SEMI-ANNUAL REPORT - First Investors

Portfolio of Investments (continued)
FUND FOR INCOME
March 31, 2014
Principal
Amount Security Value
Telecommunications (continued)
Sprint Capital Corp.:
$2,600 M 6.9%, 5/1/2019 $ 2,866,500
2,875 M 6.875%, 11/15/2028 2,803,125
1,700 M Telesat Canada, 6%, 5/15/2017 (a) 1,763,750
Wind Acquisition Finance SA:
750 M 11.75%, 7/15/2017 (a) 791,250
2,175 M 7.25%, 2/15/2018 (a) 2,305,500
Windstream Corp.:
1,725 M 7.875%, 11/1/2017 1,988,063
2,050 M 7.75%, 10/15/2020 2,208,875
600 M 6.375%, 8/1/2023 588,000
44,355,405
Transportation—1.0%
Aircastle, Ltd.:
550 M 4.625%, 12/15/2018 564,437
5,112 M 6.25%, 12/1/2019 5,546,520
900 M Fly Leasing, Ltd., 6.75%, 12/15/2020 945,000
7,055,957
Utilities—2.6%
AES Corp.:
875 M 9.75%, 4/15/2016 1,021,562
98 M 8%, 10/15/2017 116,252
1,275 M 7.375%, 7/1/2021 1,459,875
1,375 M 5.5%, 3/15/2024 1,368,125
Calpine Corp.:
297 M 7.875%, 7/31/2020 (a) 328,185
2,024 M 7.5%, 2/15/2021 (a) 2,221,340
2,100 M Dynegy, Inc., 5.875%, 6/1/2023 (a) 2,073,750
1,027 M Indiantown Cogeneration Utilities, LP, 9.77%, 12/15/2020 1,159,022
3,075 M InterGen NV, 7%, 6/30/2023 (a) 3,244,125
2,350 M NRG Energy, Inc., 7.625%, 5/15/2019 2,455,750
3,010 M NSG Holdings, LLC, 7.75%, 12/15/2025 (a) 3,228,225
18,676,211
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