<PAGE>
SoGen International Fund, Inc.
[GRAPHIC APPEARS HERE]
Twenty-Eighth Annual Report
March 31, 1998
<PAGE>
SoGen International Fund, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
Over the past fifteen years (March 31, 1983 to March 31, 1998) the value of
an investment in your Fund increased at a compounded average annual rate of
14.2%. Over the past ten and five years, the rates were 12.2% and 12.9%, re-
spectively. Over the past twelve months, the rate was 14.4%.*
As of March 31, 1998 your Fund's net assets, on an economic basis, were in-
vested as follows:
<TABLE>
<S> <C>
U.S. stocks/(1)/ 26.3%
Foreign stocks/(1)/ 34.7
U.S. dollar bonds 15.1
Foreign currency bonds 4.2
Gold-related securities 4.1
U.S. dollar cash and equivalents/(2)/ 15.6
-----
100.0%
=====
</TABLE>
- --------
/(1)/ Includes convertible bonds with moderate premia.
/(1)/ Includes floating rate securities.
The ten largest equity holdings were Manpower Inc. (leading U.S. based tempo-
rary employment organization with global operations); Buderus AG (German heat-
ing products company); Secom Co., Ltd. (Japanese provider of security services
and equipment); Fuji Photo Film Co., Ltd. (Japanese film and imaging company);
Freeport McMoRan Copper & Gold, Inc., Preferred Series "B', "C' and "D' (gold
and silver-related securities); Dole Food Company, Inc. (U.S. producer and
worldwide marketer of fruit and vegetables); Legrand ADP (French low-voltage
electrical fittings manufacturer); Zero Corporation (U.S. manufacturer of pro-
tective enclosures for electronics); Bank for International Settlements, U.S.
and French Tranches (the central bank's central bank, with some gold assets);
and CDL Hotels International Limited (Hong Kong listed hotel chain operating
worldwide).
Between 1979 and 1994, in generally rising financial markets, your Fund de-
livered high returns and low risk.
However, in the past three years, and particularly in 1997, stock markets in
the U.S. and in Europe accelerated on the upside, with big stocks doing much
better than smaller ones.
That has not been the best environment for us. First, we have always made
room for cash--as a reserve--and for fixed income securities--as a low risk fi-
nancial asset. Second, with equities, we have steadily emphasized "value" and
focused mostly on the securities of smaller or medium-size companies, both in
the U.S. and overseas.
We see risk today in high valuations in the U.S. and in Europe, in the lever-
age associated with "derivatives" (futures and options), in the potential for a
brief financial crisis in Japan, in a turn someday in the U.S. dollar's for-
tunes, in a possible policy mistake by the Federal Reserve or foreign monetary
authorities.
For almost twenty years, we have been on the side of caution. We expect that
circumstances will turn less hostile to our investment approach at some point
in the future.
Separately, I am pleased to announce that John L. DeVita has joined our secu-
rities analysis team.
Sincerely yours,
/s/ Jean-Marie Eveillard
Jean-Marie Eveillard
President
May 4, 1998
- --------
* These figures assume the immediate reinvestment of all dividends and distri-
butions 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).
<PAGE>
SoGen International Fund, Inc.
INVESTMENT RESULTS
COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT
IN SOGEN INTERNATIONAL FUND, INC. AND VARIOUS INDICES
SoGen International Fund, Inc.
AVERAGE ANNUAL RATES OF RETURN AS OF MARCH 31, 1998
[LINE GRAPH APPEARS HERE]
1 Year 5 Years 10 Years
------ ------- --------
10.06% 12.06% 11.76%
<TABLE>
<CAPTION>
Date SoGen International Fund Inc. MSCI World Index JP Morgan Global Government Bond Index Consumer Price Index
---- ---------------------------- ---------------- -------------------------------------- ---------------------
<S> <C> <C> <C> <C>
3/31/88 $9,624 $10,000 $10,000 $10,000
3/31/89 $10,774 $11,297 $10,066 $10,489
3/31/90 $12,086 $11,038 $10,623 $11,029
3/31/91 $12,815 $11,742 $12,157 $11,569
3/31/92 $14,420 $11,614 $13,707 $11,938
3/31/93 $16,564 $13,015 $15,525 $12,307
3/31/94 $19,794 $14,774 $16,508 $12,616
3/31/95 $20,313 $16,151 $18,502 $12,976
3/31/96 $24,290 $19,385 $19,721 $13,345
3/31/97 $26,593 $21,199 $20,136 $13,714
3/31/98 $30,410 $27,974 $21,460 $13,894
</TABLE>
Performance is historical and is not indicative of future results. The Fund's
results assume reinvestment of income dividends and capital gains distributions
and give effect to the deduction of the maximum sales load of 3.75%. The MSCI
World Index return assume reinvestment of dividends and the JP Morgan Global
Government Bond Index assumes that a coupon payment received in one currency is
immediately reinvested back into the bonds in that country's index. Unlike Fund
returns, the indices do not reflect any fees or expenses.
2
<PAGE>
SoGen International Fund, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
Over the past twelve months ended March 31, 1998, U.S. stock markets rose
sharply as the economy remained strong and corporate earnings continued to grow
while inflation and interest rates remained low. Equity valuations have been
high for quite some time: it is difficult to identify undervalued situations in
an environment where stocks are expensive. Holdings in U.S. stocks rose to 26%
from 22.5% a year ago, primarily reflecting price appreciation.
European markets, where the Fund has the majority of its foreign stock expo-
sure, also posted very strong gains in local currency terms. Local economies
generally experienced steady growth, supported by declining interest rates, low
inflation as well as a stronger U.S. dollar while substantial progress was
achieved towards the establishment of the European economic and monetary union
("EMU"). Ongoing corporate restructurings also helped generate significant
earnings growth. As a result, local equity markets rose sharply over the last
twelve months, with large capitalization stocks recording exceptionally strong
gains. While the Fund owns a few large capitalization stocks, the majority of
its investments is concentrated on smaller stocks which lagged the performance
of the European stock market indices. In Asia, Japanese equities continued to
perform poorly: the Southeast Asian crisis of the past summer set back pros-
pects for a near-term economic recovery, while the Japanese financial sector
stayed under significant pressure. The Fund selectively added to its Japanese
holdings over the past twelve months as stock prices declined. Investments in
other Asian countries were limited, as few attractive opportunities were found.
Overall, foreign stocks accounted for approximately 35% of net assets of the
Fund's net assets compared with 33% a year ago.
Fixed income securities represented 19% of the Fund's net assets, a slight
rise from the prior year due in part to increased investments in U.S. Treasury
bonds. Gold-related securities (4% of net assets) declined, reflecting the evo-
lution of gold prices during the period. The U.S. dollar appreciated consider-
ably against foreign currencies over the past twelve months. The negative im-
pact 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 year.
Cash holdings remained high, accounting for 16% of total net assets at the end
of the period.
3
<PAGE>
SoGen International Fund, Inc.
SUMMARY OF FUND DATA
The table below covers the period from April 28, 1970 (inception of the
Fund) to March 31, 1998. The results shown should not be considered as a rep-
resentation of the dividend income or capital gain or loss which may be real-
ized from an investment made in the Fund today. The amounts shown in the capi-
tal gains distribution and income dividend columns were paid to shareholders
during the period ended with the date shown in the first column.
<TABLE>
<CAPTION>
NET ASSET
VALUE OF
INVESTMENT
WITH
DIVIDENDS
NET ASSET CAPITAL INVESTMENT AND
NUMBER VALUE GAINS INCOME DISTRIBUTIONS
OF SHARES TOTAL NET PER 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
March 31, 1998 147,175,681 4,035,454,238 27.42 1.47(q) 1.36 281.84
</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, (p) $0.07
and (q) $0.15 per share.
4
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--U.S.
GOLD RELATED (1.38%)
700,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series "C' (d).. $ 24,030,815 $ 15,006,250
565,500 Freeport McMoRan Copper & Gold
Inc., Preferred Series "B' (d).. 20,602,129 13,395,281
475,000 Freeport McMoRan Copper & Gold
Inc., Preferred Series "D' (d).. 9,894,866 9,262,500
295,000 Newmont Mining Corporation....... 10,713,856 9,015,939
4,977 Case, Pomeroy & Co., Inc. Class
"A'............................. 4,884,798 5,076,540
300,000 Homestake Mining Company......... 5,748,184 3,262,500
175,000 Amax Gold Inc. (a)............... 1,243,694 535,938
-------------- --------------
77,118,342 55,554,948
-------------- --------------
METALS AND MINERALS (0.30%)
195,000 Reynolds Metals Company.......... 10,036,321 11,980,313
-------------- --------------
ENERGY (2.88%)
3,650,000 San Juan Basin Royalty Trust (c). 24,747,047 29,656,250
550,000 Rowan Companies, Inc. (a)........ 4,186,651 15,950,000
285,000 Murphy Oil Corporation........... 12,374,370 14,285,625
250,000 Burlington Resources Inc......... 9,515,782 11,984,375
370,000 ENSCO International Incorporated
(a)............................. 3,013,001 10,267,500
500,000 North European Oil Royalty Trust
(c)............................. 8,062,645 7,781,250
1,245,000 Kaneb Services, Inc. (a)......... 4,318,833 6,847,500
145,000 Weatherford Enterra, Inc. (a).... 3,423,666 6,153,437
103,955 Rochester and Pittsburgh Coal
Company......................... 4,145,068 4,651,986
104,455 Patina Oil & Gas Corporation
$1.78 Conv. Pfd................. 2,949,500 2,996,553
142,500 Halter Marine Group Inc. (a)..... 1,659,193 2,262,188
35,000 Tosco Financing Trust $2.875
Conv. Pfd. (b).................. 1,905,312 2,152,500
250,241 The Home-Stake Oil & Gas Company. 825,100 1,251,205
-------------- --------------
81,126,168 116,240,369
-------------- --------------
FOREST PRODUCTS (2.18%)
675,000 Rayonier Inc..................... 22,718,215 30,839,063
640,000 Greif Bros. Corporation Class
"A'............................. 11,619,526 24,800,000
500,000 The Mead Corporation............. 13,639,222 17,906,250
325,000 Longview Fibre Company........... 5,693,979 5,057,812
135,000 Deltic Timber Corporation........ 2,429,065 4,041,562
135,000 Georgia-Pacific Corporation,
Timber Group.................... 2,941,672 3,467,812
54,000 Plum Creek Timber Company, L.P... 213,222 1,782,000
-------------- --------------
59,254,901 87,894,499
-------------- --------------
AGRICULTURE (0.13%)
75,000 Deere & Company.................. 1,085,028 4,645,313
497 J.G. Boswell Company (a)......... 573,840 583,975
-------------- --------------
1,658,868 5,229,288
-------------- --------------
AUTOMOTIVE (0.44%)
300,000 Bandag Incorporated, Class "A'... 15,255,998 15,993,750
200,000 Treadco, Inc..................... 2,913,120 1,600,000
-------------- --------------
18,169,118 17,593,750
-------------- --------------
BUILDING MATERIALS (0.35%)
415,000 Justin Industries................ 5,943,125 5,835,937
200,000 A.P. Green Industries, Inc....... 1,950,187 4,375,000
135,000 CalMat Co........................ 2,553,412 3,729,375
-------------- --------------
10,446,724 13,940,312
-------------- --------------
</TABLE>
5
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--U.S.
(continued)
CAPITAL GOODS (1.46%)
700,000 Blount International, Inc. Class $ 12,734,007 $ 20,825,000
"A'.............................
445,000 Woodward Governor Company........ 8,989,190 12,404,375
541,500 Kaiser Ventures Inc. (a)(c)...... 6,702,995 7,141,031
175,000 Waste Management, Inc............ 4,224,803 5,392,187
135,000 The Manitowoc Company, Inc....... 1,662,063 5,214,375
100,000 Tennant Company.................. 2,590,569 4,112,500
4,805 Conbraco Industries, Inc. (a).... 1,568,050 2,609,115
140,000 MFRI, Inc. (a)................... 781,252 1,190,000
-------------- --------------
39,252,929 58,888,583
-------------- --------------
SPECIALTY CHEMICALS (1.24%)
2,323,500 Lawter International, Inc. (c)... 27,446,796 25,848,937
825,000 LeaRonal, Inc. (c)............... 8,497,115 24,028,125
-------------- --------------
35,943,911 49,877,062
-------------- --------------
TRANSPORTATION (0.89%)
235,000 Burlington Northern Santa Fe 12,803,986 24,440,000
Corporation.....................
35,000 AMR Corporation (a).............. 2,506,903 5,011,563
115,468 Heartland Express, Inc. (a)...... 194,998 3,204,237
18,000 Florida East Coast Industries, 1,295,742 2,000,250
Inc.............................
112,500 Boyd Brothers Transportation, 1,204,375 1,068,750
Inc. (a)........................
-------------- --------------
18,006,004 35,724,800
-------------- --------------
ELECTRONICS (0.96%)
1,156,500 Zero Corporation (c)............. 17,028,318 32,671,125
355,000 BEI Technologies Inc............. 2,040,486 5,990,625
-------------- --------------
19,068,804 38,661,750
-------------- --------------
TECHNOLOGY (1.98%)
835,000 NCR Corporation (a).............. 24,333,376 27,607,187
645,000 Wang Laboratories Inc............ 13,753,223 19,954,688
385,000 Broderbund Software, Inc. (a).... 9,377,096 7,026,250
250,000 Digital Equipment Corporation 5,617,138 6,484,375
Series "A' 8 7/8% Pfd. .........
375,000 Aydin Corporation (a)(c)......... 4,644,959 4,664,062
145,000 Symantec Corporation (a)......... 1,635,623 3,905,938
115,000 Evans & Sutherland Computer 3,368,134 3,363,750
Corporation (a).................
207,500 American Mobile Satellite 4,925,000 2,956,875
Corporation (a).................
150,000 Teltrend, Inc. (a)............... 2,299,891 2,100,000
114,669 Anacomp, Inc. Warrants expire 1,063,194 1,748,702
6/03/2001 (a)...................
-------------- --------------
71,017,634 79,811,827
-------------- --------------
CONSUMER PRODUCTS (2.66%)
765,000 Dole Food Company, Inc........... 22,214,912 37,006,875
605,000 Furniture Brands International, 4,126,282 19,473,438
Inc. (a)........................
80 Kohler Co........................ 7,902,550 10,800,000
465,000 Sturm, Ruger & Company, Inc...... 6,643,555 9,590,625
196,647 Allen Organ Company, Class "B'... 6,223,084 7,718,395
100,000 Polaroid Corporation............. 3,227,536 4,400,000
115,000 Adolph Coors Company, Class "B'.. 2,306,900 4,025,000
165,000 Jostens, Inc..................... 3,232,860 3,960,000
300,000 A.T. Cross Company, Class "A'.... 4,609,259 3,487,500
212,000 Baldwin Piano & Organ Company 2,200,125 3,392,000
(a)(c)..........................
</TABLE>
6
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--U.S.
(continued)
CONSUMER PRODUCTS (continued)
700,000 The Topps Company, Inc. (a)...... $ 3,956,401 $ 1,793,750
300,000 Paragon Trade Brands, Inc. (a)... 4,651,195 1,593,750
-------------- --------------
71,294,659 107,241,333
-------------- --------------
DISTRIBUTION (2.25%)
475,000 McDonald's Corporation........... 22,880,541 28,500,000
285,000 Wal-Mart Stores, Inc............. 6,713,462 14,481,562
725,000 Hancock Fabrics, Inc............. 7,081,749 11,282,813
405,000 Woolworth Corporation (a)........ 5,969,775 10,125,000
455,000 Smart & Final Inc................ 7,465,921 8,815,625
165,000 Tricon Global Restaurants, Inc. 4,613,386 4,960,312
(a).............................
175,000 LESCO, Inc....................... 2,611,611 3,915,625
65,000 Stage Stores Inc. (a)............ 1,208,059 3,355,625
143,088 Weyco Group Inc.................. 1,457,019 3,147,936
145,000 Buttrey Food and Drug Stores
Company (a)..................... 989,375 2,156,875
-------------- --------------
60,990,898 90,741,373
-------------- --------------
HEALTH CARE (0.59%)
300,000 Johnson & Johnson, Inc........... 6,080,375 21,993,750
400,000 BEI Medical Systems Inc. (c)..... 681,560 1,650,000
-------------- --------------
6,761,935 23,643,750
-------------- --------------
MEDIA (2.33%)
294,000 Pulitzer Publishing Company Class
"A'............................. 6,134,903 23,483,250
376,000 GC Companies, Inc. (a)........... 12,658,700 19,669,500
750,000 Hollinger International Inc.
Class "A'....................... 8,751,355 12,468,750
385,000 Gibson Greetings, Inc. (a)....... 7,995,733 10,635,625
355,000 The Reader's Digest Association,
Inc. Class "A'.................. 9,302,824 9,695,937
100,000 Plenum Publishing Corporation.... 3,409,967 6,525,000
550,000 United States Satellite
Broadcasting Company, Inc. Class
"A' (a)......................... 5,602,462 5,053,125
315,000 Golden Books Family
Entertainment, Inc. (a)......... 4,429,513 3,622,500
34,924 Mills Music Trust................ 1,055,337 1,444,981
9,861 The McClatchy Company, Class "A'. 229,770 892,458
300,000 Integrity Incorporated, Class "A'
(a)............................. 1,901,415 506,250
-------------- --------------
61,471,979 93,997,376
-------------- --------------
SERVICES (2.13%)
1,375,000 Manpower Inc..................... 46,845,190 55,515,625
755,000 UniFirst Corporation (c)......... 10,918,846 21,140,000
385,000 Borg-Warner Security Corporation
(a)............................. 6,448,027 7,579,688
79,792 KinderCare Learning Centers, Inc.
(a)............................. 1,024,327 1,755,424
-------------- --------------
65,236,390 85,990,737
-------------- --------------
FINANCIAL COMPANIES (0.69%)
3,349 Farmers & Merchants Bank of Long
Beach........................... 6,404,335 9,745,590
150,000 Leucadia National Corporation.... 4,262,632 5,906,250
100,000 Riggs National Corporation 10
3/4% Non-Cum. Pfd., Series "B'.. 2,545,000 2,787,500
75,000 MFB Corp......................... 881,875 2,015,625
127,500 East Texas Financial Services,
Inc. (c)........................ 959,375 1,912,500
31,613 Metairie Bank and Trust Company.. 558,047 1,145,971
77,500 Redwood Financial, Inc. (a)(c)... 715,313 1,026,875
49,000 First Federal Financial Bancorp,
Inc. (c)........................ 534,000 869,750
28,400 Rowan Bancorp, Inc............... 347,900 653,200
34,600 The Southern Banc Company, Inc... 426,237 581,713
</TABLE>
7
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<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)
25,000 Catskill Financial Corporation...... $ 262,500 $ 443,750
15,000 MBLA Financial Corporation.......... 193,250 414,375
10,000 Liberty Savings Bank, F.S.B......... 120,000 225,000
-------------- --------------
18,210,464 27,728,099
-------------- --------------
UTILITIES (0.93%)
325,000 The Montana Power Company........... 7,098,159 11,720,312
405,000 CalEnergy Company, Inc. (a)......... 8,206,616 11,441,250
200,000 CalEnergy Capital Trust 6 1/2% Conv.
Pfd. (b)........................... 9,616,250 9,075,000
49,000 CalEnergy Capital Trust 6 1/4% Conv.
Pfd. "TIDES' (b)................... 2,450,000 2,713,375
65,000 Idaho Power Company................. 1,604,025 2,449,687
-------------- --------------
28,975,050 37,399,624
-------------- --------------
REAL ESTATE (2.03%)
590,000 Crescent Real Estate Equities
Company............................ 9,118,757 21,240,000
59,000 Crescent Operating Income, Inc. (a). 58,410 1,261,125
8,471 Security Capital Group Incorporated
"A' (a)............................ 6,915,469 12,896,518
307,885 Security Capital Pacific Trust...... 5,254,171 7,408,483
249,011 Security Capital Atlantic
Incorporated....................... 4,181,611 5,229,228
175,000 Security Capital U.S. Realty SICAF.. 1,949,581 2,310,000
50,000 Security Capital Industrial Trust $1
3/4 Conv. Pfd. Series "B'.......... 1,193,710 1,625,000
535,000 Catellus Development Corporation
(a)................................ 4,187,254 9,930,939
298,625 Alico, Inc.......................... 5,860,122 6,457,766
411,957 Pacific Retail Trust (b)(e)......... 4,625,320 4,943,486
115,000 St. Joe Corporation................. 2,072,041 3,866,875
185,000 Price Enterprises, Inc.............. 2,600,726 3,538,125
91,040 Homestead Village Incorporated (a).. 1,431,875 1,376,980
-------------- --------------
49,449,047 82,084,525
-------------- --------------
COMMON AND PREFERRED STOCKS-NON U.S.
GOLD RELATED (2.35%)
3,285 Bank for International Settlements
(U.S. Tranche)..................... 16,996,674 20,455,056
2,095 Bank for International Settlements
(French Tranche)................... 10,984,386 11,850,505
58,500 Fimalac SA.......................... 5,492,302 6,911,273
670,000 Franco-Nevada Mining Corp. Ltd...... 9,714,621 15,579,748
170,000 Euro-Nevada Mining Corp. Ltd........ 137,858 2,874,960
805,000 Pan American Silver Corp. (a)....... 2,902,757 7,913,011
1,025,000 Meridian Gold Inc. (a).............. 3,746,916 3,466,864
145,000 Placer Dome Inc..................... 2,527,496 1,912,188
225,000 Cambior Inc......................... 3,174,107 1,529,965
2,500,000 Normandy Mining Limited............. 3,000,483 2,682,113
2,725,000 Eltin Limited....................... 6,212,403 2,472,345
750,000 Newcrest Mining Limited............. 3,347,642 1,196,520
1,298,450 Kidston Gold Mines Limited (a)...... 1,785,275 326,761
410,000 Driefontein Consolidated Ltd. ADR... 4,041,925 2,613,750
435,000 Free State Consolidated Gold Mines
Ltd. ADR........................... 5,588,053 2,011,875
118,100 Anglo American Platinum Corporation
Ltd................................ 1,841,891 1,815,480
465,000 Harmony Gold Mining Company Ltd.
(a)................................ 2,299,335 1,593,098
254,115 JCI Limited (a)..................... 1,181,231 1,334,922
1,742,241 Avgold Limited (a).................. 3,012,727 1,211,091
95,250 St. Helena Gold Mines Ltd........... 666,203 227,011
407,250 St. Helena Gold Mines Ltd. ADR...... 3,408,636 967,219
150,000 Gold Fields Limited (a)............. 916,809 819,265
118,650 Gold Fields Limited ADR (a)......... 2,685,432 578,419
</TABLE>
8
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<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)
95,548 Western Areas Gold Mining
Company Limited............. $ 800,686 $ 413,693
1,030,120 Minas de Arcata S.A. (a)..... 1,147,893 1,305,346
56,000 Ashanti Goldfields Company
Limited GDR................. 1,182,250 521,500
1,000,000,000 Manila Mining Corporation
"B'......................... 978,313 343,325
-------------- --------------
99,774,304 94,927,303
-------------- --------------
UNITED KINGDOM (1.65%)
3,784,736 Antofagasta Holdings plc
(21)........................ 17,470,566 20,530,565
10,225,000 Lonrho plc (21).............. 20,055,584 18,659,935
3,500,000 McBride plc (12)............. 9,802,555 11,954,145
2,500,000 Royal Doulton plc (12)....... 9,718,990 8,266,609
235,000 Danka Business Systems, plc
ADR (12).................... 3,884,746 4,318,125
225,000 Scottish Media Group plc
(15)........................ 1,587,349 2,810,229
-------------- --------------
62,519,790 66,539,608
-------------- --------------
GERMANY (3.56%)
106,500 Buderus AG (7) .............. 46,676,662 48,250,562
500,000 Bayer AG (8)................. 9,868,152 22,774,635
24,250 Axel Springer Verlag AG (15). 12,572,612 20,870,660
225,000 Hornbach Holding AG Pfd.
(13)........................ 16,669,428 17,415,898
125,000 Bertelsmann AG D.R.C. (15)... 15,556,792 14,953,043
23,250 Sudzucker AG Pfd. (12)....... 9,832,941 11,716,555
215,000 IVG Holding AG (19).......... 7,037,544 6,295,976
20,000 Signalbau Huber AG Pfd. (9).. 2,803,944 1,396,520
-------------- --------------
121,018,075 143,673,849
-------------- --------------
FRANCE (6.28%)
215,000 Legrand ADP (7).............. 16,123,624 36,067,879
55,500 Eurafrance (20).............. 22,782,041 27,528,000
48,500 Compagnie Generale
d'Industrie et de
Participation (20).......... 13,637,044 22,182,626
61,500 Promodes C.I. (13)........... 3,068,656 21,856,727
125,000 Compagnie Generale des Eaux
(18)........................ 13,683,113 20,323,232
150,000 Elf Aquitaine (2)............ 11,129,010 19,684,848
51,500 Sagem ADP (10)............... 14,910,536 16,771,313
155,000 Emin Leydier (c)(3).......... 7,930,176 10,546,262
250,000 Eramet (1)................... 15,080,172 10,052,525
17,803 Societe Sucriere de
Pithiviers-le-Vieil (4)..... 5,910,020 9,034,573
66,500 NSC Groupe (c)(7)............ 12,033,921 8,812,929
125,000 Gaumont SA (15).............. 6,502,574 8,454,545
10,750 Taittinger (12).............. 3,870,791 6,827,879
16,110 Taittinger C.I. (12)......... 4,053,114 5,975,345
71,342 La Brosse et Dupont (c)(12).. 3,799,228 5,937,960
95,000 C.G.D.E. Michelin "B' (5).... 4,323,388 5,679,273
75,000 Crometal (7)................. 5,059,728 5,213,333
41,788 Sabeton SA (c)(20)........... 5,791,836 5,065,212
39,048 Conflandey (1)............... 1,873,429 2,082,560
10,479 Robertet SA (12)............. 781,686 1,337,925
5,112 Robertet SA C.I. (12)........ 527,638 1,040,163
7,500 Societe Francaise des Papiers
Peints (12)................. 1,113,969 1,181,818
10,000 Marie Brizard et Roger
International, SA (12)...... 2,187,987 964,848
36,500 C.E.E. (Continentale
d'Equipements Electriques)
(a)(c)(7)................... 4,590,041 519,111
24,113 Precia SA (7)................ 1,161,860 424,779
-------------- --------------
181,925,582 253,565,665
-------------- --------------
</TABLE>
9
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS-NON
U.S. (continued)
BELGIUM (0.34%)
55,000 Deceuninck Plastics Industries SA
(6)............................. $ 6,197,738 $ 13,827,763
-------------- --------------
AUSTRIA (0.35%)
100,000 VAE AG (c)(9).................... 9,226,215 9,678,784
100,000 Flughafen Wien AG (9)............ 4,313,028 4,519,331
-------------- --------------
13,539,243 14,198,115
-------------- --------------
SWITZERLAND (3.43%)
75,000 Sika Finanz AG Bearer (6)........ 19,041,192 29,951,723
41,250 Kuhne & Nagel International AG
Bearer (9)...................... 25,085,786 29,939,407
69,450 Societe Generale d'Affichage
D.R.C. (15)..................... 24,453,099 26,229,925
11,050 Nestle SA Registered (12)........ 14,355,882 21,142,665
35,000 Edipresse SA Bearer (15)......... 9,217,185 12,345,233
3,500 Lindt & Sprungli AG PC (12)...... 3,143,266 6,988,735
25,000 SAirgroup D.R.C. (a)(9).......... 1,921,034 6,929,620
18,425 Vetropack Holding AG Bearer (12). 4,090,849 3,437,026
30,800 Pelikan Holding AG Bearer
(a)(12)......................... 2,922,214 1,638,675
-------------- --------------
104,230,507 138,603,009
-------------- --------------
NETHERLANDS (1.02%)
305,000 Philips Electronics NV ADR (10).. 9,696,459 22,398,438
300,000 Apothekers Cooperatie OPG U.A.
(14)............................ 7,402,844 9,292,832
275,000 Holdingmaatschappij de Telegraaf,
NV (15)......................... 2,087,913 5,837,435
275,000 European City Estates (c)(19).... 4,389,794 3,552,647
-------------- --------------
23,577,010 41,081,352
-------------- --------------
NORWAY (0.35%)
800,000 Schibsted ASA (15)............... 9,765,079 14,168,022
-------------- --------------
DENMARK (0.33%)
175,000 Carlsberg International A/S, "B'
(12)............................ 8,992,187 11,440,568
18,000 Kobenhavns Lufthavne A/S (9)..... 794,222 2,070,023
-------------- --------------
9,786,409 13,510,591
-------------- --------------
SWEDEN (1.38%)
615,000 AssiDoman AB (3)................. 13,806,400 16,742,008
265,000 Investor AB "B' (20)............. 10,784,088 14,196,429
400,000 Tidnings AB Marieberg (20)....... 10,097,599 12,137,862
535,000 IRO AB (7)....................... 5,641,561 8,016,983
500,000 Gorthon Lines AB "B' (9)......... 2,602,502 2,997,003
450,000 Bylock & Nordsjofrakt AB "B' (9). 1,908,642 1,781,344
-------------- --------------
44,840,792 55,871,629
-------------- --------------
FINLAND (0.29%)
135,000 Vaisala Oy A (11)................ 4,785,255 11,674,036
-------------- --------------
SPAIN AND PORTUGAL (0.34%)
60,000 Corporacion Financiera Alba SA
(20)............................ 4,212,472 8,157,643
165,000 Espirito Santo Financial Group SA
ADR (17)........................ 1,993,036 4,320,938
65,000 Companhia de Celulose do Caima
(3)............................. 1,182,050 1,099,366
-------------- --------------
7,387,558 13,577,947
-------------- --------------
</TABLE>
10
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS-NON
U.S. (continued)
ITALY (1.08%)
26,250,000 Montedison SpA Non Convertible
Savings Shares (21)........... $ 14,054,255 $ 27,100,494
1,050,000 Arnoldo Mondadori Editore SpA
(15).......................... 7,712,341 12,108,731
175,000 Istituto Finanziario
Industriale SpA Privileged
Shares (20)................... 1,319,216 4,391,818
-------------- --------------
23,085,812 43,601,043
-------------- --------------
GREECE (0.20%)
80,680 Titan Cement Co. (6)........... 1,189,703 5,897,011
16,620 Titan Cement Co. Pfd. (6)...... 200,500 910,044
343,930 H. Benrubi & Fils SA (12)...... 2,021,286 860,901
141,160 H. Benrubi & Fils SA Pfd. (12). 672,670 309,174
-------------- --------------
4,084,159 7,977,130
-------------- --------------
TURKEY (0.09%)
185,079,100 Medya Holding Group (15)....... 7,796,583 1,979,334
165,000,000 Sabah Yayincilik A.S. (15)..... 2,709,529 1,832,466
-------------- --------------
10,506,112 3,811,800
-------------- --------------
ISRAEL (0.14%)
1,000,000 The Israel Land Development
Company Ltd. (a)(21).......... 4,204,770 5,697,610
-------------- --------------
SOUTH AFRICA (0.08%)
200,000 Omni Media Corporation (15).... 1,248,839 3,114,201
-------------- --------------
COMMONWEALTH OF INDEPENDENT
STATES (0.08%)
556,624 Firebird Fund, L.P.
(a)(b)(e)(22)................. 1,000,000 3,347,537
-------------- --------------
INDIA AND PAKISTAN (0.02%)
200,000 The Pakistan Investment Fund,
Inc. (22)..................... 1,100,170 887,500
-------------- --------------
SINGAPORE AND MALAYSIA (0.39%)
3,050,000 Times Publishing Limited (15).. 7,200,444 6,082,998
1,000,000 Rothmans Industries Ltd. (12).. 3,921,782 4,459,585
3,000,000 Delgro Corporation Ltd. (20)... 8,348,932 3,586,250
650,000 Clipsal Industries Ltd. (6).... 1,600,089 975,000
1,285,500 Singapore Bus Services Limited
(9)........................... 1,202,431 632,996
-------------- --------------
22,273,678 15,736,829
-------------- --------------
HONG KONG (1.14%)
84,262,910 CDL Hotels International
Limited (19).................. 33,524,992 31,264,066
20,050,000 Shaw Brothers (Hong Kong)
Limited (15).................. 23,739,247 13,196,407
2,500,000 South China Morning Post
Holdings Corp. (15)........... 1,115,956 1,677,701
-------------- --------------
58,380,195 46,138,174
-------------- --------------
SOUTH KOREA (0.16%)
563,229 LG Electronics Inc. Pfd. (10).. 7,797,536 2,297,649
185,000 LG Industrial Systems (7)...... 5,524,845 935,018
106,000 Samsung Electronics Co. Ltd.
Pfd. (10)..................... 8,431,577 1,469,458
72,500 Young Chang Akki Co. (12)...... 3,641,775 685,740
125,680 Cheil Jedang Corporation Pfd.
(21).......................... 3,018,397 509,979
106,315 Korean Air Lines Pfd. (a)(9)... 1,148,206 345,428
100,000 Choong Nam Spinning (a)(12).... 1,747,203 195,307
94,374 Ssangyong Cement Industries
Pfd. (6)...................... 1,649,368 126,059
124 SK Telecom Co., Ltd. (16)...... 41,297 48,101
-------------- --------------
33,000,204 6,612,739
-------------- --------------
</TABLE>
11
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S. (continued)
JAPAN (7.21%)
735,000 Secom Co., Ltd. (16)............. $ 44,624,608 $ 44,980,289
1,175,000 Fuji Photo Film Co., Ltd. (12)... 29,580,779 43,761,967
2,500,000 The Tokio Marine & Fire Insurance
Co., Ltd. (17).................. 27,505,263 27,970,715
435,000 Ito-Yokado Co., Ltd. (13)........ 21,524,326 23,583,255
875,000 Shimano Inc. (12)................ 17,344,870 18,528,252
150,000 Toho Co., Ltd. (15).............. 20,465,115 16,106,627
2,850,000 The Nichido Fire & Marine
Insurance Co., Ltd. (17)........ 18,746,868 15,408,297
3,705,000 The Dai-Tokyo Fire & Marine
Insurance Co., Ltd. (17)........ 22,167,355 14,577,961
1,025,000 Shiseido Company, Ltd. (12)...... 12,164,951 11,775,859
2,115,000 Nisshinbo Industries, Inc. (12).. 18,209,247 10,656,392
1,450,000 Hitachi, Ltd. (11)............... 11,697,730 10,561,292
2,595,000 Hanshin Electric Railway Co.,
Ltd. (9)........................ 10,837,760 7,950,141
1,725,000 Aida Engineering, Ltd. (7)....... 11,984,867 7,059,320
445,400 Chofu Seisakusho Co., Ltd. (12).. 8,650,020 5,752,491
1,225,000 The Koa Fire & Marine Insurance
Co., Ltd. (17).................. 7,394,141 5,224,704
2,725,000 Iino Kaiun Kaisha, Ltd. (a)(9)... 11,592,132 5,217,759
1,350,000 Okumura Corporation (7).......... 6,798,500 5,088,793
1,175,000 Nittetsu Mining Co., Ltd. (1).... 10,271,336 4,764,408
1,425,000 The Dowa Fire & Marine Insurance
Co., Ltd. (17).................. 7,214,341 4,590,389
155,000 Asatsu Inc. (15)................. 6,010,393 2,723,484
285,000 Shoei Co., Ltd. (20)............. 2,428,733 1,840,436
135,000 Tsutsumi Jewelry Co., Ltd. (13).. 6,760,560 1,692,885
150,000 Japan Airport Terminal Co., Ltd.
(9)............................. 1,831,378 991,177
-------------- -------------
335,805,273 290,806,893
-------------- -------------
AUSTRALIA AND NEW ZEALAND (1.25%)
11,833,199 Carter Holt Harvey Limited (3)... 21,588,998 16,158,701
2,500,000 Independent Press Communications
Limited 5% Conv. Pfd. (15)...... 13,843,912 12,646,444
7,630,773 Spotless Services Limited (16)... 3,925,958 6,367,384
12,748,416 Shortland Properties Limited
(19)............................ 5,349,478 5,638,369
9,250,000 Tasman Agriculture Limited
(c)(4).......................... 5,874,877 4,346,783
9,500,000 Evergreen Forests Limited
(a)(c)(3)....................... 3,619,835 2,205,872
3,852,700 Wrightson Limited (4)............ 3,965,324 1,256,679
1,000,000 The Colonial Motor Company
Limited (13).................... 899,859 829,275
740,000 Damba Holdings Limited
(a)(c)(13)...................... 400,559 450,020
2,605,100 Apple Fields Limited (a)(c)(4)... 2,176,246 432,069
-------------- -------------
61,645,046 50,331,596
-------------- -------------
CANADA (1.48%)
1,000,000 Canadian Pacific Limited (21).... 17,641,860 29,500,000
1,000,000 Noranda, Inc. (21)............... 19,207,138 19,800,585
165,000 Canadian National Railway Company
(9)............................. 4,477,820 10,560,000
-------------- -------------
41,326,818 59,860,585
-------------- -------------
MEXICO (0.54%)
5,275,000 Industrias Penoles, S.A. de C.V.
(1)............................. 16,174,134 22,001,085
-------------- -------------
ARGENTINA (0.26%)
1,850,000 Siderca S.A.I.C. (2)............. 1,375,056 4,940,192
5,843,427 Ledesma S.A.A.I. (4)............. 6,965,782 5,435,148
-------------- -------------
8,340,838 10,375,340
-------------- -------------
</TABLE>
12
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S. (continued)
MISCELLANEOUS (0.47%)
325,000 Banco Latinoamericano de
Exportaciones S.A., Class "E'
(Bladex) (17).................... $ 12,580,013 $ 12,228,125
405,000 Minorco ADR (1)................... 6,673,995 6,676,172
-------------- --------------
19,254,008 18,904,297
-------------- --------------
TOTAL COMMON AND PREFERRED STOCKS. 2,134,267,544 2,584,647,566
-------------- --------------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
U.S. DOLLAR CONVERTIBLE BONDS
(2.93%)
$ 1,000,000 NovaCare, Inc. 5 1/2% due
1/15/2000 (14)................... 940,094 968,750
5,320,000 Gold Mines of Kalgoorlie 7 1/2%
due 2/28/2000 (1)................ 4,861,313 5,519,500
3,250,000 Chiron Corporation 1.9% due
11/17/2000 (b)(14)............... 2,817,268 3,091,562
3,500,000 Apple Computer, Inc. 6% due
6/01/2001 (b)(11)................ 3,439,034 3,972,500
1,500,000 Medya International Ltd. 10% due
6/28/2001 (e)(15)................ 1,337,139 1,162,500
1,500,000 Yangming Marine Transport
Corporation 2% due 9/22/2001 (9). 1,737,000 1,725,000
2,500,000 International Container Terminal
Services, Inc. 5% due 9/15/2001
(e)(9)........................... 2,210,408 1,903,125
6,000,000 International Container Terminal
Services, Inc. 1 3/4% due
3/13/2004 (9).................... 5,139,787 5,130,000
1,610,000 Roy F. Weston, Inc. 7% due
4/15/2002 (7).................... 1,449,191 1,481,200
3,750,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (a)(f)(1).............. 4,018,424 243,750
2,300,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (a)(b)(f)(1)........... 2,021,340 149,500
8,960,000 Cetus Corp. 5 1/4% due 5/21/2002
(14)............................. 8,718,437 8,892,800
3,665,000 Coeur d'Alene Mines Corporation 6%
due 6/10/2002 (1)................ 3,318,731 2,950,325
6,810,000 Coeur d'Alene Mines Corporation 6
3/8% due 1/31/2004 (b)(1)........ 6,773,471 6,094,950
1,200,000 CML Group Inc. 5 1/2% due
1/15/2003 (b)(13)................ 978,598 600,000
1,050,000 CML Group Inc. 5 1/2% due
1/15/2003 (13)................... 864,142 525,000
1,500,000 Ashanti Goldfields Company Limited
5 1/2% due 3/15/2003 (b)(1)...... 1,256,952 1,140,000
4,550,000 Sincere Navigation Corporation 3
3/4% due 5/26/2003 (9)........... 4,772,000 5,494,125
6,500,000 Nine West Group 5 1/2% due
7/15/2003 (b)(13)................ 5,632,660 5,167,500
3,500,000 IRSA Inversiones y
Representaciones S.A. 4 1/2% due
8/02/2003 (b)(19)................ 3,572,008 3,867,500
2,550,000 IRSA Inversiones y
Representaciones S.A. 4 1/2% due
8/02/2003 (19)................... 2,696,054 2,817,750
1,000,000 Agnico Eagle Mines Limited 3 1/2%
due 1/27/2004 (1)................ 814,860 591,250
900,000 Halter Marine Group Inc. 4 1/2%
due 9/15/2004 (7)................ 768,034 808,875
3,920,000 Battle Mountain Gold Company 6%
due 1/04/2005 (1)................ 3,030,660 2,998,800
12,941,000 Scandinavian Broadcasting System
SA 7 1/4% due 8/01/2005 (15)..... 12,649,420 15,270,380
1,200,000 Builders Transport, Inc. 8% due
8/15/2005 (a)(f)(9).............. 874,668 300,000
11,735,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (3).................... 9,503,983 4,459,300
11,500,000 Cheil Jedang Corporation 3% due
12/31/2006 (21).................. 13,921,428 12,937,500
2,350,000 Samsung Electronics Co. Ltd. 0%
due 12/31/2007 (a)(10)........... 1,788,588 2,009,250
145,000 Samsung Electronics Co. Ltd. 0%
due 12/31/2007 (a)(b)(10)........ 124,747 123,975
1,500,000 LG Electronics Inc. 1/4% due
12/31/2007 (10).................. 1,044,839 1,147,500
4,590,000 Evans & Sutherland Computer
Corporation 6% due 3/01/2012
(11)............................. 3,619,542 4,704,750
11,824,000 Air & Water Technologies Corp. 8%
due 5/15/2015 (7)................ 10,005,499 9,828,700
-------------- --------------
126,700,319 118,077,617
-------------- --------------
U.S. DOLLAR BONDS AND NOTES
(6.64%)
4,500,000 IRSA Inversiones y
Representaciones S.A. 8 7/8% due
3/03/1999 (19)................... 4,393,466 4,534,038
4,800,000 P.T. Pabrik Kertas Tjiwi-Kimia 13
1/4% due 8/01/2001 (3)........... 4,932,750 4,392,000
3,300,000 Tubos de Acero de Mexico, S.A. 10
1/2% due 3/10/1999 (e)(2)........ 3,280,629 3,374,250
1,500,000 Tubos de Acero de Mexico, S.A. 13
3/4% due 12/08/1999 (2).......... 1,415,950 1,632,960
3,800,000 Cemex SA 10% due 11/05/1999 (6)... 3,736,350 3,947,250
5,500,000 Wells Fargo & Co. FRN due
4/28/2000 (5.8125% @ 3/31/1998)
(17)............................. 5,411,397 5,472,500
2,000,000 Den Danske Bank FRN due 6/30/2000
(6% @ 3/31/1998) (17)............ 1,989,585 1,990,000
1,750,000 P.T. Inti Indorayon Utama 9 1/8%
due 10/15/2000 (3)............... 1,601,026 1,443,750
</TABLE>
13
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS (continued)
U.S. DOLLAR BONDS AND NOTES
(continued)
$ 1,000,000 Republic New York Corporation 9
3/4% due 12/01/2000 (17)...... $ 1,000,000 $ 1,091,488
5,550,000 USAir Group, Inc. 9 5/8% due
2/02/2001 (9)................. 4,696,080 5,865,018
6,600,000 USAir Group, Inc. 10% due
7/01/2003 (9)................. 5,152,215 6,980,840
1,977,000 Republic Engineered Steels,
Inc. 9 7/8% due 12/15/2001
(1)........................... 1,868,898 2,009,126
4,000,000 Florsheim Group Inc. 12 3/4%
due 9/01/2002 (13)............ 3,680,656 4,360,000
5,825,000 Golden Books Family
Entertainment, Inc. 7.65% due
9/15/2002 (15)................ 4,967,391 5,786,037
6,310,000 The Pacific Lumber Company 10
1/2% due 3/01/2003 (3)........ 6,061,227 6,530,850
5,392,000 Pamida Holdings Corp. 11 3/4%
due 3/15/2003 (13)............ 4,853,162 5,594,200
4,100,000 Outlet Broadcasting, Inc. 10
7/8% due 7/15/2003 (15)....... 4,155,308 4,309,932
5,500,000 The Southland Corporation 5%
due 12/15/2003 (13)........... 4,185,320 4,819,375
4,589,000 The Southland Corporation 4%
due 6/15/2004 (13)............ 3,078,794 3,694,145
1,500,000 Vital Forsikring FRN due
12/22/2003 (6.9375% @
3/31/1998) (17)............... 1,495,907 1,509,000
2,000,000 CalEnergy Company, Inc. 10 1/4%
due 1/15/2004 (18)............ 1,595,572 2,157,500
8,716,000 World Com Inc. 9 3/8% due
1/15/2004 (11)................ 5,929,361 9,238,960
3,000,000 Anacomp, Inc. 10 7/8% due
4/01/2004 (11)................ 3,000,924 3,187,500
12,000,000 Riverwood International
Corporation 10 1/4% due
4/01/2006 (3)................. 11,937,800 12,510,000
18,000,000 Riverwood International
Corporation 10 7/8% due
4/01/2008 (3)................. 17,852,123 18,180,000
3,500,000 Ministry of Finance Russia 10%
due 6/26/2007 (23)............ 3,184,580 3,349,062
1,000,000 Imperial Holly Corporation 9
3/4% due 12/15/2007 (4)....... 1,000,000 1,033,750
10,500,000 Grupo Televisa 13 1/4% due
5/15/2008 (0% @ 3/31/1998)
(a)(15)....................... 7,246,795 8,203,125
17,052,500 Republic of Argentina FRN due
3/31/2005 (6 5/8% @ 3/31/1998)
(23).......................... 13,377,923 15,741,589
9,000,000 Republic of Argentina Par 5
1/2% due 3/31/2023 (23)....... 4,468,771 6,896,250
6,000,000 Republic of Argentina Disc. FRB
due 3/31/2023 (6 7/8% @
3/31/1998) (23)............... 3,798,160 5,201,250
9,500,000 Federal Republic of Brazil DCB
FRN due 4/15/2012
(6 3/4% @ 3/31/1998) (23)..... 7,251,042 7,635,625
34,777,933 Federal Republic of Brazil "C'
8% due 4/15/2014 (23)......... 17,901,785 29,235,200
5,000,000 Federal Republic of Brazil Par
ZL 5% due 4/15/2024 (23)...... 2,327,655 3,768,750
10,500,000 Federal Republic of Brazil
Disc. ZL FRN due 4/15/2024
(6.6875% @ 3/31/1998) (23).... 6,533,296 8,964,375
2,500,000 Republic of Poland PDI 4% due
10/27/2014 (23)............... 1,727,678 2,245,313
3,500,000 Republic of Poland Disc. FRN
due 10/27/2024 (6.6875% @
3/31/1998) (23)............... 2,572,320 3,434,375
7,000,000 United Mexican States Disc. FRN
"A' due 12/31/2019
(6.6925% @ 3/31/1998) (23).... 5,919,005 6,597,500
3,500,000 United Mexican States Disc. FRN
"B' due 12/31/2019
(6.6172% @ 3/31/1998) (23).... 2,953,958 3,298,750
5,000,000 Republic of Bulgaria Disc. FRN
"A' due 7/28/2024
(6.5625% @ 3/31/1998) (23).... 2,690,555 4,115,625
10,000,000 Republic of Ecuador Par 3 1/2%
due 2/28/2025 (23)............ 3,940,198 5,487,500
5,500,000 Bergen Bank Floating Rate
Perpetual Notes (5.8125% @
3/31/1998) (17)............... 3,888,750 4,571,875
3,500,000 Den Norske Bank Floating Rate
Perpetual Notes
(5.9625% @ 3/31/1998) (17).... 2,610,000 2,870,000
3,170,000 Den Norske Bank Floating Rate
Perpetual Notes
(5.9375% @ 3/31/1998) (17).... 2,059,625 2,631,100
13,600,000 Christiania Bank Floating Rate
Perpetual Notes (6.0625% @
3/31/1998) (17)............... 9,590,750 11,594,000
5,000,000 Goldman Sachs Group L.P. Cocoa
Indexed Note 5.65%
due 8/07/1998 (d)(17)......... 5,000,000 4,914,100
5,200 Posgold Finance Ltd. 2.65% Gold
Denominated Note
due 7/15/2004 (b)(d)(e)(1).... 2,028,988 1,586,156
-------------- --------------
224,343,725 267,985,989
-------------- --------------
U.S. TREASURY NOTES (7.03%)
5,000,000 U.S. Treasury Note 5 1/8% due
11/30/1998 (23)............... 4,914,952 4,987,505
20,000,000 U.S. Treasury Note 7 3/4% due
11/30/1999 (23)............... 19,996,907 20,675,020
30,000,000 U.S. Treasury Note 5 1/2% due
12/31/2000 (23)............... 29,456,965 29,896,890
25,000,000 U.S. Treasury Note 6 1/8% due
12/31/2001 (23)............... 24,734,834 25,367,200
25,000,000 U.S. Treasury Note 6 1/4% due
2/15/2003 (23)................ 24,620,457 25,609,400
</TABLE>
14
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND
CONVERTIBLE BONDS
(continued)
U.S. TREASURY NOTES
(continued)
$ 25,000,000 U.S. Treasury Note 5 7/8%
due 2/15/2004 (23)....... $ 24,003,827 $ 25,257,825
30,000,000 U.S. Treasury Note 7 1/2%
due 2/15/2005 (23)....... 31,716,094 32,990,640
30,000,000 U.S. Treasury Note 5 3/8%
due 2/15/2006 (23)....... 28,645,359 29,765,640
40,000,000 U.S. Treasury Note 6 1/4%
due 2/15/2007 (23)....... 40,337,456 41,375,040
50,000,000 U.S. Treasury Zero Coupon
Strip due 11/15/2007
(a)(23).................. 28,666,918 28,709,800
10,000,000 U.S. Treasury Note 8 3/4%
due 11/15/2008 (23)...... 11,314,688 11,384,380
5,000,000 U.S. Treasury Note 11 1/4%
due 2/15/2015 (23)....... 7,791,406 7,815,630
-------------- --------------
276,199,863 283,834,970
-------------- --------------
NON U.S. DOLLAR
CONVERTIBLE BONDS (1.79%)
CAD 8,001,000 InterTAN Inc. 9% due
8/30/2000 (13)........... 5,994,283 5,835,208
CAD 1,000,000 William Resources 8% due
1/23/2002 (1)............ 592,493 197,301
CAD 1,600,000 Noranda Inc. 5% due
4/30/2007 (21)........... 1,010,321 1,099,250
GBP 2,250,000 Lonrho Finance plc 6% due
2/27/2004 (21)........... 3,345,288 3,531,621
GBP 2,500,000 BAA plc 5 3/4% due
3/29/2006 (9)............ 4,161,067 4,803,005
GBP 10,000,000 Berisford plc 5% due
1/31/2015 (12)........... 9,834,223 15,947,231
FRF 336,581 Immobiliere Hoteliere 5%
due 1/01/2001 (19)....... 12,768,597 12,293,706
FRF 16,500 Gaumont SA 3 3/4% due
1/01/2003 (15)........... 1,444,974 1,466,667
FRF 80,000 Alcatel Alsthom 2 1/2% due
1/01/2004 (21)........... 12,379,661 14,933,333
ECU 2,250,000 Espirito Santo Financial
Group SA 8 3/4% due
4/10/2003 (17)........... 3,133,643 4,009,361
JPY 375,000,000 Nippon Yusen Kabushiki 2%
due 9/29/2000 (9)........ 4,255,535 2,959,452
JPY 300,000,000 Hanshin Electric Railway
Co., Ltd. 1 1/2% due
9/30/2005 (9)............ 2,379,958 2,061,198
NZD 7,412,833 Shortland Properties
Limited 7 1/2% due
12/31/1998 (19).......... 3,480,838 3,258,057
-------------- --------------
64,780,881 72,395,390
-------------- --------------
NON U.S. DOLLAR BONDS AND
NOTES (3.10%)
ITL2,700,000,000 Dresdner Bank Zero Coupon
due 7/19/2000 (a)(17).... 1,349,409 1,332,578
ITL3,000,000,000 American International
Group 11.70% due
12/04/2001 (17).......... 2,019,528 2,018,122
AUD 40,000,000 Queensland Treasury
Corporation 8% due
9/14/2007 (17)........... 29,927,289 30,318,202
CAD 3,000,000 Canada 9 3/4% due
5/01/2000 (23)........... 2,231,394 2,306,373
CAD 4,000,000 Province of Quebec 10 1/4%
due 10/15/2001 (23)...... 2,982,663 3,256,879
CAD 5,000,000 Province of Ontario 8 3/4%
due 4/22/2003 (23)....... 3,912,073 4,044,358
CAD 2,500,000 Bell Canada 8 1/2% due
6/09/2003 (18)........... 1,712,951 1,978,517
ECU 3,000,000 Republic of France O.A.T.
6 3/4% due 4/25/2002
(23)..................... 3,660,567 3,497,552
DEM 15,635,000 Air Canada Variable Rate
Perpetual Notes (4 5/8% @
3/31/1998) (9)........... 6,226,295 5,733,694
FRF 65,685,000 United Mexican States Par
6.63% due 12/31/2019
(23)..................... 8,470,207 9,076,473
FRF 37,500,000 Republic of Venezuela Par
7.71% due 3/31/2020 (23). 3,955,194 5,257,576
GBP 750,000 Carlsberg Finance A/S 7%
due 2/26/2013 (12)....... 1,280,676 1,278,704
ESP 650,000,000 Banco Nacional de Comercio
Exterior 12.65% due
6/21/1998 (17)........... 5,052,673 4,191,777
CHF 5,500,000 Carter Holt Harvey Finance
NV 5 7/8% due 10/16/2001
(3)...................... 3,497,324 3,963,020
CHF 6,000,000 Air Canada 6 1/4%
Perpetual Notes (9)...... 1,829,511 3,901,606
CHF 4,100,000 Scandinavian Airlines
System Variable Rate
Perpetual Notes
(3 5/8% @ 3/31/1998) (9). 1,920,638 2,100,562
NZD 4,000,000 Telecom Corp. of New
Zealand 10% due 7/10/1998
(18)..................... 2,233,897 2,212,782
NZD 15,500,000 Trans Power Finance
Limited 8% due 3/15/2002
(18)..................... 10,123,868 8,506,046
NZD 34,500,000 New Zealand Government 10%
due 3/15/2002 (23)....... 25,571,408 20,679,967
NZD 6,581,000 Telecom Corp. of New
Zealand 9 1/4% due
7/01/2002 (18)........... 3,992,853 3,783,838
NZD 2,850,000 State Bank of New South
Wales 8% due 4/01/2003
(17)..................... 1,651,101 1,575,622
NZD 2,000,000 Telecom Corp. of New
Zealand 7 1/2% due
7/14/2003 (18)........... 1,175,051 1,080,822
ZAR 15,000,000 Republic of South Africa
13% due 8/31/2010 (23)... 2,920,710 2,951,056
-------------- --------------
127,697,280 125,046,126
-------------- --------------
TOTAL BONDS, NOTES AND
CONVERTIBLE BONDS........ 819,722,068 867,340,092
-------------- --------------
</TABLE>
15
<PAGE>
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
SHORT-TERM INVESTMENTS
(13.36%)
$ 20,563,000 Fiat Finance U.S.A., Inc.
5.58% due 4/01/1998.......... $ 20,563,000 $ 20,563,000
25,687,000 Fiat Finance U.S.A., Inc.
5.52% due 4/02/1998.......... 25,683,061 25,683,061
13,425,000 Fiat Finance U.S.A., Inc.
5.60% due 4/03/1998.......... 13,420,823 13,420,823
26,107,000 Deutsche Bank Financial, Inc.
5.45% due 4/06/1998.......... 26,087,238 26,087,238
19,773,000 Carter Holt Harvey Limited 6%
due 4/06/1998................ 19,756,523 19,756,523
10,000,000 Deutsche Bank Financial, Inc.
5.50% due 4/06/1998.......... 9,992,361 9,992,361
20,000,000 Toshiba Capital (Asia) Limited
5.55% due 4/07/1998.......... 19,981,500 19,981,500
12,646,000 Unilever Capital Corp. 5.41%
due 4/07/1998................ 12,634,598 12,634,598
10,070,000 Fiat Finance U.S.A., Inc.
5.65% due 4/08/1998.......... 10,058,937 10,058,937
7,995,000 Toshiba Capital (Asia) Limited
5.60% due 4/08/1998.......... 7,986,294 7,986,294
4,000,000 Fiat Finance U.S.A., Inc.
5.62% due 4/08/1998.......... 3,995,629 3,995,629
824,000 Toshiba Capital (Asia) Limited
5.63% due 4/08/1998.......... 823,098 823,098
23,037,000 Fiat Finance U.S.A., Inc.
5.57% due 4/09/1998.......... 23,008,485 23,008,485
11,650,000 Fiat Finance U.S.A., Inc.
5.65% due 4/09/1998.......... 11,635,373 11,635,373
19,016,000 Deutsche Bank Financial, Inc.
5.51% due 4/10/1998.......... 18,989,805 18,989,805
500,000 Toshiba Capital (Asia) Limited
5.60% due 4/10/1998.......... 499,300 499,300
14,558,000 ING America Insurance Holding
Co. 5.53% due 4/13/1998...... 14,531,165 14,531,165
10,000,000 Fiat Finance U.S.A., Inc.
5.65% due 4/13/1998.......... 9,981,167 9,981,167
5,542,000 ING America Insurance Holding
Co. 5.53% due 4/13/1998...... 5,531,784 5,531,784
14,866,000 ING America Insurance Holding
Co. 5.48% due 4/14/1998...... 14,836,582 14,836,582
5,034,000 ING America Insurance Holding
Co. 5.49% due 4/14/1998...... 5,024,020 5,024,020
9,545,000 Unilever Capital Corp. 5.47%
due 4/15/1998................ 9,524,696 9,524,696
24,565,000 Fiat Finance U.S.A., Inc.
5.63% due 4/16/1998.......... 24,507,375 24,507,375
1,550,000 Carter Holt Harvey Limited
5.72% due 4/16/1998.......... 1,546,306 1,546,306
10,569,000 Deutsche Bank Financial, Inc.
5.49% due 4/17/1998.......... 10,543,212 10,543,212
10,053,000 Deutsche Bank Financial, Inc.
5.50% due 4/17/1998.......... 10,028,426 10,028,426
3,415,000 Carter Holt Harvey Limited
5.72% due 4/17/1998.......... 3,406,318 3,406,318
17,470,000 Toshiba Capital (Asia) Limited
5.55% due 4/20/1998.......... 17,418,828 17,418,828
8,925,000 Toshiba Capital (Asia) Limited
5.61% due 4/20/1998.......... 8,898,575 8,898,575
8,664,000 Toshiba Capital (Asia) Limited
5.57% due 4/20/1998.......... 8,638,530 8,638,530
6,300,000 Toshiba Capital (Asia) Limited
5.55% due 4/20/1998.......... 6,281,546 6,281,546
5,566,000 Toshiba Capital (Asia) Limited
5.60% due 4/20/1998.......... 5,549,549 5,549,549
15,731,000 Deutsche Bank Financial, Inc.
5.50% due 4/21/1998.......... 15,682,933 15,682,933
14,038,000 Fiat Finance U.S.A., Inc.
5.67% due 4/21/1998.......... 13,993,780 13,993,780
5,176,000 Fiat Finance U.S.A., Inc.
5.70% due 4/21/1998.......... 5,159,609 5,159,609
9,560,000 Eksportfinans A/S 5.48% due
4/22/1998.................... 9,529,440 9,529,440
8,400,000 ING America Insurance Holding
Co. 5.57% due 4/22/1998...... 8,372,707 8,372,707
20,000,000 Fiat Finance U.S.A., Inc.
5.66% due 4/23/1998.......... 19,930,822 19,930,822
15,065,000 Toshiba Capital (Asia) Limited
5.53% due 4/23/1998.......... 15,014,089 15,014,089
10,800,000 Toshiba Capital (Asia) Limited
5.57% due 4/23/1998.......... 10,763,238 10,763,238
5,510,000 Eksportfinans A/S 5.50% due
4/23/1998.................... 5,491,480 5,491,480
18,803,000 Deutsche Bank Financial, Inc.
5.45% due 4/24/1998.......... 18,737,529 18,737,529
264,000 Toshiba Capital (Asia) Limited
5.60% due 4/24/1998.......... 263,056 263,056
18,000,000 Toshiba Capital (Asia) Limited
5.49% due 4/27/1998.......... 17,928,630 17,928,630
10,000,000 Unilever Capital Corp. 5.48%
due 5/01/1998................ 9,954,333 9,954,333
3,735,000 Toshiba Capital (Asia) Limited
5.57% due 5/12/1998.......... 3,711,307 3,711,307
1,665,000 Toshiba Capital (Asia) Limited
5.57% due 5/12/1998.......... 1,654,438 1,654,438
1,800,000 Toshiba Capital (Asia) Limited
5.57% due 5/19/1998.......... 1,786,632 1,786,632
-------------- --------------
TOTAL SHORT-TERM INVESTMENTS.. 539,338,127 539,338,127
-------------- --------------
TOTAL INVESTMENTS (98.91%).... $3,493,327,739* $3,991,325,785**
==============
Other assets in excess of
liabilities (1.09%).......... 44,128,453
--------------
Net assets (100.00%).......... $4,035,454,238
==============
</TABLE>
16
<PAGE>
SoGen International Fund, Inc.
NOTES TO SCHEDULE OF INVESTMENTS
MARCH 31, 1998
* At March 31, 1998 cost is substantially identical for both book and federal
income tax purposes.
** Gross unrealized appreciation and depreciation of securities at March 31,
1998, based on cost for federal income tax purposes, was approximately
$748,568,342 and $250,140,022, respectively (net appreciation was
$498,428,320).
<TABLE>
<CAPTION>
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS
- ------------------ ------------------------
<S> <C> <C>
CAD--Canadian Dollar (1) Metals & Minerals (13) Distribution
GBP--Pound Sterling (2) Energy (14) Health Care
FRF--French Franc (3) Forest Products (15) Media
ECU--European Currency Unit (4) Agriculture (16) Services
JPY--Japanese Yen (5) Automotive (17) Financial Institutions
NZD--New Zealand Dollar (6) Building Materials (18) Utilities
ITL--Italian Lira (7) Capital Goods (19) Real Estate
AUD--Australian Dollar (8) Chemicals (20) Holding Companies
DEM--Deutsche Mark (9) Transportation (21) Conglomerate
ESP--Spanish Peseta (10) Electronics (22) Investment Companies
CHF--Swiss Franc (11) Technology (23) Government Issues
ZAR--South African Rand (12) Consumer Products
BOND TYPES
- ----------
FRN--Floating Rate Note
FRB--Floating Rate Bond
DCB--Debt Conversion Bond
"C'--Capitalization
PDI--Past Due Interest
</TABLE>
17
<PAGE>
SoGen International Fund, Inc.
NOTES TO SCHEDULE OF INVESTMENTS (continued)
MARCH 31, 1998
(a) Non-income producing security.
(b) Security is exempt from registration under the Securities Act of 1933 and
may only be sold to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933.
(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 se-
curities. Following is a summary of transactions with each such affiliate
for the year ended March 31, 1998.
<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 -- -- -- $3,223,489
North European Oil Roy-
alty Trust 35,000 545,413 -- -- -- 735,482
Kaiser Ventures Inc. -- -- -- -- -- --
Lawter International,
Inc. 187,200 2,143,607 1,500 $10,290 $ 7,620 921,000
LeaRonal, Inc. + 282,250 -- 21,750 177,831 406,632 434,433
Zero Corporation -- -- -- -- -- 138,780
BEI Medical Systems,
Inc. -- -- -- -- -- 16,000
Aydin Corporation 175,000 1,881,250 -- -- -- --
Baldwin Piano and Organ
Company -- -- 3,000 33,750 16,998 --
UniFirst Corporation 10,000 233,694 -- -- -- 90,300
East Texas Financial
Services, Inc. ++ 42,500 -- -- -- -- 17,000
Redwood Financial, Inc. -- -- 6,000 52,500 25,497 --
First Federal Financial
Bancorp, Inc. -- -- -- -- -- 8,793
Emin Leydier -- -- -- -- -- 229,558
NSC Groupe 1,000 130,421 -- -- -- 156,048
La Brosse et DuPont -- -- -- -- -- 246,442
Sabeton SA -- -- -- -- -- 85,749
C.E.E. (Continentale
d'Equipements
Electriques) -- -- -- -- -- --
VAE AG 2,500 239,386 -- -- -- 197,848
European City Estates 50,000 676,615 -- -- -- 88,643
Tasman Agriculture Lim-
ited 916,600 474,719 -- -- -- 79,072
Evergreen Forests Lim-
ited 9,500,000 3,619,835 -- -- -- --
Damba Holdings Limited -- -- -- -- -- --
Apple Fields Limited -- -- -- -- -- --
</TABLE>
+ 3 for 2 stock split on August 20, 1997.
++3 for 2 stock split on March 26, 1998.
(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 principal and interest.
- --------
See Notes to Financial Statements.
18
<PAGE>
SoGen International Fund, Inc.
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1998
<TABLE>
<S> <C>
ASSETS:
Investments, at value (Note 1):
Common and preferred stock (identified cost,
$2,134,267,544)........................................... $2,584,647,566
Bonds, notes and convertible bonds (identified cost,
$819,722,068)............................................. 867,340,092
Short-term investments (amortized cost, $539,338,127)...... 539,338,127
--------------
Total investments (cost, $3,493,327,739)................. 3,991,325,785
Cash......................................................... 867,924
Receivable for forward currency contracts held, at value
(Notes 1 and 6)............................................. 33,584,644
Receivable for investment securities sold.................... 5,657,519
Receivable for Fund shares sold.............................. 3,015,904
Accrued interest and dividends receivable.................... 22,682,172
Prepaid expenses and other assets............................ 13,890
--------------
TOTAL ASSETS............................................. 4,057,147,838
--------------
LIABILITIES:
Payable for forward currency contracts held, at value (Notes
1 and 6).................................................... 1,252,698
Payable for investment securities purchased.................. 1,877,968
Payable for Fund shares redeemed............................. 7,088,151
Investment advisory fees payable (Note 2).................... 7,474,481
Distribution fees payable (Note 3)........................... 2,416,726
Directors' fees payable (Note 2)............................. 31,200
Accrued expenses and other liabilities....................... 1,552,376
--------------
TOTAL LIABILITIES........................................ 21,693,600
--------------
NET ASSETS:
Capital stock (par value, $0.001 per share).................. 147,176
Capital surplus.............................................. 3,344,533,339
Net unrealized appreciation (depreciation) on:
Investments................................................ 497,998,046
Forward currency contracts................................. 32,331,946
Foreign currency related transactions...................... (276,995)
Undistributed net realized gains on investments.............. 107,472,676
Undistributed net investment income.......................... 53,248,050
--------------
NET ASSETS (Note 1)...................................... $4,035,454,238
==============
NET ASSET VALUE PER SHARE (based on 147,175,681 shares out-
standing: 250,000,000 shares authorized) (Note 5)............. $ 27.42
==============
MAXIMUM OFFERING PRICE PER SHARE ($27.42/96.25%)............... $ 28.49
==============
</TABLE>
- --------
See Notes to Financial Statements.
19
<PAGE>
SoGen International Fund, Inc.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1998
<TABLE>
<S> <C>
INVESTMENT INCOME:
Income:
Interest (net of $142,616 foreign taxes withheld)........... $107,407,000
Dividends (net of $3,497,714 foreign taxes withheld)........ 56,750,618
------------
Total income from operations.............................. 164,157,618
------------
Expenses:
Investment advisory fees (Note 2)........................... 30,954,079
Distribution fees (Note 3).................................. 10,136,493
Shareholder servicing agent fees............................ 4,005,358
Custodian fees.............................................. 2,919,135
Printing.................................................... 294,108
Registration and filing fees................................ 203,904
Audit fees.................................................. 138,248
Insurance................................................... 84,186
Directors' fees (Note 2).................................... 39,000
Legal fees.................................................. 34,863
Miscellaneous............................................... 91,926
------------
Total expenses from operations............................ 48,901,300
------------
Expense reduction due to earnings credits (Note 1)............ (112,353)
------------
Net expenses from operations.............................. 48,788,947
------------
Net investment income (Note 1)................................ 115,368,671
------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CUR-
RENCY RELATED TRANSACTIONS (NOTES 1 AND 6):
Net realized gains from:
Investment transactions..................................... 271,186,337
Foreign currency related transactions....................... 93,187,359
------------
364,373,696
------------
Change in unrealized appreciation (depreciation) of:
Investments................................................. 66,555,356
Foreign currency related transactions....................... (9,923,914)
------------
56,631,442
------------
Net gain on investments and foreign currency related transac-
tions........................................................ 421,005,138
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ $536,373,809
============
</TABLE>
- --------
See Notes to Financial Statements.
20
<PAGE>
SoGen International Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR YEAR
ENDED ENDED
MARCH 31, MARCH 31,
1998 1997
--------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income....................... $ 115,368,671 $ 107,822,757
Net realized gains from investments and
foreign currency related transactions...... 364,373,696 163,003,755
Increase in unrealized appreciation of
investments and foreign currency related
transactions............................... 56,631,442 47,905,237
--------------- --------------
Net increase in net assets resulting
from operations........................ 536,373,809 318,731,749
--------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Dividends paid from net investment income... (193,856,290) (147,082,938)
Distributions paid from net realized gains
from investment transactions............... (209,531,019) (99,862,032)
--------------- --------------
Decrease in net assets resulting from
distributions.......................... (403,387,309) (246,944,970)
--------------- --------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from shares sold............... 636,061,215 1,078,060,516
Net asset value of shares issued for
reinvested dividends and distributions..... 376,079,758 236,027,103
Cost of shares redeemed..................... (1,017,481,210) (511,534,573)
--------------- --------------
(Decrease) increase in net assets from
Fund share transactions................ (5,340,237) 802,553,046
--------------- --------------
Net increase in net assets.............. 127,646,263 874,339,825
NET ASSETS (NOTE 1):
Beginning of year........................... 3,907,807,975 3,033,468,150
--------------- --------------
End of year (including undistributed net
investment income of $49,638,071 and
$34,938,331, respectively.)................ $ 4,035,454,238 $3,907,807,975
=============== ==============
</TABLE>
- --------
See Notes to Financial Statements.
21
<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 manage-
ment investment company registered under the Investment Company Act of 1940, as
amended. The following is a summary of significant accounting policies adhered
to by the Fund.
A) SECURITY VALUATION--The Fund invests in domestic and foreign securities,
including stocks, bonds, notes and convertible securities, whose values are
subject to changes in market conditions, as well as changes in political and
regulatory environments. All securities, except bonds, for which market 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 security
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 received from
dealers in the over-the-counter market in the United States or abroad, except
that when no asked price is available, bonds are valued at the last bid price
alone. Short-term investments maturing in sixty days or less are valued at cost
plus interest earned, which approximates value. All other securities are valued
at fair value as determined by the Board of Directors.
B) FOREIGN CURRENCY TRANSLATION--The market values of securities which are
not traded in United States currency are recorded in the financial statements
after translation to U.S. dollars based on the applicable exchange rates at the
end of the period. The costs of such securities are translated at exchange
rates prevailing when acquired. Related dividends, interest and withholding
taxes are accrued at the rates of exchange prevailing on the respective dates
of such transactions.
The net assets of the Fund are presented at the foreign exchange rates and
market values at the close of the period. The Fund does not isolate that 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
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.
22
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued)
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 compa-
ny. 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
$96,797,338. In addition, a reclassification has been made to increase undis-
tributed net realized gains on investments and to decrease capital surplus in
the amount of $694,744. These reclassifications have no impact on the net as-
sets of the Fund.
G) EXPENSES--Earnings credits reduce custodian fees and shareholder servicing
agent fees by the amount of interest on balances with such service providers.
H) USE OF ESTIMATES--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make esti-
mates and assumptions that affect the reported amounts of assets and liabili-
ties at the date of the financial statements and the reported amounts of reve-
nues 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 the av-
erage daily value of the Fund's net assets and 0.75% of the average daily value
of the Fund's net assets in excess of 25,000,000; the fee is payable quarterly
in amounts equal to 0.25% and 0.1875%, respectively, of the average daily value
of the net assets of the Fund during the preceding quarter. In return, SGAM
Corp. provides the Fund with advisory services and pays certain Fund expenses,
including salaries and office costs. For the year ended March 31, 1998, the
Fund's investment advisory fees paid or payable to SGAM Corp. were $30,954,079.
For the year ended March 31, 1998, Societe Generale Securities Corporation
("SGSC"), the principal underwriter, realized $1,208,699 in dealer's and under-
writer's commissions after reallowance to others. Societe Generale, a stock-
holder of SGAM Corp. and SGSC, received dealer's commissions of $52,682. For
the same period, Societe Generale or its affiliates received $103,244 in bro-
ker'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 $39,000 for the year ended
March 31, 1998.
NOTE 3--PLAN OF DISTRIBUTION
The Fund has a Distribution Plan and Agreement (the "Plan") with SGSC, pursu-
ant 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 an-
nual 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
23
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 3--PLAN OF DISTRIBUTION (continued)
expenses incurred during the fiscal year, including the payment of fees to
dealers selling shares of the Fund, the payment of advertising costs and the
payment for the preparation, printing and distribution of prospectuses to pro-
spective investors. The Plan, which became effective on November 14, 1985, ex-
cludes 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 year ended March 31, 1998, the Fund's distribution fees
paid or payable to SGSC were $10,136,493.
NOTE 4--PURCHASES AND SALES OF SECURITIES
During the year ended March 31, 1998, the aggregate cost of purchases and
proceeds from sales of investments, excluding U.S. Government obligations and
short-term securities, totaled $574,584,530 and $688,117,290, respectively.
During the same period, the cost of purchases and proceeds from sales of U.S.
Government obligations totaled $157,685,383 and $5,000,000, respectively.
NOTE 5--CAPITAL STOCK
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
MARCH 31, 1998 MARCH 31, 1997
-------------- --------------
<S> <C> <C>
Shares sold................................... 22,874,430 40,217,314
Shares issued for reinvested dividends and
distributions................................ 14,971,308 9,109,524
Shares redeemed............................... (37,127,256) (19,146,974)
----------- -----------
Net increase.................................. 718,482 30,179,864
=========== ===========
</TABLE>
24
<PAGE>
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 6--COMMITMENTS
As of March 31, 1998, the Fund had entered into forward currency contracts,
as summarized below, resulting in net unrealized appreciation of $32,331,946.
TRANSACTION HEDGES:
Foreign Currency Purchases
<TABLE>
<CAPTION>
SETTLEMENT UNREALIZED UNREALIZED
DATES FOREIGN CURRENCY U.S. $ VALUE AT U.S. $ TO BE APPRECIATION AT DEPRECIATION AT
THROUGH TO BE RECEIVED MARCH 31, 1998 DELIVERED MARCH 31, 1998 MARCH 31, 1998
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/03/98 645,129 French Franc $ 104,263 $ 104,060 $ 203
4/08/98 769,250 Pound Sterling 1,287,917 1,287,801 116 --
4/01/98 4,855,005 Japanese Yen 36,456 37,671 $ (1,215)
------------ ------------ ----------- -----------
1,428,636 1,429,532 319 (1,215)
------------ ------------ ----------- -----------
Foreign Currency Sales
<CAPTION>
SETTLEMENT UNREALIZED UNREALIZED
DATES FOREIGN CURRENCY U.S. $ TO BE U.S. $ VALUE AT APPRECIATION AT DEPRECIATION AT
THROUGH TO BE DELIVERED RECEIVED MARCH 31, 1998 MARCH 31, 1998 MARCH 31, 1998
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/02/98 2,327,304 Canadian Dollar 1,637,401 1,639,928 -- (2,527)
4/03/98 577,002 Swiss Franc 379,392 378,996 396 --
4/30/98 5,286,204 French Franc 853,922 854,336 -- (414)
4/07/98 955,558,875 Italian Lira 524,500 524,744 -- (244)
4/02/98 2,170,469 Swedish Krona 273,149 271,038 2,111 --
------------ ------------ ----------- -----------
3,668,364 3,669,042 2,507 (3,185)
------------ ------------ ----------- -----------
PORTFOLIO HEDGES:
<CAPTION>
SETTLEMENT UNREALIZED UNREALIZED
DATES FOREIGN CURRENCY U.S. $ TO BE U.S. $ VALUE AT APPRECIATION AT DEPRECIATION AT
THROUGH TO BE DELIVERED RECEIVED MARCH 31, 1998 MARCH 31, 1998 MARCH 31, 1998
- ---------- --------------------------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
6/11/98 40,737,000 Australian Dollar 27,366,390 26,941,415 424,975 --
9/10/98 167,824,000 Swiss Franc 120,340,460 115,545,688 4,794,772 --
9/17/98 178,211,500 Deutsche Mark 112,361,255 109,982,948 2,378,307 --
6/22/98 732,225,000 Spanish Peseta 4,780,161 4,681,446 98,715 --
9/22/98 1,146,922,000 French Franc 206,027,788 207,265,018 -- (1,237,230)
10/01/98 381,000 Pound Sterling 632,346 643,414 -- (11,068)
11/13/00 24,216,398,000 Japanese Yen 212,911,443 194,387,116 18,524,327 --
4/03/98 94,443,000 New Zealand Dollar 59,582,979 52,222,257 7,360,722 --
------------ ------------ ----------- -----------
744,002,822 711,669,302 33,581,818 (1,248,298)
------------ ------------ ----------- -----------
$749,099,822 $716,767,876 $33,584,644 $(1,252,698)
============ ============ =========== ===========
</TABLE>
NOTE 7--SUBSEQUENT EVENT
On April 24, 1998 the Board of Directors of the Fund approved a plan to reor-
ganize the Fund as a newly formed portfolio of SoGen Funds, Inc. Such proposal
has been submitted to shareholders for approval at a special meeting of share-
holders to be held on July 17, 1998.
25
<PAGE>
SoGen International Fund, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
--------------------------------------------
1998 1997 1996 1995 1994
------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of
year............................ $26.68 $26.09 $23.20 $23.32 $20.12
------ ------ ------ ------ ------
Income from investment opera-
tions:
Net investment income.......... 1.47 1.03 1.06 0.10 0.53
Net realized and unrealized
gains on investments.......... 2.10 1.39 3.37 0.49 3.37
------ ------ ------ ------ ------
Total from investment opera-
tions....................... 3.57 2.42 4.43 0.59 3.90
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment
income........................ (1.36) (1.09) (0.81) (0.15) (0.47)
Distributions from capital
gains......................... (1.47) (0.74) (0.73) (0.56) (0.23)
------ ------ ------ ------ ------
Total distributions.......... (2.83) (1.83) (1.54) (0.71) (0.70)
------ ------ ------ ------ ------
Net asset value, end of year..... $27.42 $26.68 $26.09 $23.20 $23.32
====== ====== ====== ====== ======
TOTAL RETURN*.................... 14.35% 9.48% 19.57% 2.63% 19.50%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of year (mil-
lions).......................... $4,035 $3,908 $3,033 $1,922 $1,781
Ratio of operating expenses to
average net assets.............. 1.18%** 1.21%** 1.25%** 1.26% 1.28%
Ratio of net investment income to
average net assets.............. 2.80%** 3.08%** 3.71%** 2.70% 2.34%
Portfolio turnover rate.......... 20.63% 12.85% 9.64% 12.96% 23.96%
Average commission rate paid +... $0.028 $0.003 $0.013 -- --
</TABLE>
- --------
* Does not give effect to deduction of the sales load.
** The ratio of operating expenses to average net assets for the years ended
March 31, 1998, 1997 and 1996 would have been 1.19%, 1.21% and 1.25%, re-
spectively without the effect of earnings credits. The ratio of net invest-
ment income to average net assets for the years ended March 31, 1998, 1997
and 1996 would have been 2.80%, 3.08% and 3.71%, respectively without the
effect of earnings credits.
+ Average commission rate paid is expressed on a per share basis. Not all com-
missions are computed on a per share basis; therefore, commissions expressed
as a percentage of transactions may be higher. Due to Securities and Ex-
change 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.
26
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Shareholders of SoGen International Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of SoGen
International Fund, Inc., including the schedule of investments, as of March
31, 1998, and the related statements of operations for the year then ended,
changes in net assets for each of the years in the two year period then ended,
and the financial highlights for each of the years in the five year period then
ended. These financial statements and financial highlights are the responsibil-
ity of the Fund's management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing stan-
dards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial high-
lights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
March 31, 1998, by correspondence with custodians and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement pre-
sentation. We believe that our audits provide a reasonable basis for our opin-
ion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
SoGen International Fund, Inc., as of March 31, 1998, the results of its opera-
tions for the year then ended, the changes in its net assets for each of the
years in the two year period then ended, and the financial highlights for each
of the years in the five year period then ended, in conformity with generally
accepted accounting principles.
/s/ KPMG Peat Marwick LLP
New York, New York
May 15, 1998
27
<PAGE>
SoGen International Fund, Inc.
TAX INFORMATION
FISCAL YEAR ENDED MARCH 31, 1998
(UNAUDITED)
The following tax information represents the designation of various tax bene-
fits relating to the fiscal year ended March 31, 1998.
The percentage of investment company taxable income eligible for the divi-
dends received deduction available to certain corporate shareholders with re-
spect to the fiscal year ended March 31, 1998 is 6.79%
Capital gains distributions paid to shareholders by the Fund during the fis-
cal year ended March 31, 1998, whether taken in shares or in cash, were desig-
nated as follows:
<TABLE>
<S> <C>
28% Long-term capital gains $ 74,120,031
20% Long-term capital gains $114,030,270
</TABLE>
For the fiscal year ended March 31, 1998, the foreign source income received
by the Fund from sources within foreign countries and possessions of the United
States was $0.4794 per share (representing a total of $70,556,211). The total
amount of taxes paid by the Fund to such countries was $0.0248 per share (rep-
resenting a total of $3,646,647).
For the fiscal year ended March 31, 1998, 3.23% of the Fund's dividends paid
from ordinary income were derived from interest on direct obligations of the
United States government. In addition, during each of the Fund's fiscal quar-
ters, the percentage of the fair market value of the Fund's assets represented
by direct obligations of the United States government did not exceed 50%.
The above figures may differ from those cited elsewhere in this report due to
differences in the calculations of income and capital gains for Securities and
Exchange Commission (financial reporting) purposes and Internal Revenue Service
(tax) purposes.
28
<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
Dechert Price & Rhoads INDEPENDENT AUDITORS
30 Rockefeller Plaza KPMG Peat Marwick LLP
New York, NY 10112 345 Park Avenue
New York, NY 10154
DOMESTIC CUSTODIAN
Investors Fiduciary Trust Company GLOBAL CUSTODIAN
801 Pennsylvania The Chase Manhattan Bank
Kansas City, MO 64105 4 Chase MetroTech Center
Brooklyn, NY 11245
SHAREHOLDER SERVICING AGENT
DST Systems, Inc.
1004 Baltimore
Kansas City, MO 64105
(800) 334-2143
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of SoGen Interna-
tional Fund, Inc.
<PAGE>
[GRAPHIC APPEARS HERE]
The SoGen Funds
1221 Avenue of the Americas, New York, NY 10020
