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Special Situations Fund

Investment Adviser: Foresters Investment Management Company, Inc.

Portfolio Managers: Steven S. Hill and Thomas Alonso, CFA

Investment Objective and Strategy

The Fund seeks long-term growth of capital.

Sector Allocation (%)

As of 03-31-2019

This information is for illustrative purposes only and includes only invested cash; therefore, the sum of all sectors as a percentage of net assets may not equal 100%.

Top Holdings (%)

As of 03-31-2019
Top Holdings (%)
Security% of Total Net Assets
Black Hills Corp.1.7%
Sterling Bancorp1.6%
Prestige Brands, Inc.1.5%
AllianceBernstein Holding, LP1.4%
Travelport Worldwide, Ltd.1.4%
Americold Realty Trust1.4%
TCF Financial Corp.1.4%
SPX Corp.1.3%
CNO Financial Group, Inc.1.3%
Old National Bancorp of Indiana1.3%
Total14.3%

This information is solely for illustrative purposes. The portfolio as of the date of this report may or may not be the same as the portfolio on the date this material is used.

Returns as of 04-30-2019 03-31-2019
Gross/Net Exp as of 04-01-2019 Gross/Net Exp as of 04-01-2019
Average Annual Total Returns
Class 1 Yr. % 3 Yr. % 5 Yr. % 10 Yr. % Since inception* Inception date Gross/Net Exp %
Average Annual Total Returns
Aat NAV-5.268.295.1312.70N/A09-18-19901.24/1.24
w/ sales charge-10.716.173.8912.03N/A09-18-19901.24/1.24
Bat NAV-6.037.444.2912.12N/A01-12-19952.07/2.07
w/ sales charge-9.046.624.0212.12N/A01-12-19952.07/2.07
Advisorat NAV-4.998.635.47N/A8.0204-01-20130.95/0.95
Institutionalat NAV-4.878.775.59N/A8.2004-01-20130.86/0.86
Average Annual Total Returns
ClassA
at NAV
1 Yr. %-5.26
3 Yr. %8.29
5 Yr. %5.13
10 Yr. %12.70
Since inception*N/A
Inception date09-18-1990
Gross/Net Exp %1.24/1.24
Average Annual Total Returns
ClassA
w/ sales charge
1 Yr. %-10.71
3 Yr. %6.17
5 Yr. %3.89
10 Yr. %12.03
Since inception*N/A
Inception date09-18-1990
Gross/Net Exp %1.24/1.24
Average Annual Total Returns
ClassB
at NAV
1 Yr. %-6.03
3 Yr. %7.44
5 Yr. %4.29
10 Yr. %12.12
Since inception*N/A
Inception date01-12-1995
Gross/Net Exp %2.07/2.07
Average Annual Total Returns
ClassB
w/ sales charge
1 Yr. %-9.04
3 Yr. %6.62
5 Yr. %4.02
10 Yr. %12.12
Since inception*N/A
Inception date01-12-1995
Gross/Net Exp %2.07/2.07
Average Annual Total Returns
ClassAdvisor
at NAV
1 Yr. %-4.99
3 Yr. %8.63
5 Yr. %5.47
10 Yr. %N/A
Since inception*8.02
Inception date04-01-2013
Gross/Net Exp %0.95/0.95
Average Annual Total Returns
ClassInstitutional
at NAV
1 Yr. %-4.87
3 Yr. %8.77
5 Yr. %5.59
10 Yr. %N/A
Since inception*8.20
Inception date04-01-2013
Gross/Net Exp %0.86/0.86
Average Annual Total Returns
Class 1 Yr. % 3 Yr. % 5 Yr. % 10 Yr. % Since inception* Inception date Gross/Net Exp %
Average Annual Total Returns
Aat NAV-2.199.796.1911.98N/A09-18-19901.24/1.24
w/ sales charge-7.817.654.9411.32N/A09-18-19901.24/1.24
Bat NAV-2.988.945.3414.36N/A01-12-19952.07/2.07
w/ sales charge-6.098.115.0614.36N/A01-12-19952.07/2.07
Advisorat NAV-1.8810.156.53N/A8.6904-01-20130.95/0.95
Institutionalat NAV-1.7410.276.65N/A8.8704-01-20130.86/0.86
Average Annual Total Returns
ClassA
at NAV
1 Yr. %-2.19
3 Yr. %9.79
5 Yr. %6.19
10 Yr. %11.98
Since inception*N/A
Inception date09-18-1990
Gross/Net Exp %1.24/1.24
Average Annual Total Returns
ClassA
w/ sales charge
1 Yr. %-7.81
3 Yr. %7.65
5 Yr. %4.94
10 Yr. %11.32
Since inception*N/A
Inception date09-18-1990
Gross/Net Exp %1.24/1.24
Average Annual Total Returns
ClassB
at NAV
1 Yr. %-2.98
3 Yr. %8.94
5 Yr. %5.34
10 Yr. %14.36
Since inception*N/A
Inception date01-12-1995
Gross/Net Exp %2.07/2.07
Average Annual Total Returns
ClassB
w/ sales charge
1 Yr. %-6.09
3 Yr. %8.11
5 Yr. %5.06
10 Yr. %14.36
Since inception*N/A
Inception date01-12-1995
Gross/Net Exp %2.07/2.07
Average Annual Total Returns
ClassAdvisor
at NAV
1 Yr. %-1.88
3 Yr. %10.15
5 Yr. %6.53
10 Yr. %N/A
Since inception*8.69
Inception date04-01-2013
Gross/Net Exp %0.95/0.95
Average Annual Total Returns
ClassInstitutional
at NAV
1 Yr. %-1.74
3 Yr. %10.27
5 Yr. %6.65
10 Yr. %N/A
Since inception*8.87
Inception date04-01-2013
Gross/Net Exp %0.86/0.86

*For funds with less than 1, 3, 5 or 10 year performance data.

 

 

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance and expense ratios may be higher or lower than the data quoted. Performance of share classes will differ because each class is sold pursuant to different sales arrangements and bears different expenses. The Class A returns shown with sales charges are based on the maximum sales charge of 5.75% for Equity funds, 4% for the Municipal Funds and Bond Funds, except First Investors Limited Duration High Quality Bond Fund and First Investors Floating Rate Fund, which are 2.5%. The Class B returns shown with sales charges are adjusted for the applicable deferred sales charge (maximum of 4% in the first year). The Advisor Class and Institutional Class returns are shown as NAV only returns since these classes are sold without sales charges. Redemptions of Class B shares may be subject to a deferred sales charge. Returns may reflect waivers or reimbursements of certain expenses. Absent of these waivers or reimbursements, returns may be lower.

For more complete information on any First Investors fund, you may obtain a free prospectus by downloading it here,  contacting your registered representative, or calling 800 423 4026. You should consider the investment objectives, risks, fees or charges, and expenses of the fund carefully before investing. The prospectus and summary prospectus contain this and other information about the fund, and should be read carefully before you invest or send money.


Growth of $10,000 Investment

The Growth of $10,000 Investment graph shows cumulative return of an initial investment of $10,000 from 9/30/2007 to 9/30/2017. Figures include reinvestment of capital gains and dividends, but do not reflect the effect of any sales charges or redemption fees, which would lower these figures. The illustration is not intended to imply any future performance of the Fund. Past performance is no guarantee of future results. 

Annual Performance before Sales Charge (%)

All distributions reinvested
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD 2019
MSCI USA Small Cap Value Index 35.29 25.40 -3.20 20.26 33.77 9.81 -3.01 25.81 11.54 -13.33 -13.33
A Shares 29.64 25.47 1.52 9.34 29.97 5.71 -1.05 15.59 17.68 -17.06 10.69
Annual Performance before Sales Charge (%)
MSCI USA Small Cap Value Index
2009 35.29
2010 25.40
2011 -3.20
2012 20.26
2013 33.77
2014 9.81
2015 -3.01
2016 25.81
2017 11.54
2018 -13.33
YTD 2019 -13.33
Annual Performance before Sales Charge (%)
A Shares
2009 29.64
2010 25.47
2011 1.52
2012 9.34
2013 29.97
2014 5.71
2015 -1.05
2016 15.59
2017 17.68
2018 -17.06
YTD 2019 10.69

Sector Allocation (%)

As of 03-31-2019

This information is for illustrative purposes only and includes only invested cash; therefore, the sum of all sectors as a percentage of net assets may not equal 100%.

Top Holdings (%)

As of 03-31-2019
Top Holdings (%)
Security% of Total Net Assets
Black Hills Corp.1.7%
Sterling Bancorp1.6%
Prestige Brands, Inc.1.5%
AllianceBernstein Holding, LP1.4%
Travelport Worldwide, Ltd.1.4%
Americold Realty Trust1.4%
TCF Financial Corp.1.4%
SPX Corp.1.3%
CNO Financial Group, Inc.1.3%
Old National Bancorp of Indiana1.3%
Total14.3%

This information is solely for illustrative purposes. The portfolio as of the date of this report may or may not be the same as the portfolio on the date this material is used.

Risk Measure 3 Year

As of 03/31/2019
3 Year *
Alpha** -0.48
Beta** 0.92
R-Squared** 94.07
Sharpe Ratio 0.55
Standard Deviation 13.98
* Calculations measured against Class A shares
** Measured against the Fund's benchmark
Class A Class B Advisor Class Institutional Class
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) 5.75%1 None None None
Maximum deferred sales charge (load) (as a percentage of the lower of purchase price or redemption price) 1.00%2 4.00%3 None None
Class A Class B Advisor Class Institutional Class
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees 0.78% 0.78% 0.78% 0.78%
Distribution and Service (12b-1) Fees4 0.25% 1.00% None None
Other Expenses 0.21% 0.29% 0.17% 0.08%
 Total Annual Fund Operating Expenses 1.24%   2.07%  0.95% 0.86% 

1 Due to rounding of numbers in calculating a sales charge, you may pay more or less than what is shown above.
2 A CDSC of 1.00% will be assessed on certain redemptions of Class A shares that are purchased without a sales charge.
3 4.00% in the first year, declining to 0% after the sixth year. Class B shares convert to Class A shares after eight years.
4 The expense information in the table has been restated to reflect a decrease in the 12b-1 fees for Class A shares effective as of April 1, 2019.

Steven Hill

Steven S Hill

Steven is a Senior Portfolio Manager on the U.S. Equities team at FIMCO and joined the firm in 2002. Previously, he was an investment banker specializing in M&A for Credit Suisse, HSBC and UBS Warburg. Steven has been in the financial services industry since 1992. He graduated magna cum laude from the University of California at San Diego with a B.A. in mathematics. He has an M.B.A. in finance from the Wharton School at the University of Pennsylvania.

alonso

Thomas Alonso

Thomas is an Assistant Portfolio Manager at FIMCO and joined the firm in October 2017. Previously, he was a co-Portfolio Manager and investor relations professional at Prospect Capital Corporation, a Senior Research Analyst at Macquarie Capital, and an Analyst at First Investors Management Company. Thomas has been in the investment management industry since 2000. He has a B.A. in finance from Baruch College and is a CFA® charterholder.

How to obtain a prospectus

For more complete information on any First Investors fund, you may obtain a free prospectus by downloading it here, contacting your registered representative, or calling 800 423 4026. You should consider the investment objectives, risks, fees or charges, and expenses of the fund carefully before investing. The prospectus and summary prospectus contain this and other information about the fund, and should be read carefully before you invest or send money. 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.

 

A Word About Risk

The market risk associated with small- and mid-cap stocks is generally greater than that associated with large-cap stocks because such stocks tend to experience sharper price fluctuations than large-cap stocks. The additional volatility associated with small- to mid-cap stocks is attributable to a number of factors, including the fact that the earnings of small- to mid-size companies tend to be less predictable than those of larger, more established companies. Small- to mid-cap stocks are also not as broadly traded as stocks of companies with larger market caps. At times, it may be difficult for the Funds to sell small- to mid-cap stocks at reasonable prices.

Principal Risks:  You can lose money by investing in the Fund.  There is no guarantee that the Fund will meet its investment objective. 

Here are the principal risks of investing in the Fund:

Exchange-Traded Funds Risk.  The risks of investing in ETFs typically reflect the risks of the instruments in which the ETF invests.  In addition, because ETFs are investment companies, the Fund will bear its proportionate share of the fees and expenses of an investment in an ETF. As a result, the Fund’s expenses may be higher and performance may be lower.

Market Risk.  Stock prices may decline over short or even extended periods due to general economic and market conditions, adverse political or regulatory developments or interest rate fluctuations.  Adverse market events may lead to increased redemptions, which could cause the Fund to experience a loss or difficulty in selling securities to meet redemptions.

REIT Risk.  In addition to the risks associated with the real estate industry, which include declines in the real estate market, decreases in property revenues and increases in property taxes and operating expenses, REITs are subject to additional risks, including those related to adverse governmental actions, declines in property value, and the potential failure to qualify for federal tax-free pass through of net income and gains and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property types.  As a result, investments in REITs may be volatile.  REITs are pooled investment vehicles with their own fees and expenses, and the Fund will indirectly bear a proportionate share of those fees and expenses.

Security Selection Risk.  Securities selected by the portfolio manager may perform differently than the overall market or may not meet expectations.

Small-Size and Mid-Size Company Risk.  The market risk associated with stocks of small- and mid-size companies is generally greater than that associated with stocks of larger, more established companies because stocks of small- and mid-size companies tend to experience sharper price fluctuations.  At times, it may be difficult to sell small-to-mid-size company stocks at reasonable prices.

Undervalued Securities Risk.  The Fund seeks to invest in stocks that are undervalued and that will rise in value due to anticipated events or changes in investor perceptions.  If these developments do not occur, the market price of these securities may not rise as expected or may fall. 

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.