Life Series Funds - First Investors

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Fund Expenses (unaudited) GOVERNMENT 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. Beginning Account Value (1/1/13) Ending Account Value (6/30/13) Expenses Paid During Period (1/1/13–6/30/13)* Expense Examples Actual $1,000.00 $975.26 $3.58 Hypothetical (5% annual return before expenses) $1,000.00 $1,021.17 $3.66 * Expenses are equal to the annualized expense ratio of .73%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). Expenses paid during the period are net of expenses waived. Portfolio Composition BY SECTOR Residential Mortgage-Backed Securities 60.2% U.S. Government Agency Obligations 27.6% U.S. Government Obligations 9.1% Commercial Mortgage-Backed Securities 1.6% Corporate Bonds 1.5% Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2013, and are based on the total value of investments. 32
Portfolio of Investments GOVERNMENT FUND June 30, 2013 Principal Amount Security Value RESIDENTIAL MORTGAGE-BACKED SECURITIES—59.6% Fannie Mae—19.1% $ 475 M 2.5%, 11/1/2027 $ 479,235 1,495 M 3%, 10/1/2027 – 3/1/2042 1,491,136 845 M 3.5%, 4/1/2033 – 5/1/2033 870,588 1,096 M 4%, 12/1/2040 – 1/1/2041 1,148,443 625 M 4.5%, 11/1/2040 – 8/1/2041 664,287 841 M 5.5%, 7/1/2034 – 10/1/2039 932,417 188 M 9%, 11/1/2026 222,568 78 M 11%, 10/1/2015 82,982 5,891,656 Freddie Mac—5.7% 478 M 2.5%, 1/1/2028 481,251 414 M 3.5%, 4/1/2043 414,990 830 M 4%, 11/1/2040 – 12/1/2040 872,066 1,768,307 Government National Mortgage Association I Program—33.9% 3,234 M 4%, 7/15/2040 – 11/15/2041 3,421,225 1,911 M 4.5%, 12/15/2039 – 6/15/2040 2,064,016 3,285 M 5%, 6/15/2033 – 6/15/2040 3,612,492 1,018 M 5.5%, 2/15/2033 – 11/15/2038 1,139,027 238 M 6%, 11/15/2032 – 4/15/2036 267,896 10,504,656 Government National Mortgage Association II Program—.9% 279 M 3.5%, 9/20/2042 287,269 Total Value of Residential Mortgage-Backed Securities (cost $18,305,561) 18,451,888 U.S. GOVERNMENT AGENCY OBLIGATIONS—27.3% Fannie Mae: 1,500 M 1.625%, 10/26/2015 1,538,064 1,000 M 1.25%, 1/30/2017 1,007,000 1,000 M 0.875%, 8/28/2017 981,180 33
Page 1 and 2: SEMI-ANNUAL REPORT LIFE SERIES FUND
Page 3 and 4: Equity & Bond Markets Overview FIRS
Page 5 and 6: Thank you for placing your trust in
Page 7 and 8: Fund Expenses (unaudited) CASH MANA
Page 9 and 10: Principal Amount Security Interest
Page 11 and 12: Fund Expenses (unaudited) EQUITY IN
Page 13 and 14: Shares Security Value Energy—9.9%
Page 15 and 16: Shares Security Value Information T
Page 17 and 18: Accounting Standards Codification (
Page 19 and 20: Portfolio of Investments FUND FOR I
Page 21 and 22: Principal Amount Security Value Ene
Page 23 and 24: Principal Amount Security Value For
Page 25 and 26: Principal Amount Security Value Med
Page 27 and 28: Principal Amount Security Value Rea
Page 29 and 30: Principal Amount Security Value Uti
Page 31 and 32: Shares Security Value COMMON STOCKS
Page 33: The following is a reconciliation o
Page 39 and 40: Portfolio of Investments GROWTH & I
Page 41 and 42: Shares Security Value Health Care
Page 43 and 44: Shares Security Value Telecommunica
Page 45 and 46: Fund Expenses (unaudited) INTERNATI
Page 47 and 48: Shares Security Value Netherlands
Page 51 and 52: Fund Expenses (unaudited) INVESTMEN
Page 53 and 54: Principal Amount Security Value Fin
Page 55 and 56: Principal Amount Security Value Hea
Page 57 and 58: Principal Amount Security Value Uti
Page 59 and 60: Portfolio of Investments(continued)
Page 61 and 62: Shares Security Value Industrials
Page 65 and 66: Portfolio of Investments SELECT GRO
Page 69 and 70: Portfolio of Investments SPECIAL SI
Page 71 and 72: Shares or Principal Amount Security
Page 73 and 74: Fund Expenses (unaudited) TARGET MA
Page 77 and 78: Portfolio of Investments TOTAL RETU
Page 79 and 80: Shares Security Value Health Care (
Page 81 and 82: Shares Security Value EXCHANGE TRAD
Page 83 and 84: This page left intentionally blank.
Page 85 and 86:
FUND FOR INCOME GOVERNMENT GROWTH &
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SELECT GROWTH SPECIAL SITUATIONS TA
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FUND FOR INCOME GOVERNMENT GROWTH &
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SELECT GROWTH SPECIAL SITUATIONS TA
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EQUITY INCOME FUND FOR INCOME GOVER
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INTERNATIONAL INVESTMENT GRADE OPPO
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SPECIAL SITUATIONS TARGET MATURITY
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whose primary market is believed to
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of any available capital loss carry
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G. Other—Security transactions ar
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The Investment Advisory Agreement p
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extent of the Funds’ potential li
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Net Asset Value, End of Period Tota
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Board Considerations of Advisory Co
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information provided by FIMCO on ma
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Agreements, as applicable, and supp
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Sub-Advised Fund appeared competiti
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FIRST INVESTORS LIFE SERIES FUNDS T
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A description of the policies and p
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NOTES 125
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Life Series Funds - First Investors

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