SEMI-ANNUAL REPORT - First Investors

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FOREWORD This report is for the information of the shareholders of the Funds. It is the policy of each Fund described in this report to mail only one copy of a Fund’s prospectus, annual report, semi-annual report and proxy statements to all shareholders who share the same mailing address and share the same last name and have invested in a Fund covered by the same document. You are deemed to consent to this policy unless you specifically revoke this policy and request that separate copies of such documents be mailed to you. In such case, you will begin to receive your own copies within 30 days after our receipt of the revocation. You may request that separate copies of these disclosure documents be mailed to you by writing to us at: Administrative Data Management Corp., Raritan Plaza I, Edison, NJ 08837-3620 or calling us at 1-800-423-4026. You may obtain a free prospectus for any of the Funds by contacting your representative, calling 1-800-423-4026, writing to us at the following address: <strong>First</strong> <strong>Investors</strong> Corporation, 40 Wall Street, New York, NY 10005, or by visiting our website at www.firstinvestors.com. You should consider the investment objectives, risks, charges and expenses of a Fund carefully before investing. The prospectus contains this and other information about the Fund, and should be read carefully before investing. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the Cash Management Fund seeks to preserve a net asset value at $1.00 per share, it is possible to lose money by investing in it, just as it is possible to lose money by investing in any of the other Funds. Past performance is no guarantee of future results. A Statement of Additional Information (“SAI”) for any of the Funds may also be obtained, without charge, upon request by calling 1-800-423-4026, writing to us at our address or by visiting our website listed above. The SAI contains more detailed information about the Funds, including information about its Trustees.
Market Overview FIRST INVESTORS INCOME FUNDS FIRST INVESTORS EQUITY FUNDS Dear Investor: We are pleased to provide you with our report for the six-month period ended March 31, 2014. During the period, the U.S. economy continued to recover, although in fits and starts. Growth in the fourth quarter of 2013 was 2.6%, falling to a meager 0.1% in the first quarter of 2014 – which some economists blamed on inclement winter weather throughout much of the U.S. Meanwhile, the unemployment rate fell to 6.7% by March 2014, its lowest rate since October 2008. Inflation remained low, with the consumer-price index staying at or below 1.5%. Consumer spending slowed over the six-month period, only to rebound to a fourand-a-half year record gain of 0.9% by March. The gradual pullback of the Federal Reserve’s (the “Fed’s”) stimulus program, which is expected to end by late 2014, and concerns over rate hikes in 2015 tempered financial markets in the first few months of the year. Equity Markets Equities posted positive results during the reporting period. Stocks ended 2013 with a strong rally in the calendar fourth quarter, capping a spectacular year, as the S&P 500 Index concluded with a 32.4% gain on a total return basis. The first half of the reporting period (4Q -2013) ended with gains of 10.5%, as strong corporate profit growth and positive economic news lifted the equity markets. As 2014 began, the equity markets took a brief pause, and after losing 5.7% between January 15 and February 3 of this year, the markets recovered during the balance of February and March, ending the first quarter of the year in positive territory. The S&P 500 ended the second half of the reporting period with a gain of 1.8% and most of the market averages wound up being positive as well, despite the fact that there was definitely more volatility within this portion of the reporting period. Overall markets were up 12.5% for the six month period. Three basic factors impacted the markets’ slower performance during the last three months of the reporting period, beginning with very cold and stormy weather in the U.S., which dampened economic activity, affecting housing, industrial and transportation stocks, all of which had a harder time until temperatures started climbing in March. Secondly, the move of Russia’s military into Crimea in the Ukraine caused increased global volatility, mainly impacting Russian markets, which traded off and created a temporary cascading effect around the globe. Thirdly, China’s slowing economic situation – from low double digit growth to the high single digits – also had a ripple effect in the global marketplace. This was mainly due to tighter lending practices, more regulation and a crackdown on corruption coming from China’s new leadership in the wake of a housing bubble, all of which has put downward pressure on growth. 1
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Principal Amount Security Value PAS
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The following is a reconciliation o
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Portfolio of Investments (continued
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Shares Security Value Health Care
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Shares or Principal Amount Security
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Principal Amount Security Value Fin
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Principal Amount Security Value Rea
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Principal Amount Security Value SHO
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Fund Expenses (unaudited) EQUITY IN
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Shares Security Value Energy—8.3%
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Shares Security Value Information T
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* Non-income producing (a) A portio
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Fund Expenses (unaudited) GROWTH &
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Shares Security Value Energy—10.1
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Accounting Standards Codification 8
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Shares Security Value Japan (contin
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Principal Amount Security Value SHO
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Fund Expenses (unaudited) SELECT GR
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Fund Expenses (unaudited) OPPORTUNI
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Shares Security Value Energy (conti
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Shares Security Value Industrials (
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Level 1 Level 2 Level 3 Total Japan
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GOVERNMENT INVESTMENT GRADE STRATEG
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FLOATING RATE FUND FOR INCOME $ 66,
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FLOATING RATE FUND FOR INCOME $66,1
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EQUITY INCOME GROWTH & INCOME GLOBA
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OPPORTUNITY SPECIAL SITUATIONS INTE
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FLOATING RATE* FUND FOR INCOME $ 70
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10/1/2013 to 3/31/2014 GOVERNMENT I
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10/1/2013 to 3/31/2014 GOVERNMENT I
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FLOATING RATE 10/21/2013 to 3/31/20
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FLOATING RATE 10/21/2013 to 3/31/20
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10/1/2013 to 3/31/2014 OPPORTUNITY
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10/1/2013 to 3/31/2014 OPPORTUNITY
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Special Situations Fund seeks long-
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Foreign exchange contracts that are
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investments. These changes are incl
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The Strategic Income Fund may inves
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Special Situations Fund—1% on the
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limitation has been made by ADM, pr
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transactions, but rather represents
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The effect of International Opportu
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defined-compensation plans (the “
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Total Return* Net Assets End of Per
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R A T I O S / S U P P L E M E N T A
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Net Asset Value, End of Period Tota
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In our opinion, the financial state
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• Total expenses of the New Fund
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Shareholder Information Investment
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NOTES 195
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NOTES 197
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SEMI-ANNUAL REPORT - First Investors

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