Portfolio of Investments - First Investors

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Portfolio Manager’s Letter (continued)STRATEGIC INCOME FUNDInvestment Grade funds. Lastly, the Fund’s cash allocation, although returning 0%,substantially outperformed the benchmark.Thank you for placing your trust in First Investors. As always, we appreciate theopportunity to serve your investment needs.Sincerely,Clark D. WagnerPortfolio Manager andDirector of Fixed Income,First Investors Management Company, Inc.October 31, 201328
Fund Expenses (unaudited)STRATEGIC INCOME FUNDThe examples below show the ongoing costs (in dollars) of investing in your Fund and willhelp you in comparing these costs with costs of other mutual funds. Please refer to page 2 for adetailed explanation of the information presented in these examples.Expense ExampleAnnualizedExpenseRatioBeginningAccount Value(4/3/13)EndingAccount Value(9/30/13)Expenses PaidDuring Period(4/3/13–9/30/13)*Class A Shares 1.30%Actual* $1,000.00 $ 934.26 $6.23Hypothetical** $1,000.00 $1,018.55 $6.58Advisor Class Shares 1.00%Actual* $1,000.00 $ 992.06 $4.94Hypothetical** $1,000.00 $1,020.06 $5.06* Actual expenses reflect only from the commencement of operations to the end of the period covered(April 3, 2013 through September 30, 2013). Therefore expenses shown are lower than wouldbe expected for a six-month period. Actual expenses for the six-month period will be reflected infuture reports. Expenses are equal to the annualized expense ratio multipied by the average accountvalue over the period, multiplied by 181/365 (to reflect the inception period). Expenses paid duringthe period are net of expenses waived and/or assumed.** Assumed rate of return of 5% before expenses.Portfolio CompositionBY SECTORFixed Income Funds89.3%Equity Funds10.7%Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2013,and are based on the total value of investments.29
Page 1 and 2: 2013 ANNUAL REPORTINCOME FUNDS■ C
Page 3 and 4: Portfolio Manager’s LetterCASH MA
Page 5 and 6: Fund Expenses (unaudited)CASH MANAG
Page 7 and 8: PrincipalAmountSecurityInterestRate
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Page 11 and 12: Fund Expenses (unaudited)GOVERNMENT
Page 13 and 14: Merrill Lynch GNMA Master Index is
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Page 17 and 18: Portfolio Managers’ LetterINVESTM
Page 19 and 20: Fund Expenses (unaudited)INVESTMENT
Page 21 and 22: shown in the line graph above for C
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Page 29: Portfolio Manager’s LetterSTRATEG
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Page 35 and 36: Yet here we are five years later wi
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Page 41 and 42: PrincipalAmount Security ValueNorwa
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Page 45 and 46: Portfolio Manager’s LetterFUND FO
Page 47 and 48: Fund Expenses (unaudited)FUND FOR I
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Page 63 and 64: Shares Security ValueCOMMON STOCKS
Page 65 and 66: The following is a reconciliation o
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Page 69 and 70: Within industrials, several investm
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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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Cumulative Performance Information
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Portfolio of Investments (continued
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Shares Security ValueFinancials (co
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Shares orPrincipalAmount Security V
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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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