<PAGE>
[GRAPHIC]
SOGEN FUNDS, INC.
SoGen International Fund
SoGen Overseas Fund
SoGen Gold Fund
SoGen Money Fund
ANNUAL REPORT
March 31, 1999
<PAGE>
SoGen Funds, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
Six months ago, in my letter to you, I wrote: "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 SoGen International Fund's long-term rec-
ord demonstrates--has been the appropriate approach for risk averse investors."
Then, I went on to note that our value approach and our long-time focus on
the securities of small and medium size companies had hurt SoGen International
Fund's and SoGen Overseas Fund's returns in recent years. In the past few
weeks, both Funds' returns have improved. A couple of weeks don't make a trend,
and as Benjamin Graham used to say, "the future is uncertain", so I shall not
extrapolate. However, I believe that our patience (and yours) will be rewarded.
In any case, because we see ourselves as stewards of your savings, we shall
not engage in overpaying for hypothetical growth and even less in the specula-
tion that we witness here and there. Even if those games stay popular--for a
while. Because we all know how (though not when) they end, and the risks are
simply too great. So--as we have done for twenty years--we shall look through-
out the world for major discrepancies between what we perceive a company to be
worth and the market price of that company's security.
To illustrate, a large holding in both SoGen International Fund and SoGen
Overseas Fund is Buderus AG, a German manufacturer of heating systems. This is
a rather mundane business admittedly, and the local environment has been diffi-
cult in recent years for construction and for consumer spending in general.
Nevertheless, the company has managed to develop its business in other European
countries and to grow its profits 5% to 10% a year, its return on capital em-
ployed is excellent and the stock sells for less than half what we think the
company is worth. In addition, the Board of Directors of Buderus AG has just
authorized a buy-back of up to 10% of the shares outstanding over the next
eighteen months, following newly revised German law.
In the case of Buderus AG, time will tell. But in the case of another large
Fund holding--CDL Hotels International Ltd., which trades in Hong Kong,--we
were recently rewarded for our patience. In April 1999, management announced a
financial restructuring, a way to make the value surface. The stock went up by
33% in one day upon the announcement.
So, even if institutional investors worldwide continue to be hung up on "big
growth", we believe that "small value" may still be recognized. Several scena-
rios can realistically unfold: management may decide to buy back stock or to
take steps to unlock the value; corporate acquirers ("strategic" or financial)
may be lured by modest valuations and therefore become willing to pay a premium
for control.
SoGen International Fund
Over the past twenty years (March 31, 1979 to March 31, 1999) the value of an
investment in your Fund increased at a compounded annual rate of 14.93%. Over
the past fifteen, ten and five years, the rates were 12.63%, 10.02% and 7.18%,
respectively. Over the past twelve months the net asset value declined 7.95%.*
<PAGE>
As of March 31, 1999 your Fund's net assets, on an economic basis, were in-
vested as follows:
<TABLE>
<S> <C>
U.S. stocks(/1/) 22.5%
Foreign stocks(/1/) 43.9
U.S. dollar bonds 20.0
Foreign currency bonds 2.8
Gold-related securities 6.3
U.S. dollar cash and
equivalents(/2/) 4.5
-----
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); Fuji Photo Film Co., Ltd. (Japanese film and imaging compa-
ny); Manpower, Inc. (leading global temporary employment organization); Kuhne &
Nagel International AG (Swiss based freight forwarding company); CDL Hotels In-
ternational Ltd. (Hong Kong listed chain of hotels located in various parts of
the world); Bank for International Settlements, U.S. and French tranches (the
central banks' central bank, with some gold assets); Societe Generale
d'Affichage D.R.C. (Swiss billboard advertising company); Rayonier, Inc. (U.S.
forest products company); Secom Co., Ltd. (Japanese provider of security serv-
ices); and San Juan Basin Royalty Trust (U.S. trust that receives royalties on
gas properties).
SoGen Overseas Fund
From inception (five years and seven months ago), the value of an investment
in your Fund increased at a compounded average annual rate of 8.98%. Over the
past twelve months, the net asset value declined 6.46%.*
As of March 31, 1999 your Fund's net assets, on an economic basis, were in-
vested as follows:
<TABLE>
<S> <C>
Foreign stocks(/1/) 87.3%
U.S. dollar bonds 6.3
Foreign currency bonds 2.6
U.S. dollar cash and equivalents 3.8
-----
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); Bank for International Settlements, U.S. and
French Tranches (the central banks' central bank, with some gold assets); So-
ciete Generale d'Affichage D.R.C. (Swiss billboard advertising company); CDL
Hotels International Ltd. (Hong Kong listed chain of hotels located throughout
the world); Sagem ADP (French electronics company); Buderus AG (German manufac-
turer of heating systems); Nichido Fire and Marine Insurance (Japanese non-life
insurance company); Antofagasta Holdings plc (UK listed company with assets in
Chile); Legrand ADP (French low-voltage electrical fittings manufacturer); and
Industrias Penoles S.A. de C.V. (Mexican silver mining company).
SoGen Gold Fund
From inception (five years and seven months ago), the value of an investment
in your Fund decreased at a compounded average annual rate of 7.53%. Over the
past twelve months, the net asset value declined 22.77%.*
2
<PAGE>
As of March 31, 1999 your Fund's net assets, on an economic basis, were in-
vested as follows:
<TABLE>
<S> <C>
Freeport McMoRan Copper and Gold 21.0%
(Preferred Series B, C, and D)
Bank for International
Settlements 10.0
(U.S. and French Tranches)
U.S. securities 20.1
Canadian securities 11.6
Australian securities 3.4
South African securities 20.8
Miscellaneous securities 13.2
U.S. dollar cash and equivalents (0.1)
-----
100.0%
=====
</TABLE>
Market sentiment remains hostile to gold--central banks, if not outright
sellers, are willing lenders of their gold, which allows mining companies to
sell forward and hedge funds to sell short. That creates a somewhat artificial
pressure on the price of bullion. Since the world financial system continues--
we believe--to be fragile, gold retains its appeal as an insurance policy and a
diversification tool.
SoGen Money Fund
Short-term interest rates are still low. However, a strong U.S. economy, pos-
sible acceleration in Europe and some indication of improvement in Asia (in-
cluding Japan) may lead to higher interest rates in the United States at some
point in the future.
Sincerely yours,
[Logo of Jean-Marie Eveillard signature appears here]
Jean-Marie Eveillard
President
April 28, 1999
- --------
* 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 March 31, 1999
1 Year 5 Year 10 Year
------ ------ -------
(11.41%) 6.36% 9.60%
<TABLE>
<CAPTION>
SoGen International Fund MSCI World Index JP Morgan Global Government Consumer Price Index
Bond Index
<S> <C> <C> <C> <C>
3/31/89 9627 10000 10000 10000
3/31/90 10800 9771 10553 10515
3/31/91 11451 10394 12077 11030
3/31/92 12886 10281 13617 11382
3/31/93 14802 11521 15423 11725
3/31/94 17687 13078 16400 12036
3/31/95 18152 14297 18381 12371
3/31/96 21705 17160 19592 12723
3/31/97 23764 18765 20004 13074
3/31/98 27174 24763 21319 13254
3/31/99 25013 27894 23394 13491
</TABLE>
4
<PAGE>
SoGen Funds, Inc.
INVESTMENT RESULTS (continued)
SoGen Overseas Fund
Average Annual Rates of Return as of March 31, 1999
Since Inception
1 Year 5 Year 8/31/93
------ ------ -------
(9.99%) 6.15% 8.23%
<TABLE>
<CAPTION>
SoGen Overseas Fund MSCI EAFE Index Consumer Price Index
<S> <C> <C> <C>
8/31/93 9625 10000 10000
9/30/93 9625 9775 10014
3/31/94 11107 10204 10159
9/30/94 11569 10736 10311
3/31/95 11280 10824 10442
9/30/95 12336 11357 10573
3/31/96 13477 12159 10738
9/30/96 13995 12336 10890
3/31/97 15116 12335 11035
9/30/97 16273 13838 11132
3/31/98 16627 14631 11187
9/30/98 14298 12684 11291
3/31/99 15554 15518 11387
</TABLE>
SoGen Gold Fund
Average Annual Rates of Return as of March 31, 1999
Since Inception
1 Year 5 Year 8/31/93
------ ------ -------
(25.62%) (11.44%) (8.16%)
<TABLE>
<CAPTION>
SoGen Gold Fund MSCI World Index FT Gold Mines Index Consumer Price Index
<S> <C> <C> <C> <C>
8/31/93 9625 10000 10000 10000
9/30/93 9644 9813 8922 10014
3/31/94 10991 10032 10826 10159
9/30/94 12098 10555 12362 10311
3/31/95 10976 10967 10264 10442
9/30/95 11784 12074 10561 10573
3/31/96 12602 13163 12414 10738
9/30/96 11707 13725 9849 10890
3/31/97 11063 14394 8706 11035
9/30/97 10082 17035 8111 11132
3/31/98 8050 18995 6091 11187
9/30/98 7191 17058 5855 11291
3/31/99 6217 21397 4622 11387
</TABLE>
5
<PAGE>
SoGen Funds, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
Despite concerns over the effects of the Asian crisis on global economies,
U.S. and European stock market indices continued to rise until mid-July 1998
when markets worldwide fell steeply after Russia devalued its currency and de-
faulted on its Ruble denominated obligations. In September, markets were also
shattered by the news of the collapse of a large, highly leveraged U.S. hedge
fund. Meanwhile, as oil prices suffered sharp declines, the outlook for Latin
America worsened and caused local markets to fall further. The U.S. market re-
covered by year end, when fears of instability began to subside. European mar-
kets stabilized toward the end of the year, with large capitalization stocks
strengthening ahead of the introduction of the euro on January 1, 1999.
In Asia, Japanese equities continued to disappoint as stocks weakened in re-
action to the release of deteriorating economic data and slow progress in the
implementation of reforms. However, in March 1999 the market began to turn in
reaction to merger activity and government action aimed at strengthening the
banking system. In the rest of Asia, performance was also far stronger, with
countries such as South Korea rebounding sharply at the beginning of the year.
SoGen International Fund
The Fund's net asset value declined 7.95%* between April 1, 1998 and March
31, 1999. In a difficult environment in many parts of the world, smaller
stocks--and particularly value stocks--fared poorly in the United States as
well as in Europe and Japan for most of the period: their prices collapsed when
markets were rocked by unexpected events and failed to recover when larger
growth stocks rebounded. Fund performance was also negatively affected by sharp
declines in commodity prices, which caused significant weakness in our energy
and forest products investments. Meanwhile our holdings in cyclical stocks re-
mained depressed until March 1999 when they regained some strength. Bond hold-
ings were little changed over the course of the year. Finally, the performance
of the dollar had a limited impact on the net asset value of the Fund since
partial hedges remained in place throughout the year.
SoGen Overseas Fund
The Fund's net asset value declined 6.46%* between April 1, 1998 and March
31, 1999. The difference in performance between the two Funds can be attributed
to two factors: firstly, as certain Asian markets rebounded at the beginning of
1999, the net asset value of the Fund firmed, since investments in Japan ac-
counted for nearly 23% of net assets, while South Korea represented about 2% of
the Fund's assets at the end of the fiscal year. Secondly, the Fund's invest-
ments in commodity related stocks are not a significant factor: the Fund was
therefore not as negatively impacted as SoGen International Fund by the sharp
declines in commodity prices. However, the majority of the Fund's assets are
invested in small "value" stocks, which performed poorly over the period under
consideration.
SoGen Gold Fund
Between April 1, 1998 and March 31, 1999, the price of gold fell 7%, ending
the period at $279.80/oz. The Fund's net asset value declined 22.77%* over the
period. Precious metals remained extremely volatile during that time, gaining
while global equity markets suffered significant setbacks in the late summer
and falling back when markets stabilized. The Fund's holdings remain widely di-
versified 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 the report for further information.)
6
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--U.S.
Gold Related (1.96%)
727,500 Freeport McMoRan Copper & Gold
Inc., Preferred Series "C' (d).... $ 24,477,371 $ 9,457,500
600,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series "B' (d).... 21,347,115 9,187,500
485,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series "D' (d).... 10,022,366 6,305,000
7,182 Case, Pomeroy & Co., Inc. Class
"A'............................... 7,110,698 7,864,290
295,000 Newmont Mining Corporation......... 10,713,856 5,162,500
315,000 Homestake Mining Company........... 5,930,021 2,716,875
-------------- --------------
79,601,427 40,693,665
-------------- --------------
Metals and Minerals (0.12%)
50,000 Reynolds Metals Company............ 2,379,868 2,415,625
-------------- --------------
Energy (3.49%)
3,705,000 San Juan Basin Royalty Trust (c)... 25,078,754 24,314,063
285,000 Murphy Oil Corporation............. 12,374,370 11,827,500
145,000 Burlington Resources Inc. ......... 4,975,896 5,790,938
415,000 North European Oil Royalty Trust... 6,537,312 5,550,625
1,245,000 Kaneb Services, Inc. (a)........... 4,318,833 5,057,813
350,000 ENSCO International Incorporated... 2,832,538 4,659,375
175,000 Weatherford International, Inc.
(a)............................... 3,938,918 4,571,875
350,000 Rowan Companies, Inc. (a).......... 2,334,326 4,440,625
40,000 Sealed Air Corporation $2 Pfd.
"A'............................... 1,420,642 1,980,000
35,000 Tosco Financing Trust $2.875 Conv.
Pfd. (b).......................... 1,905,313 1,688,750
75,000 Patina Oil & Gas Corporation $1.78
Conv. Pfd......................... 1,993,232 1,443,750
250,241 The Home-Stake Oil & Gas Company
(c)............................... 825,100 985,950
-------------- --------------
68,535,234 72,311,264
-------------- --------------
Forest Products (2.72%)
675,000 Rayonier Inc. ..................... 22,718,215 27,042,188
615,000 Greif Bros. Corporation Class "A'
(c)............................... 11,017,026 13,530,000
500,000 Longview Fibre Company............. 7,764,907 5,781,250
225,000 Georgia-Pacific Corporation, Timber
Group............................. 4,846,035 5,048,438
145,000 Deltic Timber Corporation.......... 2,668,634 3,443,750
54,000 Plum Creek Timber Company, L.P..... 213,222 1,539,000
-------------- --------------
49,228,039 56,384,626
-------------- --------------
Agriculture (0.44%)
100,000 Monsanto Company................... 4,272,269 4,593,750
75,000 Deere & Company.................... 1,085,028 2,896,875
60,000 Tejon Ranch Company................ 1,216,287 993,750
497 J.G. Boswell Company............... 573,840 569,065
-------------- --------------
7,147,424 9,053,440
-------------- --------------
Automotive (0.34%)
300,000 Bandag Incorporated, Class "A'..... 15,255,998 7,125,000
-------------- --------------
Building Materials (0.11%)
215,000 Justin Industries.................. 2,957,812 2,365,000
-------------- --------------
Capital Goods (1.72%)
445,000 Woodward Governor Company.......... 8,989,190 11,125,000
345,000 Blount International, Inc. Class
"A'............................... 5,944,977 9,961,875
500,000 Kaiser Ventures Inc. (a)........... 6,163,495 5,218,750
95,000 The Manitowoc Company, Inc......... 1,140,415 3,978,125
</TABLE>
7
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--U.S.
(continued)
Capital Goods (continued)
4,805 Conbraco Industries, Inc. (e)...... $ 1,568,050 $ 2,594,700
70,000 Tennant Company.................... 1,766,194 2,397,500
112,500 MFRI, Inc. (a)..................... 615,940 351,563
-------------- --------------
26,188,261 35,627,513
-------------- --------------
Specialty Chemicals (0.78%)
2,323,500 Lawter International, Inc. (c)..... 27,446,796 16,264,500
-------------- --------------
Transportation (0.35%)
35,000 AMR Corporation (a)................ 1,253,452 2,049,687
55,000 Burlington Northern Santa Fe
Corporation....................... 1,458,633 1,808,125
115,468 Heartland Express, Inc. (a)........ 194,998 1,753,670
55,000 Florida East Coast Industries,
Inc............................... 979,804 1,646,562
-------------- --------------
3,886,887 7,258,044
-------------- --------------
Electronics (0.68%)
500,000 UCAR International, Inc............ 8,951,145 7,062,500
345,000 BEI Technologies Inc............... 1,971,186 3,708,750
125,000 Applied Power Inc. Class "A'....... 1,706,289 3,406,250
-------------- --------------
12,628,620 14,177,500
-------------- --------------
Technology (1.78%)
425,000 NCR Corporation (a)................ 12,002,276 21,250,000
335,000 Scott Technologies Inc. (a)........ 4,877,360 5,820,625
200,000 Wang Laboratories Inc.............. 4,091,565 3,925,000
275,000 Evans & Sutherland Computer
Corporation (a)................... 6,977,838 3,300,000
200,000 Aydin Corporation (a).............. 2,114,513 2,637,500
-------------- --------------
30,063,552 36,933,125
-------------- --------------
Consumer Products (2.90%)
765,000 Dole Food Company, Inc. ........... 22,214,912 22,758,750
196,647 Allen Organ Company, Class "B'..... 6,223,084 7,472,586
500,000 Sturm, Ruger & Company, Inc........ 7,200,561 5,000,000
185,000 St. John Knits, Inc. .............. 2,988,504 4,879,375
75,000 Adolph Coors Company, Class "B'.... 1,461,900 4,050,000
165,000 Jostens, Inc. ..................... 3,232,860 3,506,250
150,000 Furniture Brands International,
Inc. (a).......................... 923,625 3,318,750
165,000 Polaroid Corporation............... 4,196,261 3,310,312
700,000 The Topps Company, Inc. (a)........ 3,831,713 3,062,500
200,000 A.T. Cross Company, Class "A'...... 2,508,927 1,462,500
177,300 Baldwin Piano & Organ Company (c).. 1,712,676 1,418,400
-------------- --------------
56,495,023 60,239,423
-------------- --------------
Distribution (0.41%)
800,000 Hancock Fabrics, Inc............... 7,671,312 5,050,000
143,088 Weyco Group Inc. .................. 1,457,019 3,434,112
-------------- --------------
9,128,331 8,484,112
-------------- --------------
Health Care (0.03%)
400,000 BEI Medical Systems Inc. (a)(c).... 681,560 600,000
-------------- --------------
</TABLE>
8
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--U.S.
(continued)
Media (1.32%)
355,000 GC Companies, Inc. (a)............. $ 11,880,672 $ 11,160,313
445,000 United States Satellite
Broadcasting Company, Inc. Class
"A' (a)........................... 4,367,717 7,620,625
100,000 Pulitzer Inc....................... 1,249,577 4,043,750
100,000 Hearst-Argyle Television, Inc.
(a)............................... 583,693 2,462,500
34,924 Mills Music Trust (c)(e)........... 1,055,337 1,431,884
217,000 Integrity Incorporated, Class "A'
(a)(c)............................ 1,077,040 759,500
-------------- --------------
20,214,036 27,478,572
-------------- --------------
Services (2.70%)
1,535,000 Manpower Inc. ..................... 51,057,293 35,880,625
725,000 UniFirst Corporation (c)........... 10,238,952 15,315,625
155,000 Borg-Warner Security Corporation
(a)............................... 2,731,925 2,596,250
79,792 KinderCare Learning Centers, Inc.
(a)............................... 1,024,327 2,234,176
-------------- --------------
65,052,497 56,026,676
-------------- --------------
Financial Companies (0.35%)
115,000 Leucadia National Corporation...... 3,705,129 3,478,750
127,500 East Texas Financial Services, Inc.
(c)............................... 959,375 1,402,500
77,500 Redwood Financial, Inc. (a)(c)..... 715,313 1,036,562
15,113 Metairie Bank and Trust Company
(e)............................... 254,172 513,842
45,000 First Federal Financial Bancorp,
Inc. (c).......................... 490,100 483,750
20,000 Catskill Financial Corporation..... 210,000 303,750
-------------- --------------
6,334,089 7,219,154
-------------- --------------
Utilities (1.08%)
210,000 CalEnergy Capital Trust 6 1/2%
Conv. Pfd. (b).................... 10,076,250 9,397,500
25,000 CalEnergy Capital Trust 6 1/2%
Conv. Pfd......................... 1,070,875 1,118,750
200,000 Midamerican Energy Holdings Co..... 3,728,090 5,600,000
60,000 The Montana Power Company.......... 1,277,675 4,413,750
65,000 IdaCorp Inc. ...................... 1,604,025 1,909,375
-------------- --------------
17,756,915 22,439,375
-------------- --------------
Real Estate (2.80%)
600,000 Crescent Real Estate Equities
Company........................... 9,350,294 12,900,000
556,896 Archstone Communities Trust........ 9,435,782 11,207,529
435,000 Security Capital European Realty
(e)............................... 8,699,990 8,700,000
293,450 Security Capital Group, Inc. Class
"B'............................... 4,759,994 3,924,894
175,000 Security Capital U.S. Realty
SICAF............................. 1,949,581 1,373,750
500,000 Catellus Development Corporation
(a)............................... 3,884,086 6,687,501
303,625 Alico, Inc. ....................... 5,959,497 4,630,281
197,739 Regency Realty Corp................ 4,625,320 3,707,615
235,000 Price Enterprises, Inc. 8 3/4%
Pfd., Series "A'.................. 2,707,118 3,422,188
41,197 Price Enterprises, Inc............. 114,255 229,158
50,000 Prologis Trust Conv. 7% Pfd.,
Series "B'........................ 1,193,710 1,271,875
-------------- --------------
52,679,627 58,054,791
-------------- --------------
Common and Preferred Stocks--Non
U.S.
Gold Related (3.13%)
3,535 Bank for International Settlements
(U.S. Tranche).................... 18,548,191 19,880,345
2,475 Bank for International Settlements
(French Tranche).................. 12,734,695 10,096,923
585,000 Franco-Nevada Mining Corp. Ltd..... 7,325,495 9,265,408
165,000 Euro-Nevada Mining Corp. Ltd. ..... 133,798 2,203,280
</TABLE>
9
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--Non
U.S. (continued)
Gold Related (continued)
1,000,000 Gold Fields Limited................ $ 8,079,820 $ 5,771,104
750,000 Pan American Silver Corp. (a)...... 2,579,121 3,926,441
575,000 Meridian Gold Inc. (a)............. 2,086,705 3,315,109
625,000 Harmony Gold Mining Company Ltd. .. 2,988,761 2,932,224
550,000 Driefontein Consolidated Ltd. ADR.. 4,834,608 2,200,000
2,500,000 Normandy Mining Limited............ 3,000,483 2,005,132
155,000 Placer Dome Inc. .................. 2,672,346 1,734,063
407,250 St. Helena Gold Mines Ltd. ADR..... 3,408,636 967,219
95,250 St. Helena Gold Mines Ltd.......... 666,203 247,403
1,428,590 Compania Minera Arcata S.A. ....... 1,147,893 450,051
-------------- --------------
70,206,755 64,994,702
-------------- --------------
United Kingdom (2.09%)
4,500,000 Antofagasta Holdings plc (21)...... 19,736,337 18,606,510
915,000 Lonmin plc (21).................... 4,866,145 6,703,784
3,000,000 Lonrho Africa plc (21)............. 4,564,749 2,538,900
3,605,000 McBride plc (12)................... 9,611,210 5,927,485
2,725,000 Royal Doulton plc (12)............. 10,072,500 4,129,138
235,000 Scottish Media Group plc (15)...... 1,712,987 3,278,687
500,000 IMI plc (7)........................ 2,115,191 2,123,810
-------------- --------------
52,679,119 43,308,314
-------------- --------------
Finland (0.30%)
86,950 Vaisala Oy A (11).................. 2,938,395 6,287,333
-------------- --------------
Sweden (0.84%)
245,000 Investor AB "B' (20)............... 9,949,201 10,707,392
535,000 IRO AB (7)......................... 5,641,561 4,416,496
500,000 Gorthon Lines AB "B' (9)........... 2,602,502 1,942,384
181,000 Bylock & Nordsjofrakt AB "B' (9)... 738,090 340,585
-------------- --------------
18,931,354 17,406,857
-------------- --------------
Norway (0.32%)
552,300 Schibsted ASA (15)................. 6,272,386 6,563,449
-------------- --------------
Denmark (0.52%)
225,000 Carlsberg International A/S, "B'
(12).............................. 11,883,073 9,072,712
15,000 Kobenhavns Lufthavne A/S (9)....... 660,492 1,594,796
-------------- --------------
12,543,565 10,667,508
-------------- --------------
Netherlands (1.16%)
85,000 Koninklijke Philips Electronics NV
(10).............................. 2,398,670 7,007,188
275,000 Holdingmaatschappij de Telegraaf,
NV (15)........................... 2,087,913 6,930,134
318,500 Apothekers Cooperatie OPG U.A.
(14).............................. 7,826,348 6,806,074
265,000 European City Estates (c)(19)...... 3,906,649 3,289,014
-------------- --------------
16,219,580 24,032,410
-------------- --------------
Belgium (0.37%)
25,000 Deceuninck Plastics Industries SA
(6)............................... 2,756,148 7,732,826
-------------- --------------
</TABLE>
10
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--Non
U.S. (continued)
Germany (5.19%)
127,750 Buderus AG (c)(7).................. $ 55,854,276 $ 41,224,382
20,500 Axel Springer Verlag AG (15)....... 8,969,120 19,690,916
135,000 Bertelsmann AG D.R.C. (15)......... 16,802,494 16,631,028
325,000 Bayer AG (8)....................... 6,519,726 12,083,553
250,000 Hornbach Holding AG Pfd. (13)...... 18,126,551 9,578,344
21,500 Sudzucker AG Pfd. (4).............. 8,920,153 7,541,259
18,000 Signalbau Huber AG Pfd. (9)........ 2,256,522 961,612
-------------- --------------
117,448,842 107,711,094
-------------- --------------
France (7.77%)
200,000 Legrand ADP (7).................... 15,440,898 24,175,200
61,950 Sagem ADP (10)..................... 18,938,326 21,060,754
54,459 Promodes C.I. (13)................. 2,206,593 20,747,531
42,000 Eurafrance (20).................... 16,574,225 20,171,182
16,250 Taittinger C.I. (12)............... 4,109,200 6,752,058
1,682 Taittinger (12).................... 518,284 1,052,873
26,888 Societe Sucriere de Pithiviers-le-
Vieil (c)(4)...................... 10,436,373 9,663,285
65,000 Elf Aquitaine (2).................. 4,470,992 8,825,027
118,500 Gaumont SA (15).................... 6,109,144 7,545,576
30,000 Vivendi (18)....................... 3,079,828 7,378,832
163,201 Emin Leydier (3)................... 8,351,488 6,710,731
70,579 NSC Groupe (c)(7).................. 12,515,544 5,979,532
145,000 Eramet (1)......................... 7,833,397 5,242,457
43,500 Sabeton SA (c)(20)................. 5,905,048 5,140,737
75,000 Crometal (7)....................... 5,059,728 3,642,469
50,000 C.G.D.E. Michelin "B' (5).......... 2,203,862 2,242,142
39,048 Conflandey (1)..................... 1,873,429 1,364,997
10,479 Robertet SA C.I. (12).............. 781,686 1,176,184
5,112 Robertet SA (12)................... 527,638 628,952
7,500 Societe Francaise des Papiers
Peints (12)....................... 1,113,969 898,476
8,500 Marie Brizard et Roger
International SA (12)............. 1,787,269 610,963
23,992 Precia SA (7)...................... 1,153,636 216,210
-------------- --------------
130,990,557 161,226,168
-------------- --------------
Switzerland (5.29%)
43,950 Kuhne & Nagel International AG
Bearer (9)........................ 26,824,359 34,143,417
70,000 Societe Generale d'Affichage D.R.C.
(15).............................. 24,670,179 27,426,873
64,500 Sika Finanz AG Bearer (6).......... 15,801,764 17,189,252
41,500 Edipresse SA Bearer (15)........... 10,853,695 9,531,852
3,000 Lindt & Sprungli AG PC (12)........ 2,661,221 8,106,465
4,150 Nestle SA Registered (12).......... 5,277,735 7,538,573
10,000 SAirgroup D.R.C. (a)(9)............ 619,946 2,151,591
15,000 Vetropack Holding AG Bearer (12)... 3,101,361 1,823,955
30,000 Pelikan Holding AG Bearer (a)(12).. 2,797,748 1,803,688
-------------- --------------
92,608,008 109,715,666
-------------- --------------
Austria (0.14%)
70,000 Flughafen Wien AG (9).............. 2,910,556 2,959,951
-------------- --------------
Italy (0.31%)
8,150,000 Montedison SpA Non Convertible
Savings Shares (21)............... 3,911,487 6,517,753
-------------- --------------
</TABLE>
11
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<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 (0.24%)
185,000 Espirito Santo Financial Group SA
(17).............................. $ 3,130,994 $ 2,925,312
10,000 Corporacion Financiera Alba SA
(20).............................. 691,324 1,430,006
65,000 Compania de Celulose do Caima SA
(3)............................... 1,182,050 698,706
-------------- --------------
5,004,368 5,054,024
-------------- --------------
Greece (0.02%)
74,990 H. Benrubi & Fils SA (12).......... 256,424 423,441
-------------- --------------
Israel (0.17%)
650,000 The Israel Land Development Company
Ltd. (21)......................... 2,511,293 3,548,167
-------------- --------------
Commonwealth of Independent States
(0.04%)
556,624 Firebird Fund, L.P. (a)(b)(e)(22).. 1,000,000 818,488
-------------- --------------
Japan (11.17%)
1,000,000 Fuji Photo Film Co., Ltd. (12)..... 24,615,338 37,737,438
265,000 Secom Co., Ltd. (16)............... 14,490,872 25,045,698
145,000 Toho Co., Ltd. (15)................ 19,610,428 19,603,673
305,000 Ito-Yokado Co., Ltd. (13).......... 14,346,167 19,577,138
800,000 Shimano Inc. (12).................. 15,386,134 19,441,520
3,105,000 The Nichido Fire & Marine Insurance
Co., Ltd. (17).................... 20,086,002 18,151,624
4,000,000 The Dai-Tokyo Fire & Marine
Insurance Co., Ltd. (17).......... 23,146,240 14,252,622
2,625,000 Nisshinbo Industries, Inc. (12).... 20,255,676 10,016,636
750,000 The Tokio Marine & Fire Insurance
Co., Ltd. (17).................... 7,049,428 8,535,147
1,000,000 Hitachi, Ltd. (11)................. 7,616,128 7,387,441
2,250,000 Hanshin Electric Railway Co., Ltd.
(9)............................... 9,288,539 7,107,358
500,000 Shiseido Company, Ltd. (12)........ 5,799,606 6,907,299
1,650,000 Okumura Corporation (7)............ 7,976,102 6,754,833
1,905,000 Aida Engineering, Ltd. (7)......... 12,638,683 6,498,968
445,000 Chofu Seisakusho Co., Ltd. (12).... 8,505,634 5,652,698
1,450,000 The Dowa Fire & Marine Insurance
Co., Ltd. (17).................... 7,172,846 4,946,721
2,350,000 Iino Kaiun Kaisha, Ltd. (9)........ 9,241,772 4,473,740
1,000,000 The Koa Fire & Marine Insurance
Co., Ltd. (17).................... 5,871,932 2,998,779
100,000 Asatsu Inc. (15)................... 3,559,632 2,796,614
385,000 Shoei Co., Ltd. (20)............... 2,927,600 2,004,212
650,000 Nittetsu Mining Co., Ltd. (1)...... 5,458,538 1,779,472
-------------- --------------
245,043,297 231,669,631
-------------- --------------
Hong Kong (1.94%)
97,199,864 CDL Hotels International Limited
(19).............................. 36,828,677 30,103,322
21,850,000 Shaw Brothers (Hong Kong) Limited
(15).............................. 24,515,109 10,150,594
-------------- --------------
61,343,786 40,253,916
-------------- --------------
Singapore and Malaysia (0.51%)
3,500,000 Times Publishing Limited (15)...... 7,766,301 5,269,253
3,665,000 Delgro Corporation Ltd. (20)....... 8,902,559 4,817,342
650,000 Clipsal Industries Ltd. (6)........ 1,600,089 552,500
-------------- --------------
18,268,949 10,639,095
-------------- --------------
Thailand (0.12%)
577,000 The Oriental Hotel Public Company
Limited (19)...................... 2,636,472 2,517,707
-------------- --------------
</TABLE>
12
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--Non
U.S. (continued)
Australia and New Zealand (2.28%)
3,325,000 Wilson & Horton Limited (15)...... $ 17,124,302 $ 14,223,283
12,209,867 Carter Holt Harvey Limited (3).... 18,750,322 11,519,375
20,801,249 Shortland Properties Limited
(c)(19).......................... 8,985,919 6,913,316
7,575,000 Spotless Services Limited (16).... 3,885,971 6,152,701
10,000,000 Tasman Agriculture Limited
(c)(4)........................... 6,097,469 3,752,350
9,350,000 Evergreen Forests Limited
(a)(c)(3)........................ 3,562,680 2,105,068
2,642,222 Evergreen Forests Limited Conv.
Note (a)(3)...................... 1,391,526 1,430,527
991,000 The Colonial Motor Company Limited
(13)............................. 888,719 1,189,945
-------------- --------------
60,686,908 47,286,565
-------------- --------------
Canada (1.10%)
965,000 Canadian Pacific Limited (21)..... 16,914,508 18,757,187
400,000 Noranda, Inc. (21)................ 5,386,660 4,121,935
-------------- --------------
22,301,168 22,879,122
-------------- --------------
Mexico (0.93%)
6,175,000 Industrias Penoles, S.A. de C.V.
(1).............................. 19,284,893 19,264,443
-------------- --------------
Argentina (0.23%)
5,471,500 Ledesma S.A.A.I. (4).............. 6,241,734 2,682,953
1,850,000 Siderca S.A.I.C. (2).............. 1,375,056 2,017,943
-------------- --------------
7,616,790 4,700,896
-------------- --------------
Chile (0.21%)
443,400 Quinenco S.A. ADR (20)............ 3,283,776 4,406,288
-------------- --------------
South Africa (0.04%)
100,000 Omni Media Corporation (15)....... 643,273 894,481
-------------- --------------
Miscellaneous (0.78%)
375,000 Banco Latinoamericano de
Exportaciones S.A., Class "E'
(Bladex) (17).................... 10,617,937 9,750,000
375,000 Minorco ADR (1)................... 5,817,919 6,375,000
-------------- --------------
16,435,856 16,125,000
-------------- --------------
Total Common and Preferred
Stocks........................... 1,550,396,001 1,520,756,700
-------------- --------------
<CAPTION>
Principal
Amount
---------
<C> <S> <C> <C>
Bonds, Notes and Convertible Bonds
U.S. Dollar Convertible Bonds
(4.55%)
$ 1,000,000 NovaCare, Inc. 5 1/2% due
1/15/2000 (14)................... 972,314 708,750
5,320,000 Gold Mines of Kalgoorlie 7 1/2%
due 2/28/2000 (1)................ 5,108,820 5,333,300
2,500,000 Medya International Ltd. 10% due
6/28/2001 (15)................... 2,178,763 1,687,500
2,500,000 International Container Terminal
Services, Inc. 5% due 9/15/2001
(e)(9)........................... 2,285,109 1,821,875
6,000,000 International Container Terminal
Services, Inc. 1 3/4% due
3/13/2004 (9).................... 5,265,066 5,100,000
6,000,000 Danka Business Systems plc 6 3/4%
due 4/01/2002 (12)............... 3,650,272 3,120,000
1,610,000 Roy F. Weston, Inc. 7% due
4/15/2002 (7).................... 1,482,943 1,505,350
3,750,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (a)(f)(1).............. 4,018,424 9,375
2,300,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (a)(b)(f)(1)........... 2,021,340 5,750
3,325,000 LUKINTER Finance BV 3 1/2% due
5/06/2002 (2).................... 1,121,486 1,928,500
7,000,000 Cetus Corp. 5 1/4% due 5/21/2002
(14)............................. 6,779,576 6,912,500
3,665,000 Coeur d'Alene Mines Corporation 6%
due 6/10/2002 (1)................ 3,390,015 2,272,300
6,000,000 Coeur d'Alene Mines Corporation 6
3/8% due 1/31/2004 (1)........... 5,952,303 3,532,500
3,500,000 TingYi (C.I.) Holdings 1 5/8% due
7/17/2002 (12)................... 2,195,065 2,423,750
</TABLE>
13
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Principal Cost Value
Amount (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Bonds, Notes and Convertible Bonds
(continued)
U.S. Dollar Convertible Bonds
(continued)
$ 3,000,000 Ashanti Goldfields Company Limited
5 1/2% due 3/15/2003 (b)(1)...... $ 2,468,119 $ 2,610,000
5,000,000 Nine West Group 5 1/2% due
7/15/2003 (13)................... 4,392,968 4,737,500
5,550,000 IRSA Inversiones y
Representaciones S.A. 4 1/2% due
8/02/2003 (19)................... 5,684,706 5,633,250
1,500,000 Agnico Eagle Mines Limited 3 1/2%
due 1/27/2004 (1)................ 1,163,262 1,005,000
3,750,000 Halter Marine Group Inc. 4 1/2%
due 9/15/2004 (7)................ 2,668,865 1,964,063
4,420,000 Battle Mountain Gold Company 6%
due 1/04/2005 (1)................ 3,511,480 3,315,000
11,500,000 Scandinavian Broadcasting System
SA 7 1/4% due 8/01/2005 (15)..... 10,772,577 13,138,750
11,935,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (3).................... 9,793,715 596,750
7,145,000 Samsung Electronics Co. Ltd. 0%
due 12/31/2007 (a)(10)........... 5,585,519 7,180,725
3,500,000 LG Electronics Inc. 1/4% due
12/31/2007 (10).................. 2,511,069 3,517,500
4,450,000 Evans & Sutherland Computer
Corporation 6% due 3/01/2012
(11)............................. 3,528,180 4,055,063
11,824,000 Air & Water Technologies Corp. 8%
due 5/15/2015 (7)................ 10,048,758 10,168,640
-------------- --------------
108,550,714 94,283,691
-------------- --------------
U.S. Dollar Bonds and Notes
(6.53%)
3,800,000 Cemex SA 10% due 11/05/1999 (6)... 3,796,837 3,857,000
1,500,000 Tubos de Acero de Mexico, S.A. 13
3/4% due 12/08/1999 (2).......... 1,462,762 1,552,500
2,000,000 P.T. Inti Indorayon Utama 9 1/8%
due 10/15/2000 (3)............... 1,873,934 405,000
1,000,000 Republic New York Corporation 9
3/4% due 12/01/2000 (17)......... 1,000,000 1,064,097
5,550,000 USAir Group, Inc. 9 5/8% due
2/02/2001 (9).................... 4,950,388 5,711,366
5,000,000 P.T. Pabrik Kertas Tjiwi-Kimia 13
1/4% due 8/01/2001 (3)........... 5,042,446 3,725,000
4,000,000 Florsheim Group Inc. 12 3/4% due
9/01/2002 (13)................... 3,735,895 4,252,500
3,000,000 Golden Books Family Entertainment,
Inc. 7.65% due 9/15/2002
(f)(15).......................... 2,571,229 1,290,000
5,392,000 Pamida Holdings Corp. 11 3/4% due
3/15/2003 (13)................... 4,931,912 4,879,760
8,000,000 The Southland Corporation 5% due
12/15/2003 (13).................. 6,532,667 7,000,000
4,589,000 The Southland Corporation 4% due
6/15/2004 (13)................... 3,255,593 3,510,585
3,000,000 Anacomp, Inc. 10 7/8% due
4/01/2004 (11)................... 3,004,933 3,120,000
500,000 Anacomp, Inc. 10 7/8% due
4/01/2004 (b)(11)................ 520,000 520,000
1,000,000 UCAR Global Enterprises 12% due
1/15/2005 Series "B' (10)........ 1,005,000 1,067,500
1,500,000 Hollinger International Publishing
8 5/8% due 3/15/2005 (15)........ 1,575,000 1,582,500
1,000,000 Hollinger International Publishing
9 1/4% due 3/15/2007 (15)........ 1,065,000 1,050,000
750,000 Polaroid Corporation 11 1/2% due
2/15/2006 (b)(12)................ 750,000 780,000
12,000,000 Riverwood International
Corporation 10 1/4% due 4/01/2006
(3).............................. 11,945,499 12,420,000
18,000,000 Riverwood International
Corporation 10 7/8% due 4/01/2008
(3).............................. 17,862,810 17,505,000
3,500,000 Wharf International Finance, Ltd.
7 5/8% due 3/13/2007 (17)........ 2,417,832 2,779,595
1,000,000 Imperial Holly Corporation 9 3/4%
due 12/15/2007 (4)............... 1,000,000 1,012,500
2,250,000 AMSC Acquisition Co. Inc. 12 1/4%
due 4/01/2008 (11)............... 2,351,169 1,158,750
6,000,000 Grupo Televisa 13 1/4% due
5/15/2008 (0% @ 3/31/1999)
(a)(15).......................... 4,183,921 5,055,000
1,500,000 Domino's Inc. 10 3/8% due
1/15/2009 (b)(12)................ 1,497,540 1,556,250
6,750,000 Federal Republic of Brazil "C' 8%
due 4/15/2014 (23)............... 3,496,462 5,072,414
5,000,000 Federal Republic of Brazil Par ZL
5 1/2% due 4/15/2024 (23)........ 2,430,199 3,037,500
5,000,000 Federal Republic of Brazil Disc.
ZL FRN due 4/15/2024
(6.125% @ 3/31/1999) (23)........ 3,113,087 3,125,000
6,000,000 United Mexican States Disc. FRN
"A' due 12/31/2019
(6.11562% @ 3/31/1999) (23)...... 5,053,828 5,115,000
3,500,000 United Mexican States Disc. FRN
"B' due 12/31/2019
(6.03875% @ 3/31/1999) (23)...... 2,827,458 2,983,750
500,000 United Mexican States Disc. FRN
"D' due 12/31/2019
(6.09750% @ 3/31/1999) (23)...... 374,123 426,250
2,000,000 Republic of Bulgaria Disc. FRN "A'
due 7/28/2024
(5.8750% @ 3/31/1999) (23)....... 1,113,964 1,360,000
10,000,000 Bangkok Bank Public Co. 9.025% due
3/15/2029 (b)(17)................ 6,027,527 7,050,000
</TABLE>
14
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<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)
$ 5,500,000 Bergen Bank Floating Rate
Perpetual Notes (5.1875% @
3/31/1999) (17)........... $ 3,888,750 $ 3,991,075
3,500,000 Den Norske Bank Floating
Rate Perpetual Notes
(5.3375% @ 3/31/1999)
(17)...................... 2,610,000 2,527,000
3,170,000 Den Norske Bank Floating
Rate Perpetual Notes
(5.25% @ 3/31/1999) (17).. 2,059,625 2,317,270
13,600,000 Christiania Bank Floating
Rate Perpetual Notes
(5.625% @ 3/31/1999)
(17)...................... 9,590,750 10,149,680
5,200 Posgold Finance Ltd. 2.65%
Gold Denominated Note
due 7/15/2004
(b)(d)(e)(1).............. 2,028,988 1,451,323
-------------- --------------
132,947,128 135,461,165
-------------- --------------
U.S. Treasury Notes (9.78%)
10,000,000 U.S. Treasury Note 3 5/8%
due 7/15/2002 (23)........ 10,019,830 10,191,000
20,000,000 U.S. Treasury Note 5 7/8%
due 2/15/2004 (23)........ 19,288,293 20,593,760
30,000,000 U.S. Treasury Note 7 1/2%
due 2/15/2005 (23)........ 31,716,094 33,271,890
30,000,000 U.S. Treasury Note 5 5/8%
due 2/15/2006 (23)........ 28,782,340 30,431,250
40,000,000 U.S. Treasury Note 3 3/8%
due 1/15/2007 (23)........ 40,133,094 39,932,000
35,000,000 U.S. Treasury Note 6 1/4%
due 2/15/2007 (23)........ 35,253,602 36,837,500
20,000,000 U.S. Treasury Zero Coupon
Strip due 11/15/2007
(a)(23)................... 12,076,836 12,527,700
10,000,000 U.S. Treasury Note 8 3/4%
due 11/15/2008 (23)....... 11,314,687 11,312,500
5,000,000 U.S. Treasury Note 11 1/4%
due 2/15/2015 (23)........ 7,791,406 7,801,565
-------------- --------------
196,376,182 202,899,165
-------------- --------------
Non U.S. Dollar Convertible
Bonds (1.38%)
CAD 3,500,000 InterTAN Inc. 9% due
8/30/2000 (13)............ 2,576,052 3,867,628
CAD 1,600,000 Noranda Inc. 5% due
4/30/2007 (21)............ 1,026,988 943,671
FRF 89,136,060 Immobiliere Hoteliere 5%
due 1/01/2001 (19)........ 12,923,624 8,528,508
JPY 350,000,000 Hanshin Electric Railway
Co., Ltd. 1 1/2% due
9/30/2005 (9)............. 2,732,433 2,850,946
GBP 8,500,000 Berisford plc 5% due
1/31/2015 (12)............ 8,019,284 12,468,820
-------------- --------------
27,278,381 28,659,573
-------------- --------------
Non U.S. Dollar Bonds and
Notes (1.38%)
CAD 2,500,000 Bell Canada 8 1/2% due
6/09/2003 (18)............ 1,726,927 1,833,789
DEM 10,340,000 Air Canada Variable Rate
Perpetual Notes (4 5/8% @
3/31/1999) (9)............ 4,111,453 2,955,590
FRF 65,685,000 United Mexican States Par
6.63% due 12/31/2019
(23)...................... 8,619,133 8,348,552
CHF 6,000,000 Air Canada 6 1/4% Perpetual
Notes (9)................. 1,877,669 3,891,103
CHF 4,100,000 Scandinavian Airlines
System Variable Rate
Perpetual Notes
(3 5/8% @ 3/31/1999) (9).. 1,920,638 2,194,994
NZD 5,000,000 Trans Power Finance Limited
8% due 3/15/2002 (18)..... 3,232,769 2,840,897
NZD 6,581,000 Telecom Corp. of New
Zealand 9 1/4% due
7/01/2002 (18)............ 3,992,909 3,840,832
NZD 2,850,000 State Bank of New South
Wales 8% due 4/01/2003
(17)...................... 1,657,282 1,621,317
NZD 2,000,000 Telecom Corp. of New
Zealand 7 1/2% due
7/14/2003 (18)............ 1,187,526 1,116,994
-------------- --------------
28,326,306 28,644,068
-------------- --------------
Total Bonds, Notes and
Convertible Bonds......... 493,478,711 489,947,662
-------------- --------------
Short-Term Investments
(2.07%)
$ 38,803,000 Nestle Capital Corp. 4.73%
due 4/01/1999............. 38,803,000 38,803,000
3,615,000 Lucent Technologies Inc.
4.80% due 4/13/1999....... 3,609,216 3,609,216
600,000 The Southland Corporation
4.87% due 4/29/1999....... 597,727 597,727
-------------- --------------
Total Short-Term
Investments............... 43,009,943 43,009,943
-------------- --------------
Total Investments
(98.98%).................. $2,086,884,655* 2,053,714,305**
==============
Other assets in excess of
liabilities (1.02%)....... 21,073,429
--------------
Net assets (100.00%)....... $2,074,787,734
==============
</TABLE>
15
<PAGE>
SoGen International Fund
NOTES TO SCHEDULE OF INVESTMENTS
MARCH 31, 1999
(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, 1999.
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
Affiliate Shares Cost Shares Cost Gain/Loss Income
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
San Juan Basin Royalty
Trust 55,000 $ 331,707 -- -- -- $1,967,236
The Home-Stake Oil & Gas
Company -- -- -- -- -- 20,019
Greif Bros. Corporation
Class "A' -- -- 25,000 $602,500 $314,782 299,280
Lawter International,
Inc. -- -- -- -- -- 929,400
Baldwin Piano and Organ
Company -- -- 34,700 487,450 (64,177) 2,120
BEI Medical Systems Inc. -- -- -- -- -- --
Mills Music Trust -- -- -- -- -- 135,666
Integrity Incorporated,
Class "A' -- -- 83,000 824,375 (379,321) --
UniFirst Corporation -- -- 30,000 679,894 7,658 95,138
East Texas Financial
Services, Inc. -- -- -- -- -- 25,500
Redwood Financial, Inc. -- -- -- -- -- --
First Federal Financial
Bancorp, Inc. -- -- 4,000 43,900 24,098 12,880
Buderus AG 21,250 9,177,615 -- -- -- 1,345,296
Societe Sucriere de
Pithiviers-le-Vieil 9,085 4,526,353 -- -- -- 288,968
NSC Groupe 4,079 481,623 -- -- -- 321,980
Sabeton SA 2,500 280,869 788 167,657 (73,147) 105,083
European City Estates 42,500 497,854 52,500 980,999 (330,701) 136,758
Shortland Properties
Limited+ 8,052,833 3,792,044 -- -- -- 366,400
Tasman Agriculture
Limited 750,000 222,593 -- -- -- 161,655
Evergreen Forests
Limited -- -- -- -- -- --
</TABLE>
+ Conversion from bond to stock on December 31, 1998.
(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 March 31, 1999 cost is substantially identical for both book and federal
income tax purposes.
** Gross unrealized appreciation and depreciation of securities at March 31,
1999, based on cost for federal income tax purposes, were $281,493,775 and
$314,669,875, respectively (net depreciation was $33,176,100).
<TABLE>
<CAPTION>
Industry
Foreign Currencies Classifications
------------------ -----------------------
<S> <C> <C>
CAD--Canadian Dollar (1) Metals & Minerals (13) Distribution
FRF--French Franc (2) Energy (14) Health Care
JPY--Japanese Yen (3) Forest Products (15) Media
GBP--Pound Sterling (4) Agriculture (16) Services
DEM--Deutsche Mark (5) Automotive (17) Financial Institutions
CHF--Swiss Franc (6) Building Materials (18) Utilities
NZD--New Zealand Dollar (7) Capital Goods (19) Real Estate
(8) Chemicals (20) Holding Companies
(9) Transportation (21) Conglomerate
(10) Electronics (22) Investment Companies
(11) Technology (23) Government Issues
(12) Consumer Products
</TABLE>
<TABLE>
<CAPTION>
Bond Types
----------
<S> <C>
FRN--Floating Rate Note
"C'--Capitalization
</TABLE>
- --------
See Notes to Financial Statements.
16
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks
United Kingdom and Ireland (4.67%)
2,175,000 Antofagasta Holdings plc (21).......... $ 10,404,935 $ 8,993,147
700,000 Greencore Group plc (4)................ 1,918,345 2,455,294
1,500,000 Royal Doulton plc (12)................. 5,363,804 2,272,920
1,275,000 McBride plc (12)....................... 3,179,289 2,096,406
100,000 Scottish Media Group plc (15).......... 621,771 1,395,186
300,000 IMI plc (11)........................... 1,269,760 1,274,286
1,475,000 Lonrho Africa plc (21)................. 2,304,763 1,248,293
1,000,000 Aggregate Industries plc (6)........... 411,828 1,180,790
50,000 Lonmin plc (21)........................ 249,264 366,327
------------ ------------
25,723,759 21,282,649
------------ ------------
Finland (0.11%)
7,000 Vaisala Oy A (11)...................... 197,492 506,168
------------ ------------
Sweden (1.28%)
275,000 IRO AB (7)............................. 2,991,322 2,270,161
50,000 Investor AB "B' (20)................... 2,006,176 2,185,182
315,000 Gorthon Lines AB "B' (9)............... 1,614,821 1,223,702
90,500 Bylock & Nordsjofrakt AB "B' (9)....... 330,595 170,292
------------ ------------
6,942,914 5,849,337
------------ ------------
Norway (0.39%)
101,400 Schibsted ASA (15)..................... 1,182,894 1,205,022
50,000 Smedvig ASA "A' (2).................... 538,409 558,670
------------ ------------
1,721,303 1,763,692
------------ ------------
Denmark (0.43%)
35,000 Carlsberg International A/S "B' (12)... 1,529,829 1,411,311
5,000 Kobenhavns Lufthavne A/S (9)........... 217,588 531,599
------------ ------------
1,747,417 1,942,910
------------ ------------
Netherlands (1.15%)
107,500 Apothekers Cooperatie OPG U.A. (14).... 2,870,525 2,297,184
100,000 European City Estates (19)............. 1,466,239 1,241,138
35,000 Holdingmaatschappij de Telegraaf NV
(15).................................. 334,731 882,017
10,000 Koninklijke Philips Electronics N.V.
(10).................................. 329,319 824,375
------------ ------------
5,000,814 5,244,714
------------ ------------
Belgium (0.24%)
3,500 Deceuninck Plastics Industries SA (6).. 478,997 1,082,596
------------ ------------
Germany (7.65%)
36,750 Buderus AG (7)......................... 15,780,463 11,859,069
7,500 Axel Springer Verlag AG (15)........... 3,165,398 7,203,994
118,500 Hornbach Holding AG Pfd. (13).......... 9,554,106 4,540,135
30,000 Bertelsmann AG D.R.C. (15)............. 3,940,740 3,695,784
200,000 Gerresheimer Glas AG (7)............... 2,918,934 3,291,713
7,000 Sudzucker AG Pfd. (12)................. 2,901,732 2,455,294
50,000 Bayer AG (8)........................... 1,121,799 1,859,008
------------ ------------
39,383,172 34,904,997
------------ ------------
</TABLE>
17
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks (continued)
France (13.02%)
35,750 Sagem ADP (10)......................... $ 10,523,554 $ 12,153,704
70,000 Legrand ADP (7)........................ 6,362,815 8,461,320
23,800 Europe 1 Communication (15)............ 5,039,048 6,002,853
10,500 Eurafrance (20)........................ 4,152,458 5,042,796
9,250 Taittinger C.I. (12)................... 2,361,474 3,843,479
9,459 Promodes C.I. (13)..................... 1,161,445 3,603,645
90,000 Emin Leydier (3)....................... 6,627,150 3,700,748
18,000 Elf Aquitaine (2)...................... 1,213,940 2,443,854
5,750 Societe Sucriere de Pithiviers-le-Vieil
(4)................................... 2,519,509 2,066,494
24,086 NSC Groupe (7)......................... 4,214,370 2,040,593
30,000 Gaumont SA (15)........................ 1,569,314 1,910,273
29,674 Rougier SA (3)......................... 2,339,735 1,345,078
10,000 Robertet SA (12)....................... 1,934,255 1,230,345
7,856 Robertet SA C.I. (12).................. 1,120,564 881,773
9,500 Sabeton SA (20)........................ 1,683,223 1,122,690
25,109 Conflandey (1)......................... 1,400,908 877,733
3,500 Vivendi (18)........................... 364,781 860,864
12,727 Crometal (7)........................... 840,806 618,103
15,572 Burelle SA (5)......................... 808,536 596,616
15,000 Eramet (1)............................. 698,215 542,323
------------ ------------
56,936,100 59,345,284
------------ ------------
Switzerland (13.39%)
24,150 Kuhne & Nagel International AG Bearer
(9)................................... 14,480,773 18,761,400
34,740 Societe Generale d'Affichage D.R.C.
(15).................................. 13,189,367 13,611,565
1,875 Bank for International Settlements
(U.S. Tranche) (17)................... 13,605,699 10,544,738
961 Bank for International Settlements
(French Tranche) (17)................. 6,947,804 3,920,462
30,000 Edipresse SA Bearer (15)............... 6,299,295 6,890,495
17,500 Sika Finanz AG Bearer (6).............. 4,215,297 4,663,751
650 Lindt & Sprungli AG PC (12)............ 835,002 1,756,401
500 Nestle SA Registered (12).............. 619,844 908,262
------------ ------------
60,193,081 61,057,074
------------ ------------
Austria (0.09%)
10,000 Flughafen Wien AG (9).................. 415,624 422,850
------------ ------------
Italy (0.09%)
500,000 Montedison SpA Non Convertible Savings
(21).................................. 248,522 399,862
------------ ------------
Spain and Portugal (0.44%)
50,000 Espirito Santo Financial Group SA ADR
(17).................................. 904,908 790,625
65,000 Compania de Celulose do Caima SA (3)... 1,168,943 698,706
100,000 Energia e Industrias Aragonesas SA
(8)................................... 434,461 521,278
------------ ------------
2,508,312 2,010,609
------------ ------------
Greece (0.00%)
10 H. Benrubi & Fils SA (12).............. 55 56
------------ ------------
Turkey (0.18%)
45,000 Usas Ucak Servisi (16)................. 586,777 820,265
------------ ------------
Israel (0.16%)
275,000 Super-Sol (13)......................... 529,949 723,280
------------ ------------
</TABLE>
18
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks (continued)
Commonwealth of Independent States
(0.70%)
672,461 Firebird Fund, L.P. (a)(b)(c)(22)...... $ 683,594 $ 934,587
10,265 Firebird Republics Fund, Ltd. Class "A'
(a)(b)(c)(22)......................... 1,675,000 537,345
9,000 Baltic Republics Fund (a)(b)(c)(22).... 905,750 891,000
100,000 First NIS Regional Fund SICAF
(b)(c)(22)............................ 1,000,000 450,000
5,000 Carl Marks Global Value Fund L.P.
(a)(b)(c)(22)......................... 500,000 394,400
------------ ------------
4,764,344 3,207,332
------------ ------------
Japan (22.09%)
1,575,000 The Nichido Fire & Marine Insurance
Co., Ltd. (17)........................ 9,981,995 9,207,345
60,000 Toho Co., Ltd. (15).................... 7,960,117 8,111,865
300,000 Shimano Inc. (12)...................... 5,377,120 7,290,570
2,000,000 The Dai-Tokyo Fire & Marine Insurance
Co., Ltd. (17)........................ 11,065,354 7,126,311
175,000 Fuji Photo Film Co., Ltd. (12)......... 4,211,631 6,604,052
1,450,000 Okumura Corporation (16)............... 7,366,406 5,936,065
1,500,000 Nisshinbo Industries, Inc. (12)........ 11,865,351 5,723,792
70,000 Ito-Yokado Co., Ltd. (13).............. 3,506,275 4,493,114
200,000 T. Hasegawa Co., Ltd. (12)............. 4,327,766 4,329,697
1,150,000 The Dowa Fire & Marine Insurance Co.,
Ltd. (17)............................. 5,272,174 3,923,262
300,000 Chofu Seisakusho Co., Ltd. (12)........ 5,122,117 3,810,807
785,000 Tachi-S Co., Ltd. (5).................. 7,443,822 3,636,861
677,430 Sotoh Co., Ltd. (12)................... 5,938,070 3,423,813
1,000,000 Aida Engineering, Ltd. (7)............. 6,423,804 3,411,532
35,000 Secom Co., Ltd. (16)................... 1,866,628 3,307,922
565,000 Shoei Co., Ltd. (20)................... 5,200,359 2,941,246
1,500,000 Iino Kaiun Kaisha, Ltd. (9)............ 4,441,515 2,855,579
415,000 Yomeishu Seizo Co., Ltd. (12).......... 2,614,647 2,481,995
30,000 Hitachi, Ltd. ADR (11)................. 2,559,278 2,182,500
200,000 Nitto Kohki Co., Ltd. (7).............. 1,774,036 2,156,425
550,000 The Koa Fire & Marine Insurance Co.,
Ltd. (17)............................. 3,009,791 1,649,328
450,000 Hanshin Electric Railway Co., Ltd.
(9)................................... 1,458,188 1,421,472
100,000 Mandom Corp. (12)...................... 684,810 1,162,448
125,000 Sonton Food Industry Co., Ltd. (12).... 1,293,963 1,137,177
10,000 Hirose Electric Co., Ltd. (2).......... 524,210 833,930
10,000 Benesse Corporation (16)............... 272,556 806,132
275,000 Nittetsu Mining Co., Ltd. (1).......... 2,200,430 752,854
------------ ------------
123,762,413 100,718,094
------------ ------------
South Korea (2.63%)
29,900 Nam Yang Dairy Products (12)........... 2,898,173 2,643,969
40,000 Nam Yang Dairy Products Pfd. (12)...... 645,588 1,955,990
73,050 Dong Ah Tire Industry Co., Ltd.
(a)(5)................................ 4,471,482 2,565,978
85,000 Fursys Incorporated (12)............... 1,361,702 1,905,053
20,600 Daeduck Electronics Co., Ltd. (10)..... 857,575 1,534,507
18,540 Daeduck Industries (10)................ 705,240 1,344,792
1,500 Woong Jin Publishing Co., Ltd. (15).... 31,346 29,768
------------ ------------
10,971,106 11,980,057
------------ ------------
Hong Kong (4.15%)
43,090,166 CDL Hotels International Limited (19).. 16,675,040 13,345,257
10,735,000 Shaw Brothers (Hong Kong) Limited
(15).................................. 12,857,925 4,987,031
7,000,000 China-Hong Kong Photo Products Holdings
Limited (12).......................... 1,663,594 596,183
------------ ------------
31,196,559 18,928,471
------------ ------------
</TABLE>
19
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks (continued)
Singapore and Malaysia (2.30%)
1,000,000 Genting Berhad (c)(12)................. $ 2,278,895 $ 2,236,872
2,500,000 Delgro Corporation Ltd. (20)........... 4,927,583 3,286,045
1,650,000 Times Publishing Limited (15).......... 3,528,771 2,484,076
2,000,000 Clipsal Industries Ltd. (6)............ 2,950,171 1,700,000
2,000,000 Thakral Corporation Ltd. (13).......... 1,115,912 787,493
------------ ------------
14,801,332 10,494,486
------------ ------------
Thailand (0.11%)
110,000 Oriental Hotel PCL (19)................ 482,186 479,979
------------ ------------
Vietnam (0.12%)
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)......................... 440,840 160,500
------------ ------------
889,713 567,750
------------ ------------
India and Pakistan (0.09%)
10,000 The Spartek Emerging Opportunities of
India Fund (a)(b)(c)(22).............. 1,035,000 411,400
------------ ------------
Australia and New Zealand (4.89%)
1,574,314 Wilson & Horton Limited (15)........... 8,213,080 6,734,410
5,733,947 Carter Holt Harvey Limited (3)......... 9,441,835 5,409,681
8,526,499 Shortland Properties Limited (19)...... 4,241,883 2,833,791
3,350,000 Spotless Services Limited (16)......... 1,943,459 2,720,997
6,244,268 Tasman Agriculture Limited (4)......... 4,298,419 2,343,068
6,250,000 Evergreen Forests Limited (a)(3)....... 2,736,936 1,407,131
300,000 Radio Pacific Limited (15)............. 544,139 852,320
------------ ------------
31,419,751 22,301,398
------------ ------------
Canada (0.72%)
100,000 Canadian Pacific Limited (21).......... 1,518,789 1,943,750
35,000 Franco-Nevada Mining Corp. Ltd. (24)... 460,543 554,341
100,000 Legacy Hotels REIT (19)................ 412,954 467,197
30,000 Noranda Inc. (21)...................... 369,281 309,145
------------ ------------
2,761,567 3,274,433
------------ ------------
Mexico (1.83%)
2,650,000 Industrias Penoles, S.A. de C.V. (1)... 10,491,260 8,267,332
1,800,000 Grupo Fernandez Editores, S.A. de C.V.
"B' (15).............................. 440,370 94,538
------------ ------------
10,931,630 8,361,870
------------ ------------
Argentina (0.41%)
2,171,500 Ledesma S.A.A.I. (4)................... 3,024,536 1,064,796
450,000 Siderca S.A.I.C. (2)................... 265,818 490,851
280,290 Cresud S.A.C.I.F. y A. (4)............. 411,316 302,929
------------ ------------
3,701,670 1,858,576
------------ ------------
South Africa (0.02%)
200,000 Stellenbosch Farmers' Winery Group
Limited (4)........................... 215,345 95,779
------------ ------------
Miscellaneous (3.47%)
290,000 Security Capital European Realty
(c)(19)............................... 5,800,000 5,800,000
265,000 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "D' (d)(24).......... 5,344,791 3,445,000
165,000 Minorco ADR (1)........................ 3,446,307 2,805,000
100,000 Banco Latinoamericano de Exportaciones
S.A. Class "E' (BLADEX) (17).......... 3,379,194 2,600,000
</TABLE>
20
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks
(continued)
Miscellaneous (continued)
500,000 Jardine Strategic Holdings
(20).......................... $ 763,091 $ 845,000
25,000 North European Oil Royalty
Trust (2)..................... 319,938 334,375
------------ ------------
19,053,321 15,829,375
------------ ------------
Total Common and Preferred
Stocks........................ 458,600,225 395,865,343
------------ ------------
<CAPTION>
Principal
Amount
---------
<C> <S> <C> <C>
Bonds, Notes and Convertible
Bonds
U.S. Dollar Convertible Bonds
(4.42%)
$ 2,000,000 Medya International Ltd. 10%
due 6/28/2001 (15)............ 1,759,817 1,350,000
1,250,000 International Container
Terminal Services, Inc. 5% due
9/15/2001 (c)(9).............. 1,123,670 910,938
6,450,000 International Container
Terminal Services, Inc. 1 3/4%
due 3/13/2004 (9)............. 5,655,406 5,482,500
2,550,000 Danka Business Systems plc 6
3/4% due 4/01/2002 (12)....... 2,204,359 1,326,000
2,000,000 TingYi (C.I.) Holdings 1 5/8%
due 7/17/2002 (12)............ 1,462,673 1,385,000
2,860,000 IRSA Inversiones y
Representaciones S.A. 4 1/2%
due 8/02/2003 (19)............ 3,001,769 2,902,900
2,000,000 Scandinavian Broadcasting
System SA 7 1/4% due 8/01/2005
(15).......................... 1,831,012 2,285,000
6,500,000 P.T. Inti Indorayon Utama 7%
due 5/02/2006 (3)............. 5,182,232 325,000
4,430,000 Tipco Asphalt Public Co. Ltd. 2
3/4% due 9/19/2006 (6)........ 3,799,775 4,208,500
------------ ------------
26,020,713 20,175,838
------------ ------------
U.S. Dollar Bonds and Notes
(2.43%)
1,000,000 P.T. Inti Indorayon Utama 9
1/8% due 10/15/2000 (3)....... 919,570 202,500
2,250,000 P.T. Pabrik Kertas Tjiwi-Kimia
13 1/4% due 8/01/2001 (3)..... 2,193,794 1,676,250
1,275,000 LUKINTER Finance BV 3 1/2% due
5/06/2002 (2)................. 961,390 739,500
1,000,000 Republic National Bank NY
Brazil-Linked CD'S 9.65% due
5/01/2003 (17)................ 998,327 645,000
1,500,000 Wharf International Finance
Ltd. 7 3/8% due 3/07/2007
(17).......................... 1,273,736 1,191,255
2,500,000 United Mexican States Disc. FRN
"D' due 12/31/2019
(6.0975% @ 3/31/1999) (23).... 2,107,389 2,131,250
2,000,000 United Mexican States Disc. FRN
"A' due 12/31/2019
(6.11562% @ 3/31/1999) (23)... 1,602,634 1,705,000
1,000,000 Republic of Bulgaria Disc. "A'
FRN due 7/28/2024 (5 7/8% @
3/31/1999) (23)............... 553,879 680,000
3,000,000 Bangkok Bank Public Co. 9.025%
due 3/15/2029 (b)(23)......... 1,808,848 2,115,000
------------ ------------
12,419,567 11,085,755
------------ ------------
Non U.S. Dollar Convertible
Bonds (2.03%)
FRF 41,509,260 Immobiliere Hoteliere 5% due
1/01/2001 (19)................ 6,473,452 3,971,592
JPY 200,000,000 Hanshin Railway Co., Ltd. 1
1/2% due 9/30/2005 (9)........ 1,557,073 1,629,112
GBP 2,500,000 Berisford plc 5% due 1/31/2015
(12).......................... 2,328,420 3,667,300
------------ ------------
10,358,945 9,268,004
------------ ------------
Non U.S. Dollar Bonds and Notes
(0.87%)
NZD 1,500,000 Trans Power Finance Limited 8%
due 3/15/2002 (18)............ 966,604 852,269
FRF 21,500,000 United Mexican States Par 6.63%
due 12/31/2019 (23)........... 2,510,314 2,732,646
CHF 500,000 Scandinavian Airlines System
Variable Rate Perpetual Notes
(3 5/8% @ 3/31/1999) (9)...... 247,886 267,682
CHF 170,000 Air Canada 6 1/4% Perpetual
Note (9)...................... 99,326 110,248
------------ ------------
3,824,130 3,962,845
------------ ------------
Total Bonds, Notes and
Convertible Bonds............. 52,623,355 44,492,442
------------ ------------
Short-Term Investment (1.45%)
$ 6,599,000 Nestle Capital Corp. 4.73% due
4/01/1999..................... 6,599,000 6,599,000
------------ ------------
Total Investments (98.02%)..... $517,822,580* 446,956,785**
============
Other assets in excess of
liabilities (1.98%)........... 9,046,638
------------
Net assets (100.00%)........... $456,003,423
============
</TABLE>
21
<PAGE>
SoGen Overseas Fund
NOTES TO SCHEDULE OF INVESTMENTS
MARCH 31, 1999
(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 March 31, 1999 cost is identical for both book and federal income tax
purposes.
** Gross unrealized appreciation and depreciation of securities at March 31,
1999 were $46,115,498 and $116,981,293, respectively (net depreciation was
$70,865,795).
<TABLE>
<CAPTION>
Foreign Currencies Industry Classifications
- ------------------ ------------------------
<S> <C> <C>
FRF--French Franc (1) Metals and Minerals (13) Distribution
JPY--Japanese Yen (2) Energy (14) Heath Care
GBP--Pound Sterling (3) Paper and Forest Products (15) Media
NZD--New Zealand Dol-
lar (4) Agriculture (16) Services
CHF--Swiss Franc (5) Automotive (17) Financial Services
(6) Building Materials (18) Utilities
(7) Capital Goods (19) Real Estate
(8) Chemicals (20) Holding Companies
(9) Transportation (21) Conglomerates
(10) Electronics (22) Investment Companies
(11) Technology (23) Government Issues
(12) Consumer Products (24) Gold Related
</TABLE>
<TABLE>
<CAPTION>
Bond Type
- --------- ---
<S> <C>
FRN--Floating Rate Note
</TABLE>
- --------
See Notes to Financial Statements.
22
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks
United States (40.06%)
148,500 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "C' (c)................. $ 5,367,254 $ 1,930,500
99,300 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "D' (c)................. 2,133,846 1,290,900
39,400 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "B' (c)................. 1,468,889 603,313
1,075 Case, Pomeroy & Co., Inc. Class "A'....... 1,167,980 1,177,125
65,000 Newmont Mining Corporation................ 2,153,190 1,137,500
80,000 Homestake Mining Company.................. 716,538 690,000
165,000 Battle Mountain Gold Company Class "A'.... 942,651 453,750
----------- -----------
13,950,348 7,283,088
----------- -----------
Canada (11.53%)
55,000 Franco-Nevada Mining Corp. Ltd............ 717,488 871,107
150,000 Kinross Gold Corp......................... 455,499 315,109
50,000 Meridian Gold Inc. (a).................... 181,453 288,270
45,000 CSA Management Limited Class "A'.......... 256,926 272,863
15,000 Placer Dome Inc........................... 172,950 167,813
20,000 Pan American Silver Corp. (a)............. 66,842 104,705
100,000 Miramar Mining Corporation (a)............ 202,289 76,209
----------- -----------
2,053,447 2,096,076
----------- -----------
Australia (3.38%)
795,000 Otter Gold Mines Limited (a).............. 771,004 364,361
230,000 Otter Gold Mines Limited Warrants......... 0 21,961
1,250,000 Perilya Mines N.L. (a).................... 708,478 186,987
200,000 Tanganyika Gold........................... 142,336 42,012
----------- -----------
1,621,818 615,321
----------- -----------
South Africa (20.77%)
150,000 Gold Fields Limited....................... 909,143 865,666
175,000 Harmony Gold Mining Company Ltd........... 800,312 821,023
200,000 Driefontein Consolidated Ltd. ADR......... 1,212,792 800,000
30,000 Anglogold Limited ADR..................... 702,714 603,750
125,000 St. Helena Gold Mines Ltd. ADR............ 1,034,856 296,875
50,000 St. Helena Gold Mines Ltd................. 147,538 129,870
2,000,000 Consolidated African Mines Limited........ 288,659 259,740
----------- -----------
5,096,014 3,776,924
----------- -----------
Switzerland (9.98%)
250 Bank for International Settlements (U.S.
Tranche)................................. 1,863,268 1,405,965
100 Bank for International Settlements (French
Tranche)................................. 672,277 407,957
----------- -----------
2,535,545 1,813,922
----------- -----------
Miscellaneous (13.23%)
494,000 Industrias Penoles, S.A. de C.V........... 1,457,387 1,541,155
1,512,782 Compania Minera Arcata S.A................ 1,448,082 476,574
30,000 Lonmin plc................................ 152,659 219,796
115,000 Tronoh Mines Malaysia Berhad (d).......... 104,885 167,963
----------- -----------
3,163,013 2,405,488
----------- -----------
Total Common and Preferred Stocks......... 28,420,185 17,990,819
----------- -----------
</TABLE>
23
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Principal Cost Value
Amount (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Bonds, Notes and Convertible Bonds
U.S. Dollar Convertible Bonds (1.22%)
$100,000 Dayton Mining Corporation 7% due
4/01/2002 (b)......................... $ 100,000 $ 19,000
350,000 Pegasus Gold Inc. 6 1/4% due 4/30/2002
(a)(e)................................ 385,500 875
250,000 Pegasus Gold Inc. 6 1/4% due 4/30/2002
(a)(b)(e)............................. 220,951 625
300,000 Agnico-Eagle Mines Limited 3 1/2% due
1/27/2004............................. 249,904 201,000
----------- -----------
Total Bonds, Notes and Convertible
Bonds................................. 956,355 221,500
----------- -----------
Total Investments (100.17%)............ $29,376,540* 18,212,319**
===========
Other liabilities in excess of assets
(-0.17%).............................. (30,841)
-----------
Net assets (100.00%)................... $18,181,478
===========
</TABLE>
- --------
(a) Non-income producing security.
(b) Security is exempt from registration under the Securities Act of 1933 and
may only be 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) Securites for which there are less than three market makers.
(e) In default as to principal and interest.
* At March 31, 1999 cost is identical for both book and federal income tax
purposes.
** Gross unrealized appreciation and depreciation of securities at March 31,
1999 were $580,036 and $11,744,257, respectively (net depreciation was
$11,164,221).
- --------
See Notes to Financial Statements.
24
<PAGE>
SoGen Money Fund
SCHEDULE OF INVESTMENTS
MARCH 31, 1999
<TABLE>
<CAPTION>
Credit Principal Cost Value
Rating+ Amount (Note 1) (Note 1)
------- ---------- -------- --------
<C> <C> <S> <C> <C>
Commercial Paper (100.73%)
A1+ $1,900,000 Motorola Inc. 4.79% due
4/01/1999...................... $ 1,900,000 $ 1,900,000
A1 1,372,000 American Express Credit
Corporation 4.92% due
4/01/1999...................... 1,372,000 1,372,000
A1 943,000 American Express Credit
Corporation 4.94% due
4/01/1999...................... 943,000 943,000
A1+ 2,000,000 McDonald's Corporation 4.87%
due 4/05/1999.................. 1,998,918 1,998,918
A1 1,875,000 Ford Motor Credit Company 4.74%
due 4/05/1999.................. 1,874,013 1,874,013
A1+ 1,573,000 Merrill Lynch & Co., Inc. 4.85%
due 4/05/1999.................. 1,572,152 1,572,152
A1+ 850,000 Toyota Motor Credit Corporation
4.78% due 4/06/1999............ 849,436 849,436
A1 544,000 The Sherwin-Williams Company
4.83% due 4/06/1999............ 543,635 543,635
A1 460,000 General Motors Acceptance
Company 4.84% due 4/06/1999.... 459,691 459,691
A1+ 205,000 The Coca-Cola Company 4.84% due
4/06/1999...................... 204,862 204,862
A1+ 1,400,000 Toyota Motor Credit Corporation
4.78% due 4/07/1999............ 1,398,885 1,398,885
A1+ 525,000 The Southland Corporation 4.87%
due 4/07/1999.................. 524,574 524,574
A1+ 2,175,000 General Electric Capital
Corporation 4.81% due
4/08/1999...................... 2,172,966 2,172,966
A1+ 2,000,000 The Coca-Cola Company 4.85% due
4/08/1999...................... 1,998,114 1,998,114
A1 1,740,000 General Motors Acceptance
Company 4.95% due 4/08/1999.... 1,738,325 1,738,325
A1 2,000,000 Toys "R' Us 4.83% due
4/09/1999...................... 1,997,853 1,997,853
A1 501,000 Air Products and Chemicals,
Inc. 4.82% due 4/09/1999....... 500,463 500,463
A1 1,606,000 The Sherwin-Williams Company
4.83% due 4/12/1999............ 1,603,630 1,603,630
A1+ 900,000 Emerson Electric Co. 4.81% due
4/12/1999...................... 898,677 898,677
A1 2,150,000 Lucent Technologies Inc. 4.80%
due 4/13/1999.................. 2,146,560 2,146,560
A1 1,107,000 Xerox Credit Corporation 4.83%
due 4/14/1999.................. 1,105,069 1,105,069
A1 990,000 Caterpillar Financial Services
Corporation 4.80% due
4/14/1999...................... 988,284 988,284
A1 475,000 The Walt Disney Company 4.72%
due 4/14/1999.................. 474,190 474,190
A1 1,225,000 Anheuser-Busch Companies, Inc.
4.75% due 4/16/1999............ 1,222,576 1,222,576
A1+ 727,000 Merrill Lynch & Co., Inc. 4.83%
due 4/16/1999.................. 725,537 725,537
A1 1,675,000 The Walt Disney Company 4.76%
due 4/19/1999.................. 1,671,014 1,671,014
A1+ 648,000 Emerson Electric Co. 4.81% due
4/20/1999...................... 646,355 646,355
A1+ 2,175,000 Abbott Laboratories 4.78% due
4/22/1999...................... 2,168,935 2,168,935
A1 925,000 Anheuser-Busch Companies, Inc.
4.77% due 4/22/1999............ 922,426 922,426
A1 2,222,000 H. J. Heinz Company 4.83% due
4/28/1999...................... 2,213,951 2,213,951
A1+ 1,650,000 The Southland Corporation 4.87%
due 4/29/1999.................. 1,643,750 1,643,750
A1+ 2,175,000 E. I. du Pont de Nemours and
Company 4.80% due 5/04/1999.... 2,165,430 2,165,430
A1+ 2,150,000 Fuji Photo Film Finance U.S.A.,
Inc. 4.86% due 5/11/1999....... 2,138,390 2,138,390
A1 120,000 Caterpillar Financial Services
Corporation 4.83% due
5/17/1999...................... 119,259 119,259
----------- -----------
Total Commercial Paper......... $44,902,920* 44,902,920
===========
Other liabilities in excess of
assets (-0.73%)................ (324,929)
-----------
Net assets (100.00%)........... $44,577,991
===========
</TABLE>
- --------
* At March 31, 1999 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.
25
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 1999
<TABLE>
<CAPTION>
SoGen SoGen SoGen SoGen
International Fund Overseas Fund Gold Fund Money Fund
------------------ ------------- ------------ -----------
<S> <C> <C> <C> <C>
Assets:
Investments, at value
(cost:
$2,086,884,655,
$517,822,580,
$29,376,540 and
$44,902,920,
respectively) (Note
1)................... $2,053,714,305 $446,956,785 $18,212,319 $44,902,920
Cash.................. 3,238,511 2,003,075 -- 40,704
Receivable for forward
currency contracts
held, at value (Notes
1 and 6)............. 20,003,441 6,537,847 539 --
Receivable for
investment securities
sold................. 13,611,313 4,129,552 3,122,654 --
Receivable for Fund
shares sold.......... 1,225,323 211,750 10,627 16,723
Accrued interest and
dividends
receivable........... 15,942,549 4,053,279 81,118 --
Prepaid expenses and
other assets......... 60,547 12,443 1,059 395
-------------- ------------ ------------ -----------
Total Assets...... 2,107,795,989 463,904,731 21,428,316 44,960,742
-------------- ------------ ------------ -----------
Liabilities:
Payable for Fund
shares redeemed...... 15,787,676 2,986,846 3,129,934 208,972
Payable for investment
securities
purchased............ 1,683,278 841,380 -- --
Payable for forward
currency contracts
held, at value (Notes
1 and 6)............. 8,725,139 3,111,691 3,383 --
Investment advisory
fees payable
(Note 2)............. 4,364,833 331,162 15,677 135,648
Distribution fees
payable (Note 3)..... 1,401,932 311,859 14,295 --
Directors' fees
payable (Note 2)..... 10,100 7,766 1,567 602
Accrued expenses and
other liabilities.... 1,035,297 310,604 81,982 37,529
-------------- ------------ ------------ -----------
Total Liabili-
ties............. 33,008,255 7,901,308 3,246,838 382,751
-------------- ------------ ------------ -----------
Net Assets:
Capital stock (par
value, $0.001 per
share)............... 90,605 40,127 3,343 44,578
Capital surplus....... 2,008,525,603 518,888,383 47,261,045 44,533,413
Net unrealized
appreciation
(depreciation) on:
Investments......... (33,170,350) (70,865,795) (11,164,221) --
Forward currency
contracts.......... 11,278,302 3,426,156 (2,844) --
Foreign currency
related
transactions....... 3,606 (23,442) 1,212 --
Undistributed net
realized gains
(losses) on
investments ......... 70,915,205 9,369,652 (18,153,439) --
Undistributed
(overdistributed) net
investment income.... 17,144,763 (4,831,658) 236,382 --
-------------- ------------ ------------ -----------
Net Assets (Note
1)............... $2,074,787,734 $456,003,423 $18,181,478 $44,577,991
============== ============ ============ ===========
Class A share capital... $2,063,042,552 $453,182,420 $18,181,478 $44,577,991
Shares of beneficial
interest outstanding--
Class A (Note 5)....... 90,091,666 39,879,094 3,343,031 44,577,991
Net asset value per
share................ $22.90 $11.36 $5.44 $1.00
Maximum offering price
per share............ $23.79 $11.81 $5.65 $1.00
Class I share capital... $11,745,182 $2,821,003 -- --
Shares of beneficial
interest outstanding--
Class I (Note 5)....... 512,901 248,115 -- --
Net asset value per
share................ $22.90 $11.37 -- --
</TABLE>
- --------
See Notes to Financial Statements.
26
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1999
<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
$122,845, $54,323,
$519 and $0 foreign
taxes withheld,
respectively)...... $ 76,373,645 $ 11,059,225 $ 48,691 $1,609,085
Dividends (net of
$2,818,776,
$1,140,229, $3,240
and $0 foreign
taxes withheld,
respectively)...... 46,610,292 14,773,855 929,405 --
------------- ------------- ------------ ----------
Total income from
operations........ 122,983,937 25,833,080 978,096 1,609,085
------------- ------------- ------------ ----------
Expenses:
Investment advisory
fees (Note 2)...... 23,196,530 5,519,451 201,757 122,538
Distribution fees--
Class A (Note 3)... 7,601,223 1,826,014 67,234 --
Shareholder
servicing agent
fees............... 3,709,702 848,286 64,132 21,171
Custodian fees...... 2,454,694 972,573 43,706 30,477
Printing............ 862,000 135,000 8,200 1,400
Audit fees.......... 135,000 65,000 39,000 13,500
Insurance........... 75,851 32,894 1,720 810
Registration and
filing fees........ 56,216 55,319 8,700 15,014
Directors' fees
(Note 2)........... 50,000 47,500 1,750 750
Legal fees.......... 45,000 7,513 199 100
Amortization of
deferred
organization costs
(Note 1)........... -- 3,619 3,634 3,612
Miscellaneous....... 40,000 10,000 1,901 500
------------- ------------- ------------ ----------
Total expenses from
operations........ 38,226,216 9,523,169 441,933 209,872
------------- ------------- ------------ ----------
Expense reduction due
to earnings credits
(Note 1)............. (164,396) (30,859) (4,338) (1,009)
Expense reimbursements
(Note 2)............. (30,997) (9,036) -- --
------------- ------------- ------------ ----------
Net expenses from
operations........ 38,030,823 9,483,274 437,595 208,863
------------- ------------- ------------ ----------
Net investment income
(Note 1)............. 84,953,114 16,349,806 540,501 1,400,222
------------- ------------- ------------ ----------
Realized and Unrealized
Gains (Losses) on
Investments and Foreign
Currency Related
Transactions (Notes 1
and 6):
Net realized gains
(losses) from:
Investment
transactions....... 168,296,693 39,308,008 (11,728,672) --
Foreign currency
related
transactions....... (13,766,668) (3,213,604) 54,741 --
------------- ------------- ------------ ----------
154,530,025 36,094,404 (11,673,931) --
------------- ------------- ------------ ----------
Change in unrealized
appreciation
(depreciation) of:
Investments......... (531,168,396) (107,192,382) 3,982,640 --
Foreign currency
related
transactions....... (20,773,043) (12,092,955) (1,867) --
------------- ------------- ------------ ----------
(551,941,439) (119,285,337) 3,980,773 --
------------- ------------- ------------ ----------
Net loss on
investments and
foreign currency
related
transactions......... (397,411,414) (83,190,933) (7,693,158) --
------------- ------------- ------------ ----------
Net Increase (Decrease)
in Net Assets Resulting
from Operations........ $(312,458,300) $ (66,841,127) $ (7,152,657) $1,400,222
============= ============= ============ ==========
</TABLE>
- --------
See Notes to Financial Statements.
27
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SoGen
International Fund
--------------------------------
Year Ended March 31,
--------------------------------
1999 1998
--------------- ---------------
<S> <C> <C>
Operations:
Net investment income....................... $ 84,953,114 $ 115,368,671
Net realized gain (loss) from investments
and foreign currency related transactions.. 154,530,025 364,373,696
Increase (decrease) in unrealized
appreciation (depreciation) of investments
and foreign currency related transactions.. (551,941,439) 56,631,442
--------------- ---------------
Net increase (decrease) in net assets
resulting from operations.................. (312,458,300) 536,373,809
--------------- ---------------
Distributions to Shareholders*:
Dividends paid from net investment income--
Class A.................................... (110,081,179) (193,856,290)
Distributions paid from net realized gains
from investment transactions--Class A...... (202,307,763) (209,531,019)
Distributions paid from net realized gains
from investment transactions--Class I...... (251,906) --
--------------- ---------------
Decrease in net assets resulting from
distributions.............................. (312,640,848) (403,387,309)
--------------- ---------------
Fund Share Transactions (Note 5):
Net proceeds from shares sold............... 236,922,214 636,061,215
Net asset value of shares issued for
reinvested dividends and distributions..... 298,148,526 376,079,758
Cost of shares redeemed..................... (1,870,638,096) (1,017,481,210)
--------------- ---------------
Increase (decrease) in net assets from Fund
share transactions......................... (1,335,567,356) (5,340,237)
--------------- ---------------
Net increase (decrease) in net assets....... (1,960,666,504) 127,646,263
Net Assets (Note 1):
Beginning of year........................... 4,035,454,238 3,907,807,975
--------------- ---------------
End of year (including (overdistributed)
undistributed net investment income of
$17,144,763, $53,248,050, $(4,831,658),
$15,129,045, $236,382, $(156,563), $0 and
$0, respectively.)......................... $ 2,074,787,734 $ 4,035,454,238
=============== ===============
*Distributions per share:
Class A
Investment income dividends................. $0.83 $1.36
Net realized short-term capital gains....... 0.04 0.15
Net realized long-term capital gains........ 1.55 1.32
----- -----
Total distributions per share............... $2.42 $2.83
===== =====
Class I
Net realized long-term capital gains........ $0.52
=====
</TABLE>
- --------
See Notes to Financial Statements.
28
<PAGE>
<TABLE>
<CAPTION>
SoGen SoGen SoGen
Overseas Fund Gold Fund Money Fund
- ------------------------------ -------------------------- --------------------------
Year Ended March 31, Year Ended March 31, Year Ended March 31,
- ------------------------------ -------------------------- --------------------------
1999 1998 1999 1998 1999 1998
- -------------- -------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
$ 16,349,806 $ 22,940,277 $ 540,501 $ 598,458 $ 1,400,222 $ 740,083
36,094,404 92,039,636 (11,673,931) (3,870,006) -- --
(119,285,337) (24,805,575) 3,980,773 (10,687,910) -- --
- -------------- -------------- ------------ ------------ ------------ ------------
(66,841,127) 90,174,338 (7,152,657) (13,959,458) 1,400,222 740,083
- -------------- -------------- ------------ ------------ ------------ ------------
(36,599,856) (56,572,364) (721,767) (1,698,298) (1,400,222) (740,083)
(47,193,626) (46,971,171) -- -- -- --
(290,203) -- -- -- -- --
- -------------- -------------- ------------ ------------ ------------ ------------
(84,083,685) (103,543,535) (721,767) (1,698,298) (1,400,222) (740,083)
- -------------- -------------- ------------ ------------ ------------ ------------
206,369,491 407,593,939 18,994,383 23,076,846 120,259,724 84,544,002
80,886,809 95,642,644 676,938 1,544,469 1,222,356 630,970
(687,431,699) (436,078,395) (25,110,669) (30,119,535) (95,946,703) (79,260,149)
- -------------- -------------- ------------ ------------ ------------ ------------
(400,175,399) 67,158,188 (5,439,348) (5,498,220) 25,535,377 5,914,823
- -------------- -------------- ------------ ------------ ------------ ------------
(551,100,211) 53,788,991 (13,313,772) (21,155,976) 25,535,377 5,914,823
1,007,103,634 953,314,643 31,495,250 52,651,226 19,042,614 13,127,791
- -------------- -------------- ------------ ------------ ------------ ------------
$ 456,003,423 $1,007,103,634 $ 18,181,478 $ 31,495,250 $ 44,577,991 $ 19,042,614
============== ============== ============ ============ ============ ============
$0.57 $0.825 $0.21 $0.39 $0.05 $0.05
0.04 0.075 0.00 0.00 0.00 0.00
0.73 0.610 0.00 0.00 0.00 0.00
----- ------ ----- ----- ----- -----
$1.34 $1.510 $0.00 $0.39 $0.05 $0.05
===== ====== ===== ===== ===== =====
$0.25
=====
</TABLE>
29
<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 statements of operations.
30
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
Note 1--Significant Accounting Policies (continued)
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.
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 declare and pay such income divi-
dends and capital gains distributions on an annual basis. SoGen Money Fund de-
clares daily dividends, equivalent to net investment income, which are paid on
a monthly basis. In addition, SoGen Gold Fund had a capital loss carryforward
in the amount of $11,133,325; $789,246 of which will expire on March 31, 2005,
$1,336,531 of which will expire on March 31, 2006, and $9,007,548 of which will
expire on March 31, 2007.
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, un-
distributed net realized gains on investments and capital surplus for SoGen In-
ternational Fund, SoGen Overseas Fund and SoGen Gold Fund, as follows:
<TABLE>
<CAPTION>
Undistributed Net Undistributed Net Realized Capital
Investment Income Gains (Losses) On Investments Surplus
----------------- ----------------------------- ---------
<S> <C> <C> <C>
SoGen International Fund.. $(10,975,222) $11,472,173 $(496,951)
SoGen Overseas Fund....... $ 289,347 $ (198,262) $ (91,085)
SoGen Gold Fund........... $ 574,211 $ (610,761) $ 36,550
</TABLE>
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.
i) Deferred organization costs--Costs incurred in connection with the organi-
zation of the Funds were amortized on a straight-line basis over a sixty-month
period from the date each Fund commenced operations.
Note 2--Investment Advisory Agreements and Transactions with Related Persons
Under the terms of investment advisory agreements each Fund pays Societe
Generale Asset Management Corp. ("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 International 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%. For the year
ended March 31, 1999, the investment advisory fees paid or payable to SGAM
Corp. were $23,196,530, $5,519,451, $201,757 and $122,538 for SoGen Interna-
tional Fund, SoGen Overseas Fund, SoGen Gold Fund and SoGen Money Fund, respec-
tively. SGAM Corp. has agreed to waive its advisory fee and, if necessary, re-
imburse SoGen Money Fund through July 31, 1999 to the extent that SoGen Money
Fund's aggregate expenses exceed 0.75%. No advisory fee waiver or expense reim-
bursement for SoGen Money Fund was required for the year ended March 31, 1999;
however, SGAM Corp. voluntarily reimbursed the Class I shares of SoGen Interna-
tional Fund and SoGen Overseas Fund in the amounts of $30,997 and $9,036, re-
spectively.
31
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
Note 2--Investment Advisory Agreements and Transactions with Related Persons
(continued)
For the year ended March 31, 1999, SG Cowen Securities Corporation ("SGCS"),
the principal underwriter, realized $326,153, $80,285 and $5,108 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. Societe Generale, a stockholder of SGAM Corp. and SGCS, re-
ceived dealer's commissions of $13,990, $0 and $0 pertaining 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 affiliates received
$136,233, $92,940 and $3,278 in broker's commissions for portfolio transactions
executed on behalf of SoGen International Fund, SoGen Overseas Fund and SoGen
Gold Fund, respectively.
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 year ended March 31, 1999 such fees
amounted to $50,000, $47,500, $1,750 and $750 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 year ended March 31, 1999 the distribution
fees paid or payable to SGCS by SoGen International Fund, SoGen Overseas Fund
and SoGen Gold Fund were $7,601,223, $1,826,014 and $67,234, respectively.
Note 4--Purchases and Sales of Securities
During the year ended March 31, 1999 the aggregate cost of purchases of in-
vestments, excluding U.S. Government obligations and short-term securities, to-
taled $227,877,262, $66,989,813 and $9,792,343 for SoGen International Fund,
SoGen Overseas Fund and SoGen Gold Fund, respectively, and proceeds from sales
of investments, excluding short-term securities, totaled $1,212,558,524,
$472,244,512 and $15,173,789 for SoGen International Fund, SoGen Overseas Fund
and SoGen Gold Fund, respectively. During the same period, the cost of pur-
chases and proceeds from sales of U.S. Government obligations totaled
$53,001,133 and $142,147,803, 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>
Year Ended March 31, 1999
Shares sold............ 8,905,772 612,688 15,769,843 1,561,690 3,021,250 120,259,724
Shares issued for
reinvested
dividends and
distributions......... 12,331,204 10,427 6,673,184 26,406 121,893 1,222,356
Shares redeemed........ (78,320,991) (110,214) (57,045,845) (1,339,981) (4,107,084) (95,946,703)
----------- -------- ----------- ---------- ---------- -----------
Net increase
(decrease)............ (57,084,015) 512,901 (34,602,818) 248,115 (963,941) 25,535,377
=========== ======== =========== ========== ========== ===========
</TABLE>
32
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
Note 5--Capital Stock (continued)
<TABLE>
<CAPTION>
SoGen
International SoGen SoGen SoGen
Fund Overseas 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 March 31, 1999, 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 $11,278,302,
$3,426,156, $(2,844), respectively.
SoGen International Fund
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 1999 Delivered March 31, 1999 March 31, 1999
- ---------- ------------------------------ --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/08/99 1,044,217 Pound Sterling $1,683,278 $1,689,519 -- $(6,241)
---------- ---------- ------------ -------------
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 1999 March 31, 1999 March 31, 1999
- ---------- ------------------------------ --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/01/99 169,023 Deutsche Mark $ 92,819 $ 93,269 -- $ (450)
4/01/99 196,276 Swiss Franc 132,172 132,592 -- (420)
4/05/99 562,276 Canadian Dollar 372,122 372,615 -- (493)
4/05/99 44,138,109 Greek Drachma 145,526 146,177 -- (651)
4/05/99 516,964,443 Japanese Yen 4,312,731 4,354,668 -- (41,937)
4/06/99 65,670 New Zealand Dollar 35,168 35,202 -- (34)
4/07/99 1,066,567 Swedish Krona 129,744 129,480 $ 264 --
4/08/99 2,077,424 Norwegian Krone 266,349 268,345 -- (1,996)
4/09/99 717,753 Pound Sterling 1,159,794 1,157,018 2,776 --
4/30/99 1,390,452 Euro 1,495,629 1,500,645 -- (5,016)
---------- ---------- ------------ -------------
8,142,054 8,190,011 3,040 (50,997)
---------- ---------- ------------ -------------
</TABLE>
33
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
Note 6--Commitments (continued)
Portfolio Hedges:
<TABLE>
<CAPTION>
Unrealized Unrealized
Settlement U.S $ U.S. $ Value at Appreciation at Depreciation at
Dates Foreign Currency To To Be March 31, March 31, March 31,
Through Be Delivered Received 1999 1999 1999
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
5/05/99 0 Pound Sterling $ 5,513,505 $ 5,437,007 $ 76,498 --
7/01/99 480,666,000 French Franc 110,723,573 102,492,033 8,231,540 --
7/08/99 131,213,000 Deutsche Mark 133,563,332 127,241,026 6,322,306 --
7/15/99 0 Australian Dollar 52,055,761 52,563,304 -- $ (507,543)
7/22/99 113,316,000 Swiss Franc 129,709,076 124,360,767 5,348,309 --
9/01/99 220,000 Euro 257,115 235,367 21,748 --
11/13/00 18,669,624,000 Japanese Yen 245,218,419 249,015,992 -- (3,797,573)
10/05/01 68,800,000 New Zealand Dollar 60,910,582 65,273,367 -- (4,362,785)
------------ ------------ ----------- -----------
737,951,363 726,618,863 20,000,401 (8,667,901)
------------ ------------ ----------- -----------
$747,776,695 $736,498,393 $20,003,441 $(8,725,139)
============ ============ =========== ===========
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 March 31, To Be March 31, March 31,
Through Be Received 1999 Delivered 1999 1999
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/08/99 521,948 Pound Sterling $ 841,380 $ 844,597 -- $ (3,217)
------------ ------------ ----------- -----------
Foreign Currency Sales
<CAPTION>
Unrealized Unrealized
Settlement U.S $ U.S. $ Value at Appreciation at Depreciation at
Dates Foreign Currency To To Be March 31, March 31, March 31,
Through Be Delivered Received 1999 1999 1999
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/05/99 230,772,785 Japanese Yen $ 1,929,156 $ 1,943,923 -- $ (14,767)
4/06/99 49,576 New Zealand Dollar 26,556 26,575 -- (19)
4/07/99 259,334 Swiss Franc 174,838 175,190 -- (352)
4/07/99 533,283 Swedish Krona 64,872 64,740 $ 132 --
4/08/99 1,244,620 Norwegian Krone 159,573 160,770 -- (1,197)
4/09/99 359,753 Pound Sterling 581,690 579,922 1,768 --
4/30/99 844,405 Euro 909,224 911,325 -- (2,101)
------------ ------------ ----------- -----------
3,845,909 3,862,445 1,900 (18,436)
------------ ------------ ----------- -----------
</TABLE>
34
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
Note 6--Commitments (continued)
Portfolio Hedges:
<TABLE>
<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 1999 March 31, 1999 March 31, 1999
- ---------- -------------------------------- ------------ --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/07/99 37,627,000 Swiss Franc $ 55,893,644 $ 54,202,431 $1,691,213 --
4/14/99 43,052,500 Deutsche Mark 51,648,359 49,581,835 2,066,524 --
5/05/99 0 Pound Sterling 1,683,765 1,669,621 14,144 --
7/01/99 154,009,400 French Franc 41,206,314 38,442,248 2,764,066 --
7/15/99 0 Australian Dollar 27,795,479 27,945,508 -- $ (150,029)
11/13/00 8,235,775,800 Japanese Yen 125,381,844 126,765,845 -- (1,384,001)
10/05/01 25,451,900 New Zealand Dollar 21,311,354 22,867,362 -- (1,556,008)
------------ ------------ ---------- -----------
324,920,759 321,474,850 6,535,947 (3,090,038)
------------ ------------ ---------- -----------
$329,608,048 $326,181,892 $6,537,847 $(3,111,691)
============ ============ ========== ===========
SoGen Gold Fund
Transaction Hedges:
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 1999 March 31, 1999 March 31, 1999
- ---------- -------------------------------- ------------ --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/06/99 669,152 Canadian Dollar $ 442,821 $ 443,440 -- $ (619)
4/06/99 177,726 Mexican Peso 18,649 18,669 -- (20)
4/06/99 2,696,097 South African Rand 436,651 437,678 -- (1,027)
4/07/99 207,323 Australian Dollar 130,255 131,972 -- (1,717)
4/07/99 424,125 Swiss Franc 286,967 286,513 $ 454 --
4/09/99 111,789 Pound Sterling 180,289 180,204 85 --
------------ ------------ ---------- -----------
$ 1,495,632 $ 1,498,476 $ 539 $ (3,383)
============ ============ ========== ===========
</TABLE>
35
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Year Ended March 31,
----------------------------------------------------
1999 1998 1997 1996 1995
------------------- ------ ------ ------ ------
Class A Class I .
------- ---------
<S> <C> <C> <C> <C> <C> <C>
SoGen International Fund
Selected Per Share Data
Net asset value,
beginning of year..... $27.42 $24.59 $26.68 $26.09 $23.20 $23.32
------ ------ ------ ------ ------ ------
Income (loss) from
investment operations:
Net investment income
...................... 0.63 0.30 1.47 1.03 1.06 0.10
Net realized and
unrealized gains
(losses) on
investments........... (2.73) (1.47) 2.10 1.39 3.37 0.49
------ ------ ------ ------ ------ ------
Total from investment
operations........... (2.10) (1.17) 3.57 2.42 4.43 0.59
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income..... (0.83) -- (1.36) (1.09) (0.81) (0.15)
Distributions from
capital gains......... (1.59) (0.52) (1.47) (0.74) (0.73) (0.56)
------ ------ ------ ------ ------ ------
Total distributions... (2.42) (0.52) (2.83) (1.83) (1.54) (0.71)
------ ------ ------ ------ ------ ------
Net asset value, end of
year.................. $22.90 $22.90 $27.42 $26.68 $26.09 $23.20
====== ====== ====== ====== ====== ======
Total Return++......... (7.95%) (4.72%)# 14.35% 9.48% 19.57% 2.63%
Ratios and Supplemental
Data
Net assets, end of year
(millions)............ $2,063 $12 $4,035 $3,908 $3,033 $1,922
Ratio of operating
expenses to average
net assets+........... 1.23% 1.01%* 1.18% 1.21% 1.25% 1.26%
Ratio of net investment
income to average net
assets+............... 2.75% 3.04%* 2.80% 3.08% 3.71% 2.70%
Portfolio turnover
rate.................. 9.89% 9.89% 20.63% 12.85% 9.64% 12.96%
<CAPTION>
Year Ended March 31,
----------------------------------------------------
1999 1998 1997 1996 1995
------------------- ------ ------ ------ ------
Class A Class I .
------- ---------
<S> <C> <C> <C> <C> <C> <C>
SoGen Overseas Fund
Selected Per Share Data
Net asset value,
beginning of year..... $13.52 $12.31 $13.84 $13.26 $11.65 $11.54
------ ------ ------ ------ ------ ------
Income (loss) from
investment operations:
Net investment income.. 0.15 0.41 0.88 0.61 0.48 0.14
Net realized and
unrealized gains
(losses) on
investments........... (0.97) (1.10) 0.31 0.95 1.74 0.04
------ ------ ------ ------ ------ ------
Total from investment
operations........... (0.82) (0.69) 1.19 1.56 2.22 0.18
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income..... (0.57) -- (0.83) (0.60) (0.44) (0.05)
Distributions from
capital gains......... (0.77) (0.25) (0.68) (0.38) (0.17) (0.02)
------ ------ ------ ------ ------ ------
Total distributions... (1.34) (0.25) (1.51) (0.98) (0.61) (0.07)
------ ------ ------ ------ ------ ------
Net asset value, end of
year.................. $11.36 $11.37 $13.52 $13.84 $13.26 $11.65
====== ====== ====== ====== ====== ======
Total Return++......... (6.46%) (5.53%)# 10.00% 12.16% 19.47% 1.56%
Ratios and Supplemental
Data
Net assets, end of year
(millions)............ $453 $3 $1,007 $953 $647 $439
Ratio of operating
expenses to average
net assets+........... 1.29% 1.03%* 1.22% 1.27% 1.37% 1.40%
Ratio of net investment
income to average net
assets+............... 2.22% 1.97%* 2.20% 2.28% 3.31% 2.29%
Portfolio turnover
rate.................. 9.31% 9.31% 22.13% 15.18% 9.46% 3.16%
</TABLE>
- --------
See Notes to Financial Highlights.
36
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
Year Ended March 31,
-----------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
SoGen Gold Fund
Selected Per Share Data
Net asset value, beginning of
year............................ $7.31 $10.60 $12.25 $11.28 $11.42
------ ------ ------ ------ ------
Income (loss) from investment
operations:
Net investment income............ 0.16 0.13 0.26 0.24 0.08
Net realized and unrealized gains
(losses) on investments......... (1.82) (3.03) (1.75) 1.35 (0.10)
------ ------ ------ ------ ------
Total from investment
operations..................... (1.66) (2.90) (1.49) 1.59 (0.02)
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income.......................... (0.21) (0.39) (0.14) (0.35) (0.04)
Distributions from capital
gains........................... -- -- (0.02) (0.27) (0.08)
------ ------ ------ ------ ------
Total distributions............. (0.21) (0.39) (0.16) (0.62) (0.12)
------ ------ ------ ------ ------
Net asset value, end of year..... $5.44 $7.31 $10.60 $12.25 $11.28
====== ====== ====== ====== ======
Total Return++................... (22.77%) (27.23%) (12.21%) 14.81% (0.14%)
Ratios and Supplemental Data
Net assets, end of year
(millions)...................... $18 $31 $53 $63 $51
Ratio of operating expenses to
average net assets+............. 1.62% 1.55% 1.45% 1.41% 1.46%
Ratio of net investment income to
average net assets+............. 2.01% 1.47% 1.20% 1.29% 0.79%
Portfolio turnover rate.......... 37.73% 11.20% 16.83% 22.40% 11.56%
<CAPTION>
Year Ended March 31,
-----------------------------------------
1999 1998 1997 1996 1995
------ ------ ------ ------ ------
<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 0.05 0.04
------ ------ ------ ------ ------
Total from investment
operations..................... 0.05 0.05 0.05 0.05 0.04
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income.......................... (0.05) (0.05) (0.05) (0.05) (0.04)
------ ------ ------ ------ ------
Total distributions............. (0.05) (0.05) (0.05) (0.05) (0.04)
------ ------ ------ ------ ------
Net asset value, end of year..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
====== ====== ====== ====== ======
Total Return..................... 4.73% 4.97% 4.61% 5.03% 4.13%
Ratios and Supplemental Data
Net assets, end of year
(millions)...................... $45 $19 $13 $8 $10
Ratio of operating expenses to
average net assets+............. 0.69% 0.75% 0.75% 0.75% 0.75%
Ratio of net investment income to
average net assets+............. 4.60% 4.92% 4.63% 4.98% 4.14%
</TABLE>
- --------
See Notes to Financial Highlights.
37
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL HIGHLIGHTS
. July 31, 1998 inception date for Class I shares.
* Annualized
# Not annualized.
++Does not give effect to the deduction of the sales load.
+ The ratio of operating expenses to average net assets without the effect of
earnings credits, investment advisory fee waivers and expense reimbursements
are as follows:
<TABLE>
<CAPTION>
Year Ended March 31,
----------------------------------------
1999
-----------------
Class A Class I . 1998 1997 1996 1995
------- --------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
SoGen International Fund........... 1.24% 1.63% 1.19% 1.21% 1.25% 1.26%
SoGen Overseas Fund................ 1.29% 1.21% 1.22% 1.27% 1.38% 1.40%
SoGen Gold Fund.................... 1.64% -- 1.56% 1.46% 1.43% 1.46%
SoGen Money Fund................... 0.69% -- 1.01% 1.14% 0.97% 1.55%
The ratio of net investment income to average net assets without the effect
of earnings credits, investment advisory fee waiver and expense reimburse-
ment are as follows:
<CAPTION>
Year Ended March 31,
----------------------------------------
1999
-----------------
Class A Class I . 1998 1997 1996 1995
------- --------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
SoGen International Fund........... 2.74% 2.42% 2.80% 3.08% 3.71% 2.70%
SoGen Overseas Fund................ 2.22% 1.79% 2.20% 2.27% 3.30% 2.29%
SoGen Gold Fund.................... 1.99% -- 1.46% 1.19% 1.26% 0.79%
SoGen Money Fund................... 4.60% -- 4.66% 4.26% 4.76% 3.34%
</TABLE>
38
<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 International Fund, SoGen Overseas Fund,
SoGen Gold Fund, and SoGen Money Fund, including the schedules of investments,
as of March 31, 1999, and the related 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 five year
period then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our au-
dits.
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, 1999, by correspondence with custodians. As to securities purchased
or sold but not yet received or delivered, we performed other appropriate au-
diting procedures. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
SoGen Funds, Inc., consisting of SoGen International Fund, SoGen Overseas Fund,
SoGen Gold Fund, and SoGen Money Fund, as of March 31, 1999, 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 high-
lights for each of the years in the five year period then ended in conformity
with generally accepted accounting principles.
/s/ KPMG LLP
New York, New York
May 17, 1999
39
<PAGE>
SoGen Funds, Inc.
TAX INFORMATION
FISCAL YEAR ENDED MARCH 31, 1999
(UNAUDITED)
The following tax information represents the designation of various tax bene-
fits relating to the fiscal year ended March 31, 1999:
CORPORATE DIVIDENDS RECEIVED DEDUCTION
The percentage 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, 1999 are as follows:
<TABLE>
<S> <C>
SoGen International Fund.......... 7.43%
SoGen Overseas Fund............... 0.32%
SoGen Gold Fund................... 56.05%
SoGen Money Fund.................. -- %
</TABLE>
CAPITAL GAINS DISTRIBUTIONS
Capital gains distributions paid to shareholders by the Funds during the fis-
cal year ended March 31, 1999, whether taken in shares or in cash, were desig-
nated as follows:
<TABLE>
<S> <C>
SoGen International Fund........ $197,235,306
SoGen Overseas Fund............. $ 44,901,829
SoGen Gold Fund................. $ --
SoGen Money Fund................ $ --
</TABLE>
FOREIGN SOURCE INCOME AND FOREIGN TAX CREDITS
For the fiscal year ended March 31, 1999, 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 International Fund............. $47,501,095 $0.52 $2,942,245 $0.03
SoGen Overseas Fund.................. $17,485,205 $0.44 $1,206,466 $0.03
SoGen Gold Fund...................... $ -- $ -- $ -- $ --
SoGen Money Fund..................... $ -- $ -- $ -- $ --
</TABLE>
U.S. TREASURY PERCENTAGES
For the fiscal year ended March 31, 1999, dividends paid from ordinary income
derived from interest on direct obligations of the United States government
were as follows:
<TABLE>
<S> <C>
SoGen International Fund........... 6.04%
SoGen Overseas Fund................ -- %
SoGen Gold Fund.................... -- %
SoGen Money Fund................... -- %
</TABLE>
In addition, during each of the Fund's fiscal quarters, the percentage of the
fair market value of the Fund's 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.
40
<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
<TABLE>
<S> <C>
Philippe Collas...........................................Chairman of the Board
Jean-Marie Eveillard..................................................President
Philip J. Bafundo.......................Vice President, Secretary and Treasurer
Edwin S. Olsen...................................................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
</TABLE>
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 LLP
30 Rockefeller Plaza 757 Third Avenue
New York, NY 10112 New York, NY 10017
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
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of SoGen Funds,
Inc.
<PAGE>
[GRAPHIC]
SOGEN FUNDS, INC.
1221 Avenue of the Americas
New York, NY 10020
(800) 334-2143
