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<PAGE> PAGE 2
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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015 B000339 S
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015 D010339 SRI LANKA
015 E040339 X
015 A000340 SKANDINAVISKA ENSKILDA BANKEN
015 B000340 S
015 C010340 SWEDEN
015 D010340 SWEDEN
015 E040340 X
015 A000341 UNION BANK OF SWITZERLAND
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<PAGE> PAGE 20
015 C010342 TAIWAN
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015 C010343 THAILAND
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015 A000344 OSMANLI BANKASI A.S.
015 B000344 S
015 C010344 TURKEY
015 D010344 TURKEY
015 E040344 X
015 A000345 THE BANK OF NEW YORK
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015 C010345 LONDON
015 D010345 UNITED KINGDOM
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015 A000346 BANKBOSTON N.A.
015 B000346 S
015 C010346 URUGUAY
015 D010346 URUGUAY
015 E040346 X
015 A000347 CITIBANK, N.A.
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015 C010347 VENEZUELA
015 D010347 VENEZUELA
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015 A000348 STANDARD CHARTERED BANK
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015 D010348 BANGLADESH
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015 A000349 CESKOSLOVENSKA OBCHODNI BANKA A.S.
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015 C010349 CZECH REPUBLIC
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015 A000350 BANQUE COMMERCIAL DU MAROC
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015 C010350 MOROCCO
015 D010350 MOROCCO
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015 A000351 STANBIC BANK BOTSWANA LTD.
015 B000351 S
015 C010351 BOTSWANA
015 D010351 BOTSWANAN
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<PAGE> PAGE 21
015 D010352 ECUADOR
015 E040352 X
015 A000353 CITIBANK N.A.
015 B000353 S
015 C010353 EGYPT
015 D010353 EGYPT
015 E040353 X
015 A000354 MERCHANT BANK GHANA
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015 C010354 GHANA
015 D010354 GHANA
015 E040354 X
015 A000355 BRITISH BANK OF THE MIDDLE EAST
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015 D010355 JORDAN
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015 C010356 LUXEMBOURG
015 D010356 LUXEMBOURG
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015 A000357 STANBIC BANK NAMIBIA LTD.
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015 C010358 NIGERIA
015 D010358 NIGERIA
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015 A000359 CESKOSLOVENSKA OBCHODNI BANKA
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015 C010361 ZAMBIA
015 D010361 ZAMBIA
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<PAGE> PAGE 22
015 E040362 X
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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048 E020300 0.000
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048 I010300 0
048 I020300 0.000
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054 C000300 N
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054 J000300 Y
054 K000300 N
054 L000300 Y
054 M000300 Y
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054 O000300 N
055 A000300 Y
055 B000300 N
056 000300 N
057 000300 N
058 A000300 N
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<PAGE> PAGE 25
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066 D000300 N
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066 G000300 N
067 000300 N
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069 000300 N
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070 C020300 N
070 D010300 N
070 D020300 N
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070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 N
070 K020300 N
070 L010300 Y
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<PAGE> PAGE 26
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
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<PAGE> PAGE 27
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008 A000401 FIRST INVESTORS MANAGEMENT COMPANY, INC.
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<PAGE> PAGE 28
015 E010401 X
024 000400 N
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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SIGNATURE JOSEPH I. BENEDEK
TITLE TREASURER
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<PAGE>
FIRST INVESTORS SERIES FUND II, INC.
INVESTMENT ADVISORY AGREEMENT
This Agreement is made as of June 13, 1994, by and between FIRST INVESTORS
SERIES FUND II, INC., a Maryland corporation ("Company"), and FIRST
INVESTORS MANAGEMENT COMPANY INC., a New York corporation ("Manager").
WHEREAS, the Company is registered under the Investment Company Act of 1940,
as amended ("1940 Act"), as an open-end, diversified management investment
company consisting of one or more separate series of shares ("Series"), each
having its own assets and investment policies; and
WHEREAS, the Manager is an investment adviser under the Investment Advisers Act
of 1940, as amended; and
WHEREAS, the Company desires to retain the Manager as investment adviser to
furnish investment advisory and portfolio management services to each Series
of the Company as now exists and to each such other Series of the Company
hereinafter established as agreed to from time to time by the parties
hereto (hereinafter, "Series" shall refer to each Series of the Company
which is subject to this Agreement), and the Manager is willing to furnish
such services.
NOW, THEREFORE, in consideration of the premises and mutual covenants herein
contained, it is agreed between the parties hereto as follows:
1. Appointment. The Company hereby appoints the Manager as investment
adviser of the Company and each Series listed on Schedule A of this
Agreement (as such Schedule may be amended from time to time) for the period
and on the terms set forth in this Agreement. The Manager accepts such
appointment and agrees to render the services herein set forth for
compensation as set forth on Schedule A. In the performance of its duties,
the Manager will act in the best interests of the Company and the Series and
will comply with (a) applicable laws and regulations, including, but not
limited to, the 1940 Act, (b) the terms of this Agreement, (c) the Company's
Articles of Incorporation, By-Laws and currently effective registration
statement under the Securities Act of 1933, as amended, and the 1940 Act,
and any amendments thereto, (d) relevant undertakings to state securities
regulators which also have been provided to the Manager, (e) the stated
investment objective(s), policies and restrictions of each applicable Series,
and (f) such other guidelines as the Company's Board of Directors ("Board")
reasonably may establish.
2. Duties of the Manager.
(a) Investment Program. Subject to supervision by the Board, the Manager
will provide a continuous investment program for each Series and shall
determine what securities and other investments will be purchased, retained
or sold by each Series. The Manager will exercise full discretion and act
for each Series in the same manner and with the same force and effect as
such Series itself might or could do with respect to purchases, sales,
or other transactions, as well as with respect to all other things necessary
or incidental to the furtherance or conduct of such purchases, sales or
other transactions.
(b) Other Management Services. The Manager agrees to conduct the business
and details of the operation of the Series as shall be agreed to from time
to time by the parties hereto; provided, however, that the Manager shall not
act as custodian for Series assets. The Manager also agrees, at its own
cost, to provide the Series with certain executive, administrative and
clerical personnel and to provide the Series with office facilities and
supplies.
(c) Execution of Transactions. The Manager will place orders pursuant to
its investment determinations for each Series either directly with the
issuer or through any brokers or dealers. In the selection of brokers or
dealers and the placement of orders for the purchase and sale of portfolio
investments for each Series, the Manager shall use its best efforts to
obtain for each Series the most favorable price and execution available,
except to the extent that it may be permitted to pay higher brokerage
commissions for brokerage or research services as described below. In using
its best efforts to obtain the most favorable price and execution available,
the Manager, bearing in mind each Series' best interests at all times, shall
consider all factors it deems relevant, including by way of illustration,
price, the size of the transaction, the nature of the market for the
security, the amount of the commission, the timing of the transaction taking
into account market prices and trends, the reputation, experience and
financial stability of the broker or dealer involved and the quality of
service rendered by the broker or dealer in other transactions. Subject to
such policies as the Board may determine, the Manager shall not be deemed to
have acted unlawfully or to have breached any duty created by this Agreement
or otherwise solely by reason of its having caused a Series to pay a broker
that provides brokerage or research services to the Manager an amount of
commission for effecting a portfolio investment transaction in excess of
the amount of commission another broker would have charged for effecting
that transaction if the Manager determines in good faith that such amount
of commission is reasonable in relation to the value of the brokerage or
research services provided by such broker or dealer, viewed in terms of
either that particular transaction or the Manager's overall responsibilities
with respect to such Series and to other clients of the Manager as to which
the Manager exercises investment discretion.
(d) Reports to the Board. Upon request, the Manager will provide the Board
with economic and investment analyses and reports and make available to the
Board any economic, statistical and investment services normally available
to institutional or other customers of the Manager.
(e) Delegation of Authority. Any of the foregoing duties specified in this
paragraph 2 with respect to one or more Series may be delegated by the
Manager, at the Manager's expense, to an appropriate party, subject to such
approval by the Board and shareholders of the applicable Series as may be
required by the 1940 Act. The Manager shall oversee the performance of
delegated duties by any such other party and shall furnish the Board with
periodic reports concerning the performance of delegated responsibilities by
such party.
3. Services Not Exclusive. The services furnished by the Manager hereunder
are not to be deemed exclusive and the Manager shall be free to furnish
similar services to others so long as its services under this Agreement are
not impaired thereby. Nothing in this Agreement shall limit or restrict the
right of any director, officer or employee of the Manager, who may also be
a Director, officer or employee of the Company, to engage in any other
business or to devote his or her time and attention in part to the
management or other aspects of any other business, whether of a similar
nature or a dissimilar nature.
4. Books and Records. In compliance with the requirements of Rule 31a-3
under the 1940 Act, the Manager hereby agrees that all records which it
maintains for the Company are the property of the Company and further agrees
to surrender promptly to the Company any of such records upon the Company's
request. The Manager further agrees to preserve for the periods prescribed
by Rule 31a-2 under the 1940 Act the records required to be maintained by
Rule 31a-1 under the 1940 Act.
5. Expenses.
(a) Expenses of the Company. During the term of this Agreement, each
Series will bear all expenses not specifically assumed by the Manager
incurred in its operations and the offering of its shares. Expenses borne
by each Series will include, but not be limited to, the following (or each
Series' proportionate share of the following): brokerage commissions
relating to securities purchased or sold by the Series or any losses
incurred in connection therewith; fees payable to and expenses incurred on
behalf of the Series by the Manager; expenses of organizing the Series;
filing fees and expenses relating to the registration and qualification of
the Series' shares under federal or state securities laws and maintaining
such registrations and qualifications; distribution fees; fees and salaries
payable to the members of the Board and officers who are not officers or
employees of the Manager; taxes (including any income or franchise taxes)
and governmental fees; costs of any liability, uncollectible items of
deposit and other insurance or fidelity bonds; any costs, expenses or losses
arising out of any liability of or claim for damage or other relief asserted
against the Company or Series for violation of any law; legal, accounting
and auditing expenses, including legal fees of special counsel for the
independent directors; charges of custodians, transfer agents and other
agents; costs of preparing share certificates; expenses of setting in type
and printing prospectuses and supplements thereto for existing shareholders,
reports and statements to shareholders and proxy materials; any
extraordinary expenses (including fees and disbursements of counsel)
incurred by the Company or Series; and fees and other expenses incurred in
connection with membership in investment company organizations.
(b) Fee Waivers and Reimbursements. If the expenses borne by a Series in
any fiscal year exceed the applicable expense limitations imposed by the
securities regulations of any state in which shares are registered or
qualified for sale to the public, the Manager will waive its fee or
reimburse such Series for any excess up to the amount of the fee payable to
it during that fiscal year pursuant to paragraph 6 hereof.
6. Compensation. For the services provided and the expenses assumed
pursuant to this Agreement with respect to each Series, the Company will pay
the Manager, effective from the date of this Agreement, a fee which is
computed daily and paid monthly from each Series' assets at the annual rates
as percentages of that Series' average daily net assets as set forth in the
attached Schedule A, which Schedule can be modified from time to time to
reflect changes in annual rates or the addition or deletion of a Series from
the terms of this Agreement, subject to appropriate approvals required by
the 1940 Act. If this Agreement becomes effective or terminates with
respect to any Series before the end of any month, the fee for the period
from the effective date to the end of the month or from the beginning of
such month to the date of termination, as the case may be, shall be prorated
according to the proportion that such period bears to the full month in
which such effectiveness or termination occurs.
7. Limitation of Liability of the Manager. The Manager shall not be liable
for any error of judgment or mistake of law or for any loss suffered by the
Company or any Series in connection with the matters to which this Agreement
relate except a loss resulting from the willful misfeasance, bad faith or
gross negligence on its part in the performance of its duties or from
reckless disregard by it of its obligations and duties under this Agreement.
Any person, even though also an officer, partner, employee, or agent of the
Manager, who may be or become an officer, Board member, employee or agent of
the Company shall be deemed, when rendering services to the Company or
acting in any business of the Company, to be rendering such services to or
acting solely for the Company and not as an officer, partner, employee, or
agent or one under the control or direction of the Manager even though paid
by it.
8. Duration and Termination.
(a) Effectiveness. This Agreement shall become effective upon the date
hereinabove written, provided that, with respect to a Series, this Agreement
shall not take effect unless it has first been approved (i) by a vote of a
majority of those members of the Board who are not parties to this Agreement
or interested persons of any such party ("Independent Board Members") cast
in person at a meeting called for the purpose of voting on such approval,
and (ii) by an affirmative vote of a majority of the outstanding voting
securities of such Series.
(b) Renewal. Unless sooner terminated as provided herein, this Agreement
shall continue in effect for two years from the above written date.
Thereafter, if not terminated, this Agreement shall continue automatically
for successive periods of twelve months each, provided that such continuance
is specifically approved at least annually (i) by a vote of a majority of
the Independent Board Members cast in person at a meeting called for the
purpose of voting on such approval, and (ii) by the Board or, with respect
to any given Series, by an affirmative vote of a majority of the outstanding
voting securities of such Series.
(c) Termination. Notwithstanding the foregoing, with respect to any
Series, this Agreement may be terminated at any time by vote of the Board
or by vote of a majority of the outstanding voting securities of such Series
on 60 days' written notice delivered or mailed by registered mail, postage
prepaid, to the Manager. The Manager may at any time terminate this
Agreement on 60 days' written notice delivered or mailed by registered mail,
postage prepaid, to the Company. This Agreement automatically and
immediately will terminate in the event of its assignment. Termination of
this Agreement pursuant to this paragraph 8 shall be without the payment of
any penalty. Termination of this Agreement with respect to a given Series
shall not affect the continued validity of this Agreement or the performance
thereunder with respect to any other Series.
9. Amendment of This Agreement. No provision of this Agreement may be
changed, waived, discharged or terminated orally, but only by an instrument
in writing signed by the party against which enforcement of the change,
waiver, discharge or termination is sought, and no material amendment of
this Agreement as to a given Series shall be effective until approved by
vote of the holders of a majority of the outstanding voting securities of
such Series.
10. Name of Company. The Company or any Series may use the name "First
Investors" only for so long as this Agreement or any extension, renewal or
amendment hereof remains in effect, including any similar agreement with any
organization which shall have succeeded to the business of the Manager. At
such time as such an agreement shall no longer be in effect, the Company and
each Series will (to the extent that it lawfully can) cease to use any name
derived from First Investors Management Company, Inc. or any successor
organization.
11. Governing Law. This Agreement shall be construed in accordance with the
laws of the State of New York, without giving effect to the conflicts of
laws principles thereof, and in accordance with the 1940 Act. To the extent
that the applicable laws of the State of New York conflict with the
applicable provisions of the 1940 Act, the latter shall control.
12. Definitions. As used in this Agreement, the terms "majority of the
outstanding voting securities," "interested person," and "assignment" shall
have the same meanings as such terms have in the 1940 Act.
13. Severability. If any provision of this Agreement shall be held or made
invalid by a court decision, statute, rule or otherwise, the remainder of
this Agreement shall not be affected thereby. This Agreement shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective successors.
14. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below as of the day and year first
above written.
FIRST INVESTORS SERIES FUND II, INC.
Attest: MARKET FUND, INC.
By: By:
C. Durso, Secretary Glenn O. Head, President
FIRST INVESTORS MANAGEMENT
Attest: COMPANY, INC.
By: By:
Carol R. Lerner, Kathryn S. Head, President
Secretary
FIRST INVESTORS SERIES FUND II, INC.
INVESTMENT ADVISORY AGREEMENT
AMENDED SCHEDULE A
Compensation pursuant to Paragraph 6 of this First Investors
Series Fund II, Inc. Investment Advisory Agreement shall be calculated
in accordance with the following schedules:
Focused Equity Fund
Growth & Income Fund
Utilities Income Fund
Advisory Fee as %
Average Daily of Average Daily
Net Assets Net Assets
Up to $300 million 0.75%
In excess of $300 million to $500 million 0.72%
In excess of $500 million to $750 million 0.69%
Over $750 million 0.66%
Mid-Cap Opportunity Fund
Advisory Fee as %
Average Daily of Average Daily
Net Asset Net Assets
Up to $200 million 1.00%
In excess of $200 million to $500 million 0.75%
In excess of $500 million to $750 million 0.72%
In excess of $750 million to $1.0 billion 0.69%
Over $1.0 billion 0.66%
Dated: March 8, 1999
<PAGE>
FIRST INVESTORS SERIES FUND II, INC.
ARTICLES SUPPLEMENTARY
FIRST INVESTORS SERIES FUND II, INC., a Maryland corporation having its
principal office in Baltimore City, Maryland (hereinafter called the
"Corporation"), hereby certifies to the State Department of Assessments and
Taxation of Maryland that:
FIRST: Pursuant to the authority expressly vested in the Board of Directors
("Board") of the Corporation by the Sixth Article of the Articles of
Incorporation of the Corporation ("Articles of Incorporation"), by action on
December 17, 1998, the Board has classified one hundred million (100,000,000)
shares of the authorized, but previously unissued and unclassified, common
stock of the Corporation, par value $0.001 per share, into a new series to be
known as First Investors Focused Equity Fund ("Focused Equity Fund"). Of
these one hundred million (100,000,000) shares, the Board has designated
fifty million (50,000,000) shares as Class A capital stock and fifty million
(50,000,000) shares as Class B capital stock.
The Class A capital stock and Class B capital stock of the Focused Equity
Fund shall represent interests in the same investment portfolio of the
Focused Equity Fund. All shares of each particular class of the Focused
Equity Fund shall represent an equal proportionate interest in that class
and each share of any particular class of the Focused Equity Fund shall be
equal to each other share of that class. Class A shares and Class B shares
of the Focused Equity Fund shall be subject to all provisions of Article VI
in the Corporation's Articles of Incorporation relating to stock of the
Corporation generally and shall have the same preferences, conversion and
other rights, voting powers, restrictions, limitations as to dividends,
qualifications, and terms and conditions of redemption, except as follows:
(1) The Class B capital stock of the Focused Equity Fund may convert into
Class A capital stock of the Focused Equity Fund in the manner as determined
by the Board of Directors;
(2) Each class of the Focused Equity Fund shall have separate exchange
privileges as determined by the Board of Directors from time to time;
(3) The Class A capital stock of the Focused Equity Fund shall be subject to
a front-end sales load and Rule 12b-1 service and distribution fee as
determined by the Board of Directors from time to time;
(4) The Class B capital stock of the Focused Equity Fund shall be subject to
a contingent deferred sales charge and a Rule 12b-1 service and distribution
fee as determined by the Board of Directors from time to time; and
(5) Unless otherwise expressly provided in the Articles of Incorporation,
including any Articles Supplementary creating any class or series of capital
stock, on each matter submitted to a vote of stockholders of the Focused
Equity Fund, each holder of a share of capital stock of the Focused Equity
Fund shall be entitled to one vote for each share standing in such holder's
name on the books of the Corporation, irrespective of the class thereof, and
all shares of the classes shall vote together with all other classes or
series of the Corporation as a single class; provided, however, that
(a) as to any matter with respect to which a separate vote of any class or
series is required by the Investment Company Act of 1940, as amended ("1940
Act"), or any rules, regulations or orders issued thereunder, or by the
Maryland General Corporation Law, such requirement as to a separate vote by
that class or series shall apply in lieu of a general vote of all classes and
series as described above; and
(b) as to any matter which in the judgment of the Board of Directors (which
shall be conclusive) does not affect the interest of a particular class or
series, such class or series shall not be entitled to any vote and only the
holders of shares of the one or more affected classes and series shall be
entitled to vote.
SECOND: The previous designation of shares of capital stock of the series
known as First investors Mid-Cap Opportunity Fund into Class A and Class B
shares, the previous designation of shares of capital stock of the series
known as First Investors Utilities Income Fund into Class A and Class B
shares, and the previous designation of shares of capital stock of the series
known as First Investors Growth & Income Fund into Class A and Class B shares
remains the same. The par value of the shares of capital stock of each class
of the Corporation remains $0.001 per share, and the aggregate par value of
all of the authorized shares of the Corporation remains $400,000.
THIRD: The Corporation is registered as an open-end management investment
company under the Investment Company Act of 1940, as amended. The stock
classified herein has been classified by the Board of Directors under
authority contained in the Articles of Incorporation and pursuant to
Section 2-105(c) of the Maryland General Corporation Law.
FOURTH: All other provisions of the Articles of Incorporation as previously
filed remain in full force and effect.
IN WITNESS WHEREOF, First Investors Series Fund II, Inc. has caused these
Articles Supplementary to be signed in its name and on its behalf by its
President and witnessed by its Secretary on December 17, 1998.
FIRST INVESTORS SERIES FUND II,
INC.
By:______________________________
Glenn O. Head, President
Witness:
___________________________
C. Durso, Secretary
THE UNDERSIGNED, President of First Investors Series Fund II, Inc., who, on
behalf of the Corporation, executed the Articles Supplementary to which this
Acknowledgment is attached and made a part, hereby acknowledges, in the name
and on behalf of said Corporation, the foregoing Articles Supplementary to be
the corporate act of said Corporation and hereby certifies that the matters
and facts set forth herein with respect to the authorization and approval
thereof are true in all material respects under the penalties of perjury.
By:____________________________
Glenn O. Head, President
<PAGE>
FIRST INVESTORS SERIES FUND II, INC.
SUBADVISORY AGREEMENT
Agreement made as of this 8th day of March, 1999, by and among FIRST INVESTORS
MANAGEMENT COMPANY, INC., a New York corporation (the "Adviser"), ARNHOLD
AND S. BLEICHROEDER, INC., a New York Corporation (the "Subadviser"), and FIRST
INVESTORS SERIES FUND II, INC. (the "Fund"), a Maryland corporation and a
diversified open-end management investment company registered under the
Investment Company Act of 1940, as amended (the "1940 Act").
WITNESSETH:
WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated
June 13, 1994 (the "Advisory Agreement") with the Fund, pursuant to which the
Adviser acts as investment adviser of each Series of the Fund (the "Series");
and
WHEREAS, the Adviser and the Fund each desire to retain the Subadviser to
provide investment advisory services to certain Series of the Fund in
connection with the management of that Series and the Subadviser is willing
to render such investment advisory services (hereinafter, "Series" shall
refer to each Series of the Fund which is subject to this Agreement).
NOW, THEREFORE, the parties, intending to be legally bound, agree as follows:
1. Subadviser's Duties.
(a) Portfolio Management. Subject to supervision by the Adviser and the
Fund's Board of Directors, the Subadviser shall manage the investment
operations and the composition of that portion of assets of a particular
Series as the Adviser shall determine from time to time, as set forth in
Schedule A hereto (as such Schedule may be amended from time to time), which
is allocated to it from time to time by the Adviser (which portion can
include any or all of that Series' assets), including the purchase,
retention and disposition thereof, in accordance with that Series'
investment objectives, policies and restrictions, and subject to the following
understandings:
(i) Investment Decisions. The Subadviser shall determine from time to time
what investments and securities will be purchased, retained, sold or loaned
by each Series, and what portion of such assets will be invested or held
uninvested as cash.
(ii) Investment Limits. In the performance of its duties and obligations
under this Agreement, the Subadviser shall act in conformity with applicable
limits and requirements, as amended from time to time, as set forth in the
(A) Fund's Articles of Incorporation, as amended and restated from time to
time, By-Laws, Prospectus and Statement of Additional Information applicable
to a Series, (B) instructions and directions of the Adviser and of the Board
of Directors of the Fund, and (C) requirements of the 1940 Act, the Internal
Revenue Code of 1986, as amended, as applicable to the Series, and all other
applicable federal and state laws and regulations.
(iii) Portfolio Transactions. With respect to the securities and other
investments to be purchased or sold for each Series, the Subadviser shall
place orders with or through such persons, brokers, dealers, or futures
commission merchants (including, but not limited to, broker-dealers which are
affiliated with the Adviser or Subadviser) selected by the Subadviser,
provided, however, that such orders shall (A) be consistent with the
brokerage policy set forth in the Prospectus and Statement of Additional
Information applicable to that Series, or approved by the Fund's Board of
Directors, (B) conform with federal securities laws, and (C) be consistent
with securing the most favorable price and efficient execution. Within the
framework of this policy, the Subadviser may consider the research,
investment information and other services provided by, and the financial
responsibility of, brokers, dealers or futures commission merchants who may
effect, or be a party to, any such transaction or other transactions to which
the Subadviser's other clients may be a party.
On occasions when the Subadviser deems the purchase or sale of a security or
futures contract to be in the best interest of a Series as well as other
clients of the Subadviser, the Subadviser, to the extent permitted by
applicable laws and regulations, may, but shall be under no obligation to,
aggregate the securities or futures contracts to be sold or purchased in
order to obtain the most favorable price or lower brokerage commissions and
efficient execution. In such event, allocation of the securities or futures
contracts so purchased or sold, as well as the expenses incurred in the
transaction, will be made by the Subadviser in the manner the Subadviser
considers to be the most equitable and consistent with its fiduciary
obligations to the Fund and to such other clients; provided, however, that
such allocations shall (A) be consistent with policies and procedures
approved by the Board of Directors of the Fund, and (B) conform with federal
securities laws.
The parties hereby agree that the Subadviser is authorized to execute
portfolio transactions in its capacity as a broker-dealer or through a
broker-dealer affiliated with the Subadviser as long as it does not consider
research provided to the Fund by it as a reason for directing brokerage
business to itself or an affiliate, it does not enter into any principal
transactions with the Fund, it complies with its obligation to seek best
execution, it reports the aggregate amount of such commissions to the Board
of Directors of the Fund on an annual basis or more frequently if requested
by the Board, it complies with procedures adopted by the Fund under Section
17(e) of the 1940 Act, and it complies with Section 11(a) of the Securities
Exchange Act of 1934 and any rules adopted thereunder.
(iv) Records and Reports. The Subadviser shall maintain such books and
records required by Rule 31a-1 under the 1940 Act as shall be agreed upon
from time to time by the parties hereto, and shall render to the Fund's
Board of Directors such periodic and special reports as the Board of
Directors of the Fund may reasonably request.
(v) Transaction Reports. The Subadviser shall provide the custodian of each
Series on each business day with information relating to all transactions
concerning that Series' assets and shall provide the Adviser with such
information upon the Adviser's request.
(b) Subadviser's Directors, Officers and Employees. The Subadviser
shall authorize and permit any of its directors, officers and employees who
maybe elected as directors or officers of the Fund to serve in the capacities
in which they are elected. Services to be furnished by the Subadviser under
this Agreement may be furnished through any such directors, officers, or
employees.
(c) Maintenance of Records. The Subadviser shall timely furnish to the
Adviser all information relating to the Subadviser's services hereunder which
are needed by the Adviser to maintain the books and records of the Series
required by Rule 31a-1 under the 1940 Act. The Subadviser agrees that all
records which it maintains for the Series are the property of the Fund and
the Subadviser will surrender promptly to the Fund any of such records upon
the Fund's request; provided, however, that the Subadviser may retain a copy
of such records. The Subadviser further agrees to preserve for the periods
prescribed by Rule 31a-2 under the 1940 Act any such records as are required
to be maintained by it pursuant to paragraph 1(a) hereof.
(d) Fidelity Bond and Code of Ethics. The Subadviser will provide the
Fund with reasonable evidence that, with respect to its activities on behalf
of the Fund and/or each Series, the Subadviser is maintaining (i) adequate
fidelity bond insurance, and (ii) an appropriate Code of Ethics and related
reporting procedures.
2. Adviser's Duties. The Adviser shall continue to have responsibility for
all other services to be provided to the Fund and each Series pursuant to the
Advisory Agreement and shall oversee and review the Subadviser's performance
of its duties under this Agreement. The Adviser shall also retain direct
portfolio management responsibility with respect to any assets of the Series
which are not allocated by it to the portfolio management of the Subadviser as
provided in paragraph 1(a) hereof.
3. Documents Provided to the Subadviser. The Adviser has or will deliver to
the Subadviser current copies and supplements thereto of each of the
following documents, and will deliver to it all future amendments and
supplements, if any:
(a) the Certificate of Incorporation of the Fund, as filed with the
Maryland Department of Assessment and Taxation;
(b) the By-Laws of the Fund;
(c) certified resolutions of the Board of Directors of the Fund
authorizing the appointment of the Adviser and the Subadviser and approving
the form of this Agreement;
(d) the Fund's Registration Statement on Form N-1A under the 1940 Act
and the Securities Act of 1933, as amended ("1933 Act"), pertaining to a
Series, as filed with the Securities and Exchange Commission; and
(e) the Prospectus and Statement of Additional Information pertaining to
that Series.
4. Compensation of the Subadviser. For the services provided and the expenses
assumed pursuant to this Agreement, the Adviser will pay to the Subadviser,
effective from the date of this Agreement, a fee which is computed daily and
paid monthly from each Series' assets at the annual rates as a percentage of
that Series' average daily net assets as set forth in the attached Schedule
A, which Schedule can be modified from time to time to reflect changes in
annual rates or the addition or deletion of a Series from the terms of this
Agreement, subject to appropriate approvals required by the 1940 Act. If
this Agreement becomes effective or terminates with respect to any Series
before the end of any month, the fee for the period from the effective date
to the end of the month or from the beginning of such month to the date of
termination, as the case may be, shall be prorated according to the
proportion that such month bears to the full month in which such
effectiveness or termination occurs.
5. Limitation on Liability of the Subadviser. The Subadviser shall not be
liable for any loss sustained by the Fund or its officers, directors or
shareholders or any other person on account of the services which the
Subadviser may render or fail to render under this Agreement, except for any
loss resulting from its willful misfeasance, bad faith or negligence in the
performance of its duties, or by reason of its reckless disregard of its
obligations and duties under this Agreement; provided, however, that nothing
in this Agreement shall protect the Subadviser from any liabilities which it
may have under the 1933 Act or the 1940 Act.
6. Duration and Termination. Unless sooner terminated as provided herein,
this Agreement shall continue in effect for a period of more than two years
from the date written above only so long as such continuance is specifically
approved at least annually in conformity with the requirements of the 1940
Act; provided, however, that this Agreement may be terminated at any time
with respect to any Series, without the payment of any penalty, by the Board
of Directors of the Fund or by vote of a majority of the outstanding voting
securities (as defined in the 1940 Act) of such Series, or by the Subadviser
at any time, without the payment of any penalty, on not more than 60 days'
nor less than 30 days' written notice to the other parties. This Agreement
shall terminate automatically in the event of its assignment (as defined in
the 1940 Act) or upon the termination of the Advisory Agreement.
Termination of this Agreement with respect to a given Series shall not
affect the continued validity of this Agreement or the performance
thereunder with respect to any other Series.
7. Subadviser's Services are Not Exclusive. Nothing in this Agreement shall
limit or restrict the right of any of the Subadviser's directors, officers or
employees who may also be a director, officer or employee of the Fund to
engage in any other business or to devote his or her time and attention in
part to the management or other aspects of any business, whether of a
similar or a dissimilar nature, or limit or restrict the Subadviser's right
to engage in any other business or to render services of any kind to any
other corporation, firm, individual or association.
8. References to the Subadviser. During the term of this Agreement, the
Adviser agrees to furnish to the Subadviser at its principal office all
prospectuses, proxy statements, reports to shareholders, sales literature or
other material prepared for distribution to sales personnel, shareholders of
the Series or the public, which refer to the Subadviser or its clients in any
way, prior to use thereof and not to use such material if the Subadviser
reasonably objects in writing five business days (or such other time as may
be mutually agreed upon) after receipt thereof. Sales literature may be
furnished to the Subadviser hereunder by first-class or overnight mail,
facsimile transmission equipment or hand delivery.
9. Amendments. This Agreement may be amended with respect to a given Series
by mutual consent, subject to approval by the Fund's Board of Directors and
such Series' shareholders to the extent required by the 1940 Act.
10. Governing Law. This Agreement shall be governed by the laws of the
State of New York.
11. Entire Agreement. This Agreement embodies the entire agreement and
understanding among the parties hereto, and supersedes all prior agreements
and understandings relating to the subject matter hereof.
12. Severability. Should any part of this Agreement be held invalid by a
court decision, statute, rule or otherwise, the remainder of this Agreement
shall not be affected thereby. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective
successors.
13. The 1940 Act. Where the effect of a requirement of the 1940 Act
reflected in any provision of this Agreement is altered by a rule, regulation
or order of the Securities and Exchange Commission, whether of special or
general application, such provision shall be deemed to incorporate the
effect of such rule, regulation or order.
14. Headings. The headings in this Agreement are intended solely as a
convenience, and are not intended to modify any other provision herein.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their officers designated below as of the day and year first
above written.
Attest: FIRST INVESTORS MANAGEMENT
COMPANY, INC.
____________________________________ By: ______________________________
Larry R. Lavoie, Assistant Secretary Kathryn S. Head, President
Attest: FIRST INVESTORS SERIES FUND II,
INC.
______________________________ By: ______________________________
C. Durso, Secretary Glenn O. Head, President
Attest: ARNHOLD AND S. BLEICHROEDER,
INC.
______________________________ By: ______________________________
FIRST INVESTORS SERIES FUND II, INC.
SUBADVISORY AGREEMENT
SCHEDULE A
Compensation pursuant to Paragraph 4 of the First Investors Series Fund II,
Inc. Subadvisory Agreement shall be calculated in accordance with the
following schedule:
First Investors Focused Equity Fund
Advisory Fee as % of
Average Daily of Average Daily
Net Assets* Net Assets
Up to $100 million 0.400%
In excess of $100 million to $500 million 0.275%
Over $500 million 0.200%
Dated: January 21, 1999
* Applies to average daily net assets that are subject to the Subadviser's
investment discretion.
<PAGE>
Tait, Weller & Baker
Certified Public Accountants
Report of Independent Certified Public Accountants on Internal Control
Structure
Board of Directors
First Investors Series Fund II
New York, New York
In planning and performing our audit of the financial statements of First
Investors Series Fund II for the year ended September 30, 1999, we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against
loss from unauthorized use or disposition, and that transactions are executed
in accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it
may become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weakness under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design
or operation of the specific internal control structure elements does not
reduce to a relatively low level the risk that errors or irregularities in
amounts that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by employees in
the normal course of performing their assigned functions. However, we noted
no matters involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses, as
defined above, as of September 30, 1999.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission, and should not be used for any other
purpose.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
October 29, 1999
