<PAGE>
PORTFOLIO MANAGER'S LETTER
FIRST INVESTORS FUND FOR INCOME, INC.
Dear Investor:
1995 was a very good year for investors in the U.S. financial markets. The broad
stock market averages repeatedly closed at record highs, and bond prices surged
as long-term interest rates fell almost two percent. Several general factors
contributed to this strong performance. First, the U.S. economy grew at a
moderate pace throughout the year. Second, the rate of inflation declined,
reaching its lowest level since the 1960s. Third, the Federal Reserve began
lowering short-term interest rates during the second half of the year. Finally,
during the fourth quarter, Congress and the President appeared close to reaching
an agreement to eliminate the Federal budget deficit over the next seven years.
First Investors Fund For Income had strong performance in 1995, returning 18.5%
on a net asset value basis on Class A shares and 17.5% on Class B shares (first
offered for sale on January 12, 1995). These returns compare favorably to 16.4%
for the average high yield mutual fund as measured by Lipper Analytical
Services, Inc. In 1995 dividends paid from net investment income amounted to 36
cents per share on Class A shares and 32.1 cents per share on Class B shares.
Reflecting the strength in financial instruments, the high yield market enjoyed
strong returns, rebounding from the disappointing results of 1994. The market
also benefited from a favorable balance between supply and demand. Healthy
demand from mutual funds, which saw a sizeable influx of cash, and from other
investors seeking higher yielding instruments easily absorbed the increased
amount of new high yield issuance. Sector choices were an important influence on
overall returns. Generally, higher-rated, liquid issues outperformed
lower-quality securities as they more closely tracked the movement in
Treasuries, which generated exceptional returns in the longer end of the
maturity spectrum. In addition, industries which were perceived to have stable
to improving credit profiles also outperformed. The principal reason for this
was a heightened fear of defaults. With an increase in the default rate,
investors increasingly sought the securities of companies in industries which
could ride out an economic downturn unscathed, while avoiding those which might
become impaired.
In this environment the Fund benefitted from its position in higher-quality high
yield securities as well as its exposure to industries which were in favor. In
particular, the Fund's large holdings in the cable and telecommunications
sectors aided performance. Both are dynamic, growing industries with significant
assets, and both posted very strong returns. The Fund also held no securities
which defaulted or became severely distressed in 1995, thereby avoiding those
issues which lost significant value during the year.
As we enter 1996, we anticipate continued slow economic growth. Although we do
not expect a recession, we believe that default rates will continue to climb
somewhat. Because credit selection will remain very important, we believe that
our strategy of investing in stable to improving companies will continue to
benefit the Fund.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
[LOGO]
Nancy W. Jones
Portfolio Manager
January 31, 1996
1
<PAGE>
CUMULATIVE PERFORMANCE INFORMATION
FIRST INVESTORS FUND FOR INCOME, INC.
Comparison of change in value of $10,000 investment in the First Investors Fund
For Income, Inc. (Class A shares) and the First Boston High Yield Index.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
FUND FOR INCOME FIRST BOSTON
<S> <C> <C> <C>
Jan-86 9,375 10,000
Dec-86 10,456 11,563
Dec-87 10,328 12,319
Dec-88 11,752 14,001
Dec-89 10,826 14,054
Dec-90 8,964 13,157
Dec-91 12,804 18,914
Dec-92 14,943 22,065
Dec-93 17,642 26,237
Dec-94 17,745 25,983
Dec-95 21,034 30,498
Average Annual Total Return*
Class A shares N.A.V. Only S.E.C. Standardized
One Year 18.5% 11.2%
Five Years 18.6% 17.1%
Ten Years 8.4% 7.7%
S.E.C. 30-Day Yield 7.8%
Class B Shares
Since Inception 17.5% 12.7%
S.E.C. 30-Day Yield 7.6%
</TABLE>
THE GRAPH COMPARES A $10,000 INVESTMENT MADE IN THE FIRST INVESTORS FUND FOR
INCOME, INC. (CLASS A SHARES) ON 1/1/86 WITH A THEORETICAL INVESTMENT IN THE
FIRST BOSTON HIGH YIELD INDEX. IT IS NOT POSSIBLE TO INVEST DIRECTLY IN THIS
INDEX. IN ADDITION, THE INDEX DOES NOT TAKE INTO ACCOUNT FEES AND EXPENSES. FOR
PURPOSES OF THE GRAPH AND THE ACCOMPANYING TABLE, UNLESS OTHERWISE INDICATED, IT
HAS BEEN ASSUMED THAT THE MAXIMUM SALES CHARGE WAS DEDUCTED FROM THE INITIAL
$10,000 INVESTMENT IN THE FUND AND ALL DIVIDENDS AND DISTRIBUTIONS WERE
REINVESTED. CLASS B SHARES PERFORMANCE MAY BE GREATER THAN OR LESS THAN THAT
SHOWN ABOVE BASED ON DIFFERENCES IN SALES LOADS AND FEES PAID BY SHAREHOLDERS
INVESTING IN THE DIFFERENT CLASSES.
THE FIRST BOSTON HIGH YIELD INDEX IS DESIGNED TO MEASURE THE PERFORMANCE OF THE
HIGH YIELD BOND MARKET. THE INDEX CONSISTS OF 687 DIFFERENT ISSUES, 574 OF WHICH
ARE CASH PAY, 84 ARE ZERO-COUPON, 20 ARE STEP BONDS, 5 ARE PAYMENT-IN-KIND BONDS
AND THE REMAINING 4 ARE IN DEFAULT. THE BONDS INCLUDED IN THE INDEX HAVE AN
AVERAGE LIFE OF 7.8 YEARS, AN AVERAGE MATURITY OF 7.9 YEARS, AN AVERAGE DURATION
OF 4.4 YEARS AND AN AVERAGE COUPON OF 10.6%.
* AVERAGE ANNUAL TOTAL RETURN FIGURES (FOR THE PERIOD ENDED 12/31/95) INCLUDE
THE REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS. "N.A.V. ONLY" RETURNS ARE
CALCULATED WITHOUT SALES CHARGES. THE CLASS A "S.E.C. STANDARDIZED" RETURNS
SHOWN ARE BASED ON THE MAXIMUM SALES CHARGE OF 6.25% (PRIOR TO 7/1/93 AND
12/29/89, THE MAXIMUM SALES CHARGES WERE 6.9% AND 8.5%, RESPECTIVELY). THE
RETURNS FOR CLASS B SHARES (FIRST OFFERED FOR SALE ON 1/12/95) ARE FOR THE
PERIOD 1/12/95 THROUGH 12/31/95. THE CLASS B "S.E.C. STANDARDIZED" RETURN IS
ADJUSTED FOR THE APPLICABLE DEFERRED SALES CHARGE (MAXIMUM OF 4% IN THE FIRST
YEAR). RESULTS REPRESENT PAST PERFORMANCE AND DO NOT INDICATE FUTURE RESULTS.
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 THE ORIGINAL
COST. THE UNUSUALLY HIGH CURRENT YIELDS OFFERED REFLECT THE SUBSTANTIAL RISKS
ASSOCIATED WITH INVESTMENTS IN HIGH YIELD BONDS. THE ISSUERS OF THE BONDS PAY
HIGHER INTEREST RATES BECAUSE THEY HAVE A GREATER LIKELIHOOD OF FINANCIAL
DIFFICULTY WHICH COULD RESULT IN THEIR INABILITY TO REPAY THE BONDS FULLY WHEN
DUE. PRICES OF HIGH YIELD BONDS ARE ALSO SUBJECT TO GREATER FLUCTUATIONS. THE
FUND WAS CLOSED TO NEW INVESTMENTS FROM 11/9/90 TO 7/27/92. FIRST BOSTON HIGH
YIELD INDEX FIGURES FROM CS FIRST BOSTON AND ALL OTHER FIGURES FROM FIRST
INVESTORS MANAGEMENT COMPANY, INC.
2
<PAGE>
PORTFOLIO COMPOSITION
FIRST INVESTORS FUND FOR INCOME, INC.
The dollar weighted average of credit ratings of all bonds held by the Fund
during the 1995 fiscal year and the dollar weighted average of the total of the
Fund's investments in zero coupon bonds and pay-in-kind bonds during the 1995
fiscal year, computed on a monthly basis, is set forth below. This information
reflects the average composition of the Fund's assets during the 1995 fiscal
year and is not necessarily representative of the Fund as of the end of its 1995
fiscal year, the current fiscal year or at any other time in the future.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
<C> <C> <C> <S>
Comparable Quality of
Rated by Unrated Securities to
Moody's Bonds Rated by Moody's
<CAPTION>
- ---------------------------------------------------------------------------------------
<C> <C> <C> <S>
Baa1 0.28% 0.00%
Baa2 0.14 0.00
Baa3 0.14 0.00
Ba1 1.28 0.00
Ba2 1.39 0.45
Ba3 14.60 0.00
B1 24.35 0.35
B2 22.89 0.62
B3 18.35 0.00
Caa 4.98 0.51
Ca 0.59 0.00
- ---------------------------------------------------------------------------------------
Zero Coupon Bonds 10.69%
Pay-in-kind Bonds .74%
</TABLE>
3
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS FUND FOR INCOME, INC.
December 31, 1995
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
PRINCIPAL NET
AMOUNT SECURITY VALUE ASSETS
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
CORPORATE BONDS--89.5%
AGRICULTURAL PRODUCTS--1.2%
$ 4,500M Terra Industries, Inc., 10 1/2%, 2005 $ 4,961,250 $ 116
- -------------------------------------------------------------------------------------------------
APPAREL/TEXTILES--2.0%
2,000M Dan River, Inc., 10 1/8%, 2003 1,820,000 43
7,000M Linter Textiles Corp., Ltd., 13 3/4%, 2000 (Defaulted) (Note 1
5) 52,500
7,000M Westpoint Stevens, Inc., 9 3/8%, 2005 6,895,000 161
- -------------------------------------------------------------------------------------------------
8,767,500 205
- -------------------------------------------------------------------------------------------------
AUTOMOTIVE--2.6%
2,000M Exide Corp., 10%, 2005 2,140,000 50
4,000M Lear Seating, Inc., 11 1/4%, 2000 4,215,000 99
4,400M SPX Corp., 11 3/4%, 2002 4,664,000 109
- -------------------------------------------------------------------------------------------------
11,019,000 258
- -------------------------------------------------------------------------------------------------
BUILDING MATERIALS--3.9%
4,500M American Standard Corp., 11 3/8%, 2004 4,983,750 116
4,500M American Standard Corp., 0%-10 1/2%, 2005 3,836,250 90
4,950M Triangle Pacific Corp., 10 1/2%, 2003 5,247,000 123
1,630M Waxman Industries, Inc., 13 3/4%, 1999 1,255,100 29
3,248M Waxman Industries, Inc., 0%-12 3/4%, 2004 1,266,720 30
- -------------------------------------------------------------------------------------------------
16,588,820 388
- -------------------------------------------------------------------------------------------------
CHEMICALS--6.7%
7,200M Harris Chemical North America, Inc., 0%-10 1/4%, 2001 6,984,000 163
3,125M Harris Chemical North America, Inc., 10 3/4%, 2003 2,867,187 67
5,000M Huntsman Corp., 11%, 2004 5,731,250 134
6,600M Rexene Corp., 11 3/4%, 2004 6,996,000 164
6,000M Synthetic Industries, Inc., 12 3/4%, 2002 5,880,000 138
- -------------------------------------------------------------------------------------------------
28,458,437 666
- -------------------------------------------------------------------------------------------------
CONSUMER NON-DURABLES--.5%
2,000M Hines Horticulture, Inc., 11 3/4%, 2005 (Note 4) 2,090,000 49
- -------------------------------------------------------------------------------------------------
CONSUMER PRODUCTS--.4%
1,500M Herff Jones, Inc., 11%, 2005 1,605,000 38
- -------------------------------------------------------------------------------------------------
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
PRINCIPAL NET
AMOUNT SECURITY VALUE ASSETS
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
CONTAINERS--5.0%
$ 13,000M Owens Illinois, Inc., 11%, 2003 $14,706,250 $ 344
1,250M Portola Packaging, Inc., 10 3/4%, 2005 1,293,750 30
5,250M Sweetheart Cup Co., Inc., 10 1/2%, 2003 5,355,000 125
- -------------------------------------------------------------------------------------------------
21,355,000 499
- -------------------------------------------------------------------------------------------------
DURABLE GOODS MANUFACTURING--1.6%
2,500M Day International Group, Inc., 11 1/8%, 2005 2,550,000 60
4,275M Fairfield Manufacturing, Inc., 11 3/8%, 2001 4,168,125 97
- -------------------------------------------------------------------------------------------------
6,718,125 157
- -------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.7%
3,650M Essex Group, Inc., 10%, 2003 3,595,250 84
3,850M IMO Industries, Inc., 12%, 2001 3,907,750 91
- -------------------------------------------------------------------------------------------------
7,503,000 175
- -------------------------------------------------------------------------------------------------
ENERGY--2.5%
3,500M Deeptech International, Inc., 12%, 2000 3,150,000 74
3,500M Falcon Drilling Co., Inc., 9 3/4%, 2001 3,570,000 83
3,900M Maxus Energy Corp., 11 1/2%, 2015 4,095,000 96
- -------------------------------------------------------------------------------------------------
10,815,000 253
- -------------------------------------------------------------------------------------------------
FINANCIAL SERVICES--.7%
2,800M Terra Nova Holdings, PLC, 10 3/4%, 2005 3,052,000 71
- -------------------------------------------------------------------------------------------------
FOOD SERVICES--.4%
2,500M Flagstar Cos., Inc., 11 1/4%, 2004 1,775,000 42
- -------------------------------------------------------------------------------------------------
FOOD/BEVERAGE/TOBACCO--2.2%
4,500M Fleming Co., Inc., 10 5/8%, 2001 4,365,000 102
5,000M TLC Beatrice International Holdings, Inc., 11 1/2%, 2005 4,862,500 114
- -------------------------------------------------------------------------------------------------
9,227,500 216
- -------------------------------------------------------------------------------------------------
GAMING/LODGING--3.2%
5,000M Casino America, Inc., 11 1/2%, 2001 4,700,000 110
1,000M Grand Casinos, Inc., 10 1/8%, 2003 1,042,500 24
2,500M Player's International, Inc., 10 7/8%, 2005 2,343,750 55
5,500M Showboat, Inc., 9 1/4%, 2008 5,527,500 129
- -------------------------------------------------------------------------------------------------
13,613,750 318
- -------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS FUND FOR INCOME, INC.
December 31, 1995
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
PRINCIPAL NET
AMOUNT SECURITY VALUE ASSETS
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
HEALTHCARE--7.5%
$ 3,000M Genesis Healthcare, Inc., 9 3/4%, 2005 $ 3,165,000 $ 74
4,400M Healthsouth Rehabilitation Corp., 9 1/2%, 2001 4,686,000 110
3,750M Integrated Health Services, Inc., 9 5/8%, 2002 3,815,625 89
4,500M Integrated Health Services, Inc., 10 3/4%, 2004 4,815,000 113
2,000M Mediq/PRN Life Support Services, Inc., 11 1/8%, 1999 1,980,000 46
6,000M Ornda Healthcorp., 12 1/4%, 2002 6,570,000 154
2,550M Ornda Healthcorp., 11 3/8%, 2004 2,868,750 67
3,800M Tenet Healthcare Corp., 10 1/8%, 2005 4,203,750 98
- -------------------------------------------------------------------------------------------------
32,104,125 751
- -------------------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY/OFFICE EQUIPMENT--.8%
3,500M Dictaphone Corp., 11 3/4%, 2005 3,395,000 79
- -------------------------------------------------------------------------------------------------
MEDIA/CABLE TELEVISION--18.6%
1,500M Act III Broadcasting, Inc., 10 1/4%, 2005 1,530,000 36
6,000M Adelphia Communications, Inc., 9 7/8%, 2005 5,430,000 127
8,000M Bell Cablemedia, PLC, 0%-11.95%, 2004 5,640,000 132
3,000M CF Cable TV, Inc., 11 5/8%, 2005 3,292,500 77
5,000M Comcast United Kingdom Cable Corp., 0%-11.2%, 2007 2,912,500 68
4,750M Diamond Cable Communications, PLC, 0%-11 3/4%, 2005 2,796,563 65
10,550M Echostar Communications Corp., 0%-12 7/8%, 2004 7,068,500 165
5,500M Jones Intercable, Inc., 11 1/2%, 2004 6,077,500 142
2,000M Lamar Advertising, Inc., 11%, 2003 2,070,000 48
5,000M Marcus Cable Operating Co., 0%-13 1/2%, 2004 3,750,000 88
3,625M Outdoor Systems, Inc., 10 3/4%, 2003 3,498,125 82
11,000M PanAmSat Capital Corp., 0%-11 3/8%, 2003 8,910,000 209
6,150M Rogers Communication Inc., 10 7/8%, 2004 6,419,062 150
6,000M SCI Television Corp., 11%, 2005 6,330,000 148
2,000M Sinclair Broadcasting Group, 10%, 2005 2,042,500 48
6,500M Videotron Holdings, PLC, 0%-11 1/8%, 2004 4,550,000 107
4,000M Videotron, Ltd., 10 1/4%, 2002 4,200,000 98
3,000M Young Broadcasting Corp., 10 1/8%, 2005 3,165,000 74
- -------------------------------------------------------------------------------------------------
79,682,250 1,864
- -------------------------------------------------------------------------------------------------
MINING/METALS--7.8%
5,001M Carbide/Graphite Group, Inc., 11 1/2%, 2003 5,401,080 126
2,750M Earle M. Jorgensen Co., 10 3/4%, 2000 2,530,000 59
- -------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
PRINCIPAL NET
AMOUNT SECURITY VALUE ASSETS
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
MINING/METALS (continued)
$ 5,000M Geneva Steel Co., Inc., 11 1/8%, 2001 $ 4,150,000 $ 97
5,500M Magma Copper Co., Inc., 12%, 2001 6,098,125 143
4,000M Russel Metals, Inc., 10 1/4%, 2000 3,810,000 89
1,155M UCAR Global Enterprises, Inc., 12%, 2005 1,316,700 31
5,400M WCI Steel, Inc., 10 1/2%, 2002 5,238,000 122
5,000M Wheeling-Pittsburgh Steel Corp., 9 3/8%, 2003 4,700,000 110
- -------------------------------------------------------------------------------------------------
33,243,905 777
- -------------------------------------------------------------------------------------------------
MISCELLANEOUS--1.0%
4,000M Monarch Marking Systems, Inc., 12 1/2%, 2003 4,180,000 98
- -------------------------------------------------------------------------------------------------
PAPER/FOREST PRODUCTS--7.2%
4,000M Gaylord Container Corp., 11 1/2%, 2001 4,120,000 96
5,000M Riverwood International Corp., 11 1/4%, 2002 5,400,000 126
5,600M S.D. Warren Co., Inc., 12%, 2004 6,160,000 144
5,500M Stone Container Corp., 11 7/8%, 1998 5,761,250 63
7,000M Stone Container Corp., 9 7/8%, 2001 6,807,500 135
2,600M Stone Container Corp., 10 3/4%, 2002 2,691,000 159
- -------------------------------------------------------------------------------------------------
30,939,750 723
- -------------------------------------------------------------------------------------------------
RETAIL-GENERAL MERCHANDISE--3.6%
4,500M Barnes & Noble, Inc., 11 7/8%, 2003 5,017,500 117
10M Barry's Jewelers, Inc., 12 5/8%, 1996 5,170 --
2,800M General Host Co., Inc., 11 1/2%, 2002 2,632,000 62
4,000M Payless Cashways, Inc., 9 1/8%, 2003 3,120,000 73
4,500M Waban, Inc., 11%, 2004 4,590,000 107
- -------------------------------------------------------------------------------------------------
15,364,670 359
- -------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS--5.4%
7,300M American Communication Services, Inc., 0%-13%, 2005 (Note 4) 3,996,750 93
4,000M CAI Wireless Systems, Inc., 12 1/4%, 2002 4,280,000 101
2,500M Centennial Cellular, 8 7/8%, 2001 2,456,250 57
5,000M Horizon Cellular Telephone, Inc., 0%-11 3/8%, 2000 4,300,000 101
2,800M Paging Network, Inc., 11 3/4%, 2002 3,097,500 72
4,500M Pronet, Inc., 11 7/8%, 2005 4,972,500 116
- -------------------------------------------------------------------------------------------------
23,103,000 540
- -------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS FUND FOR INCOME, INC.
December 31, 1995
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
PRINCIPAL $10,000
AMOUNT OF
OR NET
SHARES SECURITY VALUE ASSETS
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
TRANSPORTATION--3.0%
$ 5,700M Eletson Holdings, Inc., 9 1/4%, 2003 $ 5,586,000 $ 131
3,100M Moran Transportation Co., 11 3/4%, 2004 2,914,000 68
4,600M Trism, Inc., 10 3/4%, 2000 4,462,000 104
- -------------------------------------------------------------------------------------------------
12,962,000 303
- -------------------------------------------------------------------------------------------------
TOTAL VALUE OF CORPORATE BONDS (cost $380,104,648) 382,524,082 8,945
- -------------------------------------------------------------------------------------------------
COMMON STOCKS--.5%
GAMING/LODGING--.0%
141,762 *Divi Hotels, Inc. 7,088 --
35,000 *Goldriver Hotel & Casino Corp., Series "B" 4,375 --
- -------------------------------------------------------------------------------------------------
11,463 --
- -------------------------------------------------------------------------------------------------
MEDIA/CABLE TELEVISION--.3%
63,300 *Echostar Communications, Class "A" 1,535,025 36
- -------------------------------------------------------------------------------------------------
PAPER/FOREST PRODUCTS--.1%
41,619 *Gaylord Container Corp., Class "A" 335,553 8
- -------------------------------------------------------------------------------------------------
RETAIL-GENERAL MERCHANDISE--.1%
96,129 *Barry's Jewelers, Inc. 384,516 9
- -------------------------------------------------------------------------------------------------
TOTAL VALUE OF COMMON STOCKS (cost $5,861,835) 2,266,557 53
- -------------------------------------------------------------------------------------------------
PREFERRED STOCKS--2.2%
MEDIA/CABLE TELEVISION--1.5%
10,242 K-III Communications Corp., 11 5/8%, Series "B" 1,019,142 24
4,781 PanAmSat Capital Corp., 12 3/4% 5,355,347 125
- -------------------------------------------------------------------------------------------------
6,374,489 149
- -------------------------------------------------------------------------------------------------
PAPER/FOREST PRODUCTS--.7%
100,000 *S.D. Warren Co., Inc., 14% 3,150,000 74
- -------------------------------------------------------------------------------------------------
TOTAL VALUE OF PREFERRED STOCKS (cost $8,318,594) 9,524,489 223
- -------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
AMOUNT
INVESTED
FOR EACH
WARRANTS, $10,000
UNITS OR OF
PRINCIPAL NET
AMOUNT SECURITY VALUE ASSETS
<CAPTION>
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
WARRANTS--.3%
BUILDING MATERIALS--.0%
103,250 *Waxman Industries, Inc. (expiring 6/1/04) (Note 4) $ 25,813 $ 1
- -------------------------------------------------------------------------------------------------
FINANCIAL SERVICES--.0%
89,950 *Reliance Group Holdings, Inc. (expiring 1/28/97) 143,920 3
- -------------------------------------------------------------------------------------------------
GAMING/LODGING--.1%
16,300 *Casino America, Inc. (expiring 11/15/96) 4,075 --
7,000 *Goldriver Finance Corp., Liquidating Trust 105,000 3
21,000 *President Riverboat Casinos, Inc. (expiring 9/23/96) (Note 1
4) 63,000
- -------------------------------------------------------------------------------------------------
172,075 4
- -------------------------------------------------------------------------------------------------
PAPER/FOREST PRODUCTS--.2%
55,390 *Gaylord Container Corp. (expiring 7/31/96) 415,425 10
100,000 *S.D. Warren Co., Inc. (expiring 12/15/06) (Note 4) 500,000 12
- -------------------------------------------------------------------------------------------------
915,425 22
- -------------------------------------------------------------------------------------------------
RETAIL-GENERAL MERCHANDISE--.0%
66,000 *New Cort Holdings Corp. (expiring 9/1/98) 148,500 3
4,000 *Payless Cashways, Inc. (expiring 11/1/96) 1,000 --
- -------------------------------------------------------------------------------------------------
149,500 3
- -------------------------------------------------------------------------------------------------
TOTAL VALUE OF WARRANTS (cost $605,918) 1,406,733 33
- -------------------------------------------------------------------------------------------------
UNITS--.4%
TELECOMMUNICATIONS
325 GST Telecommunications, Inc. (a) (cost $1,506,141) (Note 4) 1,527,500 36
- -------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--2.6%
$ 10,000M United States Treasury Notes, 7 1/4%, 2004 (cost 260
$10,884,375) 11,125,000
- -------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--3.0%
750M Appalachian Power, 6%, 1/2/96 749,875 18
12,000M Gannett Company, 5.85%, 1/8/96 11,986,350 280
- -------------------------------------------------------------------------------------------------
TOTAL VALUE OF SHORT-TERM CORPORATE NOTES (cost $12,736,225) 12,736,225 298
- -------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
TOTAL VALUE OF INVESTMENTS (cost $420,017,736) 98.5% 421,110,586 9,848
OTHER ASSETS, LESS LIABILITIES 1.5 6,487,385 152
- --------------------------------------------------------------------------------------------------
NET ASSETS 100.0% $427,597,971 $ 10,000
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
</TABLE>
*Non-income producing
(a)Each unit consists of eight 13 7/8% Senior Discount Notes due 2005 of GST USA
guaranteed by GST and one 13 7/8% Convertible Senior Subordinated Discount
Note due 2005 of GST guaranteed by GST USA. GST USA is a wholly-owned
subsidiary of GST.
See notes to financial statements 9
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
FIRST INVESTORS FUND FOR INCOME, INC.
December 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS
Investments in securities, at value
(identified cost $420,017,736)(Note 1A).... $ 421,110,586
Cash......................................... 410,596
Receivables:
Interest................................... $ 7,848,437
Capital shares sold........................ 77,990 7,926,427
----------------
Other assets................................. 168,816
----------------
Total Assets................................. 429,616,425
LIABILITIES
Payables:
Dividend payable January 15, 1996.......... 1,012,568
Capital shares redeemed.................... 552,718
Accrued advisory fee......................... 261,729
Accrued expenses............................. 191,439
----------------
Total Liabilities............................ 2,018,454
----------------
NET ASSETS (Note 6):
Class A (103,018,467 shares outstanding)... 425,837,971
Class B (425,781 shares outstanding)....... 1,760,000 $ 427,597,971
---------------- ----------------
----------------
NET ASSETS CONSIST OF:
Capital paid in.............................. $ 1,132,716,947
Undistributed net investment income.......... 3,166,942
Accumulated net realized loss on investment
transactions............................... (709,378,768)
Net unrealized appreciation in value of
investments................................ 1,092,850
----------------
Total........................................ $ 427,597,971
----------------
----------------
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE--CLASS A............................. $4.13
----------------
----------------
MAXIMUM OFFERING PRICE PER SHARE--CLASS A
($4.13/.9375)*............................. $4.41
----------------
----------------
NET ASSET VALUE AND OFFERING PRICE PER
SHARE--CLASS B............................. $4.13
----------------
----------------
</TABLE>
*On purchases of $25,000 or more, the sales charge is reduced.
10 See notes to financial statements
<PAGE>
STATEMENT OF OPERATIONS
FIRST INVESTORS FUND FOR INCOME, INC.
Year Ended December 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME
Income (Note 1D):
Interest.............................. $ 44,040,927
Dividends............................. 425,585
Consent fees.......................... 238,765
----------------
Total income............................ $ 44,705,277
Expenses (Notes 1 and 3):
Advisory fee.......................... 3,083,269
Shareholder servicing costs........... 865,633
Distribution plan expenses--Class A... 625,437
Distribution plan expenses--Class B... 7,283
Reports and notices to shareholders... 131,692
Professional fees..................... 63,353
Custodian fees........................ 43,484
Other expenses........................ 105,375
----------------
Total expenses.......................... 4,925,526
Less: Custodian fees paid indirectly.... 21,134
----------------
Net expenses............................ 4,904,392
----------------
Net investment income................... 39,800,885
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS (Note 2):
Net realized gain on investments........ 4,041,341
Net unrealized appreciation of
investments........................... 27,647,990
----------------
Net gain on investments................. 31,689,331
----------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS....................... $ 71,490,216
----------------
----------------
</TABLE>
See notes to financial statements 11
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
FIRST INVESTORS FUND FOR INCOME, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended December 31 1995 1994
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income.................................................. $39,800,885 $38,730,802
Net realized gain on investments....................................... 4,041,341 653,361
Net unrealized appreciation (depreciation) on investments.............. 27,647,990 (37,481,745)
----------- -----------
Net increase in net assets resulting from operations................. 71,490,216 1,902,418
----------- -----------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income--Class A......................................... (37,489,349) (39,768,324)
Net investment income--Class B......................................... (71,432) --
----------- -----------
Total dividends.................................................... (37,560,781) (39,768,324)
----------- -----------
CAPITAL SHARE TRANSACTIONS (a)
Class A:
Proceeds from shares sold............................................ 13,975,925 20,228,141
Value of dividends reinvested........................................ 25,433,839 26,318,610
Cost of shares redeemed.............................................. (48,423,529) (38,780,019)
----------- -----------
(9,013,765) 7,766,732
----------- -----------
Class B:
Proceeds from shares sold............................................ 1,762,436 --
Value of dividends reinvested........................................ 45,376 --
Cost of shares redeemed.............................................. (112,219) --
----------- -----------
1,695,593 --
----------- -----------
Net increase (decrease) from capital share transactions............ (7,318,172) 7,766,732
----------- -----------
Net increase (decrease) in net assets.............................. 26,611,263 (30,099,174)
NET ASSETS
Beginning of year...................................................... 400,986,708 431,085,882
----------- -----------
End of year (including undistributed net investment income of
$3,166,942 and $926,838, respectively)............................... $427,597,971 $400,986,708
----------- -----------
----------- -----------
(a)CAPITAL SHARES ISSUED AND REDEEMED
Class A:
Sold................................................................. 3,505,873 5,062,541
Issued for dividends reinvested...................................... 6,340,562 6,666,913
Redeemed............................................................. (12,088,258) (9,787,987)
----------- -----------
Net increase (decrease) in Class A shares outstanding.............. (2,241,823) 1,941,467
----------- -----------
----------- -----------
Class B:
Sold................................................................. 442,113 --
Issued for dividends reinvested...................................... 11,234 --
Redeemed............................................................. (27,566) --
----------- -----------
Net increase in Class B shares outstanding........................... 425,781 --
----------- -----------
----------- -----------
</TABLE>
12 See notes to financial statements
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FIRST INVESTORS FUND FOR INCOME, INC.
1. SIGNIFICANT ACCOUNTING POLICIES--The Fund is registered under the Investment
Company Act of 1940 (the "1940 Act") as a diversified, open-end management
investment company. The investment objective of the Fund is primarily to seek to
earn a high level of current income and, to the extent possible, in view of that
objective, secondarily to seek growth of capital.
A. Security Valuation--Except as provided below, a security listed or traded on
an exchange or the NASDAQ National Market System is valued at its last sale
price on the exchange or system where the security is principally traded, and
lacking any sales, the security is valued at the last bid price. Each security
traded in the over-the-counter market (including securities listed on exchanges
whose primary market is believed to be over-the-counter) is valued at the most
recent bid price based upon quotes furnished by a market maker for such
securities. Securities may also be priced by a pricing service. The pricing
service uses quotations obtained from investment dealers or brokers, information
with respect to market transactions in comparable securities and other available
information in determining value. Short-term corporate notes which are purchased
at a discount are valued at amortized cost. Securities for which market
quotations are not readily available, "restricted securities," and any other
assets are valued on a consistent basis at fair value as determined in good
faith by or under the supervision of the Fund's officers in a manner
specifically authorized by the Board of Directors.
B. Federal Income Taxes--No provision has been made for federal income taxes on
net income or capital gains since it is the policy of the Fund to continue to
comply with the special provisions of the Internal Revenue Code applicable to
investment companies and to make sufficient distribu-
tions of income and capital gains (in excess of any available capital loss
carryovers) to relieve it from all, or substantially all, such taxes. At
December 31, 1995, the Fund had capital loss carryovers of $709,378,768 of which
$40,084,935 expires in 1996, $111,360,941 in 1997, $350,158,165 in 1998,
$207,520,038 in 1999 and $254,689 in 2002.
C. Distributions to Shareholders--Dividends to shareholders from net investment
income are declared daily and paid monthly. Income dividends and capital gain
distributions are determined in accordance with income tax regulations which may
differ from generally accepted accounting principles. These differences are
primarily due to differing treatments for capital loss carryforwards and post
October losses.
D. Other--Security transactions are accounted for on the date the securities are
purchased or sold. Cost is determined, and gains and losses are based, on the
identified cost basis for both financial statement and federal income tax
purposes. Dividend income is recorded on the ex-dividend date. Shares of stock
received in lieu of cash dividends on certain preferred stock holdings are
recognized as dividend income and recorded at the market value of the shares
received. During the year ended December 31, 1995, the Fund recognized $406,124
of dividend income from these taxable "pay in kind" distributions. Interest
income and estimated expenses are accrued daily. The Fund's Custodian has
provided credits in the amount of $21,134 against custodian charges based on the
uninvested cash balances of the Fund.
2. SECURITY TRANSACTIONS--For the year ended December 31, 1995, purchases and
sales of investment securities, other than short-term United States Government
obligations and corporate notes, aggregated $119,518,404 and $122,552,339,
respec-
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FIRST INVESTORS FUND FOR INCOME, INC.
tively. Purchases and sales of long-term U.S. Government obligations amounted to
$10,884,375 and $10,912,500, respectively.
At December 31, 1995, the cost of investments for federal income tax purposes
was $420,017,736. Accumulated net unrealized appreciation on investments was
$1,092,850, consisting of $21,071,646 gross unrealized appreciation and
$19,978,796 gross unrealized depreciation.
3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES--Certain officers and
directors of the Fund are officers and directors of its investment adviser,
First Investors Management Company, Inc. ("FIMCO"), its underwriter, First
Investors Corporation ("FIC"), its transfer agent, Administrative Data
Management Corp. ("ADM") and/or First Financial Savings Bank, S.L.A. ("FFS"),
custodian of the Fund's Individual Retirement Accounts. Officers and directors
of the Fund received no remuneration from the Fund for serving in such
capacities. Their remuneration (together with certain other expenses of the
Fund) is paid by FIMCO or FIC.
The Investment Advisory Agreement provides as compensation to FIMCO an annual
fee, payable monthly, at the rate of .75% on the first $250 million of the
Fund's average daily net assets, declining by .03% on each $250 million
thereafter, down to .66% on average daily net assets over $750 million.
Pursuant to certain state regulations, FIMCO has agreed to reimburse the Fund if
and to the extent that the Fund's aggregate operating expenses, including the
advisory fee but generally excluding interest, taxes, brokerage commissions and
extraordinary expenses, exceed any limitation on expenses applicable to the Fund
in those states (unless waivers of such limitations have been obtained). The
amount of any such reimbursement is limited to the yearly advisory fee. For the
year ended December 31, 1995, no reimbursement was required pursuant to these
provisions.
For the year ended December 31, 1995, FIC, as underwriter, received $359,115 in
commissions after allowing $34,668 to other dealers. Shareholder servicing costs
included $486,175 in transfer agent fees paid to ADM and $210,773 in custodian
fees paid to FFS.
Pursuant to a Distribution Plan adopted under Rule 12b-1 of the 1940 Act, the
Fund is authorized to pay FIC a fee in an amount up to .30% of the average net
assets of the Class A shares and up to 1% of the average net assets of the Class
B shares on an annualized basis each year, payable monthly. The fee consists of
a distribution fee and a service fee. The service fee is paid for the ongoing
servicing of clients who are shareholders of the Fund. However, pursuant to
settlements entered into with various state regulators, the fee is limited to
.15% for Class A and .85% for Class B until February 1, 1998. For the year ended
December 31, 1995, this fee reduction amounted to $625,437 for Class A and
$1,286 for Class B.
4. RULE 144A SECURITIES--Under Rule 144A, certain restricted securities are
exempt from the registration requirements of the Securities Act of 1933 and may
only be resold to qualified institutional investors. At December 31, 1995, the
Fund held six 144A securities with an aggregate value of $8,203,063 representing
less than 2% of the Fund's net assets. These securities are valued as set forth
in Note 1A.
5. CONCENTRATION OF CREDIT RISK--The Fund's investment in high yield securities
whether rated or unrated may be considered speculative and subject to greater
market fluctuations and risks of loss of
14
<PAGE>
income and principal than lower yielding, higher rated, fixed income securities.
The risk of loss due to default by the issuer may be significantly greater for
the holders of high yielding securities, because such securities are generally
unsecured and are often subordinated to other creditors of the issuer. At
December 31, 1995, the Fund held one defaulted security with a value of $52,500.
6. CAPITAL--The Fund sells two classes of shares, Class A and Class B, each with
a public offering price that reflects different sales charges and expense
levels. Class A shares are sold with an initial sales charge of up to 6.25% of
the amount invested and together with the Class B shares are subject to 12b-1
fees as described in Note 3. Class B shares are sold without an initial sales
charge, but are generally subject to a contingent deferred sales charge which
declines in steps from 4% to 0% during a six-year period. Class B shares
automatically convert into Class A shares after eight years. Realized and
unrealized gains or losses, investment income and expenses (other than 12b-1
fees and certain other class expenses) are allocated daily to each class of
shares based upon the relative proportion of net assets of each class. Of the
1,000,000,000 shares originally designated, the Fund has classified 500,000,000
shares as Class A and 500,000,000 shares as Class B.
7. PENDING LITIGATION--The Fund and FIC are defendants in a case involving
investors who invested in the Fund. The suit primarily alleges that FIC sales
representatives had made misrepresentations concerning the risks of investing in
the Fund. FIC's parent company, First Investors Consolidated Corporation has
agreed to assume the liability, if any.
15
<PAGE>
FINANCIAL HIGHLIGHTS
FIRST INVESTORS FUND FOR INCOME, INC.
The following table sets forth the per share operating performance data for a
share of capital stock outstanding, total return, ratios to average net assets
and other supplemental data for each year indicated.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A
------------------------------------------------------------------------------ CLASS B
-----------
Year Ended December 31 1/12/95*
------------------------------------------------------------------------------ to
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 12/31/95
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
- -----------------------------------
Net Asset Value, Beginning of
Year.............................. $ 3.81 $4.17 $ 3.89 $ 3.69 $ 2.98 $ 4.16 $ 5.19 $ 5.15 $ 5.87 $ 5.96 $ 3.81
------ ----- ------ ------ ------ ------- ------ ------ ------ ------ -----
Income from Investment Operations
Net investment income............ .38 .37 .39 .41 .42 .53 .64 .69 .66 .77 .31
Net realized and unrealized gain
(loss) on investments.......... .30 (.35) .29 .19 .78 (1.19) (1.01) .01 (.71) (.11) .33
------ ----- ------ ------ ------ ------- ------ ------ ------ ------ -----
Total from Investment
Operations................... .68 .02 .68 .60 1.20 (.66) (.37) .70 (.05) .66 .64
------ ----- ------ ------ ------ ------- ------ ------ ------ ------ -----
Less Distributions from:
Net investment income............ .36 .38 .40 .40 .41 .52 .66 .66 .67 .75 .32
Capital surplus.................. -- -- -- -- .08 -- -- -- -- -- --
------ ----- ------ ------ ------ ------- ------ ------ ------ ------ -----
Total Distributions............ .36 .38 .40 .40 .49 .52 .66 .66 .67 .75 .32
------ ----- ------ ------ ------ ------- ------ ------ ------ ------ -----
Net Asset Value, End of Year....... $ 4.13 $3.81 $ 4.17 $ 3.89 $ 3.69 $ 2.98 $ 4.16 $ 5.19 $ 5.15 $ 5.87 $ 4.13
------ ----- ------ ------ ------ ------- ------ ------ ------ ------ -----
------ ----- ------ ------ ------ ------- ------ ------ ------ ------ -----
TOTAL RETURN(%)+................... 18.54 .58 18.06 16.70 42.84 (17.23) (8.05) 14.22 (1.25) 11.58 17.46
- -----------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------
Net Assets, End of Year
(in millions)..................... $425 $401 $431 $414 $429 $527 $1,321 $1,739 $1,620 $1,693 $2
Ratio to Average Net Assets:(%)
Expenses......................... 1.18 1.22 1.32 1.03 1.18 1.27 1.02 .99 1.08 .98 1.92(a)
Net investment income............ 9.52 9.34 9.54 10.63 12.49 14.39 13.19 13.03 11.56 12.81 8.71(a)
Portfolio Turnover Rate(%)......... 33 39 76 51 50 21 44 74 74 168 33
</TABLE>
+Calculated without sales charge
*Date shares first offered
(a)Annualized
See notes to financial statements
16
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Shareholders and Board of Directors of
First Investors Fund For Income, Inc.
We have audited the accompanying statement of assets and liabilities of First
Investors Fund For Income, Inc., including the portfolio of investments, as of
December 31, 1995, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years in the
period then ended and financial highlights for each of the years presented.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements.
Our procedures included confirmation of securities owned as of December 31,
1995, by correspondence with the custodian. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of First
Investors Fund For Income, Inc. at December 31, 1995, and the results of its
operations, changes in its net assets and financial highlights for each of the
respective years presented, in conformity with generally accepted accounting
principles.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
January 31, 1996
17
<PAGE>
FIRST INVESTORS FUND FOR INCOME, INC.
DIRECTORS
- -------------------------------------------
JAMES J. COY
ROGER L. GRAYSON
GLENN O. HEAD
KATHRYN S. HEAD
REX R. REED
HERBERT RUBINSTEIN
JAMES M. SRYGLEY
JOHN T. SULLIVAN
ROBERT F. WENTWORTH
OFFICERS
- -------------------------------------------
GLENN O. HEAD
President
NANCY W. JONES
Vice President
CONCETTA DURSO
Vice President and Secretary
JOSEPH I. BENEDEK
Treasurer
CAROL LERNER BROWN
Assistant Secretary
18
<PAGE>
FIRST INVESTORS FUND FOR INCOME, INC.
SHAREHOLDER INFORMATION
- -------------------------------------------
INVESTMENT ADVISER
FIRST INVESTORS
MANAGEMENT COMPANY, INC.
95 Wall Street
New York, NY 10005
UNDERWRITER
FIRST INVESTORS CORPORATION
95 Wall Street
New York, NY 10005
CUSTODIAN
THE BANK OF NEW YORK
48 Wall Street
New York, NY 10286
TRANSFER AGENT
ADMINISTRATIVE DATA
MANAGEMENT CORP.
581 Main Street
Woodbridge, NJ 07095-1198
LEGAL COUNSEL
KIRKPATRICK & LOCKHART LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
AUDITORS
TAIT, WELLER & BAKER
Two Penn Center Plaza
Philadelphia, PA 19102
It is the Fund's practice to mail only one copy of its annual and semi-annual
reports to any address at which more than one shareholder with the same last
name has indicated that mail is to be delivered. Additional copies of the
reports will be mailed if requested by any shareholder in writing or by calling
800-423-4026. The Fund will ensure that separate reports are sent to any
shareholder who subsequently changes his or her mailing address.
This report is authorized for distribution only to existing shareholders, and,
if given to prospective shareholders, must be accompanied or preceded by the
Fund's prospectus.
19
<PAGE>
FIRST
INVESTORS
FUND FOR
INCOME, INC.
ANNUAL
REPORT
DECEMBER 31, 1995
Vertically reading from bottom to top in the center of the page the words "FIRST
INVESTORS" appear.
The following language appears to the left of the above language:
The words "BULK RATE U.S. POSTAGE PAID PERMIT NO. 7379" in a box to the right of
a circle containing the words "MAILED FROM ZIP CODE 11201" appears on the
righthand side.
The following language appears on the lefthand side:
FIRST INVESTORS FUND FOR INCOME, INC.
95 WALL STREET
NEW YORK, NY 10005
The following appears on the bottom lefthand side:
First Investors logo
A MEMBER OF THE
FIRST INVESTORS
FINANCIAL NETWORK
FIFI065
