UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------
FORM N-CSR
--------
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
INVESTMENT COMPANY ACT FILE NUMBER 811-4325
FIRST INVESTORS LIFE SERIES FUND
(Exact name of registrant as specified in charter)
95 Wall Street
New York, NY 10005
(Address of principal executive offices) (Zip code)
Joseph I. Benedek
First Investors Management Company, Inc.
581 Main Street
Woodbridge, NJ 07095
1-732-855-2712
(Name and address of agent for service)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
1-212-858-8000
DATE OF FISCAL YEAR END: DECEMBER 31, 2004
DATE OF REPORTING PERIOD: JUNE 30, 2004
Item 1. Reports to Stockholders
The Semi-Annual Report to Stockholders follows
First Investors Logo
The words "LIFE SERIES FUND" in a rectangular blue box
across the top of the page.
BLUE CHIP
CASH MANAGEMENT
DISCOVERY
FOCUSED EQUITY
GOVERNMENT
GROWTH
HIGH YIELD
INTERNATIONAL SECURITIES
INVESTMENT GRADE
TARGET MATURITY 2007
TARGET MATURITY 2010
TARGET MATURITY 2015
VALUE
SEMIANNUAL REPORT
June 30, 2004
Portfolio of Investments
FIRST INVESTORS LIFE BLUE CHIP FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--98.5%
Consumer Discretionary--12.7%
11,700 Autoliv, Inc. $493,740 $28
11,800 * Bed Bath & Beyond, Inc. 453,710 26
10,500 Best Buy Company, Inc. 532,770 30
14,400 Carnival Corporation 676,800 38
14,300 Clear Channel Communications, Inc. 528,385 30
25,914 * Comcast Corporation - Class "A" 726,369 41
18,100 * Comcast Corporation - Special Class "A" 499,741 28
8,600 * eBay, Inc. 790,770 45
7,100 Gannett Company, Inc. 602,435 34
49,100 Gap, Inc. 1,190,675 67
12,700 Harley-Davidson, Inc. 786,638 44
57,700 Hilton Hotels Corporation 1,076,682 61
54,300 Home Depot, Inc. 1,911,360 108
55,900 International Game Technology 2,157,740 122
13,000 * Kohl's Corporation 549,640 31
56,200 * Liberty Media Corporation - Class "A" 505,238 29
14,500 Lowe's Companies, Inc. 761,975 43
37,100 McDonald's Corporation 964,600 55
8,100 News Corporation, Ltd. (ADR) 286,902 16
9,700 NIKE, Inc. 734,775 41
7,500 Omnicom Group, Inc. 569,175 32
30,600 Target Corporation 1,299,582 74
78,000 * Time Warner, Inc. 1,371,240 78
17,500 TJX Companies, Inc. 422,450 24
41,900 Viacom, Inc. - Class "B" 1,496,668 85
43,100 Walt Disney Company 1,098,619 62
- ----------------------------------------------------------------------------------------------------------------------
22,488,679 1,272
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--9.7%
24,700 Altria Group, Inc. 1,236,235 70
16,800 Anheuser-Busch Companies, Inc. 907,200 51
13,200 Avon Products, Inc. 609,048 35
35,100 Coca-Cola Company 1,771,848 100
13,700 Colgate-Palmolive Company 800,765 45
17,100 Costco Wholesale Corporation 702,297 40
15,300 CVS Corporation 642,906 36
11,500 General Mills, Inc. 546,595 31
17,200 Gillette Company 729,280 41
8,500 Kimberly-Clark Corporation 559,980 32
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE BLUE CHIP FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples (continued)
38,100 PepsiCo, Inc. $2,052,828 $116
46,600 Procter & Gamble Company 2,536,904 144
16,300 SYSCO Corporation 584,681 33
22,200 Walgreen Company 803,862 46
49,600 Wal-Mart Stores, Inc. 2,616,896 148
- ----------------------------------------------------------------------------------------------------------------------
17,101,325 968
- ----------------------------------------------------------------------------------------------------------------------
Energy--6.5%
17,200 BP PLC (ADR) 921,404 52
105,200 Chesapeake Energy Corporation 1,548,544 88
15,900 ChevronTexaco Corporation 1,496,349 85
14,773 ConocoPhillips 1,127,032 64
1,400 Devon Energy Corporation 92,400 5
14,400 EnCana Corporation 621,504 35
74,500 ExxonMobil Corporation 3,308,545 187
17,900 Schlumberger, Ltd. 1,136,829 64
29,000 * Transocean, Inc. 839,260 48
5,500 Valero Energy Corporation 405,680 23
- ----------------------------------------------------------------------------------------------------------------------
11,497,547 651
- ----------------------------------------------------------------------------------------------------------------------
Financials--18.3%
28,800 Allstate Corporation 1,340,640 76
39,300 American Express Company 2,019,234 114
47,200 American International Group, Inc. 3,364,416 190
30,407 Bank of America Corporation 2,573,040 146
48,600 Bank of New York Company, Inc. 1,432,728 81
17,600 Bank One Corporation 897,600 51
250 * Berkshire Hathaway, Inc. - Class "B" 738,750 42
13,500 Chubb Corporation 920,430 52
94,400 Citigroup, Inc. 4,389,600 248
6,700 Compass Bancshares, Inc. 288,100 16
19,000 Fannie Mae 1,355,840 77
13,900 Freddie Mac 879,870 50
35,600 JPMorgan Chase & Company 1,380,212 78
13,900 Marsh & McLennan Companies, Inc. 630,782 36
36,800 MBNA Corporation 949,072 54
47,000 Merrill Lynch & Company, Inc. 2,537,060 143
28,200 Morgan Stanley 1,488,114 84
42,900 New York Community Bancorp, Inc. 842,127 48
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financials (continued)
49,400 UnumProvident Corporation $785,460 $44
17,000 Washington Mutual, Inc. 656,880 37
48,800 Wells Fargo & Company 2,792,824 158
- ----------------------------------------------------------------------------------------------------------------------
32,262,779 1,825
- ----------------------------------------------------------------------------------------------------------------------
Health Care--14.5%
26,700 Abbott Laboratories 1,088,292 62
36,800 * Amgen, Inc. 2,008,176 114
8,900 * Anthem, Inc. 797,084 45
26,000 * Boston Scientific Corporation 1,112,800 63
12,900 Cardinal Health, Inc. 903,645 51
19,800 Eli Lilly & Company 1,384,218 78
10,800 * Forest Laboratories, Inc. 611,604 35
11,800 * Genentech, Inc. 663,160 37
8,700 Guidant Corporation 486,156 27
57,600 Johnson & Johnson 3,208,320 182
28,900 Medtronic, Inc. 1,408,008 80
28,200 Merck & Company, Inc. 1,339,500 76
32,800 Novartis AG 1,459,600 83
151,940 Pfizer, Inc. 5,208,503 295
15,900 Teva Pharmaceutical Industries, Ltd. (ADR) 1,069,911 60
77,900 * TLC Vision Corporation 906,756 51
18,300 UnitedHealth Group, Inc. 1,139,175 64
5,100 * Varian Medical Systems, Inc. 404,685 23
10,800 Wyeth 390,528 22
- ----------------------------------------------------------------------------------------------------------------------
25,590,121 1,448
- ----------------------------------------------------------------------------------------------------------------------
Industrials--11.5%
17,800 3M Company 1,602,178 91
10,500 Boeing Company 536,445 30
25,600 Cendant Corporation 626,688 35
12,200 Danaher Corporation 632,570 36
17,000 Deere & Company 1,192,380 67
11,300 Emerson Electric Company 718,115 41
2,700 FedEx Corporation 220,563 13
153,400 General Electric Company 4,970,160 281
19,900 Honeywell International, Inc. 728,937 41
7,900 Illinois Tool Works, Inc. 757,531 43
23,700 Lockheed Martin Corporation 1,234,296 70
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE BLUE CHIP FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Industrials (continued)
34,400 Masco Corporation $1,072,592 $61
12,600 Northrop Grumman Corporation 676,620 38
32,600 SPX Corporation 1,513,944 86
44,800 Tyco International, Ltd. 1,484,672 84
10,900 United Parcel Service, Inc. - Class "B" 819,353 46
16,800 United Technologies Corporation 1,536,864 87
- ----------------------------------------------------------------------------------------------------------------------
20,323,908 1,150
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--18.6%
33,100 * Alvarion, Ltd. 439,568 25
20,900 * Amdocs, Ltd. 489,687 28
18,100 Analog Devices, Inc. 852,148 48
49,000 * Applied Materials, Inc. 961,380 54
19,200 Automatic Data Processing, Inc. 804,096 46
145,700 * Cisco Systems, Inc. 3,453,090 195
16,200 * Comverse Technology, Inc. 323,028 18
54,200 * Dell, Inc. 1,941,444 110
61,000 * EMC Corporation 695,400 39
35,400 First Data Corporation 1,576,008 89
58,600 Hewlett-Packard Company 1,236,460 70
135,300 Intel Corporation 3,734,280 211
25,300 International Business Machines Corporation 2,230,195 126
200,500 Microsoft Corporation 5,726,280 324
45,700 Motorola, Inc. 834,025 47
33,400 Nokia Corporation - Class "A" (ADR) 485,636 28
29,700 * NVIDIA Corporation 608,850 35
86,000 * Oracle Corporation 1,025,980 58
13,100 QUALCOMM, Inc. 956,038 54
12,400 * Symantec Corporation 542,872 31
68,164 Taiwan Semiconductor Manufacturing Co.,
Ltd. (ADR) 566,447 32
26,500 * Telefonaktiebolaget LM Ericsson AB -
Class "B" (ADR) 792,880 45
43,900 Texas Instruments, Inc. 1,061,502 60
19,100 * Veritas Software Corporation 529,070 30
106,600 * Western Digital Corporation 923,156 52
- ----------------------------------------------------------------------------------------------------------------------
32,789,520 1,855
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Materials--3.1%
27,200 Alcoa, Inc. $898,416 $51
18,500 Dow Chemical Company 752,950 43
20,900 DuPont (E.I.) de Nemours & Company 928,378 53
19,300 Georgia-Pacific Corporation 713,714 40
14,700 International Paper Company 657,090 37
14,800 Newmont Mining Corporation 573,648 32
6,700 * OM Group, Inc. 221,167 13
18,700 Praxair, Inc. 746,317 42
- ----------------------------------------------------------------------------------------------------------------------
5,491,680 311
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--2.2%
19,800 BellSouth Corporation 519,156 29
43,600 * Nextel Communications, Inc. - Class "A" 1,162,376 66
17,500 SBC Communications, Inc. 424,375 24
34,300 Verizon Communications, Inc. 1,241,317 70
26,900 Vodafone Group PLC (ADR) 594,490 34
- ----------------------------------------------------------------------------------------------------------------------
3,941,714 223
- ----------------------------------------------------------------------------------------------------------------------
Utilities--1.4%
52,900 Duke Energy Corporation 1,073,341 61
24,200 Exelon Corporation 805,618 46
28,300 ONEOK, Inc. 622,317 35
- ----------------------------------------------------------------------------------------------------------------------
2,501,276 142
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $135,763,604) 173,988,549 9,845
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS--1.2%
$2,200M U.S. Treasury Bills, 1.01%, 7/15/04
(cost $2,199,136) 2,199,136 124
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $137,962,740) 99.7% 176,187,685 9,969
Other Assets, Less Liabilities .3 556,445 31
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $176,744,130 $10,000
======================================================================================================================
* Non-income producing
Summary of Abbreviations:
ADR American Depositary Receipts
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE CASH MANAGEMENT FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate* Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
CORPORATE NOTES--42.3%
$250M American General Finance Corp., 7/28/04 1.19% $249,777 $309
300M Anheuser-Busch Cos., Inc., 8/4/04+ 1.27 299,640 370
250M Coca-Cola Co., 7/9/04 1.02 249,943 309
300M DuPont (E.I.) de Nemours & Co., 7/22/04 1.25 299,781 370
250M Florida Power & Light Co., 7/2/04 1.10 249,992 309
300M Gannett Co., Inc., 7/8/04+ 1.02 299,940 370
300M National Rural Utilities Cooperative
Finance Corp., 7/20/04 1.19 299,812 370
300M New Jersey Natural Gas Co., 7/28/04 1.30 299,708 370
300M New York Times Co., 7/19/04 1.25 299,813 370
300M Proctor & Gamble Co., 7/29/04+ 1.22 299,715 370
250M United Parcel Service, Inc., 7/1/04 .98 250,000 309
325M Verizon Network Funding Corp., 7/20/04 1.30 324,777 402
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Notes (cost $3,422,898) 3,422,898 4,228
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--31.9%
Fannie Mae:
50M 7/19/04 1.40 50,123 62
50M 8/6/04 1.40 49,930 62
300M 2/14/05 1.38 300,000 371
200M 5/3/05 1.36 200,000 247
100M 5/23/05 1.75 100,000 123
Federal Farm Credit Bank:
300M 7/21/04 1.15 299,808 370
200M 2/9/05 1.32 205,314 254
Federal Home Loan Bank:
15M 7/1/04 1.40 15,000 18
200M 1/28/05 1.39 199,963 247
100M 2/15/05 1.36 101,853 126
300M 2/23/05 1.41 299,939 370
165M 3/24/05 1.29 165,000 204
200M 5/27/05 1.78 200,000 247
200M 6/1/05 2.19 199,763 246
200M Freddie Mac, 7/13/04 1.13 199,925 247
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Obligations
(cost $2,586,618) 2,586,618 3,194
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate* Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
FLOATING RATE NOTES--11.1%
$300M Fannie Mae, 9/10/04 1.35% $300,000 $371
300M Merrill Lynch & Co., Inc., 1/31/05 1.29 300,000 371
300M Student Loan Marketing
Association, 11/18/04 1.38 300,000 371
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Floating Rate Notes (cost $900,000) 900,000 1,113
- ----------------------------------------------------------------------------------------------------------------------
BANKERS' ACCEPTANCES--6.8%
300M Bank of America, NA, 7/14/04 1.24 299,866 370
250M Regions Bank, 7/9/04 1.11 249,938 309
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Bankers' Acceptances (cost $549,804) 549,804 679
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--6.2%
U.S. Treasury Bills:
200M 7/15/04 1.04 199,919 247
300M 7/15/04 1.14 299,867 370
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Obligations (cost $499,786) 499,786 617
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $7,959,106)++ 98.3% 7,959,106 9,831
Other Assets, Less Liabilities 1.7 136,743 169
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,095,849 $10,000
======================================================================================================================
* The interest rates shown are the effective rates at the time of
purchase by the Fund. The interest rates on floating rate notes are
adjusted periodically; the rates shown are the rates in effect at June
30, 2004.
+ Security exempt from registration under Rule 144A of the Securities
Act of 1933 (see Note 5).
++ Aggregate cost for federal income tax purposes is the same.
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE DISCOVERY FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--96.3%
Consumer Discretionary--15.5%
51,800 * Adesa, Inc. $1,245,272 $100
68,400 * Aeropostale, Inc. 1,840,644 147
121,900 * Champion Enterprises, Inc. 1,119,042 89
24,400 * Chico's FAS, Inc. 1,101,904 88
11,300 Claire's Stores, Inc. 245,210 20
39,800 Foot Locker, Inc. 968,732 77
16,900 * Getty Images, Inc. 1,014,000 81
14,100 * Guitar Center, Inc. 627,027 50
44,100 * Jarden Corporation 1,587,159 127
25,650 * Jos. A. Bank Clothiers, Inc. 805,154 64
48,200 * Keystone Automotive Industries, Inc. 1,344,298 107
39,400 K-Swiss, Inc. - Class "A" 796,274 64
63,800 * Navigant International, Inc. 1,135,002 91
56,700 * Nevada Gold & Casinos, Inc. 762,615 61
8,800 * Pacific Sunwear of California, Inc. 172,216 14
34,900 * Quicksilver, Inc. 830,969 66
44,900 * Scientific Games Corporation - Class "A" 859,386 69
34,700 * Select Comfort Corporation 985,480 79
58,000 * Source Interlink Companies, Inc. 644,960 52
9,200 * Tractor Supply Company 384,744 31
14,400 * Urban Outfitters, Inc. 877,104 70
- ----------------------------------------------------------------------------------------------------------------------
19,347,192 1,547
- ----------------------------------------------------------------------------------------------------------------------
Energy--6.3%
26,300 Ashland, Inc. 1,388,903 111
10,300 CARBO Ceramics, Inc. 702,975 56
50,700 Chesapeake Energy Corporation 746,304 60
60,100 * Energy Partners, Ltd. 919,530 73
20,000 Holly Corporation 748,000 60
24,100 Patterson-UTI Energy, Inc. 805,181 64
44,100 * Swift Energy Company 972,846 78
32,400 * TETRA Technologies, Inc. 869,940 70
15,700 World Fuel Services Corporation 707,756 57
- ----------------------------------------------------------------------------------------------------------------------
7,861,435 629
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financials--6.7%
19,800 * Affiliated Managers Group, Inc. $997,326 $80
26,100 * First Marblehead Corporation 1,050,786 84
29,200 HCC Insurance Holdings, Inc. 975,572 78
17,700 Montpelier Re Holdings, Ltd. 618,615 50
30,900 Odyssey Re Holdings Corporation 741,600 59
92,500 Origen Financial, Inc. 735,375 59
35,900 RAIT Investment Trust (REIT) 884,935 71
38,800 * Saxon Capital, Inc. 885,804 71
26,600 Thornburg Mortgage, Inc. 716,870 57
18,000 Westcorp, Inc. 818,100 65
- ----------------------------------------------------------------------------------------------------------------------
8,424,983 674
- ----------------------------------------------------------------------------------------------------------------------
Health Care--20.7%
25,950 * AmSurg Corporation 652,124 52
40,100 * Aspect Medical Systems, Inc. 740,647 59
37,900 * Axcan Pharma, Inc. 799,690 64
40,800 * Centene Corporation 1,572,840 126
59,500 * CollaGenex Pharmaceuticals, Inc. 560,490 45
33,200 * CV Therapeutics, Inc. 556,432 44
21,450 * DaVita, Inc. 661,304 53
86,700 * Discovery Laboratories, Inc. 831,453 67
345,700 * Endocare, Inc. 829,680 66
29,600 * Eon Labs, Inc. 1,211,528 97
12,400 * Fisher Scientific International, Inc. 716,100 57
13,600 * Gen-Probe, Inc. 643,552 51
37,800 * KV Pharmaceutical Company - Class "A" 872,802 70
42,300 * LabOne, Inc. 1,344,294 108
35,900 Matthews International Corporation - Class "A" 1,182,545 95
19,700 Medicis Pharmaceutical Corporation - Class "A" 787,015 63
23,400 * MGI Pharma, Inc. 632,034 51
48,200 * Nabi Biopharmaceuticals 685,404 55
13,100 * Neurocrine Biosciences, Inc. 679,235 54
16,900 * Onyx Pharmaceuticals, Inc. 715,884 57
42,000 PolyMedica Corporation 1,303,680 104
16,600 * Psychiatric Solutions, Inc. 413,838 33
49,320 * SFBC International, Inc. 1,545,196 124
92,000 * SuperGen, Inc. 593,400 47
14,100 * Taro Pharmaceuticals Industries, Ltd. 613,350 49
26,100 * Telik, Inc. 623,007 50
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE DISCOVERY FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care (continued)
112,500 * TriPath Imaging, Inc. $1,058,625 $85
31,900 * VCA Antech, Inc. 1,429,758 114
39,500 West Pharmaceutical Services, Inc. 1,670,850 134
- ----------------------------------------------------------------------------------------------------------------------
25,926,757 2,074
- ----------------------------------------------------------------------------------------------------------------------
Industrials--11.1%
48,500 * AGCO Corporation 987,945 79
42,600 Angelica Corporation 1,069,685 85
23,900 * Education Management Corporation 785,354 63
17,600 * ESCO Technologies, Inc. 939,136 75
132,400 * EVCI Career Colleges, Inc. 1,391,524 111
28,700 * II-VI, Inc. 879,942 70
112,800 * Kansas City Southern 1,748,400 140
32,900 * MTC Technologies, Inc. 849,478 68
17,200 Oshkosh Truck Corporation 985,732 79
41,200 Ritchie Brothers Auctioneers, Inc. 1,199,332 96
51,200 * SI International, Inc. 1,043,968 83
50,100 United Industrial Corporation 1,169,835 94
47,700 Wabtec Corporation 860,508 69
- ----------------------------------------------------------------------------------------------------------------------
13,910,839 1,112
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--31.0%
50,700 * Andrew Corporation 1,014,507 81
19,000 * Ask Jeeves, Inc. 741,570 59
60,400 * Aspect Communications Corporation 857,680 69
51,600 * ATMI, Inc. 1,409,196 113
56,600 * Autobytel, Inc. 513,928 41
34,900 BEI Technologies, Inc. 988,019 79
35,800 * Catapult Communications Corporation 823,400 66
22,000 * CheckFree Corporation 660,000 53
42,400 * Cognizant Technology Solutions Corporation -
Class "A" 1,077,384 86
31,700 * Digital River, Inc. 1,034,371 83
25,200 * Digital Theater Systems, Inc. 658,980 53
26,000 * DSP Group, Inc. 708,240 57
63,000 * eCollege.com, Inc. 1,008,000 81
24,700 * Electronics for Imaging, Inc. 698,022 56
20,400 * Embarcadero Technologies, Inc. 252,144 20
79,700 * Epicor Software Corporation 1,119,785 90
13,500 * Excel Technology, Inc. 448,875 36
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Information Technology (continued)
18,900 Fair Isaac Corporation $630,882 $50
59,400 * FindWhat.com 1,374,516 110
15,000 * FLIR Systems, Inc. 823,500 66
44,900 * Global Imaging Systems, Inc. 1,646,034 132
20,600 * Hyperion Solutions Corporation 900,632 72
31,400 * Integrated Circuit Systems, Inc. 852,824 68
143,000 * Intelligroup, Inc. 740,740 59
23,400 * International Rectifier Corporation 969,228 77
35,100 Inter-Tel, Inc. 876,447 70
65,200 * Intervoice, Inc. 747,844 60
18,150 * Kronos, Inc. 747,780 60
78,700 * Lawson Software, Inc. 557,196 44
63,800 * Measurement Specialties, Inc. 1,378,080 110
132,200 * MEMC Electronic Materials, Inc. 1,306,136 104
29,500 * MICROS Systems, Inc. 1,415,115 113
87,000 * MPS Group, Inc. 1,054,440 84
178,500 * Optimal Group, Inc. 1,356,600 108
37,600 * Pixelworks, Inc. 576,032 46
44,300 * Progress Software Corporation 959,981 77
99,600 * QAD, Inc. 1,056,756 84
37,400 * Rofin-Sinar Technologies, Inc. 949,586 76
14,000 * Sigmatel, Inc. 406,840 33
27,800 StarTek, Inc. 995,240 80
92,900 * TIBCO Software, Inc. 785,005 63
22,200 * Varian Semiconductor Equipment Associates, Inc. 856,032 68
72,700 * ZiLOG, Inc. 796,792 64
- ----------------------------------------------------------------------------------------------------------------------
38,774,359 3,101
- ----------------------------------------------------------------------------------------------------------------------
Materials--2.6%
76,000 AMCOL International Corporation 1,440,200 115
54,000 * Headwaters, Inc. 1,400,220 112
22,700 Penford Corporation 398,385 32
- ----------------------------------------------------------------------------------------------------------------------
3,238,805 259
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--1.4%
21,900 * NII Holdings, Inc. - Class "B" 737,811 59
82,400 * PTEK Holdings, Inc. 950,072 76
- ----------------------------------------------------------------------------------------------------------------------
1,687,883 135
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE DISCOVERY FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Shares, Invested
Warrants or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--1.0%
24,100 Equitable Resources, Inc. $1,246,211 $100
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $92,208,102) 120,418,464 9,631
- ----------------------------------------------------------------------------------------------------------------------
WARRANTS--.0%
Health Care
18,500 * Med-Design Corporation (expiring 7/29/08)
(cost $2,312)**+ 2,312 --
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS--3.4%
U.S. Treasury Bills:
$1,200M 1%, 7/8/04 1,199,767 96
3,000M 1.01%, 7/15/04 2,998,821 240
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term U.S. Government Obligations
(cost $4,198,588) 4,198,588 336
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $96,409,002) 99.7% 124,619,364 9,967
Other Assets, Less Liabilities .3 407,256 33
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $125,026,620 $10,000
======================================================================================================================
* Non-income producing
** Security valued at fair value (see Note 1 A)
+ Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 5).
Summary of Abbreviations:
REIT Real Estate Investment Trust
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE FOCUSED EQUITY FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--99.0%
Consumer Discretionary--8.2%
7,000 Gap, Inc. $169,750 $158
5,600 Lowe's Companies, Inc. 294,280 273
23,600 * Time Warner, Inc. 414,888 385
- ----------------------------------------------------------------------------------------------------------------------
878,918 816
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--10.3%
3,900 Altria Group, Inc. 195,195 181
4,900 Gillette Company 207,760 193
5,700 PepsiCo, Inc. 307,116 285
3,200 Procter & Gamble Company 174,208 162
4,200 Wal-Mart Stores, Inc. 221,592 206
- ----------------------------------------------------------------------------------------------------------------------
1,105,871 1,027
- ----------------------------------------------------------------------------------------------------------------------
Energy--6.8%
4,100 ChevronTexaco Corporation 385,851 358
5,500 Schlumberger, Ltd. 349,305 325
- ----------------------------------------------------------------------------------------------------------------------
735,156 683
- ----------------------------------------------------------------------------------------------------------------------
Financials--19.7%
2,800 American Express Company 143,864 134
5,300 American International Group, Inc. 377,784 351
5,500 Bank of America Corporation 465,410 432
3,800 Bank One Corporation 193,800 180
10,100 Citigroup, Inc. 469,650 436
5,000 Merrill Lynch & Company, Inc. 269,900 251
4,794 St. Paul Travelers Companies, Inc. 194,349 181
- ----------------------------------------------------------------------------------------------------------------------
2,114,757 1,965
- ----------------------------------------------------------------------------------------------------------------------
Health Care--13.1%
5,800 Abbott Laboratories 236,408 220
3,200 Eli Lilly & Company 223,712 208
2,200 * Genzyme Corporation 104,126 97
4,100 Medtronic, Inc. 199,752 186
13,200 Pfizer, Inc. 452,496 420
5,400 Wyeth 195,264 181
- ----------------------------------------------------------------------------------------------------------------------
1,411,758 1,312
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE FOCUSED EQUITY FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Industrials--14.5%
1,800 3M Company $162,018 $151
600 Caterpillar, Inc. 47,664 44
3,800 CSX Corporation 124,526 116
2,000 FedEx Corporation 163,380 152
1,500 General Dynamics Corporation 148,950 138
12,900 General Electric Company 417,960 388
8,200 Tyco International, Ltd. 271,748 252
2,500 United Technologies Corporation 228,700 213
- ----------------------------------------------------------------------------------------------------------------------
1,564,946 1,454
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--21.1%
6,900 * Applied Materials, Inc. 135,378 126
9,700 * Cisco Systems, Inc. 229,890 214
22,200 * Corning, Inc. 289,932 269
5,400 * Dell, Inc. 193,428 180
5,500 First Data Corporation 244,860 228
8,100 Intel Corporation 223,560 208
21,000 Microsoft Corporation 599,760 557
5,300 Motorola, Inc. 96,725 90
4,800 Texas Instruments, Inc. 116,064 108
3,700 * Yahoo!, Inc. 134,421 125
- ----------------------------------------------------------------------------------------------------------------------
2,264,018 2,105
- ----------------------------------------------------------------------------------------------------------------------
Materials--4.1%
4,700 Alcoa, Inc. 155,241 144
3,500 DuPont (E.I.) de Nemours & Company 155,470 144
3,000 International Paper Company 134,100 125
- ----------------------------------------------------------------------------------------------------------------------
444,811 413
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--1.2%
7,500 Sprint Corporation 132,000 123
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $9,650,606) 10,652,235 9,898
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--.9%
$100M BNP Paribas, 1.28%, dated 6/30/04, to be repurchased
at $100,004 on 7/1/04 (collateralized by U.S. Treasury
Notes, Zero Coupon, 11/4/04, valued at $102,470)
(cost $100,000) $100,000 $93
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $9,750,606) 99.9% 10,752,235 9,991
Other Assets, Less Liabilities .1 10,189 9
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $10,762,424 $10,000
======================================================================================================================
* Non-income producing
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE GOVERNMENT FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MORTGAGE-BACKED CERTIFICATES--77.3%
Fannie Mae--14.8%
$843M 5.5%, 6/1/2033 $842,060 $383
578M 6%, 8/1/2033 590,431 268
207M 7%, 5/1/2031 220,986 100
813M 9%, 6/1/2015-11/1/2026 916,485 416
587M 11%, 10/1/2015 686,626 312
- ----------------------------------------------------------------------------------------------------------------------
3,256,588 1,479
- ----------------------------------------------------------------------------------------------------------------------
Freddie Mac--9.7%
1,087M 6%, 8/1/2032-4/1/2033 1,111,832 505
565M 6.5%, 7/1/2032-12/1/2032 589,497 268
385M 8.5%, 7/1/2016-9/1/2024 430,347 195
- ----------------------------------------------------------------------------------------------------------------------
2,131,676 968
- ----------------------------------------------------------------------------------------------------------------------
Government National Mortgage Association I Program--52.8%
4,015M 5.5%, 2/15/2033-11/15/2033 4,022,946 1,828
1,813M 6%, 11/15/2032-2/15/2034 1,867,972 849
2,167M 6.5%, 6/15/2029-1/15/2033 2,272,052 1,032
2,563M 7%, 1/15/2030-10/15/2032 2,744,691 1,247
79M 8.5%, 11/15/2031 88,421 40
552M 10%, 5/15/2019-8/15/2019 631,097 287
- ----------------------------------------------------------------------------------------------------------------------
11,627,179 5,283
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Mortgage-Backed Certificates (cost $16,964,060) 17,015,443 7,730
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--11.7%
1,000M Federal Farm Credit Bank, 4.22%, 8/12/2009 988,200 449
1,480M Federal Home Loan Bank, 5.8%, 9/2/2008 1,582,083 719
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Obligations
(cost $2,474,542) 2,570,283 1,168
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--2.3%
500M U.S. Treasury Note, 4.75%, 5/15/2014
(cost $500,313) 505,372 230
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM U.S. GOVERNMENT OBLIGATIONS--7.7%
U.S. Treasury Bills:
$600M 1.03%, 7/22/04 $599,639 $272
500M 1.035%, 7/22/04 499,698 227
600M 1.04%, 7/22/04 599,636 272
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term U.S. Government Obligations
(cost $1,698,973) 1,698,973 771
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $21,637,888) 99.0% 21,790,071 9,899
Other Assets, Less Liabilities 1.0 223,147 101
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $22,013,218 $10,000
======================================================================================================================
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE GROWTH FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--99.0%
Consumer Discretionary--11.4%
17,600 * Chico's FAS, Inc. $794,816 $35
10,600 * Coach, Inc. 479,014 21
23,500 * Columbia Sportswear Company 1,283,570 56
46,050 D.R. Horton, Inc. 1,307,820 57
77,900 Gap, Inc. 1,889,075 83
3,900 International Game Technology 150,540 7
14,300 * Krispy Kreme Doughnuts, Inc. 272,987 12
50,000 * Lamar Advertising Company - Class "A" 2,167,500 95
15,000 Lear Corporation 884,850 39
20,600 Liz Claiborne, Inc. 741,188 32
71,500 Lowe's Companies, Inc. 3,757,325 165
41,100 Michaels Stores, Inc. 2,260,500 99
29,500 * O'Reilly Automotive, Inc. 1,333,400 58
52,850 * Pacific Sunwear of California, Inc. 1,034,274 45
8,200 * PETCO Animal Supplies, Inc. 264,122 12
35,100 PETsMART, Inc. 1,138,995 50
33,000 Staples, Inc. 967,230 42
300,800 * Time Warner, Inc. 5,288,064 232
- ----------------------------------------------------------------------------------------------------------------------
26,015,270 1,140
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--6.9%
50,000 Altria Group, Inc. 2,502,500 110
5,800 * Constellation Brands, Inc. - Class "A" 215,354 9
68,700 Gillette Company 2,912,880 127
51,500 * Hain Celestial Group, Inc. 932,150 41
72,000 PepsiCo, Inc. 3,879,360 170
37,200 Procter & Gamble Company 2,025,168 89
61,000 Wal-Mart Stores, Inc. 3,218,360 141
- ----------------------------------------------------------------------------------------------------------------------
15,685,772 687
- ----------------------------------------------------------------------------------------------------------------------
Energy--6.7%
45,400 Apache Corporation 1,977,170 87
122,800 Chesapeake Energy Corporation 1,807,616 79
31,500 ChevronTexaco Corporation 2,964,465 130
35,400 ENSCO International, Inc. 1,030,140 45
107,800 ExxonMobil Corporation 4,787,398 210
43,600 Schlumberger, Ltd. 2,769,036 121
- ----------------------------------------------------------------------------------------------------------------------
15,335,825 672
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financials--16.5%
19,600 Ambac Financial Group, Inc. $1,439,424 $63
23,500 American Express Company 1,207,430 53
68,074 American International Group, Inc. 4,852,315 213
50,500 Arthur J. Gallagher & Company 1,537,725 67
78,600 Bank of America Corporation 6,651,132 291
51,200 Bank One Corporation 2,611,200 114
139,152 Citigroup, Inc. 6,470,568 284
30,499 Countrywide Financial Corporation 2,142,555 94
117,900 * E*TRADE Financial Corporation 1,314,585 58
44,700 Federated Investors, Inc. - Class "B" 1,356,198 59
9,700 Legg Mason, Inc. 882,797 39
63,400 Merrill Lynch & Company, Inc. 3,422,332 150
35,400 Principal Financial Group, Inc. 1,231,212 54
63,796 St. Paul Travelers Companies, Inc. 2,586,290 113
- ----------------------------------------------------------------------------------------------------------------------
37,705,763 1,652
- ----------------------------------------------------------------------------------------------------------------------
Health Care--14.3%
76,000 Abbott Laboratories 3,097,760 136
7,200 * Albany Molecular Research, Inc. 93,096 4
34,400 * Biovail Corporation 652,912 29
8,100 * Caremark Rx, Inc. 266,814 12
10,200 Cooper Companies, Inc. 644,334 28
14,300 * Coventry Health Care, Inc. 699,270 31
30,400 Diagnostic Products Corporation 1,335,776 58
18,100 * Edwards Lifesciences Corporation 630,785 28
40,500 Eli Lilly & Company 2,831,355 124
22,400 * Fisher Scientific International, Inc. 1,293,600 57
31,600 * Genzyme Corporation 1,495,628 65
10,000 Guidant Corporation 558,800 24
34,000 * Health Net, Inc. 901,000 39
55,600 * King Pharmaceuticals, Inc. 636,620 28
57,300 * Medco Health Solutions, Inc. 2,148,750 94
64,900 Medtronic, Inc. 3,161,928 138
52,200 * Odyssey Healthcare, Inc. 982,404 43
171,475 Pfizer, Inc. 5,878,163 258
57,100 Schering-Plough Corporation 1,055,208 46
24,200 * Triad Hospitals, Inc. 900,966 39
21,400 * Viasys Healthcare, Inc. 447,474 20
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE GROWTH FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care (continued)
7,600 * Watson Pharmaceuticals, Inc. $204,440 $9
6,400 * WellCare Group, Inc.** 108,800 5
72,400 Wyeth 2,617,984 115
- ----------------------------------------------------------------------------------------------------------------------
32,643,867 1,430
- ----------------------------------------------------------------------------------------------------------------------
Industrials--14.6%
21,800 3M Company 1,962,218 86
44,000 American Power Conversion 864,600 38
79,100 Aramark Corporation - Class "B" 2,274,916 100
10,400 Caterpillar, Inc. 826,176 36
27,200 * ChoicePoint, Inc. 1,241,952 54
48,000 CSX Corporation 1,572,960 69
8,300 Fastenal Company 471,689 21
28,500 FedEx Corporation 2,328,165 102
17,200 General Dynamics Corporation 1,707,960 75
171,000 General Electric Company 5,540,400 243
22,000 * ITT Educational Services, Inc. 836,440 37
77,600 Norfolk Southern Corporation 2,057,952 90
39,000 Precision Castparts Corporation 2,132,910 93
38,600 Rockwell Collins, Inc. 1,286,152 56
114,600 Tyco International, Ltd. 3,797,844 166
32,900 United Technologies Corporation 3,009,692 132
32,400 * Yellow Roadway Corporation 1,291,464 57
- ----------------------------------------------------------------------------------------------------------------------
33,203,490 1,455
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--20.7%
36,400 * Apple Computer, Inc. 1,184,456 52
91,400 * Applied Materials, Inc. 1,793,268 79
38,540 * Cadence Design Systems, Inc. 563,840 25
15,800 CDW Corporation 1,007,408 44
14,500 * CheckFree Corporation 435,000 19
118,600 * Cisco Systems, Inc. 2,810,820 123
27,300 Cognex Corporation 1,050,504 46
212,900 * Corning, Inc. 2,780,474 122
70,400 * Dell, Inc. 2,521,728 111
11,900 * DST Systems, Inc. 572,271 25
27,000 * Fairchild Semiconductor International, Inc. 441,990 19
74,400 First Data Corporation 3,312,288 145
45,900 * Ingram Micro, Inc. - Class "A" 664,173 29
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Information Technology (continued)
109,500 Intel Corporation $3,022,200 $132
21,600 International Business Machines Corporation 1,904,040 83
52,500 * International Rectifier Corporation 2,174,550 95
24,700 * KLA-Tencor Corporation 1,219,686 54
281,300 Microsoft Corporation 8,033,928 352
74,900 Motorola, Inc. 1,366,925 60
19,900 * Novellus Systems, Inc. 625,656 28
104,400 * Polycom, Inc. 2,339,604 103
20,500 * SanDisk Corporation 444,645 20
9,100 * SunGard Data Systems, Inc. 236,600 10
49,200 * Tekelec 893,964 39
54,600 Texas Instruments, Inc. 1,320,228 58
23,900 * THQ, Inc. 547,310 24
28,500 * Varian Semiconductor Equipment Associates, Inc. 1,098,960 48
63,500 * VeriSign, Inc. 1,263,650 55
12,600 * Waters Corporation 602,028 26
28,900 * Yahoo!, Inc. 1,049,937 46
- ----------------------------------------------------------------------------------------------------------------------
47,282,131 2,072
- ----------------------------------------------------------------------------------------------------------------------
Materials--5.0%
61,300 Alcoa, Inc. 2,024,739 89
61,400 DuPont (E.I.) de Nemours & Company 2,727,388 119
41,900 International Paper Company 1,872,930 82
147,100 * Pactiv Corporation 3,668,674 161
59,400 * Smurfit-Stone Container Corporation 1,185,030 52
- ----------------------------------------------------------------------------------------------------------------------
11,478,761 503
- ----------------------------------------------------------------------------------------------------------------------
Other--.7%
27,400 Market 2000+ HOLDRs Trust 1,471,106 65
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--1.8%
79,600 * Nextel Communications, Inc. - Class "A" 2,122,136 93
112,900 Sprint Corporation 1,987,040 87
- ----------------------------------------------------------------------------------------------------------------------
4,109,176 180
- ----------------------------------------------------------------------------------------------------------------------
Utilities--.4%
29,600 Exelon Corporation 985,384 43
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $178,428,056) 225,916,545 9,899
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE GROWTH FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--1.0%
$2,205M BNP Paribas, 1.28%, dated 6/30/04, to be repurchased
at $2,205,077 on 7/1/04 (collateralized by U.S.
Treasury Notes, 10.75%, 8/15/05, valued at
$2,251,944) (cost $2,205,000) $2,205,000 $97
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $180,633,056) 100.0% 228,121,545 9,996
Other Assets, Less Liabilities .0 89,270 4
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $228,210,815 $10,000
======================================================================================================================
* Non-income producing
** Security valued at fair value (See Note 1A)
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE HIGH YIELD FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS--90.2%
Aerospace/Defense--2.5%
$400M Alliant Techsystems, Inc., 8.5%, 2011 $434,000 $66
100M DRS Technologies, Inc., 6.875%, 2013 98,000 15
300M GenCorp, Inc., 9.5%, 2013 313,500 48
L-3 Communications Corp.:
400M 7.625%, 2012 424,000 65
400M 6.125%, 2014 384,000 58
- ----------------------------------------------------------------------------------------------------------------------
1,653,500 252
- ----------------------------------------------------------------------------------------------------------------------
Automotive--8.6%
550M Accuride Corp., 9.25%, 2008 563,750 86
Asbury Automotive Group, Inc.:
175M 9%, 2012 179,375 27
300M 8%, 2014 288,000 44
1,000M Collins & Aikman Products Co., 11.5%, 2006 990,000 151
250M Cummins, Inc., 9.5%, 2010 284,375 43
375M Dana Corp., 9%, 2011 440,625 67
Delco Remy International, Inc.:
500M 11%, 2009 530,000 81
250M 9.375%, 2012+ 244,375 37
250M Navistar International Corp., 7.5%, 2011 257,500 39
1,000M Special Devices, Inc., 11.375%, 2008 965,000 147
448M TRW Automotive, Inc., 9.375%, 2013 507,360 77
400M United Components, Inc., 9.375%, 2013 410,000 62
- ----------------------------------------------------------------------------------------------------------------------
5,660,360 861
- ----------------------------------------------------------------------------------------------------------------------
Chemicals--11.9%
750M BCP Caylux Holding Lux SCA, 9.625%, 2014+ 780,938 119
350M Equistar Chemicals LP, 10.625%, 2011 390,250 59
50M Ethyl Corp., 8.875%, 2010 53,000 8
500M FMC Corp., 10.25%, 2009 577,500 88
Huntsman, LLC:
300M 11.625%, 2010 333,000 51
500M 11.5%, 2012+ 508,750 77
900M IMC Global, Inc., 10.875%, 2013 1,077,750 164
Lyondell Chemical Co.:
650M 9.625%, 2007 682,500 104
350M 9.5%, 2008 366,625 56
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE HIGH YIELD FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Chemicals (continued)
Millennium America, Inc.:
$150M 7%, 2006 $154,875 $23
185M 9.25%, 2008 199,800 30
240M 9.25%, 2008+ 259,200 39
100M Omnova Solutions, Inc., 11.25%, 2010 109,500 17
Resolution Performance Products, LLC:
100M 8%, 2009 104,250 16
1,675M 13.5%, 2010 1,570,312 239
500M Terra Capital, Inc., 11.5%, 2010 550,000 84
100M Westlake Chemical Corp., 8.75%, 2011 109,000 17
- ----------------------------------------------------------------------------------------------------------------------
7,827,250 1,191
- ----------------------------------------------------------------------------------------------------------------------
Consumer Non-Durables--2.3%
500M GFSI, Inc., 9.625%, 2007 482,500 73
800M Playtex Products, Inc., 9.375%, 2011 782,000 119
250M Remington Arms Co., 10.5%, 2011 243,750 37
- ----------------------------------------------------------------------------------------------------------------------
1,508,250 229
- ----------------------------------------------------------------------------------------------------------------------
Energy--8.9%
700M Bluewater Finance, Ltd., 10.25%, 2012 742,000 113
Chesapeake Energy Corp.:
500M 9%, 2012 565,000 86
200M 7.5%, 2014+ 207,000 32
1,000M Compagnie Generale de Geophysique,
10.625%, 2007 1,070,000 163
300M Dresser, Inc., 9.375%, 2011 322,500 49
1,000M El Paso Production Holding Co., 7.75%, 2013 922,500 140
200M Energy Partners, Ltd., 8.75%, 2010 210,000 32
743M Giant Industries, Inc., 11%, 2012 832,160 127
Tesoro Petroleum Corp.:
100M 8%, 2008 107,500 16
100M 9%, 2008 103,500 16
700M 9.625%, 2008 770,000 117
- ----------------------------------------------------------------------------------------------------------------------
5,852,160 891
- ----------------------------------------------------------------------------------------------------------------------
Financial Services--2.2%
1,500M Dow Jones Trac-X NA, High Yield, Series 2,
Trust 3, 8%, 2009+ 1,457,813 222
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--2.9%
Land O'Lakes, Inc.:
$200M 9%, 2010+ $209,250 $32
550M 8.75%, 2011 508,750 77
750M Merisant Co., 9.5%, 2013+ 802,500 122
350M Pilgrim's Pride Corp., 9.625%, 2011 388,500 59
- ----------------------------------------------------------------------------------------------------------------------
1,909,000 290
- ----------------------------------------------------------------------------------------------------------------------
Food/Drug--.5%
325M Di Giorgio Corp., 10%, 2007 318,500 48
- ----------------------------------------------------------------------------------------------------------------------
Forest Products/Containers--3.4%
500M AEP Industries, Inc., 9.875%, 2007 515,000 79
100M Portola Packaging, Inc., 8.25%, 2012+ 80,500 12
325M Potlatch Corp., 10%, 2011 362,375 55
500M Stone Container Corp., 9.75%, 2011 552,500 84
Tekni-Plex, Inc.:
400M 12.75%, 2010 386,000 59
370M 8.75%, 2013+ 355,200 54
- ----------------------------------------------------------------------------------------------------------------------
2,251,575 343
- ----------------------------------------------------------------------------------------------------------------------
Gaming/Leisure--2.7%
500M Circus & Eldorado/Silver Legacy, 10.125%, 2012 505,000 77
Park Place Entertainment Corp.:
700M 9.375%, 2007 762,125 116
500M 7%, 2013 506,250 77
- ----------------------------------------------------------------------------------------------------------------------
1,773,375 270
- ----------------------------------------------------------------------------------------------------------------------
Health Care--4.8%
30M ALARIS Medical Systems, Inc., 7.25%, 2011 33,150 5
50M Fisher Scientific International, Inc., 8.125%, 2012 53,750 8
600M Genesis Health Ventures, Inc., 9.75%, 2005++** 375 --
485M HCA, Inc., 5.25%, 2008 482,461 73
350M Insight Health Services Corp., 9.875%, 2011 376,250 57
350M MedQuest, Inc., 11.875%, 2012 399,000 61
400M PerkinElmer, Inc., 8.875%, 2013 439,000 67
200M Quintiles Transnational Corp., 10%, 2013 199,000 30
250M Sybron Dental Specialties, Inc., 8.125%, 2012 268,750 41
1,050M Tenet Healthcare Corp., 6.375%, 2011 924,000 141
- ----------------------------------------------------------------------------------------------------------------------
3,175,736 483
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE HIGH YIELD FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Housing--2.2%
$250M Integrated Electrical Services, Inc., 9.375%, 2009 $259,375 $39
750M Nortek, Inc., 9.875%, 2011 858,750 131
300M William Lyon Homes, Inc., 10.75%, 2013 333,000 51
- ----------------------------------------------------------------------------------------------------------------------
1,451,125 221
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--2.2%
400M ChipPac International, Ltd., 12.75%, 2009 429,000 65
350M Exodus Communications, Inc., 10.75%, 2009++** 219 --
1,000M Iron Mountain, Inc., 8.25%, 2011 1,043,750 159
- ----------------------------------------------------------------------------------------------------------------------
1,472,969 224
- ----------------------------------------------------------------------------------------------------------------------
Investment/Finance Companies--1.5%
253M Finova Group, Inc., 7.5%, 2009 139,779 21
350M General Motors Acceptance Corp., 4.5%, 2006 353,903 54
500M LaBranche & Co., Inc., 11%, 2012+ 517,500 79
- ----------------------------------------------------------------------------------------------------------------------
1,011,182 154
- ----------------------------------------------------------------------------------------------------------------------
Manufacturing--3.3%
1,040M Columbus McKinnon Corp., 8.5%, 2008 962,000 146
200M Eagle-Picher Industries, Inc., 9.75%, 2013 216,000 33
1,000M Wolverine Tube, Inc., 7.375%, 2008+ 985,000 150
- ----------------------------------------------------------------------------------------------------------------------
2,163,000 329
- ----------------------------------------------------------------------------------------------------------------------
Media-Broadcasting--3.5%
1,000M Block Communications, Inc., 9.25%, 2009 1,055,000 161
Nexstar Finance, Inc.:
350M 12%, 2008 388,500 59
50M 7%, 2014 47,500 7
350M Sinclair Broadcasting Group, Inc., 8.75%, 2011 376,250 57
Young Broadcasting Corp.:
340M 10%, 2011 347,650 53
100M 8.75%, 2014+ 95,000 15
- ----------------------------------------------------------------------------------------------------------------------
2,309,900 352
- ----------------------------------------------------------------------------------------------------------------------
Media-Cable TV--7.4%
500M Adelphia Communications Corp., 10.25%, 2011++ 515,000 78
400M Atlantic Broadband Finance, LLC, 9.375%, 2014+ 380,000 58
1,000M Cablevision Systems Corp., 8%, 2012+ 990,000 151
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Media-Cable TV (continued)
Charter Communications Holdings, LLC:
$1,500M 10%, 2009 $1,260,000 $192
200M 9.92%, 2011 159,000 24
1,000M Mediacom LLC/Mediacom Capital Corp.,
7.875%, 2011 965,000 147
500M Quebecor Media, Inc., 11.125%, 2011 573,125 87
- ----------------------------------------------------------------------------------------------------------------------
4,842,125 737
- ----------------------------------------------------------------------------------------------------------------------
Media-Diversified--3.8%
1,000M Garden State Newspapers, Inc., 8.625%, 2011 1,048,750 159
500M Mail-Well I Corp., 7.875%, 2013+ 457,500 70
Six Flags, Inc.:
350M 8.875%, 2010 348,250 53
150M 9.625%, 2014+ 150,000 23
400M Universal City Development Partners, Ltd.,
11.75%, 2010 465,000 71
- ----------------------------------------------------------------------------------------------------------------------
2,469,500 376
- ----------------------------------------------------------------------------------------------------------------------
Metals/Mining--1.4%
900M Commonwealth Aluminum Corp., 10.75%, 2006 913,500 139
- ----------------------------------------------------------------------------------------------------------------------
Retail-General Merchandise--2.4%
750M General Nutrition Centers, Inc., 8.5%, 2010+ 781,875 119
700M Michaels Stores, Inc., 9.25%, 2009 770,000 117
- ----------------------------------------------------------------------------------------------------------------------
1,551,875 236
- ----------------------------------------------------------------------------------------------------------------------
Services--7.9%
Allied Waste NA, Inc.:
400M 5.75%, 2011+ 381,000 58
300M 9.25%, 2012 337,500 51
200M 7.875%, 2013 210,000 32
700M 7.375%, 2014+ 684,250 104
700M Hydrochem Industrial Services, Inc., 10.375%, 2007 708,750 108
967M Kindercare Learning Centers, Inc., 9.5%, 2009 986,340 150
United Rentals, Inc.:
500M 6.5%, 2012 475,000 72
400M 7%, 2014 358,000 55
1,000M Waste Services, Inc., 9.5%, 2014+ 1,030,000 157
- ----------------------------------------------------------------------------------------------------------------------
5,170,840 787
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE HIGH YIELD FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Principal For Each
Amount $10,000 of
or Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Telecommunications--1.1%
$950M E. Spire Communications, Inc., 13%, 2005++ $95 $--
1,200M RCN Corp., 11%, 2008++ 702,000 107
1,000M XO Communications, Inc., 9%, 2008++** 625 --
- ----------------------------------------------------------------------------------------------------------------------
702,720 107
- ----------------------------------------------------------------------------------------------------------------------
Transportation--.5%
300M General Maritime Corp., 10%, 2013 331,875 51
- ----------------------------------------------------------------------------------------------------------------------
Utilities--.0%
500M AES Drax Energy, Ltd., 11.5%, 2010++ 5,000 1
- ----------------------------------------------------------------------------------------------------------------------
Wireless Communications--2.3%
700M Crown Castle International Corp., 9.375%, 2011 773,500 118
Triton Communications, LLC:
400M 8.75%, 2011 332,000 50
475M 9.375%, 2011 408,500 62
- ----------------------------------------------------------------------------------------------------------------------
1,514,000 230
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $60,963,944) 59,297,130 9,024
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--1.6%
1,000M U.S. Treasury Notes, 6.125%, 2007
(cost $1,038,142) 1,085,196 164
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--.9%
Media-Cable TV--.2%
4,710 * Echostar Communications Corp. - Class "A" 144,833 22
- ----------------------------------------------------------------------------------------------------------------------
Media-Diversified--.2%
1,000 * MediaNews Group, Inc. - Class "A" 150,000 22
- ----------------------------------------------------------------------------------------------------------------------
Telecommunications--.5%
4,928 * NTL, Inc. 283,951 45
690 * Viatel Holding (Bermuda), Ltd. 845 --
4,399 * World Access, Inc. 5 --
- ----------------------------------------------------------------------------------------------------------------------
284,801 45
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $713,741) 579,634 89
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--.4%
Manufacturing
547 * Day International Group, Inc., 12.25%, 2010, PIK
(cost $441,390) $247,400 $38
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--5.2%
$500M Gannett Co., Inc., 1.15%, 7/6/04 499,920 76
2,900M Toyota Motor Credit Corp., 1.2%, 7/20/04 2,898,163 441
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $3,398,083) 3,398,083 517
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $66,555,300) 98.3% 64,607,443 9,832
Other Assets, Less Liabilities 1.7 1,102,316 168
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $65,709,759 $10,000
======================================================================================================================
+ Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 5).
++ In default as to principal and/or interest payment
* Non-income producing
** Security valued at fair value (see Note 1A)
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE INTERNATIONAL SECURITIES FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--90.1%
United States--25.8%
3,000 3M Company $270,030 $30
10,750 Abbott Laboratories 438,170 48
8,700 Alcoa, Inc. 287,361 32
6,900 Altria Group, Inc. 345,345 38
5,300 American Express Company 272,314 30
9,270 American International Group, Inc. 660,766 72
6,400 Apache Corporation 278,720 31
5,100 * Apple Computer, Inc. 165,954 18
12,600 * Applied Materials, Inc. 247,212 27
7,700 Aramark Corporation - Class "B" 221,452 24
9,800 Bank of America Corporation 829,276 91
6,800 Bank One Corporation 346,800 38
400 Caterpillar, Inc. 31,776 4
7,600 ChevronTexaco Corporation 715,236 78
3,800 * ChoicePoint, Inc. 173,508 19
17,000 * Cisco Systems, Inc. 402,900 44
18,649 Citigroup, Inc. 867,179 95
3,700 Cognex Corporation 142,376 16
41,300 * Corning, Inc. 539,378 59
1,500 Countrywide Financial Corporation 105,375 12
5,600 CSX Corporation 183,512 20
9,200 * Dell, Inc. 329,544 36
6,300 DuPont (E.I.) de Nemours & Company 279,846 31
5,600 Eli Lilly & Company 391,496 43
4,200 FedEx Corporation 343,098 38
9,900 First Data Corporation 440,748 48
12,900 Gap, Inc. 312,825 34
3,900 General Dynamics Corporation 387,270 42
22,900 General Electric Company 741,960 81
7,300 * Genzyme Corporation 345,509 38
9,200 Gillette Company 390,080 43
1,400 Guidant Corporation 78,232 9
15,040 Intel Corporation 415,104 46
5,400 International Paper Company 241,380 26
5,300 * International Rectifier Corporation 219,526 24
3,500 * KLA-Tencor Corporation 172,830 19
6,900 * Lamar Advertising Company - Class "A" 299,115 33
1,400 Legg Mason, Inc. 127,414 14
9,600 Lowe's Companies, Inc. 504,480 55
3,900 Market 2000+ HOLDRs Trust 209,391 23
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
United States (continued)
4,900 * Medco Health Solutions, Inc. $183,750 $20
6,000 Medtronic, Inc. 292,320 32
8,800 Merrill Lynch & Company, Inc. 475,024 52
2,500 Michaels Stores, Inc. 137,500 15
37,400 Microsoft Corporation 1,068,144 117
9,200 Motorola, Inc. 167,900 18
11,100 * Nextel Communications, Inc. - Class "A" 295,926 32
10,800 Norfolk Southern Corporation 286,416 31
10,600 * Pactiv Corporation 264,364 29
10,200 PepsiCo, Inc. 549,576 60
2,100 PETsMART, Inc. 68,145 8
24,362 Pfizer, Inc. 835,129 92
14,800 * Polycom, Inc. 331,668 36
3,700 Precision Castparts Corporation 202,353 22
4,900 Principal Financial Group, Inc. 170,422 19
6,200 Procter & Gamble Company 337,528 37
5,300 Rockwell Collins, Inc. 176,596 19
7,800 Schering-Plough Corporation 144,144 16
8,300 * Smurfit-Stone Container Corporation 165,585 18
10,400 Sprint Corporation 183,040 20
8,494 St. Paul Travelers Companies, Inc. 344,347 38
4,600 Staples, Inc. 134,826 15
8,400 Texas Instruments, Inc. 203,112 22
41,900 * Time Warner, Inc. 736,602 81
14,500 Tyco International, Ltd. 480,530 53
4,400 United Technologies Corporation 402,512 44
8,800 * VeriSign, Inc. 175,120 19
8,200 Wal-Mart Stores, Inc. 432,632 47
9,800 Wyeth 354,368 39
3,800 * Yahoo!, Inc. 138,054 15
- ----------------------------------------------------------------------------------------------------------------------
23,492,121 2,575
- ----------------------------------------------------------------------------------------------------------------------
United Kingdom--16.2%
35,300 AstraZeneca PLC 1,583,769 174
157,300 Compass Group PLC 959,912 105
36,400 GlaxoSmithKline PLC 736,687 81
55,400 Imperial Tobacco Group PLC 1,193,558 131
142,613 Kingfisher PLC 740,324 81
203,100 Lloyds TSB Group PLC 1,590,229 174
61,709 Reckitt Benckiser PLC 1,746,903 191
85,500 Reuters Group PLC 574,476 63
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INTERNATIONAL SECURITIES FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
United Kingdom (continued)
38,200 Rio Tinto PLC $918,596 $101
352,000 Rolls-Royce Group PLC 1,607,051 176
48,158 Royal Bank of Scotland Group PLC 1,386,872 152
788,125 Vodafone Group PLC 1,725,837 189
- ----------------------------------------------------------------------------------------------------------------------
14,764,214 1,618
- ----------------------------------------------------------------------------------------------------------------------
France--13.1%
49,400 * Alcatel SA 762,100 83
11,164 Essilor International SA 728,711 80
32,307 European Aeronautic Defense and Space Company 899,328 99
28,137 France Telecom SA 733,268 80
22,939 Lafarge SA 2,045,710 224
3,700 Pernod Ricard SA 473,119 52
7,200 Pinault-Printemps-Redoute SA 739,772 81
11,800 PSA Peugeot Citroen 657,096 72
36,100 Societe Television Francaise 1 1,137,116 125
12,641 Total SA 2,409,995 264
18,200 Veolia Environment 513,497 56
32,200 * Vivendi Universal SA 893,216 98
- ----------------------------------------------------------------------------------------------------------------------
11,992,928 1,314
- ----------------------------------------------------------------------------------------------------------------------
Japan--10.0%
13,000 Canon, Inc. 685,057 75
18,000 Eisai Company, Ltd. 517,986 57
8,500 Fanuc, Ltd. 507,126 56
5,800 Fast Retailing Company, Ltd. 469,358 51
62 Japan Tobacco, Inc. 481,840 53
30,000 Kao Corporation 723,090 79
6,000 Nintendo Company, Ltd. 695,596 76
31,000 Nomura Holdings, Inc. 458,828 50
371 NTT DoCoMo, Inc. 663,016 73
33,000 Olympus Corporation 623,012 68
4,000 ORIX Corporation 458,232 50
24,800 Sankyo Company, Ltd. 537,525 59
7,700 Shin-Etsu Chemical Company, Ltd. 275,214 30
106,000 Sumitomo Trust and Banking Co., Ltd. 754,818 83
20,400 Takeda Chemical Industries, Ltd. 895,532 98
6,300 Tokyo Electron, Ltd. 353,352 39
- ----------------------------------------------------------------------------------------------------------------------
9,099,582 997
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Switzerland--4.5%
155,060 * ABB, Ltd. $848,100 $93
5,982 Converium Holding AG 311,184 34
3,500 Converium Holding AG (ADR) 90,055 10
15,263 Roche Holding AG--Genusscheine 1,511,188 166
18,530 UBS AG--Registered 1,305,711 143
- ----------------------------------------------------------------------------------------------------------------------
4,066,238 446
- ----------------------------------------------------------------------------------------------------------------------
Netherlands--4.3%
50,627 ABN AMRO Holding NV 1,107,484 122
42,200 * ASML Holding NV 714,176 78
31,882 ING Groep NV 752,511 83
135,100 * Koninklijke Ahold NV 1,060,183 116
5,400 Royal Dutch Petroleum Company 277,119 30
- ----------------------------------------------------------------------------------------------------------------------
3,911,473 429
- ----------------------------------------------------------------------------------------------------------------------
Germany--3.6%
11,800 Bayerische Motoren Werke (BMW) AG 521,858 57
14,000 DaimlerChrysler AG 655,774 72
7,500 E.ON AG 540,193 59
7,700 Muenchener Rueckver AG 836,581 92
4,200 SAP AG 700,060 77
- ----------------------------------------------------------------------------------------------------------------------
3,254,466 357
- ----------------------------------------------------------------------------------------------------------------------
Canada--2.4%
27,700 * Biovail Corporation 524,559 58
9,900 Canadian National Railway Company 431,541 47
11,100 * Research in Motion, Ltd. 759,684 83
22,200 Talisman Energy, Inc. 480,676 53
- ----------------------------------------------------------------------------------------------------------------------
2,196,460 241
- ----------------------------------------------------------------------------------------------------------------------
South Korea--2.4%
62,000 Kia Motors Corporation 529,589 58
14,950 LG Electronics, Inc. 709,009 78
12,630 SK Corporation 500,609 55
20,990 SK Telecom Company, Ltd. (ADR) 440,580 48
- ----------------------------------------------------------------------------------------------------------------------
2,179,787 239
- ----------------------------------------------------------------------------------------------------------------------
Italy--1.7%
79,728 ENI SpA 1,583,058 174
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INTERNATIONAL SECURITIES FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Ireland--1.1%
22,200 * Elan Corporation PLC (ADR) $549,228 $60
51,282 * Ryanair Holdings PLC 290,124 32
5,600 * Ryanair Holdings PLC (ADR) 183,568 20
- ----------------------------------------------------------------------------------------------------------------------
1,022,920 112
- ----------------------------------------------------------------------------------------------------------------------
Taiwan--.8%
86,218 Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 716,474 79
- ----------------------------------------------------------------------------------------------------------------------
Belgium--.8%
31,100 Fortis 686,378 75
- ----------------------------------------------------------------------------------------------------------------------
Netherlands Antilles--.7%
9,530 Schlumberger, Ltd. 605,250 66
- ----------------------------------------------------------------------------------------------------------------------
Sweden--.6%
15,600 * Oriflame Cosmetics SA (SDR) 557,073 61
- ----------------------------------------------------------------------------------------------------------------------
Mexico--.5%
13,400 America Movil SA de CV (ADR) - Series "L" 487,358 54
- ----------------------------------------------------------------------------------------------------------------------
Australia--.5%
80,672 Rinker Group, Ltd. 452,380 50
- ----------------------------------------------------------------------------------------------------------------------
South Africa--.4%
56,400 Standard Bank Group, Ltd. 390,390 43
- ----------------------------------------------------------------------------------------------------------------------
Spain--.3%
15,000 * Iberdrola SA 316,634 34
- ----------------------------------------------------------------------------------------------------------------------
Bermuda--.2%
7,500 * Accenture, Ltd. - Class "A" 206,100 23
- ----------------------------------------------------------------------------------------------------------------------
Russia--.2%
6,400 YUKOS (ADR) 203,520 22
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $70,488,098) 82,184,804 9,009
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Principal For Each
Amount $10,000 of
or Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT AND AGENCY OBLIGATIONS--4.7%
Netherlands--3.2%
Euro 2,425M Dutch Treasury Certificate, Zero Coupon, 7/30/04 $2,945,651 $323
France--1.5%
Euro 1,125M French Discount Treasury Bill, Zero Coupon, 7/8/04 1,368,209 150
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Foreign Government and Agency Obligations
(cost $4,238,607) 4,313,860 473
- ----------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--.5%
Australia--.5%
61,441 News Corporation, Ltd. 502,898 55
- ----------------------------------------------------------------------------------------------------------------------
Brazil--.0%
5,000 * Vale Do Rio Doce - Class "B"** 87 --
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Preferred Stocks (cost $512,599) 502,985 55
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--.3%
U.S. Treasury Bills:+
$10M 1.015%, 8/19/04 9,986 1
225M 1.1475%, 9/2/04 224,524 25
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Obligations (cost $234,534) 234,510 26
- ----------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--4.1%
3,736M BNP Paribas, 1.28%, dated 6/30/04, to be repurchased
at $3,736,133 on 7/1/04 (collateralized by U.S.
Treasury Notes, 10.75%, 8/15/05, valued at
$3,815,700) (cost $3,736,000) 3,736,000 409
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $79,209,838) 99.7% 90,972,159 9,972
Other Assets, Less Liabilities .3 254,461 28
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $91,226,620 $10,000
======================================================================================================================
* Non-income producing
** Security valued at fair value (See Note 1A)
+ See Note 6
Summary of Abbreviations:
ADR American Depositary Receipts
SDR Swedish Depositary Receipts
See notes to financial statements
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INTERNATIONAL SECURITIES FUND
June 30, 2004
Sector diversification of the portfolio was as follows:
- ----------------------------------------------------------------------------------------------------------------------
Percentage
Sector of Net Assets Value
- ----------------------------------------------------------------------------------------------------------------------
Pharmaceuticals & Biotechnology 10.3% $9,365,293
Energy 7.7 7,054,183
Capital Goods 7.2 6,554,632
Banks 7.1 6,511,244
Diversified Financials 6.1 5,574,013
Materials 5.4 4,930,522
Telecommunication Services 5.0 4,529,025
Technology Hardware & Equipment 4.7 4,286,561
Media 4.5 4,143,423
Household & Personal Products 4.1 3,754,674
Software & Services 3.8 3,423,822
Retailing 3.4 3,107,230
Food, Beverage & Tobacco 3.3 3,043,438
Semiconductors & Semiconductor Equipment 3.3 3,041,785
Automobiles & Components 2.6 2,364,317
Insurance 2.5 2,242,933
Health Care Equipment & Services 2.1 1,906,025
Transportation 1.9 1,718,259
Food & Staples Retailing 1.6 1,492,815
Utilities 1.5 1,370,323
Hotels, Restaurants & Leisure 1.1 959,912
Consumer Durables & Apparel 0.8 709,009
Commercial Services & Supplies 0.4 394,960
Pooled Vehicle 0.2 209,391
U.S. Government Obligations 0.3 234,510
Foreign Government and Agency Obligations 4.7 4,313,860
Repurchase Agreement 4.1 3,736,000
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments 99.7 90,972,159
Other Assets, Less Liabilities .3 254,461
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $91,226,620
======================================================================================================================
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE INVESTMENT GRADE FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS--82.0%
Aerospace/Defense--2.9%
Honeywell International, Inc.:
$450M 7.5%, 2010 $515,353 $141
125M 6.125%, 2011 134,312 37
Precision Castparts Corp.:
300M 8.75%, 2005 308,267 85
100M 5.6%, 2013 97,530 27
- ----------------------------------------------------------------------------------------------------------------------
1,055,462 290
- ----------------------------------------------------------------------------------------------------------------------
Automotive--2.9%
350M DaimlerChrysler NA Holdings Corp., 8%, 2010 393,848 108
224M Ford Motor Co., 8.9%, 2032 244,816 67
100M TRW, Inc., 7.125%, 2009 110,080 30
300M Visteon Corp., 8.25%, 2010 321,000 88
- ----------------------------------------------------------------------------------------------------------------------
1,069,744 293
- ----------------------------------------------------------------------------------------------------------------------
Consumer Non-Durables--.6%
200M Colgate-Palmolive Co., 7.84%, 2007 224,002 61
- ----------------------------------------------------------------------------------------------------------------------
Chemicals--.8%
300M Lubrizol Corp., 7.25%, 2025 290,737 80
- ----------------------------------------------------------------------------------------------------------------------
Energy--1.8%
300M Repsol International Finance BV, 7.45%, 2005 315,105 86
100M Sunoco, Inc., 9.375%, 2016 109,755 30
200M Texaco Capital, Inc., 8.25%, 2006 222,108 61
- ----------------------------------------------------------------------------------------------------------------------
646,968 177
- ----------------------------------------------------------------------------------------------------------------------
Financial--5.4%
125M American General Finance Corp., 8.125%, 2009 144,393 40
300M CIT Group Holdings, Inc., 7.75%, 2012 342,643 94
100M Ford Motor Credit Co., 9.03%, 2009 102,254 28
General Electric Capital Corp.:
300M 7.875%, 2006 332,528 91
144M 8.5%, 2008 167,069 46
400M General Motors Acceptance Corp., 7.75%, 2010 434,720 119
425M Household Finance Corp., 6.5%, 2008 459,630 126
- ----------------------------------------------------------------------------------------------------------------------
1,983,237 544
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INVESTMENT GRADE FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financial Services--12.8%
Bank of America Corp.:
$250M 7.8%, 2010 $287,626 $79
75M 7.4%, 2011 85,110 23
300M Bank One Corp., 7.875%, 2010 347,423 95
300M Chase Manhattan Corp., 7.875%, 2010 345,860 95
150M Comerica, 7.125%, 2013 162,879 45
100M Fifth Third Bank, 3.375%, 2008 97,175 27
250M First Union National Bank, 7.8%, 2010 289,250 79
300M Fleet Capital Trust II, 7.92%, 2026 320,733 88
250M Florida Windstorm Underwriting Assoc.,
7.125%, 2019 + 284,008 78
300M Greenpoint Bank, 9.25%, 2010 367,115 101
225M Huntington National Bank, 8%, 2010 260,060 71
125M JPMorgan Chase & Co., 6.625%, 2012 135,368 37
200M Manufacturers & Traders Trust Co., 8%, 2010 235,158 65
100M National City Bank of Pennsylvania, 7.25%, 2011 115,244 32
100M Old National Bank, 6.75%, 2011 109,445 30
384M Republic NY Corp., 7.75%, 2009 437,506 120
400M Royal Bank of Scotland Group PLC, 5%, 2014 385,826 106
350M Washington Mutual, Inc., 8.25%, 2010 408,015 112
- ----------------------------------------------------------------------------------------------------------------------
4,673,801 1,283
- ----------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--4.4%
Coca-Cola Enterprises, Inc.:
250M 7.125%, 2009 281,854 77
100M 7.125%, 2017 113,746 31
520M ConAgra Foods, Inc., 6.75%, 2011 570,580 157
300M Hershey Foods Corp., 6.7%, 2005 314,666 86
200M Pepsi Bottling Group, Inc., 7%, 2029 223,742 62
100M Philip Morris Companies, Inc., 6.95%, 2006 105,020 29
- ----------------------------------------------------------------------------------------------------------------------
1,609,608 442
- ----------------------------------------------------------------------------------------------------------------------
Food/Drug--2.4%
200M Delhaize America, Inc., 8.125%, 2011 219,306 60
200M Kroger Co., 6.8%, 2018 212,215 59
Safeway, Inc.:
200M 7%, 2007 218,383 60
200M 6.5%, 2011 212,199 58
- ----------------------------------------------------------------------------------------------------------------------
862,103 237
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Forest Products/Containers--2.5%
$350M International Paper Co., 6.75%, 2011 $379,892 $104
275M Sappi Papier Holding AG, 6.75%, 2012 + 293,913 81
Weyerhaeuser Co.:
100M 7.25%, 2013 111,190 30
100M 7.5%, 2013 112,211 31
- ----------------------------------------------------------------------------------------------------------------------
897,206 246
- ----------------------------------------------------------------------------------------------------------------------
Gaming/Leisure--.8%
250M MGM Mirage, Inc., 8.5%, 2010 271,250 75
- ----------------------------------------------------------------------------------------------------------------------
Health Care--2.3%
200M Becton, Dickinson & Co., 7.15%, 2009 225,125 62
225M Columbia/HCA Healthcare, Inc., 7.5%, 2023 220,153 60
200M Tenet Healthcare Corp., 6.375%, 2011 176,000 48
200M Wyeth, 6.95%, 2011 213,872 59
- ----------------------------------------------------------------------------------------------------------------------
835,150 229
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--.4%
150M International Business Machines Corp., 4.875%, 2006 155,681 43
- ----------------------------------------------------------------------------------------------------------------------
Manufacturing--2.8%
125M Ingersoll-Rand Co., 9%, 2021 162,757 45
300M Newell Rubbermaid, Inc., 6.75%, 2012 328,493 90
United Technologies Corp.:
100M 6.5%, 2009 109,604 30
200M 7.125%, 2010 226,869 62
180M 6.1%, 2012 193,082 53
- ----------------------------------------------------------------------------------------------------------------------
1,020,805 280
- ----------------------------------------------------------------------------------------------------------------------
Media-Broadcasting--3.6%
Comcast Cable Communications, Inc.:
200M 8.375%, 2007 223,665 61
150M 7.125%, 2013 164,233 45
250M Cox Communications, Inc., 5.5%, 2015 240,951 66
330M Cox Enterprises, Inc., 8%, 2007 + 363,906 100
300M PanAmSat Corp., 6.375%, 2008 304,500 84
- ----------------------------------------------------------------------------------------------------------------------
1,297,255 356
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INVESTMENT GRADE FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Media-Diversified--3.5%
$100M AOL Time Warner, Inc., 6.875%, 2012 $108,224 $30
300M New York Times Co., 7.625%, 2005 311,652 85
200M News America, Inc., 7.3%, 2028 217,514 60
200M Time Warner, Inc., 6.875%, 2018 209,381 57
Viacom, Inc.:
225M 7.75%, 2005 235,679 65
75M 8.875%, 2014 93,576 26
100M Walt Disney Co., 7.3%, 2005 102,982 28
- ----------------------------------------------------------------------------------------------------------------------
1,279,008 351
- ----------------------------------------------------------------------------------------------------------------------
Metals/Mining--1.8%
300M Hanson PLC, 7.875%, 2010 342,279 94
300M Thiokol Corp., 6.625%, 2008 325,396 89
- ----------------------------------------------------------------------------------------------------------------------
667,675 183
- ----------------------------------------------------------------------------------------------------------------------
Real Estate--6.8%
100M Archstone-Smith Trust, 7.9%, 2016 (REIT) 114,960 32
470M AvalonBay Communities, Inc., 7.5%, 2010 (REIT) 532,719 146
350M Boston Properties, Inc., 5%, 2015 (REIT) 325,220 89
185M Duke-Weeks Realty Corp., 7.75%, 2009 (REIT) 211,635 58
300M EOP Operating LP, 8.1%, 2010 (REIT) 343,504 94
400M Mack-Cali Realty LP, 7.75%, 2011 (REIT) 454,182 125
425M Simon Property Group, Inc., 7.875%, 2016 (REIT) + 486,067 133
- ----------------------------------------------------------------------------------------------------------------------
2,468,287 677
- ----------------------------------------------------------------------------------------------------------------------
Retail-General Merchandise--4.7%
300M Federated Department Stores, Inc., 7.45%, 2017 337,908 93
100M Lowe's Companies, Inc., 8.25%, 2010 118,904 32
325M RadioShack Corp., 7.375%, 2011 367,199 101
350M Target Corp., 7.5%, 2010 403,421 111
Wal-Mart Stores, Inc.:
300M 8%, 2006 329,985 90
145M 8.5%, 2024 152,042 42
- ----------------------------------------------------------------------------------------------------------------------
1,709,459 469
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Services--3.0%
Allied Waste NA, Inc.:
$250M 8.875%, 2008 $275,000 $76
100M 5.75%, 2011 + 95,250 26
ERAC USA Finance Enterprise Co.:
100M 7.35%, 2008 + 110,580 30
250M 8%, 2011 + 291,092 80
Waste Management, Inc.:
100M 6.875%, 2009 109,911 30
200M 7.375%, 2010 224,984 62
- ----------------------------------------------------------------------------------------------------------------------
1,106,817 304
- ----------------------------------------------------------------------------------------------------------------------
Telecommunications--4.1%
200M Chesapeake & Potomac Telephone Co. of
Maryland, 8.3%, 2031 240,038 66
300M Deutsche Telekom AG, 8.5%, 2010 350,985 96
200M New York Telephone Co., 6.125%, 2010 208,919 57
375M Sprint Capital Corp., 6.375%, 2009 397,565 109
250M Vodafone AirTouch PLC, 7.75%, 2010 286,980 79
- ----------------------------------------------------------------------------------------------------------------------
1,484,487 407
- ----------------------------------------------------------------------------------------------------------------------
Transportation--5.7%
Burlington Northern Santa Fe Corp.:
275M 7.875%, 2007 305,765 84
250M 7.125%, 2010 279,662 77
Canadian National Railway Co.:
300M 6.45%, 2006 318,706 87
150M 7.375%, 2031 172,179 47
100M FedEx Corp., 3.5%, 2009 + 96,081 26
300M Norfolk Southern Corp., 7.7%, 2017 348,305 96
500M Union Pacific Corp., 7.375%, 2009 565,039 155
- ----------------------------------------------------------------------------------------------------------------------
2,085,737 572
- ----------------------------------------------------------------------------------------------------------------------
Utilities--6.0%
300M Columbia Energy Group, 6.8%, 2005 315,455 87
265M Consumers Energy Co., 6.375%, 2008 281,349 77
200M DPL, Inc., 6.875%, 2011 202,500 56
300M Duke Capital Corp., 8%, 2019 335,902 92
209M Niagara Mohawk Holdings, Inc., 7.625%, 2005 219,933 60
300M NiSource Finance Corp., 7.875%, 2010 344,356 95
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INVESTMENT GRADE FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
$250M PP&L Capital Funding, Inc., 8.375%, 2007 $277,373 $76
178M Wisconsin Power & Light Co., 7%, 2007 193,453 53
- ----------------------------------------------------------------------------------------------------------------------
2,170,321 596
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $28,643,841) 29,864,800 8,195
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--7.0%
U.S. Treasury Notes:
650M 7.875%, 2004 665,285 183
1,000M 6.625%, 2007 1,095,274 300
200M 6%, 2009 219,836 60
500M 6.5%, 2010 563,555 155
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Obligations (cost $2,472,913) 2,543,950 698
- ----------------------------------------------------------------------------------------------------------------------
PASS THROUGH CERTIFICATES--4.3%
Real Estate--1.0%
329M FDA Queens LP, 6.99%, 2017 357,707 98
- ----------------------------------------------------------------------------------------------------------------------
Transportation--3.3%
80M American Airlines, Inc., 7.377%, 2019 57,117 16
Continental Airlines, Inc.:
97M 6.748%, 2017 73,738 20
416M 8.388%, 2020 334,489 92
216M FedEx Corp., 7.5%, 2018 246,074 68
179M Northwest Airlines, Inc., 8.072%, 2019 191,095 52
244M NWA Trust, 10.23%, 2012 216,076 59
75M Southwest Airlines Co., 6.126%, 2006 78,926 22
- ----------------------------------------------------------------------------------------------------------------------
1,197,515 329
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Pass Through Certificates (cost $1,575,886) 1,555,222 427
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--3.5%
Fannie Mae:
$400M 6.125%, 2012 $431,994 $118
300M 5%, 2016 283,495 78
175M Federal Home Loan Bank, 4.3%, 2008 175,015 48
Freddie Mac:
100M 4.6%, 2018 90,314 25
100M 5%, 2018 94,273 26
200M Tennessee Valley Authority, 5.375%, 2008 210,761 58
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Obligations
(cost $1,308,583) 1,285,852 353
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--1.2%
Housing
Virginia State Housing Development Authority:
335M Series "A", 6.51%, 2019 339,764 93
100M Series "M", 7%, 2022 107,203 30
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $401,915) 446,967 123
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--1.1%
400M Gannett Co., Inc., 1.15%, 7/6/04 (cost $399,936) 399,936 110
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $34,803,074) 99.1% 36,096,727 9,906
Other Assets, Less Liabilities .9 344,491 94
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $36,441,218 $10,000
======================================================================================================================
+ Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 5).
Summary of Abbreviations:
REIT Real Estate Investment Trust
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE TARGET MATURITY 2007 FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Effective $10,000 of
Amount Security Yield+ Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY ZERO
COUPON OBLIGATIONS--76.8%
Agency For International Development - Israel:
$1,513M 8/15/2007 3.50% $1,357,399 $544
1,000M 11/15/2007 3.54 888,241 356
780M 2/15/2008 3.67 683,619 274
6,904M Government Trust Certificate - Israel
Trust, 11/15/2007 3.80 6,080,940 2,435
584M Government Trust Certificate - Turkey
Trust, 11/15/2007 3.80 514,378 206
586M International Bank for Reconstruction &
Development, 8/15/2007 4.01 517,680 207
6,456M Resolution Funding Corporation,
10/15/2007 3.44 5,770,767 2,311
Tennessee Valley Authority:
1,166M 5/1/2007 3.58 1,054,492 422
2,600M 11/1/2007 3.75 2,296,684 920
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Zero Coupon Obligations
(cost $17,407,518) 19,164,200 7,675
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT ZERO COUPON OBLIGATIONS--23.3%
6,510M U.S. Treasury Strips, 11/15/2007
(cost $5,187,359) 3.35 5,820,031 2,330
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $22,594,877) 100.1% 24,984,231 10,005
Excess of Liabilities Over Other Assets (.1) (13,006) (5)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $24,971,225 $10,000
======================================================================================================================
+ The effective yields shown for the zero coupon obligations are the effective yields at June 30, 2004.
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE TARGET MATURITY 2010 FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Effective $10,000 of
Amount Security Yield+ Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY ZERO
COUPON OBLIGATIONS--66.8%
Agency For International Development - Israel:
$1,303M 8/15/2010 4.41% $997,287 $623
495M 9/15/2010 4.41 377,493 236
Fannie Mae:
1,260M 8/7/2010 4.60 954,425 596
700M 10/8/2010 4.73 522,182 326
600M 11/29/2010 4.75 444,008 277
1,421M 2/1/2011 4.97 1,028,655 643
1,100M Freddie Mac, 9/15/2010 4.52 833,011 520
500M Government Trust Certificate - Israel
Trust, 11/15/2010 4.68 372,346 233
1,990M Government Trust Certificate - Turkey
Trust, 11/15/2010 4.68 1,481,938 926
Resolution Funding Corporation:
650M 10/15/2010 4.37 495,380 309
2,998M 1/15/2011 4.46 2,246,740 1,403
1,250M Tennessee Valley Authority, 11/1/2010 4.66 933,500 583
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Zero Coupon Obligations
(cost $9,474,275) 10,686,965 6,675
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT ZERO COUPON OBLIGATIONS--32.9%
6,885M U.S. Treasury Strips, 11/15/2010
(cost $4,645,834) 4.23 5,273,063 3,293
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $14,120,109) 99.7% 15,960,028 9,968
Other Assets, Less Liabilities .3 51,085 32
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $16,011,113 $10,000
======================================================================================================================
+ The effective yields shown for the zero coupon obligations are the effective yields at June 30, 2004.
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE TARGET MATURITY 2015 FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Effective $10,000 of
Amount Security Yield+ Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY ZERO
COUPON OBLIGATIONS--51.2%
Agency For International Development - Israel:
$698M 9/15/2015 5.33% $387,236 $288
1,584M 11/15/2015 5.36 868,228 647
300M 3/15/2016 5.40 160,839 120
Fannie Mae:
150M 2/12/2015 5.37 85,462 64
243M 8/12/2015 5.45 133,636 100
600M 9/23/2015 5.69 319,429 238
908M 11/15/2015 5.54 487,447 363
650M Federal Judiciary Office Building,
2/15/2015 5.39 369,450 275
Freddie Mac:
550M 3/15/2015 5.35 312,445 233
1,760M 9/15/2015 5.44 964,736 719
625M 1/15/2016 5.48 334,777 249
210M Government Trust Certificate - Turkey
Trust, 5/15/2015 5.53 116,052 86
200M International Bank for Reconstruction &
Development, 2/15/2015 5.74 109,638 82
Resolution Funding Corporation:
1,773M 10/15/2015 5.32 979,765 730
320M 1/15/2016 5.35 174,051 130
2,000M Tennessee Valley Authority, 11/1/2015 5.63 1,066,382 794
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Zero Coupon Obligations
(cost $6,503,713) 6,869,573 5,118
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT ZERO COUPON OBLIGATIONS--48.4%
11,525M U.S. Treasury Strips, 11/15/2015
(cost $6,174,484) 5.11 6,492,828 4,837
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $12,678,197) 99.6% 13,362,401 9,955
Other Assets, Less Liabilities .4 60,948 45
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $13,423,349 $10,000
======================================================================================================================
+ The effective yields shown for the zero coupon obligations are the effective yields at June 30, 2004.
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE VALUE FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--95.1%
Consumer Discretionary--13.5%
16,200 Genuine Parts Company $642,816 $103
12,400 Home Depot, Inc. 436,480 70
19,200 J.C. Penney Company, Inc. (Holding Company) 724,992 117
4,200 Jones Apparel Group, Inc. 165,816 27
7,900 Kimball International, Inc. - Class "B" 116,525 19
12,000 Lee Enterprises, Inc. 576,120 93
20,200 Leggett & Platt, Inc. 539,542 87
5,900 Liberty Corporation 277,005 45
30,800 Limited Brands 575,960 93
4,500 Magna International, Inc. - Class "A" 383,265 62
17,400 May Department Stores Company 478,326 77
33,900 McDonald's Corporation 881,400 142
30,800 Natuzzi SpA (ADR) 330,792 53
10,200 Newell Rubbermaid, Inc. 239,700 39
10,700 OshKosh B'Gosh, Inc. - Class "A" 267,179 43
53,600 Pearson PLC (ADR) 668,928 108
4,000 Spartan Motors, Inc. 49,000 8
8,200 Tupperware Corporation 159,326 26
32,600 Walt Disney Company 830,974 134
- ----------------------------------------------------------------------------------------------------------------------
8,344,146 1,346
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--9.4%
12,600 American Italian Pasta Company - Class "A" 384,048 62
11,900 Brown-Forman Corporation - Class "B" 574,413 93
11,400 Coca-Cola Company 575,472 93
23,200 ConAgra Foods, Inc. 628,256 101
5,895 * Del Monte Foods Company 59,893 10
12,800 Diageo PLC (ADR) 700,800 113
4,800 Fomento Economico Mexicano SA de CV (ADR) 220,032 35
14,000 H.J. Heinz Company 548,800 88
9,200 Kimberly-Clark Corporation 606,096 98
20,700 Ruddick Corporation 464,715 75
13,400 Sara Lee Corporation 308,066 50
21,800 Tasty Baking Company 205,792 33
14,600 UST, Inc. 525,600 85
- ----------------------------------------------------------------------------------------------------------------------
5,801,983 936
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE VALUE FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Energy--10.2%
9,000 Anadarko Petroleum Corporation $527,400 $85
12,500 BP PLC (ADR) 669,625 108
6,100 ChevronTexaco Corporation 574,071 92
10,000 ConocoPhillips 762,900 123
25,700 Diamond Offshore Drilling, Inc. 612,431 99
12,800 Kerr-McGee Corporation 688,256 111
17,800 Marathon Oil Corporation 673,552 109
13,100 Royal Dutch Petroleum Company - NY Shares (ADR) 676,877 109
18,400 Tidewater, Inc. 548,320 88
16,100 Unocal Corporation 611,800 99
- ----------------------------------------------------------------------------------------------------------------------
6,345,232 1,023
- ----------------------------------------------------------------------------------------------------------------------
Financials--22.1%
10,000 A.G. Edwards, Inc. 340,300 55
3,900 ACE, Ltd. 164,892 27
17,400 Allstate Corporation 809,970 131
20,600 AmSouth Bancorporation 524,682 85
25,500 Aon Corporation 725,985 117
7,996 Bank of America Corporation 676,622 109
18,200 Banknorth Group, Inc. 591,136 95
27,750 Brascan Corporation - Class "A" 783,660 126
13,545 Cincinnati Financial Corporation 589,478 95
8,000 Comerica, Inc. 439,040 71
11,200 Erie Indemnity Company - Class "A" 523,936 84
11,400 FBL Financial Group, Inc. - Class "A" 322,164 52
10,200 Jefferson-Pilot Corporation 518,160 84
17,900 KeyCorp 535,031 86
12,500 Koger Equity, Inc. (REIT) 289,000 47
9,800 Lincoln National Corporation 463,050 75
12,300 Montpelier Re Holdings, Ltd. 429,885 69
11,100 Morgan Stanley 585,747 94
10,900 * NewAlliance Bancshares, Inc. 152,164 24
6,500 New York Community Bancorp, Inc. 127,595 21
6,800 One Liberty Properties, Inc. (REIT) 123,488 20
16,200 Plum Creek Timber Company, Inc. (REIT) 527,796 85
9,800 PNC Financial Services Group 520,184 84
14,700 Protective Life Corporation 568,449 92
22,700 Sky Financial Group, Inc. 561,371 90
7,800 SunTrust Banks, Inc. 506,922 82
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financials (continued)
13,800 T. Rowe Price Group, Inc. $695,520 $112
10,600 Wells Fargo & Company 606,638 98
- ----------------------------------------------------------------------------------------------------------------------
13,702,865 2,210
- ----------------------------------------------------------------------------------------------------------------------
Health Care--6.7%
14,800 Abbott Laboratories 603,248 97
11,600 GlaxoSmithKline PLC (ADR) 480,936 77
1,480 * Hospira, Inc. 40,848 7
11,200 Johnson & Johnson 623,840 101
17,200 Merck & Company, Inc. 817,000 132
10,800 Novartis AG 480,600 77
19,000 Pfizer, Inc. 651,320 105
25,900 Schering-Plough Corporation 478,632 77
- ----------------------------------------------------------------------------------------------------------------------
4,176,424 673
- ----------------------------------------------------------------------------------------------------------------------
Industrials--10.4%
900 Alexander & Baldwin, Inc. 30,105 5
9,900 ALLETE, Inc. 329,670 53
11,200 Baldor Electric Company 261,520 42
8,800 CNF, Inc. 365,728 59
10,900 Dover Corporation 458,890 74
13,400 Federal Signal Corporation 249,374 40
6,400 General Dynamics Corporation 635,520 102
19,600 Honeywell International, Inc. 717,948 116
20,100 Masco Corporation 626,718 101
21,200 Norfolk Southern Corporation 562,224 91
21,900 Pall Corporation 573,561 93
13,700 Pitney Bowes, Inc. 606,225 98
12,700 SPX Corporation 589,788 95
9,400 Stewart & Stevenson Services, Inc. 168,448 27
5,500 Teleflex, Inc. 275,825 44
- ----------------------------------------------------------------------------------------------------------------------
6,451,544 1,040
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--4.3%
14,500 Automatic Data Processing, Inc. 607,260 98
21,700 AVX Corporation 313,565 50
5,500 Bel Fuse, Inc. - Class "B" 229,350 37
27,300 Hewlett-Packard Company 576,030 93
20,400 Methode Electronics, Inc. - Class "A" 264,588 43
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE VALUE FUND
June 30, 2004
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Information Technology (continued)
20,700 Motorola, Inc. $377,775 $61
8,300 Paychex, Inc. 281,204 45
- ----------------------------------------------------------------------------------------------------------------------
2,649,772 427
- ----------------------------------------------------------------------------------------------------------------------
Materials--8.1%
9,900 Air Products & Chemicals, Inc. 519,255 84
18,700 Alcoa, Inc. 617,661 100
12,700 Compass Minerals International, Inc. 246,126 40
14,300 DuPont (E.I.) de Nemours & Company 635,206 102
19,800 Glatfelter 278,784 45
12,400 Great Lakes Chemical Corporation 335,544 54
19,700 Lubrizol Corporation 721,414 116
12,700 Myers Industries, Inc. 179,070 29
28,400 Sonoco Products Company 724,200 117
5,900 Vulcan Materials Company 280,545 45
7,600 Weyerhaeuser Company 479,712 77
- ----------------------------------------------------------------------------------------------------------------------
5,017,517 809
- ----------------------------------------------------------------------------------------------------------------------
Other--.4%
5,000 Market 2000+ HOLDRs Trust 268,450 43
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--4.2%
17,700 BellSouth Corporation 464,094 75
10,700 CT Communications, Inc. 161,035 26
8,032 D&E Communications, Inc. 107,789 17
13,000 Nippon Telegraph and Telephone Corporation (ADR) 348,920 56
18,900 SBC Communications, Inc. 458,325 74
7,100 Telephone & Data Systems, Inc. 505,520 82
16,118 Verizon Communications, Inc. 583,310 94
- ----------------------------------------------------------------------------------------------------------------------
2,628,993 424
- ----------------------------------------------------------------------------------------------------------------------
Utilities--5.8%
14,050 American States Water Company 326,522 53
13,200 KeySpan Corporation 484,440 78
12,800 MDU Resources Group, Inc. 307,584 50
28,100 NiSource, Inc. 579,422 93
12,300 Northwest Natural Gas Company 375,150 60
13,500 ONEOK, Inc. 296,865 48
4,500 South Jersey Industries, Inc. 198,000 32
17,200 Southwest Gas Corporation 415,036 67
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities (continued)
16,300 United Utilities PLC (ADR) $311,656 $50
12,500 Vectren Corporation 313,625 51
- ----------------------------------------------------------------------------------------------------------------------
3,608,300 582
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $46,259,918) 58,995,226 9,513
- ----------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS--2.2%
Financials--.7%
16,100 Chubb Corporation, 7%, 2005 - Series "A" 453,859 73
- ----------------------------------------------------------------------------------------------------------------------
Health Care--.4%
2,600 Anthem, Inc., 6%, 2004 262,925 42
- ----------------------------------------------------------------------------------------------------------------------
Industrials--.7%
4,050 Northrop Grumman Corporation, 7.25%, 2004 428,795 69
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--.4%
4,600 ALLTEL Corporation, 7.75%, 2005 232,875 38
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Convertible Preferred Stocks (cost $1,205,963) 1,378,454 222
- ----------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--.6%
Telecommunication Services--.3%
7,500 Verizon South, Inc., 7%, 2041 - Series "F" 187,950 30
- ----------------------------------------------------------------------------------------------------------------------
Utilities--.3%
6,700 Entergy Louisiana, Inc., 7.6%, 2032 171,587 28
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Preferred Stocks (cost $353,492) 359,537 58
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM U.S. GOVERNMENT AGENCY
OBLIGATIONS--1.5%
$900M Freddie Mac, 1.16%, 7/13/04 (cost $899,652) 899,652 145
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $48,719,025) 99.4% 61,632,869 9,938
Other Assets, Less Liabilities .6 383,358 62
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $62,016,227 $10,000
======================================================================================================================
* Non-income producing
Summary of Abbreviations:
ADR American Depositary Receipts
REIT Real Estate Investment Trust
See notes to financial statements
Statements of Assets and Liabilities
FIRST INVESTORS LIFE SERIES FUND
June 30, 2004
- ------------------------------------------------------------------------------------------------------------------------
CASH FOCUSED
BLUE CHIP MANAGEMENT DISCOVERY EQUITY
- ------------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $137,962,740 $7,959,106 $ 96,409,002 $ 9,750,606
============ ============ ============ ============
At value (Note 1A) $176,187,685 $7,959,106 $124,619,364 $10,752,235
Cash 323,441 431,778 212,385 12,750
Receivables:
Investment securities sold 2,069,630 -- 1,404,007 --
Interest and dividends 144,857 15,757 40,963 7,976
Trust shares sold 73,207 2,681 88,756 7,762
Other assets 16,422 1,727 11,705 887
------------ ------------ ------------ ------------
Total Assets 178,815,242 8,411,049 126,377,180 10,781,610
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 1,670,878 299,857 1,154,026 --
Trust shares redeemed 264,107 11,230 97,304 10,897
Accrued advisory fees 119,216 2,947 82,556 7,206
Accrued expenses 16,911 1,166 16,674 1,083
------------ ------------ ------------ ------------
Total Liabilities 2,071,112 315,200 1,350,560 19,186
------------ ------------ ------------ ------------
Net Assets $176,744,130 $8,095,849 $125,026,620 $10,762,424
============ ============ ============ ============
Net Assets Consist of:
Capital paid in $189,194,056 $8,095,849 $134,493,545 $12,387,672
Undistributed net investment income (deficit) 554,242 -- (240,524) 24,658
Accumulated net realized loss on investments (51,229,113) -- (37,436,763) (2,651,535)
Net unrealized appreciation of investments 38,224,945 -- 28,210,362 1,001,629
------------ ------------ ------------ ------------
Total $176,744,130 $8,095,849 $125,026,620 $10,762,424
============ ============ ============ ============
Shares of beneficial interest outstanding (Note 2) 9,314,157 8,095,849 5,573,489 1,346,712
============ ============ ============ ============
Net asset value, offering and redemption price per share
(Net assets divided by shares outstanding) $18.98 $1.00 $22.43 $7.99
====== ====== ====== ======
See notes to financial statements
Statements of Assets and Liabilities (continued)
FIRST INVESTORS LIFE SERIES FUND
June 30, 2004
- -------------------------------------------------------------------------------------------------------
GOVERNMENT GROWTH HIGH YIELD
- -------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $21,637,888 $180,633,056 $66,555,300
============ ============ ============
At value (Note 1A) $21,790,071 $228,121,545 $64,607,443
Cash 123,849 25,336 157,969
Receivables:
Investment securities sold 1,754 419,400 --
Interest and dividends 137,678 120,566 1,323,548
Trust shares sold 4,542 101,425 9,438
Other assets 2,563 20,823 6,956
------------ ------------ ------------
Total Assets 22,060,457 228,809,095 66,105,354
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- 156,672 259,975
Trust shares redeemed 32,273 273,774 80,462
Accrued advisory fees 11,899 152,182 44,151
Accrued expenses 3,067 15,652 11,007
------------ ------------ ------------
Total Liabilities 47,239 598,280 395,595
------------ ------------ ------------
Net Assets $22,013,218 $228,210,815 $65,709,759
============ ============ ============
Net Assets Consist of:
Capital paid in $21,988,575 $193,567,286 $80,816,581
Undistributed net investment income 563,899 370,114 2,290,723
Accumulated net realized loss on investments (691,439) (13,215,074) (15,449,688)
Net unrealized appreciation (depreciation) of investments 152,183 47,488,489 (1,947,857)
------------ ------------ ------------
Total $22,013,218 $228,210,815 $65,709,759
============ ============ ============
Shares of beneficial interest outstanding (Note 2) 2,180,171 7,213,506 8,104,839
============ ============ ============
Net asset value, offering and redemption price per share
(Net assets divided by shares outstanding) $10.10 $31.64 $8.11
====== ====== ======
See notes to financial statements
Statements of Assets and Liabilities (continued)
FIRST INVESTORS LIFE SERIES FUND
June 30, 2004
- ---------------------------------------------------------------------------------------------------------
TARGET
INTERNATIONAL INVESTMENT MATURITY
SECURITIES GRADE 2007
- ---------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $79,209,838 $34,803,074 $22,594,877
============ ============ ============
At value (Note 1A) $90,972,159 $36,096,727 $24,984,231
Cash 30,070 86,969 86,613
Receivables:
Investment securities sold 313,110 -- --
Interest and dividends 220,254 569,018 --
Trust shares sold 44,269 11,548 912
Other assets 8,718 3,746 3,109
------------ ------------ ------------
Total Assets 91,588,580 36,768,008 25,074,865
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 227,923 224,697 --
Trust shares redeemed 33,808 76,449 87,081
Variation margin on futures contracts 4,620 -- --
Forward currency contracts (Note 6) 619 -- --
Accrued advisory fees 61,034 19,662 13,555
Accrued expenses 33,956 5,982 3,004
------------ ------------ ------------
Total Liabilities 361,960 326,790 103,640
------------ ------------ ------------
Net Assets $91,226,620 $36,441,218 $24,971,225
============ ============ ============
Net Assets Consist of:
Capital paid in $89,101,254 $35,700,414 $21,616,862
Undistributed net investment income 458,233 705,023 669,658
Accumulated net realized gain (loss) on investments,
futures contracts and foreign currency transactions (10,195,363) (1,257,872) 295,351
Net unrealized appreciation of investments,
futures contracts and foreign currency transactions 11,862,496 1,293,653 2,389,354
------------ ------------ ------------
Total $91,226,620 $36,441,218 $24,971,225
============ ============ ============
Shares of beneficial interest outstanding (Note 2) 5,466,388 3,260,001 1,947,939
============ ============ ============
Net asset value, offering and redemption price per share --
(Net assets divided by shares outstanding) $16.69 $11.18 $12.82
====== ====== ======
See notes to financial statements
Statements of Assets and Liabilities (continued)
FIRST INVESTORS LIFE SERIES FUND
June 30, 2004
- -------------------------------------------------------------------------------------------------------
TARGET TARGET
MATURITY MATURITY
2010 2015 VALUE
- -------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $14,120,109 $12,678,197 $48,719,025
============ ============ ============
At value (Note 1A) $15,960,028 $13,362,401 $61,632,869
Cash 59,209 64,721 196,726
Receivables:
Investment securities sold -- -- 185,785
Interest and dividends -- -- 132,352
Trust shares sold 212 7,129 18,022
Other assets 1,788 1,184 5,104
------------ ------------ ------------
Total Assets 16,021,237 13,435,435 62,170,858
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- -- 69,485
Trust shares redeemed -- -- 39,364
Variation margin on futures contracts -- -- --
Forward currency contracts (Note 6). -- -- --
Accrued advisory fees 8,632 7,120 41,330
Accrued expenses 1,492 4,966 4,452
------------ ------------ ------------
Total Liabilities 10,124 12,086 154,631
------------ ------------ ------------
Net Assets $16,011,113 $13,423,349 $62,016,227
============ ============ ============
Net Assets Consist of:
Capital paid in $13,677,827 $12,529,580 $68,723,112
Undistributed net investment income 390,976 286,780 567,403
Accumulated net realized gain (loss) on investments,
futures contracts and foreign currency transactions 102,391 (77,215) (20,188,132)
Net unrealized appreciation of investments,
futures contracts and foreign currency transactions 1,839,919 684,204 12,913,844
------------ ------------ ------------
Total $16,011,113 $13,423,349 $62,016,227
============ ============ ============
Shares of beneficial interest outstanding (Note 2) 1,115,523 1,014,777 4,926,121
============ ============ ============
Net asset value, offering and redemption price per share -
(Net assets divided by shares outstanding) $14.35 $13.23 $12.59
====== ====== ======
See notes to financial statements
Statements of Operations
FIRST INVESTORS LIFE SERIES FUND
Six Months Ended June 30, 2004
- ------------------------------------------------------------------------------------------------------------------------
CASH FOCUSED
BLUE CHIP MANAGEMENT DISCOVERY EQUITY
- ------------------------------------------------------------------------------------------------------------------------
Investment Income
Income:
Interest $ 21,029 $48,250 $ 18,475 $ 789
Dividends 1,269,100 -- 260,033 74,881
------------ ------------ ------------ ------------
Total income 1,290,129 48,250 278,508 75,670
------------ ------------ ------------ ------------
Expenses (Notes 1 and 4):
Advisory fees 668,066 31,899 464,523 38,621
Professional fees 13,659 4,605 15,297 4,556
Custodian fees and expenses 15,734 3,746 17,079 559
Reports and notices to shareholders 19,200 1,544 10,385 4,905
Trustees' fees 3,445 169 1,658 196
Registration fees 426 426 426 426
Other expenses 17,387 1,900 12,335 1,781
------------ ------------ ------------ ------------
Total expenses 737,917 44,289 521,703 51,044
Less: Expenses waived or assumed -- (14,166) -- --
Custodian fees paid indirectly (2,075) (154) (2,671) (37)
------------ ------------ ------------ ------------
Net expenses 735,842 29,969 519,032 51,007
------------ ------------ ------------ ------------
Net investment income (loss) 554,287 18,281 (240,524) 24,663
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
(Note 3):
Net realized gain on investments 6,514,930 -- 6,394,691 119,404
Net unrealized appreciation (depreciation) of investments (5,320,242) -- (2,297,523) 15,575
------------ ------------ ------------ ------------
Net gain on investments 1,194,688 -- 4,097,168 134,979
------------ ------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $1,748,975 $18,281 $3,856,644 $159,642
============ ============ ============ ============
See notes to financial statements
Statements of Operations (continued)
FIRST INVESTORS LIFE SERIES FUND
Six Months Ended June 30, 2004
- -------------------------------------------------------------------------------------------------------
GOVERNMENT GROWTH HIGH YIELD
- -------------------------------------------------------------------------------------------------------
Investment Income
Income:
Interest $541,353 $ 10,698 $2,683,983
Dividends -- 1,292,792 --
------------ ------------ ------------
Total income 541,353 1,303,490 2,683,983
------------ ------------ ------------
Expenses (Notes 1 and 4):
Advisory fees 85,894 836,515 242,865
Professional fees 6,303 18,199 9,018
Custodian fees and expenses 5,354 29,744 6,579
Reports and notices to shareholders 2,451 23,101 6,412
Trustees' fees 447 4,291 1,243
Registration fees 426 426 426
Other expenses 3,586 21,219 7,540
------------ ------------ ------------
Total expenses 104,461 933,495 274,083
Less: Expenses waived or assumed (17,179) -- --
Custodian fees paid indirectly (378) (129) (1,366)
------------ ------------ ------------
Net expenses 86,904 933,366 272,717
------------ ------------ ------------
Net investment income (loss) 454,449 370,124 2,411,266
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
(Note 3):
Net realized gain (loss) on investments (4,644) 13,183,922 (639,461)
Net unrealized appreciation (depreciation) of investments (258,583) (5,105,618) 133,439
------------ ------------ ------------
Net gain (loss) on investments (263,227) 8,078,304 (506,022)
------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $191,222 $8,448,428 $1,905,244
============ ============ ============
See notes to financial statements
Statements of Operations (continued)
FIRST INVESTORS LIFE SERIES FUND
Six Months Ended June 30, 2004
- --------------------------------------------------------------------------------------------------------
TARGET
INTERNATIONAL INVESTMENT MATURITY
SECURITIES GRADE 2007
- --------------------------------------------------------------------------------------------------------
Investment Income
Income:
Interest $ 56,895 $1,088,216 $ 766,360
Dividends 1,039,929(a) -- --
------------ ------------ ------------
Total income 1,096,824 1,088,216 766,360
------------ ------------ ------------
Expenses (Notes 1 and 4):
Advisory fees 337,767 139,409 98,613
Professional fees 10,019 7,256 6,583
Custodian fees and expenses 117,806 4,173 2,513
Reports and notices to shareholders 10,336 3,723 3,672
Trustees' fees 1,739 717 515
Registration fees 426 426 426
Other expenses 31,588 5,815 4,377
------------ ------------ ------------
Total expenses 509,681 161,519 116,699
Less: Expenses waived or assumed -- (27,882) (19,723)
Custodian fees paid indirectly -- (797) (278)
------------ ------------ ------------
Net expenses 509,681 132,840 96,698
------------ ------------ ------------
Net investment income 587,143 955,376 669,662
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on
Investments, Futures Contracts and
Foreign Currency Transactions (Note 3):
Net realized gain on investments, futures
contracts and foreign currency transactions 7,453,346 172,926 317,033
Net unrealized depreciation of
investments, futures contracts and foreign
currency transactions (5,312,722) (1,266,365) (1,128,879)
------------ ------------ ------------
Net gain (loss) on investments, futures contracts
and foreign currency transactions 2,140,624 (1,093,439) (811,846)
------------ ------------ ------------
Net Increase (Decrease) in Net Assets
Resulting from Operations $2,727,767 $(138,063) $(142,184)
============ ============ ============
See notes to financial statements
Statements of Operations (continued)
FIRST INVESTORS LIFE SERIES FUND
Six Months Ended June 30, 2004
- ------------------------------------------------------------------------------------------------------
TARGET TARGET
MATURITY MATURITY
2010 2015 VALUE
- ------------------------------------------------------------------------------------------------------
Investment Income
Income:
Interest $452,374 $335,733 $ 4,320
Dividends -- -- 815,358
------------ ------------ ------------
Total income 452,374 335,733 819,678
------------ ------------ ------------
Expenses (Notes 1 and 4):
Advisory fees 61,832 48,406 223,318
Professional fees 5,224 4,762 9,840
Custodian fees and expenses 1,587 691 5,692
Reports and notices to shareholders 2,146 2,179 6,815
Trustees' fees 319 245 1,135
Registration fees 426 426 426
Other expenses 2,498 2,611 6,296
------------ ------------ ------------
Total expenses 74,032 59,320 253,522
Less: Expenses waived or assumed (12,366) (9,681) --
Custodian fees paid indirectly (281) (691) (1,280)
------------ ------------ ------------
Net expenses 61,385 48,948 252,242
------------ ------------ ------------
Net investment income 390,989 286,785 567,436
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on
Investments, Futures Contracts and
Foreign Currency Transactions (Note 3):
Net realized gain (loss) on investments, futures
contracts and foreign currency transactions 106,730 (26,960) 1,249,432
Net unrealized appreciation (depreciation) of
investments, futures contracts and foreign
currency transactions (574,034) (306,996) 2,173,413
------------ ------------ ------------
Net gain (loss) on investments, futures contracts
and foreign currency transactions (467,304) (333,956) 3,422,845
------------ ------------ ------------
Net Increase (Decrease) in Net Assets
Resulting from Operations $(76,315) $(47,171) $3,990,281
============ ============ ============
(a) Net of $100,084 foreign taxes withheld
See notes to financial statements
Statements of Changes in Net Assets
FIRST INVESTORS LIFE SERIES FUND
- ----------------------------------------------------------------------------------------------------------------------------------
BLUE CHIP CASH MANAGEMENT
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- ----------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 554,287 $ 1,124,281 $ 18,281 $ 65,126
Net realized gain (loss) on investments 6,514,930 (328,315) -- --
Net unrealized appreciation (depreciation)
of investments (5,320,242) 36,458,362 -- --
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 1,748,975 37,254,328 18,281 65,126
------------ ------------ ------------ ------------
Dividends to Shareholders
Net investment income (1,124,258) (1,058,840) (18,281) (65,126)
------------ ------------ ------------ ------------
Trust Share Transactions *
Proceeds from shares sold 3,691,700 6,955,695 743,849 2,616,598
Reinvestment of dividends 1,124,258 1,058,840 18,281 65,126
Cost of shares redeemed (7,306,791) (13,580,549) (2,306,732) (6,706,415)
------------ ------------ ------------ ------------
Net decrease from trust share transactions (2,490,833) (5,566,014) (1,544,602) (4,024,691)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (1,866,116) 30,629,474 (1,544,602) (4,024,691)
Net Assets
Beginning of period 178,610,246 147,980,772 9,640,451 13,665,142
------------ ------------ ------------ ------------
End of period+ $176,744,130 $178,610,246 $ 8,095,849 $ 9,640,451
============ ============ ============ ============
+ Includes undistributed net investment income of $ 554,242 $ 1,124,213 $ -- $ --
============ ============ ============ ============
*Trust Shares Issued and Redeemed
Sold 193,625 425,092 743,849 2,616,598
Issued for dividends reinvested 58,191 74,097 18,281 65,126
Redeemed (384,707) (850,401) (2,306,732) (6,706,415)
------------ ------------ ------------ ------------
Net decrease in trust shares outstanding (132,891) (351,212) (1,544,602) (4,024,691)
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets (continued)
FIRST INVESTORS LIFE SERIES FUND
- ------------------------------------------------------------------------------------------------------------------------------
DISCOVERY FOCUSED EQUITY
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- ------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income (loss) $ (240,524) $ (348,008) $ 24,663 $ 54,981
Net realized gain (loss) on investments 6,394,691 5,786,738 119,404 (166,220)
Net unrealized appreciation (depreciation)
of investments (2,297,523) 28,809,508 15,575 2,170,169
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 3,856,644 34,248,238 159,642 2,058,930
------------ ------------ ------------ ------------
Dividends to Shareholders
Net investment income -- -- (54,970) (9,919)
------------ ------------ ------------ ------------
Trust Share Transactions *
Proceeds from shares sold 3,778,167 5,806,509 1,000,327 1,611,746
Reinvestment of dividends -- -- 54,970 9,919
Cost of shares redeemed (4,439,846) (7,338,632) (372,187) (624,075)
------------ ------------ ------------ ------------
Net increase (decrease) from trust share transactions (661,679) (1,532,123) 683,110 997,590
------------ ------------ ------------ ------------
Net increase in net assets 3,194,965 32,716,115 787,782 3,046,601
Net Assets
Beginning of period 121,831,655 89,115,540 9,974,642 6,928,041
------------ ------------ ------------ ------------
End of period+ $125,026,620 $121,831,655 $ 10,762,424 $ 9,974,642
============ ============ ============ ============
+ Includes undistributed net investment income (deficit) of $ (240,524) $ -- $ 24,658 $ 54,965
============ ============ ============ ============
*Trust Shares Issued and Redeemed
Sold 169,800 326,384 126,783 237,078
Issued for dividends reinvested -- -- 6,871 1,675
Redeemed (198,599) (428,224) (47,108) (93,475)
------------ ------------ ------------ ------------
Net increase (decrease) in trust shares outstanding (28,799) (101,840) 86,546 145,278
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets (continued)
FIRST INVESTORS LIFE SERIES FUND
- ----------------------------------------------------------------------------------------------------------------------------------
GOVERNMENT GROWTH
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- ----------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 454,449 $ 1,044,823 $ 370,124 $ 1,133,306
Net realized gain (loss) on investments,
futures contracts and foreign currency transactions (4,644) (74,411) 13,183,922 (2,026,643)
Net unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency transactions (258,583) (207,715) (5,105,618) 50,940,938
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 191,222 762,697 8,448,428 50,047,601
------------ ------------ ------------ ------------
Dividends to Shareholders
Net investment income (1,273,369) (1,075,096) (1,133,242) (880,061)
------------ ------------ ------------ ------------
Trust Share Transactions*
Proceeds from shares sold 615,172 3,585,627 5,488,475 9,614,986
Reinvestment of dividends 1,273,369 1,075,096 1,133,242 880,061
Cost of shares redeemed (2,957,924) (5,260,556) (7,432,674) (14,237,360)
------------ ------------ ------------ ------------
Net decrease from trust share transactions (1,069,383) (599,833) (810,957) (3,742,313)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (2,151,530) (912,232) 6,504,229 45,425,227
Net Assets
Beginning of period 24,164,748 25,076,980 221,706,586 176,281,359
------------ ------------ ------------ ------------
End of period+ $ 22,013,218 $ 24,164,748 $228,210,815 $221,706,586
============ ============ ============ ============
+Includes undistributed net investment income of $ 563,899 $ 1,273,358 $ 370,114 $ 1,133,232
============ ============ ============ ============
*Trust Shares Issued and Redeemed
Sold 60,230 341,342 177,289 364,057
Issued for dividends reinvested 125,827 103,874 36,113 38,924
Redeemed (288,292) (503,373) (239,760) (560,944)
------------ ------------ ------------ ------------
Net decrease in trust shares outstanding (102,235) (58,157) (26,358) (157,963)
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets (continued)
FIRST INVESTORS LIFE SERIES FUND
- ------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL
HIGH YIELD SECURITIES
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- ------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 2,411,266 $ 4,730,203 $ 587,143 $ 563,970
Net realized gain (loss) on investments,
futures contracts and foreign currency transactions (639,461) (4,705,646) 7,453,346 5,416,776
Net unrealized appreciation (depreciation) of investments,
futures contracts and foreign currency transactions 133,439 13,112,637 (5,312,722) 16,292,719
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 1,905,244 13,137,194 2,727,767 22,273,465
------------ ------------ ------------ ------------
Dividends to Shareholders
Net investment income (4,775,010) (4,616,701) (1,067,417) (750,556)
------------ ------------ ------------ ------------
Trust Share Transactions*
Proceeds from shares sold 2,172,012 5,271,096 1,985,623 2,569,279
Reinvestment of dividends 4,775,010 4,616,701 1,067,417 750,556
Cost of shares redeemed (2,526,195) (3,817,083) (3,224,619) (7,580,280)
------------ ------------ ------------ ------------
Net increase (decrease) from trust share transactions 4,420,827 6,070,714 (171,579) (4,260,445)
------------ ------------ ------------ ------------
Net increase in net assets 1,551,061 14,591,207 1,488,771 17,262,464
Net Assets
Beginning of period 64,158,698 49,567,491 89,737,849 72,475,385
------------ ------------ ------------ ------------
End of period+ $ 65,709,759 $ 64,158,698 $ 91,226,620 $ 89,737,849
============ ============ ============ ============
+Includes undistributed net investment income of $ 2,290,723 $ 4,654,467 $ 458,233 $ 938,507
============ ============ ============ ============
*Trust Shares Issued and Redeemed
Sold 265,122 690,503 120,675 188,474
Issued for dividends reinvested 597,623 656,714 64,109 64,481
Redeemed (309,475) (493,683) (195,513) (573,700)
------------ ------------ ------------ ------------
Net increase (decrease) in trust shares outstanding 553,270 853,534 (10,729) (320,745)
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets (continued)
FIRST INVESTORS LIFE SERIES FUND
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT GRADE TARGET MATURITY 2007
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- ----------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 955,376 $ 1,901,328 $ 669,662 $ 1,516,626
Net realized gain (loss) on investments 172,926 (492,139) 317,033 739,890
Net unrealized appreciation (depreciation) of investments (1,266,365) 1,518,921 (1,128,879) (1,670,706)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (138,063) 2,928,110 (142,184) 585,810
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income (2,097,082) (1,905,350) (1,516,607) (1,630,591)
Net realized gains -- -- (726,748) (305,141)
------------ ------------ ------------ ------------
Total distributions (2,097,082) (1,905,350) (2,243,355) (1,935,732)
------------ ------------ ------------ ------------
Trust Share Transactions*
Proceeds from shares sold 2,002,638 5,031,355 329,938 1,052,395
Reinvestment of distributions 2,097,082 1,905,350 2,243,355 1,935,732
Cost of shares redeemed (2,737,774) (4,177,963) (3,144,076) (6,274,761)
------------ ------------ ------------ ------------
Net increase (decrease) from trust share transactions 1,361,946 2,758,742 (570,783) (3,286,634)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (873,199) 3,781,502 (2,956,322) (4,636,556)
Net Assets
Beginning of period 37,314,417 33,532,915 27,927,547 32,564,103
------------ ------------ ------------ ------------
End of period+ $ 36,441,218 $ 37,314,417 $ 24,971,225 $ 27,927,547
============ ============ ============ ============
+Includes undistributed net investment income of $ 705,023 $ 1,846,729 $ 669,658 $ 1,516,603
============ ============ ============ ============
*Trust Shares Issued and Redeemed
Sold 173,351 437,133 25,229 74,579
Issued for distributions reinvested 182,991 170,730 171,249 138,563
Redeemed (239,290) (363,285) (233,936) (445,468)
------------ ------------ ------------ ------------
Net increase (decrease) in trust shares outstanding 117,052 244,578 (37,458) (232,326)
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets (continued)
FIRST INVESTORS LIFE SERIES FUND
- ------------------------------------------------------------------------------------------------------------------------------
TARGET MATURITY 2010 TARGET MATURITY 2015
---------------------------- ----------------------------
1/1/04 to 1/1/03 to 1/1/04 to 1/1/03 to
6/30/04 12/31/03 6/30/04 12/31/03
- ------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 390,989 $ 783,715 $ 286,785 $ 462,649
Net realized gain (loss) on investments 106,730 138,703 (26,960) (23,930)
Net unrealized depreciation of investments (574,034) (426,731) (306,996) (104,801)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations (76,315) 495,687 (47,171) 333,918
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income (783,712) (748,880) (462,639) (288,490)
Net realized gains (65,459) -- -- --
------------ ------------ ------------ ------------
Total distributions (849,171) (748,880) (462,639) (288,490)
------------ ------------ ------------ ------------
Trust Share Transactions*
Proceeds from shares sold 1,187,217 2,281,857 2,314,116 4,455,629
Reinvestment of distributions 849,171 748,880 462,639 288,490
Cost of shares redeemed (1,699,299) (3,680,701) (1,132,819) (1,622,433)
------------ ------------ ------------ ------------
Net increase (decrease) from trust share transactions 337,089 (649,964) 1,643,936 3,121,686
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (588,397) (903,157) 1,134,126 3,167,114
Net Assets
Beginning of period 16,599,510 17,502,667 12,289,223 9,122,109
------------ ------------ ------------ ------------
End of period+ $ 16,011,113 $ 16,599,510 $ 13,423,349 $ 12,289,223
============ ============ ============ ============
+Includes undistributed net investment income of $ 390,976 $ 783,699 $ 286,780 $ 462,634
============ ============ ============ ============
*Trust Shares Issued and Redeemed
Sold 79,139 151,355 170,566 326,769
Issued for distributions reinvested 57,260 49,398 33,500 20,965
Redeemed (114,420) (242,847) (83,836) (118,710)
------------ ------------ ------------ ------------
Net increase (decrease) in trust shares outstanding 21,979 (42,094) 120,230 229,024
============ ============ ============ ============
See notes to financial statements
Statements of Changes in Net Assets (continued)
FIRST INVESTORS LIFE SERIES FUND
- ----------------------------------------------------------------------------------------------
VALUE
----------------------------
1/1/04 to 1/1/03 to
6/30/04 12/31/03
- ----------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 567,436 $ 1,064,836
Net realized gain on investments 1,249,432 940,386
Net unrealized appreciation of investments 2,173,413 10,312,762
------------ ------------
Net increase in net assets resulting from operations 3,990,281 12,317,984
------------ ------------
Dividends to Shareholders
Net investment income (1,064,819) (1,475,704)
------------ ------------
Trust Share Transactions*
Proceeds from shares sold 2,909,935 4,339,110
Reinvestment of dividends 1,064,819 1,475,704
Cost of shares redeemed (2,582,028) (3,906,194)
------------ ------------
Net increase from trust share transactions 1,392,726 1,908,620
------------ ------------
Net increase in net assets 4,318,188 12,750,900
Net Assets
Beginning of period 57,698,039 44,947,139
------------ ------------
End of period+ $ 62,016,227 $ 57,698,039
============ ============
+Includes undistributed net investment income of $ 567,403 $ 1,064,786
============ ============
*Trust Shares Issued and Redeemed
Sold 237,709 420,367
Issued for dividends 86,150 166,370
Redeemed (210,244) (390,632)
------------ ------------
Net increase in trust shares outstanding 113,615 196,105
============ ============
See notes to financial statements
This page intentionally left blank.
Notes to Financial Statements
June 30, 2004
1. Significant Accounting Policies--First Investors Life Series Fund (the
"Life Series Fund"), a Massachusetts business trust, is registered under
the Investment Company Act of 1940 (the "1940 Act"), as an open-ended
management investment company. The Life Series Fund operates as a series
fund, issuing shares of beneficial interest in the Blue Chip, Cash
Management, Discovery, Focused Equity, Government, Growth, High Yield,
International Securities, Investment Grade, Target Maturity 2007, Target
Maturity 2010, Target Maturity 2015, and Value Funds (each a "Fund"). Each
Fund accounts separately for its assets, liabilities and operations. The
objective of each Fund is as follows:
Blue Chip Fund seeks high total investment return consistent with the
preservation of capital.
Cash Management Fund seeks to earn a high rate of current income consistent
with the preservation of capital and maintenance of liquidity.
Discovery Fund seeks long-term growth of capital without regard to dividend
or interest income.
Focused Equity Fund seeks capital appreciation.
Government Fund seeks to achieve a significant level of current income
which is consistent with security and liquidity of principal.
Growth Fund seeks long-term capital appreciation.
High Yield Fund primarily seeks high current income and secondarily seeks
capital appreciation.
International Securities Fund primarily seeks long-term capital growth and
secondarily a reasonable level of current income.
Investment Grade Fund seeks to generate a maximum level of income
consistent with investment in investment grade debt securities.
Target Maturity 2007, Target Maturity 2010 and Target Maturity 2015 Funds
seek a predictable compounded investment return for investors who hold
their Fund shares until the Fund's maturity, consistent with the
preservation of capital.
Value Fund seeks total return.
A. Security Valuation--Except as provided below, a security listed or
traded on an exchange or the Nasdaq Stock Market is valued at its last sale
price on the exchange or market where the security is principally traded,
and lacking any sales, the security is valued at the mean between the
closing bid and asked prices. Securities traded in
the over-the-counter ("OTC") market (including securities listed on
exchanges whose primary market is believed to be OTC) are valued at the
mean between the last bid and asked prices prior to the time when assets
are valued based upon quotes furnished by a market maker for such
securities. Securities may also be priced by a pricing service approved by
the Life Series Fund's Board of Trustees (the "Board"). The pricing service
considers security type, rating, market condition and yield data as well as
market quotations, prices provided by market makers and other available
information in determining value. Short-term debt securities that mature in
60 days or less are valued at amortized cost. The Funds monitor for
significant events occurring after the close of foreign markets but prior
to the close of trading on the New York Stock Exchange that could have a
material impact on the value of any foreign securities that are held by the
Funds. Examples of such events include natural disasters, political events,
issuer-specific developments such as bankruptcies and significant
fluctuations in securities markets. If the Valuation Committee decides that
such events warrant using fair value estimates for foreign securities, it
will take such events into consideration in determining the fair values of
such securities. If market quotations or prices are not readily available
or determined to be unreliable, the securities will be valued at fair value
as determined in good faith pursuant to procedures adopted by the Board. At
June 30, 2004, the following Funds held securities that were fair valued by
the Valuation Committee: Discovery Fund held one security with a value of
$2,312 representing .0% of the Fund's net assets; Growth Fund held one
security with a value of $108,800 representing .05% of the Fund's net
assets; High Yield Fund held three securities with an aggregate value of
$1,219 representing .0% of the Fund's net assets; and International
Securities Fund held one security with a value of $87 representing .0% of
the Fund's net assets. For valuation purposes, where applicable, quotations
of foreign securities in foreign currencies are translated to U.S. dollar
equivalents using the foreign exchange quotation in effect.
The Cash Management Fund values its portfolio securities in accordance with
the amortized cost method of valuation under Rule 2a-7 under the 1940 Act.
Amortized cost is an approximation of market value of an instrument,
whereby the difference between its acquisition cost and value at maturity
is amortized on a straight-line basis over the remaining life of the
instrument. The effect of changes in the market value of a security as a
result of fluctuating interest rates is not taken into account and thus the
amortized cost method of valuation may result in the value of a security
being higher or lower than its actual market value.
Notes to Financial Statements (continued)
June 30, 2004
B. Federal Income Tax--No provision has been made for federal income taxes
on net income or capital gains since it is the policy of each Fund to
continue to comply with the special provisions of the Internal Revenue Code
applicable to regulated investment companies, and to make sufficient
distributions of income and capital gains (in excess of any available
capital loss carryovers), to relieve each Fund from all, or substantially
all, federal income taxes. At December 31, 2003, capital loss carryovers
were as follows:
Year Capital Loss Carryovers Expire
----------------------------------------------------------------------------
Fund Total 2007 2008 2009 2010 2011
- ----------------------- ----------- ----------- ----------- ----------- ----------- -----------
Blue Chip $53,273,643 $ -- $ -- $26,672,038 $22,469,579 $4,132,026
Discovery 43,649,272 -- -- 28,124,916 15,524,356 --
Focused Equity 2,730,648 29,190 1,018,850 248,878 1,083,303 350,427
Government 546,900 140,904 133,450 -- -- 272,546
Growth 24,819,636 -- -- 9,135,342 12,212,770 3,471,524
High Yield 14,778,299 566,369 1,503,018 3,751,289 4,221,351 4,736,272
International Securities 17,385,481 -- -- 7,723,963 9,661,518 --
Investment Grade 1,371,055 71,026 728,578 37,096 17,173 517,182
Target Maturity 2015 36,490 -- 3,919 13,453 4,285 14,833
Value 21,430,341 -- -- 8,718,125 11,439,916 1,272,300
C. Foreign Currency Translations--The accounting records of the
International Securities Fund are maintained in U.S. dollars. Portfolio
securities and other assets and liabilities denominated in foreign
currencies are translated into U.S. dollars at the date of valuation.
Purchases and sales of investment securities, dividend income and certain
expenses are translated to U.S. dollars at the rates of exchange prevailing
on the respective dates of such transactions.
The International Securities Fund does not isolate that portion of gains
and losses on investments which is due to changes in foreign exchange rates
from that which is due to changes in market prices of the investments. Such
fluctuations are included with the net realized and unrealized gains and
losses from investments.
Net realized and unrealized gains and losses on foreign currency
transactions includes gains and losses from the sales of foreign currency
and gains and losses on accrued foreign dividends and related withholding
taxes.
D. Distributions to Shareholders--Distributions to shareholders from net
investment income and net realized capital gains are generally declared and
paid annually on all Funds, except for the Cash Management Fund which
declares dividends from the total of net investment income (plus or minus
all realized short-term gains and losses on investments) daily and pays
monthly. Dividends from net investment income and
capital gain distributions are determined in accordance with income tax
regulations which may differ from accounting principles generally accepted
in the United States of America. These differences are primarily due to
differing treatments for foreign currency transactions, capital loss
carryforwards and deferral of wash sales.
E. Expense Allocation--Expenses directly charged or attributable to a Fund
are paid from the assets of that Fund. General expenses of the Life Series
Fund are allocated among and charged to the assets of each Fund on a fair
and equitable basis, which may be based on the relative assets of each Fund
or the nature of the services performed and relative applicability to each
Fund.
F. Repurchase Agreements--Securities pledged as collateral for repurchase
agreements are held by the Fund's custodian until maturity of the
repurchase agreement. The agreements provide that the Fund will receive, as
collateral, securities with a market value which will at all times be at
least equal to 100% of the amount invested by the Fund.
G. Use of Estimates--The preparation of the financial statements in
conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenue and expense
during the reporting period. Actual results could differ from those
estimates.
H. 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 securities, 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. Bond premiums and discounts are accreted or amortized using the
interest method. For the six months ended June 30, 2004, the Bank of New
York, custodian for all the Funds, except the International Securities
Fund, has provided credits in the amount of $10,137 against custodian
charges based on the uninvested cash balances of the Funds.
2. Trust Shares--The Declaration of Trust permits the issuance of an
unlimited number of no par value shares of beneficial interest, of one or
more Funds. Shares in the Funds are acquired through the purchase of
variable annuity or variable life insurance contracts sold by First
Investors Life Insurance Company.
3. Security Transactions--For the six months ended June 30, 2004, purchases
and sales of securities and long-term U.S. Government obligations,
excluding foreign currencies and short-term securities, were as follows:
Notes to Financial Statements (continued)
June 30, 2004
Long-Term U.S.
Securities Government Obligations
------------------------ ----------------------
Cost of Proceeds Cost of Proceeds
Fund Purchases of Sales Purchases of Sales
- ---- ----------- ----------- ---------- ----------
Blue Chip $72,871,865 $75,840,346 $ -- $ --
Discovery 69,346,014 73,412,793 -- --
Focused Equity 2,721,917 1,995,211 -- --
Government -- -- 5,016,159 6,685,955
Growth 85,519,861 87,845,638 -- --
High Yield 12,638,854 10,712,215 -- --
International Securities 48,717,111 51,016,885 -- --
Investment Grade 2,751,678 2,570,723 581,753 8,801
Target Maturity 2007 -- -- -- 2,857,528
Target Maturity 2010 -- -- 444,488 972,328
Target Maturity 2015 -- -- 1,370,296 282,936
Value 5,106,479 4,284,412 -- --
At June 30, 2004, aggregate cost and net unrealized appreciation
(depreciation) of securities for federal income tax purposes were as
follows:
Net
Gross Gross Unrealized
Aggregate Unrealized Unrealized Appreciation
Fund Cost Appreciation Depreciation (Depreciation)
- ---- ------------ ------------ ------------ -------------
Blue Chip $142,433,141 $35,382,147 $1,627,603 $33,754,544
Discovery 96,591,185 30,269,492 2,241,313 28,028,179
Focused Equity 9,790,897 1,216,612 255,274 961,338
Government 21,637,888 333,136 180,953 152,183
Growth 182,212,416 49,168,833 3,259,704 45,909,129
High Yield 66,686,704 3,418,991 5,498,252 (2,079,261)
International Securities 79,380,408 13,019,455 1,427,704 11,591,751
Investment Grade 35,196,447 1,465,154 564,874 900,280
Target Maturity 2007 22,616,542 2,367,689 -- 2,367,689
Target Maturity 2010 14,124,451 1,835,577 -- 1,835,577
Target Maturity 2015 12,691,963 706,175 35,737 670,438
Value 48,726,248 13,209,569 302,948 12,906,621
4. Advisory Fee and Other Transactions With Affiliates--Certain officers
and trustees of the Life Series Fund are officers and directors of its
investment adviser, First Investors Management Company, Inc. ("FIMCO")
and/or its transfer agent, Administrative Data Management Corp. Trustees of
the Life Series Fund who are not
"interested persons" of the Life Series Fund as defined in the 1940 Act are
remunerated by the Funds. For the six months ended June 30, 2004, total
trustee fees accrued by the Funds amounted to $16,119.
The Investment Advisory Agreement provides as compensation to FIMCO an
annual fee, payable monthly, at the rate of .75% on the first $250 million
of each Fund's average daily net assets, declining by .03% on each $250
million thereafter, down to .66% on average daily net assets over $750
million. For the six months ended June 30, 2004, FIMCO has voluntarily
waived 20% of the .75% annual fee on the first $250 million of average
daily net assets of the Government, Investment Grade, Target Maturity 2007,
Target Maturity 2010 and Target Maturity 2015 Funds. In addition, FIMCO has
voluntarily waived $14,166 in advisory fees on the Cash Management Fund to
limit the Fund's overall expense ratio to .70%. For the six months ended
June 30, 2004, total advisory fees accrued to FIMCO were $3,277,728 of
which $100,997 was waived as noted above.
Wellington Management Company, LLP serves as investment subadviser to the
Focused Equity Fund, the Growth Fund and the International Securities Fund.
The subadviser is paid by FIMCO and not by the Funds.
5. Restricted Securities--Certain restricted securities are exempt from the
registration requirements under Rule 144A of the Securities Act of 1933 and
may only be resold to qualified institutional investors. At June 30, 2004,
the Cash Management Fund held three144A securities with an aggregate value
of $899,295 representing 11.1% of the Fund's net assets, the Discovery Fund
held one 144A security with an aggregate value of $2,312 representing .0%
of the Fund's net assets, the High Yield Fund held twenty-one 144A
securities with an aggregate value of $11,357,651 representing 17.3% of the
Fund's net assets and the Investment Grade Fund held eight 144A securities
with an aggregate value of $2,020,897 representing 5.5% of the Fund's net
assets. These securities are valued as set forth in Note 1A.
6. Forward Currency Contracts and Future Contracts--A forward currency
contract is an obligation to purchase or sell a specific currency for an
agreed-upon price at a future date. When the International Securities Fund
purchases or sells foreign securities it customarily enters into a forward
currency contract to minimize the foreign exchange risk between the trade
date and the settlement date of such transactions. The International
Securities Fund could be exposed to risk if counter-parties to the
contracts are unable to meet the terms of their contracts or if the value
of the foreign currency changes unfavorably. Forward currency contracts are
"marked-to-market" daily at the applicable translation rate provided by a
pricing service approved by the Board and the resulting unrealized gains or
losses are reflected in the Fund's assets.
Notes to Financial Statements (continued)
June 30, 2004
The International Securities Fund had the following forward currency
contracts outstanding at June 30, 2004:
Unrealized
Contracts to Buy Foreign Currency In Exchange for Settlement Date Loss
- ---------------------------------- --------------- --------------- -----------
10,063,452 Japanese Yen US $ 93,286 7/1/04 US $(1,059)
=============== ----------
Unrealized
Contracts to Sell Foreign Currency In Exchange for Settlement Date Gain
- ---------------------------------- --------------- --------------- -----------
5,166,934 Japanese Yen US $ 47,676 7/2/04 US $ 323
33,203 Euro 40,513 7/5/04 117
--------------- ----------
$ 88,189 $ 440
=============== ----------
Net Unrealized Loss on Forward Currency Contracts $ (619)
==========
The International Securities Fund may purchase or sell stock index futures
contracts as a hedge against changes in market conditions. Initial margin
deposits required upon entering into futures contracts are satisfied by the
segregation of specific securities or cash, and/or by securing a standby
letter of credit from a major commercial bank, as collateral, for the
account of the broker (the Fund's agent in acquiring the futures position).
During the period the futures contract is open, changes in the value of the
contract are recognized as unrealized gains or losses by
"marking-to-market" on a daily basis to reflect the market value of the
contract at the end of each day's trading. Variation margin payments are
made or received depending upon whether unrealized gains or losses are
incurred. When the contract is closed, the Fund records a realized gain or
loss equal to the difference between the proceeds from (or cost of) the
closing transaction and the Fund's basis in the contract. Risk includes the
possibility of an illiquid market and that a change in the value of the
contract may not correlate with changes in the securities being hedged. At
June 30, 2004, U.S. Treasury Bills with a market value of $234,510 were
pledged to cover margin requirements for futures contracts. Open futures
contracts at June 30, 2004 were as follows:
Unrealized
Appreciation
Contracts/Delivery Month/Commitment (Depreciation)
- ----------------------------------- --------------
15 CAC 40 Index/September 2004/Buy $ (4,909)
3 DAX 30 Index/September 2004/Buy 4,913
3 IBEX PLUS/July 2004/Buy (270)
2 MIB 30/September 2004/Buy 2,100
25 S&P CAN 60/September 2004/Buy 25,437
2 TSE Index/September 2004/Buy 7,469
--------------
Total Net Unrealized Appreciation on
Futures Contracts $ 34,740
==============
7. Concentration of Credit Risk--The High Yield Fund's investment in high
yield securities, whether rated or unrated, may be considered speculative
and subject to greater market fluctuations and risks of loss of income and
principal than lower yielding, higher-rated, fixed-income securities. The
risk of loss due to default by the issuer may be significantly greater for
the holders of high yielding securities, because such securities are
generally unsecured and are often subordinated to other creditors of the
issuer.
Financial Highlights
FIRST INVESTORS LIFE SERIES FUND
The following table sets forth the per share operating performance data for
a trust share outstanding, total return, ratios to average net assets and
other supplemental data for each period indicated.
- -----------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
----------------------------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
------------------------------------- ----------------------
Net Asset
Value Net Net Realized
--------- Investment and Unrealized Total from Net Net
Beginning Income Gain (Loss) on Investment Investment Realized Total
of Period (Loss) Investments Operations Income Gain Distributions
- ----------------------------------------------------------------------------------------------------
BLUE CHIP FUND
- --------------
1999 $26.25 $ .12 $6.38 $6.50 $ .18 $ .43 $ .61
2000 32.14 .08 (1.74) (1.66) .12 1.93 2.05
2001 28.43 .08 (5.18) (5.10) .08 2.81 2.89
2002 20.44 .11 (5.36) (5.25) .09 -- .09
2003 15.10 .12 3.80 3.92 .11 -- .11
2004(b) 18.91 .06 .13 .19 .12 -- .12
- ----------------------------------------------------------------------------------------------------
CASH MANAGEMENT FUND
- --------------------
1999 $ 1.00 $.046 $ -- $.046 $.046 $ -- $.046
2000 1.00 .058 -- .058 .058 -- .058
2001 1.00 .037 -- .037 .037 -- .037
2002 1.00 .012 -- .012 .012 -- .012
2003 1.00 .005 -- .005 .005 -- .005
2004(b) 1.00 .002 -- .002 .002 -- .002
- ----------------------------------------------------------------------------------------------------
DISCOVERY FUND
- --------------
1999 $26.74 $(.06) $7.47 $7.41 $ .09 $ .10 $ .19
2000 33.96 (.02) .57 .55 -- 4.01 4.01
2001 30.50 (.07) (6.22) (6.29) -- 2.78 2.78
2002 21.43 (.08) (5.73) (5.81) -- -- --
2003 15.62 (.06) 6.19 6.13 -- -- --
2004(b) 21.75 (.04) .72 .68 -- -- --
- ----------------------------------------------------------------------------------------------------
FOCUSED EQUITY FUND
- -------------------
11/8/99 to
12/31/99(a) $10.00 $(.01) $ .26 $ .25 $ -- $ -- $ --
2000 10.25 .02 (1.14) (1.12) -- -- --
2001 9.13 .02 (.47) (.45) .02 -- .02
2002 8.66 .01 (2.44) (2.43) .02 -- .02
2003 6.21 .04 1.68 1.72 .01 -- .01
2004(b) 7.92 .02 .09 .11 .04 -- .04
- ----------------------------------------------------------------------------------------------------
GOVERNMENT FUND
- ---------------
1999 $10.41 $ .61 $(.51) $ .10 $ .59 $ -- $ .59
2000 9.92 .69 .29 .98 .68 -- .68
2001 10.22 .52 .36 .88 .65 -- .65
2002 10.45 .45 .33 .78 .52 -- .52
2003 10.71 .55 (.22) .33 .45 -- .45
2004(b) 10.59 .28 (.19) .09 .58 -- .58
- ----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ------------------------ --------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- ----------------------
Net Asset Net
Value Investment Net Portfolio
------- Total Net Assets Income Investment Turnover
End of Return* End of Period Expenses (Loss) Expenses Income Rate
Period (%) (in millions) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------
BLUE CHIP FUND
- --------------
1999 $32.14 25.32 $275 .81 .45 N/A N/A 91
2000 28.43 (5.75) 272 .79 .26 N/A N/A 146
2001 20.44 (19.27) 220 .81 .38 N/A N/A 105
2002 15.10 (25.80) 148 .81 .58 N/A N/A 138
2003 18.91 26.19 179 .83 .71 N/A N/A 96
2004(b) 18.98 .99 177 .82+ .62+ N/A N/A 42
- -----------------------------------------------------------------------------------------------------------
CASH MANAGEMENT FUND
- --------------------
1999 $ 1.00 4.67 $10 .70 4.61 .91 4.40 N/A
2000 1.00 5.92 9 .70 5.76 .89 5.57 N/A
2001 1.00 3.77 12 .70 3.59 .86 3.43 N/A
2002 1.00 1.22 14 .70 1.20 .98 .92 N/A
2003 1.00 .54 10 .70 .55 .95 .30 N/A
2004(b) 1.00 .21 8 .70+ .44+ 1.03+ .11+ N/A
- -----------------------------------------------------------------------------------------------------------
DISCOVERY FUND
- --------------
1999 $33.96 27.97 $148 .83 (.24) N/A N/A 109
2000 30.50 (.22) 157 .81 (.07) N/A N/A 193
2001 21.43 (21.12) 126 .83 (.33) N/A N/A 163
2002 15.62 (27.11) 89 .83 (.43) N/A N/A 130
2003 21.75 39.24 122 .85 (.35) N/A N/A 111
2004(b) 22.43 3.13 125 .85+ (.40)+ N/A N/A 58
- -----------------------------------------------------------------------------------------------------------
FOCUSED EQUITY FUND
- -------------------
11/8/99 to
12/31/99(a) $10.25 2.50 $ 2 1.59+ (1.39)+ N/A N/A 12
2000 9.13 (10.93) 8 .81 .30 N/A N/A 210
2001 8.66 (4.90) 9 .91 .28 N/A N/A 201
2002 6.21 (28.09) 7 1.04 .13 N/A N/A 127
2003 7.92 27.73 10 .95 .67 N/A N/A 43
2004(b) 7.99 1.42 11 .99+ .48+ N/A N/A 20
- -----------------------------------------------------------------------------------------------------------
GOVERNMENT FUND
- ---------------
1999 $ 9.92 1.05 $ 11 .76 6.07 .91 5.92 69
2000 10.22 10.54 11 .75 6.80 .90 6.65 131
2001 10.45 8.98 17 .66 6.09 .81 5.94 52
2002 10.71 7.79 25 .78 5.39 .93 5.24 101
2003 10.59 3.18 24 .75 4.98 .90 4.83 83
2004(b) 10.10 .83 22 .75+ 4.94+ .90+ 4.79+ 24
- -----------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS LIFE SERIES FUND
- -----------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
----------------------------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
------------------------------------- ----------------------
Net Asset
Value Net Realized
--------- Net and Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- ----------------------------------------------------------------------------------------------------
GROWTH FUND
- -----------
1999 $35.78 $ .05 $8.97 $9.02 $ .10 $1.64 $1.74
2000 43.06 .01 .02 .03 .05 3.24 3.29
2001 39.80 .06 (5.11) (5.05) .02 4.02 4.04
2002 30.71 .12 (6.94) (6.82) .06 -- .06
2003 23.83 .16 6.75 6.91 .12 -- .12
2004(b) 30.62 .05 1.13 1.18 .16 -- .16
- ----------------------------------------------------------------------------------------------------
HIGH YIELD FUND
- ---------------
1999 $11.70 $1.09 $ (.56) $ .53 $1.02 $.02 $1.04
2000 11.19 1.08 (1.72) (.64) 1.11 -- 1.11
2001++ 9.44 .89 (1.14) (.25) 1.06 -- 1.06
2002 8.13 .70 (.54) .16 .89 -- .89
2003 7.40 .63 1.16 1.79 .69 -- .69
2004(b) 8.50 .30 (.06) .24 .63 -- .63
- ----------------------------------------------------------------------------------------------------
INTERNATIONAL SECURITIES FUND
- -----------------------------
1999 $18.88 $ .15 $ 5.74 $ 5.89 $ .12 $ .03 $ .15
2000 24.62 .11 (2.68) (2.57) .13 2.18 2.31
2001 19.74 .12 (2.95) (2.83) .24 1.26 1.50
2002 15.41 .08 (2.91) (2.83) .08 -- .08
2003 12.50 .10 3.91 4.01 .13 -- .13
2004(b) 16.38 .11 .40 .51 .20 -- .20
- ----------------------------------------------------------------------------------------------------
INVESTMENT GRADE FUND
- ---------------------
1999 $11.97 $ .69 $(.98) $ (.29) $ .70 $.01 $ .71
2000 10.97 .76 .22 .98 .71 -- .71
2001++ 11.24 .64 .21 .85 .73 -- .73
2002 11.36 .63 .22 .85 .64 -- .64
2003 11.57 .61 .34 .95 .65 -- .65
2004(b) 11.87 .30 (.32) (.02) .67 -- .67
- ----------------------------------------------------------------------------------------------------
TARGET MATURITY 2007 FUND
- -------------------------
1999 $13.83 $ .66 $(1.93) $(1.27) $ .62 $ -- $ .62
2000 11.94 .69 1.17 1.86 .68 -- .68
2001 13.12 .68 .31 .99 .68 -- .68
2002 13.43 .74 1.20 1.94 .69 -- .69
2003 14.68 .77 (.50) .27 .74 .14 .88
2004(b) 14.07 .38 (.45) (.07) .80 .38 1.18
- ----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ------------------------ --------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- ----------------------
Net Asset
Value Net Net Portfolio
------- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in millions) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------
GROWTH FUND
- -----------
1999 $43.06 26.47 $262 .81 .14 N/A N/A 38
2000 39.80 .03 278 .80 .03 N/A N/A 74
2001 30.71 (13.36) 241 .81 .19 N/A N/A 72
2002 23.83 (22.24) 176 .82 .43 N/A N/A 69
2003 30.62 29.18 222 .83 .60 N/A N/A 74
2004(b) 31.64 3.85 228 .84+ .32+ N/A N/A 39
- -----------------------------------------------------------------------------------------------------------
HIGH YIELD FUND
- ---------------
1999 $11.19 4.95 $ 68 .82 9.83 N/A N/A 33
2000 9.44 (6.36) 55 .82 9.97 N/A N/A 30
2001++ 8.13 (3.47) 50 .83 10.12 N/A N/A 32
2002 7.40 2.25 50 .86 9.34 N/A N/A 13
2003 8.50 26.14 64 .85 8.34 N/A N/A 30
2004(b) 8.11 2.96 66 .85+ 7.46+ N/A N/A 18
- -----------------------------------------------------------------------------------------------------------
INTERNATIONAL SECURITIES FUND
- -----------------------------
1999 $24.62 31.46 $127 .98 .76 N/A N/A 118
2000 19.74 (11.67) 119 .97 .55 N/A N/A 132
2001 15.41 (14.79) 97 1.03 .73 N/A N/A 125
2002 12.50 (18.43) 72 1.09 .63 N/A N/A 129
2003 16.38 32.52 90 1.08 .74 N/A N/A 119
2004(b) 16.69 3.09 91 1.13+ 1.31+ N/A N/A 59
- -----------------------------------------------------------------------------------------------------------
INVESTMENT GRADE FUND
- ---------------------
1999 $10.97 (2.53) $ 21 .68 6.12 .83 5.97 27
2000 11.24 9.51 21 .68 6.87 .83 6.72 25
2001++ 11.36 7.86 28 .68 6.36 .83 6.21 13
2002 11.57 7.86 34 .74 6.02 .89 5.87 14
2003 11.87 8.60 37 .73 5.29 .88 5.14 14
2004(b) 11.18 (.33) 36 .73+ 5.15+ .88+ 5.00+ 7
- -----------------------------------------------------------------------------------------------------------
TARGET MATURITY 2007 FUND
- -------------------------
1999 $11.94 (9.39) $ 25 .69 5.47 .84 5.32 2
2000 13.12 16.44 29 .67 5.77 .82 5.62 9
2001 13.43 7.76 32 .66 5.24 .81 5.09 3
2002 14.68 15.09 33 .73 5.02 .88 4.87 1
2003 14.07 1.90 28 .72 4.89 .87 4.74 0
2004(b) 12.82 (.66) 25 .73+ 5.10+ .88+ 4.95+ 0
- -----------------------------------------------------------------------------------------------------------
Financial Highlights (continued)
FIRST INVESTORS LIFE SERIES FUND
- -----------------------------------------------------------------------------------------------------
P E R S H A R E D A T A
----------------------------------------------------------------------------------------
Less Distributions
Income from Investment Operations from
------------------------------------- ----------------------
Net Asset
Value Net Realized
--------- Net and Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- ----------------------------------------------------------------------------------------------------
TARGET MATURITY 2010 FUND
- -------------------------
1999 $13.97 $ .65 $(2.26) $(1.61) $ .51 $ -- $ .51
2000 11.85 .64 1.74 2.38 .68 -- .68
2001 13.55 .65 .03 .68 .64 -- .64
2002 13.59 .65 1.82 2.47 .65 -- .65
2003 15.41 .72 (.28) .44 .67 -- .67
2004(b) 15.18 .37 (.41) (.04) .73 .06 .79
- ----------------------------------------------------------------------------------------------------
TARGET MATURITY 2015 FUND
- -------------------------
11/8/99 to
12/31/99(a) $10.00 $ .04 $(.53) $(.49) $ -- $ -- $ --
2000 9.51 .45 1.92 2.37 .03 -- .03
2001 11.85 .47 (.36) 0.11 .39 -- .39
2002 11.57 .38 2.23 2.61 .47 -- .47
2003 13.71 .50 (.06) .44 .41 -- .41
2004(b) 13.74 .28 (.28) -- .51 -- .51
- ----------------------------------------------------------------------------------------------------
VALUE FUND+++
- ----------
1999 $15.83 $ .31 $ 2.25 $ 2.56 $ .33 $ .51 $ .84
2000 17.55 .29 (.29) -- .30 .86 1.16
2001 16.39 .27 (3.53) (3.26) .30 .12 .42
2002 12.71 .32 (3.02) (2.70) .27 -- .27
2003 9.74 .22 2.35 2.57 .32 -- .32
2004(b) 11.99 .11 .71 .82 .22 -- .22
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
R A T I O S / S U P P L E M E N T A L D A T A
- ------------------------ --------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets** Waived or Assumed
-------------------- ----------------------
Net Asset
Value Net Net Portfolio
------- Total Net Assets Investment Investment Turnover
End of Return* End of Period Expenses Income Expenses Income Rate
Period (%) (in millions) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------
TARGET MATURITY 2010 FUND
- -------------------------
1999 $11.85 (11.73) $ 9 .71 5.48 .86 5.33 9
2000 13.55 21.06 11 .70 5.72 .85 5.57 15
2001 13.59 5.15 14 .67 5.16 .82 5.01 2
2002 15.41 18.88 18 .78 4.82 .93 4.67 3
2003 15.18 2.84 17 .74 4.54 .89 4.39 1
2004(b) 14.35 (.42) 16 .75+ 4.75+ .90+ 4.60+ 3
- -----------------------------------------------------------------------------------------------------------
TARGET MATURITY 2015 FUND
- -------------------------
11/8/99 to
12/31/99(a) $ 9.51 (4.90) $ 1 1.38+ 4.24+ 1.64+ 3.98+ 0
2000 11.85 25.01 2 .72 5.38 .87 5.23 11
2001 11.57 0.85 4 .67 5.21 .82 5.06 31
2002 13.71 23.36 9 .88 4.70 1.03 4.55 1
2003 13.74 3.24 12 .80 4.27 .95 4.12 3
2004(b) 13.23 (.13) 13 .77+ 4.43+ .92+ 4.28+ 2
- -----------------------------------------------------------------------------------------------------------
VALUE FUND+++
- ----------
1999 $17.55 17.41 $ 70 .65 2.12 .80 1.97 53
2000 16.39 (.59) 81 .76 1.84 .81 1.79 50
2001 12.71 (20.29) 66 .82 1.88 N/A N/A 50
2002 9.74 (21.60) 45 .97 2.72 N/A N/A 71
2003 11.99 27.59 58 .83 2.19 N/A N/A 33
2004(b) 12.59 6.88 62 .84+ 1.91+ N/A N/A 7
- -----------------------------------------------------------------------------------------------------------
* The effect of fees and charges incurred at the separate account level are
not reflected in these performance figures
** Net of expenses waived or assumed by the investment adviser (Note 4)
+ Annualized
++ Prior to January 1, 2001, the High Yield Fund and Investment Grade Fund
did not amortize premiums on debt securities. The per share data and ratios
prior to 2001 have not been restated. The cumulative effect of this
accounting change had no impact on the total net assets of the Funds.
+++ Prior to December 31, 2002, known as Utilities Income Fund
(a) Commencement of operations
(b) For the period January 1, 2004 to June 30, 2004
See notes to financial statements
Report of Independent Registered Public Accounting Firm
To the Shareholders and Trustees of
First Investors Life Series Fund
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of the thirteen Funds comprising
First Investors Life Series Fund, as of June 30, 2004, the related
statements of operations, the statements of changes in net assets, and the
financial highlights for each of the periods indicated thereon. These
financial statements and financial highlights are the responsibility of the
Life Series 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 the standards of the Public
Company Accounting Oversight Board (United States). Those standards require
that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
June 30, 2004, by correspondence with the custodian and brokers. Where
brokers have not replied to our confirmation requests, we have carried out
other appropriate auditing procedures. 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 each of the thirteen Funds comprising First Investors Life Series Fund,
as of June 30, 2004, and the results of their operations, changes in their
net assets and their financial highlights for the periods presented, in
conformity with accounting principles generally accepted in the United
States of America.
Tait, Weller & Baker
Philadelphia, Pennsylvania
August 2, 2004
This page intentionally left blank.
FIRST INVESTORS LIFE SERIES FUND
Trustees
- --------------------------------
Robert M. Grohol
Glenn O. Head
Kathryn S. Head
Larry R. Lavoie
Rex R. Reed
Herbert Rubinstein
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- --------------------------------
Kathryn S. Head
President
Joseph I. Benedek
Treasurer
Mark S. Spencer
Assistant Treasurer
Carol Lerner Brown
Assistant Secretary
The Cash Management Fund is a money market fund and seeks to maintain a
stable net asset value of $1.00 per share. However, there can be no
assurance that the Fund will be able to do so or achieve its investment
objective. An investment in the Fund is neither insured nor guaranteed by
the Federal Deposit Insurance Corporation (FDIC) or any other U.S.
government agency.
FIRST INVESTORS LIFE SERIES FUND
Shareholder Information
- --------------------------------------------------
Investment Adviser
First Investors Management Company, Inc.
95 Wall Street
New York, NY 10005
Subadviser
(Focused Equity Fund, Growth Fund and International Securities Fund only)
Wellington Management Company, LLP
75 State Street
Boston, MA 02109
Custodian
The Bank of New York
One Wall Street
New York, NY 10286
Custodian
(International Securities Fund only)
Brown Brothers Harriman & Co.
40 Water Street
Boston, MA 02109
Transfer Agent
Administrative Data Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
1818 Market Street
Philadelphia, PA 19103
It is the Fund's practice to mail only one copy of its annual and
semi-annual reports to all family members who reside in the same household.
Additional copies of the reports will be mailed if requested by any
shareholder in writing or by calling 800-423-4026. The Fund will ensure
that separate reports are sent to any shareholder who subsequently changes
his or her mailing address.
This report is authorized for distribution only to existing shareholders,
and, if given to prospective shareholders, must be accompanied or preceded
by the Fund's prospectus.
The Statement of Additional Information includes additional information
about the Fund's trustees and is available, without charge, upon request in
writing or by calling 800-423-4026.
A description of the policies and procedures that the Fund uses to vote
proxies relating to a portfolio's securities is available, without charge,
upon request by calling toll free 1-800-423-4026 or can be viewed online or
downloaded from the EDGAR database on the SEC's internet website at
http://www.sec.gov. In addition, commencing on August 31, 2004, information
regarding how the Fund voted proxies relating to portfolio securities
during the most recent 12-month period ended June 30, will be available,
without charge, upon request by calling 1-800-423-4026 and on the SEC's
internet website at http://www.sec.gov.
NOTES
NOTES
Item 2. Code of Ethics
The Registrant's Board of Directors/Trustees ("Board") has
adopted a Code of Ethics that applies to the First Investors Funds'
("Funds") principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the Funds or a third party. The Code of Ethics is attached to this
report as Exhibit A.
During the period of the report, there have been no amendments to the
Code of Ethics or waivers, implicit or otherwise, from its provisions.
Item 3. Audit Committee Financial Expert
Not applicable to Semi-Annual Report
Item 4. Principal Accountant Fees and Services
Not applicable to Semi-Annual Report
Item 5. Audit Committee of Listed Registrants
Not applicable to Semi-Annual Report
Item 6. Schedule of Investments
Schedule is included as part of the report to
shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies & Procedures for
Closed-End Management Investment Companies
Not applicable to the Registrant
Item 8. Purchases of Equity Securities by Closed-End Management
Investment Companies and Affiliated Purchasers
Not applicable to the Registrant
Item 9. Submission of Matters to a Vote of Security Holders
Not applicable to the Registrant for this filing
Item 10. Controls and Procedures
(a) The Registrant's Principal Executive Officer and Principal
Financial Officer have concluded that the Registrant's disclosure controls
and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended) are effective, based on their evaluation of these
disclosure controls and procedures as of a date within 90 days of the
filing date of this report.
(b) There were no significant changes in the Registrant's internal
controls or in other factors that could significantly affect these controls
subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
Item 11. Exhibits
(a) Code of Ethics - Filed herewith
(b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 - Filed herewith
(c) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 - Filed herewith
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the Registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
First Investors Life Series Fund
(Registrant)
By /S/ KATHRYN S. HEAD
Kathryn S. Head
President and Principal Executive Officer
Date: September 8, 2004
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by
the following persons on behalf of the Registrant and in the capacities and
on the dates indicated.
First Investors Life Series Fund
(Registrant)
By /S/ JOSEPH I. BENEDEK
Joseph I. Benedek
Treasurer and Principal Financial Officer
Date: September 8, 2004