FIRST INVESTORS LIFE SERIES FUND
SUPPLEMENT DATED OCTOBER 2, 1998
TO PROSPECTUS DATED APRIL 30, 1998
1. The first sentence of the second paragraph under "Investment Objectives and
Policies-High Yield Fund" on page 17 is replaced with the following:
The Fund may invest in debt securities issued by foreign governments and
companies and in foreign currencies for the purpose of purchasing such
securities. However, the Fund may not invest more than 5% of its total assets in
debt securities issued by foreign governments and companies that are denominated
in foreign currencies.
2. The following paragraph replaces the existing section entitled "Foreign
Securities" on page 25:
FOREIGN SECURITIES. Investing in foreign securities involves more risk
than investing in securities of U.S. companies. INTERNATIONAL SECURITIES FUND,
HIGH YIELD FUND and DISCOVERY FUND currently do not intend to hedge their
foreign investments against the risk of foreign currency fluctuations. Changes
in the value of foreign currencies can therefore significantly affect a Fund's
share price. GROWTH FUND may invest in securities issued by foreign companies
that are denominated in U.S. currency. A Fund can be affected by changes in
exchange control regulations, as well as by economic and political developments.
There may be less publicly available information about foreign companies than
comparable U.S. companies; foreign companies are not generally subject to
uniform accounting, auditing and financial reporting standards that are
comparable to those applied to U.S. companies; some foreign trading markets have
substantially less volume than U.S. markets, and securities of some foreign
companies are less liquid and more volatile than securities of comparable U.S.
companies; there may be less government supervision and regulation of foreign
stock exchanges, brokers and listed companies than exist in the United States;
and there may be the possibility of expropriation or confiscatory taxation,
political or social instability or diplomatic developments which could affect
assets of a Fund held in foreign countries. INTERNATIONAL SECURITIES FUND, HIGH
YIELD FUND and DISCOVERY FUND may sell a security denominated in a foreign
currency and retain the proceeds in that foreign currency to use at a future
date (to purchase other securities denominated in that currency) or a Fund may
buy foreign currency outright to purchase securities denominated in that foreign
currency at a future date.
3. The following should replace the first paragraph under "Management-Portfolio
Managers" on page 35:
Effective September 1, 1998, the DISCOVERY FUND is co-managed by Patricia D.
Poitra, Director of Equities, and David A. Hanover. Ms. Poitra also is
responsible for the management of certain other First Investors funds. Ms.
Poitra joined FIMCO in 1985 as a Senior Equity Analyst. From 1997 to August
1998, Mr. Hanover was a Portfolio Manager and Analyst at Heritage Investors
Management Corporation. From 1994 to 1996, Mr. Hanover was Co-Portfolio
Manager and Analyst at Psagot Mutual Funds and in 1993 he was an
International Equity Investments Summer Associate at Howard Hughes Medical
Institute.
4. The following should replace the second paragraph under
"Management--Portfolio Managers" on page 35:
<PAGE>
Effective September 18, 1998, Dennis T. Fitzpatrick is now the sole portfolio
manager of the BLUE CHIP FUND and certain other First Investors funds. Mr.
Fitzpatrick joined FIMCO in October 1995 as a Large Cap Analyst. From July
1995 to October 1995, Mr. Fitzpatrick was a Regional Surety Manager at United
States Fidelity & Guaranty Co. and from 1988 to 1995 he was Northeast Surety
Manager at American International Group.
FILS1098
