<PAGE>
SoGen
International Fund, Inc.
----------------------------------
(ART)
----------------------------------
Semi-Annual Report
September 30, 1995
SN-03
<PAGE>
SoGen International Fund, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
Over the past fifteen years (September 30, 1980 to September 30, 1995) the
value of an investment in your Fund increased at a compounded average annual
rate of 15.68%. Over the past ten and five years, the rates were 14.55% and
13.62%, respectively. Over the past twelve months, the rate was 9.12%.*
Your Fund continued to earn a top rating from Morningstar Mutual Funds, an
independent fund-rating service. In its August 18, 1995 report, SoGen
International Fund, Inc. received the highest distinction, five stars, for
risk-adjusted performance. Also, your Fund was one of twenty funds to be
listed on the 1995 Forbes Honor Roll.
As of September 30, 1995 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
U.S. stocks(/1/) 23.7%
Foreign stocks(/1/) 33.7
U.S. dollar bonds 13.2
Foreign currency bonds 3.9
Gold-related securities 8.0
U.S. dollar cash and equiva-
lents(/2/) 17.5
-----
100.0%
=====
</TABLE>
(/1/)Includes convertible bonds with moderate premia.
(/2/)Includes floating rate securities.
The ten largest equity holdings were Bank for International Settlements,
U.S. and French Tranches (the central banks' central bank, with some gold
assets); Freeport McMoRan Copper & Gold, Gold and Silver Denominated
Preferreds (gold-related securities); Lonrho plc (British conglomerate, with
interests in Africa); Buderus AG (German heating products company); Fuji Photo
Film Co., Ltd. (Japanese film and imaging company); Carter Holt Harvey Limited
(New Zealand forest products and paper company); CDL Hotels International Ltd.
(Hong Kong listed hotel chain); Randstad Holdings NV (Netherlands temporary
employment company); Philips Electronics NV ADR (Dutch electronics and
consumer products group); and Bayer AG (German chemicals and pharmaceuticals
company).
The U.S. stock market is high. It may work its way higher, of course, but
the "margin of safety" is no longer there in our opinion. At the same time, it
is a big market with hundreds of securities to choose from, so we continue to
look for stocks that provide long term value.
After having had little or no exposure in Japan for seven years, we have
increased our stake somewhat. In the aftermath of a long and deep bear market,
some Japanese stocks, we believe, are undervalued.
We will continue to slowly buy the U.S. dollar denominated bonds of some
countries in Latin America. The yields are high while, in our opinion, the
risks of default are low. Otherwise, we keep looking for specific securities
throughout the world and maintain our investment horizon of about five years.
We're also staying on the side of caution, where we have been for seventeen
years now.
Sincerely yours,
/s/ Jean-Marie Eveillard
Jean-Marie Eveillard
President
October 29, 1995
- - ----------------------
*These figures assume the immediate reinvestment of all dividends and
distributions and do not include the deduction of the Fund's sales load (see
the "Investment Results" section in this report for further information).
<PAGE>
SoGen International Fund, Inc.
SUMMARY OF FUND DATA
The table below covers the period from April 28, 1970 to September 30, 1995.
The results shown should not be considered as a representation of the dividend
income or capital gain or loss which may be realized from an investment made
in the Fund today. The amounts shown in the capital gains distribution and
income dividend columns were paid to shareholders during the period ended with
the date shown in the first column.
<TABLE>
<CAPTION>
NET ASSET
VALUE OF
INVESTMENT
WITH
DIVIDENDS
INVESTMENT AND
NUMBER NET ASSET CAPITAL GAINS INCOME DISTRIBUTIONS
OF SHARES TOTAL NET VALUE DISTRIBUTIONS DIVIDENDS REINVESTED
FISCAL YEAR ENDED OUTSTANDING ASSETS PER SHARE PER SHARE** PER SHARE (CUMULATIVE)*
----------------- ----------- -------------- --------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
April 28, 1970
(inception) 10,000 $ 100,000 $10.00 -- -- $ 10.00
March 31, 1971 487,721 5,935,531 12.17 -- -- 12.17
March 31, 1972 715,975 10,504,894 14.67 $0.08 $0.235 15.05
March 31, 1973 1,141,546 14,809,773 12.97 0.40 0.14 13.79
March 31, 1974 1,226,505 13,217,479 10.78 0.20 0.14 11.80
March 31, 1975 1,302,167 13,552,220 10.41 0.19 0.19 11.82
March 31, 1976 1,457,267 16,747,378 11.49 -- 0.345 13.47
March 31, 1977 1,542,201 16,574,391 10.75 -- 0.375 13.04
March 31, 1978 1,719,756 18,940,375 11.01 -- 0.38 13.82
March 31, 1979 1,595,800 19,803,738 12.41 -- 0.345 16.04
March 31, 1980 1,294,021 17,258,197 13.34 -- 0.375 17.76
March 31, 1981 1,340,785 22,187,719 16.55 1.28 0.73 25.36
March 31, 1982 1,856,726 25,366,017 13.66 2.45(a) 0.96 26.25
March 31, 1983 2,277,925 38,844,958 17.05 0.97(b) 1.155 38.74
March 31, 1984 2,607,881 43,146,584 16.54 1.76(c) 0.85 43.58
March 31, 1985 2,877,896 44,333,767 15.40 2.03(d) 0.76 49.10
March 31, 1986 2,987,678 57,042,647 19.09 1.15(e) 0.63 68.50
March 31, 1987 4,447,873 95,513,216 21.47 2.22(f) 0.60 89.84
March 31, 1988 5,722,925 96,776,399 16.91 3.33(g) 0.84 89.21
March 31, 1989 7,255,176 125,580,646 17.31 0.77(h) 0.80 99.86
March 31, 1990 9,927,865 175,864,164 17.71 1.01(i) 0.71 112.02
March 31, 1991 13,715,146 240,094,213 17.51 0.47(j) 0.71 118.77
March 31, 1992 19,262,647 355,108,081 18.44 0.37(k) 0.84 133.65
March 31, 1993 32,324,936 650,301,743 20.12 0.34(l) 0.64 153.52
March 31, 1994 76,391,671 1,781,407,648 23.32 0.23(m) 0.47 183.45
March 31, 1995 82,820,291 1,921,661,064 23.20 0.56(n) 0.15 188.26
September 30, 1995 (six
months)+ 96,300,211 2,466,186,932 25.61 -- -- 207.82
</TABLE>
- - ----------------------
*The calculation is based on an assumed investment in one share with income
dividends and capital gains distributions reinvested in additional shares.
(No adjustment has been made for any income taxes payable by shareholders on
such dividends and distributions.)
** For the years which are alphabetically annotated, the capital gains include
net short-term capital gains in the amounts of: (a) $1.47, (b) $0.225, (c)
$0.92, (d) $1.20, (e) $0.35, (f) $0.20, (g) $0.57, (h) $0.13, (i) $0.23,
(j) $0.08, (k) $0.14, (l) $0.07, (m) $0.05 and (n) $0.17 per share.
+ Unaudited.
2
<PAGE>
SoGen International Fund, Inc.
INVESTMENT RESULTS
(UNAUDITED)
ILLUSTRATION OF AN ASSUMED INVESTMENT OF $1,000
with reinvestment of income dividends and capital gains distributions
-----------------------------------------------------------------
This chart illustrates the cumulative total return of an initial $1,000
investment in the Fund from September 30, 1985 to September 30, 1995. The Fund's
results shown below should not be considered as a representation of the dividend
income or capital gain or loss which may be realized from an investment made in
the Fund today.
Initial net asset value is the amount received by the Fund after deducting
the maximum sales commission of 3.75%. No adjustment has been made for any
income taxes payable by shareholders. The results reflect the deduction of all
fees and expenses.
The investment return and principal value of an investment will fluctuate
so that an investor's shares, when redeemed, may be worth more or less than
their initial cost. The performance information shown represents past
performance and is not an indication of the Fund's future performance.
Cost of investment $3,744
September 30, 1985 Total value of investment
$1,000 September 30, 1995
Initial net asset value, $963.
[GRAPH APPEARS HERE]
Initial Inv. &\rTotal\rValue
9/30/85 963 963
9/30/86 1245 1284
9/30/87 1724 1778
9/30/88 1561 1671
9/30/89 1766 1971
9/30/90 1718 1977
9/30/91 1906 2277
9/30/92 2063 2569
9/30/93 2371 3038
9/30/94 2631 3431
9/30/95 2874 3744
AVERAGE ANNUAL RATES OF RETURN AS OF SEPTEMBER 30, 1995
after giving effect to the maximum sales commission of 3.75%
------------------------------------------------------------
1 YEAR 5 YEARS 10 YEARS
------ ------- --------
5.04% 12.75% 14.11%
3
<PAGE>
SoGen International Fund, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
During the twelve months ended September 30, 1995, the U.S. stock market
rally continued, fueled in part by a tremendous appetite on the part of U.S.
individuals for equity mutual funds. The Fund's U.S. stock holdings currently
represent 24% of net assets compared to 22% a year ago. Foreign equity markets
were mixed but were generally on a declining trend during the same period. As
those markets fell, the Fund added to its European and other foreign stock
holdings. Major new additions include Japanese stocks that were purchased on a
very selective basis for the first time in several years. Foreign stock
holdings of the Fund account for approximately 34% of net assets compared to
35% a year ago. Purchases of high yielding Brady bonds largely explain the rise
in U.S. dollar bond holdings which increased from 8% to 13% of net assets over
the past twelve months. Investments in foreign currency bonds remained stable
at 4% of net assets. Gold-related securities represent 8% of net assets
compared to 11% a year ago, while cash and equivalents decreased from 20% to
18% over the same period. The decline in the value of the U.S. dollar had a
limited impact on the portion of the Fund's assets denominated in foreign
currencies, since foreign currency exposure was partially hedged throughout the
period.
4
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
GOLD RELATED (2.36%)
447,500 Freeport McMoRan Copper & Gold,
Preferred Series "B' (f)....... $16,547,448 $15,718,437
405,000 Freeport McMoRan Copper & Gold,
Preferred Series "D' (f)....... 8,510,534 8,758,125
247,100 Freeport McMoRan Copper & Gold,
Preferred Series "C' (f)....... 9,219,879 8,092,525
4,407 Case Pomeroy & Company, Inc.
Class "A'...................... 4,207,990 5,068,050
117,500 Newmont Mining Corporation...... 4,207,860 4,993,750
277,500 Homestake Mining Company........ 5,350,271 4,717,500
250,000 Handy & Harman.................. 3,979,276 3,750,000
245,000 Santa Fe Pacific Gold
Corporation.................... 3,891,706 3,093,125
36,500 Newmont Mining Corporation $2.75
Conv. Pfd. (b)................. 1,890,250 2,139,812
65,000 Coeur d'Alene Mines
Corporation.................... 1,284,373 1,316,250
111,550 Amax Gold, Inc. (a)............. 839,140 683,243
----------- -----------
59,928,727 58,330,817
----------- -----------
METALS AND MINERALS (0.61%)
125,000 Reynolds Metals Company......... 5,934,882 7,218,750
100,000 Asarco Incorporated............. 2,371,200 3,150,000
85,000 Cyprus Amax Minerals Company.... 1,858,699 2,390,625
65,000 Alumax, Inc. (a)................ 1,170,760 2,193,750
----------- -----------
11,335,541 14,953,125
----------- -----------
ENERGY (2.53%)
622,500 Enterra Corporation (a)......... 10,873,232 13,695,000
245,000 Burlington Resources, Inc. ..... 9,295,482 9,493,750
435,000 North European Oil Royalty Trust
(c)............................ 7,119,442 5,655,000
775,000 San Juan Basin Royalty Trust.... 4,995,234 5,328,125
105,000 Murphy Oil Corporation.......... 4,571,635 4,200,000
110,833 Tosco Corporation............... 2,356,853 3,823,738
103,955 Rochester and Pittsburgh Coal
Company........................ 4,145,068 3,066,672
400,000 Rowan Companies, Inc. (a)....... 2,702,688 3,000,000
65,000 Sonat Offshore Drilling Inc. ... 1,146,412 2,120,625
215,000 Santa Fe Energy Resources,
Inc. .......................... 1,919,813 2,042,500
115,000 ENSCO International Inc. (a).... 1,808,313 1,955,000
165,000 Gerrity Oil & Gas Corporation
$1.50 Conv. Pfd. .............. 2,502,200 1,753,125
130,540 Weatherford International
Incorporated (a)............... 837,843 1,697,020
135,486 Noble Drilling Corp. ........... 565,247 1,050,016
29,000 Penn Virginia Corporation....... 1,283,500 942,500
374,800 Kaneb Services, Inc. (a)........ 1,220,383 937,000
285,000 Gerrity Oil & Gas Corporation
(a)............................ 2,545,420 890,625
3,253 The Home-Stake Royalty
Corporation.................... 487,950 520,480
3,065 The Home-Stake Oil and Gas
Company........................ 337,150 275,850
----------- -----------
60,713,865 62,447,026
----------- -----------
</TABLE>
5
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
FOREST PRODUCTS (1.65%)
588,600 Greif Bros. Corporation Class
"A'............................ $10,283,400 $14,494,275
285,000 Rayonier Inc. .................. 8,245,991 11,150,625
82,500 Georgia-Pacific Corporation..... 5,109,087 7,218,750
355,000 Longview Fibre Company.......... 5,974,472 5,413,750
54,000 Plum Creek Timber Company,
L.P. .......................... 213,222 1,323,000
45,000 Riverwood International
Corporation.................... 597,285 1,012,500
----------- -----------
30,423,457 40,612,900
----------- -----------
CAPITAL GOODS (1.79%)
205,000 Bandag, Inc. Class "A'.......... 10,556,343 9,993,750
301,500 A.P. Green Industries (c)....... 4,514,875 7,236,000
225,000 The Manitowoc Company, Inc. .... 6,036,041 6,665,625
480,750 Kuhlman Corp. .................. 3,494,390 5,829,093
84,565 Woodward Governor Company....... 6,682,017 5,708,137
4,005 Conbraco Industries, Inc. (a)... 1,179,450 2,703,375
200,000 Treadco, Inc. .................. 2,913,120 2,200,000
25,000 Deere & Company................. 1,085,027 2,034,375
140,000 MFRI Inc. (a)................... 781,252 953,750
185,000 Bayou Steel Corporation Class
"A' (a)........................ 862,302 913,437
----------- -----------
38,104,817 44,237,542
----------- -----------
TRANSPORTATION (0.93%)
136,647 Burlington Northern Santa Fe,
Inc. .......................... 4,101,262 9,906,932
80,000 Florida East Coast Industries,
Inc. .......................... 5,456,361 5,740,000
35,000 AMR Corporation................. 2,140,560 2,524,375
75,000 American President Companies,
Ltd. .......................... 1,632,850 2,193,750
50,000 Heartland Express, Inc. (a)..... 195,000 1,462,500
112,500 Boyd Brothers Transportation,
Inc. (a)....................... 1,204,375 998,437
----------- -----------
14,730,408 22,825,994
----------- -----------
TECHNOLOGY (0.66%)
250,000 Digital Equipment Corporation 8
7/8% Pfd. ..................... 5,617,138 6,406,250
80,000 Digital Equipment Corporation
(a)............................ 2,638,137 3,650,000
386,500 BEI Electronics Inc. (c)........ 2,867,193 2,802,125
100,000 American Mobile Satellite Corp.
(a)............................ 2,570,000 2,393,750
25,000 Apple Computer, Inc. ........... 943,750 931,250
254,400 Anacomp, Inc. (a)............... 722,221 159,000
----------- -----------
15,358,439 16,342,375
----------- -----------
SPECIALTY CHEMICALS (1.00%)
1,135,000 Lawter International Inc. ...... 13,898,118 12,768,750
505,000 LeaRonal, Inc. (c).............. 7,369,863 11,236,250
125,000 American Pacific Corporation
(a)............................ 1,375,937 671,875
----------- -----------
22,643,918 24,676,875
----------- -----------
</TABLE>
6
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
CONSUMER PRODUCTS (3.03%)
445,000 Dole Food Company, Inc. ........ $12,183,763 $15,408,125
1,125,000 Interco Incorporated (a)........ 7,131,410 8,859,375
510,200 UniFirst Corporation............ 6,294,130 7,461,675
191,147 Allen Organ Company Class "B'... 6,023,709 8,792,762
150,000 Polaroid Corporation............ 4,494,953 5,962,500
235,000 Paragon Trade Brands, Inc. (a).. 3,498,790 3,642,500
525,000 The Topps Company (a)........... 3,095,620 3,412,500
50,000 Canandaigua Wine Co. Class A
(a)............................ 2,441,250 2,431,250
215,000 Baldwin Piano and Organ Company
(a)(c)......................... 2,233,875 2,741,250
100,000 A.T. Cross Company, Class "A'... 2,100,332 1,687,500
125,000 Jostens, Inc. .................. 2,091,362 2,937,500
100,000 Sturm, Ruger & Company, Inc. ... 2,087,034 3,125,000
130,000 St. John Knits, Inc. ........... 1,871,965 6,337,500
200,000 Smith Corona Corporation........ 1,427,799 125,000
95,000 Adolph Coors Company............ 1,337,515 1,721,875
10,000 Lesco International, Inc. ...... 148,750 145,000
----------- -----------
58,462,257 74,791,312
----------- -----------
RETAIL (1.05%)
250,000 Smart & Final Inc. ............. 3,468,690 4,843,750
475,000 Hancock Fabrics Inc. ........... 4,314,409 4,750,000
285,000 Woolworth Corporation........... 4,410,174 4,488,750
235,000 Burlington Coat Factory
Warehouse Corporation (a)...... 3,212,302 3,113,750
75,000 Staples, Inc. (a)............... 1,195,000 2,118,750
85,000 Wal-Mart Stores, Inc. .......... 899,481 2,114,375
110,815 Carson Pirie Scott & Company
(a)............................ 1,431,641 2,105,485
33,700 Weyco Group Inc. ............... 910,161 1,289,025
135,000 Buttrey Food & Drug Stores
Company (a).................... 911,875 1,012,500
----------- -----------
20,753,733 25,836,385
----------- -----------
MEDIA (1.92%)
255,000 Pulitzer Publishing Company
Class "A'...................... 7,053,734 13,196,250
255,000 American City Business Journals,
Inc. (a)....................... 2,835,876 7,076,250
180,100 G.C. Companies, Inc. (a)........ 5,839,008 5,785,712
361,000 American Publishing Company
Class "A'...................... 4,380,564 4,512,500
111,341 Plenum Publishing Corp. ........ 3,593,162 4,036,111
157,964 Cowles Media Company, non
voting......................... 3,615,984 3,712,154
60,000 Harcourt General, Inc. ......... 1,180,005 2,512,500
264,600 Plasti-Line, Inc. (a)(c)........ 2,392,337 2,216,025
150,000 Western Publishing Group, Inc.
(a)............................ 2,405,000 1,912,500
34,924 Mills Music Trust............... 1,055,336 1,396,960
235,000 Integrity Music, Inc. Class "A'
(a)............................ 1,692,750 940,000
----------- -----------
36,043,756 47,296,962
----------- -----------
</TABLE>
7
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
HEALTH CARE (0.51%)
150,000 Johnson & Johnson, Inc. ........ $ 6,080,375 $11,118,750
80,000 Advanced Technology
Laboratories, Inc. (a)......... 1,366,562 1,440,000
----------- -----------
7,446,937 12,558,750
----------- -----------
FINANCIAL INSTITUTIONS (2.37%)
405,000 Lehman Brothers Holdings, Inc. . 6,396,386 9,365,625
3,349 Farmers & Merchants Bank of Long
Beach.......................... 6,404,335 6,354,727
115,000 Zurich Reinsurance Centre
Holdings, Inc. (a)............. 3,032,220 3,421,250
175,000 WesterFed Financial Corporation. 2,444,375 2,909,375
100,000 Riggs National Corporation 10
3/4% Non-Cum. Pfd., Series B... 2,545,000 2,725,000
85,000 JSB Financial, Inc. ............ 1,022,437 2,666,875
186,240 Portsmouth Bank Shares, Inc. ... 1,209,044 2,572,440
53,300 Kirksville Bancshares, Inc. (c). 773,797 2,238,600
140,000 HMN Financial, Inc. (a)......... 1,779,375 2,135,000
96,593 First Oak Brook Bancshares, Inc.
Class "A'...................... 884,344 2,076,749
110,000 Standard Financial, Inc. (a).... 1,201,250 1,567,500
88,000 Workingmen's Capital Holdings,
Inc. .......................... 474,625 1,474,000
25,000 Republic New York Corporation... 1,114,625 1,462,500
85,000 East Texas Financial Services
(a)(c)......................... 959,375 1,360,000
54,613 Metairie Bank & Trust (a)....... 936,931 1,297,058
65,000 People's Savings Financial
Corp. ......................... 613,182 1,267,500
85,000 QCF Bancorp, Inc. (a)........... 968,747 1,211,250
75,000 Home Bancorp (a)................ 948,125 1,181,250
43,000 Westco Bancorp, Inc. ........... 523,249 1,134,125
90,000 Logansport Financial Corp. (c).. 1,050,000 1,102,500
80,000 Texarkana First Financial Corp.
(a)............................ 1,016,354 1,055,000
65,000 MFB Corporation (a)............. 739,375 1,031,875
43,967 FirstFed Bancorp Inc. (c)....... 484,746 1,011,241
22,698 ArgentBank...................... 352,788 994,456
55,300 Community Financial Corporation. 441,382 912,450
54,300 Wood Bancorp (c)................ 698,475 882,375
50,000 IBS Financial Corporation....... 496,875 850,000
38,000 MBLA Financial Corporation...... 486,500 655,500
50,000 Redwood Financial, Inc. (a)..... 437,500 512,500
18,600 OSB Financial Corp. ............ 419,262 446,400
28,400 Rowan Savings Bank SSB, Inc. ... 347,900 418,900
10,000 Liberty Savings Bank, Inc. ..... 120,000 120,000
----------- -----------
41,322,579 58,414,021
----------- -----------
UTILITIES (0.66%)
785,000 Sithe Energies, Inc. (a)........ 8,353,924 6,280,000
285,000 California Energy Company, Inc.
(a)............................ 4,788,700 5,842,500
100,000 The Montana Power Company....... 2,283,504 2,312,500
65,000 Idaho Power Company............. 1,604,025 1,803,750
----------- -----------
17,030,153 16,238,750
----------- -----------
</TABLE>
8
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
REAL ESTATE (1.94%)
535,000 Catellus Development
Corporation.................... $ 4,148,512 $ 3,410,625
205,000 Catellus Development Corporation
$3 5/8 Conv. Pfd. Series "B'
(b)............................ 9,230,356 8,430,625
261,000 Crescent Real Estate Equities,
Inc............................ 8,039,196 8,025,750
100,000 St. Joe Paper Company........... 5,284,884 6,362,500
4,912 Security Capital Group
Incorporated (b)............... 4,059,999 4,780,165
4,441 J.C. Nichols Company............ 2,833,358 4,774,075
188,225 Alico, Inc. .................... 3,630,240 3,340,993
151,546 Security Capital Pacific Trust.. 1,941,858 2,879,374
75,000 Security Capital Pacific Trust
Pfd. Series "A'................ 1,673,350 1,809,375
181,818 Security Capital Atlantic Trust
(b)............................ 2,000,000 2,000,000
70,000 Price Enterprises, Inc. ........ 1,012,262 1,102,500
457 J.G. Boswell Company............ 523,840 536,975
43,147 Sonesta International Hotels
Corporation.................... 353,258 353,266
----------- -----------
44,731,113 47,806,223
----------- -----------
MISCELLANEOUS (1.61%)
775,500 Zero Corporation................ 10,341,623 12,601,875
515,000 Manville Corporation (a)........ 4,208,427 6,759,375
160,000 Delta & Pine Land Company....... 2,823,187 6,040,000
185,000 Calmat Co. ..................... 3,489,178 3,330,000
274,000 Kaiser Ventures, Inc. (a)....... 3,924,375 2,671,500
125,000 Aydin Corporation (a)........... 1,987,694 2,156,250
16 Kohler Corp. ................... 1,245,500 2,016,000
135,000 Kinder Care Learning Center (a). 1,878,437 1,822,500
90,000 ACX Technologies Inc. (a)....... 775,046 1,800,000
31,000 Matthews International
Corporation.................... 530,000 623,875
----------- -----------
31,203,467 39,821,375
----------- -----------
COMMON AND PREFERRED STOCKS--NON
U.S.
GOLD RELATED (4.91%)
3,175 Bank for International
Settlements (U.S. Tranche)..... 16,219,643 28,576,373
1,845 Bank for International
Settlements (French Tranche)... 8,989,758 14,416,256
24,682 Comptoir Lyon Alemand-Louyot
(a)............................ 1,969,972 2,043,788
300,000 Terra Mining AB (c)............. 6,801,892 5,354,906
875,000 Royal Oak Mines Inc. ........... 4,317,324 3,773,437
145,000 Placer Dome Inc. ............... 2,527,496 3,806,250
150,000 Cambior Inc. ................... 2,071,398 1,593,068
3,000,000 Vengold Ltd. (a)................ 1,535,898 393,750
87,500 Franco-Nevada Mining Corp.,
Ltd. .......................... 1,280,812 5,249,673
350,000 Pan American Silver Corp. (a)... 1,062,176 2,380,286
98,000 Pan American Silver Corp.
(a)(g)......................... 505,620 666,480
350,000 Pan American Silver Corp.
Warrants expire 10/20/95 (a)... -- 1,206,446
98,000 Pan American Silver Corp.
Warrants expire
10/31/96 (a)(g)................ -- 41,084
</TABLE>
9
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
GOLD RELATED (continued)
45,000 Euro-Nevada Mining Corporation,
Ltd. .......................... $ 145,976 $ 1,727,221
435,000 Free State Consolidated Gold
Mines Ltd. ADR................. 5,588,052 5,002,500
285,000 Driefontein Consolidated Ltd.
ADR............................ 3,329,260 3,918,750
290,000 Kloof Gold Mining Company Ltd.
ADR............................ 2,980,547 3,262,500
297,500 St. Helena Gold Mines Ltd. ADR.. 2,646,200 2,472,968
420,000 Harmony Gold Mining Ltd. ADR.... 2,073,523 4,042,500
235,000 Randfontein Estates Gold Mining
Company Witwatersrand Ltd. .... 1,889,095 1,528,369
10,000 Randfontein Estates Gold Mining
Company Witwatersrand Ltd. ADR. 91,856 65,037
50,000 Ashanti Goldfields Company
Limited........................ 1,078,750 1,008,750
21,000 Ashanti Goldfields Company
Limited (b).................... 435,750 423,675
112,800 Johnnies Industrial Ltd. ADR.... 891,370 1,366,850
30,000 Johnnies Industrial Ltd. ....... 246,669 363,524
278,400 Loraine Gold Mines Ltd. ADR..... 858,166 952,963
93,277 Western Areas Gold Mining ADR... 796,859 1,614,858
121,884 Anglo American Platinum Co. ADR. 632,380 801,049
75,000 Anglo American Platinum Co. .... 520,983 492,914
118,300 JCI Ltd. ADR.................... 588,774 1,012,352
40,000 JCI Ltd. ....................... 236,418 342,301
37,500 Durban Roodepoort Deep,
Ltd. (a)....................... 346,632 318,340
15000 Loraine Gold Mines Ltd. ........ 52,456 51,345
2,750,000 Eltin Limited (c)............... 6,457,118 6,113,877
1,000,000 Gold Mines of Kalgoorlie Ltd. .. 838,972 899,878
1,175,000 Kidston Gold Mines Ltd. ........ 1,593,783 1,599,363
1,225,000 Newcrest Mining Ltd. ........... 5,678,570 5,372,801
1,875,000 Orion Resources NL.............. 2,612,032 2,126,812
1,375,000 Posgold Ltd. (b)................ 2,469,706 2,568,244
263,900 General Oriental Investments
Ltd. .......................... 1,809,300 2,138,958
----------- ------------
94,171,186 121,090,496
----------- ------------
UNITED KINGDOM (1.90%)
8,000,000 Lonrho plc (17)................. 15,185,728 21,065,580
1,895,000 Antofagasta Holdings plc (17)... 5,801,899 10,129,665
1,550,000 McBride plc (a)(9).............. 5,105,110 4,718,800
1,000,000 Royal Doulton plc (9)........... 3,643,215 4,064,455
1,000,000 Blenheim Group plc (11)......... 4,684,766 3,653,265
415,000 Scottish Television plc (11).... 2,808,887 3,327,555
----------- ------------
37,229,605 46,959,320
----------- ------------
NORWAY (0.48%)
346,000 Transocean Drilling AS (a)(2)... 2,168,640 5,591,752
325,000 Schibsted AS (11)............... 2,491,418 3,777,565
50,000 Petroleum Geo-Services AS ADR
(a)(2)......................... 798,137 1,225,000
225,000 Western Bulk Shipping AS (7).... 1,263,505 1,218,055
----------- ------------
6,721,700 11,812,372
----------- ------------
</TABLE>
10
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
SWEDEN (0.49%)
315,000 AssiDoman AB (4)................ $ 6,695,503 $ 7,572,442
545,000 Bylock & Nordsjofrakt AB "B'
(7)............................ 5,129,313 4,628,683
----------- -----------
11,824,816 12,201,125
----------- -----------
FINLAND (0.35%)
1,425,000 Tampella Oy AB (a)(8)........... 5,480,764 4,566,612
110,000 Vaisala Oy A (6)................ 3,897,586 4,013,988
----------- -----------
9,378,350 8,580,600
----------- -----------
DENMARK (0.57%)
200,000 Carlsberg International A/S
Class "B' (9).................. 9,003,558 9,814,180
32,800 Aarhus Oliefabrik A/S Class "A'
(17)........................... 1,248,822 1,834,385
20,000 Aarhus Oliefabrik A/S Class "B'
(17)........................... 784,804 1,136,568
18,000 Kobenhavns Lufthavne A/S (7).... 794,222 1,347,645
----------- -----------
11,831,406 14,132,778
----------- -----------
GERMANY (3.23%)
50,750 Buderus AG (8).................. 23,015,383 22,125,437
60,500 Bayer AG (16)................... 11,620,241 15,448,880
15,000 Axel Springer Verlag AG (11).... 5,291,362 9,058,782
50,000 SAP AG Pfd. (6)................. 856,774 8,135,059
5,000 Hornbach Holding AG Pfd. (10)... 2,935,403 5,388,383
20,000 Spar Handells AG Pfd. (10)...... 4,758,663 5,010,496
31,500 Bertelsmann AG D.R.C. (11)...... 3,596,683 4,276,417
8,250 Sudzucker AG Pfd. (9)........... 2,804,626 3,498,600
8,250 Degussa AG (17)................. 1,925,189 2,574,877
16,500 Deutsche Lufthansa AG Pfd. (7).. 834,795 2,078,376
7,500 Jungheinrich AG Pfd. (8)........ 977,292 1,532,540
4,808 Signalbau Huber AG (8).......... 1,202,001 571,980
----------- -----------
59,818,412 79,699,827
----------- -----------
SWITZERLAND (1.93%)
11,500 Schindler Holding AG PC (8)..... 8,277,583 10,201,211
17,500 Societe Generale d'Affichage SA
D.R.C. (11).................... 3,560,683 7,602,769
5,650 Merck AG Pfd. Bearer (12)....... 2,492,848 5,466,637
3,500 Lindt & Sprungli AG PC (9)...... 3,143,265 5,088,706
18,500 Sika Finanz AG Bearer (5)....... 4,141,671 4,675,032
3,740 Pick Pay AG Bearer (c)(10)...... 3,346,888 4,142,968
12,500 Vetropack Holding AG Bearer
(17)........................... 2,815,229 3,786,239
425 Vetropack Holding AG PC (17).... 1,005,988 1,397,663
26,500 Swissair AG D.R.C (a)(7)........ 2,074,652 2,981,393
22,500 Pelikan Holdings AG Bearer
(a)(9)......................... 2,810,357 2,161,401
----------- -----------
33,669,164 47,504,019
----------- -----------
</TABLE>
11
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
AUSTRIA (0.56%)
125,000 Flughafen Wien AG (7)........... $ 5,373,169 $ 7,899,975
65,000 VAE AG (8)...................... 6,026,550 5,912,913
----------- ------------
11,399,719 13,812,888
----------- ------------
NETHERLANDS (2.36%)
450,000 Randstad Holdings NV (17)....... 6,826,947 19,324,290
390,000 Philips Electronics NV ADR (9).. 7,892,059 19,012,500
245,000 Apothekers Cooperatie OPG U.A.
(12)........................... 5,876,765 5,926,678
222,750 Content Beheer NV (17).......... 2,897,204 5,527,675
38,500 Holdingmaatschappij de Telegraaf
NV (11)........................ 2,304,251 5,270,346
135,000 German City Estates NV (17)..... 2,432,508 2,269,971
17,100 Bosch & Keuning NV (11)......... 575,518 769,596
----------- ------------
28,805,252 58,101,056
----------- ------------
BELGIUM (0.22%)
46,500 Deceuninck Plastics Industries
SA (5)......................... 5,139,817 5,457,541
----------- ------------
FRANCE (4.63%)
165,000 Legrand ADP (8)................. 9,920,119 16,140,849
138,233 Emin Leydier (c)(4)............. 6,686,933 14,055,453
57,814 Promodes C.I. (10).............. 2,086,817 10,794,840
160,000 Elf Aquitaine (2)............... 12,384,325 10,790,603
49,080 NSC (Nicolas Schlumberger et
Cie) (8)....................... 9,366,819 9,960,931
142,800 Gaumont SA (11)................. 7,134,755 8,259,779
17,803 Societe Sucriere de Pithiviers-
le-Vieil (3)................... 5,910,019 8,256,097
37,934 Sabeton SA (17)................. 5,240,878 5,273,690
71,342 La Brosse et Dupont (c)(9)...... 3,799,227 4,734,656
55,000 Crometal (8).................... 3,774,730 4,017,352
40,000 Eramet (1)...................... 2,849,868 3,036,176
36,500 C.E.E. (Continentale
d'Equipements
Electriques) (c)(8)............ 4,590,040 2,896,443
18,853 Radiall (6)..................... 510,620 2,027,924
29,167 Conflandey (8).................. 1,324,527 1,804,864
10,479 Robertet SA (17)................ 781,685 1,552,523
5,112 Robertet SA C.I. (17)........... 527,637 1,091,445
40,000 Groupe Legris Industries SA (8). 1,214,962 1,383,327
31,235 SAGA (Societe Anonyme de Gerance
et d'Armement) (7)............. 2,790,144 1,318,561
2,754 Taittinger (9).................. 1,160,162 1,201,704
2,235 Taittinger C.I. (9)............. 607,842 621,431
4,500 L'Oreal (9)..................... 551,169 1,147,090
5,000 Marie Brizard et Roger
International, SA (9).......... 1,283,234 1,116,241
18,719 Precia SA (17).................. 1,026,960 1,056,143
5,290 Eridania Beghin Say C.I. (3).... 635,620 798,774
3,848 Societe Francaise de Papiers
Peints (9)..................... 456,394 753,629
1,500 Elf Gabon (2)................... 213,517 212,796
----------- ------------
86,829,003 114,303,321
----------- ------------
</TABLE>
12
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
ITALY (0.39%)
8,250,000 Montedison Non Convertible
Savings SpA (a)(17)............ $ 4,097,124 $ 4,965,325
550,000 Arnoldo Mondadori Editore SpA
(11)........................... 3,486,011 3,371,517
100,000 Istituto Finanziario Industriale
SpA Pfd. (17).................. 1,373,832 1,229,102
----------- -----------
8,956,967 9,565,944
----------- -----------
SPAIN AND PORTUGAL (0.11%)
320,422 Omsa Alimentacion SA (9)........ 1,466,523 1,492,508
100,000 Espirito Santo Financial
Holdings SA ADR (13)........... 1,561,541 1,175,000
----------- -----------
3,028,064 2,667,508
----------- -----------
GREECE (0.17%)
343,930 H. Benrubi & Fils SA (9)........ 2,021,286 1,698,237
141,160 H. Benrubi & Fils SA Pfd. (9)... 672,669 484,877
40,340 Titan Cement Co. (5)............ 1,189,702 1,730,341
8,310 Titan Cement Co. Pfd. (5)....... 200,499 244,411
----------- -----------
4,084,156 4,157,866
----------- -----------
TURKEY (0.23%)
117,199,360 Medya Holdings (11)............. 7,661,806 2,887,123
107,510,000 Sabah Yayincilik A.S. (11)...... 2,991,637 2,730,343
----------- -----------
10,653,443 5,617,466
----------- -----------
ISRAEL (0.15%)
1,299,705 The Israel Land Development
Company Ltd. (17).............. 5,616,066 3,756,572
----------- -----------
SOUTH AFRICA (0.53%)
402,610 Omni Media Corporation (11)..... 2,403,287 4,134,421
1,075,000 Pick'n Pay Stores Ltd. (10)..... 3,215,988 3,311,768
264,400 The Tongaat-Hulett Group Ltd.
(3)............................ 1,591,322 3,258,163
550,000 J D Group Ltd. (10)............. 968,094 2,296,843
----------- -----------
8,178,691 13,001,195
----------- -----------
JAPAN (4.82%)
845,000 Fuji Photo Film Co., Ltd. (9)... 20,712,358 20,976,381
265,000 Ito-Yokado Co. Ltd. (10)........ 12,297,740 14,594,974
1,000,000 Hitachi Ltd. (8)................ 7,919,116 10,854,271
67,250 Toho Co. (11)................... 10,369,638 10,476,130
1,050,000 Nisshinbo Industries Inc. (8)... 10,468,056 9,075,376
385,000 Shimano Inc. (17)............... 8,572,809 7,738,693
700,000 Tokyo Marine and Fire Insurance
Co., Ltd. (13)................. 8,073,390 7,527,638
650,000 Nittetsu Mining Co., Ltd (17)... 5,632,261 5,683,417
117,200 Tsutsumi Jewelry Co., Ltd. (9).. 6,089,896 5,488,964
195,000 Chofu Seisakusho (9)............ 4,393,324 4,762,311
700,000 Dai-Tokyo Fire Marine Insurance
Co., Ltd. (13)................. 4,625,585 4,713,567
125,000 Asatsu Inc. (11)................ 4,588,327 4,459,799
818,000 Iino Kaiun Kaisha (7)........... 5,085,439 4,110,552
</TABLE>
13
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(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)
540,000 Aida Engineering Limited (8).... $ 3,910,765 $ 3,880,402
135,000 Nomura Securities Co., Ltd.
(13)........................... 2,701,268 2,632,160
125,000 Japan Airport Terminal Co., Ltd.
(7)............................ 1,309,820 1,520,100
5,000 Fast Retailing Co., Ltd. (10)... 275,148 281,407
------------ ------------
117,024,940 118,776,142
------------ ------------
SOUTH KOREA (0.55%)
65,000 Young Chang Akki Co. (a)(9)..... 3,319,100 3,088,388
54,390 LG Industrial Systems (8)....... 2,212,571 1,727,565
362 Samsung Electronics Co. (6)..... 44,599 77,315
21,123 Samsung Electronics Co. Pfd.
(6)............................ 1,565,178 2,408,713
4,000 Samsung Electronics Co. GDR (6). 244,000 281,000
78,500 LG Electronics Co., Ltd. Pfd.
(6)............................ 1,467,262 1,491,929
50,000 Choong Nam Spinning (a)(17)..... 1,149,251 1,139,026
60,780 Ssangyong Cement Industries Pfd.
(5)............................ 1,228,179 1,107,680
27,532 Korean Air (7).................. 645,544 935,414
33,000 Korean Air Pfd. (7)............. 593,579 592,814
20,380 Cheil Foods and Chemicals Pfd.
(9)............................ 677,178 649,973
148 Cheil Foods and Chemicals (9)... 12,552 9,575
------------ ------------
13,158,993 13,509,392
------------ ------------
HONG KONG (1.41%)
42,500,000 CDL Hotels International Ltd.
(14)........................... 15,631,655 19,238,230
10,545,000 Shaw Brothers (Hong Kong)
Limited (11)................... 12,672,851 12,001,551
3,000,000 South China Morning Post
Holdings Corp. (11)............ 1,146,607 1,775,090
2,000,000 Ming Pao Enterprise Corp. (11).. 576,942 937,661
475,000 Cross Harbour Tunnel Company
(17)........................... 923,512 921,495
------------ ------------
30,951,567 34,874,027
------------ ------------
SINGAPORE AND MALAYSIA (0.56%)
2,000,000 Times Publishing Ltd. (11)...... 4,726,637 4,636,459
700,000 Singapore Bus Service Ltd. (7).. 5,777,045 4,622,409
875,000 Rothmans Industries Limited (9). 3,592,061 3,503,688
1,050,000 The Computer Systems Advisors
Group (6)...................... 747,856 1,143,308
------------ ------------
14,843,599 13,905,864
------------ ------------
AUSTRALIA AND NEW ZEALAND
(1.80%)
8,778,199 Carter Holt Harvey Limited (4).. 14,867,332 20,445,680
6,579,000 Tasman Agriculture Limited
(c)(3)......................... 3,953,158 5,973,541
3,140,000 Spotless Services, Limited (17). 3,174,471 3,561,702
2,575,500 The Colonial Motor Company
Limited (c)(17)................ 2,092,978 3,473,827
6,028,000 Shortland Properties, Limited
(c)(17)........................ 1,825,560 3,410,865
3,852,700 Wrightson, Limited (3).......... 3,965,324 3,143,256
525,000 The Wilson and Horton Group
(11)........................... 1,386,288 2,849,745
2,313,100 Apple Fields Limited (a)(c)(3).. 2,046,755 1,126,209
740,000 Damba Holdings Limited
(a)(c)(17)..................... 400,559 365,162
------------ ------------
33,712,425 44,349,987
------------ ------------
</TABLE>
14
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
CANADA (1.29%)
615,000 Noranda, Inc. (1)............... $ 11,007,953 $ 12,490,218
545,000 Canadian Pacific Ltd. (17)...... 8,654,353 8,720,000
1,935,000 Redstone Resources, Inc. (c)(2). 8,405,116 5,335,940
375,000 Dofasco, Inc. (1)............... 5,193,171 4,541,643
30,000 Dofasco, Inc. $2.60 Conv. Pfd.
(1)............................ 624,784 721,073
408,000 Auberges des Gouverneurs Inc.
(a)(c) (17).................... 844,432 121,631
-------------- --------------
34,729,809 31,930,505
-------------- --------------
MEXICO (0.49%)
3,150,000 Industrias Penoles S.A. de C.V.
(1)............................ 6,369,121 11,841,177
10,000 Grupo Televisa S.A. GDR (11).... 173,100 200,000
-------------- --------------
6,542,221 12,041,177
-------------- --------------
ARGENTINA (0.55%)
8,175,000 Siderca S.A.I.C. (8)............ 5,608,649 6,466,748
4,928,923 Ledesma SA (3).................. 5,843,811 5,619,253
592,500 IRSA Inversiones y
Representaciones S.A. (17)..... 1,322,073 1,416,145
-------------- --------------
12,774,533 13,502,146
-------------- --------------
MISCELLANEOUS (1.00%)
405,000 Minorco ADR (17)................ 6,572,244 11,036,250
172,500 Banco Latinoamericano de
Exportaciones SA (Bladex) (13). 5,628,888 6,964,687
67,500 Safra Republic Holdings SA
Bearer (13).................... 3,684,705 5,872,500
3,100 Chinoin Rt (12)................. 1,113,273 902,914
-------------- --------------
16,999,110 24,776,351
-------------- --------------
TOTAL COMMON AND PREFERRED
STOCKS......................... 1,228,306,181 1,487,277,917
-------------- --------------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
U.S. DOLLAR CONVERTIBLE BONDS
(5.57%)
$1,000,000 Novacare Inc. 5 1/2% due
1/15/2000 (12)................. 871,205 873,750
4,250,000 California Energy Co. 5% due
7/31/2000 (2).................. 3,883,180 4,414,687
6,250,000 Chiron Corp. 1.9% due 11/17/2000
(b)(12)........................ 4,776,347 5,710,937
500,000 Fabri-Centers of America, Inc. 6
1/2%
due 3/01/2002 (10)............. 393,912 439,375
945,000 Roy F. Weston, Inc. 7% due
4/15/2002 (17)................. 843,762 800,887
3,665,000 Coeur d'Alene Mines Corp. 6% due
6/10/2002 (1).................. 3,165,810 3,445,100
7,000,000 Riverwood International
Corporation 6 3/4%
due 9/15/2003 (4).............. 7,520,625 9,240,000
1,000,000 Agnico Eagle Mines Limited 3
1/2% due 1/27/2004 (1)......... 752,734 862,500
1,000,000 Scandinavian Broadcasting System
SA 7 1/4%
due 8/01/2005 (11)............. 1,017,500 1,122,500
</TABLE>
15
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
(continued)
U.S. DOLLAR CONVERTIBLE BONDS
(continued)
$1,812,000 American City Business Journals,
Inc. 6% due 12/31/2011 (11).... $ 1,464,981 $ 3,166,470
6,750,000 The Price Company 5 1/2% due
2/28/2012 (10)................. 6,020,394 6,572,812
2,640,000 Evans & Sutherland Computer
Corp. 6% due 3/01/2012 (6)..... 1,798,803 2,112,000
3,721,454 Security Capital Group, Inc. 12%
due 6/30/2014 (b)(17).......... 2,940,000 3,463,531
2,741,550 Time Warner, Inc. 8 3/4% due
1/10/2015 (11)................. 2,655,450 2,868,346
1,764,000 Air & Water Technologies Corp.
8%
due 5/15/2015 (8).............. 1,522,264 1,494,990
5,750,000 AMR Corp. 6 1/8% due 11/01/2024
(7)............................ 5,209,649 5,886,562
2,460,000 Moran Energy 8% due 11/01/1995
(2)............................ 2,449,215 2,484,600
6,270,000 Tubos de Acero de Mexico SA 7
1/2%
due 6/12/1997 (2).............. 6,111,783 5,643,000
1,000,000 International Container Terminal
Services Corp. 6% due 2/16/2000
(b)(7)......................... 1,000,000 1,050,000
5,320,000 Gold Mines of Kalgoorlie Ltd. 7
1/2%
due 2/28/2000 (1).............. 4,379,173 5,758,900
1,000,000 Homestake Mining Co. 5 1/2% due
6/23/2000 (b)(1)............... 925,496 1,013,750
5,595,000 P.T. Pabrik Kertas Tjiwi Kimia 7
1/4%
due 4/12/2001 (4).............. 5,156,006 5,532,056
1,020,000 Acer Inc. 4% due 6/10/2001 (6).. 1,265,032 3,366,000
5,300,000 Tung Ho Steel Enterprise Corp.
4%
due 7/26/2001 (1).............. 5,914,484 6,254,000
2,500,000 International Container Terminal
Services Corp. 5% due 9/15/2001
(7)............................ 2,050,440 2,150,000
3,960,000 Cetus Corp 5 1/4% due 5/21/2002
(12)........................... 3,587,037 3,791,700
6,150,000 P.T. Inti Indorayon Utama 5 1/2%
due 10/01/2002 (4)............. 7,307,925 6,918,750
1,200,000 CML Group Inc. 5 1/2% due
1/15/2003 (b)(10).............. 899,732 927,000
1,050,000 CML Group Inc. 5 1/2% due
1/15/2003 (10)................. 797,393 811,125
3,000,000 Sincere Navigation Corp. 3 3/4%
due 5/26/2003 (7).............. 3,135,000 3,142,500
7,000,000 Coeur d'Alene Mines Corp. 6 3/8%
due 1/31/2004 (1).............. 6,937,358 6,825,000
1,250,000 Barlow Rand International
Investments plc 7%
due 9/20/2004 (12)............. 1,289,000 1,606,250
3,920,000 Battle Mountain Gold Co. 6% due
1/04/2005 (1).................. 2,837,843 3,322,200
1,200,000 Builders Transport Inc. 8% due
8/15/2005 (7).................. 710,894 1,152,000
4,510,000 Ssangyong Cement Company 3% due
12/31/2005 (5)................. 4,965,287 5,524,750
4,880,000 Far Eastern Textile 4% due
10/07/2006 (9)................. 5,577,650 5,563,200
9,750,000 Cheil Foods and Chemicals Co. 3%
due 12/31/2006 (9)............. 11,840,212 12,041,370
------------ ------------
123,973,576 137,352,598
------------ ------------
U.S. DOLLAR BONDS AND NOTES
(11.10%)
6,050,000 The Columbia Gas System, Inc. 9%
due 8/01/1993 (a)(d)(2)........ 6,889,625 8,742,250
1,500,000 El Paso Electric Co. 6 3/4% due
5/01/1998 (h)(15).............. 1,488,750 1,470,000
</TABLE>
16
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
(continued)
U.S. DOLLAR BONDS AND NOTES
(continued)
$1,000,000 The Columbia Gas System, Inc.
9.2%
due 9/21/1998 (a)(e)(2)......... $1,065,000 $1,460,000
1,538,000 The Columbia Gas System, Inc. 10
1/2%
due 5/01/1999 (a)(e)(2)......... 1,659,228 2,245,480
6,500,000 Global Marine Inc. 12 3/4% due
12/15/1999 (2).................. 7,013,750 7,215,000
3,800,000 Riverwood International
Corporation 10 3/4%
due 6/15/2000 (4)............... 3,865,500 4,123,000
2,050,000 Anacomp, Inc. 15% 11/01/2000
(a)(d)(6)....................... 2,349,750 1,527,250
1,000,000 Republic New York Corp. 9 3/4%
due 12/01/2000 (13)............. 1,000,000 1,140,742
5,550,000 USAir Group, Inc. 9 5/8% due
2/02/2001 (7)................... 4,222,255 4,620,375
1,000,000 Bayou Steel Corp. 10 1/4% due
3/01/2001 (1)................... 915,427 920,000
2,000,000 El Paso Electric Co. 7 3/4% due
4/01/2001 (h)(15)............... 2,082,876 2,040,000
5,250,000 Rowan Companies, Inc. 11 7/8% due
12/01/2001 (2).................. 5,597,000 5,696,250
6,977,000 Republic Engineered Steels, Inc.
9 7/8%
due 12/15/2001 (5).............. 6,565,692 6,523,495
1,643,000 General Host Co. 11 1/2% due
2/15/2002 (10).................. 1,432,252 1,634,785
4,000,000 Florsheim Shoe Co. 12 3/4% due
9/01/2002 (9)................... 3,573,398 3,890,000
3,000,000 Pacific Lumber Company 10 1/2%
due 3/01/2003 (4)............... 2,841,177 2,835,000
2,000,000 Pamida Holdings Corp. 11 3/4% due
3/15/2003 (10).................. 1,946,928 1,710,000
7,650,000 Tuboscope Vetco International
Corp. 10 3/4% due 4/15/2003 (2). 7,716,290 7,707,757
6,600,000 USAir Group, Inc. 10% due
7/01/2003 (7)................... 4,801,382 5,428,500
4,100,000 Outlet Broadcasting, Inc. 10.875%
due 7/15/2003 (11).............. 4,153,099 4,325,500
6,130,000 Noble Drilling Corp. 9 1/4% due
10/01/2003 (2).................. 6,042,173 6,344,550
5,500,000 Southland Corp. 5% due 12/15/2003
(10)............................ 3,814,632 4,262,500
2,000,000 California Energy Company, Inc.
0%
due 1/15/2004 (a)(15)........... 1,513,327 1,794,732
10,000,000 MFS Communications, Inc. 0% due
1/15/2004 (11).................. 6,220,562 7,600,000
2,000,000 The Columbia Gas System, Inc.
9.49%
due 2/25/2004 (a)(e)(2)......... 2,310,000 2,920,000
1,000,000 Wilrig AS 11 1/4% due 3/15/2004
(2)............................. 1,002,500 1,085,000
4,589,000 Southland Corp. 4% due 6/15/2004
(10)............................ 2,715,971 3,028,740
5,750,000 Riverwood International
Corporation 10 3/8%
due 6/30/2004 (4)............... 5,729,536 6,360,937
500,000 Gerrity Oil & Gas Corp. 11 3/4%
due 7/15/2004 (2)............... 412,791 462,500
1,314,515 Carson Pirie Scott & Company 13%
due 3/28/2005 (10).............. 889,332 1,317,801
1,500,000 Riggs National Corp. 8 1/2% due
2/01/2006 (13).................. 1,455,472 1,507,500
690,000 BPCA Finance Ltd. 11 3/8% due
12/04/1995 (13)................. 685,194 189,750
1,000,000 Banco Safra SA 8% due 8/17/1996
(13)............................ 999,398 987,500
1,000,000 Banco Safra SA 7 3/4% due
12/16/1996 (13)................. 970,320 980,000
2,000,000 Telebras SA 10% due 10/22/1997
(15)............................ 1,973,583 2,015,000
1,500,000 Cemex SA 8 7/8% due 6/10/1998
(5)............................. 1,489,821 1,411,875
</TABLE>
17
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(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)
$ 2,909,000 Aracruz Cellulose SA 9% due
7/22/1998 (4)................... $ 2,772,289 $ 2,865,365
5,750,000 IRSA Inversiones y
Representaciones S.A. 8 7/8%
due 3/03/1999 (17).............. 5,329,968 4,945,000
3,300,000 Tubos de Acero de Mexico SA 10
1/2%
due 3/10/1999 (2)............... 3,233,689 2,810,610
1,500,000 Republic of Turkey 9% due
6/15/1999 (14).................. 1,335,006 1,479,300
3,800,000 Cemex SA 10% due 11/05/1999 (5).. 3,619,393 3,591,000
1,500,000 Tubos de Acero de Mexico 13 3/4%
due 12/08/1999 (2).............. 1,328,497 1,479,375
1,500,000 P.T. Inti Indorayon Utama 9 1/8%
due 10/15/2000 (4).............. 1,316,260 1,417,500
1,737,600 GTE Finance Corp. 7% due
11/07/2000 (13)................. 1,673,016 1,794,072
4,800,000 PT Pabrik Kertas Tjiwi Kimia 13
1/4%
due 8/01/2001 (4)............... 4,932,750 5,160,000
500,000 Cemex SA 9 1/2% 9/20/2001 (5).... 239,047 448,750
640,000 Aracruz Cellulose SA 10 3/8% due
1/31/2002 (4)................... 604,480 603,200
1,000,000 Banco Safra SA 10 3/8% due
10/27/2002 (b)(13).............. 984,319 993,750
22,004,460 Federal Republic of Brazil "C'
Bonds 8% due 4/15/2014 (14)..... 10,647,939 11,689,869
10,500,000 Republic of Poland PDI 3 1/4% due
10/27/2014 (14)................. 4,817,804 6,628,125
2,500,000 Republic of the Philippines Par
"B' 5 3/4% due 12/01/2017 (14).. 1,580,875 1,856,250
2,500,000 Republic of Venezuela Par 6 3/4%
due 3/31/2020 (14).............. 1,189,129 1,278,125
13,600,000 Central Bank of Nigeria Par 6
1/4%
due 11/15/2020 (13)............. 1,285,296 1,342,500
9,500,000 Republic of Argentina Par 4 1/4%
due 3/31/2023 (14).............. 4,256,006 4,571,875
7,000,000 Republic of Ecuador Par 3% due
2/28/2025 (14).................. 2,287,005 2,283,750
1,750,000 Central Bank of the Philippines
NMB
due 1/05/2005 (6.8125% @
9/30/1995) (14)................. 1,579,093 1,570,625
3,500,000 United Mexican States Aztec FRN
due 3/31/2008 (8.125% @
9/30/1995) (14)................. 3,161,934 3,158,750
16,450,000 Republic of Argentina FRB
due 3/31/2005 (7.3125% @
9/30/1995) (14)................. 11,936,242 10,219,562
1,500,000 Republic of Argentina Disc. FRN
due 3/31/2023 (6.875% @
9/30/1995) (14)................. 871,851 871,875
1,000,000 Republic of Venezuela FLIRB "A'
due 3/31/2007 (7.3125% @
9/30/1995) (14)................. 444,165 512,500
4,000,000 Republic of Venezuela FLIRB "B'
due 3/31/2007 (7% @ 9/30/1995)
(14)............................ 1,904,904 2,050,000
3,000,000 Republic of Venezuela DCB's FRN
due 12/18/2007 (6.8125% @
9/30/1995) (14)................. 1,563,203 1,518,750
1,000,000 Republic of Venezuela "A' Disc.
FRN
due 3/31/2020 (7.1875% @
9/30/1995) (14)................. 535,904 532,500
</TABLE>
18
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(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)
$2,000,000 Republic of Venezuela "B' Disc.
FRN
due 3/31/2020 (7% @ 9/30/1995)
(14)............................ $1,070,208 $1,065,000
1,000,000 Republic of the Phillipines DCB's
FRN
due 12/01/2009 (6.875% @
9/30/1995) (14)................. 862,364 881,250
7,000,000 Republic of Bulgaria FLIRB
due 7/28/2012 (2% @ 9/30/1995)
(14)............................ 1,809,243 1,846,250
9,250,000 Republic of Bulgaria "A' Disc.
FRN
due 7/28/2024 (6.75% @
9/30/1995) (14)................. 4,249,894 4,632,812
2,850,000 Federal Republic of Brazil IDU
FRN
due 1/01/2001 (6.6875% @
9/30/1995) (14)................. 2,345,437 2,422,500
8,000,000 Federal Republic of Brazil EI FRN
due 4/15/2006 (7 1/4% @
9/30/1995) (14)................. 4,984,634 5,320,000
7,500,000 Federal Republic of Brazil Disc.
FRN
due 4/15/2024 (7 1/4% @
9/30/1005) (14)................. 4,328,400 4,556,250
6,250,000 Federal Republic of Brazil Disc.
FRN
due 4/15/2024 (4 1/4% @
9/30/1995) (14)................. 2,612,898 3,023,437
1,021,486 Republic of Ecuador PDI FRN
due 2/27/2015 (6.8125% @
9/30/1995) (14)................. 338,361 333,898
5,250,000 Republic of Ecuador Disc. FRN
due 2/28/2025 (6.8125% @
9/30/1995 (14).................. 2,709,747 2,585,625
6,250,000 Republic of Poland Disc. FRN
due 10/27/2024 (7.125% @
9/30/1995) (14)................. 4,355,206 4,835,937
2,000,000 Kansallis Osake Pankki FRN
due 2/21/1996 (6.5375% @
9/30/1995) (13)................. 2,003,000 1,997,760
2,250,000 Italian International Bank FRN
due 6/20/1996 (6.125% @
9/30/1995) (13)................. 2,225,831 2,228,962
2,000,000 Grupo Industrial Durango SA FRN
due 11/18/1996 (9.6875% @
9/30/1995) (4).................. 2,005,000 1,925,000
2,000,000 Shawmut Corp. FRN
due 2/24/1997 (6.3125% @
9/30/1995) (13)................. 1,998,090 1,999,300
1,750,000 Manufacturers Hanover Trust Co.
FRN
due 7/15/1997 (6.1875% @
9/30/1995) (13)................. 1,775,375 1,750,087
1,000,000 Lonrho Finance plc FRN
due 7/19/1997 (7.125% @
9/30/1995) (13)................. 998,496 995,050
5,500,000 Wells Fargo & Co. FRN
due 4/28/2000 (6% @ 9/30/1995)
(13)............................ 5,304,818 5,453,250
1,500,000 Vital Forsikring FRN
due 12/22/2003 (7.0625% @
9/30/1995) (13)................. 1,494,120 1,513,875
5,500,000 Bergen Bank Floating Rate
Perpetual Notes
(6% @ 9/30/1995) (13)........... 3,888,750 4,207,500
3,500,000 Den Norske Bank Floating Rate
Perpetual Notes (6.087% @
9/30/1995) (13)................. 2,610,000 2,695,000
2,000,000 Den Norske Bank Floating Rate
Perpetual Notes
(6% @ 9/30/1995) (13)........... 1,978,017 1,971,300
</TABLE>
19
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(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)
$ 3,170,000 Den Norske Bank Floating
Rate Perpetual Notes
(6.125% @ 9/30/1995) (13).. $ 2,059,625 $ 2,466,577
13,600,000 Christiania Bank Floating
Rate Perpetual Notes
(6.437% @ 9/30/1995) (13).. 9,590,750 10,608,000
5,000,000 Goldman Sachs Group L.P.
Cocoa Indexed Note 6 3/4%
due 11/07/1995 (f)(13)..... 5,000,000 4,485,000
1,100,000 Kingdom of Denmark FRN
due 3/25/1997 (8.086% @
9/30/1995) (f)(14)......... 825,134 913,000
2,028,988 Posgold Finance Ltd. 2.65%
Gold Denominated Notes due
7/15/2004 (b)(f)(1)........ 2,028,988 1,963,520
------------ ------------
260,286,441 273,872,887
------------ ------------
U.S. TREASURY NOTES (1.89%)
10,000,000 U.S. Treasury Note 6 7/8%
due 10/31/1996 (14)........ 9,957,185 10,118,750
5,000,000 U.S. Treasury Note 7 1/2%
due 12/31/1996 (14)........ 4,987,892 5,103,125
5,000,000 U.S. Treasury Note 7 3/8%
due 11/15/1997 (14)........ 4,977,427 5,143,750
5,000,000 U.S. Treasury Note 5 1/8%
due 11/30/1998 (14)........ 4,632,465 4,885,935
20,000,000 U.S. Treasury Note 7 3/4%
due 11/30/1999 (14)........ 19,975,000 21,268,740
------------ ------------
44,529,969 46,520,300
------------ ------------
NON U.S. DOLLAR CONVERTIBLE
BONDS (2.09%)
CAD 2,000,000 Intertan Inc. 9% due
8/30/2000 (b)(10).......... 1,523,902 2,213,527
CAD 1,600,000 Noranda Inc. 5% due
4/30/2007 (1).............. 992,400 1,049,375
(Pounds)2,425,000 Lonrho Finance plc 6% due
2/27/2004 (13)............. 3,420,600 3,614,617
FF 22,000,000 Alcatel Alsthom 2 1/2% due
1/01/2004 (8).............. 4,227,949 4,091,024
FF 26,790,000 Compagnie Generale des Eaux
6%
due 1/01/1998 (15)......... 5,287,117 6,078,211
FF 25,000,000 Michelin 6% due 1/02/1998
(16)....................... 4,280,662 5,257,750
FF 15,386,000 Immobiliere Hoteliere 5% due
1/01/2001 (17)............. 4,636,395 3,198,436
FF 6,923,250 Promodes 5 1/2% due
1/01/2000 (10)............. 1,525,261 1,999,366
FF 49,469,000 Euro Disney SCA 6 3/4% due
10/01/2001 (17)............ 6,658,730 9,301,231
ECU 4,075,000 BCP Bank & Trust Co. 8 3/4%
due 5/21/2002 (13)......... 5,190,497 5,466,885
ECU 500,000 Espirito Santo Financial
Holding SA 8 3/4%
due 4/10/2003 (13)......... 654,417 652,150
(Yen) 150,000,000 Hitachi Ltd. 2.7% due
3/31/1997 (6).............. 1,312,401 1,974,874
(Yen) 200,000,000 Nippon Yusen Kabushiki 2%
due 9/29/2000 (7).......... 2,326,670 2,331,658
NZD 7,412,833 Shortland Properties Inc. 7
1/2%
due 12/31/1998 (17)........ 3,688,929 4,267,614
------------ ------------
45,725,930 51,496,718
------------ ------------
NON U.S. DOLLAR BONDS AND
NOTES (3.10%)
ITL 2,700,000,000 Dresdner Bank Zero Coupon
due 7/19/2000 (a)(13)...... 1,098,884 1,005,185
ITL 1,450,000,000 European Bank for
Reconstruction &
Development 9 3/4% due
7/28/2000 (13)............. 923,671 859,674
ITL 3,000,000,000 American International Group
11.7% due 12/04/2001 (13).. 2,017,631 1,897,058
</TABLE>
20
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
(continued)
NON U.S. DOLLAR BONDS AND
NOTES (continued)
ITL1,410,000,000 Republic of Ireland 11 1/4%
due 4/02/2002 (14).......... $ 919,157 $ 864,334
CAD 3,000,000 Canada 9 3/4% due 5/01/2000
(14)........................ 2,231,394 2,438,591
CAD 3,000,000 Province of Alberta 10 1/4%
due 8/22/2001 (14).......... 2,224,786 2,496,366
CAD 4,000,000 Province of Quebec 10 1/4%
due 10/15/2001 (14)......... 2,982,662 3,312,092
CAD 2,500,000 Bell Canada 8 1/2% due
6/09/2003 (15).............. 1,680,578 1,860,909
ECU 1,500,000 Republic of South Africa 10
3/8%
due 2/10/1997 (14).......... 1,768,559 2,009,920
ECU 4,000,000 Republic of France O.A.T. 6
3/4%
due 4/25/2002 (14).......... 4,795,011 4,967,686
FF 25,000,000 Republic of Venezuela Par
7.71%
due 3/31/2020 (14).......... 2,441,275 2,524,227
FF 9,965,000 Air Canada Floating Rate
Perpetual Note
(6 1/4% @ 9/30/1995) (7).... 3,987,908 4,006,222
FF 15,000,000 Republic of France O.A.T. 8
1/2%
due 11/25/2002 (14)......... 3,033,568 3,254,350
FF 39,185,000 United Mexican States Par
6.63%
due 12/31/2019 (14)......... 5,021,380 4,055,883
DM 2,000,000 Emhart Corp. 6 3/4% due
10/16/1995 (9).............. 1,244,771 1,399,580
ESP 650,000,000 Banco Nacional de Comercio
Exterior 12.65%
due 6/21/1998 (13).......... 5,052,673 5,021,973
SF 1,260,000 News International 5 3/8% due
4/30/1996 (11).............. 842,697 1,098,615
SF 3,180,000 Montedison Finance 3% due
7/03/1996 (13).............. 2,034,316 2,724,534
SF 5,500,000 Carter Holt Harvey Finance NV
5 7/8% due 10/16/2001 (4)... 3,345,559 4,974,037
SF 6,000,000 Air Canada 6 1/4% Perpetual
Notes (7)................... 1,698,998 3,388,143
SF 4,100,000 Scandinavian Air 5 3/4%
Perpetual Notes (7)......... 1,920,638 2,705,538
NZD 1,900,000 State Bank of South Australia
9 1/4%
due 10/29/1997 (13)......... 1,027,105 1,273,544
NZD 4,000,000 Telecom Corp. of New Zealand
10% due 7/10/1998 (15)...... 2,233,896 2,723,913
NZD 2,000,000 Republic of New Zealand 10%
due 3/15/2002 (14).......... 1,357,823 1,453,724
NZD 6,581,000 Telecom Corp. of New Zealand
9 1/4% due 7/01/2002 (15)... 3,992,674 4,551,879
NZD 2,850,000 State Bank of New South Wales
8% due 4/01/2003 (13)....... 1,634,282 1,849,374
NZD 2,000,000 Telecom Corp. of New Zealand
7 1/2% due 7/14/2003 (15)... 1,141,532 1,261,619
ZAR 10,500,000 Escom 15% due 10/01/1998
(15)........................ 2,426,798 2,912,834
ZAR 15,000,000 Republic of South Africa 13%
due 8/31/2010 (14).......... 2,885,833 3,585,408
------------ ------------
67,966,059 76,477,212
------------ ------------
TOTAL BONDS, NOTES AND
CONVERTIBLE BONDS........... 542,481,975 585,719,715
------------ ------------
</TABLE>
21
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
SHORT-TERM INVESTMENTS
(15.40%)
$ 8,047,000 General Motors Acceptance
Corporation 5.77%
due 10/02/1995.............. $ 8,045,711 $ 8,045,711
6,038,000 Newell Co. 6.70% due
10/02/1995.................. 6,036,877 6,036,877
10,000,000 USX Corp. 6.02% due
10/02/1995.................. 9,998,328 9,998,328
13,455,000 IBM Credit Corp. 5.72% due
10/03/1995.................. 13,450,725 13,450,725
4,800,000 Vulcan Materials Corp. 5.72%
due 10/03/1995.............. 4,798,475 4,798,475
10,000,000 CBS Inc. 5.80% due
10/04/1995.................. 9,995,167 9,995,167
5,665,000 Toshiba 5.73% due
10/04/1995.................. 5,662,295 5,662,295
6,840,000 AT&T Capital Corp. 5.68% due
10/05/1995.................. 6,835,684 6,835,684
10,760,000 Xerox Credit Corp. 5.72% due
10/05/1995.................. 10,753,162 10,753,162
9,499,000 Allianz of America 5.73% due
10/06/1995.................. 9,491,441 9,491,441
10,000,000 Newell Co. 5.76% due
10/06/1995.................. 9,992,000 9,992,000
15,000,000 CSX Corp. 5.80% due
10/10/1995.................. 14,978,250 14,978,250
9,515,000 Wal-Mart Stores Inc. 5.71%
due 10/10/1995.............. 9,501,418 9,501,418
9,084,000 International Paper Corp.
5.85% due 10/11/1995........ 9,069,238 9,069,238
4,430,000 R.R. Donnelley & Sons Co.
5.70% due 10/11/1995........ 4,422,986 4,422,986
5,000,000 Omnicom Finance Inc. 5.74%
due 10/12/1995.............. 4,991,230 4,991,230
13,802,000 Sony Capital Corp. 5.73% due
10/12/1995.................. 13,777,835 13,777,835
10,000,000 CBS Inc. 5.78% due
10/13/1995.................. 9,980,733 9,980,733
9,488,000 Motorola Credit Corp. 5.71%
due 10/13/1995.............. 9,469,942 9,469,942
10,774,000 American Home Products Inc.
5.75% due 10/16/1995........ 10,748,187 10,748,187
10,000,000 H.J. Heinz Co. 5.70% due
10/16/1995.................. 9,976,250 9,976,250
4,700,000 General Electric Capital
Corp. 5.69% due 10/16/1995.. 4,688,858 4,688,858
12,000,000 International Paper Corp.
5.82% due 10/17/1995........ 11,968,960 11,968,960
7,630,000 Jostens, Inc. 6% due
10/17/1995.................. 7,609,654 7,609,654
5,000,000 Omnicom Finance Inc. 5.74%
due 10/18/1995.............. 4,986,447 4,986,447
9,876,000 Union Pacific Corp. 5.815%
due 10/18/1995.............. 9,848,880 9,848,880
11,111,000 ITT Credit Corp. 5.81% due
10/19/1995.................. 11,078,722 11,078,722
10,128,000 Reed Elsevier Inc. 5.71% due
10/19/1995.................. 10,099,084 10,099,084
15,770,000 Carter Holt Harvey Ltd. 5.87%
due 10/20/1995.............. 15,721,144 15,721,144
4,472,000 Pepsi Co, Inc. 5.70% due
10/20/1995.................. 4,458,546 4,458,546
3,215,000 Rayonier Inc. 5.92% due
10/23/1995.................. 3,203,368 3,203,368
6,547,000 Bridgestone Firestone Fuji
5.75% due 10/23/1995........ 6,523,994 6,523,994
10,605,000 USX Corp. 5.95% due
10/23/1995.................. 10,566,439 10,566,439
11,536,000 American Home Products Inc.
5.73% due 10/24/1995........ 11,493,769 11,493,769
5,000,000 J.P. Morgan & Co. 5.70% due
10/24/1995.................. 4,981,791 4,981,791
10,331,000 Dayton Hudson Corp. 5.78% due
10/25/1995.................. 10,291,191 10,291,191
4,400,000 Paccar Financial Corp. 5.70%
due 10/25/1995.............. 4,383,280 4,383,280
10,000,000 Union Oil Company of
California 5.87% due
10/26/1995.................. 9,959,237 9,959,237
5,000,000 Hercules Inc. 5.73% due
10/27/1995.................. 4,979,308 4,979,308
12,000,000 Illinois Central Railroad
Company 5.85%
due 10/27/1995.............. 11,949,300 11,949,300
4,522,000 Sandoz Corp. 5.70% due
10/30/1995.................. 4,501,236 4,501,236
12,436,000 Bausch & Lomb Inc. 5.75% due
10/31/1995.................. 12,376,410 12,376,410
6,825,000 Hercules Inc. 5.80% due
10/31/1995.................. 6,792,012 6,792,012
5,270,000 Southland Corp. 5.76% due
11/01/1995.................. 5,243,860 5,243,860
-------------- --------------
TOTAL SHORT-TERM
INVESTMENTS................. 379,681,424 379,681,424
-------------- --------------
TOTAL INVESTMENTS (99.45%)... $2,150,469,580* 2,452,679,056**
==============
Other assets in excess of
liabilities (0.55%)......... 13,507,876
--------------
Net assets (100%)............ $2,466,186,932
==============
</TABLE>
22
<PAGE>
SoGen International Fund, Inc.
NOTES TO SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1995
(UNAUDITED)
(a) Non-income producing security.
(b) Can be sold only to qualified institutional buyers.
(c) Affiliate as defined by the Investment Company Act of 1940. Following is a
summary of transactions with each such affiliate for the six months ended
September 30, 1995.
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
Affiliate Shares Cost Shares Cost Gain Income
- - -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
North European Oil Royalty
Trust 20,000 $ 264,080 -- -- -- $323,050
A.P. Green Industries -- -- -- -- -- 42,210
BEI Electronics Inc. 21,500 160,875 -- -- -- 14,800
LeaRonal, Inc. 30,000 649,476 -- -- -- 150,939
Baldwin Piano & Organ Company -- -- -- -- -- --
Plasti-Line, Inc. -- -- -- -- -- --
Kirksville Bancshares, Inc. -- -- -- -- -- 15,990
East Texas Financial Services -- -- -- -- -- --
Logansport Financial Corp. 90,000 1,050,000 -- -- -- 9,000
FirstFed Bancorp Inc. -- -- -- -- -- 42,208
Wood Bancorp -- -- -- -- -- 8,145
Terra Mining AB 100,000 1,894,255 -- -- -- 58,802
Eltin Limited -- -- -- -- -- 164,956
Pick Pay AG Bearer -- -- -- -- -- 40,863
Emin Leydier -- -- -- -- -- 161,954
La Brosse et Dupont -- -- -- -- -- --
C.E.E. (Continentale d'
Equipements
Electriques) -- -- -- -- -- 82,119
Tasman Agriculture Limited 124,000 93,442 -- -- -- 58,116
The Colonial Motor Company
Limited -- -- -- -- -- 73,857
Shortland Properties, Limited -- -- -- -- -- 308,037
Apple Fields Limited 313,000 179,049 -- -- -- --
Damba Holdings Limited -- -- -- -- -- 8,281
Redstone Resources, Inc. 500,000 1,315,837 -- -- -- --
Auberges des Gouverneurs Inc. -- -- -- -- -- --
</TABLE>
(d) In default as to principal and interest.
(e) In default as to interest.
(f) Commodity linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(g) Restricted as to resale pending registration.
(h) Company in bankruptcy proceedings. Security not in default.
* Aggregate cost for federal income tax purposes is $2,149,701,056.
** Gross unrealized appreciation and depreciation of securities at September
30, 1995, based on cost for federal income tax purposes, were $374,734,964
and $71,756,964, respectively. (Net appreciation was $302,978,000.)
<TABLE>
<CAPTION>
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS
- - ------------------ ------------------------
<S> <C> <C>
CAD--Canadian Dollar (1) Metals and Minerals (10) Retail
(Pounds)--Pound Sterling (2) Energy (11) Media
FF--French Franc (3) Agriculture (12) Health Care
ECU--European Currency
Unit (4) Forest Products (13) Financial Institutions
(Yen)--Japanese Yen (5) Building Materials (14) Governmental Issues
NZD--New Zealand Dollar (6) Technology (15) Utilities
ITL--Italian Lira (7) Transportation (16) Multinational
DM--Deutsche Mark (8) Capital Goods (17) Miscellaneous
ESP--Spanish Peseta (9) Consumer Products
SF--Swiss Franc
ZAR--South African Rand
</TABLE>
- - -----------
See Notes to Financial Statements.
23
<PAGE>
SoGen International Fund, Inc.
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments, at value (Note 1):
Common and preferred stocks (identified cost, $1,228,306,181). $1,487,277,917
Bonds, notes and convertible bonds (identified cost,
$542,481,975)............................................... 585,719,715
Short-term investments (amortized cost, $379,681,424)......... 379,681,424
--------------
Total investments (cost, $2,150,469,580)................. 2,452,679,056
Cash........................................................... 357,162
Receivable for forward currency contracts held, at value (Notes
1 and 6)..................................................... 365,876,979
Receivable for investment securities sold...................... 1,754,421
Receivable for Fund shares sold................................ 8,992,523
Accrued interest and dividends receivable...................... 21,082,856
Prepaid expenses and other assets.............................. 28,422
--------------
TOTAL ASSETS............................................. 2,850,771,419
--------------
LIABILITIES:
Payable for forward currency contracts held, at value (Notes 1
and 6)....................................................... 363,371,155
Payable for investment securities purchased.................... 13,241,503
Payable for Fund shares redeemed............................... 1,534,399
Investment advisory fees payable (Note 2)...................... 4,488,871
Distribution fees payable (Note 3)............................. 1,149,984
Directors fees payable (Note 2)................................ 2,532
Accrued expenses and other liabilities......................... 796,043
--------------
TOTAL LIABILITIES........................................ 384,584,487
--------------
NET ASSETS:
Capital stock (par value, $0.001 per share).................... 96,300
Capital surplus................................................ 2,043,237,044
Net unrealized appreciation on:
Investments................................................... 302,209,476
Forward currency contracts.................................... 2,505,824
Foreign currency related transactions......................... 102,215
Undistributed net realized gains on investments................ 58,641,728
Undistributed net investment income............................ 59,394,345
--------------
NET ASSETS (Note 1)...................................... $2,466,186,932
==============
NET ASSET VALUE PER SHARE (based on 96,300,211 shares
outstanding;
250,000,000 shares authorized) (Note 5)........................ $ 25.61
==============
MAXIMUM OFFERING PRICE PER SHARE ($25.61/96.25%)................ $ 26.61
==============
</TABLE>
- - -----------
See Notes to Financial Statements.
24
<PAGE>
SoGen International Fund, Inc.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1995
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Income:
Interest....................................................... $ 60,734,238
Dividends (net of $1,369,976 foreign taxes withheld)........... 5,936,836
------------
Total income from operations................................... 66,671,074
------------
Expenses:
Investment advisory fees (Note 2).............................. 8,394,836
Distribution fees (Note 3)..................................... 2,220,000
Shareholder servicing agent fees............................... 1,251,200
Custodian fees................................................. 1,248,929
Registration and filing fees................................... 125,992
Printing....................................................... 98,274
Audit fees..................................................... 60,476
Insurance...................................................... 23,784
Legal fees..................................................... 20,159
Directors' fees (Note 2)....................................... 13,032
Miscellaneous.................................................. 60,476
------------
Total expenses from operations................................. 13,517,158
------------
Expense reduction due to earnings credits (Note 1)............. (74,017)
------------
Net expenses from operations................................... 13,443,141
------------
Net investment income (Note 1).................................. 53,227,933
------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND
FOREIGN CURRENCY RELATED TRANSACTIONS (NOTES 1 AND 6):
Net realized gains from:
Investment transactions........................................ 29,297,080
Foreign currency related transactions.......................... 2,630,890
------------
31,927,970
------------
Change in unrealized appreciation of:
Investments.................................................... 111,364,541
Foreign currency related transactions.......................... 15,041,207
------------
126,405,748
------------
Net gain on investments and foreign currency related
transactions.................................................. 158,333,718
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............. $211,561,651
============
</TABLE>
- - -----------
See Notes to Financial Statements.
25
<PAGE>
SoGen International Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
SEPTEMBER 30, ENDED
1995 MARCH 31,
(UNAUDITED) 1995
-------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income........................ $ 53,227,933 $ 49,474,573
Net realized gains from investments and
foreign currency related transactions...... 31,927,970 14,434,900
Increase (decrease) in unrealized
appreciation (depreciation) of investments
and foreign currency related transactions.. 126,405,748 (15,855,066)
-------------- --------------
Net increase in net assets resulting from
operations................................ 211,561,651 48,054,407
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Dividends paid from net investment income.... -- (11,742,443)
Distributions paid from net realized gains
from investment transactions............... -- (43,728,272)
-------------- --------------
Decrease in net assets resulting from
distributions............................. -- (55,470,715)
-------------- --------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from shares sold................ 457,723,940 293,467,497
Net asset value of shares issued for
reinvested dividends and distributions..... -- 51,278,237
Cost of shares redeemed...................... (124,759,723) (197,076,010)
-------------- --------------
Increase in net assets from Fund share
transactions.............................. 332,964,217 147,669,724
-------------- --------------
Net increase in net assets................. 544,525,868 140,253,416
NET ASSETS (NOTE 1):
Beginning of period.......................... 1,921,661,064 1,781,407,648
-------------- --------------
End of period (including undistributed net
investment income of $59,394,345 and
$3,535,522, respectively).................. $2,466,186,932 $1,921,661,064
============== ==============
</TABLE>
- - -----------
See Notes to Financial Statements.
26
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
SoGen International Fund, Inc. (the "Fund") is a diversified open-end man-
agement investment company registered under the Investment Company Act of
1940, as amended. The following is a summary of significant accounting poli-
cies adhered to by the Fund.
A) SECURITY VALUATION--The Fund invests in domestic and foreign securities,
including stocks, bonds, notes and convertible securities, whose values are
subject to changes in market conditions, as well as changes in political and
regulatory environments. All securities, except bonds, for which market quota-
tions are available on a national securities exchange in the United States or
a securities exchange abroad, are valued at their last sale price on the last
business day of the period reported or, in the absence of a sale on that date,
at the mean between the closing bid and asked prices. All over-the-counter se-
curities, except bonds, for which market quotations are readily available, are
valued at the mean between the last bid and asked prices in the over-the-
counter market in the United States or abroad, except if such unlisted secu-
rity is among the NASDAQ designated "Tier 1" securities, in which case it is
valued at its last sale price. All bonds, whether listed on an exchange or
traded in the over-the-counter market, for which market quotations are readily
available are valued at the mean between the last bid and asked prices re-
ceived from dealers in the over-the-counter market in the United States or
abroad, except that when no asked price is available, bonds are valued at the
last bid price alone. Short-term investments maturing in sixty days or less
are valued at cost plus interest earned, which approximates value. All other
securities are valued at fair value as determined by the Board of Directors.
B) FOREIGN CURRENCY TRANSLATION--The market values of securities which are
not traded in United States 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 the Fund are presented at the foreign exchange rates and
market values at the close of the period. The Fund does not isolate that por-
tion of gains and losses on investments which is due to changes in foreign ex-
change rates from that which is due to changes in market prices of the equity
securities. However, for federal income tax purposes the Fund does isolate the
effect of changes in foreign exchange rates from the changes in market prices
for realized gains and losses on debt obligations.
C) FORWARD CURRENCY CONTRACTS--In connection with purchases and sales of se-
curities denominated in foreign currencies, the Fund may enter into forward
currency contracts. Additionally, the Fund may enter into such contracts to
hedge certain other foreign currency denominated investments. These contracts
are recorded at
27
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
market value, 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, the Fund could be exposed to foreign currency fluctuations.
D) SECURITY TRANSACTIONS AND INCOME--Security transactions are recorded on
the trade date. The specific identification method is used in determining the
cost of securities and gains or losses on sales of securities. Dividend income
is recorded on the ex-dividend date. Interest income is recorded daily on the
accrual basis. In computing investment income the Fund amortizes discounts on
debt obligations; however, it does not amortize premiums.
E) UNITED STATES INCOME TAXES--No provision has been made for United States
federal income taxes since it is the intention of the Fund to distribute to
shareholders all taxable net investment income and net realized gains on in-
vestments, if any, within the allowable time limit, and to comply with the
other provisions of the Internal Revenue Code for a regulated investment com-
pany. Such income dividends and capital gains distributions are declared and
paid by the Fund on an annual basis.
F) RECLASSIFICATION OF CAPITAL ACCOUNTS--On the statement of assets and lia-
bilities, as a result of certain differences in the computation of net invest-
ment income and net realized capital gains on investments under federal income
tax rules and regulations versus generally accepted accounting principles, a
reclassification has been made to increase undistributed net investment income
and decrease undistributed net realized gains on investments in the amount of
$2,630,890.
G) EXPENSES--Earnings credits reduce custodian fees and shareholder servic-
ing agent fees by the amount of interest on balances with such service provid-
ers.
NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH AFFILIATED PERSONS
Under an investment advisory agreement with the Fund, which became effective
on April 26, 1990, Societe Generale Asset Management Corp. ("SOGEN A.M.
Corp.") receives an annual fee equal to the sum of 1% of the first $25,000,000
of the average daily value of the Fund's net assets and 0.75% of the average
daily value of the Fund's net assets in excess of $25,000,000; the fee is pay-
able quarterly in amounts equal to 0.25% and 0.1875%, respectively, of the av-
erage daily value of the net assets of the Fund during the preceding quarter.
In return, SOGEN A.M. Corp. provides the Fund with advisory services and pays
certain Fund expenses, including salaries and office costs. For the six months
ended September 30, 1995, the Fund's investment advisory fees paid or payable
to SOGEN A.M. Corp. were $8,394,836.
For the six months ended September 30, 1995, Societe Generale Securities
Corporation ("SGSC"), the principal underwriter, realized $1,416,654 in deal-
er's and underwriter's commissions after reallowance to others. Societe
Generale, a stockholder
28
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
of SOGEN A.M. Corp. and SGSC, received dealer's commissions of $8,395. For the
same period, Societe Generale or its affiliates received $33,713 in broker's
commissions for portfolio transactions executed on behalf of the Fund.
Each director who is not an officer of the Fund or an employee of SOGEN A.M.
Corp., SGSC or its corporate affiliates is paid an annual fee of $6,000 plus
$1,000 for each meeting attended. Such fees amounted to $13,032 for the six
months ended September 30, 1995.
NOTE 3--PLAN OF DISTRIBUTION
The Fund has a Distribution Plan and Agreement (the "Plan") with SGSC, pur-
suant to the provisions of Rule 12b-1 under the Investment Company Act of
1940, whereby the Fund pays SGSC, quarterly, a distribution fee of up to, on
an annual basis, 0.25% of the average daily net asset value of the Fund. Under
the Plan, SGSC must apply the full amount of fees received from the Fund to
actual distribution expenses incurred during the fiscal year, including the
payment of fees to dealers selling shares of the Fund, the payment of adver-
tising costs and the payment for the preparation, printing and distribution of
prospectuses to prospective investors. The Plan, which became effective on No-
vember 14, 1985, excludes for the purpose of calculating the average daily net
asset value for payment of the fee, Fund assets attributable to Fund shares
outstanding before that date and any subsequent dividends and distributions
thereon.
SGSC bears the Fund's distribution costs to the extent they exceed payments
under the Plan. For the six months ended September 30, 1995, the Fund's dis-
tribution fees paid or payable to SGSC were $2,220,000.
NOTE 4--PURCHASES AND SALES OF SECURITIES
During the six months ended September 30, 1995, the aggregate cost of pur-
chases and proceeds from sales of investments, excluding short-term securi-
ties, totaled $329,647,547 and $75,509,156, respectively.
NOTE 5--CAPITAL STOCK
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
SEPTEMBER 30, 1995 MARCH 31, 1995
------------------ --------------
<S> <C> <C>
Shares sold.................................. 18,531,858 12,636,282
Shares issued for reinvested dividends and
distributions.............................. -- 2,280,046
Shares redeemed.............................. (5,051,938) (8,487,708)
---------- ----------
Net increase................................ 13,479,920 6,428,620
========== ==========
</TABLE>
29
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6--COMMITMENTS
As of September 30, 1995, the Fund had entered into forward currency
contracts, as summarized below, resulting in net unrealized appreciation of
$2,505,824.
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE AT U.S. $ VALUE AT
DATES CURRENCY TO SEPTEMBER 30, CURRENCY TO SEPTEMBER 30,
THROUGH BE DELIVERED 1995 BE RECEIVED 1995
- - ---------- ------------ --------------- ----------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/09/95 598,385 U.S. Dollar $ 598,385 5,984,775 Austrian Schilling $ 595,648
10/09/95 80,992 U.S. Dollar 80,992 107,645 Australian Dollar 81,401
10/10/95 119,266 U.S. Dollar 119,266 3,510,000 Belgian Franc 119,581
10/06/95 127,882 U.S. Dollar 127,882 147,089 Swiss Franc 127,295
2/09/96 71,111,158 Swiss Franc 62,276,718 59,538,261 U.S. Dollar 59,538,261
10/04/95 333,321 U.S. Dollar 333,321 475,051 Deutsche Mark 332,436
2/09/96 90,623,621 Deutsche Mark 63,808,192 62,333,995 U.S. Dollar 62,333,995
1/29/96 600,000,000 Spanish Peseta 4,807,885 4,915,615 U.S. Dollar 4,915,615
10/02/95 179,382 U.S. Dollar 179,382 778,875 Finnish Markka 182,191
10/31/95 1,569,822 U.S. Dollar 1,569,822 7,733,122 French Franc 1,569,460
2/09/96 700,133,837 French Franc 141,848,765 138,605,984 U.S. Dollar 138,605,984
10/03/95 560,934 U.S. Dollar 560,934 4,336,169 Hong Kong Dollar 560,873
10/31/95 304,366 U.S. Dollar 304,366 491,085,516 Italian Lira 304,078
10/04/95 2,554,089 U.S. Dollar 2,554,089 254,337,600 Japanese Yen 2,556,157
2/09/96 8,250,000,000 Japanese Yen 83,774,227 93,627,244 U.S. Dollar 93,627,244
10/03/95 167,826 U.S. Dollar 167,826 267,800 Dutch Guilder 167,396
10/04/95 45,903 U.S. Dollar 45,903 69,868 New Zealand Dollar 45,969
10/05/95 303,491 Singapore Dollar 213,200 213,395 U.S. Dollar 213,395
------------ ------------
$363,371,155 $365,876,979
============ ============
</TABLE>
30
<PAGE>
SoGen International Fund, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED MARCH 31,
SEPT. 30, --------------------------------------------------------------------------------
1995+ 1995 1994 1993 1992 1991(A) 1990 1989 1988 1987 1986
---------- ------ ------ ------ ------ ------- ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SELECTED PER
SHARE DATA
Net asset value,
beginning of period.... $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91 $21.4 $19.09 $15.40
------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income from investment
operations:
Net investment income... 0.55 0.60 0.53 0.64 0.69 0.78 0.64 0.71 0.58 0.40 0.60
Net realized and
unrealized gains
(losses) on
investments............ 1.86 (0.01) 3.37 2.02 1.45 0.20 1.48 1.26 (0.97) 4.80 4.87
------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations............. 2.41 0.59 3.90 2.66 2.14 0.98 2.12 1.97 (0.39) 5.20 5.47
------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income...... -- (0.15) (0.47) (0.64) (0.84) (0.71) (0.71) (0.80) (0.84) (0.60) (0.63)
Distributions from
capital gains.......... -- (0.56) (0.23) (0.34) (0.37) (0.47) (1.01) (0.77) (3.33) (2.22) (1.15)
------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total distributions..... -- (0.71) (0.70) (0.98) (1.21) (1.18) (1.72) (1.57) (4.17) (2.82) (1.78)
------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of
period................. $25.61 $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91 $21.47 $19.09
======= ====== ====== ====== ====== ====== ====== ====== ====== ====== ======
TOTAL RETURN++.......... 20.78%* 2.63% 19.50% 14.87% 12.53% 6.03% 12.18% 11.94% (0.70%) 31.16% 39.51%
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (millions)...... $2,466 $1,922 $1,781 $650 $355 $240 $176 $126 $97 $96 $57
Ratio of operating
expenses to average net
assets................. 1.22%** 1.26% 1.28% 1.31% 1.37% 1.30% 1.38% 1.39% 1.36% 1.47% 1.39%
Ratio of net investment
income to average
net assets............. 4.81%** 2.70% 2.34% 3.69% 4.00% 4.84% 4.32% 4.23% 3.09% 2.71% 3.71%
Portfolio turnover rate. 4.04% 12.96% 23.96% 17.94% 24.25% 24.14% 30.62% 33.05% 42.79% 41.23% 58.54%
Average commission rate
paid................... $0.0378 -- -- -- -- -- -- -- -- -- --
</TABLE>
- - -----------
(a) SOGEN A.M. Corp. became the investment adviser on April 26, 1990. From
August 21, 1978 to April 25, 1990 the investment adviser was SGSC.
+Unaudited
*Annualized.
** These annualized ratios for the six months ended September 30, 1995 would
have remained the same without the effect of the earnings credits.
++Does not give effect to deduction of the sales load.
- - -----------
See Notes to Financial Statements.
31
<PAGE>
SoGen International Fund, Inc.
1221 AVENUE OF THE AMERICAS
NEW YORK, NY 10020
DIRECTORS AND OFFICERS
- - ----------------------
DIRECTORS
Jean-Marie Eveillard Dominique Raillard
Jean-Pierre Gentil Nathan Snyder
Fred J. Meyer
OFFICERS
Jean-Pierre Gentil........................................Chairman of the Board
Jean-Marie Eveillard..................................................President
Philip J. Bafundo.......................Vice President, Secretary and Treasurer
Elizabeth Tobin..........................Vice President and Assistant Secretary
Ignatius Chithelen...............................................Vice President
Edwin S. Olsen...................................................Vice President
Catherine A. Shaffer.............................................Vice President
Charles de Vaulx.................................................Vice President
Lynn L. Chin...................Assistant Vice President and Assistant Treasurer
Richard M. Boyer.......................................Assistant Vice President
Howard Chin............................................Assistant Vice President
John L. DeVita.........................................Assistant Vice President
Howard C. Monaghan.....................................Assistant Vice President
INVESTMENT ADVISER
- - ------------------
Societe Generale Asset Management Corp.
1221 Avenue of the Americas
New York, NY 10020
UNDERWRITER
- - -----------
Societe Generale Securities Corporation
1221 Avenue of the Americas
New York, NY 10020
(800) 334-2143
LEGAL COUNSEL
- - -------------
Dechert Price & Rhoads
477 Madison Avenue
New York, NY 10022
INDEPENDENT AUDITORS
- - --------------------
KPMG Peat Marwick LLP
345 Park Avenue
New York, NY 10154
CUSTODIAN
- - ---------
Investors Fiduciary Trust Company
127 West 10th Street
Kansas City, MO 64105
SHAREHOLDER SERVICING AGENT
- - ---------------------------
The Shareholder Services Group
One Exchange Place
Boston, MA 02109
(800) 443-7046
The financial information included herein is taken from the records of the
Fund without examination by the Fund's independent auditors, who do not
express an opinion thereon.
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of SoGen
International Fund, Inc.
<PAGE>
(ART) SoGen International Fund, Inc.
1221 Avenue of the Americas
New York, NY 10020
