N-CSRS 1 ncsr0304.txt FIRST INVESTORS EQUITY FUNDS 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 NUMBERS 811-5690; 811-6618; 811-3169 FIRST INVESTORS SERIES FUND FIRST INVESTORS SERIES FUND II, INC. FIRST INVESTORS GLOBAL FUND, INC. (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 Corporation 581 Main Street Woodbridge, NJ 07095 1-732-855-2712 (Name and address of agent for service) REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 1-212-858-8000 DATE OF FISCAL YEAR END: SEPTEMBER 30, 2004 DATE OF REPORTING PERIOD: MARCH 31, 2004 Item 1. Reports to Stockholders The Semi-Annual Report to Stockholders follows
Portfolio of Investments FIRST INVESTORS TOTAL RETURN FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--62.2% Consumer Discretionary--10.0% 7,600 * American Eagle Outfitters, Inc. $204,896 $8 8,400 Best Buy Company, Inc. 434,448 17 61,800 Blockbuster, Inc. - Class "A" 1,081,500 43 14,100 Clear Channel Communications, Inc. 597,135 24 29,400 * Comcast Corporation - Special Class "A" 819,672 32 24,000 * Concord Camera Corporation 150,720 6 36,400 * Fox Entertainment Group, Inc. - Class "A" 986,440 39 47,600 * GameStop Corporation - Class "A" 857,752 34 57,000 Gap, Inc. 1,249,440 49 13,800 Genuine Parts Company 451,536 18 19,300 GTECH Holdings Corporation 1,141,402 45 23,500 Harley-Davidson, Inc. 1,253,490 50 30,100 Hasbro, Inc. 654,675 26 65,900 * Hollywood Entertainment Corporation 893,604 35 27,200 Home Depot, Inc. 1,016,192 40 47,600 J.C. Penney Company, Inc. (Holding Company) 1,655,528 65 16,700 Lear Corporation 1,034,732 41 57,900 Leggett & Platt, Inc. 1,372,809 54 300 Lifetime Hoan Corporation 5,253 -- 45,500 Mattel, Inc. 839,020 33 68,700 McDonald's Corporation 1,962,759 78 34,500 Newell Rubbermaid, Inc. 800,400 32 76,000 * Office Depot, Inc. 1,430,320 56 58,200 Pier 1 Imports, Inc. 1,379,340 55 43,000 Polo Ralph Lauren Corporation - Class "A" 1,474,040 58 22,900 Ross Stores, Inc. 700,969 28 8,200 Sherwin-Williams Company 315,126 12 16,500 Viacom, Inc. - Class "B" 646,965 26 ---------------------------------------------------------------------------------------------------------------------- 25,410,163 1,004 ---------------------------------------------------------------------------------------------------------------------- Consumer Staples--5.0% 27,600 Altria Group, Inc. 1,502,820 59 23,000 American Italian Pasta Company - Class "A" 918,390 36 22,800 Anheuser-Busch Companies, Inc. 1,162,800 46 13,600 Bunge, Ltd. 546,992 22 39,800 Coca-Cola Enterprises, Inc. 961,966 38 17,100 * Costco Wholesale Corporation 642,276 25 18,300 CVS Corporation 645,990 26 34,900 Hormel Foods Corporation 1,023,617 40 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS TOTAL RETURN FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Consumer Staples (continued) 17,200 Kimberly-Clark Corporation $1,085,320 $43 21,100 Pepsi Bottling Group, Inc. 627,725 25 13,900 PepsiCo, Inc. 748,515 30 15,400 Procter & Gamble Company 1,615,152 64 20,600 Wal-Mart Stores, Inc. 1,229,614 49 ---------------------------------------------------------------------------------------------------------------------- 12,711,177 503 ---------------------------------------------------------------------------------------------------------------------- Energy--4.1% 30,300 Anadarko Petroleum Corporation 1,571,358 62 16,400 ConocoPhillips 1,144,884 45 16,000 Diamond Offshore Drilling, Inc. 387,040 15 18,500 EOG Resources, Inc. 848,965 34 41,900 ExxonMobil Corporation 1,742,621 69 22,900 * Noble Corporation 879,818 35 48,700 Suncor Energy, Inc. 1,331,945 53 44,500 * Transocean, Inc. 1,241,105 49 46,500 XTO Energy, Inc. 1,173,660 46 ---------------------------------------------------------------------------------------------------------------------- 10,321,396 408 ---------------------------------------------------------------------------------------------------------------------- Financials--13.4% 27,700 ACE, Ltd. 1,181,682 47 19,300 American Express Company 1,000,705 40 19,500 American International Group, Inc. 1,391,325 55 36,600 AmSouth Bancorporation 860,466 34 12,400 Bank of America Corporation 1,004,152 40 16,900 Bear Stearns Companies, Inc. 1,481,792 59 43,000 Citigroup, Inc. 2,223,100 88 29,500 Endurance Specialty Holdings, Ltd. 1,048,430 42 13,900 Fannie Mae 1,033,465 41 31,700 FleetBoston Financial Corporation 1,423,330 56 14,000 GreenPoint Financial Corporation 611,940 24 44,500 J.P. Morgan Chase & Company 1,866,775 74 13,500 Lehman Brothers Holdings, Inc. 1,118,745 44 32,700 Lincoln National Corporation 1,547,364 61 27,800 Marsh & McLennan Companies, Inc. 1,287,140 51 46,700 MBNA Corporation 1,290,321 51 9,800 Merrill Lynch & Company, Inc. 583,688 23 28,000 Montpelier Re Holdings, Ltd. 1,042,720 41 8,800 Morgan Stanley 504,240 20 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Financials (continued) 32,000 New York Community Bancorp, Inc. $1,096,960 $43 46,550 Old Republic International Corporation 1,143,268 45 553 * Piper Jaffray Companies, Inc. 29,945 1 20,600 Plum Creek Timber Company, Inc. (REIT) 669,088 26 20,800 SouthTrust Corporation 689,728 27 57,100 Sovereign Bancorp, Inc. 1,223,082 48 9,700 St. Paul Companies, Inc. 388,097 15 55,600 U.S. Bancorp 1,537,340 61 38,800 Wachovia Corporation 1,823,600 72 34,700 Washington Mutual, Inc. 1,482,037 59 19,500 Wells Fargo & Company 1,105,065 44 5,200 Willis Group Holdings, Ltd. 193,440 8 ---------------------------------------------------------------------------------------------------------------------- 33,883,030 1,340 ---------------------------------------------------------------------------------------------------------------------- Health Care--6.6% 45,600 Abbott Laboratories 1,874,160 74 10,900 * Accredo Health, Inc. 415,290 17 9,500 AmerisourceBergen Corporation 519,460 21 13,000 * Amgen, Inc. 756,210 30 24,950 * Barr Pharmaceuticals, Inc. 1,145,205 45 47,300 * Boston Scientific Corporation 2,004,574 79 8,300 Eli Lilly & Company 555,270 22 2,700 * Genentech, Inc. 285,714 11 23,100 Guidant Corporation 1,463,847 58 28,500 Johnson & Johnson 1,445,520 57 14,600 * Laboratory Corporation of America Holdings 573,050 23 14,400 Medtronic, Inc. 687,600 27 17,100 Merck & Company, Inc. 755,649 30 83,580 Pfizer, Inc. 2,929,479 116 34,400 Wyeth 1,291,720 51 ---------------------------------------------------------------------------------------------------------------------- 16,702,748 661 ---------------------------------------------------------------------------------------------------------------------- Industrials--7.6% 17,200 3M Company 1,408,164 56 42,900 * AGCO Corporation 888,459 35 14,000 Alexander & Baldwin, Inc. 463,120 18 27,100 American Power Conversion Corporation 623,571 25 8,300 Caterpillar, Inc. 656,281 26 27,500 Cendant Corporation 670,725 27 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS TOTAL RETURN FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Industrials (continued) 32,900 Chicago Bridge & Iron Company NV - NY Shares $915,607 $36 10,000 Eaton Corporation 561,900 22 17,100 Engineered Support Systems, Inc. 834,309 33 13,900 Harsco Corporation 632,450 25 25,600 Honeywell International, Inc. 866,560 34 16,600 Lockheed Martin Corporation 757,624 30 59,400 Masco Corporation 1,807,542 71 15,600 Northrop Grumman Corporation 1,535,352 61 15,300 Pall Corporation 347,157 14 55,500 * Pinnacle Airlines Corporation 738,150 29 32,100 Pitney Bowes, Inc. 1,367,781 54 24,800 Rockwell Automation, Inc. 859,816 34 31,700 SPX Corporation 1,441,716 57 9,900 Textron, Inc. 526,185 21 15,300 United Technologies Corporation 1,320,390 52 ---------------------------------------------------------------------------------------------------------------------- 19,222,859 760 ---------------------------------------------------------------------------------------------------------------------- Information Technology--10.1% 4,100 Analog Devices, Inc. 196,841 8 14,200 * Applied Materials, Inc. 303,596 12 27,800 Autodesk, Inc. 879,036 35 54,700 * Cisco Systems, Inc. 1,286,544 52 16,400 Diebold, Inc. 789,168 31 24,800 * Electronics for Imaging, Inc. 609,336 24 97,300 * EMC Corporation 1,324,253 52 168,600 * Entrust, Inc. 736,782 29 45,476 First Data Corporation 1,917,268 76 57,600 Hewlett-Packard Company 1,315,584 52 50,100 Intel Corporation 1,362,720 54 23,600 Intersil Corporation - Class "A" 526,044 21 14,300 * Intuit, Inc. 641,784 25 55,100 * ManTech International Corporation - Class "A" 1,128,999 45 100,700 Microsoft Corporation 2,514,479 100 48,700 * Network Associates, Inc. 876,600 35 65,100 Nokia Corporation - Class "A" (ADR) 1,320,228 52 137,500 * Nortel Networks Corporation 816,750 32 24,800 QUALCOMM, Inc. 1,647,216 65 28,900 * SanDisk Corporation 819,893 32 35,200 * Storage Technology Corporation 979,616 39 71,600 * Sun Microsystems, Inc. 297,856 12 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Information Technology (continued) 44,604 * Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) $465,666 $18 22,500 * Tech Data Corporation 921,150 37 38,600 * Thermo Electron Corporation 1,091,608 43 28,100 * Western Digital Corporation 315,563 12 9,500 * Xilinx, Inc. 361,000 14 ---------------------------------------------------------------------------------------------------------------------- 25,445,580 1,007 ---------------------------------------------------------------------------------------------------------------------- Materials--3.0% 18,200 Dow Chemical Company 733,096 29 26,400 Freeport-McMoRan Copper & Gold, Inc. - Class "B" 1,031,976 41 26,000 Georgia-Pacific Corporation 875,940 35 35,000 Lubrizol Corporation 1,102,150 44 12,500 PPG Industries, Inc. 728,750 29 16,600 Praxair, Inc. 616,192 24 53,800 RPM International, Inc. 889,852 35 16,100 United States Steel Corporation 600,047 24 14,700 Weyerhaeuser Company 962,850 38 ---------------------------------------------------------------------------------------------------------------------- 7,540,853 299 ---------------------------------------------------------------------------------------------------------------------- Other--.8% 25,000 Nasdaq--100 Index Tracking Stock 894,250 35 10,000 SPDR Trust - Series "1" 1,129,700 45 ---------------------------------------------------------------------------------------------------------------------- 2,023,950 80 ---------------------------------------------------------------------------------------------------------------------- Telecommunication Services--.7% 38,600 SBC Communications, Inc. 947,244 38 20,800 Verizon Communications, Inc. 760,032 30 ---------------------------------------------------------------------------------------------------------------------- 1,707,276 68 ---------------------------------------------------------------------------------------------------------------------- Utilities--.9% 20,800 Consolidated Edison, Inc. 917,280 36 11,600 Dominion Resources, Inc. 745,880 30 24,900 ONEOK, Inc. 561,495 22 ---------------------------------------------------------------------------------------------------------------------- 2,224,655 88 ---------------------------------------------------------------------------------------------------------------------- Total Value of Common Stocks (cost $123,252,025) 157,193,687 6,218 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS TOTAL RETURN FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS--19.8% Aerospace/Defense--.8% $500M Boeing Capital Corp., 4.75%, 2008 $527,961 $21 350M Honeywell International, Inc., 7.5%, 2010 421,316 17 Precision Castparts Corp.: 500M 8.75%, 2005 522,638 21 500M 5.6%, 2013 + 519,083 20 ---------------------------------------------------------------------------------------------------------------------- 1,990,998 79 ---------------------------------------------------------------------------------------------------------------------- Automotive--.3% DaimlerChrysler NA Holdings Corp.: 350M 8%, 2010 412,632 16 350M 6.5%, 2013 379,227 15 ---------------------------------------------------------------------------------------------------------------------- 791,859 31 ---------------------------------------------------------------------------------------------------------------------- Consumer Non-Durables--.4% 900M Clorox Co., 6.125%, 2011 1,025,726 41 ---------------------------------------------------------------------------------------------------------------------- Energy--.3% 600M Texaco Capital, Inc., 8.25%, 2006 694,639 27 ---------------------------------------------------------------------------------------------------------------------- Financial--2.3% CIT Group, Inc.: 500M 4.75%, 2010 519,121 20 750M 7.75%, 2012 907,257 36 750M First Union National Bank, 6.18%, 2036 850,802 34 350M General Electric Capital Corp., 8.5%, 2008 425,751 17 General Motors Acceptance Corp.: 500M 4.5%, 2006 516,955 20 650M 7.75%, 2010 737,750 29 Household Finance Corp.: 750M 6.5%, 2008 849,812 34 170M 7.75%, 2022 184,490 7 885M SLM Corp., 5%, 2015 899,449 36 ---------------------------------------------------------------------------------------------------------------------- 5,891,387 233 ---------------------------------------------------------------------------------------------------------------------- Financial Services--3.0% 500M Bank of America Corp., 6.5%, 2011 557,145 22 750M Bank One Corp., 7.6%, 2007 856,520 34 500M Bank United Corp., 8%, 2009 604,125 24 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Financial Services (continued) $1,250M Fifth Third Bank, 3.375%, 2008 $1,268,676 $50 1,000M Lincoln National Corp., 6.5%, 2008 1,120,380 44 725M Manufacturers & Traders Trust Co., 8%, 2010 892,733 35 853M National City Bank of Kentucky, 6.3%, 2011 974,854 39 392M NBD Bancorp, Inc., 7.125%, 2007 444,712 17 737M Washington Mutual, Inc., 8.25%, 2010 902,109 36 ---------------------------------------------------------------------------------------------------------------------- 7,621,254 301 ---------------------------------------------------------------------------------------------------------------------- Food/Beverage/Tobacco--.9% 1,000M Coca-Cola Co., 5.75%, 2011 1,117,849 44 1,030M Coca-Cola Enterprises, Inc., 7.125%, 2009 1,218,844 48 ---------------------------------------------------------------------------------------------------------------------- 2,336,693 92 ---------------------------------------------------------------------------------------------------------------------- Food/Drug--1.2% 600M Delhaize America, Inc., 8.125%, 2011 693,000 27 1,000M Kroger Co., 7.8%, 2007 1,155,387 46 996M Safeway, Inc., 7%, 2007 1,127,219 45 ---------------------------------------------------------------------------------------------------------------------- 2,975,606 118 ---------------------------------------------------------------------------------------------------------------------- Forest Products/Containers--.4% 750M International Paper Co., 6.75%, 2011 854,149 35 ---------------------------------------------------------------------------------------------------------------------- Gaming/Leisure--.4% 750M MGM Mirage, Inc., 8.5%, 2010 879,375 35 ---------------------------------------------------------------------------------------------------------------------- Health Care--.8% 1,000M HCA, Inc., 5.25%, 2008 1,034,704 41 800M Wyeth, 6.95%, 2011 923,356 36 ---------------------------------------------------------------------------------------------------------------------- 1,958,060 77 ---------------------------------------------------------------------------------------------------------------------- Information Technology--.2% 500M International Business Machines Corp., 5.4%, 2009 546,163 22 ---------------------------------------------------------------------------------------------------------------------- Manufacturing--.3% 700M Newell Rubbermaid, Inc., 6.75%, 2012 784,866 31 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS TOTAL RETURN FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Media - Broadcasting--.8% $705M Comcast Cable Communications, Inc., 8.375%, 2007 $819,365 $32 500M Cox Communications, Inc., 5.5%, 2015 513,502 20 500M Cox Enterprises, Inc., 8%, 2007 + 572,379 23 ---------------------------------------------------------------------------------------------------------------------- 1,905,246 75 ---------------------------------------------------------------------------------------------------------------------- Media - Diversified--.7% 750M AOL Time Warner, Inc., 6.75%, 2011 851,711 34 705M Viacom, Inc., 8.625%, 2012 901,269 35 ---------------------------------------------------------------------------------------------------------------------- 1,752,980 69 ---------------------------------------------------------------------------------------------------------------------- Metals/Mining--.2% 500M Thiokol Corp., 6.625%, 2008 559,399 22 ---------------------------------------------------------------------------------------------------------------------- Real Estate--1.9% 910M AvalonBay Communities, Inc., 6.875%, 2007 (REIT) 1,034,597 41 750M Boston Properties, Inc., 5%, 2015 (REIT) 750,051 30 700M EOP Operating LP, 8.1%, 2010 (REIT) 845,991 33 700M Mack-Cali Realty LP, 7.75%, 2011 (REIT) 835,246 33 Simon Property Group, Inc.: 350M 7.875%, 2016 (REIT) + 428,790 17 800M 7.375%, 2018 (REIT) 960,562 38 ---------------------------------------------------------------------------------------------------------------------- 4,855,237 192 ---------------------------------------------------------------------------------------------------------------------- Retail - General Merchandise--.5% 500M Federated Department Stores, Inc., 7.45%, 2017 608,751 24 600M Target Corp., 7.5%, 2010 726,025 29 ---------------------------------------------------------------------------------------------------------------------- 1,334,776 53 ---------------------------------------------------------------------------------------------------------------------- Services--1.0% 1,250M ERAC USA Finance Enterprise Co., 7.35%, 2008 + 1,448,719 58 1,000M Waste Management, Inc., 6.875%, 2009 1,143,790 45 ---------------------------------------------------------------------------------------------------------------------- 2,592,509 103 ---------------------------------------------------------------------------------------------------------------------- Telecommunications--.5% 500M Ameritech Capital Funding, 6.45%, 2018 558,351 22 600M New York Telephone Co., 6.125%, 2010 661,477 26 100M SBC Communications, Inc., 6.25%, 2011 112,177 5 ---------------------------------------------------------------------------------------------------------------------- 1,332,005 53 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Transportation--1.1% Burlington Northern Santa Fe Corp.: $1,000M 7.875%, 2007 $1,157,329 $46 250M 6.75%, 2011 292,493 12 400M Canadian National Railway Co., 6.45%, 2006 436,998 17 Union Pacific Corp.: 200M 7.25%, 2008 231,269 9 600M 7.375%, 2009 710,294 28 ---------------------------------------------------------------------------------------------------------------------- 2,828,383 112 ---------------------------------------------------------------------------------------------------------------------- Utilities--1.8% 750M Consumers Energy Co., 6.375%, 2008 829,270 33 800M DPL, Inc., 6.875%, 2011 816,000 32 750M Duke Capital Corp., 8%, 2019 893,954 35 750M NiSource Finance Corp., 7.875%, 2010 908,271 36 900M PP&L Capital Funding, Inc., 8.375%, 2007 1,038,334 41 ---------------------------------------------------------------------------------------------------------------------- 4,485,829 177 ---------------------------------------------------------------------------------------------------------------------- Total Value of Corporate Bonds (cost $46,387,131) 49,997,139 1,978 ---------------------------------------------------------------------------------------------------------------------- MORTGAGE-BACKED CERTIFICATES--10.0% Fannie Mae--4.9% 8,153M 5.5%, 4/1/33-10/1/33 8,360,153 331 3,809M 7%, 3/1/32-8/1/32 4,092,236 162 ---------------------------------------------------------------------------------------------------------------------- 12,452,389 493 ---------------------------------------------------------------------------------------------------------------------- Freddie Mac--2.5% 3,112M 5.5%, 3/1/33-7/1/33 3,192,588 126 848M 6%, 9/1/32 881,868 35 2,117M 6.5%, 1/1/34 2,225,033 88 ---------------------------------------------------------------------------------------------------------------------- 6,299,489 249 ---------------------------------------------------------------------------------------------------------------------- Government National Mortgage Association--2.6% 5,362M 5.5%, 4/15/33-12/15/33 5,531,962 218 616M 6.5%, 7/15/28 650,921 26 349M 7%, 8/15/32 372,197 15 ---------------------------------------------------------------------------------------------------------------------- 6,555,080 259 ---------------------------------------------------------------------------------------------------------------------- Total Value of Mortgage-Backed Certificates (cost $24,841,496) 25,306,958 1,001 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS TOTAL RETURN FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested Principal For Each Amount $10,000 of or Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS--3.0% $7,500M Freddie Mac, 4.75%, 2012 (cost $7,607,530) $7,594,492 $300 ---------------------------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCKS--1.6% Financials--1.1% Chubb Corporation: 25,000 7%, 2005 - Series "A" 712,500 28 13,600 7%, 2006 - Series "B" 396,100 16 26,100 Hartford Financial Services Group, Inc., 6%, 2006 - Class "A" 1,623,420 64 ---------------------------------------------------------------------------------------------------------------------- 2,732,020 108 ---------------------------------------------------------------------------------------------------------------------- Industrials--.1% 2,800 Northrop Grumman Corporation, 7.25%, 2004 289,464 12 ---------------------------------------------------------------------------------------------------------------------- Telecommunication Services--.4% 22,000 ALLTEL Corporation, 7.75%, 2005 1,115,840 44 ---------------------------------------------------------------------------------------------------------------------- Total Value of Convertible Preferred Stocks (cost $3,542,516) 4,137,324 164 ---------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS--.6% $1,500M Tobacco Settlement Financing Corp., NJ Rev. Bonds, 6.75%, 2039 (cost $1,442,098) 1,479,375 58 ---------------------------------------------------------------------------------------------------------------------- PASS THROUGH CERTIFICATES--.5% Transportation 759M Continental Airlines, Inc., 8.388%, 2020 659,621 26 642M NWA Trust, 10.23%, 2012 594,396 24 ---------------------------------------------------------------------------------------------------------------------- Total Value of Pass Through Certificates (cost $1,447,579) 1,254,017 50 ---------------------------------------------------------------------------------------------------------------------- SHORT-TERM CORPORATE NOTES--2.0% 1,000M AIG Funding Corp., .99%, 4/5/04 999,890 40 General Electric Capital Corp.: 2,200M 1%, 4/13/04 2,199,266 87 1,900M 1%, 4/15/04 1,899,261 75 ---------------------------------------------------------------------------------------------------------------------- Total Value of Short-Term Corporate Notes (cost $5,098,417) 5,098,417 202 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- SHORT-TERM U.S. GOVERNMENT OBLIGATIONS--.5% $1,300M U.S. Treasury Bills, .94%, 4/15/04 (cost $1,299,525) $1,299,525 $51 ---------------------------------------------------------------------------------------------------------------------- Total Value of Investments (cost $214,918,317) 100.2% 253,360,934 10,022 Excess of Liabilities Over Other Assets (.2) (544,914) (22) ---------------------------------------------------------------------------------------------------------------------- Net Assets 100.0% $252,816,020 $10,000 ====================================================================================================================== * Non-income producing + Security exempt from registration under Rule 144A of the Securities Act of 1933. See Note 6. Summary of Abbreviations: ADR American Depositary Receipts REIT Real Estate Investment Trust See notes to financial statements
Portfolio of Investments FIRST INVESTORS VALUE FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--92.1% Consumer Discretionary--13.2% 5,800 Coachmen Industries, Inc. $96,744 $5 47,300 Genuine Parts Company 1,547,656 84 33,600 Home Depot, Inc. 1,255,296 68 59,300 J.C. Penney Company, Inc. (Holding Company) 2,062,454 112 11,800 Jones Apparel Group, Inc. 426,570 23 36,100 Lee Enterprises, Inc. 1,630,998 89 58,700 Leggett & Platt, Inc. 1,391,777 76 16,100 Liberty Corporation 744,947 40 96,600 Limited Brands 1,932,000 105 14,200 Magna International, Inc. - Class "A" 1,124,640 61 52,600 May Department Stores Company 1,818,908 99 104,600 McDonald's Corporation 2,988,422 162 86,200 Natuzzi SpA (ADR) 922,340 50 29,800 Newell Rubbermaid, Inc. 691,360 38 33,300 OshKosh B'Gosh, Inc. - Class "A" 779,220 42 158,400 Pearson PLC (ADR) 1,821,600 99 22,300 Spartan Motors, Inc. 235,265 13 21,800 Tupperware Corporation 388,258 21 97,400 Walt Disney Company 2,434,026 132 ---------------------------------------------------------------------------------------------------------------------- 24,292,481 1,319 ---------------------------------------------------------------------------------------------------------------------- Consumer Staples--8.8% 37,200 Brown-Forman Corporation - Class "B" 1,772,952 96 34,000 Coca-Cola Company 1,710,200 93 68,800 ConAgra Foods, Inc. 1,853,472 101 15,541 * Del Monte Foods Company 174,837 9 40,700 Diageo PLC (ADR) 2,152,216 117 44,200 H.J. Heinz Company 1,648,218 89 32,100 Kimberly-Clark Corporation 2,025,510 110 26,700 Lance, Inc. 437,613 24 71,900 Ruddick Corporation 1,455,256 79 38,500 Sara Lee Corporation 841,610 46 58,200 Tasty Baking Company 573,270 31 43,900 UST, Inc. 1,584,790 86 ---------------------------------------------------------------------------------------------------------------------- 16,229,944 881 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Energy--9.9% 27,600 Anadarko Petroleum Corporation $1,431,336 $78 38,500 BP PLC (ADR) 1,971,200 107 18,200 ChevronTexaco Corporation 1,597,596 87 30,600 ConocoPhillips 2,136,186 116 78,800 Diamond Offshore Drilling, Inc. 1,906,172 103 9,200 EOG Resources, Inc. 422,188 23 38,200 Kerr-McGee Corporation 1,967,300 107 51,700 Marathon Oil Corporation 1,740,739 95 37,900 Royal Dutch Petroleum Company - NY Shares (ADR) 1,803,282 98 52,600 Tidewater, Inc. 1,479,638 80 46,900 Unocal Corporation 1,748,432 95 ---------------------------------------------------------------------------------------------------------------------- 18,204,069 989 ---------------------------------------------------------------------------------------------------------------------- Financials--22.1% 29,000 A.G. Edwards, Inc. 1,134,480 62 11,100 ACE, Ltd. 473,526 26 52,600 Allstate Corporation 2,391,196 130 62,400 AmSouth Bancorporation 1,467,024 80 74,500 Aon Corporation 2,079,295 113 52,400 Banknorth Group, Inc. 1,783,696 97 60,400 Brascan Corporation - Class "A" 2,431,704 132 35,100 Cincinnati Financial Corporation 1,525,095 83 23,000 Comerica, Inc. 1,249,360 68 34,200 Erie Indemnity Company - Class "A" 1,650,492 90 30,300 FBL Financial Group, Inc. - Class "A" 851,430 46 45,800 FleetBoston Financial Corporation 2,056,420 112 30,600 Jefferson-Pilot Corporation 1,683,306 91 56,400 KeyCorp 1,708,356 93 38,500 Koger Equity, Inc. 903,595 49 39,400 Lincoln National Corporation 1,864,408 101 37,700 Montpelier Re Holdings, Ltd. 1,403,948 76 33,300 Morgan Stanley 1,908,090 104 18,200 One Liberty Properties, Inc. (REIT) 410,410 22 50,900 Plum Creek Timber Company, Inc. (REIT) 1,653,232 90 29,200 PNC Financial Services Group, Inc. 1,618,264 88 40,300 Protective Life Corporation 1,509,235 82 68,300 Sky Financial Group, Inc. 1,772,385 96 21,200 SunTrust Banks, Inc. 1,477,852 80 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS VALUE FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Financials (continued) 42,900 T. Rowe Price Group, Inc. $2,309,307 $125 25,400 Wells Fargo & Company 1,439,418 78 ---------------------------------------------------------------------------------------------------------------------- 40,755,524 2,214 ---------------------------------------------------------------------------------------------------------------------- Health Care--6.1% 45,200 Abbott Laboratories 1,857,720 101 33,400 GlaxoSmithKline PLC (ADR) 1,334,330 72 32,800 Johnson & Johnson 1,663,616 90 49,500 Merck & Company, Inc. 2,187,405 119 22,600 Novartis AG (ADR) 962,760 52 56,500 Pfizer, Inc. 1,980,325 108 77,100 Schering-Plough Corporation 1,250,562 68 ---------------------------------------------------------------------------------------------------------------------- 11,236,718 610 ---------------------------------------------------------------------------------------------------------------------- Industrials--9.7% 2,600 Alexander & Baldwin, Inc. 86,008 5 29,800 ALLETE, Inc. 1,045,682 57 29,800 Baldor Electric Company 684,804 37 26,200 CNF, Inc. 880,320 48 33,500 Dover Corporation 1,298,795 71 35,600 Federal Signal Corporation 706,660 38 20,300 General Dynamics Corporation 1,813,399 99 58,400 Honeywell International, Inc. 1,976,840 107 63,200 Masco Corporation 1,923,176 104 63,300 Norfolk Southern Corporation 1,398,297 76 69,800 Pall Corporation 1,583,762 86 40,300 Pitney Bowes, Inc. 1,717,183 93 36,100 SPX Corporation 1,641,828 89 28,600 Stewart & Stevenson Services, Inc. 418,132 23 14,500 Teleflex, Inc. 713,835 39 ---------------------------------------------------------------------------------------------------------------------- 17,888,721 972 ---------------------------------------------------------------------------------------------------------------------- Information Technology--4.4% 43,500 Automatic Data Processing, Inc. 1,827,000 99 63,900 AVX Corporation 1,053,711 57 16,900 Bel Fuse, Inc. - Class "B" 553,306 30 77,000 Hewlett-Packard Company 1,758,680 96 60,900 Methode Electronics, Inc. 785,610 43 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Information Technology (continued) 64,700 Motorola, Inc. $1,138,720 $62 24,700 Paychex, Inc. 879,320 48 ---------------------------------------------------------------------------------------------------------------------- 7,996,347 435 ---------------------------------------------------------------------------------------------------------------------- Materials--6.8% 31,500 Air Products & Chemicals, Inc. 1,578,780 86 58,800 Alcoa, Inc. 2,039,772 111 37,300 Compass Minerals International, Inc. 611,347 33 43,600 Du Pont (E.I.) de Nemours & Company 1,840,792 100 58,200 Glatfelter 654,168 36 38,100 Great Lakes Chemical Corporation 908,685 49 59,300 Lubrizol Corporation 1,867,357 101 30,800 Myers Industries, Inc. 378,840 21 73,900 Sonoco Products Company 1,794,292 97 18,200 Vulcan Materials Company 863,408 47 ---------------------------------------------------------------------------------------------------------------------- 12,537,441 681 ---------------------------------------------------------------------------------------------------------------------- Other--.8% 13,000 SPDR Trust - Series "1" 1,468,610 80 ---------------------------------------------------------------------------------------------------------------------- Telecommunication Services--4.4% 57,500 BellSouth Corporation 1,592,175 86 31,500 CT Communications, Inc. 435,645 24 22,000 D&E Communications, Inc. 307,780 17 39,000 Nippon Telegraph and Telephone Corporation (ADR) 1,105,260 60 55,400 SBC Communications, Inc. 1,359,516 74 21,100 Telephone & Data Systems, Inc. 1,495,357 81 48,528 Verizon Communications, Inc. 1,773,213 96 ---------------------------------------------------------------------------------------------------------------------- 8,068,946 438 ---------------------------------------------------------------------------------------------------------------------- Utilities--5.9% 34,550 American States Water Company 843,020 46 16,600 Equitable Resources, Inc. 737,372 40 34,800 KeySpan Corporation 1,330,056 72 19,600 MDU Resources Group, Inc. 460,404 25 80,900 NiSource, Inc. 1,719,125 93 45,200 Northwest Natural Gas Company 1,412,500 77 39,500 ONEOK, Inc. 890,725 48 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS VALUE FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested Shares or For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Utilities (continued) 12,100 South Jersey Industries, Inc. $495,011 $27 51,200 Southwest Gas Corporation 1,198,080 65 48,700 United Utilities PLC (ADR) 949,650 52 32,700 Vectren Corporation 806,709 44 ---------------------------------------------------------------------------------------------------------------------- 10,842,652 589 ---------------------------------------------------------------------------------------------------------------------- Total Value of Common Stocks (cost $134,751,054) 169,521,453 9,208 ---------------------------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCKS--2.2% Financials--.8% 49,200 Chubb Corporation, 7%, 2005 - Series "A" 1,402,200 76 ---------------------------------------------------------------------------------------------------------------------- Health Care--.5% 8,100 Anthem, Inc., 6%, 2004 850,905 46 ---------------------------------------------------------------------------------------------------------------------- Industrials--.6% 11,700 Northrop Grumman Corporation, 7.25%, 2004 1,209,546 66 ---------------------------------------------------------------------------------------------------------------------- Telecommunication Services--.3% 12,400 ALLTEL Corporation, 7.75%, 2005 628,928 34 ---------------------------------------------------------------------------------------------------------------------- Total Value of Convertible Preferred Stocks (cost $3,554,798) 4,091,579 222 ---------------------------------------------------------------------------------------------------------------------- CORPORATE BONDS--.6% Telecommunications--.3% $500M BellSouth Corp., 6.375%, 2004 505,013 27 ---------------------------------------------------------------------------------------------------------------------- Utilities--.3% 500M Union Electric Co., 6.75%, 2008 570,261 31 ---------------------------------------------------------------------------------------------------------------------- Total Value of Corporate Bonds (cost $999,105) 1,075,274 58 ---------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--.5% Telecommunication Services--.3% 20,300 Verizon South, Inc., 7%, 2041 - Series "F" 547,288 30 ---------------------------------------------------------------------------------------------------------------------- Utilities--.2% 18,300 Entergy Louisiana, Inc., 7.6%, 2032 499,590 27 ---------------------------------------------------------------------------------------------------------------------- Total Value of Preferred Stocks (cost $960,920) 1,046,878 57 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- SHORT-TERM CORPORATE NOTES--3.2% $5,900M AIG Funding Corp., .99%, 4/5/04 (cost $5,899,351) $5,899,351 $321 ---------------------------------------------------------------------------------------------------------------------- SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS--2.3% 4,200M Federal Home Loan Bank, .975%, 4/16/04 (cost $4,198,293) 4,198,293 228 ---------------------------------------------------------------------------------------------------------------------- Total Value of Investments (cost $150,363,521) 100.9% 185,832,828 10,094 Excess of Liabilities Over Other Assets (.9) (1,723,489) (94) ---------------------------------------------------------------------------------------------------------------------- Net Assets 100.0% $184,109,339 $10,000 ====================================================================================================================== * Non-income producing Summary of Abbreviations: ADR American Depositary Receipts REIT Real Estate Investment Trust See notes to financial statements
Portfolio of Investments FIRST INVESTORS BLUE CHIP FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--97.2% Consumer Discretionary--11.1% 32,300 Autoliv, Inc. $1,324,300 $26 31,700 * Bed Bath & Beyond, Inc. 1,323,792 26 29,000 Best Buy Company, Inc. 1,499,880 30 51,500 Clear Channel Communications, Inc. 2,181,025 43 71,996 * Comcast Corporation - Class "A" 2,069,165 41 48,900 * Comcast Corporation - Special Class "A" 1,363,332 27 28,900 * eBay, Inc. 2,003,637 40 31,000 Gannett Company, Inc. 2,732,340 54 102,900 Gap, Inc. 2,255,568 45 22,900 GTECH Holdings Corporation 1,354,306 27 35,800 Harley-Davidson, Inc. 1,909,572 38 160,400 Home Depot, Inc. 5,992,544 119 45,300 * Kohl's Corporation 2,189,349 43 148,300 * Liberty Media Corporation - Class "A" 1,623,885 32 44,200 Lowe's Companies, Inc. 2,480,946 49 44,000 Mattel, Inc. 811,360 16 101,600 McDonald's Corporation 2,902,712 58 23,000 Omnicom Group, Inc. 1,845,750 37 49,600 Reebok International, Ltd. 2,050,960 41 75,300 Target Corporation 3,391,512 67 223,500 * Time Warner, Inc. 3,768,210 75 52,500 TJX Companies, Inc. 1,289,400 26 115,100 Viacom, Inc. - Class "B" 4,513,071 89 118,200 Walt Disney Company 2,953,818 58 ---------------------------------------------------------------------------------------------------------------------- 55,830,434 1,107 ---------------------------------------------------------------------------------------------------------------------- Consumer Staples--10.4% 88,100 Altria Group, Inc. 4,797,045 95 43,000 Anheuser-Busch Companies, Inc. 2,193,000 44 104,500 Coca-Cola Company 5,256,350 104 33,000 Colgate-Palmolive Company 1,818,300 36 41,700 * Costco Wholesale Corporation 1,566,252 31 55,100 CVS Corporation 1,945,030 39 104,700 General Mills, Inc. 4,887,396 97 52,700 Gillette Company 2,060,570 41 32,300 Kimberly-Clark Corporation 2,038,130 40 55,100 * Kroger Company 916,864 18 44,100 Pepsi Bottling Group, Inc. 1,311,975 26 113,500 PepsiCo, Inc. 6,111,975 121 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Consumer Staples (continued) 66,500 Procter & Gamble Company $6,974,520 $138 42,600 SYSCO Corporation 1,663,530 33 146,100 Wal-Mart Stores, Inc. 8,720,709 173 ---------------------------------------------------------------------------------------------------------------------- 52,261,646 1,036 ---------------------------------------------------------------------------------------------------------------------- Energy--6.1% 38,400 Apache Corporation 1,657,728 33 48,200 BP PLC (ADR) 2,467,840 49 43,700 ChevronTexaco Corporation 3,835,986 76 48,977 ConocoPhillips 3,419,084 68 25,000 EOG Resources, Inc. 1,147,250 23 230,000 ExxonMobil Corporation 9,565,700 189 33,000 Occidental Petroleum Corporation 1,519,650 30 78,500 Schlumberger, Ltd. 5,012,225 99 85,200 * Transocean, Inc. 2,376,228 47 ---------------------------------------------------------------------------------------------------------------------- 31,001,691 614 ---------------------------------------------------------------------------------------------------------------------- Financials--19.5% 45,400 Allstate Corporation 2,063,884 41 103,300 American Express Company 5,356,105 106 142,600 American International Group, Inc. 10,174,510 202 44,100 Aon Corporation 1,230,831 24 84,400 Bank of America Corporation 6,834,712 136 72,300 Bank of New York Company, Inc. 2,277,450 45 47,300 Bank One Corporation 2,578,796 51 750 * Berkshire Hathaway, Inc. - Class "B" 2,333,258 46 32,900 Chubb Corporation 2,287,866 45 272,500 Citigroup, Inc. 14,088,250 279 65,100 Fannie Mae 4,840,185 96 41,300 FleetBoston Financial Corporation 1,854,370 37 36,400 Freddie Mac 2,149,784 43 36,200 Goldman Sachs Group, Inc. 3,777,470 75 29,200 GreenPoint Financial Corporation 1,276,332 25 101,000 J.P. Morgan Chase & Company 4,236,950 84 38,600 Marsh & McLennan Companies, Inc. 1,787,180 36 119,400 MBNA Corporation 3,299,022 65 63,800 Merrill Lynch & Company, Inc. 3,799,928 75 59,700 Morgan Stanley 3,420,810 68 48,800 State Street Corporation 2,543,944 51 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS BLUE CHIP FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Financials (continued) 91,200 U.S. Bancorp $2,521,680 $50 183,500 UnumProvident Corporation 2,684,605 53 56,200 Wachovia Corporation 2,641,400 52 74,200 Washington Mutual, Inc. 3,169,082 63 92,000 Wells Fargo & Company 5,213,640 103 ---------------------------------------------------------------------------------------------------------------------- 98,442,044 1,951 ---------------------------------------------------------------------------------------------------------------------- Health Care--14.2% 87,500 Abbott Laboratories 3,596,250 71 70,800 * Amgen, Inc. 4,118,436 82 56,700 * Boston Scientific Corporation 2,402,946 48 36,600 Cardinal Health, Inc. 2,521,740 50 46,400 Eli Lilly & Company 3,104,160 61 23,400 * Forest Laboratories, Inc. 1,675,908 33 14,700 * Genentech, Inc. 1,555,554 31 31,700 Guidant Corporation 2,008,829 40 164,400 Johnson & Johnson 8,338,368 165 40,400 McKesson Corporation 1,215,636 24 89,900 Medtronic, Inc. 4,292,725 85 90,800 Merck & Company, Inc. 4,012,452 79 92,200 Novartis AG (ADR) 3,927,720 78 418,100 * Orthodontic Centers of America, Inc. 3,302,990 65 436,060 Pfizer, Inc. 15,283,903 303 90,700 * Province Healthcare Company 1,442,130 29 23,500 Teva Pharmaceutical Industries, Ltd. (ADR) 1,490,135 30 50,700 UnitedHealth Group, Inc. 3,267,108 65 14,800 * Varian Medical Systems, Inc. 1,277,388 25 80,800 Wyeth 3,034,040 60 ---------------------------------------------------------------------------------------------------------------------- 71,868,418 1,424 ---------------------------------------------------------------------------------------------------------------------- Industrials--10.7% 49,800 3M Company 4,077,126 81 33,100 Avery Dennison Corporation 2,059,151 41 29,800 Caterpillar, Inc. 2,356,286 47 104,700 * Cendant Corporation 2,553,633 50 22,000 Danaher Corporation 2,054,140 41 30,400 Emerson Electric Company 1,821,568 36 421,200 General Electric Company 12,855,024 255 55,100 Honeywell International, Inc. 1,865,135 37 43,400 ITT Industries, Inc. 3,312,722 66 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Industrials (continued) 62,600 Lockheed Martin Corporation $2,857,064 $57 89,600 Masco Corporation 2,726,528 54 25,000 Northrop Grumman Corporation 2,460,500 49 59,000 SPX Corporation 2,683,320 53 97,400 Tyco International, Ltd. 2,790,510 55 25,800 Union Pacific Corporation 1,543,356 30 30,000 United Parcel Service, Inc. - Class "B" 2,095,200 42 45,800 United Technologies Corporation 3,952,540 78 ---------------------------------------------------------------------------------------------------------------------- 54,063,803 1,072 ---------------------------------------------------------------------------------------------------------------------- Information Technology--18.3% 22,200 * Amdocs, Ltd. 616,938 12 43,000 Analog Devices, Inc. 2,064,430 41 117,000 * Applied Materials, Inc. 2,501,460 50 41,500 Automatic Data Processing, Inc. 1,743,000 34 67,500 * Checkpoint Systems, Inc. 1,275,750 25 428,600 * Cisco Systems, Inc. 10,080,672 200 36,700 * Computer Sciences Corporation 1,480,111 29 58,400 * Comverse Technology, Inc. 1,059,376 21 181,400 * Dell, Inc. 6,098,668 121 178,600 * EMC Corporation 2,430,746 48 82,800 First Data Corporation 3,490,848 69 170,200 Hewlett-Packard Company 3,887,368 77 406,600 Intel Corporation 11,059,520 219 70,200 International Business Machines Corporation 6,447,168 128 19,900 * Intuit, Inc. 893,112 18 45,600 * Jabil Circuit, Inc. 1,342,008 26 593,500 Microsoft Corporation 14,819,695 294 120,900 Motorola, Inc. 2,127,840 42 95,900 Nokia Corporation - Class "A" (ADR) 1,944,852 39 132,900 * Nortel Networks Corporation 789,426 16 51,600 * NVIDIA Corporation 1,366,884 27 272,100 * Oracle Corporation 3,267,921 65 38,400 QUALCOMM, Inc. 2,550,528 50 35,600 * Symantec Corporation 1,648,280 33 172,152 * Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 1,797,267 36 134,000 Texas Instruments, Inc. 3,915,480 77 146,700 * Western Digital Corporation 1,647,441 33 ---------------------------------------------------------------------------------------------------------------------- 92,346,789 1,830 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS BLUE CHIP FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested Shares or For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Materials--2.9% 66,200 Alcoa, Inc. $2,296,478 $45 39,200 Dow Chemical Company 1,578,976 31 56,200 Du Pont (E.I.) de Nemours & Company 2,372,764 47 88,300 Georgia-Pacific Corporation 2,974,827 59 38,000 International Paper Company 1,605,880 32 87,100 Newmont Mining Corporation 4,061,473 80 ---------------------------------------------------------------------------------------------------------------------- 14,890,398 294 ---------------------------------------------------------------------------------------------------------------------- Telecommunication Services--2.4% 62,000 BellSouth Corporation 1,716,780 34 68,800 * Nextel Communications, Inc. - Class "A" 1,701,424 34 129,100 SBC Communications, Inc. 3,168,114 63 96,600 Verizon Communications, Inc. 3,529,764 70 74,700 Vodafone Group PLC (ADR) 1,785,330 35 ---------------------------------------------------------------------------------------------------------------------- 11,901,412 236 ---------------------------------------------------------------------------------------------------------------------- Utilities--1.6% 147,100 Duke Energy Corporation 3,324,460 66 41,400 Exelon Corporation 2,851,218 57 78,700 ONEOK, Inc. 1,774,685 35 ---------------------------------------------------------------------------------------------------------------------- 7,950,363 158 ---------------------------------------------------------------------------------------------------------------------- Total Value of Common Stocks (cost $374,817,916) 490,556,998 9,722 ---------------------------------------------------------------------------------------------------------------------- SHORT-TERM CORPORATE NOTES--2.4% $3,400M AIG Funding Corp., .99%, 4/5/04 3,399,626 67 4,100M Coca-Cola Co., .99%, 4/13/04 4,098,647 81 4,400M General Electric Capital Corp., 1%, 4/15/04 4,398,289 87 ---------------------------------------------------------------------------------------------------------------------- Total Value of Short-Term Corporate Notes (cost $11,896,562) 11,896,562 235 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- SHORT-TERM U.S. GOVERNMENT OBLIGATIONS--.2% $1,200M U.S. Treasury Bills, .94%, 4/15/04 (cost $1,199,561) $1,199,561 $24 ---------------------------------------------------------------------------------------------------------------------- Total Value of Investments (cost $387,914,039) 99.8% 503,653,121 9,981 Other Assets, Less Liabilities .2 938,071 19 ---------------------------------------------------------------------------------------------------------------------- Net Assets 100.0% $504,591,192 $10,000 ====================================================================================================================== * Non-income producing Summary of Abbreviations: ADR American Depositary Receipts See notes to financial statements
Portfolio of Investments FIRST INVESTORS GROWTH & INCOME FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--97.1% Consumer Discretionary--15.7% 27,200 * American Eagle Outfitters, Inc. $733,312 $13 30,000 Best Buy Company, Inc. 1,551,600 27 212,500 Blockbuster, Inc. - Class "A" 3,718,750 64 50,000 Clear Channel Communications, Inc. 2,117,500 37 100,000 * Comcast Corporation - Special Class "A" 2,788,000 48 80,000 * Concord Camera Corporation 502,400 9 130,000 * Fox Entertainment Group, Inc. - Class "A" 3,523,000 61 174,600 * GameStop Corporation - Class "A" 3,146,292 54 200,000 Gap, Inc. 4,384,000 76 50,000 Genuine Parts Company 1,636,000 28 70,000 GTECH Holdings Corporation 4,139,800 72 85,000 Harley-Davidson, Inc. 4,533,900 78 109,400 Hasbro, Inc. 2,379,450 41 230,100 * Hollywood Entertainment Corporation 3,120,156 54 100,000 Home Depot, Inc. 3,736,000 65 175,000 J.C. Penney Company, Inc. (Holding Company) 6,086,500 105 60,000 Lear Corporation 3,717,600 64 210,000 Leggett & Platt, Inc. 4,979,100 86 1,200 Lifetime Hoan Corporation 21,012 -- 165,000 Mattel, Inc. 3,042,600 53 250,000 McDonald's Corporation 7,142,500 123 120,000 Newell Rubbermaid, Inc. 2,784,000 48 265,300 * Office Depot, Inc. 4,992,946 86 210,000 Pier 1 Imports, Inc. 4,977,000 86 149,300 Polo Ralph Lauren Corporation - Class "A" 5,118,004 89 80,000 Ross Stores, Inc. 2,448,800 42 28,800 Sherwin-Williams Company 1,106,784 19 60,000 Viacom, Inc. - Class "B" 2,352,600 41 ---------------------------------------------------------------------------------------------------------------------- 90,779,606 1,569 ---------------------------------------------------------------------------------------------------------------------- Consumer Staples--7.9% 100,000 Altria Group, Inc. 5,445,000 94 83,300 American Italian Pasta Company - Class "A" 3,326,169 57 82,000 Anheuser-Busch Companies, Inc. 4,182,000 72 50,000 Bunge, Ltd. 2,011,000 35 140,000 Coca-Cola Enterprises, Inc. 3,383,800 58 60,000 * Costco Wholesale Corporation 2,253,600 39 66,000 CVS Corporation 2,329,800 40 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Consumer Staples (continued) 129,700 Hormel Foods Corporation $3,804,101 $66 62,500 Kimberly-Clark Corporation 3,943,750 68 75,000 Pepsi Bottling Group, Inc. 2,231,250 39 50,000 PepsiCo, Inc. 2,692,500 47 55,000 Procter & Gamble Company 5,768,400 100 75,000 Wal-Mart Stores, Inc. 4,476,750 77 ---------------------------------------------------------------------------------------------------------------------- 45,848,120 792 ---------------------------------------------------------------------------------------------------------------------- Energy--6.4% 107,500 Anadarko Petroleum Corporation 5,574,950 96 60,000 ConocoPhillips 4,188,600 73 60,000 Diamond Offshore Drilling, Inc. 1,451,400 25 67,500 EOG Resources, Inc. 3,097,575 53 150,000 ExxonMobil Corporation 6,238,500 108 80,000 * Noble Corporation 3,073,600 53 175,000 Suncor Energy, Inc. 4,786,250 83 155,000 * Transocean, Inc. 4,322,950 75 164,375 XTO Energy, Inc. 4,148,825 72 ---------------------------------------------------------------------------------------------------------------------- 36,882,650 638 ---------------------------------------------------------------------------------------------------------------------- Financials--20.9% 100,000 ACE, Ltd. 4,266,000 74 70,000 American Express Company 3,629,500 63 70,000 American International Group, Inc. 4,994,500 86 130,000 AmSouth Bancorporation 3,056,300 53 45,000 Bank of America Corporation 3,644,100 63 60,000 Bear Stearns Companies, Inc. 5,260,800 91 150,000 Citigroup, Inc. 7,755,000 134 102,900 Endurance Specialty Holdings, Ltd. 3,657,066 63 50,000 Fannie Mae 3,717,500 64 115,000 FleetBoston Financial Corporation 5,163,500 89 50,000 GreenPoint Financial Corporation 2,185,500 38 155,000 J.P. Morgan Chase & Company 6,502,250 112 47,500 Lehman Brothers Holdings, Inc. 3,936,325 68 120,000 Lincoln National Corporation 5,678,400 98 100,000 Marsh & McLennan Companies, Inc. 4,630,000 80 170,000 MBNA Corporation 4,697,100 81 35,000 Merrill Lynch & Company, Inc. 2,084,600 36 100,000 Montpelier Re Holdings, Ltd. 3,724,000 64 30,700 Morgan Stanley 1,759,110 31 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS GROWTH & INCOME FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Financials (continued) 113,333 New York Community Bancorp, Inc. $3,885,055 $67 165,000 Old Republic International Corporation 4,052,400 70 2,000 * Piper Jaffray Companies, Inc. 108,300 2 75,000 Plum Creek Timber Company, Inc. (REIT) 2,436,000 42 75,000 SouthTrust Corporation 2,487,000 43 200,000 Sovereign Bancorp, Inc. 4,284,000 74 35,000 St. Paul Companies, Inc. 1,400,350 24 200,000 U.S. Bancorp 5,530,000 96 140,000 Wachovia Corporation 6,580,000 114 125,000 Washington Mutual, Inc. 5,338,750 92 70,000 Wells Fargo & Company 3,966,900 69 18,300 Willis Group Holdings, Ltd. 680,760 12 ---------------------------------------------------------------------------------------------------------------------- 121,091,066 2,093 ---------------------------------------------------------------------------------------------------------------------- Health Care--10.2% 160,000 Abbott Laboratories 6,576,000 113 40,000 * Accredo Health, Inc. 1,524,000 26 35,000 AmerisourceBergen Corporation 1,913,800 33 46,700 * Amgen, Inc. 2,716,539 47 86,250 * Barr Laboratories, Inc. 3,958,875 68 165,000 * Boston Scientific Corporation 6,992,700 121 30,000 Eli Lilly & Company 2,007,000 35 10,000 * Genentech, Inc. 1,058,200 18 80,000 Guidant Corporation 5,069,600 88 100,000 Johnson & Johnson 5,072,000 88 52,800 * Laboratory Corporation of America Holdings 2,072,400 36 50,000 Medtronic, Inc. 2,387,500 41 60,000 Merck & Company, Inc. 2,651,400 46 300,000 Pfizer, Inc. 10,515,000 182 120,000 Wyeth 4,506,000 78 ---------------------------------------------------------------------------------------------------------------------- 59,021,014 1,020 ---------------------------------------------------------------------------------------------------------------------- Industrials--11.9% 62,000 3M Company 5,075,940 88 150,000 * AGCO Corporation 3,106,500 54 50,400 Alexander & Baldwin, Inc. 1,667,232 29 100,000 American Power Conversion Corporation 2,301,000 40 30,000 Caterpillar, Inc. 2,372,100 41 100,000 Cendant Corporation 2,439,000 42 121,000 Chicago Bridge & Iron Company NV - NY Shares 3,367,430 58 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Industrials (continued) 36,000 Eaton Corporation $2,022,840 $35 60,000 Engineered Support Systems, Inc. 2,927,400 51 50,000 Harsco Corporation 2,275,000 39 90,000 Honeywell International, Inc. 3,046,500 53 60,000 Lockheed Martin Corporation 2,738,400 47 215,000 Masco Corporation 6,542,450 113 55,000 Northrop Grumman Corporation 5,413,100 94 52,200 Pall Corporation 1,184,418 20 200,000 * Pinnacle Airlines Corporation 2,660,000 46 115,000 Pitney Bowes, Inc. 4,900,150 85 90,000 Rockwell Automation, Inc. 3,120,300 54 115,800 SPX Corporation 5,266,584 91 35,200 Textron, Inc. 1,870,880 32 55,200 United Technologies Corporation 4,763,760 82 ---------------------------------------------------------------------------------------------------------------------- 69,060,984 1,194 ---------------------------------------------------------------------------------------------------------------------- Information Technology--15.7% 15,000 Analog Devices, Inc. 720,150 13 50,000 * Applied Materials, Inc. 1,069,000 19 100,000 Autodesk, Inc. 3,162,000 55 200,000 * Cisco Systems, Inc. 4,704,000 81 60,000 Diebold, Inc. 2,887,200 50 85,000 * Electronics for Imaging, Inc. 2,088,450 36 350,000 * EMC Corporation 4,763,500 82 665,000 * Entrust, Inc. 2,906,050 50 163,000 First Data Corporation 6,872,080 119 200,000 Hewlett-Packard Company 4,568,000 79 175,000 Intel Corporation 4,760,000 82 80,000 Intersil Corporation - Class "A" 1,783,200 31 50,000 * Intuit, Inc. 2,244,000 39 190,000 * ManTech International Corporation - Class "A" 3,893,100 67 350,000 Microsoft Corporation 8,739,500 151 170,000 * Network Associates, Inc. 3,060,000 53 236,000 Nokia Corporation - Class "A" (ADR) 4,786,080 83 500,000 * Nortel Networks Corporation 2,970,000 51 90,000 QUALCOMM, Inc. 5,977,800 103 100,000 * SanDisk Corporation 2,837,000 49 125,000 * Storage Technology Corporation 3,478,750 60 250,000 * Sun Microsystems, Inc. 1,040,000 18 162,000 * Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) 1,691,280 29 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS GROWTH & INCOME FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Information Technology (continued) 80,000 * Tech Data Corporation $3,275,200 $57 140,000 * Thermo Electron Corporation 3,959,200 68 100,000 * Western Digital Corporation 1,123,000 19 35,000 * Xilinx, Inc. 1,330,000 23 ---------------------------------------------------------------------------------------------------------------------- 90,688,540 1,567 ---------------------------------------------------------------------------------------------------------------------- Materials--4.7% 65,000 Dow Chemical Company 2,618,200 45 100,000 Freeport-McMoRan Copper & Gold, Inc. - Class "B" 3,909,000 68 90,000 Georgia-Pacific Corporation 3,032,100 52 121,500 Lubrizol Corporation 3,826,035 66 45,000 PPG Industries, Inc. 2,623,500 45 60,000 Praxair, Inc. 2,227,200 39 189,000 RPM International, Inc. 3,126,060 54 55,300 United States Steel Corporation 2,061,031 36 53,400 Weyerhaeuser Company 3,497,700 60 ---------------------------------------------------------------------------------------------------------------------- 26,920,826 465 ---------------------------------------------------------------------------------------------------------------------- Other--1.2% 90,000 Nasdaq--100 Index Tracking Stock 3,219,300 56 35,000 SPDR Trust - Series "1" 3,953,950 68 ---------------------------------------------------------------------------------------------------------------------- 7,173,250 124 ---------------------------------------------------------------------------------------------------------------------- Telecommunication Services--1.1% 140,000 SBC Communications, Inc. 3,435,600 60 75,000 Verizon Communications, Inc. 2,740,500 47 ---------------------------------------------------------------------------------------------------------------------- 6,176,100 107 ---------------------------------------------------------------------------------------------------------------------- Utilities--1.4% 75,000 Consolidated Edison, Inc. 3,307,500 57 42,000 Dominion Resources, Inc. 2,700,600 47 90,000 ONEOK, Inc. 2,029,500 35 ---------------------------------------------------------------------------------------------------------------------- 8,037,600 139 ---------------------------------------------------------------------------------------------------------------------- Total Value of Common Stocks (cost $433,036,581) 561,679,756 9,708 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested Shares or For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- CONVERTIBLE PREFERRED STOCKS--2.8% Financials--1.7% Chubb Corporation: 90,800 7%, 2005 - Series "A" $2,587,800 $45 50,000 7%, 2006 - Series "B" 1,456,250 25 97,000 Hartford Financial Services Group, Inc., 6%, 2006 - Class "A" 6,033,400 104 ---------------------------------------------------------------------------------------------------------------------- 10,077,450 174 ---------------------------------------------------------------------------------------------------------------------- Health Care--.2% 16,000 Baxter International, Inc., 7%, 2006 864,000 15 ---------------------------------------------------------------------------------------------------------------------- Industrials--.2% 10,000 Northrop Grumman Corporation, 7.25%, 2004 1,033,800 18 ---------------------------------------------------------------------------------------------------------------------- Telecommunication Services--.7% 80,000 ALLTEL Corporation, 7.75%, 2005 4,057,600 70 ---------------------------------------------------------------------------------------------------------------------- Total Value of Convertible Preferred Stocks (cost $13,640,693) 16,032,850 277 ---------------------------------------------------------------------------------------------------------------------- SHORT-TERM CORPORATE NOTES--.4% $2,400M General Electric Capital Corp., 1%, 4/16/04 (cost $2,399,000) 2,399,000 41 ---------------------------------------------------------------------------------------------------------------------- SHORT TERM U.S. GOVERNMENT AGENCY OBLIGATIONS--.2% 1,100M Federal Home Loan Bank, .975%, 4/16/04 (cost $1,099,553) 1,099,553 19 ---------------------------------------------------------------------------------------------------------------------- Total Value of Investments (cost $450,175,827) 100.5% 581,211,159 10,045 Excess Of Liabilities Over Other Assets (.5) (2,620,480) (45) ---------------------------------------------------------------------------------------------------------------------- Net Assets 100.0% $578,590,679 $10,000 ====================================================================================================================== * Non-income producing Summary of Abbreviations: ADR American Depositary Receipts REIT Real Estate Investment Trust See notes to financial statements
Portfolio of Investments FIRST INVESTORS ALL-CAP GROWTH FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--97.4% Consumer Discretionary--13.8% 12,300 * A.C. Moore Arts & Crafts, Inc. $332,100 $25 87,430 * Comcast Corporation - Special Class "A" 2,437,548 186 54,540 * eBay, Inc. 3,781,258 288 14,800 * EchoStar Communications Corporation - Class "A" 484,700 37 33,980 * Fleetwood Enterprises, Inc. 417,274 32 16,400 Lennar Corporation 886,092 68 24,750 Lowe's Companies, Inc. 1,389,217 106 6,424 M.D.C. Holdings, Inc. 452,250 35 21,000 Michaels Stores, Inc. 1,021,020 78 47,210 Omnicom Group, Inc. 3,788,603 289 18,950 * Scientific Games Corporation - Class "A" 354,744 27 139,250 * Sirius Satellite Radio, Inc. 473,450 36 40,400 * TiVo, Inc. 359,156 27 37,400 * Univision Communications, Inc. - Class "A" 1,234,574 94 5,020 * Wynn Resorts, Ltd. 175,700 13 20,000 * XM Satellite Radio Holdings, Inc. - Class "A" 560,000 43 ---------------------------------------------------------------------------------------------------------------------- 18,147,686 1,384 ---------------------------------------------------------------------------------------------------------------------- Consumer Staples--.2% 20,020 * SunOpta, Inc. 197,998 15 ---------------------------------------------------------------------------------------------------------------------- Energy--1.8% 8,710 Cabot Oil & Gas Corporation 266,178 20 12,500 EOG Resources, Inc. 573,625 44 27,600 * Key Energy Services, Inc. 303,600 23 29,700 OMI Corporation 339,768 26 14,510 * Whiting Petroleum Corporation 342,291 26 19,875 XTO Energy, Inc. 501,645 38 ---------------------------------------------------------------------------------------------------------------------- 2,327,107 177 ---------------------------------------------------------------------------------------------------------------------- Financials--10.2% 5,295 * Affiliated Managers Group, Inc. 289,001 22 5,270 * Arch Capital Group, Ltd. 221,498 17 66,550 Citigroup, Inc. 3,440,635 262 70,870 Countrywide Financial Corporation 6,796,433 518 11,140 Fannie Mae 828,259 63 12,800 IndyMac Bancorp, Inc. 464,512 36 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Financials (continued) 9,400 Legg Mason, Inc. $872,132 $66 7,400 Moody's Corporation 523,920 40 ---------------------------------------------------------------------------------------------------------------------- 13,436,390 1,024 ---------------------------------------------------------------------------------------------------------------------- Health Care--19.9% 26,680 Abbott Laboratories 1,096,548 84 17,140 * Abgenix, Inc. 227,791 17 89,390 AstraZeneca PLC (ADR) 4,177,195 318 20,860 Cardinal Health, Inc. 1,437,254 110 12,600 * Cephalon, Inc. 722,106 55 61,090 Eli Lilly & Company 4,086,921 312 31,970 * Forest Laboratories, Inc. 2,289,691 175 82,920 Guidant Corporation 5,254,640 401 5,100 * Kinetic Concepts, Inc. 228,735 17 70,900 * Medco Health Solutions, Inc. 2,410,600 184 14,990 * Medicines Company 482,828 37 26,470 Medtronic, Inc. 1,263,943 96 34,500 * Millennium Pharmaceuticals, Inc. 583,050 44 13,730 * NPS Pharmaceuticals, Inc. 391,992 30 15,500 * Psychiatric Solutions, Inc. 290,625 22 58,160 * Service Corporation International 434,455 33 6,500 * Symbion, Inc. 118,040 9 15,500 * Watson Pharmaceuticals, Inc. 663,245 51 ---------------------------------------------------------------------------------------------------------------------- 26,159,659 1,995 ---------------------------------------------------------------------------------------------------------------------- Industrials--7.2% 25,900 American Power Conversion Corporation 595,959 45 76,140 * Apollo Group, Inc. - Class "A" 6,556,415 500 20,220 * DiamondCluster International, Inc. 195,730 15 16,630 * Navigant Consulting, Inc. 336,425 26 12,300 Parker-Hannifin Corporation 694,950 53 14,600 Rockwell Collins, Inc. 461,506 35 15,700 * Sirva, Inc. 378,684 29 6,020 * Yellow Roadway Corporation 202,693 15 ---------------------------------------------------------------------------------------------------------------------- 9,422,362 718 ---------------------------------------------------------------------------------------------------------------------- Information Technology--41.9% 17,700 Acxiom Corporation 388,692 30 47,010 * Aeroflex, Inc. 632,755 48 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS ALL-CAP GROWTH FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Information Technology (continued) 26,400 * Altera Corporation $539,880 $41 27,100 * Amdocs, Ltd. 753,109 58 78,040 Analog Devices, Inc. 3,746,700 286 31,308 * ASML Holding NV - NY Shares 573,876 44 34,300 * BEA Systems, Inc. 437,668 33 36,230 * BISYS Group, Inc. 607,215 46 332,850 * Corning, Inc. 3,721,263 284 153,670 * Dell, Inc. 5,166,385 394 42,430 * Electronic Arts, Inc. 2,289,523 174 173,130 * EMC Corporation 2,356,299 180 115,060 First Data Corporation 4,850,930 370 16,380 * Genesis Microchip, Inc. 274,529 21 23,400 * Intuit, Inc. 1,050,192 80 39,830 * KLA-Tencor Corporation 2,005,441 153 87,330 * MEMC Electronic Materials, Inc. 799,069 61 9,900 * Mercury Interactive Corporation 443,520 34 96,480 Microsoft Corporation 2,409,106 184 44,600 * MPS Group, Inc. 495,952 38 8,000 * Network Appliance, Inc. 171,600 13 17,130 * Network Associates, Inc. 308,340 23 69,180 * ON Semiconductor Corporation 521,617 40 17,300 * Pixelworks, Inc. 296,349 22 7,480 * Plantronics, Inc. 273,843 21 18,540 * Polycom, Inc. 393,604 30 67,820 * Red Hat, Inc. 1,550,365 118 32,800 * Research in Motion, Ltd. 3,060,568 233 9,460 * SafeNet, Inc. 355,128 27 30,740 SAP AG (ADR) 1,208,389 92 40,740 * Sapient Corporation 245,662 19 16,670 * SERENA Software, Inc. 339,235 26 36,200 * SkillSoft PLC (ADR) 466,980 35 87,330 * Symantec Corporation 4,043,379 308 40,800 * VeriSign, Inc. 676,872 52 14,700 * Waters Corporation 600,348 46 62,420 * Xilinx, Inc. 2,371,960 181 93,020 * Yahoo!, Inc. 4,519,842 345 ---------------------------------------------------------------------------------------------------------------------- 54,946,185 4,190 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested Shares or For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Materials--.4% 15,360 Arch Coal, Inc. $482,150 $37 ---------------------------------------------------------------------------------------------------------------------- Other--.3% 5,600 iShares Russell 2000 Growth Index Fund 349,440 27 ---------------------------------------------------------------------------------------------------------------------- Telecommunication Services--1.7% 69,190 * American Tower Corporation - Class "A" 785,306 60 61,770 * Crown Castle International Corporation 780,155 59 27,400 * Nextel Communications, Inc. - Class "A" 677,602 52 ---------------------------------------------------------------------------------------------------------------------- 2,243,063 171 ---------------------------------------------------------------------------------------------------------------------- Total Value of Common Stocks (cost $105,302,966) 127,712,040 9,738 ---------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENT--2.7% $3,542M BNP Paribas, 1%, dated 3/31/04, to be repurchased at $3,542,098 on 4/1/04 (collateralized by U.S. Treasury Notes, 2.125%, 10/31/04, valued at $3,613,312) (cost $3,542,000) 3,542,000 270 ---------------------------------------------------------------------------------------------------------------------- Total Value of Investments (cost $108,844,966) 100.1% 131,254,040 10,008 Excess of Liabilities Over Other Assets (.1) (100,167) (8) ---------------------------------------------------------------------------------------------------------------------- Net Assets 100.0% $131,153,873 $10,000 ====================================================================================================================== * Non-income producing Summary of Abbreviations: ADR American Depositary Receipts See notes to financial statements
Portfolio of Investments FIRST INVESTORS MID-CAP OPPORTUNITY FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--99.9% Consumer Discretionary--18.1% 70,000 * American Axle & Manufacturing Holdings, Inc. $2,579,500 $85 27,200 * American Eagle Outfitters, Inc. 733,312 24 37,500 Applebee's International, Inc. 1,550,625 51 45,000 * Barnes & Noble, Inc. 1,467,000 48 105,000 Blockbuster, Inc. - Class "A" 1,837,500 61 17,500 BorgWarner, Inc. 1,484,525 49 35,000 * Chico's FAS, Inc. 1,624,000 54 45,000 * Coach, Inc. 1,844,550 61 150,000 * Concord Camera Corporation 942,000 31 40,150 D.R. Horton, Inc. 1,422,514 47 220,000 * GameStop Corporation - Class "A" 3,964,400 131 30,000 GTECH Holdings Corporation 1,774,200 58 52,100 Hasbro, Inc. 1,133,175 37 115,000 * Hollywood Entertainment Corporation 1,559,400 51 40,000 Landry's Restaurants, Inc. 1,193,200 39 30,000 Lear Corporation 1,858,800 61 80,000 Leggett & Platt, Inc. 1,896,800 63 45,000 Mattel, Inc. 829,800 27 17,500 Michaels Stores, Inc. 850,850 28 75,000 Movie Gallery, Inc. 1,469,250 48 137,000 * Office Depot, Inc. 2,578,340 85 140,000 Pier 1 Imports, Inc. 3,318,000 109 66,100 Polo Ralph Lauren Corporation - Class "A" 2,265,908 75 140,000 * Quicksilver, Inc. 3,059,000 101 70,000 Regis Corporation 3,110,800 102 50,000 Ross Stores, Inc. 1,530,500 50 50,000 * Scientific Games Corporation - Class "A" 936,000 31 27,500 Tiffany & Company 1,049,675 35 62,800 TJX Companies, Inc. 1,542,368 51 50,000 * Tuesday Morning Corporation 1,723,000 57 50,000 Tupperware Corporation 890,500 29 30,000 * Williams-Sonoma, Inc. 1,026,000 34 ---------------------------------------------------------------------------------------------------------------------- 55,045,492 1,813 ---------------------------------------------------------------------------------------------------------------------- Consumer Staples--6.0% 25,000 Altria Group, Inc. 1,361,250 45 200,000 * Chiquita Brands International, Inc. 4,170,000 137 85,000 Coca-Cola Enterprises, Inc. 2,054,450 67 52,500 * Dean Foods Company 1,753,500 58 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Consumer Staples (continued) 41,800 * Duane Reade, Inc. $708,092 $23 50,500 Hormel Foods Corporation 1,481,165 49 55,000 Pepsi Bottling Group, Inc. 1,636,250 54 60,000 * Performance Food Group Company 2,061,000 68 105,000 * Smithfield Foods, Inc. 2,847,600 94 ---------------------------------------------------------------------------------------------------------------------- 18,073,307 595 ---------------------------------------------------------------------------------------------------------------------- Energy--7.0% 50,000 Anadarko Petroleum Corporation 2,593,000 86 47,600 EOG Resources, Inc. 2,184,364 72 20,000 * Patterson-UTI Energy, Inc. 708,200 23 95,200 Suncor Energy, Inc. 2,603,720 86 47,500 Talisman Energy, Inc. 2,801,075 92 50,000 * Tom Brown, Inc. 1,880,000 62 77,500 * Transocean, Inc. 2,161,475 71 50,000 * Weatherford International, Ltd. 2,101,500 69 74,400 * Willbros Group, Inc. 1,116,744 37 116,666 XTO Energy, Inc. 2,944,650 97 ---------------------------------------------------------------------------------------------------------------------- 21,094,728 695 ---------------------------------------------------------------------------------------------------------------------- Financials--20.1% 45,000 ACE, Ltd. 1,919,700 63 40,000 Ambac Financial Group, Inc. 2,951,200 97 25,000 Astoria Financial Corporation 950,750 31 80,000 Banknorth Group, Inc. 2,723,200 90 37,500 Bear Stearns Companies, Inc. 3,288,000 108 60,000 Charter One Financial, Inc. 2,121,600 70 37,488 Citigroup, Inc. 1,938,130 64 30,000 City National Corporation 1,797,000 59 33,400 Compass Bancshares, Inc. 1,385,098 46 20,000 * Conseco, Inc. 463,200 15 56,250 Doral Financial Corporation 1,980,000 65 27,000 Endurance Specialty Holdings, Ltd. 959,580 32 35,000 Greater Bay Bancorp 1,023,750 34 57,500 GreenPoint Financial Corporation 2,513,325 83 20,000 Hilb, Rogal & Hamilton Company 762,000 25 95,000 Hub International, Ltd. 1,743,250 58 22,500 Independence Community Bank Corporation 916,875 30 55,000 KeyCorp 1,665,950 55 50,000 Montpelier Re Holdings, Ltd. 1,862,000 61 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS MID-CAP OPPORTUNITY FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Financials (continued) 36,500 National Commerce Financial Corporation $1,044,265 $35 66,666 New York Community Bancorp, Inc. 2,285,310 75 42,500 North Fork Bancorporation, Inc. 1,798,600 59 96,600 Old Republic International Corporation 2,372,496 78 44,400 PartnerRe, Ltd. 2,506,380 83 51,400 Principal Financial Group, Inc. 1,831,382 60 65,000 Protective Life Corporation 2,434,250 80 40,000 Provident Financial Services, Inc. 747,600 25 35,000 Reinsurance Group of America, Inc. 1,433,950 47 60,000 Seacoast Financial Services Corporation 2,010,000 66 400 * Signature Bank 8,360 1 45,000 South Financial Group, Inc. 1,331,550 44 105,000 Sovereign Bancorp, Inc. 2,249,100 74 21,000 TCF Financial Corporation 1,072,470 35 81,500 Willis Group Holdings, Ltd. 3,031,800 100 33,000 Zions Bancorporation 1,887,600 62 ---------------------------------------------------------------------------------------------------------------------- 61,009,721 2,010 ---------------------------------------------------------------------------------------------------------------------- Health Care--14.0% 44,150 * Accredo Health, Inc. 1,682,115 56 28,000 Aetna, Inc. 2,512,160 83 25,000 AmerisourceBergen Corporation 1,367,000 45 70,000 * Andrx Corporation 1,904,000 63 25,000 * Anthem, Inc. 2,266,000 75 30,000 * Barr Laboratories, Inc. 1,377,000 45 42,500 Beckman Coulter, Inc. 2,317,950 76 40,000 Biomet, Inc. 1,534,400 51 130,000 * Caremark Rx, Inc. 4,322,500 142 153,000 * Centene Corporation 4,680,270 154 52,500 * Charles River Laboratories International, Inc. 2,249,625 74 40,000 DENTSPLY International, Inc. 1,773,200 58 10,000 * Express Scripts, Inc. 745,900 25 17,000 * Forest Laboratories, Inc. 1,217,540 40 25,000 * Gilead Sciences, Inc. 1,394,250 46 35,000 * Henry Schein, Inc. 2,499,700 82 35,000 * IDX Systems Corporation 1,211,000 40 50,000 * IMPAC Medical Systems, Inc. 1,125,000 37 35,000 * Impax Laboratories, Inc. 782,950 26 35,000 * Laboratory Corporation of America Holdings 1,373,750 45 7,500 * Molina Healthcare, Inc. 219,900 7 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Health Care (continued) 12,600 * Neurocrine Biosciences, Inc. $744,660 $25 100,000 * Province Healthcare Company 1,590,000 52 11,912 Teva Pharmaceutical Industries, Ltd. (ADR) 755,340 25 27,500 * Triad Hospitals, Inc. 847,550 28 ---------------------------------------------------------------------------------------------------------------------- 42,493,760 1,400 ---------------------------------------------------------------------------------------------------------------------- Industrials--11.9% 100,000 * AGCO Corporation 2,071,000 68 100,000 American Power Conversion Corporation 2,301,000 76 29,300 Avery Dennison Corporation 1,822,753 60 93,500 Chicago Bridge & Iron Company NV - NY Shares 2,602,105 86 23,333 * ChoicePoint, Inc. 887,354 29 50,000 Donaldson Company, Inc. 1,326,500 44 29,600 Expeditors International of Washington, Inc. 1,168,904 38 30,000 FedEx Corporation 2,254,800 74 20,000 * Jacobs Engineering Group, Inc. 892,000 29 44,500 L-3 Communications Holdings, Inc. 2,646,860 87 35,000 Manpower, Inc. 1,627,500 54 91,400 Masco Corporation 2,781,302 92 86,200 * Mobile Mini, Inc. 1,491,260 49 37,500 Northrop Grumman Corporation 3,690,750 122 100,000 * Pinnacle Airlines Corporation 1,330,000 44 30,900 Rockwell Automation, Inc. 1,071,303 35 62,500 * Shaw Group, Inc. 677,500 22 59,300 SPX Corporation 2,696,964 89 20,000 Textron, Inc. 1,063,000 35 57,600 * United Defense Industries, Inc. 1,831,104 60 ---------------------------------------------------------------------------------------------------------------------- 36,233,959 1,193 ---------------------------------------------------------------------------------------------------------------------- Information Technology--15.7% 80,000 * Advanced Digital Information Corporation 910,400 30 60,200 * Amphenol Corporation - Class "A" 1,787,940 59 60,000 Autodesk, Inc. 1,897,200 63 75,000 * BearingPoint, Inc. 804,000 27 37,500 * CheckFree Corporation 1,104,750 36 125,000 * Comverse Technology, Inc. 2,267,500 75 103,000 * DigitalNet Holdings, Inc. 2,101,200 69 45,000 * DST Systems, Inc. 2,040,750 67 50,000 * Electronics for Imaging, Inc. 1,228,500 41 71,250 Fair Isaac Corporation 2,570,700 85 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS MID-CAP OPPORTUNITY FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Information Technology (continued) 27,900 * International Rectifier Corporation $1,283,121 $42 50,000 Intersil Corporation - Class "A" 1,114,500 37 62,500 * Intuit, Inc. 2,805,000 92 205,600 * Lexar Media, Inc. 3,404,736 112 50,000 * Manhattan Associates, Inc. 1,390,000 46 100,000 * ManTech International Corporation - Class "A" 2,049,000 68 100,000 * Network Associates, Inc. 1,800,000 59 41,300 * Novellus Systems, Inc. 1,312,927 43 25,200 * Rudolph Technologies, Inc. 471,996 16 55,000 * SanDisk Corporation 1,560,350 51 35,000 * Semtech Corporation 799,050 26 80,000 * Storage Technology Corporation 2,226,400 73 75,600 * SunGard Data Systems, Inc. 2,071,440 68 85,000 * Sybase, Inc. 1,784,150 59 100,000 * Tellabs, Inc. 863,000 28 70,000 * Thermo Electron Corporation 1,979,600 65 70,000 * Vishay Intertechnology, Inc. 1,493,800 49 50,000 * Waters Corporation 2,042,000 67 50,000 * Western Digital Corporation 561,500 19 ---------------------------------------------------------------------------------------------------------------------- 47,725,510 1,572 ---------------------------------------------------------------------------------------------------------------------- Materials--3.8% 57,500 Freeport-McMoRan Copper & Gold, Inc. - Class "B" 2,247,675 74 18,700 Georgia-Pacific Corporation 630,003 21 62,500 * Headwaters, Inc. 1,601,250 53 65,000 Louisiana-Pacific Corporation 1,677,000 55 50,000 Lubrizol Corporation 1,574,500 52 50,000 Praxair, Inc. 1,856,000 61 90,000 Sappi, Ltd. (ADR) 1,228,500 40 21,300 United States Steel Corporation 793,851 26 ---------------------------------------------------------------------------------------------------------------------- 11,608,779 382 ---------------------------------------------------------------------------------------------------------------------- Other--1.1% 4,000 iShares S&P Midcap 400 Index 482,400 16 25,000 MidCap SPDR Trust - Series "1" 2,756,500 91 ---------------------------------------------------------------------------------------------------------------------- 3,238,900 107 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested Shares or For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Utilities--2.2% 45,000 AGL Resources, Inc. $1,305,900 $43 40,000 Equitable Resources, Inc. 1,776,800 59 25,400 NSTAR 1,288,288 42 35,000 SCANA Corporation 1,237,250 41 35,000 Wisconsin Energy Corporation 1,125,250 37 ---------------------------------------------------------------------------------------------------------------------- 6,733,488 222 ---------------------------------------------------------------------------------------------------------------------- Total Value of Common Stocks (cost $236,265,873) 303,257,644 9,989 ---------------------------------------------------------------------------------------------------------------------- SHORT-TERM CORPORATE NOTES--.8% $2,500M General Electric Capital Corp., 1%, 4/16/04 (cost $2,498,958) 2,498,958 82 ---------------------------------------------------------------------------------------------------------------------- SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS--.3% 1,000M Federal Home Loan Bank, .975%, 4/16/04 (cost $999,594) 999,594 33 ---------------------------------------------------------------------------------------------------------------------- Total Value of Investments (cost $239,764,425) 101.0% 306,756,196 10,104 Excess of Liabilities Over Other Assets (1.0) (3,163,766) (104) ---------------------------------------------------------------------------------------------------------------------- Net Assets 100.0% $303,592,430 $10,000 ====================================================================================================================== * Non-income producing Summary of Abbreviations: ADR American Depositary Receipts See notes to financial statements
Portfolio of Investments FIRST INVESTORS SPECIAL SITUATIONS FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--96.5% Consumer Discretionary--15.5% 83,300 * Aeropostale, Inc. $3,020,458 $133 209,800 * Champion Enterprises, Inc. 2,223,880 98 43,100 * Chico's FAS, Inc. 1,999,840 88 18,800 Claire's Stores, Inc. 391,792 17 224,000 * Concord Camera Corporation 1,406,720 62 5,900 * Dick's Sporting Goods, Inc. 343,026 15 45,600 * Emmis Communications Corporation - Class "A" 1,085,736 48 78,000 * Fleetwood Enterprises, Inc. 957,840 42 29,380 Fred's, Inc. - Class "A" 713,053 31 29,300 * Getty Images, Inc. 1,581,614 69 24,600 * Guitar Center, Inc. 913,644 40 93,400 * Jarden Corporation 3,316,634 146 44,550 * Jos. A. Bank Clothiers, Inc. 1,603,800 70 111,400 * Navigant International, Inc. 2,005,200 88 60,300 * Quicksilver, Inc. 1,317,555 58 83,700 * Scientific Games Corporation - Class "A" 1,566,864 69 53,400 * Select Comfort Corporation 1,473,306 65 29,900 * Shuffle Master, Inc. 1,390,051 61 31,500 * Source Interlink Companies, Inc. 393,750 17 22,600 * Sports Authority, Inc. 905,808 40 115,400 * Sunterra Corporation 1,562,516 69 9,800 * Tractor Supply Company 379,456 17 130,800 Triarc Companies, Inc. - Class "B" 1,433,568 63 10,600 * Tuesday Morning Corporation 365,276 16 29,600 * Urban Outfitters, Inc. 1,422,576 62 88,800 * Vail Resorts, Inc. 1,399,488 61 ---------------------------------------------------------------------------------------------------------------------- 35,173,451 1,545 ---------------------------------------------------------------------------------------------------------------------- Consumer Staples--1.5% 26,600 * Elizabeth Arden, Inc. 561,792 25 68,500 * NeighborCare, Inc. 1,661,125 73 36,400 * Performance Food Group Company 1,250,340 55 ---------------------------------------------------------------------------------------------------------------------- 3,473,257 153 ---------------------------------------------------------------------------------------------------------------------- Energy--4.7% 17,700 CARBO Ceramics, Inc. 1,114,215 49 87,900 Chesapeake Energy Corporation 1,177,860 52 105,800 * Energy Partners, Ltd. 1,412,430 62 23,900 Noble Energy, Inc. 1,125,690 49 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Energy (continued) 43,000 * Patterson-UTI Energy, Inc. $1,522,630 $67 56,450 * TETRA Technologies, Inc. 1,475,038 65 27,000 World Fuel Services Corporation 991,710 44 73,541 XTO Energy, Inc. 1,856,175 81 ---------------------------------------------------------------------------------------------------------------------- 10,675,748 469 ---------------------------------------------------------------------------------------------------------------------- Financials--7.6% 20,400 * Affiliated Managers Group, Inc. 1,113,432 49 24,600 Bank of the Ozarks, Inc. 677,730 30 9,400 Capital Automotive (REIT) 331,914 15 25,200 Capitol Bancorp, Ltd. 682,920 30 62,000 * First Marblehead Corporation 1,825,900 80 51,800 HCC Insurance Holdings, Inc. 1,674,694 74 30,600 Montpelier Re Holdings, Ltd. 1,139,544 50 53,200 Odyssey Re Holdings Corporation 1,436,400 63 62,300 RAIT Investment Trust 1,840,965 81 243,700 Technology Investment Capital Corporation 3,555,583 156 52,800 Thornburg Mortgage, Inc. 1,642,080 72 31,500 Westcorp, Inc. 1,388,205 61 ---------------------------------------------------------------------------------------------------------------------- 17,309,367 761 ---------------------------------------------------------------------------------------------------------------------- Health Care--19.4% 18,400 * American Healthways, Inc. 449,328 20 44,400 * AmSurg Corporation 1,008,324 44 12,600 * Angiotech Pharmaceuticals, Inc. 307,566 14 63,900 * Axcan Pharma, Inc. 1,217,934 54 71,000 * Centene Corporation 2,171,890 95 146,900 * CollaGenex Pharmaceuticals, Inc. 1,956,708 86 42,800 * CV Therapeutics, Inc. 647,564 28 25,600 * DaVita, Inc. 1,222,400 54 115,100 * Discovery Laboratories, Inc. 1,403,069 62 558,900 * Endocare, Inc. 2,081,902 91 30,000 * Eon Labs, Inc. 2,012,400 88 21,600 * Fisher Scientific International, Inc. 1,188,864 52 23,700 * Gen-Probe, Inc. 791,817 35 45,000 * Hanger Orthopedic Group, Inc. 812,250 36 63,200 * KV Pharmaceutical Company - Class "A" 1,552,192 68 20,900 * Martek Biosciences Corporation 1,191,300 52 53,200 Matthews International Corporation - Class "A" 1,766,240 78 94,500 * Med-Design Corporation 361,935 16 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS SPECIAL SITUATIONS FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Health Care (continued) 29,000 Medicis Pharmaceutical Corporation - Class "A" $1,160,000 $51 20,500 * MGI Pharma, Inc. 1,255,830 55 17,000 * Neurocrine Biosciences, Inc. 1,004,700 44 26,200 * NPS Pharmaceuticals, Inc. 748,010 33 60,775 * Odyssey Healthcare, Inc. 1,145,609 50 38,300 * Onyx Pharmaceuticals, Inc. 1,549,618 68 61,000 PolyMedica Corporation 1,636,020 72 28,400 * Psychiatric Solutions, Inc. 532,500 23 112,900 Select Medical Corporation 1,885,430 83 56,420 * SFBC International, Inc. 1,679,059 74 84,900 * SuperGen, Inc. 1,086,720 48 56,000 * SurModics, Inc. 1,114,960 49 24,600 * Taro Pharmaceuticals Industries, Ltd. 1,426,554 63 194,000 * TriPath Imaging, Inc. 1,777,040 78 55,700 * VCA Antech, Inc. 1,984,591 87 34,700 * VistaCare, Inc. - Class "A" 937,594 41 51,300 * VISX, Inc. 1,001,376 44 ---------------------------------------------------------------------------------------------------------------------- 44,069,294 1,936 ---------------------------------------------------------------------------------------------------------------------- Industrials--13.7% 62,700 * AGCO Corporation 1,298,517 57 56,700 ALLETE, Inc. 1,989,603 87 51,300 * DRS Technologies, Inc. 1,435,374 63 42,400 * Education Management Corporation 1,349,592 59 53,400 ElkCorp 1,446,606 64 30,500 * ESCO Technologies, Inc. 1,406,660 62 177,300 * EVCI Career Colleges, Inc. 2,271,213 100 65,175 * Genesee & Wyoming, Inc. - Class "A" 1,609,822 71 49,200 * II-VI, Inc. 1,202,940 53 165,800 * Kansas City Southern 2,304,620 101 93,600 * KVH Industries, Inc. 1,348,776 59 120,200 * Labor Ready, Inc. 1,625,104 71 74,400 * Laidlaw International, Inc. 1,082,520 48 41,850 * Marten Transport, Ltd. 795,150 35 57,600 * MTC Technologies, Inc. 1,446,336 64 18,200 * Old Dominion Freight Line, Inc. 613,340 27 41,300 Oshkosh Truck Corporation 2,300,410 101 59,900 * Pinnacle Airlines Corporation 796,670 35 87,000 * SI International, Inc. 2,009,700 88 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Industrials (continued) 90,700 United Industrial Corporation $1,717,858 $75 84,000 Wabtec Corporation 1,196,160 53 ---------------------------------------------------------------------------------------------------------------------- 31,246,971 1,373 ---------------------------------------------------------------------------------------------------------------------- Information Technology--30.0% 136,300 * Advanced Digital Information Corporation 1,551,094 68 87,300 * Aspect Communications Corporation 1,367,991 60 63,300 * ATMI, Inc. 1,666,056 73 63,400 * Autobytel, Inc. 836,880 37 77,400 BEI Technologies, Inc. 1,738,404 76 137,900 * Bell Microproducts, Inc. 992,880 44 63,000 * Catapult Communications Corporation 1,123,227 49 38,500 * CheckFree Corporation 1,134,210 50 22,100 * Cherokee International Corporation 318,240 14 36,300 * Cognizant Technology Solutions Corporation - Class "A" 1,642,575 72 223,800 * Conexant Systems, Inc. 1,378,608 61 60,200 * Digital River, Inc. 1,409,282 62 43,600 * Digital Theater Systems, Inc. 1,117,468 49 45,400 * DSP Group, Inc. 1,168,142 51 80,600 * eCollege.com, Inc. 1,682,928 74 44,300 * Electronics for Imaging, Inc. 1,088,451 48 35,300 * Embarcadero Technologies, Inc. 453,252 20 104,000 * Epicor Software Corporation 1,380,080 61 12,000 * Excel Technology, Inc. 377,400 17 25,800 FactSet Research Systems, Inc. 1,098,048 48 33,450 Fair Isaac Corporation 1,206,876 53 28,900 * FLIR Systems, Inc. 1,101,668 48 74,500 * Global Imaging Systems, Inc. 2,474,890 109 35,800 * Hyperion Solutions Corporation 1,483,910 65 42,900 * Integrated Circuit Systems, Inc. 1,073,787 47 190,800 * Intelligroup, Inc. 1,396,656 61 26,300 * International Rectifier Corporation 1,209,537 53 57,400 Inter-Tel, Inc. 1,725,444 76 54,400 * Intervoice, Inc. 917,728 40 55,700 * Intrado, Inc. 1,077,795 47 79,900 * JDA Software Group, Inc. 1,162,545 51 76,400 * Komag, Inc. 1,405,760 62 35,400 * Kronos, Inc. 1,151,562 51 135,400 * Lawson Software, Inc. 1,123,820 49 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS SPECIAL SITUATIONS FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Information Technology (continued) 85,100 * Lexar Media, Inc. $1,409,256 $62 104,400 * Measurement Specialties, Inc. 2,023,272 89 169,700 * MEMC Electronic Materials, Inc. 1,552,755 68 52,100 * Mentor Graphics Corporation 928,422 41 41,300 * MICROS Systems, Inc. 1,864,695 82 158,800 * MPS Group, Inc. 1,765,856 78 86,300 * Neoware Systems, Inc. 886,301 39 5,500 * O2Micro International, Ltd. 94,765 4 600 * OmniVision Technologies, Inc. 16,386 1 67,000 * Pixelworks, Inc. 1,147,710 51 232,900 * Powerwave Technologies, Inc. 1,816,620 80 39,700 * Progress Software Corporation 952,403 42 51,300 * Rofin-Sinar Technologies, Inc. 1,531,305 67 24,800 * Sigmatel, Inc. 556,760 24 11,000 * Skyworks Solutions, Inc. 128,260 6 108,000 * SM&A 1,189,080 52 35,600 StarTek, Inc. 1,293,704 57 39,800 * Sybase, Inc. 835,402 37 150,900 * TIBCO Software, Inc. 1,232,853 54 18,000 * TradeStation Group, Inc. 121,140 5 59,500 * TTM Technologies, Inc. 733,040 32 38,200 * Varian Semiconductor Equipment Associates, Inc. 1,604,400 71 43,000 * Verint Systems, Inc. 1,328,700 58 103,200 * ZiLOG, Inc. 1,302,384 57 ---------------------------------------------------------------------------------------------------------------------- 68,352,663 3,003 ---------------------------------------------------------------------------------------------------------------------- Materials--2.1% 99,700 AMCOL International Corporation 1,739,765 76 10,800 Eagle Materials, Inc. 635,580 28 70,400 * Headwaters, Inc. 1,803,648 79 39,300 Penford Corporation 654,738 29 ---------------------------------------------------------------------------------------------------------------------- 4,833,731 212 ---------------------------------------------------------------------------------------------------------------------- Telecommunication Services--1.2% 37,500 * NII Holdings, Inc. - Class "B" 1,313,625 58 144,000 * PTEK Holdings, Inc. 1,323,360 58 ---------------------------------------------------------------------------------------------------------------------- 2,636,985 116 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Shares, Amount Warrants, Invested or For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Utilities--.8% 42,300 Equitable Resources, Inc. $1,878,966 $83 ---------------------------------------------------------------------------------------------------------------------- Total Value of Common Stocks (cost $167,614,721) 219,650,433 9,651 ---------------------------------------------------------------------------------------------------------------------- WARRANTS--.0% Health Care 31,500 * Med-Design Corporation (expiring 7/29/08) (cost $3,938) **+ 3,938 -- ---------------------------------------------------------------------------------------------------------------------- SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS--2.6% $5,900M Federal Home Loan Bank, .975%, 4/16/04 (cost $5,897,603) 5,897,603 259 ---------------------------------------------------------------------------------------------------------------------- SHORT-TERM CORPORATE NOTES--.5% 1,100M Coca-Cola Co., .99%, 4/13/04 (cost $1,099,637) 1,099,637 48 ---------------------------------------------------------------------------------------------------------------------- Total Value of Investments (cost $174,615,899) 99.6% 226,651,611 9,958 Other Assets, Less Liabilities .4 948,730 42 ---------------------------------------------------------------------------------------------------------------------- Net Assets 100.0% $227,600,341 $10,000 ====================================================================================================================== * Non-income producing ** Security valued at fair value (see Note 1A) + Security exempt from registration under Rule 144A of the Securities Act of 1933. See Note 6. Summary of Abbreviations: REIT Real Estate Investment Trust See notes to financial statements
Portfolio of Investments FIRST INVESTORS FOCUSED EQUITY FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--98.7% Consumer Discretionary--8.0% 46,800 Gap, Inc. $1,025,856 $158 29,000 Lowe's Companies, Inc. 1,627,770 251 151,800 * Time Warner, Inc. 2,559,348 394 ---------------------------------------------------------------------------------------------------------------------- 5,212,974 803 ---------------------------------------------------------------------------------------------------------------------- Consumer Staples--11.4% 27,100 Altria Group, Inc. 1,475,595 227 32,800 Gillette Company 1,282,480 198 37,100 PepsiCo, Inc. 1,997,835 308 10,400 Procter & Gamble Company 1,090,752 168 25,900 Wal-Mart Stores, Inc. 1,545,971 238 ---------------------------------------------------------------------------------------------------------------------- 7,392,633 1,139 ---------------------------------------------------------------------------------------------------------------------- Energy--6.9% 25,100 ChevronTexaco Corporation 2,203,278 340 35,500 Schlumberger, Ltd. 2,266,675 349 ---------------------------------------------------------------------------------------------------------------------- 4,469,953 689 ---------------------------------------------------------------------------------------------------------------------- Financials--21.3% 20,700 American Express Company 1,073,295 165 33,120 American International Group, Inc. 2,363,112 364 32,400 Bank of America Corporation 2,623,752 404 26,100 Bank One Corporation 1,422,972 219 63,400 Citigroup, Inc. 3,277,780 505 32,000 Merrill Lynch & Company, Inc. 1,905,920 294 67,800 Travelers Property Casualty Corporation - Class "B" 1,170,906 181 ---------------------------------------------------------------------------------------------------------------------- 13,837,737 2,132 ---------------------------------------------------------------------------------------------------------------------- Health Care--13.2% 36,700 Abbott Laboratories 1,508,370 232 18,100 Eli Lilly & Company 1,210,890 187 13,100 * Genzyme Corporation 616,224 95 17,000 Medtronic, Inc. 811,750 125 88,400 Pfizer, Inc. 3,098,420 478 34,400 Wyeth 1,291,720 199 ---------------------------------------------------------------------------------------------------------------------- 8,537,374 1,316 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Industrials--13.9% 11,300 3M Company $925,131 $143 19,300 CSX Corporation 584,597 90 14,700 FedEx Corporation 1,104,852 170 9,400 General Dynamics Corporation 839,702 130 79,700 General Electric Company 2,432,444 375 14,700 Lockheed Martin Corporation 670,908 103 48,500 Tyco International, Ltd. 1,389,525 214 12,200 United Technologies Corporation 1,052,860 162 ---------------------------------------------------------------------------------------------------------------------- 9,000,019 1,387 ---------------------------------------------------------------------------------------------------------------------- Information Technology--19.2% 34,600 * Accenture, Ltd. - Class "A" 858,080 132 43,500 * Applied Materials, Inc. 930,030 143 60,500 * Cisco Systems, Inc. 1,422,960 219 140,500 * Corning, Inc. 1,570,790 242 40,000 * Dell, Inc. 1,344,800 207 69,293 Hewlett-Packard Company 1,582,652 244 51,500 Intel Corporation 1,400,800 216 126,700 Microsoft Corporation 3,163,699 488 11,300 Motorola, Inc. 198,880 31 ---------------------------------------------------------------------------------------------------------------------- 12,472,691 1,922 ---------------------------------------------------------------------------------------------------------------------- Materials--4.2% 29,600 Alcoa, Inc. 1,026,824 159 14,900 Du Pont (E.I.) de Nemours & Company 629,078 97 25,200 International Paper Company 1,064,952 164 ---------------------------------------------------------------------------------------------------------------------- 2,720,854 420 ---------------------------------------------------------------------------------------------------------------------- Telecommunication Services--.6% 14,500 Sprint Corporation 267,235 41 4,200 Verizon Communications, Inc. 153,468 23 ---------------------------------------------------------------------------------------------------------------------- 420,703 64 ---------------------------------------------------------------------------------------------------------------------- Total Value of Common Stocks (cost $59,417,509) 64,064,938 9,872 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS FOCUSED EQUITY FUND March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENT--.9% $588M BNP Paribas, 1%, dated 3/31/04, to be repurchased at $588,016 on 4/1/04 (collateralized by U.S. Treasury Notes, 1.75%, 12/31/04, valued at $600,485) (cost $588,000) $588,000 $91 ---------------------------------------------------------------------------------------------------------------------- Total Value of Investments (cost $60,005,509) 99.6% 64,652,938 9,963 Other Assets, Less Liabilities .4 241,379 37 ---------------------------------------------------------------------------------------------------------------------- Net Assets 100.0% $64,894,317 $10,000 ====================================================================================================================== * Non-income producing See notes to financial statements
Portfolio of Investments FIRST INVESTORS GLOBAL FUND, INC. March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- COMMON STOCKS--96.4% United States--41.7% 13,500 3M Company $1,105,245 $47 46,100 Abbott Laboratories 1,894,710 81 37,600 Alcoa, Inc. 1,304,344 56 34,100 Altria Group, Inc. 1,856,745 79 27,700 American Express Company 1,436,245 61 41,553 American International Group, Inc. 2,964,807 126 23,700 American Power Conversion Corporation 545,337 23 8,800 * Anthem, Inc. 797,632 34 28,400 Apache Corporation 1,226,028 52 15,400 * Apple Computer, Inc. 416,570 18 54,900 * Applied Materials, Inc. 1,173,762 50 37,500 ARAMARK Corporation - Class "B" 1,027,875 44 40,800 Bank of America Corporation 3,303,984 141 33,100 Bank One Corporation 1,804,612 77 33,100 ChevronTexaco Corporation 2,905,518 124 24,100 * ChoicePoint, Inc. 916,523 39 77,400 * Cisco Systems, Inc. 1,820,448 78 84,549 Citigroup, Inc. 4,371,183 186 13,000 Cognex Corporation 432,250 18 178,300 * Corning, Inc. 1,993,394 85 4,400 Countrywide Financial Corporation 421,960 18 24,400 CSX Corporation 739,076 32 40,100 * Dell, Inc. 1,348,162 57 18,800 Du Pont (E.I.) de Nemours & Company 793,736 34 24,200 Eli Lilly & Company 1,618,980 69 10,500 Federated Department Stores, Inc. 567,525 24 18,100 FedEx Corporation 1,360,396 58 59,100 Gap, Inc. 1,295,472 55 17,100 General Dynamics Corporation 1,527,543 65 101,100 General Electric Company 3,085,572 132 16,500 * Genzyme Corporation 776,160 33 42,600 Gillette Company 1,665,660 71 87,400 Hewlett-Packard Company 1,996,216 85 9,700 * ImClone Systems, Inc. 493,342 21 65,160 Intel Corporation 1,772,352 76 31,700 International Paper Company 1,339,642 57 20,900 * International Rectifier Corporation 961,191 41 28,800 * Lamar Advertising Company - Class "A" 1,158,336 49 9,800 Legg Mason, Inc. 909,244 39 18,400 Lockheed Martin Corporation 839,776 36 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS GLOBAL FUND, INC. March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- United States (continued) 36,500 Lowe's Companies, Inc. $2,048,745 $87 21,300 Market 2000+ HOLDRs Trust 1,151,265 49 20,600 Masco Corporation 626,858 27 21,000 * Medco Health Solutions, Inc. 714,000 30 21,400 Medtronic, Inc. 1,021,850 44 41,900 Merrill Lynch & Company, Inc. 2,495,564 106 20,100 Michaels Stores, Inc. 977,262 42 162,200 Microsoft Corporation 4,050,134 173 14,200 Motorola, Inc. 249,920 11 36,600 * Nextel Communications, Inc. - Class "A" 905,118 39 26,300 * Noble Corporation 1,010,446 43 49,200 Norfolk Southern Corporation 1,086,828 46 41,600 * Pactiv Corporation 925,600 39 46,700 PepsiCo, Inc. 2,514,795 107 17,900 PETsMART, Inc. 487,955 21 108,825 Pfizer, Inc. 3,814,316 163 57,000 * Polycom, Inc. 1,210,110 52 12,200 Precision Castparts Corporation 537,166 23 13,200 Procter & Gamble Company 1,384,416 59 6,400 Rockwell Collins, Inc. 202,304 9 18,300 Sprint Corporation--Fon Group 337,269 14 15,400 * SunGard Data Systems, Inc. 421,960 18 191,200 * Time Warner, Inc. 3,223,633 137 85,200 Travelers Property Casualty Corporation - Class "B" 1,471,404 63 61,400 Tyco International, Ltd. 1,759,110 75 15,500 United Technologies Corporation 1,337,650 57 5,300 Verizon Communications, Inc. 193,662 8 34,600 Wal-Mart Stores, Inc. 2,065,274 88 44,300 Wyeth 1,663,465 71 ---------------------------------------------------------------------------------------------------------------------- 97,855,632 4,172 ---------------------------------------------------------------------------------------------------------------------- United Kingdom--12.8% 61,200 AstraZeneca PLC 2,837,780 121 474,900 Compass Group PLC 3,128,970 133 98,800 Imperial Tobacco Group PLC 2,153,534 92 294,000 Kingfisher PLC 1,558,846 67 400,000 Lloyds TSB Group PLC 3,039,804 130 215,203 National Grid Transco PLC 1,700,697 73 138,823 Reckitt Benckiser PLC 3,431,577 146 1,040,000 Rolls-Royce Group PLC 4,300,569 183 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- United Kingdom (continued) 144,984 Royal Bank of Scotland Group PLC $4,417,888 $188 1,419,612 Vodafone Group PLC 3,359,131 143 ---------------------------------------------------------------------------------------------------------------------- 29,928,796 1,276 ---------------------------------------------------------------------------------------------------------------------- France--10.4% 66,400 * Alcatel SA 1,047,730 45 45,104 Aventis SA 3,467,040 148 51,435 AXA 1,073,280 46 21,700 Carrefour SA 1,070,418 46 24,853 Essilor International SA 1,511,516 63 62,083 * France Telecom SA 1,588,437 68 134,740 Havas SA 720,282 31 59,375 Lafarge SA 4,804,806 205 33,800 M6 Metropole Television 1,013,498 43 16,600 Pinault-Printemps-Redoute SA 1,734,998 74 53,600 Societe Television Francaise 1 1,702,056 72 20,044 Total SA 3,680,031 157 39,100 Veolia Environment 1,090,735 46 ---------------------------------------------------------------------------------------------------------------------- 24,504,827 1,044 ---------------------------------------------------------------------------------------------------------------------- Japan--8.2% 92,000 Asahi Glass Company, Ltd. 993,973 42 11,500 Fast Retailing Company, Ltd. 940,693 40 60,000 Kao Corporation 1,372,615 59 3,320 KOSE Corporation 121,586 5 165 Mitsubishi Tokyo Financial Group, Inc. 1,633,585 70 68,000 Mitsui Fudosan Company, Ltd. 855,597 36 15,100 Nintendo Company, Ltd. 1,525,458 65 1,465 NTT DoCoMo, Inc. 3,238,814 138 48,000 Olympus Corporation 1,033,498 44 12,500 ORIX Corporation 1,382,948 59 8,100 Rohm Company, Ltd. 1,048,753 45 56,000 Sharp Corporation 1,000,663 43 22,200 Shin-Etsu Chemical Company, Ltd. 934,647 40 28,900 Takeda Chemical Industries, Ltd. 1,288,951 55 303 UFJ Holdings, Inc. 1,928,063 82 ---------------------------------------------------------------------------------------------------------------------- 19,299,844 823 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS GLOBAL FUND, INC. March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Switzerland--4.9% 393,270 * ABB, Ltd. $2,318,922 $99 11,854 Converium Holding AG 580,138 25 9,100 Converium Holding AG (ADR) 223,587 9 10,360 Nestle SA 2,641,418 113 29,926 Roche Holding AG - Genusscheine 2,923,268 125 36,420 UBS AG - Registered 2,705,231 115 ---------------------------------------------------------------------------------------------------------------------- 11,392,564 486 ---------------------------------------------------------------------------------------------------------------------- South Korea--3.4% 124,960 Kia Motors Corporation 1,286,169 55 40,730 * Kookmin Bank 1,652,008 70 22,080 LG Electronics, Inc. 1,323,124 56 2,640 Samsung Electronics Company, Ltd. 1,317,179 56 34,180 SK Corporation 1,241,744 53 59,090 SK Telecom Company, Ltd. (ADR) 1,258,617 54 ---------------------------------------------------------------------------------------------------------------------- 8,078,841 344 ---------------------------------------------------------------------------------------------------------------------- Germany--2.2% 36,500 Bayerische Motoren Werke (BMW) AG 1,493,666 64 31,400 E.ON AG 2,072,146 88 10,300 SAP AG 1,620,181 69 ---------------------------------------------------------------------------------------------------------------------- 5,185,993 221 ---------------------------------------------------------------------------------------------------------------------- Italy--2.0% 160,048 ENI SpA 3,217,733 137 300,700 UniCredito Italiano SpA 1,433,777 61 ---------------------------------------------------------------------------------------------------------------------- 4,651,510 198 ---------------------------------------------------------------------------------------------------------------------- Netherlands--1.9% 32,000 * ASML Holding NV 586,333 25 62,267 ING Groep NV 1,368,176 59 170,000 * Koninklijke Ahold NV 1,391,360 59 150,000 * Koninklijke KPN NV 1,170,527 50 ---------------------------------------------------------------------------------------------------------------------- 4,516,396 193 ---------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------- Amount Invested For Each $10,000 of Shares Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Canada--1.4% 74,500 * Biovail Corporation $1,163,770 $50 25,800 Canadian National Railway Company 1,014,714 43 18,600 Talisman Energy, Inc. 1,102,060 47 ---------------------------------------------------------------------------------------------------------------------- 3,280,544 140 ---------------------------------------------------------------------------------------------------------------------- Netherlands Antilles--1.2% 44,300 Schlumberger, Ltd. 2,828,555 121 ---------------------------------------------------------------------------------------------------------------------- Mexico--1.0% 58,100 America Movil SA de CV (ADR) - Series "L" 2,245,565 96 ---------------------------------------------------------------------------------------------------------------------- Australia--.9% 133,396 News Corporation, Ltd. 1,058,130 45 186,624 Rinker Group, Ltd. 990,223 43 ---------------------------------------------------------------------------------------------------------------------- 2,048,353 88 ---------------------------------------------------------------------------------------------------------------------- Spain--.8% 13,428 Endesa SA 244,225 11 73,800 Iberdrola SA 1,523,639 65 ---------------------------------------------------------------------------------------------------------------------- 1,767,864 76 ---------------------------------------------------------------------------------------------------------------------- Malaysia--.6% 486,000 Malayan Banking Berhad 1,483,252 63 ---------------------------------------------------------------------------------------------------------------------- Russia--.6% 38,100 Surgutneftegaz (ADR) 1,455,420 62 ---------------------------------------------------------------------------------------------------------------------- Belgium--.6% 64,500 Fortis 1,372,060 58 ---------------------------------------------------------------------------------------------------------------------- Bermuda--.5% 43,900 * Accenture, Ltd. - Class "A" 1,088,720 46 ---------------------------------------------------------------------------------------------------------------------- Brazil--.4% 31,000 Petroleo Brasileiro SA--Petrobras (ADR) 1,038,500 44 ---------------------------------------------------------------------------------------------------------------------- Ireland--.4% 49,600 * Elan Corporation PLC (ADR) 1,022,752 44 ---------------------------------------------------------------------------------------------------------------------- South Africa--.4% 145,900 Standard Bank Group, Ltd. 972,281 41 ---------------------------------------------------------------------------------------------------------------------- Portfolio of Investments (continued) FIRST INVESTORS GLOBAL FUND, INC. March 31, 2004 ---------------------------------------------------------------------------------------------------------------------- Amount Invested Shares or For Each Principal $10,000 of Amount Security Value Net Assets ---------------------------------------------------------------------------------------------------------------------- Sweden--.1% 6,800 * Oriflame Cosmetics SA (SDR) $191,612 $8 ---------------------------------------------------------------------------------------------------------------------- Total Value of Common Stocks (cost $186,667,336) 226,209,881 9,644 ---------------------------------------------------------------------------------------------------------------------- PREFERRED STOCKS--.0% Brazil 23,000 * Vale Do Rio Doce - Class "B" (cost $0)** 236 -- ---------------------------------------------------------------------------------------------------------------------- REPURCHASE AGREEMENT--3.8% $8,930M BNP Paribas, 1%, dated 3/31/04, to be repurchased at $8,930,248 on 4/1/04 (collateralized by U.S. Treasury Notes, 1.625%, 3/31/05, at $9,109,089) (cost $8,930,000) 8,930,000 381 ---------------------------------------------------------------------------------------------------------------------- Total Value of Investments (cost $195,597,336) 100.2% 235,140,117 10,025 Excess of Liabilities Over Other Assets (.2) (574,906) (25) ---------------------------------------------------------------------------------------------------------------------- Net Assets 100.0% $234,565,211 $10,000 ====================================================================================================================== * Non-income producing ** Security valued at fair value (see Note 1A) Summary of Abbreviations: ADR American Depositary Receipts SDR Swedish Depositary Receipts See notes to financial statements
Sector Diversification of the portfolio was as follows: ---------------------------------------------------------------------------------------------------------------------- Percentage Sector of Net Assets Value ---------------------------------------------------------------------------------------------------------------------- Pharmaceuticals & Biotechnology 9.8% $22,964,208 Banks 9.4 22,091,541 Energy 8.4 19,706,034 Capital Goods 8.2 19,180,026 Diversified Financials 6.8 16,040,652 Telecommunication Services 6.1 14,297,140 Materials 4.7 11,093,234 Technology Hardware & Equipment 4.5 10,514,801 Retailing 4.1 9,611,495 Food/Beverage/Tobacco 3.9 9,166,492 Media 3.8 8,875,934 Software & Services 3.7 8,706,453 Household & Personal Products 3.5 8,167,466 Semiconductors & Semiconductor Equipment 2.9 6,859,570 Utilities 2.8 6,631,441 Insurance 2.7 6,313,215 Health Care Equipment & Services 2.2 5,078,496 Food & Staples Retailing 1.9 4,527,052 Transportation 1.8 4,201,014 Hotels/Restaurants/Leisure 1.3 3,128,970 Automobiles & Components 1.2 2,779,835 Consumer Durables & Apparel 1.0 2,323,788 Commercial Services & Supplies .8 1,944,398 Pooled Vehicle .5 1,151,265 Real Estate .4 855,597 Repurchase Agreement 3.8 8,930,000 ---------------------------------------------------------------------------------------------------------------------- Total Value of Investments 100.2 235,140,117 Excess of Liabilities Over Other Assets (.2) (574,906) ---------------------------------------------------------------------------------------------------------------------- Net Assets 100.0% $234,565,211 ======================================================================================================================
Statement of Assets and Liabilities FIRST INVESTORS March 31, 2004 ------------------------------------------------------------------------------------------------------------------------------ TOTAL GROWTH & ALL-CAP RETURN VALUE BLUE CHIP INCOME GROWTH ------------------------------------------------------------------------------------------------------------------------------ Assets Investments in securities: At identified cost $214,918,317 $150,363,521 $387,914,039 $450,175,827 $108,844,966 ============ ============ ============ ============ ============ At value (Note 1A) $253,360,934 $185,832,828 $503,653,121 $581,211,159 $131,254,040 Cash 249,194 198,938 839,067 729,982 41,941 Receivables: Dividends and interest 1,244,747 426,798 481,464 543,485 64,319 Shares sold 889,238 560,401 648,601 1,116,649 704,952 Investment securities sold 1,915,147 250,265 1,061,718 -- 330,547 Forward currency contracts (Note 4) -- -- -- -- -- Other assets 31,870 21,739 67,654 71,599 14,324 ------------ ------------ ------------ ------------ ------------ Total Assets 257,691,130 187,290,969 506,751,625 583,672,874 132,410,123 ------------ ------------ ------------ ------------ ------------ Liabilities Payables: Investment securities purchased 4,194,673 2,767,825 881,310 3,625,000 893,027 Dividends payable 14,348 12,806 -- 1,730 -- Shares redeemed 401,348 187,955 764,238 846,279 182,391 Accrued advisory fees 169,120 123,187 341,346 379,175 86,332 Accrued shareholder servicing costs 74,253 75,948 148,998 176,687 69,773 Accrued distribution plan expenses 2,743 1,927 5,451 6,444 1,435 Accrued directors' fees 1,526 1,500 3,240 3,584 766 Accrued expenses 17,099 10,482 15,850 43,296 22,526 ------------ ------------ ------------ ------------ ------------ Total Liabilities 4,875,110 3,181,630 2,160,433 5,082,195 1,256,250 ------------ ------------ ------------ ------------ ------------ Net Assets $252,816,020 $184,109,339 $504,591,192 $578,590,679 $131,153,873 ============ ============ ============ ============ ============ Net Assets Consist of: Capital paid in $243,898,722 $210,433,986 $540,167,525 $553,289,943 $125,648,184 Undistributed net investment income (deficit) (490,074) 63,716 (169,763) 89,528 (752,509) Accumulated net realized loss on investments (29,035,245) (61,857,670) (151,145,652) (105,824,124) (16,150,876) Net unrealized appreciation in value of investments 38,442,617 35,469,307 115,739,082 131,035,332 22,409,074 ------------ ------------ ------------ ------------ ------------ Total $252,816,020 $184,109,339 $504,591,192 $578,590,679 $131,153,873 ============ ============ ============ ============ ============ Net Assets: Class A $217,741,585 $162,072,093 $436,236,868 $489,791,241 $112,445,704 Class B $ 35,074,435 $ 22,037,246 $ 68,354,324 $ 88,799,438 $ 18,708,169 Shares outstanding (Note 5): Class A 16,471,435 27,884,617 22,589,142 39,691,724 14,218,075 Class B 2,689,345 3,845,728 3,744,184 7,501,890 2,422,311 Net asset value and redemption price per share - Class A $13.22 $5.81 $19.31 $12.34 $7.91 ============ ============ ============ ============ ============ Maximum offering price per share - Class A (Net asset value/.9425)* $14.03 $6.16 $20.49 $13.09 $8.39 ============ ============ ============ ============ ============ Net asset value and offering price per share - Class B (Note 5) $13.04 $5.73 $18.26 $11.84 $7.72 ============ ============ ============ ============ ============ *On purchases of $100,000 or more, the sales charge is reduced. See notes to financial statements -------------------------------------------------------------------------------------------------------------- MID-CAP SPECIAL FOCUSED OPPORTUNITY SITUATIONS EQUITY GLOBAL -------------------------------------------------------------------------------------------------------------- Assets Investments in securities: At identified cost $239,764,425 $174,615,899 $60,005,509 $195,597,336 ============ ============ ============ ============ At value (Note 1A) $306,756,196 $226,651,611 $64,652,938 $235,140,117 Cash (overdraft) 492,127 (328,567) 43,321 61,275 Receivables: Dividends and interest 139,058 50,545 71,236 809,989 Shares sold 933,033 308,223 77,610 262,981 Investment securities sold 422 1,839,274 513,534 643,724 Forward currency contracts (Note 4) -- -- -- 10,252 Other assets 33,982 28,847 6,869 53,368 ------------ ------------ ------------ ------------ Total Assets 308,354,818 228,549,933 65,365,508 236,981,706 ------------ ------------ ------------ ------------ Liabilities Payables: Investment securities purchased 4,008,419 363,514 261,594 1,475,420 Dividends payable -- -- -- -- Shares redeemed 413,153 311,621 119,958 607,020 Accrued advisory fees 201,179 151,261 44,109 211,062 Accrued shareholder servicing costs 114,254 93,223 35,877 79,436 Accrued distribution plan expenses 3,360 2,326 754 2,233 Accrued directors' fees 2,000 1,434 424 1,492 Accrued expenses 20,023 26,213 8,475 39,832 ------------ ------------ ------------ ------------ Total Liabilities 4,762,388 949,592 471,191 2,416,495 ------------ ------------ ------------ ------------ Net Assets $303,592,430 $227,600,341 $64,894,317 $234,565,211 ============ ============ ============ ============ Net Assets Consist of: Capital paid in $263,729,424 $239,362,712 $88,036,389 $234,972,913 Undistributed net investment deficit (1,059,338) (1,351,085) (154,089) (491,674) Accumulated net realized loss on investments and foreign currency transactions (26,069,427) (62,446,998) (27,635,412) (39,483,313) Net unrealized appreciation in value of investments and foreign currency transactions 66,991,771 52,035,712 4,647,429 39,567,285 ------------ ------------ ------------ ------------ Total $303,592,430 $227,600,341 $64,894,317 $234,565,211 ============ ============ ============ ============ Net Assets: Class A $257,777,755 $203,634,974 $53,334,679 $217,997,855 Class B $ 45,814,675 $ 23,965,367 $11,559,638 $ 16,567,356 Shares outstanding (Note 5): Class A 11,291,630 11,178,371 6,677,494 36,171,121 Class B 2,151,991 1,421,373 1,499,283 2,943,345 Net asset value and redemption price per share - Class A $22.83 $18.22 $7.99 $6.03 ============ ============ ============ ============ Maximum offering price per share - Class A (Net asset value/.9425)* $24.22 $19.33 $8.48 $6.40 ============ ============ ============ ============ Net asset value and offering price per share - Class B (Note 5) $21.29 $16.86 $7.71 $5.63 ============ ============ ============ ============ *On purchases of $100,000 or more, the sales charge is reduced. See notes to financial statements
Statement of Operations FIRST INVESTORS Six Months Ended March 31, 2004 ------------------------------------------------------------------------------------------------------------------------------ TOTAL GROWTH & ALL-CAP RETURN VALUE BLUE CHIP INCOME GROWTH ------------------------------------------------------------------------------------------------------------------------------ Investment Income Dividends $ 1,325,209 $ 2,176,323 $ 3,645,522 $ 4,864,543 $ 296,102 Interest 2,058,752 86,839 60,813 9,022 22,743 ------------ ------------ ------------ ------------ ------------ Total income 3,383,961 2,263,162 3,706,335 4,873,565 318,845 ------------ ------------ ------------ ------------ ------------ Expenses (Notes 1 and 3): Advisory fees 1,120,599 631,226 2,089,004 1,990,486 425,770 Distribution plan expenses - Class A 299,586 221,015 634,140 686,239 145,273 Distribution plan expenses - Class B 162,179 104,917 339,113 423,518 83,448 Shareholder servicing costs 362,426 316,989 866,490 893,082 326,737 Professional fees 21,661 24,201 56,130 59,730 15,376 Registration fees 21,408 21,408 21,408 21,408 22,165 Custodian fees and expenses 19,155 11,387 30,505 18,171 7,754 Reports and notices to shareholders 19,536 15,485 45,571 46,939 16,871 Directors' fees 4,538 4,306 7,860 8,626 2,899 Other expenses 29,181 12,718 39,224 51,581 25,135 ------------ ------------ ------------ ------------ ------------ Total expenses 2,060,269 1,363,652 4,129,445 4,199,780 1,071,428 Less: Expenses waived (250,000) -- (250,000) -- -- Custodian fees paid indirectly (2,406) (1,686) (3,347) (845) (74) ------------ ------------ ------------ ------------ ------------ Net expenses 1,807,863 1,361,966 3,876,098 4,198,935 1,071,354 ------------ ------------ ------------ ------------ ------------ Net investment income (loss) 1,576,098 901,196 (169,763) 674,630 (752,509) ------------ ------------ ------------ ------------ ------------ Realized and Unrealized Gain (Loss) on Investments (Note 2): Net realized gain on investments 3,685,827 2,014,744 14,391,443 14,572,840 5,583,009 Net unrealized appreciation of investments 17,711,330 22,671,869 41,926,044 60,540,076 11,714,503 ------------ ------------ ------------ ------------ ------------ Net gain on investments 21,397,157 24,686,613 56,317,487 75,112,916 17,297,512 ------------ ------------ ------------ ------------ ------------ Net Increase in Net Assets Resulting from Operations $ 22,973,255 $ 25,587,809 $ 56,147,724 $ 75,787,546 $ 16,545,003 ============ ============ ============ ============ ============ + Net of $134,732 foreign taxes withheld See notes to financial statements -------------------------------------------------------------------------------------------------------------- MID-CAP SPECIAL FOCUSED OPPORTUNITY SITUATIONS EQUITY GLOBAL -------------------------------------------------------------------------------------------------------------- Investment Income Dividends $ 1,228,631 $ 453,175 $ 491,208 $ 1,676,157+ Interest 18,471 41,277 4,367 33,009 ------------ ------------ ------------ ------------ Total income 1,247,102 494,452 495,575 1,709,166 ------------ ------------ ------------ ------------ Expenses (Notes 1 and 3): Advisory fees 1,272,128 1,058,479 240,373 1,142,832 Distribution plan expenses - Class A 346,623 288,890 78,796 318,088 Distribution plan expenses - Class B 207,426 115,364 57,843 82,540 Shareholder servicing costs 604,734 518,061 195,047 433,073 Professional fees 20,651 23,430 13,645 30,457 Registration fees 21,408 21,408 22,165 24,738 Custodian fees and expenses 16,923 19,477 5,075 129,650 Reports and notices to shareholders 32,679 27,812 28,624 25,523 Directors' fees 5,399 4,401 2,136 4,500 Other expenses 30,552 20,828 5,960 9,439 ------------ ------------ ------------ ------------ Total expenses 2,558,523 2,098,150 649,664 2,200,840 Less: Expenses waived (250,000) (249,731) -- -- Custodian fees paid indirectly (2,083) (2,882) -- -- ------------ ------------ ------------ ------------ Net expenses 2,306,440 1,845,537 649,664 2,200,840 ------------ ------------ ------------ ------------ Net investment loss (1,059,338) (1,351,085) (154,089) (491,674) ------------ ------------ ------------ ------------ Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Note 2): Net realized gain on investments and foreign currency transactions 6,643,447 25,221,506 1,109,311 21,670,613 Net unrealized appreciation of investments and foreign currency transactions 39,170,788 7,703,832 5,172,759 13,078,586 ------------ ------------ ------------ ------------ Net gain on investments and foreign currency transactions 45,814,235 32,925,338 6,282,070 34,749,199 ------------ ------------ ------------ ------------ Net Increase in Net Assets Resulting from Operations $ 44,754,897 $ 31,574,253 $ 6,127,981 $ 34,257,525 ============ ============ ============ ============ + Net of $134,732 foreign taxes withheld See notes to financial statements
Statement of Changes in Net Assets FIRST INVESTORS ------------------------------------------------------------------------------------------------------------------------------ TOTAL RETURN VALUE ---------------------------- ---------------------------- 10/1/2003 to 10/1/2002 to 10/1/2003 to 10/1/2002 to 3/31/2004 9/30/2003 3/31/2004 9/30/2003 ------------------------------------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets From Operations Net investment income $ 1,576,098 $ 2,595,772 $ 901,196 $ 1,994,571 Net realized gain (loss) on investments 3,685,827 (4,976,396) 2,014,744 (7,805,613) Net unrealized appreciation of investments 17,711,330 27,102,984 22,671,869 27,059,981 ------------ ------------ ------------ ------------ Net increase in net assets resulting from operations 22,973,255 24,722,360 25,587,809 21,248,939 ------------ ------------ ------------ ------------ Dividends to Shareholders Net investment income - Class A (1,596,020) (2,745,536) (869,330) (1,748,084) Net investment income - Class B (157,662) (285,333) (53,977) (160,660) ------------ ------------ ------------ ------------ Total dividends (1,753,682) (3,030,869) (923,307) (1,908,744) ------------ ------------ ------------ ------------ Share Transactions* Class A: Proceeds from shares sold 35,336,216 49,222,767 22,561,518 26,361,060 Reinvestment of dividends 1,569,419 2,709,146 844,305 1,695,885 Cost of shares redeemed (14,139,939) (23,367,193) (8,834,168) (18,006,487) ------------ ------------ ------------ ------------ 22,765,696 28,564,720 14,571,655 10,050,458 ------------ ------------ ------------ ------------ Class B: Proceeds from shares sold 5,729,237 7,886,210 2,786,331 3,447,342 Reinvestment of dividends 156,672 283,519 53,543 159,358 Cost of shares redeemed (2,188,731) (4,531,666) (2,660,944) (4,191,112) ------------ ------------ ------------ ------------ 3,697,178 3,638,063 178,930 (584,412) ------------ ------------ ------------ ------------ Net increase from share transactions 26,462,874 32,202,783 14,750,585 9,466,046 ------------ ------------ ------------ ------------ Net increase in net assets 47,682,447 53,894,274 39,415,087 28,806,241 Net Assets Beginning of period 205,133,573 151,239,299 144,694,252 115,888,011 ------------ ------------ ------------ ------------ End of period+ $252,816,020 $205,133,573 $184,109,339 $144,694,252 ============ ============ ============ ============ +Includes undistributed net investment income (deficit) of $ (490,074) $ (312,490) $ 63,716 $ 85,827 ============ ============ ============ ============ *Shares Issued and Redeemed Class A: Sold 2,744,545 4,332,265 4,064,798 5,561,598 Issued for dividends reinvested 120,101 239,990 147,716 364,982 Redeemed (1,098,025) (2,092,115) (1,587,150) (3,944,699) ------------ ------------ ------------ ------------ Net increase in Class A shares outstanding 1,766,621 2,480,140 2,625,364 1,981,881 ============ ============ ============ ============ Class B: Sold 452,919 705,304 510,810 736,536 Issued for dividends reinvested 12,153 25,554 9,496 35,022 Redeemed (171,738) (414,061) (485,118) (931,856) ------------ ------------ ------------ ------------ Net increase (decrease) in Class B shares outstanding 293,334 316,797 35,188 (160,298) ============ ============ ============ ============ See notes to financial statements ------------------------------------------------------------------------------------------------------------------------------ BLUE CHIP GROWTH & INCOME ---------------------------- ---------------------------- 10/1/2003 to 10/1/2002 to 10/1/2003 to 10/1/2002 to 3/31/2004 9/30/2003 3/31/2004 9/30/2003 ------------------------------------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets From Operations Net investment income (loss) $ (169,763) $ (425,904) $ 674,630 $ 1,371,212 Net realized gain (loss) on investments 14,391,443 (27,055,645) 14,572,840 (17,943,080) Net unrealized appreciation of investments 41,926,044 94,207,242 60,540,076 97,389,824 ------------ ------------ ------------ ------------ Net increase in net assets resulting from operations 56,147,724 66,725,693 75,787,546 80,817,956 ------------ ------------ ------------ ------------ Dividends to Shareholders Net investment income - Class A -- -- (585,102) (1,561,227) Net investment income - Class B -- -- -- -- ------------ ------------ ------------ ------------ Total dividends -- -- (585,102) (1,561,227) ------------ ------------ ------------ ------------ Share Transactions* Class A: Proceeds from shares sold 33,195,069 53,450,998 55,908,134 69,467,305 Reinvestment of dividends -- -- 579,625 1,545,811 Cost of shares redeemed (28,308,103) (60,801,572) (30,141,884) (55,627,119) ------------ ------------ ------------ ------------ 4,886,966 (7,350,574) 26,345,875 15,385,997 ------------ ------------ ------------ ------------ Class B: Proceeds from shares sold 5,471,928 8,941,786 9,369,334 11,899,634 Cost of shares redeemed (7,258,957) (12,841,105) (8,586,066) (14,006,947) ------------ ------------ ------------ ------------ (1,787,029) (3,899,319) 783,268 (2,107,313) ------------ ------------ ------------ ------------ Net increase (decrease) from share transactions 3,099,937 (11,249,893) 27,129,143 13,278,684 ------------ ------------ ------------ ------------ Net increase in net assets 59,247,661 55,475,800 102,331,587 92,535,413 Net Assets Beginning of period 445,343,531 389,867,731 476,259,092 383,723,679 ------------ ------------ ------------ ------------ End of period+ $504,591,192 $445,343,531 $578,590,679 $476,259,092 ============ ============ ============ ============ +Includes undistributed net investment income (deficit) of $ (169,763) $ -- $ 89,528 $ -- ============ ============ ============ ============ *Shares Issued and Redeemed Class A: Sold 1,757,428 3,344,515 4,717,448 7,092,953 Issued for dividends reinvested -- -- 47,904 160,200 Redeemed (1,501,961) (3,864,778) (2,537,736) (5,818,365) ------------ ------------ ------------ ------------ Net increase (decrease) in Class A shares outstanding 255,467 (520,263) 2,227,616 1,434,788 ============ ============ ============ ============ Class B: Sold 308,087 588,924 825,682 1,263,648 Issued for dividends reinvested -- -- -- -- Redeemed (406,343) (860,901) (757,782) (1,523,474) ------------ ------------ ------------ ------------ Net increase (decrease) in Class B shares outstanding (98,256) (271,977) 67,900 (259,826) ============ ============ ============ ============ See notes to financial statements
Statement of Changes in Net Assets FIRST INVESTORS ------------------------------------------------------------------------------------------------------------------------------ ALL-CAP GROWTH MID-CAP OPPORTUNITY ---------------------------- ---------------------------- 10/1/2003 to 10/1/2002 to 10/1/2003 to 10/1/2002 to 3//31/2004 9/30/2003 3/31/2004 9/30/2003 ------------------------------------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets From Operations Net investment loss $ (752,509) $ (857,716) $ (1,059,338) $ (1,684,478) Net realized gain (loss) on investments 5,583,009 (1,931,995) 6,643,447 (9,144,785) Net unrealized appreciation of investments 11,714,503 18,163,770 39,170,788 47,400,847 ------------ ------------ ------------ ------------ Net increase in net assets resulting from operations 16,545,003 15,374,059 44,754,897 36,571,584 ------------ ------------ ------------ ------------ Share Transactions* Class A: Proceeds from shares sold 26,675,799 27,790,360 41,438,890 51,795,794 Cost of shares redeemed (5,037,406) (7,697,061) (13,748,184) (21,887,533) ------------ ------------ ------------ ------------ 21,638,393 20,093,299 27,690,706 29,908,261 ------------ ------------ ------------ ------------ Class B: Proceeds from shares sold 3,383,708 4,175,360 6,970,062 7,921,873 Cost of shares redeemed (906,436) (1,410,633) (2,442,832) (4,116,563) ------------ ------------ ------------ ------------ 2,477,272 2,764,727 4,527,230 3,805,310 ------------ ------------ ------------ ------------ Net increase from share transactions 24,115,665 22,858,026 32,217,936 33,713,571 ------------ ------------ ------------ ------------ Net increase in net assets 40,660,668 38,232,085 76,972,833 70,285,155 Net Assets Beginning of period 90,493,205 52,261,120 226,619,597 156,334,442 ------------ ------------ ------------ ------------ End of period+ $131,153,873 $ 90,493,205 $303,592,430 $226,619,597 ============ ============ ============ ============ +Includes undistributed net investment deficit of $ (752,509) $ -- $ (1,059,338) $ -- ============ ============ ============ ============ *Shares Issued and Redeemed Class A: Sold 3,518,083 4,464,318 1,909,891 3,001,097 Redeemed (662,056) (1,288,511) (630,007) (1,294,434) ------------ ------------ ------------ ------------ Net increase in Class A shares outstanding 2,856,027 3,175,807 1,279,884 1,706,663 ============ ============ ============ ============ Class B: Sold 456,697 685,202 345,578 487,764 Redeemed (122,780) (241,915) (120,581) (261,744) ------------ ------------ ------------ ------------ Net increase in Class B shares outstanding 333,917 443,287 224,997 226,020 ============ ============ ============ ============ See notes to financial statements ------------------------------------------------------------------------------------------------------------------------------ SPECIAL SITUATIONS FOCUSED EQUITY ---------------------------- ---------------------------- 10/1/2003 to 10/1/2002 to 10/1/2003 to 10/1/2002 to 3/31/2004 9/30/2003 3/31/2004 9/30/2003 ------------------------------------------------------------------------------------------------------------------------------ Increase (Decrease) in Net Assets From Operations Net investment loss $ (1,351,085) $ (2,174,743) $ (154,089) $ (255,382) Net realized gain (loss) on investments 25,221,506 (8,547,634) 1,109,311 (3,672,111) Net unrealized appreciation of investments 7,703,832 46,021,471 5,172,759 15,896,024 ------------ ------------ ------------ ------------ Net increase in net assets resulting from operations 31,574,253 35,299,094 6,127,981 11,968,531 ------------ ------------ ------------ ------------ Share Transactions* Class A: Proceeds from shares sold 17,746,328 21,524,779 4,436,060 7,578,453 Cost of shares redeemed (11,351,215) (21,840,556) (4,107,241) (7,332,359) ------------ ------------ ------------ ------------ 6,395,113 (315,777) 328,819 246,094 ------------ ------------ ------------ ------------ Class B: Proceeds from shares sold 2,865,193 2,582,621 744,945 1,101,769 Cost of shares redeemed (2,594,802) (3,464,531) (982,276) (1,629,642) ------------ ------------ ------------ ------------ 270,391 (881,910) (237,331) (527,873) ------------ ------------ ------------ ------------ Net increase (decrease) from share transactions 6,665,504 (1,197,687) 91,488 (281,779) ------------ ------------ ------------ ------------ Net increase in net assets 38,239,757 34,101,407 6,219,469 11,686,752 Net Assets Beginning of period 189,360,584 155,259,177 58,674,848 46,988,096 ------------ ------------ ------------ ------------ End of period+ $227,600,341 $189,360,584 $ 64,894,317 $ 58,674,848 ============ ============ ============ ============ +Includes undistributed net investment deficit of $ (1,351,085) $ -- $ (154,089) $ -- ============ ============ ============ ============ *Shares Issued and Redeemed Class A: Sold 1,012,132 1,599,285 562,856 1,128,365 Redeemed (646,450) (1,660,681) (520,960) (1,112,790) ------------ ------------ ------------ ------------ Net increase (decrease) in Class A shares outstanding 365,682 (61,396) 41,896 15,575 ============ ============ ============ ============ Class B: Sold 176,933 204,411 98,014 168,390 Redeemed (158,948) (282,940) (129,011) (262,445) ------------ ------------ ------------ ------------ Net increase (decrease) in Class B shares outstanding 17,985 (78,529) (30,997) (94,055) ============ ============ ============ ============ See notes to financial statements
Statement of Changes in Net Assets FIRST INVESTORS ---------------------------------------------------------------------------------------------- GLOBAL ---------------------------- 10/1/2003 to 10/1/2002 to 3/31/2004 9/30/2003 ---------------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets From Operations Net investment loss $ (491,674) $ (471,515) Net realized gain (loss) on investments and foreign currency transactions 21,670,613 (3,393,379) Net unrealized appreciation of investments and foreign currency transactions 13,078,586 42,419,475 ------------ ------------ Net increase in net assets resulting from operations 34,257,525 38,554,581 ------------ ------------ Share Transactions* Class A: Proceeds from shares sold 8,335,548 13,212,580 Cost of shares redeemed (14,476,997) (30,106,459) ------------ ------------ (6,141,449) (16,893,879) ------------ ------------ Class B: Proceeds from shares sold 1,011,136 1,392,241 Cost of shares redeemed (1,918,643) (3,012,650) ------------ ------------ (907,507) (1,620,409) ------------ ------------ Net decrease from share transactions (7,048,956) (18,514,288) ------------ ------------ Net increase in net assets 27,208,569 20,040,293 Net Assets Beginning of period 207,356,642 187,316,349 ------------ ------------ End of period+ $234,565,211 $207,356,642 ============ ============ +Includes undistributed net investment deficit of $ (491,674) $ -- ============ ============ *Shares Issued and Redeemed Class A: Sold 1,430,685 2,823,401 Redeemed (2,498,312) (6,467,613) ------------ ------------ Net decrease in Class A shares outstanding (1,067,627) (3,644,212) ============ ============ Class B: Sold 187,310 315,712 Redeemed (349,428) (690,288) ------------ ------------ Net decrease in Class B shares outstanding (162,118) (374,576) ============ ============ See notes to financial statements
This page intentionally left blank. Notes to Financial Statements March 31, 2004 1. Significant Accounting Policies--First Investors Total Return Fund, First Investors Blue Chip Fund and First Investors Special Situations Fund, each a series of First Investors Series Fund ("Series Fund"), a Massachusetts business trust; First Investors Value Fund (formerly Utilities Income), First Investors Growth & Income Fund, First Investors All-Cap Growth Fund, First Investors Mid-Cap Opportunity Fund and First Investors Focused Equity Fund, each a series of First Investors Series Fund II, Inc. ("Series Fund II"), a Maryland corporation; and First Investors Global Fund, Inc. ("Global Fund"), a Maryland corporation, are registered under the Investment Company Act of 1940 (the "1940 Act") as diversified, open-end management investment companies, with the exception of First Investors Focused Equity Fund, which is registered as a non-diversified series of the investment company. Each Fund accounts separately for the assets, liabilities, and operations of the Fund. Series Fund offers two additional series which are not included in this report. The objective of each Fund is as follows: Total Return Fund seeks high, long-term total investment return consistent with moderate investment risk. Value Fund seeks total return. Blue Chip Fund seeks high total investment return consistent with the preservation of capital. Growth & Income Fund seeks long-term growth of capital and current income. All-Cap Growth Fund seeks long-term growth of capital. Mid-Cap Opportunity Fund seeks long-term capital growth. Special Situations Fund seeks long-term growth of capital. Focused Equity Fund seeks capital appreciation. Global Fund primarily seeks long-term capital growth and secondarily a reasonable level of current income. 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 based upon quotes furnished by a market maker for such securities. Securities may also be priced by a pricing service approved by the applicable Fund's Board of Directors/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. The Funds monitor for significant events occurring after the close of foreign markets but prior to the close of trading on the New York Stock Exchange that could have a material impact on the values of any foreign securities that are held by the Funds. Examples of such events include natural disasters, political events, and issuer-specific developments such as bankruptcies. If the Valuation Committee decides that such events warrant using fair value estimates for foreign securities, it will take such events into consideration in determining the fair values of such securities. If market quotations or prices are not readily available or determined to be unreliable, the securities will be valued at fair value as determined in good faith pursuant to procedures adopted by the Fund's Board of Directors/Trustees. At March 31, 2004, the Special Situations Fund held one security that was fair valued by its Valuation Committee with a value of $3,938 representing 0% of the Fund's net assets and the Global Fund held one security that was fair valued by its Valuation Committee with a value of $236 representing 0% of the Fund's net assets. For valuation purposes, where applicable, quotations of foreign securities in foreign currency are translated to U.S. dollar equivalents using the foreign exchange quotation in effect. B. Federal Income Taxes--No provision has been made for federal income taxes on net income or capital gains since it is the policy of each Fund to continue to comply with the special provisions of the Internal Revenue Code applicable to investment companies and to make sufficient distributions of income and capital gains (in excess of any available capital loss carryovers) to relieve it from all, or substantially all, such taxes. At September 30, 2003, capital loss carryovers were as follows:
Year Capital Loss Carryovers Expire -------------------------------------------------------------------- Fund Total 2008 2009 2010 2011 ---- ------------ ------------ ------------ ------------ ------------ Total Return $ 29,077,042 $ -- $ 1,458,508 $ 8,515,512 $19,103,022 Value 59,815,391 -- 5,196,775 18,257,137 36,361,479 Blue Chip 139,836,318 -- 9,527,196 61,121,583 69,187,539 Growth & Income 110,774,808 -- 5,645,569 40,308,647 64,820,592 All-Cap Growth 19,636,203 -- -- 8,825,943 10,810,260 Mid-Cap Opportunity 24,445,332 -- 1,528,251 16,230,216 6,686,865 Special Situations 81,944,473 -- 1,713,617 54,184,676 26,046,180 Focused Equity 25,075,256 553,800 12,951,888 1,712,582 9,856,986 Global 59,783,882 -- 2,316,335 24,383,554 33,083,993
Notes to Financial Statements (continued) March 31, 2004 C. Distributions to Shareholders--Dividends from net investment income, if any, of Total Return Fund, Value Fund, Blue Chip Fund and Growth & Income Fund are declared and paid quarterly. Dividends from net investment income, if any, of All-Cap Growth Fund, Mid-Cap Opportunity Fund, Special Situations Fund, Focused Equity Fund and Global Fund are declared and paid annually. Distributions from net realized capital gains, if any, are normally declared and paid annually. Income dividends 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 capital loss carryforwards, deferral of wash sales losses, post-October capital losses, net operating losses and foreign currency transactions. D. Expense Allocation--Expenses directly charged or attributable to a Fund are paid from the assets of that Fund. General expenses of Series Fund and Series Fund II are allocated among and charged to the assets of each Fund in the Series 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. E. Repurchase Agreements--Securities pledged as collateral for repurchase agreements entered into by the All-Cap Growth Fund, Focused Equity Fund, and Global Fund are held by each Fund's custodian until maturity of the repurchase agreement. The agreements provide that the Funds 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 Funds. F. 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. G. Foreign Currency Translations--The accounting records of Global Fund are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated to 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. Global 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. 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 both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date. Interest income and estimated expenses are accrued daily. Bond discounts and premiums are accreted or amortized using the interest method. For the six months ended March 31, 2004, the Bank of New York, custodian for the Series Fund and Series Fund II, has provided total credits in the amount of $13,323 against custodian charges based on the uninvested cash balances of these Funds. 2. Security Transactions--For the six months ended March 31, 2004, purchases and sales of securities and long-term U.S. Government obligations (excluding U.S. Treasury bills, repurchase agreements, short-term securities and foreign currencies) were as follows: Long-Term U.S. Securities Government Obligations --------------------------- --------------------------- Cost of Proceeds Cost of Proceeds Fund Purchases from Sales Purchases from Sales ---- ------------ ------------ ------------ ------------ Total Return $ 57,268,644 $ 36,381,010 $7,611,600 $ -- Value 24,791,172 7,833,637 -- -- Blue Chip 153,402,299 155,568,717 -- -- Growth & Income 109,677,860 80,632,935 -- -- All-Cap Growth 75,417,668 50,245,793 -- -- Mid-Cap Opportunity 77,917,673 44,015,682 -- -- Special Situations 124,573,649 120,047,326 -- -- Focused Equity 14,159,669 14,255,862 -- -- Global 126,393,976 135,199,542 -- -- Notes to Financial Statements (continued) March 31, 2004 At March 31, 2004 aggregate cost and net unrealized appreciation of securities for federal income tax purposes were as follows: Gross Gross Net Aggregate Unrealized Unrealized Unrealized Fund Cost Appreciation Depreciation Appreciation ---- ------------ ------------ ------------ ------------ Total Return $217,964,463 $ 36,841,365 $1,444,894 $ 35,396,471 Value 150,382,625 36,477,634 1,027,431 35,450,203 Blue Chip 399,066,022 106,394,294 1,807,195 104,587,099 Growth & Income 456,908,648 129,093,458 4,790,947 124,302,511 All-Cap Growth 109,405,154 23,419,763 1,570,877 21,848,886 Mid-Cap Opportunity 239,807,672 71,053,729 4,105,205 66,948,524 Special Situations 175,150,955 56,899,511 5,398,855 51,500,656 Focused Equity 60,392,661 8,086,140 3,825,863 4,260,277 Global 196,596,448 42,840,656 4,296,987 38,543,669 3. Advisory Fee and Other Transactions With Affiliates--Certain officers and directors/trustees of the Funds are officers and directors of its investment adviser, First Investors Management Company, Inc. ("FIMCO"), its underwriter, First Investors Corporation ("FIC"), its transfer agent, Administrative Data Management Corp. ("ADM") and/or First Investors Federal Savings Bank, ("FIFSB"), custodian of the Funds' Individual Retirement Accounts. Directors/trustees of the Funds who are not "interested persons" of the Funds as defined in the 1940 Act are remunerated by the Funds. For the six months ended March 31, 2004, total directors/trustees fees accrued by the Funds amounted to $44,665. The Investment Advisory Agreements provide as compensation to FIMCO, an annual fee, payable monthly, at the following rates: Total Return, Blue Chip, Mid-Cap Opportunity and Special Situations Funds-- 1% on the first $200 million of each Fund's average daily net assets, .75% on the next $300 million, declining by .03% on each $250 million thereafter, down to .66% on average daily net assets over $1 billion. FIMCO has waived 25% of the 1% annual fee on the first $200 million of each Fund's average daily net assets for the six months ended March 31, 2004. Value, Growth & Income, All-Cap Growth and Focused Equity Funds-- .75% on the first $300 million of each Fund's average daily net assets, .72% on the next $200 million, .69% on the next $250 million and .66% on average daily net assets over $750 million. Global Fund--1% on the first $250 million of the Fund's average daily net assets, declining by .03% on each $250 million thereafter, down to .91% on average daily net assets over $750 million. For the six months ended March 31, 2004, total advisory fees accrued to FIMCO by the Funds were $9,970,897 of which $999,731 was waived. For the six months ended March 31, 2004, FIC, as underwriter, received $8,688,082 in commissions from the sale of shares of the Funds, after allowing $9,996 to other dealers. Shareholder servicing costs included $3,086,229 in transfer agent fees accrued to ADM and $959,636 in IRA custodian fees accrued to FIFSB. Pursuant to Distribution Plans adopted under Rule 12b-1 of the 1940 Act, each Fund is authorized to pay FIC a fee up to .30% of the average daily net assets of the Class A shares and 1% of the average daily net assets of the Class B shares on an annualized basis each fiscal year, payable monthly. The fee consists of a distribution fee and a service fee. The service fee is paid for the ongoing servicing of clients who are shareholders of that Fund. For the six months ended March 31, 2004, total distribution plan fees accrued to FIC by the Funds amounted to $4,594,998. Wellington Management Company, LLP ("Wellington") serves as investment subadviser to All-Cap Growth Fund, Focused Equity Fund and Global Fund. The subadviser is paid by FIMCO and not by the Funds. 4. Forward Currency Contracts--A forward currency contract is an obligation to purchase or sell a specific currency for an agreed-upon price at a future date. When a Fund purchases or sells foreign securities it customarily enters into a forward currency contract to minimize foreign exchange risk between the trade date and the settlement date of such transactions. The Fund could be exposed to risk if counter parties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. Forward currency contracts are "marked-to-market" daily at the applicable translation rate and the resulting unrealized gains or losses are reflected in the Fund's assets. Notes to Financial Statements (continued) March 31, 2004 Global Fund had the following forward currency contracts outstanding at March 31, 2004: Contracts to Buy Unrealized Foreign Currency In Exchange for Settlement Date Gain (Loss) ---------------------------- --------------- --------------- ---------- 96,474 Euro US$ 117,129 4/1/04 US$ 1,428 33,425,828 Japanese Yen 317,059 4/1/04 4,234 252,085 Euro 307,310 4/2/04 2,478 14,904,404 Japanese Yen 140,957 4/2/04 2,306 119,323 Euro 146,827 4/5/04 (191) 1,518,919 Japanese Yen 14,604 4/5/04 (3) --------------- ---------- $1,043,886 =============== Net Unrealized Gain on Forward Currency Contracts $10,252 ========== 5. Capital--Each Fund sells two classes of shares, Class A and Class B, each with a public offering price that reflects different sales charges and expense levels. Class A shares are sold with an initial sales charge of up to 5.75% of the amount invested and together with the Class B shares are subject to distribution plan fees as described in Note 3. Class B shares are sold without an initial sales charge, but are generally subject to a contingent deferred sales charge which declines in steps from 4% to 0% over a six-year period. Class B shares automatically convert into Class A shares after eight years. Realized and unrealized gains or losses, investment income and expenses (other than distribution plan fees and certain other class expenses) are allocated daily to each class of shares based upon the relative proportion of net assets of each class. The Series Fund has established an unlimited number of no par value shares of beneficial interest for both Class A and Class B shares. Of the 100,000,000 $0.001 par value shares originally designated to each Fund, Series Fund II has classified 50,000,000 shares as Class A and 50,000,000 shares as Class B for each Fund. Of the 100,000,000 $1.00 par value Global Fund shares originally authorized, the Fund has designated 65,000,000 shares as Class A and 35,000,000 shares as Class B. 6. Restricted Securities-- Certain restricted securities are exempt from the registration requirements under Rule 144A of the Securities Act of 1933 and may only be sold to qualified institutional investors. At March 31, 2004, Total Return Fund held four 144A securities with a value of $2,968,971 representing 1.2% of the Fund's net assets, and the Special Situations Fund held one 144A security with a value of $3,938 representing 0% of the Fund's net assets. These securities are valued as set forth in Note 1A. This page intentionally left blank.
Financial Highlights FIRST INVESTORS The following table sets forth the per share operating performance data for a share outstanding, total return, ratios to average net assets and other supplemental data for each fiscal year ended September 30, except as otherwise indicated. ----------------------------------------------------------------------------------------------------- P E R S H A R E D A T A ---------------------------------------------------------------------------------------- Less Distributions Investment Operations from ------------------------------------- ---------------------- Net Asset Net Realized Value, Net and Unrealized Total from Net Net Beginning Investment Gain (Loss) on Investment Investment Realized Total of Period Income Investments Operations Income Gain Distributions ----------------------------------------------------------------------------------------------------- TOTAL RETURN FUND ----------------- Class A ------- 1999 $14.27 $ .29 $ 1.26 $1.55 $ .30 $1.18 $1.48 2000 14.34 .31 2.29 2.60 .27 .40 .67 2001 16.27 .26 (2.86) (2.60) .32 1.07 1.39 2002++ 12.28 .22 (1.59) (1.37) .32 -- .32 2003 10.59 .20 1.44 1.64 .21 -- .21 2004(c) 12.02 .09 1.21 1.30 .10 -- .10 Class B ------- 1999 14.13 .21 1.22 1.43 .21 1.18 1.39 2000 14.17 .21 2.24 2.45 .17 .40 .57 2001 16.05 .18 (2.84) (2.66) .21 1.07 1.28 2002++ 12.11 .15 (1.59) (1.44) .21 -- .21 2003 10.46 .09 1.44 1.53 .13 -- .13 2004(c) 11.86 .06 1.18 1.24 .06 -- .06 ----------------------------------------------------------------------------------------------------- VALUE FUND+++ ----------------- Class A ------- 1999 $ 7.62 $ .13 $ .74 $ .87 $ .13 $ .37 $ .50 2000 7.99 .13 1.21 1.34 .13 .60 .73 2001 8.60 .10 (2.10) (2.00) .11 .56 .67 2002++ 5.93 .11 (1.65) (1.54) .13 -- .13 2003 4.26 .08 .73 .81 .08 -- .08 2004(c) 4.99 .03 .82 .85 .03 -- .03 Class B ------- 1999 7.53 .08 .72 .80 .08 .37 .45 2000 7.88 .08 1.18 1.26 .07 .60 .67 2001 8.47 .06 (2.07) (2.01) .06 .56 .62 2002++ 5.84 .07 (1.63) (1.56) .08 -- .08 2003 4.20 .05 .71 .76 .04 -- .04 2004(c) 4.92 .01 .81 .82 .01 -- .01 ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- 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 Net Portfolio Value, Total Net Assets Investment Investment Turnover End of Return* End of Period Expenses Income Expenses Income Rate Period (%) (in millions) (%) (%) (%) (%) (%) ----------------------------------------------------------------------------------------------------------- TOTAL RETURN FUND ----------------- Class A ------- 1999 $14.34 11.50 $ 92 1.40 2.08 1.63 1.85 127 2000 16.27 18.67 120 1.33 2.00 1.58 1.75 118 2001 12.28 (17.31) 121 1.37 2.02 1.62 1.77 130 2002++ 10.59 (11.44) 129 1.47 1.91 1.72 1.66 185 2003 12.02 15.58 177 1.52 1.72 1.77 1.47 80 2004(c) 13.04 10.46 35 2.16+ .76+ 2.38+ .54+ 16 Class B ------- 1999 14.17 10.72 9 2.10 1.38 2.33 1.15 127 2000 16.05 17.79 16 2.03 1.30 2.28 1.05 118 2001 12.11 (17.82) 19 2.07 1.32 2.32 1.07 130 2002++ 10.46 (12.09) 22 2.17 1.21 2.42 .96 185 2003 11.86 14.71 28 2.22 1.02 2.47 .77 80 2004(c) 13.04 10.46 35 2.16+ .76+ 2.38+ .54+ 16 ----------------------------------------------------------------------------------------------------------- VALUE FUND+++ ----------------- Class A ------- 1999 $ 7.99 11.99 $145 1.37 1.69 N/A N/A 65 2000 8.60 17.58 187 1.31 1.57 N/A N/A 46 2001 5.93 (24.98) 149 1.37 1.47 N/A N/A 51 2002++ 4.26 (26.34) 99 1.51 1.93 N/A N/A 40 2003 4.99 19.04 126 1.67 1.69 N/A N/A 92 2004(c) 5.81 17.09 162 1.54+ 1.16+ N/A N/A 5 Class B ------- 1999 7.88 11.13 21 2.07 .99 N/A N/A 65 2000 8.47 16.77 32 2.01 .87 N/A N/A 46 2001 5.84 (25.46) 26 2.07 .77 N/A N/A 51 2002++ 4.20 (26.94) 17 2.21 1.23 N/A N/A 40 2003 4.92 18.26 19 2.37 .99 N/A N/A 92 2004(c) 5.73 16.75 22 2.24+ .46+ N/A N/A 5 -----------------------------------------------------------------------------------------------------------
Financial Highlights (continued) FIRST INVESTORS ----------------------------------------------------------------------------------------------------- P E R S H A R E D A T A ---------------------------------------------------------------------------------------- Less Distributions Investment Operations from ------------------------------------- ---------------------- Net Asset Net Net Realized Value, Investment and Unrealized Total from Net Net Beginning Income Gain (Loss) on Investment Investment Realized Total of Period (Loss) Investments Operations Income Gain Distributions ----------------------------------------------------------------------------------------------------- BLUE CHIP FUND -------------------- Class A ------- 1999 $22.46 $ -- $ 5.46 $ 5.46 $.02 $ .75 $ .77 2000 27.15 (.09) 5.68 5.59 -- 1.65 1.65 2001 31.09 -- (8.64) (8.64) .01 3.30 3.31 2002 19.14 (.03) (4.55) (4.58) -- -- -- 2003 14.56 -- 2.58 2.58 -- -- -- 2004(c) 17.14 -- 2.17 2.17 -- -- -- Class B ------- 1999 22.15 (.14) 5.35 5.21 -- .75 .75 2000 26.61 (.25) 5.50 5.25 -- 1.65 1.65 2001 30.21 (.16) (8.33) (8.49) -- 3.30 3.30 2002 18.42 (.16) (4.35) (4.51) -- -- -- 2003 13.91 (.11) 2.46 2.35 -- -- -- 2004(c) 16.26 (.06) 2.06 2.00 -- -- -- ------------------------------------------------------------------------------------------------------- GROWTH & INCOME FUND -------------------- Class A ------- 1999 $12.31 $ .04 $ 2.88 $ 2.92 $.05 $ -- $ .05 2000 15.18 .01 2.98 2.99 .01 1.55 1.56 2001 16.61 .06 (3.99) (3.93) .03 1.49 1.52 2002++ 11.16 .03 (2.31) (2.28) .05 -- .05 2003 8.83 .04 1.85 1.89 .04 -- .04 2004(c) 10.68 .02 1.66 1.68 .02 -- .02 Class B ------- 1999 12.14 (.04) 2.80 2.76 -- -- -- 2000 14.90 (.08) 2.90 2.82 -- 1.55 1.55 2001 16.17 (.01) (3.88) (3.89) -- 1.49 1.49 2002++ 10.79 (.04) (2.24) (2.28) -- -- -- 2003 8.51 (.03) 1.78 1.75 -- -- -- 2004(c) 10.26 (.02) 1.60 1.58 -- -- -- ------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- R A T I O S / S U P P L E M E N T A L D A T A ------------------------ -------------------------------------------------------------------------------- Ratio to Average Net Ratio to Average Net Assets Before Expenses Assets** Waived or Assumed -------------------- ---------------------- Net Net Net Asset Investment Investment Portfolio Value, Total Net Assets Income Income Turnover End of Return* End of Period Expenses (Loss) Expenses (Loss) Rate Period (%) (in millions) (%) (%) (%) (%) (%) ----------------------------------------------------------------------------------------------------------- BLUE CHIP FUND -------------------- Class A ------- 1999 $27.15 24.88 $471 1.32 .01 1.41 (.08) 97 2000 31.09 21.49 615 1.27 (.31) 1.34 (.38) 125 2001 19.14 (30.88) 445 1.35 (.02) 1.43 (.10) 117 2002 14.56 (23.93) 333 1.48 (.17) 1.58 (.27) 144 2003 17.14 17.72 383 1.56 -- 1.68 (.12) 111 2004(c) 19.31 12.66 436 1.48+ .02+ 1.58+ (.08)+ 32 Class B ------- 1999 26.61 24.07 70 2.02 (.69) 2.11 (.78) 97 2000 30.21 20.60 105 1.97 (1.01) 2.04 (1.08) 125 2001 18.42 (31.33) 78 2.05 (.72) 2.13 (.80) 117 2002 13.91 (24.48) 57 2.18 (.87) 2.28 (.97) 144 2003 16.26 16.90 62 2.26 (.70) 2.38 (.82) 111 2004(c) 18.26 12.30 68 2.18+ (.68)+ 2.28+ (.78)+ 32 ----------------------------------------------------------------------------------------------------------- GROWTH & INCOME FUND -------------------- Class A ------- 1999 $15.18 23.75 $378 1.36 .29 N/A N/A 112 2000 16.61 21.31 494 1.28 .05 N/A N/A 142 2001 11.16 (25.91) 383 1.34 .47 N/A N/A 168 2002++ 8.83 (20.53) 318 1.46 .33 N/A N/A 169 2003 10.68 21.49 400 1.52 .44 N/A N/A 70 2004(c) 12.34 15.69 490 1.44+ .36+ N/A N/A 15 Class B ------- 1999 14.90 22.77 77 2.06 (.41) N/A N/A 112 2000 16.17 20.49 107 1.98 (.65) N/A N/A 142 2001 10.79 (26.38) 82 2.04 (.23) N/A N/A 168 2002++ 8.51 (21.13) 65 2.16 (.37) N/A N/A 169 2003 10.26 20.56 76 2.22 (.26) N/A N/A 70 2004(c) 11.84 15.40 89 2.14+ (.34)+ N/A N/A 15 -----------------------------------------------------------------------------------------------------------
Financial Highlights (continued) FIRST INVESTORS ----------------------------------------------------------------------------------------------------- P E R S H A R E D A T A ---------------------------------------------------------------------------------------- Less Distributions Investment Operations from ------------------------------------- ---------------------- Net Asset Net Realized Value, Net and Unrealized Total from Net Net Beginning Investment Gain (Loss) on Investment Investment Realized Total of Period Loss Investments Operations Income Gain Distributions ----------------------------------------------------------------------------------------------------- ALL-CAP GROWTH FUND ------------------- Class A ------- 2001(a) $10.00 $(.05) $(3.42) $(3.47) $ -- $ -- $ -- 2002 6.53 (.06) (1.14) (1.20) -- -- -- 2003 5.33 (.06) 1.48 1.42 -- -- -- 2004(c) 6.75 (.04) 1.20 1.16 -- -- -- Class B ------- 2001(a) 10.00 (.08) (3.43) (3.51) -- -- -- 2002 6.49 (.10) (1.13) (1.23) -- -- -- 2003 5.26 (.09) 1.44 1.35 -- -- -- 2004(c) 6.61 (.07) 1.18 1.11 -- -- -- ----------------------------------------------------------------------------------------------------- MID-CAP OPPORTUNITY FUND ------------------------ Class A ------- 1999 $14.53 $(.13) $ 6.62 $ 6.49 $ -- $ -- $ -- 2000 21.02 (.10) 8.02 7.92 -- 2.28 2.28 2001 26.66 (.05) (7.67) (7.72) -- 1.30 1.30 2002 17.64 (.13) (1.73) (1.86) -- -- -- 2003 15.78 (.12) 3.52 3.40 -- -- -- 2004(c) 19.18 (.07) 3.72 3.65 -- -- -- Class B ------- 1999 14.17 (.23) 6.41 6.18 -- -- -- 2000 20.35 (.20) 7.67 7.47 -- 2.28 2.28 2001 25.54 (.18) (7.32) (7.50) -- 1.30 1.30 2002 16.74 (.24) (1.63) (1.87) -- -- -- 2003 14.87 (.23) 3.31 3.08 -- -- -- 2004(c) 17.95 (.13) 3.47 3.34 -- -- -- ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- 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 Net Portfolio Value, Total Net Assets Investment Investment Turnover End of Return* End of Period Expenses Loss Expenses Loss Rate Period (%) (in millions) (%) (%) (%) (%) (%) ----------------------------------------------------------------------------------------------------------- ALL-CAP GROWTH FUND ------------------- Class A ------- 2001(a) $ 6.53 (34.70) $ 35 1.75+ (.90)+ 2.10+ (1.25)+ 84 2002 5.33 (18.38) 44 1.75 (1.03) 1.98 (1.26) 138 2003 6.75 26.64 77 1.94 (1.15) 1.96 (1.17) 126 2004(c) 7.91 17.19 112 1.78+ (1.22)+ N/A N/A 46 Class B ------- 2001(a) 6.49 (35.10) 8 2.45+ (1.60)+ 2.80+ (1.95)+ 84 2002 5.26 (18.95) 9 2.45 (1.73) 2.68 (1.96) 138 2003 6.61 25.67 14 2.64 (1.85) 2.66 (1.87) 126 2004(c) 7.72 16.79 19 2.48+ (1.92)+ N/A N/A 46 ----------------------------------------------------------------------------------------------------------- MID-CAP OPPORTUNITY FUND ------------------------ Class A ------- 1999 $21.02 44.67 $ 50 1.50 (.69) 1.77 (.96) 171 2000 26.66 41.41 120 1.42 (.52) 1.67 (.77) 180 2001 17.64 (30.34) 109 1.51 (.27) 1.76 (.52) 123 2002 15.78 (10.55) 131 1.70 (.82) 1.95 (1.07) 112 2003 19.18 21.55 192 1.73 (.80) 1.97 (1.04) 37 2004(c) 22.83 19.03 258 1.58+ (.68)+ 1.78+ (.88)+ 16 Class B ------- 1999 20.35 43.61 7 2.20 (1.39) 2.47 (1.66) 171 2000 25.54 40.46 24 2.12 (1.22) 2.37 (1.47) 180 2001 16.74 (30.84) 22 2.21 (.97) 2.46 (1.22) 123 2002 14.87 (11.17) 25 2.40 (1.52) 2.65 (1.77) 112 2003 17.95 20.71 35 2.43 (1.50) 2.67 (1.74) 37 2004(c) 21.29 18.61 46 2.28+ (1.38)+ 2.48+ (1.58)+ 16 -----------------------------------------------------------------------------------------------------------
Financial Highlights (continued) FIRST INVESTORS ----------------------------------------------------------------------------------------------------- P E R S H A R E D A T A ---------------------------------------------------------------------------------------- Less Distributions Investment Operations from ------------------------------------- ---------------------- Net Asset Net Realized Value, Net and Unrealized Total from Net Net Beginning Investment Gain (Loss) on Investment Investment Realized Total of Period Loss Investments Operations Income Gain Distributions ----------------------------------------------------------------------------------------------------- SPECIAL SITUATIONS FUND -------------------------- Class A ------- 1999 $17.83 $(.22) $ 5.79 $ 5.57 $ -- $ -- $ -- 2000 23.40 (.18) 9.81 9.63 -- 1.21 1.21 2001 31.82 (.18) (11.59) (11.77) -- 4.89 4.89 2002 15.16 (.19) (2.31) (2.50) -- -- -- 2003 12.66 (.17) 3.14 2.97 -- -- -- 2004(c) 15.63 (.10) 2.69 2.59 -- -- -- Class B ------- 1999 17.34 (.36) 5.64 5.28 -- -- -- 2000 22.62 (.33) 9.38 9.05 -- 1.21 1.21 2001 30.46 (.29) (11.00) (11.29) -- 4.89 4.89 2002 14.28 (.29) (2.15) (2.44) -- -- -- 2003 11.84 (.25) 2.93 2.68 -- -- -- 2004(c) 14.52 (.15) 2.49 2.34 -- -- -- ----------------------------------------------------------------------------------------------------- FOCUSED EQUITY FUND ------------------- Class A ------- 1999(b) $10.00 $(.04) $ .92 $ .88 $ -- $ -- $ -- 2000 10.88 (.08) (.42) (.50) -- -- -- 2001 10.38 (.03) (2.63) (2.66) -- -- -- 2002 7.72 (.07) (1.92) (1.99) -- -- -- 2003 5.73 (.02) 1.52 1.50 -- -- -- 2004(c) 7.23 (.01) .77 .76 -- -- -- Class B ------- 1999(b) 10.00 (.06) .90 .84 -- -- -- 2000 10.84 (.15) (.43) (.58) -- -- -- 2001 10.26 (.09) (2.59) (2.68) -- -- -- 2002 7.58 (.13) (1.86) (1.99) -- -- -- 2003 5.59 (.07) 1.48 1.41 -- -- -- 2004(c) 7.00 (.04) .75 .71 -- -- -- ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- 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 Net Portfolio Value, Total Net Assets Investment Investment Turnover End of Return* End of Period Expenses Loss Expenses Loss Rate Period (%) (in millions) (%) (%) (%) (%) (%) ----------------------------------------------------------------------------------------------------------- SPECIAL SITUATIONS FUND -------------------------- Class A ------- 1999 $23.40 31.24 $186 1.53 (.97) 1.76 (1.20) 132 2000 31.82 43.07 276 1.41 (.68) 1.60 (.87) 161 2001 15.16 (42.86) 164 1.54 (.94) 1.75 (1.15) 183 2002 12.66 (16.49) 138 1.69 (1.24) 1.93 (1.48) 153 2003 15.63 23.46 169 1.80 (1.26) 2.05 (1.51) 111 2004(c) 18.22 16.57 204 1.64+ (1.18)+ 1.86+ (1.40)+ 58 Class B ------- 1999 22.62 30.45 20 2.23 (1.67) 2.46 (1.90) 132 2000 30.46 41.94 34 2.11 (1.38) 2.30 (1.57) 161 2001 14.28 (43.26) 21 2.24 (1.64) 2.45 (1.85) 183 2002 11.84 (17.09) 18 2.39 (1.94) 2.63 (2.18) 153 2003 14.52 22.63 20 2.50 (1.96) 2.75 (2.21) 111 2004(c) 16.86 16.12 24 2.34+ (1.88)+ 2.56+ (2.10)+ 58 ----------------------------------------------------------------------------------------------------------- FOCUSED EQUITY FUND ------------------- Class A ------- 1999(b) $10.88 8.80 $ 59 1.75+ (.93)+ 1.90+ (1.08)+ 57 2000 10.38 (4.60) 75 1.62 (.76) 1.52 (.66) 178 2001 7.72 (25.63) 51 1.75 (.35) N/A N/A 240 2002 5.73 (25.78) 38 1.83 (.90) N/A N/A 150 2003 7.23 26.18 48 1.99 (.35) N/A N/A 49 2004(c) 7.99 10.51 53 1.90+ (.36)+ N/A N/A 23 Class B ------- 1999(b) 10.84 8.40 14 2.45+ (1.63)+ 2.60+ (1.78)+ 57 2000 10.26 (5.35) 18 2.32 (1.46) 2.22 (1.36) 178 2001 7.58 (26.12) 13 2.45 (1.05) N/A N/A 240 2002 5.59 (26.25) 9 2.53 (1.60) N/A N/A 150 2003 7.00 25.22 11 2.69 (1.05) N/A N/A 49 2004(c) 7.71 10.14 12 2.60+ (1.06)+ N/A N/A 23 -----------------------------------------------------------------------------------------------------------
Financial Highlights (continued) FIRST INVESTORS ----------------------------------------------------------------------------------------------------- P E R S H A R E D A T A ---------------------------------------------------------------------------------------- Less Distributions Investment Operations from ------------------------------------- ---------------------- Net Asset Net Realized Value, Net and Unrealized Total from Net Net Beginning Investment Gain (Loss) on Investment Investment Realized Total of Period Loss Investments Operations Income Gain Distributions ----------------------------------------------------------------------------------------------------- GLOBAL FUND ----------- Class A ------- 1999 $ 6.33 $ -- $ 1.86 $ 1.86 $ -- $ .08 $ .08 2000 8.11 (.02) .91 .89 -- .89 .89 2001 8.11 (.01) (2.13) (2.14) -- .76 .76 2002 5.21 (.01) (.96) (.97) -- -- -- 2003 4.24 (.01) .93 .92 -- -- -- 2004(c) 5.16 (.01) .88 .87 -- -- -- Class B ------- 1999 6.19 (.04) 1.81 1.77 -- .08 .08 2000 7.88 (.07) .88 .81 -- .89 .89 2001 7.80 (.06) (2.03) (2.09) -- .76 .76 2002 4.95 -- (.95) (.95) -- -- -- 2003 4.00 (.04) .88 .84 -- -- -- 2004(c) 4.84 (.03) .82 .79 -- -- -- ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- 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 Net Portfolio Value, Total Net Assets Investment Investment Turnover End of Return* End of Period Expenses Loss Expenses Loss Rate Period (%) (in millions) (%) (%) (%) (%) (%) ----------------------------------------------------------------------------------------------------------- GLOBAL FUND ----------- Class A ------- 1999 $ 8.11 29.63 $316 1.72 (.03) N/A N/A 92 2000 8.11 11.73 350 1.65 (.26) N/A N/A 102 2001 5.21 (28.87) 234 1.77 (.21) N/A N/A 116 2002 4.24 (18.62) 173 1.87 (.35) N/A N/A 125 2003 5.16 21.70 192 1.98 (.19) N/A N/A 112 2004(c) 6.03 16.86 218 1.88+ (.38)+ N/A N/A 58 Class B ------- 1999 7.88 28.78 18 2.42 (.73) N/A N/A 92 2000 7.80 10.99 26 2.35 (.96) N/A N/A 102 2001 4.95 (29.42) 18 2.47 (.91) N/A N/A 116 2002 4.00 (19.19) 14 2.57 (1.05) N/A N/A 125 2003 4.84 21.00 15 2.68 (.89) N/A N/A 112 2004(c) 5.63 16.32 17 2.58+ (1.08)+ N/A N/A 58 ----------------------------------------------------------------------------------------------------------- * Calculated without sales charges. ** Net of expenses waived or assumed by the investment adviser (Note 3). + Annualized ++ Prior to October 1, 2001, the Total Return Fund, Growth & Income Fund, and Value 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. +++ Prior to December 31, 2002, known as Utilities Income Fund. (a) For the period October 25, 2000 (commencement of operations) to September 30, 2001. (b) For the period March 22, 1999 (commencement of operations) to September 30, 1999. (c) For the period October 1, 2003 to March 31, 2004. See notes to financial statements
Independent Auditors' Report To the Shareholders and Boards of Directors/Trustees of First Investors Series Fund First Investors Series Fund II, Inc. First Investors Global Fund, Inc. We have audited the accompanying statement of assets and liabilities, including the portfolios of investments of the Blue Chip Fund, Special Situations Fund and Total Return Fund (each a series of First Investors Series Fund), the All-Cap Growth Fund, Focused Equity Fund, Growth & Income Fund, Mid-Cap Opportunity Fund and Value Fund (formerly Utilities Income Fund) (each a series of First Investors Series Fund II, Inc.), and First Investors Global Fund, Inc. as of March 31, 2004, 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 Funds' 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 March 31, 2004, by correspondence with the custodian and brokers. Where brokers have not replied to our confirmation requests, we have carried out other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Blue Chip Fund, Special Situations Fund, Total Return Fund, All-Cap Growth Fund, Focused Equity Fund, Growth & Income Fund, Mid-Cap Opportunity Fund, Value Fund, and Global Fund as of March 31, 2004, and the results of their operations, changes in their net assets and their financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America. Tait, Weller & Baker Philadelphia, Pennsylvania May 3, 2004 FIRST INVESTORS EQUITY FUNDS Directors/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 Dennis T. Fitzpatrick Vice President Clark D. Wagner Vice President Joseph I. Benedek Treasurer Mark S. Spencer Assistant Treasurer Carol Lerner Brown Assistant Secretary FIRST INVESTORS EQUITY FUNDS Shareholder Information ------------------------------------ Investment Adviser First Investors Management Company, Inc. 95 Wall Street New York, NY 10005 Subadviser (All-Cap Growth Fund, Focused Equity Fund and Global Fund only) Wellington Management Company, LLP 75 State Street Boston, MA 02109 Underwriter First Investors Corporation 95 Wall Street New York, NY 10005 Custodian The Bank of New York One Wall Street New York, NY 10286 Custodian (Global 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 all family members who reside in the same household. Additional copies of the reports will be mailed if requested by any shareholder in writing or by calling 800-423-4026. The 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. The Statement of Additional Information includes additional information about the Funds' directors/trustees and is available without charge, upon request by calling 800-423-4026. NOTES NOTES Item 2. Code of Ethics The Registrant's Board of Directors/Trustees ("Board") has adopted a Code of Ethics that applies to the First Investors Funds' ("Funds") principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Funds or a third party. The Code of Ethics is attached to this report as Exhibit A. During the period of the report, there have been no amendments to the Code of Ethics or waivers, implicit or otherwise, from its provisions. Item 3. Audit Committee Financial Expert Not applicable to Semi-Annual Report Item 4. Principal Accountant Fees and Services Not applicable to Semi-Annual Report Item 5. Audit Committee of Listed Registrants Not applicable to Semi-Annual Report Item 6. Schedule of Investments Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form. Item 7. Disclosure of Proxy Voting Policies & Procedures for Closed-End Management Investment Companies Not applicable to the Registrant Item 8. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers Not applicable to the Registrant Item 9. Submission of Matters to a Vote of Security Holders Not applicable to the Registrant for this filing Item 10. Controls and Procedures (a) The Registrant's Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of the filing date of this report. (b) There were no significant changes in the Registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Item 11. Exhibits (a) Code of Ethics - Filed herewith (b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Filed herewith (c) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Filed herewith SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant have duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. First Investors Series Fund First Investors Series Fund II, Inc. First Investors Global Fund, Inc. (Registrant) By /S/ KATHRYN S. HEAD Kathryn S. Head President and Principal Executive Officer Date: June 1, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. First Investors Series Fund First Investors Series Fund II, Inc. First Investors Global Fund, Inc. (Registrant) By /S/ JOSEPH I. BENEDEK Joseph I. Benedek Treasurer and Principal Financial Officer Date: June 1, 2004