Portfolio of Investments - First Investors

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Portfolio of Investments (continued)INTERNATIONAL OPPORTUNITIES BOND FUNDSeptember 30, 2013PrincipalAmount Security ValueSHORT-TERM U.S. GOVERNMENT OBLIGATIONS—6.4%United StatesU.S. Treasury Bills:$ 4,870 M USD 0.0585%, 11/14/2013 $ 4,869,6521,365 M USD 0.105%, 11/14/2013 1,364,825610 M USD 0.13%, 11/14/2013 609,900Total Value of Short-Term U.S. Government Obligations (cost $6,844,377) 6,844,377Total Value of Investments (cost $103,644,228) 95.4% 101,264,157Other Assets, Less Liabilities 4.6 4,896,305Net Assets 100.0% $106,160,462(a) Interest rates are determined and reset periodically. The interest rates above are the rates in effectat September 30, 2013.(b) Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).(c) The Federal Republic of Germany guarantees all existing and future obligations of Kreditanstaltfuer Wiederaufbau (“KFW”) in respect of money borrowed, bonds issued, and derivativetransactions entered into by KFW, as well as third party obligations that are expresslyguaranteed by KFW.Summary of Abbreviations:AUD Australian DollarBRL Brazillian RealEUR EuroGBP British PoundHUF Hungarian ForintKRW South Korean WonMXN Mexican PesoNZD New Zealand DollarPLN Polish ZlotyTRY Turkish LiraUSD United States DollarZAR South African Rand40
Accounting Standards Codification (“ASC”) 820 established a three-tier hierarchy of inputs to establisha classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs issummarized in the three broad Levels listed below:Level 1 — Unadjusted quoted prices in active markets for identical securities that the Fund hasthe ability to access.Level 2 — Observable inputs other than quoted prices included in Level 1 that are observablefor the asset or liability, either directly or indirectly. These inputs may includequoted prices for the identical instrument on an inactive market, prices for similarinstruments, interest rates, prepayment speeds, credit risk, yield curves, default ratesand similar data.Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputsare not available, representing the Fund’s own assumption about the assumptions amarket participant would use in valuing the asset or liability, and would be based onthe best information available.The inputs methodology used for valuing securities are not necessarily an indication of the riskassociated with investing in those securities. For example, amortized cost approximates the currentfair value of a security, but since the value is not obtained from a quoted price in an active market,such securities are reflected as Level 2.The following is a summary, by category of Level, of inputs used to value the Fund’s investments as ofSeptember 30, 2013:Level 1 Level 2 Level 3 TotalSovereign BondsUnited Kingdom . . . . . . . . . . . $ — $ 17,129,619 $ — $ 17,129,619Mexico . . . . . . . . . . . . . . . . . . . — 13,851,319 — 13,851,319Italy . . . . . . . . . . . . . . . . . . . . . — 7,648,669 — 7,648,669South Korea . . . . . . . . . . . . . . . — 4,803,675 — 4,803,675Poland . . . . . . . . . . . . . . . . . . . — 4,523,499 — 4,523,499South Africa. . . . . . . . . . . . . . . — 4,140,356 — 4,140,356New Zealand . . . . . . . . . . . . . . — 4,064,661 — 4,064,661Hungary . . . . . . . . . . . . . . . . . . — 2,855,699 — 2,855,699Ireland . . . . . . . . . . . . . . . . . . . — 2,107,942 — 2,107,942Turkey . . . . . . . . . . . . . . . . . . . — 1,392,768 — 1,392,768Brazil . . . . . . . . . . . . . . . . . . . . — 1,146,406 — 1,146,406Government Regional AgencyAustralia. . . . . . . . . . . . . . . . . . — 10,182,428 — 10,182,428Netherlands . . . . . . . . . . . . . . — 469,147 — 469,147Government Sovereign AgencySweden. . . . . . . . . . . . . . . . . . . — 3,210,714 — 3,210,714Norway . . . . . . . . . . . . . . . . . . — 1,249,930 — 1,249,930Denmark . . . . . . . . . . . . . . . . . — 940,653 — 940,653Canada . . . . . . . . . . . . . . . . . . . — 733,388 — 733,38841
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
Page 9 and 10: Portfolio Managers’ LetterGOVERNM
Page 11 and 12: Fund Expenses (unaudited)GOVERNMENT
Page 13 and 14: Merrill Lynch GNMA Master Index is
Page 15 and 16: PrincipalAmount Security ValueU.S.
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
Page 23 and 24: PrincipalAmount Security ValueFinan
Page 25 and 26: PrincipalAmount Security ValueHealt
Page 27 and 28: PrincipalAmount Security ValueUtili
Page 29 and 30: Portfolio Manager’s LetterSTRATEG
Page 31 and 32: Fund Expenses (unaudited)STRATEGIC
Page 33 and 34: Accounting Standards Codification (
Page 35 and 36: Yet here we are five years later wi
Page 37 and 38: Cumulative Performance Information
Page 39 and 40: Portfolio of Investments (continued
Page 41: PrincipalAmount Security ValueNorwa
Page 45 and 46: Portfolio Manager’s LetterFUND FO
Page 47 and 48: Fund Expenses (unaudited)FUND FOR I
Page 49 and 50: * Average Annual Total Return fi gu
Page 51 and 52: PrincipalAmount Security ValueChemi
Page 53 and 54: PrincipalAmount Security ValueEnerg
Page 55 and 56: PrincipalAmount Security ValueHealt
Page 57 and 58: PrincipalAmount Security ValueMedia
Page 59 and 60: PrincipalAmount Security ValueServi
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Page 63 and 64: Shares Security ValueCOMMON STOCKS
Page 65 and 66: The following is a reconciliation o
Page 67 and 68: Portfolio Managers’ LetterTOTAL R
Page 69 and 70: Within industrials, several investm
Page 75 and 76: Shares Security ValueHealth Care—
Page 77 and 78: Shares orPrincipalAmount Security V
Page 79 and 80: PrincipalAmount Security ValueFinan
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Page 83 and 84: PrincipalAmount Security ValueFredd
Page 85 and 86: Accounting Standards Codification (
Page 87 and 88: On a relative basis the Fund outper
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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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Accounting Standards Codification (
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France-based global insurance and i
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Cumulative Performance Information
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Portfolio of Investments (continued
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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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