SEMI-ANNUAL REPORT - First Investors

Portfolio of Investments (continued)
INVESTMENT GRADE FUND
March 31, 2014
18
Principal
Amount Security Value
Real Estate Investment Trusts—5.1%
$ 5,000 M Boston Properties, LP, 5.875%, 10/15/2019 $ 5,775,650
4,000 M Digital Realty Trust, LP, 5.25%, 3/15/2021 4,211,532
5,000 M HCP, Inc., 5.375%, 2/1/2021 5,605,995
4,000 M ProLogis, LP, 6.625%, 5/15/2018 4,658,516
4,000 M Simon Property Group, LP, 5.75%, 12/1/2015 4,286,944
4,000 M Ventas Realty, LP, 4.75%, 6/1/2021 4,317,468
28,856,105
Retail-General Merchandise—1.6%
6,000 M Gap, Inc., 5.95%, 4/12/2021 6,765,348
2,000 M Home Depot, Inc., 5.875%, 12/16/2036 2,417,106
9,182,454
Telecommunications—.5%
3,000 M Rogers Communications, Inc., 3%, 3/15/2023 2,823,807
Transportation—2.5%
4,000 M Burlington North Santa Fe, LLC, 5.15%, 9/1/2043 4,255,828
3,000 M Con-way, Inc., 7.25%, 1/15/2018 3,500,982
4,125 M GATX Corp., 4.75%, 6/15/2022 4,398,842
2,000 M Penske Truck Leasing Co., LP, 4.875%, 7/11/2022 (a) 2,122,192
14,277,844
Utilities—4.7%
3,000 M E.ON International Finance BV, 5.8%, 4/30/2018 (a) 3,411,897
1,900 M Electricite de France SA, 6.5%, 1/26/2019 (a) 2,251,456
4,000 M Exelon Generation Co., LLC, 5.2%, 10/1/2019 4,377,684
Great River Energy Co.:
393 M 5.829%, 7/1/2017 (a) 423,195
3,538 M 4.478%, 7/1/2030 (a) 3,616,073
4,200 M National Fuel Gas Co., 8.75%, 5/1/2019 5,271,638
3,000 M Ohio Power Co., 5.375%, 10/1/2021 3,468,630
2,881 M Sempra Energy, 9.8%, 2/15/2019 3,819,215
26,639,788
Total Value of Corporate Bonds (cost $514,273,727) 96.4% 544,868,417
Other Assets, Less Liabilities 3.6 20,329,837
Net Assets 100.0% $565,198,254
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).