The words "FIRST INVESTORS" appear in a box at the top of the first page.
FIRST INVESTORS
U.S. GOVERNMENT PLUS
FUND
SEMI-ANNUAL REPORT
JUNE 30, 1998
The First Investors logo appears at the bottom left of the first page.
Logo 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
FI6146
Chief Investment Officer's Market Overview Letter
FIRST INVESTORS U.S. GOVERNMENT PLUS FUND
Dear Investor:
We are pleased to present the semi-annual report for First Investors U.S.
Government Plus Fund for the six months ended June 30, 1998. Although both the
bond and stock markets suffered setbacks at times during the first six months
of the year, the combination of moderate growth, low inflation, and
respectable corporate earnings reports helped provide a positive environment
for investors in most types of funds.
The U.S. economy remained strong for the first half of 1998, with sustained,
moderate growth and low levels of inflation and unemployment. Inflation
remained low, as the Consumer Price Index rose just 1.7% for the twelve months
ended June 30. The unemployment rate continued to be low, at 4.5% as of June
30, 1998. Consumer confidence remained high, encouraged by the robust domestic
economy and rising income levels.
In general, our long-term outlook for the financial markets continues to be
positive. The economy appears to be growing moderately, inflation remains
subdued and the Federal Reserve appears unlikely to tolerate unsustainably
fast economic growth. In regard to the stock market, we are encouraged by the
underlying fundamentals of the U.S. economy. However, we are cautioned by a
number of situations, including the struggles in Asia. We are concerned about
the effect this region's difficulties may have on U.S. growth and corporate
earnings. We are also concerned about the relative lack of pricing power and
the prospects that the lofty level of gains posted year-to-date can continue
into the second half of 1998.
With regard to the bond market, interest rates continue to remain in a tight
range; we believe the Federal Reserve is likely to maintain current interest
rates. Continued weak Asian markets, low inflation in the U.S. and the Federal
budget surplus should support an environment of low interest rates and high
bond prices. However, the continued strength of the U.S. economy could result
in higher interest rates and inflation, notwithstanding Asia. In this event,
bond fund values would decline.
Thank you for your continued confidence in First Investors. As always, we
appreciate the opportunity to serve your investment needs.
Sincerely,
/s/ Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
First Investors Management Company, Inc.
July 31, 1998
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS U.S. GOVERNMENT PLUS FUND
June 30, 1998
- ------------------------------------------------------------------------------------------------------------------------------
Principal 1st Fund 2nd Fund 3rd Fund
Amount or ------------------- ------------------- -------------------
Shares Security Value % Value % Value %
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
U.S. GOVERNMENT SECURITIES
$1,700M Treasury STRIPS, due 11/15/2004 $1,200,093
1,875M Treasury STRIPS, due 11/15/1999 $1,742,089
800M Treasury STRIPS, due 11/15/1998 $784,461
- ------------------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Securities
(cost $909,702, $1,685,658 and $777,327,
respectively) 1,200,093 99.1 1,742,089 97.3 784,461 89.9
- ------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS
Consumer Cyclicals
300 *Scientific Games Holdings Corporation 6,900
500 *Scientific Games Holdings Corporation 11,500
800 *Travis Boats & Motors, Inc. 19,600
- ------------------------------------------------------------------------------------------------------------------------------
6,900 .4 31,100 3.6
- ------------------------------------------------------------------------------------------------------------------------------
Energy
150 *Veritas DGC, Inc. 7,490
200 *Veritas DGC, Inc. 9,987
- ------------------------------------------------------------------------------------------------------------------------------
7,490 .4 9,987 1.1
- ------------------------------------------------------------------------------------------------------------------------------
Healthcare
100 *Jones Pharma, Inc. 3,312
200 *Jones Pharma, Inc. 6,625
400 *Jones Pharma, Inc. 13,250
- ------------------------------------------------------------------------------------------------------------------------------
3,312 .3 6,625 .3 13,250 1.5
- ------------------------------------------------------------------------------------------------------------------------------
Technology
100 *Powerwave Technologies Inc. 1,675
300 *Powerwave Technologies Inc. 5,025
600 *Powerwave Technologies Inc. 10,050
- ------------------------------------------------------------------------------------------------------------------------------
1,675 .1 5,025 .3 10,050 1.2
- ------------------------------------------------------------------------------------------------------------------------------
Transportation
1,200 Transportacion Maritima Mexicana
SA de C.V. -- Class "L" (ADR) 7,950
- ------------------------------------------------------------------------------------------------------------------------------
7,950 .9
- ------------------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks
(cost $5,181, $25,531 and $65,623, respectively) 4,987 .4 26,040 1.4 72,337 8.3
- ------------------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $914,883,
$1,711,189 and $842,950, respectively) 1,205,080 99.5 1,768,129 98.7 856,798 98.2
Other Assets, Less Liabilities 5,909 .5 22,664 1.3 15,746 1.8
- ------------------------------------------------------------------------------------------------------------------------------
Net Assets $1,210,989 100.0 $1,790,793 100.0 $872,544 100.0
==============================================================================================================================
*Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
FIRST INVESTORS U.S. GOVERNMENT PLUS FUND
June 30, 1998
- -----------------------------------------------------------------------------------------------------------------------
1st Fund 2nd Fund 3rd Fund
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Investments in securities:
At identified cost $ 914,883 $ 1,711,189 $ 842,950
============== ============== ==============
At value (Note 1A) $ 1,205,080 $ 1,768,129 $ 856,798
Cash 17,794 24,973 18,249
Other assets 870 938 888
--------------- --------------- ---------------
Total Assets 1,223,744 1,794,040 875,935
--------------- --------------- ---------------
Liabilities
Payable for trust shares redeemed 8,047 --- 112
Accrued expenses 4,099 2,348 2,843
Accrued advisory fees 609 899 436
--------------- --------------- ---------------
Total Liabilities 12,755 3,247 3,391
--------------- --------------- ---------------
Net Assets $ 1,210,989 $ 1,790,793 $ 872,544
============== =============== ===============
Net Assets Consist of:
Capital paid in $ 848,176 $ 1,689,215 $ 857,397
Undistributed net investment income 39,812 60,396 24,788
Accumulated net realized gain (loss) on investments 32,804 ( 15,758) ( 23,489)
Net unrealized appreciation in value of investments 290,197 56,940 13,848
-------------- -------------- --------------
Total $ 1,210,989 $ 1,790,793 $ 872,544
============== ============== ==============
Shares of beneficial interest outstanding (Note 3) 113,490 161,826 76,181
======= ======= =======
Net Asset Value and Redemption Price Per Share
(Net assets divided by shares of beneficial interest outstanding) $10.67 $11.07 $11.45
===== ===== =====
Maximum Offering Price Per Share
(Net Asset Value /.92)* $11.60 $12.03 $12.45
===== ===== =====
*On purchases of $10,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
FIRST INVESTORS U.S. GOVERNMENT PLUS FUND
Six Months Ended June 30, 1998
- -----------------------------------------------------------------------------------------------------------------------
1st Fund 2nd Fund 3rd Fund
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Income
Income:
Interest $ 46,658 $ 70,811 $ 29,590
Dividends 8 18 59
-------------- -------------- --------------
Total income 46,666 70,829 29,649
-------------- -------------- --------------
Expenses (Notes 1 and 4):
Advisory fees 6,231 9,489 4,419
Professional fees 3,235 4,434 2,371
Shareholder servicing costs 1,704 3,778 1,316
Custodian fees 295 464 322
Reports and notices to shareholders 86 10 63
Other expenses 416 358 553
-------------- -------------- --------------
Total expenses 11,967 18,533 9,044
Less: Expenses assumed by investment adviser ( 4,882) ( 7,821) ( 3,861)
Custodian fees paid indirectly ( 231) ( 279) ( 322)
-------------- -------------- --------------
Expenses-net 6,854 10,433 4,861
-------------- -------------- --------------
Net investment income 39,812 60,396 24,788
-------------- -------------- --------------
Realized and Unrealized Gain (Loss) on Investments (Note 2):
Net realized gain on investments 32,804 17,850 21,249
Net unrealized depreciation of investments ( 22,848) ( 25,045) ( 18,932)
-------------- -------------- --------------
Net gain (loss) on investments 9,956 ( 7,195) 2,317
-------------- -------------- --------------
Net Increase in Net Assets Resulting from Operations $ 49,768 $ 53,201 $ 27,105
============== ============== ==============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS U.S. GOVERNMENT PLUS FUND
- -------------------------------------------------------------------------------------------------------------------------------
1st Fund 2nd Fund 3rd Fund
----------------------- ----------------------- ----------------------
1/1/98 to 1/1/98 to 1/1/98 to
6/30/98 1997 6/30/98 1997 6/30/98 1997
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income $ 39,812 $ 76,016 $ 60,396 $120,303 $ 24,788 $ 48,331
Net realized gain (loss) on investments 32,804 44,787 17,850 3,128 21,249 ( 23,059)
Net unrealized depreciation of investments ( 22,848) ( 13,740) ( 25,045) ( 36,166) ( 18,932) ( 3,022)
-------- -------- -------- -------- -------- --------
Net increase in net assets resulting
from operations 49,768 107,063 53,201 87,265 27,105 22,250
-------- -------- -------- -------- -------- --------
Distributions to Shareholders
Net investment income --- ( 76,047) --- ( 120,316) --- ( 48,373)
Net realized gains --- ( 44,720) --- --- --- ---
-------- -------- -------- -------- -------- --------
Total distributions --- ( 120,767) --- ( 120,316) --- ( 48,373)
-------- -------- -------- -------- -------- --------
Trust Share Transactions(a)
Proceeds from shares sold 6,206 14,062 --- 9,721 --- ---
Reinvestment of distributions --- 118,080 --- 115,340 --- 45,216
Cost of shares redeemed ( 126,984) ( 195,312) ( 227,434) ( 294,547) ( 35,508) ( 163,184)
-------- -------- -------- -------- -------- --------
Net decrease from trust
share transactions ( 120,778) ( 63,170) ( 227,434) ( 169,486) ( 35,508) ( 117,968)
-------- -------- -------- -------- -------- --------
Net decrease in net assets ( 71,010) ( 76,874) ( 174,233) ( 202,537) ( 8,403) ( 144,091)
Net Assets
Beginning of period 1,281,999 1,358,873 1,965,026 2,167,563 880,947 1,025,038
--------- --------- --------- --------- --------- ---------
End of period+ $1,210,989 $1,281,999 $1,790,793 $1,965,026 $872,544 $880,947
========= ========= ========= ========= ========= =========
+Includes undistributed
net investment income of $ 39,812 $ --- $ 60,396 $ --- $ 24,788 ---
========= ========= ========= ========= ========= =========
(a)Trust Shares Issued and Redeemed
Issued 598 1,358 --- 884 --- ---
Issued on distributions reinvested --- 11,520 --- 10,719 --- 4,070
Redeemed ( 12,130) ( 18,883) ( 20,773) ( 26,539) ( 3,119) ( 14,246)
--------- --------- --------- --------- --------- ---------
Net decrease in trust
shares outstanding ( 11,532) ( 6,005) ( 20,773) ( 14,936) ( 3,119) ( 10,176)
========= ========= ========= ========= ========= =========
See notes to financial statements
</TABLE>
Notes to Financial Statements
FIRST INVESTORS U.S. GOVERNMENT PLUS FUND
1. Significant Accounting Policies -- First Investors U.S. Government Plus Fund
(the "Trust") is organized as a Massachusetts business trust and is registered
under the Investment Company Act of 1940 (the "1940 Act") as a diversified
open-end management investment company. The Trust operates as a series fund,
issuing shares of beneficial interest of the 1st, 2nd and 3rd Funds (each a
"Fund") and accounts separately for the assets, liabilities and operations of
each Fund. The Funds' objective is first to generate income, and, to a lesser
extent, achieve long-term capital appreciation.
A. Security Valuation -- A security listed or traded on an exchange or the
Nasdaq Stock Market is valued at its last sale price on the exchange or market
where the security is principally traded. Securities which have no sales on a
particular day and securities traded in the over-the-counter market are valued
at the mean between the closing bid and asked prices. The Treasury STRIPS in
which each Fund invests are traded primarily in the over-the-counter market.
Such securities are valued at the mean between the last bid and asked prices
based upon quotes furnished by a market maker for such securities. Securities
for which market quotations are not readily available are valued on a
consistent basis at fair value as determined in good faith under the direction
of the Trust's officers in a manner specifically authorized by the Trustees of
the Trust.
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 each Fund from all, or substantially all, federal income taxes. At
June 30, 1998, capital loss carryovers were as follows:
Year of Expiration 2nd Fund 3rd Fund
------------------ ---------- ----------
1998 $ 29,803 $ 5,775
1999 -- 15,904
2005 -- 14,101
---------- ----------
$ 29,803 $ 35,780
========== ==========
C. Distributions to Shareholders -- Distributions to shareholders are generally
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 and post-October
capital losses.
D. Expense Allocation -- Direct expenses attributable to a Fund are charged to
and paid from the assets of that Fund. Indirect or general expenses of the
Trust are allocated among and charged to the assets of each Fund 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. Security Transactions and Investment Income -- 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
common stocks and the amortized cost basis for Treasury STRIPS for both
financial statement and federal income tax purposes. Dividend income is
recorded on the ex-dividend date. Interest income (consisting of accreted
discount) and estimated expenses are accrued daily. For the six months ended
June 30, 1998, the Funds' custodian has provided credits in the amount of $832
against custodian charges based on the uninvested cash balances of the Funds.
F. Use of Estimates -- The preparation of the financial statements in
conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the date of the financial statements and the reported
amounts of revenue and expense during the reporting period. Actual results
could differ from those estimates.
2. Security Transactions -- Purchases and sales of securities and long-term
U.S. Government Obligations, excluding short-term notes, were as follows:
Six Months Ended June 30, 1998 1st Fund 2nd Fund 3rd Fund
- ------------------------------ ----------- ----------- -----------
Securities
- ----------
Purchases............................. $ 5,181 $ 12,566 $ 25,113
=========== =========== ===========
Proceeds of sales..................... $ 9,930 $ 21,025 $ 47,950
=========== =========== ===========
Long-Term U.S. Government Obligations
- -------------------------------------
Purchases............................. $ -- $ -- $ --
=========== =========== ===========
Proceeds of sales..................... $ 119,718 $ 251,595 $ 24,088
=========== =========== ===========
At June 30, 1998, aggregate cost and net unrealized appreciation of securities
for federal income tax purposes were as follows:
1st Fund 2nd Fund 3rd Fund
----------- ----------- -----------
Aggregate cost of investments......... $ 914,883 $ 1,711,189 $ 842,950
=========== =========== ===========
Gross unrealized appreciation......... $ 290,716 $ 58,630 $ 19,653
Gross unrealized depreciation......... (519) (1,690) (5,805)
----------- ----------- -----------
Net unrealized appreciation........... $ 290,197 $ 56,940 $ 13,848
=========== =========== ===========
3. Trust Shares -- The Declaration of Trust permits the Trust to issue an
unlimited number of shares of beneficial interest, of one or more Funds.
4. Advisory Fee and Other Transactions With Affiliates -- Certain officers and
trustees of the Trust 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 Trust's Individual Retirement Accounts. Trustees of the Trust
who are not "interested persons" of the Trust as defined in the 1940 Act are
remunerated by the Funds. For the six months ended June 30, 1998, total
trustees fees accrued by the Funds amounted to $150.
The Investment Advisory Agreement provides as compensation to FIMCO, an annual
fee, payable monthly, at the rate of 1% of 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. Total advisory fees accrued to FIMCO for the six months ended
June 30, 1998, were $20,139 of which $8,056 was waived. In addition, expenses
of $8,508 were assumed by FIMCO.
For the six months ended June 30, 1998, shareholder servicing costs included
$3,876 in transfer agent fees paid to ADM and $1,540 in IRA custodian fees
paid to FFS.
<TABLE>
<CAPTION>
Financial Highlights
FIRST INVESTORS U.S. GOVERNMENT PLUS FUND
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.
- -------------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
-------------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
Net --------------------------------------- ---------------------------------
Asset Value Net Realized
----------- Net and Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Capital Total
of Period Income Investments Operations Income Gain Surplus Distributions
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1st Fund
- --------
1993 $11.34 $.670 $1.535 $2.205 $.670 $.525 $--- $1.195
1994 12.35 .690 (2.035) (1.345) .690 .484 .001 1.175
1995 9.83 .667 2.114 2.781 .667 .364 --- 1.031
1996 11.58 .648 (.863) (.215) .648 .347 --- .995
1997 10.37 .670 .274 .944 .670 .394 --- 1.064
1/1/98 to 6/30/98 10.25 .351 .069 .420 --- --- --- ---
2nd Fund
- --------
1993 11.28 .643 .770 1.413 .643 --- --- .643
1994 12.05 .660 (1.484) (.824) .660 --- .006 .666
1995 10.56 .646 .970 1.616 .646 --- --- .646
1996 11.53 .675 (.560) .115 .675 --- --- .675
1997 10.97 .700 (.210) .490 .700 --- --- .700
1/1/98 to 6/30/98 10.76 .373 (.063) .310 --- --- --- ---
3rd Fund
- --------
1993 11.17 .544 1.110 1.654 .544 --- --- .544
1994 12.28 .610 (1.307) (.697) .610 --- .013 .623
1995 10.96 .568 .980 1.548 .568 --- --- .568
1996 11.94 .593 (.480) .113 .593 --- --- .593
1997 11.46 .642 (.349) .293 .643 --- --- .643
1/1/98 to 6/30/98 11.11 .325 .015 .340 --- --- --- ---
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
P E R S H A R E D A T A R A T I O S / S U P P L E M E N T A L D A T A
- ------------------------------- ---------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Assets Before Expenses
Net Assets++ Waived or Assumed
Net ---------------------- ----------------------
Asset Value Portfolio
----------- Total Net Assets Investment Investment Turnover
End Return+ End of Period Expenses Income Expenses Income Rate
of Period (%) (in thousands) (%) (%) (%) (%) (%)
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1st Fund
- --------
1993 $12.35 19.44 $1,732 1.60 4.94 1.75 4.79 7
1994 9.83 (10.90) 1,330 1.60 5.73 1.78 5.55 8
1995 11.58 28.29 1,524 1.60 5.60 1.87 5.33 7
1996 10.37 (1.86) 1,359 1.60 5.70 1.98 5.32 7
1997 10.25 9.10 1,282 1.37 6.11 1.93 5.55 0
1/1/98 to 6/30/98 10.67 4.10 1,211 1.10* 6.43* 1.88* 5.65* 0
2nd Fund
- --------
1993 12.05 12.53 2,756 1.70 4.93 --- --- 7
1994 10.56 (6.89) 2,360 1.78 5.48 --- --- 8
1995 11.53 15.30 2,475 1.93 5.35 --- --- 7
1996 10.97 1.00 2,168 1.85 5.50 --- --- 8
1997 10.76 4.47 1,965 1.56 5.93 1.92 5.57 1
1/1/98 to 6/30/98 11.07 2.88 1,791 1.10* 6.39* 1.92* 5.57* 1
3rd Fund
- --------
1993 12.28 14.81 1,258 1.68 4.27 --- --- 11
1994 10.96 (5.78) 1,032 1.74 4.77 --- --- 10
1995 11.94 14.12 1,130 1.89 4.68 --- --- 8
1996 11.46 .95 1,025 1.95 4.77 --- --- 12
1997 11.11 2.56 881 1.60 5.18 1.93 4.85 6
1/1/98 to 6/30/98 11.45 3.06 873 1.10* 5.68* 1.98* 4.80* 3
* Annualized
+ Calculated without sales charges
++ Net of expenses waived or assumed (Note 4).
See notes to financial statements
</TABLE>
Independent Auditors' Report
To the Shareholders and Trustees of
First Investors U.S. Government Plus Fund
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of the 1st, 2nd and 3rd Funds of First
Investors U.S. Government Plus Fund as of June 30, 1998, 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, 1998 and the year
ended December 31, 1997, and financial highlights for each of the periods
indicated thereon. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of June 30, 1998, by correspondence with the custodian. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
1st, 2nd and 3rd Funds of First Investors U.S. Government Plus Fund as of June
30, 1998, and the results of their operations, changes in their net assets and
the financial highlights for each of the respective periods presented, in
conformity with generally accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 31, 1998
FIRST INVESTORS U.S. GOVERNMENT PLUS FUND
Trustees
- --------------------------------
James J. Coy (Emeritus)
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
Nancy S. Schaenen
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- --------------------------------
Glenn O. Head
President
Concetta Durso
Vice President and Secretary
Patricia D. Poitra
Vice President
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
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 Massachusetts Avenue, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Eight Penn Center Plaza
Philadelphia, PA 19103
It is the Fund's practice to mail only one copy of its annual and semi-annual
reports to any address at which more than one shareholder with the same last
name has indicated that mail is to be delivered. Additional copies of the
reports will be mailed if requested by any shareholder in writing or by
calling 800-423-4026. The Fund will ensure that separate reports are sent to
any shareholder who subsequently changes his or her mailing address.
This report is authorized for distribution only to existing shareholders,
and, if given to prospective shareholders, must be accompanied or preceded
by the Fund's prospectus.
