<PAGE>
PORTFOLIO MANAGER'S LETTER
FIRST INVESTORS GLOBAL FUND, INC.
Dear Investor:
We are pleased to present the semi-annual report for First Investors Global
Fund, Inc. for the six months ended June 30, 1997. For the period, the Fund's
return on a net asset value basis was 11.8% on Class A shares and 11.5% on Class
B shares compared to a return of 12.9% for the Lipper Global Average.
World equity markets provided investors with positive returns for the six months
ended June 30, 1997. Growth in most major economies, and many smaller ones, is
accelerating, while inflation has been contained. These trends have been
favorable for world stock markets in the past and we believe that conditions
continue to be favorable.
As of June 30, 1997, more than a third of the Fund (thirty-eight percent) was
invested in European stocks led by global brand names such as food giant NESTLE
in Switzerland and music label and movie producer POLYGRAM in the Netherlands.
Within Europe, the Fund's largest weightings by country have been in the United
Kingdom, France and Germany.
An additional twenty-seven percent of the Fund was invested in the U.S. with a
focus on large-capitalization U.S. stocks, and three percent was invested in
Canada. The Fund benefited from the outperformance of the U.S. component driven
largely by investments in some of the strongest performing sectors:
pharmaceuticals, securities brokers, and telecommunications equipment. Many of
the Portfolio's largest positions were in U.S. multinationals that are expected
to post reliable, consistent earnings. For example, the top 10 holdings included
WARNER-LAMBERT, DUPONT, JOHNSON & JOHNSON, and GENERAL ELECTRIC. Investments in
securities in the financial sector also helped returns, including stocks such as
AMERICAN EXPRESS (also a top 10 holding) and TRAVELERS GROUP. This is an area
where we saw opportunity and added holdings such as CITICORP.
Japan represented thirteen percent of the Fund. We have been relatively
optimistic about the Japanese economy and stock market, but took profits as the
market continued to strengthen. The Fund has focused on three major investment
themes in Japan. First, the Fund has focused on software and hardware companies
that participate in the video game industry such as NAMCO and SONY MUSIC
ENTERTAINMENT. Japanese companies are world leaders in this market. Second, we
have avoided Japanese banks given the continued uncertainty about problem loans
and the workout of those issues. Third, we have participated in companies that
are focused on the Japanese domestic economy in the belief that it was set for
continued improvement.
The Fund had ten percent invested in emerging markets of which Latin America
represented the largest portion (seven percent). Prospects in Latin America
continue to look positive. Argentina, Chile and Mexico enjoy recoveries with low
or slowing inflation. Three percent of the Fund was invested in emerging Asian
countries such as Indonesia and Malaysia which appear to be the strongest
emerging markets in that region of the world. The Fund had nine percent invested
in the developed economies of Asia including investments in Australia, New
Zealand, Singapore and Hong Kong. Investments in Australia such as CROWN, a
large casino and gaming company, and PIONEER INTERNATIONAL, an international
building and construction company, are well positioned to benefit from stronger
world wide economic growth and regional prosperity.
Looking forward, the world's economies are strong or improving with little sign
of higher inflation or the need to dramatically increase interest rates. In
addition, in two major regions of the world there are long-term trends that are
positive for stock markets. In Europe, the establishment of private pensions and
mutual funds as well as the opening of small company
1
<PAGE>
PORTFOLIO MANAGER'S LETTER (continued)
FIRST INVESTORS GLOBAL FUND, INC.
stock exchanges will push the development of a positive equity culture in Europe
and continue to reward investors in our view. In Japan, recent changes in the
laws to allow share buybacks and stock options are also important developments
that will lead to improved shareholder returns. These longer-term positive
trends for the world's stock markets, coupled with constructive economic
environments, should benefit the Fund's performance. However, it is important to
remember that stock markets tend to be cyclical with periods when stock prices
generally rise and periods when stock prices generally decline. There are also
currency risks as well as country specific political and economic risks to
investing internationally. While there is a fair degree of diversification
across markets within the portfolio, diversification cannot totally protect from
falling stock prices. Investors should be aware of these risks and recognize
that successful investing generally requires a long-term commitment to the
markets.
As always, we appreciate the opportunity to serve your investment needs.
Sincerely,
/s/ Trond Skramstad
Trond Skramstad
Portfolio Manager
July 28, 1997
2
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
June 30, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMON STOCKS--96.6%
UNITED STATES--26.2%
12,900 Abbott Laboratories $ 861,075 $ 29
63,000 American Express Company 4,693,500 157
16,330 American International Group, Inc. 2,439,294 82
80,000 *Analog Devices, Inc. 2,125,000 71
42,000 Boeing Company 2,228,625 74
45,000 *Cisco Systems, Inc. 3,020,625 101
19,850 Citicorp 2,393,166 80
20,900 CVS Corporation 1,071,125 36
61,480 Du Pont (E.I.) de Nemours & Company 3,865,555 129
46,000 Exxon Corporation 2,829,000 95
20,000 Gannett Company, Inc. 1,975,000 66
56,400 General Electric Company 3,687,150 123
21,000 Gillette Company 1,989,750 67
52,000 Hewlett-Packard Company 2,912,000 97
24,000 Home Depot, Inc. 1,654,500 55
11,920 Intel Corporation 1,690,405 56
58,000 Johnson & Johnson 3,733,750 125
14,583 Lucent Technologies, Inc. 1,050,887 35
53,900 McDonald's Corporation 2,604,044 87
34,400 *Mirage Resorts, Inc. 868,600 29
8,200 Pfizer, Inc. 979,900 33
69,000 Pharmacia & Upjohn, Inc. 2,397,750 80
21,800 Phelps Dodge Corporation 1,857,088 62
13,640 Procter & Gamble Company 1,926,650 64
41,500 Sara Lee Corporation 1,727,438 58
32,300 SBC Communications, Inc. 1,998,563 67
15,200 Schlumberger Ltd. 1,900,000 64
29,900 Southwest Airlines Company 773,663 26
53,000 State Street Corporation 2,451,250 82
34,200 Travelers Group, Inc. 2,156,738 72
41,600 United Technologies Corporation 3,452,800 115
35,000 Unocal Corporation 1,358,438 45
- ------------------------------------------------------------------------------------------
</TABLE>
3
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
June 30, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
UNITED STATES (continued)
108,000 Wal-Mart Stores, Inc. $ 3,651,750 $ 122
32,000 Warner-Lambert Company 3,976,000 133
- ------------------------------------------------------------------------------------------
78,301,079 2,617
- ------------------------------------------------------------------------------------------
JAPAN--13.1%
119,000 Aisin Seiki Company, Ltd. 1,819,879 61
50,000 Asahi Organic Chemicals Industry Company, Ltd. 259,110 9
1,000 Chudenko Corporation 26,829 1
24,000 Dai Nippon Printing Company, Ltd. 543,214 18
103,000 Eisai Company, Ltd. 1,953,241 65
32,000 Exedy Corporation 408,282 14
53,000 Fuji Machine Manufacturing Company 1,922,135 64
18,000 Fukuda Denshi, Ltd. 369,657 12
83,000 Hitachi Company, Ltd. 928,421 31
162,000 JGC Corporation 1,118,399 37
34,000 Kyudenko Company, Ltd. 287,021 10
25,000 Mabuchi Motor Company, Ltd. 1,452,853 49
90,000 Maruichi Steel Tube, Ltd. 1,494,360 50
27,200 Matsumotokiyoshi Company, Ltd. 1,155,219 39
101,000 Matsushita Electric Industrial Company, Ltd. 2,038,887 68
214,000 *Mazda Motor Corporation 748,037 25
18,000 Meiwa Estate Company, Ltd. 393,253 13
150,000 Mitsubishi Heavy Industries, Ltd. 1,152,225 39
42,000 Murata Manufacturing Company, Ltd. 1,673,683 56
54,000 Namco, Ltd. 2,085,815 70
113,000 NGK Spark Plug Company 1,234,378 41
168,000 Nikko Securities Company, Ltd. 1,035,031 35
175,000 Nippon Express Company, Ltd. 1,399,318 47
5,340 Nippon Television Network Corporation 2,146,639 72
100,000 Okumura Corporation 530,450 18
2,900 Royal, Ltd. 61,077 2
226,000 Sakura Bank, Ltd. 1,734,053 58
40,000 Sanwa Bank, Ltd. 594,248 20
20,000 Sawako Corporation 363,540 12
- ------------------------------------------------------------------------------------------
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
JAPAN (continued)
41,000 Shimachu $ 1,232,542 $ 41
43,000 Sony Music Entertainment, Inc. 2,017,913 67
20,000 Square Company, Ltd. 987,502 33
142,000 Sumitomo Rubber Industries 956,753 32
25,800 Tokyo Steel Manufacturing Company 288,594 10
180,000 Toyo Ink Manufacturing Company, Ltd. 720,432 24
200,000 Yamato Kogyo Company, Ltd. 1,975,000 66
- ------------------------------------------------------------------------------------------
39,107,990 1,309
- ------------------------------------------------------------------------------------------
UNITED KINGDOM--9.9%
185,000 Associated British Foods PLC 1,596,421 53
190,000 Bank of Scotland 1,214,271 41
39,400 Bass PLC 480,653 16
166,000 BOC Group PLC 2,887,055 97
178,600 Boots Company PLC 2,091,102 70
163,000 British Telecommunications PLC 1,209,900 40
399,000 BTR PLC 1,364,620 46
115,800 Burmah Castrol PLC 1,960,980 66
234,000 Carlton Communications PLC 1,976,434 66
810,000 *Centrica PLC 987,390 33
835,769 Cookson Group PLC 2,941,823 98
212,714 De La Rue PLC 1,306,319 44
140,000 Guinness PLC 1,370,040 46
281,400 National Grid Holdings PLC 1,027,982 34
168,298 PowerGen PLC 2,002,696 67
170,000 Rank Group PLC 1,076,542 36
52,867 Reckitt & Colman PLC 789,236 26
184,218 Royal & Sun Alliance Insurance Group PLC 1,358,202 45
338,383 Sainsbury (J) PLC 2,052,733 69
- ------------------------------------------------------------------------------------------
29,694,399 993
- ------------------------------------------------------------------------------------------
FRANCE--6.5%
4,350 Accor SA 652,025 22
82,400 Assurances Generales de France 2,635,811 88
- ------------------------------------------------------------------------------------------
</TABLE>
5
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
June 30, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
FRANCE (continued)
54,000 Banque Nationale de Paris $ 2,227,716 $ 74
6,986 Compagnie de Saint Gobain 1,019,769 34
28,010 Credit Commercial de France 1,187,969 40
29,314 Groupe Havas SA 2,114,562 71
10,050 Peugeot SA 972,314 32
24,075 Remy Cointreau 578,609 19
59,922 Rhone-Poulenc SA - Series "A" 2,449,569 82
20,287 Societe Generale Paris 2,266,804 76
15,000 Societe Nationale Elf Aquitaine SA 1,619,842 54
16,367 Total SA - Class "B" 1,655,952 55
- ------------------------------------------------------------------------------------------
19,380,942 647
- ------------------------------------------------------------------------------------------
GERMANY--3.5%
45,000 Bayer AG 1,735,403 58
26,000 Degussa AG 1,375,696 46
100,100 Deutsche Lufthansa AG 1,927,275 64
5,690 Karstadt AG 2,057,176 69
1,975 Mannesmann AG 880,657 29
122,300 *Metallgesellschaft AG 2,530,167 85
- ------------------------------------------------------------------------------------------
10,506,374 351
- ------------------------------------------------------------------------------------------
AUSTRALIA--3.4%
208,050 Amcor, Ltd. 1,371,549 46
773,338 Boral, Ltd. 2,415,831 81
199,654 Broken Hill Proprietary, Ltd. 2,914,050 97
394,220 *Crown, Ltd. 629,017 21
545,545 Goodman Fielder, Ltd. 796,932 27
530,000 Pioneer International, Ltd. 2,032,868 68
- ------------------------------------------------------------------------------------------
10,160,247 340
- ------------------------------------------------------------------------------------------
CANADA--3.3%
44,500 Alcan Aluminium, Ltd. 1,532,192 51
68,300 Canadian Imperial Bank of Commerce 1,712,996 57
- ------------------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
CANADA (continued)
198,600 Canadian Pacific, Ltd. $ 5,647,687 $ 189
71,900 Canwest Global Communications Corporation - Class
"A" 1,065,019 36
- ------------------------------------------------------------------------------------------
9,957,894 333
- ------------------------------------------------------------------------------------------
ITALY--3.1%
140,600 Arnaldo Mondadori Editore SpA 811,445 27
616,000 Fiat SpA 2,215,629 74
213,600 Istituto Bancario San Paolo Di Torino 1,555,392 52
374,000 Stet-Societa Finanziaria Telefonica SpA 2,176,044 73
850,000 Telecom Italia SpA 2,542,690 85
- ------------------------------------------------------------------------------------------
9,301,200 311
- ------------------------------------------------------------------------------------------
NETHERLANDS--3.1%
12,040 Akzo-Nobel NV 1,652,999 55
95,297 ING Groep NV 4,401,711 147
60,000 PolyGram NV 3,154,145 105
- ------------------------------------------------------------------------------------------
9,208,855 307
- ------------------------------------------------------------------------------------------
HONG KONG--2.7%
235,000 Hutchison Whampoa, Ltd. 2,032,304 68
192,000 Hysan Development Company, Ltd. 566,285 19
100,000 New World Development Company, Ltd. 596,330 20
146,400 Sun Hung Kai Properties, Ltd. 1,762,129 59
265,000 Swire Pacific, Ltd. - Class "A" 2,385,822 80
3,630,000 Tingyi Holding Company 904,233 30
- ------------------------------------------------------------------------------------------
8,247,103 276
- ------------------------------------------------------------------------------------------
MEXICO--2.5%
325,000 Cemex SA CPO 1,397,321 47
194,400 *Corporacion Geo SA - Class "B" 1,119,307 37
224,000 Fomento Economico Mexicano SA - Class "B" 1,331,976 45
3,360,000 Grupo Financiero Bancomer - Class "B" 1,622,040 54
41,400 Grupo Televisa SA 626,634 21
- ------------------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
June 30, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
MEXICO (continued)
215,000 Kimberly Clark de Mexico Class - "A" $ 851,404 $ 28
18,600 Panamerican Beverages, Inc. - Class "A" 611,475 20
- ------------------------------------------------------------------------------------------
7,560,157 252
- ------------------------------------------------------------------------------------------
FINLAND--2.0%
70,100 Kesko 987,877 33
160,000 Metsa-Serla OY - Class "B" 1,302,976 44
31,300 Nokia Corporation - Class "A" (ADR) 2,308,375 77
61,800 Rauma OY 1,415,832 47
- ------------------------------------------------------------------------------------------
6,015,060 201
- ------------------------------------------------------------------------------------------
DENMARK--2.0%
45,800 Tele Danmark A/S - Class "B" (ADR) 1,196,525 40
84,500 Unidanmark A/S - Class "A" Regd 4,753,404 159
- ------------------------------------------------------------------------------------------
5,949,929 199
- ------------------------------------------------------------------------------------------
SWITZERLAND--1.8%
240 *Ciba Specialty Chemicals Holding, Inc. 22,225 1
885 Nestle AG Regd 1,169,194 39
1,400 Sairgroup Zurich Regd 1,571,080 53
3,150 Sulzer AG Regd 2,700,895 90
- ------------------------------------------------------------------------------------------
5,463,394 183
- ------------------------------------------------------------------------------------------
SINGAPORE--1.6%
133,500 Development Bank of Singapore 1,680,591 56
283,000 Keppel Corporation, Ltd. 1,256,803 42
70,750 Keppel Corporation, Ltd. - Class "A" 306,779 10
270,000 Keppel Fels, Ltd. 913,923 31
270,000 Keppel Land, Ltd. 717,552 24
- ------------------------------------------------------------------------------------------
4,875,648 163
- ------------------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
SWEDEN--1.6%
45,940 Nordbanken AB $ 1,544,723 $ 52
77,000 Pharmacia & Upjohn, Inc. 2,599,066 87
26,800 Sparbanken Sverige AB - Class "A" 596,142 20
- ------------------------------------------------------------------------------------------
4,739,931 159
- ------------------------------------------------------------------------------------------
IRELAND--1.3%
83,957 Allied Irish Banks PLC 639,954 21
40,000 Bank of Ireland 440,372 15
968,000 Jefferson Smurfit Group PLC 2,819,300 94
- ------------------------------------------------------------------------------------------
3,899,626 130
- ------------------------------------------------------------------------------------------
NORWAY--1.2%
97,117 Nycomed ASA - Class "A" 1,432,709 48
109,000 Saga Petroleum ASA - Series "A" 2,069,583 69
- ------------------------------------------------------------------------------------------
3,502,292 117
- ------------------------------------------------------------------------------------------
MALAYSIA--1.1%
6,270 *Bumi Armada BHD 15,402 1
570,000 Land & General Holdings BHD 654,873 22
210,000 Renong BHD 274,554 9
142,000 Resorts World BHD 427,562 14
466,000 Sime Darby Berhad 1,550,848 52
140,000 Sungei Way Holdings Berhad 264,012 9
- ------------------------------------------------------------------------------------------
3,187,251 107
- ------------------------------------------------------------------------------------------
BRAZIL--1.0%
28,100 Aracruz Celulose SA (ADR) 572,537 19
30,000 Centrais Electricas Brasileiras SA - Electrobras
(ADR) 838,791 28
11,930,000 Telecomunicacoes Brasileiras SA - Telebras 1,614,129 54
- ------------------------------------------------------------------------------------------
3,025,457 101
- ------------------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
June 30, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
ARGENTINA--1.0%
240,700 Banco de Galicia - Class "B" $ 1,600,823 $ 54
108,600 Quilmes Industrial SA (ADR) 1,262,475 42
- ------------------------------------------------------------------------------------------
2,863,298 96
- ------------------------------------------------------------------------------------------
CHILE--.9%
14,400 Embotelladora Andina SA - Series "A" (ADR) 308,700 10
28,800 Embotelladora Andina SA - Series "B" (ADR) 601,200 20
48,900 Enersis SA (ADR) 1,739,006 58
- ------------------------------------------------------------------------------------------
2,648,906 88
- ------------------------------------------------------------------------------------------
INDONESIA--.8%
980,000 Bank Negara Indonesia Foreign Regd 624,652 21
756,000 Jaya Real Property Foreign Regd 1,018,256 34
24,000 PT Indosat (ADR) 718,500 24
- ------------------------------------------------------------------------------------------
2,361,408 79
- ------------------------------------------------------------------------------------------
NEW ZEALAND--.7%
777,000 Brierley Investments, Ltd. 758,274 25
523,000 Carter Holt Harvey, Ltd. 1,350,433 45
- ------------------------------------------------------------------------------------------
2,108,707 70
- ------------------------------------------------------------------------------------------
SPAIN--.6%
11,950 Empresa Nacional de Electricidad SA (ADR) 1,016,497 34
22,800 Telefonica de Espana SA 660,418 22
- ------------------------------------------------------------------------------------------
1,676,915 56
- ------------------------------------------------------------------------------------------
THAILAND--.5%
348,000 Land & House Public Company, Ltd. Foreign Regd 725,406 24
85,000 Siam City Cement Public Company, Ltd. Foreign
Regd 265,778 9
150,000 Siam Commercial Bank Public Company, Ltd. Foreign
Regd 613,770 21
- ------------------------------------------------------------------------------------------
1,604,954 54
- ------------------------------------------------------------------------------------------
AUSTRIA--.5%
10,800 OMV AG 1,383,712 46
- ------------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
SOUTH KOREA--.3%
16,040 Chosun Brewery Company, Ltd. $ 419,063 $ 14
33,615 *Hanwha Chemical Corporation 264,980 9
130 Samsung Fire & Marine Insurance 48,381 2
6,000 Shinsegae Department Store 236,486 8
- ------------------------------------------------------------------------------------------
968,910 33
- ------------------------------------------------------------------------------------------
PHILIPPINES--.3%
8,000 Philippine Long Distance Telephone Company (ADR) 514,000 17
880,000 Pilipino Telephone Corporation 442,024 15
- ------------------------------------------------------------------------------------------
956,024 32
- ------------------------------------------------------------------------------------------
INDIA--.1%
15,600 Ranbaxy Laboratories, Ltd. (GDR) 366,600 12
- ------------------------------------------------------------------------------------------
TOTAL VALUE OF COMMON STOCKS (cost $237,581,136) 289,024,262 9,662
- ------------------------------------------------------------------------------------------
PREFERRED STOCKS--1.8%
BRAZIL--1.2%
9,809,000 Companhia Energetic de Minas Gerais (CEMIG) 493,393 17
97,054,700 Companhia Paranaense de Energia - Copel - Class
"B" 1,737,279 58
5,209,000 Petroleo Brasileiro SA - Petrobras 1,427,266 48
23,000 *Vale Do Rio Doce - Class "B" -- --
- ------------------------------------------------------------------------------------------
3,657,938 123
- ------------------------------------------------------------------------------------------
GERMANY--.6%
19,030 Hornbach Holdings AG 1,588,986 53
- ------------------------------------------------------------------------------------------
TOTAL VALUE OF PREFERRED STOCKS (cost $3,956,160) 5,246,924 176
- ------------------------------------------------------------------------------------------
</TABLE>
11
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
June 30, 1997
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
PRINCIPAL $10,000 OF
AMOUNT SECURITY VALUE NET ASSETS
- ------------------------------------------------------------------------------------------
<C> <S> <C> <C>
REPURCHASE AGREEMENT--1.2%
$3,556M Morgan (J.P.) Securities, Inc., 5.95%, 7/1/97
(collateralized by U.S. Treasury Notes, 9.125%,
5/15/99, valued at $3,644M) (cost $3,556,000) $ 3,556,000 $ 119
- ------------------------------------------------------------------------------------------
TOTAL VALUE OF INVESTMENTS (cost $245,093,296) 99.6% 297,827,186 9,957
OTHER ASSETS, LESS LIABILITIES .4 1,295,624 43
- ------------------------------------------------------------------------------------------
NET ASSETS 100.0% $299,122,810 $10,000
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
</TABLE>
* Non-income producing
See notes to financial statements
12
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS GLOBAL FUND, INC.
At June 30, 1997, sector diversification of the portfolio was as follows:
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
PERCENTAGE
SECTOR DIVERSIFICATION OF NET ASSETS VALUE
- --------------------------------------------------------------------
<S> <C> <C>
Banks.................................. 12.0% $ 35,856,047
Drugs.................................. 7.2 21,646,213
Retail Trade........................... 5.9 17,779,496
Metals & Minerals...................... 5.3 15,962,503
Media.................................. 4.8 14,413,092
Food/Beverage/Tobacco.................. 4.4 13,158,409
Telephone.............................. 4.4 13,072,793
Energy Sources......................... 4.3 12,921,061
Travel & Leisure....................... 4.2 12,615,623
Chemicals.............................. 4.1 12,261,077
Paper/Forest Products.................. 3.2 9,574,518
Machinery & Manufacturing.............. 3.2 9,524,746
Electric Utilities..................... 3.0 8,855,644
Real Estate Companies.................. 3.0 8,819,906
Insurance.............................. 2.9 8,638,426
Transportation......................... 2.9 8,610,587
Electronics............................ 2.8 8,456,396
Automotive............................. 2.4 7,181,971
Financial Services..................... 2.2 6,486,805
Communication Equipment................ 2.1 6,379,887
Electrical Equipment................... 2.1 6,374,381
Computers & Office Equipment........... 2.0 5,853,823
Aerospace/Defense...................... 1.9 5,681,425
Business Services...................... 1.8 5,305,357
Household Products..................... 1.6 4,705,636
Medical Products....................... 1.3 3,931,627
Energy Services........................ .9 2,813,923
Pipeline............................... .8 2,371,102
Entertainment Products................. .7 2,017,913
Housing................................ .7 2,013,297
Software Services...................... .3 987,502
Repurchase Agreement................... 1.2 3,556,000
- --------------------------------------------------------------------
TOTAL VALUE OF INVESTMENTS 99.6 297,827,186
OTHER ASSETS, LESS LIABILITIES .4 1,295,624
- --------------------------------------------------------------------
NET ASSETS 100.0% $299,122,810
- --------------------------------------------------------------------
- --------------------------------------------------------------------
</TABLE>
See notes to financial statements
13
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
FIRST INVESTORS GLOBAL FUND, INC.
June 30, 1997
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments in securities, at value
(identified cost $245,093,296) (Note
1A).................................. $297,827,186
Receivables:
Investment securities sold........... $ 2,155,382
Dividends and interest............... 1,117,080
Capital shares sold.................. 682,308 3,954,770
------------
Other assets........................... 20,335
------------
Total Assets........................... 301,802,291
LIABILITIES
Cash overdraft......................... 1,032,580
Payables:
Investment securities purchased...... 821,186
Capital shares redeemed.............. 415,893
Accrued advisory fee................... 248,955
Accrued expenses....................... 160,867
------------
Total Liabilities...................... 2,679,481
------------
NET ASSETS (Note 4):
Class A (39,446,768 shares
outstanding)....................... 290,881,517
Class B (1,135,138 shares
outstanding)....................... 8,241,293 $299,122,810
------------
------------
------------
NET ASSETS CONSIST OF:
Capital paid in........................ $226,850,863
Undistributed net investment income.... 1,440,295
Accumulated net realized gain on
investments and foreign currency
transactions......................... 18,089,513
Net unrealized appreciation of
investments and translation of assets
in foreign currencies................ 52,742,139
------------
Total.................................. $299,122,810
------------
------------
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE - CLASS A.................. $ 7.37
-----
-----
MAXIMUM OFFERING PRICE PER
SHARE - CLASS A ($7.37/.9375)*....... $ 7.86
-----
-----
NET ASSET VALUE AND OFFERING PRICE PER
SHARE - CLASS B (Note 4)............. $ 7.26
-----
-----
</TABLE>
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
14
<PAGE>
STATEMENT OF OPERATIONS
FIRST INVESTORS GLOBAL FUND, INC.
Six Months Ended June 30, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Income:
Dividends (net of $199,808 foreign
withholding taxes)................. $ 3,846,637
Interest............................. 167,580
-----------
Total income........................... 4,014,217
Expenses (Notes 1 and 3):
Advisory fee......................... $1,382,320
Shareholder servicing costs.......... 509,658
Distribution plan expenses - Class
A.................................. 404,820
Distribution plan expenses - Class
B.................................. 32,917
Custodian fees and expenses.......... 157,111
Professional fees.................... 32,411
Reports and notices to
shareholders....................... 9,029
Other expenses....................... 30,238
-----------
Total expenses......................... 2,558,504
-----------
Net investment income.................. 1,455,713
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY
TRANSACTIONS (Note 2):
Net realized gain (loss) from:
Investments........................ 18,144,482
Translation of assets in foreign
currencies....................... (54,969) 18,089,513
-----------
Net unrealized appreciation of:
Investments........................ 12,210,566
Translation of assets in foreign
currencies....................... 8,274 12,218,840
----------- -----------
Net gain from investments and foreign
currencies........................... 30,308,353
-----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS...................... $31,764,066
-----------
-----------
</TABLE>
See notes to financial statements
15
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
FIRST INVESTORS GLOBAL FUND, INC.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1997 DECEMBER 31, 1996
- -------------------------------------------------- ---------------- -----------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment income........................... $ 1,455,713 $ 1,218,304
Net realized gain on investments and foreign
currency transactions......................... 18,089,513 35,356,971
Net unrealized appreciation (depreciation) of
investments and translation of assets in
foreign currencies............................ 12,218,840 (2,639,850)
---------------- -----------------
Net increase in net assets resulting from
operations.................................. 31,764,066 33,935,425
---------------- -----------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income - Class A................. -- (1,513,003)
Net investment income - Class B................. -- (12,327)
Net realized gains - Class A.................... -- (31,032,925)
Net realized gains - Class B.................... -- (636,439)
---------------- -----------------
Total distributions........................... -- (33,194,694)
---------------- -----------------
CAPITAL SHARE TRANSACTIONS (a)
Class A:
Proceeds from shares sold....................... 19,031,525 36,352,940
Value of distributions reinvested............... -- 31,943,902
Cost of shares redeemed......................... (22,206,327) (34,487,088)
---------------- -----------------
(3,174,802) 33,809,754
---------------- -----------------
Class B:
Proceeds from shares sold....................... 2,524,233 4,040,306
Value of distributions reinvested............... -- 645,589
Cost of shares redeemed......................... (422,876) (449,042)
---------------- -----------------
2,101,357 4,236,853
---------------- -----------------
Net increase (decrease) from capital share
transactions.................................. (1,073,445) 38,046,607
---------------- -----------------
Net increase in net assets.................... 30,690,621 38,787,338
NET ASSETS
Beginning of period............................. 268,432,189 229,644,851
---------------- -----------------
End of period (including undistributed net
investment income (deficit) of $1,440,295 and
($15,418), respectively)...................... $ 299,122,810 $ 268,432,189
---------------- -----------------
---------------- -----------------
(a)CAPITAL SHARES ISSUED AND REDEEMED
Class A:
Sold............................................ 2,810,303 5,281,102
Issued for distributions reinvested............. -- 4,847,330
Redeemed........................................ (3,278,697) (4,942,141)
---------------- -----------------
Net increase (decrease) in Class A capital
shares outstanding............................ (468,394) 5,186,291
---------------- -----------------
---------------- -----------------
Class B:
Sold............................................ 377,496 585,922
Issued for distributions reinvested............. -- 99,169
Redeemed........................................ (63,041) (64,422)
---------------- -----------------
Net increase in Class B capital shares
outstanding................................... 314,455 620,669
---------------- -----------------
---------------- -----------------
</TABLE>
See notes to financial statements
16
<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 an exchange or the Nasdaq
Stock Market is valued at its last sale price on the exchange where the security
is principally traded 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 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 the 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 to relieve it from all, or substantially all, such taxes.
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) on foreign currency transactions
includes gains and losses from the sales of foreign currency and gains and
losses on accrued foreign dividends and related withholding taxes.
D. Distributions to Shareholders--Distributions to shareholders from net
investment income and net realized gains are generally declared and paid
annually. The timing and characterization of income and capital gain
distributions are determined in accordance with income tax regulations which may
differ from generally accepted accounting principles. These differences are
primarily due to differing treatments for foreign currency transactions.
E. Repurchase Agreements--Securities pledged as collateral for repurchase
agreements are held by the Fund's custodian until maturity of the repurchase
agreement. The agreements provide that the Fund will receive, as collateral,
securities with a market value which will at all times be at least equal to 100%
of the amount invested by the Fund.
F. Use of Estimates--The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported
17
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FIRST INVESTORS GLOBAL FUND, INC.
amounts of revenue and expenses during the reporting period. Actual results
could differ from those estimates.
G. 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. Interest income
and estimated expenses are accrued daily.
2. SECURITIES TRANSACTIONS--For the six months ended June 30, 1997, purchases
and sales of investment securities, excluding foreign currencies and repurchase
agreements, aggregated $109,271,788 and $109,076,073, respectively.
At June 30, 1997, the cost of investments for federal income tax purposes was
$245,093,296. Accumulated net unrealized appreciation on investments was
$52,733,890, consisting of $62,456,913 gross unrealized appreciation and
$9,723,023 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.
During the six months ended June 30, 1997, FIC, as underwriter, received
$729,157 in commissions after allowing $1,590 to other dealers. Shareholder
servicing costs included $323,794 in transfer agent fees paid to ADM and
$112,032 in IRA custodian fees paid to FFS.
Wellington Management Company serves as investment subadviser to the Fund. The
subadviser is paid by FIMCO and not by the Fund.
Pursuant to Distribution Plans 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. 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
distribution plan 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
distribution plan fees) 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 authorized, the Fund has designated 65,000,000 shares as Class A and
35,000,000 shares as Class B.
18
<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>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Class A Class B
------------------------------------------------------ ------------------------------
1/1/97 Year Ended December 31 1/1/97
to ------------------------------------------- to
6/30/97 1996 1995 1994 1993 1992 6/30/97 1996 1995*
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net Asset Value, Beginning of
Period........................... $6.59 $6.57 $5.84 $6.27 $5.11 $5.41 $6.51 $6.54 $5.76
------- ------- ------- ------- ------- ------- ------- ------- --------
Income from Investment Operations
Net investment income (loss)..... .036 .036 .035 .028 .014 .039 .020 (.007) .027
Net realized and unrealized gain
(loss) from investments and
foreign currency
transactions................... .744 .912 1.006 (.265) 1.160 (.298) .730 .879 1.056
------- ------- ------- ------- ------- ------- ------- ------- --------
Total from Investment
Operations................... .780 .948 1.041 (.237) 1.174 (.259) .750 .872 1.083
------- ------- ------- ------- ------- ------- ------- ------- --------
Less Distributions from:
Net investment income............ -- .043 .036 .028 .014 -- -- .017 .028
Net realized gain from
investments.................... -- .885 .275 .165 -- -- -- .885 .275
Capital surplus.................. -- -- -- -- -- .041 -- -- --
------- ------- ------- ------- ------- ------- ------- ------- --------
Total Distributions............ -- .928 .311 .193 .014 .041 -- .902 .303
------- ------- ------- ------- ------- ------- ------- ------- --------
Net Asset Value, End of Period..... $ 7.37 $ 6.59 $ 6.57 $ 5.84 $ 6.27 $ 5.11 $ 7.26 $ 6.51 $ 6.54
------- ------- ------- ------- ------- ------- ------- ------- --------
------- ------- ------- ------- ------- ------- ------- ------- --------
TOTAL RETURN (%)+.................. 11.84 14.43 17.83 (3.78) 22.97 (2.89) 11.52 13.33 18.80
RATIOS/SUPPLEMENTAL DATA
Net Assets, End of Period (in
millions)........................ $290.9 $263.1 $228.3 $213.9 $209.8 $181.0 $8.2 $5.3 $1.3
Ratio to Average Net Assets: (%)
Expenses......................... 1.83(a) 1.83 1.83 1.84 1.87 1.83 2.53(a) 2.54 2.56(a)
Net investment income (loss)..... 1.07(a) .50 .55 .45 .27 .73 .37(a) (.21) (.19)(a)
Portfolio Turnover Rate (%)........ 41 73 47 56 41 45 41 73 47
Average Commission Rate (per share
of security)++................... $ .0034 $ .0094 -- -- -- -- $ .0034 $ .0094 --
</TABLE>
* From January 12, 1995 (date Class B shares first offered) to December 31,
1995.
(a) Annualized
+ Calculated without sales charge.
++ Average commission rate as required by amended disclosure requirements
effective in 1996.
See notes to financial statements
19
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Shareholders and Board of Directors of
First Investors Global Fund, Inc.
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments of First Investors Global Fund, Inc., as of June
30, 1997, 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, 1997
and the year ended December 31, 1996, and financial highlights for each of the
periods indicated thereon. 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, 1997, 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 June 30, 1997, and the results of its operations,
changes in its net assets and financial highlights for the periods presented, in
conformity with generally accepted accounting principles.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
July 31, 1997
20
<PAGE>
(This page has been left blank intentionally.)
21
<PAGE>
FIRST INVESTORS GLOBAL FUND, INC.
DIRECTORS
- -------------------------------------------
JAMES J. COY (Emeritus)
ROGER L. GRAYSON
GLENN O. HEAD
KATHRYN S. HEAD
REX R. REED
HERBERT RUBINSTEIN
NANCY S. SCHAENEN
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
GREGORY R. KINGSTON
Assistant Treasurer
MARK S. SPENCER
Assistant Treasurer
22
<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
New York, NY 10286
TRANSFER AGENT
ADMINISTRATIVE DATA
MANAGEMENT CORP.
581 Main Street
Woodbridge, NJ 07095-1198
LEGAL COUNSEL
KIRKPATRICK & LOCKHART LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
AUDITORS
TAIT, WELLER & BAKER
Two Penn Center Plaza
Philadelphia, PA 19102
It is the Fund's practice to mail only one copy of its annual and semi-annual
reports to any address at which more than one shareholder with the same last
name has indicated that mail is to be delivered. Additional copies of the
reports will be mailed if requested by any shareholder in writing or by calling
800-423-4026. The Fund will ensure that separate reports are sent to any
shareholder who subsequently changes his or her mailing address.
This report is authorized for distribution only to existing shareholders, and,
if given to prospective shareholders, must be accompanied or preceded by the
Fund's prospectus.
23
<PAGE>
FIRST
INVESTORS
GLOBAL
FUND, INC.
SEMI-
ANNUAL
REPORT
JUNE 30, 1997
Vertically reading from bottom to top in the center of the page the words "FIRST
INVESTORS" appear.
The following appears in a box to the left of the above language:
First Investors Logo (as described above)
NEED SERVICE?
If you have questions about your account...or would like information regarding
other products or services...please contact your representative or call our
Shareholder Services Department at...
(800) 423-4026
The following appears in a box within the above box:
Our business is...putting investors first
The following appears on the bottom lefthand side:
FIIS077
