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 Mangement Company, Inc.
581 Main Street
Woodbridge, NJ 07095
(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, 2003
DATE OF REPORTING PERIOD: JUNE 30, 2003
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, 2003
Portfolio of Investments
FIRST INVESTORS LIFE BLUE CHIP FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--98.3%
Consumer Discretionary--13.8%
69,400 * AOL Time Warner, Inc. $1,116,646 $71
2,600 * AutoZone, Inc. 197,522 13
18,400 * Bed Bath & Beyond, Inc. 714,104 45
10,900 * Best Buy Company, Inc. 478,728 30
20,600 * Cendant Corporation 377,392 24
27,514 * Comcast Corporation - Class "A" 830,373 53
19,400 * Comcast Corporation - Special Class "A" 559,302 36
13,300 D.R. Horton, Inc. 373,730 24
26,800 Dollar General Corporation 489,368 31
6,600 Gannett Company, Inc. 506,946 32
53,600 Gap, Inc. 1,005,536 64
15,900 * GTECH Holdings Corporation 598,635 38
15,100 Harley-Davidson, Inc. 601,886 38
49,900 Home Depot, Inc. 1,652,688 105
9,600 * Kohl's Corporation 493,248 31
7,100 * Lear Corporation 326,742 21
14,700 Lowe's Companies, Inc. 631,365 40
42,600 Masco Corporation 1,016,010 65
12,100 Mattel, Inc. 228,932 15
32,500 McDonald's Corporation 716,950 46
10,600 McGraw-Hill Companies, Inc. 657,200 42
5,400 Omnicom Group, Inc. 387,180 25
16,600 * Reebok International, Ltd. 558,258 35
14,100 * Staples, Inc. 258,735 16
24,700 Target Corporation 934,648 59
5,300 Tiffany & Company 173,204 11
30,900 TJX Companies, Inc. 582,156 37
33,200 * Viacom, Inc. - Class "B" 1,449,512 92
57,000 Wal-Mart Stores, Inc. 3,059,190 194
37,700 Walt Disney Company 744,575 47
- ----------------------------------------------------------------------------------------------------------------------
21,720,761 1,380
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--10.2%
29,000 Altria Group, Inc. 1,317,760 84
15,600 Anheuser-Busch Companies, Inc. 796,380 51
4,100 Avon Products, Inc. 255,020 16
14,600 * Clear Channel Communications, Inc. 618,894 39
33,700 Coca-Cola Company 1,564,017 99
11,800 Colgate-Palmolive Company 683,810 43
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE BLUE CHIP FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples (continued)
15,300 * Costco Wholesale Corporation $559,980 $36
41,800 CVS Corporation 1,171,654 74
22,350 * Dean Foods Company 704,025 45
18,200 Gillette Company 579,852 37
4,800 Hershey Foods Corporation 334,368 21
6,700 * InterActiveCorp 265,119 17
8,400 Kellogg Company 288,708 18
14,700 Kimberly-Clark Corporation 766,458 49
51,400 * Kroger Company 857,352 54
47,100 * Liberty Media Corporation - Class "A" 544,476 35
43,700 PepsiCo, Inc. 1,944,650 124
24,800 Procter & Gamble Company 2,211,664 140
34,700 Sara Lee Corporation 652,707 42
- ----------------------------------------------------------------------------------------------------------------------
16,116,894 1,024
- ----------------------------------------------------------------------------------------------------------------------
Energy--5.9%
12,200 Apache Corporation 793,732 50
15,800 ChevronTexaco Corporation 1,140,760 72
16,273 ConocoPhillips 891,760 57
9,400 EOG Resources, Inc. 393,296 25
94,800 ExxonMobil Corporation 3,404,268 216
28,400 Halliburton Company 653,200 42
11,800 Occidental Petroleum Corporation 395,890 25
6,700 Royal Dutch Petroleum Co. - NY Shares (ADR) 312,354 20
11,100 Schlumberger, Ltd. 528,027 34
35,000 * Transocean, Inc. 768,950 49
- ----------------------------------------------------------------------------------------------------------------------
9,282,237 590
- ----------------------------------------------------------------------------------------------------------------------
Financials--18.2%
26,000 American Express Company 1,087,060 69
45,300 American International Group, Inc. 2,499,654 159
30,400 Bank of America Corporation 2,402,512 153
16,600 Bank of New York Company, Inc. 477,250 30
27,100 Bank One Corporation 1,007,578 64
9,700 BB&T Corporation 332,710 21
300 * Berkshire Hathaway, Inc. - Class "B" 729,000 46
13,400 Capital One Financial Corporation 659,012 42
18,900 Chubb Corporation 1,134,000 72
92,300 Citigroup, Inc. 3,950,440 251
3,800 Countrywide Financial Corporation 264,366 17
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financials (continued)
25,100 Fannie Mae $1,692,744 $107
17,300 FleetBoston Financial Corporation 513,983 33
14,900 Freddie Mac 756,473 48
8,000 Hartford Financial Services Group, Inc. 402,880 26
32,700 J.P. Morgan Chase & Company 1,117,686 71
21,400 Marsh & McLennan Companies, Inc. 1,092,898 70
21,400 MBNA Corporation 445,976 28
16,500 Mellon Financial Corporation 457,875 29
27,100 Merrill Lynch & Company, Inc. 1,265,028 80
13,400 Morgan Stanley 572,850 36
16,000 PartnerRe, Ltd. 817,760 52
14,100 Prudential Financial, Inc. 474,465 30
54,800 U.S. Bancorp 1,342,600 85
20,300 Wachovia Corporation 811,188 52
14,500 Washington Mutual, Inc. 598,850 38
32,900 Wells Fargo & Company 1,658,160 105
- ----------------------------------------------------------------------------------------------------------------------
28,564,998 1,814
- ----------------------------------------------------------------------------------------------------------------------
Health Care--15.7%
39,000 Abbott Laboratories 1,706,640 108
24,600 * Amgen, Inc. 1,647,708 105
12,400 * Barr Laboratories, Inc. 812,200 52
25,300 * Boston Scientific Corporation 1,545,830 98
34,800 Bristol-Myers Squibb Company 944,820 60
13,100 Cardinal Health, Inc. 842,330 54
13,400 Eli Lilly & Company 924,198 59
4,300 * Forest Laboratories, Inc. 235,425 15
4,600 * Genetech, Inc. 331,752 21
3,000 * Gilead Sciences, Inc. 166,740 11
51,300 Johnson & Johnson 2,652,210 168
18,700 McKesson Corporation 668,338 42
33,500 Medtronic, Inc. 1,606,995 102
30,400 Merck & Company, Inc. 1,840,720 117
131,640 Pfizer, Inc. 4,495,506 286
28,200 * Province Healthcare Company 312,174 20
11,100 Schering-Plough Corporation 206,460 13
13,900 Teva Pharmaceutical Industries, Ltd. (ADR) 791,327 50
31,800 UnitedHealth Group, Inc. 1,597,950 101
31,800 Wyeth 1,448,490 92
- ----------------------------------------------------------------------------------------------------------------------
24,777,813 1,574
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE BLUE CHIP FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Industrials--9.3%
9,400 3M Company $1,212,412 $77
9,500 Boeing Company 326,040 21
18,800 Caterpillar, Inc. 1,046,408 66
13,400 Danaher Corporation 911,870 58
10,100 Emerson Electric Company 516,110 33
5,900 FedEx Corporation 365,977 23
137,800 General Electric Company 3,952,104 251
21,400 Honeywell International, Inc. 574,590 36
21,500 * Jabil Circuit, Inc. 475,150 30
14,600 * L-3 Communications Holdings, Inc. 634,954 40
19,300 Lockheed Martin Corporation 918,101 58
500 Northrop Grumman Corporation 43,145 3
10,100 Southwest Airlines Company 173,720 11
31,400 Tyco International, Ltd. 595,972 38
12,600 Union Pacific Corporation 731,052 47
9,400 United Parcel Service, Inc. - Class "B" 598,780 38
16,300 United Technologies Corporation 1,154,529 73
16,100 Waste Management, Inc. 387,849 25
- ----------------------------------------------------------------------------------------------------------------------
14,618,763 928
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--17.6%
27,000 * Amdocs, Ltd. 648,000 41
9,200 * Analog Devices, Inc. 320,344 20
38,600 * Applied Materials, Inc. 612,196 39
26,400 * Applied Micro Circuits Corporation 159,720 10
18,100 Automatic Data Processing, Inc. 612,866 39
9,300 * Check Point Software Technologies, Ltd. 181,815 12
150,300 * Cisco Systems, Inc. 2,493,477 158
26,900 * Comverse Technology, Inc. 404,307 26
48,600 * Dell Computer Corporation 1,553,256 99
2,700 * eBay, Inc. 281,286 18
52,300 * EMC Corporation 547,581 35
23,200 First Data Corporation 961,408 61
86,900 * Gateway, Inc. 317,185 20
57,800 Hewlett-Packard Company 1,231,140 78
126,600 Intel Corporation 2,631,254 167
25,500 International Business Machines Corporation 2,103,750 134
5,400 * Intuit, Inc. 240,462 15
117,900 * Lucent Technologies, Inc. 239,337 15
26,600 * Marvell Technology Group, Ltd. 914,242 58
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Information Technology (continued)
201,500 Microsoft Corporation $5,160,415 $328
26,700 Motorola, Inc. 251,781 16
63,100 Nokia Corporation - Class "A" (ADR) 1,036,733 66
67,100 * Nortel Networks Corporation 181,170 12
77,800 * Oracle Corporation 935,156 59
18,900 Qualcomm, Inc. 675,675 43
7,600 Raytheon Company 249,584 16
37,800 * Sun Microsystems, Inc. 173,880 11
6,900 * Symantec Corporation 302,634 19
28,100 * Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 283,248 18
36,000 Texas Instruments, Inc. 633,600 40
50,600 * VeriSign, Inc. 699,798 44
62,800 * Western Digital Corporation 646,840 41
- ----------------------------------------------------------------------------------------------------------------------
27,684,140 1,758
- ----------------------------------------------------------------------------------------------------------------------
Materials--2.9%
19,000 Alcoa, Inc. 484,500 31
9,900 Boise Cascade Corporation 236,610 15
12,300 Dow Chemical Company 380,808 24
17,700 Du Pont (E.I.) de Nemours & Company 737,028 47
21,400 International Flavors & Fragrances, Inc. 683,302 42
12,400 International Paper Company 443,052 28
25,600 Newmont Mining Corporation 830,976 53
4,500 PPG Industries, Inc. 228,330 15
8,600 Praxair, Inc. 516,860 33
1,400 Weyerhaeuser Company 75,600 5
- ----------------------------------------------------------------------------------------------------------------------
4,617,066 293
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--3.3%
11,300 AT&T Corporation 217,525 14
28,500 BellSouth Telecommunications, Inc. 758,955 48
26,700 * Citizens Communications Company 344,163 22
16,100 * Nextel Communications, Inc. - Class "A" 291,088 19
55,300 SBC Communications, Inc. 1,412,915 90
40,900 Verizon Communications, Inc. 1,613,505 102
26,800 Vodafone Group PLC (ADR) 526,620 33
- ----------------------------------------------------------------------------------------------------------------------
5,164,771 328
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE BLUE CHIP FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--1.4%
4,000 Consolidated Edison, Inc. $173,120 $11
5,400 Dominion Resources, Inc. 347,058 22
9,500 Duke Energy Corporation 189,525 12
7,100 Entergy Corporation 374,738 24
7,300 Exelon Corporation 436,613 28
4,500 FPL Group, Inc. 300,825 19
13,300 Southern Company 414,428 26
- ----------------------------------------------------------------------------------------------------------------------
2,236,307 142
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $129,276,280) 154,783,750 9,831
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--1.3%
$2,000M U.S. Treasury Bills, .84%, 7/10/03 (cost $1,999,580) 1,999,580 127
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $131,275,860) 99.6% 156,783,330 9,958
Other Assets, Less Liabilities .4 657,412 42
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $157,440,742 $10,000
======================================================================================================================
* Non-income producing
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE CASH MANAGEMENT FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate* Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
CORPORATE NOTES--56.5%
$270M Anheuser-Busch Co., Inc., 7/22/03+ 1.00% $269,842 $231
500M Bell Atlantic New Jersey, Inc., 2/1/04 1.15 513,629 440
300M BellSouth Corp., 7/18/03 .94 299,867 257
250M Bristol-Myers Squibb Co., 7/18/03+ 1.23 249,855 214
275M Brown-Forman Corp., 7/7/03+ 1.19 274,945 236
350M ChevronTexaco Funding Corp., 7/21/03 .98 349,809 300
400M Clorox Co., 9/11/03 1.00 399,216 342
350M DuPont (E.I.) de Nemours & Co., 9/8/03 .97 349,349 300
250M Florida Power & Light Co., 7/14/03 .98 249,912 214
300M Gannett Company, Inc., 7/11/03+ 1.02 299,915 257
General Electric Capital Corp.:
220M 7/23/03 1.22 219,836 188
220M 8/6/03 .95 219,791 188
300M Johnson & Johnson, 10/15/03+ 1.00 299,116 256
400M Kimberly-Clark Worldwide, Inc., 7/15/03+ 1.17 399,818 343
400M National Rural Utilities Cooperative
Finance Corp., 7/14/03 1.04 399,850 343
350M New York Times Co., 7/15/03 1.23 349,832 300
350M Northern Illinois Gas Corp., 9/16/03 .95 349,288 300
300M Paccar Financial Corp., 7/24/03 1.21 299,767 257
400M Pfizer, Inc., 12/9/03+ .90 398,389 342
400M Schering-Plough Corp., 7/18/03 1.16 399,781 343
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Notes (cost $6,591,807) 6,591,807 5,651
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--27.8%
Federal Farm Credit Bank:
250M 7/1/03 1.35 250,000 214
300M 10/2/03 1.85 302,364 259
Federal Home Loan Bank:
200M 12/3/03 1.20 201,588 173
200M 1/12/04 1.20 204,203 175
500M 3/5/04 1.15 500,114 428
500M 4/13/04 1.01 500,315 429
300M 6/2/04 1.33 300,000 257
Federal Home Loan Mortgage Corporation:
180M 9/15/03 1.35 180,789 155
150M 5/20/04 1.30 152,542 131
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE CASH MANAGEMENT FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Interest $10,000 of
Amount Security Rate* Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Federal National Mortgage Association:
$300M 7/2/03 1.00% $299,991 $257
100M 9/29/03 1.55 100,954 87
244M 11/14/03 1.37 247,015 212
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Obligations
(cost $3,239,875) 3,239,875 2,777
- ----------------------------------------------------------------------------------------------------------------------
FLOATING RATE NOTES--6.4%
Federal Farm Credit Bank:
300M 11/12/03 1.13 300,000 257
250M 2/26/04 1.22 249,951 214
200M Student Loan Marketing Association,
1/9/04 1.05 200,073 172
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Floating Rate Notes (cost $750,024) 750,024 643
- ----------------------------------------------------------------------------------------------------------------------
CERTIFICATES OF DEPOSIT--3.4%
400M Chase Manhattan Bank, NA, 7/17/03
(cost $400,000) 1.25 400,000 343
- ----------------------------------------------------------------------------------------------------------------------
BANKERS' ACCEPTANCES--3.4%
398M Bank of America, NA, 8/11/03
(cost $397,519) 1.06 397,519 341
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--2.6%
300M U.S. Treasury Bills, 7/10/03
(cost $299,937) .84 299,937 257
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $11,679,162)++ 100.1% 11,679,162 10,012
Excess of Liabilities Over Other Assets (.1) (14,340) (12)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $11,664,822 $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 and the rates shown are the rates in effect at
June 30, 2003.
+ See Note 5
++ Aggregate cost for federal income tax purpose is the same.
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE DISCOVERY FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--96.4%
Consumer Discretionary--15.8%
1,000 * Advance Auto Parts, Inc. $60,900 $6
39,900 * Aeropostale, Inc. 857,052 87
23,400 * AFC Enterprises, Inc. 380,016 39
112,400 * Champion Enterprises, Inc. 582,232 59
5,700 * Cheesecake Factory, Inc. 204,573 21
37,000 * Chico's FAS, Inc. 778,850 79
13,900 Claire's Stores, Inc. 352,504 36
13,100 * Cumulus Media, Inc. - Class "A" 247,983 25
8,500 * Dick's Sporting Goods, Inc. 311,780 32
11,800 Fred's, Inc. - Class "A" 438,724 44
15,300 * FTD, Inc. - Class "A" 308,754 31
14,100 * Guitar Center, Inc. 408,900 41
46,300 * Jarden Corporation 1,281,121 130
8,000 * Michaels Stores, Inc. 304,480 31
54,800 * Movie Gallery, Inc. 1,011,060 103
82,300 * MTR Gaming Group, Inc. 635,356 64
10,300 * Multimedia Games, Inc. 262,650 27
2,903 * NVR, Inc. 1,193,133 121
17,700 * Penn National Gaming, Inc. 363,735 37
34,900 * Quicksilver, Inc. 575,501 58
125,500 * Regent Communications, Inc. 740,450 75
140,200 * Scientific Games Corporation 1,317,880 134
12,900 * Select Comfort Corporation 211,302 21
13,100 * Steven Madden, Ltd. 286,104 29
19,700 * Total Entertainment Restaurant Corporation 180,255 18
20,500 * Tractor Supply Company 978,875 99
38,300 * Triarc Companies, Inc. - Class "A" 1,148,617 116
6,000 * Tuesday Morning Corporation 157,800 16
- ----------------------------------------------------------------------------------------------------------------------
15,580,587 1,579
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--2.1%
14,900 * American Italian Pasta Company - Class "A" 620,585 63
23,900 * Performance Food Group Company 884,300 90
39,000 * Playtex Products, Inc. 250,380 25
10,600 * United Natural Foods, Inc. 298,284 30
- ----------------------------------------------------------------------------------------------------------------------
2,053,549 208
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE DISCOVERY FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Energy--6.6%
66,800 Chesapeake Energy Corporation $674,680 $68
5,334 Devon Energy Corporation 284,836 29
14,800 * Forest Oil Corporation 371,776 38
10,400 * Houston Exploration Company 360,880 37
20,400 * National-Oilwell, Inc. 448,800 45
14,600 Noble Energy, Inc. 551,880 56
16,000 * Patterson-UTI Energy, Inc. 518,400 53
24,400 * Remington Oil & Gas Corporation 448,472 45
20,400 * Spinnaker Exploration Company 534,480 54
21,500 * TETRA Technologies, Inc. 637,475 65
16,500 Tidewater, Inc. 484,605 49
15,700 World Fuel Services Corporation 386,063 39
37,600 XTO Energy, Inc. 756,136 77
- ----------------------------------------------------------------------------------------------------------------------
6,458,483 655
- ----------------------------------------------------------------------------------------------------------------------
Financials--10.9%
800 Bank of the Ozarks, Inc. 31,008 3
39,100 BankAtlantic Bancorp, Inc. - Class "A" 464,899 47
17,200 Brown & Brown, Inc. 559,000 57
7,100 Capital Automotive (REIT) 198,729 20
14,600 Capitol Bancorp, Ltd. 395,660 40
14,600 * Corrections Corporation of America 369,818 38
22,050 Doral Financial Corporation 984,532 100
74,000 * E*TRADE Group, Inc. 629,000 64
32,800 HCC Insurance Holdings, Inc. 969,896 98
18,700 Infinity Property & Casualty Corporation 442,068 45
16,200 Irwin Financial Corporation 419,580 43
25,000 * Montpelier Re Holdings, Ltd. 790,000 80
28,100 Odyssey Re Holdings Corporation 592,910 60
32,900 Provident Financial Services, Inc. 626,745 64
33,500 RAIT Investment Trust 887,750 90
25,700 Safety Insurance Group, Inc. 377,533 38
12,400 Sandy Spring Bancorp, Inc. 391,840 40
20,000 Thornburg Mortgage, Inc. 494,000 50
28,600 TrustCo Bank Corp NY 316,888 32
25,000 Ventas, Inc. 378,750 38
10,400 Westamerica Bancorporation 448,032 45
- ----------------------------------------------------------------------------------------------------------------------
10,768,638 1,092
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--18.9%
20,500 * American Healthways, Inc. $740,460 $75
20,400 * AmSurg Corporation 622,200 63
79,200 * Axcan Pharma, Inc. 993,960 101
46,200 * Bio-Reference Laboratories, Inc. 325,248 33
15,100 * Celgene Corporation 459,040 46
33,200 * Centene Corporation 1,291,480 131
8,700 * Cephalon, Inc. 358,092 36
6,100 * Charles River Laboratories International, Inc. 196,298 20
29,600 Computer Programs and Systems, Inc. 592,296 60
1,600 * CTI Molecular Imaging, Inc. 30,256 3
21,300 * Curative Health Services, Inc. 362,100 37
9,400 Diagnostic Products Corporation 385,870 39
28,600 * Eon Labs, Inc. 1,005,290 102
33,400 * Exact Sciences Corporation 366,064 37
12,400 * Fisher Scientific International, Inc. 432,760 44
13,200 * Humana, Inc. 199,320 20
11,800 * Immucor, Inc. 257,122 26
42,100 * KV Pharmaceutical Company - Class "A" 1,170,380 119
9,300 Medicis Pharmaceutical Corporation - Class "A" 527,310 53
10,000 * MGI Pharma, Inc. 256,300 26
10,300 * Mid Atlantic Medical Services, Inc. 538,690 55
46,400 * MIM Corporation 302,992 31
9,800 * Neurocrine Biosciences, Inc. 489,412 50
12,800 * NPS Pharmaceuticals, Inc. 311,552 32
31,650 * Odyssey Healthcare, Inc. 1,171,050 119
32,200 * Steris Corporation 743,498 75
18,800 * Taro Pharmaceuticals Industries, Ltd. 1,031,744 104
24,000 * U.S. Physical Therapy, Inc. 301,200 31
67,700 * VCA Antech, Inc. 1,324,889 134
32,500 * VistaCare, Inc. - Class "A" 790,075 80
11,500 * Wilson Greatbatch Technologies, Inc. 415,150 42
20,700 * ZOLL Medical Corporation 694,692 70
- ----------------------------------------------------------------------------------------------------------------------
18,686,790 1,894
- ----------------------------------------------------------------------------------------------------------------------
Industrials--14.4%
22,500 * Arbitron, Inc. 803,250 81
11,600 * Career Education Corporation 793,672 80
12,800 CLARCOR, Inc. 493,440 50
2,500 * Clean Harbors, Inc. 23,825 2
34,500 * DRS Technologies, Inc. 963,240 98
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE DISCOVERY FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Industrials (continued)
19,000 * Education Management Corporation $1,010,420 $102
19,000 * EMCOR Group, Inc. 937,840 95
6,600 * ESCO Technologies, Inc. 290,400 30
41,600 * Excel Technology, Inc. 949,728 96
60,300 * FTI Consulting, Inc. 1,505,691 153
28,100 * Genesee & Wyoming, Inc. - Class "A" 578,017 59
66,600 * Headwaters, Inc. 978,354 99
36,700 * Moore Wallace, Inc. 538,756 55
26,700 * MTC Technologies, Inc. 626,382 64
21,300 NN, Inc. 269,658 27
10,500 * Old Dominion Freight Line, Inc. 227,010 23
10,800 Oshkosh Truck Corporation 640,656 65
50,300 United Industrial Corporation 819,890 83
40,300 * Wabash National Corporation 565,409 57
23,100 * Waste Connections, Inc. 809,655 82
17,200 Werner Enterprises, Inc. 364,640 37
- ----------------------------------------------------------------------------------------------------------------------
14,189,933 1,438
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--24.0%
1,700 * Advanced Fibre Communications, Inc. 27,659 3
18,600 * Altiris, Inc. 372,930 38
11,400 * ATMI, Inc. 284,658 29
49,900 * Borland Software Corporation 487,523 49
2,700 * Citrix Systems, Inc. 54,972 6
31,500 * Cognizant Technology Solutions Corporation - Class "A" 767,340 78
99,000 * Conexant Systems, Inc. 405,900 41
43,900 * Cray, Inc. 346,810 35
29,000 * Credence Systems Corporation 245,630 25
8,200 * Cymer, Inc. 262,482 27
16,700 * Cypress Semiconductor Corporation 200,400 20
19,700 * Documentum, Inc. 387,499 39
10,800 * DSP Group, Inc. 232,524 24
16,100 * DuPont Photomasks, Inc. 303,163 31
47,300 * Embarcadero Technologies, Inc. 331,100 34
33,000 * FLIR Systems, Inc. 994,950 101
1,100 * FormFactor, Inc. 19,470 2
44,800 * Global Imaging Systems, Inc. 1,037,568 105
4,000 * Hutchinson Technology, Inc. 131,560 13
12,900 * Hyperion Solutions Corporation 435,504 44
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Information Technology (continued)
15,700 * Integrated Circuit Systems, Inc. $493,451 $50
81,400 * Intergraph Corporation 1,750,100 177
13,000 Inter-Tel, Inc. 275,860 28
48,000 * Itron, Inc. 1,034,880 105
8,100 * J2 Global Communications, Inc. 372,438 38
51,100 * Kopin Corporation 312,732 32
13,500 * Kronos, Inc. 685,935 70
45,300 * Lexar Media, Inc. 432,162 44
13,900 * Magma Design Automation, Inc. 238,385 24
9,000 * Manhattan Associates, Inc. 233,730 24
9,500 * ManTech International Corporation - Class "A" 182,210 18
15,100 * Maxtor Corporation 113,401 11
21,200 * McDATA Corporation - Class "B" 307,400 31
86,900 * MEMC Electronic Materials, Inc. 851,620 86
4,500 * Mercury Interactive Corporation 173,745 18
33,000 * Mindspeed Technologies, Inc. 89,100 9
148,900 * MPS Group, Inc. 1,024,432 104
33,900 * MSC.Software Corporation 228,486 23
19,200 * Neoware Systems, Inc. 294,528 30
15,600 * NetIQ Corporation 241,176 24
12,200 * NetScreen Technologies, Inc. 275,110 28
70,500 * Pinnacle Systems, Inc. 754,350 76
17,900 * Planar Systems, Inc. 350,124 35
23,200 * Progress Software Corporation 480,936 49
111,900 * Scansoft, Inc. 607,617 62
9,800 * ScanSource, Inc. 262,150 27
17,000 * Skyworks Solutions, Inc. 115,090 12
33,700 * Synaptics, Inc. 453,602 46
83,700 * Titan Corporation 861,273 87
34,000 * United Online, Inc. 861,560 87
29,800 * UTStarcom, Inc. 1,059,986 107
22,200 * Varian Semiconductor Equipment Associates, Inc. 660,672 67
1,300 * Websense, Inc. 20,358 2
20,600 * Western Digital Corporation 212,180 21
- ----------------------------------------------------------------------------------------------------------------------
23,640,421 2,396
- ----------------------------------------------------------------------------------------------------------------------
Materials--.5%
1,600 Delta and Pine Land Company 35,168 4
44,000 * Louisiana-Pacific Corporation 476,960 48
- ----------------------------------------------------------------------------------------------------------------------
512,128 52
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE DISCOVERY FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other--.9%
5,200 Biotech HOLDRs Trust $640,900 $65
7,400 Software HOLDRs Trust 233,692 24
- ----------------------------------------------------------------------------------------------------------------------
874,592 89
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--1.3%
16,500 * Boston Communications Group, Inc. 282,645 29
23,200 * Commonwealth Telephone Enterprises, Inc. 1,020,104 103
- ----------------------------------------------------------------------------------------------------------------------
1,302,749 132
- ----------------------------------------------------------------------------------------------------------------------
Utilities--1.0%
25,400 Equitable Resources, Inc. 1,034,796 105
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $76,572,099) 95,102,666 9,640
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--3.3%
$1,800M General Electric Capital Corp., 1.02%, 7/7/03 1,799,694 182
1,500M Verizon Network Funding, .98%, 7/7/03 1,499,755 152
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $3,299,449) 3,299,449 334
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $79,871,548) 99.7% 98,402,115 9,974
Other Assets, Less Liabilities .3 258,698 26
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $98,660,813 $10,000
======================================================================================================================
* Non-income producing
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE FOCUSED EQUITY FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--97.7%
Consumer Discretionary--8.9%
21,900 * AOL Time Warner, Inc. $352,371 $427
6,800 * Comcast Corporation - Special Class "A" 196,044 237
5,700 Home Depot, Inc. 188,784 229
- ----------------------------------------------------------------------------------------------------------------------
737,199 893
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--10.4%
3,700 Coca-Cola Company 171,717 208
5,000 Gillette Company 159,300 192
3,600 PepsiCo, Inc. 160,200 194
1,400 Procter & Gamble Company 124,852 151
4,200 * Safeway, Inc. 85,932 104
3,000 Wal-Mart Stores, Inc. 161,010 195
- ----------------------------------------------------------------------------------------------------------------------
863,011 1,044
- ----------------------------------------------------------------------------------------------------------------------
Energy--6.4%
3,700 ChevronTexaco Corporation 267,140 323
5,600 Schlumberger, Ltd. 266,392 322
- ----------------------------------------------------------------------------------------------------------------------
533,532 645
- ----------------------------------------------------------------------------------------------------------------------
Financials--18.2%
5,300 American International Group, Inc. 292,454 354
2,400 Bank of America Corporation 189,672 230
3,700 Bank One Corporation 137,566 166
8,300 Citigroup, Inc. 355,240 431
2,200 Marsh & McLennan Companies, Inc. 112,354 136
4,200 Merrill Lynch & Company, Inc. 196,056 237
6,000 Travelers Property Casualty Corporation - Class "B" 94,620 114
3,100 Wachovia Corporation 123,876 150
- ----------------------------------------------------------------------------------------------------------------------
1,501,838 1,818
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE FOCUSED EQUITY FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--18.1%
5,500 Abbott Laboratories $240,680 $291
4,400 Cardinal Health, Inc. 282,920 342
1,800 Eli Lilly & Company 124,146 150
1,800 * Genzyme Corporation 75,240 91
12,500 Pfizer, Inc. 426,875 517
6,500 Schering-Plough Corporation 120,900 146
5,000 Wyeth 227,750 276
- ----------------------------------------------------------------------------------------------------------------------
1,498,511 1,813
- ----------------------------------------------------------------------------------------------------------------------
Industrials--10.7%
700 3M Company 90,286 109
2,000 FedEx Corporation 124,060 150
11,400 General Electric Company 326,952 396
2,900 Lockheed Martin Corporation 137,953 167
1,400 United Technologies Corporation 99,162 120
4,300 Waste Management, Inc. 103,587 125
- ----------------------------------------------------------------------------------------------------------------------
882,000 1,067
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--17.8%
7,800 * Accenture, Ltd. - Class "A" 141,102 171
5,400 * Applied Materials, Inc. 85,644 103
10,000 * Cisco Systems, Inc. 165,900 201
9,758 Hewlett-Packard Company 207,846 251
14,300 Intel Corporation 297,211 360
1,900 International Business Machines Corporation 156,750 190
16,100 Microsoft Corporation 412,321 499
- ----------------------------------------------------------------------------------------------------------------------
1,466,774 1,775
- ----------------------------------------------------------------------------------------------------------------------
Materials--3.7%
6,800 Alcoa, Inc. 173,400 210
3,700 International Paper Company 132,201 160
- ----------------------------------------------------------------------------------------------------------------------
305,601 370
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--2.3%
7,600 SBC Communications, Inc. 194,180 235
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Utilities--1.2%
1,600 Exelon Corporation $95,696 $116
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $8,266,108) 8,078,342 9,776
- ----------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--1.6%
$129M BNP Paribas Corp., 1.08%, 7/1/03 (collateralized by
U.S. Treasury Notes, 2%, 11/30/04, valued at
$131,781) (cost $129,000) 129,000 156
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $8,395,108) 99.3% 8,207,342 9,932
Other Assets, Less Liabilities .7 56,356 68
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,263,698 $10,000
======================================================================================================================
* Non-income producing
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE GOVERNMENT FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
MORTGAGE-BACKED CERTIFICATES--73.6%
Federal Home Loan Mortgage Corporation--11.9%
$1,530M 6%, 8/1/2032-4/1/2033 $1,586,514 $604
982M 6.5%, 7/1/2032-12/1/2032 1,022,606 389
471M 8.5%, 7/1/2016-9/1/2024 515,853 196
- ----------------------------------------------------------------------------------------------------------------------
3,124,973 1,189
- ----------------------------------------------------------------------------------------------------------------------
Federal National Mortgage Association--8.5%
432M 7%, 5/1/2031 459,339 175
948M 9%, 6/1/2015-11/1/2026 1,053,352 401
615M 11%, 10/1/2015 730,223 278
- ----------------------------------------------------------------------------------------------------------------------
2,242,914 854
- ----------------------------------------------------------------------------------------------------------------------
Government National Mortgage Association I Program--53.2%
1,500M 5%, 6/15/2033 1,541,250 587
1,996M 5.5%, 2/15/2033-7/22/2033 2,085,274 794
1,438M 6%, 9/15/2032-11/15/2032 1,509,032 574
3,291M 6.5%, 6/15/2029-1/15/2033 3,464,457 1,319
4,190M 7%, 1/15/2030-10/15/2032 4,445,102 1,692
222M 8.5%, 11/15/2031 242,635 92
610M 10%, 5/15/2019-8/15/2019 696,854 265
- ----------------------------------------------------------------------------------------------------------------------
13,984,604 5,323
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Mortgage-Backed Certificates (cost $19,050,195) 19,352,491 7,366
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--19.7%
Federal Farm Credit Bank:
1,000M 4.75%, 4/24/2013 1,021,148 389
1,400M 3.75%, 2/13/2008 1,420,697 541
Federal Home Loan Bank:
1,480M 5.8%, 9/2/2008 1,704,142 648
1,000M 5.125%, 4/22/2013 1,021,575 389
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Obligations
(cost $4,916,564) 5,167,562 1,967
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--4.2%
$1,100M General Electric Capital Corp., .95%, 7/10/03
(cost $1,099,739) $1,099,739 $419
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $25,066,498) 97.5% 25,619,792 9,752
Other Assets, Less Liabilities 2.5 650,966 248
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $26,270,758 $10,000
======================================================================================================================
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE GROWTH FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--98.1%
Consumer Discretionary--13.4%
16,700 * American Eagle Outfitters, Inc. $302,604 $16
244,800 * AOL Time Warner, Inc. 3,938,832 206
44,100 * Brinker International, Inc. 1,588,482 83
22,000 * Catalina Marketing Corporation 388,300 20
4,500 * CDW Corporation 206,100 11
24,100 * Chico's FAS, Inc. 507,305 26
87,400 * Comcast Corporation - Class "A" 2,519,742 132
23,100 D.R. Horton, Inc. 649,110 34
15,050 Darden Restaurants, Inc. 285,649 15
20,400 Gannett Company, Inc. 1,566,924 82
57,100 Gap, Inc. 1,071,196 56
74,900 Home Depot, Inc. 2,480,688 129
35,300 * InterActiveCorp 1,396,821 73
4,800 * International Game Technology 491,184 26
25,300 * Lamar Advertising Company - Class "A" 890,813 46
4,500 * Linens 'n Things, Inc. 106,245 6
17,600 Liz Claiborne, Inc. 620,400 32
64,500 McDonald's Corporation 1,422,870 74
19,500 * Michaels Stores, Inc. 742,170 39
6,700 * Mohawk Industries, Inc. 372,051 19
19,800 Omnicom Group, Inc. 1,419,660 74
20,400 * O'Reilly Automotive, Inc. 681,156 36
16,800 * Pacific Sunwear of California, Inc. 404,712 21
5,400 Polaris Industries, Inc. 331,560 17
18,100 Target Corporation 684,904 36
19,400 * Univision Communications, Inc. 589,760 31
- ----------------------------------------------------------------------------------------------------------------------
25,659,238 1,340
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--10.1%
33,300 Altria Group, Inc. 1,513,152 79
66,300 Coca-Cola Company 3,076,983 161
60,700 Coca-Cola Enterprises, Inc. 1,101,705 57
26,200 * Constellation Brands, Inc. - Class "A" 822,680 43
26,800 CVS Corporation 751,204 39
36,500 General Mills, Inc. 1,730,465 90
71,500 Gillette Company 2,277,990 119
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples (continued)
61,200 PepsiCo, Inc. $2,723,400 $142
24,600 Procter & Gamble Company 2,193,828 115
59,300 Wal-Mart Stores, Inc. 3,182,631 166
- ----------------------------------------------------------------------------------------------------------------------
19,374,038 1,011
- ----------------------------------------------------------------------------------------------------------------------
Energy--6.1%
66,000 Chesapeake Energy Corporation 666,600 35
36,000 ChevronTexaco Corporation 2,599,200 136
31,400 EOG Resources, Inc. 1,313,776 68
123,000 ExxonMobil Corporation 4,416,930 231
15,900 GlobalSantaFe Corporation 371,106 19
39,700 Schlumberger, Ltd. 1,888,529 99
33,400 * Swift Energy Company 367,400 19
- ----------------------------------------------------------------------------------------------------------------------
11,623,541 607
- ----------------------------------------------------------------------------------------------------------------------
Financials--17.5%
9,400 Ambac Financial Group, Inc. 622,750 33
74,874 American International Group, Inc. 4,131,547 216
23,200 Arthur J. Gallagher & Company 631,040 33
37,500 Bank of America Corporation 2,963,625 155
13,900 Bank of Hawaii Corporation 460,785 24
63,500 Bank One Corporation 2,360,930 123
25,700 Banknorth Group, Inc. 655,864 34
148,352 Citigroup, Inc. 6,349,466 331
14,400 Countrywide Financial Corporation 1,001,808 52
37,800 * E*TRADE Group, Inc. 321,300 17
14,600 Hartford Financial Services Group, Inc. 735,256 38
30,100 Legg Mason, Inc. 1,954,995 102
41,900 Marsh & McLennan Companies, Inc. 2,139,833 112
67,600 Merrill Lynch & Company, Inc. 3,155,568 165
50,000 * Providian Financial Corporation 463,000 24
33,100 Sovereign Bancorp, Inc. 518,015 27
30,400 St. Paul Company, Inc. 1,109,904 58
97,300 Travelers Property Casualty Corporation - Class "B" 1,534,421 80
59,400 Wachovia Corporation 2,373,624 124
- ----------------------------------------------------------------------------------------------------------------------
33,483,731 1,748
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE GROWTH FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care--16.6%
86,700 Abbott Laboratories $3,793,992 $198
49,000 * Albany Molecular Research, Inc. 739,900 39
3,500 * Anthem, Inc. 270,025 14
31,900 Cardinal Health, Inc. 2,051,170 107
16,600 * Caremark Rx, Inc. 426,288 22
6,500 Diagnostic Products Corporation 266,825 14
31,100 * Edwards Lifesciences Corporation 999,554 52
47,100 Eli Lilly & Company 3,248,487 170
25,800 Guidant Corporation 1,145,262 60
7,500 * Henry Schein, Inc. 392,550 20
29,300 * IDEC Pharmaceuticals Corporation 996,200 52
51,400 IMS Health, Inc. 924,686 48
43,700 * King Pharmaceuticals, Inc. 645,012 34
13,660 * Laboratory Corporation of America Holdings 411,849 22
14,800 * Oxford Health Plans, Inc. 622,044 32
205,575 Pfizer, Inc. 7,020,386 367
14,300 * Quest Diagnostics, Inc. 912,340 48
94,700 Schering-Plough Corporation 1,761,420 92
35,100 * Triad Hospitals, Inc. 871,182 45
13,500 * Watson Pharmaceuticals, Inc. 544,995 28
83,300 Wyeth 3,794,315 198
- ----------------------------------------------------------------------------------------------------------------------
31,838,482 1,662
- ----------------------------------------------------------------------------------------------------------------------
Industrials--10.1%
9,800 3M Company 1,264,004 66
16,500 * Aramark Corporation - Class "B" 369,930 19
17,300 * ChoicePoint, Inc. 597,196 31
41,900 * EGL, Inc. 636,880 33
31,000 FedEx Corporation 1,922,930 100
15,700 General Dynamics Corporation 1,138,250 60
179,000 General Electric Company 5,133,720 268
24,500 ITT Industries, Inc. 1,603,770 84
9,800 * JetBlue Airways Corporation 414,442 22
47,700 Lockheed Martin Corporation 2,269,089 119
52,000 Masco Corporation 1,240,200 65
17,000 United Technologies Corporation 1,204,110 63
63,200 Waste Management, Inc. 1,522,488 79
- ----------------------------------------------------------------------------------------------------------------------
19,317,009 1,009
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--17.9%
95,700 * Accenture, Ltd. - Class "A" $1,731,213 $90
5,600 Adobe Systems, Inc. 179,592 9
26,200 * Analog Devices, Inc. 912,284 48
103,900 * Applied Materials, Inc. 1,647,854 86
19,200 Automatic Data Processing, Inc. 650,112 34
14,000 * Cabot Microelectronics Corporation 706,580 37
25,940 * Cadence Design Systems, Inc. 312,836 16
13,800 * CheckFree Corporation 384,192 20
177,100 * Cisco Systems, Inc. 2,938,089 153
18,500 * Comverse Technology, Inc. 278,055 15
39,600 * Fairchild Semiconductor Corporation 506,484 26
135,367 Hewlett-Packard Company 2,883,317 151
12,200 * Integrated Circuit Systems, Inc. 383,446 20
155,000 Intel Corporation 3,221,520 168
32,500 International Business Machines Corporation 2,681,250 140
44,600 * International Rectifier Corporation 1,196,172 63
23,500 * Intuit, Inc. 1,046,455 55
16,600 * Lattice Semiconductor Corporation 136,618 7
9,300 * Manhattan Associates, Inc. 241,521 13
288,100 Microsoft Corporation 7,378,241 385
6,500 * Novellus Systems, Inc. 238,037 12
14,700 * PeopleSoft, Inc. 258,573 14
74,900 * Sanmina - SCI Corporation 472,619 25
22,800 * Siebel Systems, Inc. 217,512 11
72,900 * SunGard Data Systems, Inc. 1,888,839 99
39,600 * Tekelec 447,480 23
36,500 Texas Instruments, Inc. 642,400 34
18,300 * Verity, Inc. 231,678 12
18,600 * Waters Corporation 541,818 28
- ----------------------------------------------------------------------------------------------------------------------
34,354,787 1,794
- ----------------------------------------------------------------------------------------------------------------------
Materials--3.1%
81,200 Alcoa, Inc. 2,070,600 108
37,200 Du Pont (E.I.) de Nemours & Company 1,549,008 81
39,100 International Paper Company 1,397,043 73
48,000 * Pactiv Corporation 946,080 49
- ----------------------------------------------------------------------------------------------------------------------
5,962,731 311
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE GROWTH FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--1.6%
117,600 SBC Communications, Inc. $3,004,680 $157
- ----------------------------------------------------------------------------------------------------------------------
Utilities--1.7%
17,000 Cinergy Corporation 625,430 33
28,700 Exelon Corporation 1,716,547 89
13,400 FPL Group, Inc. 895,790 47
- ----------------------------------------------------------------------------------------------------------------------
3,237,767 169
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $160,089,824) 187,856,004 9,808
- ----------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--1.4%
$2,736M BNP Paribas Corp., 1.08%, 7/1/03 (collateralized by
U.S. Treasury Notes, 2%, 11/30/04, valued at
$2,793,751) (cost $2,736,000) 2,736,000 143
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $162,825,824) 99.5% 190,592,004 9,951
Other Assets, Less Liabilities .5 943,902 49
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $191,535,906 $10,000
======================================================================================================================
* Non-income producing
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE HIGH YIELD FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS--87.4%
Aerospace/Defense--1.5%
$400M Alliant Techsystems, Inc., 8.5%, 2011 $446,000 $77
400M L-3 Communications Corp., 7.625%, 2012 442,000 76
- ----------------------------------------------------------------------------------------------------------------------
888,000 153
- ----------------------------------------------------------------------------------------------------------------------
Automotive--6.8%
550M Accuride Corp., 9.25%, 2008 509,437 87
175M Asbury Automotive Group, Inc., 9%, 2012 169,750 29
1,000M Collins & Aikman Products Co., 11.5%, 2006 790,000 136
250M Cummins, Inc., 9.5%, 2010+ 285,000 49
375M Dana Corp., 9%, 2011 407,813 70
500M Delco Remy International, Inc., 11%, 2009 342,500 59
1,000M Special Devices, Inc., 11.375%, 2008 805,000 138
500M TRW Automotive, Inc., 9.375%, 2013+ 545,000 94
100M United Components, Inc., 9.375%, 2013+ 104,250 18
- ----------------------------------------------------------------------------------------------------------------------
3,958,750 680
- ----------------------------------------------------------------------------------------------------------------------
Chemicals--4.2%
50M Equistar Chemicals LP, 10.625%, 2011+ 51,500 9
50M Ethyl Corp., 8.875%, 2010+ 51,250 9
500M FMC Corp., 10.25%, 2009 565,000 97
700M Hydrochem Industrial Services, Inc., 10.375%, 2007 495,250 85
350M Lyondell Chemical Co., 9.5%, 2008 334,250 57
425M Millennium America, Inc., 9.25%, 2008 459,000 79
350M Noveon, Inc., 11%, 2011 399,000 69
100M Omnova Solutions, Inc., 11.25%, 2010+ 106,500 18
- ----------------------------------------------------------------------------------------------------------------------
2,461,750 423
- ----------------------------------------------------------------------------------------------------------------------
Consumer Non-Durables--1.9%
583M Hines Horticulture, Inc., 12.75%, 2005 615,065 106
500M Playtex Products, Inc., 9.375%, 2011 502,500 86
- ----------------------------------------------------------------------------------------------------------------------
1,117,565 192
- ----------------------------------------------------------------------------------------------------------------------
Energy--9.1%
700M Bluewater Finance, Ltd., 10.25%, 2012 696,500 120
500M Chesapeake Energy Corp., 9%, 2012 560,000 96
1,000M Compagnie Generale de Geophysique, 10.625%, 2007 1,030,000 177
300M Dresser, Inc., 9.375%, 2011 310,500 52
1,000M El Paso Production Holding Co., 7.75%, 2013+ 1,002,500 172
1,000M Giant Industries, Inc., 11%, 2012 970,000 167
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE HIGH YIELD FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Energy (continued)
Tesoro Petroleum Corp.:
$100M 8%, 2008+ $103,000 $18
700M 9.625%, 2008 651,000 112
- ----------------------------------------------------------------------------------------------------------------------
5,323,500 914
- ----------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--3.9%
1,300M Canandaigua Brands, Inc., 8.5%, 2009 1,371,500 236
350M Land O'Lakes, Inc., 8.75%, 2011 281,750 48
250M Merisant Co., 9.5%, 2013+ 260,000 45
350M Pilgrim's Pride Corp., 9.625%, 2011 375,375 64
- ----------------------------------------------------------------------------------------------------------------------
2,288,625 393
- ----------------------------------------------------------------------------------------------------------------------
Food/Drug--1.1%
650M Di Giorgio Corp., 10%, 2007 647,562 111
- ----------------------------------------------------------------------------------------------------------------------
Forest Products/Containers--5.0%
500M AEP Industries, Inc., 9.875%, 2007 462,500 79
1,050M Packaging Corp. of America, 9.625%, 2009 1,161,563 200
325M Potlatch Corp., 10%, 2011 362,375 62
500M Stone Container Corp., 9.75%, 2011 550,000 94
400M Tekni-Plex, Inc., 12.75%, 2010 392,000 67
- ----------------------------------------------------------------------------------------------------------------------
2,928,438 502
- ----------------------------------------------------------------------------------------------------------------------
Gaming/Leisure--4.8%
500M Circus & Eldorado/Silver Legacy, 10.125%, 2012 493,750 85
1,000M Isle of Capri Casinos, Inc., 8.75%, 2009 1,070,000 184
375M Outboard Marine Corp., 10.75%, 2008++** 469 --
700M Park Place Entertainment Corp., 9.375%, 2007 777,000 133
400M Universal City Development Partners, Ltd.,
11.75%, 2010+ 441,000 76
- ----------------------------------------------------------------------------------------------------------------------
2,782,219 478
- ----------------------------------------------------------------------------------------------------------------------
Health Care--4.9%
475M Advanced Medical Optics, Inc., 9.25%, 2010 517,750 89
ALARIS Medical Systems, Inc.:
175M 11.625%, 2006 213,500 37
30M 7.25%, 2011 30,525 5
Fisher Scientific International, Inc.:
500M 7.125%, 2005 525,000 90
100M 8.125%, 2012+ 107,500 18
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care (continued)
$600M Genesis Health Ventures, Inc., 9.75%, 2005++ $8,880 $2
350M Insight Health Services Corp., 9.875%, 2011 369,250 63
350M MedQuest, Inc., 11.875%, 2012 365,750 63
400M PerkinElmer, Inc., 8.875%, 2013+ 436,000 75
250M Sybron Dental Specialties, Inc., 8.125%, 2012 265,000 46
- ----------------------------------------------------------------------------------------------------------------------
2,839,155 488
- ----------------------------------------------------------------------------------------------------------------------
Housing--2.4%
250M Integrated Electrical Services, Inc., 9.375%, 2009 255,000 44
750M Nortek, Inc., 9.875%, 2011 793,125 136
300M William Lyon Homes, Inc., 10.75%, 2013 320,250 55
- ----------------------------------------------------------------------------------------------------------------------
1,368,375 235
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--2.6%
400M ChipPac International, Ltd., 12.75%, 2009 452,000 78
350M Exodus Communications, Inc., 10.75%, 2009++** 7,000 1
1,000M Iron Mountain, Inc., 8.25%, 2011 1,075,000 185
- ----------------------------------------------------------------------------------------------------------------------
1,534,000 264
- ----------------------------------------------------------------------------------------------------------------------
Investment/Finance Companies--.8%
275M Finova Group, Inc., 7.5%, 2009 121,000 21
350M General Motors Acceptance Corp., 4.5%, 2006 351,915 60
- ----------------------------------------------------------------------------------------------------------------------
472,915 81
- ----------------------------------------------------------------------------------------------------------------------
Manufacturing--1.3%
750M Clark Material Handling, Inc., 10.75%, 2006++ 3,825 1
1,040M Columbus McKinnon Corp., 8.5%, 2008 780,000 133
- ----------------------------------------------------------------------------------------------------------------------
783,825 134
- ----------------------------------------------------------------------------------------------------------------------
Media-Broadcasting--2.0%
350M Nexstar Finance, LLC, 12%, 2008 392,000 67
350M Sinclair Broadcasting Group, Inc., 8.75%, 2011 385,875 66
340M Young Broadcasting Corp., 10%, 2011 369,750 63
- ----------------------------------------------------------------------------------------------------------------------
1,147,625 196
- ----------------------------------------------------------------------------------------------------------------------
Media-Cable TV--8.3%
500M Adelphia Communications Corp., 10.25%, 2011++ 322,500 55
1,000M Charter Communications Holdings, LLC, 10%, 2009 770,000 132
1,100M Diva Systems Corp., 12.625%, 2008++ 67,375 12
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE HIGH YIELD FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Media-Cable TV (continued)
$800M Echostar DBS Corp., 9.375%, 2009 $857,000 $147
1,000M Mediacom LLC/Mediacom Capital Corp., 7.875%, 2011 1,000,000 172
1,000M Rogers Communications, Inc., 8.875%, 2007 1,035,000 179
700M Star Choice Communications, Inc., 13%, 2005 750,750 129
- ----------------------------------------------------------------------------------------------------------------------
4,802,625 826
- ----------------------------------------------------------------------------------------------------------------------
Media-Diversified--7.6%
250M American Media Operations, Inc., 8.875%, 2011+ 271,875 47
500M Block Communications, Inc., 9.25%, 2009 547,500 94
1,000M Carmike Cinemas, Inc., 10.375%, 2009 1,055,000 181
1,000M Garden State Newspapers, Inc., 8.625%, 2011 1,047,500 180
1,000M Mail-Well I Corp., 8.75%, 2008 950,000 163
500M Quebecor Media, Inc., 11.125%, 2011 575,000 99
- ----------------------------------------------------------------------------------------------------------------------
4,446,875 764
- ----------------------------------------------------------------------------------------------------------------------
Metals/Mining--3.2%
900M Commonwealth Aluminum Corp., 10.75%, 2006 909,000 156
1,000M Wolverine Tube, Inc., 7.375%, 2008+ 955,000 164
- ----------------------------------------------------------------------------------------------------------------------
1,864,000 320
- ----------------------------------------------------------------------------------------------------------------------
Retail-General Merchandise--1.4%
700M Michaels Stores, Inc., 9.25%, 2009 787,500 135
- ----------------------------------------------------------------------------------------------------------------------
Services--6.1%
Allied Waste NA, Inc.:
1,150M 10%, 2009 1,227,625 211
300M 9.25%, 2012+ 332,250 57
200M 7.875%, 2013 210,250 36
1,250M Kindercare Learning Centers, Inc., 9.5%, 2009 1,265,625 217
500M Worldspan LP, 9.625%, 2011+ 517,500 89
- ----------------------------------------------------------------------------------------------------------------------
3,553,250 610
- ----------------------------------------------------------------------------------------------------------------------
Telecommunications--1.9%
950M E. Spire Communications, Inc., 13%, 2005++ 95 --
1,150M Pac-West Telecommunications, Inc., 13.5%, 2009 615,250 106
1,200M RCN Corp., 11%, 2008 474,000 81
1,500M Viatel, Inc., 0%-12.5%, 2008++** 562 --
1,000M XO Communications, Inc., 9%, 2008++** 1,250 --
- ----------------------------------------------------------------------------------------------------------------------
1,091,157 187
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Principal For Each
Amount $10,000 of
or Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Transportation--.6%
$300M General Maritime Corp., 10%, 2013+ $330,000 $57
- ----------------------------------------------------------------------------------------------------------------------
Utilities--.0%
500M AES Drax Energy, Ltd., 11.5%, 2010++ 7,500 1
- ----------------------------------------------------------------------------------------------------------------------
Wireless Communications--6.0%
700M Crown Castle International Corp., 9.375%, 2011 731,500 126
1,050M Nextel Communications, Inc., 9.95%, 2008 1,102,500 189
Triton Communications, LLC:
700M 11%, 2008 745,500 128
400M 8.75%, 2011 401,000 69
475M 8.5%, 2013+ 513,000 88
- ----------------------------------------------------------------------------------------------------------------------
3,493,500 600
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $56,327,237) 50,918,711 8,744
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--2.0%
1,000M U.S. Treasury Notes, 6.125%, 2007 (cost $1,049,218) 1,157,071 199
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--.7%
Media-Cable TV--.3%
4,710 * Echostar Communications Corp. - Class "A" 163,060 28
- ----------------------------------------------------------------------------------------------------------------------
Media-Diversified--.1%
1,000 * MediaNews Group, Inc. - Class "A" 75,000 13
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--.3%
3,993 * NTL, Inc. 136,241 23
4,612 * Viatel Holding (Bermuda), Ltd.** 10,684 2
4,399 * World Access, Inc. 2 --
- ----------------------------------------------------------------------------------------------------------------------
146,927 25
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $1,987,308) 384,987 66
- ----------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--.2%
Manufacturing
547 Day International Group, Inc., 12.25%, 2010, PIK
(cost $441,390) 110,715 19
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE HIGH YIELD FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Warrants or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
WARRANTS--.1%
Media-Cable TV--.1%
3,300 * Diva Systems Corp. (expiring 3/1/08)+ $33 $--
16,212 * Star Choice Communications, Inc. (expiring 12/15/05)+ 42,557 7
- ----------------------------------------------------------------------------------------------------------------------
42,590 7
- ----------------------------------------------------------------------------------------------------------------------
Telecommunications--.0%
1,500 * E. Spire Communications, Inc. (expiring 11/1/05)**+ -- --
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Warrants (cost $0) 42,590 7
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS--5.8%
$3,400M Federal National Mortgage Assoc., 1%, 7/2/03
(cost $3,399,905) 3,399,905 584
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--3.6%
400M Coca-Cola Co., 1.02%, 7/11/03 399,887 68
600M General Electric Capital Corp., 1.02%, 7/11/03 599,830 103
1,100M Gillette Co., 1.26%, 7/1/03 1,100,000 189
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $2,099,717) 2,099,717 360
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $65,304,775) 99.8% 58,113,696 9,979
Other Assets, Less Liabilities .2 120,843 21
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $58,234,539 $10,000
======================================================================================================================
* Non-income producing
** Security valued at fair value (see Note 1A)
+ See Note 5
++ In default as to principal and/or interest payment
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE INTERNATIONAL SECURITIES FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--91.3%
United States--29.9%
1,600 3M Company $206,368 $27
12,450 Abbott Laboratories 544,812 72
16,000 Alcoa, Inc. 408,000 54
13,070 American International Group, Inc. 721,203 95
3,900 * Analog Devices, Inc. 135,798 18
41,800 * AOL Time Warner, Inc. 672,562 89
12,800 * Applied Materials, Inc. 203,008 27
5,300 Bank of America Corporation 418,859 55
9,600 Bank One Corporation 356,928 47
7,000 * Brinker International, Inc. 252,140 33
7,700 Cardinal Health, Inc. 495,110 65
8,600 ChevronTexaco Corporation 620,920 82
2,300 * ChoicePoint, Inc. 79,396 11
25,100 * Cisco Systems, Inc. 416,409 55
21,749 Citigroup, Inc. 930,857 123
9,000 Coca-Cola Company 417,690 55
10,100 Coca-Cola Enterprises, Inc. 183,315 24
14,900 * Comcast Corporation - Special Class "A" 429,567 57
4,200 CVS Corporation 117,726 16
6,900 Eli Lilly & Company 475,893 63
5,500 EOG Resources, Inc. 230,120 31
4,600 Exelon Corporation 275,126 36
3,500 FedEx Corporation 217,105 29
2,000 FPL Group, Inc. 133,700 18
9,500 Gap, Inc. 178,220 24
2,600 General Dynamics Corporation 188,500 25
27,000 General Electric Company 774,360 102
10,300 Gillette Company 328,158 43
4,300 Guidant Corporation 190,877 25
23,800 Hewlett-Packard Company 506,940 67
12,850 Home Depot, Inc. 425,592 56
3,400 * IDEC Pharmaceuticals Corporation 115,600 15
8,600 IMS Health, Inc. 154,714 21
23,140 Intel Corporation 480,942 64
5,900 * InterActiveCorp 233,463 31
5,200 International Business Machines Corporation 429,000 57
8,700 International Paper Company 310,851 41
7,500 * International Rectifier Corporation 201,150 27
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INTERNATIONAL SECURITIES FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
United States (continued)
3,800 * Intuit, Inc. $169,214 $22
3,700 ITT Industries, Inc. 242,202 32
3,900 * Lamar Advertising Company - Class "A" 137,319 18
5,000 Legg Mason, Inc. 324,750 43
6,800 Lockheed Martin Corporation 323,476 43
6,500 Marsh & McLennan Companies, Inc. 331,955 44
8,200 Masco Corporation 195,570 26
10,600 Merrill Lynch & Company, Inc. 494,808 65
42,400 Microsoft Corporation 1,085,865 144
3,400 Omnicom Group, Inc. 243,780 32
9,000 PepsiCo, Inc. 400,500 53
29,662 Pfizer, Inc. 1,012,958 134
3,500 Procter & Gamble Company 312,130 41
2,400 * Quest Diagnostics, Inc. 153,120 20
10,800 * Safeway, Inc. 220,968 29
18,480 SBC Communications, Inc. 472,164 62
14,500 Schering-Plough Corporation 269,700 36
5,200 St. Paul Companies, Inc. 189,852 25
9,400 * SunGard Data Systems, Inc. 243,554 32
14,600 Travelers Property Casualty Corporation - Class "B" 230,242 30
3,200 United Technologies Corporation 226,656 30
3,100 * Univision Communications, Inc. - Class "A" 94,240 13
9,300 Wachovia Corporation 371,628 49
7,200 Wal-Mart Stores, Inc. 386,424 51
19,600 Waste Management, Inc. 472,164 62
12,200 Wyeth 555,710 73
- ----------------------------------------------------------------------------------------------------------------------
22,621,928 2,989
- ----------------------------------------------------------------------------------------------------------------------
United Kingdom--12.4%
80,400 Amersham PLC 603,326 80
33,400 AstraZeneca PLC 1,339,294 177
75,900 BP PLC 526,348 70
230,500 * British Airways PLC 576,244 76
2,200 * British Airways PLC (ADR) 56,320 7
180,200 Compass Group PLC 971,613 128
182,800 Dixons Group PLC 398,174 53
37,900 GlaxoSmithKline PLC 764,872 101
145,800 Hilton Group PLC 442,689 59
40,900 HSBC Holdings PLC 483,236 64
14,100 Imperial Tobacco Group PLC 251,983 33
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
United Kingdom (continued)
45,923 Royal Bank of Scotland Group PLC $1,288,256 $170
860,025 Vodafone Group PLC 1,681,715 222
- ----------------------------------------------------------------------------------------------------------------------
9,384,070 1,240
- ----------------------------------------------------------------------------------------------------------------------
France--11.7%
49,102 * Alcatel SA 442,632 58
32,547 Aventis SA 1,790,652 237
22,378 AXA-Uap 347,177 46
15,898 BNP Paribas SA 807,848 107
10,377 Carrefour SA 508,593 67
26,837 * France Telecom SA 658,278 87
16,387 Lafarge SA 959,718 127
16,387 * Lafarge SA - Rights (expiring 7/2/03) 44,222 6
9,900 Schneider Electric SA 465,433 61
9,441 Total SA 1,426,750 188
15,700 Veolia Environment 322,721 43
58,400 * Vivendi Universal SA 1,062,958 140
- ----------------------------------------------------------------------------------------------------------------------
8,836,982 1,167
- ----------------------------------------------------------------------------------------------------------------------
Netherlands--8.4%
36,604 Aegon NV 366,538 48
24,400 Akzo Nobel NV 646,695 86
42,400 * ASML Holding NV 402,666 53
45,369 ING Groep NV - CVA 788,265 104
131,119 * Koninklijke (Royal) KPN NV 929,020 123
9 * Koninklijke (Royal) KPN NV (ADR) 64 --
36,400 Royal Dutch Petroleum Company 1,689,553 223
17,100 STMicroelectronics NV 358,568 47
67,900 TPG NV 1,178,951 156
- ----------------------------------------------------------------------------------------------------------------------
6,360,320 840
- ----------------------------------------------------------------------------------------------------------------------
Japan--8.2%
46,000 Asahi Glass Company, Ltd. 285,405 38
8,000 Canon, Inc. 367,104 49
33,000 Dai Nippon Printing Company, Ltd. 349,032 46
14,000 Fuji Photo Film Company, Ltd. 404,580 52
19,000 Fujisawa Pharmaceutical Company, Ltd. 356,027 47
11,000 Honda Motor Company, Ltd. 416,823 55
5,600 Hoya Corporation 385,692 51
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INTERNATIONAL SECURITIES FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Japan (continued)
21,000 Kao Corporation $390,881 $52
3,700 Nintendo Company, Ltd. 269,007 35
32,000 Nomura Holdings, Inc. 406,146 54
223 NTT DoCoMo, Inc. 482,865 64
6,500 Secom Company, Ltd. 190,548 25
6,000 Shin-Etsu Chemical Company, Ltd. 204,872 27
40,000 Shionogi & Company, Ltd. 541,995 72
452 * SKY Perfect Communications, Inc. 309,050 41
13,700 Sony Corporation (ADR) 383,600 51
12,200 Takeda Chemical Industries, Ltd. 450,102 59
- ----------------------------------------------------------------------------------------------------------------------
6,193,729 818
- ----------------------------------------------------------------------------------------------------------------------
Germany--3.9%
10,300 Bayerische Motoren Werke (BMW) AG 395,647 52
23,700 DaimlerChrysler AG 821,920 109
66,200 * Deutsche Telekom AG 1,008,035 133
8,900 E.ON AG 456,337 61
31,700 * Infineon Technologies AG 304,690 40
- ----------------------------------------------------------------------------------------------------------------------
2,986,629 395
- ----------------------------------------------------------------------------------------------------------------------
South Korea--3.2%
44,030 Kia Motors Corporation 324,373 43
22,460 Kookmin Bank 676,902 89
3,500 Samsung Electronics Company, Ltd. 1,040,184 137
2,420 SK Telecom Company, Ltd. 413,294 55
- ----------------------------------------------------------------------------------------------------------------------
2,454,753 324
- ----------------------------------------------------------------------------------------------------------------------
Canada--2.5%
9,300 Canadian Imperial Bank of Commerce 369,125 49
13,000 Canadian National Railway Company 627,380 83
15,400 National Bank of Canada 418,223 55
10,200 Talisman Energy, Inc. 463,551 61
- ----------------------------------------------------------------------------------------------------------------------
1,878,279 248
- ----------------------------------------------------------------------------------------------------------------------
Switzerland--2.2%
6,220 Nestle SA 1,283,445 170
635 Serono SA - Class "B" 373,157 49
- ----------------------------------------------------------------------------------------------------------------------
1,656,602 219
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Sweden--1.6%
34,000 ForeningsSparbanken AB $469,335 $62
52,900 Investor AB - Class "B" 386,592 51
50,990 Swedish Match AB 385,373 51
- ----------------------------------------------------------------------------------------------------------------------
1,241,300 164
- ----------------------------------------------------------------------------------------------------------------------
Netherlands Antilles--.8%
12,730 Schlumberger, Ltd. 605,566 80
- ----------------------------------------------------------------------------------------------------------------------
Mexico--.8%
16,700 America Movil SA de CV (ADR) - Series "L" 313,125 41
8,200 Grupo Televisa SA (ADR) 282,900 38
- ----------------------------------------------------------------------------------------------------------------------
596,025 79
- ----------------------------------------------------------------------------------------------------------------------
Taiwan--.7%
52,200 * Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 526,176 70
- ----------------------------------------------------------------------------------------------------------------------
Ireland--.6%
69,682 * Ryanair Holdings PLC 482,560 64
- ----------------------------------------------------------------------------------------------------------------------
Italy--.6%
99,100 UniCredito Italiano SpA 472,276 62
- ----------------------------------------------------------------------------------------------------------------------
Singapore--.6%
45,000 Singapore Press Holdings, Ltd. 467,632 62
- ----------------------------------------------------------------------------------------------------------------------
Bermuda--.6%
24,000 * Accenture, Ltd. - Class "A" 434,160 57
- ----------------------------------------------------------------------------------------------------------------------
Belgium--.5%
23,700 Fortis 408,238 54
- ----------------------------------------------------------------------------------------------------------------------
Hong Kong--.5%
265,000 Cathay Pacific Airways, Ltd. 356,815 47
- ----------------------------------------------------------------------------------------------------------------------
Spain--.5%
13,800 Industria de Diseno Textil SA 347,054 46
- ----------------------------------------------------------------------------------------------------------------------
Australia--.4%
40,901 News Corporation, Ltd. 307,219 41
- ----------------------------------------------------------------------------------------------------------------------
South Africa--.4%
9,500 AngloGold, Ltd. (ADR) 303,050 40
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INTERNATIONAL SECURITIES FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Austria--.3%
18,100 * Telekom Austria AG $205,357 $27
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $62,772,253) 69,126,720 9,133
- ----------------------------------------------------------------------------------------------------------------------
FOREIGN GOVERNMENT AND AGENCY OBLIGATIONS--6.4%
Netherlands--4.7%
Euro 3,110M Dutch Treasury Certificate, Zero Coupon, 9/30/03 3,553,457 470
- ----------------------------------------------------------------------------------------------------------------------
Belgium--1.7%
Euro 1,110M Belgium Treasury Certificate, Zero Coupon, 11/13/03 1,265,303 167
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Foreign Government and Agency Securities
(cost $4,593,812) 4,818,760 637
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--.3%
U.S. Treasury Bills:+
$125M 1.1%, 7/3/03 124,993 17
100M 1.04%, 9/4/03 99,853 13
10M .84%, 9/11/03 9,983 1
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Obligations (cost $234,788) 234,829 31
- ----------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--.0%
Brazil
5,000 * Vale Do Rio Doce - Class "B" (cost $0) -- --
- ----------------------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT--2.6%
$1,976M BNP Paribas Corp., 1.08%, 7/1/03 (collateralized by
U.S. Treasury Notes, 2%, due 11/30/04,
valued at $2,018,280) (cost $1,976,000) 1,976,000 261
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $69,576,853) 100.6% 76,156,309 10,062
Excess of Liabilities Over Other Assets (.6) (469,644) (62)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $75,686,665 $10,000
======================================================================================================================
* Non-income producing
+ See Note 6
See notes to financial statements
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INTERNATIONAL SECURITIES FUND
June 30, 2003
Sector diversification of the portfolio was as follows:
- ----------------------------------------------------------------------------------------------------------------------
Percentage
Sector of Net Assets Value
- ----------------------------------------------------------------------------------------------------------------------
Pharmaceuticals & Biotechnology 11.4% $8,590,771
Telecommunication Services 8.1 6,163,917
Banks 8.1 6,132,617
Energy 7.4 5,562,808
Media 5.3 4,007,227
Diversified Financials 4.9 3,739,657
Semiconductors & Semiconductor Equipment 4.8 3,653,182
Transportation 4.6 3,495,376
Food/Beverage/Tobacco 3.9 2,922,306
Capital Goods 3.8 2,907,970
Materials 3.8 2,877,408
Technology Hardware & Equipment 3.4 2,547,777
Software & Services 2.9 2,201,799
Insurance 2.9 2,186,967
Automobiles & Components 2.6 1,958,762
Hotels/Restaurants/Leisure 2.2 1,666,442
Health Care Equipment & Services 2.1 1,597,147
Retailing 2.1 1,582,504
Food & Staples Retailing 1.6 1,233,711
Utilities 1.6 1,187,884
Commercial Services & Supplies 1.4 1,091,139
Household & Personal Products 1.4 1,031,169
Consumer Durables & Apparel 1.0 788,180
U.S. Government Obligations 0.3 234,829
Foreign Government and Agency Obligations 6.4 4,818,760
Repurchase Agreement 2.6 1,976,000
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments 100.6 76,156,309
Excess of Liabilities Over Other Assets (.6) (469,644)
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $75,686,665
======================================================================================================================
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE INVESTMENT GRADE FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS--83.2%
Aerospace/Defense--2.2%
Honeywell International, Inc.:
$300M 7.5%, 2010 $367,088 $98
125M 6.125%, 2011 142,650 38
300M Precision Castparts Corp., 8.75%, 2005 321,782 86
- ----------------------------------------------------------------------------------------------------------------------
831,520 222
- ----------------------------------------------------------------------------------------------------------------------
Automotive--3.9%
350M DaimlerChrysler NA Holdings Corp., 8%, 2010 412,684 110
224M Ford Motor Co., 8.9%, 2032 228,562 61
200M Lear Corp., 7.96%, 2005 214,000 57
270M Navistar International Corp., 8%, 2008 271,350 73
300M Visteon Corp., 8.25%, 2010 326,423 87
- ----------------------------------------------------------------------------------------------------------------------
1,453,019 388
- ----------------------------------------------------------------------------------------------------------------------
Chemicals--1.6%
250M Du Pont (E.I.) de Nemours & Co., 8.125%, 2004 262,106 70
300M Lubrizol Corp., 7.25%, 2025 355,907 95
- ----------------------------------------------------------------------------------------------------------------------
618,013 165
- ----------------------------------------------------------------------------------------------------------------------
Energy--2.9%
125M Ashland Oil, Inc., 8.8%, 2012 146,793 39
250M Phillips Petroleum Co., 7.2%, 2023 262,909 70
300M Repsol International Finance, 7.45%, 2005 330,290 88
100M Sunoco, Inc., 9.375%, 2016 114,569 31
200M Texaco Capital, Inc., 8.25%, 2006 240,989 65
- ----------------------------------------------------------------------------------------------------------------------
1,095,550 293
- ----------------------------------------------------------------------------------------------------------------------
Financial--5.3%
300M CIT Group Holdings, Inc., 7.75%, 2012 358,293 96
100M Ford Motor Credit Co., 9.029%, 2009 105,405 28
General Electric Capital Corp.:
300M 7.875%, 2006 351,584 94
144M 8.5%, 2008 179,413 48
400M General Motors Acceptance Corp., 7.75%, 2010 431,043 115
Household Finance Corp.:
425M 6.5%, 2008 489,240 131
60M 7.75%, 2022 64,206 17
- ----------------------------------------------------------------------------------------------------------------------
1,979,184 529
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Financial Services--11.6%
Bank of America Corp.:
$250M 7.8%, 2010 $308,643 $82
75M 7.4%, 2011 92,284 25
300M Bank One Corp., 7.875%, 2010 374,597 100
300M Chase Manhattan Corp., 7.875%, 2010 369,161 99
250M First Union National Bank, 7.8%, 2010 310,631 83
300M Fleet Capital Trust II, 7.92%, 2026 341,511 91
250M Florida Windstorm Underwriting Assoc., 7.125%, 2019+ 298,296 80
300M Greenpoint Bank, 9.25%, 2010 381,547 102
225M Huntington National Bank, 8%, 2010 279,463 75
125M J.P. Morgan Chase & Co., 6.625%, 2012 144,452 38
200M Manufacturers & Traders Trust Co., 8%, 2010 247,501 66
100M Old National Bank, Inc., 6.75%, 2011 114,325 30
300M PNC Funding Corp., 6.125%, 2009 344,652 92
250M Republic NY Corp., 7.75%, 2009 305,502 82
350M Washington Mutual, Inc., 8.25%, 2010 441,418 118
- ----------------------------------------------------------------------------------------------------------------------
4,353,983 1,163
- ----------------------------------------------------------------------------------------------------------------------
Food/Beverage/Tobacco--4.7%
250M Coca-Cola Enterprises, Inc., 7.125%, 2009 303,080 81
520M ConAgra Foods, Inc., 6.75%, 2011 609,763 163
300M Hershey Foods Corp., 6.7%, 2005 333,083 89
420M Pepsi Bottling Group, Inc., 7%, 2029 513,031 137
- ----------------------------------------------------------------------------------------------------------------------
1,758,957 470
- ----------------------------------------------------------------------------------------------------------------------
Food/Drug--3.9%
400M Delhaize America, Inc., 8.125%, 2011 440,000 118
Kroger Co.:
200M 6.8%, 2018 229,671 61
300M 7%, 2018 350,031 93
Safeway, Inc.:
200M 7%, 2007 225,928 60
200M 6.5%, 2011 223,591 60
- ----------------------------------------------------------------------------------------------------------------------
1,469,221 392
- ----------------------------------------------------------------------------------------------------------------------
Forest Products/Containers--3.0%
International Paper Co.:
300M 8.125%, 2005 334,625 89
200M 6.75%, 2011 231,696 62
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INVESTMENT GRADE FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Forest Products/Containers (continued)
$275M Sappi Papier Holding AG, 6.75%, 2012+ $314,712 $84
Weyerhaeuser Co.:
100M 7.25%, 2013 118,613 32
100M 7.5%, 2013 120,081 32
- ----------------------------------------------------------------------------------------------------------------------
1,119,727 299
- ----------------------------------------------------------------------------------------------------------------------
Gaming/Leisure--.8%
250M MGM Mirage, Inc., 8.5%, 2010 295,000 79
- ----------------------------------------------------------------------------------------------------------------------
Health Care--2.1%
225M Columbia/HCA Healthcare, Inc., 7.5%, 2023 231,058 62
350M Tenet Healthcare Corp., 6.375%, 2011 325,500 87
200M Wyeth, 6.7%, 2011 235,003 62
- ----------------------------------------------------------------------------------------------------------------------
791,561 211
- ----------------------------------------------------------------------------------------------------------------------
Manufacturing--2.6%
125M Ingersoll-Rand Co., 9%, 2021 170,426 45
300M Newell Rubbermaid, Inc., 6.75%, 2012 350,972 94
United Technologies Corp.:
200M 7.125%, 2010 241,650 65
180M 6.1%, 2012 207,883 55
- ----------------------------------------------------------------------------------------------------------------------
970,931 259
- ----------------------------------------------------------------------------------------------------------------------
Media-Broadcasting--3.0%
Comcast Cable Communications, Inc.:
200M 8.375%, 2007 236,243 63
150M 7.125%, 2013 175,643 47
330M Cox Enterprises, Inc., 8%, 2007+ 386,763 103
300M PanAmSat Corp., 6.375%, 2008 306,000 82
- ----------------------------------------------------------------------------------------------------------------------
1,104,649 295
- ----------------------------------------------------------------------------------------------------------------------
Media-Diversified--3.6%
100M AOL Time Warner, Inc., 6.875%, 2012 114,393 31
300M New York Times Co., Inc., 7.625%, 2005 330,023 88
200M News America, Inc., 7.3%, 2028 227,804 61
200M Time Warner, Inc., 6.875%, 2018 225,586 60
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Media-Diversified (continued)
Viacom, Inc.:
$225M 7.75%, 2005 $250,705 $67
75M 8.875%, 2014 101,169 27
100M Walt Disney Co., 7.3%, 2005 108,640 29
- ----------------------------------------------------------------------------------------------------------------------
1,358,320 363
- ----------------------------------------------------------------------------------------------------------------------
Metals/Mining--1.9%
300M Hanson PLC, 7.875%, 2010 367,083 98
300M Thiokol Corp., 6.625%, 2008 340,739 91
- ----------------------------------------------------------------------------------------------------------------------
707,822 189
- ----------------------------------------------------------------------------------------------------------------------
Real Estate--6.6%
100M Archstone-Smith Trust, 7.9%, 2016 (REIT) 126,500 34
470M AvalonBay Communities, Inc., 7.5%, 2010 (REIT) 563,790 151
200M Boston Properties, Inc., 5%, 2015 (REIT)+ 196,490 52
185M Duke-Weeks Realty Corp., 7.75%, 2009 (REIT) 222,685 59
300M EOP Operating LP, 8.1%, 2010 367,460 98
400M Mack-Cali Realty LP, 7.75%, 2011 (REIT) 480,336 129
425M Simon Property Group, Inc., 7.875%, 2016 (REIT)+ 521,520 139
- ----------------------------------------------------------------------------------------------------------------------
2,478,781 662
- ----------------------------------------------------------------------------------------------------------------------
Retail-General Merchandise--4.5%
300M Federated Department Stores, Inc., 7.45%, 2017 368,846 99
100M Lowe's Companies, Inc., 8.25%, 2010 126,036 34
200M RadioShack Corp., 7.375%, 2011 232,960 62
350M Target Corp., 7.5%, 2010 431,397 115
Wal-Mart Stores, Inc.:
300M 8%, 2006 353,427 94
145M 8.5%, 2024 161,488 43
- ----------------------------------------------------------------------------------------------------------------------
1,674,154 447
- ----------------------------------------------------------------------------------------------------------------------
Services--2.3%
250M Allied Waste NA, Inc., 8.875%, 2008 272,500 73
ERAC USA Finance Enterprise Co.:
250M 9.125%, 2004+ 273,926 73
250M 8%, 2011+ 298,285 80
- ----------------------------------------------------------------------------------------------------------------------
844,711 226
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INVESTMENT GRADE FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Telecommunications--4.7%
$200M Chesapeake & Potomac Telephone Co. of Maryland,
8.3%, 2031 $269,053 $72
300M Deutsche Telekom AG, 8.5%, 2010 369,116 99
300M GTE Corp., 7.9%, 2027 341,841 91
160M Qwest Services Corp., 13.5%, 2010+ 181,600 49
275M Sprint Capital Corp., 6.375%, 2009 301,227 80
250M Vodafone AirTouch PLC, 7.75%, 2010 308,102 82
- ----------------------------------------------------------------------------------------------------------------------
1,770,939 473
- ----------------------------------------------------------------------------------------------------------------------
Transportation--5.5%
Burlington Northern Santa Fe Corp.:
275M 7.875%, 2007 324,986 87
175M 7.125%, 2010 211,598 56
Canadian National Railway Co.:
300M 6.45%, 2006 335,899 90
150M 7.375%, 2031 190,430 51
300M Norfolk Southern Corp., 7.7%, 2017 384,320 103
500M Union Pacific Corp., 7.375%, 2009 603,502 161
- ----------------------------------------------------------------------------------------------------------------------
2,050,735 548
- ----------------------------------------------------------------------------------------------------------------------
Utilities--6.5%
300M Columbia Energy Group, 6.8%, 2005 329,292 88
265M Consumers Energy Co., 6.375%, 2008 296,306 79
200M DPL, Inc., 6.875%, 2011 219,877 59
300M Duke Capital Corp., 8%, 2019 348,263 93
295M El Paso Corp., 7.375%, 2012 265,500 71
209M Niagara Mohawk Holdings, Inc., 7.625%, 2005 234,193 62
200M NiSource Finance Corp., 7.875%, 2010 236,479 63
250M PP&L Capital Funding, Inc., 8.375%, 2007 295,345 79
178M Wisconsin Power & Light, 7%, 2007 202,330 54
- ----------------------------------------------------------------------------------------------------------------------
2,427,585 648
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Corporate Bonds (cost $28,108,191) 31,154,362 8,321
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Principal For Each
Amount $10,000 of
or Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS--6.8%
U.S. Treasury Notes:
$500M 7.875%, 2004 $545,840 $146
1,000M 6.625%, 2007 1,170,235 312
200M 6%, 2009 235,977 63
500M 6.5%, 2010 606,738 162
- ----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Obligations (cost $2,345,665) 2,558,790 683
- ----------------------------------------------------------------------------------------------------------------------
PASS THROUGH CERTIFICATES--3.8%
Real Estate--1.1%
347M FDA Queens LP, 6.99%, 2017 409,875 109
- ----------------------------------------------------------------------------------------------------------------------
Transportation--2.7%
87M American Airlines, Inc., 7.377%, 2019 47,810 13
Continental Airlines, Inc.:
99M 6.748%, 2017 74,450 20
420M 8.388%, 2020 314,082 84
133M FedEx Corp., 7.5%, 2018 159,725 43
185M NorthWest Airlines, Inc., 8.072%, 2019 201,042 54
258M NWA Trust, 10.23% , 2012 215,391 57
- ----------------------------------------------------------------------------------------------------------------------
1,012,500 271
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Pass Through Certificates (cost $1,611,629) 1,422,375 380
- ----------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS--1.3%
Housing
Virginia State Housing Development Authority:
335M Series "A", 6.51%, 2019 355,100 95
100M Series "M", 7%, 2022 113,250 30
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $401,527) 468,350 125
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--.2%
Information Technology
Allstream, Inc.:
32 *Class "A" 1,088 --
1,698 *Class "B" 57,564 16
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $46,864) 58,652 16
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE INVESTMENT GRADE FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
SHORT-TERM CORPORATE NOTES--2.4%
$300M Anheuser-Busch Companies, Inc., 1%, 7/22/03 $299,825 $80
600M Verizon Network Funding, 1.02%, 7/10/03 599,847 160
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Corporate Notes (cost $899,672) 899,672 240
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $33,413,548) 97.7% 36,562,201 9,765
Other Assets, Less Liabilities 2.3 880,246 235
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $37,442,447 $10,000
======================================================================================================================
* Non-income producing
+ See Note 5
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE TARGET MATURITY 2007 FUND
June 30, 2003
- -----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Effective $10,000 of
Amount Security Yield+ Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY ZERO
COUPON OBLIGATIONS--75.5%
Agency For International Development - Israel:
$119M 3/15/2007 2.38% $109,008 $34
1,513M 8/15/2007 2.58 1,362,382 424
1,000M 11/15/2007 2.52 896,291 279
980M 2/15/2008 2.73 864,559 269
493M Federal Judiciary Office Building,
2/15/2007 2.34 453,158 141
Federal National Mortgage Association:
961M 7/15/2007 2.47 870,124 271
525M 10/8/2007 2.54 471,436 147
558M 2/1/2008 2.64 494,664 154
1,134M 8/1/2008 2.82 983,635 306
Government Trust Certificate - Israel Trust:
307M 10/1/2007 2.59 275,200 85
6,904M 11/15/2007 2.57 6,174,642 1,921
766M Government Trust Certificate - Turkey
Trust, 11/15/2007 2.57 685,077 213
586M International Bank for Reconstruction &
Development, 8/15/2007 2.96 519,151 161
6,456M Resolution Funding Corporation,
10/15/2007 2.33 5,846,302 1,818
Tennessee Valley Authority:
1,166M 5/1/2007 2.51 1,059,535 329
2,600M 11/1/2007 2.60 2,324,813 723
1,000M 4/15/2008 2.89 871,619 271
- -----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Zero Coupon Obligations
(cost $20,414,488) 24,261,596 7,546
- -----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT ZERO COUPON OBLIGATIONS--24.2%
8,560M U.S. Treasury Strips, 11/15/2007
(cost $6,385,132) 2.17 7,789,163 2,423
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $26,799,620) 99.7% 32,050,759 9,969
Other Assets, Less Liabilities .3 98,577 31
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $32,149,336 $10,000
=======================================================================================================================
+ The effective yields shown for the zero coupon obligations are the
effective yields at June 30, 2003.
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE TARGET MATURITY 2010 FUND
June 30, 2003
- -----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Effective $10,000 of
Amount Security Yield+ Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY ZERO
COUPON OBLIGATIONS--65.8%
Agency For International Development - Israel:
$1,303M 8/15/2010 3.55% $1,014,147 $571
495M 9/15/2010 3.55 384,047 216
1,100M Federal Home Loan Mortgage Corporation,
9/15/2010 3.55 855,225 481
Federal National Mortgage Association:
1,260M 8/7/2010 3.52 983,131 554
700M 10/8/2010 3.57 541,120 305
600M 11/29/2010 3.60 460,505 259
2,321M 2/1/2011 3.68 1,760,529 991
500M Government Trust Certificate - Israel Trust,
11/15/2010 3.61 384,078 216
1,990M Government Trust Certificate - Turkey
Trust, 11/15/2010 3.61 1,528,628 861
Resolution Funding Corporation:
650M 10/15/2010 3.36 509,858 287
2,998M 1/15/2011 3.47 2,312,837 1,302
1,250M Tennessee Valley Authority, 11/1/2010 3.67 957,025 539
- -----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Zero Coupon Obligations
(cost $9,439,503) 11,691,130 6,582
- -----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT ZERO COUPON OBLIGATIONS--33.8%
7,585M U.S. Treasury Strips, 11/15/2010
(cost $4,785,684) 3.21 5,997,862 3,377
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $14,225,187) 99.6% 17,688,992 9,959
Other Assets, Less Liabilities .4 72,540 41
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $17,761,532 $10,000
=======================================================================================================================
+ The effective yields shown for the zero coupon obligations are the
effective yields at June 30, 2003.
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE TARGET MATURITY 2015 FUND
June 30, 2003
- -----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal Effective $10,000 of
Amount Security Yield+ Value Net Assets
- -----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY ZERO
COUPON OBLIGATIONS--47.3%
Agency For International Development - Israel:
$698M 9/15/2015 4.62% $399,543 $351
300M 3/15/2016 4.72 165,917 146
Federal Home Loan Mortgage Corporation:
550M 3/15/2015 4.59 323,316 284
830M 9/15/2015 4.67 472,197 415
930M 9/15/2015 4.67 529,065 465
625M 1/15/2016 4.74 347,208 305
650M Federal Judiciary Office Building,
2/15/2015 4.54 385,763 339
Federal National Mortgage Association:
150M 2/12/2015 4.51 89,352 79
243M 8/12/2015 4.58 140,424 123
600M 9/23/2015 4.70 339,910 299
258M 11/15/2015 4.68 145,506 128
210M Government Trust Certificate - Turkey
Trust, 5/15/2015 4.62 122,101 107
200M International Bank for Reconstruction &
Development, 2/15/2015 4.94 113,427 100
Resolution Funding Corporation:
873M 10/15/2015 4.51 504,824 444
320M 1/15/2016 4.56 181,792 160
2,000M Tennessee Valley Authority, 11/1/2015 4.79 1,115,020 981
- -----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Agency Zero Coupon Obligations
(cost $4,475,878) 5,375,365 4,726
- -----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT ZERO COUPON OBLIGATIONS--52.0%
U.S. Treasury Strips:
9,250M 11/15/2015 4.24 5,504,268 4,839
700M 11/15/2015 4.30 413,523 364
- -----------------------------------------------------------------------------------------------------------------------
Total Value of U.S. Government Zero Coupon Obligations
(cost $5,022,060) 5,917,791 5,203
- -----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $9,497,938) 99.3% 11,293,156 9,929
Other Assets, Less Liabilities .7 80,982 71
- -----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $11,374,138 $10,000
=======================================================================================================================
+ The effective yields shown for the zero coupon obligations are the
effective yields at June 30, 2003.
See notes to financial statements
Portfolio of Investments
FIRST INVESTORS LIFE VALUE FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
COMMON STOCKS--90.9%
Consumer Discretionary--14.2%
14,800 Genuine Parts Company $473,748 $97
12,400 Home Depot, Inc. 410,688 84
27,300 J.C. Penney Company, Inc. (Holding Co.) 460,005 94
13,300 Lee Enterprises, Inc. 499,149 102
14,100 Leggett & Platt, Inc. 289,050 59
5,900 Liberty Corporation 250,750 52
36,400 Limited Brands, Inc. 564,200 116
7,900 Magna International, Inc. - Class "A" 531,433 109
23,800 Masco Corporation 567,630 116
21,900 May Department Stores Company 487,494 100
37,400 McDonald's Corporation 825,044 169
29,900 Natuzzi SpA (ADR) 239,798 49
1,900 OshKosh B'Gosh, Inc. - Class "A" 51,300 11
53,600 Pearson PLC (ADR) 514,560 106
8,200 Tupperware Corporation 117,752 24
32,600 Walt Disney Company 643,850 132
- ----------------------------------------------------------------------------------------------------------------------
6,926,451 1,420
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples--9.8%
7,400 Brown-Forman Corporation - Class "B" 581,788 119
11,400 Coca-Cola Company 529,074 109
18,300 ConAgra Foods, Inc. 431,880 89
5,895 * Del Monte Foods Company 52,112 11
13,700 Diageo PLC (ADR) 599,512 123
14,800 H. J. Heinz Company 488,104 100
11,900 Kimberly-Clark Corporation 620,466 127
13,600 Lance, Inc. 124,168 25
27,100 Ruddick Corporation 426,012 87
7,800 Sara Lee Corporation 146,718 30
21,800 Tasty Baking Company 228,900 47
15,600 UST, Inc. 546,468 112
- ----------------------------------------------------------------------------------------------------------------------
4,775,202 979
- ----------------------------------------------------------------------------------------------------------------------
Energy--8.9%
14,500 BP PLC (ADR) 609,290 125
6,800 ChevronTexaco Corporation 490,960 101
10,400 ConocoPhillips 569,920 117
22,800 Diamond Offshore Drilling, Inc. 478,572 98
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Energy (continued)
6,000 EOG Resources, Inc. $251,040 $52
20,800 Marathon Oil Corporation 548,080 112
13,100 Royal Dutch Petroleum Co. - NY Shares (ADR) 610,722 125
10,700 Tidewater, Inc. 314,259 64
16,400 Unocal Corporation 470,516 97
- ----------------------------------------------------------------------------------------------------------------------
4,343,359 891
- ----------------------------------------------------------------------------------------------------------------------
Financials--21.2%
11,000 A.G. Edwards, Inc. 376,200 77
17,400 Allstate Corporation 620,310 127
23,600 AmSouth Bancorporation 515,424 106
6,800 Amvescap PLC (ADR) 95,064 20
19,200 Banknorth Group, Inc. 489,984 101
22,700 Brascan Corporation - Class "A" 557,512 114
12,900 Cincinnati Financial Corporation 478,461 98
12,800 Erie Indemnity Company - Class "A" 528,000 108
11,400 FBL Financial Group, Inc. - Class "A" 229,710 47
17,200 FleetBoston Financial Corporation 511,012 105
11,400 Jefferson-Pilot Corporation 472,644 97
19,600 KeyCorp 495,292 102
14,500 Koger Equity, Inc. 249,835 51
14,600 Lincoln National Corporation 520,198 107
12,100 Morgan Stanley 517,275 106
6,800 One Liberty Properties, Inc. 114,240 23
18,800 Plum Creek Timber Company, Inc. (REIT) 487,860 100
9,800 PNC Financial Services Group, Inc. 478,338 98
14,700 Protective Life Corporation 393,225 81
22,700 Sky Financial Group, Inc. 493,044 101
4,100 SouthTrust Corporation 111,520 23
7,800 SunTrust Banks, Inc. 462,852 95
16,100 T. Rowe Price Group, Inc. 607,775 125
10,600 Wells Fargo & Company 534,240 110
- ----------------------------------------------------------------------------------------------------------------------
10,340,015 2,122
- ----------------------------------------------------------------------------------------------------------------------
Health Care--5.6%
11,800 Abbott Laboratories 516,368 106
6,400 Amersham PLC (ADR) 245,760 50
12,600 GlaxoSmithKline PLC (ADR) 510,804 105
8,100 Merck & Company, Inc. 490,455 101
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE VALUE FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Health Care (continued)
14,600 Pfizer, Inc. $498,590 $102
25,900 Schering-Plough Corporation 481,740 99
- ----------------------------------------------------------------------------------------------------------------------
2,743,717 563
- ----------------------------------------------------------------------------------------------------------------------
Industrials--8.1%
900 Alexander & Baldwin, Inc. 23,877 5
11,200 Baldor Electric Company 230,720 47
8,800 CNF, Inc. 223,344 46
12,500 Dover Corporation 374,500 77
13,400 Federal Signal Corporation 235,438 48
7,700 General Dynamics Corporation 558,250 115
10,400 Harsco Corporation 374,920 77
19,600 Honeywell International, Inc. 526,260 108
27,200 Pall Corporation 612,000 126
13,700 Pitney Bowes, Inc. 526,217 108
5,500 Teleflex, Inc. 234,025 48
- ----------------------------------------------------------------------------------------------------------------------
3,919,551 805
- ----------------------------------------------------------------------------------------------------------------------
Information Technology--4.4%
14,500 Automatic Data Processing, Inc. 490,970 101
24,100 AVX Corporation 264,859 54
6,300 Bel Fuse, Inc. - Class "B" 144,270 30
27,300 Hewlett-Packard Company 581,490 119
23,100 Methode Electronics, Inc. - Class "A" 248,325 51
22,300 Motorola, Inc. 210,289 43
7,600 Paychex, Inc. 222,756 46
- ----------------------------------------------------------------------------------------------------------------------
2,162,959 444
- ----------------------------------------------------------------------------------------------------------------------
Materials--5.7%
13,400 Air Products & Chemicals, Inc. 557,440 114
22,200 Alcoa, Inc. 566,100 116
14,300 Du Pont (E.I.) de Nemours & Company 595,452 122
19,800 Glatfelter 292,050 60
21,500 Sonoco Products Company 516,430 106
6,800 Vulcan Materials Company 252,076 52
- ----------------------------------------------------------------------------------------------------------------------
2,779,548 570
- ----------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
$10,000 of
Shares Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Other--2.0%
10,000 Market 2000+ HOLDRs Trust $488,500 $101
4,100 Regional Bank HOLDRs Trust 459,200 94
- ----------------------------------------------------------------------------------------------------------------------
947,700 195
- ----------------------------------------------------------------------------------------------------------------------
Telecommunications Services--4.8%
20,000 BellSouth Corporation 532,600 109
10,700 CT Communications, Inc. 115,025 24
8,032 D&E Communications, Inc. 91,966 19
13,000 Nippon Telegraph and Telephone Corporation (ADR) 257,400 53
18,900 SBC Communications, Inc. 482,895 99
7,100 Telephone & Data Systems, Inc. 352,870 72
12,818 Verizon Communications, Inc. 505,670 104
- ----------------------------------------------------------------------------------------------------------------------
2,338,426 480
- ----------------------------------------------------------------------------------------------------------------------
Utilities--6.2%
11,200 ALLETE, Inc. 297,360 61
18,050 American States Water Company 492,765 101
6,400 Equitable Resources, Inc. 260,736 53
13,200 KeySpan Corporation 467,940 96
23,400 NiSource, Inc. 444,600 91
4,500 South Jersey Industries, Inc. 165,825 34
17,200 Southwest Gas Corporation 364,296 75
11,200 Vectren Corporation 280,560 58
8,500 Wisconsin Energy Corporation 246,500 51
- ----------------------------------------------------------------------------------------------------------------------
3,020,582 620
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Common Stocks (cost $40,630,928) 44,297,510 9,089
- ----------------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS--2.6%
Financials--1.0%
18,800 Chubb Corporation, 7%, 2005 489,740 101
- ----------------------------------------------------------------------------------------------------------------------
Health Care--.6%
2,900 Anthem, Inc., 6%, 2004 271,382 56
- ----------------------------------------------------------------------------------------------------------------------
Industrials--.5%
2,450 Northrop Grumman Corporation, 7.25%, 2004 249,288 51
- ----------------------------------------------------------------------------------------------------------------------
Portfolio of Investments (continued)
FIRST INVESTORS LIFE VALUE FUND
June 30, 2003
- ----------------------------------------------------------------------------------------------------------------------
Amount
Invested
Shares or For Each
Principal $10,000 of
Amount Security Value Net Assets
- ----------------------------------------------------------------------------------------------------------------------
Telecommunication Services--.5%
4,600 ALLTEL Corporation, 7.75%, 2005 $228,850 $47
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Convertible Preferred Stocks (cost $1,139,106) 1,239,260 255
- ----------------------------------------------------------------------------------------------------------------------
PREFERRED STOCKS--.8%
Telecommunication Services--.4%
7,700 Verizon South, Inc., 7%, 2041-- Series "F" 210,980 43
- ----------------------------------------------------------------------------------------------------------------------
Utilities--.4%
6,700 Entergy Louisiana, Inc., 7.6%, 2032 184,250 38
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Preferred Stocks (cost $360,452) 395,230 81
- ----------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS--5.3%
$2,600M Federal Home Loan Bank, .97%, 7/11/03
(cost $2,599,299) 2,599,299 533
- ----------------------------------------------------------------------------------------------------------------------
Total Value of Investments (cost $44,729,785) 99.6% 48,531,299 9,958
Other Assets, Less Liabilities .4 206,344 42
- ----------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $48,737,643 $10,000
======================================================================================================================
* Non-income producing
See notes to financial statements
This page intentionally left blank.
Statement of Assets and Liabilities
FIRST INVESTORS LIFE SERIES FUND
June 30, 2003
- -----------------------------------------------------------------------------------------------------------------------
CASH FOCUSED
BLUE CHIP MANAGEMENT DISCOVERY EQUITY
- -----------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $131,275,860 $11,679,162 $79,871,548 $8,395,108
============ ============ ============ ============
At value (Note 1A) 156,783,330 $11,679,162 $98,402,115 $8,207,342
Cash 1,175,061 101,515 524,618 469
Receivables:
Investment securities sold 572,693 -- 1,588,131 15,365
Interest and dividends 144,328 37,172 13,932 6,165
Trust shares sold 80,749 139 88,352 44,447
Other assets 14,566 4,228 9,182 840
------------ ------------ ------------ ------------
Total Assets 158,770,727 11,822,216 100,626,330 8,274,628
------------ ------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 976,532 -- 1,865,580 --
Trust shares redeemed 226,206 148,351 16,737 4,690
Accrued advisory fees 101,468 6,128 62,130 5,256
Accrued expenses 25,779 2,915 21,070 984
------------ ------------ ------------ ------------
Total Liabilities 1,329,985 157,394 1,965,517 10,930
------------ ------------ ------------ ------------
Net Assets 157,440,742 $11,664,822 $98,660,813 $8,263,698
============ ============ ============ ============
Net Assets Consist of:
Capital paid in 193,529,840 $11,664,822 $135,500,511 $11,170,731
Accumulated net investment income (deficit) 530,473 -- (151,122) 24,001
Accumulated net realized loss on investments (62,127,041) -- (55,219,143) (2,743,268)
Net unrealized appreciation (depreciation)
of investments 25,507,470 -- 18,530,567 (187,766)
------------ ------------ ------------ ------------
Total 157,440,742 $11,664,822 $98,660,813 $8,263,698
============ ============ ============ ============
Shares of beneficial interest outstanding (Note 2) 9,553,031 11,664,822 5,601,383 1,186,986
============ ============ ============ ============
Net asset value, offering and redemption price per share
(Net assets divided by shares outstanding) $16.48 $1.00 $17.61 $6.96
============ ============ ============ ============
- -----------------------------------------------------------------------------------------------------------------------
GOVERNMENT GROWTH HIGH YIELD
- -----------------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $25,066,498 $162,825,824 $65,304,775
============ ============ ============
At value (Note 1A) $25,619,792 $190,592,004 $58,113,696
Cash 980,836 129,731 428,822
Receivables:
Investment securities sold 39,072 3,016,207 --
Interest and dividends 169,565 156,992 1,332,542
Trust shares sold 25,813 104,055 30,052
Other assets 2,128 17,202 5,460
------------ ------------ ------------
Total Assets 26,837,206 194,016,191 59,910,572
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 522,464 2,170,786 1,592,960
Trust shares redeemed 27,157 168,984 32,780
Accrued advisory fees 13,555 122,905 36,763
Accrued expenses 3,272 17,610 13,530
------------ ------------ ------------
Total Liabilities 566,448 2,480,285 1,676,033
------------ ------------ ------------
Net Assets $26,270,758 $191,535,906 $58,234,539
============ ============ ============
Net Assets Consist of:
Capital paid in $25,649,122 $194,576,817 $76,382,893
Accumulated net investment income (deficit) 654,154 581,699 2,204,347
Accumulated net realized loss on investments (585,812) (31,388,790) (13,161,622)
Net unrealized appreciation (depreciation)
of investments 553,294 27,766,180 (7,191,079)
------------ ------------ ------------
Total $26,270,758 $191,535,906 $58,234,539
============ ============ ============
Shares of beneficial interest outstanding (Note 2) 2,509,777 7,247,505 7,549,110
============ ============ ============
Net asset value, offering and redemption price per share
(Net assets divided by shares outstanding) $10.47 $26.43 $7.71
============ ============ ============
See notes to financial statements
Statement of Assets and Liabilities
FIRST INVESTORS LIFE SERIES FUND
June 30, 2003
- -------------------------------------------------------------------------------------------------------------
INTERNATIONAL INVESTMENT TARGET
SECURITIES GRADE MATURITY 2007
- -------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $69,576,853 $33,413,548 $26,799,620
============ ============ ============
At value (Note 1A) $76,156,309 $36,562,201 $32,050,759
Cash 58,689 299,887 40,597
Receivables:
Investment securities sold 618,161 -- --
Interest and dividends 102,537 557,793 --
Trust shares sold 30,730 53,353 94,370
Forward currency contracts (Note 6) 384 -- --
Other Assets 10,785 3,071 3,174
------------ ------------ ------------
Total Assets 76,977,595 37,476,305 32,188,900
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased 1,142,506 -- --
Trust shares redeemed 56,066 9,304 16,418
Accrued advisory fees 49,082 19,120 16,567
Accrued expenses 43,276 5,434 6,579
------------ ------------ ------------
Total Liabilities 1,290,930 33,858 39,564
------------ ------------ ------------
Net Assets $75,686,665 $37,442,447 $32,149,336
============ ============ ============
Net Assets Consist of:
Capital paid in $91,050,176 $34,772,442 $25,896,172
Accumulated net investment income 446,997 823,232 773,609
Accumulated net realized gain (loss) on investments,
futures contracts and foreign currency transactions (22,320,987) (1,301,880) 228,416
Net unrealized appreciation of investments,
futures contracts and foreign currency transactions 6,510,479 3,148,653 5,251,139
------------ ------------ ------------
Total $75,686,665 $37,442,447 $32,149,336
============ ============ ============
Shares of beneficial interest outstanding (Note 2) 5,599,685 3,182,058 2,250,261
============ ============ ============
Net asset value, offering and redemption price per share
(Net assets divided by shares outstanding) $13.52 $11.77 $14.29
============ ============ ============
- -------------------------------------------------------------------------------------------------------------
TARGET TARGET
MATURITY 2010 MATURITY 2015 VALUE
- -------------------------------------------------------------------------------------------------------------
Assets
Investments in securities:
At identified cost $14,225,187 $9,497,938 $44,729,785
============ ============ ============
At value (Note 1A) $17,688,992 $11,293,156 $48,531,299
Cash 92,747 75,591 235,243
Receivables:
Investment securities sold -- -- --
Interest and dividends -- -- 96,076
Trust shares sold 312 12,768 36,304
Forward currency contracts (Note 6) -- -- --
Other Assets 2,330 875 8,630
------------ ------------ ------------
Total Assets 17,784,381 11,382,390 48,907,552
------------ ------------ ------------
Liabilities
Payables:
Investment securities purchased -- -- 78,891
Trust shares redeemed 11,995 1,049 47,426
Accrued advisory fees 9,134 5,949 31,282
Accrued expenses 1,720 1,254 12,310
------------ ------------ ------------
Total Liabilities 22,849 8,252 169,909
------------ ------------ ------------
Net Assets $17,761,532 $11,374,138 $48,737,643
============ ============ ============
Net Assets Consist of:
Capital paid in $13,904,032 $9,401,588 $66,650,978
Accumulated net investment income 392,261 212,754 519,422
Accumulated net realized gain (loss) on investments,
futures contracts and foreign currency transactions 1,434 (35,422) (22,234,271)
Net unrealized appreciation of investments,
futures contracts and foreign currency transactions 3,463,805 1,795,218 3,801,514
------------ ------------ ------------
Total $17,761,532 $11,374,138 $48,737,643
============ ============ ============
Shares of beneficial interest outstanding (Note 2) 1,130,860 785,086 4,749,250
============ ============ ============
Net asset value, offering and redemption price per share
(Net assets divided by shares outstanding) $15.71 $14.49 $10.26
============ ============ ============
See notes to financial statements
Statement of Operations
FIRST INVESTORS LIFE SERIES FUND
Six Months Ended June 30, 2003
- -----------------------------------------------------------------------------------------------------------------------
CASH FOCUSED
BLUE CHIP MANAGEMENT DISCOVERY EQUITY
- -----------------------------------------------------------------------------------------------------------------------
Investment Income
Income:
Interest $ 25,108 $88,433 $ 24,628 $ 1,150
Dividends 1,119,211 -- 195,241 58,786
------------ ------------ ------------ ------------
Total income 1,144,319 88,433 219,869 59,936
------------ ------------ ------------ ------------
Expenses (Notes 1 and 4):
Advisory fees 548,547 48,651 329,039 27,144
Professional fees 15,650 4,254 12,366 4,303
Custodian fees and expenses 21,684 3,925 13,629 415
Reports and notices to shareholders 9,683 2,053 5,613 1,871
Other expenses 20,510 1,979 13,494 2,190
------------ ------------ ------------ ------------
Total expenses 616,074 60,862 374,141 35,923
Less: Expenses waived or assumed -- (15,179) -- --
Custodian fees paid indirectly (2,296) (251) (3,150) (4)
------------ ------------ ------------ ------------
Net expenses 613,778 45,432 370,991 35,919
------------ ------------ ------------ ------------
Net investment income (loss) 530,541 43,001 (151,122) 24,017
------------ ------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
(Note 3):
Net realized loss on investments (4,711,312) -- (5,600,950) (138,549)
Net unrealized appreciation (depreciation)
of investments 18,420,645 -- 16,832,190 996,349
------------ ------------ ------------ ------------
Net gain (loss) on investments 13,709,333 -- 11,231,240 857,800
------------ ------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $14,239,874 $43,001 $11,080,118 $881,817
============ ============ ============ ============
- -----------------------------------------------------------------------------------------------------------------------
GOVERNMENT GROWTH HIGH YIELD
- -----------------------------------------------------------------------------------------------------------------------
Investment Income
Income:
Interest $749,990 $ 20,825 $2,562,101
Dividends -- 1,283,526 1,653(a)
------------ ------------ ------------
Total income 749,990 1,304,351 2,563,754
------------ ------------ ------------
Expenses (Notes 1 and 4):
Advisory fees 97,093 655,684 199,385
Professional fees 5,466 14,863 8,568
Custodian fees and expenses 5,315 23,822 5,129
Reports and notices to shareholders 2,536 7,989 4,040
Other expenses 5,328 20,678 5,504
------------ ------------ ------------
Total expenses 115,738 723,036 222,626
Less: Expenses waived or assumed (19,419) -- --
Custodian fees paid indirectly (518) (458) (1,509)
------------ ------------ ------------
Net expenses 95,801 722,578 221,117
------------ ------------ ------------
Net investment income (loss) 654,189 581,773 2,342,637
------------ ------------ ------------
Realized and Unrealized Gain (Loss) on Investments
(Note 3):
Net realized loss on investments (83,438) (7,016,437) (3,119,595)
Net unrealized appreciation (depreciation)
of investments (65,187) 26,113,011 8,002,854
------------ ------------ ------------
Net gain (loss) on investments (148,625) 19,096,574 4,883,259
------------ ------------ ------------
Net Increase in Net Assets Resulting from Operations $505,564 $19,678,347 $7,225,896
============ ============ ============
(a) See Note 1H
See notes to financial statements
Statement of Operations
FIRST INVESTORS LIFE SERIES FUND
Six Months Ended June 30, 2003
- -------------------------------------------------------------------------------------------------------------
INTERNATIONAL INVESTMENT TARGET
SECURITIES GRADE MATURITY 2007
- -------------------------------------------------------------------------------------------------------------
Investment Income
Income:
Interest $ 67,121 $1,085,715 $ 891,216
Dividends 806,800(b) -- --
------------ ------------ ------------
Total income 873,921 1,085,715 891,216
------------ ------------ ------------
Expenses (Notes 1 and 4):
Advisory fees 264,386 130,965 120,208
Professional fees 9,347 6,268 7,081
Custodian fees and expenses 98,037 4,772 2,806
Reports and notices to shareholders 5,687 2,862 4,866
Other expenses 21,145 5,345 6,942
------------ ------------ ------------
Total expenses 398,602 150,212 141,903
Less: Expenses waived or assumed -- (26,193) (24,042)
Custodian fees paid indirectly -- (922) (278)
------------ ------------ ------------
Net expenses 398,602 123,097 117,583
------------ ------------ ------------
Net investment income 475,319 962,618 773,633
------------ ------------ ------------
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 341,639 (448,007) 263,239
Net unrealized appreciation of investments, futures
contracts and foreign currency transactions 5,627,979 2,107,556 62,200
------------ ------------ ------------
Net gain on investments, futures contracts and
foreign currency transactions 5,969,618 1,659,549 325,439
------------ ------------ ------------
Net Increase in Net Assets Resulting
from Operations $6,444,937 $2,622,167 $1,099,072
============ ============ ============
(b) Net of $70,841 foreign taxes withheld
- -------------------------------------------------------------------------------------------------------------
TARGET TARGET
MATURITY 2010 MATURITY 2015 VALUE
- -------------------------------------------------------------------------------------------------------------
Investment Income
Income:
Interest $ 456,933 $255,115 $ 27,875
Dividends -- -- 670,721
------------ ------------ ------------
Total income 456,933 255,115 698,596
------------ ------------ ------------
Expenses (Notes 1 and 4):
Advisory fees 65,537 38,323 166,100
Professional fees 4,728 6,239 2,261
Custodian fees and expenses 1,910 524 9,330
Reports and notices to shareholders 2,126 2,128 891
Other expenses 3,937 3,321 2,304
------------ ------------ ------------
Total expenses 78,238 50,535 180,886
Less: Expenses waived or assumed (13,107) (7,665) --
Custodian fees paid indirectly (475) (524) (1,762)
------------ ------------ ------------
Net expenses 64,656 42,346 179,124
------------ ------------ ------------
Net investment income 392,277 212,769 519,472
------------ ------------ ------------
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 79,016 (9,097) 143,679
Net unrealized appreciation of investments, futures
contracts and foreign currency transactions 623,121 699,217 3,373,845
------------ ------------ ------------
Net gain on investments, futures contracts and
foreign currency transactions 702,137 690,120 3,517,524
------------ ------------ ------------
Net Increase in Net Assets Resulting
from Operations $1,094,414 $902,889 $4,036,996
============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS LIFE SERIES FUND
- -----------------------------------------------------------------------------------------------------------------------------
BLUE CHIP CASH MANAGEMENT
-------------------------- --------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income (loss) $ 530,541 $ 1,059,435 $ 43,001 $ 153,115
Net realized loss on investments (4,711,312) (28,336,343) -- --
Net unrealized appreciation (depreciation)
of investments 18,420,645 (27,970,671) -- --
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations 14,239,874 (55,247,579) 43,001 153,115
------------ ------------ ------------ ------------
Dividends to Shareholders
Net investment income (1,058,840) (912,805) (43,001) (153,115)
------------ ------------ ------------ ------------
Trust Share Transactions *
Proceeds from shares sold 3,136,054 7,791,126 1,862,189 6,913,784
Reinvestment of dividends 1,058,840 912,805 43,001 153,115
Cost of shares redeemed (7,915,958) (24,278,648) (3,905,510) (5,689,977)
------------ ------------ ------------ ------------
Net increase (decrease) from trust share transactions (3,721,064) (15,574,717) (2,000,320) 1,376,922
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 9,459,970 (71,735,101) (2,000,320) 1,376,922
Net Assets
Beginning of period 147,980,772 219,715,873 13,665,142 12,288,220
------------ ------------ ------------ ------------
End of period+ $157,440,742 $147,980,772 $11,664,822 $13,665,142
============ ============ ============ ============
+Includes undistributed net investment income (deficit) of $ 530,473 $ 1,058,772 $ -- $ --
============ ============ ============ ============
*Trust Shares Issued and Redeemed
Sold 206,026 446,211 1,862,189 6,913,784
Issued for dividends reinvested 74,096 47,296 43,001 153,115
Redeemed (525,351) (1,445,591) (3,905,510) (5,689,977)
------------ ------------ ------------ ------------
Net increase (decrease) in trust shares outstanding (245,229) (952,084) (2,000,320) 1,376,922
============ ============ ============ ============
- -----------------------------------------------------------------------------------------------------------------------------
DISCOVERY FOCUSED EQUITY
-------------------------- --------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income (loss) $ (151,122) $ (451,876) $ 24,017 $ 9,924
Net realized loss on investments (5,600,950) (15,601,945) (138,549) (1,291,649)
Net unrealized appreciation (depreciation)
of investments 16,832,190 (17,870,170) 996,349 (1,317,623)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations 11,080,118 (33,923,991) 881,817 (2,599,348)
------------ ------------ ------------ ------------
Dividends to Shareholders
Net investment income -- -- (9,919) (23,149)
------------ ------------ ------------ ------------
Trust Share Transactions *
Proceeds from shares sold 2,579,781 7,235,749 781,481 2,042,700
Reinvestment of dividends -- -- 9,919 23,149
Cost of shares redeemed (4,114,626) (9,943,319) (327,641) (1,060,293)
------------ ------------ ------------ ------------
Net increase (decrease) from trust share transactions (1,534,845) (2,707,570) 463,759 1,005,556
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 9,545,273 (36,631,561) 1,335,657 (1,616,941)
Net Assets
Beginning of period 89,115,540 125,747,101 6,928,041 8,544,982
------------ ------------ ------------ ------------
End of period+ $98,660,813 $89,115,540 $8,263,698 $6,928,041
============ ============ ============ ============
+Includes undistributed net investment income (deficit) of $ (151,122) $ -- $ 24,001 $ 9,903
============ ============ ============ ============
*Trust Shares Issued and Redeemed
Sold 164,403 400,902 123,088 284,646
Issued for dividends reinvested -- -- 1,675 2,854
Redeemed (267,148) (564,038) (52,665) (159,363)
------------ ------------ ------------ ------------
Net increase (decrease) in trust shares outstanding (102,745) (163,136) 72,098 128,137
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS LIFE SERIES FUND
- -----------------------------------------------------------------------------------------------------------------------------
GOVERNMENT GROWTH
-------------------------- --------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 654,189 $ 1,075,195 $ 581,773 $ 880,415
Net realized gain (loss) on investments,
futures contracts and foreign currency transactions (83,438) 90,100 (7,016,437) (14,051,918)
Net unrealized appreciation (depreciation)
of investments, futures contracts and
currency transactions (65,187) 345,655 26,113,011 (39,789,267)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations 505,564 1,510,950 19,678,347 (52,960,770)
------------ ------------ ------------ ------------
Dividends to Shareholders
Net investment income (1,075,096) (845,376) (880,061) (483,769)
------------ ------------ ------------ ------------
Trust Share Transactions*
Proceeds from shares sold 2,802,642 9,494,207 3,892,744 9,426,487
Reinvestment of dividends 1,075,096 845,376 880,061 483,769
Cost of shares redeemed (2,114,428) (2,508,448) (8,316,544) (21,559,624)
------------ ------------ ------------ ------------
Net increase (decrease) from trust
share transactions 1,763,310 7,831,135 (3,543,739) (11,649,368)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 1,193,778 8,496,709 15,254,547 (65,093,907)
Net Assets
Beginning of period 25,076,980 16,580,271 176,281,359 241,375,266
------------ ------------ ------------ ------------
End of period+ $26,270,758 $25,076,980 $191,535,906 $176,281,359
============ ============ ============ ============
+Includes undistributed net investment income of $ 654,154 $ 1,075,061 $ 581,699 $ 879,987
============ ============ ============ ============
*Trust Shares Issued and Redeemed
Sold 266,270 911,005 160,685 352,788
Issued for dividends reinvested 103,874 83,618 38,923 16,404
Redeemed (200,930) (241,266) (349,930) (830,747)
------------ ------------ ------------ ------------
Net increase (decrease) in trust shares outstanding 169,214 753,357 (150,322) (461,555)
============ ============ ============ ============
- -----------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL
HIGH YIELD SECURITIES
-------------------------- --------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 2,342,637 $ 4,569,568 $ 475,319 $ 528,914
Net realized gain (loss) on investments,
futures contracts and foreign currency transactions (3,119,595) (4,115,176) 341,639 (9,967,816)
Net unrealized appreciation (depreciation)
of investments, futures contracts and
currency transactions 8,002,854 602,919 5,627,979 (7,897,229)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations 7,225,896 1,057,311 6,444,937 (17,336,131)
------------ ------------ ------------ ------------
Dividends to Shareholders
Net investment income (4,616,701) (5,480,290) (750,556) (515,963)
------------ ------------ ------------ ------------
Trust Share Transactions*
Proceeds from shares sold 3,190,839 3,410,846 1,092,451 3,410,096
Reinvestment of dividends 4,616,701 5,480,290 750,556 515,963
Cost of shares redeemed (1,749,687) (5,296,907) (4,326,108) (10,675,500)
------------ ------------ ------------ ------------
Net increase (decrease) from trust
share transactions 6,057,853 3,594,229 (2,483,101) (6,749,441)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 8,667,048 (828,750) 3,211,280 (24,601,535)
Net Assets
Beginning of period 49,567,491 50,396,241 72,475,385 97,076,920
------------ ------------ ------------ ------------
End of period+ $58,234,539 $49,567,491 $75,686,665 $72,475,385
============ ============ ============ ============
+Includes undistributed net investment income of $ 2,204,347 $ 4,478,411 $ 446,997 $ 722,234
============ ============ ============ ============
*Trust Shares Issued and Redeemed
Sold 430,938 462,403 87,938 248,685
Issued for dividends reinvested 656,714 755,902 64,481 35,219
Redeemed (236,577) (720,773) (350,596) (784,889)
------------ ------------ ------------ ------------
Net increase (decrease) in trust shares outstanding 851,075 497,532 (198,177) (500,985)
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS LIFE SERIES FUND
- -----------------------------------------------------------------------------------------------------------------------------
TARGET
INVESTMENT GRADE MATURITY 2007
-------------------------- --------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 962,618 $ 1,813,722 $ 773,633 $ 1,630,792
Net realized gain (loss) on investments (448,007) (10,880) 263,239 485,403
Net unrealized appreciation of investments 2,107,556 549,274 62,200 2,480,320
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 2,622,167 2,352,116 1,099,072 4,596,515
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income (1,905,350) (1,570,624) (1,630,592) (1,630,651)
Net realized gains -- -- (305,140) --
------------ ------------ ------------ ------------
Total distributions (1,905,350) (1,570,624) (1,935,732) (1,630,651)
------------ ------------ ------------ ------------
Trust Share Transactions*
Proceeds from shares sold 2,853,117 7,046,437 715,216 1,900,901
Reinvestment of distributions 1,905,350 1,570,624 1,935,732 1,630,651
Cost of shares redeemed (1,565,752) (3,759,303) (2,229,055) (6,027,922)
------------ ------------ ------------ ------------
Net increase (decrease) from trust share transactions 3,192,715 4,857,758 421,893 (2,496,370)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 3,909,532 5,639,250 (414,767) 469,494
Net Assets
Beginning of period 33,532,915 27,893,665 32,564,103 32,094,609
------------ ------------ ------------ ------------
End of period+ $37,442,447 $33,532,915 $32,149,336 $32,564,103
============ ============ ============ ============
+Includes undistributed net investment income of $ 823,232 $ 1,765,964 $ 773,609 $ 1,630,568
============ ============ ============ ============
*Trust Shares Issued and Redeemed
Sold 249,424 635,829 50,402 137,892
Issued for distributions reinvested 170,730 144,758 138,563 125,050
Redeemed (136,467) (337,829) (156,427) (435,821)
------------ ------------ ------------ ------------
Net increase (decrease) in trust shares outstanding 283,687 442,758 32,538 (172,879)
============ ============ ============ ============
- -----------------------------------------------------------------------------------------------------------------------------
TARGET TARGET
MATURITY 2010 MATURITY 2015
-------------------------- --------------------------
1/1/03 to 1/1/02 to 1/1/03 to 1/1/02 to
6/30/03 12/31/02 6/30/03 12/31/02
- -----------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 392,277 $ 748,937 $ 212,769 $ 288,507
Net realized gain (loss) on investments 79,016 22,297 (9,097) (4,285)
Net unrealized appreciation of investments 623,121 1,938,502 699,217 1,038,743
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 1,094,414 2,709,736 902,889 1,322,965
------------ ------------ ------------ ------------
Distributions to Shareholders
Net investment income (748,880) (662,873) (288,490) (185,253)
Net realized gains -- -- -- --
------------ ------------ ------------ ------------
Total distributions (748,880) (662,873) (288,490) (185,253)
------------ ------------ ------------ ------------
Trust Share Transactions*
Proceeds from shares sold 1,037,805 3,186,375 2,203,807 4,236,116
Reinvestment of distributions 748,880 662,873 288,490 185,253
Cost of shares redeemed (1,873,354) (2,202,364) (854,667) (474,449)
------------ ------------ ------------ ------------
Net increase (decrease) from trust share transactions (86,669) 1,646,884 1,637,630 3,946,920
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 258,865 3,693,747 2,252,029 5,084,632
Net Assets
Beginning of period 17,502,667 13,808,920 9,122,109 4,037,477
------------ ------------ ------------ ------------
End of period+ $17,761,532 $17,502,667 $11,374,138 $9,122,109
============ ============ ============ ============
+Includes undistributed net investment income of $ 392,261 $ 748,864 $ 212,754 $ 288,475
============ ============ ============ ============
*Trust Shares Issued and Redeemed
Sold 67,916 225,120 159,951 338,028
Issued for distributions reinvested 49,398 49,542 20,965 16,081
Redeemed (122,092) (154,853) (61,353) (37,431)
------------ ------------ ------------ ------------
Net increase (decrease) in trust shares outstanding (4,778) 119,809 119,563 316,678
============ ============ ============ ============
See notes to financial statements
Statement of Changes in Net Assets
FIRST INVESTORS LIFE SERIES FUND
- ---------------------------------------------------------------------------------------------------
VALUE
---------------------------
1/1/03 to 1/1/02 to
6/30/03 12/31/02
- ---------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Operations
Net investment income $ 519,472 $ 1,475,912
Net realized gain (loss) on investments 143,679 (13,315,507)
Net unrealized appreciation (depreciation)
of investments 3,373,845 (2,150,643)
------------ ------------
Net increase (decrease) in net assets resulting
from operations 4,036,996 (13,990,238)
------------ ------------
Dividends to Shareholders
Net investment income (1,475,704) (1,389,579)
------------ ------------
Trust Share Transactions*
Proceeds from shares sold 1,910,658 2,743,939
Reinvestment of dividends 1,475,704 1,389,579
Cost of shares redeemed (2,157,150) (9,827,848)
------------ ------------
Net increase (decrease) from trust share transactions 1,229,212 (5,694,330)
------------ ------------
Net increase (decrease) in net assets 3,790,504 (21,074,147)
Net Assets
Beginning of period 44,947,139 66,021,286
------------ ------------
End of period+ $48,737,643 $44,947,139
============ ============
+Includes undistributed net investment income of $ 519,422 $ 1,475,654
============ ============
*Trust Shares Issued and Redeemed
Sold 196,319 250,807
Issued for dividends reinvested 166,370 119,277
Redeemed (229,840) (950,120)
------------ ------------
Net increase (decrease) in trust shares outstanding 132,849 (580,036)
============ ============
See notes to financial statements
This page intentionally left blank.
Notes to Financial Statements
June 30, 2003
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 (formerly Utilities Income)
Funds (each a "Fund") and 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 be priced by a pricing service approved by
the Life Series Fund's Board of Trustees. 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. 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 Life Series Fund's Board of
Trustees. At June 30, 2003, the High Yield Fund held six securities that
were fair valued by its Valuation Committee with an aggregate value of
$19,965 representing .03% 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 of 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.
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, 2002, capital loss carryovers
were as follows:
Notes to Financial Statements (continued)
June 30, 2003
Year Capital Loss Carryovers Expire
----------------------------------------------------------------------------
Fund Total 2003 2007 2008 2009 2010
- ----------------------- ----------- ----------- ----------- ----------- ----------- -----------
Blue Chip $49,141,617 $-- $-- $-- $26,672,038 $22,469,579
Discovery 49,286,660 -- -- -- 33,762,304 15,524,356
Focused Equity 2,380,221 -- 29,190 1,018,850 248,878 1,083,303
Government 502,374 228,020 140,904 133,450 -- --
Growth 21,348,112 -- -- -- 9,135,342 12,212,770
High Yield 10,042,027 -- 566,369 1,503,018 3,751,289 4,221,351
International Securities 20,875,101 -- -- -- 11,213,583 9,661,518
Investment Grade 853,873 -- 71,026 728,578 37,096 17,173
Target Maturity 2010 73,240 -- 62,635 10,605 -- --
Target Maturity 2015 21,747 -- -- 3,919 13,543 4,285
Value 20,158,041 -- -- -- 8,718,125 11,439,916
C. Foreign Currency Translations--The accounting records of 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. Shares of stock received in lieu of cash dividends on
certain preferred stock holdings of the High Yield Fund are recognized as
dividend income and recorded at the market value of the shares received.
For the six months ended June 30, 2003, the High Yield Fund recognized
$1,500, from these taxable "pay-in-kind" distributions. Interest income and
estimated expenses are accrued daily. Bond premiums and discounts are
amortized/accreted using the interest method. For the six months ended June
30, 2003, the Bank of New York, custodian for all the Funds, except the
International Securities Fund, has provided credits in the amount of
$12,147 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 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, 2003, 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, 2003
Long-Term U.S.
Securities Government Obligations
------------------------ ----------------------
Cost of Proceeds Cost of Proceeds
Fund Purchases of Sales Purchases of Sales
- ---- ----------- ----------- ---------- ----------
Blue Chip $85,891,349 $88,351,032 $-- $--
Discovery 42,971,917 45,192,600 -- --
Focused Equity 2,347,487 1,740,122 -- --
Government -- -- 12,847,148 11,975,057
Growth 66,036,207 69,104,425 -- --
High Yield 8,175,055 6,406,144 -- --
International Securities 41,696,200 42,991,526 -- --
Investment Grade 3,197,443 2,650,958 1,228,721 8,260
Target Maturity 2007 -- -- -- 1,489,522
Target Maturity 2010 -- -- 204,407 965,351
Target Maturity 2015 -- -- 1,633,448 218,896
Value 17,900,734 11,131,988 -- --
At June 30, 2003, 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 $136,431,732 $23,575,412 $3,223,814 $20,351,598
Discovery 79,972,760 20,397,518 1,968,163 18,429,355
Focused Equity. 8,490,624 495,233 778,515 (283,282)
Government 25,066,498 595,309 42,015 553,294
Growth 164,061,810 32,085,583 5,555,389 26,530,194
High Yield 65,443,021 3,105,985 10,435,310 (7,329,325)
International Securities 70,077,283 9,176,684 3,097,658 6,079,026
Investment Grade 33,642,964 3,300,946 381,709 2,919,237
Target Maturity 2007 26,834,435 5,216,324 -- 5,216,324
Target Maturity 2010 14,229,529 3,459,463 -- 3,459,463
Target Maturity 2015 9,502,607 1,799,139 8,590 1,790,549
Value 44,754,276 4,624,511 847,488 3,777,023
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, 2003, total trustees fees accrued by the Funds
amounted to $25,100.
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, 2003, FIMCO has voluntarily
waived 20% of the .75% annual fee on the first $250 million of the average
daily net assets of the Cash Management, Government, Investment Grade,
Target Maturity 2007, Target Maturity 2010 and Target Maturity 2015 Funds.
For the six months ended June 30, 2003, total advisory fees accrued to
FIMCO were $2,691,062 of which $100,156 was waived by the investment
adviser. In addition, other expenses in the amount of $5,449 were assumed
by FIMCO.
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 of the Securities Act of 1933 and may only be
resold to qualified institutional investors. At June 30, 2003, the Cash
Management Fund held seven restricted securities with an aggregate value of
$2,191,880 representing 18.8% of the Fund's net assets, the High Yield Fund
held twenty-one restricted securities with an aggregate value of $6,455,714
representing 11.1% of the Fund's net assets and the Investment Grade Fund
held eight restricted securities with an aggregate value of $2,471,592
representing 6.6% 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 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.
The International Securities Fund had the following forward currency
contracts outstanding at June 30, 2003:
Notes to Financial Statements (continued)
June 30, 2003
Unrealized
Contracts to Sell Foreign Currency In Exchange for Settlement Date Gain (Loss)
- ---------------------------------- --------------- --------------- -----------
833,425 Swedish Krona $103,991 7/1/03 $123
55,035,037 Japanese Yen 458,465 7/3/03 (126)
--------------- ----------
$562,456 (3)
=============== ----------
Unrealized
Contracts to Sell Foreign Currency In Exchange for Settlement Date Gain (Loss)
- ---------------------------------- --------------- --------------- -----------
57,392 Euro $65,666 7/1/03 $(240)
105,452 British Pounds 174,640 7/3/03 627
--------------- ----------
$240,306 387
=============== ----------
Net Unrealized Gain on Forward Currency Contracts $384
==========
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. The Fund may
purchase or sell stock index future contracts as a hedge against changes in
market conditions. 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, 2003, U.S. Treasury Bills with
a market value of $234,829 were pledged to cover margin requirements for
futures contracts. Open futures contracts at June 30, 2003 were as follows:
Unrealized
Appreciation
Contracts/Delivery Month/Commitment (Depreciation)
- ----------------------------------- --------------
15 CAC 40 Index/September 2003/Buy. $(4,123)
3 DAX 30 Index/September 2003/Buy (8,719)
3 IBEX PLUS/July 2003/Buy (6,277)
2 MIB 30/September 2003/Buy (7,222)
25 S&P CAN 60/September 2003/Buy. (27,213)
2 TSE Index/September 2003/Buy 6,196
--------------
Total Net Unrealized Depreciation on
Futures Contracts $(47,358)
==============
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 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
- -----------------------------------------------------------------------------------------------------
BLUE CHIP FUND
- ----------------------
1998 $23.71 $.17 $4.05 $4.22 $.19 $1.49 $1.68
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 .06 1.43 1.49 .11 -- .11
- -----------------------------------------------------------------------------------------------------
CASH MANAGEMENT FUND
- ----------------------
1998 $1.00 $.049 $-- $.049 $.049 $-- $.049
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 .003 -- .003 .003 -- .003
- -----------------------------------------------------------------------------------------------------
DISCOVERY FUND
- ----------------------
1998 $27.77 $.09 $.79 $.88 $.08 $1.83 $1.91
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 (.03) 2.02 1.99 -- -- --
- -----------------------------------------------------------------------------------------------------
FOCUSED EQUITY FUND
- ----------------------
11/8/99* to
12/31/99 $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 .02 .74 .76 .01 -- .01
- -----------------------------------------------------------------------------------------------------
GOVERNMENT FUND
- ----------------------
1998 $10.33 $.66*** $.08 $.74 $.66 $-- $.66
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 .25 (.04) .21 .45 -- .45
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
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
- ----------------------
1998 $26.25 18.66 $205 .82 .79 N/A N/A 91
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** 16.48 9.98 157 .85(a) .73(a) N/A N/A 60
- -----------------------------------------------------------------------------------------------------------
CASH MANAGEMENT FUND
- ----------------------
1998 $1.00 5.02 $7 .70 4.89 .99 4.60 N/A
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 .33 12 .70(a) .67(a) .95(a) .42(a) N/A
- -----------------------------------------------------------------------------------------------------------
DISCOVERY FUND
- ----------------------
1998 $26.74 3.05 $114 .83 .36 N/A N/A 121
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** 17.61 12.74 99 .85(a) (.34)(a) N/A N/A 51
- -----------------------------------------------------------------------------------------------------------
FOCUSED EQUITY FUND
- ----------------------
11/8/99* to
12/31/99 $10.25 2.50 $2 1.59(a) (1.39)(a) 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** 6.96 12.24 8 .99(a) .67(a) N/A N/A 25
- -----------------------------------------------------------------------------------------------------------
GOVERNMENT FUND
- ----------------------
1998 $10.41 7.54 $11 .70 6.59 .87 6.42 107
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** 10.47 2.02 26 .75(a) 5.04(a) .89(a) 4.90(a) 54
- -----------------------------------------------------------------------------------------------------------
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
- -----------------------------
1998 $29.24 $.10 $7.69 $7.79 $.15 $1.10 $1.25
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 .08 2.64 2.72 .12 -- .12
- -----------------------------------------------------------------------------------------------------
HIGH YIELD FUND
- -----------------------------
1998 $12.30 $1.00 $(.62) $.38 $.98 $-- $.98
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 (b) 9.44 .89 (1.14) (.25) 1.06 -- 1.06
2002 8.13 .70 (.54) .16 .89 -- .89
2003** 7.40 .31 .69 1.00 .69 -- .69
- -----------------------------------------------------------------------------------------------------
INTERNATIONAL SECURITIES FUND
- -----------------------------
1998 $16.91 $.12 $2.87 $2.99 $.16 $.86 $1.02
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 .09 1.06 1.15 .13 -- .13
- -----------------------------------------------------------------------------------------------------
INVESTMENT GRADE FUND
- -----------------------------
1998 $11.67 $.68*** $.33 $1.01 $.71 $-- $.71
1999 11.97 .69 (.98) (.29) .70 .01 .71
2000 10.97 .76 .22 .98 .71 -- .71
2001 (b) 11.24 .64 .21 .85 .73 -- .73
2002 11.36 .63 .22 .85 .64 -- .64
2003** 11.57 .32 .53 .85 .65 -- .65
- -----------------------------------------------------------------------------------------------------
TARGET MATURITY 2007 FUND
- -----------------------------
1998 $12.63 $.61 $1.20 $1.81 $.61 $-- $.61
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 .35 .14 .49 .74 .14 .88
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
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
- -----------------------------
1998 $35.78 27.35 $187 .82 .34 N/A N/A 26
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** 26.43 11.50 192 .83(a) .67(a) N/A N/A 38
- -----------------------------------------------------------------------------------------------------------
HIGH YIELD FUND
- -----------------------------
1998 $11.70 3.15 $65 .83 8.93 N/A N/A 42
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 (b) 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** 7.71 14.41 58 .85(a) 8.81(a) N/A N/A 13
- -----------------------------------------------------------------------------------------------------------
INTERNATIONAL SECURITIES FUND
- -----------------------------
1998 $18.88 18.18 $92 1.15 .75 N/A N/A 109
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** 13.52 9.38 76 1.13(a) 1.35(a) N/A N/A 65
- -----------------------------------------------------------------------------------------------------------
INVESTMENT GRADE FUND
- -----------------------------
1998 $11.97 9.15 $22 .68 5.97 .84 5.81 60
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 (b) 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** 11.77 7.69 37 .71(a) 5.51(a) .87(a) 5.35(a) 8
- -----------------------------------------------------------------------------------------------------------
TARGET MATURITY 2007 FUND
- -----------------------------
1998 $13.83 14.97 $26 .67 5.18 .83 5.02 1
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** 14.29 3.49 32 .73(a) 4.82(a) .89(a) 4.66(a) 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
- --------------------------
1998 $12.70 $.51 $1.25 $1.76 $.48 $.01 $.49
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 .35 .62 .97 .67 -- .67
TARGET MATURITY 2015 FUND
- --------------------------
11/8/99* to
12/31/99 $10.00 $.04 $(.53) $(.49) $-- $-- $--
2000 9.51 .45 1.92 2.37 .03 -- .03
2001 11.85 .47 (.36) .11 .39 -- .39
2002 11.57 .38 2.23 2.61 .47 -- .47
2003** 13.71 .25 .94 1.19 .41 -- .41
VALUE FUND****
- --------------------------
1998 $14.95 $.32 $1.46 $1.78 $.35 $.55 $.90
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 .11 .73 .84 .32 -- .32
- -----------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
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
- --------------------------
1998 $13.97 14.36 $9 .67 4.90 .82 4.75 0
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** 15.71 6.43 18 .75(a) 4.48(a) .89(a) 4.34(a) 1
- -----------------------------------------------------------------------------------------------------------
TARGET MATURITY 2015 FUND
- --------------------------
11/8/99* to
12/31/99 $9.51 (4.90) $1 1.38(a) 4.24(a) 1.64(a) 3.98(a) 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** 14.49 8.88 11 .85(a) 4.15(a) .99(a) 4.01(a) 2
- -----------------------------------------------------------------------------------------------------------
VALUE FUND****
- --------------------------
1998 $15.83 12.58 $50 .73 2.61 .85 2.49 105
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** 10.26 9.18 49 .81(a) 2.34(a) N/A N/A 28
- -----------------------------------------------------------------------------------------------------------
(a) Annualized
(b) 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 total net assets of the Funds.
* Commencement of operations
** For the period January 1, 2003 to June 30, 2003
*** Based on average shares outstanding during the year
**** Prior to December 31, 2002, known as Utilities Income Fund
+ Net of expenses waived or assumed by the investment adviser (Note 4)
++ The effect of fees and charges incurred at the separate account level
are not reflected in these performance figures.
See notes to financial statements
Independent Auditors' Report
To the Shareholders and Trustees of
First Investors Life Series Fund
We have audited the accompanying statement of assets and liabilities,
including the portfolios of investments, of the thirteen Funds comprising
First Investors Life Series Fund as of June 30, 2003, the related statement
of operations, the statement 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 auditing standards generally
accepted in the United States of America. 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, 2003,
by correspondence with the custodians 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, 2003, 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 1, 2003
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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 U.S. Government.
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 Funds' practice to mail only one copy of their annual and
semi-annual reports to any address at which more than one shareholder with
the same last name has indicated that mail is to be delivered. Additional
copies of the reports will be mailed if requested by any shareholder in
writing or by calling 800-423-4026. The Funds 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 Funds' prospectus.
NOTES
Item 1. Reports to Stockholders - Filed herewith
Item 2. Code of Ethics - Not applicable to Semi-Annual Report
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. [Reserved]
Item 6. [Reserved]
Item 7. Disclosure of Proxy Voting Policies & Procedures for
Closed-End Management Investment Companies - Not applicable
for this filing
Item 8. [Reserved]
Item 9. 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 10. Exhibits
(a) Code of Ethics - Not applicable to Semi-Annual Report
(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 4, 2003
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 4, 2003