SOGEN FUNDS, INC.
SoGen International Fund
SoGen Overseas Fund
SoGen Gold Fund
SoGen Money Fund
Supplement dated October 12, 1999 to Prospectus and Statement of Additional
Information dated August 1, 1999.
SOGEN VARIABLE FUNDS, INC.
SoGen Overseas Variable Fund
Supplement dated October 12, 1999 to Prospectus and Statement of Additional
Information dated May 1, 1999.
On October 11, 1999, Societe Generale Asset Management S.A., ("SGAM
S.A."), owner of 80.1% of the outstanding equity securities of Societe Generale
Asset Management Corp. ("SGAM Corp."), investment adviser to each of the
separate portfolios (each a "Fund" and, collectively, the "Funds") of SoGen
Funds, Inc. and SoGen Variable Funds, Inc. (each a "Company" and collectively
the "Companies"), announced that it had signed a Stock Purchase Agreement (the
"Purchase Agreement") with Arnhold & S. Bleichroeder, Inc. ("A&SB"), a
privately-owned investment firm. Under the Purchase Agreement, A&SB agreed to
purchase all of the shares of SGAM Corp. held by SGAM S.A. SGAM S.A. also
announced that 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
agreement with A&SB providing for the eventual sale of his shares of SGAM Corp.
to A&SB in three installments over a period of approximately seven years.
If the stock purchase contemplated by the Purchase Agreement (the
"Transaction") occurs, Arnhold & S. Bleichroeder Advisers, Inc. ("A&SB
Advisers"), a wholly-owned subsidiary of A&SB, would become the investment
adviser to the Funds. The primary investment management team of SGAM Corp.,
including Jean-Marie Eveillard, would join A&SB Advisers and would continue to
manage the portfolios 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 A&SB Advisers would have to be approved
by the Board of Directors of the Companies, 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., will be
submitted to the Board of Directors, including the independent directors, for
their consideration later this month. If the Board approves the new agreements,
the agreements will be submitted to the shareholders of the Funds for their
consideration and approval at special meetings of shareholders. Neither of the
new agreements would increase the amounts paid by the Funds for advisory
services.
Subject to receipt of these approvals, and the satisfaction of other
conditions contained in the Purchase Agreement, it is presently anticipated that
the closing of the Transaction will occur late in the fourth quarter of 1999 or
early in the first quarter of 2000.
