Life Series Funds - First Investors

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Portfolio of Investments (continued) INTERNATIONAL FUND June 30, 2013 The following is a reconciliation of Fund investments valued using Level 3 inputs for the period: Investments in Common Stocks Balance, December 31, 2012 . . . $ 16,371 Purchases . . . . . . . . . . . . . . . . . . — Sales . . . . . . . . . . . . . . . . . . . . . . (16,083) Change in unrealized appreciation . . . . . . . . . . . . . . . 6,880 Realized gain . . . . . . . . . . . . . . . 16,083 Transfer into Level 3 . . . . . . . . . — Transfer out of Level 3 . . . . . . . . — Balance, June 30, 2013 . . . . . . . $ 23,251 The following is a summary of Level 3 inputs by industry: Industrials. . . . . . . . . . . . . . . . . . $ 23,251 The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of June 30, 2013. Fair Value June 30, 2013 Valuation Methodologies Unobservable Input(s)(1) Range Impact to Valuation from and Increase in Input(2) Common Stocks $ 23,251 Discounted Cash Flows on Proceeds Discounted Cash Flows on Proceeds 100% Increase (1) In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the investments. (2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. 48 See notes to financial statements
Fund Expenses (unaudited) INVESTMENT GRADE 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 $970.43 $3.37 Hypothetical (5% annual return before expenses) $1,000.00 $1,021.37 $3.46 * Expenses are equal to the annualized expense ratio of .69%, 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 Financials 41.0% Consumer Staples Energy Materials Industrials Utilities Consumer Discretionary Health Care Information Technology Telecommunication Services 13.1% 10.8% 8.9% 6.4% 5.6% 4.4% 3.8% 3.3% 2.7% Portfolio holdings and allocations are subject to change. Percentages are as of June 30, 2013, and are based on the total value of investments. 49
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 and 34: The following is a reconciliation o
Page 35 and 36: Portfolio of Investments GOVERNMENT
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 49: Accounting Standards Codification (
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 &
Page 87 and 88: SELECT GROWTH SPECIAL SITUATIONS TA
Page 89 and 90: FUND FOR INCOME GOVERNMENT GROWTH &
Page 91 and 92: SELECT GROWTH SPECIAL SITUATIONS TA
Page 93 and 94: EQUITY INCOME FUND FOR INCOME GOVER
Page 95 and 96: INTERNATIONAL INVESTMENT GRADE OPPO
Page 97 and 98: SPECIAL SITUATIONS TARGET MATURITY
Page 99 and 100: 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
Page 111 and 112:
Page 113 and 114:
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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
Page 125 and 126:
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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