UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM N-Q

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QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

INVESTMENT COMPANY ACT FILE NUMBER 811-4325

FIRST INVESTORS LIFE SERIES FUNDS

(Exact name of registrant as specified in charter)

110 Wall Street

New York, NY 10005

(Address of principal executive offices) (Zip code)

Joseph I. Benedek

First Investors Management Company, Inc.

Raritan Plaza I

Edison, NJ 08837-3620

(Name and address of agent for service)

REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:

1-212-858-8000

DATE OF FISCAL YEAR END: DECEMBER 31, 2012

DATE OF REPORTING PERIOD:  SEPTEMBER 30, 2012

Item 1. Schedule of Investments

The Quarterly Schedule of Portfolio Holdings follows

Portfolio of Investments (unaudited)
CASH MANAGEMENT FUND
September 30, 2012

Principal						Interest
Amount			Security			Rate		*	Value
			U.S. GOVERNMENT AGENCY OBLIGATIONS-45.6%
			Fannie Mae:
$	530	M	10/19/12				0.12	%	$     529,968
700		M	12/12/12				0.14		699,811
727		M	12/19/12				0.14		726,777
			Federal Home Loan Bank:
500		M	10/3/12				0.11		499,997
500		M	12/5/12				0.14		499,878
250		M	7/17/13				0.35		250,062
1,000		M	Freddie Mac, 10/15/2012				0.10		999,961
Total Value of U.S. Government Agency Obligations (cost $4,206,454)									4,206,454
			VARIABLE AND FLOATING RATE NOTES-21.8%
			Federal Farm Credit Bank:
400		M	3/6/13				0.26		400,026
340		M	10/15/13				0.28		340,321
370		M	Freddie Mac, 3/21/2013				0.18		370,072
400		M	Mississippi Business Finance Corp. (Chevron USA, Inc.), 12/1/2030				0.20		400,000
			Valdez, Alaska Marine Terminal Rev.:
200		M	Exxon Pipeline Co., Project B 12/1/33				0.20		200,000
300		M	Exxon Pipeline Co., Project C 12/1/33				0.20		300,000
Total Value of Variable and Floating Rate Notes (cost $2,010,419)									2,010,419
			CORPORATE NOTES-13.0%
500		M	Coca-Cola Co., 10/4/2012			(a)	0.23		499,990
400		M	Dell, Inc., 10/15/2012			(a)	0.15		399,977
300		M	Northwest Natural Gas Co., 2/13/2013			(a)	0.30		299,662
Total Value of Corporate Notes (cost $1,199,629)									1,199,629
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-19.5%
			U.S. Treasury Bills:
800		M	10/11/12				0.09		799,981
500		M	11/8/12				0.08		499,958
500		M	11/15/12				0.09		499,944
Total Value of Short-Term U.S. Government Obligations (cost $1,799,883)									1,799,883
Total Value of Investments (cost $9,216,385)**				99.9	%				9,216,385
Other Assets, Less Liabilities				.1					7,126
Net Assets			100.0		%				$   9,223,511

*	The interest rates shown are the effective rates at the time of purchase by the
	Fund. The interest rates shown on variable and floating rate notes are adjusted
	periodically; the rates shown are the rates in effect at September 30, 2012.
**	Aggregate cost for federal income tax purposes is the same.
(a)	Security exempt from registration under Section 4(2) of the Securities Act of 1933.
	Certain restricted securities are exempt from the registration requirements under
	Section 4(2) of the Securities Act of 1933 and may only be sold to qualified
	institutional investors. At September 30, 2012, the Fund held three Section 4(2)
	securities with an aggregate value of $1,199,629 representing 13.0% of the Fund's
	net assets.

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.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of September 30, 2012:

	Level 1		Level 2		Level 3			Total
U.S. Government Agency Obligations	$	-	$	4,206,454	$	-	$	4,206,454
Variable and Floating Rate Notes:
U.S. Government Agency Obligations		-		1,110,419		-		1,110,419
Municipal Bonds		-		900,000		-		900,000
Corporate Notes		-		1,199,629		-		1,199,629
Short-Term U.S. Government Obligations		-		1,799,883		-		1,799,883
Total Investments in Securities	$	-	$	9,216,385	$	-	$	9,216,385

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended September 30, 2012. Transfers,

if any, between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
DISCOVERY FUND
September 30, 2012

Shares or
Principal
Amount				Security			Value
				COMMON STOCKS-92.8%
				Consumer Discretionary-14.4%
80,850				American Eagle Outfitters, Inc.			$     1,704,318
88,750			*	Deckers Outdoor Corporation			3,251,800
205,975			*	Express, Inc.			3,052,549
43,750				Foot Locker, Inc.			1,553,125
68,550			*	Iconix Brand Group, Inc.			1,250,352
60,925				Men's Wearhouse, Inc.			2,097,648
31,200				PVH Corporation			2,924,064
325,750				Regal Entertainment Group - Class "A"			4,583,303
142,625			*	WMS Industries, Inc.			2,336,198
							22,753,357
				Consumer Staples-2.0%
35,625				Cal-Maine Foods, Inc.			1,600,987
115,991			*	Dole Food Company, Inc.			1,627,354
							3,228,341
				Energy-7.0%
89,100			*	Denbury Resources, Inc.			1,439,856
142,137			*	Matrix Service Company			1,502,388
92,475			*	Midstates Petroleum Company, Inc.			799,909
288,125			*	PetroQuest Energy, Inc.			1,933,319
21,700			*	Plains Exploration & Production Company			813,099
68,900			*	Resolute Energy Corporation			611,143
43,850				Sunoco, Inc.			2,053,496
39,100			*	Whiting Petroleum Corporation			1,852,558
							11,005,768
				Financials-19.2%
7,652			*	Alleghany Corporation			2,639,481
62,200				American Financial Group, Inc.			2,357,380
589,500				Anworth Mortgage Asset Corporation (REIT)			4,008,600
92,550				Aspen Insurance Holdings, Ltd.			2,821,849
230,850				Capitol Federal Financial, Inc.			2,760,966
98,650			*	EZCORP, Inc. - Class "A"			2,262,045
1,700			*	Markel Corporation			779,433
473,500				MFA Financial, Inc. (REIT)			4,024,750
63,075				Mid-America Apartment Communities, Inc. (REIT)			4,119,428
136,600				Montpelier Re Holdings, Ltd.			3,022,958
81,350			*	PHH Corporation			1,655,473
							30,452,363
				Health Care-10.7%
68,525			*	Endo Health Solutions, Inc.			2,173,613
49,200			*	Life Technologies Corporation			2,404,896
83,500			*	Magellan Health Services, Inc.			4,309,435
46,850			*	MEDNAX, Inc.			3,487,982
114,600			*	Myriad Genetics, Inc.			3,093,054
51,175				PerkinElmer, Inc.			1,508,127
							16,977,107
				Industrials-5.3%
66,700				Applied Industrial Technologies, Inc.			2,763,381
81,625				EMCOR Group, Inc.			2,329,577
22,425				Kennametal, Inc.			831,519
15,450				Precision Castparts Corporation			2,523,603
							8,448,080
				Information Technology-20.9%
113,900			*	Avnet, Inc.			3,313,351
154,325			*	Compuware Corporation			1,529,361
274,450			*	Comverse Technology, Inc.			1,687,867
242,000				Convergys Corporation			3,792,140
39,700			*	Cymer, Inc.			2,027,082
51,350				Cypress Semiconductor Corporation			550,472
292,550			*	Emulex Corporation			2,109,285
34,425				IAC/InterActiveCorp			1,792,165
68,175				j2 Global, Inc.			2,237,503
280,425			*	Kulicke and Soffa Industries, Inc.			2,916,420
112,600			*	Microsemi Corporation			2,259,882
348,925			*	QLogic Corporation			3,984,724
301,010			*	TriQuint Semiconductor, Inc.			1,520,101
332,800			*	Vishay Intertechnology, Inc.			3,271,424
							32,991,777
				Materials-12.2%
47,200				AptarGroup, Inc.			2,440,712
136,600			*	Chemtura Corporation			2,352,252
29,800			*	Innospec, Inc.			1,010,816
114,000				Olin Corporation			2,477,220
21,300				Royal Gold, Inc.			2,127,018
40,550				Schnitzer Steel Industries, Inc. - Class "A"			1,141,483
61,775				Sensient Technologies Corporation			2,270,849
71,125				Tronox, Ltd. - Class "A"			1,610,981
52,800				Westlake Chemical Corporation			3,857,568
							19,288,899
				Telecommunication Services-1.1%
191,300			*	Premiere Global Services, Inc.			1,788,655
Total Value of Common Stocks (cost $116,082,250)							146,934,347
				SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-7.0%
				U.S. Treasury Bills:
$	2,000	M		0.061%, 10/4/2012			1,999,983
3,500		M		0.08%, 10/4/2012			3,499,961
1,000		M		0.067%, 10/18/2012			999,964
2,500		M		0.086%, 11/29/2012			2,499,636
	2,000	M		0.05%, 12/13/2012			1,999,792
Total Value of Short-Term U.S. Government Obligations (cost $10,999,336)							10,999,336
Total Value of Investments (cost $127,081,586)					99.8	%	157,933,683
Other Assets, Less Liabilities					.2		337,213
Net Assets					100.0	%	$     158,270,896

*	Non-income producing
	Summary of Abbreviations:
	REIT	Real Estate Investment Trust
	At September 30, 2012, the cost of investments for federal
	income tax purposes was $127,517,862. Accumulated net
	unrealized appreciation on investments was $30,415,821,
	consisting of $34,302,638 gross unrealized appreciation and
	$3,886,817 gross unrealized depreciation.

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.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of September 30, 2012:

		Level 1		Level 2		Level 3		Total
Common Stocks	$	146,934,347	$	-	$	-	$	146,934,347
Short-Term U.S. Government
Obligations		-		10,999,336		-		10,999,336
Total Investments in Securities*	$	146,934,347	$	10,999,336	$	-	$	157,933,683

*The Portfolio of Investments provides information on the industry categorization for common stocks.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended September 30, 2012. Transfers, if any,

between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
EQUITY INCOME FUND +
September 30, 2012

Shares or
Principal
Amount				Security				Value
				COMMON STOCKS-95.0%
				Consumer Discretionary-9.0%
19,600				Comcast Corporation - Special Shares "A"				$     682,080
14,300				Dana Holding Corporation				175,890
20,200			*	Delphi Automotive, PLC				626,200
6,100				Genuine Parts Company				372,283
12,200				Home Depot, Inc.				736,514
19,550				Lowe's Companies, Inc.				591,192
4,400				McDonald's Corporation				403,700
37,300				Newell Rubbermaid, Inc.				712,057
8,100				Omnicom Group, Inc.				417,636
10,200				Regal Entertainment Group - Class "A"				143,514
17,900				Staples, Inc.				206,208
6,900				Target Corporation				437,943
12,466				Time Warner, Inc.				565,084
12,900				Walt Disney Company				674,412
								6,744,713
				Consumer Staples-12.9%
29,500				Altria Group, Inc.				985,005
10,500				Avon Products, Inc.				167,475
2,400				Beam, Inc.				138,096
20,400				Coca-Cola Company				773,772
10,900				ConAgra Foods, Inc.				300,731
19,200				CVS Caremark Corporation				929,664
8,600				Dr. Pepper Snapple Group, Inc.				382,958
7,400				H.J. Heinz Company				414,030
13,400				Kimberly-Clark Corporation				1,149,452
18,500				Kraft Foods, Inc. - Class "A"				764,975
4,000				Nu Skin Enterprises, Inc. - Class "A"				155,320
7,046				PepsiCo, Inc.				498,645
10,300				Philip Morris International, Inc.				926,382
11,400			*	Prestige Brands Holdings, Inc.				193,344
10,400				Procter & Gamble Company				721,344
27,700				Roundy's, Inc.				167,585
13,300				Wal-Mart Stores, Inc.				981,540
								9,650,318
				Energy-11.2%
14,550				Chevron Corporation				1,695,948
16,100				ConocoPhillips				920,598
8,400				Devon Energy Corporation				508,200
9,550				Ensco, PLC Class - "A"				521,048
15,600				ExxonMobil Corporation				1,426,620
12,900				Marathon Oil Corporation				381,453
7,900				Marathon Petroleum Corporation				431,261
2,600				National Oilwell Varco, Inc.				208,286
7,400				Occidental Petroleum Corporation				636,844
15,200				Royal Dutch Shell, PLC - Class "A" (ADR)				1,055,032
4,800				Seadrill, Ltd.				188,256
7,300				Tidewater, Inc.				354,269
								8,327,815
				Financials-11.0%
7,100				ACE, Ltd.				536,760
3,800				Ameriprise Financial, Inc.				215,422
18,500				Berkshire Hills Bancorp, Inc.				423,280
3,922				Chubb Corporation				299,170
28,400				FirstMerit Corporation				418,332
7,400				Invesco, Ltd.				184,926
3,800				iShares S&P U.S. Preferred Stock Index Fund				151,468
29,800				JPMorgan Chase & Company				1,206,304
7,500				M&T Bank Corporation				713,700
6,200				MetLife, Inc.				213,652
11,100				New York Community Bancorp, Inc.				157,176
13,600				People's United Financial, Inc.				165,104
7,100				PNC Financial Services Group, Inc.				448,010
10,600				Protective Life Corporation				277,826
19,900				Select Income REIT (REIT)				489,938
10,500				Tompkins Financial Corporation				425,460
6,200				Travelers Companies, Inc.				423,212
4,400				U.S. Bancorp				150,920
31,700				Wells Fargo & Company				1,094,601
24,500				Westfield Financial, Inc.				183,505
								8,178,766
				Health Care-13.3%
16,100				Abbott Laboratories				1,103,816
11,300				Baxter International, Inc.				680,938
4,500				Becton, Dickinson & Company				353,520
12,400				Covidien, PLC				736,808
11,800				GlaxoSmithKline, PLC (ADR)				545,632
21,450				Johnson & Johnson				1,478,120
36,070				Merck & Company, Inc.				1,626,757
13,000				Novartis AG (ADR)				796,380
3,050			*	Par Pharmaceutical Companies, Inc.				152,439
66,900				Pfizer, Inc.				1,662,465
6,800				UnitedHealth Group, Inc.				376,788
30,500				Warner Chilcott, PLC - Class "A"				411,750
								9,925,413
				Industrials-12.4%
7,400				3M Company				683,908
1,900			*	ADT Corporation			(a)	68,400
9,600				Dover Corporation				571,104
4,800				Dun & Bradstreet Corporation				382,176
10,400				Eaton Corporation				491,504
3,700			*	Esterline Technologies Corporation				207,718
8,200				Generac Holdings, Inc.				187,698
5,000				General Dynamics Corporation				330,600
55,400				General Electric Company				1,258,134
13,500				Honeywell International, Inc.				806,625
26,350				ITT Corporation				530,953
7,900			*	Mobile Mini, Inc.				132,009
15,900				TAL International Group, Inc.				540,282
11,900				Textainer Group Holdings, Ltd.				363,545
10,500				Triumph Group, Inc.				656,565
16,625				Tyco International, Ltd.				935,323
4,100				United Parcel Service, Inc. - Class "B"				293,437
7,600				United Technologies Corporation				595,004
8,100				Xylem, Inc.				203,715
								9,238,700
				Information Technology-9.4%
7,100				Automatic Data Processing, Inc.				416,486
42,200				Cisco Systems, Inc.				805,598
12,100				Hewlett-Packard Company				206,426
42,200				Intel Corporation				957,096
43,400				Intersil Corporation - Class "A"				379,750
9,200				Maxim Integrated Products, Inc.				244,904
50,950				Microsoft Corporation				1,517,291
12,150				Molex, Inc.				319,302
9,500				Oracle Corporation				299,155
10,000				QUALCOMM, Inc.				624,900
18,350				TE Connectivity, Ltd.				624,083
6,800				Texas Instruments, Inc.				187,340
24,100				Western Union Company				439,102
								7,021,433
				Materials-5.5%
16,600				Bemis Company, Inc.				522,402
2,900				Compass Minerals International, Inc.				216,311
15,400				Dow Chemical Company				445,984
11,790				DuPont (E.I.) de Nemours & Company				592,683
10,450				Freeport-McMoRan Copper & Gold, Inc.				413,611
22,500				Glatfelter				400,725
16,900				International Paper Company				613,808
6,100				LyondellBasell Industries NV - Class "A"				315,126
2,900				Rock-Tenn Company - Class "A"				209,322
11,100				Sonoco Products Company				343,989
								4,073,961
				Telecommunication Services-5.5%
44,910				AT&T, Inc.				1,693,107
28,280				CenturyLink, Inc.				1,142,512
28,400				Verizon Communications, Inc.				1,294,188
								4,129,807
				Utilities-4.8%
16,800				American Electric Power Company, Inc.				738,192
9,400				NextEra Energy, Inc.				661,102
23,000				NiSource, Inc.				586,040
21,600				Portland General Electric Company				584,064
14,600				PPL Corporation				424,130
20,200				Vectren Corporation				577,720
								3,571,248
Total Value of Common Stocks (cost $57,470,297)								70,862,174
				SHORT-TERM U.S. GOVERNMENT
				OBLIGATIONS-4.0%
				U.S. Treasury Bills:
$	1,000	M		0.061%, 10/4/2012				999,991
2,000		M		0.08%, 10/4/2012				1,999,978
Total Value of Short-Term U.S. Government Obligations (cost $2,999,969)								2,999,969
Total Value of Investments (cost $60,470,266)					99.0	%		73,862,143
Other Assets, Less Liabilities					1.0			767,639
Net Assets					100.0	%		$     74,629,782

+	Prior to September 4, 2012 known as Value Fund.
*	Non-income producing
(a)	A portion or all of the security purchased on a when-issued or
	delayed delivery basis.
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	REIT	Real Estate Investment Trust
	At September 30, 2012, the cost of investments for federal income tax
	purposes was $60,477,489. Accumulated net unrealized appreciation
	on investments was $13,384,654, consisting of $14,587,037 gross
	unrealized appreciation and $1,202,383 gross unrealized
	depreciation.

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.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of September 30, 2012:

		Level 1		Level 2		Level 3		Total
Common Stocks	$	70,862,174	$	-	$	-	$	70,862,174
Short-Term U.S. Government
Obligations		-		2,999,969		-		2,999,969
Total Investments in Securities*	$	70,862,174	$	2,999,969	$	-	$	73,862,143

*The Portfolio of Investments provides information on the industry categorization for common stocks.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended September 30, 2012. Transfers, if any,

between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
GOVERNMENT FUND
September 30, 2012

Principal
Amount			Security				Value
			RESIDENTIAL MORTGAGE-BACKED SECURITIES-59.3%
			Fannie Mae-5.4%
$	1,156	M	5.5%, 7/1/2034 - 10/1/2039				$     1,290,707
195		M	9%, 11/1/2026				242,751
108		M	11%, 10/1/2015				118,876
							1,652,334
			Freddie Mac-4.5%
413		M	4%, 12/1/2040				450,455
816		M	5.5%, 11/1/2038				900,749
							1,351,204
			Government National Mortgage Association I
			Program-45.9%
3,810		M	4%, 7/15/2040 - 11/15/2041				4,221,953
2,990		M	4.5%, 6/15/2039 - 8/15/2040				3,311,266
4,156		M	5%, 6/15/2033 - 6/15/2040				4,644,739
1,303		M	5.5%, 2/15/2033 - 11/15/2038				1,463,298
246		M	6%, 11/15/2032 - 4/15/2036				281,026
							13,922,282
			Government National Mortgage Association II
			Program-3.5%
962		M	4%, 3/20/2042 - 5/20/2042				1,058,796
Total Value of Residential Mortgage-Backed Securities (cost $17,062,281)							17,984,616
			U.S. GOVERNMENT AGENCY OBLIGATIONS-32.4%
			Fannie Mae:
1,500		M	1.625%, 10/26/2015				1,556,002
1,000		M	1.25%, 1/30/2017				1,027,609
1,000		M	0.875%, 8/28/2017				1,006,243
1,250		M	Federal Farm Credit Bank, 1.75%, 2/21/2013				1,257,356
1,250		M	Federal Home Loan Bank, 5.375%, 5/18/2016				1,467,555
			Freddie Mac:
1,250		M	3%, 7/28/2014				1,310,803
1,000		M	1.25%, 8/1/2019				1,004,030
1,000		M	Tennessee Valley Authority, 4.5%, 4/1/2018				1,192,152
Total Value of U.S. Government Agency Obligations (cost $9,595,908)							9,821,750
			U.S. GOVERNMENT OBLIGATIONS-6.7%
466		M	FDA Queens, LP, 6.99%, 6/15/2017			(a)	513,129
1,500		M	U.S. Treasury Note, 0.875%, 12/31/2016				1,523,671
Total Value of U.S. Government Obligations (cost $2,032,448)							2,036,800
Total Value of Investments (cost $28,690,637)				98.4	%		29,843,166
Other Assets, Less Liabilities				1.6			475,785
Net Assets				100.0	%		$    30,318,951

(a)	Security exempt from registration under Rule 144A of the Securities Act of
	1933. Certain restricted securities are exempt from the registration
	requirements under Rule 144A of the Securities Act of 1933 and may only
	be sold to qualified institutional investors. At September 30, 2012, the
	Fund held one 144A securities with an aggregate value of $513,129
	representing 1.7% of the Fund's net assets.
	At September 30, 2012, the cost of investments for federal income tax
	purposes was $28,690,637. Accumulated net unrealized appreciation on
	investments was $1,152,529, consisting of $1,207,324 gross unrealized
	appreciation and $54,795 gross unrealized depreciation.

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.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of September 30, 2012:

		Level 1		Level 2		Level 3		Total
Residential
Mortgage-Backed Securities	$	-	$	17,984,616	$	-	$	17,984,616
U.S. Government Agency
Obligations		-		9,821,750		-		9,821,750
U.S. Government Obligations		-		2,036,800		-		2,036,800
Total Investments in Securities	$	-	$	29,843,166	$	-	$	29,843,166

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended September 30, 2012. Transfers, if any,

between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
GROWTH & INCOME FUND
September 30, 2012

Shares		Security			Value
		COMMON STOCKS-99.7%
		Consumer Discretionary-13.7%
102,500		Allison Transmission Holdings, Inc.			$     2,062,300
111,300		Best Buy Company, Inc.			1,913,247
41,500	*	BorgWarner, Inc.			2,868,065
142,185		CBS Corporation - Class "B"			5,165,581
13,961		CEC Entertainment, Inc.			420,505
20,064		Coach, Inc.			1,123,985
175,600		Dana Holding Corporation			2,159,880
75,000	*	Delphi Automotive, PLC			2,325,000
23,700		GNC Holdings, Inc. - Class "A"			923,589
57,100		Home Depot, Inc.			3,447,127
89,800		Limited Brands, Inc.			4,423,548
49,200		Lowe's Companies, Inc.			1,487,808
32,700		McDonald's Corporation			3,000,225
151,243		Newell Rubbermaid, Inc.			2,887,229
114,100		Pier 1 Imports, Inc.			2,138,234
103,100		Staples, Inc.			1,187,712
42,898	*	Steiner Leisure, Ltd.			1,996,902
180,870		Stewart Enterprises, Inc. - Class "A"			1,518,404
31,800	*	TRW Automotive Holdings Corporation			1,389,978
18,600		Tupperware Brands Corporation			996,774
46,000		Walt Disney Company			2,404,880
65,883		Wyndham Worldwide Corporation			3,457,540
					49,298,513
		Consumer Staples-9.3%
120,600		Altria Group, Inc.			4,026,834
96,600		Avon Products, Inc.			1,540,770
123,978		Coca-Cola Company			4,702,486
82,000		CVS Caremark Corporation			3,970,440
12,600		McCormick & Company, Inc.			781,704
58,027		Nu Skin Enterprises, Inc. - Class "A"			2,253,188
36,200		PepsiCo, Inc.			2,561,874
79,300		Philip Morris International, Inc.			7,132,242
39,013		Procter & Gamble Company			2,705,942
50,250		Wal-Mart Stores, Inc.			3,708,450
					33,383,930
		Energy-10.9%
39,400		Anadarko Petroleum Corporation			2,754,848
41,700		Chevron Corporation			4,860,552
65,700		ConocoPhillips			3,756,726
15,700		Devon Energy Corporation			949,850
42,000		Ensco, PLC - Class "A"			2,291,520
69,611		ExxonMobil Corporation			6,365,926
9,600		Hess Corporation			515,712
99,522		Marathon Oil Corporation			2,942,866
40,911		Marathon Petroleum Corporation			2,233,331
37,950		National Oilwell Varco, Inc.			3,040,175
89,000	*	Noble Corporation			3,184,420
33,350		Phillips 66			1,546,440
16,994		Sasol, Ltd. (ADR)			757,593
15,200		Schlumberger, Ltd.			1,099,416
87,107		Suncor Energy, Inc.			2,861,465
					39,160,840
		Financials-10.0%
65,806		American Express Company			3,741,729
55,800		Ameriprise Financial, Inc.			3,163,302
96,000		Brookline Bancorp, Inc.			846,720
48,843		Discover Financial Services			1,940,532
26,600		Financial Select Sector SPDR Fund (ETF)			414,960
83,500		FirstMerit Corporation			1,229,955
37,100		Invesco, Ltd.			927,129
113,488		JPMorgan Chase & Company			4,593,994
36,100		M&T Bank Corporation			3,435,276
34,700		MetLife, Inc.			1,195,762
27,000		Morgan Stanley			451,980
128,100		New York Community Bancorp, Inc.			1,813,896
47,400		PNC Financial Services Group, Inc.			2,990,940
27,000		SPDR S&P Regional Banking (ETF)			773,280
103,279	*	Sunstone Hotel Investors, Inc. (REIT)			1,136,069
101,588		U.S. Bancorp			3,484,468
79,500		Urstadt Biddle Properties - Class "A" (REIT)			1,608,285
67,767		Wells Fargo & Company			2,339,995
					36,088,272
		Health Care-12.9%
84,000		Abbott Laboratories			5,759,040
28,730		Baxter International, Inc.			1,731,270
33,700		Covidien, PLC			2,002,454
53,122	*	Express Scripts Holding Company			3,329,156
57,700	*	Gilead Sciences, Inc.			3,827,241
77,275		Johnson & Johnson			5,325,020
17,400		McKesson Corporation			1,496,922
87,443		Merck & Company, Inc.			3,943,679
33,200	*	Par Pharmaceutical Companies, Inc.			1,659,336
244,039		Pfizer, Inc.			6,064,369
70,543		Thermo Fisher Scientific, Inc.			4,150,045
57,900		UnitedHealth Group, Inc.			3,208,239
50,800		Warner Chilcott, PLC - Class "A"			685,800
38,800	*	Watson Pharmaceuticals, Inc.			3,304,208
					46,486,779
		Industrials-16.5%
57,494		3M Company			5,313,595
80,100		Altra Holdings, Inc.			1,457,820
50,100		Armstrong World Industries, Inc.			2,323,137
30,800		Caterpillar, Inc.			2,650,032
34,537		Chicago Bridge & Iron Company NV - NY Shares			1,315,514
26,400		Dun & Bradstreet Corporation			2,101,968
41,000	*	Esterline Technologies Corporation			2,301,740
58,200		Generac Holdings, Inc.			1,332,198
110,296		General Electric Company			2,504,822
60,040		Honeywell International, Inc.			3,587,390
51,453		IDEX Corporation			2,149,192
101,050		ITT Corporation			2,036,158
12,700		Lockheed Martin Corporation			1,185,926
48,119	*	Mobile Mini, Inc.			804,068
8,600		Northrop Grumman Corporation			571,298
30,200		Parker Hannifin Corporation			2,524,116
38,800	*	Pentair, Inc.			1,726,988
20,400		Raytheon Company			1,166,064
28,900		Snap-on, Inc.			2,077,043
150,900		TAL International Group, Inc.			5,127,582
104,700		Textainer Group Holdings, Ltd.			3,198,585
28,900		Triumph Group, Inc.			1,807,117
107,093		Tyco International, Ltd.			6,025,052
44,300		United Technologies Corporation			3,468,247
19,600		Xylem, Inc.			492,940
					59,248,592
		Information Technology-19.7%
12,000		Apple, Inc.			8,007,120
94,800	*	Arris Group, Inc.			1,212,492
51,200		Avago Technologies, Ltd.			1,785,088
27,400	*	CACI International, Inc. - Class "A"			1,419,046
193,400		Cisco Systems, Inc.			3,692,006
28,500	*	eBay, Inc.			1,379,685
171,300	*	EMC Corporation			4,671,351
91,800		Hewlett-Packard Company			1,566,108
166,852		Intel Corporation			3,784,203
43,629		International Business Machines Corporation			9,050,836
142,900		Intersil Corporation - Class "A"			1,250,375
250,500		Microsoft Corporation			7,459,890
120,300	*	NCR Corporation			2,804,193
68,700	*	NeuStar, Inc. - Class "A"			2,750,061
100,000		Oracle Corporation			3,149,000
46,855	*	Parametric Technology Corporation			1,021,439
85,288		QUALCOMM, Inc.			5,329,647
109,360	*	Symantec Corporation			1,968,480
78,600		TE Connectivity, Ltd.			2,673,186
161,900		Western Union Company			2,949,818
173,800	*	Yahoo!, Inc.			2,776,455
					70,700,479
		Materials-3.8%
45,700		Celanese Corporation - Series "A"			1,732,487
71,440		Freeport-McMoRan Copper & Gold, Inc.			2,827,595
90,700		International Paper Company			3,294,224
78,900		Kronos Worldwide, Inc.			1,178,766
36,800		LyondellBasell Industries NV - Class "A"			1,901,088
11,600		Praxair, Inc.			1,205,008
5,500		Rock-Tenn Company - Class "A"			396,990
38,050		RPM International, Inc.			1,085,947
					13,622,105
		Telecommunication Services-2.8%
125,083		AT&T, Inc.			4,715,629
113,800		Verizon Communications, Inc.			5,185,866
					9,901,495
		Utilities-.1%
14,426		Atmos Energy Corporation			516,307
Total Value of Common Stocks (cost $261,846,459)			99.7	%	358,407,312
Other Assets, Less Liabilities			.3		1,088,184
Net Assets			100.0	%	$     359,495,496

*	Non-income producing
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	ETF	Exchange Traded Fund
	REIT	Real Estate Investment Trust
	At September 30, 2012, the cost of investments for federal income
	tax purposes was $263,418,363. Accumulated net unrealized
	appreciation on investments was $94,988,949, consisting of
	$104,714,446 gross unrealized appreciation and $9,725,497 gross
	unrealized depreciation.

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.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of September 30, 2012:

	Level 1		Level 2		Level 3			Total
Common Stocks*	$	358,407,312	$	-	$	-	$	358,407,312

*The Portfolio of Investments provides information on the industry categorization.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended September 30, 2012. Transfers, if any, between

Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
HIGH YIELD FUND
September 30, 2012

Principal
Amount
or Shares				Security					Value
				CORPORATE BONDS-92.1%
				Automotive-4.2%
$	100	M		American Axle & Manufacturing, Inc., 6.625%, 10/15/2022					$     101,750
				Chrysler Group, LLC/CG Co-Issuer, Inc.:
200		M		8%, 6/15/2019					213,000
375		M		8.25%, 6/15/2021					401,250
400		M		Cooper Tire & Rubber Co., 8%, 12/15/2019					456,000
300		M		Cooper-Standard Automotive, Inc., 8.5%, 5/1/2018					326,250
525		M		Exide Technologies, 8.625%, 2/1/2018					457,406
250		M		Ford Motor Co., 6.625%, 10/1/2028					280,460
150		M		Jaguar Land Rover, PLC, 7.75%, 5/15/2018			(a)		162,563
300		M		Oshkosh Corp., 8.5%, 3/1/2020					337,500
				Schaeffler Finance BV:
200		M		7.75%, 2/15/2017			(a)		222,000
400		M		8.5%, 2/15/2019			(a)		450,000
									3,408,179
				Building Materials-2.4%
				Building Materials Corp.:
475		M		6.875%, 8/15/2018			(a)		511,812
200		M		7.5%, 3/15/2020			(a)		220,000
850		M		McJunkin Red Man Corp., 9.5%, 12/15/2016					921,188
300		M		Texas Industries, Inc., 9.25%, 8/15/2020					319,500
									1,972,500
				Capital Goods-.7%
				Belden, Inc.:
375		M		9.25%, 6/15/2019					426,562
150		M		5.5%, 9/1/2022			(a)		154,125
									580,687
				Chemicals-2.9%
400		M		Ferro Corp., 7.875%, 8/15/2018					388,000
225		M		Kinove German Bondco GmbH, 9.625%, 6/15/2018			(a)		247,500
				LyondellBasell Industries NV:
200		M		5%, 4/15/2019					213,500
200		M		6%, 11/15/2021					229,000
325		M		PolyOne Corp., 7.375%, 9/15/2020					353,438
800		M		Rhodia SA, 6.875%, 9/15/2020			(a)		902,000
									2,333,438
				Consumer Non-Durables-2.7%
350		M		Easton-Bell Sports, Inc., 9.75%, 12/1/2016					379,312
				Levi Strauss & Co.:
350		M		7.625%, 5/15/2020					379,750
350		M		6.875%, 5/1/2022					366,625
150		M		Libbey Glass, Inc., 6.875%, 5/15/2020			(a)		162,000
325		M		Phillips Van-Heusen Corp., 7.375%, 5/15/2020					368,875
400		M		Reynolds Group Issuer, Inc., 5.75%, 10/15/2020			(a)		400,500
125		M		Wolverine World Wide, Inc., 6.125%, 10/15/2020			(a)	(b)	129,375
									2,186,437
				Energy-14.1%
				AmeriGas Finance, LLC:
50		M		6.75%, 5/20/2020					53,500
200		M		7%, 5/20/2022					216,000
				Basic Energy Services, Inc.:
75		M		7.125%, 4/15/2016					76,125
150		M		7.75%, 2/15/2019					154,500
325		M		Berry Petroleum Co., 6.375%, 9/15/2022					343,687
275		M		Calumet Specialty Products Partners, LP, 9.625%, 8/1/2020			(a)		297,687
				Chesapeake Energy Corp.:
350		M		7.25%, 12/15/2018					378,000
25		M		6.625%, 8/15/2020					25,906
125		M		Chesapeake Midstream Partners, LP, 6.125%, 7/15/2022					132,812
				Concho Resources, Inc.:
325		M		8.625%, 10/1/2017					359,937
175		M		5.5%, 4/1/2023					183,094
				Consol Energy, Inc.:
225		M		8%, 4/1/2017					236,250
525		M		8.25%, 4/1/2020					552,562
				Copano Energy, LLC:
75		M		7.75%, 6/1/2018					79,125
300		M		7.125%, 4/1/2021					315,000
375		M		Crosstex Energy, LP, 8.875%, 2/15/2018					401,953
375		M		El Paso Corp., 6.5%, 9/15/2020					422,877
100		M		Encore Acquisition Co., 9.5%, 5/1/2016					109,000
415		M		Expro Finance Luxembourg SCA, 8.5%, 12/15/2016			(a)		429,525
				Ferrellgas Partners, LP:
475		M		9.125%, 10/1/2017					511,812
190		M		8.625%, 6/15/2020					184,775
550		M		Forest Oil Corp., 7.25%, 6/15/2019					548,625
450		M		Genesis Energy, LP, 7.875%, 12/15/2018					479,250
575		M		Hilcorp Energy I, LP, 8%, 2/15/2020			(a)		642,563
				Linn Energy, LLC:
400		M		6.25%, 11/1/2019			(a)		398,500
100		M		8.625%, 4/15/2020					110,000
100		M		7.75%, 2/1/2021					106,250
275		M		MEG Energy Corp., 6.375%, 1/30/2023			(a)		293,906
400		M		Murray Energy Corp., 10.25%, 10/15/2015			(a)		394,000
				Newfield Exploration Co.:
50		M		7.125%, 5/15/2018					53,000
75		M		5.75%, 1/30/2022					84,188
				Penn Virginia Resource Partners, LP:
275		M		8.25%, 4/15/2018					285,313
100		M		8.375%, 6/1/2020			(a)		103,750
200		M		Petrohawk Energy Corp., 10.5%, 8/1/2014					217,591
				Plains Exploration & Production Co.:
150		M		6.125%, 6/15/2019					151,875
100		M		6.625%, 5/1/2021					102,000
				Quicksilver Resources, Inc.:
125		M		8.25%, 8/1/2015					119,688
175		M		11.75%, 1/1/2016					177,625
300		M		9.125%, 8/15/2019					286,500
150		M		SESI, LLC, 6.375%, 5/1/2019					161,250
				SM Energy Co.:
75		M		6.625%, 2/15/2019					79,500
150		M		6.5%, 11/15/2021					159,750
150		M		6.5%, 1/1/2023			(a)		157,688
				Suburban Propane Partners, LP:
274		M		7.5%, 10/1/2018			(a)		294,550
77		M		7.375%, 8/1/2021			(a)		82,583
125		M		Tesoro Logistics, LP, 5.875%, 10/1/2020			(a)		128,438
225		M		Vanguard Natural Resources, LLC, 7.875%, 4/1/2020					226,969
200		M		Western Refining, Inc., 11.25%, 6/15/2017			(a)		223,500
									11,532,979
				Financials-4.7%
				Ally Financial, Inc.:
200		M		5.5%, 2/15/2017					209,259
525		M		6.25%, 12/1/2017					569,801
500		M		8%, 3/15/2020					587,500
100		M		CNH Capital, LLC, 6.25%, 11/1/2016			(a)		109,125
600		M		Ford Motor Credit Co., LLC, 5.875%, 8/2/2021					680,005
				International Lease Finance Corp.:
50		M		5.875%, 5/1/2013					51,375
50		M		6.625%, 11/15/2013					52,500
750		M		8.625%, 9/15/2015					856,875
275		M		8.75%, 3/15/2017					323,125
150		M		8.25%, 12/15/2020					178,875
250		M		Serta Simmons Holdings, LLC, 8.125%, 10/1/2020			(a)	(b)	249,375
									3,867,815
				Food/Beverage/Tobacco-.2%
175		M		JBS USA, LLC, 7.25%, 6/1/2021			(a)		165,375
				Food/Drug-.9%
475		M		NBTY, Inc., 9%, 10/1/2018					530,813
200		M		Tops Holding Corp./Tops Markets, LLC, 10.125%, 10/15/2015					211,750
									742,563
				Forest Products/Containers-2.4%
200		M		Ardagh Packaging Finance, PLC, 7.375%, 10/15/2017			(a)		215,500
325		M		Ball Corp., 7.375%, 9/1/2019					364,000
325		M		Clearwater Paper Corp., 7.125%, 11/1/2018					355,062
175		M		JSG Funding, PLC (Smurfit Kappa Funding, PLC), 7.75%, 4/1/2015					177,179
75		M		Mead Products, LLC/ACCO Brands, 6.75%, 4/30/2020			(a)		78,563
200		M		Sappi Papier Holdings GmbH, 8.375%, 6/15/2019			(a)		214,750
200		M		Sealed Air Corp., 8.125%, 9/15/2019			(a)		223,500
300		M		Tekni-Plex, Inc., 9.75%, 6/1/2019			(a)		321,750
									1,950,304
				Gaming/Leisure-.6%
				National CineMedia, LLC:
200		M		7.875%, 7/15/2021					219,000
225		M		6%, 4/15/2022			(a)		238,500
									457,500
				Health Care-5.9%
250		M		AMERIGROUP Corp., 7.5%, 11/15/2019					293,281
115		M		Aviv Healthcare Properties, LP, 7.75%, 2/15/2019					122,475
175		M		Capella Healthcare, Inc., 9.25%, 7/1/2017					187,469
				Community Health Systems, Inc.:
250		M		8%, 11/15/2019					275,625
225		M		7.125%, 7/15/2020					240,328
				DaVita, Inc.:
200		M		6.375%, 11/1/2018					214,000
125		M		5.75%, 8/15/2022					130,625
				Fresenius Medical Care US Finance II, Inc.:
150		M		5.625%, 7/31/2019			(a)		160,125
125		M		5.875%, 1/31/2022			(a)		134,062
600		M		Genesis Health Ventures, Inc., 9.75%, 6/15/2005			(c)	(d)	375
				HCA, Inc.:
150		M		6.375%, 1/15/2015					162,375
75		M		8%, 10/1/2018					86,813
50		M		8.5%, 4/15/2019					56,625
25		M		6.5%, 2/15/2020					27,875
25		M		7.25%, 9/15/2020					28,125
275		M		7.75%, 5/15/2021					301,125
300		M		7.5%, 2/15/2022					341,250
				Healthsouth Corp.:
150		M		7.25%, 10/1/2018					163,125
125		M		7.75%, 9/15/2022					137,188
175		M		LVB Acquisition, Inc. (Biomet, Inc.), 10%, 10/15/2017					184,844
225		M		Sky Growth Acquisition Corp., 7.375%, 10/15/2020			(a)		226,969
250		M		Universal Hospital Services, Inc., 7.625%, 8/15/2020			(a)		261,250
100		M		Valeant Pharmaceuticals International, Inc., 6.375%, 10/15/2020			(a)	(b)	102,250
				Vanguard Health Holding Co. II, LLC:
250		M		8%, 2/1/2018					268,125
200		M		7.75%, 2/1/2019			(a)		213,750
500		M		VPI Escrow Corp., 6.375%, 10/15/2020			(a)	(b)	512,500
									4,832,554
				Information Technology-4.3%
325		M		Advanced Micro Devices, Inc., 7.5%, 8/15/2022			(a)		315,250
275		M		Audatex North America, Inc., 6.75%, 6/15/2018			(a)		294,937
425		M		Computer Sciences Corp., 6.5%, 3/15/2018					493,079
				Equinix, Inc.:
250		M		8.125%, 3/1/2018					278,750
175		M		7%, 7/15/2021					196,656
				Fidelity National Information Services, Inc.:
175		M		7.625%, 7/15/2017					192,500
325		M		7.875%, 7/15/2020					364,812
				Jabil Circuit, Inc.:
50		M		7.75%, 7/15/2016					58,125
550		M		8.25%, 3/15/2018					655,875
400		M		Lawson Software, Inc., 9.375%, 4/1/2019			(a)		446,000
275		M		MEMC Electronic Materials, Inc., 7.75%, 4/1/2019					226,875
									3,522,859
				Manufacturing-2.4%
200		M		Amsted Industries, 8.125%, 3/15/2018			(a)		217,000
325		M		Bombardier, Inc., 7.5%, 3/15/2018			(a)		369,687
515		M		Case New Holland, Inc., 7.875%, 12/1/2017					606,412
300		M		EDP Finance BV, 6%, 2/2/2018			(a)		300,966
475		M		Rexel SA, 6.125%, 12/15/2019			(a)		491,031
									1,985,096
				Media-Broadcasting-3.6%
325		M		Allbritton Communication Co., 8%, 5/15/2018					355,062
				Belo Corp.:
100		M		7.75%, 6/1/2027					101,500
175		M		7.25%, 9/15/2027					172,375
375		M		Block Communications, Inc., 7.25%, 2/1/2020			(a)		400,312
350		M		Nexstar/Mission Broadcasting, Inc., 8.875%, 4/15/2017					382,375
575		M		Sinclair Television Group, Inc., 9.25%, 11/1/2017			(a)		639,688
125		M		Sirius XM Radio, Inc., 5.25%, 8/15/2022			(a)		125,000
700		M		XM Satellite Radio, Inc., 7.625%, 11/1/2018			(a)		777,000
									2,953,312
				Media-Cable TV-8.2%
				Cablevision Systems Corp.:
400		M		8.625%, 9/15/2017					467,000
100		M		7.75%, 4/15/2018					111,250
				CCO Holdings, LLC:
150		M		7.25%, 10/30/2017					164,250
225		M		7.875%, 4/30/2018					244,687
150		M		7%, 1/15/2019					163,125
175		M		7.375%, 6/1/2020					196,219
225		M		Cequel Communications Holdings I, Inc., 8.625%, 11/15/2017			(a)		241,312
				Clear Channel Worldwide Holdings, Inc.:
350		M		9.25%, 12/15/2017 Series "A"					376,250
300		M		9.25%, 12/15/2017 Series "B"					324,750
25		M		7.625%, 3/15/2020 Series "A"					24,125
350		M		7.625%, 3/15/2020 Series "B"					343,000
25		M		CSC Holdings, LLC, 6.75%, 11/15/2021			(a)		27,687
				DISH DBS Corp.:
350		M		7.875%, 9/1/2019					408,625
100		M		5.875%, 7/15/2022			(a)		103,000
225		M		Echostar DBS Corp., 7.125%, 2/1/2016					249,750
400		M		Gray Television, Inc., 7.5%, 10/1/2020			(a)	(b)	400,000
225		M		Harron Communications, LP, 9.125%, 4/1/2020			(a)		244,125
800		M		Nara Cable Funding, Ltd., 8.875%, 12/1/2018			(a)		734,000
475		M		Quebecor Media, Inc., 7.75%, 3/15/2016					490,438
675		M		UPC Germany GmbH, 8.125%, 12/1/2017			(a)		729,000
575		M		UPC Holding BV, 9.875%, 4/15/2018			(a)		635,375
									6,677,968
				Media-Diversified-1.4%
426		M		Entravision Communications Corp., 8.75%, 8/1/2017					462,210
475		M		Lamar Media Corp., 7.875%, 4/15/2018					527,250
119		M		NAI Entertainment Holdings, LLC, 8.25%, 12/15/2017			(a)		133,280
									1,122,740
				Metals/Mining-8.4%
				ArcelorMittal:
50		M		4.5%, 2/25/2017					49,091
625		M		10.1%, 6/1/2019					720,819
200		M		5.75%, 3/1/2021					190,857
150		M		6.5%, 2/25/2022					148,002
				Arch Coal, Inc.:
375		M		7.25%, 10/1/2020					316,875
400		M		7.25%, 6/15/2021					336,000
				FMG Resources (August 2006) Property, Ltd.:
175		M		6.375%, 2/1/2016			(a)		171,062
125		M		6%, 4/1/2017			(a)		116,875
300		M		6.875%, 2/1/2018			(a)		280,125
200		M		8.25%, 11/1/2019			(a)		195,000
100		M		6.875%, 4/1/2022			(a)		91,875
175		M		JMC Steel Group, 8.25%, 3/15/2018			(a)		179,375
150		M		Kaiser Aluminum Corp., 8.25%, 6/1/2020					162,750
375		M		Metals USA, Inc., 11.125%, 12/1/2015					387,188
425		M		Molycorp, Inc., 10%, 6/1/2020			(a)		422,875
				Novelis, Inc.:
700		M		8.375%, 12/15/2017					768,250
50		M		8.75%, 12/15/2020					55,625
				Peabody Energy Corp.:
325		M		6%, 11/15/2018			(a)		326,625
175		M		6.5%, 9/15/2020					179,813
400		M		6.25%, 11/15/2021			(a)		400,000
				Steel Dynamics, Inc.:
175		M		6.125%, 8/15/2019			(a)		182,875
100		M		6.375%, 8/15/2022			(a)		103,750
				United States Steel Corp.:
75		M		7%, 2/1/2018					75,563
125		M		7.375%, 4/1/2020					125,000
100		M		7.5%, 3/15/2022					99,250
				Vulcan Materials Co.:
175		M		6.5%, 12/1/2016					192,938
525		M		7%, 6/15/2018					579,469
									6,857,927
				Real Estate Investment Trusts-1.0%
				Developers Diversified Realty Corp.:
100		M		9.625%, 3/15/2016					124,600
75		M		7.875%, 9/1/2020					96,827
				Omega Healthcare Investors, Inc.:
125		M		7.5%, 2/15/2020					139,375
200		M		6.75%, 10/15/2022					222,000
200		M		Taylor Morrison Communities, Inc., 7.75%, 4/15/2020			(a)		214,000
									796,802
				Retail-General Merchandise-4.8%
107		M		CKE Restaurants, Inc., 11.375%, 7/15/2018					124,655
75		M		Claire's Stores, Inc., 9%, 3/15/2019			(a)		78,187
275		M		J.C. Penney Corp., Inc., 7.95%, 4/1/2017					285,313
275		M		Landry's, Inc., 9.375%, 5/1/2020			(a)		291,500
300		M		Limited Brands, Inc., 8.5%, 6/15/2019					363,000
150		M		Michaels Stores, Inc., 7.75%, 11/1/2018					161,625
275		M		Monitronics International, Inc., 9.125%, 4/1/2020					287,375
475		M		Needle Merger Sub Corp., 8.125%, 3/15/2019			(a)		486,875
475		M		NPC International, Inc., 10.5%, 1/15/2020					548,625
300		M		Party City Holdings, Inc., 8.875%, 8/1/2020			(a)		321,000
200		M		QVC, Inc., 7.5%, 10/1/2019			(a)		221,404
200		M		Sally Holdings, LLC/Sally Capital, Inc., 6.875%, 11/15/2019					223,500
125		M		Sotheby's, 5.25%, 10/1/2022			(a)		126,563
175		M		Toys R Us Property Co. II, Inc., 8.5%, 12/1/2017					189,438
225		M		YCC Holdings, LLC/Yankee Finance, Inc., 10.25%, 2/15/2016					234,000
									3,943,060
				Services-3.4%
375		M		Brickman Group Holdings, Inc., 9.125%, 11/1/2018			(a)		386,250
275		M		CoreLogic, Inc., 7.25%, 6/1/2021					299,062
200		M		Covanta Holding Corp., 6.375%, 10/1/2022					218,435
				Iron Mountain, Inc.:
225		M		7.75%, 10/1/2019					254,250
300		M		8.375%, 8/15/2021					333,750
200		M		Live Nation Entertainment, Inc., 7%, 9/1/2020			(a)		209,000
				PHH Corp.:
400		M		9.25%, 3/1/2016					461,000
200		M		7.375%, 9/1/2019					215,000
375		M		Reliance Intermediate Holdings, LP, 9.5%, 12/15/2019			(a)		431,250
									2,807,997
				Telecommunications-7.0%
75		M		CenturyLink, Inc., 5.8%, 3/15/2022					81,761
				Citizens Communications Co.:
750		M		7.125%, 3/15/2019					802,500
300		M		9%, 8/15/2031					321,750
350		M		GCI, Inc., 8.625%, 11/15/2019					379,750
750		M		Inmarsat Finance, PLC, 7.375%, 12/1/2017			(a)		813,750
				Intelsat Jackson Holdings SA:
550		M		8.5%, 11/1/2019					622,875
125		M		7.25%, 10/15/2020			(a)		135,000
50		M		7.5%, 4/1/2021					54,375
100		M		PAETEC Holding Corp., 9.875%, 12/1/2018					115,000
150		M		Qwest Communications International, Inc., 7.125%, 4/1/2018					159,758
50		M		Qwest Corp., 6.5%, 6/1/2017					58,777
125		M		SBA Telecommunications, Inc., 5.75%, 7/15/2020			(a)		131,719
				Sprint Capital Corp.:
300		M		6.9%, 5/1/2019					312,750
450		M		6.875%, 11/15/2028					416,250
225		M		Telesat Canada/Telesat, LLC, 6%, 5/15/2017			(a)		235,125
83		M		Virgin Media Finance, PLC, 9.5%, 8/15/2016					92,338
				Wind Acquisition Finance SA:
200		M		11.75%, 7/15/2017			(a)		189,500
200		M		7.25%, 2/15/2018			(a)		191,000
				Windstream Corp.:
225		M		7.875%, 11/1/2017					252,563
300		M		7.75%, 10/15/2020					323,250
									5,689,791
				Transportation-1.1%
350		M		CHC Helicopter SA., 9.25%, 10/15/2020					361,375
				Navios Maritime Holdings:
225		M		8.875%, 11/1/2017					232,031
350		M		8.125%, 2/15/2019					317,625
									911,031
				Utilities-3.2%
				AES Corp.:
125		M		9.75%, 4/15/2016					150,000
100		M		8%, 10/15/2017					116,000
100		M		7.375%, 7/1/2021					114,500
500		M		Atlantic Power Corp., 9%, 11/15/2018					533,750
350		M		Calpine Construction Finance Co., LP, 8%, 6/1/2016			(a)		378,000
				Calpine Corp.:
50		M		7.875%, 7/31/2020			(a)		54,875
25		M		7.5%, 2/15/2021			(a)		27,125
75		M		DPL, Inc., 7.25%, 10/15/2021			(a)		85,875
189		M		Indiantown Cogeneration Utilities, LP, 9.77%, 12/15/2020					199,990
400		M		Intergen NV, 9%, 6/30/2017			(a)		387,000
275		M		NRG Energy, Inc., 7.625%, 5/15/2019					292,875
298		M		NSG Holdings, LLC, 7.75%, 12/15/2025			(a)		311,410
									2,651,400
				Waste Management-.3%
275		M		ADS Waste Holdings, Inc., 8.25%, 10/1/2020			(a)	(b)	281,187
				Wireless Communications-1.3%
275		M		MetroPCS Wireless, Inc., 7.875%, 9/1/2018					298,375
200		M		Nextel Communications, Inc., 5.95%, 3/15/2014					201,000
				Sprint Nextel Corp.:
150		M		6%, 12/1/2016					155,250
100		M		9.125%, 3/1/2017					113,750
175		M		7%, 8/15/2020					182,656
75		M		ViaSat, Inc., 6.875%, 6/15/2020					77,625
									1,028,656
Total Value of Corporate Bonds (cost $72,276,159)									75,260,157
				LOAN PARTICIPATIONS-4.0%
				Chemicals-.7%
299		M		PL Propylene, LLC, 7%, 3/23/2017			(e)		303,351
298		M		PolyOne Corp., 5%, 12/20/2017			(e)		300,810
									604,161
				Consumer Discretionary-.2%
				Burger King Corp.:
50		M		3.75%, 9/27/2019			(b)	(e)	50,162
100		M		4%, 9/27/2019			(b)	(e)	100,325
									150,487
				Energy-.8%
375		M		Chesapeake Energy Corp., 8.5%, 12/2/2017			(e)		376,620
225		M		Samson Investment Co., 6%, 9/25/2018			(e)		226,735
									603,355
				Forest Products/Containers-.5%
298		M		Sealed Air Corp., 4.75%, 10/3/2018			(e)		300,847
				Information Technology-.2%
150		M		Genpact, Ltd., 4.25%, 8/17/2019			(e)		150,750
				Metals/Mining-.5%
374		M		Arch Coal, Inc., 5.75%, 5/16/2018			(e)		377,336
				Retail-General Merchandise-.7%
299		M		Academy, Ltd., 6%, 8/3/2018			(e)		300,850
300		M		General Nutrition Centers, Inc., 4.25%, 3/2/2018			(e)		300,585
									601,435
				Telecommunications-.4%
300		M		Intelsat Jackson Holdings, Ltd., 3.22075%, 2/1/2014			(e)		299,001
Total Value of Loan Participations (cost $3,051,564)									3,087,372
				COMMON STOCKS-.0%
				Telecommunications
3			*	Viatel Holding (Bermuda), Ltd.				(c)	-
5,970			*	World Access, Inc.				(c)	-
Total Value of Common Stocks (cost $97,360)									-
Total Value of Investments (cost $75,425,083)					96.1	%			78,347,529
Other Assets, Less Liabilities					3.9				3,366,289
Net Assets					100.0	%			$     81,713,818

*	Non-income producing
(a)	Security exempt from registration under Rule 144A of the Securities Act of
	1933. Certain restricted securities are exempt from the registration
	requirements under Rule 144A of the Securities Act of 1933 and may only be
	sold to qualified institutional investors. At September 30, 2012, the Fund
	held ninety-three 144A securities with an aggregate value of $26,518,591
	representing 32.5% of the Fund's net assets.
(b)	A portion or all of the security purchased on a when-issued or delayed
	delivery basis.
(c)	Securities fair valued as determined in good faith pursuant to procedures
	adopted by the Fund's Board of Trustees. At September 30, 2012, the Fund
	held three securities that were fair valued by the Valuation Committee with
	an aggregate value of $375 representing 0% of the Fund's net assets.
(d)	In default as to principal and/or interest payment
(e)	Interest rates are determined and reset periodically. The interest rates above
	are the rates in effect at September 30, 2012.
	At September 30, 2012, the cost of investments for federal income tax
	purposes was $75,426,583. Accumulated net unrealized appreciation on
	investments was $2,920,946, consisting of $4,320,090 gross unrealized
	appreciation and $1,399,144 gross unrealized depreciation.

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.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of September 30, 2012:

	Level 1			Level 2		Level 3		Total
Corporate Bonds	$	-	$	75,259,782	$	375	$	75,260,157
Loan Participations		-		3,087,372		-		3,087,372
Common Stocks		-		-		-		-
Total Investments in Securities*	$	-	$	78,347,154	$	375	$	78,347,529

*The Portfolio of Investments provides information on the industry categorization.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended September 30, 2012. Transfers, if any,

between Levels are recognized at the end of the reporting period.

The following is a reconciliation of Fund investments valued using Level 3 inputs for the period:

		Investments in		Investments in
	Corporate Bonds			Common Stocks		Total
Balance, December 31, 2011	$	375	$	-	$	375
Purchases		-		-		-
Sales		-		-		-
Change in unrealized
appreciation (depreciation)		-		(2)		(2)
Realized gain (loss)		-		-		-
Transfer into Level 3		-		2		2
Transfer out of Level 3		-		-		-
Balance, September 30, 2012	$	375	$	-	$	375
The following is a summary of Level 3 inputs by industry
Health Care	$	375
Telecommunications		-
	$	375

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 September 30, 2012.

						Impact to
						Valuation
						from and
	Fair Value		Valuation	Unobservable		Increase
	September 30, 2012		Methodologies	Input(s)(1)	Range	in Input(2)
Fixed Income	$	375	Market Comparables	Market Comparables/	100%	Increase
				Bankruptcy
Common Stock	$	-	Market Comparables	Market Comparables/	100%	Increase
				Bankruptcy

(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.

Portfolio of Investments (unaudited)
INTERNATIONAL FUND
September 30, 2012

Shares or
Principal
Amount			Security			Value
			COMMON STOCKS-98.4%
			United Kingdom-27.6%
223,442		*	Barratt Developments, PLC			$     611,582
146,258			British American Tobacco, PLC			7,509,282
63,710			Bunzl, PLC			1,140,930
111,113			Diageo, PLC			3,121,111
187,963			Domino's Pizza Group, PLC			1,611,710
66,680			Fresnillo, PLC			1,995,221
36,158			GlaxoSmithKline, PLC			833,490
363,287			HSBC Holdings, PLC			3,363,193
62,413			Imperial Tobacco Group, PLC			2,309,987
99,728			Persimmon, PLC			1,221,498
132,518		*	Rolls-Royce Holdings, PLC			1,803,941
83,267			SABMiller, PLC			3,657,310
109,705			Standard Chartered, PLC			2,480,130
236,822			Tesco, PLC			1,269,638
						32,929,023
			India-13.9%
376,522			HDFC Bank, Ltd.			4,491,209
3,219			HDFC Bank, Ltd. (ADR)			120,970
55,386			Hindustan Unilever, Ltd.			573,181
379,892			Housing Development Finance Corporation, Ltd.			5,577,559
634,812			ITC, Ltd.			3,278,468
13,042			Nestle India, Ltd.			1,088,449
58,840			Tata Consultancy Services, Ltd.			1,445,649
						16,575,485
			Switzerland-10.5%
16,200		*	DKSH Holding, Ltd.			1,012,715
604		*	Lindt & Spruengli AG			1,912,645
74,585			Nestle SA - Registered			4,706,204
577			SGS SA - Registered			1,186,172
303,332		*	UBS AG - Registered			3,695,628
						12,513,364
			Canada-8.0%
46,012			Enbridge, Inc.			1,794,279
59,603			Goldcorp, Inc.			2,729,520
12,500			TransCanada Corporation			567,991
81,349		*	Valeant Pharmaceuticals International, Inc.			4,490,958
						9,582,748
			Netherlands-7.7%
20,596			Core Laboratories NV			2,502,002
44,239			Royal Dutch Shell, PLC - Class "A"			1,530,978
145,104			Unilever NV - CVA			5,139,217
						9,172,197
			United States-5.7%
75,591			Philip Morris International, Inc.			6,798,655
			France-5.1%
26,704			Bureau Veritas SA			2,745,637
16,930			Essilor International SA			1,587,147
15,896			Pernod Ricard SA			1,785,514
						6,118,298
			Denmark-3.4%
25,789			Novo Nordisk A/S - Series "B"			4,078,904
			Australia-3.0%
78,594			Coca-Cola Amatil, Ltd.			1,108,258
80,732			Newcrest Mining, Ltd.			2,446,399
						3,554,657
			Belgium-2.7%
38,169			Anheuser-Busch InBev NV			3,249,251
			Hong Kong-2.5%
299,438			L'Occitane International SA			791,730
596,553			Sands China, Ltd.			2,227,480
						3,019,210
			Germany-2.5%
41,613			SAP AG			2,950,331
			Japan-2.0%
12,300			Daito Trust Construction Company, Ltd.			1,241,067
12,200			Nitori Company, Ltd.			1,136,889
						2,377,956
			Ireland-1.7%
27,888			Paddy Power, PLC			2,066,216
			China-1.1%
10,855		*	Baidu.com, Inc. (ADR)			1,268,081
			Mexico-1.0%
430,882			Wal-Mart de Mexico SAB de CV			1,214,838
Total Value of Common Stocks (cost $86,019,550)						117,469,214
			PREFERRED STOCKS-.3%
			Brazil
27,300			AES Tiete SA (cost $226,643)			301,554
			SHORT-TERM U.S. GOVERNMENT OBLIGATIONS-.8%
$1,000	M		U.S. Treasury Bills, 0.067%, 10/18/2012 (cost $999,965)			999,965
Total Value of Investments (cost $87,246,158)				99.5	%	118,770,733
Other Assets, Less Liabilities				.5		617,011
Net Assets				100.0	%	$     119,387,744

*	Non-income producing
	Summary of Abbreviations:
	ADR	American Depositary Receipts
	At September 30, 2012, the cost of investments for federal income tax purposes
	was $87,836,968. Accumulated net unrealized appreciation on investments was
	$30,933,765, consisting of $31,575,250 gross unrealized appreciation and
	$641,485 gross unrealized depreciation.

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.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of September 30, 2012:

		Level 1		Level 2		Level 3		Total
Common Stocks
United Kingdom	$	32,929,023	$	-	$	-	$	32,929,023
India		16,575,485		-		-		16,575,485
Switzerland		12,513,364		-		-		12,513,364
Canada		9,582,748		-		-		9,582,748
Netherlands		9,172,197		-		-		9,172,197
United States		6,798,655		-		-		6,798,655
France		6,118,297		-		-		6,118,297
Denmark		4,078,904		-		-		4,078,904
Australia		3,554,658		-		-		3,554,658
Belgium		3,249,251		-		-		3,249,251
Hong Kong		3,019,210		-		-		3,019,210
Germany		2,950,331		-		-		2,950,331
Japan		2,377,956		-		-		2,377,956
Ireland		2,066,216		-		-		2,066,216
China		1,268,081		-		-		1,268,081
Mexico		1,214,838		-		-		1,214,838
Preferred Stocks
Brazil		301,554		-		-		301,554
Short-Term U.S Government
Obligations		-		999,965		-		999,965
Total Investments in Securities	$	117,770,768	$	999,965	$	-	$	118,770,733

During the period ended September 30, 2012, there were no transfers between Level 1 investments and Level 2 investments that had

a material impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund

utilizing international fair value pricing during the period. Transfers, if any, between Levels are recognized at the end of the

reporting period.

Portfolio of Investments (unaudited)
INVESTMENT GRADE FUND
September 30, 2012

Principal
Amount			Security				Value
			CORPORATE BONDS-99.2%
			Aerospace/Defense-.4%
$	200	M	BAE Systems Holdings, Inc., 4.95%, 6/1/2014			(a)	$     210,378
			Agriculture-1.5%
340		M	Cargill, Inc., 6%, 11/27/2017			(a)	412,221
300		M	CF Industries, Inc., 7.125%, 5/1/2020				377,250
							789,471
			Automotive-.8%
400		M	Daimler Finance NA, LLC, 2.95%, 1/11/2017			(a)	421,580
			Chemicals-.8%
400		M	Dow Chemical Co., 4.25%, 11/15/2020				441,626
			Consumer Durables-.6%
300		M	Stanley Black & Decker, 5.2%, 9/1/2040				344,645
			Energy-10.9%
400		M	Canadian Oil Sands, Ltd., 7.75%, 5/15/2019			(a)	504,684
200		M	DCP Midstream, LLC, 9.75%, 3/15/2019			(a)	257,407
500		M	Enbridge Energy Partners, LP, 4.2%, 9/15/2021				541,958
400		M	Kinder Morgan Energy Partners, LP, 3.45%, 2/15/2023				412,709
439		M	Maritime & Northeast Pipeline, LLC, 7.5%, 5/31/2014			(a)	467,259
400		M	Nabors Industries, Inc., 6.15%, 2/15/2018				470,314
400		M	ONEOK Partners, LP, 3.375%, 10/1/2022				402,797
500		M	Petrobras International Finance Co., 5.375%, 1/27/2021				565,885
400		M	Reliance Holdings USA, Inc., 4.5%, 10/19/2020			(a)	410,647
400		M	Spectra Energy Capital, LLC, 6.2%, 4/15/2018				484,386
489		M	Suncor Energy, Inc., 6.85%, 6/1/2039				676,788
200		M	Valero Energy Corp., 9.375%, 3/15/2019				271,985
400		M	Weatherford International, Inc., 6.35%, 6/15/2017				466,191
							5,933,010
			Financial Services-13.4%
250		M	Aflac, Inc., 8.5%, 5/15/2019				335,297
600		M	American Express Co., 7%, 3/19/2018				760,260
400		M	American International Group, Inc., 4.875%, 9/15/2016				446,902
400		M	Berkshire Hathaway, Inc., 3.4%, 1/31/2022				428,324
400		M	BlackRock, Inc., 5%, 12/10/2019				476,048
350		M	CoBank, ACB, 7.875%, 4/16/2018			(a)	438,625
200		M	Compass Bank, 6.4%, 10/1/2017				211,454
			ERAC USA Finance Co.:
300		M	6.375%, 10/15/2017			(a)	358,781
200		M	4.5%, 8/16/2021			(a)	218,930
500		M	Ford Motor Credit Co., LLC, 5%, 5/15/2018				547,111
			General Electric Capital Corp.:
400		M	5.625%, 9/15/2017				471,584
300		M	5.5%, 1/8/2020				355,447
400		M	Glencore Funding, LLC, 6%, 4/15/2014			(a)	420,526
400		M	Harley-Davidson Funding Corp., 5.75%, 12/15/2014			(a)	436,234
400		M	Liberty Mutual Group, Inc., 4.95%, 5/1/2022			(a)	419,198
400		M	Protective Life Corp., 7.375%, 10/15/2019				477,123
400		M	Prudential Financial Corp., 4.75%, 9/17/2015				440,828
							7,242,672
			Financials-18.4%
			Bank of America Corp.:
200		M	5.65%, 5/1/2018				228,312
200		M	5%, 5/13/2021				220,224
100		M	5.875%, 2/7/2042				117,332
300		M	Barclays Bank, PLC, 5.125%, 1/8/2020				337,731
300		M	Bear Stearns Cos., Inc., 7.25%, 2/1/2018				374,783
			Citigroup, Inc.:
450		M	6.375%, 8/12/2014				489,915
800		M	6.125%, 11/21/2017				942,372
200		M	4.5%, 1/14/2022				220,017
400		M	Fifth Third Bancorp, 3.5%, 3/15/2022				427,286
			Goldman Sachs Group, Inc.:
600		M	6.15%, 4/1/2018				701,138
200		M	5.75%, 1/24/2022				230,799
400		M	6.75%, 10/1/2037				429,847
			JPMorgan Chase & Co.:
600		M	6%, 1/15/2018				716,186
200		M	4.5%, 1/24/2022				222,277
			Merrill Lynch & Co., Inc.:
400		M	5%, 1/15/2015				429,868
400		M	6.4%, 8/28/2017				465,844
			Morgan Stanley:
600		M	5.95%, 12/28/2017				674,714
500		M	6.625%, 4/1/2018				575,141
600		M	SunTrust Banks, Inc., 6%, 9/11/2017				699,507
600		M	UBS AG, 4.875%, 8/4/2020				672,146
			Wells Fargo & Co.:
300		M	5.625%, 12/11/2017				360,601
200		M	4.6%, 4/1/2021				231,433
200		M	3.5%, 3/8/2022				213,722
							9,981,195
			Food/Beverage/Tobacco-8.5%
400		M	Altria Group, Inc., 9.7%, 11/10/2018				573,629
400		M	Anheuser-Busch InBev Worldwide, Inc., 5.375%, 1/15/2020				497,440
400		M	Bottling Group, LLC, 5.125%, 1/15/2019				476,000
300		M	Bunge Ltd. Finance Corp., 3.2%, 6/15/2017				314,869
400		M	Corn Products International, Inc., 4.625%, 11/1/2020				448,996
400		M	Dr. Pepper Snapple Group, Inc., 6.82%, 5/1/2018				507,634
400		M	Lorillard Tobacco Co., 6.875%, 5/1/2020				491,796
300		M	Mead Johnson Nutrition Co., 4.9%, 11/1/2019				342,838
400		M	Philip Morris International, Inc., 5.65%, 5/16/2018				490,656
400		M	SABMiller Holdings, Inc., 3.75%, 1/15/2022			(a)	435,232
							4,579,090
			Forest Products/Container-.7%
300		M	International Paper Co., 9.375%, 5/15/2019				406,198
			Gaming/Leisure-.7%
400		M	Marriott International, Inc., 3.25%, 9/15/2022				402,923
			Health Care-3.3%
			Aristotle Holding, Inc.:
300		M	4.75%, 11/15/2021			(a)	347,768
150		M	3.9%, 2/15/2022			(a)	163,741
400		M	Biogen IDEC, Inc., 6.875%, 3/1/2018				492,667
400		M	Laboratory Corp. of America Holdings, 3.75%, 8/23/2022				419,412
200		M	Novartis Securities Investments, Ltd., 5.125%, 2/10/2019				240,657
100		M	Roche Holdings, Inc., 6%, 3/1/2019			(a)	125,722
							1,789,967
			Information Technology-5.8%
500		M	Corning, Inc., 4.75%, 3/15/2042				542,561
300		M	Dell, Inc., 5.875%, 6/15/2019				355,543
400		M	Harris Corp., 4.4%, 12/15/2020				435,507
500		M	Motorola Solutions, Inc., 6%, 11/15/2017				597,417
400		M	Pitney Bowes, Inc., 5.75%, 9/15/2017				436,450
400		M	Symantec Corp., 3.95%, 6/15/2022				405,611
300		M	Western Union Co., 6.2%, 11/17/2036				342,705
							3,115,794
			Manufacturing-4.5%
380		M	CRH America, Inc., 8.125%, 7/15/2018				462,660
300		M	General Electric Co., 5.25%, 12/6/2017				355,365
400		M	Ingersoll-Rand Global Holdings Co., Ltd., 6.875%, 8/15/2018				495,246
300		M	Johnson Controls, Inc., 5%, 3/30/2020				341,889
300		M	Tyco Electronics Group SA, 6.55%, 10/1/2017				363,191
400		M	Tyco Flow Control International, Ltd., 3.15%, 9/15/2022			(a)	402,274
							2,420,625
			Media-Broadcasting-3.3%
400		M	British Sky Broadcasting Group, PLC, 9.5%, 11/15/2018			(a)	554,116
400		M	Comcast Corp., 5.15%, 3/1/2020				476,602
300		M	DirecTV Holdings, LLC, 5.15%, 3/15/2042				306,376
300		M	Time Warner Entertainment Co., LP, 8.375%, 3/15/2023				423,449
							1,760,543
			Media-Diversified-1.5%
			McGraw-Hill Cos., Inc.:
200		M	5.9%, 11/15/2017				235,553
200		M	6.55%, 11/15/2037				242,059
300		M	Vivendi SA, 6.625%, 4/4/2018			(a)	350,034
							827,646
			Metals/Mining-5.6%
500		M	Alcoa, Inc., 6.15%, 8/15/2020				552,652
400		M	ArcelorMittal, 6.125%, 6/1/2018				397,849
400		M	Newmont Mining Corp., 5.125%, 10/1/2019				457,011
500		M	Rio Tinto Finance USA, Ltd., 3.75%, 9/20/2021				533,658
			Vale Overseas, Ltd.:
400		M	5.625%, 9/15/2019				452,007
200		M	4.375%, 1/11/2022				211,232
400		M	Xstrata Canada Financial Corp., 4.95%, 11/15/2021			(a)	429,343
							3,033,752
			Real Estate Investment Trusts-5.5%
500		M	Boston Properties, LP, 5.875%, 10/15/2019				598,873
400		M	Digital Realty Trust, LP, 5.25%, 3/15/2021				445,799
500		M	HCP, Inc., 5.375%, 2/1/2021				571,384
400		M	ProLogis, LP, 6.625%, 5/15/2018				478,502
400		M	Simon Property Group, LP, 5.75%, 12/1/2015				452,789
400		M	Ventas Realty, LP, 4.75%, 6/1/2021				440,381
							2,987,728
			Retail-General Merchandise-1.6%
300		M	GAP, Inc., 5.95%, 4/12/2021				334,741
400		M	Home Depot, Inc., 5.875%, 12/16/2036				528,967
							863,708
			Telecommunications-3.4%
400		M	BellSouth Corp., 6.55%, 6/15/2034				485,053
105		M	BellSouth Telecommunications, 6.375%, 6/1/2028				125,751
300		M	Deutsche Telekom International Finance BV, 4.875%, 3/6/2042			(a)	323,846
309		M	GTE Corp., 6.84%, 4/15/2018				390,912
400		M	Verizon New York, Inc., 7.375%, 4/1/2032				531,854
							1,857,416
			Transportation-2.2%
300		M	Con-way, Inc., 7.25%, 1/15/2018				351,651
400		M	GATX Corp., 4.75%, 6/15/2022				423,504
400		M	Penske Truck Leasing Co., LP, 4.875%, 7/11/2022			(a)	400,065
							1,175,220
			Utilities-5.3%
400		M	Arizona Public Service Co., 4.5%, 4/1/2042				433,650
300		M	E.ON International Finance BV, 5.8%, 4/30/2018			(a)	363,607
300		M	Electricite de France SA, 6.5%, 1/26/2019			(a)	367,474
400		M	Exelon Generation Co., LLC, 5.2%, 10/1/2019				454,826
			Great River Energy Co.:
113		M	5.829%, 7/1/2017			(a)	122,174
298		M	4.478%, 7/1/2030			(a)	332,561
400		M	Ohio Power Co., 5.375%, 10/1/2021				490,600
200		M	Sempra Energy, 9.8%, 2/15/2019				282,368
							2,847,260
			Waste Management-.5%
265		M	Republic Services, Inc., 3.8%, 5/15/2018				295,033
Total Value of Corporate Bonds (cost $48,584,868)				99.2	%		53,727,480
Other Assets, Less Liabilities				.8			453,681
Net Assets				100.0	%		$     54,181,161

(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933.
	Certain restricted securities are exempt from the registration requirements under
	Rule 144A of the Securities Act of 1933 and may only be sold to qualified
	institutional investors. At September 30, 2012, the Fund held twenty-seven 144A
	securities with an aggregate value of $9,694,427 representing 17.9% of the Fund's
	net assets.
	At September 30, 2012, the cost of investments for federal income tax purposes was
	$48,584,868. Accumulated net unrealized appreciation on investments was
	$5,142,612, consisting of $5,170,819 gross unrealized appreciation and $28,207
	gross unrealized depreciation.

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.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of September 30, 2012:

	Level 1			Level 2		Level 3		Total
Corporate Bonds*	$	-	$	53,727,480	$	-	$	53,727,480

*The Portfolio of Investments provides information on the industry categorization.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended September 30, 2012. Transfers, if any,

between Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
SELECT GROWTH FUND
September 30, 2012

Shares		Security			Value
		COMMON STOCKS-97.1%
		Consumer Discretionary-11.3%
11,560	*	Bed Bath & Beyond, Inc.			$     728,280
11,575		Home Depot, Inc.			698,783
10,700		Mattel, Inc.			379,636
13,980		Ross Stores, Inc.			903,108
					2,709,807
		Consumer Staples-12.4%
33,000	*	Dean Foods Company			539,550
8,390		Ingredion, Inc.			462,792
6,100		Kimberly-Clark Corporation			523,258
21,800		Kroger Company			513,172
9,350		Whole Foods Market, Inc.			910,690
					2,949,462
		Energy-7.8%
4,650		Chevron Corporation			542,004
4,060		ExxonMobil Corporation			371,287
6,080		Helmerich & Payne, Inc.			289,469
4,350		Noble Energy, Inc.			403,289
2,880		Occidental Petroleum Corporation			247,853
					1,853,902
		Financials-10.8%
10,250		American Express Company			582,815
18,300		BB&T Corporation			606,828
17,630		East West Bancorp, Inc.			372,346
6,200		Travelers Companies, Inc.			423,212
17,500		U.S. Bancorp			600,250
					2,585,451
		Health Care-14.0%
7,090		Cooper Companies, Inc.			669,721
4,900		Johnson & Johnson			337,659
5,920		McKesson Corporation			509,298
11,700		Omnicare, Inc.			397,449
16,300		ResMed, Inc.			659,661
9,010	*	Watson Pharmaceuticals, Inc.			767,292
					3,341,080
		Industrials-9.7%
9,940	*	AGCO Corporation			471,951
9,200	*	Alaska Air Group, Inc.			322,552
16,920		AMETEK, Inc.			599,814
13,700		Robert Half International, Inc.			364,831
6,800		Wabtec Corporation			545,972
					2,305,120
		Information Technology-25.2%
2,400		Apple, Inc.			1,601,424
45,900	*	Cadence Design Systems, Inc.			590,503
10,100	*	Check Point Software Technologies, Ltd.			486,416
3,690		International Business Machines Corporation			765,490
9,010		Motorola Solutions, Inc.			455,455
17,890	*	Nuance Communications, Inc.			445,282
17,700		Oracle Corporation			557,373
18,310	*	TIBCO Software, Inc.			553,511
5,700	*	VMware, Inc. - Class "A"			551,418
					6,006,872
		Materials-3.5%
3,720		CF Industries Holdings, Inc.			826,733
		Utilities-2.4%
27,500		Centerpoint Energy, Inc.			585,750
Total Value of Common Stocks (cost $17,750,980)			97.1	%	23,164,177
Other Assets, Less Liabilities			2.9		688,208
Net Assets			100.0	%	$     23,852,385

*	Non-income producing
	At September 30, 2012, the cost of investments for federal income
	tax purposes was $17,751,500. Accumulated net unrealized
	appreciation on investments was $5,412,677, consisting of
	$5,581,265 gross unrealized appreciation and $168,588 gross
	unrealized depreciation.

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.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of September 30, 2012:

		Level 1		Level 2		Level 3		Total
Common Stocks*	$	23,164,177	$	-	$	-	$	23,164,177

*The Portfolio of Investments provides information on the industry categorization.

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended September 30, 2012. Transfers, if any, between

Levels are recognized at the end of the reporting period.

Portfolio of Investments (unaudited)
TARGET MATURITY 2015 FUND
September 30, 2012

Principal						Effective
Amount			Security			Yield	+	Value
			U.S. GOVERNMENT AGENCY ZERO COUPON
			OBLIGATIONS--58.8%
			Agency For International Development - Israel:
$	698	M	9/15/2015			0.64	%	$      684,862
2,234		M	11/15/2015			0.67		2,188,000
			Fannie Mae:
243		M	8/12/2015			0.74		237,929
600		M	9/23/2015			0.75		586,813
3,033		M	11/15/2015			0.77		2,961,321
650		M	Federal Judiciary Office Building, 2/15/2015			1.09		633,445
			Freddie Mac:
550		M	3/15/2015			0.75		540,014
930		M	9/15/2015			0.79		908,471
830		M	9/15/2015			0.79		810,788
210		M	Government Trust Certificate - Turkey Trust, 5/15/2015			1.11		203,976
200		M	International Bank for Reconstruction &
			Development, 2/15/2015			0.70		196,710
2,727		M	Resolution Funding Corporation, 10/15/2015			0.39		2,694,810
2,000		M	Tennessee Valley Authority, 11/1/2015			0.81		1,950,530
Total Value of U.S. Government Agency Zero Coupon Obligations (cost $12,626,299)								14,597,669
			U.S. GOVERNMENT ZERO COUPON
			OBLIGATIONS--41.5%
10,405		M	U.S. Treasury Strips, 11/15/2015 (cost $8,725,794)			0.27		10,317,067
Total Value of Investments (cost $21,352,093)				100.3	%			24,914,736
Excess of Liabilities Over Other Assets				(0.3	)			(81,761)
Net Assets				100.0	%			$    24,832,975

+	The effective yields shown for the zero coupon obligations are the
	effective yields at September 30, 2012.
	At September 30, 2012, the cost of investments for federal income
	tax purposes was $21,365,859. Accumulated net unrealized
	appreciation on investments was $3,548,877, consisting of
	entirely of unrealized appreciation.

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.

The following is a summary, by category of Level, of inputs used to value the Fund's investments as of September 30, 2012:

	Level 1			Level 2		Level 3		Total
U.S. Government Agency
Zero Coupon Obligations	$	-	$	14,597,669	$	-	$	14,597,669
U.S. Government
Zero Coupon Obligations		-		10,317,067		-		10,317,067
Total Investments in Securities	$	-	$	24,914,736	$	-	$	24,914,736

There were no transfers into or from Level 1 and Level 2 by the Fund for the period ended September 30, 2012. Transfers, if any,

between Levels are recognized at the end of the reporting period.

Security Valuation - Except as provided below, a security listed or traded on an exchange or the Nasdaq
Stock Market is valued at its last sale price on the exchange or market where the security is principally
traded, and lacking any sales, the security is valued at the mean between the closing bid and asked prices.
Securities traded in the over-the-counter ("OTC") market (including securities listed on exchanges whose
primary market is believed to be OTC) are valued at the mean between the last bid and asked prices based
upon quotes furnished by a market maker for such securities. Securities may also be priced by pricing
services approved by the Trust's Board of Trustees (the "Board"). The pricing services consider security
type, rating, market condition and yield data as well as market quotations, prices provided by market makers
and other available information in determining value. Short-term debt securities that mature in 60 days or
less are valued at amortized cost.
The Funds monitor for significant events occurring prior to the close of trading on the New York Stock
Exchange that could have a material impact on the value of any securities that are held by the Funds.
Examples of such events include trading halts, natural disasters, political events and issuer-specific
developments. If the Valuation Committee decides that such events warrant using fair value estimates, it will
take such events into consideration in determining the fair values of such securities. If market quotations or
prices are not readily available or determined to be unreliable, the securities will also be valued at fair value
as determined in good faith pursuant to procedures adopted by the Board. The Funds also use a pricing
service to fair value foreign securities in the event that fluctuations in U.S. securities markets exceed a
predetermined level or if a foreign market is closed. For valuation purposes, where applicable, quotations of
foreign securities in foreign currency are translated to U.S. dollar equivalents using the foreign exchange
quotation in effect.
The Cash Management Fund values its portfolio securities in accordance with the amortized cost method of
valuation under Rule 2a-7 of the 1940 Act. Amortized cost is an approximation of market value of an
instrument, whereby the difference between its acquisition cost and market value at maturity is amortized on
a straight-line basis over the remaining life of the instrument. The effect of changes in the market value of a
security as a result of fluctuating interest rates is not taken into account and thus the amortized cost method
of valuation may result in the value of a security being higher or lower than its actual market value.
In accordance with Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and
Disclosures" ("ASC 820"), investments held by the Funds are carried at "fair value". As defined by ASC
820, fair value is the price that a fund would receive upon selling an investment in an orderly transaction to
an independent buyer in the principal or most advantageous market for the investment under current market
conditions. Various inputs are used in determining the value of the Funds' investments.
In addition to defining fair value, 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.

Equity securities traded on an exchange or the Nasdaq Stock Market are categorized in Level 1 of the fair

value hierarchy to the extent that they are actively traded and valuation adjustments are not applied. Foreign

securities that are fair valued in the event that fluctuations in U.S. securities markets exceed a predetermined

level or if a foreign market is closed are categorized in Level 2. Corporate and municipal bonds, asset

backed, U.S. Government and U.S. Government Agency securities are categorized in Level 2 to the extent

that the inputs are observable and timely, otherwise they would be categorized as Level 3. Short-term notes

that are valued at amortized cost are categorized in Level 2. Foreign exchange contracts that are considered

derivative instruments and are valued at the net unrealized appreciation or depreciation on the instruments

are categorized in Level 2. Restricted securities and securities that are fair valued by the Valuation

Committee may be categorized in either Level 2 or Level 3 of the fair value hierarchy depending on the

relative significance of valuation inputs.

The aggregate value by input level, as of September 30, 2012, is included at the end of each Fund's schedule

of investments.

Investments in securities issued on a when-issued or delayed delivery basis are generally reflected in the

assets of the Funds on the first business day following the date the securities are purchased and the Funds

segregated assets for these transactions.

Item 2. Controls and Procedures

(a) The Registrant's President and Principal Financial Officer have concluded

that the Registrant's disclosure controls and procedures (as defined in

Rule 30a-3(c) under the Investment Company Act of 1940, as amended)

are effective, based on their evaluation of these disclosure controls and procedures

as of a date within 90 days of the filing date of this report.

(b) There were no changes in the Registrant's internal control over financial

reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940,

as amended)  that occurred during the Registrant's last fiscal quarter that have

materially affected, or are reasonably likely to materially affect, the Registrant's

internal control over financial reporting.

Item 3. Exhibits

(a) Certifications required by Rule 30a-2(a) under the Investment

Company Act of 1940 (17 CFR 270.30a-2(a)) - filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934

and the Investment Company Act of 1940, the registrant has duly caused this

report to be signed on its behalf by the undersigned, thereunto duly

authorized.

First Investors Life Series Funds

By /S/ DEREK BURKE

Derek Burke

President

Date: November 28, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934

and the Investment Company Act of 1940, this report has been signed below

by the following persons on behalf of the registrant and in the capacities

and on the dates indicated.

First Investors Life Series Funds

By /S/ DEREK BURKE

Derek Burke

President

By /S/ JOSEPH I. BENEDEK

Joseph I. Benedek

Treasurer and Principal Financial Officer

Date: November 28, 2012