<PAGE> PAGE 1
000 B000000 12/31/98
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<PAGE> PAGE 2
012 C01AA01 NEW YORK
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
070 H010100 N
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<PAGE> PAGE 9
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015 A000201 THE BANK OF NEW YORK
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<PAGE> PAGE 10
015 A000202 BANKBOSTON, NA
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<PAGE> PAGE 11
015 A000213 MERITA BANK LIMITED
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015 E040214 X
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
015 D010243 THAILAND
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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SIGNATURE JOSEPH I. BENEDEK
TITLE TREASURER
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<PAGE>
Tait, Weller & Baker
Certified Public Accountants
Report of Independent Certified Public Accountants on Internal Control Structure
Board of Directors
Executive Investors Trust
New York, New York
In planning and performing our audit of the financial statements of First
Investors Fund for Income, Inc. for the year ended December 31, 1998, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of internal control policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition, and that transactions are executed
in accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weakness under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in which
the design or operation of the specific internal control structure elements
does not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a timely period
by employees in the normal course of performing their assigned functions.
However, we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we consider to be
material weaknesses, as defined above, as of December 31, 1998.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission, and should not be used for any other
purpose.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
January 29, 1999
