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, 1997
Vertically reading from bottom to top in the center of the page the
words "FIRST INVESTORS" appear.
The following appears in a box to the left of the above language:
First Investors Logo (as described above)
NEED SERVICE?
If you have questions about your account...or would like information
regarding other products or services...please contact your
representative or call Policyholder Services at...
(800) 832-7783
The following appears in a box within the above box:
Our business is...putting investors first
The following appears on the bottom lefthand side:
FIFE310
Chief Investment Officer's Letter
FIRST INVESTORS LIFE SERIES FUND
Dear Investor:
We are pleased to present the semi-annual report for the First Investors
Life Series Fund for the six months ended June 30, 1997. The Fund offers
eleven separate investment series, each of which has a different
investment objective.
The first half of 1997 ended with an ideal economy: sustained, moderate
growth with little inflation. Early in the year it appeared that the
economy might be growing too fast as gross domestic product expanded at
a 4.9% annual rate during the first quarter. Concerned by the economy's
strength, the Federal Reserve raised short-term interest rates in March
for the first time in over two years as an "insurance policy" in case
faster growth led to higher inflation. The Federal Reserve's action
subsequently appeared to be unnecessary as the economy slowed down
significantly in the second quarter and consumer price inflation in fact
decelerated to an annual rate of less than 2.5%.
Although both the bond and stock markets suffered setbacks at times
during the first six months of the year, the combination of moderate
growth and low inflation ultimately provided a positive environment for
investors. The markets were also buoyed by an agreement between the
President and Congress to eliminate the Federal budget deficit over the
next five years. Lastly, the markets benefited from substantial demand
for both stocks and bonds throughout the first half of 1997.
Money market rates remained relatively stable during the first six
months of 1997. Rates rose in March following the Federal Reserve's
decision to increase the benchmark Federal funds rate. But, with assets
in taxable money market funds rising by 8%, demand for short-term paper
forced rates back down.
The bond market moved in a broad range during the first half of the year
with U.S. Treasury bond yields ending the period slightly higher. Within
the bond market, corporate high yield bonds generally provided the
highest total returns, followed in order by mortgage-backed bonds,
investment grade corporate bonds and Treasury securities. In the
corporate bond market, both investment grade and high yield bonds
benefited from investor demand for additional yield as well as the
continued economic expansion which has improved the financial strength
of U.S. companies. The mortgage-backed bond market benefited from both
investor demand for higher yields and low prepayment risk.
The U.S. stock market rose to record levels during the first half of
1997. As the main beneficiaries of the continued solid performance of
the economy, U.S. companies posted sound earnings and profit growth. In
particular, large capitalization companies with consistent earnings such
as Coca-Cola and General Electric led the market higher with the S & P
500 rising 20.5%. Small capitalization stocks fell sharply during March
and April and were slow to recover during the second quarter.
Nonetheless, the Russell 2000 Index--a measure of small-capitalization
stock performance--ended the first half of the year with a 9.3% gain.
Utility stocks in general lagged the market. In particular, nuclear
reactor problems and ongoing investor concern with respect to
deregulation and competition negatively affected electric company
stocks.
World stock markets provided investors with attractive returns. As in
the United States, growth in most major economies, and many smaller
ones, accelerated while inflation remained subdued. In particular,
European markets in the aggregate provided returns in excess of 14%
while the Japanese stock market and currency rebounded during the second
quarter for a six month gain of 8.5% in dollar terms.
For the six months ended June 30, 1997, the Funds had the following
returns on a net asset value basis: Life Blue Chip 16.7%, Life Cash
Management 2.5%, Life Discovery 8.3%, Life Government 3.4%, Life Growth
17.7%, Life High Yield 4.9%, Life International Securities 12.0%, Life
Investment Grade 2.9%, Life Target Maturity 2007 1.7%, Life Target
Maturity 2010 1.1% and Life Utilities Income 5.3%. The investment
performance data set forth in this report relates to the Funds, which
are only available through the purchase of certain variable life
insurance policy and variable annuity contract separate accounts. This
data does not reflect the additional expenses and charges to which a
variable life insurance policyowner or variable annuity contractowner
would be subject. In addition, charges will differ among variable life
insurance policyowners because of age, gender and risk classification at
time of policy issue. Not all Fund subaccounts are available in each
separate account.
While we believe the economic fundamentals supporting continued solid
performance of the stock market remain in place, investors in equity
securities should be aware of the risks. The current bull market is in
its seventh year and valuations, as determined by price to earnings
multiples, are at historic highs. Substantive indications of a slowdown
in the growth of profits could lead to a reduction in market values.
Another cause for concern is that the Federal Reserve might raise
interest rates to combat perceived inflationary pressures. Higher
interest rates could hurt corporate profits, reduce valuations, and
increase the attractiveness of alternative investments. In addition, the
possibility of an external, unanticipated event which causes a market
downturn is always a risk. Additional risks particular to small cap
stocks are liquidity and the lack of market makers which can make it
more difficult to build or exit a position. Finally, investments in
foreign markets involve currency risks as well as country specific
political and economic risks.
Investors who buy bond funds--whether for income or total return--should
be aware that the value of their investment fluctuates as interest rates
change. For example, a 1% increase in yield on a ten-year Treasury bond
results in roughly a 7% decrease in that bond's price. Zero coupon bonds
are even more sensitive to interest rate changes because they do not
provide investors with coupon payments. In addition, the value of a fund
can fluctuate based on changes in the credit quality of the bonds which
it holds. 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.
The outlook for the financial markets continues to be positive. The
economy is growing moderately, inflation is subdued and the Federal
Reserve is unlikely to tolerate unsustainably fast economic growth.
Demand for financial assets is likely to remain strong here and
overseas. While sizable recent returns in some markets are not likely to
continue, the factors which might cause a sustained downturn are not
readily apparent. Despite this optimistic outlook, investors should keep
in mind that a diversified portfolio provides the best insurance against
unexpected changes in the financial markets.
As always, we appreciate the opportunity to serve your investment needs.
Sincerely,
/S/CLARK D. WAGNER
Clark D. Wagner
Chief Investment Officer
July 28, 1997
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE BLUE CHIP FUND
June 30, 1997
- -------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS--93.1%
Basic Materials--5.5%
6,600 Aluminum Company of America $497,475 $38
35,400 Du Pont (E.I.) de Nemours & Company 2,225,775 172
4,600 *FMC Corporation 365,413 28
9,300 Freeport-McMoRan Copper & Gold, Inc.--Class "B" 289,463 22
12,600 International Paper Company 611,888 47
14,000 James River Corporation of Virginia 518,000 40
21,000 Monsanto Company 904,313 70
14,400 Morton International, Inc. 434,700 34
4,000 Pioneer Hi-Bred International, Inc. 320,000 25
9,600 Sigma-Aldrich Corporation 336,600 26
12,300 Weyerhauser Company 639,600 49
- -------------------------------------------------------------------------------------------------------------------
7,143,227 551
- -------------------------------------------------------------------------------------------------------------------
Capital Goods--11.6%
10,600 AlliedSignal, Inc. 890,400 69
15,300 Avery Dennison Corporation 613,913 47
12,000 Boeing Company 636,750 49
15,500 Corning, Inc. 862,188 67
11,300 Emerson Electric Company 622,206 48
5,600 Fluor Corporation 309,050 24
6,500 Foster Wheeler Corporation 263,250 20
56,400 General Electric Company 3,687,150 284
20,100 Ingersoll-Rand Company 1,241,175 96
7,600 Lockheed Martin Corporation 787,075 61
38,400 *Philip Services Corporation 609,600 47
14,000 Tenneco, Inc. 632,625 49
15,200 Textron, Inc. 1,008,900 78
9,600 Thomas & Betts Corporation 504,600 39
10,350 Tyco International, Ltd. 719,972 56
11,400 United Technologies Corporation 946,200 73
17,900 *USA Waste Services, Inc. 691,387 53
- -------------------------------------------------------------------------------------------------------------------
15,026,441 1,160
- -------------------------------------------------------------------------------------------------------------------
Communication Services--4.3%
9,400 *AirTouch Communications, Inc. 257,325 20
27,000 AT&T Corporation 946,688 73
12,600 Bell Atlantic Corporation 956,025 74
18,500 BellSouth Corporation 857,938 66
25,100 GTE Corporation 1,101,263 85
10,300 MCI Communications Corporation 394,297 30
13,100 SBC Communications, Inc. 810,563 63
5,300 Sprint Corporation 278,913 22
- -------------------------------------------------------------------------------------------------------------------
5,603,012 433
- -------------------------------------------------------------------------------------------------------------------
Consumer Cyclicals--8.4%
10,100 Adidas AG (ADR) (Note 4) 559,329 43
13,100 *Costco Companies, Inc. 430,663 33
26,500 *CUC International, Inc. 684,030 53
25,300 *Federated Department Stores, Inc. 879,175 68
5,300 Goodyear Tire & Rubber Company 335,555 26
20,850 Hasbro, Inc. 591,619 46
20,800 Hilton Hotels Corporation 552,500 43
12,500 Home Depot, Inc. 861,719 67
26,800 *Lear Corporation 1,189,250 92
7,750 Masco Corporation 323,563 25
6,000 McGraw-Hill Companies, Inc. 352,875 27
17,900 Ogden Corporation 389,325 30
34,800 *PETsMART, Inc. 400,200 31
17,600 *Staples, Inc. 409,200 32
25,300 Tribune Company 1,215,980 94
11,800 Unifi, Inc. 441,025 34
38,000 Wal-Mart Stores, Inc. 1,284,875 98
- -------------------------------------------------------------------------------------------------------------------
10,900,883 842
- -------------------------------------------------------------------------------------------------------------------
Consumer Staples--12.6%
27,300 Anheuser-Busch Companies, Inc. 1,144,894 88
5,600 Clorox Company 739,200 57
25,000 Coca-Cola Company 1,687,500 130
14,300 ConAgra, Inc. 916,988 71
10,000 CPC International, Inc. 923,125 71
16,500 Gillette Company 1,563,375 121
39,000 *Host Marriott Corporation 694,688 54
13,600 Kimberly-Clark Corporation 676,600 52
51,000 PepsiCo, Inc. 1,915,688 149
8,400 Philip Morris Companies, Inc. 372,750 29
11,800 Procter & Gamble Company 1,666,750 129
8,500 Rite Aid Corporation 423,938 33
9,690 *Safeway, Inc. 446,950 35
18,700 *Steiner Leisure, Ltd. 521,263 40
16,537 *Tele-Communications, Inc. Liberty Media Group--Series "A" 392,754 30
5,600 Time Warner, Inc. 270,200 21
4,600 Unilever N.V. 1,002,800 77
12,000 Walt Disney Company 963,000 74
- -------------------------------------------------------------------------------------------------------------------
16,322,463 1,261
- -------------------------------------------------------------------------------------------------------------------
Energy--8.4%
7,400 Amoco Corporation 643,337 50
15,900 Baker Hughes, Inc. 615,130 48
2,700 Burlington Resources, Inc. 119,138 9
11,900 Chevron Corporation 879,855 68
14,300 Dresser Industries, Inc. 532,675 41
28,000 Exxon Corporation 1,722,000 133
4,800 Kerr-McGee Corporation 304,200 23
14,800 Mobil Corporation 1,034,150 80
25,300 *Oryx Energy Company 534,463 41
34,000 Royal Dutch Petroleum Company 1,848,750 143
5,900 Schlumberger, Ltd. 737,500 57
5,400 Texaco, Inc. 587,250 45
9,200 Unocal Corporation 357,075 28
21,700 Williams Companies, Inc. 949,375 73
- -------------------------------------------------------------------------------------------------------------------
10,864,898 839
- -------------------------------------------------------------------------------------------------------------------
Financial--13.0%
8,700 Allstate Corporation 635,100 49
9,300 American Express Company 692,850 54
8,900 American International Group, Inc. 1,329,438 103
13,600 BankAmerica Corporation 878,050 68
16,600 BankBoston Corporation 1,196,238 92
14,500 Chase Manhattan Corporation 1,407,405 109
15,000 Citicorp 1,808,437 140
26,200 Fannie Mae 1,142,975 88
10,100 First Union Corporation 934,250 72
19,800 Freddie Mac 680,625 53
12,100 Jefferson-Pilot Corporation 845,488 65
9,100 Marshall & Ilsley Corporation 369,688 29
12,200 Merrill Lynch & Company, Inc. 727,425 56
13,500 NationsBank Corporation 870,750 67
19,700 Norwest Corporation 1,108,125 86
41,700 The Money Store, Inc. 1,196,268 92
4,800 Travelers Group, Inc. 302,700 23
28,700 USF&G Corporation 688,800 53
- -------------------------------------------------------------------------------------------------------------------
16,814,612 1,299
- -------------------------------------------------------------------------------------------------------------------
Healthcare--11.7%
12,900 Abbott Laboratories 861,075 66
16,200 American Home Products Corporation 1,239,300 96
11,100 *Amgen, Inc. 645,188 50
11,700 Baxter International, Inc. 611,325 47
23,100 Bristol-Myers Squibb Company 1,871,100 144
27,800 *Cardiovascular Dynamics, Inc. 218,925 17
18,200 Eli Lilly & Company 1,989,487 154
19,500 Johnson & Johnson 1,255,312 97
28,000 *MedPartners, Inc. 605,500 47
8,200 Medtronic, Inc. 664,200 51
20,200 Merck & Company, Inc. 2,090,700 161
30,900 Pharmacia & Upjohn, Inc. 1,073,775 83
16,600 *RoTech Medical Corporation 333,038 26
7,200 SmithKline Beecham PLC--Class "A" (ADR) 659,700 51
8,400 Warner-Lambert Company 1,043,700 81
- -------------------------------------------------------------------------------------------------------------------
15,162,325 1,171
- -------------------------------------------------------------------------------------------------------------------
Technology--15.5%
18,400 *Adaptec, Inc. 639,400 49
28,100 *Atmel Corporation 786,800 61
14,600 *Cadence Design Systems, Inc. 489,100 38
13,600 *Cisco Systems, Inc. 912,900 70
21,000 Comdisco, Inc. 546,000 42
5,550 Eastman Kodak Company 425,963 33
43,300 Ericsson (L.M.) Telephone Co.--Class "B" (ADR) 1,704,938 132
17,400 First Data Corporation 764,513 59
5,900 Grainger (W.W.), Inc. 461,305 36
4,200 *Hadco Corporation 275,100 21
16,000 Hewlett-Packard Company 896,000 69
10,000 Intel Corporation 1,418,125 110
7,900 *LSI Logic Corporation 252,800 20
21,400 *Micron Technology, Inc. 854,663 66
13,100 *Microsoft Corporation 1,655,513 127
20,800 Motorola, Inc. 1,580,800 122
16,400 *Newbridge Networks Corporation 713,400 55
17,800 Nokia Corporation--Class "A" (ADR) 1,312,750 101
8,475 *Oracle Corporation 426,928 33
7,500 Raytheon Company 382,500 30
8,900 *Seagate Technology, Inc. 313,169 24
16,200 *Sterling Commerce, Inc. 532,575 41
30,700 *Sun Microsystems, Inc. 1,142,617 88
11,200 *Synopsys, Inc. 411,600 32
50,100 *SystemSoft Corporation 538,575 42
6,900 Texas Instruments, Inc. 580,030 45
- -------------------------------------------------------------------------------------------------------------------
20,018,064 1,546
- -------------------------------------------------------------------------------------------------------------------
Transportation--.5%
6,900 Burlington Northern Santa Fe 620,138 48
- -------------------------------------------------------------------------------------------------------------------
Utilities--1.6%
17,500 Duke Energy Corporation 838,905 65
13,100 FPL Group, Inc. 603,418 46
20,900 Sierra Pacific Resources 668,800 52
- -------------------------------------------------------------------------------------------------------------------
2,111,123 163
- -------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $86,738,851) 120,587,186 9,313
- -------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--6.8%
4,000M Carolina Power & Light Co., 5.53%, 7/24/97 3,985,768 308
1,100M Dow Chemical Co., 5.5%, 7/11/97 1,098,320 85
2,500M PepsiCo, Inc., 5.48%, 7/25/97 2,490,867 192
1,200M Prudential Funding Corp., 5.54%, 7/29/97 1,194,809 92
- -------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $8,769,764) 8,769,764 677
- -------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $95,508,615) 99.9% 129,356,950 9,990
Other Assets, Less Liabilities .1 132,544 10
- -------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $129,489,494 $10,000
========================================================================================================
===========
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE CASH MANAGEMENT FUND
June 30, 1997
- -------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate* Value Net Assets
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SHORT-TERM CORPORATE NOTES--89.6%
$200M Air Products and Chemicals, Inc., 8/22/97 5.53% $198,403 $436
100M Ameritech Capital Funding Corporation, 10/24/97 5.66 98,194 216
200M Avnet, Inc., 8/4/97 5.60 198,942 438
200M Coca-Cola Company, 9/12/97 5.50 197,770 435
200M Dow Chemical Company, 7/11/97 5.50 199,695 440
150M Dresser Industries, Inc., 7/18/97 5.53 149,608 329
100M Duke Power Company, 7/11/97 5.50 99,847 220
190M Du Pont (E.I.) de Nemours & Company, 9/26/97 5.50 187,475 412
125M Engelhard Corporation, 7/14/97 5.65 124,745 274
60M Ford Motor Credit Company, 8/20/97 5.57 59,535 131
200M General Electric Capital Corporation, 9/30/97 5.55 197,194 434
100M General Mills, Inc., 10/3/97 5.73 99,993 220
100M HJ Heinz Company, 7/17/97 5.70 99,747 219
200M International Business Machines Corporation, 8/21/97 5.55 198,427 437
200M Kellogg Company, 7/24/97 5.50 199,297 438
175M McGraw-Hill, Inc., 7/8/97 5.60 174,811 385
200M MidAmerica Energy Holdings Company, 8/26/97 5.57 198,267 436
200M Nalco Chemical Company, 7/18/97 5.64 199,467 439
100M National Rural Utilities Coop. Fin. Corp., 7/21/97 5.57 99,690 219
200M Prudential Funding Corporation, 8/28/97 5.56 198,208 436
200M RTZ America, Inc., 9/4/97 5.60 197,978 436
100M Schering Corporation, 9/9/97 5.53 98,925 218
200M Southern California Edison Company, 7/25/97 5.52 199,264 438
200M The Stanley Works, 8/6/97 5.61 198,878 438
200M Winn-Dixie Stores, Inc., 10/7/97 5.55 196,978 433
- -------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $4,071,338) 4,071,338 8,957
- -------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES--9.9%
$150M Federal Farm Credit Bank, 8/1/97 5.91% $ 149,931 $ 330
100M Federal Home Loan Bank, 7/24/97 5.56 100,000 220
100M Federal Home Loan Bank, 9/2/97 6.01 100,053 220
100M Federal National Mortgage Association, 8/14/97 5.91 99,913 220
- -------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agencies (cost $449,897) 449,897 990
- -------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $4,521,235) 99.5% 4,521,235 9,947
Other Assets, Less Liabilities .5 24,220 53
- -------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $4,545,455 $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, 1997
- -------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--86.2%
Basic Materials--2.2%
17,400 Boise Cascade Corporation $614,438 $74
6,500 ChemFirst, Inc. 176,313 21
15,700 *ChiRex, Inc. 186,437 22
15,700 *Gaylord Container Corporation--Class "A" 120,694 14
15,700 Lilly Industries, Inc.--Class "A" 315,962 38
11,900 Louisiana-Pacific Corporation 251,388 30
9,300 Schulman (A.), Inc. 229,013 27
- -------------------------------------------------------------------------------------------------------------------
1,894,245 226
- -------------------------------------------------------------------------------------------------------------------
Capital Goods--9.9%
31,000 AGCO Corporation 1,114,063 132
4,600 AMCOL International Corporation 83,375 10
19,500 *American Residential Services, Inc. 453,375 54
25,200 *Checkpoint Systems, Inc. 404,775 48
16,000 Columbus McKinnon Corporation 304,000 36
18,100 Corning, Inc. 1,006,812 119
31,200 *Corporate Express, Inc. 450,450 54
12,400 *Eastern Environmental Services, Inc. 198,400 24
10,300 *EVI, Inc. 432,600 52
6,200 GenCorp, Inc. 143,375 17
31,000 *ITEQ, Inc. 294,500 35
19,300 *Jacobs Engineering Group, Inc. 518,688 62
9,600 Millipore Corporation 422,400 50
660 *MotivePower Industries, Inc. 10,560 1
18,600 *Newpark Resources, Inc. 627,750 75
25,400 *Philip Services Corporation 403,225 48
24,400 *U.S. Office Products Company 745,725 89
26,700 *US Filter Corporation 727,575 87
- -------------------------------------------------------------------------------------------------------------------
8,341,648 993
- -------------------------------------------------------------------------------------------------------------------
Communications Services--.5%
1,400 *Brooks Fiber Properties, Inc. 47,250 5
- -------------------------------------------------------------------------------------------------------------------
Consumer Cyclicals--14.1%
14,600 Adidas AG (ADR) (Note 4) 808,535 95
24,000 *BMC West Corporation 294,000 35
43,300 *Checkfree Corporation 763,162 91
24,975 *CUC International, Inc. 644,667 77
4,700 *Dress Barn, Inc. 91,650 11
24,600 *Eagle Hardware & Garden, Inc. 562,725 67
28,900 *Extended Stay America, Inc. 455,175 54
12,200 *Federated Department Stores, Inc. 423,950 50
19,700 *Friedman's, Inc.--Class "A" 450,637 54
12,700 *Hibbett Sporting Goods, Inc. 228,600 27
23,700 *Homegate Hospitality, Inc. 231,075 28
27,000 Innkeepers USA Trust 405,000 48
50,800 *Lithia Motors, Inc.--Class "A" 558,800 67
23,700 Oakwood Homes Corporation 568,800 68
22,200 *OfficeMax, Inc. 320,512 38
40,200 Ogden Corporation 874,350 103
30,600 *PETsMART, Inc. 351,900 42
21,300 *Prime Hospitality Corporation 420,675 50
6,300 *Proffitt's, Inc. 276,413 33
14,500 *Saks Holdings, Inc. 362,500 43
21,600 *Scientific Games Holdings Corporation 445,500 53
34,300 *The Finish Line, Inc.--Class "A" 501,638 60
23,100 *The Neiman Marcus Group, Inc. 606,375 72
12,700 TJ International, Inc. 298,450 36
31,800 *Travis Boats & Motors, Inc. 417,375 50
74,600 *USCI, Inc. 298,400 36
14,800 *Vans, Inc. 223,850 27
- -------------------------------------------------------------------------------------------------------------------
11,884,714 1,415
- -------------------------------------------------------------------------------------------------------------------
Consumer Staples--8.2%
8,000 *American Radio Systems Corporation 319,000 38
15,600 Apple South, Inc. 237,900 28
27,200 *Cinar Films, Inc.--Class "B" 884,000 105
9,600 *Evergreen Media Corporation--Class "A" 428,400 51
75,100 *Four Media Corporation 582,025 69
15,400 Gaylord Entertainment Company--Class "A" 355,163 42
39,200 *Metromedia International Group, Inc. 494,900 59
26,550 Richfood Holdings, Inc. 690,300 82
23,000 Rite Aid Corporation 1,147,125 137
17,000 *Steiner Leisure, Ltd. 473,875 56
41,700 *Tele-Communications, Inc. Liberty Media Group--Series "A" 990,375 119
20,900 The Rival Company 308,275 37
- -------------------------------------------------------------------------------------------------------------------
6,911,338 823
- -------------------------------------------------------------------------------------------------------------------
Energy--6.0%
17,400 *Cliffs Drilling Company 635,100 76
11,100 *Falcon Drilling Company, Inc. 639,638 76
18,200 *Global Industries, Ltd. 425,140 51
28,100 *Nabors Industries, Inc. 702,500 83
22,500 *Patterson Energy, Inc. 1,020,938 121
14,000 *Precision Drilling Corporation--Class "A" 677,250 82
16,000 *Trico Marine Services, Inc. 349,000 42
26,500 *Veritas DGC, Inc. 596,250 71
- -------------------------------------------------------------------------------------------------------------------
5,045,816 602
- -------------------------------------------------------------------------------------------------------------------
Financial--12.5%
11,350 Aames Financial Corporation 209,975 25
40,100 Ambassador Apartments, Inc. 997,488 119
3,300 *AmeriCredit Corporation 69,300 8
12,400 Centura Banks, Inc. 568,850 68
14,300 Charter One Financial, Inc. 770,413 92
15,500 Commercial Federal Corporation 575,438 69
15,498 Conseco, Inc. 573,426 68
23,700 *HealthCare Financial Partners, Inc. 482,888 58
41,500 *Imperial Credit Industries, Inc. 853,344 102
45,500 Interpool, Inc. 671,125 80
13,488 Mercantile Bancorporation, Inc. 819,395 98
7,800 *New Century Financial Corporation 113,100 13
27,000 *NHP, Inc. 607,500 72
14,000 North American Mortgage Company 331,625 39
8,100 Redwood Trust, Inc. 378,675 45
23,500 Resources Bancshares Mortgage Group, Inc. 464,125 55
20,100 The Money Store, Inc. 576,618 69
22,400 Titan International, Inc. 394,800 47
12,900 USF&G Corporation 309,600 37
12,500 Washington Federal Savings & Loan Association 321,094 38
30,900 Westfield America, Inc. 521,438 62
- -------------------------------------------------------------------------------------------------------------------
10,610,217 1,264
- -------------------------------------------------------------------------------------------------------------------
Healthcare--9.4%
24,300 *Atrix Laboratories, Inc. 297,675 35
7,400 *Centocor, Inc. 229,863 27
21,300 *CIMA Labs, Inc. 87,863 10
9,400 *Cohr, Inc. 176,250 21
12,500 DENTSPLY International, Inc. 612,500 73
34,400 *FPA Medical Management, Inc. 814,850 98
14,900 *Genesis Health Ventures, Inc. 502,875 60
31,200 *Gensia Sicor, Inc. 138,450 16
14,200 *HCIA, Inc. 475,700 57
17,450 *Health Care and Retirement Corporation 582,394 69
32,400 *Health Systems Design Corporation 214,650 26
27,200 *Kensey Nash Corporation 292,400 35
15,400 *Ligand Pharmaceuticals--Class "B" 198,275 24
18,800 *Norland Medical Systems, Inc. 204,450 24
19,700 *Pediatric Services of America, Inc. 396,463 47
25,300 *Physician Support Systems, Inc. 309,925 37
26,200 *Physicians Resource Group, Inc. 235,800 28
2,300 *Quintiles Transnational Corporation 160,138 19
20,500 *RoTech Medical Corporation 411,280 49
21,000 *Sunquest Information Systems, Inc. 315,000 38
23,600 *US Bioscience, Inc. 227,150 27
19,000 *Vencor, Inc. 802,750 96
48,800 *VidaMed, Inc. 247,050 29
- -------------------------------------------------------------------------------------------------------------------
7,933,751 945
- -------------------------------------------------------------------------------------------------------------------
Technology--22.6%
23,800 *ACE*COMM Corporation 467,075 56
27,200 *Adaptec, Inc. 945,200 113
20,200 *Alliance Semiconductor Corporation 165,387 20
11,900 *Altera Corporation 600,950 72
8,600 *Ascend Communications, Inc. 338,625 40
14,800 *Atmel Corporation 414,400 49
15,400 *BISYS Group, Inc. 642,950 77
6,200 *CFM Technologies, Inc. 203,050 24
8,400 *Cisco Systems, Inc. 563,850 67
20,900 *Credence Systems Corporation 625,694 75
12,500 *Cylink Corporation 142,187 17
30,800 ECI Telecommunications 916,300 109
11,100 *Elexsys International, Inc. 185,925 22
23,100 *EMC Corporation 900,900 107
21,000 Ericsson (L.M.) Telephone Co.--Class "B" (ADR) 826,875 98
15,600 *Etec Systems, Inc. 668,850 80
9,400 *Hadco Corporation 615,700 73
17,200 *Integrated Device Technology, Inc. 180,600 22
3,600 Intel Corporation 510,525 61
17,300 *Kent Electronics Corporation 634,694 76
4,700 *Microsoft Corporation 593,962 71
7,300 *MicroTouch Systems, Inc. 167,900 20
11,000 Motorola, Inc. 836,000 100
8,000 *Network Appliance, Inc. 304,000 36
30,100 *Network General Corporation 447,737 53
9,900 Nokia Corporation--Class "A" (ADR) 730,125 87
13,900 *Octel Communications Corporation 325,780 39
13,925 *Oracle Corporation 701,472 84
14,300 *PairGain Technologies, Inc. 221,650 26
7,700 *Proxim, Inc. 186,725 22
19,200 *Saville Systems Ireland PLC (ADR) 998,400 118
27,300 Scientific-Atlanta, Inc. 597,187 71
12,300 *Sterling Commerce, Inc. 404,362 48
12,900 *Synopsys, Inc. 474,075 56
75,200 *SystemSoft Corporation 808,400 96
9,400 *Versant Object Technology Corporation 56,400 7
14,400 *XcelleNet, Inc. 235,800 28
20,200 *Xylan Corporation 343,400 41
- -------------------------------------------------------------------------------------------------------------------
18,983,112 2,261
- -------------------------------------------------------------------------------------------------------------------
Transportation--.8%
9,600 *Landstar System, Inc. 270,000 32
75,500 Transportacion Maritima Mexicana S.A. de C.V.--Class "L" (ADR) 467,156 56
- -------------------------------------------------------------------------------------------------------------------
737,156 88
- -------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $59,398,085) 72,389,247 8,622
- -------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS--.7%
Financial
22,300 Excel Realty Trust, Inc. "A", $2.125 (cost $557,500) 607,675 72
- -------------------------------------------------------------------------------------------------------------------
WARRANTS--0%
Capital Goods
104 *Morrison Knudsen Corporation (expiring 3/11/03) (cost $0) 650 --
- -------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--12.8%
$ 3,500M Dresser Industries, Inc., 5.53%, 7/18/97 3,490,860 415
2,500M NYNEX Credit Corp., 5.52%, 7/25/97 2,490,800 297
2,775M Prudential Funding Corp., 5.54%, 7/29/97 2,764,285 329
2,000M Union Electric Co., 5.55%, 7/17/97 1,995,067 238
- -------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $10,741,012) 10,741,012 1,279
- -------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $70,696,597) 99.7% 83,738,584 9,973
Other Assets, Less Liabilities .3 223,898 27
- -------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $83,962,482 $10,000
========================================================================================================
===========
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE GOVERNMENT FUND
June 30, 1997
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MORTGAGE-BACKED CERTIFICATES--74.3%
$1,264M Federal Home Loan Mortgage Corp., 7 1/2%, 5/1/2024 $1,271,983 $1,418
Federal National Mortgage Association:
238M 7%, 1/1/2026 234,233 261
897M 7%, 2/1/2026 880,658 981
618M 9%, 10/1/2020 657,683 733
1,119M 11%, 10/1/2015 1,252,674 1,395
Government National Mortgage Association I Program:
110M 11 1/2%, 10/15/2012 124,771 139
193M 11 1/2%, 5/15/2015 219,726 245
Government National Mortgage Association II Program:
29M 8%, 11/20/2026 29,940 33
866M 8%, 2/20/2027 883,601 985
198M 8%, 3/20/2027 202,421 226
846M 9%, 12/20/2016 907,706 1,012
- --------------------------------------------------------------------------------------------------------------------
Total Value of Mortgage-Backed Certificates (cost $6,601,386) 6,665,396 7,428
- --------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--10.9%
1,000M Student Loan Marketing Association, 5.88%, 2/6/2001 (cost $975,000) 981,107 1,093
- --------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--11.3%
1,000M U.S. Treasury Note, 6 5/8%, 5/15/2007 (cost $999,531) 1,008,437 1,124
- --------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--2.2%
200M Ford Motor Credit Co., 5.48%, 7/1/97 (cost $200,000) 200,000 223
- --------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $8,775,917) 98.7% 8,854,940 9,868
Other Assets, Less Liabilities 1.3 118,420 132
- --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,973,360 $10,000
========================================================================================================
============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE GROWTH FUND
June 30, 1997
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--96.3%
Aerospace/Defense--2.3%
24,000 Boeing Company $1,273,500 $122
13,000 United Technologies Corporation 1,079,000 104
- --------------------------------------------------------------------------------------------------------------------
2,352,500 226
- --------------------------------------------------------------------------------------------------------------------
Automotive--1.3%
15,800 Ford Motor Company 596,450 57
11,900 Goodyear Tire & Rubber Company 753,419 73
- --------------------------------------------------------------------------------------------------------------------
1,349,869 130
- --------------------------------------------------------------------------------------------------------------------
Banks--6.0%
11,160 Associated Banc-Corp 440,820 42
10,600 Citicorp 1,277,963 123
8,350 First Commercial Corporation 343,393 33
13,600 First Union Corporation 1,258,000 121
10,000 Mercantile Bankshares Corporation 400,000 38
18,400 NationsBank Corporation 1,186,800 114
9,500 Pacific Century Financial Corporation 439,375 42
10,600 State Street Corporation 490,250 47
9,000 Wilmington Trust Corporation 411,750 40
- --------------------------------------------------------------------------------------------------------------------
6,248,351 600
- --------------------------------------------------------------------------------------------------------------------
Business Services--3.1%
4,500 Avnet, Inc. 258,750 25
25,000 Dames & Moore, Inc. 309,375 30
20,000 Foster Wheeler Corporation 810,000 78
17,000 G & K Services, Inc.--Class "A" 633,250 61
8,000 *Ionics, Inc. 364,000 35
21,500 *Metromail Corporation 532,125 51
15,500 *Tetra Tech, Inc. 373,937 36
- --------------------------------------------------------------------------------------------------------------------
3,281,437 316
- --------------------------------------------------------------------------------------------------------------------
Chemicals--2.1%
14,000 Du Pont (E.I.) de Nemours & Company 880,250 84
27,000 Engelhard Corporation 565,313 54
12,500 Minerals Technologies, Inc. 468,750 45
13,000 Schulman (A), Inc. 320,125 31
- --------------------------------------------------------------------------------------------------------------------
2,234,438 214
- --------------------------------------------------------------------------------------------------------------------
Communications Equipment--4.2%
12,500 *Andrew Corporation 351,562 34
6,000 *Black Box Corporation 241,500 23
12,800 *Cisco Systems, Inc. 859,200 83
15,000 *General Instrument Corporation 375,000 36
10,000 General Motors Corporation--Class "H" 577,500 55
7,584 Lucent Technologies, Inc. 546,522 52
14,000 Motorola, Inc. 1,064,000 103
7,500 *3Com Corporation 337,500 32
- --------------------------------------------------------------------------------------------------------------------
4,352,784 418
- --------------------------------------------------------------------------------------------------------------------
Computers & Office Equipment--3.1%
14,000 *Adaptec, Inc. 486,500 47
22,000 *EMC Corporation 858,000 82
18,600 Hewlett-Packard Company 1,041,600 100
9,000 International Business Machines Corporation 811,687 78
- --------------------------------------------------------------------------------------------------------------------
3,197,787 307
- --------------------------------------------------------------------------------------------------------------------
Drugs--8.5%
10,000 American Home Products Corporation 765,000 73
17,500 *Genzyme Corporation (General Division) 485,625 47
10,000 Johnson & Johnson 643,750 62
9,000 Merck & Company, Inc. 931,500 89
12,300 Pfizer, Inc. 1,469,850 141
23,000 Pharmacia & Upjohn, Inc. 799,250 77
14,600 Rhone-Poulenc Rorer, Inc. 1,326,775 127
14,000 Warner-Lambert Company 1,739,500 167
6,700 Zeneca Group PLC (ADR) 664,137 64
- --------------------------------------------------------------------------------------------------------------------
8,825,387 847
- --------------------------------------------------------------------------------------------------------------------
Electrical Equipment--3.8%
33,000 General Electric Company 2,157,375 208
20,000 Hubbell, Inc.--Class "B" 880,000 84
27,000 *Littelfuse, Inc. 762,750 73
7,000 X-Rite, Inc. 133,000 13
- --------------------------------------------------------------------------------------------------------------------
3,933,125 378
- --------------------------------------------------------------------------------------------------------------------
Electronics--3.6%
16,700 AMP, Inc. 697,225 67
35,000 *Analog Devices, Inc. 929,688 89
12,000 Dallas Semiconductor Corporation 471,000 45
7,600 Intel Corporation 1,077,775 104
11,000 *Maxim Integrated Products, Inc. 625,625 60
- --------------------------------------------------------------------------------------------------------------------
3,801,313 365
- --------------------------------------------------------------------------------------------------------------------
Energy Services--1.1%
2,800 *Sante Fe International Corporation 95,200 9
8,300 Schlumberger, Ltd. 1,037,500 100
- --------------------------------------------------------------------------------------------------------------------
1,132,700 109
- --------------------------------------------------------------------------------------------------------------------
Energy Sources--5.0%
13,300 Amoco Corporation 1,156,269 111
3,000 *Barrett Resources Corporation 89,813 9
16,500 Chevron Corporation 1,219,969 117
19,000 Exxon Corporation 1,168,500 112
14,000 Royal Dutch Petroleum Company 761,250 73
18,469 Union Pacific Resources Group, Inc. 459,416 44
10,000 Unocal Corporation 388,125 37
- --------------------------------------------------------------------------------------------------------------------
5,243,342 503
- --------------------------------------------------------------------------------------------------------------------
Entertainment Products--.6%
6,000 Harley-Davidson, Inc. 287,625 28
16,000 *Speedway Motorsports, Inc. 348,000 33
- --------------------------------------------------------------------------------------------------------------------
635,625 61
- --------------------------------------------------------------------------------------------------------------------
Financial Services--3.7%
20,000 American Express Company 1,490,000 143
33,280 Fannie Mae 1,451,840 139
21,285 Morgan Stanley, Dean Witter, Discover and Company 916,585 88
- --------------------------------------------------------------------------------------------------------------------
3,858,425 370
- --------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--3.3%
11,000 General Mills, Inc. 716,375 69
17,400 PepsiCo, Inc. 653,588 63
23,000 Philip Morris Companies, Inc. 1,020,625 98
24,600 Sara Lee Corporation 1,023,975 98
- --------------------------------------------------------------------------------------------------------------------
3,414,563 328
- --------------------------------------------------------------------------------------------------------------------
Health Services--2.7%
19,750 Columbia/HCA Healthcare Corporation 776,422 75
13,000 Shared Medical Systems Corporation 702,000 67
22,000 *Tenet Healthcare Corporation 650,375 62
14,000 United Healthcare Corporation 728,000 70
- --------------------------------------------------------------------------------------------------------------------
2,856,797 274
- --------------------------------------------------------------------------------------------------------------------
Household Products--3.3%
13,500 *Bush Boake Allen, Inc. 420,188 40
8,900 Estee Lauder Companies--Class "A" 447,225 43
23,000 Kimberly-Clark Corporation 1,144,250 110
9,900 Procter & Gamble Company 1,398,375 134
- --------------------------------------------------------------------------------------------------------------------
3,410,038 327
- --------------------------------------------------------------------------------------------------------------------
Housing--.4%
6,600 Ethan Allen Interiors, Inc. 376,200 36
- --------------------------------------------------------------------------------------------------------------------
Insurance--6.1%
15,000 Ace, Ltd. 1,108,125 106
17,000 Allstate Corporation 1,241,000 119
8,175 American International Group, Inc. 1,221,140 117
11,600 Frontier Insurance Group, Inc. 751,100 72
8,000 Reinsurance Group of America 460,000 44
25,533 Travelers Group, Inc. 1,610,175 155
- --------------------------------------------------------------------------------------------------------------------
6,391,540 613
- --------------------------------------------------------------------------------------------------------------------
Machinery & Manufacturing--3.0%
9,000 Brady (WH) Company--Class "A" 261,000 25
10,000 Caterpillar, Inc. 1,073,750 103
11,500 Donaldson Company, Inc. 437,000 42
5,300 Minnesota Mining and Manufacturing Company 540,600 52
4,500 *MSC Industrial Direct Co., Inc.--Class "A" 180,563 17
7,000 Nordson Corporation 449,750 43
10,800 *Paxar Corporation 203,850 20
- --------------------------------------------------------------------------------------------------------------------
3,146,513 302
- --------------------------------------------------------------------------------------------------------------------
Media--1.7%
24,500 *ADVO, Inc. 398,125 38
3,400 Cognizant Corporation 137,700 13
12,000 Gannett Company, Inc. 1,185,000 114
- --------------------------------------------------------------------------------------------------------------------
1,720,825 165
- --------------------------------------------------------------------------------------------------------------------
Medical Products--2.4%
18,000 Abbott Laboratories 1,201,500 115
25,000 Biomet, Inc. 465,625 45
17,500 Life Technologies, Inc. 485,625 47
22,100 *Nellcor Puritan Bennett, Inc. 400,563 38
- --------------------------------------------------------------------------------------------------------------------
2,553,313 245
- --------------------------------------------------------------------------------------------------------------------
Metals & Minerals--1.7%
9,000 Aluminum Company of America 678,375 65
9,000 Phelps Dodge Corporation 766,688 73
7,000 *UCAR International, Inc. 320,250 31
- --------------------------------------------------------------------------------------------------------------------
1,765,313 169
- --------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--1.9%
6,000 Bemis Company, Inc. 259,500 25
15,000 Crown Cork & Seal Company, Inc. 801,563 77
18,000 International Paper Company 874,125 84
- --------------------------------------------------------------------------------------------------------------------
1,935,188 186
- --------------------------------------------------------------------------------------------------------------------
Retail--6.6%
25,500 Arbor Drugs, Inc. 513,188 49
17,000 *Barnes & Noble, Inc. 731,000 70
9,500 CVS Corporation 486,875 47
18,000 Dayton Hudson Corporation 957,375 92
15,000 Home Depot, Inc. 1,034,062 99
33,500 *OfficeMax, Inc. 483,656 46
18,000 *Saks Holdings, Inc. 450,000 43
17,000 Sears, Roebuck and Company 913,750 88
40,000 Wal-Mart Stores, Inc. 1,352,500 130
- --------------------------------------------------------------------------------------------------------------------
6,922,406 664
- --------------------------------------------------------------------------------------------------------------------
Software & Services--7.7%
24,000 *American Management Systems, Inc. 642,000 62
24,000 Automatic Data Processing, Inc. 1,128,000 108
14,000 BGS Systems, Inc. 385,000 37
10,500 *BISYS Group, Inc. 438,375 42
7,800 *Computer Sciences Corporation 562,575 54
12,500 *DST Systems, Inc. 416,405 40
20,000 First Data Corporation 878,750 84
9,400 *Microsoft Corporation 1,187,925 114
10,500 *Policy Management Systems Corporation 493,500 47
10,500 *Sterling Commerce, Inc. 345,188 33
20,000 *Sterling Software, Inc. 625,000 60
11,000 *Synopsys, Inc. 404,250 39
19,000 *Systems & Computer Technology Corporation 508,250 49
- --------------------------------------------------------------------------------------------------------------------
8,015,218 769
- --------------------------------------------------------------------------------------------------------------------
Telephone--2.9%
19,700 AT&T Corporation 690,730 66
9,000 Century Telephone Enterprises, Inc. 303,188 29
24,000 SBC Communications, Inc. 1,485,000 143
18,000 *WorldCom, Inc. 576,000 55
- --------------------------------------------------------------------------------------------------------------------
3,054,918 293
- --------------------------------------------------------------------------------------------------------------------
Transportation--1.2%
13,000 Air Express International Corporation 516,750 50
10,000 Union Pacific Corporation 705,000 67
- --------------------------------------------------------------------------------------------------------------------
1,221,750 117
- --------------------------------------------------------------------------------------------------------------------
Travel & Leisure--3.0%
6,500 *Landry's Seafood Restaurants, Inc. 149,500 14
22,000 McDonald's Corporation 1,062,875 103
33,000 *Mirage Resorts, Inc. 833,250 80
40,000 Southwest Airlines Company 1,035,000 99
- --------------------------------------------------------------------------------------------------------------------
3,080,625 296
- --------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $71,506,797) 100,312,290 9,628
- --------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--3.4%
$3,546M Paine Webber Group, Inc., 5.9%, 7/1/97, (collateralized by
U.S. Treasury Bonds, 5 1/8%, 12/31/1998, valued at $3,621M)
(cost $3,546,000) 3,546,000 340
- --------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $75,052,797) 99.7% 103,858,290 9,968
Other Assets, Less Liabilities .3 329,247 32
- --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $104,187,537 $10,000
========================================================================================================
============
* Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE HIGH YIELD FUND
June 30, 1997
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE BONDS--89.1%
Aerospace/Defense--2.6%
$500M Howmet Corp., 10%, 2003 $540,000 $ 99
850M K & F Industries, Inc., 10 3/8%, 2004 901,000 165
- --------------------------------------------------------------------------------------------------------------------
1,441,000 264
- --------------------------------------------------------------------------------------------------------------------
Apparel/Textiles--1.1%
600M Westpoint Stevens, Inc., 9 3/8%, 2005 624,000 115
- --------------------------------------------------------------------------------------------------------------------
Automotive--2.8%
700M Collins & Aikman Products Co., 11 1/2%, 2006 791,000 146
700M Walbro Corp., 9 7/8%, 2005 714,875 131
- --------------------------------------------------------------------------------------------------------------------
1,505,875 277
- --------------------------------------------------------------------------------------------------------------------
Building Materials--.9%
500M Falcon Building Products Corp., 9 1/2%, 2007 (Note 4) 498,750 92
- --------------------------------------------------------------------------------------------------------------------
Chemicals--2.6%
700M Harris Chemical North America, Inc., 10 1/4%, 2001 719,250 132
600M Rexene Corp., 11 3/4%, 2004 681,000 125
- --------------------------------------------------------------------------------------------------------------------
1,400,250 257
- --------------------------------------------------------------------------------------------------------------------
Consumer Products--2.7%
700M Commemorative Brands, Inc., 11%, 2007 736,750 135
700M Herff Jones, Inc., 11%, 2005 756,000 139
- --------------------------------------------------------------------------------------------------------------------
1,492,750 274
- --------------------------------------------------------------------------------------------------------------------
Durable Goods Manufacturing--1.4%
750M Clark Material Handling, Inc., 10 3/4%, 2006 789,375 145
- --------------------------------------------------------------------------------------------------------------------
Electrical Equipment--2.4%
550M Amphenol Corp., 9 7/8%, 2007 566,500 104
700M Essex Group, Inc., 10%, 2003 735,000 135
- --------------------------------------------------------------------------------------------------------------------
1,301,500 239
- --------------------------------------------------------------------------------------------------------------------
Energy--10.0%
1,000M Clark R &M Holdings, Inc., 0%, 2000 762,500 140
700M Falcon Drilling Co., Inc., 12 1/2%, 2005 777,000 143
800M Giant Industries, Inc., 9 3/4%, 2003 826,000 152
500M Maxus Energy Corp., 11 1/2%, 2015 524,375 96
800M United Meridian Corp., 10 3/8%, 2005 872,000 160
1,000M Veritas DGC, Inc., 9 3/4%, 2003 1,046,250 192
650M Vintage Petroleum, Inc., 9%, 2005 659,750 121
- --------------------------------------------------------------------------------------------------------------------
5,467,875 1,004
- --------------------------------------------------------------------------------------------------------------------
Financial Services--1.0%
500M American Life Holding Co., 11 1/4%, 2004 567,500 104
- --------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--4.7%
320M Doane Products Co., 10 5/8%, 2006 336,000 62
1,000M International Home Foods, Inc., 10 3/8%, 2006 1,026,250 188
600M Van de Kamps, Inc., 12%, 2005 672,000 123
500M Windy Hill Pet Food Co., 9 3/4%, 2007 (Note 4) 504,375 93
- --------------------------------------------------------------------------------------------------------------------
2,538,625 466
- --------------------------------------------------------------------------------------------------------------------
Gaming/Lodging--2.8%
750M Casino America, Inc., 12 1/2%, 2003 782,813 144
700M Showboat, Inc., 9 1/4%, 2008 715,750 131
- --------------------------------------------------------------------------------------------------------------------
1,498,563 275
- --------------------------------------------------------------------------------------------------------------------
Healthcare--7.2%
750M Abbey Healthcare Group, Inc., 9 1/2%, 2002 776,250 143
700M Dade International, Inc., 11 1/8%, 2006 778,750 143
700M Genesis Healthcare, Inc., 9 3/4%, 2005 728,000 134
400M Integrated Health Services, Inc., 10 1/4%, 2006 (Note 4) 425,000 78
1,100M Tenet Healthcare Corp., 10 1/8%, 2005 1,199,000 220
- --------------------------------------------------------------------------------------------------------------------
3,907,000 718
- --------------------------------------------------------------------------------------------------------------------
Information Technology/Office Equipment--1.0%
500M Bell & Howell Co., 10 3/4%, 2002 523,750 96
- --------------------------------------------------------------------------------------------------------------------
Media/Cable Television--15.1%
1,000M Affiliated Newspaper Investments, Inc., 0%-13 1/4%, 2006 900,000 165
1,000M Bell Cablemedia, PLC, 0%-11.95%, 2004 908,750 167
500M Diamond Cable Communications, PLC, 0%-11 3/4%, 2005 335,625 62
1,075M Echostar Communications Corp., 0%-12 7/8%, 2004 903,000 166
500M Garden State Newspapers, Inc., 12%, 2004 555,000 102
500M Grupo Televisa, S.A., 11 7/8%, 2006 565,000 104
500M Outdoor Systems, Inc., 8 7/8%, 2007 (Note 4) 485,000 89
500M Rogers Cablesystems, Inc., 10%, 2005 542,500 100
500M Sinclair Broadcast Group, 9%, 2007 (Note 4) 486,250 89
1,000M Sullivan Broadcasting Co., Inc., 10 1/4%, 2005 1,018,750 186
900M TCI Satellite Entertainment, Inc., 10 7/8%, 2007 (Note 4) 902,250 166
600M World Color Press, Inc., 9 1/8%, 2003 615,000 113
- --------------------------------------------------------------------------------------------------------------------
8,217,125 1,509
- --------------------------------------------------------------------------------------------------------------------
Mining/Metals--8.3%
634M Carbide/Graphite Group, Inc., 11 1/2%, 2003 694,230 127
900M Commonwealth Aluminum Corp., 10 3/4%, 2006 947,250 174
1,000M CSN Iron, S.A., 9 1/8%, 2007 (Note 4) 982,500 181
800M Gulf States Steel, Inc., 13 1/2%, 2003 804,000 148
700M Wells Aluminum Corp., 10 1/8%, 2005 (Note 4) 724,500 133
400M Wheeling-Pittsburgh Steel Corp., 9 3/8%, 2003 388,000 71
- --------------------------------------------------------------------------------------------------------------------
4,540,480 834
- --------------------------------------------------------------------------------------------------------------------
Miscellaneous--6.0%
700M Allied Waste, North America, 10 1/4%, 2006 (Note 4) 750,750 138
950M Loomis Fargo & Co., 10%, 2004 (Note 4) 954,750 175
700M Pierce-Leahy Corp., 11 1/8%, 2006 773,500 142
800M Polymer Group, Inc., 9%, 2007 (Note 4) 787,128 145
- --------------------------------------------------------------------------------------------------------------------
3,266,128 600
- --------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--6.7%
500M Container Corp., 11 1/4%, 2004 548,125 101
500M Gaylord Container Corp., 11 1/2%, 2001 522,500 96
650M Riverwood International Corp., 10 1/4%, 2006 641,062 118
800M S.D. Warren Co., Inc., 12%, 2004 892,000 164
1,000M Stone Container Corp., 10 3/4%, 2002 1,043,750 191
- --------------------------------------------------------------------------------------------------------------------
3,647,437 670
- --------------------------------------------------------------------------------------------------------------------
Telecommunications--8.9%
1,500M American Communication Services, Inc., 0%-13%, 2005 896,250 165
1,000M Brooks Fiber Properties, Inc., 0%-10 7/8%, 2006 682,500 125
1,000M Comcast Cellular Corp., 9 1/2%, 2007 (Note 4) 1,006,250 185
1,100M InterCel, Inc., 0%-12%, 2006 686,125 126
700M Paging Network, Inc., 10%, 2008 672,000 123
800M Qwest Communications International, Inc., 10 7/8%, 2007 (Note 4) 874,000 161
- --------------------------------------------------------------------------------------------------------------------
4,817,125 885
- --------------------------------------------------------------------------------------------------------------------
Transportation--.9%
500M Trism, Inc., 10 3/4%, 2000 485,000 89
- --------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $46,752,111) 48,530,108 8,913
- --------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--.4%
Media/Cable Television
1,000 Affiliated Newspaper Investments, Inc. 115,000 21
4,744 Echostar Communications Corp.--Class "A" 74,125 14
- --------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $20,963) 189,125 35
- --------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--6.9%
Financial Services--3.5%
10,000 California Federal Bank, 11 1/2% 1,136,250 209
7,000 California Federal Bank, 10 5/8%, Series "B" 780,500 143
- --------------------------------------------------------------------------------------------------------------------
1,916,750 352
- --------------------------------------------------------------------------------------------------------------------
Media/Cable Television--2.5%
382 PanAmSat Capital Corp., 12 3/4%, PIK 474,288 87
790 Time Warner, Inc., 10 1/4%, PIK, Series "M" 876,900 161
- --------------------------------------------------------------------------------------------------------------------
1,351,188 248
- --------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--.9%
10,800 S.D. Warren Co., Inc., 14%, Series "B" 464,400 85
- --------------------------------------------------------------------------------------------------------------------
Total Value of Preferred Stocks (cost $3,190,781) 3,732,338 685
- --------------------------------------------------------------------------------------------------------------------
WARRANTS--.2%
Mining/Metals--0%
800 Gulf State Steel Acquisition Corp. (expiring 4/1/03) (Note 4) 8 --
- --------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--.1%
10,800 S.D. Warren Co., Inc. (expiring 12/15/06) (Note 4) 54,000 10
- --------------------------------------------------------------------------------------------------------------------
Telecommunications--.1%
1,500 American Communication Services, Inc. (expiring 11/1/05) (Note 4) 71,250 13
- --------------------------------------------------------------------------------------------------------------------
Total Value of Warrants (cost $0) 125,258 23
- --------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--3.2%
$750M HSB Group, Inc., 5.58%, 7/16/97 748,256 137
1,000M McCormick & Company, Inc., 6.05%, 7/1/97 1,000,000 184
- --------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $1,748,256) 1,748,256 321
- --------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $51,712,111) 99.8% 54,325,085 9,977
Other Assets, Less Liabilities .2 126,558 23
- --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $54,451,643 $10,000
========================================================================================================
============
* Non-income producing
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE INTERNATIONAL SECURITIES FUND
June 30, 1997
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--93.3%
United States--25.3%
3,500 Abbott Laboratories $233,625 $33
14,000 American Express Company 1,043,000 148
3,715 American International Group, Inc. 554,928 79
20,400 *Analog Devices, Inc. 541,875 77
11,000 Boeing Company 583,688 83
10,600 *Cisco Systems, Inc. 711,525 101
4,560 Citicorp 549,765 78
5,400 CVS Corporation 276,750 39
14,120 Du Pont (E.I.) de Nemours & Company 887,795 126
10,000 Exxon Corporation 615,000 87
5,000 Gannett Company, Inc. 493,750 70
12,000 General Electric Company 784,500 111
4,800 Gillette Company 454,800 65
11,000 Hewlett-Packard Company 616,000 87
6,500 Home Depot, Inc. 448,094 64
2,730 Intel Corporation 387,148 55
12,000 Johnson & Johnson 772,500 110
2,754 Lucent Technologies, Inc. 198,460 28
12,900 McDonald's Corporation 623,231 88
7,900 *Mirage Resorts, Inc. 199,475 28
2,200 Pfizer, Inc. 262,900 37
12,000 Pharmacia & Upjohn, Inc. 417,000 59
5,600 Phelps Dodge Corporation 477,050 68
3,130 Procter & Gamble Company 442,113 63
8,000 Sara Lee Corporation 333,000 47
7,400 SBC Communications, Inc. 457,875 65
3,490 Schlumberger, Ltd. 436,250 62
6,900 Southwest Airlines Company 178,538 25
12,200 State Street Corporation 564,250 80
8,400 Travelers Group, Inc. 529,725 75
9,400 United Technologies Corporation 780,200 111
8,000 Unocal Corporation 310,500 44
22,000 Wal-Mart Stores, Inc. 743,875 106
7,500 Warner-Lambert Company 931,875 133
- --------------------------------------------------------------------------------------------------------------------
17,841,060 2,532
- --------------------------------------------------------------------------------------------------------------------
Japan--12.5%
25,000 Aisin Seiki Company, Ltd. 382,328 54
9,000 Asahi Organic Chemicals Industry Company, Ltd. 46,640 7
11,000 Dai Nippon Printing Company, Ltd. 248,973 35
22,000 Eisai Company, Ltd. 417,197 59
7,000 Exedy Corporation 89,312 13
11,000 Fuji Machine Manufacturing Company 398,934 57
4,000 Fukuda Denshi, Ltd. 82,146 12
19,000 Hitachi Company, Ltd. 212,530 30
36,000 JGC Corporation 248,533 35
6,000 Kyudenko Company, Ltd. 50,651 7
5,000 Mabuchi Motor Company, Ltd. 290,571 41
20,000 Maruichi Steel Tube, Ltd. 332,080 47
6,200 Matsumotokiyoshi Company, Ltd. 263,322 37
24,000 Matsushita Electric Industrial Company, Ltd. 484,488 69
50,000 *Mazda Motor Corporation 174,775 25
3,000 Meiwa Estate Company, Ltd. 65,542 9
36,000 Mitsubishi Heavy Industries, Ltd. 276,534 39
10,000 Murata Manufacturing Company, Ltd. 398,496 57
13,000 Namco, Ltd. 502,141 72
30,000 NGK Spark Plug Company 327,711 47
38,000 Nikko Securities Company, Ltd. 234,114 33
36,000 Nippon Express Company, Ltd. 287,860 41
1,370 Nippon Television Network Corporation 550,729 79
20,000 Okumura Corporation 106,090 15
700 Royal, Ltd. 14,743 2
47,000 Sakura Bank, Ltd. 360,622 51
12,000 Sanwa Bank, Ltd. 178,274 25
4,000 Sawako Corporation 72,708 10
9,000 Shimachu 270,558 38
9,000 Sony Music Entertainment, Inc. 422,354 60
4,000 Square Company, Ltd. 197,500 28
29,000 Sumitomo Rubber Industries 195,393 28
5,800 Tokyo Steel Manufacturing Company 64,878 9
40,000 Toyo Ink Manufacturing Company, Ltd. 160,096 23
43,000 Yamato Kogyo Company, Ltd. 424,625 60
- --------------------------------------------------------------------------------------------------------------------
8,833,448 1,254
- --------------------------------------------------------------------------------------------------------------------
United Kingdom--9.5%
43,000 Associated British Foods PLC 371,060 53
50,000 Bank of Scotland 319,545 45
9,200 Bass PLC 112,234 16
36,000 BOC Group PLC 626,108 89
38,400 Boots Company PLC 449,599 64
25,000 British Telecommunications PLC 185,568 26
92,000 BTR PLC 314,649 45
26,400 Burmah Castrol PLC 447,063 63
56,000 Carlton Communications PLC 472,993 67
180,000 *Centrica PLC 219,420 31
183,461 Cookson Group PLC 645,764 92
44,568 De La Rue PLC 273,701 39
36,000 Guinness PLC 352,296 50
46,900 National Grid Holdings PLC 171,330 24
40,811 PowerGen PLC 485,639 69
39,000 Rank Group PLC 246,971 35
15,379 Reckitt & Colman PLC 229,588 33
32,509 Royal & Sun Alliance Insurance Group PLC 239,682 34
81,723 Sainsbury (J) PLC 495,756 70
- --------------------------------------------------------------------------------------------------------------------
6,658,966 945
- --------------------------------------------------------------------------------------------------------------------
France--6.4%
1,050 Accor SA 157,385 22
18,500 Assurances Generales de France 591,778 84
12,300 Banque Nationale de Paris 507,424 72
1,230 Compagnie de Saint Gobain 179,547 25
7,300 Credit Commercial de France 309,610 44
7,345 Groupe Havas SA 529,831 75
2,150 Peugeot SA 208,008 30
5,016 Remy Cointreau 120,553 17
14,259 Rhone-Poulenc SA--Series "A" 582,898 83
4,948 Societe Generale Paris 552,874 78
3,000 Societe Nationale Elf Aquitaine SA 323,969 46
4,214 Total SA--Class "B" 426,357 61
- --------------------------------------------------------------------------------------------------------------------
4,490,234 637
- --------------------------------------------------------------------------------------------------------------------
Germany--3.4%
10,300 Bayer AG 397,214 56
4,950 Degussa AG 261,911 37
23,000 Deutsche Lufthansa AG 442,831 63
1,500 Karstadt AG 542,313 77
450 Mannesmann AG 200,656 28
26,850 *Metallgesellschaft AG 555,478 80
- --------------------------------------------------------------------------------------------------------------------
2,400,403 341
- --------------------------------------------------------------------------------------------------------------------
Australia--3.1%
50,892 Amcor, Ltd. 335,500 48
167,514 Boral, Ltd. 523,297 74
36,751 Broken Hill Proprietary, Ltd. 536,399 77
108,036 *Crown, Ltd. 172,382 24
98,246 Goodman Fielder, Ltd. 143,518 20
116,000 Pioneer International, Ltd. 444,930 63
- --------------------------------------------------------------------------------------------------------------------
2,156,026 306
- --------------------------------------------------------------------------------------------------------------------
Italy--3.0%
30,900 Arnoldo Mondadori Editore SpA 178,333 25
163,000 Fiat SpA 586,278 83
48,800 Istituto Bancario San Paolo Di Torino 355,352 50
85,000 Stet-Societa Finanziaria Telefonica SpA 494,556 70
159,000 Telecom Italia SpA 475,633 67
- --------------------------------------------------------------------------------------------------------------------
2,090,152 295
- --------------------------------------------------------------------------------------------------------------------
Mexico--3.0%
70,000 Cemex SA CPO 300,962 43
54,500 *Corporacion Geo SA--Class "B" 313,797 45
42,000 Fomento Economico Mexicano SA--Class "B" 249,745 35
9,700 Grupo Televisa SA 146,820 21
1,020,000 Grupo Financiero Bancomer--Class "B" 492,405 69
109,000 Kimberly Clark de Mexico--Class "A" 431,642 61
4,400 Panamerican Beverages, Inc.--Class "A" 144,650 21
- --------------------------------------------------------------------------------------------------------------------
2,080,021 295
- --------------------------------------------------------------------------------------------------------------------
Netherlands--2.8%
2,950 Akzo-Nobel NV 405,012 57
20,051 ING Groep NV 926,144 132
12,500 PolyGram NV 657,114 93
- --------------------------------------------------------------------------------------------------------------------
1,988,270 282
- --------------------------------------------------------------------------------------------------------------------
Canada--2.6%
11,200 Alcan Aluminum, Ltd. 385,630 55
17,600 Canadian Imperial Bank of Commerce 441,416 63
25,700 Canadian Pacific, Ltd. 730,844 103
17,700 Canwest Global Communications Corporation--Class "A" 262,181 37
- --------------------------------------------------------------------------------------------------------------------
1,820,071 258
- --------------------------------------------------------------------------------------------------------------------
Hong Kong--2.6%
48,000 Hutchison Whampoa, Ltd. 415,109 59
44,000 Hysan Development Company, Ltd. 129,774 18
20,000 New World Development Company, Ltd. 119,266 17
32,400 Sun Hung Kai Properties, Ltd. 389,979 55
63,000 Swire Pacific, Ltd.--Class "A" 567,195 81
780,000 Tingyi Holding Company 194,298 28
- --------------------------------------------------------------------------------------------------------------------
1,815,621 258
- --------------------------------------------------------------------------------------------------------------------
Finland--2.0%
18,000 Kesko 253,663 36
31,500 Metsa-Serla OY--Class "B" 256,523 36
7,100 Nokia Corporation--Class "A" (ADR) 523,625 75
15,200 Rauma OY 348,230 49
- --------------------------------------------------------------------------------------------------------------------
1,382,041 196
- --------------------------------------------------------------------------------------------------------------------
Denmark--1.8%
9,700 Tele Danmark A/S--Class "A" (ADR) 253,413 36
18,500 Unidanmark A/S Regd--Class "A" 1,040,686 148
- --------------------------------------------------------------------------------------------------------------------
1,294,099 184
- --------------------------------------------------------------------------------------------------------------------
Switzerland--1.7%
50 *Ciba Specialty Chemicals Holding, Inc. 4,630 1
227 Nestle AG Regd 299,895 43
300 Sairgroup Zurich Regd 336,660 48
660 Sulzer AG Regd 565,902 79
- --------------------------------------------------------------------------------------------------------------------
1,207,087 171
- --------------------------------------------------------------------------------------------------------------------
Sweden--1.5%
10,740 Nordbanken AB 361,130 51
16,000 Pharmacia & Upjohn, Inc. 540,066 77
6,100 Sparbanken Sverige AB--Class "A" 135,689 19
- --------------------------------------------------------------------------------------------------------------------
1,036,885 147
- --------------------------------------------------------------------------------------------------------------------
Singapore--1.5%
29,000 Development Bank of Singapore 365,072 52
55,000 Keppel Corporation, Ltd. 244,255 35
13,750 Keppel Corporation, Ltd.--Class "A" 59,621 8
50,000 Keppel Fels, Ltd. 169,245 24
70,000 Keppel Land, Ltd. 186,032 26
- --------------------------------------------------------------------------------------------------------------------
1,024,225 145
- --------------------------------------------------------------------------------------------------------------------
Norway--1.3%
28,078 Nycomed ASA--Class "A" 414,218 59
26,700 Saga Petroleum ASA--Series "A" 506,953 72
- --------------------------------------------------------------------------------------------------------------------
921,171 131
- --------------------------------------------------------------------------------------------------------------------
Ireland--1.2%
14,649 Allied Irish Banks PLC 111,660 16
10,000 Bank of Ireland 110,093 16
220,000 Jefferson Smurfit Group PLC 640,750 90
- --------------------------------------------------------------------------------------------------------------------
862,503 122
- --------------------------------------------------------------------------------------------------------------------
Indonesia--1.1%
220,000 *Bank Negara Indonesia Foreign Regd 140,228 20
128,000 Jaya Real Property Foreign Regd 172,403 24
177,000 Kalbe Farma Foreign Regd 236,578 34
8,000 PT Indostat (ADR) 239,500 34
- --------------------------------------------------------------------------------------------------------------------
788,709 112
- --------------------------------------------------------------------------------------------------------------------
Argentina--1.0%
55,000 Banco de Galicia--Class "B" 365,789 52
26,000 Quilmes Industrial SA (ADR) 302,250 43
- --------------------------------------------------------------------------------------------------------------------
668,039 95
- --------------------------------------------------------------------------------------------------------------------
Brazil--.9%
6,400 Aracruz Celulose SA (ADR) 130,400 19
5,000 Centrais Electricas Brasileiras SA-Electrobras (ADR) 139,799 20
2,923,000 Telecomunicacoes Brasileiras SA-Telebras 395,482 55
- --------------------------------------------------------------------------------------------------------------------
665,681 94
- --------------------------------------------------------------------------------------------------------------------
Malaysia--.9%
1,320 *Bumi Armada BHD 3,242 --
120,000 Land & General Holdings BHD 137,868 20
50,000 Renong BHD 65,370 9
32,000 Resorts World BHD 96,352 14
86,000 Sime Darby Berhad 286,208 41
30,000 Sungei Way Holdings Berhad 56,574 8
- --------------------------------------------------------------------------------------------------------------------
645,614 92
- --------------------------------------------------------------------------------------------------------------------
Chile--.9%
3,200 Embotelladora Andina SA--Series "A" (ADR) 68,600 10
6,400 Embotelladora Andina SA--Series "B" (ADR) 133,600 19
11,500 Enersis SA (ADR) 408,969 58
- --------------------------------------------------------------------------------------------------------------------
611,169 87
- --------------------------------------------------------------------------------------------------------------------
New Zealand--.7%
178,000 Brierley Investments, Ltd. 173,710 25
134,000 Carter Holt Harvey, Ltd. 346,000 49
- --------------------------------------------------------------------------------------------------------------------
519,710 74
- --------------------------------------------------------------------------------------------------------------------
Thailand--.5%
74,000 Land & House Public Company, Ltd. Foreign Regd 154,253 22
24,000 Siam City Cement Public Company, Ltd. Foreign Regd 75,043 11
39,000 Siam Commercial Bank Public Company, Ltd. Foreign Regd 159,580 22
- --------------------------------------------------------------------------------------------------------------------
388,876 55
- --------------------------------------------------------------------------------------------------------------------
Austria--.5%
2,700 OMV AG 345,928 49
- --------------------------------------------------------------------------------------------------------------------
Spain--.4%
2,000 Empresa Nacional de Electricidad SA (ADR) 168,219 24
4,900 Telefonica de Espana 141,932 20
- --------------------------------------------------------------------------------------------------------------------
310,151 44
- --------------------------------------------------------------------------------------------------------------------
South Korea--.3%
3,020 Chosun Brewery Company, Ltd. 78,901 11
6,302 *Hanwha Chemical Corporation 49,677 7
130 Samsung Fire & Marine Insurance 48,380 7
1,300 Shinsegae Department Store 51,239 7
- --------------------------------------------------------------------------------------------------------------------
228,197 32
- --------------------------------------------------------------------------------------------------------------------
Philippines--.3%
2,000 Philippine Long Distance Telephone Company (ADR) 128,500 18
190,000 Pilipino Telephone Corporation 95,437 14
- --------------------------------------------------------------------------------------------------------------------
223,937 32
- --------------------------------------------------------------------------------------------------------------------
Peru--.3%
10,600 Compania de Minas Buenaventura SA (ADR) 208,688 30
- --------------------------------------------------------------------------------------------------------------------
Belgium--.2%
1,550 Credit Communal de Belique SA 166,641 24
- --------------------------------------------------------------------------------------------------------------------
India--.1%
3,200 Ranbaxy Laboratories, Ltd. (GDR) 75,200 11
- --------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $54,946,831) 65,748,823 9,330
- --------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--1.7%
Brazil--1.2%
2,291,000 Companhia Energetia de Minas Gerais (CEMIG) 115,237 16
22,882,200 Companhia Paranaense de Energia - Copel--Class "B" 409,591 58
1,161,000 Petroleo Brasileiro SA - Petrobras 318,115 45
5,000 *Vale Do Rio Doce--Class "B" -- --
- --------------------------------------------------------------------------------------------------------------------
842,943 119
- --------------------------------------------------------------------------------------------------------------------
Germany--.5%
3,850 Hornbach Holdings AG 321,471 46
- --------------------------------------------------------------------------------------------------------------------
Total Value of Preferred Stocks (cost $880,888) 1,164,414 165
- --------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--1.2%
$350M United States Treasury Bill, 4.85%, 7/24/97 347,414 49
520M United States Treasury Bill, 5.04%, 8/7/97 516,792 74
- --------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Obligations (cost $864,206) 864,206 123
- --------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENTS--3.2%
2,282M Morgan (J.P.) Securities, Inc., 5.95%, 7/1/97 (collateralized by
U.S. Treasury Notes, 9 1/8%, 5/15/99, valued at $2,339M)
(cost $2,282,000) 2,282,000 324
- --------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $58,973,925) 99.4% 70,059,443 9,942
Other Assets, Less Liabilities .6 407,772 58
- --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $70,467,215 $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, 1997, sector diversification of the portfolio was as follows:
- -----------------------------------------------------------------------------
Percentage
Sector Diversification of Net Assets Value
- -----------------------------------------------------------------------------
<S> <C> <C>
Banks 12.1% $8,514,250
Drugs 7.2 5,052,276
Retail Trade 5.8 4,116,641
Metals & Minerals 5.2 3,677,623
Media 5.0 3,540,724
Travel & Leisure 4.2 2,955,965
Energy Sources 4.2 2,947,956
Food/Beverage/Tobacco 4.1 2,904,600
Telephone 4.1 2,867,895
Chemicals. 3.9 2,722,679
Paper/Forest Products 3.4 2,414,516
Machinery & Manufacturing 3.0 2,141,121
Electronics 2.9 2,024,537
Insurance 2.8 1,964,494
Real Estate Companies 2.7 1,922,312
Electric Utilities 2.7 1,898,784
Automotive 2.3 1,650,837
Financial Services 2.1 1,450,824
Communication Equipment 2.0 1,433,610
Electrical Equipment 2.0 1,402,782
Aerospace/Defense 1.9 1,363,888
Transportation 1.9 1,322,580
Computers & Office Equipment 1.8 1,261,764
Household Products 1.6 1,126,501
Business Services 1.5 1,069,113
Medical Products 1.3 881,673
Energy Services .9 605,495
Pipeline .8 565,348
Housing .7 492,595
Entertainment Products. .6 422,354
Software Services .3 197,500
U.S. Treasury Bills 1.2 864,206
Repurchase Agreements 3.2 2,282,000
- -----------------------------------------------------------------------------
Total Value of Investments 99.4 70,059,443
Other Assets, Less Liabilities .6 407,772
- -----------------------------------------------------------------------------
Net Assets 100.0% $70,467,215
=============================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE INVESTMENT GRADE FUND
June 30, 1997
- --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CORPORATE BONDS--89.7%
Aerospace/Defense--5.0%
$300M Boeing Co., 6.35%, 2003 $295,350 $181
250M Lockheed Martin Corp., 7 1/4%, 2006 253,282 156
250M Rockwell International Corp., 8 3/8%, 2001 264,516 163
- --------------------------------------------------------------------------------------------------------------------
813,148 500
- --------------------------------------------------------------------------------------------------------------------
Agricultural Products--1.9%
300M Archer-Daniels-Midland Co., 7 1/8%, 2013 303,340 186
- --------------------------------------------------------------------------------------------------------------------
Automotive--1.5%
250M Hertz Corp., 6 3/8%., 2005 239,969 147
- --------------------------------------------------------------------------------------------------------------------
Building Materials--.7%
100M Masco Corp., 9%, 2001 107,990 66
- --------------------------------------------------------------------------------------------------------------------
Chemicals--3.4%
250M Du Pont (E.I.) de Nemours & Co., 8 1/8%, 2004 268,972 165
300M Lubrizol Corp., 7 1/4%, 2025 290,783 179
- --------------------------------------------------------------------------------------------------------------------
559,755 344
- --------------------------------------------------------------------------------------------------------------------
Conglomerates--3.5%
300M Hanson Overseas, B.V., 7 3/8%, 2003 306,451 188
250M Tenneco, Inc., 7 7/8%, 2027 258,986 159
- --------------------------------------------------------------------------------------------------------------------
565,437 347
- --------------------------------------------------------------------------------------------------------------------
Consumer Non-Durables--2.0%
300M American Home Products Corp., 7.9%, 2005 318,529 196
- --------------------------------------------------------------------------------------------------------------------
Consumer Products--1.5%
250M Mattel, Inc., 6 3/4%, 2000 250,366 154
- --------------------------------------------------------------------------------------------------------------------
Electric & Gas Utilities--8.6%
250M Baltimore Gas & Electric Co., 6 1/2%, 2003 246,574 152
250M Duke Energy Corp., 5 7/8%, 2003 237,980 146
200M Kansas Gas & Electric Co., 7.6%, 2003 206,363 127
75M Old Dominion Electric Cooperative, 7.97%, 2002 77,508 48
300M Pennsylvania Power & Light Co., 6 7/8%, 2003 298,876 183
250M Philadelphia Electric Co., 8%, 2002 261,200 161
75M Southwestern Electric Power Co., 7%, 2007 75,133 46
- --------------------------------------------------------------------------------------------------------------------
1,403,634 863
- --------------------------------------------------------------------------------------------------------------------
Energy--2.0%
315M Baroid Corp., 8%, 2003 332,553 204
- --------------------------------------------------------------------------------------------------------------------
Energy Exploration/Production--1.5%
250M Phillips Petroleum Co., 7.2%, 2023 240,450 148
- --------------------------------------------------------------------------------------------------------------------
Entertainment/Leisure--1.8%
300M Walt Disney Co., 6 3/4%, 2006 297,118 183
- --------------------------------------------------------------------------------------------------------------------
Financial Services--14.2%
40M BankAmerica Corp., 9 1/2%, 2001 43,617 27
200M Barnett Banks, Inc., 8 1/2%, 1999 206,743 127
300M Chemical Bank, Inc., 7%, 2005 299,685 185
200M Citicorp, 8%, 2003 210,643 129
300M First Union Corp., 8 1/8%, 2002 315,726 195
250M Fleet Capital, 7.92%, 2026 246,337 151
300M KeyCorp, 7 1/2%, 2006 306,487 188
250M Mellon Bank N.A., 6 1/2%, 2005 240,510 148
50M Meridian Bancorp, 7 7/8%, 2002 52,177 32
75M Morgan Guaranty Trust Co., 7 3/8%, 2002 76,771 47
300M NationsBank Corp., 8 1/8%, 2002 316,317 194
- --------------------------------------------------------------------------------------------------------------------
2,315,013 1,423
- --------------------------------------------------------------------------------------------------------------------
Food Services--1.5%
250M McDonald's Corp., 6 5/8%, 2005 245,083 151
- --------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--4.8%
250M Anheuser-Busch Companies, Inc., 7%, 2005 250,577 154
25M Coca-Cola Enterprises, Inc., 7 7/8%, 2002 26,148 16
300M Hershey Foods Corp., 6.7%, 2005 294,344 181
200M Philip Morris Companies, Inc., 7 1/8%, 2002 201,760 124
- --------------------------------------------------------------------------------------------------------------------
772,829 475
- --------------------------------------------------------------------------------------------------------------------
Gas Transmission--3.7%
300M Columbia Gas System, Inc., 6.8%, 2005 295,749 182
300M Enron Corp., 7 1/8%, 2007 301,148 185
- --------------------------------------------------------------------------------------------------------------------
596,897 367
- --------------------------------------------------------------------------------------------------------------------
Healthcare--1.0%
150M Tenet Healthcare Corp., 10 1/8%, 2005 163,500 100
- --------------------------------------------------------------------------------------------------------------------
Investment/Finance Companies--5.8%
300M Associates Corp. of North America, 7 7/8%, 2001 312,600 192
300M General Electric Capital Corp., 7 7/8%, 2006 320,564 197
300M General Motors Acceptance Corp., 7 1/8%, 1999 304,081 187
- --------------------------------------------------------------------------------------------------------------------
937,245 576
- --------------------------------------------------------------------------------------------------------------------
Media/Cable Television--5.2%
300M New York Times Co., Inc., 7 5/8%, 2005 310,658 191
250M News America Holdings, Inc., 8 1/2%, 2005 266,895 164
250M PanAmSat Capital Corp., 9 3/4%, 2000 261,875 161
- --------------------------------------------------------------------------------------------------------------------
839,428 516
- --------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--1.6%
250M Temple Inland, Inc., 9%, 2001 269,464 166
- --------------------------------------------------------------------------------------------------------------------
Retail-Food/Drug--1.9%
300M Kroger Co., 8 1/2%, 2003 314,876 193
- --------------------------------------------------------------------------------------------------------------------
Retail-General Merchandise--2.0%
300M Wal-Mart Stores, Inc., 8%, 2006 324,572 199
- --------------------------------------------------------------------------------------------------------------------
Technology--3.2%
250M International Business Machines Corp., 7%, 2025 237,125 146
275M Xerox Corp., 7.15%, 2004 278,598 171
- --------------------------------------------------------------------------------------------------------------------
515,723 317
- --------------------------------------------------------------------------------------------------------------------
Telephone--9.5%
250M GTE Corp., 7.9%, 2027 253,240 156
350M MCI Communication Corp., 7 1/2%, 2004 364,398 223
250M MFS Communications Co., Inc., 0%-8 7/8%, 2006 198,438 122
250M New Jersey Bell Telephone Co., 7 3/8%, 2012 247,741 152
300M New York Telephone Co., 7 1/4%, 2024 285,815 176
200M Pacific Bell Telephone Co., 7%, 2004 201,593 124
- --------------------------------------------------------------------------------------------------------------------
1,551,225 953
- --------------------------------------------------------------------------------------------------------------------
Transportation--1.9%
300M Norfolk Southern Corp., 7.35%, 2007 306,974 189
- --------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $14,593,911) 14,585,118 8,963
- --------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--6.0%
1,000M United States Treasury Bond, 6 5/8%, 2027 (cost $955,313) 978,437 601
- --------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--1.5%
250M McCormick & Company, Inc., 6.05%, 7/1/97 (cost $250,000) 250,000 154
- --------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $15,799,224) 97.2% 15,813,555 9,718
Other Assets, Less Liabilities 2.8 459,152 282
- --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $16,272,707 $10,000
========================================================================================================
============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE TARGET MATURITY 2007 FUND
June 30, 1997
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--55.2%
Agency For International Development-Israel:
$570M 2/15/07 $297,814 $180
119M 3/15/07 61,796 37
1,513M 8/15/07 762,817 460
181M 10/1/07 90,412 55
1,000M 11/15/07 495,291 299
980M 2/15/08 476,188 287
493M Federal Judiciary Office Building, 2/15/2007 253,483 153
Federal National Mortgage Association:
215M 2/1/08 103,922 63
1,030M 8/1/08 479,945 290
4,536M Government Trust Certificate, 11/15/2007 2,246,640 1,355
586M International Bank for Reconstruction & Development, 8/15/2007 289,720 175
4,600M Resolution Funding Corporation, 10/15/2007 2,307,894 1,392
2,600M Tennessee Valley Authority, 11/1/2007 1,281,834 773
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Zero Coupon
Obligations (cost $9,239,563) 9,147,756 5,519
- ----------------------------------------------------------------------------------------------------------------------
U.S. TREASURY ZERO COUPON OBLIGATIONS -- 41.9%
200M Treasury Investors Growth Receipts, 11/15/2007 100,056 60
13,600M U.S. Treasury Strips, 11/15/2007 6,851,802 4,134
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Treasury Zero Coupon
Obligations (cost $6,984,382) 6,951,858 4,194
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $16,223,945) 97.1% 16,099,614 9,713
Other Assets, Less Liabilities 2.9 474,880 287
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $16,574,494 $10,000
========================================================================================================
==============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE TARGET MATURITY 2010 FUND
June 30, 1997
- ----------------------------------------------------------------------------------------------------------------------
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--62.5%
Agency For International Development-Israel:
$603M 8/15/10 $243,499 $727
495M 9/15/10 198,585 593
400M Federal National Mortgage Association, 2/1/2011 154,447 461
950M Government Trust Certificate, 11/15/2010 376,134 1,123
1,600M Resolution Funding Corporation, 1/15/2011 630,990 1,884
1,250M Tennessee Valley Authority, 11/1/2010 490,485 1,465
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Zero Coupon
Obligations (cost $2,041,059) 2,094,140 6,253
- ----------------------------------------------------------------------------------------------------------------------
U.S. TREASURY ZERO COUPON OBLIGATIONS--30.3%
2,500M U.S. Treasury Strips, 11/15/2010 (cost $1,015,142) 1,013,113 3,027
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $3,056,201) 92.8% 3,107,253 9,280
Other Assets, Less Liabilities 7.2 241,082 720
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $3,348,335 $10,000
========================================================================================================
==============
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS LIFE UTILITIES INCOME FUND
June 30, 1997
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
COMMON STOCKS--94.9%
Electric Power--43.3%
4,500 * AES Corporation $318,375 $118
11,900 American Electric Power Company, Inc. 499,800 185
8,700 Baltimore Gas & Electric Company 232,181 86
6,700 CalEnergy Company, Inc. 254,600 94
6,000 Carolina Power & Light Company 215,250 80
11,800 CINergy Corporation 410,788 152
11,100 CMS Energy Corporation 391,275 145
8,800 Consolidated Edison Company of New York, Inc. 259,050 96
15,000 DPL, Inc. 369,375 137
12,650 DQE, Inc. 357,363 132
13,200 Duke Energy Corporation 632,775 234
13,600 Edison International 338,300 125
2,400 Empresa Nacional de Electricidad SA (ADR) 204,150 76
4,500 Enersis SA (ADR) 160,031 59
5,000 Florida Progress Corporation 156,563 58
13,600 FPL Group, Inc. 626,450 232
9,000 GPU, Inc. 322,875 120
8,500 Houston Industries, Inc. 182,219 68
5,000 Illinova Corporation 110,000 41
6,300 IPALCO Enterprise, Inc. 196,875 73
4,000 Kansas City Power & Light Company 114,250 42
6,500 KU Energy Corporation 221,813 82
10,500 MDU Resources Group, Inc. 252,000 93
3,600 National Power PLC (ADR) 126,675 47
12,800 NIPSCO Industries, Inc. 528,800 196
5,000 Northern States Power Company 258,750 96
12,600 OGE Energy Corporation 573,300 212
16,500 PacifiCorp 363,000 134
13,500 Public Service Company of Colorado 560,250 208
12,108 Puget Sound Energy, Inc. 320,862 119
16,000 Scana Corporation 397,000 147
16,700 Sierra Pacific Resources 534,400 198
14,500 Southern Company 317,187 118
12,100 Teco Energy, Inc. 309,306 115
8,000 Union Electric Company 301,500 112
9,200 UtiliCorp United, Inc. 267,950 99
- ----------------------------------------------------------------------------------------------------------------------
11,685,338 4,329
- ----------------------------------------------------------------------------------------------------------------------
Energy--1.6%
2,300 Louisiana Land and Exploration Company 131,387 49
2,500 Noble Affiliates, Inc. 96,719 36
6,600 Tosco Corporation 197,587 73
- ----------------------------------------------------------------------------------------------------------------------
425,693 158
- ----------------------------------------------------------------------------------------------------------------------
Natural Gas--24.8%
9,000 AGL Resources, Inc. 185,625 69
10,500 * Calpine Corporation 199,500 74
5,000 CMS Energy Corporation--Class "G" 99,375 37
10,000 Coastal Corporation 531,875 197
4,600 Columbia Gas System, Inc. 300,150 111
4,400 Consolidated Natural Gas Company 236,775 88
3,800 Eastern Enterprises 131,813 49
6,800 El Paso Natural Gas Company 374,000 138
3,500 Energen Corporation 117,906 44
9,200 Enron Corporation 375,475 138
7,000 Equitable Resources, Inc. 198,625 74
6,000 KN Energy, Inc. 252,750 94
8,800 MCN Energy Group, Inc. 269,500 100
5,900 National Fuel Gas Company 247,431 92
6,300 New Jersey Resources Corporation 197,663 73
5,700 NICOR, Inc. 204,488 76
5,400 Oneok, Inc. 173,813 64
6,600 Pacific Enterprises 221,925 82
3,500 People's Energy Corporation 131,031 49
5,000 Piedmont Natural Gas Company, Inc. 128,438 48
6,600 Questar Corporation 266,475 99
7,900 Southwest Gas Corporation 157,013 58
11,250 * Tejas Gas Corporation 441,563 163
5,000 TransCanada Pipelines, Ltd. 100,625 37
8,100 UGI Corporation 179,213 66
6,000 Washington Gas & Light Company 150,750 56
5,000 Westcoast Energy, Inc. 90,938 34
7,500 Western Gas Resources, Inc. 146,250 54
6,900 WICOR, Inc. 268,668 100
7,000 Williams Companies, Inc. 306,250 113
- ----------------------------------------------------------------------------------------------------------------------
6,685,903 2,477
- ----------------------------------------------------------------------------------------------------------------------
Real Estate Investment Trust--.4%
3,200 Simon DeBartolo Group, Inc. 102,400 38
- ----------------------------------------------------------------------------------------------------------------------
Telecommunications--2.3%
5,000 Ericsson (L.M.) Telephone Company--Class "B" (ADR) 196,875 73
4,100 Lucent Technologies, Inc. 295,455 109
4,000 Teleport Communications Group, Inc.--Class "A" 136,500 51
- ----------------------------------------------------------------------------------------------------------------------
628,830 233
- ----------------------------------------------------------------------------------------------------------------------
Telephone/Utilities--22.5%
8,700 Ameritech Corporation 591,055 219
9,000 Bell Atlantic Corporation 682,875 253
11,900 BellSouth Corporation 551,863 204
8,500 Century Telephone Enterprises 286,344 106
4,600 Cia. de Telecomunicaciones de Chile SA (ADR) 151,800 56
5,800 Cincinnati Bell, Inc. 182,700 68
11,400 GTE Corporation 500,175 185
5,000 MCI Communications Corporation 191,407 71
6,200 NYNEX Corporation 357,275 132
12,600 SBC Communications, Inc. 779,625 289
2,900 Sprint Corporation 152,613 57
2,000 Stet-Societa' Finanziaria Telefonica SpA 116,750 43
900 Telecomunicacoes Brasileiras SA--Telebras (ADR) 136,575 51
3,500 Telefonica de Argentina SA (ADR) 121,187 45
2,900 Telefonica de Espana SA (ADR) 250,125 93
3,400 Telefonos de Mexico SA (ADR) 162,350 60
4,300 Telephone and Data Systems, Inc. 163,131 60
11,100 US West Communications Group 418,330 155
8,900 WorldCom, Inc. 284,800 106
- ----------------------------------------------------------------------------------------------------------------------
6,080,980 2,253
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $22,290,796) 94.9% 25,609,144 9,488
Other Assets, Less Liabilities 5.1 1,381,071 512
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $26,990,215 $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, 1997
- ----------------------------------------------------------------------------------------------------------------
CASH
BLUE CHIP MANAGEMENT DISCOVERY GOVERNMENT
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $ 95,508,615 $4,521,235 $70,696,597 $8,775,917
============ ============ ============ ============
At value (Note 1A) $129,356,950 $4,521,235 $83,738,584 $8,854,940
Cash 182,226 41,028 236,924 69,633
Receivables:
Trust shares sold 391,768 -- 167,933 5,119
Investment securities sold 359,061 -- 285,993
Interest and dividends 77,263 9,671 53,534 78,624
Other assets 5,046 644 578 --
------------ ------------ ------------ ------------
Total Assets 130,372,314 4,572,578 84,483,546 9,008,316
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 787,933 -- 425,680 --
Trust shares redeemed 15,765 5,729 44,153 29,346
Dividend payable -- 18,681 -- --
Accrued advisory fee 79,122 2,274 50,712 4,504
Accrued expenses -- 439 519 1,106
------------ ------------ ------------ ------------
Total Liabilities 882,820 27,123 521,064 34,956
------------ ------------ ------------ ------------
Net Assets $129,489,494 $4,545,455 $83,962,482 $8,973,360
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $ 88,851,623 $4,545,455 $66,845,318 $9,312,761
Undistributed net investment income 613,529 -- 127,555 309,891
Accumulated net realized gain (loss) on
investments and foreign currency transactions 6,176,007 -- 3,947,622 (728,315)
Net unrealized appreciation (depreciation) of
investments and translation of assets in
foreign currencies 33,848,335 -- 13,041,987 79,023
------------ ------------ ------------ ------------
Total $129,489,494 $4,545,455 $83,962,482 $8,973,360
============ ============ ============ ============
Shares of beneficial interest outstanding
(Note 2) 5,931,756 4,545,455 3,261,498 913,228
============ ============ ============ ============
Net asset value, offering and redemption
price per share (Net assets divided by
shares outstanding) $21.83 $1.00 $25.74 $9.83
====== ====== ====== ======
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
INTERNATIONAL INVESTMENT
GROWTH HIGH YIELD SECURITIES GRADE
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $ 75,052,797 $51,712,111 $58,973,925 $15,799,224
============ ============ ============ ============
At value (Note 1A) $103,858,290 $54,325,085 $70,059,443 $15,813,555
Cash 69,369 502,797 10,994 189,329
Receivables:
Trust shares sold 241,243 100,318 223,368 9,374
Investment securities sold 105,642 -- 219,738
Interest and dividends 81,582 868,921 232,485 275,756
Other assets 4,465 792 132 --
------------ ------------ ------------ ------------
Total Assets 104,360,591 55,797,913 70,746,160 16,288,014
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 88,786 1,274,278 187,073 --
Trust shares redeemed 20,734 33,240 11,655 5,265
Dividend payable -- -- -- --
Accrued advisory fee 63,534 33,869 43,032 8,140
Accrued expenses -- 4,883 37,185 1,902
------------ ------------ ------------ ------------
Total Liabilities 173,054 1,346,270 278,945 15,307
------------ ------------ ------------ ------------
Net Assets $104,187,537 $54,451,643 $70,467,215 $16,272,707
============ ============ ============ ============
Net Assets Consist of
Capital paid in $ 73,407,772 $50,849,896 $55,557,525 $15,833,716
Undistributed net investment income 299,240 2,225,591 526,742 523,725
Accumulated net realized gain (loss)
investments and foreign currency transactions 1,675,032 (1,236,818) 3,295,594 (99,065)
Net unrealized appreciation (depreciation) of
investments and translation of assets in
foreign currencies 28,805,493 2,612,974 11,087,354 14,331
------------ ------------ ------------ ------------
Total $104,187,537 $54,451,643 $70,467,215 $16,272,707
============ ============ ============ ============
Shares of beneficial interest outstanding
(Note 2) 3,913,894 4,747,621 4,060,006 1,487,855
============ ============ ============ ============
Net asset value, offering and redemption
price per share (Net assets divided by
shares outstanding) $26.62 $11.47 $17.36 $10.94
====== ====== ====== ======
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
TARGET TARGET UTILITIES
MATURITY 2007 MATURITY 2010 INCOME
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Investments in securities:
At identified cost $16,223,945 $3,056,201 $22,290,796
============ ============ ============
At value (Note 1A) $16,099,614 $3,107,253 $25,609,144
Cash 379,690 204,485 1,279,516
Receivables:
Trust shares sold 103,470 38,204 63,984
Investment securities sold -- -- --
Interest and dividends -- -- 54,447
Other assets -- -- --
------------ ------------ -------------
Total Assets 16,582,774 3,349,942 27,007,091
------------ ------------ ------------
Liabilities
Payables: -- -- --
Investment securities purchased -- -- 3,032
Trust shares redeemed -- -- --
Dividend payable 8,130 1,595 13,245
Accrued advisory fee 150 12 599
Accrued expenses ------------ ------------ ------------
Total Liabilities 8,280 1,607 16,876
------------ ------------ ------------
Net Assets $16,574,494 $3,348,335 $26,990,215
============ ============ ============
Net Assets Consist of:
Capital paid in $16,353,193 $3,206,487 $22,890,867
Undistributed net investment income 463,700 87,010 406,289
Accumulated net realized gain (loss)
investments and foreign currency transactions (118,068) 3,786 374,711
Net unrealized appreciation (depreciation) of
investments and translation of assets in
foreign currencies (124,331) 51,052 3,318,348
------------ ------------ ------------
Total $16,574,494 $3,348,335 $26,990,215
============ ============ ============
Shares of beneficial interest outstanding
(Note 2) 1,462,994 302,083 2,144,447
============ ============ ============
Net asset value, offering and redemption
price per share (Net assets divided by
shares outstanding) $11.33 $11.08 $12.59
====== ====== ======
See notes to financial ststements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
FIRST INVESTORS LIFE SERIES FUND
Six Months Ended June 30, 1997
- ----------------------------------------------------------------------------------------------------------------------------
CASH
BLUE CHIP MANAGEMENT DISCOVERY GOVERNMENT GROWTH HIGH YIELD
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment Income
Income:
Interest $ 284,856 $120,704 $ 234,881 $337,978 $ 79,739 $2,242,970
Dividends 795,285 -- 207,549 -- 594,823 151,362+
Consent fees -- -- -- -- -- 49,125
---------- ---------- ---------- ---------- ---------- ----------
Total income 1,080,141 120,704 442,430 337,978 674,562 2,443,457
---------- ---------- ---------- ---------- ---------- ----------
Expenses (Notes 1 and 5):
Advisory fee 424,476 16,399 278,040 33,659 334,429 193,097
Professional fees 11,779 2,596 9,448 2,258 9,439 8,382
Reports to shareholders 10,463 406 7,010 314 8,118 4,859
Custodian fees 8,627 2,616 9,875 3,309 10,062 4,854
Other expenses 7,046 652 6,733 1,717 3,556 3,453
---------- ---------- ---------- ---------- ---------- ----------
Total expenses 462,391 22,669 311,106 41,257 365,604 214,645
Less: Expenses waived or assumed -- (8,902) -- (12,918) -- --
Custodian fees paid indirectly (8,627) -- (9,875) (1,449) (1,879) (3,199)
---------- ---------- ---------- ---------- ---------- ----------
Expenses--net 453,764 13,767 301,231 26,890 363,725 211,446
---------- ---------- ---------- ---------- ---------- ----------
Net investment income 626,377 106,937 141,199 311,088 310,837 2,232,011
---------- ---------- ---------- ---------- ---------- ----------
Realized and Unrealized Gain (Loss)
on Investments and Foreign Currency
Transactions (Note 3):
Net realized gain (loss) on investments
and foreign currency transactions 6,193,308 -- 4,011,309 (42,478) 1,693,661 442,907
Net unrealized appreciation
(depreciation) of investments and
translation of assets in
foreign currencies 10,912,122 -- 2,329,185 22,027 13,047,852 (201,445)
---------- ---------- ---------- ---------- ---------- ----------
Net gain (loss) from investments and
foreign currency 17,105,430 -- 6,340,494 (20,451) 14,741,513 241,462
---------- ---------- ---------- ---------- ---------- ----------
Net Increase in Net Assets
Resulting from Operations $17,731,807 $106,937 $6,481,693 $290,637 $15,052,350 $2,473,473
=========== =========== =========== =========== =========== ===========
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
INTERNATIONAL INVESTMENT TARGET TARGET UTILITIES
SECURITIES GRADE MATURITY 2007 MATURITY 2010* INCOME
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income
Income:
Interest $ 89,005 $575,305 $513,720 $96,482 $ 22,902
Dividends 834,178(a) -- -- -- 459,529
Consent fees -- -- -- -- --
---------- ---------- ---------- ---------- ----------
Total income 923,183 575,305 513,720 96,482 482,431
---------- ---------- ---------- ---------- ----------
Expenses (Notes 1 and 5):
Advisory fee 232,501 60,475 57,480 10,670 93,690
Professional fees 6,365 3,867 3,282 1,229 4,764
Reports to shareholders 6,491 487 531 97 852
Custodian fees 81,986 2,060 967 282 3,777
Other expenses 8,518 1,711 1,766 453 2,713
---------- ---------- ---------- ---------- ----------
Total expenses 335,861 68,600 64,026 12,731 105,796
Less: Expenses waived or assumed -- (18,945) (17,092) (3,914) (26,656)
Custodian fees paid indirectly -- (1,250) (934) (276) (3,619)
---------- ---------- ---------- ---------- ----------
Expenses--net 335,861 48,405 46,000 8,541 75,521
---------- ---------- ---------- ---------- ----------
Net investment income 587,322 526,900 467,720 87,941 406,910
---------- ---------- ---------- ---------- ----------
Realized and Unrealized Gain (Loss)
on Investments and Foreign Currency
Transactions (Note 3):
Net realized gain (loss) on investments
and foreign currency transactions 3,254,773(b) (34,574) (6,271) 3,786 379,007
Net unrealized appreciation
(depreciation) of investments and
translation of assets in foreign
currencies 3,528,859(c) (21,594) (183,740) (40,397) 557,656
---------- ---------- ---------- ---------- ----------
Net gain (loss) from investments and
foreign currency 6,783,632 (56,168) (190,011) (36,612) 936,663
---------- ---------- ---------- ---------- ----------
Net Increase in Net Assets investments
Resulting from Operations $7,370,954 $470,732 $277,709 $51,330 $1,343,573
=========== =========== =========== =========== ===========
(a) Net of $54,512 foreign taxes withheld
(b) Includes net realized loss of $2,311 on foreign currency transactions foreign currency transactions
(c) Includes $1,836 of net unrealized appreciation on translation of assets in foreign currencies
+ See Note 1H
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS LIFE SERIES FUND
- --------------------------------------------------------------------------------------------------------------------------
Blue Chip Cash Management Discovery
----------------------- ----------------------- ---------------------
1/1/97 to 1/1/97 to 1/1/97 to
6/30/97 1996 6/30/97 1996 6/30/97 1996
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from
Operations
Net investment income $ 626,377 $ 1,134,680 $ 106,937 $ 191,090 $ 141,199 $ 379,609
Net realized gain (loss) on investments 6,193,308 4,724,627 -- -- 4,011,309 3,299,510
Net unrealized appreciation (depreciation)
of investments 10,912,122 10,323,427 -- -- 2,329,185 3,592,400
----------- ----------- ----------- ----------- ----------- -----------
Net increase in net assets resulting
from operations. 17,731,807 16,182,734 106,937 191,090 6,481,693 7,271,519
----------- ----------- ----------- ----------- ----------- -----------
Distributions to Shareholders:
Net investment income (1,146,249) (1,020,182) (106,937) (191,090) (392,699) (254,154)
Net realized gain on investments (4,741,304) (1,953,044) -- -- (3,359,762) (2,006,247)
----------- ----------- ----------- ----------- ----------- -----------
Total distributions (5,887,553) (2,973,226)) (106,937) (191,090) (3,752,461) (2,260,401)
----------- ----------- ----------- ----------- ----------- -----------
Trust Share Transactions(a)
Proceeds from shares sold 12,314,588 19,440,335 1,299,029 3,660,848 7,725,674 14,650,798
Value of distributions reinvested 5,887,553 2,973,227 88,256 191,090 3,752,461 2,260,401
Cost of shares redeemed (634,929) (2,444,786) (1,138,362) (3,716,970) (1,143,895) (1,923,260)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) from trust
share transactions 17,567,212 19,968,776 248,923 134,968 10,334,240 14,987,939
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in net assets 29,411,466 33,178,284 248,923 134,968 13,063,472 19,999,057
Net Assets
Beginning of period 100,078,028 66,899,744 4,296,532 4,161,564 70,899,010 50,899,953
----------- ----------- ----------- ----------- ----------- -----------
End of period+ $129,489,494 $100,078,028 $ 4,545,455 $ 4,296,532 $83,962,482 $70,899,010
============ ============ =========== =========== =========== ===========
+Includes undistributed net investment
income of $ 613,529 $ 1,133,401 $ -- $ -- $ 127,555 $ 379,055
============ ============ =========== =========== =========== ===========
(a)Trust Shares Issued and Redeemed
Sold 605,353 1,083,789 1,299,067 3,660,848 320,789 623,364
Issued for distributions reinvested 294,819 175,515 88,218 191,090 158,198 100,062
Redeemed (30,715) (137,254) (1,138,362) (3,716,970) (46,738) (81,422)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in trust
shares outstanding 869,457 1,122,050 248,923 134,968 432,249 642,004
============ ============ =========== =========== =========== ===========
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Government Growth
----------------------- -----------------------
1/1/97 to 1/1/97 to
6/30/97 1996 6/30/97 1996
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets from
Operations
Net investment income $ 311,088 $ 618,623 $ 310,837 $ 584,948
Net realized gain (loss) on investments (42,478) (251,224) 1,693,661 6,150,722
Net unrealized appreciation (depreciation)
of investments 22,027 (44,522) 13,047,852 7,441,191
--------- --------- ----------- ---------
Net increase in net assets resulting
from operations. 290,637 322,877 15,052,350 14,176,861
--------- --------- ----------- ----------
Distributions to Shareholders:
Net investment income (596,590) (593,694) (596,375) (459,017)
Net realized gain on investments -- -- (6,162,536) (1,505,267)
--------- --------- ----------- ----------
Total distributions (596,590) (593,694) (6,758,911) (1,964,284)
--------- --------- ----------- ----------
Trust Share Transactions(a)
Proceeds from shares sold 405,198 1,075,016 10,781,475 14,976,944
Value of distributions reinvested 596,590 593,694 6,758,911 1,964,284
Cost of shares redeemed (746,898) (1,873,657) (452,598) (1,518,718)
--------- --------- ----------- ----------
Net increase (decrease) from trust 254,890 (204,947) 17,087,788 15,422,510
--------- --------- ----------- ----------
Net increase (decrease) in net assets (51,063) (475,764) 25,381,227 27,635,087
Net Assets
Beginning of period 9,024,423 9,500,187 78,806,310 51,171,223
--------- --------- ----------- ----------
End of period+ $8,973,360 $ 9,024,423 $104,187,537 $78,806,310
========== =========== ============ ===========
+Includes undistributed net investment
income of $ 309,891 $ 595,393 $ 299,240 $ 584,778
========== =========== ============ ===========
(a)Trust Shares Issued and Redeemed
Sold 41,084 108,024 438,651 683,046
Issued for distributions reinvested 62,209 60,767 284,586 95,585
Redeemed (75,465) (186,705) (18,064) (69,590)
--------- --------- ----------- ----------
Net increase (decrease) in trust
shares outstanding 27,828 (17,914) 705,173 709,041
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL
HIGH YIELD SECURITIES
----------------------------- --------------------------
1/1/97 to 1/1/97 to
6/30/97 1996 6/30/97 1996
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income $2,232,011 $ 4,255,464 $ 587,322 $ 606,472
Net realized gain (loss) on
investments and
foreign currency transactions 442,907 (443,404) 3,254,773 5,267,040
Net unrealized appreciation
(depreciation) of investments
and translation of assets in
foreign currencies (201,445) 1,579,035 3,528,859 1,100,316
----------- ----------- ----------- -----------
Net increase (decrease) in
net assets resulting
from operations 2,473,473 5,391,095 7,370,954 6,973,828
----------- ----------- ----------- -----------
Distributions to Shareholders:
Net investment income (4,259,486) (3,666,317) (671,804) (497,039)
Net realized gain on investments -- -- (5,219,395) (1,333,455)
----------- ----------- ----------- -----------
Total distributions (4,259,486) (3,666,317) (5,891,199) (1,830,494)
----------- ----------- ----------- -----------
Trust Share Transactions(a)
Proceeds from shares sold 3,949,599 5,773,021 5,872,633 11,599,460
Value of distributions reinvested 4,259,486 3,666,317 5,891,199 1,830,494
Cost of shares redeemed (1,444,973) (3,584,533) (730,986) (1,630,236)
----------- ----------- ----------- -----------
Net increase from trust share
transactions 6,764,112 5,854,805 11,032,846 11,799,718
----------- ----------- ----------- -----------
Net increase (decrease) in net assets 4,978,099 7,579,583 12,512,601 16,943,052
Net Assets
Beginning of period 49,473,544 41,893,961 57,954,614 41,011,562
----------- ----------- ----------- -----------
End of period+ $54,451,643 $49,473,544 $70,467,215 $57,954,614
=========== =========== =========== ===========
+Includes undistributed net investment
income of $ 2,225,591 $ 4,253,066 $ 526,742 $ 611,224
=========== =========== =========== ===========
(a)Trust Shares Issued and Redeemed
Sold 347,203 508,596 356,445 722,385
Issued for distributions reinvested 381,332 334,213 375,475 118,709
Redeemed (126,580) (317,951) (43,692) (101,516)
----------- ----------- ----------- -----------
Net increase in trust
shares outstanding 601,955 524,858 688,228 739,578
=========== =========== =========== ===========
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------
TARGET
INVESTMENT GRADE MATURITY 2007
----------------------------- ---------------------------
1/1/97 to 1/1/97 to
6/30/97 1996 6/30/97 1996
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income $ 526,900 $ 1,037,959 $ 467,720 $ 741,356
Net realized gain (loss) on
investments and
foreign currency transactions (34,574) 18,857 (6,271) (111,154)
Net unrealized appreciation
(depreciation) of
investments and translation of
assets in
foreign currencies (21,594) 623,436) (183,740) (665,288)
----------- ----------- ----------- -----------
Net increase (decrease) in
net assets resulting
from operations 470,732 433,380 277,709 (35,086)
----------- ----------- ----------- -----------
Distributions to Shareholders:
Net investment income (1,040,935) (936,444) (745,064) (209,644)
Net realized gain on investments -- -- -- (42,790)
----------- ----------- ----------- -----------
Total distributions (1,040,935) (936,444) (745,064) (252,434)
----------- ----------- ----------- -----------
Trust Share Transactions(a)
Proceeds from shares sold 761,433 2,104,756 2,214,097 5,404,920
Value of distributions reinvested 1,040,935 936,445 745,064 252,433
Cost of shares redeemed (1,349,034) (2,410,432) (563,972) (582,920)
----------- ----------- ----------- -----------
Net increase from trust share
transactions 453,334 630,769 2,395,189 5,074,433
----------- ----------- ----------- -----------
Net increase (decrease) in net assets (116,869) 127,705 1,927,834 4,786,913
Net Assets
Beginning of period 16,389,576 16,261,871 14,646,660 9,859,747
----------- ----------- ----------- -----------
End of period+ $16,272,707 $16,389,576 $16,574,494 $14,646,660
=========== =========== =========== ===========
+Includes undistributed net investment
income of $ 523,725 $ 1,037,760 $ 463,700 $ 741,044
=========== =========== =========== ===========
(a)Trust Shares Issued and Redeemed
Sold 69,749 189,792 195,300 477,864
Issued for distributions reinvested 97,648 85,991 67,550 22,399
Redeemed (122,593) (218,491) (50,883) (53,374)
----------- ----------- ----------- -----------
Net increase in trust
shares outstanding 44,804 57,292 211,967 446,889
=========== =========== =========== ===========
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
TARGET UTILITIES
MATURITY 2010 INCOME
----------------------------- ---------------------------
1/1/97 to 4/30/96* to 1/1/97 to
6/30/97 12/31/96 6/30/97 1996
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income $ 87,941 $ 50,304 $ 406,910 $ 693,324
Net realized gain on investments 3,786 -- 379,007 634,751
Net unrealized appreciation
(depreciation)
of investments (40,397) 91,449 557,656 694,844
----------- ----------- ----------- -----------
Net increase in net assets resulting
from operations. 51,330 141,753 1,343,573 2,022,919
----------- ----------- ----------- -----------
Distributions to Shareholders:
Net investment income (51,235) -- (692,647) (382,098)
Net realized gain on investments -- -- (517,046) --
----------- ----------- ----------- -----------
Total distributions (51,235) -- (1,209,693) (382,098)
=========== =========== =========== ===========
Trust Share Transactions(a)
Proceeds from shares sold 1,644,832 1,653,022 2,231,400 8,211,784
Value of distributions reinvested 51,235 -- 1,209,693 382,099
Cost of shares redeemed (542,602) -- (692,736) (825,061)
----------- ----------- ----------- -----------
Net increase from trust share
transactions 1,153,465 1,653,022 2,748,357 7,768,822
----------- ----------- ----------- -----------
Net increase in net assets 1,153,560 1,794,775 2,882,237 9,409,643
Net Assets
Beginning of period 2,194,775 400,000** 24,107,978 14,698,335
----------- ----------- ----------- -----------
End of period+ $3,348,335 $2,194,775 $26,990,215 $24,107,978
=========== =========== =========== ===========
+Includes undistributed net
investment income of $ 87,010 $ 50,304 $ 406,289 $ 692,026
=========== =========== =========== ===========
(a)Trust Shares Issued and Redeemed
Sold 151,107 156,734 182,882 701,601
Issued for distributions reinvested 4,766 -- 100,723 33,459
Redeemed (50,524) -- (56,636) (69,947)
----------- ----------- ----------- -----------
Net increase in trust
shares outstanding 105,349 156,734 226,969 665,113
=========== =========== =========== ===========
* 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, without regard to
dividend or interest income.
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 Stock Market is valued at its last sale price on the exchange
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 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
accretion of discount or amortization 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 it from all, or substantially all,
federal income taxes. At June 30, 1997, capital loss carryovers were as
follows:
<TABLE>
<CAPTION>
Year Capital Loss Carryovers Expire
----------------------------------------------------------------
Fund Total 1998 1999 2002 2003 2004
- ------ -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
GOVERNMENT $ 685,837 $ -- $ -- $457,817 $ -- $228,020
HIGH YIELD 1,679,725 625,685 355,926 106,914 147,796 443,404
INVESTMENT GRADE. 64,491 -- -- 28,682 35,809 --
TARGET MATURITY 2007 90,462 -- -- -- -- 90,462
</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. Use of Estimates--The preparation of the financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expense during the
reporting period. Actual results could differ from those estimates.
H. Other--Security transactions are accounted for on the date the
securities are purchased or sold. Cost is determined and gains and
losses are based, on the identified cost basis for 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. 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, 1997, the High Yield Fund recognized
$56,675 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
$31,108 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,
1997, 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 $48,935,417 $36,973,833 $ -- $ --
DISCOVERY 34,123,811 32,820,052 -- --
GOVERNMENT -- -- 5,611,599 5,192,393
GROWTH 20,091,512 11,075,328 -- --
HIGH YIELD 14,141,947 7,348,971 -- --
INTERNATIONAL SECURITIES 28,320,545 23,648,180 -- --
INVESTMENT GRADE 2,633,867 1,940,648 955,311 1,508,578
TARGET MATURITY 2007 -- -- 1,479,132 47,424
TARGET MATURITY 2010 -- -- 1,218,081 436,159
UTILITIES INCOME 9,684,423 8,261,958 -- --
</TABLE>
<TABLE>
<CAPTION>
At June 30, 1997, 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 $95,509,582 $34,687,438 $ 840,070 $33,847,368
CASH MANAGEMENT 4,524,399 -- -- --
DISCOVERY 70,703,008 16,372,389 3,336,812 13,035,577
GOVERNMENT 8,775,917 84,920 5,897 79,023
GROWTH 75,063,969 29,211,756 417,435 28,794,321
HIGH YIELD 51,712,111 2,910,936 297,962 2,612,974
INTERNATIONAL SECURITIES 58,973,925 13,100,137 2,014,619 11,085,518
INVESTMENT GRADE 15,799,224 206,172 191,841 14,331
TARGET MATURITY 2007 16,245,280 8,097 153,763 (145,666)
TARGET MATURITY 2010 3,056,201 54,474 3,422 51,052
UTILITIES INCOME 22,290,796 3,420,152 101,804 3,318,348
</TABLE>
4. Rule 144A Securities--Under Rule 144A, certain restricted securities
are exempt from the registra tion requirements of the Securities Act of
1933 and may only be sold to qualified institutional investors. At June
30, 1997, the Blue Chip, Discovery and High Yield Funds held one, one
and sixteen 144A securities, respectively, with aggregate values of
$559,329, $808,535 and $9,506,761, respectively. These securities
represent .4%, 1.0% and 17.5%, 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, 1997, total
advisory fees were $1,734,916 of which $54,061 was waived by the
investment adviser. In addition, $34,366 of expenses were assumed by
FIMCO.
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--Target Maturity 2010 Fund commenced
operations in April 1996 following the sale of 40,000 shares of
beneficial interest to First Investors Life Insurance Company for
$400,000.
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.
<TABLE>
<CAPTION>
Financial Highlights
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
---------------------------------------- --------------------------
Net Asset Net
Value Realized and
-------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
BLUE CHIP
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
1996 16.98 .22 3.31 3.53 .25 .49
1/1/97 to 6/30/97 19.77 .10 3.09 3.19 .22 .91
CASH MANAGEMENT
1992 1.00 .029 -- .029 .029 --
1993 1.00 .027 -- .027 .027 --
1994 1.00 .037 -- .037 .037 --
1995 1.00 .054 -- .054 .054 --
1996 1.00 .049 -- .049 .049 --
1/1/97 to 6/30/97 1.00 .024 -- .024 .024 --
DISCOVERY
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
1996 23.27 .13 2.66 2.79 .11 .89
1/1/97 to 6/30/97 25.06 .04 1.94 1.98 .14 1.16
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 --
1996 10.52 .68 (.33) .35 .68 --
1/1/97 to 6/30/97 10.19 .35 (.02) .33 .69 --
GROWTH
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
1996 20.47 .18 4.68 4.86 .18 .59
1/1/97 to 6/30/97 24.56 .07 4.03 4.10 .18 1.86
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
---------------------------- -----------------------------------------------------
Ratio to Average Net Assets+
Net Asset ----------------------------
Value Net Assets Net
-------- Total End of Investment
Total End of Return++ Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
BLUE CHIP
1992 $.21 $13.24 6.67 $23,765 .79 1.66
1993 .15 14.21 8.51 34,030 .88 1.27
1994 .25 13.75 (1.45) 41,424 .88 1.49
1995 1.14 16.98 34.00 66,900 .86 1.91
1996 .74 19.77 21.52 100,078 .84 1.39
1/1/97 to 6/30/97 1.13 21.83 16.67 129,489 .82(a) 1.11(a)
CASH MANAGEMENT
1992 .029 1.00 3.02 8,341 .79 2.99
1993 .027 1.00 2.70 4,243 .60 2.67
1994 .037 1.00 3.77 3,929 .60 3.69
1995 .054 1.00 5.51 4,162 .60 5.36
1996 .049 1.00 5.00 4,297 .60 4.89
1/1/97 to 6/30/97 .024 1.00 2.47 4,545 .63(a) 4.89(a)
DISCOVERY
1992 .18 18.35 15.74 10,527 .91 .02
1993 .91 21.36 22.20 21,221 .87 (.03)
1994 .94 19.86 (2.53) 30,244 .88 .36
1995 1.32 23.27 25.23 50,900 .87 .63
1996 1.00 25.06 12.48 70,899 .85 .63
1/1/97 to 6/30/97 1.30 25.74 8.30 83,962 .84(a) .38(a)
GOVERNMENT
1/7/92* to 12/31/92 .33 10.65 9.95(a) 5,064 .03(a) 6.64(a)
1993 .89 10.42 6.35 8,234 .35 6.60
1994 .30 9.70 (4.10) 7,878 .35 6.74
1995 .62 10.52 15.63 9,500 .40 6.79
1996 .68 10.19 3.59 9,024 .60 6.75
1/1/97 to 6/30/97 .69 9.83 3.36 8,973 .60(a) 6.93(a)
GROWTH
1992 1.56 16.64 9.78 16,385 .76 .75
1993 .19 17.45 6.00 25,658 .91 .43
1994 .21 16.73 (2.87) 32,797 .90 .60
1995 .38 20.47 25.12 51,171 .88 1.11
1996 .77 24.56 24.45 78,806 .85 .92
1/1/97 to 6/30/97 2.04 26.62 17.70 104,188 .82(a) .70(a)
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for a share
outstanding, total return, ratios to average net assets and other supplemental data
for each period indicated.
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio to Average Net Assets Before
Expenses Waived or Assumed
----------------------------
Net Portfolio
Investment Turnover Average
Expenses Income Rate Commission
(%) (%) (%) Rate+++
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BLUE CHIP
1992 .86 1.60 40 $ --
1993 N/A N/A 37 --
1994 N/A N/A 82 --
1995 N/A N/A 26 --
1996 N/A N/A 45 .0692
1/1/97 to 6/30/97 N/A N/A 37 .0667
CASH MANAGEMENT
1992 .98 2.81 N/A --
1993 1.05 2.22 N/A --
1994 1.04 3.25 N/A --
1995 1.10 4.87 N/A --
1996 1.11 4.38 N/A --
1/1/97 to 6/30/97 1.04(a) 4.48(a) N/A --
DISCOVERY
1992 1.05 (.12) 91 --
1993 N/A N/A 69 --
1994 N/A N/A 53 --
1995 N/A N/A 78 --
1996 N/A N/A 98 .0689
1/1/97 to 6/30/97 N/A N/A 52 .0657
GOVERNMENT
1/7/92* to 12/31/92 .89(a) 5.79(a) 301 --
1993 .84 6.11 525 --
1994 .90 6.19 457 --
1995 .93 6.26 198 --
1996 .94 6.41 199 --
1/1/97 to 6/30/97 .92(a) 6.61(a) 60 --
GROWTH
1992 1.20 .30 45 --
1993 N/A N/A 51 --
1994 N/A N/A 40 --
1995 N/A N/A 64 --
1996 N/A N/A 49 .0485
1/1/97 to 6/30/97 N/A N/A 13 .0467
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
---------------------------------------- --------------------------
Net Asset Net
Value Realized and
-------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
HIGH YIELD
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 --
1996 11.57 1.02 .35 1.37 1.01 --
1/1/97 to 6/30/97 11.93 .46 .10 .56 1.02 --
INTERNATIONAL SECURITIES
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
1996 15.58 .18 2.12 2.30 .19 .50
1/1/97 to 6/30/97 17.19 .14 1.75 1.89 .20 1.52
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 --
1996 11.73 .72 (.42) .30 .67 --
1/1/97 to 6/30/97 11.36 .37 (.05) .32 .74 --
TARGET MATURITY 2007
4/26/95* to 12/31/95 10.00 .26 2.00 2.26 -- --
1996 12.26 .56 (.83) (.27) .23 .05
1/1/97 to 6/30/97 11.71 .29 (.10) .19 .57 --
TARGET MATURITY 2010
4/30/96* to 12/31/96 10.00 .26 .90 1.16 -- --
1/1/97 to 6/30/97 11.16 .23 (.11) .12 .20 --
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
---------------------------- -----------------------------------------------------
Ratio to Average Net Assets+
Net Asset ----------------------------
Value Net Assets Net
-------- Total End of Investment
Total End of Return++ Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
HIGH YIELD
1992 $1.69 $10.44 13.15 $24,540 .91 10.48
1993 1.12 11.16 18.16 30,593 .91 9.49
1994 .31 10.58 (1.56) 32,285 .88 9.43
1995 .96 11.57 19.82 41,894 .87 9.86
1996 1.01 11.93 12.56 49,474 .85 9.43
1/1/97 to 6/30/97 1.02 11.47 4.88 54,452 .83(a) 8.67(a)
INTERNATIONAL SECURITIES
1992 .37 11.37 (1.13) 12,246 1.03 1.55
1993 .14 13.74 22.17 21,009 1.14 .97
1994 .05 13.51 (1.29) 31,308 1.03 1.22
1995 .37 15.58 18.70 41,012 1.02 1.42
1996 .69 17.19 15.23 57,955 1.12 1.25
1/1/97 to 6/30/97 1.72 17.36 12.00 70,467 1.08(a) 1.89(a)
INVESTMENT GRADE
1/7/92* to 12/31/92 .34 10.53 8.91(a) 4,707 .23(a) 6.16(a)
1993 .72 10.95 10.93 10,210 .35 6.32
1994 .25 10.31 (3.53) 11,602 .37 6.61
1995 .53 11.73 19.69 16,262 .51 6.80
1996 .67 11.36 2.84 16,390 .60 6.47
1/1/97 to 6/30/97 .74 10.94 2.94 16,273 .60(a) 6.52(a)
TARGET MATURITY 2007
4/26/95* to 12/31/95 -- 12.26 22.60 9,860 .04(a) 6.25(a)
1996 .28 11.71 (2.16) 14,647 .60 6.05
1/1/97 to 6/30/97 .57 11.33 1.71 16,574 .60(a) 6.10(a)
TARGET MATURITY 2010
4/30/96* to 12/31/96 -- 11.16 11.60 2,195 .60(a) 6.05(a)
1/1/97 to 6/30/97 .20 11.08 1.08 3,348 .60(a) 6.18(a)
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for a share
outstanding, total return, ratios to average net assets and other supplemental data
for each period indicated.
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio to Average Net Assets Before
Expenses Waived or Assumed
----------------------------
Net Portfolio
Investment Turnover Average
Expenses Income Rate Commission
(%) (%) (%) Rate+++
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HIGH YIELD
1992 .96 10.43 84 $ --
1993 N/A N/A 96 --
1994 N/A N/A 50 --
1995 N/A N/A 57 --
1996 N/A N/A 34 --
1/1/97 to 6/30/97 N/A N/A 15 --
INTERNATIONAL SECURITIES
1992 1.38 1.20 36 --
1993 N/A N/A 37 --
1994 N/A N/A 36 --
1995 N/A N/A 45 --
1996 N/A N/A 67 .0093
1/1/97 to 6/30/97 N/A N/A 41 .0036
INVESTMENT GRADE
1/7/92* to 12/31/92 .93(a) 5.46(a) 72 --
1993 .85 5.82 64 --
1994 .92 6.06 15 --
1995 .91 6.40 26 --
1996 .88 6.19 19 --
1/1/97 to 6/30/97 .85(a) 6.27(a) 23 --
TARGET MATURITY 2007
4/26/95* to 12/31/95 .87(a) 5.42(a) 28 --
1996 .82 5.83 13 --
1/1/97 to 6/30/97 .84(a) 5.87(a) 0 --
TARGET MATURITY 2010
4/30/96* to 12/31/96 .98(a) 5.67(a) 0 --
1/1/97 to 6/30/97 .89(a) 5.89(a) 17 --
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
PER SHARE DATA
--------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
---------------------------------------- --------------------------
Net Asset Net
Value Realized and
-------- Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized
of Period Income Investments Operations Income Gain
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
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 --
1996 11.74 .32 .78 1.10 .27 --
1/1/97 to 6/30/97 12.57 .18 .47 .65 .36 .27
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
PER SHARE DATA RATIOS/SUPPLEMENTAL DATA
---------------------------- -----------------------------------------------------
Ratio to Average Net Assets+
Net Asset ----------------------------
Value Net Assets Net
-------- Total End of Investment
Total End of Return++ Period Expenses Income
Distributions Period (%) (in thousands) (%) (%)
- ----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
UTILITIES INCOME
11/15/93* to 12/31/93 $ -- $9.94 (4.66)(a) $494 -- 1.46(a)
1994 .03 9.19 (7.24) 4,720 .17 4.13
1995 .19 11.74 30.26 14,698 .41 4.23
1996 .27 12.57 9.57 24,108 .60 3.48
1/1/97 to 6/30/97 .63 12.59 5.33 26,990 .63(a) 3.26(a)
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for a share
outstanding, total return, ratios to average net assets and other supplemental data
for each period indicated.
RATIOS/SUPPLEMENTAL DATA
-----------------------------------------------------
Ratio to Average Net Assets Before
Expenses Waived or Assumed
----------------------------
Net Portfolio
Investment Turnover Average
Expenses Income Rate Commission
(%) (%) (%) Rate+++
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES INCOME
11/15/93* to 12/31/93 3.99(a) (2.52)(a) 0 $ --
1994 .95 3.35 31 --
1995 .91 3.73 17 --
1996 .86 3.22 45 .0707
1/1/97 to 6/30/97 .85(a) 3.04(a) 36 .0685
* Commencement of operations
+ Some or all expenses have been waived or assumed by the investment adviser from commencement of
operations through June 30, 1997 (Note 5).
++ the effect of fees and charges incurred at the separate account level are not reflected in these
performance figures.
+++ Average commission rate (per share of security) as required by amended disclosure requirements
effective in fiscal year 1996.
(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, 1997, the related
statement of operations for the six months then ended, the statement of
changes in net assets for the six months ended June 30, 1997 and the
year ended December 31, 1996, and financial highlights for the periods
indicated thereon. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is
to express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.
Our procedures included confirmation of securities owned as of June 30,
1997, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of each of the eleven Funds comprising First
Investors Life Series Fund as of June 30, 1997, 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, 1997
FIRST INVESTORS LIFE SERIES FUND
Trustees
- ----------------------------
James J. Coy (Emeritus)
Roger L. Grayson
Glenn O. Head
Kathryn S. Head
Rex R. Reed
Herbert Rubinstein
Nancy S. Schaenen
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- ----------------------------
Glenn O. Head
President
Concetta Durso
Vice President and Secretary
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 to maintain 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.
