<PAGE>
PORTFOLIO MANAGER'S LETTER
FIRST INVESTORS GLOBAL FUND, INC.
Dear Investor:
International markets were generally up for the first half of 1995. In the first
quarter of 1995, many international equity markets declined in response to the
deepening crises in Latin America, an earthquake in Japan and new lows for the
U.S. dollar. The second quarter of 1995 saw global bond market rallies fueled by
signs of a U.S. economic slowdown and increased probability of an easing in U.S.
monetary policy. The global bond market rallies, in turn, provided broad support
for rallies in many international equity markets. Japan was the key exception,
as weak economic news continued to depress stock prices; the market was off 22%
in local terms for the first half of 1995 as measured by the Morgan Stanley
Capital International Index. Due to yen strength, however, the market was down
only 8% in U.S. dollar terms.
Slower growth was good news for U.S. financial markets. As inflation concerns
receded, long-term interest rates fell substantially with the benchmark 30 year
U.S. Treasury bond yield declining from 7.88% to 6.62%. The prospect of slower
growth spurred broad stock market indices to numerous new highs as fears of an
overheating economy -- and the risk of further Federal Reserve tightening --
subsided. Stocks also benefitted from falling interest rates and continued
strong earnings growth. The financial markets in general reacted positively to
legislation to eliminate the Federal budget deficit over the next seven years.
For the six months ended June 30, 1995, First Investors Global Fund returned on
a net asset value basis 7.7% on the Class A shares and 8.9% on the Class B
shares (first offered for sale on January 12, 1995), above the average total
return of 7.6% for all global funds. In terms of strategy, the emphasis in the
U.S. portion of the Fund remains on a diversified list of larger capitalized
companies that are expected to increase earnings at a double digit rate this
year and next, yet are selling at reasonable price-earnings ratios. The Fund
also continues to focus on Japanese companies that will benefit from the
important structural changes taking place in their economy. In Europe, the focus
is on companies that can benefit from both recovering economies and improving
cost structures. In Latin America, the Fund remains cautious due to concerns
about the overvaluation of currency in Argentina and to a lesser extent, Brazil,
and the market's underestimation of the negative longer term economic impact of
Mexico's recent devaluation.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
/s/ Trond Skramstad
Trond Skramstad
Portfolio Manager
July 31, 1995
1
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
June 30, 1995
-------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
-------------------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMON STOCKS--96.0%
UNITED STATES--21.5%
25,000 American International
Group, Inc. $ 2,850,000 $ 130
41,000 American Re Corp. 1,527,250 70
45,000 A T & T Corporation 2,390,625 109
22,000 *AMR Corp. 1,641,750 75
16,000 Capital Cities/ABC, Inc. 1,728,000 79
40,000 Dow Chemical Company 2,875,000 131
36,000 Exxon Corporation 2,542,500 116
22,000 Federal National Mortgage
Association 2,076,250 95
33,200 General Electric Company 1,871,650 85
40,000 Gillette Company 1,785,000 81
26,000 Hewlett-Packard Company 1,937,000 88
22,000 International Paper
Company 1,886,500 86
44,000 J.C. Penney Company 2,112,000 96
34,500 Johnson & Johnson 2,333,063 106
35,000 Kimberly Clark
Corporation 2,095,625 96
85,000 MCI Communications 1,870,000 85
10,000 Minnesota Mining &
Manufacturing Company 572,500 26
33,000 PepsiCo, Inc. 1,505,625 69
122,000 Unocal Corporation 3,370,250 154
6,080 *Viacom Inc. Class "A" 282,720 13
46,067 *Viacom Inc. Class "B" 2,136,357 97
125,000 Wal-Mart Stores 3,343,750 153
55,000 York International
Corporation 2,475,000 113
-------------------------------------------------------------------------------------------
47,208,415 2,153
-------------------------------------------------------------------------------------------
JAPAN--13.5%
310,000 Chichibu Onoda Cement Co. 1,409,415 64
180,000 Hitachi Co., Ltd. 1,791,504 82
20,000 Ito Yokado Co., Ltd. 1,053,002 48
50,000 Kokusai Electric Co., Ltd. 930,505 42
12,000 Kyocera Corp. 986,572 45
6,000 Kyoritsu Air Tech., Inc. 81,979 4
15,000 Mabuchi Motor Co., Ltd. 1,031,802 47
300,000 Minebea Co., Ltd. 1,922,250 88
-------------------------------------------------------------------------------------------
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
-------------------------------------------------------------------------------------------
<C> <S> <C> <C>
JAPAN (continued)
100,000 Mitsui Petrochemical Industries $ 756,180 $ 34
22,500 Murata Mfg. Co., Ltd. 850,705 39
10,000 Nihon Jumbo Co., Ltd. 281,507 13
200 Nippon Telegraph &
Telephone Corp. 1,672,556 76
500,000 *NKK Corp. 1,171,950 53
50,000 Nomura Securities Co., Ltd. 871,610 40
30,000 Orix Corp. 996,465 45
10,000 Riso Kagaku Corp. 696,113 32
97,000 Sakura Bank Ltd. 1,011,128 46
10,000 Sankyo Co., Ltd. 232,037 11
15,500 Sanyo Shinpan Finance Co., Ltd. 1,131,919 52
30,000 Secom Co., Ltd. 1,883,391 86
670 Seven Eleven Japan 47,902 2
44,000 Shimamura Corp. 1,554,766 71
3,000 Shohkoh Fund & Co. 537,102 25
7,000 Showa Corporation 46,171 2
37,000 Sony Corp. 1,773,732 81
253,000 Sumitomo Realty & Development 1,507,855 69
134,000 Sumitomo Trust and Banking 1,625,675 74
32,000 TDK Corp. 1,454,886 66
4,800 Tsutsumi Jewelry Co., Ltd. 218,233 10
-------------------------------------------------------------------------------------------
29,528,912 1,347
-------------------------------------------------------------------------------------------
UNITED KINGDOM--8.0%
100,000 Abbey National PLC 744,540 34
300,000 Bass PLC 2,870,760 131
1,506,000 BET PLC 2,946,941 134
273,000 British Telecommunications PLC 1,702,510 78
354,050 Cadbury Schweppes PLC
(42,642 shares restricted--Note 5) 2,585,344 118
311,901 Redland PLC 2,044,355 93
290,000 Royal Insurance Holdings PLC 1,425,582 65
233,000 Smith (W.H.) & Son Group "A" PLC 1,215,817 55
572,000 Tomkins PLC 2,047,474 93
-------------------------------------------------------------------------------------------
17,583,323 801
-------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
June 30, 1995
-------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
-------------------------------------------------------------------------------------------
<C> <S> <C> <C>
FRANCE--7.1%
7,000 Canal Plus SA $ 960,287 $ 44
17,712 Compagnie De Saint Gobain 2,141,147 98
10,187 EURO RSCG WORLDWIDE SA 1,065,456 49
6,114 Groupe Danone 1,029,193 47
54,000 Renault SA 1,693,240 77
33,713 Societe Generale Paris 3,943,319 180
27,300 Technip SA 1,700,790 78
33,810 Total SA 2,036,616 93
15,000 Ugine SA (Note 4) 1,055,181 48
-------------------------------------------------------------------------------------------
15,625,229 714
-------------------------------------------------------------------------------------------
NETHERLANDS--6.0%
198,000 Elsevier NV CVA 2,336,895 107
55,350 International Nederlanden CVA 3,059,316 140
20,000 Royal Dutch Petroleum 2,440,492 111
20,000 Unilever NV CVA 2,600,440 119
100,000 *Vendex International NV (BDR) 2,644,290 121
-------------------------------------------------------------------------------------------
13,081,433 598
-------------------------------------------------------------------------------------------
AUSTRALIA--3.9%
101,000 Advance Bank of Australia 650,763 30
188,050 Amcor Ltd. 1,383,595 63
404,329 Australian & New Zealand
Banking Group 1,432,982 65
250,076 Broken Hill Proprietary Ltd. 3,070,158 140
115,077 National Australia Bank Ltd. 907,048 41
494,603 Pacific Dunlop Ltd. 1,037,727 47
-------------------------------------------------------------------------------------------
8,482,273 386
-------------------------------------------------------------------------------------------
NORWAY--3.8%
51,578 Hafslund Nyco Series "A" Free 1,213,104 55
49,000 Kvaerner AS A 2,225,462 102
51,000 Orkla Series AS A 2,283,209 104
190,000 Saga Petroleum Series "A" Free 2,696,670 123
-------------------------------------------------------------------------------------------
8,418,445 384
-------------------------------------------------------------------------------------------
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR
EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
-------------------------------------------------------------------------------------------
<C> <S> <C> <C>
HONG KONG--3.6%
855,000 Cathay Pacific Airways
Ltd. $ 1,248,642 $ 57
201,000 China Light & Power 1,033,884 47
500,000 Hong Kong Telecom 988,650 45
189,000 Sun Hung Kai Properties 1,398,411 64
425,000 Swire Pacific Class "A" 3,240,667 148
-------------------------------------------------------------------------------------------
7,910,254 361
-------------------------------------------------------------------------------------------
SPAIN--3.4%
95,000 Banco Bilbao Vizcaya 2,741,966 125
57,000 Empresa Nacional De Electricidad S.A. (ADR) 2,807,250 128
60,000 Repsol S.A. (ADR) 1,897,500 87
-------------------------------------------------------------------------------------------
7,446,716 340
-------------------------------------------------------------------------------------------
SWITZERLAND--3.0%
2,700 Ciba-Geigy AG Regd 1,977,927 90
3,200 Nestle S.A. Regd 3,330,222 152
3,500 Schw Bankverein Br 1,239,459 57
-------------------------------------------------------------------------------------------
6,547,608 299
-------------------------------------------------------------------------------------------
SINGAPORE--3.0%
212,500 Development Bank of
Singapore 2,417,674 110
333,000 Keppel Corp. 2,716,381 124
125,000 Overseas Chinese Banking
Corp. Ltd. 1,386,388 63
-------------------------------------------------------------------------------------------
6,520,443 297
-------------------------------------------------------------------------------------------
GERMANY--2.8%
7,750 Bayer AG 1,926,130 88
9,075 Mannesmann AG 2,770,122 126
3,500 Veba AG 1,373,072 63
-------------------------------------------------------------------------------------------
6,069,324 277
-------------------------------------------------------------------------------------------
NEW ZEALAND--2.6%
2,949,000 Brierley Investments Ltd. 2,226,790 102
523,000 Carter Holt Harvey Ltd. 1,279,101 58
525,000 Lion Nathan Ltd. 1,038,450 47
-------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
June 30, 1995
-------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR
EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
-------------------------------------------------------------------------------------------
<C> <S> <C> <C>
NEW ZEALAND (continued)
152,000 Telecom Corp. New Zealand Ltd. (Note 4) $ 568,799 $ 26
9,000 Telecom Corp. New Zealand Ltd. (ADR) 544,500 25
-------------------------------------------------------------------------------------------
5,657,640 258
-------------------------------------------------------------------------------------------
DENMARK--2.5%
196,500 Tele Danmark A/S (ADS) "B" 5,502,000 251
-------------------------------------------------------------------------------------------
CANADA--2.4%
276,000 Canadian Pacific Ltd.
(40,000 shares restricted--Note 5) 4,795,500 219
30,000 Westcoast Energy, Inc. 444,909 20
-------------------------------------------------------------------------------------------
5,240,409 239
-------------------------------------------------------------------------------------------
MALAYSIA--2.1%
356,000 Sime Darby Berhad 992,920 45
225,000 Telekom Malaysia 1,707,345 78
442,000 Tenaga Nasional Bhd 1,803,890 82
-------------------------------------------------------------------------------------------
4,504,155 205
-------------------------------------------------------------------------------------------
SWEDEN--2.0%
66,000 Astra AB Series "A" Free 2,034,853 93
111,000 Pharmacia AB Series "A" Free 2,431,400 111
-------------------------------------------------------------------------------------------
4,466,253 204
-------------------------------------------------------------------------------------------
AUSTRIA--1.1%
17,300 EVN 2,418,936 110
-------------------------------------------------------------------------------------------
ITALY--.9%
740,000 Telecom Italia S.P.A. 2,004,808 91
-------------------------------------------------------------------------------------------
MEXICO--.7%
137,000 Kimberly Clark Mexican Class "A" 1,573,611 72
-------------------------------------------------------------------------------------------
PORTUGAL--.6%
600 Banco Commercial Portuguese 7,932 --
70,000 *Portugal Telecom (ADR) 1,330,000 61
-------------------------------------------------------------------------------------------
1,337,932 61
-------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
AMOUNT
INVESTED
SHARES OR FOR EACH
PRINCIPAL $10,000 OF
AMOUNT SECURITY VALUE NET ASSETS
-------------------------------------------------------------------------------------------
<C> <S> <C> <C>
BELGIUM--.5%
24,000 Delhaize Le Lion $ 1,079,503 $ 49
-------------------------------------------------------------------------------------------
CHILE--.4%
11,000 Compania De Telefonos De Chile S.A. (ADR) 895,125 41
-------------------------------------------------------------------------------------------
ARGENTINA--.3%
41,000 YPF S.A. Class "D" (ADR) 773,875 35
-------------------------------------------------------------------------------------------
INDIA--.3%
125,000 Indo Gulf Fertilizers and Chemicals Corp., Ltd.
(GDR) (Note 4) 236,863 11
30,000 ITC Ltd. (GDR) (Note 4) 231,207 11
10,000 Reliance Industries Ltd. (GDS) (Note 4) 168,152 8
-------------------------------------------------------------------------------------------
636,222 30
-------------------------------------------------------------------------------------------
TOTAL VALUE OF COMMON STOCKS
(cost $179,257,805) 210,512,844 9,603
-------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--3.9%
$ 8,485M Paine Webber, Inc., 6.2%, 7/3/95
(Collateralized by U.S. Treasury Notes,
8 1/8/%, 5/15/2021) (cost $8,485,000) 8,485,000 387
-------------------------------------------------------------------------------------------
TOTAL VALUE OF INVESTMENTS (cost $187,742,805) 99.9% 218,997,844 9,990
OTHER ASSETS, LESS LIABILITIES .1 219,006 10
-------------------------------------------------------------------------------------------
NET ASSETS 100.0% $219,216,850 $10,000
-------------------------------------------------------------------------------------------
</TABLE>
* Non-income producing
See notes to financial statements
7
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
At June 30, 1995, sector diversification of the portfolio was as follows:
---------------------------------------------------------------------------------------------------
PERCENTAGE
SECTOR DIVERSIFICATION OF NET ASSETS VALUE
---------------------------------------------------------------------------------------------------
<S> <C> <C>
Financial Services....................................... 13.1% $ 28,732,012
Telecommunications....................................... 8.9 19,504,362
Food/Beverage/Tobacco.................................... 7.3 15,883,034
Energy................................................... 6.3 13,721,287
Retail Trade............................................. 5.9 13,051,030
Drugs.................................................... 5.5 12,148,514
Utilities................................................ 4.5 9,881,941
Industrial Services...................................... 4.5 9,804,598
Electrical Equipment..................................... 4.1 8,951,166
Media/Cable Television................................... 3.5 7,763,194
Transportation........................................... 3.5 7,685,892
Household Products....................................... 3.0 6,481,065
Paper/Forest Products.................................... 2.9 6,404,314
Electronics/Instruments/Components....................... 2.8 6,234,169
Conglomerates............................................ 2.7 5,957,048
Insurance................................................ 2.7 5,802,832
Automotive............................................... 2.3 4,959,121
Metals/Miscellaneous..................................... 2.1 4,697,839
Chemicals................................................ 1.8 4,036,195
Manufacturing/Diversified................................ 1.7 3,807,849
Building Materials....................................... 1.6 3,397,412
Real Estate/Construction................................. 1.3 2,807,826
Machinery/Diversified.................................... 1.2 2,618,363
Entertainment............................................ 1.1 2,419,077
Natural Gas.............................................. .9 2,036,616
Housing.................................................. .7 1,507,855
Retail/Specialty......................................... .1 218,233
Repurchase Agreement..................................... 3.9 8,485,000
---------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS 99.9% 218,997,844
OTHER ASSETS, LESS LIABILITIES .1 219,006
---------------------------------------------------------------------------------------------------
NET ASSETS 100.0% $219,216,850
===================================================================================================
</TABLE>
See notes to financial statements
8
<PAGE>
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
FIRST INVESTORS GLOBAL FUND, INC.
June 30, 1995
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments in securities, at value (identified cost $187,742,805) (Note 1A)....... $218,997,844
Cash............................................................................... 10,219
Receivables:
Dividends and interest.......................................................... $ 772,712
Capital shares sold............................................................. 110,719 883,431
-----------
Other assets....................................................................... 20,335
------------
Total Assets....................................................................... 219,911,829
LIABILITIES
Payable for capital shares redeemed................................................ 371,655
Accrued advisory fee............................................................... 183,794
Accrued expenses................................................................... 139,530
-----------
Total Liabilities.................................................................. 694,979
------------
NET ASSETS (Note 6):
Class A (34,756,195 shares outstanding)......................................... 218,610,860
Class B (96,608 shares outstanding)............................................. 605,990 $219,216,850
----------- ============
NET ASSETS CONSIST OF:
Capital paid in.................................................................... $188,938,433
Undistributed net investment income................................................ 1,185,189
Accumulated net realized loss from investments and
foreign currency transactions................................................... (2,184,009)
Net unrealized appreciation on investments and
translation of assets in foreign currencies..................................... 31,277,237
------------
Total.............................................................................. $219,216,850
============
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE -- CLASS A.......................... $6.29
=====
MAXIMUM OFFERING PRICE PER SHARE -- CLASS A ($6.29/.9375)*......................... $6.71
=====
NET ASSET VALUE AND OFFERING PRICE PER SHARE -- CLASS B............................ $6.27
=====
*On purchases of $25,000 or more, the sales charge is reduced.
</TABLE>
See notes to financial statements
9
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
FIRST INVESTORS GLOBAL FUND, INC.
Six Months Ended June 30, 1995
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Income:
Dividends (net of $135,946 foreign withholding taxes)........................ $ 2,720,671
Interest..................................................................... 440,906
-----------
Total income.................................................................... 3,161,577
Expenses:
Advisory fee (Note 3)........................................................ $1,067,885
Distribution plan expenses -- Class A (Note 3)............................... 320,011
Distribution plan expenses -- Class B (Note 3)............................... 1,182
Shareholder servicing costs (Note 3)......................................... 361,063
Reports and notices to shareholders.......................................... 84,925
Custodian fees and expenses.................................................. 81,388
Professional fees............................................................ 29,382
Other expenses............................................................... 30,552
----------
Total expenses.................................................................. 1,976,388
-----------
Net investment income........................................................... 1,185,189
-----------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS (Note 2):
Net realized gain from:
Investments............................................................... 5,024,425
Foreign currency transactions............................................. 336 5,024,761
----------
Net unrealized appreciation on:
Investments............................................................... 9,609,914
Translation of assets in foreign currencies............................... 15,023 9,624,937
---------- -----------
Net gain from investments and foreign currency.................................. 14,649,698
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............................ $15,834,887
</TABLE>
See notes to financial statements
10
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
FIRST INVESTORS GLOBAL FUND, INC.
--------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended
June 30, 1995 December 31, 1994
--------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income..................................................... $ 1,185,189 $ 953,819
Net realized gain from investments and foreign currency transactions...... 5,024,761 23,954,209
Net unrealized appreciation (depreciation) on investments and
translation of assets in foreign currencies............................ 9,624,937 (33,042,663)
------------ -----------
Net increase (decrease) in net assets resulting from operations........ 15,834,887 (8,134,635)
------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- Class A.......................................... -- (993,371)
Net realized gains -- Class A............................................. -- (5,853,794)
------------ -----------
Total distributions.................................................... -- (6,847,165)
------------ -----------
CAPITAL SHARE TRANSACTIONS (a)
Class A:
Proceeds from shares sold.............................................. 10,637,085 39,554,771
Value of distributions reinvested...................................... -- 6,632,379
Cost of shares redeemed................................................ (21,693,112) (27,116,895)
------------ -----------
(11,056,027) 19,070,255
------------ -----------
Class B:
Proceeds from shares sold.............................................. 587,385 --
Cost of shares redeemed................................................ (2,730) --
------------ -----------
584,655 --
------------ -----------
Net increase (decrease) from capital share transactions................ (10,471,372) 19,070,255
------------ -----------
Net increase in net assets.......................................... 5,363,515 4,088,455
NET ASSETS
Beginning of period....................................................... 213,853,335 209,764,880
------------ -----------
End of period (including undistributed net investment
income of $1,185,189 and none, respectively)........................... $219,216,850 $213,853,335
============ ===========
(a)CAPITAL SHARES ISSUED AND REDEEMED
Class A:
Sold................................................................... 1,792,902 6,428,101
Issued for distributions reinvested.................................... -- 1,135,681
Redeemed............................................................... (3,650,100) (4,412,645)
------------ -----------
Net increase (decrease) in Class A shares outstanding............... (1,857,198) 3,151,137
============ ===========
Class B:
Sold................................................................... 97,075 --
Redeemed............................................................... (467) --
------------ -----------
Net increase in Class B shares outstanding.......................... 96,608 --
============ ===========
</TABLE>
See notes to financial statements
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FIRST INVESTORS GLOBAL FUND, 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.
A. Security Valuation--A security listed or traded on any stock exchange or the
NASDAQ National Market System is valued at its last sale price on that exchange
or system prior to the time when assets are valued. If no sale is reported at
that time, the mean between the current bid and asked prices is used. Securities
for which over-the-counter market quotations are readily available are valued at
the mean between the last current bid and asked prices. The Board of Directors
has determined that securities may also be priced by a pricing service. The
pricing service uses quotations obtained from investment dealers or brokers for
the particular securities being evaluated, information with respect to market
transactions in comparable securities and other available information in
determining value. Securities for which market quotations are not readily
available and 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. For valuation
purposes, quotations of foreign securities in foreign currency are translated to
U.S. dollar equivalents using the foreign exchange quotation in effect.
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 distributions of income and capital
gains (in excess of any available capital loss carryovers) to relieve it from
all, or substantially all, such taxes. At June 30, 1995, the Fund had available
capital loss carryovers of $7,201,020, resulting from reorganizations in 1989
with other First Investors funds. The capital loss carryovers, as limited by the
provisions of the 1986 Tax Reform Act, expire as follows:
<TABLE>
<CAPTION>
Amount of
Capital Loss
Year Carryover Expiring
---- ------------------
<S> <C>
1995................... $ 1,136,862
1996................... 1,659,182
1997................... 4,404,976
-----------
$ 7,201,020
===========
</TABLE>
C. Foreign Currency Translations--The books and records are maintained in U.S.
dollars. For valuation purposes, quotations of foreign securities in foreign
currency are translated to U.S. dollar equivalents using the daily rate of
exchange. Purchases and sales of investment securities, dividend income and
certain expenses are translated to U.S. dollars at the rates of exchange
prevailing on the respective dates of such transactions.
The Fund does not isolate that portion of gains and losses on investments which
is due to changes in foreign exchange rates from that which is due to changes in
market prices of the investments. Such fluctuations are included with the net
realized and unrealized gains and losses from investments.
Net realized and unrealized gain (loss) from foreign currency transactions
includes gains and losses from the sales of foreign currency and gains and
losses between the ex and payment dates on dividends and foreign withholding
taxes.
D. Distributions to Shareholders--Distributions to shareholders from net
investment income and net realized gains are declared and paid annually.
The timing and characterization of income and capi-
12
<PAGE>
tal gain distributions are determined in accordance with federal regulations
which may differ from generally accepted accounting principles. These
differences are primarily due to differing treatments for foreign currency
transactions, capital loss carryforwards, deferral of wash sales and post
October losses.
E. 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, except that
certain dividends from foreign securities are recorded on the ex-dividend date
or as soon thereafter as the Fund is informed of the dividend. Interest income
and estimated expenses are accrued daily.
2. SECURITIES TRANSACTIONS--For the six months ended June 30, 1995, purchases
and sales of investment securities, excluding foreign currencies, United States
Treasury Bills and repurchase agreements, aggregated $47,836,290 and
$48,895,098, respectively.
At June 30, 1995, the cost of investments for federal income tax purposes was
$187,742,805. Accumulated net unrealized appreciation on investments was
$31,255,039, consisting of $37,454,557 gross unrealized appreciation and
$6,199,518 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 1% on the first $250 million of the Fund's
average daily net assets, declining by .03% on each $250 million thereafter,
down to .91% 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
six months ended June 30, 1995, no reimbursement was required pursuant to these
provisions.
During the six months ended June 30, 1995, FIC, as underwriter, received
$480,414 in commissions after allowing $978 to other dealers. Shareholder
servicing costs included $204,657 in transfer agent fees paid to ADM and
$111,713 in custodian fees paid to FFS.
Wellington Management Company serves as the investment subadviser to the Fund.
The subadviser is paid by FIMCO and not by the Fund.
Pursuant to a Distribution Plan adopted under Rule 12b-1 of the 1940 Act, the
Fund is authorized to pay FIC a fee equal to .30% of the average net assets of
the Class A shares and 1% of the average net assets of the Class B shares on an
annualized basis each year, payable monthly. The fee consists of a distribu-
13
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FIRST INVESTORS GLOBAL FUND, INC.
tion fee and a service fee. The service fee is paid for the ongoing servicing of
clients who are shareholders of the Fund.
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 June 30, 1995, the Fund
held five 144A securities with an aggregate value of $2,260,202, representing 1%
of the Fund's net assets. These securities are valued as set forth in Note 1A.
5. RESTRICTED SECURITIES--The Fund held the following restricted securities at
June 30, 1995:
<TABLE>
DATE NUMBER TYPE OF
ISSUER ACQUIRED OF SHARES SECURITY COST
------ ------- --------- ------------ --------
<S> <C> <C> <C> <C>
Canadian Pacific Ltd 2/14/94 40,000 Common Stock $672,580
Cadbury Schweppes PLC 2/06/95 42,642 Common Stock 231,828
</TABLE>
These common stocks, which have been acquired through private placements, may
not be sold or transferred without prior registration under the Securities Act
of 1933 or pursuant to an exemption therefrom. If and when the Fund sells such
common stocks, additional costs for registration may be required.
The restricted common stocks are valued based upon the price of the unrestricted
shares of common stock. At June 30, 1995, the aggregate value of the above
restricted common stocks was $1,006,380 representing less than 1/2 of 1% of the
Fund's net assets.
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
100,000,000 shares originally designated, the Fund has classified 65,000,000
shares as Class A and 35,000,000 shares as Class B.
14
<PAGE>
FINANCIAL HIGHLIGHTS
FIRST INVESTORS GLOBAL FUND, INC.
The following table sets forth the per share operating performance for a share
of capital stock outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
<TABLE>
CLASS A CLASS B
------------------------------------------------------------------
1/1/95 Year Ended December 31 1/12/95++
to ------------------------------------------ to
6/30/95 1994 1993 1992 1991 1990 6/30/95
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
--------------
Net Asset Value, Beginning of Period.................. $5.84 $6.27 $5.11 $5.41 $4.63 $5.38 $5.76
----- ----- ----- ----- ----- ----- -----
Income from Investment Operations
Net investment income (loss)....................... .034 .028 .014 .039 .005 (.023) .022
Net realized and unrealized gain (loss) from
investments and foreign currency transactions... .416 (.265) 1.160 (.298) .775 (.634) .488
----- ----- ----- ----- ----- ----- -----
Total from Investment Operations................ .450 (.237) 1.174 (.259) .780 (.657) .510
----- ----- ----- ----- ----- ----- -----
Less Distributions from:
Net investment income.............................. -- .028 .014 -- -- -- --
Net realized gain from investments................. -- .165 -- -- -- -- --
Capital surplus.................................... -- -- -- .041 -- .093 --
----- ----- ----- ----- ----- ----- -----
Total Distributions............................. -- .193 .014 .041 -- .093 --
----- ----- ----- ----- ----- ----- -----
Net Asset Value, End of Period........................ $6.29 $5.84 $6.27 $5.11 $5.41 $4.63 $6.27
===== ===== ===== ===== ===== ===== =====
TOTAL RETURN (%)+..................................... 7.71 (3.78) 22.97 (2.89) 14.56 (12.22) 8.85
RATIOS/SUPPLEMENTAL DATA
Net Assets, End of Period (in millions)............... $218.6 $213.9 $209.8 $181.0 $226.3 $219.0 $.6
Ratio to Average Net Assets: (%)
Expenses........................................... 1.85(a) 1.84 1.87 1.83 1.95 1.88 2.46(a)
Net investment income (loss)....................... 1.11(a) .45 .27 .73 .09 (.43) 1.77(a)
Portfolio Turnover Rate (%)........................... 24 56 41 45 64 116 24
</TABLE>
+ Calculated without sales charges
++ Date shares first offered
(a) Annualized
See notes to financial statements
15
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Shareholders and Board of Directors of
First Investors Global Fund, Inc.
We have audited the accompanying statement of assets and liabilities of First
Investors Global Fund, Inc., including the portfolio of investments, as of June
30, 1995, and the related statement of operations for the six months then ended,
the statement of changes in net assets for the six months ended June 30, 1995
and the year ended December 31, 1994, and financial highlights for each of the
periods 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 June 30, 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 Global Fund, Inc. at June 30, 1995, and the results of its operations,
changes in its net assets and financial highlights for each of the respective
periods presented, in conformity with generally accepted accounting principles.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
July 31, 1995
16
<PAGE>
This page left intentionally blank.
17
<PAGE>
FIRST INVESTORS GLOBAL FUND, INC.
DIRECTORS
--------------------------------------------------------------------------------
JAMES J. COY
ROGER L. GRAYSON
GLENN O. HEAD
KATHRYN S. HEAD
F. WILLIAM ORTMAN, JR.
REX R. REED
HERBERT RUBINSTEIN
JAMES M. SRYGLEY
JOHN T. SULLIVAN
ROBERT F. WENTWORTH
OFFICERS
--------------------------------------------------------------------------------
GLENN O. HEAD
President
CONCETTA DURSO
Vice President and Secretary
JOSEPH I. BENEDEK
Treasurer
CAROL LERNER BROWN
Assistant Secretary
18
<PAGE>
FIRST INVESTORS GLOBAL FUND, INC.
SHAREHOLDER INFORMATION
--------------------------------------------------------------------------------
INVESTMENT ADVISER
FIRST INVESTORS
MANAGEMENT COMPANY, INC.
95 Wall Street
New York, NY 10005
SUBADVISER
WELLINGTON MANAGEMENT COMPANY
75 State Street
Boston, MA 02109
UNDERWRITER
FIRST INVESTORS CORPORATION
95 Wall Street
New York, NY 10005
CUSTODIAN
BROWN BROTHERS HARRIMAN & CO.
40 Water Street
Boston, MA 02109
TRANSFER AGENT
ADMINISTRATIVE DATA
MANAGEMENT CORP.
581 Main Street
Woodbridge, NJ 07095-1198
LEGAL COUNSEL
KIRKPATRICK & LOCKHART LLP
1800 M Street, 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 GLOBAL FUND, INC.
95 WALL STREET
NEW YORK, NY 10005
The following appears on the bottom lefthand side:
First Investors Logo, which is described as follows: the arabic numeral one
separated into seven vertical segments followed by the word "First Investors."
A MEMBER OF THE
FIRST INVESTORS
FINANCIAL NETWORK
FIIS 077
Vertically reading from bottom to top in the center of the page the words "FIRST
INVESTORS" appear.
FIRST
INVESTORS
GLOBAL
FUND, INC.
SEMI-
ANNUAL
REPORT
JUNE 30, 1995
