-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IeGraGfd4KP8MTYIvZU9nAETYyQ7iEhfQy0zzPKYR/URkSxEOQ1iNBhqVuwAVH8i vXyzdmrHtfOfMUAAwA/qbA== 0000950130-96-004494.txt : 19961121 0000950130-96-004494.hdr.sgml : 19961121 ACCESSION NUMBER: 0000950130-96-004494 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961119 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOGEN FUNDS INC CENTRAL INDEX KEY: 0000906352 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-07762 FILM NUMBER: 96669382 BUSINESS ADDRESS: STREET 1: 1221 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 2122785800 MAIL ADDRESS: STREET 1: 1221 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10020 N-30D 1 SOGEN FUNDS: SEMI-ANNUAL REPORT SOGEN OVERSEAS FUND SOGEN GOLD FUND SOGEN MONEY FUND ---------------------------------- [ART] ---------------------------------- Semi-Annual Report September 30, 1996 SoGen Funds, Inc. THE PRESIDENT'S LETTER Dear Shareholder: SOGEN OVERSEAS FUND From inception (three years and one month ago) through September 30, 1996, the value of an investment in your Fund increased at a compounded average annual rate of 12.91%.* As of September 30, 1996 your Fund's net assets, on an economic basis, were invested as follows: Foreign stocks(/1/) 75.5% U.S. dollar bonds 6.2 Foreign currency bonds 4.7 Cash and equivalents 13.6 ----- 100.0% =====
- ----------- (/1/)Includes convertible bonds with moderate premia. The ten major holdings were Bank for International Settlements, U.S. and French Tranches (the central banks' central bank, with some gold assets); Randstad Holdings NV (Dutch temporary employment company); Buderus AG (German heating products company); Fuji Photo Film Co., Ltd. (Japanese film and imaging company); Compagnie Generale des Eaux (French water distribution, telecommunications and real estate company); CDL Hotels International Ltd. (Hong Kong listed hotel chain); Noranda, Inc. (Canadian base metals, forest products and energy company); Bayer AG (German chemicals and pharmaceuticals company); Legrand ADP (French low-voltage electrical fittings manufacturer); and Siderca S.A.I.C. (Argentine steel pipe manufacturer for the oil industry). Approximately 43% of the foreign stock portfolio was invested in developed countries in continental Europe, 17% in Japan and 10% in emerging countries in the Pacific Rim. Other relatively large investments (about 4% - 5% each) were in Latin America, Canada, New Zealand, the United Kingdom and emerging markets in Europe. Of late, my associates and I have not come up with many specific investment ideas, except in Continental Europe, where values remain reasonable overall. As a result, cash equivalents have moved up over the past six months, and would come down only if equity markets weaken and/or we come up with attractive long- term investment ideas. SOGEN GOLD FUND From inception (three years and one month ago) the value of an investment in your Fund increased at a compounded average annual rate of 6.56%.* As of September 30, 1996 your Fund's net assets, on an economic basis, were invested as follows: Bank for International Settlements (U.S. and French Tranches) 11.4% Freeport McMoRan Copper and Gold Inc. (Preferred Series B, C, and D) 15.2 U.S. securities 17.3 Canadian securities 10.0 Australian and New Zealand securities 9.6 South African securities 14.0 Miscellaneous securities 20.5 Cash and equivalents 2.0 ----- 100.0% =====
Our case for gold continues to be a modest one. The downside risk in the price of the metal has been reduced--we believe--by the 50% or so decline over the past decade and a half, as well as by the strong demand for gold jewelry in developing countries. The upside potential is murky. We have no insight into the timing and the extent of any move upwards. The possible drivers would be either an acceleration of inflation in developed countries or a spreading distrust of currencies. SOGEN MONEY FUND Short-term interest rates are still low, but may move up if the economy stays strong. After seventeen years with our investment advisory firm, Howard Chin decided to retire. We shall miss Howard and his knowledge of the mutual fund industry. Sincerely yours, /s/ Jean-Marie Eveillard Jean-Marie Eveillard President October 22, 1996 - ---------------------- * These figures assume the immediate reinvestment of all dividends and distributions and do not give effect to the deduction of the sales load. 2 SoGen Funds, Inc. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE SOGEN OVERSEAS FUND During the year ended September 30, 1996, most European markets were mixed but rebounded significantly in the past few months as growing evidence of recovery in key economies began to materialize, inflation remained under control and interest rates continued to decline. The Japanese market also recovered from its 1995 lows as signs of a strengthening economy became more pronounced and the yen weakened further. The Fund added to its European and Japanese holdings on a selective basis throughout the year. Other Asian markets had mixed performance, with strength in countries such as Hong Kong which benefited from declining interest rates, yet significant weakness in export- oriented economies such as South Korea. European emerging markets were strong performers over the past twelve months, but the Fund has limited exposure to those markets. Overall, foreign equities account for approximately 76% of net assets compared to 77% a year ago. The Fund has maintained fairly significant investments in U.S. dollar denominated bonds, with 6% of net assets invested in high-yielding Brady bonds as well as convertible bonds, compared to nearly 10% a year ago. Foreign currency bond holdings remained stable, representing less than 5% of the portfolio. Cash and equivalents grew to nearly 14% compared to 10% last year. During the period, the U.S. dollar strengthened considerably against the Japanese yen and, to a lesser extent, major European currencies. The stronger dollar had a limited impact on the value of the Fund's assets, since foreign currency exposure was partially hedged throughout the period. SOGEN GOLD FUND In the past twelve months ended September 30, 1996, gold traded within the $379-$415 range, ending the period at $379. The Fund's holdings remain widely diversified, and the portfolio should prove less volatile than the average gold mining stock. We continue to avoid highly speculative or overpriced mining stocks. The Fund will remain fully invested in gold-related securities. 3 SoGen Funds, Inc. SUMMARIES OF FUND DATA The tables below cover the period from August 31, 1993 to September 30, 1996. The results shown should not be considered as a representation of the dividend income or capital gain or loss which may be realized from an investment made in a fund today. The amounts shown in the capital gains distribution and income dividend columns were paid to shareholders during the period ended with the date shown in the first column.
NET ASSET VALUE OF INVESTMENT WITH INVESTMENT DIVIDENDS AND NUMBER NET ASSET CAPITAL GAINS INCOME DISTRIBUTIONS OF SHARES TOTAL NET VALUE DISTRIBUTIONS DIVIDENDS REINVESTED OUTSTANDING ASSETS PER SHARE PER SHARE PER SHARE (CUMULATIVE)* ----------- ------------ --------- ------------- ---------- ------------- SOGEN OVERSEAS FUND August 31, 1993 (inception) 5,000 $ 50,000 $10.00 -- -- $10.00 March 31, 1994 10,387,229 119,843,407 11.54 -- -- 11.54 March 31, 1995 37,684,232 439,230,168 11.65 $0.02** 0.05 11.72 March 31, 1996 48,827,734 647,397,659 13.26 0.17+ 0.44 14.00 September 30, 1996 (six months)++ 54,961,082 756,973,438 13.77 -- -- 14.54 - -------------------------------------------------------------------------------------- SOGEN GOLD FUND August 31, 1993 (inception) 3,500 $ 35,000 $10.00 -- -- $10.00 March 31, 1994 1,961,653 22,406,115 11.42 -- -- 11.42 March 31, 1995 4,515,060 50,921,957 11.28 $0.08** 0.04 11.40 March 31, 1996 5,162,982 63,261,285 12.25 0.27+ 0.35 13.09 September 30, 1996 (six months)++ 5,207,730 59,248,755 11.38 -- -- 12.16
- ---------------------- * 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.) ** Comprised entirely of net short-term capital gains. + Includes net short-term capital gains per share in the amounts of $0.07 and $0.14 for SoGen Overseas Fund and SoGen Gold Fund, respectively. ++ Unaudited. 4 SoGen Overseas Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) ---------- -------- -------- COMMON AND PREFERRED STOCKS UNITED KINGDOM AND IRELAND (4.50%) 1,375,000 Antofagasta Holdings plc (18)....................... $ 6,239,173 $ 7,750,463 2,500,000 Lonrho plc (18)............. 5,334,190 6,674,009 700,000 Greencore Group plc (1)..... 1,918,345 3,962,249 525,000 Blenheim Group plc (11)..... 2,109,652 3,460,699 1,250,000 McBride plc (13)............ 3,666,180 2,955,353 500,000 Royal Doulton plc (13)...... 1,943,996 2,231,194 3,750,000 Bardon Group plc (6)........ 2,094,888 2,025,689 750,000 ED&F Man Group plc (1)...... 1,963,725 2,002,203 675,000 Berisford plc (13).......... 1,910,883 1,257,689 100,000 Scottish Television plc (11)....................... 621,771 1,136,734 150,000 RIT Capital Partners plc (17)....................... 510,808 583,633 ----------- ----------- 28,313,611 34,039,915 ----------- ----------- GERMANY (6.04%) 26,500 Buderus AG (8).............. 10,940,034 11,764,648 250,000 Bayer AG (21)............... 5,574,157 9,134,726 35,000 Bertelsmann AG D.R.C. (11).. 4,576,791 4,647,693 63,500 Hornbach Holding AG Pfd. (12)....................... 5,691,202 4,572,150 7,000 Axel Springer Verlag AG (11)....................... 2,892,247 4,131,283 10,000 Degussa AG (21)............. 3,519,730 3,644,710 95,000 SKW Trostberg AG (6)........ 2,197,981 2,685,006 55,000 IVG Holding AG (4).......... 1,825,373 1,873,668 12,350 Ex-Cell-O Holding AG (a)(8). 2,050,263 1,174,301 4,500 SAP AG Pfd. (15)............ 122,582 755,435 5,000 Deutsche Lufthansa AG Pfd. (14)....................... 584,847 707,236 4,900 Felten & Guilleaume Energietechnik AG (8)...... 1,105,739 607,299 ----------- ----------- 41,080,946 45,698,155 ----------- ----------- NETHERLANDS (3.45%) 162,500 Randstad Holdings NV (22)... 4,087,169 12,826,697 205,000 Philips Electronics NV ADR (20)....................... 6,249,749 7,354,375 145,000 German City Estates NV (4).. 2,494,966 2,297,550 80,000 Apothekers Cooperatie OPG U.A. (23).................. 2,107,405 1,908,437 25,000 Content Beheer NV (22)...... 411,316 932,585 36,000 Holdingmaatschappij de Telegraaf, NV (11)......... 343,261 787,230 ----------- ----------- 15,693,866 26,106,874 ----------- ----------- SWITZERLAND (5.57%) 1,155 Bank for International Settlements (U.S. Tranche) (2)............... 8,756,335 10,684,211 745 Bank for International Settlements (French Tranche) (2)............... 5,651,672 5,770,944 9,650 Kuhne & Nagel International AG Bearer (14)....................... 5,753,866 5,194,378 5,250 Schindler Holding AG PC (8). 6,208,955 5,128,589 6,350 Schindler Holding AG PC Warrants expire 12/16/1996 (a)(8).......... 0 1,519 2,500 Lindt & Sprungli AG PC (13). 3,153,128 4,146,730 16,500 Sika Finanz AG Bearer (6)... 4,355,094 3,644,737 7,500 Societe Generale d'Affichage SA D.R.C. (11). 2,632,883 3,295,454
5 SoGen Overseas Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) ---------- -------- -------- COMMON AND PREFERRED STOCKS (continued) SWITZERLAND (continued) 13,363 Swissair AG D.R.C. (a)(14).. $ 1,475,620 $ 1,886,165 7,500 Safra Republic Holdings SA Bearer (10)................ 615,000 884,063 3,500 Edipresse SA Bearer (11).... 713,897 711,722 110 Banque Privee Edmond de Rothschild SA Bearer (10).. 383,261 405,702 84 Vetropack Holding AG Bearer (13)................ 258,152 217,703 850 Vetropack Holding AG PC (13)....................... 230,326 189,793 ----------- ----------- 40,188,189 42,161,710 ----------- ----------- FRANCE (9.91%) 85,000 Legrand ADP (8)............. 6,850,798 8,888,803 70,000 Compagnie Generale des Eaux (24).................. 7,005,338 7,604,865 75,000 Elf Aquitaine (7)........... 5,665,238 5,866,319 65,000 Emin Leydier (5)............ 4,988,812 4,430,846 63,500 Gaumont SA (11)............. 3,503,669 4,402,378 10,500 Eurafrance (19)............. 4,048,286 4,172,509 60,000 Eramet (3).................. 4,052,181 3,579,922 13,500 Sagem ADP (20).............. 4,139,837 3,424,803 18,359 Promodes C.I. (12).......... 2,413,991 3,253,125 5,000 Promodes (12)............... 897,173 1,355,591 37,500 Marine Wendel (19).......... 3,143,005 3,144,487 31,250 FIMALAC SA (a)(19).......... 2,939,502 2,838,268 21,500 Groupe NSC (8).............. 3,909,156 2,806,267 10,000 Essilor International ADP (13)....................... 1,290,928 2,033,386 3,000 Societe Sucriere de Pithiviers-le-Vieil (1).... 1,148,828 1,986,909 22,500 Compagnie des Salins du Midi et des Salines de L'Est (1).................. 1,751,384 1,952,051 7,500 Elf Gabon (7)............... 1,145,672 1,670,281 18,500 Rougier SA (5).............. 1,731,961 1,361,400 8,500 Sabeton SA (19)............. 1,640,622 1,275,708 4,000 Taittinger (13)............. 1,860,272 1,199,891 6,000 Taittinger C.I. (13)........ 1,620,532 1,193,307 21,500 Burelle SA (a)(19).......... 1,316,832 1,157,481 3,500 Galeries Lafayette (a)(12).. 940,842 1,013,982 20,000 Conflandey (3).............. 1,180,995 1,006,623 5,000 Robertet SA C.I. (13)....... 734,584 774,623 10,000 La Brosse et Dupont (13).... 718,979 735,892 50,000 Credit Foncier de France (a)(10).................... 701,563 668,113 7,492 Crometal (8)................ 546,935 471,533 20,000 Immobiliere Hoteliere (a)(4)..................... 575,842 232,387 5,500 C.E.E. (Continentale d'Equipements Electriques) (a)(8)........ 653,923 223,672 10,000 SAGA (a)(14)................ 944,384 174,290 10,000 Teleflex Lionel Dupont (a)(8)..................... 314,536 118,130 ----------- ----------- 74,376,600 75,017,842 ----------- -----------
6 SoGen Overseas Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) ---------- -------- -------- COMMON AND PREFERRED STOCKS (continued) BELGIUM (0.33%) 12,500 Deceuninck Plastics Industries SA (6).......... $ 1,554,878 $ 1,741,945 1,640 Societe Belge des Betons, SA (6)..................... 936,380 779,659 ----------- ----------- 2,491,258 2,521,604 ----------- ----------- AUSTRIA (0.65%) 45,500 VAE AG (14)................. 4,674,053 3,952,834 18,000 Flughafen Wien AG (14)...... 797,613 949,664 ----------- ----------- 5,471,666 4,902,498 ----------- ----------- SWEDEN (2.16%) 305,000 AssiDoman AB (5)............ 6,558,740 7,384,654 305,000 Bylock & Nordsjofrakt AB "B' (14)................... 2,782,573 3,128,701 275,000 IRO AB (8).................. 2,991,322 3,235,806 135,000 Orrefors Kosta Boda AB (13). 1,842,027 2,026,339 15,000 Investor AB "B' (19)........ 579,970 570,226 ----------- ----------- 14,754,632 16,345,726 ----------- ----------- DENMARK (1.14%) 117,500 Carlsberg International A/S "B' (13)............... 5,363,116 7,127,174 15,000 Kobenhavns Lufthavne A/S (14)....................... 662,505 1,499,334 ----------- ----------- 6,025,621 8,626,508 ----------- ----------- NORWAY (1.36%) 445,000 Schibsted ASA (11).......... 5,537,357 6,505,347 50,000 Orkla ASA "B' (13).......... 1,587,369 2,500,577 250,000 Western Bulk Shipping AS (14)....................... 1,451,589 961,760 10,000 Adelsten ASA "A' (12)....... 149,458 176,964 10,000 Adelsten ASA "B' (12)....... 120,513 176,195 ----------- ----------- 8,846,286 10,320,843 ----------- ----------- FINLAND (0.44%) 55,000 Vaisala Oy A (15)........... 2,022,905 3,073,770 10,000 Aamulehti Yhtymae Oy II (11)....................... 151,826 252,038 ----------- ----------- 2,174,731 3,325,808 ----------- ----------- ITALY (2.13%) 10,950,000 Montedison SpA Non Convertible Savings (a)(18).................... 5,675,440 6,606,758 500,000 Istituto Finanziario Industriale SpA Privileged Shares (19)..... 4,876,863 3,988,458 345,000 Avir Finanziara SpA (13).... 2,604,320 2,792,807 375,000 Arnoldo Mondadori Editore SpA (11)................... 2,678,478 2,720,522 ----------- ----------- 15,835,101 16,108,545 ----------- ----------- SPAIN AND PORTUGAL (1.06%) 775,000 Energia e Industrias Aragonesas SA (21)......... 3,914,785 3,921,149
7 SoGen Overseas Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) ---------- -------- -------- COMMON AND PREFERRED STOCKS (continued) SPAIN AND PORTUGAL (continued) 18,000 Corporacion Financiera Alba SA (19)...................... $ 1,273,003 $ 1,499,183 65,000 Companhia de Celulose do Caima SA (5)................. 1,269,666 1,246,776 197,500 Omsa Alimentacion SA (13)..... 1,039,509 710,244 54,500 Espirito Santo Financial Holding SA ADR (10).......... 670,581 674,437 ----------- ----------- 8,167,544 8,051,789 ----------- ----------- GREECE (0.51%) 38,840 Titan Cement Co. (6).......... 1,141,872 2,145,233 6,930 Titan Cement Co. Pfd. (6)..... 171,006 251,817 379,380 H. Benrubi & Fils SA (13)..... 2,265,445 1,417,949 18,000 H. Benrubi & Fils SA Pfd. (13)......................... 92,036 45,224 ----------- ----------- 3,670,359 3,860,223 ----------- ----------- COMMONWEALTH OF INDEPENDENT STATES AND EASTERN EUROPE (0.82%) 750,672 Firebird Fund L.P. (a)(b)(e)(17)................ 762,000 2,754,591 60,000 Templeton Russia Fund (17).... 856,353 1,230,000 9,000 Baltic Republics Fund (a)(b)(e)(17)................ 905,750 1,212,750 100,000 First NIS Regional Fund SICAF (a)(b)(e)(17).......... 1,000,000 975,000 ----------- ----------- 3,524,103 6,172,341 ----------- ----------- ISRAEL (0.91%) 150,000 Super-Sol (12)................ 3,155,012 3,425,175 1,205,550 The Israel Land Development Company Ltd. (18)............ 5,337,394 3,344,152 15,000 The Israel Land Development Company Ltd. ADR (18)........ 202,500 124,688 ----------- ----------- 8,694,906 6,894,015 ----------- ----------- TURKEY (0.19%) 68,196,000 Medya Holding A.S. (11)....... 3,186,855 777,437 45,000,000 Sabah Yayincilik A.S. (11).... 999,471 684,002 ----------- ----------- 4,186,326 1,461,439 ----------- ----------- SOUTH AFRICA (0.64%) 115,000 Omni Media Corporation (11)... 872,477 1,823,989 80,461 JCI Ltd. ADR (3).............. 426,332 777,221 56,500 JCI Ltd. (3).................. 366,874 545,770 330,200 Stellenbosch Farmers' Winery Group Limited (1)............ 364,797 749,215 85,131 Anglo American Platinum Corporation Ltd. ADR (2)..... 457,903 576,667 55,000 Anglo American Platinum Corporation Ltd. (2)......... 389,561 372,563 ----------- ----------- 2,877,944 4,845,425 ----------- ----------- HONG KONG (2.75%) 17,750,000 CDL Hotels International Ltd. (4)..................... 7,287,268 9,640,502 8,000,000 Shaw Brothers (Hong Kong) Limited (11)................. 10,737,152 8,224,492 4,000,000 South China Morning Post Holdings Corp. (11).......... 2,357,642 2,974,266 ----------- ----------- 20,382,062 20,839,260 ----------- -----------
8 SoGen Overseas Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) ---------- -------- -------- COMMON AND PREFERRED STOCKS (continued) SOUTH KOREA (1.15%) 1,458 LG Electronics Co., Ltd. (20)....................... $ 41,610 $ 25,504 81,844 LG Electronics Co., Ltd. Pfd. (20).................. 1,704,674 825,201 98,000 LG Electronics Co., Ltd. Pfd. GDS (20).............. 958,147 573,300 65,000 LG Industrial Systems (8)... 1,857,245 1,579,203 20,000 Woong Jin Publishing Co. (11)....................... 1,155,530 1,251,215 31,740 Youngchang Akki Co. (13).... 1,481,090 1,110,437 83,730 Ssangyong Cement Industries Pfd. (6)........ 1,601,989 1,027,300 65,000 Choong Nam Spinning (a)(13). 1,405,580 931,730 495 Samsung Electronics Co. (20)....................... 71,986 38,965 149 Samsung Electronics Co. New (20)................... 21,668 11,729 16,500 Samsung Electronics Co. Pfd. (20).................. 1,502,523 637,391 4,972 Samsung Electronics Co. Pfd. New (20).............. 467,094 174,552 45,185 Korean Air Lines Pfd. (14).. 765,857 494,005 450 Cheil Jedang Corporation Pfd. (18).................. 13,731 10,222 ----------- ----------- 13,048,724 8,690,754 ----------- ----------- SINGAPORE AND MALAYSIA (1.16%) 1,000,000 Clipsal Industries Ltd. (6). 2,330,691 2,900,000 1,000,000 Times Publishing Ltd. (11).. 2,501,707 2,173,295 1,000,000 Intraco, Ltd. (12).......... 1,584,586 1,526,989 250,000 Singapore Bus Service (14).. 1,991,949 1,296,165 250,000 Rothmans Industries Ltd. (13)....................... 1,251,166 923,295 ----------- ----------- 9,660,099 8,819,744 ----------- ----------- THAILAND AND VIETNAM (0.38%) 153,200 The Lazard Vietnam Fund Limited (a)(b)(e)(17)...... 1,573,780 1,378,800 180,000 Oriental Hotel PCL (4)...... 1,002,493 998,309 42,800 The Vietnam Frontier Fund (a)(b)(e)(17).............. 440,840 470,800 ----------- ----------- 3,017,113 2,847,909 ----------- ----------- INDIA AND PAKISTAN (0.51%) 315,000 The Pakistan Investment Fund Inc. (a)(17).......... 2,491,499 1,653,750 149,500 The India Fund, Inc. (a)(17).................... 1,788,520 1,083,875 10,000 The Spartek Emerging Opportunities of India Fund (a)(b)(e)(17)......... 1,035,000 603,000 75,000 Gujarat Narmada Valley Fertilizers Company Limited GDR (21)........... 862,500 290,625 50,000 Gujarat Narmada Valley Fertilizers Company Limited GDR (b)(21)........ 640,625 193,750 ----------- ----------- 6,818,144 3,825,000 ----------- ----------- JAPAN (12.51%) 350,000 Fuji Photo Film Co., Ltd. (13)....................... 8,561,518 10,655,112 155,000 Ito-Yokado Co., Ltd. (12)... 8,209,933 8,811,010 635,000 The Tokio Marine & Fire Insurance Co., Ltd. (10)... 7,491,364 7,527,278 39,500 Toho Co., Ltd. (11)......... 6,164,787 6,562,346 875,000 The Dai-Tokyo Fire & Marine Insurance Co., Ltd. (10).................. 5,928,553 6,042,611
9 SoGen Overseas Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) ---------- -------- -------- COMMON AND PREFERRED STOCKS (continued) JAPAN (continued) 595,000 Nisshinbo Industries Inc. (13)... $ 6,034,319 $ 5,450,137 485,000 Shoei Co., Ltd. (19)............. 4,342,971 5,444,300 52,500 Hitachi Ltd. ADR (15)............ 4,891,759 5,059,687 250,000 Shimano Inc. (13)................ 5,022,510 4,647,299 415,000 Nittetsu Mining Co., Ltd. (3).... 3,728,345 3,913,161 600,000 The Koa Fire & Marine Insurance Co., Ltd. (10).................. 3,792,993 3,777,109 675,000 The Dowa Fire & Marine Insurance Co., Ltd. (10)........ 3,722,432 3,479,413 810,000 Hanshin Electric Railway Co., Ltd. (a)(14).................... 3,567,128 3,426,070 395,000 Aida Engineering, Ltd. (8)....... 2,961,702 3,008,037 415,000 The Nichido Fire & Marine Insurance Co., Ltd. (10)........ 3,169,714 2,914,373 70,000 Tsutsumi Jewelry Co., Ltd. (12).. 3,695,531 2,734,498 415,000 Iino Kaiun Kaisha, Ltd. (a)(14).. 2,527,660 1,900,678 75,000 Chofu Seisakusho Co., Ltd. (13).. 1,768,019 1,771,362 150,000 Sotoh Co., Ltd. (13)............. 1,658,235 1,629,922 100,000 Yoshimoto Kogyo Co., Ltd. (11)... 1,330,839 1,436,846 35,000 Asatsu Inc. (11)................. 1,403,840 1,382,964 75,000 Japan Airport Terminal Co., Ltd. (14)....................... 911,438 1,070,899 100,000 Tachi-S Co., Ltd. (14)........... 1,064,316 969,871 25,000 T. Hasegawa Co., Ltd. (13)....... 431,527 628,620 16,500 Fast Retailing Co., Ltd. (12).... 790,563 459,342 ----------- ----------- 93,171,996 94,702,945 ----------- ----------- AUSTRALIA AND NEW ZEALAND (3.75%) 3,600,549 Carter Holt Harvey Limited (5)... 7,761,833 7,928,436 6,121,333 Shortland Properties Limited (4). 3,174,660 3,851,206 4,625,000 Tasman Agriculture Limited (1)... 3,443,176 3,847,396 504,200 Wilson & Horton Group Limited (11)............................ 3,098,514 3,725,513 1,130,000 Spotless Services Limited (22)... 1,217,521 2,002,812 4,203,338 Evergreen Forests Limited (a)(5). 1,969,031 1,704,239 725,000 Eltin Limited (2)................ 2,382,418 1,376,775 1,250,000 Wrightson Limited (1)............ 1,215,338 1,013,623 375,700 Radio Pacific Limited (c)(11).... 682,453 787,899 800,000 Motors Holding Limited (12)...... 595,562 601,350 1,111,097 Defender Limited (1)............. 657,937 597,826 207,500 The Colonial Motor Company Limited (12).................... 236,770 522,190 825,000 Apple Fields Limited (a)(1)...... 507,472 317,194 250,000 Damba Holdings Limited (12)...... 130,848 115,343 ----------- ----------- 27,073,533 28,391,802 ----------- ----------- CANADA (3.34%) 465,000 Noranda, Inc. (18)............... 8,592,560 9,505,819 275,000 Canadian Pacific Ltd. (18)....... 4,669,325 6,359,375 225,000 Dofasco, Inc. (3)................ 3,379,950 3,460,013 155,000 Canadian National Railway Company (14).................... 2,932,264 3,177,500 75,000 Franco-Nevada Mining Corp. Ltd. (2)............................. 3,204,853 2,810,401 ----------- ----------- 22,778,952 25,313,108 ----------- -----------
10 SoGen Overseas Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) ---------- -------- -------- COMMON AND PREFERRED STOCKS (continued) ARGENTINA (1.89%) 5,950,000 Siderca S.A.I.C. (7)................... $ 4,024,166 $ 8,866,741 3,000,000 Ledesma S.A.A.I. (1)................... 4,686,541 3,600,504 541,522 IRSA Inversiones y Representaciones S.A. (4).............................. 1,235,490 1,608,546 150,000 Cresud S.A. (1)........................ 203,156 258,036 ------------ ------------ 10,149,353 14,333,827 ------------ ------------ MEXICO (0.69%) 775,000 Industrias Penoles S.A., de C.V. (3)... 2,150,818 3,283,115 40,000 Grupo Televisa S.A. GDR (11)........... 889,742 1,155,000 2,200,000 Grupo Fernandez Editores, S.A. de C.V. (a)(11)............................... 768,015 749,669 ------------ ------------ 3,808,575 5,187,784 ------------ ------------ MISCELLANEOUS (2.18%) 257,500 Freeport McMoRan Copper & Gold Inc., Preferred Series "D' (2)........................ 5,219,425 5,407,500 200,000 Minorco ADR (3)........................ 4,536,224 4,325,000 65,000 Banco Latinoamericano de Exportaciones S.A. Class `E' (10)........................ 2,224,459 3,648,125 135,000 North European Oil Royalty Trust (7)... 1,822,545 1,704,375 650 Socfinasia (19)........................ 815,279 1,449,298 ------------ ------------ 14,617,932 16,534,298 ------------ ------------ TOTAL COMMON AND PREFERRED STOCKS...... 510,900,172 545,947,691 ------------ ------------ PRINCIPAL AMOUNT ---------- BONDS, NOTES AND CONVERTIBLE BONDS U.S. DOLLAR CONVERTIBLE BONDS (2.30%) $1,500,000 Tubos de Acero de Mexico S.A. 7 1/2% due 6/12/1997 (7)..................... 1,447,968 1,560,000 500,000 P.T. Pabrik Kertas Tjiwi Kimia 7 1/4% due 4/12/2001 (5)..................... 493,900 482,813 500,000 Acer Inc. 4% due 6/10/2001 (15)........ 1,031,550 1,367,500 1,250,000 International Container Terminal Services, Inc. 5% due 9/15/2001 (14)................. 1,022,432 1,100,000 1,500,000 Yangming Marine Transport Corporation 2% due 9/22/2001 (14)................. 1,737,000 1,786,875 1,000,000 Sincere Navigation Corporation 3 3/4% due 5/26/2003 (14)............. 1,051,125 1,097,500 1,850,000 Scandinavian Broadcasting System SA 7 1/4% due 8/01/2005 (11)............. 1,946,625 1,861,562 150,000 Ssangyong Cement Company 3% due 12/31/2005 (6)........................ 173,250 184,875 1,150,000 P.T. Inti Indorayon Utama 7% due 5/02/2006 (5)......................... 929,491 891,250 1,650,000 Far Eastern Textile 4% due 10/07/2006 (13).................................. 1,884,100 1,963,500 4,250,000 Cheil Jedang Corporation 3% due 12/31/2006 (18)....................... 5,129,981 5,121,250 ------------ ------------ 16,847,422 17,417,125 ------------ ------------ U.S. DOLLAR BONDS AND NOTES (6.87%) 500,000 Banco Safra SA 7 3/4% due 12/16/1996 (10).................................. 497,288 500,000 2,500,000 IRSA Inversiones y Representaciones S.A. 8 7/8% due 3/03/1999 (4).............. 2,326,157 2,450,000
11 SoGen Overseas Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) ---------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) U.S. DOLLAR BONDS AND NOTES (continued) $1,550,000 IRSA Inversiones y Representaciones S.A. 4 1/2% due 8/02/2003 (b)(4)....................... $ 1,540,339 $ 1,511,250 300,000 Tubos de Acero de Mexico S.A. 10 1/2% due 3/10/1999 (e)(7)................... 291,157 296,625 1,000,000 Cemex SA 10% due 11/05/1999 (6)......... 957,592 1,013,750 500,000 P.T. Inti Indorayon Utama 9 1/8% due 10/15/2000 (5)......................... 448,128 492,500 1,950,000 PT Pabrik Kertas Tjiwi Kimia 13 1/4% due 8/01/2001 (5).......................... 2,029,250 2,191,313 1,000,000 Aracruz Celulose SA 10 3/8% due 1/31/2002 (5).......................... 942,577 957,500 1,000,000 Banco Safra SA 10 3/8% due 10/28/2002 (b)(10)................................ 985,899 1,001,250 7,105,000 Republic of Argentina FRB due 3/31/2005 (6.625% @ 9/30/1996) (16).............. 5,233,832 5,959,319 5,750,000 Republic of Argentina Par 5 1/4% due 3/31/2023 (16)......................... 2,676,706 3,363,750 2,275,000 Federal Republic of Brazil IDU FRN due 1/01/2001 (6.6875% @ 9/30/1996) (16)............. 1,873,438 2,193,953 450,000 Federal Republic of Brazil EI FRN due 4/15/2006 (6% @ 9/30/1996) (16).................. 296,958 393,750 1,500,000 Federal Republic of Brazil DCB FRN due 4/15/2012 (6.5625% @ 9/30/96) (16)............... 1,053,916 1,132,500 3,409,661 Federal Republic of Brazil "C' Bonds 8% due 4/15/2014 (16)......................... 1,541,878 2,403,811 500,000 Federal Republic of Brazil Disc. ZL FRN due 4/15/2024 (6 1/2% @ 9/30/1996) (16).............. 302,401 383,125 2,000,000 Federal Republic of Brazil Par ZL FRN due 4/15/2024 (5% @ 9/30/1996) (16).................. 861,778 1,192,500 500,000 Republic of Bulgaria IAB FRN due 7/28/2011 (6.6875% @ 9/30/1996) (16)............. 179,946 228,750 1,000,000 Republic of Bulgaria FLIRB due 7/28/2012 (2% @ 9/30/1996) (16).................. 369,209 327,500 2,250,000 Republic of Bulgaria Disc. "A' FRN due 7/28/2024 (6.6875% @ 9/30/1996) (16)............. 1,119,094 1,144,687 1,057,404 Republic of Ecuador PDI FRN due 2/27/2015 (3% @ 9/30/1996) (16).................. 492,185 541,919 1,000,000 Republic of Ecuador Disc. FRN due 2/28/2025 (6 1/2% @ 9/30/1996) (16).............. 538,874 623,750 500,000 United Mexican States Aztec FRN due 3/31/2008 (7.3984% @ 9/30/1996) (16)............. 443,525 498,438 750,000 United Mexican States Disc. FRN "A' due 12/31/2019 (6.39844% @ 9/30/1996) (16). 633,524 632,812 250,000 United Mexican States Disc. FRN "B' due 12/31/2019 (6.39062% @ 9/30/1996) (16). 211,300 210,937 250,000 United Mexican States Disc. FRN "C' due 12/31/2019 (6.35156% @ 9/30/1996) (16). 213,450 210,938 1,000,000 United Mexican States Disc. FRN "D' due 12/31/2019 (6.453313% @ 9/30/96) (16).. 846,638 843,750 1,000,000 Central Bank of the Philippines NMB FRN due 1/05/2005 (6.5625% @ 9/30/96) (16). 916,617 977,500 250,000 Central Bank of the Philippines DCB FRN due 12/01/2009 (6.375% @ 9/30/96) (16). 217,465 241,719
12 SoGen Overseas Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) U.S. DOLLAR BONDS AND NOTES (continued) $3,250,000 Republic of Poland Disc. FRN due 10/27/2024 (6.4375% @ 9/30/1996) (16).............................. $ 2,265,387 $ 3,095,625 2,000,000 Republic of Venezuela FLIRB "B' due 3/31/2007 (6.4374% @ 9/30/96) (16).............................. 1,044,462 1,687,500 3,000,000 Republic of Venezuela DCB FRN due 12/18/2007 (6.625% @ 9/30/1996) (16).............................. 1,943,813 2,490,000 1,000,000 Republic of Venezuela Disc. "A' FRN due 3/31/2020 (6.375% @ 9/30/1996) (16).............................. 554,886 790,000 1,500,000 Lonrho Finance plc FRN due 7/19/1997 (6.9102% @ 9/30/1996) (18)........ 1,497,639 1,504,875 500,000 Vital Forsikring FRN due 12/22/2003 (6.8789% @ 9/30/1996) (10)........ 498,279 510,000 1,500,000 Bergen Bank Floating Rate Perpetual Notes (5.375% @ 9/30/1996) (10)......... 1,165,250 1,258,125 3,000,000 Christiana Bank Floating Rate Perpetual Notes (5.875% @ 9/30/1996) (10)................... 2,326,250 2,535,000 1,500,000 Eksportfinans Zero Coupon due 11/07/1997 (a)(d)(7).............. 1,500,000 2,214,600 2,000,000 Goldman Sachs Group L.P. Cocoa Indexed Note due 4/29/1997 (5.78125% @ 9/30/1996) (d)(10).... 2,000,000 2,011,400 ------------ ----------- 44,837,087 52,016,721 ------------ ----------- U.S. TREASURY NOTES (0.27%) 2,000,000 U.S. Treasury Note 7 1/2% due 12/31/1996 (16)................... 1,998,990 2,011,874 ------------ ----------- NON U.S. DOLLAR CONVERTIBLE BONDS (3.46%) FRF 10,901,250 Compagnie Generale des Eaux 6% due 1/01/1998 (24).................... 2,262,508 2,460,346 FRF 8,500,000 Michelin 6% due 1/02/1998 (14)..... 1,750,909 1,902,245 FRF 33,997,340 Immobiliere Hoteliere 5% due 1/01/2001 (4)..................... 5,475,746 4,937,837 FRF 3,696,000 Crometal 4 1/4% due 1/01/2001 (8).. 726,377 745,575 FRF 16,751,000 Euro Disney S.C.A. 6 3/4% due 10/01/2001 (13)................... 2,376,151 3,496,492 FRF 2,985,600 Gaumont SA 3 3/4% due 1/01/2003 (11).............................. 653,654 709,715 FRF 20,000 Alcatel Alsthom 2 1/2% due 1/01/2004 (18).................... 3,110,687 3,299,895 NZD 1,830,616 Shortland Properties Limited 7 1/2% due 12/31/1998 (4).................... 1,167,771 1,385,079 CAD 1,000,000 Intertan, Inc. 9% due 8/30/2000 (b)(e)(12)........................ 771,468 803,758 (Yen) 200,000,000 Nippon Yusen Kabushiki 2% due 9/29/2000 (14).................... 2,271,121 2,054,690 ECU 1,425,000 BCP Bank & Trust Co. 8 3/4% due 5/21/2002 (10).................... 1,867,689 1,843,594 (Pounds) 500,000 Lonrho Finance plc 6% due 2/27/2004 (18).............................. 714,987 780,918 (Pounds)1,850,000 Berisford plc 5% due 1/31/2015 (13).............................. 2,069,274 1,766,949 ------------ ----------- 25,218,342 26,187,093 ------------ ----------- NON U.S. DOLLAR BONDS AND NOTES (2.48%) ITL 250,000,000 Bayerische Hypotheken Wechsel-Bank 7.85% due 2/14/2001 (10).......... 147,097 164,339 ITL 1,000,000,000 American International Group 11.7% due 12/04/2001 (10)............... 670,981 755,017
13 SoGen Overseas Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) NON U.S. DOLLAR BONDS AND NOTES (continued) CAD 2,500,000 Province of Alberta 10 1/4% due 8/22/2001 (16)................... $ 1,846,733 $ 2,134,547 CAD 500,000 Province of Quebec 10 1/4% due 10/15/2001 (16).................. 377,818 425,001 NZD 5,500,000 Republic of New Zealand Government 10% due 3/15/2002 (16)........... 3,975,359 4,161,777 NZD 3,500,000 Trans Power Finance Limited 8% due 3/15/2002 (24)................... 2,244,019 2,403,858 NZD 500,000 Telecom Corp. of New Zealand 9 1/4% due 7/01/2002 (24)................... 305,086 364,598 NZD 1,500,000 Telecom Corp. of New Zealand 7 1/2% due 7/14/2003 (24)................... 867,094 1,007,943 ZAR 10,000,000 Republic of South Africa 13% due 8/31/2010 (16)................... 1,931,554 1,903,694 ZAR 3,000,000 Escom 15% due 10/01/1998 (24)..... 722,900 664,479 FRF 21,500,000 United Mexican States Par 6.63% due 12/31/2019 (16).................. 2,472,780 2,872,884 FRF 12,500,000 Republic of Venezuela Par 7.71% due 3/31/2020 (16)................... 1,377,625 1,682,385 CHF 500,000 Scandinavian Airlines Variable System Rate Perpetual Notes (3 5/8% @ 9/30/96) (14)............. 247,886 263,158 ------------- ------------ 17,186,932 18,803,680 ------------- ------------ TOTAL BONDS, NOTES AND CONVERTIBLE BONDS............................ 106,088,773 116,436,493 ------------- ------------ SHORT-TERM INVESTMENTS (11.36%) $5,339,000 Viacom Inc. 6% due 10/01/1996..... 5,339,000 5,339,000 4,002,000 Union Pacific Corporation 5.45% due 10/01/1996................... 4,002,000 4,002,000 5,365,000 Lockheed Martin 5.50% due 10/02/1996....................... 5,364,180 5,364,180 3,500,000 Fiat Finance U.S.A., Inc. 5.53% due 10/04/1996................... 3,498,387 3,498,387 1,032,000 Dayton Hudson Corporation 5.52% due 10/07/1996................... 1,031,051 1,031,051 6,570,000 Fiat Finance U.S.A., Inc. 5.52% due 10/07/1996................... 6,563,956 6,563,956 7,000,000 CSX Corporation 5.45% due 10/08/1996....................... 6,992,582 6,992,582 5,368,000 Fiat Finance U.S.A., Inc. 5.53% due 10/09/1996................... 5,361,403 5,361,403 4,308,000 Union Pacific Corporation 5.50% due 10/09/1996................... 4,302,735 4,302,735 3,000,000 Rayonier Inc. 5.53% due 10/10/1996....................... 2,995,853 2,995,853 2,159,000 Reynolds Metal 5.50% due 10/10/1996....................... 2,156,031 2,156,031 2,702,000 Samsung Electronics America Inc. 5.50% due 10/11/1996............. 2,697,872 2,697,872 4,718,000 Samsung Electronics America Inc. 5.57% due 10/11/1996............. 4,710,700 4,710,700 4,877,000 Fiat Finance U.S.A., Inc. 5.53% due 10/15/1996................... 4,866,512 4,866,512 1,841,000 Gaz De France 5.32% due 10/15/1996....................... 1,837,191 1,837,191 3,000,000 Fiat Finance U.S.A., Inc. 5.52% due 10/16/1996................... 2,993,100 2,993,100 3,000,000 Union Pacific Corporation 5.45% due 10/16/1996................... 2,993,188 2,993,188 4,000,000 Praxair Inc. 5.56% due 10/17/1996. 3,990,116 3,990,116 3,000,000 Kubota Finance (U.S.A.), Inc. Sumitomo 5.50% due 10/18/1996.... 2,992,208 2,992,208 3,643,000 Toshiba Capital (Asia) Ltd. 5.34% due 10/22/1996................... 3,631,652 3,631,652
14 SoGen Overseas Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) ---------- -------- -------- SHORT-TERM INVESTMENTS (continued) $4,038,000 Hercules Incorporated 5.42% due 10/28/1996......................... $ 4,021,585 $ 4,021,585 3,674,000 Alcatel Alsthom Inc. 5.33% due 11/04/1996......................... 3,655,505 3,655,505 ------------ ------------ TOTAL SHORT-TERM INVESTMENTS........ 85,996,807 85,996,807 ------------ ------------ TOTAL INVESTMENTS (98.86%).......... $702,985,752* 748,380,991** ============ Other assets in excess of liabilities (1.14%)................ 8,592,447 ------------ Net Assets (100.00%)................ $756,973,438 ============
- ----------- (a)Non-income producing security. (b)Can be sold only to qualified institutional buyers. (c) Affiliate as defined by the Investment Company Act of 1940. Following is a summary of transactions with each such affiliate for the six months ended September 30, 1996:
Purchases Sales Realized Dividend Affiliate Shares Cost Shares Cost Gain Income - ---------------------------------------------------------------- Radio Pacific Limited -- -- -- -- -- $38,200
(d) Commodity-linked security whereby the coupon, dividend and/or redemption amount is linked to the price of an underlying commodity or commodity index. (e) Security for which there are less than three market makers. * At September 30, 1996 cost is identical for both book and federal income tax purposes. ** Gross unrealized appreciation and depreciation of securities at September 30, 1996 were $87,656,790 and $42,261,551, respectively. (Net appreciation was $45,395,239.)
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS - ------------------ ------------------------ CHF--Swiss Franc (1) Agriculture (13) Consumer Products FRF--French Franc (2) Gold Related (14) Transportation (Pounds)--Pound Sterling (3) Metals and Minerals (15) Technology ITL--Italian Lira (4) Real Estate (16) Government Issues ECU--European Currency Unit (5) Paper and Forest Products (17) Investment Companies CAD--Canadian Dollar (6) Building Materials (18) Conglomerate (Yen)--Japanese Yen (7) Energy (19) Holding Companies NZD--New Zealand Dollar (8) Capital Goods (20) Electronics ZAR--South African Rand (9) Multinational (21) Chemicals (10) Financial Institutions (22) Services (11) Media (23) Health Care (12) Distribution (24) Utilities
BOND TYPES - ---------- FRB--Floating Rate Bond EI--Eligible Interest FRN--Floating Rate Note FLIRB--Front Loaded Interest Reduction Bond IDU--Interest Due Unpaid PDI--Past Due Interest `C'--Capitalization NMB--New Money Bond IAB--Interest Arrears Bond DCB--Debt Conversion Bond
- ----------- See Notes to Financial Statements. 15 SoGen Gold Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS UNITED STATES (29.46%) 157,500 Freeport McMoRan Copper & Gold Inc., Preferred Series "C' (c)........................... $ 5,723,709 $ 5,059,687 100,000 Freeport McMoRan Copper & Gold Inc., Preferred Series "D' (c)........................... 2,151,079 2,100,000 55,000 Freeport McMoRan Copper & Gold Inc., Preferred Series "B' (c)........................... 2,081,910 1,835,625 50,000 Newmont Mining Corporation................ 2,080,525 2,362,500 100,000 Homestake Mining Company.................. 2,021,673 1,462,500 50,000 The Pioneer Group Inc..................... 1,401,097 1,312,500 845 Case Pomeroy & Co., Inc. Class "A'........ 898,280 1,042,308 70,000 Santa Fe Pacific Gold Corporation......... 1,042,762 875,000 87,500 Battle Mountain Gold Company.............. 880,700 678,125 8,500 Amax Gold Inc. $3.75 Conv. Pfd. Series "B'...................................... 436,223 446,250 50,000 Amax Gold Inc. (a)........................ 417,900 281,250 ----------- ----------- 19,135,858 17,455,745 ----------- ----------- CANADA (18.54%) 100,000 Euro-Nevada Mining Corp., Ltd............. 1,273,565 2,895,731 67,000 Franco-Nevada Mining Corp., Ltd........... 1,925,222 2,510,625 75,000 Cambior, Inc.............................. 1,019,306 1,029,471 105,000 Pan American Silver Corp. (a)............. 350,923 763,020 185,000 Royal Oak Mines Inc. (a).................. 843,892 728,438 30,000 Placer Dome Inc........................... 662,925 708,750 54,190 Echo Bay Mines Ltd........................ 671,191 477,549 30,000 Golden Star Resources, Ltd. (a)........... 433,495 476,250 65,000 Dayton Mining Corporation (a)............. 391,046 442,812 55,000 TVX Gold Inc. (a)......................... 589,077 371,250 35,000 Pegasus Gold Inc. (a)..................... 552,623 354,375 100,000 Meridian Gold, Inc. (a)................... 181,798 227,548 ----------- ----------- 8,895,063 10,985,819 ----------- ----------- AUSTRALIA & NEW ZEALAND (7.63%) 1,850,000 Perilya Mines NL (a)...................... 1,068,304 1,171,050 683,450 Kidston Gold Mines Limited................ 1,117,454 876,063 285,000 Macraes Mining Company Limited............ 437,507 732,895 170,000 Macraes Mining Company Limited 7% due 9/15/1998................................ 338,804 414,299 325,000 Eltin Limited............................. 973,783 617,175 392,500 Normandy Mining Limited................... 529,031 534,173 50,000 Newcrest Mining Limited................... 175,523 174,075 ----------- ----------- 4,640,406 4,519,730 ----------- ----------- SOUTH AFRICA (14.01%) 100,000 Free State Consolidated Gold Mines Ltd. ADR...................................... 1,267,842 962,500 85,000 DrieFontein Consolidated Ltd. ADR......... 1,084,651 917,734 110,000 Kloof Gold Mining Company Ltd. ADR........ 1,305,683 893,750 100,000 Vaal Reefs Exploration & Mining Company Ltd. ADR................................. 971,675 800,000 86,250 Durban Roodepoort Deep Limited (a)........ 825,075 744,796 20,000 Durban Roodepoort Deep Limited ADR (a).... 196,100 172,706 25,000 Gold Fields of South Africa............... 732,566 710,431 41,011 Western Areas Gold Mining Company Ltd. ADR...................................... 362,618 651,050
16 SoGen Gold Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS (continued) SOUTH AFRICA (continued) 101,500 St. Helena Gold Mines Ltd. ADR..... $ 922,450 $ 621,687 27,000 St. Helena Gold Mines Ltd.......... 166,146 184,382 70,000 Harmony Gold Mining Company Ltd. ADR............................... 383,890 593,250 115,000 Loraine Gold Mines Limited ADR (a). 360,480 379,998 48,300 Loraine Gold Mines Limited (a)..... 166,873 159,599 47,500 Anglo American Platinum Corporation Ltd............................... 360,969 321,759 27,653 Anglo American Platinum Corporation Ltd. ADR.......................... 140,539 187,318 ----------- ----------- 9,247,557 8,300,960 ----------- ----------- SWITZERLAND (11.45%) 545 Bank for International Settlements (U.S. Tranche).................... 4,214,954 5,041,467 225 Bank for International Settlements (French Tranche).................. 1,603,440 1,742,903 ----------- ----------- 5,818,394 6,784,370 ----------- ----------- MISCELLANEOUS (10.77%) 979,200 Minas De Arcata S.A. (a)........... 1,448,082 1,442,867 80,000 Terra Mining AB.................... 1,841,887 1,339,579 450,000 Lonrho plc......................... 1,206,017 1,201,322 275,000 Industrias Penoles, S.A. de C.V.... 677,340 1,164,976 1,000,000,000 Manila Mining Corporation "B'...... 1,842,974 647,989 35,000 Ashanti Goldfields Company Limited GDS............................... 737,125 586,250 ----------- ----------- 7,753,425 6,382,983 ----------- ----------- TOTAL COMMON AND PREFERRED STOCKS.. 55,490,703 54,429,607 ----------- ----------- PRINCIPAL AMOUNT --------- BONDS, NOTES AND CONVERTIBLE BONDS U.S. DOLLAR CONVERTIBLE BONDS (5.60%) $1,000,000 Gold Mines of Kalgoorlie 7 1/2% due 2/28/2000......................... 1,091,644 1,143,750 250,000 Homestake Mining Company 5 1/2% due 6/23/2000 (b)..................... 249,124 262,188 350,000 Pegasus Gold Inc. 6 1/4% due 4/30/2002......................... 385,500 339,500 500,000 Agnico Eagle Mines Limited 3 1/2% due 1/27/2004..................... 388,269 478,750 505,000 Coeur d'Alene Mines Corp. 6 3/8% due 1/31/2004..................... 507,464 450,081 750,000 Battle Mountain Gold Company 6% due 1/04/2005......................... 633,415 643,125 ----------- ----------- 3,255,416 3,317,394 ----------- ----------- U.S. DOLLAR NON CONVERTIBLE BOND (0.63%) 400,000 Kingdom of Denmark FRN due 3/25/1997 (c)(d).................. 367,544 370,400 ----------- ----------- TOTAL BONDS, NOTES AND CONVERTIBLE BONDS............................. 3,622,960 3,687,794 ----------- ----------- SHORT-TERM INVESTMENTS (1.29%) 765,000 AT&T Corporation 5.70% due 10/01/1996........................ 765,000 765,000 ----------- ----------- TOTAL INVESTMENTS (99.38%)......... $59,878,663* 58,882,401** =========== Other assets in excess of liabilities (0.62%)............... 366,354 ----------- Net assets (100.00%)............... $59,248,755 ===========
17 SoGen Gold Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) - ----------- (a) Non-income producing security. (b) Can only be sold to qualified institutional buyers. (c) Commodity-linked security whereby the coupon, dividend and/or redemption amount is linked to the price of an underlying commodity. (d)Security for which there are less than three market makers. *At September 30, 1996 cost is identical for both book and federal income tax purposes. ** Gross unrealized appreciation and depreciation of securities at September 30, 1996 were $5,934,882 and $6,931,144, respectively. (Net depreciation was $996,262.) BOND TYPE - --------- FRN --Floating Rate Note - --------- See Notes to Financial Statements. 18 SoGen Money Fund SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
CREDIT PRINCIPAL COST VALUE RATING+ AMOUNT (NOTE 1) (NOTE 1) ------- --------- -------- -------- COMMERCIAL PAPER (100.03%) A1+ $540,000 AT&T Corp. 5.70% due 10/01/1996. $ 540,000 $ 540,000 A1+ 485,000 The Dun & Bradstreet Corporation 5.35% due 10/01/1996........... 485,000 485,000 A1+ 532,000 The Gillette Company 5.85% due 10/01/1996..................... 532,000 532,000 A1 500,000 Sonoco Products Company 5.85% due 10/01/1996................. 500,000 500,000 A1+ 225,000 Prudential Funding Corporation 5.37% due 10/02/1996........... 224,966 224,966 A1 620,000 Raytheon Company 5.33% due 10/03/1996..................... 619,816 619,816 A1 255,000 Ford Motor Credit Company 5.40% due 10/04/1996................. 254,885 254,885 A1+ 500,000 Sandoz Corp. 5.35% due 10/04/1996..................... 499,777 499,777 A1+ 631,000 Knight-Ridder, Inc. 5.33% due 10/07/1996..................... 630,440 630,440 A1+ 600,000 The Southland Corporation 5.38% due 10/07/1996................. 599,462 599,462 A1+ 500,000 Merrill Lynch & Co., Inc. 5.36% due 10/08/1996................. 499,479 499,479 A1 300,000 Ford Motor Credit Company 5.28% due 10/09/1996................. 299,648 299,648 A1 600,000 PepsiCo, Inc. 5.30% due 10/10/1996..................... 599,205 599,205 A1 623,000 Kubota Finance (U.S.A.), Inc. 5.43% due 10/11/1996........... 622,060 622,060 A1+ 610,000 Gaz De France 5.32% due 10/15/1996..................... 608,738 608,738 A1 500,000 ITT Hartford Group, Inc. 5.30% due 10/15/1996................. 498,970 498,970 A1 600,000 Smithkline Beecham Corporation 5.28% due 10/15/1996........... 598,768 598,768 A1+ 400,000 Vulcan Materials 5.33% due 10/16/1996..................... 399,112 399,112 A1 395,000 Pearson, Inc. 5.35% due 10/18/1996..................... 394,002 394,002 A1 500,000 Toshiba Capital (Asia) Ltd. 5.45% due 10/22/1996........... 498,410 498,410 A1 451,000 Brown-Forman Corp. 5.33% due 10/28/1996..................... 449,197 449,197 A1 550,000 H.J. Heinz Company 5.30% due 10/31/1996..................... 547,571 547,571 A1 500,000 Akzo Nobel, Inc. 5.38% due 11/04/1996..................... 497,460 497,460 ----------- ----------- TOTAL COMMERCIAL PAPER.......... $11,398,966* 11,398,966 =========== Other liabilities in excess of assets (-0.03%)................ (3,571) ----------- Net assets (100.00%)............ $11,395,395 ===========
- ----------- * At September 30, 1996 cost is identical for both book and federal income tax purposes. + Credit ratings given by Standard & Poor's Corporation. An A1+ or A1 rating indicates a short-term instrument of the highest quality. - ----------- See Notes to Financial Statements. 19 SoGen Funds, Inc. STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1996 (UNAUDITED)
SOGEN SOGEN SOGEN OVERSEAS FUND GOLD FUND MONEY FUND ------------- ----------- ----------- ASSETS: Investments, at value (cost: $702,985,752, $59,878,663 and $11,398,966, respectively (Note 1).................... $748,380,991 $58,882,401 $11,398,966 Cash...................................... 339,521 12,990 1,184 Receivable for forward currency contracts held, at value (Notes 1 and 6)........... 222,513,851 284,351 -- Receivable for investment securities sold. 473,325 384,177 -- Receivable for Fund shares sold........... 3,608,922 202,791 75,000 Accrued interest and dividends receivable. 4,611,706 131,591 -- Deferred organization costs (Note 1)...... 10,611 10,627 10,604 Prepaid expenses and other assets......... 14,433 6,417 5,420 ------------ ----------- ----------- TOTAL ASSETS......................... 979,953,360 59,915,345 11,491,174 ------------ ----------- ----------- LIABILITIES: Payable for forward currency contracts held, at value (Notes 1 and 6)........... 217,743,736 284,423 -- Payable for investment securities purchased................................ 2,976,931 -- -- Payable for Fund shares redeemed.......... 850,014 228,191 39,470 Investment advisory fees payable (Note 2). 413,516 33,109 27,994 Distribution fees payable (Note 3)........ 457,788 38,368 -- Directors' fees payable (Note 2).......... 15,212 1,420 338 Accrued expenses and other liabilities.... 522,725 81,079 27,977 ------------ ----------- ----------- TOTAL LIABILITIES.................... 222,979,922 666,590 95,779 ------------ ----------- ----------- NET ASSETS: Capital stock (par value, $0.001 per share)................................... 54,961 5,208 11,395 Capital surplus........................... 662,995,767 60,623,922 11,384,000 Net unrealized appreciation (depreciation) on: Investments............................... 45,395,239 (996,262) -- Forward currency contracts................ 4,770,115 (72) -- Foreign currency related transactions..... (4,012) 559 -- Undistributed net realized gain (loss) on investments.............................. 19,151,038 (403,389) -- Undistributed net investment income....... 24,610,330 18,789 -- ------------ ----------- ----------- NET ASSETS (Note 1).................. $756,973,438 $59,248,755 $11,395,395 ============ =========== =========== NET ASSET VALUE PER SHARE (NAV) (based on 54,961,082, 5,207,730 and 11,395,395 shares outstanding, respectively; 1,000,000,000 shares authorized) (Note 5). $ 13.77 $ 11.38 $ 1.00 ============ =========== =========== MAXIMUM OFFERING PRICE PER SHARE (NAV/96.25%; except SoGen Money Fund)..... $ 14.31 $ 11.82 $ 1.00 ============ =========== ===========
- ----------- See Notes to Financial Statements. 20 SoGen Funds, Inc. STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
SOGEN SOGEN SOGEN OVERSEAS FUND GOLD FUND MONEY FUND ------------- ----------- ---------- INVESTMENT INCOME: Income: Interest (net of $14,246 and $0 foreign taxes withheld, respectively).......... $ 6,142,701 $ 224,723 $275,129 Dividends (net of $616,137 and $12,349 foreign taxes withheld, respectively).. 8,625,727 681,347 -- ----------- ----------- -------- Total income from operations........... 14,768,428 906,070 275,129 ----------- ----------- -------- Expenses: Investment advisory fees (Note 2)....... 2,663,701 234,208 20,573 Distribution fees (Note 3).............. 889,430 78,121 -- Shareholder servicing agent fees........ 520,541 98,662 10,491 Custodian fees.......................... 382,751 20,447 10,327 Registration and filing fees............ 50,198 7,530 2,507 Printing................................ 37,974 3,839 853 Audit fees.............................. 20,079 14,055 7,020 Directors' fees (Note 2)................ 16,083 1,627 361 Legal fees.............................. 6,701 678 150 Insurance............................... 9,507 1,834 554 Amortization of deferred organization costs (Note 1)......................... 2,652 2,652 2,659 Miscellaneous........................... 20,079 1,506 251 ----------- ----------- -------- Total expenses from operations......... 4,619,696 465,159 55,746 ----------- ----------- -------- Advisory fees waived (Note 2)........... -- -- (16,265) Expense reduction due to earnings credits (Note 1)....................... (24,833) (3,654) (764) ----------- ----------- -------- Net expenses from operations........... 4,594,863 461,505 38,717 ----------- ----------- -------- Net investment income (Note 1).......... 10,173,565 444,565 236,412 ----------- ----------- -------- REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS (NOTES 1 AND 6): Net realized gains (losses) from: Investment transactions................. 12,405,547 (621,865) -- Foreign currency related transactions... 8,371,070 (17,762) -- ----------- ----------- -------- 20,776,617 (639,627) -- ----------- ----------- -------- Change in unrealized appreciation (depreciation) of: Investments............................. (5,695,811) (4,467,916) -- Foreign currency related transactions... 806,147 (1,883) -- ----------- ----------- -------- (4,889,664) (4,469,799) -- ----------- ----------- -------- Net gain (loss) on investments and foreign currency related transactions.. 15,886,953 (5,109,426) -- ----------- ----------- -------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS............... $26,060,518 ($4,664,861) $236,412 =========== =========== ========
- ----------- See Notes to Financial Statements. 21 SoGen Funds, Inc. STATEMENTS OF CHANGES IN NET ASSETS
SOGEN SOGEN SOGEN OVERSEAS FUND GOLD FUND MONEY FUND --------------------------- ------------------------- ------------------------- Six Months Six Months Six Months Ended Year Ended Year Ended Year September 30, Ended September 30, Ended September 30, Ended 1996 March 31, 1996 March 31, 1996 March 31, (Unaudited) 1996 (Unaudited) 1996 (Unaudited) 1996 ------------- ------------ ------------- ----------- ------------- ----------- OPERATIONS: Net investment income.. $ 10,173,565 $ 17,618,570 $ 444,565 $ 673,481 $ 236,412 $ 551,332 Net realized gain (loss) from investments and foreign currency related transactions.. 20,776,617 16,541,555 (639,627) 1,358,326 -- -- Increase (decrease) in unrealized appreciation (depreciation) of investments and foreign currency related transactions.. (4,889,664) 59,010,191 (4,469,799) 4,834,945 -- -- ------------ ------------ ----------- ----------- ----------- ----------- Net increase (decrease) in net assets resulting from operations........... 26,060,518 93,170,316 (4,664,861) 6,866,752 236,412 551,332 ------------ ------------ ----------- ----------- ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS: Dividends paid from net investment income..... -- (18,088,125) -- (1,451,019) (236,412) (551,332) Distributions paid from net realized gains from investment transactions.......... -- (7,143,433) -- (1,141,579) -- -- ------------ ------------ ----------- ----------- ----------- ----------- Decrease in net assets resulting from distributions........ -- (25,231,558) -- (2,592,598) (236,412) (551,332) ------------ ------------ ----------- ----------- ----------- ----------- FUND SHARE TRANSACTIONS (NOTE 5): Net proceeds from shares sold........... 173,077,182 285,702,785 35,644,604 67,101,079 56,484,528 58,029,190 Net asset value of shares issued for reinvested dividends and distributions..... -- 24,206,934 -- 2,424,804 219,332 504,395 Cost of shares redeemed.............. (89,561,921) (169,680,986) (34,992,273) (61,460,709) (53,795,449) (60,491,179) ------------ ------------ ----------- ----------- ----------- ----------- Increase (decrease) in net assets from Fund share transactions... 83,515,261 140,228,733 652,331 8,065,174 2,908,411 (1,957,594) ------------ ------------ ----------- ----------- ----------- ----------- Net increase (decrease) in net assets.............. 109,575,779 208,167,491 (4,012,530) 12,339,328 2,908,411 (1,957,594) NET ASSETS (NOTE 1): Beginning of period.... 647,397,659 439,230,168 63,261,285 50,921,957 8,486,984 10,444,578 ------------ ------------ ----------- ----------- ----------- ----------- End of period (including undistributed (overdis-tributed) net investment income of $24,610,330, $6,065,695, $18,789, ($408,014), $0 and $0, respectively)......... $756,973,438 $647,397,659 $59,248,755 $63,261,285 $11,395,395 $ 8,486,984 ============ ============ =========== =========== =========== ===========
- ----------- See Notes to Financial Statements. 22 SoGen Funds, Inc. NOTES TO FINANCIAL STATEMENTS NOTE 1--SIGNIFICANT ACCOUNTING POLICIES SoGen Overseas Fund, SoGen Gold Fund and SoGen Money Fund are three separate portfolios of SoGen Funds, Inc. (the "Company"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (each individually a "Fund" or collectively the "Funds"). The following is a summary of significant accounting policies adhered to by the Funds. A) SECURITY VALUATION--In the case of SoGen Overseas Fund and SoGen Gold Fund, portfolio securities are valued based on market quotations where available. Short-term investments maturing in sixty days or less are valued at cost plus interest earned, which approximates value. In the case of SoGen Money Fund, portfolio securities are valued at their amortized cost, which approximates market value, subject to guidelines and procedures established by the Board of Directors in accordance with applicable SEC regulations. Securities for which current market quotations are not readily available and any restricted securities are valued at fair value as determined in good faith by the Board of Directors. B) DEFERRED ORGANIZATION COSTS AND PREPAID EXPENSES--Costs incurred in connection with the organization of the Funds have been paid initially by Societe Generale Asset Management Corp. ("SOGEN A.M. Corp."), investment adviser to the Funds. These cost are amortized on a straight-line basis over a sixty-month period from the date each Fund commences investment operations. C) SECURITY TRANSACTIONS AND INCOME--Security transactions are accounted for on a trade date basis. The specific identification method is used in determining realized gains and losses from security transactions. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. In computing investment income, each Fund amortizes discounts on debt obligations; however, premiums are not amortized. D) EXPENSES--Expenses arising in connection with a Fund are charged directly to that Fund. Expenses common to all Funds are allocated to each Fund in proportion to its relative net assets. Earnings credits reduce custodian fees and shareholder servicing agent fees by the amount of interest earned on balances with such service providers. E) FOREIGN CURRENCY TRANSLATION (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)-- The market values of securities which are not traded in U.S. 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 23 SoGen Funds, Inc. NOTES TO FINANCIAL STATEMENTS (continued) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued) 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 each of SoGen Overseas Fund and SoGen Gold Fund are presented at the foreign exchange rates and market values at the close of the period. Neither Fund isolates that portion of gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices of the equity securities. However, for federal income tax purposes each Fund does isolate the effect of changes in foreign exchange rates from the changes in market prices for realized gains and losses on debt obligations. F) FORWARD CURRENCY CONTRACTS (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND)--In connection with portfolio purchases and sales of securities denominated in foreign currencies, SoGen Overseas Fund and SoGen Gold Fund may enter into forward currency contracts. Additionally, each Fund may enter into such contracts to hedge certain other foreign currency denominated investments. These contracts are valued at current market, and the related realized and unrealized foreign exchange gains and losses are included in the statement of operations. In the event that counterparties fail to settle these currency contracts or the related foreign security trades, a Fund could be exposed to foreign currency fluctuations. G) U.S. INCOME TAXES--No provision has been made for U.S. federal income taxes since it is the intention of each Fund to distribute to shareholders all taxable net investment income and net realized gains on investments, if any, within the allowable time limit, and to comply with the provisions of the Internal Revenue Code for a regulated investment company. SoGen Overseas Fund and SoGen Gold Fund declare and pay such income dividends and capital gains distributions on an annual basis. SoGen Money Fund declares daily dividends, equivalent to net investment income, which are paid on a monthly basis. H) RECLASSIFICATION OF CAPITAL ACCOUNTS--On the statements of assets and liabilities, as a result of certain differences in the computation of net investment income and net realized capital gains under federal income tax rules and regulations versus generally accepted accounting principles, a reclassification has been made to increase (decrease) undistributed net investment income and decrease (increase) undistributed net realized gains on investments in the amounts of $8,371,070 and ($17,762) for SoGen Overseas Fund and SoGen Gold Fund, respectively. 24 SoGen Funds, Inc. NOTES TO FINANCIAL STATEMENTS (continued) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued) I) USE OF ESTIMATES--The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH AFFILIATED PERSONS Under the terms of an investment advisory agreement dated August 17, 1993, each Fund pays SOGEN A.M. Corp. a monthly advisory fee for advisory services and facilities furnished, at an annual rate of the average daily net assets of that Fund as follows: SoGen Overseas Fund at 0.75%, SoGen Gold Fund at 0.75% and SoGen Money Fund at 0.40%. SOGEN A.M. Corp. has agreed to waive its advisory fee and, if necessary, reimburse SoGen Money Fund through July 31, 1996 to the extent that SoGen Money Fund's aggregate expenses exceed 0.75%. Expense reimbursements are accrued daily and paid monthly. For the six months ended September 30, 1996, the investment advisory fees paid or payable to SOGEN A.M. Corp. were $2,663,701 and $234,208 for SoGen Overseas Fund and SoGen Gold Fund, respectively. For the same period, $16,265 of the investment advisory fee of $20,573 for SoGen Money Fund was waived by SOGEN A.M. Corp. For the six months ended September 30, 1996, Societe Generale Securities Corporation ("SGSC"), the principal underwriter, realized $191,413 and $33,797 in dealer's and underwriter's commissions, after reallowance to others, pertaining to the sale of shares of SoGen Overseas Fund and SoGen Gold Fund, respectively. Societe Generale, a stockholder of SOGEN A.M. Corp..... and SGSC, received dealer's commissions of $7,719 and $0 pertaining to the sale of shares of SoGen Overseas Fund and SoGen Gold Fund, respectively. For the same period, Societe Generale or its affiliates received $34,821 and $0 in broker's commissions for portfolio transactions executed on behalf of SoGen Overseas Fund and SoGen Gold Fund, respectively. Each director who is not an officer of the Company or an employee of SOGEN A.M. Corp., SGSC or its corporate affiliates is paid an annual fee of $6,000 plus $1,000 for each meeting attended. For the six months ended September 30, 1996, such fees amounted to $16,083, $1,627 and $361 for SoGen Overseas Fund, SoGen Gold Fund and SoGen Money Fund, respectively. 25 SoGen Funds, Inc. NOTES TO FINANCIAL STATEMENTS (continued) NOTE 3--PLAN OF DISTRIBUTION (SOGEN OVERSEAS FUND AND SOGEN GOLD FUND) The Company has entered into a Distribution Plan and Agreement ("the Plan") with SGSC, pursuant to the provisions of Rule 12b-1 under the Investment Company Act of 1940, whereby SoGen Overseas Fund and SoGen Gold Fund pay SGSC quarterly, a distribution fee at an annual rate of up to 0.25% of each Fund's average daily net assets. Under the Plan, SGSC must apply the full amounts received from a Fund to actual distribution expenses incurred during the Fund's fiscal year, including the payment of fees to dealers selling shares of the Fund, the payment of advertising costs and the payment for the printing and distribution of prospectuses to prospective investors. SGSC bears distribution costs of a Fund to the extent they exceed payments received under the Plan. For the six months ended September 30, 1996, the distribution fees paid or payable to SGSC by SoGen Overseas Fund and SoGen Gold Fund were $889,430 and $78,121, respectively. NOTE 4--PURCHASES AND SALES OF SECURITIES During the six months ended September 30, 1996, the aggregate cost of purchases of investments, excluding short-term securities, totaled $110,814,902 and $5,748,736 for SoGen Overseas Fund and SoGen Gold Fund, respectively, and proceeds from sales of investments, excluding short-term securities, totaled $51,784,357 and $4,997,311 for SoGen Overseas Fund and SoGen Gold Fund, respectively. NOTE 5--CAPITAL STOCK Transactions in shares of capital stock were as follows:
SOGEN SOGEN SOGEN OVERSEAS GOLD MONEY FUND FUND FUND ----------- ---------- ----------- SIX MONTHS ENDED SEPTEMBER 30, 1996 Shares sold............................. 12,742,652 3,000,358 56,484,528 Shares issued for reinvested dividends and distributions..................... -- -- 219,332 Shares redeemed......................... (6,609,304) (2,955,610) (53,795,449) ----------- ---------- ----------- Net increase........................... 6,133,348 44,748 2,908,411 =========== ========== =========== YEAR ENDED MARCH 31, 1996 Shares sold............................. 22,642,622 5,549,322 58,029,190 Shares issued for reinvested dividends and distributions..................... 1,971,400 223,462 504,395 Shares redeemed......................... (13,470,520) (5,124,862) (60,491,179) ----------- ---------- ----------- Net increase (decrease)................ 11,143,502 647,922 (1,957,594) =========== ========== ===========
26 SoGen Funds, Inc. NOTES TO FINANCIAL STATEMENTS (continued) NOTE 6--COMMITMENTS As of September 30, 1996, SoGen Overseas Fund and SoGen Gold Fund had entered into forward currency contracts, as summarized below, resulting in net unrealized appreciation (depreciation) of $4,770,115 and ($72), respectively.
U.S. $ U.S. $ SETTLEMENT VALUE AT VALUE AT DATES CURRENCY TO SEPTEMBER 30, CURRENCY TO SEPTEMBER 30, THROUGH BE DELIVERED 1996 BE RECEIVED 1996 - ---------- ------------ ------------- ----------- ------------- SOGEN OVERSEAS FUND: 10/07/96 1,150,320 Austrian Schilling $ 107,226 108,032 U.S. Dollar $ 108,032 10/03/96 713,461 U.S. Dollar 713,461 895,624 Swiss Franc 714,214 12/27/96 27,985,000 Swiss Franc 22,524,676 22,863,848 U.S. Dollar 22,863,848 10/01/96 216,591 U.S. Dollar 216,591 329,325 Deutsche Mark 215,958 1/03/97 51,794,500 Deutsche Mark 34,126,008 34,745,718 U.S. Dollar 34,745,718 10/31/96 885,834 U.S. Dollar 885,834 4,558,665 French Franc 882,812 1/10/97 446,296,000 French Franc 86,826,394 87,829,194 U.S. Dollar 87,829,194 10/04/96 300,861 U.S. Dollar 300,861 192,587 British Pound 301,543 10/03/96 63,777 U.S. Dollar 63,777 7,099,606 Japanese Yen 63,757 1/17/97 7,442,350,000 Japanese Yen 67,520,521 70,415,076 U.S. Dollar 70,415,076 10/02/96 1,907,953 Norwegian Krone 293,599 293,633 U.S. Dollar 293,633 12/16/96 5,085,000 New Zealand Dollar 3,584,671 3,500,942 U.S. Dollar 3,500,942 10/03/96 580,117 U.S. Dollar 580,117 3,838,983 Swedish Krona 579,124 ------------ ------------ $217,743,736 $222,513,851 ============ ============ SOGEN GOLD FUND: 10/05/96 359,460 Australian Dollar $ 284,423 284,351 U.S. Dollar $ 284,351 ============ ============
27 SoGen Funds, Inc. FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEAR YEAR PERIOD FROM SEPTEMBER 30, 1996 ENDED ENDED AUGUST 31, 1993 (UNAUDITED) MARCH 31, 1996 MARCH 31, 1995 TO MARCH 31, 1994 ------------------ -------------- -------------- ----------------- SOGEN OVERSEAS FUND SELECTED PER SHARE DATA Net asset value, beginning of period.... $ 13.26 $ 11.65 $ 11.54 $ 10.00 -------- -------- -------- -------- Income from investment operations: Net investment income (loss)................ 0.32 0.48 0.14 (0.01) Net realized and unrealized gains on investments........... 0.19 1.74 0.04 1.55 -------- -------- -------- -------- Total from investment operations............ 0.51 2.22 0.18 1.54 -------- -------- -------- -------- Less distributions: Dividends from net investment income..... -- (0.44) (0.05) -- Distributions from capital gains......... -- (0.17) (0.02) -- -------- -------- -------- -------- Total distributions.... -- (0.61) (0.07) -- -------- -------- -------- -------- Net asset value, end of period................. $ 13.77 $ 13.26 $ 11.65 $ 11.54 ======== ======== ======== ======== TOTAL RETURN++.......... 7.69%* 19.47% 1.56% 15.35%++ RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000's)......... $756,973 $647,398 $439,230 $119,843 Ratio of operating expenses to average net assets................. 1.29%*# 1.37%# 1.40% 1.72%* Ratio of net investment income to average net assets................. 2.86%*# 3.31%# 2.29% (0.23%)* Portfolio turnover rate. 8.16% 9.46% 3.16% 6.11% Average commission rate paid+++................ $ 0.0050 $ 0.0190 -- -- SIX MONTHS ENDED YEAR YEAR PERIOD FROM SEPTEMBER 30, 1996 ENDED ENDED AUGUST 31, 1993 (UNAUDITED) MARCH 31, 1996 MARCH 31, 1995 TO MARCH 31, 1994 ------------------ -------------- -------------- ----------------- SOGEN GOLD FUND SELECTED PER SHARE DATA Net asset value, beginning of period.... $ 12.25 $ 11.28 $ 11.42 $ 10.00 -------- -------- -------- -------- Income from investment operations: Net investment income (loss)................ 0.08 0.24 0.08 (0.01) Net realized and unrealized gains (losses) on investments........... (0.95) 1.35 (0.10) 1.43 -------- -------- -------- -------- Total from investment operations............ (0.87) 1.59 (0.02) 1.42 -------- -------- -------- -------- Less distributions: Dividends from net investment income..... -- (0.35) (0.04) -- Distributions from capital gains......... -- (0.27) (0.08) -- -------- -------- -------- -------- Total distributions.... -- (0.62) (0.12) -- -------- -------- -------- -------- Net asset value, end of period................. $ 11.38 $ 12.25 $ 11.28 $ 11.42 ======== ======== ======== ======== TOTAL RETURN++.......... (14.20%)* 14.81% (0.14%) 14.15%++ RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000's)......... $59,249 $63,261 $50,922 $22,406 Ratio of operating expenses to average net assets................. 1.48%*# 1.41%# 1.46% 2.27%* Ratio of net investment income to average net assets................. 1.42%*# 1.29%# 0.79% (0.32%)* Portfolio turnover rate. 8.19% 22.40% 11.56% 4.55% Average commission rate paid+++................ $ 0.0005 $ 0.0002 -- --
- ----------- See Notes to Financial Statements. 28 SoGen Funds, Inc. FINANCIAL HIGHLIGHTS (continued)
SIX MONTHS ENDED YEAR YEAR PERIOD FROM SEPTEMBER 30, 1996 ENDED ENDED AUGUST 31, 1993 (UNAUDITED) MARCH 31, 1996 MARCH 31, 1995 TO MARCH 31, 1994 ------------------ -------------- -------------- ----------------- SOGEN MONEY FUND SELECTED PER SHARE DATA Net asset value, beginning of period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 ------- ------ ------- ------ Income from investment operations: Net investment income.. 0.02 0.05 0.04 0.01 Net realized and unrealized gains on investments........... -- -- -- -- ------- ------ ------- ------ Total from investment operations............ 0.02 0.05 0.04 0.01 ------- ------ ------- ------ Less distributions: Dividends from net investment income..... (0.02) (0.05) (0.04) (0.01) Distributions from capital gains......... -- -- -- -- ------- ------ ------- ------ Total distributions.... (0.02) (0.05) (0.04) (0.01) ------- ------ ------- ------ Net asset value, end of period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======= ====== ======= ====== TOTAL RETURN............ 4.49%* 5.03% 4.13% 1.25%++ RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000's)......... $11,395 $8,487 $10,445 $6,392 Ratio of operating expenses to average net assets................. 0.75%*+ 0.75%+ 0.75%+ 0.75%*+ Ratio of net investment income to average net assets................. 4.60%*+ 4.98%+ 4.14%+ 2.18%*+
- ----------- * Annualized. # The ratios of operating expenses to average net assets and net investment income to average net assets for the six months ended September 30, 1996 for SoGen Overseas Fund would have been 1.30% and 2.86%, respectively, and for SoGen Gold Fund 1.49% and 1.41%, respectively, without the effect of the earnings credits. The ratios of operating expenses to average net assets and net investment income to average net assets for the year ended March 31, 1996 for SoGen Overseas Fund would have been 1.38% and 3.30%, respectively, and for SoGen Gold Fund 1.43% and 1.26%, respectively, without the effect of the earnings credits. + The ratios (annualized in the case of a partial year) of operating expenses to average net assets and net investment income to average net assets of SoGen Money Fund would have been 1.08% and 4.27%, respectively, for the six months ended September 30, 1996; 0.97% and 4.76%, respectively, for the year ended March 31, 1996; 1.55% and 3.34%, respectively, for the year ended March 31, 1995; and 4.00% and (1.07%), respectively, for the period August 31, 1993 to March 31, 1994 without the effect of the earnings credits and the investment advisory fee waiver and expense reimbursement provided by SOGEN A.M. Corp. ++ Total returns disclosed for the period ended March 31, 1994 are not annualized. Annualized total returns for the period ended March 31, 1994 were 26.40%, 24.34% and 2.14% for SoGen Overseas Fund, SoGen Gold Fund and SoGen Money Fund, respectively. ++ Does not give effect to deduction of the sales load. +++ Average commission rate paid is expressed on a per share basis. Not all commissions are computed on a per share basis; therefore, commissions expressed as a percentage of transactions may be higher. Due to the new Securities and Exchange Commission disclosure guidelines, average commissions per share are calculated only for periods subsequent to the year ended March 31, 1995 . - ----------- See Notes to Financial Statements. 29 SoGen Funds, Inc. 1221 AVENUE OF THE AMERICAS NEW YORK, NY 10020 DIRECTORS AND OFFICERS DIRECTORS Dominique Raillard Philippe Collas Nathan Snyder Jean-Marie Eveillard Fred J. Meyer OFFICERS Philippe Collas...........................................Chairman of the Board Jean-Marie Eveillard..................................................President Philip J. Bafundo.......................Vice President, Secretary and Treasurer Elizabeth Tobin..........................Vice President and Assistant Secretary Ignatius Chithelen...............................................Vice President Edwin S. Olsen...................................................Vice President Catherine A. Shaffer.............................................Vice President Charles de Vaulx.................................................Vice President Lynn L. Chin...................Assistant Vice President and Assistant Treasurer Richard M. Boyer.......................................Assistant Vice President John L. DeVita.........................................Assistant Vice President Howard C. Monaghan.....................................Assistant Vice President INVESTMENT ADVISER UNDERWRITER Societe Generale Asset Management Corp. Societe Generale Securities Corporation 1221 Avenue of the Americas 1221 Avenue of the Americas New York, NY 10020 New York, NY 10020 LEGAL COUNSEL INDEPENDENT AUDITORS Dechert Price & Rhoads KPMG Peat Marwick LLP 477 Madison Avenue 345 Park Avenue New York, NY 10022 New York, NY 10154 DOMESTIC CUSTODIAN GLOBAL CUSTODIAN Investors Fiduciary Trust Company The Chase Manhattan Bank, N.A. 127 West 10th Street 4 Chase MetroTech Center Kansas City, MO 64105 Brooklyn, NY 11245 SHAREHOLDER SERVICING AGENT DST Systems, Inc. 1004 Baltimore Kansas City, MO 64105 (800) 334-2143 The financial information included herein is taken from the records of the Company without examination by the Company's independent auditors, who do not express an opinion thereon. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of SoGen Funds, Inc. SoGen Funds, Inc. [ART] 1221 Avenue of the Americas New York, NY 10020 SGF4 -----END PRIVACY-ENHANCED MESSAGE-----