SOGEN FUNDS, INC.

                              SoGen International Fund
                               SoGen Overseas Fund
                                 SoGen Gold Fund
                                SoGen Money Fund

Supplement  dated  October 12, 1999 to  Prospectus  and  Statement of Additional
Information dated August 1, 1999.

                           SOGEN VARIABLE FUNDS, INC.

                          SoGen Overseas Variable Fund

Supplement  dated  October 12, 1999 to  Prospectus  and  Statement of Additional
Information dated May 1, 1999.


          On October 11, 1999,  Societe Generale Asset  Management S.A.,  ("SGAM
S.A."),  owner of 80.1% of the outstanding equity securities of Societe Generale
Asset  Management  Corp.  ("SGAM  Corp."),  investment  adviser  to  each of the
separate  portfolios  (each a "Fund" and,  collectively,  the  "Funds") of SoGen
Funds,  Inc. and SoGen Variable Funds,  Inc. (each a "Company" and  collectively
the "Companies"),  announced that it had signed a Stock Purchase  Agreement (the
"Purchase  Agreement")  with  Arnhold  &  S.  Bleichroeder,   Inc.  ("A&SB"),  a
privately-owned  investment firm. Under the Purchase  Agreement,  A&SB agreed to
purchase  all of the  shares  of SGAM  Corp.  held by SGAM S.A.  SGAM S.A.  also
announced that Mr. Jean-Marie  Eveillard,  Chief Executive Officer of SGAM Corp.
and owner of the remaining 19.9% of the equity of SGAM Corp. has entered into an
agreement  with A&SB providing for the eventual sale of his shares of SGAM Corp.
to A&SB in three installments over a period of approximately seven years.

          If the stock  purchase  contemplated  by the Purchase  Agreement  (the
"Transaction")  occurs,   Arnhold  &  S.  Bleichroeder  Advisers,   Inc.  ("A&SB
Advisers"),  a  wholly-owned  subsidiary  of A&SB,  would become the  investment
adviser to the Funds.  The  primary  investment  management  team of SGAM Corp.,
including Jean-Marie  Eveillard,  would join A&SB Advisers and would continue to
manage the portfolios of the Funds.  The  investment  objectives and policies of
each Fund would remain unchanged.

          In order to permit the  Transaction  to take place,  a new  investment
advisory agreement between the Funds and A&SB Advisers would have to be approved
by the Board of Directors of the Companies,  as well as by the  shareholders  of
each Fund. These new agreements,  the terms of which are  substantially the same
as those of the existing  agreements  between the Funds and SGAM Corp.,  will be
submitted to the Board of Directors,  including the independent  directors,  for
their  consideration later this month. If the Board approves the new agreements,
the  agreements  will be  submitted to the  shareholders  of the Funds for their
consideration  and approval at special meetings of shareholders.  Neither of the
new  agreements  would  increase  the  amounts  paid by the Funds  for  advisory
services.

          Subject to receipt of these  approvals,  and the satisfaction of other
conditions contained in the Purchase Agreement, it is presently anticipated that
the closing of the Transaction  will occur late in the fourth quarter of 1999 or
early in the first quarter of 2000.