Life Series Funds - First Investors

Portfolio of Investments (continued)
CASH MANAGEMENT FUND
June 30, 2013
Accounting Standards Codification (“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.
The inputs methodology used for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. For example, amortized cost approximates the current
fair value of a security, but since the value is not obtained from a quoted price in an active market,
such securities are reflected as Level 2.
The following is a summary, by category of Level, of inputs used to value the Fund’s investments
as of June 30, 2013:
Level 1 Level 2 Level 3 Total
U.S. Government Agency
Obligations. . . . . . . . . . . . . . . . $ — $ 3,160,534 $ — $ 3,160,534
Variable and Floating Rate Notes:
Municipal Bonds . . . . . . . . . . . — 900,000 — 900,000
U.S. Government Agency
Obligations. . . . . . . . . . . . . . — 1,320,063 — 1,320,063
Corporate Notes . . . . . . . . . . . . . . — 2,099,649 — 2,099,649
Short-Term U.S. Government
Obligations. . . . . . . . . . . . . . . . — 2,449,894 — 2,449,894
Total Investments in Securities . . . $ — $ 9,930,140 $ — $ 9,930,140
There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended
June 30, 2013. Transfers, if any, between Levels are recognized at the end of the reporting period.
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See notes to financial statements