<PAGE>
PORTFOLIO MANAGER'S LETTER
FIRST INVESTORS GLOBAL FUND, INC.
Dear Investor:
The world's stock markets were generally positive for the year. Like the U.S.,
many countries have been impacted by slow economic growth and have begun taking
steps to cut interest rates and provide tax cuts and other stimuli. We are
seeing some positive signs that these steps are working. This is particularly
true in Japan which has been in a recession for several years and seems to be
turning the corner. Slow or slowing growth and low inflation currently prevail
in the world's major economies. These results have been associated with
budget-deficit cuts not fully offset by easier monetary policies with the
exception of Japan. In addition consumer caution and soft export demand were
widespread. Among the major industrialized economies in 1995, capital investment
was strong only in the U.S., with Germany and U.K. exhibiting weak growth and
Japanese investment declining. Slowing growth and low inflation spurred many
central banks to cut interest rates throughout the latter part of 1995. In
Japan, the four-year-long recession is slowly coming to an end with no inflation
or mild deflation prevailing. To stimulate recovery, the Bank of Japan has
maintained its official discount rate at 0.5%, a post-World War II low.
During 1995 First Investors Global Fund returned 17.8% on a net asset value
basis on Class A shares and 18.8% on Class B shares (first offered for sale on
January 12, 1995), outperforming the Lipper Global Fund average which returned
16.1%. Dividends from net investment income amounted to 3.6 cents per share on
Class A shares and 2.8 cents per share on Class B shares. The Fund also declared
a capital gain distribution of 27.5 cents per share on both classes. Despite an
underweight position in the United States stock market throughout 1995, the Fund
outperformed comparable funds for four reasons. First and foremost, the Fund has
had an overweight position in Japan which was beneficial
to the Fund as Japanese technology stocks rallied in the second half of 1995.
Secondly, an overweight position in France and Spain also added significantly to
returns in the latter part of the year. Third, the Fund had a relatively low
weighting in Latin America early in the year and started adding to its position
only as these markets started to bottom for the second time in the fall.
Finally, good stock selection in countries such as Australia and the
Scandinavian countries also contributed significantly to relative returns.
1995 was a good year for the world's major financial markets. We expect about 2%
growth and inflation in the G-5 countries in 1996. One exception to this
forecast is Japan, where an inflation rate closer to 0% is expected and a
resumption of economic growth is anticipated. In other Pacific Basin countries,
high growth with some inflation is the likely result. In general the major
international economies are anticipated to experience slow but stable growth,
low interest rates and inflation which is under control -- an economic
environment which generally is supportive of world stock markets. We are
therefore quite optimistic about the prospects for further positive returns in
1996.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
[LOGO]
Trond Skramstad
Portfolio Manager
January 31, 1996
1
<PAGE>
CUMULATIVE PERFORMANCE INFORMATION
FIRST INVESTORS GLOBAL FUND, INC.
Comparison of change in value of $10,000 investment in the First Investors
Global Fund, Inc. (Class A shares) and the Morgan Stanley World Index.
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
GLOBAL MORGAN STANLEY
<S> <C> <C>
Jan-86 9,375 10,000
Dec-86 13,633 14,281
Dec-87 17,537 16,675
Dec-88 20,354 20,668
Dec-89 20,018 24,224
Dec-90 24,594 20,226
Dec-91 28,737 24,062
Dec-92 27,361 22,944
Dec-93 33,647 28,252
Dec-94 32,375 29,834
Dec-95 38,146 36,189
Average Annual Total Return*
N.A.V. Only S.E.C Standardized
Class A shares
One Year 17.8% 10.5%
Five Years 9.2% 7.8%
Ten Years 15.1% 14.3%
Class B shares
Since Inception 18.8% 14.1%
</TABLE>
THE GRAPH COMPARES A $10,000 INVESTMENT MADE IN THE FIRST INVESTORS GLOBAL
FUND, INC. (CLASS A SHARES) ON 1/1/86 WITH A THEORETICAL INVESTMENT IN THE
MORGAN STANLEY WORLD 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 MORGAN STANLEY WORLD INDEX IS DESIGNED TO MEASURE THE PERFORMANCE OF STOCK
MARKETS IN THE UNITED STATES, EUROPE, CANADA, AUSTRALIA, NEW ZEALAND AND THE
FAR EAST. THE INDEX CONSISTS OF APPROXIMATELY 60% OF THE AGGREGATE MARKET VALUE
OF THE COVERED STOCK EXCHANGES.
*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 7.25%, 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. MORGAN STANLEY WORLD INDEX FIGURES FROM MORGAN STANLEY & CO.
INCORPORATED AND ALL OTHER FIGURES FROM FIRST INVESTORS MANAGEMENT COMPANY,
INC.
2
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
December 31, 1995
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
NET
SHARES SECURITY VALUE ASSETS
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMON STOCKS--97.1%
UNITED STATES--24.8%
37,500 American International Group, Inc. $ 3,468,750 $ 151
41,000 American Re Corporation 1,675,875 73
22,000 *AMR Corporation 1,633,500 71
45,000 A T & T Corp. 2,913,750 127
16,000 Capital Cities/ABC, Inc. 1,974,000 86
40,000 Dow Chemical Company 2,815,000 123
36,000 Exxon Corporation 2,884,500 126
22,000 Federal National Mortgage Association 2,730,750 119
33,200 General Electric Company 2,390,400 104
40,000 Gillette Company 2,085,000 91
26,000 Hewlett-Packard Company 2,177,500 95
86,000 International Paper Company 3,257,250 142
44,000 J.C. Penney Company 2,095,500 91
34,500 Johnson & Johnson 2,954,062 129
35,000 Kimberly Clark Corporation 2,896,250 126
85,000 MCI Communications 2,220,625 97
10,000 Minnesota Mining & Manufacturing Company 662,500 29
33,000 PepsiCo, Inc. 1,843,875 80
58,000 Pharmacia & Upjohn, Inc. 2,247,500 98
3,500 *Schweitzer-Mauduit International, Inc. 80,938 3
130,000 Unocal Corporation 3,786,250 165
6,080 *Viacom Inc. Class "A" 278,920 12
46,067 *Viacom Inc. Class "B" 2,182,424 95
134,000 Wal-Mart Stores 2,998,250 130
55,000 York International Corporation 2,585,000 112
- -------------------------------------------------------------------------------------------------
56,838,369 2,475
- -------------------------------------------------------------------------------------------------
JAPAN--15.6%
45,150 Canon Sales Company, Inc. 1,203,685 52
310,000 Chichibu Onoda Cement Company 1,655,896 72
74,000 Chugai Pharmaceutical Company, Ltd. 709,497 31
99,000 Dai Nippon Printing Company, Ltd. 1,679,565 73
20,000 Ito-Yokado Company, Ltd. 1,233,134 54
216,000 Kawasaki Heavy Industries 994,637 43
128,000 Keio Teito Electric Railway 745,766 32
5,000 Kyocera Corporation 371,783 16
- -------------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
December 31, 1995
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
NET
SHARES SECURITY VALUE ASSETS
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
JAPAN (continued)
6,000 Kyoritsu Air Technology, Inc. $ 65,146 $ 3
15,000 Mabuchi Motor Company, Ltd. 933,576 41
55,000 Matsushita Electric Industrial Company, Ltd. 895,763 39
160,000 Minebea Company, Ltd. 1,343,264 58
31,000 Mitsubishi Bank 730,283 32
100,000 Mitsui Petrochemical Industries 819,180 36
22,500 Murata Manufacturing Company, Ltd. 828,875 36
17,000 Nihon Jumbo Company, Ltd. 594,949 26
71,000 Nippon Express 684,170 30
204 Nippon Telegraph & Telephone Corporation 1,651,355 72
500,000 *NKK Corporation 1,347,500 59
75,000 Nomura Securities Company, Ltd. 1,635,937 71
30,000 Orix Corporation 1,236,042 54
10,000 Riso Kagaku Corporation 844,387 37
97,000 Sakura Bank, Ltd. 1,231,871 54
10,000 Sankyo Company, Ltd. 224,911 10
23,000 Sanwa Bank, Ltd. 468,241 20
10,500 Sanyo Shinpan Finance Company, Ltd. 865,230 38
30,000 Secom Company, Ltd. 2,088,186 91
11,000 Sekisui Chemical Company, Ltd. 162,091 7
670 Seven Eleven Japan 47,286 2
50,000 Shimamura Corporation 1,934,045 84
3,000 Shohkoh Fund & Company 564,218 25
7,000 Showa Corporation 53,678 2
27,000 Sony Corporation 1,620,235 71
110,000 Sumitomo Marine & Fire Insurance Company 904,299 39
283,000 Sumitomo Realty & Development 2,002,763 87
76,000 Sumitomo Trust and Banking Company, Ltd. 1,075,696 47
14,000 Toda Construction 121,471 5
4,800 Tsutsumi Jewelry Company, Ltd. 240,577 10
- -------------------------------------------------------------------------------------------------
35,809,188 1,559
- -------------------------------------------------------------------------------------------------
FRANCE--5.6%
26,000 Banque Nationale De Paris 1,174,428 51
3,599 Canal Plus SA 675,588 29
12,386 Compagnie De Saint Gobain 1,372,738 60
- -------------------------------------------------------------------------------------------------
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
NET
SHARES SECURITY VALUE ASSETS
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
FRANCE (continued)
8,399 Euro Rscg Worldwide SA $ 686,981 $ 30
6,114 Groupe Danone 1,010,170 44
3,100 Peugeot SA 409,498 18
33,000 Renault SA 951,459 41
81,000 Rhone-Poulenc SA Series "A" 1,737,466 76
14,513 Societe Generale Paris 1,795,437 78
11,300 Technip SA 778,692 34
33,810 Total SA 2,284,934 99
- -------------------------------------------------------------------------------------------------
12,877,391 560
- -------------------------------------------------------------------------------------------------
UNITED KINGDOM--5.3%
100,000 *Associated British Foods PLC 572,900 25
113,000 Bass PLC 1,261,430 55
1,506,000 BET PLC 2,969,531 129
190,000 Body Shop International PLC 448,381 20
410,000 British Steel PLC 1,035,988 45
163,000 British Telecommunications PLC 895,881 39
145,000 Northern Foods PLC 384,961 17
121,466 Powergen PLC 1,004,220 44
180,000 Royal Insurance Holdings PLC 1,067,562 46
222,000 Tomkins PLC 971,983 42
460,000 Vodafone Group PLC 1,649,790 72
- -------------------------------------------------------------------------------------------------
12,262,627 534
- -------------------------------------------------------------------------------------------------
NETHERLANDS--5.1%
123,000 Elsevier NV CVA 1,642,050 72
49,350 International Nederlanden Groep NV CVA 3,300,281 144
21,500 Unilever NV CVA 3,024,506 132
100,000 Vendex International NV (BDR) 2,975,690 130
5,400 Verenigd Bezit VNU 742,126 32
- -------------------------------------------------------------------------------------------------
11,684,653 510
- -------------------------------------------------------------------------------------------------
SPAIN--4.1%
9,500 Acerinox SA Regd 960,837 42
95,000 Banco Bilbao Vizcaya 3,422,042 149
43,900 Empresa Nacional De Electricidad SA (ADR) 2,513,275 109
60,000 Repsol SA (ADR) 1,972,500 86
- -------------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
December 31, 1995
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
NET
SHARES SECURITY VALUE ASSETS
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
SPAIN (continued)
40,000 Telefonica De Espana $ 553,924 $ 24
- -------------------------------------------------------------------------------------------------
9,422,578 410
- -------------------------------------------------------------------------------------------------
NORWAY--4.0%
253,400 Christiania Bank OG 593,590 26
46,117 Hafslund Nyco Series "A" Free 1,208,062 53
56,000 Kvaerner AS Series "A" 1,985,480 86
51,000 Orkla AS Class "A" 2,542,794 111
207,000 Saga Petroleum Series "A" Free 2,768,563 121
- -------------------------------------------------------------------------------------------------
9,098,489 397
- -------------------------------------------------------------------------------------------------
GERMANY--3.9%
7,750 Bayer AG 2,049,481 89
405 Beiersdorf AG 278,720 12
2,200 Daimler-Benz AG 1,112,853 48
2,800 Degussa AG 944,890 41
18,000 Deutsche Bank AG 856,438 37
2,600 Karstadt AG 1,068,137 47
3,975 Mannesmann AG 1,268,366 55
35,000 Veba AG 1,501,454 65
- -------------------------------------------------------------------------------------------------
9,080,339 394
- -------------------------------------------------------------------------------------------------
AUSTRALIA--3.9%
57,085 Advance Bank of Australia 457,753 20
188,050 Amcor Ltd. 1,328,893 58
404,329 Australian & New Zealand Banking Group 1,897,839 83
269,721 Broken Hill Proprietary Ltd. 3,812,075 166
115,077 National Australia Bank Ltd. 1,035,774 45
20,700 Qantas Airways (ADR) (Note 4) 344,914 15
- -------------------------------------------------------------------------------------------------
8,877,248 387
- -------------------------------------------------------------------------------------------------
SINGAPORE--3.1%
212,500 Development Bank of Singapore 2,644,095 115
333,000 Keppel Corporation 2,966,331 129
125,000 Overseas Chinese Banking Corporation 1,564,186 68
- -------------------------------------------------------------------------------------------------
7,174,612 312
- -------------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
NET
SHARES SECURITY VALUE ASSETS
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
HONG KONG--2.9%
511,410 Hong Kong Telecom $ 912,764 $ 40
115,000 Hutchison Whampoa Ltd. 700,534 31
189,000 Sun Hung Kai Properties 1,546,077 67
455,000 Swire Pacific Class "A" 3,530,800 154
- -------------------------------------------------------------------------------------------------
6,690,175 292
- -------------------------------------------------------------------------------------------------
SWITZERLAND--2.9%
2,700 Ciba Geigy AG Regd 2,381,696 104
3,200 Nestle SA Regd 3,548,601 155
1,400 Sulzer AG PC 748,272 33
- -------------------------------------------------------------------------------------------------
6,678,569 292
- -------------------------------------------------------------------------------------------------
CANADA--2.2%
276,000 Canadian Pacific Ltd. 5,002,500 218
- -------------------------------------------------------------------------------------------------
SWEDEN--1.8%
48,000 Astra AB Series "A" Free 1,919,357 84
76,100 Avesta Sheffield AB Free 671,750 29
81,000 *BT Industries AB 892,231 39
62,000 Stora Kopparbergs Bergslags Series "A" 729,715 32
- -------------------------------------------------------------------------------------------------
4,213,053 184
- -------------------------------------------------------------------------------------------------
DENMARK--1.8%
133,500 Tele Danmark A/S Class "B" (ADR) 3,687,937 161
8,500 Unidanmark A/S Class "A" Regd 421,794 18
- -------------------------------------------------------------------------------------------------
4,109,731 179
- -------------------------------------------------------------------------------------------------
ITALY--1.5%
790,000 Banca Commercial Italiana 1,688,151 74
1,200,000 Telecom Italia SPA 1,868,280 81
- -------------------------------------------------------------------------------------------------
3,556,431 155
- -------------------------------------------------------------------------------------------------
FINLAND--1.3%
365,000 *Merita Bank Ltd. 924,654 40
21,000 Metsa-Serla OY Class "B" 648,087 28
35,000 *Nokia Corporation Class "A" (ADR) 1,360,625 59
- -------------------------------------------------------------------------------------------------
2,933,366 127
- -------------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
December 31, 1995
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
NET
SHARES SECURITY VALUE ASSETS
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
NEW ZEALAND--1.2%
2,109,000 Brierley Investments Ltd. $ 1,668,219 $ 73
523,000 Carter Holt Harvey Ltd. 1,128,268 49
- -------------------------------------------------------------------------------------------------
2,796,487 122
- -------------------------------------------------------------------------------------------------
MEXICO--1.0%
95,000 Cementos De Mexico SA Class "A" 314,417 14
131,000 *Fomento Economico Mexicano SA Class "B" 294,823 13
102,000 *Grupo Carso SA Class "A" 550,725 24
43,000 Kimberly Clark De Mexico SA Class "A" 649,625 28
49,400 *Transportacion Maritima Mexicana SA Class "A" (ADR) 370,500 16
- -------------------------------------------------------------------------------------------------
2,180,090 95
- -------------------------------------------------------------------------------------------------
PHILIPPINES--.8%
111,000 *Philippine National Bank 1,227,249 53
480,000 *Pilipino Telephone 484,944 21
- -------------------------------------------------------------------------------------------------
1,712,193 74
- -------------------------------------------------------------------------------------------------
THAILAND--.7%
40,000 Bangkok Bank Public Company Ltd. Foreign Regd 485,920 21
135,200 Bangkok Metropolitan Bank Public Company Ltd. 126,128 5
1,046,800 Bangkok Metropolitan Bank Public Company Ltd. Foreign Regd 997,286 43
- -------------------------------------------------------------------------------------------------
1,609,334 69
- -------------------------------------------------------------------------------------------------
PORTUGAL--.6%
70,000 *Portugal Telecom (ADR) 1,330,000 58
- -------------------------------------------------------------------------------------------------
AUSTRIA--.6%
9,400 EVN 1,292,814 56
- -------------------------------------------------------------------------------------------------
BELGIUM--.4%
24,000 Delhaize Le Lion 994,932 43
- -------------------------------------------------------------------------------------------------
MALAYSIA--.4%
356,000 Sime Darby Berhad 946,462 41
- -------------------------------------------------------------------------------------------------
CHILE--.4%
11,000 Compania De Telecomunicaciones De Chile SA (ADR) 911,625 40
- -------------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
SHARES OR OF
PRINCIPAL NET
AMOUNT SECURITY VALUE ASSETS
- -------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
BRAZIL--.4%
42,000 Centrais Electricas Brasileiras SA (ADR) $ 568,252 $ 25
40,000 *Usiminas Siderurg Minas (ADR) 325,124 14
- -------------------------------------------------------------------------------------------------
893,376 39
- -------------------------------------------------------------------------------------------------
INDONESIA--.3%
218,000 Jaya Real Property Foreign Regd 586,355 26
50,500 Semen Gresik (Note 4) 141,355 6
- -------------------------------------------------------------------------------------------------
727,710 32
- -------------------------------------------------------------------------------------------------
ARGENTINA--.3%
9,000 Telefonica De Argentina SA Class "B" (ADR) 245,250 11
19,000 YPF SA Class "D" (ADR) 410,875 18
- -------------------------------------------------------------------------------------------------
656,125 29
- -------------------------------------------------------------------------------------------------
INDIA--.2%
125,000 Indo Gulf Fertilizers and Chemicals Corp. Ltd. (GDR) (Note
4) 181,288 8
30,000 ITC Ltd. (GDR) (Note 4) 214,137 9
10,000 Reliance Industries Ltd. (GDS) (Note 4) 140,000 6
- -------------------------------------------------------------------------------------------------
535,425 23
- -------------------------------------------------------------------------------------------------
TOTAL VALUE OF COMMON STOCKS (cost $179,739,226) 222,895,892 9,706
- -------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--3.8%
$ 8,712M Aubrey G. Lanston & Co., Inc. 5.90%, 1/2/96 (Collateralized 379
by
U.S. Treasury Notes, 6 1/8%, 12/31/96) (cost $8,712,000) 8,712,000
- -------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
TOTAL VALUE OF INVESTMENTS (cost $188,451,226) 100.9% 231,607,892 10,085
EXCESS OF LIABILITIES OVER OTHER ASSETS (.9) (1,963,041) (85)
- --------------------------------------------------------------------------------------------------
NET ASSETS 100.0% $229,644,851 $ 10,000
- --------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------
</TABLE>
*Non-income producing
See notes to financial statements 9
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
At December 31, 1995, sector diversification of the portfolio was as follows:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
PERCENTAGE
SECTOR DIVERSIFICATION OF NET ASSETS VALUE
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Financial Services............................................................... 15.5% $ 35,583,490
Telecommunications............................................................... 8.9 20,407,492
Food/Beverage/Tobacco............................................................ 7.1 16,301,843
Drugs............................................................................ 7.1 16,180,304
Retail Trade..................................................................... 6.2 14,333,317
Energy........................................................................... 6.2 14,107,622
Business Services................................................................ 5.7 13,074,260
Metals/Miscellaneous............................................................. 5.1 11,637,680
Media/Cable Television........................................................... 5.0 11,483,234
Transportation................................................................... 4.8 11,001,915
Real Estate/Construction......................................................... 3.6 8,366,529
Paper/Forest Products............................................................ 3.6 8,336,787
Insurance........................................................................ 3.1 7,116,486
Electrical Equipment............................................................. 3.0 6,903,613
Utilities........................................................................ 3.0 6,880,015
Household Products............................................................... 2.5 5,708,351
Chemicals........................................................................ 1.7 3,955,468
Machinery/Diversified............................................................ 1.6 3,767,987
Electronics/Instruments/Components............................................... 1.1 2,543,922
Automotive....................................................................... 1.1 2,527,488
Entertainment.................................................................... 1.1 2,515,998
Housing.......................................................................... .1 162,091
Repurchase Agreements............................................................ 3.8 8,712,000
- -----------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS 100.9 231,607,892
EXCESS OF LIABILITIES OVER OTHER ASSETS (.9) (1,963,041)
- -----------------------------------------------------------------------------------------------------------------
NET ASSETS 100.0% $229,644,851
- -----------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------
</TABLE>
10 See notes to financial statements
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
FIRST INVESTORS GLOBAL FUND, INC.
December 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
ASSETS
Investments in securities, at value
(identified cost $188,451,226) (Note 1A)... $ 231,607,892
Receivables:
Dividends and interest..................... $ 544,352
Capital shares sold........................ 377,506
Investment securities sold................. 227,883 1,149,741
----------------
Other assets................................. 20,335
----------------
Total Assets................................. 232,777,968
LIABILITIES
Cash overdraft............................... 237,591
Payables:
Dividend payable January 15, 1996.......... 1,968,853
Capital shares redeemed.................... 346,487
Investment securities purchased............ 165,433
Accrued expenses............................. 224,669
Accrued advisory fee......................... 190,084
----------------
Total Liabilities............................ 3,133,117
----------------
NET ASSETS (Note 5):
Class A (34,728,871 shares outstanding).... 228,336,228
Class B (200,014 shares outstanding)....... 1,308,623 $ 229,644,851
---------------- ----------------
----------------
NET ASSETS CONSIST OF:
Capital paid in.............................. $ 189,877,886
Accumulated net realized loss on investments
and foreign currency transactions.......... (3,396,184)
Net unrealized appreciation of investments
and translation of assets in foreign
currencies................................. 43,163,149
----------------
Total........................................ $ 229,644,851
----------------
----------------
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE--CLASS A.............................. $6.57
----------------
----------------
MAXIMUM OFFERING PRICE PER SHARE--CLASS A
($6.57/.9375)*.............................. $7.01
----------------
----------------
NET ASSET VALUE AND OFFERING PRICE PER
SHARE--CLASS B.............................. $6.54
----------------
----------------
</TABLE>
*On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements 11
<PAGE>
STATEMENT OF OPERATIONS
FIRST INVESTORS GLOBAL FUND, INC.
Year Ended December 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
INVESTMENT INCOME
Income:
Dividends (net of $287,688 foreign
withholding taxes).................. $ 4,467,474
Interest.............................. 718,801
----------------
Total income............................ 5,186,275
Expenses (Note 3):
Advisory fee.......................... $ 2,187,070
Distribution plan expenses--Class A... 654,328
Distribution plan expenses--Class B... 5,980
Shareholder servicing costs........... 714,181
Custodian fees and expenses........... 171,634
Reports and notices to shareholders... 140,697
Professional fees..................... 62,603
Other expenses........................ 60,769
----------------
Total expenses.......................... 3,997,262
----------------
Net investment income................... 1,189,013
----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS (Note 2):
Net realized gain from:
Investments....................... 13,083,213
Foreign currency transactions..... 9,706 13,092,919
----------------
Net unrealized appreciation
(depreciation) of:
Investments....................... 21,511,541
Translation of assets in foreign
currencies...................... (692) 21,510,849
---------------- ----------------
Net gain from investments and foreign
currency.............................. 34,603,768
----------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS........................ $ 35,792,781
----------------
----------------
</TABLE>
12 See notes to financial statements
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
FIRST INVESTORS GLOBAL FUND, INC.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Year Ended December 31 1995 1994
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income.................................................. $ 1,189,013 $ 953,819
Net realized gain on investments and foreign currency transactions..... 13,092,919 23,954,209
Net unrealized appreciation (depreciation) of investments and
translation of assets in foreign currencies.......................... 21,510,849 (33,042,663)
----------- -----------
Net increase (decrease) in net assets resulting from operations...... 35,792,781 (8,134,635)
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income--Class A......................................... (1,201,748) (993,371)
Net investment income--Class B......................................... (5,314) --
Net realized gains--Class A............................................ (9,215,464) (5,853,794)
Net realized gains--Class B............................................ (52,445) --
----------- -----------
Total distributions.................................................. (10,474,971) (6,847,165)
----------- -----------
CAPITAL SHARE TRANSACTIONS (a)
Class A:
Proceeds from shares sold............................................ 20,655,423 39,554,771
Value of distributions reinvested.................................... 8,448,358 6,632,379
Cost of shares redeemed.............................................. (39,890,811) (27,116,895)
----------- -----------
(10,787,030) 19,070,255
----------- -----------
Class B:
Proceeds from shares sold............................................ 1,286,260 --
Value of distributions reinvested.................................... 57,759 --
Cost of shares redeemed.............................................. (83,283) --
----------- -----------
1,260,736 --
----------- -----------
Net increase (decrease) from capital share transactions.............. (9,526,294) 19,070,255
----------- -----------
Net increase in net assets........................................... 15,791,516 4,088,455
NET ASSETS
Beginning of year...................................................... 213,853,335 209,764,880
----------- -----------
End of year............................................................ $229,644,851 $213,853,335
----------- -----------
----------- -----------
(a)CAPITAL SHARES ISSUED AND REDEEMED
Class A:
Sold................................................................. 3,322,118 6,428,101
Issued for distributions reinvested.................................. 1,229,747 1,135,681
Redeemed............................................................. (6,436,387) (4,412,645)
----------- -----------
Net increase (decrease) in Class A shares outstanding.............. (1,884,522) 3,151,137
----------- -----------
----------- -----------
Class B:
Sold................................................................. 204,422 --
Issued for distributions reinvested.................................. 8,457 --
Redeemed............................................................. (12,865) --
----------- -----------
Net increase in Class B shares outstanding......................... 200,014 --
----------- -----------
----------- -----------
</TABLE>
See notes to financial statements 13
<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. The objective of the Fund is primarily to seek long-term
capital growth and secondarily to earn a reasonable level of current income.
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. 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 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 available capital loss carryovers of $3,396,184,
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>
1996.............................. $3,017,230
1997.............................. 378,954
------------------
$3,396,184
------------------
------------------
</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.
14
<PAGE>
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 capital 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 and deferral of wash sales.
E. Repurchase Agreements--Securities pledged as collateral for repurchase
agreements are held by the Fund's custodian until maturity of the repurchase
agreement. Provisions for the agreement provide that the market value of the
collateral is sufficient in the event of default; however, in the event of
default or bankruptcy by the other party to the agreement, realization and/or
retention of the collateral may be subject to legal proceedings.
F. 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 year ended December 31, 1995, purchases and
sales of investment securities, excluding foreign currencies and repurchase
agreements, aggregated $96,946,104 and $105,579,562, respectively.
At December 31, 1995, the cost of investments for federal income tax purposes
was $188,451,226. Accumulated net unrealized appreciation on investments was
$43,156,666, consisting of $48,215,773 gross unrealized appreciation and
$5,059,107 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
year ended December 31, 1995, no reimbursement was required pursuant to these
provisions.
15
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FIRST INVESTORS GLOBAL FUND, INC.
During the year ended December 31, 1995, FIC, as underwriter, received $912,605
in commissions after allowing $3,286 to other dealers. Shareholder servicing
costs included $417,058 in transfer agent fees paid to ADM and $220,698 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 distribution
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 December 31, 1995, the
Fund held five 144A securities with an aggregate value of $1,021,694
representing less than 1/2 of 1% of the Fund's net assets. These securities are
valued as set forth in Note 1A.
5. 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% over 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.
16
<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 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......................... $ 5.84 $ 6.27 $ 5.11 $ 5.41 $ 4.63 $ 5.38 $ 4.47 $3.85 $3.31 $2.53 $ 5.76
------ ------ ------ ------ ------ ------ ------ ----- ----- ----- -------
Income from Investment
Operations
Net investment income
(loss).................... .035 .028 .014 .039 .005 (.023) (.019) .003 (.021) .006 .027
Net realized and unrealized
gain (loss) from
investments and foreign
currency transactions..... 1.006 (.265) 1.160 (.298) .775 (.634) 1.689 .617 .969 1.068 1.056
------ ------ ------ ------ ------ ------ ------ ----- ----- ----- -------
Total from Investment
Operations.............. 1.041 (.237) 1.174 (.259) .780 (.657) 1.670 .620 .948 1.074 1.083
------ ------ ------ ------ ------ ------ ------ ----- ----- ----- -------
Less Distributions from:
Net investment income....... .036 .028 .014 -- -- -- -- -- .008 .006 .028
Net realized gain from
investments............... .275 .165 -- -- -- -- .390 -- .400 .288 .275
Capital surplus............. -- -- -- .041 -- .093 .370 -- -- -- --
------ ------ ------ ------ ------ ------ ------ ----- ----- ----- -------
Total Distributions....... .311 .193 .014 .041 -- .093 .760 -- .408 .294 .303
------ ------ ------ ------ ------ ------ ------ ----- ----- ----- -------
Net Asset Value, End of
Year......................... $ 6.57 $ 5.84 $ 6.27 $ 5.11 $ 5.41 $ 4.63 $ 5.38 $4.47 $3.85 $3.31 $ 6.54
------ ------ ------ ------ ------ ------ ------ ----- ----- ----- -------
------ ------ ------ ------ ------ ------ ------ ----- ----- ----- -------
TOTAL RETURN(%)+.............. 17.83 (3.78) 22.97 (2.89) 14.56 (12.22) 37.65 16.10 28.60 45.49 18.80
RATIOS/SUPPLEMENTAL DATA
- ------------------------------
Net Assets, End of Year (in
millions).................... $228.3 $213.9 $209.8 $181.0 $226.3 $219.0 $182.4 $88.9 $92.9 $28.5 $1.3
Ratio to Average Net
Assets:(%)
Expenses.................... 1.83 1.84 1.87 1.83 1.95 1.88 1.75 1.74 1.73 1.75 2.56(a)
Net investment income
(loss).................... .55 .45 .27 .73 .09 (.43) (.38) .07 (.45) .03 (.19)(a)
Portfolio Turnover Rate (%)... 47 56 41 45 64 116 155 115 137 94 47
</TABLE>
*Adjusted to reflect five-for-one stock split on March 4, 1987
**Date shares first offered
+Calculated without sales charge
(a)Annualized
See notes to financial statements
17
<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
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 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 December 31, 1995, by correspondence with the custodian and brokers.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of First
Investors Global Fund, Inc. at December 31, 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
January 31, 1996
18
<PAGE>
FIRST INVESTORS GLOBAL FUND, INC.
DIRECTORS
- -------------------------------------------
JAMES J. COY
ROGER L. GRAYSON
GLENN O. HEAD
KATHRYN S. HEAD
REX R. REED
HERBERT RUBINSTEIN
JAMES F. 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
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.
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 GLOBAL FUND, 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
FIIS077
