SEMI-ANNUAL REPORT - First Investors

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Portfolio of Investments (continued) INTERNATIONAL OPPORTUNITIES BOND FUND March 31, 2014 The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of March 31, 2014: Level 1 Level 2 Level 3 Total Sovereign Bonds Mexico . . . . . . . . . . . . . . . . . . . $ — $ 15,205,192 $ — $ 15,205,192 United Kingdom . . . . . . . . . . . — 10,502,658 — 10,502,658 Italy . . . . . . . . . . . . . . . . . . . . . — 9,189,225 — 9,189,225 Brazil . . . . . . . . . . . . . . . . . . . . — 5,276,195 — 5,276,195 South Korea . . . . . . . . . . . . . . . — 4,831,607 — 4,831,607 Poland . . . . . . . . . . . . . . . . . . . — 4,596,253 — 4,596,253 New Zealand . . . . . . . . . . . . . . — 4,213,242 — 4,213,242 South Africa. . . . . . . . . . . . . . . — 3,810,127 — 3,810,127 Malaysia. . . . . . . . . . . . . . . . . . — 3,775,719 — 3,775,719 Hungary . . . . . . . . . . . . . . . . . . — 2,833,625 — 2,833,625 Turkey . . . . . . . . . . . . . . . . . . . — 1,346,718 — 1,346,718 U.S. Government Obligations . . . — 15,353,130 — 15,353,130 Government Regional Agency Australia. . . . . . . . . . . . . . . . . . — 10,587,480 — 10,587,480 South Korea . . . . . . . . . . . . . . . — 1,016,391 — 1,016,391 Netherlands . . . . . . . . . . . . . . — 468,118 — 468,118 Government Guaranteed Program Germany . . . . . . . . . . . . . . . . . — 1,002,154 — 1,002,154 New Zealand . . . . . . . . . . . . . . — 727,482 — 727,482 Corporate Bonds Australia. . . . . . . . . . . . . . . . . . — 1,160,166 — 1,160,166 New Zealand . . . . . . . . . . . . . . — 471,067 — 471,067 Government Sovereign Agency Sweden. . . . . . . . . . . . . . . . . . . — 1,301,726 — 1,301,726 Supranationals Luxembourg. . . . . . . . . . . . . . . — 1,011,610 — 1,011,610 Total Investments in Securities . . . $ — $ 98,679,885 $ — $ 98,679,885 Other Financial Instruments* . . . . $ — $ 202,858 $ — $ 202,858 * Other financial instruments are foreign exchange contracts and are considered derivative instruments, which are valued at the net unrealized appreciation on the instruments. During the period ended March 31, 2014, there were no transfers between Level 1 investments and Level 2 investments that had a material impact to the Fund. Transfers, if any, between Levels are recognized at the end of the reporting period. 28 See notes to financial statements
Fund Expenses (unaudited) FLOATING RATE FUND The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples. Expense Example Annualized Expense Ratio Beginning Account Value (10/21/13) Ending Account Value (3/31/14) Expenses Paid During Period (10/21/13–3/31/14)* Class A Shares 1.10% Actual $1,000.00 $1,011.19 $4.91 Hypothetical** $1,000.00 $1,020.05 $4.93 Advisor Class Shares 0.90% Actual $1,000.00 $1,012.77 $4.02 Hypothetical** $1,000.00 $1,020.94 $4.04 Institutional Class Shares 0.70% Actual $1,000.00 $1,012.13 $3.13 Hypothetical** $1,000.00 $1,021.82 $3.14 * Actual expenses reflect the period from the commencement of operations to the end of the period covered only (October 21, 2013 through March 31, 2014). Therefore, expenses shown are lower than would be expected for a six-month period. Actual expenses for the six-month period will be reflected in future reports. Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 162/365 (to reflect the inception period). Expenses paid during the period are net of expenses waived and/or assumed. **Assumed rate of return of 5% before expenses. Portfolio Composition BY SECTOR Consumer Discretionary 26.4% Materials 16.9% Consumer Staples Health Care Energy 11.7% 11.3% 10.6% Information Technology Industrials Telecommunication Services Financials 6.8% 6.0% 4.8% 4.7% Utilities 0.8% Portfolio holdings and allocations are subject to change. Percentages are as of March 31, 2014, and are based on the total market value of investments. 29
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 and 26: Fund Expenses (unaudited) INTERNATI
Page 27 and 28: Principal Amount Security Value Sou
Page 29: (a) Interest rates are determined a
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
Page 45 and 46: Principal Amount Security Value Hea
Page 47 and 48: Principal Amount Security Value Med
Page 49 and 50: Principal Amount Security Value Ser
Page 51 and 52: Principal Amount Security Value Was
Page 53 and 54: Principal Amount Security Value PAS
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
Page 77 and 78: Fund Expenses (unaudited) GROWTH &
Page 79 and 80: 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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