N-CSR 1 fp0037259_ncsr.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER 811-6618

FIRST INVESTORS EQUITY FUNDS

(Exact name of registrant as specified in charter)

40 Wall Street

New York, NY 10005

(Address of principal executive offices) (Zip code)

Joseph I. Benedek

Foresters Investment Management Company, Inc.

Raritan Plaza I

Edison, NJ 08837-3620

(Name and address of agent for service)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:

1-212-858-8000

DATE OF FISCAL YEAR END: SEPTEMBER 30

DATE OF REPORTING PERIOD: SEPTEMBER 30, 2018

Item 1. Reports to Stockholders

The annual report to stockholders follows

First Investors Funds

	Income Funds

	■ Floating Rate
	■ Fund For Income
	■ Government Cash Management
	■ International Opportunities Bond
	■ Investment Grade
	■ Limited Duration Bond
	■ Strategic Income

	Equity Funds

	■ Covered Call Strategy
	■ Equity Income
	■ Global
	■ Growth & Income
	■ Hedged U.S. Equity Opportunities
	■ International
	■ Opportunity
	■ Premium Income
	■ Select Growth
	■ Special Situations
	■ Total Return

Annual Report

September 30, 2018

FOREWORD

This report is for the information of the shareholders of the Funds. It is the policy of each Fund described in this report to mail only one copy of a Fund’s prospectus, annual report, semi-annual report and proxy statements to all shareholders who share the same mailing address and share the same last name and have invested in a Fund covered by the same document. You are deemed to consent to this policy unless you specifically revoke this policy and request that separate copies of such documents be mailed to you. In such case, you will begin to receive your own copies within 30 days after our receipt of the revocation. You may request that separate copies of these disclosure documents be mailed to you by writing to us at: Foresters Investor Services, Inc., Raritan Plaza I, Edison, NJ 08837-3620 or calling us at 1-800-423-4026.

The views expressed in the portfolio manager letters reflect those views of the portfolio managers only through the end of the period covered. Any such views are subject to change at any time based upon market or other conditions and we disclaim any responsibility to update such views. These views may not be relied on as investment advice.

You may obtain a free prospectus for any of the Funds by contacting your representative, calling 1-800-423-4026, writing to us at the following address: Foresters Financial Services, Inc., 40 Wall Street, New York, NY 10005, or by visiting our website at www.foresters.com. You should consider the investment objectives, risks, charges and expenses of a Fund carefully before investing. The prospectus contains this and other information about the Fund, and should be read carefully before investing.

An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although the Government Cash Management Fund seeks to preserve a net asset value at $1.00 per share, it is possible to lose money by investing in it, just as it is possible to lose money by investing in any of the other Funds. Past performance is no guarantee of future results. There is no guarantee that a Fund’s investment objective will be achieved.

A Statement of Additional Information (“SAI”) for any of the Funds may also be obtained, without charge, upon request by calling 1-800-423-4026, writing to us at our address or by visiting our website listed above. The SAI contains more detailed information about the Funds, including information about its Trustees.

Foresters Financial^TM and Foresters^TM are the trade names and trademarks of The Independent Order of Foresters (Foresters), a fraternal benefit society, 789 Don Mills Road, Toronto, Canada M3C 1T9 and its subsidiaries.

Portfolio Managers’ Letter

FLOATING RATE FUND

Dear Investor:

This is the annual report for the First Investors Floating Rate Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 3.83% for Class A shares, 4.03% for Advisor Class shares and 4.20% for Institutional Class shares, including dividends of 32.4 cents per share on Class A shares, 34.3 cents per share on Advisor Class shares and 35.9 cents per share on Institutional Class shares.

The Markets

Pointing to lofty U.S. large capitalization stock market returns alone might make investors draw the conclusion that this has been a “risk-on” year for the markets, but results actually demonstrate a more subtle—and growing—divide between credit risk and interest rate risk. Opening our lens beyond big U.S. stocks makes clear that investors have preferred investments in the U.S. where credit fundamentals have appeared stronger than in other markets. Within the U.S., however, investors are cautious around rising U.S. Treasury rates that impact not only U.S. government bonds, but also U.S. Treasury-sensitive paper typically longer in duration and higher in rating than U.S. high yield or senior floating rate loans. Broadly, fiscal year 2018 proved more challenging for global investment grade fixed income than the year before, even within the U.S. itself, with U.S. high yield gaining modestly as shown in the Fund’s benchmark return, but U.S. Treasurys and more interest-rate-sensitive investment grade paper declining.

These U.S. results highlight the year’s overarching divergence between the interest rate cycle and the credit cycle. Ten years out from the credit crisis of 2008, investors may be beginning to ask themselves if markets are ripe for another correction. Returns in 2018 indicate to us that markets have correctly been comfortable with U.S. credit risk and more cautious with regard to interest rate risk. Government and higher-rated investment grade bonds have felt pressure from rising interest rates, record Treasury issuance, and a curtailment of quantitative easing (the Federal Reserve’s program to inject liquidity into the markets through bond purchases), three trends which tend to reduce the demand for bonds and bond prices. Individual companies, by contrast, have been demonstrating the stable or growing earnings and balance sheet health that have kept investors interested. In the U.S., companies (and the U.S. stock market) have benefited particularly from a lower corporate tax rate regime, the repatriation of large cash assets from abroad, contained cost inflation, and increased earnings when compared with relatively weaker earnings periods in 2015 and 2016.

In this environment of interest rate stress, it makes sense that senior, floating rate loans issued by high yield companies have offered investors a relatively attractive return between the heady returns of the S&P 500 and well ahead of U.S. high yield bonds (which have similar ratings) and the declines we see in higher-rated fixed income. In line with our analysis that, in the end, the period’s U.S. results reflect rate concerns above credit concerns, and, indeed, above any other idiosyncratic global political headlines, these loans produced attractive returns as investor capital flowed into the asset class in search of yields that could keep up with rate increases. It is the floating rate nature of these loans—their interest rates paid to investors rise as LIBOR rises—which has made the loans compelling for many institutional and retail participants over the period. Supply has expanded to meet this growing demand, but technical demand factors

Portfolio Managers’ Letter (continued)

FLOATING RATE FUND

have remained a tailwind to the asset class, particularly through the second half of the reporting period. Even with interest rates increasing, some companies have moved from borrowing in the high yield market to refinancing debt with new issues of senior loans.

While there has been an erosion in covenant protections for new issue loans, default rates have been at cyclical lows, and companies appear to have extended their debt maturities well into the future during the current cycle. Indeed, U.S. high yield companies which issue floating rate loans remain broadly well capitalized and interest coverage ratios suggest debt levels are very manageable. Nevertheless, pockets of undue risk are out there in our view—particularly in technology and big box retail issues.

The Fund

During the 2018 fiscal year, the Fund delivered attractive returns, but underperformed its benchmark, the Credit Suisse Leveraged Loan Index, which returned 5.58%. Part of the Fund’s underperformance came from investments in short maturity bonds—typically under 10% of the portfolio’s assets—used to help maintain the portfolio’s liquidity as loan transactions can take time to fully settle. The portfolio’s bond holdings outperformed the U.S. high yield market over the period, representing good credit selection, but bonds broadly underperformed loans. Secondly, the portfolio remained underinvested versus the market in the lowest rated loans, typically in the CCC range. While our holdings in this area outperformed the rest of the portfolio, we select only lower-rated paper we believe can add more value than risk over the long term. In less expensive markets, there may be more bargains below B-, but we have preferred not to reach unduly for spreads in companies we believe overleveraged in a market that, overall, has much to offer with lower risk. We are probably at least at the mid-point in the credit cycle and are conscientious about getting value for our investors.

From an industry perspective, we had lower returns—and also less exposure—than the market in the Food and Tobacco sectors and across Retail more broadly. This hurt relative Fund returns, particularly in the last quarter of the fiscal year when Retail rebounded, but longer term, we see a great deal of technological threat in the sector—highlighted, perhaps, by the post-period bankruptcy filing of Sears (to which the portfolio was not exposed). We have also maintained some caution through the period in parts of the lower-rated technology sector which has grown more rapidly as a percentage of the index that we think was warranted given high leverage in the sector. Health Care—a growth industry largely insulated from potential trade war disruption due to its highly domestic nature—has been our largest concentration over the period, performing in line with the overall loan market average.

Outlook

has remained largely insulated from these pressures. In Emerging Markets, trade disputes with China and idiosyncratic crises in Brazil, Turkey and Argentina have led to risk-off sentiment.

Are investors favoring the U.S. as a safe haven? U.S. valuations certainly reflect a strong technical bid, but corporate fundamentals remain attractive as reflected in particularly low default rate projections. The question remains, where can an investor find the best reward per unit of risk? In our view, U.S. credit—especially floating rate paper—remains a compelling asset class even in a rising rate environment, offering more yield and price-stability potential than higher-rated paper more correlated to interest rate changes. While a trade war would be anticipated to provide headwinds to global growth, we think this would potentially impact equity valuations more than loan prices as U.S. companies remain generally well-positioned to pay back what they owe over the coming months. We anticipate continued strong demand for the asset class in the coming months.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,



Clinton J. Comeaux	Bryan Petermann
Portfolio Manager	Portfolio Manager

October 31, 2018

Understanding Your Fund’s Expenses (unaudited)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

As a mutual fund shareholder, you incur two types of costs: (1) transaction costs, including a sales charge (load) on purchase payments (on Class A shares only) and a contingent deferred sales charge on redemptions (on Class B shares and, under certain circumstances when a Class A load was waived, on Class A shares); and (2) ongoing costs, including advisory fees; distribution and service fees (12b-1) (on Class A and Class B shares only); and other expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 in each Fund at the beginning of the period, April 1, 2018, and held for the entire six-month period ended September 30, 2018. The calculations assume that no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

Actual Expenses Example:

These amounts help you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To estimate the expenses you paid on your account during this period, simply divide your ending account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period”.

Hypothetical Expenses Example:

These amounts provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio for each class of shares of a Fund, and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight and help you compare your ongoing costs only and do not reflect any transaction costs, such as front-end or contingent deferred sales charges (loads) or account fees that are charged to certain types of accounts, such as an annual custodial fee of $15 for certain IRA accounts and certain other retirement accounts or an annual custodial fee of $30 for 403(b) custodial accounts (subject to exceptions and certain waivers as described in the Funds’ Statement of Additional Information). Therefore, the hypothetical expenses example is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these costs were included, your costs would have been higher.

Fund Expenses (unaudited)

FLOATING RATE FUND

The examples below show the ongoing costs (in dollars) of investing in your Fund and will help you in comparing these costs with costs of other mutual funds. Please refer to page 4 for a detailed explanation of the information presented in these examples.

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.10%
Actual		$1,000.00	$1,020.90	$ 5.57
Hypothetical^**		$1,000.00	$1,019.55	$ 5.57
Advisor Class Shares	0.90%
Actual		$1,000.00	$1,022.93	$ 4.56
Hypothetical^**		$1,000.00	$1,020.56	$ 4.56
Institutional Class Shares	0.70%
Actual		$1,000.00	$1,022.77	$ 3.55
Hypothetical^**		$1,000.00	$1,021.56	$ 3.55

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived and/or assumed.

Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

Cumulative Performance Information (unaudited)

FLOATING RATE FUND

Comparison of change in value of $10,000 investment in the First Investors Floating Rate Fund (Class A shares) and the Credit Suisse Leveraged Loan Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Advisor Class	Institutional Class	Credit Suisse Leveraged Loan Index
One Year	3.83%	4.03%	4.20%	5.58%
Since Inception^**	2.42%	2.67%	2.82%	4.32%

S.E.C. Standardized	Class A	Advisor Class	Institutional Class
One Year	1.21%	4.03%	4.20%
Since Inception^**	1.89%	2.67%	2.82%
S.E.C 30-Day Yield^***	1.59%	1.84%	2.02%

The graph compares a $10,000 investment in the First Investors Floating Rate Fund (Class A shares) beginning 10/21/13 (commencement of operations) with a theoretical investment in the Credit Suisse Leveraged Loan Index (the “Index”). The Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. Loans included in the index must be issued from companies in developed countries, rated below investment grade by at least one ratings provider, and be fully funded term loans with a remaining term of at least one year. It is not possible to invest directly in this Index. In addition, the Index does not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the graph and the accompanying table it is assumed that all dividends and distributions were reinvested. Advisor Class shares and Institutional Class shares performance will be greater than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

Average Annual Total Return figures (for the periods ended 9/30/18) include the reinvestment of all dividends 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 current maximum sales charge of 2.5% and assume the current sales charge of 2.5% was in effect at the beginning of the stated periods(prior to 6/12/17, the maximum sales charge was 5.75%). The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Return for one year and Since Inception would have been 1.10% and 1.67%, respectively, and the S.E.C. 30-Day Yield for September 2018 would have been 1.58%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return for one year and Since Inception would have been 3.91% and 2.59%, respectively, and the S.E.C. 30-Day Yield for September 2018 would have been 1.66%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return for one year and Since Inception would have been 4.08% and 2.65%, respectively, and the S.E.C. 30-Day Yield for September 2018 would have been 2.02%. Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Credit Suisse and all other figures are from Foresters Investment Management Company, Inc.

The Since Inception returns for Class A shares, Advisor Class shares and Institutional Class shares are for the period beginning 10/21/13 (commencement of operations).

***

The S.E.C. 30-Day Yield shown is for September 2018.

Portfolio of Investments

FLOATING RATE FUND

September 30, 2018

Principal Amount		Security	Value
		LOAN PARTICIPATIONS†—94.1%
		Aerospace/Defense—1.1%
		TransDigm, Inc.:
$	1,335M	4.7422%, 8/22/2024 ^(a)	$	1,340,983
	1,342M	4.7422%, 5/30/2025 ^(a)		1,347,967
				2,688,950
		Automotive—3.9%
	2,494M	AutoKiniton U.S. Holdings, Inc., 6.2122%, 5/22/2025		2,522,590
		Dexko Global, Inc.:
	2,978M	3.5%, 7/24/2024		3,037,088
	500M	10.6361%, 7/24/2025		502,970
	767M	Innovative XCessories & Services, LLC, 6.97%, 11/29/2022		769,612
	1,244M	Navistar International Corp., 5.64%, 11/6/2024		1,250,746
	1,061M	Superior Industries International, Inc., 6.2422%, 5/22/2024		1,067,145
	500M	Truck Hero, Inc., 10.4622%, 4/21/2025		501,250
				9,651,401
		Building Materials—1.7%
	1,750M	Foundation Building Materials, 5.3979%, 8/13/2025		1,755,469
	2,500M	Yak Access, LLC, 5%, 7/11/2025		2,437,500
				4,192,969
		Chemicals—5.4%
	1,485M	Archroma Finance Sarl, 6.5831%, 8/12/2024		1,488,713
	2,978M	Avantor Performance Materials Holdings, Inc., 6.2422%, 11/21/2024		3,016,341
	2,470M	ColourOz Investment, 5.3416%, 9/7/2021		2,351,009
	1,995M	Consolidated Energy Finance SA, 4.6326%, 5/7/2025		1,992,506
		Invictus U.S. Newco, LLC:
	498M	5.195%, 3/28/2025		501,388
	1,000M	8.8259%, 3/30/2026		1,004,690
	1,292M	PQ Group Holdings, Inc., 4.7422%, 2/8/2025		1,294,582
	1,687M	Venator Finance Sarl, 5.2422%, 8/8/2024		1,696,219
				13,345,448

Principal Amount		Security	Value
		Consumer Durables—1.0%
$	2,489M	TGP Holdings III, LLC, 6.6361%, 9/25/2024	$	2,445,797
		Consumer Non-Durables—2.2%
	2,500M	Energizer Holdings, Inc., 2.25%, 6/20/2025 ^(a)		2,512,500
	1,350M	frontdoor, inc., 4.75%, 8/16/2025		1,360,125
	1,575M	Kronos Acquisition Intermediate, Inc., 6.2422%, 5/15/2023		1,570,740
				5,443,365
		Energy—.9%
	450M	California Resources Corp., 6.9622%, 12/31/2022		460,125
	1,199M	Foresight Energy, LLC, 7.9922%, 3/28/2022		1,202,028
	475M	Lotus Midstream, LLC, 3.25%, 9/26/2025 ^(a)		477,375
				2,139,528
		Financial Services—4.2%
	1,881M	Alliant Holdings Intermediate, LLC, 5.1479%, 5/9/2025		1,887,477
	1,758M	EIG Investors Corp., 6.0614%, 2/9/2023		1,774,879
	2,709M	NFP Corp., 5.2422%, 1/8/2024		2,717,788
	3,980M	USI Holdings Corp., 5.3861%, 5/16/2024		3,986,128
				10,366,272
		Financials—3.3%
		Acrisure, LLC:
	499M	5.9922%, 11/22/2023		499,064
	495M	6.5924%, 11/22/2023		497,787
	1,980M	AssuredPartners, Inc., 5.4922%, 10/22/2024		1,986,980
	1,248M	Canyon Valor Cos., Inc., 5.6361%, 6/16/2023		1,255,932
	250M	GBT Group Service BV, 4.838%, 8/13/2025		252,345
	1,493M	PI U.K. Holdco II, LLC, 5.7422%, 1/3/2025		1,489,933
	1,496M	TransUnion, LLC, 4.2422%, 6/19/2025		1,502,489
	671M	VFH Parent, LLC, 5.0888%, 12/30/2021		675,653
				8,160,183

Portfolio of Investments (continued)

FLOATING RATE FUND

September 30, 2018

Principal Amount		Security	Value
		Food/Beverage/Tobacco—3.3%
$	625M	8th Avenue Food and Provisions, 3.75%, 9/19/2025 ^(a)	$	631,447
	2,151M	Chobani, LLC, 5.7422%, 10/10/2023		2,105,955
	750M	Dole Food Co., Inc., 2.75%, 4/6/2024 ^(a)		750,937
	3,491M	H-Food Holdings, LLC, 5.2422%, 5/23/2025		3,485,071
	1,000M	Sunshine Investments BV, 5.5638%, 3/28/2025		1,004,530
				7,977,940
		Forest Products/Containers—.5%
	1,144M	BWAY Holding Co., 5.5814%, 4/3/2024		1,146,014
		Gaming/Leisure—10.3%
		AMC Entertainment Holdings, Inc.:
	1,863M	4.3844%, 12/15/2022		1,866,463
	369M	4.3844%, 12/15/2023		369,929
	3,000M	Boyd Gaming Corp., 4.4174%, 9/15/2023		3,018,750
	1,990M	Caesars Resort Collection, 4.9922%, 12/23/2024		2,003,184
	1,741M	Casablanca U.S. Holdings, Inc., 6.3424%, 3/29/2024		1,723,846
	1,483M	CEOC, LLC, 4.2422%, 10/7/2024		1,483,826
	2,000M	Dorna Sports SL, 5.3861%, 4/12/2024		1,980,000
	1,000M	Eldorado Resorts, Inc., 4.4083%, 4/17/2024		1,003,125
	1,443M	Live Nation Entertainment, Inc., 4%, 10/31/2023		1,446,878
	1,000M	Penn National Gaming, Inc., 2.25%, 8/14/2025 ^(a)		1,006,875
	1,855M	Seminole Hard Rock Entertainment, Inc., 5.0874%, 5/14/2020		1,864,512
	1,750M	Sigma Bidco BV, 5.1138%, 7/2/2025		1,752,625
	2,197M	Stars Group Holdings BV, 5.8861%, 7/28/2025 ^(a)		2,221,167
	1,000M	Station Casinos, LLC, 2.5%, 6/8/2023 ^(a)		1,005,470
	2,547M	WorldStrides Lakeland Tours, 6.3341%, 12/16/2024		2,575,248
				25,321,898
		Health Care—11.1%
	1,712M	Bausch Health Cos., Inc., 5.1038%, 6/2/2025		1,722,046
	1,496M	BW NHHC Holdco, Inc., 7.1584%, 5/15/2025		1,471,007
	600M	Air Methods Corp., 3.5%, 4/22/2024 ^(a)		547,875

Principal Amount		Security	Value
		Health Care (continued)
$	250M	Albany Molecular Research, Inc., 9.2422%, 8/30/2025	$	250,937
	898M	Amneal Pharmaceuticals, LLC, 5.75%, 5/4/2025		906,329
	1,542M	DaVita, Inc., 4.9922%, 6/24/2021		1,550,622
		Envision Healthcare Corp.:
	3,500M	3.75%, 9/28/2025 ^(a)		3,483,375
	607M	5.25%, 12/1/2023		608,212
	1,489M	Equian Buyer Corp., 5.4622%, 5/20/2024		1,497,998
	988M	Geronimo Intermediate Parent, Inc., 5.4922%, 6/22/2023		994,294
		Heartland Dental, LLC:
	308M	3.75%, 4/30/2025 ^(a)		308,385
	2,049M	5.9922%, 4/30/2025		2,051,426
		Mallinckrodt International Finance SA:
	1,956M	5.1361%, 9/24/2024		1,949,895
	499M	5.5169%, 2/24/2025		500,059
	188M	Onex Carestream Finance, LP, 6.2422%, 6/7/2019		188,555
	1,097M	Parexel International Corp., 4.9922%, 9/27/2024 ^(a)		1,089,993
	500M	Pearl Intermediate Parent, 8.4153%, 2/13/2026		499,375
	746M	PharMerica Corp., 5.6479%, 12/6/2024		751,847
	499M	R1 RCM, Inc., 7.4284%, 5/8/2025		499,997
		Sound Inpatient Physicians, LLC:
	2,244M	5.2422%, 6/27/2025		2,261,679
	250M	6.75%, 6/26/2026		251,563
	1,478M	Sterigenics-Nordion Holdings, LLC, 5.2422%, 5/15/2022		1,481,888
	2,491M	U.S. Renal Care, 6.6361%, 12/30/2022		2,433,434
				27,300,791
		Information Technology—13.1%
	2,043M	Change Healthcare Holdings, LLC, 4.9922%, 3/1/2024		2,051,138
	1,000M	Corel Corp., 7.3126%, 6/4/2024		1,006,250
	965M	Digicel International Finance, Ltd., 5.57%, 5/27/2024		920,310
		DigiCert Holdings, Inc.:
	3,267M	4.75%, 10/31/2024 ^(a)		3,281,105
	850M	4%, 10/31/2024		853,719
	750M	EagleView Technology Corp., 5.6344%, 8/14/2025		752,812

Portfolio of Investments (continued)

FLOATING RATE FUND

September 30, 2018

Principal Amount		Security	Value
		Information Technology (continued)
$	2,594M	GTT Communications, Inc., 4.99%, 5/31/2025	$	2,570,262
	1,425M	Inovalon Holdings, Inc., 5.625%, 4/2/2025		1,425,891
	1,985M	ION Trading Technologies, Ltd., 2.75%, 11/21/2024		1,978,797
	1,822M	Microchip Technology, Inc., 4.25%, 5/29/2025		1,824,851
	3,000M	Plantronics, Inc., 4.7422%, 7/2/2025		3,010,785
	2,302M	Project Leopard Holdings, Inc., 6.2422%, 7/7/2023		2,314,741
	1,985M	Solarwinds, Inc., 5.2422%, 2/5/2024		1,998,528
	1,010M	SS&C Technologies Holdings, Inc., 4.4922%, 4/16/2025		1,011,655
	500M	SuperMoose Borrower, LLC, 5.9922%, 8/29/2025		503,125
		VeriFone Systems, Inc.:
	1,000M	6.3223%, 8/20/2025		1,006,720
	1,000M	10.3223%, 8/20/2026		995,000
	2,000M	Web.com Group, Inc., 3.75%, 9/17/2025 ^(a)		2,015,410
	2,593M	Western Digital Corp., 3.9922%, 4/29/2023		2,600,367
				32,121,466
		Manufacturing—8.6%
	1,995M	Altran Technologies SA, 4.5875%, 3/20/2025		1,999,369
	2,184M	AMG Advanced Metallurgical, 5.2422%, 2/3/2025		2,179,819
	3,456M	Brand Energy & Infrastructure Services, Inc., 6.5958%, 6/21/2024		3,483,036
	1,500M	Clark Equipment Co., 2%, 5/18/2024 ^(a)		1,504,065
	993M	Engineered Machinery Holdings, Inc., 5.6361%, 7/19/2024		982,580
	1,343M	Filtration Group Corp., 5.2422%, 3/29/2025		1,352,821
	1,481M	GrafTech International, Ltd., 5.7422%, 2/12/2025		1,480,564
	2,461M	HII Holding Corp., 5.4922%, 12/20/2019		2,468,526
	2,675M	Hillman Group, Inc., 4%, 5/30/2025 ^(a)		2,649,093
	1,500M	Minimax Viking GmbH, 5.2422%, 7/31/2025		1,513,125
	1,493M	NCI Building Systems, Inc., 4.2422%, 2/7/2025		1,494,366
				21,107,364
		Media-Broadcasting—1.8%
	2,210M	Altice Financing SA, 4.9084%, 7/15/2025 ^(a)		2,176,542
	274M	Mission Broadcasting, Inc., 4.6038%, 1/17/2024		275,343

Principal Amount		Security	Value
		Media-Broadcasting (continued)
$	1,952M	Nexstar Broadcasting, Inc., 4.6038%, 1/17/2024	$	1,962,712
				4,414,597
		Media-Cable TV—5.2%
	3,766M	Cogeco Communications, 4.6172%, 1/3/2025		3,770,006
		CSC Holdings, LLC:
	1,848M	4.4084%, 7/17/2025		1,849,063
	249M	4.6584%, 1/25/2026		250,271
	1,212M	Gray Television, Inc., 4.3538%, 2/7/2024		1,216,035
	1,730M	Midcontinent Communications, 4.1584%, 12/31/2023		1,741,972
	2,000M	Numericable US, LLC, 2.75%, 7/31/2025		1,970,000
	1,485M	Raycom TV Broadcasting, LLC, 4.4922%, 8/23/2024		1,491,809
	600M	Ziggo Secured Finance Partnership, 4.6584%, 4/15/2025		589,833
				12,878,989
		Media-Diversified—.4%
	962M	Tribune Media Co., 5.2422%, 1/26/2024		964,409
		Metals/Mining—1.5%
	1,361M	Big River Steel, LLC, 7.3861%, 8/23/2023		1,384,221
	1,390M	MRC Global (U.S.), Inc., 5.2422%, 9/20/2024		1,395,579
	812M	TMS International Corp., 4.9922%, 8/14/2024		816,355
				3,596,155
		Retail-General Merchandise—3.0%
	2,000M	1011778 B.C., ULC, 2.25%, 2/16/2024 ^(a)		2,003,340
	1,496M	Harbor Freight Tools USA, Inc., 4.7422%, 8/18/2023		1,499,404
	1,141M	Hercules Achievement, Inc., 5.7422%, 12/16/2024		1,146,474
	825M	SRS Distribution, Inc., 5.4414%, 5/23/2025		818,899
	1,985M	Staples, Inc., 6.3431%, 9/12/2024		1,987,729
				7,455,846
		Services—2.9%
	721M	Capri Acquisition BidCo., 5.5924%, 11/1/2024		720,928
	450M	Garrett LX III SarL, 2.5%, 9/19/2025 ^(a)		451,125

Portfolio of Investments (continued)

FLOATING RATE FUND

September 30, 2018

	Principal Amount		Security	Value
			Services (continued)
	$	2,993M	IQVIA, Inc., 4.1361%, 6/11/2025	$	2,996,256
		931M	Monitronics International, Inc., 7.8861%, 9/30/2022		910,826
		1,998M	Multi-Color Corp., 4.4922%, 10/31/2024 ^(a)		2,011,023
					7,090,158
			Utilities—5.7%
		500M	Brookfield WEC Holdings Inc., 8.9922%, 8/3/2026		510,467
		2,849M	Calpine Corp., 4.89%, 1/15/2024		2,852,787
		1,963M	ExGen Renewables I, LLC, 5.32%, 11/28/2024		1,982,254
			HD Supply, Inc.:
		1,623M	4.4922%, 8/13/2021 ^(a)		1,635,172
		540M	4.7422%, 10/17/2023		545,710
		1,625M	Invenergy Cannon Falls, LLC, 5.8114%, 8/28/2025		1,644,297
		2,001M	Talen Energy Supply, LLC, 6.2422%, 7/15/2023		2,015,940
		2,743M	USIC Holdings, Inc., 5.4922%, 12/8/2023 ^(a)		2,765,801
					13,952,428
			Waste Management—1.7%
			GFL Environmental, Inc.:
		332M	2.75%, 5/30/2025 ^(a)		332,331
		2,662M	5.1361%, 5/30/2025		2,668,496
		1,056M	Gopher Resource, LLC, 5.4922%, 3/6/2025		1,061,806
					4,062,633
			Wireless Communications—1.3%
		1,428M	Sprint Communications, Inc., 4.75%, 2/2/2024		1,432,713
		1,681M	Telesat Canada, 4.89%, 11/17/2023		1,687,219
					3,119,932
Total Value of Loan Participations (cost $229,290,234)					230,944,533
			CORPORATE BONDS—4.2%
			Energy—.5%
		650M	Genesis Energy, LP, 6%, 5/15/2023		644,312

Principal Amount		Security	Value
		Energy (continued)
$	650M	Global Partners, LP, 6.25%, 7/15/2022	$	650,000
				1,294,312
		Financials—.6%
		DAE Funding, LLC:
	300M	4%, 8/1/2020 ^(b)		297,375
	350M	4.5%, 8/1/2022 ^(b)		342,125
	850M	Icahn Enterprises, LP, 6.25%, 2/1/2022		873,375
				1,512,875
		Forest Products/Containers—.8%
	1,000M	Ardagh Holdings USA, Inc., 7.25%, 5/15/2024 ^(b)		1,050,000
	900M	BWAY Holding Co., 5.5%, 4/15/2024 ^(b)		887,625
				1,937,625
		Health Care—.9%
	1,250M	Bausch Health Cos., Inc., 5.5%, 3/1/2023 ^(b)		1,207,813
	450M	Endo Finance, LLC, 7.25%, 1/15/2022 ^(b)		441,000
	450M	Molina Healthcare, Inc., 5.375%, 11/15/2022		459,563
				2,108,376
		Media-Cable TV—.2%
	425M	Numericable Group SA, 6.25%, 5/15/2024 ^(b)		420,219
		Metals/Mining—.2%
	600M	First Quantum Minerals, Ltd., 7.25%, 5/15/2022 ^(b)		589,500
		Telecommunications—.3%
	650M	GCI, Inc., 6.875%, 4/15/2025		675,376
		Utilities—.2%
	650M	Calpine Corp., 5.375%, 1/15/2023		616,687

Portfolio of Investments (continued)

FLOATING RATE FUND

September 30, 2018

	Principal Amount	Security		Value
		Wireless Communications—.5%
$	1,100M	Sprint Corp., 7.875%, 9/15/2023	$	1,189,375

Total Value of Corporate Bonds (cost $10,402,709)				10,344,345
Total Value of Investments (cost $239,692,943)	98.3	%		241,288,878
Other Assets, Less Liabilities	1.7			4,096,125
Net Assets	100.0	%	$	245,385,003

(a)	A portion or all of the security purchased on a when-issued or delayed delivery basis (see Note 1G).

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).

†	Interest rates are determined and reset periodically. The interest rates above are the rates in effect at September 30, 2018.

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 ––

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 ––

Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 ––

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Loan Participations	$	—	$	230,944,533	$	—	$	230,944,533
Corporate Bonds		—		10,344,345		—		10,344,345
Total Investments in Securities^*	$	—	$	241,288,878	$	—	$	241,288,878

^*	The Portfolio of Investments provides information on the industry categorization of loan participations and corporate bonds.

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Portfolio Managers’ Letter

FUND FOR INCOME

Dear Investor:

This is the annual report for the First Investors Fund For Income for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 1.88% for Class A shares, 1.06% for Class B shares, 2.17% for Advisor Class shares and 1.91% for Institutional Class shares, including dividends of 12.6 cents per share on Class A shares, 10.6 cents on Class B shares, 13.3 cents on Advisor Class shares and 13.7 cents on Institutional Class shares.

The Markets

Pointing to lofty U.S. large capitalization stock market returns alone might make investors draw the conclusion that this has been a “risk-on” year for the markets, but results actually demonstrate a more subtle—and growing—divide between credit risk and interest rate risk. Opening our lens beyond big U.S. stocks makes clear that investors have preferred investments in the U.S. where credit fundamentals have appeared stronger than in other markets. Within the U.S., however, investors are cautious around rising Treasury rates that impact not only U.S. government bonds, but also Treasury-sensitive paper, typically longer in duration and higher in rating than U.S. high yield or senior floating rate loans. Broadly, fiscal year 2018 proved more challenging for global investment grade fixed income than the year before, even within the U.S. itself, with U.S. high yield gaining modestly as shown in the benchmark return, but Treasurys and more interest-rate-sensitive investment grade paper declining.

In this environment of interest rate stress, it makes sense that high yield bonds have delivered returns between the heady returns of the S&P 500 and the declines we see in higher-rated fixed income. This has occurred because high yield bonds, with their higher coupons, can better absorb interest rate increases than investment grade bonds when markets continue to view 7fundamental company financial data as relatively healthy. In fact, U.S. high yield default rates remain cyclically low, and the market has been supported by a strong technical bid for shrinking supplies of high yield paper as U.S. high yield companies have been steadily upgraded to investment grade or refinanced their higher interest rate debt at lower rates, not always within the high yield market. U.S. high yield companies remain broadly well capitalized and interest coverage ratios

Portfolio Managers’ Letter (continued)

FUND FOR INCOME

suggest debt levels are very manageable. Prices, however, for U.S. high yield debt, have been high on the back of strong technical demand.

The Fund

For the annual reporting period ended September 30, 2018, the gross, before fees performance of the Fund outpaced that of the benchmark, the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index, which returned 2.30%. Looking from the perspective of industry allocations, this outperformance came overwhelmingly from credit selection within each industry, rather than from positioning amongst industries. This result aligns with our long-term core belief that over time, and particularly in less certain times, credit selection is key in distinguishing portfolio results and stabilizing returns. Specifically, the Fund’s selections outperformed most in Metals and Mining, Cable/Satellite TV, and Chemicals, all sectors in which we were also overweight versus the index. Our selections underperformed those of the index in only eight sectors amongst 37. Seen from the perspective of rating positioning within high yield, the Fund’s outperformance was also skewed very heavily in favor of credit selection rather than rating allocation, with the Fund picking up the most selection ground against the index across the more credit-sensitive B range where we were generally overweight, in line with our view that interest rate pressures—rather than credit issues—posed the greater risk to market prices in the period. Finally, looking at this outperformance through the lens of duration (interest rate sensitivity) provides a perspective from which allocation decisions were more equal contributors than credit selection in the Fund’s success. Specifically, the Fund benefited significantly from its overweighting of the shortest duration positions. In this Fund, that position was comprised not only of high yield bonds, but also of senior, floating rate loans which the portfolio invests in at the margin, in part to reduce interest rate sensitivity. In line with our analysis that, in the end, the period’s U.S. results reflect rate concerns above credit concerns, and, indeed, above any other idiosyncratic global political headlines, these loans produced attractive “excess” returns for the portfolio above the benchmark. This enhanced overall Fund return from companies that actually have high yield ratings like the bonds that comprise the majority of the portfolio. It is the floating rate nature of these loans—their interest rates paid to investors rise as LIBOR rises—which has made the loans compelling for many market participants over the period.

Outlook

U.S. risk has significantly outperformed both its European and emerging markets counterparts. Is the outperformance a function of strong U.S. economic data or a flight to quality into the perceived safety of the U.S.? U.S. economic data has been strong (jobs, PMI) and tax reform has added a further boost to corporate profitability. While corporate fundamentals in Europe remain strong, concerns about Brexit and the Italian budget have weighed on investors while the U.S. has remained largely insulated from these pressures. In emerging markets, trade disputes with China and idiosyncratic crises in Brazil, Turkey and Argentina have led to risk-off sentiment. Are investors favoring the U.S. as a safe haven? U.S. valuations certainly reflect a strong technical bid, but corporate fundamentals remain attractive as reflected in particularly low default rate projections.

The question remains, where can an investor find the best reward per unit of risk? In our view, U.S. credit remains a compelling asset class even in a rising rate environment, offering more yield and price-stability potential than higher-rated paper more correlated to interest rate changes. While a trade war would be anticipated to provide headwinds to global growth, we think this would potentially impact equity valuations more than bond prices as U.S. companies remain generally well-positioned to pay back what they owe over the coming months. The asset class is not cheap in our view, but it is performing.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,

Clinton J. Comeaux
Portfolio Manager

October 31, 2018

Fund Expenses (unaudited)

FUND FOR INCOME

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.22%
Actual		$1,000.00	$ 1,026.22	$ 6.20
Hypothetical^**		$1,000.00	$ 1,018.95	$ 6.17
Class B Shares	2.02%
Actual		$1,000.00	$ 1,021.99	$ 10.24
Hypothetical^**		$1,000.00	$ 1,014.94	$ 10.20
Advisor Class Shares	0.92%
Actual		$1,000.00	$ 1,027.78	$ 4.68
Hypothetical^**		$1,000.00	$ 1,020.46	$ 4.66
Institutional Class Shares	0.79%
Actual		$1,000.00	$ 1,024.35	$ 4.01
Hypothetical^**		$1,000.00	$ 1,021.11	$ 4.00

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

Cumulative Performance Information (unaudited)

FUND FOR INCOME

Comparison of change in value of $10,000 investment in the First Investors Fund For Income (Class A shares), the Bank of America (“BofA”) Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Class B	Advisor Class	Institutional Class	BofA Merrill Lynch BB/B U.S. Cash Pay High Yield Index
One Year	1.88%	1.06%	2.17%	1.91%	2.30%
Five Years	3.97%	3.16%	4.22%	4.31%	5.39%
Ten Years or Since Inception^**	6.29%	5.65%	3.87%	4.11%	8.54%†

S.E.C. Standardized	Class A	Class B	Advisor Class	Institutional Class
One Year	-2.38%	-2.81%	2.17%	1.91%
Five Years	3.11%	2.82%	4.22%	4.31%
Ten Years or Since Inception^**	5.86%	5.65%	3.87%	4.11%
S.E.C 30-Day Yield^***	5.03%	4.45%	5.53%	5.69%

The graph compares a $10,000 investment in the First Investors Fund For Income (Class A shares) beginning 9/30/08 with a theoretical investment in the BofA Merrill Lynch BB-B U.S. Cash Pay High Yield Constrained Index (the “Index”). The Index contains all securities in the BofA Merrill Lynch U.S. Cash Pay High Yield Index rated BB1 through B3, based on an average of Moody’s, S&P and Fitch, but caps issuer exposure at 2%. It is not possible to invest directly in this Index. In addition, the Index does not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the graph

Cumulative Performance Information (unaudited) (continued)

FUND FOR INCOME

and the accompanying table it is assumed that all dividends and distributions were reinvested. Class B shares, Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

Average Annual Total Return figures (for the periods ended 9/30/18) include the reinvestment of all dividends 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 current maximum sales charge of 4% and assume the current sales charge of 4% was in effect at the beginning of the stated periods (prior to 6/12/17, the maximum sales charge was 5.75%). The Class B “S.E.C. Standardized” returns are adjusted for the applicable deferred sales charge (maximum of 4% in the first year). The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Return for One Year, Five Years and Ten Years would have been -2.41%, 3.09% and 5.84%, respectively, and the S.E.C. 30-Day Yield for September 2018 would have been 5.01%. The Class B “S.E.C. Standardized” Average Annual Total Return for One Year, Five Years and Ten Years would have been -2.83%, 2.80% and 5.62%, respectively, and the S.E.C. 30-Day Yield for September 2018 would have been 4.43%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return for One Year, Five Years and Since Inception would have been 2.15%, 4.20% and 3.15%, respectively, and the S.E.C. 30-Day Yield for September 2018 would have been 5.50%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return for One Year, Five Years and Since Inception would have been 1.89%, 4.37% and 4.09%, respectively, and the S.E.C. 30-Day Yield for September 2018 would have been 5.66%. Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The issuers of high yield bonds, in which the Fund primarily invests, pay higher interest rates because they have a greater likelihood of financial difficulty, which could result in their inability to repay the bonds fully when due. Prices of high yield bonds are also subject to greater fluctuations. Index figures are from Bank of America Merrill Lynch and all other figures are from Foresters Investment Management Company, Inc.

The Since Inception returns for Advisor Class shares and Institutional Class shares are for the periods beginning 4/1/13 (commencement of operations for those classes).

***

The S.E.C. 30-Day Yield shown is for September 2018.

†

The Index return is for ten years. The Index return since inception of the Advisor Class shares and Institutional Class shares is 4.97%.

Portfolio of Investments

FUND FOR INCOME

September 30, 2018

Principal Amount		Security	Value
		CORPORATE BONDS—90.2%
		Aerospace/Defense—2.2%
		Bombardier, Inc.:
$	2,600M	8.75%, 12/1/2021 ^(a)	$	2,881,060
	1,950M	7.5%, 12/1/2024 ^(a)		2,062,125
	1,200M	7.5%, 3/15/2025 ^(a)		1,243,500
		Meccanica Holdings USA, Inc.:
	1,871M	7.375%, 7/15/2039 ^(a)		2,189,070
	750M	6.25%, 1/15/2040 ^(a)		787,500
		TransDigm, Inc.:
	1,650M	5.5%, 10/15/2020		1,654,125
	3,225M	6.375%, 6/15/2026		3,265,313
				14,082,693
		Automotive—2.9%
	2,875M	Adient Global Holdings, Ltd., 4.875%, 8/15/2026 ^(a)		2,569,531
	3,125M	American Axle & Manufacturing, Inc., 6.25%, 4/1/2025		3,123,750
	700M	Asbury Automotive Group, Inc., 6%, 12/15/2024		710,500
	1,700M	Avis Budget Group, Inc., 6.375%, 4/1/2024 ^(a)		1,697,875
	1,675M	Cooper Standard Automotive, Inc., 5.625%, 11/15/2026 ^(a)		1,651,969
	1,000M	Dana Financing Luxembourg Sarl, 6.5%, 6/1/2026 ^(a)		1,021,550
		Dana Holding Corp.:
	2,000M	6%, 9/15/2023		2,062,500
	700M	5.5%, 12/15/2024		695,800
	50M	Group 1 Automotive, Inc., 5.25%, 12/15/2023 ^(a)		49,500
	1,650M	Hertz Corp., 7.625%, 6/1/2022 ^(a)		1,633,500
	1,375M	J.B. Poindexter & Co., 7.125%, 4/15/2026 ^(a)		1,433,438
	1,875M	Tenneco, Inc., 5%, 7/15/2026		1,671,094
				18,321,007
		Building Materials—1.0%
	2,000M	Building Materials Corp., 5.375%, 11/15/2024 ^(a)		2,005,000
	3,425M	Griffon Corp., 5.25%, 3/1/2022		3,399,313
	1,175M	New Enterprise Stone & Lime Co., 6.25%, 3/15/2026 ^(a)		1,186,750
				6,591,063

Portfolio of Investments (continued)

FUND FOR INCOME

September 30, 2018

Principal Amount		Security	Value
		Chemicals—3.0%
$	950M	Avantor, Inc., 9%, 10/1/2025 ^(a)	$	983,250
	1,800M	Blue Cube Spinco, Inc., 10%, 10/15/2025		2,079,000
	1,850M	CF Industries, Inc., 4.95%, 6/1/2043		1,644,188
	950M	CVR Partners, LP, 9.25%, 6/15/2023 ^(a)		1,010,563
	1,600M	PQ Corp., 6.75%, 11/15/2022 ^(a)		1,670,688
	4,300M	Rain CII Carbon, LLC, 7.25%, 4/1/2025 ^(a)		4,402,125
	1,400M	Rayonier AM Products, Inc., 5.5%, 6/1/2024 ^(a)		1,354,962
	3,975M	Tronox, Inc., 6.5%, 4/15/2026 ^(a)		3,835,875
	2,400M	Univar USA, Inc., 6.75%, 7/15/2023 ^(a)		2,490,000
				19,470,651
		Consumer Non-Durables—1.5%
	1,675M	Eagle Intermediate Global Holding, 7.5%, 5/1/2025 ^(a)		1,645,688
	850M	Energizer Gamma Acquisition, 6.375%, 7/15/2026 ^(a)		880,813
	1,700M	Energizer Holdings, Inc., 5.5%, 6/15/2025 ^(a)		1,695,750
	2,400M	First Quality Finance Co., 4.625%, 5/15/2021 ^(a)		2,409,000
	1,250M	frontdoor, inc., 6.75%, 8/15/2026 ^(a)		1,290,625
	1,525M	Reynolds Group Holdings, Inc., 5.125%, 7/15/2023 ^(a)		1,519,281
				9,441,157
		Energy—13.1%
	1,700M	Andeavor Logistics, LP, 6.875%, 12/29/2049		1,710,838
		Antero Resources Corp.:
	950M	5.375%, 11/1/2021		964,535
	250M	5%, 3/1/2025		252,812
	1,650M	Apergy Corp., 6.375%, 5/1/2026 ^(a)		1,701,562
	1,850M	Baytex Energy Corp., 5.125%, 6/1/2021 ^(a)		1,831,500
	1,475M	Berry Petroleum Co., 7%, 2/15/2026 ^(a)		1,534,000
	1,375M	Blue Racer Midstream, LLC, 6.125%, 11/15/2022 ^(a)		1,417,969
		Carrizo Oil & Gas, Inc.:
	500M	6.25%, 4/15/2023		513,125
	600M	8.25%, 7/15/2025		648,000
	2,425M	Chesapeake Energy Corp., 7%, 10/1/2024		2,428,031
	925M	CONSOL Energy, Inc., 5.875%, 4/15/2022		927,590

Principal Amount		Security	Value
		Energy (continued)
		Consolidated Energy Finance SA:
$	2,425M	6.0842%, 6/15/2022 ^(a)†	$	2,425,880
	1,400M	6.875%, 6/15/2025 ^(a)		1,459,500
	1,025M	6.5%, 5/15/2026 ^(a)		1,036,531
	1,675M	Covey Park Energy, LLC, 7.5%, 5/15/2025 ^(a)		1,706,406
		Crestwood Midstream Partners, LP:
	2,175M	6.25%, 4/1/2023		2,259,281
	1,375M	5.75%, 4/1/2025		1,409,375
	1,700M	CrownRock, LP, 5.625%, 10/15/2025 ^(a)		1,661,750
	1,825M	CSI Compressco, LP, 7.5%, 4/1/2025 ^(a)		1,870,625
	2,250M	DCP Midstream Operating, LP, 5.35%, 3/15/2020 ^(a)		2,306,250
	1,775M	Delek Logistics Partners, LP, 6.75%, 5/15/2025		1,797,187
	975M	Denbury Resources, Inc., 9%, 5/15/2021 ^(a)		1,059,094
		Diamondback Energy, Inc.:
	500M	4.75%, 11/1/2024		501,875
	1,600M	4.75%, 11/1/2024 ^(a)		1,606,000
	775M	5.375%, 5/31/2025		793,406
	2,267M	Exterran Partners, LP, 6%, 10/1/2022		2,298,171
	650M	Forum Energy Technologies, Inc., 6.25%, 10/1/2021		651,625
		Genesis Energy, LP:
	1,400M	6.75%, 8/1/2022		1,435,000
	500M	5.625%, 6/15/2024		475,000
	1,875M	Global Partners, LP, 6.25%, 7/15/2022		1,875,000
	1,150M	Gulfport Energy Corp., 6.375%, 5/15/2025		1,131,312
	850M	Laredo Petroleum, Inc., 6.25%, 3/15/2023		854,250
	800M	McDermott Escrow 1, Inc., 10.625%, 5/1/2024 ^(a)		858,000
	1,775M	MEG Energy Corp., 6.375%, 1/30/2023 ^(a)		1,624,125
		Murphy Oil Corp.:
	1,425M	4.45%, 12/1/2022		1,417,829
	1,100M	5.75%, 8/15/2025		1,120,550
	700M	5.875%, 12/1/2042		618,500
	1,850M	Nabors Industries, Inc., 5.75%, 2/1/2025 ^(a)		1,778,153
	1,425M	Newfield Exploration Co., 5.375%, 1/1/2026		1,483,781
	850M	Northern Oil and Gas, Inc., 8.5%, 5/15/2023 ^(a)(b)		898,875

Portfolio of Investments (continued)

FUND FOR INCOME

September 30, 2018

Principal Amount		Security	Value
		Energy (continued)
		Oasis Petroleum, Inc.:
$	1,750M	6.875%, 1/15/2023	$	1,782,813
	1,125M	6.25%, 5/1/2026 ^(a)		1,146,094
	1,650M	Parkland Fuel Corp., 6%, 4/1/2026 ^(a)		1,658,250
		Parsley Energy, LLC:
	425M	6.25%, 6/1/2024 ^(a)		444,125
	1,775M	5.25%, 8/15/2025 ^(a)		1,775,000
	300M	5.625%, 10/15/2027 ^(a)		301,500
	675M	PDC Energy, Inc., 5.75%, 5/15/2026		643,781
		Precision Drilling Corp.:
	917M	6.5%, 12/15/2021		935,473
	950M	7.125%, 1/15/2026 ^(a)		978,500
	1,350M	QEP Resources, Inc., 6.875%, 3/1/2021		1,424,250
		SM Energy Co.:
	2,450M	5%, 1/15/2024		2,397,937
	1,025M	5.625%, 6/1/2025		1,026,281
	400M	6.625%, 1/15/2027		414,000
		Southwestern Energy Co.:
	1,000M	7.5%, 4/1/2026		1,052,500
	1,250M	7.75%, 10/1/2027		1,325,000
	700M	Suburban Propane Partners, LP, 5.875%, 3/1/2027		668,500
		Sunoco, LP:
	1,975M	4.875%, 1/15/2023 ^(a)		1,960,188
	1,125M	5.875%, 3/15/2028 ^(a)		1,082,813
	1,450M	Transocean Guardian, Ltd., 5.875%, 1/15/2024 ^(a)		1,468,125
	1,050M	Transocean Pontus, Ltd., 6.125%, 8/1/2025 ^(a)		1,069,677
	375M	Unit Corp., 6.625%, 5/15/2021		376,875
		Whiting Petroleum Corp.:
	2,375M	6.25%, 4/1/2023		2,464,063
	1,250M	6.625%, 1/15/2026		1,304,688
		WPX Energy, Inc.:
	619M	6%, 1/15/2022		644,534
	875M	5.75%, 6/1/2026		889,219
				83,577,479

Principal Amount		Security	Value
		Financials—5.6%
$	2,225M	Ally Financial, Inc., 8%, 11/1/2031	$	2,706,156
	1,925M	Arch Merger Sub, Inc., 8.5%, 9/15/2025 ^(a)		1,823,937
	1,525M	Credit Suisse Group AG, 7.5%, 12/11/2023 ^(a)		1,608,677
	1,900M	CSTN Merger Sub, Inc., 6.75%, 8/15/2024 ^(a)		1,905,168
	3,600M	DAE Funding, LLC, 5%, 8/1/2024 ^(a)		3,532,500
		Icahn Enterprises, LP:
	2,225M	6.25%, 2/1/2022		2,286,188
	1,450M	6.75%, 2/1/2024		1,489,875
	1,050M	Intesa Sanpaolo SpA, 5.017%, 6/26/2024 ^(a)		948,652
		Ladder Capital Finance Holdings, LLLP:
	1,350M	5.25%, 3/15/2022 ^(a)		1,356,750
	2,700M	5.25%, 10/1/2025 ^(a)		2,544,750
	1,425M	LPL Holdings, Inc., 5.75%, 9/15/2025 ^(a)		1,394,719
	2,650M	Navient Corp., 5.875%, 3/25/2021		2,722,822
		Park Aerospace Holdings:
	1,400M	4.5%, 3/15/2023 ^(a)		1,370,250
	2,025M	5.5%, 2/15/2024 ^(a)		2,080,688
		Springleaf Finance Corp.:
	1,225M	7.75%, 10/1/2021		1,326,038
	1,450M	5.625%, 3/15/2023		1,448,188
	1,600M	6.875%, 3/15/2025		1,600,000
	1,950M	7.125%, 3/15/2026		1,943,906
	750M	UniCredit SpA, 5.861%, 6/19/2032 ^(a)		671,833
	1,100M	Wand Merger Corp., 8.125%, 7/15/2023 ^(a)		1,154,780
				35,915,877
		Food/Beverage/Tobacco—2.1%
	1,225M	Barry Callebault Services SA, 5.5%, 6/15/2023 ^(a)		1,283,187
	375M	HLF Financing Sarl, LLC, 7.25%, 8/15/2026 ^(a)		381,563
	2,050M	JBS USA LUX SA, 6.75%, 2/15/2028 ^(a)		2,039,750
		Pilgrim’s Pride Corp.:
	250M	5.75%, 3/15/2025 ^(a)		241,875
	1,825M	5.875%, 9/30/2027 ^(a)		1,733,750

Portfolio of Investments (continued)

FUND FOR INCOME

September 30, 2018

Principal Amount		Security	Value
		Food/Beverage/Tobacco (continued)
		Post Holdings, Inc.:
$	1,725M	5.5%, 3/1/2025 ^(a)	$	1,718,531
	2,800M	5.75%, 3/1/2027 ^(a)		2,754,500
	3,575M	Sigma Holdco BV, 7.875%, 5/15/2026 ^(a)		3,369,438
				13,522,594
		Forest Products/Containers—2.0%
	4,750M	Ardagh Holdings USA, Inc., 7.25%, 5/15/2024 ^(a)		4,987,500
	1,675M	BWAY Holding Co., 5.5%, 4/15/2024 ^(a)		1,651,969
		Mercer International, Inc.:
	350M	7.75%, 12/1/2022		366,208
	1,175M	6.5%, 2/1/2024		1,204,492
	525M	5.5%, 1/15/2026		515,812
	1,850M	Schweitzer-Mauduit International, Inc., 6.875%, 10/1/2026 ^(a)		1,891,625
	2,175M	Sealed Air Corp., 6.875%, 7/15/2033 ^(a)		2,349,000
				12,966,606
		Gaming/Leisure—3.4%
	2,725M	Boyd Gaming Corp., 6.875%, 5/15/2023		2,872,831
	1,575M	Cedar Fair, LP, 5.375%, 6/1/2024		1,575,000
	2,125M	IRB Holding Corp., 6.75%, 2/15/2026 ^(a)		2,087,813
	575M	Lions Gate Entertainment Corp., 5.875%, 11/1/2024 ^(a)		592,250
	1,650M	National CineMedia, LLC, 6%, 4/15/2022		1,678,875
	3,650M	Scientific Games International, Inc., 5%, 10/15/2025 ^(a)		3,476,625
	1,125M	Silversea Cruise Finance, Ltd., 7.25%, 2/1/2025 ^(a)		1,229,063
	1,075M	Stars Group Holdings BV, 7%, 7/15/2026 ^(a)		1,111,754
		Viking Cruises, Ltd.:
	4,150M	6.25%, 5/15/2025 ^(a)		4,170,750
	1,150M	5.875%, 9/15/2027 ^(a)		1,125,045
	1,675M	Wynn Las Vegas, LLC, 5.5%, 3/1/2025 ^(a)		1,622,656
				21,542,662

Principal Amount		Security	Value
		Health Care—7.7%
		Bausch Health Cos., Inc.:
$	1,325M	7.5%, 7/15/2021 ^(a)	$	1,353,156
	1,000M	5.625%, 12/1/2021 ^(a)		1,000,000
	400M	6.5%, 3/15/2022 ^(a)		417,000
	3,375M	7%, 3/15/2024 ^(a)		3,574,125
	2,150M	6.125%, 4/15/2025 ^(a)		2,047,875
	2,225M	9%, 12/15/2025 ^(a)		2,403,000
	975M	8.5%, 1/31/2027 ^(a)		1,026,188
		CHS/Community Health Systems, Inc.:
	950M	5.125%, 8/1/2021		928,625
	2,450M	6.25%, 3/31/2023		2,332,890
	1,050M	Cimpress NV, 7%, 6/15/2026 ^(a)		1,072,187
	5,575M	DaVita, Inc., 5.125%, 7/15/2024		5,407,750
		Endo Finance, LLC:
	725M	7.25%, 1/15/2022 ^(a)		710,500
	1,575M	6%, 7/15/2023 ^(a)		1,405,687
	375M	6%, 2/1/2025 ^(a)		325,125
		HCA, Inc.:
	3,600M	6.25%, 2/15/2021		3,762,000
	1,800M	5.875%, 5/1/2023		1,903,500
	900M	5.25%, 6/15/2026		928,125
	775M	5.5%, 6/15/2047		787,594
		HealthSouth Corp.:
	1,150M	5.125%, 3/15/2023		1,158,625
	1,325M	5.75%, 11/1/2024		1,339,906
	3,000M	inVentiv Group Holdings, Inc., 7.5%, 10/1/2024 ^(a)		3,187,500
	1,175M	LifePoint Health, Inc., 5.375%, 5/1/2024		1,226,406
		Mallinckrodt Finance SB:
	2,575M	5.75%, 8/1/2022 ^(a)		2,388,313
	1,025M	5.5%, 4/15/2025 ^(a)		863,562
	1,925M	Molina Healthcare, Inc., 5.375%, 11/15/2022		1,965,906
	775M	MPH Operating Partnership, LP, 7.125%, 6/1/2024 ^(a)		806,000
	1,775M	Polaris Intermediate Corp., 8.5%, 12/1/2022 ^(a)		1,840,657

Portfolio of Investments (continued)

FUND FOR INCOME

September 30, 2018

Principal Amount		Security	Value
		Health Care (continued)
$	850M	RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/2023 (a)	$	896,750
	2,084M	Universal Hospital Services, Inc., 7.625%, 8/15/2020		2,089,210
				49,148,162
		Home-building—.3%
	1,650M	William Lyon Homes, Inc., 6%, 9/1/2023		1,600,500
		Information Technology—5.0%
	2,850M	Alliance Data Systems Corp., 5.375%, 8/1/2022 ^(a)		2,882,062
	1,650M	CDW, LLC, 5%, 9/1/2025		1,647,525
	3,025M	CommScope Technologies, LLC, 6%, 6/15/2025 ^(a)		3,130,875
		Diamond 1 Finance Corp.:
	2,425M	5.875%, 6/15/2021 ^(a)		2,503,757
	800M	7.125%, 6/15/2024 ^(a)		858,307
	925M	J2 Cloud Services, LLC, 6%, 7/15/2025 ^(a)		953,906
		NCR Corp.:
	1,960M	4.625%, 2/15/2021		1,945,300
	1,975M	5.875%, 12/15/2021		2,002,156
	1,000M	Nielsen Finance, LLC, 5%, 4/15/2022 ^(a)		977,500
	1,875M	Nuance Communications, Inc., 6%, 7/1/2024		1,938,281
	3,850M	Rackspace Hosting, Inc., 8.625%, 11/15/2024 ^(a)		3,754,135
	1,225M	Sensata Technologies U.K. Financing Co., 6.25%, 2/15/2026 (a)		1,295,437
	3,975M	Solera, LLC, 10.5%, 3/1/2024 ^(a)		4,362,563
	1,750M	Symantec Corp., 5%, 4/15/2025 ^(a)		1,735,909
	1,800M	Verscend Holding Corp., 9.75%, 8/15/2026 ^(a)		1,863,000
				31,850,713
		Manufacturing—2.2%
	2,525M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023 ^(a)		2,619,687
	700M	Boise Cascade Co., 5.625%, 9/1/2024 ^(a)		717,290
	1,250M	Cloud Crane, LLC, 10.125%, 8/1/2024 ^(a)		1,371,875
	2,925M	Grinding Media, Inc., 7.375%, 12/15/2023 ^(a)		3,051,477
	2,050M	H&E Equipment Services, Inc., 5.625%, 9/1/2025		2,050,000

Principal Amount		Security	Value
		Manufacturing (continued)
$	1,300M	Park-Ohio Industries, Inc., 6.625%, 4/15/2027	$	1,339,000
	3,025M	Wabash National Corp., 5.5%, 10/1/2025 ^(a)		2,896,438
				14,045,767
		Media-Broadcasting—2.2%
		Belo Corp.:
	725M	7.75%, 6/1/2027		781,187
	2,099M	7.25%, 9/15/2027		2,182,960
	2,225M	LIN Television Corp., 5.875%, 11/15/2022		2,269,500
	1,425M	Nexstar Broadcasting, Inc., 5.625%, 8/1/2024 ^(a)		1,398,281
		Sinclair Television Group, Inc.:
	2,175M	5.375%, 4/1/2021		2,180,437
	475M	5.625%, 8/1/2024 ^(a)		466,094
	650M	5.875%, 3/15/2026 ^(a)		636,252
	575M	5.125%, 2/15/2027 ^(a)		531,156
	3,475M	Sirius XM Radio, Inc., 6%, 7/15/2024 ^(a)		3,609,656
				14,055,523
		Media-Cable TV—9.4%
		Altice Financing SA:
	3,675M	6.625%, 2/15/2023 ^(a)		3,711,750
	1,150M	7.5%, 5/15/2026 ^(a)		1,124,125
	625M	Altice Finco SA, 7.625%, 2/15/2025 ^(a)		564,844
	1,325M	Altice France SA, 8.125%, 2/1/2027 ^(a)		1,368,062
		Altice U.S. Finance I Corp.:
	3,225M	5.375%, 7/15/2023 ^(a)		3,269,344
	475M	5.5%, 5/15/2026 ^(a)		475,594
		AMC Networks, Inc.:
	1,700M	5%, 4/1/2024		1,678,750
	775M	4.75%, 8/1/2025		743,031
		CCO Holdings, LLC:
	1,300M	5.25%, 9/30/2022		1,316,653
	2,275M	5.125%, 2/15/2023		2,289,219
	925M	5.75%, 9/1/2023		940,031

Portfolio of Investments (continued)

FUND FOR INCOME

September 30, 2018

Principal Amount		Security	Value
		Media-Cable TV (continued)
$	3,675M	5.875%, 4/1/2024 ^(a)	$	3,743,906
	1,350M	5.125%, 5/1/2027 ^(a)		1,282,500
	1,275M	5.875%, 5/1/2027 ^(a)		1,267,031
	975M	5%, 2/1/2028 ^(a)		918,840
	1,700M	Cequel Communications Holdings I, LLC, 7.75%, 7/15/2025 (a)		1,814,750
	2,350M	Clear Channel International, 8.75%, 12/15/2020 ^(a)		2,437,420
		Clear Channel Worldwide Holdings, Inc.:
	2,900M	Series “A”, 6.5%, 11/15/2022		2,968,875
	3,775M	Series “B”, 6.5%, 11/15/2022		3,859,938
		CSC Holdings, LLC:
	4,800M	10.125%, 1/15/2023 ^(a)		5,263,200
	1,475M	6.625%, 10/15/2025 ^(a)		1,557,969
	3,500M	10.875%, 10/15/2025 ^(a)		4,077,500
		DISH DBS Corp.:
	1,650M	5%, 3/15/2023		1,503,563
	1,750M	5.875%, 11/15/2024		1,575,000
		Gray Television, Inc.:
	350M	5.125%, 10/15/2024 ^(a)		339,062
	1,575M	5.875%, 7/15/2026 ^(a)		1,565,156
	4,280M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023 (a)		4,500,634
	725M	Netflix, Inc., 4.875%, 4/15/2028 ^(a)		682,406
	3,225M	Numericable Group SA, 6.25%, 5/15/2024 ^(a)		3,188,719
				60,027,872
		Media-Diversified—1.2%
	750M	E.W. Scripps Co., 5.125%, 5/15/2025 ^(a)		722,812
	500M	LSC Communications, Inc., 8.75%, 10/15/2023 ^(a)		506,875
	1,750M	Outdoor Americas Capital, LLC, 5.875%, 3/15/2025		1,774,063
	4,525M	Tribune Media Co., 5.875%, 7/15/2022		4,626,813
				7,630,563

Principal Amount		Security	Value
		Metals/Mining—5.7%
$	1,625M	AK Steel Corp., 7%, 3/15/2027	$	1,568,125
	1,480M	Allegheny Technologies, Inc., 7.875%, 8/15/2023		1,589,150
	900M	Big River Steel, LLC, 7.25%, 9/1/2025 ^(a)		952,875
	1,725M	Cleveland-Cliffs, Inc., 4.875%, 1/15/2024 ^(a)		1,703,438
		Commercial Metals Co.:
	1,725M	4.875%, 5/15/2023		1,719,135
	1,100M	5.375%, 7/15/2027		1,036,750
	2,050M	CONSOL Mining Corp., 11%, 11/15/2025 ^(a)		2,326,750
	1,550M	Constellium NV, 5.75%, 5/15/2024 ^(a)		1,548,062
	2,275M	First Quantum Minerals, Ltd., 6.5%, 3/1/2024 ^(a)		2,090,156
	3,000M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022 ^(a)		3,270,000
	1,375M	Mountain Province Diamonds, Inc., 8%, 12/15/2022 ^(a)		1,407,656
	1,550M	Natural Resource Partners, LP, 10.5%, 3/15/2022		1,666,250
	1,075M	Northwest Acquisitions, ULC, 7.125%, 11/1/2022 ^(a)		1,101,875
	2,125M	Novelis, Inc., 5.875%, 9/30/2026 ^(a)		2,081,438
	4,775M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025 ^(a)		4,930,188
	2,150M	Teck Resources, Ltd., 6%, 8/15/2040		2,203,750
	2,100M	TMS International Corp., 7.25%, 8/15/2025 ^(a)		2,121,000
	3,325M	United States Steel Corp., 6.25%, 3/15/2026		3,304,219
				36,620,817
		Real Estate—1.8%
		Geo Group, Inc.:
	400M	5.125%, 4/1/2023		385,000
	1,575M	6%, 4/15/2026		1,515,938
	1,125M	Greystar Real Estate Partners, 5.75%, 12/1/2025 ^(a)		1,099,688
		Iron Mountain, Inc.:
	875M	5.75%, 8/15/2024		868,438
	1,800M	5.25%, 3/15/2028 ^(a)		1,678,500
	1,350M	Lennar Corp., 4.875%, 12/15/2023		1,365,187
	625M	MPT Operating Partnership, LP, 6.375%, 3/1/2024		656,250
	1,500M	Sabra Health Care, LP, 5.125%, 8/15/2026		1,470,789

Portfolio of Investments (continued)

FUND FOR INCOME

September 30, 2018

Principal Amount		Security	Value
		Real Estate (continued)
$	2,435M	VICI Properties 1, LLC, 8%, 10/15/2023	$	2,699,806
				11,739,596
		Retail-General Merchandise—2.2%
		1011778 B.C., ULC:
	2,875M	4.625%, 1/15/2022 ^(a)		2,885,781
	1,750M	5%, 10/15/2025 ^(a)		1,680,017
		AmeriGas Partners, LP:
	775M	5.625%, 5/20/2024		773,062
	1,725M	5.5%, 5/20/2025		1,703,437
	1,450M	J.C. Penney Co., Inc., 8.625%, 3/15/2025		978,750
	1,075M	KFC Holding Co., LLC, 5%, 6/1/2024 ^(a)		1,068,959
	1,575M	KGA Escrow, LLC, 7.5%, 8/15/2023 ^(a)		1,638,000
	2,800M	L Brands, Inc., 6.75%, 7/1/2036		2,324,000
	875M	SRS Distribution, Inc., 8.25%, 7/1/2026 ^(a)		859,688
				13,911,694
		Services—2.1%
	2,125M	ADT Corp., 3.5%, 7/15/2022		2,018,750
	75M	AECOM, 5.125%, 3/15/2027		73,425
	2,450M	BlueLine Rental Finance Corp., 9.25%, 3/15/2024 ^(a)		2,581,687
		First Data Corp.:
	1,725M	5.375%, 8/15/2023 ^(a)		1,755,619
	850M	5%, 1/15/2024 ^(a)		858,500
	2,250M	GW Honos Security Corp., 8.75%, 5/15/2025 ^(a)		2,202,187
	1,378M	Prime Security Services Borrower, LLC, 9.25%, 5/15/2023 ^(a)		1,477,216
		United Rentals, Inc.:
	975M	4.625%, 10/15/2025		948,188
	1,225M	5.5%, 5/15/2027		1,214,281
				13,129,853
		Telecommunications—3.4%
	2,425M	CenturyLink, Inc., 5.8%, 3/15/2022		2,479,563

Principal Amount		Security	Value
		Telecommunications (continued)
		Frontier Communications Corp.:
$	2,625M	10.5%, 9/15/2022	$	2,349,375
	2,400M	11%, 9/15/2025		1,883,304
	975M	8.5%, 4/1/2026 ^(a)		925,031
		GCI, Inc.:
	2,023M	6.75%, 6/1/2021		2,050,816
	3,850M	6.875%, 4/15/2025		4,000,304
	1,575M	Qwest Corp., 7.25%, 9/15/2025		1,701,507
	1,425M	Telecom Italia Capital SA, 7.2%, 7/18/2036		1,485,562
	2,225M	Telesat Canada, 8.875%, 11/15/2024 ^(a)		2,386,313
		Zayo Group, LLC:
	1,075M	6.375%, 5/15/2025		1,119,634
	1,525M	5.75%, 1/15/2027 ^(a)		1,528,812
				21,910,221
		Transportation—1.3%
	2,650M	BCD Acquisition, Inc., 9.625%, 9/15/2023 ^(a)		2,838,812
	925M	Fly Leasing, Ltd., 6.375%, 10/15/2021		955,062
	1,750M	Mobile Mini, Inc., 5.875%, 7/1/2024		1,780,625
	2,375M	XPO Logistics, Inc., 6.125%, 9/1/2023 ^(a)		2,470,000
				8,044,499
		Utilities—3.7%
	650M	AES Corp., 5.125%, 9/1/2027		658,125
		Calpine Corp.:
	2,850M	5.75%, 1/15/2025		2,532,938
	1,800M	5.25%, 6/1/2026 ^(a)		1,674,000
	1,675M	Cheniere Corpus Christi Holdings, 5.125%, 6/30/2027		1,685,469
	2,775M	Cheniere Energy Partners, LP, 5.25%, 10/1/2025		2,785,351
	425M	Clearway Energy Operating, LLC, 5.75%, 10/15/2025 ^(a)(b)		429,537
	1,850M	Drax Finco, PLC, 6.625%, 11/1/2025 ^(a)		1,877,750
	2,100M	Dynegy, Inc., 7.375%, 11/1/2022		2,184,000
	1,775M	Energy Transfer Partners, LP, 6.25%, 12/29/2049		1,711,766
	271M	Indiantown Cogeneration Utilities, LP, 9.77%, 12/15/2020		288,712

Portfolio of Investments (continued)

FUND FOR INCOME

September 30, 2018

	Principal Amount		Security	Value
			Utilities (continued)
	$	369M	NRG Energy, Inc., 6.25%, 7/15/2022	$	381,620
		1,125M	NRG Yield Operating, LLC, 5%, 9/15/2026		1,082,813
		2,393M	NSG Holdings, LLC, 7.75%, 12/15/2025 ^(a)		2,635,238
		2,375M	Targa Resources Partners, LP, 5.875%, 4/15/2026 ^(a)		2,461,094
		1,675M	Terraform Power Operating, LLC, 5%, 1/31/2028 ^(a)		1,564,031
					23,952,444
			Waste Management—.5%
		2,200M	Covanta Holding Corp., 5.875%, 7/1/2025		2,227,500
		1,175M	GFL Environmental, Inc., 5.625%, 5/1/2022 ^(a)		1,142,688
					3,370,188
			Wireless Communications—4.7%
		775M	Inmarsat Finance, PLC, 4.875%, 5/15/2022 ^(a)		775,000
			Intelsat Jackson Holdings SA:
		5,000M	8%, 2/15/2024 ^(a)		5,275,000
		2,050M	8.5%, 10/15/2024 ^(a)		2,075,113
			Level 3 Financing, Inc.:
		2,150M	5.125%, 5/1/2023		2,168,812
		1,475M	5.375%, 1/15/2024		1,477,567
		5,750M	Sprint Communications, Inc., 6%, 11/15/2022		5,879,375
			Sprint Corp.:
		4,575M	7.875%, 9/15/2023		4,946,719
		950M	7.125%, 6/15/2024		988,000
		650M	7.625%, 2/15/2025		690,950
		1,325M	7.625%, 3/1/2026		1,406,156
		4,250M	T-Mobile USA, Inc., 6%, 4/15/2024		4,414,688
					30,097,380
Total Value of Corporate Bonds (cost $575,807,836)					576,567,581
			LOAN PARTICIPATIONS†—7.4%
			Automotive—.5%
		2,987M	Truck Hero, Inc., 5.9622%, 4/22/2024		2,994,656

Principal Amount		Security	Value
		Chemicals—1.0%
$	3,226M	Avantor Performance Materials, 6.2422%, 11/21/2024	$	3,267,703
	3,225M	ColourOz Investment, 5.3416%, 9/7/2021		3,068,935
				6,336,638
		Energy—.7%
	800M	California Resources Corp., 6.9622%, 12/31/2022		818,000
	3,021M	Foresight Energy, LLC, 7.9922%, 3/28/2022		3,027,778
	425M	Lotus Midstream, LLC, 3.25%, 9/26/2025 ^(b)		427,125
				4,272,903
		Financial Services—.3%
	1,990M	NFP Corp., 5.2422%, 1/8/2024		1,996,589
		Food/Beverage/Tobacco—.5%
	3,225M	Chobani, LLC, 5.7422%, 10/10/2023		3,157,589
		Gaming/Leisure—1.2%
	2,600M	Dorna Sports SL, 5.3861%, 4/12/2024		2,574,000
	2,275M	Sigma Bidco BV, 5.1138%, 7/2/2025		2,278,413
	2,998M	Stars Group Holdings BV, 5.8861%, 7/10/2025 ^(b)		3,030,978
				7,883,391
		Health Care—1.0%
	1,496M	Amneal Pharmaceuticals, LLC, 5.75%, 5/4/2025		1,510,548
		Heartland Dental, LLC:
	349M	3.75%, 4/30/2025 ^(b)		349,436
	2,322M	5.9922%, 4/30/2025		2,325,083
	2,325M	Inovalon Holdings, Inc., 5.625%, 4/2/2025		2,326,453
				6,511,520
		Information Technology—.2%
	1,613M	Solarwinds, Inc., 5.2422%, 2/5/2024		1,623,804
		Manufacturing—1.1%
	3,234M	Filtration Group Corp., 5.2422%, 3/29/2025		3,256,790

Portfolio of Investments (continued)

FUND FOR INCOME

September 30, 2018

	Principal Amount		Security			Value
			Manufacturing (continued)
	$	3,530M	GrafTech International, Ltd., 5.7422%, 2/12/2025			$	3,528,678
							6,785,468
			Metals/Mining—.4%
		2,673M	Big River Steel, LLC, 7.3861%, 8/23/2023				2,718,107
			Retail-General Merchandise—.3%
		1,687M	Staples, Inc., 6.3431%, 9/12/2024				1,689,570
			Waste Management—.2%
		1,321M	Gopher Resource, LLC, 5.4922%, 3/6/2025				1,327,258
Total Value of Loan Participations (cost $46,958,098)							47,297,493
Total Value of Investments (cost $622,765,934)				97.6	%		623,865,074
Other Assets, Less Liabilities				2.4			15,277,046
Net Assets				100.0	%	$	639,142,120

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).

(b)	A portion or all of the security purchased on a when-issued or delayed delivery basis (see Note 1G).

†	Interest rates are determined and reset periodically. The interest rates above are the rates in effect at September 30, 2018.

Summary of Abbreviations:

LLLP	Limited Liability Limited Partnership

ULC	Unlimited Liability Corporation

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	576,567,581	$	—	$	576,567,581
Loan Participations		—		47,297,493		—		47,297,493
Total Investments in Securities^*	$	—	$	623,865,074	$	—	$	623,865,074

^*	The Portfolio of Investments provides information on the industry categorization of corporate bonds, loan participations.

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Portfolio of Investments (continued)

FUND FOR INCOME

September 30, 2018

The dollar weighted average of credit ratings of all bonds held by the Fund during the fiscal year ended September 30, 2018, computed on a monthly basis, are set forth below. This information reflects the average composition of the Fund’s assets during the 2018 fiscal year and is not necessarily representative of the Fund as of the end of its 2018 fiscal year, the current fiscal year or at any other time in the future.

	Rated by Moody's	Comparable Quality of Unrated Securities to Bonds Rated by Moody's
Aaa	0.20%	0.00%
P-1	0.10	0.00
Baa1	0.05	0.00
Baa2	0.02	0.00
Baa3	0.47	0.00
Ba1	4.92	0.00
Ba2	7.38	0.00
Ba3	16.26	0.00
BBB-	0.00	0.34
BB+	0.00	0.23
BB	0.00	0.25
B+	0.00	0.18
B	0.00	0.03
B-	0.00	0.03
B1	20.83	0.00
B2	17.73	0.00
B3	21.44	0.00
Caa1	6.65	0.00
Caa2	2.73	0.00
Caa	0.01	0.00
Ca	0.02	0.00

Portfolio Manager’s Letter

GOVERNMENT CASH MANAGEMENT FUND

Dear Investor:

This is the annual report for the First Investors Government Cash Management Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 0.96% for Class A shares, 0.17% for Class B shares and 0.97% for Institutional shares, including dividends of 0.0096 cents per share for Class A shares, 0.0017 cents per share for Class B shares and 0.0097 cents per share for Institutional Class shares. The Fund maintained a $1.00 net asset value per share for each class of shares throughout the year.

Economic overview

The 12-month period ending September 30, 2018 saw a strong economic backdrop in the U.S., with upbeat corporate earnings reports, corporate tax cuts and record-high M&A activity. This was offset by disturbances coming from escalating trade tensions and a number of other geopolitical issues, including signs of political instability in Europe because of Italy, ongoing Brexit negotiations and debt concerns in Turkey and Argentina.

U.S. economic growth accelerated during the period, especially in the second quarter of 2018, benefiting from fiscal stimulus. The economy expanded at an annualized rate of 4.2% during the second quarter of 2018, its highest growth rate since the third quarter of 2014. The domestic labor market continued to tighten as it approaches full employment. The unemployment rate dropped to 3.7% in September, its lowest rate in 50 years; however, wage growth was sluggish. Inflation, which has been on the rise over the last year, reached 2.9% in June and July, helped by rising oil and gasoline prices, then slowed to 2.7% in August. Based on strong fundamentals, consumer confidence hit its highest level since 2000 during September.

Corporate earnings continued to improve, benefiting from topline growth and margin expansion due to lower taxes. Second quarter operating earnings per share for the S&P 500 Index rose 27% from a year ago, the fastest pace since 2010.

The Federal Reserve (the Fed), along with installing Jerome Powell as its new Chair in February, instituted four 25 basis point rate hikes during the last 12 months. Altogether, there have been eight hikes since the Fed began its tightening cycle in December 2015. The Fed is widely expected to maintain a gradual pace of rate hikes while it continues to steadily shrink its balance sheet.

The global economy remains strong, but growth has slowed and become less synchronized, especially in emerging markets. Monetary policies have started to be less accommodative as major central banks have already started, or are planning to gradually remove, their support.

Trade concerns, escalating tensions between the U.S. and China, coupled with several other geopolitical issues, heavily weighed on investors’ sentiment toward international markets, especially during the second quarter of 2018. This resulted in an underperformance of international markets, particularly emerging markets. By the end of September 2018, the U.S. had finalized trade agreements with Canada, Mexico, Japan, and South Korea. Presently, talks continue with China. The U.S. has imposed tariffs on approximately $250 billion of Chinese

Portfolio Manager’s Letter (continued)

GOVERNMENT CASH MANAGEMENT FUND

imports, while China has retaliated with tariffs on roughly $110 billion of U.S. exports to China. The tariffs’ rates are scheduled to increase next year from 10% to 25% if a deal isn’t reached.

Over the past several months, emerging markets experienced tightening financial conditions resulting from rising U.S. interest rates and a stronger U.S. dollar, as well as being hurt by structural weaknesses in several emerging market countries, such as Turkey and Argentina.

Bond market

The U.S. fixed income markets had mostly negative performance for the past 12 months, with the broad U.S. bond market (as measured by the ICE BofA ML U.S. Broad Market Index) returning -1.1 %.

The review period began with a combination of stronger economic data and minimal inflation globally. The Fed began unwinding its balance sheet by $10 billion per month. By the end of 2017, Congress approved and signed into law the Tax Cuts and Jobs Act, leading to a “risk-on” sentiment in the markets. Pointing to strong U.S. economic data, the Fed hiked rates four times over the last 12 months and the U.S. Treasury curve continued to flatten. Volatility returned to the market as mixed signals surrounding the growth outlook surfaced, with strong U.S. growth activity on one hand offset by macro uncertainties associated with global trade on the other. By the end of September 2018, strength in U.S. economic growth, rising inflation and higher interest rates left most U.S. fixed income markets in negative territory.

Interest rates rose across the yield curve while the overall curve flattened. The 2-year U.S. Treasury note yield, which is very sensitive to changes in Fed policy, rose by 134 basis points (bps) to 2.82%, reaching its highest level in 10 years during the third quarter. The 10-year U.S. Treasury note yield, which is controlled by other factors, such as GDP, inflation and investor sentiment, rose by 73 bps to 3.06%.

Credit-sensitive fixed income asset classes were negatively impacted by wider credit spreads. With record debt issuance to support M&A activity, investment grade corporate bonds (as measured by the ICE BofA ML Corporate Master Index) returned -1.1% for the period. BBB-rated bonds continued to be the strongest performing sector in terms of credit quality among investment grade corporate bonds. Shorter duration (one to three years) corporate bonds significantly outperformed longer-duration (10+ years) securities.

Amid limited supply of new issues and strength in commodity-related sectors, the high yield bond market (as measured by the ICE BofA ML U.S. Cash Pay HY Constrained Index) was the strongest domestic fixed income market for the period, returning 2.4%.

Municipal bonds (as measured by the ICE BofA ML Municipal Master Index) returned 0.5%. After the municipal bond market saw record issuance in the fourth quarter of 2017, new issue supply was lower through September, which led to favorable supply-demand dynamics for the sector. As with other fixed income markets, shorter-term municipal bonds outperformed longer-term municipal bonds, particularly with reduced demand from banks as a result of lower corporate tax rates.

The Fund

Regulatory reforms that became effective in 2016 caused structural changes that continue to affect the money market. Many money market funds, including the Government Cash Management Fund, now to invest 100% of their assets in U.S. Treasury and government securities, the lowest risk investments available. Although these reform-driven-changes have likely suppressed returns for those who invest in these low risk products, they have also reduced certain types of risks to the investor. The Fund maintained a weighted average maturity of fewer than 60 days during the review period in order to comply with current Securities and Exchange Commission rules designed to limit interest rate risk.

While Foresters Investment Management Company, Inc. (FIMCO) expects the yield to shareholders to continue to increase in the near term, the yield is likely to remain relatively low, reflecting the projected path of interest rates. FIMCO continued to waive certain expenses during the period under review as a benefit to shareholders.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,

Michael J. O’Keefe
Portfolio Manager

October 31, 2018

Fund Expenses (unaudited)

GOVERNMENT CASH MANAGEMENT FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	0.60%
Actual		$1,000.00	$1,006.40	$3.02
Hypothetical^**		$1,000.00	$1,022.06	$3.04
Class B Shares	1.35%
Actual		$1,000.00	$1,001.74	$6.77
Hypothetical^**		$1,000.00	$1,018.30	$6.83
Institutional Class Shares	0.60%
Actual		$1,000.00	$1,006.49	$3.02
Hypothetical^**		$1,000.00	$1,022.06	$3.04

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived and/or assumed.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

Portfolio of Investments

GOVERNMENT CASH MANAGEMENT FUND

September 30, 2018

	Principal Amount		Security	Interest Rate^*			Value
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—52.0%
			U.S. Treasury Bills:
	$	7,500M	10/4/2018		1.91	%	$	7,498,804
		8,500M	10/11/2018		1.93			8,495,428
		1,100M	10/18/2018		1.96			1,098,982
		8,000M	10/25/2018		1.97			7,989,463
		2,000M	10/25/2018		2.01			1,997,316
		7,000M	10/25/2018		2.08			6,990,305
		5,000M	11/1/2018		2.00			4,991,333
		3,600M	11/8/2018		2.03			3,592,291
		1,000M	11/8/2018		2.03			997,853
		7,500M	11/15/2018		2.02			7,481,005
		1,500M	11/23/2018		2.09			1,495,378
		2,500M	12/6/2018		2.02			2,490,689
		2,500M	12/20/2018		2.10			2,488,322
		7,000M	12/20/2018		2.12			6,967,000
		5,000M	12/27/2018		2.08			4,974,767
		2,000M	1/10/2019		2.10			1,988,148
		5,000M	2/7/2019		2.16			4,961,188
		1,500M	3/28/2019		2.17			1,483,850
		2,000M	7/18/2019		2.41			1,961,183
Total Value of Short-Term U.S. Government Obligations (cost $79,943,305)								79,943,305
			VARIABLE AND FLOATING RATE NOTES—30.2%
			Federal Farm Credit Bank:
		5,000M	10/19/2018		2.33			5,000,606
		1,715M	4/3/2019		2.04			1,715,188
		2,058M	4/24/2019		2.17			2,058,485
			Federal Home Loan Bank:
		5,000M	10/5/2018		1.97			5,000,000
		4,000M	10/10/2018		2.00			4,000,001
		10,000M	10/19/2018		2.03			9,999,933
		6,525M	10/26/2018		2.13			6,525,631

Portfolio of Investments (continued)

GOVERNMENT CASH MANAGEMENT FUND

September 30, 2018

	Principal Amount		Security	Interest Rate^*			Value
	$	6,500M	4/9/2019		2.01	%	$	6,495,680
		5,700M	7/5/2019		2.18			5,705,462
Total Value of Variable and Floating Rate Notes (cost $46,500,986)								46,500,986
			SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS—17.4%
		3,600M	Federal Farm Credit Bank, 11/1/2018		0.97			3,596,882
			Federal Home Loan Bank:
		5,700M	10/12/2018		2.06			5,696,411
		2,900M	10/19/2018		1.99			2,897,089
		10,000M	11/20/2018		2.12			9,970,536
		4,600M	11/30/2018		2.13			4,583,659
Total Value of Short-Term U.S. Government Agency Obligations (cost $26,744,577)								26,744,577
Total Value of Investments (cost $153,188,868)^**					99.6	%		153,188,868
Other Assets, Less Liabilities					.4			608,547
Net Assets					100.0	%	$	153,797,415

^*	The interest rates shown are the effective rates at the time of purchase by the Fund. The interest rates shown on variable and floating rate notes are adjusted periodically; the rates shown are the rates in effect at September 30, 2018.

^**	Aggregate cost for federal income tax purposes is the same.

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Short-Term U.S. Government Obligations	$	—	$	79,943,305	$	—	$	79,943,305
Variable and Floating Rate Notes:
U.S. Government Agency Obigations		—		46,500,986		—		46,500,986
Short-Term U.S. Government Agency Obigations		—		26,744,577		—		26,744,577
Total Investments in Securities	$	—	$	153,188,868	$	—	$	153,188,868

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Portfolio Managers’ Letter

INTERNATIONAL OPPORTUNITIES BOND FUND

Dear Investor:

This is the annual report for the First Investors International Opportunities Bond Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was -4.50% for Class A shares, -4.17% for Advisor Class shares and -4.03% for Institutional Class shares, including dividends of 29.7 cents per share on Class A shares, 30.4 cents per share for Advisor Class shares and 29.6 cents per share for Institutional Class shares.

The Fund

The Fund’s performance for the year ending September 30, 2018 lagged its benchmark, the FTSE World Government Bond ex-U.S. Index, which returned -1.57%. The largest headwind to absolute returns for both the Fund and the benchmark has been the strong dollar environment that has persisted over the last 12 months and that has led to negative absolute returns for the majority of non-dollar based investments.

Our overweight to local currency developing market bonds with attractive real yields relative to the low and negative yielding developed market bonds which dominate the index led to the majority of the Fund’s underperformance relative to the index. Longer-dated Mexican bonos were the largest detractor for the period. However, our exposure to the country’s currency offset about a third of the negative performance as the peso benefited from appreciation in the first quarter of 2018, along with the recovery after the negotiation of the new U.S.-Mexico-Canada (USMCA) trade agreement. Political uncertainty during the year sparked a risk-off rally in core European sovereign bonds, such as German bunds and French OATs, and a selloff in Italian BTPs. Avoiding exposure to Italian bonds was accretive to relative Fund performance, but the lack of exposure to the typical safe haven bond markets detracted. Additionally, softening economic data and political risks in the eurozone weighed on the euro and not having exposure to the currency was the greatest source of relative contribution during the period, as was our Japanese yen underweight. One of our peripheral European exposures, the Swedish krona, detracted from relative returns. The currency was impacted by a host of factors, including soft economic data, a weak housing market, a dovish central bank and the open economy’s strong ties to global trade.

As one of the canaries in the coal mine for emerging markets, our Turkish bonds and lira exposure negatively impacted performance. Although President Erdogan’s re-election during the period was priced into the markets, the Turkish lira fell against almost every currency. Turkey’s central bank did not act quickly enough to defend the currency, and coupled with U.S. sanctions, caused investors to punish the lira. The decline in the Brazilian real and sovereign bond prices during the period signaled the market’s unwillingness to overlook political risk in favor of incipient positive economic data; unhedged exposure to 10-year Brazilian sovereign bonds detracted from performance for the period. Another notable currency was the South African rand, which ended the period as a positive contributor, despite its recent decline off of the emerging market sell off and weaker economic data.

Heading into the final quarter of the year, the Fund largely retains its overall structure: underweight global duration, but with duration concentrated mainly in select emerging markets.

Heavy weightings continue in Mexico, Brazil, South Africa, and Indonesia with underweights to the U.S. dollar, the euro, and the yen in favor of the emerging world. Mexican markets have rallied with the election of President Andrés Manuel López Obrador, who is proving to be a pragmatic leader, so far.

The Fund is aligned with our thesis of peak macro divergence. A constructive unwinding of this divergence would imply a macro upswing in investment performance. It would begin with stabilization in the dollar and a shift toward risk assets in emerging markets to capture the stabilization in the global economy and uptrend in global trade. This sequence of events would be particularly beneficial to the Fund since real rate spreads with emerging market bond markets are often reflective of solvency risk. A better global growth story diminishes this risk and should reduce the spread between the low or negative real yields in the developing markets and positive real yields in emerging markets.

The Fund is also aligned with the opportunity set generated by considerations for value. This year’s weakness in emerging market currencies and bond markets reflects a bond and currency price profile of extreme economic pessimism regarding the outlook. Real bond yield spreads in some instances are signaling recession risks across some of these countries. Our view on the global outlook, which includes the prospect for global divergences to crest and then begin to converge gradually, implies a more constructive outcome than what is currently reflected in current pricing.

This year’s surge in the U.S. dollar is both a manifestation of the divergence in the global economy that has evolved this year, as well as a corrective mechanism. Our analysis shows that the dollar is expensive, the duration of this bull market has been about as long as most previous cycles, and U.S. profit growth from abroad has started to roll over. This year’s decline in the CRB Commodity Index is another indication that the dollar has become overly strong.

Notwithstanding our generally optimistic view on global growth and its underlying component trends, volatility is likely to continue this year and possibly early into next year. The Federal Reserve is expected to tighten until an event or market reaction sends the message to pause. Likewise, the escalation of the tariff war with China will continue until an event reduces this tension or the market reaction to the threat of tariffs sends a signal to the administration to ease up on the pressure. Overall, however, our approach and positioning reflects our views that the information risk of a global trade war is well incorporated into the valuations of emerging market bonds and currencies.

Portfolio Managers’ Letter (continued)

INTERNATIONAL OPPORTUNITIES BOND FUND

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.



Stephen S. Smith	Jack P. McIntyre, CFA
Managing Director & Portfolio Manager	Portfolio Manager



David F. Hoffman, CFA	Anujeet Sareen, CFA
Managing Director& Portfolio Manager	Portfolio Manager

October 31, 2018

Fund Expenses (unaudited)

INTERNATIONAL OPPORTUNITIES BOND FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.39%
Actual		$1,000.00	$ 919.37	$ 6.69
Hypothetical^**		$1,000.00	$ 1,018.10	$ 7.03
Advisor Class Shares	1.07%
Actual		$1,000.00	$ 921.08	$ 5.15
Hypothetical^**		$1,000.00	$ 1,019.71	$ 5.42
Institutional Class Shares	0.92%
Actual		$1,000.00	$ 922.44	$ 4.43
Hypothetical^**		$1,000.00	$ 1,020.46	$ 4.66

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived and/or assumed.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

Cumulative Performance Information (unaudited)

INTERNATIONAL OPPORTUNITIES BOND FUND

Comparison of change in value of $10,000 investment in the First Investors International Opportunities Bond Fund (Class A shares) and the FTSE World Government Bond Index (WGBI).

	Average Annual Total Returns^*
N.A.V. Only	Class A	Advisor Class	Institutional Class	FTSE World Government Bond Index (WGBI)
One Year	-4.50%	-4.17%	-4.03%	-1.57%
Five Years	0.09%	0.36%	0.56%	-0.23%
Since Inception^**	0.35%	-0.09%	0.10%	-0.50%†

S.E.C. Standardized	Class A	Advisor Class	Institutional Class
One Year	-8.37%	-4.17%	-4.03%
Five Years	-0.73%	0.36%	0.56%
Since Inception^**	-0.32%	-0.09%	0.10%
S.E.C 30-Day Yield^***	2.51%	2.94%	3.08%

The graph compares a $10,000 investment in the First Investors International Opportunities Bond Fund (Class A shares) beginning 8/20/12 (commencement of operations) with a theoretical investment in the FTSE World Government Bond Index (WGBI). The Index encompasses an all-inclusive universe of institutionally traded bonds, including all fixed-rate bonds with remaining maturities of one year or longer with amounts outstanding of at least the equivalent of $25 million. It is not possible to invest directly in this Index. In addition, the Index does not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the graph and the accompanying table it is assumed that all dividends and

distributions were reinvested. Advisor Class shares and Institutional Class shares performance will be greater than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

The Since Inception returns for Class A shares are for the period beginning 8/17/12 (commencement of operations). The returns for Advisor Class shares and Institutional Class shares are for the periods beginning 4/1/13 (commencement of operations for those classes).

***

The S.E.C. 30-Day Yield shown is for September 2018.

†

The Index return is since the inception of Class A shares. The Index return since inception of the Advisor Class and Institutional Class shares is -.13%.

Portfolio of Investments

INTERNATIONAL OPPORTUNITIES BOND FUND

September 30, 2018

Principal
Amount

Security

Value

SOVEREIGN BONDS—51.7%

Mexico—13.5%

United Mexican States:

288M

MXN

7.75%, 11/23/2034

1,494,556

1,324M

MXN

7.75%, 11/13/2042

6,815,904

533M

MXN

8%, 11/7/2047

2,815,766

822M

MXN

8.5%, 5/31/2029

4,561,498

851M

MXN

8.5%, 11/18/2038

4,733,795

20,421,519

Malaysia—7.4%

Federation of Malaysia:

14,190M

MYR

3.48%, 3/15/2023

3,378,646

1,750M

MYR

3.62%, 11/30/2021

423,030

7,020M

MYR

3.659%, 10/15/2020

1,704,346

8,435M

MYR

3.882%, 3/10/2022

2,055,244

5,330M

MYR

3.899%, 11/16/2027

1,264,308

890M

MYR

3.9%, 11/30/2026

211,635

2,405M

MYR

3.955%, 9/15/2025

579,607

6,540M

MYR

4.048%, 9/30/2021

1,599,311

11,216,127

Poland—7.3%

Republic of Poland:

19,220M

PLN

Zero Coupon, 4/25/2019 (Effective yield 1.551%) ^(d)

5,181,392

14,085M

PLN

1.5%, 4/25/2020

3,827,416

7,330M

PLN

3.25%, 7/25/2019

2,021,377

11,030,185

South Africa—5.1%

Republic of South Africa:

54,690M

ZAR

6.5%, 2/28/2041

2,695,778

81,055M

ZAR

8.75%, 2/28/2048

5,096,728

7,792,506

Principal
Amount

Security

Value

Colombia—4.4%

18,540,000M

COP

Titulos De Tesoreria, 7.5%, 8/26/2026

6,591,268

United Kingdom—4.1%

4,760M

GBP

United Kingdom Gilt, 1.75%, 7/22/2019

6,251,990

Brazil—3.8%

25M

BRL

Nota Do Tesouro Nacional, 10%, 1/1/2027

5,732,769

Indonesia—2.6%

Republic of Indonesia:

34,800,000M

IDR

8.375%, 3/15/2034

2,301,253

23,800,000M

IDR

9%, 3/15/2029

1,679,215

3,980,468

Peru—1.8%

8,570M

PEN

Bonos De Tesoreria, 6.15%, 8/12/2032 ^(e)

2,652,815

Australia—1.7%

3,625M

AUD

Commonwealth of Australia, 2.75%, 10/21/2019

2,642,782

Total Value of Sovereign Bonds (cost $92,829,345)

78,312,429

CORPORATE BONDS—22.5%

United States—19.4%

2,490M

USD

Caterpillar Financial Service, 2.5641%, 3/15/2021 ^(a)

2,494,955

2,100M

USD

Citibank NA, 2.688%, 2/12/2021 ^(a)

2,101,363

1,650M

USD

Citigroup, Inc., 3.1214%, 1/10/2020 ^(a)

1,661,758

2,395M

USD

Daimler Finance NA, LLC, 2.7596%, 2/22/2021 ^(a)(b)

2,397,031

Ford Motor Credit Co., LLC:

2,055M

USD

3.3386%, 1/9/2020 ^(a)

2,063,366

930M

USD

3.1473%, 4/5/2021 ^(a)

924,479

2,505M

USD

General Motors Financial Co., Inc., 3.3663%, 4/13/2020 (a)

2,521,155

4,180M

USD

Goldman Sachs Group, Inc., 3.0603%, 2/23/2023 ^(a)

4,199,103

1,505M

USD

HP Enterprise Co., 6.35%, 10/15/2045

1,551,598

Metropolitan Life Global Funding I:

1,410M

USD

2.5588%, 9/19/2019 ^(a)(b)

1,411,441

Portfolio of Investments (continued)

INTERNATIONAL OPPORTUNITIES BOND FUND

September 30, 2018

Principal
Amount

Security

Value

United States (continued)

2,290M

USD

2.5686%, 1/8/2021 ^(a)(b)

2,292,201

2,410M

USD

NBCUniversal Enterprise, Inc., 2.7374%, 4/1/2021 ^(a)(b)

2,416,095

1,555M

USD

New York Life Global Funding, 2.556%, 10/1/2020 ^(a)(b)(c)

1,556,348

1,760M

USD

Wells Fargo & Co., 3.3599%, 7/26/2021 ^(a)

1,791,402

29,382,295

Australia—1.9%

1,395M

USD

Macquarie Bank, Ltd., 2.6873%, 4/4/2019 ^(a)(b)

1,396,009

1,500M

USD

National Australia Bank, Ltd., 2.8196%, 5/22/2020 ^(a)(b)

1,507,108

2,903,117

Germany—1.2%

1,825M

USD

BMW U.S. Capital, LLC, 2.7173%, 4/6/2020 ^(a)(b)

1,830,298

Total Value of Corporate Bonds (cost $33,939,798)

34,115,710

U.S. GOVERNMENT OBLIGATIONS—12.2%

United States

U.S. Treasury Notes:

8,160M

USD

2.2251%, 4/30/2020 ^(a)

8,162,097

3,100M

USD

2.2521%, 7/31/2019 ^(a)

3,102,557

7,230M

USD

2.2621%, 4/30/2019 ^(a)

7,235,712

Total Value of U.S. Government Obligations (cost $18,492,628)

18,500,366

GOVERNMENT REGIONAL AGENCY—3.7%

Australia

1,010M

AUD

New South Wales Treasury Corp., 3.5%, 3/20/2019

735,361

3,700M

AUD

Queensland Treasury Corp., 4%, 6/21/2019 ^(e)

2,713,008

2,740M

AUD

Western Australia Treasury Corp., 7%, 10/15/2019

2,080,454

Total Value of Government Regional Agency (cost $6,007,784)

5,528,823

SUPRANATIONALS—3.6%

United States—2.9%

4,410M

USD

Inter-American Development Bank, 2.2767%, 10/9/2020 (a)

4,406,763

Principal
Amount

Security

Value

Venezuela—.7%

1,075M

USD

Corp. Andina De Formento, 2%, 5/10/2019

1,069,949

Total Value of Supranational (cost $5,481,423)

5,476,712

GOVERNMENT SOVEREIGN AGENCY—1.3%

Norway

1,872M

USD

Kommunalbanken AS, 2.6641%, 6/16/2020 (cost $1,882,801) ^(a)(b)

1,883,367

Total Value of Investments (cost $158,633,779)	95.0	%		143,817,407
Other Assets, Less Liabilities	5.0			7,601,673
Net Assets	100.0	%	$	151,419,080

(a)	Interest rates are determined and reset periodically. The interest rates above are the rates in effect at September 30, 2018.

(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).

(c)	A portion or all of the security purchased on a when-issued or delayed delivery basis (see Note 1G).

(d)	The effective yields shown for zero coupon obligations are the effective yields at September 30, 2018.

(e)	Security exempt from registration under Regulation S of the Securities Act of 1933 (see Note 4).

Portfolio of Investments (continued)

INTERNATIONAL OPPORTUNITIES BOND FUND

September 30, 2018

At September 30, 2018, International Opportunities Bond Fund has open foreign exchange contracts as described below.

The unrealized appreciation (depreciation) on the open contracts were as follows:

International Opportunities Bond Fund

Counterparty	Settlement Date		Foreign Currency	Receive (Deliver)			Asset		Liability		Unrealized Appreciation (Depreciation)
HSBC		10/5/18	ZAR		(60,800,000	)	$	4,299,478	$	4,458,851	$	159,373
HSBC		10/5/18	ZAR		32,900,000			2,464,130		2,326,527		(137,603	)
HSBC		10/5/18	ZAR		27,900,000			2,070,496		1,972,951		(97,545	)
HSBC		10/12/18	TRY		13,000,000			2,685,340		2,154,065		(531,275	)
HSBC		10/12/18	TRY		(3,800,000	)		629,650		766,222		136,572
HSBC		10/12/18	TRY		(2,500,000	)		414,243		496,126		81,883
HSBC		10/12/18	TRY		(1,800,000	)		298,255		353,857		55,602
HSBC		10/12/18	TRY		(1,900,000	)		314,825		364,152		49,327
HSBC		10/12/18	TRY		(1,500,000	)		248,546		286,167		37,621
HSBC		10/12/18	TRY		(1,500,000	)		248,546		281,352		32,806
GS		10/16/18	CAD		11,980,000			9,144,061		9,274,958		130,897
MSD		10/17/18	PLN		(3,580,000	)		971,032		972,351		1,319
HSBC		7/31/18	TRY		(1,500,000	)		248,546		296,566		48,020
HSBC		8/7/18	TRY		(3,500,000	)		579,940		639,199		59,259
HSBC		8/8/18	TRY		(800,000	)		132,558		146,202		13,644
GS		8/29/18	TRY		1,300,000			197,646		215,406		17,760
HSBC		9/19/18	TRY		4,500,000			706,326		745,638		39,312
HSBC		7/17/18	NOK		18,500,000			2,288,358		2,273,076		(15,282	)
HSBC		7/20/18	SEK		33,300,000			3,781,470		3,746,878		(34,592	)
JPM		8/7/18	JPY		1,054,000,000			9,556,883		9,276,536		(280,347	)
HSBC		8/8/18	NOK		40,100,000			4,893,347		4,927,047		33,700
MSD		8/13/18	AUD		5,900,000			4,291,837		4,264,824		(27,013	)
HSBC		8/15/18	SEK		52,700,000			5,752,270		5,929,743		177,473
CITI		9/13/18	GBP		8,710,000			11,456,524		11,352,676		(103,848	)
HSBC		9/18/18	SEK		72,400,000			8,219,194		8,146,365		(72,829	)
Net unrealized appreciation (depreciation) on open foreign exchange contracts											$	(225,766	)

A summary of abbreviations for counterparties to foreign exchange contracts are as follows:

CITI	Citigroup Global Markets

GS	Goldman Sachs & Co.

HSBC	HSBC Bank USA N.A.

JPM	J.P. Morgan Securities, Inc.

MSD	Morgan Stanley

Summary of Abbreviations:

AUD	Australian Dollar

BRL	Brazillian Real

CAD	Canadian Dollar

COP	Colombian Peso

GBP	British Pound

IDR	Indonesian Rupiah

JPY	Japanese Yen

MXN	Mexican Peso

MYR	Malaysian Ringgit

NOK	Norwegian Krone

PEN	Peruvian Sol

PLN	Polish Zloty

SEK	Swedish Krona

TRY	Turkish Lira

USD	United States Dollar

ZAR	South African Rand

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

There were no transfers into or from Level 1 and Level 2 by the Fund during the period ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (continued)

INTERNATIONAL OPPORTUNITIES BOND FUND

September 30, 2018

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2			Level 3		Total
Sovereign Bonds
Mexico	$	—	$	20,421,519		$	—	$	20,421,519
Malaysia		—		11,216,127			—		11,216,127
Poland		—		11,030,185			—		11,030,185
South Africa		—		7,792,506			—		7,792,506
Colombia		—		6,591,268			—		6,591,268
United Kingdom		—		6,251,990			—		6,251,990
Brazil		—		5,732,769			—		5,732,769
Indonesia		—		3,980,468			—		3,980,468
Peru		—		2,652,815			—		2,652,815
Australia		—		2,642,782			—		2,642,782
Corporate Bonds
United States		—		29,382,295			—		29,382,295
Australia		—		2,903,117			—		2,903,117
Germany		—		1,830,298			—		1,830,298
U.S. Government Obligations
United States		—		18,500,366			—		18,500,366
Government Regional Agency
Australia		—		5,528,823			—		5,528,823
Supranational
United States		—		4,406,763			—		4,406,763
Venezuela		—		1,069,949			—		1,069,949
Government Sovereign Agency
Norway		—		1,883,367			—		1,883,367
Total Investments in Securities	$	—	$	143,817,407		$	—	$	143,817,407
Other Financial Instruments^*	$	—	$	(225,766	)	$	—	$	(225,766	)

^*	Other financial instruments are foreign exchange contracts and are considered derivative instruments, which are valued at the net unrealized depreciation on the instrument.

During the year ended September 30, 2018, there were no transfers between Level 1 investments and Level 2 investments that had a material impact to the Fund. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Portfolio Manager’s Letter

INVESTMENT GRADE FUND

Dear Investor:

This is the annual report for the First Investors Investment Grade Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was -1.69% for Class A shares, -2.50% for Class B shares, -1.25% for Advisor Class shares and -1.18% for Institutional Class shares, including dividends of 32.8 cents per share on Class A shares, 24.2 cents per share on Class B shares, 36.0 cents per share on Advisor Class shares and 36.7 cents per share on Institutional Class shares.

Economic overview

Portfolio Manager’s Letter (continued)

INVESTMENT GRADE FUND

imports, while China has retaliated with tariffs on roughly $110 billion of U.S. exports to China. The tariffs’ rates are scheduled to increase next year from 10% to 25% if a deal isn’t reached.

Bond market

The U.S. fixed income markets had mostly negative performance for the past 12 months, with the broad U.S. bond market (as measured by the ICE BofA ML U.S. Broad Market Index) returning -1.1 %.

The Fund

The Fund primarily invests in investment grade fixed income securities. During the review period, the majority of the Fund’s assets were invested in investment grade corporate bonds. The Fund also had as much as 5.0% of its assets invested in high yield securities and less than 1.0% invested in U.S. Treasurys.

The Fund underperformed its benchmark, the Bank of America Merrill Lynch U.S. Corporate Master Index, during the reporting period. The Fund’s underperformance was a result of its overweight allocation to the Financial sector of the corporate bond market. In addition, the Fund’s overweight in the Basic Industry sector detracted from relative performance. The Fund’s underperformance was somewhat mitigated by its underweight in corporate bonds with maturities greater than 10 years, which had the weakest returns during the review period. The Fund further benefited from its exposure to high yield bonds, which outperformed all other fixed income asset classes.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,

Rajeev Sharma
Portfolio Manager and
Director of Fixed Income,
Foresters Investment Management Company, Inc.

October 31, 2018

Fund Expenses (unaudited)

INVESTMENT GRADE FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.07%
Actual		$1,000.00	$ 998.31	$ 5.36
Hypothetical^**		$1,000.00	$ 1,019.71	$ 5.42
Class B Shares	1.94%
Actual		$1,000.00	$ 993.82	$ 9.70
Hypothetical^**		$1,000.00	$ 1,015.34	$ 9.80
Advisor Class Shares	0.72%
Actual		$1,000.00	$ 1,000.16	$ 3.61
Hypothetical^**		$1,000.00	$1,021.46	$ 3.65
Institutional Class Shares	0.64%
Actual		$1,000.00	$ 1,000.56	$ 3.21
Hypothetical^**		$1,000.00	$ 1,021.86	$ 3.24

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

Cumulative Performance Information (unaudited)

INVESTMENT GRADE FUND

Comparison of change in value of $10,000 investment in the First Investors Investment Grade Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch U.S. Corporate Master Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Class B	Advisor Class	Institutional Class	BofA Merrill Lynch U.S. Corporate Master Index
One Year	-1.69%	-2.50%	-1.25%	-1.18%	-1.10%
Five Years	2.49%	1.56%	2.75%	2.83%	3.56%
Ten Years or Since Inception^**	5.35%	4.76%	2.02%	2.17%	6.27%†

S.E.C. Standardized	Class A	Class B	Advisor Class	Institutional Class
One Year	-5.60%	-6.30%	-1.25%	-1.18%
Five Years	1.65%	1.21%	2.75%	2.83%
Ten Years or Since Inception^**	4.92%	4.76%	2.02%	2.17%
S.E.C 30-Day Yield^***	2.84%	2.14%	3.40%	3.41%

The graph compares a $10,000 investment in the First Investors Investment Grade Fund (Class A shares) beginning 9/30/08 with a theoretical investment in the BofA Merrill Lynch U.S. Corporate Master Index (the “Index”). The Index includes publicly-issued, fixed rate, non-convertible investment grade dollar-denominated, S.E.C.-registered corporate debt having at least one year to maturity and an outstanding par value of at least $250 million. Bonds must be rated investment grade based on a composite of Moody’s and S&P. It is not possible to invest directly in this Index. In addition, the Index does not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the graph and

Cumulative Performance Information (unaudited) (continued)

INVESTMENT GRADE FUND

the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from 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 greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

Average Annual Total Return figures (for the periods ended 9/30/18) include the reinvestment of all dividends 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 current maximum sales charge of 4% and assume the current sales charge of 4% was in effect at the beginning of the stated periods (prior to 6/12/17, the maximum sales charge was 5.75%). The Class B “S.E.C. Standardized” returns are adjusted for the applicable deferred sales charge (maximum of 4% in the first year). The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Return for One Year, Five Years and Ten Years would have been -5.71%, 1.54% and 4.82%, respectively, and the S.E.C. 30-Day Yield for September 2018 would have been 2.73%. The Class B “S.E.C. Standardized” Average Annual Total Return for One Year, Five Years and Ten Years would have been -6.41%, 1.10% and 4.65%, respectively, and the S.E.C. 30-Day Yield for September 2018 would have been 2.03%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return for One Year, Five Years and Since Inception would have been -1.36%, 2.64% and 0.99%, respectively, and the S.E.C. 30-Day Yield for September 2018 would have been 3.29%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return for One Year, Five Years and Since Inception would have been -1.29%, 2.78% and 2.06%, respectively, and the S.E.C. 30-Day Yield for September 2018 would have been 3.30%. Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch & Co. and all other figures are from Foresters Investment Management Company, Inc.

The Since Inception returns for Advisor Class shares and Institutional Class share are for the periods beginning 4/1/13 (commencement of operations for those classes).

***

The S.E.C. 30-day yield shown is for September 2018.

†

The Index return is for ten years. The Index return since inception of the Advisor Class shares and Institutional Class shares is 2.75%.

Portfolio of Investments

INVESTMENT GRADE FUND

September 30, 2018

Principal Amount		Security	Value
		CORPORATE BONDS—95.9%
		Aerospace/Defense—1.5%
$	275M	Bombardier, Inc., 8.75%, 12/1/2021 ^(a)	$	304,727
	5,000M	Rockwell Collins, Inc., 3.2%, 3/15/2024		4,831,975
	4,000M	Rolls-Royce, PLC, 3.625%, 10/14/2025 ^(a)		3,903,820
	275M	TransDigm, Inc., 6.5%, 5/15/2025		280,844
				9,321,366
		Automotive—3.5%
	275M	American Axle & Manufacturing, Inc., 6.25%, 4/1/2025		274,890
	50M	Asbury Automotive Group, Inc., 6%, 12/15/2024		50,750
	275M	Cooper Standard Automotive, Inc., 5.625%, 11/15/2026 ^(a)		271,219
	5,000M	Daimler Finance NA, LLC, 3.35%, 2/22/2023 ^(a)		4,921,495
	545M	Dana Holding Corp., 5.5%, 12/15/2024		541,730
	5,000M	Ford Motor Credit Co., LLC, 3.81%, 1/9/2024		4,772,510
	75M	Hertz Corp., 5.875%, 10/15/2020		75,000
	50M	J.B. Poindexter & Co., 7.125%, 4/15/2026 ^(a)		52,125
		Lear Corp.:
	3,600M	5.25%, 1/15/2025		3,723,534
	3,000M	3.8%, 9/15/2027		2,790,372
	4,000M	O’Reilly Automotive, Inc., 3.55%, 3/15/2026		3,835,220
	75M	Tenneco, Inc., 5%, 7/15/2026		66,844
				21,375,689
		Building Materials—.0%
	100M	Building Materials Corp., 5.375%, 11/15/2024 ^(a)		100,250
	150M	Griffon Corp., 5.25%, 3/1/2022		148,875
				249,125
		Chemicals—2.3%
	275M	Blue Cube Spinco, Inc., 10%, 10/15/2025		317,625
	100M	Chemours Co., 6.625%, 5/15/2023		104,709
	4,020M	Dow Chemical Co., 3.5%, 10/1/2024		3,939,684
	5,000M	LyondellBasell Industries NV, 6%, 11/15/2021		5,312,550
	4,000M	Nutrien, Ltd., 3.375%, 3/15/2025		3,798,052

Portfolio of Investments (continued)

INVESTMENT GRADE FUND

September 30, 2018

Principal Amount		Security	Value
		Chemicals (continued)
$	275M	Rain CII Carbon, LLC, 7.25%, 4/1/2025 ^(a)	$	281,531
	145M	Rayonier AM Products, Inc., 5.5%, 6/1/2024 ^(a)		140,335
	175M	Tronox, Inc., 6.5%, 4/15/2026 ^(a)		168,875
	100M	Univar USA, Inc., 6.75%, 7/15/2023 ^(a)		103,750
				14,167,111
		Consumer Non-Durables—.1%
	175M	Eagle Intermediate Global Holding, 7.5%, 5/1/2025 ^(a)		171,937
	50M	Energizer Gamma Acquisition, 6.375%, 7/15/2026 ^(a)		51,812
	75M	Energizer Holdings, Inc., 5.5%, 6/15/2025 ^(a)		74,812
	100M	First Quality Finance Co., 4.625%, 5/15/2021 ^(a)		100,375
	50M	frontdoor, inc., 6.75%, 8/15/2026 ^(a)		51,625
	75M	KGA Escrow, LLC, 7.5%, 8/15/2023 ^(a)		78,000
	275M	Reynolds Group Holdings, Inc., 5.125%, 7/15/2023 ^(a)		273,969
				802,530
		Energy—10.6%
	6,600M	Andeavor Logistics, LP, 5.25%, 1/15/2025		6,767,838
	25M	Antero Resources Corp., 5%, 3/1/2025		25,281
	75M	Apergy Corp., 6.375%, 5/1/2026 ^(a)		77,344
	25M	Baytex Energy Corp., 5.125%, 6/1/2021 ^(a)		24,750
	275M	Blue Racer Midstream, LLC, 6.125%, 11/15/2022 ^(a)		283,594
	4,300M	BP Capital Markets, PLC, 3.216%, 11/28/2023		4,221,620
	5,000M	Canadian Oil Sands, Ltd., 7.75%, 5/15/2019 ^(a)		5,127,755
	125M	Chesapeake Energy Corp., 7%, 10/1/2024		125,156
	150M	Consolidated Energy Finance SA, 6.0841%, 6/15/2022 ^(a)†		150,054
	4,000M	Continental Resources, Inc., 5%, 9/15/2022		4,062,332
	75M	Covey Park Energy, LLC, 7.5%, 5/15/2025 ^(a)		76,406
	75M	CrownRock, LP, 5.625%, 10/15/2025 ^(a)		73,312
	25M	Denbury Resources, Inc., 9%, 5/15/2021 ^(a)		27,156
	75M	Diamondback Energy, Inc., 4.75%, 11/1/2024 ^(a)		75,281
	4,000M	Enable Midstream Partners, LP, 4.4%, 3/15/2027		3,845,500
	5,000M	Enbridge Energy Partners, LP, 4.2%, 9/15/2021		5,063,210
	4,031M	Enterprise Products Operating, 7.55%, 4/15/2038		5,306,058

Principal Amount		Security	Value
		Energy (continued)
$	270M	Exterran Partners, LP, 6%, 10/1/2022	$	273,712
	275M	Global Partners, LP, 6.25%, 7/15/2022		275,000
	5,000M	Kinder Morgan Energy Partners, LP, 3.45%, 2/15/2023		4,908,355
	4,750M	Kinder Morgan, Inc., 5.625%, 11/15/2023 ^(a)		5,075,836
	50M	Laredo Petroleum, Inc., 6.25%, 3/15/2023		50,250
	5,000M	Magellan Midstream Partners, LP, 5%, 3/1/2026		5,323,405
	25M	McDermott Escrow 1, Inc., 10.625%, 5/1/2024 ^(a)		26,813
	275M	Murphy Oil Corp., 6.875%, 8/15/2024		291,810
	4,300M	Noble Energy, Inc., 3.85%, 1/15/2028		4,069,434
	50M	Northern Oil and Gas, Inc., 8.5%, 5/15/2023 ^(a)(b)		52,875
		Oasis Petroleum, Inc.:
	275M	6.875%, 1/15/2023		280,156
	50M	6.25%, 5/1/2026 ^(a)		50,938
	75M	Parkland Fuel Corp., 6%, 4/1/2026 ^(a)		75,375
	150M	Parsley Energy, LLC, 5.25%, 8/15/2025 ^(a)		150,000
		SM Energy Co.:
	75M	5.625%, 6/1/2025		75,094
	25M	6.625%, 1/15/2027		25,875
		Sunoco, LP:
	75M	4.875%, 1/15/2023 ^(a)		74,438
	75M	5.875%, 3/15/2028 ^(a)		72,188
	75M	Transocean Guardian, Ltd., 5.875%, 1/15/2024 ^(a)		75,938
	50M	Transocean Pontus, Ltd., 6.125%, 8/1/2025 ^(a)		50,937
		Valero Energy Corp.:
	2,700M	4.35%, 6/1/2028		2,724,872
	3,500M	6.625%, 6/15/2037		4,243,624
	275M	Whiting Petroleum Corp., 5.75%, 3/15/2021		282,906
		WPX Energy, Inc.:
	270M	5.25%, 9/15/2024		272,700
	25M	5.75%, 6/1/2026		25,406
				64,160,584
		Financial Services—10.7%
	1,800M	Aircastle, Ltd., 4.4%, 9/25/2023		1,802,236

Portfolio of Investments (continued)

INVESTMENT GRADE FUND

September 30, 2018

Principal Amount		Security	Value
		Financial Services (continued)
$	2,000M	American International Group, Inc., 4.7%, 7/10/2035	$	2,003,502
	5,400M	Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024		5,574,134
	4,500M	Brookfield Finance, Inc., 4%, 4/1/2024		4,487,602
	3,750M	ERAC USA Finance, LLC, 4.5%, 8/16/2021 ^(a)		3,836,419
	6,200M	Ford Motor Credit Co., LLC, 8.125%, 1/15/2020		6,551,862
	2,500M	GE Capital International Funding Services, Ltd., 4.418%, 11/15/2035		2,357,030
	6,400M	General Electric Capital Corp., 4.65%, 10/17/2021		6,611,322
	4,000M	General Motors Financial Co., Inc., 5.25%, 3/1/2026		4,104,948
	4,500M	International Lease Finance Corp., 8.25%, 12/15/2020		4,919,967
	5,000M	Key Bank NA, 3.4%, 5/20/2026		4,749,190
	4,000M	Liberty Mutual Group, Inc., 4.95%, 5/1/2022 ^(a)		4,146,136
	75M	Nationstar Mortgage, LLC, 6.5%, 7/1/2021		75,278
		Protective Life Corp.:
	5,135M	7.375%, 10/15/2019		5,351,641
	3,600M	4.3%, 9/30/2028 ^(a)		3,549,884
	3,000M	Prudential Financial, Inc., 7.375%, 6/15/2019		3,094,794
	2,000M	Travelers Cos., Inc., 4.05%, 3/7/2048		1,938,396
				65,154,341
		Financials—19.8%
	275M	Ally Financial, Inc., 8%, 11/1/2031		334,469
		Bank of America Corp.:
	3,000M	3.5271%, 10/21/2022 †		3,049,407
	6,000M	4.2%, 8/26/2024		6,032,742
	2,000M	4.271%, 7/23/2029		1,999,970
	4,725M	5.875%, 2/7/2042		5,601,095
		Barclays Bank, PLC:
	2,000M	5.125%, 1/8/2020		2,042,386
	3,800M	3.75%, 5/15/2024		3,757,748
	3,200M	Capital One Financial Corp., 3.75%, 4/24/2024		3,147,488
		Citigroup, Inc.:
	2,250M	2.9%, 12/8/2021		2,205,000
	6,200M	4.5%, 1/14/2022		6,380,172

Principal Amount		Security	Value
		Financials (continued)
$	4,500M	4.3%, 11/20/2026	$	4,443,889
	275M	DAE Funding, LLC, 5%, 8/1/2024 ^(a)		269,844
	3,000M	Deutsche Bank AG of New York, 3.7%, 5/30/2024		2,828,304
		Goldman Sachs Group, Inc.:
	3,850M	5.75%, 1/24/2022		4,097,917
	3,750M	3.272%, 9/29/2025 †		3,586,012
	4,700M	3.5%, 11/16/2026		4,464,920
	3,750M	HSBC Holdings, PLC, 3.95%, 5/18/2024		3,727,841
	200M	Icahn Enterprises, LP, 6.75%, 2/1/2024		205,500
		JPMorgan Chase & Co.:
	2,500M	4.5%, 1/24/2022		2,578,367
	6,450M	3.54%, 5/1/2028 †		6,167,438
	5,900M	6.4%, 5/15/2038		7,372,669
	275M	Ladder Capital Finance Holdings, LLLP, 5.25%, 10/1/2025 ^(a)		259,187
		Morgan Stanley:
	5,750M	5.5%, 7/28/2021		6,056,722
	3,000M	4%, 7/23/2025		2,992,647
	3,600M	3.625%, 1/20/2027		3,460,651
	150M	Navient Corp., 5.875%, 3/25/2021		154,122
		Park Aerospace Holdings:
	50M	4.5%, 3/15/2023 ^(a)		48,938
	100M	5.5%, 2/15/2024 ^(a)		102,750
		Springleaf Finance Corp.:
	175M	5.625%, 3/15/2023		174,781
	75M	6.875%, 3/15/2025		75,000
	100M	7.125%, 3/15/2026		99,688
		U.S. Bancorp:
	4,000M	3.6%, 9/11/2024		3,967,344
	2,700M	3.1%, 4/27/2026		2,555,531
	4,000M	UBS AG, 4.875%, 8/4/2020		4,117,908
	3,000M	UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028 ^(a)		2,975,802
	50M	Wand Merger Corp., 8.125%, 7/15/2023 ^(a)		52,490

Portfolio of Investments (continued)

INVESTMENT GRADE FUND

September 30, 2018

Principal Amount		Security	Value
		Financials (continued)
		Wells Fargo & Co.:
$	8,600M	3.45%, 2/13/2023	$	8,456,148
	3,250M	4.75%, 12/7/2046		3,245,044
		Wells Fargo Bank NA:
	2,350M	5.85%, 2/1/2037		2,727,231
	3,250M	6.6%, 1/15/2038		4,089,663
				119,904,825
		Food/Beverage/Tobacco—4.5%
		Anheuser-Busch InBev Finance, Inc.:
	2,000M	3.65%, 2/1/2026		1,945,244
	9,000M	4.7%, 2/1/2036		9,038,142
	5,225M	Bunge Ltd. Finance Corp., 8.5%, 6/15/2019		5,414,307
	6,000M	Ingredion, Inc., 4.625%, 11/1/2020		6,129,402
	3,875M	Maple Escrow Subsidiary, Inc., 3.551%, 5/25/2021 ^(a)		3,870,396
	275M	Pilgrim’s Pride Corp., 5.75%, 3/15/2025 ^(a)		266,063
	275M	Post Holdings, Inc., 5.75%, 3/1/2027 ^(a)		270,531
	200M	Sigma Holdco BV, 7.875%, 5/15/2026 ^(a)		188,500
				27,122,585
		Forest Products/Containers—1.1%
	100M	Berry Global, Inc., 5.125%, 7/15/2023		100,875
	75M	BWAY Holding Co., 5.5%, 4/15/2024 ^(a)		73,969
	4,000M	Packaging Corp. of America, 3.4%, 12/15/2027		3,766,684
	2,500M	Rock-Tenn Co., 4.9%, 3/1/2022		2,582,910
	75M	Schweitzer-Mauduit International, Inc., 6.875%, 10/1/2026 ^(a)		76,688
	275M	Sealed Air Corp., 6.875%, 7/15/2033 ^(a)		297,000
				6,898,126
		Gaming/Leisure—.2%
		Boyd Gaming Corp.:
	50M	6.875%, 5/15/2023		52,712
	175M	6%, 8/15/2026		177,187

Principal Amount		Security	Value
		Gaming/Leisure (continued)
$	100M	CRC Escrow Issuer, LLC, 5.25%, 10/15/2025 ^(a)	$	95,500
	150M	IRB Holding Corp., 6.75%, 2/15/2026 ^(a)		147,375
	75M	MGM Resorts International, 6%, 3/15/2023		77,719
	75M	National CineMedia, LLC, 6%, 4/15/2022		76,313
	100M	Pinnacle Entertainment, Inc., 5.625%, 5/1/2024		106,125
	50M	Stars Group Holdings BV, 7%, 7/15/2026 ^(a)		51,710
	325M	Viking Cruises, Ltd., 6.25%, 5/15/2025 ^(a)		326,625
	75M	Wynn Las Vegas, LLC, 5.5%, 3/1/2025 ^(a)		72,656
				1,183,922
		Health Care—4.8%
		Bausch Health Cos., Inc.:
	125M	5.625%, 12/1/2021 ^(a)		125,000
	275M	6.5%, 3/15/2022 ^(a)		286,688
	125M	8.5%, 1/31/2027 ^(a)		131,563
	6,750M	Bayer U.S. Finance II, LLC, 4.375%, 12/15/2028 ^(a)		6,626,752
	275M	CHS/Community Health Systems, Inc., 6.25%, 3/31/2023		261,855
	150M	Cimpress NV, 7%, 6/15/2026 ^(a)		153,169
		CVS Health Corp.:
	4,000M	3.875%, 7/20/2025		3,947,592
	1,800M	4.3%, 3/25/2028		1,789,331
	3,000M	5.05%, 3/25/2048		3,080,298
	275M	DaVita, Inc., 5.125%, 7/15/2024		266,750
	4,050M	Express Scripts Holding Co., 4.75%, 11/15/2021		4,183,144
	1,800M	Halfmoon Parent, Inc., 4.375%, 10/15/2028 ^(a)		1,798,373
		HCA, Inc.:
	275M	6.25%, 2/15/2021		287,375
	50M	5.25%, 6/15/2026		51,562
	50M	5.5%, 6/15/2047		50,812
	275M	HealthSouth Corp., 5.75%, 11/1/2024		278,094
	25M	HLF Financing Sarl, LLC, 7.25%, 8/15/2026 ^(a)		25,437
	200M	inVentiv Group Holdings, Inc., 7.5%, 10/1/2024 ^(a)		212,500
	4,000M	Laboratory Corp. of America Holdings, 3.75%, 8/23/2022		4,007,576
	275M	LifePoint Health, Inc., 5.875%, 12/1/2023		287,719

Portfolio of Investments (continued)

INVESTMENT GRADE FUND

September 30, 2018

Principal Amount		Security	Value
		Health Care (continued)
$	275M	Mallinckrodt Finance SB, 5.75%, 8/1/2022 ^(a)	$	255,063
	275M	Molina Healthcare, Inc., 4.875%, 6/15/2025 ^(a)		271,563
	400M	Universal Hospital Services, Inc., 7.625%, 8/15/2020		401,000
				28,779,216
		Home-building—.0%
	75M	William Lyon Homes, Inc., 6%, 9/1/2023		72,750
		Information Technology—3.0%
	275M	Alliance Data Systems Corp., 5.375%, 8/1/2022 ^(a)		278,094
	3,500M	Apple, Inc., 3%, 11/13/2027		3,326,172
	275M	CommScope Technologies, LLC, 6%, 6/15/2025 ^(a)		284,625
	4,000M	Corning, Inc., 7.25%, 8/15/2036		4,608,732
		Diamond 1 Finance Corp.:
	8,550M	4.42%, 6/15/2021 ^(a)		8,684,235
	100M	5.875%, 6/15/2021 ^(a)		103,248
	50M	7.125%, 6/15/2024 ^(a)		53,644
		NCR Corp.:
	50M	4.625%, 2/15/2021		49,625
	100M	5.875%, 12/15/2021		101,375
	50M	Nielsen Finance, LLC, 5%, 4/15/2022 ^(a)		48,875
	100M	Nuance Communications, Inc., 6%, 7/1/2024		103,375
	275M	Rackspace Hosting, Inc., 8.625%, 11/15/2024 ^(a)		268,152
	275M	Solera, LLC, 10.5%, 3/1/2024 ^(a)		301,813
	75M	Symantec Corp., 5%, 4/15/2025 ^(a)		74,396
	75M	Verscend Holding Corp., 9.75%, 8/15/2026 ^(a)		77,625
				18,363,986
		Manufacturing—1.9%
	275M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023 ^(a)		285,312
	4,000M	Crane Co., 4.2%, 3/15/2048		3,752,340
	2,250M	CRH America, Inc., 3.4%, 5/9/2027 ^(a)		2,102,330
	275M	Grinding Media, Inc., 7.375%, 12/15/2023 ^(a)		286,891

Principal Amount		Security	Value
		Manufacturing (continued)
$	5,000M	Johnson Controls International, PLC, 5%, 3/30/2020	$	5,102,175
				11,529,048
		Media-Broadcasting—1.4%
	1,800M	ABC, Inc., 8.75%, 8/15/2021		2,074,903
	125M	Belo Corp., 7.25%, 9/15/2027		130,000
	100M	Clear Channel International, 8.75%, 12/15/2020 ^(a)		103,720
	5,800M	Comcast Corp., 4.25%, 1/15/2033		5,694,863
	250M	Nexstar Broadcasting, Inc., 5.625%, 8/1/2024 ^(a)		245,313
	300M	Sirius XM Radio, Inc., 6%, 7/15/2024 ^(a)		311,625
				8,560,424
		Media-Cable TV—.5%
	275M	Altice Financing SA, 6.625%, 2/15/2023 ^(a)		277,750
	200M	Altice France SA, 8.125%, 2/1/2027 ^(a)		206,500
	275M	Altice U.S. Finance I Corp., 5.375%, 7/15/2023 ^(a)		278,781
	100M	AMC Networks, Inc., 5%, 4/1/2024		98,750
		CCO Holdings, LLC:
	275M	5.125%, 2/15/2023		276,719
	275M	5.875%, 4/1/2024 ^(a)		280,156
	300M	Clear Channel Worldwide Holdings, Inc. - Series “A”, 6.5%, 11/15/2022		307,125
	400M	CSC Holdings, LLC, 10.125%, 1/15/2023 ^(a)		438,600
	275M	DISH DBS Corp., 5%, 3/15/2023		250,594
	250M	Gray Television, Inc., 5.875%, 7/15/2026 ^(a)		248,437
	275M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023 ^(a)		289,176
				2,952,588
		Media-Diversified—.7%
	175M	Outdoor Americas Capital, LLC, 5.875%, 3/15/2025		177,406
	4,000M	Time Warner, Inc., 3.6%, 7/15/2025		3,838,636
	325M	Tribune Media Co., 5.875%, 7/15/2022		332,313
				4,348,355

Portfolio of Investments (continued)

INVESTMENT GRADE FUND

September 30, 2018

Principal Amount		Security	Value
		Metals/Mining—2.8%
$	150M	AK Steel Corp., 7%, 3/15/2027	$	144,750
	125M	Allegheny Technologies, Inc., 7.875%, 8/15/2023		134,219
	5,000M	Arconic, Inc., 6.15%, 8/15/2020		5,206,250
	50M	Big River Steel, LLC, 7.25%, 9/1/2025 ^(a)		52,937
	250M	Cleveland-Cliffs, Inc., 4.875%, 1/15/2024 ^(a)		246,875
	275M	Commercial Metals Co., 4.875%, 5/15/2023		274,065
	5,000M	Glencore Funding, LLC, 4.625%, 4/29/2024 ^(a)		5,049,525
	275M	HudBay Minerals, Inc., 7.25%, 1/15/2023 ^(a)		283,968
	125M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022 ^(a)		136,250
	4,200M	Newmont Mining Corp., 5.125%, 10/1/2019		4,284,962
	50M	Northwest Acquisitions, ULC, 7.125%, 11/1/2022 ^(a)		51,250
	275M	Novelis, Inc., 5.875%, 9/30/2026 ^(a)		269,363
	100M	Peabody Energy Corp., 6%, 3/31/2022 ^(a)		102,125
	245M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025 ^(a)		252,963
	150M	United States Steel Corp., 6.25%, 3/15/2026		149,063
				16,638,565
		Real Estate—9.4%
	4,600M	Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028		4,422,242
	4,000M	Boston Properties, LP, 5.875%, 10/15/2019		4,094,756
		Digital Realty Trust, LP:
	2,700M	5.25%, 3/15/2021		2,797,022
	6,700M	4.75%, 10/1/2025		6,878,635
	2,800M	Duke Realty Corp., 3.25%, 6/30/2026		2,638,465
	3,700M	Duke Realty, LP, 4%, 9/15/2028		3,654,949
	275M	Equinix, Inc., 5.375%, 4/1/2023		282,906
	4,000M	ERP Operating, LP, 3.375%, 6/1/2025		3,901,264
	3,500M	Essex Portfolio, LP, 3.875%, 5/1/2024		3,484,642
	270M	Geo Group, Inc., 5.875%, 10/15/2024		259,875
	275M	Greystar Real Estate Partners, 5.75%, 12/1/2025 ^(a)		268,812
	2,200M	HCP, Inc., 4.25%, 11/15/2023		2,207,832
	350M	Iron Mountain, Inc., 5.75%, 8/15/2024		347,375
	1,800M	National Retail Properties, Inc., 4.3%, 10/15/2028		1,790,028
	5,000M	Realty Income Corp., 3.875%, 4/15/2025		4,966,615

Principal Amount		Security	Value
		Real Estate (continued)
$	3,000M	Simon Property Group, LP, 3.375%, 10/1/2024	$	2,937,741
	6,000M	STORE Capital Corp., 4.5%, 3/15/2028		5,866,494
	4,125M	Vornado Realty, LP, 3.5%, 1/15/2025		3,954,241
	2,500M	Welltower, Inc., 4%, 6/1/2025		2,470,012
				57,223,906
		Retail-General Merchandise—2.0%
	150M	1011778 B.C., ULC, 4.625%, 1/15/2022 ^(a)		150,563
	4,200M	Amazon.com, Inc., 4.8%, 12/5/2034		4,594,653
	275M	AmeriGas Partners, LP, 5.5%, 5/20/2025		271,562
	75M	Cedar Fair, LP, 5.375%, 6/1/2024		75,000
	5,300M	Home Depot, Inc., 5.875%, 12/16/2036		6,462,322
	50M	J.C. Penney Co., Inc., 8.625%, 3/15/2025		33,750
	275M	KFC Holding Co., LLC, 5%, 6/1/2024 ^(a)		273,454
	25M	SRS Distribution, Inc., 8.25%, 7/1/2026 ^(a)		24,563
				11,885,867
		Services—.2%
	125M	ADT Corp., 3.5%, 7/15/2022		118,750
	400M	AECOM, 5.125%, 3/15/2027		391,600
	75M	BlueLine Rental Finance Corp., 9.25%, 3/15/2024 ^(a)		79,031
	200M	First Data Corp., 5.375%, 8/15/2023 ^(a)		203,550
	275M	United Rentals, Inc., 4.625%, 10/15/2025		267,438
				1,060,369
		Telecommunications—3.0%
	4,500M	AT&T, Inc., 4.25%, 3/1/2027		4,449,649
	275M	CenturyLink, Inc., 5.8%, 3/15/2022		281,187
		Frontier Communications Corp.:
	200M	10.5%, 9/15/2022		179,000
	25M	8.5%, 4/1/2026 ^(a)		23,719
	225M	GCI, Inc., 6.875%, 4/15/2025		233,784
	125M	Telesat Canada, 8.875%, 11/15/2024 ^(a)		134,063

Portfolio of Investments (continued)

INVESTMENT GRADE FUND

September 30, 2018

Principal Amount		Security	Value
		Telecommunications (continued)
		Verizon Communications, Inc.:
$	7,100M	4.272%, 1/15/2036	$	6,786,535
	6,100M	4.329%, 9/21/2028 ^(a)		6,145,012
	150M	Zayo Group, LLC, 6.375%, 5/15/2025		156,228
				18,389,177
		Transportation—3.0%
	4,250M	Air Lease Corp., 3.875%, 7/3/2023		4,216,166
	2,700M	Aviation Capital Group, LLC, 3.5%, 11/1/2027 ^(a)		2,468,945
	275M	BCD Acquisition, Inc., 9.625%, 9/15/2023 ^(a)		294,594
		Burlington Northern Santa Fe, LLC:
	1,800M	5.75%, 5/1/2040		2,158,600
	4,000M	5.15%, 9/1/2043		4,494,856
	3,000M	Penske Truck Leasing Co., LP, 4.875%, 7/11/2022 ^(a)		3,094,800
	1,550M	Southwest Airlines Co., 3%, 11/15/2026		1,434,627
	207M	XPO Logistics, Inc., 6.5%, 6/15/2022 ^(a)		214,504
				18,377,092
		Utilities—8.5%
		Calpine Corp.:
	125M	5.75%, 1/15/2025		111,094
	275M	5.25%, 6/1/2026 ^(a)		255,750
	125M	Cheniere Energy Partners, LP, 5.25%, 10/1/2025		125,466
	5,000M	Duke Energy Progress, Inc., 4.15%, 12/1/2044		4,901,245
	3,000M	Electricite de France SA, 3.625%, 10/13/2025 ^(a)		2,904,837
	3,150M	Entergy Arkansas, Inc., 4.95%, 12/15/2044		3,158,792
	4,000M	Exelon Generation Co., LLC, 3.4%, 3/15/2022		3,966,916
	5,994M	Great River Energy, 4.478%, 7/1/2030 ^(a)		6,052,136
	35M	NRG Energy, Inc., 6.25%, 7/15/2022		36,197
	275M	NRG Yield Operating, LLC, 5%, 9/15/2026		264,688
	3,850M	Ohio Power Co., 5.375%, 10/1/2021		4,076,877
	4,550M	Oklahoma Gas & Electric Co., 4%, 12/15/2044		4,159,041
	4,000M	ONEOK Partners, LP, 3.375%, 10/1/2022		3,942,912

	Principal Amount		Security	Value
			Utilities (continued)
			ONEOK, Inc.:
	$	4,000M	7.5%, 9/1/2023	$	4,565,736
		4,500M	4.55%, 7/15/2028		4,531,140
		1,350M	San Diego Gas & Electric Co., 1.914%, 2/1/2022		1,317,397
			Sempra Energy:
		4,000M	9.8%, 2/15/2019		4,102,584
		2,700M	2.8392%, 1/15/2021 †		2,700,802
		100M	Targa Resources Partners, LP, 5.875%, 4/15/2026 ^(a)		103,625
					51,277,235
			Waste Management—.1%
		275M	Covanta Holding Corp., 5.875%, 3/1/2024		281,449
			Wireless Communications—.3%
			Intelsat Jackson Holdings SA:
		350M	8%, 2/15/2024 ^(a)		369,250
		75M	8.5%, 10/15/2024 ^(a)		75,919
		275M	Level 3 Financing, Inc., 5.375%, 1/15/2024		275,479
		275M	Sprint Communications, Inc., 6%, 11/15/2022		281,188
		275M	Sprint Corp., 7.125%, 6/15/2024		286,000
		275M	T-Mobile USA, Inc., 6%, 3/1/2023		283,388
					1,571,224
Total Value of Corporate Bonds (cost $589,904,037)					581,651,455
			U.S. GOVERNMENT OBLIGATIONS—1.1%
		6,500M	U.S. Treasury Bonds, 3%, 2/15/2048 (cost $6,348,601)		6,256,887
			PASS-THROUGH CERTIFICATES—.7%
			Transportation
		4,500M	American Airlines 2017-2 AA PTT, 3.35%, 10/15/2029 (cost $4,500,000)		4,304,799

Portfolio of Investments (continued)

INVESTMENT GRADE FUND

September 30, 2018

Principal Amount		Security	Value
		TAXABLE MUNICIPAL BONDS—.6%
$	3,500M	California State GO, 4.6%, 4/1/2038 (cost $3,679,140)	$	3,636,465

Total Value of Investments (cost $604,431,778)	98.3	%		595,849,606
Other Assets, Less Liabilities	1.7			10,558,737
Net Assets	100.0	%	$	606,408,343

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).

(b)	A portion or all of the security purchased on a when-issued or delayed delivery basis (see Note 1G).

†	Interest rates are determined and reset periodically. The interest rates above are the rates in effect at September 30, 2018.

Summary of Abbreviations:

GO	General Obligation

LLLP	Limited Liability Limited Partnership

PTT	Pass-Through Trust

ULC	Unlimited Liability Corporation

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	581,651,455	$	—	$	581,651,455
U.S. Government Obligations		—		6,256,887		—		6,256,887
Pass-Through Certificates		—		4,304,799		—		4,304,799
Taxable Municipal Bonds		—		3,636,465		—		3,636,465
Total Investments in Securities^*	$	—	$	595,849,606	$	—	$	595,849,606

^*	The Portfolio of Investments provides information on the industry categorization for corporate bonds and pass-through certificates.

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

Portfolio Managers’ Letter

LIMITED DURATION BOND FUND

Dear Investor:

This is the annual report for the First Investors Limited Duration Bond Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was -0.52% for Class A shares, -0.25% for Advisor Class shares and -0.19% for Institutional Class shares, including dividends of 25.0 cents per share on Class A shares, 27.6 cents per share on Advisor Class shares and 29.1 cents per share on Institutional Class shares.

Economic overview

Bond market

The U.S. fixed income markets had mostly negative performance for the past 12 months, with the broad U.S. bond market (as measured by the ICE BofA ML U.S. Broad Market Index) returning -1.1 %.

Portfolio Managers’ Letter (continued)

LIMITED DURATION BOND FUND

The Fund

The Fund generally invests in investment grade fixed income securities across sectors and may, from time to time, invest up to 10% of its total assets in high yield corporate bonds. During the review period, the majority of the Fund’s assets were invested across investment grade securities within corporate bonds, asset backed securities, agency mortgage-backed securities (MBS), and U.S. Treasury and agency securities.

The Fund provided mixed results compared to its benchmark, the Bank of America Merrill Lynch 1-5 Year US Broad Market Index, during the annual reporting period ended September 30, 2018, with Class A shares underperforming. The Fund had two negative performance drivers. First, the Fund was overweight agency MBS. Second, the fund was overweight investment grade corporate bonds maturing between 3-5 years as these securities lagged shorter (1-3 year) maturities. Although the Fund underperformed its benchmark, some exposure to high yield corporate bonds as well as an overweight in asset backed securities helped mitigate some of its underperformance.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,

Rodwell Chadehumbe
Portfolio Manager

October 31, 2018

Fund Expenses (unaudited)

LIMITED DURATION BOND FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	0.79%
Actual		$1,000.00	$ 1,007.12	$3.97
Hypothetical^**		$1,000.00	$ 1,021.11	$4.00
Advisor Class Shares	0.51%
Actual		$1,000.00	$ 1,009.61	$2.57
Hypothetical^**		$1,000.00	$ 1,022.51	$2.59
Institutional Class Shares	0.36%
Actual		$1,000.00	$ 1,009.28	$1.81
Hypothetical^**		$1,000.00	$ 1,023.27	$1.83

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived and/or assumed.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

Cumulative Performance Information (unaudited)

LIMITED DURATION BOND FUND

Comparison of change in value of $10,000 investment in the First Investors Limited Duration Bond Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch 1–5 Year U.S. Broad Market Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Advisor Class	Institutional Class	BofA Merrill Lynch 1-5 Year U.S. Broad Market Index
One Year	-0.52%	-0.25%	-0.19%	-0.30%
Since Inception^**	0.24%	0.58%	0.75%	1.05%

S.E.C. Standardized	Class A	Advisor Class	Institutional Class
One Year	-2.98%	-0.25%	-0.19%
Since Inception^**	-0.34%	0.58%	0.75%
S.E.C 30-Day Yield^***	2.34%	2.94%	3.09%

The graph compares a $10,000 investment in the First Investors Limited Duration Bond Fund (Class A shares) beginning 5/19/14 (commencement of operations) with a theoretical investment in the BofA Merrill Lynch 1-5 Year U.S. Broad Market Index (the “Index”). The Index is a subset of the BofA Merrill Lynch U.S. Broad Market Index which tracks the performance of U.S. dollar-denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, quasi-government, corporate, securitized and collateralized securities. The Index includes all securities with a remaining term to final maturity or an average life less than 5 years. It is not possible to invest directly in this Index. In addition, the Index does not reflect fees and expenses associated with the active management of a mutual fund portfolio.

For purposes of the graph and the accompanying table it is assumed that all dividends and distributions were reinvested. Advisor Class and Institutional Class shares performance will be greater than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

Average Annual Total Return figures (for the periods ended 9/30/18) include the reinvestment of all dividends 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 current maximum sales charge of 2.5% and assume the current sales charge of 2.5% was in effect at the beginning of the stated periods (prior to 6/12/17, the maximum sales charge was 5.75%). The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Return for One Year and Since Inception would have been -3.19% and -1.07%, respectively and the S.E.C. 30-Day Yield for September 2018 would have been 1.37%. The Advisor Class “S.E.C. Standardized” Average Annual Total Return for One Year and Since Inception would have been -0.47% and 0.27%, respectively and the S.E.C. 30-Day Yield for September 2018 would have been 1.16%. The Institutional Class “S.E.C. Standardized” Average Annual Total Return for One Year and Since Inception would have been -0.39% and -0.10%, respectively and the S.E.C. 30-Day Yield for September 2018 would have been 1.33%. Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Bank of America Merrill Lynch and all other figures are from Foresters Investment Management Company, Inc.

The Since Inception returns for Class A shares, Advisor Class shares and Institutional Class shares are for the period beginning 5/19/14 (commencement of operations).

***

The S.E.C. 30-Day Yield shown is for September 2018.

Portfolio of Investments

LIMITED DURATION BOND FUND

September 30, 2018

Principal Amount		Security	Value
		CORPORATE BONDS—63.4%
		Aerospace/Defense—.0%
$	50M	Bombardier, Inc., 8.75%, 12/1/2021 ^(a)	$	55,405
	50M	TransDigm, Inc., 6%, 7/15/2022		50,938
				106,343
		Automotive—6.7%
	50M	Avis Budget Car Rental, LLC, 5.5%, 4/1/2023		49,922
	1,800M	Daimler Finance NA, LLC, 2.7305%, 5/4/2020 ^(a)†		1,804,253
	110M	Dana Holding Corp., 5.5%, 12/15/2024		109,340
		Ford Motor Credit Co., LLC:
	1,272M	2.943%, 1/8/2019		1,273,339
	4,400M	3.5488%, 2/15/2023 †		4,378,229
		General Motors Financial Co., Inc.:
	2,800M	3.55%, 4/9/2021		2,799,740
	1,400M	3.8892%, 1/14/2022 †		1,428,112
	25M	Group 1 Automotive, Inc., 5.25%, 12/15/2023 ^(a)		24,750
	25M	Hertz Corp., 5.875%, 10/15/2020		25,000
	1,500M	Hyundai Capital America, 3.2609%, 7/8/2021 ^(a)†		1,504,423
	3,120M	Lear Corp., 5.375%, 3/15/2024		3,210,234
	2,000M	O’Reilly Automotive, Inc., 4.625%, 9/15/2021		2,062,772
	3,000M	Toyota Motor Credit Corp., 2.5075%, 9/18/2020 †		3,000,582
				21,670,696
		Building Materials—.0%
	25M	Building Materials Corp., 5.375%, 11/15/2024 ^(a)		25,062
	50M	Griffon Corp., 5.25%, 3/1/2022		49,625
				74,687
		Chemicals—.4%
	50M	Blue Cube Spinco, Inc., 10%, 10/15/2025		57,750
	75M	Chemours Co., 6.625%, 5/15/2023		78,532
	1,000M	Dow Chemical Co., 4.25%, 11/15/2020		1,018,747
	65M	Rain CII Carbon, LLC, 7.25%, 4/1/2025 ^(a)		66,544
	35M	Rayonier AM Products, Inc., 5.5%, 6/1/2024 ^(a)		33,874

Principal Amount		Security	Value
		Chemicals (continued)
$	25M	Univar USA, Inc., 6.75%, 7/15/2023 ^(a)	$	25,938
				1,281,385
		Consumer Non-Durables—.1%
	50M	First Quality Finance Co., 4.625%, 5/15/2021 ^(a)		50,188
	25M	KGA Escrow, LLC, 7.5%, 8/15/2023 ^(a)		26,000
	75M	Reynolds Group Holdings, Inc., 5.125%, 7/15/2023 ^(a)		74,719
				150,907
		Energy—3.3%
	25M	Baytex Energy Corp., 5.125%, 6/1/2021 ^(a)		24,750
	50M	Blue Racer Midstream, LLC, 6.125%, 11/15/2022 ^(a)		51,562
	5,000M	BP Capital Markets, PLC, 2.315%, 2/13/2020		4,956,300
	50M	Carrizo Oil & Gas, Inc., 6.25%, 4/15/2023		51,312
		Continental Resources, Inc.:
	2,720M	5%, 9/15/2022		2,762,386
	50M	4.5%, 4/15/2023		50,929
	50M	Crestwood Midstream Partners, LP, 6.25%, 4/1/2023		51,937
	2,000M	Enterprise Products Operating, 5.2%, 9/1/2020		2,072,880
	60M	Exterran Partners, LP, 6%, 10/1/2022		60,825
	25M	Genesis Energy, LP, 5.625%, 6/15/2024		23,750
	50M	Global Partners, LP, 6.25%, 7/15/2022		50,000
	50M	Murphy Oil Corp., 6.875%, 8/15/2024		53,056
	60M	NGPL Pipeco, LLC, 4.375%, 8/15/2022 ^(a)		60,750
	50M	Oasis Petroleum, Inc., 6.875%, 1/15/2023		50,938
	25M	Parsley Energy, LLC, 5.25%, 8/15/2025 ^(a)		25,000
	50M	Sunoco, LP, 4.875%, 1/15/2023 ^(a)		49,625
	25M	Transocean Guardian, Ltd., 5.875%, 1/15/2024 ^(a)		25,313
	50M	Whiting Petroleum Corp., 5.75%, 3/15/2021		51,438
	60M	WPX Energy, Inc., 5.25%, 9/15/2024		60,600
				10,533,351
		Financial Services—8.1%
	5,000M	American International Group, 6.4%, 12/15/2020		5,322,620

Portfolio of Investments (continued)

LIMITED DURATION BOND FUND

September 30, 2018

Principal Amount		Security	Value
		Financial Services (continued)
$	4,750M	Canadian Imperial Bank of Commerce, 2.35%, 7/27/2022 ^(a)	$	4,579,917
	2,100M	Capital One NA, 2.25%, 9/13/2021		2,022,355
	1,000M	Compass Bank, 5.5%, 4/1/2020		1,027,211
	2,145M	International Lease Finance Corp., 8.25%, 12/15/2020		2,345,184
	25M	Nationstar Mortgage Corp., 6.5%, 7/1/2021		25,093
	3,000M	PNC Bank, NA, 2.7%, 11/1/2022		2,891,730
	1,500M	Protective Life Corp., 7.375%, 10/15/2019		1,563,283
	1,400M	Prudential Financial, Inc., 7.375%, 6/15/2019		1,444,237
	1,025M	State Street Bank & Trust Co., 5.25%, 10/15/2018		1,026,004
	3,900M	SunTrust Bank, 2.59%, 1/29/2021 †		3,860,941
				26,108,575
		Financials—16.3%
	1,600M	Bank of America Corp., 2.369%, 7/21/2021 †		1,572,331
	900M	Bank of Montreal, 1.9%, 8/27/2021		864,787
	700M	Barclays Bank, PLC, 6.75%, 5/22/2019		717,223
	2,000M	Capital One Financial Corp., 3.05%, 3/9/2022		1,957,032
		Citigroup, Inc.:
	1,000M	2.65%, 10/26/2020		987,492
	250M	2.9%, 12/8/2021		245,000
	2,000M	2.876%, 7/24/2023 †		1,935,226
	125M	DAE Funding, LLC, 4.5%, 8/1/2022 ^(a)		122,187
		Danske Bank AS:
	1,000M	2%, 9/8/2021 ^(a)		948,612
	800M	2.7%, 3/2/2022 ^(a)		767,230
		Deutsche Bank AG of New York:
	1,000M	2.7%, 7/13/2020		979,986
	1,700M	3.15%, 1/22/2021		1,662,160
	1,000M	DNB Bank ASA, 2.375%, 6/2/2021 ^(a)		969,839
	4,500M	DNB Boligkreditt AS, 2.5%, 3/28/2022 ^(a)		4,369,621
		Goldman Sachs Group, Inc.:
	2,000M	2.6%, 12/27/2020		1,968,948
	2,000M	5.75%, 1/24/2022		2,128,788
	2,000M	3.3656%, 6/5/2023 †		2,024,948

Principal Amount		Security	Value
		Financials (continued)
$	125M	Icahn Enterprises, LP, 6.25%, 2/1/2022	$	128,438
	1,000M	ING Groep NV, 3.15%, 3/29/2022		976,218
		JPMorgan Chase & Co.:
	4,100M	4.5%, 1/24/2022		4,228,523
	2,000M	3.2353%, 4/25/2023 †		2,019,712
	50M	Ladder Capital Finance Holdings, LLLP, 5.25%, 3/15/2022 ^(a)		50,250
		Lloyds Bank, PLC:
	1,000M	6.375%, 1/21/2021		1,063,894
	800M	3%, 1/11/2022		779,508
		Morgan Stanley:
	6,100M	5.5%, 7/28/2021		6,425,392
	3,500M	3.5275%, 1/20/2022 †		3,550,120
	75M	Navient Corp., 5.875%, 3/25/2021		77,061
		Park Aerospace Holdings:
	25M	4.5%, 3/15/2023 ^(a)		24,469
	25M	5.5%, 2/15/2024 ^(a)		25,688
		Springleaf Finance Corp.:
	50M	7.75%, 10/1/2021		54,124
	25M	5.625%, 3/15/2023		24,969
	4,100M	UBS Group Funding (Switzerland) AG, 3.491%, 5/23/2023 ^(a)		4,019,980
	3,100M	Wells Fargo & Co., 3.45%, 2/13/2023		3,048,146
	1,800M	Wells Fargo Bank, NA, 2.6%, 1/15/2021		1,770,264
				52,488,166
		Food/Beverage/Tobacco—4.7%
	6,000M	Anheuser-Busch InBev Finance, 2.65%, 2/1/2021		5,916,192
	2,500M	Bunge Ltd. Finance Corp., 8.5%, 6/15/2019		2,590,577
		General Mills, Inc.:
	900M	2.8792%, 4/16/2021 †		904,521
	2,700M	3.346%, 10/17/2023 †		2,722,286
	1,000M	Ingredion, Inc., 4.625%, 11/1/2020		1,021,567
	2,000M	Maple Escrow Subsidiary, Inc., 3.551%, 5/25/2021 ^(a)		1,997,624
				15,152,767

Portfolio of Investments (continued)

LIMITED DURATION BOND FUND

September 30, 2018

Principal Amount		Security	Value
		Forest Products/Container—1.8%
$	50M	Berry Global, Inc., 5.125%, 7/15/2023	$	50,437
	25M	BWAY Holding Co., 5.5%, 4/15/2024 ^(a)		24,656
	5,487M	Georgia-Pacific, LLC, 5.4%, 11/1/2020 ^(a)		5,710,667
	50M	Owens-Brockway, 5.875%, 8/15/2023 ^(a)		51,625
	50M	Sealed Air Corp., 4.875%, 12/1/2022 ^(a)		50,688
				5,888,073
		Gaming/Leisure—.1%
	25M	Boyd Gaming Corp., 6.875%, 5/15/2023		26,356
	150M	MGM Resorts International, 6%, 3/15/2023		155,438
	25M	National CineMedia, LLC, 6%, 4/15/2022		25,438
	50M	Viking Cruises, Ltd., 6.25%, 5/15/2025 ^(a)		50,250
				257,482
		Health Care—4.3%
		Bausch Health Cos., Inc.:
	75M	5.625%, 12/1/2021 ^(a)		75,000
	125M	5.5%, 3/1/2023 ^(a)		120,781
	50M	6.5%, 3/15/2022 ^(a)		52,125
	50M	Centene Corp., 5.625%, 2/15/2021		51,000
	50M	CHS/Community Health Systems, Inc., 6.25%, 3/31/2023		47,610
		CVS Health Corp.:
	1,400M	3.125%, 3/9/2020		1,400,686
	4,000M	2.8%, 7/20/2020		3,964,588
	1,632M	Gilead Sciences, Inc., 2.55%, 9/1/2020		1,616,044
	6,000M	Halfmoon Parent, Inc., 3.2%, 9/17/2020 ^(a)		5,980,794
	100M	HCA, Inc., 6.25%, 2/15/2021		104,500
	50M	HealthSouth Corp., 5.125%, 3/15/2023		50,375
	50M	LifePoint Health, Inc., 5.875%, 12/1/2023		52,313
	50M	Mallinckrodt Finance SB, 5.75%, 8/1/2022 ^(a)		46,375
	50M	Molina Healthcare, Inc., 5.375%, 11/15/2022		51,063
	50M	RegionalCare Hospital Partners Holdings, Inc., 8.25%, 5/1/2023 (a)		52,750

Principal Amount		Security	Value
		Health Care (continued)
$	75M	Universal Hospital Services, Inc., 7.625%, 8/15/2020	$	75,188
				13,741,192
		Home-building—.0%
	50M	William Lyon Homes, Inc., 6%, 9/1/2023		48,500
		Information Technology—1.5%
	125M	Alliance Data Systems Corp., 5.375%, 8/1/2022 ^(a)		126,406
	150M	CommScope, Inc., 5.5%, 6/15/2024 ^(a)		151,687
		Diamond 1 Finance Corp.:
	1,750M	3.48%, 6/1/2019 ^(a)		1,754,707
	1,800M	4.42%, 6/15/2021 ^(a)		1,828,260
	50M	5.875%, 6/15/2021 ^(a)		51,624
	75M	NCR Corp., 5.875%, 12/15/2021		76,031
	900M	QUALCOMM, Inc., 2.6%, 1/30/2023		865,693
	50M	Rackspace Hosting, Inc., 8.625%, 11/15/2024 ^(a)		48,755
	50M	Solera, LLC, 10.5%, 3/1/2024 ^(a)		54,875
				4,958,038
		Manufacturing—.0%
	50M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023 ^(a)		51,875
	50M	Grinding Media, Inc., 7.375%, 12/15/2023 ^(a)		52,162
				104,037
		Media-Broadcasting—.1%
	50M	Netflix, Inc., 5.5%, 2/15/2022		51,813
	125M	Nexstar Broadcasting, Inc., 5.625%, 8/1/2024 ^(a)		122,656
	125M	Sinclair Television Group, Inc., 5.625%, 8/1/2024 ^(a)		122,656
	50M	Sirius XM Radio, Inc., 4.625%, 5/15/2023 ^(a)		49,685
				346,810
		Media-Cable TV—.3%
	200M	Altice U.S. Finance I Corp., 5.375%, 7/15/2023 ^(a)		202,750
	75M	AMC Networks, Inc., 5%, 4/1/2024		74,062

Portfolio of Investments (continued)

LIMITED DURATION BOND FUND

September 30, 2018

Principal Amount		Security	Value
		Media-Cable TV (continued)
$	75M	Cable One, Inc., 5.75%, 6/15/2022 ^(a)	$	76,594
		CCO Holdings, LLC:
	125M	5.125%, 2/15/2023		125,781
	125M	5.875%, 4/1/2024 ^(a)		127,344
	75M	Cequel Communications Holdings I, LLC, 5.125%, 12/15/2021 (a)		75,391
	25M	Clear Channel International, 8.75%, 12/15/2020 ^(a)		25,930
	200M	Clear Channel Worldwide Holdings, Inc. - Series “A”, 6.5%, 11/15/2022		204,750
	100M	CSC Holdings, LLC, 6.75%, 11/15/2021		105,625
	50M	DISH DBS Corp., 5%, 3/15/2023		45,563
	50M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023 (a)		52,578
				1,116,368
		Media-Diversified—.1%
	75M	Gannett Co., Inc., 6.375%, 10/15/2023		77,625
	100M	Outdoor Americas Capital, LLC, 5.625%, 2/15/2024		101,475
	50M	Tribune Media Co., 5.875%, 7/15/2022		51,125
				230,225
		Metals/Mining—.4%
	50M	AK Steel Corp., 7.5%, 7/15/2023		52,875
	50M	Allegheny Technologies, Inc., 7.875%, 8/15/2023		53,687
	50M	Cleveland-Cliffs, Inc., 4.875%, 1/15/2024 ^(a)		49,375
	50M	Commercial Metals Co., 4.875%, 5/15/2023		49,830
	50M	HudBay Minerals, Inc., 7.25%, 1/15/2023 ^(a)		51,631
	25M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022 ^(a)		27,250
	25M	Northwest Acquisitions, ULC, 7.125%, 11/1/2022 ^(a)		25,625
	25M	Peabody Energy Corp., 6%, 3/31/2022 ^(a)		25,531
	35M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025 ^(a)		36,138
	900M	Viterra, Inc., 5.95%, 8/1/2020		932,425
				1,304,367

Principal Amount		Security	Value
		Real Estate—2.4%
$	1,570M	American Tower Trust I, 3.07%, 3/15/2023 ^(a)	$	1,534,468
	1,000M	Boston Properties, LP, 5.875%, 10/15/2019		1,023,689
		Digital Realty Trust, LP:
	1,671M	3.95%, 7/1/2022 ^(b)		1,682,829
	900M	2.75%, 2/1/2023		860,496
	50M	Equinix, Inc., 5.375%, 4/1/2023		51,438
	50M	Geo Group, Inc., 5.125%, 4/1/2023		48,125
	50M	Greystar Real Estate Partners, 5.75%, 12/1/2025 ^(a)		48,875
	100M	Iron Mountain, Inc., 5.75%, 8/15/2024		99,250
	50M	MPT Operating Partnership, LP, 6.375%, 3/1/2024		52,500
	1,250M	Realty Income Corp., 3.25%, 10/15/2022		1,235,137
	50M	VICI Properties 1, LLC, 8%, 10/15/2023		55,438
	1,000M	Welltower, Inc., 6.125%, 4/15/2020		1,039,588
				7,731,833
		Retail-General Merchandise—.1%
	50M	1011778 B.C., ULC, 4.625%, 1/15/2022 ^(a)		50,188
	75M	AmeriGas Partners, LP, 5.625%, 5/20/2024		74,812
	25M	J.C. Penney Co., Inc., 8.625%, 3/15/2025		16,875
	50M	KFC Holding Co., LLC, 5%, 6/1/2024 ^(a)		49,719
				191,594
		Services—.1%
	50M	ADT Corp., 3.5%, 7/15/2022		47,500
	50M	BlueLine Rental Finance Corp., 9.25%, 3/15/2024 ^(a)		52,687
		First Data Corp.:
	50M	5.375%, 8/15/2023 ^(a)		50,888
	50M	7%, 12/1/2023 ^(a)		52,188
	50M	Reliance Intermediate Holdings, LP, 6.5%, 4/1/2023 ^(a)		52,063
				255,326

Portfolio of Investments (continued)

LIMITED DURATION BOND FUND

September 30, 2018

Principal Amount		Security	Value
		Telecommunications—2.2%
		AT&T, Inc.:
$	500M	5.875%, 10/1/2019	$	514,304
	3,500M	2.45%, 6/30/2020		3,454,685
	125M	CenturyLink, Inc., 5.8%, 3/15/2022		127,812
	50M	Frontier Communications Corp., 10.5%, 9/15/2022		44,750
	100M	GCI, Inc., 6.75%, 6/1/2021		101,375
	2,800M	Verizon Communications, Inc., 1.75%, 8/15/2021		2,687,359
	50M	Zayo Group, LLC, 6%, 4/1/2023		51,750
				6,982,035
		Transportation—1.9%
	3,600M	Aviation Capital Group, LLC, 7.125%, 10/15/2020 ^(a)		3,842,518
	50M	BCD Acquisition, Inc., 9.625%, 9/15/2023 ^(a)		53,562
	1,000M	Heathrow Funding, Ltd., 4.875%, 7/15/2021 ^(a)		1,038,590
	50M	Meritor, Inc., 6.25%, 2/15/2024		51,188
	1,000M	Southwest Airlines Co., 2.65%, 11/5/2020		986,258
	30M	XPO Logistics, Inc., 6.5%, 6/15/2022 ^(a)		31,088
				6,003,204
		Utilities—8.3%
	500M	Arizona Public Service Co., 8.75%, 3/1/2019		512,049
		Calpine Corp.:
	50M	5.375%, 1/15/2023		47,437
	50M	5.875%, 1/15/2024 ^(a)		50,500
	500M	Consolidated Edison Co. of New York, 7.125%, 12/1/2018		503,738
	5,000M	Dominion Energy, Inc., 5.2%, 8/15/2019		5,096,450
	3,000M	DTE Energy Co., 3.3%, 6/15/2022		2,960,322
	2,385M	Entergy Corp., 5.125%, 9/15/2020		2,448,634
	1,375M	Exelon Generation Co., LLC, 3.4%, 3/15/2022		1,363,627
	2,402M	Nextera Energy Capital Holding, 2.4%, 9/15/2019		2,389,418
	2,000M	ONEOK Partners, LP, 3.375%, 10/1/2022		1,971,456
	500M	Public Service Electric and Gas Co., 1.8%, 6/1/2019		496,662
	390M	San Diego Gas & Electric Co., 1.914%, 2/1/2022		380,581

	Principal Amount		Security	Value
			Utilities (continued)
			Sempra Energy:
	$	500M	9.8%, 2/15/2019	$	512,823
		1,500M	1.625%, 10/7/2019		1,478,644
		5,700M	2.7841%, 3/15/2021 †		5,696,403
		60M	Targa Resources Partners, LP, 4.25%, 11/15/2023		58,875
		50M	Terraform Power Operating, LLC, 4.25%, 1/31/2023 ^(a)		49,000
		700M	Wisconsin Public Service Corp., 1.65%, 12/4/2018		699,085
					26,715,704
			Waste Management—.0%
		50M	Covanta Holding Corp., 5.875%, 3/1/2024		51,172
		50M	GFL Environmental, Inc., 5.625%, 5/1/2022 ^(a)		48,625
					99,797
			Wireless Communications—.2%
		75M	Intelsat Jackson Holdings SA, 8%, 2/15/2024 ^(a)		79,125
		150M	Level 3 Financing, Inc., 5.375%, 1/15/2024		150,261
		50M	SBA Communications Corp., 4.875%, 7/15/2022		50,605
		125M	Sprint Communications, Inc., 6%, 11/15/2022		127,813
		150M	Sprint Corp., 7.875%, 9/15/2023		162,188
			T-Mobile USA, Inc.:
		50M	6%, 3/1/2023		51,525
		25M	6%, 4/15/2024		25,969
					647,486
Total Value of Corporate Bonds (cost $205,608,283)					204,188,948
			ASSET-BACKED SECURITIES—14.2%
			Fixed Credit Cards—6.1%
		3,905M	Barclays DryRock Issuance Trust, 2.2%, 12/15/2022		3,863,416
		5,400M	Citibank Credit Card Issuance Trust, 2.49%, 1/20/2023		5,327,521
		4,150M	Discover Card Execution Note Trust, 2.19%, 4/17/2023†		4,080,587

Portfolio of Investments (continued)

LIMITED DURATION BOND FUND

September 30, 2018

	Principal Amount		Security	Value
			Fixed Credit Cards (continued)
			Synchrony Credit Card Master Trust:
	$	5,100M	1.93%, 6/15/2023	$	5,001,116
		1,500M	2.38%, 9/15/2023		1,477,088
					19,749,728
			Fixed Autos—5.8%
		2,460M	American Credit Acceptance Trust, 2.61%, 5/10/2021 ^(a)		2,457,196
		4,900M	BMW Vehicle Lease Trust, 2.07%, 10/20/2020		4,862,373
		1,850M	CarMax Auto Owner Trust, 3.37%, 10/16/2023		1,842,145
		1,134M	Ford Credit Floorplan Master Trust, 1.76%, 2/15/2021		1,130,428
			GM Financial Automobile Leasing Trust:
		3,250M	3.18%, 6/21/2021		3,251,654
		1,400M	3.31%, 4/20/2022		1,396,592
		2,435M	Hertz Vehicle Financing Trust, 2.27%, 7/25/2020		2,419,204
		1,190M	Santander Drive Auto Receivables Trust, 3.03%, 9/15/2022		1,185,264
					18,544,856
			Fixed Manufacturing—1.1%
		3,600M	Kubota Credit Owner Trust, 3.1%, 8/15/2022 ^(a)		3,593,063
			Fixed Telecommunication Services—1.2%
		3,980M	Verizon Owner Trust, 1.92%, 12/20/2021 ^(a)		3,929,096
Total Value of Asset-Backed Securities (cost $45,811,953)					45,816,743
			U.S. GOVERNMENT OBLIGATIONS—9.4%
			U.S. Treasury Notes:
		2,000M	1.125%, 8/31/2021		1,902,382
		13,730M	1.375%, 10/31/2020		13,328,288
		5,050M	2.625%, 6/15/2021		5,017,059
		10,000M	2.875%, 9/30/2023		9,966,210
Total Value of U.S. Government Obligations (cost $30,539,090)					30,213,939

	Principal Amount		Security	Value
			U.S. GOVERNMENT AGENCY OBLIGATIONS—6.6%
			Fannie Mae:
	$	5,000M	1.25%, 5/6/2021	$	4,798,650
		1,700M	1.375%, 2/26/2021		1,641,761
		5,000M	1.5%, 2/28/2020		4,915,170
		5,000M	Federal Home Loan Bank, 2.375%, 3/30/2020		4,970,355
		5,000M	Freddie Mac, 3.75%, 3/27/2019		5,032,870
Total Value of U.S. Government Agency Obligations (cost $21,589,480)					21,358,806
			COMMERCIAL MORTGAGE-BACKED SECURITIES—2.6%
			Fannie Mae—1.8%
		1,300M	2.96%, 11/1/2018		1,298,050
		4,346M	2.995%, 11/1/2022		4,309,421
					5,607,471
			Federal Home Loan Mortgage Corporation—.8%
		2,657M	Multi-Family Structured Pass-Throughs, 2.4838%, 5/25/2024 †		2,660,575
Total Value of Commercial Mortgage-Backed Securities (cost $8,377,277)					8,268,046
			COLLATERALIZED MORTGAGE OBLIGATIONS—1.5%
		4,876M	Fannie Mae, 4%, 2/25/2025 (cost $5,011,776)		4,944,459
			COVERED BONDS—1.5%
			Financial Services
		5,000M	Royal Bank of Canada, 2.3%, 3/22/2021 (cost $5,014,967)		4,891,705
			UNINSURED U.S. AGENCY OBLIGATIONS—.2%
		500M	Freddie Mac - STACR, 2.8844%, 9/25/2048 (cost $500,000) †		501,199

Portfolio of Investments (continued)

LIMITED DURATION BOND FUND

September 30, 2018

Principal Amount		Security	Value
		SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS—1.5%
$	5,000M	Federal Home Loan Bank, Zero Coupon, 10/1/2018 (Effective yield 0%) (cost $5,000,000)	$	5,000,000

Total Value of Investments (cost $327,452,826)	100.9	%		325,183,845
Excess of Liabilities Over Other Assets	(.9	)		(2,961,867	)
Net Assets	100.0	%	$	322,221,978

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).

(b)	A portion or all of the security purchased on a when-issued or delayed delivery basis (see Note 1G).

†	Interest rates are determined and reset periodically. The interest rates above are the rates in effect at September 30, 2018.

Summary of Abbreviations:

LLLP	Limited Liabilty Limited Partnership

STACR

Structured Agency Credit Risk

ULC	Unlimited Liability Corporation

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

100

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	204,188,948	$	—	$	204,188,948
Asset-Backed Securities		—		45,816,743		—		45,816,743
U.S. Government Obligations		—		30,213,939		—		30,213,939
U.S. Government Agency Obligations		—		21,358,806		—		21,358,806
Commercial Mortgage-Backed Securities		—		8,268,046		—		8,268,046
Collateralized Mortgage Obligations		—		4,944,459		—		4,944,459
Covered Bonds		—		4,891,705		—		4,891,705
Uninsured U.S. Agency Obligations		—		501,199		—		501,199
Short-Term U.S. Government Agency Obligations		—		5,000,000		—		5,000,000
Total Investments in Securities^*	$	—	$	325,183,845	$	—	$	325,183,845

^*	The Portfolio of Investments provides information on the industry categorization for corporate bonds, asset-backed securities and covered bonds.

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

101

See notes to financial statements

Portfolio Managers’ Letter

STRATEGIC INCOME FUND

Dear Investor:

This is the annual report for the First Investors Strategic Income Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was -0.10% for Class A shares and 0.22% for Advisor Class shares, including dividends of 32.0 cents per share on Class A shares and 35.0 cents per share on Advisor Class shares.

Economic overview

102

Bond market

The U.S. fixed income markets had mostly negative performance for the past 12 months, with the broad U.S. bond market (as measured by the ICE BofA ML U.S. Broad Market Index) returning -1.1 %.

103

Portfolio Managers’ Letter (continued)

STRATEGIC INCOME FUND

The Fund

The Fund can invest through institutional class shares in a number of First Investors Funds (Underlying Funds). The average allocations to Underlying Funds as a percentage of the Fund’s net assets, the total returns for the review period and the allocations as a percentage of net assets as of the end of the period are shown in the table below.

	Average allocations, Review period	Total return	Allocations, 9/30/18
Covered Call Strategy	1.6%	7.19%	0.0%
Premium Income	1.0%	3.27%^*	2.5%
Floating Rate Fund	15.7%	4.20%	20.5%
Fund For Income	29.5%	1.91%	20.0%
Government Fund	1.9%	-1.50%^**	0.0%
International Opportunities Bond Fund	5.4%	-4.03%	6.1%
Investment Grade Fund	14.4%	-1.18%	14.7%
Limited Duration Bond Fund	21.6%	-0.19%	25.1%
Tax Exempt Income Fund	3.5%	-0.20%	2.5%
Tax Exempt Opportunities Fund	0.6%	-1.39%	2.5%
Cash	4.8%	0.00%	6.1%

^*	For the period April 2, 2018 (commencement of operations) to September 30, 2018.
^**	For the period October 1, 2017 to September 21, 2018 (date of Fund Reorganization into the Limited Duration Bond Fund).

For the annual reporting period ended September 30, 2018, the Fund returned -0.11% for Class A shares, compared to a return of -1.17% for its benchmark, the ICE BofA Merrill Lynch U.S. Broad Market Index. In general, the Fund benefited from an overweight in underlying funds that performed well in an environment of solid economic growth, and an underweight in underlying funds that performed relatively poorly in a rising interest rate environment.

Specifically, the Fund’s largest investment during the review period was in the First Investors Fund for Income, a high yield bond fund. High yield bonds were the best performing sector of the fixed income market. The Fund also benefited from a substantial allocation to the First Investors Floating Rate Fund, which invests in bank loans. The Floating Rate Fund performed well in a rising interest rate environment due to its minimal interest rate risk. In contrast, the Fund had relatively little exposure to government and mortgage-backed securities which, because of their interest rate sensitivity, had negative total returns during the review period.

104

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,

Clark D. Wagner
Portfolio Manager and
Chief Investment Officer,
Foresters Investment Management Company, Inc.

October 31, 2018

105

Fund Expenses (unaudited)

STRATEGIC INCOME FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	0.56%
Actual		$1,000.00	$ 1,003.20	$2.81
Hypothetical^**		$1,000.00	$ 1,022.26	$2.84
Advisor Class Shares	0.19%
Actual		$1,000.00	$ 1,004.98	$0.95
Hypothetical^**		$1,000.00	$ 1,024.12	$0.96

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

106

Cumulative Performance Information (unaudited)

STRATEGIC INCOME FUND

Comparison of change in value of $10,000 investment in the First Investors Strategic Income Fund (Class A shares) and the Bank of America (“BofA”) Merrill Lynch U.S. Broad Market Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Advisor Class	BofA Merrill Lynch U.S. Broad Market Index
One Year	-0.10%	0.22%	-1.17%
Five Years	2.24%	2.63%	2.23%
Since Inception^**	1.88%	2.24%	1.66%

S.E.C. Standardized	Class A	Advisor Class
One Year	-4.13%	0.22%
Five Years	1.41%	2.63%
Since Inception^**	1.12%	2.24%

The graph compares a $10,000 investment in the First Investors Strategic Income Fund (Class A shares) beginning 4/3/13 (commencement of operations) with a theoretical investment in the BofA Merrill Lynch U.S. Broad Market Index (the “Index”). The Index tracks the performance of U.S. dollar-denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, quasi-government, corporate, securitized and collateralized securities. It is not possible to invest directly in this Index. In addition, the Index does not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the graph and the accompanying table it is assumed that all dividends and distributions were reinvested. Advisor Class shares performance will be greater than that shown in the line

107

Cumulative Performance Information (unaudited) (continued)

STRATEGIC INCOME FUND

graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

The Since Inception returns for Class A shares and Advisor Class shares are for the period beginning 4/3/13 (commencement of operations).

108

Portfolio of Investments

STRATEGIC INCOME FUND

September 30, 2018

	Shares or Principal Amount		Security	Value
			MUTUAL FUNDS—93.2%
			Fixed Income Funds—90.7%
		3,205,012	Floating Rate Fund - Institutional Class Shares	$	31,120,663
		12,394,911	Fund For Income - Institutional Class Shares		30,367,532
		1,032,932	International Opportunities Bond Fund - Institutional Class Shares		9,213,749
		2,422,818	Investment Grade Fund - Institutional Class Shares		22,289,935
		4,139,759	Limited Duration Bond Fund - Institutional Class Shares		38,127,176
		424,153	Tax Exempt Income Fund - Institutional Class Shares		3,838,596
		237,635	Tax Exempt Opportunities Fund - Institutional Class Shares		3,778,402
					138,736,053
			Equity Funds—2.5%
		377,554	Premium Income Fund - Institutional Class Shares		3,835,949
Total Mutual Funds (cost $149,683,500)					142,572,002
			U.S. GOVERNMENT OBLIGATIONS—1.3%
	$	2,000M	U.S. Treasury Bonds, 3.125%, 5/15/2048 (cost $2,058,906)		1,973,829
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—4.8%
		7,300M	U.S. Treasury Bills, Zero Coupon, 10/18/2018 (Effective Yield 1.779%) (cost $7,292,928) ^(a)		7,292,890

Total Value of Investments (cost $159,035,334)	99.3	%		151,838,721
Other Assets, Less Liabilities	.7			1,100,581
Net Assets	100.0	%	$	152,939,302

(a)	The effective yields shown for zero coupon obligations are the effective yields at September 30, 2018.

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

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Portfolio of Investments (continued)

STRATEGIC INCOME FUND

September 30, 2018

Level 2 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Mutual Funds
Fixed Income Funds	$	138,736,053	$	—	$	—	$	138,736,053
Equity Funds		3,835,949		—		—		3,835,949
U.S. Government Obligations		—		1,973,829		—		1,973,829
Short-Term U.S. Government Obligations		—		7,292,890		—		7,292,890
Total Investments in Securities	$	142,572,002	$	9,266,719	$	—	$	151,838,721

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

110

Portfolio Managers’ Letter

COVERED CALL STRATEGY FUND

Dear Investor:

This is the annual report for the First Investors Covered Call Strategy Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 6.79% for Class A shares, 7.09% for Advisor Class shares and 7.19% for Institutional Class shares, including dividends of 10.4 cents per share for Class A shares, 14.4 cents per share for Advisor Class shares and 23.9 cents per share for Institutional Class shares.

The Markets

Strong corporate profit growth has continued, with before-tax and after-tax S&P 500 profit up 13.9% and 22.9% year-over-year, respectively, benefiting from robust underlying economic growth, deregulation, and lower tax rates. The S&P 500 Index has returned 17.9% over the past year, while the Bloomberg Barclays Aggregate Bond Index declined -1.3% as interest rates have increased over the period. With core inflation now at the Federal Reserve’s target level and unemployment lower than normal at 3.7%, the Fed is expected to continue increasing interest rates through next year, which is likely to put continued pressure on bond prices.

Despite the negative headlines on trade this year, the actual impact on GDP growth has been negligible, with the U.S. economy posting 4.2% growth in the second quarter and an expected rate of 3.0% in the second half of 2018. NAFTA negotiations have produced a positive outcome, with all three countries agreeing to a deal. Negotiations with China continue with most of the developed world, including the U.S., Europe and Japan, arguing that China should strengthen intellectual property protections as well as reduce its above-average tariff rate. The U.S. applies a weighted average tariff rate of 1.6% on total imports, while China applies an average tariff rate of 3.5% on its total imports. Consequently, there is the potential for a longer-term benefit to global trade resulting from the current negotiations with China.

The Fund

The Fund’s Institutional Class shares returned 7.19% net of fees for the year ended September 30, 2018, versus 9.76% for the benchmark CBOE S&P 500 Buy Write (BXM) Index. Over the past twelve months, Large Cap Growth stocks returned 25.20% while Large Cap Value stocks returned 10.05%, resulting in an excess return of 1,515 basis points (bps) for growth over value. The stocks in the Fund outperformed the S&P 500 Value Index during the past year due to both positive sector allocation and stock selection. However, the value oriented stocks in the Fund underperformed the S&P 500, as the Fund was underweight the majority of the growth stocks. While overall sector allocation was positive, mainly due to an underweight in the underperforming bond-proxy sectors, stock selection was negative due to an underweight in many of the growth stocks within Technology and Consumer Discretionary. The growth versus value performance disparity has been the largest driver of relative stocks returns since inception of the Fund. However, the call options in the Fund outperformed the call options in the benchmark during the last twelve months. The majority of the call option outperformance has come from positive strike price selection, as the S&P 500 has rallied 17.90% over the period. The out-of-the-money call options of the Fund have allowed for more upside capture relative to the at-the-money call options of the benchmark BXM Index. To a lesser extent, the call option outperformance was also due the single stock call options

111

Portfolio Managers’ Letter (continued)

COVERED CALL STRATEGY FUND

in the Fund providing more call premium than the Index options of the benchmark - a consistent feature of the Fund relative to the BXM Index.

Outlook

The Fund is invested in attractively valued equities with strong fundamentals. Total net income for the stocks in the strategy is expected to grow 10.9% over the next twelve months, well above average, as profit margins remain at record levels. The stocks are more attractively valued than the S&P 500, with a forward price-to-earnings ratio of 14.5 for the stocks in the Fund versus 16.8 for the S&P 500.¹ As a result of the strong earnings growth and the potential for price appreciation, we have positioned the call options above existing stock prices as we enter the fourth quarter (the call options average 3.8% out-of-the-money).

In addition to increased dividends and share buybacks, companies may use the tax windfall to boost capex spending. Therefore, we have positioned the Fund toward companies likely to benefit from higher capex, particularly Industrials, but also Energy and Telecom capex investment as oil prices have strengthened and Telecoms build-out 5G capabilities. An infrastructure package would be an additional tailwind to such stocks. The Fed is likely to continue with more interest rate increases through 2019, and we have positioned the portfolio accordingly, with an overweight in Financials, which benefit from higher rates as well as deregulation, and an underweight in the bond-proxy sectors.

While after-tax S&P 500 earnings growth is expected to slow to 13.1% over the next 12 months, the growth rate is nearly double the long-term average, and is on top of the current all-time record level of earnings.² It’s not only corporate earnings that have surpassed record levels, but also corporate profit margins. Consumers are in a strong financial position, as well. Consumer balance sheets are healthy and households have been saving more than 6% of their disposable income every year for the past five years, a rate rarely seen during the last cycle.³ Recession risk has historically been low during periods when corporate profitability is elevated and consumers have a high propensity to save. This should allow the current expansion to continue well into 2019.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,



Wiley D. Angell	Sean C. Hughes, CFA
Portfolio Manager	Portfolio Manager

October 31, 2018

¹	Source: Bloomberg.

²	Source: Bloomberg.

³	Source: Bloomberg.

112

Fund Expenses (unaudited)

COVERED CALL STRATEGY FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.30%
Actual		$1,000.00	$1,066.97	$ 6.74
Hypothetical^**		$1,000.00	$1,018.55	$ 6.58
Advisor Class Shares	0.97%
Actual		$1,000.00	$1,068.48	$ 5.03
Hypothetical^**		$1,000.00	$1,020.21	$ 4.91
Institutional Class Shares	0.84%
Actual		$1,000.00	$1,069.18	$ 4.36
Hypothetical^**		$1,000.00	$1,020.86	$ 4.26

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

113

Cumulative Performance Information (unaudited)

COVERED CALL STRATEGY FUND

Comparison of change in value of $10,000 investment in the First Investors Covered Call Strategy Fund (Class A shares) and the Cboe S&P 500 BuyWrite Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Advisor Class	Institutional Class	CBOE S&P 500 Buy Write Index
One Year	6.79%	7.09%	7.19%	9.76%
Since Inception^**	8.00%	8.33%	8.49%	11.13%†

S.E.C. Standardized	Class A	Advisor Class	Institutional Class
One Year	0.67%	7.09%	7.19%
Since Inception^**	5.47%	8.33%	8.49%

The graph compares a $10,000 investment in the First Investors Covered Call Strategy Fund (Class A shares) beginning 4/1/16 (commencement of operations) with a theoretical investment in the Cboe S&P 500 BuyWrite Index (the “Index”). The Index is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index. The Index is a passive total return index based on (1) buying an S&P 500 stock index portfolio, and (2) “writing” (or selling) the near-term S&P 500 Index (“SPX”) “covered” call option, generally on the third Friday of each month. The SPX call written will have about one month remaining to expiration, with an exercise price just above the prevailing index level (i.e., slightly out of the money). The SPX call is held until expiration and cash settled, at which time a new one-month, near-the-money call is written. It is not possible to invest directly in this Index. In addition, the Index does not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested. Advisor Class shares and Institutional Class shares performance may

114

be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

The Since Inception returns for Class A shares, Advisor Class shares and Institutional Class shares are for the period beginning 4/1/16 (commencement of operations).

115

Portfolio of Investments

COVERED CALL STRATEGY FUND

September 30, 2018

Shares			Security	Value
			COMMON STOCKS—98.9%
			Consumer Discretionary—9.8%
	88,000		Best Buy Co., Inc.	$	6,983,680
	133,800		Carnival Corp.		8,532,426
	52,900		Home Depot, Inc.		10,958,235
	68,000		Whirlpool Corp.		8,075,000
					34,549,341
			Consumer Staples—5.1%
	53,200		Costco Wholesale Corp.		12,495,616
	24,500		PepsiCo, Inc.		2,739,100
	28,000		Walmart, Inc.		2,629,480
					17,864,196
			Energy—8.6%
	112,400		Chevron Corp.		13,744,272
	230,900		Halliburton Co.		9,358,377
	88,000		Occidental Petroleum Corp.		7,230,960
					30,333,609
			Exchange Traded Funds—0%
	400		SPDR S&P 500 ETF Trust (ETF)		116,288
			Financials—16.6%
	69,200		Allstate Corp.		6,830,040
	78,100		American Express Co.		8,316,869
	282,100		Bank of America Corp.		8,310,666
	129,800		BB&T, Inc.		6,300,492
	21,200		BlackRock, Inc.		9,992,196
	131,300		JPMorgan Chase & Co.		14,815,892
	94,000		Morgan Stanley		4,377,580
					58,943,735
			Health Care—12.9%
	42,300		Allergan, PLC		8,057,304
	75,500	^*	Celgene Corp.		6,756,495

116

Shares		Security	Value
		Health Care (continued)
	90,300	CVS Health Corp.	$	7,108,416
	172,700	Medtronic, PLC		16,988,499
	96,800	Merck & Co., Inc.		6,866,992
				45,777,706
		Industrials—10.7%
	87,300	Honeywell International, Inc.		14,526,720
	24,200	Lockheed Martin Corp.		8,372,232
	41,000	Parker Hannifin Corp.		7,541,130
	35,800	Raytheon Co.		7,398,428
				37,838,510
		Information Technology—27.4%
	88,800	Apple, Inc.		20,045,712
	37,600	Broadcom, Inc.		9,277,048
	273,200	Cisco Systems, Inc.		13,291,180
	218,600	Intel Corp.		10,337,594
	45,400	International Business Machines Corp.		6,864,934
	76,100	Mastercard, Inc. - Class “A”		16,940,621
	143,400	Microsoft Corp.		16,400,658
	37,700	Texas Instruments, Inc.		4,044,833
				97,202,580
		Materials—3.4%
	187,300	DowDuPont, Inc.		12,045,263
		Telecommunication Services—3.4%
	357,700	AT&T, Inc.		12,011,566
		Utilities—1.0%
	21,900	NextEra Energy, Inc.		3,670,440

Total Value of Common Stocks (cost $304,277,819)	98.9	%		350,353,234
Other Assets, Less Liabilities	1.1			3,937,836
Net Assets	100.0	%	$	354,291,070

^*	Non-income producing

117

Portfolio of Investments (continued)

COVERED CALL STRATEGY FUND

September 30, 2018

Summary of Abbreviations:

ETF	Exchange Traded Fund

SPDR	Standard & Poor’s Depository Receipts

CALL OPTIONS WRITTEN—(1.4)%	Expiration Date		Exercise Price		Contracts			Value
Allstate Corp.		1/18/19	$	105.00		(692	)	$	(87,884	)
American Express Co.		10/19/18		110.00		(781	)		(62,480	)
Apple, Inc.		11/16/18		235.00		(533	)		(213,200	)
Apple, Inc.		11/16/18		230.00		(355	)		(214,775	)
AT&T, Inc.		11/16/18		34.00		(3,577	)		(189,581	)
Bank of America Corp.		10/19/18		32.00		(2,821	)		(14,105	)
BB&T, Inc.		10/19/18		52.50		(1,298	)		(7,788	)
Best Buy Co., Inc.		10/19/18		80.00		(880	)		(132,000	)
BlackRock, Inc.		10/19/18		570.00		(212	)		(18,550	)
Broadcom, Inc.		10/19/18		250.00		(376	)		(151,904	)
Carnival Corp.		10/19/18		67.50		(330	)		(4,290	)
Carnival Corp.		10/19/18		62.50		(1,008	)		(206,640	)
Celgene Corp.		10/26/18		92.50		(755	)		(130,615	)
Chevron Corp.		10/19/18		120.00		(804	)		(294,264	)
Chevron Corp.		11/2/18		125.00		(320	)		(57,600	)
Cisco Systems, Inc.		10/26/18		49.50		(2,732	)		(109,280	)
Costco Wholesale Corp.		10/19/18		240.00		(91	)		(23,478	)
Costco Wholesale Corp.		10/19/18		230.00		(441	)		(348,390	)
CVS Health Corp.		10/19/18		80.00		(903	)		(97,524	)
DowDuPont, Inc.		11/2/18		70.50		(1,873	)		(36,524	)
Halliburton Co.		10/19/18		42.50		(949	)		(23,725	)
Halliburton Co.		10/19/18		40.00		(737	)		(89,177	)
Halliburton Co.		11/16/18		45.00		(623	)		(19,313	)
Home Depot, Inc.		11/16/18		220.00		(529	)		(70,357	)
Honeywell International, Inc.		10/19/18		170.00		(873	)		(110,871	)
Intel Corp.		10/26/18		49.00		(2,186	)		(187,996	)
International Business Machines Corp.		11/2/18		157.50		(454	)		(75,364	)
JPMorgan Chase & Co.		11/16/18		120.00		(1,313	)		(94,536	)
Lockheed Martin Corp.		11/2/18		355.00		(242	)		(105,270	)
Mastercard, Inc. - Class "A”		11/2/18		225.00		(761	)		(371,368	)
Medtronic, PLC		11/16/18		97.50		(1,727	)		(481,833	)
Merck & Co., Inc.		1/18/19		70.00		(968	)		(309,760	)
Microsoft Corp.		10/19/18		115.00		(308	)		(50,820	)
Microsoft Corp.		11/2/18		118.00		(1,126	)		(190,294	)

118

CALL OPTIONS WRITTEN—(1.4)%	Expiration Date		Exercise Price		Contracts			Value
Morgan Stanley		10/19/18	$	50.00		(940	)	$	(19,740	)
NextEra Energy, Inc.		11/16/18		175.00		(219	)		(22,995	)
Occidental Petroleum Corp.		10/19/18		85.00		(880	)		(37,840	)
Parker Hannifin Corp.		11/16/18		195.00		(410	)		(108,650	)
PepsiCo, Inc.		10/26/18		118.00		(245	)		(6,125	)
Raytheon Co.		10/19/18		210.00		(358	)		(55,848	)
Texas Instruments, Inc.		11/2/18		114.00		(377	)		(33,930	)
Walmart, Inc.		11/16/18		100.00		(280	)		(26,880	)
Total Value of Call Options Written (premium received $4,894,698)								$	(4,893,564	)

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1			Level 2		Level 3		Total
Assets
Common Stocks^*	$	350,353,234		$	—	$	—	$	350,353,234

Liabilities
Call Options Written	$	(4,893,564	)	$	—	$	—	$	(4,893,564	)

^*	The Portfolio of Investments provides information on the industry categorization for common stocks.

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

119

See notes to financial statements

Portfolio Manager’s Letter

EQUITY INCOME FUND

Dear Investor:

This is the annual report for the First Investors Equity Income Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 8.68% for Class A shares, 7.89% for Class B shares, 9.09% for Advisor Class shares and 9.21% for Institutional Class shares, including dividends of 17.1 cents per share for Class A shares, 10.4 cents per share for Class B shares, 20.8 cents per share for Advisor Class shares and 20.6 cents per share for Institutional Class shares. In addition, the Fund distributed capital gains of 36.1 cents per share on each class of shares.

Economic overview

120

imports, while China has retaliated with tariffs on roughly $110 billion of U.S. exports to China. The tariffs’ rates are scheduled to increase next year from 10% to 25% if a deal isn’t reached.

U.S. equity market

U.S. equities delivered strong performance during the 12 months ending September 30, 2018. All three major stock indices posted high double-digit returns during a relatively low-volatility period. Led by solid returns in the Information Technology and Consumer Discretionary sectors, the Dow Jones Industrial Average returned 20.7%, the S&P 500 Index 17.9% and the Nasdaq Composite Index 25.2%. Higher-yielding stocks significantly lagged overall market performance, as shown by the Dow Jones Select Dividend Index’s return of 10.6%, during a period in which the Fed raised interest rates.

Large-cap stocks (as measured by the Russell 1000 Index) delivered a total return of 17.8%, outpacing the 15.2% return of small caps (as measured by the Russell 2000 Index). U.S.-centric firms remain in favor with investors given their robust earnings in early 2018 which helped to showcase the strength of the U.S. economy. Last year’s U.S. tax reform has boosted earnings for domestic companies, aided corporate sentiment, supported consumer spending and enhanced shareholder returns. As one indication of the impact, new share buyback authorizations in 2018 are expected to exceed $1 trillion.

The Consumer Discretionary sector’s 30.8% return for the period was the best performing in the S&P 500 Index and was led by Amazon and Netflix. With rising consumer confidence and store traffic measures, retailing stocks once again performed well. Information Technology was the second best-performing sector due to several industry tail winds. With the growth of the Internet of Things, connected devices, autonomous vehicles, and the emergence of Big Data with artificial intelligence, the stocks of Google, NVIDIA and Apple, among others, all benefited significantly. Communications Services was the weakest-performing sector falling -1.1%. Both Consumer Staples, which tends to underperform during periods of U.S. dollar strength, and Utilities, which are likely to underperform during periods of rising interest rates, each declined less than 1%.

The Fund

The Fund underperformed compared to its benchmark, the Russell 1000 Value Index which returned 9.45%, for the annual reporting period ended September 30, 2018. The Fund’s performance for the period was favorably impacted by its outperformance in most major sectors. The biggest positive contribution to Fund performance came from the Information Technology sector where some of our top holdings, Microsoft (+56% total return in the period), Cisco (+49%) and Apple (+49%), helped drive the Fund’s performance. There has been a strong macro backdrop in spending as new technologies, such as Autonomous Vehicles, Internet of Things, and Big Data with Artificial Intelligence continue to warrant significant new investments. Within

121

Portfolio Manager’s Letter (continued)

EQUITY INCOME FUND

the Consumer Staples sector, our investment in Dr. Pepper Snapple (+50%) was rewarded when Keurig, the maker of coffee pods, offered to buy the company to create scale in the beverage industry. Royal Ahold Delhaize, the Dutch supermarket giant, had a strong year, up 26%, and Pinnacle Foods (+15%) was recently acquired by Conagra Brands. Within Consumer Discretionary, the Fund’s holdings in Home Depot and Lowe’s benefited from strong consumer spending likely spurred by the recent U.S. tax reform. Regal Entertainment, a domestic owner of cinemas (+15%), was acquired by rival Cineworld Group, which positively impacted the Fund earlier in the year.

On the other hand, the Fund was underexposed to certain large financial firms during the period that resulted in Fund underperformance within that sector. For example, the Fund’s investment in Invesco (-32%) has suffered due to poor performance and margin pressures. Additionally, our holdings of smaller regional banks did not match the performance of some of the larger financial institutions due to slower-than-expected loan growth and somewhat muted margin expansion.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,

Sean Reidy
Portfolio Manager and
Director of Equities,
Foresters Investment Management Company, Inc.

October 31, 2018

122

Fund Expenses (unaudited)

EQUITY INCOME FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.21%
Actual		$1,000.00	$1,067.39	$ 6.27
Hypothetical^**		$1,000.00	$1,019.00	$ 6.12
Class B Shares	2.06%
Actual		$1,000.00	$1,063.06	$ 10.65
Hypothetical^**		$1,000.00	$1,014.74	$ 10.40
Advisor Class Shares	0.85%
Actual		$1,000.00	$1,069.17	$ 4.41
Hypothetical^**		$1,000.00	$1,020.81	$ 4.31
Institutional Class Shares	0.80%
Actual		$1,000.00	$1,069.84	$ 4.15
Hypothetical^**		$1,000.00	$1,021.06	$ 4.05

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

123

Cumulative Performance Information (unaudited)

EQUITY INCOME FUND

Comparison of change in value of $10,000 investment in the First Investors Equity Income Fund (Class A shares), the Russell 1000 Value Index† and the Standard & Poor’s 500 Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Class B	Advisor Class	Institutional Class	Russell 1000 Value Index	S&P 500 Index
One Year	8.68%	7.89%	9.09%	9.21%	9.45%	17.90%
Five Years	9.24%	8.33%	9.59%	9.67%	10.72%	13.95%
Ten Years or Since Inception^**	8.58%	7.94%	10.18%	10.28%	9.79%†	11.96%†

S.E.C. Standardized	Class A	Class B	Advisor Class	Institutional Class
One Year	2.47%	3.89%	9.09%	9.21%
Five Years	7.95%	8.03%	9.59%	9.67%
Ten Years or Since Inception^**	7.93%	7.94%	10.18%	10.28%

The graph compares a $10,000 investment in the First Investors Equity Income Fund (Class A shares) beginning 9/30/08 with theoretical investments in the Russell 1000 Value Index and the Standard & Poor’s 500 Index (the “Indices”). The Russell 1000 Value Index is an unmanaged index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Standard & Poor’s 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of such stocks, which represent all major industries. It is not possible to invest directly in these Indices. In addition, the Indices do not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the

124

graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from 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 greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

The Since Inception returns for Advisor Class shares and Institutional Class shares are for the periods beginning 4/1/13 (commencement of operations for those classes).

†

During the fiscal year, the Fund changed its primary broad-based securities index to the Russell 1000 Value Index from the Standard & Poor’s 500 Index since it more closely reflects the Fund’s investment strategies. After this fiscal year we will not show a comparison to the Standard & Poor’s 500 Index.

††

The Index return is for ten years. The Russell 1000 Value Index return and The S&P 500 Index return since inception of the Advisor Class shares and Institutional Class shares are 11.11% and 14.25%, respectively.

125

Portfolio of Investments

EQUITY INCOME FUND

September 30, 2018

Shares		Security	Value
		COMMON STOCKS—95.1%
		Consumer Discretionary—5.7%
	55,800	Acushnet Holdings Corp.	$	1,530,594
	134,600	American Eagle Outfitters, Inc.		3,342,118
	193,400	Comcast Corp. - Special Shares “A”		6,848,294
	58,800	Dana, Inc.		1,097,796
	63,300	Lowe’s Cos., Inc.		7,268,106
	29,500	McDonald’s Corp.		4,935,055
	16,200	Oxford Industries, Inc.		1,461,240
	60,600	Penske Automotive Group, Inc.		2,871,834
	75,100	Tapestry, Inc.		3,775,277
	55,000	Wyndham Hotels & Resorts, Inc.		3,056,350
				36,186,664
		Consumer Staples—7.5%
	85,500	Altria Group, Inc.		5,156,505
	92,200	Coca-Cola Co.		4,258,718
	38,300	Kimberly-Clark Corp.		4,352,412
	47,066	Kraft Heinz Co.		2,593,807
	63,500	PepsiCo, Inc.		7,099,300
	76,500	Philip Morris International, Inc.		6,237,810
	65,000	Pinnacle Foods, Inc.		4,212,650
	71,400	Procter & Gamble Co.		5,942,622
	79,700	Walmart, Inc.		7,484,627
				47,338,451
		Energy—11.7%
	63,400	Anadarko Petroleum Corp.		4,273,794
	37,000	Andeavor Logistics, LP		5,679,500
	68,400	BP, PLC (ADR)		3,153,240
	106,000	Chevron Corp.		12,961,680
	71,500	ConocoPhillips		5,534,100
	384,900	EnCana Corp.		5,046,039
	42,800	EOG Resources, Inc.		5,459,996
	57,900	ExxonMobil Corp.		4,922,658

126

Shares			Security	Value
			Energy (continued)
	92,500		Occidental Petroleum Corp.	$	7,600,725
	51,700		PBF Energy, Inc. - Class “A”		2,580,347
	82,700		Royal Dutch Shell, PLC - Class “A” (ADR)		5,635,178
	92,900		Schlumberger, Ltd.		5,659,468
	139,800		Suncor Energy, Inc.		5,408,862
					73,915,587
			Financials—21.4%
	136,700	^*	AllianceBernstein Holding, LP (MLP)		4,162,515
	60,800		American Express Co.		6,474,592
	144,100		Bank of America Corp.		4,245,186
	107,000		Bank of New York Mellon Corp.		5,455,930
	67,800		Berkshire Hills Bancorp, Inc.		2,759,460
	6,500		BlackRock, Inc.		3,063,645
	69,110		Chubb, Ltd.		9,235,860
	107,900		Citigroup, Inc.		7,740,746
	60,000		Comerica, Inc.		5,412,000
	65,000		Discover Financial Services		4,969,250
	20,600		Goldman Sachs Group, Inc.		4,619,344
	123,100		Hamilton Lane, Inc. - Class “A”		5,450,868
	87,100		Invesco, Ltd.		1,992,848
	110,000		iShares S&P U.S. Preferred Stock Index Fund (ETF)		4,084,300
	122,700		JPMorgan Chase & Co.		13,845,468
	80,000		MetLife, Inc.		3,737,600
	156,700		Old National Bancorp of Indiana		3,024,310
	32,700		PNC Financial Services Group, Inc.		4,453,413
	69,200		Popular, Inc.		3,546,500
	65,500		Prosperity Bancshares, Inc.		4,542,425
	294,700		Regions Financial Corp.		5,407,745
	208,300		Sterling Bancorp		4,582,600
	39,800		Travelers Cos., Inc.		5,162,458
	30,900		U.S. Bancorp		1,631,829
	119,800		Waddell & Reed Financial, Inc. - Class “A”		2,537,364

127

Portfolio of Investments (continued)

EQUITY INCOME FUND

September 30, 2018

Shares		Security	Value
		Financials (continued)
	249,500	Wells Fargo & Co.	$	13,113,720
				135,251,976
		Health Care—14.3%
	101,100	Abbott Laboratories		7,416,696
	24,100	AbbVie, Inc.		2,279,378
	22,500	Aetna, Inc.		4,564,125
	61,700	CVS Health Corp.		4,857,024
	85,700	GlaxoSmithKline, PLC (ADR)		3,442,569
	96,900	Johnson & Johnson		13,388,673
	85,000	Koninklijke Philips NV (ADR)		3,868,350
	75,794	Medtronic, PLC		7,455,856
	201,211	Merck & Co., Inc.		14,273,908
	360,724	Pfizer, Inc.		15,897,107
	31,400	Phibro Animal Health Corp. - Class “A”		1,347,060
	119,000	Smith & Nephew, PLC (ADR)		4,413,710
	27,000	UnitedHealth Group, Inc.		7,183,080
				90,387,536
		Industrials—8.3%
	14,800	3M Co.		3,118,508
	62,600	Eaton Corp., PLC		5,429,298
	13,100	General Dynamics Corp.		2,681,832
	36,200	Honeywell International, Inc.		6,023,680
	51,100	Ingersoll-Rand, PLC		5,227,530
	31,450	ITT, Inc.		1,926,627
	29,700	Kansas City Southern, Inc.		3,364,416
	19,000	Lockheed Martin Corp.		6,573,240
	52,200	Schneider National, Inc. - Class “B”		1,303,956
	68,300	Triton International, Ltd.		2,272,341
	51,900	United Parcel Service, Inc. - Class “B”		6,059,325
	60,100	United Technologies Corp.		8,402,581
				52,383,334

128

Shares		Security	Value
		Information Technology—10.5%
	40,600	Apple, Inc.	$	9,165,044
	254,000	Cisco Systems, Inc.		12,357,100
	207,700	HP Enterprise Co.		3,387,587
	140,000	HP, Inc.		3,607,800
	186,900	Intel Corp.		8,838,501
	36,400	LogMeIn, Inc.		3,243,240
	115,300	Microsoft Corp.		13,186,861
	18,300	MKS Instruments, Inc.		1,466,745
	95,300	QUALCOMM, Inc.		6,864,459
	82,000	Silicon Motion Technology Corp. (ADR)		4,403,400
				66,520,737
		Materials—4.7%
	130,523	DowDuPont, Inc.		8,393,934
	37,300	Eastman Chemical Co.		3,570,356
	62,700	FMC Corp.		5,466,186
	22,000	LyondellBasell Industries NV - Class “A”		2,255,220
	22,400	Praxair, Inc.		3,600,352
	40,700	Sealed Air Corp.		1,634,105
	83,800	WestRock Co.		4,478,272
				29,398,425
		Real Estate—3.4%
	182,900	Americold Realty Trust (REIT)		4,576,158
	112,920	Brookfield Property Partners (REIT)		2,358,899
	81,700	Douglas Emmett, Inc. (REIT)		3,081,724
	27,800	Federal Realty Investment Trust (REIT)		3,515,866
	95,600	FNF Group, Inc.		3,761,860
	105,000	Sunstone Hotel Investors, Inc. (REIT)		1,717,800
	106,400	Urstadt Biddle Properties, Inc. (REIT)		2,265,256
				21,277,563
		Telecommunication Services—3.1%
	236,080	AT&T, Inc.		7,927,567

129

Portfolio of Investments (continued)

EQUITY INCOME FUND

September 30, 2018

	Shares		Security	Value
			Telecommunication Services (continued)
		212,800	Verizon Communications, Inc.	$	11,361,392
					19,288,959
			Utilities—4.5%
		39,900	American Electric Power Co., Inc.		2,828,112
		113,100	CenterPoint Energy, Inc.		3,127,215
		50,000	Dominion Energy, Inc.		3,514,000
		35,000	Duke Energy Corp.		2,800,700
		128,000	Exelon Corp.		5,588,480
		25,700	NextEra Energy, Inc.		4,307,320
		65,000	PPL Corp.		1,901,900
		65,400	Vectren Corp.		4,675,446
					28,743,173
Total Value of Common Stocks (cost $422,212,253)					600,692,405
			PREFERRED STOCKS—1.6%
			Financials—1.0%
		800	Citizens Financial Group, Inc., Series A, 5.5%, 2049		820,000
		102,800	JPMorgan Chase & Co., Series Y, 6.125%, 2020		2,650,184
		120,000	U.S. Bancorp, 5.5%, 2023		3,015,600
					6,485,784
			Real Estate—.6%
		50,500	Digital Realty Trust, Inc. (REIT), Series G, 5.875%, 2049		1,242,805
			Urstadt Biddle Properties, Inc. (REIT):
		49,000	Series G, 6.75%, 2049, 0%,		1,240,435
		41,700	Series H, 6.25%, 2022, 0%,		1,010,391
					3,493,631
Total Value of Preferred Stocks (cost $9,889,446)					9,979,415

130

Principal Amount		Security	Value
		SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—1.6%
$	10,000M	U.S. Treasury Bills, Zero Coupon, 10/4/2018 (Effective yield 1.022%) (cost $9,998,370) ^(a)	$	9,998,320

Total Value of Investments (cost $442,100,069)	98.3	%		620,670,140
Other Assets, Less Liabilities	1.7			10,587,165
Net Assets	100.0	%	$	631,257,305

^*	Non-income producing

(a)	The effective yields shown for zero coupon obligations are the effective yields at September 30, 2018.

Summary of Abbreviations:

ADR	American Depositary Receipts

ETF	Exchange Traded Fund

MLP	Master Limited Partnership

REIT	Real Estate Investment Trust

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

131

Portfolio of Investments (continued)

EQUITY INCOME FUND

September 30, 2018

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	600,692,405	$	—	$	—	$	600,692,405
Preferred Stocks		9,979,415		—		—		9,979,415
Short-Tem U.S. Government Obligations		—		9,998,320		—		9,998,320
Total Investments in Securities^*	$	610,671,820	$	9,998,320	$	—	$	620,670,140

^*	The Portfolio of Investments provides information on the industry categorization for common stocks and preferred stocks.

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

132

Portfolio Manager’s Letter

GLOBAL FUND

Dear Investor:

This is the annual report for the First Investors Global Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 10.69% for Class A shares, 9.70% for Class B shares, 11.03% for Advisor Class shares and 11.12% for Institutional Class shares, including dividends of 4.4 cents per share for Class A shares, 3.2 cents per share for Class B shares, 5.1 cents per share for Advisor Class shares and 5.3 cents per share for Institutional Class shares. In addition, the Fund distributed capital gains of 63.0 cents per share on each class of shares.

Economic overview

133

Portfolio Manager’s Letter (continued)

GLOBAL FUND

imports, while China has retaliated with tariffs on roughly $110 billion of U.S. exports to China. The tariffs’ rates are scheduled to increase next year from 10% to 25% if a deal isn’t reached.

International equity market

Global equities, as measured by the MSCI All Country World Index, advanced 10.4% during the trailing one-year period ending September 30, 2018, rising in three of the four calendar quarters during this timeframe. The strong equity markets were led by a massive increase in U.S. corporate earnings as a direct result of U.S. corporate tax cuts that were passed at the end of 2017.

The Fed’s actions regarding monetary policy and its shrinking balance sheet, combined with concerns surrounding potential disruption in world trade, led to periods of higher volatility, particularly in the first and third quarters of 2018, with European markets also being dominated by globalization issues. While concerns about trade relations between the U.S. and the European Union (EU) diminished over the year, many European multinational corporations were impacted both directly and indirectly by the U.S.-China trade conflict and its accompanying tariffs. Within Europe, there was limited progress in terms of Brexit as there remains very little movement between the positions of the UK and the EU on key issues, such as the Irish border and access to the single market. Lastly, concern about Italy increased, given the government’s spending plans, which remain above the 2% budget deficit hurdle that Europe has set for EU members. The Japanese stock market also had a solid return for the period. Prime Minister Shinzo Abe was comfortably re-elected as the leader of the ruling Liberal Democratic Party, ensuring that he will become the longest-serving prime minister and have more time to push through his political and economic reform agenda.

The Fund

The Fund outperformed its benchmark, the MSCI All Country World Index, for the annual reporting period ended September 30, 2018. Fund performance was driven by both sector allocation and stock selection, a result of our bottom-up stock selection process. Our decision to materially overweight the Information Technology sector, as well as an overweight to the Financials sector and underweights to the Telecommunications and Consumer Staples sectors, all contributed positively to relative Fund performance. Conversely, an underweight to the Energy sector slightly offset these results. A small cash position also detracted from relative Fund performance due to the strong market environment.

Stock selection also contributed to the Fund’s relative outperformance with the strongest stock selection benefit coming from the Consumer Discretionary, Industrials, Financials, and Real Estate sectors. Netflix, a U.S.-based global entertainment company providing subscription-based streaming media, including its original content, was the top contributor within Consumer Discretionary names and the Fund overall. The company’s shares posted strong gains throughout

134

most of the period due to strong earnings and solid domestic and international subscriber momentum. However, after Netflix reported 2Q 2018 earnings, we were disappointed by the deceleration in these key metrics, so we sold the stock from the portfolio.

Weaker selection within the Energy, Consumer Staples, and Materials sectors partially offset some positive results. The largest relative detractor to Fund performance for the period was Valeo, a French based global car part manufacturer. Following the diesel emission scandal, Europe changed its emission testing requirements resulting in severe delays in the emissions recertification of cars. This temporary delay in demand for Valeo’s products led the company to revise downward its forecasted earnings. However, the outlook for Valeo remains constructive given its strong position in specialty parts used in electric vehicles and self-driving cars.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,

Pedro V. Marcal*
Portfolio Manager and
Director of International Equities,
Foresters Investment Management Company, Inc.

October 31, 2018

^*	Mr. Marcal became portfolio manager of the Fund and Director of International Equities of Foresters Investment Management Company, Inc. on July 2, 2018. Prior to that, the Fund was managed by Wellington Management Company LLP.

135

Fund Expenses (unaudited)

GLOBAL FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.43%
Actual		$1,000.00	$1,042.60	$ 7.32
Hypothetical^**		$1,000.00	$1,017.90	$ 7.23
Class B Shares	2.23%
Actual		$1,000.00	$1,038.17	$ 11.39
Hypothetical^**		$1,000.00	$1,013.89	$ 11.26
Advisor Class Shares	1.04%
Actual		$1,000.00	$1,045.14	$ 5.33
Hypothetical^**		$1,000.00	$1,019.86	$ 5.27
Institutional Class Shares	1.00%
Actual		$1,000.00	$1,044.88	$ 5.13
Hypothetical^**		$1,000.00	$1,020.06	$ 5.06

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

136

Cumulative Performance Information (unaudited)

GLOBAL FUND

Comparison of change in value of $10,000 investment in the First Investors Global Fund (Class A shares) and the Morgan Stanley Capital International (“MSCI”) All Country World Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Class B	Advisor Class	Institutional Class	MSCI All Country World Index
One Year	10.69%	9.70%	11.03%	11.12%	10.35%
Five Years	8.97%	8.11%	9.37%	9.45%	9.25%
Ten Years or Since Inception^**	8.10%	7.46%	10.39%	10.48%	8.78%†

S.E.C. Standardized	Class A	Class B	Advisor Class	Institutional Class
One Year	4.38%	5.72%	11.03%	11.12%
Five Years	7.68%	7.82%	9.37%	9.45%
Ten Years or Since Inception^**	7.46%	7.46%	10.39%	10.48%

The graph compares a $10,000 investment in the First Investors Global Fund (Class A shares) beginning 9/30/08 with a theoretical investment in the MSCI All Country World Index (the “Index”). The Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging market country indices. The Index consists of 47 country indices including 23 developed and 24 emerging market country indices. It is not possible to invest directly in this Index. In addition, the Index does not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested. Class B shares, Advisor Class shares and Institutional

137

Cumulative Performance Information (unaudited) (continued)

GLOBAL FUND

Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

Average Annual Total Return figures (for the periods ended 9/30/18) include the reinvestment of all dividends 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 of 4% in the first year). The Advisor Class and Institutional Class “S.E.C. Standardized” returns shown are the same as the N.A.V. Only returns since these classes are sold without sales charges. During the periods shown, some of the expenses of the Fund were waived or assumed. If such expenses had been paid by the Fund, the Class A “S.E.C. Standardized” Average Annual Total Return for One Year, Five Years and Ten Years would have been 4.32%, 7.64% and 7.44%, respectively. The Class B “S.E.C. Standardized” Average Annual Total Return for One Year, Five Years and Ten Years would have been 5.67%, 7.77% and 7.43%, respectively. The Advisor Class “S.E.C. Standardized” Average Annual Total Return for One Year, Five Years and Since Inception would have been 10.98%, 9.34% and 10.34%, respectively. The Institutional Class “S.E.C. Standardized” Average Annual Total Return for One Year, Five Years and Since Inception would have been 11.07%, 9.41% and 10.44%, respectively. Results represent past performance and do not indicate future results. The graph and the returns shown do not reflect the deduction of taxes that a shareholder would pay on distributions or the redemption of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Index figures are from Morgan Stanley & Co., Inc. and all other figures are from Foresters Investment Management Company, Inc.

The Since Inception returns for Advisor Class shares and Institutional Class shares are for the periods beginning 4/1/13 (commencement of operations for those classes).

†

The Index return is for ten years. The Index return since inception of the Advisor Class shares and Institutional Class shares is 9.86%.

138

Portfolio of Investments

GLOBAL FUND

September 30, 2018

Shares			Security	Value
			COMMON STOCKS—97.5%
			United States—57.5%
	33,850		Abbott Laboratories	$	2,483,236
	26,700		Air Products & Chemicals, Inc.		4,460,235
	6,625	^*	Alphabet, Inc. - Class “A”		7,996,905
	11,215	^*	Alphabet, Inc. - Class “C”		13,384,766
	8,700	^*	Amazon.com, Inc.		17,426,100
	86,117		Apple, Inc.		19,440,052
	124,384		Ball Corp.		5,471,652
	447,012		Bank of America Corp.		13,168,974
	48,300	^*	Berkshire Hathaway, Inc. - Class “B”		10,341,513
	10,600	^*	Biogen, Inc.		3,745,086
	15,623	^*	bluebird bio, Inc.		2,280,958
	132,412		Bristol-Myers Squibb Co.		8,220,137
	110,000		Burford Capital, Ltd.		2,787,206
	94,200		Chevron Corp.		11,518,776
	103,000		CMS Energy Corp.		5,047,000
	36,441	^*	Concho Resources, Inc.		5,566,363
	95,138		Edison International		6,438,940
	56,700		EOG Resources, Inc.		7,233,219
	15,000	^*	Exact Sciences Corp.		1,183,800
	32,000	^*	Facebook, Inc.		5,262,720
	32,200		Goldman Sachs Group, Inc.		7,220,528
	10,500	^*	Illumina, Inc.		3,854,130
	70,000		Intel Corp.		3,310,300
	47,080		Intercontinental Exchange, Inc.		3,525,821
	105,000		JPMorgan Chase & Co.		11,848,200
	31,000		Kansas City Southern		3,511,680
	100,000		Kroger Co.		2,911,000
	16,400	^*	Laboratory Corp. of America Holdings		2,848,352
	7,000		Lockheed Martin Corp.		2,421,720
	25,220		Marriott International, Inc.		3,329,797
	135,300		Merck & Co., Inc.		9,598,182
	111,263		Microsoft Corp.		12,725,149
	181,800		Morgan Stanley		8,466,426

139

Portfolio of Investments (continued)

GLOBAL FUND

September 30, 2018

Shares			Security	Value
			United States (continued)
	130,000		Noble Energy, Inc.	$	4,054,700
	57,059		Northern Trust Corp.		5,827,436
	8,000		Northrop Grumman Corp.		2,538,960
	21,209		NVIDIA Corp.		5,960,153
	27,000		PepsiCo, Inc.		3,018,600
	210,000		Pfizer, Inc.		9,254,700
	35,000		Philip Morris International, Inc.		2,853,900
	30,500		Pioneer Natural Resources Co.		5,312,795
	22,500		Raytheon Co.		4,649,850
	42,698	^*	salesforce.com, Inc.		6,790,263
	10,000	^*	Sarepta Therapeutics, Inc.		1,615,100
	25,800	^*	ServiceNow, Inc.		5,047,254
	31,000		Stanley Black & Decker, Inc.		4,539,640
	51,200	^*	Synopsys, Inc.		5,048,832
	36,000	^*	Take-Two Interactive Software, Inc.		4,967,640
	33,010		Thermo Fisher Scientific, Inc.		8,057,081
	41,200		Union Pacific Corp.		6,708,596
	46,500		United Technologies Corp.		6,501,165
	45,470		UnitedHealth Group, Inc.		12,096,839
	69,942		Visa, Inc.		10,497,595
	28,800		Vulcan Materials Co.		3,202,560
	129,400		Wells Fargo & Co.		6,801,264
	53,600		Zimmer Biomet Holdings, Inc.		7,046,792
					361,420,638
			United Kingdom—6.9%
	175,000		Anglo American, PLC		3,930,098
	99,700		Ashtead Group, PLC		3,166,874
	1,259,100		BP, PLC		9,671,119
	115,300		British American Tobacco, PLC		5,386,888
	300,000		GVC Holdings, PLC		3,591,538
	25,000	^*	GW Pharmaceuticals, PLC (ADR)		4,318,500
	400,000		Inmarsat, PLC		2,606,814
	110,000	^*	Ocado Group, PLC		1,289,226

140

Shares			Security	Value
			United Kingdom (continued)
	101,600		Reckitt Benckiser Group, PLC	$	9,291,020
					43,252,077
			Japan—6.5%
	75,000		Don Quijote Holdings Co., Ltd.		3,795,547
	5,000		Keyence Corp.		2,903,538
	1,270,000		Mitsubishi UFJ Financial Group, Inc.		7,926,043
	27,700		Nintendo Co., Ltd.		10,107,745
	50,607		SoftBank Corp.		5,108,804
	151,871		Sony Corp.		9,311,155
	31,800		TIS, Inc.		1,589,720
					40,742,552
			Germany—6.1%
	27,250		adidas AG		6,672,578
	31,900		Allianz SE		7,111,194
	27,500		Aumann AG		1,902,960
	28,100		Muenchener Rueckversicherungs AG		6,223,310
	6,000		Puma SE		2,960,675
	95,258	^*	PVA TePla AG		1,548,389
	35,700		Siemens AG		4,573,533
	60,100		Stroeer SE & Co,. KGaA		3,435,921
	23,670		Volkswagen AG Preferred Shares (ADR)		4,166,276
					38,594,836
			France—4.3%
	75,000		BNP Paribas SA		4,589,917
	200,000		Credit Agricole SA		2,876,151
	26,800		LVMH Moet Hennessy Louis Vuitton		9,477,969
	26,000		Safran SA		3,643,604
	43,100		Schneider Electric SE		3,467,856
	60,179		Valeo SA		2,613,167
					26,668,664

141

Portfolio of Investments (continued)

GLOBAL FUND

September 30, 2018

Shares			Security	Value
			China—3.4%
	91,542	^*	Alibaba Group Holding, Ltd. (ADR)	$	15,082,460
	200,000		Ping An Insurance (Group) Co. of China, Ltd.		2,031,079
	957,600		Sands China, Ltd.		4,336,408
					21,449,947
			Switzerland—2.8%
	1,050		Interroll Holding AG		2,047,789
	11,100	^*	Lonza Group AG		3,788,975
	105,122		Nestle SA		8,764,094
	35,000		Swiss Re AG		3,231,098
					17,831,956
			Canada—1.6%
	350,000		EnCana Corp.		4,588,500
	148,000		Suncor Energy, Inc.		5,726,120
					10,314,620
			Netherlands—1.5%
	18,400		ASML Holding NV		3,437,356
	71,500		NXP Semiconductors NV		6,113,250
					9,550,606
			Taiwan—1.2%
	172,176		Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		7,603,292
			Hong Kong—1.1%
	1,081,000	^*	China Mengniu Dairy Co., Ltd.		3,597,188
	75,791		Tencent Holdings, Ltd.		3,129,095
					6,726,283
			South Korea—.8%
	119,564		Samsung Electronics Co., Ltd.		5,006,759

142

	Shares or Principal Amount			Security	Value
				India—.7%
		116,324		HDFC Bank, Ltd.	$	3,219,089
		81,000		Reliance Industries, Ltd.		1,405,628
						4,624,717
				Luxembourg—.6%
		450,000		Aroundtown SA		4,002,136
				Bahamas—.6%
		46,887		Activision Blizzard, Inc.		3,900,530
				Ireland—.6%
		140,105		Keywords Studios, PLC		3,560,970
				Austria—.5%
		70,000		Erste Group Bank AG		2,907,964
				Italy—.4%
		178,200		UniCredit SpA		2,682,238
				Mexico—.2%
		150,000	^*	Cemex SAB de CV (ADR)		1,056,000
				Sweden—.2%
		53,000		HMS Networks AB		948,196
Total Value of Common Stocks (cost $543,951,798)						612,844,981
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—1.6%
				United States
	$	10,000M		U.S. Treasury Bills, Zero Coupon, 10/4/2018 (Effective yield 1.022%) (cost $9,998,360) ^(a)		9,998,320

Total Value of Investments (cost $553,950,158)	99.1	%		622,843,301
Other Assets, Less Liabilities	.9			5,815,367
Net Assets	100.0	%	$	628,658,668

143

Portfolio of Investments (continued)

GLOBAL FUND

September 30, 2018

^*	Non-income producing

(a)	The effective yields shown for zero coupon obligations are the effective yields at September 30, 2018.

Summary of Abbreviations:

ADR	American Depositary Receipts

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

144

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks
United States	$	361,420,638	$	—	$	—	$	361,420,638
United Kingdom		43,252,077		—		—		43,252,077
Japan		40,742,552		—		—		40,742,552
Germany		38,594,836		—		—		38,594,836
France		26,668,664		—		—		26,668,664
China		21,449,947		—		—		21,449,947
Switzerland		17,831,956		—		—		17,831,956
Canada		10,314,620		—		—		10,314,620
Netherlands		9,550,606		—		—		9,550,606
Taiwan		7,603,292		—		—		7,603,292
Hong Kong		6,726,283		—		—		6,726,283
South Korea		5,006,759		—		—		5,006,759
India		4,624,717		—		—		4,624,717
Luxembourg		4,002,136		—		—		4,002,136
Bahamas		3,900,530		—		—		3,900,530
Ireland		3,560,970		—		—		3,560,970
Austria		2,907,964		—		—		2,907,964
Italy		2,682,238		—		—		2,682,238
Mexico		1,056,000		—		—		1,056,000
Sweden		948,196		—		—		948,196
Short-Term U.S. Government Obligations		—		9,998,320		—		9,998,320
Total Investments in Securities	$	612,844,981	$	9,998,320	$	—	$	622,843,301

During the year ended September 30, 2018, there were no transfers between Level 1 investments and Level 2 investments that had a material inpact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the year (see Note 1A). Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

145

Portfolio Manager’s Letter

GROWTH & INCOME FUND

Dear Investor:

This is the annual report for the First Investors Growth & Income Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 10.35% for Class A shares, 9.49% for Class B shares, 10.73% for Advisor Class shares and 10.85% for Institutional Class shares, including dividends of 31.6 cents per share for Class A shares, 8.4 cents per share for Class B shares, 40.4 cents per share for Advisor Class shares and 41.2 cents per share for Institutional Class shares. In addition, the Fund distributed capital gains of 94.2 cents per share on each class of shares.

Economic overview

146

imports, while China has retaliated with tariffs on roughly $110 billion of U.S. exports to China. The tariffs’ rates are scheduled to increase next year from 10% to 25% if a deal isn’t reached.

U.S. equity market

The Fund

The First Investors Growth & Income Fund outperformed its benchmark, the Russell 1000 Value Index, which returned 9.45% on a comparable basis. Although the Fund outperformed its benchmark, its total return lagged broader market indices, such as the S&P 500 (+17.90%) due to strong performance of more richly-valued growth stocks during the period. The Fund’s strong performance was largely owed to the strong backdrop in Information Technology spending, which was aided by a healthy level of sentiment and purchasing activity in the sector, likely spurred in part by U.S. tax reform. Large positions in Microsoft (+56% total return in the period), Cisco (+49%) and Apple (+49%) helped drive Fund outperformance. Additionally, the Fund

147

Portfolio Manager’s Letter (continued)

GROWTH & INCOME FUND

benefited disproportionally from strong returns in the Health Care sector due to positive stock selection with notable contributors, including life-science equipment maker Thermo Fisher Scientific (+29%), and animal-health provider Zoetis (+44%), both due to strong end-market conditions, as well as Abbott Laboratories (+40%), which was helped by new and expected product releases.

The Fund’s holdings in the Energy sector also outperformed, with refiner Marathon Petroleum (+46%) capitalizing on the more supportive margin environment and announcing plans to consolidate operations with a rival. Such pockets of strength more than offset areas that detracted from the Fund’s relative performance. Compared to its benchmark, the Fund was underexposed to the share gains of a number of large money-center banks during the period. Stock selection in the Consumer Discretionary sector also detracted from performance, most notably declines in Tupperware (-28%), which was driven by weakness in certain emerging market economies, and Newell Brands (-40%), which was hurt by retailer bankruptcies and cost pressures. Although the notable decline of General Electric (-52%) detracted modestly from absolute Fund performance, the Fund’s ownership of the company was significantly less than its benchmark, aiding the relative performance comparison.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,

Sean Reidy
Portfolio Manager and
Director of Equities,
Foresters Investment Management Company, Inc.

October 31, 2018

148

Fund Expenses (unaudited)

GROWTH & INCOME FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.15%
Actual		$1,000.00	$1,070.55	$ 5.97
Hypothetical^**		$1,000.00	$1,019.30	$ 5.82
Class B Shares	1.96%
Actual		$1,000.00	$1,066.56	$ 10.15
Hypothetical^**		$1,000.00	$1,015.24	$ 9.90
Advisor Class Shares	0.80%
Actual		$1,000.00	$1,072.50	$ 4.16
Hypothetical^**		$1,000.00	$1,021.06	$ 4.05
Institutional Class Shares	0.74%
Actual		$1,000.00	$1,073.02	$ 3.85
Hypothetical^**		$1,000.00	$1,021.36	$ 3.75

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

149

Cumulative Performance Information (unaudited)

GROWTH & INCOME FUND

Comparison of change in value of $10,000 investment in the First Investors Growth & Income Fund (Class A shares), the Russell 1000 Value Index† and the Standard & Poor’s 500 Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Class B	Advisor Class	Institutional Class	Russell 1000 Value Index	S&P 500 Index
One Year	10.35%	9.49%	10.73%	10.85%	9.45%	17.90%
Five Years	8.86%	8.01%	9.27%	9.31%	10.72%	13.95%
Ten Years or Since Inception^**	9.83%	9.21%	10.57%	10.62%	9.79%†	11.96%†

S.E.C. Standardized	Class A	Class B	Advisor Class	Institutional Class
One Year	4.01%	5.49%	10.73%	10.85%
Five Years	7.58%	7.72%	9.27%	9.31%
Ten Years or Since Inception^**	9.19%	9.21%	10.57%	10.62%

The graph compares a $10,000 investment in the First Investors Growth & Income Fund (Class A shares) beginning 9/30/08 with theoretical investments in the Russell 1000 Value Index and the Standard & Poor’s 500 Index (the “Indices”). The Russell 1000 Value Index is an unmanaged index that measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Standard & Poor’s 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of such stocks, which represent all major industries. It is not possible to invest directly in these Indices. In addition, the Indices do not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the

150

The Since Inception returns for Advisor Class shares and Institutional Class shares are for the periods beginning 4/1/13 (commencement of operations for those classes).

†

††

151

Portfolio of Investments

GROWTH & INCOME FUND

September 30, 2018

Shares		Security	Value
		COMMON STOCKS—96.2%
		Consumer Discretionary—5.4%
	100,000	Aptiv, PLC	$	8,390,000
	251,000	Aramark Holdings Corp.		10,798,020
	174,700	CBS Corp. - Class “B”		10,036,515
	94,500	Home Depot, Inc.		19,575,675
	60,000	Ross Stores, Inc.		5,946,000
	250,000	Tapestry, Inc.		12,567,500
	160,000	Walt Disney Co.		18,710,400
	208,200	Wyndham Hotels & Resorts, Inc.		11,569,674
				97,593,784
		Consumer Staples—7.8%
	348,900	Altria Group, Inc.		21,042,159
	127,500	Coca-Cola Co.		5,889,225
	364,700	Conagra Brands, Inc.		12,388,859
	421,304	Koninklijke Ahold Delhaize NV (ADR)		9,626,796
	294,500	Mondelez International, Inc. - Class “A”		12,651,720
	184,500	PepsiCo, Inc.		20,627,100
	257,000	Philip Morris International, Inc.		20,955,780
	251,300	Procter & Gamble Co.		20,915,699
	192,200	Walmart, Inc.		18,049,502
				142,146,840
		Energy—11.1%
	228,000	Anadarko Petroleum Corp.		15,369,480
	418,700	BP, PLC (ADR)		19,302,070
	295,200	ConocoPhillips		22,848,480
	370,000	Devon Energy Corp.		14,777,800
	152,400	EOG Resources, Inc.		19,441,668
	257,000	ExxonMobil Corp.		21,850,140
	338,700	Halliburton Co.		13,727,511
	161,800	Hess Corp.		11,581,644
	498,400	Marathon Oil Corp.		11,602,752
	273,000	Marathon Petroleum Corp.		21,831,810

152

Shares			Security	Value
			Energy (continued)
	92,600		Phillips 66	$	10,437,872
	485,000		Suncor Energy, Inc.		18,764,650
					201,535,877
			Financials—21.8%
	278,300		American Express Co.		29,636,167
	102,400		American International Group, Inc.		5,451,776
	125,300		Ameriprise Financial, Inc.		18,501,798
	1,452,800		Bank of America Corp.		42,799,488
	65,600	^*	Berkshire Hathaway, Inc. - Class “B”		14,045,616
	130,000		Chubb, Ltd.		17,373,200
	596,300		Citigroup, Inc.		42,778,562
	441,200		Citizens Financial Group, Inc.		17,017,084
	153,000		Comerica, Inc.		13,800,600
	301,700		Discover Financial Services		23,064,965
	69,800		IBERIABANK Corp.		5,678,230
	410,230		JPMorgan Chase & Co.		46,290,353
	267,100		MetLife, Inc.		12,478,912
	153,700		Morgan Stanley		7,157,809
	150,000		PNC Financial Services Group, Inc.		20,428,500
	146,700		SPDR S&P Regional Banking (ETF)		8,716,914
	480,000		Sterling Bancorp		10,560,000
	410,000		U.S. Bancorp		21,652,100
	739,350		Wells Fargo & Co.		38,860,236
					396,292,310
			Health Care—16.8%
	356,000		Abbott Laboratories		26,116,160
	65,200		AbbVie, Inc.		6,166,616
	55,000		Aetna, Inc.		11,156,750
	48,100		Allergan, PLC		9,162,088
	168,669		Baxter International, Inc.		13,002,693
	107,700	^*	Centene Corp.		15,592,806
	290,000		CVS Health Corp.		22,828,800

153

Portfolio of Investments (continued)

GROWTH & INCOME FUND

September 30, 2018

Shares			Security	Value
			Health Care (continued)
	188,300		Gilead Sciences, Inc.	$	14,538,643
	112,300		Hill-Rom Holdings, Inc.		10,601,120
	219,825		Johnson & Johnson		30,373,220
	168,400		Koninklijke Philips NV (ADR)		7,663,884
	187,500		Medtronic, PLC		18,444,375
	449,800		Merck & Co., Inc.		31,908,812
	749,301		Pfizer, Inc.		33,021,695
	87,162		Shire, PLC (ADR)		15,799,856
	133,900		Thermo Fisher Scientific, Inc.		32,682,312
	81,500		Zoetis, Inc.		7,462,140
					306,521,970
			Industrials—9.5%
	49,600		3M Co.		10,451,216
	241,500	^*	Gardner Denver Holdings, Inc.		6,844,110
	145,400		Honeywell International, Inc.		24,194,560
	163,500		Ingersoll-Rand, PLC		16,726,050
	42,700		Lockheed Martin Corp.		14,772,492
	65,000		ManpowerGroup, Inc.		5,587,400
	175,300		Masco Corp.		6,415,980
	82,900		Owens Corning		4,498,983
	212,700		Schneider National, Inc. - Class “B”		5,313,246
	34,300		Snap-On, Inc.		6,297,480
	98,000		Stanley Black & Decker, Inc.		14,351,120
	142,400		Triton International, Ltd.		4,737,648
	156,000		Union Pacific Corp.		25,401,480
	195,000		United Technologies Corp.		27,262,950
					172,854,715
			Information Technology—14.5%
	6,000	^*	Alphabet, Inc. - Class “A”		7,242,480
	155,500		Apple, Inc.		35,102,570
	691,900		Cisco Systems, Inc.		33,660,935
	105,887	^*	Dell Technologies, Inc. - Class “V”		10,283,746

154

Shares			Security	Value
			Information Technology (continued)
	68,609		DXC Technology Co.	$	6,416,314
	166,200	^*	eBay, Inc.		5,487,924
	44,000	^*	FleetCor Technologies, Inc.		10,024,960
	576,875		Intel Corp.		27,280,419
	336,800		Microsoft Corp.		38,519,816
	34,100		NVIDIA Corp.		9,582,782
	148,000		NXP Semiconductors NV		12,654,000
	153,200		Oracle Corp.		7,898,992
	335,000		QUALCOMM, Inc.		24,130,050
	244,700		Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		10,805,952
	93,200	^*	Take-Two Interactive Software, Inc.		12,860,668
	134,700		TE Connectivity, Ltd.		11,844,171
					263,795,779
			Materials—2.5%
	88,000		Celanese Corp.		10,032,000
	122,400		FMC Corp.		10,670,832
	181,800		International Paper Co.		8,935,470
	60,000		Praxair, Inc.		9,643,800
	27,800		RPM International, Inc.		1,805,332
	58,700		Trinseo SA		4,596,210
					45,683,644
			Real Estate—1.0%
	725,000		Brixmor Property Group, Inc. (REIT)		12,694,750
	250,300		Tanger Factory Outlet Centers, Inc. (REIT)		5,726,864
					18,421,614
			Telecommunication Services—2.9%
	682,700		AT&T, Inc.		22,925,066
	546,400		Verizon Communications, Inc.		29,172,296
					52,097,362

155

Portfolio of Investments (continued)

GROWTH & INCOME FUND

September 30, 2018

	Shares or Principal Amount		Security	Value
			Utilities—2.9%
		216,700	CMS Energy Corp.	$	10,618,300
		124,900	Pinnacle West Capital Corp.		9,889,582
		168,200	Utilities Select Sector SPDR Fund (ETF)		8,855,730
		149,100	WEC Energy Group, Inc.		9,953,916
		277,700	Xcel Energy, Inc.		13,110,217
					52,427,745
Total Value of Common Stocks (cost $1,093,175,696)					1,749,371,640
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—3.4%
	$	62,000M	U.S. Treasury Bills, Zero Coupon, 10/4/2018 (Effective Yield 1.022%) (cost $61,989,852)		61,989,584

Total Value of Investments (cost $1,155,165,548)	99.6	%		1,811,361,224
Other Assets, Less Liabilities	.4			7,512,242
Net Assets	100.0	%	$	1,818,873,466

^*	Non-income producing

Summary of Abbreviations:

ADR	American Depositary Receipts

ETF	Exchange Traded Fund

REIT	Real Estate Investment Trust

SPDR	Standard & Poor’s Depository Receipts

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

156

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,749,371,640	$	—	$	—	$	1,749,371,640
Short-Tem U.S. Government Obligations		—		61,989,584		—		61,989,584
Total Investments in Securities^*	$	1,749,371,640	$	61,989,584	$	—	$	1,811,361,224

^*	The Portfolio of Investments provides information on the industry categorization for common stocks.

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

157

Portfolio Managers’ Letter

HEDGED U.S. EQUITY OPPORTUNITIES FUND

Dear Investor:

This is the annual report for the First Investors Hedged U.S. Equity Opportunities Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 10.49% for Class A shares, 10.92% for Advisor Class shares and 11.00% for Institutional Class shares.

The Markets

U.S. equities, as measured by the S&P 500 Index, rose by 17.9% during the 12 month period. Markets ended 2017 on a strong note, propelled by a $1.5 trillion tax reform bill, strong consumer and business spending, and low unemployment. This bullish sentiment continued through the beginning of 2018, as better-than-expected corporate profits helped drive the S&P 500 Index to its largest monthly gain since March 2016. The bull market was jolted at the end of January by a short and sharp decline in equities and a substantial rise in volatility. Fears of rising U.S. interest rates and inflation triggered the collapse of certain volatility-linked products and the correction in global equity markets. After the markets rebounded, talks of a U.S.-led trade war in March led to a second pull back.

Despite concerns about the sustainability of ongoing growth due to global macroeconomic risks, including trade tensions and political disruption, developed equities rebounded in the second half of the period. The U.S. outperformed other developed markets, driven by robust earnings growth and broad-based strength in the economy. Its stock market recorded the longest bull market in its history, as the S&P 500 Index capped nine and a half years without a decline of 20% or more, and the Federal Reserve (Fed) raised its 2018 gross domestic product (GDP) growth forecast to 3.1%.

The Fund

The Fund underperformed its custom benchmark (70% Russell 3000 Index, 30% ICE BofA Merrill Lynch U.S. 3-Month Treasury Bill Index) for the annual reporting period ended September 30, 2018.

Within the Fund’s equity strategies, sector allocation, a residual of our bottom-up stock selection process, detracted from performance, driven mainly by an underweight to Information Technology. On the other hand, security selection contributed positively to results. Specifically, strong selection, particularly within the Industrials, Information Technology, and Consumer Staples sectors contributed to relative Fund performance, but this was partially offset by weaker selection in the Consumer Discretionary, Health Care, and Financials sectors.

Not owning benchmark constituent General Electric (GE) (part of the Industrials sector) was the largest relative contributor to Fund performance during the review period. GE is a complicated multi-segment company that develops and manufactures products for the generation, transmission, distribution, control and utilization of electricity. The company is facing a number of controversies, including unsustainable contract asset gains that comprise a large portion of the company’s earnings and a short-term cultural focus on maneuvering accounting practices to meet

158

guidance. Also, unlike other conglomerates, GE does not benefit from U.S. tax reform. The stock continued to fall as the company proposed an overhaul of its executive pay plan, announced a 50% dividend cut, signaled lower earnings expectations in 2018, and continued working on a plan to reduce its large portfolio of businesses. We continue not to own the stock and remain unconvinced that the company’s turnaround plan will work.

Among the stocks that we held, Trade Desk (Information Technology sector) was a key relative contributor to Fund performance. Trade Desk is a provider of a global technology platform that creates a framework for advertising buyers to value each impression and drive decision making about how much advertising to buy and how much to pay. The company’s stock price rose after it reported strong earnings during the year, highlighting multiple growth drivers in the U.S. and internationally, while raising its 2018 revenue guidance. Trade Desk is benefiting as one of the best sources of detailed information about the efficacy of advertisement spending, especially as Facebook continues to remove third party data and Google refrains from offering a data feed to advertisers to compare the efficiency of advertisement spending. We continue to own the stock on expectations of continued growth.

Not owning benchmark constituent Amazon.com (Consumer Discretionary sector) was the largest relative detractor to Fund performance during the review period. Amazon engages in online retail shopping services. We believed that consensus profit expectations for 2018 were too high, so we did not own the stock. However, Amazon’s earnings came in at the high end of consensus expectations. Investors also became more bullish on the prospects of continued strong growth for the already massive company as Amazon continues to penetrate other areas of the market, such as health care supplies and food retailing. We continue to not own the stock due to its high valuation.

Among the stocks that we held, Floor & Décor Holding (Consumer Discretionary sector) was a key relative detractor and the largest absolute detractor to Fund performance. Floor & Décor engages in the retail of hard surface flooring and related accessories. The stock declined after vinyl flooring and tile products were included on the list of products subject to a 10% tariff under the new trade proposal. We still own the stock as we believe that the market is too pessimistic on the name and expect the company to be able to mitigate the impact of the tariff through alternative sourcing and/or pricing.

The Fund’s hedging strategy detracted from results. The beta hedge, which is designed to reduce the Fund’s equity exposure through selling futures on U.S. indices, detracted from results as expected during a period when U.S. markets were up. The Fund’s tail risk management strategy, which is designed to mitigate capital losses in periods when equities experience a sharp decline, also detracted during the period under review due to rising U.S. markets.

Mixed economic data from the U.S. suggests the potential for a later stage market cycle. While we continue to expect economic expansion, we also expect to see growth slow. Positive drivers of growth include elevated capital expenditure intentions, the highest consumer confidence levels since 2000, and increased income expectations. While these signal a near term increase in investment and consumption, other news points to a potential slowing of economic expansion. Specifically, the tight labor market, combined with the continued uncertainty with regards to

159

Portfolio Managers’ Letter (continued)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

trade agreements between the U.S. and its trade partners, may lead to increased inflation and slower growth. As such, we continue to expect to see higher interest rates and increased equity market volatility.

Against this backdrop of macroeconomic uncertainty, we look to growth and value exposures to provide upside optionality and quality exposures to dampen risk in pursuit of a risk stance that is generally in-line with the market. We also seek a diversifying exposure that helps to protect the Fund during market drawdowns. In the U.S., low volatility exposures are demonstrating significant interest rate sensitivity, and as a direct result, we favor dividend growth to obtain this risk dampening exposure.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,



Kent M. Stahl, CFA	Gregg R. Thomas, CFA
Portfolio Manager	Portfolio Manager

October 31, 2018

160

Fund Expenses (unaudited)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.75%
Actual		$1,000.00	$1,062.50	$9.05
Hypothetical^**		$1,000.00	$1,016.30	$8.85
Advisor Class Shares	1.42%
Actual		$1,000.00	$1,065.78	$7.35
Hypothetical^**		$1,000.00	$1,017.95	$7.18
Institutional Class Shares	1.31%
Actual		$1,000.00	$1,064.71	$6.78
Hypothetical^**		$1,000.00	$1,018.50	$6.63

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

161

Cumulative Performance Information (unaudited)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

Comparison of change in value of $10,000 investment in the First Investors Hedged U.S. Equity Opportunities Fund (Class A shares), the Russell 3000 Index and The BofA Merrill Lynch U.S. T-Bill 0-3 Month Index

	Average Annual Total Returns^*
N.A.V. Only	Class A	Advisor Class	Institutional Class	Russell 3000	BofA Merrill Lynch 3 Mo Treasury-Bill Index
One Year	10.49%	10.92%	11.00%	17.58%	1.59%
Since Inception^**	8.37%	8.76%	8.84%	16.86%†	1.07%†

S.E.C. Standardized	Class A	Advisor Class	Institutional Class
One Year	4.11%	10.92%	11.00%
Since Inception^**	5.45%	8.76%	8.84%

The graph compares a $10,000 investment in the First Investors Hedged U.S. Equity Opportunities Fund (Class A shares) beginning 8/1/16 (commencement of operations) with theoretical investments in the Russell 3000 Index and the BofA Merrill Lynch U.S. T-Bill 0-3 Month Index (the “Indices”). The Russell 3000 Index is a market capitalization weighted equity index that provides exposure to the entire U.S. stock market. The index tracks the performance of the 3,000 largest U.S.-traded stocks which represent about 98% of all U.S incorporated equity securities. The BofA Merrill Lynch U.S. T-Bill 0-3 Month Index tracks the performance of the U.S. dollar denominated U.S. Treasury Bills publicly issued in the U.S. domestic market with a remaining term to final maturity of less than 3 months. It is not possible to invest directly in these Indices. In addition, the Indices do not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the graph and the accompanying table, unless otherwise indicated, it has

162

been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund and all dividends and distributions were reinvested. Advisor Class shares and Institutional Class shares performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

The Since Inception returns for Class A shares, Advisor Class shares and Institutional Class shares are for the period beginning 8/1/16 (commencement of operations).

163

Portfolio of Investments

HEDGED U.S. EQUITY OPPORTUNITIES FUND

September 30, 2018

Shares			Security	Value
			COMMON STOCKS—93.7%
			Consumer Discretionary—10.5%
	716		Autoliv, Inc.	$	62,063
	165	^*	Booking Holdings, Inc.		327,360
	7,189		Caleres, Inc.		257,798
	12,259	^*	CarMax, Inc.		915,380
	4,765		CBS Corp. - Class “B”		273,749
	9,643		Choice Hotels International, Inc.		803,262
	14,342		Comcast Corp. - Special Shares “A”		507,850
	8,961		D.R. Horton, Inc.		377,975
	3,983		Expedia, Inc.		519,702
	11,711	^*	Floor & Decor Holdings, Inc.		353,321
	6,104		General Motors Corp.		205,522
	4,666		Genuine Parts Co.		463,800
	7,481		Home Depot, Inc.		1,549,689
	1,737		Marriott International, Inc.		229,336
	3,347		Marriott Vacations Worldwide Corp.		374,027
	8,487		McDonald’s Corp.		1,419,790
	27,951		Newell Brands, Inc.		567,405
	20,456		NIKE, Inc.		1,733,032
	5,690	^*	Norwegian Cruise Line Holdings, Inc.		326,777
	357	^*	NVR, Inc.		882,076
	5,994	^*	Ocean Outdoors, Ltd. (Virgin Islands) ^(a)		57,393
	8,650		Ross Stores, Inc.		857,215
	3,768		Royal Caribbean Cruises, Ltd.		489,614
	14,096	^*	Skechers USA, Inc.		393,701
	14,794		TJX Cos., Inc.		1,657,224
	4,216		Tractor Supply Co.		383,150
	19,500	^*	Under Armour, Inc.		413,790
	716	^*	Veoneer, Inc.		39,430
	2,995	^*	Wayfair, Inc.- Class “A”		442,272
	466		Whirlpool Corp.		55,338
	1,666		Wyndham Destinations, Inc.		72,238
	1,666		Wyndham Hotels & Resorts, Inc.		92,580
					17,103,859

164

Shares			Security	Value
			Consumer Staples—6.4%
	19,253		Altria Group, Inc.	$	1,161,148
	2,819		Archer-Daniels-Midland Co.		141,711
	6,271		British American Tobacco, PLC (United Kingdom)		292,985
	726		Bunge, Ltd.		49,883
	25,488		Coca-Cola Co.		1,177,291
	17,400		Colgate-Palmolive Co.		1,164,930
	5,984		Costco Wholesale Corp.		1,405,522
	12,648		Coty, Inc.		158,859
	34,987		Diageo, PLC (United Kingdom)		1,239,927
	3,569		Hershey Co.		364,038
	4,412		Hormel Foods Corp.		173,833
	991		J.M. Smucker Co.		101,686
	2,500		Kellogg Co.		175,050
	6,067		Kroger Co.		176,610
	4,582	^*	Monster Beverage Corp.		267,039
	9,295		PepsiCo, Inc.		1,039,181
	3,466		Philip Morris International, Inc.		282,618
	18,249	^*	U.S. Foods Holding Corp.		562,434
	5,066		Walgreens Boots Alliance, Inc.		369,311
					10,304,056
			Energy—2.7%
	3,547		Anadarko Petroleum Corp.		239,103
	732	^*	Apergy Corp.		31,886
	11,929		Canadian Natural Resources, Ltd. (Canada)		389,601
	3,457		Chevron Corp.		422,722
	3,007		Cimarex Energy Co.		279,471
	4,044	^*	Concho Resources, Inc.		617,721
	6,510		Diamondback Energy, Inc.		880,087
	6,541		Halliburton Co.		265,107
	13,426	^*	Laredo Petroleum, Inc.		109,690
	9,010		Marathon Oil Corp.		209,753
	1,036		Marathon Petroleum Corp.		82,849

165

Portfolio of Investments (continued)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

September 30, 2018

Shares			Security	Value
			Energy (continued)
	19,042	^*	Newfield Exploration Co.	$	548,981
	777		Pioneer Natural Resources Co.		135,346
	5,500		Tenaris SA (ADR) (Italy)		184,360
					4,396,677
			Financials—16.5%
	18,883		Aflac, Inc.		888,823
	487		Alleghany Corp.		317,782
	3,475		Allstate Corp.		342,982
	21,807		American Express Co.		2,322,227
	7,015		American International Group, Inc.		373,479
	2,384		Arthur J. Gallagher & Co.		177,465
	3,813		Assurant, Inc.		411,613
	7,196		Bank OZK		273,160
	3,431	^*	Berkshire Hathaway, Inc. - Class “B”		734,611
	1,283		BlackRock, Inc.		604,716
	10,391		Chubb, Ltd.		1,388,653
	9,421		Citigroup, Inc.		675,863
	32,703		CNO Financial Group, Inc.		693,958
	7,577		Comerica, Inc.		683,445
	1,720	^*	Credit Acceptance Corp.		753,480
	2,872		FactSet Research Systems, Inc.		642,495
	921		Fairfax Financial Holdings, Ltd. (Canada)		500,370
	590		First Citizens BancShares, Inc. - Class “A”		266,845
	4,592		First Republic Bank		440,832
	9,877		FNF Group, Inc.		388,660
	7,711		IBERIABANK Corp.		627,290
	13,200	^*	J2 Acquisition, Ltd. (Virgin Islands)		126,720
	25,138		KeyCorp		499,995
	16,006		Lancashire Holdings, Ltd. (United Kingdom)		126,843
	10,088		Lincoln National Corp.		682,554
	8,139		M&T Bank Corp.		1,339,191
	1,247	^*	Markel Corp.		1,482,047
	11,233		Marsh & McLennan Cos., Inc.		929,194

166

Shares			Security	Value
			Financials (continued)
	14,818		MetLife, Inc.	$	692,297
	1,477		Moody’s Corp.		246,954
	18,498		People’s United Financial, Inc.		316,686
	13,151		PNC Financial Services Group, Inc.		1,791,035
	3,832		Reinsurance Group of America, Inc.		553,954
	5,613		RenaissanceRe Holdings		749,785
	22,065	^*	SLM Corp.		246,025
	12,706		TD Ameritrade Holding Corp.		671,258
	3,940		Travelers Cos., Inc.		511,057
	15,980		Unum Group		624,339
	10,426		Wells Fargo & Co.		547,991
	431		White Mountain Insurance Group		403,360
	14,207		Zions Bancorp		712,481
					26,762,515
			Health Care—13.3%
	9,380	^*	Acadia Healthcare Co., Inc.		330,176
	4,761		Agilent Technologies, Inc.		335,841
	1,605	^*	Align Technology, Inc.		627,908
	5,711	^*	Alkermes, PLC (Ireland)		242,375
	1,318		Allergan, PLC (United Kingdom)		251,053
	3,506	^*	Alnylam Pharmaceuticals, Inc.		306,845
	2,940		AstraZeneca, PLC (ADR) (United Kingdom)		116,336
	14,903		Baxter International, Inc.		1,148,872
	4,606		Becton, Dickinson & Co.		1,202,166
	1,481	^*	BeiGene, Ltd. (ADR) (China)		255,058
	693	^*	Biogen, Inc.		244,844
	29,063		Bristol-Myers Squibb Co.		1,804,231
	1,415		CVS Health Corp.		111,389
	2,249		Dentsply Sirona, Inc.		84,877
	4,997	^*	Edwards Lifesciences Corp.		869,978
	400	^*	Elanco Animal Health, Inc.		13,956
	10,983	^*	Exact Sciences Corp.		866,778
	1,961	^*	Five Prime Therapeutics, Inc.		27,297

167

Portfolio of Investments (continued)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

September 30, 2018

Shares			Security	Value
			Health Care (continued)
	6,432	^*	Haemonetics Corp.	$	736,979
	5,558		Hill-Rom Holdings, Inc.		524,675
	2,117	^*	Incyte Corp.		146,242
	7,660	^*	Insulet Corp.		811,577
	7,053	^*	Ionis Pharmaceuticals, Inc.		363,794
	10,042		Johnson & Johnson		1,387,503
	5,391		Koninklijke Philips NV (ADR) (Netherlands)		245,344
	3,718	^*	Laboratory Corp. of America Holdings		645,742
	2,160		McKesson Corp.		286,524
	16,617		Medtronic, PLC		1,634,614
	14,792		Merck & Co., Inc.		1,049,344
	534	^*	Mettler Toledo International, Inc.		325,195
	8,773	^*	Mylan NV (Netherlands)		321,092
	3,281	^*	NuVasive, Inc.		232,885
	34,616		Pfizer, Inc.		1,525,527
	2,123	^*	Seattle Genetic, Inc.		163,726
	6,093		Stryker Corp.		1,082,604
	1,162		Teleflex, Inc.		309,197
	2,591		UnitedHealth Group, Inc.		689,310
	875	^*	WellCare Health Plans, Inc.		280,429
					21,602,283
			Industrials—14.9%
	1,947		AMERCO		694,398
	24,703		Canadian National Railway Co. (Canada)		2,216,605
	1,636	^*	Cimpress NV		223,494
	4,744		Cintas Corp.		938,411
	8,344	^*	Clean Harbors, Inc.		597,264
	2,672	^*	CoStar Group, Inc.		1,124,484
	9,351		CSX Corp.		692,442
	1,198		Cummins, Inc.		174,992
	4,195		Delta Air Lines, Inc.		242,597
	3,094		Dover Corp.		273,912
	3,266		Equifax, Inc.		426,442

168

Shares			Security	Value
			Industrials (continued)
	8,558		Expeditors International of Washington, Inc.	$	629,270
	6,609		Fastenal Co.		383,454
	3,940		Fortune Brands Home & Security, Inc.		206,298
	3,810		General Dynamics Corp.		779,983
	20,305	^*	Genesee & Wyoming, Inc. - Class “A”		1,847,552
	6,187		Herman Miller, Inc.		237,581
	430		Huntington Ingalls Industries, Inc.		110,114
	6,552		IDEX Corp.		987,124
	6,259		Ingersoll-Rand, PLC		640,296
	17,248	^*	JELD-WEN Holding, Inc.		425,336
	5,603		Johnson Controls International, PLC		196,105
	2,529		L3 Technologies, Inc.		537,716
	4,975		Lennox International, Inc.		1,086,540
	2,572		Lockheed Martin Corp.		889,809
	27,202	^*	Milacron Holdings Corp.		550,840
	8,116		PACCAR, Inc.		553,430
	11,304		Republic Services, Inc.		821,349
	3,472		Rockwell Automation, Inc.		651,069
	19,943		Sanwa Holdings Corp. (Japan)		237,483
	6,870		Southwest Airlines Co.		429,032
	14,610		Steelcase, Inc. - Class “A”		270,285
	4,933		TransUnion		362,970
	10,168		Union Pacific Corp.		1,655,655
	8,716		United Parcel Service, Inc. - Class “B”		1,017,593
	1,897		Wabtec Corp.		198,957
	3,897		Waste Connections, Inc.		310,864
	6,694		Xylem, Inc.		534,650
					24,156,396
			Information Technology—15.5%
	2,579	^*	2U, Inc.		193,915
	2,754	^*	Acacia Communications, Inc.		113,933
	6,903		Accenture, PLC		1,174,891
	2,460	^*	Adobe Systems, Inc.		664,077

169

Portfolio of Investments (continued)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

September 30, 2018

Shares			Security	Value
			Information Technology (continued)
	1,792	^*	Alibaba Group Holding, Ltd. (ADR) (China)	$	295,250
	1,053	^*	Alphabet, Inc. - Class “C”		1,256,724
	3,339		Amdocs, Ltd.		220,307
	4,844	^*	Arrow Electronics, Inc.		357,100
	2,503	^*	Atlassian Corp., PLC (United Kingdom)		240,638
	10,660	^*	Black Knight, Inc.		553,787
	5,990		Booz Allen Hamilton Holdings Corp.		297,284
	1,130		Broadcom, Inc.		278,805
	4,168		CDW Corp.		370,619
	940	^*	Coherent, Inc. (Canada)		161,859
	615		Constellation Software, Inc.		452,266
	5,225	^*	Delivery Hero AG (Germany)		251,274
	3,963	^*	FleetCor Technologies, Inc.		902,930
	96	^*	ForeScout Technologies, Inc.		3,625
	21,189		Genpact, Ltd.		648,595
	2,907		Global Payments, Inc.		370,352
	8,487	^*	Guidewire Software, Inc.		857,272
	2,913		Harris Corp.		492,909
	10,921	^*	Ichor Holdings, Ltd.		223,007
	2,959		International Business Machines Corp.		447,430
	31,275	^*	Just Eat, PLC (United Kingdom)		273,201
	2,662		KLA-Tencor Corp.		270,752
	8,070		Marvell Technology Group, Ltd.		155,751
	5,203		Maxim Integrated Products, Inc.		293,397
	12,123		Microsoft Corp.		1,386,507
	3,655		Motorola Solutions, Inc.		475,662
	7,140	^*	PayPal Holdings, Inc.		627,178
	4,465		QUALCOMM, Inc.		321,614
	5,243	^*	salesforce.com, Inc.		833,794
	4,244		Samsung Electronics Co., Ltd. (South Korea)		177,718
	5,219	^*	ServiceNow, Inc.		1,020,993
	4,330	^*	Shopify, Inc. - Class “A” (Canada)		712,112
	7,174		Silicon Motion Technology Corp. (ADR) (Taiwan)		385,244
	5,724	^*	Spotify Technology SA		1,035,071

170

Shares			Security	Value
			Information Technology (continued)
	18,467		SS&C Technologies Holdings, Inc.	$	1,049,480
	11,430		TE Connectivity, Ltd.		1,005,040
	18,801		Teradyne, Inc.		695,261
	2,874	^*	Trade Desk, Inc. - Class “A”		433,715
	2,316	^*	Verisign, Inc.		370,838
	7,595		Visa, Inc.		1,139,934
	5,043		Western Digital Corp.		295,217
	5,341	^*	Workday, Inc.		779,679
	9,888	^*	Yandex NV - Class “A” (Russia)		325,216
	5,118	^*	Zillow Group, Inc. - Class “A”		226,216
					25,118,439
			Materials—4.3%
	3,850	^*	Alcoa Corp.		155,540
	9,055		Ball Corp.		398,329
	1,683		Cabot Corp.		105,558
	7,776		Celanese Corp. - Class “A”		886,464
	5,662		CRH, PLC (Ireland)		185,383
	4,930		Eastman Chemical Co.		471,900
	6,243		FMC Corp.		544,265
	6,740		Nucor Corp.		427,653
	3,266		Nutrien, Ltd. (Canada)		188,579
	7,599		Packaging Corp. of America		833,534
	6,068		Praxair, Inc.		975,310
	1,340		Randgold Resources, Ltd. (United Kingdom)		94,537
	4,444		Reliance Steel & Aluminum Co.		379,029
	1,344		Sherwin-Williams Co.		611,802
	10,323		Silgan Holdings, Inc.		286,979
	3,923		Vulcan Materials Co.		436,238
					6,981,100
			Real Estate—5.5%
	4,600		Acadia Realty Trust (REIT)		128,938
	12,285		American Tower Corp. (REIT)		1,785,010

171

Portfolio of Investments (continued)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

September 30, 2018

Shares			Security	Value
			Real Estate (continued)
	3,435		AvalonBay Communities, Inc. (REIT)	$	622,250
	40,163		Brixmor Property Group, Inc. (REIT)		703,254
	9,066		Columbia Property Trust, Inc. (REIT)		214,320
	4,430		Crown Castle International Corp. (REIT)		493,192
	730		Federal Realty Investment Trust (REIT)		92,323
	18,364		Host Hotels & Resorts, Inc. (REIT)		387,480
	11,923		Kimco Realty Corp. (REIT)		199,591
	933		Mid-America Apartment Communities, Inc. (REIT)		93,468
	4,814		PS Business Park, Inc. (REIT)		611,811
	8,959		Public Storage (REIT)		1,806,403
	931		Simon Property Group, Inc. (REIT)		164,554
	675		SL Green Realty Corp. (REIT)		65,833
	30,804		STORE Capital Corp. (REIT)		856,043
	1,518		Taubman Centers, Inc. (REIT)		90,822
	4,582		UDR, Inc. (REIT)		185,250
	7,936		Welltower, Inc. (REIT)		510,443
					9,010,985
			Telecommunication Services—1.5%
	36,947		AT&T, Inc.		1,240,680
	11,949		Verizon Communications, Inc.		637,957
	4,206	^*	Wix.com, Ltd. (Israel)		503,458
					2,382,095
			Utilities—2.6%
	4,209		CMS Energy Corp.		206,241
	4,272		Dominion Energy, Inc.		300,236
	3,408		Edison International		230,653
	3,713		Eversourse Energy		228,127
	7,074		Exelon Corp.		308,851
	5,734		Iberdrola SA (ADR) (Spain)		168,408
	9,619		NRG Energy, Inc.		359,751
	5,989		OGE Energy Corp.		217,520
	1,706		Pinnacle West Capital Corp.		135,081

172

	Shares		Security	Value
			Utilities (continued)
		1,663	Sempra Energy	$	189,166
		17,074	Southern Co.		744,426
		19,182	UGI Corp.		1,064,217
					4,152,677
Total Value of Common Stocks (cost $132,807,879)					151,971,082

PUT OPTIONS PURCHASED—.4%
	Contracts		S&P 500 Index	Exercise Price		Notional Amount		Value
		45	Expiration 12/21/2018		2,400.00		13,112,910		26,820
		45	Expiration 3/15/2019		2,500.00		13,112,910		103,950
		44	Expiration 6/21/2019		2,450.00		12,821,512		154,000
		43	Expiration 9/20/2019		2,650.00		12,530,114		340,560
Total Value of Put Options Purchased (premium paid $1,516,217)									625,330

		WARRANTS—.0%
		Financials
13,200	^*	J2 Acquisition, Ltd. (Virgin Islands) (Expires 9/7/2027) (cost $132)	5,940

Total Value of Investments (cost $134,324,228)	94.1	%		152,602,352
Other Assets, Less Liabilities	5.9			9,672,183
Net Assets	100.0	%	$	162,274,535

^*	Non-income producing

(a)	Security valued at fair value (see Note 1A)

173

Portfolio of Investments (continued)

HEDGED U.S. EQUITY OPPORTUNITIES FUND

September 30, 2018

PUT OPTIONS WRITTEN—(.2)%
	Contracts		S&P 500 Index	Exercise Price		Notional Amount			Value
		(23)	Expiration 12/21/2018		2,150.00		(6,702,154	)	$	(6,509	)
		(22)	Expiration 3/15/2019		2,300.00		(6,410,756	)		(27,390	)
		(44)	Expiration 6/21/2019		2,175.00		(12,821,512	)		(77,440	)
		(43)	Expiration 9/20/2019		2,425.00		(12,530,114	)		(203,605	)
Total Value of Put Options Written (premium received $608,359)									$	(314,944	)

Futures contracts outstanding at September 30, 2018:

	Number of Contracts		Type	Expiration		Notional Amounts			Value at September 30, 2018			Unrealized Appreciation (Depreciation)
		(13)	E-mini Russell 2000 Index		Dec. 2018	$	(1,111,110	)	$	(1,105,546	)	$	5,564
		(107)	E-mini S&P 500		Dec. 2018		(15,479,423	)		(15,616,863	)		(137,440	)
		(48)	E-mini S&P MidCap 400		Dec. 2018		(9,811,290	)		(9,721,060	)		90,230
		(9)	FTSE 100 Index		Dec. 2018		(861,776	)		(886,543	)		(24,767	)
		(32)	MSCI EAFE Index		Dec. 2018		(3,104,370	)		(3,160,861	)		(56,491	)
		(18)	MSCI EM Index		Dec. 2018		(923,535	)		(944,765	)		(21,230	)
		(18)	S&P/TSE 60 Index		Dec. 2018		(2,608,731	)		(2,623,911	)		(15,180	)
(Premium received $490)												$	(159,314	)

At September 30, 2018, Hedged U.S. Equity Opportunities Fund has open foreign exchange contracts as described below.

The unrealized appreciation on the open contracts were as follows:

Hedged U.S. Equity Opportunities Fund

Counterparty	Settlement Date		Foreign Currency	Receive (Deliver)			Asset		Liability		Unrealized Appreciation
JPM		12/19/18	JPY		(16,318,000	)	$	143,619	$	147,649	$	4,030
SSC		12/19/18	EUR		(89,000	)		103,333		103,825		492
Net unrealized appreciation on open foreign exchange contracts											$	4,522

A summary of abbreviations for counterparties to foreign exchange contracts are as follows:

JPM	JP Morgan Securities, Inc.

SSC	State Street Corporation

174

Summary of Abbreviations:

ADR	American Depositary Receipts

EUR

Euro

JPY	Japanese Yen

REIT	Real Estate Investment Trust

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1			Level 2		Level 3		Total
Assets
Common Stocks^*	$	151,913,689		$	57,393	$	—	$	151,971,082
Put Options Purchased		625,330			—		—		625,330
Warrants^*		5,940			—		—		5,940
	$	152,544,959		$	57,393	$	—	$	152,602,352
Liabilities
Put Options Written	$	(314,944	)	$	—	$	—	$	(314,944	)
Futures Contracts		(159,804	)		—		—		(159,804	)
	$	(474,748	)	$	—	$	—	$	(474,748	)
Other Financial Instruments^**	$	—		$	4,522	$	—	$	4,522

^*	The Portfolio of Investments provides information on the industry categorization for common stocks and warrants.

^**	Other financial instruments are foreign exchange contracts and are considered derivative instruments, which are valued at the net unrealized appreciation on the instrument.

Transfers between Level 1 and Level 2 securities as of September 30, 2018 resulted from securities priced previously with an official close price (Level 1 securities) or securities fair valued by the Valuation Committee (Level 2 securities). Transfers from Level 1 to Level 2 as of September 30, 2018 were $57,393. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

175

Portfolio Manager’s Letter

INTERNATIONAL FUND

Dear Investor:

This is the annual report for the First Investors International Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 1.83% for Class A shares, 1.03% for Class B shares, 2.21% for Advisor Class shares and 2.36% for Institutional Class shares, including dividends of 1.8 cents per share for Class A shares, none for Class B shares, 3.2 cents per share for Advisor Class shares and 3.7 cents per share for Institutional Class shares.

The Markets

In the fourth quarter of 2017, returns were positive across all major markets with the MSCI EAFE Index returning 4.23%. Europe’s economic momentum continued to build steam despite noise around Brexit, immigration, Polish nationalism and Catalonia. The ultra-low rates of the European Central Bank (ECB) provided substantial support across all eurozone countries. Emerging market (EM) equities performed well. Returns were driven by ongoing growth and stable outlooks for major EM economies, such as China and India. Asian IT companies, in particular, were contributors to EM performance.

While the MSCI EAFE benchmark fell 1.53% in the first quarter of 2018, emerging markets delivered a small positive return. The eurozone recovery, supported by low interest rates and quantitative easing, continued in January, but in February expectations of rising inflation and interest rates, primarily in the U.S., sparked a sell-off in European equities. And although the U.S. temporarily exempted the European Union (EU) from its planned steel and aluminum tariffs, the threat of a trade war between the U.S. and China weighed on EU markets. Emerging markets were strong in January, supported by strong commodity prices and Asian IT names. In early February, however, the EM benchmark declined alongside developed markets due to concerns around inflation and interest rates rising at a faster-than-expected pace. By mid-March, the markets had recovered somewhat before selling off again on escalating U.S.-China trade tensions.

Volatility continued in the global equity markets through the second quarter of 2018. Despite solid economic growth momentum in the U.S., Europe, Japan, and many emerging markets, activity around the globe set the markets towards a risk-off footing. Concerns that prompted a change in the outlook included the U.S. continuing to lift rates on the back of accelerating inflation, a strong dollar alongside a sell-off in EM currencies, a continued rise in oil prices, and U.S.-initiated trade negotiations appearing set to impose tariffs, with China threatening retaliation. In Europe, political unrest in Italy and Germany dominated headlines over the quarter. Emerging markets struggled again, with 11 countries delivering double-digit negative returns in U.S. dollar terms.

Volatility continued throughout the third quarter of 2018, as a host of geopolitical and macroeconomic risks, stemming from different corners of the earth, impacted markets. Developed market equities proved to be more resilient than emerging markets. European equities turned in a lackluster performance for the third quarter, as the region came under pressure in August and September. After gaining momentum in 2017, the EU economy has

176

slowed in the current year, and the region has faced risks stemming from Italy’s budget deal and Brexit negotiations. Emerging markets came under pressure again with a sell-off in many EM currencies.

Outlook

Global GDP growth continues to show momentum, but it may be a backward-looking view of the world’s economic health. In our opinion, there are reasons for concern. The U.S. economy is working close to full capacity, and the Federal Reserve (Fed) is implementing a series of rate increases to contain inflationary pressures. Despite rising inflation, the Trump administration pushed forward three populist measures that will add more fuel to the fire—tax cuts, higher import tariffs and a curb on immigration. While these measures may appease investors over the short-term, we are mindful that in the past there have been times when the Fed has gotten behind the curve in raising interest rates in response to burgeoning inflation. As a result, painful subsequent catch-ups were necessary, as was the case during Paul Volcker’s term as Fed Chair.

Europe also continues to feel unsettled. From increasing political instability to economic issues, uncertainty is noticeable. Brexit remains a risk, with speculation over the final outcome ranging from a hard Brexit to no Brexit at all (if one is to believe recent reports of there being a second referendum). Furthermore, the opposition Labour Party is discussing a transfer of 10% of public companies’ ownership to workers, should they gain power. This is something we are watching, even though the likelihood of the Labour Party gaining power is decreasing. Predictability on rules, regulations and even ownership is diminishing.

While no single issue is responsible for Brexit, immigration is a major driver that has given rise to nationalists and populists elsewhere, the most serious instance being in Italy. Italy has high debt levels and a weak banking system. While populists may have risen to power because of the immigration issue, once in power, they are expected to push against European bureaucrats to loosen the purse strings. We saw that in the recent budget proposal just before quarter end where the government proposed a sharp increase in the fiscal deficit, which in turn spooked the markets.

We also expect to see pushback against some of the moves at the ECB. While the German economy is growing and has an unemployment rate of 3.4%, across the continent these numbers vary. For the euro area as a whole, unemployment is 8.2%. Italy at 10.4% actually looks reasonable when set alongside Spain at 15.1% and Greece at 19.1%. With low unemployment in Germany and inflation beginning to reappear, the ultra-loose monetary policy that Europe has pursued is coming to an end. The ECB will be looking to raise rates, which is suitable for Germany, but not for Italy. And without fiscal transfers, the appropriate level of interest rates for the region is debatable. Structural reform of the EU will likely continue at a snail’s pace. And newly elected populists will not take well to outsiders tightening fiscal and monetary conditions.

The ECB has been buying bonds and keeping rates extremely low. As a result, it is hard for a company to go under when money is essentially free. As the ECB cuts back on buying and eventually raises rates, the tide of money will retreat. And in the words of Warren Buffett: “You only find out who is swimming naked when the tide goes out.” We would not be shocked to

177

Portfolio Manager’s Letter (continued)

INTERNATIONAL FUND

see a re-pricing of risk assets. It is this concern, among others, that has generally kept us from investing in the European periphery, as well as its financials and highly levered companies.

Emerging markets have been negatively impacted by global trade wars, tariffs and sanctions, and a contentious election season. Rising U.S. interest rates have strengthened the dollar and triggered the usual currency devaluations across the board. The highest oil price in four years, as measured by Brent crude, complicates the picture even more. The crises in Argentina and Turkey have rippled throughout the emerging markets. It is important to stress that Turkey and Argentina have specific structural issues—large fiscal deficits financed by foreign capital—that are not present in the emerging markets in which we are invested. Unfortunately, until markets start to differentiate, the baby is getting thrown out with the bathwater. We remind our clients that our main goal is always to hold a portfolio of quality growth companies; sometimes these will be located within emerging markets.

While there are plenty of reasons for concern, timing recessions is nearly impossible, and we are firmly bottom-up in our approach to investing. However, it is hard not to notice that the market outlook has become increasingly unpredictable. Against this backdrop of rising risks, we believe that it is important to protect against economic turbulence.

Quality growth companies, especially those that are less sensitive to GDP growth, should protect investors in a downturn, as has been the case historically. We have sought to invest patiently and consistently in quality growth companies for more than 20 years, and do not plan to alter our approach. We were not drawn in by the cyclical rush of the past couple of years and refrained from investing in oil companies in Russia and banks in China. Instead, our goal is to maintain a portfolio of companies with robust underlying earnings that can participate in market upside and offer strong downside protection during times of economic difficulty.

The Fund

The following discussion highlights specific stocks—those that provided the largest contribution to absolute performance and those that were the largest detractors for the fiscal year. As bottom-up stock pickers, we hope that you find this useful and gain a greater understanding of how we invest your capital.

Top contributors

Mastercard reported consistently strong results, with constant currency revenue growth in the mid-teens. Additionally, the company reported its strongest purchase volume growth in recent years. It is a dominant card payment network second only to Visa. Mastercard continues to benefit from strong secular tailwinds (cash-to-card conversion) and enjoys durable competitive moats as an indispensable component of the payment ecosystem. We believe the company can meet its goal of becoming a one-stop shop for all types of payments.

Visa is a dominant card payment network that processes industry-leading global payment volumes outside of China. During the review period, it reported consistently strong results, with constant currency revenue growth in the mid-teens. The company also increased its earnings

178

guidance for 2018. Visa has durable competitive moats as an indispensable component of the payment ecosystem and continues to benefit from strong secular tailwinds driven by cash-to-card conversion. It operates with a high barrier to entry as a result of scale-based network effects and duopolistic market structure, and consistently returns cash to shareholders in terms of buybacks and dividends, driven by strong ROIC and robust FCF conversion.

Bottom contributors

British American Tobacco (BAT) was weak following PMI’s announcement that uptake in Japan of its leading HNB product was weaker-than-expected. It highlighted to investors the current uncertainty in the nicotine delivery space. British American Tobacco is the world’s largest tobacco company with market leadership in more than 50 countries around the world. It has global brands including Dunhill, Kent, Lucky Strike, Pall Mall and Rothmans. It also has a full suite of next-generation products with the goal of offering nicotine delivery in a potentially less harmful way when compared to traditional cigarettes.

Philip Morris International (PMI) announced that the rate of iQOS device growth in Japan, its launch market and its largest market, did not expand as expected with increased supply. The company said that it will ship 55 to 60 billion heatstick units this year versus previously saying they will ship more than 60 billion. This bled into guidance overall which, for the year, was downgraded to topline around 8%, from above 8%. Philip Morris International produces and sells cigarettes under brands such as Marlboro and L&M and is investing behind leading next-generation products.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,

Matthew Benkendorf
Portfolio Manager

October 31, 2018

179

Fund Expenses (unaudited)

INTERNATIONAL FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.56%
Actual		$1,000.00	$ 995.63	$ 7.80
Hypothetical^**		$1,000.00	$ 1,017.25	$ 7.89
Class B Shares	2.37%
Actual		$1,000.00	$ 991.94	$ 11.83
Hypothetical^**		$1,000.00	$ 1,013.19	$ 11.96
Advisor Class Shares	1.17%
Actual		$1,000.00	$ 997.54	$ 5.86
Hypothetical^**		$1,000.00	$ 1,019.20	$ 5.92
Institutional Class Shares	1.08%
Actual		$1,000.00	$ 998.16	$ 5.41
Hypothetical^**		$1,000.00	$ 1,019.66	$ 5.47

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

180

Cumulative Performance Information (unaudited)

INTERNATIONAL FUND

Comparison of change in value of $10,000 investment in the First Investors International Fund (Class A shares), the Morgan Stanley Capital International (“MSCI”) EAFE Index (Gross) and the Morgan Stanley Capital International (“MSCI”) EAFE Index (Net).

	Average Annual Total Returns^*
N.A.V. Only	Class A	Class B	Advisor Class	Institutional Class	MSCI EAFE Index (Gross)	MSCI EAFE Index (Net)
One Year	1.83%	1.03%	2.21%	2.36%	3.25%	2.74%
Five Years	5.28%	4.41%	5.64%	5.82%	4.90%	4.42%
Ten Years^**	6.05%	5.39%	4.76%	4.93%	5.87%†	5.38%†

S.E.C. Standardized	Class A	Class B	Advisor Class	Institutional Class
One Year	-4.04%	-2.97%	2.21%	2.36%
Five Years	4.05%	4.08%	5.64%	5.82%
Ten Years^**	5.43%	5.39%	4.76%	4.93%

The graph compares a $10,000 investment in the First Investors International Fund (Class A shares) beginning 9/30/08 with theoretical investments in the MSCI EAFE Index (Gross) and the MSCI EAFE Index (Net) (the “Indices”). The Indices are free float-adjusted market capitalization indices that measure developed foreign market equity performance, excluding the U.S. and Canada. The Indices consist of 21 developed market country indices. The MSCI EAFE Index (Gross) is calculated on a total-return basis with the maximum possible dividend reinvestment (before taxes). The MSCI EAFE Index (Net) is calculated on a total-return basis with the minimum possible dividend reinvestment (after taxes). The Indices are unmanaged and it is not possible to invest directly in these Indices. In addition, the Indices do not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was

181

Cumulative Performance Information (unaudited) (continued)

INTERNATIONAL FUND

deducted from 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 greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

The Since Inception returns for Advisor Class shares and Institutional Class shares are for the periods beginning 4/1/13 (commencement of operations for those classes).

†

The Index return is for ten years. The MSCI EAFE Index (Gross) return and MSCI EAFE Index (Net) return since inception of the Advisor Class shares and Institutional Class shares are 6.41% and 5.91%, respectively.

182

Portfolio of Investments

INTERNATIONAL FUND

September 30, 2018

Shares			Security	Value
			COMMON STOCKS—97.0%
			United Kingdom—17.3%
	178,920		British American Tobacco, PLC	$	8,359,255
	197,417		Bunzl, PLC		6,209,004
	87,351		DCC, PLC		7,929,925
	244,659		Diageo, PLC		8,670,627
	1,610,159		Domino’s Pizza Group, PLC		5,863,747
	101,481		London Stock Exchange		6,065,951
	137,095		Reckitt Benckiser Group, PLC		12,536,932
	471,608		RELX NV		9,908,099
	956,228		Rentokil Initial, PLC		3,968,392
					69,511,932
			United States—14.6%
	26,699		Accenture, PLC - Class “A”		4,544,170
	55,463		Aptiv, PLC		4,653,346
	6,604	^*	Booking Holdings, Inc.		13,102,336
	45,270		Mastercard, Inc. - Class “A”		10,077,555
	71,216		Medtronic, PLC		7,005,518
	117,025		Philip Morris International, Inc.		9,542,218
	63,213		Visa, Inc. - Class “A”		9,487,639
					58,412,782
			Canada—8.1%
	271,905		Alimentation Couche-Tard, Inc. - Class “B”		13,601,039
	118,538		Canadian National Railway Co.		10,636,437
	10,974		Constellation Software, Inc.		8,070,200
					32,307,676
			India—7.5%
	566,186		HDFC Bank, Ltd.		15,668,332
	357,266		Housing Development Finance Corp., Ltd.		8,647,030
	2,153,766		Power Grid Corp. of India		5,597,593
					29,912,955

183

Portfolio of Investments (continued)

INTERNATIONAL FUND

September 30, 2018

Shares			Security	Value
			France—7.1%
	18,521		L’Oreal SA	$	4,466,337
	19,563		LVMH Moet Hennessy Louis Vuitton SE		6,918,564
	60,722		Safran SA		8,509,498
	45,854		Teleperformance		8,651,296
					28,545,695
			Spain—6.3%
	49,622		Aena SA		8,613,230
	344,338		Grifols SA - Class “A”		9,698,986
	235,208		Industria de Diseno Textil SA		7,130,329
					25,442,545
			Germany—5.6%
	75,775		Fresenius SE & Co KGaA		5,563,760
	77,057		HeidelbergCement AG		6,022,916
	87,867		SAP SE		10,813,898
					22,400,574
			Netherlands—4.8%
	60,407		Heineken NV		5,664,142
	246,103		Unilever NV - CVA		13,705,407
					19,369,549
			Ireland—4.1%
	701,827		AIB Group, PLC		3,593,513
	87,204		Kingspan Group, PLC		4,066,125
	103,462		Paddy Power Betfair, PLC		8,829,148
					16,488,786
			China—4.0%
	45,760	^*	Alibaba Group Holding, Ltd. (ADR)		7,539,418
	202,091		Tencent Holdings, Ltd.		8,343,496
					15,882,914

184

	Shares			Security	Value
				Switzerland—3.7%
		133,529		Nestle SA	$	11,132,405
		248,268	^*	UBS Group AG		3,921,086
						15,053,491
				Japan—3.2%
		10,177		Keyence Corp.		5,909,861
		43,700		Shimano, Inc.		7,042,308
						12,952,169
				Taiwan—2.9%
		259,816		Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		11,473,474
				Belgium—2.0%
		92,135		Anheuser-Busch InBev SA		8,046,529
				Hong Kong—1.8%
		1,119,477		Techtronic Industries Co., Ltd.		7,150,147
				Mexico—1.0%
		1,367,370		Walmart de Mexico		4,147,996
				Singapore—1.0%
		206,300		United Overseas Bank ^(a)		4,086,613
				Sweden—1.0%
		322,942		Svenska Handelsbanken AB		4,078,835
				Brazil—1.0%
		866,646		Ambev SA (ADR)		3,960,572
Total Value of Common Stocks (cost $312,766,262)						389,225,234

185

Portfolio of Investments (continued)
INTERNATIONAL FUND
September 30, 2018

Principal Amount		Security	Value
		SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—2.0%
		United States
$	8,000M	U.S. Treasury Bills, Zero Coupon, 10/4/2018 (Effective yield 1.022%) (cost $7,998,688) ^(b)	$	7,998,656

Total Value of Investments (cost $320,764,950)	99.0	%		397,223,890
Other Assets, Less Liabilities	1.0			3,834,838
Net Assets	100.0	%	$	401,058,728

^*	Non-income producing

(a)	A portion or all of the security purchased on a when-issued or delayed delivery basis (see Note 1G).

(b)	The effective yields shown for zero coupon obligations are the effective yields at September 30, 2018.

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

186

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks
United Kingdom	$	69,511,932	$	—	$	—	$	69,511,932
United States		58,412,782		—		—		58,412,782
Canada		32,307,676		—		—		32,307,676
India		29,912,955		—		—		29,912,955
France		28,545,695		—		—		28,545,695
Spain		25,442,545		—		—		25,442,545
Germany		22,400,574		—		—		22,400,574
Netherlands		19,369,549		—		—		19,369,549
Ireland		16,488,786		—		—		16,488,786
China		15,882,914		—		—		15,882,914
Switzerland		15,053,491		—		—		15,053,491
Japan		12,952,169		—		—		12,952,169
Taiwan		11,473,474		—		—		11,473,474
Belgium		8,046,529		—		—		8,046,529
Hong Kong		7,150,147		—		—		7,150,147
Mexico		4,147,996		—		—		4,147,996
Singapore		4,086,613		—		—		4,086,613
Sweden		4,078,835		—		—		4,078,835
Brazil		3,960,572		—		—		3,960,572
Short-Term U.S Government Obligations		—		7,998,656		—		7,998,656
Total Investments in Securities	$	389,225,234	$	7,998,656	$	—	$	397,223,890

See notes to financial statements

187

Portfolio Managers’ Letter

OPPORTUNITY FUND

Dear Investor:

This is the annual report for the First Investors Opportunity Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 6.49% for Class A shares, 5.65% for Class B shares, 6.82% for Advisor Class shares and 6.95% for Institutional Class shares, including dividends of 11.8 cents per share for Class A shares, 6.6 cents per share for Class B shares, 14.7 cents per share for Advisor Class shares and 16.4 cents per share for Institutional Class shares. In addition, the Fund distributed capital gains of $2.38 per share on each class of shares.

Economic overview

188

imports, while China has retaliated with tariffs on roughly $110 billion of U.S. exports to China. The tariffs’ rates are scheduled to increase next year from 10% to 25% if a deal isn’t reached.

U.S. equity market

The Fund

On a relative basis, the Fund underperformed its benchmark, the S&P 400 MidCap Index, for the annual reporting period ended September 30, 2018 primarily due to stock selection in Information Technology and Industrials stocks. Within Information Technology, Western Digital Corporation, a maker of hard disk and sold-state storage devices, suffered from reports of declining market prices for its NAND flash memory, which threatens to erode profit margins. Within Industrials, Owens Corning, a maker of residential and commercial building materials, faced headwinds from commodity and freight costs, primarily in its roofing shingles business. Aggravating matters, roofing demand was lower-than-expected this year.

189

Portfolio Managers’ Letter (continued)

OPPORTUNITY FUND

The Fund’s absolute performance was mainly attributable to investments in Health Care, Information Technology and Consumer Discretionary stocks. Within Health Care, Centene Corp, a provider of Medicaid managed care services, benefited from the successful acquisition of a large plan in New York (Fidelis Care), as well as a high contract win rate. Within Information Technology, NetApp Inc, a provider of storage and data management solutions, benefited from demand for its flash memory-only storage systems, as well as from its improving sales mix. Within Consumer Discretionary, ServiceMaster Global Holding, a provider of pest control services, benefited from the successful spin-off of an unrelated business (American Home Shield) in conjunction with a turnaround in its Terminix residential business.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,

Steven S. Hill
Senior Portfolio Manager,
Foresters Investment Management Company, Inc.

October 31, 2018

190

Fund Expenses (unaudited)

OPPORTUNITY FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18–9/30/18)^*
Class A Shares	1.20%
Actual		$1,000.00	$1,041.36	$ 6.14
Hypothetical^**		$1,000.00	$1,019.05	$ 6.07
Class B Shares	1.97%
Actual		$1,000.00	$1,037.10	$ 10.06
Hypothetical^**		$1,000.00	$1,015.19	$ 9.95
Advisor Class Shares	0.88%
Actual		$1,000.00	$1,042.76	$ 4.51
Hypothetical^**		$1,000.00	$1,020.66	$ 4.46
Institutional Class Shares	0.77%
Actual		$1,000.00	$1,043.33	$ 3.94
Hypothetical^**		$1,000.00	$1,021.21	$ 3.90

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

191

Cumulative Performance Information (unaudited)

OPPORTUNITY FUND

Comparison of change in value of $10,000 investment in the First Investors Opportunity Fund (Class A shares) and the Standard & Poor’s MidCap 400 Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Class B	Advisor Class	Institutional Class	S&P MidCap 400 Index
One Year	6.49%	5.65%	6.82%	6.95%	14.21%
Five Years	8.59%	7.76%	8.90%	9.05%	11.91%
Ten Years or Since Inception^**	10.88%	10.28%	10.88%	11.04%	12.49%†

S.E.C. Standardized	Class A	Class B	Advisor Class	Institutional Class
One Year	0.37%	1.72%	6.82%	6.95%
Five Years	7.31%	7.46%	8.90%	9.05%
Ten Years or Since Inception^**	10.22%	10.28%	10.88%	11.04%

The graph compares a $10,000 investment in the First Investors Opportunity Fund (Class A shares) beginning 9/30/08 with a theoretical investment in the Standard & Poor’s MidCap 400 Index (the “Index”). The Index is an unmanaged capitalization-weighted index of 400 stocks designed to measure performance of the mid-range sector of the U.S. stock market. It is not possible to invest directly in this Index. In addition, the Index does not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from 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 greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

192

The Since Inception returns for Advisor Class shares and Institutional Class shares are for the periods beginning 4/1/13 (commencement of operations for those classes).

†

The Index return is for ten years. The Index return since inception of the Advisor Class shares and Institutional Class shares is 12.44%.

193

Portfolio of Investments

OPPORTUNITY FUND

September 30, 2018

Shares			Security	Value
			COMMON STOCKS—96.9%
			Consumer Discretionary—15.8%
	350,500		Acushnet Holdings Corp.	$	9,614,215
	191,300		Aramark Holdings Corp.		8,229,726
	166,900		Big Lots, Inc.		6,974,751
	232,200		DSW, Inc. - Class “A”		7,866,936
	100,800	^*	Fox Factory Holding Corp.		7,061,040
	112,000	^*	Helen of Troy, Ltd.		14,660,800
	42,100		Lear Corp.		6,104,500
	208,000	^*	LKQ Corp.		6,587,360
	136,000		Magna International, Inc.		7,144,080
	171,200		Meredith Corp.		8,739,760
	340,400	^*	Michaels Cos., Inc.		5,524,692
	92,000		Nordstrom, Inc.		5,502,520
	112,100		Oxford Industries, Inc.		10,111,420
	143,500		Penske Automotive Group, Inc.		6,800,465
	79,700		Ross Stores, Inc.		7,898,270
	192,900		Ruth’s Hospitality Group, Inc.		6,085,995
	368,100	^*	ServiceMaster Holdings, Inc.		22,833,243
	232,000		Tapestry, Inc.		11,662,640
	314,600	^*	Taylor Morrison Home Corp. - Class “A”		5,675,384
	513,700	^*	TRI Pointe Group, Inc.		6,369,880
	309,400	^*	William Lyon Homes - Class “A”		4,916,366
	40,000		Wyndham Destinations, Inc.		1,734,400
	128,000		Wyndham Hotels & Resorts, Inc.		7,112,960
					185,211,403
			Consumer Staples—5.5%
	92,700		B&G Foods, Inc.		2,544,615
	239,100		Conagra Brands, Inc.		8,122,227
	546,300		Koninklijke Ahold Delhaize NV (ADR)		12,482,955
	57,700		McCormick & Co., Inc.		7,601,975
	291,000	^*	Performance Food Group Co.		9,690,300
	196,300		Pinnacle Foods, Inc.		12,722,203

194

Shares			Security	Value
			Consumer Staples (continued)
	358,500	^*	U.S. Foods Holding Corp.	$	11,048,970
					64,213,245
			Energy—5.2%
	908,200		EnCana Corp.		11,906,502
	102,000		EOG Resources, Inc.		13,012,140
	128,000		EQT Corp.		5,661,440
	390,400		Noble Energy, Inc.		12,176,576
	115,600		PBF Energy, Inc. - Class “A”		5,769,596
	384,000	^*	ProPetro Holding Corp.		6,332,160
	52,000		Valero Energy Corp.		5,915,000
					60,773,414
			Financials—14.1%
	150,400	^*	Amalgamated Bank - Class “A”		2,901,216
	79,700		Ameriprise Financial, Inc.		11,768,502
	234,200		Berkshire Hills Bancorp, Inc.		9,531,940
	543,300		Citizens Financial Group, Inc.		20,955,081
	110,400		Comerica, Inc.		9,958,080
	208,700		Discover Financial Services		15,955,115
	358,825		Financial Select Sector SPDR Fund (ETF)		9,896,393
	166,500		First Republic Bank		15,984,000
	140,200		Great Western Bancorp, Inc.		5,915,038
	141,800		IBERIABANK Corp.		11,535,430
	135,200		Nasdaq, Inc.		11,600,160
	135,600		Selective Insurance Group, Inc.		8,610,600
	112,050		SPDR S&P Regional Banking (ETF)		6,658,011
	537,700		Sterling Bancorp		11,829,400
	207,300		Synchrony Financial		6,442,884
	266,100		Waddell & Reed Financial, Inc. - Class “A”		5,635,998
					165,177,848
			Health Care—12.3%
	176,500	^*	Centene Corp.		25,553,670

195

Portfolio of Investments (continued)

OPPORTUNITY FUND

September 30, 2018

Shares			Security	Value
			Health Care (continued)
	105,200	^*	Charles River Laboratories International, Inc.	$	14,153,608
	112,100		Gilead Sciences, Inc.		8,655,241
	164,800		Hill-Rom Holdings, Inc.		15,557,120
	36,800	^*	Jazz Pharmaceuticals, PLC		6,187,184
	272,800		Phibro Animal Health Corp. - Class “A”		11,703,120
	360,100	^*	Prestige Brands, Inc.		13,644,189
	61,000		Quest Diagnostics, Inc.		6,582,510
	247,400		Smith & Nephew, PLC (ADR)		9,176,066
	99,500		Thermo Fisher Scientific, Inc.		24,285,960
	41,200	^*	Waters Corp.		8,020,816
					143,519,484
			Industrials—14.2%
	216,000		A.O. Smith Corp.		11,527,920
	208,100		AAR Corp.		9,965,909
	122,000		Apogee Enterprises, Inc.		5,041,040
	200,900		ESCO Technologies, Inc.		13,671,245
	385,900	^*	Evoqua Water Technologies Corp.		6,861,302
	406,500	^*	Gardner Denver Holdings, Inc.		11,520,210
	110,500		Ingersoll-Rand, PLC		11,304,150
	90,700		J. B. Hunt Transport Services, Inc.		10,787,858
	275,700		Korn/Ferry International		13,575,468
	42,900		ManpowerGroup, Inc.		3,687,684
	379,300		Masco Corp.		13,882,380
	144,200	^*	MasTec, Inc.		6,438,530
	89,100		Owens Corning		4,835,457
	29,700		Roper Technologies, Inc.		8,797,437
	435,000		Schneider National, Inc. - Class “B”		10,866,300
	36,800		Snap-On, Inc.		6,756,480
	59,400		Stanley Black & Decker, Inc.		8,698,536
	257,500		Triton International, Ltd.		8,567,025
					166,784,931

196

Shares			Security	Value
			Information Technology—14.9%
	120,400		Belden, Inc.	$	8,597,764
	25,700		Broadcom, Inc.		6,340,961
	430,200		Cypress Semiconductor Corp.		6,233,598
	171,200	^*	Fiserv, Inc.		14,103,456
	67,200		FleetCor Technologies, Inc.		15,310,848
	63,500	^*	IAC/InterActive Corp.		13,761,720
	71,700		Lam Research Corp.		10,876,890
	94,000		LogMeIn, Inc.		8,375,400
	64,100		NetApp, Inc.		5,505,549
	85,800	^*	NETGEAR, Inc.		5,392,530
	158,600		SS&C Technologies Holdings, Inc.		9,013,238
	74,200	^*	Synopsys, Inc.		7,316,862
	56,100	^*	Take-Two Interactive Software, Inc.		7,741,239
	85,800		TE Connectivity, Ltd.		7,544,394
	77,500	^*	Tech Data Corp.		5,546,675
	159,725		Technology Select Sector SPDR Fund (ETF)		12,032,084
	731,400		Travelport Worldwide, Ltd.		12,338,718
	104,200		Western Digital Corp.		6,099,868
	67,600	^*	Zebra Technologies Corp. - Class “A”		11,953,708
					174,085,502
			Materials—6.9%
	164,900	^*	Berry Global Group, Inc.		7,979,511
	42,700		Eastman Chemical Co.		4,087,244
	257,300	^*	Ferro Corp.		5,974,506
	156,800		FMC Corp.		13,669,824
	118,400		Greif, Inc.		6,353,344
	97,300		KMG Chemicals, Inc.		7,351,988
	42,900		Praxair, Inc.		6,895,317
	136,900		Sealed Air Corp.		5,496,535
	482,000	^*	Summit Materials, Inc. - Class “A”		8,762,760
	184,300		Trinseo SA		14,430,690
					81,001,719

197

Portfolio of Investments (continued)

OPPORTUNITY FUND

September 30, 2018

	Shares or Principal Amount		Security	Value
			Real Estate—4.9%
		592,100	Brixmor Property Group, Inc. (REIT)	$	10,367,671
		99,903	Brookfield Property Partners (REIT)		2,086,974
		189,700	Douglas Emmett, Inc. (REIT)		7,155,484
		75,200	Federal Realty Investment Trust (REIT)		9,510,544
		323,200	FNF Group, Inc.		12,717,920
		272,900	RLJ Lodging Trust (REIT)		6,011,987
		437,100	Tanger Factory Outlet Centers, Inc. (REIT)		10,000,848
					57,851,428
			Utilities—3.1%
		240,000	CenterPoint Energy, Inc.		6,636,000
		171,200	CMS Energy Corp.		8,388,800
		161,600	Portland General Electric Co.		7,370,576
		216,000	WEC Energy Group, Inc.		14,420,160
					36,815,536
Total Value of Common Stocks (cost $798,068,161)					1,135,434,510
			SHORT-TERM U.S.GOVERNMENT OBLIGATIONS—2.8%
	$	33,000M	U.S. Treasury Bills, Zero coupon, 10/4/2018 (Effective yield 1.022%) (cost $32,994,588) ^(a)		32,994,456

Total Value of Investments (cost $831,062,749)	99.7	%		1,168,428,966
Other Assets, Less Liabilities	.3			3,360,149
Net Assets	100.0	%	$	1,171,789,115

^*	Non-income producing

(a)	The effective yields shown for zero coupon obligations are the effective yields at September 30, 2018.

198

Summary of Abbreviations:

ADR	American Depositary Receipts

ETF	Exchange Traded Fund

REIT	Real Estate Investment Trust

SPDR	Standard & Poor’s Depository Receipts

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

The inputs methodology used for valuing securities are not necessarily an indication of the risk associated with

investing in those securities. For example, U.S. Government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market.

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	1,135,434,510	$	—	$	—	$	1,135,434,510
Short-Tem U.S. Government Obligations		—		32,994,456		—		32,994,456
Total Investments in Securities^*	$	1,135,434,510	$	32,994,456	$	—	$	1,168,428,966

^*	The Portfolio of Investments provides information on the industry categorization for common stocks.

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

199

Portfolio Managers’ Letter

PREMIUM INCOME FUND

Dear Investor:

This is the annual report for the First Investors Premium Income Fund for the fiscal year ended September 30, 2018. The Fund commenced operations on April 2, 2018. During the short period, the Fund’s return on a net asset value basis was 3.06% for Class A shares, 3.18% for Advisor Class shares and 3.27% for Institutional Class shares, including dividends of 4.5 cents per share for Class A shares, 5.7 cents per share for Advisor Class shares and 16.6 cents per share for Institutional Class shares.

The Markets

Strong corporate profit growth has continued, with before-tax and after-tax S&P 500 profit up 13.9% and 22.9% year-over-year, respectively, benefiting from robust underlying economic growth, deregulation, and lower tax rates. The S&P 500 Index has returned 17.9% over the past year, while the Bloomberg Barclays Aggregate Bond Index declined -1.3% as interest rates have increased over the period. With core inflation now at the Fed’s target level and unemployment lower than normal at 3.7%, the Federal Reserve is expected to continue increasing interest rates through next year, which is likely to put continued pressure on bond prices.

Despite the negative headlines on trade this year, the actual impact on GDP growth has been negligible, with the U.S. economy posting 4.2% growth in the second quarter and an expected rate of 3.0% in the second half of 2018. NAFTA negotiations have produced a positive outcome, with all three countries agreeing to a deal. Negotiations with China continue with most of the developed world, including the U.S., Europe and Japan arguing that China should strengthen intellectual property protections as well as reduce its above-average tariff rate. The U.S. applies a weighted average tariff rate of 1.6% on total imports, while China applies an average tariff rate of 3.5% on its total imports. Consequently, there is the potential for a longer-term benefit to global trade resulting from the current negotiations with China.

The Fund

Year-to-date, since its inception on 4/1/18, the Fund has produced risk-adjusted outperformance relative to bonds (Bloomberg Barclays Aggregate Bond Index), equities (S&P 500 Index), and covered call (CBOE S&P 500 Buy Write Index or BXM Index), as shown in the table below.

	Total Return	Standard Deviation	Return per Unit of Risk
Fund^*	3.27	2.45	1.34
AGG	-0.14	2.81	-0.05
BXM	8.47	7.68	1.10
SPX	11.41	10.27	1.11

YTD since inception 4/1/18
Source: Bloomberg
^*Fund’s Institutional Class Shares Net of Fees

200

Year-to-date, the Fund produced a standard deviation of 2.45%, resulting in a return per unit of risk of 1.34. In comparison, the Bloomberg Barclays Aggregate Bond Index produced a return of -0.14% with a higher standard deviation of 2.81%, resulting in an underperforming return per unit of risk of -0.05. Interest rates rose during both the quarter and the year-to-date periods, resulting in negative returns for bonds. Over the past year, the Bloomberg Barclays Aggregate Bond Index has returned -1.22%. We expect the Federal Reserve to continue with rate increases, resulting in continued pressure on bond prices, making the Fund an attractive vehicle for diversification away from fixed income. In addition to better risk-adjusted returns relative to bonds, the Fund has also produced a negative correlation to the Bloomberg Barclays Aggregate Bond Index of -33.3% since inception, making it an effective complement to bond allocations.

The Fund produced a lower standard deviation of daily returns relative to the Bloomberg Barclays Aggregate Bond Index year-to-date because the call options in the Fund were placed deep in-the-money (16.0% in-the-money at quarter-end with a delta of 0.86), thus providing a large amount of downside protection, which neutralizes the majority of the underlying stocks’ price movements (76% less standard deviation than the S&P 500 Index and 13% less than the AGG year-to-date).

As the S&P 500 has produced a strong return since the Fund’s inception, implied volatility has declined across the board for Index options. For example, the implied volatility of a one-month, at-the-money Index option ended the period at 8.7%, well below average. While implied volatility declined on Index-based call options, the implied volatility of the actively managed single stock call options in the Fund remained attractive, at 25.2%, due to our strict option selection process (see table below). This table also illustrates the implied volatility advantage of writing in-the-money call options on single stocks, as opposed to Index options.

	Premium Income Fund Weighted Average Call Option	S&P 500 1-month, at-the-money call option	S&P 500 6-month, 10% in-the-money call option
10-yr Average Implied Volatility	—	16.4%	23.1%
6/30/18 Implied Volatility	24.9%	13.1%	19.8%
9/30/18 Implied Volatility	25.2%	8.7%	18.0%

Source: Bloomberg

Outlook

The Fund is well positioned with attractively valued equities with strong fundamentals and attractive call options. The stocks in the Fund begin the fourth quarter with a forward price-to-earnings ratio of 13.0 versus 16.8 for the S&P 500.¹ The call options average 16% in-the-money, providing not only significant downside protection, but also compelling risk-adjusted returns when held in conjunction with the equities in the Fund.

¹	Source: Bloomberg.

201

Portfolio Managers’ Letter (continued)

PREMIUM INCOME FUND

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,



Wiley D. Angell	Sean C. Hughes, CFA
Portfolio Manager	Portfolio Manager

October 31, 2018

²	Source: Bloomberg.

³	Source: Bloomberg.

202

Fund Expenses (unaudited)

PREMIUM INCOME FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/2/18)^*	Ending Account Value (9/30/18)	Expenses Paid During Period (4/2/18-9/30/18)^**
Class A Shares	1.30%
Actual		$1,000.00	$1,030.57	$6.62
Hypothetical^***		$1,000.00	$1,018.62	$6.58
Advisor Class Shares	1.02%
Actual		$1,000.00	$1,031.80	$5.20
Hypothetical^***		$1,000.00	$1,020.01	$5.17
Institutional Class Shares	0.89%
Actual		$1,000.00	$1,032.72	$4.54
Hypothetical^***		$1,000.00	$1,020.66	$4.51

^*	Commencement of Operations
^**	Actual expenses reflect only from the commencement of operations to the end of the period covered (April 2, 2018 through September 30, 2018). Therefore expenses shown are lower than would be expected for a six-month period. Actual expenses for the six-month period will be reflected in future reports. Expenses are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365 (to reflect the inception period). Expenses paid during the period are net of expenses waived and/or assumed.
^***	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

203

Portfolio of Investments

PREMIUM INCOME FUND

September 30, 2018

Shares		Security	Value
		COMMON STOCKS—116.6%
		Consumer Discretionary—12.4%
	41,500	Carnival Corp.	$	2,646,455
	57,200	CBS Corp. - Class “B”		3,286,140
	45,000	Ford Motor Co.		416,250
	4,300	Home Depot, Inc.		890,745
	400	TJX Cos., Inc.		44,808
	22,100	Whirlpool Corp.		2,624,375
				9,908,773
		Consumer Staples—10.6%
	15,800	Kimberly-Clark Corp.		1,795,512
	71,000	Mondelez International, Inc. - Class “A”		3,050,160
	9,600	PepsiCo, Inc.		1,073,280
	14,500	Walgreens Boots Alliance, Inc.		1,057,050
	15,900	Walmart, Inc.		1,493,169
				8,469,171
		Energy—15.2%
	25,300	Chevron Corp.		3,093,684
	17,800	ExxonMobil Corp.		1,513,356
	79,800	Halliburton Co.		3,234,294
	123,400	Kinder Morgan, Inc.		2,187,882
	25,000	Occidental Petroleum Corp.		2,054,250
				12,083,466
		Financials—21.0%
	35,700	American Express Co.		3,801,693
	6,100	BlackRock, Inc.		2,875,113
	7,500	Chubb, Ltd.		1,002,300
	31,000	Discover Financial Services		2,369,950
	30,500	JPMorgan Chase & Co.		3,441,620
	39,200	Morgan Stanley		1,825,544
	27,500	U.S. Bancorp		1,452,275
				16,768,495

204

Shares			Security	Value
			Health Care—10.6%
	5,800		Allergan, PLC	$	1,104,784
	3,400		Amgen, Inc.		704,786
	12,200	^*	Celgene Corp.		1,091,778
	28,200		CVS Health Corp.		2,219,904
	20,400		Medtronic, PLC		2,006,748
	18,800		Merck & Co., Inc.		1,333,672
	300		Pfizer, Inc.		13,221
					8,474,893
			Industrials—17.9%
	21,700		Delta Air Lines, Inc.		1,254,911
	8,700		General Dynamics Corp.		1,781,064
	156,800		General Electric Co.		1,770,272
	18,800		Honeywell International, Inc.		3,128,320
	3,100		Lockheed Martin Corp.		1,072,476
	14,200		Raytheon Co.		2,934,572
	1,100		Union Pacific Corp.		179,113
	12,800		United Parcel Service, Inc. - Class “B”		1,494,400
	4,500		United Technologies Corp.		629,145
					14,244,273
			Information Technology—19.5%
	8,700		Apple, Inc.		1,963,938
	13,000		Broadcom, Inc.		3,207,490
	46,500		Cisco Systems, Inc.		2,262,225
	69,800		Intel Corp.		3,300,842
	19,500		International Business Machines Corp.		2,948,595
	17,200		Texas Instruments, Inc.		1,845,388
					15,528,478
			Materials—8.2%
	55,400		DowDuPont, Inc.		3,562,774

205

Portfolio of Investments (continued)

PREMIUM INCOME FUND

September 30, 2018

Shares		Security	Value
		Materials (continued)
	46,500	Nucor Corp.	$	2,950,425
				6,513,199
		Telecommunication Services—1.2%
	26,401	AT&T, Inc.		886,545
	1,900	Verizon Communications, Inc.		101,441
				987,986
		Utilities—.0%
	300	Southern Co.		13,080

Total Value of Common Stocks (cost $90,528,036)	116.6	%		92,991,814
Excess of Liabilities Over Other Assets	(16.6	)		(13,256,795	)
Net Assets	100.0	%	$	79,735,019

^*	Non-income producing

CALL OPTIONS WRITTEN—(20.7)%	Expiration Date		Exercise Price		Contracts			Value
Allergan, PLC		1/18/19	$	145.00		(15	)	$	(70,237	)
Allergan, PLC		1/18/19		140.00		(17	)		(87,592	)
Allergan, PLC		2/15/19		160.00		(26	)		(87,620	)
American Express Co.		1/18/19		90.00		(59	)		(102,070	)
American Express Co.		1/18/19		87.50		(110	)		(216,150	)
American Express Co.		1/18/19		85.00		(22	)		(49,280	)
American Express Co.		1/18/19		80.00		(16	)		(43,080	)
American Express Co.		4/18/19		95.00		(104	)		(148,980	)
American Express Co.		4/18/19		90.00		(46	)		(85,675	)
Amgen, Inc.		10/19/18		160.00		(14	)		(66,395	)
Amgen, Inc.		6/21/19		150.00		(11	)		(64,652	)
Amgen, Inc.		6/21/19		140.00		(9	)		(61,470	)
Apple, Inc.		11/16/18		165.00		(28	)		(169,624	)
Apple, Inc.		11/16/18		160.00		(59	)		(387,630	)
AT&T, Inc.		10/19/18		30.00		(21	)		($7,497	)
AT&T, Inc.		1/18/19		29.00		(38	)		(17,480	)

206

CALL OPTIONS WRITTEN—(20.7)%	Expiration Date		Exercise Price		Contracts			Value
AT&T, Inc.		1/18/19	$	21.85		(1	)	$	(1,723	)
AT&T, Inc.		1/18/19		20.10		(6	)		(11,895	)
AT&T, Inc.		6/21/19		28.00		(195	)		(110,175	)
BlackRock, Inc.		1/18/19		470.00		(10	)		(22,600	)
BlackRock, Inc.		1/18/19		450.00		(19	)		(66,500	)
BlackRock, Inc.		1/18/19		420.00		(6	)		(35,220	)
BlackRock, Inc.		4/18/19		410.00		(26	)		(186,550	)
Broadcom, Inc.		10/19/18		220.00		(6	)		(16,506	)
Broadcom, Inc.		1/18/19		220.00		(31	)		(99,510	)
Broadcom, Inc.		1/18/19		200.00		(22	)		(107,910	)
Broadcom, Inc.		6/21/19		195.00		(45	)		(258,975	)
Broadcom, Inc.		6/21/19		180.00		(26	)		(182,260	)
Carnival Corp.		10/19/18		55.00		(85	)		(74,800	)
Carnival Corp.		1/18/19		55.00		(57	)		(54,150	)
Carnival Corp.		1/18/19		50.00		(99	)		(138,600	)
Carnival Corp.		4/18/19		52.50		(174	)		(209,670	)
CBS Corp. - Class "B”		1/18/19		50.00		(39	)		(32,760	)
CBS Corp. - Class "B”		1/18/19		47.50		(98	)		(102,900	)
CBS Corp. - Class "B”		1/18/19		45.00		(25	)		(33,438	)
CBS Corp. - Class "B”		1/18/19		42.50		(171	)		(265,050	)
CBS Corp. - Class "B”		3/15/19		47.50		(166	)		(185,505	)
CBS Corp. - Class "B”		3/15/19		45.00		(73	)		(96,542	)
Celgene Corp.		10/19/18		75.00		(20	)		(30,100	)
Celgene Corp.		1/18/19		75.00		(14	)		(22,134	)
Celgene Corp.		6/21/19		75.00		(88	)		(162,800	)
Chevron Corp.		1/18/19		110.00		(19	)		(24,890	)
Chevron Corp.		6/21/19		105.00		(157	)		(307,327	)
Chevron Corp.		6/21/19		100.00		(77	)		(185,955	)
Chubb, Ltd.		2/15/19		110.00		(75	)		(183,000	)
Cisco Systems, Inc.		10/19/18		39.00		(13	)		(12,577	)
Cisco Systems, Inc.		10/19/18		38.00		(74	)		(76,886	)
Cisco Systems, Inc.		10/19/18		37.00		(50	)		(56,600	)
Cisco Systems, Inc.		1/18/19		37.00		(33	)		(38,610	)
Cisco Systems, Inc.		1/18/19		36.00		(95	)		(121,600	)
Cisco Systems, Inc.		6/21/19		40.00		(200	)		(189,000	)
CVS Health Corp.		11/16/18		52.50		(29	)		(73,442	)
CVS Health Corp.		1/18/19		65.00		(82	)		(119,720	)
CVS Health Corp.		1/18/19		60.00		(60	)		(115,200	)
CVS Health Corp.		1/18/19		52.50		(56	)		(144,340	)

207

Portfolio of Investments (continued)

PREMIUM INCOME FUND

September 30, 2018

CALL OPTIONS WRITTEN—(20.7)%	Expiration Date		Exercise Price		Contracts			Value
CVS Health Corp.		2/15/19	$	62.50		(36	)	$	(58,410	)
CVS Health Corp.		2/15/19		55.00		(19	)		(44,412	)
Delta Air Lines, Inc.		12/21/18		45.00		(116	)		(150,220	)
Delta Air Lines, Inc.		1/18/19		50.00		(66	)		(58,740	)
Delta Air Lines, Inc.		1/18/19		45.00		(35	)		(45,640	)
Discover Financial Services		1/18/19		65.00		(43	)		(52,675	)
Discover Financial Services		1/18/19		62.50		(21	)		(30,135	)
Discover Financial Services		1/18/19		60.00		(86	)		(144,910	)
Discover Financial Services		1/18/19		55.00		(30	)		(65,400	)
Discover Financial Services		4/18/19		65.00		(130	)		(166,400	)
DowDuPont, Inc.		1/18/19		57.50		(260	)		(202,800	)
DowDuPont, Inc.		1/18/19		52.50		(61	)		(75,030	)
DowDuPont, Inc.		6/21/19		57.50		(233	)		(216,690	)
ExxonMobil Corp.		1/18/19		72.50		(19	)		(24,747	)
ExxonMobil Corp.		1/18/19		70.00		(36	)		(55,530	)
ExxonMobil Corp.		4/18/19		72.50		(52	)		(68,380	)
ExxonMobil Corp.		4/18/19		70.00		(23	)		(35,880	)
ExxonMobil Corp.		6/21/19		72.50		(14	)		(18,935	)
ExxonMobil Corp.		6/21/19		70.00		(34	)		(53,380	)
Ford Motor Co.		3/15/19		8.00		(450	)		(62,100	)
General Dynamics Corp.		11/16/18		180.00		(11	)		(27,225	)
General Dynamics Corp.		11/16/18		170.00		(19	)		(66,215	)
General Dynamics Corp.		11/16/18		160.00		(15	)		(67,275	)
General Dynamics Corp.		1/18/19		175.00		(31	)		(96,100	)
General Dynamics Corp.		6/21/19		165.00		(11	)		(46,805	)
General Electric Co.		1/18/19		12.00		(109	)		(5,014	)
General Electric Co.		1/18/19		11.00		(400	)		(37,200	)
General Electric Co.		1/18/19		11.00		(933	)		(86,769	)
General Electric Co.		1/18/19		10.00		(88	)		(14,080	)
General Electric Co.		6/21/19		12.00		(38	)		(3,496	)
Halliburton Co.		10/19/18		42.50		(135	)		(3,375	)
Halliburton Co.		10/19/18		37.50		(41	)		(13,120	)
Halliburton Co.		1/18/19		40.00		(133	)		(36,442	)
Halliburton Co.		1/18/19		38.00		(101	)		(42,420	)
Halliburton Co.		4/18/19		30.00		(232	)		(255,200	)
Halliburton Co.		6/21/19		35.00		(156	)		(112,710	)
Home Depot, Inc.		11/16/18		165.00		(5	)		(21,463	)
Home Depot, Inc.		11/16/18		160.00		(9	)		(43,110	)
Home Depot, Inc.		11/16/18		150.00		(1	)		(5,783	)

208

CALL OPTIONS WRITTEN—(20.7)%	Expiration Date		Exercise Price		Contracts			Value
Home Depot, Inc.		11/16/18	$	145.00		(11	)	$	(68,915	)
Home Depot, Inc.		1/18/19		175.00		(4	)		(13,470	)
Home Depot, Inc.		6/21/19		170.00		(8	)		(33,260	)
Home Depot, Inc.		6/21/19		160.00		(5	)		(24,963	)
Honeywell International, Inc.		1/18/19		130.00		(8	)		(29,680	)
Honeywell International, Inc.		1/18/19		125.00		(51	)		(213,690	)
Honeywell International, Inc.		1/18/19		120.00		(11	)		(51,700	)
Honeywell International, Inc.		6/21/19		145.00		(55	)		(142,037	)
Honeywell International, Inc.		6/21/19		140.00		(37	)		(108,780	)
Honeywell International, Inc.		6/21/19		130.00		(26	)		(99,515	)
Intel Corp.		6/21/19		40.00		(89	)		(76,985	)
Intel Corp.		1/18/19		45.00		(83	)		(32,370	)
Intel Corp.		1/18/19		42.00		(284	)		(172,388	)
Intel Corp.		6/21/19		45.00		(39	)		(20,670	)
Intel Corp.		6/21/19		38.00		(203	)		(208,075	)
International Business Machines Corp.		1/18/19		135.00		(2	)		(3,550	)
International Business Machines Corp.		1/18/19		130.00		(7	)		(15,453	)
International Business Machines Corp.		1/18/19		125.00		(14	)		(37,590	)
International Business Machines Corp.		6/21/19		130.00		(49	)		(117,477	)
International Business Machines Corp.		6/21/19		125.00		(41	)		(113,467	)
International Business Machines Corp.		6/21/19		125.00		(82	)		(226,935	)
JPMorgan Chase & Co.		1/18/19		100.00		(15	)		(20,550	)
JPMorgan Chase & Co.		1/18/19		97.50		(37	)		(61,235	)
JPMorgan Chase & Co.		1/18/19		95.00		(11	)		(20,515	)
JPMorgan Chase & Co.		1/18/19		90.00		(52	)		(119,600	)
JPMorgan Chase & Co.		6/21/19		100.00		(161	)		(267,421	)
JPMorgan Chase & Co.		6/21/19		95.00		(29	)		(58,000	)
Kimberly-Clark Corp.		1/18/19		100.00		(46	)		(67,620	)
Kimberly-Clark Corp.		1/18/19		95.00		(19	)		(36,575	)
Kimberly-Clark Corp.		1/18/19		90.00		(93	)		(225,990	)
Kinder Morgan, Inc.		1/18/19		15.00		(552	)		(155,112	)
Kinder Morgan, Inc.		3/15/19		16.00		(682	)		(139,469	)
Lockheed Martin Corp.		12/21/18		280.00		(18	)		(121,590	)

209

Portfolio of Investments (continued)

PREMIUM INCOME FUND

September 30, 2018

CALL OPTIONS WRITTEN—(20.7)%	Expiration Date		Exercise Price		Contracts			Value
Lockheed Martin Corp.		6/21/19	$	285.00		(9	)	$	(60,300	)
Lockheed Martin Corp.		6/21/19		275.00		(4	)		(30,240	)
Medtronic, PLC		6/21/19		77.50		(27	)		(59,602	)
Medtronic, PLC		6/21/19		75.00		(177	)		(446,482	)
Merck & Co., Inc.		1/18/19		52.50		(7	)		(13,125	)
Merck & Co., Inc.		6/21/19		52.50		(181	)		(341,185	)
Mondelez International, Inc. - Class "A”		1/18/19		38.00		(269	)		(145,933	)
Mondelez International, Inc. - Class "A”		1/18/19		35.00		(128	)		(105,280	)
Mondelez International, Inc. - Class "A”		3/15/19		38.00		(122	)		(70,150	)
Mondelez International, Inc. - Class "A”		3/15/19		37.00		(96	)		(63,360	)
Mondelez International, Inc. - Class "A”		6/21/19		35.00		(95	)		(82,887	)
Morgan Stanley		10/19/18		45.00		(61	)		(13,085	)
Morgan Stanley		10/19/18		45.00		(12	)		(2,574	)
Morgan Stanley		1/18/19		45.00		(51	)		(17,340	)
Morgan Stanley		1/18/19		40.00		(67	)		(50,250	)
Morgan Stanley		6/21/19		45.00		(37	)		(18,500	)
Morgan Stanley		6/21/19		40.00		(164	)		(134,070	)
Nucor Corp.		1/18/19		57.50		(37	)		(27,658	)
Nucor Corp.		1/18/19		55.00		(223	)		(211,850	)
Nucor Corp.		4/18/19		52.50		(205	)		(256,763	)
Occidental Petroleum Corp.		1/18/19		70.00		(177	)		(229,215	)
Occidental Petroleum Corp.		2/15/19		65.00		(73	)		(128,298	)
PepsiCo, Inc.		1/18/19		100.00		(28	)		(35,560	)
PepsiCo, Inc.		1/18/19		95.00		(24	)		(41,460	)
PepsiCo, Inc.		6/21/19		90.00		(10	)		(22,675	)
PepsiCo, Inc.		6/21/19		87.50		(34	)		(83,725	)
Pfizer, Inc.		1/18/19		32.00		(3	)		(3,488	)
Raytheon Co.		11/16/18		185.00		(10	)		(22,325	)
Raytheon Co.		11/16/18		175.00		(20	)		(63,550	)
Raytheon Co.		11/16/18		165.00		(15	)		(62,363	)
Raytheon Co.		2/15/19		175.00		(41	)		(137,555	)
Raytheon Co.		2/15/19		170.00		(18	)		(68,940	)
Raytheon Co.		2/15/19		165.00		(38	)		(162,355	)
Southern Co.		1/18/19		40.00		(3	)		(1,200	)

210

CALL OPTIONS WRITTEN—(20.7)%	Expiration Date		Exercise Price		Contracts			Value
Texas Instruments, Inc.		10/19/18	$	92.50		(29	)	$	(42,993	)
Texas Instruments, Inc.		10/19/18		90.00		(19	)		(32,110	)
Texas Instruments, Inc.		1/18/19		97.50		(12	)		(14,160	)
Texas Instruments, Inc.		1/18/19		95.00		(40	)		(54,400	)
Texas Instruments, Inc.		6/21/19		95.00		(22	)		(35,310	)
Texas Instruments, Inc.		6/21/19		90.00		(50	)		(99,000	)
TJX Companies, Inc.		10/19/18		72.50		(4	)		(15,760	)
U.S. Bancorp		3/15/19		47.50		(80	)		(51,000	)
U.S. Bancorp		6/21/19		47.50		(195	)		(136,013	)
Union Pacific Corp.		1/18/19		110.00		(11	)		(56,375	)
United Parcel Service, Inc. - Class "B”		1/18/19		105.00		(17	)		(21,947	)
United Parcel Service, Inc. - Class "B”		1/18/19		100.00		(53	)		(93,015	)
United Parcel Service, Inc. - Class "B”		1/18/19		95.00		(21	)		(44,940	)
United Parcel Service, Inc. - Class "B”		4/18/19		105.00		(37	)		(52,632	)
United Technologies Corp.		1/18/19		110.00		(27	)		(83,700	)
United Technologies Corp.		1/18/19		105.00		(18	)		(64,350	)
Verizon Communications, Inc.		1/18/19		43.00		(17	)		(16,405	)
Verizon Communications, Inc.		6/21/19		45.00		(2	)		(1,870	)
Walgreens Boots Alliance, Inc.		10/19/18		55.00		(25	)		(44,813	)
Walgreens Boots Alliance, Inc.		1/18/19		60.00		(61	)		(86,010	)
Walgreens Boots Alliance, Inc.		1/18/19		57.50		(59	)		(92,925	)
Walmart, Inc.		1/18/19		75.00		(34	)		(66,810	)
Walmart, Inc.		1/18/19		72.50		(48	)		(101,880	)
Walmart, Inc.		3/15/19		85.00		(20	)		(22,350	)
Walmart, Inc.		3/15/19		82.50		(46	)		(60,835	)
Walmart, Inc.		3/15/19		75.00		(11	)		(22,055	)
Whirlpool Corp.		1/18/19		135.00		(30	)		(5,250	)
Whirlpool Corp.		1/18/19		130.00		(8	)		(2,320	)
Whirlpool Corp.		1/18/19		120.00		(38	)		(24,776	)
Whirlpool Corp.		3/15/19		105.00		(66	)		(115,500	)
Whirlpool Corp.		3/15/19		100.00		(79	)		(166,888	)
Total Value of Call Options Written (premium received $15,158,255)								$	(16,483,450	)

211

Portfolio of Investments (continued)

PREMIUM INCOME FUND

September 30, 2018

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1			Level 2		Level 3		Total
Assets
Common Stocks^*	$	92,991,814		$	—	$	—	$	92,991,814

Liabilities
Call Options Written	$	(16,483,450	)	$	—	$	—	$	(16,483,450	)

^*	The Portfolio of Investments provides information on the industry categorization for common stocks.

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

212

Portfolio Manager’s Letter

SELECT GROWTH FUND

Dear Investor:

This is the annual report for the First Investors Select Growth Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 23.22% for Class A shares, 22.21% for Class B shares, 23.74% for Advisor Class shares and 23.81% for Institutional Class shares, including dividends of 1.0 cents per share for Class A shares, none for Class B shares, 1.9 cents per share for Advisor Class shares and 2.0 cents per share for Institutional Class shares. In addition, the Fund distributed capital gains of $1.07 per share on each class of shares.

The Markets

The fiscal year can be described as a solid bull market throughout, briefly interrupted during the first quarter of calendar year 2018 because of fears of rising interest rates due to an overheating economy, combined with harsh rhetoric from the administration regarding trade relationships. Corporate America overall reflected the results of economic expansion across the globe both in reported earnings and in rising optimism manifesting in increased earnings estimates. Operating earnings expectations for the S&P 500 Index increased from $147 per share a year ago to $162 per share expected currently, an increase of more than 10%. This is a result of higher economic growth, as well as tax-reform, and a more benign regulatory environment. The combined effect of this is an economy that is seeing stronger revenue growth driving earnings rather than cost reductions or financial engineering with share buybacks. While growth continues to be strong, the Federal Reserve (Fed) will likely raise rates and trade rhetoric will continue to cause worry. As a result, we believe investors will reward companies that exhibit earnings growth exceeding expectations and built on a solid revenue foundation.

The Fund

The Fund’s slight underperformance relative to its benchmark for the year was largely due to allocation effects as underexposure to the Consumer Discretionary sector, the best performer in the benchmark with a 36.7% return, and overexposure to the Financials sector, a laggard in the benchmark with a 14.9% return, caused more than 1.0% of negative relative performance. In addition, the more than 1% of cash held in the Fund during the year caused almost 0.5% of negative relative performance. Overall, allocations were responsible for 1.0% of the Fund’s relative underperformance, while stock selection was almost in line with just 0.1% of relative underperformance.

Stock selection performance was helped by the Information Technology and Consumer Staples sectors. Within the Information Technology sector, strong earnings trends propelled the Fund’s holdings in the sector to a 44.8% return, much better than the benchmark’s return of 33.9%. NetApp, an enterprise data storage systems developer, and Adobe Systems, a developer of software for creating and managing content, gaining 99.3% and 81.2%, respectively, were the largest contributors to the Fund’s performance. The Consumer Staples sector saw a solid gain in Sysco, a distributor to the food service industry, with shares increasing 38.9%, helping the sector gain 23.5% for the portfolio compared to 11.9% for the benchmark. The relative sector

213

Portfolio Manager’s Letter (continued)

SELECT GROWTH FUND

performance also benefited from not owning some of the larger benchmark weights that were laggards during the period, such as Altria Group, PepsiCo, and Coca-Cola.

On the negative side, the Fund’s holdings in Consumer Discretionary posted a return of 7.8%, which failed to keep pace with the benchmark’s 36.7% return in the sector. Auto components manufacturer Lear Corp. declined 13.3% as tariff fears spooked investors, but most of the relative underperformance in the sector was due to the Fund not owning Amazon and Netflix, two companies that are large components of the benchmark and gained 108.4% and 106.3%, respectively, during the period.

While we are pleased that the Fund delivered a solid absolute return of 23.22%, as the market responded favorably to solid economic data and good business fundamentals impacted stock performance, we share some disappointment that Fund performance was slightly shy of the benchmark. However, we continue to believe that equities should be able to generate healthy returns going forward as robust economic growth should provide a solid foundation for continued strong earnings growth by the companies held by the Fund. We continue to believe our focus on high quality companies where earnings will exceed market expectations is the key to generating excess returns over the long term.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,

John D. Brim
Portfolio Manager

October 31, 2018

214

Fund Expenses (unaudited)

SELECT GROWTH FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.21%
Actual		$1,000.00	$1,140.82	$ 6.49
Hypothetical^**		$1,000.00	$1,019.00	$ 6.12
Class B Shares	1.99%
Actual		$1,000.00	$1,135.49	$ 10.65
Hypothetical^**		$1,000.00	$1,015.09	$ 10.05
Advisor Class Shares	0.83%
Actual		$1,000.00	$1,143.22	$ 4.46
Hypothetical^**		$1,000.00	$1,020.91	$ 4.20
Institutional Class Shares	0.80%
Actual		$1,000.00	$1,143.21	$ 4.30
Hypothetical^**		$1,000.00	$1,021.06	$ 4.05

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

215

Cumulative Performance Information (unaudited)

SELECT GROWTH FUND

Comparison of change in value of $10,000 investment in the First Investors Select Growth Fund (Class A shares) and the Russell 3000 Growth Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Class B	Advisor Class	Institutional Class	Russell 3000 Growth Index
One Year	23.22%	22.21%	23.74%	23.81%	25.89%
Five Years	15.48%	14.55%	15.88%	15.98%	16.23%
Ten Years or Since Inception^**	10.99%	10.39%	16.23%	16.34%	14.18%†

S.E.C. Standardized	Class A	Class B	Advisor Class	Institutional Class
One Year	16.18%	18.21%	23.74%	23.81%
Five Years	14.13%	14.31%	15.88%	15.98%
Ten Years or Since Inception^**	10.33%	10.39%	16.23%	16.34%

The graph compares a $10,000 investment in the First Investors Select Growth Fund (Class A shares) beginning 9/30/08 with a theoretical investment in the Russell 3000 Growth Index (the “Index”). The Index is an unmanaged index that measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values (the Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization). It is not possible to invest directly in this Index. In addition, the Index does not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from the initial $10,000 investment in the Fund. Class B shares, Advisor Class shares and Institutional Class shares

216

performance may be greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

The Since Inception returns for Advisor Class shares and Institutional Class shares are for the periods beginning 4/1/13 (commencement of operations for those classes).

†

The Index return is for ten years. The Index return since inception of the Advisor Class shares and Institutional Class shares is 16.82%.

217

Portfolio of Investments

SELECT GROWTH FUND

September 30, 2018

Shares			Security	Value
			COMMON STOCKS—98.7%
			Consumer Discretionary—12.2%
	24,200	^*	AutoZone, Inc.	$	18,771,940
	125,960		Home Depot, Inc.		26,092,614
	117,360		PVH Corp.		16,946,784
	197,000		Target Corp.		17,377,370
	304,000	^*	TripAdvisor, Inc.		15,525,280
					94,713,988
			Consumer Staples—4.9%
	299,120		Sysco Corp.		21,910,540
	172,620		Walmart, Inc.		16,210,744
					38,121,284
			Energy—.8%
	48,900		Chevron Corp.		5,979,492
			Financials—9.3%
	142,490		Discover Financial Services		10,893,360
	150,600		JPMorgan Chase & Co.		16,993,704
	254,000		Progressive Corp.		18,044,160
	205,460		SunTrust Banks, Inc.		13,722,673
	240,530		U.S. Bancorp		12,702,389
					72,356,286
			Health Care—18.4%
	103,700		Allergan, PLC		19,752,776
	263,410		Baxter International, Inc.		20,306,277
	48,210	^*	Biogen, Inc.		17,033,075
	301,200		Bristol-Myers Squibb Co.		18,698,496
	211,770	^*	Centene Corp.		30,660,061
	204,500		Eli Lilly & Co.		21,944,895
	130,780	^*	Varian Medical Systems, Inc.		14,638,205
					143,033,785

218

	Shares			Security	Value
				Industrials—13.5%
		59,220		Boeing Co.	$	22,023,918
		165,990		Eaton Corp., PLC		14,396,313
		208,960		Emerson Electric Co.		16,002,157
		59,950		Huntington Ingalls Industries, Inc.		15,351,996
		136,800		Landstar Systems, Inc.		16,689,600
		110,500		Norfolk Southern Corp.		19,945,250
						104,409,234
				Information Technology—37.4%
		135,300	^*	Adobe Systems, Inc.		36,524,235
		17,580	^*	Alphabet, Inc. - Class “A”		21,220,466
		86,710		Apple, Inc.		19,573,915
		102,510	^*	Arista Networks, Inc.		27,253,309
		129,900		Automatic Data Processing, Inc.		19,570,734
		621,450	^*	Cadence Design Systems, Inc.		28,164,114
		110,600	^*	F5 Networks, Inc.		22,055,852
		73,580	^*	FleetCor Technologies, Inc.		16,764,467
		270,000	^*	Fortinet, Inc.		24,912,900
		217,350		Microsoft Corp.		24,858,320
		336,420		NetApp, Inc.		28,895,114
		228,240	^*	PayPal Holdings, Inc.		20,048,602
						289,842,028
				Materials—2.2%
		148,060		Celanese Corp. - Class “A”		16,878,840
Total Value of Common Stocks (cost $554,116,842)						765,334,937

219

Portfolio of Investments (continued)

SELECT GROWTH FUND

September 30, 2018

Principal Amount		Security	Value
		SHORT-TERM U.S. GOVERNMENT OBLIGATIONS—1.1%
$	9,000M	U.S. Treasury Bills, Zero Coupon, 10/4/2018 (Effective Yield 1.022%) (cost $8,998,524) ^(a)	$	8,998,488

Total Value of Investments (cost $563,115,366)	99.8	%		774,333,425
Other Assets, Less Liabilities	.2			1,362,780
Net Assets	100.0	%	$	775,696,205

^*	Non-income producing

(a)	The effective yields shown for zero coupon obligations are the effective yields at September 30, 2018.

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

220

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	765,334,937	$	—	$	—	$	765,334,937
Short-Tem U.S. Government Obligations		—		8,998,488		—		8,998,488
Total Investments in Securities^*	$	765,334,937	$	8,998,488	$	—	$	774,333,425

^*	The Portfolio of Investments provides information on the industry categorization for common stocks.

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

221

Portfolio Managers’ Letter

SPECIAL SITUATIONS FUND

Dear Investor:

This is the annual report for the First Investors Special Situations Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 7.50% for Class A shares, 6.65% for Class B shares, 7.86% for Advisor Class shares and 7.98% for Institutional Class shares, including dividends of 1.3 cents per share for Class A shares, none for Class B shares, 3.8 cents per share for Advisor Class shares and 4.7 for Institutional Class shares. In addition, the Fund distributed capital gains of 86.9 cents per share on each class of shares.

Economic overview

222

imports, while China has retaliated with tariffs on roughly $110 billion of U.S. exports to China. The tariffs’ rates are scheduled to increase next year from 10% to 25% if a deal isn’t reached.

U.S. equity market

The Fund

On a relative basis, the Fund underperformed its benchmark, the Russell 2000 Value Index, for the annual reporting period ended September 30, 2018 primarily due to stock selection in Consumer Discretionary and Industrials stocks. Within Consumer Discretionary, Dana Inc., a maker of driveline and power technology products for light vehicles and off-highway commercial vehicles, fell on concerns that light vehicles have entered a late-cycle. Within Industrials, Owens Corning, a maker of residential and commercial building materials, faced headwinds from commodity and freight costs, primarily in its roofing shingles business. Aggravating matters, roofing demand was lower-than-expected this year.

223

Portfolio Managers’ Letter (continued)

SPECIAL SITUATIONS FUND

The Fund’s absolute performance was mainly attributable to investments in Information Technology, Energy and Consumer Staples stocks. Within Information Technology, NetApp Inc., a provider of storage and data management solutions, benefited from demand for its flash memory-only storage systems, as well as from its improving sales mix. Within Energy, PBF Energy Inc., an independent petroleum refiner and supplier, benefited from regulations calling for a reduction in sulfur content in marine fuel by the year 2020. The resultant surge in low-sulfur fuel demand favors complex coastal U.S. refineries, such as the ones owned by PBF Energy. Finally, within Consumer Staples, Pinnacle Foods Inc., a manufacturer of packaged food products, agreed to be acquired by Conagra Brands Inc.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,

Steven S. Hill
Senior Portfolio Manager,
Foresters Investment Management Company, Inc.

October 31, 2018

224

Fund Expenses (unaudited)

SPECIAL SITUATIONS FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.29%
Actual		$1,000.00	$1,053.63	$ 6.64
Hypothetical^**		$1,000.00	$1,018.60	$ 6.53
Class B Shares	2.08%
Actual		$1,000.00	$1,049.26	$ 10.69
Hypothetical^**		$1,000.00	$1,014.64	$ 10.50
Advisor Class Shares	0.95%
Actual		$1,000.00	$1,055.29	$ 4.89
Hypothetical^**		$1,000.00	$1,020.31	$ 4.81
Institutional Class Shares	0.86%
Actual		$1,000.00	$1,055.89	$ 4.43
Hypothetical^**		$1,000.00	$1,020.76	$ 4.36

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived.
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

BY SECTOR

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

225

Cumulative Performance Information (unaudited)

SPECIAL SITUATIONS FUND

Comparison of change in value of $10,000 investment in the First Investors Special Situations Fund (Class A shares), the Russell 2000 Value Index† and the Russell 2000 Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Class B	Advisor Class	Institutional Class	Russell 2000 Value Index	Russell 2000 Index
One Year	7.50%	6.65%	7.86%	7.98%	9.33%	15.24%
Five Years	9.74%	8.86%	10.06%	10.23%	9.92%	11.07%
Ten Years or Since Inception^**	10.02%	9.44%	10.87%	11.06%	9.53%†	11.11%†

S.E.C. Standardized	Class A	Class B	Advisor Class	Institutional Class
One Year	1.32%	2.65%	7.86%	7.98%
Five Years	8.46%	8.58%	10.06%	10.23%
Ten Years or Since Inception^**	9.37%	9.44%	10.87%	11.06%

The graph compares a $10,000 investment in the First Investors Special Situations Fund (Class A shares) beginning 9/30/08 with theoretical investments in the Russell 2000 Value Index and the Russell 2000 Index (the “Indices”). The Russell 2000 Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index is an unmanaged Index that measures the performance of the small-cap segment of the U.S. equity universe. The Index consists of the smallest 2,000 companies in the Russell 3000 Index (which represents approximately 98% of the investable U.S. equity market). It is not possible to invest directly in these Indices. In addition, the Indices do not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the

226

The Since Inception returns for Advisor Class shares and Institutional Class shares are for the periods beginning 4/1/13 (commencement of operations for those classes).

†

During the fiscal year, the Fund changed its primary broad-based securities index to the Russell 2000 Value Index from the Russell 2000 Index since it more closely reflects the Fund’s investment strategies. After this fiscal year we will not show a comparison to the Russell 2000 Index.

††

The Index return is for ten years. The Russell 2000 Value Index return and The Russell 2000 Index return since inception of the Advisor Class shares and Institutional Class shares are 10.93% and 12.60%, respectively.

227

Portfolio of Investments

SPECIAL SITUATIONS FUND

September 30, 2018

Shares			Security	Value
			COMMON STOCKS—98.1%
			Consumer Discretionary—13.2%
	159,800		American Eagle Outfitters, Inc.	$	3,967,834
	252,400	^*	Century Communities, Inc.		6,625,500
	73,400		Cheesecake Factory, Inc.		3,929,836
	38,100		Children’s Place, Inc.		4,869,180
	203,500		Dana, Inc.		3,799,345
	189,000		DSW, Inc. - Class “A”		6,403,320
	165,900		Entercom Communications Corp. - Class “A”		1,310,610
	92,400	^*	Genesco, Inc.		4,352,040
	167,500		Haverty Furniture Cos., Inc.		3,701,750
	47,100	^*	Helen of Troy, Ltd.		6,165,390
	91,300		Meredith Corp.		4,660,865
	195,900	^*	Michaels Cos., Inc.		3,179,457
	69,500		Oxford Industries, Inc.		6,268,900
	100,800		Penske Automotive Group, Inc.		4,776,912
	120,300		Ruth’s Hospitality Group, Inc.		3,795,465
	149,300	^*	ServiceMaster Holdings, Inc.		9,261,079
	342,200	^*	TRI Pointe Group, Inc.		4,243,280
	52,800	^*	Visteon Corp.		4,905,120
	215,500	^*	William Lyon Homes - Class “A”		3,424,295
	192,600		Wolverine World Wide, Inc.		7,521,030
					97,161,208
			Consumer Staples—4.2%
	100,300		Energizer Holdings, Inc.		5,882,595
	34,300		Lancaster Colony Corp.		5,117,903
	117,600	^*	Performance Food Group Co.		3,916,080
	114,500		Pinnacle Foods, Inc.		7,420,745
	151,700		Tootsie Roll Industries, Inc.		4,437,225
	118,300	^*	U.S. Foods Holding Corp.		3,646,006
					30,420,554

228

Shares			Security	Value
			Energy—6.4%
	236,200	^*	Carrizo Oil & Gas, Inc.	$	5,952,240
	148,100		Delek U.S. Holdings, Inc.		6,283,883
	324,300	^*	Jagged Peak Energy, Inc.		4,485,069
	425,700	^*	Keane Group, Inc.		5,265,909
	290,400		Liberty Oilfield Services, Inc. - Class “A”		6,263,928
	386,100	^*	Oasis Petroleum, Inc.		5,474,898
	144,000		PBF Energy, Inc. - Class “A”		7,187,040
	312,700	^*	WPX Energy, Inc.		6,291,524
					47,204,491
			Financials—23.5%
	294,000	^*	AllianceBernstein Holding, LP (MLP)		8,952,300
	134,200		American Financial Group, Inc.		14,892,174
	150,700		Aspen Insurance Holdings, Ltd.		6,299,260
	251,900		Berkshire Hills Bancorp, Inc.		10,252,330
	324,900		Brown & Brown, Inc.		9,607,293
	193,700		Capstar Financial Holdings, Inc.		3,234,790
	172,700		Citizens Financial Group, Inc.		6,661,039
	117,400	^*	FCB Financial Holdings, Inc. - Class “A”		5,564,760
	164,400		Great Western Bancorp, Inc.		6,936,036
	250,800		Green Bancorp, Inc.		5,542,680
	145,900		Guaranty Bancorp		4,333,230
	84,400		IBERIABANK Corp.		6,865,940
	110,800		James River Group Holdings, Ltd.		4,722,296
	86,700		Kemper Corp.		6,975,015
	238,900		OceanFirst Financial Corp.		6,502,858
	379,800		Old National Bancorp of Indiana		7,330,140
	115,800		Popular, Inc.		5,934,750
	107,000		Prosperity Bancshares, Inc.		7,420,450
	89,400		QCR Holdings, Inc.		3,651,990
	168,000	^*	Seacoast Banking Corp.		4,905,600
	198,800		Simmons First National Corp. - Class “A”		5,854,660
	526,600		Sterling Bancorp		11,585,200
	409,700		TCF Financial Corp.		9,754,957

229

Portfolio of Investments (continued)

SPECIAL SITUATIONS FUND

September 30, 2018

Shares			Security	Value
			Financials (continued)
	403,300		Waddell & Reed Financial, Inc. - Class “A”	$	8,541,894
					172,321,642
			Health Care—6.4%
	52,500	^*	Centene Corp.		7,600,950
	33,800	^*	Charles River Laboratories International, Inc.		4,547,452
	72,400		Hill-Rom Holdings, Inc.		6,834,560
	38,400	^*	ICON, PLC		5,904,000
	79,900		PerkinElmer, Inc.		7,771,873
	154,000		Phibro Animal Health Corp. - Class “A”		6,606,600
	38,500		SPDR S&P Biotech ETF (ETF)		3,690,995
	141,800	^*	Varex Imaging Corp.		4,063,988
					47,020,418
			Industrials—15.1%
	77,000		Apogee Enterprises, Inc.		3,181,640
	247,300	^*	Atkore International Group Co.		6,560,869
	184,900	^*	BrightView Holdings, Inc.		2,967,645
	111,800		Columbus McKinnon Corp.		4,420,572
	79,200		Comfort Systems USA, Inc.		4,466,880
	74,200		ESCO Technologies, Inc.		5,049,310
	17,600	^*	Esterline Technologies Corp.		1,600,720
	227,200	^*	Gardner Denver Holdings, Inc.		6,438,848
	90,700		ITT, Inc.		5,556,282
	117,400		Korn/Ferry International		5,780,776
	102,700		Masco Corp.		3,758,820
	407,400	^*	NCI Building Systems, Inc.		6,172,110
	47,400		Owens Corning		2,572,398
	93,300		Park-Ohio Holdings Corp.		3,578,055
	82,250	^*	Patrick Industries, Inc.		4,869,200
	68,900		Regal Beloit Corp.		5,680,805
	179,300		Schneider National, Inc. - Class “B”		4,478,914
	31,400		Snap-On, Inc.		5,765,040
	31,400		Spirit Aerosystems Holdings, Inc. - Class “A”		2,878,438

230

Shares			Security	Value
			Industrials (continued)
	191,500	^*	SPX Corp.	$	6,378,865
	67,500		Standex International Corp.		7,036,875
	119,800		Timken Co.		5,972,030
	167,500		Triton International, Ltd.		5,572,725
					110,737,817
			Information Technology—11.7%
	205,300	^*	ARRIS International, PLC		5,335,747
	164,400	^*	Axcelis Technologies, Inc.		3,230,460
	69,500		Belden, Inc.		4,962,995
	190,500	^*	CommScope Holding Co., Inc.		5,859,780
	149,400	^*	Diodes, Inc.		4,973,526
	359,300	^*	MagnaChip Semiconductor Corp.		3,557,070
	600,700	^*	Mitel Networks Corp.		6,619,714
	87,800		MKS Instruments, Inc.		7,037,170
	200,800	^*	Perficient, Inc.		5,351,320
	43,700		Perspecta, Inc.		1,123,964
	94,500		Silicon Motion Technology Corp. (ADR)		5,074,650
	44,000	^*	Tech Data Corp.		3,149,080
	462,300		Travelport Worldwide, Ltd.		7,799,001
	363,600	^*	TTM Technologies, Inc.		5,784,876
	112,200	^*	Verint Systems, Inc.		5,621,220
	122,700	^*	Web.com Group, Inc.		3,423,330
	38,700	^*	Zebra Technologies Corp. - Class “A”		6,843,321
					85,747,224
			Materials—9.0%
	101,300		AptarGroup, Inc.		10,914,062
	107,000	^*	Berry Global Group, Inc.		5,177,730
	395,900	^*	Constellium NV - Class “A”		4,889,365
	307,400	^*	Ferro Corp.		7,137,828
	61,700		Greif, Inc.		3,310,822
	194,400		Louisiana-Pacific Corp.		5,149,656
	324,200	^*	PQ Group Holdings, Inc.		5,663,774

231

Portfolio of Investments (continued)

SPECIAL SITUATIONS FUND

September 30, 2018

	Shares or Principal Amount		Security	Value
			Materials (continued)
		71,300	Sealed Air Corp.	$	2,862,695
		73,900	Sensient Technologies Corp.		5,654,089
		131,900	Trinseo SA		10,327,770
		90,700	WestRock Co.		4,847,008
					65,934,799
			Real Estate—5.4%
		247,300	Americold Realty Trust (REIT)		6,187,446
		366,500	Brixmor Property Group, Inc. (REIT)		6,417,415
		179,800	Douglas Emmett, Inc. (REIT)		6,782,056
		55,300	Federal Realty Investment Trust (REIT)		6,993,791
		212,500	RLJ Lodging Trust (REIT)		4,681,375
		232,500	Sunstone Hotel Investors, Inc. (REIT)		3,803,700
		203,500	Tanger Factory Outlet Centers, Inc. (REIT)		4,656,080
					39,521,863
			Utilities—3.2%
		136,300	Black Hills Corp.		7,917,667
		68,400	Pinnacle West Capital Corp.		5,415,912
		136,600	Portland General Electric Co.		6,230,326
		58,400	WEC Energy Group, Inc.		3,898,784
					23,462,689
Total Value of Common Stocks (cost $564,077,058)					719,532,705
			SHORT-TERM U.S.GOVERNMENT OBLIGATIONS—1.3%
	$	10,000M	U.S. Treasury Bills, Zero coupon, 10/4/2018 (Effective yield 1.022%) (cost $9,998,360) ^(a)		9,998,320

Total Value of Investments (cost $574,075,418)	99.4	%		729,531,025
Other Assets, Less Liabilities	.6			4,074,996
Net Assets	100.0	%	$	733,606,021

232

^*	Non-income producing

(a)	The effective yields shown for zero coupon obligations are the effective yields at September 30, 2018.

Summary of Abbreviations:

ADR	American Depositary Receipts

ETF	Exchange Traded Fund

MLP	Master Limited Partnership

REIT	Real Estate Investment Trust

SPDR	Standard & Poor’s Depository Receipts

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	719,532,705	$	—	$	—	$	719,532,705
Short-Tem U.S. Government Agency Obligations		—		9,998,320		—		9,998,320
Total Investments in Securities^*	$	719,532,705	$	9,998,320	$	—	$	729,531,025

^*	The Portfolio of Investments provides information on the industry categorization for common stocks.

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

233

See notes to financial statements

Portfolio Managers’ Letter

TOTAL RETURN FUND

Dear Investor:

This is the annual report for the First Investors Total Return Fund for the fiscal year ended September 30, 2018. During the period, the Fund’s return on a net asset value basis was 5.32% for Class A shares, 4.52% for Class B shares, 5.69% for Advisor Class shares and 5.77% for Institutional Class shares, including dividends of 35.6 cents per share for Class A shares, 17.8 cents per share for Class B shares, 43.2 cents per share for Advisor Class shares and 46.1 cents per share for Institutional Class shares. In addition, the Fund distributed capital gains of 35.2 cents per share on each class of shares.

Economic overview

234

imports, while China has retaliated with tariffs on roughly $110 billion of U.S. exports to China. The tariffs’ rates are scheduled to increase next year from 10% to 25% if a deal isn’t reached.

U.S. equity market

Bond market

The U.S. fixed income markets had mostly negative performance for the past 12 months, with the broad U.S. bond market (as measured by the ICE BofA ML U.S. Broad Market Index) returning -1.1 %.

235

Portfolio Managers’ Letter (continued)

TOTAL RETURN FUND

over the last 12 months and the U.S. Treasury curve continued to flatten. Volatility returned to the market as mixed signals surrounding the growth outlook surfaced, with strong U.S. growth activity on one hand offset by macro uncertainties associated with global trade on the other. By the end of September 2018, strength in U.S. economic growth, rising inflation and higher interest rates left most U.S. fixed income markets in negative territory.

The Fund—Equities

Overall, the Fund’s Class A shares underperformed its equity benchmark, the Standard & Poor’s 500 Index, which returned 17.91% for the annual reporting period ended September 30, 2018, but outperformed its fixed income benchmark, the BofA Merrill Lynch U.S. Corporate, Government & Mortgage Master Index, which declined -1.22%.

The equity portion returns of the First Investors Total Return Fund were driven by our large-cap core positions. In the Information Technology sector, Microsoft (+56% total return in the period), Cisco (+49%) Apple (+49%) and Qualcomm (+44%) helped drive Fund performance. The continued growth of Big Data with Artificial Intelligence, The Internet of Things, connected devices, and autonomous vehicles have led to large cash spends for companies all over the world, and we expect this level of spending to continue for the foreseeable future. The Fund’s Health Care positions also had very healthy returns, led by Thermo Fisher (+29%) and Pfizer (+28%). In Energy, Marathon Petroleum (+46%), a U.S. refiner that supplies gasoline and other refined products, benefited from the volatility in oil prices over the past 12 months. The

236

company’s recent acquisition of one of its competitors, Andeavor, will likely lead to greater synergies and higher earnings over the next few years. With interest rates beginning to rise over the past 12 months and less onerous regulation, the Financials sector began to experience solid returns. Our holdings in Discover Financial (+20.8%), the credit card processor, and American Express (+19.5%) which rebounded from losing one of their larger accounts, helped absolute performance.

Our underweighting of certain large-cap stocks like Microsoft and Apple compared to the S&P 500 hurt relative performance. Not owning other Technology names such as Amazon, Google and Facebook also detracted from performance. In the Consumer Discretionary sector, Newell Brands was down 39% after earnings disappointed and Tupperware Brands was down 27% after their emerging markets business began to slow down. The equity portion of the Fund has gone through significant changes over the past few months in order to better compete with its peers.

During the review period, the Fund had average bond and cash allocations of 33.8% and 5.9%, respectively. As a percentage of the Fund’s total assets, investment grade corporate bonds were the largest bond allocation at 24.0%, followed by mortgage-backed securities at 5.3%, U.S. government securities at 2.5%, municipal bonds at 1.1%, high yield bonds at 0.8%, and asset-backed securities at 0.3%.

The Fund—Bonds

The Fund’s fixed income holdings returned -0.92% for the annual reporting period ended September 30, 2018, outperforming the -1.22% return of its benchmark, the BofA Merrill Lynch U.S. Corporate, Government & Mortgage Index. The Fund’s relative outperformance was predominantly a function of the Fund’s underweight in securities with maturities greater than 10 years, which had the weakest returns during the review period. The Fund’s underweight in mortgage backed securities compared to the Index was a positive contributor to performance. In addition, security selection within the Fund’s overweight in corporate bonds was an additive driver to performance.

Thank you for placing your trust in Foresters Financial. As always, we appreciate the opportunity to serve your investment needs.

Sincerely,



Sean Reidy	Rajeev Sharma
Portfolio Manager and Director of Equities, Foresters Investment Management Company, Inc.	Portfolio Manager and Director of Fixed Income, Foresters Investment Management Company, Inc.

October 31, 2018

237

Fund Expenses (unaudited)

TOTAL RETURN FUND

Expense Example	Annualized Expense Ratio	Beginning Account Value (4/1/18)	Ending Account Value (9/30/18)	Expenses Paid During Period (4/1/18-9/30/18)^*
Class A Shares	1.20%
Actual		$1,000.00	$1,039.93	$ 6.14
Hypothetical^**		$1,000.00	$1,019.05	$ 6.07
Class B Shares	1.96%
Actual		$1,000.00	$1,036.06	$ 10.00
Hypothetical^**		$1,000.00	$1,015.24	$ 9.90
Advisor Class Shares	0.87%
Actual		$1,000.00	$1,041.91	$ 4.45
Hypothetical^**		$1,000.00	$1,020.71	$ 4.41
Institutional Class Shares	0.77%
Actual		$1,000.00	$1,042.23	$ 3.94
Hypothetical^**		$1,000.00	$1,021.21	$ 3.90

^*	Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
^**	Assumed rate of return of 5% before expenses

Portfolio Composition

TOP TEN SECTORS

Portfolio holdings and allocations are subject to change. Percentages are as of September 30, 2018, and are based on the total market value of investments.

238

Cumulative Performance Information (unaudited)

TOTAL RETURN FUND

Comparison of change in value of $10,000 investment in the First Investors Total Return Fund (Class A shares), the Bank of America (“BofA”) Merrill Lynch U.S. Corporate, Government & Mortgage Index and the Standard & Poor’s 500 Index.

	Average Annual Total Returns^*
N.A.V. Only	Class A	Class B	Advisor Class	Institutional Class	S&P 500 Index	BofA Merrill Lynch U.S. Corporate, Government & Mortgage Index
One Year	5.32%	4.52%	5.69%	5.77%	17.90%	-1.22%
Five Years	5.76%	4.94%	6.11%	6.18%	13.95%	2.23%
Ten Years or Since Inception^**	7.65%	7.05%	6.64%	6.73%	11.96%†	3.79%†

S.E.C. Standardized	Class A	Class B	Advisor Class	Institutional Class
One Year	-0.72%	0.52%	5.69%	5.77%
Five Years	4.51%	4.61%	6.11%	6.18%
Ten Years or Since Inception^**	7.01%	7.05%	6.64%	6.73%

The graph compares a $10,000 investment in the First Investors Total Return Fund (Class A shares) beginning 9/30/08 with theoretical investments in the BofA Merrill Lynch U.S. Corporate, Government & Mortgage Index and the Standard & Poor’s 500 Index (the “Indices”). The BofA Merrill Lynch U.S.

239

Cumulative Performance Information (unaudited) (continued)

TOTAL RETURN FUND

Corporate, Government & Mortgage Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the US domestic market, including U.S. Treasuries, quasi-government securities, corporates, covered bonds and residential mortgage pass-through securities. The Standard & Poor’s 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of such stocks, which represent all major industries. It is not possible to invest directly in these Indices. In addition, the Indices do not reflect fees and expenses associated with the active management of a mutual fund portfolio. For purposes of the graph and the accompanying table, unless otherwise indicated, it has been assumed that the maximum sales charge was deducted from 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 greater than or less than that shown in the line graph above for Class A shares based on differences in sales loads and fees paid by shareholders investing in the different classes.

The Since Inception returns for Advisor Class shares and Institutional Class shares are for the periods beginning 4/1/13 (commencement of operations for those classes).

†

The Index return is for ten years. The S&P 500 Index return and BofA Merrill Lynch U.S. Corporate, Government & Mortgage Index return since inception of the Advisor Class shares and Institutional Class shares are 14.25% and 1.66%, respectively.

240

Portfolio of Investments

TOTAL RETURN FUND

September 30, 2018

Shares		Security	Value
		COMMON STOCKS—58.4%
		Consumer Discretionary—3.8%
	1,500	Amazon.com, Inc.	$	3,004,500
	28,800	Aptiv, PLC		2,416,320
	96,000	Aramark Holdings Corp.		4,129,920
	42,675	CBS Corp. - Class “B”		2,451,679
	39,030	Home Depot, Inc.		8,085,065
	36,800	Ross Stores, Inc.		3,646,880
	80,200	Tapestry, Inc.		4,031,654
	46,400	Walt Disney Co.		5,426,016
	43,890	Wyndham Hotels & Resorts, Inc.		2,438,967
				35,631,001
		Consumer Staples—4.4%
	111,950	Altria Group, Inc.		6,751,704
	110,690	Coca-Cola Co.		5,112,771
	97,200	Conagra Brands, Inc.		3,301,884
	131,530	Koninklijke Ahold Delhaize NV (ADR)		3,005,461
	52,060	PepsiCo, Inc.		5,820,308
	81,910	Philip Morris International, Inc.		6,678,941
	62,850	Procter & Gamble Co.		5,231,006
	50,870	Walmart, Inc.		4,777,202
				40,679,277
		Energy—7.2%
	48,175	Anadarko Petroleum Corp.		3,247,477
	146,500	BP, PLC (ADR)		6,753,650
	35,900	Chevron Corp.		4,389,852
	74,100	ConocoPhillips		5,735,340
	109,475	Devon Energy Corp.		4,372,432
	278,600	EnCana Corp.		3,652,446
	32,700	EOG Resources, Inc.		4,171,539
	60,252	ExxonMobil Corp.		5,122,625
	82,400	Halliburton Co.		3,339,672
	135,401	Marathon Oil Corp.		3,152,135

241

Portfolio of Investments (continued)

TOTAL RETURN FUND

September 30, 2018

Shares		Security	Value
		Energy (continued)
	104,850	Marathon Petroleum Corp.	$	8,384,855
	33,550	Occidental Petroleum Corp.		2,756,804
	23,750	Phillips 66		2,677,100
	59,900	Schlumberger, Ltd.		3,649,108
	150,860	Suncor Energy, Inc.		5,836,773
				67,241,808
		Financials—11.7%
	75,670	American Express Co.		8,058,098
	28,025	Ameriprise Financial, Inc.		4,138,171
	246,600	Bank of America Corp.		7,264,836
	39,300	Chubb, Ltd.		5,252,052
	91,100	Citigroup, Inc.		6,535,514
	141,900	Citizens Financial Group, Inc.		5,473,083
	39,100	Comerica, Inc.		3,526,820
	91,110	Discover Financial Services		6,965,360
	14,000	Goldman Sachs		3,139,360
	75,100	Hamilton Lane, Inc. - Class “A”		3,325,428
	128,880	JPMorgan Chase & Co.		14,542,819
	85,500	MetLife, Inc.		3,994,560
	70,930	Morgan Stanley		3,303,210
	44,725	PNC Financial Services Group, Inc.		6,091,098
	69,000	Popular, Inc.		3,536,250
	182,800	Regions Financial Corp.		3,354,380
	164,100	Sterling Bancorp		3,610,200
	19,000	Travelers Cos., Inc.		2,464,490
	112,145	U.S. Bancorp		5,922,377
	163,320	Wells Fargo & Co.		8,584,099
				109,082,205
		Health Care—11.6%
	100,260	Abbott Laboratories		7,355,074
	17,800	Aetna, Inc.		3,610,730
	12,876	Allergan, PLC		2,452,620

242

Shares			Security	Value
			Health Care (continued)
	49,569		Baxter International, Inc.	$	3,821,274
	12,800	^*	Biogen, Inc.		4,522,368
	30,300	^*	Centene Corp.		4,386,834
	87,960		CVS Health Corp.		6,924,211
	49,680		Gilead Sciences, Inc.		3,835,793
	40,800		Hill-Rom Holdings, Inc.		3,851,520
	82,300		Johnson & Johnson		11,371,391
	80,400		Koninklijke Philips NV (ADR)		3,659,004
	46,400		Medtronic, PLC		4,564,368
	112,545		Merck & Co., Inc.		7,983,942
	248,829		Pfizer, Inc.		10,965,894
	27,015		Shire, PLC (ADR)		4,897,009
	147,300		Smith & Nephew, PLC (ADR)		5,463,357
	48,895		Thermo Fisher Scientific, Inc.		11,934,292
	16,800	^*	Vertex Pharmaceuticals, Inc.		3,238,032
	34,015		Zoetis, Inc.		3,114,413
					107,952,126
			Industrials—5.3%
	16,585		3M Co.		3,494,625
	158,300	^*	Gardner Denver Holdings, Inc.		4,486,222
	46,200		Honeywell International, Inc.		7,687,680
	52,300		Ingersoll-Rand, PLC		5,350,290
	15,170		Lockheed Martin Corp.		5,248,213
	94,700		Schneider National, Inc. - Class “B”		2,365,606
	30,100		Stanley Black & Decker, Inc.		4,407,844
	46,200		Triton International, Ltd.		1,537,074
	36,300		Union Pacific Corp.		5,910,729
	60,730		United Technologies Corp.		8,490,661
					48,978,944
			Information Technology—11.1%
	4,900	^*	Alphabet, Inc. - Class “A”		5,914,692
	54,905		Apple, Inc.		12,394,255

243

Portfolio of Investments (continued)

TOTAL RETURN FUND

September 30, 2018

Shares			Security	Value
			Information Technology (continued)
	214,300		Cisco Systems, Inc.	$	10,425,695
	30,868	^*	Dell Technologies, Inc. - Class “V”		2,997,900
	39,000	^*	eBay, Inc.		1,287,780
	16,100	^*	FleetCor Technologies, Inc.		3,668,224
	149,675		Intel Corp.		7,078,131
	26,200		LogMeIn, Inc.		2,334,420
	116,085		Microsoft Corp.		13,276,641
	104,000		Nintendo Co., Ltd.		4,728,360
	17,100		NVIDIA Corp.		4,805,442
	45,740		NXP Semiconductors NV		3,910,770
	116,020		QUALCOMM, Inc.		8,356,921
	22,800		salesforce.com, Inc.		3,625,884
	81,800		Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)		3,612,288
	30,000	^*	Take-Two Interactive Software, Inc.		4,139,700
	32,510		TE Connectivity, Ltd.		2,858,604
	21,300		Visa, Inc. - Class “A”		3,196,917
	46,300	^*	Worldpay, Inc. - Class “A”		4,688,801
					103,301,425
			Materials—1.2%
	63,600		DowDuPont, Inc.		4,090,116
	36,500		International Paper Co.		1,793,975
	19,280		Praxair, Inc.		3,098,874
	32,585		Trinseo SA		2,551,406
					11,534,371
			Real Estate—.4%
	83,000		FNF Group, Inc.		3,266,050
			Telecommunication Services—1.3%
	160,800		AT&T, Inc.		5,399,664
	131,225		Verizon Communications, Inc.		7,006,103
					12,405,767

244

	Shares or Principal Amount		Security	Value
			Utilities—.4%
		78,400	Exelon Corp.	$	3,422,944
Total Value of Common Stocks (cost $352,203,041)					543,495,918
			CORPORATE BONDS—26.9%
			Aerospace/Defense—.5%
	$	175M	Bombardier, Inc., 8.75%, 12/1/2021 ^(a)		193,917
		2,500M	Rockwell Collins, Inc., 3.2%, 3/15/2024		2,415,987
		1,700M	Rolls-Royce, PLC, 3.625%, 10/14/2025 ^(a)		1,659,123
		175M	TransDigm, Inc., 6.5%, 5/15/2025		178,719
					4,447,746
			Automotive—1.9%
		175M	American Axle & Manufacturing, Inc., 6.25%, 4/1/2025		174,930
		50M	Asbury Automotive Group, Inc., 6%, 12/15/2024		50,750
		175M	Cooper Standard Automotive, Inc., 5.625%, 11/15/2026 ^(a)		172,594
		2,000M	Daimler Finance NA, LLC, 3.35%, 2/22/2023 ^(a)		1,968,598
		320M	Dana Holding Corp., 5.5%, 12/15/2024		318,080
		2,500M	Ford Motor Credit Co., LLC, 8.125%, 1/15/2020		2,641,880
		4,345M	General Motors Financial Co., Inc., 5.25%, 3/1/2026		4,459,000
		50M	Hertz Corp., 5.875%, 10/15/2020		50,000
		50M	J.B. Poindexter & Co., 7.125%, 4/15/2026 ^(a)		52,125
			Lear Corp.:
		3,380M	5.25%, 1/15/2025		3,495,985
		2,000M	3.8%, 9/15/2027		1,860,248
		2,500M	O’Reilly Automotive, Inc., 3.55%, 3/15/2026		2,397,012
		50M	Tenneco, Inc., 5%, 7/15/2026		44,563
					17,685,765
			Building Materials—.0%
		75M	Building Materials Corp., 5.375%, 11/15/2024 ^(a)		75,187

245

Portfolio of Investments (continued)

TOTAL RETURN FUND

September 30, 2018

Principal Amount		Security	Value
		Building Materials (continued)
$	100M	Griffon Corp., 5.25%, 3/1/2022	$	99,250
				174,437
		Chemicals—.8%
	175M	Blue Cube Spinco, Inc., 10%, 10/15/2025		202,125
	75M	Chemours Co., 6.625%, 5/15/2023		78,532
	2,500M	Dow Chemical Co., 3.5%, 10/1/2024		2,450,052
	2,100M	LyondellBasell Industries NV, 6%, 11/15/2021		2,231,271
	2,000M	Nutrien, Ltd., 3.375%, 3/15/2025		1,899,026
	175M	Rain CII Carbon, LLC, 7.25%, 4/1/2025 ^(a)		179,156
	120M	Rayonier AM Products, Inc., 5.5%, 6/1/2024 ^(a)		116,140
	150M	Tronox, Inc., 6.5%, 4/15/2026 ^(a)		144,750
	50M	Univar USA, Inc., 6.75%, 7/15/2023 ^(a)		51,875
				7,352,927
		Consumer Non-Durables—.0%
	25M	Energizer Gamma Acquisition, 6.375%, 7/15/2026 ^(a)		25,906
	50M	Energizer Holdings, Inc., 5.5%, 6/15/2025 ^(a)		49,875
	50M	First Quality Finance Co., 4.625%, 5/15/2021 ^(a)		50,187
	25M	frontdoor, inc., 6.75%, 8/15/2026 ^(a)		25,812
	25M	KGA Escrow, LLC, 7.5%, 8/15/2023 ^(a)		26,000
	175M	Reynolds Group Holdings, Inc., 5.125%, 7/15/2023 ^(a)		174,344
				352,124
		Energy—3.4%
	5,000M	Andeavor Logistics, LP, 5.25%, 1/15/2025		5,127,150
	50M	Apergy Corp., 6.375%, 5/1/2026 ^(a)		51,562
	175M	Blue Racer Midstream, LLC, 6.125%, 11/15/2022 ^(a)		180,469
	4,100M	BP Capital Markets, PLC, 3.216%, 11/28/2023		4,025,265
	3,400M	Canadian Oil Sands, Ltd., 7.75%, 5/15/2019 ^(a)		3,486,873
	75M	Chesapeake Energy Corp., 7%, 10/1/2024		75,094
	2,700M	Continental Resources, Inc., 5%, 9/15/2022		2,742,074
	50M	Covey Park Energy, LLC, 7.5%, 5/15/2025 ^(a)		50,937
	75M	Crestwood Midstream Partners, LP, 5.75%, 4/1/2025		76,875

246

Principal Amount		Security	Value
		Energy (continued)
$	25M	CrownRock, LP, 5.625%, 10/15/2025 ^(a)	$	24,437
	50M	Denbury Resources, Inc., 9%, 5/15/2021 ^(a)		54,312
	25M	Diamondback Energy, Inc., 4.75%, 11/1/2024 ^(a)		25,094
	1,500M	Enbridge Energy Partners, LP, 4.2%, 9/15/2021		1,518,963
	2,500M	Enterprise Products Operating, 7.55%, 4/15/2038		3,290,782
	170M	Exterran Partners, LP, 6%, 10/1/2022		172,337
	175M	Global Partners, LP, 6.25%, 7/15/2022		175,000
	1,600M	Kinder Morgan Energy Partners, LP, 3.45%, 2/15/2023		1,570,674
	3,000M	Kinder Morgan, Inc., 5.625%, 11/15/2023 ^(a)		3,205,791
	25M	Laredo Petroleum, Inc., 6.25%, 3/15/2023		25,125
	4,000M	Magellan Midstream Partners, LP, 5%, 3/1/2026		4,258,724
	175M	Murphy Oil Corp., 6.875%, 8/15/2024		185,697
	25M	Northern Oil and Gas, Inc., 8.5%, 5/15/2023 ^(a)(b)		26,438
		Oasis Petroleum, Inc.:
	175M	6.875%, 1/15/2023		178,281
	50M	6.25%, 5/1/2026 ^(a)		50,938
	75M	Parkland Fuel Corp., 6%, 4/1/2026 ^(a)		75,375
	100M	Parsley Energy, LLC, 5.25%, 8/15/2025 ^(a)		100,000
	50M	SM Energy Co., 5.625%, 6/1/2025		50,063
		Sunoco, LP:
	75M	4.875%, 1/15/2023 ^(a)		74,438
	75M	5.875%, 3/15/2028 ^(a)		72,188
	50M	Transocean Guardian, Ltd., 5.875%, 1/15/2024 ^(a)		50,625
	25M	Transocean Pontus, Ltd., 6.125%, 8/1/2025 ^(a)		25,469
	175M	Whiting Petroleum Corp., 5.75%, 3/15/2021		180,031
	170M	WPX Energy, Inc., 5.25%, 9/15/2024		171,700
				31,378,781
		Financial Services—2.3%
	1,000M	American International Group, Inc., 4.7%, 7/10/2035		1,001,751
	1,000M	Ameriprise Financial, Inc., 5.3%, 3/15/2020		1,031,276
	1,000M	Assured Guaranty U.S. Holding, Inc., 5%, 7/1/2024		1,032,247
	4,700M	Brookfield Finance, Inc., 4%, 4/1/2024		4,687,051

247

Portfolio of Investments (continued)

TOTAL RETURN FUND

September 30, 2018

Principal Amount		Security	Value
		Financial Services (continued)
		ERAC USA Finance, LLC:
$	1,000M	4.5%, 8/16/2021 ^(a)	$	1,023,045
	1,000M	3.3%, 10/15/2022 ^(a)		982,104
	1,000M	General Electric Capital Corp., 4.65%, 10/17/2021		1,033,019
	4,100M	Key Bank NA, 3.4%, 5/20/2026		3,894,336
	2,000M	Liberty Mutual Group, Inc., 4.95%, 5/1/2022 ^(a)		2,073,068
	1,000M	Protective Life Corp., 7.375%, 10/15/2019		1,042,189
	2,000M	Prudential Financial, Inc., 7.375%, 6/15/2019		2,063,196
	2,000M	Travelers Cos., Inc., 4.05%, 3/7/2048		1,938,396
				21,801,678
		Financials—4.9%
	175M	Ally Financial, Inc., 8%, 11/1/2031		212,844
		Bank of America Corp.:
	2,000M	4.271%, 7/23/2029		1,999,970
	2,400M	5.875%, 2/7/2042		2,845,001
		Barclays Bank, PLC:
	1,100M	6.75%, 5/22/2019		1,127,065
	1,000M	5.125%, 1/8/2020		1,021,193
	1,400M	Capital One Financial Corp., 3.75%, 4/24/2024		1,377,026
		Citigroup, Inc.:
	1,000M	2.9%, 12/8/2021		980,000
	1,000M	4.5%, 1/14/2022		1,029,060
	1,600M	4.3%, 11/20/2026		1,580,050
	1,500M	Deutsche Bank AG of New York, 3.7%, 5/30/2024		1,414,152
		Goldman Sachs Group, Inc.:
	2,700M	5.75%, 1/24/2022		2,873,864
	1,500M	3.625%, 1/22/2023		1,495,888
	2,000M	4%, 3/3/2024		2,008,052
	2,000M	HSBC Holdings, PLC, 2.65%, 1/5/2022		1,943,040
	125M	Icahn Enterprises, LP, 6.75%, 2/1/2024		128,437
		JPMorgan Chase & Co.:
	1,000M	4.5%, 1/24/2022		1,031,347
	2,000M	3.54%, 5/1/2028 †		1,912,384

248

Principal Amount		Security	Value
		Financials (continued)
$	175M	Ladder Capital Finance Holdings, LLLP, 5.25%, 10/1/2025 (a)	$	164,938
		Morgan Stanley:
	5,550M	5.5%, 7/28/2021		5,846,054
	2,500M	4%, 7/23/2025		2,493,872
	25M	Nationstar Mortgage, LLC, 6.5%, 7/1/2021		25,093
	150M	Navient Corp., 5.875%, 3/25/2021		154,122
		Park Aerospace Holdings:
	50M	4.5%, 3/15/2023 ^(a)		48,938
	75M	5.5%, 2/15/2024 ^(a)		77,063
		Springleaf Finance Corp.:
	125M	5.625%, 3/15/2023		124,844
	25M	6.875%, 3/15/2025		25,000
	50M	7.125%, 3/15/2026		49,844
		U.S. Bancorp:
	1,000M	3.6%, 9/11/2024		991,836
	1,000M	3.1%, 4/27/2026		946,493
	1,500M	UBS AG, 4.875%, 8/4/2020		1,544,215
	3,000M	UBS Group Funding (Switzerland) AG, 4.253%, 3/23/2028 ^(a)		2,975,802
	25M	Wand Merger Corp., 8.125%, 7/15/2023 ^(a)		26,245
	5,100M	Wells Fargo & Co., 3.45%, 2/13/2023		5,014,692
				45,488,424
		Food/Beverage/Tobacco—1.0%
		Anheuser-Busch InBev Finance, Inc.:
	1,500M	3.65%, 2/1/2026		1,458,933
	1,300M	4.7%, 2/1/2036		1,305,509
	1,750M	Bunge Ltd. Finance Corp., 8.5%, 6/15/2019		1,813,404
	1,000M	Ingredion, Inc., 4.625%, 11/1/2020		1,021,567
	3,000M	Maple Escrow Subsidiary, Inc., 3.551%, 5/25/2021 ^(a)		2,996,436
	175M	Pilgrim’s Pride Corp., 5.75%, 3/15/2025 ^(a)		169,313

249

Portfolio of Investments (continued)

TOTAL RETURN FUND

September 30, 2018

Principal Amount		Security	Value
		Food/Beverage/Tobacco (continued)
$	175M	Post Holdings, Inc., 5.75%, 3/1/2027 ^(a)	$	172,156
				8,937,318
		Forest Products/Containers—.6%
	75M	Berry Plastics Group, Inc., 5.125%, 7/15/2023		75,656
	50M	BWAY Holding Co., 5.5%, 4/15/2024 ^(a)		49,312
	2,835M	Packaging Corp. of America, 3.4%, 12/15/2027		2,669,637
	2,000M	Rock-Tenn Co., 4.9%, 3/1/2022		2,066,328
	50M	Schweitzer-Mauduit International, Inc., 6.875%, 10/1/2026 (a)		51,125
	175M	Sealed Air Corp., 6.875%, 7/15/2033 ^(a)		189,000
				5,101,058
		Gaming/Leisure—.1%
		Boyd Gaming Corp.:
	50M	6.875%, 5/15/2023		52,712
	125M	6%, 8/15/2026		126,562
	50M	CRC Escrow Issuer, LLC, 5.25%, 10/15/2025 ^(a)		47,750
	100M	IRB Holding Corp., 6.75%, 2/15/2026 ^(a)		98,250
	25M	MGM Resorts International, 6%, 3/15/2023		25,906
	25M	National CineMedia, LLC, 6%, 4/15/2022		25,438
	50M	Pinnacle Entertainment, Inc., 5.625%, 5/1/2024		53,063
	25M	Stars Group Holdings BV, 7%, 7/15/2026 ^(a)		25,855
	200M	Viking Cruises, Ltd., 6.25%, 5/15/2025 ^(a)		201,000
	50M	Wynn Las Vegas, LLC, 5.5%, 3/1/2025 ^(a)		48,438
				704,974
		Health Care—1.5%
		Bausch Health Cos., Inc.:
	50M	5.625%, 12/1/2021 ^(a)		50,000
	175M	6.5%, 3/15/2022 ^(a)		182,438
	100M	8.5%, 1/31/2027 ^(a)		105,250
	2,250M	Bayer U.S. Finance II, LLC, 4.375%, 12/15/2028 ^(a)		2,208,917
	150M	Centene Corp., 5.625%, 2/15/2021		153,000

250

Principal Amount		Security	Value
		Health Care (continued)
$	175M	CHS/Community Health Systems, Inc., 6.25%, 3/31/2023	$	166,635
		CVS Health Corp.:
	2,400M	3.875%, 7/20/2025		2,368,555
	3,800M	5.05%, 3/25/2048		3,901,711
	175M	DaVita, Inc., 5.125%, 7/15/2024		169,750
	2,100M	Express Scripts Holding Co., 4.75%, 11/15/2021		2,169,037
		HCA, Inc.:
	175M	6.25%, 2/15/2021		182,875
	50M	5.25%, 6/15/2026		51,562
	25M	5.5%, 6/15/2047		25,406
	175M	HealthSouth Corp., 5.75%, 11/1/2024		176,969
	125M	inVentiv Group Holdings, Inc., 7.5%, 10/1/2024 ^(a)		132,812
	1,500M	Laboratory Corp. of America Holdings, 3.75%, 8/23/2022		1,502,841
	175M	LifePoint Health, Inc., 5.875%, 12/1/2023		183,094
	175M	Mallinckrodt Finance SB, 5.75%, 8/1/2022 ^(a)		162,313
	175M	Molina Healthcare, Inc., 4.875%, 6/15/2025 ^(a)		172,813
	225M	Universal Hospital Services, Inc., 7.625%, 8/15/2020		225,563
				14,291,541
		Home-building—.0%
	50M	William Lyon Homes, Inc., 6%, 9/1/2023		48,500
		Information Technology—1.2%
	175M	Alliance Data Systems Corp., 5.375%, 8/1/2022 ^(a)		176,969
	2,000M	Apple, Inc., 2.5%, 2/9/2025		1,891,870
	175M	CommScope Technologies, LLC, 6%, 6/15/2025 ^(a)		181,125
	4,300M	Corning, Inc., 7.25%, 8/15/2036		4,954,387
		Diamond 1 Finance Corp.:
	3,000M	4.42%, 6/15/2021 ^(a)		3,047,100
	50M	5.875%, 6/15/2021 ^(a)		51,624
	50M	7.125%, 6/15/2024 ^(a)		53,644

251

Portfolio of Investments (continued)

TOTAL RETURN FUND

September 30, 2018

Principal Amount		Security	Value
		Information Technology (continued)
		NCR Corp.:
$	50M	4.625%, 2/15/2021	$	49,625
	50M	5.875%, 12/15/2021		50,688
	25M	Nielsen Finance, LLC, 5%, 4/15/2022 ^(a)		24,438
	75M	Nuance Communications, Inc., 6%, 7/1/2024		77,531
	175M	Rackspace Hosting, Inc., 8.625%, 11/15/2024 ^(a)		170,642
	175M	Solera, LLC, 10.5%, 3/1/2024 ^(a)		192,063
	50M	Symantec Corp., 5%, 4/15/2025 ^(a)		49,597
	50M	Verscend Holding Corp., 9.75%, 8/15/2026 ^(a)		51,750
				11,023,053
		Manufacturing—.5%
	175M	ATS Automation Tooling Systems, Inc., 6.5%, 6/15/2023 (a)		181,562
	3,245M	Crane Co., 4.2%, 3/15/2048		3,044,086
	175M	Grinding Media, Inc., 7.375%, 12/15/2023 ^(a)		182,567
	1,100M	Johnson Controls International, PLC, 5%, 3/30/2020		1,122,478
				4,530,693
		Media-Broadcasting—.5%
	75M	Belo Corp., 7.25%, 9/15/2027		78,000
		Comcast Corp.:
	1,600M	5.15%, 3/1/2020		1,645,346
	3,000M	4.25%, 1/15/2033		2,945,619
	150M	Nexstar Broadcasting, Inc., 5.625%, 8/1/2024 ^(a)		147,188
	175M	Sirius XM Radio, Inc., 6%, 7/15/2024 ^(a)		181,781
				4,997,934
		Media-Cable TV—.2%
	200M	Altice Financing SA, 6.625%, 2/15/2023 ^(a)		202,000
	200M	Altice U.S. Finance I Corp., 5.375%, 7/15/2023 ^(a)		202,750
	50M	AMC Networks, Inc., 5%, 4/1/2024		49,375
		CCO Holdings, LLC:
	175M	5.125%, 2/15/2023		176,094

252

Principal Amount		Security	Value
		Media-Cable TV (continued)
$	175M	5.875%, 4/1/2024 ^(a)	$	178,281
	50M	Clear Channel International, 8.75%, 12/15/2020 ^(a)		51,860
	200M	Clear Channel Worldwide Holdings, Inc. - Series “A”, 6.5%, 11/15/2022		204,750
	225M	CSC Holdings, LLC, 10.125%, 1/15/2023 ^(a)		246,713
	175M	DISH DBS Corp., 5%, 3/15/2023		159,469
	175M	Gray Television, Inc., 5.875%, 7/15/2026 ^(a)		173,906
	175M	Midcontinent Communications & Finance Corp., 6.875%, 8/15/2023 ^(a)		184,021
				1,829,219
		Media-Diversified—.1%
	125M	Outdoor Americas Capital, LLC, 5.875%, 3/15/2025		126,719
	1,000M	Time Warner, Inc., 3.6%, 7/15/2025		959,659
	200M	Tribune Media Co., 5.875%, 7/15/2022		204,500
				1,290,878
		Metals/Mining—.6%
	75M	AK Steel Corp., 7%, 3/15/2027		72,375
	75M	Allegheny Technologies, Inc., 7.875%, 8/15/2023		80,531
	50M	Big River Steel, LLC, 7.25%, 9/1/2025 ^(a)		52,937
	165M	Cleveland-Cliffs, Inc., 4.875%, 1/15/2024 ^(a)		162,937
	175M	Commercial Metals Co., 4.875%, 5/15/2023		174,405
	3,000M	Glencore Funding, LLC, 4.625%, 4/29/2024 ^(a)		3,029,715
	175M	HudBay Minerals, Inc., 7.25%, 1/15/2023 ^(a)		180,707
	50M	Joseph T. Ryerson & Son, Inc., 11%, 5/15/2022 ^(a)		54,500
	1,500M	Newmont Mining Corp., 5.125%, 10/1/2019		1,530,343
	25M	Northwest Acquisitions, ULC, 7.125%, 11/1/2022 ^(a)		25,625
	175M	Novelis, Inc., 5.875%, 9/30/2026 ^(a)		171,413
	50M	Peabody Energy Corp., 6%, 3/31/2022 ^(a)		51,063
	145M	SunCoke Energy Partners, LP, 7.5%, 6/15/2025 ^(a)		149,713
	100M	United States Steel Corp., 6.25%, 3/15/2026		99,375
				5,835,639

253

Portfolio of Investments (continued)

TOTAL RETURN FUND

September 30, 2018

Principal Amount		Security	Value
		Real Estate—2.4%
$	2,300M	Alexandria Real Estate Equities, Inc., 3.95%, 1/15/2028	$	2,211,121
	1,000M	Boston Properties, LP, 5.875%, 10/15/2019		1,023,689
		Digital Realty Trust, LP:
	500M	5.25%, 3/15/2021		517,967
	2,886M	4.75%, 10/1/2025		2,962,947
	175M	Equinix, Inc., 5.375%, 4/1/2023		180,031
	1,200M	ERP Operating, LP, 3.375%, 6/1/2025		1,170,379
	1,800M	Essex Portfolio, LP, 3.875%, 5/1/2024		1,792,102
	170M	Geo Group, Inc., 5.875%, 10/15/2024		163,625
	175M	Greystar Real Estate Partners, 5.75%, 12/1/2025 ^(a)		171,062
	1,000M	HCP, Inc., 4.25%, 11/15/2023		1,003,560
	325M	Iron Mountain, Inc., 5.75%, 8/15/2024		322,562
	2,500M	Realty Income Corp., 3.875%, 4/15/2025		2,483,307
	2,000M	Simon Property Group, LP, 3.375%, 10/1/2024		1,958,494
	3,700M	STORE Capital Corp., 4.5%, 3/15/2028		3,617,671
	1,500M	Vornado Realty, LP, 3.5%, 1/15/2025		1,437,906
	1,400M	Welltower, Inc., 4%, 6/1/2025		1,383,207
				22,399,630
		Retail-General Merchandise—.5%
	100M	1011778 B.C., ULC, 4.625%, 1/15/2022 ^(a)		100,375
	175M	AmeriGas Partners, LP, 5.5%, 5/20/2025		172,812
	25M	Cedar Fair, LP, 5.375%, 6/1/2024		25,000
	3,500M	Home Depot, Inc., 5.875%, 12/16/2036		4,267,571
	50M	J.C. Penney Co., Inc., 8.625%, 3/15/2025		33,750
	175M	KFC Holding Co., LLC, 5%, 6/1/2024 ^(a)		174,017
	25M	SRS Distribution, Inc., 8.25%, 7/1/2026 ^(a)		24,563
				4,798,088
		Schools—.2%
	1,750M	Yale University, 2.086%, 4/15/2019		1,745,553

254

Principal Amount		Security	Value
		Services—.1%
$	100M	ADT Corp., 3.5%, 7/15/2022	$	95,000
	225M	AECOM, 5.125%, 3/15/2027		220,275
	50M	BlueLine Rental Finance Corp., 9.25%, 3/15/2024 ^(a)		52,687
	100M	First Data Corp., 5.375%, 8/15/2023 ^(a)		101,775
	175M	United Rentals, Inc., 4.625%, 10/15/2025		170,188
				639,925
		Telecommunications—.6%
	3,000M	AT&T, Inc., 4.25%, 3/1/2027		2,966,433
	175M	CenturyLink, Inc., 5.8%, 3/15/2022		178,937
	150M	Frontier Communications Corp., 10.5%, 9/15/2022		134,250
	175M	GCI, Inc., 6.875%, 4/15/2025		181,832
	50M	Telesat Canada, 8.875%, 11/15/2024 ^(a)		53,625
	1,800M	Verizon Communications, Inc., 4.272%, 1/15/2036		1,720,530
	100M	Zayo Group, LLC, 6.375%, 5/15/2025		104,152
				5,339,759
		Transportation—1.2%
	4,250M	Air Lease Corp., 3.875%, 7/3/2023		4,216,166
	175M	BCD Acquisition, Inc., 9.625%, 9/15/2023 ^(a)		187,469
	1,400M	Burlington Northern Santa Fe, LLC, 5.15%, 9/1/2043		1,573,200
	1,000M	Penske Truck Leasing Co., LP, 4.875%, 7/11/2022 ^(a)		1,031,600
	4,000M	Southwest Airlines Co., 3%, 11/15/2026		3,702,264
	127M	XPO Logistics, Inc., 6.5%, 6/15/2022 ^(a)		131,604
				10,842,303
		Utilities—1.7%
		Calpine Corp.:
	75M	5.75%, 1/15/2025		66,656
	175M	5.25%, 6/1/2026 ^(a)		162,750
	75M	Cheniere Energy Partners, LP, 5.25%, 10/1/2025		75,280
	2,000M	Commonwealth Edison Co., 5.9%, 3/15/2036		2,386,036
	2,335M	Duke Energy Progress, Inc., 4.15%, 12/1/2044		2,288,881
	1,000M	Electricite de France SA, 3.625%, 10/13/2025 ^(a)		968,279

255

Portfolio of Investments (continued)

TOTAL RETURN FUND

September 30, 2018

	Principal Amount		Security	Value
			Utilities (continued)
	$	2,500M	Entergy Arkansas, Inc., 4.95%, 12/15/2044	$	2,506,977
		1,500M	Exelon Generation Co., LLC, 3.4%, 3/15/2022		1,487,593
		11M	NRG Energy, Inc., 6.25%, 7/15/2022		11,376
		175M	NRG Yield Operating, LLC, 5%, 9/15/2026		168,438
		2,000M	Ohio Power Co., 5.375%, 10/1/2021		2,117,858
		2,000M	Oklahoma Gas & Electric Co., 4%, 12/15/2044		1,828,150
		1,000M	ONEOK Partners, LP, 3.375%, 10/1/2022		985,728
		1,100M	Sempra Energy, 9.8%, 2/15/2019		1,128,211
		75M	Targa Resources Partners, LP, 5.875%, 4/15/2026 ^(a)		77,719
					16,259,932
			Waste Management—.0%
		175M	Covanta Holding Corp., 5.875%, 3/1/2024		179,104
			Wireless Communications—.1%
			Intelsat Jackson Holdings SA:
		200M	8%, 2/15/2024 ^(a)		211,000
		50M	8.5%, 10/15/2024 ^(a)		50,612
		175M	Level 3 Financing, Inc., 5.375%, 1/15/2024		175,305
		175M	Sprint Communications, Inc., 6%, 11/15/2022		178,938
		150M	Sprint Corp., 7.125%, 6/15/2024		156,000
		175M	T-Mobile USA, Inc., 6%, 3/1/2023		180,338
					952,193
Total Value of Corporate Bonds (cost $255,842,144)					250,429,176
			RESIDENTIAL MORTGAGE-BACKED SECURITIES—5.6%
			Fannie Mae—4.5%
		1,332M	2.5%, 2/1/2030 - 7/1/2031		1,288,351
		4,430M	3%, 3/1/2027 - 2/1/2031		4,394,498
		8,141M	3.5%, 11/1/2028 - 1/1/2048 ^(b)		8,033,273
		14,508M	4%, 12/1/2040 - 4/1/2047		14,700,577
		9,593M	4.5%, 9/1/2040 - 8/1/2048		9,914,377
		1,611M	5%, 4/1/2040 - 3/1/2042		1,714,888

256

	Principal Amount		Security	Value
			Fannie Mae (continued)
	$	531M	5.5%, 5/1/2033 - 10/1/2039	$	573,727
		404M	6%, 5/1/2036 - 10/1/2040		443,183
		221M	6.5%, 11/1/2033 - 6/1/2036		241,979
		512M	7%, 3/1/2032 - 8/1/2032		542,186
					41,847,039
			Freddie Mac—1.1%
		5,292M	3.5%, 5/1/2033 - 7/1/2044		5,315,782
		772M	4%, 7/1/2044 - 4/1/2045		782,421
		3,137M	4.5%, 10/1/2040 - 5/1/2044		3,257,996
		729M	5.5%, 5/1/2038 - 10/1/2039		784,992
					10,141,191
Total Value of Residential Mortgage-Backed Securities (cost $53,177,560)					51,988,230
			U.S. GOVERNMENT OBLIGATIONS—2.3%
			U.S. Treasury Bonds:
		5,000M	3.125%, 8/15/2044		4,938,475
		9,750M	3.125%, 5/15/2048		9,622,411
			U.S. Treasury Notes:
		4,550M	2.875%, 5/15/2028		4,482,105
		2,500M	2.75%, 8/31/2023		2,478,370
Total Value of U.S. Government Obligations (cost $22,273,800)					21,521,361
			TAXABLE MUNICIPAL BONDS—1.5%
		3,325M	Allegheny Cnty., PA GO, 5%, 11/1/2043		3,724,499
		950M	Forney, TX ISD GO, 5%, 8/15/2048		1,067,828
		2,325M	Met. St. Louis, MO Swr. Dist. Wstwtr. Sys. Rev., 5%, 5/1/2047		2,625,622
			Port Houston, TX Auth. GO:
		950M	5%, 10/1/2037		1,079,637
		950M	5%, 10/1/2038		1,075,334
		2,850M	San Antonio, TX ISD GO, 5%, 8/15/2043		3,154,751

257

Portfolio of Investments (continued)

TOTAL RETURN FUND

September 30, 2018

	Principal Amount		Security	Value
	$	1,425M	Tomball, TX ISD GO, 5%, 2/15/2041	$	1,622,519
Total Value of Municipal Bonds (cost $14,631,315)					14,350,190
			ASSET-BACKED SECURITIES—1.1%
			Fixed Autos—.6%
		2,700M	BMW Vehicle Lease Trust, 2.07%, 10/20/2020		2,679,267
		2,800M	Ford Credit Floorplan Master Trust, 1.76%, 2/15/2021		2,791,180
					5,470,447
			Fixed Telecommunication Services—.5%
		5,000M	Verizon Owner Trust, 1.92%, 12/20/2021 ^(a)		4,936,050
Total Value of Asset-Backed Securities (cost $10,399,759)					10,406,497
			COMMERCIAL MORTGAGE-BACKED SECURITIES—.9%
			Federal Home Loan Mortgage Corporation
		8,408M	Multi-Family Structured Pass-Throughs, 3.725%, 12/25/2027 (cost $8,594,438)		8,555,304
			COLLATERALIZED MORTGAGE OBLIGATIONS—.5%
		4,625M	Fannie Mae, 2.99%, 12/25/2027 (cost $4,432,954) †		4,419,012
			PASS-THROUGH CERTIFICATES—.3%
			Transportation
		2,929M	American Airlines 2017-2 AA PTT, 3.35%, 10/15/2029 (cost $2,951,313)		2,801,946
			U.S. GOVERNMENT AGENCY OBLIGATIONS—.2%
		1,800M	Federal Farm Credit Bank, 3%, 9/13/2029 (cost $1,696,930)		1,677,694

258

Principal Amount		Security	Value
		SHORT-TERM U.S. GOVERNMENT AGENCY OBLIGATIONS—3.5%
$	33,000M	U.S. Treasury Bills, Zero Coupon, 10/4/2018 (Effective yield 1.022%) (cost $32,994,588)	$	32,994,456

Total Value of Investments (cost $759,197,842)	101.2	%		942,639,784
Excess of Liabilities Over Other Assets	(1.2	)		(11,545,391	)
Net Assets	100.0	%	$	931,094,393

^*	Non-income producing

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933 (see Note 4).

(b)	A portion or all of the security purchased on a when-issued or delayed delivery basis (see Note 1G).

†	Interest rates on adjustable rate bonds are determined and reset periodically. The interest rates shown are the rates in effect of September 30, 2018.

Summary of Abbreviations:

ADR	American Depositary Receipts

ETF	Exchange Traded Fund

GO	General Obligation

ISD	Independent Schoold District

LLLP	Limited Liabilty Limited Partnership

PTT	Pass-Through Trust

ULC	Unlimited Liability Corporation

The Fund’s assets and liabilities are classified into the following three levels based on the inputs used to value the assets and liabilities:

Level 1 –

Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2 –

Level 3 –

259

Portfolio of Investments (continued)

TOTAL RETURN FUND

September 30, 2018

The following is a summary, by category of Level, of inputs used to value the Fund’s investments as of September 30, 2018:

	Level 1		Level 2		Level 3		Total
Common Stocks	$	543,495,918	$	—	$	—	$	543,495,918
Corporate Bonds		—		250,429,176		—		250,429,176
Residential Mortgage-Backed Securities		—		51,988,230		—		51,988,230
U.S. Government Obligations		—		21,521,361		—		21,521,361
Taxable Municipal Bonds		—		14,350,190		—		14,350,190
Asset-Backed Securities		—		10,406,497		—		10,406,497
Commercial Mortgage-Backed Securities		—		8,555,304		—		8,555,304
Collateralized Mortgage Obligations		—		4,419,012		—		4,419,012
Pass-Through Certificates		—		2,801,946		—		2,801,946
U.S. Government Agency Obligations		—		1,677,694		—		1,677,694
Short-Tem U.S. Government Agency Obligations		—		32,994,456		—		32,994,456
Total Investments in Securities^*	$	543,495,918	$	399,143,866	$	—	$	942,639,784

^*	The Portfolio of Investments provides information on the industry categorization for common stocks, corporate bonds, asset-backed securities and pass-through certificates.

There were no transfers into or from Level 1 and Level 2 by the Fund for the year ended September 30, 2018. Transfers, if any, between Levels are recognized at the end of the reporting period.

See notes to financial statements

260

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261

Statements of Assets and Liabilities

FIRST INVESTORS INCOME FUNDS

September 30, 2018

	FLOATING RATE
Assets
Investments in securities
At identified cost	$	239,692,943
At value (Note 1A)	$	241,288,878
Cash		27,469,256
Receivables:
Investment securities sold		2,743,087
Interest and dividends		935,378
Shares sold		956,162
Unrealized appreciation on foreign exchange contracts (Note 5)		—
Other assets		9,329
Total Assets		273,402,090

Liabilities
Payables:
Investment securities purchased		27,276,638
Shares redeemed		297,445
Dividends payable		121,861
Unrealized depreciation on foreign exchange contracts (Note 5)		—
Accrued advisory fees		139,289
Accrued shareholder servicing costs		38,773
Accrued expenses		143,081
Total Liabilities		28,017,087
Net Assets	$	245,385,003

Net Assets Consist of:
Capital paid in	$	247,366,792
Undistributed net investment deficit		(39,540	)
Accumulated net realized loss on investments and foreign currency transactions		(3,538,184	)
Net unrealized appreciation (depreciation) in value on investments and foreign currency transactions		1,595,935
Total	$	245,385,003

See notes to financial statements

262

FUND FOR INCOME			GOVERNMENT CASH MANAGEMENT		INTERNATIONAL OPPORTUNITIES BOND


$	622,765,934		$	153,188,868	$	158,633,779
$	623,865,074		$	153,188,868	$	143,817,407
	1,418,746			1,553,684		8,252,690

	10,622,001			—		—
	10,030,886			146,675		1,425,095
	194,391			5,096		96,145
	—			—		184,123
	30,307			4,998		4,781
	646,161,405			154,899,321		153,780,241



	5,435,240			—		1,555,000
	511,884			929,553		193,841
	475,714			8,218		—
	—			—		409,889
	373,669			13,888		91,335
	104,322			46,351		31,690
	118,456			103,896		79,406
	7,019,285			1,101,906		2,361,161
$	639,142,120		$	153,797,415	$	151,419,080


$	681,082,983		$	153,797,415	$	171,249,220
	(2,879,872	)		—		(880,816	)
	(40,160,131	)		—		(3,918,671	)
	1,099,140			—		(15,030,653	)
$	639,142,120		$	153,797,415	$	151,419,080

263

Statements of Assets and Liabilities

FIRST INVESTORS INCOME FUNDS

September 30, 2018

	FLOATING RATE
Net Assets:
Class A	$	68,566,891
Class B		N/A
Advisor Class	$	144,799,020
Institutional Class	$	32,019,092

Shares outstanding (Note 7):
Class A		7,062,479
Class B		N/A
Advisor Class		14,904,165
Institutional Class		3,296,617

Net asset value and redemption price per share - Class A	$	9.71

Maximum offering price per share - Class A^*	$	9.96	⁺⁺

Net asset value and offering price per share - Class B^**		N/A

Net asset value, offering price and redemption price per share - Advisor Class	$	9.72

Net asset value, offering price and redemption price per share - Institutional Class	$	9.71

Also maximum offering price per share.

On purchases of $100,000 or more, the sales charge is reduced (Note 7).

Net asset value/.96

Net asset value/.975

Redemption price is equal to net asset value less contingent deferred sales charges, if applicable (Note 7).

See notes to financial statements

264

FUND FOR INCOME			GOVERNMENT CASH MANAGEMENT		INTERNATIONAL OPPORTUNITIES BOND

$	523,931,650		$	153,694,986	$	54,059,799
$	1,785,915		$	101,419		N/A
$	79,879,899			N/A	$	87,491,325
$	33,544,656		$	1,010	$	9,867,956


	214,663,109			153,694,986		6,153,892
	730,434			101,419		N/A
	32,749,151			N/A		9,866,311
	13,678,294			1,010		1,106,838

$	2.44		$	1.00#	$	8.78

$	2.54	⁺		N/A	$	9.15+

$	2.45		$	1.00		N/A

$	2.44			N/A	$	8.87

$	2.45		$	1.00	$	8.92

265

Statements of Assets and Liabilities

FIRST INVESTORS INCOME FUNDS

September 30, 2018

	INVESTMENT GRADE
Assets
Investments in securities:
Cost - Unaffiliated issuers	$	604,431,778
Cost - Affiliated issuers (Note 2)		—
Total cost of investments	$	604,431,778
Value - Unaffiliated issuers (Note 1A)	$	595,849,606
Value - Affiliated issuers (Note 2)		—
Total value of investments		595,849,606
Cash		7,588,851
Receivables:
Investment securities sold		76,555
Dividends and interest		7,167,708
Shares sold		265,585
Other assets		19,159
Total Assets		610,967,464

Liabilities
Payables:
Investment securities purchased		2,922,594
Shares redeemed		1,045,893
Dividends payable		146,702
Accrued advisory fees		273,153
Accrued shareholder servicing costs		92,797
Accrued expenses		77,982
Total Liabilities		4,559,121
Net Assets	$	606,408,343

Net Assets Consist of:
Capital paid in	$	637,481,782
Undistributed net investment income (deficit)		(11,310,857	)
Accumulated net realized loss on investments and futures contracts		(11,180,410	)
Net unrealized depreciation in value of investments and futures contracts		(8,582,172	)
Total	$	606,408,343

See notes to financial statements

266

LIMITED DURATION BOND			STRATEGIC INCOME


$	327,452,826		$	9,351,834
	—			149,683,500
$	327,452,826		$	159,035,334
$	325,183,845		$	9,266,719
	—			142,572,002
	325,183,845			151,838,721
	2,002,421			780,560

	13,018,982			—
	2,131,338			505,580
	63,843			116,331
	10,637			7,051
	342,411,066			153,248,243



	18,905,319			—
	931,861			205,270
	123,714			18,879
	45,882			6,292
	60,626			20,736
	121,686			57,764
	20,189,088			308,941
$	322,221,978		$	152,939,302


$	360,640,636		$	163,403,387
	(2,914,202	)		69,208
	(33,235,475	)		(3,336,680	)
	(2,268,981	)		(7,196,613	)
$	322,221,978		$	152,939,302

267

Statements of Assets and Liabilities

FIRST INVESTORS INCOME FUNDS

September 30, 2018

	INVESTMENT GRADE
Net Assets:
Class A	$	400,673,091
Class B	$	1,475,381
Advisor Class	$	180,286,202
Institutional Class	$	23,973,669

Shares outstanding (Note 7):
Class A		43,688,094
Class B		161,645
Advisor Class		19,539,214
Institutional Class		2,606,290

Net asset value and redemption price per share - Class A	$	9.17

Maximum offering price per share - Class A^*	$	9.55	⁺

Net asset value and offering price per share - Class B^**	$	9.13

Net asset value, offering price and redemption price per share - Advisor Class	$	9.23

Net asset value, offering price and redemption price per share - Institutional Class	$	9.20

On purchases of $100,000 or more, the sales charge is reduced (Note 7).

Net asset value/.96

Net asset value/.975

Redemption price is equal to net asset value less contingent deferred sales charges, if applicable (Note 7).

See notes to financial statements

268

LIMITED DURATION BOND		STRATEGIC INCOME

$	247,902,046	$	152,180,119
	N/A		N/A
$	35,497,983	$	759,183
$	38,821,949		N/A


	27,032,053		16,536,327
	N/A		N/A
	3,860,298		82,592
	4,214,403		N/A

$	9.17	$	9.20

$	9.41++	$	9.58+

	N/A		N/A

$	9.20	$	9.19

$	9.21		N/A

269

Statements of Assets and Liabilities

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

	COVERED CALL STRATEGY
Assets
Investments in securities
At identified cost	$	304,277,819
At value (Note 1A)	$	350,353,234
Cash		8,750,607
Receivables:
Investment securities sold		—
Deposits at broker for futures contracts		—
Dividends and interest		233,815
Shares sold		492,078
Due from broker - variation margin futures		—
Unrealized gain on foreign exchange and futures contracts (Note 5)		—
Other assets		11,236
Total Assets		359,840,970

Liabilities
Options written, at value (Note 5)		4,893,564	^(a)
Payables:
Investment securities purchased		—
Shares redeemed		317,835
Unrealized loss on foreign exchange and futures contracts (Note 5)		—
Accrued advisory fees		182,568
Accrued shareholder servicing costs		100,151
Accrued expenses		55,782
Total Liabilities		5,549,900
Net Assets	$	354,291,070

Net Assets Consist of:
Capital paid in	$	320,427,463
Undistributed net investment income (deficit)		41,035
Accumulated net realized gain (loss) on investments, options and futures contracts, and foreign currency transactions		(12,253,977	)
Net unrealized appreciation in value of foreign exchange contracts		—
Net unrealized appreciation in value of investments, options and futures contracts, and foreign currency transactions		46,076,549
Total	$	354,291,070

(a)

Premiums received from written options $4,894,698

(b)

Premiums received from written options $608,359

See notes to financial statements

270

EQUITY INCOME		GLOBAL			GROWTH & INCOME		HEDGED U.S. EQUITY OPPORTUNITIES


$	442,100,069	$	553,950,158		$	1,155,165,548	$	134,324,228
$	620,670,140	$	622,843,301		$	1,811,361,224	$	152,602,352
	735,159		10,977,222			2,939,223		8,711,535

	9,425,226		352			22,454,387		414,371
	—		—			—		1,559,117
	1,080,327		1,022,457			1,913,639		180,322
	678,124		337,190			604,657		217,697
	—		—			—		180,606
	—		—			—		4,522
	27,745		23,467			81,570		5,108
	632,616,721		635,203,989			1,839,354,700		163,875,630


	—		—			—		314,944(b	)

	—		5,060,104			16,359,174		661,715
	796,746		778,999			2,651,864		223,728
	—		—			—		158,824
	381,037		460,678			1,019,431		141,070
	92,652		92,746			272,355		11,040
	88,981		152,794			178,410		89,774
	1,359,416		6,545,321			20,481,234		1,601,095
$	631,257,305	$	628,658,668		$	1,818,873,466	$	162,274,535


$	386,775,549	$	491,443,528		$	917,817,260	$	144,032,817
	5,666,088		(426,580	)		147,252		(4,522	)
	60,245,597		68,743,418			244,713,278		(170,773	)
	—		—			—		4,522
	178,570,071		68,898,302			656,195,676		18,412,491
$	631,257,305	$	628,658,668		$	1,818,873,466	$	162,274,535

271

Statements of Assets and Liabilities

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

	COVERED CALL STRATEGY
Net Assets:
Class A	$	237,102,753
Class B		N/A
Advisor Class	$	114,275,236
Institutional Class	$	2,913,081

Shares outstanding (Note 7):
Class A		20,035,748
Class B		N/A
Advisor Class		9,683,085
Institutional Class		248,452

Net asset value and redemption price per share - Class A	$	11.83

Maximum offering price per share - Class A (Net asset value/.9425)^*	$	12.55

Net asset value and offering price per share - Class B^**		N/A

Net asset value, offering price and redemption price per share - Advisor Class	$	11.80

Net asset value, offering price and redemption price per share - Institutional Class	$	11.72

On purchases of $50,000 or more, the sales charge is reduced (Note 7).

Redemption price is equal to net asset value less contingent deferred sales charges, if applicable (Note 7).

See notes to financial statements

272

EQUITY INCOME		GLOBAL		GROWTH & INCOME		HEDGED U.S. EQUITY OPPORTUNITIES

$	545,809,676	$	393,696,524	$	1,653,563,006	$	66,745,640
$	2,562,369	$	2,308,845	$	12,023,297		N/A
$	80,386,663	$	228,234,226	$	142,219,752	$	94,954,783
$	2,498,597	$	4,419,073	$	11,067,411	$	574,112


	49,215,234		44,687,671		67,733,492		5,607,046
	236,488		339,418		531,609		N/A
	7,204,151		25,268,335		5,785,549		7,922,161
	224,789		486,461		451,449		47,783

$	11.09	$	8.81	$	24.41	$	11.90

$	11.77	$	9.35	$	25.90	$	12.63

$	10.84	$	6.80	$	22.62		N/A

$	11.16	$	9.03	$	24.58	$	11.99

$	11.12	$	9.08	$	24.52	$	12.01

273

Statements of Assets and Liabilities

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

	INTERNATIONAL
Assets
Investments in securities:
At identified cost	$	320,764,950
At value (Note 1A)	$	397,223,890
Cash		2,623,147
Receivables:
Investment securities sold		1,886,242
Options contracts written		—
Dividends and interest		1,309,631
Shares sold		434,578
Other assets		16,018
Total Assets		403,493,506

Liabilities
Options written, at value (Note 5)		—
Payables:
Investment securities purchased		1,379,222
Shares redeemed		559,075
Accrued advisory fees		319,751
Accrued shareholder servicing costs		74,521
Accrued expenses		102,209
Total Liabilities		2,434,778
Net Assets	$	401,058,728

Net Assets Consist of:
Capital paid in	$	308,582,545
Undistributed net investment income (deficit)		619,607
Accumulated net realized gain (loss) on investments and options		15,409,852
Net unrealized appreciation in value of investments and options		76,446,724
Total	$	401,058,728

(c)

Premiums received from written options $15,158,255

See notes to financial statements

274

OPPORTUNITY		PREMIUM INCOME			SELECT GROWTH		SPECIAL SITUATIONS		TOTAL RETURN


$	831,062,749	$	90,528,036		$	563,115,366	$	574,075,418	$	759,197,842
$	1,168,428,966	$	92,991,814		$	774,333,425	$	729,531,025	$	942,639,784
	3,757,978		2,959,265			1,481,893		3,987,958		8,428,592

	1,074,931		—			—		438,686		18,520,717
	—		50,094			—		—		—
	983,561		122,182			230,349		603,980		4,104,899
	778,084		380,091			1,361,683		798,697		270,863
	49,025		2,452			29,290		28,503		42,700
	1,175,072,545		96,505,898			777,436,640		735,388,849		974,007,555


	—		16,483,450(c	)		—		—		—

	615,869		—			—		—		40,839,870
	1,637,792		71,896			1,127,405		1,084,364		1,125,279
	678,372		46,726			457,226		483,225		532,841
	174,773		9,635			80,627		127,073		150,826
	176,624		159,172			75,177		88,166		264,346
	3,283,430		16,770,879			1,740,435		1,782,828		42,913,162
$	1,171,789,115	$	79,735,019		$	775,696,205	$	733,606,021	$	931,094,393


$	752,027,540	$	78,952,780		$	528,419,206	$	496,813,164	$	693,711,356
	10,465,942		19,288			—		812,257		(4,254,853	)
	71,929,416		(375,632	)		36,058,940		80,524,993		58,195,948
	337,366,217		1,138,583			211,218,059		155,455,607		183,441,942
$	1,171,789,115	$	79,735,019		$	775,696,205	$	733,606,021	$	931,094,393

275

Statements of Assets and Liabilities

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

	INTERNATIONAL
Net Assets:
Class A	$	259,683,213
Class B	$	1,238,639
Advisor Class	$	136,627,872
Institutional Class	$	3,509,004

Shares outstanding (Note 7):
Class A		16,279,851
Class B		83,823
Advisor Class		8,412,367
Institutional Class		215,340

Net asset value and redemption price per share - Class A	$	15.95

Maximum offering price per share - Class A (Net asset value/.9425)^*	$	16.92

Net asset value and offering price per share - Class B^**	$	14.78

Net asset value, offering price and redemption price per share - Advisor Class	$	16.24

Net asset value, offering price and redemption price per share - Institutional Class	$	16.30

On purchases of $50,000 or more, the sales charge is reduced (Note 7).

Redemption price is equal to net asset value less contingent deferred sales charges, if applicable (Note 7).

See notes to financial statements

276

OPPORTUNITY		PREMIUM INCOME		SELECT GROWTH		SPECIAL SITUATIONS		TOTAL RETURN

$	1,010,312,228	$	41,688,194	$	570,309,134	$	580,730,424	$	889,472,596
$	6,202,331		N/A	$	2,996,599	$	2,626,399	$	6,060,701
$	149,481,443	$	34,169,762	$	194,554,038	$	140,656,920	$	1,006,022
$	5,793,113	$	3,877,063	$	7,836,434	$	9,592,278	$	34,555,074


	24,022,184		4,061,541		41,905,900		17,800,692		43,991,035
	192,833		N/A		266,738		108,162		304,354
	3,483,708		3,329,081		14,011,536		4,259,133		49,517
	135,128		381,523		561,147		288,470		1,695,648

$	42.06	$	10.26	$	13.61	$	32.62	$	20.22

$	44.63	$	10.89	$	14.44	$	34.61	$	21.45

$	32.16		N/A	$	11.23	$	24.28	$	19.91

$	42.91	$	10.26	$	13.89	$	33.02	$	20.32

$	42.87	$	10.16	$	13.97	$	33.25	$	20.38

277

Statements of Operations

FIRST INVESTORS INCOME FUNDS

Year Ended September 30, 2018

	FLOATING RATE
Investment Income
Interest income	$	9,093,867
Expenses (Notes 1 and 3):
Advisory fees		1,251,189
Distribution plan expenses-Class A		197,733
Distribution plan expenses-Class B		N/A
Shareholder servicing costs-Class A		123,357
Shareholder servicing costs-Class B		N/A
Shareholder servicing costs-Advisor Class		162,843
Shareholder servicing costs-Institutional Class		7,712
Professional fees		49,800
Custodian fees		73,253
Registration fees		56,200
Reports to shareholders		17,714
Trustees' fees		12,015
Other expenses		42,520
Total expenses		1,994,336
Less: Expenses waived and/or assumed (Note 3)		(43,361	)
Expenses paid indirectly (Note 1G)		(2,578	)
Net expenses		1,948,397
Net investment income		7,145,470

Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions (Notes 2 and 5):
Net realized gain (loss) on:
Investments		691,427
Foreign currency transactions		—
Net realized gain (loss) on investments and foreign currency transactions		691,427
Net unrealized appreciation (depreciation) on:
Investments		366,130
Foreign currency transactions		—
Net unrealized appreciation (depreciation) on investments and foreign currency transactions		366,130
Net gain (loss) on investments and foreign currency transactions		1,057,557
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,203,027

(a)

Net of $15,775 foreign taxes withheld

See notes to financial statements

278

FUND FOR INCOME			GOVERNMENT CASH MANAGEMENT			INTERNATIONAL OPPORTUNITIES BOND

$	39,023,185		$	2,179,597		$	5,721,272(a	)

	4,969,690			689,911			1,099,638
	1,634,823			N/A			176,228
	20,093			888			N/A
	880,102			496,107			119,416
	5,214			619			N/A
	150,179			N/A			145,273
	16,533			749			2,782
	106,100			56,701			43,801
	34,157			13,776			60,543
	77,000			69,999			58,000
	46,921			22,424			22,681
	40,579			8,007			8,520
	91,107			30,773			24,992
	8,072,498			1,389,954			1,761,874
	(156,236	)		(559,073	)		—
	(9,754	)		(2,378	)		(616	)
	7,906,508			828,503			1,761,258
	31,116,677			1,351,094			3,960,014



	2,892,551			—			834,220
	—			—			(3,149,267	)
	2,892,551			—			(2,315,047	)

	(22,306,970	)		—			(8,107,144	)
	—			—			(377,060	)
	(22,306,970	)		—			(8,484,204	)
	(19,414,419	)		—			(10,799,251	)
$	11,702,258		$	1,351,094		$	(6,839,237	)

279

Statements of Operations

FIRST INVESTORS INCOME FUNDS

Year Ended September 30, 2018

	INVESTMENT GRADE
Investment Income
Interest	$	23,852,414
Dividends from affiliate (Note 2)		—
Total income		23,852,414
Expenses (Notes 1 and 3):
Advisory fees		4,048,002
Distribution plan expenses-Class A		1,301,693
Distribution plan expenses-Class B		17,441
Shareholder servicing costs-Class A		682,487
Shareholder servicing costs-Class B		5,601
Shareholder servicing costs-Advisor Class		173,509
Shareholder servicing costs-Institutional Class		7,426
Professional fees		91,401
Custodian fees		14,648
Registration fees		82,000
Reports to shareholders		47,707
Trustees' fees		36,244
Other expenses		80,083
Total expenses		6,588,242
Less: Expenses waived and/or assumed (Note 3)		(655,188	)
Expenses paid indirectly (Note 1G)		(6,272	)
Net expenses		5,926,782
Net investment income		17,925,632

Realized and Unrealized Gain (Loss) on Investments, Affiliate and Futures Contracts (Notes 2 and 5):
Net realized loss on:
Investments		(1,645,013	)
Futures contracts		—
Affiliate		—
Net realized loss on investments, affiliate and futures contracts		(1,645,013	)
Net unrealized depreciation on:
Investments		(26,239,627	)
Affiliate		—
Net unrealized depreciation on investments and affiliate		(26,239,627	)
Net loss on investments, affiliate and futures contracts		(27,884,640	)
Net Decrease in Net Assets Resulting from Operations	$	(9,959,008	)

See notes to financial statements

280

LIMITED DURATION BOND			STRATEGIC INCOME

$	1,235,925		$	73,339
	—			6,205,598
	1,235,925			6,278,937

	664,623			80,076
	199,352			478,102
	N/A			N/A
	93,878			215,302
	N/A			N/A
	68,216			672
	10,690			N/A
	40,900			37,664
	9,111			10,095
	65,000			43,500
	26,214			10,780
	6,138			9,418
	67,685			15,285
	1,251,807			900,894
	(289,905	)		—
	(1,641	)		(1,986	)
	960,261			898,908
	275,664			5,380,029



	(409,139	)		(84	)
	12,003			—
	—			(1,108,803	)
	(397,136	)		(1,108,887	)

	(185,198	)		(85,116	)
	—			(4,391,296	)
	(185,198	)		(4,476,412	)
	(582,334	)		(5,585,299	)
$	(306,670	)	$	(205,270	)

281

Statements of Operations

FIRST INVESTORS EQUITY FUNDS

Year Ended September 30, 2018

	COVERED CALL STRATEGY
Investment Income
Dividends	$	7,637,442
Interest		—
Total income		7,637,442
Expenses (Notes 1 and 3):
Advisory fees		2,707,342
Distribution plan expenses-Class A		515,885
Distribution plan expenses-Class B		N/A
Shareholder servicing costs-Class A		358,296
Shareholder servicing costs-Class B		N/A
Shareholder servicing costs-Advisor Class		215,144
Shareholder servicing costs-Institutional Class		1,577
Professional fees		33,999
Custodian fees		13,540
Registration fees		74,999
Reports to shareholders		35,014
Trustees' fees		19,548
Other expenses		47,524
Total expenses		4,022,868
Less: Expenses (waived and/or assumed) repaid to advisor (Note 3)		(36,426	)
Expenses paid indirectly (Note 1G)		(4,040	)
Net expenses		3,982,402
Net investment income (loss)		3,655,040

Realized and Unrealized Gain (Loss)on Investments, Options and Futures Contracts, and Foreign Currency Transactions (Note 2 and 5):
Net realized gain (loss) on:
Investments		7,274,207
Options contracts		(18,387,467	)
Futures contracts		—
Foreign currency transactions		—
Net realized gain (loss) on investments, options and futures contracts, and foreign currency transactions		(11,113,260	)
Net unrealized appreciation (depreciation) on:
Investments		26,472,430
Options contracts		2,118,516
Futures contracts		—
Foreign currency transactions		—
Net unrealized appreciation (depreciation) on investments, options, futures contracts, and foreign currency transactions		28,590,946
Net gain on investments, options, futures contracts, and foreign currency transactions		17,477,686
Net Increase in Net Assets Resulting from Operations	$	21,132,726

(a)

Net of $80,113 foreign taxes withheld

(b)

Net of $395,835 foreign taxes withheld

(c)

Net of $224,519 foreign taxes withheld

(d)

Net of $11,677 foreign taxes withheld

See notes to financial statements

282

EQUITY INCOME			GLOBAL			GROWTH & INCOME			HEDGED U.S. EQUITY OPPORTUNITIES

$	23,148,119(a	)	$	7,807,987(b	)	$	41,247,766(c	)	$	1,762,606(d	)
	256,847			102,642			527,337			—
	23,404,966			7,910,629			41,775,103			1,762,606

	4,694,633			5,854,389			12,694,612			1,293,646
	1,682,341			1,182,624			5,056,141			136,159
	27,016			24,678			129,729			N/A
	741,811			641,699			2,283,314			91,592
	7,365			6,423			28,884			N/A
	60,834			162,325			129,978			42,810
	742			1,278			3,402			198
	62,524			58,551			145,100			29,299
	18,169			125,382			55,483			51,534
	81,000			84,300			103,001			75,000
	38,241			54,363			92,609			10,882
	37,784			35,771			109,758			6,341
	52,580			83,531			111,579			47,980
	7,505,040			8,315,314			20,943,590			1,785,441
	—			(302,998	)		—			1,932
	(12,500	)		(6,539	)		(25,860	)		(1,226	)
	7,492,540			8,005,777			20,917,730			1,786,147
	15,912,426			(95,148	)		20,857,373			(23,541	)



	65,949,264			76,894,866			251,442,108			4,515,618
	217,224			—			—			(320,143	)
	—			—			—			(2,753,716	)
	—			(445,172	)		—			10,201
	66,166,488			76,449,694			251,442,108			1,451,960

	(28,242,688	)		(14,156,614	)		(88,486,835	)		11,219,167
	(12,464	)		—			—			(419,997	)
	—			—			—			312,028
	—			—			—			1,192
	(28,255,152	)		(14,156,614	)		(88,486,835	)		11,112,390
	37,911,336			62,293,080			162,955,273			12,564,350
$	53,823,762		$	62,197,932		$	183,812,646		$	12,540,809

283

Statements of Operations

FIRST INVESTORS EQUITY FUNDS

Year Ended September 30, 2018

	INTERNATIONAL
Investment Income
Dividends	$	6,287,603(e	)
Interest		151,193
Total income		6,438,796
Expenses (Notes 1 and 3):
Advisory fees		3,787,159
Distribution plan expenses-Class A		769,992
Distribution plan expenses-Class B		13,606
Shareholder servicing costs-Class A		529,569
Shareholder servicing costs-Class B		4,354
Shareholder servicing costs-Advisor Class		160,426
Shareholder servicing costs-Institutional Class		1,034
Professional fees		45,199
Custodian fees		84,335
Registration fees		78,000
Reports to shareholders		44,421
Trustees' fees		22,563
Other expenses		53,514
Total expenses		5,594,172
Less: Expenses waived and/or assumed (Note 3)		—
Expenses paid indirectly (Note 1G)		(1,641	)
Net expenses		5,592,531
Net investment income		846,265

Realized and Unrealized Gain (Loss) on Investments (Note 2):
Net realized gain (loss) on:
Investments		28,963,774
Options contracts		—
Foreign currency transactions		(226,614	)
Net realized gain (loss) on investments, option contracts and foreign currency transactions		28,737,160
Net unrealized appreciation (depreciation) of:
Investments		(23,071,670	)
Options contracts		—
Foreign currency transactions		(13,569	)
Net unrealized appreciation (depreciation) of investments, option contracts and foreign currency transactions		(23,085,239	)
Net gain on investments		5,651,921
Net Increase in Net Assets Resulting from Operations	$	6,498,186

(e)

Net of $689,510 foreign taxes withheld

(f)

Net of $88,272 foreign taxes withheld

(g)

Net of $2,990 foreign taxes withheld

(h)

Net of $67,470 foreign taxes withheld

See notes to financial statements

284

OPPORTUNITY			PREMIUM INCOME			SELECT GROWTH			SPECIAL SITUATIONS			TOTAL RETURN

$	24,372,285(f	)	$	602,763		$	7,378,310		$	9,885,023(g	)	$	13,445,932(h	)
	256,351			—			130,768			163,709			11,335,141
	24,628,636			602,763			7,509,078			10,048,732			24,781,073

	8,028,366			168,970			4,708,130			5,717,700			6,310,785
	3,082,319			24,997			1,517,302			1,725,063			2,603,642
	68,664			N/A			31,124			28,385			64,627
	1,647,078			20,005			732,615			934,866			1,209,818
	15,183			N/A			6,634			6,877			12,906
	159,867			4,033			81,252			180,675			1,043
	1,824			1,398			1,955			2,839			10,177
	96,267			97,200			52,329			60,275			91,901
	34,590			6,000			14,638			25,823			31,452
	111,000			60,000			89,000			85,001			90,000
	90,776			1,923			43,106			62,461			44,508
	66,619			1,020			37,007			42,476			53,057
	72,333			6,499			50,387			58,448			103,022
	13,474,886			392,045			7,365,479			8,930,889			10,626,938
	—			(155,760	)		—			—			—
	(17,899	)		—			(7,107	)		(13,532	)		(15,933	)
	13,456,987			236,285			7,358,372			8,917,357			10,611,005
	11,171,649			366,478			150,706			1,131,375			14,170,068



	75,396,234			77,401			36,073,320			82,755,122			63,414,992
	—			(453,033	)		—			—			—
	—			—			—			—			—
	75,396,234			(375,632	)		36,073,320			82,755,122			63,414,992

	(14,746,162	)		2,463,778			98,924,921			(31,396,357	)		(30,583,626	)
	—			(1,325,195	)		—			—			—
	—			—			—			—			—
	(14,746,162	)		1,138,583			98,924,921			(31,396,357	)		(30,583,626	)
	60,650,072			762,951			134,998,241			51,358,765			32,831,366
$	71,821,721		$	1,129,429		$	135,148,947		$	52,490,140		$	47,001,434

285

Statements of Changes in Net Assets

FIRST INVESTORS INCOME FUNDS

	FLOATING RATE
Year Ended September 30	2018			2017
Increase (Decrease) in Net Assets From Operations
Net investment income	$	7,145,470		$	4,877,492
Net realized gain (loss) on investments and foreign currency transactions		691,427			506,695
Net unrealized appreciation (depreciation) of investments and foreign currency transactions		366,130			191,917
Net increase (decrease) in net assets resulting from operations		8,203,027			5,576,104

Dividends to Shareholders
Net investment income-Class A		(2,208,169	)		(2,083,709	)
Net investment income-Class B		N/A			N/A
Net investment income-Advisor Class		(4,156,168	)		(2,514,716	)
Net investment income-Institutional Class		(967,368	)		(695,405	)
Total dividends		(7,331,705	)		(5,293,830	)

Share Transactions
Class A:
Proceeds from shares sold		17,357,693			19,572,438
Reinvestment of dividends		2,103,112			1,995,483
Cost of shares redeemed		(17,921,450	)		(16,136,415	)
		1,539,355			5,431,506
Class B:
Proceeds from shares sold		N/A			N/A
Reinvestment of dividends		N/A			N/A
Cost of shares redeemed		N/A			N/A
		N/A			N/A
Advisor Class:
Proceeds from shares sold		61,262,253			44,356,222
Reinvestment of dividends		4,032,114			2,506,209
Cost of shares redeemed		(19,959,407	)		(9,907,811	)
		45,334,960			36,954,620
Institutional Class
Proceeds from shares sold		12,262,644			13,827,603
Reinvestment of dividends		30,703			24,082
Cost of shares redeemed		(1,657,595	)		(4,060,363	)
		10,635,752			9,791,322
Net increase (decrease) from share transactions		57,510,067			52,177,448
Net increase (decrease) in net assets		58,381,389			52,459,722

Net Assets
Beginning of year		187,003,614			134,543,892
End of year+	$	245,385,003		$	187,003,614
+Includes undistributed net investment income (deficit) of	$	(39,540	)	$	(163,792	)

See notes to financial statements

286

FUND FOR INCOME						GOVERNMENT CASH MANAGEMENT						INTERNATIONAL OPPORTUNITIES BOND
2018			2017			2018			2017			2018			2017

$	31,116,677		$	32,364,116		$	1,351,094		$	100,143		$	3,960,014		$	3,151,702
	2,892,551			14,665,726			—			—			(2,315,047	)		1,976,439
	(22,306,970	)		1,058,678			—			—			(8,484,204	)		1,277,498
	11,702,258			48,088,520			1,351,094			100,143			(6,839,237	)		6,405,639


	(27,698,833	)		(28,276,744	)		(1,328,144	)		(98,406	)		(1,886,224	)		(949,007	)
	(85,725	)		(104,124	)		(163	)		—			N/A			N/A
	(4,671,312	)		(3,365,654	)		N/A			N/A			(2,402,791	)		(1,108,952	)
	(2,952,485	)		(3,563,174	)		(22,787	)		(1,737	)		(271,216	)		(170,411	)
	(35,408,355	)		(35,309,696	)		(1,351,094	)		(100,143	)		(4,560,231	)		(2,228,370	)



	35,731,994			48,739,034			270,861,015			237,067,138			11,126,773			6,893,066
	23,989,477			24,445,941			1,284,209			94,891			1,808,009			912,178
	(89,758,885	)		(81,958,579	)		(245,529,644	)		(232,120,074	)		(14,137,804	)		(15,017,955	)
	(30,037,414	)		(8,773,604	)		26,615,580			5,041,955			(1,203,022	)		(7,212,711	)

	126,756			107,501			85,114			234,482			N/A			N/A
	67,913			83,643			163			—			N/A			N/A
	(695,133	)		(799,349	)		(144,650	)		(321,734	)		N/A			N/A
	(500,464	)		(608,205	)		(59,373	)		(87,252	)		N/A			N/A

	39,762,430			21,499,769			N/A			N/A			37,576,303			23,297,688
	4,509,257			3,331,094			N/A			N/A			1,992,072			1,107,823
	(34,950,872	)		(20,618,681	)		N/A			N/A			(14,261,300	)		(9,400,690	)
	9,320,815			4,212,182			N/A			N/A			25,307,075			15,004,821

	11,973,731			37,313,292			1,640,026			981,622			5,921,591			4,726,374
	324,515			170,801			20,317			1,737			20,279			12,245
	(55,406,840	)		(22,408,501	)		(4,053,823	)		(1,432,697	)		(3,839,839	)		(4,589,624	)
	(43,108,594	)		15,075,592			(2,393,480	)		(449,338	)		2,102,031			148,995
	(64,325,657	)		9,905,965			24,162,727			4,505,365			26,206,084			7,941,105
	(88,031,754	)		22,684,789			24,162,727			4,505,365			14,806,616			12,118,374


	727,173,874			704,489,085			129,634,688			125,129,323			136,612,464			124,494,090
$	639,142,120		$	727,173,874		$	153,797,415		$	129,634,688		$	151,419,080		$	136,612,464
$	(2,879,872	)	$	(2,583,260	)	$	—		$	—		$	(880,816	)	$	2,584,441

287

Statements of Changes in Net Assets

FIRST INVESTORS INCOME FUNDS

	FLOATING RATE
Year Ended September 30	2018			2017
Shares Issued and Redeemed
Class A:
Sold		1,791,647			2,022,863
Issued for dividends reinvested		217,095			206,256
Redeemed		(1,850,470	)		(1,668,028	)
Net increase (decrease) in Class A shares outstanding		158,272			561,091

Class B:
Sold		N/A			N/A
Issued for dividends reinvested		N/A			N/A
Redeemed		N/A			N/A
Net decrease in Class B shares outstanding		N/A			N/A

Advisor Class:
Sold		6,320,958			4,584,134
Issued for dividends reinvested		415,961			259,046
Redeemed		(2,058,862	)		(1,024,184	)
Net increase in Advisor Class shares outstanding		4,678,057			3,818,996

Institutional Class:
Sold		1,264,275			1,430,225
Issued for dividends reinvested		3,169			2,492
Redeemed		(171,044	)		(420,736	)
Net increase (decrease) in Institutional Class shares outstanding		1,096,400			1,011,981

See notes to financial statements

288

FUND FOR INCOME						GOVERNMENT CASH MANAGEMENT						INTERNATIONAL OPPORTUNITIES BOND
2018			2017			2018			2017			2018			2017


	14,449,467			19,557,429			270,861,015			237,067,138			1,202,274			755,813
	9,735,758			9,789,318			1,284,209			94,891			194,863			96,323
	(36,347,934	)		(32,899,756	)		(245,529,644	)		(232,120,074	)		(1,541,669	)		(1,658,321	)
	(12,162,709	)		(3,553,009	)		26,615,580			5,041,955			(144,532	)		(806,185	)


	51,091			43,176			85,114			234,482			N/A			N/A
	27,480			33,479			163			—			N/A			N/A
	(279,926	)		(324,958	)		(144,650	)		(321,734	)		N/A			N/A
	(201,355	)		(248,303	)		(59,373	)		(87,252	)		N/A			N/A


	16,125,451			8,615,120			N/A			N/A			4,081,995			2,556,618
	1,833,501			1,334,256			N/A			N/A			212,335			116,124
	(14,292,625	)		(8,402,016	)		N/A			N/A			(1,560,329	)		(1,024,846	)
	3,666,327			1,547,360			N/A			N/A			2,734,001			1,647,896


	4,841,690			14,940,723			1,640,026			981,622			629,288			524,480
	130,520			68,143			20,317			1,737			2,165			1,279
	(22,365,155	)		(9,005,052	)		(4,053,823	)		(1,432,697	)		(428,971	)		(513,536	)
	(17,392,945	)		6,003,814			(2,393,480	)		(449,338	)		202,482			12,223

289

Statements of Changes in Net Assets

FIRST INVESTORS INCOME FUNDS

	INVESTMENT GRADE
Year Ended September 30	2018			2017
Increase (Decrease) in Net Assets From Operations
Net investment income	$	17,925,632		$	16,586,332
Net realized gain (loss) on investments and futures contracts		(1,645,013	)		2,274,276
Net unrealized appreciation (depreciation) of investments and futures contracts		(26,239,627	)		(11,799,740	)
Net unrealized appreciation (depreciation) of affiliate (Note 2)		—			—
Net increase (decrease) in net assets resulting from operations		(9,959,008	)		7,060,868

Dividends to Shareholders
Net investment income-Class A		(15,179,813	)		(15,914,378	)
Net investment income-Class B		(45,111	)		(60,406	)
Net investment income-Advisor Class		(5,965,579	)		(3,815,384	)
Net investment income-Institutional Class		(970,661	)		(1,164,966	)
Total dividends		(22,161,164	)		(20,955,134	)

Share Transactions
Class A:
Proceeds from shares sold		42,681,411			61,465,866
Reinvestment of dividends		14,260,185			14,913,130
Cost of shares redeemed		(96,469,770	)		(78,881,456	)
Shares issued from merger		—			—
		(39,528,174	)		(2,502,460	)
Class B:
Proceeds from shares sold		188,297			401,194
Reinvestment of dividends		44,209			58,469
Cost of shares redeemed		(847,464	)		(1,116,565	)
Shares issued from merger		—			—
		(614,958	)		(656,902	)
Advisor Class:
Proceeds from shares sold		67,872,202			62,781,202
Reinvestment of dividends		5,728,814			3,804,200
Cost of shares redeemed		(21,719,878	)		(12,364,180	)
Shares issued from merger		—			—
		51,881,138			54,221,222
Institutional Class
Proceeds from shares sold		4,522,217			2,672,181
Reinvestment of dividends		69,351			67,704
Cost of shares redeemed		(5,422,878	)		(7,256,733	)
Shares issued from merger		—			—
		(831,310	)		(4,516,848	)
Net increase (decrease) from share transactions		10,906,696			46,545,012
Net increase (decrease) in net assets		(21,213,476	)		32,650,746
Net Assets
Beginning of year		627,621,819			594,971,073
End of year+	$	606,408,343		$	627,621,819
+Includes undistributed net investment income (deficit) of	$	(11,310,857	)	$	(12,385,857	)

See notes to financial statements

290

LIMITED DURATION BOND						STRATEGIC INCOME
2018			2017			2018			2017

$	275,664		$	1,329,506		$	5,380,029		$	5,095,776
	(397,136	)		(152,663	)		(1,108,887	)		(243,666	)
	(185,198	)		(639,208	)		(85,116	)		77,283
	—			—			(4,391,296	)		958,049
	(306,670	)		537,635			(205,270	)		5,887,442


	(1,772,750	)		(1,275,364	)		(5,462,343	)		(4,937,441	)
	N/A			N/A			N/A			N/A
	(1,003,221	)		(1,124,965	)		(29,421	)		(24,178	)
	(1,078,886	)		(668,870	)		N/A			N/A
	(3,854,857	)		(3,069,199	)		(5,491,764	)		(4,961,619	)



	20,386,749			28,509,300			25,716,213			34,639,076
	1,726,388			1,246,526			5,225,611			4,732,036
	(21,855,129	)		(14,203,767	)		(35,879,785	)		(26,691,084	)
	186,810,690			—			—			—
	187,068,698			15,552,059			(4,937,961	)		12,680,028

	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A

	10,192,449			13,309,489			276,262			673,565
	971,339			1,109,557			28,321			18,696
	(6,712,312	)		(32,421,165	)		(482,278	)		(151,144	)
	485,702			—			—			—
	4,937,178			(18,002,119	)		(177,695	)		541,117

	18,363,649			19,542,286			N/A			N/A
	6,137			5,615			N/A			N/A
	(19,537,354	)		(305,440	)		N/A			N/A
	1,024			—			N/A			N/A
	(1,166,544	)		19,242,461			N/A			N/A
	190,839,332			16,792,401			(5,115,656	)		13,221,145
	186,677,805			14,260,837			(10,812,690	)		14,146,968

	135,544,173			121,283,336			163,751,992			149,605,024
$	322,221,978		$	135,544,173		$	152,939,302		$	163,751,992
$	(2,914,202	)	$	(2,192,436	)	$	69,208		$	180,943

291

Statements of Changes in Net Assets

FIRST INVESTORS INCOME FUNDS

	INVESTMENT GRADE
Year Ended September 30	2018			2017
Shares Issued and Redeemed
Class A:
Sold		4,532,773			6,384,045
Issued for dividends reinvested		1,521,041			1,548,716
Redeemed		(10,297,688	)		(8,193,164	)
Shares issued from merger		—			—
Net increase (decrease) in Class A shares outstanding		(4,243,874	)		(260,403	)

Class B:
Sold		19,966			41,679
Issued for dividends reinvested		4,735			6,110
Redeemed		(90,020	)		(116,646	)
Shares issued from merger		—			N/A
Net decrease in Class B shares outstanding		(65,319	)		(68,857	)

Advisor Class:
Sold		7,214,671			6,505,014
Issued for dividends reinvested		609,298			392,866
Redeemed		(2,317,779	)		(1,278,296	)
Shares issued from merger		—			—
Net increase (decrease) in Advisor Class shares outstanding		5,506,190			5,619,584

Institutional Class:
Sold		469,939			277,663
Issued for dividends reinvested		7,379			7,013
Redeemed		(568,845	)		(750,208	)
Shares issued from merger		—			—
Net increase (decrease) in Institutional Class shares outstanding		(91,527	)		(465,532	)

See notes to financial statements

292

LIMITED DURATION BOND						STRATEGIC INCOME
2018			2017			2018			2017


	2,201,214			2,993,642			2,751,301			3,665,904
	186,493			131,129			559,375			499,484
	(2,359,440	)		(1,493,876	)		(3,850,452	)		(2,820,332	)
	20,370,413			—			—			—
	20,398,680			1,630,895			(539,776	)		1,345,056


	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A


	1,094,702			1,394,264			29,671			71,470
	104,635			116,326			3,038			1,974
	(722,594	)		(3,404,372	)		(51,305	)		(16,057	)
	52,807			—			—			—
	529,550			(1,893,782	)		(18,596	)		57,387


	1,982,606			2,049,150			N/A			N/A
	660			588			N/A			N/A
	(2,084,636	)		(31,987	)		N/A			N/A
	111			—			N/A			N/A
	(101,259	)		2,017,751			N/A			N/A

293

Statements of Changes in Net Assets

FIRST INVESTORS EQUITY FUNDS

	COVERED CALL STRATEGY
Year Ended September 30	2018			2017
Increase (Decrease) in Net Assets From Operations
Net investment income (loss)	$	3,655,040		$	2,633,458
Net realized gain (loss) on investments, options contracts and foreign currency transactions		(11,113,260	)		(637,556	)
Net unrealized appreciation (depreciation) of investments, options contracts, and foreign currency transactions		28,590,946			15,531,537
Net increase in net assets resulting from operations		21,132,726			17,527,439

Distributions to Shareholders
Net investment income-Class A		(1,952,791	)		(1,362,794	)
Net investment income-Class B		N/A			N/A
Net investment income-Advisor Class		(1,622,620	)		(1,157,434	)
Net investment income-Institutional Class		(70,317	)		(97,118	)
Net realized gains-Class A		—			(139,400	)
Net realized gains-Class B		N/A			N/A
Net realized gains-Advisor Class		—			(90,537	)
Net realized gains-Institutional Class		—			(7,569	)
Total distributions		(3,645,728	)		(2,854,852	)

Share Transactions
Class A:
Proceeds from shares sold		94,094,747			120,901,915
Reinvestment of distributions		1,920,181			1,481,088
Cost of shares redeemed		(37,816,465	)		(12,548,151	)
		58,198,463			109,834,852
Class B:
Proceeds from shares sold		N/A			N/A
Reinvestment of distributions		N/A			N/A
Cost of shares redeemed		N/A			N/A
		N/A			N/A
Advisor Class
Proceeds from shares sold		78,790,539			76,007,680
Reinvestment of distributions		1,471,618			1,187,791
Cost of shares redeemed		(80,989,357	)		(12,464,429	)
		(727,200	)		64,731,042
Institutional Class
Proceeds from shares sold		4,814,072			2,958,902
Reinvestment of distributions		53,560			26,464
Cost of shares redeemed		(9,324,730	)		(291,292	)
		(4,457,098	)		2,694,074
Net increase (decrease) from share transactions		53,014,165			177,259,968
Net increase (decrease) in net assets		70,501,163			191,932,555

Net Assets
Beginning of year		283,789,907			91,857,352
End of year+	$	354,291,070		$	283,789,907
+Includes undistributed net investment income (deficit) of	$	41,035		$	31,723

See notes to financial statements

294

EQUITY INCOME						GLOBAL						GROWTH & INCOME
2018			2017			2018			2017			2018			2017

$	15,912,426		$	9,990,134		$	(95,148	)	$	2,340,520		$	20,857,373		$	20,740,825
	66,166,488			18,636,854			76,449,694			57,332,738			251,442,108			79,625,849
	(28,255,152	)		54,893,753			(14,156,614	)		32,286,780			(88,486,835	)		135,711,245
	53,823,762			83,520,741			62,197,932			91,960,038			183,812,646			236,077,919


	(8,670,001	)		(11,273,714	)		(1,904,849	)		(511,315	)		(22,103,552	)		(26,399,032	)
	(25,598	)		(36,046	)		(11,555	)		(608	)		(49,489	)		(106,278	)
	(1,505,409	)		(1,323,504	)		(1,156,269	)		(438,669	)		(2,741,388	)		(3,214,231	)
	(45,395	)		(92,288	)		(22,952	)		(8,341	)		(192,263	)		(211,869	)
	(18,700,796	)		(9,458,693	)		(27,517,933	)		—			(66,425,749	)		(54,318,955	)
	(94,816	)		(60,661	)		(225,878	)		—			(577,823	)		(594,347	)
	(2,533,033	)		(1,034,281	)		(14,205,335	)		—			(6,908,711	)		(4,880,138	)
	(76,275	)		(114,200	)		(273,391	)		—			(435,766	)		(354,035	)
	(31,651,323	)		(23,393,387	)		(45,318,162	)		(958,933	)		(99,434,741	)		(90,078,885	)



	44,822,381			59,467,706			34,440,747			30,039,159			105,256,985			134,434,194
	27,012,430			20,445,699			29,037,446			503,982			87,791,227			80,062,251
	(110,386,174	)		(97,241,265	)		(59,239,612	)		(49,742,939	)		(292,506,030	)		(259,016,736	)
	(38,551,363	)		(17,327,860	)		4,238,581			(19,199,798	)		(99,457,818	)		(44,520,291	)

	201,399			388,601			219,425			264,229			1,021,175			1,251,634
	120,221			96,533			237,434			608			624,919			698,021
	(855,935	)		(1,230,597	)		(785,500	)		(990,232	)		(4,493,704	)		(5,872,934	)
	(534,315	)		(745,463	)		(328,641	)		(725,395	)		(2,847,610	)		(3,923,279	)

	28,883,060			26,199,816			71,565,214			56,793,376			52,008,514			59,881,381
	3,361,847			2,338,792			14,647,751			436,620			9,135,941			8,040,009
	(26,068,634	)		(17,859,121	)		(56,286,039	)		(66,051,439	)		(91,647,543	)		(45,818,902	)
	6,176,273			10,679,487			29,926,926			(8,821,443	)		(30,503,088	)		22,102,488

	1,347,183			4,873,757			572,083			483,915			887,827			954,437
	121,670			109,108			296,343			8,341			628,029			565,904
	(1,209,375	)		(5,789,919	)		(383,485	)		(558,623	)		(1,802,340	)		(2,140,286	)
	259,478			(807,054	)		484,941			(66,367	)		(286,484	)		(619,945	)
	(32,649,927	)		(8,200,890	)		34,321,807			(28,813,003	)		(133,095,000	)		(26,961,027	)
	(10,477,488	)		51,926,464			51,201,577			62,188,102			(48,717,095	)		119,038,007


	641,734,793			589,808,329			577,457,091			515,268,989			1,867,590,561			1,748,552,554
$	631,257,305		$	641,734,793		$	628,658,668		$	577,457,091		$	1,818,873,466		$	1,867,590,561
$	5,666,088		$	—		$	(426,580	)	$	1,961,440		$	147,252		$	4,376,571

295

Statements of Changes in Net Assets

FIRST INVESTORS EQUITY FUNDS

	COVERED CALL STRATEGY
Year Ended September 30	2018			2017
Shares Issued and Redeemed
Class A:
Sold		8,228,315			11,272,774
Issued for distributions reinvested		168,270			135,329
Redeemed		(3,301,288	)		(1,151,656	)
Net increase (decrease) in Class A shares outstanding		5,095,297			10,256,447

Class B:
Sold		N/A			N/A
Issued for distributions reinvested		N/A			N/A
Redeemed		N/A			N/A
Net decrease in Class B shares outstanding		N/A			N/A

Advisor Class
Sold		6,898,774			7,060,934
Issued for distributions reinvested		129,933			109,184
Redeemed		(7,147,405	)		(1,152,999	)
Net increase (decrease) in Advisor Class shares outstanding		(118,698	)		6,017,119

Institutional Class:
Sold		414,848			274,157
Issued for distributions reinvested		4,796			2,423
Redeemed		(827,929	)		(27,013	)
Net increase (decrease) in Institutional Class shares outstanding		(408,285	)		249,567

See notes to financial statements

296

EQUITY INCOME						GLOBAL						GROWTH & INCOME
2018			2017			2018			2017			2018			2017


	4,119,724			5,839,599			3,964,795			3,825,654			4,423,019			6,090,140
	2,490,655			2,010,968			3,469,229			68,944			3,692,262			3,713,906
	(10,148,853	)		(9,559,888	)		(6,828,948	)		(6,357,116	)		(12,290,013	)		(11,744,645	)
	(3,538,474	)		(1,709,321	)		605,076			(2,462,518	)		(4,174,732	)		(1,940,599	)


	18,977			39,050			32,543			42,603			46,327			61,214
	11,300			9,780			36,528			104			28,301			35,415
	(80,753	)		(123,729	)		(116,586	)		(159,084	)		(204,976	)		(288,223	)
	(50,476	)		(74,899	)		(47,515	)		(116,377	)		(130,348	)		(191,594	)


	2,642,494			2,551,165			8,059,994			7,098,039			2,169,824			2,680,319
	308,539			229,751			1,711,186			58,764			381,959			367,930
	(2,396,645	)		(1,735,500	)		(6,358,513	)		(8,060,119	)		(3,879,094	)		(2,050,426	)
	554,388			1,045,416			3,412,667			(903,316	)		(1,327,311	)		997,823


	123,985			506,702			64,095			59,751			37,066			43,161
	11,208			10,632			34,458			1,117			26,328			26,082
	(114,962	)		(563,132	)		(42,873	)		(70,450	)		(75,271	)		(96,837	)
	20,231			(45,798	)		55,680			(9,582	)		(11,877	)		(27,594	)

297

Statements of Changes in Net Assets

FIRST INVESTORS EQUITY FUNDS

	HEDGED U.S. EQUITY OPPORTUNITIES
Year Ended September 30	2018			2017
Increase (Decrease) in Net Assets From Operations
Net investment income (loss)	$	(23,541	)	$	(36,121	)
Net realized gain (loss) on investments, options and futures contracts, and foreign currency transactions		1,451,960			(1,621,396	)
Net unrealized appreciation (depreciation) of investments, options and futures contracts, and foreign currency transactions		11,112,390			7,333,832
Net increase in net assets resulting from operations		12,540,809			5,676,315

Distribution to Shareholders
Net investment income-Class A		—			—
Net investment income-Class B		N/A			N/A
Net investment income-Advisor Class		—			(6,857	)
Net investment income-Institutional Class		—			(22	)
Net realized gains-Class A		—			—
Net realized gains-Class B		N/A			N/A
Net realized gains-Advisor Class		—			—
Net realized gains-Institutional Class		—			—
Total distributions		—			(6,879	)

Share Transactions
Class A:
Proceeds from shares sold		29,210,518			35,240,953
Reinvestment of distributions		—			—
Cost of shares redeemed		(12,110,889	)		(3,201,304	)
		17,099,629			32,039,649
Class B:
Proceeds from shares sold		N/A			N/A
Reinvestment of distributions		N/A			N/A
Cost of shares redeemed		N/A			N/A
		N/A			N/A
Advisor Class:
Proceeds from shares sold		76,712,079			15,554,353
Reinvestment of distributions		—			6,857
Cost of shares redeemed		(22,597,701	)		(9,051,079	)
		54,114,378			6,510,131
Institutional Class
Proceeds from shares sold		276,139			387,153
Reinvestment of distributions		—			22
Cost of shares redeemed		(226,176	)		(39,925	)
		49,963			347,250
Net increase from share transactions		71,263,970			38,897,030
Net increase in net assets		83,804,779			44,566,466

Net Assets
Beginning of year		78,469,756			33,903,290
End of year+	$	162,274,535		$	78,469,756
+Includes undistributed net investment income (deficit) of	$	(4,522	)	$	(51,731	)

See notes to financial statements

298

INTERNATIONAL						OPPORTUNITY						PREMIUM INCOME
2018			2017			2018			2017			2018

$	846,265		$	915,117		$	11,171,649		$	2,998,302		$	366,478
	28,737,160			18,653,171			75,396,234			58,838,680			(375,632	)
	(23,085,239	)		26,399,299			(14,746,162	)		99,884,040			1,138,583
	6,498,186			45,967,587			71,821,721			161,721,022			1,129,429


	(275,588	)		(1,018,350	)		(2,804,178	)		(5,116,339	)		(148,277	)
	—			(5,219	)		(14,370	)		(47,551	)		N/A
	(239,073	)		(498,093	)		(288,632	)		(497,612	)		(114,909	)
	(7,737	)		(15,915	)		(22,342	)		(34,340	)		(84,004	)
	—			—			(56,621,327	)		(31,438,505	)		—
	—			—			(518,174	)		(364,203	)		N/A
	—			—			(4,684,317	)		(2,762,934	)		—
	—			—			(323,573	)		(178,958	)		—
	(522,398	)		(1,537,577	)		(65,276,913	)		(40,440,442	)		(347,190	)



	58,126,902			33,297,820			103,692,905			117,186,485			44,677,901
	273,396			1,009,767			59,060,707			36,264,899			143,012
	(41,313,524	)		(34,179,761	)		(160,025,421	)		(141,149,197	)		(3,460,167	)
	17,086,774			127,826			2,728,191			12,302,187			41,360,746

	126,139			226,279			551,389			723,577			N/A
	—			5,219			530,291			407,984			N/A
	(369,272	)		(541,783	)		(2,298,990	)		(2,946,112	)		N/A
	(243,133	)		(310,285	)		(1,217,310	)		(1,814,551	)		N/A

	52,322,028			35,045,544			80,413,897			27,637,225			35,759,296
	222,902			494,244			4,553,410			3,240,840			108,996
	(29,315,834	)		(20,173,738	)		(18,910,762	)		(32,403,469	)		(1,946,404	)
	23,229,096			15,366,050			66,056,545			(1,525,404	)		33,921,888

	896,876			677,943			1,044,609			917,940			16,026,765
	7,737			15,915			345,915			213,296			20,648
	(737,330	)		(496,317	)		(1,339,746	)		(1,078,669	)		(12,377,267	)
	167,283			197,541			50,778			52,567			3,670,146
	40,240,020			15,381,132			67,618,204			9,014,799			78,952,780
	46,215,808			59,811,142			74,163,012			130,295,379			79,735,019


	354,842,920			295,031,778			1,097,626,103			967,330,724			—
$	401,058,728		$	354,842,920		$	1,171,789,115		$	1,097,626,103		$	79,735,019
$	619,607		$	522,354		$	10,465,942		$	2,423,730		$	19,288

299

Statements of Changes in Net Assets

FIRST INVESTORS EQUITY FUNDS

	HEDGED U.S. EQUITY OPPORTUNITIES
Year Ended September 30	2018			2017
Shares Issued and Redeemed
Class A:
Sold		2,558,901			3,477,221
Issued for distributions reinvested		—			—
Redeemed		(1,057,699	)		(306,330	)
Net increase (decrease) in Class A shares outstanding		1,501,202			3,170,891

Class B:
Sold		N/A			N/A
Issued for distributions reinvested		N/A			N/A
Redeemed		N/A			N/A
Net decrease in Class B shares outstanding		N/A			N/A

Advisor Class:
Sold		6,763,670			1,514,819
Issued for distributions reinvested		—			687
Redeemed		(1,965,792	)		(866,689	)
Net increase (decrease) in Advisor Class shares outstanding		4,797,878			648,817

Institutional Class:
Sold		24,135			37,331
Issued for distributions reinvested		—			2
Redeemed		(19,944	)		(3,742	)
Net increase in Institutional Class shares outstanding		4,191			33,591

See notes to financial statements

300

INTERNATIONAL						OPPORTUNITY						PREMIUM INCOME
2018			2017			2018			2017			2018


	3,590,666			2,349,634			2,472,473			3,018,607			4,385,757
	16,773			81,828			1,413,612			972,249			14,023
	(2,553,601	)		(2,465,649	)		(3,815,117	)		(3,647,153	)		(338,239	)
	1,053,838			(34,187	)		70,968			343,703			4,061,541


	8,386			16,786			17,104			23,735			N/A
	—			451			16,499			13,901			N/A
	(24,704	)		(41,880	)		(71,493	)		(96,871	)		N/A
	(16,318	)		(24,643	)		(37,890	)		(59,235	)		N/A


	3,187,640			2,454,155			1,895,352			701,161			3,508,615
	13,468			39,571			107,063			85,668			10,710
	(1,782,051	)		(1,377,242	)		(439,869	)		(809,965	)		(190,244	)
	1,419,057			1,116,484			1,562,546			(23,136	)		3,329,081


	54,037			47,081			24,450			23,312			1,581,172
	466			1,272			8,149			5,652			2,046
	(44,299	)		(37,030	)		(31,085	)		(27,264	)		(1,201,695	)
	10,204			11,323			1,514			1,700			381,523

301

Statements of Changes in Net Assets

FIRST INVESTORS EQUITY FUNDS

	SELECT GROWTH
Year Ended September 30	2018			2017
Increase (Decrease) in Net Assets From Operations
Net investment income	$	150,706		$	311,436
Net realized gain on investments		36,073,320			53,073,004
Net unrealized appreciation (depreciation) of investments		98,924,921			52,198,026
Net increase in net assets resulting from operations		135,148,947			105,582,466

Distributions to Shareholders
Net investment income-Class A		(239,159	)		(980,941	)
Net investment income-Class B		—			(4,818	)
Net investment income-Advisor Class		(130,189	)		(256,691	)
Net investment income-Institutional Class		(8,316	)		(14,719	)
Net realized gains-Class A		(39,548,693	)		(50,530,233	)
Net realized gains-Class B		(318,093	)		(489,800	)
Net realized gains-Advisor Class		(7,349,893	)		(9,424,580	)
Net realized gains-Institutional Class		(445,150	)		(515,355	)
Total distributions		(48,039,493	)		(62,217,137	)

Share Transactions
Class A:
Proceeds from shares sold		104,868,480			47,219,387
Reinvestment of distributions		39,481,516			51,034,443
Cost of shares redeemed		(83,751,760	)		(62,537,793	)
Shares issued from merger		—			—
		60,598,236			35,716,037
Class B:
Proceeds from shares sold		272,956			273,477
Reinvestment of distributions		310,573			483,108
Cost of shares redeemed		(1,051,710	)		(1,142,221	)
Shares issued from merger		—			—
		(468,181	)		(385,636	)
Advisor Class:
Proceeds from shares sold		129,714,140			25,744,123
Reinvestment of distributions		7,092,254			9,596,890
Cost of shares redeemed		(44,628,910	)		(27,553,052	)
Shares issued from merger		—			—
		92,177,484			7,787,961
Institutional Class
Proceeds from shares sold		2,115,173			895,148
Reinvestment of distributions		453,466			530,075
Cost of shares redeemed		(538,910	)		(835,332	)
Shares issued from merger		—			—
		2,029,729			589,891
Net increase (decrease) from share transactions		154,337,268			43,708,253
Net increase in net assets		241,446,722			87,073,582

Net Assets
Beginning of year		534,249,483			447,175,901
End of year+	$	775,696,205		$	534,249,483
+Includes undistributed net investment income (deficit) of	$	—		$	212,578

See notes to financial statements

302

SPECIAL SITUATIONS						TOTAL RETURN
2018			2017			2018			2017

$	1,131,375		$	229,155		$	14,170,068		$	11,119,121
	82,755,122			17,392,867			63,414,992			20,432,642
	(31,396,357	)		92,338,759			(30,583,626	)		38,301,406
	52,490,140			109,960,781			47,001,434			69,853,169


	(223,805	)		(2,826,286	)		(15,396,814	)		(14,323,503	)
	—			(19,506	)		(57,491	)		(63,441	)
	(152,568	)		(407,771	)		(21,110	)		(20,752	)
	(12,819	)		(49,172	)		(769,762	)		(628,895	)
	(15,226,717	)		(4,182,726	)		(15,297,108	)		(13,217,287	)
	(105,510	)		(36,300	)		(119,932	)		(120,124	)
	(3,496,476	)		(543,887	)		(17,418	)		(16,705	)
	(235,100	)		(63,359	)		(575,977	)		(511,002	)
	(19,452,995	)		(8,129,007	)		(32,255,612	)		(28,901,709	)



	80,670,471			59,202,042			73,816,412			92,125,136
	15,336,562			6,946,846			30,309,443			27,179,030
	(90,637,765	)		(74,959,984	)		(156,488,239	)		(126,717,199	)
	—			—			50,464,265			—
	5,369,268			(8,811,096	)		(1,898,119	)		(7,413,033	)

	219,160			342,733			480,372			617,192
	105,121			55,728			177,049			181,959
	(864,654	)		(1,111,237	)		(1,645,557	)		(1,954,537	)
	—			—			—			—
	(540,373	)		(712,776	)		(988,136	)		(1,155,386	)

	61,323,950			60,722,551			262,074			502,073
	3,459,240			948,283			33,393			32,818
	(51,953,688	)		(14,035,967	)		(357,281	)		(802,922	)
	—			—			51,815			—
	12,829,502			47,634,867			(9,999	)		(268,031	)

	1,382,471			1,184,681			534,750			447,742
	247,919			112,531			1,345,739			1,139,897
	(1,205,420	)		(848,107	)		(1,426,515	)		(2,149,845	)
	—			—			—			—
	424,970			449,105			453,974			(562,206	)
	18,083,367			38,560,100			(2,442,280	)		(9,398,656	)
	51,120,512			140,391,874			12,303,542			31,552,804


	682,485,509			542,093,635			918,790,851			887,238,047
$	733,606,021		$	682,485,509		$	931,094,393		$	918,790,851
$	812,257		$	70,074		$	(4,254,853	)	$	(5,718,473	)

303

Statements of Changes in Net Assets

FIRST INVESTORS EQUITY FUNDS

	SELECT GROWTH
Year Ended September 30	2018			2017
Shares Issued and Redeemed
Class A:
Sold		8,256,259			4,294,908
Reinvestment of distributions		3,292,870			5,154,994
Redeemed		(6,601,715	)		(5,689,031	)
Issued from merger		—			—
Net increase (decrease) in Class A shares outstanding		4,947,414			3,760,871

Class B:
Sold		25,857			29,073
Reinvestment of distributions		31,213			57,376
Redeemed		(101,134	)		(121,992	)
Issued from merger		—			—
Net decrease in Class B shares outstanding		(44,064	)		(35,543	)

Advisor Class:
Sold		10,171,757			2,306,144
Reinvestment of distributions		581,332			957,774
Redeemed		(3,380,493	)		(2,480,897	)
Issued from merger		—			—
Net increase (decrease) in Advisor Class shares outstanding		7,372,596			783,021

Institutional Class:
Sold		162,565			81,566
Reinvestment of distributions		36,987			52,639
Redeemed		(41,100	)		(74,392	)
Issued from merger		—			—
Net increase (decrease) in Institutional Class shares outstanding		158,452			59,813

See notes to financial statements

304

SPECIAL SITUATIONS						TOTAL RETURN
2018			2017			2018			2017


	2,502,430			2,073,735			3,674,984			4,792,452
	478,221			248,456			1,507,141			1,425,706
	(2,812,100	)		(2,636,533	)		(7,795,384	)		(6,585,924	)
	—			—			2,466,173			—
	168,551			(314,342	)		(147,086	)		(367,766	)


	9,120			15,897			24,453			32,703
	4,378			2,619			8,913			9,767
	(35,942	)		(51,787	)		(83,813	)		(103,501	)
	—			—			—			—
	(22,444	)		(33,271	)		(50,447	)		(61,031	)


	1,882,451			2,064,158			13,080			25,816
	106,833			33,687			1,653			1,714
	(1,571,891	)		(487,241	)		(17,571	)		(41,389	)
	—			—			2,516			—
	417,393			1,610,604			(322	)		(13,859	)


	42,180			40,888			26,378			23,175
	7,610			3,976			66,432			59,362
	(36,480	)		(29,155	)		(70,281	)		(109,856	)
	—			—			—			—
	13,310			15,709			22,529			(27,319	)

305

Notes to Financial Statements

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

1. Significant Accounting Policies— First Investors Income Funds (“Income Funds”) and First Investors Equity Funds (“Equity Funds”), each a Delaware statutory trust (each a “Trust”, collectively, “the Trusts”), are registered under the Investment Company Act of 1940 (the “1940 Act”) as open-end management investment companies and operate as series funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standard Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies” including FASB Accounting Standard Update ASU 2013-08.The Income Funds issue shares of beneficial interest in the Floating Rate Fund, Fund For Income, Government Cash Management Fund, International Opportunities Bond Fund, Investment Grade Fund, Limited Duration Bond Fund and Strategic Income Fund. All of the Income Funds are diversified funds except International Opportunities Bond Fund which is a non-diversified fund. The Equity Funds issue shares of beneficial interest in the Covered Call Strategy Fund, Equity Income Fund, Global Fund, Growth & Income Fund, Hedged U.S. Equity Opportunities Fund, International Fund, Opportunity Fund, Premium Income Fund, Select Growth Fund, Special Situations Fund and Total Return Fund (each a “Fund”, collectively, “the Funds”). All of the Equity Funds are diversified funds. The Trusts account separately for the assets, liabilities and operations of each Fund. The objective of each Fund as of September 30, 2018, is as follows:

Floating Rate Fund seeks a high level of current income.

Fund For Income seeks high current income.

Government Cash Management Fund seeks to earn a high rate of current income consistent with the preservation of capital and maintenance of liquidity.

International Opportunities Bond Fund seeks total return consisting of income and capital appreciation.

Investment Grade Fund seeks to generate a maximum level of income consistent with investment primarily in investment grade debt securities.

Limited Duration Bond Fund seeks current income consistent with low volatility of principal.

Strategic Income Fund seeks a high level of current income.

Covered Call Strategy Fund seeks long-term capital appreciation.

Equity Income Fund seeks total return.

Global Fund seeks long-term capital growth.

Growth & Income Fund seeks long-term growth of capital and current income.

306

Hedged U.S. Equity Opportunities Fund seeks total return and, secondarily, capital appreciation.

International Fund primarily seeks long-term capital growth.

Opportunity Fund seeks long-term capital growth.

Premium Income Fund seeks to generate income.

Select Growth Fund seeks long-term growth of capital.

Special Situations Fund seeks long-term growth of capital.

Total Return Fund seeks high, long-term total investment return consistent with moderate investment risk.

A. Security Valuation –Except as provided below, a security listed or traded on an exchange or the Nasdaq Stock Market is valued at its last sale price on the exchange or market where the security is principally traded, and lacking any sales, the security is valued at the mean between the closing bid and asked prices. Securities traded in the over-the-counter (“OTC”) market (including securities listed on exchanges whose primary market is believed to be OTC) are valued at the mean between the last bid and asked prices based on quotes furnished by a market maker for such securities or an authorized pricing service. Fixed income securities, other than short-term debt securities held by the Government Cash Management Fund, are priced based upon evaluated prices that are provided by a pricing service approved by the Trusts’ Board of Trustees (the “Board”). Other securities may also be priced based upon valuations that are provided by pricing services approved by the Board. The pricing services consider security type, rating, market condition and yield data as well as market quotations, prices provided by market makers and other available information in determining evaluated prices. The net asset value of the Strategic Income Fund is derived from the net asset values of the underlying Funds in which it invests.

The Funds monitor for significant events occurring prior to the close of trading on the New York Stock Exchange that could have a material impact on the value of any securities that are held by the Funds. Examples of such events include trading halts, natural disasters, political events and issuer-specific developments. If the Valuation Committee of Foresters Investment Management Company, Inc. (“FIMCO”) decides that such events warrant using fair value estimates, it will take such events into consideration in determining the fair values of such securities. If market quotations or prices are not readily available or are deemed to be unreliable, or do not appear to reflect significant events that have occurred prior to the time as of which the net assets value is calculated, the securities may be valued at fair value as determined in good faith pursuant to procedures adopted by the Board. The Funds also use evaluated prices from a pricing service to fair value foreign equity securities in the event that fluctuation in U.S. securities markets exceed a predetermined level or if a foreign market is closed. For valuation purposes, where applicable, quotations of foreign securities in foreign currencies are translated to U.S. dollar equivalents

307

Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

using the foreign exchange quotation in effect. At September 30, 2018, the Hedged U.S. Equity Opportunities Bond Fund held one security that was fair valued at a value of $57,393 representing 0.0% of the Fund’s net assets.

The Government Cash Management Fund values its portfolio securities in accordance with the amortized cost method of valuation under Rule 2a-7 under the 1940 Act. Amortized cost is an approximation of market value of an instrument, whereby the difference between its acquisition cost and market value at maturity is amortized on a straight-line basis over the remaining life of the instrument. The effect of changes in the market value of a security as a result of fluctuating interest rates is not taken into account and thus the amortized cost method of valuation may result in the value of a security being higher or lower than its actual market value.

In accordance with Accounting Standards Codification 820 “Fair Value Measurements and Disclosures” (“ASC 820”), investments held by the Funds are carried at “fair value”. As defined by ASC 820, fair value is the price that a fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs are used in determining the value of the fund’s investments.

In addition to defining fair value, ASC 820 established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1—Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.

Level 2—Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3—Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumption about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Equity securities, options and futures contracts traded on an exchange or the Nasdaq Stock Market are categorized in Level 1 of the fair value hierarchy to the extent that they are actively traded and valuation adjustments are not applied. The underlying Funds in which Strategic Income Fund invests are also categorized in Level 1. Foreign equity securities that are fair valued in the event that fluctuations in U.S. securities markets exceed a predetermined level or if a foreign market is closed are categorized in Level 2. Variable and floating rate, corporate, sovereign and municipal bonds, asset backed, U.S. Government and U.S. Government Agency securities, pass-through certificates and loan participations are categorized in Level 2 to the extent that the inputs are observable and timely, otherwise they would be categorized in Level 3. Short-term notes that are valued at amortized cost by the Government Cash Management

308

Fund are categorized in Level 2. Foreign exchange contracts that are considered derivative instruments and are valued at the net unrealized appreciation or depreciation on the instruments are categorized in Level 2. Securities that are fair valued by the Valuation Committee may be categorized in either Level 2 or Level 3 of the fair value hierarchy depending on the relative significance of the unobservable valuation inputs.

The aggregate value by input level, as of September 30, 2018, for each Fund’s investments is included following each Fund’s portfolio of investments.

B. Federal Income Taxes—No provision has been made for federal income taxes on net income or capital gains since it is the policy of each Fund to continue to comply with the special provisions of the Internal Revenue Code applicable to investment companies, and to make sufficient distributions of income and capital gains (in excess of any available capital loss carryovers) to relieve it from all, or substantially all, such taxes. At September 30, 2018, capital loss carryovers were as follows:

			Capital Loss Carryovers Not Subject to Expiration
Fund	Total		Long-Term		Short-Term		Utilized		Expired
Floating Rate	$	3,538,184	$	2,992,449	$	545,735	$	380,941	$	—
Fund For Income		38,335,803		34,401,802		3,934,001		650,564		110,622,886
International Opportunities Bond		3,796,728		3,796,728		—		604,318		—
Investment Grade		3,898,294		3,898,294		—		346,460		—
Limited Duration Bond		2,312,808		1,348,052		964,756		—		—
Strategic Income		2,239,990		2,239,990		—		—		—
Covered Call Strategy		7,958,614		—		7,958,614		—		—
Hedged U.S. Equity Opportunities		316,853		316,853		—		1,558,008		—
International		—		—		—		13,051,390		—
Premium Income		206,166		—		206,166		—		—

As a result of the passage of the Regulated Investment Company Modernization Act of 2010 (“the Modernization Act of 2010”), losses incurred in fiscal year 2010 and beyond retain their character as short-term or long-term, have no expiration date and are utilized prior to capital loss carryovers occurring prior to the enactment of the Modernization Act of 2010.

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2015 – 2017, or expected to be taken in the Funds’ 2018 tax returns. The Funds identify their major tax jurisdictions as U.S. Federal, New York State, New York City and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware

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Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

C. Distributions to Shareholders—Dividends from net investment income of Floating Rate Fund, Fund For Income, Investment Grade Fund, Limited Duration Bond Fund, and Strategic Income Fund are generally declared daily and paid monthly. The Government Cash Management Fund declares distributions, if any, daily and pays distributions monthly, from the total of net investment income plus or minus all realized short-term gains and losses on investments. Prior to March 31, 2016, dividends from net investment income of International Opportunities Bond Fund were generally declared daily and paid monthly. Effective April 1, 2016, dividends from net investment income, if any, of International Opportunities Bond Fund are declared and paid quarterly. Dividends from net investment income, if any, of Covered Call Strategy Fund, Equity Income Fund, Growth & Income Fund, Premium Income Fund and Total Return Fund are declared and paid quarterly. Dividends from net investment income, if any, of Global Fund, Hedged U.S. Equity Opportunities Fund, International Fund, Opportunity Fund, Select Growth Fund and Special Situations Fund are declared and paid annually. Distributions from net realized capital gains, if any, of each of the Funds are normally declared and paid annually. Income dividends and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for capital loss carryforwards, deferral of wash sales losses, post-October capital losses, late loss deferrals, net operating losses and foreign currency transactions.

D. Expense Allocation—Expenses directly charged or attributable to a Fund are paid from the assets of that Fund. General expenses of the Trusts are allocated among and charged to the assets of each Fund on a fair and equitable basis, which may be based on the relative assets of each Fund or the nature of the services performed and relative applicability to each Fund.

E. Use of Estimates—The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates.

F. Foreign Currency Translations—The accounting records of all of the Funds are maintained in U.S. dollars, including those Funds that invest in foreign securities. Portfolio securities and other assets and liabilities denominated in foreign currencies are translated to U.S. dollars at the date of valuation. Purchases and sales of foreign investment securities, dividend income and certain expenses are translated to U.S. dollars at the rates of exchange prevailing on the respective dates of such transactions.

International Opportunities Bond Fund, Global Fund, Hedged U.S. Equity Opportunities Fund and International Fund do not isolate that portion of gains and losses on foreign investments which is due to changes in foreign exchange rates from that which is due to changes in market

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prices of the investments. These changes are included with the net realized and unrealized gains and losses from investments.

Net realized and unrealized gains and losses on foreign currency transactions include gains and losses from the sales of foreign currency and gains and losses on accrued foreign dividends and related withholding taxes.

G. Other—Security transactions are generally accounted for on the first business day following the date the securities are purchased or sold, except for financial reporting purposes, which is trade date. Investments in securities issued on a when-issued or delayed delivery basis are generally reflected in the assets of the Funds on the first business day following the date the securities are purchased and the Funds segregate assets for these transactions. Cost of securities is determined and gains and losses are based on the identified cost basis for both financial statement and federal income tax purposes. Dividend income is recorded on the ex-dividend date or for certain foreign dividends, as soon as the Fund becomes aware of the dividends. Interest income and estimated expenses are accrued daily. Bond discounts and premiums are accreted or amortized using the interest method. Withholding taxes on foreign dividends have been provided in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The Bank of New York Mellon serves as custodian for the Funds and may provide credits against custodian charges based on uninvested cash balance of the Funds. For the year ended September 30, 2018, the Income Funds and Equity Funds received credits in the amount of $25,225 and $70,770, respectively. Certain of the Equity Funds reduced expenses through brokerage service arrangements. For the year ended September 30, 2018, expenses were reduced by a total of $35,507 for certain of the Equity Funds under these arrangements.

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Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

2. Security Transactions—For the year ended September 30, 2018, purchases and sales of securities and long-term U.S. Government obligations (excluding U.S. Treasury bills, short-term securities and foreign currencies) were as follows:

	Securities				Long-Term U.S. Government Obligations
Fund	Cost of Purchases		Proceeds of Sales		Cost of Purchases		Proceeds of Sales
Floating Rate	$	180,368,290	$	122,782,081	$	—	$	—
Fund For Income		454,311,383		523,222,894		—		—
International Opportunities Bond		65,028,289		43,691,920		13,379,099		13,976,859
Investment Grade		357,936,697		353,024,180		8,199,968		1,859,955
Limited Duration Bond		218,221,072		120,758,885		12,353,570		21,488,986
Strategic Income		89,653,148		99,807,121		—		—
Covered Call Strategy		391,015,201		362,749,681		—		—
Equity Income		215,790,992		264,627,209		—		—
Global		791,823,283		803,575,642		—		—
Growth & Income		619,951,017		870,462,637		—		—
Hedged U.S. Equity Opportunities		123,083,413		59,609,587		—		—
International		178,325,404		134,111,450		—		—
Opportunity		410,126,371		389,089,519		—		—
Premium Income		127,645,744		37,195,108		—		—
Select Growth		336,822,180		234,663,396		—		—
Special Situations		341,952,189		351,704,596		—		—
Total Return		435,071,068		423,674,447		18,609,035		37,222,682

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At September 30, 2018, aggregate cost and net unrealized appreciation (depreciation) of securities for federal income tax purposes were as follows:

Fund	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Floating Rate	$	239,865,832	$	1,985,324	$	562,278	$	1,423,046
Fund For Income		625,988,609		7,796,982		9,920,517		(2,123,535	)
International Opportunities Bond		159,703,427		265,449		16,151,469		(15,886,020	)
Investment Grade		615,742,635		1,750,305		21,643,334		(19,893,029	)
Limited Duration Bond		330,367,223		127,349		5,310,727		(5,183,378	)
Strategic Income		159,290,055		56,693		7,508,027		(7,451,334	)
Covered Call Strategy		300,105,313		53,642,506		8,288,149		45,354,357
Equity Income		442,137,937		184,036,368		5,504,165		178,532,203
Global		555,848,489		80,035,144		13,040,332		66,994,812
Growth & Income		1,159,393,432		666,154,262		14,186,470		651,967,792
Hedged U.S. Equity Opportunities		134,326,573		20,886,379		2,925,544		17,960,835
International		321,183,045		87,146,894		11,106,046		76,040,848
Opportunity		831,620,218		368,298,507		31,489,759		336,808,748
Premium Income		75,539,247		5,738,194		4,769,077		969,117
Select Growth		563,115,366		213,010,697		1,792,638		211,218,059
Special Situations		574,485,347		176,101,618		21,055,940		155,045,678
Total Return		765,208,228		194,440,825		17,009,269		177,431,556

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Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

The Strategic Income Fund may invest in Institutional Class shares of the Floating Rate Fund, Fund For Income, Government Cash Management Fund, International Opportunities Bond Fund, Investment Grade Fund, Limited Duration Bond Fund, Covered Call Strategy Fund, Equity Income Fund, Premium Income Fund, Tax Exempt Income Fund and Tax Exempt Opportunities Fund. During the year ended September 30, 2018, purchases and sales of shares, dividends, capital gain distributions received and realized gains (losses) recognized by Strategic Income Fund from investments in these Funds were as follows:

Fund	Balance of Shares Held 9/30/2017		Purchases/ Additions		Sales/ Reductions			Balance of Shares Held 9/30/2018		Value 9/30/2018		Dividend Income		Capital Gain Distributions		Realized Gain (Loss) on Security Transactions
Floating Rate		2,116,830		1,247,323		(159,141	)		3,205,012	$	31,120,663	$	936,780	$	—	$	6,586
Fund For Income		24,252,191		249,884		(12,107,164	)		12,394,911		30,367,532		2,629,525		—		(844,381	)
Government		—		1,584,002		(1,584,002	)		—		—		79,990		—		(70,970	)
International Opportunities Bond		838,186		604,545		(409,799	)		1,032,932		9,213,749		250,937		—		(29,676	)
Investment Grade		2,513,571		447,364		(538,117	)		2,422,818		22,289,935		901,310		—		(165,769	)
Limited Duration Bond		4,292,273		1,918,439		(2,070,953	)		4,139,759		38,127,176		1,072,750		—		(162,722	)
Covered Call Strategy		446,068		339,053		(785,121	)		—		—		16,757		—		365,604
Equity Income		—		74,784		(74,784	)		—		—		—		—		(38,140	)
Premium Income		—		393,948		(16,394	)		377,554		3,835,949		63,030		—		1,912
Tax Exempt Income		—		1,060,486		(636,333	)		424,153		3,838,596		218,137		—		(97,944	)
Tax Exempt Opportunities		—		748,458		(510,823	)		237,635		3,778,402		36,382		—		(73,303	)
		34,459,119		8,668,286		(18,892,631	)		24,234,774	$	142,572,002	$	6,205,598	$	—	$	(1,108,803	)

The Strategic Income Fund operates as a fund of funds - also referred to as a multi-manager investment - an investment strategy in which a fund invests in other types of funds. This strategy invests in a portfolio that contains different underlying assets instead of investing directly in bonds, stocks and other types of securities.

The financial statements of each of the Funds in which Strategic Income Fund had investments during the year ended September 30, 2018 are included in this report except Tax Exempt Income Fund and Tax Exempt Opportunities Fund, whose most recent financial statements as of June 30, 2018 are available and can be viewed by visiting our website www.foresters.com, by calling 1-800-423-4026 or by writing to us at the following address: Foresters Financial Services, Inc., 40 Wall Street, New York, NY 10005.

3. Advisory Fee and Other Transactions With Affiliates—Certain officers of the Trusts are officers of the Trusts’ investment adviser, FIMCO, their underwriter, Foresters Financial Services, Inc. (“FFS”) and their transfer agent, Foresters Investor Services, Inc. (“FIS”). Trustees

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of the Trusts who are not officers or directors of FIMCO or its affiliates are remunerated by the Funds. For the year ended September 30, 2018, total trustees fees accrued by the Income Funds and Equity Funds amounted to $120,921 and $431,944, respectively.

The Investment Advisory Agreements provide as compensation to FIMCO for each Fund, an annual fee, payable monthly, at the following rates:

Floating Rate Fund—.60% on the first $250 million of the Fund’s average daily net assets, .55% on the next $250 million, .50% on the next $500 million, .45% on the next $1 billion and .40% on average daily net assets over $2 billion. For the year ended September 30, 2018, FIMCO has assumed, pursuant to an expense limitation agreement, $43,361 in other expenses to limit the Fund’s overall expense ratio (exclusive of certain expenses) to 1.10% on Class A shares, .90% on Advisor Class shares and .70% on Institutional Class shares.

Fund For Income and International Opportunities Bond Fund—.75% on the first $250 million of each Fund’s average daily net assets, .72% on the next $250 million, .69% on the next $250 million, .66% on the next $500 million, declining by .02% on each $500 million thereafter, down to .60% on average daily net assets over $2.25 billion. For the year ended September 30, 2018, FIMCO has waived $156,236 in advisory fees on Fund For Income to limit the advisory fee to .70% of its average daily net assets.

Government Cash Management Fund—.50% of the Fund’s average daily net assets. For the year ended September 30, 2018, FIMCO has waived $100,093 in advisory fees and assumed $413,623 in other expenses, to limit the Fund’s overall expense ratio (exclusive of certain expenses) to .60% on Class A shares, 1.35% on Class B shares and .60% on Institutional Class shares.

Investment Grade Fund—.66% on the first $500 million of the Fund’s average daily net assets, declining by .02% on each $500 million thereafter, down to .60% on average daily net assets over $1.5 billion. For the year ended September 30, 2018, FIMCO has waived $655,188 in advisory fees on Investment Grade Fund to limit the advisory fee to .55% of its average daily net assets.

Limited Duration Bond Fund—During the period October 1, 2017 through January 30, 2018, the rate was .66% on the first $500 million of each Fund’s average daily net assets, declining by .02% on each $500 million thereafter, down to .60% on average daily net assets over $1.5 billion. Effective January 31, 2018, the rate was changed to .41% on the first $500 million of the Fund’s average daily net assets, .39% on the next $500 million, .37% on the next $500 million and .35% on average daily net assets over $1.5 billion. During the period October 1, 2017 through January 30, 2018, FIMCO has waived, pursuant to an expense limitation agreement that expired on January 31, 2018, $66,967 in advisory fees and assumed $6,251 in other expenses to limit the Fund’s overall expense ratio (exclusive of certain expenses) to 1.05% on Class A shares, .75% on Advisor Class shares and .60% on Institutional Class shares. During the period March 14, 2018 through September 30, 2018, FIMCO has waived, pursuant to an expense limitation agreement

315

Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

$189,958 in advisory fees and $26,729 in other expenses to limit the Fund’s overall expense ratio (exclusive of certain expenses) to .79% on Class a shares, .51% on Advisor Class shares and .36% on Institutional Class shares.

Strategic Income Fund—.05% of the Fund’s average daily net assets.

Covered Call Strategy and Premium Income Funds—.80% on the first $300 million of each Fund’s average daily net assets, .75% on the next $200 million, .70% on the next $500 million, declining by .05% on each $1 billion thereafter, down to .55% on average daily net assets over $3 billion. For the year ended September 30, 2018, FIMCO has assumed, pursuant to an expense limitation agreement $36,426 in other expenses to limit the Covered Call Strategy Fund’s overall expense ratio (exclusive of certain expenses) to 1.30% on Class A shares, .97% on Advisor Class shares and .84% on Institutional Class shares. For the period April 2, 2018 (commencement of operations) through September 30, 2018, FIMCO has waived, pursuant to an expense limitation agreement $107,119 in advisory fees and assumed $48,641 in other expenses to limit the Premium Income Fund’s overall expense ratio (exclusive of certain expenses) to 1.30% on Class A shares, 1.02% on Advisor Class shares and .89% on Institutional Class shares.

Equity Income, Growth & Income, Opportunity, and Select Growth Funds—.75% on the first $300 million of each Fund’s average daily net assets, .72% on the next $200 million, .69% on the next $250 million, .66% on the next $500 million, declining by .02% on each $500 million thereafter, down to .60% on average daily net assets over $2.25 billion.

Global Fund—.95% on the first $600 million, .92% on the next $400 million, .90% on the next $500 million and .88% on average daily net assets over $1.5 billion. For the year ended September 30, 2018, FIMCO has waived $302,998 in advisory fees to limit the advisory fee to .90% of the Fund’s average daily net assets.

Hedged U.S. Equity Opportunities Fund—1.15% on the first $100 million of each Fund’s average daily net assets, 1.10% on the next $400 million, 1.05% on the next $500 million, declining by .05% on each $1 billion thereafter, down to .90% on average daily net assets over $3 billion.

International Fund—.98% on the first $300 million of the Fund’s average daily net assets, .95% on the next $300 million, .92% on the next $400 million, .90% on the next $500 million and .88% on average daily net assets over $1.5 billion.

Special Situations Fund—.90% on the first $200 million of the Fund’s average daily net assets, .75% on the next $300 million, .72% on the next $250 million, .69% on the next $250 million, .66% on the next $500 million and .64% on average daily net assets over $1.5 billion.

Total Return Fund—.75% on the first $300 million of the Fund’s average daily net assets, .70% on the next $200 million, .65% on the next $500 million, .60% on the next $1 billion, .55% on the next $1 billion, down to .50% on average daily net assets over $3 billion.

316

For the year ended September 30, 2018, total advisory fees accrued to FIMCO by the Income Funds and Equity Funds were $12,803,129 and $55,965,732, respectively, of which $1,168,442 and $410,117, respectively, was waived by FIMCO as noted above.

FIMCO has entered into an expense limitation agreement with the Floating Rate Fund (“FRF”) to limit FRF’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.10% of the average daily net assets on Class A shares, .90% of the average daily net assets on Advisor Class shares and .70% of the average daily net assets on Institutional Class shares. The agreement expires on January 31, 2019. For the year ended September 30, 2018, FIMCO assumed $43,361, under the terms of the agreement. FIMCO and FRF have agreed that any expenses of FRF assumed by FIMCO pursuant to this agreement be repaid to FIMCO by FRF within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of FRF’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period October 21, 2013 (commencement of operations) through September 30, 2018, FIMCO assumed $758,366 under the terms of the agreement of which $223,534 expired on September 30, 2017, $198,431 expired on September 30, 2018, $161,613 expires on September 30, 2019, $131,427 expires on September 30, 2020 and $43,361 expires on September 30, 2021. The expense limitation agreement may be terminated or amended prior to January 31, 2019, with the approval of the Board.

Effective June 1, 2018, FIMCO has entered into an expense limitation agreement with the Government Cash Management Fund (“GCM”) to limit GCM’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to .80% of the average daily net assets on Class A shares, 1.55% of the average daily net assets on Class B shares and .80% of the average daily net assets on Institutional Class shares. The agreement expires on June 1, 2019. FIMCO and GCM have agreed that any expenses of GCM assumed by FIMCO pursuant to this agreement be repaid to FIMCO by GCM within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of GCM’s Class A shares, Class B shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period June 1, 2018 (commencement of expense limitation agreement) through September 30, 2018, FIMCO assumed $91,179 under the terms of the agreement of which expires on September 30, 2021. The expense limitation agreement may be terminated or amended prior to June 1, 2019, with the approval of the Board.

FIMCO had entered into an expense limitation agreement with the International Opportunities Bond Fund (“IOBF”) to limit IOBF’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs

317

Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.30% of the average daily net assets on Class A shares. The agreement expired on January 31, 2016. FIMCO and IOBF have agreed that any expenses of IOBF assumed by FIMCO pursuant to this agreement be repaid to FIMCO by IOBF within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of IOBF’s Class A shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period August 20, 2012 (commencement of operations) to January 31, 2016 (expiration of the expense limitation agreement), FIMCO assumed $684,479 under the terms of the agreement of which $278,248 expired on September 30, 2015, $228,243 expired on September 30, 2016, $94,746 expired on September 30, 2017, $62,359 expired on September 30, 2018, and $20,883 expires on September 30, 2019.

FIMCO has entered into an expense limitation agreement with the Limited Duration Bond Fund (“LDB”) on March 14, 2018, to limit LDB’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to .79% of the average daily net assets on Class A shares, .51% of the average daily net assets on Advisor Class shares and .36% of the average daily net assets on Institutional Class shares. The agreement expires on March 14, 2019. FIMCO and LDB have agreed that any expenses of LDB assumed by FIMCO pursuant to this agreement be repaid to FIMCO by LDB within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of LDB’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period March 14, 2018 to September 30, 2018, FIMCO assumed $216,687 under the terms of the agreement of which $216,687 expires on September 30, 2021. The expense limitation agreement may be terminated or amended prior to March 14, 2019, with the approval of the Board. FIMCO had previously entered into an expense limitation agreement with LDB to limit LDB’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.05% of the average daily net assets on Class A shares, .75% of the average daily net assets on Advisor Class shares and .60% of the average daily net assets on Institutional Class shares. The agreement expired on January 31, 2018. FIMCO and LDB have agreed that any expenses of LDB assumed by FIMCO pursuant to this agreement be repaid to FIMCO by LDB within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of LDB’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period ended October 1, 2017 to January 30, 2018 FIMCO assumed $73,218 under the terms of the agreement. For the period May 19, 2014 (commencement of operations) to January 31, 2018 (expiration of the expense limitation agreement), FIMCO assumed $894,488 under the

318

terms of the agreement of which $143,148 expired on September 30, 2017, $179,140 expired on September 30, 2018, $224,276 expires on September 30, 2019, $274,706 expires on September 30, 2020, and $73,218 expires on September 30, 2021.

FIMCO has entered into an expense limitation agreement with the Covered Call Strategy Fund (“CCS”) to limit CCS’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.30% of the average daily net assets on Class A shares, .97% of the average daily net assets on Advisor Class shares and .84% of the average daily net assets on Institutional Class shares. The agreement expires on January 31, 2019. For the year ended September 30, 2018, FIMCO assumed $36,426 under the terms of the agreement. FIMCO and CCS have agreed that any expenses of CCS assumed by FIMCO pursuant to this agreement be repaid to FIMCO by CCS within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of CCS’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period April 1, 2016 (commencement of operations) through September 30, 2018, FIMCO assumed $304,868 under the terms of the agreement of which $130,501 expires on September 30, 2019, $137,941 expires on September 30, 2020 and $36,426 expires on September 30, 2021. The expense limitation agreement may be terminated or amended prior to January 31, 2019, with the approval of the Board.

FIMCO has entered into an expense limitation agreement with the Hedged U.S. Equity Opportunities Fund (“HUSEO”) to limit HUSEO’s total annual fund operating expenses (exclusive of interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.75% of the average daily net assets on Class A shares, 1.42% of the average daily net assets on Advisor Class shares and 1.31% of the average daily net assets on Institutional Class shares. The agreement expires on January 31, 2019. For the year ended September 30, 2018, HUSEO repaid $1,932 under terms of the agreement. FIMCO and HUSEO have agreed that any expenses of HUSEO assumed by FIMCO pursuant to this agreement be repaid to FIMCO by HUSEO within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of HUSEO’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period August 1, 2016 (commencement of operations) through September 30, 2018, FIMCO assumed $272,154 under the terms of the agreement of which $57,323 expires on September 30, 2019, and $214,831 expires on September 30, 2020. The expense limitation agreement may be terminated or amended prior to January 31, 2019, with the approval of the Board.

FIMCO has entered into an expense limitation agreement with the Premium Income Fund (“PIF”) to limit PIF’s total annual fund operating expenses (exclusive of interest expenses,

319

Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

taxes, brokerage commissions, acquired fund fees and expenses, dividend costs related to short sales, and extraordinary expenses, such as litigation expenses, if any) to 1.30% of the average daily net assets on Class A shares, .97% of the average daily net assets on Advisor Class shares and .84% of the average daily net assets on Institutional Class shares. The agreement expires on April 2, 2019. For the period ended September 30, 2018, FIMCO assumed $155,760 under the terms of the agreement. FIMCO and PIF have agreed that any expenses of PIF assumed by FIMCO pursuant to this agreement be repaid to FIMCO by PIF within three years after the date the fee limitation and/or expense reimbursement has been made by FIMCO, provided that such repayment does not cause the expenses of PIF’s Class A shares, Advisor Class shares and Institutional Class shares to exceed the applicable expense ratio in place at the time the expenses are waived or assumed or the current limits established under the expense limitation agreement. For the period April 2, 2018 (commencement of operations) through September 30, 2018, FIMCO assumed $155,760 under the terms of the agreement of which $155,760 expires on September 30, 2021. The expense limitation agreement may be terminated or amended prior to April 2, 2019, with the approval of the Board.

For the year ended September 30, 2018, FFS, as underwriter, received from the Income Funds and Equity Funds $3,181,088 and $17,918,932, respectively, in commissions in connection with the sale of shares of the Funds, after allowing $42,334 and $257,126, respectively, to other dealers. For the year ended September 30, 2018, shareholder servicing costs for the Income Funds and Equity Funds included $2,879,966 and $8,989,468, respectively, in transfer agent fees accrued to FIS, of which FIS voluntarily waived $45,357 on the Government Cash Management Fund.

Pursuant to Distribution Plans adopted under Rule 12b-1 of the 1940 Act, each Fund, other than the Government Cash Management Fund, is authorized to pay FFS a fee up to .30% (and for certain Funds, up to .25%) of the average daily net assets of the Class A shares and 1% of the average daily net assets of the Class B shares on an annualized basis each fiscal year, payable monthly. The Government Cash Management Fund is authorized to pay FFS a fee up to 1% of the average daily net assets of the Class B shares. The fee consists of a distribution fee and a service fee. The service fee is paid for the ongoing servicing of clients who are shareholders of that Fund. For the year ended September 30, 2018, total distribution plan fees accrued to FFS by the Income Funds and Equity Funds amounted to $4,026,353 and $18,684,294, respectively.

Brandywine Global Investment Management, LLC, serves as investment subadviser to International Opportunities Bond Fund. Muzinich & Co., Inc. serves as investment subadviser to Floating Rate Fund and Fund For Income. Effective January 31, 2018, Muzinich & Co., Inc. serves as investment subadviser to Investment Grade Fund, Limited Duration Bond Fund and Total Return Fund. Ziegler Capital Management, LLC serves as investment subadviser to Covered Call Strategy Fund and Premium Income Fund. Wellington Management Company, LLP serves as investment subadviser to Global Fund (for the period October 1, 2017 through June 30, 2018) and Hedged U.S. Equity Opportunities Fund. Vontobel Asset Management, Inc. serves as investment subadviser to International Fund. Smith Asset Management Group, L.P.

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serves as investment subadviser to Select Growth Fund. The subadvisers are paid by FIMCO and not by the Funds.

4. Restricted Securities—Certain restricted securities are exempt from the registration requirements under Rule 144A of the Securities Act of 1933 and may only be sold to qualified institutional investors. Unless otherwise noted, these 144A securities are deemed to be liquid. At September 30, 2018, Floating Rate Fund held eight 144A securities with an aggregate value of $5,235,657 representing 2.1% of the Fund’s net assets, Fund For Income held one hundred eighty-four 144A securities with an aggregate value of $331,166,308 representing 51.8% of the Fund’s net assets, International Opportunities Bond Fund held nine 144A securities with an aggregate value of $16,689,898 representing 11.0% of the Fund’s net assets, Investment Grade Fund held one hundred eighteen 144A securities with an aggregate value of $98,647,899 representing 16.3% of the Fund’s net assets, Limited Duration Bond Fund held eighty-two 144A securities with an aggregate value of $56,274,208 representing 17.5% of the Fund’s net assets and Total Return Fund held one hundred four 144A securities with an aggregate value of $45,200,294 representing 4.9% of the Fund’s net assets. These securities are valued as set forth in Note 1A. Certain restricted securities are exempt from the registration requirements under Regulation S of the Securities Act of 1933 and may only be sold to qualified investors. Unless otherwise noted, these Regulation S securities are deemed to be liquid. At September 30, 2018, International Opportunities Bond Fund held two Regulation S securities with an aggregate value of $5,365,823 representing 3.5% of the Fund’s net assets. These securities are valued as set forth in Note 1A.

5. Derivatives—Some of the Funds may invest in various derivatives. A derivative is a financial instrument which has a value that is based on – or “derived from” – the values of other assets, reference rates, or indices. The Funds may invest in derivatives for hedging purposes.

Derivatives may relate to a wide variety of underlying references, such as commodities, stocks, bonds, interest rates, currency exchange rates, and related indices. Derivatives include futures contracts and options on futures contracts, forward-commitment transactions, options on securities, caps, floors, collars, swap contracts, and other financial instruments. Some derivatives, such as futures contracts and certain options, are traded on U.S. commodity and securities exchanges, while other derivatives, such as swap contracts, are privately negotiated and entered into in the over-the-counter market (“OTC”). The risks associated with the use of derivatives are different from, and possibly greater than, the risks associated with investing directly in securities and other traditional investments.

The use of a derivative involves the risk that a loss may be sustained as a result of the insolvency or bankruptcy of the other party to the contract (usually referred to as a “counterparty”) or the failure of the counterparty to make required payments or otherwise comply with the terms of the contract. Additionally, the use of credit derivatives can result in losses if FIMCO, or a Fund’s subadviser, as applicable, does not correctly evaluate the creditworthiness of the issuer on which the credit derivative is based.

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Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

Derivatives may be subject to liquidity risk, which exists when a particular derivative is difficult to purchase or sell. If a derivative transaction is particularly large or if the relevant market is relatively illiquid (as is the case with many OTC derivatives), it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price.

Derivatives may be subject to pricing or “basis” risk, which exists when a particular derivative becomes extraordinarily expensive relative to historical prices or the prices of corresponding cash market instruments. Under certain market conditions, it may not be economically feasible to initiate a transaction or liquidate a position in time to avoid a loss or take advantage of an opportunity.

Because many derivatives have leverage or borrowing components, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment.

Like most other investments, derivative instruments are subject to the risk that the market value of the instrument will change in a way detrimental to the Funds’ interest. The Funds bear the risk that FIMCO will incorrectly forecast future market trends or the values of assets, reference rates, indices, or other financial or economic factors in establishing derivative positions for the Funds. If FIMCO attempts to use a derivative as a hedge against, or as a substitute for, a portfolio investment, the Funds will be exposed to the risk that the derivative will have or will develop an imperfect or no correlation with the portfolio investment. This could cause substantial losses for the Funds. While hedging strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other investments. Many derivatives, in particular OTC derivatives, are complex and often valued subjectively. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value to a Fund.

The following provides more information on specific types of derivatives and activity in the Funds.

Options Contracts—Some of the Funds may write covered call and put options on securities, derivative instruments, or currencies the Fund owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statement of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund, as a

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writer of an option, has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the future, swap, security or currency underlying the written option. The risk exists that a Fund may not be able to enter into a closing transaction because of an illiquid market.

Some of the Funds may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included in its Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, swap, security or currency transaction to determine the realized gain or loss.

The premium amount and the number of option contracts written or purchased by the Funds during the year ended September 30, 2018, were as follows:

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Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

	Covered Call Strategy						Equity Income						Hedged U.S. Equity Opportunities
	Call Options						Call Options						Put Options
	Number of Contracts			Premium Amount			Number of Contracts			Premium Amount			Number of Contracts			Premium Amount			Number of Contracts			Premium Amount
Options outstanding at September 30, 2017		(43,758	)	$	(6,258,541	)		(210	)	$	(18,984	)		108		$	726,822			(95	)	$	(342,648	)
Put options written		—			—			—			—			—			—			(213	)		(933,889	)
Put options purchased to cover		—			—			—			—			—			—			83			395,203
Put options written expirations		—			—			—			—			—			—			93			272,975
Put options purchased		—			—			—			—			220			1,686,209			—			—
Put options sold.		—			—			—			—			(23	)		(163,370	)		—			—
Put options purchased expired.		—			—			—			—			(128	)		(733,444	)		—			—
Call options written		(370,374	)		(40,391,077	)		(3,252	)		(380,179	)		—			—			—			—
Call options exercised		431			252,244			1,546			181,938			—			—			—			—
Call options purchased to cover		266,097			31,738,207			—			—			—			—			—			—
Call options expirations		110,317			9,764,469			1,916			217,225			—			—			—			—
Options outstanding at September 30, 2018		(37,287	)	$	(4,894,698	)		—		$	—			177		$	1,516,217			(132	)	$	(608,359	)

	Premium Income
	Call Options
	Number of Contracts			Premium Amount
Options outstanding at September 30, 2017		—		$	—
Call options written		(18,894	)		(21,275,507	)
Call options exercised		1,679			1,417,744
Call options purchased to cover		3,312			4,578,818
Call options expirations		85			120,690
Options outstanding at September 30, 2018		(13,818	)	$	(15,158,255	)

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Derivative Investment Holdings Categorized by Risk Exposure – The following table sets forth the fair value and the location in the Statement of Assets and Liabilities of the Funds’ derivative contracts by primary risk exposure as of September 30, 2018:

Asset derivatives

Liability derivatives

Risk exposure category

Statement of Assets
and Liabilities
location

Value

Statement of Assets
and Liabilities
location

Value

Options Contracts:

Covered Call Strategy

Purchased Options, at value

N/A

Written Options, at value

4,893,564

Purchased Options, at value

N/A

Hedged U.S. Equity Opportunities

Purchased Options, at value

—

Written Options, at value

314,944

Purchased Options, at value

—

Premium Income

Purchased Options, at value

N/A

Written Options, at value

16,483,450

Purchased Options, at value

N/A

The following table sets forth the Funds’ realized gain (loss), as reflected in the Statement of Operations, by primary risk exposure and by type of derivative contract for the year ended September 30, 2018:

Risk exposure category	Written options			Purchased options
Options contracts:
Covered Call Strategy	$	(18,387,467	)		N/A
Equity Income	$	217,224			N/A
Hedged U.S. Equity Opportunities	$	(320,143	)	$	—
Premium Income	$	(453,033	)		N/A

The following table sets forth the Funds’ change in unrealized appreciation (depreciation) by primary risk exposure and by type of derivative contract for the year ended September 30, 2018:

Risk exposure category		Covered Call Strategy				Equity Income				Hedged U.S. Equity Opportunities				Premium Income
Option contracts		$	2,118,516			$	(12,464	)		$	(419,997	)		$	(1,325,195	)

Futures Contracts—The Funds may enter into futures contracts including interest rate futures contracts and index futures, including futures on equity market indices and debt market indices. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds may use futures contracts to manage exposure to the stock market. Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily

325

Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations. Any open futures contracts at period end are presented in the Schedule of Investments under the caption “Futures Contracts”. The notional amount at value reflects each contract’s exposure to the underlying instrument or index at period end.

The Funds may enter into interest rate futures contracts on U.S. Treasury obligations and options thereon that are traded on a U.S. exchange. An interest rate futures contract provides for the future sale by one party and the purchase by another party of a specified amount of a particular financial instrument (debt security) at a specified price, date, time and place. Such investments may be used for, among other purposes, the purpose of hedging against changes in the value of a Fund’s portfolio securities due to anticipated changes in interest rates and market conditions. A public market exists for interest rate futures contracts covering a number of debt securities, including long-term U.S. Treasury Bonds, 10-year U.S. Treasury Notes and three-month U.S. Treasury Bills. No price is paid upon entering into futures contracts. Instead, upon entering into a futures contract, a Fund is required to deposit with its custodian in a segregated account in the name of the futures broker through which the transaction is effected an amount of cash or U.S. Government securities generally equal to 3%-5% or less of the contract value. This amount is known as “initial margin.”

An option on an interest rate futures contract generally gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract at a specified exercise price at any time prior to the expiration date of the option. The Funds may purchase put and call options on interest rate futures contracts on U.S. Treasury obligations which are traded on a U.S. exchange as a hedge against changes in interest rates, and may enter into closing transactions with respect to such options to terminate existing positions. There is no guarantee such closing transactions can be effected. When writing a call or put option on a futures contract, margin also must be deposited in accordance with applicable exchange rules. Initial margin on futures contracts is in the nature of a performance bond or good-faith deposit that is returned to a Fund upon termination of the transaction, assuming all obligations have been satisfied. Under certain circumstances, such as periods of high volatility, a Fund may be required by an exchange to increase the level of its initial margin payment. Subsequent payments, called “variation margin,” to and from the broker, are made on a daily basis as the value of the futures position varies, a process known as “marking to market.” Variation margin does not involve borrowing to finance the futures transactions, but rather represents a daily settlement of a Fund’s obligation to or from a clearing organization. A Fund is also obligated to make initial and variation margin payments when it writes options on futures contracts.

To the extent that a Fund participates in the futures or options markets, it will incur investment risks and transaction costs to which it would not be subject absent the use of these strategies. The

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use of these strategies involves certain special risks, including: (1) dependence on the ability of the Funds’ investment adviser, FIMCO, or a Fund’s subadviser, as applicable, to predict correctly movements in the direction of interest rates and securities prices; (2) imperfect correlation between the price of futures contracts and options thereon and movements in the prices of the securities or currencies being hedged; (3) the fact that skills needed to use these strategies are different from those needed to select portfolio securities; (4) the leverage (if any) that is created by investing in the option or futures contract; and (5) the possible absence of a liquid secondary market for any particular instrument at any time. If FIMCO’s, or a Fund’s subadviser, as applicable, prediction of movements in the direction of the securities and interest rate markets is inaccurate, the adverse consequences to that Fund may leave it in a worse position than if such strategies were not used. Derivatives may be difficult to sell, unwind or value.

The following table summarizes the value of the Funds’ futures contracts held as of September 30, 2018, and the related location in the Statement of Assets and Liabilities:

	Statement of Assets and Liabilities
Futures Contracts	Unrealized depreciation in value of investments
Hedged U.S. Equity Opportunities	$	(159,314	)

The amount of realized gains (losses) on futures contracts recognized by the Funds in the accompanying Statement of Operations for the year ended September 30, 2018 are summarized in the following table:

	Statement of Operations Location
Futures Contracts	Realized Gain (Loss)
Limited Duration Bond	$	12,003
Hedged U.S. Equity Opportunities	$	(2,753,716	)

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Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

The following table summarizes the value of the Funds’ futures contracts held as of September 30, 2018, and the related location in the accompanying Statement of Operations.

	Statement of Operations
Futures Contracts	Unrealized appreciation in value of investments
Hedged U.S. Equity Opportunities	$	312,028

Foreign Exchange Contracts—The International Opportunities Bond Fund, Global Fund and Hedged U.S. Equity Opportunities Fund may enter into foreign exchange contracts for the purchase or sale of foreign currencies at negotiated rates at future dates. These contracts are considered derivative instruments and a Fund may invest in them in order to hedge its currency exposure in bond positions or to gain currency exposure held by the Fund. A Fund could be exposed to risk if counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. Foreign exchange contracts are “marked-to-market” daily at the applicable translation rate and the resulting unrealized gains and losses are reflected in the Funds’ assets. During the period, the Funds used currency forwards to hedge currency exposure from certain bonds as well as to gain currency exposure in certain countries.

Disclosures about Offsetting Assets and Liabilities—Disclosures about Offsetting Assets and Liabilities requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented.

A Fund may mitigate credit risk with respect to OTC derivative counterparties through credit support annexes included with an International Swaps and Derivatives Association, Inc. Master Agreements or other Master Netting Agreements which are the standard contracts governing most derivative transactions between the Fund and each of its counterparties. These agreements may allow the Fund and each counterparty to offset certain derivative financial instruments’ payables and/or receivables against each other and/or with collateral, which is generally held by the Fund’s custodian. The amount of collateral moved to/from applicable counterparties is based upon minimum transfer amounts specified in the agreement. To the extent amounts due to the Fund from its counterparties are not fully collateralized contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

The Funds’ Statement of Assets and Liabilities (“SOAL”) presents financial instruments on a gross basis, therefore there are no net amounts and no offset amounts within the SOAL to present

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below. Gross amounts of the financial instruments, amounts related to financial instruments/cash collateral not offset in the SOAL and net amounts are presented below:

International Opportunities Bond

Description/Financial Instrument/Statement of Assets and Liabilities Category	Counterparty	Gross Amounts Presented in Statement of Assets and Liabilities			Financial Instruments^*			Net Amount
Unrealized gain on foreign exchange contracts	CITI	$	—		$	—		$	—
	GS		148,657			—			148,657
	HSBC		924,592			(889,126	)		35,466
	JPM		—			—			—
	MSD		1,319			(1,319	)		—
	Total	$	1,074,568		$	(890,445	)	$	184,123
Unrealized loss on foreign exchange contracts	CITI	$	(103,848	)	$	—		$	(103,848	)
	GS		—			—			—
	HSBC		(889,126	)		889,126			—
	JPM		(280,347	)		—			(280,347	)
	MSD		(27,013	)		1,319			(25,694	)
	Total	$	(1,300,334	)	$	890,445		$	(409,889	)

Hedged U.S. Equity Opportunities

Description/Financial Instrument/Statement of Assets and Liabilities Category	Counterparty	Gross Amounts Presented in Statement of Assets and Liabilities		Financial Instruments^*		Net Amount
Unrealized gain on foreign exchange contracts	JPM	$	4,030	$	—	$	4,030
	SSC		492		—		492
		$	4,522	$	—	$	4,522

^*	Amounts related to master netting arrangements (for example, ISDA) which have been determined by the Fund to be legally enforceable in the event of default and where certain other criteria are met in accordance with applicable offsetting accounting guidance.

A summary of abbreviations for counterparties appear at the end of the Portfolio of Investments for the respective Funds.

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Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

During the year ended September 30, 2018, the volume of derivative activity for the Funds based on average monthly market values for forward foreign currency contracts (to buy) and for forward foreign currency contracts (to sell) were as follows:

	Forward Foreign Currency Contracts
	(to Buy)		(to Sell)
International Opportunities Bond	$	60,697,381	$	15,152,155
Hedged U.S. Equity Opportunities		35,366		201,888

Fair Value of Derivative Instruments— The fair value of derivative instruments held by the Funds as of September 30, 2018, was as follows:

	Assets Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments under ASC 815	Statements of Assets and Liabilities Location			Statements of Assets and Liabilities Location
Foreign exchange, options and futures contracts:	Unrealized appreciation of foreign exchange, options and futures contracts	Value		Unrealized depreciation of foreign exchange, options and futures contracts	Value
International Opportunities Bond		$	184,123		$	(409,889	)
Hedged U.S. Equity Opportunities		$	4,522		$	(158,824	)

The effect of the Funds’ derivative instruments on the Statement of Operations are as follows:

Amount of Realized Gain or Loss Recognized on Derivatives
Derivatives not accounted for as hedging instruments under ASC 815	Net Realized Gain (Loss) on Foreign Exchange Transactions
Foreign exchange transactions:
International Opportunities Bond	$	(3,149,267	)
Global	$	(445,172	)
Hedged U.S. Equity Opportunities	$	10,201
International	$	(226,614	)

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Amount of Change in Unrealized Appreciation or Depreciation Recognized on Derivatives
Derivatives not accounted for as hedging instruments under ASC 815	Net Unrealized Appreciation (Depreciation) on Foreign Exchange Transactions
Foreign exchange transactions:
International Opportunities Bond	$	(377,060	)
Hedged U.S. Equity Opportunities	$	1,192
International	$	(13,569	)

6. High Yield Credit Risk—The investments of Floating Rate Fund, Fund For Income, Investment Grade Fund, Limited Duration Bond Fund and Total Return Fund in high yield securities, whether rated or unrated, may be considered speculative and subject to greater market fluctuations and risks of loss of income and principal than lower-yielding, higher-rated, fixed-income securities. The risk of loss due to default by the issuer may be significantly greater for holders of high-yielding securities, because such securities are generally unsecured and are often subordinated to other creditors of the issuer.

7. Capital—The Trusts are authorized to issue an unlimited number of shares of beneficial interest without par value. The Trusts consist of the Funds listed on the cover page, each of which is a separate and distinct series of the Trusts. Each Fund has designated four classes of shares, Class A, Class B, Advisor Class and Institutional Class shares (each, a “Class”) except for Government Cash Management Fund which has designated only Class A, Class B and Institutional Class shares, Strategic Income Fund which has designated only Class A and Advisor Class shares and Floating Rate Fund, International Opportunities Bond Fund, Limited Duration Bond Fund, Covered Call Strategy Fund, Hedged U.S. Equity Opportunities Fund and Premium Income Fund which have designated only Class A, Advisor Class and Institutional Class shares. Advisor Class and Institutional Class shares became available for sale to the public, for those Funds in existence at the time, in May 2013 and October 2013, respectively. Not all classes of shares of each Fund may be available in all jurisdictions. Each share of each Class has an equal beneficial interest in the assets, has identical voting, dividend, liquidation and other rights and is subject to the same terms and conditions except that expenses allocated to a Class may be borne solely by that Class as determined by the Board and a Class may have exclusive voting rights with respect to matters affecting only that Class. Government Cash Management Fund’s Class A, Class B and Institutional Class shares are sold without an initial sales charge; however, its Class B shares may only be acquired through an exchange of Class B shares from another First Investors eligible Fund or through the reinvestment of dividends on Class B shares and are generally subject to a contingent deferred sales charge at the rate of 4% in the first year and declining to 0% over a six-year period, which is payable to FFS as underwriter of the Trusts. The shares sold by the other Funds have a public offering price that reflects different sales charges and expense levels. Class A shares are sold with an initial sales charge of up to 4% for the First Investors Income Funds, except for Floating Rate Fund and Limited Duration Bond Fund which

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Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

have an initial sales charge of up to 2.5% (effective June 12, 2017, the maximum sales charge on Class A shares was changed from 5.75% to 4% on the Income Funds, except for Floating Rate Fund and Limited Duration Bond Fund which was changed to 2.5%) and 5.75% for the First Investors Equity Funds and together with the Class B shares are subject to distribution plan fees as described in Note 3. Class B shares are sold without an initial sales charge, but are generally subject to a contingent deferred sales charge which declines in steps from 4% to 0% over a six-year period. Class B shares automatically convert into Class A shares after eight years. There are no sales charges associated with the purchase of Advisor Class and Institutional Class shares. Realized and unrealized gains or losses, investment income and expenses (other than distribution plan fees and shareholder servicing costs) are allocated daily to each class of shares based upon the relative proportion of net assets to each class.

8. Litigation—The Blue Chip and Equity Income Funds have been named, and have received notice that they may be putative members of the proposed defendant class of shareholders, in a lawsuit filed in the United States Bankruptcy Court for the District of Delaware on November 1, 2010, by the Official Committee of Unsecured Creditors of Tribune Company (the “Committee”). The Committee is seeking to recover all payments made to beneficial owners of common stock in connection with a leveraged buyout of the Tribune Company (“LBO”), including payments made in connection with a 2007 tender offer into which the Blue Chip and Equity Income Funds tendered their shares of common stock of the Tribune Company. On December 9, 2011, the Blue Chip Fund was reorganized into the Growth & Income Fund pursuant to a Plan of Reorganization and Termination, whereby all of the assets of the Blue Chip Fund were transferred to the Growth & Income Fund, the Growth & Income Fund assumed all of the liabilities of the Blue Chip Fund, including any contingent liabilities with respect to pending or threatened litigation or actions, and shareholders of Blue Chip Fund became shareholders of Growth & Income Fund. The adversary proceeding brought by the Committee has been transferred to the Southern District of New York and administratively consolidated with other similar suits as discussed below. In addition, on June 2, 2011, the Blue Chip and Equity Income Funds were named as defendants in a lawsuit brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Bondholder Plaintiffs”) in the Supreme Court of the State of New York. The Blue Chip and Equity Income Funds have also been named in a similar suit filed on behalf of participants in Tribune defined-compensation plans (the “Retiree Plaintiffs”). As with the Bondholder Plaintiffs and the Committee, the Retiree Plaintiffs seek to recover payments of the proceeds of the LBO. (All of these suits have been removed to the United States District Court for the Southern District of New York and administratively consolidated with other substantially similar suits against other former Tribune shareholders (the “MDL Proceeding”)). On September 23, 2013, the Judge in the MDL Proceeding dismissed various state law constructive fraudulent transfer suits, resulting in the Funds being dismissed from the Bondholder and Retiree Plaintiffs’ actions. On September 30, 2013, counsel for the plaintiffs in those suits appealed the MDL Judge’s dismissal ruling to

332

the Second Circuit. On March 24, 2016, the Second Circuit Court of Appeals affirmed the MDL Judge’s dismissal of the various state law constructive fraudulent transfer suits. In September 2016, the Bondholder and Retiree Plaintiffs petitioned the U.S. Supreme Court to review the Second Circuit’s decision. The Supreme Court has not yet ruled on that request. On January 9, 2017, the Tribune MDL judge granted the defendants’ motion to dismiss the Committee lawsuit alleging a single claim for intentional fraudulent transfer. An appeal of that decision to the Second Circuit is expected, but has not yet been made. The extent of the Funds’ potential liability in any such actions has not been determined. The Funds have been advised by counsel that the Funds could be held liable to return all or part of the proceeds received in any of these actions, as well as interest and court costs, even though the Funds had no knowledge of, or participation in, any misconduct. The Equity Income Fund received proceeds of $1,526,566 in connection with the LBO, representing 0.24% of its net assets as of September 30, 2018. The Blue Chip Fund received proceeds of $790,772 in connection with the LBO, representing 0.04% of the net assets of Growth & Income Fund as of September 30, 2018. The Equity Income and Growth & Income Funds cannot predict the outcomes of these proceedings, and thus have not accrued any of the amounts sought in the various actions in the accompanying financial statements.

9. Name Change—Effective January 31, 2018, the First Investors Limited Duration High Quality Bond Fund changed its name to First Investors Limited Duration Bond Fund. The purpose of the name change is to reflect some changes to the Fund’s investment strategies.

Effective January 31, 2018, the First Investors Investment Grade Fund, First Investors Limited Duration Bond Fund and First Investors Total Return Fund each added investments in high yield securities as part of their principal investment strategies. The portion of each fund that is invested in high yield securities is managed by Muzinich & Co., Inc.

10. New Fund—On February 22, 2018, the Board approved the establishment of a new series of the First Investors Equity Funds, First Investors Premium Income Fund (the “Premium Income Fund”). The Fund is registered under the Investment Company Act of 1940 as a diversified fund and is authorized to issue an unlimited number of shares of beneficial interest of Class A, Advisor Class and Institutional Class. The primary investment objective of the Fund is to generate income. The Fund commenced operations on April 2, 2018.

11. Reorganization of Government Fund into Limited Duration Bond Fund—On September 21, 2018, the Limited Duration Bond Fund acquired all of the net assets of the Government Fund in connection with a tax-free reorganization that was approved by the Income Funds’ Board of Trustees. The Limited Duration Bond Fund issued 20,370,413 Class A shares, 52,807 Advisor Class shares and 111 Institutional Class shares to the Government Fund in connection with the reorganization. In return, it received net assets of $187,297,416 from the Government Fund (which included $2,066,343 of unrealized depreciation and $27,873,276 of accumulated net realized losses). The Limited Duration Bond Fund’s shares were issued at their current net asset values as of the date of the reorganization. The aggregate net assets of the Limited Duration Bond Fund and Government Fund immediately before the acquisition were $322,964,766 consisting of, with respect to Limited Duration Bond Fund, $135,667,350 ($61,845,002 Class A, $34,993,936 Advisor

333

Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

Class and $38,828,412 Institutional Class) and, with respect to Government Fund, $187,297,416 ($186,810,690 Class A, $485,702 Advisor Class and $1,024 Institutional Class).

Reorganization of Balanced Income Fund into Total Return Fund—On September 21, 2018, the Total Return Fund acquired all of the net assets of the Balanced Income Fund in connection with a tax-free reorganization that was approved by the Income Funds and Equity Funds Board of Trustees. The Total Return Fund issued 2,466,173 Class A shares and 2,516 Advisor Class shares to the Balanced Income Fund in connection with the reorganization. In return, it received net assets of $50,516,080 from the Balanced Income Fund (which included $2,722,435 of unrealized appreciation and $237,931 of accumulated net realized losses). The Total Return Fund’s shares were issued at their current net asset values as of the date of the reorganization. The aggregate net assets of the Total Return Fund and Balanced Income Fund immediately before the acquisition were $939,139,408 consisting of, with respect to Total Return Fund, $888,623,328 ($846,769,158 Class A, $6,101,354 Class B, $958,144 Advisor Class and $34,794,672 Institutional Class) and, with respect to Balanced Income Fund, $50,516,080 ($50,464,265 Class A and $51,815 Advisor Class).

12. Tax Components of Capital and Distributions to Shareholders—The tax character of distributions declared for the years ended September 30, 2018 and September 30, 2017 were as follows:

	Year Ended September 30, 2018
	Distributions Declared from
Fund	Ordinary Income		Long-Term Capital Gain		Total
Floating Rate	$	7,331,705	$	—	$	7,331,705
Fund For Income		35,408,355		—		35,408,355
Government Cash Management		1,351,094		—		1,351,094
International Opportunities Bond		4,560,231		—		4,560,231
Investment Grade		22,161,164		—		22,161,164
Limited Duration Bond		3,854,857		—		3,854,857
Strategic Income		5,491,764		—		5,491,764
Covered Call Strategy		3,645,728		—		3,645,728
Equity Income		15,326,911		16,324,412		31,651,323
Global		7,425,106		37,893,056		45,318,162
Growth & Income		35,231,978		64,202,763		99,434,741
Hedged U.S. Equity Opportunities		—		—		—
International		522,398		—		522,398
Opportunity		6,881,745		58,395,168		65,276,913
Premium Income		347,190		—		347,190
Select Growth		363,284		47,676,209		48,039,493
Special Situations		3,559,350		15,893,645		19,452,995
Total Return		18,048,090		14,207,522		32,255,612

334

	Year Ended September 30, 2017
	Distributions Declared from
Fund	Ordinary Income		Long-Term Capital Gain		Total
Floating Rate	$	5,293,830	$	—	$	5,293,830
Fund For Income		35,309,696		—		35,309,696
Government Cash Management		100,143		—		100,143
International Opportunities Bond		2,228,370		—		2,228,370
Investment Grade		20,955,134		—		20,955,134
Limited Duration Bond		3,069,199		—		3,069,199
Strategic Income		4,961,619		—		4,961,619
Covered Call Strategy.		2,617,346		237,506		2,854,852
Equity Income		12,725,552		10,667,835		23,393,387
Global		958,933		—		958,933
Growth & Income		29,931,410		60,147,475		90,078,885
Hedged U.S. Equity Opportunities		6,879		—		6,879
International		1,537,577		—		1,537,577
Opportunity.		5,695,841		34,744,601		40,440,442
Premium Income		—		—		—
Select Growth		1,257,169		60,959,968		62,217,137
Special Situations		3,302,735		4,826,272		8,129,007
Total Return		15,036,591		13,865,118		28,901,709

335

Notes to Financial Statements (continued)

FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

September 30, 2018

As of September 30, 2018, the components of distributable earnings (deficit) on a tax basis were as follows:

Fund	Undistributed Ordinary Income		Undistributed Capital Gains		Capital Losses Carryover			Other Accumulated Losses			Unrealized Appreciation (Depreciation)			Total Distributable Earnings (Deficit)
Floating Rate	$	133,349	$	—	$	(3,538,184	)	$	—		$	1,423,046		$	(1,981,789	)
Fund For Income		73,303		—		(38,335,803	)		(1,554,828	)		(2,123,535	)		(41,940,863	)
International Opportunities Bond		2,748,412		—		(3,796,728	)		(2,681,523	)		(16,100,301	)		(19,830,140	)
Investment Grade		—		—		(3,898,294	)		(7,282,116	)		(19,893,029	)		(31,073,439	)
Limited Duration Bond		—		—		(2,312,808	)		(30,922,472	)^*		(5,183,378	)		(38,418,658	)
Strategic Income		69,208		—		(2,239,990	)		(841,969	)		(7,451,334	)		(10,464,085	)
Covered Call Strategy		41,035		—		(7,958,614	)		(3,573,171	)		45,354,357			33,863,607
Equity Income		5,666,088		60,283,465		—			—			178,532,203			244,481,756
Global		2,519,915		68,121,835		—			(426,580	)		66,999,970			137,215,140
Growth & Income		4,822,338		244,266,076		—			—			651,967,792			901,056,206
Hedged U.S. Equity Opportunities		—		—		(316,853	)		—			18,558,571			18,241,718
International		805,673		15,827,948		—			(186,066	)		76,028,628			92,476,183
Opportunity		11,143,530		71,809,297		—			—			336,808,748			419,761,575
Premium Income		19,288		—		(206,166	)		—			969,117			782,239
Select Growth		—		36,058,940		—			—			211,218,059			247,276,999
Special Situations		6,792,604		74,954,575		—			—			155,045,678			236,792,857
Total Return		741,369		59,210,112		—			—			177,431,556			237,383,037

^*	Includes $27,832,681 of long term capital losses acquired from the Fund’s merger with the First Investors Government Fund on September 21, 2018. Per the IRS, use of these losses is limited to $4,374,271 per year.

336

Other accumulated losses as of September 30, 2018 consist of late year loss deferrals in the following categories:

Other accumulated losses	Capital Losses			Currency Losses			Total
Fund For Income		(1,554,828	)		—			(1,554,828	)
International Opportunities Bond		(121,941	)		(2,785,344	)		(2,907,285	)
Investment Grade		(7,282,116	)		—			(7,282,116	)
Limited Duration Bond		(3,089,791	)		—			(3,089,791	)
Strategic Income		(841,969	)		—			(841,969	)
Covered Call Strategy		(3,573,171	)		—			(3,573,171	)
Global		—			(426,580	)		(426,580	)
International		—			(186,066	)		(186,066	)

For the year ended September 30, 2018, the following reclassifications were made to reflect permanent differences between book and tax reporting which are primarily due to the differences between book and tax treatment of investments in real estate trusts, bond premium amortization, foreign currency transactions, paydowns on securities, fund organization expenses and expiration of capital loss carryovers.

Fund	Capital Paid In			Undistributed Ordinary Income (Loss)			Accumulated Capital Gains (Losses)
Floating Rate	$	—		$	1,772		$	(1,772	)
Fund For Income.		(110,622,886	)		15,354			110,607,532
International Opportunities Bond		—			(3,149,267	)		3,149,267
Investment Grade		(19,894	)		22,703			(2,809	)
Limited Duration Bond		(61,008	)		120,685			(59,677	)
Equity Income		—			64			(64	)
Global		—			802,753			(802,753	)
Hedged U.S. Equity Opportunities		(61,448	)		70,750			(9,302	)
International		—			(226,614	)		226,614
Opportunity		—			85			(85	)
Select Growth		—			14,380			(14,380	)
Total Return		—			425,559			(425,559	)

13. Subsequent Events—Subsequent events occurring after September 30, 2018 have been evaluated for potential impact to this report through the date the financial statements were issued. There were no subsequent events to report that would have a material impact on the Funds’ financial statements.

337

Financial Highlights

FIRST INVESTORS INCOME FUNDS

The following table sets forth the per share operating performance data for a share outstanding, total return, ratios to average net assets and other supplemental data for each fiscal year ended September 30 unless otherwise indicated.

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
					Net Realized and
	Net Asset Value, Beginning of Period		Net Investment Income(c)		Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period
FLOATING RATE FUND
Class A
2014(i)	$	10.00	$	.21	$	(.10	)	$	.11		$	.23		—	$	.23	$	9.88
2015		9.88		.26		(.27	)		(.01	)		.29		—		.29		9.58
2016		9.58		.27		.09			.36			.28		—		.28		9.66
2017		9.66		.27		.05			.32			.31		—		.31		9.67
2018		9.67		.32		.04			.36			.32		—		.32		9.71
Advisor Class
2014(i)		10.00		.25		(.11	)		.14			.26		—		.26		9.88
2015		9.88		.28		(.26	)		.02			.32		—		.32		9.58
2016		9.58		.29		.08			.37			.30		—		.30		9.65
2017		9.65		.26		.09			.35			.32		—		.32		9.68
2018		9.68		.34		.04			.38			.34		—		.34		9.72
Institutional Class
2014(i)		10.00		.27		(.13	)		.14			.28		—		.28		9.86
2015		9.86		.30		(.25	)		.05			.34		—		.34		9.57
2016		9.57		.31		.08			.39			.32		—		.32		9.64
2017		9.64		.26		.11			.37			.34		—		.34		9.67
2018		9.67		.36		.04			.40			.36		—		.36		9.71

338

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
								Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	1.12	%††	$	50,361		1.10	%†		1.10	%†		2.21	%†		1.58	%†		1.73	%†		26	%††
	(.08	)		57,101		1.10			1.10			2.72			1.33			2.49			49
	3.69			61,243		1.10			1.10			2.86			1.27			2.69			38
	3.47			66,769		1.10			1.10			2.90			1.24			2.76			89
	3.83			68,567		1.10			1.10			3.25			1.21			3.14			60

	1.43	††		34,942		.90	†		.90	†		2.63	†		.95	†		2.58	†		26	††
	.18			50,122		.90			.90			2.92			1.03			2.79			49
	3.92			61,844		.90			.90			3.06			.98			2.98			38
	3.70			98,958		.90			.90			3.07			.92			3.05			89
	4.03			144,799		.90			.90			3.46			.86			3.50			60

	1.36	††		5,329		.70	†		.70	†		2.76	†		1.06	†		2.40	†		26	††
	.47			10,458		.70			.70			3.17			.90			2.97			49
	4.14			11,456		.70			.70			3.27			.83			3.14			38
	3.87			21,277		.70			.70			3.23			.80			3.13			89
	4.20			32,019		.70			.70			3.68			.75			3.63			60

339

Financial Highlights (continued)

FIRST INVESTORS INCOME FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
					Net Realized and
	Net Asset Value, Beginning of Year		Net Investment Income(c)		Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Year
FUND FOR INCOME
Class A
2014	$	2.59	$	.12	$	.02		$	.14		$	.14		—	$	.14	$	2.59
2015		2.59		.11		(.18	)		(.07	)		.13		—		.13		2.39
2016		2.39		.11		.10			.21			.12		—		.12		2.48
2017		2.48		.11		.05			.16			.12		—		.12		2.52
2018		2.52		.11		(.06	)		.05			.13		—		.13		2.44
Class B
2014		2.59		.10		.02			.12			.12		—		.12		2.59
2015		2.59		.09		(.18	)		(.09	)		.11		—		.11		2.39
2016		2.39		.09		.10			.19			.10		—		.10		2.48
2017		2.48		.10		.05			.15			.10		—		.10		2.53
2018		2.53		.09		(.06	)		.03			.11		—		.11		2.45
Advisor Class
2014		2.59		.12		.02			.14			.14		—		.14		2.59
2015		2.59		.12		(.18	)		(.06	)		.14		—		.14		2.39
2016		2.39		.12		.10			.22			.13		—		.13		2.48
2017		2.48		.12		.05			.17			.13		—		.13		2.52
2018		2.52		.12		(.07	)		.05			.13		—		.13		2.44
Institutional Class
2014		2.60		.13		.02			.15			.15		—		.15		2.60
2015		2.60		.12		(.17	)		(.05	)		.15		—		.15		2.40
2016		2.40		.12		.10			.22			.13		—		.13		2.49
2017		2.49		.13		.05			.18			.13		—		.13		2.54
2018		2.54		.12		(.07	)		.05			.14		—		.14		2.45

340

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	5.38	%	$	621,618		1.21	%		1.21	%		4.67	%		1.23	%		4.65	%		47	%
	(2.85	)		567,249		1.21			1.21			4.39			1.23			4.37			47
	9.07			571,028		1.22			1.22			4.76			1.24			4.74			55
	6.79			572,631		1.21			1.21			4.57			1.23			4.55			65
	1.88			523,932		1.22			1.22			4.46			1.24			4.44			67

	4.67			4,690		2.02			2.02			3.86			2.04			3.84			47
	(3.65	)		3,376		2.01			2.01			3.60			2.03			3.58			47
	7.99			2,923		2.04			2.05			3.94			2.07			3.92			55
	6.15			2,356		1.98			1.98			3.79			2.00			3.77			65
	1.06			1,786		2.02			2.02			3.66			2.04			3.64			67

	5.42			31,132		.91			.91			4.83			.93			4.81			47
	(2.47	)		41,699		.93			.93			4.65			.95			4.63			47
	9.34			68,198		.93			.94			5.02			.96			5.00			55
	7.05			73,403		.94			.94			4.84			.96			4.82			65
	2.17			79,880		.93			.93			4.76			.95			4.74			67

	5.59			42,941		.78			.78			5.07			.80			5.05			47
	(2.28	)		51,704		.78			.78			4.81			.80			4.79			47
	9.58			62,340		.79			.79			5.19			.81			5.17			55
	7.59			78,784		.78			.78			4.99			.80			4.97			65
	1.91			33,545		.79			.79			4.88			.81			4.86			67

341

Financial Highlights (continued)

FIRST INVESTORS INCOME FUNDS

	P E R S H A R E D A T A
			Investment Operations						Less Distributions from
					Net Realized and
	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(c)		Unrealized Gain (Loss) on Investments		Total From Investment Operations		Net Investment Income			Net Realized Gain		Total Distributions			Net Asset Value, End of Year
GOVERNMENT CASH MANAGEMENT FUND(f)
Class A
2014	$	1.00	$	—		—	$	—	$	—			—	$	—		$	1.00
2015		1.00		—		—		—		—			—		—			1.00
2016		1.00		—		—		—		—			—		—			1.00
2017		1.00		.00		—		.00		.00(d	)		—		.00(d	)		1.00
2018		1.00		.01		—		.01		.01			—		.01			1.00
Class B
2014		1.00		—		—		—		—			—		—			1.00
2015		1.00		—		—		—		—			—		—			1.00
2016		1.00		—		—		—		—			—		—			1.00
2017		1.00		—		—		—		—			—		—			1.00
2018		1.00		.00		—		.00		.00(d	)		—		.00(d	)		1.00
Institutional Class
2014		1.00		—		—		—		—			—		—			1.00
2015		1.00		—		—		—		—			—		—			1.00
2016		1.00		—		—		—		—			—		—			1.00
2017		1.00		.00		—		.00		.00(d	)		—		.00(d	)		1.00
2018		1.00		.01		—		.01		.01			—		.01			1.00

342

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***			Net Investment Income (Loss)			Portfolio Turnover Rate


	0.00	%	$	108,088		.08	%		.08	%		.00	%		1.02	%		(.94	)%		N/A
	0.00			109,566		.10			.10			.00			1.08			(.98	)		N/A
	0.00			122,037		.33			.33			.00			1.05			(.72	)		N/A
	0.08			127,079		.60			.60			.08			1.02			(.34	)		N/A
	0.96			153,695		.60			.60			.98			1.01			.57			N/A

	0.00			404		.08			.08			.00			1.64			(1.56	)		N/A
	0.00			287		.10			.10			.00			1.72			(1.62	)		N/A
	0.00			248		.33			.33			.00			1.77			(1.44	)		N/A
	0.00			161		.64			.64			.00			1.76			(1.12	)		N/A
	0.17			101		1.35			1.35			.14			1.92			(.43	)		N/A

	0.00			2,595		.08			.08			.00			.66			(0.58	)		N/A
	0.00			2,267		.10			.10			.00			.67			(.57	)		N/A
	0.00			2,844		.33			.33			.00			.68			(.35	)		N/A
	0.07			2,394		.60			.60			.06			.68			(.02	)		N/A
	0.97			1		.60			.60			.96			.68			.88			N/A

343

Financial Highlights (continued)

FIRST INVESTORS INCOME FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
					Net Realized and
	Net Asset Value, Beginning of Year		Net Investment Income(c)		Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Year
INTERNATIONAL OPPORTUNITIES BOND FUND
Class A
2014	$	9.84	$	.21	$	.07		$	.28		$	.27		—	$	.27	$	9.85
2015		9.85		.12		(1.06	)		(.94	)		.28		—		.28		8.63
2016		8.63		.20		.51			.71			.13		—		.13		9.21
2017		9.21		.22		.21			.43			.15		—		.15		9.49
2018		9.49		.23		(.64	)		(.41	)		.30		—		.30		8.78
Advisor Class
2014		9.85		.24		.04			.28			.28		—		.28		9.85
2015		9.85		.14		(1.06	)		(.92	)		.29		—		.29		8.64
2016		8.64		.23		.51			.74			.13		—		.13		9.25
2017		9.25		.24		.23			.47			.16		—		.16		9.56
2018		9.56		.27		(.66	)		(.39	)		.30		—		.30		8.87
Institutional Class
2014		9.85		.25		.06			.31			.28		—		.28		9.88
2015		9.88		.17		(1.08	)		(.91	)		.30		—		.30		8.67
2016		8.67		.24		.52			.76			.14		—		.14		9.29
2017		9.29		.22		.27			.49			.19		—		.19		9.59
2018		9.59		.28		(.65	)		(.37	)		.30		—		.30		8.92

344

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	2.84	%	$	80,197		1.30	%		1.30	%		2.06	%		1.41	%		1.95	%		76	%
	(9.72	)		69,394		1.30			1.30			1.29			1.38			1.21			61
	8.30			65,456		1.38			1.38			2.29			1.41			2.26			72
	4.70			59,782		1.41			1.41			2.35			N/A			N/A			76
	(4.50	)		54,060		1.40			1.40			2.49			N/A			N/A			41

	2.81			33,851		1.10			1.10			2.21			N/A			N/A			76
	(9.51	)		50,912		1.04			1.04			1.56			N/A			N/A			61
	8.70			50,749		1.08			1.08			2.60			N/A			N/A			72
	5.07			68,162		1.11			1.11			2.66			N/A			N/A			76
	(4.17	)		87,491		1.08			1.08			2.82			N/A			N/A			41

	3.19			16,014		.93			.93			2.43			N/A			N/A			76
	(9.36	)		19,097		.90			.90			1.69			N/A			N/A			61
	8.85			8,289		.93			.93			2.75			N/A			N/A			72
	5.27			8,669		.94			.95			2.80			N/A			N/A			76
	(4.03	)		9,868		.93			.93			2.98			N/A			N/A			41

345

Financial Highlights (continued)

FIRST INVESTORS INCOME FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
					Net Realized and
	Net Asset Value, Beginning of Year		Net Investment Income(c)		Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Year
INVESTMENT GRADE FUND
Class A
2014	$	9.78	$	.31	$	.22		$	.53		$	.39		—	$	.39	$	9.92
2015		9.92		.28		(.17	)		.11			.39		—		.39		9.64
2016		9.64		.27		.35			.62			.36		—		.36		9.90
2017		9.90		.26		(.17	)		.09			.33		—		.33		9.66
2018		9.66		.26		(.42	)		(.16	)		.33		—		.33		9.17
Class B
2014		9.76		.22		.22			.44			.33		—		.33		9.87
2015		9.87		.20		(.17	)		.03			.33		—		.33		9.57
2016		9.57		.19		.34			.53			.27		—		.27		9.83
2017		9.83		.19		(.18	)		.01			.23		—		.23		9.61
2018		9.61		.18		(.42	)		(.24	)		.24		—		.24		9.13
Advisor Class
2014		9.78		.34		.20			.54			.40		—		.40		9.92
2015		9.92		.31		(.16	)		.15			.40		—		.40		9.67
2016		9.67		.30		.34			.64			.37		—		.37		9.94
2017		9.94		.26		(.14	)		.12			.35		—		.35		9.71
2018		9.71		.30		(.42	)		(.12	)		.36		—		.36		9.23
Institutional Class
2014		9.79		.35		.23			.58			.43		—		.43		9.94
2015		9.94		.32		(.17	)		.15			.43		—		.43		9.66
2016		9.66		.31		.35			.66			.40		—		.40		9.92
2017		9.92		.31		(.18	)		.13			.37		—		.37		9.68
2018		9.68		.31		(.42	)		(.11	)		.37		—		.37		9.20

346

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived, Assumed or Reimbursed
Total Return^*			Net Assets End of Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	5.50	%	$	475,090		1.05	%		1.05	%		3.11	%		1.16	%		3.00	%		49	%
	1.12			458,704		1.04			1.04			2.85			1.15			2.74			36
	6.55			477,010		1.04			1.05			2.78			1.15			2.68			37
	.97			462,999		1.04			1.04			2.68			1.15			2.57			52
	(1.69	)		400,673		1.06			1.06			2.80			1.17			2.69			58

	4.53			4,727		1.92			1.92			2.24			2.03			2.13			49
	.27			3,623		1.92			1.92			1.98			2.03			1.87			36
	5.61			2,907		1.92			1.92			1.91			2.03			1.80			37
	.12			2,181		1.90			1.90			1.84			2.01			1.73			52
	(2.50	)		1,475		1.93			1.93			1.93			2.04			1.82			58

	5.61			44,351		.69			.69			3.38			.80			3.27			49
	1.53			63,614		.73			.73			3.17			.84			3.06			36
	6.78			83,659		.74			.74			3.08			.85			2.97			37
	1.32			136,316		.72			.72			2.99			.82			2.89			52
	(1.25	)		180,286		.72			.72			3.15			.83			3.04			58

	5.98			22,269		.63			.63			3.51			.74			3.40			49
	1.48			15,025		.63			.63			3.26			.74			3.15			36
	6.97			31,395		.63			.63			3.17			.74			3.06			37
	1.41			26,127		.63			.63			3.10			.74			2.99			52
	(1.18	)		23,974		.64			.64			3.23			.75			3.12			58

347

Financial Highlights (continued)

FIRST INVESTORS INCOME FUNDS

	P E R S H A R E D A T A
			Investment Operations									Less Distributions from
						Net Realized and
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(c)			Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period
LIMITED DURATION BOND FUND (e)
Class A
2014(h)	$	10.00	$	—		$	(.05	)	$	(.05	)	$	.06		—	$	.06	$	9.89
2015		9.89		.03			.04			.07			.20		—		.20		9.76
2016		9.76		(.03	)		.15			.12			.22		—		.22		9.66
2017		9.66		.08			(.06	)		.02			.21		—		.21		9.47
2018		9.47		—			(.05	)		(.05	)		.25		—		.25		9.17
Advisor Class
2014(h)		10.00		.02			(.05	)		(.03	)		.06		—		.06		9.91
2015		9.91		.06			.05			.11			.22		—		.22		9.80
2016		9.80		—			.14			.14			.25		—		.25		9.69
2017		9.69		.13			(.08	)		.05			.24		—		.24		9.50
2018		9.50		.03			(.05	)		(.02	)		.28		—		.28		9.20
Institutional Class
2014(h)		10.00		.02			(.03	)		(.01	)		.07		—		.07		9.92
2015		9.92		.08			.04			.12			.23		—		.23		9.81
2016		9.81		.02			.14			.16			.27		—		.27		9.70
2017		9.70		.11			(.04	)		.07			.25		—		.25		9.52
2018		9.52		.04			(.06	)		(.02	)		.29		—		.29		9.21

348

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived, Assumed or Reimbursed
Total Return^*			Net Assets End of Period (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***			Net Investment Income (Loss)			Portfolio Turnover Rate


	(.50	)%††	$	8,911		1.05	%†		1.05	%†		.15	%†		3.37	%†		(2.17	)%†		19	%††
	.67			26,852		1.05			1.05			.37			1.32			.10			57
	1.21			48,342		1.05			1.05			(.25	)		1.23			(.43	)		54
	.22			62,841		1.05			1.05			.85			1.22			.68			60
	(.52	)		247,902		.89			.89			.02			1.11			(.20	)		102

	(.28	)††		25,649		.75	†		.75	†		.46	†		1.02	†		.19	†		19	††
	1.08			40,502		.75			.75			.66			1.09			.32			57
	1.47			50,645		.75			.75			.04			1.01			(.22	)		54
	.54			31,638		.75			.75			1.14			1.02			.87			60
	(.25	)		35,498		.62			.62			.33			.84			.11			102

	(.14	)††		5,125		.60	†		.60	†		.53	†		3.32	†		(2.19	)†		19	††
	1.21			6,747		.60			.60			.81			.92			.49			57
	1.64			22,296		.60			.60			.20			.82			(.02	)		54
	.77			41,065		.60			.60			1.30			.82			1.08			60
	(.19	)		38,822		.47			.47			.46			.68			.25			102

349

Financial Highlights (continued)

FIRST INVESTORS INCOME FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
					Net Realized and
	Net Asset Value, Beginning of Year		Net Investment Income (a)(c)		Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain			Total Distributions		Net Asset Value, End of Year
STRATEGIC INCOME FUND
Class A
2014	$	9.78	$	.32	$	.12		$	.44		$	.28	$	.00(d	)	$	.28	$	9.94
2015		9.94		.34		(.57	)		(.23	)		.34		.07			.41		9.30
2016		9.30		.30		.22			.52			.32		.02			.34		9.48
2017		9.48		.30		.05			.35			.30		—			.30		9.53
2018		9.53		.31		(.32	)		(.01	)		.32		—			.32		9.20
Advisor Class
2014		9.77		.36		.11			.47			.32	$	.00(d	)		.32		9.92
2015		9.92		.38		(.56	)		(.18	)		.38		.07			.45		9.29
2016		9.29		.33		.23			.56			.36		.02			.38		9.47
2017		9.47		.29		.09			.38			.33		—			.33		9.52
2018		9.52		.34		(.32	)		.02			.35		—			.35		9.19

^*	Calculated without sales charges.
^**	Net of expenses waived or assumed (Note 3).
^***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include net investment income of the investment companies in which the Fund invests.
(b)	Does not include expenses of the investment companies in which the Fund invests.
(c)	Based on average shares during the period.
(d)	Due to rounding, amount is less than .005 per share.
(e)	Prior to January 31, 2018, known as Limited Duration High Quality Bond Fund.
(f)	Prior to October 3, 2016, known as Cash Management Fund.
(g)	For the period October 1, 2015 (commencement of operations) to September 30, 2016.
(h)	For the period May 19, 2014 (commencement of operations) to September 30, 2014.
(i)	For the period October 21, 2013 (commencement of operations) to September 30, 2014.

350

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived, Assumed or Reimbursed
Total Return^*			Net Assets End of Year (in thousands)		Net Expenses After Fee Credits(b)			Net Expenses Before Fee Credits^***(b)			Net Investment Income(a)			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	4.55	%	$	101,540		.80	%		.80	%		3.18	%		.68	%(b)		3.30	%(a)		20	%
	(2.37	)		131,734		.59			.59			3.55			N/A			N/A			40
	5.64			149,190		.58			.58			3.19			N/A			N/A			49
	3.73			162,789		.57			.57			3.24			N/A			N/A			37
	(.10	)		152,180		.56			.56			3.36			N/A			N/A			58

	4.82			323		.36			.36			3.62			.29	(b)		3.69	(a)		20
	(1.93	)		306		.19			.19			3.95			N/A			N/A			40
	6.14			415		.17			.17			3.59			N/A			N/A			49
	4.14			963		.18			.18			3.66			N/A			N/A			37
	.22			759		.21			.21			3.70			N/A			N/A			58

351

Financial Highlights

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations						Less Distributions from
					Net Realized
	Net Asset Value, Beginning of Period		Net Investment Income(a)		and Unrealized Gain on Investments		Total From Investment Operations		Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Period
COVERED CALL STRATEGY FUND
Class A
2016(e)	$	10.00	$	.06	$	.33	$	.39	$	.03	$	—	$	.03	$	10.36
2017		10.36		.10		.85		.95		.11		.02		.13		11.18
2018		11.18		.11		.64		.75		.10		—		.10		11.83
Advisor Class
2016(e)		10.00		.08		.32		.40		.06		—		.06		10.34
2017		10.34		.13		.86		.99		.15		.02		.17		11.16
2018		11.16		.14		.64		.78		.14		—		.14		11.80
Institutional Class
2016(e)		10.00		.09		.33		.42		.07		—		.07		10.35
2017		10.35		.16		.85		1.01		.17		.02		.19		11.17
2018		11.17		.16		.63		.79		.24		—		.24		11.72

352

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	3.94	%††	$	48,514		1.30	%†		1.30	%†		1.19	%†		1.73	%†		.76	%†		83	%††
	9.17			167,906		1.30			1.30			1.18			1.36			1.12			121
	6.79			237,103		1.30			1.30			.95			1.28			.97			107

	4.05	††		39,129		.97	†		.97	†		1.64	†		1.50	†		1.11	†		83	††
	9.62			109,360		.97			.97			1.53			1.06			1.44			121
	7.09			114,275		.97			.97			1.25			1.03			1.19			107

	4.18	††		4,214		.84	†		.84	†		1.76	†		1.25	†		1.35	†		83	††
	9.77			7,334		.84			.84			1.65			.96			1.53			151
	7.19			2,913		.84			.84			1.38			.89			1.33			107

353

Financial Highlights (continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
					Net Realized and
	Net Asset Value, Beginning of Year		Net Investment Income(a)		Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Year
EQUITY INCOME FUND
Class A
2014	$	8.99	$	.13	$	1.16		$	1.29		$	.14	$	.15	$	.29	$	9.99
2015		9.99		.15		(.54	)		(.39	)		.15		.46		.61		8.99
2016		8.99		.16		1.08			1.24			.16		.35		.51		9.72
2017		9.72		.16		1.22			1.38			.21		.18		.39		10.71
2018		10.71		.26		.65			.91			.17		.36		.53		11.09
Class B
2014		8.84		.05		1.13			1.18			.05		.15		.20		9.82
2015		9.82		.06		(.53	)		(.47	)		.07		.46		.53		8.82
2016		8.82		.08		1.06			1.14			.09		.35		.44		9.52
2017		9.52		.08		1.19			1.27			.12		.18		.30		10.49
2018		10.49		.16		.65			.81			.10		.36		.46		10.84
Advisor Class
2014		8.99		.17		1.13			1.30			.15		.15		.30		9.99
2015		9.99		.19		(.55	)		(.36	)		.17		.46		.63		9.00
2016		9.00		.20		1.08			1.28			.19		.35		.54		9.74
2017		9.74		.19		1.23			1.42			.21		.18		.39		10.77
2018		10.77		.31		.65			.96			.21		.36		.57		11.16
Institutional Class
2014		9.02		.17		1.16			1.33			.17		.15		.32		10.03
2015		10.03		.19		(.55	)		(.36	)		.17		.46		.63		9.04
2016		9.04		.20		1.09			1.29			.20		.35		.55		9.78
2017		9.78		.37		1.06			1.43			.31		.18		.49		10.72
2018		10.72		.31		.66			.97			.21		.36		.57		11.12

354

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***		Net Investment Income		Portfolio Turnover Rate


	14.48	%	$	510,981		1.21	%		1.22	%		1.33	%		N/A		N/A		27	%
	(4.31	)		485,342		1.21			1.21			1.52			N/A		N/A		23
	14.16			529,327		1.22			1.22			1.72			N/A		N/A		22
	14.46			564,918		1.20			1.20			1.58			N/A		N/A		15
	8.68			545,810		1.20			1.20			2.42			N/A		N/A		35

	13.49			5,721		2.06			2.06			.49			N/A		N/A		27
	(5.16	)		3,847		2.06			2.06			.67			N/A		N/A		23
	13.20			3,446		2.07			2.07			.87			N/A		N/A		22
	13.48			3,012		2.03			2.03			.76			N/A		N/A		15
	7.89			2,562		2.04			2.04			1.54			N/A		N/A		35

	14.57			32,160		.81			.81			1.71			N/A		N/A		27
	(3.96	)		38,482		.84			.84			1.90			N/A		N/A		23
	14.63			54,576		.85			.85			2.08			N/A		N/A		22
	14.87			71,611		.84			.84			1.94			N/A		N/A		15
	9.09			80,387		.85			.85			2.79			N/A		N/A		35

	14.88			7,399		.80			.80			1.76			N/A		N/A		27
	(3.97	)		9,773		.81			.81			1.93			N/A		N/A		23
	14.67			2,448		.78			.78			2.08			N/A		N/A		22
	14.84			2,193		.80			.80			2.02			N/A		N/A		15
	9.21			2,499		.80			.80			2.81			N/A		N/A		35

355

Financial Highlights (continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations							Less Distributions from
						Net Realized
	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			and Unrealized Gain on Investments		Total From Investment Operations		Net Investment Income			Net Realized Gain		Total Distributions			Net Asset Value, End of Year
GLOBAL FUND
Class A
2014	$	8.01	$	—		$	.80	$	.80	$	.04		$	.11	$	.15		$	8.66
2015		8.66		—			.11		.11		—			1.51		1.51			7.26
2016		7.26		.01			.43		.44		.00(b	)		.40		.40			7.30
2017		7.30		.02			1.29		1.31		.01			—		.01			8.60
2018		8.60		(.01	)		.89		.88		.04			.63		.67			8.81
Class B
2014		6.86		(.06	)		.69		.63		—			.11		.11			7.38
2015		7.38		(.05	)		.10		.05		—			1.51		1.51			5.92
2016		5.92		(.04	)		.36		.32		—			.40		.40			5.84
2017		5.84		(.03	)		1.02		.99		.00(b	)		—		.00(b	)		6.83
2018		6.83		(.07	)		.70		.63		.03			.63		.66			6.80
Advisor Class
2014		8.01		—			.82		.82		—			.11		.11			8.72
2015		8.72		.03			.12		.15		—			1.51		1.51			7.36
2016		7.36		.04			.44		.48		.01			.40		.41			7.43
2017		7.43		.06			1.31		1.37		.02			—		.02			8.78
2018		8.78		.02			.91		.93		.05			.63		.68			9.03
Institutional Class
2014		8.02		—			.84		.84		—			.11		.11			8.75
2015		8.75		.04			.11		.15		—			1.51		1.51			7.39
2016		7.39		.04			.45		.49		.01			.40		.41			7.47
2017		7.47		.06			1.31		1.37		.02			—		.02			8.82
2018		8.82		.03			.91		.94		.05			.63		.68			9.08

356

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***			Net Investment Income (Loss)			Portfolio Turnover Rate


	10.00	%	$	332,416		1.49	%		1.49	%		.03	%		1.54	%		(.02	)%		154	%
	.87			331,382		1.47			1.47			(.01	)		1.52			(.06	)		97
	6.03			339,956		1.47			1.47			.09			1.52			.04			94
	17.99			379,176		1.44			1.44			.30			1.49			.25			117
	10.69			393,697		1.43			1.43			(.16	)		1.48			(.21	)		132

	9.18			4,023		2.31			2.31			(.79	)		2.36			(.84	)		154
	.09			3,405		2.28			2.28			(.82	)		2.33			(.87	)		97
	5.29			2,937		2.27			2.27			(.72	)		2.32			(.77	)		94
	16.98			2,642		2.24			2.24			(.52	)		2.29			(.57	)		117
	9.70			2,309		2.23			2.23			(.97	)		2.28			(1.02	)		132

	10.24			66,590		1.06			1.06			.53			1.11			.48			154
	1.37			114,556		1.06			1.06			.43			1.11			.38			97
	6.48			169,088		1.05			1.05			.53			1.10			.48			94
	18.46			191,839		1.04			1.04			.70			1.09			.65			117
	11.03			228,234		1.05			1.05			.25			1.10			.20			132

	10.48			3,001		1.03			1.03			.48			1.08			.43			154
	1.37			2,955		1.02			1.02			.45			1.07			.40			97
	6.61			3,288		1.01			1.01			.55			1.06			.50			94
	18.38			3,800		1.00			1.00			.74			1.05			.69			117
	11.12			4,419		1.00			1.00			.29			1.05			.24			132

357

Financial Highlights (continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
					Net Realized and
	Net Asset Value, Beginning of Year		Net Investment Income(a)		Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Year
GROWTH & INCOME FUND
Class A
2014	$	20.54	$	.18	$	2.92		$	3.10		$	.20	$	.68	$	.88	$	22.76
2015		22.76		.20		(1.37	)		(1.17	)		.19		1.05		1.24		20.35
2016		20.35		.26		2.07			2.33			.24		.93		1.17		21.51
2017		21.51		.25		2.66			2.91			.37		.75		1.12		23.30
2018		23.30		.26		2.11			2.37			.32		.94		1.26		24.41
Class B
2014		19.26		—		2.73			2.73			—		.68		.68		21.31
2015		21.31		.02		(1.27	)		(1.25	)		.04		1.05		1.09		18.97
2016		18.97		.10		1.91			2.01			.08		.93		1.01		19.97
2017		19.97		.08		2.45			2.53			.13		.75		.88		21.62
2018		21.62		.06		1.96			2.02			.08		.94		1.02		22.62
Advisor Class
2014		20.54		.27		2.91			3.18			.20		.68		.88		22.84
2015		22.84		.29		(1.38	)		(1.09	)		.24		1.05		1.29		20.46
2016		20.46		.35		2.08			2.43			.29		.93		1.22		21.67
2017		21.67		.33		2.69			3.02			.48		.75		1.23		23.46
2018		23.46		.35		2.11			2.46			.40		.94		1.34		24.58
Institutional Class
2014		20.55		.27		2.92			3.19			.28		.68		.96		22.78
2015		22.78		.29		(1.39	)		(1.10	)		.24		1.05		1.29		20.39
2016		20.39		.35		2.07			2.42			.30		.93		1.23		21.58
2017		21.58		.34		2.67			3.01			.45		.75		1.20		23.39
2018		23.39		.36		2.12			2.48			.41		.94		1.35		24.52

358

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***		Net Investment Income		Portfolio Turnover Rate


	15.26	%	$	1,632,920		1.15	%		1.15	%		.80	%		N/A		N/A		22	%
	(5.62	)		1,496,803		1.15			1.15			.89			N/A		N/A		23
	11.72			1,588,423		1.16			1.16			1.28			N/A		N/A		23
	13.99			1,675,590		1.15			1.15			1.13			N/A		N/A		16
	10.35			1,653,563		1.14			1.14			1.08			N/A		N/A		34

	14.32			25,497		1.93			1.93			.02			N/A		N/A		22
	(6.33	)		19,316		1.93			1.93			.11			N/A		N/A		23
	10.82			17,047		1.94			1.94			.50			N/A		N/A		23
	13.14			14,310		1.93			1.93			.35			N/A		N/A		16
	9.49			12,023		1.93			1.93			.29			N/A		N/A		34

	15.67			123,039		.74			.74			1.17			N/A		N/A		22
	(5.24	)		141,229		.75			.75			1.29			N/A		N/A		23
	12.18			132,486		.77			.77			1.68			N/A		N/A		23
	14.42			166,851		.78			.78			1.50			N/A		N/A		16
	10.73			142,220		.79			.79			1.44			N/A		N/A		34

	15.75			9,746		.74			.74			1.21			N/A		N/A		22
	(5.27	)		9,380		.75			.75			1.29			N/A		N/A		23
	12.18			10,596		.74			.74			1.70			N/A		N/A		23
	14.47			10,839		.74			.74			1.54			N/A		N/A		16
	10.85			11,067		.74			.74			1.49			N/A		N/A		34

359

Financial Highlights (continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations									Less Distributions from
						Net Realized
	Net Asset Value, Beginning of Period/ Year		Net Investment Income (Loss)(a)			and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income			Net Realized Gain		Total Distributions			Net Asset Value, End of Period/ Year
HEDGED U.S. EQUITY OPPORTUNITIES FUND
Class A
2016(d)	$	10.00	$	—		$	(.09	)	$	(.09	)	$	—			—	$	—		$	9.91
2017		9.91		(.02	)		.88			.86			—			—		—			10.77
2018		10.77		(.03	)		1.16			1.13			—			—		—			11.90
Advisor Class
2016(d)		10.00		—			(.09	)		(.09	)		—			—		—			9.91
2017		9.91		.01			.89			.90			.00(b	)		—		.00(b	)		10.81
2018		10.81		.02			1.16			1.18			—			—		—			11.99
Institutional Class
2016(d)		10.00		.01			(.10	)		(.09	)		—			—		—			9.91
2017		9.91		.02			.89			.91			.00(b	)		—		.00(b	)		10.82
2018		10.82		.02			1.17			1.19			—			—		—			12.01

INTERNATIONAL FUND
Class A
2014	$	12.53	$	.05		$	.50		$	.55		$	.02			—	$	.02		$	13.06
2015		13.06		.05			(.41	)		(.36	)		.05			—		.05			12.65
2016		12.65		.06			1.05			1.11			.05			—		.05			13.71
2017		13.71		.02			2.02			2.04			.07			—		.07			15.68
2018		15.68		.01			.28			.29			.02			—		.02			15.95
Class B
2014		11.98		(.05	)		.47			.42			—			—		—			12.40
2015		12.40		(.06	)		(.38	)		(.44	)		—			—		—			11.96
2016		11.96		(.06	)		1.00			.94			.03			—		.03			12.87
2017		12.87		(.09	)		1.90			1.81			.05			—		.05			14.63
2018		14.63		(.11	)		.26			.15			—			—		—			14.78
Advisor Class
2014		12.55		.14			.44			.58			—			—		—			13.13
2015		13.13		.11			(.43	)		(.32	)		.05			—		.05			12.76
2016		12.76		.11			1.06			1.17			.06			—		.06			13.87
2017		13.87		.08			2.05			2.13			.08			—		.08			15.92
2018		15.92		.08			.27			.35			.03			—		.03			16.24
Institutional Class
2014		12.56		.12			.51			.63			—			—		—			13.19
2015		13.19		.12			(.43	)		(.31	)		.10			—		.10			12.78
2016		12.78		.13			1.07			1.20			.07			—		.07			13.91
2017		13.91		.09			2.05			2.14			.09			—		.09			15.96
2018		15.96		.09			.29			.38			.04			—		.04			16.30

360

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period/ Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***			Net Investment Income (Loss)			Portfolio Turnover Rate


	(.90	)%††	$	9,265		1.75	%†		1.75	%†		(.02	)%†		4.24	%†		(2.51	)%†		7	%††
	8.68			44,228		1.75			1.75			(.21	)		2.09			(.55	)		75
	10.49			66,746		1.75			1.75			(.22	)		1.76			(.23	)		56

	(.90	)††		24,539		1.42	†		1.42	†		.26	†		3.37	†		(1.69	)†		7	††
	9.11			33,770		1.42			1.42			.10			1.76			(.24	)		75
	10.92			94,955		1.42			1.42			.16			1.40			.18			56

	(.90	)††		99		1.31	†		1.31	†		.30	†		3.24	†		(1.63	)†		7	††
	9.21			472		1.31			1.31			.23			1.74			(.20	)		75
	11.00			574		1.31			1.31			.21			1.39			.13			56



	4.43	%	$	193,174		1.66	%		1.66	%		.39	%		N/A			N/A			34	%
	(2.78	)		194,991		1.64			1.64			.40			N/A			N/A			27
	8.80			209,205		1.61			1.61			.45			N/A			N/A			28
	15.00			238,770		1.58			1.58			.17			N/A			N/A			38
	1.83			259,683		1.56			1.56			.09			N/A			N/A			36

	3.51			2,893		2.49			2.49			(.42	)		N/A			N/A			34
	(3.55	)		2,094		2.47			2.47			(.49	)		N/A			N/A			27
	7.83			1,607		2.45			2.45			(.45	)		N/A			N/A			28
	14.12			1,465		2.40			2.40			(.68	)		N/A			N/A			38
	1.03			1,239		2.38			2.38			(.76	)		N/A			N/A			36

	4.62			35,249		1.27			1.27			.98			N/A			N/A			34
	(2.45	)		57,623		1.24			1.24			.83			N/A			N/A			27
	9.22			81,525		1.23			1.24			.85			N/A			N/A			28
	15.50			111,334		1.18			1.18			.59			N/A			N/A			38
	2.21			136,628		1.18			1.18			.48			N/A			N/A			36

	5.02			2,357		1.17			1.17			.93			N/A			N/A			34
	(2.33	)		2,347		1.14			1.14			.89			N/A			N/A			27
	9.39			2,695		1.12			1.12			.95			N/A			N/A			28
	15.54			3,274		1.09			1.09			.65			N/A			N/A			38
	2.36			3,509		1.09			1.09			.56			N/A			N/A			36

361

Financial Highlights (continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations									Less Distributions from
						Net Realized and
	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Year
OPPORTUNITY FUND
Class A
2014	$	38.13	$	.07		$	5.29		$	5.36		$	.16	$	2.43	$	2.59	$	40.90
2015		40.90		.04			(.39	)		(.35	)		.06		2.70		2.76		37.79
2016		37.79		.20			2.52			2.72			.04		3.18		3.22		37.29
2017		37.29		.11			6.03			6.14			.22		1.35		1.57		41.86
2018		41.86		.39			2.31			2.70			.12		2.38		2.50		42.06
Class B
2014		32.27		(.21	)		4.47			4.26			—		2.43		2.43		34.10
2015		34.10		(.23	)		(.29	)		(.52	)		—		2.70		2.70		30.88
2016		30.88		(.07	)		2.05			1.98			—		3.18		3.18		29.68
2017		29.68		(.16	)		4.77			4.61			.18		1.35		1.53		32.76
2018		32.76		.04			1.81			1.85			.07		2.38		2.45		32.16
Advisor Class
2014		38.18		.23			5.22			5.45			—		2.43		2.43		41.20
2015		41.20		.16			(.40	)		(.24	)		.08		2.70		2.78		38.18
2016		38.18		.30			2.56			2.86			.07		3.18		3.25		37.79
2017		37.79		.24			6.12			6.36			.24		1.35		1.59		42.56
2018		42.56		.61			2.27			2.88			.15		2.38		2.53		42.91
Institutional Class
2014		38.21		.24			5.30			5.54			.17		2.43		2.60		41.15
2015		41.15		.22			(.40	)		(.18	)		.20		2.70		2.90		38.07
2016		38.07		.36			2.54			2.90			.08		3.18		3.26		37.71
2017		37.71		.27			6.12			6.39			.26		1.35		1.61		42.49
2018		42.49		.59			2.33			2.92			.16		2.38		2.54		42.87

362

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***		Net Investment Income		Portfolio Turnover Rate


	14.20	%	$	805,113		1.20	%		1.20	%		.16	%		N/A		N/A		34	%
	(1.16	)		818,955		1.20			1.20			.11			N/A		N/A		37
	7.39			880,274		1.22			1.22			.54			N/A		N/A		36
	16.99			1,002,618		1.20			1.20			.27			N/A		N/A		32
	6.49			1,010,312		1.20			1.20			.93			N/A		N/A		35

	13.32			12,145		1.99			1.99			(.63	)		N/A		N/A		34
	(1.94	)		9,691		1.97			1.97			(.67	)		N/A		N/A		37
	6.58			8,606		1.99			1.99			(.22	)		N/A		N/A		36
	16.12			7,557		1.96			1.96			(.49	)		N/A		N/A		32
	5.65			6,202		1.96			1.96			.12			N/A		N/A		35

	14.43			35,733		.90			.90			.51			N/A		N/A		34
	(.87	)		48,322		.91			.91			.40			N/A		N/A		37
	7.69			73,477		.93			.93			.83			N/A		N/A		36
	17.37			81,773		.88			.88			.59			N/A		N/A		32
	6.82			149,481		.89			.89			1.42			N/A		N/A		35

	14.66			3,838		.79			.79			.58			N/A		N/A		34
	(.74	)		4,228		.78			.78			.52			N/A		N/A		37
	7.84			4,975		.79			.79			.98			N/A		N/A		36
	17.49			5,678		.78			.78			.70			N/A		N/A		32
	6.95			5,793		.77			.77			1.38			N/A		N/A		35

363

Financial Highlights (continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations							Less Distributions from
						Net Realized
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			and Unrealized Gain on Investments		Total From Investment Operations		Net Investment Income			Net Realized Gain		Total Distributions			Net Asset Value, End of Period
PREMIUM INCOME FUND
Class A
2018(g)	$	10.00	$	.08		$	.23	$	.31	$	.05			—	$	.05		$	10.26
Advisor Class
2018(g)		10.00		.10			.22		.32		.06			—		.06			10.26
Institutional Class
2018(g)		10.00		.10			.23		.33		.17			—		.17			10.16

SELECT GROWTH FUND
Class A
2014	$	9.24	$	—		$	1.73	$	1.73	$	.00(b	)	$	—	$	.00(b	)	$	10.97
2015		10.97		.02			.65		.67		.00(b	)		—		.00(b	)		11.64
2016		11.64		.02			.73		.75		.02			1.13		1.15			11.24
2017		11.24		—			2.38		2.38		.03			1.55		1.58			12.04
2018		12.04		(.01	)		2.66		2.65		.01			1.07		1.08			13.61
Class B
2014		8.34		(.07	)		1.55		1.48		—			—		—			9.82
2015		9.82		(.07	)		.59		.52		—			—		—			10.34
2016		10.34		(.06	)		.65		.59		.00(b	)		1.13		1.13			9.80
2017		9.80		(.07	)		2.02		1.95		.02			1.55		1.57			10.18
2018		10.18		(.09	)		2.21		2.12		—			1.07		1.07			11.23
Advisor Class
2014		9.26		.06			1.69		1.75		—			—		—			11.01
2015		11.01		.07			.66		.73		.01			—		.01			11.73
2016		11.73		.07			.73		.80		.03			1.13		1.16			11.37
2017		11.37		.05			2.40		2.45		.04			1.55		1.59			12.23
2018		12.23		.04			2.71		2.75		.02			1.07		1.09			13.89
Institutional Class
2014		9.27		.05			1.74		1.79		—			—		—			11.06
2015		11.06		.07			.66		.73		.02			—		.02			11.77
2016		11.77		.07			.74		.81		.03			1.13		1.16			11.42
2017		11.42		.05			2.41		2.46		.04			1.55		1.59			12.29
2018		12.29		.05			2.72		2.77		.02			1.07		1.09			13.97

364

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Period (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***			Net Investment Income			Portfolio Turnover Rate


	3.06	%††	$	41,688		1.30	%†		1.30	%†		1.57	%†		2.07	%†		.80	%†		77	%††

	3.18	††		34,170		1.02	†		1.02	†		1.86	†		1.52	†		1.36	†		77	††

	3.27	††		3,877		.89	†		.89	†		1.88	†		1.88	†		.89	†		77	††



	18.77	%	$	330,595		1.27	%		1.27	%		.03	%		N/A			N/A			33	%
	6.12			352,651		1.25			1.25			.16			N/A			N/A			48
	6.50			373,279		1.27			1.27			.22			N/A			N/A			59
	24.16			444,933		1.25			1.25			.00			N/A			N/A			58
	23.22			570,309		1.22			1.22			(.06	)		N/A			N/A			37

	17.75			4,868		2.06			2.06			(.76	)		N/A			N/A			33
	5.30			4,101		2.03			2.03			(.63	)		N/A			N/A			48
	5.71			3,393		2.03			2.03			(.56	)		N/A			N/A			59
	23.13			3,163		2.01			2.01			(.75	)		N/A			N/A			58
	22.21			2,997		1.98			1.98			(.82	)		N/A			N/A			37

	18.90			31,902		.83			.83			.51			N/A			N/A			33
	6.61			46,793		.84			.84			.57			N/A			N/A			48
	6.93			66,588		.85			.86			.62			N/A			N/A			59
	24.61			81,203		.84			.84			.40			N/A			N/A			58
	23.74			194,554		.83			.83			.34			N/A			N/A			37

	19.31			3,057		.83			.83			.48			N/A			N/A			33
	6.56			3,608		.82			.82			.59			N/A			N/A			48
	7.00			3,915		.83			.83			.66			N/A			N/A			59
	24.61			4,950		.82			.82			.43			N/A			N/A			58
	23.81			7,836		.80			.80			.35			N/A			N/A			37

365

Financial Highlights (continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
						Net Realized
	Net Asset Value, Beginning of Year		Net Investment Income (Loss)(a)			and Unrealized Gain on Investments		Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Year
SPECIAL SITUATIONS FUND
Class A
2014	$	28.07	$	.02		$	3.16	$	3.18		$	—	$	4.60	$	4.60	$	26.65
2015		26.65		.02			.07		.09			.04		1.43		1.47		25.27
2016		25.27		.17			2.36		2.53			.02		1.44		1.46		26.34
2017		26.34		—			5.24		5.24			.16		.24		.40		31.18
2018		31.18		.03			2.29		2.32			.01		.87		.88		32.62
Class B
2014		23.45		(.17	)		2.62		2.45			—		4.60		4.60		21.30
2015		21.30		(.16	)		.08		(.08	)		—		1.43		1.43		19.79
2016		19.79		(.02	)		1.81		1.79			—		1.44		1.44		20.14
2017		20.14		(.19	)		4.01		3.82			.13		.24		.37		23.59
2018		23.59		(.17	)		1.73		1.56			—		.87		.87		24.28
Advisor Class
2014		28.09		.12			3.10		3.22			—		4.60		4.60		26.71
2015		26.71		.10			.08		.18			.08		1.43		1.51		25.38
2016		25.38		.23			2.39		2.62			.04		1.44		1.48		26.52
2017		26.52		.08			5.29		5.37			.18		.24		.42		31.47
2018		31.47		.14			2.32		2.46			.04		.87		.91		33.02
Institutional Class
2014		28.14		.14			3.16		3.30			—		4.60		4.60		26.84
2015		26.84		.14			.08		.22			.16		1.43		1.59		25.47
2016		25.47		.28			2.39		2.67			.05		1.44		1.49		26.65
2017		26.65		.12			5.31		5.43			.18		.24		.42		31.66
2018		31.66		.17			2.34		2.51			.05		.87		.92		33.25

366

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income (Loss)			Expenses^***			Net Investment Income (Loss)			Portfolio Turnover Rate


	11.65	%	$	425,957		1.33	%		1.33	%		.06	%		1.38	%		.01	%		55	%
	.12			432,235		1.32			1.32			.07			1.33			.06			43
	10.35			472,720		1.33			1.34			.68			1.34			.68			39
	20.06			549,780		1.31			1.31			(.01	)		N/A			N/A			27
	7.50			580,730		1.29			1.29			.08			N/A			N/A			48

	10.71			4,441		2.16			2.16			(.77	)		2.21			(.82	)		55
	(.67	)		3,618		2.13			2.13			(.74	)		2.14			(.75	)		43
	9.43			3,301		2.14			2.14			(.12	)		2.15			(.13	)		39
	19.13			3,081		2.10			2.10			(.80	)		N/A			N/A			27
	6.65			2,626		2.07			2.07			(.71	)		N/A			N/A			48

	11.82			26,458		1.01			1.01			.39			1.06			.34			55
	.46			38,790		1.02			1.03			.37			1.04			.36			43
	10.67			59,159		1.03			1.03			.94			1.04			.93			39
	20.45			120,912		.97			.97			.34			N/A			N/A			27
	7.86			140,657		.95			.95			.43			N/A			N/A			48

	12.10			5,750		.89			.89			.51			.94			.46			55
	.60			5,905		.88			.88			.51			.89			.50			43
	10.84			6,914		.88			.89			1.11			.90			1.10			39
	20.56			8,712		.87			.87			.42			N/A			N/A			27
	7.98			9,592		.86			.86			.52			N/A			N/A			48

367

Financial Highlights (continued)

FIRST INVESTORS EQUITY FUNDS

	P E R S H A R E D A T A
			Investment Operations								Less Distributions from
					Net Realized and
	Net Asset Value, Beginning of Year		Net Investment Income(a)		Unrealized Gain (Loss) on Investments			Total From Investment Operations			Net Investment Income		Net Realized Gain		Total Distributions		Net Asset Value, End of Year
TOTAL RETURN FUND
Class A
2014	$	18.49	$	.22	$	1.65		$	1.87		$	.31	$	.42	$	.73	$	19.63
2015		19.63		.21		(.68	)		(.47	)		.28		.67		.95		18.21
2016		18.21		.23		1.26			1.49			.27		.43		.70		19.00
2017		19.00		.23		1.27			1.50			.32		.30		.62		19.88
2018		19.88		.31		.74			1.05			.36		.35		.71		20.22
Class B
2014		18.17		.07		1.61			1.68			.16		.42		.58		19.27
2015		19.27		.06		(.68	)		(.62	)		.06		.67		.73		17.92
2016		17.92		.09		1.25			1.34			.13		.43		.56		18.70
2017		18.70		.09		1.24			1.33			.17		.30		.47		19.56
2018		19.56		.16		.72			.88			.18		.35		.53		19.91
Advisor Class
2014		18.49		.29		1.60			1.89			.32		.42		.74		19.64
2015		19.64		.29		(.69	)		(.40	)		.31		.67		.98		18.26
2016		18.26		.26		1.27			1.53			.32		.43		.75		19.04
2017		19.04		.32		1.30			1.62			.38		.30		.68		19.98
2018		19.98		.37		.75			1.12			.43		.35		.78		20.32
Institutional Class
2014		18.50		.30		1.63			1.93			.36		.42		.78		19.65
2015		19.65		.29		(.70	)		(.41	)		.28		.67		.95		18.29
2016		18.29		.31		1.28			1.59			.32		.43		.75		19.13
2017		19.13		.32		1.27			1.59			.37		.30		.67		20.05
2018		20.05		.40		.74			1.14			.46		.35		.81		20.38

^*	Calculated without sales charges.
^**	Net of expenses waived or assumed (Note 3).
^***	The ratios do not include a reduction of expenses from cash balances maintained with the custodian or from brokerage service arrangements (Note 1G).
†	Annualized
††	Not annualized
(a)	Based on average shares during the period.

368

See notes to financial statements

R A T I O S / S U P P L E M E N T A L D A T A
														Ratio to Average Net
					Ratio to Average Net Assets^**									Assets Before Expenses Waived or Assumed
Total Return^*			Net Assets End of Year (in thousands)		Net Expenses After Fee Credits			Net Expenses Before Fee Credits^***			Net Investment Income			Expenses^***		Net Investment Income		Portfolio Turnover Rate


	10.18	%	$	767,354		1.19	%		1.19	%		1.14	%		N/A		N/A		44	%
	(2.65	)		784,281		1.18			1.18			1.05			N/A		N/A		40
	8.36			845,726		1.19			1.19			1.27			N/A		N/A		63
	8.09			877,311		1.19			1.19			1.22			N/A		N/A		39
	5.32			889,473		1.18			1.18			1.55			N/A		N/A		53

	9.29			10,016		1.97			1.97			.36			N/A		N/A		44
	(3.44	)		8,270		1.96			1.96			.27			N/A		N/A		40
	7.61			7,774		1.96			1.96			.50			N/A		N/A		63
	7.23			6,939		1.93			1.93			.48			N/A		N/A		39
	4.52			6,061		1.94			1.94			.79			N/A		N/A		53

	10.34			2,106		.78			.78			1.46			N/A		N/A		44
	(2.24	)		976		.78			.78			1.44			N/A		N/A		40
	8.55			1,213		.82			.82			1.63			N/A		N/A		63
	8.69			996		.80			.80			1.61			N/A		N/A		39
	5.69			1,006		.84			.84			1.83			N/A		N/A		53

	10.55			2,885		.78			.78			1.55			N/A		N/A		44
	(2.28	)		30,644		.77			.77			1.47			N/A		N/A		40
	8.88			32,525		.77			.77			1.68			N/A		N/A		63
	8.50			33,545		.77			.77			1.65			N/A		N/A		39
	5.77			34,555		.77			.77			1.96			N/A		N/A		53

(b)	Due to rounding, amount is less than .005 per share.
(c)	For the period December 1, 2016 (commencement of operations) to September 30, 2017.
(d)	For the period August 1, 2016 (commencement of operations) to September 30, 2016.
(e)	For the period April 1, 2016 (commencement of operations) to September 30, 2016.
(f)	For the period April 6, 2015 (commencement of operations) to September 30, 2015.
(g)	For the period April 2, 2018 (commencement of operations) to September 30, 2018.

369

Report of Independent Registered Public
Accounting Firm

To the Shareholders and Board of Trustees of
First Investors Income Funds
First Investors Equity Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the Floating Rate Fund, Fund For Income, Government Cash Management Fund, International Opportunities Bond Fund, Investment Grade Fund, Limited Duration Bond Fund and Strategic Income Fund, (the “Income Funds”), each a series of the First Investors Income Funds and the Covered Call Strategy Fund, Equity Income Fund, Global Fund, Growth & Income Fund, Hedged U.S. Equity Opportunities Fund, International Fund, Opportunity Fund, Premium Income Fund, Select Growth Fund, Special Situations Fund and Total Return Fund (the “Equity Funds”), each a series of First Investors Equity Funds, including the portfolio of investments, as of September 30, 2018, the related statement of operations, the statements of changes in net assets for each of the periods indicated, and financial highlights for each of the periods indicated thereon, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Income Funds and Equity Funds as of September 30, 2018, the results of their operations, the changes in their net assets, and their financial highlights for each of the periods indicated thereon, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Income Funds’ and Equity Funds’ management. Our responsibility is to express an opinion on the Income Funds’ and Equity Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Income Funds and Equity Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the First Investors Family of Funds since 1978.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Income Funds and Equity Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Income Funds’ and Equity Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

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presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2018 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
November 29, 2018

371

Board Consideration of Advisory Contracts and Fees

(unaudited)

FIRST INVESTORS INCOME FUNDS

Annual Consideration of the Investment Advisory Agreements and the Sub-Advisory Agreements with Brandywine Global Investment Management, LLC and Muzinich & Co., Inc.

The First Investors Income Funds’ (the “Trust”) investment advisory agreements with the Trust’s investment adviser and, as applicable, sub-advisers, on behalf of each of the Trust’s funds, can remain in effect after an initial term of no greater than two years only if they are renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each fund and (ii) by the vote of a majority of the Trustees who are not parties to the advisory agreement (and sub-advisory agreement, as applicable) or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called specifically for the purpose of voting on such approval.

The Board of Trustees (the “Board”) has six regularly scheduled meetings each year and takes into account throughout the year matters bearing on the approval of the advisory agreement (and sub-advisory agreements, as applicable). In particular, the Board and its standing committees also consider at each meeting at least certain of the factors that are relevant to the annual renewal of each fund’s advisory agreement (and sub-advisory agreements, as applicable), including investment performance, sub-adviser updates and reviews, reports with respect to brokerage and portfolio transactions, portfolio turnover rates, risk management (including as it relates to cybersecurity risk), compliance monitoring, and the services and support provided to each fund and its shareholders. In addition the Board meets with representatives of each sub-adviser in person at least once per year.

On April 18-19, 2018 (the “April Meeting”), the Independent Trustees met in person with senior management personnel of Foresters Investment Management Company, Inc. (“FIMCO”), the Trust’s investment adviser, Trust counsel, independent legal counsel to the Independent Trustees (“Independent Legal Counsel”) and others to give preliminary consideration to information bearing on the continuation of the advisory agreement (and sub-advisory agreements, as applicable) with respect to each fund. The primary purpose of the April Meeting was to ensure that the Independent Trustees had ample opportunity to consider matters they deemed relevant in determining whether to continue the advisory agreement (or sub-advisory agreements, as applicable), and to request any additional information they considered reasonably necessary to their deliberations. The Independent Trustees also met in executive session with Independent Legal Counsel on April 18, 2018, immediately prior to and during the April Meeting, to consider the continuation of the advisory agreement (or sub-advisory agreements, as applicable) outside the presence of management. As part of the April Meeting, the Independent Trustees asked FIMCO to respond to certain additional questions prior to the contract approval meeting of the Board to be held on May 17, 2018 (the “May Meeting”). In addition, Independent Legal Counsel, in conjunction with the Board, and personnel from FIMCO reviewed each sub-adviser’s response in connection with the request for information with respect to the applicable sub-advisory agreements and requested follow-up information or clarifications from each sub-adviser, as applicable, which was provided prior to the May Meeting.

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At the May Meeting, the Board, including a majority of the Independent Trustees, approved the renewal of the investment advisory agreement (the “Advisory Agreement”) between FIMCO and each of the following funds (each a “Fund” and collectively the “Funds”): Balanced Income Fund, Floating Rate Fund, Fund For Income, Government Fund, Government Cash Management Fund, International Opportunities Bond Fund, Investment Grade Fund, Limited Duration Bond Fund and Strategic Income Fund. In addition, at the May Meeting, the Board, including a majority of the Independent Trustees, approved the renewal of the sub-advisory agreements (each, a “Sub-Advisory Agreement” and collectively, the “Sub-Advisory Agreements”) with: (1) Brandywine Global Investment Management, LLC (“Brandywine”) with respect to the International Opportunities Bond Fund; and (2) Muzinich & Co., Inc. (“Muzinich”) with respect to the Fund For Income and Floating Rate Fund. The Fund For Income, Floating Rate Fund and International Opportunities Bond Fund are collectively referred to as the “Sub-Advised Funds.”

In reaching its decisions to approve the continuation of the Advisory Agreement for each Fund and the Sub-Advisory Agreements for the Sub-Advised Funds, the Board considered information furnished and discussed throughout the year at regularly scheduled Board and Committee meetings as well as a wide range of information provided specifically in relation to the renewal of the Advisory Agreement and Sub-Advisory Agreements for the April Meeting and May Meeting. Information furnished at Board and/or Committee meetings throughout the year included FIMCO’s analysis of each Fund’s investment performance and the performance of the sub-advisers to the respective Sub-Advised Funds, presentations given by representatives of FIMCO, Brandywine and Muzinich and various reports on compliance and other services provided by FIMCO and its affiliates.

In preparation for the April Meeting and/or May Meeting, the Independent Trustees requested and received information compiled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, that included, among other things: (1) the investment performance over various time periods and the fees and expenses of each Fund as compared to a comparable group of funds as determined by Broadridge (“Peer Group”); and (2) comparative information on each Fund’s volatility versus total return. The Board also considered that FIMCO charges different fee rates to various mutual funds that have similar investment mandates and FIMCO’s explanation for these differences.

Additionally, in response to specific requests from the Independent Trustees in connection with the April Meeting and/or May Meeting, FIMCO furnished, and the Board considered, information concerning various aspects of its operations, including: (1) the nature, extent and quality of services provided by FIMCO and its affiliates to the Funds, including investment advisory and administrative services to the Funds and, as applicable, services in connection with selecting, overseeing and evaluating the sub-advisers; (2) the actual management fees paid by each Fund to FIMCO; (3) the costs of providing services to each Fund and the profitability of FIMCO and its affiliate, Foresters Investor Services, Inc. (“FIS”), the Funds’ affiliated transfer agent, from the relationship with each Fund; and (4) any “fall out” or ancillary benefits accruing to FIMCO or its affiliates as a result of the relationship with each Fund. FIMCO also provided, and the Board considered, an analysis of the overall profitability of the First Investors mutual fund business that included various entities affiliated with FIMCO as well as comparative

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Board Consideration of Advisory Contracts and Fees (continued) (unaudited)

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profitability information based on analysis performed by FIMCO of the financial statements of certain publicly-traded mutual fund asset managers. The Board also considered FIMCO’s and each sub-adviser’s personnel and methods, including the education, experience of key personnel, and the number of their advisory and analytical personnel; general information regarding the compensation of FIMCO’s and each sub-adviser’s advisory personnel; FIMCO’s and each sub-adviser’s investment management process; FIMCO’s and each sub-adviser’s compliance program; the time and attention of FIMCO’s and each sub-adviser’s personnel devoted to the management of the Funds; FIMCO’s and each sub-adviser’s cybersecurity practices and related controls and business continuity plans; and material pending, threatened or settled litigation involving FIMCO and each sub-adviser, and any ongoing or completed audits, investigations or examinations by the Securities and Exchange Commission. The Board also considered information provided by FIMCO on management’s initiatives for increasing Fund assets and new product development, which included enhanced sales and marketing efforts (including selling Fund shares through independent channels); continuing efforts as deemed practicable to reduce expenses and improve performance of the Funds; and improving the efficiency of back-office operations and services (including the launch of a system for processing new business relationships electronically). In addition to evaluating, among other considerations, the written information provided by FIMCO, the Board also evaluated the answers to questions posed by the Board to representatives of FIMCO.

In addition, in response to specific requests from the Independent Trustees in connection with the April Meeting and/or May Meeting, Brandywine and Muzinich furnished, and the Board reviewed, information concerning various aspects of their respective operations, including: (1) the nature, extent and quality of services provided by Brandywine and Muzinich to the applicable Sub-Advised Funds; (2) the sub-advisory fee rates charged by Brandywine and Muzinich and a comparison of those fee rates to the fee rates of Brandywine and Muzinich for providing advisory services to other investment companies or accounts or compared to their standard fee schedule, as applicable, with an investment mandate similar to the applicable Sub-Advised Funds; (3) profitability and/or financial information provided by Brandywine and Muzinich; and (4) any “fall out” or ancillary benefits accruing to Brandywine and Muzinich as a result of the relationship with each applicable Sub-Advised Fund. The Board also considered FIMCO’s representations that it found the sub-adviser responses to the information requests in connection with the renewal of the Sub-Advisory Agreements to be satisfactory and raising no issues of general concern.

In considering the information and materials described above, the Independent Trustees took into account management style, investment strategies and prevailing market conditions. Moreover, the Independent Trustees received assistance from and met separately with Independent Legal Counsel during both the April Meeting and May Meeting and were provided with a written description of their statutory responsibilities and the legal standards that are applicable to approvals of advisory agreements (and sub-advisory agreements, as applicable). Although the Advisory Agreement for all of the Funds and the Sub-Advisory Agreements for the Sub-Advised Funds were considered at the same Board meeting, the Independent Trustees addressed each Fund separately during the April Meeting and May Meeting.

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Based on all of the information presented, the Board, including a majority of its Independent Trustees, determined on a Fund-by-Fund basis that the fees charged under the Advisory Agreement and each Sub-Advisory Agreement are reasonable in relation to the services that are provided under each Agreement. The Board did not identify any single factor as being of paramount importance in reaching its conclusions and determinations with respect to the continuance of the Advisory Agreement for each Fund and Sub-Advisory Agreements and different Trustees may have given different weight to different factors. Although not meant to be all-inclusive, the following describes some of the factors that were considered by the Board in deciding to approve the continuance of the Advisory Agreement for each Fund and the Sub-Advisory Agreements with Brandywine and Muzinich.

Nature, Extent and Quality of Services

In examining the nature, extent and quality of the services provided by FIMCO, the Board recognized that FIMCO is dedicated to providing investment management services exclusively to the Funds and the other funds in the First Investors fund complex and that, unlike many other mutual fund managers, FIMCO is not in the business of providing management services to hedge funds, pension funds or private accounts. In this connection, the Board was advised that certain key FIMCO personnel provide separately managed account services to a FIMCO-affiliated investment adviser, but that these personnel spend most of their time serving their FIMCO clients. As a result, the Board considered that FIMCO’s personnel devote substantially all of their time to serving the funds in the First Investors fund complex. The Board also considered management’s explanation regarding the significant costs involved in providing the level of personal service that the First Investors fund complex seeks to deliver to its shareholders, which are primarily shareholders in the broad middle market.

The Board noted that FIMCO has undertaken extensive responsibilities as manager of the Funds, including: (1) the provision of investment advice to the Funds; (2) implementing policies and procedures designed to ensure compliance with each Fund’s investment objectives and policies; (3) the review of brokerage arrangements; (4) oversight of general portfolio compliance with applicable laws; (5) the provision of certain administrative services to the Funds, including fund accounting; (6) the implementation of Board directives as they relate to the Funds; and (7) evaluating and monitoring any sub-advisers on an ongoing basis, including, but not limited to, monitoring each sub-adviser’s investment performance, evaluating each sub-adviser’s compliance program on an annual basis and monitoring investments for compliance purposes, including monitoring each sub-adviser’s soft dollar practices (as applicable), portfolio allocation and best execution. The Board noted that FIMCO provided the same sorts of administrative and other services, except for direct management of the portfolio, for the Sub-Advised Funds as it does for the other funds that do not employ a sub-adviser. The Board noted that FIMCO provides not only advisory services, but historically also has provided certain administrative personnel and services that many other advisers do not provide without imposition of separate fees. The Board also noted the steps that FIMCO has taken to encourage strong performance, including the manner in which portfolio managers and analysts are provided significant incentive compensation for good Fund performance. In addition, the Board considered information

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Board Consideration of Advisory Contracts and Fees (continued) (unaudited)

FIRST INVESTORS INCOME FUNDS

regarding the overall financial strength of FIMCO and its affiliates and the resources and staffing in place with respect to the services provided to the Funds.

The Board also considered the nature, extent and quality of the services provided to the Funds by FIMCO’s affiliates, including transfer agency and distribution services. The Board took into account the fact that FIS is dedicated to providing transfer agency services exclusively to the Funds and the other funds in the First Investors fund complex. As a result, FIS can tailor its processes and services to satisfy the needs of the Funds’ shareholder base. The Board noted that the Funds’ shares are distributed primarily through Foresters Financial Services, Inc. (“FFS”), which is an affiliate of FIMCO.

Furthermore, the Board considered the nature, extent and quality of the investment management services provided by Brandywine and Muzinich to the applicable Sub-Advised Funds. The Board considered Brandywine’s and Muzinich’s investment management process in managing the applicable Sub-Advised Funds and the experience and capability of its personnel responsible for the portfolio management of the applicable Sub-Advised Funds. The Board also considered information regarding the resources and staffing in place with respect to the services provided by each sub-adviser. Additionally, with respect to the Sub-Advised Funds, the Board considered the differences in fees paid by each Sub-Advised Fund to FIMCO and the fees paid by FIMCO to each sub-adviser, as well as representations by FIMCO that these fee differentials are warranted by its ongoing services and assumption of risks.

Based on the information considered, the Board concluded that the nature, extent and quality of the services provided to each Fund by FIMCO and the applicable Sub-Advised Funds by Brandywine and Muzinich were appropriate and consistent with the terms of the Advisory Agreement and Sub-Advisory Agreements, as applicable, and supported approval of the Advisory Agreement and each Sub-Advisory Agreement.

Investment Performance

The Board placed significant emphasis on the investment performance of each of the Funds. While consideration was given to performance reports and discussions held at prior Board or Committee meetings, as applicable, particular attention was given to the performance information compiled by Broadridge. In particular, the Board reviewed the total return of each Fund over the most recent calendar year (“1-year period”) and the annualized total return over the most recent three calendar year period (“3-year period”) and five calendar year period (“5-year period”). In addition, the Board considered the total return information provided by FIMCO for each Fund through April 30, 2018. The Board also reviewed the annual yield of each Fund for each of the past five calendar years (or shorter period as applicable). With regard to the total return and yield information, the Board considered the total return and yield of each Fund on a percentile and quintile basis as compared to its Peer Group. For purposes of the data provided, the first quintile is defined as 20% of the funds in the applicable Peer Group with the highest performance or yield, as applicable, and the fifth quintile is defined as 20% of the funds in the applicable Peer Group with the lowest performance or yield. The Board also considered FIMCO’s representations that it monitors to ensure portfolio managers invest in a manner

376

consistent with the mandate for the Fund or Funds they manage. The Board also considered a special performance report prepared by FIMCO analyzing the performance of the Floating Rate Fund and Limited Duration Bond Fund.

On a Fund-by-Fund basis, the total return performance reports indicated, and the Board noted, that: (i) the Balanced Income Fund fell within the third quintile for the 1-year period (the only period for which information was provided due to the short operating history of the Fund); (ii) the Floating Rate Fund fell within the fifth quintile for the 1-year period and 3-year period (the only periods for which information was provided due to the relatively short operating history of the Fund); (iii) the Fund For Income fell within the third quintile, third quintile and fourth quintile for the 1-year period, 3-year period and 5-year period, respectively; (iv) the Government Fund fell within the fourth quintile, fifth quintile and fourth quintile for the 1-year period, 3-year period and 5-year period, respectively; (v) the Government Cash Management Fund fell within the fourth quintile for each of the performance periods shown by Broadridge; (vi) the International Opportunities Bond Fund fell within the first quintile, fourth quintile and third quintile for the 1-year period, 3-year period and 5-year period, respectively; (vii) the Investment Grade Fund fell within the fourth quintile for each of the performance periods shown by Broadridge; (viii) the Limited Duration Bond Fund fell within the fifth quintile for the 1-year period and 3-year period (the only periods for which information was provided due to the short operating history of the Fund); and (ix) the Strategic Income Fund fell within the fourth quintile and fifth quintile for the 1-year period and 3-year period, respectively (the only periods for which information was provided due to the relatively short operating history of the Fund). The Board also considered that FIMCO had recommended, and the Board had approved at the April Meeting, the reorganization of the Balanced Income Fund into the First Investors Total Return Fund and the reorganization of the Government Fund into the Limited Duration Bond Fund, each of which would be effective during the third quarter of 2018.

The Board also reviewed the yields of the Funds and noted that the yield for: (i) the Balanced Income Fund fell within one of the top three quintiles for one of the past two calendar years, which was the only information available due to its relatively short operating history; (ii) the Floating Rate Fund fell outside of the top three quintiles for each of the past four calendar years, which was the only information available due to its relatively short operating history; (iii) the Fund For Income fell within one of the top three quintiles for three of the past five calendar years; (iv) the Government Fund fell within one of the top two quintiles for each of the past five calendar years; (v) the Government Cash Management Fund fell outside of the top three quintiles for each of the past five calendar years; (vi) the International Opportunities Bond Fund fell within one of the top three quintiles for each of the past five calendar years; (vii) the Investment Grade Fund fell within one of the top two quintiles for each of the past five calendar years; (viii) the Limited Duration Bond Fund fell within one of the top three quintiles for two of the past three calendar years, which was the only information available due to its relatively short operating history; and (ix) the Strategic Income Fund fell within one of the top three quintiles for three of the past four calendar years, which was the only information available due to its relatively short operating history. Moreover, the Board considered the volatility versus total

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Board Consideration of Advisory Contracts and Fees (continued) (unaudited)

FIRST INVESTORS INCOME FUNDS

return data provided by Broadridge as well as FIMCO’s representation that it believes that the Funds use a more conservative investment style than many of their peers.

Based on the information considered, the Board concluded that the investment performance of each Fund was either (a) acceptable or better, or (b) subject to reasonable steps to monitor or address certain periods of underperformance.

Fund Expenses, Costs of Services, Economies of Scale and Related Benefits

Management Fees and Expenses. The Board also gave substantial consideration to the fees payable under each Fund’s Advisory Agreement as well as under the Sub-Advisory Agreements for the Sub-Advised Funds.

The Board reviewed the information compiled by Broadridge comparing each Fund’s contractual management fee rate (at common asset levels) and actual management fee rate (which included the effect of any fee waivers) as a percentage of average net assets to other funds in its Peer Group. In this regard, the Board considered the contractual and actual management fees of each Fund on a quintile basis as compared to its Peer Group and noted the relative position of each Fund within the Peer Group. The Board also considered that FIMCO provides not only advisory services but also certain administrative personnel to the Funds under each Fund’s Advisory Agreement and that many other advisers do not provide such administrative personnel under their advisory agreements and that FIMCO also provides certain administrative services without the imposition of a separate fee. The Board considered that FIMCO informed the Board that it intends to: (i) extend, on a contractual basis, the existing total expense cap limitation for the Government Cash Management Fund until June 1, 2019; and (ii) extend, on a voluntary basis, the existing management fee cap for the Government Fund until May 31, 2019; and (iii) extend, but on a contractual rather than voluntary basis, the existing management fee cap for the Fund For Income and Investment Grade Fund until June 1, 2019. The Board also noted that it had previously approved the continuation of the contractual total expense caps on the Balanced Income Fund and Floating Rate Fund until January 31, 2019 and the Limited Duration Bond Fund until March 14, 2019. The Board also considered that, with respect to the Government Cash Management Fund, FIMCO has historically waived a significant portion of its management fees and reimbursed a portion of other expenses to avoid a negative return for shareholders due to the historically low interest rate environment. In particular, the Board noted that: (i) the Balanced Income Fund’s contractual management fee was in the third quintile and actual management fee was in the first quintile of its Peer Group; (ii) the Floating Rate Fund’s contractual and actual management fees were in the first quintile of its Peer Group; (iii) the Government Cash Management Fund’s contractual management fee was in the fourth quintile and actual management fee was in the second quintile of its Peer Group; (iv) the International Opportunities Bond Fund’s contractual management fee was in the third quintile and actual management fee was in the fourth quintile of its Peer Group; (v) the Strategic Income Fund’s contractual management fee was in the first quintile and actual management fee was in the second quintile of its Peer Group; and (vi) the contractual and actual management fees for the Fund For Income, Government Fund, Investment Grade Fund and Limited Duration Bond Fund were outside of the top three quintiles of their respective Peer Groups.

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The Board also reviewed the information compiled by Broadridge comparing each Fund’s Class A share total expense ratio, taking into account FIMCO’s expense waivers (as applicable), and the ratio of the sum of actual management and other non-management fees (i.e., fees other than management, transfer agency and 12b-1/non-12b-1 fees) to other funds in its Peer Group, including on a quintile basis. In particular, the Board noted that: (i) the total expense ratio for each Fund except the Strategic Income Fund was not in the top three quintiles of their respective Peer Groups; and (ii) the ratio of the sum of actual management and other non-management fees for each Fund except the Balanced Income Fund, Floating Rate Fund, Government Cash Management Fund and Strategic Income Fund was not in the top three quintiles of their respective Peer Groups. In considering the level of the total expense ratio and the ratio of the sum of actual management and other non-management fees, the Board took into account management’s explanation that: (i) the average account size of many of the First Investors funds is small by comparison to the industry average account size and that funds with small average account sizes generally have higher expense ratios than funds with larger average account sizes; (ii) there are significant costs involved in providing the level of personal service that the First Investors fund complex seeks to deliver to its shareholders; (iii) overall Fund expenses cover certain check-writing and wiring privileges for Government Cash Management Fund shareholders at no additional cost; and (iv) Broadridge expense comparisons do not take into account the size of a fund complex, and as a result, in most cases the First Investors funds are compared to funds in complexes that are much larger than First Investors. The Board also noted that Broadridge’s customized expense groups tend to be fairly small in number and the funds included in the Peer Group generally change from year to year, thereby introducing an element of randomness that affects comparative results each year. While recognizing the limitations inherent in Broadridge’s methodology, the Board believed that the data provided by Broadridge was a generally appropriate measure of comparative expenses.

In considering the sub-advisory fee rates charged by and costs and profitability of Brandywine and Muzinich with regard to the respective Sub-Advised Funds, the Board noted that FIMCO pays Brandywine and Muzinich, as the case may be, a sub-advisory fee from its own advisory fee rather than each Fund paying Brandywine and Muzinich a fee directly. The Board also considered arrangements pursuant to which Muzinich (but not its Sub-Advised Funds) pays a portion of its sub-advisory fee to a solicitor that introduced Muzinich to FIMCO. Brandywine and Muzinich provided, and the Board reviewed, information comparing the fees charged by Brandywine and Muzinich for services to the respective Sub-Advised Funds versus the fee rates of Brandywine and Muzinich for providing advisory services to other comparable investment companies or accounts or compared to their standard fee schedule, as applicable. Based on a review of this information, the Board noted that the fees charged by Brandywine and Muzinich, as the case may be, for services to each applicable Sub-Advised Fund appeared competitive to the fees Brandywine and Muzinich charge to their other comparable investment companies or accounts or compared to their standard fee schedule, as applicable.

The foregoing comparisons assisted the Trustees by providing them with a basis for evaluating each Fund’s management fee and expense ratio on a relative basis and the Board concluded

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Board Consideration of Advisory Contracts and Fees (continued) (unaudited)

FIRST INVESTORS INCOME FUNDS

that each Fund’s management fees appeared reasonable in relation to the services and benefits provided to each Fund.

Profitability. The Board reviewed the materials it received from FIMCO regarding its revenues and costs in providing investment management and certain administrative services to the Funds. In particular, the Board considered the analysis of FIMCO’s profitability with respect to each Fund, calculated for the year ended December 31, 2017, as well as overall profitability information relating to the past five calendar years. The Board also considered the information provided by FIMCO comparing the profitability of certain publicly-traded mutual fund asset managers as analyzed by FIMCO based on publicly available financial statements and noted FIMCO’s analysis that its profit margin is significantly lower than the average of such publicly-traded managers. In reviewing the profitability information, the Board also considered the “fall-out” or ancillary benefits that may accrue to FIMCO and its affiliates as a result of their relationship with the Funds, which are discussed below. Based on the information provided, the Board also noted that FIMCO operates the Balanced Income Fund and Strategic Income Fund at a loss. The Board acknowledged that, as a business matter, FIMCO was entitled to earn reasonable profits for its services to the Funds and concluded that the level of profitability to FIMCO of its contractual arrangements with each Fund did not appear so high as to call into question the appropriateness of the fees paid to FIMCO by any Fund or otherwise to preclude the proposed continuation of the Advisory Agreement for any of the Funds. The Board also considered the profitability and/or financial information provided by Brandywine and Muzinich.

Economies of Scale. With respect to whether economies of scale are realized by FIMCO and the extent to which any economies of scale are reflected in the level of management fee rates charged, the Board considered that the Advisory Agreement fee schedule for each Fund, except the Strategic Income Fund and Government Cash Management Fund, includes breakpoints to account for management economies of scale as each Fund’s assets increase. With respect to the Strategic Income Fund and Government Cash Management Fund, the Board concluded that the fee structure is appropriate at current asset levels.

“Fall Out” or Ancillary Benefits. The Board considered the “fall-out” or ancillary benefits that may accrue to FIMCO, Brandywine and Muzinich as a result of their relationship with the Funds. In that regard, the Board considered the fact that FIMCO and Brandywine (but not Muzinich) may receive research from broker-dealers that execute brokerage transactions for the funds in the First Investors fund complex. However, the Board noted that FIMCO and the sub-advisers must select brokers based on each Fund’s requirements for seeking best execution. The Board also considered the profits earned or losses incurred by FIS and the income received by FFS as a result of FIMCO’s management of the First Investors funds.

^* ^* ^*

In summary, based on all relevant information and factors, none of which was individually determinative of the outcome, the Board, including a majority of the Independent Trustees, approved the renewal of the Advisory Agreement and each Sub-Advisory Agreement.

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Board Consideration of Advisory Contracts and Fees
(unaudited)

FIRST INVESTORS EQUITY FUNDS

Annual Consideration of the Investment Advisory Agreements and the Sub-Advisory Agreements with Lazard Asset Management, LLC, Smith Group Asset Management, LP, Vontobel Asset Management, Inc., Wellington Management Company, LLP and Ziegler Capital Management, LLC

The First Investors Equity Funds’ (the “Trust”) investment advisory agreements with the Trust’s investment adviser and, as applicable, sub-advisers, on behalf of each of the Trust’s funds, can remain in effect after an initial term of no greater than two years only if they are renewed at least annually thereafter (i) by the vote of the Trustees or by a vote of the shareholders of each fund and (ii) by the vote of a majority of the Trustees who are not parties to the advisory agreement (and sub-advisory agreements, as applicable) or “interested persons” of any party thereto (the “Independent Trustees”), cast in person at a meeting called specifically for the purpose of voting on such approval.

The Board of Trustees (the “Board”) has six regularly scheduled meetings each year and takes into account throughout the year matters bearing on the approval of the advisory agreement (and sub-advisory agreements, as applicable). In particular, the Board and its standing committees also consider at each meeting at least certain of the factors that are relevant to the annual renewal of each fund’s advisory agreement (and sub-advisory agreements, as applicable), including investment performance, sub-adviser updates and reviews, reports with respect to brokerage and portfolio transactions, use of soft dollars for research products and services, portfolio turnover rates, risk management (including as it relates to cybersecurity risk), compliance monitoring, and the services and support provided to each fund and its shareholders. In addition, the Board meets with representatives of each sub-adviser in person at least once per year.

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Board Consideration of Advisory Contracts and Fees (continued) (unaudited)

FIRST INVESTORS EQUITY FUNDS

At the May Meeting, the Board, including a majority of the Independent Trustees, approved the renewal of the investment advisory agreement (the “Advisory Agreement”) between FIMCO and each of the following funds (each a “Fund” and collectively the “Funds”): Covered Call Strategy Fund, Equity Income Fund, Global Fund, Growth & Income Fund, Hedged U.S. Equity Opportunities Fund, International Fund, Long Short Fund, Opportunity Fund, Real Estate Fund, Select Growth Fund, Special Situations Fund and Total Return Fund. In addition, at the May Meeting, the Board, including a majority of the Independent Trustees, approved the renewal of the sub-advisory agreements (each a “Sub-Advisory Agreement” and collectively the “Sub-Advisory Agreements”) with: (1) Lazard Asset Management, LLC (“Lazard”) with respect to the Long Short Fund; (2) Smith Group Asset Management, LP (“Smith Group”) with respect to the Select Growth Fund; (3) Vontobel Asset Management, Inc. (“Vontobel”) with respect to the International Fund; (4) Wellington Management Company, LLP (“WMC”) with respect to the Global Fund and Hedged U.S. Equity Opportunities Fund; and (5) Ziegler Capital Management, LLC (“Ziegler”) with respect to the Covered Call Strategy Fund. The Long Short Fund, Select Growth Fund, International Fund, Global Fund, Hedged U.S. Equity Opportunities Fund and Covered Call Strategy Fund are collectively referred to as the “Sub-Advised Funds.”

In reaching its decisions to approve the continuation of the Advisory Agreement for each Fund and the Sub-Advisory Agreements for the Sub-Advised Funds, the Board considered information furnished and discussed throughout the year at regularly scheduled Board and Committee meetings as well as a wide range of information provided specifically in relation to the renewal of the Advisory Agreement and Sub-Advisory Agreements for the April Meeting and May Meeting. Information furnished at Board and/or Committee meetings throughout the year included FIMCO’s analysis of each Fund’s investment performance and the performance of the sub-advisers to the respective Sub-Advised Funds, presentations given by representatives of FIMCO, Lazard, Smith Group, Vontobel, Wellington and Ziegler and various reports on compliance and other services provided by FIMCO and its affiliates.

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agent, from the relationship with each Fund; and (4) any “fall out” or ancillary benefits accruing to FIMCO or its affiliates as a result of the relationship with each Fund. FIMCO also provided, and the Board considered, an analysis of the overall profitability of the First Investors mutual fund business that included various entities affiliated with FIMCO as well as comparative profitability information based on analysis performed by FIMCO of the financial statements of certain publicly-traded mutual fund asset managers. The Board also considered FIMCO’s and each sub-adviser’s personnel and methods, including the education, experience of key personnel, and the number of their advisory and analytical personnel; general information regarding the compensation of FIMCO’s and each sub-adviser’s advisory personnel; FIMCO’s and each sub-adviser’s investment management process; FIMCO’s and each sub-adviser’s compliance program; the time and attention of FIMCO’s and each sub-adviser’s personnel devoted to the management of the Funds; FIMCO’s and each sub-adviser’s cybersecurity practices and related controls and business continuity plans; and material pending, threatened or settled litigation involving FIMCO and each sub-adviser, and any ongoing or completed audits, investigations or examinations by the Securities and Exchange Commission. The Board also considered information provided by FIMCO on management’s initiatives for increasing Fund assets and new product development, which included enhanced sales and marketing efforts (including selling Fund shares through independent channels); continuing efforts as deemed practicable to reduce expenses and improve performance of the Funds; and improving the efficiency of back-office operations and services (including the launch of a system for processing new business relationships electronically). In addition to evaluating, among other considerations, the written information provided by FIMCO, the Board also evaluated the answers to questions posed by the Board to representatives of FIMCO.

In addition, in response to specific requests from the Independent Trustees in connection with the April Meeting and/or May Meeting, Lazard, Smith Group, Vontobel, WMC and Ziegler furnished, and the Board reviewed, information concerning various aspects of their respective operations, including: (1) the nature, extent and quality of services provided by Lazard, Smith Group, Vontobel, WMC and Ziegler to the applicable Sub-Advised Funds; (2) the sub-advisory fee rates charged by Lazard, Smith Group, Vontobel, WMC and Ziegler and a comparison of those fee rates to the fee rates of Lazard, Smith Group, Vontobel, WMC and Ziegler for providing advisory services to other investment companies or accounts or compared to their standard fee schedule, as applicable, with an investment mandate similar to the applicable Sub-Advised Funds; (3) profitability and/or financial information provided by Lazard, Smith Group, Vontobel, WMC and Ziegler; and (4) any “fall out” or ancillary benefits accruing to Lazard, Smith Group, Vontobel, WMC and Ziegler as a result of the relationship with each applicable Sub-Advised Fund. The Board also considered FIMCO’s representations that it found the sub-adviser responses to the information requests in connection with the renewal of the Sub-Advisory Agreements to be satisfactory and raising no issues of general concern.

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Board Consideration of Advisory Contracts and Fees (continued) (unaudited)

FIRST INVESTORS EQUITY FUNDS

description of their statutory responsibilities and the legal standards that are applicable to approvals of advisory agreements (and sub-advisory agreements, as applicable). Although the Advisory Agreement for all of the Funds and the Sub-Advisory Agreements for the Sub-Advised Funds were considered at the same Board meeting, the Independent Trustees addressed each Fund separately during the April Meeting and May Meeting.

Based on all of the information presented, the Board, including a majority of its Independent Trustees, determined on a Fund-by-Fund basis that the fees charged under the Advisory Agreement and each Sub-Advisory Agreement are reasonable in relation to the services that are provided under each Agreement. The Board did not identify any single factor as being of paramount importance in reaching its conclusions and determinations with respect to the continuance of the Advisory Agreement for each Fund and Sub-Advisory Agreements and different Trustees may have given different weight to different factors. Although not meant to be all-inclusive, the following describes some of the factors that were considered by the Board in deciding to approve the continuance of the Advisory Agreement for each Fund and Sub-Advisory Agreements with Lazard, Smith Group, Vontobel, WMC and Ziegler.

Nature, Extent and Quality of Services

The Board noted that FIMCO has undertaken extensive responsibilities as manager of the Funds, including: (1) the provision of investment advice to the Funds; (2) implementing policies and procedures designed to ensure compliance with each Fund’s investment objectives and policies; (3) the review of brokerage arrangements; (4) oversight of general portfolio compliance with applicable laws; (5) the provision of certain administrative services to the Funds, including fund accounting; (6) the implementation of Board directives as they relate to the Funds; and (7) evaluating and monitoring any sub-advisers on an ongoing basis, including, but not limited to, monitoring each sub-adviser’s investment performance, evaluating each sub-adviser’s compliance program on an annual basis and monitoring investments for compliance purposes, including monitoring each sub-adviser’s soft dollar practices (as applicable), portfolio allocation and best execution. The Board also noted that FIMCO provided the same sorts of administrative and other services, except for direct management of the portfolio, for the Sub-Advised Funds as it does for the other funds that do not employ a sub-adviser. The Board noted that FIMCO

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provides not only advisory services, but historically also has provided certain administrative personnel and services that many other advisers do not provide without imposition of separate fees. The Board also noted the steps that FIMCO has taken to encourage strong performance, including the manner in which portfolio managers and analysts are provided significant incentive compensation for good Fund performance. In addition, the Board considered information regarding the overall financial strength of FIMCO and its affiliates and the resources and staffing in place with respect to the services provided to the Funds.

Furthermore, the Board considered the nature, extent and quality of the investment management services provided by Lazard, Smith Group, Vontobel, WMC and Ziegler to the applicable Sub-Advised Funds. The Board considered Lazard’s, Smith Group’s, Vontobel’s, WMC’s and Ziegler’s investment management process in managing the applicable Sub-Advised Funds and the experience and capability of their respective personnel responsible for the portfolio management of the applicable Sub-Advised Funds. The Board also considered information regarding the resources and staffing in place with respect to the services provided by each sub-adviser. Additionally, with respect to the Sub-Advised Funds, the Board considered the differences in fees paid by each Sub-Advised Fund to FIMCO and the fees paid by FIMCO to each sub-adviser, as well as representations by FIMCO that these fee differentials are warranted by its ongoing services and assumption of risks.

Based on the information considered, the Board concluded that the nature, extent and quality of the services provided to each Fund by FIMCO and the applicable Sub-Advised Funds by Lazard, Smith Group, Vontobel, WMC and Ziegler were appropriate and consistent with the terms of the Advisory Agreement and Sub-Advisory Agreements, as applicable, and supported approval of the Advisory Agreement and each Sub-Advisory Agreement.

Investment Performance

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Board Consideration of Advisory Contracts and Fees (continued) (unaudited)

FIRST INVESTORS EQUITY FUNDS

to its Peer Group. For purposes of the performance data provided, the first quintile is defined as 20% of the funds in the applicable Peer Group with the highest performance and the fifth quintile is defined as 20% of the funds in the applicable Peer Group with the lowest performance. The Board also considered FIMCO’s representations that it monitors to ensure portfolio managers invest in a manner consistent with the mandate for the Fund or Funds they manage.

On a Fund-by-Fund basis, the performance reports indicated, and the Board noted, that each Fund except the Hedged U.S. Equity Opportunities Fund, Long Short Fund and Real Estate Fund fell within one of the top three quintiles for at least one of the performance periods provided by Broadridge. In particular, the Board noted that: (i) the Covered Call Strategy Fund fell within the top three quintiles for the 1-year period (the only period for which performance information was provided due to the short operating history of the Fund); (ii) the Equity Income Fund fell within the top three quintiles for the 3-year period and 5-year period; (iii) the Global Fund fell within the top three quintiles for the 3-year period; (iv) the Growth & Income Fund fell within the top three quintiles for the 1-year period; (v) the International Fund fell within the top three quintiles for the 1-year period and 3-year period; (vi) the Opportunity Fund fell within the top three quintiles for the 1-year period and 5-year period; (vii) the Select Growth Fund and Special Situations Fund fell within the top three quintiles for the 1-year period, 3-year period and 5-year period; and (viii) the Total Return Fund fell within the top three quintiles for the 5-year period. The Board also considered that management had recommended at the May Meeting the termination of WMC as subadviser to the Global Fund to become effective on or around the end of June 2018 and that the Fund would thereafter be managed by a newly acquired portfolio management team at FIMCO. The Board also considered that the Hedged U.S. Equity Opportunities Fund and Long Short Fund had a short operating history with only one full year of performance information. With respect to the Real Estate Fund, the Board considered that FIMCO had proposed the liquidation of the Fund at the May Meeting and that such liquidation would take place on or around the end of June 2018. The Board also considered the volatility versus total return data provided by Broadridge as well as FIMCO’s representation that it believes that the Funds use a more conservative investment style than many of their peers.

Fund Expenses, Costs of Services, Economies of Scale and Related Benefits

386

Fund within the Peer Group. The Board also considered that FIMCO provides not only advisory services but also certain administrative personnel to the Funds under each Fund’s Advisory Agreement and that many other advisers do not provide such administrative personnel under their advisory agreements and that FIMCO also provides certain administrative services without the imposition of a separate fee. The Board also considered that FIMCO informed the Board that it intends to extend, but on a contractual rather than voluntary basis, the existing management fee cap for the Global Fund until June 1, 2019 and the contractual total expense cap for the Covered Call Strategy Fund, Hedged U.S. Equity Opportunities Fund and Long Short Fund until January 31, 2019 (which was previously approved by the Board). In particular, the Board noted that: (i) the contractual and actual management fees for all of the Funds except the Global Fund, Growth & Income Fund, Hedged U.S. Equity Opportunities Fund, International Fund, Long Short Fund and Total Return Fund were in the top three quintiles of their respective Peer Groups; (ii) the Global Fund’s contractual and actual management fees were in the fifth quintile of its Peer Group; (iii) the Growth & Income Fund’s and Total Return Fund’s contractual and actual management fees were in the fourth quintile of their respective Peer Groups; (iv) the Hedged U.S. Equity Opportunities Fund’s contractual management fee was in the fifth quintile and actual management fee was in the fourth quintile of its Peer Group; (v) the International Fund’s contractual management fee was in the fourth quintile and actual management fee was in the fifth quintile of its Peer Group; and (vi) the Long Short Fund’s contractual management fee was in the fifth quintile and actual management fee was in the third quintile of its Peer Group.

The Board also reviewed the information compiled by Broadridge comparing each Fund’s Class A share total expense ratio, taking into account FIMCO’s expense waivers (as applicable), and the ratio of the sum of actual management and other non-management fees (i.e., fees other than management, transfer agency and 12b-1/non-12b-1 fees) to other funds in its Peer Group, including on a quintile basis. In particular, the Board noted that: (i) the total expense ratio for each Fund except the Covered Call Strategy Fund, Equity Income Fund, Opportunity Fund and Special Situations Fund was not in the top three quintiles of their respective Peer Groups; and (ii) the ratio of the sum of actual management and other non-management fees was in the top three quintiles for all of the Funds except the Global Fund, Growth & Income Fund, Hedged U.S. Equity Opportunities Fund, International Fund and Long Short Fund. In considering the level of the total expense ratio and the ratio of the sum of actual management and other non-management fees, the Board took into account management’s explanation that: (i) the Funds have average account sizes that are relatively small compared with the industry average and that funds with small average account sizes generally have higher expense ratios than funds with larger average account sizes; (ii) there are significant costs involved in providing the level of personal service that the First Investors fund complex seeks to deliver to its shareholders; and (iii) Broadridge expense comparisons do not take into account the size of a fund complex, and as a result, in certain cases the First Investors funds are compared to funds in complexes that are much larger than First Investors. The Board also noted that Broadridge’s customized expense groups tend to be fairly small in number and the funds included in the Peer Group generally change from year to year, thereby introducing an element of randomness that affects comparative results each year. While recognizing the limitations inherent in Broadridge’s methodology, the Board believed that the data provided by Broadridge was a generally appropriate measure of comparative expenses.

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Board Consideration of Advisory Contracts and Fees (continued) (unaudited)

FIRST INVESTORS EQUITY FUNDS

In considering the sub-advisory fee rates charged by and costs and profitability of Lazard, Smith Group, Vontobel, WMC and Ziegler with regard to the respective Sub-Advised Funds, the Board noted that FIMCO pays Lazard, Smith Group, Vontobel, WMC and Ziegler, as the case may be, a sub-advisory fee from its own advisory fee rather than each Fund paying Lazard, Smith Group, Vontobel, WMC and Ziegler a fee directly. The Board also considered an arrangement pursuant to which Smith Group and Vontobel (but not the Sub-Advised Funds) each pays a portion of its sub-advisory fee to a solicitor that introduced each such subadviser to FIMCO. Lazard, Smith Group, Vontobel, WMC and Ziegler provided, and the Board reviewed, information comparing the fees charged by Lazard, Smith Group, Vontobel, WMC and Ziegler for services to the respective Sub-Advised Funds versus the fee rates of Lazard, Smith Group, Vontobel, WMC and Ziegler for providing advisory services to other comparable investment companies or accounts or compared to their standard fee schedule, as applicable. Based on a review of this information, the Board noted that the fees charged by Lazard, Smith Group, Vontobel, WMC and Ziegler, as the case may be, for services to each applicable Sub-Advised Fund appeared competitive to the fees Lazard, Smith Group, Vontobel, WMC and Ziegler charge to their other comparable investment companies or accounts or compared to their standard fee schedule, as applicable.

The foregoing comparisons assisted the Trustees by providing them with a basis for evaluating each Fund’s management fee and expense ratio on a relative basis and the Board concluded that each Fund’s management fees appeared reasonable in relation to the services and benefits provided to each Fund.

Profitability. The Board reviewed the materials it received from FIMCO regarding its revenues and costs in providing investment management and certain administrative services to the Funds. In particular, the Board considered the analysis of FIMCO’s profitability with respect to each Fund, calculated for the year ended December 31, 2017, as well as overall profitability information relating to the past five calendar years. The Board also considered the information provided by FIMCO comparing the profitability of certain publicly-traded mutual fund asset managers as analyzed by FIMCO based on publicly available financial statements and noted FIMCO’s analysis that its profit margin is significantly lower than the average of such publicly-traded managers. In reviewing the profitability information, the Board also considered the “fall-out” or ancillary benefits that may accrue to FIMCO and its affiliates as a result of their relationship with the Funds, which are discussed below. Based on the information provided, the Board also noted that FIMCO operates the Long Short Fund at a loss. The Board acknowledged that, as a business matter, FIMCO was entitled to earn reasonable profits for its services to the Funds and concluded that the level of profitability to FIMCO of its contractual arrangements with each Fund did not appear so high as to call into question the appropriateness of the fees paid to FIMCO by any Fund or otherwise to preclude the proposed continuation of the Advisory Agreement for any of the Funds. The Board also considered the profitability and/or financial information provided by Lazard, Smith Group, Vontobel, WMC and Ziegler.

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“Fall Out” or Ancillary Benefits. The Board considered the “fall-out” or ancillary benefits that may accrue to FIMCO, Lazard, Smith Group, Vontobel, WMC and Ziegler as a result of their relationship with the Funds. In that regard, the Board considered the fact that FIMCO and each sub-adviser (except Ziegler) may receive research from broker-dealers that execute brokerage transactions for the funds in the First Investors fund complex. However, the Board noted that FIMCO and the sub-advisers must select brokers based on each Fund’s requirements for seeking best execution. The Board also considered the profits earned or losses incurred by FIS and the income received by FFS as a result of FIMCO’s management of the First Investors funds.

^* ^* ^*

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Board Consideration of Advisory Contracts and Fees (continued) (unaudited)

FIRST INVESTORS EQUITY FUNDS

Consideration of the Investment Advisory Agreement with Foresters Investment Management Company, Inc. and the Sub-Advisory Agreement with Ziegler Capital Management LLC with respect to the First Investors Premium Income Fund

At the February 22, 2018 meeting (the “February Meeting”) of the Board of Trustees (the “Board” or the “Trustees”) of the First Investors Equity Funds (the “Trust”), the Board, including a majority of Board members who are not interested persons of the Trust under the Investment Company Act of 1940, as amended (the “Independent Trustees”), discussed and approved, for the new First Investors Premium Income Fund (the “New Fund”), the investment advisory agreement (the “Advisory Agreement”) with Foresters Investment Management Company, Inc. (“FIMCO”) and the sub-advisory agreement (the “Sub-Advisory Agreement”) with Ziegler Capital Management, LLC (“ZCM,” and together with FIMCO, the “Advisers”).

The Trustees were provided with preliminary materials relating to the New Fund by FIMCO and ZCM initially in connection with a special telephonic Board meeting held on December 21, 2017 (the “December Meeting”) and then more detailed materials by the Advisers in advance of and at the February Meeting. The Trustees also met in person with senior officers of FIMCO, Trust counsel, independent legal counsel to the Independent Trustees (“Independent Legal Counsel”) and others to receive information on, and discuss the approval of, the Advisory Agreement and Sub-Advisory Agreement. In addition, representatives of ZCM participated telephonically in the December Meeting. The material factors and conclusions that formed the basis for the approval of the Advisory Agreement and Sub-Advisory Agreement are discussed below.

In making their determinations, the Trustees took into account management style, investment strategies, investment philosophy and process, ZCM’s past performance and the Advisers’ personnel that would be serving the New Fund. In evaluating the Advisory Agreement and Sub-Advisory Agreement, the Trustees also reviewed information provided by the Advisers, including the terms of such Agreements and information regarding fee arrangements, including the structure of the advisory fee and sub-advisory fee, the method of computing fees, and the frequency of payment of fees. The Trustees also reviewed information comparing the New Fund’s advisory fee rate and projected total expenses with a peer group of other similar funds compiled by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data. In addition, the Trustees reviewed, among other things, information regarding ZCM’s compliance program, financial condition, insurance coverage and brokerage practices.

After discussion and consideration among themselves, and with the Advisers, Trust counsel and Independent Legal Counsel, including during an executive session with Independent Legal Counsel held the day before the February Meeting, the Trustees concluded as follows with respect to the New Fund:

●

The nature and extent of the investment advisory services to be provided to the New Fund by the Advisers were consistent with the terms of the Advisory Agreement and Sub-Advisory Agreement, respectively.

390

●

The prospects for satisfactory investment performance of the New Fund were reasonable;

●

The New Fund’s contractual management fee, projected actual management fee and projected total expense ratio were significantly lower than the median of a peer group of funds prepared by Broadridge;

●

Shareholders of the New Fund may benefit from economies of scale in the future as assets grow due to breakpoints included in the fee schedule for the Advisory Agreement and Sub-Advisory Agreement;

●

Shareholders of the New Fund may benefit from FIMCO’s agreement that total expenses of the New Fund would be capped under an expense limitation agreement pursuant to which FIMCO or the New Fund’s transfer agent, an affiliate of FIMCO, will limit total annual operating expenses (subject to certain exceptions) to a certain level for each class of shares of the New Fund for a period of time;

●

The cost of services to be provided by the Advisers to the New Fund and the profits realized by the Advisers and their respective affiliates, if any, from their respective relationship with the New Fund would be assessed after the New Fund has commenced operations when the Trustees first consider the renewal of the Advisory Agreement and Sub-Advisory Agreement; and

●

The Advisers indicated that they will not receive any “fall out” or ancillary benefits as a result of their relationship with the New Fund.

Based on all relevant information and factors, none of which was individually determinative of the outcome, the Board, including a majority of the Independent Trustees, concluded that the approval of the Advisory Agreement and Sub-Advisory Agreement was in the best interests of the New Fund and its shareholders and unanimously approved such Agreements.

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FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

Trustees and Officers^*

Name, Year of Birth and Address	Position Held with Funds	Length of Time Served (Including with Predecessor Funds)	Number of Portfolios in Fund Complex Overseen	Other Trusteeships/ Directorships Held
DISINTERESTED TRUSTEES
Susan E. Artmann (1954) c/o First Investors Funds, Legal Department 40 Wall Street New York, NY 10005	Trustee	Since 11/1/12	46	None
Principal Occupation During Past 5 Years: Retired. Executive Vice President and Chief Financial Officer of HSBC Insurance North America (2012-2013)
Mary J. Barneby (1952) c/o First Investors Funds, Legal Department 40 Wall Street New York, NY 10005	Trustee	Since 11/1/12	46	None
Principal Occupation During Past 5 Years: Chief Executive Officer, Girl Scouts of Connecticut (since October 2012).
Charles R. Barton, III (1965) c/o First Investors Funds, Legal Department 40 Wall Street New York, NY 10005	Trustee	Since 1/1/06	46	None
Principal Occupation During Past 5 Years: Chief Operating Officer (since 2007), Board Director (since 1989, currently Ex-Officio) and Trustee (since 1994) of The Barton Group/Barton Mines Corporation (mining and industrial abrasives distribution); President of Noe Pierson Corporation (land holding and management services provider) (since 2004).
Arthur M. Scutro, Jr. (1941) c/o First Investors Funds, Legal Department 40 Wall Street New York, NY 10005	Trustee and Chairman	Trustee since 1/1/06 and Chairman since 1/1/13	46	None
Principal Occupation During Past 5 Years: None/Retired

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Name, Year of Birth and Address	Position Held with Funds	Length of Time Served (Including with Predecessor Funds)	Number of Portfolios in Fund Complex Overseen	Other Trusteeships/ Directorships Held
DISINTERESTED TRUSTEES (continued)
Mark R. Ward (1952) c/o First Investors Funds, Legal Department 40 Wall Street New York, NY 10005	Trustee	Since 1/1/10	46	None
Principal Occupation During Past 5 Years: Self-employed, consultant (since 2008).

^*	Each Trustee serves for an indefinite term with the Funds, until his/her successor is elected.

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FIRST INVESTORS INCOME FUNDS

FIRST INVESTORS EQUITY FUNDS

Trustees and Officers^* (continued)

Name, Year of Birth and Address	Position Held with Funds	Length of Time Served (Including with Predecessor Funds)	Number of Portfolios in Fund Complex Overseen	Other Trusteeships/ Directorships Held
OFFICERS WHO ARE NOT TRUSTEES
E. Blake Moore Jr.^* (1958) c/o First Investors Funds, Legal Department 40 Wall Street New York, NY 10005	President	Since 2/22/2018	N/A	None
Principal Occupation During Past 5 Years: President, Foresters Invesment Management Company, Inc. (since February 2018); Managing Director and Head of Americas, UBS Asset Management (Americas) Inc. (2015-2017); Executive Vice President, Mackenzie Investments (Canada) (2011-2014).
Joseph I. Benedek (1957) c/o Foresters Investment Management Company, Inc. Raritan Plaza I Edison, NJ 08837	Treasurer	Since 1988	N/A	None
Principal Occupation During Past 5 Years: Treasurer of Foresters Investment Management Company, Inc.
Scott K. Richardson^ (1966)** c/o First Investors Funds, Legal Department 40 Wall Street New York, NY 10005	Secretary	Since 9/17/2018	N/A	None
Principal Occupation During Past 5 Years: Senior Vice President, General Counsel/Chief Legal & Regulatory Officer, Foresters Investment Management Company, Inc. (since September 2018); Executive Director, Morgan Stanley Wealth Management (2005-2018).

^*	Effective February 22, 2018, Mr. E. Blake Moore Jr. became President of the Funds and Foresters Investment Management Company, Inc.

^**	Effective September 17, 2018, Mr. Scott K. Richardson became Secretary of the Funds.

394

Name, Year of Birth and Address	Position Held with Funds	Length of Time Served (Including with Predecessor Funds)	Number of Portfolios in Fund Complex Overseen	Other Trusteeships/Directorships Held
OFFICERS WHO ARE NOT TRUSTEES (continued)
Marc S. Milgram (1957) c/o First Investors Funds, Legal Department 40 Wall Street New York, NY 10005	Chief Compliance Officer	Since 2010	N/A	None
Principal Occupation During Past 5 Years: Chief Compliance Officer of Foresters Investment Management Company, Inc.

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Shareholder Information

Investment Adviser
Foresters Investment Management Company, Inc.
40 Wall Street
New York, NY 10005

Subadviser

(Covered Call Strategy Fund and Premium Income Fund)
Ziegler Capital Management, LLC
70 W. Madison Street
Chicago, IL 60602

Subadviser
(Floating Rate Fund, Fund For Income, Investment Grade Fund, Limited Duration Bond Fund and Total Return Fund)
Muzinich & Co., Inc.
450 Park Avenue
New York, NY 10022

Subadviser
(Hedged U.S. Equity Opportunities Fund)

Wellington Management Company, LLP
280 Congress Street
Boston, MA 02210

Subadviser
(International Fund)
Vontobel Asset Management, Inc.
1540 Broadway
New York, NY 10036

Subadviser
(International Opportunities Bond Fund)

Brandywine Global Investment Management, LLC
1735 Market Street
Philadelphia, PA 19103

Subadviser
(Select Growth Fund)
Smith Asset Management Group, L.P.
100 Crescent Court
Dallas, TX 75201

Underwriter
Foresters Financial Services, Inc.
40 Wall Street
New York, NY 10005

Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286

Transfer Agent
Foresters Investor Services, Inc.
Raritan Plaza I – 8th Floor
Edison, NJ 08837-3620

Independent Registered Public
Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street
Philadelphia, PA 19102

Legal Counsel
K&L Gates LLP
1601 K Street, N.W.
Washington, D.C. 20006

396

A description of the policies and procedures that the Funds use to vote proxies relating to a portfolio’s securities is available, without charge, upon request by calling toll free 1-800-423-4026 or can be viewed online or downloaded from the EDGAR database on the U.S. Securities and Exchange Commission’s (“SEC”) internet website at http://www.sec.gov. In addition, information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available, without charge, upon request in writing or by calling 1-800-423-4026 and on the SEC’s internet website at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC on Form N-Q for the first and third quarters of each fiscal year. The Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov; and may also be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The schedule of portfolio holdings is available, without charge, upon request in writing or by calling 1-800-423-4026.

397

NOTES

398

NOTES

399

NOTES

400

NOTES

401

Foresters Financial
40 Wall Street
New York, NY 10005

IEAR18

Item 2. Code of Ethics

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer. On February 22, 2018, revisions were made to the code of ethics to reflect the appointment of a new President of the First Investors Funds.

For the year ended September 30, 2018, there were no waivers granted from a provision of the code of ethics.

A copy of the Registrant's code of ethics is filed under Item 12(a)(1).

Item 3. Audit Committee Financial Expert

The Registrant's Board has determined that it had at least one "audit committee financial expert" serving on its audit committee. Arthur M. Scutro, Jr. and Mark R. Ward were the "audit committee financial experts" during all or part of the period and were considered to be "independent" as defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services

		Fiscal Year Ended September 30,
		2018	2017
(a)	Audit Fees
	First Investors Equity Funds	$331,650	$326,900

(b)	Audit-Related Fees
	First Investors Equity Funds	$0	$0

(c)	Tax Fees
	First Investors Equity Funds	$61,700	$61,200

Nature of services: tax returns preparation and tax compliance

(d)	All Other Fees
	First Investors Equity Funds	$0	$0

(e)(1) Audit committee's pre-approval policies

The Charter of the Audit Committee requires the Audit Committee (a) to pre-approve, and to recommend to the full Board, the selection, retention or termination of the independent auditors to provide audit, review or attest services to the First Investors Funds (“Funds”) and, in connection therewith, evaluate the independence of the auditors and to obtain the auditors’ specific representations as to their independence; (b) to pre-approve all non-audit services to be provided to the Funds by the independent auditor; and (c) to pre-approve all non-audit services to be provided by the Funds’ independent auditor to the Funds’ investment adviser or to any entity that controls, is controlled by or is under common control with the Funds’ investment adviser and that provides ongoing services to the Funds, if the engagement relates directly to the operations and financial reporting of the Funds. The Audit Committee has not adopted pre-approval policies or procedures to permit the services in (b) and (c) above to be pre-approved by other means.

(e)(2) None, or 0%, of the services relating to the Audit-Related Fees, Tax Fees and All Other Fees paid by the Registrant and Related Entities disclosed above were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (which permits audit committee approval after the start of the engagement with respect to services other than audit review or attest services, if certain conditions are satisfied).

(f) Not Applicable

(g) Aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant and the Registrant's investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the two fiscal years ended September 30, 2018 and 2017 were $180,100 and $183,750 respectively.

(h) Not Applicable

Item 5. Audit Committee of Listed Registrants

Not applicable

Item 6. Schedule of Investments

(a) Schedule is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable

Item 7. Disclosure of Proxy Voting Policies & Procedures for Closed-End Management Investment Companies

Not applicable

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable

Item 10. Submission of Matters to a Vote of Security Holders

There were no material changes to the procedure by which shareholders may recommend nominees to the Registrant's Board of Trustees.

Item 11. Controls and Procedures

(a) The Registrant's President and Principal Executive Officer and Principal Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are effective, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a)(1) Code of Ethics - Filed herewith

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Filed herewith

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 - Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

First Investors Equity Funds

By	/s/ E. Blake Moore Jr.
	E. Blake Moore Jr.
	President and Principal Executive Officer

Date:	November 29, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/ E. Blake Moore Jr.
	E. Blake Moore Jr.
	President and Principal Executive Officer

By	/s/ Joseph I. Benedek
	Joseph I. Benedek
	Treasurer and Principal Financial Officer

Date:	November 29, 2018