SUPPLEMENT DATED MAY 5, 2003 TO THE

                       FIRST INVESTORS SHAREHOLDER MANUAL

                                DATED MAY 1, 2003



The following is added on page 8 at the end of the subsection entitled "Class A
Shares May be Purchased Without a Sales Charge."

From May 5, 2003 through June 20, 2003, we will waive the front-end sales charge
on any purchase of Class A shares of any First Investors mutual fund that is
made with the proceeds of any redemption of an investment in any other mutual
fund which imposes a front-end or contingent-deferred sales charge. To qualify
for this waiver, you must place your order within the promotion period and
notify us that you are eligible for the waiver. You may be asked to provide
documentation showing that you are entitled to the waiver. If you redeem your
shares within 24 months of your purchase, you will pay a contingent-deferred
sales charge of 1.00%. This offer does not apply to purchases made with the
proceeds of redemptions of periodic payment plans.

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