<PAGE>
SoGen
International Fund, Inc.
----------------------------------
[ART]
----------------------------------
Semi-Annual Report
September 30, 1996
<PAGE>
SoGen International Fund, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
Over the past fifteen years (September 30, 1981 to September 30, 1996), the
value of an investment in your Fund increased at a compounded average annual
rate of 16.3%. Over the past ten and five years, the rates were 12.6% and
13.0%, respectively. Over the past twelve months, the rate was 12.1%.*
As you know, in its February 5, 1996 cover issue on mutual funds, Business
Week awarded your Fund the highest rating for risk-adjusted performance over
the past five years.
As of September 30, 1996 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
U.S. stocks(/1/) 21.9%
Foreign stocks(/1/) 33.7
U.S. dollar bonds 11.0
Foreign currency bonds 4.7
Gold-related securities 6.7
U.S. dollar cash and equiva-
lents(/2/) 22.0
-----
100.0%
=====
</TABLE>
- -----------
(/1/)Includes convertible bonds with moderate premia.
(/2/)Includes floating rate securities.
The ten largest equity holdings were Freeport McMoRan Copper and Gold, Gold
and Silver Denominated Preferreds (gold and silver-related securities); Bank
for International Settlements, U.S. and French Tranches (the central banks'
central bank, with some gold assets); Buderus AG (German heating products
company); Fuji Photo Film Co., Ltd. (Japanese film and imaging company); CDL
Hotels International Ltd. (Hong Kong listed Pacific Rim hotel chain); Randstad
Holdings NV (Dutch temporary employment company); Compagnie Generale des Eaux
(French water distribution, telecommunications and real estate company);
Lonrho plc (British conglomerate, with interests in Africa); Ito-Yokado Co.,
Ltd. (Japanese retailer); and Carter Holt Harvey Limited (New Zealand forest
products and paper company).
In our opinion, equity valuations are stretched, particularly in the U.S.
Markets may well work their way higher: who knows how high is high? We
certainly did not in the late 1980's, when we thought Japanese equities
overvalued and sold our stocks much before the peak of the Tokyo market.
However, caution--a word admittedly often used in this letter over the past
eighteen years--seems appropriate.
Still, there are hundreds of securities we can choose from throughout the
world, and my associates and I continue to look for the genuine bargains among
them.
After seventeen years with our investment advisory firm, Howard Chin decided
to retire. We shall miss Howard and his knowledge of the mutual fund industry.
Sincerely yours,
/s/ Jean-Marie Eveillard
Jean-Marie Eveillard
President
October 22, 1996
- ----------------------
*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 of this report for further information).
<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, 1986 to September 30, 1996. 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.
$3,147
Total value of investment
September 30, 1996
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.
[GRAPH APPEARS HERE]
Cost of investment
September 30, 1986
$1,000
Initial net asset value, $963.
Initial Inv. &\rCum. Dist. Total\rValue
9/30/86 963 963
9/30/87 1,333 1,333
9/30/88 1,253 1,201
9/30/89 1,478 1,357
9/30/90 1,483 1,318
9/30/91 1,707 1,462
9/30/92 1,926 1,581
9/30/93 2,278 1,816
9/30/94 2,573 2,015
9/30/95 2,808 2,199
9/30/95 3,147 2,406
[_]Value of shares acquired through reinvestment
of dividends from income, $740.
[_]Value of shares initially acquired $1,526, plus shares
accepted as capital gains distributions, $881.
Average Annual Rates of Return as of September 30, 1996
after giving effect to the maximum sales commission of 3.75%
------------------------------------------------------------
1 Year 5 Years 10 Years
------ ------- --------
7.85% 12.14% 12.15%
<PAGE>
SoGen International Fund, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
Over the past twelve months ended September 30, 1996, the U.S. stock market
continued to rise in an environment characterized by sustained economic growth,
low inflation, declining interest rates, as well as strong demand for equities.
The Fund's U.S. holdings represent 22% of net assets compared to almost 24% a
year ago. European equities substantially underperformed the U.S. market in
1995, but most stock markets have staged a significant rebound since the
beginning of 1996 as growing evidence of a recovery in key European economies,
falling interest rates and low inflation provided a positive background for
stocks. The Japanese market also rose as the local economy strengthened and the
value of the yen continued to decline. Other Asian markets were mixed over the
past year, with a positive performance in countries such as Hong Kong, but
significant weakness in export-oriented economies such as South Korea. The
Fund's foreign stock holdings represent approximately 34% of net assets,
basically unchanged from a year ago. U.S. dollar bonds account for 11% of net
assets compared to 13% a year ago. These holdings include high-yielding Brady
bonds which were strong performers over the past twelve months. Investments in
foreign currency bonds remains stable at about 5% of net assets. Gold-related
securities have been weak over the past few months and account for less than 7%
of net assets. Cash and equivalents have increased, representing 22% of net
assets compared to 20% a year ago. During the period, the U.S. dollar has
strengthened significantly against the Japanese yen and, to a lesser extent,
major European currencies. The performance of the dollar had a limited impact
on the value of the Fund's net assets, since foreign currency exposure was
partially hedged throughout the period.
3
<PAGE>
SoGen International Fund, Inc.
SUMMARY OF FUND DATA
The table below covers the period from April 28, 1970 to September 30, 1996.
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
NET ASSET CAPITAL INVESTMENT AND
NUMBER VALUE GAINS INCOME DISTRIBUTIONS
OF SHARES TOTAL NET PER DISTRIBUTIONS DIVIDENDS REINVESTED
FISCAL YEAR ENDED OUTSTANDING ASSETS 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) 0.15 188.27
March 31, 1996 116,277,335 3,033,468,150 26.09 0.73(o) 0.81 225.12
September 30, 1996 (six
months)+ 128,383,442 3,465,399,400 26.99 -- -- 232.89
</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, (n) $0.17 and (o) $0.11 per
share.
+ Unaudited.
4
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
GOLD RELATED (2.30%)
628,500 Freeport McMoRan Copper & Gold
Inc., Preferred Series "C' (e). $ 21,850,338 $ 20,190,563
514,500 Freeport McMoRan Copper & Gold
Inc., Preferred Series "B' (e). 18,924,444 17,171,437
440,050 Freeport McMoRan Copper & Gold
Inc., Preferred Series "D' (e). 9,230,056 9,241,050
175,144 Newmont Mining Corporation...... 6,382,248 8,275,554
240,000 The Pioneer Group, Inc.......... 6,393,181 6,300,000
4,562 Case Pomeroy & Co., Inc. Class
"A'............................ 4,389,270 5,627,227
250,000 Handy & Harman.................. 3,979,276 4,468,750
300,000 Homestake Mining Company........ 5,748,184 4,387,500
235,000 Santa Fe Pacific Gold
Corporation.................... 3,727,484 2,937,500
175,000 Amax Gold, Inc. (a)............. 1,243,694 984,375
-------------- --------------
81,868,175 79,583,956
-------------- --------------
METALS AND MINERALS (0.51%)
215,000 Reynolds Metals Company......... 10,587,220 10,991,875
90,000 Asarco Incorporated............. 2,148,000 2,396,250
70,000 Alumax, Inc. (a)................ 1,342,935 2,345,000
85,000 Cyprus Amax Minerals Company.... 1,858,699 1,827,500
-------------- --------------
15,936,854 17,560,625
-------------- --------------
ENERGY (2.97%)
725,000 Weatherford Enterra, Inc. (a)... 14,922,317 19,846,875
2,585,000 San Juan Basin Royalty Trust
(c)............................ 16,277,260 16,156,250
245,000 Burlington Resources, Inc....... 9,295,482 10,871,875
215,000 Murphy Oil Corporation.......... 9,618,487 10,373,750
550,000 Rowan Companies, Inc. (a)....... 4,186,651 10,243,750
525,000 Santa Fe Energy Resources, Inc.
(a)............................ 5,032,901 7,481,250
185,000 ENSCO International Incorporated
(a)............................ 3,013,001 6,012,500
442,500 North European Oil Royalty Trust
(c)............................ 7,212,705 5,586,563
80,000 Tosco Corporation............... 1,778,856 4,390,000
103,955 Rochester and Pittsburgh Coal
Company........................ 4,145,068 3,313,566
86,955 Patina Oil & Gas Corporation
$1.78 Conv. Pfd. (a)........... 2,502,200 2,217,352
124,089 Patina Oil & Gas Corporation
(a)............................ 2,545,421 868,623
62,044 Patina Oil & Gas Corporation
Warrants expire 5/01/2001 (a).. 0 62,044
135,486 Noble Drilling Corporation...... 565,248 2,049,226
500,000 Kaneb Services, Inc. (a)........ 1,600,368 1,625,000
29,000 Penn Virginia Corporation....... 1,283,500 1,044,000
3,253 The Home-Stake Royalty
Corporation.................... 487,950 471,685
3,065 The Home-Stake Oil and Gas
Company........................ 337,150 321,825
-------------- --------------
84,804,565 102,936,134
-------------- --------------
</TABLE>
5
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(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 (1.83%)
585,000 Rayonier Inc. .................. $ 19,085,452 $ 23,253,750
600,000 Greif Bros. Corporation Class
"A'............................ 10,621,901 17,550,000
200,000 Mead Corporation................ 10,514,747 11,725,000
365,000 Longview Fibre Company.......... 6,120,073 5,748,750
45,000 Georgia-Pacific Corporation..... 2,849,363 3,560,625
54,000 Plum Creek Timber Company, L.P.. 213,222 1,377,000
-------------- --------------
49,404,758 63,215,125
-------------- --------------
AGRICULTURE (0.02%)
497 J.G. Boswell Company (a)........ 573,840 600,128
-------------- --------------
CAPITAL GOODS (1.22%)
118,715 Woodward Governor Company....... 9,663,017 11,159,210
315,000 The Manitowoc Company, Inc...... 5,758,291 10,119,375
603,000 A.P. Green Industries (c)....... 4,514,875 6,030,000
494,500 Kaiser Ventures, Inc. (a)....... 6,277,307 4,697,750
174,200 Keystone International, Inc. ... 3,290,005 3,418,675
85,000 Blount International, Inc. Class
"A'............................ 2,815,144 2,858,125
4,005 Conbraco Industries, Inc. (a)... 1,179,450 1,722,150
59,800 Tennant Company................. 1,490,794 1,375,400
140,000 MFRI Inc. (a)................... 781,252 997,500
-------------- --------------
35,770,135 42,378,185
-------------- --------------
AUTOMOTIVE (0.37%)
235,000 Bandag, Inc. Class "A'.......... 12,024,031 11,250,625
200,000 Treadco, Inc. .................. 2,913,120 1,625,000
-------------- --------------
14,937,151 12,875,625
-------------- --------------
BUILDING MATERIALS (0.20%)
200,000 Calmat Co. ..................... 3,747,673 3,700,000
75,000 Deere & Company................. 1,085,028 3,150,000
-------------- --------------
4,832,701 6,850,000
-------------- --------------
SPECIALTY CHEMICALS (0.97%)
1,785,000 Lawter International Inc........ 21,075,474 20,304,375
560,000 LeaRonal, Inc. (c).............. 8,576,464 12,390,000
125,000 American Pacific Corporation
(a)............................ 1,375,937 828,125
-------------- --------------
31,027,875 33,522,500
-------------- --------------
TRANSPORTATION (0.85%)
155,000 AMR Corporation (a)............. 10,724,964 12,341,875
142,500 Burlington Northern Santa Fe
Corporation.................... 4,539,348 12,023,437
76,979 Heartland Express, Inc. (a)..... 194,999 2,174,657
25,000 Florida East Coast Industries,
Inc............................ 1,795,537 2,062,500
112,500 Boyd Brothers Transportation,
Inc. (a)....................... 1,204,375 871,875
-------------- --------------
18,459,223 29,474,344
-------------- --------------
</TABLE>
6
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
ELECTRONICS (0.62%)
1,125,000 Zero Corporation (c)............ $ 16,447,678 $ 21,375,000
-------------- --------------
TECHNOLOGY (0.78%)
250,000 Digital Equipment Corporation
Series "A' 8 7/8% Pfd.......... 5,617,138 6,156,250
105,000 Digital Equipment Corporation
(a)............................ 3,745,300 3,753,750
415,000 Symantec Corporation (a)........ 4,978,624 4,513,125
400,000 BEI Electronics Inc. (c)........ 2,963,306 4,000,000
215,000 American Mobile Satellite
Corporation, Inc. (a).......... 5,375,625 3,117,500
85,000 Broderbund Software, Inc. (a)... 2,432,188 2,465,000
125,000 Aydin Corporation (a)........... 1,987,694 1,250,000
35,000 Black Box Corporation (a)....... 782,250 1,155,000
84,315 Anacomp, Inc. (a)............... 854,510 695,599
160 Anacomp, Inc. Warrants expire
6/03/2001 (a).................. 567,925 460
-------------- --------------
29,304,560 27,106,684
-------------- --------------
CONSUMER PRODUCTS (3.05%)
500,000 Dole Food Company, Inc.......... 12,019,600 21,000,000
1,350,000 Furniture Brands International,
Inc. (a)....................... 8,869,041 19,743,750
715,400 UniFirst Corporation............ 10,046,126 13,234,900
196,647 Allen Organ Company, Class "B'.. 6,223,084 7,816,718
365,000 Jostens, Inc.................... 6,736,277 7,619,375
285,000 Paragon Trade Brands, Inc. (a).. 4,315,942 6,661,875
150,000 Polaroid Corporation............ 4,494,953 6,600,000
235,000 Adolph Coors Company, Class "B'. 4,254,703 5,155,312
250,000 Sturm, Ruger & Company, Inc..... 2,964,035 4,906,250
215,000 Baldwin Piano and Organ Company
(a)(c)......................... 2,233,875 3,413,125
625,000 The Topps Company (a)........... 3,737,808 2,656,250
215,000 A.T. Cross Company, Class "A'... 3,842,516 2,445,625
16 Kohler Corp..................... 1,245,500 1,688,000
75,000 Canandaigua Wine Co., Class "A'
(a)............................ 3,331,250 1,556,250
25,000 St. John Knits, Inc............. 181,687 1,253,125
-------------- --------------
74,496,397 105,750,555
-------------- --------------
DISTRIBUTION (1.22%)
495,000 Wal-Mart Stores, Inc............ 10,624,244 13,055,625
415,000 Woolworth Corporation (a)....... 6,125,275 8,559,375
250,000 Smart & Final Inc............... 3,468,690 6,000,000
550,000 Hancock Fabrics Inc. ........... 4,999,708 4,881,250
270,000 Burlington Coat Factory
Warehouse Corporation (a)...... 3,615,004 2,970,000
175,000 Lesco Inc. ..................... 2,611,611 2,668,750
47,696 Weyco Group Inc................. 1,457,019 1,889,954
55,000 Staples, Inc. (a)............... 584,222 1,220,312
145,000 Buttrey Food & Drug Stores
Company (a).................... 989,375 1,087,500
-------------- --------------
34,475,148 42,332,766
-------------- --------------
</TABLE>
7
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
SERVICES (0.48%)
355,000 Manpower, Inc................... $ 11,178,694 $ 11,803,750
300,000 Kinder Care Learning Center (a). 4,057,813 4,800,000
-------------- --------------
15,236,507 16,603,750
-------------- --------------
MEDIA (1.34%)
255,000 Pulitzer Publishing Company
Class "A'...................... 7,053,735 14,566,875
300,000 G.C. Companies, Inc. (a)........ 9,954,015 10,800,000
139,641 Plenum Publishing Corporation... 4,635,350 4,852,525
405,000 Hollinger International Inc.
Class "A'...................... 4,875,352 4,556,250
158,564 Cowles Media Company, non
voting......................... 3,631,585 3,904,639
275,000 Golden Books Family
Entertainment, Inc. (a)........ 3,952,013 3,196,875
264,600 Plasti-Line, Inc. (a)(c)........ 2,392,338 2,447,550
34,924 Mills Music Trust............... 1,055,337 1,527,925
300,000 Integrity Incorporated, Class
"A' (a)........................ 1,901,415 600,000
-------------- --------------
39,451,140 46,452,639
-------------- --------------
HEALTH CARE (0.44%)
300,000 Johnson & Johnson, Inc.......... 6,080,375 15,375,000
-------------- --------------
FINANCIAL INSTITUTIONS (1.48%)
3,349 Farmers & Merchants Bank of Long
Beach.......................... 6,404,335 6,245,885
165,000 Zurich Reinsurance Centre
Holdings, Inc.................. 4,582,334 5,176,875
85,000 JSB Financial, Inc.............. 1,022,438 3,070,625
100,000 Riggs National Corporation 10
3/4% Non-Cum. Pfd., Series "B'. 2,545,000 2,862,500
175,000 WesterFed Financial Corporation. 2,444,375 2,821,875
189,964 Portsmouth Bank Shares, Inc..... 1,209,039 2,445,786
140,000 HMN Financial, Inc. (a)......... 1,779,375 2,240,000
65,000 People's Savings Financial
Corp........................... 613,183 1,852,500
81,593 First Oak Brook Bancshares, Inc.
Class "A'...................... 740,205 1,795,046
110,000 Standard Financial, Inc......... 1,201,250 1,787,500
104,000 Texarkana First Financial Corp.
(c)............................ 1,350,854 1,482,000
54,613 Metairie Bank & Trust Company... 936,932 1,460,898
75,000 MFB Corp........................ 881,875 1,387,500
64,500 Westco Bancorp, Inc............. 523,249 1,386,750
90,000 Logansport Financial Corp. (c).. 1,050,000 1,327,500
85,000 QCF Bancorp, Inc. (a)........... 968,747 1,306,875
85,000 East Texas Financial Services
(c)............................ 959,375 1,285,625
81,450 Wood Bancorp, Inc. (c).......... 698,475 1,272,656
75,000 Home Bancorp.................... 948,125 1,214,062
50,000 Leucadia National Corporation... 1,138,337 1,212,500
43,967 FirstFed Bancorp Inc. (c)....... 484,747 1,066,200
88,000 Classic Bancshares, Inc. (c).... 1,016,000 1,034,000
55,000 IBS Financial Corporation ...... 496,875 818,125
38,000 MBLA Financial Corporation...... 486,500 807,500
</TABLE>
8
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
FINANCIAL INSTITUTIONS
(continued)
75,000 Redwood Financial, Inc. (a)(c).. $ 682,813 $ 750,000
30,000 Workingmens Capital Holdings,
Inc............................ 148,750 641,250
49,000 First Federal Financial Bancorp,
Inc. (c)....................... 534,000 539,000
35,000 The Southern Banc Company, Inc.. 431,172 459,375
28,400 Rowan Bancorp, Inc.............. 347,900 454,400
18,600 OSB Financial Corp.............. 419,263 437,100
25,000 Catskill Financial Corporation
(a)............................ 262,500 300,000
10,000 Liberty Savings Bank F.S.B. .... 120,000 143,750
-------------- --------------
37,428,023 51,085,658
-------------- --------------
UTILITIES (0.51%)
300,000 CalEnergy Company, Inc. (a)..... 5,071,663 9,562,500
49,000 CalEnergy Capital Trust $6.25
Conv. Pfd. "TIDES'............. 2,450,000 2,964,500
150,000 The Montana Power Company....... 3,425,069 3,206,250
65,000 Idaho Power Company............. 1,604,025 2,039,375
-------------- --------------
12,550,757 17,772,625
-------------- --------------
REAL ESTATE (2.34%)
265,000 Catellus Development Corporation
$3 5/8 Conv. Pfd. Series "B'
(b)............................ 11,584,106 14,508,750
535,000 Catellus Development Corporation
(a)............................ 4,148,513 5,283,125
295,000 Crescent Real Estate Equities,
Inc............................ 9,118,757 12,131,875
355,280 J.C. Nichols Company (a)(c)..... 2,833,358 10,480,760
535,000 Castle & Cooke, Inc. (a)........ 7,849,527 8,827,500
4,913 Security Capital Group
Incorporated (a)(b)(f)......... 4,060,000 5,178,103
442,688 Security Capital Atlantic
Incorporated (b)(f)............ 5,000,000 5,090,909
151,546 Security Capital Pacific Trust.. 1,941,858 3,201,409
100,000 Security Capital Pacific Trust
$1.75 Conv. Pfd. Series "A'.... 2,269,000 2,612,500
50,000 Security Capital Industrial
Trust $1.75 Conv. Pfd. Series
"B'............................ 1,193,710 1,225,000
80,000 St. Joe Paper Company........... 4,251,183 5,100,000
248,325 Alico, Inc. .................... 4,826,528 5,028,581
100,000 Price Enterprises, Inc.......... 1,476,012 1,612,500
43,147 Sonesta International Hotels
Corporation.................... 353,259 458,437
31,818 Pacific Retail Trust (f)........ 350,000 350,000
-------------- --------------
61,255,811 81,089,449
-------------- --------------
</TABLE>
9
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
GOLD RELATED (3.87%)
3,195 Bank for International
Settlements (U.S. Tranche)..... $ 16,412,877 $ 29,555,024
2,085 Bank for International
Settlements (French Tranche)... 10,921,538 16,150,897
2,750,000 Eltin Limited................... 6,457,118 5,222,250
750,000 Newcrest Mining Limited......... 3,432,793 2,611,125
2,280,000 Normandy Mining Limited......... 2,715,700 3,102,966
1,298,450 Kidston Gold Mines Limited...... 1,785,275 1,664,386
1,000,000,000 Manila Mining Corporation "B'... 978,313 647,989
360,000 Franco-Nevada Mining Corp. Ltd.. 9,824,147 13,489,926
90,000 Euro-Nevada Mining Corp. Ltd.... 145,977 2,606,158
1,000,000 Meridian Gold Inc. ............. 1,817,983 2,275,480
1,000,000 Royal Oak Mines Inc. (a)........ 4,867,690 3,937,500
145,000 Placer Dome Inc................. 2,527,496 3,425,625
225,000 Cambior Inc..................... 3,174,107 3,088,413
775,000 Pan American Silver Corp. (a)... 2,667,739 5,631,812
49,000 Pan American Silver Corp.
Warrants expire
10/31/96 (a)(b)(f)............. 0 68,337
128,293 Anglo American Platinum
Corporation Ltd. ADR........... 632,377 869,041
100,000 Anglo American Platinum
Corporation Ltd................ 723,127 677,387
435,000 Free State Consolidated Gold
Mines Ltd. ADR................. 5,588,053 4,186,875
315,000 Kloof Gold Mining Company Ltd.
ADR............................ 3,286,792 2,559,375
285,000 Driefontein Consolidated Ltd.
ADR............................ 3,329,260 3,077,109
420,000 Harmony Gold Mining Company Ltd.
ADR............................ 2,073,523 3,559,500
200,000 Randfontein Estates Gold Mining
Co. Witwatersrand Ltd. ADR..... 1,647,360 1,225,000
121,255 JCI Ltd. ADR.................... 588,774 1,171,286
40,000 JCI Ltd......................... 224,889 386,386
45,000 Durban Roodepoort Deep, Ltd. ADR
(a)............................ 437,000 388,589
225,000 Durban Roodepoort Deep, Ltd
(a)............................ 2,133,412 1,942,945
278,400 Loraine Gold Mines Ltd. ADR (a). 858,166 919,925
110,000 Loraine Gold Mines Ltd. (a)..... 370,371 363,476
355,000 St. Helena Gold Mines Ltd. ADR.. 3,118,169 2,174,375
92,500 St. Helena Gold Mines Ltd....... 649,212 631,677
94,838 Western Areas Gold Mining Co.
Ltd. ADR....................... 796,859 1,505,553
48,525 FIMALAC SA (a).................. 4,687,648 4,407,263
335,000 Terra Mining AB (c)............. 7,404,517 5,609,486
71,000 Ashanti Goldfields Company
Limited GDS.................... 1,514,500 1,189,250
841,235 Minas de Arcata S.A............. 1,045,019 1,239,574
263,900 General Oriental Investments
Limited........................ 1,809,300 2,458,548
-------------- --------------
110,647,081 134,020,508
-------------- --------------
</TABLE>
10
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
UNITED KINGDOM (1.73%)
8,550,000 Lonrho plc (17)................. $ 16,675,588 $ 22,825,112
2,184,600 Antofagasta Holdings plc (17)... 7,202,272 12,313,935
1,375,000 Blenheim Group plc (11)......... 5,880,515 9,063,735
3,125,000 McBride plc (9)................. 8,929,551 7,388,383
1,375,000 Royal Doulton plc (9)........... 5,251,945 6,135,783
200,000 Scottish Television plc (11).... 1,311,364 2,273,469
-------------- --------------
45,251,235 60,000,417
-------------- --------------
NORWAY (0.37%)
865,000 Schibsted ASA (11).............. 9,817,034 12,645,226
-------------- --------------
SWEDEN (0.89%)
750,000 AssiDoman AB (4)................ 16,280,386 18,158,984
535,000 IRO AB (8)...................... 5,641,561 6,295,115
545,000 Bylock & Nordsjofrakt AB "B'
(7)............................ 5,129,313 5,590,629
25,000 Investor AB (18)................ 963,455 950,377
-------------- --------------
28,014,715 30,995,105
-------------- --------------
FINLAND (0.25%)
157,500 Vaisala Oy A (6)................ 5,655,621 8,802,161
-------------- --------------
DENMARK (0.64%)
305,000 Carlsberg International A/S, "B'
(9)............................ 14,928,498 18,500,325
18,000 Kobenhavns Lufthavne A/S (7).... 794,222 1,799,200
30,000 Aarhus Oliefabrik A/S, "A' (3).. 1,138,768 1,512,148
5,000 Aarhus Oliefabrik A/S, "B' (3).. 184,421 252,025
-------------- --------------
17,045,909 22,063,698
-------------- --------------
GERMANY (3.25%)
88,250 Buderus AG (8).................. 38,211,470 39,178,498
605,000 Bayer AG (22)................... 11,620,241 22,106,036
100,000 Bertelsmann AG D.R.C. (11)...... 12,591,111 13,279,124
142,500 Hornbach Holding AG Pfd. (10)... 10,708,723 10,260,336
15,000 Axel Springer Verlag AG (11).... 5,291,362 8,852,749
10,000 Degussa AG (22)................. 2,526,412 3,644,710
125,000 SKW Trostberg AG (5)............ 2,915,234 3,532,903
20,000 SAP AG Pfd. (6)................. 382,996 3,357,487
85,000 IVG Holding AG (21)............. 2,819,925 2,895,669
15,000 Deutsche Lufthansa AG Pfd. (7).. 759,338 2,121,709
5,000 Sudzucker AG Pfd. (9)........... 1,557,378 1,802,682
5,000 Sudzucker AG Pfd. Warrants
(a)(9)......................... 129,374 158,038
13,269 Signalbau Huber AG (7).......... 2,035,499 1,479,216
-------------- --------------
91,549,063 112,669,157
-------------- --------------
</TABLE>
11
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
SWITZERLAND (1.70%)
10,750 Schindler Holding AG PC (8)..... $ 7,903,262 $ 10,501,396
11,500 Schindler Holding AG Warrants
expire
12/16/96 (a)(8)................ 0 2,751
18,500 Kuhne & Nagel International AG
Bearer (7)..................... 10,999,256 9,958,134
22,500 Societe Generale d'Affichage SA
D.R.C. (11).................... 6,015,333 9,886,364
60,000 Safra Republic Holdings SA
Bearer (13).................... 3,277,829 7,072,500
31,500 Sika Finanz AG Bearer (5)....... 7,210,809 6,958,134
3,500 Lindt & Sprungli AG PC (9)...... 3,143,266 5,805,423
26,286 Swissair AG D.R.C. (a)(7)....... 2,059,560 3,710,225
12,500 Vetropack Holding AG PC (9)..... 2,815,230 2,791,069
425 Vetropack Holding AG Bearer (9). 1,005,988 1,101,475
20,000 Pelikan Holdings AG Bearer
(a)(9)......................... 2,426,629 1,068,581
-------------- --------------
46,857,162 58,856,052
-------------- --------------
AUSTRIA (0.33%)
85,000 VAE AG (c)(7)................... 7,837,170 7,384,415
75,000 Flughafen Wien AG (7)........... 3,242,934 3,956,935
-------------- --------------
11,080,104 11,341,350
-------------- --------------
NETHERLANDS (2.11%)
400,000 Randstad Holdings NV (20)....... 6,183,967 31,573,408
545,000 Philips Electronics NV ADR (19). 13,281,413 19,551,875
275,000 Apothekers Cooperatie OPG U.A.
(12)........................... 6,668,922 6,560,253
280,000 Holdingmaatschappij de Telegraaf
NV (11)........................ 2,119,582 6,122,902
155,000 Content Beheer NV (20).......... 1,984,733 5,782,027
225,000 German City Estates NV (c)(21).. 3,713,179 3,565,164
-------------- --------------
33,951,796 73,155,629
-------------- --------------
BELGIUM (0.22%)
55,000 Deceuninck Plastics Industries
SA (5)......................... 6,197,738 7,664,559
-------------- --------------
FRANCE (4.69%)
200,000 Legrand ADP (8)................. 13,631,730 20,914,830
185,000 Compagnie Generale des Eaux
(15)........................... 19,209,849 20,098,571
205,000 Elf Aquitaine (2)............... 15,440,202 16,034,606
17,803 Societe Sucriere de Pithiviers-
le-Vieil (3)................... 5,910,020 11,790,979
63,814 Promodes C.I. (10).............. 3,132,266 11,307,527
5,000 Promodes (10)................... 898,358 1,355,591
145,000 Gaumont SA (11)................. 7,369,183 10,052,674
150,000 Eramet (1)...................... 10,008,940 8,949,804
63,414 Groupe NSC (c)(8)............... 11,650,058 8,277,051
17,500 Eurafrance (18)................. 6,841,118 6,954,181
152,214 Emin Leydier (c)(4)............. 7,741,182 10,375,949
40,934 Sabeton SA (c)(18).............. 5,675,407 6,143,509
71,342 La Brosse et Dupont (c)(9)...... 3,799,228 5,250,002
71,490 Crometal (8).................... 4,861,181 4,499,448
</TABLE>
12
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
FRANCE (continued)
20,000 Elf Gabon (2)................... $ 2,971,712 $ 4,454,084
8,500 Taittinger (9).................. 3,069,472 2,549,770
7,659 Taittinger C.I. (9)............. 1,912,326 1,523,257
37,235 Conflandey (1).................. 1,782,366 1,874,080
10,479 Robertet SA (9)................. 781,686 1,623,456
36,500 C.E.E. (Continentale
d'Equipements Electriques)
(a)(c)(8)...................... 4,590,041 1,484,372
100,000 Credit Foncier de France
(a)(13)........................ 1,409,103 1,336,225
12,800 Radiall (19).................... 316,568 1,212,131
5,112 Robertet SA C.I. (9)............ 527,638 1,139,454
6,348 Societe Francaise de Papiers
Peints (9)..................... 891,641 1,124,834
5,500 Marie Brizard et Roger
International, SA (9).......... 1,406,777 1,042,740
31,235 SAGA (a)(7)..................... 2,790,145 544,396
18,719 Precia SA (8)................... 1,026,960 519,469
-------------- --------------
139,645,157 162,432,990
-------------- --------------
ITALY (1.06%)
30,000,000 Montedison SpA Non Convertible
Savings (a)(17)................ 15,610,201 18,100,706
1,375,000 Istituto Finanziario Industriale
SpA
Privileged Shares (18)......... 13,333,729 10,968,260
1,050,000 Arnoldo Mondadori Editore SpA
(11)........................... 7,504,407 7,617,463
-------------- --------------
36,448,337 36,686,429
-------------- --------------
SPAIN AND PORTUGAL (0.39%)
495,000 Espirito Santo Financial
Holdings SA ADR (13)........... 5,989,295 6,125,625
60,000 Corporacion Financiera Alba SA
(18)........................... 4,212,472 4,997,276
65,000 Companhia de Celulose do Caima
(4)............................ 1,182,050 1,246,776
320,422 Omsa Alimentacion SA (9)........ 1,466,524 1,152,292
-------------- --------------
12,850,341 13,521,969
-------------- --------------
GREECE (0.12%)
40,340 Titan Cement Co. (5)............ 1,189,703 2,228,081
8,310 Titan Cement Co. Pfd. (5)....... 200,500 301,962
343,930 H. Benrubi & Fils SA (9)........ 2,021,286 1,285,453
141,160 H. Benrubi & Fils SA Pfd. (9)... 672,670 354,659
-------------- --------------
4,084,159 4,170,155
-------------- --------------
COMMONWEALTH OF INDEPENDENT
STATES AND EASTERN EUROPE
(0.11%)
556,624 Firebird Fund L.P.
(a)(b)(f)(23).................. 1,000,000 2,042,532
50,000 LUKoil ADR (a)(2)............... 1,351,875 1,850,000
-------------- --------------
2,351,875 3,892,532
-------------- --------------
</TABLE>
13
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
TURKEY (0.09%)
100,000,000 Sabah Yayincilik A.S. (11)...... $ 2,327,839 $ 1,520,004
132,199,360 Medya Holding A.S. (11)......... 8,039,311 1,507,077
------------- -------------
10,367,150 3,027,081
------------- -------------
ISRAEL (0.10%)
1,299,705 The Israel Land Development
Company Ltd. (17).............. 5,616,066 3,605,335
------------- -------------
JAPAN (5.97%)
1,175,000 Fuji Photo Film Co., Ltd. (9)... 29,580,779 35,770,733
415,000 Ito-Yokado Co., Ltd. (10)....... 20,627,080 23,590,768
1,500,000 The Tokio Marine & Fire
Insurance Co., Ltd. (13)....... 17,617,552 17,780,971
2,425,000 The Dai-Tokyo Fire & Marine
Insurance Co., Ltd. (13)....... 16,475,707 16,746,666
85,000 Toho Co., Ltd. (11)............. 13,002,195 14,121,503
625,000 Shimano Inc. (9)................ 13,077,832 11,618,248
1,165,000 Nisshinbo Industries Inc. (9)... 11,563,301 10,671,277
1,000,000 Hitachi Ltd. (6)................ 7,919,117 9,698,711
1,000,000 Nittetsu Mining Co., Ltd. (1)... 8,994,790 9,429,303
1,000,000 Aida Engineering, Ltd. (8)...... 7,536,682 7,615,284
1,000,000 The Nichido Fire & Marine
Insurance Co., Ltd. (13)....... 7,962,726 7,022,585
1,605,000 Hanshin Electric Railway Co.,
Ltd. (a)(7).................... 7,069,099 6,788,694
165,000 Tsutsumi Jewelry Co., Ltd. (10). 8,417,467 6,445,602
150,000 Asatsu Inc. (11)................ 5,879,759 5,926,990
1,175,000 Iino Kaiun Kaisha, Ltd. (a)(7).. 6,952,080 5,381,438
225,000 Chofu Seisakusho Co., Ltd. (9).. 5,133,863 5,314,086
800,000 The Koa Fire & Marine Insurance
Co., Ltd. (13)................. 5,110,243 5,036,146
725,000 The Dowa Fire & Marine Insurance
Co., Ltd. (13)................. 4,043,221 3,737,147
250,000 Japan Airport Terminal Co., Ltd.
(7)............................ 2,899,405 3,569,665
27,500 Fast Retailing Co., Ltd. (10)... 1,317,123 765,570
------------- -------------
201,180,021 207,031,387
------------- -------------
SOUTH KOREA (0.54%)
141,600 LG Industrial Systems (8)....... 4,701,318 3,440,233
293,229 LG Electronics Co., Ltd. Pfd.
(19)........................... 6,746,087 2,956,512
195,000 LG Electronics Co., Ltd. Pfd.
GDS (19)....................... 1,924,079 1,140,750
76,994 Samsung Electronics Co. Pfd.
(19)........................... 6,916,201 2,974,258
23,204 Samsung Electronics Co. Pfd. New
(19)........................... 1,243,547 814,620
4,000 Samsung Electronics Co. Pfd. GDS
(19)........................... 183,423 97,000
1,205 Samsung Electronics Co. Pfd. GDS
New (19)....................... 55,231 29,221
2,602 Samsung Electronics Co. (19).... 338,183 204,822
784 Samsung Electronics Co. New
(19)........................... 82,852 61,714
120 Samsung Electronics Co. GDS
(19)........................... 4,173 2,765
36 Samsung Electronics Co. GDS New
(19)........................... 1,252 1,796
72,500 Young Chang Akki Co. (9)........ 3,641,775 2,536,443
55,790 Cheil Jedang Corporation Pfd.
(17)........................... 1,799,684 1,267,338
558 Cheil Jedang Corporation (17)... 38,585 32,130
89,880 Ssangyong Cement Industries Pfd.
(5)............................ 1,649,368 1,102,755
</TABLE>
14
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
SOUTH KOREA (continued)
65,000 Choong Nam Spinning (a)(9)...... $ 1,414,086 $ 931,730
27,532 Korean Air Lines (7)............ 645,544 602,012
53,785 Korean Air Lines Pfd. (7)....... 943,766 588,028
-------------- --------------
32,329,154 18,784,127
-------------- --------------
HONG KONG (1.66%)
60,262,000 CDL Hotels International Ltd.
(21)........................... 24,004,711 32,729,911
20,000,000 Shaw Brothers (Hong Kong)
Limited (11)................... 23,708,856 20,561,231
3,500,000 South China Morning Post
Holdings Corp. (11)............ 1,457,554 2,602,483
475,000 Cross Harbour Tunnel Company
(7)............................ 923,512 1,035,012
2,000,000 Ming Pao Enterprise Ltd. (11)... 576,942 737,101
-------------- --------------
50,671,575 57,665,738
-------------- --------------
SINGAPORE AND MALAYSIA (0.56%)
1,875,000 Rothmans Industries Ltd. (9).... 7,513,844 6,924,716
2,675,000 Times Publishing Ltd. (11)...... 6,364,312 5,813,565
850,000 Singapore Bus Service Ltd. (7).. 6,812,711 4,406,960
750,000 Clipsal Industries Ltd. (5)..... 1,846,256 2,175,000
-------------- --------------
22,537,123 19,320,241
-------------- --------------
AUSTRALIA AND NEW ZEALAND
(1.85%)
10,683,199 Carter Holt Harvey Limited (4).. 19,083,568 23,524,484
1,579,200 Wilson and Horton Group Limited
(11)........................... 7,878,427 11,668,643
12,748,416 Shortland Properties, Limited
(c)(21)........................ 5,349,478 8,020,602
7,933,400 Tasman Agriculture Limited
(c)(3)......................... 5,072,272 6,599,553
3,695,290 Spotless Services, Limited (20). 3,925,958 6,549,532
1,287,750 The Colonial Motor Company
Limited (10)................... 1,138,158 3,240,726
3,852,700 Wrightson, Limited (3).......... 3,965,324 3,124,147
2,605,100 Apple Fields Limited (a)(c)(3).. 2,176,246 1,001,602
740,000 Damba Holdings Limited (c)(10).. 400,559 341,416
-------------- --------------
48,989,990 64,070,705
-------------- --------------
CANADA (1.56%)
1,015,000 Canadian Pacific Ltd. (17)...... 17,926,035 23,471,875
955,000 Noranda, Inc. (17).............. 18,303,542 19,522,704
375,000 Dofasco, Inc. (1)............... 5,193,171 5,766,689
50,000 Dofasco, Inc. $2.60 Conv. Pfd.,
Class "C' (1).................. 1,105,897 1,214,813
200,000 Canadian National Railway
Company (7).................... 3,771,134 4,100,000
-------------- --------------
46,299,779 54,076,081
-------------- --------------
MEXICO (0.40%)
3,025,000 Industrias Penoles S.A. de C.V.
(1)............................ 6,179,080 12,814,737
40,000 Grupo Televisa S.A. GDR (11).... 948,933 1,155,000
-------------- --------------
7,128,013 13,969,737
-------------- --------------
</TABLE>
15
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
ARGENTINA (0.66%)
8,975,000 Siderca S.A.I.C. (2)............ $ 6,322,832 $ 13,374,622
5,733,923 Ledesma S.A.A.I. (3)............ 6,905,327 6,881,671
913,889 IRSA Inversiones y
Representaciones S.A. (21)..... 1,991,001 2,714,630
-------------- --------------
15,219,160 22,970,923
-------------- --------------
SOUTH AFRICA (0.10%)
225,000 Omni Media Corporation (11)..... 1,411,417 3,568,675
-------------- --------------
MISCELLANEOUS (0.53%)
175,000 Banco Latinoamericano de
Exportaciones S.A.
Class "E' (Bladex) (13)........ 5,734,690 9,821,875
395,000 Minorco SA ADR (1).............. 6,465,244 8,541,875
-------------- --------------
12,199,934 18,363,750
-------------- --------------
TOTAL COMMON AND PREFERRED
STOCKS......................... 1,719,738,382 2,053,312,465
-------------- --------------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
U.S. DOLLAR CONVERTIBLE BONDS
(3.89%)
$ 4,500,000 Apple Computer 6% due 6/01/2001
(b)(6)......................... 4,414,631 4,455,000
1,000,000 Novacare 5 1/2% due 1/15/2000
(12)........................... 896,941 887,500
900,000 International Container Terminal
Services, Inc. 6%
due 2/19/2000 (b)(f)(7)........ 900,000 1,080,000
1,000,000 Homestake Mining Co. 5 1/2% due
6/23/2000 (b)(1)............... 939,190 1,048,750
6,000,000 CalEnergy Company, Inc. 5% due
7/31/2000 (b)(15).............. 5,735,370 8,490,000
3,250,000 Chiron Corp. 1.9% due 11/17/2000
(b)(12)........................ 2,594,726 2,843,750
500,000 Fabri-Centers of America, Inc. 6
1/4%
due 3/01/2002 (10)............. 406,068 438,750
945,000 Roy F. Weston, Inc. 7% due
4/15/2002 (8).................. 855,457 846,956
3,250,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (1).................. 3,576,000 3,152,500
1,200,000 CML Group Inc. 5 1/2% due
1/15/2003 (b)(10).............. 928,907 843,000
1,050,000 CML Group Inc. 5 1/2% due
1/15/2003 (10)................. 822,128 737,625
2,750,000 IRSA Inversiones y
Representaciones S.A. 4 1/2%
due 8/02/2003 (b)(21).......... 2,732,069 2,681,250
1,000,000 Agnico Eagle Mines Limited 3
1/2% due 1/27/2004 (1)......... 776,538 957,500
5,000,000 Scandinavian Broadcasting System
SA 7 1/2%
due 8/01/2005 (11)............. 5,158,238 5,031,250
1,200,000 Builders Transport Inc. 8% due
8/15/2005 (7).................. 731,345 1,008,000
7,750,000 The Price Company 5 1/2% due
2/28/2012 (10)................. 7,007,810 7,885,625
2,680,000 Evans & Sutherland Computer
Corp. 6%
due 3/01/2012 (6).............. 1,853,337 2,338,300
4,912,811 Security Capital Group, Inc. 12%
due 6/30/2014 (b)(f)(21)....... 2,940,000 3,748,475
</TABLE>
16
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(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)
$ 5,366,000 Air & Water Technologies Corp.
8%
due 5/15/2015 (8).............. $ 4,636,094 $ 4,735,495
6,270,000 Tubos de Acero de Mexico S.A. 7
1/2% due 6/12/1997 (2)......... 6,205,031 6,520,800
5,320,000 Gold Mines of Kalgoorlie Ltd. 7
1/2% due 2/28/2000 (1)......... 4,551,738 6,084,750
5,595,000 P.T. Pabrik Kertas Tjiwi Kimia 7
1/4% due 4/12/2001 (4)......... 5,220,962 5,402,672
1,020,000 Acer Inc. 4% due 6/10/2001 (6).. 1,266,258 2,789,700
2,500,000 International Container Terminal
Services Inc. 5%
due 9/15/2001 (7).............. 2,110,227 2,200,000
8,960,000 Cetus Corp. 5 1/4% due 5/21/2002
(12)........................... 8,625,239 8,691,200
3,665,000 Coeur d'Alene Mines Corp. 6% due
6/10/2002 (1).................. 3,223,027 3,179,388
7,000,000 Coeur d'Alene Mines Corp. 6 3/8%
due 1/31/2004 (1).............. 6,947,242 6,238,750
1,500,000 Yangming Marine Transport
Corporation 2%
due 9/22/2001 (7).............. 1,737,000 1,786,875
1,600,000 P.T. Inti Indorayon Utama 5 1/2%
due 10/01/2002 (4)............. 2,041,525 1,864,000
5,735,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (4).................. 4,697,650 4,444,625
4,550,000 Sincere Navigation Corporation 3
3/4% due 5/26/2003 (7)......... 4,772,000 4,993,625
3,920,000 Battle Mountain Gold Company 6%
due 1/04/2005 (1).............. 2,908,762 3,361,400
4,510,000 Ssangyong Cement Company 3% due
12/31/2005 (5)................. 4,965,287 5,558,575
5,460,000 Far Eastern Textile 4% due
10/07/2006 (9)................. 6,241,825 6,497,400
10,000,000 Cheil Jedang Corp. 3% due
12/31/2006 (17)................ 12,158,928 12,050,000
------------- -------------
125,577,550 134,873,486
------------- -------------
U.S. DOLLAR BONDS AND NOTES
(9.64%)
3,300,000 Tubos de Acero de Mexico S.A. 10
1/2%
due 3/10/1999 (f)(2)........... 3,250,903 3,262,875
6,500,000 Global Marine Inc. 12 3/4% due
12/15/1999 (2)................. 7,013,750 7,052,500
2,938,000 Anacomp, Inc. 13% due 6/04/2002
(a)(6)......................... 2,926,117 2,988,501
1,000,000 Republic New York Corp. 9 3/4%
due 12/01/2000 (13)............ 1,000,000 1,107,022
5,550,000 USAir Group, Inc. 9 5/8% due
2/02/2001 (7).................. 4,388,223 5,300,250
6,600,000 USAir Group, Inc. 10% due
7/01/2003 (7).................. 4,924,645 6,303,000
1,000,000 Bayou Steel Corp. 10 1/4% due
3/01/2001 (1).................. 927,179 980,000
5,250,000 Rowan Companies, Inc. 11 7/8%
due 12/01/2001 (2)............. 5,597,000 5,624,062
7,477,000 Republic Engineered Steels, Inc.
9 7/8%
due 12/15/2001 (1)............. 7,077,469 7,196,613
1,643,000 General Host Co. 11 1/2% due
2/15/2002 (10)................. 1,454,115 1,601,925
4,000,000 Florsheim Shoe Co. 12 3/4% due
9/01/2002 (10)................. 3,611,612 4,050,000
5,325,000 Golden Books Family
Entertainment, Inc. 7.65%
due 9/15/2002 (11)............. 4,300,031 4,552,875
1,000,000 Banco Safra SA 10 3/8% due
10/28/2002 (b)(13)............. 985,899 1,001,250
6,310,000 The Pacific Lumber Company 10
1/2% due 3/01/2003 (4)......... 6,008,927 6,246,900
1,605,000 Cobb Theatres 10 5/8% due
3/01/2003 (b)(11).............. 1,626,937 1,661,175
4,892,000 Pamida Holdings Corp. 11 3/4%
due 3/15/2003 (10)............. 4,331,102 4,329,420
9,640,000 Tuboscope Vetco International
Corp. 10 3/4%
due 4/15/2003 (2).............. 9,678,469 10,266,600
4,100,000 Outlet Broadcasting, Inc. 10
7/8% due 7/15/2003 (11)........ 4,153,913 4,547,745
6,130,000 Noble Drilling Corporation 9
1/4% due 10/01/2003 (2)........ 6,052,143 6,336,888
</TABLE>
17
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(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)
$ 5,500,000 The Southland Corporation 5% due
12/15/2003 (10)................. $ 3,951,499 $ 4,413,750
4,589,000 The Southland Corporation 4% due
6/15/2004 (10).................. 2,848,892 3,189,355
2,000,000 CalEnergy Company, Inc. 10 1/4%
due 1/15/2004
(0% @ 9/30/1996) (a)(15)........ 1,566,877 2,045,000
10,000,000 MFS Communications Company, Inc.
9 3/8% due 1/15/2004 (0% @
9/30/1996) (a)(6)............... 6,587,089 8,450,000
500,000 Gerrity Oil & Gas Corp. 11 3/4%
due 7/15/2004 (2)............... 417,977 535,625
10,000,000 Riverwood International
Corporation 10 1/4%
due 4/01/2006 (4)............... 9,972,372 10,100,000
16,500,000 Riverwood International
Corporation 10 7/8%
due 4/01/2008 (4)............... 16,417,259 16,335,000
500,000 Ann Taylor Inc. 8 3/4% due
6/15/2020 (10).................. 416,039 478,750
1,000,000 Banco Safra SA 7 3/4% due
12/16/1996 (13)................. 994,576 1,000,000
2,000,000 Telebras SA 10% due 10/22/1997
(15)............................ 1,985,702 2,045,000
3,800,000 Cemex SA 10% due 11/05/1999 (5).. 3,660,984 3,852,250
500,000 Cemex SA 9 1/2% due 9/20/2001
(5)............................. 259,739 495,000
640,000 Aracruz Celulose SA 10 3/8% due
1/31/2002 (4)................... 608,543 612,800
4,500,000 IRSA Inversiones y
Representaciones S.A. 8 7/8%
due 3/03/1999 (21).............. 4,243,146 4,410,000
1,500,000 Tubos de Acero de Mexico S.A. 13
3/4%
due 12/08/1999 (2).............. 1,359,116 1,670,625
1,500,000 P.T. Inti Indorayon Utama 9 1/8%
due 10/15/2000 (4).............. 1,344,385 1,477,500
1,737,600 GTE Finance Corp. 7% due
11/07/2000 (13)................. 1,685,690 1,802,760
4,800,000 PT Pabrik Kertas Tjiwi Kimia 13
1/4%
due 8/01/2001 (4)............... 4,932,750 5,394,000
2,000,000 Grupo Industrial Durango S.A. de
CV FRN
due 11/18/1996 (9.07% @
9/30/1996) (4).................. 2,005,000 2,000,000
1,750,000 Manufacturers Hanover Trust Co.
FRN
due 7/15/1997 (5.75% @
9/30/1996) (13)................. 1,775,375 1,751,488
1,000,000 Lonrho Finance plc FRN due
7/19/1997
(6.910% @ 9/30/1996) (17)....... 999,333 1,003,250
5,500,000 Wells Fargo & Co. FRN due
4/28/2000
(5.5625% @ 9/30/1996) (13)...... 5,347,543 5,481,300
2,000,000 Den Danske Bank FRN due 6/30/2000
(5.875% @ 9/30/1996) (13)....... 1,982,654 1,987,500
1,500,000 Vital Forsikring FRN due
12/22/2003
(6.878% @ 9/30/1996) (13)....... 1,494,837 1,530,000
2,730,000 Federal Republic of Brazil IDU
FRN due 1/01/2001
(6.6875% @ 9/30/1996) (14)...... 2,246,287 2,632,744
8,000,000 Federal Republic of Brazil EI FRN
due 4/15/2006
(6 1/2% @ 9/30/1996) (14)....... 5,251,386 7,000,000
4,975,000 Federal Republic of Brazil DCB
FRN due 4/15/2012
(6.5625% @ 9/30/1996) (14)...... 3,404,312 3,756,125
33,014,180 Federal Republic of Brazil "C' 8%
due 4/15/2014 (14).............. 16,535,277 23,274,997
</TABLE>
18
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(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)
$ 5,250,000 Federal Republic of Brazil Par ZL
FRN
due 4/15/2024 (5% @ 9/30/1996)
(14)............................ $ 2,287,301 $ 3,130,313
10,500,000 Federal Republic of Brazil Disc.
ZL FRN
due 4/15/2024 (6 1/2% @
9/30/1996) (14)................. 6,305,186 8,045,625
32,291,000 Republic of Argentina FRB due
3/31/2005
(6.625% @ 9/30/1996) (14)....... 24,098,623 27,084,076
9,000,000 Republic of Argentina Par 5% due
3/31/2023 (14).................. 4,197,324 5,265,000
6,000,000 Republic of Argentina Disc. FRN
due 3/31/2023
(6.4375% @ 9/30/1996) (14)...... 3,666,257 4,440,000
2,000,000 Republic of Venezuela FLIRB "A'
due 3/31/2007
(6.6250% @ 9/30/1996) (14)...... 1,196,816 1,687,500
4,500,000 Republic of Venezuela FLIRB "B'
due 3/31/2007
(6.4375% @ 9/30/1996) (14)...... 2,436,193 3,796,875
9,000,000 Republic of Venezuela DCB FRN due
12/18/2007
(6.6250% @ 9/30/1996) (14)...... 6,000,312 7,470,000
2,000,000 Republic of Venezuela Disc. "A'
FRN due 3/31/2020
(6.375% @ 9/30/1996) (14)....... 1,189,812 1,580,000
2,000,000 Republic of Venezuela Disc. "B'
FRN due 3/31/2020
(6.4375% @ 9/30/1996) (14)...... 1,108,236 1,580,000
3,500,000 United Mexican States Aztec FRN
due 3/31/2008
(7.398% @ 9/30/1996) (14)....... 3,189,033 3,489,062
1,000,000 United Mexican States Disc. FRN
"A' due 12/31/2019
(6.39844% @ 9/30/1996) (14)..... 844,489 843,750
1,000,000 United Mexican States Disc. FRN
"B' due 12/31/2019
(6.39062% @ 9/30/1996) (14)..... 849,510 843,750
500,000 United Mexican States Disc. FRN
"C' due 12/31/2019
(6.35156% @ 9/30/1996) (14)..... 426,901 421,875
1,000,000 United Mexican States Disc. FRN
"D' due 12/31/2019
(6.45313% @ 9/30/1996) (14)..... 846,637 843,750
1,750,000 Central Bank of the Philippines
NMB FRN
due 1/05/2005 (6.5625% @
9/30/1996) (14)................. 1,597,572 1,710,625
1,000,000 Central Bank of the Philippines
DCB FRN
due 12/01/2009 (6.4375% @
9/30/1996) (14)................. 872,097 966,875
2,500,000 Republic of Bulgaria IAB FRN due
7/28/2011
(6.6875% @ 9/30/1996) (14)...... 1,152,629 1,143,750
3,000,000 Republic of Bulgaria FLIRB due
7/28/2012
(2% @ 9/30/1996) (14)........... 964,739 982,500
8,750,000 Republic of Bulgaria Disc. "A'
FRN due 7/28/2024
(6.6875% @ 9/30/1996) (14)...... 4,253,517 4,451,562
3,689,044 Republic of Ecuador PDI FRN due
2/27/2015
(6 1/2% @ 9/30/1996) (14)....... 1,544,900 1,890,635
10,000,000 Republic of Ecuador Par 3 1/4%
due 2/28/2025 (14).............. 3,603,029 4,025,000
6,750,000 Republic of Ecuador Disc. FRN due
2/28/2025
(6 1/2% @ 9/30/1996) (14)....... 3,568,185 4,210,312
4,000,000 Republic of Poland PDI 3 1/4% due
10/27/2014 (14)................. 2,566,494 3,170,000
</TABLE>
19
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(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)
$ 6,250,000 Republic of Poland Disc. FRN
due 10/27/2024 (6.4375% @
9/30/1996) (14)............ $ 4,420,507 $ 5,953,125
5,500,000 Bergen Bank Floating Rate
Perpetual Notes
(5.875% @ 9/30/1996) (13).. 3,888,750 4,613,125
3,500,000 Den Norske CreditBank
Floating Rate Perpetual
Notes (5.90% @ 9/30/1996)
(13)....................... 2,610,000 2,907,100
3,170,000 Den Norske CreditBank
Floating Rate Perpetual
Notes (5.8125% @ 9/30/1996)
(13)....................... 2,059,625 2,691,647
13,600,000 Christiania Bank Floating
Rate Perpetual Notes
(5.875% @ 9/30/1996) (13).. 9,590,750 11,492,000
7,000,000 Goldman Sachs Group L.P.
Cocoa Indexed Note 5.78125%
due 4/29/1997 (e)(13)...... 7,000,000 7,039,900
1,100,000 Kingdom of Denmark FRN due
3/25/1997
(9.50631% @ 9/30/1996)
(e)(f)(14)................. 1,010,745 1,018,600
2,028,988 Posgold Finance Ltd. 2.65%
Gold Denominated Note due
7/15/2004 (b)(e)(f)(1)..... 2,028,988 1,978,808
------------- -------------
294,978,230 333,901,560
------------- -------------
U.S. TREASURY NOTES (1.32%)
10,000,000 U.S. Treasury Note 6 7/8%
due 10/31/1996 (14)........ 9,996,551 10,018,750
5,000,000 U.S. Treasury Note 7 1/2%
due 12/31/1996 (14)........ 4,997,475 5,029,685
5,000,000 U.S. Treasury Note 7 3/8%
due 11/15/1997 (14)........ 4,987,604 5,079,685
5,000,000 U.S. Treasury Note 5 1/8%
due 11/30/1998 (14)........ 4,739,072 4,900,000
20,000,000 U.S. Treasury Note 7 3/4%
due 11/30/1999 (14)........ 19,983,263 20,812,500
------------- -------------
44,703,965 45,840,620
------------- -------------
NON U.S. DOLLAR CONVERTIBLE
BONDS (2.10%)
CAD 3,366,000 Intertan Inc. 9% due
8/30/2000 (f)(10).......... 2,576,858 2,705,450
CAD 1,600,000 Noranda Inc. 5% due
4/30/2007 (17)............. 985,802 1,080,486
(Pounds)1,000,000 Lonrho Finance plc 6% due
2/27/2004 (17)............. 1,439,839 1,561,836
(Pounds)2,500,000 Berisford plc 5% due
1/31/2015 (9).............. 2,194,860 2,387,769
FRF 64,000,000 Alcatel Alsthom 2 1/2% due
1/01/2004 (17)............. 12,379,661 13,199,582
FRF 26,790,000 Compagnie Generale des Eaux
6%
due 1/01/1998 (15)......... 5,287,117 6,046,342
FRF 65,130,000 Immobiliere Hoteliere 5% due
1/01/2001 (21)............. 9,739,673 9,459,603
FRF 49,469,000 Euro Disney SCA 6 3/4% due
10/01/2001 (20)............ 6,658,731 10,325,829
FRF 7,425,000 Gaumont SA 3 3/4% due
1/01/2003 (11)............. 1,444,974 1,568,903
FRF 37,500,000 Michelin 6% due 1/02/1998
(24)....................... 6,961,441 8,392,257
ECU 4,075,000 BCP Bank & Trust Co. 8 3/4%
due 5/21/2002 (13)......... 5,190,498 5,272,031
ECU 500,000 Espirito Santo Financial
Holding SA 8 3/4%
due 4/10/2003 (13)......... 654,418 674,219
(Yen) 150,000,000 Hitachi Ltd. 2.7% due
3/31/1997 (6).............. 1,312,401 1,778,097
(Yen) 350,000,000 Nippon Yusen Kabushiki 2%
due 9/29/2000 (7).......... 4,000,999 3,595,707
NZD 6,300,908 Shortland Properties Limited
7 1/2% due
12/31/1998 (21)............ 3,968,490 4,767,386
------------- -------------
64,795,762 72,815,497
------------- -------------
</TABLE>
20
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(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 (3.32%)
ITL2,700,000,000 Dresdner Bank Zero Coupon
due 7/19/2000 (a)(13)....... $ 1,197,727 $ 1,311,760
ITL1,450,000,000 European Bank for
Reconstruction & Development
9 3/4% due 7/28/2000 (13)... 923,672 1,015,046
ITL 750,000,000 Bayerische Hypotheken Weschel
Bank 7.85%
due 2/14/2001 (13).......... 441,295 493,018
ITL5,000,000,000 American International Group
11.7% due 12/04/2001 (13)... 3,376,842 3,775,084
ITL1,410,000,000 Republic of Ireland 11 1/4%
due 4/02/2002 (14).......... 919,158 1,043,745
CAD 3,000,000 Canada 9 3/4% due 5/01/2000
(14)........................ 2,231,394 2,472,734
CAD 3,000,000 Province of Alberta 10 1/4%
due 8/22/2001 (14).......... 2,224,786 2,561,456
CAD 4,000,000 Province of Quebec 10 1/4%
due 10/15/2001 (14)......... 2,982,663 3,400,007
CAD 5,000,000 Province of Ontario 8 3/4%
due 4/22/2003 (14).......... 3,912,073 4,047,051
CAD 2,500,000 Bell Canada 8 1/2% due
6/09/2003 (15).............. 1,692,755 1,962,372
ECU 1,500,000 Republic of South Africa 10
3/8% due 2/10/1997 (14)..... 1,768,560 1,911,328
ECU 3,000,000 Republic of France O.A.T. 6
3/4% due
4/25/2002 (14).............. 3,627,323 3,942,188
DEM 15,635,000 Air Canada Variable Rate
Perpetual Notes
(6 1/4% @ 9/30/1996) (7).... 6,226,295 6,161,930
FRF 65,685,000 United Mexican States Par
6.63%
due 12/31/2019 (14)......... 8,243,797 8,776,996
FRF 37,500,000 Republic of Venezuela Par
Bonds 7.71%
due 3/31/2020 (14).......... 3,930,084 5,047,155
ESP 650,000,000 Banco Nacional de Comercio
Exterior 12.65%
due 6/21/1998 (13).......... 5,052,673 5,337,822
CHF 5,500,000 Carter Holt Harvey Finance NV
5 7/8%
due 10/16/2001 (4).......... 3,412,716 4,758,772
CHF 6,000,000 Air Canada 6 1/4% Perpetual
Notes (7)................... 1,756,755 3,186,603
CHF 4,100,000 Scandinavian Airlines System
Variable Rate Perpetual
Notes (3 5/8% @ 9/30/1996)
(7)......................... 1,920,638 2,157,895
NZD 1,900,000 State Bank of South Australia
9%
due 10/29/1997 (13)......... 1,027,106 1,329,025
NZD 4,000,000 Telecom Corp. of New Zealand
10%
due 7/10/1998 (15).......... 2,233,897 2,876,591
NZD 12,000,000 Trans Power Finance Limited
8%
due 3/15/2002 (15).......... 7,879,441 8,241,799
NZD 34,500,000 New Zealand Government 10%
due 3/15/2002 (14).......... 25,571,408 26,105,690
NZD 6,581,000 Telecom Corp. of New Zealand
9 1/4%
due 7/01/2002 (15).......... 3,992,747 4,798,842
NZD 2,850,000 State Bank of New South Wales
8%
due 4/01/2003 (13).......... 1,640,738 1,962,408
NZD 2,000,000 Telecom Corp. of New Zealand
7 1/2%
due 7/14/2003 (15).......... 1,154,322 1,343,924
ZAR 10,500,000 Escom 15% due 10/01/1998
(15)........................ 2,437,082 2,325,675
ZAR 15,000,000 Republic of South Africa 13%
due 8/31/2010 (14).......... 2,899,295 2,855,541
-------------- --------------
104,677,242 115,202,457
-------------- --------------
TOTAL BONDS, NOTES AND
CONVERTIBLE BONDS........... 634,732,749 702,633,620
-------------- --------------
</TABLE>
21
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
SHORT-TERM INVESTMENTS (19.51%)
$ 11,787,000 Praxair, Inc. 5.45% due
10/01/1996...................... $ 11,787,000 $ 11,787,000
3,634,000 Samsung Electronics America, Inc.
5.50%
due 10/01/1996.................. 3,634,000 3,634,000
10,193,000 Burlington Northern Santa Fe
Corporation 5.43%
due 10/02/1996.................. 10,191,463 10,191,463
17,725,000 CSX Corporation 5.45% due
10/02/1996...................... 17,722,317 17,722,317
10,000,000 Praxair, Inc. 5.46% due
10/03/1996...................... 9,996,967 9,996,967
5,100,000 Union Oil Company of California
5.50%
due 10/03/1996.................. 5,098,442 5,098,442
9,626,000 Praxair, Inc. 5.46% due
10/04/1996...................... 9,621,620 9,621,620
10,500,000 Warner Lambert Company 5.27% due
10/04/1996...................... 10,495,389 10,495,389
19,000,000 Union Oil Company of California
5.48%
due 10/07/1996.................. 18,982,647 18,982,647
20,000,000 Praxair, Inc. 5.45% due
10/08/1996...................... 19,978,806 19,978,806
10,000,000 Fiat Finance U.S.A., Inc. 5.52%
due 10/09/1996.................. 9,987,733 9,987,733
3,418,000 Lockheed Martin Corporation 5.40%
due 10/09/1996.................. 3,413,898 3,413,898
12,632,000 Louisiana Land & Exploration
Company 5.42%
due 10/09/1996.................. 12,616,785 12,616,785
14,289,000 Lockheed Martin Corporation 5.46%
due 10/10/1996.................. 14,269,496 14,269,496
8,600,000 Union Pacific Corporation 5.50%
due 10/10/1996.................. 8,588,175 8,588,175
15,000,000 Burlington Northern Santa Fe
Corporation 5.38%
due 10/11/1996.................. 14,977,583 14,977,583
5,000,000 Samsung Electronics America, Inc.
5.50%
due 10/11/1996.................. 4,992,361 4,992,361
9,083,000 Samsung Electronics America, Inc.
5.58%
due 10/15/1996.................. 9,063,290 9,063,290
17,534,000 Union Oil Company of California
5.45%
due 10/15/1996.................. 17,496,838 17,496,838
12,000,000 Burlington Northern Santa Fe
Corporation 5.43%
due 10/16/1996.................. 11,972,850 11,972,850
8,000,000 Samsung Electronics America, Inc.
5.50%
due 10/16/1996.................. 7,981,667 7,981,667
16,845,000 Louisiana Land & Exploration
Company 5.47%
due 10/17/1996.................. 16,804,048 16,804,048
9,545,000 Lockheed Martin Corporation 5.50%
due 10/18/1996.................. 9,520,210 9,520,210
9,169,000 USX Corporation 5.54% due
10/18/1996...................... 9,145,013 9,145,013
10,000,000 Viacom Inc. 5.65% due 10/18/1996. 9,973,319 9,973,319
13,746,000 Lockheed Martin Corporation 5.50%
due 10/21/1996.................. 13,703,998 13,703,998
6,841,000 Reynolds Metals Company 5.55% due
10/21/1996...................... 6,819,907 6,819,907
12,827,000 Toshiba Capital (Asia) Limited
5.32% due 10/22/1996............ 12,787,194 12,787,194
18,190,000 USX Corporation 5.55% due
10/22/1996...................... 18,131,110 18,131,110
11,837,000 USX Corporation 5.60% due
10/23/1996...................... 11,796,491 11,796,491
11,000,000 USX Corporation 5.65% due
10/23/1996...................... 10,962,019 10,962,019
20,063,000 CSX Corporation 5.48% due
10/24/1996...................... 19,992,757 19,992,757
7,770,000 Eksportfinans A/S 5.36% due
10/25/1996...................... 7,742,235 7,742,235
1,200,000 Lockheed Martin Corporation 5.55%
due 10/25/1996.................. 1,195,560 1,195,560
2,917,000 Samsung Electronics America, Inc.
5.55%
due 10/25/1996.................. 2,906,207 2,906,207
</TABLE>
22
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
SHORT-TERM INVESTMENTS
(continued)
$ 9,396,000 American Home Products Corp.
5.35%
due 10/28/1996.............. $ 9,358,299 $ 9,358,299
7,896,000 Dayton-Hudson Corp. 5.45% due
10/28/1996.................. 7,863,725 7,863,725
11,000,000 Louisiana Land & Exploration
Company 5.50%
due 10/28/1996.............. 10,954,625 10,954,625
10,844,000 Burlington Northern Santa Fe
Corporation 5.50%
due 10/29/1996.............. 10,797,612 10,797,612
10,259,000 USX Corporation 5.65% due
10/29/1996.................. 10,213,917 10,213,917
22,104,000 USX Corporation 5.60% due
10/30/1996.................. 22,004,286 22,004,286
5,784,000 Eksportfinans A/S 5.36% due
10/31/1996.................. 5,758,165 5,758,165
10,000,000 Michelin North America, Inc.
5.36% due 10/31/1996........ 9,955,333 9,955,333
18,063,000 CSX Corporation 5.50% due
11/01/1996.................. 17,977,452 17,977,452
10,700,000 Louisiana Land & Exploration
Company 5.52%
due 11/04/1996.............. 10,644,217 10,644,217
15,000,000 Unilever Capital Corp. 5.29%
due 11/05/1996.............. 14,922,854 14,922,854
12,711,000 ITT Corporation 5.60% due
11/06/1996.................. 12,639,818 12,639,818
16,921,000 USX Corporation 5.63% due
11/07/1996.................. 16,823,089 16,823,089
25,000,000 Fiat Finance U.S.A., Inc.
5.50% due 11/08/1996........ 24,854,861 24,854,861
7,200,000 Hitachi Credit America Corp.
5.42% due 11/12/1996........ 7,154,472 7,154,472
15,374,000 Samsung Electronics America,
Inc. 5.55%
due 11/12/1996.............. 15,274,453 15,274,453
9,147,000 Praxair, Inc. 5.53% due
11/13/1996.................. 9,086,582 9,086,582
4,871,000 Praxair, Inc. 5.56% due
11/13/1996.................. 4,838,651 4,838,651
10,000,000 Samsung Electronics America,
Inc. 5.52%
due 11/14/1996.............. 9,932,533 9,932,533
19,530,000 CSX Corporation 5.45% due
11/15/1996.................. 19,396,952 19,396,952
3,143,000 The Walt Disney Company 5.28%
due 11/18/1996.............. 3,120,873 3,120,873
10,684,000 ITT Corporation 5.53% due
11/18/1996.................. 10,605,223 10,605,223
12,300,000 Toshiba Capital (Asia)
Limited 5.40% due
11/19/1996.................. 12,209,595 12,209,595
15,324,000 Samsung Electronics America,
Inc. 5.53%
due 11/20/1996.............. 15,206,303 15,206,303
-------------- --------------
TOTAL SHORT-TERM INVESTMENTS. 675,943,285 675,943,285
-------------- --------------
TOTAL INVESTMENTS (99.03%)... $3,030,414,416* 3,431,889,370**
==============
Other assets in excess of
liabilities (0.97%)......... 33,510,030
--------------
Net assets (100.00%)......... $3,465,399,400
==============
</TABLE>
23
<PAGE>
SoGen International Fund, Inc.
NOTES TO SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1996
(UNAUDITED)
* Aggregate cost for federal income tax purposes is $3,029,719,672.
** Gross unrealized appreciation and depreciation of securities at September
30, 1996, based on cost for federal income tax purposes, were $505,276,356
and $103,106,658, respectively. (Net appreciation was $402,169,698.)
<TABLE>
<CAPTION>
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS
- ------------------ ------------------------
<S> <C> <C>
CAD--Canadian Dollar (1) Metals and Minerals (13) Financial Institutions
(Pounds)--Pound Sterling (2) Energy (14) Government Issues
FRF--French Franc (3) Agriculture (15) Utilities
ECU--European Currency
Unit (4) Forest Products (16) Multinational
(Yen)--Japanese Yen (5) Building Materials (17) Conglomerate
NZD--New Zealand Dollar (6) Technology (18) Holding Companies
ITL--Italian Lira (7) Transportation (19) Electronics
DEM--Deutsche Mark (8) Capital Goods (20) Services
ESP--Spanish Peseta (9) Consumer Products (21) Real Estate
CHF--Swiss Franc (10) Distribution (22) Chemicals
ZAR--South African Rand (11) Media (23) Investment Companies
(12) Health Care (24) Automotive
<CAPTION>
BOND TYPES
- ----------
<S> <C> <C>
FRN--Floating Rate Note
FRB--Floating Rate Bond
IDU--Interest Due Unpaid
EI--Eligible Interest
"C'--Capitalization
FLIRB--Front Loaded Interest Reduction Bond
DCB--Debt Conversion Bond
NMB--New Money Bond
IAB--Interest Arrears Bond
PDI--Past Due Interest
</TABLE>
24
<PAGE>
SoGen International Fund, Inc.
NOTES TO SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 1996
(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, 1996.
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
Affiliate Shares Cost Shares Cost Gain Income
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
North European Oil Roy-
alty Trust -- -- -- -- -- $212,400
A.P. Green Industries -- -- -- -- -- 45,225
BEI Electronics Inc. -- -- 12,300 $130,375 $43,025 24,246
LeaRonal, Inc. 55,000 $1,206,600 -- -- -- 181,800
Baldwin Piano and Organ
Company -- -- -- -- -- --
Plasti-Line, Inc. -- -- -- -- -- --
East Texas Financial
Services -- -- -- -- -- 8,500
Logansport Financial
Corp. -- -- -- -- -- 18,000
FirstFed Bancorp Inc. -- -- -- -- -- 22,863
Wood Bancorp, Inc. -- -- -- -- -- 12,218
Redwood Financial, Inc. -- -- -- -- -- --
J.C. Nichols Company -- -- -- -- -- --
Zero Corporation 220,000 3,954,646 -- -- -- 66,006
Classic Bancshares, Inc. -- -- -- -- -- --
First Federal Financial
Bancorp, Inc. 49,000 534,000 -- -- -- 3,430
San Juan Basin Royalty
Trust 710,000 4,295,138 -- -- -- 283,131
Texarkana First Finan-
cial Corp. -- -- -- -- -- 335,400
Terra Mining AB -- -- -- -- -- 34,403
VAE AG 10,000 894,595 -- -- -- 174,359
Emin Leydier 2,800 155,326 -- -- -- 245,856
Groupe NSC 2,000 286,201 -- -- -- 230,664
Sabeton SA -- -- -- -- -- --
La Brosse et DuPont -- -- -- -- -- --
C.E.E. (Continentale
d'Equipements
Electriques) -- -- -- -- -- --
Tasman Agriculture Lim-
ited 1,329,400 1,092,864 -- -- -- 60,939
Shortland Properties,
Limited -- -- -- -- -- 348,510
Apple Fields Limited 313,000 179,049 -- -- -- --
Damba Holdings Limited -- -- -- -- -- 20,346
German City Estates NV 70,000 951,829 -- -- -- 72,337
</TABLE>
(e) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(f) Security for which there are less than three market makers.
- -----------
See Notes to Financial Statements.
25
<PAGE>
SoGen International Fund, Inc.
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments, at value (Note 1):
Common and preferred stock (identified cost, $1,719,738,382). $2,053,312,465
Bonds, notes and convertible bonds (identified cost,
$634,732,749).............................................. 702,633,620
Short-term investments (amortized cost, $675,943,285)........ 675,943,285
--------------
Total investments (cost, $3,030,414,416)................ 3,431,889,370
Cash.......................................................... 1,612,310
Receivable for forward currency contracts held, at value
(Notes 1 and 6)............................................. 578,132,171
Receivable for investment securities sold..................... 4,648,452
Receivable for Fund shares sold............................... 9,919,433
Accrued interest and dividends receivable..................... 24,345,482
Prepaid expenses and other assets............................. 40,113
--------------
TOTAL ASSETS............................................ 4,050,587,331
--------------
LIABILITIES:
Payable for forward currency contracts held, at value (Notes 1
and 6)...................................................... 562,953,249
Payable for investment securities purchased................... 10,958,295
Payable for Fund shares redeemed.............................. 2,207,691
Investment advisory fees payable (Note 2)..................... 6,298,711
Distribution fees payable (Note 3)............................ 2,054,806
Directors' fees payable (Note 2).............................. 17,271
Accrued expenses and other liabilities........................ 697,908
--------------
TOTAL LIABILITIES....................................... 585,187,931
--------------
NET ASSETS:
Capital stock (par value, $0.001 per share)................... 128,383
Capital surplus............................................... 2,862,715,407
Net unrealized appreciation (depreciation) on:
Investments.................................................. 401,474,954
Forward currency contracts................................... 15,178,922
Foreign currency related transactions........................ (34,781)
Undistributed net realized gains on investments............... 79,726,746
Undistributed net investment income........................... 106,209,769
--------------
NET ASSETS (Note 1)..................................... $3,465,399,400
==============
NET ASSET VALUE PER SHARE (based on 128,383,442 shares
outstanding;
250,000,000 shares authorized) (Note 5)....................... $ 26.99
==============
MAXIMUM OFFERING PRICE PER SHARE ($26.99/96.25%)............... $ 28.04
==============
</TABLE>
- -----------
See Notes to Financial Statements.
26
<PAGE>
SoGen International Fund, Inc.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Income:
Interest (net of $37,495 foreign taxes withheld)............... $ 45,214,872
Dividends (net of $1,256,249 foreign taxes withheld)........... 31,155,778
Miscellaneous income........................................... 101,251
------------
Total income from operations................................... 76,471,901
------------
Expenses:
Investment advisory fees (Note 2).............................. 12,314,927
Distribution fees (Note 3)..................................... 3,981,540
Shareholder servicing agent fees............................... 1,848,385
Custodian fees................................................. 1,176,155
Registration and filing fees................................... 100,395
Printing....................................................... 100,396
Audit fees..................................................... 65,256
Insurance...................................................... 40,432
Directors' fees (Note 2)....................................... 18,071
Legal fees..................................................... 17,569
Miscellaneous.................................................. 40,159
------------
Total expenses from operations................................. 19,703,285
------------
Expense reduction due to earnings credits (Note 1)............. (113,078)
------------
Net expenses from operations................................... 19,590,207
------------
Net investment income (Note 1).................................. 56,881,694
------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND
FOREIGN CURRENCY RELATED TRANSACTIONS (NOTES 1 AND 6):
Net realized gains from:
Investment transactions........................................ 47,035,214
Foreign currency related transactions.......................... 15,105,103
------------
62,140,317
------------
Change in unrealized appreciation (depreciation) of:
Investments.................................................... (17,114,410)
Foreign currency related transactions.......................... 8,217,187
------------
(8,897,223)
------------
Net gain on investments and foreign currency related
transactions.................................................. 53,243,094
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............. $110,124,788
============
</TABLE>
- -----------
See Notes to Financial Statements.
27
<PAGE>
SoGen International Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
SEPTEMBER 30, ENDED
1996 MARCH 31,
(UNAUDITED) 1996
-------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income........................ $ 56,881,694 $ 90,634,838
Net realized gains from investments and
foreign currency related transactions...... 62,140,317 92,348,706
Increase (decrease) in unrealized
appreciation (depreciation) of investments
and foreign currency related transactions.. (8,897,223) 247,104,551
-------------- --------------
Net increase in net assets resulting from
operations................................ 110,124,788 430,088,095
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Dividends paid from net investment income.... -- (80,841,083)
Distributions paid from net realized gains
from investment transactions............... -- (72,421,592)
-------------- --------------
Decrease in net assets resulting from
distributions............................. -- (153,262,675)
-------------- --------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from shares sold................ 519,875,614 1,003,626,840
Net asset value of shares issued for
reinvested dividends and distributions..... -- 145,347,808
Cost of shares redeemed...................... (198,069,152) (313,992,982)
-------------- --------------
Increase in net assets from Fund share
transactions.............................. 321,806,462 834,981,666
-------------- --------------
Net increase in net assets................. 431,931,250 1,111,807,086
NET ASSETS (NOTE 1):
Beginning of period.......................... 3,033,468,150 1,921,661,064
-------------- --------------
End of period (including undistributed net
investment income of $106,209,769 and
$34,222,972, respectively)................. $3,465,399,400 $3,033,468,150
============== ==============
</TABLE>
- -----------
See Notes to Financial Statements.
28
<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 market value, and the related realized and unrealized foreign
exchange gains and
29
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued)
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
$15,105,103.
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.
H) USE OF ESTIMATES--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make es-
timates and assumptions that affect the reported amounts of assets and liabil-
ities at the date of the financial statements and the reported amounts of rev-
enues and expenses during the reporting period. Actual results could differ
from those estimates.
NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH 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
30
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH AFFILIATED PERSONS
(continued)
Fund with advisory services and pays certain Fund expenses, including salaries
and office costs. For the six months ended September 30, 1996, the Fund's in-
vestment advisory fees paid or payable to SOGEN A.M. Corp. were $12,314,927.
For the six months ended September 30, 1996, Societe Generale Securities
Corporation ("SGSC"), the principal underwriter, realized $1,474,835 in deal-
er's and underwriter's commissions after reallowance to others. Societe
Generale, a stockholder of SOGEN A.M. Corp. and SGSC, received dealer's com-
missions of $77,927. For the same period, Societe Generale or its affiliates
received $50,769 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 $18,071 for the six
months ended September 30, 1996.
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, 1996, the Fund's dis-
tribution fees paid or payable to SGSC were $3,981,540.
NOTE 4--PURCHASES AND SALES OF SECURITIES
During the six months ended September 30, 1996, the aggregate cost of pur-
chases and proceeds from sales of investments, excluding short-term securi-
ties, totaled $331,542,612 and $177,034,212, respectively.
31
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 5--CAPITAL STOCK
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
SEPTEMBER 30, 1996 MARCH 31, 1996
------------------ --------------
<S> <C> <C>
Shares sold.................................. 19,560,683 39,975,158
Shares issued for reinvested dividends and
distributions.............................. -- 5,973,765
Shares redeemed.............................. (7,454,576) (12,491,879)
---------- -----------
Net increase................................ 12,106,107 33,457,044
========== ===========
</TABLE>
NOTE 6--COMMITMENTS
As of September 30, 1996, the Fund had entered into forward currency
contracts, as summarized below, resulting in net unrealized appreciation of
$15,178,922.
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE AT U.S. $ VALUE AT
DATES CURRENCY TO SEPTEMBER 30, CURRENCY TO SEPTEMBER 30,
THROUGH BE DELIVERED 1996 BE RECEIVED 1996
---------- ------------ --------------- ----------- ---------------
<S> <C> <C> <C> <C> <C> <C>
10/07/96 2,875,799 Austrian Schilling $ 268,065 270,079 U.S. Dollar $ 270,079
10/05/96 2,570,551 Australian Dollar 2,033,948 2,033,434 U.S. Dollar 2,033,434
10/04/96 945,819 U.S. Dollar 945,819 1,186,886 Swiss Franc 946,480
12/27/96 81,824,000 Swiss Franc 65,863,676 68,247,795 U.S. Dollar 68,247,795
10/04/96 2,075,244 U.S. Dollar 2,075,244 3,142,097 Deutsche Mark 2,061,228
1/03/97 157,594,500 Deutsche Mark 103,886,920 106,384,270 U.S. Dollar 106,384,270
1/29/97 600,000,000 Spanish Peseta 4,651,884 4,753,228 U.S. Dollar 4,753,228
10/31/96 1,802,992 U.S. Dollar 1,802,992 9,281,629 French Franc 1,797,442
1/10/97 1,015,121,000 French Franc 197,573,461 200,857,713 U.S. Dollar 200,857,713
10/04/96 1,475,296 U.S. Dollar 1,475,296 945,001 British Pound 1,479,635
10/01/96 193,063 U.S. Dollar 193,063 293,803,775 Italian Lira 192,893
10/03/96 85,035 U.S. Dollar 85,035 9,466,141 Japanese Yen 85,009
1/17/97 17,397,850,000 Japanese Yen 157,564,862 165,027,151 U.S. Dollar 165,027,151
12/16/96 33,250,000 New Zealand Dollar 23,439,588 22,903,727 U.S. Dollar 22,903,727
10/03/96 963,956 U.S. Dollar 963,956 6,381,086 Swedish Krona 962,609
10/04/96 110,643 U.S. Dollar 110,643 155,708 Singapore Dollar 110,588
10/01/96 1,731,258,958 Turkish Lira 18,797 18,890 U.S. Dollar 18,890
------------ ------------
$562,953,249 $578,132,171
============ ============
</TABLE>
32
<PAGE>
SoGen International Fund, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, ---------------------------------------------------------------------------------
1996+ 1996 1995 1994 1993 1992 1991(a) 1990 1989 1988 1987
------------- ------ ------ ------ ------ ------ ------- ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SELECTED PER
SHARE DATA
Net asset value,
beginning of period.... $26.09 $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91 $21.47 $19.09
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income from investment
operations:
Net investment income... 0.53 1.06 0.10 0.53 0.64 0.69 0.78 0.64 0.71 0.58 0.40
Net realized and
unrealized gains
(losses) on
investments............ 0.37 3.37 0.49 3.37 2.02 1.45 0.20 1.48 1.26 (0.97) 4.80
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations............. 0.90 4.43 0.59 3.90 2.66 2.14 0.98 2.12 1.97 (0.39) 5.20
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income...... -- (0.81) (0.15) (0.47) (0.64) (0.84) (0.71) (0.71) (0.80) (0.84) (0.60)
Distributions from
capital gains.......... -- (0.73) (0.56) (0.23) (0.34) (0.37) (0.47) (1.01) (0.77) (3.33) (2.22)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total distributions..... -- (1.54) (0.71) (0.70) (0.98) (1.21) (1.18) (1.72) (1.57) (4.17) (2.82)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of
period................. $26.99 $26.09 $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91 $21.47
====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ======
TOTAL RETURN++.......... 6.90%* 19.57% 2.63% 19.50% 14.87% 12.53% 6.03% 12.18% 11.94% (0.70%) 31.16%
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (millions)...... $3,465 $3,033 $1,922 $1,781 $650 $355 $240 $176 $126 $97 $96
Ratio of operating
expenses to average net
assets................. 1.20%*# 1.25%# 1.26% 1.28% 1.31% 1.37% 1.30% 1.38% 1.39% 1.36% 1.47%
Ratio of net investment
income to average
net assets............. 3.48%*# 3.71%# 2.70% 2.34% 3.69% 4.00% 4.84% 4.32% 4.23% 3.09% 2.71%
Portfolio turnover rate. 6.65% 9.64% 12.96% 23.96% 17.94% 24.25% 24.14% 30.62% 33.05% 42.79% 41.23%
Average commission rate
paid +++............... $0.001 $0.013 -- -- -- -- -- -- -- -- --
</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
# The ratio of operating expenses to average net assets for the six months
ended September 30, 1996 and the year ended March 31, 1996 would have been
1.21% and 1.25%, respectively, without the effect of earnings credits. The
ratio of net investment income to average net assets would have been 3.47%
and 3.70% without the effect of earnings credits for the six months ended
September 30, 1996 and the year ended March 31, 1995, respectively.
++ Does not give effect to deduction of the sales load.
+++ Average commission rate paid is expressed on a per share basis. Not all
commissions are computed on a per share basis; therefore, commissions
expressed as a percentage of transactions may be higher. Due to the new
Securities and Exchange Commission disclosure guidelines, average
commissions per share are calculated only for periods subsequent to the year
ended March 31, 1995.
- -----------
See Notes to Financial Statements.
33
<PAGE>
SoGen International Fund, Inc.
MEETINGS OF THE SHAREHOLDERS OF THE FUND
A meeting of the shareholders of the Fund was held on April 10, 1996 for the
purpose of electing the Directors of the Fund; approving KPMG Peat Marwick LLP
as independent certified public accountants; approving the elimination of the
fundamental investment policy of the Fund prohibiting investments in other
investment companies; and approving an amendment to the fundamental investment
policy of the Fund prohibiting the making of loans (other than through the
purchase of publicly distributed debt securities) to permit investments in
privately placed debt securities and securities lending. Prior to approving the
resolutions, a solicitation of proxies of the shareholders of the Fund was
conducted and the results were as follows:
ELECTION OF DIRECTORS
<TABLE>
<CAPTION>
PHILIPPE JEAN-MARIE FRED J. DOMINIQUE NATHAN
COLLAS EVEILLARD MEYER RAILLARD SNYDER
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
For...................... 64,942,487 65,093,592 64,933,302 64,946,854 65,044,064
Withheld................. 1,016,045 864,940 1,025,230 1,011,678 914,468
---------- ---------- ---------- ---------- ----------
Total................... 65,958,532 65,958,532 65,958,532 65,958,532 65,958,532
========== ========== ========== ========== ==========
</TABLE>
APPROVAL OF KPMG PEAT MARWICK LLP
<TABLE>
<S> <C> <C>
For..................................................... 64,281,681 97.5%
Against................................................. 365,695 0.5
Abstain................................................. 1,311,156 2.0
---------- -----
Total.................................................. 65,958,532 100.0%
========== =====
</TABLE>
A quorum had not been obtained for the following two items at the time of the
April 10th meeting. Consequently, the meeting, with respect to such items, was
adjourned until May 10, 1996. The results of the May 10th meeting were as
follows:
ELIMINATION OF THE FUNDAMENTAL INVESTMENT POLICY PROHIBITING INVESTMENTS IN
OTHER INVESTMENT COMPANIES
<TABLE>
<S> <C> <C>
For..................................................... 49,294,014 86.0%
Against................................................. 4,771,496 8.3
Abstain................................................. 3,291,202 5.7
---------- -----
Total.................................................. 57,356,712 100.0%
========== =====
</TABLE>
34
<PAGE>
SoGen International Fund, Inc.
MEETINGS OF THE SHAREHOLDERS OF THE FUND (continued)
AMENDMENT OF THE FUNDAMENTAL INVESTMENT POLICY PROHIBITING THE MAKING OF LOANS
(OTHER THAN THROUGH THE PURCHASE OF PUBLICLY DISTRIBUTED DEBT SECURITIES) TO
PERMIT INVESTMENTS IN PRIVATELY PLACED DEBT SECURITIES AND SECURITIES LENDING
<TABLE>
<S> <C> <C>
For..................................................... 47,709,607 83.2%
Against................................................. 6,104,151 10.6
Abstain................................................. 3,542,954 6.2
---------- -----
Total.................................................. 57,356,712 100.0%
========== =====
</TABLE>
35
<PAGE>
SoGen International Fund, Inc.
1221 AVENUE OF THE AMERICAS NEW YORK, NY 10020
DIRECTORS AND OFFICERS
DIRECTORS
Dominique Raillard
Philippe Collas Nathan Snyder
Jean-Marie Eveillard
Fred J. Meyer
OFFICERS
Philippe Collas...........................................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
John L. DeVita.........................................Assistant Vice President
Howard C. Monaghan.....................................Assistant Vice President
INVESTMENT ADVISER
UNDERWRITER
Societe Generale Asset Management Corp. Societe Generale Securities
1221 Avenue of the Americas Corporation
New York, NY 10020 1221 Avenue of the Americas
New York, NY 10020
LEGAL COUNSEL INDEPENDENT AUDITORS
Dechert Price & Rhoads KPMG Peat Marwick LLP
477 Madison Avenue 345 Park Avenue
New York, NY 10022 New York, NY 10154
DOMESTIC CUSTODIAN GLOBAL CUSTODIAN
Investors Fiduciary Trust Company The Chase Manhattan Bank, N.A.
127 West 10th Street 4 Chase MetroTech Center
Kansas City, MO 64105 Brooklyn, NY 11245
SHAREHOLDER SERVICING AGENT
DST Systems, Inc.
1004 Baltimore
Kansas City, MO 64105
(800) 334-2143
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>
SoGen International Fund, Inc.
[ART] 1221 Avenue of the Americas
New York, NY 10020
SGF2
