Portfolio of Investments - First Investors

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Cumulative Performance Information (unaudited)GOVERNMENT FUNDComparison of change in value of $10,000 investment in the First Investors Government Fund(Class A shares), the Citigroup U.S. Government/Mortgage Index and the Bank of America(“BofA”) Merrill Lynch GNMA Master Index†.$100,000As of September 30, 2013$10,000$1,000Sep-03 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13GovernmentFundCitigroup U.S.Government/Mortgage IndexBofA Merrill LynchGNMA IndexAverage Annual Total Returns*N.A.V. Only Class A Class BAdvisorClassInstitutionalClassOne Year (2.29%) (3.06%) N/A N/AFive Years 3.96% 3.22% N/A N/ATen Years, Since Inception** 3.78% 3.17% (1.75%) (1.54%)S.E.C. Standardized Class A Class BAdvisorClassInstitutionalClassOne Year (7.89%) (6.86%) N/A N/AFive Years 2.73% 2.87% N/A N/ATen Years, Since Inception** 3.17% 3.19% (1.75%) (1.54%)S.E.C. 30-Day Yield*** 1.55% .89% 1.80% 2.06%The graph compares a $10,000 investment in the First Investors Government Fund (Class A shares)beginning 9/30/03 with theoretical investments in the Citigroup U.S. Government/Mortgage Index/theBofA Merrill Lynch GNMA Master Index (the “Indices”). The Citigroup U.S. Government/MortgageIndex is an unmanaged index that is a combination of the Citigroup U.S. Government Index andthe Citigroup Mortgage Index. The Citigroup U.S. Government Index tracks the performance of theU.S. Treasury and U.S. Government-sponsored indices within the Citigroup U.S. Broad InvestmentGrade Bond Index. The Citigroup Mortgage Index tracks the performance of the mortgage componentof the Citigroup U.S. Broad Investment Grade Bond Index, which is comprised of 30- and 15-yearGNMA, FNMA and FHLMC pass-throughs and FNMA and FHLMC balloon mortgages. The BofA10
Merrill Lynch GNMA Master Index is a market capitalization-weighted index of securities backedby mortgage pools of the Government National Mortgage Association (GNMA). It is not possible toinvest directly in these Indices. In addition, the Indices do not refl ect fees and expenses associated withthe active management of a mutual fund portfolio. For purposes of the graph and the accompanyingtable, unless otherwise indicated, it has been assumed that the maximum sales charge was deductedfrom the initial $10,000 investment in the Fund and all dividends and distributions were reinvested.Class B shares, Advisor Class shares and Institutional Class shares performance may be greaterthan or less than that shown in the line graph above for Class A shares based on differences in salesloads and fees paid by shareholders investing in the different classes.* Average Annual Total Return fi gures (for the periods ended 9/30/13) include the reinvestment of alldividends and distributions. “N.A.V. Only” returns are calculated without sales charges. The Class A“S.E.C. Standardized” returns shown are based on the maximum sales charge of 5.75%. The Class B“S.E.C. Standardized” returns are adjusted for the applicable deferred sales charge (maximum of4% in the fi rst year). The Advisor Class and Institutional Class “S.E.C. Standardized” returns shownare the same as the N.A.V. Only returns since these classes are sold without sales charges. Duringthe periods shown, some of the expenses of the Fund were waived or assumed. If such expenses hadbeen paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Return for OneYear, Five Years and Ten Years would have been (7.99%), 2.61% and 2.99%, respectively, and theS.E.C. 30-Day Yield for September 2013 would have been 1.43%. The Class B “S.E.C. Standardized”Average Annual Total Return for One Year, Five Years and Ten Years would have been (7.00%), 2.72%and 2.97%, respectively, and the S.E.C. 30-Day Yield for September 2013 would have been 0.76%.The Advisor Class “S.E.C. Standardized” Average Annual Total Return Since Inception would havebeen (5.94%) and the S.E.C. 30-Day Yield for September 2013 would have been 0%. The InstitutionalClass “S.E.C. Standardized” Average Annual Total Return Since Inception would have been (1.67%)and the S.E.C. 30-Day Yield for September 2013 would have been 1.92%. Results represent pastperformance and do not indicate future results. The graph and the returns shown do not reflect thededuction of taxes that a shareholder would pay on distributions or the redemption of fund shares.Investment return and principal value of an investment will fl uctuate so that an investor’s shares,when redeemed, may be worth more or less than the original cost. Index fi gures are from Citigroup,Bank of America Merrill Lynch & Co. and all other fi gures are from First Investors ManagementCompany, Inc.** The returns for Advisor Class shares and Institutional Class shares are for the periods beginning4/1/13 (commencement of operations).† We have added a comparison to the Citigroup Government/Mortgage Index this fi scal year since itmore closely refl ects the performance of the securities in which the Fund invests. After this fi scal yearwe will not show a comparison to the BofA Merrill Lynch GNMA Master Index.*** The S.E.C. 30-Day Yield shown is for September 2013.11
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Shares Security ValueCOMMON STOCKS
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The following is a reconciliation o
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Portfolio Managers’ LetterTOTAL R
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Within industrials, several investm
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Cumulative Performance Information
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Portfolio of Investments (continued
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Shares Security ValueHealth Care—
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Shares orPrincipalAmount Security V
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PrincipalAmount Security ValueFinan
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PrincipalAmount Security ValueMedia
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PrincipalAmount Security ValueFredd
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Accounting Standards Codification (
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On a relative basis the Fund outper
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Shares Security ValueFinancials (co
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Portfolio Manager’s LetterGROWTH
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Fund Expenses (unaudited)GROWTH & I
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* Average Annual Total Return figur
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Shares Security ValueEnergy—10.0%
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Shares Security ValueIndustrials (c
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France-based global insurance and i
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Shares Security ValueJapan—10.9%9
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Shares Security ValueItaly—2.8%14
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Level 1 Level 2 Level 3 TotalCommon
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We continue to believe our focus on
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Elsewhere in the consumer staples s
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Shares Security ValueHealth Care (c
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PrincipalAmount Security ValueSHORT
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Portfolio Manager’s LetterSPECIAL
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Fund Expenses (unaudited)SPECIAL SI
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* Average Annual Total Return fi gu
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Shares Security ValueEnergy (contin
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Portfolio Manager’s LetterINTERNA
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Fund Expenses (unaudited)INTERNATIO
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initial $10,000 investment in the F
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Shares Security ValueUnited States
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INVESTMENTGRADESTRATEGICINCOMEINTER
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INVESTMENTGRADESTRATEGICINCOMEINTER
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EQUITYINCOMEGROWTH &INCOMEGLOBAL$ 3
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OPPORTUNITYSPECIALSITUATIONSINTERNA
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INVESTMENTGRADESTRATEGICINCOME*INTE
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GOVERNMENTINVESTMENT GRADESTRATEGIC
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GOVERNMENTINVESTMENT GRADESTRATEGIC
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FUND FORINCOME2013 2012$ 33,007,680
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FUND FORINCOME2013 201241,692,426 3
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EQUITY INCOME GROWTH & INCOME GLOBA
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EQUITY INCOME GROWTH & INCOME GLOBA
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OPPORTUNITY SPECIAL SITUATIONS INTE
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OPPORTUNITY SPECIAL SITUATIONS INTE
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A. Security Valuation—Except as p
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The aggregate value by input level,
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International Opportunities Bond Fu
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The Strategic Income Fund may inves
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net assets over $1.5 billion. For t
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investment subadviser to Global Fun
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For the year ended September 30, 20
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8. Capital—The Trusts are authori
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* Other accumulated losses consist
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with the Bondholder Plaintiffs and
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TotalReturn*Net AssetsEnd of Year(i
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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 AssetValue,End ofYearTotalRetur
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In our opinion, the financial state
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Management Fund. In addition, at th
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complex and that, unlike many other
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Based on the information considered
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Funds, which are discussed below. T
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• The cost of services to be prov
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collectively the “Funds”): Grow
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determinations with respect to the
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noted that FIMCO changed the portfo
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Profitability. The Board reviewed t
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Length ofTime Served Number of Othe
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Length ofTime Served Number of Othe
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A description of the policies and p
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NOTES255
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NOTES257
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