER NET ASSET CAPITAL GAINS INCOME AND DISTRIBUTIONS
OF SHARES TOTAL NET VALUE DISTRIBUTIONS DIVIDENDS REINVESTED
OUTSTANDING ASSETS PER SHARE PER SHARE PER SHARE (CUMULATIVE)*
----------- -------------- --------- ------------- ---------- -------------------
<S> <C> <C> <C> <C> <C> <C>
SOGEN OVERSEAS FUND
August 31, 1993 5,000 $ 50,000 $10.00 -- -- $10.00
(inception)
March 31, 1994 10,387,229 119,843,407 11.54 -- -- 11.54
March 31, 1995 37,684,232 439,230,168 11.65 $0.02** $0.05 11.72
March 31, 1996 48,827,734 647,397,659 13.26 0.17+ 0.44 14.00
March 31, 1997 68,870,352 953,314,643 13.84 0.38++ 0.60 15.71
March 31, 1998 74,481,912 1,007,103,634 13.52 0.685+++ 0.825 17.28
- --------------------------------------------------------------------------------------------------
SOGEN GOLD FUND
August 31, 1993 3,500 $ 35,000 $10.00 -- -- $10.00
(inception)
March 31, 1994 1,961,653 22,406,115 11.42 -- -- 11.42
March 31, 1995 4,515,060 50,921,957 11.28 $0.08** $0.04 11.40
March 31, 1996 5,162,982 63,261,285 12.25 0.27+ 0.35 13.09
March 31, 1997 4,966,414 52,651,226 10.60 0.02++ 0.135 11.49
March 31, 1998 4,306,972 31,495,250 7.31 0.00 0.39 8.36
</TABLE>
- --------
* The calculation is based on an assumed investment in one share with income
dividends and capital gains distributions reinvested in additional shares.
(No adjustment has been made for any income taxes payable by shareholders
on such dividends and distributions.)
** Comprised entirely of net short-term capital gains.
+ Includes net short-term capital gains per share in the amounts of $0.07 and
$0.14 for SoGen Overseas Fund and SoGen Gold Fund, respectively.
++ Includes net short-term capital gains per share in the amounts of $0.04 and
$0.01 for SoGen Overseas Fund and SoGen Gold Fund, respectively.
+++ Includes net short-term capital gains per share in the amount of $0.075
for SoGen Overseas Fund.
5
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED KINGDOM AND IRELAND (4.43%)
1,864,454 Antofagasta Holdings plc (21)......... $ 9,496,894 $ 10,113,861
5,450,000 Lonrho plc (21)....................... 11,603,677 9,945,882
1,850,000 McBride plc (a)(12)................... 5,077,650 6,318,619
700,000 Greencore Group plc (4)............... 1,918,345 3,959,446
3,750,000 Aggregate Industries plc (6).......... 2,094,888 3,939,720
1,183,000 Royal Doulton plc (12)................ 4,817,851 3,911,760
675,000 Berisford plc (12).................... 1,910,883 2,531,466
100,000 Danka Business Systems plc ADR (12)... 1,678,494 1,837,500
100,000 Scottish Media Group plc (15)......... 621,771 1,248,991
150,000 RIT Capital Partners plc (22)......... 510,808 821,220
------------ --------------
39,731,261 44,628,465
------------ --------------
FINLAND (0.34%)
35,000 Vaisala Oy A (11)..................... 1,224,521 3,026,602
10,000 Aamulehti Yhtymae Oy II (15).......... 151,826 410,085
------------ --------------
1,376,347 3,436,687
------------ --------------
SWEDEN (2.56%)
335,000 Tidnings AB Marieberg (15)............ 8,947,240 10,165,460
85,000 Investor AB "B' (20).................. 3,448,805 4,553,571
155,000 AssiDoman AB (3)...................... 3,626,530 4,219,530
275,000 IRO AB (7)............................ 2,991,322 4,120,879
300,000 Gorthon Lines AB "B' (9).............. 1,557,476 1,798,202
220,000 Bylock & Nordsjofrakt AB "B' (9)...... 894,708 870,879
------------ --------------
21,466,081 25,728,521
------------ --------------
NORWAY (0.74%)
345,000 Schibsted ASA (15).................... 4,509,315 6,109,960
15,000 Orkla ASA "B' (12).................... 487,491 1,367,608
------------ --------------
4,996,806 7,477,568
------------ --------------
DENMARK (0.53%)
55,000 Carlsberg International A/S "B' (12).. 2,581,020 3,595,607
15,000 Kobenhavns Lufthavne A/S (9).......... 662,505 1,725,019
------------ --------------
3,243,525 5,320,626
------------ --------------
NETHERLANDS (1.43%)
75,000 Philips Electronics NV ADR (10)....... 2,540,389 5,507,812
100,000 Apothekers Cooperatie OPG U.A. (14)... 2,703,065 3,097,611
201,212 European City Estates (19)............ 3,267,199 2,599,401
50,000 Randstad Holding NV (16).............. 567,169 2,497,299
35,000 Holdingmaatschappij de Telegraaf NV
(15)................................. 334,731 742,946
------------ --------------
9,412,553 14,445,069
------------ --------------
BELGIUM (0.84%)
33,500 Deceuninck Plastics Industries SA (6). 5,491,832 8,422,365
------------ --------------
GERMANY (6.37%)
35,500 Buderus AG (7)........................ 15,193,672 16,083,521
12,000 Axel Springer Verlag AG (15).......... 6,886,690 10,327,749
115,000 Hornbach Holding AG Pfd. (13)......... 9,335,317 8,901,459
15,500 Sudzucker AG Pfd. (12)................ 7,203,794 7,811,037
165,000 Bayer AG (8).......................... 3,784,395 7,515,630
</TABLE>
6
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
GERMANY (continued)
56,500 Bertelsmann AG D.R.C. (15)............ $ 7,118,216 $ 6,758,776
285,000 Gerresheimer Glas AG (7).............. 4,748,138 3,779,534
100,000 IVG Holding AG (19)................... 3,212,681 2,928,361
------------ --------------
57,482,903 64,106,067
------------ --------------
FRANCE (12.70%)
90,000 Legrand ADP (7)....................... 7,918,117 15,098,182
25,000 Eurafrance (20)....................... 10,161,706 12,400,000
45,000 Europe 1 Communication (15)........... 10,000,742 11,985,455
33,500 Sagem ADP (10)........................ 9,658,415 10,909,495
50,000 Marine-Wendel (20).................... 4,647,635 9,082,828
50,000 Elf Aquitaine (2)..................... 3,705,094 6,561,616
40,000 Compagnie Generale des Eaux (18)...... 4,566,251 6,503,434
17,500 Promodes C.I. (13).................... 2,310,684 6,219,394
8,500 Taittinger (12)....................... 4,086,892 5,398,789
10,750 Taittinger C.I. (12).................. 2,804,275 3,987,273
37,500 Fimalac SA (20)....................... 3,413,285 4,430,303
85,000 Emin Leydier (3)...................... 6,380,958 5,783,434
105,000 Eramet (1)............................ 5,946,363 4,222,061
52,500 Gaumont SA (15)....................... 2,933,903 3,550,909
24,250 NSC Groupe (7)........................ 4,246,993 3,213,737
12,000 Robertet SA (12)...................... 2,368,955 2,441,697
7,708 Robertet SA C.I. (12)................. 1,101,847 984,133
47,638 Societe du Louvre (19)................ 756,648 2,425,207
25,000 Societe du Louvre C.I. (19)........... 1,214,164 1,454,545
30,000 Rougier SA (3)........................ 2,376,645 1,687,273
25,000 Burelle SA (a)(5)..................... 1,451,968 1,664,646
3,000 Societe Sucriere de Pithiviers-le-
Vieil (4)............................ 1,148,828 1,522,424
25,000 C.G.D.E. Michelin "B' (5)............. 1,165,824 1,494,545
26,500 Conflandey (1)........................ 1,501,829 1,413,333
10,000 Sabeton SA (20)....................... 1,843,091 1,212,121
12,875 Crometal (7).......................... 852,748 894,956
10,000 La Brosse et Dupont (12).............. 718,979 832,323
28,000 Teleflex Lionel Dupont (a)(7)......... 599,556 475,152
3,651 C.E.E. (Continentale d'Equipements
Electriques) (a)(7).................. 434,689 51,925
------------ --------------
100,317,084 127,901,190
------------ --------------
SWITZERLAND (9.31%)
23,645 Kuhne & Nagel International AG Bearer
(9).................................. 14,152,114 17,161,631
40,000 Sika Finanz AG Bearer (6)............. 10,464,053 15,974,252
7,850 Nestle SA Registered (12)............. 10,131,505 15,019,902
35,650 Societe Generale d'Affichage D.R.C.
(15)................................. 13,651,784 13,464,317
1,685 Bank for International Settlements
(U.S. Tranche) (24).................. 12,413,360 10,492,167
865 Bank for International Settlements
(French Tranche) (24)................ 6,502,518 4,892,929
27,250 Edipresse SA Bearer (15).............. 5,590,634 9,611,646
2,000 Lindt & Sprungli AG PC (12)........... 2,562,766 3,993,563
11,500 SAirgroup D.R.C. (a)(9)............... 1,296,329 3,187,625
------------ --------------
76,765,063 93,798,032
------------ --------------
</TABLE>
7
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
AUSTRIA (0.95%)
82,500 VAE AG (c)(9)........................ $ 8,288,455 $ 7,984,997
35,000 Flughafen Wien AG (9)................ 1,503,631 1,581,766
------------ --------------
9,792,086 9,566,763
------------ --------------
ITALY (1.28%)
7,000,000 Montedison SpA Non Convertible
Savings (21)........................ 3,789,038 7,226,798
275,000 Arnoldo Mondadori Editore SpA (15)... 1,855,669 3,171,334
350,000 Industrias Macchine Automatiche SpA
(7)................................. 1,368,213 2,517,847
------------ --------------
7,012,920 12,915,979
------------ --------------
SPAIN AND PORTUGAL (1.09%)
700,000 Energia e Industrias Aragonesas SA
(8)................................. 3,456,912 6,271,921
18,000 Corporacion Financiera Alba SA (20).. 1,273,003 2,447,293
45,000 Espirito Santo Financial Group SA ADR
(17)................................ 598,950 1,178,437
65,000 Companhia de Celulose do Caima SA
(3)................................. 1,269,666 1,099,366
------------ --------------
6,598,531 10,997,017
------------ --------------
GREECE (0.66%)
77,680 Titan Cement Co. (6)................. 1,141,872 5,677,737
379,380 H. Benrubi & Fils SA (12)............ 2,265,445 949,637
16,800 H. Benrubi & Fils SA Pfd. (12)....... 85,900 36,796
------------ --------------
3,493,217 6,664,170
------------ --------------
TURKEY (0.18%)
95,474,400 Medya Holding Group (15)............. 3,092,220 1,021,054
74,250,000 Sabah Yayincilik A.S. (15)........... 1,171,231 824,610
------------ --------------
4,263,451 1,845,664
------------ --------------
ISRAEL (0.99%)
1,742,500 Super-Sol (13)....................... 3,716,995 5,642,058
750,000 The Israel Land Development Company
Ltd. (a)(21)........................ 3,050,466 4,273,207
------------ --------------
6,767,461 9,915,265
------------ --------------
COMMONWEALTH OF INDEPENDENT STATES
(0.88%)
672,461 Firebird Fund, L.P. (a)(b)(e)(22).... 683,593 3,841,772
9,000 Baltic Republics Fund (a)(b)(e)(22).. 905,750 1,908,000
100,000 First NIS Regional Fund SICAF
(a)(b)(e)(22)....................... 1,000,000 1,900,000
7,252 Firebird Republics Fund, Ltd. Class
"A' (a)(b)(e)(22)................... 1,175,000 1,211,164
------------ --------------
3,764,343 8,860,936
------------ --------------
JAPAN (15.60%)
265,000 Secom Co., Ltd. (16)................. 15,095,439 16,217,383
350,000 Fuji Photo Film Co., Ltd. (12)....... 8,561,518 13,035,480
1,000,000 The Tokio Marine & Fire Insurance
Co., Ltd. (17)...................... 10,412,148 11,188,286
200,000 Ito-Yokado Co., Ltd. (13)............ 10,292,531 10,842,876
100,000 Toho Co., Ltd. (15).................. 13,600,566 10,737,751
400,000 Shimano Inc. (12).................... 7,575,846 8,470,058
1,450,000 The Nichido Fire & Marine Insurance
Co., Ltd. (17)...................... 9,422,449 7,839,309
1,925,000 The Dai-Tokyo Fire & Marine Insurance
Co., Ltd. (17)...................... 10,808,504 7,574,244
1,275,000 Nisshinbo Industries, Inc. (12)...... 10,966,985 6,424,066
525,000 Shiseido Company, Ltd. (12).......... 6,215,039 6,031,537
75,000 Hitachi, Ltd. ADR (11)............... 7,080,893 5,512,500
</TABLE>
8
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
JAPAN (continued)
1,575,000 Hanshin Electric Railway Co., Ltd.
(9)................................. $ 6,325,346 $ 4,825,230
371,500 Chofu Seisakusho Co., Ltd. (12)...... 6,810,896 4,798,048
1,225,000 Okumura Corporation (16)............. 6,515,954 4,617,608
234,000 T. Hasegawa Co., Ltd. (12)........... 5,247,845 4,568,425
1,000,000 The Koa Fire & Marine Insurance Co.,
Ltd. (17)........................... 5,921,975 4,265,065
1,285,000 The Dowa Fire & Marine Insurance Co.,
Ltd. (17)........................... 6,061,840 4,139,403
1,000,000 Aida Engineering, Ltd. (7)........... 6,423,804 4,092,360
585,000 Sotoh Co., Ltd. (12)................. 5,490,832 3,997,372
725,000 Tachi-S Co., Ltd. (5)................ 7,191,825 3,995,870
565,000 Shoei Co., Ltd. (20)................. 5,200,358 3,648,583
1,775,000 Iino Kaiun Kaisha, Ltd. (a)(9)....... 6,540,472 3,398,723
575,000 Nittetsu Mining Co., Ltd. (1)........ 4,819,595 2,331,519
215,000 Yomeishu Seizo Co., Ltd. (12)........ 1,359,275 1,388,399
125,000 Sonton Food Industry Co., Ltd. (12).. 1,293,963 1,201,427
65,000 Asatsu Inc. (15)..................... 2,087,547 1,142,106
25,000 Benesse Corporation (16)............. 737,786 700,206
17,000 Amatsuji Steel Ball Mfg. Co., Ltd.
(7)................................. 207,138 136,587
------------ --------------
188,268,369 157,120,421
------------ --------------
SOUTH KOREA (1.41%)
71,050 Dong Ah Tire Industry Co., Ltd.
(a)(5).............................. 4,412,916 3,026,679
30,000 Nam Yang Dairy Products (12)......... 2,998,533 2,014,440
31,650 Nam Yang Dairy Products Pfd. (12).... 480,586 431,903
391,844 LG Electronics Inc. Pfd. (10)........ 2,852,457 1,598,497
20,000 Daeduck Electronics Co., Ltd. (10)... 857,575 1,588,448
18,000 Daeduck Industries (10).............. 705,240 909,747
50,000 Woong Jin Publishing Co., Ltd. (15).. 2,490,034 1,072,202
8,500 Su-Heung Capsule (12)................ 341,903 656,741
45,939 Samsung Electronics Co., Ltd. Pfd.
(10)................................ 3,011,582 636,844
100,000 LG Industrial Systems (7)............ 2,524,239 505,415
25,000 Fursys Incorporated (12)............. 563,564 462,094
105,275 Korean Air Lines Pfd. (a)(9)......... 1,084,190 342,049
31,740 Young Chang Akki Co. (12)............ 1,481,090 300,212
59,270 Cheil Jedang Corporation Pfd. (21)... 1,061,802 240,504
85,000 Choong Nam Spinning (a)(12).......... 1,596,424 166,011
121,863 Ssangyong Cement Industries Pfd. (6). 1,779,041 162,777
206 SK Telecom Co., Ltd. (16)............ 68,829 80,169
------------ --------------
28,310,005 14,194,732
------------ --------------
HONG KONG (2.37%)
39,600,042 CDL Hotels International Limited
(19)................................ 15,917,190 14,692,803
10,180,000 Shaw Brothers (Hong Kong) Limited
(15)................................ 12,566,600 6,700,221
2,500,000 South China Morning Post Holdings
Corp. (15).......................... 1,523,194 1,677,701
3,750,000 China-Hong Kong Photo Products
Holdings Limited (12)............... 1,338,148 832,398
------------ --------------
31,345,132 23,903,123
------------ --------------
MALAYSIA (0.14%)
425,000 Genting Berhad (12).................. 1,228,452 1,451,503
------------ --------------
SINGAPORE (0.88%)
1,450,000 Times Publishing Limited (15)........ 3,254,932 2,891,917
2,150,000 Delgro Corporation Ltd. (20)......... 4,618,880 2,570,146
1,000,000 Clipsal Industries Ltd. (6).......... 2,150,098 1,500,000
</TABLE>
9
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
SINGAPORE (continued)
1,750,000 Thakral Corporation Ltd. (13)......... $ 1,437,020 $ 875,000
1,250,000 Intraco, Ltd. (13).................... 1,978,011 696,810
750,000 Singapore Bus Service Limited (9)..... 586,071 369,309
------------ --------------
14,025,012 8,903,182
------------ --------------
THAILAND (0.32%)
595,400 Oriental Hotel PCL (19)............... 2,948,412 3,177,484
------------ --------------
VIETNAM (0.06%)
162,900 The Lazard Vietnam Fund Limited
(a)(b)(e)(22)........................ 448,873 407,250
42,800 The Vietnam Frontier Fund
(a)(b)(e)(22)........................ 440,840 192,600
------------ --------------
889,713 599,850
------------ --------------
INDIA AND PAKISTAN (0.32%)
325,836 The Pakistan Investment Fund, Inc.
(a)(22).............................. 2,548,239 1,445,897
149,500 The India Fund, Inc. (22)............. 1,788,520 1,083,875
10,000 The Spartek Emerging Opportunities of
India Fund (a)(b)(e)(22)............. 1,035,000 433,800
75,000 Gujarat Narmada Valley Fertilizers
Company Limited GDR (8).............. 862,500 150,000
50,000 Gujarat Narmada Valley Fertilizers
Company Limited GDR (b)(8)........... 640,625 100,000
------------ --------------
6,874,884 3,213,572
------------ --------------
AUSTRALIA AND NEW ZEALAND (2.57%)
5,200,549 Carter Holt Harvey Limited (3)........ 11,167,042 7,101,555
1,238,590 Independent Press Communications
Limited 5% exchangable preference
shares (15).......................... 6,842,301 6,265,504
6,250,000 Tasman Agriculture Limited (4)........ 4,437,058 2,937,016
3,250,000 Spotless Services Limited (16)........ 2,027,217 2,711,914
6,121,333 Shortland Properties Limited (19)..... 3,174,660 2,707,343
6,353,338 Evergreen Forests Limited (a)(3)...... 2,788,257 1,475,226
375,700 Radio Pacific Limited (15)............ 682,453 758,126
725,000 Eltin Limited (24).................... 2,309,039 657,780
800,000 Motors Holding Limited (13)........... 595,562 423,840
1,250,000 Wrightson Limited (4)................. 1,215,339 407,727
250,000 Damba Holdings Limited (13)........... 130,849 152,034
825,000 Apple Fields Limited (a)(4)........... 507,472 136,830
150,000 The Colonial Motor Company Limited
(13)................................. 169,520 124,391
------------ --------------
36,046,769 25,859,286
------------ --------------
CANADA (2.65%)
475,000 Noranda Inc. (21)..................... 8,806,986 9,405,278
250,000 Canadian Pacific Limited (21)......... 4,244,225 7,375,000
100,000 Canadian National Railway Company (9). 2,683,703 6,400,000
150,000 Franco-Nevada Mining Corp. Ltd. (24).. 3,204,853 3,488,003
------------ --------------
18,939,767 26,668,281
------------ --------------
MEXICO (1.17%)
2,545,000 Industrias Penoles, S.A. de C.V. (1).. 10,204,806 10,614,742
3,500,000 Grupo Fernandez Editores, S.A. de C.V.
"B' (a)(15).......................... 1,033,836 562,562
15,000 Grupo Televisa S.A. GDR (a)(15)....... 344,317 549,375
------------ --------------
11,582,959 11,726,679
------------ --------------
</TABLE>
10
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
ARGENTINA (0.46%)
3,030,864 Ledesma S.A.A.I. (4)................. $ 4,686,541 $ 2,819,098
450,000 Siderca S.A.I.C. (2)................. 265,818 1,201,668
262,500 Cresud S.A.C.I.F. y A. (a)(4)........ 411,316 559,203
------------ --------------
5,363,675 4,579,969
------------ --------------
SOUTH AFRICA (0.37%)
100,000 Omni Media Corporation (15).......... 782,730 1,557,100
203,494 JCI Limited (1)...................... 1,054,157 1,069,002
53,700 Anglo American Platinum Corporation
Ltd. (24)........................... 847,702 825,498
200,000 Stellenbosch Farmers' Winery Group
Limited (4)......................... 215,345 295,929
------------ --------------
2,899,934 3,747,529
------------ --------------
MISCELLANEOUS (2.13%)
215,000 Banco Latinoamericano de
Exportaciones S.A. Class "E'
(BLADEX) (17)....................... 9,025,370 8,089,375
259,500 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "D' (e)(24)........ 5,260,795 5,060,250
225,000 Minorco ADR (1)...................... 5,074,119 3,708,984
175,000 North European Oil Royalty Trust (2). 2,363,842 2,723,437
500 Socfinasia (20)...................... 673,348 1,456,521
5,000 Carl Marks Global Value Fund, L.P.
(a)(b)(e)(22)....................... 500,000 445,538
------------ --------------
22,897,474 21,484,105
------------ --------------
TOTAL COMMON AND PREFERRED STOCKS.... 733,596,021 762,660,100
------------ --------------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS (3.99%)
$1,100,000 Medya International Ltd. 10% due
6/28/2001 (15)...................... 969,884 852,500
1,250,000 International Container Terminal
Services, Inc. 5% due 9/15/2001 (9). 1,080,233 951,563
6,450,000 International Container Terminal
Services, Inc. 1 3/4% due 3/13/2004
(9)................................. 5,521,294 5,514,750
1,500,000 YangMing Marine Transportation 2% due
10/06/2001 (9)...................... 1,737,000 1,725,000
1,500,000 Tingyi (CI) Holdings 1 5/8% due
7/12/2002 (12)...................... 1,034,828 1,125,000
1,000,000 Sincere Navigation Corporation 3 3/4%
due 5/26/2003 (9)................... 1,051,125 1,207,500
2,150,000 IRSA Inversiones y Representaciones
S.A. 4 1/2% due 8/02/2003 (b)(19)... 2,229,295 2,375,750
1,210,000 IRSA Inversiones y Representaciones
S.A. 4 1/2% due 8/02/2003 (19)...... 1,358,314 1,337,050
8,156,000 Scandinavian Broadcasting System SA 7
1/4% due 8/01/2005 (15)............. 7,978,283 9,624,080
6,500,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (3)....................... 5,066,269 2,470,000
4,165,000 Tipco Asphalt Public Co. Ltd. 2 3/4%
due 9/19/2006 (6)................... 3,537,514 3,519,425
5,750,000 Cheil Jedang Corporation 3% due
12/31/2006 (21)..................... 6,892,481 6,468,750
1,000,000 LG Electronics Inc. 1/4% due
12/31/2007 (10)..................... 696,559 765,000
2,450,000 Samsung Electronics Co. Ltd. 0% due
12/31/2007 (10)..................... 1,862,249 2,094,750
145,000 Samsung Electronics Co. Ltd. 0% due
12/31/2007 (b)(10).................. 124,748 123,975
------------ --------------
41,140,076 40,155,093
------------ --------------
U.S. DOLLAR BONDS AND NOTES (4.37%)
2,500,000 IRSA Inversiones y Representaciones
S.A. 8 7/8% due 3/03/1999 (19)...... 2,427,394 2,518,910
300,000 Tubos de Acero de Mexico, S.A. 10
1/2% due 3/10/1999 (e)(2)........... 296,290 306,750
1,000,000 Cemex SA 10% due 11/05/1999 (6)...... 976,061 1,038,750
750,000 P.T. Inti Indorayon Utama 9 1/8% due
10/15/2000 (3)...................... 672,033 618,750
1,950,000 PT Pabrik Kertas Tjiwi Kimia 13 1/4%
due 8/01/2001 (3)................... 2,029,250 1,784,250
500,000 Vital Forsikring FRN due 12/22/2003
(6.9375% @ 3/31/1998) (17).......... 498,636 503,000
1,000,000 Wharf International Finance Ltd. 7
5/8% due 3/07/2007 (17)............. 852,998 893,750
800,000 Ministry of Finance Russia 10% due
6/26/2007 (23)...................... 721,956 765,500
</TABLE>
11
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<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)
$ 9,000,000 Grupo Televisa S.A. 0/13 1/4%
due 5/15/2008 (0% @
3/31/1998) (a)(15)........... $ 6,172,538 $ 7,031,250
5,750,000 Republic of Argentina Par 5
1/2% due 3/31/2023 (23)...... 2,850,409 4,405,937
5,750,000 Federal Republic of Brazil DCB
FRN due 4/15/2012 (6 3/4% @
3/31/1998) (23).............. 4,641,978 4,621,563
4,627,333 Federal Republic of Brazil "C'
Bonds 8% due 4/15/2014 (23).. 2,526,449 3,889,852
1,750,000 Federal Republic of Brazil Par
ZL 5 1/4% due 4/15/2024 (23). 806,912 1,319,063
2,250,000 United Mexican States Disc.
FRN "A' due 12/31/2019
(6.6925% @ 3/31/1998) (23)... 1,908,305 2,120,625
750,000 United Mexican States Disc.
FRN "B' due 12/31/2019
(6.6172% @ 3/31/1998) (23)... 627,151 706,875
2,000,000 United Mexican States Disc.
FRN "D' due 12/31/2019 (6
3/4% @ 3/31/1998) (23)....... 1,720,422 1,885,000
2,000,000 Republic of Bulgaria IAB due
7/28/2011 (6.5625% @
3/31/1998) (23).............. 1,474,643 1,568,750
1,000,000 Republic of Bulgaria Disc. "A'
FRN due 7/28/2024 (6.5625% @
3/31/1998) (23).............. 536,277 823,125
1,500,000 Republic of Poland Disc. FRN
due 10/27/2024 (6.6875% @
3/31/1998) (23).............. 1,049,971 1,471,875
1,500,000 Bergen Bank Floating Rate
Perpetual Notes (5.8125% @
3/31/1998) (17).............. 1,165,250 1,246,875
3,000,000 Christiana Bank Floating Rate
Perpetual Notes (6.0625% @
3/31/1998) (17).............. 2,326,250 2,557,500
2,000,000 Goldman Sachs Group L.P. Cocoa
Indexed Note 5.65% due
8/07/1998 (d)(4)............. 2,000,000 1,965,640
------------ --------------
38,281,173 44,043,590
------------ --------------
NON U.S. DOLLAR CONVERTIBLE
BONDS (3.51%)
NZD 2,153,666 Shortland Properties Limited 7
1/2% due 12/31/1998 (19)..... 1,013,716 946,570
CAD 3,250,000 InterTAN, Inc. 9% due
8/30/2000 (b)(e)(13)......... 2,393,997 2,370,257
JPY 185,000,000 Nippon Yusen Kabushiki 2% due
9/29/2000 (9)................ 2,094,452 1,459,996
JPY 250,000,000 Hanshin Railway Co., Ltd. 1
1/2% due 9/30/2005 (9)....... 1,967,490 1,717,665
FRF 41,509,260 Immobiliere Hoteliere 5% due
1/01/2001 (19)............... 6,473,452 5,831,293
FRF 3,696,000 Crometal 4 1/2% due 1/01/2001
(7).......................... 726,377 653,333
FRF 3,358,800 Gaumont SA 3 3/4% due
1/01/2003 (15)............... 653,654 663,467
FRF 16,000,000 Alcatel Alsthom 2 1/2% due
1/01/2004 (21)............... 3,110,687 3,733,333
ECU 775,000 Espirito Santo Financial Group
SA 8 3/4% due 4/10/2003 (17). 1,088,932 1,381,002
GBP 2,200,000 Lonrho Finance plc 6% due
2/27/2004 (21)............... 3,252,916 3,453,141
GBP 1,850,000 BAA plc 5 3/4% due 3/29/2006
(9).......................... 3,078,999 3,554,223
GBP 6,000,000 Berisford plc 5% due 1/31/2015
(12)......................... 6,583,621 9,568,339
------------ --------------
32,438,293 35,332,619
------------ --------------
NON U.S. DOLLAR BONDS AND
NOTES (3.35%)
ZAR 10,000,000 Republic of South Africa 13%
due 8/31/2010 (23)........... 1,945,964 1,967,370
KRW 3,500,000,000 Korean Development Bank 0% due
3/26/1999 (a)(23)............ 2,128,334 2,126,787
NZD 5,500,000 New Zealand Government 10% due
3/15/2002 (23)............... 3,975,359 3,296,806
NZD 7,000,000 Trans Power Finance Limited 8%
due 3/15/2002 (18)........... 4,393,847 3,841,440
NZD 500,000 Telecom Corp. of New Zealand 9
1/4% due 7/01/2002 (18)...... 305,179 287,482
NZD 1,500,000 Telecom Corp. of New Zealand 7
1/2% due 7/14/2003 (18)...... 882,745 810,616
AUD 20,000,000 Queensland Treasury
Corporation 8% due 9/14/2007
(23)......................... 15,108,617 15,159,101
GBP 500,000 Carlsberg Finance A/S 7% due
2/26/2013 (12)............... 853,784 852,470
FRF 21,500,000 United Mexican States Par
6.63% due 12/31/2019 (23).... 2,494,108 2,970,909
FRF 12,500,000 Republic of Venezuela Par
7.71% due 3/31/2020 (23)..... 1,386,444 1,752,525
CHF 500,000 Scandinavian Airlines System
Variable Rate Perpetual Notes
(3 5/8% @ 3/31/1998) (9)..... 247,886 256,166
</TABLE>
12
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS (continued)
NON U.S. DOLLAR BONDS AND NOTES
(continued)
DEM 900,000 Air Canada Variable Rate
Perpetual Notes (4 5/8% @
3/31/1998) (9).................. $ 349,963 $ 330,050
DEM 170,000 Air Canada 6 1/4% Perpetual Note
(9)............................. 99,289 110,545
------------ --------------
34,171,519 33,762,267
------------ --------------
TOTAL BONDS, NOTES AND
CONVERTIBLE BONDS............... 146,031,061 153,293,569
------------ --------------
SHORT-TERM INVESTMENTS (7.35%)
$ 8,450,000 Raytheon Company 6.00% due
4/01/1998....................... 8,450,000 8,450,000
6,733,000 Raytheon Company 5.80% due
4/01/1998....................... 6,733,000 6,733,000
13,062,000 Raytheon Company 5.80% due
4/03/1998....................... 13,057,791 13,057,791
12,221,000 Carter Holt Harvey Limited 6% due
4/06/1998....................... 12,210,816 12,210,816
5,798,000 Raytheon Company 5.78% due
4/06/1998....................... 5,793,346 5,793,346
2,076,000 Toshiba Capital (Asia) Limited
5.63% due 4/08/1998............. 2,073,727 2,073,727
9,047,000 Rayonier Inc. 5.70% due
4/09/1998....................... 9,035,541 9,035,541
7,087,000 Rayonier Inc. 5.70% due
4/09/1998....................... 7,078,023 7,078,023
9,604,000 CSX Corporation 5.76% due
4/30/1998....................... 9,559,437 9,559,437
------------ --------------
TOTAL SHORT-TERM INVESTMENTS..... 73,991,681 73,991,681
------------ --------------
TOTAL INVESTMENTS (98.30%)....... $953,618,763* $ 989,945,350**
============
Other assets in excess of
liabilities (1.70%) ............ 17,158,284
--------------
Net Assets (100.00%) ............ $1,007,103,634
==============
</TABLE>
13
<PAGE>
SoGen Overseas Fund
NOTES TO SCHEDULE OF INVESTMENTS
MARCH 31, 1998
(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 year ended March 31, 1998.
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
Affiliate Shares Cost Shares Cost Gain Income
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
VAE AG 22,000 $2,201,307 -- -- -- $121,677
</TABLE>
(d) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity or commodity in-
dex.
(e) Security for which there are less than three market makers.
* At March 31, 1998 cost is substantially identical for both book and federal
income tax purposes.
** Gross unrealized appreciation and depreciation of securities at March 31,
1998 were $148,629,663 and $112,303,076, respectively (net appreciation was
$36,326,587).
<TABLE>
<CAPTION>
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS
- ------------------ ------------------------
<S> <C> <C>
NZD--New Zealand Dollar (1) Metals and Minerals (13) Distribution
CAD--Canadian Dollar (2) Energy (14) Health Care
JPY--Japanese Yen (3) Forest Products (15) Media
FRF--French Franc (4) Agriculture (16) Services
ECU--European Currency
Unit (5) Automotive (17) Financial Institutions
GBP--Pound Sterling (6) Building Materials (18) Utilities
ZAR--South African Rand (7) Capital Goods (19) Real Estate
KRW--South Korean Won (8) Chemicals (20) Holding Companies
AUD--Australian Dollar (9) Transportation (21) Conglomerates
CHF--Swiss Franc (10) Electronics (22) Investment Companies
DEM--Deutsche Mark (11) Technology (23) Government Issues
(12) Consumer Products (24) Gold Related
</TABLE>
<TABLE>
<CAPTION>
BOND TYPES
- ---------- ---
<S> <C>
FRN--Floating Rate Note
DCB--Debt Conversion Bond
"C'--Capitalization
IAB--Interest in Arrears Bond
</TABLE>
- --------
See Notes to Financial Statements.
14
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
UNITED STATES (32.49%)
149,500 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "C' (c)................. $ 5,407,939 $ 3,204,906
100,000 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "D' (c)................. 2,151,079 1,950,000
41,500 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "B' (c)................. 1,553,927 983,031
65,000 Newmont Mining Corporation................ 2,438,764 1,986,563
1,000 Case, Pomeroy & Co., Inc. Class "A'....... 1,084,930 1,020,000
100,000 Homestake Mining Company.................. 2,021,673 1,087,500
----------- -----------
14,658,312 10,232,000
----------- -----------
CANADA (15.61%)
75,000 Franco-Nevada Mining Corp. Ltd............ 1,032,314 1,744,002
55,000 Euro-Nevada Mining Corp. Ltd.............. 290,874 930,134
45,000 Pan American Silver Corp. (a)............. 150,395 442,342
30,000 Placer Dome Inc........................... 643,000 395,625
115,000 Meridian Gold Inc. (a).................... 433,623 388,965
50,000 Cambior Inc............................... 645,905 339,992
65,000 TVX Gold Inc. (a)......................... 649,336 211,250
100,000 Miramar Mining Corporation (a)............ 202,289 173,343
45,000 Golden Star Resources Ltd. (a)............ 550,389 143,438
54,190 Echo Bay Mines Ltd. (a)................... 671,191 125,314
35,000 Pegasus Gold Inc. (a)..................... 552,623 15,400
110,000 TVI Pacific Inc. (a)...................... 91,101 6,201
----------- -----------
5,913,040 4,916,006
----------- -----------
AUSTRALIA (3.70%)
1,500,000 Perilya Mines N.L. (a).................... 896,936 437,085
575,000 Otter Gold Mines Limited (a).............. 656,373 327,483
285,000 Macraes Mining Company Limited............ 437,507 147,218
170,000 Macraes Mining Company Limited 7% due
9/15/1998................................ 338,804 84,437
500,000 Kidston Gold Mines Limited (a)............ 800,632 125,828
500,000 Panorama Resources NL (a)................. 107,089 42,218
----------- -----------
3,237,341 1,164,269
----------- -----------
SOUTH AFRICA (16.66%)
325,000 Anglogold Limited ADR..................... 2,218,564 1,381,250
150,000 Driefontein Consolidated Ltd. ADR......... 1,392,712 956,250
49,450 Anglo American Platinum Corporation Ltd... 775,337 760,165
85,000 Gold Fields Limited....................... 540,509 464,250
30,849 Gold Fields Limited ADR................... 829,870 150,389
125,000 Harmony Gold Mining Company Ltd. (a)...... 570,859 428,252
518,181 Avgold Limited (a)........................ 1,133,617 360,205
25,000 Gold Fields of South Africa............... 732,566 342,602
120,250 St. Helena Gold Mines Ltd. ADR............ 1,024,168 285,594
50,000 St. Helena Gold Mines Ltd................. 227,823 119,166
----------- -----------
9,446,025 5,248,123
----------- -----------
SWITZERLAND (14.03%)
505 Bank for International Settlements (U.S.
Tranche)................................. 3,940,080 3,144,537
225 Bank for International Settlements (French
Tranche)................................. 1,603,440 1,272,727
----------- -----------
5,543,520 4,417,264
----------- -----------
</TABLE>
15
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS
(continued)
MISCELLANEOUS (15.80%)
925,000 Lonrho plc......................... $ 2,219,041 $ 1,688,063
375,000 Industrias Penoles, S.A. de C.V.... 1,078,151 1,564,058
1,090,829 Minas de Arcata S.A. (a)........... 1,448,082 1,382,275
1,000,000,000 Manila Mining Corporation "B'...... 1,842,975 343,325
----------- -----------
6,588,249 4,977,721
----------- -----------
TOTAL COMMON AND PREFERRED STOCKS.. 45,386,487 30,955,383
----------- -----------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS
(1.26%)
$100,000 Dayton Mining Corporation 7% due
4/01/2002 (b)..................... 100,000 63,500
350,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (a)(d).................. 385,500 22,750
250,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (a)(b)(d)............... 220,952 16,250
500,000 Agnico-Eagle Mines Limited 3 1/2%
due 1/27/2004..................... 407,430 295,625
----------- -----------
TOTAL BONDS, NOTES AND CONVERTIBLE
BONDS............................. 1,113,882 398,125
----------- -----------
SHORT-TERM INVESTMENTS (0.66%)
208,000 Maytag Corporation 6.20% due
4/01/1998......................... 208,000 208,000
----------- -----------
TOTAL INVESTMENTS (100.21%)........ $46,708,369* 31,561,508**
===========
Other liabilities in excess of
assets (-0.21%)................... (66,258)
-----------
Net assets (100.00%)............... $31,495,250
===========
</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.
* At March 31, 1998 cost is substantially identical for both book and federal
income tax purposes.
** Gross unrealized appreciation and depreciation of securities at March 31,
1998 were $2,128,802 and $17,275,663 respectively (net depreciation was
$15,146,861).
- --------
See Notes to Financial Statements.
16
<PAGE>
SoGen Money Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
CREDIT PRINCIPAL COST VALUE
RATING+ AMOUNT (NOTE 1) (NOTE 1)
------- --------- -------- --------
<C> <C> <S> <C> <C>
COMMERCIAL PAPER (100.22%)
A1 $945,000 American Express Credit
Corporation 5.75% due 4/01/1998.. $ 945,000 $ 945,000
A1 945,000 Prudential Funding Corporation
5.90% due 4/01/1998.............. 945,000 945,000
A1 600,000 Ford Motor Credit Company 5.82%
due 4/02/1998.................... 599,903 599,903
A1 825,000 The Walt Disney Company 5.46% due
4/02/1998........................ 824,875 824,875
A1 825,000 Air Products and Chemicals, Inc.
5.55% due 4/03/1998.............. 824,746 824,746
A1 972,000 BOC Group Inc. 5.54% due
4/03/1998........................ 971,701 971,701
A1 940,000 General Motors Acceptance Company
5.62% due 4/06/1998.............. 939,266 939,266
A1+ 800,000 E. I. du Pont de Nemours and
Company 5.50% due 4/06/1998...... 799,389 799,389
A1 825,000 Xerox Credit Corporation 5.52%
due 4/06/1998.................... 824,367 824,367
A1+ 525,000 Abbott Laboratories 5.49% due
4/07/1998........................ 524,519 524,519
A1 850,000 The Sherwin-Williams Company
5.52% due 4/07/1998.............. 849,218 849,218
A1+ 825,000 Toyota Motor Credit Corporation
5.55% due 4/08/1998.............. 824,110 824,110
A1 755,000 Pearson Inc. 5.55% due 4/09/1998. 754,069 754,069
A1 850,000 H. J. Heinz Company 5.47% due
4/13/1998........................ 848,450 848,450
A1+ 935,000 General Electric Capital
Corporation 5.51% due 4/13/1998.. 933,283 933,283
A1+ 800,000 Merrill Lynch & Co., Inc. 5.57%
due 4/13/1998.................... 798,515 798,515
A1 940,000 Caterpillar Financial Services
Corporation 5.56% due 4/14/1998.. 938,113 938,113
A1 393,000 Lucent Technologies Inc. 5.56%
due 4/14/1998.................... 392,211 392,211
A1+ 500,000 Pfizer Inc. 5.54% due 4/14/1998.. 499,000 499,000
A1+ 950,000 Emerson Electric Co. 5.48% due
4/17/1998........................ 947,686 947,686
A1 825,000 Monsanto Company 5.51% due
4/20/1998........................ 822,601 822,601
A1+ 935,000 The Coca Cola Company 5.47% due
4/27/1998........................ 931,306 931,306
A1+ 825,000 Motorola Credit Corporation 5.49%
due 5/11/1998.................... 819,967 819,967
A1+ 532,000 Hitachi America Ltd. 5.57% due
5/21/1998........................ 527,884 527,884
----------- -----------
TOTAL COMMERCIAL PAPER........... $19,085,179* 19,085,179
===========
Other liabilities in excess of
assets (-0.22%).................. (42,565)
-----------
Net assets (100.00%)............. $19,042,614
===========
</TABLE>
- --------
* At March 31, 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.
17
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 1998
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
-------------- ------------ -----------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost:
$953,618,763, $46,708,369 and
$19,085,179, respectively)
(Note 1).......................... $ 989,945,350 $ 31,561,508 $19,085,179
Cash............................... 1,108,164 -- --
Receivable for forward currency
contracts held, at value (Notes 1
and 7)............................ 15,694,792 -- --
Receivable for investment securi-
ties sold......................... 5,388,461 -- --
Receivable for Fund shares sold.... 1,016,136 30,807 6,481
Accrued interest and dividends re-
ceivable.......................... 5,260,000 130,822 --
Prepaid expenses and other assets.. 19,031 6,877 1,471
Deferred organization costs (Note
1)................................ 3,619 3,634 3,612
-------------- ------------ -----------
TOTAL ASSETS................... 1,018,435,553 31,733,648 19,096,743
-------------- ------------ -----------
LIABILITIES:
Payable for Fund shares redeemed... 7,156,959 108,064 --
Payable for investment securities
purchased......................... 2,172,610 -- --
Payable for forward currency con-
tracts held, at value (Notes 1 and
7)................................ 92,494 -- --
Investment advisory fees payable
(Note 2).......................... 679,050 41,465 14,611
Distribution fees payable (Note 3). 605,191 18,881 --
Directors' fees payable (Note 2)... 27,559 2,683 658
Accrued expenses and other liabili-
ties.............................. 598,056 67,305 38,860
-------------- ------------ -----------
TOTAL LIABILITIES.............. 11,331,919 238,398 54,129
-------------- ------------ -----------
NET ASSETS:
Capital stock (par value, $0.001
per share)........................ 74,482 4,307 19,043
Capital surplus.................... 919,120,512 52,662,879 19,023,571
Net unrealized appreciation (depre-
ciation) on:
Investments...................... 36,326,587 (15,146,861) --
Forward currency contracts....... 15,602,298 -- --
Foreign currency related transac-
tions........................... (106,629) 235 --
Undistributed net realized gains
(losses) on investments........... 20,957,339 (5,868,747) --
Undistributed (overdistributed) net
investment income................. 15,129,045 (156,563) --
-------------- ------------ -----------
NET ASSETS (Note 1)............ $1,007,103,634 $ 31,495,250 $19,042,614
============== ============ ===========
NET ASSET VALUE PER SHARE (NAV)
(based on 74,481,912 4,306,972 and
19,042,614 shares outstanding,
respectively; 1,000,000,000 shares
authorized) (Note 5)................ $ 13.52 $ 7.31 $ 1.00
============== ============ ===========
MAXIMUM OFFERING PRICE PER SHARE (NAV
/ 96.25%; except SoGen Money Fund).. $ 14.05 $ 7.59 $ 1.00
============== ============ ===========
</TABLE>
- --------
See Notes to Financial Statements.
18
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1998
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
------------- ------------ ----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income:
Interest (net of $83,766, $2,088 and
$0 foreign taxes withheld,
respectively)...................... $ 18,892,950 $ 219,425 $852,836
Dividends (net of $1,671,989,
$25,904 and $0 foreign taxes
withheld, respectively)............ 16,766,522 1,010,572 --
------------ ------------ --------
Total income from operations....... 35,659,472 1,229,997 852,836
------------ ------------ --------
Expenses:
Investment advisory fees (Note 2)... 7,798,589 304,294 60,497
Distribution fees (Note 3).......... 2,598,148 101,421 --
Custodian fees...................... 1,167,743 54,864 30,410
Shareholder servicing agent fees.... 808,128 92,443 19,300
Printing............................ 103,000 5,832 1,400
Registration and filing fees........ 90,000 13,000 15,000
Audit fees.......................... 65,000 42,000 14,000
Directors' fees (Note 2)............ 35,880 2,730 390
Insurance........................... 21,777 2,094 1,047
Amortization of deferred
organization costs (Note 1)........ 9,218 9,218 9,218
Legal fees.......................... 7,740 500 100
Miscellaneous....................... 39,843 6,450 500
------------ ------------ --------
Total expenses from operations..... 12,745,066 634,846 151,862
------------ ------------ --------
Advisory fees waived (Note 2)......... -- -- (37,399)
Expenses reduction due to earnings
credits (Note 1)..................... (25,871) (3,307) (1,710)
------------ ------------ --------
Net expenses from operations....... 12,719,195 631,539 112,753
------------ ------------ --------
Net investment income (Note 1)........ 22,940,277 598,458 740,083
------------ ------------ --------
REALIZED AND UNREALIZED GAINS (LOSSES)
ON INVESTMENTS AND FOREIGN CURRENCY
RELATED TRANSACTIONS (NOTES 1 AND 7):
Net realized gains (losses) from:
Investment transactions............. 53,627,648 (3,837,335) --
Foreign currency related
transactions....................... 38,411,988 (32,671) --
------------ ------------ --------
92,039,636 (3,870,006) --
------------ ------------ --------
Change in unrealized appreciation
(depreciation) of:
Investments......................... (22,930,889) (10,689,292) --
Foreign currency related
transactions....................... (1,874,686) 1,382 --
------------ ------------ --------
(24,805,575) (10,687,910) --
------------ ------------ --------
Net gain (loss) on investments and
foreign currency related transactions.. 67,234,061 (14,557,916) --
------------ ------------ --------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS.............. $ 90,174,338 $(13,959,458) $740,083
============ ============ ========
</TABLE>
- --------
See Notes to Financial Statements.
19
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS FUND GOLD FUND MONEY FUND
----------------------------- -------------------------- --------------------------
Year Year Year Year Year Year
Ended Ended Ended Ended Ended Ended
March 31, March 31, March 31, March 31, March 31, March 31,
1998 1997 1998 1997 1998 1997
-------------- ------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income.. $ 22,940,277 $ 17,840,624 $ 598,458 $ 716,920 $ 740,083 $ 503,842
Net realized gain
(loss) from
investments and
foreign currency
related transactions.. 92,039,636 51,771,626 (3,870,006) (761,753) -- --
Increase (decrease) in
unrealized
appreciation
(depreciation) of
investments and
foreign currency
related transactions.. (24,805,575) 21,576,825 (10,687,910) (7,932,740) -- --
-------------- ------------- ------------ ------------ ------------ ------------
Net increase (decrease)
in net assets
resulting from
operations............ 90,174,338 91,189,075 (13,959,458) (7,977,573) 740,083 503,842
-------------- ------------- ------------ ------------ ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
Dividends paid from net
investment income..... (56,572,364) (35,317,287) (1,698,298) (715,209) (740,083) (503,842)
Distributions paid from
net realized gains
from investment
transactions.......... (46,971,171) (22,367,476) -- (105,967) -- --
-------------- ------------- ------------ ------------ ------------ ------------
Decrease in net assets
resulting from
distributions......... (103,543,535) (57,684,763) (1,698,298) (821,176) (740,083) (503,842)
-------------- ------------- ------------ ------------ ------------ ------------
FUND SHARE TRANSACTIONS
(NOTE 5):
Net proceeds from
shares sold........... 407,593,939 398,376,548 23,076,846 55,625,012 84,544,002 90,314,681
Net asset value of
shares issued for
reinvested dividends
and distributions..... 95,642,644 55,745,006 1,544,469 790,492 630,970 460,368
Cost of shares
redeemed.............. (436,078,395) (181,708,882) (30,119,535) (58,226,814) (79,260,149) (86,134,242)
-------------- ------------- ------------ ------------ ------------ ------------
Increase (decrease) in
net assets from Fund
share transactions.... 67,158,188 272,412,672 (5,498,220) (1,811,310) 5,914,823 4,640,807
-------------- ------------- ------------ ------------ ------------ ------------
Net increase (decrease)
in net assets......... 53,788,991 305,916,984 (21,155,976) (10,610,059) 5,914,823 4,640,807
NET ASSETS (NOTE 1):
Beginning of year...... 953,314,643 647,397,659 52,651,226 63,261,285 13,127,791 8,486,984
-------------- ------------- ------------ ------------ ------------ ------------
End of year (including
undistributed
(overdistributed) net
investment income of
$15,129,045,
$9,043,647,
$(156,563), $229,250,
$0 and $0,
respectively.)........ $1,007,103,634 $ 953,314,643 $ 31,495,250 $ 52,651,226 $ 19,042,614 $ 13,127,791
============== ============= ============ ============ ============ ============
</TABLE>
- --------
See Notes to Financial Statements.
20
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
SoGen Overseas Fund, SoGen Gold Fund and SoGen Money Fund are three separate
portfolios of SoGen Funds, Inc. (the "Company"), an open-end management invest-
ment company registered under the Investment Company Act of 1940, as amended
(each individually a "Fund" or collectively the "Funds"). The following is a
summary of significant accounting policies adhered to by the Funds.
A) SECURITY VALUATION--In the case of SoGen Overseas Fund and SoGen Gold
Fund, portfolio securities are valued based on market quotations where avail-
able. Short-term investments maturing in sixty days or less are valued at cost
plus interest earned, which approximates value. In the case of SoGen Money
Fund, portfolio securities are valued at their amortized cost, which approxi-
mates market value, subject to guidelines and procedures established by the
Board of Directors in accordance with applicable SEC regulations. Securities
for which current market quotations are not readily available and any re-
stricted securities are valued at fair value as determined in good faith by the
Board of Directors.
B) DEFERRED ORGANIZATION COSTS AND PREPAID EXPENSES--Costs incurred in con-
nection with the organization of the Funds have been capitalized and are being
amortized on a straight-line basis over a sixty-month period from the date each
Fund commenced investment operations.
C) SECURITY TRANSACTIONS AND INCOME--Security transactions are accounted for
on a trade date basis. The specific identification method is used in determin-
ing realized gains and losses from security transactions. Dividend income is
recorded on the ex-dividend date. Interest income is recorded daily on the ac-
crual basis. In computing investment income, each Fund amortizes discounts on
debt obligations; however, premiums are not amortized.
D) EXPENSES--Expenses arising in connection with a Fund are charged directly
to that Fund. Expenses common to all Funds are allocated to each Fund in pro-
portion to its relative net assets. Earnings credits reduce custodian fees and
shareholder servicing agent fees by the amount of interest earned on balances
with such service providers.
E) FOREIGN CURRENCY TRANSLATION (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)--
The market values of securities which are not traded in U.S. currency are re-
corded in the financial statements after translation to U.S. dollars based on
the applicable exchange rates at the end of the period. The costs of such secu-
rities are translated at exchange rates prevailing when acquired. Related divi-
dends, interest and withholding taxes are accrued at the rates of exchange pre-
vailing on the respective dates of such transactions.
The net assets of each of SoGen Overseas Fund and SoGen Gold Fund are pre-
sented at the foreign exchange rates and market values at the close of the pe-
riod. Neither Fund isolates that portion of gains and losses on investments
which is due to changes in foreign exchange rates from that which is due to
changes in market prices of the equity securities. However, for federal income
tax purposes each Fund does isolate the effect of changes in foreign exchange
rates from the changes in market prices for realized gains and losses on debt
obligations.
F) FORWARD CURRENCY CONTRACTS (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)--In
connection with portfolio purchases and sales of securities denominated in for-
eign currencies, SoGen Overseas Fund and SoGen Gold Fund may enter into forward
currency contracts. Additionally, each Fund may enter into such contracts to
hedge certain other foreign currency denominated investments. These contracts
21
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued)
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 re-
lated foreign security trades, a Fund could be exposed to foreign currency
fluctuations.
G) U.S. INCOME TAXES--No provision has been made for U.S. federal income
taxes since it is the intention of each Fund to distribute to shareholders all
taxable net investment income and net realized gains on investments, if any,
within the allowable time limit, and to comply with the provisions of the In-
ternal Revenue Code for a regulated investment company. SoGen Overseas Fund
and SoGen Gold Fund declare and pay such income dividends and capital gains
distributions on an annual basis. SoGen Money Fund declares daily dividends,
equivalent to net investment income, which are paid on a monthly basis.
H) RECLASSIFICATION OF CAPITAL ACCOUNTS--On the statements of assets and li-
abilities, as a result of certain differences in the computation of net in-
vestment income and net realized capital gains under federal income tax rules
and regulations versus generally accepted accounting principles, a reclassifi-
cation has been made to increase undistributed net investment income and de-
crease undistributed net realized gains on investments in the amounts of
$39,725,313 and $713,944 for SoGen Overseas Fund and SoGen Gold Fund, respec-
tively. In addition, a reclassification has been made to increase undistrib-
uted net investment income and decrease capital surplus in the amount of $83
for SoGen Gold Fund. A reclassification was also made to decrease undistrib-
uted net realized gains and undistributed net investment income and increase
capital surplus in the amounts of $80,839 and $7,828, respectively for SoGen
Overseas Fund. These reclassifications have no impact on the net assets of the
Funds.
I) USE OF ESTIMATES--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make es-
timates and assumptions that affect the reported amounts of assets and liabil-
ities at the date of the financial statements and the reported amounts of rev-
enues and expenses during the reporting period. Actual results could differ
from those estimates.
NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PERSONS
Under the terms of an investment advisory agreement dated August 17, 1993,
each Fund pays Societe Generale Asset Management Corp. ("SGAM Corp.") a
monthly advisory fee for advisory services and facilities furnished, at an an-
nual rate of the average daily net assets of that Fund as follows: SoGen Over-
seas Fund at 0.75%, SoGen Gold Fund at 0.75% and SoGen Money Fund at 0.40%.
SGAM Corp. has agreed to waive its advisory fee and, if necessary, reimburse
SoGen Money Fund through July 31, 1998 to the extent that SoGen Money Fund's
aggregate expenses exceed 0.75% of its average daily net assets. Expense reim-
bursements are accrued daily and paid monthly. For the year ended March
31,1998, investment advisory fees paid or payable were $7,798,589 and $304,294
for SoGen Overseas Fund and SoGen Gold Fund, respectively. For the same peri-
od, $37,399 of the investment advisory fee of $60,497 for SoGen Money Fund was
waived by SGAM Corp.
For the year ended March 31 1998, Societe Generale Securities Corporation
("SGSC"), the principal underwriter, realized $259,875 and $25,189 in dealer's
and underwriter's commissions, after reallowance to others, pertaining to the
sale of shares of SoGen Overseas Fund and SoGen Gold Fund, respectively. So-
ciete Generale, a stockholder of SGAM Corp. and SGSC, received dealer's com-
missions of $1,548 and $1,194 pertaining to the sale of shares of SoGen Over-
seas Fund and SoGen Gold Fund, respectively. For the same period, Societe
Generale or its affiliates received $69,602 in broker's commissions for port-
folio transactions executed on behalf of SoGen Overseas Fund.
22
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PERSONS
(continued)
Each director who is not an officer of the Company or an employee of SGAM
Corp., SGSC or its corporate affiliates is paid an annual fee of $6,000 plus
$1,000 for each meeting attended. For the year ended March 31, 1998 such fees
amounted to $35,880, $2,730 and $390 for SoGen Overseas Fund, SoGen Gold Fund
and SoGen Money Fund, respectively.
NOTE 3--PLAN OF DISTRIBUTION (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)
The Company has entered into a Distribution Plan and Agreement ("the Plan")
with SGSC, pursuant to the provisions of Rule 12b-1 under the Investment Com-
pany Act of 1940, whereby SoGen Overseas Fund and SoGen Gold Fund pay SGSC
quarterly, a distribution fee at an annual rate of up to 0.25% of each Fund's
average daily net assets. Under the Plan, SGSC must apply the full amounts re-
ceived from a Fund to actual distribution expenses incurred during the Fund's
fiscal year, including the payment of fees to dealers selling shares of the
Fund, the payment of advertising costs and the payment for the printing and
distribution of prospectuses to prospective investors.
SGSC bears distribution costs of a Fund to the extent they exceed payments
received under the Plan. For the year ended March 31, 1998, the distribution
fees paid or payable to SGSC by SoGen Overseas Fund and SoGen Gold Fund were
$2,598,148 and $101,421, respectively.
NOTE 4--PURCHASES AND SALES OF SECURITIES
During the year ended March 31, 1998, the aggregate cost of purchases of in-
vestments, excluding short-term securities, totaled $297,611,620 and $4,493,726
for SoGen Overseas Fund and SoGen Gold Fund, respectively, and proceeds from
sales of investments, excluding short-term securities, totaled $195,305,425 and
$9,899,827 for SoGen Overseas Fund and SoGen Gold Fund, respectively.
NOTE 5--CAPITAL STOCK
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS GOLD MONEY
FUND FUND FUND
----------- ---------- -----------
<S> <C> <C> <C>
YEAR ENDED MARCH 31, 1998
Shares sold............................ 29,811,448 2,680,555 84,544,002
Shares issued for reinvested dividends
and distributions..................... 7,983,478 218,395 630,970
Shares redeemed........................ (32,183,366) (3,558,392) (79,260,149)
----------- ---------- -----------
Net increase (decrease).............. 5,611,560 (659,442) 5,914,823
=========== ========== ===========
<CAPTION>
SOGEN SOGEN SOGEN
OVERSEAS GOLD MONEY
FUND FUND FUND
----------- ---------- -----------
<S> <C> <C> <C>
YEAR ENDED MARCH 31, 1997
Shares sold............................ 29,110,866 4,810,848 90,314,681
Shares issued for reinvested dividends
and distributions..................... 4,242,334 74,490 460,368
Shares redeemed........................ (13,310,582) (5,081,906) (86,134,242)
----------- ---------- -----------
Net increase (decrease).............. 20,042,618 (196,568) 4,640,807
=========== ========== ===========
</TABLE>
23
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 6--FEDERAL INCOME TAX
At March 31, 1998, for federal income tax purposes, SoGen Gold Fund has
$2,125,777 of unused capital loss carryforwards available to offset future re-
alized capital gains and thereby reduce future taxable gains distributions. Of
this amount, $789,246 expires on March 31, 2005 and $1,336,531 expires on March
31, 2006.
NOTE 7--COMMITMENTS
As of March 31, 1998, SoGen Overseas Fund had entered into forward currency
contracts, as summarized below, resulting in net unrealized appreciation of
$15,602,298.
TRANSACTION HEDGES:
Foreign Currency Purchases
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE AT U.S $ UNREALIZED UNREALIZED
DATES FOREIGN CURRENCY TO MARCH 31, TO BE APPRECIATION AT DEPRECIATION AT
THROUGH BE RECEIVED 1998 DELIVERED MARCH 31, 1998 MARCH 31, 1998
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/03/98 1,269,315 Austrian Schilling $ 97,658 $ 97,660 -- $ (2)
4/08/98 974,429 Pound Sterling 1,631,438 1,628,426 $ 3,012 --
4/02/98 1,025,752 Hong Kong Dollar 132,377 132,397 -- (20)
4/30/98 15,266 French Franc 2,467 2,470 -- (3)
4/08/98 146,253 Singapore Dollar 90,587 90,672 -- (85)
------------ ------------ ----------- --------
1,954,527 1,951,625 3,012 (110)
------------ ------------ ----------- --------
Foreign Currency Sales
<CAPTION>
SETTLEMENT U.S $ U.S. $ VALUE AT UNREALIZED UNREALIZED
DATES FOREIGN CURRENCY TO TO BE MARCH 31, APPRECIATION AT DEPRECIATION AT
THROUGH BE DELIVERED RECEIVED 1998 MARCH 31, 1998 MARCH 31, 1998
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/02/98 1,745,478 Canadian Dollar 1,228,051 1,229,946 -- (1,895)
4/03/98 1,320,192 Swiss Franc 867,655 867,149 506 --
4/03/98 35,696,391 Spanish Peseta 227,438 227,641 -- (203)
4/30/98 9,791,312 French Franc 1,581,655 1,582,434 -- (779)
4/07/98 1,701,633,062 Italian Lira 936,001 934,450 1,551 --
4/03/98 318,023 Malaysian Ringgit 87,180 86,892 288 --
4/03/98 2,170,469 Swedish Krona 273,149 271,038 2,111 --
------------ ------------ ----------- --------
5,201,129 5,199,550 4,456 (2,877)
------------ ------------ ----------- --------
PORTFOLIO HEDGES:
<CAPTION>
SETTLEMENT U.S $ U.S. $ VALUE AT UNREALIZED UNREALIZED
DATES FOREIGN CURRENCY TO TO BE MARCH 31, APPRECIATION AT DEPRECIATION AT
THROUGH BE DELIVERED RECEIVED 1998 MARCH 31, 1998 MARCH 31, 1998
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
6/11/98 21,185,000 Australian Dollar 14,401,258 14,010,700 390,558 --
9/10/98 74,611,000 Swiss Franc 61,893,709 59,756,559 2,137,150 --
9/17/98 75,023,500 Deutsche Mark 43,838,564 42,793,767 1,044,797 --
9/22/98 537,806,734 French Franc 105,399,925 105,482,054 -- (82,129)
10/01/98 254,000 Pound Sterling 421,564 428,942 -- (7,378)
11/13/98 12,075,063,800 Japanese Yen 109,200,068 99,687,847 9,512,221 --
4/03/98 33,770,000 New Zealand Dollar 21,275,720 18,673,122 2,602,598 --
------------ ------------ ----------- --------
356,430,808 340,832,991 15,687,324 (89,507)
------------ ------------ ----------- --------
$363,586,464 $347,984,166 $15,694,792 $(92,494)
============ ============ =========== ========
</TABLE>
24
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
YEAR YEAR YEAR YEAR PERIOD FROM
ENDED ENDED ENDED ENDED AUGUST 31, 1993
MARCH 31, MARCH 31, MARCH 31, MARCH 31, TO MARCH 31,
1998 1997 1996 1995 1994
---------- --------- --------- --------- ---------------
<S> <C> <C> <C> <C> <C>
SOGEN OVERSEAS FUND
SELECTED PER SHARE DATA
Net asset value,
beginning of year...... $ 13.84 $ 13.26 $ 11.65 $ 11.54 $ 10.00
---------- -------- -------- -------- --------
Income from investment
operations:
Net investment income
(loss)............... 0.88 0.61 0.48 0.14 (0.01)
Net realized and
unrealized gains on
investments.......... 0.31 0.95 1.74 0.04 1.55
---------- -------- -------- -------- --------
Total from investment
operations.......... 1.19 1.56 2.22 0.18 1.54
---------- -------- -------- -------- --------
Less distributions:
Dividends from net
investment income.... (0.83) (0.60) (0.44) (0.05) --
Distributions from
capital gains........ (0.68) (0.38) (0.17) (0.02) --
---------- -------- -------- -------- --------
Total distributions.. (1.51) (0.98) (0.61) (0.07) --
---------- -------- -------- -------- --------
Net asset value, end of
year................... $ 13.52 $ 13.84 $ 13.26 $ 11.65 $ 11.54
========== ======== ======== ======== ========
TOTAL RETURN++.......... 10.00% 12.16% 19.47% 1.56% 15.35%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of year
(000's)................ $1,007,104 $953,315 $647,398 $439,230 $119,843
Ratio of operating
expenses to average net
assets................. 1.22%/\ 1.27%/\ 1.37% 1.40% 1.72%*
Ratio of net investment
income to average net
assets................. 2.20%/\ 2.28%/\ 3.31% 2.29% (0.23%)*
Portfolio turnover rate. 22.13% 15.18% 9.46% 3.16% 6.11%
Average commission rate
paid /\................ $ 0.0177 $ 0.0207 $ 0.0190 -- --
<CAPTION>
YEAR YEAR YEAR YEAR PERIOD FROM
ENDED ENDED ENDED ENDED AUGUST 31, 1993
MARCH 31, MARCH 31, MARCH 31, MARCH 31, TO MARCH 31,
1998 1997 1996 1995 1994
---------- --------- --------- --------- ---------------
<S> <C> <C> <C> <C> <C>
SOGEN GOLD FUND
SELECTED PER SHARE DATA
Net asset value,
beginning of year...... $ 10.60 $ 12.25 $ 11.28 $ 11.42 $ 10.00
---------- -------- -------- -------- --------
Income (loss) from
investment operations:
Net investment income
(loss)............... 0.13 0.26 0.24 0.08 (0.01)
Net realized and
unrealized gains
(losses) on
investments.......... (3.03) (1.75) 1.35 (0.10) 1.43
---------- -------- -------- -------- --------
Total from investment
operations.......... (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
year................... $ 7.31 $ 10.60 $ 12.25 $ 11.28 $ 11.42
========== ======== ======== ======== ========
TOTAL RETURN++.......... (27.23%) (12.21%) 14.81% (0.14%) 14.15%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of year
(000's)................ $ 31,495 $ 52,651 $ 63,261 $ 50,922 $ 22,406
Ratio of operating
expenses to average net
assets................. 1.55%/\ 1.45%/\ 1.41% 1.46% 2.27%*
Ratio of net investment
income to average net
assets................. 1.47%/\ 1.20%/\ 1.29% 0.79% (0.32%)*
Portfolio turnover rate. 11.20% 16.83% 22.40% 11.56% 4.55%
Average commission rate
paid /\................ $ 0.013 $ 0.0009 $ 0.0002 -- --
</TABLE>
- --------
See Notes to Financial Statements.
25
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
YEAR YEAR YEAR YEAR PERIOD FROM
ENDED ENDED ENDED ENDED AUGUST 31, 1993
MARCH 31, MARCH 31, MARCH 31, MARCH 31, TO MARCH 31,
1998 1997 1996 1995 1994
--------- --------- --------- --------- ---------------
<S> <C> <C> <C> <C> <C>
SOGEN MONEY FUND
SELECTED PER SHARE DATA
Net asset value,
beginning of year...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------ ------- ------
Income from investment
operations:
Net investment income. 0.05 0.05 0.05 0.04 0.01
Net realized and
unrealized gains on
investments.......... -- -- -- -- --
------- ------- ------ ------- ------
Total from investment
operations.......... 0.05 0.05 0.05 0.04 0.01
------- ------- ------ ------- ------
Less distributions:
Dividends from net
investment income.... (0.05) (0.05) (0.05) (0.04) (0.01)
Distributions from
capital gains........ -- -- -- -- --
------- ------- ------ ------- ------
Total distributions.. (0.05) (0.05) (0.05) (0.04) (0.01)
------- ------- ------ ------- ------
Net asset value, end of
year................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ====== ======= ======
TOTAL RETURN............ 4.97% 4.61% 5.03% 4.13% 1.25%++
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of year
(000's)................ $19,043 $13,128 $8,487 $10,445 $6,392
Ratio of operating
expenses to average net
assets................. 0.75%+ 0.75%+ 0.75%+ 0.75%+ 0.75%*+
Ratio of net investment
income to average net
assets................. 4.92%+ 4.63%+ 4.98%+ 4.14%+ 2.18%*+
</TABLE>
- --------
* Annualized.
^ The ratios of operating expenses to average net assets and net investment
income to average net assets for the year ended March 31, 1998 for SoGen
Overseas Fund would have been the same, and for SoGen Gold Fund 1.56% and
1.46%, respectively, without the effect of the earnings credits. The ratio
of operating expenses to average net assets and net investment income to av-
erage net assets for the year ended March 31, 1997 for SoGen Overseas Fund
would have been the same and 2.27%, respectively, and for SoGen Gold Fund
1.46% and 1.19%, respectively, without the effect of the earnings credit.
+ Without the effect of earnings credits, and the investment advisory fee
waiver and expense reimbursement provided by SGAM Corp., the ratio of oper-
ating expenses to average net assets for SoGen Money Fund for the years
ended March 31, 1998, 1997, 1996, 1995 and for the period ended March 31,
1994 would have been 1.01%, 1.14%, 0.97%, 1.55% and 4.00%, respectively.
The ratio of net investment income to average net assets for the years
ended March 31, 1998, 1997, 1996, 1995 and for the period ended March 31,
1994 would have been 4.66%, 4.26%, 4.76%, 3.34% and (1.07%), respectively.
++ Total returns disclosed for the period ended March 31, 1994 are not
annualized. Annualized total returns for the period ended March 31, 1994
were 26.40%, 24.34% and 2.14% for SoGen Overseas Fund, SoGen Gold Fund and
SoGen Money Fund, respectively.
++Does not give effect to deduction of the sales load.
^ 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.
- --------
See Notes to Financial Statements.
26
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Shareholders of
SoGen Funds, Inc.:
We have audited the accompanying statements of assets and liabilities of SoGen
Funds, Inc. consisting of SoGen Overseas Fund, SoGen Gold Fund, and SoGen Money
Fund, including the schedules of investments, as of March 31, 1998, and the re-
lated statements of operations for the year then ended, changes in net assets
for each of the years in the two year period then ended, and the financial
highlights for each of the years in the four year period ended March 31, 1998
and for the period from August 31, 1993 (inception of the Funds) to March 31,
1994. These financial statements and financial highlights are the responsibil-
ity of the Fund's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing stan-
dards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements and financial high-
lights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
March 31, 1998, by correspondence with custodians and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement pre-
sentation. We believe that our audits provide a reasonable basis for our opin-
ion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
SoGen Funds, Inc., consisting of SoGen Overseas Fund, SoGen Gold Fund, and
SoGen Money Fund, as of March 31, 1998, the results of their operations for the
year then ended, the changes in their net assets for each of the years in the
two year period then ended and their financial highlights for each of the years
in the four year period then ended and for the period from August 31, 1993 (in-
ception of the Funds) to March 31, 1994, in conformity with generally accepted
accounting principles.
/s/ KPMG Peat Marwick LLP
New York, New York
May 15, 1998
27
<PAGE>
SoGen Funds, Inc.
TAX INFORMATION
FISCAL YEAR ENDED MARCH 31, 1998
(UNAUDITED)
The following tax information represents the designation of various tax bene-
fits relating to the fiscal year ended March 31, 1998:
CORPORATE DIVIDENDS RECEIVED DEDUCTION
The percentages of investment company taxable income eligible for the divi-
dends received deduction available to certain corporate shareholders with re-
spect to the fiscal year ended March 31, 1998 are as follows:
<TABLE>
<S> <C>
SoGen Overseas Fund 0.34%
SoGen Gold Fund 28.96%
SoGen Money Fund 0.00%
</TABLE>
CAPITAL GAINS DISTRIBUTIONS
Capital gains distributions paid to shareholders by the Funds during the fis-
cal year ended March 31, 1998, whether taken in shares or in cash, were desig-
nated as follows:
<TABLE>
<CAPTION>
28% LONG-TERM 20% LONG-TERM
CAPITAL GAINS CAPITAL GAINS
------------- -------------
<S> <C> <C>
SoGen Overseas Fund $20,571,415 $21,256,921
SoGen Gold Fund -- --
SoGen Money Fund -- --
</TABLE>
FOREIGN SOURCE INCOME AND FOREIGN TAX CREDITS
For the fiscal year ended March 31, 1998, the income received from sources
within foreign countries and possessions of the United States, and foreign
taxes paid by the portfolios to such countries were as follows:
<TABLE>
<CAPTION>
NET FOREIGN AMOUNT FOREIGN AMOUNT
SOURCE PER WITHHOLDING PER
INCOME SHARE TAX SHARE
----------- ------- ----------- -------
<S> <C> <C> <C> <C>
SoGen Overseas Fund $27,151,977 $0.3645 $1,766,460 $0.0237
SoGen Gold Fund $ -- $ -- $ -- $ --
SoGen Money Fund $ -- $ -- $ -- $ --
</TABLE>
U.S. TREASURY PERCENTAGES
For the fiscal year ended March 31, 1998, dividends paid from ordinary income
derived from interest on direct obligations of the United States government
were as follows:
<TABLE>
<S> <C>
SoGen Overseas Fund 0.10%
SoGen Gold Fund --
SoGen Money Fund 0.01%
</TABLE>
In addition, during each of the Funds' fiscal quarters, the percentage of the
fair market value of the Funds' assets represented by direct obligations of the
United States government did not exceed 50%.
The above figures may differ from those cited elsewhere in this report due to
differences in the calculations of income and capital gains for Securities and
Exchange Commission (financial reporting) purposes and Internal Revenue Service
(tax) purposes.
28
<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. Societe Generale Securities
1221 Avenue of the Americas Corporation
New York, NY 10020 1221 Avenue of the Americas
New York, NY 10020
LEGAL COUNSEL
Dechert Price & Rhoads INDEPENDENT AUDITORS
30 Rockefeller Plaza KPMG Peat Marwick LLP
New York, NY 10112 345 Park Avenue
New York, NY 10154
DOMESTIC CUSTODIAN
Investors Fiduciary Trust Company GLOBAL CUSTODIAN
801 Pennsylvania The Chase Manhattan Bank
Kansas City, MO 64105 4 Chase MetroTech Center
Brooklyn, NY 11245
SHAREHOLDER SERVICING AGENT
DST Systems, Inc.
1004 Baltimore
Kansas City, MO 64105
(800) 334-2143
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of SoGen Funds,
Inc.
29
<PAGE>
[LOGO APPEARS HERE]
The SoGen Funds
1221 Avenue of the Americas, New York, NY 10020
