<PAGE>
SoGen
International Fund, Inc.
----------------------------------
[LOGO OF SOGEN INTERNATIONAL FUND APPEARS HERE]
----------------------------------
Semi-Annual Report
September 30, 1997
<PAGE>
SoGen International Fund, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
Over the past fifteen years (September 30, 1982 to September 30, 1997), the
value of an investment in your Fund increased at a compounded average annual
rate of 15.9%. Over the past ten and five years, the rates were 10.8% and
14.1%, respectively. Over the past twelve months, the rate was 18.3%.*
In its February 3, 1997 cover issue on mutual funds, Business Week awarded
your Fund the highest rating for risk-adjusted performance over the past five
years.
As of September 30, 1997 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
U.S. stocks /(1)/ 26.1%
Foreign stocks /(1)/ 33.4
U.S. dollar bonds 13.3
Foreign currency bonds 3.3
Gold-related securities 4.9
U.S. dollar cash and equiva-
lents /(2)/ 19.0
-----
100.0%
=====
</TABLE>
- -----------
/(1)/ Includes convertible bonds with moderate premia.
/(2)/ Includes floating rate securities.
The ten largest equity holdings were Buderus AG (German heating products
company); Fuji Photo Film Co., Ltd. (Japanese film and imaging company); Free-
port McMoRan Copper & Gold, Inc., Preferred Series "B', "C' and "D' (gold and
silver-related securities); Manpower Inc. (leading U.S. based employment serv-
ices organization with global operations); Secom Co., Ltd. (Japanese provider
of security services and equipment); San Juan Basin Royalty Trust (U.S. gas
royalty trust); Bank for International Settlements, U.S. and French Tranches
(the central banks' central bank, with some gold assets); Dole Food Company,
Inc. (U.S. producer and worldwide marketer of fruits and vegetables); Zero
Corporation (U.S. manufacturer of protective enclosures for electronics); and
Rayonier Inc. (U.S. forest products company with timber assets in the United
States and New Zealand).
My associates and I continue to look for "values" anywhere in the world. Not
relative values ("this stock is cheaper than the market") because that can be
a dangerous game: what if the overall market itself is overvalued?
More specifically:
. stock prices are high in the U.S. and Europe, although there is value
among smaller European stocks which have been generally ignored;
. in Japan, some stocks are unduly depressed as a result of the long and
deep bear market there;
. in emerging markets, we are doing work on certain securities in Asia
after the recent sharp price declines in that region.
As usual, we make room for fixed income securities, either as substitutes
for equities (such as high yield bonds) or as decent values (such as U.S.
Treasuries).
<PAGE>
We have modest exposure to "hard assets" (real estate and gold-related secu-
rities). Returns have been disappointing so far, except for U.S. real estate
securities.
Finally, cash remains high. We would not hesitate to use up at least some of
that reserve if we found genuine values here or there.
Being on the side of caution has not helped returns in recent years. With
strong equity markets in the U.S. and then in Europe, a lack of respect for
risk and risk-adjusted returns has developed. Caution is not a temporary fea-
ture of our investment approach, but a permanent one which has been in place
for almost twenty years. At some point, risk will get some respect.
Sincerely yours,
/s/ Jean-Marie Eveillard
Jean-Marie Eveillard
President
November 6, 1997
- -----------
* These figures assume the immediate reinvestment of all dividends and
distributions and do not give effect to the deduction of the Fund's sales
load (see the "Investment Results" section of this report for further
information).
2
<PAGE>
SoGen International Fund, Inc.
INVESTMENT RESULTS
(UNAUDITED)
Illustration of an Assumed Investment of $1,000
with reinvestment of income dividends and capital gains distributions
---------------------------------------------------------------------
This chart illustrates the cumulative total return of an initial $1,000
investment in the Fund from September 30, 1987 to September 30, 1997. The
Fund's results shown below should not be considered as a representation of the
dividend income or capital gain or loss which may be realized from an investment
made in the Fund today.
Initial net asset value is the amount received by the Fund after deducting
the maximum sales commission of 3.75%. No adjustment has been made for any
income taxes payable by shareholders. The results reflect the deduction of all
fees and expenses.
The investment return and principal value of an investment will fluctuate
so that an investor's shares, when redeemed, may be worth more or less than
their initial cost. The performance information shown represents past
performance and is not an indication of the Fund's future performance.
[BAR GRAPH APPEARS HERE]
DATE INITIAL INV. &\r CUM.DIST. TOTAL \r\VALUE
- ---- ------------------------- --------------
9/30/87 $ 962 $ 962
9/30/88 867 905
9/30/89 980 1,067
9/30/90 952 1,071
9/30/91 1055 1,233
9/30/92 1140 1,391
9/30/93 1311 1,645
9/30/94 1455 1,858
9/30/95 1588 2,027
9/30/96 1737 2,272
9/30/97 1992 2,688
Cost of investment $2,688
September 30, 1997 Total value of investment
$1,000 September 30, 1997
Initial net asset value, $962
VALUE OF SHARES INITIALLY VALUE OF SHARES ACQUIRED
ACQUIRED, $1,218 PLUS SHARES THROUGH RE-INVESTMENT
ACCEPTED AS CAPITAL GAIN OF DIVIDENDS FROM INCOME,
DISTRIBUTIONS, $774 $696
Average Annual Rates of Return as of September 30, 1997
after giving effect to the maximum sales commission of 3.75%
---------------------------------------------------------------
1 Year 5 Years 10 Years
------ ------- --------
13.90% 13.22% 10.39%
3
<PAGE>
SoGen International Fund, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
Over the past twelve months ended September 30, 1997, U.S. equities recorded
solid gains, supported by low interest rates, sustained economic growth and
strong corporate earnings. As a result of the continued bull market in U.S.
stocks, valuations are generally high in that market; consequently, it is in-
creasingly difficult to identify undervalued investment opportunities in the
United States. As of September 30, 1997, holdings in U.S. stocks represented
approximately 26% of the Fund's net assets compared to 22% a year ago.
European markets, where the Fund has the majority of its foreign stock expo-
sure, rose sharply in local currency terms in a context characterized by an
improving economic outlook for most countries, positive developments for Euro-
pean economic and monetary union ("EMU"), a stronger U.S. dollar and a favora-
ble interest rate environment. Conversely, the Japanese market performed poor-
ly, particularly in the last six months ended September 30, 1997, as further
delays in the long-awaited economic recovery and continued concerns over the
health of the financial sector pressured stocks. As prices declined, the Fund
selectively added to its Japanese holdings. Asian markets were mixed during
the year ended September 30, 1997: Hong Kong performed well, while other
Southeast Asian markets, where the Fund has very limited investments, experi-
enced significant turmoil during the summer months when several countries de-
valued their currency. Finally, Latin American markets rose sharply during the
same period. Overall, foreign stocks accounted for 33% of the Fund's net as-
sets, relatively unchanged from a year ago (34%).
Fixed income securities (17% of net assets) provided steady returns, in part
because Brady bonds continued to be strong performers for the Fund. Gold-re-
lated securities (5% of net assets) declined, reflecting the evolution of gold
prices during the period. The U.S. dollar appreciated considerably against
foreign currencies, particularly in the first half of the year ended September
30, 1997. The negative impact of the rising dollar on the value of the Fund's
assets was mitigated by partially hedging the Fund's foreign currency exposure
throughout the period. The Fund maintains a defensive and cautious position,
with cash and cash equivalents representing 19% of total net assets.
4
<PAGE>
SoGen International Fund, Inc.
SUMMARY OF FUND DATA
The table below covers the period from April 28, 1970 to September 30, 1997.
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 in-
come dividend columns were paid to shareholders during the period ended with
the date shown in the first column.
<TABLE>
<CAPTION>
NET ASSET
VALUE OF
INVESTMENT
WITH
DIVIDENDS
NET ASSET CAPITAL INVESTMENT AND
NUMBER VALUE GAINS INCOME DISTRIBUTIONS
OF SHARES TOTAL NET PER DISTRIBUTION DIVIDENDS REINVESTED
FISCAL YEAR ENDED OUTSTANDING ASSETS SHARE PER SHARE** PER SHARE (CUMULATIVE)*
- ----------------- ----------- -------------- --------- ------------ ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
April 28, 1970
(inception) 10,000 $ 100,000 $10.00 -- -- $ 10.00
March 31, 1971 487,721 5,935,531 12.17 -- -- 12.17
March 31, 1972 715,975 10,504,894 14.67 $0.08 $0.235 15.05
March 31, 1973 1,141,546 14,809,773 12.97 0.40 0.14 13.79
March 31, 1974 1,226,505 13,217,479 10.78 0.20 0.14 11.80
March 31, 1975 1,302,167 13,552,220 10.41 0.19 0.19 11.82
March 31, 1976 1,457,267 16,747,378 11.49 -- 0.345 13.47
March 31, 1977 1,542,201 16,574,391 10.75 -- 0.375 13.04
March 31, 1978 1,719,756 18,940,375 11.01 -- 0.38 13.82
March 31, 1979 1,595,800 19,803,738 12.41 -- 0.345 16.04
March 31, 1980 1,294,021 17,258,197 13.34 -- 0.375 17.76
March 31, 1981 1,340,785 22,187,719 16.55 1.28 0.73 25.36
March 31, 1982 1,856,726 25,366,017 13.66 2.45(a) 0.96 26.25
March 31, 1983 2,277,925 38,844,958 17.05 0.97(b) 1.155 38.74
March 31, 1984 2,607,881 43,146,584 16.54 1.76(c) 0.85 43.58
March 31, 1985 2,877,896 44,333,767 15.40 2.03(d) 0.76 49.10
March 31, 1986 2,987,678 57,042,647 19.09 1.15(e) 0.63 68.50
March 31, 1987 4,447,873 95,513,216 21.47 2.22(f) 0.60 89.84
March 31, 1988 5,722,925 96,776,399 16.91 3.33(g) 0.84 89.21
March 31, 1989 7,255,176 125,580,646 17.31 0.77(h) 0.80 99.86
March 31, 1990 9,927,865 175,864,164 17.71 1.01(i) 0.71 112.02
March 31, 1991 13,715,146 240,094,213 17.51 0.47(j) 0.71 118.77
March 31, 1992 19,262,647 355,108,081 18.44 0.37(k) 0.84 133.65
March 31, 1993 32,324,936 650,301,743 20.12 0.34(l) 0.64 153.52
March 31, 1994 76,391,671 1,781,407,648 23.32 0.23(m) 0.47 183.45
March 31, 1995 82,820,291 1,921,661,064 23.20 0.56(n) 0.15 188.27
March 31, 1996 116,277,335 3,033,468,150 26.09 0.73(o) 0.81 225.12
March 31, 1997 146,457,199 3,907,807,975 26.68 0.74(p) 1.09 246.47
September 30, 1997 (six 146,968,393 4,383,812,504 29.83 -- -- 275.57
months)+
</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, (o) $0.11 and (p)
$0.07 per share.
+ Unaudited.
5
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
GOLD RELATED (1.87%)
700,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series "C' (d). $ 24,030,815 $ 20,562,500
565,500 Freeport McMoRan Copper & Gold
Inc., Preferred Series "B' (d). 20,602,129 17,247,750
475,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series "D' (d). 9,894,866 10,034,375
285,000 Newmont Mining Corporation...... 10,433,881 12,807,187
4,942 Case, Pomeroy & Co., Inc. Class
"A'............................ 4,844,623 5,960,052
250,000 Handy & Harman.................. 3,979,276 5,718,750
300,000 Homestake Mining Company........ 5,748,184 4,593,750
115,000 The Pioneer Group, Inc. ........ 3,116,583 3,680,000
175,000 Amax Gold Inc. (a).............. 1,243,694 1,159,375
-------------- --------------
83,894,051 81,763,739
-------------- --------------
METALS AND MINERALS (0.41%)
215,000 Reynolds Metals Company......... 10,901,108 15,224,687
65,000 Alumax, Inc. (a)................ 1,267,512 2,669,063
-------------- --------------
12,168,620 17,893,750
-------------- --------------
ENERGY (3.81%)
3,650,000 San Juan Basin Royalty
Trust (c)...................... 24,747,047 36,271,875
505,000 Weatherford Enterra, Inc. (a)... 11,656,732 26,922,813
550,000 Rowan Companies, Inc. (a)....... 4,186,651 19,593,750
370,000 ENSCO International
Incorporated (a)............... 3,013,001 14,591,875
255,000 Murphy Oil Corporation.......... 10,678,820 14,566,875
250,000 Burlington Resources Inc. ...... 9,515,782 12,828,125
474,987 Monterey Resources, Inc. ....... 6,534,980 9,974,727
495,000 North European Oil Royalty
Trust (c)...................... 7,977,345 8,353,125
1,175,000 Kaneb Services, Inc. (a)........ 3,942,710 5,948,438
95,000 Halter Marine Group Inc. (a).... 1,659,193 4,595,625
103,955 Rochester and Pittsburgh Coal
Company........................ 4,145,068 3,872,324
104,455 Patina Oil & Gas Corporation
$1.78 Conv. Pfd. .............. 2,949,500 3,355,617
100,000 Noble Drilling Corporation...... 401,551 3,225,000
35,000 Tosco Financing Trust $2.875
Conv. Pfd. (b)................. 1,905,313 2,148,125
3,253 The Home-Stake Royalty
Corporation.................... 487,950 533,492
3,065 The Home-Stake Oil & Gas
Company........................ 337,150 361,670
-------------- --------------
94,138,793 167,143,456
-------------- --------------
FOREST PRODUCTS (2.09%)
675,000 Rayonier Inc. .................. 22,718,215 32,653,125
640,000 Greif Bros. Corporation Class
"A'............................ 11,619,526 20,800,000
285,000 The Mead Corporation............ 15,466,777 20,591,250
325,000 Longview Fibre Company.......... 5,693,979 6,459,375
45,000 Georgia-Pacific Corporation..... 2,849,363 4,696,875
139,100 Deltic Timber Corporation....... 2,482,756 4,546,831
54,000 Plum Creek Timber Company,
L.P. .......................... 213,222 1,829,250
-------------- --------------
61,043,838 91,576,706
-------------- --------------
</TABLE>
6
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
AGRICULTURE (0.11%)
75,000 Deere & Company................. $ 1,085,028 $ 4,031,250
497 J.G. Boswell Company (a)........ 573,840 576,520
-------------- --------------
1,658,868 4,607,770
-------------- --------------
AUTOMOTIVE (0.39%)
285,000 Bandag Incorporated, Class "A'.. 14,483,435 14,766,562
200,000 Treadco, Inc. .................. 2,913,120 2,425,000
-------------- --------------
17,396,555 17,191,562
-------------- --------------
BUILDING MATERIALS (0.45%)
603,000 A.P. Green Industries, Inc. (c). 4,514,875 8,442,000
245,000 CalMat Co. ..................... 4,618,561 5,818,750
400,000 Justin Industries............... 5,741,250 5,375,000
-------------- --------------
14,874,686 19,635,750
-------------- --------------
CAPITAL GOODS (1.29%)
346,600 Blount International, Inc. Class
"A'............................ 12,561,890 17,481,637
455,000 Woodward Governor Company....... 9,214,815 15,925,000
541,500 Kaiser Ventures Inc. (a)(c)..... 6,702,995 8,054,813
210,000 The Manitowoc Company, Inc. .... 2,656,980 7,494,375
100,000 Tennant Company................. 2,590,569 3,700,000
4,805 Conbraco Industries, Inc. (a)... 1,568,050 2,630,737
140,000 MFRI, Inc. (a).................. 781,252 1,435,000
-------------- --------------
36,076,551 56,721,562
-------------- --------------
SPECIALTY CHEMICALS (1.19%)
2,325,000 Lawter International, Inc. (c).. 27,457,085 28,190,625
835,000 LeaRonal Inc. (c)............... 8,579,869 22,858,125
125,000 American Pacific
Corporation (a)................ 1,375,938 945,313
-------------- --------------
37,412,892 51,994,063
-------------- --------------
TRANSPORTATION (0.87%)
180,000 Burlington Northern Santa Fe
Corporation.................... 7,583,711 17,392,500
130,000 AMR Corporation (a)............. 9,148,152 14,389,375
115,468 Heartland Express, Inc. (a)..... 194,998 3,189,804
18,000 Florida East Coast Industries,
Inc. .......................... 1,295,742 2,007,000
112,500 Boyd Brothers Transportation,
Inc. (a)....................... 1,204,375 1,153,125
-------------- --------------
19,426,978 38,131,804
-------------- --------------
ELECTRONICS (0.89%)
1,156,500 Zero Corporation (c)............ 17,028,318 32,743,406
400,000 BEI Electronics, Inc. (c)....... 2,963,306 6,300,000
-------------- --------------
19,991,624 39,043,406
-------------- --------------
</TABLE>
7
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
TECHNOLOGY (1.74%)
435,000 NCR Corporation (a)............. $ 12,595,732 $ 15,197,812
645,000 Wang Laboratories Inc. (a)...... 13,753,223 13,585,313
375,000 Broderbund Software, Inc. (a)... 9,149,596 12,750,000
250,000 Digital Equipment Corporation
Series "A' 8 7/8% Pfd. ........ 5,617,138 6,351,562
135,000 Digital Equipment
Corporation (a)................ 4,482,125 5,847,187
275,000 Symantec Corporation (a)........ 3,263,249 6,256,250
375,000 Aydin Corporation (a)(c)........ 4,644,959 4,500,000
195,000 Progress Software Corporation
(a)............................ 3,089,867 4,363,125
235,000 American Mobile Satellite
Corporation (a)................ 5,620,625 2,408,750
125,000 Teltrend, Inc. (a).............. 1,957,859 2,125,000
114,669 Anacomp, Inc. (a)............... 1,063,194 1,777,370
160 Anacomp, Inc. Warrants expire
6/03/2001 (a).................. 567,925 1,020
35,000 Intuit, Inc. (a)................ 935,157 1,120,000
-------------- --------------
66,740,649 76,283,389
-------------- --------------
CONSUMER PRODUCTS (2.69%)
755,000 Dole Food Company, Inc. ........ 21,740,562 34,116,562
1,215,000 Furniture Brands International,
Inc. (a)....................... 8,258,502 22,933,125
435,000 Sturm, Ruger & Company, Inc. ... 6,082,250 8,237,812
196,647 Allen Organ Company Class "B'... 6,223,084 7,964,203
245,000 Jostens, Inc. .................. 4,771,290 6,645,625
120,000 Polaroid Corporation............ 3,832,028 6,142,500
315,000 Paragon Trade Brands, Inc. (a).. 4,869,595 5,847,188
155,000 The Black & Decker Corporation.. 5,459,675 5,773,750
130,000 Adolph Coors Company Class "B'.. 2,655,650 4,923,750
215,000 Baldwin Piano & Organ
Company (a)(c)................. 2,233,875 3,870,000
75,000 Canandaigua Brands, Inc. Class
"A' (a)........................ 3,331,250 3,534,375
300,000 A.T. Cross Company Class "A'.... 4,609,259 2,906,250
17 Kohler Co. ..................... 1,375,750 2,142,000
625,000 The Topps Company, Inc. (a)..... 3,737,808 1,914,063
20,000 St. John Knits, Inc. ........... 145,600 898,750
-------------- --------------
79,326,178 117,849,953
-------------- --------------
DISTRIBUTION (1.99%)
400,000 McDonald's Corporation.......... 19,364,515 19,050,000
500,000 Wal-Mart Stores, Inc. .......... 11,548,667 18,312,500
705,000 Hancock Fabrics, Inc. .......... 6,822,407 9,473,437
405,000 Woolworth Corporation (a)....... 5,969,775 8,960,625
355,000 Smart & Final Inc. ............. 5,643,372 8,475,625
180,000 Stage Stores Inc. (a)........... 3,325,747 7,762,500
250,000 Burlington Coat Factory
Warehouse Corporation.......... 3,310,892 5,281,250
47,696 Weyco Group, Inc. .............. 1,457,018 4,292,640
175,000 LESCO, Inc. .................... 2,611,611 4,090,625
145,000 Buttrey Food and Drug Stores
Company (a).................... 989,375 1,703,750
-------------- --------------
61,043,379 87,402,952
-------------- --------------
</TABLE>
8
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
HEALTH CARE (0.39%)
300,000 Johnson & Johnson, Inc.......... $ 6,080,375 $ 17,287,500
-------------- --------------
MEDIA (2.14%)
340,000 Pulitzer Publishing Company
Class "A'...................... 7,053,735 19,210,000
375,000 GC Companies, Inc. (a).......... 12,616,702 16,125,000
750,000 Hollinger International Inc.
Class "A'...................... 8,751,355 10,031,250
385,000 Gibson Greetings, Inc. (a)...... 7,995,733 9,961,875
158,564 Cowles Media Company, non
voting......................... 3,631,585 8,721,020
164,141 Plenum Publishing Corporation... 5,510,325 7,878,768
200,000 Valassis Communications,
Inc. (a)....................... 4,089,113 6,375,000
475,000 United States Satellite
Broadcasting Company, Inc.
Class "A' (a).................. 4,878,712 4,096,875
335,000 Golden Books Family
Entertainment, Inc. (a)........ 4,648,262 3,726,875
105,000 Readers Digest Association, Inc.
Class "A'...................... 3,060,908 3,150,000
200,000 Plasti-Line, Inc. (a)(c)........ 1,831,937 2,550,000
34,924 Mills Music Trust............... 1,055,337 1,449,346
300,000 Integrity Incorporated Class
"A' (a)........................ 1,901,415 562,500
-------------- --------------
67,025,119 93,838,509
-------------- --------------
SERVICES (1.64%)
1,185,000 Manpower Inc.................... 39,898,747 46,807,500
755,000 UniFirst Corporation............ 10,918,846 18,308,750
299,900 Borg-Warner Security
Corporation (a)................ 4,933,996 5,848,050
79,792 KinderCare Learning Centers,
Inc. (a)(e).................... 1,024,327 909,629
-------------- --------------
56,775,916 71,873,929
-------------- --------------
FINANCIAL COMPANIES (0.71%)
3,349 Farmers & Merchants Bank of Long
Beach.......................... 6,404,335 7,953,875
100,000 Leucadia National Corporation... 2,473,045 3,437,500
100,000 Riggs National Corporation 10
3/4% Non-Cum. Pfd., Series "B'. 2,545,000 2,862,500
45,000 JSB Financial, Inc. ............ 548,125 2,202,188
54,613 Metairie Bank and Trust Company. 936,932 1,966,068
75,000 MFB Corp. ...................... 881,875 1,743,750
85,000 East Texas Financial Services,
Inc. (c)....................... 959,375 1,742,500
50,000 First Oak Brook Bancshares, Inc.
Class "A'...................... 450,376 1,700,000
90,000 Logansport Financial Corp. (c).. 1,050,000 1,395,000
88,000 Classic Bancshares, Inc. (c).... 1,016,000 1,386,000
38,000 MBLA Financial Corporation...... 486,500 997,500
83,500 Redwood Financial, Inc. (a)(c).. 767,813 928,938
49,000 First Federal Financial Bancorp,
Inc. (c)....................... 534,000 759,500
35,000 The Southern Banc Company,
Inc. .......................... 431,172 564,375
28,400 Rowan Bancorp, Inc. ............ 347,900 511,200
25,000 Catskill Financial
Corporation (a)................ 262,500 421,875
</TABLE>
9
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
FINANCIAL COMPANIES (continued)
10,000 Liberty Savings Bank, F.S.B. ... $ 120,000 $ 195,000
10,000 Peoples Financial Corporation... 75,500 182,500
-------------- --------------
20,290,448 30,950,269
-------------- --------------
UTILITIES (0.83%)
500,000 CalEnergy Company, Inc. (a)..... 9,780,817 16,625,000
85,000 CalEnergy Capital Trust 6 1/2%
Conv. Pfd. (b)................. 4,177,500 4,127,812
49,000 CalEnergy Capital Trust 6 1/4%
Conv. Pfd. (b)................. 2,450,000 3,136,000
400,000 The Montana Power Company....... 8,817,038 10,650,000
65,000 Idaho Power Company............. 1,604,025 2,051,563
-------------- --------------
26,829,380 36,590,375
-------------- --------------
REAL ESTATE (2.41%)
1,499,999 Catellus Development
Corporation (a)................ 12,933,293 31,124,981
590,000 Crescent Real Estate Equities
Company........................ 9,118,757 23,673,750
59,000 Crescent Operating Income,
Inc. (a)....................... 58,410 1,187,375
4,913 Security Capital Group
Incorporated "A' (a)........... 4,060,000 8,351,779
249,011 Security Capital Atlantic
Incorporated................... 4,181,611 5,571,618
173,195 Security Capital Pacific Trust.. 2,985,171 4,070,082
100,000 Security Capital Pacific Trust
$1.75 Conv. Pfd.
Series "A'..................... 2,269,000 3,181,250
175,000 Security Capital U.S. Realty.... 1,949,581 2,607,500
50,000 Security Capital Industrial
Trust $1.75 Conv. Pfd. Series
"B'............................ 1,193,710 1,512,500
36,901 Security Capital Group
Incorporated Warrants (a)...... 0 283,679
37,163 Pacific Retail Trust (e)........ 4,141,432 4,459,599
285,825 Alico, Inc. .................... 5,567,653 7,074,169
40,000 St. Joe Corporation............. 2,159,332 3,960,000
200,000 Castle & Cooke, Inc. (a)........ 3,194,388 3,925,000
165,900 Price Enterprises, Inc. ........ 2,250,669 3,183,206
43,589 Homestead Village Incorporated.. 653,909 773,705
29,243 Homestead Village Incorporated
Warrants (a)................... 212,416 237,599
43,147 Sonesta International Hotels
Corporation.................... 353,259 436,863
-------------- --------------
57,282,591 105,614,655
-------------- --------------
COMMON AND PREFERRED STOCKS--NON
U.S.
GOLD RELATED (2.40%)
3,235 Bank for International
Settlements (U.S. Tranche)..... 16,691,520 22,202,621
2,095 Bank for International
Settlements (French Tranche)... 10,984,386 13,696,743
670,000 Franco-Nevada Mining Corp.
Ltd. .......................... 9,714,621 15,786,673
824,000 Pan American Silver Corp. (a)... 2,960,418 6,889,283
1,025,000 Meridian Gold Inc. (a).......... 3,746,916 5,082,522
56,500 Fimalac SA...................... 5,344,252 4,848,802
2,725,000 Eltin Limited................... 6,212,403 4,011,349
</TABLE>
10
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
GOLD RELATED (continued)
170,000 Euro-Nevada Mining Corp. Ltd. .. $ 137,858 $ 2,984,183
2,280,000 Normandy Mining Limited......... 2,715,700 2,893,348
145,000 Placer Dome Inc. ............... 2,527,496 2,773,125
435,000 Free State Consolidated Gold
Mines Ltd. ADR................. 5,588,053 2,718,750
225,000 Cambior Inc. ................... 3,174,107 2,532,665
300,000 Driefontein Consolidated Ltd.
ADR............................ 3,291,187 2,212,500
118,100 Anglo American Platinum
Corporation Ltd. .............. 1,841,891 2,048,014
59,743 Anglo American Platinum
Corporation Ltd. ADR........... 632,373 1,036,032
465,000 Harmony Gold Mining Company
Ltd. (a)....................... 2,286,727 1,972,243
407,250 St. Helena Gold Mines Ltd. ADR.. 3,408,636 1,679,906
95,250 St. Helena Gold Mines Ltd....... 666,203 374,332
250,000 Kloof Gold Mining Company
Limited ADR.................... 2,685,432 1,515,625
1,030,120 Minas de Arcata S.A (a)......... 1,147,893 1,362,335
750,000 Newcrest Mining Limited......... 3,347,642 1,348,779
161,359 JCI Limited (a)................. 813,655 923,487
1,089,741 Avgold Limited (a).............. 2,567,647 905,680
95,548 Western Areas Gold Mining
Company Limited................ 796,857 733,564
1,298,450 Kidston Gold Mines Limited (a).. 1,785,275 725,010
277,500 Durban Roodepoort Deep
Limited (a).................... 2,523,427 646,596
152,500 Durban Roodepoort Deep Limited
ADR (a)........................ 1,366,850 374,102
138,750 Durban Roodepoort Deep "B'
Options (a).................... 0 44,696
56,000 Ashanti Goldfields Company
Limited GDR.................... 1,182,250 616,000
1,000,000,000 Manila Mining Corporation "B'... 978,313 492,754
-------------- --------------
101,119,988 105,431,719
-------------- --------------
UNITED KINGDOM (1.44%)
3,670,736 Antofagasta Holdings plc (21)... 16,850,729 24,414,513
10,150,000 Lonrho plc (21)................. 19,911,410 18,925,429
3,500,000 McBride plc (12)................ 9,802,555 9,548,880
2,450,000 Royal Doulton plc (12).......... 9,546,742 8,206,952
200,000 Scottish Media Group plc (15)... 1,311,364 2,221,346
-------------- --------------
57,422,800 63,317,120
-------------- --------------
FINLAND (0.27%)
157,500 Vaisala Oy A (11)............... 5,655,621 11,951,058
-------------- --------------
SWEDEN (1.51%)
800,000 AssiDoman AB (3)................ 17,562,425 27,371,202
310,000 Investor AB "B' (20)............ 12,623,280 16,626,156
305,000 Tidnings AB Marieberg (15)...... 7,703,660 8,461,030
535,000 IRO AB (7)...................... 5,641,561 8,268,824
500,000 Gorthon Lines AB "B' (9)........ 2,602,502 3,203,435
450,000 Bylock & Nordsjofrakt AB
"B' (9)........................ 1,908,642 2,348,085
-------------- --------------
48,042,070 66,278,732
-------------- --------------
</TABLE>
11
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
NORWAY (0.32%)
800,000 Schibsted ASA (15).............. $ 9,765,079 $ 14,041,644
-------------- --------------
DENMARK (0.33%)
225,000 Carlsberg International A/S
"B' (12)....................... 11,348,341 12,404,545
18,000 Kobenhavns Lufthavne A/S (9).... 794,222 2,105,420
-------------- --------------
12,142,563 14,509,965
-------------- --------------
NETHERLANDS (1.17%)
360,000 Philips Electronics NV ADR (10). 10,988,578 30,240,000
300,000 Apothekers Cooperatie OPG
U.A. (14)...................... 7,402,844 9,520,451
275,000 Holdingmaatschappij de Telegraaf
NV (15)........................ 2,087,913 5,818,054
275,000 European City Estates (c)(19)... 4,389,794 4,155,753
50,000 Content Beheer NV (16).......... 685,664 1,541,406
-------------- --------------
25,554,793 51,275,664
-------------- --------------
BELGIUM (0.25%)
55,000 Deceuninck Plastics Industries
SA (6)......................... 6,197,738 11,174,344
-------------- --------------
GERMANY (3.27%)
96,500 Buderus AG (7).................. 42,076,384 49,276,596
545,000 Bayer AG (8).................... 10,676,639 21,738,156
20,750 Axel Springer Verlag AG (15).... 9,819,881 17,777,305
100,000 Bertelsmann AG D.R.C. (15)...... 12,591,111 12,198,582
200,000 Hornbach Holding AG Pfd. (13)... 14,885,884 14,207,092
19,500 Sudzucker AG Pfd. (12).......... 7,946,995 9,857,872
200,000 IVG Holding AG (19)............. 6,586,429 5,707,801
40,000 Degussa AG (8).................. 1,108,391 2,199,149
20,000 SAP AG Pfd. (11)................ 382,996 5,373,050
150,000 Deutsche Lufthansa AG (9)....... 759,338 2,957,447
20,000 Signalbau Huber AG Pfd. (9)..... 2,803,944 2,008,511
-------------- --------------
109,637,992 143,301,561
-------------- --------------
FRANCE (5.36%)
225,000 Legrand ADP (7)................. 16,564,410 30,978,646
175,000 Elf Aquitaine (2)............... 13,105,773 23,414,535
50,000 Eurafrance (20)................. 20,534,542 21,117,005
65,000 Compagnie Generale d'Industrie
et de Participation (20)....... 17,858,077 19,765,517
61,984 Promodes C.I. (13).............. 3,082,094 19,371,963
1,500 Promodes (13)................... 279,833 586,884
141,500 Compagnie Generale des
Eaux (18)...................... 15,731,817 16,685,306
156,736 Compagnie Generale des Eaux
Warrants (a)(18)............... 0 84,731
155,000 Emin Leydier (c)(3)............. 7,930,177 11,914,214
250,000 Eramet (1)...................... 15,080,172 11,276,481
41,500 Sagem ADP (10).................. 12,162,509 10,376,052
17,803 Societe Sucriere de Pithiviers
le Vieil (4)................... 5,910,020 10,042,271
</TABLE>
12
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
FRANCE (continued)
65,500 NSC Groupe (c)(7)............... $ 11,903,500 $ 9,250,600
125,000 Gaumont SA (15)................. 6,502,574 8,826,908
11,500 Taittinger (12)................. 4,186,417 6,119,708
15,225 Taittinger C.I. (12)............ 3,753,220 4,526,810
41,788 Sabeton SA (c)(20).............. 5,791,836 5,647,599
95,000 C.G.D.E. Michelin "B' (5)....... 4,323,388 5,408,487
71,342 La Brosse et Dupont (c)(12)..... 3,799,228 5,302,983
75,000 Crometal (7).................... 5,059,728 4,687,975
39,048 Conflandey (1).................. 1,873,429 2,038,354
6,500 Elf Gabon (2)................... 1,007,684 1,514,258
10,479 Robertet SA (12)................ 781,686 1,481,725
5,112 Robertet SA C.I. (12)........... 527,638 932,689
7,500 Societe Francaise des Papiers
Peints (12).................... 1,113,969 1,229,010
10,000 Marie Brizard et Roger
International, SA (12)......... 2,187,987 1,040,646
36,500 C.E.E. (Continentale
d'Equipements
Electriques) (a)(c)(7)......... 4,590,041 653,614
24,113 Precia SA (7)................... 1,161,860 570,298
-------------- --------------
186,803,609 234,845,269
-------------- --------------
SWITZERLAND (2.44%)
67,500 Societe Generale d'Affichage
D.R.C. (15).................... 23,707,422 24,862,907
33,500 Kuhne & Nagel International AG
Bearer (9)..................... 20,081,815 23,569,581
75,000 Sika Finanz AG Bearer (6)....... 19,041,192 24,366,270
12,000 Nestle SA Registered (12)....... 15,566,073 16,769,788
3,500 Lindt & Sprungli AG PC (12)..... 3,143,266 6,095,879
25,681 SAirgroup D.R.C (a)(9).......... 1,995,229 5,845,649
18,425 Vetropack Holding AG
Bearer (12).................... 4,090,849 3,367,908
30,800 Pelikan Holdings AG
Bearer (a)(12)................. 2,922,214 2,082,014
-------------- --------------
90,548,060 106,959,996
-------------- --------------
AUSTRIA (0.33%)
100,000 VAE AG (c)(9)................... 9,226,215 10,488,975
100,000 Flughafen Wien AG (9)........... 4,313,028 4,144,395
-------------- --------------
13,539,243 14,633,370
-------------- --------------
ITALY (1.01%)
32,750,000 Montedison SpA Non Convertible
Savings (21)................... 17,371,684 18,066,080
1,150,000 Istituto Finanziario Industriale
SpA Privileged Shares (20)..... 10,416,961 15,759,371
1,450,000 Arnoldo Mondadori Editore
SpA (15)....................... 10,244,933 10,625,671
-------------- --------------
38,033,578 44,451,122
-------------- --------------
SPAIN AND PORTUGAL (0.51%)
375,000 Banco Comercial Portugues,
SA. (17)....................... 5,198,579 7,934,298
60,000 Corporacion Financiera Alba
SA (20)........................ 4,212,472 6,700,262
</TABLE>
13
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
SPAIN AND PORTUGAL (continued)
265,000 Espirito Santo Financial Group
SA ADR (17).................... $ 3,108,811 $ 5,515,312
65,000 Companhia de Celulose do
Caima (3)...................... 1,182,050 1,299,276
150,000 Omsa Alimentacion SA (12)....... 716,364 750,857
-------------- --------------
14,418,276 22,200,005
-------------- --------------
GREECE (0.16%)
80,680 Titan Cement Co. (6)............ 1,189,703 4,882,584
16,620 Titan Cement Co. Pfd. (6)....... 200,500 781,366
343,930 H. Benrubi & Fils SA (12)....... 2,021,286 988,198
141,160 H. Benrubi & Fils SA Pfd. (12).. 672,670 334,610
-------------- --------------
4,084,159 6,986,758
-------------- --------------
TURKEY (0.08%)
165,000,000 Sabah Yayincilik A.S. (15)...... 2,709,529 1,728,220
185,079,104 Medya Holding Group (15)........ 7,796,583 1,593,312
-------------- --------------
10,506,112 3,321,532
-------------- --------------
ISRAEL (0.18%)
1,299,705 The Israel Land Development
Company Ltd. (a)(21)........... 5,616,066 7,883,761
-------------- --------------
COMMONWEALTH OF INDEPENDENT
STATES (0.11%)
556,624 Firebird Fund,
L.P. (a)(b)(e)(22)............. 1,000,000 3,513,466
13,500 OJSC LUKoil ADR (2)............. 444,812 1,315,406
-------------- --------------
1,444,812 4,828,872
-------------- --------------
JAPAN (7.25%)
1,175,000 Fuji Photo Film Co., Ltd. (12).. 29,580,779 48,614,631
575,000 Secom Co., Ltd. (16)............ 34,731,631 38,933,660
2,675,000 The Tokio Marine & Fire
Insurance Co., Ltd. (17)....... 30,119,106 32,224,899
435,000 Ito-Yokado Co., Ltd. (13)....... 21,524,326 23,635,608
875,000 Shimano Inc. (12)............... 17,344,870 20,354,754
137,500 Toho Co., Ltd. (15)............. 18,943,758 18,620,446
2,650,000 The Nichido Fire & Marine
Insurance Co., Ltd. (17)....... 17,642,999 17,392,930
1,000,000 Shiseido Company, Ltd. (12)..... 11,820,737 16,117,642
3,085,000 The Dai-Tokyo Fire & Marine
Insurance Co., Ltd. (17)....... 19,669,917 13,968,554
1,375,000 Hitachi, Ltd. (11).............. 11,005,560 11,994,766
1,775,000 Nisshinbo Industries, Inc. (12). 16,247,506 11,782,703
2,595,000 Hanshin Electric Railway Co.,
Ltd. (9)....................... 10,837,760 8,753,126
1,675,000 Aida Engineering, Ltd. (7)...... 11,773,027 8,335,687
1,175,000 Nittetsu Mining Co., Ltd. (1)... 10,271,336 6,540,523
1,205,000 The Koa Fire & Marine Insurance
Co., Ltd. (17)................. 7,301,046 6,497,279
433,100 Chofu Seisakusho Co., Ltd. (12). 8,476,312 6,152,960
1,115,000 Okumura Corporation (16)........ 6,173,204 5,771,154
1,425,000 The Dowa Fire & Marine Insurance
Co., Ltd. (17)................. 7,214,341 5,682,715
</TABLE>
14
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON U.S.
(continued)
JAPAN (continued)
2,699,000 Iino Kaiun Kaisha, Ltd. (a)(9)........... $11,540,021 $ 5,336,784
155,000 Asatsu Inc. (15)......................... 6,010,393 3,927,637
165,000 Tsutsumi Jewelry Co., Ltd. (13).......... 8,417,467 2,673,119
285,000 Shoei Co., Ltd. (20)..................... 2,428,733 2,438,832
150,000 Japan Airport Terminal Co., Ltd. (9)..... 1,831,378 1,507,913
17,150 Fast Retailing Co., Ltd. (13)............ 738,866 360,483
----------- -----------
321,645,073 317,618,805
----------- -----------
SOUTH KOREA (0.35%)
106,000 Samsung Electronics Co., Ltd. Pfd. (10).. 8,431,577 3,776,612
185,000 LG Industrial Systems (7)................ 5,524,845 3,740,437
293,229 LG Electronics Inc. Pfd. (10)............ 6,746,087 2,131,118
125,680 Cheil Jedang Corporation Pfd. (21)....... 3,018,397 1,758,146
72,500 Youngchang Akki Co. (12)................. 3,641,775 1,497,541
100,000 Choong Nam Spinning (a)(12).............. 1,747,203 1,289,617
40,032 Korean Air Lines (a)(9).................. 835,721 546,885
71,735 Korean Air Lines Pfd. (a)(9)............. 1,086,031 352,795
89,880 Ssangyong Cement Industries Pfd. (6)..... 1,649,368 461,679
----------- -----------
32,681,004 15,554,830
----------- -----------
HONG KONG (1.16%)
76,162,910 CDL Hotels International Limited (19).... 31,182,264 27,559,595
20,000,000 Shaw Brothers (Hong Kong) Limited (15)... 23,708,856 20,806,410
2,500,000 South China Morning Post Holdings
Corp. (15).............................. 1,115,956 2,277,720
----------- -----------
56,007,076 50,643,725
----------- -----------
TAIWAN (0.05%)
1,724,074 Far Eastern Textile Entitlement
Certificates (12)....................... 2,010,100 2,398,397
----------- -----------
SINGAPORE AND MALAYSIA (0.45%)
3,000,000 Times Publishing Limited (15)............ 7,092,776 6,712,463
1,270,500 Singapore Bus Service Ltd. (9)........... 8,971,708 6,275,613
1,000,000 Rothmans Industries Ltd. (12)............ 3,921,782 4,579,653
650,000 Clipsal Industries Ltd. (6).............. 1,600,089 2,067,000
----------- -----------
21,586,355 19,634,729
----------- -----------
INDIA AND PAKISTAN (0.03%)
200,000 The Pakistan Investment Fund, Inc. (22).. 1,100,170 1,187,500
----------- -----------
AUSTRALIA AND NEW ZEALAND (1.63%)
11,733,199 Carter Holt Harvey Limited (3)........... 21,442,623 25,506,068
2,475,000 Independent Press Communications Limited
5%
Conv. Pfd. (15)......................... 13,715,677 14,601,262
7,267,403 Spotless Services Limited (16)........... 3,925,958 8,431,932
12,748,416 Shortland Properties Limited (c)(19)..... 5,349,478 8,338,420
9,250,000 Tasman Agriculture Limited (c)(4)........ 5,874,877 5,812,931
9,500,000 Evergreen Forests Limited (a)(c)(3)...... 3,619,835 3,776,963
</TABLE>
15
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
AUSTRALIA AND NEW ZEALAND
(continued)
3,852,700 Wrightson Limited (4)........... $ 3,965,324 $ 2,396,428
1,000,000 The Colonial Motor Company
Limited (13)................... 899,859 1,571,062
2,605,100 Apple Fields Limited (a)(c)(4).. 2,176,246 634,798
740,000 Damba Holdings Limited (c)(13).. 400,559 246,753
-------------- --------------
61,370,436 71,316,617
-------------- --------------
CANADA (1.52%)
1,015,000 Canadian Pacific Limited (21)... 17,926,035 30,005,938
1,000,000 Noranda Inc. (21)............... 19,207,138 19,979,008
195,000 Canadian National Railway
Company (9).................... 5,294,336 10,140,000
335,000 Dofasco Inc. (1)................ 4,737,045 6,389,844
-------------- --------------
47,164,554 66,514,790
-------------- --------------
MEXICO (0.56%)
5,075,000 Industrias Penoles, S.A. de
C.V. (1)....................... 15,322,906 24,453,105
-------------- --------------
ARGENTINA (0.45%)
4,050,000 Siderca S.A.I.C. (2)............ 2,702,461 12,152,430
5,843,427 Ledesma S.A.A.I. (4)............ 6,965,782 6,721,285
150,000 IRSA Inversiones y
Representaciones S.A. (19)..... 338,847 667,634
-------------- --------------
10,007,090 19,541,349
-------------- --------------
SOUTH AFRICA (0.07%)
200,000 Omni Media Corporation (15)..... 1,248,839 3,081,714
-------------- --------------
MISCELLANEOUS (0.51%)
300,000 Banco Latinoamericano de
Exportaciones S.A.
Class "E' (BLADEX) (17)........ 11,548,009 13,425,000
405,000 Minorco ADR (1)................. 6,673,995 9,036,563
-------------- --------------
18,222,004 22,461,563
-------------- --------------
TOTAL COMMON AND PREFERRED
STOCKS......................... 2,168,375,657 2,765,194,715
-------------- --------------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
U.S. DOLLAR CONVERTIBLE BONDS
(2.83%)
$ 1,000,000 NovaCare, Inc. 5 1/2% due
1/15/2000 (14)................. 925,099 958,750
5,320,000 Gold Mines of Kalgoorlie 7 1/2%
due 2/28/2000 (1).............. 4,750,691 5,559,400
3,250,000 Chiron Corporation 1.9% due
11/17/2000 (b)(14)............. 2,741,163 3,055,000
6,000,000 Apple Computer, Inc. 6% due
6/01/2001 (11)................. 5,545,939 6,015,000
1,500,000 Medya International Ltd. 10% due
6/28/2001 (15)................. 1,317,967 1,170,000
2,500,000 International Container Terminal
Services, Inc. 5%
due 9/15/2001 (e)(9)........... 2,175,578 2,025,000
</TABLE>
16
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
(continued)
U.S. DOLLAR CONVERTIBLE BONDS
(continued)
$ 2,350,000 International Container Terminal
Services, Inc. 1 3/4% due
3/13/2004 (9).................. $ 2,236,236 $ 2,073,875
1,500,000 Yangming Marine Transport
Corporation 2% due
9/22/2001 (9).................. 1,737,000 1,672,500
1,610,000 Roy F. Weston, Inc. 7% due
4/15/2002 (7).................. 1,433,589 1,352,400
3,750,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (1).................. 4,013,773 2,789,063
2,300,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (b)(1)............... 1,998,980 1,710,625
8,960,000 Cetus Corp. 5 1/4% due
5/21/2002 (14)................. 8,686,367 9,038,400
3,665,000 Coeur d'Alene Mines Corporation
6% due 6/10/2002 (1)........... 3,285,472 3,147,319
6,810,000 Coeur d'Alene Mines Corporation
6 3/8% due 1/31/2004 (1)....... 6,767,881 6,384,375
1,600,000 P.T. Inti Indorayon Utama 5 1/2%
due 10/01/2002 (3)............. 2,041,525 1,935,200
10,700,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (3).................. 8,703,025 7,757,500
1,200,000 CML Group Inc. 5 1/2% due
1/15/2003 (b)(13).............. 961,227 900,000
1,050,000 CML Group Inc. 5 1/2% due
1/15/2003 (13)................. 849,471 787,500
1,500,000 Ashanti Goldfields Company
Limited 5 1/2% due
3/15/2003 (1).................. 1,238,166 1,257,150
4,550,000 Sincere Navigation Corporation 3
3/4% due 5/26/2003 (9)......... 4,772,000 5,243,875
4,500,000 Nine West Group, Inc. 5 1/2% due
7/15/2003 (13)................. 3,939,158 4,235,625
5,550,000 IRSA Inversiones y
Representaciones S.A. 4 1/2%
due 8/02/2003 (19)............. 5,678,567 6,354,750
1,000,000 Agnico-Eagle Mines Limited 3
1/2% due 1/27/2004 (1)......... 801,760 807,500
3,920,000 Battle Mountain Gold Company 6%
due 1/04/2005 (1).............. 2,987,826 3,150,700
12,051,000 Scandinavian Broadcasting System
SA 7 1/4% due 8/01/2005 (15)... 11,709,596 12,412,530
1,200,000 Builders Transport, Inc. 8% due
8/15/2005 (a)(f)(9)............ 856,759 792,000
11,500,000 Cheil Jedang Corporation 3% due
12/31/2006 (21)................ 13,921,428 13,742,500
4,590,000 Evans & Sutherland Computer
Corporation 6% due
3/01/2012 (11)................. 3,602,700 4,607,213
4,912,811 Security Capital Group, Inc. 12%
due 6/30/2014 (b)(e)(19)....... 2,940,000 6,048,275
8,624,000 Air & Water Technologies Corp.
8% due 5/15/2015 (7)........... 7,377,806 6,866,860
-------------- --------------
119,996,749 123,850,885
-------------- --------------
U.S. DOLLAR BONDS AND NOTES
(7.93%)
2,000,000 Telebras SA 10% due
10/22/1997 (18)................ 1,999,147 2,003,750
4,500,000 IRSA Inversiones y
Representaciones S.A. 8 7/8%
due 3/03/1999 (19)............. 4,340,293 4,592,812
</TABLE>
17
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
(continued)
U.S. DOLLAR BONDS AND NOTES
(continued)
$ 3,300,000 Tubos de Acero de Mexico, S.A. 10
1/2% due 3/10/1999 (e)(2)....... $ 3,270,138 $ 3,415,500
1,500,000 Tubos de Acero de Mexico, S.A. 13
3/4% due 12/08/1999 (2)......... 1,395,403 1,685,970
3,800,000 Cemex SA 10% due 11/05/1999 (6).. 3,709,284 3,975,750
500,000 Cemex SA 9 1/2% due
9/20/2001 (6)................... 286,617 532,790
6,500,000 Global Marine Inc. 12 3/4% due
12/15/1999 (2).................. 7,013,750 6,695,000
5,500,000 Wells Fargo & Co. FRN due
4/28/2000
(5.8125% @ 9/30/1997) (17)...... 5,390,152 5,465,625
2,000,000 Den Danske Bank FRN due 6/30/2000
(6% @ 9/30/1997) (17)........... 1,987,279 1,978,500
1,500,000 P.T. Inti Indorayon Utama 9 1/8%
due 10/15/2000 (3).............. 1,376,127 1,516,875
1,737,600 GTE Finance Corp. 7% due
11/07/2000 (18)................. 1,698,329 1,790,597
1,000,000 Republic New York Corporation 9
3/4% due 12/01/2000 (17)........ 1,000,000 1,101,735
5,550,000 USAir Group, Inc. 9 5/8% due
2/02/2001 (9)................... 4,584,995 5,785,875
6,600,000 USAir Group, Inc. 10% due
7/01/2003 (9)................... 5,070,127 6,880,500
1,000,000 Bayou Steel Corporation 10 1/4%
due 3/01/2001 (1)............... 940,433 1,035,000
4,800,000 PT Pabrik Kertas Tjiwi Kimia 13
1/4% due 8/01/2001 (3).......... 4,932,750 5,330,400
3,937,000 Rowan Companies, Inc. 11 7/8% due
12/01/2001 (2).................. 4,185,525 4,143,692
7,477,000 Republic Engineered Steels, Inc.
9 7/8% due 12/15/2001 (1)....... 7,137,113 7,271,382
1,643,000 General Host Co. 11 1/2% due
2/15/2002 (13).................. 1,479,303 1,665,591
4,000,000 Florsheim Group Inc. 12 3/4% due
9/01/2002 (13).................. 3,655,879 4,420,000
5,825,000 Golden Books Family
Entertainment, Inc. 7.65% due
9/15/2002 (15).................. 4,896,419 5,562,875
1,000,000 Banco Safra SA 10 3/8% due
10/28/2002 (b)(17).............. 987,651 976,250
6,310,000 The Pacific Lumber Company 10
1/2% due 3/01/2003 (3).......... 6,042,769 6,578,175
5,392,000 Pamida Holdings Corp. 11 3/4% due
3/15/2003 (13).................. 4,818,003 5,513,320
4,100,000 Outlet Broadcasting, Inc. 10 7/8%
due 7/15/2003 (15).............. 4,154,819 4,406,901
5,500,000 The Southland Corporation 5% due
12/15/2003 (13)................. 4,103,407 4,730,000
4,589,000 The Southland Corporation 4% due
6/15/2004 (13).................. 2,997,870 3,504,849
1,500,000 Vital Forsikring FRN due
12/22/2003
(6.9688% @ 9/30/1997) (17)...... 1,495,551 1,516,500
2,000,000 CalEnergy Company, Inc. 10 1/4%
due 1/15/2004 (18).............. 1,573,924 2,165,000
8,716,000 Worldcom, Inc. 9 3/8% due
1/15/2004 (11).................. 5,798,436 9,326,120
3,000,000 Anacomp, Inc. 10 7/8% due
4/01/2004 (11).................. 2,999,078 3,127,500
500,000 Gerrity Oil & Gas Corp. 11 3/4%
due 7/15/2004 (2)............... 423,994 547,500
12,000,000 Riverwood International
Corporation 10 1/4% due
4/01/2006 (3)................... 11,934,238 12,360,000
18,000,000 Riverwood International
Corporation 10 7/8% due
4/01/2008 (3)................... 17,847,207 18,067,500
10,500,000 Grupo Televisa 13 1/4% due
5/15/2008
(0% @ 9/30/1997)(a)(15)......... 7,115,375 8,071,875
</TABLE>
18
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
(continued)
U.S. DOLLAR BONDS AND NOTES
(continued)
$ 500,000 Ann Taylor Inc. 8 3/4% due
6/15/2000 (13).................. $ 416,888 $ 498,750
31,632,000 Republic of Argentina FRB due
3/31/2005 (6.6875% @
9/30/1997) (23)................. 24,500,253 30,089,940
9,000,000 Republic of Argentina Par 5 1/4%
due 3/31/2023 (23).............. 4,378,454 6,817,500
6,000,000 Republic of Argentina Disc. FRN
due 3/31/2023 (6.8750% @
9/30/1997) (23)................. 3,754,273 5,437,500
2,355,000 Federal Republic of Brazil IDU
FRN due 1/01/2001 (6.8125% @
9/30/1997) (23)................. 1,934,119 2,334,983
7,920,000 Federal Republic of Brazil EI FRN
due 4/15/2006 (6.8750% @
9/30/1997) (23)................. 5,461,346 7,429,950
10,500,000 Federal Republic of Brazil DCB
FRN due 4/15/2012 (6.9375% @
9/30/1997) (23)................. 7,855,679 8,911,875
34,179,787 Federal Republic of Brazil "C' 8%
due 4/15/2014 (23).............. 17,388,501 29,095,544
5,000,000 Federal Republic of Brazil Par ZL
5 1/4% due 4/15/2024 (23)....... 2,276,523 3,690,625
10,500,000 Federal Republic of Brazil Disc.
ZL FRN due 4/15/2024 (6.8750% @
9/30/1997) (23)................. 6,457,399 9,259,688
10,000,000 Republic of Ecuador Par 3 1/2%
due 2/28/2025 (23).............. 3,828,014 5,612,500
7,000,000 United Mexican States Disc. FRN
"A' due 12/31/2019 (6.8671% @
9/30/1997) (23)................. 5,894,243 6,693,750
4,500,000 United Mexican States Disc. FRN
"B' due 12/31/2019 (6.8359% @
9/30/1997) (23)................. 3,797,427 4,303,125
1,000,000 United Mexican States Disc. FRN
"C' due 12/31/2019 (6.8203% @
9/30/1997) (23)................. 843,667 956,250
2,500,000 United Mexican States Disc. FRN
"D' due 12/31/2019 (6.8125% @
9/30/1997) (23)................. 2,138,676 2,390,625
1,904,760 Republic of Venezuela FLIRB "A'
due 3/31/2007 (6 3/4% @
9/30/1997) (23)................. 1,221,551 1,814,284
4,285,710 Republic of Venezuela FLIRB "B'
due 3/31/2007 (6 3/4% @
9/30/1997) (23)................. 2,508,659 4,082,139
9,000,000 Republic of Venezuela DCB FRN due
12/18/2007 (6 3/4% @
9/30/1997) (23)................. 6,267,618 8,589,375
2,000,000 Republic of Venezuela Disc. "A'
FRN due 3/31/2020 (6.8125% @
9/30/1997) (23)................. 1,224,266 1,877,500
2,000,000 Republic of Venezuela Disc. "B'
FRN due 3/31/2020 (6.8125% @
9/30/1997) (23)................. 1,146,159 1,877,500
1,750,000 Central Bank of the Philippines
NMB FRN due 1/05/2005 (6.7187% @
9/30/1997) (23)................. 1,616,001 1,683,281
1,000,000 Central Bank of the Philippines
DCB FRN due 12/01/2009 (6.8125%
@ 9/30/1997) (23)............... 881,803 942,500
5,000,000 Republic of Bulgaria Disc. "A'
FRN due 7/28/2024
(6.6875% @ 9/30/1997) (23)...... 2,646,845 4,162,500
2,500,000 Republic of Poland PDI 4% due
10/27/2014 (23)................. 1,704,460 2,193,750
6,250,000 Republic of Poland Disc. FRN due
10/27/2024
(6.9375% @ 9/30/1997) (23)...... 4,485,629 6,132,812
</TABLE>
19
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
(continued)
U.S. DOLLAR BONDS AND NOTES
(continued)
$ 5,500,000 Bergen Bank Floating Rate
Perpetual Notes
(6% @ 9/30/1997) (17)......... $ 3,888,750 $ 4,885,925
3,500,000 Den Norske Bank Floating Rate
Perpetual Notes
(6.025% @ 9/30/1997) (17)..... 2,610,000 3,104,850
3,170,000 Den Norske Bank Floating Rate
Perpetual Notes
(6.00% @ 9/30/1997) (17)...... 2,059,625 2,827,481
13,600,000 Christiania Bank Floating Rate
Perpetual Notes
(6 1/4% @ 9/30/1997) (17)..... 9,590,750 12,308,000
7,000,000 Goldman Sachs Group L.P. Cocoa
Indexed Note 5.90% due
11/10/1997 (d)(17)............ 7,000,000 8,048,600
2,028,988 Posgold Finance Ltd. 2.65% Gold
Denominated Note due
7/15/2004 (b)(d)(e)(1)........ 2,028,988 1,759,732
-------------- --------------
284,447,951 347,554,543
-------------- --------------
U.S. TREASURY NOTES (4.29%)
5,000,000 U.S. Treasury Note 7 3/8% due
11/15/1997 (23)............... 4,998,571 5,012,505
5,000,000 U.S. Treasury Note 5 1/8% due
11/30/1998 (23)............... 4,854,146 4,968,755
20,000,000 U.S. Treasury Note 7 3/4% due
11/30/1999 (23)............... 19,992,188 20,768,760
30,000,000 U.S. Treasury Note 5 1/2% due
12/31/2000 (23)............... 29,367,918 29,634,390
25,000,000 U.S. Treasury Note 6 1/8% due
12/31/2001 (23)............... 24,704,166 25,132,825
25,000,000 U.S. Treasury Note 6 1/4% due
2/15/2003 (23)................ 24,588,202 25,250,025
25,000,000 U.S. Treasury Note 5 7/8% due
2/15/2004 (23)................ 23,936,094 24,750,025
20,000,000 U.S. Treasury Note 7 1/2% due
2/15/2005 (23)................ 20,804,531 21,606,260
25,000,000 U.S. Treasury Note 5 5/8% due
2/15/2006 (23)................ 23,694,585 24,117,200
7,000,000 U.S. Treasury Note 6 1/4% due
2/15/2007 (23)................ 7,021,280 7,039,382
-------------- --------------
183,961,681 188,280,127
-------------- --------------
NON U.S. DOLLAR CONVERTIBLE
BONDS (1.55%)
CAD 8,001,000 InterTAN Inc. 9% due
8/30/2000 (13)................ 5,986,807 6,211,642
CAD 1,000,000 William Resources 8% due
1/23/2002 (1)................. 575,496 550,147
CAD 1,600,000 Noranda Inc. 5% due
4/30/2007 (21)................ 1,002,018 1,106,084
GBP 1,000,000 Lonrho Finance plc 6% due
2/27/2004 (21)................ 1,452,383 1,467,041
GBP 2,500,000 BAA plc 5 3/4% due
3/29/2006 (9)................. 4,161,067 4,636,211
GBP 10,000,000 Berisford plc 5% due
1/31/2015 (12)................ 9,834,223 13,318,388
FRF 87,511,060 Immobiliere Hoteliere 5% due
1/01/2001 (19)................ 12,768,597 10,328,739
FRF 14,000,000 Euro Disney SCA 6 3/4% due
10/01/2001 (15)............... 2,017,610 2,688,195
FRF 7,425,000 Gaumont SA 3 3/4% due
1/01/2003 (15)................ 1,444,974 1,421,876
FRF 64,000,000 Alcatel Alsthom 2 1/2% due
1/01/2004 (21)................ 12,379,661 13,193,229
ECU 2,250,000 Espirito Santo Financial Group
SA 8 3/4% due 4/10/2003 (17).. 3,133,643 3,327,660
JPY375,000,000 Nippon Yusen Kabushiki 2% due
9/29/2000 (9)................. 4,255,535 3,208,989
</TABLE>
20
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
(continued)
NON U.S. DOLLAR CONVERTIBLE
BONDS (continued)
JPY 250,000,000 Hanshin Electric Railway Co.,
Ltd. 1 1/2% due
9/30/2005 (9)............... $ 2,001,229 $ 1,931,625
NZD 7,412,833 Shortland Properties Limited
7 1/2% due 12/31/1998 (19).. 3,480,838 4,705,944
-------------- --------------
64,494,081 68,095,770
-------------- --------------
NON U.S. DOLLAR BONDS AND
NOTES (2.44%)
ITL2,700,000,000 Dresdner Bank Zero Coupon due
7/19/2000 (a)(17)........... 1,299,027 1,344,395
ITL 750,000,000 Bayerische Hypotheken
Weschel-Bank 7.85% due
2/14/2001 (17).............. 447,938 465,715
ITL5,000,000,000 American International Group
11.70% due 12/04/2001 (17).. 3,376,842 3,538,455
ITL1,410,000,000 Republic of Ireland 11 1/4%
due 4/02/2002 (23).......... 919,158 989,657
CAD 3,000,000 Canada 9 3/4% due
5/01/2000 (23).............. 2,231,394 2,423,649
CAD 3,000,000 Province of Alberta 10 1/4%
due 8/22/2001 (23).......... 2,224,786 2,541,653
CAD 4,000,000 Province of Quebec 10 1/4%
due 10/15/2001 (23)......... 2,982,663 3,408,013
CAD 5,000,000 Province of Ontario 8 3/4%
due 4/22/2003 (23).......... 3,912,073 4,180,969
CAD 2,500,000 Bell Canada 8 1/2% due
6/09/2003 (18).............. 1,706,073 2,046,084
ECU 3,000,000 Republic of France O.A.T. 6
3/4% due 4/25/2002 (23)..... 3,649,353 3,557,010
DEM 15,635,000 Air Canada Variable Rate
Perpetual Notes
(4 5/8% @ 9/30/1997) (9).... 6,226,295 5,899,163
FRF 65,685,000 United Mexican States Par
6.63% due 12/31/2019 (23)... 8,397,886 9,057,570
FRF 37,500,000 Republic of Venezuela Par
7.71% due 3/31/2020 (23).... 3,946,554 5,566,971
ESP 650,000,000 Banco Nacional de Comercio
Exterior 12.65% due
6/21/1998 (17).............. 5,052,673 4,563,932
CHF 5,500,000 Carter Holt Harvey Finance NV
5 7/8% due 10/16/2001 (3)... 3,469,767 4,161,752
CHF 6,000,000 Air Canada 6 1/4% Perpetual
Notes (9)................... 1,805,814 3,757,889
CHF 4,100,000 Scandinavian Airlines System
Variable Rate Perpetual
Notes (3 5/8% @
9/30/1997) (9).............. 1,920,638 2,036,213
NZD 1,900,000 State Bank of South Australia
9 1/4% due 10/29/1997 (17).. 1,027,106 1,221,421
NZD 4,000,000 Telecom Corp. of New Zealand
10% due 7/10/1998 (18)...... 2,233,897 2,603,475
NZD 12,000,000 Trans Power Finance Limited
8% due 3/15/2002 (18)....... 7,921,438 7,934,392
NZD 34,500,000 New Zealand Government 10%
due 3/15/2002 (23).......... 25,571,408 24,874,755
NZD 6,581,000 Telecom Corp. of New Zealand
9 1/4% due 7/01/2002 (18)... 3,992,821 4,562,947
</TABLE>
21
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
(continued)
NON U.S. DOLLAR BONDS AND NOTES
(continued)
NZD 2,850,000 State Bank of New South Wales 8%
due 4/01/2003 (17)............. $ 1,647,833 $ 1,868,683
NZD 2,000,000 Telecom Corp. of New Zealand 7
1/2% due 7/14/2003 (18)........ 1,168,490 1,291,317
ZAR15,000,000 Republic of South Africa 13% due
8/31/2010 (23)................. 2,913,293 3,034,223
-------------- --------------
100,045,220 106,930,303
-------------- --------------
TOTAL BONDS, NOTES AND
CONVERTIBLE BONDS.............. 752,945,682 834,711,628
-------------- --------------
SHORT-TERM INVESTMENTS (17.56%)
$ 2,216,000 CSX Corporation 5.76% due
10/01/1997..................... 2,216,000 2,216,000
16,887,000 Raytheon Company 5.79% due
10/01/1997..................... 16,887,000 16,887,000
19,000,000 Raytheon Company 5.80% due
10/02/1997..................... 18,996,939 18,996,939
2,000,000 J.P. Morgan Company Incorporated
5.50% due 10/03/1997........... 1,999,389 1,999,389
21,000,000 Samsung Electronics America,
Inc. 5.75% due 10/03/1997...... 20,993,292 20,993,292
20,000,000 Burlington Northern Santa Fe
Corporation 5.65%
due 10/06/1997................. 19,984,306 19,984,306
4,904,000 Rayonier Inc. 5.71% due
10/06/1997..................... 4,900,111 4,900,111
19,725,000 Raytheon Company 5.80% due
10/07/1997..................... 19,705,932 19,705,932
28,927,000 Raytheon Company 5.78% due
10/08/1997..................... 28,894,489 28,894,489
22,453,000 Raytheon Company 5.80% due
10/09/1997..................... 22,424,061 22,424,061
12,342,000 Newell Company 5.54% due
10/10/1997..................... 12,324,906 12,324,906
616,000 CSX Corporation 5.73% due
10/10/1997..................... 615,118 615,118
20,239,000 Raytheon Company 5.80% due
10/10/1997..................... 20,209,653 20,209,653
16,654,000 Raytheon Company 5.82% due
10/14/1997..................... 16,618,999 16,618,999
23,893,000 Raytheon Company 5.82% due
10/15/1997..................... 23,838,922 23,838,922
23,629,000 CSX Corporation 5.67% due
10/16/1997..................... 23,573,176 23,573,176
13,018,000 Safeway Inc. 5.68% due
10/16/1997..................... 12,987,191 12,987,191
9,330,000 Samsung Electronics America,
Inc. 5.78% due 10/16/1997...... 9,307,530 9,307,530
24,109,000 Samsung Electronics America,
Inc. 5.75% due 10/17/1997...... 24,047,388 24,047,388
12,785,000 Louisiana Land & Exploration
Company 5.66% due 10/20/1997... 12,746,808 12,746,808
15,000,000 CSX Corporation 5.67% due
10/20/1997..................... 14,955,113 14,955,113
15,000,000 CSX Corporation 5.70% due
10/20/1997..................... 14,954,875 14,954,875
3,622,000 Cummins Engine Company, Inc.
5.72% due 10/20/1997........... 3,611,066 3,611,066
15,000,000 Burlington Northern Santa Fe
Corporation 5.65%
due 10/21/1997................. 14,952,917 14,952,917
20,000,000 Burlington Northern Santa Fe
Corporation 5.65%
due 10/21/1997................. 19,937,222 19,937,222
12,013,000 U.S. West Capital Funding, Inc.
5.72% due 10/22/1997........... 11,972,917 11,972,917
</TABLE>
22
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
SHORT-TERM INVESTMENTS
(continued)
$ 10,000,000 Samsung Electronics America,
Inc. 5.75% due 10/22/1997... $ 9,966,458 $ 9,966,458
11,592,000 Lockheed Martin Corporation
5.70% due 10/23/1997........ 11,551,621 11,551,621
13,692,000 Samsung Electronics America,
Inc. 5.75% due 10/23/1997... 13,643,888 13,643,888
5,200,000 Crown Cork & Seal Company,
Inc. 5.72% 10/24/1997....... 5,180,997 5,180,997
10,000,000 Samsung Electronics America,
Inc. 5.78% due 10/24/1997... 9,963,072 9,963,072
10,950,000 Samsung Electronics America,
Inc. 5.75% due 10/27/1997... 10,904,527 10,904,527
15,000,000 Raytheon Company 5.84% due
10/27/1997.................. 14,936,733 14,936,733
20,000,000 CSX Corporation 5.66% due
10/28/1997.................. 19,915,100 19,915,100
9,706,000 Lockheed Martin Corporation
5.66% due 10/29/1997........ 9,663,272 9,663,272
13,759,000 Lockheed Martin Corporation
5.69% due 10/29/1997........ 13,698,109 13,698,109
18,556,000 Raytheon Company 5.85% due
10/30/1997.................. 18,468,555 18,468,555
10,441,000 CSX Corporation 5.65% due
10/31/1997.................. 10,391,840 10,391,840
8,461,000 Samsung Electronics America,
Inc. 5.70% due 10/31/1997... 8,420,810 8,420,810
15,477,000 Burlington Northern Santa Fe
Corporation 5.64%
due 11/03/1997.............. 15,396,984 15,396,984
25,599,000 Safeway Inc. 5.69% due
11/04/1997.................. 25,461,434 25,461,434
22,291,000 Safeway Inc. 5.70% due
11/05/1997.................. 22,167,471 22,167,471
17,622,000 CSX Corporation 5.68% due
11/06/1997.................. 17,521,907 17,521,907
10,230,000 Burlington Northern Santa Fe
Corporation 5.66%
due 11/07/1997.............. 10,170,490 10,170,490
13,360,000 Fiat Finance U.S.A., Inc.
5.70% due 11/07/1997........ 13,281,733 13,281,733
15,000,000 CSX Corporation 5.70% due
11/10/1997.................. 14,905,000 14,905,000
35,000,000 Fiat Finance U.S.A., Inc.
5.73% due 11/12/1997........ 34,766,025 34,766,025
13,650,000 Cummins Engine Company, Inc.
5.70% due 11/13/1997........ 13,557,066 13,557,066
15,235,000 CSX Corporation 5.68% due
11/14/1997.................. 15,129,235 15,129,235
20,289,000 Samsung Electronics America,
Inc. 5.77% due 11/14/1997... 20,145,917 20,145,917
17,000,000 CSX Corporation 5.67% due
11/17/1997.................. 16,874,158 16,874,158
-------------- --------------
TOTAL SHORT-TERM INVESTMENTS. 769,737,722 769,737,722
-------------- --------------
TOTAL INVESTMENTS (99.68%)... $3,691,059,061* 4,369,644,065**
==============
Other assets in excess of
liabilities (0.32%)......... 14,168,439
--------------
Net assets (100.00%)......... $4,383,812,504
==============
</TABLE>
- -----------
* Aggregate cost for federal income tax purposes is $3,690,540,621.
** Gross unrealized appreciation and depreciation of securities at September
30, 1997, based on cost for federal income tax purposes, were $830,204,617
and $151,101,173, respectively (net appreciation was $679,103,444).
23
<PAGE>
SoGen International Fund, Inc.
NOTES TO SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 1997
(UNAUDITED)
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS
- ------------------ ------------------------
CAD--Canadian Dollar (1) Metals & Minerals (13) Distribution
GBP--Pound Sterling (2) Energy (14) Health Care
FRF--French Franc (3) Paper and Forest Products (15) Media
ECU--European Currency
Unit (4) Agriculture (16) Services
JPY--Japanese Yen (5) Automotive (17) Financial Services
NZD--New Zealand
Dollar (6) Building Materials (18) Utilities
ITL--Italian Lira (7) Capital Goods (19) Real Estate
DEM--Deutsche Mark (8) Chemicals (20) Holding Companies
ESP--Spanish Peseta (9) Transportation (21) Conglomerate
CHF--Swiss Franc (10) Electronics (22) Investment Companies
ZAR--South African (11) Technology (23) Government Issues
Rand (12) Consumer Products
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
PDI--Past Due Interest
24
<PAGE>
SoGen International Fund, Inc.
NOTES TO SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 1997
(UNAUDITED)
(a) Non-income producing security.
(b) Can be sold only to qualified institutional buyers.
(c) Affiliate as defined by the Investment Company Act of 1940. An affiliate is
defined as a company in which the Fund directly or indirectly owns,
controls, or holds power to vote 5% or more of the outstanding voting
securities. Following is a summary of transactions with each such affiliate
for the six months ended September 30, 1997.
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
Affiliate Shares Cost Shares Cost Gain Income
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
San Juan Basin Royalty
Trust 485,000 $3,855,230 -- -- -- $1,371,205
North European Oil Roy-
alty Trust 30,000 460,113 -- -- -- 355,482
A.P. Green Industries,
Inc. -- -- -- -- -- 48,240
Kaiser Ventures Inc. -- -- -- -- -- --
LeaRonal, Inc.+ 282,250 -- 11,750 $95,077 $200,395 217,333
Zero Corporation -- -- -- -- -- 69,390
BEI Electronics Inc. -- -- -- -- -- 16,000
Baldwin Piano and Organ
Company -- -- -- -- -- --
Plasti-Line, Inc. -- -- -- -- -- 100,000
UniFirst Corporation 10,000 233,694 -- -- -- 45,000
East Texas Financial
Services, Inc. -- -- -- -- -- 8,500
Logansport Financial
Corp. -- -- -- -- -- 18,000
Classic Bancshares, Inc. -- -- -- -- -- 12,320
Redwood Financial, Inc. -- -- -- -- -- --
First Federal Financial
Bancorp, Inc. -- -- -- -- -- 6,860
Emin Leydier -- -- -- -- -- 229,558
NSC Groupe -- -- -- -- -- 156,048
Sabeton SA -- -- -- -- -- 85,749
La Brosse et DuPont -- -- -- -- -- 118,999
C.E.E. (Continentale d'
Equipements
Electriques) -- -- -- -- -- --
VAE AG 2,500 239,386 -- -- -- 197,848
European City Estates 50,000 676,615 -- -- -- 88,643
Shortland Properties,
Limited -- -- -- -- -- 402,704
Tasman Agriculture Lim-
ited 916,600 474,719 -- -- -- --
Apple Fields Limited -- -- -- -- -- --
Damba Holdings Limited -- -- -- -- -- --
Evergreen Forests Lim-
ited 9,500,000 3,619,835 -- -- -- --
Lawter International,
Inc. 187,200 2,143,607 -- -- -- 456,000
Aydin Corporation 175,000 1,881,250 -- -- -- --
</TABLE>
+ 3 for 2 stock split on August 20, 1997.
(d) Commodity-linked security whereby the coupon, dividend and/or redemption
amount is linked to the price of an underlying commodity.
(e) Security for which there are less than three market makers.
(f) In default as to interest.
- -----------
See Notes to Financial Statements.
25
<PAGE>
SoGen International Fund, Inc.
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments, at value (Note 1):
Common and preferred stock (identified cost,
$2,168,375,657)........................................... $2,765,194,715
Bonds, notes and convertible bonds (identified cost,
$752,945,682)............................................. 834,711,628
Short-term investments (amortized cost, $769,737,722)....... 769,737,722
--------------
Total investments (cost, $3,691,059,061)................... 4,369,644,065
Receivable for forward currency contracts held, at value
(Notes 1 and 6)............................................ 12,164,905
Receivable for investment securities sold.................... 12,897,049
Receivable for Fund shares sold.............................. 3,879,542
Accrued interest and dividends receivable.................... 22,894,514
Prepaid expenses and other assets............................ 55,982
--------------
TOTAL ASSETS............................................... 4,421,536,057
--------------
LIABILITIES:
Payable for forward currency contracts held, at value
(Notes 1 and 6)............................................ 9,195,850
Payable for investment securities purchased.................. 8,761,797
Payable for Fund shares redeemed............................. 6,841,467
Investment advisory fees payable (Note 2).................... 8,063,331
Distribution fees payable (Note 3)........................... 2,659,853
Directors' fees payable (Note 2)............................. 46,341
Accrued expenses and other liabilities....................... 2,154,914
--------------
TOTAL LIABILITIES.......................................... 37,723,553
--------------
NET ASSETS:
Capital stock (par value, $0.001 per share).................. 146,968
Capital surplus.............................................. 3,364,471,231
Net unrealized appreciation (depreciation) on:
Investments................................................. 678,585,004
Forward currency contracts.................................. 2,969,055
Foreign currency related transactions....................... (152,514)
Undistributed net realized gains on investments.............. 175,713,805
Undistributed net investment income.......................... 162,078,955
--------------
NET ASSETS (Note 1)........................................ $4,383,812,504
==============
NET ASSET VALUE PER SHARE (based on 146,968,393 shares
outstanding: 250,000,000 shares authorized) (Note 5)........ $ 29.83
==============
MAXIMUM OFFERING PRICE PER SHARE ($29.83 / 96.25%)............ $ 30.99
==============
</TABLE>
- -----------
See Notes to Financial Statements.
26
<PAGE>
SoGen International Fund, Inc.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1997
(UNAUDITED)
<TABLE>
<S> <C>
INVESTMENT INCOME:
Income:
Interest (net of $42,030 foreign taxes withheld).............. $ 52,656,967
Dividends (net of $1,982,469 foreign taxes withheld).......... 34,226,059
------------
Total income from operations................................. 86,883,026
------------
Expenses:
Investment advisory fees (Note 2)............................. 15,640,984
Distribution fees (Note 3).................................... 5,133,157
Shareholder servicing agent fees.............................. 2,032,715
Custodian fees................................................ 1,521,200
Registration and filing fees.................................. 201,574
Printing...................................................... 141,102
Audit fees.................................................... 65,512
Insurance..................................................... 42,093
Directors' fees (Note 2)...................................... 18,141
Legal fees.................................................... 17,638
Miscellaneous................................................. 57,265
------------
Total expenses from operations............................... 24,871,381
------------
Expense reduction due to earnings credits (Note 1)............ (37,767)
------------
Net expenses from operations................................. 24,833,614
------------
Net investment income (Note 1)................................. 62,049,412
------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN
CURRENCY RELATED TRANSACTIONS (NOTES 1 AND 6):
Net realized gains from:
Investment transactions....................................... 126,981,212
Foreign currency related transactions......................... 65,091,212
------------
192,072,424
------------
Change in unrealized appreciation (depreciation) of:
Investments................................................... 247,142,314
Foreign currency related transactions......................... (39,162,324)
------------
207,979,990
------------
Net gain on investments and foreign currency related
transactions................................................. 400,052,414
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ $462,101,826
============
</TABLE>
- -----------
See Notes to Financial Statements.
27
<PAGE>
SoGen International Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
SEPTEMBER 30, ENDED
1997 MARCH 31,
(UNAUDITED) 1997
-------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income......................... $ 62,049,412 $ 107,822,757
Net realized gains from investments and
foreign currency related transactions....... 192,072,424 163,003,755
Increase in unrealized appreciation
(depreciation) of investments and foreign
currency related transactions............... 207,979,990 47,905,237
-------------- --------------
Net increase in net assets resulting from
operations................................ 462,101,826 318,731,749
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Dividends paid from net investment income..... -- (147,082,938)
Distributions paid from net realized gains
from investment transactions................ -- (99,862,032)
-------------- --------------
Decrease in net assets resulting from
distributions............................. -- (246,944,970)
-------------- --------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from shares sold................. 374,243,484 1,078,060,516
Net asset value of shares issued for
reinvested dividends and distributions...... -- 236,027,103
Cost of shares redeemed....................... (360,340,781) (511,534,573)
-------------- --------------
Increase in net assets from Fund share
transactions.............................. 13,902,703 802,553,046
-------------- --------------
Net increase in net assets.................. 476,004,529 874,339,825
NET ASSETS (NOTE 1):
Beginning of period........................... 3,907,807,975 3,033,468,150
-------------- --------------
End of period (including undistributed net
investment income of $162,078,955 and
$34,938,331, respectively).................. $4,383,812,504 $3,907,807,975
============== ==============
</TABLE>
- -----------
See Notes to Financial Statements.
28
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
SoGen International Fund, Inc. (the "Fund") is a diversified open-end man-
agement investment company registered under the Investment Company Act of
1940, as amended. The following is a summary of significant accounting poli-
cies adhered to by the Fund.
A) SECURITY VALUATION--The Fund invests in domestic and foreign securities,
including stocks, bonds, notes and convertible securities, whose values are
subject to changes in market conditions, as well as changes in political and
regulatory environments. All securities, except bonds, for which market quota-
tions are available on a national securities exchange in the United States or
a securities exchange abroad, are valued at their last sale price on the last
business day of the period reported or, in the absence of a sale on that date,
at the mean between the closing bid and asked prices. All over-the-counter se-
curities, except bonds, for which market quotations are readily available, are
valued at the mean between the last bid and asked prices in the over-the-
counter market in the United States or abroad, except if such unlisted secu-
rity is among the NASDAQ designated "Tier 1" securities, in which case it is
valued at its last sale price. All bonds, whether listed on an exchange or
traded in the over-the-counter market, for which market quotations are readily
available are valued at the mean between the last bid and asked prices re-
ceived from dealers in the over-the-counter market in the United States or
abroad, except that when no asked price is available, bonds are valued at the
last bid price alone. Short-term investments maturing in sixty days or less
are valued at cost plus interest earned, which approximates value. All other
securities are valued at fair value as determined by the Board of Directors.
B) FOREIGN CURRENCY TRANSLATION--The market values of securities which are
not traded in United States currency are recorded in the financial statements
after translation to U.S. dollars based on the applicable exchange rates at
the end of the period. The costs of such securities are translated at exchange
rates prevailing when acquired. Related dividends, interest and withholding
taxes are accrued at the rates of exchange prevailing on the respective dates
of such transactions.
The net assets of the Fund are presented at the foreign exchange rates and
market values at the close of the period. The Fund does not isolate that por-
tion of gains and losses on investments which is due to changes in foreign ex-
change rates from that which is due to changes in market prices of the equity
securities. However, for federal income tax purposes the Fund does isolate the
effect of changes in foreign exchange rates from the changes in market prices
for realized gains or losses on debt obligations.
C) FORWARD CURRENCY CONTRACTS--In connection with purchases and sales of se-
curities denominated in foreign currencies, the Fund may enter into forward
29
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued)
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 re-
lated foreign security trades, the Fund could be exposed to foreign currency
fluctuations.
D) SECURITY TRANSACTIONS AND INCOME--Security transactions are recorded on
the trade date. The specific identification method is used in determining the
cost of securities and gains or losses on sales of securities. Dividend income
is recorded on the ex-dividend date. Interest income is recorded daily on the
accrual basis. In computing investment income the Fund amortizes discounts on
debt obligations; however, it does not amortize premiums.
E) UNITED STATES INCOME TAXES--No provision has been made for United States
federal income taxes since it is the intention of the Fund to distribute to
shareholders all taxable net investment income and net realized gains on in-
vestments, if any, within the allowable time limit, and to comply with the
other provisions of the Internal Revenue Code for a regulated investment com-
pany. Such income dividends and capital gains distributions are declared and
paid by the Fund on an annual basis.
F) RECLASSIFICATION OF CAPITAL ACCOUNTS--On the statement of assets and lia-
bilities, as a result of certain differences in the computation of net invest-
ment income and net realized capital gains on investments under federal income
tax rules and regulations versus generally accepted accounting principles, a
reclassification has been made to increase undistributed net investment income
and decrease undistributed net realized gains on investments in the amount of
$65,091,212.
G) EXPENSES--Earnings credits reduce custodian fees and shareholder servic-
ing agent fees by the amount of interest on balances with such service provid-
ers.
H) USE OF ESTIMATES--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make es-
timates and assumptions that affect the reported amounts of assets and liabil-
ities at the date of the financial statements and the reported amounts of rev-
enues and expenses during the reporting period. Actual results could differ
from those estimates.
NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PERSONS
Under an investment advisory agreement with the Fund, which became effective
on April 26, 1990, Societe Generale Asset Management Corp. ("SGAM Corp.") re-
ceives an annual fee equal to the sum of 1% of the first $25,000,000 of
30
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PERSONS
(continued)
the average daily value of the Fund's net assets and 0.75% of the average
daily value of the Fund's net assets in excess of 25,000,000; the fee is pay-
able quarterly in amounts equal to 0.25% and 0.1875%, respectively, of the av-
erage daily value of the net assets of the Fund during the preceding quarter.
In return, SGAM Corp. provides the Fund with advisory services and pays cer-
tain Fund expenses, including salaries and office costs. For the six months
ended September 30, 1997, the Fund's investment advisory fees paid or payable
to SGAM Corp. were $15,640,984.
For the six months ended September 30, 1997, Societe Generale Securities
Corporation ("SGSC"), the principal underwriter, realized $776,735 in dealer's
and underwriter's commissions after reallowance to others. Societe Generale, a
stockholder of SGAM Corp. and SGSC, received dealer's commissions of $23,375.
For the same period, Societe Generale or its affiliates received $67,722 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 SGAM
Corp., SGSC or its corporate affiliates is paid an annual fee of $6,000 plus
$1,000 for each meeting attended. Such fees amounted to $18,141 for the six
months ended September 30, 1997.
NOTE 3--PLAN OF DISTRIBUTION
The Fund has a Distribution Plan and Agreement (the "Plan") with SGSC, pur-
suant to the provisions of Rule 12b-1 under the Investment Company Act of
1940, whereby the Fund pays SGSC, quarterly, a distribution fee of up to, on
an annual basis, 0.25% of the average daily net asset value of the Fund. Under
the Plan, SGSC must apply the full amount of fees received from the Fund to
actual distribution expenses incurred during the fiscal year, including the
payment of fees to dealers selling shares of the Fund, the payment of adver-
tising costs and the payment for the preparation, printing and distribution of
prospectuses to prospective investors. The Plan, which became effective on No-
vember 14, 1985, excludes for the purpose of calculating the average daily net
asset value for payment of the fee, Fund assets attributable to Fund shares
outstanding before that date and any subsequent dividends and distributions
thereon.
SGSC bears the Fund's distribution costs to the extent they exceed payments
under the Plan. For the six months ended September 30, 1997, the Fund's dis-
tribution fees paid or payable to SGSC were $5,133,157.
NOTE 4--PURCHASES AND SALES OF SECURITIES
During the six months ended September 30, 1997, the aggregate cost of pur-
chases and proceeds from sales of investments, excluding U.S. Government obli-
gations and short-term securities, totaled $366,723,047 and $301,283,323, re-
spectively. During the same period, the cost of purchases of U.S. Government
obligations totaled $61,403,529.
31
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 5--CAPITAL STOCK
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED
SEPTEMBER 30, 1997 MARCH 31, 1997
------------------ --------------
<S> <C> <C>
Shares sold.................................. 13,242,498 40,217,314
Shares issued for reinvested dividends and
distributions.............................. -- 9,109,524
Shares redeemed.............................. (12,731,304) (19,146,974)
----------- -----------
Net increase................................. 511,194 30,179,864
=========== ===========
</TABLE>
NOTE 6--COMMITMENTS
As of September 30, 1997, the Fund had entered into forward currency con-
tracts, as summarized below, resulting in net unrealized appreciation of
$2,969,055.
TRANSACTION HEDGES:
Foreign Currency Purchases
<TABLE>
<CAPTION>
U.S. $ UNREALIZED UNREALIZED
SETTLEMENT VALUE AT U.S. $ APPRECIATION DEPRECIATION
DATES FOREIGN CURRENCY SEPT. 30, TO BE AT SEPT. 30, AT SEPT. 30,
THROUGH TO BE RECEIVED 1997 DELIVERED 1997 1997
- ---------- ------------------------------ ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
10/02/97 147,660 Swiss Franc $ 101,852 $ 101,683 $ 169 --
10/02/97 2,196,691 Deutsche Mark 1,246,350 1,245,983 367 --
10/03/97 1,504,540 French Franc 254,171 254,403 -- $(232)
10/03/97 563,713 Hong Kong Dollar 72,850 72,850 -- --
10/02/97 245,070,000 Italian Lira 142,305 142,347 -- (42)
10/03/97 137,600,303 Japanese Yen 1,143,192 1,138,982 4,210 --
10/01/97 900,641 Mexican Peso 116,032 115,689 343 --
10/06/97 342,082 New Zealand Dollar 219,360 219,077 283 --
---------- ---------- ---------- ----------
3,296,112 3,291,014 5,372 (274)
---------- ---------- ---------- ----------
</TABLE>
32
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 6--COMMITMENTS (continued)
Foreign Currency Sales
<TABLE>
<CAPTION>
U.S. $ UNREALIZED UNREALIZED
SETTLEMENT U.S. $ VALUE AT APPRECIATION DEPRECIATION
DATES FOREIGN CURRENCY TO BE SEPT. 30, AT SEPT. 30, AT SEPT. 30,
THROUGH TO BE DELIVERED RECEIVED 1997 1997 1997
- ---------- --------------------------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
10/01/97 474,272 Deutsche Mark $ 269,350 $ 269,091 $ 259 --
10/31/97 5,443,196 French Franc 596,207 595,059 1,148 --
10/03/97 1,312,578,554 Italian Lira 761,199 762,174 -- $ (975)
10/03/97 17,069,499 Japanese Yen 141,006 141,814 -- (808)
10/01/97 2,004,867 Swedish Krona 263,833 264,844 -- (1,011)
10/02/97 10,565,571 South African Rand 2,247,946 2,268,994 -- (21,048)
------------ ------------ ----------- -----------
4,279,541 4,301,976 1,407 (23,842)
------------ ------------ ----------- -----------
PORTFOLIO HEDGES:
<CAPTION>
U.S. $ UNREALIZED UNREALIZED
SETTLEMENT U.S. $ VALUE AT APPRECIATION DEPRECIATION
DATES FOREIGN CURRENCY TO BE SEPT. 30, AT SEPT. 30, AT SEPT. 30,
THROUGH TO BE DELIVERED RECEIVED 1997 1997 1997
- ---------- --------------------------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
6/10/98 148,829,000 Swiss Franc 103,853,392 103,927,642 -- (74,250)
6/17/98 175,496,500 Deutsche Mark 108,916,933 104,576,593 4,340,340 --
2/27/98 600,000,000 Spanish Peseta 3,867,475 4,042,310 -- (174,835)
6/03/98 1,227,424,000 French Franc 204,321,185 213,243,834 -- (8,922,649)
6/24/98 20,194,787,000 Japanese Yen 177,591,731 172,098,202 5,493,529 --
4/03/98 64,875,000 New Zealand Dollar 127,539,495 125,215,238 2,324,257 --
------------ ------------ ----------- -----------
726,090,211 723,103,819 12,158,126 (9,171,734)
------------ ------------ ----------- -----------
$733,665,864 $730,696,809 $12,164,905 $(9,195,850)
============ ============ =========== ===========
</TABLE>
33
<PAGE>
SoGen International Fund, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED MARCH 31,
SEPTEMBER 30, -----------------------------------------------------------------------------------
1997+ 1997 1996 1995 1994 1993 1992 1991(A) 1990 1989 1988
------------- ------ ------ ------ ------ ------ ------ ------- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA
Net asset value,
beginning of period.... $26.68 $26.09 $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91 $21.47
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income from investment
operations:
Net investment income... 0.86 1.03 1.06 0.10 0.53 0.64 0.69 0.78 0.64 0.71 0.58
Net realized and
unrealized gains
(losses) on
investments............ 2.29 1.39 3.37 0.49 3.37 2.02 1.45 0.20 1.48 1.26 (0.97)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations............. 3.15 2.42 4.43 0.59 3.90 2.66 2.14 0.98 2.12 1.97 (0.39)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income...... -- (1.09) (0.81) (0.15) (0.47) (0.64) (0.84) (0.71) (0.71) (0.80) (0.84)
Distributions from
capital gains.......... -- (0.74) (0.73) (0.56) (0.23) (0.34) (0.37) (0.47) (1.01) (0.77) (3.33)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total distributions..... -- (1.83) (1.54) (0.71) (0.70) (0.98) (1.21) (1.18) (1.72) (1.57) (4.17)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of
period................. $29.83 $26.68 $26.09 $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91
====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ======
TOTAL RETURN++.......... 11.81%* 9.48% 19.57% 2.63% 19.50% 14.87% 12.53% 6.03% 12.18% 11.94% (0.70%)
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
period (millions)...... $4,384 $3,908 $3,033 $1,922 $1,781 $650 $355 $240 $176 $126 $97
Ratio of operating
expenses to average net
assets................. 1.19%*@ 1.21% @ 1.25% @ 1.26% 1.28% 1.31% 1.37% 1.30% 1.38% 1.39% 1.36%
Ratio of net investment
income to average net
assets................. 2.98%*@ 3.08% @ 3.71% @ 2.70% 2.34% 3.69% 4.00% 4.84% 4.32% 4.23% 3.09%
Portfolio turnover rate. 9.09% 12.85% 9.64% 12.96% 23.96% 17.94% 24.25% 24.14% 30.62% 33.05% 42.79%
Average commission rate
paid @@................ $0.03 $0.003 $0.013 -- -- -- -- -- -- -- --
</TABLE>
- -----------
(a) SGAM Corp. became the investment adviser on April 26, 1990. From August 21,
1978 to April 25, 1990, the investment adviser was SGSC.
+ Unaudited.
* Annualized.
++Does not give effect to deduction of the sales load.
@ The ratio of operating expenses to average net assets for the six months
ended September 30, 1997 and the years ended March 31, 1997 and 1996 would
have been 1.19%, 1.21% and 1.25%, respectively, without the effect of
earnings credits. The ratio of net investment income to average net assets
for the six months ended September 30, 1997 and for the years ended March 31,
1997 and 1996 would have been 2.98%, 3.07% and 3.70%, respectively, without
the effect of earnings credits.
@@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
Securities and Exchange Commission disclosure guidelines, average commissions
per share are calculated only for the periods subsequent to the year ended
March 31, 1995.
- -----------
See Notes to Financial Statements.
34
<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
Ignatius Chithelen...............................................Vice President
Sean J. McKeown..................................................Vice President
Edwin S. Olsen...................................................Vice President
Catherine A. Shaffer.............................................Vice President
Elizabeth Tobin..................................................Vice President
Charles de Vaulx.................................................Vice President
Lynn L. Chin...................Assistant Vice President and Assistant Treasurer
Richard M. Boyer.......................................Assistant Vice President
John L. DeVita.........................................Assistant Vice President
Carol Moreno................................................Assistant Secretary
Warren Chan.................................................Assistant Treasurer
INVESTMENT ADVISER UNDERWRITER
- ------------------ -----------
Societe Generale Asset Management Corp. Societe Generale Securities
1221 Avenue of the Americas Corporation
New York, NY 10020 1221 Avenue of the Americas
New York, NY 10020
LEGAL COUNSEL INDEPENDENT AUDITORS
- ------------- --------------------
Dechert Price & Rhoads KPMG Peat Marwick LLP
30 Rockefeller Plaza 345 Park Avenue
New York, NY 10112 New York, NY 10154
DOMESTIC CUSTODIAN GLOBAL CUSTODIAN
- ------------------ ----------------
Investors Fiduciary Trust Company The Chase Manhattan Bank
801 Pennsylvania 4 Chase MetroTech Center
Kansas City, MO 64105 Brooklyn, NY 11245
SHAREHOLDER SERVICING AGENT
- ---------------------------
DST Systems, Inc.
1004 Baltimore
Kansas City, MO 64105
(800) 334-2143
The financial information included herein is taken from the records of the Fund
without examination by the Fund's independent auditors, who do not express an
opinion thereon.
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of SoGen
International Fund, Inc.
<PAGE>
[LOGO OF SOGEN INTERNATIONAL FUND APPEARS HERE]
SoGen International Fund, Inc.
1221 Avenue of the Americas
New York, NY 10020
SGF2
