-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EqqW1eHNjAp/dc7pyaC/YmZX8C6HJCI2WYKhpqZkRqsj95OdDY31cD1ZZobThvuj mbtH9rqAbG4ZhTZfOj3S4A== 0000950130-95-002486.txt : 19960629 0000950130-95-002486.hdr.sgml : 19960629 ACCESSION NUMBER: 0000950130-95-002486 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951116 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOGEN INTERNATIONAL FUND INC/SOCIETE GENERALE TOUCHE REMNANT CENTRAL INDEX KEY: 0000091612 STANDARD INDUSTRIAL CLASSIFICATION: 0000 IRS NUMBER: 132672902 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-01922 FILM NUMBER: 95594028 BUSINESS ADDRESS: STREET 1: 50 ROCKEFELLER PLZ CITY: NEW YORK STATE: NY ZIP: 10020 BUSINESS PHONE: 2123978561 FORMER COMPANY: FORMER CONFORMED NAME: SOGEN INTERNATIONAL FUND INC DATE OF NAME CHANGE: 19930610 N-30D 1 SEMI-ANNUAL REPORT SoGen International Fund, Inc. ---------------------------------- (ART) ---------------------------------- Semi-Annual Report September 30, 1995 SN-03 SoGen International Fund, Inc. THE PRESIDENT'S LETTER Dear Shareholder: Over the past fifteen years (September 30, 1980 to September 30, 1995) the value of an investment in your Fund increased at a compounded average annual rate of 15.68%. Over the past ten and five years, the rates were 14.55% and 13.62%, respectively. Over the past twelve months, the rate was 9.12%.* Your Fund continued to earn a top rating from Morningstar Mutual Funds, an independent fund-rating service. In its August 18, 1995 report, SoGen International Fund, Inc. received the highest distinction, five stars, for risk-adjusted performance. Also, your Fund was one of twenty funds to be listed on the 1995 Forbes Honor Roll. As of September 30, 1995 your Fund's net assets, on an economic basis, were invested as follows: U.S. stocks(/1/) 23.7% Foreign stocks(/1/) 33.7 U.S. dollar bonds 13.2 Foreign currency bonds 3.9 Gold-related securities 8.0 U.S. dollar cash and equiva- lents(/2/) 17.5 ----- 100.0% =====
(/1/)Includes convertible bonds with moderate premia. (/2/)Includes floating rate securities. The ten largest equity holdings were Bank for International Settlements, U.S. and French Tranches (the central banks' central bank, with some gold assets); Freeport McMoRan Copper & Gold, Gold and Silver Denominated Preferreds (gold-related securities); Lonrho plc (British conglomerate, with interests in Africa); Buderus AG (German heating products company); Fuji Photo Film Co., Ltd. (Japanese film and imaging company); Carter Holt Harvey Limited (New Zealand forest products and paper company); CDL Hotels International Ltd. (Hong Kong listed hotel chain); Randstad Holdings NV (Netherlands temporary employment company); Philips Electronics NV ADR (Dutch electronics and consumer products group); and Bayer AG (German chemicals and pharmaceuticals company). The U.S. stock market is high. It may work its way higher, of course, but the "margin of safety" is no longer there in our opinion. At the same time, it is a big market with hundreds of securities to choose from, so we continue to look for stocks that provide long term value. After having had little or no exposure in Japan for seven years, we have increased our stake somewhat. In the aftermath of a long and deep bear market, some Japanese stocks, we believe, are undervalued. We will continue to slowly buy the U.S. dollar denominated bonds of some countries in Latin America. The yields are high while, in our opinion, the risks of default are low. Otherwise, we keep looking for specific securities throughout the world and maintain our investment horizon of about five years. We're also staying on the side of caution, where we have been for seventeen years now. Sincerely yours, /s/ Jean-Marie Eveillard Jean-Marie Eveillard President October 29, 1995 - - ---------------------- *These figures assume the immediate reinvestment of all dividends and distributions and do not include the deduction of the Fund's sales load (see the "Investment Results" section in this report for further information). SoGen International Fund, Inc. SUMMARY OF FUND DATA The table below covers the period from April 28, 1970 to September 30, 1995. 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.
NET ASSET VALUE OF INVESTMENT WITH DIVIDENDS INVESTMENT AND NUMBER NET ASSET CAPITAL GAINS INCOME DISTRIBUTIONS OF SHARES TOTAL NET VALUE DISTRIBUTIONS DIVIDENDS REINVESTED FISCAL YEAR ENDED OUTSTANDING ASSETS PER SHARE PER SHARE** PER SHARE (CUMULATIVE)* ----------------- ----------- -------------- --------- ------------- ---------- ------------- 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) 0.15 188.26 September 30, 1995 (six months)+ 96,300,211 2,466,186,932 25.61 -- -- 207.82
- - ---------------------- *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 and (n) $0.17 per share. + Unaudited. 2 SoGen International Fund, Inc. INVESTMENT RESULTS (UNAUDITED) ILLUSTRATION OF AN ASSUMED INVESTMENT OF $1,000 with reinvestment of income dividends and capital gains distributions ----------------------------------------------------------------- This chart illustrates the cumulative total return of an initial $1,000 investment in the Fund from September 30, 1985 to September 30, 1995. The Fund's results shown below should not be considered as a representation of the dividend income or capital gain or loss which may be realized from an investment made in the Fund today. Initial net asset value is the amount received by the Fund after deducting the maximum sales commission of 3.75%. No adjustment has been made for any income taxes payable by shareholders. The results reflect the deduction of all fees and expenses. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their initial cost. The performance information shown represents past performance and is not an indication of the Fund's future performance. Cost of investment $3,744 September 30, 1985 Total value of investment $1,000 September 30, 1995 Initial net asset value, $963. [GRAPH APPEARS HERE] Initial Inv. &\rTotal\rValue 9/30/85 963 963 9/30/86 1245 1284 9/30/87 1724 1778 9/30/88 1561 1671 9/30/89 1766 1971 9/30/90 1718 1977 9/30/91 1906 2277 9/30/92 2063 2569 9/30/93 2371 3038 9/30/94 2631 3431 9/30/95 2874 3744 AVERAGE ANNUAL RATES OF RETURN AS OF SEPTEMBER 30, 1995 after giving effect to the maximum sales commission of 3.75% ------------------------------------------------------------ 1 YEAR 5 YEARS 10 YEARS ------ ------- -------- 5.04% 12.75% 14.11% 3 SoGen International Fund, Inc. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE During the twelve months ended September 30, 1995, the U.S. stock market rally continued, fueled in part by a tremendous appetite on the part of U.S. individuals for equity mutual funds. The Fund's U.S. stock holdings currently represent 24% of net assets compared to 22% a year ago. Foreign equity markets were mixed but were generally on a declining trend during the same period. As those markets fell, the Fund added to its European and other foreign stock holdings. Major new additions include Japanese stocks that were purchased on a very selective basis for the first time in several years. Foreign stock holdings of the Fund account for approximately 34% of net assets compared to 35% a year ago. Purchases of high yielding Brady bonds largely explain the rise in U.S. dollar bond holdings which increased from 8% to 13% of net assets over the past twelve months. Investments in foreign currency bonds remained stable at 4% of net assets. Gold-related securities represent 8% of net assets compared to 11% a year ago, while cash and equivalents decreased from 20% to 18% over the same period. The decline in the value of the U.S. dollar had a limited impact on the portion of the Fund's assets denominated in foreign currencies, since foreign currency exposure was partially hedged throughout the period. 4 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS-- U.S. GOLD RELATED (2.36%) 447,500 Freeport McMoRan Copper & Gold, Preferred Series "B' (f)....... $16,547,448 $15,718,437 405,000 Freeport McMoRan Copper & Gold, Preferred Series "D' (f)....... 8,510,534 8,758,125 247,100 Freeport McMoRan Copper & Gold, Preferred Series "C' (f)....... 9,219,879 8,092,525 4,407 Case Pomeroy & Company, Inc. Class "A'...................... 4,207,990 5,068,050 117,500 Newmont Mining Corporation...... 4,207,860 4,993,750 277,500 Homestake Mining Company........ 5,350,271 4,717,500 250,000 Handy & Harman.................. 3,979,276 3,750,000 245,000 Santa Fe Pacific Gold Corporation.................... 3,891,706 3,093,125 36,500 Newmont Mining Corporation $2.75 Conv. Pfd. (b)................. 1,890,250 2,139,812 65,000 Coeur d'Alene Mines Corporation.................... 1,284,373 1,316,250 111,550 Amax Gold, Inc. (a)............. 839,140 683,243 ----------- ----------- 59,928,727 58,330,817 ----------- ----------- METALS AND MINERALS (0.61%) 125,000 Reynolds Metals Company......... 5,934,882 7,218,750 100,000 Asarco Incorporated............. 2,371,200 3,150,000 85,000 Cyprus Amax Minerals Company.... 1,858,699 2,390,625 65,000 Alumax, Inc. (a)................ 1,170,760 2,193,750 ----------- ----------- 11,335,541 14,953,125 ----------- ----------- ENERGY (2.53%) 622,500 Enterra Corporation (a)......... 10,873,232 13,695,000 245,000 Burlington Resources, Inc. ..... 9,295,482 9,493,750 435,000 North European Oil Royalty Trust (c)............................ 7,119,442 5,655,000 775,000 San Juan Basin Royalty Trust.... 4,995,234 5,328,125 105,000 Murphy Oil Corporation.......... 4,571,635 4,200,000 110,833 Tosco Corporation............... 2,356,853 3,823,738 103,955 Rochester and Pittsburgh Coal Company........................ 4,145,068 3,066,672 400,000 Rowan Companies, Inc. (a)....... 2,702,688 3,000,000 65,000 Sonat Offshore Drilling Inc. ... 1,146,412 2,120,625 215,000 Santa Fe Energy Resources, Inc. .......................... 1,919,813 2,042,500 115,000 ENSCO International Inc. (a).... 1,808,313 1,955,000 165,000 Gerrity Oil & Gas Corporation $1.50 Conv. Pfd. .............. 2,502,200 1,753,125 130,540 Weatherford International Incorporated (a)............... 837,843 1,697,020 135,486 Noble Drilling Corp. ........... 565,247 1,050,016 29,000 Penn Virginia Corporation....... 1,283,500 942,500 374,800 Kaneb Services, Inc. (a)........ 1,220,383 937,000 285,000 Gerrity Oil & Gas Corporation (a)............................ 2,545,420 890,625 3,253 The Home-Stake Royalty Corporation.................... 487,950 520,480 3,065 The Home-Stake Oil and Gas Company........................ 337,150 275,850 ----------- ----------- 60,713,865 62,447,026 ----------- -----------
5 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS-- U.S. (continued) FOREST PRODUCTS (1.65%) 588,600 Greif Bros. Corporation Class "A'............................ $10,283,400 $14,494,275 285,000 Rayonier Inc. .................. 8,245,991 11,150,625 82,500 Georgia-Pacific Corporation..... 5,109,087 7,218,750 355,000 Longview Fibre Company.......... 5,974,472 5,413,750 54,000 Plum Creek Timber Company, L.P. .......................... 213,222 1,323,000 45,000 Riverwood International Corporation.................... 597,285 1,012,500 ----------- ----------- 30,423,457 40,612,900 ----------- ----------- CAPITAL GOODS (1.79%) 205,000 Bandag, Inc. Class "A'.......... 10,556,343 9,993,750 301,500 A.P. Green Industries (c)....... 4,514,875 7,236,000 225,000 The Manitowoc Company, Inc. .... 6,036,041 6,665,625 480,750 Kuhlman Corp. .................. 3,494,390 5,829,093 84,565 Woodward Governor Company....... 6,682,017 5,708,137 4,005 Conbraco Industries, Inc. (a)... 1,179,450 2,703,375 200,000 Treadco, Inc. .................. 2,913,120 2,200,000 25,000 Deere & Company................. 1,085,027 2,034,375 140,000 MFRI Inc. (a)................... 781,252 953,750 185,000 Bayou Steel Corporation Class "A' (a)........................ 862,302 913,437 ----------- ----------- 38,104,817 44,237,542 ----------- ----------- TRANSPORTATION (0.93%) 136,647 Burlington Northern Santa Fe, Inc. .......................... 4,101,262 9,906,932 80,000 Florida East Coast Industries, Inc. .......................... 5,456,361 5,740,000 35,000 AMR Corporation................. 2,140,560 2,524,375 75,000 American President Companies, Ltd. .......................... 1,632,850 2,193,750 50,000 Heartland Express, Inc. (a)..... 195,000 1,462,500 112,500 Boyd Brothers Transportation, Inc. (a)....................... 1,204,375 998,437 ----------- ----------- 14,730,408 22,825,994 ----------- ----------- TECHNOLOGY (0.66%) 250,000 Digital Equipment Corporation 8 7/8% Pfd. ..................... 5,617,138 6,406,250 80,000 Digital Equipment Corporation (a)............................ 2,638,137 3,650,000 386,500 BEI Electronics Inc. (c)........ 2,867,193 2,802,125 100,000 American Mobile Satellite Corp. (a)............................ 2,570,000 2,393,750 25,000 Apple Computer, Inc. ........... 943,750 931,250 254,400 Anacomp, Inc. (a)............... 722,221 159,000 ----------- ----------- 15,358,439 16,342,375 ----------- ----------- SPECIALTY CHEMICALS (1.00%) 1,135,000 Lawter International Inc. ...... 13,898,118 12,768,750 505,000 LeaRonal, Inc. (c).............. 7,369,863 11,236,250 125,000 American Pacific Corporation (a)............................ 1,375,937 671,875 ----------- ----------- 22,643,918 24,676,875 ----------- -----------
6 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS-- U.S. (continued) CONSUMER PRODUCTS (3.03%) 445,000 Dole Food Company, Inc. ........ $12,183,763 $15,408,125 1,125,000 Interco Incorporated (a)........ 7,131,410 8,859,375 510,200 UniFirst Corporation............ 6,294,130 7,461,675 191,147 Allen Organ Company Class "B'... 6,023,709 8,792,762 150,000 Polaroid Corporation............ 4,494,953 5,962,500 235,000 Paragon Trade Brands, Inc. (a).. 3,498,790 3,642,500 525,000 The Topps Company (a)........... 3,095,620 3,412,500 50,000 Canandaigua Wine Co. Class A (a)............................ 2,441,250 2,431,250 215,000 Baldwin Piano and Organ Company (a)(c)......................... 2,233,875 2,741,250 100,000 A.T. Cross Company, Class "A'... 2,100,332 1,687,500 125,000 Jostens, Inc. .................. 2,091,362 2,937,500 100,000 Sturm, Ruger & Company, Inc. ... 2,087,034 3,125,000 130,000 St. John Knits, Inc. ........... 1,871,965 6,337,500 200,000 Smith Corona Corporation........ 1,427,799 125,000 95,000 Adolph Coors Company............ 1,337,515 1,721,875 10,000 Lesco International, Inc. ...... 148,750 145,000 ----------- ----------- 58,462,257 74,791,312 ----------- ----------- RETAIL (1.05%) 250,000 Smart & Final Inc. ............. 3,468,690 4,843,750 475,000 Hancock Fabrics Inc. ........... 4,314,409 4,750,000 285,000 Woolworth Corporation........... 4,410,174 4,488,750 235,000 Burlington Coat Factory Warehouse Corporation (a)...... 3,212,302 3,113,750 75,000 Staples, Inc. (a)............... 1,195,000 2,118,750 85,000 Wal-Mart Stores, Inc. .......... 899,481 2,114,375 110,815 Carson Pirie Scott & Company (a)............................ 1,431,641 2,105,485 33,700 Weyco Group Inc. ............... 910,161 1,289,025 135,000 Buttrey Food & Drug Stores Company (a).................... 911,875 1,012,500 ----------- ----------- 20,753,733 25,836,385 ----------- ----------- MEDIA (1.92%) 255,000 Pulitzer Publishing Company Class "A'...................... 7,053,734 13,196,250 255,000 American City Business Journals, Inc. (a)....................... 2,835,876 7,076,250 180,100 G.C. Companies, Inc. (a)........ 5,839,008 5,785,712 361,000 American Publishing Company Class "A'...................... 4,380,564 4,512,500 111,341 Plenum Publishing Corp. ........ 3,593,162 4,036,111 157,964 Cowles Media Company, non voting......................... 3,615,984 3,712,154 60,000 Harcourt General, Inc. ......... 1,180,005 2,512,500 264,600 Plasti-Line, Inc. (a)(c)........ 2,392,337 2,216,025 150,000 Western Publishing Group, Inc. (a)............................ 2,405,000 1,912,500 34,924 Mills Music Trust............... 1,055,336 1,396,960 235,000 Integrity Music, Inc. Class "A' (a)............................ 1,692,750 940,000 ----------- ----------- 36,043,756 47,296,962 ----------- -----------
7 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS-- U.S. (continued) HEALTH CARE (0.51%) 150,000 Johnson & Johnson, Inc. ........ $ 6,080,375 $11,118,750 80,000 Advanced Technology Laboratories, Inc. (a)......... 1,366,562 1,440,000 ----------- ----------- 7,446,937 12,558,750 ----------- ----------- FINANCIAL INSTITUTIONS (2.37%) 405,000 Lehman Brothers Holdings, Inc. . 6,396,386 9,365,625 3,349 Farmers & Merchants Bank of Long Beach.......................... 6,404,335 6,354,727 115,000 Zurich Reinsurance Centre Holdings, Inc. (a)............. 3,032,220 3,421,250 175,000 WesterFed Financial Corporation. 2,444,375 2,909,375 100,000 Riggs National Corporation 10 3/4% Non-Cum. Pfd., Series B... 2,545,000 2,725,000 85,000 JSB Financial, Inc. ............ 1,022,437 2,666,875 186,240 Portsmouth Bank Shares, Inc. ... 1,209,044 2,572,440 53,300 Kirksville Bancshares, Inc. (c). 773,797 2,238,600 140,000 HMN Financial, Inc. (a)......... 1,779,375 2,135,000 96,593 First Oak Brook Bancshares, Inc. Class "A'...................... 884,344 2,076,749 110,000 Standard Financial, Inc. (a).... 1,201,250 1,567,500 88,000 Workingmen's Capital Holdings, Inc. .......................... 474,625 1,474,000 25,000 Republic New York Corporation... 1,114,625 1,462,500 85,000 East Texas Financial Services (a)(c)......................... 959,375 1,360,000 54,613 Metairie Bank & Trust (a)....... 936,931 1,297,058 65,000 People's Savings Financial Corp. ......................... 613,182 1,267,500 85,000 QCF Bancorp, Inc. (a)........... 968,747 1,211,250 75,000 Home Bancorp (a)................ 948,125 1,181,250 43,000 Westco Bancorp, Inc. ........... 523,249 1,134,125 90,000 Logansport Financial Corp. (c).. 1,050,000 1,102,500 80,000 Texarkana First Financial Corp. (a)............................ 1,016,354 1,055,000 65,000 MFB Corporation (a)............. 739,375 1,031,875 43,967 FirstFed Bancorp Inc. (c)....... 484,746 1,011,241 22,698 ArgentBank...................... 352,788 994,456 55,300 Community Financial Corporation. 441,382 912,450 54,300 Wood Bancorp (c)................ 698,475 882,375 50,000 IBS Financial Corporation....... 496,875 850,000 38,000 MBLA Financial Corporation...... 486,500 655,500 50,000 Redwood Financial, Inc. (a)..... 437,500 512,500 18,600 OSB Financial Corp. ............ 419,262 446,400 28,400 Rowan Savings Bank SSB, Inc. ... 347,900 418,900 10,000 Liberty Savings Bank, Inc. ..... 120,000 120,000 ----------- ----------- 41,322,579 58,414,021 ----------- ----------- UTILITIES (0.66%) 785,000 Sithe Energies, Inc. (a)........ 8,353,924 6,280,000 285,000 California Energy Company, Inc. (a)............................ 4,788,700 5,842,500 100,000 The Montana Power Company....... 2,283,504 2,312,500 65,000 Idaho Power Company............. 1,604,025 1,803,750 ----------- ----------- 17,030,153 16,238,750 ----------- -----------
8 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS-- U.S. (continued) REAL ESTATE (1.94%) 535,000 Catellus Development Corporation.................... $ 4,148,512 $ 3,410,625 205,000 Catellus Development Corporation $3 5/8 Conv. Pfd. Series "B' (b)............................ 9,230,356 8,430,625 261,000 Crescent Real Estate Equities, Inc............................ 8,039,196 8,025,750 100,000 St. Joe Paper Company........... 5,284,884 6,362,500 4,912 Security Capital Group Incorporated (b)............... 4,059,999 4,780,165 4,441 J.C. Nichols Company............ 2,833,358 4,774,075 188,225 Alico, Inc. .................... 3,630,240 3,340,993 151,546 Security Capital Pacific Trust.. 1,941,858 2,879,374 75,000 Security Capital Pacific Trust Pfd. Series "A'................ 1,673,350 1,809,375 181,818 Security Capital Atlantic Trust (b)............................ 2,000,000 2,000,000 70,000 Price Enterprises, Inc. ........ 1,012,262 1,102,500 457 J.G. Boswell Company............ 523,840 536,975 43,147 Sonesta International Hotels Corporation.................... 353,258 353,266 ----------- ----------- 44,731,113 47,806,223 ----------- ----------- MISCELLANEOUS (1.61%) 775,500 Zero Corporation................ 10,341,623 12,601,875 515,000 Manville Corporation (a)........ 4,208,427 6,759,375 160,000 Delta & Pine Land Company....... 2,823,187 6,040,000 185,000 Calmat Co. ..................... 3,489,178 3,330,000 274,000 Kaiser Ventures, Inc. (a)....... 3,924,375 2,671,500 125,000 Aydin Corporation (a)........... 1,987,694 2,156,250 16 Kohler Corp. ................... 1,245,500 2,016,000 135,000 Kinder Care Learning Center (a). 1,878,437 1,822,500 90,000 ACX Technologies Inc. (a)....... 775,046 1,800,000 31,000 Matthews International Corporation.................... 530,000 623,875 ----------- ----------- 31,203,467 39,821,375 ----------- ----------- COMMON AND PREFERRED STOCKS--NON U.S. GOLD RELATED (4.91%) 3,175 Bank for International Settlements (U.S. Tranche)..... 16,219,643 28,576,373 1,845 Bank for International Settlements (French Tranche)... 8,989,758 14,416,256 24,682 Comptoir Lyon Alemand-Louyot (a)............................ 1,969,972 2,043,788 300,000 Terra Mining AB (c)............. 6,801,892 5,354,906 875,000 Royal Oak Mines Inc. ........... 4,317,324 3,773,437 145,000 Placer Dome Inc. ............... 2,527,496 3,806,250 150,000 Cambior Inc. ................... 2,071,398 1,593,068 3,000,000 Vengold Ltd. (a)................ 1,535,898 393,750 87,500 Franco-Nevada Mining Corp., Ltd. .......................... 1,280,812 5,249,673 350,000 Pan American Silver Corp. (a)... 1,062,176 2,380,286 98,000 Pan American Silver Corp. (a)(g)......................... 505,620 666,480 350,000 Pan American Silver Corp. Warrants expire 10/20/95 (a)... -- 1,206,446 98,000 Pan American Silver Corp. Warrants expire 10/31/96 (a)(g)................ -- 41,084
9 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. (continued) GOLD RELATED (continued) 45,000 Euro-Nevada Mining Corporation, Ltd. .......................... $ 145,976 $ 1,727,221 435,000 Free State Consolidated Gold Mines Ltd. ADR................. 5,588,052 5,002,500 285,000 Driefontein Consolidated Ltd. ADR............................ 3,329,260 3,918,750 290,000 Kloof Gold Mining Company Ltd. ADR............................ 2,980,547 3,262,500 297,500 St. Helena Gold Mines Ltd. ADR.. 2,646,200 2,472,968 420,000 Harmony Gold Mining Ltd. ADR.... 2,073,523 4,042,500 235,000 Randfontein Estates Gold Mining Company Witwatersrand Ltd. .... 1,889,095 1,528,369 10,000 Randfontein Estates Gold Mining Company Witwatersrand Ltd. ADR. 91,856 65,037 50,000 Ashanti Goldfields Company Limited........................ 1,078,750 1,008,750 21,000 Ashanti Goldfields Company Limited (b).................... 435,750 423,675 112,800 Johnnies Industrial Ltd. ADR.... 891,370 1,366,850 30,000 Johnnies Industrial Ltd. ....... 246,669 363,524 278,400 Loraine Gold Mines Ltd. ADR..... 858,166 952,963 93,277 Western Areas Gold Mining ADR... 796,859 1,614,858 121,884 Anglo American Platinum Co. ADR. 632,380 801,049 75,000 Anglo American Platinum Co. .... 520,983 492,914 118,300 JCI Ltd. ADR.................... 588,774 1,012,352 40,000 JCI Ltd. ....................... 236,418 342,301 37,500 Durban Roodepoort Deep, Ltd. (a)....................... 346,632 318,340 15000 Loraine Gold Mines Ltd. ........ 52,456 51,345 2,750,000 Eltin Limited (c)............... 6,457,118 6,113,877 1,000,000 Gold Mines of Kalgoorlie Ltd. .. 838,972 899,878 1,175,000 Kidston Gold Mines Ltd. ........ 1,593,783 1,599,363 1,225,000 Newcrest Mining Ltd. ........... 5,678,570 5,372,801 1,875,000 Orion Resources NL.............. 2,612,032 2,126,812 1,375,000 Posgold Ltd. (b)................ 2,469,706 2,568,244 263,900 General Oriental Investments Ltd. .......................... 1,809,300 2,138,958 ----------- ------------ 94,171,186 121,090,496 ----------- ------------ UNITED KINGDOM (1.90%) 8,000,000 Lonrho plc (17)................. 15,185,728 21,065,580 1,895,000 Antofagasta Holdings plc (17)... 5,801,899 10,129,665 1,550,000 McBride plc (a)(9).............. 5,105,110 4,718,800 1,000,000 Royal Doulton plc (9)........... 3,643,215 4,064,455 1,000,000 Blenheim Group plc (11)......... 4,684,766 3,653,265 415,000 Scottish Television plc (11).... 2,808,887 3,327,555 ----------- ------------ 37,229,605 46,959,320 ----------- ------------ NORWAY (0.48%) 346,000 Transocean Drilling AS (a)(2)... 2,168,640 5,591,752 325,000 Schibsted AS (11)............... 2,491,418 3,777,565 50,000 Petroleum Geo-Services AS ADR (a)(2)......................... 798,137 1,225,000 225,000 Western Bulk Shipping AS (7).... 1,263,505 1,218,055 ----------- ------------ 6,721,700 11,812,372 ----------- ------------
10 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. (continued) SWEDEN (0.49%) 315,000 AssiDoman AB (4)................ $ 6,695,503 $ 7,572,442 545,000 Bylock & Nordsjofrakt AB "B' (7)............................ 5,129,313 4,628,683 ----------- ----------- 11,824,816 12,201,125 ----------- ----------- FINLAND (0.35%) 1,425,000 Tampella Oy AB (a)(8)........... 5,480,764 4,566,612 110,000 Vaisala Oy A (6)................ 3,897,586 4,013,988 ----------- ----------- 9,378,350 8,580,600 ----------- ----------- DENMARK (0.57%) 200,000 Carlsberg International A/S Class "B' (9).................. 9,003,558 9,814,180 32,800 Aarhus Oliefabrik A/S Class "A' (17)........................... 1,248,822 1,834,385 20,000 Aarhus Oliefabrik A/S Class "B' (17)........................... 784,804 1,136,568 18,000 Kobenhavns Lufthavne A/S (7).... 794,222 1,347,645 ----------- ----------- 11,831,406 14,132,778 ----------- ----------- GERMANY (3.23%) 50,750 Buderus AG (8).................. 23,015,383 22,125,437 60,500 Bayer AG (16)................... 11,620,241 15,448,880 15,000 Axel Springer Verlag AG (11).... 5,291,362 9,058,782 50,000 SAP AG Pfd. (6)................. 856,774 8,135,059 5,000 Hornbach Holding AG Pfd. (10)... 2,935,403 5,388,383 20,000 Spar Handells AG Pfd. (10)...... 4,758,663 5,010,496 31,500 Bertelsmann AG D.R.C. (11)...... 3,596,683 4,276,417 8,250 Sudzucker AG Pfd. (9)........... 2,804,626 3,498,600 8,250 Degussa AG (17)................. 1,925,189 2,574,877 16,500 Deutsche Lufthansa AG Pfd. (7).. 834,795 2,078,376 7,500 Jungheinrich AG Pfd. (8)........ 977,292 1,532,540 4,808 Signalbau Huber AG (8).......... 1,202,001 571,980 ----------- ----------- 59,818,412 79,699,827 ----------- ----------- SWITZERLAND (1.93%) 11,500 Schindler Holding AG PC (8)..... 8,277,583 10,201,211 17,500 Societe Generale d'Affichage SA D.R.C. (11).................... 3,560,683 7,602,769 5,650 Merck AG Pfd. Bearer (12)....... 2,492,848 5,466,637 3,500 Lindt & Sprungli AG PC (9)...... 3,143,265 5,088,706 18,500 Sika Finanz AG Bearer (5)....... 4,141,671 4,675,032 3,740 Pick Pay AG Bearer (c)(10)...... 3,346,888 4,142,968 12,500 Vetropack Holding AG Bearer (17)........................... 2,815,229 3,786,239 425 Vetropack Holding AG PC (17).... 1,005,988 1,397,663 26,500 Swissair AG D.R.C (a)(7)........ 2,074,652 2,981,393 22,500 Pelikan Holdings AG Bearer (a)(9)......................... 2,810,357 2,161,401 ----------- ----------- 33,669,164 47,504,019 ----------- -----------
11 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. (continued) AUSTRIA (0.56%) 125,000 Flughafen Wien AG (7)........... $ 5,373,169 $ 7,899,975 65,000 VAE AG (8)...................... 6,026,550 5,912,913 ----------- ------------ 11,399,719 13,812,888 ----------- ------------ NETHERLANDS (2.36%) 450,000 Randstad Holdings NV (17)....... 6,826,947 19,324,290 390,000 Philips Electronics NV ADR (9).. 7,892,059 19,012,500 245,000 Apothekers Cooperatie OPG U.A. (12)........................... 5,876,765 5,926,678 222,750 Content Beheer NV (17).......... 2,897,204 5,527,675 38,500 Holdingmaatschappij de Telegraaf NV (11)........................ 2,304,251 5,270,346 135,000 German City Estates NV (17)..... 2,432,508 2,269,971 17,100 Bosch & Keuning NV (11)......... 575,518 769,596 ----------- ------------ 28,805,252 58,101,056 ----------- ------------ BELGIUM (0.22%) 46,500 Deceuninck Plastics Industries SA (5)......................... 5,139,817 5,457,541 ----------- ------------ FRANCE (4.63%) 165,000 Legrand ADP (8)................. 9,920,119 16,140,849 138,233 Emin Leydier (c)(4)............. 6,686,933 14,055,453 57,814 Promodes C.I. (10).............. 2,086,817 10,794,840 160,000 Elf Aquitaine (2)............... 12,384,325 10,790,603 49,080 NSC (Nicolas Schlumberger et Cie) (8)....................... 9,366,819 9,960,931 142,800 Gaumont SA (11)................. 7,134,755 8,259,779 17,803 Societe Sucriere de Pithiviers- le-Vieil (3)................... 5,910,019 8,256,097 37,934 Sabeton SA (17)................. 5,240,878 5,273,690 71,342 La Brosse et Dupont (c)(9)...... 3,799,227 4,734,656 55,000 Crometal (8).................... 3,774,730 4,017,352 40,000 Eramet (1)...................... 2,849,868 3,036,176 36,500 C.E.E. (Continentale d'Equipements Electriques) (c)(8)............ 4,590,040 2,896,443 18,853 Radiall (6)..................... 510,620 2,027,924 29,167 Conflandey (8).................. 1,324,527 1,804,864 10,479 Robertet SA (17)................ 781,685 1,552,523 5,112 Robertet SA C.I. (17)........... 527,637 1,091,445 40,000 Groupe Legris Industries SA (8). 1,214,962 1,383,327 31,235 SAGA (Societe Anonyme de Gerance et d'Armement) (7)............. 2,790,144 1,318,561 2,754 Taittinger (9).................. 1,160,162 1,201,704 2,235 Taittinger C.I. (9)............. 607,842 621,431 4,500 L'Oreal (9)..................... 551,169 1,147,090 5,000 Marie Brizard et Roger International, SA (9).......... 1,283,234 1,116,241 18,719 Precia SA (17).................. 1,026,960 1,056,143 5,290 Eridania Beghin Say C.I. (3).... 635,620 798,774 3,848 Societe Francaise de Papiers Peints (9)..................... 456,394 753,629 1,500 Elf Gabon (2)................... 213,517 212,796 ----------- ------------ 86,829,003 114,303,321 ----------- ------------
12 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. (continued) ITALY (0.39%) 8,250,000 Montedison Non Convertible Savings SpA (a)(17)............ $ 4,097,124 $ 4,965,325 550,000 Arnoldo Mondadori Editore SpA (11)........................... 3,486,011 3,371,517 100,000 Istituto Finanziario Industriale SpA Pfd. (17).................. 1,373,832 1,229,102 ----------- ----------- 8,956,967 9,565,944 ----------- ----------- SPAIN AND PORTUGAL (0.11%) 320,422 Omsa Alimentacion SA (9)........ 1,466,523 1,492,508 100,000 Espirito Santo Financial Holdings SA ADR (13)........... 1,561,541 1,175,000 ----------- ----------- 3,028,064 2,667,508 ----------- ----------- GREECE (0.17%) 343,930 H. Benrubi & Fils SA (9)........ 2,021,286 1,698,237 141,160 H. Benrubi & Fils SA Pfd. (9)... 672,669 484,877 40,340 Titan Cement Co. (5)............ 1,189,702 1,730,341 8,310 Titan Cement Co. Pfd. (5)....... 200,499 244,411 ----------- ----------- 4,084,156 4,157,866 ----------- ----------- TURKEY (0.23%) 117,199,360 Medya Holdings (11)............. 7,661,806 2,887,123 107,510,000 Sabah Yayincilik A.S. (11)...... 2,991,637 2,730,343 ----------- ----------- 10,653,443 5,617,466 ----------- ----------- ISRAEL (0.15%) 1,299,705 The Israel Land Development Company Ltd. (17).............. 5,616,066 3,756,572 ----------- ----------- SOUTH AFRICA (0.53%) 402,610 Omni Media Corporation (11)..... 2,403,287 4,134,421 1,075,000 Pick'n Pay Stores Ltd. (10)..... 3,215,988 3,311,768 264,400 The Tongaat-Hulett Group Ltd. (3)............................ 1,591,322 3,258,163 550,000 J D Group Ltd. (10)............. 968,094 2,296,843 ----------- ----------- 8,178,691 13,001,195 ----------- ----------- JAPAN (4.82%) 845,000 Fuji Photo Film Co., Ltd. (9)... 20,712,358 20,976,381 265,000 Ito-Yokado Co. Ltd. (10)........ 12,297,740 14,594,974 1,000,000 Hitachi Ltd. (8)................ 7,919,116 10,854,271 67,250 Toho Co. (11)................... 10,369,638 10,476,130 1,050,000 Nisshinbo Industries Inc. (8)... 10,468,056 9,075,376 385,000 Shimano Inc. (17)............... 8,572,809 7,738,693 700,000 Tokyo Marine and Fire Insurance Co., Ltd. (13)................. 8,073,390 7,527,638 650,000 Nittetsu Mining Co., Ltd (17)... 5,632,261 5,683,417 117,200 Tsutsumi Jewelry Co., Ltd. (9).. 6,089,896 5,488,964 195,000 Chofu Seisakusho (9)............ 4,393,324 4,762,311 700,000 Dai-Tokyo Fire Marine Insurance Co., Ltd. (13)................. 4,625,585 4,713,567 125,000 Asatsu Inc. (11)................ 4,588,327 4,459,799 818,000 Iino Kaiun Kaisha (7)........... 5,085,439 4,110,552
13 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. (continued) JAPAN (continued) 540,000 Aida Engineering Limited (8).... $ 3,910,765 $ 3,880,402 135,000 Nomura Securities Co., Ltd. (13)........................... 2,701,268 2,632,160 125,000 Japan Airport Terminal Co., Ltd. (7)............................ 1,309,820 1,520,100 5,000 Fast Retailing Co., Ltd. (10)... 275,148 281,407 ------------ ------------ 117,024,940 118,776,142 ------------ ------------ SOUTH KOREA (0.55%) 65,000 Young Chang Akki Co. (a)(9)..... 3,319,100 3,088,388 54,390 LG Industrial Systems (8)....... 2,212,571 1,727,565 362 Samsung Electronics Co. (6)..... 44,599 77,315 21,123 Samsung Electronics Co. Pfd. (6)............................ 1,565,178 2,408,713 4,000 Samsung Electronics Co. GDR (6). 244,000 281,000 78,500 LG Electronics Co., Ltd. Pfd. (6)............................ 1,467,262 1,491,929 50,000 Choong Nam Spinning (a)(17)..... 1,149,251 1,139,026 60,780 Ssangyong Cement Industries Pfd. (5)............................ 1,228,179 1,107,680 27,532 Korean Air (7).................. 645,544 935,414 33,000 Korean Air Pfd. (7)............. 593,579 592,814 20,380 Cheil Foods and Chemicals Pfd. (9)............................ 677,178 649,973 148 Cheil Foods and Chemicals (9)... 12,552 9,575 ------------ ------------ 13,158,993 13,509,392 ------------ ------------ HONG KONG (1.41%) 42,500,000 CDL Hotels International Ltd. (14)........................... 15,631,655 19,238,230 10,545,000 Shaw Brothers (Hong Kong) Limited (11)................... 12,672,851 12,001,551 3,000,000 South China Morning Post Holdings Corp. (11)............ 1,146,607 1,775,090 2,000,000 Ming Pao Enterprise Corp. (11).. 576,942 937,661 475,000 Cross Harbour Tunnel Company (17)........................... 923,512 921,495 ------------ ------------ 30,951,567 34,874,027 ------------ ------------ SINGAPORE AND MALAYSIA (0.56%) 2,000,000 Times Publishing Ltd. (11)...... 4,726,637 4,636,459 700,000 Singapore Bus Service Ltd. (7).. 5,777,045 4,622,409 875,000 Rothmans Industries Limited (9). 3,592,061 3,503,688 1,050,000 The Computer Systems Advisors Group (6)...................... 747,856 1,143,308 ------------ ------------ 14,843,599 13,905,864 ------------ ------------ AUSTRALIA AND NEW ZEALAND (1.80%) 8,778,199 Carter Holt Harvey Limited (4).. 14,867,332 20,445,680 6,579,000 Tasman Agriculture Limited (c)(3)......................... 3,953,158 5,973,541 3,140,000 Spotless Services, Limited (17). 3,174,471 3,561,702 2,575,500 The Colonial Motor Company Limited (c)(17)................ 2,092,978 3,473,827 6,028,000 Shortland Properties, Limited (c)(17)........................ 1,825,560 3,410,865 3,852,700 Wrightson, Limited (3).......... 3,965,324 3,143,256 525,000 The Wilson and Horton Group (11)........................... 1,386,288 2,849,745 2,313,100 Apple Fields Limited (a)(c)(3).. 2,046,755 1,126,209 740,000 Damba Holdings Limited (a)(c)(17)..................... 400,559 365,162 ------------ ------------ 33,712,425 44,349,987 ------------ ------------
14 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. (continued) CANADA (1.29%) 615,000 Noranda, Inc. (1)............... $ 11,007,953 $ 12,490,218 545,000 Canadian Pacific Ltd. (17)...... 8,654,353 8,720,000 1,935,000 Redstone Resources, Inc. (c)(2). 8,405,116 5,335,940 375,000 Dofasco, Inc. (1)............... 5,193,171 4,541,643 30,000 Dofasco, Inc. $2.60 Conv. Pfd. (1)............................ 624,784 721,073 408,000 Auberges des Gouverneurs Inc. (a)(c) (17).................... 844,432 121,631 -------------- -------------- 34,729,809 31,930,505 -------------- -------------- MEXICO (0.49%) 3,150,000 Industrias Penoles S.A. de C.V. (1)............................ 6,369,121 11,841,177 10,000 Grupo Televisa S.A. GDR (11).... 173,100 200,000 -------------- -------------- 6,542,221 12,041,177 -------------- -------------- ARGENTINA (0.55%) 8,175,000 Siderca S.A.I.C. (8)............ 5,608,649 6,466,748 4,928,923 Ledesma SA (3).................. 5,843,811 5,619,253 592,500 IRSA Inversiones y Representaciones S.A. (17)..... 1,322,073 1,416,145 -------------- -------------- 12,774,533 13,502,146 -------------- -------------- MISCELLANEOUS (1.00%) 405,000 Minorco ADR (17)................ 6,572,244 11,036,250 172,500 Banco Latinoamericano de Exportaciones SA (Bladex) (13). 5,628,888 6,964,687 67,500 Safra Republic Holdings SA Bearer (13).................... 3,684,705 5,872,500 3,100 Chinoin Rt (12)................. 1,113,273 902,914 -------------- -------------- 16,999,110 24,776,351 -------------- -------------- TOTAL COMMON AND PREFERRED STOCKS......................... 1,228,306,181 1,487,277,917 -------------- -------------- PRINCIPAL AMOUNT --------- BONDS, NOTES AND CONVERTIBLE BONDS U.S. DOLLAR CONVERTIBLE BONDS (5.57%) $1,000,000 Novacare Inc. 5 1/2% due 1/15/2000 (12)................. 871,205 873,750 4,250,000 California Energy Co. 5% due 7/31/2000 (2).................. 3,883,180 4,414,687 6,250,000 Chiron Corp. 1.9% due 11/17/2000 (b)(12)........................ 4,776,347 5,710,937 500,000 Fabri-Centers of America, Inc. 6 1/2% due 3/01/2002 (10)............. 393,912 439,375 945,000 Roy F. Weston, Inc. 7% due 4/15/2002 (17)................. 843,762 800,887 3,665,000 Coeur d'Alene Mines Corp. 6% due 6/10/2002 (1).................. 3,165,810 3,445,100 7,000,000 Riverwood International Corporation 6 3/4% due 9/15/2003 (4).............. 7,520,625 9,240,000 1,000,000 Agnico Eagle Mines Limited 3 1/2% due 1/27/2004 (1)......... 752,734 862,500 1,000,000 Scandinavian Broadcasting System SA 7 1/4% due 8/01/2005 (11)............. 1,017,500 1,122,500
15 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) U.S. DOLLAR CONVERTIBLE BONDS (continued) $1,812,000 American City Business Journals, Inc. 6% due 12/31/2011 (11).... $ 1,464,981 $ 3,166,470 6,750,000 The Price Company 5 1/2% due 2/28/2012 (10)................. 6,020,394 6,572,812 2,640,000 Evans & Sutherland Computer Corp. 6% due 3/01/2012 (6)..... 1,798,803 2,112,000 3,721,454 Security Capital Group, Inc. 12% due 6/30/2014 (b)(17).......... 2,940,000 3,463,531 2,741,550 Time Warner, Inc. 8 3/4% due 1/10/2015 (11)................. 2,655,450 2,868,346 1,764,000 Air & Water Technologies Corp. 8% due 5/15/2015 (8).............. 1,522,264 1,494,990 5,750,000 AMR Corp. 6 1/8% due 11/01/2024 (7)............................ 5,209,649 5,886,562 2,460,000 Moran Energy 8% due 11/01/1995 (2)............................ 2,449,215 2,484,600 6,270,000 Tubos de Acero de Mexico SA 7 1/2% due 6/12/1997 (2).............. 6,111,783 5,643,000 1,000,000 International Container Terminal Services Corp. 6% due 2/16/2000 (b)(7)......................... 1,000,000 1,050,000 5,320,000 Gold Mines of Kalgoorlie Ltd. 7 1/2% due 2/28/2000 (1).............. 4,379,173 5,758,900 1,000,000 Homestake Mining Co. 5 1/2% due 6/23/2000 (b)(1)............... 925,496 1,013,750 5,595,000 P.T. Pabrik Kertas Tjiwi Kimia 7 1/4% due 4/12/2001 (4).............. 5,156,006 5,532,056 1,020,000 Acer Inc. 4% due 6/10/2001 (6).. 1,265,032 3,366,000 5,300,000 Tung Ho Steel Enterprise Corp. 4% due 7/26/2001 (1).............. 5,914,484 6,254,000 2,500,000 International Container Terminal Services Corp. 5% due 9/15/2001 (7)............................ 2,050,440 2,150,000 3,960,000 Cetus Corp 5 1/4% due 5/21/2002 (12)........................... 3,587,037 3,791,700 6,150,000 P.T. Inti Indorayon Utama 5 1/2% due 10/01/2002 (4)............. 7,307,925 6,918,750 1,200,000 CML Group Inc. 5 1/2% due 1/15/2003 (b)(10).............. 899,732 927,000 1,050,000 CML Group Inc. 5 1/2% due 1/15/2003 (10)................. 797,393 811,125 3,000,000 Sincere Navigation Corp. 3 3/4% due 5/26/2003 (7).............. 3,135,000 3,142,500 7,000,000 Coeur d'Alene Mines Corp. 6 3/8% due 1/31/2004 (1).............. 6,937,358 6,825,000 1,250,000 Barlow Rand International Investments plc 7% due 9/20/2004 (12)............. 1,289,000 1,606,250 3,920,000 Battle Mountain Gold Co. 6% due 1/04/2005 (1).................. 2,837,843 3,322,200 1,200,000 Builders Transport Inc. 8% due 8/15/2005 (7).................. 710,894 1,152,000 4,510,000 Ssangyong Cement Company 3% due 12/31/2005 (5)................. 4,965,287 5,524,750 4,880,000 Far Eastern Textile 4% due 10/07/2006 (9)................. 5,577,650 5,563,200 9,750,000 Cheil Foods and Chemicals Co. 3% due 12/31/2006 (9)............. 11,840,212 12,041,370 ------------ ------------ 123,973,576 137,352,598 ------------ ------------ U.S. DOLLAR BONDS AND NOTES (11.10%) 6,050,000 The Columbia Gas System, Inc. 9% due 8/01/1993 (a)(d)(2)........ 6,889,625 8,742,250 1,500,000 El Paso Electric Co. 6 3/4% due 5/01/1998 (h)(15).............. 1,488,750 1,470,000
16 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) U.S. DOLLAR BONDS AND NOTES (continued) $1,000,000 The Columbia Gas System, Inc. 9.2% due 9/21/1998 (a)(e)(2)......... $1,065,000 $1,460,000 1,538,000 The Columbia Gas System, Inc. 10 1/2% due 5/01/1999 (a)(e)(2)......... 1,659,228 2,245,480 6,500,000 Global Marine Inc. 12 3/4% due 12/15/1999 (2).................. 7,013,750 7,215,000 3,800,000 Riverwood International Corporation 10 3/4% due 6/15/2000 (4)............... 3,865,500 4,123,000 2,050,000 Anacomp, Inc. 15% 11/01/2000 (a)(d)(6)....................... 2,349,750 1,527,250 1,000,000 Republic New York Corp. 9 3/4% due 12/01/2000 (13)............. 1,000,000 1,140,742 5,550,000 USAir Group, Inc. 9 5/8% due 2/02/2001 (7)................... 4,222,255 4,620,375 1,000,000 Bayou Steel Corp. 10 1/4% due 3/01/2001 (1)................... 915,427 920,000 2,000,000 El Paso Electric Co. 7 3/4% due 4/01/2001 (h)(15)............... 2,082,876 2,040,000 5,250,000 Rowan Companies, Inc. 11 7/8% due 12/01/2001 (2).................. 5,597,000 5,696,250 6,977,000 Republic Engineered Steels, Inc. 9 7/8% due 12/15/2001 (5).............. 6,565,692 6,523,495 1,643,000 General Host Co. 11 1/2% due 2/15/2002 (10).................. 1,432,252 1,634,785 4,000,000 Florsheim Shoe Co. 12 3/4% due 9/01/2002 (9)................... 3,573,398 3,890,000 3,000,000 Pacific Lumber Company 10 1/2% due 3/01/2003 (4)............... 2,841,177 2,835,000 2,000,000 Pamida Holdings Corp. 11 3/4% due 3/15/2003 (10).................. 1,946,928 1,710,000 7,650,000 Tuboscope Vetco International Corp. 10 3/4% due 4/15/2003 (2). 7,716,290 7,707,757 6,600,000 USAir Group, Inc. 10% due 7/01/2003 (7)................... 4,801,382 5,428,500 4,100,000 Outlet Broadcasting, Inc. 10.875% due 7/15/2003 (11).............. 4,153,099 4,325,500 6,130,000 Noble Drilling Corp. 9 1/4% due 10/01/2003 (2).................. 6,042,173 6,344,550 5,500,000 Southland Corp. 5% due 12/15/2003 (10)............................ 3,814,632 4,262,500 2,000,000 California Energy Company, Inc. 0% due 1/15/2004 (a)(15)........... 1,513,327 1,794,732 10,000,000 MFS Communications, Inc. 0% due 1/15/2004 (11).................. 6,220,562 7,600,000 2,000,000 The Columbia Gas System, Inc. 9.49% due 2/25/2004 (a)(e)(2)......... 2,310,000 2,920,000 1,000,000 Wilrig AS 11 1/4% due 3/15/2004 (2)............................. 1,002,500 1,085,000 4,589,000 Southland Corp. 4% due 6/15/2004 (10)............................ 2,715,971 3,028,740 5,750,000 Riverwood International Corporation 10 3/8% due 6/30/2004 (4)............... 5,729,536 6,360,937 500,000 Gerrity Oil & Gas Corp. 11 3/4% due 7/15/2004 (2)............... 412,791 462,500 1,314,515 Carson Pirie Scott & Company 13% due 3/28/2005 (10).............. 889,332 1,317,801 1,500,000 Riggs National Corp. 8 1/2% due 2/01/2006 (13).................. 1,455,472 1,507,500 690,000 BPCA Finance Ltd. 11 3/8% due 12/04/1995 (13)................. 685,194 189,750 1,000,000 Banco Safra SA 8% due 8/17/1996 (13)............................ 999,398 987,500 1,000,000 Banco Safra SA 7 3/4% due 12/16/1996 (13)................. 970,320 980,000 2,000,000 Telebras SA 10% due 10/22/1997 (15)............................ 1,973,583 2,015,000 1,500,000 Cemex SA 8 7/8% due 6/10/1998 (5)............................. 1,489,821 1,411,875
17 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) U.S. DOLLAR BONDS AND NOTES (continued) $ 2,909,000 Aracruz Cellulose SA 9% due 7/22/1998 (4)................... $ 2,772,289 $ 2,865,365 5,750,000 IRSA Inversiones y Representaciones S.A. 8 7/8% due 3/03/1999 (17).............. 5,329,968 4,945,000 3,300,000 Tubos de Acero de Mexico SA 10 1/2% due 3/10/1999 (2)............... 3,233,689 2,810,610 1,500,000 Republic of Turkey 9% due 6/15/1999 (14).................. 1,335,006 1,479,300 3,800,000 Cemex SA 10% due 11/05/1999 (5).. 3,619,393 3,591,000 1,500,000 Tubos de Acero de Mexico 13 3/4% due 12/08/1999 (2).............. 1,328,497 1,479,375 1,500,000 P.T. Inti Indorayon Utama 9 1/8% due 10/15/2000 (4).............. 1,316,260 1,417,500 1,737,600 GTE Finance Corp. 7% due 11/07/2000 (13)................. 1,673,016 1,794,072 4,800,000 PT Pabrik Kertas Tjiwi Kimia 13 1/4% due 8/01/2001 (4)............... 4,932,750 5,160,000 500,000 Cemex SA 9 1/2% 9/20/2001 (5).... 239,047 448,750 640,000 Aracruz Cellulose SA 10 3/8% due 1/31/2002 (4)................... 604,480 603,200 1,000,000 Banco Safra SA 10 3/8% due 10/27/2002 (b)(13).............. 984,319 993,750 22,004,460 Federal Republic of Brazil "C' Bonds 8% due 4/15/2014 (14)..... 10,647,939 11,689,869 10,500,000 Republic of Poland PDI 3 1/4% due 10/27/2014 (14)................. 4,817,804 6,628,125 2,500,000 Republic of the Philippines Par "B' 5 3/4% due 12/01/2017 (14).. 1,580,875 1,856,250 2,500,000 Republic of Venezuela Par 6 3/4% due 3/31/2020 (14).............. 1,189,129 1,278,125 13,600,000 Central Bank of Nigeria Par 6 1/4% due 11/15/2020 (13)............. 1,285,296 1,342,500 9,500,000 Republic of Argentina Par 4 1/4% due 3/31/2023 (14).............. 4,256,006 4,571,875 7,000,000 Republic of Ecuador Par 3% due 2/28/2025 (14).................. 2,287,005 2,283,750 1,750,000 Central Bank of the Philippines NMB due 1/05/2005 (6.8125% @ 9/30/1995) (14)................. 1,579,093 1,570,625 3,500,000 United Mexican States Aztec FRN due 3/31/2008 (8.125% @ 9/30/1995) (14)................. 3,161,934 3,158,750 16,450,000 Republic of Argentina FRB due 3/31/2005 (7.3125% @ 9/30/1995) (14)................. 11,936,242 10,219,562 1,500,000 Republic of Argentina Disc. FRN due 3/31/2023 (6.875% @ 9/30/1995) (14)................. 871,851 871,875 1,000,000 Republic of Venezuela FLIRB "A' due 3/31/2007 (7.3125% @ 9/30/1995) (14)................. 444,165 512,500 4,000,000 Republic of Venezuela FLIRB "B' due 3/31/2007 (7% @ 9/30/1995) (14)............................ 1,904,904 2,050,000 3,000,000 Republic of Venezuela DCB's FRN due 12/18/2007 (6.8125% @ 9/30/1995) (14)................. 1,563,203 1,518,750 1,000,000 Republic of Venezuela "A' Disc. FRN due 3/31/2020 (7.1875% @ 9/30/1995) (14)................. 535,904 532,500
18 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) U.S. DOLLAR BONDS AND NOTES (continued) $2,000,000 Republic of Venezuela "B' Disc. FRN due 3/31/2020 (7% @ 9/30/1995) (14)............................ $1,070,208 $1,065,000 1,000,000 Republic of the Phillipines DCB's FRN due 12/01/2009 (6.875% @ 9/30/1995) (14)................. 862,364 881,250 7,000,000 Republic of Bulgaria FLIRB due 7/28/2012 (2% @ 9/30/1995) (14)............................ 1,809,243 1,846,250 9,250,000 Republic of Bulgaria "A' Disc. FRN due 7/28/2024 (6.75% @ 9/30/1995) (14)................. 4,249,894 4,632,812 2,850,000 Federal Republic of Brazil IDU FRN due 1/01/2001 (6.6875% @ 9/30/1995) (14)................. 2,345,437 2,422,500 8,000,000 Federal Republic of Brazil EI FRN due 4/15/2006 (7 1/4% @ 9/30/1995) (14)................. 4,984,634 5,320,000 7,500,000 Federal Republic of Brazil Disc. FRN due 4/15/2024 (7 1/4% @ 9/30/1005) (14)................. 4,328,400 4,556,250 6,250,000 Federal Republic of Brazil Disc. FRN due 4/15/2024 (4 1/4% @ 9/30/1995) (14)................. 2,612,898 3,023,437 1,021,486 Republic of Ecuador PDI FRN due 2/27/2015 (6.8125% @ 9/30/1995) (14)................. 338,361 333,898 5,250,000 Republic of Ecuador Disc. FRN due 2/28/2025 (6.8125% @ 9/30/1995 (14).................. 2,709,747 2,585,625 6,250,000 Republic of Poland Disc. FRN due 10/27/2024 (7.125% @ 9/30/1995) (14)................. 4,355,206 4,835,937 2,000,000 Kansallis Osake Pankki FRN due 2/21/1996 (6.5375% @ 9/30/1995) (13)................. 2,003,000 1,997,760 2,250,000 Italian International Bank FRN due 6/20/1996 (6.125% @ 9/30/1995) (13)................. 2,225,831 2,228,962 2,000,000 Grupo Industrial Durango SA FRN due 11/18/1996 (9.6875% @ 9/30/1995) (4).................. 2,005,000 1,925,000 2,000,000 Shawmut Corp. FRN due 2/24/1997 (6.3125% @ 9/30/1995) (13)................. 1,998,090 1,999,300 1,750,000 Manufacturers Hanover Trust Co. FRN due 7/15/1997 (6.1875% @ 9/30/1995) (13)................. 1,775,375 1,750,087 1,000,000 Lonrho Finance plc FRN due 7/19/1997 (7.125% @ 9/30/1995) (13)................. 998,496 995,050 5,500,000 Wells Fargo & Co. FRN due 4/28/2000 (6% @ 9/30/1995) (13)............................ 5,304,818 5,453,250 1,500,000 Vital Forsikring FRN due 12/22/2003 (7.0625% @ 9/30/1995) (13)................. 1,494,120 1,513,875 5,500,000 Bergen Bank Floating Rate Perpetual Notes (6% @ 9/30/1995) (13)........... 3,888,750 4,207,500 3,500,000 Den Norske Bank Floating Rate Perpetual Notes (6.087% @ 9/30/1995) (13)................. 2,610,000 2,695,000 2,000,000 Den Norske Bank Floating Rate Perpetual Notes (6% @ 9/30/1995) (13)........... 1,978,017 1,971,300
19 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) U.S. DOLLAR BONDS AND NOTES (continued) $ 3,170,000 Den Norske Bank Floating Rate Perpetual Notes (6.125% @ 9/30/1995) (13).. $ 2,059,625 $ 2,466,577 13,600,000 Christiania Bank Floating Rate Perpetual Notes (6.437% @ 9/30/1995) (13).. 9,590,750 10,608,000 5,000,000 Goldman Sachs Group L.P. Cocoa Indexed Note 6 3/4% due 11/07/1995 (f)(13)..... 5,000,000 4,485,000 1,100,000 Kingdom of Denmark FRN due 3/25/1997 (8.086% @ 9/30/1995) (f)(14)......... 825,134 913,000 2,028,988 Posgold Finance Ltd. 2.65% Gold Denominated Notes due 7/15/2004 (b)(f)(1)........ 2,028,988 1,963,520 ------------ ------------ 260,286,441 273,872,887 ------------ ------------ U.S. TREASURY NOTES (1.89%) 10,000,000 U.S. Treasury Note 6 7/8% due 10/31/1996 (14)........ 9,957,185 10,118,750 5,000,000 U.S. Treasury Note 7 1/2% due 12/31/1996 (14)........ 4,987,892 5,103,125 5,000,000 U.S. Treasury Note 7 3/8% due 11/15/1997 (14)........ 4,977,427 5,143,750 5,000,000 U.S. Treasury Note 5 1/8% due 11/30/1998 (14)........ 4,632,465 4,885,935 20,000,000 U.S. Treasury Note 7 3/4% due 11/30/1999 (14)........ 19,975,000 21,268,740 ------------ ------------ 44,529,969 46,520,300 ------------ ------------ NON U.S. DOLLAR CONVERTIBLE BONDS (2.09%) CAD 2,000,000 Intertan Inc. 9% due 8/30/2000 (b)(10).......... 1,523,902 2,213,527 CAD 1,600,000 Noranda Inc. 5% due 4/30/2007 (1).............. 992,400 1,049,375 (Pounds)2,425,000 Lonrho Finance plc 6% due 2/27/2004 (13)............. 3,420,600 3,614,617 FF 22,000,000 Alcatel Alsthom 2 1/2% due 1/01/2004 (8).............. 4,227,949 4,091,024 FF 26,790,000 Compagnie Generale des Eaux 6% due 1/01/1998 (15)......... 5,287,117 6,078,211 FF 25,000,000 Michelin 6% due 1/02/1998 (16)....................... 4,280,662 5,257,750 FF 15,386,000 Immobiliere Hoteliere 5% due 1/01/2001 (17)............. 4,636,395 3,198,436 FF 6,923,250 Promodes 5 1/2% due 1/01/2000 (10)............. 1,525,261 1,999,366 FF 49,469,000 Euro Disney SCA 6 3/4% due 10/01/2001 (17)............ 6,658,730 9,301,231 ECU 4,075,000 BCP Bank & Trust Co. 8 3/4% due 5/21/2002 (13)......... 5,190,497 5,466,885 ECU 500,000 Espirito Santo Financial Holding SA 8 3/4% due 4/10/2003 (13)......... 654,417 652,150 (Yen) 150,000,000 Hitachi Ltd. 2.7% due 3/31/1997 (6).............. 1,312,401 1,974,874 (Yen) 200,000,000 Nippon Yusen Kabushiki 2% due 9/29/2000 (7).......... 2,326,670 2,331,658 NZD 7,412,833 Shortland Properties Inc. 7 1/2% due 12/31/1998 (17)........ 3,688,929 4,267,614 ------------ ------------ 45,725,930 51,496,718 ------------ ------------ NON U.S. DOLLAR BONDS AND NOTES (3.10%) ITL 2,700,000,000 Dresdner Bank Zero Coupon due 7/19/2000 (a)(13)...... 1,098,884 1,005,185 ITL 1,450,000,000 European Bank for Reconstruction & Development 9 3/4% due 7/28/2000 (13)............. 923,671 859,674 ITL 3,000,000,000 American International Group 11.7% due 12/04/2001 (13).. 2,017,631 1,897,058
20 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) NON U.S. DOLLAR BONDS AND NOTES (continued) ITL1,410,000,000 Republic of Ireland 11 1/4% due 4/02/2002 (14).......... $ 919,157 $ 864,334 CAD 3,000,000 Canada 9 3/4% due 5/01/2000 (14)........................ 2,231,394 2,438,591 CAD 3,000,000 Province of Alberta 10 1/4% due 8/22/2001 (14).......... 2,224,786 2,496,366 CAD 4,000,000 Province of Quebec 10 1/4% due 10/15/2001 (14)......... 2,982,662 3,312,092 CAD 2,500,000 Bell Canada 8 1/2% due 6/09/2003 (15).............. 1,680,578 1,860,909 ECU 1,500,000 Republic of South Africa 10 3/8% due 2/10/1997 (14).......... 1,768,559 2,009,920 ECU 4,000,000 Republic of France O.A.T. 6 3/4% due 4/25/2002 (14).......... 4,795,011 4,967,686 FF 25,000,000 Republic of Venezuela Par 7.71% due 3/31/2020 (14).......... 2,441,275 2,524,227 FF 9,965,000 Air Canada Floating Rate Perpetual Note (6 1/4% @ 9/30/1995) (7).... 3,987,908 4,006,222 FF 15,000,000 Republic of France O.A.T. 8 1/2% due 11/25/2002 (14)......... 3,033,568 3,254,350 FF 39,185,000 United Mexican States Par 6.63% due 12/31/2019 (14)......... 5,021,380 4,055,883 DM 2,000,000 Emhart Corp. 6 3/4% due 10/16/1995 (9).............. 1,244,771 1,399,580 ESP 650,000,000 Banco Nacional de Comercio Exterior 12.65% due 6/21/1998 (13).......... 5,052,673 5,021,973 SF 1,260,000 News International 5 3/8% due 4/30/1996 (11).............. 842,697 1,098,615 SF 3,180,000 Montedison Finance 3% due 7/03/1996 (13).............. 2,034,316 2,724,534 SF 5,500,000 Carter Holt Harvey Finance NV 5 7/8% due 10/16/2001 (4)... 3,345,559 4,974,037 SF 6,000,000 Air Canada 6 1/4% Perpetual Notes (7)................... 1,698,998 3,388,143 SF 4,100,000 Scandinavian Air 5 3/4% Perpetual Notes (7)......... 1,920,638 2,705,538 NZD 1,900,000 State Bank of South Australia 9 1/4% due 10/29/1997 (13)......... 1,027,105 1,273,544 NZD 4,000,000 Telecom Corp. of New Zealand 10% due 7/10/1998 (15)...... 2,233,896 2,723,913 NZD 2,000,000 Republic of New Zealand 10% due 3/15/2002 (14).......... 1,357,823 1,453,724 NZD 6,581,000 Telecom Corp. of New Zealand 9 1/4% due 7/01/2002 (15)... 3,992,674 4,551,879 NZD 2,850,000 State Bank of New South Wales 8% due 4/01/2003 (13)....... 1,634,282 1,849,374 NZD 2,000,000 Telecom Corp. of New Zealand 7 1/2% due 7/14/2003 (15)... 1,141,532 1,261,619 ZAR 10,500,000 Escom 15% due 10/01/1998 (15)........................ 2,426,798 2,912,834 ZAR 15,000,000 Republic of South Africa 13% due 8/31/2010 (14).......... 2,885,833 3,585,408 ------------ ------------ 67,966,059 76,477,212 ------------ ------------ TOTAL BONDS, NOTES AND CONVERTIBLE BONDS........... 542,481,975 585,719,715 ------------ ------------
21 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- SHORT-TERM INVESTMENTS (15.40%) $ 8,047,000 General Motors Acceptance Corporation 5.77% due 10/02/1995.............. $ 8,045,711 $ 8,045,711 6,038,000 Newell Co. 6.70% due 10/02/1995.................. 6,036,877 6,036,877 10,000,000 USX Corp. 6.02% due 10/02/1995.................. 9,998,328 9,998,328 13,455,000 IBM Credit Corp. 5.72% due 10/03/1995.................. 13,450,725 13,450,725 4,800,000 Vulcan Materials Corp. 5.72% due 10/03/1995.............. 4,798,475 4,798,475 10,000,000 CBS Inc. 5.80% due 10/04/1995.................. 9,995,167 9,995,167 5,665,000 Toshiba 5.73% due 10/04/1995.................. 5,662,295 5,662,295 6,840,000 AT&T Capital Corp. 5.68% due 10/05/1995.................. 6,835,684 6,835,684 10,760,000 Xerox Credit Corp. 5.72% due 10/05/1995.................. 10,753,162 10,753,162 9,499,000 Allianz of America 5.73% due 10/06/1995.................. 9,491,441 9,491,441 10,000,000 Newell Co. 5.76% due 10/06/1995.................. 9,992,000 9,992,000 15,000,000 CSX Corp. 5.80% due 10/10/1995.................. 14,978,250 14,978,250 9,515,000 Wal-Mart Stores Inc. 5.71% due 10/10/1995.............. 9,501,418 9,501,418 9,084,000 International Paper Corp. 5.85% due 10/11/1995........ 9,069,238 9,069,238 4,430,000 R.R. Donnelley & Sons Co. 5.70% due 10/11/1995........ 4,422,986 4,422,986 5,000,000 Omnicom Finance Inc. 5.74% due 10/12/1995.............. 4,991,230 4,991,230 13,802,000 Sony Capital Corp. 5.73% due 10/12/1995.................. 13,777,835 13,777,835 10,000,000 CBS Inc. 5.78% due 10/13/1995.................. 9,980,733 9,980,733 9,488,000 Motorola Credit Corp. 5.71% due 10/13/1995.............. 9,469,942 9,469,942 10,774,000 American Home Products Inc. 5.75% due 10/16/1995........ 10,748,187 10,748,187 10,000,000 H.J. Heinz Co. 5.70% due 10/16/1995.................. 9,976,250 9,976,250 4,700,000 General Electric Capital Corp. 5.69% due 10/16/1995.. 4,688,858 4,688,858 12,000,000 International Paper Corp. 5.82% due 10/17/1995........ 11,968,960 11,968,960 7,630,000 Jostens, Inc. 6% due 10/17/1995.................. 7,609,654 7,609,654 5,000,000 Omnicom Finance Inc. 5.74% due 10/18/1995.............. 4,986,447 4,986,447 9,876,000 Union Pacific Corp. 5.815% due 10/18/1995.............. 9,848,880 9,848,880 11,111,000 ITT Credit Corp. 5.81% due 10/19/1995.................. 11,078,722 11,078,722 10,128,000 Reed Elsevier Inc. 5.71% due 10/19/1995.................. 10,099,084 10,099,084 15,770,000 Carter Holt Harvey Ltd. 5.87% due 10/20/1995.............. 15,721,144 15,721,144 4,472,000 Pepsi Co, Inc. 5.70% due 10/20/1995.................. 4,458,546 4,458,546 3,215,000 Rayonier Inc. 5.92% due 10/23/1995.................. 3,203,368 3,203,368 6,547,000 Bridgestone Firestone Fuji 5.75% due 10/23/1995........ 6,523,994 6,523,994 10,605,000 USX Corp. 5.95% due 10/23/1995.................. 10,566,439 10,566,439 11,536,000 American Home Products Inc. 5.73% due 10/24/1995........ 11,493,769 11,493,769 5,000,000 J.P. Morgan & Co. 5.70% due 10/24/1995.................. 4,981,791 4,981,791 10,331,000 Dayton Hudson Corp. 5.78% due 10/25/1995.................. 10,291,191 10,291,191 4,400,000 Paccar Financial Corp. 5.70% due 10/25/1995.............. 4,383,280 4,383,280 10,000,000 Union Oil Company of California 5.87% due 10/26/1995.................. 9,959,237 9,959,237 5,000,000 Hercules Inc. 5.73% due 10/27/1995.................. 4,979,308 4,979,308 12,000,000 Illinois Central Railroad Company 5.85% due 10/27/1995.............. 11,949,300 11,949,300 4,522,000 Sandoz Corp. 5.70% due 10/30/1995.................. 4,501,236 4,501,236 12,436,000 Bausch & Lomb Inc. 5.75% due 10/31/1995.................. 12,376,410 12,376,410 6,825,000 Hercules Inc. 5.80% due 10/31/1995.................. 6,792,012 6,792,012 5,270,000 Southland Corp. 5.76% due 11/01/1995.................. 5,243,860 5,243,860 -------------- -------------- TOTAL SHORT-TERM INVESTMENTS................. 379,681,424 379,681,424 -------------- -------------- TOTAL INVESTMENTS (99.45%)... $2,150,469,580* 2,452,679,056** ============== Other assets in excess of liabilities (0.55%)......... 13,507,876 -------------- Net assets (100%)............ $2,466,186,932 ==============
22 SoGen International Fund, Inc. NOTES TO SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1995 (UNAUDITED) (a) Non-income producing security. (b) Can be sold only to qualified institutional buyers. (c) Affiliate as defined by the Investment Company Act of 1940. Following is a summary of transactions with each such affiliate for the six months ended September 30, 1995.
Purchases Sales Realized Dividend Affiliate Shares Cost Shares Cost Gain Income - - ------------------------------------------------------------------------------- North European Oil Royalty Trust 20,000 $ 264,080 -- -- -- $323,050 A.P. Green Industries -- -- -- -- -- 42,210 BEI Electronics Inc. 21,500 160,875 -- -- -- 14,800 LeaRonal, Inc. 30,000 649,476 -- -- -- 150,939 Baldwin Piano & Organ Company -- -- -- -- -- -- Plasti-Line, Inc. -- -- -- -- -- -- Kirksville Bancshares, Inc. -- -- -- -- -- 15,990 East Texas Financial Services -- -- -- -- -- -- Logansport Financial Corp. 90,000 1,050,000 -- -- -- 9,000 FirstFed Bancorp Inc. -- -- -- -- -- 42,208 Wood Bancorp -- -- -- -- -- 8,145 Terra Mining AB 100,000 1,894,255 -- -- -- 58,802 Eltin Limited -- -- -- -- -- 164,956 Pick Pay AG Bearer -- -- -- -- -- 40,863 Emin Leydier -- -- -- -- -- 161,954 La Brosse et Dupont -- -- -- -- -- -- C.E.E. (Continentale d' Equipements Electriques) -- -- -- -- -- 82,119 Tasman Agriculture Limited 124,000 93,442 -- -- -- 58,116 The Colonial Motor Company Limited -- -- -- -- -- 73,857 Shortland Properties, Limited -- -- -- -- -- 308,037 Apple Fields Limited 313,000 179,049 -- -- -- -- Damba Holdings Limited -- -- -- -- -- 8,281 Redstone Resources, Inc. 500,000 1,315,837 -- -- -- -- Auberges des Gouverneurs Inc. -- -- -- -- -- --
(d) In default as to principal and interest. (e) In default as to interest. (f) Commodity linked security whereby the coupon, dividend and/or redemption amount is linked to the price of an underlying commodity. (g) Restricted as to resale pending registration. (h) Company in bankruptcy proceedings. Security not in default. * Aggregate cost for federal income tax purposes is $2,149,701,056. ** Gross unrealized appreciation and depreciation of securities at September 30, 1995, based on cost for federal income tax purposes, were $374,734,964 and $71,756,964, respectively. (Net appreciation was $302,978,000.)
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS - - ------------------ ------------------------ CAD--Canadian Dollar (1) Metals and Minerals (10) Retail (Pounds)--Pound Sterling (2) Energy (11) Media FF--French Franc (3) Agriculture (12) Health Care ECU--European Currency Unit (4) Forest Products (13) Financial Institutions (Yen)--Japanese Yen (5) Building Materials (14) Governmental Issues NZD--New Zealand Dollar (6) Technology (15) Utilities ITL--Italian Lira (7) Transportation (16) Multinational DM--Deutsche Mark (8) Capital Goods (17) Miscellaneous ESP--Spanish Peseta (9) Consumer Products SF--Swiss Franc ZAR--South African Rand
- - ----------- See Notes to Financial Statements. 23 SoGen International Fund, Inc. STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1995 (UNAUDITED) ASSETS: Investments, at value (Note 1): Common and preferred stocks (identified cost, $1,228,306,181). $1,487,277,917 Bonds, notes and convertible bonds (identified cost, $542,481,975)............................................... 585,719,715 Short-term investments (amortized cost, $379,681,424)......... 379,681,424 -------------- Total investments (cost, $2,150,469,580)................. 2,452,679,056 Cash........................................................... 357,162 Receivable for forward currency contracts held, at value (Notes 1 and 6)..................................................... 365,876,979 Receivable for investment securities sold...................... 1,754,421 Receivable for Fund shares sold................................ 8,992,523 Accrued interest and dividends receivable...................... 21,082,856 Prepaid expenses and other assets.............................. 28,422 -------------- TOTAL ASSETS............................................. 2,850,771,419 -------------- LIABILITIES: Payable for forward currency contracts held, at value (Notes 1 and 6)....................................................... 363,371,155 Payable for investment securities purchased.................... 13,241,503 Payable for Fund shares redeemed............................... 1,534,399 Investment advisory fees payable (Note 2)...................... 4,488,871 Distribution fees payable (Note 3)............................. 1,149,984 Directors fees payable (Note 2)................................ 2,532 Accrued expenses and other liabilities......................... 796,043 -------------- TOTAL LIABILITIES........................................ 384,584,487 -------------- NET ASSETS: Capital stock (par value, $0.001 per share).................... 96,300 Capital surplus................................................ 2,043,237,044 Net unrealized appreciation on: Investments................................................... 302,209,476 Forward currency contracts.................................... 2,505,824 Foreign currency related transactions......................... 102,215 Undistributed net realized gains on investments................ 58,641,728 Undistributed net investment income............................ 59,394,345 -------------- NET ASSETS (Note 1)...................................... $2,466,186,932 ============== NET ASSET VALUE PER SHARE (based on 96,300,211 shares outstanding; 250,000,000 shares authorized) (Note 5)........................ $ 25.61 ============== MAXIMUM OFFERING PRICE PER SHARE ($25.61/96.25%)................ $ 26.61 ==============
- - ----------- See Notes to Financial Statements. 24 SoGen International Fund, Inc. STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1995 (UNAUDITED) INVESTMENT INCOME: Income: Interest....................................................... $ 60,734,238 Dividends (net of $1,369,976 foreign taxes withheld)........... 5,936,836 ------------ Total income from operations................................... 66,671,074 ------------ Expenses: Investment advisory fees (Note 2).............................. 8,394,836 Distribution fees (Note 3)..................................... 2,220,000 Shareholder servicing agent fees............................... 1,251,200 Custodian fees................................................. 1,248,929 Registration and filing fees................................... 125,992 Printing....................................................... 98,274 Audit fees..................................................... 60,476 Insurance...................................................... 23,784 Legal fees..................................................... 20,159 Directors' fees (Note 2)....................................... 13,032 Miscellaneous.................................................. 60,476 ------------ Total expenses from operations................................. 13,517,158 ------------ Expense reduction due to earnings credits (Note 1)............. (74,017) ------------ Net expenses from operations................................... 13,443,141 ------------ Net investment income (Note 1).................................. 53,227,933 ------------ REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS (NOTES 1 AND 6): Net realized gains from: Investment transactions........................................ 29,297,080 Foreign currency related transactions.......................... 2,630,890 ------------ 31,927,970 ------------ Change in unrealized appreciation of: Investments.................................................... 111,364,541 Foreign currency related transactions.......................... 15,041,207 ------------ 126,405,748 ------------ Net gain on investments and foreign currency related transactions.................................................. 158,333,718 ------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............. $211,561,651 ============
- - ----------- See Notes to Financial Statements. 25 SoGen International Fund, Inc. STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR SEPTEMBER 30, ENDED 1995 MARCH 31, (UNAUDITED) 1995 -------------- -------------- OPERATIONS: Net investment income........................ $ 53,227,933 $ 49,474,573 Net realized gains from investments and foreign currency related transactions...... 31,927,970 14,434,900 Increase (decrease) in unrealized appreciation (depreciation) of investments and foreign currency related transactions.. 126,405,748 (15,855,066) -------------- -------------- Net increase in net assets resulting from operations................................ 211,561,651 48,054,407 -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS: Dividends paid from net investment income.... -- (11,742,443) Distributions paid from net realized gains from investment transactions............... -- (43,728,272) -------------- -------------- Decrease in net assets resulting from distributions............................. -- (55,470,715) -------------- -------------- FUND SHARE TRANSACTIONS (NOTE 5): Net proceeds from shares sold................ 457,723,940 293,467,497 Net asset value of shares issued for reinvested dividends and distributions..... -- 51,278,237 Cost of shares redeemed...................... (124,759,723) (197,076,010) -------------- -------------- Increase in net assets from Fund share transactions.............................. 332,964,217 147,669,724 -------------- -------------- Net increase in net assets................. 544,525,868 140,253,416 NET ASSETS (NOTE 1): Beginning of period.......................... 1,921,661,064 1,781,407,648 -------------- -------------- End of period (including undistributed net investment income of $59,394,345 and $3,535,522, respectively).................. $2,466,186,932 $1,921,661,064 ============== ==============
- - ----------- 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 and losses on debt obligations. C) FORWARD CURRENCY CONTRACTS--In connection with purchases and sales of se- curities denominated in foreign currencies, the Fund may enter into forward currency contracts. Additionally, the Fund may enter into such contracts to hedge certain other foreign currency denominated investments. These contracts are recorded at 27 SoGen International Fund, Inc. NOTES TO FINANCIAL STATEMENTS (CONTINUED) 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 currency fluctuations. D) SECURITY TRANSACTIONS AND INCOME--Security transactions are recorded on the trade date. The specific identification method is used in determining the cost of securities and gains or losses on sales of securities. Dividend income is recorded on the ex-dividend date. Interest income is recorded daily on the accrual basis. In computing investment income the Fund amortizes discounts on debt obligations; however, it does not amortize premiums. E) UNITED STATES INCOME TAXES--No provision has been made for United States federal income taxes since it is the intention of the Fund to distribute to shareholders all taxable net investment income and net realized gains on in- vestments, if any, within the allowable time limit, and to comply with the other provisions of the Internal Revenue Code for a regulated investment com- pany. Such income dividends and capital gains distributions are declared and paid by the Fund on an annual basis. F) RECLASSIFICATION OF CAPITAL ACCOUNTS--On the statement of assets and lia- bilities, as a result of certain differences in the computation of net invest- ment income and net realized capital gains on investments under federal income tax rules and regulations versus generally accepted accounting principles, a reclassification has been made to increase undistributed net investment income and decrease undistributed net realized gains on investments in the amount of $2,630,890. 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. NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH AFFILIATED PERSONS Under an investment advisory agreement with the Fund, which became effective on April 26, 1990, Societe Generale Asset Management Corp. ("SOGEN A.M. Corp.") receives 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 pay- able quarterly in amounts equal to 0.25% and 0.1875%, respectively, of the av- erage daily value of the net assets of the Fund during the preceding quarter. In return, SOGEN A.M. Corp. provides the Fund with advisory services and pays certain Fund expenses, including salaries and office costs. For the six months ended September 30, 1995, the Fund's investment advisory fees paid or payable to SOGEN A.M. Corp. were $8,394,836. For the six months ended September 30, 1995, Societe Generale Securities Corporation ("SGSC"), the principal underwriter, realized $1,416,654 in deal- er's and underwriter's commissions after reallowance to others. Societe Generale, a stockholder 28 SoGen International Fund, Inc. NOTES TO FINANCIAL STATEMENTS (CONTINUED) of SOGEN A.M. Corp. and SGSC, received dealer's commissions of $8,395. For the same period, Societe Generale or its affiliates received $33,713 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 SOGEN A.M. 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 $13,032 for the six months ended September 30, 1995. NOTE 3--PLAN OF DISTRIBUTION The Fund has a Distribution Plan and Agreement (the "Plan") with SGSC, pur- suant to the provisions of Rule 12b-1 under the Investment Company Act of 1940, whereby the Fund pays SGSC, quarterly, a distribution fee of up to, on an annual basis, 0.25% of the average daily net asset value of the Fund. Under the Plan, SGSC must apply the full amount of fees received from the Fund to actual distribution expenses incurred during the fiscal year, including the payment of fees to dealers selling shares of the Fund, the payment of adver- tising costs and the payment for the preparation, printing and distribution of prospectuses to prospective investors. The Plan, which became effective on No- vember 14, 1985, excludes for the purpose of calculating the average daily net asset value for payment of the fee, Fund assets attributable to Fund shares outstanding before that date and any subsequent dividends and distributions thereon. SGSC bears the Fund's distribution costs to the extent they exceed payments under the Plan. For the six months ended September 30, 1995, the Fund's dis- tribution fees paid or payable to SGSC were $2,220,000. NOTE 4--PURCHASES AND SALES OF SECURITIES During the six months ended September 30, 1995, the aggregate cost of pur- chases and proceeds from sales of investments, excluding short-term securi- ties, totaled $329,647,547 and $75,509,156, respectively. NOTE 5--CAPITAL STOCK Transactions in shares of capital stock were as follows:
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 30, 1995 MARCH 31, 1995 ------------------ -------------- Shares sold.................................. 18,531,858 12,636,282 Shares issued for reinvested dividends and distributions.............................. -- 2,280,046 Shares redeemed.............................. (5,051,938) (8,487,708) ---------- ---------- Net increase................................ 13,479,920 6,428,620 ========== ==========
29 SoGen International Fund, Inc. NOTES TO FINANCIAL STATEMENTS (CONTINUED) NOTE 6--COMMITMENTS As of September 30, 1995, the Fund had entered into forward currency contracts, as summarized below, resulting in net unrealized appreciation of $2,505,824.
SETTLEMENT U.S. $ VALUE AT U.S. $ VALUE AT DATES CURRENCY TO SEPTEMBER 30, CURRENCY TO SEPTEMBER 30, THROUGH BE DELIVERED 1995 BE RECEIVED 1995 - - ---------- ------------ --------------- ----------- --------------- 10/09/95 598,385 U.S. Dollar $ 598,385 5,984,775 Austrian Schilling $ 595,648 10/09/95 80,992 U.S. Dollar 80,992 107,645 Australian Dollar 81,401 10/10/95 119,266 U.S. Dollar 119,266 3,510,000 Belgian Franc 119,581 10/06/95 127,882 U.S. Dollar 127,882 147,089 Swiss Franc 127,295 2/09/96 71,111,158 Swiss Franc 62,276,718 59,538,261 U.S. Dollar 59,538,261 10/04/95 333,321 U.S. Dollar 333,321 475,051 Deutsche Mark 332,436 2/09/96 90,623,621 Deutsche Mark 63,808,192 62,333,995 U.S. Dollar 62,333,995 1/29/96 600,000,000 Spanish Peseta 4,807,885 4,915,615 U.S. Dollar 4,915,615 10/02/95 179,382 U.S. Dollar 179,382 778,875 Finnish Markka 182,191 10/31/95 1,569,822 U.S. Dollar 1,569,822 7,733,122 French Franc 1,569,460 2/09/96 700,133,837 French Franc 141,848,765 138,605,984 U.S. Dollar 138,605,984 10/03/95 560,934 U.S. Dollar 560,934 4,336,169 Hong Kong Dollar 560,873 10/31/95 304,366 U.S. Dollar 304,366 491,085,516 Italian Lira 304,078 10/04/95 2,554,089 U.S. Dollar 2,554,089 254,337,600 Japanese Yen 2,556,157 2/09/96 8,250,000,000 Japanese Yen 83,774,227 93,627,244 U.S. Dollar 93,627,244 10/03/95 167,826 U.S. Dollar 167,826 267,800 Dutch Guilder 167,396 10/04/95 45,903 U.S. Dollar 45,903 69,868 New Zealand Dollar 45,969 10/05/95 303,491 Singapore Dollar 213,200 213,395 U.S. Dollar 213,395 ------------ ------------ $363,371,155 $365,876,979 ============ ============
30 SoGen International Fund, Inc. FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEAR ENDED MARCH 31, SEPT. 30, -------------------------------------------------------------------------------- 1995+ 1995 1994 1993 1992 1991(A) 1990 1989 1988 1987 1986 ---------- ------ ------ ------ ------ ------- ------ ------ ------ ------ ------ SELECTED PER SHARE DATA Net asset value, beginning of period.... $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91 $21.4 $19.09 $15.40 ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Income from investment operations: Net investment income... 0.55 0.60 0.53 0.64 0.69 0.78 0.64 0.71 0.58 0.40 0.60 Net realized and unrealized gains (losses) on investments............ 1.86 (0.01) 3.37 2.02 1.45 0.20 1.48 1.26 (0.97) 4.80 4.87 ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Total from investment operations............. 2.41 0.59 3.90 2.66 2.14 0.98 2.12 1.97 (0.39) 5.20 5.47 ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Less distributions: Dividends from net investment income...... -- (0.15) (0.47) (0.64) (0.84) (0.71) (0.71) (0.80) (0.84) (0.60) (0.63) Distributions from capital gains.......... -- (0.56) (0.23) (0.34) (0.37) (0.47) (1.01) (0.77) (3.33) (2.22) (1.15) ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Total distributions..... -- (0.71) (0.70) (0.98) (1.21) (1.18) (1.72) (1.57) (4.17) (2.82) (1.78) ------- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Net asset value, end of period................. $25.61 $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91 $21.47 $19.09 ======= ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== TOTAL RETURN++.......... 20.78%* 2.63% 19.50% 14.87% 12.53% 6.03% 12.18% 11.94% (0.70%) 31.16% 39.51% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (millions)...... $2,466 $1,922 $1,781 $650 $355 $240 $176 $126 $97 $96 $57 Ratio of operating expenses to average net assets................. 1.22%** 1.26% 1.28% 1.31% 1.37% 1.30% 1.38% 1.39% 1.36% 1.47% 1.39% Ratio of net investment income to average net assets............. 4.81%** 2.70% 2.34% 3.69% 4.00% 4.84% 4.32% 4.23% 3.09% 2.71% 3.71% Portfolio turnover rate. 4.04% 12.96% 23.96% 17.94% 24.25% 24.14% 30.62% 33.05% 42.79% 41.23% 58.54% Average commission rate paid................... $0.0378 -- -- -- -- -- -- -- -- -- --
- - ----------- (a) SOGEN A.M. Corp. became the investment adviser on April 26, 1990. From August 21, 1978 to April 25, 1990 the investment adviser was SGSC. +Unaudited *Annualized. ** These annualized ratios for the six months ended September 30, 1995 would have remained the same without the effect of the earnings credits. ++Does not give effect to deduction of the sales load. - - ----------- See Notes to Financial Statements. 31 SoGen International Fund, Inc. 1221 AVENUE OF THE AMERICAS NEW YORK, NY 10020 DIRECTORS AND OFFICERS - - ---------------------- DIRECTORS Jean-Marie Eveillard Dominique Raillard Jean-Pierre Gentil Nathan Snyder Fred J. Meyer OFFICERS Jean-Pierre Gentil........................................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 Howard Chin............................................Assistant Vice President John L. DeVita.........................................Assistant Vice President Howard C. Monaghan.....................................Assistant Vice President INVESTMENT ADVISER - - ------------------ Societe Generale Asset Management Corp. 1221 Avenue of the Americas New York, NY 10020 UNDERWRITER - - ----------- Societe Generale Securities Corporation 1221 Avenue of the Americas New York, NY 10020 (800) 334-2143 LEGAL COUNSEL - - ------------- Dechert Price & Rhoads 477 Madison Avenue New York, NY 10022 INDEPENDENT AUDITORS - - -------------------- KPMG Peat Marwick LLP 345 Park Avenue New York, NY 10154 CUSTODIAN - - --------- Investors Fiduciary Trust Company 127 West 10th Street Kansas City, MO 64105 SHAREHOLDER SERVICING AGENT - - --------------------------- The Shareholder Services Group One Exchange Place Boston, MA 02109 (800) 443-7046 The financial information included herein is taken from the records of the Fund without examination by the Fund's independent auditors, who do not express an opinion thereon. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a currently effective prospectus of SoGen International Fund, Inc. (ART) SoGen International Fund, Inc. 1221 Avenue of the Americas New York, NY 10020 -----END PRIVACY-ENHANCED MESSAGE-----