[First Investors Logo]
EQUITY FUNDS
TOTAL RETURN
GROWTH & INCOME
BLUE CHIP
UTILITIES INCOME
MID-CAP OPPORTUNITY
SPECIAL SITUATIONS
FOCUSED EQUITY
GLOBAL
SEMI-ANNUAL REPORT
March 31, 2000
Equity Market Overview
FIRST INVESTORS TOTAL RETURN FUND
FIRST INVESTORS GROWTH & INCOME FUND
FIRST INVESTORS BLUE CHIP FUND
FIRST INVESTORS UTILITIES INCOME FUND
FIRST INVESTORS MID-CAP OPPORTUNITY FUND
FIRST INVESTORS SPECIAL SITUATIONS FUND
FIRST INVESTORS FOCUSED EQUITY FUND
FIRST INVESTORS GLOBAL FUND, INC.
Dear Investor:
We are pleased to present the semi-annual reports for the First
Investors equity funds for the six month period ended March 31, 2000.
The U.S. economy continued to exhibit surprising strength during the
period covered by this report. This was illustrated by gross domestic
product (GDP) growth of 7.3% in the fourth quarter of 1999, the
strongest growth rate since 1984. First quarter 2000 GDP growth is
estimated to be very strong, at 5%-6%. The unemployment rate dropped to
just 4% in January, a 30-year low. Despite the economy's strength and
the length of the current economic expansion, inflation remained
remarkably low. Excluding food and energy, consumer prices were up only
2.4% for the past 12 months, as compared to 2.1% from a year ago.
Consumer confidence reached record highs, with climbing personal income
and asset growth due to the strong housing and stock markets. Throughout
the reporting period, the Federal Reserve Board ("the Fed") became
increasingly concerned that the accelerated rate of economic growth
would lead to inflation. To offset this possibility, the Fed raised the
federal funds rate in November, February and March in an attempt to slow
the economy.
With the healthy economy as a backdrop, the stock market posted a robust
14.6% gain in the fourth quarter of 1999 as measured by the Standard &
Poor's 500 Composite Index ("S&P 500"). Driven by the ongoing Internet
phenomenon, the equity rally was led by stocks in the technology,
communications and media sectors. The Nasdaq Composite Index, which is
meant to be a broad Nasdaq stock market indicator but is increasingly
being driven by technology stocks, was up an astonishing 48% for the
quarter. Despite the impressive numbers, the equity market's gains were
largely limited to high-flying, high-tech stocks. When technology stocks
are removed from the S&P 500 Index, it was up only mid-single digits for
1999.
The first three months of 2000 were very bumpy for equity investors.
Encouraged by the smooth transition into the new century, investors
flooded the market with cash that had been hoarded in anticipation of
Y2K computer difficulties. The market surged in early January, before
quickly coming back down to earth and ending the month with its worst
January performance since 1990. The market continued to gyrate back and
forth for much of the first quarter of 2000, and ultimately posted a
positive return of 2% for the quarter. Investors continued to chase
after technology stocks, and the Nasdaq again had strong returns,
posting a 12.4% gain. As remarkable as the roller-coaster ride of the
first quarter was, it appears to have been merely a precursor of what
was to follow. As this report is written, the equity market is in the
Equity Market Overview (continued)
midst of a period of increased volatility. April has been particularly
difficult, with the market lurching between steep declines and rapid
recoveries.
Because it is impossible to predict the future direction of the markets,
particularly over the short term, there are certain basic investment
principles that we encourage our shareholders to follow to reduce
exposure to risk.* First, we encourage shareholders to take a long-term
view, and to avoid trying to time the market. Attempting to time the
market is extremely difficult, even for professional investors. Second,
we encourage our shareholders to diversify their portfolios among stock
funds, bond funds and money market funds. Third, we encourage our
shareholders to follow a regular investment plan, investing a specific
amount of money at defined intervals. This strategy is known as "dollar
cost averaging." It may help you to avoid getting caught up in the
excitement of a rising market and will reduce the risk of buying at high
points.
Of course, no financial plan or program, no matter how well-designed, is
guaranteed to be successful. In addition, nothing eliminates the risk
associated with overall market trends. However, utilizing these various
strategies may help to minimize the risk by reducing the extent to which
an investor may be affected by a decline in any one security or segment
of the market. If you use dollar cost averaging, you should consider
your ability to continue purchases through periods of declining prices.
Going forward, we remain optimistic that the stock market can post
positive returns for the remainder of the year. Nevertheless, we are
concerned about excessive valuations, record-high share prices of some
stocks and the extreme volatility. It's particularly encouraging that
many of the fundamentals of the U.S. economy that provided a foundation
for the stock market's solid performance in past years are still in
place: strong economic growth, a reasonable level of inflation, low
unemployment and sustained corporate earnings. Also, investor sentiment
appears to be positive. Despite the market's repeated swings, investors
have shown impressive resiliency.
Thank you for placing your trust in First Investors. As always, we
appreciate the opportunity to serve your investment needs.
Sincerely,
/S/ PATRICIA D. POITRA
Patricia D. Poitra
Director of Equities
First Investors Management Company, Inc.
April 28, 2000
* There are a variety of risks associated with investing in all stock
mutual funds including market risk (the risk that the entire stock
market will decline because of an event such as a deterioration in the
economy or a rise in interest rates), as well as special risks
associated with investing in certain types of stock mutual funds, such
as small-cap funds and global and international funds. You should
consult your prospectus for a precise explanation of the risks
associated with your fund.
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS TOTAL RETURN FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--61.2%
Basic Materials--2.0%
15,600 Alcoa, Inc. $ 1,095,900 $ 84
30,800 * Bethlehem Steel Corporation 184,800 14
11,500 Dow Chemical Company 1,311,000 101
--------------------------------------------------------------------------------------------------------
2,591,700 199
--------------------------------------------------------------------------------------------------------
Capital Goods--8.4%
8,000 * Celestica, Inc. 424,500 33
6,600 Corning, Inc. 1,280,400 99
21,900 Danaher Corporation 1,116,900 86
21,900 Deere & Company 832,200 64
15,300 General Electric Company 2,374,368 183
9,900 Illinois Tool Works, Inc. 546,975 42
7,300 Ingersoll-Rand Company 323,025 25
10,500 Minnesota Mining & Manufacturing Company 929,905 72
62,200 Reynolds and Reynolds Company - Class "A" 1,679,400 129
22,000 United Technologies Corporation 1,390,125 107
--------------------------------------------------------------------------------------------------------
10,897,798 840
--------------------------------------------------------------------------------------------------------
Communication Services--2.7%
25,000 Bell Atlantic Corporation 1,528,125 118
9,900 GTE Corporation 702,900 54
19,800 * MCI WorldCom, Inc. 897,187 69
14,700 * NorthPoint Communications Group, Inc. 339,019 26
--------------------------------------------------------------------------------------------------------
3,467,231 267
--------------------------------------------------------------------------------------------------------
Consumer Cyclicals--4.6%
15,300 Circuit City Stores - Circuit City Group 931,388 72
30,600 Family Dollar Stores, Inc. 636,863 49
14,000 Gannett Company, Inc. 985,250 76
9,800 Hertz Corporation - Class "A" 333,813 26
41,000 Mattel, Inc. 427,938 33
29,200 * Nordstrom, Inc. 861,400 66
33,600 * Office Depot, Inc. 388,500 30
24,000 Wal-Mart Stores, Inc. 1,332,000 103
--------------------------------------------------------------------------------------------------------
5,897,152 455
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS TOTAL RETURN FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Consumer Staples--3.2%
23,400 * AT&T Corporation - Liberty Media
Group - Class "A" $ 1,386,450 $ 107
3,100 * Clear Channel Communications, Inc. 214,094 17
19,600 Estee Lauder Companies, Inc. - Class "A" 981,225 76
11,000 * Getty Images, Inc. 395,313 30
7,300 * Viacom, Inc. - Class "B" 385,075 30
18,000 Walt Disney Company 744,750 57
--------------------------------------------------------------------------------------------------------
4,106,907 317
--------------------------------------------------------------------------------------------------------
Energy--5.6%
7,000 Chevron Corporation 647,063 50
47,900 EOG Resources, Inc. 1,014,880 78
25,937 Exxon Mobil Corporation 2,018,223 156
30,600 * Nabors Industries, Inc. 1,187,663 92
41,000 Noble Affiliates, Inc. 1,345,313 104
18,400 Royal Dutch Petroleum Company - NY Shares (ADR) 1,059,150 82
--------------------------------------------------------------------------------------------------------
7,272,292 562
--------------------------------------------------------------------------------------------------------
Financial--4.6%
58,400 ACE, Ltd. 1,335,900 103
12,000 American International Group, Inc. 1,314,000 101
24,700 Capital One Financial Corporation 1,184,055 91
10,200 Chase Manhattan Corporation 889,313 69
21,400 Citigroup, Inc. 1,269,287 98
--------------------------------------------------------------------------------------------------------
5,992,555 462
--------------------------------------------------------------------------------------------------------
Healthcare--4.6%
19,300 Abbott Laboratories 679,119 52
12,400 Allergan, Inc. 620,000 48
6,700 Becton, Dickinson & Company 176,294 14
13,900 Bristol-Myers Squibb Company 802,725 62
13,300 Cardinal Health, Inc. 610,138 47
35,500 Columbia HCA Healthcare Corporation 898,594 69
43,800 * Foundation Health Systems, Inc. - Class "A" 350,400 27
5,100 Johnson & Johnson 357,319 28
22,600 Medtronic, Inc. 1,162,487 90
14,000 Pall Corporation 314,125 24
--------------------------------------------------------------------------------------------------------
5,971,201 461
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Technology--24.4%
2,900 * Alpha Industries, Inc. $ 275,500 $ 20
15,600 * Applied Materials, Inc. 1,470,300 113
6,300 * Aspeon, Inc. 127,575 10
17,000 * Atmel Corporation 877,625 68
30,800 Autodesk, Inc. 1,401,400 108
21,000 Automatic Data Processing, Inc. 1,013,250 78
12,200 * Cadence Design Systems, Inc. 253,150 20
14,100 * CIENA Corporation 1,778,363 137
37,600 * Cisco Systems, Inc. 2,906,950 224
54,000 Compaq Computer Corporation 1,437,750 111
9,500 * EMC Corporation 1,187,500 92
2,600 Ericsson (L.M.) Telephone
Company (ADR) - Class "B" 243,913 19
8,900 * Go2Net, Inc. 717,005 55
13,600 * Harbinger Corporation 396,100 31
35,800 * Jabil Circuit, Inc. 1,548,350 119
17,299 * MarchFirst, Inc. 617,358 48
7,300 * Microchip Technology, Inc. 479,975 37
15,300 * Microsoft Corporation 1,625,625 125
7,800 Motorola, Inc. 1,110,525 86
5,500 Nokia Corporation (ADR) - Class "A" 1,194,875 92
30,900 * Oracle Corporation 2,412,130 186
5,000 Scientific-Atlanta, Inc. 317,188 24
17,000 * Solectron Corporation 681,063 53
28,200 * Symantec Corporation 2,118,525 163
4,000 * Tekelec 148,500 11
10,400 * Tellabs, Inc. 655,038 51
19,300 * Teradyne, Inc. 1,587,425 122
7,300 Texas Instruments, Inc. 1,168,000 90
8,800 * Verio, Inc. 396,550 31
12,000 W.W. Grainger, Inc. 651,000 50
31,400 Xerox Corporation 816,400 63
--------------------------------------------------------------------------------------------------------
31,614,908 2,437
--------------------------------------------------------------------------------------------------------
Utilities--1.1%
19,800 Enron Corporation 1,482,525 114
--------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $53,109,759) 79,294,269 6,114
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS TOTAL RETURN FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE BONDS--14.7%
Automotive--2.3%
$1,000M DaimlerChrysler NA Holdings Corp., 7.40%, 2005 $ 998,525 $ 77
1,000M Lear Corp., 7.96%, 2005 1,027,840 79
1,000M Navistar International Corp., 8%, 2008 932,500 72
--------------------------------------------------------------------------------------------------------
2,958,865 228
--------------------------------------------------------------------------------------------------------
Building Materials--.6%
1,000M Interface, Inc., 7.30%, 2008 765,000 59
--------------------------------------------------------------------------------------------------------
Chemicals--.5%
650M Huntsman Polymers Corp., 11.75%, 2004 676,000 52
--------------------------------------------------------------------------------------------------------
Containers/Packaging--.4%
500M PrintPack, Inc., 9.875%, 2004 485,000 37
--------------------------------------------------------------------------------------------------------
Energy Exploration/Products--1.0%
1,000M Gulf Canada Resources, Ltd., 8.35%, 2006 955,000 74
300M Veritas DGC, Inc., 9.75%, 2003 302,250 23
--------------------------------------------------------------------------------------------------------
1,257,250 97
--------------------------------------------------------------------------------------------------------
Entertainment/Leisure--1.3%
1,000M Carmike Cinemas, Inc., 9.375%, 2009 635,000 49
1,000M Walt Disney Co., 7.30%, 2005 998,876 77
--------------------------------------------------------------------------------------------------------
1,633,876 126
--------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--.5%
600M Universal Corp., 9.25%, 2001 608,011 47
--------------------------------------------------------------------------------------------------------
Gas Transmission--.7%
1,000M Enron Corp., 7.125%, 2007 958,687 74
--------------------------------------------------------------------------------------------------------
Healthcare--.7%
1,000M Tenet Healthcare Corp., 8.625%, 2007 955,000 74
--------------------------------------------------------------------------------------------------------
Investment/Finance Companies--1.2%
1,500M Telesis Autumn Leaves, Ltd. Variable Rate
Demand Note, 6.18%, 2004** 1,500,000 115
--------------------------------------------------------------------------------------------------------
Media (Cable TV/Broadcasting)--.5%
700M Rogers Communications, Inc., 8.875%, 2007 682,500 53
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Miscellaneous--.6%
$1,000M Allied Waste NA, Inc., 7.625%, 2006 $ 825,000 $ 64
--------------------------------------------------------------------------------------------------------
Retail - General Merchandise--.7%
1,000M Federated Department Stores, Inc., 7.45%, 2017 941,323 72
--------------------------------------------------------------------------------------------------------
Technology--.6%
1,000M Rhythyms NetConnections, Inc., 12.75%, 2009 825,000 64
--------------------------------------------------------------------------------------------------------
Telecommunications--2.3%
1,000M Global Crossing Holding, Ltd., 9.125%, 2006 + 957,500 74
700M McLeodUSA, Inc., 8.125%, 2009 619,500 48
500M VoiceStream Wireless Corp., 10.375%, 2009 + 502,500 39
1,000M WorldCom, Inc., 6.40%, 2005 955,855 73
--------------------------------------------------------------------------------------------------------
3,035,355 234
--------------------------------------------------------------------------------------------------------
Transportation--.8%
1,000M Norfolk Southern Corp., 7.35%, 2007 976,036 75
--------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $20,259,263) 19,082,903 1,471
--------------------------------------------------------------------------------------------------------
MORTGAGE-BACKED CERTIFICATES--13.0%
Federal National Mortgage Association--4.6%
6,000M 8%, 4/1/2030 6,020,628 464
--------------------------------------------------------------------------------------------------------
Government National Mortgage Association I
Program--5.9%
5,362M 7%, 2/15/2028 5,196,819 401
2,482M 7.50%, 12/1/2029 2,462,134 190
--------------------------------------------------------------------------------------------------------
7,658,953 591
--------------------------------------------------------------------------------------------------------
Government National Mortgage Association II
Program--2.5%
3,687M 5.50%, 12/20/2028-2/20/2029 3,219,458 248
--------------------------------------------------------------------------------------------------------
Total Value of Mortgage-Backed Certificates (cost $17,509,352) 16,899,039 1,303
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS TOTAL RETURN FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM CORPORATE NOTES--11.1%
$3,200M Florida Power Corp., 5.84%, 4/4/2000 $ 3,198,437 $ 247
4,000M General Electric Capital Corp., 6.04%, 4/10/2000 3,993,957 308
2,700M Kellogg Co., 5.77%, 4/3/2000 2,699,130 208
3,500M Motiva Enterprises, LLC, 6.07%, 4/7/2000 3,496,457 269
1,000M Prudential Funding Corp., 5.95%, 4/3/2000 999,670 77
--------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $14,387,651) 14,387,651 1,109
--------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $105,266,025) 100.0% 129,663,862 9,997
Other Assets, Less Liabilities 0.0 39,241 3
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $129,703,103 $10,000
========================================================================================================
* Non-income producing
** The interest rate on the variable rate demand note is determined and reset weekly by the issuer.
The interest rate shown is the rate in effect at March 31, 2000.
+ See Note 6
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS GROWTH & INCOME FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCK--96.0%
Basic Materials--4.5%
106,200 Alcoa, Inc. $ 7,460,550 $ 123
25,000 Allegheny Technologies, Inc. 501,563 8
211,000 * Bethlehem Steel Corporation 1,266,000 21
81,000 Dow Chemical Company 9,234,000 152
210,000 Louisiana-Pacific Corporation 2,913,750 48
95,000 Olin Corporation 1,686,250 28
50,000 Praxair, Inc. 2,081,250 34
45,000 Rayonier, Inc. 2,193,750 36
--------------------------------------------------------------------------------------------------------
27,337,113 450
--------------------------------------------------------------------------------------------------------
Capital Goods--13.2%
60,000 * Celestica, Inc. 3,183,750 53
45,000 Corning, Inc. 8,730,000 144
150,000 Danaher Corporation 7,650,000 126
150,000 Deere & Company 5,700,000 94
60,000 General Dynamics Corporation 2,985,000 49
96,000 General Electric Company 14,898,000 246
37,100 Honeywell International, Inc. 1,954,706 32
66,000 Illinois Tool Works, Inc. 3,646,500 60
61,900 Ingersoll-Rand Company 2,739,075 45
105,000 Minnesota Mining & Manufacturing Company 9,299,063 153
400,000 Reynolds and Reynolds Company - Class "A" 10,800,000 178
137,300 United Technologies Corporation 8,675,644 143
--------------------------------------------------------------------------------------------------------
80,261,738 1,323
--------------------------------------------------------------------------------------------------------
Communication Services--3.5%
156,700 Bell Atlantic Corporation 9,578,287 158
62,000 GTE Corporation 4,402,000 73
123,300 * MCI WorldCom, Inc. 5,587,031 92
75,000 * NorthPoint Communications Group, Inc. 1,729,688 29
--------------------------------------------------------------------------------------------------------
21,297,006 352
--------------------------------------------------------------------------------------------------------
Consumer Cyclicals--7.6%
55,000 * Cendant Corporation - Rights 618,750 10
50,000 * CheckFree Holdings Corporation 3,525,000 58
104,000 Circuit City Stores - Circuit City Group 6,331,000 104
200,000 Family Dollar Stores, Inc. 4,162,500 69
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS GROWTH & INCOME FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Consumer Cyclicals (continued)
87,000 Gannett Company, Inc. $ 6,122,625 $ 101
400,000 * HA-LO Industries, Inc. 3,150,000 52
61,000 Hertz Corporation - Class "A" 2,077,812 34
280,000 Mattel, Inc. 2,922,500 48
200,000 * Nordstrom, Inc. 5,900,000 97
230,200 * Office Depot, Inc. 2,661,688 44
150,000 Wal-Mart Stores, Inc. 8,325,000 137
--------------------------------------------------------------------------------------------------------
45,796,875 754
--------------------------------------------------------------------------------------------------------
Consumer Staples--5.2%
146,000 * AT&T Corp. - Liberty Media Group - Class "A" 8,650,500 143
44,000 * Clear Channel Communications, Inc. 3,038,750 50
122,000 Estee Lauder Companies, Inc. - Class "A" 6,107,625 101
75,000 * Getty Images, Inc. 2,695,312 44
340,000 * Navigant Consulting, Inc. 3,740,000 62
45,000 * Viacom, Inc. - Class "B" 2,373,750 39
124,000 Walt Disney Company 5,130,500 85
--------------------------------------------------------------------------------------------------------
31,736,437 524
--------------------------------------------------------------------------------------------------------
Energy--8.0%
50,000 Chevron Corporation 4,621,875 76
355,900 EOG Resources, Inc. 7,540,631 125
165,726 Exxon Mobil Corporation 12,895,554 213
200,000 * Nabors Industries, Inc. 7,762,500 128
269,600 Noble Affiliates, Inc. 8,846,250 146
115,000 Royal Dutch Petroleum Company - NY Shares (ADR) 6,619,688 109
--------------------------------------------------------------------------------------------------------
48,286,498 797
--------------------------------------------------------------------------------------------------------
Financial--7.5%
400,000 ACE, Ltd. 9,150,000 151
250,000 Allstate Corporation 5,953,125 98
80,750 American International Group, Inc. 8,842,125 146
170,000 Capital One Financial Corporation 8,149,375 134
63,800 Chase Manhattan Corporation 5,562,562 92
133,800 Citigroup, Inc. 7,936,013 131
--------------------------------------------------------------------------------------------------------
45,593,200 752
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Healthcare--6.9%
120,000 Abbott Laboratories $ 4,222,500 $ 70
85,000 Allergan, Inc. 4,250,000 70
92,000 Becton, Dickinson & Company 2,420,750 40
95,000 Bristol-Myers Squibb Company 5,486,250 91
91,100 Cardinal Health, Inc. 4,179,212 69
243,000 Columbia HCA Healthcare Corporation 6,150,938 101
300,000 * Foundation Health Systems, Inc. - Class "A" 2,400,000 40
40,000 Johnson & Johnson 2,802,500 46
143,400 Medtronic, Inc. 7,376,138 122
100,000 Pall Corporation 2,243,750 37
--------------------------------------------------------------------------------------------------------
41,532,038 686
--------------------------------------------------------------------------------------------------------
Real Estate Investment Trusts--.7%
75,000 Developers Diversified Realty Corporation 1,040,625 17
51,000 First Industrial Realty Trust, Inc. 1,389,750 23
50,000 Kimco Realty Corporation 1,875,000 31
--------------------------------------------------------------------------------------------------------
4,305,375 71
--------------------------------------------------------------------------------------------------------
Technology--36.4%
25,000 * Alpha Industries, Inc. 2,375,000 39
107,400 * Applied Materials, Inc. 10,122,450 167
43,500 * Aspeon, Inc. 880,875 15
110,000 * Atmel Corporation 5,678,750 94
200,000 Autodesk, Inc. 9,100,000 150
130,000 Automatic Data Processing, Inc. 6,272,500 103
69,300 * Cadence Design Systems, Inc. 1,437,975 24
77,600 * CIENA Corporation 9,787,300 161
231,000 * Cisco Systems, Inc. 17,859,187 295
369,000 Compaq Computer Corporation 9,824,625 162
64,800 * EMC Corporation 8,100,000 134
43,200 Ericsson (L.M.) Telephone
Company (ADR) - Class "B" 4,052,700 67
55,300 * Go2Net, Inc. 4,455,106 74
93,200 * Harbinger Corporation 2,714,450 45
45,000 * Internap Network Services Corporation 2,070,000 34
232,000 * Jabil Circuit, Inc. 10,034,000 166
54,800 * KLA-Tencor Corporation 4,616,900 76
75,000 * LTX Corporation 3,389,063 56
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS GROWTH & INCOME FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Shares Invested
or For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Technology (continued)
113,142 * MarchFirst, Inc. $ 4,037,755 $ 67
50,000 * Microchip Technology, Inc. 3,287,500 54
103,819 * Microsoft Corporation 11,030,769 182
53,800 Motorola, Inc. 7,659,775 126
38,000 Nokia Corporation (ADR) - Class "A" 8,255,500 136
135,000 * Oracle Corporation 10,538,437 174
46,000 Scientific-Atlanta, Inc. 2,918,125 48
138,000 * Solectron Corporation 5,528,625 91
18,000 * SonicWALL, Inc. 1,199,250 20
179,100 * Symantec Corporation 13,454,887 222
27,000 * Tekelec 1,002,375 17
132,000 * Tellabs, Inc. 8,313,941 137
121,400 * Teradyne, Inc. 9,985,150 165
50,000 Texas Instruments, Inc. 8,000,000 132
60,000 * Verio, Inc. 2,703,750 45
82,000 W.W. Grainger, Inc. 4,448,500 73
205,000 Xerox Corporation 5,330,000 88
--------------------------------------------------------------------------------------------------------
220,465,220 3,639
--------------------------------------------------------------------------------------------------------
Transportation--.8%
175,000 Royal Caribbean Cruises, Ltd. 4,900,000 81
--------------------------------------------------------------------------------------------------------
Utilities--1.7%
122,400 Enron Corporation 9,164,700 151
50,000 Potomac Electric Power Company 1,131,250 19
--------------------------------------------------------------------------------------------------------
10,295,950 170
--------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $407,242,615) 581,807,450 9,599
--------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS--.3%
Financial
100,000 Lincoln National Corporation, 7.75%, 8/16/01
(cost $2,508,424) 2,025,000 34
--------------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS--1.3%
Capital Goods--.0%
$ 250M Alkermes, Inc., 3.75%, 2007+ 211,250 3
--------------------------------------------------------------------------------------------------------
Communication Services--.6%
5,000M Ibasis, Inc., 5.75%, 2005 3,443,750 57
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Consumer Cyclicals--.3%
$ 2,500M Sportsline.com, Inc., 5%, 2006+ $ 1,868,750 $ 31
--------------------------------------------------------------------------------------------------------
Healthcare--.4%
3,000M Healthsouth Corp., 3.25%, 2003 2,358,750 39
--------------------------------------------------------------------------------------------------------
Total Value of Convertible Bonds (cost $10,736,250) 7,882,500 130
--------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--5.9%
10,000M AT&T Corp., 5.99%, 4/7/2000 9,989,992 165
12,000M Du Pont (E.I.) de Nemours & Co., 6.01%, 4/26/2000 11,949,908 197
2,000M Kellogg Co., 5.77%, 4/3/2000 1,999,356 33
12,000M Prudential Funding Corp., 5.95%, 4/3/2000 11,996,033 198
--------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $35,935,289) 35,935,289 593
--------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $456,422,578) 103.5% 627,650,239 10,356
Excess of Liabilities Over Other Assets (3.5) (21,558,009) (356)
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $606,092,230 $10,000
========================================================================================================
* Non-income producing
+ See Note 6
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS BLUE CHIP FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--95.4%
Basic Materials--1.7%
128,700 Alcoa, Inc. $ 9,041,175 $ 124
250,700 * Bethlehem Steel Corporation 1,504,200 21
44,700 Praxair, Inc. 1,860,637 25
--------------------------------------------------------------------------------------------------------
12,406,012 170
--------------------------------------------------------------------------------------------------------
Capital Goods--6.7%
162,400 General Electric Company 25,202,450 344
44,600 Honeywell International, Inc. 2,349,863 32
165,200 Ingersoll-Rand Company 7,310,100 100
127,500 * Lear Corporation 3,585,937 49
124,800 Tyco International, Ltd. 6,224,400 85
70,500 United Technologies Corporation 4,454,719 61
--------------------------------------------------------------------------------------------------------
49,127,469 671
--------------------------------------------------------------------------------------------------------
Communication Services--5.2%
187,300 Bell Atlantic Corporation 11,448,713 157
77,600 GTE Corporation 5,509,600 75
176,800 * MCI WorldCom, Inc. 8,011,250 109
308,500 * NorthPoint Communications Group, Inc. 7,114,780 97
123,600 * Qwest Communications International, Inc. 5,994,600 82
--------------------------------------------------------------------------------------------------------
38,078,943 520
--------------------------------------------------------------------------------------------------------
Consumer Cyclicals--7.8%
38,900 * Catalina Marketing Corporation 3,938,625 54
39,900 Circuit City Stores - Circuit City Group 2,428,913 33
281,700 * Costco Wholesale Corporation 14,806,856 203
388,900 * HA-LO Industries, Inc. 3,062,587 42
125,250 Home Depot, Inc. 8,078,625 110
339,300 Mattel, Inc. 3,541,444 48
179,000 McGraw-Hill Companies, Inc. 8,144,500 111
233,900 Wal-Mart Stores, Inc. 12,981,450 177
--------------------------------------------------------------------------------------------------------
56,983,000 778
--------------------------------------------------------------------------------------------------------
Consumer Staples--10.1%
142,300 Anheuser-Busch Companies, Inc. 8,858,175 121
355,700 * AT&T Corporation - Liberty Media
Group - Class "A" 21,075,225 288
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Consumer Staples (continued)
106,900 * Clear Channel Communications, Inc. $ 7,382,780 $ 101
106,000 * Getty Images, Inc. 3,809,375 52
265,800 PepsiCo, Inc. 9,186,713 125
132,700 Time Warner, Inc. 13,270,000 181
70,900 * U.S. Home & Garden, Inc. 296,894 4
51,000 Unilever NV-NY Shares (ADR) 2,454,375 34
70,800 * Viacom, Inc. - Class "B" 3,734,700 51
96,000 Walt Disney Company 3,972,000 54
--------------------------------------------------------------------------------------------------------
74,040,237 1,011
--------------------------------------------------------------------------------------------------------
Energy--4.8%
33,600 Chevron Corporation 3,105,900 42
355,600 EOG Resources, Inc. 7,534,275 103
156,870 Exxon Mobil Corporation 12,206,447 167
120,000 Halliburton Company 4,920,000 67
147,700 Noble Affiliates, Inc. 4,846,405 66
106,000 USX-Marathon Group 2,762,625 38
--------------------------------------------------------------------------------------------------------
35,375,652 483
--------------------------------------------------------------------------------------------------------
Financial--10.0%
123,300 American International Group, Inc. 13,501,350 184
296,600 Capital One Financial Corporation 14,218,263 195
67,600 Charles Schwab Corporation 3,840,525 52
87,700 Chase Manhattan Corporation 7,646,344 104
225,700 Citigroup, Inc. 13,386,831 183
51,600 Fannie Mae 2,912,175 40
88,100 Freddie Mac 3,892,919 53
99,000 Morgan Stanley Dean Witter & Company 8,074,688 110
70,900 Progressive Corporation 5,392,831 74
--------------------------------------------------------------------------------------------------------
72,865,926 995
--------------------------------------------------------------------------------------------------------
Healthcare--6.5%
66,000 Abbott Laboratories 2,322,375 32
92,000 Allergan, Inc. 4,600,000 63
92,000 * Amgen, Inc. 5,646,500 77
57,700 Becton, Dickinson & Company 1,518,230 21
113,500 Bristol-Myers Squibb Company 6,554,625 90
239,200 Columbia HCA Healthcare Corporation 6,054,750 83
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS BLUE CHIP FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Healthcare (continued)
48,900 Johnson & Johnson $ 3,426,056 $ 47
172,100 Medtronic, Inc. 8,852,394 121
136,900 Merck & Company, Inc. 8,504,913 116
--------------------------------------------------------------------------------------------------------
47,479,843 650
--------------------------------------------------------------------------------------------------------
Technology--39.5%
42,500 * Advanced Micro Devices, Inc. 2,425,156 33
17,700 * Alteon Websystems, Inc. 1,451,400 20
141,700 * Altera Corporation 12,646,725 173
116,200 * Applied Materials, Inc. 10,951,850 150
56,000 * Aspeon, Inc. 1,134,000 16
128,000 * Atmel Corporation 6,608,000 90
86,000 Autodesk, Inc. 3,913,000 54
82,200 * Cadence Design Systems, Inc. 1,705,650 23
109,800 * Ciber, Inc. 2,250,900 31
116,800 * CIENA Corporation 14,731,400 201
327,200 * Cisco Systems, Inc. 25,296,650 346
130,900 Compaq Computer Corporation 3,485,213 48
50,400 Cymer, Inc. 2,520,000 34
88,600 * Dell Computer Corporation 4,778,863 65
65,500 * EMC Corporation 8,187,500 112
52,900 * Entrust Technologies, Inc. 4,500,631 61
87,800 Ericsson (L.M.) Telephone
Company (ADR) - Class "B" 8,236,737 113
70,800 * Gateway, Inc. 3,752,400 51
91,900 * Go2Net, Inc. 7,403,694 101
216,900 * Harbinger Corporation 6,317,213 86
137,600 Intel Corporation 18,154,600 248
70,700 International Business Machines Corporation 8,342,600 114
35,300 * Intuit, Inc. 1,919,438 26
235,600 * Jabil Circuit, Inc. 10,189,700 139
248,000 * LSI Logic Corporation 18,011,000 246
136,929 * MarchFirst, Inc. 4,886,654 67
105,200 * Microsoft Corporation 11,177,500 153
39,300 Motorola, Inc. 5,595,338 76
10,500 Nokia Corporation (ADR) - Class "A" 2,281,125 31
163,000 * Oracle Corporation 12,724,187 174
35,400 * Panja, Inc. 814,200 11
141,500 * Parametric Technology Corporation 2,980,344 41
60,100 * PeopleSoft, Inc. 1,202,000 16
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Shares Invested
or For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Technology (continued)
212,200 * Robotic Vision System, Inc. $ 3,395,200 $ 46
126,900 * Sun Microsystems, Inc. 11,890,923 162
124,900 * Sungard Data Systems, Inc. 4,714,975 64
336,900 * Symantec Corporation 25,309,613 346
147,600 * Teradyne, Inc. 12,140,100 166
26,600 W.W. Grainger, Inc. 1,443,050 20
--------------------------------------------------------------------------------------------------------
289,469,529 3,954
--------------------------------------------------------------------------------------------------------
Transportation--.4%
141,600 Burlington Northern Santa Fe Corporation 3,132,900 43
--------------------------------------------------------------------------------------------------------
Utilities--2.7%
263,000 Enron Corporation 19,692,125 269
--------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $415,361,291) 698,651,636 9,544
--------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--6.9%
$ 2,100M AT&T Corp., 5.95%, 4/4/2000 2,098,956 29
4,600M BellSouth Corp., 6.03%, 4/26/2000 4,580,731 63
14,500M Ford Motor Credit Co., 5.41%, 4/3/2000 14,495,641 199
10,000M GTE Funding, Inc., 6.05%, 4/25/2000 9,959,633 136
4,500M Heinz, H.J. Co., 5.85%, 4/3/2000 4,498,532 61
2,000M Kellogg Co., 5.77%, 4/3/2000 1,999,356 27
2,500M Kellogg Co., 5.83%, 4/6/2000 2,497,968 34
2,000M New York Times Co., Inc., 5.82%, 4/4/2000 1,999,026 27
4,000M Paccar Financial Corp., 5.95%, 4/18/2000 3,988,730 54
2,200M Texaco, Inc., 6.01%, 4/12/2000 2,195,953 30
2,000M US West Communications, Inc., 6.05%, 4/4/2000 1,998,990 27
--------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $50,313,516) 50,313,516 687
--------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $465,674,807) 102.3% 748,965,152 10,231
Excess of Liabilities Over Other Assets (2.3) (16,886,096) (231)
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $732,079,056 $10,000
========================================================================================================
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS UTILITIES INCOME FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--91.1%
Communication Services--41.9%
49,800 ALLTEL Corporation $ 3,140,513 $ 142
80,900 * AT&T Canada, Inc. - Class "B" 4,934,900 223
43,750 AT&T Corporation 2,460,938 111
79,800 Bell Atlantic Corporation 4,877,775 220
81,700 BellSouth Corporation 3,839,900 173
136,553 * Broadwing, Inc. 5,078,065 229
38,000 Cable & Wireless PLC (ADR) 2,128,000 96
85,700 CenturyTel, Inc. 3,181,613 144
30,600 * FLAG Telecom Holdings, Ltd. 692,325 31
113,700 * Global Crossing, Ltd. 4,654,594 210
97,100 * Global TeleSystems Group, Inc. 1,990,550 90
32,400 GTE Corporation 2,300,400 104
100,400 * ICG Communications, Inc. 3,626,950 164
57,100 * Intermedia Communications, Inc. 2,758,644 124
106,356 * MCI WorldCom, Inc. 4,819,255 217
36,300 * McLeodUSA, Inc. - Class "A" 3,078,694 139
35,420 * Metromedia Fiber Network, Inc. 3,424,670 155
9,100 * MGC Communications, Inc. 650,650 29
62,100 * Primus Telecommunications Group, Inc. 3,209,794 145
89,930 * Qwest Communications International, Inc. 4,361,605 197
41,310 Royal PTT Nederland NV 4,750,650 214
140,300 SBC Communications, Inc. 5,892,600 266
71,200 Sprint Corporation 4,485,600 202
34,600 Telephone & Data Systems, Inc. 3,840,600 173
53,100 US West, Inc. 3,856,388 174
45,168 * Viatel, Inc. 2,266,869 102
43,950 * WinStar Communications, Inc. 2,637,000 119
--------------------------------------------------------------------------------------------------------
92,939,542 4,193
--------------------------------------------------------------------------------------------------------
Real Estate Investment Trusts--1.1%
48,400 Health Care Property Investors, Inc. 1,231,175 56
74,200 Healthcare Realty Trust, Inc. 1,242,850 56
--------------------------------------------------------------------------------------------------------
2,474,025 112
--------------------------------------------------------------------------------------------------------
Utilities--48.1%
178,320 Avista Corporation 7,266,540 328
185,500 * Azuriz Corporation 1,391,250 63
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Utilities (continued)
89,100 Carolina Power & Light Company $ 2,890,180 $ 130
76,000 Cascade Natural Gas Corporation 1,225,500 55
109,100 CMS Energy Corporation 1,977,438 89
82,200 Coastal Corporation 3,781,200 171
147,900 Conectiv, Inc. - Class "A" 2,588,250 117
77,600 DQE, Inc. 3,530,800 159
61,600 Duke Energy Corporation 3,234,000 146
126,849 Dynegy, Inc. - Class "A" 7,959,775 359
103,300 Enron Corporation 7,734,588 349
108,800 IPALCO Enterprises, Inc. 2,121,600 96
137,100 Kansas City Power & Light Company 3,975,900 179
117,100 MDU Resources Group, Inc. 2,429,825 110
55,200 Midcoast Energy Resources, Inc. 934,950 42
96,200 Montana Power Company 6,156,800 278
39,200 National Fuel Gas Company 1,746,850 79
96,100 New Century Energies, Inc. 2,889,006 130
40,900 New Jersey Resources Corporation 1,748,475 79
207,100 * Niagara Mohawk Holdings, Inc. 2,795,850 126
34,500 NICOR, Inc. 1,136,344 51
90,600 Northeast Utilities 1,947,900 88
44,223 NSTAR 1,857,365 84
139,700 OGE Energy Corporation 2,680,494 121
45,000 ONEOK, Inc. 1,125,000 51
42,600 Peoples Energy Corporation 1,168,838 53
159,100 Potomac Electric Power Company 3,599,638 163
8,400 Providence Energy Corporation 318,675 14
105,200 Questar Corporation 1,952,775 88
72,500 Reliant Energy, Inc. 1,699,219 77
74,145 SCANA Corporation 1,821,187 82
67,844 ScottishPower PLC (ADR) 2,149,807 97
174,560 Sierra Pacific Resources 2,182,000 99
55,500 Texas Utilities Company 1,647,655 74
181,700 UtiliCorp United, Inc. 3,281,955 148
48,500 Washington Gas Light Company 1,318,594 60
138,000 Western Resources, Inc. 2,182,125 98
135,800 Williams Companies, Inc. 5,966,713 269
--------------------------------------------------------------------------------------------------------
106,415,061 4,802
--------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $139,331,165) 201,828,628 9,107
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS UTILITIES INCOME FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Shares Invested
or For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
PREFERRED STOCKS--.2%
Financial
10,000 Pacific Telesis Financing I, 7.56% $ 220,625 $ 10
10,000 Pacific Telesis Financing II, 8.50% 243,125 11
--------------------------------------------------------------------------------------------------------
Total Value of Preferred Stocks (cost $500,000) 463,750 21
--------------------------------------------------------------------------------------------------------
CORPORATE BONDS--3.4%
Communication Services--2.3%
$ 500M AT&T Corp., 7.50%, 2006 496,164 22
500M BellSouth Telecommunications, Inc., 6.375%, 2004 482,536 21
2,000M Intermedia Communications, Inc., 9.50%, 2009 1,855,000 84
2,000M McLeodUSA, Inc., 8.125%, 2009 1,770,000 80
500M United Telephone Company of Florida, 6.25%, 2003 483,340 22
--------------------------------------------------------------------------------------------------------
5,087,040 229
--------------------------------------------------------------------------------------------------------
Utilities--1.1%
500M Baltimore Gas & Electric Co., 7.52%, 2000 500,763 23
500M Consolidated Edison, Inc., 6.625%, 2002 493,955 22
500M Idaho Power Co., 6.40%, 2003 485,010 22
500M Northwestern Public Service Co., 7.10%, 2005 489,688 22
500M Union Electric Co., 6.75%, 2008 484,360 22
--------------------------------------------------------------------------------------------------------
2,453,776 111
--------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $7,825,610) 7,540,816 340
--------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--5.5%
1,500M Boston Gas Co., 6.10%, 4/3/2000 1,499,491 68
1,200M General Electric Capital Corp., 6.04%, 4/10/2000 1,198,187 54
8,800M Halliburton Co., 6%, 4/4/2000 8,795,595 397
750M US West Communications, Inc., 6.05%, 4/4/2000 749,621 34
--------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $12,242,894) 12,242,894 553
--------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $159,899,669) 100.2% 222,076,088 10,021
Excess of Liabilities Over Other Assets (.2) (459,263) (21)
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $221,616,825 $10,000
========================================================================================================
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS MID-CAP OPPORTUNITY FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--98.7%
Basic Materials--2.3%
65,000 Georgia Gulf Corporation $ 1,690,000 $ 148
14,800 Southdown, Inc. 873,200 77
--------------------------------------------------------------------------------------------------------
2,563,200 225
--------------------------------------------------------------------------------------------------------
Capital Goods--6.5%
2,800 Corning, Inc. 543,200 48
33,100 Danaher Corporation 1,688,100 148
54,400 Reynolds and Reynolds Company - Class "A" 1,468,800 129
17,200 * Sanmina Corporation 1,162,075 102
31,000 Symbol Technologies, Inc. 2,551,687 224
--------------------------------------------------------------------------------------------------------
7,413,862 651
--------------------------------------------------------------------------------------------------------
Communication Services--7.7%
30,000 * Broadwing, Inc. 1,115,625 98
50,000 * ICG Communications, Inc. 1,806,250 159
23,000 * MGC Communications, Inc. 1,644,500 144
63,400 * NorthPoint Communications Group, Inc. 1,462,163 128
10,200 Telephone & Data Systems, Inc. 1,132,200 99
8,100 * VoiceStream Wireless Corporation 1,043,380 92
12,200 * Western Wireless Corporation - Class "A" 558,913 49
--------------------------------------------------------------------------------------------------------
8,763,031 769
--------------------------------------------------------------------------------------------------------
Consumer Cyclicals--16.4%
75,400 * Ames Department Stores, Inc. 1,852,013 164
30,700 * Bed Bath & Beyond, Inc. 1,208,813 106
14,200 * CheckFree Holdings Corporation 1,001,100 88
31,900 Circuit City Stores - Circuit City Group 1,941,913 170
21,000 * Costco Wholesale Corporation 1,103,813 97
20,400 * Dollar Tree Stores, Inc. 1,063,350 93
68,900 Fred's, Inc. - Class "A" 1,050,725 92
1,700 * FreeMarkets, Inc. 205,700 18
77,700 * HA-LO Industries, Inc. 611,887 54
29,700 * Insight Enterprises, Inc. 1,082,194 95
43,900 * Jones Apparel Group, Inc. 1,399,313 123
15,700 Lowe's Companies, Inc. 916,487 80
47,300 * Nordstrom, Inc. 1,395,350 122
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS MID-CAP OPPORTUNITY FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Consumer Cyclicals (continued)
17,400 * Payless ShoeSource, Inc. $ 903,713 $ 79
67,000 Ross Store, Inc. 1,612,187 141
75,000 * THQ, Inc. 1,340,625 118
--------------------------------------------------------------------------------------------------------
18,689,183 1,640
--------------------------------------------------------------------------------------------------------
Consumer Staples--4.3%
24,900 * AT&T Corp. - Liberty Media Group - Class "A" 1,475,325 129
25,700 * Cinar Corporation - Class "B" 139,744 12
25,000 * Getty Images, Inc. 898,437 79
26,100 * Suiza Foods Corporation 1,050,525 92
50,000 * U.S. Home & Garden, Inc. 209,375 19
28,400 * Whole Foods Market, Inc. 1,176,825 103
--------------------------------------------------------------------------------------------------------
4,950,231 434
--------------------------------------------------------------------------------------------------------
Energy--5.9%
21,100 * Cooper Cameron Corporation 1,411,063 123
28,800 Devon Energy Corporation 1,398,600 122
135,600 * Santa Fe Snyder Corporation 1,305,150 115
26,100 Transocean Sedco Forex, Inc. 1,339,255 118
21,000 * Weatherford International, Inc. 1,237,687 109
--------------------------------------------------------------------------------------------------------
6,691,755 587
--------------------------------------------------------------------------------------------------------
Financial--3.5%
47,000 ACE, Ltd. 1,075,125 94
26,900 Capital One Financial Corporation 1,289,518 113
49,400 * Golden State Bancorp, Inc. 737,913 65
28,700 Protective Life Corporation 911,225 80
--------------------------------------------------------------------------------------------------------
4,013,781 352
--------------------------------------------------------------------------------------------------------
Healthcare--11.2%
15,100 * Albany Molecular Research, Inc. 881,463 77
30,000 Alpharma, Inc. 1,102,500 97
37,000 Bindley Western Industries, Inc. 501,813 44
28,000 Cardinal Health, Inc. 1,284,500 113
39,600 * Elan Corporation PLC 1,881,000 165
3,600 * Millennium Pharmaceuticals, Inc. 467,550 41
49,600 Mylan Laboratories, Inc. 1,364,000 120
29,500 * Priority Healthcare Corporation 1,482,375 130
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Healthcare (continued)
68,700 * Renal Care Group, Inc. $ 1,489,930 $ 131
31,200 Teva Pharmaceutical Industries, Ltd. (ADR) 1,164,150 102
28,600 * Watson Pharmaceuticals, Inc. 1,135,063 100
--------------------------------------------------------------------------------------------------------
12,754,344 1,120
--------------------------------------------------------------------------------------------------------
Technology--40.9%
19,000 * Advanced Energy Industries, Inc. 969,000 85
30,000 * Advanced Micro Devices, Inc. 1,711,875 150
10,500 * Altera Corporation 937,125 82
27,100 * ANTEC Corporation 1,214,418 107
24,200 * ASM International NV 701,800 62
27,800 * Asyst Technologies, Inc. 1,626,300 143
13,000 Autodesk, Inc. 591,500 52
3,200 * CIENA Corporation 403,600 35
24,000 * Cisco Systems, Inc. 1,855,500 163
1,300 * Commerce One, Inc. 194,025 17
29,800 * CommScope, Inc. 1,359,625 119
5,000 * Cree, Inc. 564,375 50
23,700 * Cypress Semiconductor Corporation 1,168,705 103
29,000 * Electroglas, Inc. 993,250 87
5,000 * EMC Corporation 625,000 55
28,600 * Entrust Technologies, Inc. 2,433,234 214
6,500 * F5 Networks, Inc. 440,375 39
27,600 * Flextronics International, Ltd. 1,944,075 171
47,800 * Gartner Group, Inc. 752,850 66
11,400 * Go2Net, Inc. 918,413 81
45,500 * Harbinger Corporation 1,325,187 116
37,700 * Integrated Device Technology, Inc. 1,493,863 131
9,000 * Internap Network Services Corporation 414,000 36
19,500 * Intuit, Inc. 1,060,313 93
25,000 * J.D. Edwards & Company 814,063 71
8,000 * Liberate Technologies, Inc. 502,000 44
14,000 * LSI Logic Corporation 1,016,750 89
7,300 * Mercury Interactive Corporation 578,525 51
35,900 * Metron Technology NV 753,900 66
12,200 * Microchip Technology, Inc. 802,150 70
9,500 * National Semiconductor Corporation 575,938 51
36,000 * Netzee, Inc. 535,500 47
27,600 * Orckit Communications, Ltd. 1,849,200 162
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS MID-CAP OPPORTUNITY FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Shares Invested
or For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Technology (continued)
41,600 * Panja, Inc. $ 956,800 $ 84
20,000 * Parametric Technology Corporation 421,250 37
65,700 * PeopleSoft, Inc. 1,314,000 115
14,900 * PRI Automation, Inc. 910,763 80
84,300 * Robotic Vision System, Inc. 1,348,800 117
48,300 * SAGA SYSTEMS, Inc. 1,726,725 152
8,000 Scientific-Atlanta Inc. 507,500 45
2,100 * Sycamore Networks, Inc. 270,900 24
31,400 * Symantec Corporation 2,358,925 207
62,600 * TeleTech Holdings, Inc. 2,159,700 190
10,200 * Verio, Inc. 459,637 40
18,000 * Zoran Corporation 1,013,625 89
--------------------------------------------------------------------------------------------------------
46,575,059 4,088
--------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $85,038,597) 112,414,446 9,866
--------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--3.3%
$1,800M GTE Funding, Inc., 6.05%, 4/14/2000 1,796,064 158
2,000M Pitney Bowes Credit Corp., 6.04%, 4/4/2000 1,998,993 175
--------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $3,795,057) 3,795,057 333
--------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $88,833,654) 102.0% 116,209,503 10,199
Excess of Liabilities Over Other Assets (2.0) (2,261,992) (199)
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $113,947,511 $10,000
========================================================================================================
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS SPECIAL SITUATIONS FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--99.2%
Basic Materials--3.3%
36,700 Astec Industries, Inc. $ 974,844 $ 33
102,100 Cabot Corporation 3,114,050 107
295,100 * ChirRex, Inc. 5,680,675 194
--------------------------------------------------------------------------------------------------------
9,769,569 334
--------------------------------------------------------------------------------------------------------
Capital Goods--3.5%
158,800 Applied Power, Inc. - Class "A" 4,525,800 156
11,800 Corning, Inc. 2,289,200 78
41,000 Symbol Technologies, Inc. 3,374,813 115
--------------------------------------------------------------------------------------------------------
10,189,813 349
--------------------------------------------------------------------------------------------------------
Communication Services--8.1%
65,250 * Allegiance Telecom, Inc. 5,260,780 180
44,000 * Commonwealth Telephone Enterprises, Inc. 2,065,250 71
223,300 * ICG Communications, Inc. 8,066,713 276
117,000 * US LEC Corporation - Class "A" 4,650,750 159
60,300 * WinStar Communications, Inc. 3,618,000 124
--------------------------------------------------------------------------------------------------------
23,661,493 810
--------------------------------------------------------------------------------------------------------
Consumer Cyclicals--9.0%
212,800 * Ames Department Stores, Inc. 5,226,900 179
126,800 * Electronics Boutique Holdings Corporation 2,425,050 84
67,200 * Fossil, Inc. 1,575,000 54
155,100 Fred's, Inc. - Class "A" 2,365,275 81
160,900 * Hibbett Sporting Goods, Inc. 3,308,506 113
113,400 * ITT Educational Services, Inc. 1,814,400 62
140,600 * Sunglass Hut International, Inc. 1,098,437 38
253,600 * THQ, Inc. 4,533,100 155
106,700 * Tuesday Morning Corporation 1,533,813 52
232,300 Wolverine World Wide, Inc. 2,555,300 87
--------------------------------------------------------------------------------------------------------
26,435,781 905
--------------------------------------------------------------------------------------------------------
Consumer Staples--9.6%
68,300 * AT&T Corporation - Liberty Media Group - Class "A" 4,046,775 138
109,800 * Cinar Corporation - Class "B" 597,038 20
83,000 * Citadel Communications Corporation 3,501,563 120
180,300 Earthgrains Company 2,681,963 92
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS SPECIAL SITUATIONS FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Consumer Staples (continued)
321,300 * Four Media Company $ 4,960,068 $ 170
97,800 * Hain Food Group, Inc. 2,768,963 95
117,800 * Suiza Foods Corporation 4,741,450 163
114,400 * Whole Foods Market, Inc. 4,740,450 162
--------------------------------------------------------------------------------------------------------
28,038,270 960
--------------------------------------------------------------------------------------------------------
Energy--3.3%
120,300 * Newfield Exploration Company 4,240,575 145
147,100 Santa Fe International Corporation 5,442,700 186
--------------------------------------------------------------------------------------------------------
9,683,275 331
--------------------------------------------------------------------------------------------------------
Financial--3.5%
99,700 Chittenden Corporation 2,959,844 101
279,500 HCC Insurance Holdings, Inc. 3,703,375 127
126,700 Westamerica Bancorporation 3,515,925 120
--------------------------------------------------------------------------------------------------------
10,179,144 348
--------------------------------------------------------------------------------------------------------
Healthcare--22.8%
96,600 * Bindley Western Industries, Inc. 1,310,138 45
21,600 * Celgene Corporation 2,150,550 74
50,300 * CONMED Corporation 1,260,644 43
17,600 Cytyc Corporation 849,200 29
112,800 Gliatech, Inc. 1,952,850 67
128,800 Hooper Holmes, Inc. 4,419,450 151
218,500 * Impath, Inc. 8,029,875 275
15,800 Invitrogen Corporation 917,388 31
93,800 * IVAX Corporation 2,556,050 86
131,400 * Jones Pharma, Inc. 3,991,275 137
286,700 * Kensey Nash Corporation 4,748,469 163
124,900 * Medicis Pharmaceutical Corporation - Class "A" 4,996,000 171
69,900 * Molecular Devices Corporation 5,364,825 184
162,000 * Province Healthcare Company 4,637,250 159
157,900 Renal Care Group, Inc. 3,424,455 117
199,200 * SangStat Medical Corporation 5,515,350 189
103,200 Teva Pharmaceutical Industries, Ltd. (ADR) 3,850,650 132
87,800 * Trigon Healthcare, Inc. - Class "A" 3,138,850 107
69,700 * Universal Health Services, Inc. 3,415,300 117
--------------------------------------------------------------------------------------------------------
66,528,569 2,277
--------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Shares Invested
or For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Technology--36.1%
51,700 * Alpha Industries, Inc. $ 4,911,500 $ 168
37,200 Anaren Microwave, Inc. 3,566,550 122
94,500 * ASM International NV 2,740,500 94
69,200 * Asyst Technologies, Inc. 4,048,200 139
62,900 Bottomline Technologies, Inc. 2,291,918 78
25,200 Celeritek, Inc. 1,593,900 55
128,400 * CommScope, Inc. 5,858,250 200
12,000 Cree, Inc. 1,354,500 46
107,200 * Flextronics International, Ltd. 7,550,900 258
101,400 * Insight Communications Company, Inc. 2,091,375 72
22,700 * LSI Logic Corporation 1,648,587 56
20,000 Mercury Interactive Corporation 1,585,000 54
133,900 * N I C E Systems, Ltd. (ADR) 9,540,375 326
111,900 * Orckit Communications, Ltd. 7,497,300 257
87,500 Parametric Technology Corporation 1,842,969 63
101,700 * Performance Technologies, Inc. 4,417,594 151
41,900 * PRI Automation, Inc. 2,561,138 88
314,400 * SAGA SYSTEMS, Inc. 11,239,800 385
13,600 SanDisk Corporation 1,666,000 57
22,100 Silicon Storage Technology, Inc. 1,632,638 56
12,600 SmartForce Public, Ltd. 578,025 20
75,600 * Symantec Corporation 5,679,450 194
82,400 * Synopsys, Inc. 4,017,000 137
203,200 TeleTech Holdings, Inc. 7,010,400 240
14,100 Verio, Inc. 635,380 22
63,600 W.W. Grainger, Inc. 3,450,300 118
44,400 * Worldgate Communications, Inc. 1,334,775 46
63,600 * Zebra Technologies Corporation - Class "A" 3,180,000 109
--------------------------------------------------------------------------------------------------------
105,524,324 3,611
--------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $204,297,054) 290,010,238 9,925
--------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--1.8%
$5,200M GTE Funding, Inc. 6.05%, 4/14/2000 (cost $5,188,630) 5,188,630 177
--------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $209,485,684) 101.0% 295,198,868 10,102
Excess of Liabilities Over Other Assets (1.0) (2,990,569) (102)
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $292,208,299 $10,000
========================================================================================================
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS FOCUSED EQUITY FUND
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--92.8%
Capital Goods--8.3%
32,800 * General Motors Corporation - Class "H" $ 4,083,600 $ 400
12,300 * Lexmark International Group, Inc. - Class "A" 1,300,725 127
61,700 Tyco International, Ltd. 3,077,287 301
--------------------------------------------------------------------------------------------------------
8,461,612 828
--------------------------------------------------------------------------------------------------------
Communication Services--14.1%
43,800 * L-3 Communications Holdings, Inc. 2,277,600 223
57,650 * MCI WorldCom, Inc. 2,612,265 256
34,400 * MediaOne Group, Inc. 2,786,400 273
11,400 * Nextel Communications, Inc. - Class "A" 1,690,050 165
6,300 * Phone.com, Inc. 1,027,688 101
29,900 * Sprint Corporation (PCS Group) 1,952,844 191
36,400 Vodafone AirTouch PLC (ADR) 2,022,475 198
--------------------------------------------------------------------------------------------------------
14,369,322 1,407
--------------------------------------------------------------------------------------------------------
Consumer Cyclicals--.4%
27,100 * Ziff-Davis, Inc. - ZD 423,438 42
--------------------------------------------------------------------------------------------------------
Consumer Staples--34.8%
228,000 * AT&T Corporation - Liberty Media Group - Class "A" 13,509,000 1,323
68,800 * CBS Corporation 3,895,800 381
55,800 * Clear Channel Communications, Inc. 3,853,688 377
196,900 Coca-Cola Enterprises, Inc. 4,245,655 416
69,800 Comcast Corporation - Spec. Class "A" 3,027,575 296
10,900 * Gemstar International Group, Ltd. 937,400 92
79,800 * Infinity Broadcasting Corporation - Class "A" 2,583,525 253
35,100 Time Warner, Inc. 3,510,000 344
--------------------------------------------------------------------------------------------------------
35,562,643 3,482
--------------------------------------------------------------------------------------------------------
Financial--8.3%
20,600 American Express Company 3,068,113 300
33,400 Citigroup, Inc. 1,981,037 194
7,800 M & T Bank Corporation 3,482,700 341
--------------------------------------------------------------------------------------------------------
8,531,850 835
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Shares Invested
or For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Healthcare--6.7%
65,600 Baxter International, Inc. $ 4,112,300 $ 403
25,100 Eli Lilly & Company 1,581,300 155
40,600 Mylan Laboratories, Inc. 1,116,500 109
--------------------------------------------------------------------------------------------------------
6,810,100 667
--------------------------------------------------------------------------------------------------------
Technology--20.2%
11,200 * America Online, Inc. 753,200 74
26,900 Computer Associates International, Inc. 1,592,144 156
10,000 Hewlett-Packard Company 1,325,625 130
15,600 Intel Corporation 2,058,225 202
15,500 International Business Machines Corporation 1,829,000 179
20,600 Lucent Technologies, Inc. 1,251,450 123
45,600 * Microsoft Corporation 4,845,000 474
13,300 Motorola, Inc. 1,893,588 185
20,100 * Oracle Corporation 1,569,055 154
19,300 Texas Instruments, Inc. 3,088,000 302
5,900 * TiVo, Inc. 204,288 20
12,400 * Ziff-Davis, Inc. - ZDNet 263,500 26
--------------------------------------------------------------------------------------------------------
20,673,075 2,025
--------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $81,814,262) 94,832,040 9,286
--------------------------------------------------------------------------------------------------------
U.S. TREASURY BILLS--5.1%
$3,500M 5.65%, 6/8/2000 3,463,488 339
1,250M 5.74%, 6/15/2000 1,235,578 121
250M 5.74%, 6/22/2000 246,850 24
250M 5.73%, 6/29/2000 246,562 24
--------------------------------------------------------------------------------------------------------
Total Value of U.S. Treasury Bills (cost $5,191,026) 5,192,478 508
--------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $87,005,288) 97.9% 100,024,518 9,794
Other Assets, Less Liabilities 2.1 2,108,345 206
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $102,132,863 $10,000
========================================================================================================
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS GLOBAL FUND, INC.
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--93.7%
United States--33.9%
15,000 * 3Com Corporation $ 834,375 $ 20
78,500 Abbott Laboratories 2,762,219 67
29,400 Alcoa, Inc. 2,065,350 50
44,600 * America Online, Inc. 2,999,350 72
41,000 American Home Products Corporation 2,198,625 53
36,502 American International Group, Inc. 3,996,969 97
36,425 AT&T Corporation 2,048,906 50
30,600 * AT&T Corporation - Liberty Media Group - Class "A" 1,813,050 44
9,200 * Broadcom Corporation - Class "A" 2,234,450 54
25,900 Caterpillar, Inc. 1,021,430 25
38,000 * CBS Corporation 2,151,750 52
31,100 Chevron Corporation 2,874,806 69
118,400 * Cisco Systems, Inc. 9,153,800 221
83,362 Citigroup, Inc. 4,944,409 120
16,700 Corning, Inc. 3,239,800 78
49,150 CVS Corporation 1,846,197 45
42,951 Du Pont (E.I.) de Nemours & Company 2,271,034 55
43,300 Exxon Mobil Corporation 3,369,281 81
37,700 Gannett Company, Inc. 2,653,138 64
29,600 General Electric Company 4,593,550 111
8,100 * General Motors Corporation - Class "H" 1,008,450 24
15,200 * Guidant Corporation 893,950 22
36,650 Hewlett-Packard Company 4,858,416 117
52,800 Home Depot, Inc. 3,405,600 82
36,600 Honeywell International, Inc. 1,928,363 47
44,880 Intel Corporation 5,921,355 143
31,400 International Business Machines Corporation 3,705,200 90
41,000 Johnson & Johnson 2,872,563 69
23,725 Kimberly Clark Corporation 1,328,600 32
27,600 Marsh & McLennan Companies, Inc. 3,044,625 74
73,200 McDonald's Corporation 2,749,575 66
105,568 * MCI WorldCom, Inc. 4,783,550 116
18,500 Merrill Lynch & Company, Inc. 1,942,500 47
60,600 * Microsoft Corporation 6,438,750 156
11,600 Motorola, Inc. 1,651,550 40
23,800 * Oracle Corporation 1,857,888 45
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
United States (continued)
50,000 Pharmacia & Upjohn, Inc. $ 2,962,500 $ 72
21,000 Praxair, Inc. 874,125 21
30,180 Procter & Gamble Company 1,697,625 41
60,800 SBC Communications, Inc. 2,553,600 62
28,600 Schlumberger, Ltd. 2,187,900 53
142,237 Southwest Airlines Company 2,960,308 72
27,800 * Sprint Corporation 1,815,688 44
47,500 State Street Corporation 4,601,563 111
29,800 Texas Instruments, Inc. 4,768,000 115
5,536 Transocean Sedco Forex, Inc. 284,066 7
54,400 Wal-Mart Stores, Inc. 3,019,200 73
39,500 Warner-Lambert Company 3,851,250 93
18,800 Weyerhaeuser Company 1,071,600 26
--------------------------------------------------------------------------------------------------------
140,110,849 3,388
--------------------------------------------------------------------------------------------------------
Japan--15.2%
51,000 Canon, Inc. 2,212,743 53
79,000 Dai Nippon Printing Company, Ltd. 1,283,225 31
98,000 Fuji Bank, Ltd. 922,049 22
87,000 Fujisawa Pharmaceutical Company, Inc. 3,053,673 74
50,000 Hoya Corporation 4,728,709 114
476,000 * Marubeni Corporation 1,796,050 43
23,800 Matsumotokiyoshi Company, Ltd. 1,902,793 46
11,000 Matsushita Communication Industrial Company, Ltd. 2,027,007 49
11,000 Matsushita Electric Industrial Company, Ltd. 329,255 8
154,000 Minebea Company, Ltd. 2,049,530 50
231,000 Mitsubishi Electric Corporation 2,180,159 53
11,000 Murata Manufacturing Company, Ltd. 2,675,864 65
154,000 NEC Corporation 4,549,505 110
277,000 Nikko Securities Company, Ltd. 4,196,929 101
194 Nippon Telegraph & Telephone Corporation 3,083,118 75
55 NTT Mobile Communications Network, Inc. 2,257,593 55
120,000 Omron Corporation 3,416,370 83
23,800 Promise Company, Ltd. 1,835,499 44
186,000 Ricoh Company, Ltd. 3,989,665 96
57,000 Sharp Corporation 1,219,861 29
1,600 Softbank Corporation 1,427,388 34
18,900 Sony Corporation 2,671,964 65
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS GLOBAL FUND, INC.
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Japan (continued)
58,000 Takeda Chemical Industries, Ltd. $ 4,128,114 $ 100
10,000 Tokyo Electron, Ltd. 1,511,237 37
26,300 Uni-Charm Corporation 1,730,854 42
34,000 Yamanouchi Pharmaceutical Company, Ltd. 1,863,014 45
--------------------------------------------------------------------------------------------------------
63,042,168 1,524
--------------------------------------------------------------------------------------------------------
United Kingdom--8.0%
73,400 3i Group PLC 1,543,312 37
195,000 Abbey National PLC 2,566,439 62
18,300 Anglo American PLC 850,420 21
47,500 Astrazeneca PLC 1,923,972 47
494,782 BP Amoco PLC 4,526,783 109
420,400 British Airways PLC 2,209,838 53
354,700 Cadbury Schweppes PLC 2,383,655 58
38,400 * Colt Telecom Group PLC 1,828,597 44
557,000 Invensys PLC 2,474,701 60
105,500 Prudential Corporation PLC 1,592,999 39
5,469 Psion PLC 363,122 9
126,325 Royal Bank of Scotland Group PLC 1,860,088 45
642,900 Smith & Nephew PLC 1,853,805 45
89,216 Standard Chartered PLC 1,216,178 29
1,078,521 Vodafone Airtouch PLC 5,996,168 145
--------------------------------------------------------------------------------------------------------
33,190,077 803
--------------------------------------------------------------------------------------------------------
France--7.8%
16,100 Air Liquid SA 2,235,424 54
71,700 Aventis SA 3,924,477 95
25,090 AXA-Uap 3,555,676 86
44,080 Banque Nationale de Paris 3,479,863 84
4,400 Canal Plus 968,383 23
28,400 France Telecom SA 4,891,673 118
4,600 L'Oreal SA 2,971,175 72
39,200 * Michelin (CGDE) - Class "B" 1,258,102 30
50,644 * Total Fina SA - Class "B" 7,584,185 183
12,300 Vivendi SA 1,418,269 34
--------------------------------------------------------------------------------------------------------
32,287,227 779
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Netherlands--3.9%
17,200 Aegon NV $ 1,374,300 $ 33
67,500 Fortis (NL) NV 1,727,803 42
23,269 ING Groep NV 1,260,262 30
27,340 * Koninklijke Philips Electronics NV 4,593,985 111
9,000 * KPNQwest NV 488,250 12
46,300 Royal Dutch Petroleum Company 2,703,015 65
14,800 Royal Dutch Petroleum Company - NY Shares (ADR) 851,925 21
32,000 * United Pan-Europe Communications NV - Class "A" 1,495,214 36
30,300 * United Pan-Europe Communications NV -
Class "A" (ADR) 1,501,744 36
--------------------------------------------------------------------------------------------------------
15,996,498 386
--------------------------------------------------------------------------------------------------------
Spain--3.5%
53,400 Banco Popular Espanol SA 1,635,151 40
284,700 Banco Santander Central Hispano SA 3,059,383 74
113,200 Endesa SA 2,596,456 63
105,900 Endesa SA (ADR) 2,482,031 60
59,000 * Telefonica SA 1,490,467 36
44,654 * Telefonica SA (ADR) 3,332,305 81
--------------------------------------------------------------------------------------------------------
14,595,793 354
--------------------------------------------------------------------------------------------------------
Italy--3.3%
265,600 * ENI SpA 1,329,218 32
153,495 * Mediaset SpA 3,049,215 74
142,800 * San Paolo - IMI SpA 1,955,395 47
390,700 * Telecom Italia Mobile SpA 4,792,896 116
170,122 Telecom Italia SpA 2,539,520 61
--------------------------------------------------------------------------------------------------------
13,666,244 330
--------------------------------------------------------------------------------------------------------
Germany--3.1%
57,300 BASF AG 2,719,586 66
5,606 * Infineon Technologies AG 306,038 7
29,301 Linde AG 1,253,304 30
7,700 Muenchener Rueckver AG 2,475,692 60
42,180 Siemens AG 6,074,487 147
--------------------------------------------------------------------------------------------------------
12,829,107 310
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS GLOBAL FUND, INC.
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Sweden--2.2%
278,120 Skandinaviska Enskilda Banken - Class "A" $ 2,993,653 $ 72
70,430 * Telefonaktiebolaget L.M. Ericsson - Class "B" 6,187,080 150
--------------------------------------------------------------------------------------------------------
9,180,733 222
--------------------------------------------------------------------------------------------------------
Finland--2.2%
38,500 Nokia OYJ - Class "A" 8,141,784 197
29,000 Upm-Kymmene Corporation 818,628 20
--------------------------------------------------------------------------------------------------------
8,960,412 217
--------------------------------------------------------------------------------------------------------
Hong Kong--2.0%
355,000 Cheung Kong Holdings, Ltd. 5,311,435 128
364,800 * China Telecom (Hong Kong), Ltd. 3,197,534 77
--------------------------------------------------------------------------------------------------------
8,508,969 205
--------------------------------------------------------------------------------------------------------
Canada--1.6%
77,200 Alcan Aluminum, Ltd. 2,610,910 63
30,800 Nortel Networks Corporation 3,886,110 94
--------------------------------------------------------------------------------------------------------
6,497,020 157
--------------------------------------------------------------------------------------------------------
Switzerland--1.4%
1,110 Holderbank Financiere Glarus AG 1,321,826 32
2,496 Nestle AG 4,473,495 108
--------------------------------------------------------------------------------------------------------
5,795,321 140
--------------------------------------------------------------------------------------------------------
Mexico--1.2%
327,500 * Grupo Financiero Banamex Accival SA de CV 1,517,347 37
16,700 Telefonos de Mexico SA (ADR) 1,118,900 27
930,500 * Wal-Mart de Mexico SA de CV 2,325,999 56
--------------------------------------------------------------------------------------------------------
4,962,246 120
--------------------------------------------------------------------------------------------------------
Bermuda--.8%
25,200 * Global Crossing, Ltd. 1,031,625 25
49,850 Tyco International, Ltd. 2,486,269 60
--------------------------------------------------------------------------------------------------------
3,517,894 85
--------------------------------------------------------------------------------------------------------
<CAPTION>
--------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Australia--.7%
38,000 News Corporation, Ltd. (ADR) $ 2,137,500 $ 52
84,614 Publishing & Broadcasting, Ltd. 718,535 17
--------------------------------------------------------------------------------------------------------
2,856,035 69
--------------------------------------------------------------------------------------------------------
South Korea--.7%
8,510 Samsung Electronics 2,579,371 62
3,200 Samsung Electronics (GDR)+ 246,098 6
--------------------------------------------------------------------------------------------------------
2,825,469 68
--------------------------------------------------------------------------------------------------------
India--.5%
33,300 * ICICI, Ltd. (ADR) 757,575 18
12,100 Larsen & Toubro, Ltd. (GDR) 175,450 4
41,700 Videsh Sanchar Nigam, Ltd. (GDR)+ 1,053,968 25
--------------------------------------------------------------------------------------------------------
1,986,993 47
--------------------------------------------------------------------------------------------------------
Ireland--.4%
173,450 Allied Irish Banks PLC 1,679,660 41
--------------------------------------------------------------------------------------------------------
Singapore--.4%
145,950 Overseas Chinese Banking Corporation, Ltd. 904,455 22
156,454 Overseas Union Bank, Ltd. 704,295 17
--------------------------------------------------------------------------------------------------------
1,608,750 39
--------------------------------------------------------------------------------------------------------
Thailand--.3%
23,550 * Siam Cement Public Company, Ltd. 573,023 14
714,800 * Thai Farmers Bank Public Company, Ltd. 789,285 19
--------------------------------------------------------------------------------------------------------
1,362,308 33
--------------------------------------------------------------------------------------------------------
Greece--.3%
17,700 National Bank of Greece SA 1,241,697 29
--------------------------------------------------------------------------------------------------------
Brazil--.3%
43,100 Embratel Participacoes SA (ADR) 1,104,438 27
--------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $261,001,415) 387,805,908 9,373
--------------------------------------------------------------------------------------------------------
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS GLOBAL FUND, INC.
March 31, 2000
--------------------------------------------------------------------------------------------------------
Amount
Shares, Invested
Warrants, or For Each
Principal $10,000 of
Amount Security Value Net Assets
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
PREFERRED STOCKS--1.1%
Brazil--.6%
16,800 Telecomunicacoes Brasileiras SA (ADR) $ 2,514,750 $ 61
23,000 * Vale Do Rio Doce - Class "B" -- --
--------------------------------------------------------------------------------------------------------
2,514,750 61
--------------------------------------------------------------------------------------------------------
Germany--.5%
2,900 SAP AG 2,088,195 50
--------------------------------------------------------------------------------------------------------
Total Value of Preferred Stocks (cost $3,622,690) 4,602,945 111
--------------------------------------------------------------------------------------------------------
WARRANTS--.0%
5,800 * Siam Commercial Bank (expiring 12/31/02) (cost $0) 1,411 --
--------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--6.9%
$28,448M Lehman Brothers, 6.1%, 4/3/00 (collateralized by
$55,890M and $60,000M U.S. Treasury Strips,
due 5/15/20 and 11/15/26, respectively, and
valued at $16,739,055 and $12,870,000,
respectively) (cost $28,448,000) 28,448,000 688
--------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $293,072,105) 101.7% 420,858,264 10,172
Excess of Liabilities Over Other Assets (1.7) (7,101,738) (172)
--------------------------------------------------------------------------------------------------------
Net Assets 100.0% $413,756,526 $10,000
========================================================================================================
* Non-income producing
+ See Note 6
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments (continued)
FIRST INVESTORS GLOBAL FUND, INC.
March 31, 2000
Sector diversification of the portfolio was as follows:
------------------------------------------------------------------------
Percentage
Sector of Net Assets Value
------------------------------------------------------------------------
<S> <C> <C>
Telephone 9.3% $ 38,656,561
Banks 8.9 36,829,894
Communication Equipment 8.5 35,121,505
Media 8.2 34,038,087
Electronics 8.1 33,309,554
Drugs 6.5 26,778,187
Energy Sources 6.2 25,711,180
Insurance 4.6 19,028,325
Electrical Equipment 4.0 16,559,109
Retail 3.0 12,499,790
Software Services 3.0 12,481,380
Computers & Office Equipment 2.9 11,996,220
Medical Products 2.5 10,238,683
Financial Services 2.3 9,518,241
Chemicals 2.0 8,100,169
Travel & Leisure 1.9 7,919,720
Household Products 1.9 7,728,253
Metals & Minerals 1.8 7,421,530
Business Services 1.8 7,282,938
Entertainment Products 1.7 6,990,884
Food/Beverage/Tobacco 1.6 6,857,150
Electric Utilities 1.2 5,078,488
Machinery & Manufacturing 1.1 4,761,004
Aerospace/Defense .7 2,936,813
Paper & Forest Products .5 1,890,228
Pipeline .3 1,418,269
Automotive .3 1,258,102
Repurchase Agreement 6.9 28,448,000
-----------------------------------------------------------------------
Total Value of Investments 101.7 420,858,264
Excess of Liabilities Over Other Assets (1.7) (7,101,738)
-----------------------------------------------------------------------
Net Assets 100.0 $413,756,526
=======================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
FIRST INVESTORS
March 31, 2000
-------------------------------------------------------------------------------------------------------------
TOTAL GROWTH & UTILITIES
RETURN INCOME BLUE CHIP INCOME
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $105,266,025 $456,422,578 $465,674,807 $159,899,669
============= ============= ============= =============
At value (Note 1A) $129,663,862 $627,650,239 $748,965,152 $222,076,088
Cash 310,433 1,062,653 261,773 628,293
Receivables:
Dividends and interest 593,400 614,901 220,343 452,888
Shares sold 209,236 1,182,867 1,441,910 442,755
Investment securities sold 5,210,778 3,431,561 2,211,577 503,231
Forward currency contracts (Note 4) -- -- -- --
Other assets -- -- -- --
------------- ------------- ------------- -------------
Total Assets 135,987,709 633,942,221 753,100,755 224,103,255
------------- ------------- ------------- -------------
Liabilities
Payables:
Investment securities purchased 6,002,813 26,540,779 19,805,236 2,060,999
Shares redeemed 152,938 856,759 644,716 202,207
Accrued advisory fees 80,694 369,835 450,806 136,305
Accrued expenses 48,161 82,618 120,941 86,919
------------- ------------- ------------- -------------
Total Liabilities 6,284,606 27,849,991 21,021,699 2,486,430
------------- ------------- ------------- -------------
Net Assets $129,703,103 $606,092,230 $732,079,056 $221,616,825
============= ============= ============= =============
Net Assets Consist of:
Capital paid in $ 98,716,681 $388,228,777 $414,300,696 $148,038,312
Undistributed net investment income
(deficit) 778,363 (93,980) (1,374,340) 952,636
Accumulated net realized gain (loss) on
investments 5,810,222 46,729,772 35,862,355 10,449,458
Net unrealized appreciation in value of
investments 24,397,837 171,227,661 283,290,345 62,176,419
------------- ------------- ------------- -------------
Total $129,703,103 $606,092,230 $732,079,056 $221,616,825
============= ============= ============= =============
Net Assets:
Class A $116,110,999 $499,866,215 $631,820,222 $192,256,192
Class B $ 13,592,104 $106,226,015 $100,258,834 $ 29,360,633
Shares outstanding (Note 5):
Class A 7,028,445 28,765,180 19,108,443 20,283,687
Class B 833,533 6,256,264 3,109,038 3,143,201
Net asset value and redemption price per
share - Class A $16.52 $17.38 $33.06 $ 9.48
============= ============= ============= =============
Maximum offering price per share - Class A
(Net asset value/.9375)* $17.62 $18.54 $35.26 $10.11
============= ============= ============= =============
Net asset value and offering price per share -
Class B (Note 5) $16.31 $16.98 $32.25 $ 9.34
============= ============= ============= =============
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities (continued)
FIRST INVESTORS
March 31, 2000
-------------------------------------------------------------------------------------------------------------
MID-CAP SPECIAL FOCUSED
OPPORTUNITY SITUATIONS EQUITY GLOBAL
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $ 88,833,654 $209,485,684 $ 87,005,288 $293,072,105
============= ============= ============= =============
At value (Note 1A) $116,209,503 $295,198,868 $100,024,518 $420,858,264
Cash 754,721 282,622 221,298 63,751
Receivables:
Dividends and interest 21,982 30,161 13,138 883,933
Shares sold 1,172,428 678,599 419,403 538,811
Investment securities sold 2,653,719 3,626,516 3,592,030 8,780,022
Forward currency contracts (Note 4) -- -- -- 146,088
Other assets -- -- -- 20,335
------------- ------------- ------------- -------------
Total Assets 120,812,353 299,816,766 104,270,387 431,291,204
------------- ------------- ------------- -------------
Liabilities
Payables:
Investment securities purchased 6,684,932 6,950,468 1,696,716 16,733,112
Shares redeemed 55,093 374,620 213,690 357,301
Accrued advisory fees 69,733 188,375 63,365 342,797
Accrued expenses 55,084 95,004 163,753 101,468
------------- ------------- ------------- -------------
Total Liabilities 6,864,842 7,608,467 2,137,524 17,534,678
------------- ------------- ------------- -------------
Net Assets $113,947,511 $292,208,299 $102,132,863 $413,756,526
============= ============= ============= =============
Net Assets Consist of:
Capital paid in $ 79,884,871 $170,530,161 $ 92,491,235 $264,907,582
Undistributed net investment income
(deficit) (341,409) (1,120,507) (425,891) (1,165,952)
Accumulated net realized gain (loss) on
investments 7,028,200 37,085,461 (2,951,711) 22,221,578
Net unrealized appreciation in value of
investments 27,375,849 85,713,184 13,019,230 127,793,318
------------- ------------- ------------- -------------
Total $113,947,511 $292,208,299 $102,132,863 $413,756,526
============= ============= ============= =============
Net Assets:
Class A $ 96,570,460 $262,443,052 $ 82,569,401 $388,563,317
Class B $ 17,377,051 $ 29,765,247 $ 19,563,462 $ 25,193,209
Shares outstanding (Note 5):
Class A 3,630,042 8,424,253 6,980,180 43,240,970
Class B 679,493 994,672 1,665,899 2,906,091
Net asset value and redemption price per
share - Class A $26.60 $31.15 $11.83 $8.99
============= ============= ============= =============
Maximum offering price per share - Class A
(Net asset value/.9375)* $28.37 $33.23 $12.62 $9.59
============= ============= ============= =============
Net asset value and offering price per share -
Class B (Note 5) $25.57 $29.92 $11.74 $8.67
============= ============= ============= =============
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
FIRST INVESTORS
Six Months Ended March 31, 2000
-------------------------------------------------------------------------------------------------------------
TOTAL GROWTH & UTILITIES
RETURN INCOME BLUE CHIP INCOME
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Dividends $ 313,875 $ 2,326,585 $ 2,016,993 $ 2,257,467
Interest 1,558,158 1,288,658 966,280 538,709
------------- ------------- ------------- -------------
Total Income 1,872,033 3,615,243 2,983,273 2,796,176
------------- ------------- ------------- -------------
Expenses (Notes 1 and 3):
Advisory fees 577,741 1,974,629 2,612,816 714,144
Distribution plan expenses - Class A 155,837 658,701 824,817 248,590
Distribution plan expenses - Class B 57,503 460,088 421,829 122,076
Shareholder servicing costs 142,081 547,802 613,556 203,435
Professional fees 10,530 14,561 44,323 19,685
Custodian fees and expenses 9,078 29,130 31,813 11,865
Reports and notices to shareholders 9,842 15,154 28,377 13,837
Other expenses 12,705 16,426 34,055 18,750
------------- ------------- ------------- -------------
Total expenses 975,317 3,716,491 4,611,586 1,352,382
Less: Expenses waived or assumed (144,435) -- (250,685) --
Custodian fees paid indirectly (9,078) (20,091) (3,288) (11,865)
------------- ------------- ------------- -------------
Net expenses 821,804 3,696,400 4,357,613 1,340,517
------------- ------------- ------------- -------------
Net investment income (loss) 1,050,229 (81,157) (1,374,340) 1,455,659
------------- ------------- ------------- -------------
Realized and Unrealized Gain (Loss) on
Investments and Foreign Currency Transactions
(Note 2):
Net realized gain (loss) on investments and
foreign currency transactions 6,282,064 51,613,827 35,872,941 11,054,764
Net unrealized appreciation of investments
and foreign currency transactions 13,104,692 73,638,958 126,081,582 35,760,859
------------- ------------- ------------- -------------
Net gain on investments and foreign
currency transactions 19,386,756 125,252,785 161,954,523 46,815,623
------------- ------------- ------------- -------------
Net Increase in Net Assets Resulting from
Operations $20,436,985 $125,171,628 $160,580,183 $48,271,282
============= ============= ============= =============
+ Net of $128,921 foreign taxes withheld.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations (continued)
FIRST INVESTORS
Six Months Ended March 31, 2000
-------------------------------------------------------------------------------------------------------------
MID-CAP SPECIAL FOCUSED
OPPORTUNITY SITUATIONS EQUITY GLOBAL
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income
Dividends $ 115,559 $ 217,219 $ 144,918 $ 1,744,810+
Interest 164,670 529,544 272,180 292,591
------------- ------------- ------------- -------------
Total Income 280,229 746,763 417,098 2,037,401
------------- ------------- ------------- -------------
Expenses (Notes 1 and 3):
Advisory fees 407,943 1,189,980 335,458 1,871,932
Distribution plan expenses - Class A 104,698 338,344 107,884 534,639
Distribution plan expenses - Class B 57,239 122,633 86,980 107,026
Shareholder servicing costs 132,299 400,018 180,898 455,773
Professional fees 10,851 14,621 6,000 43,996
Custodian fees and expenses 9,235 26,622 12,122 148,050
Reports and notices to shareholders 5,158 20,580 10,639 17,085
Other expenses 5,644 14,852 106,477 24,852
------------- ------------- ------------- -------------
Total expenses 733,067 2,127,650 846,458 3,203,353
Less: Expenses waived or assumed (102,194) (250,685) -- --
Custodian fees paid indirectly (9,235) (9,695) (3,469) --
------------- ------------- ------------- -------------
Net expenses 621,638 1,867,270 842,989 3,203,353
------------- ------------- ------------- -------------
Net investment income (loss) (341,409) (1,120,507) (425,891) (1,165,952)
------------- ------------- ------------- -------------
Realized and Unrealized Gain (Loss) on
Investments and Foreign Currency Transactions
(Note 2):
Net realized gain (loss) on investments and
foreign currency transactions 8,958,439 37,122,650 (2,958,304) 24,801,926
Net unrealized appreciation of investments
and foreign currency transactions 18,077,357 45,799,023 10,539,725 55,550,188
------------- ------------- ------------- -------------
Net gain on investments and foreign
currency transactions 27,035,796 82,921,673 7,581,421 80,352,114
------------- ------------- ------------- -------------
Net Increase in Net Assets Resulting from
Operations $26,694,387 $81,801,166 $ 7,155,530 $79,186,162
============= ============= ============= =============
+ Net of $128,921 foreign taxes withheld.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
-------------------------------------------------------------------------------------------------------------
TOTAL RETURN GROWTH & INCOME
---------------------------- ----------------------------
10/1/99 to 10/1/98 to 10/1/99 to 10/1/98 to
3/31/00 9/30/99 3/31/00 9/30/99
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income (loss) $ 1,050,229 $ 1,899,010 $ (81,157) $ 740,343
Net realized gain on investments 6,282,064 2,423,160 51,613,827 42,168,688
Net unrealized appreciation of investments 13,104,692 4,417,389 73,638,958 28,436,909
------------- ------------- ------------- -------------
Net increase in net assets resulting from
operations 20,436,985 8,739,559 125,171,628 71,345,940
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A (890,133) (1,713,302) (224,009) (992,115)
Net investment income - Class B (63,602) (89,161) -- (40,249)
Net realized gains - Class A (2,610,266) (6,072,779) (38,908,483) (42,283)
Net realized gains - Class B (279,235) (367,813) (8,142,287) (7,315)
------------- ------------- ------------- -------------
Total distributions (3,843,236) (8,243,055) (47,274,779) (1,081,962)
------------- ------------- ------------- -------------
Share Transactions *
Class A:
Proceeds from shares sold 12,901,280 22,168,315 48,337,546 102,341,947
Value of shares issued for acquisition** -- -- -- --
Reinvestment of distributions 3,477,524 7,731,158 38,682,692 1,048,356
Cost of shares redeemed (7,283,947) (11,023,441) (29,710,109) (43,412,409)
------------- ------------- ------------- -------------
9,094,857 18,876,032 57,310,129 59,977,894
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 2,737,008 5,749,808 13,846,926 30,709,718
Reinvestment of distributions 341,644 453,589 8,111,584 15,077
Cost of shares redeemed (621,433) (778,629) (6,081,697) (6,576,464)
------------- ------------- ------------- -------------
2,457,219 5,424,768 15,876,813 24,148,331
------------- ------------- ------------- -------------
Net increase from share transactions 11,552,076 24,300,800 73,186,942 84,126,225
------------- ------------- ------------- -------------
Net increase in net assets 28,145,825 24,797,304 151,083,791 154,390,203
Net Assets
Beginning of period 101,557,278 76,759,974 455,008,439 300,618,236
------------- ------------- ------------- -------------
End of period+ $129,703,103 $101,557,278 $606,092,230 $455,008,439
============= ============= ============= =============
+ Includes undistributed net investment
income (deficit) of $ 778,363 $ 681,869 $ (93,980) $ 211,186
============= ============= ============= =============
*Shares Issued and Redeemed
Class A:
Sold 841,547 1,525,660 3,049,132 6,803,906
Issued for acquisition** -- -- -- --
Issued for distributions reinvested 239,982 562,168 2,696,717 74,965
Redeemed (473,745) (758,163) (1,870,503) (2,913,486)
------------- ------------- ------------- -------------
Net increase in Class A shares outstanding 607,784 1,329,665 3,875,346 3,965,385
============= ============= ============= =============
Class B:
Sold 181,127 399,606 895,111 2,074,035
Issued for distributions reinvested 23,910 33,363 577,337 1,096
Redeemed (41,329) (54,229) (390,552) (446,609)
------------- ------------- ------------- -------------
Net increase in Class B shares outstanding 163,708 378,740 1,081,896 1,628,522
============= ============= ============= =============
** See Note 7
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
-------------------------------------------------------------------------------------------------------------
BLUE CHIP UTILITIES INCOME
---------------------------- ----------------------------
10/1/99 to 10/1/98 to 10/1/99 to 10/1/98 to
3/31/00 9/30/99 3/31/00 9/30/99
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income (loss) $ (1,374,340) $ (365,687) $ 1,455,659 $ 2,526,575
Net realized gain on investments 35,872,941 33,613,424 11,054,764 12,567,447
Net unrealized appreciation of investments 126,081,582 69,988,521 35,760,859 1,441,561
------------- ------------- ------------- -------------
Net increase in net assets resulting from
operations 160,580,183 103,236,258 48,271,282 16,535,583
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A -- (317,918) (1,178,066) (2,228,985)
Net investment income - Class B -- -- (95,138) (175,820)
Net realized gains - Class A (28,734,713) (12,371,853) (10,974,670) (6,073,957)
Net realized gains - Class B (4,387,011) (1,609,894) (1,596,987) (729,449)
------------- ------------- ------------- -------------
Total distributions (33,121,724) (14,299,665) (13,844,861) (9,208,211)
------------- ------------- ------------- -------------
Share Transactions*
Class A:
Proceeds from shares sold 50,572,410 72,173,097 16,924,477 26,292,960
Value of shares issued for acquisition** 5,461,057 -- -- --
Reinvestment of distributions 28,306,844 12,531,573 11,884,252 8,079,229
Cost of shares redeemed (34,764,895) (60,742,794) (11,539,583) (18,524,492)
------------- ------------- ------------- -------------
49,575,416 23,961,876 17,269,146 15,847,697
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 14,235,560 18,332,130 3,916,470 7,033,105
Reinvestment of distributions 4,357,087 1,601,695 1,681,220 899,497
Cost of shares redeemed (4,706,416) (6,583,849) (1,372,034) (2,232,696)
------------- ------------- ------------- -------------
13,886,231 13,349,976 4,225,656 5,699,906
------------- ------------- ------------- -------------
Net increase from share transactions 63,461,647 37,311,852 21,494,802 21,547,603
------------- ------------- ------------- -------------
Net increase in net assets 190,920,106 126,248,445 55,921,223 28,874,975
Net Assets
Beginning of period 541,158,950 414,910,505 165,695,602 136,820,627
------------- ------------- ------------- -------------
End of period+ $732,079,056 $541,158,950 $221,616,825 $165,695,602
============= ============= ============= =============
+ Includes undistributed net investment
income (deficit) of $ (1,374,340) $ -- $ 952,636 $ 770,181
============= ============= ============= =============
*Shares Issued and Redeemed
Class A:
Sold 1,686,965 2,714,307 1,998,552 3,318,123
Issued for acquisition** 175,328 -- -- --
Issued for distributions reinvested 1,046,077 536,723 1,509,126 1,076,259
Redeemed (1,161,881) (2,292,893) (1,369,527) (2,340,185)
------------- ------------- ------------- -------------
Net increase in Class A shares outstanding 1,746,489 958,137 2,138,151 2,054,197
============= ============= ============= =============
Class B:
Sold 485,175 701,312 466,796 899,686
Issued for distributions reinvested 164,605 69,604 216,508 121,706
Redeemed (160,591) (252,535) (164,668) (284,771)
------------- ------------- ------------- -------------
Net increase in Class B shares outstanding 489,189 518,381 518,636 736,621
============= ============= ============= =============
** See Note 7
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
-------------------------------------------------------------------------------------------------------------
MID-CAP OPPORTUNITY SPECIAL SITUATIONS
---------------------------- ----------------------------
10/1/99 to 10/1/98 to 10/1/99 to 10/1/98 to
3/31/00 9/30/99 3/31/00 9/30/99
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment loss $ (341,409) $ (385,659) $ (1,120,507) $ (2,108,706)
Net realized gain (loss) on investments and
foreign currency transactions 8,958,439 8,318,436 37,122,650 15,641,687
Net unrealized appreciation of investments
and foreign currency transactions 18,077,357 7,655,565 45,799,023 39,320,820
------------- ------------- ------------- -------------
Net increase in net assets resulting from
operations 26,694,387 15,588,342 81,801,166 52,853,801
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A -- -- -- --
Net investment income - Class B -- -- -- --
Net realized gains - Class A (5,540,009) -- (9,565,666) --
Net realized gains - Class B (857,520) -- (1,053,619) --
------------- ------------- ------------- -------------
Total distributions (6,397,529) -- (10,619,285) --
------------- ------------- ------------- -------------
Share Transactions*
Class A:
Proceeds from shares sold 27,675,302 12,420,250 18,769,952 25,887,175
Reinvestment of distributions 5,447,314 -- 9,200,880 --
Cost of shares redeemed (3,604,173) (6,972,115) (15,793,294) (48,042,333)
------------- ------------- ------------- -------------
29,518,443 5,448,135 12,177,538 (22,155,158)
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 6,709,262 2,257,965 3,724,819 4,785,997
Reinvestment of distributions 857,486 -- 1,051,189 --
Cost of shares redeemed (453,490) (841,719) (1,555,948) (5,042,300)
------------- ------------- ------------- -------------
7,113,258 1,416,246 3,220,060 (256,303)
------------- ------------- ------------- -------------
Net increase (decrease) from share
transactions 36,631,701 6,864,381 15,397,598 (22,411,461)
------------- ------------- ------------- -------------
Net increase in net assets 56,928,559 22,452,723 86,579,479 30,442,340
Net Assets
Beginning of period 57,018,952 34,566,229 205,628,820 175,186,480
------------- ------------- ------------- -------------
End of period+ $113,947,511 $57,018,952 $292,208,299 $205,628,820
============= ============= ============= =============
+Includes accumulated deficit in net
investment income of $ (341,409) $ -- $ (1,120,507) $ --
============= ============= ============= =============
*Shares Issued and Redeemed
Class A:
Sold 1,150,213 630,256 657,886 1,222,125
Issued for distributions reinvested 274,701 -- 397,446 --
Redeemed (154,324) (364,219) (575,203) (2,243,476)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A shares
outstanding 1,270,590 266,037 480,129 (1,021,351)
============= ============= ============= =============
Class B:
Sold 289,892 116,697 135,770 231,857
Issued for distributions reinvested 44,848 -- 47,139 --
Redeemed (20,219) (44,116) (59,368) (242,807)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B shares
outstanding 314,521 72,581 123,541 (10,950)
============= ============= ============= =============
** Commencement of operations
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS
-------------------------------------------------------------------------------------------------------------
FOCUSED EQUITY GLOBAL
---------------------------- ----------------------------
10/1/99 to 3/22/99** to 10/1/99 to 10/1/98 to
3/31/00 9/30/99 3/31/00 9/30/99
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment loss $ (425,891) $ (293,194) $ (1,165,952) $ (215,898)
Net realized gain (loss) on investments and
foreign currency transactions (2,958,304) 6,594 24,801,926 34,466,572
Net unrealized appreciation of investments
and foreign currency transactions 10,539,725 2,479,505 55,550,188 45,266,566
------------- ------------- ------------- -------------
Net increase in net assets resulting from
operations 7,155,530 2,192,905 79,186,162 79,517,240
------------- ------------- ------------- -------------
Distributions to Shareholders
Net investment income - Class A -- -- -- (122,828)
Net investment income - Class B -- -- -- --
Net realized gains - Class A -- -- (34,617,824) (3,199,287)
Net realized gains - Class B -- -- (2,037,163) (150,049)
------------- ------------- ------------- -------------
Total distributions -- -- (36,654,987) (3,472,164)
------------- ------------- ------------- -------------
Share Transactions *
Class A:
Proceeds from shares sold 22,063,049 58,525,759 19,526,762 23,895,185
Reinvestment of distributions -- -- 33,970,568 3,187,812
Cost of shares redeemed (4,490,545) (1,223,549) (21,601,560) (44,619,545)
------------- ------------- ------------- -------------
17,572,504 57,302,210 31,895,770 (17,536,548)
------------- ------------- ------------- -------------
Class B:
Proceeds from shares sold 5,952,955 14,313,156 4,180,824 4,851,361
Reinvestment of distributions -- -- 2,024,307 149,378
Cost of shares redeemed (1,861,614) (494,783) (1,182,076) (2,406,293)
------------- ------------- ------------- -------------
4,091,341 13,818,373 5,023,055 2,594,446
------------- ------------- ------------- -------------
Net increase (decrease) from share
transactions 21,663,845 71,120,583 36,918,825 (14,942,102)
------------- ------------- ------------- -------------
Net increase in net assets 28,819,375 73,313,488 79,450,000 61,102,974
Net Assets
Beginning of period 73,313,488 -- 334,306,526 273,203,552
------------- ------------- ------------- -------------
End of period+ $102,132,863 $ 73,313,488 $413,756,526 $334,306,526
============= ============= ============= =============
+Includes accumulated deficit in net
investment income of $ (425,891) $ -- $ (1,165,952) $ --
============= ============= ============= =============
*Shares Issued and Redeemed
Class A:
Sold 1,931,679 5,551,442 2,306,911 3,141,881
Issued for distributions reinvested -- -- 4,481,605 462,757
Redeemed (390,391) (112,550) (2,571,760) (5,877,187)
------------- ------------- ------------- -------------
Net increase (decrease) in Class A shares
outstanding 1,541,288 5,438,892 4,216,756 (2,272,549)
============= ============= ============= =============
Class B:
Sold 523,469 1,349,781 509,284 649,918
Issued for distributions reinvested -- -- 276,167 22,262
Redeemed (161,560) (45,791) (145,207) (326,673)
------------- ------------- ------------- -------------
Net increase (decrease) in Class B shares
outstanding 361,909 1,303,990 640,244 345,507
============= ============= ============= =============
** Commencement of operations
See notes to financial statements
</TABLE>
Notes to Financial Statements
1. Significant Accounting Policies--First Investors Total Return Fund,
First Investors Blue Chip Fund and First Investors Special Situations
Fund, each a series of First Investors Series Fund ("Series Fund"), a
Massachusetts business trust; First Investors Growth & Income Fund,
First Investors Utilities Income Fund, First Investors Mid-Cap
Opportunity Fund and First Investors Focused Equity Fund, each a series
of First Investors Series Fund II, Inc. ("Series Fund II"), a Maryland
corporation; and First Investors Global Fund, Inc. ("Global Fund"), a
Maryland corporation, are registered under the Investment Company Act of
1940 (the "1940 Act") as diversified, open-end management investment
companies, with the exception of First Investors Focused Equity Fund,
which is registered as a non-diversified investment company. Each fund
accounts separately for the assets, liabilities, and operations of the
fund. Series Fund offers two additional series which are not included in
this report. The objective of each Fund is as follows:
Total Return Fund seeks high, long-term total investment return
consistent with moderate investment risk.
Growth & Income Fund seeks long-term growth of capital and current
income.
Blue Chip Fund seeks high total investment return consistent with the
preservation of capital.
Utilities Income Fund primarily seeks high current income and
secondarily long-term capital appreciation.
Mid-Cap Opportunity Fund seeks long-term capital growth.
Special Situations Fund seeks long-term growth of capital.
Focused Equity Fund seeks capital appreciation.
Global Fund primarily seeks long-term capital growth and secondarily a
reasonable level of current income.
A. Security Valuation--Except as provided below, a security listed or
traded on an exchange or the Nasdaq Stock Market is valued at its last
sale price on the exchange or market where the security is principally
traded, and lacking any sales, the security is valued at the mean
between the closing bid and asked prices. Securities traded in the
over-the-counter ("OTC") market (including securities listed on
exchanges whose primary market is believed to be OTC) are valued at the
mean between the last bid and asked prices based upon quotes furnished
by a market maker for such securities. Securities may also be priced by
a pricing service. The pricing service uses quotations obtained from
investment dealers or brokers, information with respect to market
transactions in comparable securities and other available information in
determining value. Short-term debt securities that mature in 60 days or
less are valued at amortized cost. 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 particular Fund's officers in a manner
specifically authorized by the Boards of Directors/Trustees. For
valuation purposes, where applicable, 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 each Fund
to continue to comply with the special provisions of the Internal
Revenue Code applicable to investment companies and to make sufficient
distributions of income and capital gains (in excess of any available
capital loss carryovers) to relieve it from all, or substantially all,
such taxes.
C. Distributions to Shareholders--Dividends from net investment income,
if any, of Total Return Fund, Growth & Income Fund, Blue Chip Fund and
Utilities Income Fund are declared and paid quarterly. Dividends from
net investment income, if any, of Mid-Cap Opportunity Fund, Special
Situations Fund, Focused Equity Fund and Global Fund are declared and
paid annually. Distributions from net realized capital gains, if any,
are normally declared and paid annually. Income dividends and capital
gain distributions are determined in accordance with income tax
regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments
for capital loss carryforwards, deferral of wash sales, post-October
capital losses, net operating losses and foreign currency transactions.
D. Expense Allocation--Expenses directly charged or attributable to a
Fund are paid from the assets of that Fund. General expenses of Series
Fund and Series Fund II are allocated among and charged to the assets of
each Fund in the Series on a fair and equitable basis, which may be
based on the relative assets of each Fund or the nature of the services
performed and relative applicability to each Fund.
E. Repurchase Agreements--Securities pledged as collateral for
repurchase agreements entered into by the Global Fund are held by the
Fund's custodian until maturity of the repurchase agreement. The
agreements provide that Global 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 Global 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
Notes to Financial Statements (continued)
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expense during the
reporting period. Actual results could differ from those estimates.
G. Foreign Currency Translations--The accounting records of Global Fund
are maintained in U.S. dollars. Portfolio securities and other assets
and liabilities denominated in foreign currencies are translated to U.S.
dollars at the date of valuation. 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.
Global 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 gains and losses 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.
H. 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. For the six months ended March 31, 2000, the Bank of New
York, custodian for the Series Fund and Series Fund II, has provided
total credits in the amount of $66,721 against custodian charges based
on the uninvested cash balances of these Funds.
2. Purchases and Sales of Securities--For the six months ended March 31,
2000, purchases and sales of securities and long-term U.S. Government
obligations (excluding U.S. Treasury bills, repurchase agreements,
short-term securities and foreign currencies) were as follows:
<TABLE>
<CAPTION>
Long-Term U.S.
Securities Government Obligations
---------------------------- ----------------------------
Cost of Proceeds Cost of Proceeds
Fund Purchases from Sales Purchases from Sales
-------------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Total Return $ 49,634,975 $ 52,360,919 $9,155,376 $9,925,079
Growth & Income 335,398,249 301,858,491 -- --
Blue Chip 304,412,766 282,665,560 -- --
Utilities Income 58,228,483 53,951,282 -- --
Mid-Cap Opportunity 106,170,423 71,161,035 -- --
Special Situations 146,941,082 131,035,282 -- --
Focused Equity 82,463,913 64,374,048 -- --
Global 213,605,953 223,391,159 -- --
</TABLE>
At March 31, 2000, aggregate cost and net unrealized appreciation of
securities for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Fund Cost Appreciation Depreciation Appreciation
-------------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Total Return $105,312,362 $ 27,209,266 $ 2,857,766 $ 24,351,500
Growth & Income 456,464,659 183,386,703 12,201,123 171,185,580
Blue Chip 465,720,715 292,643,304 9,398,867 283,244,437
Utilities Income 159,908,229 70,879,673 8,711,814 62,167,859
Mid-Cap Opportunity 88,833,654 31,144,749 3,768,900 27,375,849
Special Situations 209,670,846 97,036,550 11,508,528 85,528,022
Focused Equity 87,271,133 14,779,094 2,025,709 12,753,385
Global 293,131,747 139,028,850 11,302,333 127,726,517
</TABLE>
3. Advisory Fee and Other Transactions With Affiliates--Certain officers
and directors/trustees of the Funds 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 Funds'
Individual Retirement Accounts. Directors/trustees of the Funds who are
not "interested persons" of the Funds as defined in the 1940 Act are
remunerated by the Funds. For the six months ended March 31, 2000, total
directors/trustees fees accrued by the Funds amounted to $40,500.
The Investment Advisory Agreements provide as compensation to FIMCO, an
annual fee, payable monthly, at the following rates:
Notes to Financial Statements (continued)
Total Return, Blue Chip, Mid-Cap Opportunity and Special Situations
Funds--1% on the first $200 million of each Fund's average daily net
assets, .75% on the next $300 million, declining by .03% on each $250
million thereafter, down to .66% on average daily net assets over $1
billion. FIMCO has waived 25% of the 1% annual fee on the first $200
million of each Fund's average daily net assets for the six months ended
March 31, 2000.
Growth & Income, Utilities Income and Focused Equity Funds--.75% on the
first $300 million of each Fund's average daily net assets, .72% on the
next $200 million, .69% on the next $250 million and .66% on average
daily net assets over $750 million.
FIMCO, pursuant to an expense limitation agreement, reimbursed the
Focused Equity Fund for organizational expenses and expenses incurred
during the fiscal year ended September 30, 1999, to the extent necessary
to limit the Focused Equity Fund's total expenses to 1.75% of the
average daily net assets on the Class A shares and 2.45% of the average
daily net assets on the Class B shares. FIMCO and the Focused Equity
Fund have agreed that any expenses of the Focused Equity Fund reimbursed
by FIMCO pursuant to this agreement shall be repaid to FIMCO by the
Focused Equity Fund in the first, second, or third (or all) fiscal years
following the year ended September 30, 1999, if the total expenses of
the Focused Equity Fund for such year or years do not exceed 1.75% of
the average daily net assets on Class A shares and 2.45% on the average
daily net assets of Class B shares or any lower expense limitations to
which FIMCO may otherwise agree. At September 30, 1999, the total
organizational expenses and expenses incurred in excess of the above
stated limitations was $99,161. This amount has been recaptured by FIMCO
from the Focused Equity Fund during the six months ended March 31, 2000,
based on the parameters discussed above.
Global Fund--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.
For the six months ended March 31, 2000, total advisory fees accrued to
FIMCO by the Funds were $9,684,643 of which $747,999 was waived.
For the six months ended March 31, 2000, FIC, as underwriter, received
$8,060,339 in commissions from the sale of shares of the Funds, after
allowing $17,817 to other dealers. Shareholder servicing costs included
$1,679,535 in transfer agent fees accrued to ADM and $623,429 in IRA
custodian fees accrued to FFS.
Pursuant to Distribution Plans adopted under Rule 12b-1 of the 1940 Act,
each Fund is authorized to pay FIC a fee up to .30% of the average daily
net assets of the Class A shares and 1% of the average daily net assets
of the Class B shares on an annualized basis each fiscal 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 that Fund. For the six months ended March 31, 2000,
total distribution plan fees accrued to FIC by the funds amounted to
$4,408,884.
Wellington Management Company, LLP ("Wellington") serves as investment
subadviser to Global Fund. Arnhold and S. Bleichroeder, Inc. serves as
investment subadviser to Focused Equity Fund. The subadvisers are paid
by FIMCO and not by the Funds.
4. Forward Currency Contracts--A forward currency contract is an
obligation to purchase or sell a specific currency for an agreed-upon
price at a future date. When Global Fund purchases or sells foreign
securities it customarily enters into a forward currency contract to
minimize foreign exchange risk between the trade date and the settlement
date of such transactions. The Fund could be exposed to risk if counter
parties to the contracts are unable to meet the terms of their contracts
or if the value of the foreign currency changes unfavorably. Global Fund
had the following forward currency contracts outstanding at March 31,
2000:
<TABLE>
<CAPTION>
Contracts to Buy Unrealized
Foreign Currency In Exchange for Settlement Date Gain (Loss)
------------------------------ --------------- --------------- -------------
<S> <C> <C> <C> <C>
3,205,575 Hong Kong Dollars U.S. $411,710 4/3/00 U.S. $(26)
301,264,783 Japanese Yen 2,847,312 4/3/00 89,994
1,414,335 British Pounds 2,247,435 4/4/00 8,855
903,221 Canadian Dollars 621,427 4/4/00 712
185,692,721 Japanese Yen 1,759,537 4/4/00 50,951
3,611,035 Swedish Krona 418,699 4/4/00 (756)
881,448 Swiss Franc 531,585 4/4/00 (1,455)
34,865 British Pounds 55,647 4/5/00 (26)
873,092 Euro 835,811 4/5/00 (349)
49,341,866 Japanese Yen 481,464 4/5/00 (385)
2,381,241 Swiss Franc 1,432,326 4/5/00 (172)
397,384 British Pounds 634,623 4/6/00 (675)
314,317 British Pounds 501,316 4/7/00 113
------------ -------------
$12,778,892 $146,781
------------ -------------
</TABLE>
Notes to Financial Statements (continued)
<TABLE>
<CAPTION>
Contracts to Sell Unrealized
Foreign Currency In Exchange for Settlement Date Gain (Loss)
------------------------------ --------------- --------------- -------------
<S> <C> <C> <C> <C>
545,883 Euro U.S. $516,797 4/3/00 U.S. $(5,558)
89,006 Euro 86,626 4/4/00 1,456
7,957,505 Hong Kong Dollars 1,021,896 4/5/00 (66)
643,603 Euro 619,340 4/28/00 3,475
------------ -------------
$2,244,659 $(693)
------------ -------------
Unrealized Gain on Forward Currency Contracts $146,088
=============
</TABLE>
5. Capital--Each Fund sells two classes of shares, Class A and 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 and certain other class expenses) are allocated daily to each
class of shares based upon the relative proportion of net assets of each
class. The Series Fund has established an unlimited number of shares of
beneficial interest for both Class A and Class B shares. Of the
100,000,000 shares originally designated to each Fund, Series Fund II
has classified 50,000,000 shares as Class A and 50,000,000 shares as
Class B for each Fund. Of the 100,000,000 Global Fund shares originally
authorized, the Fund has designated 65,000,000 shares as Class A and
35,000,000 shares as Class B.
6. 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 sold to qualified institutional investors. At March
31, 2000, Total Return Fund held two 144A securities with an aggregate
value of $1,460,000 representing 1.1% of the Fund's net assets, Global
Fund held two 144A securities with an aggregate value of $1,300,066
representing .3% of the Fund's net assets and Growth & Income Fund held
two 144A securities with an aggregate value of $2,080,000 representing
.3% of the Fund's net assets. These securities are valued as set forth
in Note 1A.
7. Reorganization--On March 14, 2000, the First Investors Blue Chip Fund
("Blue Chip Fund") acquired all of the net assets of the Executive
Investors Blue Chip Fund ("Executive Blue Chip Fund") in connection with
a tax-free reorganization that was approved by the Executive Blue Chip
Fund shareholders. The Blue Chip Fund issued 175,328 Class A shares to
the Executive Blue Chip Fund in connection with the reorganization. In
return, it received net assets of $5,461,057 from the Executive Blue
Chip Fund (which included $2,090,588 in unrealized appreciation). The
Blue Chip Fund's shares were issued at their current net asset values as
of the date of the reorganization. The aggregate net assets of the Blue
Chip Fund Class A shares and Executive Blue Chip Fund immediately before
the acquisition were $593,084,824 consisting of Blue Chip Fund
$587,623,767 and Executive Blue Chip Fund $5,461,057, respectively.
<TABLE>
<CAPTION>
Financial Highlights
FIRST INVESTORS
The following table sets forth the per share operating performance data for a share outstanding,
total return, ratios to average net assets and other supplemental data for each period indicated.
-----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN FUND
-----------------
Class A
-------
1995(h) $10.89 $ .39 $2.50 $2.89 $ .37 $ .44 $ .81
1996(h) 12.97 .39 .97 1.36 .41 1.12 1.53
1997(h) 12.80 .26 2.04 2.30 .28 1.08 1.36
1998(a) 13.74 .23 .43 .66 .13 -- .13
1999(f) 14.27 .29 1.26 1.55 .30 1.18 1.48
2000(i) 14.34 .14 2.58 2.72 .14 .40 .54
Class B
-------
1995(b) $10.90 $ .25 $2.54 $2.79 $ .33 $ .44 $ .77
1996(h) 12.92 .32 .94 1.26 .34 1.12 1.46
1997(h) 12.72 .21 1.97 2.18 .19 1.08 1.27
1998(a) 13.63 .17 .41 .58 .08 -- .08
1999(f) 14.13 .21 1.22 1.43 .21 1.18 1.39
2000(i) 14.17 .09 2.54 2.63 .09 .40 .49
-----------------------------------------------------------------------------------------------------------------------------
GROWTH & INCOME FUND
--------------------
Class A
-------
1995(d) $6.69 $ .16 $1.13 $1.29 $ .17 $ -- $ .17
1996(d) 7.81 .10 1.60 1.70 .12 -- .12
1997(d) 9.39 .06 2.36 2.42 .06 .16 .22
1998(c) 11.59 .05 .97 1.02 .03 .27 .30
1999(f) 12.31 .04 2.88 2.92 .05 -- .05
2000(i) 15.18 -- 3.76 3.76 .01 1.55 1.56
Class B
-------
1995(e) $6.43 $ .08 $1.38 $1.46 $ .11 $ -- $ .11
1996(d) 7.78 .07 1.55 1.62 .07 -- .07
1997(d) 9.33 -- 2.32 2.32 .01 .16 .17
1998(c) 11.48 (.01) .94 .93 -- .27 .27
1999(f) 12.14 (.04) 2.80 2.76 -- -- --
2000(i) 14.90 (.02) 3.65 3.63 -- 1.55 1.55
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset Net Net
Value Investment Investment Portfolio
--------- Total Net Assets Income Income Turnover
End of Return* End of Period Expenses (Loss) Expenses (Loss) Rate
Period (%) (in millions) (%) (%) (%) (%) (%)
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN FUND
-----------------
Class A
-------
1995(h) $12.97 26.71 $ 55 1.58 3.08 1.83 2.83 135
1996(h) 12.80 10.62 57 1.53 2.93 1.78 2.68 146
1997(h) 13.74 18.08 67 1.49 1.94 1.74 1.69 149
1998(a) 14.27 4.76 73 1.42+ 2.15+ 1.65+ 1.92+ 111
1999(f) 14.34 11.50 92 1.40 2.08 1.63 1.85 127
2000(i) 16.52 19.50 116 1.37+ 1.89+ 1.61+ 1.65+ 56
Class B
-------
1995(b) $12.92 25.74 $ .3 2.41+ 2.24+ 2.67+ 1.98+ 135
1996(h) 12.72 9.86 1 2.32 2.14 2.49 1.97 146
1997(h) 13.63 17.24 3 2.19 1.24 2.44 .99 149
1998(a) 14.13 4.25 4 2.12+ 1.45+ 2.35+ 1.22+ 111
1999(f) 14.17 10.72 9 2.10 1.38 2.33 1.15 127
2000(i) 16.31 19.08 14 2.07+ 1.19+ 2.31+ .95+ 56
-----------------------------------------------------------------------------------------------------------------------------
GROWTH & INCOME FUND
--------------------
Class A
-------
1995(d) $7.81 19.51 $ 63 .98 2.34 1.59 1.74 19
1996(d) 9.39 21.82 112 1.31 1.20 1.49 1.02 25
1997(d) 11.59 26.20 194 1.39 .55 1.43 .51 28
1998(c) 12.31 8.84 258 1.39+ .47+ N/A N/A 36
1999(f) 15.18 23.75 378 1.36 .29 N/A N/A 112
2000(i) 17.38 26.94 500 1.28+ .09+ N/A N/A 61
Class B
-------
1995(e) $7.78 22.73 $ 4 1.90+ 2.23+ 2.61+ 1.52+ 19
1996(d) 9.33 20.92 12 2.03 .48 2.19 .31 25
1997(d) 11.48 25.23 27 2.09 (.15) 2.13 (.19) 28
1998(c) 12.14 8.19 43 2.09+ (.23)+ N/A N/A 36
1999(f) 14.90 22.77 77 2.06 (.41) N/A N/A 112
2000(i) 16.98 26.52 106 1.98+ (.61)+ N/A N/A 61
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS
-----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
BLUE CHIP FUND
--------------
Class A
-------
1995(h) $13.46 $ .19 $4.37 $4.56 $ .20 $ .60 $ .80
1996(h) 17.22 .14 3.39 3.53 .17 1.11 1.28
1997(h) 19.47 .09 4.98 5.07 .08 1.62 1.70
1998(a) 22.84 .04 (.39) (.35) .03 -- .03
1999(f) 22.46 -- 5.46 5.46 .02 .75 .77
2000(i) 27.15 (.05) 7.61 7.56 -- 1.65 1.65
Class B
-------
1995(b) $13.51 $ .10 $4.31 $4.41 $ .16 $ .60 $ .76
1996(h) 17.16 .06 3.32 3.38 .06 1.11 1.17
1997(h) 19.37 (.03) 4.91 4.88 -- 1.62 1.62
1998(a) 22.63 (.06) (.42) (.48) -- -- --
1999(f) 22.15 (.14) 5.35 5.21 -- .75 .75
2000(i) 26.61 (.13) 7.42 7.29 -- 1.65 1.65
-----------------------------------------------------------------------------------------------------------------------------
UTILITIES INCOME FUND
---------------------
Class A
-------
1995(d) $5.08 $ .23 $ .83 $1.06 $ .24 $ -- $ .24
1996(d) 5.90 .21 .52 .73 .22 -- .22
1997(d) 6.41 .20 .61 .81 .19 -- .19
1998(c) 7.03 .14 .96 1.10 .14 .37 .51
1999(f) 7.62 .13 .74 .87 .13 .37 .50
2000(i) 7.99 .07 2.08 2.15 .06 .60 .66
Class B
-------
1995(e) $4.95 $ .14 $ .93 $1.07 $ .16 $ -- $ .16
1996(d) 5.86 .18 .49 .67 .18 -- .18
1997(d) 6.35 .15 .61 .76 .15 -- .15
1998(c) 6.96 .10 .94 1.04 .10 .37 .47
1999(f) 7.53 .08 .72 .80 .08 .37 .45
2000(i) 7.88 .04 2.05 2.09 .03 .60 .63
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset Net Net
Value Investment Investment Portfolio
--------- Total Net Assets Income Income Turnover
End of Return* End of Period Expenses (Loss) Expenses (Loss) Rate
Period (%) (in millions) (%) (%) (%) (%) (%)
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
BLUE CHIP FUND
--------------
Class A
-------
1995(h) $17.22 34.01 $170 1.49 1.23 1.74 .98 25
1996(h) 19.47 20.55 240 1.44 .78 1.67 .55 45
1997(h) 22.84 26.05 351 1.39 .40 1.64 .15 63
1998(a) 22.46 (1.55 368 1.37+ .23+ 1.47+ .13+ 71
1999(f) 27.15 24.88 471 1.32 .01 1.41 (.08) 97
2000(i) 33.06 29.19 632 1.28+ (.34)+ 1.36+ (.42)+ 47
Class B
-------
1995(b) $17.16 32.76 $ 5 2.20+ .52+ 2.46+ .26+ 25
1996(h) 19.37 19.71 17 2.22 -- 2.37 (.16) 45
1997(h) 22.63 25.19 37 2.09 (.30) 2.34 (.55) 63
1998(a) 22.15 (2.12 47 2.07+ (.47)+ 2.17+ (.57)+ 71
1999(f) 26.61 24.07 70 2.02 (.69) 2.11 (.78) 97
2000(i) 32.25 28.75 100 1.98+ (1.04)+ 2.06+ (1.12)+ 47
-----------------------------------------------------------------------------------------------------------------------------
UTILITIES INCOME FUND
---------------------
Class A
-------
1995(d) $5.90 21.35 $ 84 1.04 4.37 1.57 3.84 16
1996(d) 6.41 12.45 104 1.20 3.49 1.49 3.19 38
1997(d) 7.03 12.86 102 1.40 2.98 1.48 2.90 60
1998(c) 7.62 16.05 123 1.43+ 2.10+ N/A N/A 83
1999(f) 7.99 11.99 145 1.37 1.69 N/A N/A 65
2000(i) 9.48 28.68 192 1.33+ 1.62+ N/A N/A 30
Class B
-------
1995(e) $5.86 21.99 $ 3 1.82+ 4.93+ 2.53+ 4.21+ 16
1996(d) 6.35 11.61 8 1.91 2.77 2.28 2.40 38
1997(d) 6.96 12.08 9 2.10 2.28 2.18 2.20 60
1998(c) 7.53 15.38 14 2.13+ 1.40+ N/A N/A 83
1999(f) 7.88 11.13 21 2.07 .99 N/A N/A 65
2000(i) 9.34 28.23 29 2.03+ .92+ N/A N/A 30
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS
-----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MID-CAP OPPORTUNITY FUND**
--------------------------
Class A
-------
1995(d) $11.78 $ .08 $2.80 $2.88 $ .08 $ -- $ .08
1996(d) 14.58 .04 1.57 1.61 .06 .84 .90
1997(d) 15.29 (.03) 4.02 3.99 .04 .68 .72
1998(c) 18.56 (.03) (2.82) (2.85) -- 1.18 1.18
1999(f) 14.53 (.13) 6.62 6.49 -- -- --
2000(i) 21.02 (.07) 7.93 7.86 -- 2.28 2.28
Class B
-------
1995(e) $12.03 $(.01) $2.49 $2.48 $ -- $ -- $ --
1996(d) 14.51 .01 1.47 1.48 .05 .84 .89
1997(d) 15.10 (.08) 3.89 3.81 -- .68 .68
1998(c) 18.23 (.12) (2.76) (2.88) -- 1.18 1.18
1999(f) 14.17 (.23) 6.41 6.18 -- -- --
2000(i) 20.35 (.12) 7.62 7.50 -- 2.28 2.28
-----------------------------------------------------------------------------------------------------------------------------
SPECIAL SITUATIONS FUND
-----------------------
Class A
-------
1995(h) $16.43 $(.01) $3.94 $3.93 $ -- $ .73 $ .73
1996(h) 19.63 (.01) 2.28 2.27 -- 1.17 1.17
1997(h) 20.73 (.09) 3.44 3.35 -- 1.90 1.90
1998(a) 22.18 (.05) (4.30) (4.35) -- -- --
1999(f) 17.83 (.22) 5.79 5.57 -- -- --
2000(i) 23.40 (.11) 9.07 8.96 -- 1.21 1.21
Class B
-------
1995(b) $16.40 $(.01) $3.85 $3.84 $ -- $ .73 $ .73
1996(h) 19.51 (.14) 2.25 2.11 -- 1.17 1.17
1997(h) 20.45 (.15) 3.29 3.14 -- 1.90 1.90
1998(a) 21.69 (.13) (4.22) (4.35) -- -- --
1999(f) 17.34 (.36) 5.64 5.28 -- -- --
2000(i) 22.62 (.19) 8.70 8.51 -- 1.21 1.21
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset Net Net
Value Investment Investment Portfolio
--------- Total Net Assets Income Income Turnover
End of Return* End of Period Expenses (Loss) Expenses (Loss) Rate
Period (%) (in millions) (%) (%) (%) (%) (%)
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MID-CAP OPPORTUNITY FUND**
--------------------------
Class A
-------
1995(d) $14.58 24.59 $ 9 1.34 .48 2.36 (.55) 106
1996(d) 15.29 11.64 14 1.57 .36 2.15 (.21) 118
1997(d) 18.56 27.09 26 1.50 (.21) 1.94 (.65) 90
1998(c) 14.53 (16.42) 30 1.50+ (.25)+ 1.89+ (.64)+ 102
1999(f) 21.02 44.67 50 1.50 (.69) 1.77 (.96) 171
2000(i) 26.60 41.09 97 1.46+ (.74)+ 1.71+ (.99)+ 95
Class B
-------
1995(e) $14.51 20.62 $ .3 2.29+ (.03)+ 3.79+ (1.53)+ 106
1996(d) 15.10 10.80 1 2.30 (.37) 3.03 (1.10) 118
1997(d) 18.23 26.17 3 2.20 (.91) 2.64 (1.35) 90
1998(c) 14.17 (16.91) 4 2.20+ (.95)+ 2.59+ (1.34)+ 102
1999(f) 20.35 43.61 7 2.20 (1.39) 2.47 (1.66) 171
2000(i) 25.57 40.63 17 2.16+ (1.44)+ 2.41+ (1.69)+ 95
-----------------------------------------------------------------------------------------------------------------------------
SPECIAL SITUATIONS FUND
-----------------------
Class A
-------
1995(h) $19.63 23.92 $125 1.60 (.08) 1.85 (.33) 80
1996(h) 20.73 11.56 158 1.59 (.13) 1.84 (.38) 99
1997(h) 22.18 16.15 194 1.53 (.45) 1.78 (.70) 84
1998(a) 17.83 (19.61) 160 1.53+ (.32)+ 1.75+ (.54)+ 70
1999(f) 23.40 31.24 186 1.53 (.97) 1.76 (1.20) 132
2000(i) 31.15 40.05 262 1.43+ (.82)+ 1.63+ (1.02)+ 57
Class B
-------
1995(b) $19.51 23.42 $ 5 2.33+ (.81)+ 2.59+ (1.07)+ 80
1996(h) 20.45 10.81 10 2.38 (.92) 2.55 (1.09) 99
1997(h) 21.69 15.34 17 2.23 (1.15) 2.48 (1.40) 84
1998(a) 17.34 (20.06) 15 2.23+ (1.02)+ 2.45+ (1.24)+ 70
1999(f) 22.62 30.45 20 2.23 (1.67) 2.46 (1.90) 132
2000(i) 29.92 39.43 30 2.13+ (1.52)+ 2.33+ (1.72)+ 57
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS
-----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
FOCUSED EQUITY FUND
-------------------
Class A
-------
1999(g) $10.00 $(.04) $ .92 $ .88 $ -- $ -- $ --
2000(i) 10.88 (.04) .99 .95 -- -- --
Class B
-------
1999(g) $10.00 $(.06) $ .90 $ .84 $ -- $ -- $ --
2000(i) 10.84 (.08) .98 .90 -- -- --
-----------------------------------------------------------------------------------------------------------------------------
GLOBAL FUND
-----------
Class A
-------
1995(h) $5.84 $ .03 $1.01 $1.04 $ .04 $ .27 $ .31
1996(h) 6.57 .04 .91 .95 .04 .89 .93
1997(h) 6.59 .03 .50 .53 .03 .68 .71
1998(a) 6.41 .01 (.09) (.08) -- -- --
1999(f) 6.33 -- 1.86 1.86 -- .08 .08
2000(i) 8.11 (.02) 1.79 1.77 -- .89 .89
Class B
-------
1995(b) $5.76 $ .03 $1.05 $1.08 $ .03 $ .27 $ .30
1996(h) 6.54 (.01) .88 .87 .02 .88 .90
1997(h) 6.51 (.01) .49 .48 -- .68 .68
1998(a) 6.31 (.03) (.09) (.12) -- -- --
1999(f) 6.19 (.04) 1.81 1.77 -- .08 .08
2000(i) 7.88 (.05) 1.73 1.68 -- .89 .89
-----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset Net Net
Value Investment Investment Portfolio
--------- Total Net Assets Income Income Turnover
End of Return* End of Period Expenses (Loss) Expenses (Loss) Rate
Period (%) (in millions) (%) (%) (%) (%) (%)
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FOCUSED EQUITY FUND
-------------------
Class A
-------
1999(g) $10.88 8.80 $ 59 1.75+ (.93)+ 1.90+ (1.08)+ 57
2000(i) 11.83 8.73 83 1.75+ (.82)+ N/A N/A 81
Class B
-------
1999(g) $10.84 8.40 $ 14 2.45+ (1.63)+ 2.60+ (1.78)+ 57
2000(i) 11.74 8.30 20 2.45+ (1.52)+ N/A N/A 81
-----------------------------------------------------------------------------------------------------------------------------
GLOBAL FUND
-----------
Class A
-------
1995(h) $6.57 17.83 $228 1.83 .55 N/A N/A 47
1996(h) 6.59 14.43 263 1.83 .50 N/A N/A 73
1997(h) 6.41 7.98 277 1.82 .41 N/A N/A 70
1998(a) 6.33 (1.25) 261 1.82+ .12+ N/A N/A 82
1999(f) 8.11 29.63 316 1.72 (.03) N/A N/A 92
2000(i) 8.99 23.85 389 1.66+ (.58)+ N/A N/A 59
Class B
-------
1995(b) $6.54 18.80 $ 1 2.56+ (.19)+ N/A N/A 47
1996(h) 6.51 13.33 5 2.54 (.21) N/A N/A 73
1997(h) 6.31 7.36 10 2.52 (.29) N/A N/A 70
1998(a) 6.19 (1.90) 12 2.52+ (.58)+ N/A N/A 82
1999(f) 7.88 28.78 18 2.42 (.73) N/A N/A 92
2000(i) 8.67 23.37 25 2.36+ (1.28)+ N/A N/A 59
-----------------------------------------------------------------------------------------------------------------------------
+ Annualized
++ Net of expenses waived or assumed by the investment adviser (Note 3).
* Calculated without sales charges.
** Prior to February 15, 1996, known as Made In The U.S.A. Fund, and prior to December 31, 1997,
known as U.S.A. Mid-Cap Opportunity Fund.
(a) For the period January 1, 1998 to September 30, 1998.
(b) For the period January 12, 1995 (date Class B shares first offered) to December 31, 1995.
(c) For the period November 1, 1997 to September 30, 1998.
(d) For the fiscal year ended October 31.
(e) For the period January 12, 1995 (date Class B shares first offered) to October 31, 1995.
(f) For the period October 1, 1998 to September 30, 1999.
(g) For the period March 22, 1999 (commencement of operations) to September 30, 1999.
(h) For the calendar year ended December 31.
(i) For the period October 1, 1999 to March 31, 2000.
See notes to financial statements
</TABLE>
Independent Auditors' Report
To the Shareholders and Boards of Directors/Trustees of
First Investors Series Fund
First Investors Series Fund II, Inc.
First Investors Global Fund, Inc.
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of the Blue Chip Fund, Special
Situations Fund and Total Return Fund (each a series of First Investors
Series Fund), the Focused Equity Fund, Growth & Income Fund, Mid-Cap
Opportunity Fund and Utilities Income Fund (each a series of First
Investors Series Fund II, Inc.), and First Investors Global Fund, Inc.
as of March 31, 2000, the related statement of operations for the six
months ended March 31, 2000, the statement of changes in net assets and
the financial highlights for each of the periods indicated thereon.
These financial statements and financial highlights are the
responsibility of the Funds' 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 March 31, 2000, by correspondence
with the custodian and brokers. Where brokers have not replied to our
confirmation requests, we have carried out other appropriate auditing
procedures. 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 the Blue Chip Fund, Special Situations Fund, Total
Return Fund, Focused Equity Fund, Growth & Income Fund, Mid-Cap
Opportunity Fund, Utilities Income Fund, and Global Fund at March 31,
2000, and the results of their operations, changes in their net assets
and the financial highlights for the periods presented, in conformity
with generally accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
April 28, 2000
FIRST INVESTORS EQUITY FUNDS
Directors/Trustees
------------------
James J. Coy (Emeritus)
Glenn O. Head
Kathryn S. Head
Larry R. Lavoie
Rex R. Reed
Herbert Rubinstein
Nancy S. Schaenen
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
--------
Glenn O. Head
President
Dennis T. Fitzpatrick
Vice President
Nancy W. Jones
Vice President
Patricia D. Poitra
Vice President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Mark S. Spencer
Assistant Treasurer
Carol Lerner Brown
Assistant Secretary
FIRST INVESTORS EQUITY FUNDS
Shareholder Information
-----------------------
Investment Adviser
First Investors Management Company, Inc.
95 Wall Street
New York, NY 10005
Subadviser (Focused Equity Fund only)
Arnhold and S. Bleichroeder, Inc.
1345 Avenue of the Americas
New York, NY 10105
Subadviser (Global Fund only)
Wellington Management Company, LLP
75 State Street
Boston, MA 02109
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Custodian (Global Fund only)
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 Massachusetts Avenue, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Eight Penn Center Plaza
Philadelphia, PA 19103
It is the Funds' practice to mail only one copy of their 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 Funds 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 Funds' prospectus.
