FIRST INVESTORS SERIES FUND
BLUE CHIP SERIES
INSURED INTERMEDIATE TAX EXEMPT SERIES
INVESTMENT GRADE SERIES
SPECIAL SITUATIONS SERIES
TOTAL RETURN SERIES
ANNUAL REPORT
DECEMBER 31, 1994
Portfolio Manager's Letter
FIRST INVESTORS BLUE CHIP SERIES
(A Series of First Investors Series Fund)
Dear Investor:
The U.S. economic recovery hit full stride in 1994 with gross domestic
product growth of approximately 4%. The unemployment rate fell from
6.4% to 5.4% over the course of the year as the economy created 3.5
million new jobs. Feeling secure about job prospects, consumers were
willing to borrow and spend. U.S. vehicle sales reached their highest
level since 1988. Despite strong growth, inflation remained below 3% as
low labor costs, improved productivity and international competition
kept prices from accelerating.
Nonetheless, concerned that strong economic growth would eventually
lead to inflation, the Federal Reserve in February engineered the first
of six short-term interest rate increases which in total raised rates
250 basis points (2.50%). As is typical at this point in the economic
cycle, long-term interest rates also rose with the benchmark 30 year
U.S. Treasury bond yield increasing approximately 155 basis points
(1.55%) during the year. With higher interest rates creating concern
that the economy might slow, broad stock market indices were unable to
advance and ended the year unchanged to slightly lower despite strong
earnings reported by many companies.
The stock market weakened as valuations became less attractive versus
high bond market yields. The equity market was driven more by fears of
inflation and rising interest rates than by good earnings reports which
generally showed growth in revenues and improved profit margins.
Investors became increasingly skittish as volatility increased.
During 1994, the Blue Chip Series paid dividends of $.09 per share from
net investment income and made a capital gains distribution of $1.56
per share. The Series total return for the year declined 3.02%,
underperforming the S&P Index which rose 1.28%. This was due in part to
an overweighted position in cyclical securities, such as steel and
housing related issues. As the Fed tightened monetary policy, investors
began to fear that the economy would slow and cause corporate profits
to peak prematurely. Investors aggressively sold cyclical issues
causing many securities to trade at historically low price/earnings
multiples even as some of these companies reported record earnings. The
stock market also penalized any company which failed to meet analysts'
earnings expectations.
Technology and health care issues were the best performers for 1994.
Technology companies, such as Motorola and Automatic Data Processing,
are benefitting from the trend towards substitution of capital for
labor. Companies are upgrading technology in order to increase
productivity and boost corporate profits. The Blue Chip Series also
benefitted from its exposure to companies with sizeable foreign and
export profits. Investors became increasingly convinced that the global
economy, especially Europe, was growing at a stronger pace than the
U.S. economy.
As always, we appreciate the opportunity to serve your investment
needs.
Sincerely,
/s/ Patricia D. Poitra
Director of Equities
and Portfolio Manager
January 31, 1995
Cumulative Performance Information
FIRST INVESTORS BLUE CHIP SERIES
(A Series of First Investors Series Fund)
Comparison of change in value of $10,000 investment in the First
Investors Blue Chip Series (Class A shares) and the Standard & Poor's
500 Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Blue Chip Series Standard & Poor's 500 Index
<S> <C> <C>
Jan-89 $ 9,375 $ 10,000
Dec-89 10,813 12,261
Dec-90 10,435 11,885
Dec-91 13,308 15,460
Dec-92 14,181 16,554
Dec-93 15,283 18,155
Dec-94 14,821 18,388
</TABLE>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
One Year (3.02%) (9.09%)
Five Years 6.51% 5.14%
Since Inception 7.94% 6.78%
The graph compares a $10,000 investment made in the First Investors
Blue Chip Series on 1/3/89 (inception date) with a similar investment
in the S&P 500 Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The S&P 500 Index is a capitalization-weighted index of 500 stocks
designed to measure performance of the broad domestic economy through
changes in the aggregate market value of 500 stocks representing all
major industries. The Index does not take into account fees and
expenses. It is not possible to invest in the Standard & Poor's 500
Index.
* Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%, and prior to
12/4/89, the maximum sales charge was 7.25%) and are higher than they
would have been had the sales charge not been reduced. Some or all of
the expenses of the Series were waived or assumed. If such expenses had
been paid by the Series, the S.E.C. Standardized Average Annual Total
Return for One Year, Five Years and Since Inception would have been
(9.31%), 4.56% and 6.12%, respectively. Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original
cost. S&P 500 Index figures from Standard & Poor's and all other
figures from First Investors Management Company, Inc. Class A shares
were the only shares offered by the Series during the period reported.
Portfolio Manager's Letter
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT SERIES
(A Series of First Investors Series Fund)
Dear Investor:
The U.S. economic recovery hit full stride in 1994 with gross domestic
product growth of approximately 4%. The unemployment rate fell from
6.4% to 5.4% over the course of the year as the economy created 3.5
million new jobs. Feeling secure about job prospects, consumers were
willing to borrow and spend. U.S. vehicle sales reached their highest
level since 1988. Despite strong growth, inflation remained below 3% as
low labor costs, improved productivity and international competition
kept prices from accelerating.
Nonetheless, concerned that strong economic growth would eventually
lead to inflation, the Federal Reserve in February engineered the first
of six short-term interest rate increases which in total raised rates
250 basis points (2.50%). As is typical at this point in the economic
cycle, long-term interest rates also rose with the benchmark 30 year
U.S. Treasury bond yield increasing approximately 155 basis points
(1.55%) during the year. With higher interest rates creating concern
that the economy might slow, broad stock market indices were unable to
advance and ended the year unchanged to slightly lower despite strong
earnings reported by many companies.
The Insured Intermediate Tax Exempt Series declined 2.05% during 1994,
compared to a 5.17% decline for the Lehman Brothers Municipal Bond
Index. The Series' outperformance reflects its relatively short
duration of 5.0 years in contrast to the Index's 8.06 year duration. In
particular, the Series benefitted from investing in high coupon non-
callable bonds which cushioned it from the adverse impact of rising
rates. The Series remained fully invested throughout the year in order
to maximize current income.
The municipal bond market fell in stages during 1994. The first decline
was precipitated by the Federal Reserve's decision to begin raising
interest rates in February, causing long-term municipal bond yields to
rise over 100 basis points (1.00%). The second decline--which took
rates up another 95 basis points (.95%)--ran from September through
November, as economic growth continued to be strong. The Fed continued
to raise short-term rates and municipal bond funds sustained high
levels of redemptions. Following a December rally, municipal bond
yields ended the year 145 basis points (1.45%) higher than they had
begun 1994.
New issue supply totalled $163 billion, a drop of 44% from 1993's
record pace. The positive impact of lower supply was offset by the sale
of bonds by mutual funds. The municipal yield curve flattened during
the year as short-term interest rates rose more than long-term rates.
In general, sector and credit decisions had little impact on relative
returns in the municipal bond market. Rather, the sustained decline in
the market made "duration"--which measures the interest rate
sensitivity of bonds--the key determinant of total return. While the
bankruptcy of Orange County, California disrupted the municipal bond
market in general, and the California market in particular, the Insured
Intermediate Tax Exempt Series was relatively unaffected because all
the bonds in the Series are insured as to payment of principal and
interest.
As always, we appreciate the opportunity to serve your investment
needs.
Sincerely,
/s/ Clark D. Wagner
Chief Investment Officer
and Portfolio Manager
January 31, 1995
Cumulative Performance Information
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT SERIES
(A Series of First Investors Series Fund)
Comparison of change in value of $10,000 investment in the First
Investors Insured Intermediate Tax Exempt Series (Class A shares) and
the Lehman Brothers Municipal Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Insured Intermediate Lehman Brothers
Tax Exempt Series Municipal Bond Index
<S> <C> <C>
Nov-93 $ 9,650 $ 10,000
Dec-93 9,650 10,211
Dec-94 9,452 9,683
</TABLE>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
One Year (2.05%) (5.48%)
Since Inception (1.86%) (4.97%)
S.E.C. 30-Day Yield 5.32%
The graph compares a $10,000 investment made in the First Investors
Insured Intermediate Tax Exempt Series on 11/22/93 (inception date)
with a similar investment in the Lehman Brothers Municipal Bond Index.
For purposes of the graph and the accompanying table, unless otherwise
indicated, it has been assumed that the maximum sales charge was
deducted from the initial $10,000 investment in the Series and all
dividends and distributions were reinvested.
The Lehman Brothers Municipal Bond Index is a total return performance
benchmark for the long-term investment grade tax exempt bond market.
Returns and attributes for the Index are calculated semi-monthly using
approximately 21,000 municipal bonds which are priced by Muller Data
Corp. The Index does not take into account fees and expenses or cost of
insurance of the bonds held by an insured tax-exempt bond fund. It is
not possible to invest in the Lehman Brothers Municipal Bond Index.
* Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
3.5% (as of 1/12/95, the maximum sales charge is 6.25%). Some or all
of the expenses of the Series were waived or assumed. If such expenses
had been paid by the Series, the S.E.C. Standardized Average Annual
Total Return for One Year and Since Inception would have been (6.88%)
and (6.24%), respectively and the S.E.C. Yield for December 1994 would
have been 4.29%. Results represent past performance and do not
indicate future results. Investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than the original cost. Lehman Brothers
Municipal Bond Index figures from Lehman Brothers Inc. and all other
figures from First Investors Management Company, Inc. Class A shares
were the only shares offered by the Series during the period reported.
Portfolio Manager's Letter
FIRST INVESTORS INVESTMENT GRADE SERIES
(A Series of First Investors Series Fund)
Dear Investor:
The U.S. economic recovery hit full stride in 1994 with gross domestic
product growth of approximately 4%. The unemployment rate fell from
6.4% to 5.4% over the course of the year as the economy created 3.5
million new jobs. Feeling secure about job prospects, consumers were
willing to borrow and spend. U.S. vehicle sales reached their highest
level since 1988. Despite strong growth, inflation remained below 3% as
low labor costs, improved productivity and international competition
kept prices from accelerating.
Nonetheless, concerned that strong economic growth would eventually
lead to inflation, the Federal Reserve in February engineered the first
of six short-term interest rate increases which in total raised rates
250 basis points (2.50%). As is typical at this point in the economic
cycle, long-term interest rates also rose with the benchmark 30 year
U.S. Treasury bond yield increasing approximately 155 basis points
(1.55%) during the year. With higher interest rates creating concern
that the economy might slow, broad stock market indices were unable to
advance and ended the year unchanged to slightly lower despite strong
earnings reported by many companies.
The increase in rates across the maturity spectrum hurt the performance
of all fixed income instruments during 1994 with the exception of cash.
First Investors Investment Grade Series declined 4.62% during 1994,
compared to the Lehman Brothers Corporate Bond Index, which declined by
3.93%.
Early in 1994, we positioned the portfolio for an increase in interest
rates. We shortened the average maturity and improved credit quality
through increased weightings in A-rated securities. The credit upgrade
was a defensive move against pricing pressures in the lower quality
spectrum, but a slow-down in issuance and a general lack of supply of
quality corporate paper supported better returns among Baa rated bonds.
The Investment Grade Series' exposure to the banking sector made a
positive contribution during the first half of 1994. However, in the
second half of the year, concerns about banking credit quality due to
expected compression of net interest margins and the exposure to
derivatives and to emerging market credits caused the entire sector to
come under pricing pressure. The position in electric utilities was
also a drag on performance. These bonds suffered spread widening as
competitive pressures and environmental issues continued to plague
their expected future cash flows.
On the other hand, consolidation in the defense industry was beneficial
to the portfolio as the announced acquisitions by stronger credits
boosted the prices of two of our holdings: Lockheed Corp. 6.75% and
Allison Engine 10%.
The portfolio strategy has resulted in a relatively short average
maturity and a cash equivalent position of 11% as of December 31, 1994.
At year-end, the top five industry sectors were: banking,
food/beverage/tobacco, forest products, telecommunications and
utilities.
As always, we appreciate the opportunity to serve your investment
needs.
Sincerely,
/s/ Nancy W. Jones
Portfolio Manager
January 31, 1995
Cumulative Performance Information
FIRST INVESTORS INVESTMENT GRADE SERIES
(A Series of First Investors Series Fund)
Comparison of change in value of $10,000 investment in the First
Investors Investment Grade Series (Class A shares) and the Lehman
Brothers Corporate Bond Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Investment Grade Lehman Brothers
Series Corporate Bond Index
<S> <C> <C>
Feb-91 $ 9,375 $ 10,000
Dec-91 10,665 11,702
Dec-92 11,500 12,719
Dec-93 12,859 14,266
Dec-94 12,265 13,705
</TABLE>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
One Year (4.62%) (10.59%)
Since Inception 7.18% 5.41%
S.E.C. 30-Day Yield 6.99%
The graph compares a $10,000 investment made in the First Investors
Investment Grade Series on 2/19/91 (inception date) with a similar
investment in the Lehman Brothers Corporate Bond Index. For purposes of
the graph and the accompanying table, unless otherwise indicated, it
has been assumed that the maximum sales charge was deducted from the
initial $10,000 investment in the Series and all dividends and
distributions were reinvested.
The Lehman Brothers Corporate Bond Index includes all publicly issued,
fixed rate, nonconvertible investment grade dollar-denominated, S.E.C.-
registered corporate debt. All issues have at least one year to
maturity and an outstanding par value of at least $100 million. The
Index does not take into account fees and expenses. It is not possible
to invest in the Lehman Brothers Corporate Bond Index.
* Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (13.50%) and 3.79%, respectively and the S.E.C. Yield for December
1994 would have been 6.13%. Results represent past performance and do
not indicate future results. Investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than the original cost. Lehman
Brothers Corporate Bond Index figures from Lehman Brothers Inc. and all
other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
Portfolio Manager's Letter
FIRST INVESTORS SPECIAL SITUATIONS SERIES
(A Series of First Investors Series Fund)
Dear Investor:
The U.S. economic recovery hit full stride in 1994 with gross domestic
product growth of approximately 4%. The unemployment rate fell from
6.4% to 5.4% over the course of the year as the economy created 3.5
million new jobs. Feeling secure about job prospects, consumers were
willing to borrow and spend. U.S. vehicle sales reached their highest
level since 1988. Despite strong growth, inflation remained below 3% as
low labor costs, improved productivity and international competition
kept prices from accelerating.
Nonetheless, concerned that strong economic growth would eventually
lead to inflation, the Federal Reserve in February engineered the first
of six short-term interest rate increases which in total raised rates
250 basis points (2.50%). As is typical at this point in the economic
cycle, long-term interest rates also rose with the benchmark 30 year
U.S. Treasury bond yield increasing approximately 155 basis points
(1.55%) during the year. With higher interest rates creating concern
that the economy might slow, broad stock market indices were unable to
advance and ended the year unchanged to slightly lower despite strong
earnings reported by many companies.
Emerging growth stocks underperformed the broader stock market in 1994.
For the year, the NASDAQ Industrials were off 6.46%, the Lipper Small
Company Growth Fund Index declined .73% and the Russel 2000 Index was
down 3.18%, as compared to the Special Situations Series which declined
3.66%. Your Series performed in line with the Lipper Small Company
Growth Fund Index throughout the year untill December.
The Special Situations Series' setback in December was partly the
result of Mexico's devaluation of the Peso. We also had several
individual stock disappointments, many of which failed to meet Wall
Street analysts' earnings expectations, which had a negative effect on
performance. The stocks covered various sectors, including finance,
advertising, telecommunications, recreation vehicles and medical.
During 1994, your Series' performance was positively impacted by its
exposure to both the technology and healthcare sectors, the two
strongest performing sectors for the year. The worst performing sectors
were biotechnology and medical technology. Your Series had minimal
participation in these areas, which also aided performance. In
addition, select retail stocks and capital goods stocks were positive
contributors to performance.
As always, we appreciate the opportunity to serve your investment
needs.
Sincerely,
/s/ Patricia D. Poitra
Director of Equities
and Portfolio Manager
January 31, 1995
Cumulative Performance Information
FIRST INVESTORS SPECIAL SITUATIONS SERIES
(A Series of First Investors Series Fund)
Comparison of change in value of $10,000 investment in the First
Investors Special Situations Series (Class A shares), the Lipper Small
Company Growth Fund Index and the Russell 2000 Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Special Lipper Small Company
Situations Series Growth Fund Index Russell 2000 Index
<S> <C> <C> <C>
Sep-90 $ 9,375 $10,000 $ 10,000
Dec-90 9,741 10,754 10,500
Dec-91 14,657 16,214 15,326
Dec-92 17,186 17,853 18,155
Dec-93 20,714 20,776 21,606
Dec-94 19,955 20,624 20,919
</TABLE>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
One Year (3.66%) (9.68%)
Since Inception 19.26% 17.48%
The graph compares a $10,000 investment made in the First Investors
Special Situations Series on 9/18/90 (inception date) with a similar
investment in the Lipper Small Company Growth Fund Index and the
Russell 2000 Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lipper Small Company Growth Fund Index is a net value weighted
index of the 30 largest small company growth funds. It is calculated
with adjustments for income dividends and capital gains distributions
as of the ex-dividend dates. The Index does not take into account fees
and expenses. It is not possible to invest in the Lipper Small Company
Growth Fund Index.
The Russell 2000 Index consists of the smallest 2,000 companies in the
Russell 3000 Index (which represents approximately 98% of the
investable U.S. equity market). The Russell 2000 Index is an unmanaged
index generally considered as the premier measure of small
capitalization stocks. The Index does not take into account fees and
expenses. It is not possible to invest in the Russell 2000 Index.
* Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (9.85%) and 16.60%, respectively. Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original
cost. Lipper Small Company Growth Fund Index figures from Lipper
Analytical Services Inc., Russell 2000 Index figures from Frank Russell
and Company and all other figures from First Investors Management
Company, Inc. Class A shares were the only shares offered by the
Series during the period reported.
Portfolio Manager's Letter
FIRST INVESTORS TOTAL RETURN SERIES
(A Series of First Investors Series Fund)
Dear Investor:
The U.S. economic recovery hit full stride in 1994 with gross domestic
product growth of approximately 4%. The unemployment rate fell from
6.4% to 5.4% over the course of the year as the economy created 3.5
million new jobs. Feeling secure about job prospects, consumers were
willing to borrow and spend. U.S. vehicle sales reached their highest
level since 1988. Despite strong growth, inflation remained below 3% as
low labor costs, improved productivity and international competition
kept prices from accelerating.
Nonetheless, concerned that strong economic growth would eventually
lead to inflation, the Federal Reserve in February engineered the first
of six short-term interest rate increases which in total raised rates
250 basis points (2.50%). As is typical at this point in the economic
cycle, long-term interest rates also rose with the benchmark 30 year
U.S. Treasury bond yield increasing approximately 155 basis points
(1.55%) during the year. With higher interest rates creating concern
that the economy might slow, broad stock market indices were unable to
advance and ended the year unchanged to slightly lower despite strong
earnings reported by many companies.
The Total Return Series distributed 19 cents per share from net
investment income and 39 cents per share from capital gains in 1994.
During the year, the Series declined 3.45%. The stock market, as
measured by the S&P 500 Index, rose only 1.28%. The bond market, as
measured by the Lehman Brothers Government/Corporate Bond Index, fell
3.51%. Cash, with a return of approximately 4%, was the best performing
asset class in 1994.
During the year, the Total Return Series had approximately 50-60% of
its assets in equities, 20% in bonds, and 20-30% in cash. The equity
portion of the Series underperformed the S&P 500 due largely to a 50%
weighting in small company stocks. The market for small company stocks,
as measured by the Russel 2000 Index declined by 3.18% in 1994.
The Series' bond investments performed comparably to the Lehman
Brothers Government/Corporate Bond Index. During the first half of the
year, the bond allocation consisted primarily of investment grade
corporate bonds which lost value as the bond market declined. In the
fourth quarter, the Series reduced its holding of investment grade
corporate bonds to 5% of assets and initiated a position in high yield
corporate bonds. The high yield holdings, as well as trading
opportunities in municipal bonds, provided incremental positive returns
to the Series. The Series' average cash position of 23% (up from 5%
during 1993) returned 4.3%, beating all other investment categories
held by the Series.
At the conclusion of 1994, the Series was invested 52% in equities, 5%
in investment grade corporate debt securities, 15% in high yield
corporate debt securities, and 28% in cash.
As always, we appreciate the opportunity to serve your investment
needs.
Sincerely,
/s/ Clark D. Wagner
Chief Investment Officer
January 31, 1995
Cumulative Performance Information
FIRST INVESTORS TOTAL RETURN SERIES
(A Series of First Investors Series Fund)
Comparison of change in value of $10,000 investment in the First
Investors Total Return Series (Class A shares), Lehman Brothers
Government/Corporate Bond Index and the Standard & Poor's 500 Index.
The following table is the source data for the line chart which
appears at this point in the printed document. This table is
not part of the original printed document and is shown for
reference only. The same is also true for this descriptive
paragraph.
<TABLE>
<CAPTION>
Lehman Brothers Government Standard & Poor's
Total Return Series Corporate Bond Index 500 Index
<S> <C> <C> <C>
Apr-90 $ 9,375 $10,000 $10,000
Dec-90 9,543 10,829 10,242
Dec-91 11,606 12,576 13,367
Dec-92 11,489 13,528 14,326
Dec-93 12,314 15,024 15,727
Dec-94 11,889 14,497 15,929
</TABLE>
Class A shares Average Annual Total Return*
N.A.V. Only S.E.C. Standardized
One Year (3.45%) (9.47%)
Since Inception 5.19% 3.76%
The graph compares a $10,000 investment made in the First Investors
Total Return Series on 4/24/90 (inception date) with a similar
investment in the Lehman Brothers Government/Corporate Bond Index and
the S&P 500 Index. For purposes of the graph and the accompanying
table, unless otherwise indicated, it has been assumed that the maximum
sales charge was deducted from the initial $10,000 investment in the
Series and all dividends and distributions were reinvested.
The Lehman Brothers Government/Corporate Bond Index combines the Lehman
Brothers Government Bond Index with the Lehman Brothers Corporate Bond
Index. The Government Bond Index is made up of the Treasury Bond Index
(all public obligations of the U.S. Treasury) and the Agency Bond Index
(all publicly issued debt of U.S. Government agencies and quasi-federal
corporations, and corporate debt guaranteed by the U.S. Government).
The Corporate Bond Index includes all publicly issued, fixed rate,
nonconvertible investment grade dollar-denominated, S.E.C.-registered
corporate debt. The Index does not take into account fees and
expenses. It is not possible to invest in the Lehman Brothers
Government/Corporate Bond Index.
The S&P 500 Index is a capitalization-weighted index of 500 stocks
designed to measure performance of the broad domestic economy through
changes in the aggregate market value of 500 stocks representing all
major industries. The Index does not take into account fees and
expenses. It is not possible to invest in the Standard & Poor's 500
Index.
* Average Annual Total Return figures (for the period ended 12/31/94)
include the reinvestment of all dividends and distributions. "N.A.V.
Only" returns are calculated without sales charges. The "S.E.C.
Standardized" returns shown are based on the maximum sales charge of
6.25% (prior to 7/1/93, the maximum sales charge was 6.9%) and are
higher than they would have been had the sales charge not been reduced.
Some or all of the expenses of the Series were waived or assumed. If
such expenses had been paid by the Series, the S.E.C. Standardized
Average Annual Total Return for One Year and Since Inception would have
been (9.68%) and 3.02%, respectively. Results represent past
performance and do not indicate future results. Investment return and
principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than the original
cost. Lehman Brothers Government/Corporate Bond Index figures from
Lehman Brothers Inc. S&P 500 Index figures from Standard & Poor's and
all other figures from First Investors Management Company, Inc. Class A
shares were the only shares offered by the Series during the period
reported.
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS BLUE CHIP SERIES
(A Series of First Investors Series Fund)
December 31, 1994
- - --------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- - --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--88.0%
Basic Industry--1.3%
22,500 Monsanto Company $ 1,586,250 $ 128
- - --------------------------------------------------------------------------------------------------------------------
Capital Goods--8.9%
12,400 Boeing Co. 579,700 47
8,000 Browning Ferris Industries, Inc. 227,000 18
12,500 Deere & Company 828,125 67
20,000 Dover Corporation 1,032,500 83
6,100 Eaton Corp. 301,950 24
8,200 Emerson Electric 512,500 41
62,700 General Electric Company 3,197,700 259
15,000 Grainger (W.W.), Inc. 866,250 70
18,600 Ingersoll-Rand Co. 585,900 47
10,300 ITT Corporation 912,837 74
2,600 McDonnell Douglas Corp. 369,200 30
32,000 * Varity Corp. 1,160,000 94
17,700 WMX Technologies Inc. 464,625 38
- - --------------------------------------------------------------------------------------------------------------------
11,038,287 892
- - --------------------------------------------------------------------------------------------------------------------
Consumer Durables--3.0%
12,800 Chrysler Corporation 627,200 51
4,000 Fleetwood Enterprises Inc. 75,000 6
33,700 Ford Motor Co. 943,600 76
27,200 General Motors Corp. 1,149,200 93
13,350 Goodyear Tire & Rubber Company 448,894 36
19,600 Masco Corporation 443,450 36
- - --------------------------------------------------------------------------------------------------------------------
3,687,344 298
- - --------------------------------------------------------------------------------------------------------------------
Consumer Non-Durables--18.7%
29,500 Abbott Laboratories 962,437 78
11,200 American Home Products Corp. 702,800 57
18,300 Anheuser Busch Companies, Inc. 931,012 75
18,800 Bristol-Myers Squibb Co. 1,088,050 88
47,500 Coca Cola Company 2,446,250 198
5,400 Colgate-Palmolive Company 342,225 28
13,900 CPC International Inc. 740,175 60
13,500 Eastman Kodak Co. 644,625 52
8,100 Gillette Co. 605,475 49
23,600 Johnson & Johnson 1,292,100 104
12,500 Kellogg Company 726,562 59
28,000 Kimberly-Clark Corporation 1,414,000 114
10,700 Lilly (Eli) & Co. 702,187 57
45,000 Merck & Co.,Inc. 1,715,625 139
29,100 Pepsico Inc. 1,054,875 85
15,200 Pet, Inc. 300,200 24
11,200 Pfizer Inc. 865,200 70
42,500 Philip Morris Cos., Inc. 2,443,750 198
25,100 Procter & Gamble Co. 1,556,200 126
14,000 * Ralcorp Holdings Inc. 311,500 25
29,400 Sara Lee Corp. 742,350 60
7,100 Schering-Plough Corp. 525,400 42
31,800 Stride Rite Corp. 353,775 29
5,900 Unilever PLC 687,350 56
- - --------------------------------------------------------------------------------------------------------------------
23,154,123 1,873
- - --------------------------------------------------------------------------------------------------------------------
Consumer Services--8.0%
12,800 Albertson's, Inc. 371,200 30
8,100 Dayton-Hudson Corp. 573,075 46
18,000 GAP, Inc. (The) 549,000 44
15,800 Home Depot, Inc. (The) 726,800 59
15,700 * Kroger Company 378,762 31
15,700 Mattel Inc. 394,462 32
12,900 May Department Stores Co. 435,375 35
27,200 McDonald's Corp. 795,600 64
15,000 Nordstrom Inc. 630,000 51
9,700 * Officemax Inc. 257,050 21
12,600 Rite Aid Corp. 294,525 24
13,300 Sears, Roebuck & Co. 611,800 49
18,800 The Walt Disney Company 867,150 70
14,200 Time Warner Inc. 498,775 40
12,900 Toys "R" Us, Inc. 393,450 32
10,100 * Viacom Inc.-Class "B" 410,312 33
82,400 Wal-Mart Stores, Inc. 1,751,000 142
- - --------------------------------------------------------------------------------------------------------------------
9,938,336 803
- - --------------------------------------------------------------------------------------------------------------------
Energy--16.7%
33,500 Alcan Aluminum Ltd. 850,062 69
18,100 Amoco Corp. 1,070,162 86
9,100 Atlantic Richfield Co. 925,925 75
7,100 Burlington Resources, Inc. 248,500 20
23,700 Chevron Corp. 1,057,612 85
10,100 Dow Chemical Co. 679,225 55
25,800 Du Pont (E.I.) De Nemours & Co. 1,451,250 117
26,900 Enron Corporation 820,450 66
43,900 Exxon Corp. 2,666,925 216
14,700 Halliburton Co. 486,937 39
12,500 * Inland Steel Industries, Inc. 439,063 35
6,700 Kerr-McGee Corp. 308,200 25
16,100 Minnesota Mining & Manufacturing Company 859,338 69
16,150 Mobil Corporation 1,360,638 110
29,100 NICOR, Inc. 662,025 54
18,500 Nucor Corp. 1,026,750 83
13,400 Pacific Enterprises 284,750 23
9,400 Phillips Petroleum Co. 307,850 25
19,300 Royal Dutch Petroleum Company 2,074,750 168
11,200 Schlumberger, Ltd. 564,200 46
19,000 Scott Paper Co. 1,313,375 106
9,400 Texaco Inc. 562,825 46
23,500 Unocal Corp. 640,375 52
- - --------------------------------------------------------------------------------------------------------------------
20,661,187 1,670
- - --------------------------------------------------------------------------------------------------------------------
Financial--8.4%
18,100 American Express Co. 533,950 43
11,600 American International Group Inc. 1,136,800 92
41,250 Banc One Corporation 1,046,719 85
28,900 BankAmerica Corporation 1,141,550 92
14,800 Chase Manhattan Corp. 508,750 41
14,100 Chemical Banking Corp. 505,838 41
16,200 Citicorp 670,275 54
16,700 Federal National Mortgage Association 1,217,013 98
21,700 First Fidelity Bancorporation 973,788 79
40,200 MGIC Investment Corporation 1,331,625 108
28,400 NationsBank Corporation 1,281,550 104
- - --------------------------------------------------------------------------------------------------------------------
10,347,858 837
- - --------------------------------------------------------------------------------------------------------------------
Health Care Miscellaneous--1.7%
16,600 Columbia/HCA Healthcare Corporation 605,900 49
22,500 U.S. Healthcare, Inc. 928,125 75
6,900 Warner-Lambert Company 531,300 43
- - --------------------------------------------------------------------------------------------------------------------
2,065,325 167
- - --------------------------------------------------------------------------------------------------------------------
Retail Trade--.1%
7,400 * Price/Costco, Inc. 95,275 8
- - --------------------------------------------------------------------------------------------------------------------
Technology--8.8%
24,000 Airtouch Communications Inc. 699,000 57
5,000 Autodesk, Inc. 198,125 16
8,400 Automatic Data Processing, Inc. 491,400 40
10,100 Cisco Systems, Inc. 354,763 29
7,600 * Compaq Computer Corp. 300,200 24
10,200 Hewlett-Packard Co. 1,018,725 82
15,300 Intel Corporation 977,288 79
21,700 International Business Machines Corp. 1,594,950 129
40,000 MCI Communications Corp. 735,000 59
24,200 * Microsoft Corporation 1,479,225 120
31,500 Motorola, Inc. 1,823,063 147
19,000 * National Semiconductor Corp. 370,500 30
19,700 * Oracle Systems Corp. 869,263 70
- - --------------------------------------------------------------------------------------------------------------------
10,911,502 882
- - --------------------------------------------------------------------------------------------------------------------
Transportation--1.1%
10,000 * AMR Corp. 532,500 43
28,700 * Southern Pacific Rail Corp. 520,188 42
18,775 Southwest Airlines Co. 314,481 26
- - --------------------------------------------------------------------------------------------------------------------
1,367,169 111
- - --------------------------------------------------------------------------------------------------------------------
Utilities--11.3%
57,250 A T & T Corp. 2,876,813 232
20,000 Ameritech Corp. 807,500 65
16,600 Bell Atlantic Corp. 825,850 67
21,300 BellSouth Corp. 1,152,863 93
23,000 Carolina Power & Light Co. 612,375 50
40,000 Cinergy Corp. 935,000 76
23,000 Duke Power Co. 876,875 71
28,200 FPL Group, Inc. 990,525 80
35,000 GTE Corporation 1,063,125 86
15,300 Nynex Corp. 562,275 45
16,000 Pacific Telesis Group 456,000 37
26,000 Pacificorp 471,250 38
22,100 SBC Communications Inc. 892,287 72
28,000 Texas Utilities Co. 896,000 72
16,500 US West, Inc. 587,812 48
- - --------------------------------------------------------------------------------------------------------------------
14,006,550 1,132
- - --------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $104,705,520) 108,859,206 8,801
- - --------------------------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS--.8%
Leisure Time
$1,500M Bell Sports Corporation, 4 1/4%, 11/15/00 (cost $1,256,709) 965,625 78
- - --------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--6.5%
3,200M Central Louisiana Electric, 6%, 1/3/95 3,198,933 259
1,500M General Electric Capital Corp., 6.05%, 1/17/95 1,495,967 121
3,300M Oklahoma Gas & Electric, 5.90%, 1/11/95 3,294,592 266
- - --------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $7,989,492) 7,989,492 646
- - --------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $113,951,721) 95.3% 117,814,323 9,525
Other Assets, Less Liabilities 4.7 5,879,560 475
- - --------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $123,693,883 $10,000
====================================================================================================================
*Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT SERIES
(A Series of First Investors Series Fund)
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
MUNICIPAL BONDS--95.9%
Alaska--3.6%
$ 200M Anchorage General Obligation, 6 1/2%, 7/1/2004 $ 207,000 $ 364
- - ------------------------------------------------------------------------------------------------------------------------------
California--10.9%
300M California State Rev. Antic. Wts., 5 3/4%, 4/25/1996 299,859 527
150M Pittsburg Pub. Fing. Auth. Wastewater Rev. 6.8%, Prerefunded 6/1/2001 160,875 283
150M Sacramento Municipal Utility District Electric Revenue,
6 1/2%, Prerefunded 9/1/2001 158,625 279
- - ------------------------------------------------------------------------------------------------------------------------------
619,359 1,089
- - ------------------------------------------------------------------------------------------------------------------------------
Florida--3.6%
200M Orange County Sales Tax Revenue, 6 1/8%, Prerefunded 1/1/2000 207,000 364
- - ------------------------------------------------------------------------------------------------------------------------------
Georgia--1.9%
100M Metropolitan Atlanta Rapid Transit Auth. Rev., 7.2%, Prerefunded 7/1/1999 108,250 190
- - ------------------------------------------------------------------------------------------------------------------------------
Illinois--15.4%
200M Chicago Wastewater Transmission Rev., 6 3/4%, Prerefunded 11/15/2000 213,750 376
200M Illinois State Sales Tax Revenue, 7%, Prerefunded 6/15/1999 214,500 377
400M Regional Transportation Authority, 7 3/4%, 6/1/2003 448,000 788
- - ------------------------------------------------------------------------------------------------------------------------------
876,250 1,541
- - ------------------------------------------------------------------------------------------------------------------------------
Indiana--2.8%
150M Valparaiso Indpt. Multi-Schools Bldg. Corp., 6 5/8%, Prerefunded 7/1/2002 158,812 279
- - ------------------------------------------------------------------------------------------------------------------------------
Kentucky--4.5%
200M Louisville & Jefferson County Met. Sewer District, 10%, 5/15/2004 254,000 447
- - ------------------------------------------------------------------------------------------------------------------------------
Louisiana--3.6%
200M Louisiana Stadium & Exposition District Revenue, 5 7/8%, 7/1/2000 204,250 359
- - ------------------------------------------------------------------------------------------------------------------------------
Maryland--3.7%
200M Baltimore Water Projects Revenue, 6 1/4%, Prerefunded 7/1/2002 208,000 366
- - ------------------------------------------------------------------------------------------------------------------------------
Michigan--4.6%
1,000M Brighton Area School District General Obligation Zero Cpn.,
Prerefunded 5/1/2005 260,000 457
- - ------------------------------------------------------------------------------------------------------------------------------
New Jersey--3.8%
200M New Jersey Economic Dev. Auth. Mkt. Transition Fac. Rev., 7%, 7/1/2004 216,000 380
- - ------------------------------------------------------------------------------------------------------------------------------
New York--5.6%
150M New York City General Obligation, 6 5/8%, Prerefunded 8/1/2002 159,000 280
150M Niagara Falls Bridge Commission, 6.3%, Prerefunded 10/1/2002 156,562 275
- - ------------------------------------------------------------------------------------------------------------------------------
315,562 555
- - ------------------------------------------------------------------------------------------------------------------------------
Ohio--10.4%
200M Columbus City Sch. Dist. General Obligation, 6.65%, Prerefunded 12/1/2002 213,250 375
200M Franklin County Convention Facs. Auth., 7%, Prerefunded 12/1/2000 216,750 381
150M Ohio State Building Authority Revenue, 7 1/4%, Prerefunded 4/1/2000 163,313 287
- - ------------------------------------------------------------------------------------------------------------------------------
593,313 1,043
- - ------------------------------------------------------------------------------------------------------------------------------
Pennsylvania--12.2%
200M Hampton Township Sch. Dist. General Obligation, 6.9%,
Prerefunded 2/15/2001 212,250 373
250M North Hills School District General Obligation, 7%, Prerefunded 7/15/2001 267,500 470
200M Pennsylvania Intergovernmental Coop. Auth. Special Tax Rev.,
7%, 6/15/2001 212,500 374
- - ------------------------------------------------------------------------------------------------------------------------------
692,250 1,217
- - ------------------------------------------------------------------------------------------------------------------------------
Rhode Island--3.8%
200M Rhode Island Depositors Econ. Protection Corp., 7.1%,
Prerefunded 8/1/2001 217,250 382
- - ------------------------------------------------------------------------------------------------------------------------------
Texas--5.5%
300M Harris County Toll Road General Obligation, 6 1/2%, Prerefunded 8/15/2002 315,750 555
- - ------------------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $5,517,237) 95.9% 5,453,046 9,588
Other Assets, Less Liabilities 4.1 234,505 412
- - ------------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $5,687,551 $10,000
==============================================================================================================================
Municipal Bonds which have been prerefunded
are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS INVESTMENT GRADE SERIES
(A Series of First Investors Series Fund)
December 31, 1994
- - ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- - ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CORPORATE BONDS--81.1%
Aerospace/Defense--3.9%
$ 500M Allison Engine Co., Inc., 10%, 2003 $ 515,000 $ 112
700M Boeing Co., 6.35%, 2003 618,929 134
750M Lockheed Corp., 6 3/4%, 2003 674,178 146
- - ----------------------------------------------------------------------------------------------------------------------
1,808,107 392
- - ----------------------------------------------------------------------------------------------------------------------
Apparel/Textiles--.6%
250M VF Corp., 9 1/2%, 2001 262,984 57
- - ----------------------------------------------------------------------------------------------------------------------
Building Materials--1.3%
600M Masco Corp., 9%, 2001 614,450 133
- - ----------------------------------------------------------------------------------------------------------------------
Chemicals--.6%
250M Arco Chemical Co., 9.9%, 2000 267,027 58
- - ----------------------------------------------------------------------------------------------------------------------
Computers/Software/Business Equipment--1.4%
600M Card Establishment Services, Inc., 10%, 2003 627,000 136
- - ----------------------------------------------------------------------------------------------------------------------
Conglomerates--3.0%
700M Hanson Overseas, B.V., 7 3/8%, 2003 657,955 143
750M Tenneco, Inc., 7 7/8%, 2002 717,129 155
- - ----------------------------------------------------------------------------------------------------------------------
1,375,084 298
- - ----------------------------------------------------------------------------------------------------------------------
Consumer Products--2.5%
1,250M Mattel, Inc., 6 3/4%, 2000 1,154,812 250
- - ----------------------------------------------------------------------------------------------------------------------
Electric & Gas Utilities--13.7%
750M Baltimore Gas & Electric Co., 6 1/2%, 2003 665,929 144
800M Carolina Power & Light Co., 7 3/4%, 2003 767,806 166
1,000M Duke Power Co., 5 7/8%, 2003 850,617 184
500M Gulf States Utilities, Co., 8 1/4%, 2004 485,139 105
800M Kansas Gas & Electric Co., 7.6%, 2003 754,647 164
525M Old Dominion Electric Cooperative, 7.97%, 2002 514,132 111
750M Philadelphia Electric Co., 8%, 2002 727,224 158
800M SCE Capital Corp., 7 3/8%, 2003 742,027 161
925M Southwestern Electric Power Co., 7%, 2007 822,722 178
- - ----------------------------------------------------------------------------------------------------------------------
6,330,243 1,371
- - ----------------------------------------------------------------------------------------------------------------------
Financial Services--16.9%
925M Banc One Corp., 7 1/4%, 2002 852,324 184
660M BankAmerica Corp., 9 1/2%, 2001 683,753 148
875M Barnett Banks, Inc., 8 1/2%, 1999 875,240 190
700M Chemical Bank, Inc., 7%, 2005 616,976 134
150M Citicorp, 10.15%, 1998 157,557 34
800M Citicorp, 8%, 2003 768,928 166
250M Corestates Capital Corp., 9 3/8%, 2003 259,723 56
450M First Union Corp., 8 1/8%, 2002 437,026 95
750M Fleet Financial Group, 6 7/8%, 2003 670,678 145
750M Mellon Bank N.A., 6 1/2%, 2005 635,898 138
550M Meridian Bancorp, 7 7/8%, 2002 524,329 114
925M Morgan Guaranty Trust Co., 7 3/8%, 2002 884,184 191
450M Nationsbank Corp., 8 1/8%, 2002 435,156 94
- - ----------------------------------------------------------------------------------------------------------------------
7,801,772 1,689
- - ----------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--5.3%
500M Coca-Cola Enterprises, Inc., 7 7/8%, 2002 487,232 106
900M Philip Morris Cos., Inc., 7 1/8%, 2002 819,499 177
500M Seagram Co., Ltd., 8.35%, 2006 491,765 106
650M Universal Corp., 9 1/4%, 2001 664,775 144
- - ----------------------------------------------------------------------------------------------------------------------
2,463,271 533
- - ----------------------------------------------------------------------------------------------------------------------
Healthcare--.9%
450M Healthtrust, Inc., 8 3/4%, 2005 434,250 94
- - ----------------------------------------------------------------------------------------------------------------------
Investment/Finance Companies--7.6%
700M Associates Corp. of North America, 7 7/8%, 2001 679,038 147
700M General Electric Capital Corp., 7 7/8%, 2006 677,017 147
700M General Motors Acceptance Corp., 7 1/8%, 1999 658,517 143
725M Heller Financial, Inc., 9 3/8%, 1998 743,630 161
250M International Lease Finance Corp., 8 7/8%, 2001 254,398 55
500M ITT Financial Corp., 8 1/2%, 1998 500,842 108
- - ----------------------------------------------------------------------------------------------------------------------
3,513,442 761
- - ----------------------------------------------------------------------------------------------------------------------
Miscellaneous--.6%
250M Alco Standard Corp., 8 7/8%, 2001 253,917 55
- - ----------------------------------------------------------------------------------------------------------------------
Oil/Natural Gas--3.7%
750M BP America, Inc., 7 7/8%, 2002 731,755 158
472M Marathon Oil Co., 8 1/2%, 2000 469,868 102
500M Mobil Corp., 8 5/8%, 2021 508,910 110
- - ----------------------------------------------------------------------------------------------------------------------
1,710,533 370
- - ----------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--4.1%
500M Macmillan & Bloedel, Ltd., 8 1/2%, 2004 487,758 106
650M Stone Container Corp., 10 3/4%, 2002 648,375 140
750M Temple Inland, Inc., 9%, 2001 773,262 167
- - ----------------------------------------------------------------------------------------------------------------------
1,909,395 413
- - ----------------------------------------------------------------------------------------------------------------------
Retail-General Merchandise--2.6%
500M Dayton-Hudson Corp., 9 3/4%, 2002 535,492 116
750M Penney J.C. & Co., 6 1/8%, 2003 648,909 141
- - ----------------------------------------------------------------------------------------------------------------------
1,184,401 257
- - ----------------------------------------------------------------------------------------------------------------------
Technology--2.9%
750M International Business Machines Corp., 6 3/8%, 2000 686,312 149
725M Xerox Corp., 7.15%, 2004 667,827 145
- - ----------------------------------------------------------------------------------------------------------------------
1,354,139 294
- - ----------------------------------------------------------------------------------------------------------------------
Telecommunications--1.6%
800M Tele-Communications, Inc., 8 1/4%, 2003 754,501 163
- - ----------------------------------------------------------------------------------------------------------------------
Telephone--7.9%
500M GTE Corp., 8.85%, 1998 506,546 110
850M MCI Communication Corp., 7 1/2%, 2004 804,007 174
250M New Jersey Bell Telephone Co., 7 3/8%, 2012 224,852 49
1,000M Pacific Bell Telephone Co., 7%, 2004 919,096 199
1,250M Southern Bell Telephone & Telegraph Co., Inc., 8 1/8%, 2017 1,179,808 255
- - ----------------------------------------------------------------------------------------------------------------------
3,634,309 787
- - ----------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $39,799,462) 37,453,637 8,111
- - ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS-7.7%
700M Federal Home Loan Mortgage Corp., 7.88%, 2004 661,281 143
1,775M United States Treasury Notes, 8 7/8%, 1997 1,821,871 395
1,190M United States Treasury Notes, 5 1/4%, 1998 1,094,614 237
- - ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Obligations (cost $3,909,185) 3,577,766 775
- - ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--9.2%
1,000M Ameritech Corp., 5.97%, 1/9/95 998,673 216
2,000M Federal National Mortgage Association, 5.89%, 1/1 1,996,728 432
250M General Electric Capital Corp., 5.80%, 1/11/95 249,597 54
1,000M Raytheon Co., 5.95%, 1/9/95 998,678 216
- - ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $4,243,676) 4,243,676 918
- - ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments ($47,952,323) 98.0% 45,275,079 9,804
Other Assets, Less Liabilities 2.0 903,808 196
- - ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $46,178,887 $10,000
======================================================================================================================
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS SPECIAL SITUATIONS SERIES
(A Series of First Investors Series Fund)
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--85.0%
Commercial Service--3.0%
26,000 Equifax, Inc. $ 685,750 $ 76
21,500 * Insurance Auto Auctions, Inc. 657,094 73
114,400 * International Post Ltd. 543,400 60
52,700 * Interpool Inc. 783,912 87
- - ------------------------------------------------------------------------------------------------------------------------
2,670,156 296
- - ------------------------------------------------------------------------------------------------------------------------
Computers/Software/Business Equipment--12.8%
42,300 * Adaptec, Inc. 999,337 111
14,600 * Altera Corp. 611,375 68
16,600 * Bysis Group, Inc. 367,275 41
38,000 * Convex Computer Corp. 299,250 33
12,400 * Cornerstone Imaging Inc. 189,100 21
50,600 * Data General Corp. 506,000 56
48,600 ECI Telecommunications Limited Designs (ADR) 662,175 73
18,600 * EMC Corp. 402,225 45
19,650 * FileNet Corp. 530,550 59
56,100 * Fourth Shift Corp. 154,275 17
71,700 * Fulcrum Technologies, Inc. 851,437 95
74,000 * Integrated Micro Products PLC (ADR) 536,500 60
36,500 * Lasermaster Technologies, Inc. 255,500 28
11,300 * Lotus Development Corp. 463,300 52
32,900 * Metatec Corp. 316,662 35
10,400 * Microsoft Corp. 635,700 71
24,800 * Oracle Systems Corp. 1,094,300 122
31,900 * Perceptron Inc. 733,700 82
18,800 * Phoenix Technologies Ltd. 141,000 16
32,000 * Pyxis Corp. 608,000 68
32,100 Reynolds & Reynolds Co. 802,500 89
14,600 * Robotic Vision Systems, Inc. 91,250 10
14,000 * Sybron Chemicals, Inc. 217,000 24
- - ------------------------------------------------------------------------------------------------------------------------
11,468,411 1,276
- - ------------------------------------------------------------------------------------------------------------------------
Consumer Products--3.1%
23,900 * CUC International, Inc. 800,650 89
47,300 Dixie Yarns, Inc. 331,100 37
25,700 Falcon Products, Inc. 301,975 33
19,700 * Harvey Entertainment 280,725 31
63,800 * National R.V. Holdings, Inc. 482,487 54
17,200 Oakwood Homes Corp. 419,250 47
14,600 * Shuler Homes, Inc. 208,050 23
- - ------------------------------------------------------------------------------------------------------------------------
2,824,237 314
- - ------------------------------------------------------------------------------------------------------------------------
Electronics/Instruments/Components--2.4%
20,700 General Electric Co. 1,055,700 118
12,100 Nokia Corp. (ADR) 907,500 101
11,100 * Recoton Corp. 208,125 23
- - ------------------------------------------------------------------------------------------------------------------------
2,171,325 242
- - ------------------------------------------------------------------------------------------------------------------------
Electronics/Semiconductors--7.4%
37,300 * Actel Corp. 307,725 34
8,200 * Alliance Semiconductor Corp. 256,250 28
11,400 * Applied Materials, Inc. 481,650 54
27,800 * Asyst Technologies, Inc. 653,300 73
16,500 * Electroglas, Inc. 550,687 61
39,600 * Integrated Device Technology Inc. 1,168,200 130
25,800 * Megatest Corp. 166,895 19
15,600 Motorola, Inc. 902,850 100
46,300 * National Semiconductor Corp. 902,850 100
76,000 * Tower Semiconductor Ltd. 836,000 93
7,700 * Xilinx Inc. 456,225 51
- - ------------------------------------------------------------------------------------------------------------------------
6,682,632 743
- - ------------------------------------------------------------------------------------------------------------------------
Environmental Services--.2%
33,600 * Encon Systems, Inc. 155,400 17
- - ------------------------------------------------------------------------------------------------------------------------
Financial/Miscellaneous--5.9%
17,300 * American Travellers Corp. 283,287 32
65,700 * Amvestors Financial Corp. 624,150 69
42,000 * Credit Acceptance Corp. 745,500 83
32,500 First USA, Inc. 1,068,437 119
44,350 * Grupo Financiero Bancomer, S.A. de C.V. (ADR) 525,889 58
52,500 Independent Bank Corp. 275,625 31
1,900 * Medaphis Corp. 88,350 10
16,050 NAC Re Corp. 537,675 60
27,800 Presidential Life Corp. 145,950 16
43,550 Reliance Group Holdings, Inc. 223,194 25
18,468 Southern National Corp. 353,201 39
12,100 Sunamerica Inc. 438,625 49
- - ------------------------------------------------------------------------------------------------------------------------
5,309,883 591
- - ------------------------------------------------------------------------------------------------------------------------
Foods--3.5%
18,200 * Canadaigua Wine Co. Class "A" 691,600 77
26,000 Dreyers Grand Ice Cream, Inc. 643,500 72
45,500 * Grist Mill Co. 426,562 48
45,000 * Ralcorp Holdings, Inc. 1,001,250 111
44,700 * Taco Cabana Class "A" 407,887 45
- - ------------------------------------------------------------------------------------------------------------------------
3,170,799 353
- - ------------------------------------------------------------------------------------------------------------------------
Gaming/Lodging--2.3%
36,600 * GTECH Holdings Corp. 745,725 83
49,700 * Monarch Casino & Resort, Inc. 273,350 31
23,300 * Players International, Inc. 524,250 58
43,900 * Rio Hotel and Casino, Inc. 532,287 59
- - ------------------------------------------------------------------------------------------------------------------------
2,075,612 231
- - ------------------------------------------------------------------------------------------------------------------------
Health Care/Miscellaneous--23.0%
18,600 * Advocat, Inc. 246,450 27
35,800 * American Medical Response, Inc. 1,033,725 115
75,500 * Applied Bioscience International, Inc. 415,250 46
11,300 * Arbor Health Care Co. 231,650 26
56,300 * Beverly Enterprises 809,313 90
26,000 * Boston Scientific Corp. 451,750 50
11,250 * Cellpro, Inc. 111,094 12
21,800 * Clinicom, Inc. 242,525 27
28,000 * Dentsply International, Inc. 882,000 98
72,400 * Ethical Holdings PLC (ADR) 470,600 52
38,200 Fisher Scientific International 945,450 105
56,200 * Future Healthcare, Inc. 1,159,125 129
26,500 * GMIS, Inc. 516,750 58
26,000 * Health Care & Retirement Corp. 783,250 87
30,925 * Healthcare Compare Corp. 1,055,316 118
14,600 * I-Stat Corp. 277,400 31
32,190 Ivax Corp. 611,611 68
31,600 * Living Centers of America, Inc. 1,054,650 117
11,200 * MedCath Inc. 159,600 18
57,100 * Mid Atlantic Medical Services, Inc. 1,306,163 145
44,400 * North American Vaccine, Inc. 371,850 41
17,000 * Noven Pharmaceuticals, Inc. 210,375 24
30,900 * Pacific Physicians Services, Inc. 517,575 58
22,200 * Penederm, Inc. 138,750 15
21,600 * Pharmaceutical Resources, Inc. 199,800 22
3,800 * Physician Reliance Network, Inc. 73,150 8
176,500 * Plasma-Therm, Inc. 1,213,438 135
74,500 * Protocol Systems, Inc. 670,500 75
47,700 * Quantum Health Resources, Inc. 1,371,375 153
51,500 Rite Aid Corp. 1,203,813 134
57,200 Teva Pharmaceutical Industries Ltd. (ADR) 1,383,525 154
20,000 * Watson Pharmaceuticals, Inc. 525,000 58
- - ------------------------------------------------------------------------------------------------------------------------
20,642,823 2,296
- - ------------------------------------------------------------------------------------------------------------------------
Industrial Services--.6%
22,100 * SPS Technologies, Inc. 560,788 62
- - ------------------------------------------------------------------------------------------------------------------------
Machinery/Diversified--4.4%
28,200 AGCO Corp. 856,575 95
12,200 Breed Technologies, Inc. 346,175 39
41,800 Case Corp. 898,700 100
14,000 * Clark Equipment Co. 759,500 84
24,200 Federal-Mogul Corp. 487,025 54
63,400 Owosso Corp. 634,000 71
- - ------------------------------------------------------------------------------------------------------------------------
3,981,975 443
- - ------------------------------------------------------------------------------------------------------------------------
Manufacturing/Diversified--.6%
13,700 * Dovatron International, Inc. 352,775 39
24,050 * Figgie International, Inc. 147,306 17
- - ------------------------------------------------------------------------------------------------------------------------
500,081 56
- - ------------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--1.7%
10,300 Chesapeake Corp. 339,900 38
19,700 Pope & Talbot, Inc. 312,738 35
18,400 Willamette Industries, Inc. 874,000 97
- - ------------------------------------------------------------------------------------------------------------------------
1,526,638 170
- - ------------------------------------------------------------------------------------------------------------------------
Retail Trade--4.2%
24,100 * Designs, Inc. 168,700 19
16,800 Haverty Furniture Co., Inc. 197,400 22
44,000 * Hi-Lo Automotive, Inc. 429,000 48
26,100 * Men's Wearhouse, Inc. (The) 587,250 65
43,100 * Meyer (Fred), Inc. 1,325,325 147
31,400 * REX Stores Corp. 510,250 57
18,300 Talbots, Inc. 571,875 64
- - ------------------------------------------------------------------------------------------------------------------------
3,789,800 422
- - ------------------------------------------------------------------------------------------------------------------------
Telecommunications--6.0%
12,900 A T & T Corp. 648,225 72
27,800 * Boston Technology, Inc. 399,625 44
10,500 Ericsson (L.M.) Telephone Co. (ADR) 578,813 64
34,800 MCI Communications Corp. 639,450 71
31,200 * Nextel Communications, Inc. 448,500 50
35,800 * Octel Communications Corp. 742,850 83
30,000 * Porta Systems Corp. 153,750 17
15,300 * Rogers Cantel Mobile Communications Class "B" 446,091 50
33,000 * Viacom Inc. Class "B" 1,340,625 149
- - ------------------------------------------------------------------------------------------------------------------------
5,397,929 600
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--3.9%
36,500 London & Overseas Freighters Limited 520,125 58
32,400 MK Rail Corp. 344,250 38
18,500 * Rural/Metro Corp. 346,875 39
20,700 Sea Container Ltd. Class "A" 274,275 30
50,800 * Southern Pacific Rail Corp. 920,750 102
90,400 Transportacion Maritima Mexicana S.A. (ADR) 689,300 77
21,200 * ValuJet Airlines, Inc. 450,500 50
- - ------------------------------------------------------------------------------------------------------------------------
3,546,075 394
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $74,477,613) 76,474,564 8,506
- - ------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS--.4%
$ 450M Pacific Physicians Services, Inc., 5 1/2%, 2003 (cost $450,000) 348,750 39
- - ------------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--24.8%
4,000M American General Finance Corp. 5.75%, 1/9/95 3,994,889 444
4,600M Chevron Oil Finance Co., 5.97%, 1/17/95 4,587,794 510
4,400M Exxon Credit Corp., 5.80%, 1/12/95 4,392,202 489
2,200M Ford Motor Credit Corp., 5.40%, 1/3/95 2,199,070 245
2,000M General Electric Capital Corp., 5.45%, 1/3/95 1,999,394 222
2,500M General Electric Capital Corp., 5.86%, 1/24/95 2,490,641 277
2,625M Temple-Inland Inc. 5.85%, 1/3/95 2,624,147 292
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $22,288,137) 22,288,137 2,479
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $97,215,750) 110.2% 99,111,451 11,024
Excess of Liabilities Over Other Assets (10.2) (9,205,366) (1,024)
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $89,906,085 $10,000
========================================================================================================================
*Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS TOTAL RETURN SERIES
(A Series of First Investors Series Fund)
December 31, 1994
- - ------------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- - ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
COMMON STOCKS--51.4%
Basic Industry--3.2%
23,900 Dixie Yarns, Inc. $ 167,300 $ 33
26,400 * Interpool, Inc. 392,700 77
6,000 Monsanto Company 423,000 83
16,300 * Sybron Chemicals, Inc. 252,650 50
7,700 Willamette Industries, Inc. 365,750 72
- - ------------------------------------------------------------------------------------------------------------------------
1,601,400 315
- - ------------------------------------------------------------------------------------------------------------------------
Capital Goods--3.7%
7,950 Agco Corporation 241,481 47
4,400 Browning-Ferris Industries, Inc. 124,850 25
4,000 * Clark Equipment Co. 217,000 43
3,900 Deere & Company 258,375 51
10,000 Grainger (W.W.), Inc. 577,500 114
4,200 * SPS Technologies, Inc. 106,575 21
10,000 * Varity Corporation 362,500 71
- - ------------------------------------------------------------------------------------------------------------------------
1,888,281 372
- - ------------------------------------------------------------------------------------------------------------------------
Computers/Software/Business Equipment--.4%
15,200 ECI Telecommunications Limited Designs (ADR) 207,100 41
- - ------------------------------------------------------------------------------------------------------------------------
Conglomerates--.7%
10,100 Norsk Hydro A.S. (ADR) 395,162 78
- - ------------------------------------------------------------------------------------------------------------------------
Consumer Durables--3.1%
4,400 Breed Technologies, Inc. 124,850 25
7,500 Chrysler Corporation 367,500 72
21,900 Falcon Products, Inc. 257,325 51
8,000 Goodyear Tire & Rubber Company 269,000 53
16,000 Masco Corporation 362,000 71
6,900 Oakwood Homes Corp. 168,187 33
- - ------------------------------------------------------------------------------------------------------------------------
1,548,862 305
- - ------------------------------------------------------------------------------------------------------------------------
Consumer Non-Durables--5.4%
8,000 Colgate-Palmolive Company 507,000 100
15,700 Dreyers Grand Ice Cream, Inc. 388,575 77
10,000 Eastman Kodak Company 477,500 94
10,000 Kimberly-Clark Corporation 505,000 100
8,300 * Lone Star Steakhouse & Saloon 166,000 33
6,650 Pepsico, Inc. 241,062 48
20,000 Pet, Inc. 395,000 78
5,000 Stride Rite Corp. 55,625 11
- - ------------------------------------------------------------------------------------------------------------------------
2,735,762 541
- - ------------------------------------------------------------------------------------------------------------------------
Consumer Services--6.4%
11,800 Gap, Inc. (The) 359,900 71
29,100 * Hi-Lo Automotive, Inc. 283,725 56
11,400 * Insurance Auto Auctions, Inc. 348,412 69
16,900 * Monarch Casino & Resort, Inc. 92,950 18
18,200 * REX Stores Corporation 295,750 58
20,000 * Rio Hotel and Casino, Inc. 242,500 48
10,300 Talbots, Inc. 321,875 63
16,000 The Walt Disney Company 738,000 146
8,000 Time Warner, Inc. 281,000 55
13,000 Wal-Mart Stores, Inc. 276,250 54
- - ------------------------------------------------------------------------------------------------------------------------
3,240,362 638
- - ------------------------------------------------------------------------------------------------------------------------
Energy--2.9%
6,000 Mobil Corporation 505,500 100
7,400 Royal Dutch Petroleum Company 795,500 157
3,750 Schlumberger, Ltd. 188,906 37
- - ------------------------------------------------------------------------------------------------------------------------
1,489,906 294
- - ------------------------------------------------------------------------------------------------------------------------
Financial--6.1%
12,375 Banc One Corporation 314,016 62
13,000 Bankamerica Corporation 513,500 101
8,000 Federal National Mortgage Association 583,000 115
15,000 MGIC Investment Corporation 496,875 98
7,500 NationsBank Corporation 338,437 67
52,500 Reliance Group Holdings, Inc. 269,063 53
19,525 Southern National Corp. 373,416 74
9,000 U.S. Bancorp Inc. 189,000 37
- - ------------------------------------------------------------------------------------------------------------------------
3,077,307 607
- - ------------------------------------------------------------------------------------------------------------------------
Health Care/Miscellaneous--8.5%
9,000 * American Medical Response, Inc. 259,875 51
62,900 * Applied Bioscience International, Inc. 345,950 68
6,500 Columbia Healthcare Corp. 237,250 47
43,000 * Continental Medical Systems, Inc. 268,750 53
36,300 * Ethical Holdings PLC (ADR) 235,950 47
3,300 Fisher Scientific International Inc. 81,675 16
5,000 * Living Centers of America, Inc. 166,875 33
27,400 * Mid Atlantic Medical Services Inc. 626,775 124
23,200 * Noven Pharmaceuticals, Inc. 287,100 57
15,000 * Penederm, Inc. 93,750 18
14,100 Teva Pharmaceutical Industries Ltd. (ADR) 341,044 67
11,250 U.S. Healthcare, Inc. 464,063 92
8,000 Warner-Lambert Co. 616,000 121
10,000 * Watson Pharmaceuticals, Inc. 262,500 52
- - ------------------------------------------------------------------------------------------------------------------------
4,287,557 846
- - ------------------------------------------------------------------------------------------------------------------------
Technology--7.4%
16,700 * Asyst Technologies, Inc. 392,450 78
18,600 * Boston Technology, Inc. 267,375 53
8,100 * Fulcrum Technologies, Inc. 96,188 19
10,000 * Integrated Device Technology, Inc. 295,000 58
5,600 * Lotus Development Corp. 229,600 45
15,000 MCI Communications Corp. 275,625 54
11,500 * Megatest Corp. 74,391 15
7,500 * Microsoft Corp. 458,438 90
8,100 Motorola, Inc. 468,788 92
8,400 * Nextel Communications, Inc. 120,750 24
15,500 * Octel Communications Corp. 321,625 63
9,500 * Oracle Systems Corp. 419,187 83
13,500 Reynolds & Reynolds Co. 337,500 67
- - ------------------------------------------------------------------------------------------------------------------------
3,756,917 741
- - ------------------------------------------------------------------------------------------------------------------------
Transportation--2.5%
5,000 * AMR Corp. 266,250 53
6,600 MK Rail Corporation 70,125 14
20,600 Sea Container Ltd. Class "A" 272,950 54
20,000 * Southern Pacific Rail Corp. 362,500 71
40,000 Transportacion Maritima Mexicana S.A. (ADR) 305,000 60
- - ------------------------------------------------------------------------------------------------------------------------
1,276,825 252
- - ------------------------------------------------------------------------------------------------------------------------
Utilities--1.1%
7,500 A T & T Corp. 376,875 74
6,700 GTE Corporation 203,513 40
- - ------------------------------------------------------------------------------------------------------------------------
580,388 114
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $27,131,326) 26,085,829 5,144
- - ------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS--20.1%
Aerospace/Defense--1.2%
600M Allison Engine Co., Inc., 10%, 2003 618,000 122
- - ------------------------------------------------------------------------------------------------------------------------
Chemicals--1.3%
650M Rexene Corp., 11 3/4%, 2004 667,875 132
- - ------------------------------------------------------------------------------------------------------------------------
Computers/Software/Business Equipment--1.7%
800M Card Establishment Services, Inc., 10%, 2003 836,000 165
- - ------------------------------------------------------------------------------------------------------------------------
Electric & Gas Utilities--2.1%
500M Gulf States Utilities, Co., 8 1/4%, 2004 485,139 96
600M Old Dominion Electric Cooperative, 7.97%, 2002 587,580 116
- - ------------------------------------------------------------------------------------------------------------------------
1,072,719 212
- - ------------------------------------------------------------------------------------------------------------------------
Electric Power--1.4%
673M United Illuminating Corp., 9.76%, 2006 683,370 135
- - ------------------------------------------------------------------------------------------------------------------------
Electrical Equipment--1.1%
600M Essex Group, Inc., 10%, 2003 561,000 110
- - ------------------------------------------------------------------------------------------------------------------------
Financial Services--1.9%
500M First Union Corp., 8 1/8%, 2002 485,584 96
500M NationsBank Corporation, 8 1/8%, 2002 483,507 95
- - ------------------------------------------------------------------------------------------------------------------------
969,091 191
- - ------------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--1.2%
600M Universal Corp., 9 1/4%, 2001 613,639 121
- - ------------------------------------------------------------------------------------------------------------------------
Healthcare--2.4%
600M Healthsouth Rehabilitation Corp., 9 1/2%, 2001 582,000 115
600M Ornda Healthcorp., 11 3/8%, 2004 613,500 121
- - ------------------------------------------------------------------------------------------------------------------------
1,195,500 236
- - ------------------------------------------------------------------------------------------------------------------------
Media/Cable Television--1.2%
600M Rogers Communication Inc., 10 7/8%, 2004 609,000 120
- - ------------------------------------------------------------------------------------------------------------------------
Paper/Forest Products--3.4%
800M Rainy River Forest Products Co., Inc., 10 3/4%, 2001 798,000 157
1,000M Stone Container Corp., 9 7/8%, 2001 950,000 187
- - ------------------------------------------------------------------------------------------------------------------------
1,748,000 344
- - ------------------------------------------------------------------------------------------------------------------------
Retail-Food/Drug--1.2%
600M Penn Traffic Co., Inc., 10.65%, 2004 589,500 116
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $10,183,283) 10,163,694 2,004
- - ------------------------------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS--.6%
Health Care/Miscellaneous
400M Pacific Physicians Services, Inc., 5 1/2%, 2003 (cost $400,000) 310,000 61
- - ------------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--27.1 %
$2,000M A T & T Corp., 5.53%, 1/10/95 1,997,235 394
2,000M Baystates Gas, 5.90%, 1/25/95 1,992,134 393
1,500M Eli Lilly Discount, 5.92%, 2/22/95 1,486,926 293
2,000M Florida Power Corporation, 6%, 1/6/95 1,998,000 394
1,600M General Electric Capital Corp., 5.80%, 1/11/95 1,597,422 315
1,200M GTE Florida Discount, 5.90%, 1/17/95 1,196,853 236
2,000M Hercules Discount, 5.60%, 1/9/95 1,997,511 394
1,500M Wisconsin Power Discount, 5.99%, 1/19/95 1,495,258 295
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $13,761,339) 13,761,339 2,714
- - ------------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $51,475,948) 99.2% 50,320,862 9,923
Other Assets, Less Liabilities .8 392,746 77
- - ------------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $50,713,608 $10,000
========================================================================================================================
*Non-income producing
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
FIRST INVESTORS SERIES FUND
December 31, 1994
- - ----------------------------------------------------------------------------------------------------------------------------
Insured
Intermediate Investment Special
Blue Chip Tax Exempt Grade Situations Total Return
Series Series Series Series Series
- - ------------------------------------------ ---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $113,951,721 $5,517,237 $47,952,323 $97,215,750 $51,475,948
============ ========== =========== =========== ===========
At value (Note 1A) $117,814,323 $5,453,046 $45,275,079 $99,111,451 $50,320,862
Cash (overdraft) 7,136,190 146,232 216,878 (844,648) 432,370
Receivables:
Investment securities sold 8,194,752 203,958 -- -- --
Trust shares sold 1,325,484 97,676 77,123 749,933 43,998
Interest and dividends 312,115 99,680 876,092 33,477 277,932
Other assets 511 -- 64 32 394
------------ ---------- ----------- ----------- -----------
Total Assets 134,783,375 6,000,592 46,445,236 99,050,245 51,075,556
------------ ---------- ----------- ----------- -----------
Liabilities
Payables:
Investment securities purchased 10,296,126 254,463 -- 8,663,069 --
Trust shares redeemed 391,890 51,713 169,668 303,875 262,145
Dividend payable January 15, 1995 218,824 5,265 60,090 27,060 10,278
Accrued expenses 106,924 -- 11,555 95,557 58,127
Accrued advisory fee 75,728 1,600 25,036 54,599 31,398
------------ ---------- ----------- ----------- -----------
Total Liabilities 11,089,492 313,041 266,349 9,144,160 361,948
------------ ---------- ----------- ----------- -----------
Net Assets $123,693,883 $5,687,551 $46,178,887 $89,906,085 $50,713,608
============ ========== =========== =========== ===========
Net Assets Consist of:
Capital paid in $119,529,194 $5,962,264 $48,879,683 $88,010,384 $51,745,082
Undistributed net investment income 302,087 845 54,052 -- 123,612
Accumulated net realized loss on
investment transactions -- (211,367) (77,604) -- --
Net unrealized appreciation (depreciation)
in value of investments 3,862,602 (64,191) (2,677,244) 1,895,701 (1,155,086)
------------ ---------- ----------- ----------- -----------
Total $123,693,883 $5,687,551 $46,178,887 $89,906,085 $50,713,608
============ ========== =========== =========== ===========
Shares of Beneficial Interest Outstanding
(Note 2) 9,190,005 1,046,574 4,996,279 5,472,424 4,654,825
============ ========== =========== =========== ===========
Net Asset Value and Redemption Price
Per Share--Class A (Note 2) $13.46 $5.43 $9.24 $16.43 $10.89
====== ===== ===== ====== ======
Maximum Offering Price Per Share--
Class A (Net Asset Value/.9375)* $14.36 $5.79 $9.86 $17.53 $11.62
====== ===== ===== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
</TABLE>
See notes to financial statements
<TABLE>
<CAPTION>
Statement of Operations
FIRST INVESTORS SERIES FUND
Year Ended December 31, 1994
- - ----------------------------------------------------------------------------------------------------------------------
Insured
Intermediate Investment Special
Blue Chip Tax Exempt Grade Situations Total Return
Series Series Series Series Series
- - ------------------------------------------ ---------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Investment Income
Income:
Interest $ 383,165 $ 210,341 $3,462,186 $812,732 $1,471,058
Dividends 2,455,337 -- -- 229,329 474,859
----------- --------- ----------- ----------- -----------
Total income 2,838,502 210,341 3,462,186 1,042,061 1,945,917
----------- --------- ----------- ----------- -----------
Expenses:
Advisory fee (Note 4) 1,214,010 27,088 350,462 746,679 548,804
Shareholder servicing costs (Note 4) 444,129 8,427 148,991 349,966 221,138
Distribution plan expenses (Note 5) 364,206 -- 140,185 224,004 163,112
Reports and notices to shareholders 75,406 881 13,494 53,562 34,902
Professional fees 35,225 5,368 17,363 24,246 21,797
Other expenses 40,008 1,675 16,003 21,612 42,924
----------- --------- ----------- ----------- -----------
Total expenses 2,172,984 43,439 686,498 1,420,069 1,032,677
Less: Expenses waived or assumed
(Note 4) (303,502) (37,144) (242,579) (186,670) (137,201)
----------- --------- ----------- ----------- -----------
Net expenses 1,869,482 6,295 443,919 1,233,399 895,476
----------- --------- ----------- ----------- -----------
Net investment income (loss) 969,020 204,046 3,018,267 (191,338) 1,050,441
----------- --------- ----------- ----------- -----------
Realized and Unrealized Gain (Loss)
on Investments (Note 3):
Net realized gain (loss) on investments 12,824,558 (211,367) (77,604) 4,914,240 1,748,894
Net unrealized depreciation of
investments (17,486,358) (64,191) (5,141,298) (7,165,669) (4,665,923)
----------- --------- ----------- ----------- -----------
Net loss on investments (4,661,800) (275,558) (5,218,902) (2,251,429) (2,917,029)
----------- --------- ----------- ----------- -----------
Net Decrease in Net Assets Resulting
from Operations $(3,692,780) $(71,512) $(2,200,635) $(2,442,767) $(1,866,588)
=========== ========= =========== =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS SERIES FUND
- - ---------------------------------------------------------------------------------------------------------------
INSURED
INTERMEDIATE
TAX EXEMPT
BLUE CHIP SERIES SERIES
--------------------------- ---------------------------
Year Ended December 31 1994 1993 1994 1993*
- - ---------------------------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income (loss) $ 969,020 $ 728,685 $ 204,046 $ 464
Net realized gain (loss) on investments 12,824,558 5,699,408 (211,367) --
Net unrealized appreciation (depreciation)
of investments (17,486,358) 1,775,364 (64,191) --
------------ ------------ ---------- ----------
Net increase (decrease) in net assets
resulting from operations $ (3,692,780) $ 8,203,457 $ (71,512) $ 464
------------ ------------ ---------- ----------
Distributions to Shareholders from:
Net investment income (736,036) (722,550) (203,201) (464)
Net realized gain on investments (12,824,558) (5,699,408) -- --
Capital surplus -- -- -- --
------------ ------------ ---------- ----------
Total distributions (13,560,594) (6,421,958) (203,201) (464)
------------ ------------ ---------- ----------
Trust Share Transactions--Class A(a)
Issued 28,516,378 28,277,221 5,941,925 1,615,189
Issued on reinvestments 13,336,027 6,347,455 146,538 --
Redeemed (18,834,076) (17,977,798) (1,741,446) --
------------ ------------ ---------- ----------
Net increase (decrease) from share transactions 23,018,329 16,646,878 4,347,017 1,615,189
------------ ------------ ---------- ----------
Total increase (decrease) in net assets 5,764,955 18,428,377 4,072,304 1,615,189
Net Assets
Beginning of year (Note 6) 117,928,928 99,500,551 1,615,247 58
------------ ------------ ---------- ----------
End of year+ $123,693,883 $117,928,928 $5,687,551 $1,615,247
============ ============ ========== ==========
+ Includes undistributed net investment
income of $ 302,087 $ 69,103 $ 845 $ --
============ ============ ========== ==========
(a) Shares issued and redeemed--Class A (Note 2)
Issued 1,859,807 1,791,151 1,055,065 278,962
Issued on reinvestments 987,102 406,727 26,577 --
Redeemed (1,228,162) (1,134,354) (314,040) --
------------ ------------ ---------- ----------
Net increase (decrease) in shares 1,618,747 1,063,524 767,602 278,962
============ ============ ========== ==========
* From November 22, 1993 (commencement of operations) to December 31, 1993
</TABLE>
See notes to financial statements
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (Continued)
FIRST INVESTORS SERIES FUND
INVESTMENT GRADE SPECIAL SITUATIONS
SERIES SERIES
---------------------------- --------------------------
Year Ended December 31 1994 1993 1994 1993
- - ---------------------------------- ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income (loss) $ 3,018,267 $ 2,808,846 $ (191,338) $ (259,808)
Net realized gain (loss) on investments (77,604) 341,122 4,914,240 2,851,654
Net unrealized appreciation (depreciation)
of investments (5,141,298) 1,619,788 (7,165,669) 5,601,252
------------ ----------- ------------ -----------
Net increase (decrease) in net assets
resulting from operations $ (2,200,635) $ 4,769,756 $ (2,442,767) $ 8,193,098
------------ ----------- ------------ -----------
Distributions to Shareholders from:
Net investment income (2,986,294) (2,790,479) -- --
Net realized gain on investments -- (334,229) (4,722,902) (2,589,674)
Capital surplus -- -- (32) (2,064)
------------ ----------- ------------ -----------
Total distributions (2,986,294) (3,124,708) (4,722,934) (2,591,738)
------------ ----------- ------------ -----------
Trust Share Transactions--Class A(a)
Issued 11,602,927 15,713,878 44,120,605 31,336,227
Issued on reinvestments 2,283,004 2,414,370 4,695,874 2,580,327
Redeemed (11,027,449) (9,188,408) (10,892,979) (6,183,279)
------------ ----------- ------------ -----------
Net increase (decrease) from share transactions 2,858,482 8,939,840 37,923,500 27,733,275
------------ ----------- ------------ -----------
Total increase (decrease) in net assets (2,328,447) 10,584,888 30,757,799 33,334,635
Net Assets
Beginning of year (Note 6) 48,507,334 37,922,446 59,148,286 25,813,651
------------ ----------- ------------ -----------
End of year+ $ 46,178,887 $48,507,334 $ 89,906,085 $59,148,286
============ =========== ============ ===========
+ Includes undistributed net investment
income of $ 54,052 $ 22,079 $ -- $ --
============ =========== ============ ===========
(a) Shares issued and redeemed--Class A (Note 2)
Issued 1,196,162 1,519,451 2,520,975 1,858,623
Issued on reinvestments 238,751 233,210 285,811 143,352
Redeemed (1,136,131) (884,825) (620,009) (369,459)
------------ ----------- ------------ -----------
Net increase (decrease) in shares 298,782 867,836 2,186,777 1,632,516
============ =========== ============ ===========
* From November 22, 1993 (commencement of operations) to December 31, 1993
</TABLE>
See notes to financial statements
<TABLE>
<CAPTION>
Statement of Changes in Net Assets (Continued)
FIRST INVESTORS SERIES FUND
TOTAL RETURN
SERIES
--------------------------
Year Ended December 31 1994 1993
- - ---------------------------------- ------------ ----------
<S> <C> <C>
Increase (Decrease) in Net Assets
from Operations
Net investment income (loss) $1,050,441 $1,229,855
Net realized gain (loss) on investments 1,748,894 6,350,729
Net unrealized appreciation (depreciation)
of investments (4,665,923) (3,376,375)
----------- -----------
Net increase (decrease) in net assets
resulting from operations $(1,866,588) $4,204,209
----------- -----------
Distributions to Shareholders from:
Net investment income (881,057) (1,228,362)
Net realized gain on investments (1,748,894) (5,467,764)
Capital surplus -- --
----------- -----------
Total distributions (2,629,951) (6,696,126)
----------- -----------
Trust Share Transactions--Class A(a)
Issued 5,931,145 6,247,849
Issued on reinvestments 2,614,430 6,655,224
Redeemed (11,511,286) (17,772,550)
----------- -----------
Net increase (decrease) from share transactions (2,965,711) (4,869,477)
----------- -----------
Total increase (decrease) in net assets (7,462,250) (7,361,394)
Net Assets
Beginning of year (Note 6) 58,175,858 65,537,252
----------- -----------
End of year+ $50,713,608 $58,175,858
=========== ===========
+ Includes undistributed net investment
income of $ 123,612 $ 22,114
=========== ===========
(a) Shares issued and redeemed--Class A (Note 2)
Issued 509,492 491,829
Issued on reinvestments 237,905 554,761
Redeemed (991,334) (1,395,742)
----------- -----------
Net increase (decrease) in shares (243,937) (349,152)
=========== ===========
* From November 22, 1993 (commencement of operations) to December 31, 1993
</TABLE>
See notes to financial statements
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 Series 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
sufficient distributions of income and capital gains to relieve it from
all, or substantially all, federal income taxes. At December 31, 1994,
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
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. To the extent that net
realized capital gains can be offset by capital loss carryovers, it is
the policy of the Fund not to distribute such gains.
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. Trust Shares--The Declaration of Trust permits the Fund to issue an
unlimited number of shares of beneficial interest. On September 22,
1994, the Board of Trustees established an unlimited number of Class A
and an unlimited number of Class B shares of beneficial interest. As of
December 31, 1994, only Class A shares have been issued by the Fund.
3. Security Transactions--For the year ended December 31, 1994,
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 $97,220,865 $94,298,216 $ -- $ --
INSURED INTERMEDIATE TAX EXEMPT 13,929,396 8,200,792 -- --
INVESTMENT GRADE 6,555,976 6,747,505 699,999 562,159
SPECIAL SITUATIONS 59,407,836 31,101,873 -- --
TOTAL RETURN 53,324,555 63,618,094 -- 5,553,395
</TABLE>
At December 31, 1994, aggregate cost and net unrealized appreciation
(depreciation) of securities for federal income tax purposes were as
follows:
<TABLE>
<CAPTION>
Gross Gross Net
Aggregate Unrealized Unrealized Appreciation
SERIES Cost Appreciation Depreciation (Depreciation)
- - -------- -------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
BLUE CHIP $113,951,721 $ 7,303,289 $3,440,687 $ 3,862,602
INSURED INTERMEDIATE TAX EXEMPT 5,517,237 26,424 90,615 (64,191)
INVESTMENT GRADE 47,952,323 112,996 2,790,240 (2,677,244)
SPECIAL SITUATIONS 97,215,750 10,384,438 8,488,737 1,895,701
TOTAL RETURN 51,475,948 2,984,829 4,139,915 (1,155,086)
</TABLE>
4. Advisory Fee and Other Transactions With Affiliates (Also see Note
5)--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 year ended
December 31, 1994 were $2,887,043, of which $694,895 was waived. In
addition, expenses of the Insured Intermediate Tax Exempt and
Investment Grade Series amounting to $7,923 and $85,012, 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 year ended December 31, 1994, no reimbursement was required
pursuant to these provisions.
For the year ended December 31, 1994, FIC, as underwriter, received
$3,458,992 in commissions from the sale of Fund shares after allowing
$69,378 to other dealers. Shareholder servicing costs included $835,289
in transfer agent fees and out of pocket expenses accrued to ADM (of
which $119,266 was waived by ADM) and $337,362 in custodian fees paid
to FFS.
5. Distribution Plan--Pursuant to a Distribution Plan adopted under
Rule 12b-1 of the 1940 Act, each Series pays a fee equal to .30% of its
average net assets on an annualized basis each fiscal 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.
6. Capitalization--The Insured Intermediate Tax Exempt Series commenced
operations in November 1993, following the sale of 10 shares to FIMCO
for $58.
This page intentionally left blank.
Financial Highlights
FIRST INVESTORS SERIES FUND
The following table sets forth the per share operating performance data
for a Class 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 from
--------------------------------- -----------------------
Net Asset Net
Value Realized and
---------- Net 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
- - ----------------
1/3/89** to 12/31/89 $11.13 $.50 $1.18 $1.68 $.40 $ -- $ .40
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
Insured Intermediate
Tax Exempt Series
- - --------------------
11/22/93** to 12/31/93 5.79 -- -- -- -- -- --
1994 5.79 .24 (.36) (.12) .24 -- .24
Investment Grade Series
- - -----------------------
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
Special Situations Series
- - -------------------------
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
Total Return Series
- - -------------------
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
+ Calculated without sales charge
++ Net of expenses waived or assumed by the investment adviser
* Annualized
** Commencement of operations
</TABLE>
See notes to financial statements
Financial Highlights (Continued)
FIRST INVESTORS SERIES FUND
The following table sets forth the per share operating performance data
for a Class A share of beneficial interest outstanding,
total return, ratios to average net assets and other supplemental data
for each period indicated.
<TABLE>
<CAPTION>
- - --------------------------------------------------------------------------------------------------------------------------------
RATIOS / SUPPLEMENTAL DATA
-----------------------------------------------------------------------------------------------------
Ratio to Average Net Assets Before
Net Asset Ratio to Average Net Assets++ Expenses Waived or Assumed
Value ----------------------------- --------------------------
--------- Total Net Assets Net Net Portfolio
End of Return+ End of Period Investment Investment Turnover
Period (%) (in thousands) Expenses (%) Income (%) Expenses (%) Income (%) Rate (%)
- - --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Blue Chip Series
- - ----------------
1/3/89** to 12/31/89 $12.41 $15.40 $ 27,212 .02 3.72 1.48 2.26 49
1990 11.64 (3.50) 55,816 .77 2.57 1.88 1.46 49
1991 14.59 27.52 79,932 1.28 1.63 1.78 1.14 31
1992 15.29 6.56 99,501 1.46 .95 1.73 .67 44
1993 15.58 7.77 117,929 1.48 .66 1.73 .41 39
1994 13.46 (3.02) 123,694 1.54 .80 1.79 .55 82
Insured Intermediate
Tax Exempt Series
- - --------------------
11/22/93** to 12/31/93 5.79 .00 1,615 -- .54* 1.78* (1.24)* 0
1994 5.43 (2.05) 5,688 .14 4.52 .96 3.70 210
Investment Grade Series
- - -----------------------
2/19/91** to 12/31/91 9.93 15.70* 18,153 -- 7.79* 1.48* 6.31* 51
1992 9.90 7.83 37,922 .57 7.20 1.41 6.36 44
1993 10.33 11.82 48,507 .86 6.27 1.40 5.73 38
1994 9.24 (4.62) 46,179 .95 6.46 1.47 5.94 17
Special Situations Series
- - -------------------------
9/18/90** to 12/31/90 9.58 13.58* 1,321 -- 3.93* 2.74* 1.19* 0
1991 13.99 50.47 9,183 -- 1.44 2.31 (.87) 86
1992 15.62 17.26 25,814 1.06 (.05) 1.92 (.91) 88
1993 18.00 20.52 59,148 1.55 (.63) 1.89 (.96) 71
1994 16.43 (3.66) 89,906 1.65 (.26) 1.90 (.51) 53
Total Return Series
- - -------------------
4/24/90** to 12/31/90 11.05 2.67* 41,499 -- 5.85* 2.11* 3.74* 13
1991 12.93 21.51 60,888 .83 3.20 1.88 2.14 51
1992 12.49 (1.00) 65,537 1.29 2.25 1.78 1.76 75
1993 11.88 7.18 58,176 1.45 2.00 1.83 1.62 131
1994 10.89 (3.45) 50,714 1.63 1.91 1.88 1.66 124
+ Calculated without sales charge
++ Net of expenses waived or assumed by the investment adviser
* Annualized
** Commencement of operations
</TABLE>
See notes to financial statements
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 December
31, 1994, and the related statement of operations for the year then
ended, the statement of changes in net assets for each of the two years
in the period then ended and financial highlights for each of 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 December 31, 1994, 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 December 31, 1994, 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
January 31, 1995
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
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.
10 Woodbridge Center Drive
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart
1800 M Street, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
For more complete information about First Investors Series Fund,
including charges and expenses, you may obtain a prospectus from your
registered representative or by calling 1-800-423-4026. Read it
carefully before you invest or send money.
FIRST INVESTORS
FIRST INVESTORS SERIES FUND
95 WALL STREET
NEW YORK, NY 10005
First Investors LOGO
LOGO 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
FIBC103
The words "BULK RATE U.S. POSTAGE PAID PERMIT NO. 1796" in a box
to the right of a circle containing the words "MAILED FROM
ZIP CODE 17604" appears to the right of the above language in the
printed piece.
Vertically reading from bottom to top in center of the page the words
"FIRST INVESTORS" appear in the printed piece.
FIRST
INVESTORS
SERIES FUND
BLUE CHIP SERIES
INSURED INTERMEDIATE
TAX EXEMPT SERIES
INVESTMENT GRADE SERIES
SPECIAL SITUATIONS SERIES
TOTAL RETURN SERIES
ANNUAL
REPORT
DECEMBER 31, 1994
