Portfolio of Investments - First Investors

Portfolio of Investments (continued)CASH MANAGEMENT FUNDSeptember 30, 2013Accounting Standards Codification (“ASC”) 820 established a three-tier hierarchy of inputs to establisha classification of fair value measurements for disclosure purposes. The three-tier hierarchy of inputs issummarized in the three broad Levels listed below:Level 1 — Unadjusted quoted prices in active markets for identical securities that the Fund hasthe ability to access.Level 2 — Observable inputs other than quoted prices included in Level 1 that are observablefor the asset or liability, either directly or indirectly. These inputs may include quotedprices for the identical instrument on an inactive market, prices for similar instruments,interest rates, prepayment speeds, credit risk, yield curves, default rates andsimilar data.Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputsare not available, representing the Fund’s own assumption about the assumptions amarket participant would use in valuing the asset or liability, and would be based onthe best information available.The inputs methodology used for valuing securities are not necessarily an indication of the riskassociated with investing in those securities. For example, amortized cost approximates the currentfair value of a security, but since the value is not obtained from a quoted price in an active market,such securities are reflected as Level 2.The following is a summary, by category of Level, of inputs used to value the Fund’s investments as ofSeptember 30, 2013:Level 1 Level 2 Level 3 TotalU.S. Government AgencyObligations. . . . . . . . . . . . . . . . $ — $ 60,498,858 $ — $ 60,498,858Corporate Notes . . . . . . . . . . . . . . — 30,490,304 — 30,490,304Variable and Floating Rate Notes:Municipal Bonds . . . . . . . . . . . — 11,535,000 — 11,535,000U.S. Government AgencyObligations . . . . . . . . . . . . . — 12,350,311 — 12,350,311Corporate Notes. . . . . . . . . . . . — 5,006,267 — 5,006,267Short-Term U.S. GovernmentObligations. . . . . . . . . . . . . . . . — 9,499,216 — 9,499,216Total Investments in Securities . . . $ — $ 129,379,956 $ — $129,379,956There were no transfers into or from Level 1 or Level 2 by the Fund for the year endedSeptember 30, 2013. Transfers, if any, between Levels are recognized at the end of thereporting period.6See notes to financial statements