<PAGE>
PORTFOLIO MANAGER'S LETTER
FIRST INVESTORS CASH MANAGEMENT FUND, INC.
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
Dear Investor:
At the end of January, when the economy appeared to be overheating and
inflationary pressures appeared to be mounting, the market anticipated and
welcomed a seventh increase in short-term interest rates from the Federal
Reserve. Now, less than six months later, expectations and outlook for the
economy and short-term interest rates appear less definite. The market generally
is anticipating an easing from the Federal Reserve as the economy has been
exhibiting weakness and inflation has only slightly increased.
In taxable money market funds, portfolio strategies have reflected this
change in outlook and environment. As the yield on the one year U.S. Treasury
bill has shed more than 100 basis points in the first six months of the year,
weighted average maturities of taxable retail money market funds have increased
by more than 40%. Though weighted average maturities were increasing in the
first half of 1995, yields remained relatively constant. However, fund yields
have recently begun to fall as the market's outlook for lower short-term
interest rates has strengthened.
Asset flows into money market funds, both taxable and tax-free, continued to
be strong through the first six months of the year, creating technical
pressures in the markets. Supply in the municipal market has been declining as
many issuers that previously had short-term debt outstanding have taken
advantage of favorable market conditions by calling their short-term debt and
issuing long-term debt.
A conservative approach to investing and saving is paramount in this
increasingly volatile world of finance. Money market funds in general, and
First Investors money market funds in particular, are among the most
conservative investment vehicles available to the public. We strive to maintain
stability of principal by investing in only "first tier", short-term securities
that present minimal risk to our shareholders. Professional management, high
quality service, liquidity in the form of free check writing and federal wire
redemption privileges and the relatively low risk nature of money market funds,
coupled with a return that is generally higher than that available on most bank
savings accounts, make First Investors money market funds part of a balanced
savings and investment plan.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
/s/ Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
/s/ Michael J. O'Keefe
Michael J. O'Keefe
Assistant Portfolio Manager
July 31, 1995
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS CASH MANAGEMENT FUND, INC.
June 30, 1995
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate* Value Net Assets
----------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
CORPORATE NOTES--91.1%
$ 4,000M American Home Products Corporation, 7/28/95 6.04% $ 3,982,090 $ 334
5,000M Ameritech Capital Funding Corporation, 9/28/95 5.89 4,928,306 413
800M Anheuser-Busch Companies, Inc., 7/14/95 5.94 798,290 67
3,000M Bell Atlantic Network Funding Corporation, 7/14/95 5.95 2,993,576 251
5,000M Brown-Forman Corporation, 8/18/95 5.94 4,960,800 416
4,500M Chevron Oil Finance Company, 8/10/95 5.96 4,470,500 374
5,000M Colgate-Palmolive Company, 7/17/95 5.99 4,986,800 418
6,000M CPC International, Inc., 8/14/95 6.02 5,956,513 499
3,500M Deluxe Corporation, 8/3/95 5.90 3,481,231 292
3,500M Ford Motor Credit Company, 9/13/95 6.08 3,457,193 290
5,000M General Electric Capital Corporation, 9/8/95 5.93 4,943,842 414
2,800M Hartford Steam Boiler Inspection & Insurance
Company, 8/9/95 5.96 2,782,103 233
2,600M Hartford Steam Boiler Inspection & Insurance
Company, 8/22/95 5.99 2,577,729 216
5,000M Hewlett-Packard Company, 9/28/95 5.99 4,927,440 413
1,500M Lilly (Eli) & Company, 9/12/95 6.05 1,481,993 124
2,500M Lubrizol Corporation, 7/25/95 5.99 2,440,282 204
3,500M McDonald's Corporation, 7/6/95 5.94 3,497,117 293
1,000M Morgan Guaranty Trust Company, 7/10/96 6.15 1,000,000 84
1,400M National Rural Utilities Coop. Fin. Corporation,
8/21/95 5.98 1,363,449 114
1,800M Paccar Financial Corporation, 7/14/95 5.96 1,796,146 150
5,000M Penney (J.C.) Funding Corporation, 7/21/95 5.99 4,983,528 418
5,000M PepsiCo, Inc., 7/14/95 5.91 4,989,401 418
5,000M Public Service Electric & Gas Company, 8/30/95 6.04 4,950,250 415
5,000M Raytheon Company, 7/6/95 5.90 4,995,924 419
3,500M Snap-on, Inc., 8/3/95 5.97 3,480,975 292
1,700M Stanley Works, 7/24/95 6.10 1,643,654 138
3,800M Stanley Works, 8/15/95 6.04 3,771,738 316
4,700M Teco Finance, Inc., 9/8/95 5.82 4,648,381 389
4,500M Temple-Inland, Inc., 7/25/95 6.11 4,481,910 375
4,000M Texaco, Inc., 8/10/95 5.92 3,973,911 333
----------- -----
Total Value of Corporate Notes (cost $108,745,072) 108,745,072 9,112
----------- -----
</TABLE>
2
<PAGE>
<TABLE>
<CAPTION>
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate* Value Net Assets
----------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
U.S. GOVERNMENT AGENCIES--5.0%
$ 1,000M Federal Home Loan Mortgage Corporation, 7/7/95 6.01% $ 999,333 $ 84
5,000M Federal National Mortgage Association, 9/7/95 5.79 4,946,166 414
------------ -------
Total Value of U.S. Government Agencies (cost $5,945,499) 5,945,499 498
------------ -------
FLOATING RATE NOTES 4.2%
5,000M Comerica Bank, 11/8/95 (cost $5,042,447) 5.82 5,042,447 422
------------ -------
Total Value of Investments (cost $119,733,018)+ 100.3% 119,733,018 10,032
Excess of Liabilities Over Other Assets (.3) (376,855) (32)
----- ------------ -------
Net Assets 100.0% $119,356,163 $10,000
===== ============ =======
</TABLE>
*The interest rates shown for the corporate and U.S. Government agency notes are
the effective rates at the time of purchase by the Fund. The interest rates
on floating rate securities are adjusted periodically; the rates shown are
the rates that were in effect at June 30, 1995.
+Aggregate cost for federal income tax purposes is the same.
See notes to financial statements
3
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 1995
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
MUNICIPAL NOTES AND VARIABLE RATE SECURITIES-101.3%
Alabama--4.0%
$ 1,000M Birmingham General Obligation Bond, VR, 4.0%
(LOC; First Alabama Bank) $ 1,002,981 $ 400
=========== ===
Arizona--4.0%
1,000M Maricopa County, Poll. Control Rev. Bond, VR, 4.1%
(Pub. Svc. New Mexico) (LOC; Canadian Imperial Bank) 1,003,016 400
=========== ===
California--4.0%
1,000M San Diego County, Reg. Transp. Sales Tax Rev., VR, 4.05%
(SPA; FGIC Securities) 1,002,953 400
=========== ===
Colorado--3.4%
750M Arapahoe County Highway Revenue Bond, 4.4%, 8/31/95 761,122 303
95M Clear Creek Cnty., Finl. Pool Prog. Rev. Wts., VR, 4.25%
(LOC; National Westminster Bank) 95,222 38
----------- ---
856,344 341
=========== ===
Florida--7.5%
535M Pinellas County Health Facs. Rev. Bond, VR, 4.2%
(Bayfront Medical Center Project) (SPA; Barnett Bank South
Florida) 536,299 214
1,000M Sunshine State Gov. Fin., 4.15%, 9/5/95
(LOC; Union Bank of Switzerland, National Westminster Bank) 1,005,602 400
340M Volusia County Health Fac. Rev. Bond, VR, 3.85%
(SPA; Banque Paribas) 341,026 136
----------- ---
1,882,927 750
=========== ===
Georgia--5.2 %
600M Cobb County, Multi-Family Hsg. Auth. Rev. Bond, VR, 4.15%
(LOC; Mellon Bank) 601,759 240
500M Columbus Downtown Indl. Dev. Auth. Rev. Bond, VR, 4.3%
(One Arsenal Place Project) (LOC; National Westminster Bank) 501,586 200
185M State of Georgia General Obligation Bond, 9.0%, 8/1/95 192,751 76
----------- ---
1,296,096 516
=========== ===
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
Illinois--4.0%
$ 1,000M Chicago General Obligation Bond, VR,4.0%, 10/31/95
(LOC; Societe Generale) $ 1,003,033 $ 400
=========== ===
Kentucky--2.0%
500M Clarke County, Poll. Control Rev., VR, 4.15%, 10/15/95
(National Rural Utilities) 504,359 201
=========== ===
Louisiana--4.9%
700M De Soto Parish Poll. Control Rev., VR, 3.95%
(Central LA Electric) (LOC; Swiss Bank) 701,643 279
535M Louisiana Pub. Fin. Auth., VR, 4.25% 535,000 213
----------- ---
1,236,643 492
=========== ===
Maryland--4.0 %
1,000M Baltimore County, Poll. Control Rev. Bond, 4.1%
(Baltimore Gas & Electric) 1,009,099 402
=========== ===
Mississippi--4.0 %
1,000M Claiborne County, Poll. Control Rev. Bond, VR, 3.95%, 7/20/95
(National Rural Utilities) 1,004,221 400
=========== ===
Missouri--6.4%
590M Missouri State Env. Imp. & Energy Res. Auth. Poll. Control
Rev. Bd., VR, (National Rural Utilities) 591,521 236
1,000M Saint Louis City, Tax & Rev. Antic. Nts., 4.5%, 6/20/96 1,006,450 401
----------- ---
1,597,971 637
=========== ===
New Jersey--6.1 %
700M Monmouth County General Obligation Bond, 6.75%, 9/15/95 718,212 286
800M New Jersey State Turnpike Authority Rev. Bonds, VR, 3.85%
(LOC; Societe Generale) 814,215 324
----------- ---
1,532,427 610
=========== ===
</TABLE>
5
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
June 30, 1995
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
New York--8.1%
$ 1,000M City of New York, Water & Sewer System Rev. Bond, VR, 4.5%
(SPA; FGIC Securities) $ 1,001,910 $ 399
1,000M Nassau County Bond Anticipation Notes,5.25%, 11/15/95 1,020,459 406
----------- ------
2,022,369 805
=========== ======
Pennsylvania--2.0 %
500M Pennsylvania State University Project Notes, 5.5%, 12/21/95
(Penn State University) 515,286 205
=========== ======
Puerto Rico--4.0%
1,000M Puerto Rico Gov. Dev. Bank, 4.05%, 8/17/95 1,006,438 401
=========== ======
South Carolina--5.6%
1,000M Charleston County, Hosp. Facs. Rev., VR, 4.2%
(LOC; Bankers Trust) 1,003,041 400
400M South Carolina Ed. Facs. Rev. Bond, VR, 4.2%
(LOC; South Carolina National Bank) 401,254 160
----------- ------
1,404,295 560
=========== ======
Texas--14.1 %
1,000M Gulf Coast Waste Disp. Auth. Poll. Ctl. Rev., VR, 4.1 %
(Amoco Oil Co.) 1,003,077 400
500M Lubbock Health Facs. Rev. Bd., VR, 4.2%,
(LOC; Bankers Trust) 505,153 201
300M San Antonio Limited Tax G.O., 8.875%, 8/1/95 312,174 124
100M State of Texas General Obligation Bond, 6.3%, 10/1/95 101,937 41
1,000M State of Texas General Obligation Bond, 7.5%, 10/1/95 1,024,992 408
600M Texas Health Facs. Rev. Bond, VR, 3.85%
(LOC; Societe Generale) 601,780 240
----------- ------
3,549,113 1,414
=========== ======
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
Washington 8.0%
$ 1,000M Kalama County Pub. Corp. Rev. Bond, VR, 4.15%
(LOC; Morgan Guaranty) $ 1,002,474 $ 399
1,000M Washington State Housing Fin. Comm. Rev., VR,4.2%
(LOC; U.S. National Bank of Washington) 1,003,207 400
----------- -------
2,005,681 799
----------- -------
Total Value of Investments (cost $25,435,252)+ 101.3% 25,435,252 10,133
Excess of Liabilities Over Other Assets (1.3) (332,706) (133)
----- ----------- -------
Net Assets 100.0% $25,102,546 $10,000
===== =========== =======
</TABLE>
The interest rates shown for municipal notes are the effective rates at the time
of purchase by the Fund. The interest rates on variable rate securities are
adjusted periodically; the rates shown are the rates that were in effect at
June 30, 1995. The variable rate securities are subject to optional tenders
(which are exercised through put options) or mandatory redemptions. The put
options are exercisable on a daily, weekly, monthly or semi-annual basis at
a price equal to the principal amount plus accrued interest.
+ Aggregate cost for federal income tax purposes is the same.
Summary of Abbreviations:
LOC Letter of Credit
SPA Security Purchase Agreement
VR Variable Rate Notes
See notes to financial statements
7
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995
<TABLE>
<CAPTION>
First Investors First Investors
Cash Management Tax-Exempt Money
Fund, Inc. Market Fund Inc.
--------------- ----------------
<S> <C> <C>
Assets
Investments in securities (Note 1A):
At amortized cost............................ $119,733,018 $25,435,252
============ ===========
At value..................................... $119,733,018 $25,435,252
Cash........................................... 1,250,278 767,799
Other assets................................... 24,200 4,946
------------ -----------
Total Assets................................... 121,007,496 26,207,997
------------ -----------
Liabilities
Payables:
Investment securities purchased.............. 1,000,000 1,006,450
Capital shares redeemed...................... 57,099 3,191
Dividend disbursing agent.................... 543,112 87,010
Accrued expenses............................... 51,122 8,800
------------ -----------
Total Liabilities.............................. 1,651,333 1,105,451
------------ -----------
Net Assets..................................... $119,356,163 $25,102,546
============ ===========
Capital Shares Outstanding (Note 2):
Class A...................................... 119,356,153 25,102,536
Class B...................................... 10 10
Net asset value, offering price and redemption
price per share--
Class A and Class B (Net assets divided by
shares outstanding)......................... $1.00 $1.00
===== =====
</TABLE>
See notes to financial statements
8
<PAGE>
STATEMENT OF OPERATIONS
Six Months Ended June 30, 1995
<TABLE>
<CAPTION>
First Investors First Investors
Cash Management Tax-Exempt Money
Fund, Inc. Market Fund Inc.
--------------- ----------------
<S> <C> <C>
Investment Income
Interest income................................ $3,724,164 $502,409
---------- --------
Expenses:
Advisory fee (Note 3)........................ 307,695 63,760
Shareholder servicing costs (Note 3)......... 204,365 30,791
Reports and notices to shareholders.......... 50,939 2,773
Professional fees............................ 15,345 12,219
Custodian fees............................... 21,161 6,533
Other expenses............................... 20,054 10,305
---------- --------
Total expenses................................. 619,559 126,381
Less: Portion of expenses waived (Note 3)...... 192,084 37,839
---------- --------
Net expenses................................... 427,475 88,542
---------- --------
Net investment income.......................... $3,296,689 $413,867
========== ========
</TABLE>
See notes to financial statements
9
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
First Investors First Investors
Cash Management Tax-Exempt Money
Fund, Inc. Market Fund, Inc.
--------------- -----------------
Six Months Ended Year Ended Six Months Ended Year Ended
June 30, 1995 December 31, 1994 June 30, 1995 December 31, 1994
---------------- ----------------- ---------------- -----------------
<S> <C> <C> <C> <C>
Operations
Net investment income .................... $ 3,296,689 $ 4,480,477 $ 413,867 $ 561,501
Net realized loss on investments ......... - (2,388) - -
----------- ----------- --------- ---------
Net increase in net assets resulting
from operations and declared as
distributions to shareholders
(Note IC) .............................. $ 3,296,689 $ 4,478,089 $ 413,867 $ 561,501
----------- ----------- --------- ---------
Capital Share Transactions (Note 2)
Proceeds from shares sold ................ 131,724,754 281,311,936 19,589,571 37,386,855
Value of distributions reinvested ........ 3,218,588 3,812,783 338,781 544,099
Cost of shares redeemed .................. (144,082,315) (283,807,863) (21,249,445) (35,364,302)
----------- ----------- ---------- ----------
Total increase (decrease) in net assets .. (9,138,973) 1,316,856 (1,321,093) 2,566,652
Net Assets
Beginning of period ...................... 128,495,136 127,178,280 26,423,639 23,856,987
----------- ----------- ---------- ----------
End of period ............................ $ 119,356,163 $ 128,495,136 $ 25,102,546 $ 26,423,639
=========== =========== ========== ==========
</TABLE>
See notes to financial statements
10
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FIRST INVESTORS CASH MANAGEMENT FUND, INC.
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
1. SIGNIFICANT ACCOUNTING POLICIES-The Funds are registered under the
Investment Company Act of 1940 (the "1940 Act") as diversified, open-end
management investment companies.
A. Security Valuation-The Funds value all of their portfolio securities
using the amortized cost method, which excludes unrealized gains or losses from
the computation of portfolio value. This is accomplished by valuing a security
at cost plus amortized discount or accrued interest. While this method of
valuation tends to produce stable valuation of securities held to their
maturity, the actual market value of the security, if sold prior to maturity,
may vary from the security's value to the Funds while in the Funds' portfolios.
B. Federal Income Taxes-It is the policy of the Funds to continue to comply
with the special provisions of the Internal Revenue Code applicable to
investment companies and to make sufficient distributions of income and capital
gains to relieve the Funds from all, or substantially all, federal income taxes.
C. Distributions-The Funds declare distributions daily and pay distributions
monthly. Distributions are declared from the total of net investment income and
net realized gains or losses on investments. Distributions paid by First
Investors Tax-Exempt Money Market Fund, Inc. from net investment income are
considered exempt-interest dividends and as such should not be subject to
federal income taxes.
D. Other-Security transactions are accounted for on the date the securities
are purchased or sold. Cost is determined, and gains and losses are based, on
the amortized cost basis for both financial statement and federal income tax
purposes. Interest income and estimated expenses are accrued daily.
2. Capital Stock-At June 30, 1995, paid-in capital amounted to $119,356,163
for First Investors Cash Management Fund, Inc. and $25,102,546 for First
Investors Tax-Exempt Money Market Fund, Inc. The numbers of shares
transacted during the period are the same as the amounts included in the
Statement of Changes in Net Assets since shares are recorded at $1.00 per share.
The Funds sell two classes of shares, Class A and Class B. Class B shares
are subject to a 1% 12b-1 fee and can only be acquired through an exchange from
another First Investors eligible Fund. As of June 30, 1995, there have been no
transactions in the Class B shares, other than the sale of 10 shares of each
Fund to First Investors Management Company, Inc. ("FIMCO").
3. ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILLIATES-Certain officers and
directors of the Funds are officers and directors of the investment adviser,
FIMCO, the underwriter, First Investors Corporation ("FIC"), the transfer
agent, Administrative Data Management Corp. ("ADM") and/or First Financial
Savings Bank, S.L.A. ("FFS"), custodian of First Investors Cash Management
Fund, Inc.'s Individual Retirement Accounts. Officers and directors of the
Funds received no remuneration from the Funds for serving in such capacities.
Their remuneration (together with certain other expenses of the Funds) is paid
by FIMCO or FIC.
The Investment Advisory Agreements provide as compensation to FIMCO an
annual fee, payable monthly, at the rate of .50% of each Fund's average daily
net assets. For the six months ended June 30, 1995, the investment adviser
voluntarily reduced this fee by $128,019 for First Investors Cash Management
Fund, Inc. and by $24,262 for First Investors Tax-Exempt Money Market Fund, Inc.
Pursuant to certain state regulations, FIMCO has agreed to reimburse each
Fund if and to the extent that the Fund's aggregate operating expenses,
including the advisory fee but generally excluding interest, taxes,
11
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FIRST INVESTORS CASH MANAGEMENT FUND, INC.
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
brokerage commissions and extraordinary expenses, exceed any limitation on
expenses applicable to the Fund in those states (unless waivers of such
limitations have been obtained). The amount of any such reimbursement is limited
to the yearly advisory fee. For the six months ended June 30, 1995, no
reimbursement was required pursuant to these provisions.
For the six months ended June 30, 1995, shareholder servicing costs of First
Investors Cash Management Fund, Inc. included transfer agent fees and out of
pocket expenses accrued to ADM of $127,860 (net of $64,065 waived) and $12,440
in custodian fees paid to FFS. First Investors Tax-Exempt Money Market Fund,
Inc.'s shareholder servicing costs included transfer agent fees and out of
pocket expenses accrued to ADM in the amount of $17,214 (net of $13,577 waived).
First Investors Tax-Exempt Money Market Fund, Inc. has adopted a Distribution
Plan under Rule 12b-1 of the 1940 Act which authorizes the underwriter or
adviser to make payments from their own resources for distribution and
administrative services.
12
<PAGE>
FINANCIAL HIGHLIGHTS
FIRST INVESTORS CASH MANAGEMENT FUND, INC.
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
The following table sets forth the per share operating performance data for a
share of Class A capital stock outstanding, total return, ratios to average net
assets and other supplemental data for each period indicated (Note 2).
<TABLE>
<CAPTION>
Per Share Data Ratios /Supplemental Data
-------------- -------------------------
Ratio to Average
Net Assets
Ratio to Prior to Waiver
Average Net Assets+ of Fees (Note 3)
------------------ ----------------
Net Asset
Value Dividends Net Assets Net Net
(unchanged Net from Net Total End of Investment Investment
during the Investment Investment Return Period Expenses Income Expenses Income
period) Income Income (%) (thousands) (%) (%) (%) (%)
---------- ---------- ---------- ------ ----------- -------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FIRST INVESTORS
CASH MANAGEMENT
FUND, INC.
----------
1990................ $1.00 $.074 $.074 $ 7.71 $372,081 .86 7.45 .96 7.35
1991................ 1.00 .052 .052 5.35 217,150 .94 5.33 1.13 5.14
1992................ 1.00 .030 .030 3.03 150,895 .87 3.02 1.16 2.72
1993................ 1.00 .025 .025 2.57 127,178 .70 2.54 1.15 2.09
1994................ 1.00 .036 .036 3.69 128,495 .70 3.72 1.15 3.26
1/1/95 to 6/30/95 .. 1.00 .027 .027 2.71 119,356 .69* 5.36* 1.01* 5.04*
<CAPTION>
FIRST INVESTORS
TAX-EXEMPT MONEY
MARKET FUND, INC.
-----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1990................ $1.00 $.052 $.052 5.31 $40,745 .80 5.19 N/A N/A
1991................ 1.00 .038 .038 3.87 31,157 .94 3.83 1.02 3.74
1992................ 1.00 .023 .023 2.36 25,399 .95 2.33 1.05 2.23
1993................ 1.00 .018 .018 1.85 23,857 .70 1.83 .92 1.61
1994................ 1.00 .022 .022 2.24 26,424 .70 2.24 1.02 1.92
1/1/95 to 6/30/95 .. 1.00 .016 .016 1.64 25,103 .69* 3.25* .99* 2.95*
</TABLE>
+Net of fees waived by the investment adviser and the transfer agent.
*Annualized.
See notes to financial statements
11
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Shareholders and Board of Directors of First Investors Cash
Management Fund, Inc. and First Investors Tax-Exempt Money Market Fund, Inc.
We have audited the accompanying statement of assets and liabilities of
First Investors Cash Management Fund, Inc. and First Investors Tax-Exempt Money
Market Fund, Inc. including the portfolios of investments, as of June 30, 1995,
and the related statement of operations for the six months then ended, the
statement of changes in net assets for the six months ended June 30, 1995 and
the year ended December 31, 1994 and financial highlights for 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 June 30,
1995, by correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
First Investors Cash Management Fund, Inc. and First Investors Tax-Exempt Money
Market Fund, Inc. at June 30, 1995, and the results of their operations,
changes in their net assets and financial highlights for each of the respective
periods presented, in conformity with generally accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 31, 1995
14
<PAGE>
FIRST INVESTORS CASH MANAGEMENT FUND, INC.
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
Directors
---------
James J. Coy
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
F. William Ortman, Jr.
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
--------
Glenn O. Head
President
Nancy W. Jones
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Each Fund is a money market fund and seeks to maintain a stable net asset
value of $1.00 per share. However, there can be no assurance that either Fund
will be able to do so or to achieve its investment objective. An investment in
either Fund is neither insured nor guaranteed by the U.S. Government.
Shareholder Information
-----------------------
Investment Adviser
First Investors
Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data
Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 M Street, N.W
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
It is each Fund's is practice to mail only one copy of its annual and
semi-annual reports to any address at which more than one shareholder with the
same last name has indicated that mail is to be delivered. Additional copies of
the reports will be mailed if requested by any shareholder in writing or by
calling 800-423-4026. Each Fund will ensure that separate reports are sent to
any shareholder who subsequently changes his or her mailing address.
This report is authorized for distribution only to existing shareholders,
and, if given to prospective shareholders, must be accompanied or preceded by
the Fund's prospectus.
15
<PAGE>
FIRST INVESTORS CASH MANAGEMENT FUND, INC.
FIRST INVESTORS TAX-EXEMPT MONEY MARKET FUND, INC.
95 WALL STREET
NEW YORK, NY 10005
The following appears on the bottom lefthand side:
First Investors Logo, which is described as follows: the arabic numeral one
separated into seven vertical segments followed by the words "First Investors"
A MEMBER OF THE
FIRST INVESTORS
FINANCIAL NETWORK
FIMM-103
Vertically reading from bottom to top in the center of the page the words "FIRST
INVESTORS" appear.
FIRST
INVESTORS
CASH
MANAGEMENT
FUND, INC.
FIRST INVESTORS
TAX-EXEMPT
MONEY MARKET
FUND, INC.
SEMI
ANNUAL
REPORT
JUNE 30, 1995
