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Important Legal Information

This Web site contains information about the First Investors Family of Mutual Funds; First Investors Corporation, a broker-dealer that serves as the principal underwriter for the Funds; First Investors Life Insurance Company, and certain other First Investors affiliates (collectively "First Investors").

Use of this Web Site

Although we make every effort to provide accurate and complete information on this Web site, we do not guarantee that the information is error-free. Therefore, all information is furnished without warranties of any kind, implied or expressed. Additionally, under no circumstances shall First Investors be liable to you or any party for any direct, indirect, special or other consequential damages arising out of any use by you of this Web site. As with all financial matters, you should exercise great care in using the information on this Web site.

All material on this Web site is furnished solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy anything referenced in this Web site. First Investors makes no representation that the products discussed on this Web site are available in all states in the United States nor do we represent that the products are appropriate for all individuals. Please consult with a First Investors Representative to ascertain product availability and suitability. Nothing on this Web site should be constituted as tax, legal, investment or accounting advice. We will make every reasonable effort to include accurate and up-to-date content on this Web site. The content could become inaccurate as a result of developments occurring after publication. We endeavor to maintain this Web site and its operation.

Master Account Agreement Terms and Conditions (and Other Important Information)

This document is incorporated into and a part of the Master Account Agreement that a new customer signs when opening an account. This document and the Master Account Agreement are described herein collectively as the "Master Account Agreement" or "Agreement". Please read this document and keep it with your important records. It defines the terms and conditions which govern our respective responsibilities with respect to your overall Master Account and each of the underlying securities and insurance products that we may offer to you or service for you. At the end of this document, you will find other important information about our business practices and policies.

Purpose and Scope of the Master Account Agreement.

First Investors Corporation is a broker-dealer that serves as the principal underwriter of its own proprietary family of mutual funds and insurance products (the First Investors mutual funds and insurance products). We attempt to help our customers achieve their financial goals by recommending appropriate mutual funds and insurance products from within our own product line. We also have agreements to sell a variety of non-proprietary products (“outside products”) as an accommodation to customers who wish to purchase such products. As a matter of practice, we generally do not hold our customers’ mutual funds and insurance products in a traditional brokerage account. We register them directly in the names of the customers with the issuers or product vendors. This enables our customers to communicate directly with issuers and sponsors and to take advantage of services that they offer.

The Master Account Agreement establishes a customer relationship between you and First Investors Corporation in its capacity as a broker-dealer. The terms and conditions set forth herein apply to all products and services that are furnished to you by First Investors Corporation, whether or not they involve securities or insurance or proprietary or non-proprietary products. An additional application must be completed if you wish to open a general securities account through us. We offer general securities services through an independent clearing firm as an accommodation to customers who wish to buy or sell individual stocks and bonds. We do not offer research or security-specific advice or recommendations concerning individual stocks, bonds, or other general securities. The general securities application governs activity in a general securities account to the extent its terms and conditions differ from those in this Agreement.

We have found that most of our individual customers prefer the simplicity of having one customer agreement covering both their retirement and non-retirement accounts. Therefore, if you are opening an individual customer account, your Master Account Agreement is designed to cover both your individual retirement and non-retirement accounts. If you would like to have different risk profiles or investment objectives for your retirement and non-retirement accounts, you must complete a separate Master Account Agreement for each. If you are establishing both an individual and a joint account, you will have to complete an additional Master Account Agreement for the joint account since it is a separate customer by law.

Definitions.

The following definitions apply to the terms used in this Agreement, unless the context otherwise requires.

Our Respective Responsibilities.

We agree to serve as your broker-dealer and to maintain a customer account for you on our books. Subject to our acceptance of an order from you, we agree to buy, sell, or otherwise dispose of securities and insurance products for you according to your instructions. Since First Investors Corporation is not an investment adviser, it cannot exercise discretion over your securities and insurance; nor can your First Investors Representative exercise discretion over your account. We must obtain your prior consent, in oral, written or other form, before effecting any transaction for you (except in limited circumstances where your consent is not required by law or it is implied).

We assume responsibility for ensuring that all securities and (to the extent required by law) insurance recommendations that we make for you are suitable taking into consideration your particular customer profile. We use the information that you provide in the "Suitability" section of your Agreement (and any updates thereto that you may provide) in making our recommendations. If you have not prioritized your "Investment Objectives", we will assume that you consider them of equal importance. "Financial Information" for an individual customer may reflect the "household" income and net worth of the individual and his or her spouse. If you are opening a joint account, we will assume that your "Financial Information" reflects the aggregate assets and income of the joint tenants and the "Risk Profile" and "Investment Objectives" reflect those of the joint account. If you are opening a UTMA, UGMA, conservatorship, or guardianship account, we will assume that the "Financial Information", "Risk Profile" and "Investment Objectives" reflect those of the minor or ward, and the "Investment Experience" reflects that of the custodian, conservator, or guardian. If you are opening a trust account, we will assume that the "Investment Experience" reflects that of the trustee(s) and the "Financial Information", "Risk Profile" and "Investment Objectives" reflect those of the trust.

Your Master Account will be assigned to a First Investors Representative for ongoing servicing as long as you want a Representative on your Master Account. Initially, this will be the Representative who establishes your Master Account. We encourage you to schedule a service call with your assigned Representative on at least an annual basis. This will allow him or her to review your customer profile and financial circumstances, and determine if additional recommendations or changes are appropriate for you. It is your responsibility to notify us if your financial circumstances or your investment objectives change in between service calls. You acknowledge that First Investors Corporation does not have any duty to monitor your securities or insurance holdings or make recommendations to you between service calls.

You agree that you also have certain responsibilities as a customer of First Investors Corporation, including the following: ensuring the accuracy of all information, representations, and instructions that you provide to us; maintaining the security of your account confirmations and statements, your account numbers, your social security or taxpayer identification number, and any password that you receive or establish for purposes of gaining access to your accounts; reading the prospectus for each mutual fund, variable annuity, or variable life insurance product that you invest in through us to ensure that you understand its principal objectives, policies, risks and the applicable sales charges and fees; monitoring your accounts to ensure that any transactions have been effected properly, there is no suspicious activity, and you are receiving transaction confirmations, account statements, and other expected communications; and notifying us anytime there is an error or discrepancy in your account statements or a material change in your financial circumstances, investment objectives, or the information or instructions you have provided to us. You also represent that no person has any interest in your account other than you and any other person whose identity is revealed in your Agreement and accompanying applications (if any).

Instructions and Confirmations.

Transactions Effected by You through Us.

All Accounts. We are authorized to accept instructions from you or your assigned First Investors Representative in written, oral or such other form as we may permit, including but not limited to instructions concerning any securities or insurance product to be purchased or sold for you, the amount, the class of shares, the registration of the account, your intention to purchase under a statement or letter of intent, and a change of address. Because your investments in our proprietary mutual funds ("funds") and insurance products are registered directly in your name, you can communicate your instructions directly to our funds through their transfer agent and to our insurance company affiliate at its home office. Our funds offer telephone privileges that enable shareholders to make redemptions and exchanges by calling the funds directly through their transfer agent. Telephone privileges are automatically available. It is your responsibility to decline telephone privileges with the First Investors funds if you do not want them. If you decline telephone privileges with our funds, you will still be able to call your First Investors Representative (or his or her supervisor) to place purchase, redemption or exchange orders and we will still be authorized to accept such telephone instructions from you through your Representative as long as you have a Representative on your account. If you do not want us to accept telephone instructions from you directly or indirectly through your Representative, you must provide us with specific written instructions to restrict your account. If we agree to administer your account on such a restricted basis, we will treat your account as a "restricted account" and only accept written instructions that are signed by you. You should be aware that this could significantly delay your ability to effect transactions, result in losses, and increase your costs. For our protection, we reserve the right (but have no obligation) to require that instructions for any transaction be in writing, signed by all owners, and signature guaranteed.

Regardless of how you communicate your instructions to us, you will receive a confirmation for any securities transaction that we execute on your behalf. Transactions in mutual funds are generally confirmed within three business days. However, certain routine transactions, such as systematic investments, systematic redemptions, and dividend or capital gains re-investments may be confirmed quarterly. We are authorized to rely on mutual funds and other product vendors to send such confirmations and statements to you. As long as confirmations and statements are sent to you at the physical or electronic address of record given on your Agreement, or to any other address given to us by you or an authorized person on your behalf, they are legally presumed to have been delivered to you, whether you have actually received them or not. In addition, confirmations and statements are legally presumed to be accurate unless you specifically tell us otherwise. It is your responsibility to review each confirmation and statement carefully to ensure that all transactions in your accounts are authorized, that your instructions have been followed correctly, and there are no errors or omissions. If you fail to notify us of any errors or omissions within 30 days of the date of a confirmation or statement, you agree that you may not later assert that you did not authorize any transaction reported in it, that it omitted any transaction, or that it was otherwise inaccurate.

Joint Accounts. If you open a joint account, we are authorized to accept instructions, in written, oral, or other form as the product vendor and we may permit, from any one of the joint tenants with respect to your Master Account and any of your underlying joint securities or insurance products. This applies to any type of joint account, including but not limited to a joint tenancy with rights of survivorship, a tenancy by the entirety, and a tenancy in common. Each owner may therefore act as if he or she were the sole owner of the Master Account, and any underlying joint securities or insurance products, without any requirement to notify the other joint tenant(s). For example, any one joint tenant of a joint fund account can write checks, buy and sell shares of the fund, withdraw funds, transfer funds or ownership of shares, arrange for account statements to be sent only to him or her or a designated third party, or change the account's features and services. In addition, the principle of "notice to one is notice to all" applies. Thus, to the full extent permitted by law, we are legally considered to have fulfilled our obligations to all joint tenants if we fulfill them with respect to just one joint tenant. For example, we may send confirmation statements to just one joint tenant. We have no obligation to question the purpose or propriety of any instruction of a joint tenant or to let other owners know about any changes a joint tenant has made to the account (except as expressly required by law). Therefore, each joint tenant is responsible for any actions and any losses that are caused by any other joint tenant. Each joint tenant shall also be liable, jointly and individually, for any fees or charges that are due to us relating to the account. If you do not want us to administer your account in this manner, you must ask us in writing to restrict your account as described above in "All Accounts".

It is your obligation to specify the type of joint account that you want to establish and to verify that it is valid in your state. The laws governing joint or community property vary by state of residence. You may want to consult a lawyer about your registration choice. For joint tenants with rights of survivorship and tenants by the entirety, on the death of an account owner the entire interest in the account generally goes to the surviving account owner(s). For tenants in common, a deceased account owner's interest generally goes to that account owner's estate. Tenants in common are responsible for maintaining records of the percentages of their ownership in the account. Irrespective of the type of joint account that you select, each joint tenant is responsible for notifying us immediately of the death of any other joint tenant. You agree that we are not liable for any transactions, payments, or distributions that we process prior to our receipt of such notice (as long as any one joint tenant has authorized the transaction). When we are notified of the death of a tenant in common, we may require that any subsequent transaction in the account be approved by his or her legal representative.

Accounts Established for Trusts, Partnerships, Corporations and Other Entities. If you are opening an account for a trust, partnership, corporation, or other legal entity, we are authorized to accept instructions, in written, oral or such other form as we may permit, with respect to the Master Account or any of the underlying securities and insurance, from any of the persons designated in your Agreement and/or related forms as having authority over your account. You represent that you are authorized to open the account for the entity, that the entity is authorized to invest in the securities and insurance products that you are purchasing through us, and that any one of the persons listed in your Agreement is authorized to provide us with instructions of any type without limitation, including instructions to redeem or transfer the Master Account and the underlying securities and insurance to other persons. We have no responsibility for reviewing trusts, partnership agreements, articles of incorporation, by-laws or similar documents, whether provided to us or not, to verify the accuracy of your representations. We may send confirmations, statements and other required information to any one of the authorized persons at the address of record for the account. We have no obligation to question the purpose or propriety of any instruction of any authorized person or to let other authorized persons know about any transactions or changes that have been made to the account. If you do not want us to administer your account in this manner, you must ask us in writing to restrict your account as described above in "All Accounts".

Custodial Accounts. For accounts opened under a UGMA or a UTMA, you agree that all assets belong to the minor and that you will only use them for the minor’s benefit — even after the assets have been removed from the account. We have no obligation to monitor your instructions concerning the account or how you use the assets held in the account. In addition, you consent to re-registering the account in the name of the minor once the minor reaches the age at which the custodianship ends.

Transactions Effected by You Directly with Outside Product Vendors.

Because we register the ownership of each of your mutual fund and insurance products directly in your name with the product vendor, you may be able to effect transactions yourself directly with a product vendor by writing to it or calling its service center. For example, you may be able to make redemptions from a First Investors fund account or a non-proprietary fund account that we service by contacting the fund or its transfer agent directly and providing written or oral instructions. We are not responsible for transactions that are effected by you directly with any product vendor. The product vendor may also disclaim any liability for transactions that are effected directly by a shareholder or owner. For example, mutual funds typically disclaim any liability for accepting telephone exchange or redemption instructions that they reasonably believe to be genuine as long as they follow reasonable verification procedures that are disclosed in their prospectuses.

Beneficiary Designations.

Because we do not hold your mutual fund or insurance products in a brokerage account, you generally must make a designation of beneficiaries for each securities or insurance product that offers such a feature. This creates additional flexibility for you. It enables you to have different beneficiaries for different products. Beneficiary designations must generally be made in writing and are not effective until they are received in good order by the product vendors or their custodians. It is your responsibility to ensure that product vendors and their custodians have received your beneficiary designations and that they have sufficient information to identify your designated beneficiaries. You are also responsible for ensuring that your beneficiary designations remain current and that product vendors or their custodians receive any updates to your beneficiary designations.

Fees and Charges.

The fees and charges that you will pay when you purchase, redeem or surrender any mutual fund or insurance product from us are set forth in the corresponding prospectus, offering statement, policy or contract for the product. Such fees may include the applicable sales charge, Rule 12b-1 fee (if any), management fee charged by the investment adviser in the case of a mutual fund or variable insurance product, and insurance-related fees and charges in the case of a variable or traditional insurance product. We generally make more money by selling our own proprietary mutual fund and insurance products than we do by selling those of other companies. Our representatives are also trained to sell our own proprietary products and generally make more in total compensation by selling our own proprietary products than they do by selling products offered by other product vendors. For more information on our training and compensation policies, see "Our Training and Compensation Policies" notice, which is attached at the end of this document under "Other Important Information." We reserve the right to change our training and compensation policies at any time. We will provide current information about such policies on our website or upon request.

You should be aware that each fund group sets its own sales charge rate and Rule 12b-1 fee structure. Fund groups may also offer different classes of shares, each with its own sales charge and cost structure. Most funds also offer to waive sales charges in certain situations, to provide sales charge discounts on large investments, and to offer discounts through rights of accumulation ("ROAs") and statements or letters of intention ("SOIs" or "LOIs"). An SOI or LOI is a non-binding commitment to purchase a sufficient amount of shares to reach a discount level over a period of time. Funds may also count purchases made by related investors towards achievement of a sales charge discount level, an ROA, an SOI or an LOI. The waiver and discount policies of funds generally vary from fund group to fund group. The policies of a particular fund are set forth in its prospectus. If you are planning to invest in a fund and you are aware that a relative or a person who lives with you at your address of record has an investment in the same fund or fund family, you should ensure that your Representative is aware of this fact. Your Representative may be able to obtain a sales charge discount for you based on the information. If you elect to invest through an SOI or LOI, you authorize us to accept instructions from you or your assigned Representative, in written or oral form, to enter into an SOI or LOI on your behalf. To the extent that your SOI or LOI includes purchases made by other eligible shareholders, you represent that you control their accounts or that such other parties have agreed to the terms of the SOI or LOI. If you open a general securities account with our independent clearing firm, the commissions, fees, charges and other relevant information relating to that account will be provided to you at the time the account is established.

Other Policies.

Limitations on Our Liability.

While we strive to ensure the quality and reliability of our products and services, we are not willing to assume liability for losses that are out of our control, are caused by your failure to satisfy your responsibilities under this Agreement, or are the result of the application of our normal policies and procedures. Accordingly, you agree that we are not responsible for any losses (including damages, investment losses, lost investment opportunities, costs, charges, attorneys’ fees, taxes, tax penalties, or other fees and expenses) that you may incur as a result of any of the following:

Indemnification.

You agree on behalf of yourself, any person or entity that you represent and your co-owners, successors, assigns, heirs, beneficiaries, estate and legal representatives that you will indemnify us and our successors and assigns and hold us harmless from any and all claims for losses (as defined in the previous paragraph) that result from your failure to satisfy your responsibilities as specified in this Agreement.

Pre-Dispute Arbitration Notice.

This Agreement contains a pre-dispute arbitration clause, which is located in paragraph 10 below. By signing an arbitration agreement the parties agree as follows:

Pre-Dispute Arbitration Clause.

You agree to submit to binding arbitration any claim of any nature whatsoever (including any claim for damages, equitable relief, declarative relief or any other form of relief) that you may have against us, irrespective of the nature of the claim, whether it arises from events that occur before or after the date that you sign your Master Account Agreement, whether it involves proprietary or non-proprietary products or services, and whether or not it involves investments, insurance, or general brokerage services. Your agreement to arbitrate covers not only any claim against First Investors Corporation but also any claim against our parent company, our corporate affiliates, the First Investors funds, the transfer agent of the funds, and our and their respective officers, directors, employees, agents, and representatives. You also agree to submit to binding arbitration any controversy or dispute over the arbitrability of any claim. Conversely, we agree to submit to binding arbitration any dispute that we may have with you. Any arbitration between us shall be submitted to, and conducted under the rules of, the Financial Industry Regulatory Authority ("FINRA"), or any successor national securities exchange or organization of which we are a member. If such claim is not eligible for arbitration under FINRA's rules, or the rules of any successor organization of which we are a member, the claim will be conducted by, and according to the applicable rules of, the American Arbitration Association (or its successor). You agree that this agreement to arbitrate shall be effective upon your signing of your Master Account Agreement, that it shall apply even if your Master Account is not opened or is rejected, and that it shall survive the termination of your relationship with First Investors Corporation, the redemption or surrender of any investments that we offer or service, and the transfer of any investment or account to another broker-dealer. This agreement to arbitrate shall also be binding upon and inure to the benefit of your and our successors and assigns, your and our legal representatives, and any other parties claiming to have a legal interest in the subject of any investment or account that is covered by your Master Account Agreement.

No person shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until: (i) the class certification is denied; or (ii) the class is decertified; or (iii) the customer is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this agreement except to the extent stated herein.

Amendments and Other Agreements.

This Agreement supercedes any prior agreement that you may have entered as a customer of First Investors Corporation. We reserve the right to amend this Agreement without your prior consent to the full extent permitted by law. This Agreement may only be amended in writing.

Successors, Assigns, and Legal Representatives.

This Agreement shall inure to the benefit of our successors and assigns, whether by merger, consolidation, or otherwise. It will also be binding on your executors, administrators, heirs, beneficiaries, successors, assigns, and your and their legal representatives.

Conflict with Applicable Laws.

If any provision of this Agreement is found to be in conflict with any applicable law, rule, or regulation, whether currently existing or created in the future, that provision will be enforced to the maximum extent allowable, or made to conform, as the case may be. The remainder of this Agreement will remain fully in effect.

Effective Date and Survival of this Agreement.

This Agreement is effective when you sign your Master Account Application, whether or not we approve the opening of your account or whether or not you invest in any products through us. It shall survive the termination of your customer relationship with First Investors Corporation, the total redemption or surrender of all securities and insurance products acquired while a customer of First Investors Corporation, the termination of all services provided by us, and a change of dealers or agents on your accounts. In the event that you change your agent or dealer on any securities or insurance products that we offer from First Investors Corporation to another financial institution, you will be required to process transactions through your agent or dealer in accordance with its requirements. However, as long as your First Investors mutual funds or insurance products continue to be registered with us directly in your name, we are authorized to accept telephone, written, and other instructions directly from you in accordance with the terms of this Agreement. The requirements of any product applications that you have signed will also continue to govern such products to the extent they remain applicable. We may also continue to rely on instructions that you have previously provided to us unless and until they are modified by you or your new firm.

Governing Law.

This Agreement shall be governed by and construed in accordance with New York law.

Other Important Information

The following notices are intended to provide customers of First Investors Corporation with additional information about the practices and policies of First Investors Corporation and its affiliates. These notices are subject to change. You may obtain a current version of any of these notices by visiting us at www.firstinvestors.com and clicking on "Legal Notices" at the bottom of the page or by calling or writing to us at the number or address listed below in "How to Contact Us."

Our Training and Compensation Policies.

First Investors Corporation is a broker-dealer that serves as the principal underwriter of its own family of mutual funds and life insurance products. We have been in the business of helping investors since 1930. We still do business the old-fashioned way. Our Representatives meet with customers in-person, generally in their homes or places of business, develop detailed profiles of their financial situations, investment experience, goals and tolerance for risk, and recommend securities and insurance products that are suitable for them.

We focus the training that we provide to our Representatives and Sales Managers on our own family of mutual funds and insurance products. The training of our Representatives and Managers centers primarily on developing suitable investment portfolios for our customers based on the proprietary products that we offer. We believe that our own family of funds and insurance products is sufficiently diverse to meet the needs of most of our customers. We also know more about our own products and have better supervisory control over them. Although we allow our Representatives to sell a variety of non-proprietary funds, we do so solely as an accommodation to customers who wish to invest outside of our fund family. In most of our offices, non-proprietary funds represent a small percentage of fund business. Indeed, many of our Representatives do very little business in non-proprietary funds.

We also pay our Representatives and Managers more for selling First Investors funds than we do for selling non-proprietary funds. We believe that this is fair and appropriate because, unlike many other firms, we do not accept revenue sharing or other forms of financial support from the sponsors of outside fund groups. Our sole compensation for selling outside funds is our portion of the sales charge and Rule 12b-1 fees (if any) that are disclosed in the applicable prospectus. Thus, outside funds do not share in our costs of recruiting, training, or supervising our Representatives. The compensation that a First Investors Representative or Manager earns on the sale of a particular product depends, of course, upon a variety of factors, including the type of product, the sales charge rate, whether a breakpoint or discount is available, the class of shares being sold, and the concession that is received by the dealer. However, all else being equal, as noted above, our Representatives and Managers receive more compensation for selling First Investors funds than for selling similar outside funds.

Our Policies Regarding the Sale of Mutual Fund Share Classes.

The mutual funds that are sold by First Investors Corporation may have different classes of shares, including shares that are sold with a front-end sales charge (generally called Class A shares), shares that are sold with a contingent deferred sales charge (generally called Class B shares), and shares that have an ongoing, level load that is deducted from the value of the shares (generally called Class C or R shares). First Investors Corporation permits its Representatives to recommend Class A shares in all cases because it believes that mutual funds should be purchased for the long-term and Class A shares are appropriate for long-term investors. First Investors Corporation does not permit its Representatives to recommend Class B shares. They may only sell such shares on an unsolicited basis. This policy applies to sales by First Investors Corporation Representatives of Class B shares of all fund companies that offer such shares. It is designed to address regulatory concerns that investors who purchase Class B shares may not be aware that they are, directly or indirectly through a Rule 12b-1 distribution fee, paying a sales charge and that Representatives may have potential conflicts of interest if they have a choice of whether to recommend Class A or Class B shares. First Investors Corporation also does not permit its Representatives to offer or sell Class C or R shares except in limited circumstances (e.g., the customer already owns such shares or they are the only shares that are available). This policy is based on First Investors Corporation's concern that there is generally no cap or limit on the aggregate amount of sales charges that a long-term investor may pay if he or she purchases Class C or R shares.

Our Policy Regarding Advice to ERISA Account Customers.

First Investors Corporation is also not an ERISA fiduciary. It therefore will offer advice about your retirement plan assets only within the parameters allowed by the Department of Labor for broker-dealers that are not ERISA fiduciaries.

Our Privacy Policy.

Your privacy is important to us. We obtain personal information about you for the purposes of processing transactions in securities and insurance products in accordance with your instructions, servicing your accounts, and satisfying legal and regulatory requirements. The personal information we typically obtain includes your name, address, occupation, age, social security number, financial resources, investment objectives, and accounts with other institutions. If you purchase life insurance through us, we will also obtain information concerning your medical history, credit history and driving record. We collect information about you from a variety of sources, including forms and applications that you provide to us, information that you provide to your Representative, account records we receive as your dealer of record or agent, and information that is furnished to us by health care providers, clinics, other insurance companies, the Medical Information Bureau, and information and consumer credit reporting agencies.

We maintain physical, electronic and procedural safeguards to protect your information. We restrict access to your information to only those employees who need to know that information to provide our products or services to you and provide training to our employees regarding the proper handling of personal information. We share your personal information with our affiliated companies when it is necessary to process your transactions, service your accounts, or maintain your records. We also share your information with third parties who need such information in order to process your transactions, service your accounts, or maintain your records. We do not share any information about our current and former customers with anyone except as required or permitted by law or with your consent. Nor do we share your personal information with our affiliates or with unaffiliated third parties for their use in marketing their products or services.

You may call or write to First Investors Life Insurance Company ("FIL"), if you have any questions about the medical and other personal information that it may have about you. See "How to Contact Us." You may also contact FIL with any questions about the identity of persons to whom it may have disclosed your information during the last two years. If you wish, you may review this information in person. You may also receive a copy of such information from FIL at a nominal charge. You can contact FIL in writing if you believe any medical or other information that it maintains should be corrected, changed, or deleted. FIL will review your request. FIL will either make the change or explain why it did not do so. If FIL does not make the change, you may submit a short written statement describing the disputed information. FIL will include this statement in all future disclosures of your information.

For additional information, please see our Security Policy.

Our Business Continuity Plan ("Plan") .

We have developed a Plan on how we will respond to events of varying degree and scope that may significantly disrupt our business and operations. Our Plan is designed to allow our firm to resume operations as quickly as possible depending on the scope and severity of the business disruption. Since the timing and impact of a disruption (e.g., power outage, weather-related occurrence, pandemic, etc.) are unpredictable, we will have to be flexible in how we respond to actual events as they occur. If a significant business disruption occurs and you are unable to contact us as you would normally do (i.e., calling our shareholder services number, contacting your local sales offices, etc.), you should visit our website at www.firstinvestors.com.

Our Plan addresses the following: (i) how we plan to recover and resume business operations as quickly as possible; (ii) how we plan to safeguard your assets and information; (iii) how we plan to protect our assets and property; (iv) how data backup and recovery will be utilized and handled; (v) how we will secure our books and records; (vi) accessibility of our mission critical systems and telecommunications; (vii) our assessments of financial and operational risks; (viii) our alternative means of communications with customers, employees, and regulators; (ix) our alternate physical location(s) of associates, critical supplier, contractor, bank and counter-party impact and regulatory reporting; (x) how you can continue to conduct transactions; and (xi) how we will ensure that you have prompt access to your funds and securities if we are unable to continue our business.

Significant business disruptions can vary in their scope and thus could have an impact on our firm only, a single building housing our firm, the business district where our firm is located, the city where we are located and/or the whole region, and the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or a building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume business within 24 hours. In a disruption affecting our business district, city or region, we will transfer our operations to a site outside the affected area, and expect to recover and resume business within 24 hours. In either situation, we plan to continue our business, keep you appraised of the situation and provide information on how you may contact us through our website, www.firstinvestors.com. If the significant business disruption is so severe that it prevents us from remaining in business, we will ensure that you have prompt access to your funds and securities.

Pershing, LLC, our clearing firm for general securities business only, backs up important records regarding our general securities customers in a geographically separate area. While every emergency situation poses unique problems, such as time of day and severity of the disruption, we have been advised by our clearing firm that its objective is to recover within 4 hours and be able to resume operations (such as complete existing transactions, and accept new transactions and payments) within the same business day. However, you should bear in mind that your orders and requests for these transactions could be delayed during this period.

If you have any questions about our Plan or if you would like a current copy of this notice, you may contact us at admcust@firstinvestors.com, call 1-800-423-4026, or visit our website at www.firstinvestors.com.

Our SIPC Membership.

First Investors Corporation is a member of the Securities Investors Protection Corporation ("SIPC"). SIPC insurance provides customers of member firms with protection against the risk that such firms may fail. It does not protect customers against the investment risks of securities held at a brokerage firm. For example, it does not provide protection against the risk that mutual funds or variable insurance products purchased from us may decline in value. It also does not provide protection for non-securities products you may purchase through us. You may obtain information about SIPC, including a copy of the SIPC brochure, by contacting SIPC. SIPC's website address is www.sipc.org and its telephone number is 202-371-8300.

Requests for Dealer Changes on Mutual Fund and Variable Insurance Accounts.

First Investors Corporation does not hold the mutual funds or other investments of its customers in traditional brokerage accounts (with minor exceptions described below). It registers these products with the issuers and product vendors directly in the names of its customers, rather than placing them in brokerage accounts. This allows our customers to communicate directly with the issuers and product vendors and to take advantage of services that they offer.

However, because the mutual funds that are sold by First Investors Corporation are generally "directly held" with the issuer, they are not eligible for transfer to other broker-dealers via the NSCC's Automated Customer Account Transfer System ("ACATS"). When a customer wishes to change the broker-dealer designation on his or her fund accounts, the customer (directly or through the new firm) must contact the fund group and follow its procedures for dealer changes. This is a manual rather than an automated process, and sometimes takes a longer period of time to process as a result. Moreover, dealer changes are limited to firms that have signed agreements authorizing them to sell shares of the particular funds that are being transferred.

In the case of First Investors mutual funds, a customer can request a dealer change by contacting us at the number or address listed below under “How to Contact Us.” We will provide details concerning our procedures for dealer changes and let you know whether or not your new firm has signed an agreement authorizing it to sell First Investors funds. If your new firm has an agreement to sell our funds, we will promptly process your dealer change request upon receipt of the required information and paperwork in good order. If your new firm does not have a selling agreement with our funds, your new firm may recommend that you redeem your First Investors funds rather than leave them with us. Redeeming your funds may result in costs and taxes for you. Consistent with industry practice, our variable insurance products are not transferable to another firm.

There are several exceptions to the dealer change procedure described above. For example, we do not accept requests for dealer changes on First Investors 403(b) accounts that would result in the transfer of the accounts to outside broker-dealers. This policy is based on the fact that current 403(b) regulations impose far greater administrative responsibilities on sponsors of 403(b) accounts than prior regulations. Thus, we do not wish to accept responsibility for accounts that are serviced by outside broker-dealers. If an existing participant has a 403(b) account that is not currently serviced by First Investors Corporation, the participant may maintain the current broker-dealer on the account. However, we do not pay 12b-1 service fees to other broker-dealers on First Investors 403(b) accounts. Also, if a First Investors Corporation customer wishes to hold individual stocks and bonds, the customer may open a general securities account with us that is carried by an independent clearing firm. These general securities accounts may also hold mutual fund positions. Our clearing firm does participate in ACATS. Therefore, if a customer has such an account, the customer can transfer all ACATS eligible securities in the account, including mutual funds, to another firm via the ACATS system. The customer’s new firm can work directly with our clearing firm to implement the transfer.

Cost Basis Regulation

In October 2010, the U.S. Treasury Department and the Internal Revenue Service ("IRS") released mandatory cost basis regulations that were enacted as a result of the Economic Stabilization Act of 2008, and which require cost basis reporting to the IRS on many of the types of investments made available by First Investors. Investment product vendors will rely on a default method of determining average cost unless instructed otherwise by the account owner. For more information, please contact product vendors directly.

General Securities Information

General securities orders for clients of First Investors Corporation ("FIC") are cleared through Pershing LLC ("Pershing"), pursuant to a clearing agreement between Pershing and FIC. Pershing will route client orders in equity securities to different marketplaces in a manner consistent with the obligation to provide best execution of all client orders. These marketplaces attempt to assure that all client orders are executed at a price equal to or better than the displayed national best bid/best offer. Where possible, Pershing routes orders in over-the-counter securities to select market centers. Exchange-listed securities may be routed to exchange specialists affiliated with Pershing.

FIC does not instruct Pershing to route orders to specific marketplaces or market centers. FIC does not receive compensation for any orders directed by Pershing to specific marketplaces or market centers, which is commonly known as "order flow." See the terms and conditions section of your GSU statement for a description of Pershing's payment for order flow practices.

You may obtain the identity of the venue to which your general securities orders were routed for the six months prior to your request and the times of the transactions that may have resulted from such orders. A written copy of this report will be provided to any First Investors general securities client upon request and without charge. To request a copy of the report, call the General Securities Unit at 1-800-646-0285.

For additional information regarding order routing practices and the venues to which general securities orders are routed, you may visit www.orderroutingdisclosure.com.

Mutual Funds Governance Committee Charter

Committee Membership

The Governance Committee ("Committee") of the First Investors Funds ("Funds") shall be composed only of trustees of the Funds who are not "interested persons" of the Funds ("independent trustees"), as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940 (the "1940 Act"). The Committee members may designate one member to serve as chairperson of the Committee. If a chairperson is designated, the chairperson's duties shall be to:

  1. call, and preside at, meetings of the Committee; and
  2. publish meeting agendas.

Committee Functions

  1. The Committee shall select and nominate persons to serve as independent trustees on the Board of Trustees (the "Board"). Any such nomination that requires a vote of shareholders shall also be approved by a majority vote of the Board. The Committee shall evaluate candidates' qualifications for Board membership and their independence from the Funds' manager and other principal service providers. The Committee may also consider the effect of any relationships beyond those delineated in the 1940 Act that might impair independence (e.g., business, financial or family relationships with the Funds' service providers). Persons selected must be independent within the meaning of the 1940 Act, and rules thereunder.
  2. The Committee shall also evaluate candidates' qualifications and make recommendations for "interested" members on the Board to the full Board.
  3. In considering a candidate's qualifications, the Committee shall generally consider the potential candidate's educational background, business or professional experience, and reputation. Potential candidates should demonstrate an ability to bring integrity, insight, energy and analytical skills to Board deliberations. In addition, all potential candidates must demonstrate an ability and willingness to make the considerable time commitment, including personal attendance at Board meetings, believed necessary to his or her function as an effective Board member. The Committee may adopt from time to time additional specific, minimum qualifications that the Committee believes a candidate must meet before being considered as a candidate for Board membership.
  4. When the Board has, or expects to have, a vacancy, the Committee shall receive and review information on candidates qualified to be recommended to the full Board as nominees for election as trustees, including any recommendations by shareholders. Such candidates shall be evaluated based upon the criteria described above and such other additional qualifications as the Committee may adopt from time to time. The Committee shall review shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Fund's offices.
  5. The Committee shall periodically review the structure and composition of the Board.
  6. The Committee shall periodically review trustee compensation and shall recommend any appropriate changes to the independent trustees as a group.
  7. The Committee shall consider, as necessary, the succession of the members of the Board.
  8. The Committee shall make recommendations to the full Board for nomination for membership on all committees of the Board and shall review committee assignments at least annually and report the results of its review to the full Board.
  9. The Committee shall review as necessary the responsibilities of any committees of the Board, whether there is a continuing need for each committee, whether there is a need for additional committees of the Board, and whether committees should be combined or reorganized. The Committee shall make recommendations for any such action to the full Board.
  10. The Committee shall:
    1. have the resources and authority appropriate to discharge its responsibilities, including authority to retain experts or consultants at the expense of the appropriate Fund(s);
    2. report its activities to the Board and make such recommendations as the Committee may deem necessary or appropriate; and
    3. review this charter periodically and recommend any changes to the full Board.

Committee Meetings

  1. The Committee shall meet as circumstances require. The Committee may meet in person or by telephone, and the Committee may act by written consent, to the extent permitted by law and by the Funds' bylaws.
  2. A majority of the members of the Committee shall constitute a quorum for the transaction of business at any meeting of the Committee. The action of a majority of the members of the Committee present at a meeting at which a quorum is present shall be the action of the Committee.

How to File A Complaint

The First Investors family of companies is committed to complying with all legal and regulatory requirements applicable to its business, operations and dealings with clients, regulators, and members of the public with whom it engages in investing, securities and business activities. We always strive to conduct and govern ourselves in accordance with the highest standards of ethics, professionalism and integrity.

Filing a Report

Any individual, including an employee, wishing to report a complaint or concern may do so by regular mail. The envelope should be marked "Confidential—To Be Opened by Counsel Only", and it should be sent to the attention of the First Investors Legal Department at the following address:

Attn: First Investors Corporation
Legal Department
110 Wall Street
4th Floor
New York, New York 10005

If an individual prefers to call in a report, including on an anonymous basis, he/she may do so by calling our toll-free hotline at (877) 847-3371.

Treatment of Reports

Complaints and concerns initially received by the Legal Department will be reported to the General Counsel and First Investors will maintain a written record of all reported complaints and concerns, including their receipt, acknowledgment, investigation and resolution.

Retaliation Against Employees Prohibited

First Investors employees who file a report are protected against termination, demotion or any other adverse consequence to their employment when reporting a complaint or concern in good faith.

In accordance with applicable law and First Investors policies, retaliation of any kind against any First Investors employee who submits in good faith a complaint or concern, or who assists in good faith in the investigation (whether by First Investors or any regulatory authority or law enforcement agency) of any alleged wrongdoing, is strictly prohibited.

Any acts of retaliation should be reported immediately to the employee's supervisor who, in turn, should report the act of retaliation to First Investors Human Resources Department. If the employee is uncomfortable reporting to his or her supervisor, or believes that his or her supervisor may have a conflict of interest in responding to the retaliation, or if the supervisor is unavailable and the matter is urgent, the employee is encouraged to make the retaliation report to the First Investors Human Resources Department. Acts of retaliation may result in severe disciplinary action including, but not limited to, termination of employment.

How to Contact Us.

Our goal is to ensure that every customer is satisfied with the service that he or she receives from us. If you have a question, a need for information or service, or a complaint, please contact us. We recommend that you first contact your First Investors Representative or his or her Manager. However, you can contact us directly by calling 1-800-423-4026 or writing to the following address: First Investors Corporation, Raritan Plaza 1, PO Box 7837, Edison, NJ 08818-7837, Attention: Correspondence Department. If you need information or assistance from our insurance company, you can write to it at the following address, First Investors Life Insurance Company, Raritan Plaza 1, P.O. Box 7836, Edison, NJ 08818-7836 or call it at 1-800-832-7783.