SEMI-ANNUAL REPORT - First Investors

Portfolio of Investments (continued)
GOVERNMENT FUND
March 31, 2014
Principal
Amount Security Value
RESIDENTIAL MORTGAGE-BACKED
SECURITIES—67.7%
Fannie Mae—30.0%
$ 6,682 M 2.5%, 9/1/2023 – 11/1/2023 $ 6,855,330
13,546 M 3%, 8/1/2022 – 7/1/2023 14,075,895
16,116 M 3.5%, 10/1/2025 – 5/1/2033 16,799,435
42,959 M 4%, 8/1/2026 – 10/1/2041 (a) 45,394,770
11,542 M 4.5%, 11/1/2040 – 1/1/2042 12,431,215
7,734 M 5%, 8/1/2039 – 4/1/2040 8,464,661
3,855 M 5.5%, 7/1/2033 – 10/1/2039 4,286,248
108,307,554
Freddie Mac—3.1%
2,217 M 3.5%, 9/1/2032 2,316,170
6,005 M 4%, 11/1/2040 6,320,858
2,199 M 5%, 8/1/2039 2,428,517
11,065,545
Government National Mortgage Association I
Program—34.6%
7,031 M 4%, 11/15/2025 – 6/15/2042 7,505,717
22,053 M 4.5%, 9/15/2033 – 6/15/2040 23,943,854
36,451 M 5%, 6/15/2033 – 5/15/2040 40,252,372
22,679 M 5.5%, 3/15/2033 – 10/15/2039 25,464,068
20,207 M 6%, 3/15/2031 – 5/15/2040 22,945,926
1,766 M 6.5%, 6/15/2034 – 3/15/2038 1,993,351
2,206 M 7%, 6/15/2023 – 4/15/2034 2,443,121
124,548,409
Total Value of Residential Mortgage-Backed Securities (cost $238,099,251) 243,921,508
U.S. GOVERNMENT AGENCY
OBLIGATIONS—15.8%
Fannie Mae:
21,000 M 1.875%, 9/18/2018 21,229,719
23,250 M 1.625%, 11/27/2018 23,181,064
7,000 M Federal Farm Credit Bank, 2.79%, 11/12/2020 7,051,646
5,000 M Freddie Mac, 3.75%, 3/27/2019 5,460,005
Total Value of U.S. Government Agency Obligations (cost $56,870,434) 56,922,434
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