SOGEN
INTERNATIONAL
FUND, INC.
[LOGO]
Twenty-Sixth
Annual Report
March 31, 1996
SN-02
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
THE PRESIDENT'S LETTER
Dear Shareholder:
Over the past fifteen years (March 31, 1981 to March 31, 1996) the value of
an investment in your Fund increased at a compounded average annual rate of
15.7%. Over the past ten and five years, the rates were 12.6% and 13.6%,
respectively. Over the past twelve months, the rate was 19.6%.*
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 March 31, 1996 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
U.S. stocks (1) 23.2%
Foreign stocks (1) 35.2
U.S. dollar bonds 11.9
Foreign currency bonds 5.0
Gold-related securities 8.1
U.S. dollar cash and equivalents (2) 16.6
100.0%
</TABLE>
(1) Includes convertible bonds with moderate premia.
(2) Includes floating rate securities.
The ten largest equity holdings were Bank for International Settlements,
U.S. and French Tranches (the central banks' central bank, with some gold
assets); Freeport McMoRan Copper and Gold, Gold and Silver Denominated
Preferreds (gold and silver-related securities); CDL Hotels International Ltd.
(Hong Kong listed Pacific Rim hotel chain); Fuji Photo Film Co., Ltd. (Japanese
film and imaging company); Buderus AG (German heating products company); Lonrho
plc (British conglomerate, with interests in Africa); Randstad Holdings NV
(Netherlands temporary employment company); Ito-Yokado Co., Ltd. (Japanese
retailer); Weatherford Enterra, Inc. (oil services company); and Carter Holt
Harvey Limited (New Zealand forest products and paper company).
In the U.S., Europe and Japan, short-term interest rates are low, which has
helped financial markets over the past year. However, in our opinion, securities
prices are now generally so high in so many developed markets that it has become
difficult to uncover genuine long-term "value," which is what we are looking
for.
In developing markets in the Pacific Rim, in Latin America, in Central and
Eastern Europe, and in Africa, there are few bargains left as well, or so it
seems to us.
Accordingly, we continue to maintain a somewhat defensive posture even
though our current levels of cash equivalents are quite moderate by our
standards.
Mr. Jean-Pierre Gentil has resigned as Chairman of the Board of your Fund,
and Mr. Philippe Collas has been elected in his place. The Board and management
of the Fund are grateful for Jean-Pierre Gentil's many major contributions since
1987, when the Fund's assets were barely $100 million.
Sincerely yours,
/s/ JEAN-MARIE EVEILLARD
Jean-Marie Eveillard
President
April 29, 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
Comparison of Change in Value of a $10,000 Investment
in SoGen International Fund, Inc. and Various Indices
SoGen International Fund, Inc.
Average Annual Rates of Return as of March 31, 1996
1 Year 5 Years 10 Years
15.11% 12.78% 12.19%
[Graph Goes Here]
<TABLE>
<CAPTION>
3/31/86 3/31/87 3/31/88 3/31/89 3/31/90 3/31/91 3/31/92 3/31/93 3/31/94 3/31/95 3/31/96
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SoGen International
Fund $31,595
MSCI World Index $29,376
JP Morgan Global
Government
Bond Index $24,900
Consumer Price
Index $14,262
</TABLE>
Performance is historical and is not indicative of future results. The
Fund's results assume reinvestment of income dividends and capital gains
distributions and give effect to the maximum sales load of 3.75%. The MSCI
World Index return assumes reinvestment of dividends. Unlike Fund returns,
the indices do not reflect any fees or expenses.
Previously, the Fund's performance was compared to the S&P 500 Index
and the MSCI EAFE Index, rather than the MSCI World Index. This
change was made because the MSCI World Index was thought to provide
a better basis of comparison for the Fund's performance. At the end
of the ten year period ended March 31, 1996, the value of a $10,000
investment in the S&P 500 Index and the MSCI EAFE Index would have
been $37,168 and $28,412, respectively.
2
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
Over the past year, the U.S. stock market rose sharply and significantly
outperformed most other world markets. The Fund's U.S. stock holdings remained
fairly stable at nearly 23% of net assets at March 31, 1996 compared to 25% at
March 31, 1995. Foreign stock markets were mixed during the same period, with
certain established European markets, such as Germany and France, suffering from
concerns over the strength of the European economic recovery and issues related
to the feasibility of the European monetary union. Most European markets began
to regain strength in the first quarter of 1996. In Asia, the Fund increased its
exposure to Japanese stocks as the local equity market weakened in the first
half of the year but rebounded during the second half. Emerging markets, where
the Fund has limited investments, recovered from a dismal performance over the
prior year. Overall, the Fund's foreign stock holdings remained stable at
approximately 35% of net assets. The volatility of the dollar did not have a
negative impact on the performance of the Fund, since exposure to major
currencies was partially hedged throughout the year.
The Fund also maintained its exposure to U.S. dollar bonds, including Brady
Bonds, at about 12% of net assets. Investments in foreign currency bonds were
limited to 5% of net assets at March 31, 1996. Gold-related securities performed
well over the period. The cash position of the Fund increased slightly and
accounted for about 17% of net assets by March 31, 1996.
3
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SUMMARY OF FUND DATA
The table below covers the period from April 28, 1970 to March 31, 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
INVESTMENT WITH DIVIDENDS
NUMBER NET ASSET CAPITAL GAINS INCOME AND DISTRIBUTIONS
FISCAL YEAR OF SHARES TOTAL NET VALUE DISTRIBUTIONS DIVIDENDS REINVESTED
ENDED OUTSTANDING ASSETS PER SHARE PER SHARE** PER SHARE (CUMULATIVE)*
<S> <C> <C> <C> <C> <C> <C>
April 28, 1970 10,000 $ 100,000 $ 10.00 -- -- $ 10.00
(inception)
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
</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.
4
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-U.S.
GOLD RELATED (2.76%)
547,500 Freeport McMoRan Copper & Gold, Preferred Series
"C' (e)........................................ $ 19,156,410 $ 18,546,562
498,000 Freeport McMoRan Copper & Gold, Preferred Series
"B' (e)........................................ 18,362,029 18,301,500
418,500 Freeport McMoRan Copper & Gold, Preferred Series
"D' (e)........................................ 8,814,595 9,834,750
175,140 Newmont Mining Corporation...................... 6,382,086 9,917,302
225,000 The Pioneer Group, Inc.......................... 5,994,431 6,525,000
300,000 Homestake Mining Company........................ 5,748,184 5,812,500
4,525 Case Pomeroy & Company, Inc. Class "A'.......... 4,344,870 5,497,875
250,000 Handy & Harman.................................. 3,979,276 4,093,750
245,000 Santa Fe Pacific Gold Corporation............... 3,891,707 3,920,000
175,000 Amax Gold, Inc. (a)............................. 1,243,694 1,203,125
77,917,282 83,652,364
METALS AND MINERALS (0.65%)
200,000 Reynolds Metals Company......................... 9,817,270 11,825,000
90,000 Asarco Incorporated............................. 2,148,000 3,150,000
70,000 Alumax, Inc. (a)................................ 1,342,935 2,476,250
85,000 Cyprus Amax Minerals Company.................... 1,858,699 2,401,250
15,166,904 19,852,500
ENERGY (3.06%)
685,000 Weatherford Enterra, Inc. (a)................... 13,906,317 23,889,375
1,875,000 San Juan Basin Royalty Trust.................... 11,982,122 11,484,375
245,000 Burlington Resources, Inc....................... 9,295,482 9,095,625
550,000 Rowan Companies, Inc. (a)....................... 4,186,651 7,012,500
442,500 North European Oil Royalty Trust (c)............ 7,212,705 5,973,750
110,833 Tosco Corporation............................... 2,356,853 5,195,297
185,000 ENSCO International Inc. (a).................... 3,013,001 5,156,875
115,000 Murphy Oil Corporation.......................... 5,003,016 4,930,625
95,000 Sonat Offshore Drilling Inc..................... 2,161,962 4,845,000
425,000 Santa Fe Energy Resources, Inc. (a)............. 3,954,026 4,462,500
103,955 Rochester and Pittsburgh Coal Company........... 4,145,068 3,430,515
165,000 Gerrity Oil & Gas Corporation $1.50 Conv.
Pfd............................................ 2,502,200 2,145,000
285,000 Gerrity Oil & Gas Corporation................... 2,545,421 890,625
135,486 Noble Drilling Corp............................. 565,248 1,718,979
29,000 Penn Virginia Corporation....................... 1,283,500 986,000
374,800 Kaneb Services, Inc. (a)........................ 1,220,383 937,000
3,253 The Home-Stake Royalty Corporation.............. 487,950 487,950
</TABLE>
5
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-U.S.
(CONTINUED)
ENERGY (CONTINUED)
3,065 The Home-Stake Oil and Gas Company.............. $ 337,150 $ 306,500
76,159,055 92,948,491
FOREST PRODUCTS (1.49%)
588,600 Greif Bros. Corporation Class "A'............... 10,283,401 17,069,400
405,000 Rayonier Inc.................................... 12,385,464 14,681,250
365,000 Longview Fibre Company.......................... 6,120,073 6,159,375
82,500 Georgia-Pacific Corporation..................... 5,109,087 5,723,437
54,000 Plum Creek Timber Company, L.P.................. 213,222 1,437,750
34,111,247 45,071,212
CAPITAL GOODS (1.47%)
235,000 Bandag, Inc. Class "A'.......................... 12,024,031 12,161,250
86,265 Woodward Governor Company....................... 6,804,042 7,354,091
225,000 The Manitowoc Company, Inc...................... 6,036,042 7,087,500
301,500 A.P. Green Industries (c)....................... 4,514,875 5,276,250
265,000 Kuhlman Corp.................................... 1,845,525 3,975,000
75,000 Deere & Company................................. 1,085,028 3,131,250
4,005 Conbraco Industries, Inc........................ 1,179,450 2,443,050
200,000 Treadco, Inc.................................... 2,913,120 1,450,000
140,000 MFRI Inc. (a)................................... 781,252 892,500
185,000 Bayou Steel Corporation Class "A' (a)........... 862,302 763,125
38,045,667 44,534,016
TRANSPORTATION (0.93%)
142,500 Burlington Northern Santa Fe, Inc............... 4,539,349 11,702,812
85,000 AMR Corporation (a)............................. 5,681,798 7,607,500
50,000 Florida East Coast Industries, Inc.............. 3,493,462 4,368,750
76,979 Heartland Express, Inc. (a)..................... 194,999 1,953,342
75,000 American President Companies, Ltd............... 1,632,850 1,725,000
112,500 Boyd Brothers Transportation, Inc. (a).......... 1,204,375 871,875
16,746,833 28,229,279
TECHNOLOGY (0.81%)
250,000 Digital Equipment Corporation 8 7/8% Pfd........ 5,617,138 6,406,250
80,000 Digital Equipment Corporation (a)............... 2,638,138 4,410,000
412,300 BEI Electronics Inc. (c)........................ 3,050,656 3,710,700
215,000 American Mobile Satellite Corporation, Inc.
(a)............................................ 5,375,625 3,655,000
265,000 Symantec Corporation (a)........................ 3,206,875 3,411,875
</TABLE>
6
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-U.S.
(CONTINUED)
TECHNOLOGY (CONTINUED)
115,000 Apple Computer, Inc............................. $ 4,216,250 $ 2,824,687
200,000 Anacomp, Inc. (a)............................... 567,925 16,000
24,672,607 24,434,512
SPECIALTY CHEMICALS (0.99%)
1,550,000 Lawter International Inc........................ 18,413,337 16,856,250
505,000 LeaRonal, Inc. (c).............................. 7,369,864 12,498,750
125,000 American Pacific Corporation (a)................ 1,375,937 773,437
27,159,138 30,128,437
CONSUMER PRODUCTS (3.04%)
500,000 Dole Food Company, Inc.......................... 12,019,600 19,250,000
1,350,000 Furniture Brands International, Inc. (a)........ 8,869,041 12,487,500
588,500 UniFirst Corporation............................ 7,488,720 11,107,937
191,147 Allen Organ Company Class "B'................... 6,023,709 7,120,226
150,000 Polaroid Corporation............................ 4,494,953 6,750,000
285,000 Paragon Trade Brands, Inc. (a).................. 4,315,942 5,913,750
75,000 St. John Knits, Inc............................. 1,078,075 5,053,125
235,000 Adolph Coors Company............................ 4,254,703 4,200,625
100,000 Sturm, Ruger & Company, Inc..................... 2,087,035 3,850,000
595,000 The Topps Company (a)........................... 3,546,558 3,272,500
200,000 A.T. Cross Company, Class "A'................... 3,646,106 3,150,000
75,000 Canandaigua Wine Co. Class "A' (a).............. 3,331,250 2,906,250
215,000 Baldwin Piano and Organ Company (a)(c).......... 2,233,875 2,902,500
125,000 Jostens, Inc.................................... 2,091,362 2,796,875
105,000 Lesco International, Inc........................ 1,542,611 1,561,875
67,023,540 92,323,163
RETAIL (1.30%)
495,000 Wal-Mart Stores, Inc............................ 10,624,244 11,446,875
415,000 Woolworth Corporation (a)....................... 6,125,275 6,484,375
250,000 Smart & Final Inc............................... 3,468,690 6,187,500
515,000 Hancock Fabrics Inc............................. 4,704,483 5,085,625
270,000 Burlington Coat Factory Warehouse Corporation
(a)............................................ 3,615,004 3,172,500
110,815 Carson Pirie Scott & Company (a)................ 1,431,641 2,493,337
112,500 Staples, Inc. (a)............................... 1,195,000 2,292,187
33,700 Weyco Group Inc................................. 910,162 1,297,450
145,000 Buttrey Food & Drug Stores Company (a).......... 989,375 1,123,750
33,063,874 39,583,599
</TABLE>
7
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-U.S.
(CONTINUED)
MEDIA (1.54%)
255,000 Pulitzer Publishing Company Class "A'........... $ 7,053,735 $ 13,260,000
267,500 G.C. Companies, Inc. (a)........................ 8,784,853 10,165,000
405,000 Hollinger International Inc..................... 4,875,352 4,860,000
128,841 Plenum Publishing Corp.......................... 4,274,600 4,734,907
158,564 Cowles Media Company, non voting................ 3,631,585 3,964,100
60,000 Harcourt General, Inc........................... 1,180,006 2,722,500
264,600 Plasti-Line, Inc. (a)(c)........................ 2,392,338 2,216,025
200,000 Western Publishing Group, Inc. (a).............. 3,077,950 1,975,000
34,924 Mills Music Trust............................... 1,055,337 1,868,434
300,000 Integrity Music, Inc. Class "A' (a)............. 1,901,415 862,500
38,227,171 46,628,466
HEALTH CARE (0.56%)
150,000 Johnson & Johnson, Inc.......................... 6,080,375 13,837,500
112,000 Advanced Technology Laboratories, Inc. (a)...... 1,961,188 3,024,000
8,041,563 16,861,500
FINANCIAL COMPANIES (1.78%)
3,349 Farmers & Merchants Bank of Long Beach.......... 6,404,335 6,212,395
165,000 Zurich Reinsurance Centre Holdings, Inc......... 4,582,334 5,383,125
115,000 Lehman Brothers Holdings, Inc................... 1,760,975 3,076,250
85,000 JSB Financial, Inc.............................. 1,022,438 2,858,125
100,000 Riggs National Corporation 10 3/4% Non-Cum.
Pfd., Series B................................. 2,545,000 2,800,000
189,964 Portsmouth Bank Shares, Inc..................... 1,209,039 2,635,750
175,000 WesterFed Financial Corporation................. 2,444,375 2,603,125
91,593 First Oak Brook Bancshares, Inc. Class "A'...... 837,122 2,175,334
140,000 HMN Financial, Inc. (a)......................... 1,779,375 2,047,500
110,000 Standard Financial, Inc......................... 1,201,250 1,622,500
104,000 Texarkana First Financial Corp.................. 1,350,854 1,547,000
88,000 Workingmen's Capital Holdings, Inc.............. 474,625 1,474,000
54,613 Metairie Bank & Trust........................... 936,932 1,392,631
65,000 People's Savings Financial Corp................. 613,183 1,324,375
85,000 East Texas Financial Services (c)............... 959,375 1,275,000
85,000 QCF Bancorp, Inc. (a)........................... 968,747 1,248,437
43,000 Westco Bancorp, Inc............................. 523,249 1,194,594
90,000 Logansport Financial Corp. (c).................. 1,050,000 1,153,125
55,300 Community Financial Corporation................. 441,383 1,106,000
75,000 Home Bancorp (a)................................ 948,125 1,096,875
</TABLE>
8
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-U.S.
(CONTINUED)
FINANCIAL COMPANIES (CONTINUED)
43,967 FirstFed Bancorp Inc. (c)....................... $ 484,747 $ 1,077,191
18,000 Republic New York Corporation................... 796,955 1,071,000
75,000 MFB Corporation (a)............................. 881,875 1,068,750
54,300 Wood Bancorp (c)................................ 698,475 1,018,125
88,000 Classic Bancshares, Inc. (a).................... 1,016,000 979,000
40,396 ArgentBank...................................... 326,069 888,712
38,000 MBLA Financial Corporation...................... 486,500 798,000
55,000 IBS Financial Corporation (a)................... 496,875 790,625
75,000 Redwood Financial, Inc. (a)(c).................. 682,813 721,875
18,600 OSB Financial Corp.............................. 419,263 444,075
28,400 Rowan Savings Bank SSB, Inc..................... 347,900 426,000
35,000 The Southern Banc Company, Inc.................. 431,172 413,437
10,000 Liberty Savings Bank, Inc....................... 120,000 151,875
39,241,360 54,074,806
UTILITIES (0.78%)
700,000 Sithe Energies, Inc. (a)........................ 7,287,175 10,412,500
300,000 Calenergy Co., Inc. (a)......................... 5,071,663 7,987,500
150,000 The Montana Power Company....................... 3,425,069 3,243,750
65,000 Idaho Power Company............................. 1,604,025 1,885,000
17,387,932 23,528,750
REAL ESTATE (2.42%)
265,000 Catellus Development Corporation $3 5/8 Conv.
Pfd. Series "B' (b)............................ 11,584,106 12,985,000
535,000 Catellus Development Corporation (a)............ 4,148,513 4,146,250
655,000 Castle & Cooke, Inc. (a)........................ 9,269,256 10,725,625
285,000 Crescent Real Estate Equities, Inc.............. 8,772,386 9,583,125
4,441 J.C. Nichols Company (a)(c)..................... 2,833,358 7,771,750
4,913 Security Capital Group Incorporated (b)(g)...... 4,060,000 5,133,887
442,688 Security Capital Atlantic Trust (b)(g).......... 5,000,000 5,090,909
151,546 Security Capital Pacific Trust.................. 1,941,858 3,334,012
100,000 Security Capital Pacific Trust $1.75 Conv. Pfd.
Series "A'..................................... 2,269,000 2,662,500
209,725 Alico, Inc...................................... 4,020,428 4,718,812
80,000 St. Joe Paper Company........................... 4,251,183 4,620,000
100,000 Price Enterprises, Inc.......................... 1,476,012 1,575,000
497 J.G. Boswell Company (a)........................ 573,840 646,100
</TABLE>
9
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-U.S.
(CONTINUED)
REAL ESTATE (CONTINUED)
43,147 Sonesta International Hotels Corporation........ $ 353,259 $ 350,569
60,553,199 73,343,539
MISCELLANEOUS (1.41%)
905,000 Zero Corporation (c)............................ 12,493,032 15,158,750
101,000 Delta & Pine Land Company....................... 1,349,438 5,618,125
365,000 Schuller Corporation............................ 3,048,190 5,110,000
315,000 Kaiser Ventures, Inc. (a)....................... 4,401,000 4,016,250
300,000 Kinder Care Learning Center (a)................. 4,057,813 3,750,000
200,000 Calmat Co....................................... 3,747,673 3,650,000
16 Kohler Corp..................................... 1,245,500 1,968,000
125,000 Aydin Corporation (a)........................... 1,987,694 1,843,750
90,000 ACX Technologies Inc. "A'....................... 775,047 1,631,250
33,105,387 42,746,125
COMMON AND PREFERRED STOCKS-NON U.S.
GOLD RELATED (4.63%)
3,185 Bank for International Settlements (U.S.
Tranche)....................................... 16,315,834 31,019,689
2,056 Bank for International Settlements (French
Tranche)....................................... 10,678,723 17,965,247
2,750,000 Eltin Limited................................... 6,457,118 5,382,094
800,000 Newcrest Mining Ltd............................. 3,651,889 3,582,322
1,000,000 PosGold Ltd..................................... 1,876,728 2,700,832
1,248,450 Kidston Gold Mines Ltd.......................... 1,704,575 1,954,698
1,875,000 Orion Resources NL.............................. 2,612,032 2,451,299
1,000,000 Gold Mines of Kalgoorlie Ltd. (a)............... 838,972 1,088,162
100,000,000 Manila Mining Corporation "B'................... 150,676 148,969
177,150 Franco-Nevada Mining Corp., Ltd................. 9,658,509 10,832,375
45,000 Euro-Nevada Mining Corporation, Ltd............. 145,977 1,652,650
950,000 Royal Oak Mines Inc. (a)........................ 4,656,315 3,978,125
145,000 Placer Dome Inc................................. 2,527,496 4,186,875
150,000 Cambior Inc..................................... 2,071,398 2,038,268
775,000 Pan American Silver Corp. (a)................... 2,667,739 7,115,575
49,000 Pan American Silver Corp. Warrants expire
10/31/96 (a)(f)(g)............................. 0 161,960
300,000 Vengold Ltd. (a)................................ 1,535,899 337,500
125,245 Anglo American Platinum Corporation Ltd. ADR.... 632,377 810,309
85,000 Anglo American Platinum Corporation Ltd......... 597,911 549,937
435,000 Free State Consolidated Gold Mines Ltd. ADR..... 5,588,053 4,132,500
300,000 Kloof Gold Mining Company Ltd. ADR.............. 3,109,297 3,825,000
</TABLE>
10
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-NON U.S.
(CONTINUED)
GOLD RELATED (CONTINUED)
285,000 Driefontein Consolidated Ltd. ADR............... $ 3,329,260 $ 4,524,375
420,000 Harmony Gold Mining Company Ltd. ADR............ 2,073,523 5,460,000
235,000 Randfontein Estates Gold Mining Co.
Witwatersrand Ltd.............................. 1,889,095 1,978,015
10,000 Randfontein Estates Gold Mining Co.
Witwatersrand Ltd. ADR......................... 91,856 84,171
119,232 JCI Ltd. ADR.................................... 588,774 1,026,051
40,000 JCI Ltd......................................... 236,418 344,221
102,500 Durban Roodepoort Deep, Ltd. (a)................ 952,292 952,889
80,000 Loraine Gold Mines Ltd. (a)..................... 239,905 271,357
278,400 Loraine Gold Mines Ltd. ADR (a)................. 858,166 925,680
355,000 St. Helena Gold Mines Ltd. ADR.................. 3,118,169 2,618,125
92,500 St. Helena Gold Mines Ltd....................... 649,212 685,616
93,910 Western Areas Gold Mining Co. Ltd. ADR.......... 796,860 1,520,168
48,238 Comptoir Lyon Alemand-Louyot (a)................ 3,901,246 3,745,618
335,000 Terra Mining AB (c)............................. 7,404,517 5,918,728
50,000 Ashanti Goldfields Company Limited.............. 1,078,750 1,250,000
21,000 Ashanti Goldfields Company Limited (b).......... 435,750 525,000
297,000 Minas de Arcata SA.............................. 407,098 371,329
263,900 General Oriental Investments Ltd. (a)........... 1,809,300 2,483,123
107,337,709 140,598,852
UNITED KINGDOM (1.93%)
8,000,000 Lonrho plc (17)................................. 15,185,729 26,190,450
2,129,600 Antofagasta Holdings plc (17)................... 6,937,617 11,798,596
1,675,000 Blenheim Group plc (11)......................... 7,315,025 7,337,065
3,000,000 McBride plc (a)(9).............................. 8,660,115 6,318,675
1,150,000 Royal Doulton plc (9)........................... 4,291,611 4,879,421
200,000 Scottish Television plc (11).................... 1,311,364 2,002,440
43,701,461 58,526,647
NORWAY (0.51%)
346,000 Transocean AS (a)(2)............................ 2,168,640 7,546,347
480,100 Schibsted AS (11)............................... 4,610,693 6,581,835
225,000 Western Bulk Shipping AS (7).................... 1,263,505 1,191,774
8,042,838 15,319,956
SWEDEN (0.68%)
555,000 AssiDoman AB (4)................................ 11,747,331 12,423,265
545,000 Bylock & Nordsjofrakt AB `B' (7)................ 5,129,313 4,896,089
</TABLE>
11
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-NON U.S.
(CONTINUED)
SWEDEN (CONTINUED)
303,700 IRO AB (8)...................................... $ 3,179,426 $ 3,364,946
20,056,070 20,684,300
FINLAND (0.31%)
155,450 Vaisala Oy A (6)................................ 5,566,906 6,706,646
1,700,500 Tampella Oy AB (a)(8)........................... 5,934,867 2,677,837
11,501,773 9,384,483
DENMARK (0.53%)
205,000 Carlsberg International A/S, Class "B' (9)...... 9,282,763 11,644,664
18,000 Kobenhavns Lufthavne A/S (7).................... 794,222 1,767,212
32,800 Aarhus Oliefabrik A/S, Class "A' (17)........... 1,248,823 1,696,383
20,000 Aarhus Oliefabrik A/S, Class "B' (17)........... 784,804 1,016,848
12,110,612 16,125,107
GERMANY (3.37%)
80,725 Buderus AG (8).................................. 35,243,800 30,884,091
60,500 Bayer AG (16)................................... 11,620,241 20,503,961
100,000 Bertelsmann AG D.R.C.(11)....................... 12,591,111 12,967,226
15,000 Axel Springer Verlag AG (11).................... 5,291,362 9,903,169
135,000 Hornbach Holding AG Pfd. (10)................... 10,126,076 7,706,189
46,500 SAP AG Pfd. (6)................................. 801,283 6,656,352
20,000 Spar Handells AG Pfd. (10)...................... 4,758,664 3,927,411
8,250 Sudzucker AG Pfd. (9)........................... 2,804,626 3,374,187
8,250 Degussa AG (17)................................. 1,925,189 3,036,210
15,000 Deutsche Lufthansa AG Pfd. (7).................. 759,338 2,163,462
12,603 Signalbau Huber AG (8).......................... 1,976,535 1,041,147
87,898,225 102,163,405
SWITZERLAND (2.05%)
10,500 Schindler Holding AG PC (8)..................... 7,496,280 12,562,445
11,500 Schindler Holding AG Warrants (8)............... 0 43,449
16,250 Kuhne & Nagel International AG (7).............. 9,735,050 9,195,668
17,500 Societe Generale d'Affichage SA D.R.C. (11)..... 3,560,683 8,374,963
67,500 Safra Republic Holdings SA Bearer (13).......... 3,684,705 7,323,750
25,000 Sika Finanz AG Bearer (5)....................... 5,693,367 5,667,268
3,500 Lindt & Sprungli AG PC (9)...................... 3,143,266 5,612,695
26,286 Swissair AG D.R.C (7)........................... 2,059,560 5,076,009
</TABLE>
12
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-NON U.S.
(CONTINUED)
SWITZERLAND (CONTINUED)
12,500 Vetropack Holding AG PC (17).................... $ 2,815,230 $ 4,040,552
425 Vetropack Holding AG Bearer (17)................ 1,005,988 1,355,946
22,500 Pelikan Holdings AG Bearer (a)(9)............... 2,810,358 1,907,980
865 Pick Pay AG Bearer (c)(10)...................... 920,478 958,650
42,924,965 62,119,375
AUSTRIA (0.53%)
123,000 Flughafen Wien AG (7)........................... 5,284,075 8,427,503
75,000 VAE AG (c)(8)................................... 6,942,575 7,556,092
12,226,650 15,983,595
NETHERLANDS (2.05%)
400,000 Randstad Holdings NV (17)....................... 6,183,967 24,329,722
375,000 Philips Electronics NV ADR (9).................. 7,599,959 13,640,625
38,500 Holdingmaatschappij de Telegraaf NV (11)........ 2,304,251 7,782,485
255,000 Apothekers Cooperatie OPG U.A. (12)............. 6,155,278 7,238,092
215,000 Content Beheer NV (17).......................... 2,781,334 6,753,314
155,000 German City Estates NV (17)..................... 2,761,350 2,363,977
27,786,139 62,108,215
BELGIUM (0.22%)
51,500 Deceuninck Plastics Industries SA (5)........... 5,726,395 6,713,885
FRANCE (4.87%)
168,810 Legrand ADP (8)................................. 10,291,212 20,784,867
149,934 Emin Leydier (c)(4)............................. 7,585,856 14,143,313
205,000 Elf Aquitaine (2)............................... 15,440,202 13,902,790
20,000 Elf Gabon (2)................................... 2,971,712 3,415,748
148,500 Gaumont SA (11)................................. 7,496,275 11,353,887
17,803 Societe Sucriere de Pithiviers-le-Vieil (3)..... 5,910,020 11,278,239
6,348 Societe Francaise de Papiers Peints (9)......... 891,641 1,197,617
61,414 Groupe NSC (c)(8)............................... 11,363,857 9,732,573
57,814 Promodes C.I. (10).............................. 2,086,817 9,644,278
8,145 Promodes nouvelle (10).......................... 1,525,262 2,127,033
132,500 Eramet (1)...................................... 8,906,359 9,630,623
40,934 Sabeton SA (c)(17).............................. 5,675,407 7,056,044
64,290 Crometal (8).................................... 4,392,937 4,826,059
71,342 La Brosse et Dupont (c)(9)...................... 3,799,228 4,604,538
40,000 Compagnie Generale des Eaux (17)................ 3,960,143 4,090,954
</TABLE>
13
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-NON U.S.
(CONTINUED)
FRANCE (CONTINUED)
7,500 Taittinger (9).................................. $ 2,714,198 $ 2,524,576
5,272 Taittinger C.I. (9)............................. 1,383,179 1,298,239
18,683 Radiall (6)..................................... 503,035 2,500,713
36,500 C.E.E. (Continentale d'Equipements Electriques)
(a)(c)(8)...................................... 4,590,041 2,399,265
40,000 Groupe Legris Industries SA (a)(8).............. 1,214,962 2,055,804
33,147 Conflandey (8).................................. 1,548,253 1,908,972
10,479 Robertet SA (17)................................ 781,686 1,662,739
5,112 Robertet SA C.I. (17)........................... 527,638 1,359,342
100,000 Credit Foncier de France (a)(13)................ 1,409,103 1,251,117
5,000 Marie Brizard et Roger International, SA (9).... 1,283,235 1,223,314
31,235 SAGA (Societe Anonyme de Gerance et d'Armement)
(7)............................................ 2,790,145 1,066,909
18,719 Precia SA (17).................................. 1,026,960 639,394
112,069,363 147,678,947
ITALY (0.61%)
21,500,000 Montedison Non Convertible Savings SpA
(a)(17)........................................ 11,172,111 9,807,018
775,000 Arnoldo Mondadori Editore SpA (11).............. 5,366,955 6,427,432
250,000 Istituto Finanziario Industriale SpA Pfd.
(17)........................................... 2,845,849 2,358,054
19,384,915 18,592,504
SPAIN AND PORTUGAL (0.43%)
475,000 Espirito Santo Financial Holdings SA ADR (13)... 5,743,095 5,700,000
65,000 Corporacon Financiera Alba SA (13).............. 4,553,475 5,046,917
65,000 Companhia de Celulose do Caima (4).............. 1,182,050 1,264,989
320,422 Omsa Alimentacion SA (9)........................ 1,466,524 1,127,819
12,945,144 13,139,725
GREECE (0.15%)
40,340 Titan Cement Co. (5)............................ 1,189,703 1,931,643
8,310 Titan Cement Co. Pfd. (5)....................... 200,500 270,224
343,930 H. Benrubi & Fils SA (9)........................ 2,021,286 1,778,283
141,160 H. Benrubi & Fils SA Pfd. (9)................... 672,670 433,815
4,084,159 4,413,965
TURKEY (0.19%)
132,199,360 Medya Holdings (c)(11).......................... 8,039,311 3,340,477
107,510,000 Sabah Yayincilik A.S. (11)...................... 2,991,638 2,527,960
11,030,949 5,868,437
</TABLE>
14
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-NON U.S.
(CONTINUED)
ISRAEL (0.13%)
1,299,705 The Israel Land Development Company Ltd. (17)... $ 5,616,066 $ 3,988,043
JAPAN (6.41%)
1,095,000 Fuji Photo Film Co., Ltd. (9)................... 27,182,987 31,272,575
405,000 Ito-Yokado Co. Ltd. (10)........................ 20,058,134 24,002,520
2,325,000 Dai-Tokyo Fire & Marine Insurance Co., Ltd.
(13)........................................... 15,746,721 17,142,657
1,275,000 Tokio Marine & Fire Insurance Co., Ltd. (13).... 14,711,471 16,540,669
85,000 Toho Co. (11)................................... 13,002,195 13,962,387
625,000 Shimano Inc. (17)............................... 13,077,832 11,549,769
1,165,000 Nisshinbo Industries Inc. (8)................... 11,563,301 10,981,847
1,000,000 Nittetsu Mining Co., Ltd. (17).................. 8,994,790 9,799,804
1,000,000 Hitachi Ltd. (8)................................ 7,919,117 9,706,473
235,000 Asatsu Inc. (11)................................ 8,927,477 9,211,816
175,000 Tsutsumi Jewelry Co., Ltd. (9).................. 9,001,009 8,476,830
1,000,000 Aida Engineering Limited (8).................... 7,536,682 8,465,164
1,125,000 Iino Kaiun Kaisha, Ltd. (a)(7).................. 6,669,121 6,058,379
275,000 Nomura Securities Co., Ltd. (13)................ 5,365,625 6,031,546
195,000 Chofu Seisakusho (9)............................ 4,393,325 4,786,504
275,000 Japan Airport Terminal Co., Ltd. (7)............ 3,141,198 3,567,595
226,000 Nichido Fire & Marine Insurance Co., Ltd.
(13)........................................... 1,639,011 1,697,979
25,000 Fast Retailing Co., Ltd. (10)................... 1,317,123 1,049,979
180,247,119 194,304,493
SOUTH KOREA (0.76%)
100,198 Samsung Electronics Co. Pfd.(6)................. 8,157,755 7,237,056
3,385 Samsung Electronics Co. (6)..................... 420,830 398,108
5,397 Samsung Electronics Co. GDR (6)................. 244,000 194,299
288,029 LG Electronics Co., Ltd. Pfd. (6)............... 6,655,762 4,860,317
64,390 LG Industrial Systems (8)....................... 2,456,216 1,596,888
155,000 LG Electronics Co., Ltd. GDS (6)................ 1,640,389 1,282,625
67,500 Young Chang Akki Co. (9)........................ 3,434,056 2,459,252
56,197 Cheil Foods and Chemicals Pfd. (9).............. 1,799,253 1,616,405
557 Cheil Foods and Chemicals (9)................... 38,624 33,822
70,780 Ssangyong Cement Industries Pfd. (5)............ 1,403,213 1,004,357
65,000 Choong Nam Spinning (a)(17)..................... 1,414,086 914,030
27,532 Korean Air Lines (7)............................ 645,544 872,859
</TABLE>
15
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-NON U.S.
(CONTINUED)
SOUTH KOREA (CONTINUED)
41,375 Korean Air Lines Pfd. (7)....................... $ 735,664 $ 650,575
29,045,392 23,120,593
HONG KONG (1.87%)
54,750,000 CDL Hotels International Ltd. (17).............. 21,134,435 32,914,981
17,650,000 Shaw Brothers (Hong Kong) Limited (11).......... 21,007,055 19,624,549
3,500,000 South China Morning Post Holdings Corp. (11).... 1,457,554 2,285,157
475,000 Cross Harbour Tunnel Company (17)............... 923,512 933,456
2,000,000 Ming Pao Enterprise Corp. (11).................. 576,942 820,976
45,099,498 56,579,119
SINGAPORE AND MALAYSIA (0.64%)
1,875,000 Rothmans Industries Limited (9)................. 7,513,844 7,119,411
2,425,000 Times Publishing Ltd. (11)...................... 5,780,366 6,333,570
825,000 Singapore Bus Service Ltd. (7).................. 6,628,810 6,030,873
19,923,020 19,483,854
AUSTRALIA AND NEW ZEALAND (1.90%)
3,685,189 Spotless Services, Limited (17)................. 3,911,875 4,904,415
10,083,199 Carter Holt Harvey Limited (4).................. 17,729,685 22,262,675
1,277,900 Wilson and Horton Group Limited (11)............ 5,921,776 8,359,920
12,748,416 Shortland Properties, Limited (c)(17)........... 5,349,478 7,992,415
6,604,000 Tasman Agriculture Limited (c)(3)............... 3,979,408 6,615,435
1,320,800 Tasman Agriculture Limited Rights (3)........... 0 234,015
1,287,750 The Colonial Motor Company Limited (c)(9)....... 1,138,158 2,983,627
3,852,700 Wrightson, Limited (3).......................... 3,965,324 2,835,456
2,313,100 Apple Fields Limited (a)(c)(3).................. 2,046,756 1,103,383
740,000 Damba Holdings Limited (c)(17).................. 400,559 388,290
44,443,019 57,679,631
CANADA (1.22%)
795,000 Canadian Pacific Ltd. (17)...................... 13,475,095 15,900,000
685,000 Noranda, Inc. (1)............................... 12,399,637 14,465,276
375,000 Dofasco, Inc. (1)............................... 5,193,171 5,543,263
50,000 Dofasco, Inc. $2.60 Conv. Pfd. (1).............. 1,105,897 1,198,171
408,000 Auberges des Gouverneurs Inc. (a)(c)(17)........ 844,432 53,942
33,018,232 37,160,652
MEXICO (0.46%)
3,025,000 Industrias Penoles S.A. de C.V. (1)............. 6,179,080 13,024,585
</TABLE>
16
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
COMMON AND PREFERRED STOCKS-NON U.S.
(CONTINUED)
MEXICO (CONTINUED)
40,000 Grupo Televisa S.A. GDR (11).................... $ 948,933 $ 995,000
7,128,013 14,019,585
ARGENTINA (0.59%)
8,775,000 Siderca S.A.I.C. (8)............................ 6,122,990 8,775,878
5,183,923 Ledesma SA (3).................................. 6,164,656 6,584,241
913,889 IRSA Inversiones y Representaciones S.A. (17)... 1,991,001 2,559,145
14,278,647 17,919,264
SOUTH AFRICA (0.15%)
248,000 Omni Media Corporation (11)..................... 1,544,866 4,673,367
MISCELLANEOUS (0.70%)
395,000 Minorco SA ADR (17)............................. 6,465,245 10,763,750
175,000 Banco Latinoamericano de Exportaciones SA
(Bladex) (13).................................. 5,734,690 8,640,625
5,400 Chinoin Rt (12)................................. 1,718,156 1,785,984
13,918,091 21,190,359
TOTAL COMMON AND PREFERRED STOCKS............... 1,539,712,089 1,907,481,117
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
<S> <C> <C> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS (4.52%)
$ 1,000,000 Novacare Inc. 5 1/2% due 1/15/2000 (12)......... 883,772 878,750
1,000,000 International Container Terminal Services, Inc.
6% due 2/19/2000 (b)(g)(7)..................... 1,000,000 1,050,000
1,000,000 Homestake Mining Co. 5 1/2% due 6/23/2000
(b)(1)......................................... 932,219 1,037,500
6,000,000 CalEnergy Company, Inc. 5% due 7/31/2000
(b)(2)......................................... 5,702,993 7,260,000
5,250,000 Chiron Corp. 1.9% due 11/17/2000 (b)(12)........ 4,109,859 5,033,438
500,000 Fabri-Centers of America, Inc. 6 1/4% due
3/01/2002 (10)................................. 399,848 423,750
945,000 Roy F. Weston, Inc. 7% due 4/15/2002 (17)....... 849,471 831,600
3,250,000 Pegasus Gold Inc. 6 1/4% due 4/30/2002 (1)...... 3,576,000 3,798,438
1,200,000 CML Group Inc. 5 1/2% due 1/15/2003 (b)(10)..... 913,933 780,000
1,050,000 CML Group Inc. 5 1/2% due 1/15/2003 (10)........ 809,440 711,375
1,000,000 Agnico Eagle Mines Limited 3 1/2% due 1/27/2004
(1)............................................ 764,445 1,056,250
7,000,000 Coeur d'Alene Mines Corp. 6 3/8% due 1/31/2004
(1)............................................ 6,942,200 7,157,500
3,950,000 Scandinavian Broadcasting System SA 7 1/4% due
8/01/2005 (11)................................. 4,114,437 4,058,625
1,200,000 Builders Transport Inc. 8% due 8/15/2005 (7).... 720,658 1,119,000
</TABLE>
17
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
(CONTINUED)
U.S. DOLLAR CONVERTIBLE BONDS (CONTINUED)
$ 7,750,000 The Price Company 5 1/2% due 2/28/2012 (10)..... $ 6,994,304 $ 7,837,188
2,658,000 Evans & Sutherland Computer Corp. 6% due
3/01/2012 (6).................................. 1,823,528 2,325,750
4,912,811 Security Capital Group, Inc. 12% due 6/30/2014
(b)(g)(17)..................................... 2,940,000 3,718,998
2,899,000 Air & Water Technologies Corp. 8% due 5/15/2015
(8)............................................ 2,480,871 2,543,873
5,750,000 AMR Corp. 6 1/8% due 11/01/2024 (7)............. 5,212,492 6,670,000
6,270,000 Tubos de Acero de Mexico SA 7 1/2% due 6/12/1997
(2)............................................ 6,158,407 5,956,500
5,320,000 Gold Mines of Kalgoorlie Ltd. 7 1/2% due
2/28/2000 (1).................................. 4,462,437 6,264,300
5,595,000 P.T. Pabrik Kertas Tjiwi Kimia 7 1/4% due
4/12/2001 (4).................................. 5,187,641 5,217,338
1,020,000 Acer Inc. 4% due 6/10/2001 (6).................. 1,265,645 2,514,300
5,300,000 Tung Ho Steel Enterprise Corp. 4% due 7/26/2001
(1)............................................ 5,914,693 6,466,000
2,500,000 International Container Terminal Services, Inc.
5% due 9/15/2001 (7)........................... 2,079,665 2,187,500
6,960,000 Cetus Corp 5 1/4% due 5/21/2002 (12)............ 6,548,641 7,160,100
3,665,000 Coeur d'Alene Mines Corp. 6% due 6/10/2002
(1)............................................ 3,193,764 3,692,488
1,600,000 P.T. Inti Indorayon Utama 5 1/2% due 10/01/2002
(4)............................................ 2,041,525 1,824,000
5,735,000 P.T. Inti Indorayon Utama 7% due 5/02/2006
(4)............................................ 4,665,455 4,767,219
4,550,000 Sincere Navigation Corp. 3 3/4% due 5/26/2003
(7)............................................ 4,772,000 4,931,063
3,920,000 Battle Mountain Gold Co. 6% due 1/04/2005 (1)... 2,872,352 3,665,200
4,510,000 Ssangyong Cement Company 3% due 12/31/2005
(5)............................................ 4,965,288 5,490,925
5,460,000 Far Eastern Textile 4% due 10/07/2006 (9)....... 6,241,825 6,306,300
10,000,000 Cheil Foods and Chemicals Co. 3% due 12/31/2006
(9)............................................ 12,158,928 12,450,000
123,698,736 137,185,268
U.S. DOLLAR BONDS AND NOTES (10.00%)
3,300,000 Tubos de Acero de Mexico SA 10 1/2% due
3/10/1999 (g)(2)............................... 3,242,090 3,044,250
1,500,000 Tubos de Acero de Mexico 13 3/4% due 12/08/1999
(2)............................................ 1,343,157 1,580,625
6,500,000 Global Marine Inc. 12 3/4% due 12/15/1999 (2)... 7,013,750 7,117,500
2,050,000 Anacomp, Inc. 15% 11/01/2000 (d)(6)............. 2,349,750 1,896,250
1,000,000 Republic New York Corp. 9 3/4% due 12/01/2000
(13)........................................... 1,000,000 1,131,033
5,550,000 USAir Group, Inc. 9 5/8% due 2/02/2001 (7)...... 4,301,560 5,203,125
6,600,000 USAir Group, Inc. 10% due 7/01/2003 (7)......... 4,860,464 6,171,000
1,000,000 Bayou Steel Corp. 10 1/4% due 3/01/2001 (1)..... 921,145 915,000
5,250,000 Rowan Companies, Inc. 11 7/8% due 12/01/2001
(2)............................................ 5,597,000 5,715,938
7,477,000 Republic Engineered Steels, Inc. 9 7/8% due
12/15/2001 (5)................................. 7,050,082 6,916,225
1,643,000 General Host Co. 11 7/8% due 2/15/2002 (10)..... 1,442,767 1,560,850
4,000,000 Florsheim Shoe Co. 12 3/4% due 9/01/2002 (9).... 3,591,863 3,780,000
5,000,000 Western Publishing 7.65% due 9/15/2002 (11)..... 3,972,670 4,125,000
</TABLE>
18
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
(CONTINUED)
U.S. DOLLAR BONDS AND NOTES (CONTINUED)
$ 1,000,000 Banco Safra SA 10 3/8% due 10/28/2002 (b)(13)... $ 985,088 $ 1,006,250
6,310,000 Pacific Lumber Company 10 1/2% due 3/01/2003
(4)............................................ 5,993,425 6,057,600
1,105,000 Cobb Theatres 10 5/8% due 3/01/2003 (11)........ 1,116,937 1,135,388
4,892,000 Pamida Holdings Corp. 11 3/4% due 3/15/2003
(10)........................................... 4,306,791 4,084,820
9,640,000 Tuboscope Vetco International Corp. 10 3/4% due
4/15/2003 (2).................................. 9,676,805 10,037,650
4,100,000 Outlet Broadcasting, Inc. 10 7/8% due 7/15/2003
(11)........................................... 4,153,495 4,592,000
6,130,000 Noble Drilling Corp. 9 1/4% due 10/01/2003
(2)............................................ 6,047,039 6,344,550
5,500,000 Southland Corp. 5% due 12/15/2003 (10).......... 3,881,282 4,441,250
4,589,000 Southland Corp. 4% due 6/15/2004 (10)........... 2,780,539 3,177,883
2,000,000 CalEnergy Company, Inc. 0% due 1/15/2004
(a)(15)........................................ 1,539,914 1,915,000
10,000,000 MFS Communications, Inc. 0% due 1/15/2004
(a)(11)........................................ 6,401,037 7,662,500
500,000 Gerrity Oil & Gas Corp. 11 3/4% due 7/15/2004
(2)............................................ 415,285 522,500
1,500,000 Riggs National Corp. 8 1/2% due 2/01/2006
(13)........................................... 1,456,806 1,541,250
2,500,000 Riverwood International Corporation 10 1/4% due
4/01/2006 (4).................................. 2,525,000 2,525,000
5,000,000 Riverwood International Corporation 10 7/8% due
4/01/2008 (4).................................. 5,020,000 5,025,000
500,000 Ann Taylor Inc. 8 3/4% due 6/15/2020 (10)....... 415,646 457,500
1,000,000 Banco Safra SA 8% due 8/17/1996 (13)............ 999,737 1,000,000
1,000,000 Banco Safra SA 7 3/4% due 12/16/1996 (13)....... 982,140 996,250
2,000,000 Telebras SA 10% due 10/22/1997 (15)............. 1,979,485 2,040,000
1,500,000 Cemex SA 8 7/8% due 6/10/1998 (5)............... 1,491,526 1,473,750
3,800,000 Cemex SA 10% due 11/05/1999 (5)................. 3,639,482 3,778,625
500,000 Cemex SA 9 1/2% due 9/20/2001 (5)............... 248,766 472,188
2,909,000 Aracruz Cellulose SA 9% due 7/22/1998 (4)....... 2,793,666 2,901,728
640,000 Aracruz Cellulose SA 10 3/8% due 1/31/2002
(4)............................................ 606,451 614,400
5,750,000 IRSA Inversiones y Representaciones S.A. 8 7/8%
due 3/03/1999 (17)............................. 5,381,629 5,405,000
1,500,000 Republic of Turkey 9% due 6/15/1999 (14)........ 1,353,080 1,465,725
1,500,000 P.T. Inti Indorayon Utama 9 1/8% due 10/15/2000
(4)............................................ 1,329,898 1,432,500
1,737,600 GTE Finance Corp. 7% due 11/07/2000 (13)........ 1,679,353 1,770,180
4,800,000 PT Pabrik Kertas Tjiwi Kimia 13 1/4% due
8/01/2001 (4).................................. 4,932,750 5,262,000
2,790,000 Federal Republic of Brazil IDU FRN due 1/01/2001
(6.375% @ 3/31/1996) (14)...................... 2,296,238 2,504,025
8,000,000 Federal Republic of Brazil EI FRN due 4/15/2006
(6.8125% @ 3/31/1996) (14)..................... 5,118,010 5,864,400
</TABLE>
19
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
(CONTINUED)
U.S. DOLLAR BONDS AND NOTES (CONTINUED)
$ 31,305,636 Federal Republic of Brazil `C' Bonds 8% due
4/15/2014 (14)................................. $ 15,517,002 $ 18,450,759
6,250,000 Federal Republic of Brazil ZL Par FRN due
4/15/2024 (4 1/4% @ 3/31/1996) (14)............ 2,676,745 3,195,312
10,500,000 Federal Republic of Brazil ZL Disc. FRN due
4/15/2024 (6.8125% @ 3/31/1996) (14)........... 6,228,872 6,733,125
29,650,500 Republic of Argentina FRB due 3/31/2005 (6.8125%
@ 3/31/1996) (14).............................. 21,671,979 21,385,423
9,500,000 Republic of Argentina Par 5% due 3/31/2023
(14)........................................... 4,351,551 4,934,063
6,000,000 Republic of Argentina Disc. FRN due 3/31/2023
(6.5625% @ 3/31/1996) (14)..................... 3,622,129 3,858,750
1,000,000 Republic of Venezuela FLIRB `A' due 3/31/2007
(6.8125% @ 3/31/1996) (14)..................... 468,384 607,500
4,000,000 Republic of Venezuela FLIRB `B' due 3/31/2007
(6.6250% @ 3/31/1996) (14)..................... 1,996,191 2,430,000
3,000,000 Republic of Venezuela DCB's FRN due 12/18/2007
(6.5625%@ 3/31/1996) (14)...................... 1,622,131 1,809,375
2,500,000 Republic of Venezuela Par 6 3/4% due 3/31/2020
(14)........................................... 1,215,936 1,414,063
1,500,000 Republic of Venezuela `A' Disc. FRN due
3/31/2020 (6.6875% @ 3/31/1996) (14)........... 842,295 904,688
2,000,000 Republic of Venezuela `B' Disc. FRN due
3/31/2020 (6.5625% @ 3/31/1996) (14)........... 1,089,222 1,206,250
3,500,000 United Mexican States Aztec FRN due 3/31/2008
(7.10156% @ 3/31/1996) (14).................... 3,175,484 3,265,937
1,750,000 Central Bank of the Philippines NMB due
1/05/2005 (6.3125% @ 3/31/1996) (14)........... 1,588,333 1,631,875
1,000,000 Republic of the Philippines DCB FRN due
12/01/2009
(6 1/2% @ 3/31/1996) (14)...................... 867,231 911,875
1,750,000 Republic of Philippines Par `B' 5 3/4% due
12/01/2017 (14)................................ 1,136,969 1,378,125
2,500,000 Republic of Bulgaria IAB FRN due 7/28/2011
(6 1/4% @ 3/31/1996) (14)...................... 1,107,086 1,104,688
13,500,000 Republic of Bulgaria FLIRB due 7/28/2012
(2% @ 3/31/1996) (14).......................... 3,912,296 4,016,250
8,750,000 Republic of Bulgaria `A' Disc. FRN due 7/28/2024
(6.25% @ 3/31/1996) (14)....................... 4,172,551 4,358,594
3,000,000 Central Bank of Nigeria Par 6 1/4% due
11/15/2020 (14)................................ 1,288,721 1,533,750
3,112,164 Republic of Ecuador PDI FRN due 2/27/2015
(3% @ 3/31/1996) (14).......................... 1,168,155 1,205,964
16,500,000 Republic of Ecuador Par 3% due 2/28/2025 (14)... 5,688,001 5,775,000
</TABLE>
20
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
(CONTINUED)
U.S. DOLLAR BONDS AND NOTES (CONTINUED)
$ 6,750,000 Republic of Ecuador Disc. FRN due 2/28/2025
(6.0625% @ 3/31/1996) (14)..................... $ 3,512,079 $ 3,653,438
12,000,000 Republic of Poland PDI 3 1/4% due 10/27/2014
(14)........................................... 6,224,414 9,090,000
6,250,000 Republic of Poland Disc. FRN due 10/27/2024
(6.875% @ 3/31/1996) (14)...................... 4,387,857 5,531,250
2,250,000 Italian International Bank FRN due 6/20/1996
(5.8750% @ 3/31/1996) (13)..................... 2,242,585 2,230,087
2,000,000 Grupo Industrial Durango SA FRN due 11/18/1996
(9.25% @ 3/31/1996) (4)........................ 2,005,000 1,985,000
1,750,000 Manufacturers Hanover Trust Co. FRN due
7/15/1997 (5.75% @ 3/31/1996) (13)............. 1,775,375 1,750,438
1,500,000 Vital Forsikring FRN due 12/22/2003 (6.6875% @
3/31/1996) (13)................................ 1,494,479 1,513,500
1,000,000 Lonrho Finance plc FRN due 7/19/1997 (8.0859% @
3/31/1996) (13)................................ 998,914 1,001,250
5,500,000 Wells Fargo & Co. FRN due 4/28/2000 (5.4375% @
3/31/1996) (13)................................ 5,326,181 5,469,750
5,500,000 Bergen Bank Floating Rate Perpetual Notes
(5.375% @ 3/31/1996) (13)...................... 3,888,750 4,357,650
3,500,000 Den Norske Bank Floating Rate Perpetual Notes
(5.40% @ 3/31/1996) (13)....................... 2,610,000 2,767,975
2,000,000 Den Norske Bank Floating Rate Perpetual Notes
(5.625% @ 3/31/1996) (13)...................... 1,980,335 1,975,000
3,170,000 Den Norske Bank Floating Rate Perpetual Notes
(5.5625% @ 3/31/1996) (13)..................... 2,059,625 2,547,888
13,600,000 Christiania Bank Floating Rate Perpetual Notes
(6.0625% @ 3/31/1996) (13)..................... 9,590,750 10,954,800
7,000,000 Goldman Sachs Group L.P. Cocoa Indexed Note
5 1/2%
due 8/02/1996 (e)(13).......................... 7,000,000 6,591,900
1,100,000 Kingdom of Denmark FRN due 3/25/1997 (7.534% @
3/31/1996) (e)(g)(14).......................... 917,940 1,024,100
2,028,988 Posgold Finance Ltd. 2.65% Gold Denominated Note
due 7/15/2004 (b)(e)(g)(1)..................... 2,028,988 2,077,192
281,684,134 303,296,292
U.S. TREASURY NOTES (1.53%)
10,000,000 U.S. Treasury Note 6 7/8% due 10/31/1996 (14)... 9,976,582 10,087,500
5,000,000 U.S. Treasury Note 7 1/2% due 12/31/1996 (14)... 4,992,593 5,078,125
5,000,000 U.S. Treasury Note 7 3/8% due 11/15/1997 (14)... 4,982,435 5,123,435
5,000,000 U.S. Treasury Note 5 1/8% due 11/30/1998 (14)... 4,684,750 4,906,250
</TABLE>
21
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
(CONTINUED)
U.S. TREASURY NOTES (CONTINUED)
$ 20,000,000 U.S. Treasury Note 7 3/4% due 11/30/1999 (14)... $ 19,979,052 $ 21,100,000
44,615,412 46,295,310
NON U.S. DOLLAR CONVERTIBLE BONDS (1.78%)
CAD 2,000,000 Intertan Inc. 9% due 8/30/2000 (b)(g)(10)....... 1,523,902 1,557,163
CAD 1,600,000 Noranda Inc. 5% due 4/30/2007 (1)............... 978,154 1,069,448
(pounds) 2,425,000 Lonrho Finance plc 6% due 2/27/2004 (13)........ 3,435,710 4,115,223
FF 48,000,000 Alcatel Alsthom 2 1/2% due 1/01/2004 (8)........ 9,242,370 9,460,828
FF 26,790,000 Compagnie Generale des Eaux 6% due 1/01/1998
(15)........................................... 5,287,117 5,987,588
FF 56,183,660 Immobiliere Hoteliere 5% due 1/01/2001 (17)..... 8,560,787 7,295,297
FF 49,469,000 Euro Disney SCA 6 3/4% due 10/01/2001 (17)...... 6,658,731 9,780,192
ECU 4,075,000 BCP Bank & Trust Co. 8 3/4% due 5/21/2002
(13)........................................... 5,190,498 5,414,651
ECU 500,000 Esprito Santo Financial Holding SA 8 3/4% due
4/10/2003 (13)................................. 654,418 639,637
(Yen) 150,000,000 Hitachi Ltd. 2.7% due 3/31/1997 (8)............. 1,312,401 1,710,766
(Yen) 225,000,000 Nippon Yusen Kabushiki 2% due 9/29/2000 (7)..... 2,602,938 2,498,950
NZD 7,412,833 Shortland Properties Inc. 7 1/2% due 12/31/1998
(17)........................................... 3,826,275 4,546,328
49,273,301 54,076,071
NON U.S. DOLLAR BONDS AND NOTES (3.95%)
ITL 2,700,000,000 Dresdner Bank Zero Coupon due 7/19/2000
(a)(13)........................................ 1,146,524 1,132,536
ITL 1,450,000,000 European Bank for Reconstruction & Development
9 3/4%
due 7/28/2000 (13)............................. 923,672 934,290
ITL 750,000,000 Bayerische Hypotheken Weschel Bank 7.85%
due 2/14/2001 (13)............................. 437,974 443,780
ITL 5,000,000,000 American International Group 11.7% due
12/04/2001 (13)................................ 3,376,842 3,405,104
ITL 1,410,000,000 Republic of Ireland 11 1/4% due 4/02/2002
(14)........................................... 919,158 931,005
CAD 3,000,000 Canada 9 3/4% due 5/01/2000 (14)................ 2,231,394 2,427,588
CAD 3,000,000 Province of Alberta 10 1/4% due 8/22/2001
(14)........................................... 2,224,787 2,495,501
CAD 4,000,000 Province of Quebec 10 1/4% due 10/15/2001
(14)........................................... 2,982,663 3,309,706
CAD 5,000,000 Province of Ontario 8 3/4% due 4/22/2003 (14)... 3,912,073 3,902,310
CAD 2,500,000 Bell Canada 8 1/2% due 6/09/2003 (15)........... 1,686,530 1,874,151
ECU 1,500,000 Republic of South Africa 10 3/8% due 2/10/1997
(14)........................................... 1,768,560 1,955,428
ECU 4,000,000 Republic of France O.A.T. 6 3/4% due 4/25/2002
(14)........................................... 4,813,933 5,057,412
DM 15,635,000 Air Canada 6 1/4% Variable Perpetual Notes
(7)............................................ 6,226,295 6,156,387
FF 37,500,000 Michelin 6% due 1/02/1998 (17).................. 6,938,482 8,159,257
FF 5,000,000 Republic of France O.A.T. 8 1/2% due 11/25/2002
(14)........................................... 998,809 1,118,955
FF 65,685,000 United Mexican States Par 6.63% due 12/31/2019
(14)........................................... 8,158,822 7,794,020
</TABLE>
22
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
(CONTINUED)
NON U.S. DOLLAR BONDS AND NOTES (CONTINUED)
FF $ 25,000,000 Republic of Venezuela Par 7.71% due 3/31/2020
(14)........................................... $ 2,446,048 $ 2,792,672
ESP 650,000,000 Banco Nacional de Comercio Exterior 12.65%
due 6/21/1998 (13)............................. 5,052,674 5,268,112
CHF 1,260,000 News International 5 3/8% due 4/30/1996 (11).... 871,898 1,057,890
CHF 3,180,000 Montedison Finance 3% due 7/03/1996 (13)........ 2,168,505 2,663,238
CHF 5,500,000 Carter Holt Harvey Finance NV 5 7/8% due
10/16/2001 (13)................................ 3,380,027 4,860,207
CHF 6,000,000 Air Canada 6 1/4% Perpetual Notes (7)........... 1,728,642 3,274,422
CHF 4,100,000 Scandinavian Air 5 3/4% Perpetual Notes (7)..... 1,920,638 2,194,492
NZD 1,900,000 State Bank of South Australia 9 1/4% due
10/29/1997 (13)................................ 1,027,106 1,300,420
NZD 4,000,000 Telecom Corp. of New Zealand 10% due 7/10/1998
(15)........................................... 2,233,897 2,793,945
NZD 5,000,000 Transpower Finance Limited 8% due 3/15/2002
(15)........................................... 3,423,022 3,323,568
NZD 34,500,000 Republic of New Zealand 10% due 3/15/2002
(14)........................................... 25,571,408 25,516,041
NZD 6,581,000 Telecom Corp. of New Zealand 9 1/4% due
7/01/2002 (15)................................. 3,992,711 4,630,373
NZD 2,850,000 State Bank of New South Wales 8% due 4/01/2003
(13)........................................... 1,637,383 1,883,869
NZD 2,000,000 Telecom Corp. of New Zealand 7 1/2% due
7/14/2003 (15)................................. 1,147,668 1,299,866
ZAR 10,500,000 Escom 15% due 10/01/1998 (15)................... 2,432,174 2,679,787
ZAR 15,000,000 Republic of South Africa 13% due 8/31/2010
(14)........................................... 2,892,879 3,275,844
110,673,198 119,912,176
TOTAL BONDS, NOTES AND CONVERTIBLE BONDS........ 609,944,781 660,765,117
SHORT-TERM INVESTMENTS (14.24%)
$ 10,000,000 Dayton Hudson Corp. 5.35% due 4/01/1996......... 10,000,000 10,000,000
9,247,000 Time Warner Entertainment Company, L.P. 5.60%
due 4/01/1996.................................. 9,247,000 9,247,000
13,482,000 E.I. DuPont De Nemours 5.18% due 4/02/1996...... 13,480,060 13,480,060
6,118,000 Reynolds Metals Company 5.35% due 4/02/1996..... 6,117,091 6,117,091
10,000,000 CSX Corp. 5.33% due 4/03/1996................... 9,997,039 9,997,039
10,000,000 Union Oil Company of California 5.43% due
4/03/1996...................................... 9,996,983 9,996,983
12,633,000 Bridgestone/Firestone, Inc. 5.43% due
4/04/1996...................................... 12,627,284 12,627,284
11,000,000 Weyerhaeuser Company 5.23% due 4/04/1996........ 10,995,206 10,995,206
15,000,000 Baxter International Inc. 5.35% due 4/08/1996... 14,984,396 14,984,396
6,374,000 Paccar Financial Corp. 5.22% due 4/08/1996...... 6,367,530 6,367,530
10,000,000 Praxair, Inc. 5.42% due 4/09/1996............... 9,987,956 9,987,956
7,490,000 The Walt Disney Company 5.22% due 4/09/1996..... 7,481,312 7,481,312
6,527,000 CSX Corp. 5.35% due 4/10/1996................... 6,518,270 6,518,270
12,000,000 International Paper Corp. 5.44% due 4/10/1996... 11,983,680 11,983,680
</TABLE>
23
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
SCHEDULE OF INVESTMENTS
MARCH 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS (CONTINUED)
$ 10,000,000 Baxter International Inc. 5.47% due 4/11/1996... $ 9,984,806 $ 9,984,806
6,135,000 IBM Credit Corp. 5.31% due 4/11/1996............ 6,125,951 6,125,951
13,158,000 H.J. Heinz Company 5.26% due 4/12/1996.......... 13,136,852 13,136,852
8,723,000 Samsung Electronics America, Inc. 5.50% due
4/12/1996...................................... 8,708,340 8,708,340
7,971,000 Hercules, Inc. 5.32% due 4/15/1996.............. 7,954,509 7,954,509
10,000,000 Praxair, Inc. 5.48% due 4/15/1996............... 9,978,689 9,978,689
10,000,000 Dayton Hudson Corp. 5.50% due 4/16/1996......... 9,977,083 9,977,083
9,605,000 Dun & Bradstreet Corp. 5.35% due 4/16/1996...... 9,583,589 9,583,589
10,966,000 International Paper Corp. 5.50% due 4/17/1996... 10,939,194 10,939,194
8,000,000 Louisiana Land & Exploration 5.50% due
4/17/1996...................................... 7,980,444 7,980,444
10,000,000 Bausch & Lomb, Inc. 5.45% due 4/18/1996......... 9,974,264 9,974,264
8,409,000 Toyota Motor Credit Corp. 5.28% due 4/18/1996... 8,388,033 8,388,033
5,812,000 Hercules, Inc. 5.32% due 4/19/1996.............. 5,796,540 5,796,540
9,219,000 Union Oil Company of California 5.35% due
4/19/1996...................................... 9,194,339 9,194,339
5,630,000 Xerox Corp. 5.30% due 4/19/1996................. 5,615,080 5,615,080
5,635,000 Air Products & Chemicals, Inc. 5.32% due
4/22/1996...................................... 5,617,513 5,617,513
10,000,000 Omnicom Finance Inc. 5.35% due 4/22/1996........ 9,968,792 9,968,792
10,000,000 E.I. DuPont De Nemours 5.33% due 4/23/1996...... 9,967,428 9,967,428
11,817,000 Whirlpool Financial Corp. 5.40% due 4/23/1996... 11,778,004 11,778,004
7,421,000 Jostens, Inc. 5.40% due 4/25/1996............... 7,394,284 7,394,284
11,555,000 Newell Co. 5.38% due 4/25/1996.................. 11,513,556 11,513,556
2,694,000 Pearson Inc. 5.38% due 4/26/1996................ 2,683,935 2,683,935
12,972,000 Price/Costco, Inc. 5.48% due 4/26/1996.......... 12,922,634 12,922,634
8,000,000 Samsung Electronics America, Inc. 5.55% due
4/26/1996...................................... 7,969,167 7,969,167
8,000,000 USX Corp. 5.60% due 4/26/1996................... 7,968,889 7,968,889
6,646,000 BMW Capital Corp. 5.37% due 4/29/1996........... 6,618,242 6,618,242
4,602,000 H.J. Heinz Company 5.33% due 4/29/1996.......... 4,582,922 4,582,922
10,000,000 Praxair, Inc. 5.57% due 4/29/1996............... 9,956,678 9,956,678
9,000,000 Hanson Finance plc 5.33% due 4/30/1996.......... 8,961,357 8,961,357
10,000,000 Toys `R' Us, Inc. 5.32% due 5/01/1996........... 9,955,667 9,955,667
10,000,000 Illinois Central Railroad Company 5.53% due
5/02/1996...................................... 9,952,381 9,952,381
9,175,000 ITT Corporation 5.48% due 5/07/1996............. 9,124,721 9,124,721
12,000,000 Caterpillar Financial Services Corp. 5.37% due
5/08/1996...................................... 11,933,770 11,933,770
TOTAL SHORT-TERM INVESTMENTS.................... 431,991,460 431,991,460
TOTAL INVESTMENTS (98.90%)...................... $2,581,648,330* 3,000,237,694**
Other assets in excess of liabilities (1.10%)... 33,230,456
Net assets (100.00%)............................ $3,033,468,150
</TABLE>
24
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS
MARCH 31, 1996
* Aggregate cost for federal income tax purposes is $2,580,953,586.
** Gross unrealized appreciation and depreciation of securities at March 31,
1996, based on cost for federal income tax purposes, were $498,449,617 and
$79,165,509, respectively (net appreciation was $419,284,108).
<TABLE>
<CAPTION>
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS
<S> <C> <C> <C>
CAD -- Canadian Dollar (1) Metals & Minerals (10) Retail
(pounds) -- Pound Sterling (2) Energy (11) Media
FF -- French Franc (3) Agriculture (12) Health Care
ECU -- European Currency Unit (4) Forest Products (13) Financial Companies
(Yen) -- Japanese Yen (5) Building Materials (14) Governmental Issues
NZD -- New Zealand Dollar (6) Technology (15) Utilities
ITL -- Italian Lira (7) Transportation (16) Multinational
DM -- Deutsche Mark (8) Capital Goods (17) Miscellaneous
ESP -- Spanish Peseta (9) Consumer Products
CHF -- Swiss Franc
ZAR -- South African Rand
</TABLE>
BOND TYPES
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 in Arrears Bond
PDI -- Past Due Interest
25
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED)
MARCH 31, 1996
(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 year ended March
31, 1996.
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
Affiliate Shares Cost Shares Cost Gain Income
<S> <C> <C> <C> <C> <C> <C>
North European Oil Royalty Trust 27,500 $ 357,353 -- -- -- $ 603,625
A.P. Green Industries -- -- -- -- -- 84,420
BEI Electronics Inc. 47,300 344,338 -- -- -- 23,046
LeaRonal, Inc. 30,000 649,476 -- -- -- 307,489
Baldwin Piano and Organ Company -- -- -- -- -- --
Plasti-Line, Inc. -- -- -- -- -- --
East Texas Financial Services -- -- -- -- -- 4,250
Logansport Financial Corp. 90,000 1,050,000 -- -- -- 18,000
FirstFed Bancorp Inc. -- -- -- -- -- 56,278
Wood Bancorp -- -- -- -- -- 17,919
Redwood Financial, Inc. 75,000 682,813 -- -- -- --
J.C. Nichols Company -- -- -- -- -- --
Zero Corporation 490,000 7,364,773 -- -- -- 306,614
Terra Mining AB 135,000 2,496,880 -- -- -- 58,802
Pick Pay AG Bearer -- -- 2,875 $2,426,410 $ 907,350 80,463
VAE AG 48,500 4,659,359 -- 84,259
Emin Leydier+ 32,434 898,923 -- -- -- 161,954
Groupe NSC 18,764 325,624 -- -- -- 175,144
Sabeton SA 8,486 1,234,485 -- -- -- 1,721,379
La Brosse et DuPont -- -- -- -- -- 120,426
C.E.E. (Continentale d' Equipements
Electriques) -- -- -- -- -- 82,119
Medya Holdings 73,599,680 1,756,320 -- -- -- 149,075
Tasman Agriculture Limited 149,000 119,691 -- -- -- 117,281
Shortland Properties, Limited 6,720,416 3,523,917 -- -- -- 471,925
The Colonial Motor Company Limited -- -- 1,287,750 954,820 1,195,582 503,486
Apple Fields Limited 313,000 179,049 -- -- -- --
Damba Holdings Limited -- -- -- -- -- 8,281
Auberges des Gouverneurs Inc. -- -- -- -- -- --
</TABLE>
+ 20,733 shares are the result of a bond conversion. 1 share for every $300 of
principal.
(d) In default as to principal and interest.
(e) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(f) Restricted as to resale pending registration.
(g) Security for which there are less than three market makers.
See Notes to Financial Statements.
26
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1996
<TABLE>
<S> <C>
ASSETS:
Investments, at value (Note 1):
Common and preferred stock (identified cost, $1,539,712,089)......... $1,907,481,117
Bonds, notes and convertible bonds (identified cost, $609,944,781)... 660,765,117
Short-term investments (amortized cost, $431,991,460)................ 431,991,460
Total investments (cost, $2,581,648,330)........................... 3,000,237,694
Cash................................................................... 5,012,685
Receivable for forward currency contracts held, at value (Notes 1 and
6)................................................................... 486,013,158
Receivable for investment securities sold.............................. 11,930,841
Receivable for Fund shares sold........................................ 10,918,023
Accrued interest and dividends receivable.............................. 22,574,484
Prepaid expenses and other assets...................................... 5,696
TOTAL ASSETS....................................................... 3,536,692,581
LIABILITIES:
Payable for forward currency contracts held, at value (Notes 1 and
6)................................................................... 479,032,720
Payable for investment securities purchased............................ 13,469,292
Payable for Fund shares redeemed....................................... 2,400,931
Investment advisory fees payable (Note 2).............................. 5,362,857
Distribution fees payable (Note 3)..................................... 1,701,077
Directors' fees payable (Note 2)....................................... 19,500
Accrued expenses and other liabilities................................. 1,238,054
TOTAL LIABILITIES.................................................. 503,224,431
NET ASSETS:
Capital stock (par value, $0.001 per share)............................ 116,277
Capital surplus........................................................ 2,540,921,051
Net unrealized appreciation (depreciation) on:
Investments.......................................................... 418,589,364
Forward currency contracts........................................... 6,980,438
Foreign currency related transactions................................ (53,484)
Undistributed net realized gains on investments........................ 32,691,532
Undistributed net investment income.................................... 34,222,972
NET ASSETS (Note 1)................................................ $3,033,468,150
NET ASSET VALUE PER SHARE (based on 116,277,335 shares outstanding:
250,000,000 shares authorized) (Note 5)................................ $ 26.09
MAXIMUM OFFERING PRICE PER SHARE ($26.09 96.25%)......................... $ 27.11
</TABLE>
See Notes to Financial Statements.
27
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1996
<TABLE>
<S> <C>
INVESTMENT INCOME:
Income:
Interest (net of $159,154 foreign taxes withheld)...................... $ 72,168,119
Dividends (net of $2,038,152 foreign taxes withheld)................... 48,738,632
Miscellaneous income................................................... 189,181
Total income from operations......................................... 121,095,932
Expenses:
Investment advisory fees (Note 2)...................................... 18,408,301
Distribution fees (Note 3)............................................. 5,887,277
Shareholder servicing agent fees....................................... 3,133,809
Custodian fees......................................................... 2,359,283
Registration and filing fees........................................... 320,991
Printing............................................................... 178,000
Audit fees............................................................. 120,000
Insurance.............................................................. 52,965
Legal fees............................................................. 40,159
Directors' fees (Note 2)............................................... 36,000
Miscellaneous.......................................................... 75,000
Total expenses from operations....................................... 30,611,785
Expense reduction due to earnings credits (Note 1)....................... (150,691)
Net expenses from operations......................................... 30,461,094
Net investment income (Note 1)........................................... 90,634,838
REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCY RELATED
TRANSACTIONS (NOTES 1 AND 6):
Net realized gains from:
Investment transactions................................................ 74,885,156
Foreign currency related transactions.................................. 17,463,550
92,348,706
Change in unrealized appreciation (depreciation) of:
Investments............................................................ 227,744,429
Foreign currency related transactions.................................. 19,360,122
247,104,551
Net gain on investments and foreign currency related transactions........ 339,453,257
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS....................... $430,088,095
</TABLE>
See Notes to Financial Statements.
28
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR YEAR
ENDED ENDED
MARCH 31, MARCH 31,
1996 1995
<S> <C> <C>
OPERATIONS:
Net investment income................................. $ 90,634,838 $ 49,474,573
Net realized gains from investments and foreign
currency related transactions....................... 92,348,706 14,434,900
Increase (decrease) in unrealized appreciation
(depreciation) of investments and foreign currency
related transactions................................ 247,104,551 (15,855,066)
Net increase in net assets resulting from
operations..................................... 430,088,095 48,054,407
DISTRIBUTIONS TO SHAREHOLDERS:
Dividends paid from net investment income............. (80,841,083) (11,742,443)
Distributions paid from net realized gains from
investment transactions............................. (72,421,592) (43,728,272)
Decrease in net assets resulting from
distributions.................................. (153,262,675) (55,470,715)
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from shares sold......................... 1,003,626,840 293,467,497
Net asset value of shares issued for reinvested
dividends and distributions......................... 145,347,808 51,278,237
Cost of shares redeemed............................... (313,992,982) (197,076,010)
Increase in net assets from Fund share
transactions................................... 834,981,666 147,669,724
Net increase in net assets........................ 1,111,807,086 140,253,416
NET ASSETS (NOTE 1):
Beginning of year..................................... 1,921,661,064 1,781,407,648
End of year (including undistributed net investment
income of $34,222,972 and $3,535,522,
respectively)....................................... $3,033,468,150 $1,921,661,064
</TABLE>
See Notes to Financial Statements.
29
<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
management investment company registered under the Investment Company Act of
1940, as amended. The following is a summary of significant accounting policies
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 quotations 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 securities, 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 security is among the NASDAQ designated "Tier 1" securities, in which
case it is valued at its 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 received
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 portion
of gains and losses on investments which is due to changes in foreign exchange
rates from that which is due to changes in market prices of the equity
securities. 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 or losses on debt obligations.
30
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 1 -- SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C) FORWARD CURRENCY CONTRACTS -- In connection with purchases and sales of
securities 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 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
investments, if any, within the allowable time limit, and to comply with the
other provisions of the Internal Revenue Code for a regulated investment
company. 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
liabilities, as a result of certain differences in the computation of net
investment 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 $18,585,507. In addition, $2,005,277 and $2,308,188 were
reclassed from additional paid in capital to undistributed net realized gains on
investments and undistributed net investment income, respectively.
G) EXPENSES -- Earnings credits reduce custodian fees and shareholder
servicing agent fees by the amount of interest on balances with such service
providers.
H) USE OF ESTIMATES -- The preparation of financial statements in
conformity with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual results could differ
from those estimates.
31
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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 payable quarterly in amounts equal to 0.25% and 0.1875%, respectively, of the
average daily value of the net assets of the Fund during the preceding quarter.
In return, SOGEN A.M. Corp. provides the Fund with advisory services and pays
certain Fund expenses, including salaries and office costs. For the year ended
March 31, 1996, the Fund's investment advisory fees paid or payable to SOGEN
A.M. Corp. were $18,408,301.
For the year ended March 31, 1996, Societe Generale Securities Corporation
("SGSC"), the principal underwriter, realized $3,005,037 in dealer's and
underwriter's commissions after reallowance to others. Societe Generale, a
stockholder of SOGEN A.M. Corp. and SGSC, received dealer's commissions of
$36,119. For the same period, Societe Generale or its affiliates received
$108,724 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 on an annual fee of $6,000
plus $1,000 for each meeting attended. Such fees amounted to $36,000 for the
year ended March 31, 1996.
NOTE 3 -- PLAN OF DISTRIBUTION
The Fund has a Distribution Plan and Agreement (the "Plan") with SGSC,
pursuant 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 advertising costs and
the payment for the preparation, printing and distribution of prospectuses to
prospective investors. The Plan, which became effective on November 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.
32
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 3 -- PLAN OF DISTRIBUTION (CONTINUED)
SGSC bears the Fund's distribution costs to the extent they exceed payments
under the Plan. For the year ended March 31, 1996, the Fund's distribution fees
paid or payable to SGSC were $5,887,277.
NOTE 4 -- PURCHASES AND SALES OF SECURITIES
During the year ended March 31, 1996, the aggregate cost of purchases and
proceeds from sales of investments, excluding short-term securities, totaled
$809,972,932 and $201,787,464, respectively.
NOTE 5 -- CAPITAL STOCK
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
MARCH 31, 1996 MARCH 31, 1995
<S> <C> <C>
Shares sold.............................................. 39,975,158 12,636,282
Shares issued for reinvested dividends and
distributions.......................................... 5,973,765 2,280,046
Shares redeemed.......................................... (12,491,879) (8,487,708)
Net increase........................................ 33,457,044 6,428,620
</TABLE>
33
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 6 -- COMMITMENTS
As of March 31, 1996, the Fund had entered into forward currency contracts,
as summarized below, resulting in net unrealized appreciation of $6,980,438.
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ VALUE
DATES CURRENCY TO AT CURRENCY TO AT
THROUGH BE DELIVERED MARCH 31, 1996 BE RECEIVED MARCH 31, 1996
<C> <C> <S> <C> <C> <C> <C>
4/09/96 578,128 Australian Dollar $ 452,587 449,869 U.S. Dollar $ 449,869
8/09/96 75,967,736 Swiss Franc 64,578,842 64,113,650 U.S. Dollar 64,113,650
4/03/96 320,981 U.S. Dollar 320,981 474,858 Deutsche Mark 321,546
8/16/96 131,980,500 Deutsche Mark 89,997,234 90,838,856 U.S. Dollar 90,838,856
7/29/96 600,000,000 Spanish Peseta 4,789,463 4,737,278 U.S. Dollar 4,737,278
4/03/96 65,280 U.S. Dollar 65,280 302,721 Finnish Markka 65,302
4/30/96 3,266,276 U.S. Dollar 3,266,276 16,476,423 French Franc 3,272,053
8/23/96 853,258,000 French Franc 170,199,233 169,452,584 U.S. Dollar 169,452,584
4/05/96 333,262 U.S. Dollar 333,262 523,392,901 Italian Lira 333,903
4/03/96 1,389,138 U.S. Dollar 1,389,138 147,862,894 Japanese Yen 1,380,026
8/30/96 15,044,850,000 Japanese Yen 142,724,025 150,131,537 U.S. Dollar 150,131,537
4/02/96 744,989 U.S. Dollar 744,989 4,780,448 Norwegian Krone 744,735
4/02/96 171,410 U.S. Dollar 171,410 683,841 South African Rand 171,819
$479,032,720 $486,013,158
</TABLE>
34
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
1996 1995 1994 1993 1992 1991(A) 1990 1989 1988 1987
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SELECTED PER SHARE
DATA
Net asset value,
beginning of
year............... $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............. 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........ 3.37 0.49 3.37 2.02 1.45 0.20 1.48 1.26 (0.97) 4.80
Total from
investment
operations......... 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 year............ $26.09 $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91 $21.47
TOTAL RETURN*....... 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
year (millions).... $3,033 $1,922 $1,781 $ 650 $ 355 $ 240 $ 176 $ 126 $ 97 $ 96
Ratio of operating
expenses to average
net assets......... 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............. 3.71%** 2.70% 2.34% 3.69% 4.00% 4.84 % 4.32% 4.23% 3.09% 2.71%
Portfolio turnover
rate............... 9.64% 12.96% 23.96% 17.94% 24.25% 24.14 % 30.62% 33.05% 42.79% 41.23%
Average commission
rate paid+......... $0.013 -- -- -- -- -- -- -- -- --
</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.
* Does not give effect to deduction of the sales load.
** The ratio of operating expenses to average net assets for the year ended
March 31, 1996 would have remained the same without the effect of earnings
credits. However, the ratio of net investment income to average net assets
would have been 3.70% without the effect of earnings credits for the same
period.
+ 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 the current year and not for
the prior periods.
See Notes to Financial Statements.
35
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Shareholders of
SoGen International Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of
SoGen International Fund, Inc., including the schedule of investments, as of
March 31, 1996, and the related statement of operations for the year then ended,
the statements of changes in net assets for each of the years in the two-year
period then ended and the financial highlights for each of the years in the
seven year period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for each of the years in the
three-year period ended March 31, 1989 of SoGen International Fund, Inc. were
audited by other auditors whose report thereon dated May 5, 1989, expressed an
unqualified opinion on the financial highlights.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of March
31, 1996, by correspondence with custodians and brokers. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
SoGen International Fund, Inc. as of March 31, 1996, the results of its
operations for the year then ended, the changes in its net assets for each of
the years in the two-year period then ended, and the financial highlights for
each of the years in the seven year period then ended, in conformity with
generally accepted accounting principles.
/s/ KPMG PEAT MARWICK LLP
KPMG Peat Marwick LLP
New York, New York
May 10, 1996
36
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
TAX INFORMATION
FISCAL YEAR ENDED MARCH 31, 1996
(UNAUDITED)
The following tax information represents the designation of various tax
benefits relating to the fiscal year ended March 31, 1996.
The percentage of investment company taxable income eligible for the
dividends received deduction available to certain corporate shareholders with
respect to the fiscal year ended March 31, 1996 is 10.75%.
Capital gains distributions paid to shareholders by the Fund during the
fiscal year ended March 31, 1996, whether taken in shares or in cash, were
$61,703,156.
The above figures may differ from those cited elsewhere in the report due
to differences in the calculations of income and capital gains for Securities
and Exchange Commission (financial reporting) purposes and Internal Revenue
Service (tax) purposes.
37
<PAGE>
SOGEN INTERNATIONAL FUND, INC.
1221 AVENUE OF THE AMERICAS
NEW YORK, NY 10020
DIRECTORS AND OFFICERS
DIRECTORS
Philippe Collas Dominique Raillard
Jean-Marie Eveillard Nathan Snyder
Fred J. Meyer
OFFICERS
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
SOCIETE GENERALE ASSET MANAGEMENT CORP.
1221 Avenue of the Americas
New York, NY 10020
LEGAL COUNSEL
DECHERT PRICE & RHOADS
477 Madison Avenue
New York, NY 10022
DOMESTIC CUSTODIAN
INVESTORS FIDUCIARY TRUST COMPANY
127 West 10th Street
Kansas City, MO 64105
SHAREHOLDER SERVICING AGENT
FIRST DATA INVESTOR SERVICES GROUP, INC.
53 State Street
Boston, MA 02109
(800) 443-7046
UNDERWRITER
SOCIETE GENERALE SECURITIES CORPORATION
1221 Avenue of the Americas
New York, NY 10020
(800) 334-2143
INDEPENDENT AUDITORS
KPMG PEAT MARWICK LLP
345 Park Avenue
New York, NY 10154
GLOBAL CUSTODIAN
THE CHASE MANHATTAN BANK, N.A.
4 Chase MetroTech Center
Brooklyn, NY 11245
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of Sogen
International Fund, Inc.
