SEMI-ANNUAL REPORT - First Investors

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Portfolio of Investments (continued) INTERNATIONAL OPPORTUNITIES BOND FUND March 31, 2014 Principal Amount Security Value SOVEREIGN BONDS—61.7% Mexico—14.3% United Mexican States: 618 M MXN 8.5%, 5/31/2029 $ 5,545,069 463 M MXN 8.5%, 11/18/2038 4,134,086 672 M MXN 7.75%, 11/13/2042 5,526,037 15,205,192 United Kingdom—9.9% United Kingdom Gilt: 4,080 M GBP 2.75%, 1/22/2015 6,929,661 1,900 M GBP 4.25%, 3/7/2036 3,572,997 10,502,658 Italy—8.6% 5,870 M EUR Italy Buoni Poliennali Del Tesoro, 5%, 8/1/2039 9,189,225 Brazil—5.0% Nota Do Tesouro Nacional: 1 M BRL 9.71%, 1/1/2021 202,061 13 M BRL 9.71%, 1/1/2023 5,074,134 5,276,195 South Korea—4.5% Republic of Korea: 3,594,500 M KRW 5.75%, 9/10/2018 3,741,005 1,170,500 M KRW 3.375%, 9/10/2023 1,090,602 4,831,607 Poland—4.3% Republic of Poland: 3,025 M PLN 5.25%, 10/25/2020 1,078,475 10,815 M PLN 4%, 10/25/2023 3,517,778 4,596,253 New Zealand—4.0% New Zealand Government Bonds: 2,390 M NZD 5%, 3/15/2019 2,148,356 2,230 M NZD 5.5%, 4/15/2023 2,064,886 4,213,242 24
Principal Amount Security Value South Africa—3.6% Republic of South Africa: 12,855 M ZAR 6.75%, 3/31/2021 $ 1,130,193 37,525 M ZAR 6.5%, 2/28/2041 2,679,934 3,810,127 Malaysia—3.5% Federation of Malaysia: 2,950 M MYR 4.048%, 9/30/2021 905,552 9,830 M MYR 3.48%, 3/15/2023 2,870,167 3,775,719 Hungary—2.7% Hungary Government Bond: 535,000 M HUF 5.5%, 2/12/2016 2,481,938 69,000 M HUF 7.5%, 11/12/2020 351,687 2,833,625 Turkey—1.3% 2,970 M TRY Republic of Turkey, 6.5%, 1/7/2015 1,346,718 Total Value of Sovereign Bonds (cost $65,551,694) 65,580,561 U.S. GOVERNMENT OBLIGATIONS—14.4% United States U.S. Treasury Notes: 6,010 M USD 0.25%, 6/30/2014 6,013,167 9,345 M USD 0.095%, 1/31/2016 (a) 9,339,963 Total Value of U.S. Government Obligations (cost $15,353,476) 15,353,130 GOVERNMENT REGIONAL AGENCY—11.3% Australia—9.9% 5,235 M AUD New South Wales Treasury Corp., 5%, 8/20/2024 5,046,817 Queensland Treasury Corp.: 3,825 M AUD 6.25%, 2/21/2020 3,965,192 1,530 M AUD 6%, 7/21/2022 1,575,471 10,587,480 South Korea—1.0% 1,010 M USD Export-Import Bank of Korea, 0.8611%, 8/14/2017 (a)(b) 1,016,391 25
Page 1 and 2: SEMI-ANNUAL REPORT INCOME FUNDS ■
Page 3 and 4: Market Overview FIRST INVESTORS INC
Page 5 and 6: Thank you for placing your trust in
Page 7 and 8: Fund Expenses (unaudited) CASH MANA
Page 9 and 10: Principal Amount Security Interest
Page 11 and 12: Fund Expenses (unaudited) GOVERNMEN
Page 13 and 14: Principal Amount Security Value COM
Page 15 and 16: Fund Expenses (unaudited) INVESTMEN
Page 17 and 18: Principal Amount Security Value Fin
Page 19 and 20: Principal Amount Security Value Inf
Page 21 and 22: Accounting Standards Codification 8
Page 23 and 24: Portfolio of Investments (continued
Page 25: Fund Expenses (unaudited) INTERNATI
Page 29 and 30: (a) Interest rates are determined a
Page 31 and 32: Fund Expenses (unaudited) FLOATING
Page 35 and 36: Principal Amount Security Value Man
Page 37 and 38: Principal Amount Security Value Hea
Page 39 and 40: Fund Expenses (unaudited) FUND FOR
Page 41 and 42: Principal Amount Security Value Con
Page 43 and 44: Principal Amount Security Value Ene
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Page 47 and 48: Principal Amount Security Value Med
Page 49 and 50: Principal Amount Security Value Ser
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Page 55 and 56: The following is a reconciliation o
Page 57 and 58: Portfolio of Investments (continued
Page 59 and 60: Shares Security Value Health Care
Page 61 and 62: Shares or Principal Amount Security
Page 65 and 66: Principal Amount Security Value Rea
Page 67 and 68: Principal Amount Security Value SHO
Page 69 and 70: Fund Expenses (unaudited) EQUITY IN
Page 71 and 72: Shares Security Value Energy—8.3%
Page 73 and 74: Shares Security Value Information T
Page 75 and 76: * 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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Shares Security Value Information T
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Accounting Standards Codification 8
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Portfolio of Investments (continued
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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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Shares or Principal Amount Security
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Fund Expenses (unaudited) OPPORTUNI
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Shares Security Value Energy (conti
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Shares Security Value Information T
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Shares Security Value Industrials (
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Shares or Principal Amount Security
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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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