-----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, OTmifogpFe+x9XJk345amIWBMLnMXIzenRNWe8xDXjuMG9p45yr9Qrts3N0xkTUJ UuEMlobxd25nKtTkYRdHqQ== 0000950130-96-004493.txt : 19961121 0000950130-96-004493.hdr.sgml : 19961121 ACCESSION NUMBER: 0000950130-96-004493 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960930 FILED AS OF DATE: 19961119 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOGEN INTERNATIONAL FUND INC/SOCIETE GENERALE TOUCHE REMNANT CENTRAL INDEX KEY: 0000091612 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [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: 96669378 BUSINESS ADDRESS: STREET 1: 1221 AVENUE OF THE AMERICAS 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, 1996 SoGen International Fund, Inc. THE PRESIDENT'S LETTER Dear Shareholder: Over the past fifteen years (September 30, 1981 to September 30, 1996), the value of an investment in your Fund increased at a compounded average annual rate of 16.3%. Over the past ten and five years, the rates were 12.6% and 13.0%, respectively. Over the past twelve months, the rate was 12.1%.* As you know, in its February 5, 1996 cover issue on mutual funds, Business Week awarded your Fund the highest rating for risk-adjusted performance over the past five years. As of September 30, 1996 your Fund's net assets, on an economic basis, were invested as follows: U.S. stocks(/1/) 21.9% Foreign stocks(/1/) 33.7 U.S. dollar bonds 11.0 Foreign currency bonds 4.7 Gold-related securities 6.7 U.S. dollar cash and equiva- lents(/2/) 22.0 ----- 100.0% =====
- ----------- (/1/)Includes convertible bonds with moderate premia. (/2/)Includes floating rate securities. The ten largest equity holdings were Freeport McMoRan Copper and Gold, Gold and Silver Denominated Preferreds (gold and silver-related securities); Bank for International Settlements, U.S. and French Tranches (the central banks' central bank, with some gold assets); Buderus AG (German heating products company); Fuji Photo Film Co., Ltd. (Japanese film and imaging company); CDL Hotels International Ltd. (Hong Kong listed Pacific Rim hotel chain); Randstad Holdings NV (Dutch temporary employment company); Compagnie Generale des Eaux (French water distribution, telecommunications and real estate company); Lonrho plc (British conglomerate, with interests in Africa); Ito-Yokado Co., Ltd. (Japanese retailer); and Carter Holt Harvey Limited (New Zealand forest products and paper company). In our opinion, equity valuations are stretched, particularly in the U.S. Markets may well work their way higher: who knows how high is high? We certainly did not in the late 1980's, when we thought Japanese equities overvalued and sold our stocks much before the peak of the Tokyo market. However, caution--a word admittedly often used in this letter over the past eighteen years--seems appropriate. Still, there are hundreds of securities we can choose from throughout the world, and my associates and I continue to look for the genuine bargains among them. After seventeen years with our investment advisory firm, Howard Chin decided to retire. We shall miss Howard and his knowledge of the mutual fund industry. Sincerely yours, /s/ Jean-Marie Eveillard Jean-Marie Eveillard President October 22, 1996 - ---------------------- *These figures assume the immediate reinvestment of all dividends and distributions and do not include 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 (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, 1986 to September 30, 1996. 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. $3,147 Total value of investment September 30, 1996 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. [GRAPH APPEARS HERE] Cost of investment September 30, 1986 $1,000 Initial net asset value, $963. Initial Inv. &\rCum. Dist. Total\rValue 9/30/86 963 963 9/30/87 1,333 1,333 9/30/88 1,253 1,201 9/30/89 1,478 1,357 9/30/90 1,483 1,318 9/30/91 1,707 1,462 9/30/92 1,926 1,581 9/30/93 2,278 1,816 9/30/94 2,573 2,015 9/30/95 2,808 2,199 9/30/95 3,147 2,406 [_]Value of shares acquired through reinvestment of dividends from income, $740. [_]Value of shares initially acquired $1,526, plus shares accepted as capital gains distributions, $881. Average Annual Rates of Return as of September 30, 1996 after giving effect to the maximum sales commission of 3.75% ------------------------------------------------------------ 1 Year 5 Years 10 Years ------ ------- -------- 7.85% 12.14% 12.15% SoGen International Fund, Inc. MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE Over the past twelve months ended September 30, 1996, the U.S. stock market continued to rise in an environment characterized by sustained economic growth, low inflation, declining interest rates, as well as strong demand for equities. The Fund's U.S. holdings represent 22% of net assets compared to almost 24% a year ago. European equities substantially underperformed the U.S. market in 1995, but most stock markets have staged a significant rebound since the beginning of 1996 as growing evidence of a recovery in key European economies, falling interest rates and low inflation provided a positive background for stocks. The Japanese market also rose as the local economy strengthened and the value of the yen continued to decline. Other Asian markets were mixed over the past year, with a positive performance in countries such as Hong Kong, but significant weakness in export-oriented economies such as South Korea. The Fund's foreign stock holdings represent approximately 34% of net assets, basically unchanged from a year ago. U.S. dollar bonds account for 11% of net assets compared to 13% a year ago. These holdings include high-yielding Brady bonds which were strong performers over the past twelve months. Investments in foreign currency bonds remains stable at about 5% of net assets. Gold-related securities have been weak over the past few months and account for less than 7% of net assets. Cash and equivalents have increased, representing 22% of net assets compared to 20% a year ago. During the period, the U.S. dollar has strengthened significantly against the Japanese yen and, to a lesser extent, major European currencies. The performance of the dollar had a limited impact on the value of the Fund's net assets, since foreign currency exposure was partially hedged throughout the period. 3 SoGen International Fund, Inc. SUMMARY OF FUND DATA The table below covers the period from April 28, 1970 to September 30, 1996. The results shown should not be considered as a representation of the dividend income or capital gain or loss which may be realized from an investment made in 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 NET ASSET CAPITAL INVESTMENT AND NUMBER VALUE GAINS INCOME DISTRIBUTIONS OF SHARES TOTAL NET PER DISTRIBUTIONS DIVIDENDS REINVESTED FISCAL YEAR ENDED OUTSTANDING ASSETS 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) 0.15 188.27 March 31, 1996 116,277,335 3,033,468,150 26.09 0.73(o) 0.81 225.12 September 30, 1996 (six months)+ 128,383,442 3,465,399,400 26.99 -- -- 232.89
- ---------------------- * 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 and (o) $0.11 per share. + Unaudited. 4 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS-- U.S. GOLD RELATED (2.30%) 628,500 Freeport McMoRan Copper & Gold Inc., Preferred Series "C' (e). $ 21,850,338 $ 20,190,563 514,500 Freeport McMoRan Copper & Gold Inc., Preferred Series "B' (e). 18,924,444 17,171,437 440,050 Freeport McMoRan Copper & Gold Inc., Preferred Series "D' (e). 9,230,056 9,241,050 175,144 Newmont Mining Corporation...... 6,382,248 8,275,554 240,000 The Pioneer Group, Inc.......... 6,393,181 6,300,000 4,562 Case Pomeroy & Co., Inc. Class "A'............................ 4,389,270 5,627,227 250,000 Handy & Harman.................. 3,979,276 4,468,750 300,000 Homestake Mining Company........ 5,748,184 4,387,500 235,000 Santa Fe Pacific Gold Corporation.................... 3,727,484 2,937,500 175,000 Amax Gold, Inc. (a)............. 1,243,694 984,375 -------------- -------------- 81,868,175 79,583,956 -------------- -------------- METALS AND MINERALS (0.51%) 215,000 Reynolds Metals Company......... 10,587,220 10,991,875 90,000 Asarco Incorporated............. 2,148,000 2,396,250 70,000 Alumax, Inc. (a)................ 1,342,935 2,345,000 85,000 Cyprus Amax Minerals Company.... 1,858,699 1,827,500 -------------- -------------- 15,936,854 17,560,625 -------------- -------------- ENERGY (2.97%) 725,000 Weatherford Enterra, Inc. (a)... 14,922,317 19,846,875 2,585,000 San Juan Basin Royalty Trust (c)............................ 16,277,260 16,156,250 245,000 Burlington Resources, Inc....... 9,295,482 10,871,875 215,000 Murphy Oil Corporation.......... 9,618,487 10,373,750 550,000 Rowan Companies, Inc. (a)....... 4,186,651 10,243,750 525,000 Santa Fe Energy Resources, Inc. (a)............................ 5,032,901 7,481,250 185,000 ENSCO International Incorporated (a)............................ 3,013,001 6,012,500 442,500 North European Oil Royalty Trust (c)............................ 7,212,705 5,586,563 80,000 Tosco Corporation............... 1,778,856 4,390,000 103,955 Rochester and Pittsburgh Coal Company........................ 4,145,068 3,313,566 86,955 Patina Oil & Gas Corporation $1.78 Conv. Pfd. (a)........... 2,502,200 2,217,352 124,089 Patina Oil & Gas Corporation (a)............................ 2,545,421 868,623 62,044 Patina Oil & Gas Corporation Warrants expire 5/01/2001 (a).. 0 62,044 135,486 Noble Drilling Corporation...... 565,248 2,049,226 500,000 Kaneb Services, Inc. (a)........ 1,600,368 1,625,000 29,000 Penn Virginia Corporation....... 1,283,500 1,044,000 3,253 The Home-Stake Royalty Corporation.................... 487,950 471,685 3,065 The Home-Stake Oil and Gas Company........................ 337,150 321,825 -------------- -------------- 84,804,565 102,936,134 -------------- --------------
5 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS-- U.S. (continued) FOREST PRODUCTS (1.83%) 585,000 Rayonier Inc. .................. $ 19,085,452 $ 23,253,750 600,000 Greif Bros. Corporation Class "A'............................ 10,621,901 17,550,000 200,000 Mead Corporation................ 10,514,747 11,725,000 365,000 Longview Fibre Company.......... 6,120,073 5,748,750 45,000 Georgia-Pacific Corporation..... 2,849,363 3,560,625 54,000 Plum Creek Timber Company, L.P.. 213,222 1,377,000 -------------- -------------- 49,404,758 63,215,125 -------------- -------------- AGRICULTURE (0.02%) 497 J.G. Boswell Company (a)........ 573,840 600,128 -------------- -------------- CAPITAL GOODS (1.22%) 118,715 Woodward Governor Company....... 9,663,017 11,159,210 315,000 The Manitowoc Company, Inc...... 5,758,291 10,119,375 603,000 A.P. Green Industries (c)....... 4,514,875 6,030,000 494,500 Kaiser Ventures, Inc. (a)....... 6,277,307 4,697,750 174,200 Keystone International, Inc. ... 3,290,005 3,418,675 85,000 Blount International, Inc. Class "A'............................ 2,815,144 2,858,125 4,005 Conbraco Industries, Inc. (a)... 1,179,450 1,722,150 59,800 Tennant Company................. 1,490,794 1,375,400 140,000 MFRI Inc. (a)................... 781,252 997,500 -------------- -------------- 35,770,135 42,378,185 -------------- -------------- AUTOMOTIVE (0.37%) 235,000 Bandag, Inc. Class "A'.......... 12,024,031 11,250,625 200,000 Treadco, Inc. .................. 2,913,120 1,625,000 -------------- -------------- 14,937,151 12,875,625 -------------- -------------- BUILDING MATERIALS (0.20%) 200,000 Calmat Co. ..................... 3,747,673 3,700,000 75,000 Deere & Company................. 1,085,028 3,150,000 -------------- -------------- 4,832,701 6,850,000 -------------- -------------- SPECIALTY CHEMICALS (0.97%) 1,785,000 Lawter International Inc........ 21,075,474 20,304,375 560,000 LeaRonal, Inc. (c).............. 8,576,464 12,390,000 125,000 American Pacific Corporation (a)............................ 1,375,937 828,125 -------------- -------------- 31,027,875 33,522,500 -------------- -------------- TRANSPORTATION (0.85%) 155,000 AMR Corporation (a)............. 10,724,964 12,341,875 142,500 Burlington Northern Santa Fe Corporation.................... 4,539,348 12,023,437 76,979 Heartland Express, Inc. (a)..... 194,999 2,174,657 25,000 Florida East Coast Industries, Inc............................ 1,795,537 2,062,500 112,500 Boyd Brothers Transportation, Inc. (a)....................... 1,204,375 871,875 -------------- -------------- 18,459,223 29,474,344 -------------- --------------
6 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS-- U.S. (continued) ELECTRONICS (0.62%) 1,125,000 Zero Corporation (c)............ $ 16,447,678 $ 21,375,000 -------------- -------------- TECHNOLOGY (0.78%) 250,000 Digital Equipment Corporation Series "A' 8 7/8% Pfd.......... 5,617,138 6,156,250 105,000 Digital Equipment Corporation (a)............................ 3,745,300 3,753,750 415,000 Symantec Corporation (a)........ 4,978,624 4,513,125 400,000 BEI Electronics Inc. (c)........ 2,963,306 4,000,000 215,000 American Mobile Satellite Corporation, Inc. (a).......... 5,375,625 3,117,500 85,000 Broderbund Software, Inc. (a)... 2,432,188 2,465,000 125,000 Aydin Corporation (a)........... 1,987,694 1,250,000 35,000 Black Box Corporation (a)....... 782,250 1,155,000 84,315 Anacomp, Inc. (a)............... 854,510 695,599 160 Anacomp, Inc. Warrants expire 6/03/2001 (a).................. 567,925 460 -------------- -------------- 29,304,560 27,106,684 -------------- -------------- CONSUMER PRODUCTS (3.05%) 500,000 Dole Food Company, Inc.......... 12,019,600 21,000,000 1,350,000 Furniture Brands International, Inc. (a)....................... 8,869,041 19,743,750 715,400 UniFirst Corporation............ 10,046,126 13,234,900 196,647 Allen Organ Company, Class "B'.. 6,223,084 7,816,718 365,000 Jostens, Inc.................... 6,736,277 7,619,375 285,000 Paragon Trade Brands, Inc. (a).. 4,315,942 6,661,875 150,000 Polaroid Corporation............ 4,494,953 6,600,000 235,000 Adolph Coors Company, Class "B'. 4,254,703 5,155,312 250,000 Sturm, Ruger & Company, Inc..... 2,964,035 4,906,250 215,000 Baldwin Piano and Organ Company (a)(c)......................... 2,233,875 3,413,125 625,000 The Topps Company (a)........... 3,737,808 2,656,250 215,000 A.T. Cross Company, Class "A'... 3,842,516 2,445,625 16 Kohler Corp..................... 1,245,500 1,688,000 75,000 Canandaigua Wine Co., Class "A' (a)............................ 3,331,250 1,556,250 25,000 St. John Knits, Inc............. 181,687 1,253,125 -------------- -------------- 74,496,397 105,750,555 -------------- -------------- DISTRIBUTION (1.22%) 495,000 Wal-Mart Stores, Inc............ 10,624,244 13,055,625 415,000 Woolworth Corporation (a)....... 6,125,275 8,559,375 250,000 Smart & Final Inc............... 3,468,690 6,000,000 550,000 Hancock Fabrics Inc. ........... 4,999,708 4,881,250 270,000 Burlington Coat Factory Warehouse Corporation (a)...... 3,615,004 2,970,000 175,000 Lesco Inc. ..................... 2,611,611 2,668,750 47,696 Weyco Group Inc................. 1,457,019 1,889,954 55,000 Staples, Inc. (a)............... 584,222 1,220,312 145,000 Buttrey Food & Drug Stores Company (a).................... 989,375 1,087,500 -------------- -------------- 34,475,148 42,332,766 -------------- --------------
7 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS-- U.S. (continued) SERVICES (0.48%) 355,000 Manpower, Inc................... $ 11,178,694 $ 11,803,750 300,000 Kinder Care Learning Center (a). 4,057,813 4,800,000 -------------- -------------- 15,236,507 16,603,750 -------------- -------------- MEDIA (1.34%) 255,000 Pulitzer Publishing Company Class "A'...................... 7,053,735 14,566,875 300,000 G.C. Companies, Inc. (a)........ 9,954,015 10,800,000 139,641 Plenum Publishing Corporation... 4,635,350 4,852,525 405,000 Hollinger International Inc. Class "A'...................... 4,875,352 4,556,250 158,564 Cowles Media Company, non voting......................... 3,631,585 3,904,639 275,000 Golden Books Family Entertainment, Inc. (a)........ 3,952,013 3,196,875 264,600 Plasti-Line, Inc. (a)(c)........ 2,392,338 2,447,550 34,924 Mills Music Trust............... 1,055,337 1,527,925 300,000 Integrity Incorporated, Class "A' (a)........................ 1,901,415 600,000 -------------- -------------- 39,451,140 46,452,639 -------------- -------------- HEALTH CARE (0.44%) 300,000 Johnson & Johnson, Inc.......... 6,080,375 15,375,000 -------------- -------------- FINANCIAL INSTITUTIONS (1.48%) 3,349 Farmers & Merchants Bank of Long Beach.......................... 6,404,335 6,245,885 165,000 Zurich Reinsurance Centre Holdings, Inc.................. 4,582,334 5,176,875 85,000 JSB Financial, Inc.............. 1,022,438 3,070,625 100,000 Riggs National Corporation 10 3/4% Non-Cum. Pfd., Series "B'. 2,545,000 2,862,500 175,000 WesterFed Financial Corporation. 2,444,375 2,821,875 189,964 Portsmouth Bank Shares, Inc..... 1,209,039 2,445,786 140,000 HMN Financial, Inc. (a)......... 1,779,375 2,240,000 65,000 People's Savings Financial Corp........................... 613,183 1,852,500 81,593 First Oak Brook Bancshares, Inc. Class "A'...................... 740,205 1,795,046 110,000 Standard Financial, Inc......... 1,201,250 1,787,500 104,000 Texarkana First Financial Corp. (c)............................ 1,350,854 1,482,000 54,613 Metairie Bank & Trust Company... 936,932 1,460,898 75,000 MFB Corp........................ 881,875 1,387,500 64,500 Westco Bancorp, Inc............. 523,249 1,386,750 90,000 Logansport Financial Corp. (c).. 1,050,000 1,327,500 85,000 QCF Bancorp, Inc. (a)........... 968,747 1,306,875 85,000 East Texas Financial Services (c)............................ 959,375 1,285,625 81,450 Wood Bancorp, Inc. (c).......... 698,475 1,272,656 75,000 Home Bancorp.................... 948,125 1,214,062 50,000 Leucadia National Corporation... 1,138,337 1,212,500 43,967 FirstFed Bancorp Inc. (c)....... 484,747 1,066,200 88,000 Classic Bancshares, Inc. (c).... 1,016,000 1,034,000 55,000 IBS Financial Corporation ...... 496,875 818,125 38,000 MBLA Financial Corporation...... 486,500 807,500
8 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS-- U.S. (continued) FINANCIAL INSTITUTIONS (continued) 75,000 Redwood Financial, Inc. (a)(c).. $ 682,813 $ 750,000 30,000 Workingmens Capital Holdings, Inc............................ 148,750 641,250 49,000 First Federal Financial Bancorp, Inc. (c)....................... 534,000 539,000 35,000 The Southern Banc Company, Inc.. 431,172 459,375 28,400 Rowan Bancorp, Inc.............. 347,900 454,400 18,600 OSB Financial Corp.............. 419,263 437,100 25,000 Catskill Financial Corporation (a)............................ 262,500 300,000 10,000 Liberty Savings Bank F.S.B. .... 120,000 143,750 -------------- -------------- 37,428,023 51,085,658 -------------- -------------- UTILITIES (0.51%) 300,000 CalEnergy Company, Inc. (a)..... 5,071,663 9,562,500 49,000 CalEnergy Capital Trust $6.25 Conv. Pfd. "TIDES'............. 2,450,000 2,964,500 150,000 The Montana Power Company....... 3,425,069 3,206,250 65,000 Idaho Power Company............. 1,604,025 2,039,375 -------------- -------------- 12,550,757 17,772,625 -------------- -------------- REAL ESTATE (2.34%) 265,000 Catellus Development Corporation $3 5/8 Conv. Pfd. Series "B' (b)............................ 11,584,106 14,508,750 535,000 Catellus Development Corporation (a)............................ 4,148,513 5,283,125 295,000 Crescent Real Estate Equities, Inc............................ 9,118,757 12,131,875 355,280 J.C. Nichols Company (a)(c)..... 2,833,358 10,480,760 535,000 Castle & Cooke, Inc. (a)........ 7,849,527 8,827,500 4,913 Security Capital Group Incorporated (a)(b)(f)......... 4,060,000 5,178,103 442,688 Security Capital Atlantic Incorporated (b)(f)............ 5,000,000 5,090,909 151,546 Security Capital Pacific Trust.. 1,941,858 3,201,409 100,000 Security Capital Pacific Trust $1.75 Conv. Pfd. Series "A'.... 2,269,000 2,612,500 50,000 Security Capital Industrial Trust $1.75 Conv. Pfd. Series "B'............................ 1,193,710 1,225,000 80,000 St. Joe Paper Company........... 4,251,183 5,100,000 248,325 Alico, Inc. .................... 4,826,528 5,028,581 100,000 Price Enterprises, Inc.......... 1,476,012 1,612,500 43,147 Sonesta International Hotels Corporation.................... 353,259 458,437 31,818 Pacific Retail Trust (f)........ 350,000 350,000 -------------- -------------- 61,255,811 81,089,449 -------------- --------------
9 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. GOLD RELATED (3.87%) 3,195 Bank for International Settlements (U.S. Tranche)..... $ 16,412,877 $ 29,555,024 2,085 Bank for International Settlements (French Tranche)... 10,921,538 16,150,897 2,750,000 Eltin Limited................... 6,457,118 5,222,250 750,000 Newcrest Mining Limited......... 3,432,793 2,611,125 2,280,000 Normandy Mining Limited......... 2,715,700 3,102,966 1,298,450 Kidston Gold Mines Limited...... 1,785,275 1,664,386 1,000,000,000 Manila Mining Corporation "B'... 978,313 647,989 360,000 Franco-Nevada Mining Corp. Ltd.. 9,824,147 13,489,926 90,000 Euro-Nevada Mining Corp. Ltd.... 145,977 2,606,158 1,000,000 Meridian Gold Inc. ............. 1,817,983 2,275,480 1,000,000 Royal Oak Mines Inc. (a)........ 4,867,690 3,937,500 145,000 Placer Dome Inc................. 2,527,496 3,425,625 225,000 Cambior Inc..................... 3,174,107 3,088,413 775,000 Pan American Silver Corp. (a)... 2,667,739 5,631,812 49,000 Pan American Silver Corp. Warrants expire 10/31/96 (a)(b)(f)............. 0 68,337 128,293 Anglo American Platinum Corporation Ltd. ADR........... 632,377 869,041 100,000 Anglo American Platinum Corporation Ltd................ 723,127 677,387 435,000 Free State Consolidated Gold Mines Ltd. ADR................. 5,588,053 4,186,875 315,000 Kloof Gold Mining Company Ltd. ADR............................ 3,286,792 2,559,375 285,000 Driefontein Consolidated Ltd. ADR............................ 3,329,260 3,077,109 420,000 Harmony Gold Mining Company Ltd. ADR............................ 2,073,523 3,559,500 200,000 Randfontein Estates Gold Mining Co. Witwatersrand Ltd. ADR..... 1,647,360 1,225,000 121,255 JCI Ltd. ADR.................... 588,774 1,171,286 40,000 JCI Ltd......................... 224,889 386,386 45,000 Durban Roodepoort Deep, Ltd. ADR (a)............................ 437,000 388,589 225,000 Durban Roodepoort Deep, Ltd (a)............................ 2,133,412 1,942,945 278,400 Loraine Gold Mines Ltd. ADR (a). 858,166 919,925 110,000 Loraine Gold Mines Ltd. (a)..... 370,371 363,476 355,000 St. Helena Gold Mines Ltd. ADR.. 3,118,169 2,174,375 92,500 St. Helena Gold Mines Ltd....... 649,212 631,677 94,838 Western Areas Gold Mining Co. Ltd. ADR....................... 796,859 1,505,553 48,525 FIMALAC SA (a).................. 4,687,648 4,407,263 335,000 Terra Mining AB (c)............. 7,404,517 5,609,486 71,000 Ashanti Goldfields Company Limited GDS.................... 1,514,500 1,189,250 841,235 Minas de Arcata S.A............. 1,045,019 1,239,574 263,900 General Oriental Investments Limited........................ 1,809,300 2,458,548 -------------- -------------- 110,647,081 134,020,508 -------------- --------------
10 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. (continued) UNITED KINGDOM (1.73%) 8,550,000 Lonrho plc (17)................. $ 16,675,588 $ 22,825,112 2,184,600 Antofagasta Holdings plc (17)... 7,202,272 12,313,935 1,375,000 Blenheim Group plc (11)......... 5,880,515 9,063,735 3,125,000 McBride plc (9)................. 8,929,551 7,388,383 1,375,000 Royal Doulton plc (9)........... 5,251,945 6,135,783 200,000 Scottish Television plc (11).... 1,311,364 2,273,469 -------------- -------------- 45,251,235 60,000,417 -------------- -------------- NORWAY (0.37%) 865,000 Schibsted ASA (11).............. 9,817,034 12,645,226 -------------- -------------- SWEDEN (0.89%) 750,000 AssiDoman AB (4)................ 16,280,386 18,158,984 535,000 IRO AB (8)...................... 5,641,561 6,295,115 545,000 Bylock & Nordsjofrakt AB "B' (7)............................ 5,129,313 5,590,629 25,000 Investor AB (18)................ 963,455 950,377 -------------- -------------- 28,014,715 30,995,105 -------------- -------------- FINLAND (0.25%) 157,500 Vaisala Oy A (6)................ 5,655,621 8,802,161 -------------- -------------- DENMARK (0.64%) 305,000 Carlsberg International A/S, "B' (9)............................ 14,928,498 18,500,325 18,000 Kobenhavns Lufthavne A/S (7).... 794,222 1,799,200 30,000 Aarhus Oliefabrik A/S, "A' (3).. 1,138,768 1,512,148 5,000 Aarhus Oliefabrik A/S, "B' (3).. 184,421 252,025 -------------- -------------- 17,045,909 22,063,698 -------------- -------------- GERMANY (3.25%) 88,250 Buderus AG (8).................. 38,211,470 39,178,498 605,000 Bayer AG (22)................... 11,620,241 22,106,036 100,000 Bertelsmann AG D.R.C. (11)...... 12,591,111 13,279,124 142,500 Hornbach Holding AG Pfd. (10)... 10,708,723 10,260,336 15,000 Axel Springer Verlag AG (11).... 5,291,362 8,852,749 10,000 Degussa AG (22)................. 2,526,412 3,644,710 125,000 SKW Trostberg AG (5)............ 2,915,234 3,532,903 20,000 SAP AG Pfd. (6)................. 382,996 3,357,487 85,000 IVG Holding AG (21)............. 2,819,925 2,895,669 15,000 Deutsche Lufthansa AG Pfd. (7).. 759,338 2,121,709 5,000 Sudzucker AG Pfd. (9)........... 1,557,378 1,802,682 5,000 Sudzucker AG Pfd. Warrants (a)(9)......................... 129,374 158,038 13,269 Signalbau Huber AG (7).......... 2,035,499 1,479,216 -------------- -------------- 91,549,063 112,669,157 -------------- --------------
11 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. (continued) SWITZERLAND (1.70%) 10,750 Schindler Holding AG PC (8)..... $ 7,903,262 $ 10,501,396 11,500 Schindler Holding AG Warrants expire 12/16/96 (a)(8)................ 0 2,751 18,500 Kuhne & Nagel International AG Bearer (7)..................... 10,999,256 9,958,134 22,500 Societe Generale d'Affichage SA D.R.C. (11).................... 6,015,333 9,886,364 60,000 Safra Republic Holdings SA Bearer (13).................... 3,277,829 7,072,500 31,500 Sika Finanz AG Bearer (5)....... 7,210,809 6,958,134 3,500 Lindt & Sprungli AG PC (9)...... 3,143,266 5,805,423 26,286 Swissair AG D.R.C. (a)(7)....... 2,059,560 3,710,225 12,500 Vetropack Holding AG PC (9)..... 2,815,230 2,791,069 425 Vetropack Holding AG Bearer (9). 1,005,988 1,101,475 20,000 Pelikan Holdings AG Bearer (a)(9)......................... 2,426,629 1,068,581 -------------- -------------- 46,857,162 58,856,052 -------------- -------------- AUSTRIA (0.33%) 85,000 VAE AG (c)(7)................... 7,837,170 7,384,415 75,000 Flughafen Wien AG (7)........... 3,242,934 3,956,935 -------------- -------------- 11,080,104 11,341,350 -------------- -------------- NETHERLANDS (2.11%) 400,000 Randstad Holdings NV (20)....... 6,183,967 31,573,408 545,000 Philips Electronics NV ADR (19). 13,281,413 19,551,875 275,000 Apothekers Cooperatie OPG U.A. (12)........................... 6,668,922 6,560,253 280,000 Holdingmaatschappij de Telegraaf NV (11)........................ 2,119,582 6,122,902 155,000 Content Beheer NV (20).......... 1,984,733 5,782,027 225,000 German City Estates NV (c)(21).. 3,713,179 3,565,164 -------------- -------------- 33,951,796 73,155,629 -------------- -------------- BELGIUM (0.22%) 55,000 Deceuninck Plastics Industries SA (5)......................... 6,197,738 7,664,559 -------------- -------------- FRANCE (4.69%) 200,000 Legrand ADP (8)................. 13,631,730 20,914,830 185,000 Compagnie Generale des Eaux (15)........................... 19,209,849 20,098,571 205,000 Elf Aquitaine (2)............... 15,440,202 16,034,606 17,803 Societe Sucriere de Pithiviers- le-Vieil (3)................... 5,910,020 11,790,979 63,814 Promodes C.I. (10).............. 3,132,266 11,307,527 5,000 Promodes (10)................... 898,358 1,355,591 145,000 Gaumont SA (11)................. 7,369,183 10,052,674 150,000 Eramet (1)...................... 10,008,940 8,949,804 63,414 Groupe NSC (c)(8)............... 11,650,058 8,277,051 17,500 Eurafrance (18)................. 6,841,118 6,954,181 152,214 Emin Leydier (c)(4)............. 7,741,182 10,375,949 40,934 Sabeton SA (c)(18).............. 5,675,407 6,143,509 71,342 La Brosse et Dupont (c)(9)...... 3,799,228 5,250,002 71,490 Crometal (8).................... 4,861,181 4,499,448
12 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. (continued) FRANCE (continued) 20,000 Elf Gabon (2)................... $ 2,971,712 $ 4,454,084 8,500 Taittinger (9).................. 3,069,472 2,549,770 7,659 Taittinger C.I. (9)............. 1,912,326 1,523,257 37,235 Conflandey (1).................. 1,782,366 1,874,080 10,479 Robertet SA (9)................. 781,686 1,623,456 36,500 C.E.E. (Continentale d'Equipements Electriques) (a)(c)(8)...................... 4,590,041 1,484,372 100,000 Credit Foncier de France (a)(13)........................ 1,409,103 1,336,225 12,800 Radiall (19).................... 316,568 1,212,131 5,112 Robertet SA C.I. (9)............ 527,638 1,139,454 6,348 Societe Francaise de Papiers Peints (9)..................... 891,641 1,124,834 5,500 Marie Brizard et Roger International, SA (9).......... 1,406,777 1,042,740 31,235 SAGA (a)(7)..................... 2,790,145 544,396 18,719 Precia SA (8)................... 1,026,960 519,469 -------------- -------------- 139,645,157 162,432,990 -------------- -------------- ITALY (1.06%) 30,000,000 Montedison SpA Non Convertible Savings (a)(17)................ 15,610,201 18,100,706 1,375,000 Istituto Finanziario Industriale SpA Privileged Shares (18)......... 13,333,729 10,968,260 1,050,000 Arnoldo Mondadori Editore SpA (11)........................... 7,504,407 7,617,463 -------------- -------------- 36,448,337 36,686,429 -------------- -------------- SPAIN AND PORTUGAL (0.39%) 495,000 Espirito Santo Financial Holdings SA ADR (13)........... 5,989,295 6,125,625 60,000 Corporacion Financiera Alba SA (18)........................... 4,212,472 4,997,276 65,000 Companhia de Celulose do Caima (4)............................ 1,182,050 1,246,776 320,422 Omsa Alimentacion SA (9)........ 1,466,524 1,152,292 -------------- -------------- 12,850,341 13,521,969 -------------- -------------- GREECE (0.12%) 40,340 Titan Cement Co. (5)............ 1,189,703 2,228,081 8,310 Titan Cement Co. Pfd. (5)....... 200,500 301,962 343,930 H. Benrubi & Fils SA (9)........ 2,021,286 1,285,453 141,160 H. Benrubi & Fils SA Pfd. (9)... 672,670 354,659 -------------- -------------- 4,084,159 4,170,155 -------------- -------------- COMMONWEALTH OF INDEPENDENT STATES AND EASTERN EUROPE (0.11%) 556,624 Firebird Fund L.P. (a)(b)(f)(23).................. 1,000,000 2,042,532 50,000 LUKoil ADR (a)(2)............... 1,351,875 1,850,000 -------------- -------------- 2,351,875 3,892,532 -------------- --------------
13 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. (continued) TURKEY (0.09%) 100,000,000 Sabah Yayincilik A.S. (11)...... $ 2,327,839 $ 1,520,004 132,199,360 Medya Holding A.S. (11)......... 8,039,311 1,507,077 ------------- ------------- 10,367,150 3,027,081 ------------- ------------- ISRAEL (0.10%) 1,299,705 The Israel Land Development Company Ltd. (17).............. 5,616,066 3,605,335 ------------- ------------- JAPAN (5.97%) 1,175,000 Fuji Photo Film Co., Ltd. (9)... 29,580,779 35,770,733 415,000 Ito-Yokado Co., Ltd. (10)....... 20,627,080 23,590,768 1,500,000 The Tokio Marine & Fire Insurance Co., Ltd. (13)....... 17,617,552 17,780,971 2,425,000 The Dai-Tokyo Fire & Marine Insurance Co., Ltd. (13)....... 16,475,707 16,746,666 85,000 Toho Co., Ltd. (11)............. 13,002,195 14,121,503 625,000 Shimano Inc. (9)................ 13,077,832 11,618,248 1,165,000 Nisshinbo Industries Inc. (9)... 11,563,301 10,671,277 1,000,000 Hitachi Ltd. (6)................ 7,919,117 9,698,711 1,000,000 Nittetsu Mining Co., Ltd. (1)... 8,994,790 9,429,303 1,000,000 Aida Engineering, Ltd. (8)...... 7,536,682 7,615,284 1,000,000 The Nichido Fire & Marine Insurance Co., Ltd. (13)....... 7,962,726 7,022,585 1,605,000 Hanshin Electric Railway Co., Ltd. (a)(7).................... 7,069,099 6,788,694 165,000 Tsutsumi Jewelry Co., Ltd. (10). 8,417,467 6,445,602 150,000 Asatsu Inc. (11)................ 5,879,759 5,926,990 1,175,000 Iino Kaiun Kaisha, Ltd. (a)(7).. 6,952,080 5,381,438 225,000 Chofu Seisakusho Co., Ltd. (9).. 5,133,863 5,314,086 800,000 The Koa Fire & Marine Insurance Co., Ltd. (13)................. 5,110,243 5,036,146 725,000 The Dowa Fire & Marine Insurance Co., Ltd. (13)................. 4,043,221 3,737,147 250,000 Japan Airport Terminal Co., Ltd. (7)............................ 2,899,405 3,569,665 27,500 Fast Retailing Co., Ltd. (10)... 1,317,123 765,570 ------------- ------------- 201,180,021 207,031,387 ------------- ------------- SOUTH KOREA (0.54%) 141,600 LG Industrial Systems (8)....... 4,701,318 3,440,233 293,229 LG Electronics Co., Ltd. Pfd. (19)........................... 6,746,087 2,956,512 195,000 LG Electronics Co., Ltd. Pfd. GDS (19)....................... 1,924,079 1,140,750 76,994 Samsung Electronics Co. Pfd. (19)........................... 6,916,201 2,974,258 23,204 Samsung Electronics Co. Pfd. New (19)........................... 1,243,547 814,620 4,000 Samsung Electronics Co. Pfd. GDS (19)........................... 183,423 97,000 1,205 Samsung Electronics Co. Pfd. GDS New (19)....................... 55,231 29,221 2,602 Samsung Electronics Co. (19).... 338,183 204,822 784 Samsung Electronics Co. New (19)........................... 82,852 61,714 120 Samsung Electronics Co. GDS (19)........................... 4,173 2,765 36 Samsung Electronics Co. GDS New (19)........................... 1,252 1,796 72,500 Young Chang Akki Co. (9)........ 3,641,775 2,536,443 55,790 Cheil Jedang Corporation Pfd. (17)........................... 1,799,684 1,267,338 558 Cheil Jedang Corporation (17)... 38,585 32,130 89,880 Ssangyong Cement Industries Pfd. (5)............................ 1,649,368 1,102,755
14 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. (continued) SOUTH KOREA (continued) 65,000 Choong Nam Spinning (a)(9)...... $ 1,414,086 $ 931,730 27,532 Korean Air Lines (7)............ 645,544 602,012 53,785 Korean Air Lines Pfd. (7)....... 943,766 588,028 -------------- -------------- 32,329,154 18,784,127 -------------- -------------- HONG KONG (1.66%) 60,262,000 CDL Hotels International Ltd. (21)........................... 24,004,711 32,729,911 20,000,000 Shaw Brothers (Hong Kong) Limited (11)................... 23,708,856 20,561,231 3,500,000 South China Morning Post Holdings Corp. (11)............ 1,457,554 2,602,483 475,000 Cross Harbour Tunnel Company (7)............................ 923,512 1,035,012 2,000,000 Ming Pao Enterprise Ltd. (11)... 576,942 737,101 -------------- -------------- 50,671,575 57,665,738 -------------- -------------- SINGAPORE AND MALAYSIA (0.56%) 1,875,000 Rothmans Industries Ltd. (9).... 7,513,844 6,924,716 2,675,000 Times Publishing Ltd. (11)...... 6,364,312 5,813,565 850,000 Singapore Bus Service Ltd. (7).. 6,812,711 4,406,960 750,000 Clipsal Industries Ltd. (5)..... 1,846,256 2,175,000 -------------- -------------- 22,537,123 19,320,241 -------------- -------------- AUSTRALIA AND NEW ZEALAND (1.85%) 10,683,199 Carter Holt Harvey Limited (4).. 19,083,568 23,524,484 1,579,200 Wilson and Horton Group Limited (11)........................... 7,878,427 11,668,643 12,748,416 Shortland Properties, Limited (c)(21)........................ 5,349,478 8,020,602 7,933,400 Tasman Agriculture Limited (c)(3)......................... 5,072,272 6,599,553 3,695,290 Spotless Services, Limited (20). 3,925,958 6,549,532 1,287,750 The Colonial Motor Company Limited (10)................... 1,138,158 3,240,726 3,852,700 Wrightson, Limited (3).......... 3,965,324 3,124,147 2,605,100 Apple Fields Limited (a)(c)(3).. 2,176,246 1,001,602 740,000 Damba Holdings Limited (c)(10).. 400,559 341,416 -------------- -------------- 48,989,990 64,070,705 -------------- -------------- CANADA (1.56%) 1,015,000 Canadian Pacific Ltd. (17)...... 17,926,035 23,471,875 955,000 Noranda, Inc. (17).............. 18,303,542 19,522,704 375,000 Dofasco, Inc. (1)............... 5,193,171 5,766,689 50,000 Dofasco, Inc. $2.60 Conv. Pfd., Class "C' (1).................. 1,105,897 1,214,813 200,000 Canadian National Railway Company (7).................... 3,771,134 4,100,000 -------------- -------------- 46,299,779 54,076,081 -------------- -------------- MEXICO (0.40%) 3,025,000 Industrias Penoles S.A. de C.V. (1)............................ 6,179,080 12,814,737 40,000 Grupo Televisa S.A. GDR (11).... 948,933 1,155,000 -------------- -------------- 7,128,013 13,969,737 -------------- --------------
15 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
NUMBER COST VALUE OF SHARES (NOTE 1) (NOTE 1) --------- -------- -------- COMMON AND PREFERRED STOCKS--NON U.S. (continued) ARGENTINA (0.66%) 8,975,000 Siderca S.A.I.C. (2)............ $ 6,322,832 $ 13,374,622 5,733,923 Ledesma S.A.A.I. (3)............ 6,905,327 6,881,671 913,889 IRSA Inversiones y Representaciones S.A. (21)..... 1,991,001 2,714,630 -------------- -------------- 15,219,160 22,970,923 -------------- -------------- SOUTH AFRICA (0.10%) 225,000 Omni Media Corporation (11)..... 1,411,417 3,568,675 -------------- -------------- MISCELLANEOUS (0.53%) 175,000 Banco Latinoamericano de Exportaciones S.A. Class "E' (Bladex) (13)........ 5,734,690 9,821,875 395,000 Minorco SA ADR (1).............. 6,465,244 8,541,875 -------------- -------------- 12,199,934 18,363,750 -------------- -------------- TOTAL COMMON AND PREFERRED STOCKS......................... 1,719,738,382 2,053,312,465 -------------- -------------- PRINCIPAL AMOUNT --------- BONDS, NOTES AND CONVERTIBLE BONDS U.S. DOLLAR CONVERTIBLE BONDS (3.89%) $ 4,500,000 Apple Computer 6% due 6/01/2001 (b)(6)......................... 4,414,631 4,455,000 1,000,000 Novacare 5 1/2% due 1/15/2000 (12)........................... 896,941 887,500 900,000 International Container Terminal Services, Inc. 6% due 2/19/2000 (b)(f)(7)........ 900,000 1,080,000 1,000,000 Homestake Mining Co. 5 1/2% due 6/23/2000 (b)(1)............... 939,190 1,048,750 6,000,000 CalEnergy Company, Inc. 5% due 7/31/2000 (b)(15).............. 5,735,370 8,490,000 3,250,000 Chiron Corp. 1.9% due 11/17/2000 (b)(12)........................ 2,594,726 2,843,750 500,000 Fabri-Centers of America, Inc. 6 1/4% due 3/01/2002 (10)............. 406,068 438,750 945,000 Roy F. Weston, Inc. 7% due 4/15/2002 (8).................. 855,457 846,956 3,250,000 Pegasus Gold Inc. 6 1/4% due 4/30/2002 (1).................. 3,576,000 3,152,500 1,200,000 CML Group Inc. 5 1/2% due 1/15/2003 (b)(10).............. 928,907 843,000 1,050,000 CML Group Inc. 5 1/2% due 1/15/2003 (10)................. 822,128 737,625 2,750,000 IRSA Inversiones y Representaciones S.A. 4 1/2% due 8/02/2003 (b)(21).......... 2,732,069 2,681,250 1,000,000 Agnico Eagle Mines Limited 3 1/2% due 1/27/2004 (1)......... 776,538 957,500 5,000,000 Scandinavian Broadcasting System SA 7 1/2% due 8/01/2005 (11)............. 5,158,238 5,031,250 1,200,000 Builders Transport Inc. 8% due 8/15/2005 (7).................. 731,345 1,008,000 7,750,000 The Price Company 5 1/2% due 2/28/2012 (10)................. 7,007,810 7,885,625 2,680,000 Evans & Sutherland Computer Corp. 6% due 3/01/2012 (6).............. 1,853,337 2,338,300 4,912,811 Security Capital Group, Inc. 12% due 6/30/2014 (b)(f)(21)....... 2,940,000 3,748,475
16 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) U.S. DOLLAR CONVERTIBLE BONDS (continued) $ 5,366,000 Air & Water Technologies Corp. 8% due 5/15/2015 (8).............. $ 4,636,094 $ 4,735,495 6,270,000 Tubos de Acero de Mexico S.A. 7 1/2% due 6/12/1997 (2)......... 6,205,031 6,520,800 5,320,000 Gold Mines of Kalgoorlie Ltd. 7 1/2% due 2/28/2000 (1)......... 4,551,738 6,084,750 5,595,000 P.T. Pabrik Kertas Tjiwi Kimia 7 1/4% due 4/12/2001 (4)......... 5,220,962 5,402,672 1,020,000 Acer Inc. 4% due 6/10/2001 (6).. 1,266,258 2,789,700 2,500,000 International Container Terminal Services Inc. 5% due 9/15/2001 (7).............. 2,110,227 2,200,000 8,960,000 Cetus Corp. 5 1/4% due 5/21/2002 (12)........................... 8,625,239 8,691,200 3,665,000 Coeur d'Alene Mines Corp. 6% due 6/10/2002 (1).................. 3,223,027 3,179,388 7,000,000 Coeur d'Alene Mines Corp. 6 3/8% due 1/31/2004 (1).............. 6,947,242 6,238,750 1,500,000 Yangming Marine Transport Corporation 2% due 9/22/2001 (7).............. 1,737,000 1,786,875 1,600,000 P.T. Inti Indorayon Utama 5 1/2% due 10/01/2002 (4)............. 2,041,525 1,864,000 5,735,000 P.T. Inti Indorayon Utama 7% due 5/02/2006 (4).................. 4,697,650 4,444,625 4,550,000 Sincere Navigation Corporation 3 3/4% due 5/26/2003 (7)......... 4,772,000 4,993,625 3,920,000 Battle Mountain Gold Company 6% due 1/04/2005 (1).............. 2,908,762 3,361,400 4,510,000 Ssangyong Cement Company 3% due 12/31/2005 (5)................. 4,965,287 5,558,575 5,460,000 Far Eastern Textile 4% due 10/07/2006 (9)................. 6,241,825 6,497,400 10,000,000 Cheil Jedang Corp. 3% due 12/31/2006 (17)................ 12,158,928 12,050,000 ------------- ------------- 125,577,550 134,873,486 ------------- ------------- U.S. DOLLAR BONDS AND NOTES (9.64%) 3,300,000 Tubos de Acero de Mexico S.A. 10 1/2% due 3/10/1999 (f)(2)........... 3,250,903 3,262,875 6,500,000 Global Marine Inc. 12 3/4% due 12/15/1999 (2)................. 7,013,750 7,052,500 2,938,000 Anacomp, Inc. 13% due 6/04/2002 (a)(6)......................... 2,926,117 2,988,501 1,000,000 Republic New York Corp. 9 3/4% due 12/01/2000 (13)............ 1,000,000 1,107,022 5,550,000 USAir Group, Inc. 9 5/8% due 2/02/2001 (7).................. 4,388,223 5,300,250 6,600,000 USAir Group, Inc. 10% due 7/01/2003 (7).................. 4,924,645 6,303,000 1,000,000 Bayou Steel Corp. 10 1/4% due 3/01/2001 (1).................. 927,179 980,000 5,250,000 Rowan Companies, Inc. 11 7/8% due 12/01/2001 (2)............. 5,597,000 5,624,062 7,477,000 Republic Engineered Steels, Inc. 9 7/8% due 12/15/2001 (1)............. 7,077,469 7,196,613 1,643,000 General Host Co. 11 1/2% due 2/15/2002 (10)................. 1,454,115 1,601,925 4,000,000 Florsheim Shoe Co. 12 3/4% due 9/01/2002 (10)................. 3,611,612 4,050,000 5,325,000 Golden Books Family Entertainment, Inc. 7.65% due 9/15/2002 (11)............. 4,300,031 4,552,875 1,000,000 Banco Safra SA 10 3/8% due 10/28/2002 (b)(13)............. 985,899 1,001,250 6,310,000 The Pacific Lumber Company 10 1/2% due 3/01/2003 (4)......... 6,008,927 6,246,900 1,605,000 Cobb Theatres 10 5/8% due 3/01/2003 (b)(11).............. 1,626,937 1,661,175 4,892,000 Pamida Holdings Corp. 11 3/4% due 3/15/2003 (10)............. 4,331,102 4,329,420 9,640,000 Tuboscope Vetco International Corp. 10 3/4% due 4/15/2003 (2).............. 9,678,469 10,266,600 4,100,000 Outlet Broadcasting, Inc. 10 7/8% due 7/15/2003 (11)........ 4,153,913 4,547,745 6,130,000 Noble Drilling Corporation 9 1/4% due 10/01/2003 (2)........ 6,052,143 6,336,888
17 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) U.S. DOLLAR BONDS AND NOTES (continued) $ 5,500,000 The Southland Corporation 5% due 12/15/2003 (10)................. $ 3,951,499 $ 4,413,750 4,589,000 The Southland Corporation 4% due 6/15/2004 (10).................. 2,848,892 3,189,355 2,000,000 CalEnergy Company, Inc. 10 1/4% due 1/15/2004 (0% @ 9/30/1996) (a)(15)........ 1,566,877 2,045,000 10,000,000 MFS Communications Company, Inc. 9 3/8% due 1/15/2004 (0% @ 9/30/1996) (a)(6)............... 6,587,089 8,450,000 500,000 Gerrity Oil & Gas Corp. 11 3/4% due 7/15/2004 (2)............... 417,977 535,625 10,000,000 Riverwood International Corporation 10 1/4% due 4/01/2006 (4)............... 9,972,372 10,100,000 16,500,000 Riverwood International Corporation 10 7/8% due 4/01/2008 (4)............... 16,417,259 16,335,000 500,000 Ann Taylor Inc. 8 3/4% due 6/15/2020 (10).................. 416,039 478,750 1,000,000 Banco Safra SA 7 3/4% due 12/16/1996 (13)................. 994,576 1,000,000 2,000,000 Telebras SA 10% due 10/22/1997 (15)............................ 1,985,702 2,045,000 3,800,000 Cemex SA 10% due 11/05/1999 (5).. 3,660,984 3,852,250 500,000 Cemex SA 9 1/2% due 9/20/2001 (5)............................. 259,739 495,000 640,000 Aracruz Celulose SA 10 3/8% due 1/31/2002 (4)................... 608,543 612,800 4,500,000 IRSA Inversiones y Representaciones S.A. 8 7/8% due 3/03/1999 (21).............. 4,243,146 4,410,000 1,500,000 Tubos de Acero de Mexico S.A. 13 3/4% due 12/08/1999 (2).............. 1,359,116 1,670,625 1,500,000 P.T. Inti Indorayon Utama 9 1/8% due 10/15/2000 (4).............. 1,344,385 1,477,500 1,737,600 GTE Finance Corp. 7% due 11/07/2000 (13)................. 1,685,690 1,802,760 4,800,000 PT Pabrik Kertas Tjiwi Kimia 13 1/4% due 8/01/2001 (4)............... 4,932,750 5,394,000 2,000,000 Grupo Industrial Durango S.A. de CV FRN due 11/18/1996 (9.07% @ 9/30/1996) (4).................. 2,005,000 2,000,000 1,750,000 Manufacturers Hanover Trust Co. FRN due 7/15/1997 (5.75% @ 9/30/1996) (13)................. 1,775,375 1,751,488 1,000,000 Lonrho Finance plc FRN due 7/19/1997 (6.910% @ 9/30/1996) (17)....... 999,333 1,003,250 5,500,000 Wells Fargo & Co. FRN due 4/28/2000 (5.5625% @ 9/30/1996) (13)...... 5,347,543 5,481,300 2,000,000 Den Danske Bank FRN due 6/30/2000 (5.875% @ 9/30/1996) (13)....... 1,982,654 1,987,500 1,500,000 Vital Forsikring FRN due 12/22/2003 (6.878% @ 9/30/1996) (13)....... 1,494,837 1,530,000 2,730,000 Federal Republic of Brazil IDU FRN due 1/01/2001 (6.6875% @ 9/30/1996) (14)...... 2,246,287 2,632,744 8,000,000 Federal Republic of Brazil EI FRN due 4/15/2006 (6 1/2% @ 9/30/1996) (14)....... 5,251,386 7,000,000 4,975,000 Federal Republic of Brazil DCB FRN due 4/15/2012 (6.5625% @ 9/30/1996) (14)...... 3,404,312 3,756,125 33,014,180 Federal Republic of Brazil "C' 8% due 4/15/2014 (14).............. 16,535,277 23,274,997
18 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) U.S. DOLLAR BONDS AND NOTES (continued) $ 5,250,000 Federal Republic of Brazil Par ZL FRN due 4/15/2024 (5% @ 9/30/1996) (14)............................ $ 2,287,301 $ 3,130,313 10,500,000 Federal Republic of Brazil Disc. ZL FRN due 4/15/2024 (6 1/2% @ 9/30/1996) (14)................. 6,305,186 8,045,625 32,291,000 Republic of Argentina FRB due 3/31/2005 (6.625% @ 9/30/1996) (14)....... 24,098,623 27,084,076 9,000,000 Republic of Argentina Par 5% due 3/31/2023 (14).................. 4,197,324 5,265,000 6,000,000 Republic of Argentina Disc. FRN due 3/31/2023 (6.4375% @ 9/30/1996) (14)...... 3,666,257 4,440,000 2,000,000 Republic of Venezuela FLIRB "A' due 3/31/2007 (6.6250% @ 9/30/1996) (14)...... 1,196,816 1,687,500 4,500,000 Republic of Venezuela FLIRB "B' due 3/31/2007 (6.4375% @ 9/30/1996) (14)...... 2,436,193 3,796,875 9,000,000 Republic of Venezuela DCB FRN due 12/18/2007 (6.6250% @ 9/30/1996) (14)...... 6,000,312 7,470,000 2,000,000 Republic of Venezuela Disc. "A' FRN due 3/31/2020 (6.375% @ 9/30/1996) (14)....... 1,189,812 1,580,000 2,000,000 Republic of Venezuela Disc. "B' FRN due 3/31/2020 (6.4375% @ 9/30/1996) (14)...... 1,108,236 1,580,000 3,500,000 United Mexican States Aztec FRN due 3/31/2008 (7.398% @ 9/30/1996) (14)....... 3,189,033 3,489,062 1,000,000 United Mexican States Disc. FRN "A' due 12/31/2019 (6.39844% @ 9/30/1996) (14)..... 844,489 843,750 1,000,000 United Mexican States Disc. FRN "B' due 12/31/2019 (6.39062% @ 9/30/1996) (14)..... 849,510 843,750 500,000 United Mexican States Disc. FRN "C' due 12/31/2019 (6.35156% @ 9/30/1996) (14)..... 426,901 421,875 1,000,000 United Mexican States Disc. FRN "D' due 12/31/2019 (6.45313% @ 9/30/1996) (14)..... 846,637 843,750 1,750,000 Central Bank of the Philippines NMB FRN due 1/05/2005 (6.5625% @ 9/30/1996) (14)................. 1,597,572 1,710,625 1,000,000 Central Bank of the Philippines DCB FRN due 12/01/2009 (6.4375% @ 9/30/1996) (14)................. 872,097 966,875 2,500,000 Republic of Bulgaria IAB FRN due 7/28/2011 (6.6875% @ 9/30/1996) (14)...... 1,152,629 1,143,750 3,000,000 Republic of Bulgaria FLIRB due 7/28/2012 (2% @ 9/30/1996) (14)........... 964,739 982,500 8,750,000 Republic of Bulgaria Disc. "A' FRN due 7/28/2024 (6.6875% @ 9/30/1996) (14)...... 4,253,517 4,451,562 3,689,044 Republic of Ecuador PDI FRN due 2/27/2015 (6 1/2% @ 9/30/1996) (14)....... 1,544,900 1,890,635 10,000,000 Republic of Ecuador Par 3 1/4% due 2/28/2025 (14).............. 3,603,029 4,025,000 6,750,000 Republic of Ecuador Disc. FRN due 2/28/2025 (6 1/2% @ 9/30/1996) (14)....... 3,568,185 4,210,312 4,000,000 Republic of Poland PDI 3 1/4% due 10/27/2014 (14)................. 2,566,494 3,170,000
19 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) U.S. DOLLAR BONDS AND NOTES (continued) $ 6,250,000 Republic of Poland Disc. FRN due 10/27/2024 (6.4375% @ 9/30/1996) (14)............ $ 4,420,507 $ 5,953,125 5,500,000 Bergen Bank Floating Rate Perpetual Notes (5.875% @ 9/30/1996) (13).. 3,888,750 4,613,125 3,500,000 Den Norske CreditBank Floating Rate Perpetual Notes (5.90% @ 9/30/1996) (13)....................... 2,610,000 2,907,100 3,170,000 Den Norske CreditBank Floating Rate Perpetual Notes (5.8125% @ 9/30/1996) (13)....................... 2,059,625 2,691,647 13,600,000 Christiania Bank Floating Rate Perpetual Notes (5.875% @ 9/30/1996) (13).. 9,590,750 11,492,000 7,000,000 Goldman Sachs Group L.P. Cocoa Indexed Note 5.78125% due 4/29/1997 (e)(13)...... 7,000,000 7,039,900 1,100,000 Kingdom of Denmark FRN due 3/25/1997 (9.50631% @ 9/30/1996) (e)(f)(14)................. 1,010,745 1,018,600 2,028,988 Posgold Finance Ltd. 2.65% Gold Denominated Note due 7/15/2004 (b)(e)(f)(1)..... 2,028,988 1,978,808 ------------- ------------- 294,978,230 333,901,560 ------------- ------------- U.S. TREASURY NOTES (1.32%) 10,000,000 U.S. Treasury Note 6 7/8% due 10/31/1996 (14)........ 9,996,551 10,018,750 5,000,000 U.S. Treasury Note 7 1/2% due 12/31/1996 (14)........ 4,997,475 5,029,685 5,000,000 U.S. Treasury Note 7 3/8% due 11/15/1997 (14)........ 4,987,604 5,079,685 5,000,000 U.S. Treasury Note 5 1/8% due 11/30/1998 (14)........ 4,739,072 4,900,000 20,000,000 U.S. Treasury Note 7 3/4% due 11/30/1999 (14)........ 19,983,263 20,812,500 ------------- ------------- 44,703,965 45,840,620 ------------- ------------- NON U.S. DOLLAR CONVERTIBLE BONDS (2.10%) CAD 3,366,000 Intertan Inc. 9% due 8/30/2000 (f)(10).......... 2,576,858 2,705,450 CAD 1,600,000 Noranda Inc. 5% due 4/30/2007 (17)............. 985,802 1,080,486 (Pounds)1,000,000 Lonrho Finance plc 6% due 2/27/2004 (17)............. 1,439,839 1,561,836 (Pounds)2,500,000 Berisford plc 5% due 1/31/2015 (9).............. 2,194,860 2,387,769 FRF 64,000,000 Alcatel Alsthom 2 1/2% due 1/01/2004 (17)............. 12,379,661 13,199,582 FRF 26,790,000 Compagnie Generale des Eaux 6% due 1/01/1998 (15)......... 5,287,117 6,046,342 FRF 65,130,000 Immobiliere Hoteliere 5% due 1/01/2001 (21)............. 9,739,673 9,459,603 FRF 49,469,000 Euro Disney SCA 6 3/4% due 10/01/2001 (20)............ 6,658,731 10,325,829 FRF 7,425,000 Gaumont SA 3 3/4% due 1/01/2003 (11)............. 1,444,974 1,568,903 FRF 37,500,000 Michelin 6% due 1/02/1998 (24)....................... 6,961,441 8,392,257 ECU 4,075,000 BCP Bank & Trust Co. 8 3/4% due 5/21/2002 (13)......... 5,190,498 5,272,031 ECU 500,000 Espirito Santo Financial Holding SA 8 3/4% due 4/10/2003 (13)......... 654,418 674,219 (Yen) 150,000,000 Hitachi Ltd. 2.7% due 3/31/1997 (6).............. 1,312,401 1,778,097 (Yen) 350,000,000 Nippon Yusen Kabushiki 2% due 9/29/2000 (7).......... 4,000,999 3,595,707 NZD 6,300,908 Shortland Properties Limited 7 1/2% due 12/31/1998 (21)............ 3,968,490 4,767,386 ------------- ------------- 64,795,762 72,815,497 ------------- -------------
20 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- BONDS, NOTES AND CONVERTIBLE BONDS (continued) NON U.S. DOLLAR BONDS AND NOTES (3.32%) ITL2,700,000,000 Dresdner Bank Zero Coupon due 7/19/2000 (a)(13)....... $ 1,197,727 $ 1,311,760 ITL1,450,000,000 European Bank for Reconstruction & Development 9 3/4% due 7/28/2000 (13)... 923,672 1,015,046 ITL 750,000,000 Bayerische Hypotheken Weschel Bank 7.85% due 2/14/2001 (13).......... 441,295 493,018 ITL5,000,000,000 American International Group 11.7% due 12/04/2001 (13)... 3,376,842 3,775,084 ITL1,410,000,000 Republic of Ireland 11 1/4% due 4/02/2002 (14).......... 919,158 1,043,745 CAD 3,000,000 Canada 9 3/4% due 5/01/2000 (14)........................ 2,231,394 2,472,734 CAD 3,000,000 Province of Alberta 10 1/4% due 8/22/2001 (14).......... 2,224,786 2,561,456 CAD 4,000,000 Province of Quebec 10 1/4% due 10/15/2001 (14)......... 2,982,663 3,400,007 CAD 5,000,000 Province of Ontario 8 3/4% due 4/22/2003 (14).......... 3,912,073 4,047,051 CAD 2,500,000 Bell Canada 8 1/2% due 6/09/2003 (15).............. 1,692,755 1,962,372 ECU 1,500,000 Republic of South Africa 10 3/8% due 2/10/1997 (14)..... 1,768,560 1,911,328 ECU 3,000,000 Republic of France O.A.T. 6 3/4% due 4/25/2002 (14).............. 3,627,323 3,942,188 DEM 15,635,000 Air Canada Variable Rate Perpetual Notes (6 1/4% @ 9/30/1996) (7).... 6,226,295 6,161,930 FRF 65,685,000 United Mexican States Par 6.63% due 12/31/2019 (14)......... 8,243,797 8,776,996 FRF 37,500,000 Republic of Venezuela Par Bonds 7.71% due 3/31/2020 (14).......... 3,930,084 5,047,155 ESP 650,000,000 Banco Nacional de Comercio Exterior 12.65% due 6/21/1998 (13).......... 5,052,673 5,337,822 CHF 5,500,000 Carter Holt Harvey Finance NV 5 7/8% due 10/16/2001 (4).......... 3,412,716 4,758,772 CHF 6,000,000 Air Canada 6 1/4% Perpetual Notes (7)................... 1,756,755 3,186,603 CHF 4,100,000 Scandinavian Airlines System Variable Rate Perpetual Notes (3 5/8% @ 9/30/1996) (7)......................... 1,920,638 2,157,895 NZD 1,900,000 State Bank of South Australia 9% due 10/29/1997 (13)......... 1,027,106 1,329,025 NZD 4,000,000 Telecom Corp. of New Zealand 10% due 7/10/1998 (15).......... 2,233,897 2,876,591 NZD 12,000,000 Trans Power Finance Limited 8% due 3/15/2002 (15).......... 7,879,441 8,241,799 NZD 34,500,000 New Zealand Government 10% due 3/15/2002 (14).......... 25,571,408 26,105,690 NZD 6,581,000 Telecom Corp. of New Zealand 9 1/4% due 7/01/2002 (15).......... 3,992,747 4,798,842 NZD 2,850,000 State Bank of New South Wales 8% due 4/01/2003 (13).......... 1,640,738 1,962,408 NZD 2,000,000 Telecom Corp. of New Zealand 7 1/2% due 7/14/2003 (15).......... 1,154,322 1,343,924 ZAR 10,500,000 Escom 15% due 10/01/1998 (15)........................ 2,437,082 2,325,675 ZAR 15,000,000 Republic of South Africa 13% due 8/31/2010 (14).......... 2,899,295 2,855,541 -------------- -------------- 104,677,242 115,202,457 -------------- -------------- TOTAL BONDS, NOTES AND CONVERTIBLE BONDS........... 634,732,749 702,633,620 -------------- --------------
21 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- SHORT-TERM INVESTMENTS (19.51%) $ 11,787,000 Praxair, Inc. 5.45% due 10/01/1996...................... $ 11,787,000 $ 11,787,000 3,634,000 Samsung Electronics America, Inc. 5.50% due 10/01/1996.................. 3,634,000 3,634,000 10,193,000 Burlington Northern Santa Fe Corporation 5.43% due 10/02/1996.................. 10,191,463 10,191,463 17,725,000 CSX Corporation 5.45% due 10/02/1996...................... 17,722,317 17,722,317 10,000,000 Praxair, Inc. 5.46% due 10/03/1996...................... 9,996,967 9,996,967 5,100,000 Union Oil Company of California 5.50% due 10/03/1996.................. 5,098,442 5,098,442 9,626,000 Praxair, Inc. 5.46% due 10/04/1996...................... 9,621,620 9,621,620 10,500,000 Warner Lambert Company 5.27% due 10/04/1996...................... 10,495,389 10,495,389 19,000,000 Union Oil Company of California 5.48% due 10/07/1996.................. 18,982,647 18,982,647 20,000,000 Praxair, Inc. 5.45% due 10/08/1996...................... 19,978,806 19,978,806 10,000,000 Fiat Finance U.S.A., Inc. 5.52% due 10/09/1996.................. 9,987,733 9,987,733 3,418,000 Lockheed Martin Corporation 5.40% due 10/09/1996.................. 3,413,898 3,413,898 12,632,000 Louisiana Land & Exploration Company 5.42% due 10/09/1996.................. 12,616,785 12,616,785 14,289,000 Lockheed Martin Corporation 5.46% due 10/10/1996.................. 14,269,496 14,269,496 8,600,000 Union Pacific Corporation 5.50% due 10/10/1996.................. 8,588,175 8,588,175 15,000,000 Burlington Northern Santa Fe Corporation 5.38% due 10/11/1996.................. 14,977,583 14,977,583 5,000,000 Samsung Electronics America, Inc. 5.50% due 10/11/1996.................. 4,992,361 4,992,361 9,083,000 Samsung Electronics America, Inc. 5.58% due 10/15/1996.................. 9,063,290 9,063,290 17,534,000 Union Oil Company of California 5.45% due 10/15/1996.................. 17,496,838 17,496,838 12,000,000 Burlington Northern Santa Fe Corporation 5.43% due 10/16/1996.................. 11,972,850 11,972,850 8,000,000 Samsung Electronics America, Inc. 5.50% due 10/16/1996.................. 7,981,667 7,981,667 16,845,000 Louisiana Land & Exploration Company 5.47% due 10/17/1996.................. 16,804,048 16,804,048 9,545,000 Lockheed Martin Corporation 5.50% due 10/18/1996.................. 9,520,210 9,520,210 9,169,000 USX Corporation 5.54% due 10/18/1996...................... 9,145,013 9,145,013 10,000,000 Viacom Inc. 5.65% due 10/18/1996. 9,973,319 9,973,319 13,746,000 Lockheed Martin Corporation 5.50% due 10/21/1996.................. 13,703,998 13,703,998 6,841,000 Reynolds Metals Company 5.55% due 10/21/1996...................... 6,819,907 6,819,907 12,827,000 Toshiba Capital (Asia) Limited 5.32% due 10/22/1996............ 12,787,194 12,787,194 18,190,000 USX Corporation 5.55% due 10/22/1996...................... 18,131,110 18,131,110 11,837,000 USX Corporation 5.60% due 10/23/1996...................... 11,796,491 11,796,491 11,000,000 USX Corporation 5.65% due 10/23/1996...................... 10,962,019 10,962,019 20,063,000 CSX Corporation 5.48% due 10/24/1996...................... 19,992,757 19,992,757 7,770,000 Eksportfinans A/S 5.36% due 10/25/1996...................... 7,742,235 7,742,235 1,200,000 Lockheed Martin Corporation 5.55% due 10/25/1996.................. 1,195,560 1,195,560 2,917,000 Samsung Electronics America, Inc. 5.55% due 10/25/1996.................. 2,906,207 2,906,207
22 SoGen International Fund, Inc. SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED)
PRINCIPAL COST VALUE AMOUNT (NOTE 1) (NOTE 1) --------- -------- -------- SHORT-TERM INVESTMENTS (continued) $ 9,396,000 American Home Products Corp. 5.35% due 10/28/1996.............. $ 9,358,299 $ 9,358,299 7,896,000 Dayton-Hudson Corp. 5.45% due 10/28/1996.................. 7,863,725 7,863,725 11,000,000 Louisiana Land & Exploration Company 5.50% due 10/28/1996.............. 10,954,625 10,954,625 10,844,000 Burlington Northern Santa Fe Corporation 5.50% due 10/29/1996.............. 10,797,612 10,797,612 10,259,000 USX Corporation 5.65% due 10/29/1996.................. 10,213,917 10,213,917 22,104,000 USX Corporation 5.60% due 10/30/1996.................. 22,004,286 22,004,286 5,784,000 Eksportfinans A/S 5.36% due 10/31/1996.................. 5,758,165 5,758,165 10,000,000 Michelin North America, Inc. 5.36% due 10/31/1996........ 9,955,333 9,955,333 18,063,000 CSX Corporation 5.50% due 11/01/1996.................. 17,977,452 17,977,452 10,700,000 Louisiana Land & Exploration Company 5.52% due 11/04/1996.............. 10,644,217 10,644,217 15,000,000 Unilever Capital Corp. 5.29% due 11/05/1996.............. 14,922,854 14,922,854 12,711,000 ITT Corporation 5.60% due 11/06/1996.................. 12,639,818 12,639,818 16,921,000 USX Corporation 5.63% due 11/07/1996.................. 16,823,089 16,823,089 25,000,000 Fiat Finance U.S.A., Inc. 5.50% due 11/08/1996........ 24,854,861 24,854,861 7,200,000 Hitachi Credit America Corp. 5.42% due 11/12/1996........ 7,154,472 7,154,472 15,374,000 Samsung Electronics America, Inc. 5.55% due 11/12/1996.............. 15,274,453 15,274,453 9,147,000 Praxair, Inc. 5.53% due 11/13/1996.................. 9,086,582 9,086,582 4,871,000 Praxair, Inc. 5.56% due 11/13/1996.................. 4,838,651 4,838,651 10,000,000 Samsung Electronics America, Inc. 5.52% due 11/14/1996.............. 9,932,533 9,932,533 19,530,000 CSX Corporation 5.45% due 11/15/1996.................. 19,396,952 19,396,952 3,143,000 The Walt Disney Company 5.28% due 11/18/1996.............. 3,120,873 3,120,873 10,684,000 ITT Corporation 5.53% due 11/18/1996.................. 10,605,223 10,605,223 12,300,000 Toshiba Capital (Asia) Limited 5.40% due 11/19/1996.................. 12,209,595 12,209,595 15,324,000 Samsung Electronics America, Inc. 5.53% due 11/20/1996.............. 15,206,303 15,206,303 -------------- -------------- TOTAL SHORT-TERM INVESTMENTS. 675,943,285 675,943,285 -------------- -------------- TOTAL INVESTMENTS (99.03%)... $3,030,414,416* 3,431,889,370** ============== Other assets in excess of liabilities (0.97%)......... 33,510,030 -------------- Net assets (100.00%)......... $3,465,399,400 ==============
23 SoGen International Fund, Inc. NOTES TO SCHEDULE OF INVESTMENTS SEPTEMBER 30, 1996 (UNAUDITED) * Aggregate cost for federal income tax purposes is $3,029,719,672. ** Gross unrealized appreciation and depreciation of securities at September 30, 1996, based on cost for federal income tax purposes, were $505,276,356 and $103,106,658, respectively. (Net appreciation was $402,169,698.)
FOREIGN CURRENCIES INDUSTRY CLASSIFICATIONS - ------------------ ------------------------ CAD--Canadian Dollar (1) Metals and Minerals (13) Financial Institutions (Pounds)--Pound Sterling (2) Energy (14) Government Issues FRF--French Franc (3) Agriculture (15) Utilities ECU--European Currency Unit (4) Forest Products (16) Multinational (Yen)--Japanese Yen (5) Building Materials (17) Conglomerate NZD--New Zealand Dollar (6) Technology (18) Holding Companies ITL--Italian Lira (7) Transportation (19) Electronics DEM--Deutsche Mark (8) Capital Goods (20) Services ESP--Spanish Peseta (9) Consumer Products (21) Real Estate CHF--Swiss Franc (10) Distribution (22) Chemicals ZAR--South African Rand (11) Media (23) Investment Companies (12) Health Care (24) Automotive BOND TYPES - ---------- FRN--Floating Rate Note FRB--Floating Rate Bond IDU--Interest Due Unpaid EI--Eligible Interest "C'--Capitalization FLIRB--Front Loaded Interest Reduction Bond DCB--Debt Conversion Bond NMB--New Money Bond IAB--Interest Arrears Bond PDI--Past Due Interest
24 SoGen International Fund, Inc. NOTES TO SCHEDULE OF INVESTMENTS (continued) SEPTEMBER 30, 1996 (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, 1996.
Purchases Sales Realized Dividend Affiliate Shares Cost Shares Cost Gain Income - -------------------------------------------------------------------------------- North European Oil Roy- alty Trust -- -- -- -- -- $212,400 A.P. Green Industries -- -- -- -- -- 45,225 BEI Electronics Inc. -- -- 12,300 $130,375 $43,025 24,246 LeaRonal, Inc. 55,000 $1,206,600 -- -- -- 181,800 Baldwin Piano and Organ Company -- -- -- -- -- -- Plasti-Line, Inc. -- -- -- -- -- -- East Texas Financial Services -- -- -- -- -- 8,500 Logansport Financial Corp. -- -- -- -- -- 18,000 FirstFed Bancorp Inc. -- -- -- -- -- 22,863 Wood Bancorp, Inc. -- -- -- -- -- 12,218 Redwood Financial, Inc. -- -- -- -- -- -- J.C. Nichols Company -- -- -- -- -- -- Zero Corporation 220,000 3,954,646 -- -- -- 66,006 Classic Bancshares, Inc. -- -- -- -- -- -- First Federal Financial Bancorp, Inc. 49,000 534,000 -- -- -- 3,430 San Juan Basin Royalty Trust 710,000 4,295,138 -- -- -- 283,131 Texarkana First Finan- cial Corp. -- -- -- -- -- 335,400 Terra Mining AB -- -- -- -- -- 34,403 VAE AG 10,000 894,595 -- -- -- 174,359 Emin Leydier 2,800 155,326 -- -- -- 245,856 Groupe NSC 2,000 286,201 -- -- -- 230,664 Sabeton SA -- -- -- -- -- -- La Brosse et DuPont -- -- -- -- -- -- C.E.E. (Continentale d'Equipements Electriques) -- -- -- -- -- -- Tasman Agriculture Lim- ited 1,329,400 1,092,864 -- -- -- 60,939 Shortland Properties, Limited -- -- -- -- -- 348,510 Apple Fields Limited 313,000 179,049 -- -- -- -- Damba Holdings Limited -- -- -- -- -- 20,346 German City Estates NV 70,000 951,829 -- -- -- 72,337
(e) Commodity-linked security whereby the coupon, dividend and/or redemption amount is linked to the price of an underlying commodity. (f) Security for which there are less than three market makers. - ----------- See Notes to Financial Statements. 25 SoGen International Fund, Inc. STATEMENT OF ASSETS AND LIABILITIES SEPTEMBER 30, 1996 (UNAUDITED) ASSETS: Investments, at value (Note 1): Common and preferred stock (identified cost, $1,719,738,382). $2,053,312,465 Bonds, notes and convertible bonds (identified cost, $634,732,749).............................................. 702,633,620 Short-term investments (amortized cost, $675,943,285)........ 675,943,285 -------------- Total investments (cost, $3,030,414,416)................ 3,431,889,370 Cash.......................................................... 1,612,310 Receivable for forward currency contracts held, at value (Notes 1 and 6)............................................. 578,132,171 Receivable for investment securities sold..................... 4,648,452 Receivable for Fund shares sold............................... 9,919,433 Accrued interest and dividends receivable..................... 24,345,482 Prepaid expenses and other assets............................. 40,113 -------------- TOTAL ASSETS............................................ 4,050,587,331 -------------- LIABILITIES: Payable for forward currency contracts held, at value (Notes 1 and 6)...................................................... 562,953,249 Payable for investment securities purchased................... 10,958,295 Payable for Fund shares redeemed.............................. 2,207,691 Investment advisory fees payable (Note 2)..................... 6,298,711 Distribution fees payable (Note 3)............................ 2,054,806 Directors' fees payable (Note 2).............................. 17,271 Accrued expenses and other liabilities........................ 697,908 -------------- TOTAL LIABILITIES....................................... 585,187,931 -------------- NET ASSETS: Capital stock (par value, $0.001 per share)................... 128,383 Capital surplus............................................... 2,862,715,407 Net unrealized appreciation (depreciation) on: Investments.................................................. 401,474,954 Forward currency contracts................................... 15,178,922 Foreign currency related transactions........................ (34,781) Undistributed net realized gains on investments............... 79,726,746 Undistributed net investment income........................... 106,209,769 -------------- NET ASSETS (Note 1)..................................... $3,465,399,400 ============== NET ASSET VALUE PER SHARE (based on 128,383,442 shares outstanding; 250,000,000 shares authorized) (Note 5)....................... $ 26.99 ============== MAXIMUM OFFERING PRICE PER SHARE ($26.99/96.25%)............... $ 28.04 ==============
- ----------- See Notes to Financial Statements. 26 SoGen International Fund, Inc. STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED) INVESTMENT INCOME: Income: Interest (net of $37,495 foreign taxes withheld)............... $ 45,214,872 Dividends (net of $1,256,249 foreign taxes withheld)........... 31,155,778 Miscellaneous income........................................... 101,251 ------------ Total income from operations................................... 76,471,901 ------------ Expenses: Investment advisory fees (Note 2).............................. 12,314,927 Distribution fees (Note 3)..................................... 3,981,540 Shareholder servicing agent fees............................... 1,848,385 Custodian fees................................................. 1,176,155 Registration and filing fees................................... 100,395 Printing....................................................... 100,396 Audit fees..................................................... 65,256 Insurance...................................................... 40,432 Directors' fees (Note 2)....................................... 18,071 Legal fees..................................................... 17,569 Miscellaneous.................................................. 40,159 ------------ Total expenses from operations................................. 19,703,285 ------------ Expense reduction due to earnings credits (Note 1)............. (113,078) ------------ Net expenses from operations................................... 19,590,207 ------------ Net investment income (Note 1).................................. 56,881,694 ------------ REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND FOREIGN CURRENCY RELATED TRANSACTIONS (NOTES 1 AND 6): Net realized gains from: Investment transactions........................................ 47,035,214 Foreign currency related transactions.......................... 15,105,103 ------------ 62,140,317 ------------ Change in unrealized appreciation (depreciation) of: Investments.................................................... (17,114,410) Foreign currency related transactions.......................... 8,217,187 ------------ (8,897,223) ------------ Net gain on investments and foreign currency related transactions.................................................. 53,243,094 ------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............. $110,124,788 ============
- ----------- See Notes to Financial Statements. 27 SoGen International Fund, Inc. STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR SEPTEMBER 30, ENDED 1996 MARCH 31, (UNAUDITED) 1996 -------------- -------------- OPERATIONS: Net investment income........................ $ 56,881,694 $ 90,634,838 Net realized gains from investments and foreign currency related transactions...... 62,140,317 92,348,706 Increase (decrease) in unrealized appreciation (depreciation) of investments and foreign currency related transactions.. (8,897,223) 247,104,551 -------------- -------------- Net increase in net assets resulting from operations................................ 110,124,788 430,088,095 -------------- -------------- DISTRIBUTIONS TO SHAREHOLDERS: Dividends paid from net investment income.... -- (80,841,083) Distributions paid from net realized gains from investment transactions............... -- (72,421,592) -------------- -------------- Decrease in net assets resulting from distributions............................. -- (153,262,675) -------------- -------------- FUND SHARE TRANSACTIONS (NOTE 5): Net proceeds from shares sold................ 519,875,614 1,003,626,840 Net asset value of shares issued for reinvested dividends and distributions..... -- 145,347,808 Cost of shares redeemed...................... (198,069,152) (313,992,982) -------------- -------------- Increase in net assets from Fund share transactions.............................. 321,806,462 834,981,666 -------------- -------------- Net increase in net assets................. 431,931,250 1,111,807,086 NET ASSETS (NOTE 1): Beginning of period.......................... 3,033,468,150 1,921,661,064 -------------- -------------- End of period (including undistributed net investment income of $106,209,769 and $34,222,972, respectively)................. $3,465,399,400 $3,033,468,150 ============== ==============
- ----------- See Notes to Financial Statements. 28 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 market value, and the related realized and unrealized foreign exchange gains and 29 SoGen International Fund, Inc. NOTES TO FINANCIAL STATEMENTS (continued) NOTE 1--SIGNIFICANT ACCOUNTING POLICIES (continued) 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 $15,105,103. 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. 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 30 SoGen International Fund, Inc. NOTES TO FINANCIAL STATEMENTS (continued) NOTE 2--INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH AFFILIATED PERSONS (continued) Fund with advisory services and pays certain Fund expenses, including salaries and office costs. For the six months ended September 30, 1996, the Fund's in- vestment advisory fees paid or payable to SOGEN A.M. Corp. were $12,314,927. For the six months ended September 30, 1996, Societe Generale Securities Corporation ("SGSC"), the principal underwriter, realized $1,474,835 in deal- er's and underwriter's commissions after reallowance to others. Societe Generale, a stockholder of SOGEN A.M. Corp. and SGSC, received dealer's com- missions of $77,927. For the same period, Societe Generale or its affiliates received $50,769 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 $18,071 for the six months ended September 30, 1996. 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, 1996, the Fund's dis- tribution fees paid or payable to SGSC were $3,981,540. NOTE 4--PURCHASES AND SALES OF SECURITIES During the six months ended September 30, 1996, the aggregate cost of pur- chases and proceeds from sales of investments, excluding short-term securi- ties, totaled $331,542,612 and $177,034,212, respectively. 31 SoGen International Fund, Inc. NOTES TO FINANCIAL STATEMENTS (continued) NOTE 5--CAPITAL STOCK Transactions in shares of capital stock were as follows:
SIX MONTHS ENDED YEAR ENDED SEPTEMBER 30, 1996 MARCH 31, 1996 ------------------ -------------- Shares sold.................................. 19,560,683 39,975,158 Shares issued for reinvested dividends and distributions.............................. -- 5,973,765 Shares redeemed.............................. (7,454,576) (12,491,879) ---------- ----------- Net increase................................ 12,106,107 33,457,044 ========== ===========
NOTE 6--COMMITMENTS As of September 30, 1996, the Fund had entered into forward currency contracts, as summarized below, resulting in net unrealized appreciation of $15,178,922.
SETTLEMENT U.S. $ VALUE AT U.S. $ VALUE AT DATES CURRENCY TO SEPTEMBER 30, CURRENCY TO SEPTEMBER 30, THROUGH BE DELIVERED 1996 BE RECEIVED 1996 ---------- ------------ --------------- ----------- --------------- 10/07/96 2,875,799 Austrian Schilling $ 268,065 270,079 U.S. Dollar $ 270,079 10/05/96 2,570,551 Australian Dollar 2,033,948 2,033,434 U.S. Dollar 2,033,434 10/04/96 945,819 U.S. Dollar 945,819 1,186,886 Swiss Franc 946,480 12/27/96 81,824,000 Swiss Franc 65,863,676 68,247,795 U.S. Dollar 68,247,795 10/04/96 2,075,244 U.S. Dollar 2,075,244 3,142,097 Deutsche Mark 2,061,228 1/03/97 157,594,500 Deutsche Mark 103,886,920 106,384,270 U.S. Dollar 106,384,270 1/29/97 600,000,000 Spanish Peseta 4,651,884 4,753,228 U.S. Dollar 4,753,228 10/31/96 1,802,992 U.S. Dollar 1,802,992 9,281,629 French Franc 1,797,442 1/10/97 1,015,121,000 French Franc 197,573,461 200,857,713 U.S. Dollar 200,857,713 10/04/96 1,475,296 U.S. Dollar 1,475,296 945,001 British Pound 1,479,635 10/01/96 193,063 U.S. Dollar 193,063 293,803,775 Italian Lira 192,893 10/03/96 85,035 U.S. Dollar 85,035 9,466,141 Japanese Yen 85,009 1/17/97 17,397,850,000 Japanese Yen 157,564,862 165,027,151 U.S. Dollar 165,027,151 12/16/96 33,250,000 New Zealand Dollar 23,439,588 22,903,727 U.S. Dollar 22,903,727 10/03/96 963,956 U.S. Dollar 963,956 6,381,086 Swedish Krona 962,609 10/04/96 110,643 U.S. Dollar 110,643 155,708 Singapore Dollar 110,588 10/01/96 1,731,258,958 Turkish Lira 18,797 18,890 U.S. Dollar 18,890 ------------ ------------ $562,953,249 $578,132,171 ============ ============
32 SoGen International Fund, Inc. FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEAR ENDED MARCH 31, SEPTEMBER 30, --------------------------------------------------------------------------------- 1996+ 1996 1995 1994 1993 1992 1991(a) 1990 1989 1988 1987 ------------- ------ ------ ------ ------ ------ ------- ------ ------ ------ ------ SELECTED PER SHARE DATA Net asset value, beginning of period.... $26.09 $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91 $21.47 $19.09 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Income from investment operations: Net investment income... 0.53 1.06 0.10 0.53 0.64 0.69 0.78 0.64 0.71 0.58 0.40 Net realized and unrealized gains (losses) on investments............ 0.37 3.37 0.49 3.37 2.02 1.45 0.20 1.48 1.26 (0.97) 4.80 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Total from investment operations............. 0.90 4.43 0.59 3.90 2.66 2.14 0.98 2.12 1.97 (0.39) 5.20 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Less distributions: Dividends from net investment income...... -- (0.81) (0.15) (0.47) (0.64) (0.84) (0.71) (0.71) (0.80) (0.84) (0.60) Distributions from capital gains.......... -- (0.73) (0.56) (0.23) (0.34) (0.37) (0.47) (1.01) (0.77) (3.33) (2.22) ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Total distributions..... -- (1.54) (0.71) (0.70) (0.98) (1.21) (1.18) (1.72) (1.57) (4.17) (2.82) ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Net asset value, end of period................. $26.99 $26.09 $23.20 $23.32 $20.12 $18.44 $17.51 $17.71 $17.31 $16.91 $21.47 ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== ====== TOTAL RETURN++.......... 6.90%* 19.57% 2.63% 19.50% 14.87% 12.53% 6.03% 12.18% 11.94% (0.70%) 31.16% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (millions)...... $3,465 $3,033 $1,922 $1,781 $650 $355 $240 $176 $126 $97 $96 Ratio of operating expenses to average net assets................. 1.20%*# 1.25%# 1.26% 1.28% 1.31% 1.37% 1.30% 1.38% 1.39% 1.36% 1.47% Ratio of net investment income to average net assets............. 3.48%*# 3.71%# 2.70% 2.34% 3.69% 4.00% 4.84% 4.32% 4.23% 3.09% 2.71% Portfolio turnover rate. 6.65% 9.64% 12.96% 23.96% 17.94% 24.25% 24.14% 30.62% 33.05% 42.79% 41.23% Average commission rate paid +++............... $0.001 $0.013 -- -- -- -- -- -- -- -- --
- ----------- (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 # The ratio of operating expenses to average net assets for the six months ended September 30, 1996 and the year ended March 31, 1996 would have been 1.21% and 1.25%, respectively, without the effect of earnings credits. The ratio of net investment income to average net assets would have been 3.47% and 3.70% without the effect of earnings credits for the six months ended September 30, 1996 and the year ended March 31, 1995, respectively. ++ Does not give effect to deduction of the sales load. +++ Average commission rate paid is expressed on a per share basis. Not all commissions are computed on a per share basis; therefore, commissions expressed as a percentage of transactions may be higher. Due to the new Securities and Exchange Commission disclosure guidelines, average commissions per share are calculated only for periods subsequent to the year ended March 31, 1995. - ----------- See Notes to Financial Statements. 33 SoGen International Fund, Inc. MEETINGS OF THE SHAREHOLDERS OF THE FUND A meeting of the shareholders of the Fund was held on April 10, 1996 for the purpose of electing the Directors of the Fund; approving KPMG Peat Marwick LLP as independent certified public accountants; approving the elimination of the fundamental investment policy of the Fund prohibiting investments in other investment companies; and approving an amendment to the fundamental investment policy of the Fund prohibiting the making of loans (other than through the purchase of publicly distributed debt securities) to permit investments in privately placed debt securities and securities lending. Prior to approving the resolutions, a solicitation of proxies of the shareholders of the Fund was conducted and the results were as follows: ELECTION OF DIRECTORS
PHILIPPE JEAN-MARIE FRED J. DOMINIQUE NATHAN COLLAS EVEILLARD MEYER RAILLARD SNYDER ---------- ---------- ---------- ---------- ---------- For...................... 64,942,487 65,093,592 64,933,302 64,946,854 65,044,064 Withheld................. 1,016,045 864,940 1,025,230 1,011,678 914,468 ---------- ---------- ---------- ---------- ---------- Total................... 65,958,532 65,958,532 65,958,532 65,958,532 65,958,532 ========== ========== ========== ========== ==========
APPROVAL OF KPMG PEAT MARWICK LLP For..................................................... 64,281,681 97.5% Against................................................. 365,695 0.5 Abstain................................................. 1,311,156 2.0 ---------- ----- Total.................................................. 65,958,532 100.0% ========== =====
A quorum had not been obtained for the following two items at the time of the April 10th meeting. Consequently, the meeting, with respect to such items, was adjourned until May 10, 1996. The results of the May 10th meeting were as follows: ELIMINATION OF THE FUNDAMENTAL INVESTMENT POLICY PROHIBITING INVESTMENTS IN OTHER INVESTMENT COMPANIES For..................................................... 49,294,014 86.0% Against................................................. 4,771,496 8.3 Abstain................................................. 3,291,202 5.7 ---------- ----- Total.................................................. 57,356,712 100.0% ========== =====
34 SoGen International Fund, Inc. MEETINGS OF THE SHAREHOLDERS OF THE FUND (continued) AMENDMENT OF THE FUNDAMENTAL INVESTMENT POLICY PROHIBITING THE MAKING OF LOANS (OTHER THAN THROUGH THE PURCHASE OF PUBLICLY DISTRIBUTED DEBT SECURITIES) TO PERMIT INVESTMENTS IN PRIVATELY PLACED DEBT SECURITIES AND SECURITIES LENDING For..................................................... 47,709,607 83.2% Against................................................. 6,104,151 10.6 Abstain................................................. 3,542,954 6.2 ---------- ----- Total.................................................. 57,356,712 100.0% ========== =====
35 SoGen International Fund, Inc. 1221 AVENUE OF THE AMERICAS NEW YORK, NY 10020 DIRECTORS AND OFFICERS DIRECTORS Dominique Raillard Philippe Collas Nathan Snyder Jean-Marie Eveillard Fred J. Meyer OFFICERS Philippe Collas...........................................Chairman of the Board Jean-Marie Eveillard..................................................President Philip J. Bafundo.......................Vice President, Secretary and Treasurer Elizabeth Tobin..........................Vice President and Assistant Secretary Ignatius Chithelen...............................................Vice President Edwin S. Olsen...................................................Vice President Catherine A. Shaffer.............................................Vice President Charles de Vaulx.................................................Vice President Lynn L. Chin...................Assistant Vice President and Assistant Treasurer Richard M. Boyer.......................................Assistant Vice President John L. DeVita.........................................Assistant Vice President Howard C. Monaghan.....................................Assistant Vice President INVESTMENT ADVISER UNDERWRITER Societe Generale Asset Management Corp. Societe Generale Securities 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 477 Madison Avenue 345 Park Avenue New York, NY 10022 New York, NY 10154 DOMESTIC CUSTODIAN GLOBAL CUSTODIAN Investors Fiduciary Trust Company The Chase Manhattan Bank, N.A. 127 West 10th Street 4 Chase MetroTech Center Kansas City, MO 64105 Brooklyn, NY 11245 SHAREHOLDER SERVICING AGENT DST Systems, Inc. 1004 Baltimore Kansas City, MO 64105 (800) 334-2143 The financial information included herein is taken from the records of the 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. SoGen International Fund, Inc. [ART] 1221 Avenue of the Americas New York, NY 10020 SGF2 -----END PRIVACY-ENHANCED MESSAGE-----