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INSURED INTERMEDIATE TAX EXEMPT
INSURED TAX EXEMPT
NEW YORK INSURED TAX FREE
MULTI-STATE INSURED TAX FREE
ARIZONA MARYLAND NORTH CAROLINA
CALIFORNIA MASSACHUSETTS OHIO
COLORADO MICHIGAN OREGON
CONNECTICUT MINNESOTA PENNSYLVANIA
FLORIDA MISSOURI VIRGINIA
GEORGIA NEW JERSEY
TAX EXEMPT FUNDS
SEMI-ANNUAL REPORT
JUNE 30, 1999
Bond Market Overview
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
FIRST INVESTORS MULTI-STATE INSURED TAX FREE FUND
Arizona, California, Colorado, Connecticut, Florida, Georgia, Maryland,
Massachusetts, Michigan, Minnesota, Missouri, New Jersey, North Carolina,
Ohio, Oregon, Pennsylvania and Virginia Funds
Dear Investor:
We are pleased to present this Bond Market Overview for the semi-annual report
for the First Investors Tax Exempt Funds for the six month period ended
June 30, 1999. The period under review was characterized by a strong U.S.
economy, rising interest rates and a climbing stock market.
The U.S. economy, now in its ninth year of expansion, continued its remarkable
performance. Economic growth in the first quarter of 1999 was strong, with the
Gross Domestic Product (GDP) growing by 4.3% on an annualized basis. The
momentum continued into the second quarter, with growth of 2.3% on an
annualized basis. Although the economy continued to expand, inflation stayed
under control. As of June 30, the rate of inflation for the previous 12 months
was 2% as measured by the Consumer Price Index (CPI). The unemployment rate
remained near its lowest level in 30 years at 4.3%. Rising personal income,
high consumer confidence, wealth from stock market gains and home price
appreciation combined to power economic growth.
During the first half of 1999, interest rates moved sharply higher, causing
bond prices to decline. The 30-year U.S. Treasury rate rose from 5.10% on
December 31 to 5.96% on June 30. The bellwether rate reached a high of 6.16%
in June. This rising interest rate environment was driven by a number of
factors, including the improvement of economies around the globe. With foreign
economies and markets recovering from last year's financial markets crisis, the
"flight to safety" which had benefited U.S. Treasuries reversed, as investors
returned to riskier asset classes.
As well, the Federal Reserve became concerned that the continued strength of
the U.S. economy, particularly when combined with tight labor markets, would
lead to inflation. In an effort to preempt inflation, the Fed raised the
Federal Funds rate 25 basis points (.25%) to 5% on June 30. This tightening of
monetary policy was a partial unwinding of last fall's 75 basis point (.75%)
decrease in the Federal Funds rate. Although the Fed has currently adopted a
neutral stance toward interest rates, it remains alert to developments that may
require further rate increases.
Among bond sectors, the high yield bond market provided the highest total
returns over the past six months, as companies benefited from the strong
economy and healthy earnings. The mortgage-backed bond market was the second
best performing bond sector as higher rates substantially reduced prepayment
risk. Treasury securities and investment grade corporate bonds had the lowest
total returns among bond sectors, in large part due to heavy issuance of U.S.
agency and corporate debt. Lastly, in June, long-term municipal bond yields
rose to their highest level in over 18 months.
Going forward, we anticipate that the bond market will remain stable, at best,
for the next three to six months. The domestic economy remains strong, although
inflation is not yet apparent. The Fed should remain vigilant in its mission to
keep inflation under control. To this end, one or two additional interest rate
hikes over the next six months are possible. The bond markets can potentially
perform better in the next six to nine months if the economy slows, inflation
remains low and the Fed is satisfied with the economic outlook.
Thank you for your continued confidence in First Investors. As always, we
appreciate the opportunity to serve your investment needs.
Sincerely,
/s/ Clark D. Wagner
Clark D. Wagner
Chief Investment Officer
First Investors Management Company, Inc.
July 30, 1999
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS INSURED INTERMEDIATE TAX EXEMPT FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--94.3%
Alaska--2.4%
$ 200M Anchorage General Obligation 6 1/2% 7/1/2004 $ 217,750 $ 237
- ------------------------------------------------------------------------------------------------------------------
Arizona--8.9%
255M Apache Junction Water Utilities Revenue 5% 7/1/2003 261,375 284
250M Maricopa County Uni. Sch. Dist. Gen. Oblig. #80
(Chandler) 6.6% 7/1/2006 279,375 304
250M Phoenix Civic Impt. Corp. Mun. Facs. Excise Tax Rev.
6 3/4% 7/1/2004 275,625 300
- ------------------------------------------------------------------------------------------------------------------
816,375 888
- ------------------------------------------------------------------------------------------------------------------
California--1.7%
150M Pittsburg Pub. Fing. Auth. Wastewater Rev. 6.8%
6/1/2001* 160,688 175
- ------------------------------------------------------------------------------------------------------------------
Illinois--18.7%
250M Chicago Board of Education 6% 12/1/2007 269,688 293
250M Chicago General Obligation 6 1/4% 10/31/2001 261,250 284
Cook County High School District
General Obligation #205:
250M 5.4% 12/1/2001 256,875 280
200M 5.9% 12/1/2001* 208,000 226
250M Northwest Subn. Mun. Jt. Action Water Agy. 6.35%
5/1/2006 273,750 298
400M Regional Transportation Authority 7 3/4% 6/1/2003 446,000 485
- ------------------------------------------------------------------------------------------------------------------
1,715,563 1,866
- ------------------------------------------------------------------------------------------------------------------
Indiana--1.7%
150M Valparaiso Indpt. Multi-Schools Bldg. Corp. 6 5/8%
7/1/2002* 162,188 176
- ------------------------------------------------------------------------------------------------------------------
Kansas--6.7%
250M Kansas State Dev. Fin. Auth. Rev. (Tax Dept. Commerce
Housing) 4.15% 6/1/2008 235,937 256
400M Saline County Uni. Sch. Dist. #305 (Salina) 4.2%
9/1/2007 384,000 418
- ------------------------------------------------------------------------------------------------------------------
619,937 674
- ------------------------------------------------------------------------------------------------------------------
Kentucky--2.7%
200M Louisville & Jefferson County Met. Sewer District 10%
5/15/2004 247,500 269
- ------------------------------------------------------------------------------------------------------------------
Louisiana--2.0%
175M Louisiana General Obligation 7% 5/1/2001 183,750 200
- ------------------------------------------------------------------------------------------------------------------
Michigan--11.9%
300M Allegan Pub. Schl. Dist. Gen. Oblig. 6 1/2% 5/1/2007 333,000 362
1,000M Brighton Area Schl. Dist. Gen. Oblig. Zero Coupon
5/1/2005 (prerefunded at $49.325)* 375,000 408
350M Greater Detroit Resources Recovery Authority Revenue
6 1/4% 12/13/2007 382,812 416
- ------------------------------------------------------------------------------------------------------------------
1,090,812 1,186
- ------------------------------------------------------------------------------------------------------------------
Minnesota--4.2%
400M Minnesota Agric. & Economic Dev. (Benedictine Health)
4.2% 2/15/2007 383,000 417
- ------------------------------------------------------------------------------------------------------------------
New Jersey--2.4%
200M New Jersey Econ. Dev. Auth. Mkt. Transition Fac. Rev.
7% 7/1/2004* 222,250 242
- ------------------------------------------------------------------------------------------------------------------
New York--6.7%
New York City General Obligation:
150M 6 5/8% 8/1/2002* 162,188 177
250M 8% 8/1/2005 293,437 319
150M Niagara Falls Bridge Commission 6.3% 10/1/2002* 162,000 176
- ------------------------------------------------------------------------------------------------------------------
617,625 672
- ------------------------------------------------------------------------------------------------------------------
Ohio--2.4%
200M Columbus City Sch. Dist. Gen. Oblig. 6.65% 12/1/2002* 218,500 238
- ------------------------------------------------------------------------------------------------------------------
Oregon--10.2%
400M Multnomah County Sch. Dist. #1J (Portland) 4 1/4%
6/1/2006 389,500 424
150M Tillamook General Obligation 5 3/4% 1/15/2002 155,437 169
400M Umatilla County Sch. Dist. #008R (Hermiston) 4.65%
6/15/2009 392,500 427
- ------------------------------------------------------------------------------------------------------------------
937,437 1,020
- ------------------------------------------------------------------------------------------------------------------
Pennsylvania--2.4%
200M Pennsylvania Intergovernmental Coop. Auth. Spec. Tax
Rev. 7% 6/15/2004 222,000 241
- ------------------------------------------------------------------------------------------------------------------
Rhode Island--1.2%
100M Rhode Island Depositors Econ. Protection Corp. 7.1%
8/1/2001* 107,625 117
- ------------------------------------------------------------------------------------------------------------------
Texas--3.5%
300M Harris County Toll Road General Obligation 6 1/2%
8/15/2002* 324,375 353
- ------------------------------------------------------------------------------------------------------------------
Virginia--2.1%
200M Bedford County Indl. Dev. Auth. (Courthouse & Social
Svcs. Bldg.) 4.4% 10/1/2008 192,750 210
- ------------------------------------------------------------------------------------------------------------------
Washington--2.5%
200M Snohomish & Island Counties Schl. Dist. Gen. Oblig.
#401 (Stanwood) 7% 12/15/2005 226,000 246
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $8,477,277) 8,666,125 9,427
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--3.2%
200M Arizona Health Facs. Auth. Rev. (Pooled Loan Program)
Adjustable Rate Note 3.30%+ 200,000 217
100M Monroe County, Georgia Dev. Auth. Poll. Ctrl. Rev.
(Georgia Power Co.) Adjustable Rate Note 3.50%+ 100,000 109
- ------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments
(cost $300,000) 300,000 326
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $8,777,277) 97.5% 8,966,125 9,753
Other Assets, Less Liabilities 2.5 227,371 247
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $9,193,496 $10,000
==================================================================================================================
*Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
+Interest rates on Adjustable Rate Notes are determined and reset at least weekly by the issuer. The interest
rate shown is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS INSURED TAX EXEMPT FUND, INC.
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--99.3%
Alaska--.6%
$8,000M North Slope Boro, Alaska General Obligation Zero
Coupon 6/30/2005 $ 6,050,000 $ 58
- ------------------------------------------------------------------------------------------------------------------
Arizona--1.0%
8,550M Arizona State Municipal Financing Program
Ctfs. of Partn. 7.7% 8/1/2010 10,206,563 99
- ------------------------------------------------------------------------------------------------------------------
California--5.6%
2,695M California Public Capital Improv. Fin. Auth. 8.1%
3/1/2018 2,737,689 26
15,770M California State Public Works Board Lease Rev.
Dept. of Corrections 5% 12/1/2019 15,178,625 147
4,220M Long Beach Finance Authority 6% 11/1/2017 4,610,350 44
San Francisco City & County Redevelopment Agency:
8,150M 6 3/4% 7/1/2004* 9,168,750 89
1,850M 6 3/4% 7/1/2025 2,035,000 20
5,000M San Jose Redevelopment Agency Tax Allocation 6%
8/1/2015 5,481,250 53
5,000M Santa Clara County Financing Authority 7 3/4%
11/15/2010 6,200,000 60
6,220M South Orange County Public Financing Authority 6 1/2%
8/15/2010 7,028,600 68
5,000M Walnut Valley Unified School District 7.2% 2/1/2016 5,943,750 57
- ------------------------------------------------------------------------------------------------------------------
58,384,014 564
- ------------------------------------------------------------------------------------------------------------------
Colorado--2.6%
5,000M Denver City & County Airport Revenue 6%
11/15/2013 5,443,750 52
20,985M University of Colorado Hosp. Auth. Rev. 5 1/2%
11/15/2024 20,985,000 203
- ------------------------------------------------------------------------------------------------------------------
26,428,750 255
- ------------------------------------------------------------------------------------------------------------------
Connecticut--2.4%
Connecticut Special Tax Obligation Revenue:
13,500M 6 1/2% 10/1/2011 15,322,500 148
9,000M 6 1/8% 9/1/2012 9,911,250 96
- ------------------------------------------------------------------------------------------------------------------
25,233,750 244
- ------------------------------------------------------------------------------------------------------------------
Delaware--.7%
7,000M Delaware State Econ. Dev. Auth. Rev. Pollution
Control 7.15% 7/1/2018 7,472,500 72
- ------------------------------------------------------------------------------------------------------------------
District of Columbia--2.4%
Washington D.C. General Obligation:
5,495M Series "A" 6 1/2% 6/1/2009 6,113,188 59
12,765M Series "E" 6% 6/1/2012 13,387,294 129
5,030M Series "E" 6% 6/1/2016 5,375,812 52
- ------------------------------------------------------------------------------------------------------------------
24,876,294 240
- ------------------------------------------------------------------------------------------------------------------
Florida--3.4%
Escambia County Utilities Authority:
5,485M 6 1/4% 1/1/2012 6,060,925 58
5,360M 6 1/4% 1/1/2013 5,963,000 57
10,000M Lakeland, Florida Electric & Water Revenue 6.05%
10/1/2012 10,900,000 105
6,500M Orange County Health Facilities (Orlando Regional
Healthcare) 6 1/4% 10/1/2021 7,247,500 70
Sunrise Utilities System Revenue:
1,500M 10 1/4% 10/1/2000* 1,616,250 16
1,500M 10 3/4% 10/1/2000* 1,623,750 16
1,395M West Coast Regional Water Supply Auth. 10.4%
10/1/2010* 1,839,656 18
- ------------------------------------------------------------------------------------------------------------------
35,251,081 340
- ------------------------------------------------------------------------------------------------------------------
Georgia--7.8%
6,160M Fulton County Water & Sewer Revenue 6 3/8%
1/1/2014 6,891,500 67
Georgia Municipal Electric Authority Power Revenue:
5,000M 6 1/4% 1/1/2012 5,518,750 53
5,000M 7 1/4% 1/1/2024 6,250,000 60
Metropolitan Atlanta Rapid Transit Authority:
7,500M 6 3/4% 7/1/2004* 8,362,500 81
20,450M 6 1/4% 7/1/2011 22,801,750 220
28,605M 6% 7/1/2013 30,893,400 299
- ------------------------------------------------------------------------------------------------------------------
80,717,900 780
- ------------------------------------------------------------------------------------------------------------------
Hawaii--2.6%
Hawaii State General Obligation:
5,500M 6% 10/1/2009 5,940,000 57
6,000M 6% 10/1/2010 6,457,500 62
4,660M RITES-PA 358A Variable Rate 6.48575%
4/1/2011 (Note 6)** 4,770,675 46
2,000M RITES-PA 358A Variable Rate 6.48575%
4/1/2012 (Note 6)** 2,020,000 20
1,865M RITES-PA 358A Variable Rate 6.48575%
4/1/2013 (Note 6)** 1,869,663 18
6,000M Honolulu General Obligation 5 3/4% 4/1/2012 6,320,962 61
- ------------------------------------------------------------------------------------------------------------------
27,378,800 264
- ------------------------------------------------------------------------------------------------------------------
Illinois--13.3%
Chicago Board of Education Lease Certificates:
5,000M 6% 1/1/2016 5,381,250 52
33,200M 6% 1/1/2020 35,773,000 345
Chicago General Obligation:
7,000M 6% 7/1/2005* 7,595,000 73
16,660M 6 1/8% 7/1/2005* 18,180,225 176
Chicago O'Hare International Airport Revenue:
14,570M 6 3/8% 1/1/2012 15,808,450 153
10,000M 6 3/8% 1/1/2015 10,750,000 104
16,750M Illinois Development Finance Auth. Poll. Control
Rev. 6 3/4% 3/1/2015 18,508,750 179
Illinois Development Finance Authority Rev.
(Rockford School 205):
3,400M 6.55% 2/1/2009 3,808,000 37
5,000M 6.6% 2/1/2010 5,612,500 54
3,000M 6.65% 2/1/2011 3,367,500 32
4,000M Regional Transportation Authority 7 3/4% 6/1/2019 5,130,000 50
Will County School District General Obligation:
3,600M 7% 12/1/2007 4,117,500 40
2,080M 7.05% 12/1/2008 2,397,200 23
1,175M 7.1% 12/1/2009 1,368,875 13
- ------------------------------------------------------------------------------------------------------------------
137,798,250 1,331
- ------------------------------------------------------------------------------------------------------------------
Indiana--.7%
4,070M Delaware County Hosp. Auth. (Ball Memorial Hosp.)
6 5/8% 8/1/2001* 4,344,725 42
2,740M Indiana Housing Fin. Auth. Single-Family Mtge. Rev.
7.6% 1/1/2016 2,833,297 27
- ------------------------------------------------------------------------------------------------------------------
7,178,022 69
- ------------------------------------------------------------------------------------------------------------------
Louisiana--4.2%
Louisiana State General Obligation:
14,555M 6% 5/1/2004* 15,701,206 152
14,000M 6% 5/1/2004* 15,102,500 146
8,050M 6.1% 5/1/2004* 8,714,125 84
15,000M New Orleans Regional Transit Auth. Sales Tax Rev.
Zero Coupon 12/1/2021 4,443,750 43
- ------------------------------------------------------------------------------------------------------------------
43,961,581 425
- ------------------------------------------------------------------------------------------------------------------
Massachusetts--7.8%
4,750M Boston General Obligation 7 3/8% 2/1/2000* 4,944,465 48
10,025M Boston, Mass. Water & Sewer 5 3/4% 11/1/2013 10,601,438 102
2,300M Mass. Bay Transportation Authority Ctfs. of Partn.
7.65% 8/1/2000* 2,443,566 24
Mass. Bay Transportation Authority Gen. Sys. Rev.:
9,080M 5.8% 3/1/2012 9,670,200 93
10,775M 5.8% 3/1/2013 11,488,844 111
10,000M 5 7/8% 3/1/2015 10,725,000 104
1,500M Mass. Health & Educational Facilities Authority
(Carney Hospital) 7 3/4% 7/1/2000* 1,590,240 15
6,335M Mass. Housing Finance Agency 6% 12/1/2012 6,548,806 63
20,550M Mass. State General Obligation 6% 8/1/2009 22,322,437 216
- ------------------------------------------------------------------------------------------------------------------
80,334,996 776
- ------------------------------------------------------------------------------------------------------------------
Michigan--2.1%
10,000M Michigan State General Obligation 6 1/4% 11/1/2012 11,112,500 107
Michigan State Housing Development Auth.
Single-Family Mtge. Rev.:
2,960M 7 1/2% 6/1/2015 3,053,003 30
2,500M 7.3% 12/1/2016 2,581,250 25
4,500M Monroe County Econ. Dev. Corp. (Detroit Edison Co.)
6.95% 9/1/2022 5,478,750 53
- ------------------------------------------------------------------------------------------------------------------
22,225,503 215
- ------------------------------------------------------------------------------------------------------------------
Minnesota--.3%
1,285M Eden Prairie Multi-Family Housing 8% 7/1/2026 1,333,187 13
1,240M St. Paul Hsg. & Red. Auth. (Como-Lake Proj.) 7 1/2%
3/1/2026 (Defaulted) (Note 1A) 1,264,800 12
- ------------------------------------------------------------------------------------------------------------------
2,597,987 25
- ------------------------------------------------------------------------------------------------------------------
Mississippi--.5%
4,475M Mississippi Hosp. Equip. & Facs. Auth. Rev.
(Baptist Med. Ctr.) 7.6% 5/1/2000* 4,708,595 45
- ------------------------------------------------------------------------------------------------------------------
Missouri--2.8%
Missouri State Health & Educational Facilities Authority:
BJC Health System Series "A":
6,840M 6 3/4% 5/15/2010 7,831,800 76
10,175M 6 3/4% 5/15/2011 11,675,812 113
10,000M Lester E. Cox Medical Center Zero Coupon
9/1/2016 3,950,000 38
5,245M SSM Health Care 6 1/4% 6/1/2007 5,553,144 53
- ------------------------------------------------------------------------------------------------------------------
29,010,756 280
- ------------------------------------------------------------------------------------------------------------------
New Jersey--1.8%
4,440M New Jersey Health Care Facs. Fing. Auth.
(AHS Hosp. Corp.) 6% 7/1/2013 4,834,050 47
New Jersey Housing & Mortgage Financing Revenue:
5,380M 7 1/2% 4/1/2015 5,507,775 53
8,400M 7 3/8% 10/1/2017 8,607,816 83
- ------------------------------------------------------------------------------------------------------------------
18,949,641 183
- ------------------------------------------------------------------------------------------------------------------
New Mexico--.4%
1,000M Farmington Power Rev. Gen. Dev. 9 7/8% 7/1/2005* 1,262,500 12
2,580M New Mexico Mortgage Finance Authority,
Single-Family Mortgage 8% 1/1/2017 2,597,957 25
- ------------------------------------------------------------------------------------------------------------------
3,860,457 37
- ------------------------------------------------------------------------------------------------------------------
New York--10.3%
1,930M Metropolitan Transit Authority Commuter Facilities
Revenue RITES-PA 359C Variable Rate 6.57452%
7/1/2013 (Note 6)** 1,942,062 19
3,500M Metropolitan Transit Authority Transit Facilities 7 1/2%
7/1/2000* 3,670,975 35
13,935M New York City General Obligation 5 1/2% 5/15/2015 14,109,188 136
22,250M New York City Municipal Water Finance Auth. Rev.
6% 6/15/2021 24,252,500 234
New York State Dorm. Authority Revenues
City Univ. System:
4,500M 7 1/2% 7/1/2000* 4,762,170 46
New York State Dorm. Authority Revenues
State Univ. System:
2,780M 7 1/4% 5/15/2000* 2,922,419 28
11,300M 7 3/8% 5/15/2014 11,856,073 115
5,000M New York State General Obligation 6% 6/15/2011 5,275,000 51
6,385M New York State Housing Finance Agency Rev.
5 7/8% 11/1/2010 6,712,231 65
10,500M New York State Medical Care Facilities Finance
Agency Revenue (St. Lukes) 7.45% 2/15/2000* 10,955,805 106
12,825M New York State Thruway Auth. Svc. Contract Rev.
5 1/4% 4/1/2013 12,841,031 124
1,000M New York State Urban Dev. Corp. 7 1/2% 1/1/2000* 1,038,520 10
5,840M Suffolk County, N.Y. Indl. Dev. Agcy. Southwest
Sewer Sys. 6% 2/1/2008 6,292,600 61
- ------------------------------------------------------------------------------------------------------------------
106,630,574 1,030
- ------------------------------------------------------------------------------------------------------------------
North Carolina--1.9%
North Carolina Municipal Power Agency (Catawba):
8,950M 6% 1/1/2010 9,677,188 93
8,945M 6% 1/1/2011 9,738,869 94
- ------------------------------------------------------------------------------------------------------------------
19,416,057 187
- ------------------------------------------------------------------------------------------------------------------
North Dakota--1.2%
10,500M Mercer County Poll. Ctrl. Rev. (Basin Elec. Pwr.
Coop.) 7.2% 6/30/2013 12,481,875 121
- ------------------------------------------------------------------------------------------------------------------
Oklahoma--2.5%
Grand River Dam Authority Revenue:
9,000M 5 3/4% 6/1/2008 9,596,250 93
13,000M 6 1/4% 6/1/2011 14,462,500 140
1,420M Tulsa County Home Fin. Auth. Single-Family Mtge.
7.35% 11/1/2010 1,473,250 14
- ------------------------------------------------------------------------------------------------------------------
25,532,000 247
- ------------------------------------------------------------------------------------------------------------------
Oregon--1.2%
11,950M Salem-Keizer School District General Obligation
5 3/8% 6/1/2014 12,069,500 117
- ------------------------------------------------------------------------------------------------------------------
Pennsylvania--1.9%
5,000M Pennsylvania State General Obligation 6 3/4%
11/15/2013 5,518,750 54
12,050M Pittsburgh Water & Sewer Authority 6 1/2%
9/1/2013 13,691,813 132
- ------------------------------------------------------------------------------------------------------------------
19,210,563 186
- ------------------------------------------------------------------------------------------------------------------
Puerto Rico--.7%
7,000M Puerto Rico Commonwealth Highway &
Transportation Auth. Rev. 6% 7/1/2018 7,647,500 74
- ------------------------------------------------------------------------------------------------------------------
South Dakota--.4%
3,855M South Dakota Health & Edl. Facs. Auth. (McKennan
Hosp.) 7 5/8% 7/1/2006* 4,582,632 44
- ------------------------------------------------------------------------------------------------------------------
Texas--10.4%
Austin, Texas Utilities System Revenue:
3,000M 8 5/8% 5/15/2002* 3,348,750 32
16,000M 6% 11/15/2013 17,360,000 168
30,465M Zero Coupon 5/15/2018 10,776,994 104
29,410M Zero Coupon 5/15/2019 9,889,112 96
5,000M Bexar County, Texas Health Facs. (Baptist Memorial)
6 3/4% 8/15/2004* 5,587,500 54
Harris County Toll Road Senior Lien:
8,375M Series "A" 6 1/2% 8/15/2002* 9,055,469 87
11,065M Series "A" 6 1/2% 8/15/2012 12,572,606 121
7,305M Series "A" 6 1/2% 8/15/2013 8,282,044 80
Houston Water Conveyance System
Certificates of Participation:
2,250M 6 1/4% 12/15/2012 2,489,063 24
4,705M 6 1/4% 12/15/2013 5,228,431 51
4,950M 6 1/4% 12/15/2014 5,519,250 53
6,035M 6 1/4% 12/15/2015 6,691,306 65
5,300M Rio Grande Valley Hlth. Fac. Dev. Corp.
(Valley Baptist Med. Ctr.) 6.4% 8/1/2012 5,631,250 54
5,000M Texas Public Fin. Auth. 6.2% 2/1/2005 5,387,500 52
- ------------------------------------------------------------------------------------------------------------------
107,819,275 1,041
- ------------------------------------------------------------------------------------------------------------------
Utah--.8%
2,000M Provo, Utah Electric System Revenue
10 3/8% 9/15/2015 2,815,000 27
Salt Lake County Water Conservancy
District Revenue:
3,800M Zero Coupon 10/1/2011 2,028,250 20
3,800M Zero Coupon 10/1/2012 1,909,500 18
3,760M Zero Coupon 10/1/2013 1,771,900 17
- ------------------------------------------------------------------------------------------------------------------
8,524,650 82
- ------------------------------------------------------------------------------------------------------------------
Virginia--1.2%
11,000M Hanover County Indl. Dev. Auth. (Mem. Regl. Med.
Ctr. Proj.) 6 3/8% 8/15/2018 12,333,750 119
- ------------------------------------------------------------------------------------------------------------------
Washington--2.4%
6,345M Clark County School District General Obligation #117
(Camas) 5 1/2% 12/1/2016 6,408,450 62
Washington Public Power Supply System:
5,000M Project No. 2 - 7 3/8% 7/1/2000* 5,280,300 51
4,960M Project No. 2 - 7 3/8% 1/1/2001* 5,282,400 51
934M Projects No. 4 & 5 - 8 1/2% 7/1/2017 (Defaulted)
(Note 1A) 937,760 9
5,000M Washington State General Obligation 6.4% 6/1/2017 5,581,250 54
1,285M Washington State Hsg. Fin. Comm. Single-Family
Mtge. 7.7% 7/1/2016 1,329,975 13
- ------------------------------------------------------------------------------------------------------------------
24,820,135 240
- ------------------------------------------------------------------------------------------------------------------
Wisconsin--1.4%
12,000M Superior, Wisconsin Limited Obligation Rev.
(Midwest Energy) 6.9% 8/1/2021 14,355,000 139
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $952,933,988) 99.3% 1,028,048,951 9,929
Other Assets, Less Liabilities .7 7,374,294 71
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $1,035,423,245 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** The interest rates on these securities (commonly referred to as inverse floaters) vary inversely with interest
rates on other municipal obligations or an index and are reset weekly by the issuer. The interest rate shown on
these securities is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
FIRST INVESTORS NEW YORK INSURED TAX FREE FUND, INC.
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.2%
Education--15.1%
$ 1,000M Monroe County Industrial Development Agency
(Rochester Institute of Technology) 7 3/4%
5/1/2000* $ 1,053,400 $ 58
New York State Dormitory Authority Revenues:
City University:
5,955M 5 3/4% 7/1/2013 6,349,519 351
3,000M 6% 7/1/2020 3,266,250 180
2,800M Manhattanville College 7 1/2% 7/1/2000* 2,963,128 164
1,000M Pace University 6 1/2% 7/1/2012 1,135,000 63
State University Educational Facilities:
1,880M 7 1/4% 5/15/2000* 1,976,312 109
1,000M 5 7/8% 5/15/2011 1,071,250 59
3,500M 5 1/2% 5/15/2013 3,644,375 201
3,700M 7 3/8% 5/15/2014 3,882,077 215
2,000M 5 1/4% 5/15/2015 2,007,500 111
- ------------------------------------------------------------------------------------------------------------------
27,348,811 1,511
- ------------------------------------------------------------------------------------------------------------------
General Obligation--19.6%
1,250M Monroe County 6% 3/1/2015 1,364,062 75
Nassau County:
3,845M 6 1/2% 11/1/2004* 4,306,400 238
4,355M 5.7% 8/1/2012 4,578,194 253
1,300M 6% 7/1/2013 1,410,500 78
New York City:
3,355M 6.95% 8/15/2004* 3,761,794 208
3,000M 6.2% 8/1/2008 3,277,500 181
5,290M 5 1/8% 8/1/2014 5,190,813 287
1,000M 7 1/4% 3/15/2018 1,035,560 57
Niagara Falls Public Improvement:
1,340M 7 1/2% 3/1/2012 1,649,875 91
1,680M 7 1/2% 3/1/2015 2,104,200 116
1,600M 7 1/2% 3/1/2018 2,036,000 113
1,750M North Hempstead 6.4% 4/1/2012 1,977,500 109
1,100M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,233,375 68
1,550M Yonkers 5 1/4% 6/1/2014 1,544,187 85
- ------------------------------------------------------------------------------------------------------------------
35,469,960 1,959
- ------------------------------------------------------------------------------------------------------------------
Health Care--12.7%
New York State Dormitory Authority Revenues:
1,500M North Shore University Hospital 5 1/2% 11/1/2014 1,556,250 86
1,210M North Shore University Hospital (Plainview) 5 1/2%
11/1/2013 1,255,375 69
New York State Medical Care Facilities Agency:
3,690M Beth Israel Hospital 7 1/2% 11/1/2000* 3,939,075 218
1,850M Long Term Health Care 7 3/8% 11/1/2011 1,904,575 105
Mental Health Services Facilities:
4,090M 7 3/4% 2/15/2000* 4,274,868 236
4,915M 6 1/2% 8/15/2004* 5,449,506 301
915M 7 3/8% 2/15/2014 936,649 52
845M 7.7% 2/15/2018 856,923 47
2,750M St. Luke's Hospital 7.45% 2/15/2000* 2,869,378 159
- ------------------------------------------------------------------------------------------------------------------
23,042,599 1,273
- ------------------------------------------------------------------------------------------------------------------
Housing--3.4%
2,250M New York City Hsg. Dev. Corp. Ins. Multi-Family
(Sheridan Manor) 7.45% 10/1/2008 2,312,302 128
3,655M New York State Housing Finance Agency 6.05%
5/1/2011 3,874,300 214
- ------------------------------------------------------------------------------------------------------------------
6,186,602 342
- ------------------------------------------------------------------------------------------------------------------
Transportation--25.3%
Metropolitan Transit Authority of New York:
Commuter Facilities Series:
5,000M 6 1/8% 7/1/2004* 5,431,250 300
3,380M RITES-PA 359A Variable Rate 6.48575%
7/1/2011 (Note 6)** 3,481,400 193
3,565M RITES-PA 359A Variable Rate 6.48575%
7/1/2012 (Note 6)** 3,618,475 200
1,750M RITES-PA 359A Variable Rate 6.48575%
7/1/2013 (Note 6)** 1,760,938 97
1,760M 5 3/4% 7/1/2021 1,815,000 100
1,000M Dedicated Tax Fund Series "A" 5 1/2% 4/1/2015 1,033,750 57
Transit Facilities Series:
3,200M 5 1/2% 7/1/2017 3,292,000 182
1,500M 5 3/4% 7/1/2021 1,543,125 85
1,000M New York City Transit Auth. Hwy. & Brdg. Trust Fund
Rev. 7 1/2% 1/1/2000* 1,038,520 58
- ------------------------------------------------------------------------------------------------------------------
6,225M New York City Transit Auth. Met. Trans. Auth.
Triborough Ctf. of Partn. 5 5/8% 1/1/2015 6,357,281 351
Puerto Rico Commonwealth Highway &
Transportation Authority:
3,030M 6 1/4% 7/1/2014 3,397,387 188
5,000M 6% 7/1/2018 5,462,500 302
6,900M Triborough Bridge & Tunnel Authority Series "Y"
6% 1/1/2012 7,460,625 412
- ------------------------------------------------------------------------------------------------------------------
45,692,251 2,525
- ------------------------------------------------------------------------------------------------------------------
Utilities--11.7%
4,000M Long Island Power Authority 5 1/8% 4/1/2012 3,985,000 220
New York City Municipal Water Finance Authority:
4,975M 5 7/8% 6/15/2001* 5,354,344 296
2,000M 5 7/8% 6/15/2013 2,150,000 119
2,750M 6% 6/15/2021 2,997,500 166
Suffolk County Water Authority:
2,165M 6% 6/1/2014 2,346,319 130
4,000M 6% 6/1/2017 4,310,000 238
- ------------------------------------------------------------------------------------------------------------------
21,143,163 1,169
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--10.4%
1,000M New York State Dorm. Auth. Rev. (Suffolk County
Jud. Facs.) 7 3/8% 7/1/2016 1,203,750 67
New York State Urban Development Corporation
Revenue (Correctional Facilities):
3,660M 5 1/4% 1/1/2013 3,682,875 204
3,000M 5 1/4% 1/1/2014 3,003,750 166
Puerto Rico Public Buildings Authority:
1,250M 6 1/4% 7/1/2013 1,401,562 77
2,035M 6 1/4% 7/1/2015 2,281,744 126
7,000M 5 1/2% 7/1/2021 7,236,250 400
- ------------------------------------------------------------------------------------------------------------------
18,809,931 1,040
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds
(cost $168,674,433) 177,693,317 9,819
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--1.9%
New York City General Obligation Adjustable
Rate Bonds:
$ 600M 4.00%+ $ 600,000 $ 33
1,300M 4.00%+ 1,300,000 72
New York State Energy Research & Dev. Auth.
Poll. Ctrl. Revenue:
1,000M 3.50%+ 1,000,000 55
500M 3.80%+ 500,000 28
- ------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments
(cost $3,400,000) 3,400,000 188
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $172,074,433) 100.1% 181,093,317 10,007
Excess of Liabilities Over Other Assets (.1) (123,473) (7)
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $180,969,844 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** The interest rates on these securities (commonly referred to as inverse floaters) vary inversely with interest
rates on other municipal obligations or an index and are reset weekly by the issuer. The interest rate shown on
these securities is the rate in effect at June 30, 1999.
+ Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer. The interest rate shown
is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--ARIZONA FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.0%
Certificates of Participation--4.8%
Arizona State:
$ 100M 6.1% 5/1/2007 $ 105,875 $ 81
375M 6 1/4% 9/1/2010 401,719 309
100M Arizona State Municipal Financing Program
7.7% 8/1/2010 119,375 92
- ------------------------------------------------------------------------------------------------------------------
626,969 482
- ------------------------------------------------------------------------------------------------------------------
Education--.8%
100 Arizona State University Revenue 7% 7/1/2001* 107,375 83
- ------------------------------------------------------------------------------------------------------------------
General Obligation--36.7%
Maricopa County:
235M School District #3 (Tempe) 7.3% 7/1/2009 278,769 214
400M School District #11 (Peoria) 6.1% 7/1/2010 424,500 326
100M School District #14 (Creighton) 7 7/8% 7/1/2006 119,000 92
1,000M School District #41 (Gilbert) Zero Coupon 1/1/2008 661,250 509
300M School District #68 (Alhambra) 6 3/4% 7/1/2014 331,875 255
500M School District #69 (Paradise Valley) 5% 7/1/2012 495,000 381
380M School District #80 (Chandler) 6 1/4% 7/1/2011 423,225 326
275M School District #80 (Chandler) 6 1/4% 7/1/2011 303,531 233
100M School District #92 (Pendergast Elementary)
6 5/8% 7/1/2000* 103,682 80
200M School District #213 (Tempe) 7% 7/1/2008 230,750 177
500 Mohave County Unified School District #1
(Lake Havasu) 5% 7/1/2015 486,250 374
100M Pima County Unified School District #13
(Tanque Verde) 6.7% 7/1/2010 110,750 85
100M Puerto Rico Commonwealth 6.6% 7/1/2002* 108,125 83
200M Santa Cruz County School District #35, 6% 7/1/2008 212,500 163
Yavapai County:
230M Elementary School District #6
(Cottonwood-Oak Creek) 6.7% 7/1/2009 250,700 193
215M Elementary School District #28
(Camp Verde) 6% 7/1/2008 230,050 177
- ------------------------------------------------------------------------------------------------------------------
4,769,957 3,668
- ------------------------------------------------------------------------------------------------------------------
Health Care--9.3%
650M Maricopa County Ind. Dev. Auth.
(Samaritan Health Svcs.) 7% 12/1/2016 776,750 597
100M Mohave County Hosp. Dist. #1
(Kingman Reg. Med. Ctr.) 6.45% 6/1/2008 106,250 82
300M Pima County Ind. Dev. Auth.
(Tucson Med. Ctr.) 6 3/8% 4/1/2012 319,875 246
- ------------------------------------------------------------------------------------------------------------------
1,202,875 925
- ------------------------------------------------------------------------------------------------------------------
Housing--2.3%
200M Maricopa County Ind. Dev. Auth. Multi-Family
Housing (Metro Gardens-Mesa Ridge Project)
5.65% 7/1/2019 204,250 157
95M Phoenix Hsg. Fin. Corp. Mtg. Rev.
6.65% 7/1/2006 97,019 75
- ------------------------------------------------------------------------------------------------------------------
301,269 232
- ------------------------------------------------------------------------------------------------------------------
Transportation--7.7%
385M Phoenix Airport Revenue 6 1/4% 7/1/2012 417,725 321
500M Phoenix Civic Improvement Corp. Airport Revenue
5% 7/1/2018 478,125 368
100M Phoenix Street & Highway User Revenue
6 1/4% 7/1/2002* 105,250 81
- ------------------------------------------------------------------------------------------------------------------
1,001,100 770
- ------------------------------------------------------------------------------------------------------------------
Utilities--24.3%
200M Central Arizona Water Conservation District
Zero Coupon 5/1/2005 153,250 118
Chandler Water & Sewer Revenue:
200M 7 1/4% 7/1/2013 243,750 187
225M 5 1/2% 7/1/2015 228,937 176
225M Gilbert Water & Sewer Revenue 6 1/2% 7/1/2012 245,813 189
500M Guam Power Authority Revenue 5% 10/1/2018 481,250 370
Mesa Utility Systems Revenue:
350M 6 1/8% 7/1/2007* 382,813 294
500M 5 3/8% 7/1/2015 505,000 388
100M Peoria Water & Sewer Revenue 6.6% 7/1/2000* 103,421 80
250M Puerto Rico Electric Power Authority 5 1/4% 7/1/2013 253,437 195
Tucson Water Revenue:
250M 8% 7/1/2013 323,437 249
250M 5% 7/1/2015 243,437 187
- ------------------------------------------------------------------------------------------------------------------
3,164,545 2,433
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--10.1%
320M Avondale Municipal Development Corp. 5% 7/1/2015 311,600 240
305M Casa Grande Excise Tax Rev. 6.1% 4/1/2009 323,681 249
225M Phoenix Civic Impt. Mun. Facs. Excise Tax Rev.
6.6% 7/1/2004* 249,469 192
400M Sierra Vista Mun. Ppty. Corp. Mun. Facs. Rev.
6% 1/1/2011 425,500 327
- ------------------------------------------------------------------------------------------------------------------
1,310,250 1,008
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $11,800,311) 12,484,340 9,601
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX-EXEMPT
INVESTMENTS--1.5%
200M Arizona Health Facilities Authority Revenue Pooled
Loan Program Adjustable Rate Note 3.30%**
(cost $200,000) 200,000 154
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $12,000,311) 97.5% 12,684,340 9,755
Other Assets, Less Liabilities 2.5 318,900 245
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $13,003,240 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer. The interest rate shown
is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CALIFORNIA FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.5%
Certificates of Participation--8.1%
$ 500M Castaic Lake Water Agency Water System Impt. Proj.
7% 8/1/2012 $ 595,000 $ 414
500M San Diego County Inmate Reception Center 6 3/4%
8/1/2004* 563,125 392
- ------------------------------------------------------------------------------------------------------------------
1,158,125 806
- ------------------------------------------------------------------------------------------------------------------
General Obligation--11.0%
170M Greenfield School District 7.1% 8/1/1999* 173,847 121
Walnut Valley School District:
750M 6% 8/1/2012 815,625 568
500M 7.2% 2/1/2016 594,375 414
- ------------------------------------------------------------------------------------------------------------------
1,583,847 1,103
- ------------------------------------------------------------------------------------------------------------------
Utilities--6.4%
575M East Bay Municipal Utility District 6.4% 6/1/2004* 637,531 444
250M Fresno Water Revenue 6 1/4% 9/1/2014 280,625 195
- ------------------------------------------------------------------------------------------------------------------
918,156 639
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--72.0%
500M Barstow Redevelopment Agency 7% 9/1/2014 597,500 416
100M California Public Capital Impt. Fin. Auth. Rev. 8.1%
3/1/2018 101,584 71
1,315M California State Public Works Board 6 1/2% 12/1/2008 1,485,950 1,034
680M Golden West Schools Financing Authority Revenue
5 3/4% 2/1/2017 710,600 495
1,000M Long Beach Financing Authority Revenue 6%
11/1/2017 1,092,500 761
300M Sacramento Redev. Agency Merged Downtown Redev.
Proj. 6 3/4% 11/1/2005 315,375 219
640M San Francisco City & Cnty. Pkg. Auth. Rev. 7%
6/1/2005* 735,200 512
500M San Francisco City & Cnty. Redev. Agy. (Moscone Ctr.)
6 3/4% 7/1/2015 552,500 385
500M San Jose Redevelopment Agency 6% 8/1/2015 548,125 381
700M San Mateo Joint Powers Authority Lease Revenue 6 1/2%
7/1/2015 803,250 559
500M San Rafael Redevelopment Agency 6.45% 12/1/2017 538,125 375
500M Santa Ana Financing Authority Lease Rev. 6 1/4%
7/1/2015 560,000 390
750M Santa Margarita/Dana Point Impt. Dist.
7 1/4% 8/1/2010 898,125 625
750M South Gate Public Financing Authority
6% 10/1/2012 822,188 572
500M South Orange County Public Finance Authority
7% 9/1/2011 588,125 409
- ------------------------------------------------------------------------------------------------------------------
10,349,147 7,204
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $12,787,871) 14,009,275 9,752
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.7%
100M California Statewide Cmnty. Dev. Auth.
Certificates of Participation (John Muir/Mt. Diablo
Health) Adjustable Rate Note 3.75%**
(cost $100,000) 100,000 70
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $12,887,871) 98.2% 14,109,275 9,822
Other Assets, Less Liabilities 1.8 255,864 178
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $14,365,139 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer. The interest rate shown
is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--COLORADO FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.7%
Education--8.3%
$ 225M Colorado Postsecondary Educ. Facs. Auth. Rev.
(Aurora Fndtn. Proj.) 6% 9/1/2015 $ 238,219 $ 569
100M University of Northern Colorado Revenue
6% 6/1/2004* 107,375 257
- ------------------------------------------------------------------------------------------------------------------
345,594 826
- ------------------------------------------------------------------------------------------------------------------
General Obligation--49.9%
150M Bayfield School District #10, 6 1/2% 6/1/2005* 164,625 394
175M Denver City & County School District #1, 5 1/4%
12/1/2017 173,250 414
250M Douglas County School District #RE 1, 8% 12/15/2009 311,875 746
Eagle Garfield & Routt Cntys. School District #RE 50J:
150M 6.3% 12/1/2004* 165,187 395
200M 5 1/4% 12/1/2014 199,750 478
150M El Paso County School District #020, 6.2% 12/15/2007 165,000 394
150M Garfield County School District #RE 2, 6.15%
12/1/2003* 161,625 386
150M Garfield Pitkin & Eagle Cntys. School District
#RE 1, 6.6% 6/15/2004* 165,000 394
200M Larimer County School District #1 (Poudre) 5%
12/15/2016 192,750 461
150M Puerto Rico Commonwealth 6 1/4% 7/1/2012 168,938 404
100M Summit County School District #RE 1, 6.55%
12/1/2004* 109,750 262
100M Yuma Hospital District 6.4% 11/1/2004* 109,375 261
- ------------------------------------------------------------------------------------------------------------------
2,087,125 4,989
- ------------------------------------------------------------------------------------------------------------------
Health Care--9.0%
100M Colorado Health Facilities Authority (Sisters of Charity)
6 1/4% 5/15/2012 110,625 265
250M Colorado Springs Hospital Revenue 6% 12/15/2015 268,125 641
- ------------------------------------------------------------------------------------------------------------------
378,750 906
- ------------------------------------------------------------------------------------------------------------------
Transportation--11.7%
100M Arapahoe County Capital Improv. Highway Rev.
(E-470) 6.05% 8/31/2015 107,375 257
150M Denver City & County Airport Revenue 5 3/4%
11/15/2016 156,938 375
100M E-470 Colorado Public Highway Authority Revenue
5% 9/1/2017 95,125 227
115M Puerto Rico Commonwealth Hwy. & Transn. Auth.
Rev. 6 1/4% 7/1/2014 128,944 308
- ------------------------------------------------------------------------------------------------------------------
488,382 1,167
- ------------------------------------------------------------------------------------------------------------------
Utilities--10.0%
150M Westminster Water & Wastewater Util. Enterprise Rev.
6% 12/1/2009 157,500 377
150M Widefield Water & Sanitary District Water & Sewer Rev.
5.6% 12/1/2026 152,062 363
100M Woodland Park Wastewater Util. Rev. 6.05% 12/1/2013 107,000 256
- ------------------------------------------------------------------------------------------------------------------
416,562 996
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--7.8%
100M Pueblo Urban Renewal Authority Tax Increment Rev.
6.05% 12/1/2012 107,125 256
100M Puerto Rico Mun. Fin. Agy. Series "A" 6% 7/1/2014 107,000 256
100M Puerto Rico Public Buildings Authority 6 1/4 7//1/2012 112,625 269
- ------------------------------------------------------------------------------------------------------------------
326,750 781
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $3,828,968) 96.7% 4,043,163 9,665
Other Assets, Less Liabilities 3.3 140,312 335
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $4,183,475 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--CONNECTICUT FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--95.1%
Certificates of Participation--1.0%
$ 200M Connecticut State (Middletown Courthouse Facilities)
6 1/4% 12/15/2001* $ 213,750 $ 97
- ------------------------------------------------------------------------------------------------------------------
Education--16.8%
Conn. State Health & Educational Facilities
Authority Revenue:
725M Choate Rosemary Hall 6.8% 7/1/2004* 806,563 368
500M Loomis Chafee School Project-Series "B" 6%
7/1/2015 529,375 242
1,000M Trinity College 6 1/8% 7/1/2004* 1,090,000 498
University of Connecticut:
750M 5 1/4% 4/1/2014 750,937 343
500M 5 1/4% 6/1/2015 498,125 227
- ------------------------------------------------------------------------------------------------------------------
3,675,000 1,678
- ------------------------------------------------------------------------------------------------------------------
General Obligation--24.7%
250M Ansonia 5% 10/15/2015 243,438 111
100M Bethel 6 1/2% 2/15/2011 113,500 52
775M Bridgeport 5 1/2% 9/1/2015 797,281 364
Connecticut State:
500M 6 1/2% 3/15/2002* - Series "A" 536,875 245
700M 6% 3/15/2012 - Series "E" 761,250 348
130M Coventry 6.7% 12/15/2009 149,663 68
Griswold:
250M 5 3/4% 4/15/2010 260,312 119
100M 6 1/4% 6/15/2010 111,500 50
100M Groton City 6 3/4% 6/1/2007 113,500 52
800M New Britain 6% 3/1/2012 873,000 399
130M Newton 6.7% 8/15/2010 149,175 68
250M Plainfield 6 3/8% 8/1/2011 266,250 122
290M Regional School District #5, 6.3% 3/1/2002* 310,300 142
330M Southington 6.55% 4/1/2012 352,688 161
90M Stafford 6.55% 11/15/2008 101,813 46
250M Westbrook 6.4% 3/15/2010 281,250 128
- ------------------------------------------------------------------------------------------------------------------
5,421,795 2,475
- ------------------------------------------------------------------------------------------------------------------
Health Care--22.2%
Conn. State Health & Educational Facilities Authority
Revenue:
450M Bridgeport Hospital 6 1/2% 7/1/2012 482,062 220
500M Lawrence & Memorial Hospital 6 3/8% 7/1/2002* 538,750 246
500M Masonicare 5% 7/1/2013 488,750 223
700M New Britain General Hospital 6 1/8% 7/1/2014 749,000 342
Stamford Hospital:
325M Series "C" 6 1/2% 7/1/2001* 346,125 158
1,000M Series "G" 5% 7/1/2018 951,250 434
750M Yale-New Haven Hospital 5.7% 7/1/2025 767,812 351
500M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 543,125 248
- ------------------------------------------------------------------------------------------------------------------
4,866,874 2,222
- ------------------------------------------------------------------------------------------------------------------
Housing--3.6%
750M Connecticut State Housing Finance Authority
6% 11/15/2010 785,625 359
- ------------------------------------------------------------------------------------------------------------------
Transportation--6.5%
Connecticut State Special Tax Oblig. Transportation
Infrastructure:
285M 6% 10/1/2004* 307,800 141
250M 6.1% 10/1/2004* 270,937 124
500M 6 1/2% 10/1/2011 567,500 259
250M 6 1/8% 9/1/2012 274,688 125
- ------------------------------------------------------------------------------------------------------------------
1,420,925 649
- ------------------------------------------------------------------------------------------------------------------
Utilities--9.3%
500M Guam Power Authority Revenue 5% 10/1/2018 481,250 220
750M Puerto Rico Electric Power Authority Revenue
5 1/4% 7/1/2013 760,312 347
South Central Conn. Regl. Water Auth. Water Sys. Rev.:
250M 5 7/8% 8/1/2002* 265,938 121
500M 6 1/8% 8/1/2014 534,375 244
- ------------------------------------------------------------------------------------------------------------------
2,041,875 932
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--11.0%
545M Connecticut State Dev. Auth. Govtl. Lease Rev.
6 1/2% 6/15/2008 596,094 272
795M Puerto Rico Commonwealth Infrastructure Fing. Auth.
Spl. 5% 7/1/2017 767,175 350
Puerto Rico Public Buildings Authority:
350M 6 1/4% 7/1/2013 392,437 179
575M 6 1/4% 7/1/2015 644,719 295
- ------------------------------------------------------------------------------------------------------------------
2,400,425 1,096
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $19,704,280) 20,826,269 9,508
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--4.1%
300M Puerto Rico Commonwealth Floater Certificates
Series (20) Adjustable Rate Note 3.49%** 300,000 137
200M Puerto Rico Commonwealth Govt. Dev. Bank
Adjustable Rate Note 3.00%** 200,000 91
400M Puerto Rico Indl. Tourist Edl. Med. & Environment
Ctrl. Facs. Adjustable Rate Note 3.30%** 400,000 183
- ------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments
(cost $900,000) 900,000 411
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $20,604,280) 99.2% 21,726,269 9,919
Other Assets, Less Liabilities .8 176,600 81
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $21,902,869 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer. The interest rate shown
is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--FLORIDA FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.4%
General Obligation--7.6%
$ 1,000M Florida State Board of Education 5% 6/1/2017 $ 965,000 $ 388
300M Miami 6% 12/1/2010 327,750 132
500M North Springs Improvement District 7% 10/1/2009 584,375 236
- ------------------------------------------------------------------------------------------------------------------
1,877,125 756
- ------------------------------------------------------------------------------------------------------------------
Health Care--9.2%
350M North Broward Hospital District 6 1/2% 1/1/2002* 374,500 151
1,000M Orange County Health Facs. Auth. (Orlando Regl.
Healthcare) 6 1/4% 10/1/2018 1,106,250 445
750M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 814,688 328
- ------------------------------------------------------------------------------------------------------------------
2,295,438 924
- ------------------------------------------------------------------------------------------------------------------
Housing--4.3%
95M Dade County Hsg. Fin. Auth. Single-Family Mtge.
6.95% 12/15/2012 99,631 40
1,000M Florida Hsg. Fin. Corp. Homeowner Mortgage 5%
7/1/2017 958,750 386
- ------------------------------------------------------------------------------------------------------------------
1,058,381 426
- ------------------------------------------------------------------------------------------------------------------
Transportation--6.4%
500M Dade County Aviation Revenue Series "A" 6%
10/1/2010 533,125 214
300M Florida State Turnpike Authority Turnpike Revenue
6.35% 7/1/2002* 319,875 129
250M Pensacola Airport Revenue 5.6% 10/1/2017 256,875 103
455M Port Palm Beach District Revenue 6 1/4% 9/1/2008 486,281 196
- ------------------------------------------------------------------------------------------------------------------
1,596,156 642
- ------------------------------------------------------------------------------------------------------------------
Utilities--44.7%
750M Charlotte County Utilities Revenue 6 3/4% 10/1/2003* 829,688 334
1,000M Cocoa Water & Sewer Revenue 5 3/4% 10/1/2007* 1,071,250 431
Escambia County Utilities Authority Util. Sys. Rev.:
500M 6 1/4% 1/1/2013 556,250 224
1,000M 6 1/4% 1/1/2015 1,111,250 447
690M Jacksonville Beach Utility Revenue 6 3/4% 10/1/2001* 740,887 298
200M Kissimmee Utility Authority Electric System Revenue
6 1/2% 10/1/2001* 213,750 86
1,495M Lakeland Electric & Water Revenue 6.05%
10/1/2014 1,631,419 657
325M Miramar Utilities Improvement Revenue 6.4%
10/1/2007 355,063 143
1,000M Plant City Utility System Revenue 6% 10/1/2015 1,087,500 438
500M Sarasota County Utility System Revenue 6 1/2%
10/1/2004* 554,375 223
Seminole County Water & Sewer Revenue:
500M 6% 10/1/2009 544,375 219
500M 6% 10/1/2019 541,875 218
1,000M St. John's County Water & Sewer Revenue 5 1/2%
6/1/2011 1,040,000 419
750M West Melbourne Water & Sewer Revenue 6 3/4%
10/1/2014 821,250 331
- ------------------------------------------------------------------------------------------------------------------
11,098,932 4,468
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--26.2%
1,000M Indian Trace Community Dev. District 5 3/4% 5/1/2011 1,041,250 419
1,000M Jacksonville Capital Improvement (Gator Bowl Project)
5 7/8% 10/1/2015 1,060,000 427
350M Jacksonville Excise Taxes Revenue 6 1/2% 10/1/2013 376,250 151
1,000M Leon County Capital Improvement Revenue 5 1/4%
10/1/2017 991,250 399
600M Orange County Tourist Development Tax Revenue
5.9% 10/1/2010 647,250 261
1,000M Palm Beach County Criminal Justice Facilities Revenue
5 3/8% 6/1/2011 1,025,000 413
300M St. Lucie County Sales Tax Revenue 6 1/2% 10/1/2002* 325,125 131
1,000M Tampa Sports Auth. Sales Tax Rev. (Tampa Bay Arena)
5 3/4% 10/1/2020 1,051,250 423
- ------------------------------------------------------------------------------------------------------------------
6,517,375 2,624
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $22,894,467) 24,443,407 9,840
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.4%
100M Hillsborough County Indl. Dev. Auth. Pollution Control
Revenue Adjustable Rate Note 3.35%**
(cost $100,000) 100,000 41
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $22,994,467) 98.8% 24,543,407 9,881
Other Assets, Less Liabilities 1.2 296,811 119
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $24,840,218 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. The interest rate shown
is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--GEORGIA FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--95.9%
Education--5.3%
$ 100M Bibb County Dev. Auth. (Wesleyan College Project)
5% 10/1/2018 $ 96,125 $ 190
Private Colleges & Universities Facilities Authority:
80M Mercer University Project 6.35% 11/1/2006 88,200 175
80M Spelman University Project 6% 6/1/2009 85,200 169
- ------------------------------------------------------------------------------------------------------------------
269,525 534
- ------------------------------------------------------------------------------------------------------------------
General Obligation--22.9%
100M Atlanta 5% 12/1/2020 94,625 188
75M Columbia County School District 6 1/4% 4/1/2004* 80,812 160
100M Hall County School District 6.7% 12/1/2004* 112,000 222
100M Mitchell County School District 6 1/2% 3/1/2009 109,250 217
125M Paulding County School District 6% 2/1/2013 135,781 269
100M Peach County School District 6.4% 2/1/2005* 110,250 218
150M Pike County School District 5.7% 2/1/2016 158,250 314
Puerto Rico Commonwealth:
100M 6 1/4% 7/1/2012 112,625 223
250M 5% 7/1/2017 242,813 481
- ------------------------------------------------------------------------------------------------------------------
1,156,406 2,292
- ------------------------------------------------------------------------------------------------------------------
Health Care--15.1%
150M Clarke County Hosp. Auth. (Athens Regl. Med. Ctr.
Proj.) 5 3/8% 1/1/2018 148,313 294
225M Fulton De Kalb Hosp. Auth. (Grady Memorial Hosp.)
5 1/2% 1/1/2020 226,406 449
125M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 135,781 269
250M Savannah Hosp. Auth. Rev. (St. Joseph's/Candler Health
System) 5 1/4% 7/1/2013 250,000 496
- ------------------------------------------------------------------------------------------------------------------
760,500 1,508
- ------------------------------------------------------------------------------------------------------------------
Housing--3.1%
150M Georgia State Housing & Finance Authority Revenue
5.7% 12/1/2011 154,875 307
- ------------------------------------------------------------------------------------------------------------------
Transportation--7.3%
300M Metropolitan Atlanta Rapid Transit Authority 6 1/4%
7/1/2011 334,500 663
30M Puerto Rico Commonwealth Hwy. & Transn. Auth.
6 1/4% 7/1/2014 33,638 67
- ------------------------------------------------------------------------------------------------------------------
368,138 730
- ------------------------------------------------------------------------------------------------------------------
Utilities--30.0%
95M Brunswick Water & Sewer Revenue 6.1% 10/1/2019 103,906 206
85M Conyers Water & Sewer Revenue 6.45% 7/1/2010 91,906 182
80M Cordele Combined Public Utilities Revenue 6.4%
11/1/2004* 88,400 175
250M Fulton County Water & Sewer Revenue 6 3/8% 1/1/2014 280,313 556
Georgia Municipal Gas Authority Revenue:
80M 6.8% 11/1/2009 88,700 176
100M 5.8% 1/1/2015 105,625 209
250M Gwinnett County Water & Sewer Auth. Revenue 5 1/4%
8/1/2016 249,687 495
150M Milledgeville Water & Sewer Revenue 6% 12/1/2021 163,313 324
225M Puerto Rico Electric Power Authority 5.4% 7/1/2013 230,344 457
100M St. Mary's Water & Sewer Revenue 6 1/8% 7/1/2018 109,625 217
- ------------------------------------------------------------------------------------------------------------------
1,511,819 2,997
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--12.2%
80M Appling County Dev. Auth. Poll. Ctl. Rev. 7.1% 1/1/2014 89,000 177
80M Downtown Smyrna Development Authority Revenue
6.7% 2/1/2005* 89,400 177
50M East Point Building Authority Revenue 6% 2/1/2011 53,000 105
250M Puerto Rico Commonwealth Infrastructure Fing. Auth.
5% 7/1/2016 244,375 484
125M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2013 140,156 278
- ------------------------------------------------------------------------------------------------------------------
615,931 1,221
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $4,623,496) 4,837,194 9,589
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--2.0%
100M Burke County Dev. Auth. (Georgia Power Company)
Adjustable Rate Note 3.85%** (cost $100,000) 100,000 198
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $4,723,496) 97.9% 4,937,194 $ 9,787
Other Assets, Less Liabilities 2.1 107,556 213
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $5,044,750 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. The interest rate shown
is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MARYLAND FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.3%
Education--7.7%
$ 250M Maryland State Health & Higher Edl. Facs. Auth.
(College of Art) 5% 6/1/2019 $ 239,687 $ 151
Morgan State University Academic & Aux. Facs.
Fees Revenue:
500M 6.05% 7/1/2015 547,500 346
200M 6.1% 7/1/2020 221,000 140
200M University of Maryland Aux. Fac. & Tuition Revenue
6.3% 2/1/2001* 210,250 133
- ------------------------------------------------------------------------------------------------------------------
1,218,437 770
- ------------------------------------------------------------------------------------------------------------------
General Obligation--30.7%
350M Anne Arundel County Water & Sewer 6.3% 8/1/2005* 383,688 242
Baltimore, Maryland:
100M 6.3% 10/15/2004 109,000 69
100M 7% 10/15/2009 116,875 74
250M 5 5/8% 10/15/2012 260,625 165
100M 5 5/8% 10/15/2013 103,500 65
750M 5 1/4% 10/15/2015 750,937 474
100M Chesapeake Beach 6 1/2% 5/1/2012 104,750 66
Frederick:
100M 6 1/8% 12/1/2008 106,500 67
200M 6 1/8% 10/1/2014 215,750 136
450M Maryland State 7% 10/15/2000* 472,500 298
Puerto Rico Commonwealth:
105M 6.6% 7/1/2002* 113,531 72
630M 6 1/4% 7/1/2012 709,537 448
275M 5 1/4% 7/1/2015 277,063 175
250M 5.65% 7/1/2015 265,625 168
500M Queen Annes County 5.6% 11/15/2015 524,375 331
325M Washington County 5.8% 1/1/2013 343,281 217
- ------------------------------------------------------------------------------------------------------------------
4,857,537 3,067
- ------------------------------------------------------------------------------------------------------------------
Health Care--15.9 %
500M Calvert County Economic Development Authority
5% 1/1/2017 478,750 302
Maryland State Health & Higher Education
Facilities Authority:
500M Maryland General Hospital 6 1/8% 7/1/2014 535,625 338
250M Medlantic/Helix 5 1/4% 8/15/2015 249,063 157
225M Suburban Hospital 6% 7/1/2002* 235,688 149
250M Maryland State Indl. Dev. Fing. Auth.
(Holy Cross Health System) 5.7% 12/1/2010 262,500 166
325M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs.
6 1/4% 7/1/2016 353,031 223
350M Takoma Park Hospital Facilities (Adventist Hosp.)
6 1/2% 9/1/2012 398,125 252
- ------------------------------------------------------------------------------------------------------------------
2,512,782 1,587
- ------------------------------------------------------------------------------------------------------------------
Housing--15.2%
250M Baltimore County Mortgage Revenue
(Old Orchard Apts.) 7% 7/1/2016 267,500 169
Maryland State Community Dev. Admin.
Dept. Hsg. & Cmnty. Dev.:
345M 7% 4/1/2014 363,975 230
600M 5 7/8% 7/1/2016 616,500 389
200M 5.6% 3/1/2017 203,500 129
300M 5% 4/1/2017 287,250 181
Montgomery County Single Family Mortgage Revenue:
175M 6 1/2% 7/1/2011 183,313 116
500M 5.15% 7/1/2017 487,500 308
- ------------------------------------------------------------------------------------------------------------------
2,409,538 1,522
- ------------------------------------------------------------------------------------------------------------------
Transportation--5.3%
500M Maryland State Department of Transportation
Zero Coupon 7/1/2012 254,375 160
525M Puerto Rico Highway & Transportation Authority
6 1/4% 7/1/2014 588,656 372
- ------------------------------------------------------------------------------------------------------------------
843,031 532
- ------------------------------------------------------------------------------------------------------------------
Utilities--10.9%
300M Baltimore Revenue Water Projects 5 3/8% 7/1/2015 303,000 191
250M Baltimore Revenue Water Projects 5.8% 7/1/2015 260,625 165
Baltimore Wastewater Utilities Revenue:
215M 6 1/4% 7/1/2002* 230,588 146
200M 6% 7/1/2015 217,000 137
750M Guam Power Authority Revenue 5% 10/1/2018 721,875 456
- ------------------------------------------------------------------------------------------------------------------
1,733,088 1,095
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--10.6%
Baltimore Convention Center:
250M 6.1% 9/1/2004* 268,125 169
500M 5% 9/1/2019 481,875 305
250M Maryland State Stadium Authority 5 7/8% 12/15/2013 263,125 166
100M Montgomery County Parking Revenue
(Bethesda Parking Lot) 6 1/4% 6/1/2009 106,125 67
500M Puerto Rico Public Buildings Authority
6 1/4% 7/1/2015 560,625 354
- ------------------------------------------------------------------------------------------------------------------
1,679,875 1,061
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $14,682,163) 15,254,288 9,634
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--1.3%
200M Montgomery County Hsg. Oppntys. Commn.
(Multifam-Grosvenor House Associates)
Adjustable Rate Note 3.30%** (cost $200,000) 200,000 126
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $14,882,163) 97.6% 15,454,288 9,760
Other Assets, Less Liabilities 2.4 379,693 240
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $15,833,981 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer. The interest rate shown
is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MASSACHUSETTS FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--96.1%
Education--7.0%
$ 425M Massachusetts Health & Educational Facilities Authority
(Northeastern University) 7 1/8% 10/1/2000* $ 447,844 $ 194
1,000M University of Massachusetts Building Authority
Revenue 6 7/8% 5/1/2014 1,176,250 511
- ------------------------------------------------------------------------------------------------------------------
1,624,094 705
- ------------------------------------------------------------------------------------------------------------------
General Obligation--34.2%
1,000M Amherst-Pelham Regional School District 5 1/8%
5/15/2018 966,250 419
1,130M Beverly 5% 9/1/2018 1,074,913 467
750M Boston 5 7/8% 8/1/2012 787,500 342
1,000M Frontier Regional School District 5% 6/15/2017 958,750 416
1,000M Haverhill 5% 6/1/2014 973,750 423
Massachusetts General Obligation:
300M 7% 7/1/2009 348,375 151
1,000M 6% 8/1/2010 1,081,250 469
1,100M New Bedford 5 5/8% 10/1/2016 1,156,375 502
500M Wareham 7.1% 1/15/2001* 536,250 233
- ------------------------------------------------------------------------------------------------------------------
7,883,413 3,422
- ------------------------------------------------------------------------------------------------------------------
Health Care--24.6%
Massachusetts Health & Educational Facilities Authority:
Capital Asset Program:
225M 7.35% 8/1/2008 229,959 100
400M 7.2% 7/1/2009 413,568 180
500M Central New England Health 5 1/8% 8/1/2018 475,000 206
1,000M Harvard Pilgrim Health Care 5 1/4% 7/1/2013 993,750 431
750M Massachusetts General Hospital 6 1/4% 7/1/2012 825,938 359
570M Milton Hospital 7% 7/1/2016 595,234 258
1,500M Mt. Auburn Hospital 6 1/4% 8/15/2014 1,614,375 701
490M University Hospital 7 1/4% 7/1/2000* 516,631 224
- ------------------------------------------------------------------------------------------------------------------
5,664,455 2,459
- ------------------------------------------------------------------------------------------------------------------
Housing--4.6%
Massachusetts Housing Finance Agency:
935M 6% 12/1/2012 966,556 419
85M 7.7% 12/1/2017 87,165 38
- ------------------------------------------------------------------------------------------------------------------
1,053,721 457
- ------------------------------------------------------------------------------------------------------------------
Transportation--7.9%
Massachusetts Bay Transportation Authority:
200M Series "A" 7.65% 8/1/2000* 212,484 92
1,500M Series "A" 5.8% 3/1/2013 1,599,375 694
- ------------------------------------------------------------------------------------------------------------------
1,811,859 786
- ------------------------------------------------------------------------------------------------------------------
Utilities--13.6%
Boston Water & Sewer Commission:
850M 7% 11/1/2001* 919,062 399
1,035M 5 3/4% 11/1/2013 1,094,512 475
1,000M South Essex Sewer District 6 3/4% 6/1/2004* 1,113,750 483
- ------------------------------------------------------------------------------------------------------------------
3,127,324 1,357
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--4.2%
1,000M Massachusetts Port Authority Revenue 5 1/8% 7/1/2017 965,000 419
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $21,115,892) 22,129,866 9,605
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--2.6%
300M Massachusetts Health & Educational Facilities
Authority (Capital Asset Program-Series "E")
Adjustable Rate Note 3.35%** 300,000 130
200M Puerto Rico Commonwealth Government
Development Bank
Adjustable Rate Note 3.00%** 200,000 87
100M Puerto Rico Indl. Med. & Env. Ctrl. Facs.
(Ana G. Mendez Univ. Sys. Proj.)
Adjustable Rate Note 3.30%** 100,000 43
- ------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Investments
(cost $600,000) 600,000 260
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $21,715,892) 98.7% 22,729,866 9,865
Other Assets, Less Liabilities 1.3 310,985 135
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $23,040,851 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset at least weekly by the issuer. The interest
rate shown is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MICHIGAN FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.3%
Certificates of Participation--2.6%
$ 1,000M Michigan State Hsg. Representatives
5 1/4% 8/15/2014 $ 1,010,000 $ 262
- ------------------------------------------------------------------------------------------------------------------
General Obligation--51.5%
1,055M Calhoun County Water Supply System
5 3/4% 5/1/2019 1,082,694 281
1,000M Detroit City School District 5.85% 5/1/2006* 1,081,250 281
1,000M Detroit Downtown Development Series "A"
5 3/4% 7/15/2015 1,048,750 272
1,000M East Detroit School District 6.1% 5/1/2016 1,077,500 280
1,000M Genesee County Sewer Disposal System
5.4% 4/1/2013 1,012,500 263
1,000M Grand Ledge Public School District
7 7/8% 5/1/2004* 1,161,250 302
1,000M Gull Lake Community School District Zero Coupon
5/1/2013 481,250 125
1,000M Huron School District Zero Coupon 5/1/2015 426,250 111
1,000M Lake Orion Community School District 7% 5/1/2005* 1,128,750 293
1,000M Lincoln Park School District 7% 5/1/2006* 1,140,000 296
1,000M Michigan State Environmental Protection Program
6 1/4% 11/1/2012 1,111,250 289
1,000M Montrose Township School District 6.2% 5/1/2017 1,106,250 287
350M Oak Park 7.2% 5/1/2002* 381,500 99
1,000M Portage Lake Water & Sewer Authority
6.1% 10/1/2014 1,081,250 281
1,195M Redford Unified School District 6 3/8% 5/1/2010 1,330,931 346
800M Rochester School District 5 5/8% 5/1/2011 840,000 218
380M Saline Building Authority 7.1% 7/1/2009 403,750 105
1,000M South Lake Schools 5 1/8% 5/1/2014 991,250 257
750M Southgate Community School District
5 3/4% 5/1/2014 779,062 202
1,000M Waterford Township School District
6 1/4% 6/1/2004* 1,083,750 281
1,000M Zeeland Public Schools 6% 5/1/2004* 1,080,000 281
- ------------------------------------------------------------------------------------------------------------------
19,829,187 5,150
- ------------------------------------------------------------------------------------------------------------------
Health Care--6.7%
Michigan State Hospital Finance Authority Revenue:
Saginaw Hosp. Fin. Auth. (Covenant Med. Ctr.):
1,000M 5 5/8% 7/1/2013 1,023,750 266
500M 5 3/8% 7/1/2019 490,000 127
1,000M St. John's Hospital 6% 5/15/2008 1,053,750 274
- ------------------------------------------------------------------------------------------------------------------
2,567,500 667
- ------------------------------------------------------------------------------------------------------------------
Housing--1.3%
500M Michigan State Housing Dev. Auth. Single-Family
Mtge. Rev. 7.3% 12/1/2016 516,250 134
- ------------------------------------------------------------------------------------------------------------------
Transportation--7.7%
1,500M Puerto Rico Commonwealth Hwy. & Transn. Hwy.
Rev. 6 1/4% 7/1/2015 1,681,875 437
1,190M Wayne Charter County (Detroit Metropolitan Airport)
6 3/4% 12/1/2001* 1,283,713 333
- ------------------------------------------------------------------------------------------------------------------
2,965,588 770
- ------------------------------------------------------------------------------------------------------------------
Utilities--19.8%
Detroit Water Supply System:
1,750M 5.55% 7/1/2012 1,826,562 475
1,275M 6 1/2% 7/1/2015 1,448,719 376
1,000M Kalamazoo Water Revenue 6% 9/1/2015 1,066,250 277
Michigan State Strategic Fund (Detroit Edison):
1,750M 6.95% 5/1/2011 2,047,500 532
500M 7% 5/1/2021 601,875 156
500M Monroe County Economic Development Corporation
(Detroit Edison) 6.95% 9/1/2022* 608,750 158
- ------------------------------------------------------------------------------------------------------------------
7,599,656 1,974
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--8.7%
1,000M Grand Rapids Downtown Development Authority
Zero Coupon 6/1/2009 612,500 159
Michigan Municipal Bond Authority Revenue:
1,500M 6.55% 11/1/2008 1,665,000 433
1,000M 6 1/8% 5/1/2014 1,071,250 278
- ------------------------------------------------------------------------------------------------------------------
3,348,750 870
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $35,050,377) 37,836,931 9,827
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--3.6 %
300M Detroit Sewer Disposal Revenue
Adjustable Rate Note 3.30%** 300,000 78
500M Michigan Hosp. Fin. Auth. Rev.
(Hospital Equipment Loan Program)
Adjustable Rate Note 3.35%** 500,000 130
200M Puerto Rico Commonwealth Govt. Dev. Bank
Adjustable Rate Note 3.00%** 200,000 52
100M Puerto Rico Indl. Med. & Env. Ctrl. Facs.
(Ana G. Mendez Univ. Sys. Proj.)
Adjustable Rate Note 3.30%** 100,000 26
300M University of Michigan University Revenues
Adjustable Rate Note 3.45%** 300,000 78
- ------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Investments (cost $1,400,000) 1,400,000 364
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $36,450,377) 101.9% 39,236,931 10,191
Excess of Liabilities Over Other Assets (1.9) (734,426) (191)
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $38,502,505 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset at least weekly by the issuer. The interest
rate shown is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MINNESOTA FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--95.9%
Certificates of Participation--5.1%
$ 400M Minneapolis Special School District #001,
5.9% 2/1/2012 $ 423,500 $ 507
- ------------------------------------------------------------------------------------------------------------------
Education--5.1%
400M University of Minnesota 5 3/4% 7/1/2017 425,500 509
- ------------------------------------------------------------------------------------------------------------------
General Obligation--32.0%
325M Becker Wastewater Treatment 5.8% 2/1/2010 340,844 408
180M Blaine Series "A" Fire Improvement 6.8% 2/1/2001* 186,975 224
150M Cass Lake Independent School District #115,
6 5/8% 2/1/2001* 155,438 186
285M Inver Grove Heights Independent School District #199,
5 3/4% 2/1/2012 297,469 356
280M Lakeville 5 1/2% 2/1/2011 286,650 343
405M Lino Lakes 5.7% 2/1/2012 421,200 505
275M Minnesota State 6 1/4% 8/1/2002* 290,812 348
350M North St. Paul Maplewood Independent School District
#622, 7.1% 2/1/2005* 393,312 471
650M Rosemount Independent School District No. #196,
Zero Coupon 4/1/2014 302,250 362
- ------------------------------------------------------------------------------------------------------------------
2,674,950 3,203
- ------------------------------------------------------------------------------------------------------------------
Health Care--25.8%
195M Duluth Economic Development Authority
(Duluth Clinic) 6.2% 11/1/2002* 210,112 252
200M Hibbing Health Care Facilities Revenue
(Duluth Clinic) 5 1/2% 11/1/2016 207,750 249
Minneapolis & St. Paul Hsg. & Redev. Auth.
Health Care System:
150M Childrens Health Care 5.7% 8/15/2016 154,313 185
180M Health One 7.4% 8/15/2000* 188,775 226
250M Minneapolis Hospital Revenue (Fairview Hospital)
6 1/2% 1/1/2011 265,000 317
Minnesota Agricultural & Economic Development Board:
400M Benedictine Health 5% 2/15/2017 383,000 459
375M Evangelical Lutheran Good Samaritan 5% 12/1/2015 359,531 430
200M Fairview Hospital 5 3/4% 11/15/2026 206,000 247
170M St. Cloud Hosp. Facs. Rev. (St. Cloud Hosp.)
Series "B" 7% 7/1/2001* 182,325 218
- ------------------------------------------------------------------------------------------------------------------
2,156,806 2,583
- ------------------------------------------------------------------------------------------------------------------
Housing--15.8%
120M Eagen Multi-Family Housing (Forest Ridge Apts.)
7 1/2% 3/1/2027 122,790 147
Minnesota State Housing Finance Authority:
600M Rental Housing Revenue 5.9% 8/1/2015 618,750 741
Single Family Mortgage Revenue:
65M 6.9% 7/1/2009 68,169 82
185M 6.4% 1/1/2015 192,862 231
St. Paul Housing & Redevelopment Authority:
65M Multi-Family Housing Revenue
7 1/2% 3/1/2026 (Defaulted) (Note 1A) 66,300 79
240M Single Family Mortgage Revenue 6 1/4% 9/1/2014 249,000 298
- ------------------------------------------------------------------------------------------------------------------
1,317,871 1,578
- ------------------------------------------------------------------------------------------------------------------
Utilities--8.4%
150M Northern Municipal Power Agency Electric System
Revenue 5 1/4% 1/1/2017 148,688 178
210M Southern Minn. Municipal Power Agency
Power Supply System 5 3/4% 1/1/2018* 218,400 262
325M Western Minn. Municipal Power Agency
5 1/2% 1/1/2011 335,156 401
- ------------------------------------------------------------------------------------------------------------------
702,244 841
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--3.7%
300M Scott County Hsg. & Redev. Auth. Fac. Lease Rev.
5 1/2% 12/1/2015 304,500 365
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $7,670,432) 8,005,371 9,586
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--1.2%
100M Cohasset Revenue (Minnesota Power & Light Co.)
Adjustable Rate Note 3.60%** (cost $100,000) 100,000 120
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $7,770,432) 97.1% 8,105,371 9,706
Other Assets, Less Liabilities 2.9 245,170 294
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $8,350,541 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. The interest rate shown
is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--MISSOURI FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--93.2%
Certificates of Participation--6.1%
$ 125M Missouri State (Bonne Terre Prison Project) 5 1/8%
6/1/2017 $ 121,250 $ 431
50M Richmond Heights Capital Improvement Projects 5.3%
8/15/2017 49,625 176
- ------------------------------------------------------------------------------------------------------------------
170,875 607
- ------------------------------------------------------------------------------------------------------------------
Education--6.8%
200M OTC Public Building Corp. Leasehold Revenue (Ozarks
Tech. Cmnty. College) 5% 3/1/2019 191,000 678
- ------------------------------------------------------------------------------------------------------------------
General Obligation--14.1%
50M Lincoln County Reorg. School District #3, 6.1%
3/1/2005* 53,687 190
90M Puerto Rico Commonwealth 6 1/4% 7/1/2012 101,363 360
50M Springfield School District 7% 3/1/2008 57,750 205
80M St. Charles School District 6 1/2% 2/1/2006* 88,100 313
100M St. Louis Public Safety 5% 2/15/2015 97,500 346
- ------------------------------------------------------------------------------------------------------------------
398,400 1,414
- ------------------------------------------------------------------------------------------------------------------
Health Care--20.3%
Missouri State Health & Educational Facilities Authority:
140M BJC Health System 6 3/4% 5/15/2011 160,650 570
90M Health Midwest 6.1% 6/1/2011 95,850 340
125M Sisters of Sorrowful Mother Healthcare 6 1/4% 6/1/2007 132,344 470
100M SSM Health Care 5% 6/1/2018 95,125 338
80M Puerto Rico Indl. Tourist Edl. Med. & Env. Ctl. Facs.
6 1/4% 7/1/2016 86,900 308
- ------------------------------------------------------------------------------------------------------------------
570,869 2,026
- ------------------------------------------------------------------------------------------------------------------
Housing--3.3%
90M Missouri State Hsg. Devel. Comm. (Ecumenical Housing)
5.8% 3/1/2010 93,150 331
- ------------------------------------------------------------------------------------------------------------------
Transportation--6.3%
75M Kansas City Airport Revenue 6 7/8% 9/1/2004* 83,719 297
85M Puerto Rico Commonwealth Highway &
Transportation Authority 6 1/4% 7/1/2013 94,881 337
- ------------------------------------------------------------------------------------------------------------------
178,600 634
- ------------------------------------------------------------------------------------------------------------------
Utilities--22.7%
100M Guam Power Authority Revenue 5% 10/1/2018 96,250 342
125M Independence Water Utility Revenue 5% 11/1/2016 120,937 429
80M Liberty Sewer System Revenue 6.15% 2/1/2015 86,100 306
Missouri State Env. Impt. & Energy Res. Auth.
Water Poll. Control:
80M 6% 1/1/2016 84,200 299
85M 6.05% 7/1/2016 90,525 321
150M St. Louis Water and Sewer Revenue 6% 7/1/2004* 162,375 576
- ------------------------------------------------------------------------------------------------------------------
640,387 2,273
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--13.6%
Clay County Public Bldg. Authority Leasehold Revenue:
25M 7% 5/15/2004* 27,688 98
100M 5 1/8% 5/15/2014 99,125 352
80M Excelsior Springs School Dist. Bldg. Corp. Leasehold
Rev. 6 1/2% 3/1/2009 85,600 304
80M St. Louis Mun. Fing. Corp. Leasehold Revenue 5 3/4%
8/1/2013 83,800 297
80M Warren County Public Facs. Authority Leasehold
Revenue 6.3% 6/1/2003* 86,700 308
- ------------------------------------------------------------------------------------------------------------------
382,913 1,359
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $2,512,968) 2,626,194 9,322
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--3.6%
100M Missouri State Dev. Fin. Brd. Infrastructure Facs. Rev.
(City Union Station) Adjustable Rate Note 3.60%**
(cost $100,000) 100,000 355
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $2,612,968) 96.8% 2,726,194 9,677
Other Assets, Less Liabilities 3.2 90,874 323
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $2,817,068 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. The interest rate shown
is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NEW JERSEY FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.1%
Education--2.3%
$1,300M New Jersey Educational Facilities Financing Authority
Seton Hall University 6 1/4% 7/1/2010 $ 1,365,000 $ 228
- ------------------------------------------------------------------------------------------------------------------
General Obligation--22.6%
1,750M Atlantic City Board of Education 6.1% 12/1/2015 1,933,750 323
Essex County Improvement Authority:
955M County College Project 6.9% 12/1/2004* 1,079,150 180
Orange School District:
1,025M Series "A" 6.95% 7/1/2005* 1,165,937 195
1,220M Series "B" 6.95% 7/1/2005* 1,387,750 231
3,000M Essex County Improvement Authority
(City of Newark) 5% 4/1/2014 2,928,750 489
1,000M New Jersey State Various Purposes 6% 2/15/2011 1,081,250 180
1,550M Puerto Rico Commonwealth 6 1/4% 7/1/2013 1,737,937 290
Union City:
1,000M 6.7% 9/1/2002* 1,088,750 182
995M 6.4% 11/1/2013 1,126,837 188
- ------------------------------------------------------------------------------------------------------------------
13,530,111 2,258
- ------------------------------------------------------------------------------------------------------------------
Health Care--23.6%
New Jersey Health Care Facilities Financing Authority:
1,045M Bayonne Hospital 6 1/4% 7/1/2012 1,132,519 189
1,745M General Hospital Center at Passaic 6% 7/1/2014 1,897,688 317
1,100M Hunterdon Hospital 7% 7/1/2020 1,148,587 192
1,750M Monmouth Medical Center 6 1/4% 7/1/2004* 1,914,062 319
1,500M Ocean County Medical Center 6.9% 7/1/2007 1,593,750 266
3,120M Riverview Medical Center 6 1/4% 7/1/2011 3,451,500 576
1,000M St. Barnabas Medical Center 5 1/4% 7/1/2014 997,500 166
2,000M Virtua Health Issue 5 1/4% 7/1/2014 1,995,000 333
- ------------------------------------------------------------------------------------------------------------------
14,130,606 2,358
- ------------------------------------------------------------------------------------------------------------------
Housing--3.7%
New Jersey State Housing & Mortgage Financing Agency:
380M Series "A" 7 1/2% 4/1/2015 389,025 65
420M Series "E" 7.65% 10/1/2016 435,225 72
1,385M Series "C" 7 3/8% 10/1/2017 1,419,265 237
- ------------------------------------------------------------------------------------------------------------------
2,243,515 374
- ------------------------------------------------------------------------------------------------------------------
Transportation--6.7%
1,000M New Jersey State Highway Authority
(Garden State Parkway) 6.2% 1/1/2010 1,105,000 184
3,000M South Jersey Transportation Authority 5% 11/1/2015 2,906,250 485
- ------------------------------------------------------------------------------------------------------------------
4,011,250 669
- ------------------------------------------------------------------------------------------------------------------
Utilities--13.3%
1,000M Bergen County Utility Authority Pollution Control
6 1/2% 6/15/2002* 1,078,750 180
1,500M Essex County Impt. Auth. Rev. Utility System
5 3/4% 7/1/2027 1,560,000 261
New Jersey Wastewater Treatment Trust:
1,435M 6 1/4% 4/1/2004* 1,564,150 261
1,310M 7% 7/1/2011 1,534,338 256
1,040M Passaic Valley Water Commission 6.4% 12/15/2002* 1,128,400 188
1,000M Puerto Rico Commonwealth Aqueduct & Sewer
Authority 6 1/4% 7/1/2013 1,121,250 187
- ------------------------------------------------------------------------------------------------------------------
7,986,888 1,333
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--25.9%
2,900M Atlantic County Impt. Auth. Lux. Tax.
(Convention Center) 7.4% 7/1/2016 3,574,250 596
350M Cape May County Indl. Pollution Control Fin. Auth.
6.8% 3/1/2021 416,938 70
1,250M Casino Reinvestment Dev. Auth. Pkg. Fee Rev. 5 1/4%
10/1/2013 1,256,250 210
New Jersey Economic Development Authority:
Educational Testing Service:
1,000M 5.9% 5/15/2005* 1,081,250 180
2,000M 6 1/8% 5/15/2005* 2,185,000 365
2,185M Market Transition Facility 5 7/8% 7/1/2011 2,316,100 386
1,775M N.J. Performing Arts Center 6% 6/15/2012 1,932,531 322
Puerto Rico Public Buildings Authority:
1,275M Series "A" 6 1/4% 7/1/2013 1,429,594 239
1,195M Series "A" 6 1/4% 7/1/2014 1,345,869 225
- ------------------------------------------------------------------------------------------------------------------
15,537,782 2,593
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $55,228,820) 58,805,152 9,813
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.4%
200M Puerto Rico Commonwealth Government Development
Bank Adjustable Rate Note 3.00%**
(cost $200,000) 200,000 33
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $55,428,820) 98.5% 59,005,152 9,846
Other Assets, Less Liabilities 1.5 920,551 154
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $59,925,703 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset weekly by the issuer. The interest rate shown
is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--NORTH CAROLINA FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--94.3%
Certificates of Participation--2.3%
$100M Charlotte Convention Facilities Project 6 3/4%
12/1/2001* $ 107,875 $ 116
100M Cumberland County Civic Center Project 6.3%
12/1/2004* 110,125 118
- ------------------------------------------------------------------------------------------------------------------
218,000 234
- ------------------------------------------------------------------------------------------------------------------
Education--2.8%
250M North Carolina Cent. Univ. Hsg. Rev. 5.6% 11/1/2012 263,438 284
- ------------------------------------------------------------------------------------------------------------------
General Obligation--29.4%
250M Cleveland County 5 1/2% 3/1/2012 260,312 280
200M Cumberland County 5 1/2% 4/1/2012 207,750 224
200M Currituck County 5.4% 4/1/2013 207,500 223
200M Gaston County 5.7% 3/1/2013 210,750 227
220M Laurinburg 5.3% 6/1/2012 224,950 242
200M Mecklenburg County 6.2% 1/1/2002* 210,750 227
200M Morganton 5.7% 6/1/2014 211,500 228
400M Onslow County 5.7% 3/1/2011 421,000 453
235M Puerto Rico Commonwealth 6 1/4% 7/1/2012 264,669 285
280M Rowan County 5.6% 4/1/2014 294,350 317
200M Watauga County 5.9% 6/1/2014 213,000 229
- ------------------------------------------------------------------------------------------------------------------
2,726,531 2,935
- ------------------------------------------------------------------------------------------------------------------
Health Care--25.2%
400M Catawba County Hospital Revenue
(Catawba Memorial Hospital) 5% 10/1/2017 382,000 411
150M New Hanover County (New Hanover Regional
Medical Center) 5 3/4% 10/1/2026 154,312 166
North Carolina Medical Care Commission
Health Care Facilities:
250M High Point Regional Health System 5 1/4% 10/1/2015 246,875 266
500M Novant Health Project 5% 10/1/2013 490,000 527
Rex Healthcare:
250M 5% 6/1/2013 245,000 264
250M 5% 6/1/2017 237,502 256
175M Puerto Rico Indl. Tourist Edl. Med. and Env. Ctl. Facs.
6 1/4% 7/1/2016 190,094 205
400M University of North Carolina Hospital (Chapel Hill)
5 1/4% 2/15/2015 396,000 426
- ------------------------------------------------------------------------------------------------------------------
2,341,783 2,521
- ------------------------------------------------------------------------------------------------------------------
Housing--1.4%
125M North Carolina Housing Finance Agency Multi-Family
6.6% 7/1/2017 133,594 144
- ------------------------------------------------------------------------------------------------------------------
Transportation--6.1%
505M Puerto Rico Commonwealth Highway & Transportation
Authority 6 1/4% 7/1/2014 566,231 609
- ------------------------------------------------------------------------------------------------------------------
Utilities--20.1%
250M Asheville Water System Revenue 5 5/8% 8/1/2013 259,375 279
250M Buncombe County Solid Waste System 5.6% 3/1/2011 260,000 280
Fayetteville Public Works Commission Revenue:
390M 5.7% 2/1/2010 410,475 442
250M 5.1% 3/1/2015 244,688 263
250M Kinston Enterprise System Revenue 5.7% 4/1/2012 265,937 286
200M North Carolina Eastern Municipal Power Agency 5.6%
1/1/2010 209,250 225
200M North Carolina Municipal Power Agency
(Catawba Electric) 6% 1/1/2010 216,250 233
- ------------------------------------------------------------------------------------------------------------------
1,865,975 2,008
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--7.0%
350M Cabarrus County Dev. Corp. Installment Pmt. Rev.
5.3% 6/1/2019 346,063 373
270M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 304,087 327
- ------------------------------------------------------------------------------------------------------------------
650,150 700
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $8,464,443) 8,765,702 9,435
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--10.8%
$ 200M North Carolina Edl. Facs. Fin. Agy. Rev.
(Bowman Grey Sch. Med. Proj.)
Adjustable Rate Note 3.70%** 200,000 216
500M North Carolina Med. Care Commn. Health Care Facs.
(The Givens Estates Inc. Project)
Adjustable Rate Note 3.60%** 500,000 538
300M Wake County Indl. Facs. & Pollution Ctl. Fing. Auth.
Rev. (Carolina Power & Light Co.) Adjustable Rate
Note 3.85%** 300,000 323
- ------------------------------------------------------------------------------------------------------------------
Total Value of Short-Term Tax Exempt Investments
(cost $1,000,000) 1,000,000 1,077
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $9,464,443) 105.1% 9,765,702 10,512
Excess of Liabilities Over Other Assets (5.1) (475,429) (512)
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $9,290,273 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset at least weekly by the issuer. The interest
rate shown is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund -- OHIO FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--97.7%
General Obligation--69.7%
$ 1,000M Adams County Valley Local School District
7% 12/1/2015 $ 1,195,000 $ 602
800M Avon Local School District 6 1/2% 12/1/2015 912,000 459
500M Batavia Local School District 7% 12/1/2005* 571,875 288
1,000M Beaver Creek Local School District 6.6% 12/1/2015 1,151,250 580
425M Bedford Heights 6 1/2% 12/1/2014 466,438 235
500M Brecksville-Broadview Heights City School District
6 1/2% 12/1/2016 556,875 281
250M Cardington & Lincoln Local School District
6.6% 12/1/2014 266,875 134
Cleveland:
500M 6 3/8% 7/1/2002* 538,125 271
250M 6 5/8% 11/15/2004* 279,062 141
500M Clyde-Green Springs Exempted Village
School District 7% 12/1/2013 561,250 283
450M Dublin 6.4% 12/1/2014 505,125 254
525M East Clinton Local School District 6 7/8% 12/1/2009 586,031 295
265M Finneytown Local School District 6 1/4% 12/1/2012 294,150 148
700M Garfield Heights 6.3% 12/1/2014 761,250 383
500M Lakeview Local School District 6.9% 12/1/2004* 565,000 285
500M Lakewood City School District 6.95% 12/1/2015 560,000 282
270M Muskingum County 7.2% 12/1/2000* 287,888 145
500M North Royalton City School District 6% 12/1/2014 540,625 272
250M Olmsted Falls Local School District 6.85%
12/15/2004* 281,875 142
350M Portage County 6.2% 12/1/2014 379,312 191
285M Shaker Heights City School District 7.1% 12/15/2010 333,806 168
250M Springfield Local School District 7 1/8% 12/1/2000* 264,063 133
550M Summit County 6.4% 12/1/2004* 603,625 304
250M Toledo 6 1/2% 12/1/2002* 271,875 137
500M Tuscarawas Valley Local School District 6.6%
12/1/2005* 562,500 283
250M Valley View 7% 12/1/2000* 265,625 134
250M Wayne Local School District 6.45% 12/1/2011 281,563 142
- ------------------------------------------------------------------------------------------------------------------
13,843,063 6,972
- ------------------------------------------------------------------------------------------------------------------
Health Care--7.7%
$ 255M Franklin County Hospital Revenue
(Holy Cross Health System) 7 5/8% 6/1/2009 266,554 134
500M Lorain County Hosp. Rev.
(Catholic Healthcare Partners) 5 1/2% 9/1/2011 514,375 259
300M Montgomery County (Sisters of Charity Health Care)
6 1/4% 5/15/2003* 322,125 162
400M Trumbull County Hospital Revenue 6.9% 11/15/2003* 432,500 218
- ------------------------------------------------------------------------------------------------------------------
1,535,554 773
- ------------------------------------------------------------------------------------------------------------------
Transportation--5.2%
1,000M Ohio State Turnpike Commission Turnpike Revenue
5 1/2% 2/15/2024 1,027,500 518
- ------------------------------------------------------------------------------------------------------------------
Utilities--13.7%
600M Alliance Sewer System Revenue 6% 10/15/2010 642,000 324
340M Cleveland Waterworks Revenue 6 1/2% 1/1/2002* 363,800 183
280M Hamilton Wastewater Revenue 5.9% 10/15/2011 297,150 150
500M Lebanon Mortgage Sewer System Revenue
5.3% 12/1/2020 492,500 248
165M Ohio State Air Quality Dev. Auth. Rev.
(Ohio Power Co.) 7.4% 8/1/1999* 168,744 85
250M Ohio State Water Dev. Auth. Rev. Pure Water Series
7% 12/1/2009 282,500 142
200M Toledo Water Revenue 6% 11/15/2007 214,750 108
250M Warren Waterworks Revenue 5 1/2% 11/1/2015 259,687 131
- ------------------------------------------------------------------------------------------------------------------
2,721,131 1,371
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--1.4%
250M Ohio State Building Auth.
(Juvenile Correction Projects) 6.6% 10/1/2004* 278,125 140
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $18,155,198) 19,405,373 9,774
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--1.5%
$ 300M Franklin County Health System Revenue
(Franciscan Sisters-St. Anthony Med.)
Adjustable Rate Note 3.80%** (cost $300,000) 300,000 151
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $18,455,198) 99.2% 19,705,373 9,925
Other Assets, Less Liabilities .8% 148,910 75
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $19,854,283 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. The interest rate shown
is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--OREGON FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.8%
Certificates of Participation--5.3%
$ 500M Oregon State Dept. of Administrative Services 5.65%
5/1/2007* $ 530,625 $ 378
100M Oregon State Dept. of General Services 6% 9/1/2010 104,875 75
100M Washington County Educational Service District 7%
6/1/2005* 112,250 80
- ------------------------------------------------------------------------------------------------------------------
747,750 533
- ------------------------------------------------------------------------------------------------------------------
Education--3.8%
200M Chemeketa Commmunity College District 6.4%
7/1/2009 217,000 154
100M Multnomah County Educl. Facs. (Univ. of Portland)
5.1% 4/1/2013 99,375 71
200M Oregon State Hlth. & Hsg. Educl. & Cult. Facs.
(Lewis & Clark College) 6% 10/1/2013 215,000 153
- ------------------------------------------------------------------------------------------------------------------
531,375 378
- ------------------------------------------------------------------------------------------------------------------
General Obligation--50.1%
300M Chemeketa Commmunity College District 5.8%
6/1/2006* 319,125 227
200M Clackamas County School District #115, 5.8%
6/1/2004* 214,500 153
750M Columbia County School District #502, Zero Coupon
6/1/2014 340,313 242
250M Jackson County School District #005 (Ashland) 5.7%
6/1/2007 265,625 189
200M Josephine County School District (Three Rivers) 5.65%
12/1/2008 207,500 148
200M Klamath County Series "A" 5.3% 6/1/2011 205,250 146
245M La Grande 5 5/8% 6/1/2011 252,656 180
Lane County School District:
200M #019 (Springfield) 6 1/4% 10/15/2004* 217,750 155
250M #019 (Springfield) 6% 10/15/2014 271,875 193
115M #052 (Bethel) 7% 12/1/2006 131,387 93
200M Lincoln County School District 5 1/4% 6/15/2012 201,750 144
180M Linn County School District #095 (Scio) 5 3/4% 7/15/2011 186,975 133
100M Marion & Linn Counties Elem. School Dist. #077J
(Stayton) 6.1% 7/1/2005* 107,750 77
200M Polk Marion & Benton Counties School District #13J,
5 1/2% 12/1/2008 207,750 148
Puerto Rico Commonwealth:
540M 6 1/4% 7/1/2012 608,175 433
650M 6 1/4% 7/1/2013 728,813 519
Salem-Keizer School District #24J:
500M 5 3/8% 6/1/2014 505,000 359
500M 5% 6/1/2017 480,625 342
250M Tillamook County 5.6% 1/15/2012 257,500 183
Umatilla County School District #016R (Pendleton):
200M 6% 7/1/2004* 214,750 153
500M 5 1/4% 7/1/2014 504,375 359
170M Washington County School District #003 (Hillsboro)
6% 11/1/2005* 182,963 130
Washington County School District #88J (Sherwood):
145M 6.1% 6/1/2005* 156,056 111
55M 6.1% 6/1/2012 58,781 42
200M Yamhill County School District #029J (Newberg)
6.1% 6/1/2004* 215,000 153
- ------------------------------------------------------------------------------------------------------------------
7,042,244 5,012
- ------------------------------------------------------------------------------------------------------------------
Health Care--3.6%
25M Clackamas County Health Facs. Auth.
(Adventist Health) 6.35% 3/1/2009 26,469 19
500M Clackamas County Hospital Facs. Auth.
(Legacy Health System) 5% 2/15/2016 481,250 342
- ------------------------------------------------------------------------------------------------------------------
507,719 361
- ------------------------------------------------------------------------------------------------------------------
Housing--4.8%
Oregon State Housing & Community Svcs. Dept.
Mtge. Rev. Single Family Mortgage Program:
250M 6% 7/1/2012 260,625 185
400M 5.95% 7/1/2013 413,500 295
- ------------------------------------------------------------------------------------------------------------------
674,125 480
- ------------------------------------------------------------------------------------------------------------------
Transportation--7.1%
Oregon State Department of Transportation Revenue:
100M 7% 6/1/2004 111,250 79
100M 6.2% 6/1/2008 107,500 77
200M 6 1/4% 6/1/2009 216,250 154
500M Puerto Rico Highway & Transportation Authority
Highway Revenue 6 1/4% 7/1/2014 560,625 399
- ------------------------------------------------------------------------------------------------------------------
995,625 709
- ------------------------------------------------------------------------------------------------------------------
Utilities--20.5%
Emerald Peoples Utility District:
100M 6.4% 11/1/2001* 105,000 75
325M 7.35% 11/1/2011 396,094 282
200M Klamath Falls Water Revenue 6.1% 6/1/2014 214,000 152
250M Marion County Solid Waste & Elec. Revenue 5 3/8%
10/1/2008 258,438 184
250M Portland Gas Tax Revenue 5 3/4% 6/1/2012 265,312 189
Portland Sewer System Revenue:
400M 6.2% 6/1/2004* 433,000 308
200M 6 1/4% 6/1/2004* 216,500 154
250M Salem Water & Sewer Revenue 5 1/2% 6/1/2012 258,437 184
200M South Fork Water Board Water Revenue 6% 2/1/2004* 214,000 152
Washington County Unified Sewer Agency:
250M 5 3/4% 10/1/2012 268,125 191
240M 5 1/2% 10/1/2014 249,000 177
- ------------------------------------------------------------------------------------------------------------------
2,877,906 2,048
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--3.6%
100M Puerto Rico Municipal Finance Agency 6% 7/1/2014 107,000 76
355M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2012 399,819 285
- ------------------------------------------------------------------------------------------------------------------
506,819 361
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $13,321,886) 98.8% 13,883,563 9,882
Other Assets, Less Liabilities 1.2 166,312 118
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $14,049,875 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--PENNSYLVANIA FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.4%
Education--8.4%
$ 1,570M Allegheny Cnty. Higher Educ. Bldg. Auth. (Duquesne
Univ.) 5 1/2% 3/1/2020 $ 1,615,137 $ 394
675M Northeast. Pa. Hosp. & Ed. Auth. (Luzerne Cnty.
Cmnty. College) 6.55% 2/15/2005* 739,125 180
1,000M Philadelphia Hosp. & Higher Edl. Facs. Auth.
(Cmnty. College) 6 1/8% 5/1/2004* 1,086,250 265
- ------------------------------------------------------------------------------------------------------------------
3,440,512 839
- ------------------------------------------------------------------------------------------------------------------
General Obligation--17.2%
1,470M Erie 5.7% 5/15/2007* 1,556,363 379
1,310M General McLane School District 5 3/4% 5/15/2007* 1,390,237 339
Philadelphia:
615M 6% 11/15/2004* 668,044 163
385M 6% 11/15/2014 413,875 101
1,500M Pittsburgh 5 1/2% 9/1/2014 1,545,000 376
1,000M Stroudsburg Area School District 5.8% 10/1/2005* 1,063,750 259
400M Trinity Area School District 6 5/8% 11/1/2001* 422,000 103
- ------------------------------------------------------------------------------------------------------------------
7,059,269 1,720
- ------------------------------------------------------------------------------------------------------------------
Health Care--25.9%
Allegheny County Hospital Development Authority:
1,000M Allegheny General Hospital Project 6.2% 9/1/2015 1,016,250 248
Health Center - University of Pittsburgh:
1,000M 5.6% 4/1/2013 1,032,500 251
1,000M 5.65% 4/1/2014 1,036,250 253
1,250M South Hills Health System 5.8% 5/1/2016 1,304,688 318
1,500M Berks County Mun. Auth. Hosp. (Reading Hosp. Med.
Ctr.) 5.7% 10/1/2014 1,567,500 382
1,100M Blair County Hosp. Auth. Rev. (Altoona Hosp.) 6 3/8%
7/1/2014 1,183,875 288
Dauphin County Gen. Health System (Pinnacle Health
System):
1,000M 5 1/2% 5/15/2013 1,018,750 248
1,000M 5 1/8% 8/15/2017 963,750 235
1,000M Pennsylvania State Higher Edl. Facs. Auth. Health
Svcs. 5.7% 11/15/2011 1,001,250 244
500M St. Mary Hosp. Auth., Langhorne Hosp. Rev.
(Franciscan Health) 7% 7/1/2014 517,175 126
- ------------------------------------------------------------------------------------------------------------------
10,641,988 2,593
- ------------------------------------------------------------------------------------------------------------------
Housing--1.9%
Pennsylvania Housing Finance Agency
Single-Family Mtge.:
460M 7.15% 4/1/2015 478,400 117
285M 7.3% 10/1/2017 297,112 72
- ------------------------------------------------------------------------------------------------------------------
775,512 189
- ------------------------------------------------------------------------------------------------------------------
Utilities--33.5%
Allegheny County Sanitation Authority Sewer Revenue:
1,100M 6 1/2% 12/1/2001* 1,159,125 282
1,000M 6 1/4% 12/1/2014 1,088,750 265
250M Harrisburg Authority Water Revenue 6 1/2% 8/15/2002* 265,938 65
1,000M North Pennsylvania Water Authority 6 7/8% 11/1/2004* 1,118,750 273
1,000M North Wales Water Authority 6 3/4% 11/1/2004* 1,105,000 269
1,000M Philadelphia Gas Works Revenue 5 1/2% 7/1/2015 1,017,500 248
Philadelphia Water & Wastewater:
1,230M 6 1/4% 8/1/2011 1,359,150 331
2,000M 6 1/4% 8/1/2012 2,220,000 541
2,950M Pittsburgh Water & Sewer Authority 6 1/2% 9/1/2013 3,351,937 817
1,000M Washington County Indl. Dev. Auth. (West Penn.
Power) 6.05% 4/1/2014 1,065,000 260
- ------------------------------------------------------------------------------------------------------------------
13,751,150 3,351
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--11.5%
1,500M Harrisburg Authority Pooled Bond Program 5 5/8%
4/01/2015 1,533,750 374
1,000M Pennsylvania Intergovernmental Coop. Auth. Spl.
Tax Rev. 7% 6/15/2005* 1,123,750 274
1,000M Pennsylvania State Industrial Development Authority
6% 1/1/2012 1,063,750 259
1,000M Philadelphia Authority Ind. Dev. Lease Rev. 5.4%
2/15/2017 1,005,000 245
- ------------------------------------------------------------------------------------------------------------------
4,726,250 1,152
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $38,082,831) 40,394,681 9,844
- ------------------------------------------------------------------------------------------------------------------
SHORT-TERM TAX EXEMPT
INVESTMENTS--.3%
100M South Fork Municipal Authority Hospital Revenue
(Conemaugh Health System)
Adjustable Rate Note 3.85%** (cost $100,000) 100,000 24
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Investments
(cost $38,182,831) 98.7% 40,494,681 9,868
Other Assets, Less Liabilities 1.3 542,089 132
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $41,036,770 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
** Interest rates on Adjustable Rate Notes are determined and reset daily by the issuer. The interest rate shown
is the rate in effect at June 30, 1999.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Portfolio of Investments
First Investors Multi-State Insured Tax Free Fund--VIRGINIA FUND
June 30, 1999
- ------------------------------------------------------------------------------------------------------------------
Amount
Invested
For Each
Principal $10,000 of
Amount Security Value Net Assets
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
MUNICIPAL BONDS--98.2%
Education--7.6%
$ 575M George Mason University 6 3/8% 2/1/2016 $ 624,594 $ 269
1,100M Norfolk Redev. & Hsg. Auth.
(Tidewater Cmnty. College) 5 7/8% 11/1/2015 1,153,625 496
- ------------------------------------------------------------------------------------------------------------------
1,778,219 765
- ------------------------------------------------------------------------------------------------------------------
General Obligation--13.6%
625M Bristol 5.2% 4/1/2014 625,781 269
1,000M Chesapeake Public Improvement 5% 5/1/2013 986,250 424
1,000M Richmond 5 3/8% 1/15/2015 1,007,500 433
500M Virginia State Public School Authority 6 1/2% 8/1/2004* 551,875 238
- ------------------------------------------------------------------------------------------------------------------
3,171,406 1,364
- ------------------------------------------------------------------------------------------------------------------
Health Care--13.3%
1,150M Danville Ind. Dev. Auth. (Danville Reg. Med. Ctr.)
6 3/8% 10/1/2004* 1,259,250 541
1,675M Roanoke Indl. Dev. Auth. (Roanoke Memorial
Hospitals Project) 6 1/8% 7/1/2017 1,829,937 787
- ------------------------------------------------------------------------------------------------------------------
3,089,187 1,328
- ------------------------------------------------------------------------------------------------------------------
Transportation--20.0%
1,000M Puerto Rico Commonwealth Highway &
Transportation Authority 6 1/4% 7/1/2014 1,121,250 482
Richmond Metropolitan Authority Expressway Revenue:
280M 7% 10/15/2000* 299,600 129
1,075M 5 1/4% 7/15/2017 1,079,031 464
Washington, D.C. Metropolitan Area Transportation
Authority:
1,000M 6% 7/1/2008 1,082,500 465
1,000M 6% 7/1/2010 1,081,250 465
- ------------------------------------------------------------------------------------------------------------------
4,663,631 2,005
- ------------------------------------------------------------------------------------------------------------------
Utilities--16.3%
750M Leesburg Utility System Revenue 6.3% 7/1/2002* 805,313 346
500M Loudoun County Sanitation Authority Water & Sewer
Revenue 6 1/4% 1/1/2010 535,625 230
1,000M Norfolk Water Revenue 5 7/8% 11/1/2015 1,055,000 454
1,000M Prince William County Svc. Auth. Water & Sewer Sys.
Rev. 6 1/2% 7/1/2001* 1,063,750 458
- ------------------------------------------------------------------------------------------------------------------
300M Upper Occoquan Sewer Authority Regional Sewer
Revenue 6 1/2% 7/1/2001* 319,125 137
- ------------------------------------------------------------------------------------------------------------------
3,778,813 1,625
- ------------------------------------------------------------------------------------------------------------------
Other Revenue--27.4%
1,000M Chesapeake Indl. Dev. Auth. (Chesapeake Court
House Proj.) 5 1/4% 6/1/2017 992,500 427
700M Frederick County Indl. Dev. Auth. (Govt. Complex
Proj.) 6 1/2% 12/1/2014 768,250 331
1,340M Montgomery County Indl. Dev. Auth. Lease Revenue
5 1/8% 1/15/2021 1,291,425 555
1,000M Puerto Rico Public Buildings Authority 6 1/4% 7/1/2014 1,126,250 484
1,000M Richmond Redev. & Hsg. Auth. (Old Manchester
Projects) 6.8% 3/1/2005* 1,123,750 483
1,000M Riverside Regional Jail Authority 5 7/8% 7/1/2014 1,057,500 455
- ------------------------------------------------------------------------------------------------------------------
6,359,675 2,735
- ------------------------------------------------------------------------------------------------------------------
Total Value of Municipal Bonds (cost $21,451,984) 98.2% 22,840,931 9,822
Other Assets, Less Liabilities 1.8 413,883 178
- ------------------------------------------------------------------------------------------------------------------
Net Assets 100.0% $23,254,814 $10,000
==================================================================================================================
* Municipal Bonds which have been prerefunded are shown maturing at the prerefunded call date.
See notes to financial statements
</TABLE>
This page intentionally left blank.
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
FIRST INVESTORS
June 30, 1999
- ------------------------ ------------ ------------ -------- -----------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------
INSURED NEW YORK
INTERMEDIATE INSURED INSURED
TAX EXEMPT TAX EXEMPT TAX FREE ARIZONA CALIFORNIA COLORADO CONNECTICUT
- ------------------------ ------------ ------------ -------- -----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $8,777,277 $ 952,933,988 $172,074,433 $12,000,311 $12,887,871 $3,828,968 $20,604,280
=========== ============== ============ =========== =========== =========== ===========
At value (Note 1A) $8,966,125 $1,028,048,951 $181,093,317 $12,684,340 $14,109,275 $4,043,163 $21,726,269
Cash 75,545 2,204,083 337,588 101,413 80,345 122,340 97,679
Receivables:
Interest 107,471 17,906,044 3,618,504 273,273 242,385 35,915 411,556
Shares sold 96,756 40,841 212,914 -- 324 187 2,976
Investment securities sold -- 12,955,406 5,949,479 -- -- -- --
----------- -------------- ------------ ----------- ----------- ----------- -----------
Total Assets 9,245,897 1,061,155,325 191,211,802 13,059,026 14,432,329 4,201,605 22,238,480
Liabilities
Payables:
Investment securities purchased -- 19,402,666 9,341,607 -- -- -- 238,780
Dividends payable 28,834 3,895,816 663,721 52,247 55,341 16,667 79,905
Shares redeemed -- 1,699,606 120,095 -- -- -- 11,628
Accrued advisory fees 3,276 666,405 104,158 3,539 6,645 1,463 2,538
Accrued expenses 20,291 67,587 12,377 -- 5,204 -- 2,760
----------- -------------- ------------ ----------- ----------- ----------- -----------
Total Liabilities 52,401 25,732,080 10,241,958 55,786 67,190 18,130 335,611
----------- -------------- ------------ ----------- ----------- ----------- -----------
Net Assets $9,193,496 $1,035,423,245 $180,969,844 $13,003,240 $14,365,139 $4,183,475 $21,902,869
=========== ============== ============ =========== =========== =========== ===========
Net Assets Consist of:
Capital paid in $8,973,965 $ 959,665,401 $172,057,040 $12,350,527 $13,092,019 $3,973,252 $20,804,594
Undistributed net investment
income 7,674 3,247,248 419,051 28,287 50,528 6,485 38,009
Accumulated net realized
gain (loss) on investments 23,009 (2,604,367) (525,131) (59,603) 1,188 (10,457) (61,723)
Net unrealized appreciation
in value of investments 188,848 75,114,963 9,018,884 684,029 1,221,404 214,195 1,121,989
----------- -------------- ------------ ----------- ----------- ----------- -----------
Total $9,193,496 $1,035,423,245 $180,969,844 $13,003,240 $14,365,139 $4,183,475 $21,902,869
=========== ============== ============ =========== =========== =========== ===========
Net Assets:
Class A $8,178,742 $1,031,252,544 $175,459,375 $12,516,220 $13,897,067 $3,821,208 $18,848,315
Class B $1,014,754 $ 4,170,701 $ 5,510,469 $ 487,020 $ 468,072 $ 362,267 $ 3,054,554
Shares outstanding (Note 2):
Class A 1,391,575 102,334,021 12,345,559 953,397 1,192,072 301,251 1,463,655
Class B 172,501 413,918 387,694 37,117 40,174 28,573 237,327
Net asset value and redemption
price per share - Class A $5.88 $10.08 $14.21 $13.13 $11.66 $12.68 $12.88
===== ====== ====== ====== ====== ====== ======
Maximum offering price per
share - Class A* $6.27 $10.75 $15.16 $14.01 $12.44 $13.53 $13.74
===== ====== ====== ====== ====== ====== ======
Net asset value and offering price
per share - Class B (Note 2) $5.88 $10.08 $14.21 $13.12 $11.65 $12.68 $12.87
===== ====== ====== ====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
FIRST INVESTORS
June 30, 1999
- -------------------------- ----------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------------------------------------------------
FLORIDA GEORGIA MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA MISSOURI
- -------------------------- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $22,994,467 $4,723,496 $14,882,163 $21,715,892 $36,450,377 $7,770,432 $2,612,968
=========== ============== ============ =========== =========== =========== ===========
At value (Note 1A) $24,543,407 $4,937,194 $15,454,288 $22,729,866 $39,236,931 $8,105,371 $2,726,194
Cash 47,109 1,390,742 91,943 43,955 424,770 90,302 22,017
Receivables:
Interest 353,907 77,315 300,919 363,840 479,181 164,698 43,331
Shares sold 34,891 418 60,235 9,711 60,452 1,874 37,507
Investment securities sold 977,205 123,614 -- -- -- 35,000 --
----------- -------------- ------------ ----------- ----------- ----------- -----------
Total Assets 25,956,519 6,529,283 15,907,385 23,147,372 40,201,334 8,397,245 2,829,049
----------- -------------- ------------ ----------- ----------- ----------- -----------
Liabilities
Payables:
Investment securities
purchased 993,454 1,467,350 -- -- 1,518,960 -- --
Dividends payable 95,367 15,901 62,131 91,208 147,550 34,152 11,032
Shares redeemed 16,635 -- 7,000 3,205 13,674 10,274 --
Accrued advisory fees 5,685 1,282 4,273 8,894 17,580 2,278 949
Accrued expenses 5,160 -- -- 3,214 1,065 -- --
----------- -------------- ------------ ----------- ----------- ----------- -----------
Total Liabilities 1,116,301 1,484,533 73,404 106,521 1,698,829 46,704 11,981
----------- -------------- ------------ ----------- ----------- ----------- -----------
Net Assets $24,840,218 $ 5,044,750 $15,833,981 $23,040,851 $38,502,505 $ 8,350,541 $ 2,817,068
=========== ============== ============ =========== =========== =========== ===========
Net Assets Consist of:
Capital paid in $23,231,522 $ 4,831,161 $ 15,258,386 $21,946,809 $35,696,234 $ 8,075,964 $ 2,754,327
Undistributed net investment
income 67,406 4,623 16,014 76,197 27,112 7,621 4,194
Accumulated net realized
gain (loss) on investments (7,650) (4,732) (12,544) 3,871 (7,395) (67,983) (54,679)
Net unrealized appreciation
in value of investments 1,548,940 213,698 572,125 1,013,974 2,786,554 334,939 113,226
----------- -------------- ------------ ----------- ----------- ----------- -----------
Total $24,840,218 $5,044,750 $15,833,981 $23,040,851 $38,502,505 $8,350,541 $2,817,068
=========== ============== ============ =========== =========== =========== ===========
Net Assets:
Class A $24,026,233 $ 4,800,979 $ 13,392,515 $21,509,237 $37,344,883 $ 8,269,249 $ 2,600,780
Class B $ 813,985 $ 243,771 $ 2,441,466 $ 1,531,614 $ 1,157,622 $ 81,292 $ 216,288
Shares outstanding (Note 2):
Class A 1,831,446 376,993 1,022,093 1,856,238 2,969,771 728,968 207,918
Class B 62,048 19,165 186,369 132,236 92,091 7,163 17,285
Net asset value and
redemption price per
share - Class A $13.12 $12.73 $13.10 $11.59 $12.58 $11.34 $12.51
====== ====== ====== ====== ====== ====== ======
Maximum offering price per
share - Class A* $13.99 $13.58 $13.97 $12.36 $13.42 $12.10 $13.34
====== ====== ====== ====== ====== ====== ======
Net asset value and offering
price per share - Class B
(Note 2) $13.12 $12.72 $13.10 $11.58 $12.57 $11.35 $12.51
====== ====== ====== ====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
FIRST INVESTORS
June 30, 1999
- -------------------------- ----------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------------------------------------------------
NORTH
NEW JERSEY CAROLINA OHIO OREGON PENNSYLVANIA VIRGINIA
- -------------------------- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Assets
Investments in securities:
At identified cost $55,428,820 $9,464,443 $18,455,198 $13,321,886 $38,182,831 $21,451,984
=========== ============== ============ =========== =========== ===========
At value (Note 1A) $59,005,152 $9,765,702 $19,705,373 $13,883,563 $40,494,681 $22,840,931
Cash 57,482 99,612 26,757 37,391 157,008 118,500
Receivables:
Interest 1,213,033 146,616 160,158 191,623 596,598 439,853
Shares sold 95,119 5,207 53,593 528 798 4,710
Investment securities sold -- -- -- -- 1,794,731 --
----------- -------------- ------------ ----------- ----------- -----------
Total Assets 60,370,786 10,017,137 19,945,881 14,113,105 43,043,816 23,403,994
----------- -------------- ------------ ----------- ----------- -----------
Liabilities
Payables:
Investment securities
purchased -- 688,389 -- -- 1,820,300 --
Dividends payable 220,229 35,330 77,735 51,473 157,188 89,325
Shares redeemed 181,704 -- -- 8,000 10,125 46,578
Accrued advisory fees 32,828 3,145 7,419 3,757 18,714 7,400
Accrued expenses 10,322 -- 6,444 -- 719 5,877
----------- -------------- ------------ ----------- ----------- -----------
Total Liabilities 445,083 726,864 91,598 63,230 2,007,046 149,180
----------- -------------- ------------ ----------- ----------- -----------
Net Assets $59,925,703 $9,290,273 $19,854,283 $14,049,875 $41,036,770 $23,254,814
=========== ============== ============ =========== =========== ===========
Net Assets Consist of:
Capital paid in $56,326,029 $9,063,927 $18,560,705 $13,668,253 $38,567,079 $21,824,776
Undistributed net investment
income 93,925 10,596 63,080 11,056 113,937 40,925
Accumulated net realized gain
(loss) on investments (70,583) (85,509) (19,677) (191,111) 43,904 166
Net unrealized appreciation
in value of investments 3,576,332 301,259 1,250,175 561,677 2,311,850 1,388,947
----------- -------------- ------------ ----------- ----------- -----------
Total $59,925,703 $9,290,273 $19,854,283 $14,049,875 $41,036,770 $23,254,814
=========== ============== ============ =========== =========== ===========
Net Assets:
Class A $56,746,471 $8,870,637 $19,347,241 $12,943,509 $39,133,019 $22,035,160
Class B $ 3,179,232 $ 419,636 $ 507,042 $ 1,106,366 $ 1,903,751 $ 1,219,654
Shares outstanding (Note 2):
Class A 4,436,468 711,580 1,578,367 1,055,411 3,057,669 1,726,487
Class B 248,967 33,656 41,365 90,342 148,842 95,719
Net asset value and redemption
price per share - Class A $12.79 $12.47 $12.26 $12.26 $12.80 $12.76
====== ====== ====== ====== ====== ======
Maximum offering price per
share - Class A* $13.64 $13.30 $13.08 $13.08 $13.65 $13.61
====== ====== ====== ====== ====== ======
Net asset value and offering price
per share - Class B (Note 2) $12.77 $12.47 $12.26 $12.25 $12.79 $12.74
====== ====== ====== ====== ====== ======
* On purchases of $25,000 or more, the sales charge is reduced.
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
FIRST INVESTORS
Six Months Ended June 30, 1999
- ------------------------ ---------- ------------- ------------ -----------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------
INSURED NEW YORK
INTERMEDIATE INSURED INSURED
TAX EXEMPT TAX EXEMPT TAX FREE ARIZONA CALIFORNIA COLORADO CONNECTICUT
- ------------------------ ---------- ------------- ------------ -----------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income
Interest income $204,179 $32,731,117 $5,571,052 $351,759 $439,788 $114,668 $598,810
----------- -------------- ------------ ----------- ----------- ----------- -----------
Expenses (Notes 1 and 5):
Advisory fees 28,420 3,833,286 711,006 46,079 56,022 15,825 79,303
Distribution plan
expenses - Class A 12,708 1,470,552 276,492 11,792 14,431 3,848 18,046
Distribution plan
expenses - Class B 5,010 20,300 26,366 2,478 2,544 1,856 15,508
Shareholder servicing costs 7,018 420,044 74,418 4,499 4,630 2,857 7,952
Professional fees 7,274 38,990 13,808 2,202 3,191 768 8,248
Custodian fees 1,264 54,469 13,252 1,105 1,034 447 1,477
Reports to shareholders 748 48,578 5,482 199 106 134 748
Bond insurance premiums 408 34,049 4,868 -- -- -- 1,387
Other expenses 5,060 175,765 17,841 1,507 3,539 848 2,547
----------- -------------- ------------ ----------- ----------- ----------- -----------
Total expenses 67,910 6,096,033 1,143,533 69,861 85,497 26,583 135,216
Less: Expenses waived or
assumed (38,231) -- (113,761) (36,220) (23,245) (15,581) (36,813)
Custodian fees paid
indirectly (1,264) (41,191) (5,395) (1,025) (1,034) (447) (1,477)
----------- -------------- ------------ ----------- ----------- ----------- -----------
Expenses - net 28,415 6,054,842 1,024,377 32,616 61,218 10,555 96,926
----------- -------------- ------------ ----------- ----------- ----------- -----------
Net investment income 175,764 26,676,275 4,546,675 319,143 378,570 104,113 501,884
----------- -------------- ------------ ----------- ----------- ----------- -----------
Realized and Unrealized
Gain (Loss) on
Investments (Note 4):
Net realized gain (loss)
on investments 44,841 1,140,770 (525,131) (13,357) 2,201 7,640 (11,871)
Net unrealized depreciation
of investments (259,073) (52,814,499) (8,115,314) (485,218) (716,346) (166,137) (798,614)
----------- -------------- ------------ ----------- ----------- ----------- -----------
Net loss on investments (214,232) (51,673,729) (8,640,445) (498,575) (714,145) (158,497) (810,485)
----------- -------------- ------------ ----------- ----------- ----------- -----------
Net Decrease in Net Assets
Resulting from Operations $(38,468) $(24,997,454) $(4,093,770) $(179,432) $(335,575) $(54,384) $(308,601)
=========== ============== ============ =========== =========== =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
FIRST INVESTORS
Six Months Ended June 30, 1999
- -------------------------- ----------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
----------------------------------------------------------------------------------------------------
FLORIDA GEORGIA MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA MISSOURI
- -------------------------- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income
Interest income $742,496 $99,348 $395,313 $711,303 $1,099,399 $238,162 $68,918
----------- -------------- ------------ ----------- ----------- ----------- -----------
Expenses (Notes 1 and 5):
Advisory fees 97,556 13,617 54,045 89,294 150,356 31,894 9,322
Distribution plan
expenses - Class A 25,177 3,366 12,064 22,343 38,995 8,446 2,242
Distribution plan
expenses - Class B 4,195 1,326 11,747 7,344 5,497 297 1,220
Shareholder servicing costs 8,865 1,802 6,019 8,981 13,919 3,880 1,610
Professional fees 7,501 662 2,095 4,372 8,116 1,059 3,435
Custodian fees 1,826 369 1,086 1,640 2,846 695 431
Reports to shareholders 578 82 2,006 1,048 1,371 186 73
Bond insurance premiums -- -- -- -- 863 -- --
Other expenses 4,605 799 3,828 4,552 3,261 2,522 985
----------- -------------- ------------ ----------- ----------- ----------- -----------
Total expenses 150,303 22,023 92,890 139,574 225,224 48,979 19,318
Less: Expenses waived or
assumed (42,120) (12,765) (46,752) (37,738) (50,119) (26,974) (12,523)
Custodian fees paid
indirectly (1,792) (369) (1,086) (1,640) (2,215) (695) (431)
----------- -------------- ------------ ----------- ----------- ----------- -----------
Expenses - net 106,391 8,889 45,052 100,196 172,890 21,310 6,364
----------- -------------- ------------ ----------- ----------- ----------- -----------
Net investment income 636,105 90,459 350,261 611,107 926,509 216,852 62,554
----------- -------------- ------------ ----------- ----------- ----------- -----------
Realized and Unrealized
Gain (Loss) on
Investments (Note 4):
Net realized gain (loss)
on investments (7,650) (4,188) 6,962 3,871 (7,395) (2,917) (621)
Net unrealized depreciation
of investments (1,270,606) (147,188) (605,174) (930,934) (1,609,445) (302,064) (98,131)
----------- -------------- ------------ ----------- ----------- ----------- -----------
Net loss on investments (1,278,256) (151,376) (598,212) (927,063) (1,616,840) (304,981) (98,752)
----------- -------------- ------------ ----------- ----------- ----------- -----------
Net Decrease in Net Assets
Resulting from Operations $(642,151) $(60,917) $(247,951) $(315,956) $(690,331) $(88,129) $(36,198)
=========== ============== ============ =========== =========== =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Operations
FIRST INVESTORS
Six Months Ended June 30, 1999
- ------------------------ ----------------------------------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
-----------------------------------------------------
NORTH
NEW JERSEY CAROLINA OHIO OREGON PENNSYLVANIA VIRGINIA
- ------------------------ -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Investment Income
Interest income $1,762,019 $234,447 $594,333 $367,468 $1,156,172 $685,648
----------- -------------- ------------ ----------- ----------- -----------
Expenses (Notes 1 and 5):
Advisory fees 234,181 33,757 75,016 54,336 159,561 92,072
Distribution plan
expenses - Class A 59,386 8,676 19,817 13,411 40,476 23,216
Distribution plan
expenses - Class B 15,311 1,629 2,271 5,397 10,364 6,680
Shareholder servicing costs 21,076 3,905 9,835 8,255 14,881 11,126
Professional fees 7,453 6,243 6,055 5,232 7,138 5,676
Custodian fees 4,025 760 2,128 1,134 3,372 1,675
Reports to shareholders 2,002 183 970 387 1,489 1,070
Bond insurance premiums 1,000 -- 703 -- 557 1,510
Other expenses 11,277 1,250 322 1,467 2,992 5,676
----------- -------------- ------------ ----------- ----------- -----------
Total expenses 355,711 56,403 117,117 89,619 240,830 148,701
Less: Expenses waived or
assumed (46,836) (34,957) (33,177) (48,284) (53,187) (44,432)
Custodian fees paid
indirectly (3,827) (760) (1,285) (1,134) (1,766) (1,675)
----------- -------------- ------------ ----------- ----------- -----------
Expenses - net 305,048 20,686 82,655 40,201 185,877 102,594
----------- -------------- ------------ ----------- ----------- -----------
Net investment income 1,456,971 213,761 511,678 327,267 970,295 583,054
----------- -------------- ------------ ----------- ----------- -----------
Realized and Unrealized
Gain (Loss) on
Investments (Note 4):
Net realized gain (loss)
on investments (70,583) (5,616) (19,677) (27,754) 43,904 173
Net unrealized depreciation
of investments (2,462,926) (320,197) (724,571) (574,751) (1,516,481) (945,838)
----------- -------------- ------------ ----------- ----------- -----------
Net loss on investments (2,533,509) (325,813) (744,248) (602,505) (1,472,577) (945,665)
----------- -------------- ------------ ----------- ----------- -----------
Net Decrease in Net Assets
Resulting from Operations $(1,076,538) $(112,052) $(232,570) $(275,238) $(502,282) $(362,611)
=========== ============== ============ =========== =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- -------------------------------------------------- -----------------------------------------------------------------
INSURED INTERMEDIATE INSURED
TAX EXEMPT TAX EXEMPT
--------------------------- ------------------------
1/1/99 to 1/1/99 to
6/30/99 1998 6/30/99 1998
- -------------------------------------------------- -----------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 175,764 $ 408,802 $ 26,676,275 $ 52,191,758
Net realized gain (loss) on investments 44,841 153,017 1,140,770 4,350,118
Net unrealized appreciation (depreciation)
of investments (259,073) (15,130) (52,814,499) 5,576,047
----------- -------------- ------------ -----------
Net increase (decrease) in net assets resulting
from operations. (38,468) 546,689 (24,997,454) 62,117,923
----------- -------------- ------------ -----------
Distributions to Shareholders
Net investment income - Class A (154,726) (382,903) (23,733,051) (51,992,144)
Net investment income - Class B (13,364) (35,153) (74,693) (139,136)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
----------- -------------- ------------ -----------
Total distributions (168,090) (418,056) (23,807,744) (52,131,280)
----------- -------------- ------------ -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,040,477 1,897,134 10,295,365 28,870,405
Reinvestment of distributions 90,437 255,404 15,236,362 39,823,598
Cost of shares redeemed (1,441,689) (939,120) (64,562,378) (151,567,231)
----------- -------------- ------------ -----------
(310,775) 1,213,418 (39,030,651) (82,873,228)
----------- -------------- ------------ -----------
Class B:
Proceeds from shares sold 191,308 324,697 636,563 878,737
Reinvestment of distributions 8,167 25,323 53,622 116,143
Cost of shares redeemed (162,620) (170,139) (207,377) (606,637)
----------- -------------- ------------ -----------
36,855 179,881 482,808 388,243
----------- -------------- ------------ -----------
Net increase (decrease) from share transactions (273,920) 1,393,299 (38,547,843) (82,484,985)
----------- -------------- ------------ -----------
Net increase (decrease) in net assets (480,478) 1,521,932 (87,353,041) (72,498,342)
Net Assets
Beginning of period 9,673,974 8,152,042 1,122,776,286 1,195,274,628
----------- -------------- -------------- --------------
End of period+ $ 9,193,496 $ 9,673,974 $1,035,423,245 $1,122,776,286
=========== ============== ============== ==============
+Includes undistributed net investment income of $ 7,674 $ -- $ 3,247,248 $ 378,717
=========== ============== ============== ==============
(a) Shares Issued and Redeemed
Class A:
Sold 173,626 317,906 985,773 2,745,318
Issued for distributions reinvested 15,019 42,864 1,456,131 3,798,052
Redeemed (239,234) (158,006) (6,188,474) (14,459,581)
----------- -------------- -------------- --------------
Net increase (decrease) in Class A shares
outstanding (50,589) 202,764 (3,746,570) (7,916,211)
=========== ============== ============== ==============
Class B:
Sold 31,862 54,364 61,012 83,541
Issued for distributions reinvested 1,355 4,244 5,127 11,071
Redeemed (26,907) (28,578) (19,839) (57,995)
----------- -------------- -------------- --------------
Net increase in Class B shares
outstanding 6,310 30,030 46,300 36,617
=========== ============== ============== ==============
See notes to financial statements
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
NEW YORK MULTI-STATE INSURED
INSURED TAX FREE ARIZONA
------------------------ ----------------------
1/1/99 to 1/1/99 to
6/30/99 1998 6/30/99 1998
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 4,546,675 $ 8,784,334 $ 319,143 $ 520,583
Net realized gain (loss) on investments (525,131) 1,855,430 (13,357) 38,699
Net unrealized appreciation (depreciation)
of investments (8,115,314) (57,095) (485,218) 88,188
----------- ----------- ----------- -----------
Net increase (decrease) in net assets resulting
from operations. (4,093,770) 10,582,669 (179,432) 647,470
----------- ----------- ----------- -----------
Distributions to Shareholders
Net investment income - Class A (4,031,477) (8,631,460) (285,222) (498,161)
Net investment income - Class B (96,147) (172,992) (10,004) (18,089)
Net realized gains - Class A -- (1,811,151) -- --
Net realized gains - Class B -- (50,918) -- --
Total distributions (4,127,624) (10,666,521) (295,226) (516,250)
----------- ----------- ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 3,885,930 8,482,447 2,291,305 1,873,481
Reinvestment of distributions 2,459,109 7,708,106 124,429 266,865
Cost of shares redeemed (10,442,140) (23,835,964) (315,803) (1,084,999)
----------- ----------- ----------- -----------
(4,097,101) (7,645,411) 2,099,931 1,055,347
----------- ----------- ----------- -----------
Class B:
Proceeds from shares sold 856,113 1,882,792 31,835 87,136
Reinvestment of distributions 55,652 152,887 5,267 10,895
Cost of shares redeemed (437,794) (367,708) (20,330) (51,458)
----------- ----------- ----------- -----------
473,971 1,667,971 16,772 46,573
----------- ----------- ----------- -----------
Net increase (decrease) from share transactions (3,623,130) (5,977,440) 2,116,703 1,101,920
----------- ----------- ----------- -----------
Net increase (decrease) in net assets (11,844,524) (6,061,292) 1,642,045 1,233,140
Net Assets
Beginning of period 192,814,368 198,875,660 11,361,195 10,128,055
------------ ------------ ----------- -----------
End of period+ $180,969,844 $192,814,368 $13,003,240 $11,361,195
============ ============ =========== ===========
+Includes undistributed net investment income of $ 419,051 $ -- $ 28,287 $ 4,370
============ ============ =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 264,241 570,191 169,435 138,599
Issued for distributions reinvested 166,730 518,763 9,213 19,715
Redeemed (710,948) (1,603,307) (23,562) (80,274)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares
outstanding (279,977) (514,353) 155,086 78,040
============ ============ =========== ===========
Class B:
Sold 58,633 126,852 2,340 6,468
Issued for distributions reinvested 3,775 10,288 390 805
Redeemed (29,580) (24,762) (1,504) (3,850)
------------ ------------ ----------- -----------
Net increase in Class B shares
outstanding 32,828 112,378 1,226 3,423
============ ============ =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- ------------------------------------------------ ---------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------ ---------------------------------------------------------------------
CALIFORNIA COLORADO
---------------------- ---------------------
1/1/99 to 1/1/99 to
6/30/99 1998 6/30/99 1998
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 378,570 $ 698,055 $ 104,113 $ 186,573
Net realized gain (loss) on investments 2,201 138,965 7,640 6,145
Net unrealized appreciation (depreciation)
of investments (716,346) 89,987 (166,137) 37,825
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting
from operations. (335,575) 927,007 (54,384) 230,543
------------ ------------ ----------- -----------
Distributions to Shareholders
Net investment income - Class A (325,043) (679,429) (93,193) (169,316)
Net investment income - Class B (9,456) (14,501) (7,456) (14,712)
Net realized gains - Class A -- (135,517) -- --
Net realized gains - Class B -- (4,461) -- --
------------ ------------ ----------- -----------
Total distributions (334,499) (833,908) (100,649) (184,028)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,193,082 1,594,351 665,553 749,804
Reinvestment of distributions 138,634 451,949 49,651 101,964
Cost of shares redeemed (1,400,625) (3,123,781) (323,410) (746,101)
------------ ------------ ----------- -----------
(68,909) (1,077,481) 391,794 105,667
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 53,000 266,114 -- 10,000
Reinvestment of distributions 3,679 7,758 5,273 13,717
Cost of shares redeemed (46,298) (17,116) (4,102) (24,612)
------------ ------------ ----------- -----------
10,381 256,756 1,171 (895)
------------ ------------ ----------- -----------
Net increase (decrease) from share transactions (58,528) (820,725) 392,965 104,772
------------ ------------ ----------- -----------
Net increase (decrease) in net assets (728,602) (727,626) 237,932 151,287
Net Assets
Beginning of period 15,093,741 15,821,367 3,945,543 3,794,256
------------ ------------ ----------- -----------
End of period+ $ 14,365,139 $ 15,093,741 $ 4,183,475 $ 3,945,543
============ ============ =========== ===========
+Includes undistributed net investment income of $ 50,528 $ 6,457 $ 6,485 $ 3,021
(a) Shares Issued and Redeemed ============ ============ =========== ===========
Class A:
Sold 98,769 131,137 50,699 57,230
Issued for distributions reinvested 11,448 37,073 3,793 7,805
Redeemed (116,515) (257,038) (24,735) (57,208)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares
outstanding (6,298) (88,828) 29,757 7,827
============ ============ =========== ===========
Class B:
Sold 4,352 21,895 -- 772
Issued for distributions reinvested 304 636 403 1,051
Redeemed (3,809) (1,396) (311) (1,877)
------------ ------------ ----------- -----------
Net increase (decrease) in Class B shares
outstanding 847 21,135 92 (54)
============ ============ =========== ===========
See notes to financial statements
<CAPTION>
- ------------------------------------------------ --------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------ --------------------------------------------------------------------------
CONNECTICUT FLORIDA
---------------------- -----------------------
1/1/99 to 1/1/99 to
6/30/99 1998 6/30/99 1998
--------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 501,884 $ 888,132 $ 636,105 $1,152,221
Net realized gain (loss) on investments (11,871) 90,498 (7,650) 131,106
Net unrealized appreciation (depreciation)
of investments (798,614) 185,864 (1,270,606) 232,807
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting
from operations. (308,601) 1,164,494 (642,151) 1,516,134
------------ ------------ ----------- -----------
Distributions to Shareholders
Net investment income - Class A (412,932) (759,838) (560,889) (1,115,201)
Net investment income - Class B (58,289) (122,488) (15,379) (31,678)
Net realized gains - Class A -- -- -- (127,113)
Net realized gains - Class B -- -- -- (4,219)
------------ ------------ ----------- -----------
Total distributions (471,221) (882,326) (576,268) (1,278,211)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,573,770 2,358,296 1,475,213 4,069,057
Reinvestment of distributions 266,784 600,282 238,827 656,546
Cost of shares redeemed (757,300) (1,910,271) (2,381,650) (2,922,734)
------------ ------------ ----------- -----------
2,083,254 1,048,307 (667,610) 1,802,869
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 391,977 626,852 46,100 73,697
Reinvestment of distributions 35,053 107,129 8,495 23,726
Cost of shares redeemed (744,993) (189,093) (59,646) (83,656)
------------ ------------ ----------- -----------
(317,963) 544,888 (5,051) 13,767
------------ ------------ ----------- -----------
Net increase (decrease) from share transactions 1,765,291 1,593,195 (672,661) 1,816,636
------------ ------------ ----------- -----------
Net increase (decrease) in net assets 985,469 1,875,363 (1,891,080) 2,054,559
Net Assets
Beginning of period 20,917,400 19,042,037 26,731,298 24,676,739
------------ ------------ ----------- -----------
End of period+ $ 21,902,869 $ 20,917,400 $24,840,218 $26,731,298
============ ============ =========== ===========
+Includes undistributed net investment income of $ 38,009 $ 7,346 $ 67,406 $ 7,569
(a) Shares Issued and Redeemed ============ ============ =========== ===========
Class A:
Sold 195,923 178,314 108,339 297,455
Issued for distributions reinvested 20,094 45,259 17,543 47,988
Redeemed (57,289) (144,562) (175,680) (214,071)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares
outstanding 158,728 79,011 (49,798) 131,372
============ ============ =========== ===========
Class B:
Sold 29,430 47,451 3,399 5,380
Issued for distributions reinvested 2,642 8,081 624 1,734
Redeemed (55,657) (14,215) (4,369) (6,133)
------------ ------------ ----------- -----------
Net increase (decrease) in Class B shares
outstanding (23,585) 41,317 (346) 981
============ ============ =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- ------------------------------------------------ -----------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------ -----------------------------------------------------------------------
GEORGIA MARYLAND
---------------------- -----------------------
1/1/99 to 1/1/99 to
6/30/99 1998 6/30/99 1998
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 90,459 $ 158,940 $ 350,261 $ 610,885
Net realized gain (loss) on investments (4,188) 10,671 6,962 59,511
Net unrealized appreciation (depreciation)
of investments (147,188) 21,236 (605,174) 121,325
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting
from operations. (60,917) 190,847 (247,951) 791,721
------------ ------------ ----------- -----------
Distributions to Shareholders
Net investment income - Class A (82,053) (148,474) (291,836) (529,069)
Net investment income - Class B (5,382) (9,211) (47,471) (77,864)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------ ------------ ----------- -----------
Total distributions (87,435) (157,685) (339,307) (606,933)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,058,445 386,432 2,851,180 1,771,728
Reinvestment of distributions 43,425 95,448 142,700 310,259
Cost of shares redeemed (325,623) (502,013) (387,086) (1,665,358)
------------ ------------ ----------- -----------
1,776,247 (20,133) 2,606,794 416,629
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 28,600 35,384 395,841 670,361
Reinvestment of distributions 4,480 9,211 23,025 42,872
Cost of shares redeemed (27,886) (246) (99,700) (306,875)
------------ ------------ ----------- -----------
5,194 44,349 319,166 406,358
------------ ------------ ----------- -----------
Net increase (decrease) from share transactions 1,781,441 24,216 2,925,960 822,987
------------ ------------ ----------- -----------
Net increase (decrease) in net assets 1,633,089 57,378 2,338,702 1,007,775
Net Assets
Beginning of period 3,411,661 3,354,283 13,495,279 12,487,504
------------ ------------ ----------- -----------
End of period+ $ 5,044,750 $ 3,411,661 $15,833,981 $13,495,279
============ ============ =========== ===========
+Includes undistributed net investment income of $ 4,623 $ 1,599 $ 16,014 $ 5,060
============ ============ =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 160,449 29,199 212,082 131,413
Issued for distributions reinvested 3,297 7,242 10,560 22,976
Redeemed (25,105) (38,181) (28,800) (123,247)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares
outstanding 138,641 (1,740) 193,842 31,142
============ ============ =========== ===========
Class B:
Sold 2,165 2,699 29,316 49,637
Issued for distributions reinvested 340 699 1,704 3,172
Redeemed (2,180) (18) (7,370) (22,830)
------------ ------------ ----------- -----------
Net increase in Class B shares
outstanding 325 3,380 23,650 29,979
============ ============ =========== ===========
See notes to financial statements
<CAPTION>
- ------------------------------------------------ -------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------ -------------------------------------------------------------------------
MASSACHUSETTS MICHIGAN
---------------------- -----------------------
1/1/99 to 1/1/99 to
6/30/99 1998 6/30/99 1998
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 611,107 $ 1,105,621 $ 926,509 $ 1,804,523
Net realized gain (loss) on investments 3,871 459,494 (7,395) 291,714
Net unrealized appreciation (depreciation)
of investments (930,934) (356,826) (1,609,445) 85,297
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting
from operations. (315,956) 1,208,289 (690,331) 2,181,534
------------ ------------ ----------- -----------
Distributions to Shareholders
Net investment income - Class A (521,788) (1,050,431) (885,861) (1,762,486)
Net investment income - Class B (28,489) (39,990) (20,403) (37,283)
Net realized gains - Class A -- (433,402) -- (284,638)
Net realized gains - Class B -- (27,565) -- (7,529)
------------ ------------ ----------- -----------
Total distributions (550,277) (1,551,388) (906,264) (2,091,936)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 595,586 1,552,045 1,286,427 3,003,493
Reinvestment of distributions 347,370 1,192,740 460,014 1,271,187
Cost of shares redeemed (1,043,515) (2,854,850) (1,910,881) (4,881,005)
------------ ------------ ----------- -----------
(100,559) (110,065) (164,440) (606,325)
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 163,298 678,504 224,496 199,508
Reinvestment of distributions 19,543 55,380 8,996 24,681
Cost of shares redeemed (22,593) (68,670) (62,407) (214,257)
------------ ------------ ----------- -----------
160,248 665,214 171,085 9,932
------------ ------------ ----------- -----------
Net increase (decrease) from share transactions 59,689 555,149 6,645 (596,393)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets (806,544) 212,050 (1,589,950) (506,795)
Net Assets
Beginning of period 23,847,395 23,635,345 40,092,455 40,599,250
------------ ------------ ----------- -----------
End of period+ $23,040,851 $ 23,847,395 $38,502,505 $40,092,455
============ ============ =========== ===========
+Includes undistributed net investment income of $ 76,197 $ 15,367 $ 27,112 $ 6,867
============ ============ =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 49,767 127,084 99,168 229,191
Issued for distributions reinvested 28,998 98,331 35,349 97,042
Redeemed (87,411) (233,988) (148,186) (373,083)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares
outstanding (8,646) (8,573) (13,669) (46,850)
============ ============ =========== ===========
Class B:
Sold 13,825 55,365 17,342 15,260
Issued for distributions reinvested 1,632 4,572 692 1,886
Redeemed (1,883) (5,536) (4,795) (16,302)
------------ ------------ ----------- -----------
Net increase in Class B shares
outstanding 13,574 54,401 13,239 844
============ ============ =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- ------------------------------------------------ -------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------ -------------------------------------------------------------------------
MINNESOTA MISSOURI
---------------------- -----------------------
1/1/99 to 1/1/99 to
6/30/99 1998 6/30/99 1998
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 216,852 $ 413,882 $ 62,554 $ 103,737
Net realized gain (loss) on investments (2,917) 29,226 (621) 10,441
Net unrealized appreciation (depreciation)
of investments (302,064) 51,706 (98,131) 23,945
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting
from operations. (88,129) 494,814 (36,198) 138,123
------------ ------------ ----------- -----------
Distributions to Shareholders
Net investment income - Class A (210,915) (409,132) (54,106) (98,269)
Net investment income - Class B (1,253) (1,904) (4,875) (5,007)
Net realized gains - Class A -- -- -- --
Net realized gains - Class B -- -- -- --
------------ ------------ ----------- -----------
Total distributions (212,168) (411,036) (58,981) (103,276)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 538,690 560,476 929,285 371,474
Reinvestment of distributions 129,953 311,414 24,413 62,596
Cost of shares redeemed (447,465) (840,538) (352,442) (178,522)
------------ ------------ ----------- -----------
221,178 31,352 601,256 255,548
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 35,994 2,000 100,250 48,020
Reinvestment of distributions 970 1,909 2,591 4,889
Cost of shares redeemed -- (1,000) (50,000) --
------------ ------------ ----------- -----------
36,964 2,909 52,841 52,909
------------ ------------ ----------- -----------
Net increase (decrease) from share transactions 258,142 34,261 654,097 308,457
------------ ------------ ----------- -----------
Net increase (decrease) in net assets (42,155) 118,039 558,918 343,304
Net Assets
Beginning of period 8,392,696 8,274,657 2,258,150 1,914,846
------------ ------------ ----------- -----------
End of period+ $ 8,350,541 $ 8,392,696 $ 2,817,068 $ 2,258,150
============ ============ =========== ===========
+Includes undistributed net investment income of $ 7,621 $ 2,937 $ 4,194 $ 621
============ ============ =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 46,052 47,618 72,162 29,195
Issued for distributions reinvested 11,144 26,654 1,893 4,866
Redeemed (38,391) (72,134) (27,018) (13,888)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares
outstanding 18,805 2,138 47,037 20,173
============ ============ =========== ===========
Class B:
Sold 3,082 174 7,752 3,697
Issued for distributions reinvested 83 163 201 380
Redeemed -- (87) (3,888) --
------------ ------------ ----------- -----------
Net increase in Class B shares
outstanding 3,165 250 4,065 4,077
============ ============ =========== ===========
See notes to financial statements
<CAPTION>
- ------------------------------------------------ -------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------ -------------------------------------------------------------------------
NEW JERSEY NORTH CAROLINA
---------------------- -----------------------
1/1/99 to 1/1/99 to
6/30/99 1998 6/30/99 1998
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 1,456,971 $ 2,771,877 $ 213,761 $ 365,955
Net realized gain (loss) on investments (70,583) 662,131 (5,616) 16,557
Net unrealized appreciation (depreciation)
of investments (2,462,926) 23,799 (320,197) 132,846
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting
from operations. (1,076,538) 3,457,807 (112,052) 515,358
------------ ------------ ----------- -----------
Distributions to Shareholders
Net investment income - Class A (1,309,299) (2,693,979) (198,469) (356,381)
Net investment income - Class B (55,383) (83,488) (6,110) (8,468)
Net realized gains - Class A -- (638,421) -- --
Net realized gains - Class B -- (27,005) -- --
------------ ------------ ----------- -----------
Total distributions (1,364,682) (3,442,893) (204,579) (364,849)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 2,533,544 6,159,936 1,130,612 1,639,024
Reinvestment of distributions 721,563 2,304,360 104,944 223,837
Cost of shares redeemed (4,785,950) (7,139,371) (358,726) (409,842)
------------ ------------ ----------- -----------
(1,530,843) 1,324,925 876,830 1,453,019
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 948,111 710,030 184,150 62,154
Reinvestment of distributions 35,928 89,417 3,163 5,532
Cost of shares redeemed (233,296) (245,751) -- (10,810)
------------ ------------ ----------- -----------
750,743 553,696 187,313 56,876
------------ ------------ ----------- -----------
Net increase (decrease) from share transactions (780,100) 1,878,621 1,064,143 1,509,895
------------ ------------ ----------- -----------
Net increase (decrease) in net assets (3,221,320) 1,893,535 747,512 1,660,404
Net Assets
Beginning of period 63,147,023 61,253,488 8,542,761 6,882,357
------------ ------------ ----------- -----------
End of period+ $ 59,925,703 $ 63,147,023 $ 9,290,273 $ 8,542,761
============ ============ =========== ===========
+Includes undistributed net investment income of $ 93,925 $ 1,636 $ 10,596 $ 1,414
============ ============ =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 192,382 461,281 88,302 128,727
Issued for distributions reinvested 54,557 172,773 8,169 17,520
Redeemed (362,940) (534,399) (27,884) (32,060)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares
outstanding (116,001) 99,655 68,587 114,187
============ ============ =========== ===========
Class B:
Sold 71,597 53,282 14,333 4,883
Issued for distributions reinvested 2,723 6,715 247 433
Redeemed (18,175) (18,554) -- (862)
------------ ------------ ----------- -----------
Net increase in Class B shares
outstanding 56,145 41,443 14,580 4,454
============ ============ =========== ===========
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
FIRST INVESTORS
- ------------------------------------------------ -------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------ -----------------------------------------------------------------------
OHIO OREGON
---------------------- -----------------------
1/1/99 to 1/1/99 to
6/30/99 1998 6/30/99 1998
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 511,678 $ 954,515 $ 327,267 $ 593,284
Net realized gain (loss) on investments (19,677) 105,338 (27,754) 21,921
Net unrealized appreciation (depreciation)
of investments (724,571) (42,129) (574,751) 176,273
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting
from operations. (232,570) 1,017,724 (275,238) 791,478
------------ ------------ ----------- -----------
Distributions to Shareholders
Net investment income - Class A (468,263) (913,253) (296,534) (560,461)
Net investment income - Class B (8,818) (14,670) (19,677) (34,225)
Net realized gains - Class A -- (103,541) -- --
Net realized gains - Class B -- (2,115) -- --
------------ ------------ ----------- -----------
Total distributions (477,081) (1,033,579) (316,211) (594,686)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,190,653 2,214,427 1,154,086 2,442,130
Reinvestment of distributions 286,976 750,957 196,718 434,290
Cost of shares redeemed (1,205,111) (2,490,353) (899,210) (1,821,201)
------------ ------------ ----------- -----------
272,518 475,031 451,594 1,055,219
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 182,254 95,265 198,100 293,952
Reinvestment of distributions 5,059 13,500 14,854 31,339
Cost of shares redeemed (66,300) (40,388) (101,505) (51,221)
------------ ------------ ----------- -----------
121,013 68,377 111,449 274,070
------------ ------------ ----------- -----------
Net increase (decrease) from share transactions 393,531 543,408 563,043 1,329,289
------------ ------------ ----------- -----------
Net increase (decrease) in net assets (316,120) 527,553 (28,406) 1,526,081
Net Assets
Beginning of period 20,170,403 19,642,850 14,078,281 12,552,200
------------ ------------ ----------- -----------
End of period+ $ 19,854,283 $ 20,170,403 $ 4,049,875 $14,078,281
============ ============ =========== ===========
+Includes undistributed net investment income of $ 63,080 $ 28,483 $ 11,056 $ --
============ ============ =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 94,265 174,415 90,404 192,410
Issued for distributions reinvested 22,703 59,011 15,484 34,311
Redeemed (95,293) (195,415) (71,262) (144,132)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares
outstanding 21,675 38,011 34,626 82,589
============ ============ =========== ===========
Class B:
Sold 14,480 7,493 15,631 23,233
Issued for distributions reinvested 400 1,062 1,171 2,477
Redeemed (5,282) (3,175) (7,983) (4,029)
------------ ------------ ----------- -----------
Net increase (decrease) in Class B shares
outstanding 9,598 5,380 8,819 21,681
============ ============ =========== ===========
See notes to financial statements
<CAPTION>
- ------------------------------------------------ -------------------------------------------------------------------------
MULTI-STATE INSURED TAX FREE FUND
- ------------------------------------------------ -------------------------------------------------------------------------
PENNSYLVANIA VIRGINIA
---------------------- -----------------------
1/1/99 to 1/1/99 to
6/30/99 1998 6/30/99 1998
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets From Operations
Net investment income $ 970,295 $ 2,050,719 $ 583,054 $ 1,084,677
Net realized gain (loss) on investments 43,904 303,417 173 170,072
Net unrealized appreciation (depreciation)
of investments (1,516,481) (173,315) (945,838) 41,410
------------ ------------ ----------- -----------
Net increase (decrease) in net assets resulting
from operations. (502,282) 2,180,821 (362,611) 1,296,159
------------ ------------ ----------- -----------
Distributions to Shareholders
Net investment income - Class A (937,752) (1,859,304) (535,677) (1,014,072)
Net investment income - Class B (39,563) (72,835) (25,343) (53,905)
Net realized gains - Class A -- (290,930) -- (161,139)
Net realized gains - Class B -- (14,563) -- (10,233)
------------ ------------ ----------- -----------
Total distributions (977,315) (2,237,632) (561,020) (1,239,349)
------------ ------------ ----------- -----------
Share Transactions (a)
Class A:
Proceeds from shares sold 1,593,655 4,340,752 1,234,196 2,513,743
Reinvestment of distributions 447,446 1,289,547 282,425 795,105
Cost of shares redeemed (2,273,027) (7,025,076) (2,028,766) (2,074,090)
------------ ------------ ----------- -----------
(231,926) (1,394,777) (512,145) 1,234,758
------------ ------------ ----------- -----------
Class B:
Proceeds from shares sold 249,250 286,627 35,650 129,680
Reinvestment of distributions 17,118 52,980 14,287 37,357
Cost of shares redeemed (340,446) (27,855) (266,203) (77,741)
------------ ------------ ----------- -----------
(74,078) 311,752 (216,266) 89,296
------------ ------------ ----------- -----------
Net increase (decrease) from share transactions (306,004) (1,083,025) (728,411) 1,324,054
------------ ------------ ----------- -----------
Net increase (decrease) in net assets (1,785,601) (1,139,836) (1,652,042) 1,380,864
Net Assets
Beginning of period 42,822,371 43,962,207 24,906,856 23,525,992
------------ ------------ ----------- -----------
End of period+ $ 41,036,770 $ 42,822,371 $23,254,814 $24,906,856
============ ============ =========== ===========
+Includes undistributed net investment income of $ 113,937 $ 120,957 $ 40,925 $ 18,891
============ ============ =========== ===========
(a) Shares Issued and Redeemed
Class A:
Sold 121,181 326,228 93,431 188,751
Issued for distributions reinvested 33,827 96,963 21,430 59,960
Redeemed (172,635) (527,157) (154,178) (156,840)
------------ ------------ ----------- -----------
Net increase (decrease) in Class A shares
outstanding (17,627) (103,966) (39,317) 91,871
============ ============ =========== ===========
Class B:
Sold 18,865 21,633 2,713 9,938
Issued for distributions reinvested 1,294 3,988 1,085 2,820
Redeemed (25,914) (2,092) (20,134) (5,876)
------------ ------------ ----------- -----------
Net increase (decrease) in Class B shares
outstanding (5,755) 23,529 (16,336) 6,882
============ ============ =========== ===========
See notes to financial statements
</TABLE>
Notes to Financial Statements
1. Significant Accounting Policies--First Investors Insured Intermediate Tax
Exempt Fund ("Insured Intermediate"), a series of First Investors Series Fund
("Series Fund"), First Investors Insured Tax Exempt Fund, Inc. ("Insured Tax
Exempt"), First Investors New York Insured Tax Free Fund, Inc. ("New York
Insured") and Arizona, California, Colorado, Connecticut, Florida, Georgia,
Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, North
Carolina, Ohio, Oregon, Pennsylvania and Virginia Funds, each a series of First
Investors Multi-State Insured Tax Free Fund ("Multi-State Insured"),
(collectively, the "Funds"), are registered under the Investment Company Act
of 1940 (the "1940 Act") as diversified, open-end management investment
companies. Each Fund accounts separately for its assets, liabilities and
operations. Series Fund offers four additional series which are not included
in this report. The investment objective of each Fund is as follows:
Insured Intermediate seeks a high level of interest income which is exempt from
federal income tax and is not a tax preference item for purposes of the
Alternative Minimum Tax.
Insured Tax Exempt seeks a high level of interest income which is exempt from
federal income tax and is not a tax preference item for purposes of the
Alternative Minimum Tax.
New York Insured seeks a high level of interest income which is exempt from
federal income tax, New York State and New York City personal income taxes and
is not a tax preference item for purposes of the Alternative Minimum Tax.
Multi-State Insured seeks a high level of interest income which is exempt from
federal income tax and, to the extent indicated in the prospectus, from state
and local income taxes for residents of that state and is not a tax preference
item for purposes of the Alternative Minimum Tax.
A. Security Valuation--The municipal securities in which the Funds invest are
traded primarily in the over-the-counter markets. Such securities are valued
daily at their fair value on the basis of valuations provided by a pricing
service approved by the Boards of Directors/Trustees. The pricing service
considers security type, rating, market condition and yield data, as well as
market quotations and prices provided by market makers. "When-issued
securities" are reflected in the assets of the Funds as of the date the
securities are purchased.
The municipal bonds held by the Funds are insured as to payment of principal
and interest by the issuer or under insurance policies written by independent
insurance companies. The Funds may retain any insured municipal bond which is
in default in the payment of principal or interest until the default has been
cured, or the principal and interest outstanding are paid by an insurer or the
issuer of any letter of credit or other guarantee supporting such municipal
bond. In such case, it is the Funds' policy to value the defaulted bond daily
based upon the value of a comparable bond which is insured and not in default.
In selecting a comparable bond, the Funds will consider security type, rating,
market condition and yield. Insured Tax Exempt may invest up to 20% of its
assets in portfolio securities not covered by the insurance feature; Insured
Intermediate, New York Insured and Multi-State Insured may invest up to 35% of
their assets in portfolio securities not covered by the insurance feature.
B. Federal Income Taxes--It is the policy of the Funds to continue to qualify
as regulated investment companies, which can distribute tax exempt dividends,
by complying with the provisions available to regulated investment companies,
as defined in the Internal Revenue Code. The Funds make distributions of income
and net realized capital gains (in excess of any available capital loss
carryovers) sufficient to relieve them from all, or substantially all, federal
income taxes.
At December 31, 1998, capital loss carryovers were as follows:
Year Capital Loss
Carryovers Expire
------------------------------------------------
Fund Total 2002 2003 2004
- --------------------- ---------- ---------- ---------- ---------
Insured Intermediate $ 21,207 $ -- $ 7,566 $ 13,641
Insured Tax Exempt 3,745,137 3,221,246 -- 523,891
Arizona 46,246 34,111 -- 12,135
Colorado 18,097 18,097 -- --
Connecticut 49,852 49,852 -- --
Georgia 544 -- -- 544
Maryland 19,506 6,741 -- 12,765
Minnesota 65,066 432 64,634 --
Missouri 54,058 44,353 9,705 --
North Carolina 79,893 36,481 20,296 23,116
Oregon 161,150 106,103 -- 55,047
C. Distributions to Shareholders--Dividends from net investment income are
declared daily and paid monthly. Distributions from net realized capital gains,
if any, are generally declared and paid annually. Income dividends and capital
gain distributions are determined in accordance with income tax regulations
which may differ from generally accepted accounting principles. These
differences are primarily due to differing treatments for capital loss
carryforwards, deferral of wash sales and post-October losses.
D. Expense Allocation--Direct expenses attributable to a Fund are charged to
and paid from the assets of that Fund. General expenses of Multi-State Insured
and Series Fund are allocated among and charged to the assets of each Fund in
the series on a fair and equitable basis, which may be based on the relative
assets of each Fund or the nature of the services performed and relative
applicability to each Fund.
E. Security Transactions and Investment Income--Security transactions are
accounted for on the date the securities are purchased or sold. Cost is
determined, and gains and losses are based, on the identified cost basis for
both financial statement and federal income tax purposes. Interest income is
earned from settlement date and recorded on the accrual basis. Estimated
expenses are accrued daily. For the six months ended June 30, 1999, the Bank
of New York, custodian for the Funds, has provided total credits in the amount
of $70,508 against custodian charges based on the uninvested cash balances of
the Funds.
F. Use of Estimates--The preparation of the financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenue and expense during the reporting period. Actual results could differ
from those estimates.
2. Capital--Each Fund sells two classes of shares, Class A and Class B, each
with a public offering price that reflects different sales charges and expense
levels. Class A shares are sold with an initial sales charge of up to 6.25% of
the amount invested and together with the Class B shares are subject to
distribution plan fees as described in Note 5. Class B shares are sold without
an initial sales charge, but are generally subject to a contingent deferred
sales charge which declines in steps from 4% to 0% over a six-year period.
Class B shares automatically convert into Class A shares after eight years.
Realized and unrealized gains or losses, investment income and expenses (other
than distribution plan fees) are allocated daily to each class of shares based
upon the relative proportion of net assets of each class to the total net
assets of both classes. Of the 500,000,000 shares originally authorized,
Insured Tax Exempt has designated 300,000,000 shares as Class A and 200,000,000
shares as Class B. Of the 1,000,000,000 shares originally authorized, New York
Insured has designated 500,000,000 shares as Class A and 500,000,000 shares as
Class B. Multi-State Insured and Series Fund have established an unlimited
number of shares of beneficial interest for both Class A and Class B shares.
3. Concentration of Credit Risk--The Funds invest in debt instruments of
municipal issuers whose ability to meet their obligations may be affected by
economic developments in a State, industry or region.
4. Security Transactions--For the six months ended June 30, 1999, purchases and
sales of municipal securities, other than short-term municipal notes, were as
follows:
Cost of Proceeds
Fund Purchases of Sales
- ---- ------------ ------------
Insured Intermediate $ 7,407,831 $ 7,645,962
Insured Tax Exempt 166,239,238 170,344,666
New York Insured 31,518,504 35,128,651
Arizona 4,513,528 2,570,017
California 1,996,766 2,862,659
Colorado 979,229 551,787
Connecticut 3,729,040 2,578,340
Florida 6,373,730 7,126,819
Georgia 1,915,482 223,489
Maryland 4,176,934 1,433,441
Massachusetts 3,090,743 3,579,790
Michigan 3,076,955 3,498,241
Minnesota 597,993 396,558
Missouri 1,236,208 695,430
New Jersey 11,211,258 11,658,638
North Carolina 1,874,434 1,114,966
Ohio 4,887,698 4,708,813
Oregon 3,502,313 2,744,810
Pennsylvania 9,427,152 9,925,593
Virginia 6,773,646 6,439,031
At June 30, 1999, aggregate cost and net unrealized appreciation of securities
for federal income tax purposes were as follows:
Gross Gross Net
Aggregate Unrealized Unrealized Unrealized
Fund Cost Appreciation Depreciation Appreciation
- ---- ------------ ------------ ------------ ------------
Insured Intermediate $ 8,777,277 $ 248,879 $ 60,031 $ 188,848
Insured Tax Exempt 952,933,988 76,610,889 1,495,926 75,114,963
New York Insured 172,074,694 9,404,168 385,545 9,018,623
Arizona 12,000,311 747,981 63,952 684,029
California 12,887,871 1,245,760 24,356 1,221,404
Colorado 3,828,975 234,942 20,754 214,188
Connecticut 20,604,280 1,201,030 79,041 1,121,989
Florida 22,994,467 1,590,723 41,783 1,548,940
Georgia 4,723,496 222,791 9,093 213,698
Maryland 14,882,163 659,336 87,211 572,125
Massachusetts 21,715,892 1,162,466 148,492 1,013,974
Michigan 36,450,377 2,822,346 35,792 2,786,554
Minnesota 7,770,432 366,247 31,308 334,939
Missouri 2,612,968 130,308 17,082 113,226
New Jersey 55,428,820 3,824,830 248,498 3,576,332
North Carolina 9,464,443 345,690 44,431 301,259
Ohio 18,455,198 1,289,132 38,957 1,250,175
Oregon 13,324,093 627,003 67,533 559,470
Pennsylvania 38,182,831 2,374,321 62,471 2,311,850
Virginia 21,451,984 1,444,381 55,434 1,388,947
5. Advisory Fee and Other Transactions With Affiliates--Certain officers and
directors/trustees of the Funds are officers and directors of the Funds'
investment adviser, First Investors Management Company, Inc. ("FIMCO"), their
underwriter, First Investors Corporation ("FIC") and/or their transfer agent,
Administrative Data Management Corp. ("ADM"). Directors/trustees of the Funds
who are not "interested persons" of the Funds as defined in the 1940 Act are
remunerated by the Funds. For the six months ended June 30, 1999, total
directors/trustees fees accrued by the Funds amounted to $20,875.
The Investment Advisory Agreements provide as compensation to FIMCO for each
Fund other than Insured Intermediate, an annual fee, payable monthly, at the
rate of .75% on the first $250 million of the average daily net assets of each
Fund, declining by .03% on each $250 million thereafter, down to .66% on
average daily net assets over $750 million. The annual fee for Insured
Intermediate is payable monthly, at the rate of .60% of the Fund's average
daily net assets.
For the six months ended June 30, 1999, advisory fees accrued to FIMCO by the
Funds were $5,864,948 of which $597,369 was waived. In addition, other expenses
in the amount of $156,346 were assumed by FIMCO.
For the six months ended June 30, 1999, FIC, as underwriter, received $850,246
in commissions from the sale of shares of the Funds after allowing $242,437 to
other dealers. Shareholder servicing costs included $501,709 in transfer agent
fees accrued to ADM.
Pursuant to Distribution Plans adopted under Rule 12b-1 of the 1940 Act, each
Fund is authorized to pay FIC a fee up to .30% of the average daily net assets
of the Class A shares and 1% of the average daily net assets of the Class B
shares on an annual basis each year, payable monthly. For the six months ended
June 30, 1999, total distribution plan fees accrued to FIC by the Funds
amounted to $2,232,824. The fee consists of a distribution fee and a service
fee. The service fee is paid for the ongoing servicing of clients who are
shareholders of that Fund.
6. Rule 144A Securities--Under Rule 144A, certain restricted securities are
exempt from the registration requirements of the Securities Act of 1933 and may
only be resold to qualified institutional investors. At June 30, 1999, Insured
Tax Exempt held four 144A securities with an aggregate value of $10,602,400
representing approximately 1.02% of the Fund's net assets and New York Insured
held three 144A securities with an aggregate value of $8,860,813 representing
approximately 4.90% of the Fund's net assets. These securities are valued as
set forth in Note 1A.
<TABLE>
<CAPTION>
Financial Highlights
FIRST INVESTORS
The following table sets forth the per share operating performance data for a share outstanding, total return,
ratios to average net assets and other supplemental data for each period indicated.
- -----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INSURED INTERMEDIATE TAX EXEMPT FUND
- ------------------------------------
Class A
- -------
1994 $ 5.79 $.239 $ (.361) $ (.122) $.238 $ -- $.238
1995 5.43 .301 .419 .720 .300 -- .300
1996 5.85 .290 (.060) .230 .290 -- .290
1997 5.79 .292 .140 .432 .292 -- .292
1998 5.93 .288 .086 .374 .294 -- .294
1/1/99 to 6/30/99 6.01 .116 (.135) (.019) .111 -- .111
Class B
- -------
1/12/95* to 12/31/95 5.45 .254 .407 .661 .261 -- .261
1996 5.85 .235 (.055) .180 .230 -- .230
1997 5.80 .234 .128 .362 .232 -- .232
1998 5.93 .226 .098 .324 .234 -- .234
1/1/99 to 6/30/99 6.02 .086 (.145) (.059) .081 -- .081
- -----------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND
- -----------------------
Class A
- -------
1994 $10.56 $.556 $(1.142) $ (.586) $.554 $ -- $.554
1995 9.42 .524 .952 1.476 .526 -- .526
1996 10.37 .510 (.233) .277 .507 -- .507
1997 10.14 .502 .312 .814 .504 -- .504
1998 10.45 .475 .099 .574 .474 -- .474
1/1/99 to 6/30/99 10.55 .257 (.498) (.241) .229 -- .229
Class B
- -------
1/12/95* to 12/31/95 9.48 .438 .891 1.329 .439 -- .439
1996 10.37 .441 (.242) .199 .439 -- .439
1997 10.13 .429 .323 .752 .432 -- .432
1998 10.45 .400 .096 .496 .396 -- .396
1/1/99 to 6/30/99 10.55 .217 (.494) (.277) .193 -- .193
- -----------------------------------------------------------------------------------------------------------------------------
NEW YORK INSURED TAX FREE FUND
- ------------------------------
Class A
- -------
1994 $15.18 $.758 $(1.510) $ (.752) $.768 $ -- $.768
1995 13.66 .738 1.331 2.069 .740 .059 .799
1996 14.93 .719 (.298) .421 .720 .091 .811
1997 14.54 .709 .395 1.104 .708 .076 .784
1998 14.86 .674 .137 .811 .676 .145 .821
1/1/99 to 6/30/99 14.85 .357 (.673) (.316) .324 -- .324
Class B
- -------
1/12/95* to 12/31/95 13.76 .616 1.232 1.848 .619 .059 .678
1996 14.93 .617 (.306) .311 .620 .091 .711
1997 14.53 .608 .406 1.014 .608 .076 .684
1998 14.86 .569 .134 .703 .568 .145 .713
1/1/99 to 6/30/99 14.85 .302 (.672) (.370) .270 -- .270
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
--------- Total Net Assets Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INSURED INTERMEDIATE TAX EXEMPT FUND
- ------------------------------------
Class A
- -------
1994 $ 5.43 (2.05) $ 5,688 .14 4.52 .96 3.70 210
1995 5.85 13.50 7,017 .35 5.32 1.22 4.45 47
1996 5.79 4.07 7,415 .49 5.05 1.24 4.30 82
1997 5.93 7.68 7,344 .53 5.02 1.21 4.34 91
1998 6.01 6.47 8,674 .50 4.80 1.20 4.10 163
1/1/99 to 6/30/99 5.88 (0.34) 8,179 .50+ 3.80+ 1.33+ 2.97+ 76
Class B
- -------
1/12/95* to 12/31/95 5.85 12.27 378 1.35+ 4.32+ 1.92+ 3.75+ 47
1996 5.80 3.17 613 1.49 4.05 1.94 3.60 82
1997 5.93 6.39 808 1.53 4.02 1.91 3.64 91
1998 6.02 5.57 1,000 1.50 3.80 1.90 3.40 163
1/1/99 to 6/30/99 5.88 (1.00) 1,015 1.50+ 2.80+ 2.03+ 2.27+ 76
- -----------------------------------------------------------------------------------------------------------------------------
INSURED TAX EXEMPT FUND
- -----------------------
Class A
- -------
1994 $ 9.42 (5.61) $1,301,537 1.18 5.64 N/A N/A 57
1995 10.37 16.01 1,372,752 1.14 5.25 N/A N/A 37
1996 10.14 2.81 1,252,608 1.14 5.06 N/A N/A 21
1997 10.45 8.27 1,191,815 1.14 4.93 N/A N/A 13
1998 10.55 5.62 1,118,898 1.11 4.51 N/A N/A 19
1/1/99 to 6/30/99 10.08 (2.33) 1,031,253 1.11+ 4.89+ N/A N/A 16
Class B
- -------
1/12/95* to 12/31/95 10.37 14.27 2,019 1.88+ 4.45+ N/A N/A 37
1996 10.13 2.03 3,046 1.83 4.37 N/A N/A 21
1997 10.45 7.62 3,460 1.85 4.22 N/A N/A 13
1998 10.55 4.83 3,878 1.83 3.79 N/A N/A 19
1/1/99 to 6/30/99 10.08 (2.67) 4,171 1.84+ 4.16+ N/A N/A 16
- -----------------------------------------------------------------------------------------------------------------------------
NEW YORK INSURED TAX FREE FUND
- ------------------------------
Class A
- -------
1994 $13.66 (5.03) $ 193,916 1.28 5.30 N/A N/A 55
1995 14.93 15.45 215,259 1.23 5.10 N/A N/A 53
1996 14.54 2.95 203,496 1.23 4.93 N/A N/A 53
1997 14.86 7.82 195,273 1.17 4.86 1.22 4.81 24
1998 14.85 5.59 187,544 1.12 4.54 1.22 4.44 44
1/1/99 to 6/30/99 14.21 (2.17) 175,459 1.06+ 4.83+ 1.18+ 4.71+ 18
Class B
- -------
1/12/95* to 12/31/95 14.93 13.66 1,156 2.00+ 4.34+ N/A N/A 53
1996 14.53 2.18 2,242 1.93 4.23 N/A N/A 53
1997 14.86 7.16 3,602 1.87 4.16 1.92 4.11 24
1998 14.85 4.84 5,271 1.82 3.84 1.92 3.74 44
1/1/99 to 6/30/99 14.21 (2.53) 5,510 1.76+ 4.13+ 1.88+ 4.01+ 18
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------
ARIZONA FUND
- ------------
Class A
- -------
1994 $13.12 $.663 $(1.397) $ (.734) $.676 $ -- $.676
1995 11.71 .665 1.448 2.113 .673 -- .673
1996 13.15 .664 (.199) .465 .665 -- .665
1997 12.95 .658 .511 1.169 .659 -- .659
1998 13.46 .657 .155 .812 .652 -- .652
1/1/99 to 6/30/99 13.62 .351 (.513) (.162) .328 -- .328
Class B
- -------
1/12/95* to 12/31/95 11.82 .544 1.340 1.884 .554 -- .554
1996 13.15 .565 (.201) .364 .564 -- .564
1997 12.95 .556 .500 1.056 .556 -- .556
1998 13.45 .549 .155 .704 .544 -- .544
1/1/99 to 6/30/99 13.61 .298 (.514) (.216) .274 -- .274
- -----------------------------------------------------------------------------------------------------------------------------
CALIFORNIA FUND
- ---------------
Class A
- -------
1994 $12.12 $.598 $(1.328) $ (.730) $.620 $ -- $.620
1995 10.77 .580 1.335 1.915 .589 .136 .725
1996 11.96 .576 (.128) .448 .575 .073 .648
1997 11.76 .569 .534 1.103 .570 .173 .743
1998 12.12 .558 .190 .748 .554 .114 .668
1/1/99 to 6/30/99 12.20 .310 (.576) (.266) .274 -- .274
Class B
- -------
1/12/95* to 12/31/95 10.87 .472 1.227 1.699 .483 .136 .619
1996 11.95 .486 (.123) .363 .480 .073 .553
1997 11.76 .476 .532 1.008 .475 .173 .648
1998 12.12 .458 .184 .642 .458 .114 .572
1/1/99 to 6/30/99 12.19 .263 (.577) (.314) .226 -- .226
- -----------------------------------------------------------------------------------------------------------------------------
COLORADO FUND
- -------------
Class A
- -------
1994 $12.60 $.631 $(1.351) $ (.720) $.640 $ -- $.640
1995 11.24 .668 1.340 2.008 .668 -- .668
1996 12.58 .642 (.089) .553 .643 -- .643
1997 12.49 .638 .498 1.136 .636 -- .636
1998 12.99 .644 .152 .796 .636 -- .636
1/1/99 to 6/30/99 13.15 .327 (.479) (.152) .318 -- .318
Class B
- -------
1/12/95* to 12/31/95 11.35 .564 1.239 1.803 .573 -- .573
1996 12.58 .547 (.100) .447 .547 -- .547
1997 12.48 .539 .501 1.040 .540 -- .540
1998 12.98 .538 .160 .698 .528 -- .528
1/1/99 to 6/30/99 13.15 .276 (.482) (.206) .264 -- .264
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
--------- Total Net Assets Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MULTI-STATE INSURED TAX FREE FUND
- ---------------------------------
ARIZONA FUND
- ------------
Class A
- -------
1994 $11.71 (5.63) $ 8,803 .30 5.52 1.24 4.59 63
1995 13.15 18.41 8,834 .50 5.27 1.15 4.62 36
1996 12.95 3.69 8,383 .53 5.17 1.23 4.47 27
1997 13.46 9.28 9,691 .50 5.03 1.16 4.37 24
1998 13.62 6.17 10,873 .50 4.88 1.13 4.25 50
1/1/99 to 6/30/99 13.13 (1.22) 12,516 .50+ 5.25+ 1.10+ 4.65+ 22
Class B
- -------
1/12/95* to 12/31/95 13.15 16.20 173 1.30+ 4.62+ 1.95+ 3.95+ 36
1996 12.95 2.89 289 1.33 4.37 2.03 3.67 27
1997 13.45 8.36 437 1.30 4.23 1.96 3.57 24
1998 13.61 5.33 489 1.30 4.08 1.93 3.45 50
1/1/99 to 6/30/99 13.12 (1.62) 487 1.30+ 4.45+ 1.90+ 3.85+ 22
- -----------------------------------------------------------------------------------------------------------------------------
CALIFORNIA FUND
- ---------------
Class A
- -------
1994 $10.77 (6.10) $15,335 .97 5.27 1.22 5.02 83
1995 11.96 18.16 16,547 .90 5.02 1.15 4.77 53
1996 11.76 3.91 15,558 .84 4.93 1.19 4.58 30
1997 12.12 9.66 15,601 .80 4.80 1.16 4.44 46
1998 12.20 6.31 14,614 .80 4.59 1.17 4.22 79
1/1/99 to 6/30/99 11.66 (2.23) 13,897 .80+ 5.11+ 1.12+ 4.79+ 14
Class B
- -------
1/12/95* to 12/31/95 11.95 15.91 59 1.74+ 4.31+ 2.00+ 4.04+ 53
1996 11.76 3.16 114 1.63 4.14 1.98 3.79 30
1997 12.12 8.79 220 1.60 4.00 1.96 3.64 46
1998 12.19 5.40 479 1.60 3.79 1.97 3.42 79
1/1/99 to 6/30/99 11.65 (2.62) 468 1.60+ 4.31+ 1.92+ 3.99+ 14
- -----------------------------------------------------------------------------------------------------------------------------
COLORADO FUND
- -------------
Class A
- -------
1994 $11.24 (5.77) $ 3,110 .20 5.41 1.43 4.18 108
1995 12.58 18.25 3,525 .20 5.54 1.32 4.42 45
1996 12.49 4.57 3,466 .38 5.20 1.40 4.17 20
1997 12.99 9.37 3,424 .40 5.07 1.29 4.18 39
1998 13.15 6.27 3,571 .40 4.96 1.26 4.10 25
1/1/99 to 6/30/99 12.68 (1.19) 3,821 .46+ 5.00+ 1.19+ 4.27+ 14
Class B
- -------
1/12/95* to 12/31/95 12.58 16.18 131 1.00+ 4.90+ 2.12+ 3.75+ 45
1996 12.48 3.68 241 1.19 4.39 2.21 3.36 20
1997 12.98 8.55 370 1.20 4.27 2.09 3.38 39
1998 13.15 5.48 374 1.20 4.16 2.06 3.30 25
1/1/99 to 6/30/99 12.68 (1.60) 362 1.26+ 4.20+ 1.99+ 3.47+ 14
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
CONNECTICUT FUND
- ----------------
Class A
- -------
1994 $13.05 $.609 $(1.480) $ (.871) $.609 $ -- $.609
1995 11.57 .617 1.333 1.950 .620 -- .620
1996 12.90 .619 (.202) .417 .617 -- .617
1997 12.70 .613 .471 1.084 .614 -- .614
1998 13.17 .607 .186 .793 .603 -- .603
1/1/99 to 6/30/99 13.36 .322 (.497) (.175) .305 -- .305
Class B
- -------
1/12/95* to 12/31/95 11.67 .512 1.242 1.754 .524 -- .524
1996 12.90 .522 (.204) .318 .518 -- .518
1997 12.70 .516 .470 .986 .516 -- .516
1998 13.17 .500 .176 .676 .496 -- .496
1/1/99 to 6/30/99 13.35 .272 (.501) (.229) .251 -- .251
- -----------------------------------------------------------------------------------------------------------------------------
FLORIDA FUND
- ------------
Class A
- -------
1994 $13.14 $.642 $(1.346) $ (.704) $.646 $ -- $.646
1995 11.79 .640 1.527 2.167 .647 -- .647
1996 13.31 .623 (.198) .425 .625 -- .625
1997 13.11 .624 .547 1.171 .624 .037 .661
1998 13.62 .616 .195 .811 .613 .068 .681
1/1/99 to 6/30/99 13.75 .337 (.662) (.325) .305 -- .305
Class B
- -------
1/12/95* to 12/31/95 11.87 .529 1.460 1.989 .549 -- .549
1996 13.31 .530 (.204) .326 .526 -- .526
1997 13.11 .531 .552 1.083 .526 .037 .563
1998 13.63 .507 .186 .693 .505 .068 .573
1/1/99 to 6/30/99 13.75 .281 (.660) (.379) .251 -- .251
- -----------------------------------------------------------------------------------------------------------------------------
GEORGIA FUND
- ------------
Class A
- -------
1994 $12.49 $.584 $(1.165) $ (.581) $.579 $ -- $.579
1995 11.33 .653 1.387 2.040 .650 -- .650
1996 12.72 .639 (.161) .478 .648 -- .648
1997 12.55 .639 .578 1.217 .637 -- .637
1998 13.13 .645 .135 .780 .640 -- .640
1/1/99 to 6/30/99 13.27 .328 (.546) (.218) .322 -- .322
Class B
- -------
1/12/95* to 12/31/95 11.42 .529 1.303 1.832 .542 -- .542
1996 12.71 .563 (.183) .380 .550 -- .550
1997 12.54 .524 .584 1.108 .538 -- .538
1998 13.11 .539 .133 .672 .532 -- .532
1/1/99 to 6/30/99 13.25 .271 (.533) (.262) .268 -- .268
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
--------- Total Net Assets Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CONNECTICUT FUND
- ----------------
Class A
- -------
1994 $11.57 (6.75) $14,848 .87 5.01 1.22 4.66 63
1995 12.90 17.18 16,725 .85 4.98 1.20 4.63 26
1996 12.70 3.37 15,203 .81 4.92 1.23 4.50 15
1997 13.17 8.77 16,151 .80 4.78 1.17 4.41 14
1998 13.36 6.15 17,434 .80 4.58 1.16 4.22 25
1/1/99 to 6/30/99 12.88 (1.35) 18,848 .80+ 4.88+ 1.14+ 4.54+ 13
Class B
- -------
1/12/95* to 12/31/95 12.90 15.28 857 1.71+ 4.12+ 2.07+ 3.76+ 26
1996 12.70 2.57 1,505 1.61 4.12 2.02 3.71 15
1997 13.17 7.95 2,891 1.60 3.98 1.97 3.61 14
1998 13.35 5.22 3,484 1.60 3.78 1.96 3.42 25
1/1/99 to 6/30/99 12.87 (1.75) 3,055 1.60+ 4.08+ 1.94+ 3.74+ 13
- -----------------------------------------------------------------------------------------------------------------------------
FLORIDA FUND
- ------------
Class A
- -------
1994 $11.79 (5.39) $19,765 .62 5.24 1.19 4.67 98
1995 13.31 18.77 22,229 .75 5.05 1.15 4.65 68
1996 13.11 3.34 23,299 .83 4.80 1.16 4.47 55
1997 13.62 9.18 23,840 .80 4.71 1.11 4.40 19
1998 13.75 6.09 25,873 .80 4.50 1.10 4.20 44
1/1/99 to 6/30/99 13.12 (2.41) 24,026 .80+ 4.93+ 1.12+ 4.61+ 25
Class B
- -------
1/12/95* to 12/31/95 13.31 17.06 299 1.68+ 4.12+ 2.09+ 3.70+ 68
1996 13.11 2.56 549 1.62 4.01 1.95 3.68 55
1997 13.63 8.38 837 1.60 3.91 1.91 3.60 19
1998 13.75 5.19 858 1.60 3.70 1.90 3.40 44
1/1/99 to 6/30/99 13.12 (2.80) 814 1.60+ 4.13+ 1.92+ 3.81+ 25
- -----------------------------------------------------------------------------------------------------------------------------
GEORGIA FUND
- ------------
Class A
- -------
1994 $11.33 (4.69) $ 2,065 .20 4.99 1.93 3.26 78
1995 12.72 18.40 3,047 .20 5.41 1.42 4.20 45
1996 12.55 3.94 3,269 .38 5.17 1.44 4.11 37
1997 13.13 10.00 3,152 .40 5.03 1.33 4.10 21
1998 13.27 6.08 3,162 .40 4.92 1.20 4.12 36
1/1/99 to 6/30/99 12.73 (1.69) 4,801 .46+ 5.04+ 1.14+ 4.36+ 6
Class B
- -------
1/12/95* to 12/31/95 12.71 16.34 97 1.00+ 4.61+ 2.22+ 3.40+ 45
1996 12.54 3.13 151 1.19 4.36 2.25 3.30 37
1997 13.11 9.07 203 1.20 4.23 2.13 3.30 21
1998 13.25 5.23 250 1.20 4.12 2.00 3.32 36
1/1/99 to 6/30/99 12.72 (2.02) 244 1.26+ 4.24+ 1.94+ 3.56+ 6
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MARYLAND FUND
- -------------
Class A
- -------
1994 $13.15 $.644 $(1.373) $ (.729) $.651 $ -- $.651
1995 11.77 .668 1.348 2.016 .666 -- .666
1996 13.12 .650 (.235) .415 .655 -- .655
1997 12.88 .652 .549 1.201 .651 -- .651
1998 13.43 .651 .186 .837 .647 -- .647
1/1/99 to 6/30/99 13.62 .336 (.528) (.192) .328 -- .328
Class B
- -------
1/12/95* to 12/31/95 11.85 .561 1.279 1.840 .570 -- .570
1996 13.12 .555 (.249) .306 .556 -- .556
1997 12.87 .551 .556 1.107 .547 -- .547
1998 13.43 .543 .186 .729 .539 -- .539
1/1/99 to 6/30/99 13.62 .280 (.526) (.246) .274 -- .274
- -----------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS FUND
- ------------------
Class A
- -------
1994 $12.28 $.627 $(1.267) $ (.640) $.630 $ -- $.630
1995 11.01 .612 1.227 1.839 .613 .016 .629
1996 12.22 .603 (.256) .347 .602 .045 .647
1997 11.92 .601 .356 .957 .603 .074 .677
1998 12.20 .586 .049 .635 .578 .237 .815
1/1/99 to 6/30/99 12.02 .312 (.461) (.149) .281 -- .281
Class B
- -------
1/12/95* to 12/31/95 11.09 .508 1.155 1.663 .527 .016 .543
1996 12.21 .514 (.263) .251 .506 .045 .551
1997 11.91 .508 .353 .861 .507 .074 .581
1998 12.19 .488 .061 .549 .482 .237 .719
1/1/99 to 6/30/99 12.02 .260 (.467) (.207) .233 -- .233
- -----------------------------------------------------------------------------------------------------------------------------
MICHIGAN FUND
- -------------
Class A
- -------
1994 $12.89 $.612 $(1.423) $ (.811) $.609 $ -- $.609
1995 11.47 .634 1.331 1.965 .635 -- .635
1996 12.80 .627 (.215) .412 .631 .011 .642
1997 12.57 .610 .535 1.145 .609 .046 .655
1998 13.06 .591 .124 .715 .589 .096 .685
1/1/99 to 6/30/99 13.09 .304 (.517) (.213) .297 -- .297
Class B
- -------
1/12/95* to 12/31/95 11.57 .528 1.241 1.769 .539 -- .539
1996 12.80 .534 (.229) .305 .534 .011 .545
1997 12.56 .511 .536 1.047 .511 .046 .557
1998 13.05 .484 .123 .607 .481 .096 .577
1/1/99 to 6/30/99 13.08 .251 (.519) (.268) .242 -- .242
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
--------- Total Net Assets Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MARYLAND FUND
- -------------
Class A
- -------
1994 $11.77 (5.59) $ 6,904 .45 5.27 1.34 4.37 44
1995 13.12 17.50 8,666 .48 5.32 1.24 4.55 49
1996 12.88 3.33 10,118 .51 5.10 1.24 4.37 13
1997 13.43 9.59 10,705 .50 5.01 1.18 4.33 35
1998 13.62 6.38 11,280 .50 4.84 1.16 4.18 33
1/1/99 to 6/30/99 13.10 (1.45) 13,393 .50+ 5.01+ 1.14+ 4.37+ 10
Class B
- -------
1/12/95* to 12/31/95 13.12 15.82 423 1.38+ 4.42+ 2.19+ 3.61+ 49
1996 12.87 2.45 1,021 1.31 4.30 2.05 3.57 13
1997 13.43 8.81 1,782 1.30 4.21 1.98 3.53 35
1998 13.62 5.54 2,215 1.30 4.04 1.96 3.38 33
1/1/99 to 6/30/99 13.10 (1.84) 2,441 1.30+ 4.21+ 1.94+ 3.57+ 10
- -----------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS FUND
- ------------------
Class A
- -------
1994 $11.01 (5.30) $20,838 .95 5.45 1.20 5.20 64
1995 12.22 17.07 23,180 .90 5.22 1.15 4.97 40
1996 11.92 2.99 22,543 .86 5.08 1.18 4.76 45
1997 12.20 8.27 22,852 .80 5.01 1.15 4.66 28
1998 12.02 5.33 22,421 .80 4.82 1.15 4.47 49
1/1/99 to 6/30/99 11.59 (1.28) 21,509 .80+ 5.19+ 1.10+ 4.89+ 13
Class B
- -------
1/12/95* to 12/31/95 12.21 15.28 314 1.76+ 4.36+ 2.01+ 4.10+ 40
1996 11.91 2.16 519 1.66 4.28 1.98 3.96 45
1997 12.19 7.41 783 1.60 4.21 1.95 3.86 28
1998 12.02 4.60 1,426 1.60 4.02 1.95 3.67 49
1/1/99 to 6/30/99 11.58 (1.76) 1,532 1.60+ 4.39+ 1.90+ 4.09+ 13
- -----------------------------------------------------------------------------------------------------------------------------
MICHIGAN FUND
- -------------
Class A
- -------
1994 $11.47 (6.36) $30,362 .93 5.11 1.18 4.86 60
1995 12.80 17.47 36,837 .89 5.14 1.14 4.89 45
1996 12.57 3.37 36,928 .88 5.03 1.13 4.78 43
1997 13.06 9.37 39,581 .87 4.80 1.12 4.55 32
1998 13.09 5.60 39,061 .89 4.51 1.13 4.27 20
1/1/99 to 6/30/99 12.58 (1.67) 37,345 .86+ 4.64+ 1.10+ 4.40+ 8
Class B
- -------
1/12/95* to 12/31/95 12.80 15.55 388 1.76+ 4.41+ 2.02+ 4.15+ 45
1996 12.56 2.49 724 1.69 4.22 1.94 3.97 43
1997 13.05 8.54 1,018 1.67 4.00 1.92 3.75 32
1998 13.08 4.73 1,032 1.69 3.71 1.93 3.47 20
1/1/99 to 6/30/99 12.57 (2.08) 1,158 1.66+ 3.84+ 1.90+ 3.60+ 8
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
MINNESOTA FUND
- --------------
Class A
- -------
1994 $11.77 $.592 $(1.282) $ (.690) $.600 $ -- $.600
1995 10.48 .589 1.022 1.611 .591 -- .591
1996 11.50 .592 (.210) .382 .592 -- .592
1997 11.29 .599 .340 .939 .599 -- .599
1998 11.63 .592 .116 .708 .588 -- .588
1/1/99 to 6/30/99 11.75 .297 (.416) (.119) .291 -- .291
Class B
- -------
1/12/95* to 12/31/95 10.55 .515 .950 1.465 .515 -- .515
1996 11.50 .493 (.205) .288 .498 -- .498
1997 11.29 .508 .341 .849 .509 -- .509
1998 11.63 .498 .114 .612 .492 -- .492
1/1/99 to 6/30/99 11.75 .247 (.406) (.159) .241 -- .241
- -----------------------------------------------------------------------------------------------------------------------------
MISSOURI FUND
- -------------
Class A
- -------
1994 $12.50 $.617 $(1.384) $ (.767) $.613 $ -- $.613
1995 11.12 .662 1.356 2.018 .668 -- .668
1996 12.47 .637 (.180) .457 .637 -- .637
1997 12.29 .638 .490 1.128 .638 -- .638
1998 12.78 .634 .188 .822 .632 -- .632
1/1/99 to 6/30/99 12.97 .326 (.474) (.148) .312 -- .312
Class B
- -------
1/12/95* to 12/31/95 11.22 .548 1.260 1.808 .548 -- .548
1996 12.48 .538 (.189) .349 .539 -- .539
1997 12.29 .537 .494 1.031 .541 -- .541
1998 12.78 .528 .187 .715 .525 -- .525
1/1/99 to 6/30/99 12.97 .284 (.486) (.202) .258 -- .258
- -----------------------------------------------------------------------------------------------------------------------------
NEW JERSEY FUND
- ---------------
Class A
- -------
1994 $13.51 $.659 $(1.448) $ (.789) $.661 $ -- $.661
1995 12.06 .648 1.291 1.939 .652 .097 .749
1996 13.25 .636 (.245) .391 .636 .015 .651
1997 12.99 .630 .427 1.057 .629 .118 .747
1998 13.30 .606 .153 .759 .607 .142 .749
1/1/99 to 6/30/99 13.31 .313 (.540) (.227) .293 -- .293
Class B
- -------
1/12/95* to 12/31/95 12.14 .526 1.199 1.725 .528 .097 .625
1996 13.24 .533 (.253) .280 .535 .015 .550
1997 12.97 .525 .433 .958 .530 .118 .648
1998 13.28 .498 .153 .651 .499 .142 .641
1/1/99 to 6/30/99 13.29 .261 (.542) (.281) .239 -- .239
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
--------- Total Net Assets Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
MINNESOTA FUND
- --------------
Class A
- -------
1994 $10.48 (5.93) $ 7,375 .65 5.40 1.29 4.76 34
1995 11.50 15.68 8,162 .65 5.29 1.31 4.63 53
1996 11.29 3.47 8,304 .56 5.27 1.31 4.52 49
1997 11.63 8.57 8,231 .50 5.27 1.21 4.56 15
1998 11.75 6.23 8,346 .50 5.08 1.23 4.35 22
1/1/99 to 6/30/99 11.34 (1.04) 8,269 .50+ 5.12+ 1.12+ 4.50+ 5
Class B
- -------
1/12/95* to 12/31/95 11.50 14.13 .1 1.45+ 4.64+ 2.11+ 3.96+ 53
1996 11.29 2.61 41 1.40 4.44 2.14 3.69 49
1997 11.63 7.71 44 1.30 4.47 2.01 3.76 15
1998 11.75 5.37 47 1.30 4.28 2.03 3.55 22
1/1/99 to 6/30/99 11.35 (1.36) 81 1.30+ 4.32+ 1.92+ 3.70+ 5
- -----------------------------------------------------------------------------------------------------------------------------
MISSOURI FUND
- -------------
Class A
- -------
1994 $11.12 (6.20) $ 1,611 .20 5.45 1.57 4.07 98
1995 12.47 18.55 1,890 .20 5.58 1.42 4.36 50
1996 12.29 3.84 1,925 .38 5.24 1.69 3.93 15
1997 12.78 9.44 1,798 .40 5.13 1.46 4.07 12
1998 12.97 6.59 2,087 .40 4.97 1.30 4.07 17
1/1/99 to 6/30/99 12.51 (1.18) 2,601 .48+ 5.11+ 1.44+ 4.15+ 29
Class B
- -------
1/12/95* to 12/31/95 12.48 16.41 .1 1.00+ 4.94+ 2.22+ 3.68+ 50
1996 12.29 2.93 36 1.24 4.38 2.55 3.07 15
1997 12.78 8.60 117 1.20 4.33 2.26 3.27 12
1998 12.97 5.71 172 1.20 4.17 2.10 3.27 17
1/1/99 to 6/30/99 12.51 (1.59) 216 1.28+ 4.31+ 2.24+ 3.35+ 29
- -----------------------------------------------------------------------------------------------------------------------------
NEW JERSEY FUND
- ---------------
Class A
- -------
1994 $12.06 (5.91) $55,379 .99 5.21 1.14 5.06 60
1995 13.25 16.41 59,153 .99 5.06 1.14 4.91 30
1996 12.99 3.09 58,823 .98 4.92 1.13 4.77 35
1997 13.30 8.36 59,243 .96 4.81 1.11 4.66 22
1998 13.31 5.84 60,585 .97 4.53 1.11 4.39 27
1/1/99 to 6/30/99 12.79 (1.75) 56,746 .94+ 4.72+ 1.08+ 4.58+ 18
Class B
- -------
1/12/95* to 12/31/95 13.24 14.45 957 1.81+ 4.24+ 1.97+ 4.08+ 30
1996 12.97 2.22 1,603 1.78 4.12 1.93 3.97 35
1997 13.28 7.56 2,011 1.76 4.01 1.91 3.86 22
1998 13.29 5.00 2,562 1.77 3.73 1.91 3.59 27
1/1/99 to 6/30/99 12.77 (2.15) 3,179 1.74+ 3.92+ 1.88+ 3.78+ 18
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
NORTH CAROLINA FUND
- -------------------
Class A
- -------
1994 $12.28 $.594 $(1.380) $(.786) $.594 $ -- $.594
1995 10.90 .608 1.391 1.999 .609 -- .609
1996 12.29 .590 (.159) .431 .591 -- .591
1997 12.13 .597 .530 1.127 .597 -- .597
1998 12.66 .593 .239 .832 .592 -- .592
1/1/99 to 6/30/99 12.90 .307 (.442) (.135) .295 -- .295
Class B
- -------
1/12/95* to 12/31/95 10.99 .492 1.307 1.799 .499 -- .499
1996 12.29 .496 (.161) .335 .495 -- .495
1997 12.13 .497 .534 1.031 .501 -- .501
1998 12.66 .491 .233 .724 .484 -- .484
1/1/99 to 6/30/99 12.90 .251 (.440) (.189) .241 -- .241
- -----------------------------------------------------------------------------------------------------------------------------
OHIO FUND
- ---------
Class A
- -------
1994 $12.66 $.613 $(1.353) $(.740) $.620 $ -- $.620
1995 11.30 .615 1.306 1.921 .619 .092 .711
1996 12.51 .605 (.097) .508 .609 .059 .668
1997 12.35 .607 .430 1.037 .606 .071 .677
1998 12.71 .614 .040 .654 .597 .067 .664
1/1/99 to 6/30/99 12.70 .321 (.461) (.140) .300 -- .300
Class B
- -------
1/12/95* to 12/31/95 11.40 .503 1.212 1.715 .513 .092 .605
1996 12.51 .507 (.095) .412 .513 .059 .572
1997 12.35 .507 .424 .931 .510 .071 .581
1998 12.70 .495 .061 .556 .489 .067 .556
1/1/99 to 6/30/99 12.70 .266 (.460) (.194) .246 -- .246
- -----------------------------------------------------------------------------------------------------------------------------
OREGON FUND
- -----------
Class A
- -------
1994 $12.29 $.529 $(1.339) $(.810) $.610 $ -- $.610
1995 10.87 .626 1.289 1.915 .625 -- .625
1996 12.16 .589 (.161) .428 .588 -- .588
1997 12.00 .582 .582 1.164 .584 -- .584
1998 12.58 .582 .191 .773 .583 -- .583
1/1/99 to 6/30/99 12.77 .292 (.520) (.228) .282 -- .282
Class B
- -------
1/12/95* to 12/31/95 10.97 .541 1.182 1.723 .543 -- .543
1996 12.15 .495 (.161) .334 .494 -- .494
1997 11.99 .485 .573 1.058 .488 -- .488
1998 12.56 .480 .204 .684 .484 -- .484
1/1/99 to 6/30/99 12.76 .240 (.518) (.278) .232 -- .232
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
--------- Total Net Assets Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NORTH CAROLINA FUND
- -------------------
Class A
- -------
1994 $10.90 (6.45) $ 3,872 .20 5.22 1.44 3.99 61
1995 12.29 18.72 4,984 .20 5.18 1.36 4.03 76
1996 12.13 3.68 5,822 .38 4.94 1.31 4.02 43
1997 12.66 9.56 6,697 .40 4.87 1.23 4.04 30
1998 12.90 6.72 8,297 .40 4.68 1.13 3.95 54
1/1/99 to 6/30/99 12.47 (1.08) 8,871 .44+ 4.79+ 1.20+ 4.03+ 13
Class B
- -------
1/12/95* to 12/31/95 12.29 16.65 75 1.00+ 4.38+ 2.16+ 3.23+ 76
1996 12.13 2.85 134 1.20 4.12 2.12 3.20 43
1997 12.66 8.71 185 1.20 4.07 2.03 3.24 30
1998 12.90 5.83 246 1.20 3.88 1.93 3.15 54
1/1/99 to 6/30/99 12.47 (1.50) 420 1.24+ 3.99+ 2.00+ 3.23+ 13
- -----------------------------------------------------------------------------------------------------------------------------
OHIO FUND
- ---------
Class A
- -------
1994 $11.30 (5.91) $18,169 .85 5.18 1.20 4.83 57
1995 12.51 17.34 19,398 .87 5.07 1.22 4.72 70
1996 12.35 4.23 20,123 .86 4.95 1.19 4.62 33
1997 12.71 8.64 19,308 .80 4.88 1.18 4.50 25
1998 12.70 5.26 19,767 .80 4.83 1.19 4.44 34
1/1/99 to 6/30/99 12.26 (1.14) 19,347 .80+ 5.08+ 1.12+ 4.76+ 24
Class B
- -------
1/12/95* to 12/31/95 12.51 15.30 282 1.76+ 4.33+ 2.13+ 3.95+ 70
1996 12.35 3.43 279 1.66 4.15 1.99 3.82 33
1997 12.70 7.73 335 1.60 4.08 1.98 3.70 25
1998 12.70 4.46 403 1.60 4.03 1.99 3.64 34
1/1/99 to 6/30/99 12.26 (1.56) 507 1.60+ 4.28+ 1.92+ 3.96+ 24
- -----------------------------------------------------------------------------------------------------------------------------
OREGON FUND
- -----------
Class A
- -------
1994 $10.87 (6.65) $ 4,696 .20 5.36 1.39 4.17 135
1995 12.16 17.99 6,840 .20 5.36 1.23 4.33 36
1996 12.00 3.68 9,917 .46 4.97 1.26 4.16 21
1997 12.58 9.97 11,800 .50 4.78 1.20 4.11 32
1998 12.77 6.29 13,038 .50 4.62 1.20 3.92 27
1/1/99 to 6/30/99 12.26 (1.83) 12,944 .50+ 4.59+ 1.16+ 3.93+ 19
Class B
- -------
1/12/95* to 12/31/95 12.15 16.00 342 1.00+ 4.72+ 2.03+ 3.65+ 36
1996 11.99 2.87 568 1.26 4.17 2.07 3.36 21
1997 12.56 9.03 752 1.30 3.98 2.00 3.31 32
1998 12.76 5.55 1,040 1.30 3.82 2.00 3.12 27
1/1/99 to 6/30/99 12.25 (2.22) 1,106 1.30+ 3.79+ 1.96+ 3.13+ 19
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Continued)
FIRST INVESTORS
- -----------------------------------------------------------------------------------------------------------------------------
PER SHARE DATA
-----------------------------------------------------------------------------------------------------
Income from Investment Operations Less Distributions from
----------------------------------------- ------------------------
Net Asset Net
Value Realized and
------------ Net Unrealized Total from Net Net
Beginning Investment Gain (Loss) on Investment Investment Realized Total
of Period Income Investments Operations Income Gain Distributions
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
PENNSYLVANIA FUND
- -----------------
Class A
- -------
1994 $13.16 $.627 $(1.447) $(.820) $.630 $ -- $.630
1995 11.71 .638 1.463 2.101 .635 .036 .671
1996 13.14 .622 (.197) .425 .627 .028 .655
1997 12.91 .624 .523 1.147 .624 .153 .777
1998 13.28 .642 .038 .680 .605 .095 .700
1/1/99 to 6/30/99 13.26 .304 (.458) (.154) .306 -- .306
Class B
- -------
1/12/95* to 12/31/95 11.81 .539 1.376 1.915 .549 .036 .585
1996 13.14 .529 (.201) .328 .530 .028 .558
1997 12.91 .526 .510 1.036 .523 .153 .676
1998 13.27 .533 .039 .572 .497 .095 .592
1/1/99 to 6/30/99 13.25 .251 (.459) (.208) .252 -- .252
- -----------------------------------------------------------------------------------------------------------------------------
VIRGINIA FUND
- -------------
Class A
- -------
1994 $13.06 $.611 $(1.383) $(.772) $.608 $ -- $.608
1995 11.68 .625 1.370 1.995 .629 .036 .665
1996 13.01 .626 (.195) .431 .624 .067 .691
1997 12.75 .615 .504 1.119 .617 .032 .649
1998 13.22 .612 .123 .735 .603 .092 .695
1/1/99 to 6/30/99 13.26 .316 (.512) (.196) .304 -- .304
Class B
- -------
1/12/95* to 12/31/95 11.76 .510 1.286 1.796 .520 .036 .556
1996 13.00 .525 (.194) .331 .524 .067 .591
1997 12.74 .513 .505 1.018 .516 .032 .548
1998 13.21 .505 .112 .617 .495 .092 .587
1/1/99 to 6/30/99 13.24 .265 (.515) (.250) .250 -- .250
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
- -----------------------------------------------------------------------------------------------------------------------------
Ratio to Average Net
Ratio to Average Net Assets Before Expenses
Assets++ Waived or Assumed
-------------------- -----------------------
Net Asset
Value Net Net Portfolio
--------- Total Net Assets Investment Investment Turnover
End of Return** End of Period Expenses Income Expenses Income Rate
Period (%) (in thousands) (%) (%) (%) (%) (%)
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PENNSYLVANIA FUND
- -----------------
Class A
- -------
1994 $11.71 (6.31) $33,542 .88 5.11 1.13 4.86 81
1995 13.14 18.29 39,980 .86 5.07 1.11 4.82 48
1996 12.91 3.39 42,228 .86 4.86 1.11 4.61 42
1997 13.28 9.14 42,223 .85 4.79 1.10 4.54 37
1998 13.26 5.23 40,774 .86 4.81 1.10 4.57 26
1/1/99 to 6/30/99 12.80 (1.20) 39,133 .84+ 4.61+ 1.08+ 4.37+ 23
Class B
- -------
1/12/95* to 12/31/95 13.14 16.49 247 1.72+ 4.20+ 1.98+ 3.94+ 48
1996 12.91 2.61 781 1.66 4.06 1.91 3.81 42
1997 13.27 8.23 1,739 1.65 3.99 1.90 3.74 37
1998 13.25 4.39 2,048 1.66 4.01 1.90 3.77 26
1/1/99 to 6/30/99 12.79 (1.61) 1,904 1.64+ 3.81+ 1.88+ 3.57+ 23
- -----------------------------------------------------------------------------------------------------------------------------
VIRGINIA FUND
- -------------
Class A
- -------
1994 $11.68 (5.97) $22,325 .85 5.01 1.20 4.66 55
1995 13.01 17.42 25,193 .81 5.01 1.16 4.66 34
1996 12.75 3.47 21,047 .79 4.93 1.20 4.52 30
1997 13.22 9.03 22,136 .80 4.78 1.16 4.42 10
1998 13.26 5.69 23,423 .80 4.62 1.14 4.28 26
1/1/99 to 6/30/99 12.76 (1.52) 22,035 .80+ 4.80+ 1.14+ 4.46+ 27
Class B
- -------
1/12/95* to 12/31/95 13.00 15.53 991 1.66+ 4.16+ 2.02+ 3.80+ 34
1996 12.74 2.66 1,166 1.59 4.13 2.00 3.72 30
1997 13.21 8.19 1,390 1.60 3.98 1.96 3.62 10
1998 13.24 4.76 1,484 1.60 3.82 1.94 3.48 26
1/1/99 to 6/30/99 12.74 (1.92) 1,220 1.60+ 4.00+ 1.94+ 3.66+ 27
- -----------------------------------------------------------------------------------------------------------------------------
* Date Class B shares first offered
** Calculated without sales charges
+ Annualized
++ Net of expenses waived or assumed by the investment adviser and/or the transfer agent (Note 5)
See notes to financial statements
</TABLE>
Independent Auditors' Report
To the Shareholders and Boards of Directors/Trustees of
First Investors Series Fund
First Investors Insured Tax Exempt Fund, Inc.
First Investors New York Insured Tax Free Fund, Inc.
and First Investors Multi-State Insured Tax Free Fund
We have audited the accompanying statement of assets and liabilities, including
the portfolios of investments, of First Investors Insured Intermediate Tax
Exempt Fund (a series of First Investors Series Fund), First Investors Insured
Tax Exempt Fund, Inc., First Investors New York Insured Tax Free Fund, Inc. and
the seventeen Funds comprising First Investors Multi-State Insured Tax Free
Fund, as of June 30, 1999, the related statement of operations for the six
months then ended, the statement of changes in net assets for the six months
ended June 30, 1999 and the year ended December 31, 1998 and financial
highlights for each of the periods indicated thereon. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
June 30, 1999, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of First
Investors Insured Intermediate Tax Exempt Fund, First Investors Insured Tax
Exempt Fund, Inc., First Investors New York Insured Tax Free Fund, Inc. and the
seventeen Funds comprising First Investors Multi-State Insured Tax Free Fund at
June 30, 1999, and the results of their operations, changes in their net assets
and financial highlights for the periods presented, in conformity with
generally accepted accounting principles.
Tait, Weller & Baker
Philadelphia, Pennsylvania
July 30, 1999
This page intentionally left blank.
FIRST INVESTORS TAX EXEMPT FUNDS
Directors/Trustees
- -----------------------
James J. Coy (Emeritus)
Glenn O. Head
Kathryn S. Head
Larry R. Lavoie
Rex R. Reed
Herbert Rubinstein
Nancy S. Schaenen
James M. Srygley
John T. Sullivan
Robert F. Wentworth
Officers
- -----------------------
Glenn O. Head
President
Clark D. Wagner
Vice President
Concetta Durso
Vice President and Secretary
Joseph I. Benedek
Treasurer
Carol Lerner Brown
Assistant Secretary
Gregory R. Kingston
Assistant Treasurer
Mark S. Spencer
Assistant Treasurer
This page intentionally left blank.
NOTES
FIRST INVESTORS TAX EXEMPT FUNDS
Shareholder Information
- -----------------------
Investment Adviser
First Investors Management Company, Inc.
95 Wall Street
New York, NY 10005
Underwriter
First Investors Corporation
95 Wall Street
New York, NY 10005
Custodian
The Bank of New York
48 Wall Street
New York, NY 10286
Transfer Agent
Administrative Data Management Corp.
581 Main Street
Woodbridge, NJ 07095-1198
Legal Counsel
Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
Washington, DC 20036
Auditors
Tait, Weller & Baker
Eight Penn Center Plaza
Philadelphia, PA 19103
It is the Funds' practice to mail only one copy of their annual and semi-annual
reports to any address at which more than one shareholder with the same last
name has indicated that mail is to be delivered. Additional copies of the
reports will be mailed if requested by any shareholder in writing or by calling
800-423-4026. The Funds will ensure that separate reports are sent to any
shareholder who subsequently changes his or her mailing address.
This report is authorized for distribution only to existing shareholders, and,
if given to prospective shareholders, must be accompanied or preceded by the
Funds' prospectus.
