<PAGE>
PORTFOLIO MANAGER'S LETTER
FIRST INVESTORS BLUE CHIP SERIES
(A Series of First Investors Series Fund)
Dear Investor:
U.S. economic growth slowed during the first six months of 1995. In response to
the Federal Reserve's tightening of monetary policy, economic growth downshifted
from an unsustainable 5.1% fourth quarter pace to a more moderate 2.7% rate in
the first quarter of 1995. By Spring, the financial markets began to anticipate
an end to the Federal Reserve's interest rate hikes. The economic crisis in
Mexico, higher individual tax payments and excessive business inventories
further dampened the U.S. economy in the second quarter. By June, in a notable
reversal of opinion from six months earlier, the markets began to expect the
Federal Reserve to lower short-term interest rates to insure against the
possibility of a recession.
Slower growth was good news for U.S. financial markets. As inflation concerns
receded, long-term interest rates fell substantially with the benchmark 30 year
U.S. Treasury bond yield declining from 7.88% to 6.62%. The prospect of slower
growth spurred broad stock market indices to numerous new highs as fears of an
overheating economy -- and the risk of further Federal Reserve tightening --
subsided. Stocks also benefitted from falling interest rates and continued
strong earnings growth. The financial markets, in general, reacted positively to
legislation to eliminate the Federal budget deficit over the next seven years.
Large capitalization equities performed better than small capitalization
equities. Growth stocks as a group outperformed value stocks, as concerns about
an economic slowdown increased. Technology stocks were one of the better
performers in the first half of 1995. The semiconductor industry remains in a
strong expansion mode; demand from the computer, telecommunications and consumer
goods sectors continues to be very strong. During the first half of 1995, the
Blue Chip Series gained on a net asset value basis 17.86% on the Class A shares
and 17.15% on the
Class B shares (first offered for sale on January 12, 1995). During this period,
dividends from net investment income amounted to 9 cents per share on Class A
shares and 7.4 cents per share on Class B shares.
Our strategy of being sector neutral with a broad representation of securities
showed good results in the first six months. The key to good performance this
year has been careful stock selection. Focusing on growth stocks rather than
value stocks also helped performance. Securities with good earnings gains were
well rewarded by the investment community. Another factor which has proven
beneficial is a focus on stocks with international exposure. Companies with
significant international exposure showed strong price increases in the first
half as investors' fear of an economic slowdown in the domestic economy
heightened. Financial stocks also did quite well as interest rates declined.
Among the better performers in the Series were Federal National Mortgage
Association, a government sponsored mortgage originator, and Citicorp, a money
center bank that benefitted from
its large international banking exposure.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
Patricia Poitra
Director of Equities
and Portfolio Manager
July 31, 1995
1
<PAGE>
PORTFOLIO MANAGER'S LETTER
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT SERIES
(A Series of First Investors Series Fund)
Dear Investor:
U.S. economic growth slowed during the first six months of 1995. In response to
the Federal Reserve's tightening of monetary policy, economic growth downshifted
from an unsustainable 5.1% fourth quarter pace to a more moderate 2.7% rate in
the first quarter of 1995. By Spring, the financial markets began to anticipate
an end to the Federal Reserve's interest rate hikes. The economic crisis in
Mexico, higher individual tax payments and excessive business inventories
further dampened the U.S. economy in the second quarter. By June, in a notable
reversal of opinion from six months earlier, the markets began to expect the
Federal Reserve to lower short-term interest rates to insure against the
possibility of a recession.
The municipal bond market rose during the first six months of 1995. Most of the
gain occurred during the first quarter of the year as new issuance of municipal
bonds fell by approximately 45% compared to the first quarter of 1994. During
the second quarter, several factors limited further improvement in the market.
First, concern about potential tax reform and a rallying equity market limited
investor interest in tax-exempt bonds. Second, new issue supply began to
increase, reaching an eighteen month high in June. Third, Orange County,
California's bankruptcy raised concerns about credit risk in the municipal bond
market and dramatically underscored the importance of insurance for municipal
bonds.
During the first half of 1995, the Insured Intermediate Tax Exempt Series gained
on a net asset value basis 8.24% on Class A shares and 7.48% on
Class B shares (first offered for sale on January 12, 1995). During this period,
dividends paid from net investment income amounted to 14.4 cents per share on
Class A shares and 12.5 cents per share on Class B shares. The Series'
performance benefitted from a 10% increase in its duration -- a measurement of
sensitivity to interest rates -- early in the year. The Series' total return was
also enhanced by its large holdings of noncallable bonds (which appreciate
faster than callable bonds during market rallies). The Series remained fully
invested which maximized current income.
Looking forward, the uncertainty of potential tax reform over the next few years
is the main hurdle facing the tax-exempt bond market. The market has responded
to this uncertainty by becoming cheaper relative to taxable bonds. While it is
impossible to predict what might occur in Congress, at current levels, we
believe insured municipal bonds appear attractive for long-term investors.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
July 31, 1995
2
<PAGE>
PORTFOLIO MANAGER'S LETTER
FIRST INVESTORS INVESTMENT GRADE SERIES
(A Series of First Investors Series Fund)
Dear Investor:
U.S. economic growth slowed during the first six months of 1995. In response to
the Federal Reserve's tightening of monetary policy, economic growth downshifted
from an unsustainable 5.1% fourth quarter pace to a more moderate 2.7% rate in
the first quarter of 1995. By Spring, the financial markets began to anticipate
an end to the Federal Reserve's interest rate hikes. The economic crisis in
Mexico, higher individual tax payments and excessive business inventories
further dampened the U.S. economy in the second quarter. By June, in a notable
reversal of opinion from six months earlier, the markets began to expect the
Federal Reserve to lower short-term interest rates to insure against the
possibility of a recession.
The investment grade market benefitted from the decline in interest rates so far
this year. The First Investors Investment Grade Series performed well on a
relative basis, posting a total return on a net asset value basis of 12.23% on
Class A shares and 11.34% on class B shares (first offered for sale January 12,
1995) as measured by Lipper Analytical Services, Inc. as compared to 11.84% for
the average BBB fund. During this period, dividends paid from net investment
income amounted to 31.5 cents per share on Class A shares and 25.9 cents per
share on Class B shares.
The Series benefitted from a number of rating upgrades. Several issuers which
were acquired by higher-rated companies saw their bonds appreciate
significantly. These included HealthTrust 8 3/4% and Allison Engine 10%. In
other cases, the rating agencies recognized the improvement in operating results
and balance sheet ratios. Bonds which were upgraded under these circumstances
saw more modest price rises. These included: GMAC 7 1/8%, Associates Corp.
7 7/8% and J.C. Penney Co. 6 1/8%.
Sector exposure also influenced performance. Electric utilities bonds which
underperformed in 1994 recovered, as fears of immediate competition faded, while
telephone bonds moved ahead as potential acquisition activities dissipated. The
banking sector underperformed as investors became concerned with the direction
of credit quality stemming from the increased acquisition activity within the
industry.
Duration -- a measurement of interest rate sensitivity -- is always an important
factor in performance. As we entered 1995, the Series was positioned
conservatively; its duration was approximately half a year shorter than the
market as a whole. We took this position to lessen the risk of loss in a rising
interest rate environment. While this position was a modest drag on performance
during the market rally in early 1995, we believe that this strategy, combined
with careful attention to credit quality and sector trends, has been a prudent
one, given recent rate volatility.
As we enter the second half of 1995, we believe the bond market will continue to
trade within its recent range. Volatility, however, is not expected to diminish,
giving the Series an opportunity to modestly extend its duration. In addition,
we will be selective in adding new BBB positions. While corporate spreads have
recently been very stable, they are still narrow by historic standards and
bondholders are not always compensated for the additional risk on the lower
investment grade categories. We will also try to avoid companies which undertake
transactions, such as debt-financed acquisitions and stock buy-back programs,
that may be detrimental to credit quality.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
Nancy W. Jones
Portfolio Manager
July 31, 1995
3
<PAGE>
PORTFOLIO MANAGER'S LETTER
FIRST INVESTORS SPECIAL SITUATIONS SERIES
(A Series of First Investors Series Fund)
Dear Investor:
U.S. economic growth slowed during the first six months of 1995. In response to
the Federal Reserve's tightening of monetary policy, economic growth downshifted
from an unsustainable 5.1% fourth quarter pace to a more moderate 2.7% rate in
the first quarter of 1995. By Spring, the financial markets began to anticipate
an end to the Federal Reserve's interest rate hikes. The economic crisis in
Mexico, higher individual tax payments and excessive business inventories
further dampened the U.S. economy in the second quarter. By June, in a notable
reversal of opinion from six months earlier, the markets began to expect the
Federal Reserve to lower short-term interest rates to insure against the
possibility of a recession.
Slower growth was good news for U.S. financial markets. As inflation concerns
receded, long-term interest rates fell substantially with the benchmark 30 year
U.S. Treasury bond yield declining from 7.88% to 6.62%. The prospect of slower
growth spurred broad stock market indices to numerous new highs as fears of an
overheating economy -- and the risk of further Federal Reserve tightening --
subsided. Stocks also benefitted from falling interest rates and continued
strong earnings growth. The financial markets, in general, reacted positively to
legislation to eliminate the Federal budget deficit over the next seven years.
The Special Situations Series invests primarily in small to mid-sized companies,
which we define as those with market capitalization of less than $1 billion at
the time of investment. After lagging the general market throughout 1994, the
small-cap sector is finally showing signs of strength. After trailing the major
indices this year, the Russell 2000 Index started to break record highs in June,
suggesting that the favorable valuations are attracting more investor interest.
Growth stocks continue to lead the market as individual companies continue to
show consistent earnings growth despite a slowing economy. For the first half of
1995, the Series gained on a net asset value basis 14.18% on Class A shares and
14.15% on Class B shares (first offered for sale on January 12, 1995).
During the first six months of 1995, the Series' performance was positively
influenced by its exposure to the technology sector, which has shown explosive
growth for the year to date. Specifically, Tower Semiconductor, Ltd., Applied
Materials, Inc., Fulcrum Technologies, Inc. and Electroglas, Inc. all showed
tremendous price appreciation. In addition, the rotation into cyclical stocks,
specifically the agricultural and construction equipment stocks such as Agco
Corp., Case Corp. and Clark Equipment positively affected the Series. In fact,
Clark Equipment was also a takeover target along with Lotus Development Corp.,
both of which dramatically appreciated in price. Exposure to the generic
pharmaceutical sector, specifically Teva Pharmaceuticals, Ivax Corp. and Watson
Pharmaceuticals also aided performance.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
Patricia D. Poitra
Director of Equities
and Portfolio Manager
July 31, 1995
4
<PAGE>
PORTFOLIO MANAGER'S LETTER
FIRST INVESTORS TOTAL RETURN SERIES
(A Series of First Investors Series Fund)
Dear Investor:
U.S. economic growth slowed during the first six months of 1995. In response to
the Federal Reserve's tightening of monetary policy, economic growth downshifted
from an unsustainable 5.1% fourth quarter pace to a more moderate 2.7% rate in
the first quarter of 1995. By Spring, the financial markets began to anticipate
an end to the Federal Reserve's interest rate hikes. The economic crisis in
Mexico, higher individual tax payments and excessive business inventories
further dampened the U.S. economy in the second quarter. By June, in a notable
reversal of opinion from six months earlier, the markets began to expect the
Federal Reserve to lower short-term interest rates to insure against the
possibility of a recession.
Slower growth was good news for U.S. financial markets. As inflation concerns
receded, long-term interest rates fell substantially with the benchmark 30 year
U.S. Treasury bond yield declining from 7.88% to 6.62%. The prospect of slower
growth spurred broad stock market indices to numerous new highs as fears of an
overheating economy -- and the risk of further Federal Reserve tightening --
subsided. Stocks also benefitted from falling interest rates and continued
strong earnings growth. The financial markets, in general, reacted positively to
legislation to eliminate the Federal budget deficit over the next seven years.
During the first six months of 1995, the Total Return Series gained on a net
asset value basis 14.20% on Class A shares and 13.77% on Class B shares (first
offered for sale on January 12, 1995). During this period, dividends paid from
net investment income amounted to 15 cents per share on Class A shares and 13.6
cents per share on Class B shares. The Series benefitted from the strong
performance of both U.S. stock and bond markets. At the beginning of the year,
the Series had 51% of its assets in equities, 21% in corporate bonds and 28% in
cash. At the end of January, the Series began to shift approximately 15% of its
assets from cash to long-term bonds, primarily 10 year Treasury notes. This
shift in asset allocation allowed the Series to participate more fully in the
bond market rally and increased total return by approximately 165 basis points
(1.65%).
At the end of June, the Series had 53% of its assets in stocks, 37% in bonds and
10% in cash and cash equivalents. The combination of moderate growth, lower
interest rates and good earnings should continue to fuel the stock market's
rally. The bond market, on the other hand, has shifted into a trading range,
following its strong rally during the first six months of the year. Unless it
begins to appear that a recession seems likely, we believe bond yields are
unlikely to fall much further this year.
As always we appreciate the opportunity to serve your investment needs.
Sincerely,
Clark D. Wagner
Chief Investment Officer
July 31, 1995
5
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS BLUE CHIP SERIES
(A Series of First Investors Series Fund)
June 30, 1995
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMON STOCKS--92.9%
BASIC INDUSTRY--6.6%
33,500 Alcan Aluminum Ltd. $ 1,013,375 $ 69
5,400 Consolidated Papers, Inc. 311,175 21
10,100 Dow Chemical Company 725,938 49
25,800 Du Pont (E.I.) De Nemours & Company 1,773,750 121
6,900 Georgia Pacific Corporation 598,575 41
12,500 Inland Steel Industries, Inc. 381,250 26
5,100 International Paper Company 437,325 30
10,800 James River Corporation of Virginia 298,350 20
4,800 Mead Corporation 285,000 19
16,100 Minnesota Mining & Manufacturing Company 921,725 63
22,500 Monsanto Company 2,027,812 138
13,900 Nucor Corporation 743,650 51
4,100 Temple-Inland, Inc. 195,263 13
- ----------------------------------------------------------------------------------
9,713,188 661
- ----------------------------------------------------------------------------------
CAPITAL GOODS--10.5%
12,400 Boeing Company 776,550 53
8,000 Browning-Ferris Industries, Inc. 289,000 20
12,500 Deere & Company 1,070,312 73
20,000 Dover Corporation 1,455,000 99
6,100 Eaton Corporation 354,563 24
8,200 Emerson Electric Company 586,300 40
6,600 Foster Wheeler Corporation 232,650 16
62,700 General Electric Company 3,534,712 241
15,000 Grainger (W.W.), Inc. 881,250 60
18,600 Ingersoll-Rand Company 711,450 48
10,300 ITT Corporation 1,210,250 82
5,200 Loral Corporation 269,100 18
7,800 McDonnell Douglas Corporation 598,650 41
9,600 Raytheon Company 745,200 51
9,600 United Technologies Corporation 750,000 51
32,000 *Varity Corporation 1,408,000 96
17,700 WMX Technologies, Inc. 502,238 34
- ----------------------------------------------------------------------------------
15,375,225 1,047
- ----------------------------------------------------------------------------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------
<C> <S> <C> <C>
CONSUMER DURABLES--3.2%
12,800 Chrysler Corporation $ 612,800 $ 42
18,000 Corning, Inc. 589,500 40
4,000 Fleetwood Enterprises, Inc. 79,000 5
37,500 Ford Motor Company 1,115,625 76
27,200 General Motors Corporation 1,275,000 87
13,350 Goodyear Tire & Rubber Company 550,688 37
19,600 Masco Corporation 529,200 36
- ----------------------------------------------------------------------------------
4,751,813 323
- ----------------------------------------------------------------------------------
CONSUMER NON-DURABLES--20.5%
29,500 Abbott Laboratories 1,194,750 81
11,200 American Home Products Corporation 866,600 59
18,300 Anheuser-Busch Companies, Inc. 1,040,813 71
18,800 Bristol-Myers Squibb Company 1,280,750 87
47,500 Coca-Cola Company 3,028,125 206
5,400 Colgate-Palmolive Company 394,875 27
16,600 Columbia/HCA Healthcare Corporation 717,950 49
13,900 CPC International, Inc. 858,325 58
13,500 Eastman Kodak Company 818,438 56
10,700 Eli Lilly & Company 839,950 57
10,600 General Mills, Inc. 544,575 37
16,200 Gillette Company 722,925 49
23,600 Johnson & Johnson 1,595,950 109
19,000 Kellogg Company 1,356,125 92
28,000 Kimberly-Clark Corporation 1,676,500 114
45,000 Merck & Company, Inc. 2,205,000 150
5,400 Nike, Inc. 453,600 31
29,100 PepsiCo, Inc. 1,327,687 90
11,200 Pfizer, Inc. 1,034,600 70
39,500 Philip Morris Companies, Inc. 2,937,813 200
25,100 Procter & Gamble Company 1,804,063 123
14,000 *Ralcorp Holdings, Inc. 320,250 22
- ----------------------------------------------------------------------------------
</TABLE>
7
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS BLUE CHIP SERIES
(A Series of First Investors Series Fund)
June 30, 1995
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------
<C> <S> <C> <C>
CONSUMER NON-DURABLES (Continued)
29,400 Sara Lee Corporation $ 837,900 $ 57
14,200 Schering-Plough 626,575 43
7,300 Teva Pharmaceutical Industries Ltd. 273,750 19
5,900 Unilever N.V. 767,738 52
6,900 Warner-Lambert Company 595,988 41
- ----------------------------------------------------------------------------------
30,121,615 2,050
- ----------------------------------------------------------------------------------
CONSUMER SERVICES--10.0%
12,800 Albertson's, Inc. 380,800 26
19,100 *Bed Bath & Beyond, Inc. 463,175 32
17,100 Brunswick Corporation 290,700 20
5,700 Capital Cities/ABC, Inc. 615,600 42
10,600 *Darden Restaurants, Inc. 115,275 8
8,100 Dayton Hudson Corporation 581,175 40
18,000 Gap, Inc. 627,750 43
15,800 Home Depot, Inc. 641,875 44
15,700 *Kroger Company 421,938 29
9,300 Marriott International, Inc. 333,638 23
19,625 Mattel, Inc. 510,250 35
12,900 May Department Stores Company 536,963 37
27,200 McDonald's Corporation 1,064,200 72
7,600 McGraw-Hill Companies, Inc. 576,650 39
15,000 Nordstrom, Inc. 620,625 42
33,300 *Price/Costco, Inc. 541,125 37
12,600 Rite Aid Corporation 322,875 22
13,300 Sears, Roebuck and Company 796,338 54
22,500 *Tele-Communications, Inc. 527,344 36
14,200 Time Warner, Inc. 583,975 40
12,900 *Toys "R" Us, Inc. 377,325 26
10,100 *Viacom, Inc. - Class "B" 468,388 32
82,400 Wal-Mart Stores, Inc. 2,204,200 150
18,800 Walt Disney Company 1,045,750 71
- ----------------------------------------------------------------------------------
14,647,934 1,000
- ----------------------------------------------------------------------------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------
<C> <S> <C> <C>
ENERGY--10.2%
18,100 Amoco Corporation $ 1,205,913 $ 82
9,100 Atlantic Richfield Company 998,725 68
7,100 Burlington Resources, Inc. 261,813 18
23,700 Chevron Corporation 1,105,013 75
26,900 Enron Corporation 944,862 64
43,900 Exxon Corporation 3,100,437 211
14,700 Halliburton Company 525,525 36
6,700 Kerr-McGee Corporation 359,287 24
16,150 Mobil Corporation 1,550,400 106
13,400 Pacific Enterprises 328,300 22
9,400 Phillips Petroleum Company 313,725 21
19,300 Royal Dutch Petroleum Company 2,352,187 160
11,200 Schlumberger, Ltd. 695,800 47
9,400 Texaco, Inc. 616,875 42
23,500 Unocal Corporation 649,187 44
- ----------------------------------------------------------------------------------
15,008,049 1,020
- ----------------------------------------------------------------------------------
FINANCIAL--7.8%
18,100 American Express Company 635,763 43
11,600 American International Group, Inc. 1,322,400 90
26,600 Banc One Corporation 857,850 58
17,400 BankAmerica Corporation 915,675 62
12,100 Bank of New York Company, Inc. 488,537 33
11,300 Chase Manhattan Corporation 531,100 36
14,100 Chemical Banking Corporation 666,225 45
12,100 Citicorp 700,288 48
16,700 Federal National Mortgage Association 1,576,062 107
5,300 First Interstate Bancorp 425,325 29
12,200 First Union Corporation 552,050 38
2,700 Marsh & McLennan Companies, Inc. 219,037 15
14,700 Mellon Bank Corporation 611,887 42
18,300 NationsBank Corporation 981,338 67
21,800 Norwest Corporation 626,750 43
2,100 Wells Fargo & Company 378,525 26
- ----------------------------------------------------------------------------------
11,488,812 782
- ----------------------------------------------------------------------------------
</TABLE>
9
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS BLUE CHIP SERIES
(A Series of First Investors Series Fund)
June 30, 1995
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------
<C> <S> <C> <C>
TECHNOLOGY--13.9%
57,250 A T & T Corporation $ 3,041,405 $ 207
24,000 *Airtouch Communications, Inc. 684,000 47
5,000 Autodesk, Inc. 215,000 14
8,400 Automatic Data Processing, Inc. 528,150 36
10,100 *Cisco Systems, Inc. 510,680 35
10,600 *Compaq Computer Corporation 480,975 33
22,200 First Data Corporation 1,262,625 86
20,400 Hewlett-Packard Company 1,519,800 103
30,600 Intel Corporation 1,937,362 132
21,700 International Business Machines
Corporation 2,083,200 142
20,000 *LSI Logic Corporation 782,500 53
40,000 MCI Communications Corporation 880,000 60
24,200 *Microsoft Corporation 2,187,075 149
31,500 Motorola, Inc. 2,114,437 144
19,000 *National Semiconductor Corporation 527,250 36
18,600 *NETCOM On-Line Communication Services,
Inc. 474,300 32
29,550 *Oracle Corporation 1,141,368 78
- ----------------------------------------------------------------------------------
20,370,127 1,387
- ----------------------------------------------------------------------------------
TRANSPORTATION--1.5%
5,900 *AMR Corporation 440,287 30
6,200 Burlington Northern, Inc. 392,925 26
28,700 *Southern Pacific Rail Corporation 452,025 31
15,600 Union Pacific Corporation 863,850 59
- ----------------------------------------------------------------------------------
2,149,087 146
- ----------------------------------------------------------------------------------
UTILITIES--8.7%
20,000 Ameritech Corporation 880,000 60
16,600 Bell Atlantic Corporation 929,600 63
21,300 BellSouth Corporation 1,352,550 92
23,000 Carolina Power & Light Company 695,750 47
40,000 CINergy Corporation 1,050,000 71
- ----------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
AMOUNT
INVESTED
SHARES OR FOR EACH
PRINCIPAL $10,000 OF
AMOUNT SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------
<C> <S> <C> <C>
UTILITIES (Continued)
23,000 Duke Power Company $ 954,500 $ 65
28,200 FPL Group, Inc. 1,089,225 74
35,000 GTE Corporation 1,194,375 81
15,300 NYNEX Corporation 615,825 42
16,000 Pacific Telesis Group 428,000 29
26,000 PacifiCorp 487,500 33
16,300 Peco Energy Company 450,288 31
22,100 SBC Communications, Inc. 1,052,512 72
28,000 Texas Utilities Company 962,500 66
16,500 US West, Inc. 686,813 47
- ----------------------------------------------------------------------------------
12,829,438 873
- ----------------------------------------------------------------------------------
TOTAL VALUE OF COMMON STOCKS (cost
$112,649,644) 136,455,288 9,289
- ----------------------------------------------------------------------------------
CONVERTIBLE BONDS--.8%
CONSUMER SERVICES
$ 1,500M Bell Sports Corporation, 4 1/4%,
11/15/2000 (cost $1,272,897) 1,121,250 76
- ----------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--7.0%
1,300M General Electric Capital Corporation,
5.7%, 7/3/95 1,299,588 88
1,900M Heller Financial, 5.94%, 7/14/95 1,895,924 129
1,700M Hertz Corporation, 5.94%, 8/7/95 1,689,622 115
3,800M McDonald's Corporation, 5.93%, 7/6/95 3,796,870 259
600M Prudential Funding, 5.93%, 7/13/95 598,815 41
1,000M Prudential Funding, 5.95%, 7/18/95 997,190 68
- ----------------------------------------------------------------------------------
TOTAL VALUE OF SHORT-TERM CORPORATE
NOTES (cost $10,278,009) 10,278,009 700
- ----------------------------------------------------------------------------------
TOTAL VALUE OF INVESTMENTS (cost $124,200,550) 100.7% 147,854,547 10,065
EXCESS OF LIABLITIES OVER OTHER
ASSETS (.7) (955,129) (65)
- ----------------------------------------------------------------------------------
NET ASSETS 100.0% $146,899,418 $ 10,000
- ----------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------
<FN>
*Non-income producing
</TABLE>
See notes to financial statements 11
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT SERIES
(A Series of First Investors Series Fund)
June 30, 1995
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
PRINCIPAL $10,000 OF
AMOUNT SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
MUNICIPAL BONDS--98.3%
ALASKA--3.5%
$200M Anchorage General Obligation 6 1/2%, 7/1/2004 $ 218,000 $ 347
- ----------------------------------------------------------------------------------------------------
ARIZONA--14.1%
Maricopa County Unified School District General Obligation:
300M #11 (Peoria) 7%, 7/1/2001* 335,625 534
250M #80 (Chandler) 6.6%, 7/1/2006 277,500 441
250M Phoenix Civic Impt. Corp. Mun. Facs. Excise Tax Rev. 6 3/4%,
7/1/2004 275,937 439
- ----------------------------------------------------------------------------------------------------
889,062 1,414
- ----------------------------------------------------------------------------------------------------
CALIFORNIA--2.7%
150M Pittsburg Pub. Fing. Auth. Wastewater Rev. 6.8%, 6/1/2001* 169,125 269
- ----------------------------------------------------------------------------------------------------
FLORIDA--3.4%
200M Orange County Sales Tax Revenue 6 1/8%, 1/1/2000* 216,000 344
- ----------------------------------------------------------------------------------------------------
ILLINOIS--22.8%
250M Chicago General Obligation 6 1/4%, 10/31/2001 266,250 424
200M Chicago Wastewater Transmission Rev. 6 3/4%, 11/15/2000* 222,750 354
200M Cook County High School District General Obligation #205, 5.9%,
12/1/2003 208,250 331
250M Northwest Subn. Mun. Jt. Action Water Agy. 6.35%, 5/1/2006 267,813 426
400M Regional Transportation Authority 7 3/4%, 6/1/2003 467,500 744
- ----------------------------------------------------------------------------------------------------
1,432,563 2,279
- ----------------------------------------------------------------------------------------------------
INDIANA--2.7%
150M Valparaiso Indpt. Multi-Schools Bldg. Corp. 6 5/8%, 7/1/2002* 168,188 268
- ----------------------------------------------------------------------------------------------------
KENTUCKY--4.3%
200M Louisville & Jefferson County Met. Sewer District 10%, 5/15/2004 267,500 426
- ----------------------------------------------------------------------------------------------------
LOUISIANA--3.1%
175M Louisiana General Obligation 7%, 5/1/2001 193,594 308
- ----------------------------------------------------------------------------------------------------
MICHIGAN--4.8%
1,000M Brighton Area School District General Obligation Zero Coupon
5/1/2005* 300,000 477
- ----------------------------------------------------------------------------------------------------
NEW JERSEY--3.6%
200M New Jersey Economic Dev. Auth. Mkt. Transition Fac. Rev. 7%,
7/1/2004 224,750 358
- ----------------------------------------------------------------------------------------------------
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
PRINCIPAL $10,000 OF
AMOUNT SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
NEW YORK--10.1%
New York City General Obligation:
$150M 6 5/8%, 8/1/2002* $ 169,312 $ 269
250M 8%, 8/1/2005 299,375 476
150M Niagara Falls Bridge Commission 6.3%, 10/1/2002* 167,250 266
- ----------------------------------------------------------------------------------------------------
635,937 1,011
- ----------------------------------------------------------------------------------------------------
OHIO--3.6%
200M Columbus City Sch. Dist. General Obligation 6.65%, 12/1/2002* 226,250 360
- ----------------------------------------------------------------------------------------------------
PENNSYLVANIA--7.1%
200M Hampton Township Sch. Dist. General Obligation 6.9%, 2/15/2001* 221,500 352
200M Pennsylvania Intergovernmental Coop. Auth. Special Tax Rev. 7%,
6/15/2004 225,500 359
- ----------------------------------------------------------------------------------------------------
447,000 711
- ----------------------------------------------------------------------------------------------------
RHODE ISLAND--3.6%
200M Rhode Island Depositors Econ. Protection Corp. 7.1%, 8/1/2001* 227,500 362
- ----------------------------------------------------------------------------------------------------
TEXAS--5.3%
300M Harris County Toll Road General Obligation 6 1/2%, 8/15/2002* 334,500 532
- ----------------------------------------------------------------------------------------------------
WASHINGTON--3.6%
200M Snohomish & Island Counties School District General Obligation
#401
(Stanwood), 7%, 12/15/2005 226,750 361
- ----------------------------------------------------------------------------------------------------
TOTAL VALUE OF MUNICIPAL BONDS (cost $5,921,055) 98.3% 6,176,719 9,827
OTHER ASSETS, LESS LIABILITIES 1.7 109,033 173
- ----------------------------------------------------------------------------------------------------
NET ASSETS 100.0% $6,285,752 $ 10,000
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
<FN>
*Municipal Bonds which have been prerefunded are shown maturing at the
prerefunded call date.
</TABLE>
See notes to financial statements 13
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS INVESTMENT GRADE SERIES
(A Series of First Investors Series Fund)
June 30, 1995
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
PRINCIPAL $10,000 OF
AMOUNT SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
CORPORATE BONDS--86.0%
AEROSPACE/DEFENSE--4.6%
$700M Boeing Co., 6.35%, 2003 $ 686,471 $ 140
750M Lockheed Corp., 6 3/4%, 2003 750,087 154
750M Rockwell International Corp. 8 3/8%, 2001 817,888 167
- ----------------------------------------------------------------------------------------------------
2,254,446 461
- ----------------------------------------------------------------------------------------------------
APPAREL/TEXTILES--.6%
250M VF Corp., 9 1/2%, 2001 283,488 58
- ----------------------------------------------------------------------------------------------------
BUILDING MATERIALS--1.4%
600M Masco Corp., 9%, 2001 670,167 137
- ----------------------------------------------------------------------------------------------------
CHEMICALS--.6%
250M Arco Chemical Co., 9.9%, 2000 288,498 59
- ----------------------------------------------------------------------------------------------------
CONGLOMERATES--3.1%
700M Hanson Overseas, B.V., 7 3/8%, 2003 724,214 148
750M Tenneco, Inc., 7 7/8%, 2002 794,960 163
- ----------------------------------------------------------------------------------------------------
1,519,174 311
- ----------------------------------------------------------------------------------------------------
CONSUMER NON-DURABLES--1.5%
700M American Home Products Corp., 7.9%, 2005 748,419 153
- ----------------------------------------------------------------------------------------------------
CONSUMER PRODUCTS--2.6%
1,250M Mattel, Inc., 6 3/4%, 2000 1,252,833 256
- ----------------------------------------------------------------------------------------------------
ELECTRIC & GAS UTILITIES--14.5%
750M Baltimore Gas & Electric Co., 6 1/2%, 2003 740,312 152
800M Carolina Power & Light Co., 7 3/4%, 2003 816,257 167
1,000M Duke Power Co., 5 7/8%, 2003 944,962 193
800M Kansas Gas & Electric Co., 7.6%, 2003 830,728 170
525M Old Dominion Electric Cooperative, 7.97%, 2002 557,430 114
750M Philadelphia Electric Co., 8%, 2002 794,882 163
800M SCE Capital Corp., 7 3/8%, 2003 817,807 167
925M Southwestern Electric Power Co., 7%, 2007 931,128 191
600M Unicom Corporation, 8 1/4%, 2006 638,582 131
- ----------------------------------------------------------------------------------------------------
7,072,088 1,448
- ----------------------------------------------------------------------------------------------------
</TABLE>
14
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
PRINCIPAL $10,000 OF
AMOUNT SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
ENERGY--1.6%
$700M Baroid Corp., 8%, 2003 $ 757,241 $ 155
- ----------------------------------------------------------------------------------------------------
FINANCIAL SERVICES--17.6%
925M Banc One Corp., 7 1/4%, 2002 949,255 195
660M BankAmerica Corp., 9 1/2%, 2001 745,625 153
875M Barnett Banks, Inc., 8 1/2%, 1999 929,485 190
700M Chemical Bank, Inc., 7%, 2005 700,060 143
150M Citicorp, 10.15%, 1998 163,185 33
800M Citicorp, 8%, 2003 848,970 174
250M Corestates Capital Corp., 9 3/8%, 2003 286,623 59
450M First Union Corp., 8 1/8%, 2002 482,370 99
750M Fleet Financial Group, 6 7/8%, 2003 743,874 152
750M Mellon Bank N.A., 6 1/2%, 2005 724,552 148
550M Meridian Bancorp, 7 7/8%, 2002 579,722 119
925M Morgan Guaranty Trust Co., 7 3/8%, 2002 965,443 198
450M NationsBank Corporation., 8 1/8%, 2002 480,289 98
- ----------------------------------------------------------------------------------------------------
8,599,453 1,761
- ----------------------------------------------------------------------------------------------------
FOOD/BEVERAGE/TOBACCO--4.4%
500M Coca-Cola Enterprises, Inc., 7 7/8%, 2002 533,909 109
900M Philip Morris Cos., Inc., 7 1/8%, 2002 909,077 186
650M Universal Corp., 9 1/4%, 2001 729,871 149
- ----------------------------------------------------------------------------------------------------
2,172,857 444
- ----------------------------------------------------------------------------------------------------
HEALTHCARE--1.0%
450M Healthtrust, Inc., 8 3/4%, 2005 506,250 104
- ----------------------------------------------------------------------------------------------------
INVESTMENT/FINANCE COMPANIES--6.2%
700M Associates Corp. of North America, 7 7/8%, 2001 743,079 152
700M General Electric Capital Corp., 7 7/8%, 2006 768,987 157
700M General Motors Acceptance Corp., 7 1/8%, 1999 712,514 146
250M International Lease Finance Corp., 8 7/8%, 2001 275,093 56
500M ITT Corp., 8 1/2%, 1998 529,117 108
- ----------------------------------------------------------------------------------------------------
3,028,790 619
- ----------------------------------------------------------------------------------------------------
</TABLE>
15
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS INVESTMENT GRADE SERIES
(A Series of First Investors Series Fund)
June 30, 1995
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
PRINCIPAL $10,000 OF
AMOUNT SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
MISCELLANEOUS--.6%
$250M Alco Standard Corp., 8 7/8%, 2001 $ 275,037 $ 56
- ----------------------------------------------------------------------------------------------------
OIL/NATURAL GAS--3.8%
750M BP America, Inc., 7 7/8%, 2002 802,091 164
472M Marathon Oil Co., 8 1/2%, 2000 472,982 97
500M Mobil Corp., 8 5/8%, 2021 590,882 121
- ----------------------------------------------------------------------------------------------------
1,865,955 382
- ----------------------------------------------------------------------------------------------------
PAPER/FOREST PRODUCTS--5.3%
500M MacMillan & Bloedel, Ltd., 8 1/2%, 2004 541,808 111
500M S.D. Warren Company, 12%, 2004 542,500 111
650M Stone Container Corp., 10 3/4%, 2002 685,750 140
750M Temple Inland, Inc., 9%, 2001 837,178 171
- ----------------------------------------------------------------------------------------------------
2,607,236 533
- ----------------------------------------------------------------------------------------------------
RETAIL-GENERAL MERCHANDISE--2.7%
500M Dayton-Hudson Corp., 9 3/4%, 2002 584,810 120
750M Penney (J.C.) & Co., 6 1/8%, 2003 716,539 147
- ----------------------------------------------------------------------------------------------------
1,301,349 267
- ----------------------------------------------------------------------------------------------------
TECHNOLOGY--3.0%
750M International Business Machines Corp., 6 3/8%, 2000 748,298 153
725M Xerox Corp., 7.15%, 2004 741,581 152
- ----------------------------------------------------------------------------------------------------
1,489,879 305
- ----------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS--1.7%
800M Tele-Communications, Inc., 8 1/4%, 2003 824,703 169
- ----------------------------------------------------------------------------------------------------
</TABLE>
16
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
PRINCIPAL $10,000 OF
AMOUNT SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
TELEPHONE--9.2%
$500M Allnet Communication Services, Inc., 9%, 2003 $ 533,125 $ 109
500M GTE Corp., 8.85%, 1998 531,302 109
850M MCI Communication Corp., 7 1/2%, 2004 890,808 182
250M New Jersey Bell Telephone Co., 7 3/8%, 2012 250,635 51
1,000M Pacific Bell Telephone Co., 7%, 2004 1,013,659 207
1,250M Southern Bell Telephone & Telegraph Co., Inc., 8 1/8%, 2017 1,297,484 267
- ----------------------------------------------------------------------------------------------------
4,517,013 925
- ----------------------------------------------------------------------------------------------------
TOTAL VALUE OF CORPORATE BONDS (cost $40,816,847) 42,034,876 8,603
- ----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--8.0%
700M Federal Home Loan Mortgage Corp., 7.88%, 2004 711,798 146
3,000M United States Treasury Note, 7 3/4%, 2000 3,206,719 656
- ----------------------------------------------------------------------------------------------------
TOTAL VALUE OF U.S. GOVERNMENT OBLIGATIONS (cost $3,900,250) 3,918,517 802
- ----------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--4.2%
American Telephone and Telegraph Capital Corporation, 5.95%,
1,150M 7/14/95 1,147,530 235
900M Ford Motor Credit Company, 5.97%, 7/7/95 899,104 184
- ----------------------------------------------------------------------------------------------------
TOTAL VALUE OF SHORT-TERM CORPORATE NOTES (cost $2,046,634) 2,046,634 419
- ----------------------------------------------------------------------------------------------------
TOTAL VALUE OF INVESTMENTS (cost $46,763,731) 98.2% 48,000,027 9,824
OTHER ASSETS, LESS LIABILITIES 1.8 861,475 176
- ----------------------------------------------------------------------------------------------------
NET ASSETS 100.0% $48,861,502 $ 10,000
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
</TABLE>
See notes to financial statements 17
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS SPECIAL SITUATIONS SERIES
(A Series of First Investors Series Fund)
June 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
- ----------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
COMMON STOCKS--78.6%
BASIC INDUSTRY--2.6%
10,300 Chesapeake Corporation $ 320,588 $ 30
55,700 *Interpool, Inc. 758,913 70
75,000 *Repap Enterprises, Inc. 581,250 54
14,000 *Sybron Chemicals, Inc. 189,875 17
18,400 Willamette Industries, Inc. 1,021,200 94
- ----------------------------------------------------------------------------------------------------
2,871,826 265
- ----------------------------------------------------------------------------------------------------
CAPITAL GOODS--3.3%
28,200 AGCO Corporation 1,057,500 97
41,800 Case Corporation 1,243,550 115
13,700 *Dovatron International, Inc. 335,650 31
33,600 *Encon Systems, Inc. 168,000 15
63,400 Owosso Corporation 740,987 68
- ----------------------------------------------------------------------------------------------------
3,545,687 326
- ----------------------------------------------------------------------------------------------------
CONSUMER DURABLES--1.9%
22,200 *Champion Enterprises, Inc. 352,425 32
25,700 Falcon Products, Inc. 327,675 30
24,200 Federal-Mogul Corporation 441,650 41
63,800 *National R.V. Holdings, Inc. 542,300 50
17,200 Oakwood Homes Corp. 440,750 41
- ----------------------------------------------------------------------------------------------------
2,104,800 194
- ----------------------------------------------------------------------------------------------------
CONSUMER NON-DURABLES--3.7%
18,200 *Canadaigua Wine Company, Inc. 814,450 75
26,000 Dreyer's Grand Ice Cream, Inc. 952,250 88
75,500 *Grist Mill Company 830,500 77
36,500 *LaserMaster Technologies, Inc. 191,625 18
45,000 *Ralcorp Holdings, Inc. 1,029,375 95
11,100 *Recoton Corporation 216,450 20
- ----------------------------------------------------------------------------------------------------
4,034,650 373
- ----------------------------------------------------------------------------------------------------
</TABLE>
18
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
<C> <S> <C> <C>
- ----------------------------------------------------------------------------------------------------
CONSUMER SERVICES--11.7%
29,500 Advo, Inc. $ 556,813 $ 51
14,200 *Bed Bath & Beyond, Inc. 344,350 32
67,500 *Cinar Films, Inc. - Class "B" 662,344 61
23,900 *CUC International, Inc. 1,003,800 93
6,300 Dayton Hudson Corporation 452,025 42
26,000 Equifax, Inc. 867,750 80
52,500 *Franklin Electronic Publishers, Inc. 1,345,313 123
63,000 *Home Shopping Network, Inc. 535,500 49
1,500 Houghton Mifflin Company 79,125 7
21,500 *Insurance Auto Auctions, Inc. 628,875 58
43,100 *Meyer (Fred), Inc. 1,169,087 108
49,700 *Monarch Casino & Resort, Inc. 260,925 24
31,400 *REX Stores Corporation 439,600 41
51,500 Rite Aid Corporation 1,319,687 122
18,300 Talbots, Inc. 727,425 67
62,250 *U.S. Office Products Company 747,000 69
33,000 *Viacom, Inc. - Class "B" 1,530,375 141
- ----------------------------------------------------------------------------------------------------
12,669,994 1,168
- ----------------------------------------------------------------------------------------------------
FINANCIAL--5.3%
17,300 *American Travellers Corporation 304,913 28
65,700 Amvestors Financial Corp. 763,763 70
42,000 *Credit Acceptance Corporation 861,000 79
26,500 First USA, Inc. 1,175,937 108
52,500 Independent Bank Corp. 364,218 34
37,500 Integon Corporation 637,500 59
70,000 *Penn Treaty American Corporation 892,500 82
43,550 Reliance Group Holdings, Inc. 283,075 26
18,468 Southern National Corporation 443,232 41
- ----------------------------------------------------------------------------------------------------
5,726,138 527
- ----------------------------------------------------------------------------------------------------
HEALTH CARE MISCELLANEOUS--12.7%
35,800 *American Medical Response, Inc. 1,002,400 92
75,500 *Applied Bioscience International, Inc. 386,938 36
30,000 *Arbor Health Care Company 577,500 53
- ----------------------------------------------------------------------------------------------------
</TABLE>
19
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS SPECIAL SITUATIONS SERIES
(A Series of First Investors Series Fund)
June 30, 1995
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
<C> <S> <C> <C>
- ----------------------------------------------------------------------------------------------------
HEALTH CARE MISCELLANEOUS (continued)
26,000 *Boston Scientific Corporation $ 828,750 $ 76
28,000 Dentsply International, Inc. 1,008,000 93
72,400 *Ethical Holdings PLC (ADR) 416,300 38
38,200 Fisher Scientific International 1,265,375 117
26,000 *Health Care and Retirement Corporation 760,500 70
53,900 IVAX Corporation 1,327,287 122
31,600 *Living Centers of America, Inc. 857,150 79
57,100 *Mid Atlantic Medical Services, Inc. 1,056,350 97
30,900 *Pacific Physicians Services, Inc. 401,700 37
47,700 *Quantum Health Resources, Inc. 787,050 73
18,500 *Rural/Metro Corporation 411,625 38
34,400 Teva Pharmaceutical Industries Ltd. 1,290,000 118
19,700 *Value Health, Inc. 635,325 59
20,000 *Watson Pharmaceuticals, Inc. 780,000 72
- ----------------------------------------------------------------------------------------------------
13,792,250 1,270
- ----------------------------------------------------------------------------------------------------
TECHNOLOGY--36.1%
12,900 A T & T Corp. 685,313 63
42,300 *Adaptec, Inc. 1,565,100 144
29,200 *Altera Corporation 1,262,900 116
18,500 *Applied Materials, Inc. 1,602,563 148
25,800 *Atmel Corporation 1,428,675 132
34,500 *BISYS Group, Inc. 767,625 71
27,800 *Boston Technology, Inc. 517,775 48
32,600 *Broadway & Seymour, Inc. 676,450 62
11,800 Computer Associates International, Inc. 799,450 74
35,000 *Concentra Corporation 341,250 31
55,900 *Convex Computer Corporation 251,550 23
48,600 ECI Telecommunications Limited Designs 665,213 61
16,500 *Electroglas, Inc. 944,625 87
41,800 *EMC Corporation 1,013,650 93
42,000 Ericsson (L.M.) Telephone Company (ADR) 840,000 77
23,600 *FEI Company 306,800 28
19,650 *FileNet Corporation 793,368 73
52,900 *Fulcrum Technologies, Inc. 1,163,800 107
- ----------------------------------------------------------------------------------------------------
</TABLE>
20
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000 OF
SHARES SECURITY VALUE NET ASSETS
<C> <S> <C> <C>
- ----------------------------------------------------------------------------------------------------
TECHNOLOGY (continued)
7,000 *General Instrument Corporation $ 268,625 $ 25
24,600 *Integrated Device Technology, Inc. 1,137,750 105
74,000 *Integrated Micro Products PLC (ADR) 888,000 82
44,200 *Intersolv 1,027,650 95
11,300 *Lattice Semiconductor Corporation 388,437 36
6,300 *Lotus Development Corporation 401,625 37
40,000 *LSI Logic Corporation 1,565,000 144
32,900 *Metatec Corporation 423,587 39
10,400 *Microsoft Corporation 939,900 87
15,600 Motorola, Inc. 1,047,150 97
50,300 *MySoftware Company 628,750 58
63,400 *National Semiconductor Corporation 1,759,350 162
43,500 *NETCOM On-Line Communication Services, Inc. 1,109,250 102
28,200 Nokia Corp. (ADR) 1,681,425 155
35,800 *Octel Communications Corporation 1,047,150 97
37,200 *Oracle Corporation 1,436,850 132
176,500 *Plasma-Therm, Inc. 661,875 61
32,000 *Pyxis Corporation 724,000 67
32,100 Reynolds & Reynolds Company 946,950 87
29,600 *Teltrend, Inc. 584,600 54
38,500 *Tower Semiconductor Ltd. 1,116,500 103
39,200 US West, Inc. 1,631,700 150
35,200 *VLSI Technology, Inc. 1,060,400 98
22,500 *Wang Laboratories, Inc. 368,437 34
7,700 *Xilinx, Inc. 723,800 67
- ----------------------------------------------------------------------------------------------------
39,194,868 3,612
- ----------------------------------------------------------------------------------------------------
TRANSPORTATION--1.3%
50,800 *Southern Pacific Rail Corporation 800,100 74
90,400 *Transportacion Maritima Mexicana S.A. (ADR) 565,000 52
- ----------------------------------------------------------------------------------------------------
1,365,100 126
- ----------------------------------------------------------------------------------------------------
TOTAL VALUE OF COMMON STOCKS (cost $67,932,094) 85,305,313 7,861
- ----------------------------------------------------------------------------------------------------
</TABLE>
21
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS SPECIAL SITUATIONS SERIES
(A Series of First Investors Series Fund)
June 30, 1995
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
PRINCIPAL $10,000 OF
AMOUNT SECURITY VALUE NET ASSETS
<C> <S> <C> <C>
- ----------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS--.3%
HEALTH CARE MISCELLANEOUS
$ 450M Pacific Physicians Services, Inc., 5 1/2%, 2003 (cost $450,000) $ 349,875 $ 32
- ----------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--21.6%
8,100M Daimler-Benz North America Corporation, 5.91%, 8/4/95 8,054,790 742
2,800M Ford Motor Credit Company, 5.95%, 7/13/95 2,794,447 258
150M General Electric Credit Corporation, 5.92%, 7/31/95 149,260 14
2,700M McDonald's Corporation, 5.93%, 7/6/95 2,697,776 249
1,100M Philip Morris Capital Corporation, 5.97%, 7/31/95 1,094,474 101
400M Prudential Funding, 5.93%, 7/6/95 399,670 37
300M Prudential Funding, 5.90%, 8/11/95 297,984 27
4,400M Transamerica Finance Corporation, 5.95%, 8/2/95 4,376,728 403
3,600M US West, 5.93%, 7/14/95 3,588,885 331
- ----------------------------------------------------------------------------------------------------
TOTAL VALUE OF SHORT-TERM CORPORATE NOTES (cost $23,454,014) 23,454,014 2,162
- ----------------------------------------------------------------------------------------------------
TOTAL VALUE OF INVESTMENTS (cost $91,836,108) 100.5% 109,109,202 10,055
EXCESS OF LIABILITIES OVER OTHER ASSETS (.5) (600,518) (55)
- ----------------------------------------------------------------------------------------------
NET ASSETS 100.0% $108,508,684 $10,000
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
<FN>
*Non-income producing
</TABLE>
22 See notes to financial statements
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS TOTAL RETURN SERIES
(A Series of First Investors Series Fund)
June 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
AMOUNT
INVESTED
FOR EACH
$10,000
OF
NET
SHARES SECURITY VALUE ASSETS
<C> <S> <C> <C>
- --------------------------------------------------------------------------------------------------
COMMON STOCKS--53.0%
BASIC INDUSTRY--4.2%
2,600 Dow Chemical Company $ 186,875 $ 36
6,900 Du Pont (E.I.) De Nemours & Company 474,375 90
2,700 Georgia Pacific Corporation 234,225 45
17,600 *Interpool, Inc. 239,800 46
8,300 James River Corporation of Virginia 229,287 44
4,100 Minnesota Mining & Manufacturing Company 234,725 45
3,400 Monsanto Company 306,425 58
4,900 Willamette Industries, Inc. 271,950 52
- --------------------------------------------------------------------------------------------------
2,177,662 416
- --------------------------------------------------------------------------------------------------
CAPITAL GOODS--4.4%
7,950 AGCO Corporation 298,125 57
3,200 Boeing Company 200,400 38
2,500 Browning-Ferris Industries, Inc. 90,313 17
3,900 Deere & Company 333,937 64
2,100 Emerson Electric Company 150,150 29
16,200 General Electric Company 913,275 175
5,700 *Varity Corporation 250,800 48
3,000 WMX Technologies, Inc. 85,125 16
- --------------------------------------------------------------------------------------------------
2,322,125 444
- --------------------------------------------------------------------------------------------------
CONSUMER DURABLES--1.8%
3,800 Chrysler Corporation 181,925 35
9,600 Ford Motor Company 285,600 54
4,200 General Motors Corporation 196,875 37
4,400 Goodyear Tire & Rubber Company 181,500 35
4,200 Masco Corporation 113,400 22
- --------------------------------------------------------------------------------------------------
959,300 183
- --------------------------------------------------------------------------------------------------
CONSUMER NON-DURABLES--12.3%
7,900 Abbott Laboratories 319,950 61
2,700 American Home Products Corporation 208,913 40
5,000 Bristol-Myers Squibb Company 340,625 65
12,000 Coca-Cola Company 765,000 146
- --------------------------------------------------------------------------------------------------
</TABLE>
23
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS TOTAL RETURN SERIES
(A Series of First Investors Series Fund)
June 30, 1995
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
NET
SHARES SECURITY VALUE ASSETS
- --------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
CONSUMER NON-DURABLES (continued)
4,200 Colgate-Palmolive Company $ 307,125 $ 59
3,400 Columbia/HCA Healthcare Corporation 147,050 28
10,600 Dreyer's Grand Ice Cream, Inc. 388,225 74
3,300 Eastman Kodak Company 200,063 38
2,900 Eli Lilly & Company 227,650 44
4,200 Gillette Company 187,425 36
6,600 Johnson & Johnson 446,325 85
5,200 Kimberly-Clark Corporation 311,350 60
11,700 Merck & Company, Inc. 573,300 110
7,650 PepsiCo, Inc. 349,030 67
3,100 Pfizer, Inc. 286,363 55
4,100 Philip Morris Companies, Inc. 304,938 58
6,700 Procter & Gamble Company 481,562 92
3,600 Schering-Plough 158,850 30
6,900 Teva Pharmaceutical Industries Ltd. 258,750 49
1,500 Unilever N.V. 195,188 37
- --------------------------------------------------------------------------------------------------
6,457,682 1,234
- --------------------------------------------------------------------------------------------------
CONSUMER SERVICES--5.5%
3,600 *Bed Bath & Beyond, Inc. 87,300 17
8,000 Gap, Inc. 279,000 53
4,400 Home Depot, Inc. 178,750 34
11,400 *Insurance Auto Auctions, Inc. 333,450 64
3,200 McDonald's Corporation 125,200 24
11,900 *Monarch Casino & Resort, Inc. 62,475 12
18,200 *REX Stores Corporation 254,800 49
8,400 Talbots, Inc. 333,900 64
8,000 Time Warner, Inc. 329,000 63
3,100 *Viacom, Inc. - Class "B" 143,762 27
17,300 Wal-Mart Stores, Inc. 462,775 88
4,700 Walt Disney Company 261,437 50
- --------------------------------------------------------------------------------------------------
2,851,849 545
- --------------------------------------------------------------------------------------------------
ENERGY--5.5%
5,000 Amoco Corporation 333,125 64
1,500 Atlantic Richfield Company 164,625 31
- --------------------------------------------------------------------------------------------------
</TABLE>
24
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
NET
SHARES SECURITY VALUE ASSETS
- --------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
ENERGY (continued)
6,100 Chevron Corporation $ 284,413 $ 54
11,900 Exxon Corporation 840,437 161
3,800 Mobil Corporation 364,800 70
5,000 Royal Dutch Petroleum Company 609,375 116
2,250 Schlumberger, Ltd. 139,781 27
2,500 Texaco, Inc. 164,063 31
- --------------------------------------------------------------------------------------------------
2,900,619 554
- --------------------------------------------------------------------------------------------------
FINANCIAL--3.9%
4,800 American Express Company 168,600 32
3,000 American International Group, Inc. 342,000 65
3,400 BankAmerica Corporation 178,925 34
3,000 Citicorp 173,625 33
2,400 Federal National Mortgage Association 226,500 43
5,600 NationsBank Corporation 300,300 57
19,525 Southern National Corporation 468,600 90
9,000 US Bancorp, Inc. 211,500 41
- --------------------------------------------------------------------------------------------------
2,070,050 395
- --------------------------------------------------------------------------------------------------
HEALTH CARE MISCELLANEOUS--.5%
12,700 *Mid Atlantic Medical Services, Inc. 234,950 45
- --------------------------------------------------------------------------------------------------
TECHNOLOGY--10.9%
15,100 A T & T Corporation 802,187 153
5,000 *Airtouch Communications, Inc. 142,500 27
10,000 *Atmel Corporation 553,750 106
15,200 ECI Telecommunications Limited Designs 208,050 40
4,400 Hewlett-Packard Company 327,800 63
7,000 *Integrated Device Technology, Inc. 323,750 62
7,400 Intel Corporation 468,512 90
5,400 International Business Machines Corporation 518,400 99
5,400 *Microsoft Corporation 488,025 93
5,700 Motorola, Inc. 382,613 73
6,000 MCI Communications Corporation 132,000 25
8,200 Nokia Corp. (ADR) 488,925 93
- --------------------------------------------------------------------------------------------------
</TABLE>
25
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS TOTAL RETURN SERIES
(A Series of First Investors Series Fund)
June 30, 1995
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
SHARES OR OF
PRINCIPAL NET
AMOUNT SECURITY VALUE ASSETS
- --------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
TECHNOLOGY (continued)
11,800 *Octel Communications Corporation $ 345,150 $ 66
14,250 *Oracle Corporation 550,405 105
- --------------------------------------------------------------------------------------------------
5,732,067 1,095
- --------------------------------------------------------------------------------------------------
TRANSPORTATION--.6%
800 *AMR Corporation 59,700 12
15,000 *Southern Pacific Rail Corporation 236,250 45
- --------------------------------------------------------------------------------------------------
295,950 57
- --------------------------------------------------------------------------------------------------
UTILITIES--3.4%
5,500 Ameritech Corporation 242,000 46
4,200 Bell Atlantic Corporation 235,200 45
4,800 BellSouth Corporation 304,800 58
9,400 GTE Corporation 320,775 61
4,000 NYNEX Corporation 161,000 31
6,100 SBC Communications, Inc. 290,513 56
5,300 US West, Inc. 220,613 42
- --------------------------------------------------------------------------------------------------
1,774,901 339
- --------------------------------------------------------------------------------------------------
TOTAL VALUE OF COMMON STOCKS (cost $23,515,750) 27,777,155 5,307
- --------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS--.6%
HEALTH CARE MISCELLANEOUS
$ 400M Pacific Physicians Services, Inc., 5 1/2%, 2003 (cost 59
$400,000) 311,000
- --------------------------------------------------------------------------------------------------
CORPORATE BONDS--20.2%
CHEMICALS--1.3%
650M Rexene Corp., 11 3/4%, 2004 700,375 134
- --------------------------------------------------------------------------------------------------
ELECTRIC & GAS UTILITIES--2.2%
600M Old Dominion Electric Cooperative, 7.97%, 2002 637,063 122
500M Unicom Corporation, 8 1/4%, 2006 532,152 101
- --------------------------------------------------------------------------------------------------
1,169,215 223
- --------------------------------------------------------------------------------------------------
</TABLE>
26
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
PRINCIPAL NET
AMOUNT SECURITY VALUE ASSETS
- --------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
ELECTRIC POWER--1.4%
$ 673M United Illuminating Corp., 9.76%, 2006 $ 706,650 $ 135
- --------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT--1.1%
600M Essex Group, Inc., 10%, 2003 579,000 111
- --------------------------------------------------------------------------------------------------
FINANCIAL SERVICES--2.0%
500M First Union Corp., 8 1/8%, 2002 535,967 102
500M NationsBank Corporation., 8 1/8%, 2002 533,654 102
- --------------------------------------------------------------------------------------------------
1,069,621 204
- --------------------------------------------------------------------------------------------------
FOOD/BEVERAGE/TOBACCO--1.3%
600M Universal Corp., 9 1/4%, 2001 673,727 129
- --------------------------------------------------------------------------------------------------
HEALTHCARE--2.5%
600M Healthsouth Rehabilitation Corp., 9 1/2%, 2001 622,500 119
600M Ornda Healthcorp., 11 3/8%, 2004 657,000 126
- --------------------------------------------------------------------------------------------------
1,279,500 245
- --------------------------------------------------------------------------------------------------
MEDIA/CABLE TELEVISION--1.2%
600M Rogers Communication Inc., 10 7/8%, 2004 618,000 118
- --------------------------------------------------------------------------------------------------
PAPER/FOREST PRODUCTS--5.2%
800M Rainy River Forest Products Co., Inc., 10 3/4%, 2001 836,000 160
800M S.D. Warren Company, 12%, 2004 868,000 166
1,000M Stone Container Corp., 9 7/8%, 2001 997,500 190
- --------------------------------------------------------------------------------------------------
2,701,500 516
- --------------------------------------------------------------------------------------------------
RETAIL-FOOD/DRUG--1.2%
600M Penn Traffic Co., Inc., 10.65%, 2004 627,000 120
- --------------------------------------------------------------------------------------------------
TELEPHONE--.8%
400M Allnet Communication Services, Inc., 9%, 2003 426,500 81
- --------------------------------------------------------------------------------------------------
TOTAL VALUE OF CORPORATE BONDS (cost $10,050,560) 10,551,088 2,016
- --------------------------------------------------------------------------------------------------
</TABLE>
27
<PAGE>
PORTFOLIO OF INVESTMENTS
FIRST INVESTORS TOTAL RETURN SERIES
(A Series of First Investors Series Fund)
June 30, 1995
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------
AMOUNT
INVESTED
FOR EACH
$10,000
OF
PRINCIPAL NET
AMOUNT SECURITY VALUE ASSETS
- --------------------------------------------------------------------------------------------------
<C> <S> <C> <C>
MUNICIPAL BONDS--2.4%
MISSOURI--.1%
$ 200M Missouri State Environment Improvement and Energy, Zero $ 13
Coupon, 2013 $ 67,500
- --------------------------------------------------------------------------------------------------
OREGON--2.3%
1,250M Port of Portland, Airport Rev., 5 3/4%, 2025 1,200,000 229
- --------------------------------------------------------------------------------------------------
TOTAL VALUE OF MUNICIPAL BONDS (cost $1,276,025) 1,267,500 242
- --------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--14.0%
4,500M United States Treasury Notes, 6 1/4%, 5/31/2000 4,549,219 869
2,500M United States Treasury Notes, 7 7/8%, 11/15/2004 2,784,766 532
- --------------------------------------------------------------------------------------------------
TOTAL VALUE OF U.S. OBLIGATIONS (cost $7,078,750) 7,333,985 1,401
- --------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--8.6%
2,500M Deluxe Corporation, 5.85%, 8/3/95 2,486,593 475
1,000M PHH Capital Corporation, 5.87%, 7/12/95 998,206 191
1,000M U.S. Central Credit Union, 5.93%, 7/17/95 997,365 191
- --------------------------------------------------------------------------------------------------
TOTAL VALUE OF SHORT-TERM CORPORATE NOTES (cost $4,482,164) 4,482,164 857
- --------------------------------------------------------------------------------------------------
TOTAL VALUE OF INVESTMENTS (cost $46,803,249) 98.8% 51,722,892 9,882
OTHER ASSETS, LESS LIABILITIES 1.2 618,381 118
- ----------------------------------------------------------------------------------------------
NET ASSETS 100.0% $52,341,273 $ 10,000
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
</TABLE>
*Non-income producing
28 See notes to financial statements
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
FIRST INVESTORS SERIES FUND
June 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INSURED
INTERMEDIATE INVESTMENT SPECIAL TOTAL
BLUE CHIP TAX EXEMPT GRADE SITUATIONS RETURN
SERIES SERIES SERIES SERIES SERIES
- ---------------------------------------- ------------ ------------- ----------- ------------ -----------
ASSETS
<S> <C> <C> <C> <C> <C>
Investments in securities:
At identified cost.................... $124,200,550 $ 5,921,055 $46,763,731 $ 91,836,108 $46,803,249
------------ ------------- ----------- ------------ -----------
------------ ------------- ----------- ------------ -----------
At value (Note 1A).................... $147,854,547 $ 6,176,719 $48,000,027 $109,109,202 $51,722,892
Cash (overdraft)........................ (706,050) 34,886 260,843 714,453 750,477
Receivables:
Investment securities sold............ 719,198 -- -- 713,400 79,969
Interest and dividends................ 261,989 108,549 951,505 21,489 328,949
Trust shares sold..................... 288,403 830 55,092 307,204 13,891
Other assets............................ 511 -- 64 32 394
------------ ------------- ----------- ------------ -----------
Total Assets............................ 148,418,598 6,320,984 49,267,531 110,865,780 52,896,572
------------ ------------- ----------- ------------ -----------
LIABILITIES
Payables:
Investment securities purchased....... 669,737 -- -- 2,104,509 78,776
Dividends payable July 15, 1995....... 418,122 27,620 257,852 -- 319,633
Trust shares redeemed................. 270,441 5,665 112,873 131,503 92,135
Accrued advisory fee.................... 91,065 1,865 26,563 66,451 32,886
Accrued expenses........................ 69,815 82 8,741 54,633 31,869
------------ ------------- ----------- ------------ -----------
Total Liabilities....................... 1,519,180 35,232 406,029 2,357,096 555,299
------------ ------------- ----------- ------------ -----------
NET ASSETS.............................. $146,899,418 $ 6,285,752 $48,861,502 $108,508,684 $52,341,273
------------ ------------- ----------- ------------ -----------
------------ ------------- ----------- ------------ -----------
NET ASSETS CONSIST OF:
Capital paid in......................... $121,517,476 $ 6,249,438 $47,632,963 $ 93,285,093 $47,234,020
Undistributed net investment income
(deficit).............................. 396,837 8,174 64,312 (36,413) 290,656
Accumulated net realized gain (loss) on
investment transactions................ 1,331,108 (227,524) (72,069) (2,013,090) (103,046)
Net unrealized appreciation in value of
investments............................ 23,653,997 255,664 1,236,296 17,273,094 4,919,643
------------ ------------- ----------- ------------ -----------
Total................................... $146,899,418 $ 6,285,752 $48,861,502 $108,508,684 $52,341,273
------------ ------------- ----------- ------------ -----------
------------ ------------- ----------- ------------ -----------
TRUST SHARES OUTSTANDING (Note 2):
Class A............................... 9,178,146 1,078,092 4,823,446 5,675,827 4,254,573
Class B............................... 137,969 19,565 44,533 107,452 7,939
NET ASSET VALUE AND REDEMPTION PRICE PER
SHARE -- CLASS A....................... $15.77 $5.73 $10.04 $18.76 $12.28
MAXIMUM OFFERING PRICE PER SHARE --
CLASS A*............................... $16.82 $6.11 $10.71 $20.01 $13.10
NET ASSET VALUE AND OFFERING PRICE PER
SHARE -- CLASS B....................... $15.75 $5.73 $10.04 $18.72 $12.26
<FN>
*On purchases of $25,000 or more, the sales charge is reduced.
</TABLE>
See notes to financial statements 29
<PAGE>
STATEMENT OF OPERATIONS
FIRST INVESTORS SERIES FUND
Six Months Ended June 30, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INSURED
INTERMEDIATE INVESTMENT SPECIAL TOTAL
BLUE CHIP TAX EXEMPT GRADE SITUATIONS RETURN
SERIES SERIES SERIES SERIES SERIES
- --------------------------------------------------- ----------- ------------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income:
Interest......................................... $ 360,916 $ 172,458 $1,795,617 $ 582,628 $ 949,286
Dividends........................................ 1,594,992 -- 3,363 185,986 283,128
----------- ------------- ---------- ----------- ----------
Total income....................................... 1,955,908 172,458 1,798,980 768,614 1,232,414
----------- ------------- ---------- ----------- ----------
Expenses (Note 4):
Advisory fee..................................... 673,362 18,060 178,741 489,942 256,722
Shareholder servicing costs...................... 232,458 3,870 68,585 215,358 96,879
Distribution plan expenses -- Class A............ 200,846 8,969 71,267 145,722 76,958
Distribution plan expenses -- Class B............ 3,876 207 758 4,200 197
Reports and notices to shareholders.............. 40,914 359 3,964 46,809 16,516
Professional fees................................ 19,658 8,387 8,426 9,767 8,176
Other expenses................................... 29,064 1,582 6,608 15,715 23,206
----------- ------------- ---------- ----------- ----------
Total expenses..................................... 1,200,178 41,434 338,349 927,513 478,654
Less: Expenses waived or assumed................... (168,340) (30,690) (105,285) (122,486) (64,181)
----------- ------------- ---------- ----------- ----------
Net expenses....................................... 1,031,838 10,744 233,064 805,027 414,473
----------- ------------- ---------- ----------- ----------
Net investment income (loss)....................... 924,070 161,714 1,565,916 (36,413) 817,941
----------- ------------- ---------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
(Note 3):
Net realized gain (loss) on investments............ 1,331,108 (16,157) 5,535 (2,013,090) (103,046)
Net unrealized appreciation of investments......... 19,791,395 319,855 3,913,540 15,377,393 6,074,729
----------- ------------- ---------- ----------- ----------
Net gain on investments............................ 21,122,503 303,698 3,919,075 13,364,303 5,971,683
----------- ------------- ---------- ----------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS........................................ $22,046,573 $ 465,412 $5,484,991 $13,327,890 $6,789,624
----------- ------------- ---------- ----------- ----------
----------- ------------- ---------- ----------- ----------
</TABLE>
30 See notes to financial statements
<PAGE>
(This page has been left blank intentionally.)
31
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
FIRST INVESTORS SERIES FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INSURED INTERMEDIATE
BLUE CHIP SERIES TAX EXEMPT SERIES
------------------------ ---------------------
1/1/95 TO 1/1/95 TO
6/30/95 1994 6/30/95 1994
- -------------------------------------------------------------- ----------- ----------- --------- ----------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
<S> <C> <C> <C> <C>
Net investment income (loss)................................ $ 924,070 $ 969,020 $ 161,714 $ 204,046
Net realized gain (loss) on investments..................... 1,331,108 12,824,558 (16,157) (211,367)
Net unrealized appreciation (depreciation) of investments... 19,791,395 (17,486,358) 319,855 (64,191)
----------- ----------- --------- ----------
Net increase (decrease) in net assets resulting from
operations.............................................. 22,046,573 (3,692,780) 465,412 (71,512)
----------- ----------- --------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income--Class A.............................. (822,693) (736,036) (153,382) (203,201)
Net investment income--Class B.............................. (6,627) -- (1,003) --
Net realized gain on investments--Class A................... -- (12,824,558) -- --
Capital surplus--Class A.................................... -- -- -- --
----------- ----------- --------- ----------
Total distributions....................................... (829,320) (13,560,594) (154,385) (203,201)
----------- ----------- --------- ----------
TRUST SHARE TRANSACTIONS(a)
Class A:
Proceeds from shares sold................................. 13,927,101 28,516,378 773,883 5,941,925
Value of distributions reinvested......................... 813,513 13,336,027 95,020 146,538
Cost of shares redeemed................................... (14,809,530) (18,834,076) (693,125) (1,741,446)
----------- ----------- --------- ----------
(68,916) 23,018,329 175,778 4,347,017
----------- ----------- --------- ----------
Class B:
Proceeds from shares sold................................. 2,059,070 -- 110,732 --
Value of dividends reinvested............................. 6,600 -- 664 --
Cost of shares redeemed................................... (8,472) -- -- --
----------- ----------- --------- ----------
2,057,198 -- 111,396 --
----------- ----------- --------- ----------
Net increase (decrease) from trust share transactions....... 1,988,282 23,018,329 287,174 4,347,017
----------- ----------- --------- ----------
Net increase (decrease) in net assets..................... 23,205,535 5,764,955 598,201 4,072,304
NET ASSETS
Beginning of period......................................... 123,693,883 117,928,928 5,687,551 1,615,247
----------- ----------- --------- ----------
End of period+.............................................. $146,899,418 $123,693,883 $6,285,752 $5,687,551
----------- ----------- --------- ----------
----------- ----------- --------- ----------
+Includes undistributed net investment income (deficit) of... $ 396,837 $ 302,087 $ 8,174 $ 845
----------- ----------- --------- ----------
----------- ----------- --------- ----------
(a)TRUST SHARES ISSUED AND REDEEMED
Class A:
Sold...................................................... 956,558 1,859,807 137,346 1,055,065
Issued for distributions reinvested....................... 53,531 987,102 16,833 26,577
Redeemed.................................................. (1,021,948) (1,228,162) (122,661) (314,040)
----------- ----------- --------- ----------
Net increase (decrease) in Class A shares outstanding..... (11,859) 1,618,747 31,518 767,602
----------- ----------- --------- ----------
----------- ----------- --------- ----------
Class B:
Sold...................................................... 138,097 -- 19,449 --
Issued for dividends reinvested........................... 425 -- 116 --
Redeemed.................................................. (553) -- -- --
----------- ----------- --------- ----------
Net increase in Class B shares outstanding................ 137,969 -- 19,565 --
----------- ----------- --------- ----------
----------- ----------- --------- ----------
</TABLE>
32 See notes to financial statements
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTMENT GRADE SPECIAL SITUATIONS TOTAL RETURN
SERIES SERIES SERIES
----------------------- ------------------------ -----------------------
1/1/95 TO 1/1/95 TO 1/1/95 TO
6/30/95 1994 6/30/95 1994 6/30/95 1994
---------- ----------- ----------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
$1,565,916 $ 3,018,267 $ (36,413) $ (191,338) $ 817,941 $ 1,050,441
5,535 (77,604) (2,013,090) 4,914,240 (103,046) 1,748,894
3,913,540 (5,141,298) 15,377,393 (7,165,669) 6,074,729 (4,665,923)
---------- ----------- ----------- ----------- ---------- -----------
5,484,991 (2,200,635) 13,327,890 (2,442,767) 6,789,624 (1,866,588)
---------- ----------- ----------- ----------- ---------- -----------
(1,551,278) (2,986,294) -- -- (650,191) (881,057)
(4,378) -- -- -- (706) --
-- -- -- (4,722,902) -- (1,748,894)
-- -- -- (32) -- --
---------- ----------- ----------- ----------- ---------- -----------
(1,555,656) (2,986,294) -- (4,722,934) (650,897) (2,629,951)
---------- ----------- ----------- ----------- ---------- -----------
3,806,805 11,602,927 15,093,746 44,120,605 1,535,410 5,931,145
993,510 2,283,004 -- 4,695,874 328,601 2,614,430
(6,484,112) (11,027,449) (11,686,456) (10,892,979) (6,467,114) (11,511,286)
---------- ----------- ----------- ----------- ---------- -----------
(1,683,797) 2,858,482 3,407,290 37,923,500 (4,603,103) (2,965,711)
---------- ----------- ----------- ----------- ---------- -----------
438,231 -- 1,872,997 -- 91,874 --
2,291 -- -- -- 167 --
(3,445) -- (5,578) -- -- --
---------- ----------- ----------- ----------- ---------- -----------
437,077 -- 1,867,419 -- 92,041 --
---------- ----------- ----------- ----------- ---------- -----------
(1,246,720) 2,858,482 5,274,709 37,923,500 (4,511,062) (2,965,711)
---------- ----------- ----------- ----------- ---------- -----------
2,682,615 (2,328,447) 18,602,599 30,757,799 1,627,665 (7,462,250)
46,178,887 48,507,334 89,906,085 59,148,286 50,713,608 58,175,858
---------- ----------- ----------- ----------- ---------- -----------
$48,861,502 $46,178,887 $108,508,684 $89,906,085 $52,341,273 $50,713,608
---------- ----------- ----------- ----------- ---------- -----------
---------- ----------- ----------- ----------- ---------- -----------
$ 64,312 $ 54,052 $ (36,413) $ -- $ 290,656 $ 123,612
---------- ----------- ----------- ----------- ---------- -----------
---------- ----------- ----------- ----------- ---------- -----------
396,078 1,196,162 880,801 2,520,975 133,508 509,492
103,030 238,751 -- 285,811 28,699 237,905
(671,941) (1,136,131) (677,398) (620,009) (562,459) (991,334)
---------- ----------- ----------- ----------- ---------- -----------
(172,833) 298,782 203,403 2,186,777 (400,252) (243,937)
---------- ----------- ----------- ----------- ---------- -----------
---------- ----------- ----------- ----------- ---------- -----------
44,660 -- 107,770 -- 7,924 --
233 -- -- -- 15 --
(360) -- (318) -- -- --
---------- ----------- ----------- ----------- ---------- -----------
44,533 -- 107,452 -- 7,939 --
---------- ----------- ----------- ----------- ---------- -----------
---------- ----------- ----------- ----------- ---------- -----------
</TABLE>
33
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FIRST INVESTORS SERIES FUND
1. SIGNIFICANT ACCOUNTING POLICIES--The Fund, a Massachusetts business trust, is
registered under the Investment Company Act of 1940 (the "1940 Act") as a
diversified, open-end management investment company. The Fund operates as a
series fund, issuing shares of beneficial interest in the Blue Chip, Insured
Intermediate Tax Exempt, Investment Grade, Special Situations and Total Return
Series and accounts separately for the assets, liabilities and operations of
each Series.
A. Security Valuation--Except as provided below, a security listed or traded on
an exchange or the NASDAQ National Market System is valued at its last sale
price on the exchange or system where the security is principally traded, and
lacking any sales, the security is valued at the mean between the closing bid
and asked prices. 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. Securities
may also be priced 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. Short-term corporate notes which are purchased at a discount
are valued at amortized cost. Securities for which market quotations are not
readily available and 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 a manner specifically authorized by the Trustees of the Fund. The
municipal bonds in which the Insured Intermediate Tax Exempt Series invests are
traded primarily in the over-the-counter markets. Such securities are valued
daily on the basis of valuations provided by a pricing service approved by the
Board of Trustees. The pricing service considers security type, rating, market
condition and yield data, as well as market quotations and prices provided by
market makers in determining value. "When Issued Securities" are reflected in
the assets of the Series as of the date the securities are purchased.
The municipal bonds held by the Insured Intermediate Tax Exempt Series are
insured as to payment of principal and interest by the issuer or under insurance
policies written by independent insurance companies. It is the intention of the
Fund to retain any insured securities which are in default or in significant
risk of default and to place a value on the defaulted securities equal to the
value of similar securities which are not in default. The Series may invest up
to 20% of its assets in portfolio securities not covered by the insurance
feature.
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 Series to continue to
comply with the special provisions of the Internal Revenue Code applicable to
investment companies and to make distributions of income and capital gains (in
excess of any available capital loss carryovers), sufficient to relieve it from
all, or substantially all, federal income taxes. At June 30, 1995, the
Investment Grade Series and the Insured Intermediate Tax Exempt Series had
capital loss carryovers of $65,952 and $160,056, respectively, expiring in 2002.
C. Distributions to Shareholders--Dividends from net investment income to
shareholders of the Insured Intermediate Tax Exempt Series and the Investment
Grade Series are declared daily and paid monthly. Dividends from net investment
income of the Blue Chip Series and Total Return
34
<PAGE>
Series are declared and paid quarterly and dividends from net investment income
of the Special Situations Series are declared and paid annually. Distributions
from net realized capital gains of all Series are normally declared and paid
annually. Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments for net operating losses, tax-exempt interest, capital loss
carryforwards and post October losses.
D. Expense Allocation--Expenses directly charged or attributable to a Series are
paid from the assets of that Series. General expenses of First Investors Series
Fund are allocated among and charged to the assets of each Series on a fair and
equitable basis, which may be based on the relative assets of each Series or the
nature of the services performed and relative applicability to each Series.
E. 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 both financial statement and federal income tax
purposes. Dividend income is recorded on the ex-dividend date. Interest income
and estimated expenses are accrued daily.
2. CAPITAL--Each Series sells two classes of shares, Class A and Class B, each
with a public offering price that reflects different sales charges and expense
levels. Class A shares are sold with an initial sales charge of up to 6.25% of
the amount invested and together with the Class B shares are subject to 12b-1
fees as described in Note 4. Class B shares are sold without an initial sales
charge, but are generally subject to a contingent deferred sales charge which
declines in steps from 4% to 0% during a six-year period. Class B shares
automatically convert into Class A shares after eight years. Realized and
unrealized gains or losses, investment income and expenses (other than 12b-1
fees and certain other class expenses) are allocated daily to each class of
shares based upon the relative proportion of net assets of each class. The Fund
has established an unlimited number of shares of beneficial interest for both
Class A and Class B shares.
3. SECURITY TRANSACTIONS--For the six months ended June 30, 1995, purchases and
sales of securities and long-term U.S. Government obligations, excluding U.S.
Treasury bills and short-term corporate notes, were as follows:
<TABLE>
<CAPTION>
Long-Term U.S.
Securities Government Obligations
------------------------ -----------------------
Cost of Proceeds Cost of Proceeds
SERIES Purchases of Sales Purchases of Sales
- ---------------------------------------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C>
BLUE CHIP............................... $16,684,895 $10,055,692 $ -- $ --
INSURED INTERMEDIATE TAX EXEMPT......... 2,623,773 2,203,798 -- --
INVESTMENT GRADE........................ 3,885,283 3,016,680 4,466,812 4,332,499
SPECIAL SITUATIONS...................... 26,791,650 31,324,079 -- --
TOTAL RETURN............................ 29,854,041 31,915,531 16,555,625 9,784,613
</TABLE>
35
<PAGE>
NOTES TO FINANCIAL STATEMENTS
FIRST INVESTORS SERIES FUND
At June 30, 1995, aggregate cost and net unrealized appreciation of securities
for federal income tax purposes were as follows:
<TABLE>
<CAPTION>
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
SERIES Cost Appreciation Depreciation Appreciation
- ---------------------------------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
BLUE CHIP............................... $124,200,550 $24,857,905 $ 1,203,908 $23,653,997
INSURED INTERMEDIATE TAX EXEMPT......... 5,921,055 255,664 -- 255,664
INVESTMENT GRADE........................ 46,763,731 1,524,975 288,679 1,236,296
SPECIAL SITUATIONS...................... 91,836,108 21,325,765 4,052,671 17,273,094
TOTAL RETURN............................ 46,803,249 5,588,344 668,701 4,919,643
</TABLE>
4. 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"), its underwriter, First Investors
Corporation ("FIC"), its transfer agent, Administrative Data Management Corp.
("ADM") and/or First Financial Savings Bank, S.L.A. ("FFS"), custodian of the
Fund's Individual Retirement Accounts. 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 FIC.
The Investment Advisory Agreement provides as compensation to FIMCO for each
Series other than the Insured Intermediate Tax Exempt Series and the Investment
Grade Series, an annual fee, payable monthly, at the rate of 1% on the first
$200 million of each Series' average daily net assets, .75% on the next $300
million, declining by .03% on each $250 million thereafter, down to .66% on
average daily net assets over $1 billion. The annual fee for the Insured
Intermediate Tax Exempt Series is payable monthly, at the rate of .60% of the
Series' average daily net assets. The annual fee for the Investment Grade Series
is payable monthly, at the rate of .75% on the first $300 million of the Series'
average daily net assets, .72% on the next $200 million, .69% on the next $250
million, and .66% on average daily net assets over $750 million. Total advisory
fees accrued to FIMCO for the six months ended June 30, 1995, were $1,616,827,
of which $386,364 was waived. In addition, expenses of the Insured Intermediate
Tax Exempt and Investment Grade Series amounting to $21,248 and $10,326,
respectively, were assumed by FIMCO.
Pursuant to certain state regulations, FIMCO has agreed to reimburse each Series
if and to the extent that the Series' aggregate operating expenses, including
advisory fees but generally excluding interest, taxes, brokerage commissions and
extraordinary expenses, exceed any limitation on expenses applicable to each
Series in those states (unless waivers of such limitations have been obtained).
The amount of any such reimbursement is limited to each Series' yearly advisory
fee. For the six months ended June 30, 1995, no reimbursement was required
pursuant to these provisions.
For the six months ended June 30, 1995, FIC, as underwriter, received $1,441,218
in commissions from the sale of Fund shares after allowing $25,759 to other
dealers. Shareholder servicing costs included $444,574 in transfer agent fees
and out of
36
<PAGE>
pocket expenses accrued to ADM (of which $50,756 was waived by ADM) and $172,576
in custodian fees accrued to FFS (of which $13,319 was waived).
Pursuant to a Distribution Plan adopted under Rule 12b-1 of the 1940 Act, each
Series is authorized to pay FIC a fee equal to .30% of the
average net assets of the Class A shares and 1% of the average net assets of the
Class B shares on an annualized basis each year, payable monthly. The fee
consists of a distribution fee and a service fee. The service fee is paid for
the ongoing servicing of clients who are shareholders of that Series. Total
12b-1 fees accrued to FIC amounted to $513,000 (of which $8,969 was waived).
37
<PAGE>
FINANCIAL HIGHLIGHTS
FIRST INVESTORS SERIES FUND
The following table sets forth the per share operating performance data for a
share of beneficial interest outstanding, total return, ratios to average net
assets and other supplemental data for each period indicated.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PER SHARE DATA
--------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions
Net Asset ---------------------------------------- from
Value Net Realized ---------------------
--------- Net and Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gains Distributions
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
BLUE CHIP SERIES
- -----------------------------------
CLASS A
- -----------------------------------
1990............................... $12.41 $ .32 $ (.74) $ (.42) $ .35 $ -- $ .35
1991............................... 11.64 .21 2.96 3.17 .22 -- .22
1992............................... 14.59 .13 .82 .95 .13 .12 .25
1993............................... 15.29 .10 1.08 1.18 .10 .79 .89
1994............................... 15.58 .11 (.58) (.47) .09 1.56 1.65
1/1/95 to 6/30/95.................. 13.46 .10 2.30 2.40 .09 -- .09
CLASS B
- -----------------------------------
1/12/95* to 6/30/95................ 13.51 .05 2.26 2.31 .07 -- .07
INSURED INTERMEDIATE TAX EXEMPT
SERIES
- -----------------------------------
CLASS A
- -----------------------------------
11/22/93* to 12/31/93.............. 5.79 -- -- -- -- -- --
1994............................... 5.79 .24 (.36) (.12) .24 -- .24
1/1/95 to 6/30/95.................. 5.43 .15 .29 .44 .14 -- .14
CLASS B
- -----------------------------------
1/12/95* to 6/30/95................ 5.45 .12 .29 .41 .13 -- .13
INVESTMENT GRADE SERIES
- -----------------------------------
CLASS A
- -----------------------------------
2/19/91* to 12/31/91............... 9.31 .57 .67 1.24 .57 .05 .62
1992............................... 9.93 .71 .04 .75 .72 .06 .78
1993............................... 9.90 .65 .50 1.15 .65 .07 .72
1994............................... 10.33 .62 (1.09) (.47) .62 -- .62
1/1/95 to 6/30/95.................. 9.24 .32 .80 1.12 .32 -- .32
CLASS B
- -----------------------------------
1/12/95* to 6/30/95................ 9.26 .26 .78 1.04 .26 -- .26
<FN>
*Commencement of operations or date shares first offered
**Calculated without sales charges
+Annualized
++Net of expenses waived or assumed by the investment adviser
</TABLE>
38 See notes to financial statements
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS / SUPPLEMENTAL DATA Ratio to Average Net Assets
- ---------- -----------------------------------------------------------------------------------------------------
Before Expenses Waived or
Ratio to Average Net Assets++
Net Asset Assumed
Value ----------------------------- -----------------------------
- ---------- Total Net Assets End Net Net Portfolio
End of Return** of Period Investment Investment Turnover
Period (%) (in thousands) Expenses (%) Income (%) Expenses (%) Income (%) Rate (%)
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$11.64 (3.50) $ 55,816 .77 2.57 1.88 1.46 49
14.59 27.52 79,932 1.28 1.63 1.78 1.14 31
15.29 6.56 99,501 1.46 .95 1.73 .67 44
15.58 7.77 117,929 1.48 .66 1.73 .41 39
13.46 (3.02) 123,694 1.54 .80 1.79 .55 82
15.77 17.86 144,726 1.53+ 1.38+ 1.78+ 1.13+ 8
15.75 17.15 2,173 2.11+ .82+ 2.36+ .57+ 8
5.79 0 1,615 -- .54+ 1.78+ (1.24)+ 0
5.43 (2.05) 5,688 .14 4.52 .96 3.70 210
5.73 8.24 6,174 .35+ 5.38+ 1.37+ 4.36+ 38
5.73 7.48 112 1.34+ 4.35+ 3.00+ 2.69+ 38
9.93 15.70+ 18,153 -- 7.79+ 1.48+ 6.31+ 51
9.90 7.83 37,922 .57 7.20 1.41 6.36 44
10.33 11.82 48,507 .86 6.27 1.40 5.73 38
9.24 (4.62) 46,179 .95 6.46 1.47 5.94 17
10.04 12.23 48,415 .98+ 6.57+ 1.42+ 6.13+ 17
10.04 11.34 447 1.67+ 5.69+ 2.16+ 5.20+ 17
</TABLE>
39
<PAGE>
FINANCIAL HIGHLIGHTS
FIRST INVESTORS SERIES FUND
The following table sets forth the per share operating performance data for a
share of beneficial interest outstanding, total return, ratios to average net
assets and other supplemental data for each period indicated.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PER SHARE DATA
--------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions
Net Asset ---------------------------------------- from
Value Net Realized ---------------------
--------- Net and Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gains Distributions
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
SPECIAL SITUATIONS SERIES
- -----------------------------------
CLASS A
- -----------------------------------
9/18/90* to 12/31/90............... $ 9.31 $ .09 $ .27 $ .36 $ .09 $ -- $ .09
1991............................... 9.58 .10 4.74 4.84 .10 .33 .43
1992............................... 13.99 -- 2.41 2.41 -- .78 .78
1993............................... 15.62 (.08) 3.29 3.21 -- .83 .83
1994............................... 18.00 (.04) (.62) (.66) -- .91 .91
1/1/95 to 6/30/95.................. 16.43 (.01) 2.34 2.33 -- -- --
CLASS B
- -----------------------------------
1/12/95* to 6/30/95................ 16.40 (.02) 2.34 2.32 -- -- --
TOTAL RETURN SERIES
- -----------------------------------
CLASS A
- -----------------------------------
4/24/90* to 12/31/90............... 11.17 .32 (.12) .20 .32 -- .32
1991............................... 11.05 .37 1.97 2.34 .34 .12 .46
1992............................... 12.93 .27 (.41) (.14) .30 -- .30
1993............................... 12.49 .26 .63 .89 .26 1.24 1.50
1994............................... 11.88 .21 (.62) (.41) .19 .39 .58
1/1/95 to 6/30/95.................. 10.89 .19 1.35 1.54 .15 -- .15
CLASS B
- -----------------------------------
1/12/95* to 6/30/95................ 10.90 .11 1.39 1.50 .14 -- .14
<FN>
*Commencement of operations or date shares first offered
**Calculated without sales charges
+Annualized
++Net of expenses waived or assumed by the investment adviser
</TABLE>
40 See notes to financial statements
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS / SUPPLEMENTAL DATA Ratio to Average Net Assets
- ---------- -----------------------------------------------------------------------------------------------------
Before Expenses Waived or
Ratio to Average Net Assets++
Net Asset Assumed
Value ----------------------------- -----------------------------
- ---------- Total Net Assets End Net Net Portfolio
End of Return** of Period Investment Investment Turnover
Period (%) (in thousands) Expenses (%) Income (%) Expenses (%) Income (%) Rate (%)
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 9.58 13.58+ $ 1,321 -- 3.93+ 2.74+ 1.19+ 0
13.99 50.47 9,183 -- 1.44 2.31 (.87) 86
15.62 17.26 25,814 1.06 (.05) 1.92 (.91) 88
18.00 20.52 59,148 1.55 (.63) 1.89 (.96) 71
16.43 (3.66) 89,906 1.65 (.26) 1.90 (.51) 53
18.76 14.18 106,497 1.64+ (.07)+ 1.89+ (.32)+ 34
18.72 14.15 2,011 2.18+ (.51)+ 2.43+ (.76)+ 34
11.05 2.67+ 41,499 -- 5.85+ 2.11+ 3.74+ 13
12.93 21.51 60,888 .83 3.20 1.88 2.14 51
12.49 (1.00) 65,537 1.29 2.25 1.78 1.76 75
11.88 7.18 58,176 1.45 2.00 1.83 1.62 131
10.89 (3.45) 50,714 1.63 1.91 1.88 1.66 124
12.28 14.20 52,244 1.61+ 3.19+ 1.86+ 2.94+ 97
12.26 13.77 97 2.48+ 2.52+ 2.73+ 2.27+ 97
</TABLE>
41
<PAGE>
INDEPENDENT AUDITOR'S REPORT
To the Shareholders and Trustees of
First Investors Series Fund
We have audited the accompanying statement of assets and liabilities, including
the portfolios of investments, of the Blue Chip, Insured Intermediate Tax
Exempt, Investment Grade, Special Situations and Total Return Series (comprising
First Investors Series Fund), as of June 30, 1995, 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, 1995 and the year ended December 31, 1994, and
the financial highlights for the periods presented. 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, 1995, 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 the
Blue Chip, Insured Intermediate Tax Exempt, Investment Grade, Special Situations
and Total Return Series of First Investors Series Fund at June 30, 1995, and the
results of their operations, changes in their net assets and financial
highlights for each of the respective periods presented, in conformity with
generally accepted accounting principles.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
July 31, 1995
42
<PAGE>
FIRST INVESTORS SERIES FUND
TRUSTEES
- -------------------------------------------
JAMES J. COY
ROGER L. GRAYSON
GLENN O. HEAD
KATHRYN S. HEAD
F. WILLIAM ORTMAN, JR.
REX R. REED
HERBERT RUBINSTEIN
JAMES M. SYRGLEY
JOHN T. SULLIVAN
ROBERT F. WENTWORTH
OFFICERS
- -------------------------------------------
GLENN O. HEAD
President
NANCY W. JONES
Vice President
PATRICIA D. POITRA
Vice President
CLARK D. WAGNER
Vice President
CONCETTA DURSO
Vice President and Secretary
JOSEPH I. BENEDEK
Treasurer
CAROL LERNER BROWN
Assistant Secretary
SHAREHOLDER INFORMATION
- -------------------------------------------
INVESTMENT ADVISER
FIRST INVESTORS
MANAGEMENT COMPANY, INC.
95 Wall Street
New York, NY 10005
UNDERWRITER
FIRST INVESTORS CORPORATION
95 Wall Street
New York, NY 10005
CUSTODIAN
THE BANK OF NEW YORK
48 Wall Street
New York, NY 10286
CUSTODIAN (Total Return Series 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 M Street, 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.
43
<PAGE>
FIRST INVESTORS SERIES FUND
95 WALL STREET
NEW YORK, NY 10005
The following appears on the bottom lefthand side:
First Investors Logo, which is described as follows: the arabic numeral one
separated into seven vertical segments followed by the words "First Investors"
A MEMBER OF THE
FIRST INVESTORS
FINANCIAL NETWORK
FIBC 103
Vertically reading from bottom to top in the center of the page the words
"FIRST INVESTORS" appear.
FIRST
INVESTORS
SERIES FUND
BLUE CHIP SERIES
INSURED INTERMEDIATE
TAX EXEMPT SERIES
INVESTMENT GRADE SERIES
SPECIAL SITUATIONS SERIES
TOTAL RETURN SERIES
SEMI-
ANNUAL
REPORT
JUNE 30, 1995
