FIRST
INVESTORS
LIFE
SERIES
FUND
Blue Chip Fund
Cash Management Fund
Discovery Fund
Government Fund
Growth Fund
High Yield Fund
International Securities Fund
Investment Grade Fund
Target Maturity 2007 Fund
Target Maturity 2010 Fund
Utilities Income Fund
SEMI-
ANNUAL
REPORT
June 30, 1996
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words "FIRST INVESTORS" appear.
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FIRST INVESTORS LIFE SERIES FUND
95 WALL STREET
NEW YORK, NY 10005
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First Investors logo
A MEMBER OF THE
FIRST INVESTORS
FINANCIAL NETWORK
LIFE310
Chief Investment Officer's Letter
FIRST INVESTORS LIFE SERIES FUND
Dear Investor:
We are pleased to present the 1996 semi-annual report for First
Investors Life Series Fund. The Fund offers eleven separate
investment series, each of which has a different investment
objective.
As 1996 began, most investors expected the U.S. economy to continue
to slow or even enter a recession. Instead the economy accelerated
throughout the first half of the year. After growing at an
annualized rate of only .5% in the fourth quarter of 1995, the
economy expanded at a 2.2% pace during the first quarter of this
year and at an estimated 3.5%-4.0% during the second quarter. The
economy was driven by the consumer. Despite early bleak economic
forecasts and the continued fear of job losses due to corporate
mergers, acquisitions and downsizing, consumers continued to spend.
On a seasonally adjusted annual basis, auto sales were at peak
levels with a strong outlook for the remainder of the year, and
sales of new and existing homes remained strong, despite rising
interest rates.
Money market rates remained unchanged during the first six months of
the year. At the beginning of the year, expectations for a decrease
in rates by the Federal Reserve quickly evaporated as the economy
accelerated. In fact, by June, investors were anticipating that the
Federal Reserve might increase rates due to inflation concerns.
The fixed-income markets meanwhile responded poorly to faster
economic growth. Concerned that faster growth would lead to higher
inflation, investors sold bonds causing long-term U.S. Treasury
yields to rise from 5.95% to 6.87%. In this rising rate environment,
both investment grade corporate and mortgage-backed bonds
outperformed the Treasury market. The corporate bond market
benefited from strong demand despite historically narrow spreads,
while the mortgage-backed market was helped by a decrease in
prepayment risk. The best returns in the bond market occurred in the
high yield sector which benefited from some of the factors that
drove the equity markets. While indications of economic strength
drove interest rates higher, this same strength also raised earnings
prospects and valuations of junk bond issuers, affording these
companies greater financial flexibility.
Despite rising interest rates, the U.S. equity market continued to
rally with the broad stock market averages hitting record highs
during the second quarter. Strong mutual fund cash inflows and
reasonable earnings gains drove the market higher. With the
uncertain economic outlook at the beginning of the year, investors
focused on companies with visible and consistent earnings. Many
large-capitalization stocks benefited from this focus, allowing the
large-capitalization indices to keep pace with those of smaller,
growth-oriented companies. While the Russell 2000 Index--a good
measure of small-capitalization stock performance-- peaked in May
and ended the first half of the year up 10%, the S&P 500 Index--a
large-capitalization stock barometer-- continued its steady climb,
finishing up 9% for the same period.
Smaller capitalization, consumer-related and selected technology
stocks led the market although as interest rates rose many investors
were unwilling to continue supporting the valuations of some
smaller, growth-oriented stocks. Sectors which lagged the stock
market averages included chemicals, metals, and factory equipment.
Electric utility and telephone stocks also underperformed the
broader stock market due to higher interest rates and regulatory
concerns.
World equity markets posted positive returns for the first six
months of the year with the MSCI World Index rising 7.3%.
Nonetheless, most foreign markets underperformed the U.S. stock
market, and in a number of markets positive local stock market
returns were reduced for U.S. investors by a stronger dollar.
Uncertainty regarding the future direction of interest rates and
corporate profitability combined with mixed signals for underlying
economies added to market volatility.
During the six months ended June 30, 1996, the Funds had the
following returns on a net asset value basis: Life Blue Chip 9.5%,
Life Cash Management 2.4%, Life Discovery 7.8%, Life Government -
.8%, Life Growth 10.6%, Life High Yield 4.3%, Life International
Securities 7.9%, Life Investment Grade -2.1%, Life Target Maturity
2007 -8.7% and Life Utilities Income 4.2%. For the period April 30,
1996 (commencement of operations) to June 30, 1996, the Life Target
Maturity 2010 Fund returned 4.0%.
The recent U.S. bull market in stocks has lasted 69 months, the
second longest bull market in the history of the U.S. stock market.
While investors have enjoyed these gains, it is important to
remember that stock markets tend to be cyclical with periods when
stock prices generally rise and periods when stock prices generally
decline. As well, certain sectors of the market, such as technology
stocks, can be more volatile than the general market, creating
greater opportunities but also greater risks. In addition to market
risks, investors in international securities take on currency risks
as well as country specific political and economic risks. The bond
market can also be volatile. For example, a 100 basis point (or 1%)
increase in yield on a ten year bond results in roughly a 7%
decrease in that bond's price. In each of the last four years and
the first half of 1996, ten year Treasury bond yields have moved
more than 100 basis points. In addition, the value of a bond can
fluctuate based on changes in its credit quality. In particular,
high yield funds invest in lower-rated debt obligations which are
more sensitive than higher-rated investments to adverse economic
changes or individual corporate developments, and thus can be
subject to a higher incidence of default. Investors should be aware
of these risks and recognize that successful investing generally
requires a long-term commitment to the market.
Looking forward, inflation shows few signs of accelerating, despite
the market's concern. In addition, the pace of economic growth is
likely to slow during the second half of the year. A combination of
stable inflation and moderate growth should provide a comfortable
environment for investors throughout the remainder of 1996.
As always, we appreciate the opportunity to serve your investment
needs.
Sincerely,
Clark D. Wagner
Chief Investment Officer
July 8, 1996
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE BLUE CHIP FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS--86.2%
Basic Industry--5.6%
6,300 AlliedSignal, Inc. $ 359,888 $ 44
6,100 *Alumax, Inc. 185,287 23
3,800 Aluminum Company of America 218,025 27
6,500 Avery Dennison Corporation 356,687 44
10,300 Barrick Gold Corporation 279,388 34
5,650 Dow Chemical Company 429,400 53
7,700 Du Pont (E.I.) de Nemours & Company 609,262 75
8,800 Freeport-McMoRan Copper & Gold, Inc. Class "B" 280,500 34
6,800 IMC Global, Inc. 255,850 32
3,900 Mead Corporation 202,312 25
6,100 Minnesota Mining & Manufacturing Company 420,900 52
6,000 Monsanto Company 195,000 24
7,700 Morton International, Inc. 286,825 35
3,500 Nucor Corporation 177,188 22
4,600 Sigma-Aldrich Corporation 246,100 30
- --------------------------------------------------------------------------------------------------------------------
4,502,612 554
- --------------------------------------------------------------------------------------------------------------------
Capital Goods--9.3%
5,200 Boeing Company 453,050 56
2,700 Caterpillar, Inc. 182,925 22
4,900 Danaher Corporation 213,150 26
2,300 Eaton Corporation 134,837 18
3,100 Emerson Electric Company 280,162 34
6,100 Fluor Corporation 398,787 49
25,200 General Electric Company 2,179,800 268
4,200 General Signal Corporation 159,075 20
5,700 Grainger (W.W.), Inc. 441,750 54
8,700 Harnischfeger Industries, Inc. 289,275 36
7,100 Ingersoll-Rand Company 310,625 38
18,700 Laidlaw, Inc. Class "B" 189,337 23
3,200 Lockheed Martin Corporation 268,800 33
21,600 Loral Space & Communications 294,300 36
7,200 Raytheon Company 371,700 46
10,000 *Tyco International Ltd. 407,500 50
3,600 United Technologies Corporation 414,000 51
6,000 *Varity Corporation 288,750 36
8,800 WMX Technologies, Inc. 288,200 35
- --------------------------------------------------------------------------------------------------------------------
7,566,023 931
- --------------------------------------------------------------------------------------------------------------------
Consumer Durables--2.4%
12,300 Corning, Inc. 472,012 58
16,150 Ford Motor Company 522,856 64
9,900 General Motors Corporation 518,512 64
5,100 Goodyear Tire & Rubber Company 246,075 30
7,450 Masco Corporation 225,363 28
- --------------------------------------------------------------------------------------------------------------------
1,984,818 244
- --------------------------------------------------------------------------------------------------------------------
Consumer Non-Durables--17.6%
12,200 Abbott Laboratories 530,700 65
8,600 American Home Products Corporation 517,075 64
6,900 Anheuser-Busch Cos., Inc. 517,500 64
7,400 Bristol-Myers Squibb Company 666,000 82
38,000 Coca-Cola Company 1,857,250 228
6,200 Columbia/HCA Healthcare Corporation 330,925 41
5,300 CPC International, Inc. 381,600 47
5,350 Eastman Kodak Company 415,962 51
8,400 Eli Lilly & Company 546,000 67
3,800 General Mills, Inc. 207,100 25
6,900 Gillette Company 430,387 53
10,050 Heinz (H.J.) Company 305,269 38
18,800 Johnson & Johnson 930,600 114
3,100 Kellogg Company 227,075 28
5,200 Kimberly-Clark Corporation 401,700 49
3,800 Medtronic, Inc. 212,800 26
12,000 Merck & Company, Inc. 775,500 95
12,500 Newell Company 382,812 47
3,900 Nike, Inc. Class "B" 400,725 49
27,700 PepsiCo, Inc. 979,887 121
8,700 Philip Morris Cos., Inc. 904,800 111
10,000 Procter & Gamble Company 906,250 112
5,400 Schering-Plough Corporation 338,850 42
8,800 *Tenet Healthcare Corporation 188,100 23
3,800 Unilever N.V. 551,475 68
4,000 United Healthcare Corporation 202,000 25
4,000 Warner-Lambert Company 220,000 27
- --------------------------------------------------------------------------------------------------------------------
14,328,342 1,762
- --------------------------------------------------------------------------------------------------------------------
Consumer Services--10.1%
24,600 *Federated Department Stores, Inc. 839,475 103
6,700 Home Depot, Inc. 361,800 44
19,650 *Infinity Broadcasting Corporation 589,500 73
3,900 ITT Corporation 258,375 32
3,900 ITT Hartford Group, Inc. 207,675 26
6,000 *Kroger Company 237,000 29
4,250 Marriott International, Inc. 228,437 28
9,356 Mattel, Inc. 267,815 33
10,150 McDonald's Corporation 474,512 58
5,800 McGraw-Hill Companies, Inc. 265,350 33
12,700 *Price/Costco, Inc. 274,637 34
5,200 Sears, Roebuck and Company 252,850 31
13,400 Talbots, Inc. 433,825 53
10,625 *Tele-Communications, Inc., Liberty Media Group Class "A" 281,563 35
16,100 *Tele-Communications, Inc., TCI Group Class "A" 291,813 36
5,400 Time Warner, Inc. 211,950 26
8,100 Tribune Company 588,263 72
5,000 *Viacom, Inc. Class "B" 194,375 24
6,400 *Vons Companies, Inc. 239,200 29
22,900 Wal-Mart Stores, Inc. 581,088 71
5,000 Walgreen Company 167,500 21
9,800 Walt Disney Company 616,175 76
13,800 *Woolworth Corporation 310,500 38
- --------------------------------------------------------------------------------------------------------------------
8,173,678 1,005
- --------------------------------------------------------------------------------------------------------------------
Energy--8.8%
7,100 Amoco Corporation 513,863 63
10,700 Baker Hughes, Inc. 351,763 43
2,700 Burlington Resources, Inc. 116,100 14
9,400 Chevron Corporation 554,600 68
6,000 Dresser Industries, Inc. 177,000 22
10,100 Enron Corporation 412,838 51
13,500 Exxon Corporation 1,172,812 144
3,200 Halliburton Company 177,600 22
4,600 Kerr-McGee Corporation 280,025 34
7,100 Mobil Corporation 796,088 98
7,900 Royal Dutch Petroleum Company 1,214,625 149
5,600 Schlumberger Ltd. 471,800 58
7,800 Sonat, Inc. 351,000 44
3,500 Texaco, Inc. 293,563 36
9,000 Unocal Corporation 303,750 38
- --------------------------------------------------------------------------------------------------------------------
7,187,427 884
- --------------------------------------------------------------------------------------------------------------------
Financial--12.1%
6,950 American Express Company 310,144 38
8,100 American International Group, Inc. 798,863 98
9,300 American Re Corporation 417,338 51
16,500 Banc One Corporation 561,000 70
8,000 Bank of Boston Corporation 396,000 50
6,600 BankAmerica Corporation 499,950 61
11,900 Charles Schwab Corporation 291,550 36
9,768 Chase Manhattan Corporation 689,865 85
5,800 Chubb Corporation 289,275 36
9,200 Citicorp 760,150 93
5,400 Dean Witter Discover & Company 309,150 38
25,500 Federal National Mortgage Association 854,250 105
9,800 First Union Corporation 596,575 73
2,400 General Re Corporation 365,400 45
30,800 Hibernia Corporation Class "A" 334,950 41
4,100 Merrill Lynch & Company, Inc. 267,013 33
6,900 NationsBank Corporation 570,113 70
14,000 Norwest Corporation 488,250 60
8,800 Salomon, Inc. 387,200 48
4,700 Torchmark Corporation 205,625 25
28,000 USF&G Corporation 458,500 56
- --------------------------------------------------------------------------------------------------------------------
9,851,161 1,212
- --------------------------------------------------------------------------------------------------------------------
Food Wholesalers--.5%
11,500 Sysco Corporation 393,875 48
- --------------------------------------------------------------------------------------------------------------------
Health Care/Miscellaneous--1.0%
38,600 *Cardiovascular Dynamics, Inc. 472,850 58
6,900 *Nellcor Puritan Bennett, Inc. 334,650 41
- --------------------------------------------------------------------------------------------------------------------
807,500 99
- --------------------------------------------------------------------------------------------------------------------
Technology--11.9%
7,600 *Adaptec, Inc. 360,050 44
9,100 *Airtouch Communications, Inc. 257,075 32
23,300 A T & T Corp. 1,444,600 178
9,800 *Cisco Systems, Inc. 554,925 68
2,100 Computer Associates International, Inc. 149,625 18
8,300 First Data Corporation 660,888 81
7,600 Hewlett-Packard Company 757,150 93
11,600 Intel Corporation 851,875 105
8,800 International Business Machines Corporation 871,200 107
7,500 *LSI Logic Corporation 195,000 24
9,900 MCI Communications Corporation 253,688 32
8,400 *Microsoft Corporation 1,009,050 124
6,000 Motorola, Inc. 377,250 46
7,100 *National Semiconductor Corporation 110,050 14
16,675 *Oracle Corporation 657,620 81
6,300 *Seagate Technology, Inc. 283,500 35
5,100 Sprint Corporation 214,200 26
6,510 Vishay Intertechnology, Inc. 153,799 19
10,200 Xerox Corporation 545,700 67
- --------------------------------------------------------------------------------------------------------------------
9,707,245 1,194
- --------------------------------------------------------------------------------------------------------------------
Transportation--1.7%
4,500 *AMR Corporation 409,500 50
2,400 Burlington Northern, Inc. 194,100 24
1,000 *Genesee & Wyoming, Inc. Class "A" 20,500 2
13,000 Ryder System, Inc. 365,625 45
6,000 Union Pacific Corporation 419,250 52
- --------------------------------------------------------------------------------------------------------------------
1,408,975 173
- --------------------------------------------------------------------------------------------------------------------
Utilities--5.2%
3,400 Bell Atlantic Corporation 216,750 27
8,800 BellSouth Corporation 372,900 46
8,700 Carolina Power & Light Company 330,600 41
15,100 CINergy Corporation 483,200 59
10,400 Duke Power Company 533,000 66
12,700 FPL Group, Inc. 584,200 71
13,600 GTE Corporation 608,600 75
3,600 NYNEX Corporation 171,000 21
9,800 PacifiCorp 218,050 27
4,900 SBC Communications, Inc. 241,325 30
10,500 Texas Utilities Company 448,875 55
- --------------------------------------------------------------------------------------------------------------------
4,208,500 518
- --------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $53,488,043) 70,120,156 8,624
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS--.5%
$ 500M Bell Sports Corporation, 4 1/4%, 11/15/2000 (cost $435,090) 376,250 47
- --------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--9.8%
700M BellSouth Telecommunications, Inc., 5.32%, 7/23/96 697,724 86
800M BellSouth Telecommunications, Inc., 5.35%, 8/20/96 794,055 98
450M Du Pont (E.I.) de Nemours & Co., 5.31%, 7/16/96 449,004 55
600M Du Pont (E.I.) de Nemours & Co., 5.31%, 7/23/96 598,053 74
900M Ford Motor Credit Co., 5.39%, 8/27/96 892,319 109
900M General Electric Capital Corp., 5.37%, 8/22/96 893,019 110
1,200M National Rural Utilities Cooperative Finance Corp., 5.35%, 8/5/96 1,193,759 147
400M Sandoz Corp., 5.33%, 7/31/96 398,223 48
800M SmithKline Beecham Corp., 5.28%, 7/16/96 798,240 98
1,25M The Stanley Works, 5.37%, 8/19/96 1,240,864 153
- --------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $7,955,260) 7,955,260 978
- --------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $61,878,393) 96.5% 78,451,666 9,649
Other Assets, Less Liabilities 3.5 2,854,949 351
- --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $81,306,615 $10,000
====================================================================================================================
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE CASH MANAGEMENT FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate* Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SHORT-TERM CORPORATE NOTES--97.8%
$150M Ameritech Corporation, 8/5/96 5.26% $ 149,233 $ 386
100M Associates Corp. of North America, 2/13/97 5.11 101,244 262
180M Baltimore Gas & Electric Company, 8/16/96 5.35 178,770 463
190M Brown-Forman Corporation, 8/2/96 5.33 189,100 489
175M Central Louisiana Electric Company, 7/8/96 5.32 174,819 453
190M Dresser Industries, Inc., 7/31/96 5.37 189,149 490
150M Ford Motor Credit Company, 7/26/96 5.32 149,446 387
75M Hewlett Packard Company, 7/19/96 5.05 74,811 194
185M Hitachi America, Ltd., 7/15/96 5.28 184,620 478
150M Illinois Tool Works, Inc., 7/16/96 5.28 149,670 387
200M Massachusetts Electric Company, 7/17/96 5.11 199,546 517
175M McGraw-Hill, Inc., 9/10/96 5.30 173,171 448
150M Merck & Company, Inc., 8/14/96 5.59 150,359 389
190M MetLife Funding, Inc., 7/23/96 5.26 189,389 490
100M Nalco Chemical Company, 8/21/96 5.40 99,235 257
175M National Rural Utilities Cooperative
Financial Corporation, 7/30/96 5.27 174,257 451
175M Penney (J.C.) Funding Corporation, 7/10/96 5.32 174,767 452
150M PepsiCo, Inc., 9/20/96 5.38 148,184 384
150M Pitney Bowes Credit, Inc., 8/19/96 5.36 148,905 385
100M PPG Industries, Inc., 7/22/96 5.33 99,689 258
150M Republic New York Corporation, 7/31/96 5.23 149,346 387
175M Sandoz Corporation, 8/13/96 5.36 173,880 450
175M Schering Corporation, 9/24/96 5.38 172,777 447
184M TDK U.S.A. Corporation, 7/2/96 5.40 183,973 476
- --------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $3,778,340) 3,778,340 9,780
- --------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--2.6%
100M Tennessee Valley Authority, 9/9/96 (cost $101,331) 5.51 101,331 262
- --------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $3,879,671) 100.4% 3,879,671 10,042
Excess of Liabilities Over Other Assets (.4) (16,329) (42)
- --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,863,342 $10,000
====================================================================================================================
* The interest rate shown is the effective rate at the time of purchase.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE DISCOVERY FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS--85.6%
Basic Industry--1.5%
19,500 *American Buildings Company $ 570,375 $ 93
29,700 *Repap Enterprises, Inc. 113,231 18
9,000 Schulman (A.), Inc. 220,500 36
- --------------------------------------------------------------------------------------------------------------------
904,106 147
- --------------------------------------------------------------------------------------------------------------------
Capital Goods--2.8%
14,200 Columbus McKinnon Corporation 221,875 36
11,200 *Jacobs Engineering Group, Inc. 295,400 48
8,400 Millipore Corporation 351,750 57
29,800 *Superior Services, Inc. 506,600 82
7,100 Tecumseh Products Company 381,625 62
- --------------------------------------------------------------------------------------------------------------------
1,757,250 285
- --------------------------------------------------------------------------------------------------------------------
Consumer Durables--2.4%
9,500 Corning, Inc. 364,563 59
56,800 *Fortress Group, Inc. 497,000 81
14,200 *Innotech, Inc. 158,863 26
12,600 The Rival Company 289,800 47
9,800 Titan Wheel International, Inc. 156,800 25
- --------------------------------------------------------------------------------------------------------------------
1,467,026 238
- --------------------------------------------------------------------------------------------------------------------
Consumer Non-Durables--1.3%
10,200 Dreyer's Grand Ice Cream, Inc. 321,300 52
15,700 Richfood Holdings, Inc. 510,250 83
- --------------------------------------------------------------------------------------------------------------------
831,550 135
- --------------------------------------------------------------------------------------------------------------------
Consumer Services--15.6%
14,700 *Barnes & Noble, Inc. 527,363 86
20,200 *Bell Sports Corporation 146,450 24
14,200 *Buffets, Inc. 173,950 28
23,000 *Cannondale Corporation 465,750 76
23,900 *Cinar Films, Inc. Class "B" 519,825 84
14,250 *CUC International, Inc. 505,875 82
20,400 Equifax, Inc. 535,500 87
5,600 *Evergreen Media Corporation Class "A" 239,400 39
10,600 *Federated Department Stores, Inc. 361,725 59
21,000 *Franklin Electronic Publishers, Inc. 420,000 68
15,000 Gaylord Entertainment Company Class "A" 423,750 69
9,700 *Gymboree Corporation 295,850 48
24,900 *Home Shopping Network, Inc. 298,800 49
18,800 *Prime Hospitality Corporation 310,200 50
20,300 Rite-Aid Corporation 603,925 98
10,500 *Scientific Games Holdings Corporation 304,500 49
9,000 Talbots, Inc. 291,375 47
24,300 *Tele-Communications, Inc., Liberty Media Group Class "A" 643,950 105
37,700 *Tele-Communications, Inc., TCI Group Class "A" 683,312 111
14,200 *Travis Boats & Motors, Inc. 129,575 21
29,400 *U.S. Office Products Company 1,234,800 200
12,900 *Viacom, Inc. Class "B" 501,487 81
- --------------------------------------------------------------------------------------------------------------------
9,617,362 1,561
- --------------------------------------------------------------------------------------------------------------------
Financial--6.8%
26,800 Ambassador Apartments, Inc. 452,250 73
26,100 *American Travellers Corporation 600,300 97
6,100 Boatmen's Bancshares, Inc. 244,762 40
16,100 *Cal Fed Bancorp, Inc. 293,825 48
2,800 HUBCO, Inc. 59,150 10
20,700 Independent Bank Corporation 160,425 26
6,500 Mark Twain Bancshares, Inc. 240,500 39
5,700 Mercantile Bancorporation, Inc. 253,650 41
25,500 *NHP, Inc. 525,937 85
6,300 Redwood Trust, Inc. 176,400 29
17,050 Reliance Group Holdings, Inc. 127,875 21
7,182 Southern National Corporation 228,028 37
22,350 Titan Holdings, Inc. 312,900 51
11,400 USF&G Corporation 186,675 30
25,300 Willis Corroon Group PLC (ADR) 300,437 49
- --------------------------------------------------------------------------------------------------------------------
4,163,114 676
- --------------------------------------------------------------------------------------------------------------------
Health Care/Miscellaneous--16.4%
5,600 *American Homepatient, Inc. 247,800 40
14,200 *American Medical Response, Inc. 500,550 81
14,200 *Anesta Corporation 173,950 28
29,700 *Applied Bioscience International, Inc. 311,850 51
11,700 *Arbor Health Care Company 318,825 52
21,200 *Atrix Laboratories, Inc. 212,000 34
800 *Biopsys Medical, Inc. 16,000 3
5,000 Cardinal Health, Inc. 360,625 60
8,500 *Cardiovascular Dynamics, Inc. 104,125 17
19,600 *CIMA Labs, Inc. 147,000 24
14,100 *Coventry Corporation 222,075 36
400 *CRA Managed Care, Inc. 17,900 3
11,000 Dentsply International, Inc. 467,500 76
4,300 *Endosonics Corporation 76,862 12
34,200 *Ethical Holdings PLC (ADR) 333,450 54
15,000 Fisher Scientific International 562,500 91
10,500 *GMIS, Inc. 126,000 20
15,150 *Health Care & Retirement Corporation 359,812 58
14,200 *HemaSure, Inc. 198,800 32
23,200 *ICU Medical, Inc. 319,000 52
14,200 *Ligand Pharmaceuticals Class "B" 236,075 38
12,400 *Living Centers of America, Inc. 426,250 70
27,100 *Noven Pharmaceuticals, Inc. 433,600 70
7,100 *Pediatric Services of America, Inc. 161,525 26
13,400 *Perrigo Company 150,750 24
22,000 *Physician Support Systems, Inc. 497,750 81
7,300 *Rural/Metro Corporation 250,025 41
18,300 *Sunquest Information Systems, Inc. 274,500 45
15,500 Teva Pharmaceutical Industries Ltd. (ADR) 587,062 95
14,200 *Vencor, Inc. 433,100 70
44,700 *VidaMed, Inc. 569,925 93
17,500 *VISX, Inc. 597,187 97
10,500 *Watson Pharmaceuticals, Inc. 397,687 65
- --------------------------------------------------------------------------------------------------------------------
10,092,060 1,639
- --------------------------------------------------------------------------------------------------------------------
Technology--28.3%
7,000 *Acxiom Corporation 238,875 39
11,800 *Adaptec, Inc. 559,025 91
28,400 *Applied Microsystems Corporation 497,000 81
7,000 *Astea International, Inc. 169,750 28
12,200 AVX Corporation 225,700 37
13,600 *BISYS Group, Inc. 513,400 82
11,200 *Catalyst International, Inc. 128,800 21
14,200 *Checkfree Corporation 282,225 46
8,500 *CHS Electronics, Inc. 114,750 19
6,850 Computer Associates International, Inc. 488,063 79
12,000 *Control Data Systems, Inc. 256,500 42
14,600 *Cylink Corporation 251,850 41
20,500 *Discreet Logic, Inc. 138,375 22
25,100 *EMC Corporation 467,488 76
15,900 *FileNet Corporation 580,350 94
7,100 *Fourth Shift Corporation 47,038 8
30,200 *Fulcrum Technologies, Inc. 388,825 62
14,200 *Gandalf Technologies, Inc. 113,600 18
16,100 *GT Interactive Software Corporation 269,675 44
9,600 HBO & Company 650,400 106
5,600 *HCIA, Inc. 352,800 57
28,400 *Health Systems Design Corporation 418,900 68
8,300 *IDX Systems Corporation 323,700 52
14,800 *Informix Corporation 333,000 54
24,000 *INTERSOLV 222,000 36
2,800 *Itron, Inc. 79,450 13
23,300 *JDA Software Group, Inc. 480,563 78
18,200 *LSI Logic Corporation 473,200 77
11,400 *MEMC Electronic Materials, Inc. 441,750 72
4,900 *Metatec Corporation 50,225 8
5,300 *Microsoft Corporation 636,663 103
6,000 Motorola, Inc. 377,250 61
33,400 *National Semiconductor Corporation 517,700 84
9,900 *Optical Data Systems, Inc. 217,800 35
22,025 *Oracle Corporation 868,611 141
187 *Radius, Inc. 514 --
12,500 Reynolds & Reynolds Company 665,625 108
9,700 *Seagate Technology, Inc. 436,500 71
11,300 *SoftKey International, Inc. 213,994 35
24,100 *Softquad International, Inc. 133,680 22
2,800 *Stanford Telecommunications, Inc. 157,500 26
5,400 *Sterling Software, Inc. 415,800 68
5,100 *Sunguard Data Systems, Inc. 204,638 33
29,000 *Symantec Corporation 362,500 59
43,500 *SystemSoft Corporation 2,044,500 332
14,100 *ULTRADATA Corporation 109,275 18
11,400 *Veritas Software Corporation 490,200 80
- --------------------------------------------------------------------------------------------------------------------
17,410,027 2,827
- --------------------------------------------------------------------------------------------------------------------
Telecommunications--5.9%
7,400 *Cisco Systems, Inc. 419,025 68
16,900 *Colonial Data Technologies Corporation 251,388 41
30,800 ECI Telecommunications Limited Designs 716,100 116
28,400 Ericsson (L.M.) Telephone Company Class "B" (ADR) 610,600 98
28,300 *Octel Communications Corporation 558,925 91
24,000 *Saville Systems Ireland (ADR) 663,000 108
60,400 *USCI, Inc. 392,600 64
- --------------------------------------------------------------------------------------------------------------------
3,611,638 586
- --------------------------------------------------------------------------------------------------------------------
Transportation--3.5%
10,700 *Fritz Companies, Inc. 345,075 56
26,400 Interpool, Inc. 481,800 78
8,500 *Landstar System, Inc. 246,500 40
31,500 Stolt-Nielson S.A. (ADR) 586,688 95
66,100 Transportacion Maritima Mexicana, S.A. de C.V. (ADR) 487,488 80
- --------------------------------------------------------------------------------------------------------------------
2,147,551 349
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
Utilities--1.1%
31,600 PacifiCorp 703,100 114
- --------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $45,440,678) 52,704,784 8,557
- --------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--10.7%
$1,000M Air Products & Chemicals, Inc., 5.30%, 7/2/96 999,853 162
1,000M BellSouth Telecommunications, Inc., 5.35%, 8/20/96 992,570 161
650M Dresser Industries, Inc., 5.30%, 7/1/96 650,000 106
1,250M Du Pont (E.I.) de Nemours & Co., 5.28%, 7/15/96 1,247,433 203
800M Ford Motor Credit Co., 5.36%, 8/15/96 794,640 129
300M General Electric Capital Corp., 5.37%, 8/6/96 298,389 48
600M Penney (J.C.) Funding Corp., 5.34%, 7/29/96 597,508 97
1,000M PPG Industries, Inc., 5.33%, 7/22/96 996,890 162
- --------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $6,577,283) 6,577,283 1,068
- --------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $52,017,961) 96.3% 59,282,067 9,625
Other Assets, Less Liabilities 3.7 2,308,143 375
- --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $61,590,210 $10,000
====================================================================================================================
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE GOVERNMENT FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MORTGAGE-BACKED CERTIFICATES--61.3%
$ 37M Federal Home Loan Mortgage Corp., 6 1/2%, 4/1/2024 $ 34,519 $ 37
133M Federal Home Loan Mortgage Corp., 6 1/2%, 6/1/2024 124,773 135
1,027M Federal Home Loan Mortgage Corp., 6 1/2%, 9/1/2024 969,549 1,046
750M Federal National Mortgage Association, 9%, 10/1/2020 788,281 851
1,328M Government National Mortgage Association, 6 1/2%, 10/15/2008 1,296,926 1,400
565M Government National Mortgage Association, 7%, 3/15/2023 546,008 589
526M Government National Mortgage Association, 7%, 7/15/2023 507,945 548
994M Government National Mortgage Association, 7 1/2%, 11/15/2025 981,015 1,059
113M Government National Mortgage Association, 11 1/2%, 10/15/2012 127,265 137
270M Government National Mortgage Association, 11 1/2%, 5/15/2015 305,173 329
- --------------------------------------------------------------------------------------------------------------------
Total Value of Mortgage-Backed Certificates (cost $5,758,769) 5,681,454 6,131
- --------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--22.8%
1,000M Federal Farm Credit Banks, 8.65%, 10/1/1999 1,063,188 1,148
1,000M Federal National Mortgage Association, 8 1/2%, 2/1/2005 1,046,323 1,129
- --------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Obligations (cost $2,198,984) 2,109,511 2,277
- --------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--8.1%
750M U.S. Treasury Note, 6 1/2%, 5/31/2001 (cost $742,813) 750,233 810
- --------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--3.9%
130M Ford Motor Credit Co., 5.37%, 7/8/96 129,864 140
230M Walt Disney Co., 5.27%, 7/3/96 229,941 248
- --------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $359,805) 359,805 388
- --------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $9,060,371) 96.1% 8,901,003 9,606
Other Assets, Less Liabilities 3.9 365,221 394
- --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $9,266,224 $10,000
====================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE GROWTH FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS--97.4%
Aerospace/Defense--1.8%
5,500 Boeing Company $ 479,187 $ 76
5,900 United Technologies Corporation 678,500 107
- --------------------------------------------------------------------------------------------------------------------
1,157,687 183
- --------------------------------------------------------------------------------------------------------------------
Apparel/Textiles--.5%
1,100 *Donna Karan International, Inc. 30,800 5
5,500 *Nine West Group, Inc. 281,188 44
- --------------------------------------------------------------------------------------------------------------------
311,988 49
- --------------------------------------------------------------------------------------------------------------------
Banks--6.1%
6,000 Associated Banc-Corp 232,500 37
11,000 Bancorp Hawaii, Inc. 396,000 63
4,500 Citicorp 371,812 59
5,350 First Commercial Corporation 164,512 26
9,000 J.P. Morgan & Company, Inc. 761,625 121
11,300 NationsBank Corporation 933,663 148
15,000 State Street Boston Corporation 765,000 121
6,000 Wilmington Trust Corporation 194,625 31
- --------------------------------------------------------------------------------------------------------------------
3,819,737 606
- --------------------------------------------------------------------------------------------------------------------
Business Services--2.9%
15,000 Dames & Moore, Inc. 181,875 29
8,000 *DST Systems, Inc. 256,000 41
13,500 Foster Wheeler Corporation 605,812 96
9,800 G & K Services, Inc. Class "A" 279,300 44
2,500 *Ionics, Inc. 117,500 19
11,500 *Metromail Corporation 257,313 41
6,150 *Tetra Tech, Inc. 123,000 19
- --------------------------------------------------------------------------------------------------------------------
1,820,800 289
- --------------------------------------------------------------------------------------------------------------------
Chemicals--3.3%
10,600 Air Products and Chemicals, Inc. 612,150 97
5,000 Dow Chemical Company 380,000 60
21,600 Engelhard Corporation 496,800 79
6,800 Minerals Technologies, Inc. 232,900 37
15,000 Schulman (A.), Inc. 367,500 58
- --------------------------------------------------------------------------------------------------------------------
2,089,350 331
- --------------------------------------------------------------------------------------------------------------------
Communications Equipment--3.2%
2,900 *Cisco Systems, Inc. 164,213 26
20,000 *General Instrument Corporation 577,500 92
10,500 Nokia Corporation Class "A" (ADR) 388,500 62
9,400 *Teleport Communications Group, Inc. Class "A" 179,775 28
16,000 *3COM Corporation 732,000 116
- --------------------------------------------------------------------------------------------------------------------
2,041,988 324
- --------------------------------------------------------------------------------------------------------------------
Computers & Office Equipment--3.4%
3,600 *Adaptec, Inc. 170,550 27
18,000 *Compaq Computer Corporation 886,500 140
10,800 Hewlett-Packard Company 1,075,950 171
- --------------------------------------------------------------------------------------------------------------------
2,133,000 338
- --------------------------------------------------------------------------------------------------------------------
Drugs--6.6%
8,000 Merck & Company, Inc. 517,000 82
12,500 Pfizer, Inc. 892,188 141
15,000 Rhone-Poulenc Rorer Group, Inc. 1,006,875 160
14,000 Warner-Lambert Company 770,000 122
15,000 Zeneca Group PLC (ADR) 1,008,750 160
- --------------------------------------------------------------------------------------------------------------------
4,194,813 665
- --------------------------------------------------------------------------------------------------------------------
Electrical Equipment--2.9%
8,500 General Electric Company 735,250 117
11,000 Hubbell, Inc. Class "B" 728,750 116
9,000 *Littlefuse, Inc. 337,500 53
- --------------------------------------------------------------------------------------------------------------------
1,801,500 286
- --------------------------------------------------------------------------------------------------------------------
Electronics--3.6%
17,700 AMP, Inc. 710,212 113
14,000 Dallas Semiconductor Corporation 253,750 40
13,200 Intel Corporation 969,375 154
13,000 *Maxim Integrated Products, Inc. 355,063 56
- --------------------------------------------------------------------------------------------------------------------
2,288,400 363
- --------------------------------------------------------------------------------------------------------------------
Energy Services--.9%
6,600 Schlumberger Ltd. 556,050 88
- --------------------------------------------------------------------------------------------------------------------
Energy Sources--4.6%
13,300 Amoco Corporation 962,587 153
8,000 *Barrett Resources Corporation 238,000 38
15,500 Burlington Resources, Inc. 666,500 106
30,000 Unocal Corporation 1,012,500 160
- --------------------------------------------------------------------------------------------------------------------
2,879,587 457
- --------------------------------------------------------------------------------------------------------------------
Entertainment Products--1.6%
7,000 *Coleman Company, Inc. (New) 296,625 47
7,000 Harley-Davidson, Inc. 287,875 46
15,600 *Speedway Motorsports, Inc. 399,750 63
- --------------------------------------------------------------------------------------------------------------------
984,250 156
- --------------------------------------------------------------------------------------------------------------------
Financial Services--3.9%
20,000 American Express Company 892,500 141
33,280 Federal National Mortgage Association 1,114,880 177
9,000 Morgan Stanley Group, Inc. 442,125 70
- --------------------------------------------------------------------------------------------------------------------
2,449,505 388
- --------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--4.6%
8,000 *Canandaigua Wine Company, Inc. Class "A" 240,000 38
36,000 PepsiCo, Inc. 1,273,500 202
5,500 Philip Morris Cos., Inc. 572,000 91
24,600 Sara Lee Corporation 796,425 126
- --------------------------------------------------------------------------------------------------------------------
2,881,925 457
- --------------------------------------------------------------------------------------------------------------------
Health Services--1.5%
900 *American Medical Response, Inc. 31,725 5
33,000 *Beverly Enterprises 396,000 63
5,000 Columbia/HCA Healthcare Corporation 266,875 42
8,000 *Living Centers of America, Inc. 275,000 44
- --------------------------------------------------------------------------------------------------------------------
969,600 154
- --------------------------------------------------------------------------------------------------------------------
Household Products--2.7%
11,500 *Bush Boake Allen, Inc. 250,125 40
10,000 Kimberly-Clark Corporation 772,500 122
7,500 Procter & Gamble Company 679,688 108
- --------------------------------------------------------------------------------------------------------------------
1,702,313 270
- --------------------------------------------------------------------------------------------------------------------
Housing--.3%
12,000 Juno Lighting, Inc. 204,000 32
- --------------------------------------------------------------------------------------------------------------------
Insurance--4.6%
15,000 Allstate Corporation 684,375 108
8,175 American International Group, Inc. 806,259 128
7,000 American Re Corporation 314,125 50
9,900 Frontier Insurance Group, Inc. 341,550 54
17,250 Travelers Group, Inc. 787,031 125
- --------------------------------------------------------------------------------------------------------------------
2,933,340 465
- --------------------------------------------------------------------------------------------------------------------
Machinery & Manufacturing--3.2%
7,000 Caterpillar, Inc. 474,250 75
11,500 Donaldson Company 296,125 47
9,100 Minnesota Mining & Manufacturing Company 627,900 100
8,000 *MSC Industrial Direct Company, Inc. Class "A" 258,000 41
4,000 Nordson Corporation 226,000 36
7,000 *Paxar Corporation 122,500 19
- --------------------------------------------------------------------------------------------------------------------
2,004,775 318
- --------------------------------------------------------------------------------------------------------------------
Media--5.2%
19,000 ADVO, Inc. 197,125 31
35,000 Comcast Corporation Class "A" 647,500 102
12,000 Dun & Bradstreet Corporation 750,000 119
8,000 Gannett Company 566,000 90
9,700 *Tele-Communications, Inc., Liberty Media Group Class "A" 257,050 41
21,400 *Viacom, Inc. Class "B" 831,925 132
- --------------------------------------------------------------------------------------------------------------------
3,249,600 515
- --------------------------------------------------------------------------------------------------------------------
Medical Products--2.7%
22,000 Abbott Laboratories 957,000 152
16,000 *Biomet, Inc. 230,000 37
9,500 Life Technologies, Inc. 299,250 47
5,000 *Nellcor Puritan Bennett, Inc. 242,500 38
- --------------------------------------------------------------------------------------------------------------------
1,728,750 274
- --------------------------------------------------------------------------------------------------------------------
Metals & Minerals--.4%
6,000 *UCAR International, Inc. 249,750 39
- --------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--1.1%
8,000 Bemis Company, Inc. 280,000 45
12,000 International Paper Company 442,500 70
- --------------------------------------------------------------------------------------------------------------------
722,500 115
- --------------------------------------------------------------------------------------------------------------------
Retail--7.3%
15,500 Arbor Drugs, Inc. 323,562 51
13,000 *Barnes & Noble, Inc. 466,375 74
5,000 *Gymboree Corporation 152,500 24
11,000 Home Depot, Inc. 594,000 94
18,000 May Department Stores Company 787,500 125
7,500 *OfficeMax, Inc. 179,062 28
19,000 Rite Aid Corporation 565,250 90
11,800 *Saks Holdings, Inc. 402,675 64
9,300 Talbots, Inc. 301,088 48
32,000 Wal-Mart Stores, Inc. 812,000 129
- --------------------------------------------------------------------------------------------------------------------
4,584,012 727
- --------------------------------------------------------------------------------------------------------------------
Software & Services--8.6%
6,000 *American Management Systems, Inc. 175,500 28
18,000 Automatic Data Processing, Inc. 695,250 110
4,500 BGS Systems, Inc. 175,500 28
8,000 *Bisys Group, Inc. 302,000 48
9,600 *BMC Software, Inc. 573,600 91
900 *Check Point Software Technologies Ltd. 21,600 4
16,500 *Cognos, Inc. 379,500 60
9,800 *Computer Sciences Corporation 732,550 116
6,600 First Data Corporation 525,525 83
6,300 *Microsoft Corporation 756,788 120
10,500 *Policy Management Systems Corporation 525,000 83
4,500 *Sterling Software, Inc. 346,500 55
16,000 *Systems & Computer Technology Corporation 232,000 37
- --------------------------------------------------------------------------------------------------------------------
5,441,313 863
- --------------------------------------------------------------------------------------------------------------------
Telephone--4.4%
19,700 A T & T Corp. 1,221,400 194
7,000 Century Telephone Enterprises 223,125 35
25,500 MCI Communications Corporation 653,438 104
13,500 SBC Communications, Inc. 664,875 105
- --------------------------------------------------------------------------------------------------------------------
2,762,838 438
- --------------------------------------------------------------------------------------------------------------------
Transportation--1.9%
11,800 Air Express International Corporation 333,350 53
11,000 Airborne Freight Corporation 286,000 45
5,000 M.S. Carriers, Inc. 102,500 16
7,000 Union Pacific Corporation 489,125 78
- --------------------------------------------------------------------------------------------------------------------
1,210,975 192
- --------------------------------------------------------------------------------------------------------------------
Travel & Leisure--3.6%
6,500 *Doubletree Corporation 230,750 37
10,500 *Landry's Seafood Restaurants, Inc. 259,875 41
18,000 McDonald's Corporation 841,500 133
6,300 *Quality Dining, Inc. 206,325 33
25,000 Southwest Airlines Company 728,125 115
- --------------------------------------------------------------------------------------------------------------------
2,266,575 359
- --------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $50,421,120) 61,440,921 9,741
- --------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--2.3%
$1,444M Lanston Aubrey Securities, Inc., 5.45%, 7/1/96, (collateralized by
U.S. Treasury Bonds, 12%, 8/15/2013, valued at $1,485M)
(cost $1,444,000) 1,444,000 229
- --------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $51,865,120) 99.7% 62,884,921 9,970
Other Assets, Less Liabilities .3 189,905 30
- --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $63,074,826 $10,000
====================================================================================================================
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE HIGH YIELD FUND
June 30, 1996
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CORPORATE BONDS--83.2%
Aerospace/Defense--1.2%
$ 500M Howmet Corp., 10%, 2003 (Note 4) $ 527,500 $ 119
- --------------------------------------------------------------------------------------------------------------------
Apparel/Textiles--1.3%
600M Westpoint Stevens, Inc., 9 3/8%, 2005 582,000 131
- --------------------------------------------------------------------------------------------------------------------
Automotive--5.1%
700M Collins & Aikman Products Co., 11 1/2%, 2006 713,563 161
800M SPX Corp., 11 3/4%, 2002 849,000 191
700M Walbro Corp., 9 7/8%, 2005 691,250 156
- --------------------------------------------------------------------------------------------------------------------
2,253,813 508
- --------------------------------------------------------------------------------------------------------------------
Chemicals--3.7%
700M Harris Chemical North America, Inc., 0%-10 1/4%, 2001 701,750 158
600M Rexene Corp., 11 3/4%, 2004 624,000 141
300M Synthetic Industries, Inc., 12 3/4%, 2002 318,750 72
- --------------------------------------------------------------------------------------------------------------------
1,644,500 371
- --------------------------------------------------------------------------------------------------------------------
Computers/Software/Business Equipment--1.2%
500M Bell & Howell Co., 10 3/4%, 2002 532,500 120
- --------------------------------------------------------------------------------------------------------------------
Consumer Products--1.6%
700M Herff Jones, Inc., 11%, 2005 724,500 163
- --------------------------------------------------------------------------------------------------------------------
Electrical Equipment--1.6%
700M Essex Group, Inc., 10%, 2003 707,000 159
- --------------------------------------------------------------------------------------------------------------------
Energy--8.4%
1,000M Clark R & M Holdings, Inc., 0%, 2000 690,000 156
700M Falcon Drilling Co., Inc., 12 1/2%, 2005 780,500 176
800M Giant Industries, Inc., 9 3/4%, 2003 791,000 178
800M United Meridian Corp., 10 3/8%, 2005 830,000 187
650M Vintage Petroleum, Inc., 9%, 2005 622,375 140
- --------------------------------------------------------------------------------------------------------------------
3,713,875 837
- --------------------------------------------------------------------------------------------------------------------
Financial Services--1.7%
700M American Life Holding Co., 11 1/4%, 2004 740,250 167
- --------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--2.0%
250M Doane Products Co., 10 5/8%, 2006 251,250 57
600M Van de Kamps, Inc. 12%, 2005 640,500 144
- --------------------------------------------------------------------------------------------------------------------
891,750 201
- --------------------------------------------------------------------------------------------------------------------
Gaming/Lodging--1.6%
700M Showboat, Inc., 9 1/4%, 2008 712,250 161
- --------------------------------------------------------------------------------------------------------------------
Healthcare--10.4%
750M Abbey Healthcare Group, Inc., 9 1/2%, 2002 772,500 174
700M Dade International, Inc., 11 1/8%, 2006 (Note 4) 722,750 163
700M Genesis Healthcare, Inc., 9 3/4%, 2005 713,125 161
600M Integrated Health Services, Inc., 9 5/8%, 2002 597,000 135
400M Integrated Health Services, Inc., 10 3/4%, 2004 414,000 93
500M Mediq/PRN Life Support Services, Inc., 12 1/8%, 1999 537,500 121
800M Tenet Healthcare Corp., 10 1/8%, 2005 850,000 192
- --------------------------------------------------------------------------------------------------------------------
4,606,875 1,039
- --------------------------------------------------------------------------------------------------------------------
Media/Cable Television--14.5%
1,000M Affiliated Newspaper Investments, 0%-13 1/4%, 2006 705,000 159
1,000M Bell Cablemedia PLC, 0%-11.95%, 2004 712,500 161
500M Diamond Cable Communications PLC, 0%-11 3/4%, 2005 296,250 67
1,400M Echostar Communications Corp., 0%-12 7/8%, 2004 1,032,500 232
500M Garden State Newspapers, Inc., 12%, 2004 527,500 119
750M Outdoor Systems, Inc., 10 3/4%, 2003 780,000 176
400M PanAmSat Capital Corp., 0%-11 3/8%, 2003 349,000 79
500M Rogers Cablesystems, Inc., 10%, 2005 497,500 112
1,000M Sullivan Broadcasting, 10 1/4%, 2005 950,000 213
600M World Color Press, Inc., 9 1/8%, 2003 585,000 132
- --------------------------------------------------------------------------------------------------------------------
6,435,250 1,450
- --------------------------------------------------------------------------------------------------------------------
Mining/Metals--6.0%
634M Carbide/Graphite Group, Inc., 11 1/2%, 2003 678,380 153
800M Gulf States Steel Inc., 13 1/2%, 2003 708,000 160
900M WCI Steel, Inc., 10 1/2%, 2002 918,000 206
400M Wheeling-Pittsburgh Steel Corp., 9 3/8%, 2003 372,000 84
- --------------------------------------------------------------------------------------------------------------------
2,676,380 603
- --------------------------------------------------------------------------------------------------------------------
Miscellaneous--1.7%
700M Monarch Marking Systems, Inc., 12 1/2%, 2003 742,000 167
- --------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--10.1%
500M Container Corp., 11 1/4%, 2004 516,250 116
500M Gaylord Container Corp., 11 1/2%, 2001 515,000 116
800M Rainy River Forest Products Co., Inc., 10 3/4%, 2001 842,000 190
800M Riverwood International, 10 1/4%, 2006 798,000 180
800M S.D. Warren Co., Inc., 12%, 2004 852,000 192
1,000M Stone Container Corp., 9 7/8%, 2001 975,000 220
- --------------------------------------------------------------------------------------------------------------------
4,498,250 1,014
- --------------------------------------------------------------------------------------------------------------------
Retail-Food/Drug--1.8%
800M P&C Food Markets, Inc., 11 1/2%, 2001 784,000 177
- --------------------------------------------------------------------------------------------------------------------
Retail-General Merchandise--1.5%
750M General Host Co., Inc., 11 1/2%, 2002 691,875 156
- --------------------------------------------------------------------------------------------------------------------
Telecommunications--6.7%
1,500M American Communication Services, Inc., 0%-13%, 2005 (Note 4) 840,000 189
750M CAI Wireless Systems, Inc., 12 1/4%, 2002 785,625 177
1,100M InterCel, Inc., 0%-12%, 2006 600,875 135
800M Metrocall, Inc., 10 3/8%, 2007 744,000 169
- --------------------------------------------------------------------------------------------------------------------
2,970,500 670
- --------------------------------------------------------------------------------------------------------------------
Transportation--1.1%
500M Trism, Inc., 10 3/4%, 2000 471,875 106
- --------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $36,572,553) 36,906,943 8,319
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--.6%
Financial Services--.2%
4,000 *Olympic Financial Ltd. 92,000 21
- --------------------------------------------------------------------------------------------------------------------
Gaming/Lodging--.0%
2,000 *Goldriver Hotel & Casino Corp., Series "B" -- --
- --------------------------------------------------------------------------------------------------------------------
Media/Cable Television--.4%
1,000 *Affiliated Newspaper Investments 30,500 7
4,744 *Echostar Communications Corp., Class "A" 134,018 30
- --------------------------------------------------------------------------------------------------------------------
164,518 37
- --------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $49,286) 256,518 58
- --------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--7.5%
Consumer Services--1.5%
700 Time Warner, Inc., Series "K" 689,500 155
- --------------------------------------------------------------------------------------------------------------------
Financial Services--4.2%
7,000 California Federal Bank, 10 5/8%, Series "B" 764,750 173
10,000 First Nationwide Bank, 11 1/2% 1,105,000 249
- --------------------------------------------------------------------------------------------------------------------
1,869,750 422
- --------------------------------------------------------------------------------------------------------------------
Media/Cable Television--.9%
337 PanAmSat Capital Corp., 12 3/4% 385,979 87
- --------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--.9%
10,800 *S.D. Warren Co., Inc., 14% 383,400 86
- --------------------------------------------------------------------------------------------------------------------
Total Value of Preferred Stocks (cost $3,040,878) 3,328,629 750
- --------------------------------------------------------------------------------------------------------------------
Amount
Warrants Invested
or For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
WARRANTS--.4%
Gaming/Lodging--.0%
200 *Goldriver Finance Corp., Liquidating Trust 1,400 --
4,200 *President Riverboat Casinos, Inc. (expiring 9/23/96) (Note 4) 4,200 1
- -------------------------------------------------------------------------------------------------------------------
5,600 1
- -------------------------------------------------------------------------------------------------------------------
Mining/Metals--.0%
800 *Gulf State Steel Acquisition Corp. (expiring 4/1/03) (Note 4) 400 --
- -------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--.1%
10,800 *S.D. Warren Co., Inc. (expiring 12/15/06) (Note 4) 32,400 7
- -------------------------------------------------------------------------------------------------------------------
Retail-General Merchandise--.0%
100 *Payless Cashways, Inc. (expiring 11/1/96) 10 --
- -------------------------------------------------------------------------------------------------------------------
Telecommunications--.3%
1,500 *American Communication Services, Inc. (expiring 11/1/05) (Note 4) 157,500 36
- -------------------------------------------------------------------------------------------------------------------
Total Value of Warrants (cost $5,375) 195,910 44
- -------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--3.8%
$1,000M Florida Power Corp., 5.45%, 7/3/96 999,697 225
679M Massachusetts Electric Co., 5.37%, 7/1/96 679,000 153
- -------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $1,678,697) 1,678,697 378
- -------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $41,346,789) 95.5% 42,366,697 9,549
Other Asset, Less Liabilities 4.5 1,999,858 451
- -------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $44,366,555 $10,000
===================================================================================================================
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE INTERNATIONAL SECURITIES FUND
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--92.6%
United States--24.5%
6,000 American Express Company $ 267,750 $ 55
6,625 American International Group, Inc. 653,391 133
6,500 American Re Corporation 291,688 60
4,000 *AMR Corporation 364,000 74
8,500 A T & T Corp. 527,000 108
4,500 Boeing Company 392,063 80
7,200 Conrail, Inc. 477,900 97
7,500 Dow Chemical Company 570,000 116
7,000 Exxon Corporation 608,125 124
15,000 Federal National Mortgage Association 502,500 103
6,000 General Electric Company 519,000 105
5,000 Gillette Company 311,875 64
4,000 Hewlett-Packard Company 398,500 81
4,000 Intel Corporation 293,750 60
16,000 International Paper Company 590,000 120
12,000 Johnson & Johnson 594,000 121
7,000 Kimberly Clark Corporation 540,750 110
15,000 MCI Communications 384,375 78
10,000 Pepsico, Inc. 353,750 72
10,000 Pharmacia & Upjohn, Inc. 443,750 91
2,200 United Technologies Corporation 253,000 52
21,000 Unocal Corporation 708,750 146
696 *Viacom Inc., Class "A" 26,535 5
10,273 *Viacom Inc., Class "B" 399,363 81
22,000 Wal-Mart Stores, Inc. 558,250 114
9,500 Warner-Lambert Company 522,500 107
8,300 York International Corporation 429,525 88
- -------------------------------------------------------------------------------------------------------------------
11,982,090 2,445
- -------------------------------------------------------------------------------------------------------------------
Japan--15.1%
11,000 Aichi Machine Industry Company 77,223 16
12,000 Asahi Organic Chemicals Industry Company Ltd. 94,200 19
8,400 Canon Sales Company Ltd. 233,585 48
32,000 Chichibu Onoda Cement Company 183,510 37
2,000 Chudenko Corporation 72,574 15
24,000 Chugai Pharmaceutical Company Ltd. 234,132 48
17,000 Dai Nippon Printing Company Ltd. 328,586 67
2,000 Ito-Yokado Company Ltd. 120,531 25
1,000 Japan Associated Finance 116,702 24
12,000 JGC Corporation 157,547 32
51,000 Kawasaki Steel 183,666 37
6,000 Kyudenko Corporation 80,414 16
3,000 Mabuchi Motor Company Ltd. 190,916 39
14,000 Matsushita Electric Industrial Company Ltd. 260,390 53
26,000 Mitsubishi Heavy Industries 225,906 46
7,000 Murata Manufacturing Company Ltd. 264,858 54
3,000 Nihon Jumbo Company Ltd. 120,348 25
26,000 Nippon Express 253,643 52
10,000 Nippon Sanso Corporation 49,233 10
6,000 Nippondenso Company Ltd. 130,195 27
92,000 *NKK Corporation 278,475 57
14,000 Nomura Securities Company Ltd. 273,154 56
16,000 Onward Kashiyama 261,118 53
18,000 Sakura Bank Ltd. 200,216 41
1,000 Sankyo Company Ltd. 25,893 5
4,000 Sanwa Bank Ltd. 74,032 15
5,000 Secom Company Ltd. 330,046 67
8,400 Shimamura Corporation 369,141 75
5,000 Sony Corporation 328,678 67
30,000 Sumitomo Marine & Fire Insurance Company 261,210 53
50,000 Sumitomo Realty & Development 395,235 81
16,000 Sumitomo Trust and Banking Company Ltd. 218,814 45
15,000 Toda Construction Company Ltd. 146,332 30
6,300 Tokyo Mitsubishi Bank Ltd. 145,895 30
20,000 Toyo Ink Manufacturing Company Ltd. 114,512 23
11,000 Toyota Motor Corporation 274,795 56
16,000 Yamato Kogyo Co. Ltd. 191,098 39
7,000 Yamazaki Baking Co. Ltd. 129,557 25
- -------------------------------------------------------------------------------------------------------------------
7,396,360 1,508
- -------------------------------------------------------------------------------------------------------------------
United Kingdom--7.6%
33,800 Allied Irish Banks PLC 176,987 36
38,000 Associated British Foods PLC 228,502 47
17,000 Boots Company PLC 152,940 31
130,000 British Gas PLC 363,584 74
100,000 British Steel PLC 254,040 52
25,000 British Telecommunictions PLC 134,403 27
70,000 BTR PLC 275,177 56
23,300 De La Rue PLC 215,411 44
70,000 National Grid Holdings PLC 185,444 38
56,000 Northern Foods PLC 162,714 33
47,244 Powergen PLC 345,746 71
9,000 Reckitt & Colman PLC 94,532 19
20,000 Royal Bank of Scotland PLC 153,204 31
30,000 Royal Insurance Holdings PLC 185,523 38
40,000 Sainsbury PLC 235,556 48
30,000 *Sun Life & Provincial Holdings 103,014 21
20,000 United Biscuits(Holdings) PLC 66,502 14
100,695 Vodafone Group PLC (695 shares restricted-Note 8) 375,502 77
- -------------------------------------------------------------------------------------------------------------------
3,708,781 757
- -------------------------------------------------------------------------------------------------------------------
France--6.5%
1,250 Accor 174,822 36
12,500 Assurance General 338,475 69
10,500 Banque Nationale De Paris 368,554 75
2,430 Compagnie De Saint Gobain 325,221 66
3,000 Compagnie Financiere D'Paribas 177,153 36
800 *Dassault Systeme (ADR) 24,800 5
1,443 Groupe Danone 218,352 45
2,000 Groupe Havas SA 163,556 33
900 Peugeot SA 120,452 25
17,969 Rhone-Poulenc SA Series "A" 472,252 96
2,615 Societe Generale Paris 287,503 59
3,000 Societe Nationale Elf Aquitaine 220,625 45
4,122 Total SA Class "B" 305,702 62
- -------------------------------------------------------------------------------------------------------------------
3,197,467 652
- -------------------------------------------------------------------------------------------------------------------
Australia--4.1%
70,892 Amcor Ltd. 482,633 98
105,159 Australian & New Zealand Banking Group 498,243 103
51,626 Boral Ltd 134,083 27
35,660 Broken Hill Proprietary Ltd. 493,124 101
122,148 Goodman Fielder Ltd. 124,005 25
26,000 Pioneer International Ltd. 75,712 15
7,300 Qantas Airways (ADR) (Note 4) 123,528 25
20,000 Westpac Banking Corporation 88,622 18
- -------------------------------------------------------------------------------------------------------------------
2,019,950 412
- -------------------------------------------------------------------------------------------------------------------
Netherlands--3.8%
1,800 Akzo-Nobel NV 215,644 44
11,000 Elsevier NV CVA 166,903 34
15,752 ING Groep NV 469,706 95
7,000 KLM Royal Dutch Airlines 223,904 46
2,500 Polygram NV 147,629 30
2,700 Unilever NV CVA 390,691 80
15,500 Verenigd Bezit VNU 240,630 49
- -------------------------------------------------------------------------------------------------------------------
1,855,107 378
- -------------------------------------------------------------------------------------------------------------------
Switzerland--3.2%
365 Ciba Geigy AG Regd 444,716 91
110 Financiere Richemont AS 174,012 36
480 Nestle SA Regd 548,016 111
350 Sulzer AG PC 209,725 42
900 Swiss Bank Corporation 177,607 36
- -------------------------------------------------------------------------------------------------------------------
1,554,076 316
- -------------------------------------------------------------------------------------------------------------------
Hong Kong--2.8%
60,000 Citic Pacific Ltd. 242,616 50
58,000 Hutchison Whampoa Ltd. 364,907 75
37,000 Sun Hung Kai Properties 374,037 76
43,000 Swire Pacific Class "A" 368,028 75
6,000 *Tingyi Holding Company 1,647 --
- -------------------------------------------------------------------------------------------------------------------
1,351,235 276
- --------------------------------------------------------------------------------------------------------------------
Germany--2.7%
600 Bayer AG 21,108 4
1,250 *Daimler-Benz AG (with Rights) 335,260 67
575 Degussa AG 195,112 40
3,300 Deutsche Bank AG 156,313 32
600 Karstadt AG 238,874 49
350 Mannesmann AG 120,948 25
15,000 *Metallgesellschaft AG 257,695 53
- -------------------------------------------------------------------------------------------------------------------
1,325,310 270
- --------------------------------------------------------------------------------------------------------------------
Sweden--2.5%
3,900 Astra AB Series "A" Free 172,211 35
14,000 Avesta Sheffield AB Free 131,866 27
14,000 BT Industries AB 215,207 45
3,000 Electrolux AB Free B 150,780 31
8,000 Nordbanken 154,322 31
30,000 Skandinaviska Enskilda Banken Series "A" 239,619 49
10,000 Stora Kopparbergs Bergslags Series "A" 131,866 27
- -------------------------------------------------------------------------------------------------------------------
1,195,871 245
- -------------------------------------------------------------------------------------------------------------------
Singapore--2.3%
32,000 Development Bank of Singapore 399,024 81
30,000 Far East-Levingston 165,786 34
55,000 Keppel Corporation 459,811 95
30,000 Straits Steamship Land Ltd. 100,320 20
- -------------------------------------------------------------------------------------------------------------------
1,124,941 230
- -------------------------------------------------------------------------------------------------------------------
Italy--2.2%
20,000 Arnaldo Mondadori Editore SPA 151,342 31
145,300 Banca Commercial Italiana 291,922 60
50,000 Fiat SPA 167,485 34
120,000 *Finanziaria Autogrill SPA 137,532 27
159,000 Telecom Italia SPA 341,755 70
- -------------------------------------------------------------------------------------------------------------------
1,090,036 222
- -------------------------------------------------------------------------------------------------------------------
Norway--2.0%
2,700 Christiania Bank OG 6,359 1
8,378 Hafslund Nyco Series "A" Free 60,613 12
3,200 Kvaerner AS Series "A" 135,215 28
8,378 *Nycomed AS Class "A" 120,582 25
6,500 Orkla AS Class "A" 342,193 70
21,000 Saga Petroleum Series "A" Free 308,713 63
- -------------------------------------------------------------------------------------------------------------------
973,675 199
- -------------------------------------------------------------------------------------------------------------------
Spain--1.9%
2,300 Acerinox SA Regd 239,488 49
2,000 Empresa Nacional De Electricidad SA 124,638 25
3,200 Empresa Nacional De Electricidad SA (ADR) 200,400 41
7,000 Repsol SA (ADR) 243,250 50
7,500 Telefonica De Espana 138,053 28
- -------------------------------------------------------------------------------------------------------------------
945,829 193
- -------------------------------------------------------------------------------------------------------------------
Canada--1.8%
32,000 Canadian Pacific Ltd. 704,000 144
6,000 *Canwest Global Communications 163,500 33
3,400 Nova Corporation 30,748 6
- -------------------------------------------------------------------------------------------------------------------
898,248 183
- -------------------------------------------------------------------------------------------------------------------
Denmark--1.7%
14,700 Tele Danmark A/S Class "B" (ADR) 373,013 76
10,000 Unidanmark A/S "A" Regd 463,744 95
- -------------------------------------------------------------------------------------------------------------------
836,757 171
- -------------------------------------------------------------------------------------------------------------------
Finland--1.5%
80,000 *Merita Bank Ltd. 167,024 34
27,500 Metsa-Serla OY Class "B" 195,332 40
7,500 Nokia Corporation Class "A" (ADR) 277,500 57
6,100 Valmet OY 103,069 21
- -------------------------------------------------------------------------------------------------------------------
742,925 152
- -------------------------------------------------------------------------------------------------------------------
Malaysia--1.1%
14,000 Aokam Perdana BHD 23,451 5
50,000 Land & General Holdings BHD 123,230 25
20,000 Resorts World BHD 114,618 23
108,000 Sime Darby Berhad 298,642 61
- -------------------------------------------------------------------------------------------------------------------
559,941 114
- -------------------------------------------------------------------------------------------------------------------
Korea--1.0%
3,060 Daewoo Securities 71,296 15
11,000 Hanil Bank 109,704 22
6,000 Hanwha Chemical Corporation 64,721 13
1,000 Korea Electric Power 40,731 8
3,000 Pohang Iron & Steel Co. Ltd. (ADR) 73,125 15
1,900 Shinhan Bank 34,666 7
1,300 Shinsegae Department Store 87,663 18
- -------------------------------------------------------------------------------------------------------------------
481,906 98
- -------------------------------------------------------------------------------------------------------------------
Argentina--.9%
4,000 BAESA (ADR) 53,000 11
6,000 *Banco Frances Del Rio La Plata SA (ADR) 172,500 35
8,000 Telefonica De Argentina SA Class "B" (ADR) 237,000 48
- -------------------------------------------------------------------------------------------------------------------
462,500 94
- -------------------------------------------------------------------------------------------------------------------
New Zealand--.6%
38,070 Air New Zealand Class "B" 121,272 25
84,000 Carter Holt Harvey Ltd. 191,621 39
- -------------------------------------------------------------------------------------------------------------------
312,893 64
- -------------------------------------------------------------------------------------------------------------------
Chile--.6%
900 Compania De Telecomunicaciones De Chile SA (ADR) 88,313 18
7,000 Enersis SA (ADR) 217,000 44
- -------------------------------------------------------------------------------------------------------------------
305,313 62
- -------------------------------------------------------------------------------------------------------------------
Thailand--.5%
286,000 Bangkok Metropolitan Bank Public Company Ltd. Foreign Regd. 202,660 42
4,000 Siam City Cement Co. Ltd. Foreign Regd. 50,395 10
- -------------------------------------------------------------------------------------------------------------------
253,055 52
- -------------------------------------------------------------------------------------------------------------------
Brazil--.5%
10,000 Aracruz Celulose SA (ADR) 95,000 20
10,000 Centrais Electricas Brasileiras (ADR) 138,437 28
- -------------------------------------------------------------------------------------------------------------------
233,437 48
- -------------------------------------------------------------------------------------------------------------------
Indonesia--.4%
64,000 Jaya Real Property Foreign Regd. 206,234 42
- -------------------------------------------------------------------------------------------------------------------
Mexico--.3%
20,743 Alfa SA Class "A" 94,595 19
8,200 Transportacion Maritima Mexicana SA Class "A" (ADR) 52,275 11
- -------------------------------------------------------------------------------------------------------------------
146,870 30
- -------------------------------------------------------------------------------------------------------------------
Philippines--.2%
6,000 Philippine National Bank 100,193 20
- -------------------------------------------------------------------------------------------------------------------
Luxembourg--.2%
8,000 Quilmes Industrial (ADR) 82,000 17
- -------------------------------------------------------------------------------------------------------------------
India--.1%
10,000 *Arvind Mills (GDR) (Note 4) 39,739 8
1,000 Reliance Industries Ltd. (GDS) (Note 4) 13,000 3
- -------------------------------------------------------------------------------------------------------------------
52,739 11
- -------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $38,863,429) 45,395,739 9,261
- -------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--.5%
Germany--.3%
1,800 Hornbach Holdings 154,913 32
- -------------------------------------------------------------------------------------------------------------------
Brazil--.2%
700,000 Petrol Brasil 88,200 18
- -------------------------------------------------------------------------------------------------------------------
Total Value of Preferred Stocks (cost $194,380) 243,113 50
- -------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--6.7%
$ 550M United States Treasury Bill, 5.08%, 8/1/96 547,580 112
1,800M United States Treasury Bill, 5.11%, 8/1/96 1,792,032 365
950M United States Treasury Bill, 5.13%, 8/15/96 943,936 193
- -------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Obligations (cost $3,283,548) 3,283,548 670
- -------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--.2%
121M Swiss Bank Capital Markets, Inc., 5.48%, 7/1/96 (collateralized by
U.S. Treasury Bonds, 9 1/8%, 5/15/2009, valued at $123M) (cost $121,000) 121,000 25
- -------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $42,462,357) 100.0% 49,043,400 10,006
Excess of Liabilities Over Other Assets .0 (26,895) (6)
- -------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $49,016,505 $10,000
===================================================================================================================
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE INTERNATIONAL SECURITIES FUND
At June 30, 1996, sector diversification of the portfolio was as follows:
- -------------------------------------------------------------------------------------------------------------------
Percentage
Sector Diversification of Net Assets Value
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Banks 11.4% $ 5,605,882
Drugs 6.4 3,111,757
Food/Beverage/Tobacco 5.9 2,874,941
Metals & Minerals 5.4 2,632,686
Energy Sources 5.2 2,559,077
Telephone 4.5 2,223,912
Business Services 4.2 2,040,636
Transportation 4.0 1,947,629
Real Estate Companies 3.9 1,931,991
Retail Trade 3.9 1,917,868
Media 3.7 1,834,960
Insurance 3.7 1,833,301
Paper/Forest Products 3.7 1,830,251
Machinery & Manufacturing 2.7 1,306,842
Automotive 2.6 1,270,803
Travel & Leisure 2.6 1,259,676
Electric Utilities 2.6 1,252,396
Financial Services 2.4 1,160,106
Electrical Equipment 2.3 1,139,441
Chemicals 2.2 1,057,858
Household Products 1.9 947,157
Aerospace/Defense 1.3 645,063
Computers & Office Equipment 1.3 613,911
Entertainment Products 1.2 589,068
Electronics 1.1 558,608
Pipeline .7 363,584
Apparel/Textiles .6 300,857
Communication Equipment .6 277,500
Medical Products .4 209,725
Energy Services .3 165,786
Housing .3 150,780
Software & Services .1 24,800
U.S. Treasury Bills 6.7 3,283,548
Repurchase Agreements .2 121,000
- -------------------------------------------------------------------------------------------------------------------
Total Value of Investments 100.0 49,043,400
Excess of Liabilities Over Other Assets .0 (26,895)
- -------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $49,016,505
===================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE INVESTMENT GRADE FUND
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CORPORATE BONDS--79.8%
Aerospace/Defense--5.0%
$ 300M Boeing Co., 6.35%, 2003 $ 290,323 $ 180
250M Lockheed Martin Corp., 7 1/4%, 2006 248,584 154
250M Rockwell International Corp., 8 3/8%, 2001 265,817 164
- -------------------------------------------------------------------------------------------------------------------
804,724 498
- -------------------------------------------------------------------------------------------------------------------
Automotive--1.5%
250M Hertz Corporation, 6 3/8%, 2005 235,998 146
- -------------------------------------------------------------------------------------------------------------------
Building Materials--.7%
100M Masco Corp., 9%, 2001 108,723 67
- -------------------------------------------------------------------------------------------------------------------
Chemicals--3.4%
250M DuPont, (E.I.) de Nemours & Co., 8 1/8%, 2004 267,615 165
300M Lubrizol Corp., 7 1/4%, 2025 285,892 177
- -------------------------------------------------------------------------------------------------------------------
553,507 342
- -------------------------------------------------------------------------------------------------------------------
Conglomerates--3.4%
300M Hanson Overseas, B.V., 7 3/8%, 2003 301,140 185
250M Tenneco, Inc., 7 7/8%, 2002 257,624 159
- -------------------------------------------------------------------------------------------------------------------
558,764 344
- -------------------------------------------------------------------------------------------------------------------
Consumer Non-Durables--1.9%
300M American Home Products Corp., 7.9%, 2005 314,388 194
- -------------------------------------------------------------------------------------------------------------------
Consumer Products--1.5%
250M Mattel, Inc., 6 3/4%, 2000 248,577 154
- -------------------------------------------------------------------------------------------------------------------
Consumer Services--1.8%
300M Walt Disney Co., 6 3/4%, 2006 290,567 180
- -------------------------------------------------------------------------------------------------------------------
Electric & Gas Utilities--9.9%
250M Baltimore Gas & Electric Co., 6 1/2%, 2003 242,951 150
200M Commonwealth Edison, 8 1/4%, 2006 208,447 129
250M Duke Power Co., 5 7/8%, 2003 233,368 144
200M Kansas Gas & Electric Co., 7.6%, 2003 204,531 126
75M Old Dominion Electric Cooperative, 7.97%, 2002 77,387 48
300M Pennsylvania Power & Light Co., 6 7/8%, 2003 294,899 182
250M Philadelphia Electric Co., 8%, 2002 259,775 161
75M Southwestern Electric Power Co., 7%, 2007 74,041 46
- -------------------------------------------------------------------------------------------------------------------
1,595,399 986
- -------------------------------------------------------------------------------------------------------------------
Energy--2.1%
315M Baroid Corp., 8%, 2003 332,638 206
- -------------------------------------------------------------------------------------------------------------------
Financial Services--10.3%
75M Banc One Corp., 7 1/4%, 2002 75,989 47
40M BankAmerica Corp., 9 1/2%, 2001 44,173 27
200M Barnett Banks, Inc., 8 1/2%, 1999 209,180 130
300M Chemical Bank, Inc., 7%, 2005 293,777 182
200M Citicorp, 8%, 2003 209,327 129
150M First Union Corp., 8 1/8%, 2002 157,866 98
250M Mellon Bank N.A., 6 1/2%, 2005 236,227 146
50M Meridian Bancorp, 7 7/8%, 2002 51,848 32
75M Morgan Guaranty Trust Co., 7 3/8%, 2002 76,583 47
300M Nationsbank Corp., 8 1/8%, 2002 315,696 195
- -------------------------------------------------------------------------------------------------------------------
1,670,666 1,033
- -------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--4.7%
250M Anheuser Busch Cos., Inc., 7%, 2005 246,555 152
25M Coca-Cola Enterprises, Inc., 7 7/8%, 2002 26,125 16
300M Hershey Foods Corp., 6.7%, 2005 291,200 180
200M Philip Morris Cos., Inc., 7 1/8%, 2002 199,814 124
- -------------------------------------------------------------------------------------------------------------------
763,694 472
- -------------------------------------------------------------------------------------------------------------------
Food Services--1.5%
250M McDonald's Corporation, 6 5/8%, 2005 240,021 148
- -------------------------------------------------------------------------------------------------------------------
Gas Transmission--1.8%
300M Enron Corp., 7 1/8%, 2007 294,055 182
- -------------------------------------------------------------------------------------------------------------------
Healthcare--1.8%
300M Columbia/HCA Healthcare Corp., 7.69%, 2025 298,235 184
- -------------------------------------------------------------------------------------------------------------------
Investment/Finance Companies--5.8%
300M Associates Corp. of North America, 7 7/8%, 2001 312,701 193
300M General Electric Capital Corp., 7 7/8%, 2006 315,424 195
300M General Motors Acceptance Corp., 7 1/8%, 1999 304,060 188
- -------------------------------------------------------------------------------------------------------------------
932,185 576
- -------------------------------------------------------------------------------------------------------------------
Media/Cable Television--5.1%
300M New York Times Co., Inc., 7 5/8%, 2005 309,071 190
250M News America, 8 1/2%, 2005 263,605 163
250M PanAmSat Capital Corp., 9 3/4%, 2000 260,000 161
- -------------------------------------------------------------------------------------------------------------------
832,676 514
- -------------------------------------------------------------------------------------------------------------------
Natural Gas--1.8%
300M Columbia Gas System, Inc., 6.8%, 2005 287,711 178
- -------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--3.3%
100M S.D. Warren Company, 12%, 2004 106,500 66
150M Stone Container Corp., 10 3/4%, 2002 152,062 94
250M Temple Inland, Inc., 9%, 2001 270,402 167
- -------------------------------------------------------------------------------------------------------------------
528,964 327
- -------------------------------------------------------------------------------------------------------------------
Retail-General Merchandise--1.5%
250M Penney (J.C.) & Co., 6 1/8%, 2003 235,520 146
- -------------------------------------------------------------------------------------------------------------------
Technology--3.2%
250M International Business Machines Corp., 6 3/8%, 2000 247,416 153
275M Xerox Corp., 7.15%, 2004 275,352 170
- -------------------------------------------------------------------------------------------------------------------
522,768 323
- -------------------------------------------------------------------------------------------------------------------
Telephone--7.8%
30M GTE Corp., 8.85%, 1998 31,134 19
350M MCI Communication Corp., 7 1/2%, 2004 357,644 221
250M MFS Communications Co., Inc., 0%-8 7/8%, 2006 153,125 95
250M New Jersey Bell Telephone Co., 7 3/8%, 2012 245,546 152
300M New York Telephone Co., 7 1/4%, 2024 280,905 174
200M Pacific Bell Telephone Co., 7%, 2004 199,196 123
- -------------------------------------------------------------------------------------------------------------------
1,267,550 784
- -------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $13,104,125) 12,917,330 7,984
- -------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--9.6%
300M Federal Home Loan Mortgage Corp., 7.88%, 2004 299,758 186
1,200M United States Treasury Note, 7 3/4%, 2000 1,250,625 774
- -------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Obligations (cost $1,580,313) 1,550,383 960
- -------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--6.2%
1,000M Home Depot, Inc., 5.35%, 7/1/96 (cost $1,000,000) 1,000,000 619
- -------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $15,684,438) 95.6% 15,467,713 9,563
Other Asset, Less Liabilities 4.4 706,878 437
- -------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $16,174,591 $10,000
===================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE TARGET MATURITY 2007 FUND
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GOVERNMENT AGENCY ZERO COUPON OBLIGATIONS--60.3%
Agency For International Development-Israel ("AID"):
$ 570M 2/15/2007 $ 272,465 $ 230
119M 3/15/2007 56,538 48
1,513M 8/15/2007 696,945 589
181M 10/1/2007 82,289 70
980M 2/15/2008 435,233 368
493M Federal Judiciary Office Building ("JOBS"), 2/15/2007 231,197 195
Federal National Mortgage Association:
215M 2/1/2008 94,258 80
1,030M 8/1/2008 434,580 367
4,070M Government Trust Certificate, 11/15/2007 1,827,202 1,543
586M International Bank For Reconstruction & Development, 8/15/2007 264,196 223
3,450M Resolution Funding Corporation, 10/15/2007 1,578,568 1,333
2,600M Tennessee Valley Authority, 11/1/2007 1,168,546 987
- -------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Zero Coupon
Obligations (cost $7,433,680) 7,142,017 6,033
- -------------------------------------------------------------------------------------------------------------------
UNITED STATES TREASURY ZERO COUPON OBLIGATIONS--39.7%
200M Treasury Investors Growth Receipts ("TIGERS"), 11/15/2007 90,420 77
10,000M U.S. Treasury Strips, 11/15/2007 4,603,000 3,888
- -------------------------------------------------------------------------------------------------------------------
Total Value of United States Treasury Zero Coupon
Obligations (cost $4,861,153) 4,693,420 3,965
- -------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $12,294,833) 100.0% 11,835,437 9,998
Other Assets, Less Liabilities .0 2,630 2
- -------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $11,838,067 $10,000
===================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE TARGET MATURITY 2010 FUND
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GOVERNMENT AGENCY ZERO COUPON OBLIGATIONS--68.8%
$375M Agency For International Development-Israel ("AID"), 8/15/2010 $138,064 $ 2,070
100M Federal National Mortgage Association, 2/1/2011 34,630 519
200M Government Trust Certificate, 11/15/2010 71,368 1,070
400M Resolution Funding Corporation, 1/15/2011 143,305 2,148
200M Tennessee Valley Authority, 11/1/2010 71,277 1,068
- -------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Zero Coupon Obligations
(cost $445,822) 458,644 6,875
- -------------------------------------------------------------------------------------------------------------------
UNITED STATES TREASURY ZERO COUPON OBLIGATIONS--24.9%
450M U.S. Treasury Strips, 11/15/2010 (cost $160,103) 166,240 2,491
- -------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $605,925) 93.7% 624,884 9,366
Other Assets, Less Liabilities 6.3 42,328 634
- -------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $667,212 $10,000
===================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE UTILITIES INCOME FUND
June 30, 1996
- -------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS--94.1%
Electric Power--42.0%
11,000 Allegheny Power Systems, Inc. $ 339,625 $ 163
10,700 American Electric Power Company 456,087 219
9,100 Baltimore Gas & Electric Company 258,212 124
1,800 Boston Edison Company 45,900 22
9,300 Carolina Power & Light Company 353,400 169
10,500 Central & South West Corporation 304,500 146
10,000 CINergy Corporation 320,000 153
5,700 CMS Energy Corporation 175,987 84
7,000 Dominion Resources, Inc. 280,000 134
11,900 DPL, Inc. 290,062 139
10,050 DQE, Inc. 276,375 133
8,800 Duke Power Company 451,000 216
1,500 Empresa Nacional De Electricidad SA (ADR) 93,937 45
6,000 Florida Progress Corporation 208,500 100
10,800 FPL Group, Inc. 496,800 239
9,000 Houston Industries, Inc. 221,625 106
9,500 Illinova Corporation 273,125 131
4,000 Kansas City Power & Light Company 110,000 53
9,500 NIPSCO Industries, Inc. 382,375 183
8,100 Ohio Edison Company 177,188 85
9,600 PacifiCorp 213,600 102
7,300 Pinnacle West Capital Corporation 221,738 106
10,900 Portland General Corporation 336,538 161
6,300 PP&L Resources, Inc. 148,838 71
9,400 Public Service Company of Colorado 345,450 166
8,000 Public Service Company of New Mexico 164,000 79
5,600 Scana Corporation 157,500 76
6,300 Sierra Pacific Resources 159,863 77
11,300 Southern Company 278,263 133
12,100 TECO Energy, Inc. 305,525 147
11,100 Texas Utilities Company 474,525 229
4,500 Western Resources, Inc. 134,438 64
10,300 Wisconsin Energy Corporation 297,413 143
- -------------------------------------------------------------------------------------------------------------------
8,752,389 4,198
- -------------------------------------------------------------------------------------------------------------------
Energy--7.5%
2,600 Burlington Resources, Inc. 111,800 54
5,000 Columbia Gas System, Inc. 260,625 125
7,700 Enron Corporation 314,737 151
1,400 Kerr-McGee Corporation 85,225 41
6,700 NICOR, Inc. 190,112 91
10,000 Pacific Enterprises 296,250 142
9,000 PanEnergy Corporation 295,875 142
- -------------------------------------------------------------------------------------------------------------------
1,554,624 746
- -------------------------------------------------------------------------------------------------------------------
Natural Gas--18.0%
11,300 AGL Resources, Inc. 213,287 102
6,600 Brooklyn Union Gas Company 179,850 86
5,000 Coastal Corporation 208,750 100
5,300 Consolidated Natural Gas Company 276,925 133
6,200 El Paso Natural Gas Company 238,700 114
12,200 MCN Corporation 297,375 143
5,400 National Fuel Gas Company 194,400 93
6,500 New Jersey Resources Corporation 186,875 90
6,900 NorAm Energy Corporation 75,038 36
3,800 Oneok, Inc. 95,000 46
5,600 Piedmont Natural Gas Company, Inc. 129,500 62
6,600 Questar Corporation 224,400 108
6,800 Sonat, Inc. 306,000 146
5,600 Southwest Gas Corporation 89,600 43
2,250 *Tejas Gas Corporation 78,188 37
7,300 UGI Corporation 160,600 77
8,500 Washington Energy Company 167,875 81
7,600 Washington Gas & Light Company 167,200 80
5,000 WICOR, Inc. 188,750 91
5,700 Williams Companies, Inc. 282,150 135
- -------------------------------------------------------------------------------------------------------------------
3,760,463 1,803
- -------------------------------------------------------------------------------------------------------------------
Telecommunications--5.1%
4,000 Comcast Corporation Class "A" 73,500 35
5,000 Ericsson (L.M.) Telephone Co. Class "B" (ADR) 107,500 52
10,000 LCI International, Inc. 313,750 150
6,000 MFS Communications Company, Inc. 225,750 108
875 *Tele-Communications, Inc. Liberty Media Group Class "A" 23,187 11
1,000 Vodafone Group PLC (ADR) 36,875 18
5,000 WorldCom, Inc. 276,875 133
- -------------------------------------------------------------------------------------------------------------------
1,057,437 507
- -------------------------------------------------------------------------------------------------------------------
Telecommunications/Long Distance--3.8%
5,000 Airtouch Communications, Inc. 141,250 68
4,500 A T & T Corp. 279,000 133
3,500 *Intermedia Communications 112,875 54
3,000 MCI Communications Corporation 76,875 37
4,600 Sprint Corporation 193,200 93
- -------------------------------------------------------------------------------------------------------------------
803,200 385
- -------------------------------------------------------------------------------------------------------------------
Telephone--17.2%
7,600 Ameritech Corporation 451,250 216
7,600 Bell Atlantic Corporation 484,500 232
11,300 BellSouth Corporation 478,837 230
3,500 Century Telephone Enterprises 111,562 54
2,600 Cincinnati Bell, Inc. 135,525 65
8,200 Frontier Corporation 251,125 120
11,900 GTE Corporation 532,525 256
4,700 NYNEX Corporation 223,250 107
7,300 SBC Communications, Inc. 359,525 172
4,800 Southern New England Telecommunications Corporation 201,600 97
2,300 Telefonica De Espana SA (ADR) 126,788 61
7,000 US West Communications Group 223,125 107
- -------------------------------------------------------------------------------------------------------------------
3,579,612 1,717
- -------------------------------------------------------------------------------------------------------------------
Water--.5%
2,700 American Water Works, Inc. 108,675 52
- -------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $17,083,662) 19,616,400 9,408
- -------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--3.1%
$ 300M Dresser Industries, Inc., 5.34%, 7/31/96 298,665 142
100M General Electric Capital Corp., 5.37%, 8/5/96 99,478 48
250M PPG Industries, Inc., 5.33%, 7/22/96 249,223 120
- -------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $647,366) 647,366 310
- -------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $17,731,028) 97.2% 20,263,766 9,718
Other Assets, Less Liabilities 2.8 587,599 282
- -------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $20,851,365 $10,000
===================================================================================================================
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
FIRST INVESTORS LIFE SERIES FUND
June 30, 1996
- ------------------------------------------------------------------------------------------------------------------------
CASH
BLUE CHIP MANAGEMENT DISCOVERY
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Investments in securities:
At identified cost $ 61,878,393 $ 3,879,671 $ 52,017,961
============ ============ ============
At value (Note 1A) $ 78,451,666 $ 3,879,671 $ 59,282,067
Cash 1,881,721 3,342 2,207,683
Receivables:
Investment securities sold 648,854 -- 639,318
Trust shares sold 308,560 12,324 136,272
Interest and dividends 75,809 2,577 18,943
Other assets 140 644 578
------------ ------------ ------------
Total Assets 81,366,750 3,898,558 62,284,861
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- -- 649,137
Trust shares redeemed -- 18,162 --
Dividend payable July 1, 1996 -- 15,061 --
Accrued advisory fee 49,892 1,925 39,119
Accrued expenses 10,243 68 6,395
------------ ------------ ------------
Total Liabilities 60,135 35,216 694,651
------------ ------------ ------------
Net Assets $ 81,306,615 $ 3,863,342 $ 61,590,210
============ ============ ============
Net Assets Consist of:
Capital paid in $ 62,094,374 $ 3,863,342 $ 50,314,305
Undistributed net investment income 520,452 -- 198,267
Accumulated net realized gain (loss) on
investments and foreign
currency transactions 2,118,516 -- 3,813,532
Net unrealized appreciation (depreciation) of
investments and translation of assets in
foreign currencies 16,573,273 -- 7,264,106
------------ ------------ ------------
Total $ 81,306,615 $ 3,863,342 $ 61,590,210
============ ============ ============
Shares of Beneficial Interest
Outstanding (Note 2) 4,564,964 3,863,342 2,563,986
============ ============ ============
Net Asset Value, Offering and
Redemption Price Per Share
(Net assets divided by shares outstanding) $17.81 $1.00 $24.02
====== ====== ======
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
GOVERNMENT GROWTH HIGH YIELD
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Investments in securities:
At identified cost $ 9,060,371 $ 51,865,120 $ 41,346,789
============ ============ ============
At value (Note 1A) $ 8,901,003 $ 62,884,921 $ 42,366,697
Cash 11,166 68,425 610,856
Receivables:
Investment securities sold 239,746 796,292 930,550
Trust shares sold 4,065 211,925 46,438
Interest and dividends 115,184 65,411 770,484
Other assets -- 593 792
------------ ------------ ------------
Total Assets 9,271,164 64,027,567 44,725,817
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- 919,464 300,000
Trust shares redeemed 360 -- 25,179
Dividend payable July 1, 1996 -- -- --
Accrued advisory fee 4,580 39,039 27,432
Accrued expenses -- (5,762) 6,651
------------ ------------ ------------
Total Liabilities 4,940 952,741 359,262
------------ ------------ ------------
Net Assets $ 9,266,224 $ 63,074,826 $ 44,366,555
============ ============ ============
Net Assets Consist of:
Capital paid in $ 9,690,379 $ 49,095,577 $ 42,577,701
Undistributed net investment income 314,773 346,042 2,025,373
Accumulated net realized gain (loss) on
investments and foreign
currency transactions (579,560) 2,613,406 (1,256,427)
Net unrealized appreciation (depreciation) of
investments and translation of assets in
foreign currencies (159,368) 11,019,801 1,019,908
------------ ------------ ------------
Total $ 9,266,224 $ 63,074,826 $ 44,366,555
============ ============ ============
Shares of Beneficial Interest
Outstanding (Note 2) 949,237 2,890,022 4,015,032
============ ============ ============
Net Asset Value, Offering and
Redemption Price Per Share
(Net assets divided by shares outstanding) $9.76 $21.83 $11.05
====== ====== ======
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL INVESTMENT TARGET
SECURITIES GRADE MATURITY 2007
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Investments in securities:
At identified cost $ 42,462,357 $ 15,684,438 $ 12,294,833
============ ============ ============
At value (Note 1A) $ 49,043,400 $ 15,467,713 $ 11,835,437
Cash 182 315,338 8,505
Receivables:
Investment securities sold 118,416 -- --
Trust shares sold 128,022 127,810 --
Interest and dividends 205,359 273,157 --
Other assets 131 -- --
------------ ------------ ------------
Total Assets 49,495,510 16,184,018 11,843,942
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 414,597 -- --
Trust shares redeemed -- 1,533 --
Dividend payable July 1, 1996 -- -- --
Accrued advisory fee 30,176 7,894 5,771
Accrued expenses 34,232 -- 104
------------ ------------ ------------
Total Liabilities 479,005 9,427 5,875
------------ ------------ ------------
Net Assets $ 49,016,505 $ 16,174,591 $ 11,838,067
============ ============ ============
Net Assets Consist of:
Capital paid in $ 39,230,680 $ 15,944,803 $ 12,068,608
Undistributed net investment income 405,031 512,156 334,126
Accumulated net realized gain (loss) on
investments and foreign
currency transactions 2,800,018 (65,643) (105,271)
Net unrealized appreciation (depreciation) of
investments and translation of assets in
foreign currencies 6,580,776 (216,725) (459,396)
------------ ------------ ------------
Total $ 49,016,505 $ 16,174,591 $ 11,838,067
============ ============ ============
Shares of Beneficial Interest
Outstanding (Note 2) 3,044,639 1,495,548 1,082,898
============ ============ ============
Net Asset Value, Offering and
Redemption Price Per Share
(Net assets divided by shares outstanding) $16.10 $10.82 $10.93
====== ====== ======
<CAPTION>
- ----------------------------------------------------------------------------------------------------
TARGET UTILITIES
MATURITY 2010 INCOME
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
Assets
Investments in securities:
At identified cost $ 605,925 $ 17,731,028
============ ============
At value (Note 1A) $ 624,884 $ 20,263,766
Cash 1,645 318,381
Receivables:
Investment securities sold -- 390,366
Trust shares sold 40,951 41,565
Interest and dividends -- 51,243
Other assets -- --
------------ ------------
Total Assets 667,480 21,065,321
------------ ------------
Liabilities
Payables:
Investment securities purchased -- 204,012
Trust shares redeemed -- --
Dividend payable July 1, 1996 -- --
Accrued advisory fee 268 9,944
Accrued expenses -- --
------------ ------------
Total Liabilities 268 213,956
------------ ------------
Net Assets $ 667,212 $ 20,851,365
============ ============
Net Assets Consist of:
Capital paid in $ 643,517 $ 18,078,227
Undistributed net investment income 4,736 309,297
Accumulated net realized gain (loss) on
investments and foreign
currency transactions -- (68,897)
Net unrealized appreciation (depreciation) of
investments and translation of assets in
foreign currencies 18,959 2,532,738
------------ ------------
Total $ 667,212 $ 20,851,365
============ ============
Shares of Beneficial Interest
Outstanding (Note 2) 64,148 1,745,259
============ ============
Net Asset Value, Offering and
Redemption Price Per Share
(Net assets divided by shares outstanding) $10.40 $11.95
====== ======
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
FIRST INVESTORS LIFE SERIES FUND
Six Months Ended June 30, 1996
- ------------------------------------------------------------------------------------------------------------------------
CASH
BLUE CHIP MANAGEMENT DISCOVERY
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Income
Income:
Interest $ 167,769 $ 109,044 $ 205,894
Dividends 659,225 -- 221,841
Consent fees -- -- --
------------ ------------ ------------
Total income 826,994 109,044 427,735
------------ ------------ ------------
Expenses (Notes 1G and 5):
Advisory fee 276,679 15,056 209,681
Professional fees 10,971 2,370 7,427
Reports to shareholders 10,316 758 6,295
Custodian fees 6,597 2,748 9,004
Other expenses 6,939 1,001 5,511
------------ ------------ ------------
Total expenses 311,502 21,933 237,918
Less: Expenses waived or assumed -- (9,683) --
Custodian fees paid indirectly (6,597) (205) (9,004)
------------ ------------ ------------
Expenses--net 304,905 12,045 228,914
------------ ------------ ------------
Net investment income 522,089 96,999 198,821
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on
Investments and Foreign Currency
Transactions (Note 3):
Net realized gain (loss) on investments and
foreign currency transactions 2,118,783 23 3,816,967
Net unrealized appreciation (depreciation) of
investments and translation of assets in
foreign currencies 3,960,487 -- 143,704
------------ ------------ ------------
Net gain (loss) from investments and
foreign currency 6,079,270 23 3,960,671
------------ ------------ ------------
Net Increase (Decrease) in Net Assets
Resulting from Operations $ 6,601,359 $ 97,022 $ 4,159,492
============ ============ ============
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
GOVERNMENT GROWTH HIGH YIELD
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Income
Income:
Interest $ 334,277 $ 39,771 $ 2,072,961
Dividends -- 531,831 117,590+
Consent fees -- -- 19,375
------------ ------------ ------------
Total income 334,277 571,602 2,209,926
------------ ------------ ------------
Expenses (Notes 1G and 5):
Advisory fee 34,696 213,439 162,948
Professional fees 4,216 2,463 6,960
Reports to shareholders 1,722 2,713 6,576
Custodian fees 2,735 9,577 4,075
Other expenses 1,807 69 4,853
------------ ------------ ------------
Total expenses 45,176 228,261 185,412
Less: Expenses waived or assumed (16,698) -- --
Custodian fees paid indirectly (721) (2,871) (3,257)
------------ ------------ ------------
Expenses--net 27,757 225,390 182,155
------------ ------------ ------------
Net investment income 306,520 346,212 2,027,771
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on
Investments and Foreign Currency
Transactions (Note 3):
Net realized gain (loss) on investments and
foreign currency transactions (113,464) 2,620,219 (20,106)
Net unrealized appreciation (depreciation) of
investments and translation of assets in
foreign currencies (260,886) 2,703,351 (215,476)
------------ ------------ ------------
Net gain (loss) from investments and
foreign currency (374,350) 5,323,570 (235,582)
------------ ------------ ------------
Net Increase (Decrease) in Net Assets
Resulting from Operations $ (67,830) $ 5,669,782 $ 1,792,189
============ ============ ============
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL INVESTMENT TARGET
SECURITIES GRADE MATURITY 2007
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Income
Income:
Interest $ 87,124 $ 560,712 $ 367,401
Dividends 578,328(a) -- --
Consent fees -- -- --
------------ ------------ ------------
Total income 665,452 560,712 367,401
------------ ------------ ------------
Expenses (Notes 1G and 5):
Advisory fee 167,825 60,299 41,646
Professional fees 6,829 4,207 2,489
Reports to shareholders 5,981 1,932 612
Custodian fees 70,998 2,341 845
Other expenses 5,626 1,883 921
------------ ------------ ------------
Total expenses 257,259 70,662 46,513
Less: Expenses waived or assumed -- (20,636) (12,351)
Custodian fees paid indirectly -- (1,669) (845)
------------ ------------ ------------
Expenses--net 257,259 48,357 33,317
------------ ------------ ------------
Net investment income 408,193 512,355 334,084
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on
Investments and Foreign Currency
Transactions (Note 3):
Net realized gain (loss) on investments and
foreign currency transactions 2,798,928(b) 17,706 (104,275)
Net unrealized appreciation (depreciation) of
investments and translation of assets in
foreign currencies 122,597(c) (876,086) (1,184,093)
------------ ------------ ------------
Net gain (loss) from investments and
foreign currency 2,921,525 (858,380) (1,288,368)
------------ ------------ ------------
Net Increase (Decrease) in Net Assets
Resulting from Operations $ 3,329,718 $ (346,025) $ (954,284)
============ ============ ============
<CAPTION>
- ----------------------------------------------------------------------------------------------------
TARGET UTILITIES
MATURITY 2010* INCOME
- ----------------------------------------------------------------------------------------------------
<S> <C> <C>
Investment Income
Income:
Interest $ 5,213 $ 23,081
Dividends -- 340,756
Consent fees -- --
------------ ------------
Total income 5,213 363,837
------------ ------------
Expenses (Notes 1G and 5):
Advisory fee 596 66,551
Professional fees 100 4,015
Reports to shareholders -- 1,981
Custodian fees 11 3,635
Other expenses 400 2,503
------------ ------------
Total expenses 1,107 78,685
Less: Expenses waived or assumed (619) (21,809)
Custodian fees paid indirectly (11) (3,635)
------------ ------------
Expenses--net 477 53,241
------------ ------------
Net investment income 4,736 310,596
------------ ------------
Realized and Unrealized Gain (Loss) on
Investments and Foreign Currency
Transactions (Note 3):
Net realized gain (loss) on investments and
foreign currency transactions -- 53,103
Net unrealized appreciation (depreciation) of
investments and translation of assets in
foreign currencies 18,959 466,890
------------ ------------
Net gain (loss) from investments and
foreign currency 18,959 519,993
------------ ------------
Net Increase (Decrease) in Net Assets
Resulting from Operations $ 23,695 $ 830,589
============ ============
(a) Net of $104,620 foreign taxes withheld
(b) Includes net realized loss of $1,665 on foreign currency transactions
(c) Includes $267 of net unrealized depreciation on translation of assets in foreign currencies
* From April 30, 1996 (commencement of operations) to June 30, 1996
+ See Note 1G
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS LIFE SERIES FUND
- ------------------------------------------------------------------------------------------------------------------------------
Blue Chip Cash Management
-------------------------------- ----------------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income $ 522,089 $ 1,020,536 $ 96,999 $ 220,767
Net realized gain (loss) on investments 2,118,783 1,953,467 23 178
Net unrealized appreciation (depreciation)
of investments 3,960,487 12,258,988 -- --
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets
resulting from operations. 6,601,359 15,232,991 97,022 220,945
---------------- ---------------- ---------------- ----------------
Distributions to Shareholders from:
Net investment income (1,020,540) (569,704) (97,022) (220,945)
Net realized gain on investments (1,952,687) (2,922,430) -- --
---------------- ---------------- ---------------- ----------------
Total distributions (2,973,227) (3,492,134) (97,022) (220,945)
---------------- ---------------- ---------------- ----------------
Trust Share Transactions (a)
Proceeds from shares sold 8,986,328 12,100,755 1,645,522 1,802,472
Value of distributions reinvested 2,973,227 3,492,134 81,962 220,945
Cost of shares redeemed (1,180,816) (1,858,303) (2,025,706) (1,790,408)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) from trust
share transactions 10,778,739 13,734,586 (298,222) 233,009
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets 14,406,871 25,475,443 (298,222) 233,009
Net Assets
Beginning of period 66,899,744 41,424,301 4,161,564 3,928,555
---------------- ---------------- ---------------- ----------------
End of period+ $ 81,306,615 $ 66,899,744 $ 3,863,342 $ 4,161,564
================ ================ ================ ================
+Includes undistributed net investment income of $ 520,452 $ 1,018,903 $ -- $ --
================ ================ ================ ================
(a) Trust Shares Issued and Redeemed
Sold 516,857 791,231 1,645,522 1,802,472
Issued for distributions reinvested 175,515 261,975 81,962 220,945
Redeemed (67,657) (125,241) (2,025,706) (1,790,408)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in shares outstanding 624,715 927,965 (298,222) 233,009
================ ================ ================ ================
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Discovery Government
---------------------------------- ----------------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income $ 198,821 $ 254,090 $ 306,520 $ 602,672
Net realized gain (loss) on investments 3,816,967 2,003,359 (113,464) 322,099
Net unrealized appreciation (depreciation)
of investments 143,704 6,147,258 (260,886) 344,995
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets
resulting from operations. 4,159,492 8,404,707 (67,830) 1,269,766
---------------- ---------------- ---------------- ----------------
Distributions to Shareholders from:
Net investment income (254,154) (93,692) (593,694) (507,584)
Net realized gain on investments (2,006,246) (1,992,932) -- --
---------------- ---------------- ---------------- ----------------
Total distributions (2,260,400) (2,086,624) (593,694) (507,584)
---------------- ---------------- ---------------- ----------------
Trust Share Transactions (a)
Proceeds from shares sold 7,284,377 13,530,189 704,108 1,678,903
Value of distributions reinvested 2,260,401 2,086,624 593,694 507,584
Cost of shares redeemed (753,613) (1,278,557) (870,241) (1,326,445)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) from trust
share transactions 8,791,165 14,338,256 427,561 860,042
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets 10,690,257 20,656,339 (233,963) 1,622,224
Net Assets
Beginning of period 50,899,953 30,243,614 9,500,187 7,877,963
---------------- ---------------- ---------------- ----------------
End of period+ $ 61,590,210 $ 50,899,953 $ 9,266,224 $ 9,500,187
================ ================ ================ ================
+Includes undistributed net investment income of $ 198,267 $ 253,600 $ 314,773 $ 601,947
================ ================ ================ ================
(a) Trust Shares Issued and Redeemed
Sold 308,652 617,324 70,671 170,551
Issued for distributions reinvested 100,062 109,304 60,767 53,998
Redeemed (31,973) (61,853) (85,515) (133,164)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in shares outstanding 376,741 664,775 45,923 91,385
================ ================ ================ ================
<CAPTION>
- -----------------------------------------------------------------------------------------------
Growth
---------------------------------
1/1/96 to
6/30/96 1995
- -----------------------------------------------------------------------------------------------
<S> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income $ 346,212 $ 459,596
Net realized gain (loss) on investments 2,620,219 1,548,981
Net unrealized appreciation (depreciation)
of investments 2,703,351 6,983,358
---------------- ----------------
Net increase (decrease) in net assets
resulting from operations. 5,669,782 8,991,935
---------------- ----------------
Distributions to Shareholders from:
Net investment income (459,017) (175,754)
Net realized gain on investments (1,505,267) (591,906)
---------------- ----------------
Total distributions (1,964,284) (767,660)
---------------- ----------------
Trust Share Transactions (a)
Proceeds from shares sold 7,010,099 10,824,201
Value of distributions reinvested 1,964,285 767,659
Cost of shares redeemed (776,279) (1,442,104)
---------------- ----------------
Net increase (decrease) from trust
share transactions 8,198,105 10,149,756
---------------- ----------------
Net increase (decrease) in net assets 11,903,603 18,374,031
Net Assets
Beginning of period 51,171,223 32,797,192
---------------- ----------------
End of period+ $63,074,826 $51,171,223
================ ================
+Includes undistributed net investment income of $ 346,042 $ 458,847
================ ================
(a) Trust Shares Issued and Redeemed
Sold 327,330 572,178
Issued for distributions reinvested 99,585 45,613
Redeemed (36,573) (78,592)
---------------- ----------------
Net increase (decrease) in shares outstanding 390,342 539,199
================ ================
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS LIFE SERIES FUND
- ----------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL
HIGH YIELD SECURITIES
---------------------------- ---------------------------
1/1/96 to 1/1/96 to
6/30/96 1995 6/30/96 1995
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income $ 2,027,771 $ 3,666,384 $ 408,193 $ 495,853
Net realized gain (loss) on investments and
foreign currency transactions (20,106) (147,796) 2,798,928 1,334,830
Net unrealized appreciation (depreciation)
of investments and translation of assets
in foreign currencies (215,476) 3,097,609 122,597 4,263,821
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets
resulting from operations. 1,792,189 6,616,197 3,329,718 6,094,504
---------------- ---------------- ---------------- ----------------
Distributions to Shareholders from:
Net investment income (3,666,317) (2,973,759) (497,039) (284,370)
Net realized gain on investments -- -- (1,333,455) (601,917)
---------------- ---------------- ---------------- ----------------
Total distributions (3,666,317) (2,973,759) (1,830,494) (886,287)
---------------- ---------------- ---------------- ----------------
Trust Share Transactions (a)
Proceeds from shares sold 2,847,989 5,830,065 5,552,491 6,301,362
Value of distributions reinvested 3,666,317 2,973,759 1,830,494 886,288
Cost of shares redeemed (2,167,584) (2,837,047) (877,266) (2,692,802)
---------------- ---------------- ---------------- ----------------
Net increase from trust share transactions 4,346,722 5,966,777 6,505,719 4,494,848
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets 2,472,594 9,609,215 8,004,943 9,703,065
Net Assets
Beginning of period 41,893,961 32,284,746 41,011,562 31,308,497
---------------- ---------------- ---------------- ----------------
End of period+ $ 44,366,555 $ 41,893,961 $ 49,016,505 $ 41,011,562
================ ================ ================ ================
+Includes undistributed net investment income of $ 2,025,373 $ 3,663,919 $ 405,031 $ 493,877
================ ================ ================ ================
(a) Trust Shares Issued and Redeemed
Sold 254,104 537,054 348,947 439,419
Issued for distributions reinvested 334,213 296,191 118,709 69,350
Redeemed (194,093) (263,126) (55,217) (194,386)
---------------- ---------------- ---------------- ----------------
Net increase in shares outstanding 394,224 570,119 412,439 314,383
================ ================ ================ ================
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
TARGET
INVESTMENT GRADE MATURITY 2007
---------------------------- ----------------------------
1/1/96 to 1/1/96 to 4/25/95* to
6/30/96 1995 6/30/96 12/31/95
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income $ 512,355 $ 936,270 $ 334,084 $ 209,332
Net realized gain (loss) on investments and
foreign currency transactions 17,706 (35,809) (104,275) 42,147
Net unrealized appreciation (depreciation)
of investments and translation of assets
in foreign currencies (876,086) 1,528,072 (1,184,093) 724,697
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets
resulting from operations. (346,025) 2,428,533 (954,284) 976,176
---------------- ---------------- ---------------- ----------------
Distributions to Shareholders from:
Net investment income (936,444) (605,201) (209,290) --
Net realized gain on investments -- -- (43,143) --
---------------- ---------------- ---------------- ----------------
Total distributions (936,444) (605,201) (252,433) --
---------------- ---------------- ---------------- ----------------
Trust Share Transactions (a)
Proceeds from shares sold 1,250,006 3,462,505 3,370,523 8,383,571
Value of distributions reinvested 936,444 605,201 252,433 --
Cost of shares redeemed (991,261) (1,231,643) (437,919) --
---------------- ---------------- ---------------- ----------------
Net increase from trust share transactions 1,195,189 2,836,063 3,185,037 8,383,571
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in net assets (87,280) 4,659,395 1,978,320 9,359,747
Net Assets
Beginning of period 16,261,871 11,602,476 9,859,747 500,000**
---------------- ---------------- ---------------- ----------------
End of period+ $ 16,174,591 $ 16,261,871 $ 11,838,067 $ 9,859,747
================ ================ ================ ================
+Includes undistributed net investment income of $ 512,156 $ 936,245 $ 334,126 $ 209,332
================ ================ ================ ================
(a) Trust Shares Issued and Redeemed
Sold 113,026 315,041 297,181 754,138
Issued for distributions reinvested 85,991 59,159 22,399 --
Redeemed (89,228) (113,482) (40,820) --
---------------- ---------------- ---------------- ----------------
Net increase in shares outstanding 109,789 260,718 278,760 754,138
================ ================ ================ ================
* Commencement of operations
** See Note 6
</TABLE>
<TABLE>
Statement of Changes in Net Assets (continued)
FIRST INVESTORS LIFE SERIES FUND
- -----------------------------------------------------------------------------------------------------------------
TARGET UTILITIES
MATURITY 2010 INCOME
------------------ -------------------------------
4/30/96* to 1/1/96 to
6/30/96 6/30/96 1995
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Increase (Decrease) in Net Assets from Operations
Net investment income $ 4,736 $ 310,596 $ 381,257
Net realized gain (loss) on investments -- 53,103 (21,926)
Net unrealized appreciation
of investments 18,959 466,890 2,200,558
---------------- ---------------- ----------------
Net increase in net assets
resulting from operations. 23,695 830,589 2,559,889
---------------- ---------------- ----------------
Distributions to Shareholders from:
Net investment income -- (382,099) (110,536)
---------------- ---------------- ----------------
Trust Share Transactions (a)
Proceeds from shares sold 243,517 5,475,833 7,708,137
Value of distributions reinvested -- 382,099 110,535
Cost of shares redeemed -- (153,392) (289,717)
---------------- ---------------- ----------------
Net increase from trust
share transactions 243,517 5,704,540 7,528,955
---------------- ---------------- ----------------
Net increase in net assets 267,212 6,153,030 9,978,308
Net Assets
Beginning of period 400,000** 14,698,335 4,720,027
---------------- ---------------- ----------------
End of period+ $ 667,212 $ 20,851,365 $ 14,698,335
================ ================ ================
+Includes undistributed net investment income of $ 4,736 $ 309,297 $ 380,800
================ ================ ================
(a) Trust Shares Issued and Redeemed
Sold 64,148 472,613 755,204
Issued for distributions reinvested -- 33,459 11,709
Redeemed -- (13,178) (28,182)
---------------- ---------------- ----------------
Net increase in shares outstanding 64,148 492,894 738,731
================ ================ ================
* Commencement of operations
** See Note 6
See notes to financial statements
</TABLE>
Notes to Financial Statements
FIRST INVESTORS LIFE SERIES FUND
1. Significant Accounting Policies -- The Fund, a Massachusetts
business trust, is registered under the Investment Company Act of
1940, as a diversified, open-end management investment company. The
Fund operates as a series fund, issuing shares of beneficial
interest in the Blue Chip, Cash Management, Discovery, Government,
Growth, High Yield, International Securities, Investment Grade,
Target Maturity 2007, Target Maturity 2010 and Utilities Income
Funds and accounts separately for the assets, liabilities and
operations of each Fund. The objective of each Fund is as follows:
Blue Chip Fund seeks high total investment return consistent with
the preservation of capital.
Cash Management Fund seeks to earn a high rate of current income
consistent with the preservation of capital and maintenance of
liquidity.
Discovery Fund seeks long-term capital appreciation.
Government Fund seeks to achieve a significant level of current
income which is consistent with security and liquidity of principal.
Growth Fund seeks long-term capital appreciation.
High Yield Fund seeks to earn a high level of current income.
Consistent with that objective, the Fund will also seek growth of
capital as a secondary objective.
International Securities Fund seeks long-term capital growth. As a
secondary objective, the Fund seeks to earn a reasonable level of
current income.
Investment Grade Fund seeks a maximum level of income consistent
with investment in investment grade debt securities.
Target Maturity 2007 Fund and Target Maturity 2010 Fund seek to
provide a predictable compounded investment return for investors who
hold their Fund shares until the Fund's maturity, consistent with
the preservation of capital.
Utilities Income Fund seeks high current income. Long-term capital
appreciation is a secondary objective.
A. Security Valuation -- A security listed or traded on an exchange
or the NASDAQ National Market System is valued at its last sale
price on the exchange or system 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 markets are valued at the mean between the last bid
and asked prices. For the High Yield and Investment Grade Funds,
each security traded in the over-the-counter market (including
securities listed on exchanges or systems whose primary market is
believed to be over-the-counter) is valued at the mean between the
last bid and asked prices based upon quotes furnished by a market
maker for such securities. The Government, High Yield, International
Securities, Investment Grade, Target Maturity 2007 and Target
Maturity 2010 Funds use prices provided 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. Securities for which market quotations are not readily
available and any other assets are valued on a consistent basis at
fair value as determined in good faith by or under the supervision
of the Fund's officers in the manner specifically authorized by the
trustees of the Fund.
The investments in the Cash Management Fund are valued at cost plus
amortization of discount or accretion of premium.
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 them from all,
or substantially all, federal income taxes. At June 30, 1996,
capital loss carryovers were as follows:
<TABLE>
<CAPTION>
Year Capital Loss Carryovers Expire
------------------------------------------------------
Fund Total 1998 1999 2002 2003
- ------ ---------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
GOVERNMENT $ 466,096 $ --- $ --- $466,096 $ ---
HIGH YIELD 1,236,320 625,684 355,926 106,914 147,796
INVESTMENT GRADE 83,349 --- --- 47,540 35,809
UTILITIES INCOME 122,000 --- --- 100,075 21,925
</TABLE>
C. Foreign Currency Translations -- For valuation purposes,
quotations of foreign securities in foreign currency are translated
to U.S. dollar equivalents using the daily rate of exchange.
Purchases and sales of investment securities, dividend income and
certain expenses are translated to U.S. dollars at the rates of
exchange prevailing on the respective dates of such transactions.
The International Securities Fund does not isolate that portion of
gains and losses on investments which is due to changes in foreign
exchange rates from that which is due to changes in market prices of
the investments. Such fluctuations are included with the net
realized and unrealized gains and losses from investments.
Net realized and unrealized gain from foreign currency related
transactions includes gains and losses arising from the sales of
foreign currency, and gains and losses on accrued dividends and
related withholding taxes.
D. Distributions to Shareholders -- Distributions to shareholders
from net investment income and net realized gains are declared and
paid annually on all Funds except for the Cash Management Fund which
declares daily and pays monthly. 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 foreign currency transactions, capital loss
carryforwards and deferral of wash sales.
E. Expense Allocation -- Expenses directly charged or attributable
to a Fund are paid from the assets of that Fund. General expenses of
the Life Series Fund 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.
F. Repurchase Agreements -- Securities pledged as collateral for
repurchase agreements are held by the Fund's custodian until
maturity of the repurchase agreement. The agreements provide that
the Fund will receive, as collateral, securities with a market value
which will at all times be at least equal to 100% of the amount
invested by the Fund.
G. Other -- Security transactions are accounted for on the date the
securities are purchased or sold. Cost is determined and gains and
losses are based on the identified cost basis for securities and the
amortized cost basis for short-term securities, for both financial
statement and federal income tax purposes. Dividend income is
recorded on the ex-dividend date, except that certain dividends from
foreign securities are recorded on the ex-dividend date or as soon
thereafter as the Fund is informed of the dividend. Shares of stock
received in lieu of cash dividends on certain preferred stock
holdings are recognized as dividend income and recorded at the
market value of the shares received. During the six months ended
June 30, 1996, the High Yield Fund recognized $22,902 of dividend
income from these taxable "pay in kind" distributions. Interest
income and estimated expenses are accrued daily.
The Bank of New York, Custodian for all the Funds except the
International Securities Fund, has provided credits in the amount of
$28,815 against custodian charges based on the uninvested cash
balances of the Funds.
2. Trust Shares -- The Declaration of Trust permits the issuance of
an unlimited number of shares of beneficial interest, of one or more
Funds. Shares in the Funds are acquired through the purchase of
variable annuity or variable life insurance contracts sold by First
Investors Life Insurance Company.
3. Purchases and Sales of Securities -- For the six months ended
June 30, 1996, purchases and sales of securities and long-term U.S.
Government obligations, excluding foreign currencies, short-term
corporate notes and repurchase agreements were as follows:
<TABLE>
<CAPTION>
Long-Term
Securities U.S. Government Obligations
------------------------- ---------------------------
Cost of Proceeds Cost of Proceeds
Fund Purchases of Sales Purchases of Sales
- ------ ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
BLUE CHIP $15,040,082 $13,449,430 $ -- $ --
DISCOVERY 32,603,733 27,207,180 -- --
GOVERNMENT -- -- 7,576,716 7,885,274
GROWTH 20,103,490 13,998,409 -- --
HIGH YIELD 6,044,312 4,834,016 -- --
INTERNATIONAL SECURITIES 18,120,849 14,369,508 -- --
INVESTMENT GRADE 1,852,210 1,171,509 -- --
TARGET MATURITY 2007 -- -- 4,856,611 1,503,890
TARGET MATURITY 2010 -- -- 605,925 --
UTILITIES INCOME 8,236,114 2,841,436 -- --
</TABLE>
<TABLE>
<CAPTION>
At June 30, 1996, aggregate cost and net unrealized appreciation
(depreciation) of securities for federal income tax purposes were as
follows:
Gross Gross Net Unrealized
Aggregate Unrealized Unrealized Appreciation
Fund Cost Appreciation Depreciation (Depreciation)
- ------ ----------- ------------ ------------ --------------
<S> <C> <C> <C> <C>
BLUE CHIP $61,879,018 $17,291,655 $ 719,007 $16,572,648
CASH MANAGEMENT 3,879,671 -- -- --
DISCOVERY 52,024,165 11,031,307 3,773,405 7,257,902
GOVERNMENT 9,060,371 10,965 170,333 (159,368)
GROWTH 51,871,933 11,866,931 853,943 11,012,988
HIGH YIELD 41,346,789 1,620,765 600,857 1,019,908
INTERNATIONAL SECURITIES 42,462,357 7,424,582 843,539 6,581,043
INVESTMENT GRADE 15,684,438 132,461 349,186 (216,725)
TARGET MATURITY 2007 12,295,476 2,435 462,474 (460,039)
TARGET MATURITY 2010 605,925 19,181 222 18,959
UTILITIES INCOME 17,731,028 2,587,328 54,590 2,532,738
</TABLE>
4. Rule 144A Securities -- Under Rule 144A, certain restricted
securities are exempt from the registration requirements of the
Securities Act of 1933 and may only be sold to qualified
institutional investors. At June 30, 1996, the High Yield and
International Securities Funds held seven and three 144A securities,
respectively, with aggregate values of $2,284,750 and $176,267,
respectively. These securities represent 5.1% and .4%, of the
respective Fund's net assets and are valued as set forth in Note 1A.
5. Advisory Fee and Other Transactions With Affiliates -- Certain
officers and trustees of the Fund are officers and directors of its
investment adviser, First Investors Management Company,
Inc.("FIMCO") and/or its transfer agent, Administrative Data
Management Corp. Officers and trustees of the Fund received no
remuneration from the Fund for serving in such capacities. Their
remuneration (together with certain other expenses of the Fund) is
paid by FIMCO or First Investors Corporation.
The Investment Advisory Agreement provides as compensation to FIMCO
an annual fee, payable monthly, at the rate of .75% on the first
$250 million of each Fund's average daily net assets, declining by
.03% on each $250 million thereafter, down to .66% on average daily
net assets over $750 million. For the six months ended June 30,
1996, total advisory fees were $1,249,416 of which $43,652 was
waived by the investment adviser. In addition, $38,144 of expenses
were assumed by FIMCO.
Pursuant to certain state regulations, FIMCO has agreed to reimburse
a Fund if and to the extent that any Fund's aggregate operating
expenses, including the advisory fee but generally excluding
interest, taxes, brokerage commissions and extraordinary expenses,
exceed any limitation on expenses applicable to the Fund in those
states (unless waivers of such limitations have been obtained). The
amount of any such reimbursement is limited to the yearly advisory
fee. For the six months ended June 30, 1996, no reimbursement was
required pursuant to these provisions.
Wellington Management Company serves as investment subadviser to the
Growth Fund and the International Securities Fund. The subadviser is
paid by FIMCO and not by the Funds.
6. Commencement of Operations -- The Target Maturity 2007 Fund and
the Target Maturity 2010 Fund commenced operations in April 1995 and
April 1996, respectively, following the sale of 50,000 and 40,000
shares of beneficial interest to First Investors Life Insurance
Company for $500,000 and $400,000, respectively.
7. Concentration of Credit Risk -- The High Yield Fund's investment
in high yield securities, whether rated or unrated, may be
considered speculative and subject to greater market fluctuations
and risk of loss of income and principal than lower yielding, higher
rated, fixed income securities. The risk of loss due to default by
the issuer may be significantly greater for the holders of high
yielding securities, because such securities are generally unsecured
and are often subordinated to other creditors of the issuer.
The Utilities Income Fund invests in securities issued by companies
primarily engaged in the public utilities industry. As a result,
there are certain credit risks which may subject the Fund more
significantly to economic changes occurring in the public utilities
industry.
8. Restricted Securities -- On February 14, 1996, the International
Securities Fund purchased 695 shares of Vodafone Group PLC common
stock at a cost of $2,513. This security, which was acquired through
a private placement, may not be sold or transferred without prior
registration under the Securities Act of 1933 or pursuant to an
exemption therefrom. If and when the Fund sells this security,
additional costs for registration may be required. The security is
valued based upon the price of the unrestricted shares of common
stock. At June 30, 1996, the value of the above restricted stock was
$2,592.
<TABLE>
<CAPTION>
Financial Highlights
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for
a trust share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
- ------------------------------------------------------------------------------------------------------------------
Income from Investment Operation Less Distributions from
-------------------------------------- --------------------------
Net Realized
Net Asset and
Value Unrealized
------------ Net Gain (Loss) Total from Net Net
Beginning Investment on Investment Investment Realized
of Period Income Investments Operations Income Gains
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
BLUE CHIP
1991 $ 10.05 $ .12 $ 2.50 $ 2.62 $ .05 $ --
1992 12.62 .16 .67 .83 .21 --
1993 13.24 .15 .97 1.12 .15 --
1994 14.21 .18 (.39) (.21) .08 .17
1995 13.75 .26 4.11 4.37 .19 .95
1/1/96 to 6/30/96 16.98 .11 1.46 1.57 .25 .49
CASH MANAGEMENT*
1991 1.00 .054 -- .054 .054 --
1992 1.00 .029 -- .029 .029 --
1993 1.00 .027 -- .027 .027 --
1994 1.00 .037 -- .037 .037 --
1995 1.00 .054 -- .054 .054 --
1/1/96 to 6/30/96 1.00 .024 -- .024 .024 --
DISCOVERY
1991 10.71 .07 5.42 5.49 .18 --
1992 16.02 -- 2.51 2.51 .03 .15
1993 18.35 -- 3.92 3.92 -- .91
1994 21.36 .06 (.62) (.56) -- .94
1995 19.86 .11 4.62 4.73 .06 1.26
1/1/96 to 6/30/96 23.27 .07 1.68 1.75 .11 .89
<CAPTION>
- --------------------------------------------------------------------------------------
PER SHARE DATA
- --------------------------------------------------------------------------------------
Net Asset
Value
-------------- Total Net Assets
Total End of Return** End of Period
Distributions Period (%) (in thousands)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BLUE CHIP
1991 $ .05 $ 12.62 $ 26.17 $ 13,142
1992 .21 13.24 6.67 23,765
1993 .15 14.21 8.51 34,030
1994 .25 13.75 (1.45) 41,424
1995 1.14 16.98 34.00 66,900
1/1/96 to 6/30/96 .74 17.81 9.47 81,307
CASH MANAGEMENT*
1991 .054 1.00 5.71 9,719
1992 .029 1.00 3.02 8,341
1993 .027 1.00 2.70 4,243
1994 .037 1.00 3.77 3,929
1995 .054 1.00 5.51 4,162
1/1/96 to 6/30/96 .024 1.00 2.44 3,863
DISCOVERY
1991 .18 16.02 51.73 4,661
1992 .18 18.35 15.74 10,527
1993 .91 21.36 22.20 21,221
1994 .94 19.86 (2.53) 30,244
1995 1.32 23.27 25.23 50,900
1/1/96 to 6/30/96 1.00 24.02 7.82 61,590
<CAPTION>
- ----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Before Expenses
Ratio to Average Net Assets+ Waived or Assumed
-------------------------- -----------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
BLUE CHIP
1991 1.00 1.88 1.55 1.34 21
1992 .79 1.66 .86 1.60 40
1993 .88 1.27 N/A N/A 37
1994 .88 1.49 N/A N/A 82
1995 .86 1.91 N/A N/A 26
1/1/96 to 6/30/96 .93(a) 1.33(a) N/A N/A 20
CASH MANAGEMENT*
1991 .57 5.39 .93 5.03 N/A
1992 .79 2.99 .98 2.81 N/A
1993 .60 2.67 1.05 2.22 N/A
1994 .60 3.69 1.04 3.25 N/A
1995 .61 5.37 1.10 4.88 N/A
1/1/96 to 6/30/96 .60(a) 4.83(a) 1.09(a) 4.35(a) N/A
DISCOVERY
1991 .70 .48 1.49 (.31) 93
1992 .91 .02 1.05 (.12) 91
1993 .87 (.03) N/A N/A 69
1994 .88 .36 N/A N/A 53
1995 .87 .63 N/A N/A 78
1/1/96 to 6/30/96 .85(a) .71(a) N/A N/A 56
* Adjusted to reflect ten-for-one stock split on May 1, 1991
+ Some or all expenses have been waived or assumed
++ The effect of fees and charges incurred at the separate account level are not reflected in these
performance figures
(a) Annualized
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for a trust 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 Realized
Net Asset and
Value Unrealized
-------------- Net Gain (Loss) Total from Net Net
Beginning Investment on Investment Investment Realized
of Period Income Investments Operations Income Gains
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
GOVERNMENT
1/7/92* to 12/31/92 $ 10.00 $ .47 $ .51 $ .98 $ .33 $ --
1993 10.65 .64 .02 .66 .70 .19
1994 10.42 .79 (1.21) (.42) .25 .05
1995 9.70 .66 .78 1.44 .62 --
1/1/96 to 6/30/96 10.52 .34 (.42) (.08) .68 --
GROWTH
1991 12.57 .17 4.15 4.32 .18 --
1992 16.71 .08 1.41 1.49 .18 1.38
1993 16.64 .07 .93 1.00 .09 .10
1994 17.45 .09 (.60) (.51) -- .21
1995 16.73 .18 3.94 4.12 .09 .29
1/1/96 to 6/30/96 20.47 .11 2.02 2.13 .18 .59
HIGH YIELD
1991 9.17 1.16 1.66 2.82 1.18 --
1992 10.81 1.11 .21 1.32 1.69 --
1993 10.44 .96 .88 1.84 1.12 --
1994 11.16 .87 (1.14) (.27) .31 --
1995 10.58 1.00 .95 1.95 .96 --
1/1/96 to 6/30/96 11.57 .50 (.01) .49 1.01 --
<CAPTION>
- --------------------------------------------------------------------------------------
PER SHARE DATA
- --------------------------------------------------------------------------------------
Net Asset
Value
------------ Total Net Assets
Total End of Return** End of Period
Distributions Period (%) (in thousands)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GOVERNMENT
1/7/92* to 12/31/92 $ .33 $ 10.65 $ 9.95(a) $ 5,064
1993 .89 10.42 6.35 8,234
1994 .30 9.70 (4.10) 7,878
1995 .62 10.52 15.63 9,500
1/1/96 to 6/30/96 .68 9.76 (.79) 9,266
GROWTH
1991 .18 16.71 34.68 7,743
1992 1.56 16.64 9.78 16,385
1993 .19 17.45 6.00 25,658
1994 .21 16.73 (2.87) 32,797
1995 .38 20.47 25.12 51,171
1/1/96 to 6/30/96 .77 21.83 10.62 63,075
HIGH YIELD
1991 1.18 10.81 33.96 23,634
1992 1.69 10.44 13.15 24,540
1993 1.12 11.16 18.16 30,593
1994 .31 10.58 (1.56) 32,285
1995 .96 11.57 19.82 41,894
1/1/96 to 6/30/96 1.01 11.05 4.25 44,367
<CAPTION>
- ----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Before Expenses
Ratio to Average Net Assets+ Waived or Assumed
-------------------------- -----------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
GOVERNMENT
1/7/92* to 12/31/92 .03(a) 6.64(a) .89(a) 5.79(a) 301
1993 .35 6.60 .84 6.11 525
1994 .35 6.74 .90 6.19 457
1995 .40 6.79 .93 6.26 198
1/1/96 to 6/30/96 .60(a) 6.63(a) .98(a) 6.26(a) 86
GROWTH
1991 .69 1.21 1.34 .55 148
1992 .76 .75 1.20 .30 45
1993 .91 .43 N/A N/A 51
1994 .90 .60 N/A N/A 40
1995 .88 1.11 N/A N/A 64
1/1/96 to 6/30/96 .80(a) 1.22(a) N/A N/A 25
HIGH YIELD
1991 .53 11.95 .89 11.60 40
1992 .91 10.48 .96 10.43 84
1993 .91 9.49 N/A N/A 96
1994 .88 9.43 N/A N/A 50
1995 .87 9.86 N/A N/A 57
1/1/96 to 6/30/96 .85(a) 9.33(a) N/A N/A 12
* Commencement of operations
+ Some or all expenses have been waived or assumed
++ The effect of fees and charges incurred at the separate account level are not reflected in
these performance figures
(a) Annualized
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (continued)
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for a trust share outstanding,
total return, ratios to average net assets and other supplemental data for each period indicated.
- ------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
- ------------------------------------------------------------------------------------------------------------------
Income from Investment Operation Less Distributions from
----------------------------------------- ----------------------------------------
Net Realized
Net Asset and
Value Unrealized
------------ Net Gain (Loss) Total from Net Net
Beginning Investment on Investment Investment Realized
of Period Income Investments Operations Income Gains
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERNATIONAL SECURITIES
1991 $ 10.37 $ .09 $ 1.49 $ 1.58 $ .03 $ .05
1992 11.87 .15 (.28) (.13) .15 .22
1993 11.37 .10 2.41 2.51 .14 --
1994 13.74 .14 (.32) (.18) .05 --
1995 13.51 .19 2.25 2.44 .12 .25
1/1/96 to 6/30/96 15.58 .13 1.08 1.21 .19 .50
INVESTMENT GRADE
1/7/92* to 12/31/92 10.00 .43 .44 .87 .34 --
1993 10.53 .65 .49 1.14 .71 .01
1994 10.95 .67 (1.06) (.39) .16 .09
1995 10.31 .67 1.28 1.95 .53 --
1/1/96 to 6/30/96 11.73 .34 (.58) (.24) .67 --
TARGET MATURITY 2007
4/26/95* to 12/31/95 10.00 .26 2.00 2.26 -- --
1/1/96 to 6/30/96 12.26 .28 (1.33) (1.05) .23 .05
TARGET MATURITY 2010
4/30/96* to 6/30/96 10.00 .07 .33 .40 -- --
UTILITIES INCOME
11/15/93* to 12/31/93 10.00 .01 (.07) (.06) -- --
1994 9.94 .24 (.96) (.72) .03 --
1995 9.19 .28 2.46 2.74 .19 --
1/1/96 to 6/30/96 11.74 .14 .34 .48 .27 --
<CAPTION>
- --------------------------------------------------------------------------------------
PER SHARE DATA
- --------------------------------------------------------------------------------------
Net Asset
Value
-------------- Total Net Assets
Total End of Return** End of Period
Distributions Period (%) (in thousands)
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERNATIONAL SECURITIES
1991 $ .08 $ 11.87 15.24 $ 8,653
1992 .37 11.37 (1.13) 12,246
1993 .14 13.74 22.17 21,009
1994 .05 13.51 (1.29) 31,308
1995 .37 15.58 18.70 41,012
1/1/96 to 6/30/96 .69 16.10 7.93 49,017
INVESTMENT GRADE
1/7/92* to 12/31/92 .34 10.53 8.91(a) 4,707
1993 .72 10.95 10.93 10,210
1994 .25 10.31 (3.53) 11,602
1995 .53 11.73 19.69 16,262
1/1/96 to 6/30/96 .67 10.82 (2.05) 16,175
TARGET MATURITY 2007
4/26/95* to 12/31/95 -- 12.26 22.60 9,860
1/1/96 to 6/30/96 .28 10.93 (8.67) 11,838
TARGET MATURITY 2010
4/30/96* to 6/30/96 -- 10.40 4.00 667
UTILITIES INCOME
11/15/93* to 12/31/93 -- 9.94 (4.66)(a) 494
1994 .03 9.19 (7.24) 4,720
1995 .19 11.74 30.26 14,698
1/1/96 to 6/30/96 .27 11.95 4.17 20,851
<CAPTION>
- ----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- ----------------------------------------------------------------------------------------------------
Ratio to Average Net Assets
Before Expenses
Ratio to Average Net Assets+ Waived or Assumed
--------------------------- -----------------------
Net Net Portfolio
Investment Investment Turnover
Expenses Income Expenses Income Rate
(%) (%) (%) (%) (%)
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INTERNATIONAL SECURITIES
1991 1.70 .75 2.27 .18 70
1992 1.03 1.55 1.38 1.20 36
1993 1.14 .97 N/A N/A 37
1994 1.03 1.22 N/A N/A 36
1995 1.02 1.42 N/A N/A 45
1/1/96 to 6/30/96 1.15(a) 1.82(a) N/A N/A 35
INVESTMENT GRADE
1/7/92* to 12/31/92 .23(a) 6.16(a) .93(a) 5.46(a) 72
1993 .35 6.32 .85 5.82 64
1994 .37 6.61 .92 6.06 15
1995 .51 6.80 .91 6.40 26
1/1/96 to 6/30/96 .60(a) 6.37(a) .88(a) 6.12(a) 8
TARGET MATURITY 2007
4/26/95* to 12/31/95 .04(a) 6.25(a) .87(a) 5.42(a) 28
1/1/96 to 6/30/96 .60(a) 6.02(a) .84(a) 5.79(a) 14
TARGET MATURITY 2010
4/30/96* to 6/30/96 .60(a) 6.27(a) 1.47(a) 5.45(a) 0
UTILITIES INCOME
11/15/93* to 12/31/93 -- 1.46(a) 3.99(a) (2.52)(a) 0
1994 .17 4.13 .95 3.35 31
1995 .41 4.23 .91 3.73 17
1/1/96 to 6/30/96 .60(a) 3.50(a) .89(a) 3.25(a) 17
* Commencement of operations
+ Some or all expenses have been waived or assumed
++ The effect of fees and charges incurred at the separate account level are not reflected in these performance figures
(a) Annualized
See notes to financial statements
</TABLE>
Independent Auditor's Report
To the Shareholders and Trustees of
First Investors Life Series Fund
We have audited the accompanying statement of assets and
liabilities, including the portfolios of investments, of the eleven
Funds comprising First Investors Life Series Fund as of June 30,
1996, 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, 1996 and the year ended December 31, 1995, and
financial highlights for the periods indicated thereon. These
financial statements and financial highlights are the responsibility
of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.
Our procedures included confirmation of securities owned as of June
30, 1996, 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 each of the eleven Funds comprising First
Investors Life Series Fund as of June 30, 1996, and the results of
their operations, changes in their net assets and financial
highlights for the periods presented, in conformity with generally
accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 31, 1996
FIRST INVESTORS LIFE SERIES FUND
Trustees
- --------------------------------------
James J. Coy
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- --------------------------------------
Glenn O. Head
President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
The Cash Management Fund is a money market fund and seeks a stable
net asset value of $1.00 per share. However, there can be no
assurance that the Fund will be able to do so or achieve its
investment objective. An investment in the 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
Subadviser (Growth Fund and International
Securities Fund Only)
Wellington Management Company
75 State Street
Boston, MA 02109
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Custodian (International Securities 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
Two Penn Center Plaza
Philadelphia, PA 19102
It is the Fund's practice to mail only one copy of its annual and
semi-annual reports to any address at which more than one
shareholder with the same last name has indicated that mail is to be
delivered. Additional copies of the reports will be mailed if
requested by any shareholder in writing or by calling 800-423-4026.
The Fund will ensure that separate reports are sent to any
shareholder who subsequently changes his or her mailing address.
This report is authorized for distribution only to existing
shareholders, and, if given to prospective shareholders, must be
accompanied or preceded by the Fund's prospectus.
