<PAGE>
SoGen Funds, Inc.
SoGen International Fund
SoGen Overseas Fund
SoGen Gold Fund
SoGen Money Fund
[GRAPHIC]
Semi-Annual Report
September 30, 1999
<PAGE>
SoGen Funds, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
As I indicated in my letter to you six months ago, the worldwide environment
for smaller "value" stocks has improved sharply since last April. Perhaps the
previous excesses have been carried out too far and a new trend has emerged.
Time will tell.
Rather than reiterate the points I tried to make six months ago, I shall
briefly comment on one of our holdings. A medium-sized company we have owned
for a few years already--and we have accumulated quite a few shares in both
SoGen International Fund and SoGen Overseas Fund--is the bearer share of
Edipresse SA, a newspaper publishing company with a quasi-monopoly in French
speaking Switzerland. Until six months ago, we had little to show for our in-
vestment; the stock was barely up. But then it moved, and today we have almost
doubled our money. Yet, the stock still only sells at about half the valuation
of a similar U.S. company. That is just one illustration of the potential of
some small and medium sized value stocks as well as a lesson in how patient we
often are willing to be.
SoGen International Fund
Over the past twenty years (September 30, 1979 to September 30, 1999) the
value of an investment in your Fund increased at a compounded annual rate of
14.95%. Over the past fifteen, ten and five years, the rates were 13.46%,
10.32% and 8.92%, respectively. Over the past twelve months, the net asset
value increased 18.07%.*
As of September 30, 1999 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
U.S. stocks(/1/) 21.5%
Foreign stocks(/1/) 49.0
U.S. dollar bonds 16.6
Foreign currency bonds 2.0
Gold-related securities 5.4
U.S. dollar cash and
equivalents(/2/) 5.5
-----
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); Manpower Inc. (leading global temporary employment organiza-
tion); Promodes C.I. (French food retailer); Rayonier Inc. (U.S. forest prod-
ucts company); CDL Hotels International Limited (Hong Kong listed chain of ho-
tels located in various parts of the world); Bank for International Settle-
ments, U.S. and French Tranches (the central banks' central bank, with some
gold assets); Fuji Photo Film Co., Ltd. (Japanese film and imaging company);
San Juan Basin Royalty Trust (U.S. trust that receives royalties on gas proper-
ties); Kuhne & Nagel International AG (Swiss based freight forwarding company);
and Freeport McMoRan Copper & Gold, Inc., Preferred Series "B', "C' and "D'
(gold and silver-related securities).
SoGen Overseas Fund
From inception (six years and one month ago), the value of an investment in
your Fund increased at a compounded average annual rate of 11.67%. Over the
past five and three years, the rates were 10.24% and 10.42%, respectively. Over
the past twelve months, the net asset value increased 31.77%.*
<PAGE>
As of September 30, 1999 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
Foreign stocks(/1/) 87.1%
U.S. dollar bonds 6.3
Foreign currency bonds 2.2
U.S. dollar cash and
equivalents(/2/) 4.4
-----
100.0%
=====
</TABLE>
- --------
(/1/Includes)convertible bonds with moderate premia.
(/2/Includes)floating rate securities.
The ten major holdings were: Buderus AG (German manufacturer of heating sys-
tems); Kuhne & Nagel International AG (Swiss based freight forwarding company);
Bank for International Settlements, U.S. and French Tranches (the central
banks' central bank, with some gold assets); Sagem ADP (French electronics com-
pany); CDL Hotels International Limited (Hong Kong listed chain of hotels lo-
cated throughout the world); Antofagasta Holdings plc (UK listed company with
assets in Chile); Edipresse SA (Swiss newspaper publishing company); Legrand
ADP (French low-voltage electrical fittings manu- facturer); Shaw Brothers
(Hong Kong) Limited (Hong Kong holding company); and Industrias Penoles, S.A.
de C.V. (Mexican silver mining company).
SoGen Gold Fund
On September 26, 1999, most European central banks announced that they would
restrict their selling and--importantly--their lending of gold over the next
five years. That is good news indeed, in that central bank supply should no
longer be open-ended, while the imbalance--from a commodity point of view--be-
tween demand (mostly jewelry) and supply (mostly mine production) should con-
tinue.
From inception (six years and one month ago), the value of an investment in
your Fund decreased at a compounded average annual rate of (3.69%). Over the
past five and three years, the rates were (8.74%) and (13.19%), respectively.
Over the past twelve months, the net asset value increased 6.48%.*
As of September 30, 1999 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
Freeport McMoRan Copper and Gold 20.1%
(Preferred Series "B', "C' and
"D')
Bank for International
Settlements 4.9
(U.S. and French Tranches)
U.S. securities 19.2
Canadian securities 15.8
Australian and New Zealand
securities 2.3
South African securities 25.0
Miscellaneous securities 10.6
U.S. dollar cash and equivalents 2.1
-----
100.0%
=====
</TABLE>
2
<PAGE>
SoGen Money Fund
Short-term interest rates have moved up. Additional increases are possible if
the U.S. economy continues to be strong over the next few months.
Sincerely yours,
[Logo of Jean-Marie Eveillard signature appears here]
Jean-Marie Eveillard
President
October 25, 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 September 30, 1999
[GRAPH OF SOGEN INTERNATIONAL FUND]
1 Year 5 Year 10 Year
------ ------ -------
13.64% 8.09% 9.89%
JP Morgan Global Consumer
Government Bond Price
SoGen International Fund MSCI World Index Index Index
9/30/89 9624 10000 10000 10000
9/30/90 9657 7844 10802 10616
9/30/91 11120 9769 12371 10977
9/30/92 12545 9670 14425 11305
9/30/93 14839 11627 15619 11617
9/30/94 16759 12506 15785 11962
9/30/95 18288 14307 18303 12266
9/30/96 20493 16262 19228 12634
9/30/97 24249 20184 19872 12914
9/30/98 21759 20212 22425 13098
9/30/99 25690 26169 22277 13443
4
<PAGE>
SoGen Funds, Inc.
INVESTMENT RESULTS (continued)
SoGen Overseas Fund
Average Annual Rates of Return as of September 30, 1999
[GRAPH OF SOGEN OVERSEAS FUND]
Since Inception
1 Year 5 Year (8/31/93)
------ ------ ---------------
26.78% 9.40% 10.97%
SoGen Overseas Fund MSCI EAFE Index Consumer Price Index
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 12336 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
9/30/99 18839 16611 11587
SoGen Gold Fund
Average Annual Rates of Return as of September 30, 1999
[GRAPH OF SOGEN GOLD FUND]
Since Inception
1 Year 5 Year (8/31/93)
------ ------ ---------------
2.55% (9.44%) (4.29%)
SoGen Gold Fund MSCI World Index FT Gold Mines Index Consumer Price
Index
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
9/30/99 7657 22086 6006 11587
Performance is historical and is not indicative of future results. The Funds'
results assume reinvestment of income dividends and capital gains distributions
and give effect to the deduction of the maximum sales load of 3.75%. The MSCI
EAFE Index and the MSCI World Index returns assume reinvestment of dividends
and the JP Morgan Global Government Bond Index assumes that a coupon payment
received in one currency is immediately reinvested back into the bonds in that
country's index. The FT Gold Mines Index is only available without dividends
reinvested. Unlike Fund returns, the indices do not reflect any fees or
expenses.
5
<PAGE>
SoGen Funds, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
Value stocks in several international markets have made a strong comeback
since April 1999. Continued growth in the United States supported U.S. stocks
despite increased market volatility related to higher interest rates, increas-
ing inflationary concerns and worries about the sustainability of corporate
earnings growth. Improved prospects for European economies translated into
stronger local stock prices, particularly in the case of certain smaller issues
held by the Funds. In Asia, Japanese equities continued to gain in the begin-
ning of the first half as increasingly positive economic data pointed to a re-
covery in that country. However, a much stronger yen began to pressure export
oriented stocks toward the end of the period. Other Asian economies pursued
their recovery from the devastating effects of the prior year's currency and
economic crises.
SoGen International Fund
The Fund's net asset value rose 12.53%* between April 1, 1999 and September
30, 1999. Several smaller stock issues were strong performers as corporate ac-
tivity caused the value of these holdings to rise substantially. In the United
States, Lawter International, Inc., Learonal, Inc. and Blount International,
Inc. Class "A' were either bought out or taken over; similar developments oc-
curred in France for Emin Leydier, and Promodes C.I. which announced a merger
with Carrefour Supermarche. Fixed income securities were under pressure as in-
terest rates hedged higher. Gold related securities performed poorly until the
end of September when the price of gold surged. The benefit of a weaker U.S.
dollar--especially against the Japanese yen, whose value strengthened consider-
ably at the end of the period--was only partially reaped since the Fund contin-
ued to hedge some of its foreign exposure at all times.
SoGen Overseas Fund
The Fund's net asset value gained 21.13%* during the same period. The
stronger performance can be attributed to the fact that SoGen Overseas Fund is
nearly fully invested in foreign stocks. Foreign markets were generally better
performers than U.S. markets over that time. The Fund has a greater percentage
of its assets in European stocks: as with the case of SoGen International Fund,
several of its holdings rose sharply in reaction to corporate activity (eg:
Emin Leydier, Europe 1 Communication buy-outs, Promodes C.I. merger). It also
owns a higher percentage of smaller Japanese and South Korean stocks, which
were strong performers for most of the period. The Fund did not fully benefit
from the recent weakness in the dollar against the yen since it also kept its
foreign exposure partially hedged during the period.
SoGen Gold Fund
During the first half of the period, the price of gold continued to slide un-
til the last few days of September when it rose sharply, ending the month at
$298.75. The Fund's net asset value rose 23.16%* over the period, mostly when
bullion rebounded as European central banks--the largest holders of the pre-
cious metal--announced they would limit additional gold sales and lending over
the next five years. Gold related securities held in the portfolio closed
sharply higher in reaction to this announcement and in anticipation of higher
profitability for mining companies.
- --------
* These figures assume the immediate reinvestment of all dividends and distri-
butions and do not give effect to the deduction of the Fund's sales load.
(See the "Investment Results" section of this report for further informa-
tion.)
6
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--U.S.
Gold Related (2.49%)
700,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series "B' (d).... $ 23,008,334 $ 13,606,250
570,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series "C' (d).... 18,252,979 9,333,750
485,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series "D' (d).... 10,022,366 6,456,562
300,000 Newmont Mining Corporation......... 10,803,219 7,762,500
7,432 Case, Pomeroy & Co., Inc. Class
"A'............................... 7,366,948 7,060,400
400,000 Homestake Mining Company........... 6,688,384 3,675,000
-------------- --------------
76,142,230 47,894,462
-------------- --------------
Energy (3.64%)
3,705,000 San Juan Basin Royalty Trust (c)... 25,078,754 32,418,750
200,000 Murphy Oil Corporation............. 8,133,903 10,812,500
1,245,000 Kaneb Services, Inc. (a)........... 4,318,833 5,913,750
175,000 Weatherford International, Inc.
(a)............................... 3,938,918 5,600,000
115,000 Burlington Resources Inc. ......... 3,821,074 4,226,250
195,000 ENSCO International Incorporated... 1,517,188 3,522,187
175,000 North European Oil Royalty Trust... 2,483,216 2,603,125
75,000 Patina Oil & Gas Corporation $1.78
Conv. Pfd......................... 1,993,232 1,996,875
35,000 Tosco Financing Trust $2.875 Conv.
Pfd. (b).......................... 1,905,312 1,618,750
250,241 The Home-Stake Oil & Gas Company
(c)............................... 825,100 1,111,070
-------------- --------------
54,015,530 69,823,257
-------------- --------------
Forest Products (3.53%)
870,000 Rayonier Inc. ..................... 31,454,005 36,540,000
615,000 Greif Bros. Corporation Class "A'
(c)............................... 11,017,026 17,373,750
365,000 Longview Fibre Company............. 4,899,489 4,539,687
195,000 Georgia-Pacific Corporation, Timber
Group............................. 4,124,547 4,460,625
145,000 Deltic Timber Corporation.......... 2,668,634 3,298,750
50,000 Plum Creek Timber Company, L.P. ... 189,172 1,568,750
-------------- --------------
54,352,873 67,781,562
-------------- --------------
Agriculture (0.45%)
105,000 Monsanto Company................... 4,447,356 3,747,187
75,000 Deere & Company.................... 1,085,027 2,901,562
50,000 Tejon Ranch Company................ 995,843 1,462,500
497 J.G. Boswell Company............... 573,840 569,065
-------------- --------------
7,102,066 8,680,314
-------------- --------------
Automotive (0.48%)
365,000 Bandag Incorporated, Class "A'..... 17,059,193 9,216,250
-------------- --------------
Building Materials (0.18%)
250,000 Justin Industries.................. 3,482,687 3,546,875
-------------- --------------
Capital Goods (1.18%)
445,000 Woodward Governor Company.......... 8,989,190 11,097,187
500,000 Kaiser Ventures Inc. (a)........... 6,163,495 6,468,750
4,805 Conbraco Industries, Inc. ......... 1,568,050 2,618,725
70,000 Tennant Company.................... 1,766,194 2,371,250
10,395 Blount International, Inc. Class
"A'............................... 131,567 140,332
-------------- --------------
18,618,496 22,696,244
-------------- --------------
</TABLE>
7
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--U.S.
(continued)
Transportation (0.23%)
115,468 Heartland Express, Inc. (a)........ $ 194,998 $ 1,630,985
45,000 Florida East Coast Industries,
Inc. ............................. 797,861 1,409,062
25,000 AMR Corporation (a)................ 895,323 1,362,500
-------------- --------------
1,888,182 4,402,547
-------------- --------------
Electronics (1.18%)
500,000 UCAR International, Inc. (a)....... 8,951,145 11,406,250
345,000 BEI Technologies Inc. ............. 1,971,186 4,183,125
55,000 Franklin Electric Company, Inc. ... 3,952,656 3,630,000
115,000 Applied Power Inc., Class "A'...... 1,562,936 3,493,125
-------------- --------------
16,437,923 22,712,500
-------------- --------------
Technology (1.19%)
385,000 NCR Corporation (a)................ 10,837,401 12,729,062
300,000 Scott Technologies Inc. (a)........ 4,345,329 5,925,000
335,000 Evans & Sutherland Computer
Corporation (a)................... 7,749,400 4,145,625
-------------- --------------
22,932,130 22,799,687
-------------- --------------
Consumer Products (2.15%)
475,000 Dole Food Company, Inc. ........... 11,228,957 9,025,000
196,647 Allen Organ Company, Class "B'..... 6,223,084 7,472,586
485,000 Sturm, Ruger & Company, Inc. ...... 6,906,766 4,365,000
179,174 St. John Knits International Inc.
(a)............................... 3,078,624 4,020,665
200,000 Jostens, Inc. ..................... 3,940,385 3,825,000
70,000 Adolph Coors Company, Class "B'.... 1,363,150 3,788,750
150,000 Furniture Brands International,
Inc. (a).......................... 923,625 2,953,125
95,000 Polaroid Corporation............... 1,890,822 2,470,000
30,000 Chemed Corporation................. 929,483 907,500
125,000 Baldwin Piano & Organ Company (a).. 917,000 890,625
200,000 A.T. Cross Company, Class "A' (a).. 2,508,927 837,500
51,700 Sola International Inc. (a)........ 805,245 801,350
-------------- --------------
40,716,068 41,357,101
-------------- --------------
Distribution (0.44%)
925,000 Hancock Fabrics, Inc. ............. 8,277,562 3,989,062
143,088 Weyco Group Inc. .................. 1,457,018 3,130,050
145,000 Guitar Center, Inc. ............... 1,635,520 1,368,437
-------------- --------------
11,370,100 8,487,549
-------------- --------------
Health Care (0.03%)
400,000 BEI Medical Systems Inc. (a)(c).... 681,560 625,000
-------------- --------------
Media (1.00%)
245,000 SBS Broadcasting SA................ 6,559,869 9,493,765
95,000 Pulitzer Inc. ..................... 1,035,839 4,316,562
138,500 GC Companies, Inc. (a)............. 4,289,802 4,155,000
34,924 Mills Music Trust (c).............. 1,055,337 1,169,954
-------------- --------------
12,940,847 19,135,281
-------------- --------------
</TABLE>
8
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--U.S.
(continued)
Services (3.07%)
1,515,000 Manpower Inc. ..................... $ 49,770,282 $ 44,124,375
725,000 UniFirst Corporation (c)........... 10,238,952 9,968,750
175,000 Burns International Services
Corporation (a)................... 2,970,225 2,821,875
77,392 KinderCare Learning Centers, Inc.
(a)............................... 992,527 1,934,800
-------------- --------------
63,971,986 58,849,800
-------------- --------------
Financial Companies (0.30%)
115,000 Leucadia National Corporation...... 3,539,895 2,415,000
127,500 East Texas Financial Services, Inc.
(c)............................... 959,375 1,832,812
70,500 Redwood Financial, Inc. (a)(c)..... 645,312 687,375
45,000 First Federal Financial Bancorp,
Inc. (c).......................... 490,100 511,875
20,000 Catskill Financial Corporation..... 210,000 301,250
-------------- --------------
5,844,682 5,748,312
-------------- --------------
Utilities (0.79%)
185,000 CalEnergy Capital Trust 6 1/2%
Conv. Pfd. ....................... 8,826,875 7,770,000
100,000 Midamerican Energy Holdings Co. ... 1,654,847 2,950,000
80,000 The Montana Power Company.......... 848,975 2,435,000
65,000 IdaCorp Inc. ...................... 1,604,025 1,958,125
-------------- --------------
12,934,722 15,113,125
-------------- --------------
Real Estate (2.92%)
555,000 Crescent Real Estate Equities
Company........................... 8,534,899 9,990,000
465,000 Security Capital European Realty
(a)(e)............................ 9,299,990 9,300,000
535,000 Security Capital Group, Inc. Class
"B' (a)(c)........................ 8,305,104 7,857,812
100,000 Security Capital U.S. Realty SICAF
(a)............................... 2,156,450 1,700,000
400,000 Archstone Communities Trust........ 6,331,836 7,725,017
450,000 Catellus Development Corporation
(a)............................... 3,176,239 5,287,501
334,625 Alico, Inc. ....................... 6,441,497 4,935,719
197,739 Regency Realty Corporation ........ 4,625,320 4,152,529
235,000 Price Enterprises, Inc. 8 3/4%
Pfd., Series "A'.................. 2,707,118 3,525,000
41,197 Price Enterprises, Inc. ........... 114,255 323,139
50,000 Prologis Trust Conv. 7% Pfd.,
Series "B'........................ 1,193,710 1,218,750
-------------- --------------
52,886,418 56,015,467
-------------- --------------
Common and Preferred Stocks--Non
U.S.
Gold Related (3.65%)
3,655 Bank for International Settlements
(U.S. Tranche).................... 19,216,192 22,184,195
2,475 Bank for International Settlements
(French Tranche).................. 12,734,695 11,855,489
655,000 Franco-Nevada Mining Corporation
Ltd. ............................. 6,029,399 14,153,849
1,000,000 Harmony Gold Mining Company Ltd. .. 4,591,642 6,025,000
750,000 Pan American Silver Corporation
(a)............................... 2,579,121 5,461,785
1,000,000 Gold Fields Limited................ 3,662,054 4,625,001
550,000 Meridian Gold Inc. (a)............. 1,995,979 3,761,996
407,250 St. Helena Gold Mines Ltd. ADR..... 3,408,636 1,272,656
95,250 St. Helena Gold Mines Ltd. ........ 666,203 333,375
1,405,295 Compania Minera Arcata S.A......... 929,944 365,143
-------------- --------------
55,813,865 70,038,489
-------------- --------------
United Kingdom (3.17%)
4,500,000 Antofagasta Holdings plc (20)...... 19,736,337 29,331,720
2,625,000 IMI plc (6)........................ 11,460,696 12,054,893
</TABLE>
9
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--Non
U.S. (continued)
United Kingdom (continued)
2,675,000 Royal Doulton plc (a)(11).......... $ 9,845,122 $ 4,755,294
3,000,000 McBride plc (11)................... 7,569,080 4,617,030
425,000 Lonmin plc (20).................... 1,815,749 4,498,107
235,000 Scottish Media Group plc (14)...... 1,712,987 3,409,730
3,000,000 Lonrho Africa plc (20)............. 4,564,749 2,123,340
-------------- --------------
56,704,720 60,790,114
-------------- --------------
Finland (0.27%)
70,000 Vaisala Oy A (10).................. 2,304,484 5,206,766
-------------- --------------
Sweden (0.66%)
475,000 Investor AB "B' (19)............... 4,787,948 5,644,924
535,000 IRO AB (6)......................... 5,641,561 5,440,322
500,000 Gorthon Lines AB "B' (8)........... 2,602,502 1,531,450
-------------- --------------
13,032,011 12,616,696
-------------- --------------
Norway (0.21%)
400,000 Schibsted ASA (14)................. 4,255,685 3,973,252
-------------- --------------
Denmark (0.53%)
245,000 Carlsberg International A/S, "B'
(11).............................. 12,770,518 9,039,552
15,000 Kobenhavns Lufthavne A/S (8)....... 660,492 1,227,478
-------------- --------------
13,431,010 10,267,030
-------------- --------------
Netherlands (0.98%)
325,000 Apothekers Cooperatie OPG U.A.
(13).............................. 7,974,003 7,134,527
55,000 Koninklijke Philips Electronics NV
(9)............................... 1,586,844 5,555,000
275,000 Holdingmaatschappij de Telegraaf,
NV (14)........................... 2,087,913 5,362,884
58,000 Koninklijke Ahrend NV (11)......... 803,012 794,229
-------------- --------------
12,451,772 18,846,640
-------------- --------------
Belgium (0.32%)
24,500 Deceuninck Plastics Industries SA
(5)............................... 2,693,335 6,185,086
-------------- --------------
Germany (6.57%)
3,395,000 Buderus AG (c)(6).................. 56,843,697 57,524,320
19,500 Axel Springer Verlag AG (14)....... 8,200,104 22,026,986
135,000 Bertelsmann AG D.R.C. (14)......... 16,802,494 16,292,533
250,000 Hornbach Holding AG Pfd. (12)...... 18,126,551 10,683,141
265,000 Bayer AG (7)....................... 5,251,002 10,519,298
535,000 Sudzucker AG Pfd. (4).............. 8,427,302 8,494,829
6,130 Signalbau Huber AG Pfd. (8)........ 585,822 535,660
-------------- --------------
114,236,972 126,076,767
-------------- --------------
France (9.38%)
50,000 Promodes C.I. (12)................. 1,787,334 38,949,508
162,500 Sagem ADP (9)...................... 20,123,579 26,321,555
200,000 Legrand ADP (6).................... 15,440,898 26,193,677
39,250 Eurafrance (19).................... 15,504,062 24,259,522
26,950 Societe Sucriere de Pithiviers-le-
Vieil (c)(4)...................... 10,460,792 10,597,410
15,000 Taittinger C.I. (11)............... 3,697,898 7,784,573
70,000 NSC Groupe (c)(6).................. 12,400,388 7,377,495
100,000 Vivendi (17)....................... 3,740,783 7,027,962
</TABLE>
10
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--Non
U.S. (continued)
France (continued)
100,000 Gaumont SA (14).................... $ 5,117,192 $ 6,553,748
30,000 Elf Aquitaine (2).................. 1,980,088 5,242,998
90,000 Rhone-Poulenc SA (13).............. 4,434,574 4,651,562
40,500 Sabeton SA (c)(19)................. 5,266,759 4,488,518
65,000 Eramet SA (1)...................... 3,215,549 3,608,824
73,500 Crometal (6)....................... 4,938,687 3,450,228
38,299 Conflandey (1)..................... 1,835,926 1,182,770
10,479 Robertet SA C.I. (11).............. 781,686 1,137,912
5,112 Robertet SA (11)................... 527,638 749,045
8,120 Marie Brizard et Roger
International SA (a)(11).......... 1,462,118 546,009
-------------- --------------
112,715,951 180,123,316
-------------- --------------
Switzerland (4.80%)
43,950 Kuhne & Nagel International AG
(8)............................... 26,824,359 31,650,330
41,500 Edipresse SA (14).................. 10,853,695 18,540,375
58,500 Sika Finanz AG (5)................. 14,043,828 18,216,643
3,000 Lindt & Sprungli AG PC (11)........ 2,661,221 7,599,520
12,250 Societe Generale d'Affichage D.R.C.
(14).............................. 2,363,406 7,155,431
2,000 Nestle SA Registered (11).......... 2,540,747 3,760,752
10,000 SAirgroup D.R.C. (8)............... 619,946 2,163,766
15,000 Vetropack Holding AG (11).......... 3,101,361 1,710,342
30,000 Pelikan Holding AG (a)(11)......... 2,797,748 1,382,777
-------------- --------------
65,806,311 92,179,936
-------------- --------------
Austria (0.15%)
70,000 Flughafen Wien AG (8).............. 2,910,556 2,795,093
-------------- --------------
Italy (0.18%)
2,750,000 Montedison SpA Non Convertible
Savings Shares (20)............... 2,489,581 3,370,118
-------------- --------------
Spain and Portugal (0.38%)
355,000 Espirito Santo Financial Group SA
(16).............................. 5,840,994 5,680,000
60,000 Corporacion Financiera Alba SA
(19).............................. 691,324 1,656,020
-------------- --------------
6,532,318 7,336,020
-------------- --------------
Israel (0.17%)
550,000 The Israel Land Development Company
Ltd. (20)......................... 2,057,467 3,303,496
-------------- --------------
Commonwealth of Independent States
(0.06%)
556,624 Firebird Fund, L.P. (a)(b)(e)(21).. 1,000,000 1,130,765
-------------- --------------
Japan (10.32%)
965,000 Fuji Photo Film Co., Ltd. (11)..... 23,719,700 33,106,965
245,000 Ito-Yokado Co., Ltd. (12).......... 11,116,314 20,265,063
124,800 Toho Co., Ltd. (14)................ 16,722,176 19,601,542
750,000 Shimano Inc. (11).................. 14,094,126 18,011,561
4,500,000 The Dai-Tokyo Fire & Marine
Insurance Co., Ltd. (16).......... 25,034,160 16,495,911
3,285,000 The Nichido Fire & Marine Insurance
Co., Ltd. (16).................... 20,978,094 16,210,405
180,000 Secom Co., Ltd. (15)............... 4,855,311 16,072,939
2,775,000 Nisshinbo Industries, Inc. (11).... 20,576,931 13,693,721
2,000,000 Aida Engineering, Ltd. (6)......... 13,038,988 9,568,568
850,000 Hitachi, Ltd. (10)................. 6,393,443 9,427,578
</TABLE>
11
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--Non
U.S. (continued)
Japan (continued)
435,000 Chofu Seisakusho Co., Ltd. (11)... $ 8,284,147 $ 8,320,566
2,000,000 Okumura Corporation (6)........... 9,490,804 8,045,869
275,000 Shiseido Company, Ltd. (11)....... 3,157,301 4,109,879
400,000 Shoei Co., Ltd. (19).............. 3,030,945 2,876,210
1,352,000 Iino Kaiun Kaisha, Ltd. (8)....... 3,927,452 2,401,805
-------------- --------------
184,419,892 198,208,582
-------------- --------------
South Korea (0.08%)
10,000 Nam Yang Dairy Products (11)...... 1,577,224 1,475,545
-------------- --------------
Hong Kong (2.76%)
100,319,750 CDL Hotels International Limited
(18)............................. 37,432,443 34,224,277
21,850,000 Shaw Brothers (Hong Kong) Limited
(14)............................. 24,515,109 18,846,392
-------------- --------------
61,947,552 53,070,669
-------------- --------------
Singapore and Malaysia (0.71%)
3,500,000 Times Publishing Limited (14)..... 7,766,301 6,303,708
2,450,000 Delgro Corporation Ltd. (19)...... 4,423,270 7,282,225
-------------- --------------
12,189,571 13,585,933
-------------- --------------
Thailand (0.14%)
577,000 The Oriental Hotel Public Company
Limited (18)..................... 2,636,472 2,679,457
-------------- --------------
Australia and New Zealand (2.36%)
3,325,000 Wilson & Horton Limited 5%
exchangeable preference shares
(14)............................. 17,124,302 13,059,536
9,850,000 Carter Holt Harvey Limited (3).... 13,845,466 11,860,818
8,650,000 Spotless Services Limited (15).... 4,685,083 7,625,408
20,801,249 Shortland Properties Limited
(c)(18).......................... 8,985,919 6,987,556
10,000,000 Tasman Agriculture Limited
(c)(4)........................... 6,097,469 3,876,000
6,992,610 Evergreen Forests Limited
(a)(c)(3)........................ 2,664,431 1,806,890
-------------- --------------
53,402,670 45,216,208
-------------- --------------
Canada (1.26%)
815,000 Canadian Pacific Limited (20)..... 13,848,879 18,592,188
275,000 Noranda, Inc. (20)................ 3,623,876 3,752,637
100,000 InterTAN Inc. (a)(12)............. 618,437 1,931,000
-------------- --------------
18,091,192 24,275,825
-------------- --------------
Mexico (1.08%)
6,375,000 Industrias Penoles, S.A. de C.V.
(1).............................. 19,841,076 20,775,457
-------------- --------------
Argentina (0.26%)
1,750,000 Siderca S.A.I.C. (2).............. 1,279,456 3,360,504
2,800,000 Ledesma S.A.A.I. (4).............. 2,827,215 1,680,252
-------------- --------------
4,106,671 5,040,756
-------------- --------------
Chile (0.11%)
205,000 Quinenco S.A. ADR (19)............ 1,257,910 2,075,625
-------------- --------------
South Africa (0.05%)
100,000 Omni Media Corporation (14)....... 643,273 1,041,667
-------------- --------------
</TABLE>
12
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks--Non
U.S. (continued)
Miscellaneous (0.40%)
335,000 Banco Latinoamericano de
Exportaciones S.A., Class "E'
(BLADEX) (16).................... $ 8,886,103 $ 7,663,125
-------------- --------------
Total Common and Preferred 1,310,813,337 1,464,233,766
Stocks...........................
-------------- --------------
<CAPTION>
Principal
Amount
---------
<C> <S> <C> <C>
Bonds, Notes and Convertible Bonds
U.S. Dollar Convertible Bonds
(3.56%)
$ 1,000,000 NovaCare, Inc. 5 1/2% due
1/15/2000 (13)................... 989,616 910,000
5,320,000 Gold Mines of Kalgoorlie 7 1/2%
due 2/28/2000 (1)................ 5,247,129 5,280,100
2,500,000 Medya International Ltd. 10% due
6/28/2001 (e)(14)................ 2,239,103 1,312,500
2,500,000 International Container Terminal
Services, Inc. 5% due 9/15/2001
(e)(8)........................... 2,325,141 2,062,500
6,000,000 International Container Terminal
Services, Inc. 1 3/4% due
3/13/2004 (8).................... 5,330,384 5,910,000
6,000,000 Danka Business Systems plc 6 3/4%
due 4/01/2002 (11)............... 3,890,946 4,597,500
1,610,000 Roy F. Weston, Inc. 7% due
4/15/2002 (6).................... 1,501,186 1,457,050
3,750,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (a)(f)(1).............. 4,032,184 9,375
2,300,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (a)(b)(f)(1)........... 2,021,341 5,750
3,325,000 LUKINTER Finance BV 3 1/2% due
5/06/2002 (2).................... 1,317,993 2,227,750
6,500,000 Cetus Corp. 5 1/4% due 5/21/2002
(13)............................. 6,303,340 6,662,500
3,615,000 Coeur d'Alene Mines Corporation 6%
due 6/10/2002 (1)................ 3,204,431 2,277,450
6,000,000 Coeur d'Alene Mines Corporation 6
3/8% due 1/31/2004 (1)........... 5,958,616 3,810,000
3,250,000 TingYi (C.I.) Holdings 1 5/8% due
7/17/2002 (11)................... 2,182,064 2,059,688
3,000,000 Ashanti Goldfields Company Limited
5 1/2% due 3/15/2003 (1)......... 2,522,730 2,535,000
3,500,000 IRSA Inversiones y
Representaciones S.A. 4 1/2% due
8/02/2003 (18)................... 3,575,981 3,933,125
1,500,000 Agnico Eagle Mines Limited 3 1/2%
due 1/27/2004 (1)................ 1,192,556 1,036,875
3,500,000 CKE Restaurants Inc. 4 1/4% due
3/15/2004 (11)................... 2,495,190 2,283,750
3,750,000 Halter Marine Group Inc. 4 1/2%
due 9/15/2004 (6)................ 2,740,053 2,292,188
4,420,000 Battle Mountain Gold Company 6%
due 1/04/2005 (1)................ 3,569,536 3,116,100
11,935,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (f)(3)................. 9,897,534 1,790,250
2,250,000 Samsung Electronics Co. Ltd. 0%
due 12/31/2007 (a)(9)............ 1,666,617 2,857,500
3,500,000 LG Electronics Inc. 1/4% due
12/31/2007 (9)................... 2,567,676 3,535,000
1,500,000 Blount International Inc. 13% due
8/01/2009 (b)(6)................. 1,500,000 1,548,750
4,450,000 Evans & Sutherland Computer
Corporation 6% due 3/01/2012
(10)............................. 3,547,064 3,582,250
7,000,000 Sunbeam Corporation 0% due
3/25/2018 (a)(b)(11)............. 1,216,802 1,190,000
-------------- --------------
83,035,213 68,282,951
-------------- --------------
U.S. Dollar Bonds and Notes
(5.58%)
3,800,000 Cemex SA 10% due 11/05/1999 (5)... 3,830,581 3,800,000
1,500,000 Tubos de Acero de Mexico, S.A. 13
3/4% due 12/08/1999 (2).......... 1,489,382 1,515,000
2,000,000 P.T. Inti Indorayon Utama 9 1/8%
due 10/15/2000 (f)(3)............ 1,911,816 385,000
1,000,000 Republic New York Corporation 9
3/4% due 12/01/2000 (16)......... 1,000,000 1,039,553
5,550,000 USAir Group, Inc. 9 5/8% due
2/02/2001 (8).................... 5,095,794 5,620,191
3,310,000 P.T. Pabrik Kertas Tjiwi-Kimia 13
1/4% due 8/01/2001 (3)........... 1,940,127 1,530,000
2,000,000 P.T. Pabrik Kertas Tjiwi-Kimia 10%
due 8/01/2004 (3)................ 2,154,693 1,828,775
2,000,000 Florsheim Group Inc. 12 3/4% due
9/01/2002 (12)................... 1,880,391 1,985,000
8,000,000 The Southland Corporation 5% due
12/15/2003 (12).................. 6,658,123 6,840,000
4,589,000 The Southland Corporation 4% due
6/15/2004 (12)................... 3,352,098 3,533,530
3,000,000 Anacomp, Inc. 10 7/8% due
4/01/2004 (10)................... 3,007,108 2,925,000
500,000 Anacomp, Inc. 10 7/8% due
4/01/2004 (b)(10)................ 520,000 487,500
1,000,000 UCAR Global Enterprises 12% due
1/15/2005 Series "B' (9)......... 1,005,000 1,046,250
1,500,000 Hollinger International Publishing
8 5/8% due 3/15/2005 (14)........ 1,575,000 1,485,000
1,000,000 Hollinger International Publishing
9 1/4% due 3/15/2007 (14)........ 1,065,000 993,750
</TABLE>
13
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Principal Cost Value
Amount (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Bonds, Notes and Convertible
Bonds (continued)
U.S. Dollar Bonds and Notes
(continued)
$ 750,000 Polaroid Corporation 11 1/2%
due 2/15/2006 (11)............ $ 750,000 $ 781,875
10,000,000 Riverwood International
Corporation 10 1/4% due
4/01/2006 (3)................. 9,924,657 9,875,000
5,000,000 Riverwood International
Corporation 10 7/8% due
4/01/2008 (3)................. 4,874,185 4,700,000
3,500,000 Wharf International Finance,
Ltd. 7 5/8% due 3/13/2007
(16).......................... 2,456,091 3,038,438
1,000,000 Imperial Holly Corporation 9
3/4% due 12/15/2007 (4)....... 1,000,000 931,250
2,500,000 AMSC Acquisition Co. Inc. 12
1/4% due 4/01/2008 (10)....... 2,553,215 1,875,000
5,000,000 Grupo Televisa 13 1/4% due
5/15/2008 (0% @ 9/30/1999)
(a)(14)....................... 3,539,290 4,212,500
2,000,000 Domino's Inc. 10 3/8% due
1/15/2009 (11)................ 1,982,671 1,905,000
2,500,000 St. John Knits International
Inc. 12 1/2% due 7/01/2009
(b)(11)....................... 2,447,873 2,300,000
6,872,860 Federal Republic of Brazil "C'
8% due 4/15/2014 (22)......... 2,990,275 4,377,153
5,000,000 Federal Republic of Brazil Par
ZL 5 1/2% due 4/15/2024 (22).. 2,481,612 2,846,875
2,500,000 Federal Republic of Brazil
Disc. ZL FRN due 4/15/2024
(5 7/8% @ 9/30/1999) (22)..... 1,558,441 1,595,313
6,000,000 United Mexican States Disc. FRN
"A' due 12/31/2019 (5 7/8% @
9/30/1999) (22)............... 5,076,671 5,133,750
3,500,000 United Mexican States Disc. FRN
"B' due 12/31/2019 (5 7/8% @
9/30/1999) (22)............... 2,843,695 2,994,688
500,000 United Mexican States Disc. FRN
"D' due 12/31/2019
(6.0675% @ 9/30/1999) (22).... 377,162 427,813
2,000,000 Republic of Bulgaria Disc. FRN
"A' due 7/28/2024 (6 1/2% @
9/30/1999) (22)............... 1,131,491 1,380,000
10,000,000 Bangkok Bank Public Co. 9.025%
due 3/15/2029 (b)(16)......... 6,031,386 6,950,000
5,500,000 Bergen Bank Floating Rate
Perpetual Notes (6% @
9/30/1999) (16)............... 3,888,750 4,079,075
3,500,000 Den Norske Bank Floating Rate
Perpetual Notes (6.0875% @
9/30/1999) (16)............... 2,610,000 2,605,925
3,170,000 Den Norske Bank Floating Rate
Perpetual Notes (5 3/4% @
9/30/1999) (16)............... 2,059,625 2,366,247
10,000,000 Christiania Bank Floating Rate
Perpetual Notes (5.3125% @
9/30/1999) (16)............... 6,826,750 7,697,000
-------------- --------------
103,888,953 107,087,451
-------------- --------------
U.S. Treasury Notes (8.20%)
10,000,000 U.S. Treasury Note 3 5/8% due
7/15/2002 (22)................ 10,019,999 10,337,000
25,000,000 U.S. Treasury Note 7 1/2% due
2/15/2005 (22)................ 26,251,563 26,726,575
25,000,000 U.S. Treasury Note 5 3/8% due
2/15/2006 (22)................ 23,946,374 24,492,200
40,000,000 U.S. Treasury Note 3 3/8% due
1/15/2007 (22)................ 40,137,211 40,200,000
25,000,000 U.S. Treasury Note 6 1/4% due
2/15/2007 (22)................ 25,132,167 25,234,375
20,000,000 U.S. Treasury Zero Coupon Strip
due 11/15/2007 (a)(22)........ 12,434,730 12,151,360
10,000,000 U.S. Treasury Note 8 3/4% due
11/15/2008 (22)............... 11,314,688 10,953,130
5,000,000 U.S. Treasury Note 11 1/4% due
2/15/2015 (22)................ 7,791,406 7,335,940
-------------- --------------
157,028,138 157,430,580
-------------- --------------
Non U.S. Dollar Convertible
Bonds (1.27%)
FRF 89,136,060 Immobiliere Hoteliere 5% due
1/01/2001 (18)................ 12,923,624 7,306,757
JPY350,000,000 Hanshin Electric Railway Co.,
Ltd. 1 1/2% due 9/30/2005
(8)........................... 2,752,277 3,177,930
CAD 1,600,000 Noranda Inc. 5% due 4/30/2007
(20).......................... 1,035,988 1,012,727
GBP 6,500,000 Berisford plc 5% due 1/31/2015
(11).......................... 5,935,146 12,865,548
-------------- --------------
22,647,035 24,362,962
-------------- --------------
Non U.S. Dollar Bonds and Notes
(0.85%)
CAD 2,500,000 Bell Canada 8 1/2% due
6/09/2003 (17)................ 1,734,556 1,829,613
FRF 65,685,000 United Mexican States Par 6.63%
due 12/31/2019 (22)........... 8,693,016 7,749,837
CHF 5,500,000 Air Canada 6 1/4% Perpetual
Notes (8)..................... 1,743,936 3,447,356
NZD 3,000,000 Telecom Corp. of New Zealand 9
1/4% due 7/01/2002 (17)....... 1,839,328 1,627,145
NZD 3,150,000 Evergreen Forest Limited 0% due
3/19/2009 (a)(3).............. 1,676,033 1,725,595
-------------- --------------
15,686,869 16,379,546
-------------- --------------
Total Bonds, Notes and 382,286,208 373,543,490
Convertible Bonds.............
-------------- --------------
</TABLE>
14
<PAGE>
SoGen International Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Principal Cost Value
Amount (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Short-Term Investments (4.22%)
$30,861,000 FMC Corp. 5.90% due
10/01/1999.................... $ 30,861,000 $ 30,861,000
10,538,000 Toys "R' Us Inc. 5.45% due
10/05/1999.................... 10,531,619 10,531,619
4,186,000 Pearson Inc. 5.55% due
10/07/1999.................... 4,182,128 4,182,128
13,821,000 Toys "R' Us Inc. 5 1/2% due
10/08/1999.................... 13,806,219 13,806,219
11,311,000 Omnicom Finance Inc. 5.40% due
10/08/1999.................... 11,299,123 11,299,123
10,267,000 Georgia-Pacific Corp. 5.60% due
10/12/1999.................... 10,249,432 10,249,432
-------------- --------------
Total Short-Term Investments... 80,929,521 80,929,521
-------------- --------------
Total Investments (99.94%)..... $1,774,029,066* 1,918,706,777**
==============
Other assets in excess of
liabilities (0.06%)........... 1,209,720
--------------
Net assets (100.00%)........... $1,919,916,497
==============
</TABLE>
15
<PAGE>
SoGen International Fund
NOTES TO SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
(a) Non-income producing security.
(b) Security is exempt from registration under the Securities Act of 1933 and
may only be sold to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933.
(c) Affiliate as defined by the Investment Company Act of 1940. An affiliate
is defined as a company in which the Fund directly or indirectly owns,
controls, or holds power to vote 5% or more of the outstanding voting se-
curities. Following is a summary of transactions with each such affiliate
for the six months ended September 30, 1999.
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
<S> <C> <C> <C> <C> <C> <C>
Affiliate Shares Cost Shares Cost Gain/(Loss) Income
----------------------------------------------------------------------------------------------------
San Juan Basin Royalty Trust -- -- -- -- -- $1,049,249
The Home-Stake Oil & Gas Company -- -- -- -- -- 10,010
Greif Bros. Corporation Class "A' -- -- -- -- -- 147,600
BEI Medical Systems Inc. -- -- -- -- -- --
Mills Music Trust -- -- -- -- -- 30,579
UniFirst Corporation -- -- -- -- -- 54,375
East Texas Financial Services, Inc. -- -- -- -- -- 12,750
Redwood Financial, Inc. -- -- 7,000 $82,122 $12,122 --
First Federal Financial Bancorp, Inc. -- -- -- -- -- 6,300
Security Capital Group, Inc. Class "B' 241,550 $3,545,110 -- -- -- --
Buderus AG+ 11,000 989,420 -- -- -- --
Societe Sucriere de Pithiviers-le-Vieil 62 24,419 -- -- -- 240,987
NSC Groupe -- -- 579 56,277 (58,879) 251,823
Sabeton SA -- -- 3,000 344,069 (294,220) 86,150
Shortland Properties Limited -- -- -- -- -- 232
Tasman Agriculture Limited -- -- -- -- -- --
Evergreen Forests Limited -- -- 2,357,390 898,249 (295,736) --
</TABLE>
+ 26 for 1 stock split on July 19, 1999.
(d) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(e) Security for which there are less than three market makers.
(f) In default as to principal and interest.
* At September 30, 1999 cost is substantially identical for both book and
federal income tax purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 1999, based on cost for federal income tax purposes, were $331,321,578
and $186,643,867, respectively (net appreciation was $144,677,711).
<TABLE>
<CAPTION>
Foreign Currencies Industry Classifications
------------------ ------------------------
<S> <C> <C>
FRF--French Franc (1) Metals & Minerals (12) Distribution
JPY--Japanese Yen (2) Energy (13) Health Care
CAD--Canadian Dollar (3) Forest Products (14) Media
GBP--Pound Sterling (4) Agriculture (15) Services
CHF--Swiss Franc (5) Building Materials (16) Financial Institutions
NZD--New Zealand Dollar (6) Capital Goods (17) Utilities
(7) Chemicals (18) Real Estate
(8) Transportation (19) Holding Companies
(9) Electronics (20) Conglomerate
(10) Technology (21) Investment Companies
(11) Consumer Products (22) Government Issues
</TABLE>
Bond Types
----------
FRN--Floating Rate Note
"C'--Capitalization
- --------
See Notes to Financial Statements.
16
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks
United Kingdom and Ireland (6.61%)
2,175,000 Antofagasta Holdings plc (21).......... $ 10,404,935 $ 14,176,998
1,525,000 IMI plc (11)........................... 6,596,092 7,003,319
2,000,000 Royal Doulton plc (a)(12).............. 6,293,292 3,555,360
700,000 Greencore Group plc (4)................ 1,918,345 2,088,674
1,000,000 McBride plc (12)....................... 2,254,106 1,539,010
100,000 Scottish Media Group plc (15).......... 621,771 1,450,949
1,000,000 Aggregate Industries plc (6)........... 411,828 1,115,165
1,500,000 Lonrho Africa plc (21)................. 2,324,804 1,061,670
50,000 Lonmin plc (21)........................ 249,264 529,189
------------ ------------
31,074,437 32,520,334
------------ ------------
Finland (0.11%)
7,000 Vaisala Oy A (11)...................... 197,491 520,677
------------ ------------
Sweden (1.38%)
300,000 IRO AB (7)............................. 3,255,070 3,050,648
95,000 Vossloh AG (6)......................... 2,338,308 2,024,735
315,000 Gorthon Lines AB "B' (9)............... 1,614,821 964,813
65,000 Investor AB "B' (20)................... 642,001 772,463
------------ ------------
7,850,200 6,812,659
------------ ------------
Norway (0.09%)
45,000 Schibsted ASA (15)..................... 498,514 446,991
------------ ------------
Denmark (0.42%)
45,000 Carlsberg International A/S "B' (12)... 1,973,552 1,660,326
5,000 Kobenhavns Lufthavne A/S (9)........... 217,588 409,159
------------ ------------
2,191,140 2,069,485
------------ ------------
Netherlands (1.78%)
175,000 Apothekers Cooperatie OPG U.A. (14).... 4,458,264 3,841,668
177,000 Koninklijke Ahrend NV (12)............. 2,453,070 2,423,768
85,000 Holdingmaatschappij de Telegraaf NV
(15).................................. 1,327,870 1,657,619
8,500 Koninklijke Philips Electronics N.V.
(10).................................. 304,262 858,500
------------ ------------
8,543,466 8,781,555
------------ ------------
Belgium (0.18%)
3,500 Deceuninck Plastics Industries SA (6).. 478,997 883,584
------------ ------------
Germany (9.05%)
1,155,000 Buderus AG (7)......................... 18,573,806 19,570,129
6,500 Axel Springer Verlag AG (15)........... 2,691,842 7,342,329
125,000 Hornbach Holding AG Pfd. (13).......... 9,828,810 5,341,571
40,000 Bertelsmann AG D.R.C. (15)............. 5,092,215 4,827,417
175,000 Sudzucker AG Pfd. (12)................. 2,755,749 2,778,682
45,000 Bayer AG (8)........................... 1,006,215 1,786,296
91,300 Gerresheimer Glas AG (7)............... 1,252,642 1,542,107
4,500 Friederich Grohe AG Pfd. (6)........... 1,327,554 1,371,971
------------ ------------
42,528,833 44,560,502
------------ ------------
</TABLE>
17
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks (continued)
France (12.91%)
95,000 Sagem ADP (10)......................... $ 11,389,064 $ 15,387,986
75,750 Legrand ADP (7)........................ 7,053,320 9,920,855
9,750 Eurafrance (20)........................ 3,842,504 6,026,251
7,350 Promodes C.I. (13)..................... 892,823 5,725,578
7,000 Taittinger C.I. (12)................... 1,793,446 3,632,801
50,000 Rhone-Poulenc SA (14).................. 2,471,488 2,584,201
6,500 Societe Sucriere de Pithiviers-le-Vieil
(4)................................... 2,808,730 2,555,962
23,815 NSC Groupe (7)......................... 4,160,622 2,509,929
1,350,000 FINEL (b)(c)(3)........................ 2,277,010 2,377,405
12,000 Elf Aquitaine (2)...................... 798,125 2,097,199
24,500 Gaumont SA (15)........................ 1,269,718 1,605,668
9,075 Robertet SA (12)....................... 1,731,139 1,329,731
7,856 Robertet SA C.I. (12).................. 1,120,564 853,081
23,500 Rougier SA (3)......................... 1,702,604 1,227,096
15,000 Vivendi (18)........................... 689,106 1,054,194
8,000 Sabeton SA (20)........................ 1,364,079 886,621
7,500 Societe Francaise des Papiers Peints
(12).................................. 741,390 791,845
23,801 Conflandey (1)......................... 1,306,544 735,035
10,000 Burelle SA (5)......................... 443,781 655,375
12,000 Carbone Lorraine SA (10)............... 631,723 639,390
12,000 Crometal (7)........................... 782,894 563,303
7,000 Eramet (1)............................. 320,531 388,643
------------ ------------
49,591,205 63,548,149
------------ ------------
Switzerland (11.53%)
24,150 Kuhne & Nagel International AG (9)..... 14,480,773 17,391,478
30,000 Edipresse SA (15)...................... 6,299,295 13,402,681
1,935 Bank for International Settlements
(U.S. Tranche) (17)................... 13,948,780 11,744,574
965 Bank for International Settlements
(French Tranche) (17)................. 6,964,319 4,622,443
14,250 Sika Finanz AG (6)..................... 3,402,099 4,437,387
5,400 Societe Generale d'Affichage D.R.C.
(15).................................. 1,520,179 3,154,231
575 Lindt & Sprungli AG PC (12)............ 751,682 1,456,575
300 Nestle SA Registered (12).............. 371,906 564,113
------------ ------------
47,739,033 56,773,482
------------ ------------
Austria (0.08%)
10,000 Flughafen Wien AG (9).................. 415,624 399,299
------------ ------------
Italy (0.12%)
500,000 Montedison SpA Non Convertible Savings
(21).................................. 529,986 612,749
------------ ------------
Spain and Portugal (1.36%)
205,000 Espirito Santo Financial Group SA ADR
(17).................................. 3,377,439 3,280,000
375,000 Energia e Industrias Aragonesas SA
(8)................................... 1,970,791 2,062,033
115,000 Compania de Celulose do Caima SA (3)... 1,697,693 1,361,528
------------ ------------
7,045,923 6,703,561
------------ ------------
Turkey (0.30%)
1,842,000 Usas Ucak Servisi (16)................. 1,696,304 1,477,594
------------ ------------
Israel (0.16%)
275,000 Super-Sol (13)......................... 529,949 766,745
------------ ------------
</TABLE>
18
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks (continued)
Commonwealth of Independent States
(0.75%)
672,461 Firebird Fund, L.P. (a)(b)(c)(22)...... $ 683,593 $ 1,297,508
9,000 Baltic Republics Fund (a)(b)(c)(22).... 905,750 639,000
100,000 First NIS Regional Fund SICAF
(b)(c)(22)............................ 1,000,000 637,500
10,265 Firebird Republics Fund, Ltd. Class "A'
(a)(b)(c)(22)......................... 1,675,000 605,041
5,000 M.J. Whitman Global Value Fund, L.P.
(a)(b)(c)(22)......................... 500,000 518,846
------------ ------------
4,764,343 3,697,895
------------ ------------
Japan (19.64%)
1,705,000 The Nichido Fire & Marine Insurance
Co., Ltd. (17)........................ 10,609,481 8,413,620
2,250,000 The Dai-Tokyo Fire & Marine Insurance
Co., Ltd. (17)........................ 12,021,617 8,247,956
1,625,000 Nisshinbo Industries, Inc. (12)........ 12,453,859 8,018,846
40,000 Toho Co., Ltd. (15).................... 5,649,013 6,282,545
1,500,000 Okumura Corporation (16)............... 7,582,739 6,034,402
250,000 Shimano Inc. (12)...................... 4,480,527 6,003,854
165,000 Fuji Photo Film Co., Ltd. (12)......... 3,968,709 5,660,776
1,175,000 Aida Engineering, Ltd. (7)............. 7,152,910 5,621,534
775,000 Tachi-S Co., Ltd. (5).................. 7,330,518 5,572,657
245,000 Chofu Seisakusho Co., Ltd. (12)........ 4,101,079 4,686,296
50,000 Ito-Yokado Co., Ltd. (13).............. 2,454,900 4,135,727
565,000 Shoei Co., Ltd. (20)................... 5,200,358 4,062,647
679,430 Sotoh Co., Ltd. (12)................... 5,949,883 3,959,457
145,000 T. Hasegawa Co., Ltd. (12)............. 2,153,660 3,748,003
40,000 Secom Co., Ltd. (16)................... 1,065,234 3,571,764
400,000 Yomeishu Seizo Co., Ltd. (12).......... 2,503,226 2,819,814
25,000 Hitachi, Ltd. ADR (11)................. 2,097,661 2,728,125
95,000 Nitto Kohki Co., Ltd. (7).............. 696,358 2,187,706
50,000 Mandom Corporation (12)................ 333,206 1,832,879
125,000 Sonton Food Industry Co., Ltd. (12).... 1,293,963 1,245,418
603,000 Iino Kaiun Kaisha, Ltd. (9)............ 1,539,603 1,071,219
250,000 The Dowa Fire & Marine Insurance Co.,
Ltd. (17)............................. 854,465 808,347
------------ ------------
101,492,969 96,713,592
------------ ------------
South Korea (2.16%)
38,170 Nam Yang Dairy Products Pfd. (12)...... 609,426 5,365,450
10,000 Nam Yang Dairy Products (12)........... 863,352 1,475,545
85,000 Fursys Incorporated (12)............... 1,361,702 1,893,547
50,000 Dong Ah Tire Industry Co., Ltd.
(a)(5)................................ 2,826,036 1,623,510
15,000 Daeduck Electronics Co., Ltd. (10)..... 53,039 166,461
10,000 Daeduck Industries (10)................ 23,397 102,754
------------ ------------
5,736,952 10,627,267
------------ ------------
Hong Kong (5.10%)
43,730,912 CDL Hotels International Limited (19).. 16,675,040 14,918,885
11,365,000 Shaw Brothers (Hong Kong) Limited
(15).................................. 13,350,459 9,802,711
3,000,000 China-Hong Kong Photo Products Holdings
Limited (12).......................... 290,047 366,899
------------ ------------
30,315,546 25,088,495
------------ ------------
Singapore and Malaysia (1.91%)
1,150,000 Delgro Corporation Ltd. (20)........... 1,378,085 3,418,187
1,650,000 Times Publishing Limited (15).......... 3,528,770 2,971,748
1,725,000 Clipsal Industries Ltd. (6)............ 2,294,312 1,673,250
</TABLE>
19
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks (continued)
Singapore and Malaysia (continued)
400,000 Genting Berhad (12).................... $ 736,615 $ 1,336,842
------------ ------------
7,937,782 9,400,027
------------ ------------
Thailand (0.10%)
110,000 Oriental Hotel PCL (19)................ 482,186 510,815
------------ ------------
Vietnam (0.11%)
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)......................... 440,840 155,150
------------ ------------
889,713 562,400
------------ ------------
India and Pakistan (0.10%)
10,000 The Spartek Emerging Opportunities of
India Fund (a)(b)(c)(22).............. 1,035,000 502,900
------------ ------------
Australia and New Zealand (4.68%)
1,579,314 Wilson & Horton Limited 5% exchangeable
preference shares (15)................ 8,233,537 6,203,040
4,850,000 Carter Holt Harvey Limited (3)......... 7,583,955 5,840,098
3,675,000 Spotless Services Limited (16)......... 2,170,406 3,239,696
8,526,499 Shortland Properties Limited (19)...... 4,241,883 2,864,222
6,000,000 Tasman Agriculture Limited (4)......... 4,113,740 2,325,600
5,500,000 Evergreen Forests Limited (a)(3)....... 2,374,634 1,421,200
300,000 Radio Pacific Limited (15)............. 544,139 1,124,040
------------ ------------
29,262,294 23,017,896
------------ ------------
Canada (0.77%)
95,000 Canadian Pacific Limited (21).......... 1,441,089 2,167,188
25,000 Franco-Nevada Mining Corp. Ltd. (24)... 328,959 540,223
50,000 Fletcher Challenge Energy (2).......... 536,605 503,641
25,000 Noranda Inc. (21)...................... 304,355 341,149
45,000 Legacy Hotels REIT (19)................ 184,947 255,734
------------ ------------
2,795,955 3,807,935
------------ ------------
Mexico (1.79%)
2,705,000 Industrias Penoles, S.A. de C.V. (1)... 10,651,859 8,815,311
------------ ------------
Argentina (0.34%)
450,000 Siderca S.A.I.C. (2)................... 265,818 864,130
1,000,000 Ledesma S.A.A.I. (4)................... 1,074,157 600,090
200,001 Cresud S.A.C.I.F. y A. (4)............. 269,687 218,033
------------ ------------
1,609,662 1,682,253
------------ ------------
South Africa (0.00%)
43,200 Stellenbosch Farmers' Winery Group
Limited (4)........................... 45,289 18,720
------------ ------------
Miscellaneous (3.07%)
310,000 Security Capital European Realty
(a)(c)(19)............................ 6,200,000 6,200,000
350,000 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "D' (d)(24).......... 6,477,283 4,659,375
50,000 SBS Broadcasting SA (15)............... 1,328,473 1,937,508
55,000 Banco Latinoamericano de Exportaciones
S.A. Class "E' (BLADEX) (17).......... 1,525,311 1,258,125
400,000 Jardine Strategic Holdings (20)........ 604,197 816,000
15,000 North European Oil Royalty Trust (2)... 191,838 223,125
------------ ------------
16,327,102 15,094,133
------------ ------------
Total Common and Preferred Stocks...... 414,257,754 426,417,005
------------ ------------
</TABLE>
20
<PAGE>
SoGen Overseas Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Principal Cost Value
Amount (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Bonds, Notes and Convertible
Bonds
U.S. Dollar Convertible Bonds
(3.93%)
$ 2,000,000 Medya International Ltd. 10% due
6/28/2001 (c)(15).............. $ 1,805,917 $ 1,050,000
1,250,000 International Container Terminal
Services, Inc. 5% due 9/15/2001
(c)(9)......................... 1,147,055 1,031,250
6,450,000 International Container Terminal
Services, Inc. 1 3/4% due
3/13/2004 (9).................. 5,725,476 6,353,250
3,500,000 Danka Business Systems plc 6
3/4% due 4/01/2002 (12)........ 2,942,232 2,681,875
1,750,000 TingYi (C.I.) Holdings 1 5/8%
due 7/17/2002 (12)............. 1,331,518 1,109,062
2,150,000 IRSA Inversiones y
Representaciones S.A. 4 1/2%
due 8/02/2003 (19)............. 2,231,399 2,416,062
6,500,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (e)(3)............... 5,245,212 975,000
3,930,000 Tipco Asphalt Public Co. Ltd. 2
3/4% due 9/19/2006 (6)......... 3,386,895 3,753,150
------------ ------------
23,815,704 19,369,649
------------ ------------
U.S. Dollar Bonds and Notes
(2.35%)
1,000,000 P.T. Inti Indorayon Utama 9 1/8%
due 10/15/2000 (e)(3).......... 943,563 192,500
1,000,000 P.T. Pabrik Kertas Tjiwi-Kimia
13 1/4% due 8/01/2001 (3)...... 911,565 765,000
1,790,000 P.T. Pabrik Kertas Tjiwi-Kimia
10% due 08/01/2004 (3)......... 1,178,209 988,975
1,275,000 LUKINTER Finance BV 3 1/2% due
5/06/2002 (2).................. 994,548 854,250
1,000,000 Republic National Bank NY
Brazil-Linked CD'S 9.65% due
5/01/2003 (17)................. 998,498 830,000
1,500,000 Wharf International Finance Ltd.
7 5/8% due 3/07/2007 (17)...... 1,283,138 1,302,187
2,500,000 United Mexican States Disc. FRN
"D' due 12/31/2019
(6.0675% @ 9/30/1999) (23)..... 2,116,867 2,139,062
2,000,000 United Mexican States Disc. FRN
"A' due 12/31/2019
(5.875% @ 9/30/1999) (23)...... 1,612,227 1,711,250
1,000,000 Republic of Bulgaria Disc. FRN
"A' due 7/28/2024 (6 1/2% @
9/30/1999) (23)................ 562,704 690,000
3,000,000 Bangkok Bank Public Co. 9.025%
due 3/15/2029 (b)(23).......... 1,810,006 2,085,000
------------ ------------
12,411,325 11,558,224
------------ ------------
Non U.S. Dollar Convertible
Bonds (1.75%)
FRF 41,509,260 Immobiliere Hoteliere 5% due
1/01/2001 (19)................. 6,473,452 3,402,642
JPY200,000,000 Hanshin Railway Co., Ltd. 1 1/2%
due 9/30/2005 (9).............. 1,569,215 1,815,960
GBP 1,725,000 Berisford plc 5% due 1/31/2015
(12)........................... 1,560,046 3,414,318
------------ ------------
9,602,713 8,632,920
------------ ------------
Non U.S. Dollar Bonds and Notes
(0.52%)
FRF 21,500,000 United Mexican States Par 6.63%
due 12/31/2019 (23)............ 2,519,038 2,536,675
------------ ------------
Total Bonds, Notes and
Convertible Bonds.............. 48,348,780 42,097,468
------------ ------------
Short-Term Investments (2.85%)
$ 4,030,000 FMC Corp. 5.90% due 10/01/1999.. 4,030,000 4,030,000
9,995,000 Toys "R' Us Inc. 5 1/2% due
10/08/1999..................... 9,984,311 9,984,311
------------ ------------
Total Short-Term Investments.... 14,014,311 14,014,311
------------ ------------
Total Investments (98.00%)...... $476,620,845* 482,528,784**
============
Other assets in excess of
liabilities (2.00%)............ 9,828,982
------------
Net assets (100.00%)............ $492,357,766
============
</TABLE>
21
<PAGE>
SoGen Overseas Fund
NOTES TO SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
(a) Non-income producing security.
(b) Security is exempt from registration under the Securities Act of 1933 and
may only be sold to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933.
(c) Security for which there are less than three market makers.
(d) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(e) In default as to principal and interest.
* At September 30, 1999 cost is substantially identical for both book and
federal income tax purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 1999 were $78,754,055 and $72,846,116, respectively (net appreciation
was $5,907,939).
<TABLE>
<CAPTION>
Foreign Currencies Industry Classifications
- ------------------ ------------------------
<S> <C> <C>
FRF--French Franc (1) Metals and Minerals (13) Distribution
JPY--Japanese Yen (2) Energy (14) Health Care
GBP--Pound Sterling (3) Paper and Forest Products (15) Media
(4) Agriculture (16) Services
(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>
22
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Number Cost Value
of Shares (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Common and Preferred Stocks
United States (39.24%)
123,100 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "C' (c)................ $ 4,378,282 $ 2,015,762
85,000 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "D' (c)................ 1,792,629 1,131,562
35,000 Freeport McMoRan Copper & Gold Inc.,
Preferred Series "B' (c)................ 1,291,475 680,313
55,000 Newmont Mining Corporation............... 1,751,037 1,423,125
100,000 Homestake Mining Company................. 908,051 917,550
750 Case, Pomeroy & Co., Inc. Class "A'...... 777,730 712,500
185,000 Battle Mountain Gold Company Class "A'... 987,001 601,250
----------- -----------
11,886,205 7,482,062
----------- -----------
Canada (15.75%)
50,000 Franco-Nevada Mining Corporation Ltd..... 642,607 1,080,446
175,000 Kinross Gold Corporation................. 513,354 490,710
71,000 CSA Management Limited Class "A'......... 418,800 471,143
30,000 Placer Dome Inc.......................... 338,538 446,250
45,000 Meridian Gold Inc. (a)................... 163,307 307,800
20,000 Pan American Silver Corporation (a)...... 66,842 145,648
100,000 Miramar Mining Corporation (a)........... 202,289 62,615
----------- -----------
2,345,737 3,004,612
----------- -----------
Australia (2.27%)
800,000 Otter Gold Mines Limited (a)............. 693,717 417,920
230,000 Otter Gold Mines Limited Warrants (a).... 0 15,019
----------- -----------
693,717 432,939
----------- -----------
South Africa (25.03%)
185,000 Harmony Gold Mining Company Ltd.......... 848,664 1,114,625
232,500 Gold Fields Limited...................... 909,143 1,075,310
170,000 Gold Fields Limited ADR.................. 999,230 786,250
30,000 Anglogold Limited ADR.................... 702,714 943,125
125,000 St. Helena Gold Mines Ltd. ADR........... 1,034,855 390,625
50,000 St. Helena Gold Mines Ltd................ 147,538 175,000
1,500,000 Consolidated African Mines Limited....... 213,392 287,500
----------- -----------
4,855,536 4,772,435
----------- -----------
Switzerland (4.90%)
100 Bank for International Settlements
(French Tranche)........................ 672,277 479,010
75 Bank for International Settlements (U.S.
Tranche)................................ 549,844 455,216
----------- -----------
1,222,121 934,226
----------- -----------
Miscellaneous (10.62%)
400,000 Industrias Penoles, S.A. de C.V. ........ 1,023,667 1,303,558
1,759,814 Compania Minera Arcata S.A. ............. 1,387,541 457,259
25,000 Lonmin plc............................... 127,216 264,595
----------- -----------
2,538,424 2,025,412
----------- -----------
Total Common and Preferred Stocks........ 23,541,740 18,651,686
----------- -----------
</TABLE>
23
<PAGE>
SoGen Gold Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Principal Cost Value
Amount (Note 1) (Note 1)
--------- -------- --------
<C> <S> <C> <C>
Bonds, Notes and Convertible Bonds
U.S. Dollar Convertible Bonds (0.01%)
$350,000 Pegasus Gold Inc. 6 1/4% due 4/30/2002
(a)(d)............................... $ 385,500 $ 875
250,000 Pegasus Gold Inc. 6 1/4% due 4/30/2002
(a)(b)(d)............................ 220,952 625
----------- -----------
Total Bonds, Notes and Convertible
Bonds................................ 606,452 1,500
----------- -----------
Short-Term Investment (3.39%)
647,000 FMC Corp. 5.90% due 10/01/1999........ 647,000 647,000
----------- -----------
Total Investments (101.21%)........... $24,795,192* 19,300,186**
===========
Other liabilities in excess of assets
(-1.21%)............................. (231,070)
-----------
Net assets (100.00%).................. $19,069,116
===========
</TABLE>
- --------
(a) Non-income producing security.
(b) Security is exempt from registration under the Securities Act of 1933 and
may only be sold to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933.
(c) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(d) In default as to principal and interest.
* At September 30, 1999 cost is substantially identical for both book and
federal income tax purposes.
** Gross unrealized appreciation and depreciation of securities at September
30, 1999 were $2,037,090 and $7,532,096, respectively (net depreciation was
$5,495,006).
- --------
See Notes to Financial Statements.
24
<PAGE>
SoGen Money Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Credit Principal Cost Value
Rating+ Amount (Note 1) (Note 1)
------- ---------- -------- --------
<C> <C> <S> <C> <C>
Commercial Paper (104.56%)
A1 $1,900,000 Air Products and Chemicals, Inc.
5.75% due 10/01/1999............. $ 1,900,000 $ 1,900,000
A1 1,000,000 The BOC Group, Inc. 5.60% due
10/01/1999....................... 1,000,000 1,000,000
A1 828,000 Ford Motor Credit Company 5.35%
due 10/01/1999................... 828,000 828,000
A1+ 301,000 Toyota Motor Credit Corporation
5.27% due 10/01/1999............. 301,000 301,000
A1 300,000 Motorola, Inc. 5.27% due
10/01/1999....................... 300,000 300,000
A1+ 200,000 General Electric Capital
Corporation 5.30% due
10/01/1999....................... 200,000 200,000
A1 1,647,000 The Sherwin-Williams Company
5.28% due 10/04/1999............. 1,646,275 1,646,275
A1+ 1,000,000 Abbott Laboratories 5.26% due
10/04/1999....................... 999,562 999,562
A1+ 900,000 Merrill Lynch & Co., Inc. 5.28%
due 10/04/1999................... 899,604 899,604
A1+ 747,000 Merrill Lynch & Co., Inc. 5.28%
due 10/04/1999................... 746,671 746,671
A1+ 589,000 AT&T Corp. 5.24% due 10/04/1999.. 588,743 588,743
A1 300,000 The Sherwin-Williams Company
5.28% due 10/04/1999............. 299,868 299,868
A1+ 1,891,000 Wal-Mart Stores, Inc. 5.28% due
10/05/1999....................... 1,889,891 1,889,891
A1+ 800,000 Pfizer Inc. 5.26% due
10/05/1999....................... 799,532 799,532
A1 500,000 H.J. Heinz Company 5.23% due
10/05/1999....................... 499,709 499,709
A1+ 400,000 Warner-Lambert Company 5.33% due
10/05/1999....................... 399,763 399,763
A1 953,000 General Motors Acceptance Company
5.24% due 10/06/1999............. 952,306 952,306
A1 799,000 Ford Motor Credit Company 5.24%
due 10/06/1999................... 798,419 798,419
A1 251,000 The Walt Disney Company 5.27% due
10/06/1999....................... 250,816 250,816
A1 1,926,000 Prudential Funding Corporation
5.25% due 10/07/1999............. 1,924,315 1,924,315
A1 1,500,000 Xerox Credit Corporation 5.25%
due 10/07/1999................... 1,498,688 1,498,688
A1 900,000 General Motors Acceptance Company
5.30% due 10/07/1999............. 899,205 899,205
A1+ 1,904,000 Pioneer Hi-Bred International,
Inc. 5.30% due 10/08/1999........ 1,902,038 1,902,038
A1+ 1,260,000 General Electric Capital
Corporation 5.25% due
10/08/1999....................... 1,258,714 1,258,714
A1+ 800,000 E. I. du Pont de Nemours and
Company 5.29% due 10/08/1999..... 799,177 799,177
A1+ 150,000 E. I. du Pont de Nemours and
Company 5.35% due 10/08/1999..... 149,844 149,844
A1+ 1,000,000 AT&T Corp. 5.29% due 10/12/1999.. 998,384 998,384
A1+ 602,000 Pfizer Inc. 5.27% due
10/12/1999....................... 601,031 601,031
A1+ 448,000 Toyota Motor Credit Corporation
5.29% due 10/12/1999............. 447,276 447,276
A1+ 1,000,000 Toyota Motor Credit Corporation
5.28% due 10/13/1999............. 998,240 998,240
A1 593,000 H.J. Heinz Company 5.27% due
10/13/1999....................... 591,958 591,958
A1 400,000 The Times Mirror Co. 5.31% due
10/13/1999....................... 399,292 399,292
A1+ 440,000 General Electric Capital
Corporation 5.25% due
10/14/1999....................... 439,166 439,166
A1 273,000 Ford Motor Credit Company 5.26%
due 10/14/1999................... 272,482 272,482
A1 500,000 Colgate-Palmolive Company 5.27%
due 10/18/1999................... 498,756 498,756
A1 500,000 Monsanto Company 5.28% due
10/18/1999....................... 498,753 498,753
A1+ 1,249,000 Campbell Soup Company 5.24% due
10/20/1999....................... 1,245,546 1,245,546
A1+ 745,000 Seven-Eleven Inc. 5.33% due
10/20/1999....................... 742,904 742,904
A1+ 600,000 Campbell Soup Company 5.26% due
10/20/1999....................... 598,334 598,334
A1+ 1,031,000 Seven-Eleven Inc. 5.33% due
10/21/1999....................... 1,027,947 1,027,947
A1+ 1,000,000 The Coca-Cola Company 5.26% due
10/21/1999....................... 997,078 997,078
A1 656,000 H.J. Heinz Company 5.28% due
10/22/1999....................... 653,980 653,980
A1 1,600,000 Caterpillar Financial Services
Corporation 5.29% due
10/25/1999....................... 1,594,357 1,594,357
A1 300,000 Caterpillar Financial Services
Corporation 5.32% due
10/25/1999....................... 298,936 298,936
A1+ 996,000 Pfizer Inc. 5.28% due
10/27/1999....................... 992,202 992,202
A1+ 572,000 The Coca-Cola Company 5.27% due
10/28/1999....................... 569,739 569,739
A1+ 250,000 AT&T Corp. 5.29% due 10/29/1999.. 248,971 248,971
A1+ 300,000 The Coca-Cola Company 5.26% due
11/02/1999....................... 298,597 298,597
</TABLE>
25
<PAGE>
SoGen Money Fund
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
Credit Principal Cost Value
Rating+ Amount (Note 1) (Note 1)
------- ---------- -------- --------
<C> <C> <S> <C> <C>
Commercial Paper (104.56%)
(continued)
A1+ $1,647,000 Fuji Photo Film Finance U.S.A.,
Inc. 5.35% due 11/18/1999....... $ 1,635,251 $ 1,635,251
A1 1,749,000 Alcatel Alsthom, Inc. 5.31% due
11/22/1999...................... 1,735,585 1,735,585
----------- -----------
Total Commercial Paper.......... $42,116,905* 42,116,905
===========
Other liabilities in excess of
assets (-4.56%)................. (1,836,227)
-----------
Net assets (100.00%)............ $40,280,678
===========
</TABLE>
- --------
* At September 30, 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.
26
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SoGen SoGen SoGen SoGen
International Fund Overseas Fund Gold Fund Money Fund
------------------ ------------- ----------- -----------
<S> <C> <C> <C> <C>
Assets:
Investments, at value
(cost:
$1,774,029,066,
$476,620,845,
$24,795,192 and
$42,116,905,
respectively) (Note
1)................... $1,918,706,777 $482,528,784 $19,300,186 $42,116,905
Cash.................. 1,220,785 8,900,213 67,427 694
Receivable for forward
currency contracts
held, at value (Notes
1 and 6)............. 3,407,263 916,859 32 --
Receivable for
investment securities
sold................. 5,847,384 782,666 -- --
Receivable for Fund
shares sold.......... 1,201,680 3,431,422 123,126 39,223
Accrued interest and
dividends
receivable........... 14,968,489 3,889,880 75,622 --
Prepaid expenses and
other assets......... 88,880 18,560 851 194
-------------- ------------ ----------- -----------
Total Assets...... 1,945,441,258 500,468,384 19,567,244 42,157,016
-------------- ------------ ----------- -----------
Liabilities:
Payable for Fund
shares redeemed...... 3,206,276 791,878 108,997 1,658,739
Payable for investment
securities
purchased............ 4,369,886 1,269,616 327,292 --
Payable for forward
currency contracts
held, at value (Notes
1 and 6)............. 12,303,028 5,173,698 401 --
Investment advisory
fees payable
(Note 2)............. 3,676,280 305,490 9,904 208,848
Distribution fees
payable (Note 3)..... 1,197,492 301,266 9,737 --
Directors' fees
payable (Note 2)..... 17,100 14,706 1,728 651
Accrued expenses and
other liabilities.... 754,699 253,964 40,069 8,100
-------------- ------------ ----------- -----------
Total
Liabilities...... 25,524,761 8,110,618 498,128 1,876,338
-------------- ------------ ----------- -----------
Net Assets:
Capital stock (par
value, $0.001 per
share)............... 74,511 35,781 2,845 40,281
Capital surplus....... 1,613,772,688 464,661,103 44,557,668 40,240,397
Net unrealized
appreciation
(depreciation) on:
Investments......... 144,677,711 5,907,939 (5,495,006) --
Forward currency
contracts.......... (8,895,765) (4,256,839) (369) --
Foreign currency
related
transactions....... (28,906) (13,531) 650 --
Undistributed net
realized gains
(losses) on
investments.......... 108,718,705 19,678,833 (20,601,465) --
Undistributed net
investment income.... 61,597,553 6,344,480 604,793 --
-------------- ------------ ----------- -----------
Net Assets (Note
1)............... $1,919,916,497 $492,357,766 $19,069,116 $40,280,678
============== ============ =========== ===========
Class A share capital... $1,905,932,934 $475,810,888 $19,069,116 $40,280,678
Shares of beneficial
interest outstanding--
Class A (Note 5)....... 73,969,067 34,580,478 2,845,447 40,280,678
Net asset value per
share................ $25.77 $13.76 $6.70 $1.00
Maximum offering price
per share............ $26.77 $14.30 $6.96 $1.00
Class I share capital... $13,983,563 $16,546,878 -- --
Shares of beneficial
interest outstanding--
Class I (Note 5)....... 542,041 1,200,377 -- --
Net asset value per
share................ $25.80 $13.78 -- --
</TABLE>
- --------
See Notes to Financial Statements.
27
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
SoGen SoGen SoGen SoGen
International Fund Overseas Fund Gold Fund Money Fund
------------------ ------------- ----------- ----------
<S> <C> <C> <C> <C>
Investment Income:
Income:
Interest (net of
$7,527, $2,901, $0
and $0 foreign
taxes withheld,
respectively)...... $ 17,805,240 $ 1,884,455 $ 6,516 $954,458
Dividends (net of
$1,087,924,
$508,288, $2,777
and $0 foreign
taxes withheld,
respectively)...... 26,178,827 8,218,962 529,953 --
------------ ----------- ----------- --------
Total income from
operations........ 43,984,067 10,103,417 536,469 954,458
------------ ----------- ----------- --------
Expenses:
Investment advisory
fees (Note 2)...... 7,530,200 1,802,436 61,235 73,953
Distribution fees--
Class A (Note 3)... 2,440,143 591,655 20,396 --
Shareholder
servicing agent
fees............... 1,490,621 337,903 30,062 21,231
Custodian fees...... 1,038,609 340,585 21,177 17,203
Printing............ 170,000 47,501 3,999 751
Audit fees.......... 80,000 32,500 17,501 6,500
Registration and
filing fees........ 60,258 43,663 10,500 7,499
Insurance........... 33,208 9,060 816 397
Legal fees.......... 20,000 2,501 100 49
Directors' fees
(Note 2)........... 18,000 17,250 540 361
Miscellaneous....... 30,000 5,000 751 256
------------ ----------- ----------- --------
Total expenses from
operations........ 12,911,039 3,230,054 167,077 128,200
------------ ----------- ----------- --------
Expense reductions due
to earnings credits
(Note 1)............. (64,231) (8,487) (1,240) (1,234)
Expense reimbursements
(Note 2)............. (20,258) (1,818) -- (5,260)
------------ ----------- ----------- --------
Net expenses from
operations........ 12,826,550 3,219,749 165,837 121,706
------------ ----------- ----------- --------
Net investment income
(Note 1)............. 31,157,517 6,883,668 370,632 832,752
------------ ----------- ----------- --------
Realized and Unrealized
Gains (Losses) on
Investments and Foreign
Currency Related
Transactions (Notes 1
and 6):
Net realized gains
(losses) from:
Investment
transactions....... 37,803,500 10,309,181 (2,448,026) --
Foreign currency
related
transactions....... 13,295,273 4,292,470 (2,221) --
------------ ----------- ----------- --------
51,098,773 14,601,651 (2,450,247) --
------------ ----------- ----------- --------
Change in unrealized
appreciation
(depreciation) of:
Investments......... 177,848,061 76,773,734 5,669,215 --
Foreign currency
related
transactions....... (20,206,579) (7,673,084) 1,913 --
------------ ----------- ----------- --------
157,641,482 69,100,650 5,671,128 --
------------ ----------- ----------- --------
Net gain on
investments and
foreign currency
related
transactions......... 208,740,255 83,702,301 3,220,881 --
------------ ----------- ----------- --------
Net Increase in Net
Assets Resulting from
Operations............. $239,897,772 $90,585,969 $ 3,591,513 $832,752
============ =========== =========== ========
</TABLE>
- --------
See Notes to Financial Statements.
28
<PAGE>
[This page intentionally left blank]
29
<PAGE>
SoGen Funds, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SoGen
International Fund
---------------------------------
Six Months Ended
September 30, 1999 Year Ended
(Unaudited) March 31, 1999
------------------ --------------
<S> <C> <C>
Operations:
Net investment income...................... $ 31,157,517 $ 84,953,114
Net realized gain (loss) from investments
and foreign currency related
transactions.............................. 51,098,773 154,530,025
Increase (decrease) in unrealized
appreciation (depreciation) of investments
and foreign currency related
transactions.............................. 157,641,482 (551,941,439)
-------------- --------------
Net increase (decrease) in net assets
resulting from operations................. 239,897,772 (312,458,300)
-------------- --------------
Distributions to Shareholders*:
Dividends paid from net investment income--
Class A................................... -- (110,081,179)
Distributions paid from net realized gains
from investment transactions--Class A..... -- (202,307,763)
Distributions paid from net realized gains
from investment transactions--Class I..... -- (251,906)
-------------- --------------
Decrease in net assets resulting from
distributions............................. -- (312,640,848)
-------------- --------------
Fund Share Transactions (Note 5):
Net proceeds from shares sold.............. 79,514,008 236,922,214
Net asset value of shares issued for
reinvested dividends and distributions.... -- 298,148,526
Cost of shares redeemed.................... (474,283,017) (1,870,638,096)
-------------- --------------
Increase (decrease) in net assets from Fund
share transactions........................ (394,769,009) (1,335,567,356)
-------------- --------------
Net increase (decrease) in net assets...... (154,871,237) (1,960,666,504)
Net Assets (Note 1):
Beginning of period........................ 2,074,787,734 4,035,454,238
-------------- --------------
End of period (including undistributed
(overdistributed) net investment income of
$61,597,553, $17,144,763, $6,344,480,
$(4,831,658), $604,793 $236,382, $0 and
$0, respectively.......................... $1,919,916,497 $2,074,787,734
============== ==============
*Distributions per share:
Class A
Investment income dividends................ $0.00 $0.83
Net realized short-term capital gains...... 0.00 0.04
Net realized long-term capital gains....... 0.00 1.55
----- -----
Total distributions per share.............. $0.00 $2.42
===== =====
Class I
Net realized long-term capital gains....... $0.00 $0.52
===== =====
</TABLE>
- --------
See Notes to Financial Statements.
30
<PAGE>
<TABLE>
<CAPTION>
SoGen SoGen SoGen
Overseas Fund Gold Fund Money Fund
- ---------------------------------- --------------------------------- ---------------------------------
Six Months Ended Six Months Ended Six Months Ended
September 30, 1999 Year Ended September 30, 1999 Year Ended September 30, 1999 Year Ended
(Unaudited) March 31, 1999 (Unaudited) March 31, 1999 (Unaudited) March 31, 1999
- ------------------ -------------- ------------------ -------------- ------------------ --------------
<S> <C> <C> <C> <C> <C>
$ 6,883,668 $ 16,349,806 $ 370,632 $ 540,501 $ 832,752 $ 1,400,222
14,601,651 36,094,404 (2,450,247) (11,673,931) -- --
69,100,650 (119,285,337) 5,671,128 3,980,773 -- --
------------ -------------- ----------- ----------- ----------- -----------
90,585,969 (66,841,127) 3,591,513 (7,152,657) 832,752 1,400,222
------------ -------------- ----------- ----------- ----------- -----------
-- (36,599,856) -- (721,767) (832,752) (1,400,222)
-- (47,193,626) -- -- -- --
-- (290,203) -- -- -- --
------------ -------------- ----------- ----------- ----------- -----------
-- (84,083,685) -- (721,767) (832,752) (1,400,222)
------------ -------------- ----------- ----------- ----------- -----------
130,102,259 206,369,491 1,542,436 18,994,383 63,619,624 120,259,724
-- 80,886,809 -- 676,938 751,695 1,222,356
(184,333,885) (687,431,699) (4,246,311) (25,110,669) (68,668,632) (95,946,703)
------------ -------------- ----------- ----------- ----------- -----------
(54,231,626) (400,175,399) (2,703,875) (5,439,348) (4,297,313) 25,535,377
------------ -------------- ----------- ----------- ----------- -----------
36,354,343 (551,100,211) 887,638 (13,313,772) (4,297,313) 25,535,377
456,003,423 1,007,103,634 18,181,478 31,495,250 44,577,991 19,042,614
------------ -------------- ----------- ----------- ----------- -----------
$492,357,766 $ 456,003,423 $19,069,116 $18,181,478 $40,280,678 $44,577,991
============ ============== =========== =========== =========== ===========
$0.00 $0.57 $0.00 $0.21 $0.02 $0.05
0.00 0.04 0.00 0.00 0.00 0.00
0.00 0.73 0.00 0.00 0.00 0.00
----- ----- ----- ----- ----- -----
$0.00 $1.34 $0.00 $0.21 $0.02 $0.05
===== ===== ===== ===== ===== =====
$0.00 $0.25
===== =====
</TABLE>
31
<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"). The following is a summary of significant accounting policies adhered
to by the Funds.
a) Security valuation--In the case of SoGen International Fund, SoGen Over-
seas Fund and SoGen Gold Fund, portfolio securities are valued based on market
quotations where available. Short-term investments maturing in sixty days or
less are valued at cost plus interest earned, which approximates value. In the
case of SoGen Money Fund, portfolio securities are valued at their amortized
cost, which approximates market value, subject to guidelines and procedures es-
tablished by the Board of Directors in accordance with applicable SEC regula-
tions. Securities for which current market quotations are not readily available
and any restricted securities are valued at fair value as determined in good
faith by the Board of Directors.
b) Security transactions and income--Security transactions are accounted for
on a trade date basis. The specific identification method is used in determin-
ing realized gains and losses from security transactions. Dividend income is
recorded on the ex-dividend date. Interest income is recorded daily on the ac-
crual basis. In computing investment income, each Fund amortizes discounts on
debt obligations; however, premiums are not amortized.
c) Expenses--Expenses arising in connection with a Fund are charged directly
to that Fund. Expenses common to all Funds are allocated to each Fund in pro-
portion to its relative net assets. Earnings credits reduce custodian fees and
shareholder servicing agent fees by the amount of interest earned on balances
with such service providers.
d) Foreign currency translation (SoGen International Fund, SoGen Overseas
Fund and SoGen Gold Fund)--The market values of securities which are not traded
in U.S. currency are recorded in the financial statements after translation to
U.S. dollars based on the applicable exchange rates at the end of the period.
The costs of such securities are translated at exchange rates prevailing when
acquired. Related dividends, interest and withholding taxes are accrued at the
rates of exchange prevailing on the respective dates of such transactions.
The net assets of each of SoGen International Fund, SoGen Overseas Fund and
SoGen Gold Fund are presented at the foreign exchange rates and market values
at the close of the period. The Funds do not isolate that portion of gains and
losses on investments which is due to changes in foreign exchange rates from
that which is due to changes in market prices of the equity securities. Howev-
er, for federal income tax purposes each Fund does isolate the effect of
changes in foreign exchange rates from the changes in market prices for real-
ized gains and losses on debt obligations.
e) Forward currency contracts (SoGen International Fund, SoGen Overseas Fund
and SoGen Gold Fund)--In connection with portfolio purchases and sales of secu-
rities denominated in foreign currencies, SoGen International Fund, SoGen Over-
seas Fund and SoGen Gold Fund may enter into forward currency contracts. Addi-
tionally, each Fund may enter into such contracts to hedge certain other for-
eign currency denominated investments. These contracts are valued at current
market, and the related realized and unrealized foreign exchange gains and
losses are included in the statement of operations. In the event that
counterparties fail to settle these currency contracts or the related foreign
security trades, a Fund could be exposed to foreign currency fluctuations.
32
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
Note 1--Significant Accounting Policies (continued)
f) United States income taxes--No provision has been made for U.S. federal
income taxes since it is the intention of each Fund to distribute to sharehold-
ers all taxable net investment income and net realized gains on investments, if
any, within the allowable time limit, and to comply with the provisions of the
Internal Revenue Code for a regulated investment company. SoGen International
Fund, SoGen Overseas Fund and SoGen Gold Fund 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.
g) Reclassification of capital accounts--On the statements of assets and lia-
bilities, as a result of certain differences in the computation of net invest-
ment income and net realized capital gains under federal income tax rules and
regulations versus generally accepted accounting principles, a reclassification
has been made to increase (decrease) undistributed net investment income and
decrease (increase) undistributed net realized gains on investments in the
amounts of $13,295,273, $4,292,470 and $(2,221) for SoGen International Fund,
SoGen Overseas Fund and SoGen Gold Fund, respectively.
h) Use of estimates--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make esti-
mates and assumptions that affect the reported amounts of assets and liabili-
ties at the date of the financial statements and the reported amounts of reve-
nues and expenses during the reporting period. Actual results could differ from
those estimates.
Note 2--Investment Advisory Agreements and Transactions with Related Persons
Under the terms of investment advisory agreements each Fund pays 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 six
months ended September 30, 1999, the investment advisory fees paid or payable
to SGAM Corp. were $7,530,200, $1,802,436, $61,235 for SoGen International
Fund, SoGen Overseas Fund, SoGen Gold Fund, respectively. SGAM Corp. has agreed
to waive its advisory fee and, if necessary, reimburse SoGen Money Fund through
July 31, 2000 to the extent that SoGen Money Fund's aggregate expenses execeed
0.75%. For the six months ended September 30, 1999, $5,260 of the investment
advisory fee of $73,953 for SoGen Money Fund was waived by SGAM Corp. Addition-
ally, SGAM Corp. voluntarily reimbursed the Class I shares of SoGen Interna-
tional Fund and SoGen Overseas Fund in the amounts of $20,258 and $1,818, re-
spectively, during the same period.
For the three months ended June 30, 1999, SG Cowen Securities Corporation
("SGCS"), the principal underwriter, realized $21,624, $6,728 and $246 in deal-
er'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. Effective July 1, 1999 Funds Distributor Inc. ("FDI")
succeeded SGCS as principal underwriter to the Funds. In acting as principal
underwriter (and a selected dealer after June 30, 1999) SGCS realized $8,593,
$2,171, and $370 in dealer's and underwriter's commissions pertaining to shares
of SoGen International Fund, SoGen Overseas Fund and SoGen Gold Fund, respec-
tively. For the six months ended September 30, 1999, Societe Generale, a stock-
holder of SGAM Corp. and SGCS, received dealer's commissions of $1,033 pertain-
ing to the sale of shares of SoGen International Fund. For the same period, So-
ciete Generale or its affiliates received $46,450 and $26,121 in broker's com-
missions for portfolio transactions executed on behalf of SoGen International
Fund and SoGen Overseas Fund, respectively.
33
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
Note 2--Investment Advisory Agreements and Transactions with Related Persons
(continued)
Each director who is not an officer of the Company or an employee of SGAM
Corp., SGCS or its corporate affiliates is paid an annual fee of $12,000 plus
$2,000 for each meeting attended. For the six months ended September 30, 1999
such fees amounted to $18,000, $17,250, $540 and $361 for SoGen International
Fund, SoGen Overseas Fund, SoGen Gold Fund and SoGen Money Fund, respectively.
Note 3--Plans of Distribution (SoGen International Fund, SoGen Overseas Fund
and SoGen Gold Fund)
Under the terms of the Distribution Plans and Agreements ("the Plans"), with
SGCS through June 30, 1999 and with FDI thereafter, 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 each pay a quarterly distribution
fee at an annual rate of up to 0.25% of the average daily net assets associated
with each Fund's outstanding Class A Shares. Under the Plans, the principal un-
derwriter must apply the full amounts received from the Funds to actual distri-
bution expenses incurred during the Fund's fiscal year, including the payment
of fees to dealers selling Class A shares of the Funds, the payment of adver-
tising costs and the payment for the printing and distribution of prospectuses
to prospective investors.
The principal underwriter bears distribution costs of the Funds to the extent
they exceed payments received under the Plans. For the six months ended Septem-
ber 30, 1999 the distribution fees paid or payable to the principal underwriter
by SoGen International Fund, SoGen Overseas Fund and SoGen Gold Fund were
$2,440,143, $591,655 and $20,396, respectively.
Note 4--Purchases and Sales of Securities
During the six months ended September 30, 1999 the aggregate cost of pur-
chases of investments, excluding U.S. Government obligations and short-term se-
curities, totaled $78,121,801, $43,581,562 and $817,189 for SoGen International
Fund, SoGen Overseas Fund and SoGen Gold Fund, respectively, and proceeds from
sales of investments, excluding short-term securities, totaled $426,015,426,
$102,841,871 and $3,595,930 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 $0 and
$42,029,309, 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
-------------------- ----------------------
Class SoGen SoGen
Class A I Class A Class I Gold Fund Money Fund
----------- ------- ----------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Six Months Ended
September 30, 1999
Shares sold............ 3,118,263 79,400 8,777,459 1,088,534 265,147 63,619,624
Shares issued for
reinvested dividends
and distributions..... -- -- -- -- -- 751,695
Shares redeemed........ (19,240,862) (50,260) (14,076,075) (136,272) (762,731) (68,668,632)
----------- ------- ----------- --------- -------- -----------
Net increase
(decrease)............ (16,122,599) 29,140 (5,298,616) 952,262 (497,584) (4,297,313)
=========== ======= =========== ========= ======== ===========
</TABLE>
34
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
Note 5--Capital Stock (continued)
<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>
Note 6--Commitments
As of September 30, 1999, SoGen International Fund, SoGen Overseas Fund and
SoGen Gold Fund had entered into forward currency contracts, as summarized be-
low, resulting in net unrealized depreciation of $8,895,765, $4,256,839 and
$369, respectively.
SoGen International Fund
Transaction Hedges:
Foreign Currency Purchases
<TABLE>
<CAPTION>
Unrealized Unrealized
Settlement U.S. $ Value at Appreciation at Depreciation at
Dates Foreign Currency To September 30, U.S. $ To Be September 30, September 30,
Through Be Received 1999 Delivered 1999 1999
- ---------- ------------------------------ --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/04/99 32,723,272 Japanese Yen $ 307,579 $ 307,564 $ 15 --
10/05/99 726,188 South African Rand 121,031 120,951 80 --
10/29/99 1,979,162 Euro 2,109,094 2,095,278 13,816 --
---------- ---------- ------------- -----------
2,537,704 2,523,793 13,911 --
---------- ---------- ------------- -----------
Foreign Currency Sales
<CAPTION>
Unrealized Unrealized
Settlement U.S. $ Value at Appreciation at Depreciation at
Dates Foreign Currency To U.S. $ To Be September 30, September 30, September 30,
Through Be Delivered Received 1999 1999 1999
- ---------- ------------------------------ --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/05/99 187,960,719 Japanese Yen $1,764,893 $1,766,714 -- $(1,821)
10/29/99 256,687 Euro 271,309 273,539 -- (2,230)
---------- ---------- ------------- -----------
2,036,202 2,040,253 -- (4,051)
---------- ---------- ------------- -----------
</TABLE>
35
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
Note 6--Commitments (continued)
Portfolio Hedges:
<TABLE>
<CAPTION>
Unrealized Unrealized
Settlement U.S. $ Value at Appreciation at Depreciation at
Dates Net Foreign Currency To U.S. $ To Be September 30, September 30, September 30,
Through Be Delivered Received 1999 1999 1999
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/06/99 75,433,000 Swiss Franc $102,433,719 $100,510,697 $1,923,022 --
2/23/00 114,277,300 Euro 165,693,534 164,223,204 1,470,330 --
11/13/00 14,469,785,083 Japanese Yen 159,104,620 170,223,336 -- $(11,118,716)
10/05/01 59,696,200 New Zealand Dollar 38,396,573 39,576,834 -- (1,180,261)
------------ ------------ ------------ ------------
465,628,446 474,534,071 3,393,352 (12,298,977)
------------ ------------ ------------ ------------
$470,202,352 $479,098,117 $3,407,263 $(12,303,028)
============ ============ ============ ============
SoGen Overseas Fund
Transaction Hedges:
Foreign Currency Purchases
<CAPTION>
Unrealized Unrealized
Settlement U.S. $ Value at U.S $ Appreciation at Depreciation at
Dates Foreign Currency To September 30, To Be September 30, September 30,
Through Be Received 1999 Delivered 1999 1999
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/29/99 1,191,400 Euro $1,269,616 $1,263,829 $5,787 --
------------ ------------ ------------ ------------
Foreign Currency Sales
<CAPTION>
Unrealized Unrealized
Settlement U.S $ U.S. $ Value at Appreciation at Depreciation at
Dates Foreign Currency To To Be September 30, September 30, September 30,
Through Be Delivered Received 1999 1999 1999
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/04/99 70,230 Canadian Dollar $ 47,992 $ 47,798 $194 --
10/05/99 30,287,765 Japanese Yen 284,394 284,686 -- $ (292)
10/29/99 160,249 Euro 169,306 170,769 -- (1,463)
------------ ------------ ------------ ------------
501,692 503,253 194 (1,755)
------------ ------------ ------------ ------------
Portfolio Hedges:
<CAPTION>
Unrealized Unrealized
Settlement U.S $ U.S. $ Value at Appreciation at Depreciation at
Dates Net Foreign Currency To To Be September 30, September 30, September 30,
Through Be Delivered Received 1999 1999 1999
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
1/19/00 24,755,000 Swiss Franc $ 34,386,229 $ 33,768,771 $617,458 --
2/23/00 38,399,000 Euro 65,600,069 65,306,649 293,420 --
11/13/00 6,542,241,917 Japanese Yen 70,761,388 75,554,549 -- $(4,793,161)
10/05/01 23,796,900 New Zealand Dollar 13,378,205 13,756,987 -- (378,782)
------------ ------------ ------------ ------------
184,125,891 188,386,956 910,878 (5,171,943)
------------ ------------ ------------ ------------
$185,897,199 $190,154,038 $916,859 $(5,173,698)
============ ============ ============ ============
</TABLE>
36
<PAGE>
SoGen Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
Note 6--Commitments (continued)
SoGen Gold Fund
Transaction Hedges:
Foreign Currency Purchases
<TABLE>
<CAPTION>
Unrealized Unrealized
Settlement U.S. $ Value at U.S $ Appreciation at Depreciation at
Dates Foreign Currency To September 30, To Be September 30, September 30,
Through Be Received 1999 Delivered 1999 1999
- ---------- -------------------------- --------------- --------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/01/99 25,930 Australian Dollar $ 16,932 $ 17,007 -- $ (75)
10/05/99 103,490 Canadian Dollar 70,435 70,761 -- (326)
10/05/99 290,475 South African Rand 48,412 48,380 $32 --
-------- -------- ----------- -----------
$135,779 $136,148 $32 $(401)
======== ======== =========== ===========
</TABLE>
Note 7--Subsequent Event
On October 8, 1999, Societe Generale Asset Management S.A. ("SGAM S.A."),
owner of 80.1% of the outstanding equity securities of SGAM Corp., signed an
agreement (the "Purchase Agreement") with Arnhold and S. Bleichroeder, Inc.
("ASB") providing for ASB's purchase of the shares of SGAM Corp. held by SGAM
S.A. Mr. Jean-Marie Eveillard, Chief Executive Officer of SGAM Corp. and owner
of the remaining 19.9% of the equity of SGAM Corp., has entered into an agree-
ment with ASB providing for the eventual sale of his shares of SGAM Corp. to
ASB in three installments over a period of approximately eight years.
If the stock purchase contemplated by the Purchase Agreement (the "Transac-
tion") occurs, Arnhold and S. Bleichroeder Advisers, Inc. ("ASB Advisers"), a
wholly-owned susidiary of ASB, would become the investment adviser to the
Funds. The primary investment management team of SGAM Corp., including Jean-Ma-
rie Eveillard, would join ASB Advisers and would continue to manage the portfo-
lios of the Funds. The investment objectives and policies of each Fund would
remain unchanged.
In order to permit the Transaction to take place, a new investment advisory
agreement between the Funds and ASB Advisers would have to be approved by the
Board of Directors of the Funds, as well as by the shareholders of each Fund.
These new agreements, the terms of which are substantially the same as those of
the existing agreements between the Funds and SGAM Corp., were unanimously ap-
proved by the Board of Directors, including the independent directors, on Octo-
ber 20, 1999 and will be submitted to the shareholders of the Funds for their
consideration and approval at special meeting of shareholders. Neither of the
new agreements would increase the amounts paid by the Funds for advisory serv-
ices.
37
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Six Months Ended Year Ended March 31,
September 30, 1999 ----------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
---------------------- -------------------- ------ ------ ------ ------
Class A Class I Class A Class I .
--------- --------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SoGen International Fund
Selected Per Share Data
Net asset value,
beginning of period... $ 22.90 $ 22.90 $27.42 $24.59 $26.68 $26.09 $23.20 $23.32
--------- --------- ------ ------ ------ ------ ------ ------
Income (loss) from
investment operations:
Net investment income.. 0.46 0.55 0.63 0.30 1.47 1.03 1.06 0.10
Net realized and
unrealized gains
(losses) on
investments........... 2.41 2.35 (2.73) (1.47) 2.10 1.39 3.37 0.49
--------- --------- ------ ------ ------ ------ ------ ------
Total from investment
operations........... 2.87 2.90 (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
period................ $ 25.77 $ 25.80 $22.90 $22.90 $27.42 $26.68 $26.09 $23.20
========= ========= ====== ====== ====== ====== ====== ======
Total Return++......... 12.53%# 12.66%# (7.95%) (4.72%)# 14.35% 9.48% 19.57% 2.63%
Ratios and Supplemental
Data
Net assets, end of
period (millions)..... $1,906 $14 $2,063 $12 $4,035 $3,908 $3,033 $1,922
Ratio of operating
expenses to average
net assets+........... 1.28%* 1.03%* 1.23% 1.01%* 1.18% 1.21% 1.25% 1.26%
Ratio of net investment
income to average net
assets+............... 3.11%* 3.39%* 2.75% 3.04%* 2.80% 3.08% 3.71% 2.70%
Portfolio turnover
rate.................. 3.96% 3.96% 9.89% 9.89% 20.63% 12.85% 9.64% 12.96%
<CAPTION>
Six Months Ended Year Ended March 31,
September 30, 1999 ----------------------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
---------------------- -------------------- ------ ------ ------ ------
Class A Class I Class A Class I .
--------- --------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SoGen Overseas Fund
Selected Per Share Data
Net asset value,
beginning of period... $ 11.36 $ 11.37 $13.52 $12.31 $13.84 $13.26 $11.65 $11.54
--------- --------- ------ ------ ------ ------ ------ ------
Income (loss) from
investment operations:
Net investment income.. 0.18 0.27 0.15 0.41 0.88 0.61 0.48 0.14
Net realized and
unrealized gains
(losses) on
investments........... 2.22 2.14 (0.97) (1.10) 0.31 0.95 1.74 0.04
--------- --------- ------ ------ ------ ------ ------ ------
Total from investment
operations........... 2.40 2.41 (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
period................ $ 13.76 $ 13.78 $11.36 $11.37 $13.52 $13.84 $13.26 $11.65
========= ========= ====== ====== ====== ====== ====== ======
Total Return++......... 21.13%# 21.20%# (6.46%) (5.53%)# 10.00% 12.16% 19.47% 1.56%
Ratios and Supplemental
Data
Net assets, end of
period (millions)..... $476 $16 $453 $3 $1,007 $953 $647 $439
Ratio of operating
expenses to average
net assets+........... 1.34%* 1.04%* 1.29% 1.03%* 1.22% 1.27% 1.37% 1.40%
Ratio of net investment
income to average net
assets+............... 2.86%* 3.21%* 2.22% 1.97%* 2.20% 2.28% 3.31% 2.29%
Portfolio turnover
rate.................. 9.24% 9.24% 9.31% 9.31% 22.13% 15.18% 9.46% 3.16%
</TABLE>
- --------
See Notes to Financial Highlights.
38
<PAGE>
SoGen Funds, Inc.
FINANCIAL HIGHLIGHTS (continued)
<TABLE>
<CAPTION>
Six Months Ended Year Ended March 31,
September 30, 1999 -----------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
SoGen Gold Fund
Selected Per Share Data
Net asset value,
beginning of period... $5.44 $7.31 $10.60 $12.25 $11.28 $11.42
----- ------ ------ ------ ------ ------
Income (loss) from
investment operations:
Net investment
income................ 0.14 0.16 0.13 0.26 0.24 0.08
Net realized and
unrealized gains
(losses) on
investments........... 1.12 (1.82) (3.03) (1.75) 1.35 (0.10)
----- ------ ------ ------ ------ ------
Total from investment
operations........... 1.26 (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
period................ $6.70 $5.44 $7.31 $10.60 $12.25 $11.28
===== ====== ====== ====== ====== ======
Total Return++......... 23.16%# (22.77%) (27.23%) (12.21%) 14.81% (0.14%)
Ratios and Supplemental
Data
Net assets, end of
period (millions)..... $19 $18 $31 $53 $63 $51
Ratio of operating
expenses to average
net assets+........... 2.03%* 1.62% 1.55% 1.45% 1.41% 1.46%
Ratio of net investment
income to average net
assets+............... 4.54%* 2.01% 1.47% 1.20% 1.29% 0.79%
Portfolio turnover
rate.................. 4.28% 37.73% 11.20% 16.83% 22.40% 11.56%
<CAPTION>
Six Months Ended Year Ended March 31,
September 30, 1999 -----------------------------------------
(Unaudited) 1999 1998 1997 1996 1995
------------------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
SoGen Money Fund
Selected Per Share Data
Net asset value,
beginning of period... $1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----- ------ ------ ------ ------ ------
Income from investment
operations:
Net investment
income................ 0.02 0.05 0.05 0.05 0.05 0.04
Net realized and
unrealized gains on
investments........... -- -- -- -- -- --
----- ------ ------ ------ ------ ------
Total from investment
operations.......... 0.02 0.05 0.05 0.05 0.05 0.04
----- ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income..... (0.02) (0.05) (0.05) (0.05) (0.05) (0.04)
Distributions from
capital gains......... -- -- -- -- -- --
----- ------ ------ ------ ------ ------
Total distributions.. (0.02) (0.05) (0.05) (0.05) (0.05) (0.04)
----- ------ ------ ------ ------ ------
Net asset value, end of
period................ $1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
===== ====== ====== ====== ====== ======
Total Return........... 4.42%* 4.73% 4.97% 4.61% 5.03% 4.13%
Ratios and Supplemental
Data
Net assets, end of
period (millions)..... $40 $45 $19 $13 $8 $10
Ratio of operating
expenses to average
net assets+........... 0.66%* 0.69% 0.75% 0.75% 0.75% 0.75%
Ratio of net investment
income to average net
assets+............... 4.50%* 4.60% 4.92% 4.63% 4.98% 4.14%
</TABLE>
- --------
See Notes to Financial Highlights.
39
<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>
Six Months Ended Year Ended March 31,
September 30, 1999 ---------------------------------------- ---
(Unaudited) 1999
---------------------- -----------------
Class A* Class I* Class A Class I . 1998 1997 1996 1995
--------- --------- ------- --------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SoGen International
Fund................... 1.29% 1.34% 1.24% 1.63% 1.19% 1.21% 1.25% 1.26%
SoGen Overseas Fund..... 1.35% 1.09% 1.29% 1.21% 1.22% 1.27% 1.38% 1.40%
SoGen Gold Fund......... 2.05% -- 1.64% -- 1.56% 1.46% 1.43% 1.46%
SoGen Money Fund........ 0.69% -- 0.69% -- 1.01% 1.14% 0.97% 1.55%
</TABLE>
The ratio of net investment income to average net assets without the effect
of earnings credits, investment advisory fee waivers and expense reimburse-
ments are as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended March 31,
September 30, 1999 ---------------------------------------- ---
(Unaudited) 1999
---------------------- -----------------
Class A* Class I* Class A Class I . 1998 1997 1996 1995
--------- --------- ------- --------- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SoGen International
Fund................... 3.11% 3.08% 2.74% 2.42% 2.80% 3.08% 3.71% 2.70%
SoGen Overseas Fund..... 2.85% 3.16% 2.22% 1.79% 2.20% 2.27% 3.30% 2.29%
SoGen Gold Fund......... 4.53% -- 1.99% -- 1.46% 1.19% 1.26% 0.79%
SoGen Money Fund........ 4.47% -- 4.60% -- 4.66% 4.26% 4.76% 3.34%
</TABLE>
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
Charles Edouard de Lardemelle..........................Assistant Vice President
Warren Chan.................................................Assistant Treasurer
</TABLE>
<TABLE>
<S> <C>
INVESTMENT ADVISER UNDERWRITER
Societe Generale Asset Management Corp. Funds Distributor, Inc.
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
</TABLE>
SHAREHOLDER SERVICING AGENT
DST Systems, Inc.
1004 Baltimore
Kansas City, MO 64105
(800) 334-2143
The financial information included herein is taken from the records of the
Funds without examination by the Funds' independent auditors, who do not ex-
press an opinion thereon.
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of SoGen Funds,
Inc.
41
<PAGE>
SoGen Funds, Inc.
1221 Avenue of the Americas
New York, NY 10020
(800) 334-2143
[GRAPHIC]
