Portfolio of Investments - First Investors

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Portfolio of Investments (continued)INTERNATIONAL OPPORTUNITIES BOND FUNDSeptember 30, 2013Level 1 Level 2 Level 3 TotalU.S. Government ObligationsUnited States . . . . . . . . . . . . . . $ — $ 6,017,278 $ — $ 6,017,278Government Guaranteed ProgramGermany . . . . . . . . . . . . . . . . . — 3,703,942 — 3,703,942Netherlands . . . . . . . . . . . . . . . — 1,350,609 — 1,350,609New Zealand . . . . . . . . . . . . . . — 738,729 — 738,729SupranationalUnited States . . . . . . . . . . . . . . — 1,140,478 — 1,140,478Phillipines . . . . . . . . . . . . . . . . — 532,051 — 532,051Luxembourg. . . . . . . . . . . . . . . — 485,820 — 485,820Short-Term U.S. GovernmentObligationsUnited States . . . . . . . . . . . . . . — 6,844,377 — 6,844,377Total Investments in Securities . . . $ — $ 101,264,157 $ — $ 101,264,157Other Financial Instruments* . . . . $ — $ (739,042) $ — $ (739,042)* Other financial instruments are foreign exchange contracts and are considered derivative instruments,which are valued at the net unrealized depreciation on the instrument.There were no transfers into or from Level 1 or Level 2 by the Fund for the year ended September 30,2013. Transfers, if any, between Levels are recognized at the end of the reporting period.42See notes to financial statements
Portfolio Manager’s LetterFUND FOR INCOMEDear Investor:I’m pleased to send you the First Investors Fund For Income annual report for thefiscal year ended September 30, 2013. During the period, the Fund’s return on a netasset value basis was 5.6% for Class A shares and 4.8% for Class B shares, includingdividends of 15.2 cents per share on Class A shares and 13.4 cents on Class B shares.The Fund’s return on a net asset value basis was 0.2% for Advisor Class shares and0.7% for Institutional Class shares, including dividends of 7.6 cents per share on AdvisorClass shares and 7.8 cents per share on Institutional Class shares. The AdvisorClass shares and Institutional Class shares commenced operations on April 1, 2013,but Advisor Class shares were not available to the public until October 1, 2013.Coming off of a very strong 2012, high-yield markets generated attractive, but belowcoupon,performance for fiscal year 2013. From a fundamental perspective, manyhigh-yield companies continued to benefit from contained costs, steady cash balances,and the aggressive refinancing of debt at today’s low rates.As a result, in general markets trended positively during the year, but suffered interruptionsthroughout the summer on the back of changing investor sentiments aboutthe likely fate of Treasury rate increases. Fixed-income markets reacted strongly toFederal Reserve (“the Fed”) comments at the end of May regarding the potentialreduction or elimination of the Fed’s bond-buying program, dubbed QuantitativeEasing (“QE”), resulting in the first of three down months for the period.In May, strong U.S. consumer confidence and robust U.S. housing price improvementssignaled improving economic conditions — increasing the market’s expectation thatquantitative easing would be withdrawn sooner rather than later. Both equities andfixed-income declined through June on the news.In July, investor risk appetite resurfaced to capture higher yields even as Ben Bernanke’scomments that quantitative easing was “by no means on a preset course” and “wouldbe dependent on economic conditions” failed to stem a rise in Treasury rates. The cyclelargely repeated in August and September as stronger-than-anticipated economic dataconvinced investors that the Fed may begin to taper QE, ahead of the Fed’s Septemberassurances that they would not yet do so.In this environment, the Fund provided competitive returns slightly trailing thebenchmark after fees. The Fund delivered solid credit selection and outperformed theindex across a wide variety of industries, earning its biggest contributions relative tothe market from investments in cable, energy, chemicals and steel.The Fund did not share in the benchmark’s gains from investments in banks andinsurance companies. As in past years, we believe that banks and insurers tend tofeature opaque credit risks and we therefore remain underinvested in these sectors.43
Page 1 and 2: 2013 ANNUAL REPORTINCOME FUNDS■ C
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Page 35 and 36: Yet here we are five years later wi
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Page 87 and 88: On a relative basis the Fund outper
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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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