SoGen
International
Fund, Inc.
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[LOGO]
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Twenty-Seventh
Annual Report
March 31, 1997
SoGen International Fund, Inc.
THE PRESIDENT'S LETTER
Dear Shareholder:
Over the past fifteen years (March 31, 1982 to March 31, 1997) the value of
an investment in your Fund increased at a compounded average annual rate of
16.1%. Over the past ten and five years, the rates were 10.6% and 13.0%,
respectively. Over the past twelve months, the rate was 9.5%.*
In its February 3, 1997 cover issue on mutual funds, Business Week awarded
your Fund the highest rating for risk-adjusted performance over the past five
years.
As of March 31, 1997 your Fund's net assets, on an economic basis, were
invested as follows:
<TABLE>
<S> <C>
U.S. stocks (/1/) 22.5%
Foreign stocks (/1/) 33.4
U.S. dollar bonds 12.5
Foreign currency bonds 4.0
Gold-related securities 5.8
U.S. dollar cash and
equivalents (/2/) 21.8
-----
100.0%
=====
</TABLE>
(/1/)Includes convertible bonds with moderate premia.
-----------
(/2/)Includes floating rate securities.
The ten largest equity holdings were Freeport McMoRan Copper & Gold, Inc.,
Preferred Series "B', "C' and "D' (gold and silver-related securities);
Buderus AG (German heating products company); Fuji Photo Film Co., Ltd.
(Japanese film and imaging company); Bank for International Settlements, U.S.
and French Tranches (the central banks' central bank, with some gold assets);
CDL Hotels International Limited (Hong Kong listed hotel chain operating
worldwide); Manpower, Inc. (U.S. multi-national temporary employment company);
Catellus Development Corporation (U.S. real estate operating company based in
California); Compagnie Generale des Eaux (French water distribution, energy
and communications conglomerate); Legrand ADP (French low-voltage electrical
fittings manufacturer); and Lawter International Inc. (U.S. specialty
chemicals company).
In our opinion, and speaking generally, equity prices are high in many
countries, including the U.S. As a result, our cash position is still slightly
above 20% of net assets. Admittedly, that has not helped returns, but we look
at the cash equivalents as a protection against a downturn and as a reserve
available to take advantage of potential buying opportunities.
Some of our equity purchases in recent months have been in Japan, which has
endured a seven-year bear market, and in Continental Europe, where securities
tend to be more inefficiently priced than in the United States.
Keith Lane-Zucker and Charles-Edouard de Lardemelle have joined our
securities analysis team.
Sincerely yours,
/s/ Jean-Marie Eveillard
Jean-Marie Eveillard
President
April 28, 1997
*These figures assume the immediate reinvestment of all dividends and
distributions and do not give effect to the deduction of the Fund's sales load
(see the "Investment Results" section of this report for further information).
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, 1997
---------------------------------------------------
1 Year 5 Years 10 Years
------ ------- --------
5.37% 12.16% 10.19%
SoGen JP Morgan Global
International MSCI World Government Bond Consumer Price
Fund, Inc. Index Index Index
3/31/87 9,624 10,000 10,000 10,000
3/31/88 9,552 10,580 11,012 10,383
3/31/89 10,699 11,952 11,085 10,890
3/31/90 11,995 11,678 11,698 11,451
3/31/91 12,718 12,423 13,387 12,012
3/31/92 14,312 12,288 15,095 12,395
3/31/93 16,440 13,770 17,097 12,778
3/31/94 19,645 15,631 18,179 13,099
3/31/95 20,160 17,089 20,375 13,473
3/31/96 24,107 20,510 21,718 13,856
3/31/97 26,393 22,428 22,175 14,239
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 assumes 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
SoGen International Fund, Inc.
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
Over the past twelve months U.S. stocks continued to rise, making it
increasingly difficult to find undervalued investment opportunities.
Consequently, U.S. holdings remained stable, representing 22.5% of net assets
at March 31, 1997. European markets, where the Fund holds a major portion of
its foreign stock exposure, were generally strong performers against a
background of low inflation, declining interest rates and improved economic
outlook. The evolution of monetary union negotiations impacted the volatility
of certain European markets, but overall, European stock prices rose sharply in
local currency terms, more specifically in the second half of the Fund's fiscal
year. The dollar strengthened considerably against major foreign currencies but
this did not severely impact the value of the Fund's foreign holdings (33.4% of
net assets) given that some foreign currency hedges were in place throughout
the year. Meanwhile, the Japanese market continued to be a disappointment, the
consequence of a lackluster economic recovery and continued concerns over the
health of the financial sector. Accordingly, the Fund selectively bought
additional Japanese stocks as prices declined.
As always, the Fund maintained a limited exposure to emerging markets. The
Fund's fixed income securities (16.5% of net assets) continued to provide
satisfactory total returns, in the past few months, a few U.S. Treasuries were
added to the portfolio. The performance of gold-related securities (5.8% of net
assets) was poor, reflecting the decline in the price of gold over the period.
By year-end, cash and equivalents had risen to approximately 22% of net assets.
3
SoGen International Fund, Inc.
SUMMARY OF FUND DATA
The table below covers the period from April 28, 1970 to March 31, 1997. The
results shown should not be considered as a representation of the dividend
income or capital gain or loss which may be realized from an investment made
in the Fund today. The amounts shown in the capital gains distribution and
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
</TABLE>
----------------------
* The calculation is based on an assumed investment in one share with income
dividends and capital gains distributions reinvested in additional shares.
(No adjustment has been made for any income taxes payable by shareholders
on such dividends and distributions.)
** For the years which are alphabetically annotated, the capital gains include
net short-term capital gains in the amounts of: (a) $1.47, (b) $0.225, (c)
$0.92, (d) $1.20, (e) $0.35, (f) $0.20, (g) $0.57, (h) $0.13, (i) $0.23,
(j) $0.08, (k) $0.14, (l) $0.07, (m) $0.05, (n) $0.17, (o) $0.11 and (p)
$0.07 per share.
4
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
GOLD RELATED (1.99%)
686,000 Freeport McMoRan Copper & Gold
Inc., Preferred
Series "C' (d)................. $ 23,632,725 $ 20,494,250
558,500 Freeport McMoRan Copper & Gold
Inc., Preferred
Series "B' (d)................. 20,383,709 17,522,938
465,000 Freeport McMoRan Copper & Gold
Inc., Preferred
Series "D' (d)................. 9,709,266 9,183,750
175,144 Newmont Mining Corporation...... 6,382,248 6,786,830
4,615 Case, Pomeroy & Co., Inc. Class
"A'............................ 4,453,130 5,556,460
185,000 The Pioneer Group, Inc.......... 5,035,031 4,786,875
300,000 Homestake Mining Company........ 5,748,184 4,537,500
235,000 Santa Fe Pacific Gold
Corporation.................... 3,727,484 3,877,500
250,000 Handy & Harman.................. 3,979,276 3,750,000
175,000 Amax Gold Inc. (a).............. 1,243,694 1,181,250
-------------- --------------
84,294,747 77,677,353
-------------- --------------
METALS AND MINERALS (0.57%)
245,000 Reynolds Metals Company......... 12,337,295 15,190,000
90,000 ASARCO Incorporated............. 2,148,000 2,531,250
70,000 Alumax, Inc. (a)................ 1,342,935 2,423,750
85,000 Cyprus Amax Minerals Company.... 1,858,699 2,018,750
-------------- --------------
17,686,929 22,163,750
-------------- --------------
ENERGY (3.10%)
3,165,000 San Juan Basin Royalty Trust
(c)............................ 20,891,818 24,133,125
725,000 Weatherford Enterra, Inc. (a)... 14,922,317 21,296,875
550,000 Rowan Companies, Inc. (a)....... 4,186,651 12,443,750
255,000 Murphy Oil Corporation.......... 10,678,820 11,985,000
245,000 Burlington Resources Inc........ 9,295,482 10,473,750
185,000 ENSCO International Incorporated
(a)............................ 3,013,001 9,111,250
545,000 Santa Fe Energy Resources, Inc.
(a)............................ 5,313,801 7,561,875
465,000 North European Oil Royalty Trust
(c)............................ 7,517,232 6,277,500
1,050,000 Kaneb Services, Inc. (a)........ 3,460,022 4,200,000
104,455 Patina Oil & Gas Corporation
$1.78 Conv. Pfd................ 2,949,500 3,081,423
103,955 Rochester and Pittsburgh Coal
Company........................ 4,145,068 2,936,729
135,486 Noble Drilling Corporation...... 565,248 2,337,133
35,000 Tosco Financing Trust $2 7/8
Conv. Pfd. (b)................. 1,905,313 1,894,375
45,000 Tosco Corporation............... 346,700 1,282,500
29,000 Penn Virginia Corporation....... 1,283,500 1,283,250
3,253 The Home-Stake Royalty
Corporation.................... 487,950 471,685
3,065 The Home-Stake Oil & Gas
Company........................ 337,150 332,553
-------------- --------------
91,299,573 121,102,773
-------------- --------------
FOREST PRODUCTS (1.77%)
635,000 Rayonier Inc.................... 20,976,177 23,653,750
600,000 Greif Bros. Corporation Class
"A'............................ 10,621,901 16,350,000
285,000 The Mead Corporation............ 15,466,192 15,105,000
365,000 Longview Fibre Company.......... 6,120,073 5,475,000
139,100 Deltic Timber Corporation....... 2,482,756 3,946,963
</TABLE>
5
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
FOREST PRODUCTS (continued)
45,000 Georgia-Pacific Corporation..... $ 2,849,363 $ 3,262,500
54,000 Plum Creek Timber Company, L.P.. 213,222 1,505,250
-------------- --------------
58,729,684 69,298,463
-------------- --------------
AGRICULTURE (0.10%)
75,000 Deere & Company................. 1,085,028 3,262,500
497 J.G. Boswell Company............ 573,840 556,640
-------------- --------------
1,658,868 3,819,140
-------------- --------------
AUTOMOTIVE (0.34%)
235,000 Bandag, Incorporated Class "A'.. 12,024,031 11,338,750
200,000 Treadco, Inc.................... 2,913,120 1,800,000
-------------- --------------
14,937,151 13,138,750
-------------- --------------
BUILDING MATERIALS (0.26%)
603,000 A.P. Green Industries, Inc. (c). 4,514,875 5,427,000
265,000 CalMat Co....................... 4,974,161 4,670,625
-------------- --------------
9,489,036 10,097,625
-------------- --------------
CAPITAL GOODS (1.23%)
330,000 Blount International, Inc. Class
"A'............................ 11,811,532 13,612,500
474,860 Woodward Governor Company....... 9,663,017 12,939,935
205,000 The Manitowoc Company, Inc...... 4,020,300 7,405,625
541,500 Kaiser Ventures Inc. (a)(c)..... 6,702,995 5,550,375
185,000 Keystone International, Inc..... 3,496,765 3,283,750
4,305 Conbraco Industries, Inc........ 1,324,050 2,238,600
67,500 Tennant Company................. 1,698,381 1,873,125
140,000 MFRI, Inc. (a).................. 781,252 1,076,250
-------------- --------------
39,498,292 47,980,160
-------------- --------------
SPECIALTY CHEMICALS (0.99%)
2,137,800 Lawter International, Inc....... 25,313,478 24,851,925
564,500 LeaRonal, Inc. (c).............. 8,674,946 12,701,250
125,000 American Pacific Corporation
(a)............................ 1,375,938 953,125
-------------- --------------
35,364,362 38,506,300
-------------- --------------
TRANSPORTATION (0.72%)
155,000 AMR Corporation (a)............. 10,724,914 12,787,500
142,500 Burlington Northern Santa Fe
Corporation.................... 4,539,349 10,545,000
22,500 Florida East Coast Industries,
Inc............................ 1,620,389 2,205,000
115,468 Heartland Express, Inc. (a)..... 194,998 2,193,892
112,500 Boyd Bros. Transportation
Inc. (a)....................... 1,204,375 562,500
-------------- --------------
18,284,025 28,293,892
-------------- --------------
</TABLE>
6
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
ELECTRONICS (0.66%)
1,156,500 Zero Corporation (c)............ $ 17,028,318 $ 21,684,375
400,000 BEI Electronics Inc. (c)........ 2,963,306 4,050,000
-------------- --------------
19,991,624 25,734,375
-------------- --------------
TECHNOLOGY (0.84%)
450,000 Symantec Corporation (a)........ 5,353,311 6,412,500
250,000 Digital Equipment Corporation
Series "A' 8 7/8% Pfd.......... 5,617,138 6,187,500
215,000 Digital Equipment Corporation
(a)............................ 7,498,425 5,885,625
235,000 Broderbund Software, Inc. (a)... 5,921,875 5,140,625
225,000 American Mobile Satellite
Corporation (a)................ 5,508,125 2,531,250
200,000 Aydin Corporation (a)........... 2,763,709 2,250,000
135,000 Progress Software Corporation... 2,092,367 2,244,375
114,669 Anacomp, Inc. (a)............... 1,063,194 1,261,359
160 Anacomp, Inc. Warrants expire
6/03/2001 (a).................. 567,925 600
25,000 Black Box Corporation (a)....... 554,750 671,875
25,000 Avid Technology, Inc............ 280,000 329,688
-------------- --------------
37,220,819 32,915,397
-------------- --------------
CONSUMER PRODUCTS (2.40%)
635,000 Dole Food Company, Inc.......... 16,777,351 23,971,250
1,245,000 Furniture Brands International,
Inc. (a)....................... 8,391,193 18,675,000
375,000 Jostens, Inc.................... 6,951,577 8,484,375
196,647 Allen Organ Company, Class "B'.. 6,223,084 7,669,233
155,000 Polaroid Corporation............ 4,704,003 6,161,250
285,000 Adolph Coors Company, Class "B'. 5,237,540 6,056,250
315,000 Paragon Trade Brands, Inc. (a).. 4,869,595 5,276,250
325,500 Sturm, Ruger & Company, Inc..... 4,242,260 5,167,313
215,000 Baldwin Piano & Organ Company
(a)(c)......................... 2,233,875 2,902,500
625,000 The Topps Company, Inc. (a)..... 3,737,808 2,500,000
215,000 A.T. Cross Company, Class "A'... 3,842,516 2,203,750
75,000 Canandaigua Wine Company, Inc.
Class "A' (a).................. 3,331,250 1,968,750
16 Kohler Co....................... 1,245,500 1,728,000
20,000 St. John Knits, Inc............. 145,600 865,000
-------------- --------------
71,933,152 93,628,921
-------------- --------------
DISTRIBUTION (1.75%)
555,000 Wal-Mart Stores, Inc............ 12,116,794 15,470,625
485,000 Stage Stores Inc. (a)........... 9,143,158 10,670,000
415,000 Woolworth Corporation (a)....... 6,125,275 9,700,625
175,000 McDonald's Corporation.......... 8,306,890 8,268,750
565,000 Hancock Fabrics Inc............. 5,135,806 6,215,000
305,000 Smart & Final Inc............... 4,635,097 5,985,625
270,000 Burlington Coat Factory
Warehouse Corporation (a)...... 3,615,004 4,860,000
175,000 LESCO, Inc...................... 2,611,611 2,778,125
47,696 Weyco Group Inc................. 1,457,019 2,194,016
145,000 Buttrey Food and Drug Stores
Company (a).................... 989,375 1,431,875
45,000 Staples, Inc. (a)............... 478,000 905,625
-------------- --------------
54,614,029 68,480,266
-------------- --------------
</TABLE>
7
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--
U.S.
(continued)
HEALTH CARE (0.41%)
300,000 Johnson & Johnson............... $ 6,080,375 $ 15,862,500
-------------- --------------
MEDIA (1.58%)
375,000 GC Companies, Inc. (a).......... 12,616,702 14,718,750
340,000 Pulitzer Publishing Company
Class "A'...................... 7,053,735 14,705,000
715,000 Hollinger International Inc.
Class "A'...................... 8,391,380 6,524,375
160,141 Plenum Publishing Corporation... 5,351,825 5,644,970
158,564 Cowles Media Company, non
voting......................... 3,631,585 4,201,946
165,000 Valassis Communications, Inc.
(a)............................ 3,253,613 3,691,875
165,000 Gibson Greetings, Inc. (a)...... 3,401,685 3,423,750
335,000 Golden Books Family
Entertainment, Inc. (a)........ 4,648,262 3,098,750
200,000 United States Satellite
Broadcasting Company, Inc.
Class "A' (a).................. 2,180,280 2,150,000
200,000 Plasti-Line, Inc. (a)(c)........ 1,831,937 1,800,000
34,924 Mills Music Trust............... 1,055,337 1,366,402
300,000 Integrity Incorporated, Class
"A' (a)........................ 1,901,415 543,750
-------------- --------------
55,317,756 61,869,568
-------------- --------------
SERVICES (1.27%)
875,000 Manpower Inc.................... 26,832,012 31,500,000
745,000 UniFirst Corporation............ 10,685,152 14,527,500
65,000 National Service Industries..... 2,331,776 2,543,125
79,792 KinderCare Learning Centers,
Inc. (a)(e).................... 1,024,327 909,629
-------------- --------------
40,873,267 49,480,254
-------------- --------------
FINANCIAL COMPANIES (1.19%)
3,349 Farmers & Merchants Bank of Long
Beach.......................... 6,404,335 6,781,725
100,000 Zurich Reinsurance Centre
Holdings, Inc.................. 2,847,965 3,837,500
85,000 JSB Financial, Inc.............. 1,022,438 3,612,500
100,000 Riggs National Corporation 10
3/4% Non-Cum. Pfd., Series "B'. 2,545,000 2,850,000
140,000 HMN Financial, Inc. (a)......... 1,779,375 2,806,563
100,000 Leucadia National Corporation... 2,473,045 2,750,000
81,593 First Oak Brook Bancshares, Inc.
Class "A'...................... 740,205 2,039,825
104,000 Texarkana First Financial
Corporation (c)................ 1,350,854 1,716,000
54,613 Metairie Bank & Trust Company... 936,932 1,638,390
85,000 QCF Bancorp, Inc. (a)........... 968,747 1,625,625
75,000 Home Bancorp.................... 948,125 1,528,125
85,000 East Texas Financial Services,
Inc. (c)....................... 959,375 1,508,750
100,000 Portsmouth Bank Shares, Inc..... 646,591 1,500,000
75,000 MFB Corp........................ 881,875 1,481,250
62,500 Westco Bancorp, Inc............. 507,360 1,398,437
81,450 Wood Bancorp, Inc. (c).......... 698,475 1,323,563
90,000 Logansport Financial Corp. (c).. 1,050,000 1,192,500
88,000 Classic Bancshares, Inc. (c).... 1,016,000 1,188,000
43,967 FirstFed Bancorp, Inc. (c)...... 484,747 1,187,109
83,500 Redwood Financial, Inc. (a)(c).. 767,813 918,500
38,000 MBLA Financial Corporation...... 486,500 783,750
</TABLE>
8
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<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)
49,000 First Federal Financial Bancorp, Inc. (c).................. $ 534,000 $ 649,250
18,600 OSB Financial Corp......................................... 419,263 604,500
28,400 Rowan Bancorp, Inc......................................... 347,900 511,200
35,000 The Southern Banc Company, Inc............................. 431,172 503,125
25,000 Catskill Financial Corporation............................. 262,500 409,375
10,000 Peoples Financial Corporation.............................. 122,500 152,500
10,000 Liberty Savings Bank, F.S.B................................ 120,000 147,500
-------------- --------------
31,753,092 46,645,562
-------------- --------------
UTILITIES (0.84%)
574,999 CalEnergy Company, Inc. (a)................................ 11,055,800 19,549,966
49,000 CalEnergy Capital Trust $6.25 Conv. Pfd. "TIDES' (b)....... 2,450,000 3,160,500
385,000 The Montana Power Company.................................. 8,491,989 8,277,500
65,000 Idaho Power Company........................................ 1,604,025 1,933,750
-------------- --------------
23,601,814 32,921,716
-------------- --------------
REAL ESTATE (2.45%)
265,000 Catellus Development Corporation $3 5/8 Conv. Pfd.
Series "B' (b)............................................ 11,584,106 20,670,000
385,000 Catellus Development Corporation (a)....................... 2,976,387 5,871,250
590,000 Crescent Real Estate Equities, Inc......................... 9,118,757 15,782,500
353,780 J.C. Nichols Company (a)(c)................................ 2,821,396 11,851,630
4,913 Security Capital Group Incorporated (a)(b)(e).............. 4,060,000 5,501,614
221,344 Security Capital Atlantic Incorporated (b)(e).............. 3,562,562 4,875,652
151,546 Security Capital Pacific Trust............................. 2,512,953 3,693,934
100,000 Security Capital Pacific Trust $1.75 Conv. Pfd. Series "A'. 2,269,000 3,250,000
175,000 Security Capital U.S. Realty............................... 1,949,581 2,450,000
50,000 Security Capital Industrial Trust $1.75 Conv. Pfd.
Series "B'................................................ 1,193,710 1,350,000
268,825 Alico, Inc................................................. 5,226,903 5,309,294
65,000 St. Joe Corporation........................................ 3,478,525 4,801,875
275,000 Castle & Cooke, Inc. (a)................................... 4,116,485 4,090,625
222,727 Pacific Retail Trust (e)................................... 2,450,000 2,450,000
125,000 Price Enterprises, Inc..................................... 1,898,512 2,296,875
43,589 Homestead Village Incorporated............................. 653,909 735,564
29,243 Homestead Village Incorporated Warrants (a)................ 212,416 212,012
43,147 Sonesta International Hotels Corporation................... 353,259 423,380
-------------- --------------
60,438,461 95,616,205
-------------- --------------
COMMON AND PREFERRED STOCKS--NON U.S.
GOLD RELATED (3.07%)
3,205 Bank for International Settlements (U.S. Tranche).......... 16,481,286 23,732,526
2,085 Bank for International Settlements (French Tranche)........ 10,921,538 14,595,371
2,725,000 Eltin Limited.............................................. 6,212,403 6,054,109
825,000 Newcrest Mining Limited.................................... 3,695,191 2,707,245
2,280,000 Normandy Mining Limited.................................... 2,715,700 3,098,341
1,298,450 Kidston Gold Mines Limited (a)............................. 1,785,275 1,314,959
</TABLE>
9
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<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)
1,000,000,000 Manila Mining Corporation "B'... $ 978,313 $ 796,511
335,000 Franco-Nevada Mining Corp. Ltd.. 9,714,621 15,495,248
85,000 Euro-Nevada Mining Corp. Ltd.... 137,858 2,457,269
1,025,000 Meridian Gold Inc. (a).......... 1,890,570 2,592,780
850,000 Royal Oak Mines Inc. (a)........ 4,089,815 2,709,375
145,000 Placer Dome Inc................. 2,527,496 2,628,125
225,000 Cambior Inc..................... 3,174,107 3,049,001
824,000 Pan American Silver Corp. (a)... 2,960,418 5,597,947
150,000 Anglo American Platinum
Corporation Ltd................ 1,077,330 1,004,525
131,914 Anglo American Platinum
Corporation Ltd. ADR........... 632,375 883,407
435,000 Free State Consolidated Gold
Mines Ltd. ADR................. 5,588,053 3,058,594
275,000 Kloof Gold Mining Company
Limited ADR.................... 2,937,892 2,062,500
250,000 DrieFontein Consolidated Ltd.
ADR............................ 2,946,375 2,312,500
420,000 Harmony Gold Mining Company Ltd.
ADR (a)........................ 2,073,523 3,412,500
150,217 Randfontein Estates Gold Mining
Co. Witwatersrand Ltd. ADR..... 1,269,398 653,444
120,586 JCI Limited ADR................. 588,770 1,214,036
40,000 JCI Limited..................... 224,889 402,715
731,708 Avgold Limited (a).............. 1,613,724 1,506,458
30,803 Avgold Limited ADR (a).......... 858,166 634,187
257,500 Durban Roodepoort Deep Limited
(a)............................ 2,405,575 2,111,850
147,500 Durban Roodepoort Deep Limited
ADR (a)........................ 1,337,163 1,161,563
372,250 St. Helena Gold Mines Ltd. ADR.. 3,225,981 2,070,641
95,250 St. Helena Gold Mines Ltd....... 666,203 549,519
95,548 Western Areas Gold Mining
Company Limited ADR (a)........ 796,857 967,423
48,525 Fimalac SA (a).................. 4,687,648 4,820,593
56,000 Ashanti Goldfields Company
Limited GDR.................... 1,182,250 770,000
924,704 Minas de Arcata S.A. (a)........ 1,147,893 1,098,347
263,900 General Oriental Investments
Limited (a).................... 1,809,300 2,274,257
-------------- --------------
104,353,956 119,797,866
-------------- --------------
UNITED KINGDOM (1.50%)
9,375,000 Lonrho plc (21)................. 18,407,436 22,468,031
2,725,000 Antofagasta Holdings plc (21)... 10,470,366 16,326,769
1,775,000 Royal Doulton plc (12).......... 7,053,548 8,668,146
3,125,000 McBride plc (12)................ 8,929,551 6,796,836
200,000 Scottish Television plc (15).... 1,311,364 2,270,195
250,000 BAA plc (9)..................... 1,994,195 2,109,327
-------------- --------------
48,166,460 58,639,304
-------------- --------------
GERMANY (3.45%)
92,500 Buderus AG (c)(7)............... 40,147,256 45,773,196
585,000 Bayer AG (8).................... 11,301,224 24,543,254
17,500 Axel Springer Verlag AG (15).... 6,918,941 12,968,773
100,000 Bertelsmann AG D.R.C. (15)...... 12,591,111 12,251,606
165,000 Hornbach Holding AG Pfd. (13)... 12,316,096 10,797,849
12,000 Sudzucker AG Pfd. (12).......... 4,218,898 6,088,749
</TABLE>
10
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON U.S.
(continued)
GERMANY (continued)
165,000 IVG Holding AG (19)....................................... $ 5,486,948 $ 5,699,686
25,000 IVG Holding AG-New (19)................................... 785,522 806,813
135,000 SKW Trostberg AG (6)...................................... 3,268,590 4,397,131
10,000 Degussa AG (8)............................................ 2,526,412 4,255,192
20,000 SAP AG Pfd. (11).......................................... 382,996 3,402,958
150,000 Deutsche Lufthansa AG (9)................................. 759,338 2,160,466
13,269 Signalbau Huber AG (9).................................... 2,035,499 1,784,267
-------------- --------------
102,738,831 134,929,940
-------------- --------------
FRANCE (6.00%)
200,000 Legrand ADP (7)........................................... 13,631,730 25,413,186
205,000 Elf Aquitaine (2)......................................... 15,440,202 21,020,970
150,000 Compagnie Generale des Eaux (18).......................... 15,755,098 20,392,749
41,736 Compagnie Generale des Eaux nouvelle (18)................. 5,287,117 5,674,079
40,000 Eurafrance (20)........................................... 16,509,647 18,823,529
55,000 Compagnie Generale d'Industrie et de
Participations (20)...................................... 14,959,505 16,909,543
63,814 Promodes C.I. (13)........................................ 3,132,266 16,103,764
5,000 Promodes (13)............................................. 898,358 1,692,731
235,000 Eramet (1)................................................ 14,319,405 11,902,435
17,803 Societe Sucriere de Pithiviers le Vieil (4)............... 5,910,020 11,674,617
155,000 Emin Leydier (c)(3)....................................... 7,930,177 11,569,220
150,000 C.G.D.E. Michelin "B' (5)................................. 6,803,865 8,916,830
125,000 Gaumont SA (15)........................................... 6,502,574 8,885,730
65,500 NSC Groupe (c)(7)......................................... 11,903,500 8,334,459
20,000 Sagem ADP (10)............................................ 6,092,751 6,468,811
20,000 Elf Gabon (2)............................................. 2,971,712 6,280,434
41,788 Sabeton SA (a)(c)(20)..................................... 5,791,836 5,866,806
71,342 La Brosse et Dupont (a)(c)(12)............................ 3,799,228 5,172,834
73,424 Crometal (7).............................................. 4,974,898 4,566,981
10,255 Taittinger (12)........................................... 3,622,124 4,082,317
12,925 Taittinger C.I. (12)...................................... 3,207,121 3,319,109
37,235 Conflandey (1)............................................ 1,782,366 2,031,481
10,000 Marie Brizard et Roger International, SA (12)............. 2,187,987 1,881,998
10,479 Robertet SA (12).......................................... 781,686 1,661,146
5,112 Robertet SA C.I. (12)..................................... 527,638 1,009,318
12,000 Radiall (10).............................................. 296,141 1,465,079
6,348 Societe Francaise des Papiers Peints (12)................. 891,641 1,297,352
36,500 C.E.E. (Continentale d'Equipements Electriques) (a)(c)(7). 4,590,041 1,167,585
24,113 Precia SA (7)............................................. 1,161,860 707,063
-------------- --------------
181,662,494 234,292,156
-------------- --------------
BELGIUM (0.28%)
55,000 Deceuninck Plastics Industries SA (6)..................... 6,197,738 11,125,440
-------------- --------------
</TABLE>
11
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
AUSTRIA (0.33%)
97,500 VAE AG (c)(9)................... $ 8,986,829 $ 9,652,893
70,000 Flughafen Wien AG (9)........... 3,050,969 3,190,422
-------------- --------------
12,037,798 12,843,315
-------------- --------------
SWITZERLAND (1.76%)
45,000 Societe Generale d'Affichage
D.R.C. (15).................... 15,446,406 17,439,446
20,500 Kuhne & Nagel International AG
Bearer (9)..................... 12,089,869 11,392,042
46,500 Sika Finanz AG Bearer (6)....... 10,825,669 11,295,156
7,000 Schindler Holding AG PC (7)..... 6,240,059 8,361,246
3,500 Lindt & Sprungli AG PC (12)..... 3,143,266 5,801,038
25,000 Safra Republic Holdings SA
Bearer (17).................... 1,577,985 4,862,500
26,286 Swissair AG D.R.C (a)(9)........ 2,059,560 4,265,790
12,500 Vetropack Holding AG PC (12).... 2,815,230 3,027,682
425 Vetropack Holding AG Bearer
(12)........................... 1,005,988 1,000,000
20,000 Pelikan Holdings AG Bearer
(a)(12)........................ 2,426,629 1,213,841
-------------- --------------
57,630,661 68,658,741
-------------- --------------
NETHERLANDS (1.71%)
555,000 Philips Electronics NV ADR (10). 14,428,603 24,697,500
255,000 Randstad Holding NV (16)........ 4,293,037 21,850,551
300,000 Apothekers Cooperatie OPG U.A.
(14)........................... 7,402,844 9,180,904
275,000 Holdingmaatschappij de Telegraaf
NV (15)........................ 2,087,913 5,927,670
225,000 German City Estates NV (c)(19).. 3,713,179 3,317,100
50,000 Content Beheer NV (16).......... 685,664 1,769,652
-------------- --------------
32,611,240 66,743,377
-------------- --------------
NORWAY (0.42%)
815,000 Schibsted ASA (15).............. 9,864,917 16,508,700
-------------- --------------
DENMARK (0.56%)
300,000 Carlsberg International A/S, "B'
(12)........................... 14,720,395 18,724,649
18,000 Kobenhavns Lufthavne A/S (9).... 794,222 1,867,748
24,500 Aarhus Oliefabrik A/S, "A' (4).. 915,454 1,232,588
-------------- --------------
16,430,071 21,824,985
-------------- --------------
SWEDEN (1.37%)
805,000 AssiDoman AB (3)................ 17,660,850 21,292,776
450,000 Investor AB "B' (20)............ 18,179,689 21,067,945
535,000 IRO AB (7)...................... 5,641,561 5,908,084
450,000 Bylock & Nordsjofrakt AB "B'
(9)............................ 4,212,965 5,266,986
-------------- --------------
45,695,065 53,535,791
-------------- --------------
FINLAND (0.26%)
157,500 Vaisala Oy A (11)............... 5,655,621 10,266,657
-------------- --------------
SPAIN AND PORTUGAL (0.43%)
575,000 Espirito Santo Financial
Holdings SA ADR (17)........... 6,980,550 8,409,375
60,000 Corporacion Financiera Alba SA
(20)........................... 4,212,472 5,938,363
</TABLE>
12
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
SPAIN AND PORTUGAL (continued)
65,000 Companhia de Celulose do Caima
(3)............................ $ 1,182,050 $ 1,415,436
166,612 Omsa Alimentacion SA (12)....... 796,491 973,821
-------------- --------------
13,171,563 16,736,995
-------------- --------------
ITALY (1.16%)
1,475,000 Istituto Finanziario Industriale
SpA Privileged Shares (20)..... 13,925,913 19,231,459
28,750,000 Montedison SpA Non Convertible
Savings (a)(21)................ 15,096,404 18,656,549
1,205,000 Arnoldo Mondadori Editore SpA
(15)........................... 8,755,516 7,567,285
-------------- --------------
37,777,833 45,455,293
-------------- --------------
GREECE (0.11%)
40,340 Titan Cement Co. (6)............ 1,189,703 2,899,646
8,310 Titan Cement Co. Pfd. (6)....... 200,500 378,410
343,930 H. Benrubi & Fils SA (12)....... 2,021,286 873,674
141,160 H. Benrubi & Fils SA Pfd. (12).. 672,670 324,054
-------------- --------------
4,084,159 4,475,784
-------------- --------------
TURKEY (0.08%)
185,079,104 Medya Holding A.S. (15)......... 7,796,583 1,776,052
100,000,000 Sabah Yayincilik A.S. (15)...... 2,327,839 1,488,387
-------------- --------------
10,124,422 3,264,439
-------------- --------------
ISRAEL (0.15%)
1,299,705 The Israel Land Development
Company Ltd. (21).............. 5,616,066 5,921,304
-------------- --------------
SOUTH AFRICA (0.08%)
200,000 Omni Media Corporation (15)..... 1,248,839 3,076,923
-------------- --------------
COMMONWEALTH OF INDEPENDENT
STATES (0.09%)
35,000 OJSC LUKoil ADR (2)............. 978,125 1,968,750
556,624 Firebird Fund L.P.
(a)(b)(e)(22).................. 1,000,000 1,738,949
-------------- --------------
1,978,125 3,707,699
-------------- --------------
INDIA AND PAKISTAN (0.03%)
200,000 The Pakistan Investment Fund,
Inc. (22)...................... 1,100,170 1,050,000
-------------- --------------
SINGAPORE AND MALAYSIA (0.57%)
1,675,000 Rothmans Industries Ltd. (12)... 6,627,810 7,769,124
2,775,000 Times Publishing Limited (15)... 6,592,189 5,993,769
1,175,000 Singapore Bus Service Ltd. (9).. 8,499,651 5,856,698
750,000 Clipsal Industries Ltd. (6)..... 1,846,256 2,775,000
-------------- --------------
23,565,906 22,394,591
-------------- --------------
HONG KONG (1.42%)
64,577,348 CDL Hotels International Limited
(19)........................... 26,280,045 31,877,393
20,000,000 Shaw Brothers (Hong Kong)
Limited (15)................... 23,708,856 20,648,625
3,500,000 South China Morning Post
Holdings Corp. (15)............ 1,457,554 2,981,145
-------------- --------------
51,446,455 55,507,163
-------------- --------------
</TABLE>
13
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
PHILIPPINES (0.02%)
1,385,598 International Container Terminal
Services, Inc. (a)(9).......... $ 500,000 $ 827,733
-------------- --------------
SOUTH KOREA (0.49%)
175,000 LG Industrial Systems (7)....... 5,344,732 2,853,155
293,229 LG Electronics Inc. Pfd. (10)... 6,746,087 1,588,119
225,000 LG Electronics Inc. GDS (10).... 2,022,454 703,125
100,198 Samsung Electronics Co., Ltd.
Pfd. (10)...................... 8,159,748 3,457,418
3,386 Samsung Electronics Co., Ltd.
(10)........................... 421,035 226,490
5,361 Samsung Electronics Co., Ltd.
GDS (10)....................... 244,222 109,632
72,500 Young Chang Akki Co. (12)....... 3,641,775 1,862,088
90,680 Cheil Jedang Corporation Pfd.
(21)........................... 2,421,310 1,518,928
73,829 Cheil Jedang Corporation (21)... 3,305,229 3,784,200
89,880 Ssangyong Cement Industries Pfd.
(6)............................ 1,649,368 602,211
100,000 Choong Nam Spinning (a)(12)..... 1,747,203 1,228,364
40,032 Korean Air Lines (a)(9)......... 835,721 666,082
58,905 Korean Air Lines Pfd. (a)(9).... 990,173 405,198
-------------- --------------
37,529,057 19,005,010
-------------- --------------
JAPAN (5.65%)
1,175,000 Fuji Photo Film Co., Ltd. (12).. 29,580,779 38,675,698
2,000,000 The Tokio Marine & Fire
Insurance Co., Ltd. (17)....... 22,310,151 20,380,105
435,000 Ito-Yokado Co., Ltd. (13)....... 21,524,326 19,348,969
265,000 Secom Co., Ltd. (16)............ 14,490,872 14,894,865
2,575,000 The Dai-Tokyo Fire & Marine
Insurance Co., Ltd. (17)....... 17,171,132 12,494,945
765,000 Shimano Inc. (12)............... 15,376,273 12,373,635
95,000 Toho Co., Ltd. (15)............. 14,300,361 12,369,592
900,000 Shiseido Company, Limited (12).. 10,478,761 11,645,774
2,000,000 The Nichido Fire & Marine
Insurance Co., Ltd. (17)....... 13,801,172 10,804,691
1,185,414 Hitachi, Ltd. (11).............. 9,231,518 10,545,535
1,450,000 Aida Engineering, Ltd. (7)...... 10,439,403 8,923,979
1,165,000 Nisshinbo Industries, Inc. (12). 11,563,301 7,697,574
2,225,000 Hanshin Electric Railway Co.,
Ltd. (9)....................... 9,552,050 7,485,645
353,500 Chofu Seisakusho Co., Ltd. (12). 7,177,881 5,917,873
1,000,000 Nittetsu Mining Co., Ltd. (1)... 8,994,790 5,903,761
150,000 Asatsu Inc. (15)................ 5,879,759 3,894,056
1,419,000 Iino Kaiun Kaisha, Ltd. (a)(9).. 7,763,393 3,752,632
800,000 The Koa Fire & Marine Insurance
Co., Ltd. (17)................. 5,110,243 3,720,178
750,000 The Dowa Fire & Marine Insurance
Co., Ltd. (17)................. 4,134,407 3,081,278
165,000 Tsutsumi Jewelry Co., Ltd. (13). 8,417,467 3,029,114
274,000 Shoei Co., Ltd. (20)............ 2,300,697 1,883,542
150,000 Japan Airport Terminal Co., Ltd.
(9)............................ 1,831,378 1,492,115
27,500 Fast Retailing Co., Ltd. (13)... 1,317,123 560,453
-------------- --------------
252,747,237 220,876,009
-------------- --------------
</TABLE>
14
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
NUMBER COST VALUE
OF SHARES (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
COMMON AND PREFERRED STOCKS--NON
U.S.
(continued)
AUSTRALIA AND NEW ZEALAND
(1.59%)
10,783,199 Carter Holt Harvey Limited (3).. $ 19,299,390 $ 22,872,486
2,250,000 Independent Press Communications
Limited
5% Conv. Pfd. (15)............. 12,461,930 12,283,386
12,748,416 Shortland Properties Limited
(c)(19)........................ 5,349,478 8,599,909
7,267,403 Spotless Services Limited (16).. 3,925,958 7,416,857
8,333,400 Tasman Agriculture Limited
(c)(4)......................... 5,400,158 5,100,007
1,000,000 The Colonial Motor Company
Limited (13)................... 899,859 2,308,894
3,852,700 Wrightson, Limited (4).......... 3,965,324 2,250,663
2,605,100 Apple Fields Limited (a)(c)(4).. 2,176,246 887,741
740,000 Damba Holdings Limited (c)(13).. 400,559 298,487
-------------- --------------
53,878,902 62,018,430
-------------- --------------
CANADA (1.57%)
1,015,000 Canadian Pacific Limited (21)... 17,926,035 24,360,000
1,000,000 Noranda, Inc. (21).............. 19,207,138 22,151,556
205,000 Canadian National Railway
Company (9).................... 5,560,082 7,251,875
375,000 Dofasco Inc. (1)................ 5,193,171 6,233,513
50,000 Dofasco Inc. C$2.60 Conv. Pfd.,
Class "C' (1).................. 1,105,897 1,190,691
-------------- --------------
48,992,323 61,187,635
-------------- --------------
MEXICO (0.51%)
3,875,000 Industrias Penoles S.A. de C.V.
(1)............................ 9,768,204 19,115,229
35,000 Grupo Televisa S.A. GDR (a)(15). 862,383 870,625
-------------- --------------
10,630,587 19,985,854
-------------- --------------
ARGENTINA (0.61%)
7,150,000 Siderca S.A.I.C. (2)............ 4,877,208 15,088,763
5,843,427 Ledesma S.A.A.I. (4)............ 6,965,782 6,487,177
650,000 IRSA Inversiones y
Representaciones S.A. (19)..... 1,532,993 2,437,866
-------------- --------------
13,375,983 24,013,806
-------------- --------------
MISCELLANEOUS (0.51%)
225,000 Banco Latinoamericano de
Exportaciones S.A., Class "E'
(Bladex) (17).................. 8,192,890 10,631,250
405,000 Minorco SA ADR (1).............. 6,673,995 9,416,250
-------------- --------------
14,866,885 20,047,500
-------------- --------------
TOTAL COMMON AND PREFERRED
STOCKS.......................... 1,978,746,420 2,353,951,410
-------------- --------------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
U.S. DOLLAR CONVERTIBLE BONDS
(3.07%)
$ 2,500,000 Tubos de Acero de Mexico, S.A. 7
1/2% due 6/12/1997 (2)......... 2,491,486 3,556,250
1,000,000 NovaCare, Inc. 5 1/2% due
1/15/2000 (14)................. 910,646 920,000
5,320,000 Gold Mines of Kalgoorlie 7 1/2%
due 2/28/2000 (1).............. 4,647,236 5,891,900
1,000,000 Homestake Mining Company 5 1/2%
due 6/23/2000 (b)(1)........... 946,400 995,000
3,250,000 Chiron Corporation 1.9% due
11/17/2000 (b)(14)............. 2,667,117 2,864,063
</TABLE>
15
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE
BONDS
(continued)
U.S. DOLLAR CONVERTIBLE BONDS
(continued)
$ 5,595,000 PT Pabrik Kertas Tjiwi Kimia 7
1/4% due 4/12/2001 (3)......... $ 5,255,783 $ 5,730,231
4,000,000 Apple Computer, Inc. 6% due
6/01/2001 (b)(11).............. 3,922,470 3,450,000
1,000,000 Apple Computer, Inc. 6% due
6/01/2001 (11)................. 841,447 862,500
650,000 Acer Inc. 4% due 6/10/2001 (11). 862,900 2,827,500
1,500,000 Medya International Ltd. 10% due
6/28/2001 (15)................. 1,299,978 1,230,000
2,500,000 International Container Terminal
Services, Inc.
5% due 9/15/2001 (e)(9)........ 2,142,085 2,375,000
1,500,000 Yangming Marine Transport
Corporation
2% due 9/22/2001 (9)........... 1,737,000 1,740,000
500,000 Fabri-Centers of America, Inc. 6
1/4% due 3/01/2002 (13)........ 412,665 479,375
945,000 Roy F. Weston, Inc. 7% due
4/15/2002 (7).................. 861,733 831,600
3,250,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (1).................. 3,576,000 2,876,250
250,000 Pegasus Gold Inc. 6 1/4% due
4/30/2002 (b)(1)............... 222,733 221,250
8,960,000 Cetus Corp. 5 1/4% due 5/21/2002
(14)........................... 8,655,200 8,646,400
3,665,000 Coeur d'Alene Mines Corporation
6% due 6/10/2002 (1)........... 3,253,475 3,316,825
6,810,000 Coeur d'Alene Mines Corporation
6 3/8% due 1/31/2004 (1)....... 6,762,434 6,435,450
1,600,000 P.T. Inti Indorayon Utama 5 1/2%
due 10/01/2002 (3)............. 2,041,525 1,892,000
6,515,000 P.T. Inti Indorayon Utama 7% due
5/02/2006 (3).................. 5,339,245 5,049,125
1,200,000 CML Group Inc. 5 1/2% due
1/15/2003 (b)(13).............. 944,587 852,000
1,050,000 CML Group Inc. 5 1/2% due
1/15/2003 (13)................. 835,401 745,500
350,000 Ashanti Goldfields Company
Limited
5 1/2% due 3/15/2003 (1)....... 301,745 301,000
4,550,000 Sincere Navigation Corporation
3 3/4% due 5/26/2003 (9)....... 4,772,000 5,164,250
3,000,000 IRSA Inversiones y
Representaciones S.A.
4 1/2% due 8/02/2003 (b)(19)... 2,982,010 3,180,000
1,500,000 IRSA Inversiones y
Representaciones S.A.
4 1/2% due 8/02/2003 (19)...... 1,489,520 1,590,000
1,000,000 Agnico-Eagle Mines Limited 3
1/2% due 1/27/2004 (1)......... 788,901 818,750
3,920,000 Battle Mountain Gold Company 6%
due 1/04/2005 (1).............. 2,947,068 3,351,600
12,000,000 Scandinavian Broadcasting System
SA
7 1/4% due 8/01/2005 (15)...... 11,640,218 10,950,000
1,200,000 Builders Transport, Inc. 8% due
8/15/2005 (9).................. 742,870 798,000
5,460,000 Far Eastern Textile 4% due
10/07/2006 (12)................ 6,241,825 6,715,800
10,000,000 Cheil Jedang Corporation 3% due
12/31/2006 (21)................ 12,158,928 12,050,000
2,690,000 Evans & Sutherland Computer
Corporation
6% due 3/01/2012 (11).......... 1,873,768 2,373,925
4,912,811 Security Capital Group, Inc.
12% due 6/30/2014 (b)(e)(19)... 2,940,000 3,984,214
5,366,000 Air & Water Technologies Corp.
8% due 5/15/2015 (7)........... 4,643,412 4,735,495
-------------- --------------
114,151,811 119,801,253
-------------- --------------
U.S. DOLLAR BONDS AND NOTES
(8.34%)
1,750,000 Manufacturers Hanover Trust Co.
FRN due 7/15/1997
(5.8125 @ 3/31/1997) (17)...... 1,775,375 1,751,312
</TABLE>
16
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<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 Lonrho Finance plc FRN due
7/21/1997
(6.8125% @ 3/31/1997) (21)...... $ 999,749 $ 1,001,000
2,000,000 Telebras SA 10% due 10/22/1997
(18)............................ 1,992,245 2,027,500
4,500,000 IRSA Inversiones y
Representaciones S.A. 8 7/8% due
3/03/1999 (19).................. 4,290,444 4,500,000
3,300,000 Tubos de Acero de Mexico, S.A. 10
1/2% due
3/10/1999 (e)(2)................ 3,260,288 3,366,000
1,500,000 Tubos de Acero de Mexico, S.A. 13
3/4% due 12/08/1999 (2)......... 1,376,452 1,666,875
3,800,000 Cemex SA 10% due 11/05/1999 (6).. 3,684,286 3,933,000
500,000 Cemex SA 9 1/2% due 9/20/2001
(6)............................. 272,361 505,625
6,500,000 Global Marine Inc. 12 3/4% due
12/15/1999 (2).................. 7,013,750 6,914,375
5,500,000 Wells Fargo & Co. FRN due
4/28/2000
(5.8125% @ 3/31/1997) (17)...... 5,368,789 5,484,325
2,000,000 Den Danske Bank FRN due 6/30/2000
(5.6875% @ 3/31/1997) (17)...... 1,984,960 1,985,000
1,500,000 P.T. Inti Indorayon Utama 9 1/8%
due 10/15/2000 (3).............. 1,359,769 1,518,750
1,737,600 GTE Finance Corp. 7% due
11/07/2000 (17)................. 1,691,992 1,765,836
1,000,000 Republic New York Corporation 9
3/4% due
12/01/2000 (17)................. 1,000,000 1,088,978
5,550,000 USAir Group, Inc. 9 5/8% due
2/02/2001 (9)................... 4,481,859 5,591,625
6,600,000 USAir Group, Inc. 10% due
7/01/2003 (9)................... 4,994,161 6,649,500
1,000,000 Bayou Steel Corporation 10 1/4%
due 3/01/2001 (1)............... 933,625 975,000
4,800,000 PT Pabrik Kertas Tjiwi Kimia 13
1/4% due 8/01/2001 (3).......... 4,932,750 5,412,000
5,250,000 Rowan Companies, Inc. 11 7/8% due
12/01/2001 (2).................. 5,597,000 5,617,500
7,477,000 Republic Engineered Steels, Inc.
9 7/8% due
12/15/2001 (1).................. 7,106,381 6,691,915
1,643,000 General Host Co. 11 1/2% due
2/15/2002 (13).................. 1,466,176 1,591,656
4,000,000 Florsheim Group Inc. 12 3/4% due
9/01/2002 (13).................. 3,632,992 4,430,000
5,325,000 Golden Books Family
Entertainment, Inc. 7.65% due
9/15/2002 (15).................. 4,360,860 4,859,063
1,000,000 Banco Safra SA 10 3/8% due
10/28/2002 (b)(17).............. 986,751 993,750
6,310,000 The Pacific Lumber Company 10
1/2% due 3/01/2003 (3).......... 6,025,420 6,467,750
1,605,000 Cobb Theatres 10 5/8% due
3/01/2003 (b)(15)............... 1,626,938 1,657,163
5,392,000 Pamida Holdings Corp. 11 3/4% due
3/15/2003 (13).................. 4,785,732 4,866,280
4,100,000 Outlet Broadcasting, Inc. 10 7/8%
due 7/15/2003 (15).............. 4,154,352 4,465,060
6,130,000 Noble Drilling Corporation 9 1/4%
due 10/01/2003 (2).............. 6,057,495 6,497,800
5,500,000 The Southland Corporation 5% due
12/15/2003 (13)................. 4,025,300 4,413,750
1,500,000 Vital Forsikring FRN due
12/22/2003
(6.8906% @ 3/31/1997) (17)...... 1,495,193 1,515,000
2,000,000 CalEnergy Company, Inc. 10 1/4%
due 1/15/2004 (18).............. 1,553,590 2,140,000
10,000,000 MFS Communications Company, Inc.
9 3/8% due 1/15/2004 (0% @
3/31/1997) (a)(11).............. 6,777,581 9,087,500
2,000,000 Anacomp, Inc. 10 7/8% 4/01/2004
(b)(11)......................... 1,964,205 1,930,000
4,589,000 The Southland Corporation 4% due
6/15/2004 (13).................. 2,921,087 3,327,025
500,000 Gerrity Oil & Gas Corp. 11 3/4%
due 7/15/2004 (2)............... 420,861 542,500
11,500,000 Riverwood International
Corporation 10 1/4% due
4/01/2006 (3)................... 11,429,606 10,695,000
</TABLE>
17
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<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)
$16,500,000 Riverwood International
Corporation 10 7/8% due
4/01/2008 (3).................. $ 16,419,949 $ 13,695,000
2,000,000 Grupo Televisa 13 1/4% due
5/15/2008
(0% @ 3/31/1997) (a)(15)....... 1,385,795 1,300,000
500,000 Ann Taylor Inc. 8 3/4% due
6/15/2020 (13)................. 416,452 495,000
31,961,500 Republic of Argentina FRB due
3/31/2005
(6 3/4% @ 3/31/1997) (23)...... 24,299,893 28,585,567
9,000,000 Republic of Argentina Par 5 1/4%
due 3/31/2023 (23)............. 4,287,641 5,647,500
6,000,000 Republic of Argentina Disc. FRN
due 3/31/2023
(6 3/8% @ 3/31/1997) (23)...... 3,710,144 4,856,250
2,610,000 Federal Republic of Brazil IDU
FRN due 1/01/2001
(6 1/2% @ 3/31/1997) (23)...... 2,146,388 2,551,275
8,000,000 Federal Republic of Brazil EI
FRN due 4/15/2006
(6 1/2% @ 3/31/1997) (23)...... 5,384,032 7,135,000
7,475,000 Federal Republic of Brazil DCB
FRN due 4/15/2012 (6.5625% @
3/31/1997) (23)................ 5,308,522 5,905,250
33,591,928 Federal Republic of Brazil "C'
8% due 4/15/2014 (23).......... 16,949,812 25,004,992
5,000,000 Federal Republic of Brazil Par
ZL 5% due
4/15/2024 (23)................. 2,225,110 3,125,000
10,500,000 Federal Republic of Brazil Disc.
ZL FRN due 4/15/2024 (6 1/2% @
3/31/1997) (23)................ 6,381,084 8,432,812
10,000,000 Republic of Ecuador Par 3 1/2%
due 2/28/2025 (23)............. 3,715,214 4,118,750
1,500,000 Republic of Ecuador Disc. FRN
due 2/28/2025
(6.4375% @ 3/31/1997) (23)..... 784,671 976,875
7,000,000 United Mexican States Disc. FRN
"A' due 12/31/2019 (6.45313% @
3/31/1997) (23)................ 5,869,344 6,138,125
4,500,000 United Mexican States Disc. FRN
"B' due 12/31/2019 (6 3/8% @
3/31/1997) (23)................ 3,781,607 3,945,938
1,000,000 United Mexican States Disc. FRN
"C' due 12/31/2019 (6 3/8% @
3/31/1997) (23)................ 840,147 876,875
2,500,000 United Mexican States Disc. FRN
"D' due 12/31/2019 (6.35156% @
3/31/1997) (23)................ 2,130,540 2,192,188
1,904,760 Republic of Venezuela FLIRB "A'
due 3/31/2007
(6 3/4% @ 3/31/1997) (23)...... 1,185,472 1,679,760
4,285,710 Republic of Venezuela FLIRB "B'
due 3/31/2007
(6 3/4% @ 3/31/1997) (23)...... 2,414,862 3,779,461
9,000,000 Republic of Venezuela DCB FRN
due 12/18/2007
(6 1/2% @ 3/31/1997) (23)...... 6,133,599 7,807,500
2,000,000 Republic of Venezuela Disc. "A'
FRN due 3/31/2020 (6.4375% @
3/31/1997) (23)................ 1,206,992 1,628,750
2,000,000 Republic of Venezuela Disc. "B'
FRN due 3/31/2020 (6 3/8% @
3/31/1997) (23)................ 1,127,145 1,628,750
1,750,000 Central Bank of the Philippines
NMB FRN due 1/05/2005 (6.4375%
@ 3/31/1997) (23).............. 1,606,761 1,710,625
1,000,000 Central Bank of the Philippines
DCB FRN due 12/01/2009 (6 3/8%
@ 3/31/1997) (23).............. 876,937 955,000
6,500,000 Republic of Bulgaria Disc. "A'
FRN due 7/28/2024 (6.5625% @
3/31/1997) (23)................ 3,314,607 3,859,375
2,500,000 Republic of Poland PDI 4% due
10/27/2014 (23)................ 1,681,114 2,001,562
</TABLE>
18
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<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)
$ 6,250,000 Republic of Poland Disc. FRN
due 10/27/2024
(6 1/2% @ 3/31/1997) (23).... $ 4,452,979 $ 6,109,375
5,500,000 Bergen Bank Floating Rate
Perpetual Notes
(5 3/4% @ 3/31/1997) (17).... 3,888,750 4,785,000
3,500,000 Den Norske Bank Floating Rate
Perpetual Notes (5.775% @
3/31/1997) (17).............. 2,610,000 3,045,000
3,170,000 Den Norske Bank Floating Rate
Perpetual Notes
(5 3/4% @ 3/31/1997) (17).... 2,059,625 2,808,461
13,600,000 Christiania Bank Floating Rate
Perpetual Notes
(5 3/4% @ 3/31/1997) (17).... 9,590,750 12,002,000
7,000,000 Goldman Sachs Group L.P. Cocoa
Indexed Note 5.78125% due
4/29/1997 (d)(17)............ 7,000,000 7,187,985
2,028,988 Posgold Finance Ltd. 2.65%
Gold Denominated Note due
7/15/2004 (b)(d)(e)(1)....... 2,028,988 1,873,946
-------------- --------------
285,015,301 325,770,360
-------------- --------------
U.S. TREASURY NOTES (3.12%)
5,000,000 U.S. Treasury Note 7 3/8% due
11/15/1997 (23).............. 4,992,993 5,045,315
5,000,000 U.S. Treasury Note 5 1/8% due
11/30/1998 (23).............. 4,795,405 4,904,690
20,000,000 U.S. Treasury Note 7 3/4% due
11/30/1999 (23).............. 19,987,631 20,568,760
30,000,000 U.S. Treasury Note 5 1/2% due
12/31/2000 (23).............. 29,281,051 28,828,140
25,000,000 U.S. Treasury Note 6 1/8% due
12/31/2001 (23).............. 24,674,303 24,359,400
20,000,000 U.S. Treasury Note 6 1/4% due
2/15/2003 (23)............... 19,689,437 19,456,260
20,000,000 U.S. Treasury Note 5 7/8% due
2/15/2004 (23)............... 19,137,332 18,918,760
-------------- --------------
122,558,152 122,081,325
-------------- --------------
NON U.S. DOLLAR CONVERTIBLE
BONDS (1.74%)
CAD 7,501,000 InterTAN Inc. 9% due 8/30/2000
(e)(13)...................... 5,635,171 5,272,086
CAD 2,500,000 William Resources 8% due
1/23/2002 (b)(e)(1).......... 1,871,748 1,914,321
CAD 1,600,000 Noranda Inc. 5% due 4/30/2007
(21)......................... 993,830 1,115,889
GBP 1,000,000 Lonrho Finance plc 6% due
2/27/2004 (21)............... 1,445,955 1,538,906
GBP 2,500,000 BAA plc 5 3/4% due 3/29/2006
(9).......................... 4,161,067 4,262,770
GBP 8,150,000 Berisford plc 5% due 1/31/2015
(12)......................... 7,609,600 8,428,282
FRF 87,511,060 Immobiliere Hoteliere 5% due
1/01/2001 (19)............... 12,768,597 13,039,149
FRF 14,000,000 Euro Disney SCA 6 3/4% due
10/01/2001 (12).............. 2,017,610 2,741,692
FRF 7,425,000 Gaumont SA 3 3/4% due
1/01/2003 (15)............... 1,444,974 1,598,098
FRF 64,000,000 Alcatel Alsthom 2 1/2% due
1/01/2004 (21)............... 12,379,661 13,150,880
ECU 4,075,000 BCP Bank & Trust Co. 8 3/4%
due 5/21/2002 (17)........... 5,190,497 5,096,367
ECU 500,000 Espirito Santo Financial
Holding SA 8 3/4% due
4/10/2003 (17)............... 654,418 666,863
JPY 375,000,000 Nippon Yusen Kabushiki 2% due
9/29/2000 (9)................ 4,255,535 3,181,359
JPY 150,000,000 Hanshin Electric Railway Co.,
Ltd. 1 1/2% due 9/30/2005
(9).......................... 1,179,041 1,148,807
NZD 7,412,833 Shortland Properties Limited 7
1/2% due
12/31/1998 (19).............. 3,480,838 4,845,939
-------------- --------------
65,088,542 68,001,408
-------------- --------------
</TABLE>
19
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
BONDS, NOTES AND CONVERTIBLE BONDS
(continued)
NON U.S. DOLLAR BONDS AND NOTES (2.83%)
ITL 2,700,000,000 Dresdner Bank Zero Coupon due 7/19/2000 (a)(17)..... $ 1,249,514 $ 1,270,671
ITL 1,450,000,000 European Bank for Reconstruction & Development 9
3/4% due 7/28/2000 (17)............................ 923,672 924,679
ITL 750,000,000 Bayerische Hypotheken Weschel-Bank 7.85% due
2/14/2001 (17)..................................... 444,675 453,331
ITL 5,000,000,000 American International Group 11.70% due
12/04/2001 (17).................................... 3,376,842 3,452,078
ITL 1,410,000,000 Republic of Ireland 11 1/4% due 4/02/2002 (23)...... 919,158 961,891
CAD 3,000,000 Canada 9 3/4% due 5/01/2000 (23).................... 2,231,394 2,425,780
CAD 3,000,000 Province of Alberta 10 1/4% due 8/22/2001 (23)...... 2,224,787 2,536,465
CAD 4,000,000 Province of Quebec 10 1/4% due 10/15/2001 (23)...... 2,982,663 3,350,558
CAD 5,000,000 Province of Ontario 8 3/4% due 4/22/2003 (23)....... 3,912,073 4,029,270
CAD 2,500,000 Bell Canada 8 1/2% due 6/09/2003 (18)............... 1,699,312 1,970,558
ECU 3,000,000 Republic of France O.A.T. 6 3/4% due 4/25/2002 (23). 3,638,523 3,703,825
DEM 15,635,000 Air Canada Variable Rate Perpetual Notes
(4 5/8% 3/31/1997) (9)............................. 6,226,295 5,886,777
FRF 65,685,000 United Mexican States Par 6.63% due 12/31/2019 (23). 8,324,444 8,667,338
FRF 37,500,000 Republic of Venezuela Par 7.71% due 3/31/2020 (23).. 3,938,425 4,881,598
ESP 650,000,000 Banco Nacional de Comercio Exterior 12.65% due
6/21/1998 (17)..................................... 5,052,673 4,835,281
CHF 5,500,000 Carter Holt Harvey Finance NV 5 7/8% due
10/16/2001 (3)..................................... 3,442,279 4,192,561
CHF 6,000,000 Air Canada 6 1/4% Perpetual Notes (9)............... 1,782,178 3,269,896
CHF 4,100,000 Scandinavian Airlines System Variable Rate Perpetual
Notes (3 5/8% @ 3/31/1997) (9)..................... 1,920,638 2,035,813
NZD 1,900,000 State Bank of South Australia 9 1/4% due 10/29/1997
(17)............................................... 1,027,106 1,329,614
NZD 4,000,000 Telecom Corp. of New Zealand 10% due
7/10/1998 (18)..................................... 2,233,897 2,835,697
NZD 12,000,000 Trans Power Finance Limited 8% due 3/15/2002 (18)... 7,900,550 8,220,056
NZD 34,500,000 New Zealand Government 10% due 3/15/2002 (23)....... 25,571,408 25,974,681
NZD 6,581,000 Telecom Corp. of New Zealand 9 1/4% due
7/01/2002 (18)..................................... 3,992,785 4,742,664
NZD 2,850,000 State Bank of New South Wales 8% due
4/01/2003 (17)..................................... 1,644,288 1,962,212
NZD 2,000,000 Telecom Corp. of New Zealand 7 1/2% due
7/14/2003 (18)..................................... 1,161,398 1,339,611
ZAR 10,500,000 Escom 15% due 10/01/1998 (18)....................... 2,442,175 2,364,189
ZAR 15,000,000 Republic of South Africa 13% due 8/31/2010 (23)..... 2,906,016 2,949,234
-------------- --------------
103,169,168 110,566,328
-------------- --------------
TOTAL BONDS, NOTES AND CONVERTIBLE BONDS............ 689,982,974 746,220,674
-------------- --------------
SHORT-TERM INVESTMENTS (18.94%)
$12,317,000 Samsung Electronics America, Inc. 5.52% due
4/01/1997.......................................... 12,317,000 12,317,000
9,000,000 AT&T Capital Corporation 5.53% due 4/01/1997........ 9,000,000 9,000,000
6,000,000 ITT Corporation 5.53% due 4/01/1997................. 6,000,000 6,000,000
12,165,000 CSX Corporation 5.49% due 4/02/1997................. 12,163,145 12,163,145
9,910,000 AT&T Capital Corporation 5.53% due 4/02/1997........ 9,908,478 9,908,478
</TABLE>
20
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
--------- -------- --------
<C> <S> <C> <C>
SHORT-TERM INVESTMENTS
(continued)
$22,384,000 Praxair, Inc. 5.48% due
4/03/1997....................... $ 22,377,185 $ 22,377,185
18,698,000 ITT Corporation 5.55% due
4/04/1997....................... 18,689,352 18,689,352
17,324,000 ITT Corporation 5.53% due
4/07/1997....................... 17,308,033 17,308,033
21,717,000 Praxair, Inc. 5.45% due
4/08/1997....................... 21,693,986 21,693,986
9,872,000 Praxair, Inc. 5.42% due
4/09/1997....................... 9,860,110 9,860,110
11,485,000 Samsung Electronics America, Inc.
5.43% due 4/09/1997............. 11,471,141 11,471,141
5,000,000 Volvo Group Treasury NA, Inc.
5.45% due 4/09/1997............. 4,993,944 4,993,944
10,000,000 Burlington Northern Santa Fe
Corporation 5.39% due 4/10/1997. 9,986,525 9,986,525
10,068,000 Samsung Electronics America, Inc.
5.44% due 4/10/1997............. 10,054,307 10,054,307
8,717,000 Volvo Group Treasury NA, Inc.
5.48% due 4/10/1997............. 8,705,058 8,705,058
14,231,000 CSX Corporation 5.45% due
4/11/1997....................... 14,209,456 14,209,456
18,000,000 CSX Corporation 5.45% due
4/11/1997....................... 17,972,750 17,972,750
24,099,000 Praxair, Inc. 5.42% due
4/14/1997....................... 24,051,833 24,051,833
557,000 Hitachi Credit America Corp.
5.38% due 4/15/1997............. 555,835 555,835
18,011,000 CSX Corporation 5.39% due
4/15/1997....................... 17,973,247 17,973,247
10,000,000 Volvo Group Treasury NA, Inc.
5.48% due 4/15/1997............. 9,978,689 9,978,689
26,540,000 Fuji Photo Film Finance U.S.A.,
Inc. 5 1/2% due 4/15/1997....... 26,483,234 26,483,234
15,605,000 Lockheed Martin Corporation 5.45%
due 4/16/1997................... 15,569,889 15,569,889
9,801,000 Volvo Group Treasury NA, Inc.
5.46% due 4/16/1997............. 9,778,703 9,778,703
24,087,000 CSX Corporation 5.40% due
4/17/1997....................... 24,029,191 24,029,191
5,747,000 Fuji Photo Film Finance U.S.A.,
Inc. 5.41% due 4/17/1997........ 5,733,182 5,733,182
18,876,000 CSX Corporation 5.43% due
4/18/1997....................... 18,827,599 18,827,599
10,000,000 Volvo Group Treasury NA, Inc. 5
1/2% due 4/18/1997.............. 9,974,028 9,974,028
8,354,000 Toshiba Capital (Asia) Limited
5.32% due 4/21/1997............. 8,329,309 8,329,309
20,206,000 Reynolds Metals Company 5.46% due
4/21/1997....................... 20,144,708 20,144,708
13,500,000 AT&T Capital Corporation 5.57%
due 4/22/1997................... 13,456,136 13,456,136
7,000,000 Samsung Electronics America, Inc.
5.58% due 4/22/1997............. 6,977,215 6,977,215
14,209,000 AT&T Capital Corporation 5.57%
due 4/23/1997................... 14,160,634 14,160,634
5,395,000 Union Pacific Corporation 5.77%
due 4/23/1997................... 5,375,977 5,375,977
19,905,000 Fiat Finance U.S.A., Inc. 5.46%
due 4/24/1997................... 19,835,565 19,835,565
19,263,000 Volvo Group Treasury NA, Inc.
5.38% due 4/25/1997............. 19,193,910 19,193,910
20,369,000 Volvo Group Treasury NA, Inc.
5.38% due 4/28/1997............. 20,286,811 20,286,811
10,484,000 Samsung Electronics America, Inc.
5 1/2% due 4/29/1997............ 10,439,152 10,439,152
7,150,000 Samsung Electronics America, Inc.
5.58% due 4/29/1997............. 7,118,969 7,118,969
11,000,000 Fiat Finance U.S.A., Inc. 5 1/2%
due 4/30/1997................... 10,951,264 10,951,264
10,000,000 Samsung Electronics America, Inc.
5.63% due 4/30/1997............. 9,954,647 9,954,647
17,069,000 Burlington Northern Santa Fe
Corporation 5.45% due 5/01/1997. 16,991,478 16,991,478
10,953,000 Fiat Finance U.S.A., Inc. 5.55%
due 5/02/1997................... 10,900,654 10,900,654
12,202,000 Samsung Electronics America, Inc.
5.65% due 5/02/1997............. 12,142,634 12,142,634
19,454,000 CSX Corporation 5.78% due
5/05/1997....................... 19,347,803 19,347,803
21,769,000 Fiat Finance U.S.A., Inc. 5 1/2%
due 5/06/1997................... 21,652,596 21,652,596
</TABLE>
21
SoGen International Fund, Inc.
SCHEDULE OF INVESTMENTS
MARCH 31, 1997
<TABLE>
<CAPTION>
PRINCIPAL COST VALUE
AMOUNT (NOTE 1) (NOTE 1)
----------- -------- --------
<C> <S> <C> <C>
SHORT-TERM INVESTMENTS
(continued)
$ 5,988,000 Fiat Finance U.S.A., Inc. 5.51%
due 5/06/1997................. $ 5,955,923 $ 5,955,923
22,498,000 Fiat Finance U.S.A., Inc. 5
3/4% due 5/07/1997............ 22,368,636 22,368,636
2,881,000 Fiat Finance U.S.A., Inc. 5.48%
due 5/08/1997................. 2,864,773 2,864,773
14,000,000 Samsung Electronics America,
Inc. 5.48% due 5/08/1997...... 13,921,149 13,921,149
3,000,000 Fiat Finance U.S.A., Inc. 5.53%
due 5/08/1997................. 2,982,949 2,982,949
23,649,000 CSX Corporation 5.80% due
5/09/1997..................... 23,504,216 23,504,216
11,208,000 Fiat Finance U.S.A., Inc. 5.54%
due 5/12/1997................. 11,137,284 11,137,284
7,522,000 Fiat Finance U.S.A., Inc. 5.54%
due 5/12/1997................. 7,474,540 7,474,540
23,264,000 CSX Corporation 5 3/4% due
5/13/1997..................... 23,107,937 23,107,937
-------------- --------------
TOTAL SHORT-TERM INVESTMENTS... 740,242,769 740,242,769
-------------- --------------
TOTAL INVESTMENTS (98.28%)..... $3,408,972,163* 3,840,414,853**
==============
Other assets in excess of
liabilities (1.72%)........... 67,393,122
--------------
Net assets (100.00%)........... $3,907,807,975
==============
</TABLE>
-----------
* Aggregate cost for federal income tax purposes is $3,408,277,419.
** Gross unrealized appreciation and depreciation of securities at March 31,
1997, based on cost for federal income tax purposes, were $586,061,657 and
$153,924,223, respectively (net appreciation was $432,137,434).
<TABLE>
<CAPTION>
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS
------------------ ------------------------
<S> <C> <C>
CAD--Canadian Dollar (1) Metals and 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
DEM--Deutsche Mark (8) Chemicals (20) Holding Companies
ESP--Spanish Peseta (9) Transportation (21) Conglomerate
CHF--Swiss Franc (10) Electronics (22) Investment Companies
ZAR--South African Rand (11) Technology (23) Government Issues
(12) Consumer Products
<CAPTION>
BOND TYPES
----------
<S> <C> <C>
FRN--Floating Rate Note
FRB--Floating Rate Bond
IDU--Interest Due Unpaid
EI--Eligible Interest
DCB--Debt Conversion Bond
"C'--Capitalization
FLIRB--Front Loaded Interest Reduction Bond
NMB--New Money Bond
PDI--Past Due Interest
</TABLE>
22
SoGen International Fund, Inc.
NOTES TO SCHEDULE OF INVESTMENTS
MARCH 31, 1997
(a) Non-income producing security.
(b) Can be sold only to qualified institutional buyers.
(c) Affiliate as defined by the Investment Company Act of 1940. An affiliate is
defined as a company in which the Fund directly or indirectly owns,
controls, or holds power to vote 5% or more of the outstanding voting
securities. Following is a summary of transactions with each such affiliate
for the year ended March 31, 1997.
<TABLE>
<CAPTION>
Purchases Sales Realized Dividend
Affiliate Shares Cost Shares Cost Gain Income
-----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
San Juan Basin Royalty Trust 1,290,000 $8,909,696 -- -- -- $3,063,850
North European Oil Royalty Trust 22,500 304,527 -- -- -- 524,319
A.P. Green Industries, Inc. -- -- -- -- -- 93,465
Kaiser Ventures Inc. 226,500 2,301,995 -- -- -- --
LeaRonal, Inc. 59,500 1,305,083 -- -- -- 384,210
Zero Corporation 251,500 4,535,286 -- -- -- 134,751
BEI Electronics Inc. -- -- 12,300 $130,375 $43,025 32,000
Baldwin Piano & Organ Company -- -- -- -- -- --
Plasti-Line, Inc. -- -- 64,600 811,961 251,561 --
UniFirst Corporation 156,500 3,196,432 -- -- -- 82,305
Texarkana First Financial Corporation -- -- -- -- -- 358,800
East Texas Financial Services, Inc. -- -- -- -- -- 17,000
Wood Bancorp, Inc. -- -- -- -- -- 27,693
Logansport Financial Corp. -- -- -- -- -- 306,000
Classic Bancshares, Inc. -- -- -- -- -- 11,440
FirstFed Bancorp, Inc. -- -- -- -- -- 49,243
Redwood Financial, Inc. 8,500 85,000 -- -- -- --
First Federal Financial Bancorp, Inc. 49,000 534,000 -- -- -- 10,290
J.C. Nichols Company -- -- 1,500 49,873 37,911 --
Emin Leydier 5,066 344,320 -- -- -- 81,880
NSC Groupe 4,086 539,643 -- -- -- 230,664
Sabeton SA 854 116,429 -- -- -- --
La Brosse et DuPont -- -- -- -- -- --
C.E.E. (Continentale
d'Equipements Electriques) -- -- -- -- -- --
VAE AG 22,500 2,044,254 -- -- -- 174,359
German City Estates NV 70,000 951,829 -- -- -- 72,337
Shortland Properties, Limited -- -- -- -- -- 348,510
Tasman Agriculture Limited 1,729,400 1,420,750 -- -- -- 141,083
Apple Fields Limited 292,000 129,490 -- -- -- --
Damba Holdings Limited -- -- -- -- -- 20,346
</TABLE>
(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.
-----------
See Notes to Financial Statements.
23
SoGen International Fund, Inc.
STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 1997
<TABLE>
<S> <C>
ASSETS:
Investments, at value (Note 1):
Common and preferred stock (identified cost, $1,978,746,420)....... $2,353,951,410
Bonds, notes and convertible bonds (identified cost, $689,982,974). 746,220,674
Short-term investments (amortized cost, $740,242,769).............. 740,242,769
--------------
Total investments (cost, $3,408,972,163).......................... 3,840,414,853
Cash................................................................ 3,267,392
Receivable for investment securities sold........................... 11,671,141
Receivable for forward currency contracts held, at value
(Notes 1 and 6)................................................... 43,029,798
Receivable for Fund shares sold..................................... 8,812,479
Accrued interest and dividends receivable........................... 23,907,394
Prepaid expenses and other assets................................... 4,138
--------------
TOTAL ASSETS...................................................... 3,931,107,195
--------------
LIABILITIES:
Payable for investment securities purchased......................... 7,180,877
Payable for forward currency contracts held, at value
(Notes 1 and 6)................................................... 766,284
Payable for Fund shares redeemed.................................... 4,468,053
Investment advisory fees payable (Note 2)........................... 7,289,206
Distribution fees payable (Note 3).................................. 2,350,400
Directors' fees payable (Note 2).................................... 28,200
Accrued expenses and other liabilities.............................. 1,216,200
--------------
TOTAL LIABILITIES................................................. 23,299,220
--------------
NET ASSETS:
Capital stock (par value, $0.001 per share)......................... 146,457
Capital surplus..................................................... 3,350,569,039
Net unrealized appreciation (depreciation) on:
Investments........................................................ 431,442,690
Forward currency contracts......................................... 42,263,514
Foreign currency related transactions.............................. (284,649)
Undistributed net realized gains on investments..................... 48,732,593
Undistributed net investment income................................. 34,938,331
--------------
NET ASSETS (Note 1)............................................... $3,907,807,975
==============
NET ASSET VALUE PER SHARE (based on 146,457,199 shares outstanding:
250,000,000 shares authorized) (Note 5)............................ $ 26.68
==============
MAXIMUM OFFERING PRICE PER SHARE ($26.68 / 96.25%)................... $ 27.72
==============
</TABLE>
-----------
See Notes to Financial Statements.
24
SoGen International Fund, Inc.
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED MARCH 31, 1997
<TABLE>
<S> <C>
INVESTMENT INCOME:
Income:
Interest (net of $97,074 foreign taxes withheld)............... $ 98,276,997
Dividends (net of $2,485,957 foreign taxes withheld)........... 51,669,785
Miscellaneous income........................................... 236,345
------------
Total income from operations................................... 150,183,127
------------
Expenses:
Investment advisory fees (Note 2).............................. 26,404,805
Distribution fees (Note 3)..................................... 8,571,548
Shareholder servicing agent fees............................... 4,147,839
Custodian fees................................................. 2,406,202
Registration and filing fees................................... 385,000
Printing....................................................... 265,000
Audit fees..................................................... 126,750
Insurance...................................................... 76,406
Directors' fees (Note 2)....................................... 36,000
Legal fees..................................................... 34,861
Miscellaneous.................................................. 90,000
------------
Total expenses from operations................................. 42,544,411
------------
Expense reduction due to earnings credits (Note 1)............. (184,041)
------------
Net expenses from operations................................... 42,360,370
------------
Net investment income (Note 1).................................. 107,822,757
------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCY
RELATED TRANSACTIONS (NOTES 1 AND 6):
Net realized gains from:
Investment transactions........................................ 113,961,153
Foreign currency related transactions.......................... 49,042,602
------------
163,003,755
------------
Change in unrealized appreciation (depreciation) of:
Investments.................................................... 12,853,326
Foreign currency related transactions.......................... 35,051,911
------------
47,905,237
------------
Net gain on investments and foreign currency related
transactions.................................................. 210,908,992
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............. $318,731,749
============
</TABLE>
-----------
See Notes to Financial Statements.
25
SoGen International Fund, Inc.
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
YEAR YEAR
ENDED ENDED
MARCH 31, MARCH 31,
1997 1996
-------------- --------------
<S> <C> <C>
OPERATIONS:
Net investment income......................... $ 107,822,757 $ 90,634,838
Net realized gains from investments and
foreign currency related transactions....... 163,003,755 92,348,706
Increase in unrealized appreciation
(depreciation) of investments and foreign
currency related transactions............... 47,905,237 247,104,551
-------------- --------------
Net increase in net assets resulting from
operations................................ 318,731,749 430,088,095
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS:
Dividends paid from net investment income..... (147,082,938) (80,841,083)
Distributions paid from net realized gains
from investment transactions................ (99,862,032) (72,421,592)
-------------- --------------
Decrease in net assets resulting from
distributions............................. (246,944,970) (153,262,675)
-------------- --------------
FUND SHARE TRANSACTIONS (NOTE 5):
Net proceeds from shares sold................. 1,078,060,516 1,003,626,840
Net asset value of shares issued for
reinvested dividends and distributions...... 236,027,103 145,347,808
Cost of shares redeemed....................... (511,534,573) (313,992,982)
-------------- --------------
Increase in net assets from Fund share
transactions.............................. 802,553,046 834,981,666
-------------- --------------
Net increase in net assets................. 874,339,825 1,111,807,086
NET ASSETS (NOTE 1):
Beginning of year............................. 3,033,468,150 1,921,661,064
-------------- --------------
End of year (including undistributed net
investment income of $34,938,331 and
$34,222,972, respectively.)................. $3,907,807,975 $3,033,468,150
============== ==============
</TABLE>
-----------
See Notes to Financial Statements.
26
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES
SoGen International Fund, Inc. (the "Fund") is a diversified open-end man-
agement investment company registered under the Investment Company Act of
1940, as amended. The following is a summary of significant accounting poli-
cies adhered to by the Fund.
a) SECURITY VALUATION--The Fund invests in domestic and foreign securities,
including stocks, bonds, notes and convertible securities, whose values are
subject to changes in market conditions, as well as changes in political and
regulatory environments. All securities, except bonds, for which market quota-
tions are available on a national securities exchange in the United States or
a securities exchange abroad, are valued at their last sale price on the last
business day of the period reported or, in the absence of a sale on that date,
at the mean between the closing bid and asked prices. All over-the-counter se-
curities, except bonds, for which market quotations are readily available, are
valued at the mean between the last bid and asked prices in the over-the-
counter market in the United States or abroad, except if such unlisted secu-
rity is among the NASDAQ designated "Tier 1" securities, in which case it is
valued at its last sale price. All bonds, whether listed on an exchange or
traded in the over-the-counter market, for which market quotations are readily
available are valued at the mean between the last bid and asked prices re-
ceived from dealers in the over-the-counter market in the United States or
abroad, except that when no asked price is available, bonds are valued at the
last bid price alone. Short-term investments maturing in sixty days or less
are valued at cost plus interest earned, which approximates value. All other
securities are valued at fair value as determined by the Board of Directors.
b) FOREIGN CURRENCY TRANSLATION--The market values of securities which are
not traded in United States currency are recorded in the financial statements
after translation to U.S. dollars based on the applicable exchange rates at
the end of the period. The costs of such securities are translated at exchange
rates prevailing when acquired. Related dividends, interest and withholding
taxes are accrued at the rates of exchange prevailing on the respective dates
of such transactions.
The net assets of the Fund are presented at the foreign exchange rates and
market values at the close of the period. The Fund does not isolate that por-
tion of gains and losses on investments which is due to changes in foreign ex-
change rates from that which is due to changes in market prices of the equity
securities. However, for federal income tax purposes the Fund does isolate the
effect of changes in foreign exchange rates from the changes in market prices
for realized gains or losses on debt obligations.
c) FORWARD CURRENCY CONTRACTS--In connection with purchases and sales of se-
curities denominated in foreign currencies, the Fund may enter into for-
27
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued)
ward currency contracts. Additionally, the Fund may enter into such contracts
to hedge certain other foreign currency denominated investments. These con-
tracts are recorded at market value, and the related realized and unrealized
foreign exchange gains and losses are included in the statement of operations.
In the event that counterparties fail to settle these currency contracts or
the related foreign security trades, the Fund could be exposed to foreign cur-
rency fluctuations.
d) SECURITY TRANSACTIONS AND INCOME--Security transactions are recorded on
the trade date. The specific identification method is used in determining the
cost of securities and gains or losses on sales of securities. Dividend income
is recorded on the ex-dividend date. Interest income is recorded daily on the
accrual basis. In computing investment income the Fund amortizes discounts on
debt obligations; however, it does not amortize premiums.
e) UNITED STATES INCOME TAXES--No provision has been made for United States
federal income taxes since it is the intention of the Fund to distribute to
shareholders all taxable net investment income and net realized gains on in-
vestments, if any, within the allowable time limit, and to comply with the
other provisions of the Internal Revenue Code for a regulated investment com-
pany. Such income dividends and capital gains distributions are declared and
paid by the Fund on an annual basis.
f) RECLASSIFICATION OF CAPITAL ACCOUNTS--On the statement of assets and lia-
bilities, as a result of certain differences in the computation of net invest-
ment income and net realized capital gains on investments under federal income
tax rules and regulations versus generally accepted accounting principles, a
reclassification has been made to increase undistributed net investment income
and decrease undistributed net realized gains on investments in the amount of
$46,751,955. In addition, $348,707 and $6,776,415 were reclassed to additional
paid in capital from undistributed net realized gains on investments and un-
distributed net investment income, respectively.
g) EXPENSES--Earnings credits reduce custodian fees and shareholder servic-
ing agent fees by the amount of interest on balances with such service provid-
ers.
h) USE OF ESTIMATES--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make es-
timates and assumptions that affect the reported amounts of assets and liabil-
ities at the date of the financial statements and the reported amounts of rev-
enues and expenses during the reporting period. Actual results could differ
from those estimates.
28
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
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
average daily value of the Fund's net assets and 0.75% of the average daily
value of the Fund's net assets in excess of $25,000,000; the fee is payable
quarterly in amounts equal to 0.25% and 0.1875%, respectively, of the average
daily value of the net assets of the Fund during the preceding quarter. In re-
turn, SGAM Corp. provides the Fund with advisory services and pays certain
Fund expenses, including salaries and office costs. For the year ended March
31, 1997, the Fund's investment advisory fees paid or payable to SGAM Corp.
were $26,404,805.
For the year ended March 31, 1997, Societe Generale Securities Corporation
("SGSC"), the principal underwriter, realized $2,670,354 in dealer's and un-
derwriter's commissions after reallowance to others. Societe Generale, a
stockholder of SGAM Corp. and SGSC, received dealer's commissions of $126,060.
For the same period, Societe Generale or its affiliates received $124,672 in
broker's commissions for portfolio transactions executed on behalf of the
Fund.
Each director who is not an officer of the Fund or an employee of SGAM
Corp., SGSC or its corporate affiliates is paid an annual fee of $6,000 plus
$1,000 for each meeting attended. Such fees amounted to $36,000 for the year
ended March 31, 1997.
NOTE 3--PLAN OF DISTRIBUTION
The Fund has a Distribution Plan and Agreement (the "Plan") with SGSC, pur-
suant to the provisions of Rule 12b-1 under the Investment Company Act of
1940, whereby the Fund pays SGSC, quarterly, a distribution fee of up to, on
an annual basis, 0.25% of the average daily net asset value of the Fund. Under
the Plan, SGSC must apply the full amount of fees received from the Fund to
actual distribution expenses incurred during the fiscal year, including the
payment of fees to dealers selling shares of the Fund, the payment of adver-
tising costs and the payment for the preparation, printing and distribution of
prospectuses to prospective investors. The Plan, which became effective on No-
vember 14, 1985, excludes for the purpose of calculating the average daily net
asset value for payment of the fee, Fund assets attributable to Fund shares
outstanding before that date and any subsequent dividends and distributions
thereon.
SGSC bears the Fund's distribution costs to the extent they exceed payments
under the Plan. For the year ended March 31, 1997, the Fund's distribution
fees paid or payable to SGSC were $8,571,548.
NOTE 4--PURCHASES AND SALES OF SECURITIES
During the year ended March 31, 1997, the aggregate cost of purchases and
proceeds from sales of investments, excluding U.S. Government obligations and
short-term securities, totaled $774,673,236 and $360,387,224, respectively.
29
SoGen International Fund, Inc.
NOTES TO FINANCIAL STATEMENTS (continued)
NOTE 5--CAPITAL STOCK
Transactions in shares of capital stock were as follows:
<TABLE>
<CAPTION>
YEAR ENDED YEAR ENDED
MARCH 31, 1997 MARCH 31, 1996
-------------- --------------
<S> <C> <C>
Shares sold....................................... 40,217,314 39,975,158
Shares issued for reinvested dividends and
distributions................................... 9,109,524 5,973,765
Shares redeemed................................... (19,146,974) (12,491,879)
----------- -----------
Net increase..................................... 30,179,864 33,457,044
=========== ===========
</TABLE>
NOTE 6--COMMITMENTS
As of March 31, 1997 the Fund had entered into forward currency contracts,
as summarized below, resulting in net unrealized appreciation of $42,263,514.
TRANSACTION HEDGES:
Foreign Currency Purchases
<TABLE>
<CAPTION>
SETTLEMENT U.S. $ VALUE U.S. $ UNREALIZED UNREALIZED
DATES FOREIGN CURRENCY AT MARCH 31, TO BE APPRECIATION AT DEPRECIATION AT
THROUGH TO BE RECEIVED 1997 DELIVERED MARCH 31, 1997 MARCH 31, 1997
---------- ---------------- ------------ --------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/07/97 1,172,765 Austrian Schilling $ 99,408 $ 99,767 -- ($ 359)
4/03/97 1,352,801 Swiss Franc 936,195 926,761 $ 9,434 --
4/30/97 2,460,670 French Franc 437,297 433,537 3,760 --
4/07/97 373,598 British Pound 613,260 603,239 10,021 --
4/01/97 103,194,647 Japanese Yen 834,570 833,840 730 --
4/01/97 660,776 South African Rand 149,497 149,768 -- (271)
------------ ------------ ----------- ---------
3,070,227 3,046,912 23,945 (630)
------------ ------------ ----------- ---------
Foreign Currency Sales
<CAPTION>
SETTLEMENT U.S. $ U.S. $ VALUE UNREALIZED UNREALIZED
DATES FOREIGN CURRENCY TO BE AT MARCH 31, APPRECIATION AT DEPRECIATION AT
THROUGH TO BE DELIVERED RECEIVED 1997 MARCH 31, 1997 MARCH 31, 1997
---------- ---------------- ------------ ------------ --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
4/03/97 807,719 Deutsche Mark 480,409 482,725 -- (2,316)
4/03/97 6,969,044 Spanish Peseta 48,555 49,373 -- (818)
4/01/97 331,140 Singapore Dollar 229,432 229,242 190 --
------------ ------------ ----------- ---------
758,396 761,340 190 (3,134)
------------ ------------ ----------- ---------
PORTFOLIO HEDGES:
<CAPTION>
SETTLEMENT U.S. $ U.S. $ VALUE UNREALIZED UNREALIZED
DATES TO BE AT MARCH 31, APPRECIATION AT DEPRECIATION AT
THROUGH FOREIGN CURRENCY RECEIVED 1997 MARCH 31, 1997 MARCH 31, 1997
---------- ---------------- ------------ ------------ --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
9/10/97 105,149,000 Swiss Franc 84,520,178 77,832,459 6,687,719 --
9/17/97 169,902,500 Deutsche Mark 113,689,724 105,090,439 8,599,285 --
7/30/97 600,000,000 Spanish Peseta 4,349,717 4,250,496 99,221 --
8/08/97 1,244,692,330 French Franc 240,987,917 226,584,614 14,403,303 --
9/24/97 14,849,000,000 Japanese Yen 170,289,877 157,073,742 13,216,135 --
10/03/97 63,165,000 New Zealand Dollar 43,468,771 44,231,291 -- (762,520)
------------ ------------ ----------- ---------
657,306,184 615,063,041 43,005,663 (762,520)
------------ ------------ ----------- ---------
$661,134,807 $618,871,293 $43,029,798 ($766,284)
============ ============ =========== =========
</TABLE>
30
SoGen International Fund, Inc.
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
YEAR ENDED MARCH 31,
-----------------------------------------------------------------------------------
1997 1996 1995 1994 1993 1992 1991(a) 1990 1989 1988
------ ------ ------ ------ ------ ------ ------- ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SELECTED PER SHARE DATA
Net asset value,
beginning of year...... $26.09 $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91 $21.47
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Income from investment
operations:
Net investment income... 1.03 1.06 0.10 0.53 0.64 0.69 0.78 0.64 0.71 0.58
Net realized and
unrealized gains
(losses) on
investments............ 1.39 3.37 0.49 3.37 2.02 1.45 0.20 1.48 1.26 (0.97)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations............. 2.42 4.43 0.59 3.90 2.66 2.14 0.98 2.12 1.97 (0.39)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income...... (1.09) (0.81) (0.15) (0.47) (0.64) (0.84) (0.71) (0.71) (0.80) (0.84)
Distributions from
capital gains.......... (0.74) (0.73) (0.56) (0.23) (0.34) (0.37) (0.47) (1.01) (0.77) (3.33)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Total distributions..... (1.83) (1.54) (0.71) (0.70) (0.98) (1.21) (1.18) (1.72) (1.57) (4.17)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
Net asset value, end of
year................... $26.68 $26.09 $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
TOTAL RETURN*........... 9.48% 19.57% 2.63% 19.50% 14.87% 12.53% 6.03% 12.18% 11.94% (0.70%)
RATIOS AND SUPPLEMENTAL
DATA
Net assets, end of
year (millions)........ $3,908 $3,033 $1,922 $1,781 $650 $355 $240 $176 $126 $97
Ratio of operating
expenses to average net
assets................. 1.21%** 1.25%** 1.26% 1.28% 1.31% 1.37% 1.30% 1.38% 1.39% 1.36%
Ratio of net investment
income to average net
assets................. 3.08%** 3.71%** 2.70% 2.34% 3.69% 4.00% 4.84% 4.32% 4.23% 3.09%
Portfolio turnover rate. 12.85% 9.64% 12.96% 23.96% 17.94% 24.25% 24.14% 30.62% 33.05% 42.79%
Average commission rate
paid #................. $0.003 $0.013 -- -- -- -- -- -- -- --
</TABLE>
-----------
(a) SGAM Corp. became the investment adviser on April 26, 1990. From August 21,
1978 to April 25, 1990 the investment adviser was SGSC.
* 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, 1997 and 1996 would have remained the same without the effect of
earnings credits. However, the ratio of net investment income to average net
assets would have been 3.07% and 3.70% without the effect of earnings
credits for the years ended March 31, 1997 and 1996, respectively.
# Average commission rate paid is expressed on a per share basis. Not all
commissions are computed on a per share basis; therefore, commissions
expressed as a percentage of transactions may be higher. Due to the new
Securities and Exchange Commission disclosure guidelines, average
commissions per share are calculated only for the years ended March 31, 1997
and 1996, and not for the prior periods.
-----------
See Notes to Financial Statements.
31
SoGen International Fund, Inc.
INDEPENDENT AUDITORS' REPORT
The Board of Directors and Shareholders of
SoGen International Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of SoGen
International Fund, Inc., including the schedule of investments, as of March
31, 1997, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the years in the two-year
period then ended and the financial highlights for each of the years in the
eight year period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for each of the years in the two-
year period ended March 31, 1989 of SoGen International Fund, Inc. were audited
by other auditors whose report thereon dated May 5, 1989, expressed an
unqualified opinion on the financial highlights.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
March 31, 1997, by correspondence with custodians and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of SoGen
International Fund, Inc. as of March 31, 1997, the results of its operations
for the year then ended, the changes in its net assets for each of the years in
the two-year period then ended, and the financial highlights for each of the
years in the eight year period then ended, in conformity with generally
accepted accounting principles.
/s/ KPMG Peat Marwick LLP
New York, New York
May 16, 1997
32
SoGen International Fund, Inc.
TAX INFORMATION
FISCAL YEAR ENDED MARCH 31, 1997
(UNAUDITED)
The following tax information represents the designation of various tax
benefits relating to the fiscal year ended March 31, 1997.
The percentage of investment company taxable income eligible for the
dividends received deduction available to certain corporate shareholders with
respect to the fiscal year ended March 31, 1997 is 6.75%.
Capital gains distributions paid to shareholders by the Fund during the
fiscal year ended March 31, 1997, whether taken in shares or in cash, were
$90,415,623.
For the fiscal year ended March 31, 1997, the net foreign source income
received by the Fund from sources within foreign countries and possessions of
the United States was $0.4162 per share (representing a total of $60,951,336).
The total amount of taxes paid by the Fund to such countries was $0.0176 per
share (representing a total of $2,583,031).
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.
33
SoGen International Fund, Inc.
1221 AVENUE OF THE AMERICAS NEW YORK, NY 10020
DIRECTORS AND OFFICERS
----------------------
DIRECTORS
Philippe Collas Dominique Raillard
Jean-Marie Eveillard Nathan Snyder
Fred J. Meyer
OFFICERS
Philippe Collas...........................................Chairman of the Board
Jean-Marie Eveillard..................................................President
Philip J. Bafundo.......................Vice President, Secretary and Treasurer
Elizabeth Tobin..........................Vice President and Assistant Secretary
Ignatius Chithelen...............................................Vice President
Edwin S. Olsen...................................................Vice President
Catherine A. Shaffer.............................................Vice President
Charles de Vaulx.................................................Vice President
Lynn L. Chin...................Assistant Vice President and Assistant Treasurer
Richard M. Boyer.......................................Assistant Vice President
John L. DeVita.........................................Assistant Vice President
INVESTMENT ADVISER UNDERWRITER
------------------ -----------
Societe Generale Asset Management Corp. Societe Generale Securities
1221 Avenue of the Americas Corporation
New York, NY 10020 1221 Avenue of the Americas
New York, NY 10020
LEGAL COUNSEL INDEPENDENT AUDITORS
------------- --------------------
Dechert Price & Rhoads KPMG Peat Marwick LLP
30 Rockefeller Plaza 345 Park Avenue
New York, NY 10112 New York, NY 10154
DOMESTIC CUSTODIAN GLOBAL CUSTODIAN
------------------ ----------------
Investors Fiduciary Trust Company The Chase Manhattan Bank, 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
This report is not authorized for distribution to prospective investors unless
preceded or accompanied by a currently effective prospectus of SoGen
International Fund, Inc.
34
[LOGO] SoGen International Fund, Inc.
1221 Avenue of the Americas
New York, NY 10020
SGF2