Press Releases

First Investors Retools Its Mutual Fund Lineup

New York, NY, August 10, 2007 - To enhance its mutual fund product offerings, First Investors has made several changes to its fund lineup. Below is an outline of the changes:

Insured Tax Exempt Fund (FITE), which began operations in 1971, has reopened to new investors. FITE was closed to new investors (except in cases of investments of $1 million or more) for several years. Now, investors seeking a national tax-exempt fund have two funds from which to choose: FITE and FITE II. The Fund, which is managed by Clark Wagner, seeks a high level of interest income that is exempt from federal income tax and is not a tax preference item for purposes of the federal Alternative Minimum Tax ("AMT"), and, secondarily, total return.

Insured Tax Exempt Florida Fund has been merged into FITE.

Insured Intermediate Fund has also been merged into FITE. FITE was chosen as the recipient of these mergers because its objective of tax-exempt income closely matched the merged Funds' objectives.

Focused Equity Fund has been merged into the Blue Chip Fund. The Fund, which is managed by Matt Wright, seeks high total investment return by investing in the common stocks of large, well-established companies that have market capitalizations of greater than $5 billion.

Life Series Focused Equity Fund has become the Life Series Select Growth Fund. The Smith Asset Management Group is the Fund's subadviser. The Life Series Select Growth Fund seeks long-term capital growth, typically by investing in approximately 40-45 common stocks that offer the potential for growth at a reasonable level of risk.

First Investors has been serving the financial needs of its clients since 1930. Through the personalized service of financial services representatives located in a national network of offices, the Company offers a range of products and services, including mutual funds, annuities and life insurance.

First Investors
110 Wall Street
New York, NY 10005
www.firstinvestors.com